N-Q 1 c87504_nq.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

 

 

Investment Company Act file number File No. 811-09301

 

TIAA-CREF FUNDS

(Exact name of Registrant as specified in charter)

 

730 Third Avenue, New York, New York 10017-3206

(Address of Principal Executive Offices) (Zip code)

 

Jeremy D. Franklin, Esq.

TIAA-CREF Funds

8500 Andrew Carnegie Blvd.

Charlotte, N.C. 28262-8500

(Name and address of agent for service)

 

Registrant's telephone number, including area code: 704-595-1000

 

Date of fiscal year end: October 31

 

Date of reporting period: January 31, 2017

 
 

Item 1. Schedule of Investments.

TIAA-CREF FUNDS - Enhanced Large-Cap Growth Index Fund

 

TIAA-CREF FUNDS

ENHANCED LARGE-CAP GROWTH INDEX FUND

SCHEDULE OF INVESTMENTS (unaudited)

January 31, 2017

 

SHARES      COMPANY  VALUE 
              
COMMON STOCKS - 99.8%     
              
AUTOMOBILES & COMPONENTS - 1.2%     
 119,628      Delphi Automotive plc  $8,381,138 
 72,648      Gentex Corp   1,517,617 
 64,839      Lear Corp   9,212,973 
 70,957      Thor Industries, Inc   7,344,049 
        TOTAL AUTOMOBILES & COMPONENTS   26,455,777 
              
BANKS - 0.4%     
 209,166      Citizens Financial Group, Inc   7,565,534 
 14,461   *  Western Alliance Bancorp   714,084 
        TOTAL BANKS   8,279,618 
              
CAPITAL GOODS - 9.3%     
 106,384      3M Co   18,598,051 
 119,555      A.O. Smith Corp   5,828,306 
 26,642      Air Lease Corp   969,236 
 150,372      Boeing Co   24,573,792 
 20,911      BWX Technologies, Inc   867,597 
 82,771      Deere & Co   8,860,636 
 137,882      General Electric Co   4,095,095 
 127,417   *  HD Supply Holdings, Inc   5,389,739 
 38,310      Hexcel Corp   1,967,219 
 129,679      Honeywell International, Inc   15,343,619 
 44,808      Huntington Ingalls   8,690,960 
 114,691      Illinois Tool Works, Inc   14,588,695 
 76,067      Lockheed Martin Corp   19,117,919 
 147,298      Masco Corp   4,853,469 
 19,164      MSC Industrial Direct Co (Class A)   1,957,603 
 23,236      Nordson Corp   2,637,983 
 61,783      Northrop Grumman Corp   14,153,250 
 86,801      Paccar, Inc   5,842,575 
 171,319   *  Quanta Services, Inc   6,148,639 
 45,944      Raytheon Co   6,623,287 
 11,604      Rockwell Automation, Inc   1,717,276 
 5,732      Rockwell Collins, Inc   520,236 
 107,716      Spirit Aerosystems Holdings, Inc (Class A)   6,468,346 
 59,614   *  United Rentals, Inc   7,541,767 
 4,679      Valmont Industries, Inc   673,776 
 39,043      W.W. Grainger, Inc   9,861,091 
        TOTAL CAPITAL GOODS   197,890,162 
              
COMMERCIAL & PROFESSIONAL SERVICES - 0.8%     
 26,768   *  Copart, Inc   1,518,817 
1

TIAA-CREF FUNDS - Enhanced Large-Cap Growth Index Fund

 

SHARES      COMPANY  VALUE 
            
 30,633      LSC Communications, Inc  $803,197 
 195,621      Pitney Bowes, Inc   3,114,286 
 13,375      RR Donnelley & Sons Co   229,381 
 170,020      Waste Management, Inc   11,816,390 
        TOTAL COMMERCIAL & PROFESSIONAL SERVICES   17,482,071 
               
CONSUMER DURABLES & APPAREL - 1.5%     
 22,365      Carter’s, Inc   1,873,069 
 6,195      Harman International Industries, Inc   688,636 
 117,548   *  Kate Spade & Co   2,175,814 
 161,765      Leggett & Platt, Inc   7,719,426 
 27,513      Lennar Corp (Class A)   1,228,456 
 99,200   *  Michael Kors Holdings Ltd   4,246,752 
 18,675   *  Mohawk Industries, Inc   4,030,812 
 133,197      Nike, Inc (Class B)   7,046,121 
 4,704      Tupperware Corp   283,933 
 9,898      Whirlpool Corp   1,731,061 
        TOTAL CONSUMER DURABLES & APPAREL   31,024,080 
               
CONSUMER SERVICES - 3.2%     
 36,340      Brinker International, Inc   1,617,130 
 48,937      Darden Restaurants, Inc   3,586,103 
 131,954      Marriott International, Inc (Class A)   11,163,309 
 173,109      McDonald’s Corp   21,217,970 
 12,339   *  Panera Bread Co (Class A)   2,579,591 
 175,792      Starbucks Corp   9,707,234 
 29,343      Vail Resorts, Inc   5,033,498 
 166,480      Wendy’s   2,252,475 
 118,949      Wyndham Worldwide Corp   9,404,108 
 38,179      Yum! Brands, Inc   2,501,870 
        TOTAL CONSUMER SERVICES   69,063,288 
              
DIVERSIFIED FINANCIALS - 5.1%     
 18,107      Ameriprise Financial, Inc   2,032,873 
 146,947      Charles Schwab Corp   6,060,094 
 123,029      Discover Financial Services   8,523,449 
 37,895   *  Donnelley Financial Solutions, Inc   912,512 
 48,052      Eaton Vance Corp   2,014,820 
 19,919      IntercontinentalExchange Group, Inc   1,162,473 
 45,049      Invesco Ltd   1,302,817 
 560,000      iShares Russell 1000 Growth Index Fund   60,676,000 
 27,571      Lazard Ltd (Class A)   1,171,216 
 42,930      LPL Financial Holdings, Inc   1,687,149 
 102,913      Moody’s Corp   10,668,991 
 32,006      MSCI, Inc (Class A)   2,648,496 
 30,084      S&P Global, Inc   3,615,495 
 48,558      T Rowe Price Group, Inc   3,274,752 
 76,146      TD Ameritrade Holding Corp   3,514,138 
        TOTAL DIVERSIFIED FINANCIALS   109,265,275 
2

TIAA-CREF FUNDS - Enhanced Large-Cap Growth Index Fund

 

SHARES      COMPANY  VALUE 
            
ENERGY - 0.3%     
 50,893      Apache Corp  $3,044,419 
 61,736      Cabot Oil & Gas Corp   1,326,090 
 4,434      Cimarex Energy Co   599,521 
 16,028   *  Devon Energy Corp   729,915 
 7,707      Oneok, Inc   424,733 
 32,467      Williams Cos, Inc   936,348 
        TOTAL ENERGY   7,061,026 
              
FOOD & STAPLES RETAILING - 1.2%     
 3,254      Casey’s General Stores, Inc   373,885 
 174,847      CVS Health Corp   13,779,692 
 214,052      Kroger Co   7,269,206 
 64,624   *  Rite Aid Corp   363,187 
 67,655      Sysco Corp   3,549,181 
        TOTAL FOOD & STAPLES RETAILING   25,335,151 
              
FOOD, BEVERAGE & TOBACCO - 6.2%     
 477,164      Altria Group, Inc   33,964,533 
 68,497      Campbell Soup Co   4,262,568 
 406,654      Coca-Cola Co   16,904,607 
 243,551      ConAgra Foods, Inc   9,520,409 
 42,971      Costco Wholesale Corp   7,045,095 
 124,123      General Mills, Inc   7,755,205 
 11,002      Hershey Co   1,160,381 
 66,046      Ingredion, Inc   8,466,437 
 95,592      Kellogg Co   6,950,494 
 13,185      Lamb Weston Holdings, Inc   492,592 
 256,835      PepsiCo, Inc   26,654,336 
 44,579      Pilgrim’s Pride Corp   853,242 
 137,702      Tyson Foods, Inc (Class A)   8,646,309 
        TOTAL FOOD, BEVERAGE & TOBACCO   132,676,208 
              
HEALTH CARE EQUIPMENT & SERVICES - 6.5%     
 39,201      Aetna Inc   4,649,631 
 38,324      Anthem, Inc   5,907,261 
 22,573      Becton Dickinson & Co   4,001,967 
 152,432      Cardinal Health, Inc   11,426,303 
 16,143      Cigna Corp   2,360,429 
 61,422   *  DaVita, Inc   3,915,653 
 204,291   *  Express Scripts Holding Co   14,071,564 
 87,026   *  HCA Holdings, Inc   6,986,447 
 237,833   *  Hologic, Inc   9,639,371 
 26,686      Humana, Inc   5,297,171 
 46,268   *  Idexx Laboratories, Inc   5,659,964 
 33,371   *  Laboratory Corp of America Holdings   4,478,722 
 49,581      McKesson Corp   6,899,196 
 9,198      Stryker Corp   1,136,229 
 55,689   *  Tenet Healthcare Corp   979,570 
3

TIAA-CREF FUNDS - Enhanced Large-Cap Growth Index Fund

 

SHARES      COMPANY  VALUE 
            
 222,949      UnitedHealth Group, Inc  $36,140,033 
 30,316   *  VCA Antech, Inc   2,746,630 
 79,415   *  Veeva Systems, Inc   3,361,637 
 54,243   *  WellCare Health Plans, Inc   7,894,526 
        TOTAL HEALTH CARE EQUIPMENT & SERVICES   137,552,304 
              
HOUSEHOLD & PERSONAL PRODUCTS - 0.7%     
 64,008      Kimberly-Clark Corp   7,753,289 
 109,654      Nu Skin Enterprises, Inc (Class A)   5,688,850 
 9,139      Spectrum Brands, Inc   1,219,051 
        TOTAL HOUSEHOLD & PERSONAL PRODUCTS   14,661,190 
              
INSURANCE - 1.1%     
 80,371      Aon plc   9,057,812 
 32,748      Brown & Brown, Inc   1,379,673 
 50,742      Lincoln National Corp   3,425,593 
 151,315      Marsh & McLennan Cos, Inc   10,292,446 
        TOTAL INSURANCE   24,155,524 
              
MATERIALS - 3.8%     
 81,750      Air Products & Chemicals, Inc   11,425,380 
 106,567      Avery Dennison Corp   7,781,522 
 82,618      Celanese Corp (Series A)   6,972,959 
 34,919      Eagle Materials, Inc   3,651,829 
 138,994      EI du Pont de Nemours & Co   10,494,047 
 97,091      Graphic Packaging Holding Co   1,214,608 
 110,599      LyondellBasell Industries AF S.C.A   10,315,569 
 1,432      NewMarket Corp   617,435 
 115,299   *  Owens-Illinois, Inc   2,179,151 
 100,965      Packaging Corp of America   9,306,954 
 77,961      Praxair, Inc   9,233,701 
 12,374      Royal Gold, Inc   893,032 
 113,361      Sealed Air Corp   5,498,009 
 66,845      Steel Dynamics, Inc   2,260,029 
        TOTAL MATERIALS   81,844,225 
              
MEDIA - 5.6%     
 40,652   *  AMC Networks, Inc   2,331,392 
 177,640      CBS Corp (Class B)   11,456,004 
 18,771   *  Charter Communications, Inc   6,080,866 
 332,350      Comcast Corp (Class A)   25,065,837 
 10,957      Interpublic Group of Cos, Inc   257,818 
 27,104   *,e  Lions Gate Entertainment Corp   726,116 
 33,275   *  Live Nation, Inc   952,331 
 126,717      Omnicom Group, Inc   10,853,311 
 265,290      Regal Entertainment Group (Class A)   6,011,471 
 24,116      Scripps Networks Interactive (Class A)   1,836,675 
 99,211      Time Warner, Inc   9,608,585 
4

TIAA-CREF FUNDS - Enhanced Large-Cap Growth Index Fund

 

SHARES      COMPANY  VALUE 
            
 221,685      Twenty-First Century Fox, Inc  $6,956,475 
 7,970      Twenty-First Century Fox, Inc (Class B)   247,150 
 97,579      Viacom, Inc (Class B)   4,111,979 
 292,359      Walt Disney Co   32,349,523 
        TOTAL MEDIA   118,845,533 
              
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.0%     
 267,983      AbbVie, Inc   16,376,441 
 18,425   *  Alexion Pharmaceuticals, Inc   2,407,779 
 8,265   *  Allergan plc   1,809,126 
 154,065      Amgen, Inc   24,138,904 
 53,788   *  Biogen Idec, Inc   14,912,185 
 3,579   *  BioMarin Pharmaceutical, Inc   313,628 
 3,180      Bio-Techne Corp   323,565 
 206,263      Bristol-Myers Squibb Co   10,139,889 
 116,691   *  Celgene Corp   13,553,660 
 40,713   *  Charles River Laboratories International, Inc   3,289,610 
 103,575      Eli Lilly & Co   7,978,382 
 299,382      Gilead Sciences, Inc   21,690,226 
 9,372   *  Incyte Corp   1,135,980 
 35,577      Johnson & Johnson   4,029,095 
 7,338   *  Mettler-Toledo International, Inc   3,130,611 
 16,206   *  Patheon NV   464,950 
 67,286   *  Quintiles Transnational Holdings, Inc   5,281,278 
 6,377   *  Regeneron Pharmaceuticals, Inc   2,291,192 
 50,409   *  Seattle Genetics, Inc   3,036,638 
 43,055      Thermo Fisher Scientific, Inc   6,561,152 
 22,328   *  United Therapeutics Corp   3,653,531 
 17,242   *  Vertex Pharmaceuticals, Inc   1,480,571 
 4,197   *  Waters Corp   594,505 
        TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES   148,592,898 
              
REAL ESTATE - 1.7%     
 43,659      American Tower Corp   4,518,707 
 10,331   *  CBRE Group, Inc   313,649 
 114,833      Crown Castle International Corp   10,085,782 
 1,786      Equinix, Inc   687,574 
 12,273      Equity Lifestyle Properties, Inc   907,466 
 2,453      Essex Property Trust, Inc   550,208 
 5,571      Federal Realty Investment Trust   782,336 
 92,826      Gaming and Leisure Properties, Inc   2,936,086 
 24,670      Outfront Media, Inc   676,698 
 9,078      Public Storage, Inc   1,951,770 
 51,642      Simon Property Group, Inc   9,490,250 
 64,860      Tanger Factory Outlet Centers, Inc   2,217,564 
        TOTAL REAL ESTATE   35,118,090 
5

TIAA-CREF FUNDS - Enhanced Large-Cap Growth Index Fund

 

SHARES      COMPANY  VALUE 
            
RETAILING - 8.0%     
 72,508   *  Amazon.com, Inc  $59,708,888 
 25,320      Bed Bath & Beyond, Inc   1,021,662 
 19,355   *  Burlington Stores, Inc   1,620,013 
 1,215   *  Cabela’s, Inc   67,906 
 16,911      Dick’s Sporting Goods, Inc   872,608 
 74,592      Foot Locker, Inc   5,112,536 
 118,895      Gap, Inc   2,738,152 
 6,777      Genuine Parts Co   656,081 
 254,649      Home Depot, Inc   35,034,610 
 6,094   *  LKQ Corp   194,460 
 120,169      Lowe’s Companies, Inc   8,781,950 
 51,580   *  NetFlix, Inc   7,257,822 
 33,978      Nordstrom, Inc   1,502,507 
 2,782   *  O’Reilly Automotive, Inc   729,635 
 12,157   *  Priceline.com, Inc   19,148,855 
 135,867      Ross Stores, Inc   8,982,167 
 26,033      Target Corp   1,678,608 
 138,091      TJX Companies, Inc   10,345,778 
 15,056   *  Ulta Salon Cosmetics & Fragrance, Inc   4,099,448 
 32,883   *  Urban Outfitters, Inc   872,715 
        TOTAL RETAILING   170,426,401 
              
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.0%     
 369,500      Applied Materials, Inc   12,655,375 
 111,121      Broadcom Ltd   22,168,639 
 73,007      Intel Corp   2,688,118 
 118,000      Kla-Tencor Corp   10,042,980 
 92,553      Lam Research Corp   10,630,638 
 1,213      Linear Technology Corp   76,576 
 6,481      Maxim Integrated Products, Inc   288,275 
 88,358      Microchip Technology, Inc   5,950,911 
 44,779      Nvidia Corp   4,888,971 
 30,874      Qualcomm, Inc   1,649,598 
 112,231      Skyworks Solutions, Inc   10,296,072 
 287,468      Texas Instruments, Inc   21,715,333 
 65,949      Xilinx, Inc   3,838,232 
        TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT   106,889,718 
              
SOFTWARE & SERVICES - 20.9%     
 74,341      Accenture plc   8,465,210 
 44,465      Activision Blizzard, Inc   1,787,938 
 31,730   *  Adobe Systems, Inc   3,597,547 
 132,803   *  Akamai Technologies, Inc   9,108,958 
 41,325      Alliance Data Systems Corp   9,437,804 
 57,015   *  Alphabet, Inc (Class A)   46,763,133 
 58,769   *  Alphabet, Inc (Class C)   46,826,551 
 32,931      Automatic Data Processing, Inc   3,325,702 
 170,237      Booz Allen Hamilton Holding Co   5,757,415 
6

TIAA-CREF FUNDS - Enhanced Large-Cap Growth Index Fund

 

SHARES      COMPANY  VALUE 
            
 12,617      Broadridge Financial Solutions, Inc  $839,409 
 110,936   *  Citrix Systems, Inc   10,116,254 
 6,245   *  Cognizant Technology Solutions Corp (Class A)   328,425 
 36,527      CSRA, Inc   1,133,068 
 1,447      DST Systems, Inc   166,622 
 404,648   *  eBay, Inc   12,879,946 
 143,795   *  Electronic Arts, Inc   11,996,817 
 413,132   *  Facebook, Inc   53,839,362 
 41,531   *  First American Corp   1,464,798 
 107,744   *  Fiserv, Inc   11,574,938 
 51,633   *  GoDaddy, Inc   1,844,847 
 27,938   *  IAC/InterActiveCorp   1,922,414 
 157,354      International Business Machines Corp   27,461,420 
 106      Intuit, Inc   12,569 
 250,642      MasterCard, Inc (Class A)   26,650,764 
 1,555,729      Microsoft Corp   100,577,880 
 174,340   *  Nuance Communications, Inc   2,765,032 
 3,173      Paychex, Inc   191,300 
 60,548   *  PayPal Holdings, Inc   2,408,599 
 95,354   *  salesforce.com, Inc   7,542,501 
 46,243   *  ServiceNow, Inc   4,190,541 
 145,456   *  Teradata Corp   4,270,588 
 286,718      Visa, Inc (Class A)   23,714,446 
 12,972      Western Union Co   253,992 
 26,307   *  WEX, Inc   3,007,679 
        TOTAL SOFTWARE & SERVICES   446,224,469 
              
TECHNOLOGY HARDWARE & EQUIPMENT - 7.1%     
 30,784      Amphenol Corp (Class A)   2,077,612 
 1,017,181      Apple, Inc   123,434,914 
 111,007   *  ARRIS International plc   3,172,580 
 85,169   *  CommScope Holding Co, Inc   3,221,092 
 61,599   *  F5 Networks, Inc   8,256,114 
 79,905      Motorola, Inc   6,449,132 
 122,035   *  NCR Corp   5,249,946 
        TOTAL TECHNOLOGY HARDWARE & EQUIPMENT   151,861,390 
              
TELECOMMUNICATION SERVICES - 1.5%     
 154,779   *  T-Mobile US, Inc   9,638,089 
 453,420      Verizon Communications, Inc   22,222,114 
        TOTAL TELECOMMUNICATION SERVICES   31,860,203 
              
TRANSPORTATION - 1.7%     
 34,835      Alaska Air Group, Inc   3,268,220 
 139,584      Delta Air Lines, Inc   6,593,948 
 36,519      Expeditors International of Washington, Inc   1,901,910 
 22,659      FedEx Corp   4,285,043 
7

TIAA-CREF FUNDS - Enhanced Large-Cap Growth Index Fund

 

SHARES      COMPANY  VALUE 
            
 68,364   *  JetBlue Airways Corp  $1,340,618 
 150,066      Southwest Airlines Co   7,849,952 
 17,516      Union Pacific Corp   1,866,855 
 78,920      United Parcel Service, Inc (Class B)   8,612,540 
        TOTAL TRANSPORTATION   35,719,086 
              
        TOTAL COMMON STOCKS   2,128,283,687 
        (Cost $1,655,842,183)     

 

PRINCIPAL       ISSUER   RATE   MATURITY
DATE		        
SHORT-TERM INVESTMENTS - 0.7%                    
GOVERNMENT AGENCY DEBT - 0.7%                    
$ 14,950,000       Federal Home Loan Bank (FHLB)     0.450%   02/01/17     14,950,000  
          TOTAL GOVERNMENT AGENCY DEBT                 14,950,000  
                               
SHARES       COMPANY                    
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.0%                  
  731,172   c   State Street Navigator Securities Lending Government Money Market Portfolio               731,172  
          TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES               731,172  
                               
          TOTAL SHORT-TERM INVESTMENTS                 15,681,172  
          (Cost $15,681,172)                    
          TOTAL INVESTMENTS - 100.5%                 2,143,964,859  
          (Cost $1,671,523,355)                    
          OTHER ASSETS & LIABILITIES, NET - (0.5)%                 (10,067,375 )
          NET ASSETS - 100.0%               $ 2,133,897,484  
                                 
                               
      *   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 $718,829.  
8

TIAA-CREF FUNDS - Enhanced Large-Cap Value Index Fund

 

TIAA-CREF FUNDS

ENHANCED LARGE-CAP VALUE INDEX FUND

SCHEDULE OF INVESTMENTS (unaudited)

January 31, 2017

 

SHARES      COMPANY  VALUE 
            
COMMON STOCKS - 99.6%     
              
AUTOMOBILES & COMPONENTS - 1.1%     
 496,569      Ford Motor Co  $6,137,593 
 206,066      General Motors Co   7,544,076 
 126,857      Gentex Corp   2,650,043 
 48,545      Lear Corp   6,897,759 
        TOTAL AUTOMOBILES & COMPONENTS   23,229,471 
              
BANKS - 12.3%     
 2,339,663      Bank of America Corp   52,969,970 
 54,271      BankUnited   2,073,152 
 87,576      BB&T Corp   4,045,135 
 691,774      Citigroup, Inc   38,621,742 
 5,959      Citizens Financial Group, Inc   215,537 
 8,860      Cullen/Frost Bankers, Inc   792,084 
 401,411      Fifth Third Bancorp   10,476,827 
 794,181      JPMorgan Chase & Co   67,211,538 
 118,785      PNC Financial Services Group, Inc   14,308,841 
 146,835      Popular, Inc   6,523,879 
 57,968      Regions Financial Corp   835,319 
 140,858      SunTrust Banks, Inc   8,003,552 
 17,005      TFS Financial Corp   297,418 
 255,613      US Bancorp   13,458,025 
 799,284      Wells Fargo & Co   45,023,668 
        TOTAL BANKS   264,856,687 
              
CAPITAL GOODS - 7.3%     
 142,981   *  Aecom Technology Corp   5,280,288 
 38,098      Air Lease Corp   1,386,005 
 167,037      Allison Transmission Holdings, Inc   5,842,954 
 66,435      Carlisle Cos, Inc   7,248,723 
 19,380      Caterpillar, Inc   1,853,891 
 82,112      Chicago Bridge & Iron Co NV   2,726,940 
 30,834      Cummins, Inc   4,532,906 
 104,569      Danaher Corp   8,775,431 
 58,063      Eaton Corp   4,109,699 
 1,159,024      General Electric Co   34,423,013 
 34,314   *  Herc Holdings, Inc   1,704,376 
 10,214      Huntington Ingalls   1,981,107 
 124,284      Ingersoll-Rand plc   9,861,935 
 19,062   *  Jacobs Engineering Group, Inc   1,116,080 
 26,684      L3 Technologies, Inc   4,234,484 
 62,963      Oshkosh Truck Corp   4,384,114 
 107,881      Owens Corning, Inc   5,960,425 
 38,436      Parker Hannifin Corp   5,655,089 
 175,762   *  Quanta Services, Inc   6,308,098 

9

TIAA-CREF FUNDS - Enhanced Large-Cap Value Index Fund

 

SHARES      COMPANY  VALUE 
            
 19,243      Roper Industries, Inc  $3,691,770 
 113,291      Spirit Aerosystems Holdings, Inc (Class A)   6,803,125 
 40,873      Stanley Works   5,068,252 
 76,610      Timken Co   3,401,484 
 71,343   *  United Rentals, Inc   9,025,603 
 79,027      United Technologies Corp   8,666,891 
 23,329      Valmont Industries, Inc   3,359,376 
        TOTAL CAPITAL GOODS   157,402,059 
              
COMMERCIAL & PROFESSIONAL SERVICES - 0.5%     
 91,071      Manpower, Inc   8,693,638 
 36,024      Waste Management, Inc   2,503,668 
        TOTAL COMMERCIAL & PROFESSIONAL SERVICES   11,197,306 
              
CONSUMER DURABLES & APPAREL - 0.2%     
 9,732      PVH Corp   912,959 
 29,098      Ralph Lauren Corp   2,573,136 
        TOTAL CONSUMER DURABLES & APPAREL   3,486,095 
              
CONSUMER SERVICES - 0.6%     
 111,654      Carnival Corp   6,183,399 
 144,468      Extended Stay America, Inc   2,341,826 
 199,399      International Game Technology plc   5,266,128 
        TOTAL CONSUMER SERVICES   13,791,353 
              
DIVERSIFIED FINANCIALS - 9.2%     
 5,890   *  Affiliated Managers Group, Inc   897,401 
 31,706      AGNC Investment Corp   591,951 
 238,581      American Express Co   18,222,817 
 42,533      Ameriprise Financial, Inc   4,775,180 
 135,974      Annaly Capital Management, Inc   1,389,654 
 177,251      Bank of New York Mellon Corp   7,928,437 
 11,205      BlackRock, Inc   4,190,446 
 185,865      Capital One Financial Corp   16,242,742 
 134,043      Discover Financial Services   9,286,499 
 64,759      Goldman Sachs Group, Inc   14,850,534 
 560,000      iShares Russell 1000 Value Index Fund   63,117,600 
 102,808      Lazard Ltd (Class A)   4,367,284 
 416,465      Morgan Stanley   17,695,598 
 352,632      Navient Corp   5,303,585 
 332,879   *  Santander Consumer USA Holdings, Inc   4,400,661 
 18,113      Starwood Property Trust, Inc   403,195 
 133,061      State Street Corp   10,139,248 
 330,625      Synchrony Financial   11,842,987 
 64,905      Voya Financial, Inc   2,610,479 
        TOTAL DIVERSIFIED FINANCIALS   198,256,298 
10

TIAA-CREF FUNDS - Enhanced Large-Cap Value Index Fund

 

SHARES      COMPANY  VALUE 
            
ENERGY - 12.4%     
 69,594      Anadarko Petroleum Corp  $4,838,871 
 36,905   *  Antero Resources Corp   900,851 
 14,948      Apache Corp   894,189 
 115,626      Baker Hughes, Inc   7,293,688 
 358,759      Chevron Corp   39,947,815 
 21,054      Cimarex Energy Co   2,846,711 
 11,191   *  Concho Resources, Inc   1,560,473 
 178,097      ConocoPhillips   8,684,010 
 28,648   *  Continental Resources, Inc   1,391,147 
 85,169   *  Devon Energy Corp   3,878,596 
 46,364   *  Diamond Offshore Drilling, Inc   759,442 
 22,252   *  Diamondback Energy, Inc   2,340,243 
 32,517   *  Energen Corp   1,752,341 
 49,167      Ensco plc   536,904 
 94,453      EOG Resources, Inc   9,594,536 
 776,160      Exxon Mobil Corp   65,112,062 
 49,125   e  Frank’s International NV   581,640 
 105,622      Halliburton Co   5,975,037 
 30,173      Helmerich & Payne, Inc   2,147,111 
 11,786      Hess Corp   638,565 
 410,985      Kinder Morgan, Inc   9,181,405 
 32,031      Marathon Oil Corp   536,519 
 142,274      Marathon Petroleum Corp   6,836,266 
 178,015      Nabors Industries Ltd   2,892,744 
 93,913      National Oilwell Varco, Inc   3,550,851 
 51,635   *  Newfield Exploration Co   2,069,531 
 45,088      Noble Energy, Inc   1,792,699 
 101,571      Occidental Petroleum Corp   6,883,467 
 40,149      Oceaneering International, Inc   1,118,150 
 46,575   *  Parsley Energy, Inc   1,640,371 
 98,087      Patterson-UTI Energy, Inc   2,750,359 
 19,000      PBF Energy, Inc   440,610 
 84,869      Phillips 66   6,927,008 
 27,831      Pioneer Natural Resources Co   5,015,981 
 51,320   *  Questar Market Resources, Inc   895,021 
 43,448   *  Rice Energy, Inc   861,574 
 29,450   *  Rowan Cos plc   527,744 
 26,530   e  RPC, Inc   570,926 
 276,500      Schlumberger Ltd   23,145,815 
 111,377      Spectra Energy Corp   4,638,852 
 39,020      Targa Resources Investments, Inc   2,248,332 
 111,541   *  TechnipFMC plc   3,750,008 
 40,753      Tesoro Corp   3,294,880 
 127,790      Valero Energy Corp   8,403,470 
 93,350      Williams Cos, Inc   2,692,214 
 75,090      World Fuel Services Corp   3,340,003 
        TOTAL ENERGY   267,679,032 
11

TIAA-CREF FUNDS - Enhanced Large-Cap Value Index Fund

 

SHARES      COMPANY  VALUE 
            
FOOD & STAPLES RETAILING - 1.9%     
 32,918      CVS Health Corp  $2,594,268 
 209,424      Walgreens Boots Alliance, Inc   17,160,202 
 315,374      Wal-Mart Stores, Inc   21,048,061 
        TOTAL FOOD & STAPLES RETAILING   40,802,531 
              
FOOD, BEVERAGE & TOBACCO - 2.4%  
     
 33,627      ConAgra Foods, Inc   1,314,479 
 20,904      Ingredion, Inc   2,679,684 
 31,129      J.M. Smucker Co   4,228,875 
 39,673      Kellogg Co   2,884,624 
 25,259      Kraft Heinz Co   2,255,376 
 112,961      Mondelez International, Inc   5,001,913 
 58,805      PepsiCo, Inc   6,102,783 
 180,713      Philip Morris International, Inc   17,371,941 
 29,864      Pinnacle Foods, Inc   1,588,466 
 124,964      Tyson Foods, Inc (Class A)   7,846,489 
        TOTAL FOOD, BEVERAGE & TOBACCO   51,274,630 
              
HEALTH CARE EQUIPMENT & SERVICES - 2.6%     
 90,358      Abbott Laboratories   3,774,254 
 59,875      Aetna Inc   7,101,774 
 186,925   *  Allscripts Healthcare Solutions, Inc   2,188,892 
 31,848      Cigna Corp   4,656,815 
 33,175   *  DaVita, Inc   2,114,906 
 118,813   *  Express Scripts Holding Co   8,183,839 
 96,087   *  HCA Holdings, Inc   7,713,864 
 24,369      Hill-Rom Holdings, Inc   1,434,603 
 163,653      Medtronic plc   12,440,901 
 47,302   *  Premier, Inc   1,507,042 
 39,091   *  WellCare Health Plans, Inc   5,689,304 
        TOTAL HEALTH CARE EQUIPMENT & SERVICES   56,806,194 
              
HOUSEHOLD & PERSONAL PRODUCTS - 2.4%     
 134,221      Colgate-Palmolive Co   8,667,992 
 97,595      Nu Skin Enterprises, Inc (Class A)   5,063,229 
 442,579      Procter & Gamble Co   38,769,920 
        TOTAL HOUSEHOLD & PERSONAL PRODUCTS   52,501,141 
              
INSURANCE - 9.0%     
 183,614      Aflac, Inc   12,851,144 
 152,515      Allstate Corp   11,470,653 
 27,224      American Financial Group, Inc   2,345,892 
 160,364      American International Group, Inc   10,304,991 
 178,256      Amtrust Financial Services, Inc   4,704,176 
 20,256   *  Arch Capital Group Ltd   1,789,617 
 75,042      Aspen Insurance Holdings Ltd   4,232,369 
 110,257      Assured Guaranty Ltd   4,290,100 
 331,026   *  Berkshire Hathaway, Inc (Class B)   54,334,608 
 35,618      Chubb Ltd   4,683,411 
12

TIAA-CREF FUNDS - Enhanced Large-Cap Value Index Fund

 

SHARES      COMPANY  VALUE 
            
 40,795      Everest Re Group Ltd  $8,972,044 
 44,988      First American Financial Corp   1,690,649 
 14,756      Hanover Insurance Group, Inc   1,238,619 
 111,216      Hartford Financial Services Group, Inc   5,417,331 
 147,493      Lincoln National Corp   9,957,252 
 213,951      Metlife, Inc   11,641,074 
 164,076      Principal Financial Group   9,367,099 
 157,382      Prudential Financial, Inc   16,542,422 
 66,132      Reinsurance Group of America, Inc (Class A)   8,297,582 
 72,719      Travelers Cos, Inc   8,564,844 
 14,450      UnumProvident Corp   656,463 
 17,221      Validus Holdings Ltd   981,597 
        TOTAL INSURANCE   194,333,937 
              
MATERIALS - 4.8%     
 71,797      Avery Dennison Corp   5,242,617 
 83,881      Cabot Corp   4,644,491 
 118,347      Celanese Corp (Series A)   9,988,487 
 252,274      Dow Chemical Co   15,043,099 
 123,364      Eastman Chemical Co   9,560,710 
 183,782      Graphic Packaging Holding Co   2,299,113 
 383,148      Huntsman Corp   7,812,388 
 217,439      International Paper Co   12,307,047 
 58,029      LyondellBasell Industries AF S.C.A   5,412,365 
 25,156      Monsanto Co   2,724,646 
 2,532      NewMarket Corp   1,091,722 
 170,151      Nucor Corp   9,884,071 
 42,305      Reliance Steel & Aluminum Co   3,369,593 
 252,759      Steel Dynamics, Inc   8,545,782 
 43,717      Westlake Chemical Corp   2,706,520 
 68,331      WestRock Co   3,646,142 
        TOTAL MATERIALS   104,278,793 
              
MEDIA - 0.7%     
 66,440      Comcast Corp (Class A)   5,010,905 
 36,521   *  DISH Network Corp (Class A)   2,160,947 
 9,768      John Wiley & Sons, Inc (Class A)   538,217 
 50,264   *  Liberty SiriusXM Group (Class A)   1,821,567 
 79,364   *  Liberty SiriusXM Group (Class C)   2,848,374 
 56,653   *  Lions Gate Entertainment Corp   1,629,907 
 88,186      Regal Entertainment Group (Class A)   1,998,295 
        TOTAL MEDIA   16,008,212 
13

TIAA-CREF FUNDS - Enhanced Large-Cap Value Index Fund

 

SHARES      COMPANY  VALUE 
            
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 5.1%     
 428,225      Johnson & Johnson  $48,496,481 
 41,813   *  Mallinckrodt plc   2,037,547 
 385,595      Merck & Co, Inc   23,903,034 
 61,310   *  Mylan NV   2,332,846 
 892,364      Pfizer, Inc   28,314,710 
 22,450   *  Quintiles Transnational Holdings, Inc   1,762,101 
 13,026   *  United Therapeutics Corp   2,131,444 
        TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES   108,978,163 
      
REAL ESTATE - 3.6%     
 14,407      Alexandria Real Estate Equities, Inc   1,596,584 
 12,550      American Campus Communities, Inc   610,181 
 40,827      American Homes 4 Rent   909,626 
 19,247      Apartment Investment & Management Co (Class A)   848,215 
 143,140      Apple Hospitality REIT, Inc   2,865,663 
 26,134      AvalonBay Communities, Inc   4,529,283 
 74,480      Brixmor Property Group, Inc   1,797,202 
 9,110      Camden Property Trust   761,323 
 42,882      Care Capital Properties, Inc   1,059,614 
 39,595      Columbia Property Trust, Inc   880,989 
 137,024      Communications Sales & Leasing, Inc   3,600,991 
 126,998      CoreCivic, Inc   3,688,022 
 17,732      Corporate Office Properties Trust   564,232 
 35,911      CubeSmart   902,443 
 27,887      CyrusOne, Inc   1,343,038 
 8,942      Digital Realty Trust, Inc   962,427 
 36,977      Douglas Emmett, Inc   1,399,210 
 190,865      Empire State Realty Trust, Inc   3,910,824 
 20,815      Entertainment Properties Trust   1,539,685 
 58,921      Equity Residential   3,580,629 
 7,239      Essex Property Trust, Inc   1,623,708 
 38,855      Highwoods Properties, Inc   1,997,536 
 121,500      Hospitality Properties Trust   3,782,295 
 207,068      Host Marriott Corp   3,741,719 
 15,207      Kilroy Realty Corp   1,138,244 
 30,207      Mid-America Apartment Communities, Inc   2,868,155 
 41,152      Omega Healthcare Investors, Inc   1,319,745 
 195,947      Outfront Media, Inc   5,374,826 
 96,277      Prologis, Inc   4,703,131 
 100,274      Retail Properties of America, Inc   1,501,102 
 14,499      Simon Property Group, Inc   2,664,481 
 89,822      STORE Capital Corp   2,125,188 
 4,731      Sun Communities, Inc   372,614 
 49,777      Tanger Factory Outlet Centers, Inc   1,701,876 
 15,652      Taubman Centers, Inc   1,108,788 
 33,316      UDR, Inc   1,164,394 
 285,404      VEREIT, Inc   2,434,496 
        TOTAL REAL ESTATE   76,972,479 

14

TIAA-CREF FUNDS - Enhanced Large-Cap Value Index Fund

 

SHARES      COMPANY  VALUE 
            
RETAILING - 1.8%     
 162,006      Best Buy Co, Inc  $7,212,507 
 50,149   *  Burlington Stores, Inc   4,197,471 
 21,942      Dick’s Sporting Goods, Inc   1,132,207 
 206,117      Gap, Inc   4,746,874 
 109,000      Kohl’s Corp   4,341,470 
 16,697      Macy’s, Inc   493,229 
 43,622   *  Michaels Cos, Inc   858,045 
 16,050   *  Murphy USA, Inc   1,022,385 
 13,239      Signet Jewelers Ltd   1,028,273 
 122,308      Staples, Inc   1,125,234 
 177,362      Target Corp   11,436,302 
 4,205      Tiffany & Co   331,018 
        TOTAL RETAILING   37,925,015 
              
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.2%     
 17,115      Analog Devices, Inc   1,282,598 
 232,305      Applied Materials, Inc   7,956,446 
 1,026,619      Intel Corp   37,800,111 
 68,142      Lam Research Corp   7,826,790 
 498,370   *  ON Semiconductor Corp   6,638,289 
 1,156   *  Qorvo, Inc   74,227 
 335,127      Qualcomm, Inc   17,905,836 
 72,291      Skyworks Solutions, Inc   6,631,976 
 140,252      Teradyne, Inc   3,980,352 
        TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT   90,096,625 
      
SOFTWARE & SERVICES - 2.7%     
 72,732   *  Akamai Technologies, Inc   4,988,688 
 53,708      Amdocs Ltd   3,153,196 
 70,372   *  First American Corp   2,482,020 
 64,291      International Business Machines Corp   11,220,065 
 227,979   *  Nuance Communications, Inc   3,615,747 
 469,033      Oracle Corp   18,812,914 
 79,719   *  Synopsys, Inc   5,013,528 
 90,031   *  VMware, Inc (Class A)   7,881,314 
 47,626   *  Yahoo!, Inc   2,098,878 
        TOTAL SOFTWARE & SERVICES   59,266,350 
15

TIAA-CREF FUNDS - Enhanced Large-Cap Value Index Fund

 

SHARES      COMPANY  VALUE 
            
TECHNOLOGY HARDWARE & EQUIPMENT - 4.0%     
 148,181      Apple, Inc  $17,981,764 
 98,542   *  ARRIS International plc   2,816,330 
 1,200,251      Cisco Systems, Inc   36,871,711 
 102,388      Corning, Inc   2,712,258 
 22,142      Harris Corp   2,274,205 
 396,574      HP, Inc   5,968,439 
 123,673      Jabil Circuit, Inc   2,965,678 
 85,179      Juniper Networks, Inc   2,281,094 
 32,574   *  Keysight Technologies, Inc   1,207,518 
 116,117      Motorola, Inc   9,371,803 
 68,293      NetApp, Inc   2,616,988 
        TOTAL TECHNOLOGY HARDWARE & EQUIPMENT   87,067,788 
              
TELECOMMUNICATION SERVICES - 3.9%     
 1,212,115      AT&T, Inc   51,102,768 
 155,184      CenturyTel, Inc   4,013,058 
 137,855   *  T-Mobile US, Inc   8,584,231 
 421,969      Verizon Communications, Inc   20,680,701 
        TOTAL TELECOMMUNICATION SERVICES   84,380,758 
              
TRANSPORTATION - 2.0%     
 45,989      Alaska Air Group, Inc   4,314,688 
 121,575      American Airlines Group, Inc   5,379,694 
 48,475      Copa Holdings S.A. (Class A)   4,725,828 
 105,203      CSX Corp   4,880,367 
 296,367   *  JetBlue Airways Corp   5,811,757 
 18,394   *  Old Dominion Freight Line   1,623,822 
 68,608      Union Pacific Corp   7,312,241 
 117,485   *  United Continental Holdings, Inc   8,279,168 
        TOTAL TRANSPORTATION   42,327,565 
              
UTILITIES - 4.9%     
 60,033      Ameren Corp   3,160,737 
 14,954      American Water Works Co, Inc   1,098,222 
 36,927      Atmos Energy Corp   2,813,099 
 11,691      Centerpoint Energy, Inc   306,421 
 26,379      CMS Energy Corp   1,123,745 
16

TIAA-CREF FUNDS - Enhanced Large-Cap Value Index Fund

 

SHARES      COMPANY  VALUE 
            
 69,413      Consolidated Edison, Inc  $5,160,856 
 47,009      DTE Energy Co   4,636,968 
 137,072      Duke Energy Corp   10,765,635 
 95,662      Edison International   6,971,847 
 33,660      Entergy Corp   2,411,402 
 367,186      Exelon Corp   13,174,634 
 140,483      FirstEnergy Corp   4,259,445 
 94,883      Great Plains Energy, Inc   2,614,027 
 32,461      MDU Resources Group, Inc   952,730 
 32,093      National Fuel Gas Co   1,802,022 
 98,474      NextEra Energy, Inc   12,183,203 
 25,239      OGE Energy Corp   846,516 
 124,614      PG&E Corp   7,712,360 
 20,809      Pinnacle West Capital Corp   1,615,403 
 116,353      Public Service Enterprise Group, Inc   5,148,620 
 45,236      SCANA Corp   3,107,713 
 5,197      Southern Co   256,888 
 85,487      UGI Corp   3,964,032 
 30,502      WEC Energy Group, Inc   1,801,143 
 26,582      Westar Energy, Inc   1,453,770 
 159,437      Xcel Energy, Inc   6,587,937 
        TOTAL UTILITIES   105,929,375 
              
        TOTAL COMMON STOCKS   2,148,847,857 
        (Cost $1,777,755,309)     

 

PRINCIPAL       ISSUER   RATE   MATURITY DATE        
SHORT-TERM INVESTMENTS - 0.8%              
GOVERNMENT AGENCY DEBT - 0.4%                    
$ 7,650,000       Federal Home Loan Bank (FHLB)     0.450%   02/01/17      7,650,000  
          TOTAL GOVERNMENT AGENCY DEBT                  7,650,000  
                               
TREASURY DEBT - 0.3%                    
  7,100,000       United States Treasury Bill     0.408   02/09/17      7,099,261  
          TOTAL TREASURY DEBT                  7,099,261  
                               
SHARES       COMPANY                    
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.1%                    
  1,185,721   c    State Street Navigator Securities Lending Government Money Market Portfolio     1,185,721  
          TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES     1,185,721  
                               
          TOTAL SHORT-TERM INVESTMENTS                  15,934,982  
          (Cost $15,935,078)                    
          TOTAL INVESTMENTS - 100.4%                  2,164,782,839  
          (Cost $1,793,690,387)                    
          OTHER ASSETS & LIABILITIES, NET - (0.4)%                  (7,825,991 )
          NET ASSETS - 100.0%               $ 2,156,956,848  
17

TIAA-CREF FUNDS - Enhanced Large-Cap Value Index Fund

 

       
       
    Abbreviation(s):
    REIT   Real Estate Investment Trust
     
* Non-income producing
c Investments made with cash collateral received from securities on loan.
e All or a portion of these securities are out on loan. The aggregate value of securities on loan is $1,141,016.
18

TIAA-CREF FUNDS - Growth & Income Fund

 

TIAA-CREF FUNDS

GROWTH & INCOME FUND

SCHEDULE OF INVESTMENTS (unaudited)

January 31, 2017

 

SHARES      COMPANY  VALUE 
              
COMMON STOCKS - 99.5%
              
AUTOMOBILES & COMPONENTS - 0.3%
 245,451   n  Delphi Automotive plc  $17,196,297 
        TOTAL AUTOMOBILES & COMPONENTS   17,196,297 
              
BANKS - 8.0%
 5,215,328      Bank of America Corp   118,075,026 
 615,509      Citigroup, Inc   34,363,867 
 1,060,557      Citizens Financial Group, Inc   38,360,347 
 365,720      Comerica, Inc   24,697,072 
 923,918      Huntington Bancshares, Inc   12,500,611 
 1,895,952      ING Groep NV   27,237,148 
 1,386,379      JPMorgan Chase & Co   117,329,255 
 1,010,495      Wells Fargo & Co   56,921,183 
 964,817   n  Zions Bancorporation   40,705,629 
        TOTAL BANKS   470,190,138 
              
CAPITAL GOODS - 7.5%
 310,896      AGCO Corp   19,524,269 
 392,567   *,n  Caesarstone Sdot-Yam Ltd   11,914,408 
 104,652      Carlisle Cos, Inc   11,418,580 
 182,110   n  General Dynamics Corp   32,976,479 
 2,076,854   n  General Electric Co   61,682,564 
 507,132   n  Honeywell International, Inc   60,003,858 
 274,970      Illinois Tool Works, Inc   34,976,184 
 864,281      KBR, Inc   14,701,420 
 635,356      Kennametal, Inc   22,707,623 
 392,532   n  Paccar, Inc   26,421,329 
 298,434      Parker Hannifin Corp   43,908,594 
 304,799      Raytheon Co   43,939,824 
 118,894   n  Rockwell Automation, Inc   17,595,123 
 70,811   n  W.W. Grainger, Inc   17,884,734 
 181,424   *,n  WABCO Holdings, Inc   19,780,659 
        TOTAL CAPITAL GOODS   439,435,648 
              
COMMERCIAL & PROFESSIONAL SERVICES - 1.0%
 155,472   n  Equifax, Inc   18,233,756 
 544,235      Waste Management, Inc   37,824,333 
        TOTAL COMMERCIAL & PROFESSIONAL SERVICES   56,058,089 
              
CONSUMER DURABLES & APPAREL - 2.4%
 28,000   n  Hasbro, Inc   2,310,280 
 1,222,669      Mattel, Inc   32,046,155 
 135,081   *  Mohawk Industries, Inc   29,155,883 
 622,586      Newell Rubbermaid, Inc   29,466,996 
 198,588   n  PVH Corp   18,629,540 
 418,090      Sony Corp   12,658,820 
 688,883   *,g  Spin Master Corp   16,660,248 
        TOTAL CONSUMER DURABLES & APPAREL   140,927,922 
19

TIAA-CREF FUNDS - Growth & Income Fund

 

SHARES      COMPANY  VALUE 
              
CONSUMER SERVICES - 1.3%
 101,906      Marriott International, Inc (Class A)  $8,621,247 
 1,194,015   *  MGM Resorts International   34,387,632 
 511,510   *,n  Norwegian Cruise Line Holdings Ltd   24,040,970 
 475,602      Red Rock Resorts, Inc   11,167,135 
        TOTAL CONSUMER SERVICES   78,216,984 
              
DIVERSIFIED FINANCIALS - 3.0%
 338,840      American Express Co   25,880,599 
 654,214      Blackstone Group LP   20,038,575 
 248,007      CME Group, Inc   30,028,687 
 128,872      Goldman Sachs Group, Inc   29,552,927 
 1,187,699      Morgan Stanley   50,465,331 
 235,306   n  Northern Trust Corp   19,520,986 
        TOTAL DIVERSIFIED FINANCIALS   175,487,105 
              
ENERGY - 7.4%     
 1,067,981      Cenovus Energy, Inc   14,556,581 
 503,694      Chevron Corp   56,086,327 
 336,844   *  Concho Resources, Inc   46,969,527 
 930,680   *  Continental Resources, Inc   45,193,821 
 297,525      Delek US Holdings, Inc   6,664,560 
 320,614   *  Diamondback Energy, Inc   33,718,974 
 669,250      EOG Resources, Inc   67,982,415 
 459,495   n  Exxon Mobil Corp   38,547,036 
 716,663   *  Parsley Energy, Inc   25,240,871 
 714,916   e  RPC, Inc   15,384,992 
 599,592   *  RSP Permian, Inc   25,518,636 
 413,525   n  Schlumberger Ltd   34,616,178 
 1,519,383   *  WPX Energy, Inc   21,165,005 
        TOTAL ENERGY   431,644,923 
              
FOOD, BEVERAGE & TOBACCO - 6.8%
 681,338      ConAgra Foods, Inc   26,633,502 
 184,015   n  Constellation Brands, Inc (Class A)   27,558,086 
 106,199      Costco Wholesale Corp   17,411,326 
 1,293,194      Cott Corp   13,707,856 
 153,524      Fresh Del Monte Produce, Inc   8,789,249 
 228,129      Groupe Danone   14,301,112 
 240,997   n  Hershey Co   25,417,954 
 390,261      Kraft Heinz Co   34,846,405 
 297,755      Molson Coors Brewing Co (Class B)   28,739,313 
 892,134      Mondelez International, Inc   39,503,693 
 857,113   *  Monster Beverage Corp   36,513,014 
 614,454      PepsiCo, Inc   63,768,036 
 499,752      Philip Morris International, Inc   48,041,160 
 225,541      Pinnacle Foods, Inc   11,996,526 
        TOTAL FOOD, BEVERAGE & TOBACCO   397,227,232 
20

TIAA-CREF FUNDS - Growth & Income Fund

 

SHARES      COMPANY  VALUE 
             
HEALTH CARE EQUIPMENT & SERVICES - 4.3%
 98,552   *  athenahealth, Inc  $12,416,567 
 631,110      Baxter International, Inc   30,236,480 
 1,889,399   *,n  Boston Scientific Corp   45,458,940 
 285,601   n  Cigna Corp   41,760,578 
 225,325   *,n  Edwards Lifesciences Corp   21,685,278 
 24,709   *  Intuitive Surgical, Inc   17,115,677 
 126,091   *  NuVasive, Inc   8,923,460 
 199,137      STERIS plc   14,104,874 
 89,838      UnitedHealth Group, Inc   14,562,740 
 224,832      Universal Health Services, Inc (Class B)   25,322,828 
 146,797   *  WellCare Health Plans, Inc   21,364,835 
        TOTAL HEALTH CARE EQUIPMENT & SERVICES   252,952,257 
              
HOUSEHOLD & PERSONAL PRODUCTS - 1.7%
 228,864   *  Central Garden & Pet Co   7,518,182 
 94,108      L’Oreal S.A.   17,110,436 
 843,201      Procter & Gamble Co   73,864,408 
        TOTAL HOUSEHOLD & PERSONAL PRODUCTS   98,493,026 
              
INSURANCE - 3.3%
 734,787      American International Group, Inc   47,217,413 
 295,374   *  Berkshire Hathaway, Inc (Class B)   48,482,688 
 345,603   n  Chubb Ltd   45,443,339 
 263,898      Lincoln National Corp   17,815,754 
 613,298      Metlife, Inc   33,369,544 
        TOTAL INSURANCE   192,328,738 
              
MATERIALS - 3.9%
 373,396      Barrick Gold Corp   6,885,422 
 1,147,839      Dow Chemical Co   68,445,639 
 208,383      Eagle Materials, Inc   21,792,694 
 91,331      Ecolab, Inc   10,971,593 
 1,394,995   *  Freeport-McMoRan Copper & Gold, Inc (Class B)   23,226,667 
 456,129      International Paper Co   25,816,902 
 287,230   n  Monsanto Co   31,109,881 
 122,833   n  Scotts Miracle-Gro Co (Class A)   11,296,951 
 914,259      United States Steel Corp   29,905,412 
        TOTAL MATERIALS   229,451,161 
              
MEDIA - 3.9%
 463,320      CBS Corp (Class B)   29,879,507 
 1,080,641      Comcast Corp (Class A)   81,501,944 
 470,795   *  Imax Corp   15,347,917 
 860,403      Viacom, Inc (Class B)   36,257,382 
 562,438   n  Walt Disney Co   62,233,765 
        TOTAL MEDIA   225,220,515 
              
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 9.1%
 282,113      AbbVie, Inc   17,239,925 
 72,553   *  Alexion Pharmaceuticals, Inc   9,481,226 
 172,667   *  Allergan plc   37,795,080 
 625,311   e  AstraZeneca plc (ADR)   17,027,219 
21

TIAA-CREF FUNDS - Growth & Income Fund

 

SHARES      COMPANY  VALUE 
              
 229,930   *  BioMarin Pharmaceutical, Inc  $20,148,766 
 519,693      Bristol-Myers Squibb Co   25,548,108 
 456,344   *,n  Celgene Corp   53,004,356 
 295,572   *  Clovis Oncology, Inc   19,153,066 
 902,745   n  Eli Lilly & Co   69,538,447 
 665,030   *  H Lundbeck AS   28,562,350 
 135,728   *  Incyte Corp   16,451,591 
 351,018      Ipsen   27,199,296 
 147,802   *,n  Jazz Pharmaceuticals plc   18,020,020 
 1,158,750      Merck & Co, Inc   71,830,912 
 1,238,697      Pfizer, Inc   39,303,856 
 210,213   *,n  Seattle Genetics, Inc   12,663,231 
 254,958      Shire Ltd   14,194,981 
 81,703   *  TESARO, Inc   13,304,516 
 380,364      Zoetis, Inc   20,897,198 
        TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES   531,364,144 
              
REAL ESTATE - 0.3%
 204,852   n  Crown Castle International Corp   17,992,151 
        TOTAL REAL ESTATE   17,992,151 
              
RETAILING - 5.5%
 153,556   *  Amazon.com, Inc   126,450,295 
 135,927   *  ASOS plc   9,029,803 
 643,403      Home Depot, Inc   88,519,385 
 434,654      Industria De Diseno Textil S.A.   14,376,407 
 2,868,747   *,n  JC Penney Co, Inc   19,077,168 
 211,043   *  NetFlix, Inc   29,695,860 
 126,564   *  Ulta Salon Cosmetics & Fragrance, Inc   34,460,846 
        TOTAL RETAILING   321,609,764 
              
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.7%
 145,750   *,e,n  Acacia Communications, Inc   8,478,278 
 1,223,460      Applied Materials, Inc   41,903,505 
 223,925      Broadcom Ltd   44,673,037 
 1,445,078      Intel Corp   53,207,772 
 370,134      Microchip Technology, Inc   24,928,525 
 557,004   *  Micron Technology, Inc   13,429,366 
 345,431   *,n  Microsemi Corp   18,359,658 
 67,217      Monolithic Power Systems, Inc   5,864,011 
 398,704      Nvidia Corp   43,530,503 
 378,270      Xilinx, Inc   22,015,314 
        TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT   276,389,969 
              
SOFTWARE & SERVICES - 13.9%
 220,697   *  Adobe Systems, Inc   25,022,626 
 203,677   *  Alphabet, Inc (Class C)   162,287,797 
 331,311   *,n  CyberArk Software Ltd   17,579,362 
 289,406   *,n  Electronic Arts, Inc   24,145,142 
 593,578   *  Facebook, Inc   77,355,085 
 254,334   *  IAC/InterActiveCorp   17,500,722 
 614,995      MasterCard, Inc (Class A)   65,392,418 
 2,462,904      Microsoft Corp   159,226,744 
22

TIAA-CREF FUNDS - Growth & Income Fund

 

SHARES      COMPANY  VALUE 
              
 86,085   *,n  MicroStrategy, Inc (Class A)  $17,328,910 
 739,788      Oracle Corp   29,672,897 
 455,836   *,e  Pandora Media, Inc   5,925,868 
 331,502   *  PayPal Holdings, Inc   13,187,149 
 246,233   *  PTC, Inc   12,944,469 
 624,050   *  salesforce.com, Inc   49,362,355 
 176,937   *  ServiceNow, Inc   16,034,031 
 1,212,892      Symantec Corp   33,415,175 
 462,200   *  Take-Two Interactive Software, Inc   24,797,030 
 789,797      Tencent Holdings Ltd   20,649,527 
 289,740   *,e  VMware, Inc (Class A)   25,363,840 
 1,606,542   g  Worldpay Group plc   5,795,738 
 313,428   *  Yelp, Inc   13,095,022 
        TOTAL SOFTWARE & SERVICES   816,081,907 
              
TECHNOLOGY HARDWARE & EQUIPMENT - 5.7%
 1,773,079      Apple, Inc   215,163,137 
 693,926   *  Ciena Corp   16,890,159 
 1,441,138      Cisco Systems, Inc   44,271,759 
 80,364      Cognex Corp   5,429,392 
 528,926   *,n  Cray, Inc   9,071,081 
 73,817   *  Electronics for Imaging, Inc   3,317,336 
 607,774   *  Flextronics International Ltd   9,523,818 
 205,351   *  Itron, Inc   12,670,157 
 176,196   *  Orbotech Ltd   6,147,478 
 167,780   *  Universal Display Corp   11,073,480 
        TOTAL TECHNOLOGY HARDWARE & EQUIPMENT   333,557,797 
              
TELECOMMUNICATION SERVICES - 2.2%
 2,172,538      AT&T, Inc   91,594,202 
 598,495   *,n  T-Mobile US, Inc   37,268,284 
        TOTAL TELECOMMUNICATION SERVICES   128,862,486 
              
TRANSPORTATION - 1.5%
 197,855   *  Genesee & Wyoming, Inc (Class A)   14,910,353 
 255,157      Norfolk Southern Corp   29,970,741 
 366,550      United Parcel Service, Inc (Class B)   40,001,601 
        TOTAL TRANSPORTATION   84,882,695 
              
UTILITIES - 1.8%
 332,399   n  American Water Works Co, Inc   24,411,383 
 331,061      NextEra Energy, Inc   40,958,867 
 657,949      NiSource, Inc   14,718,319 
 218,850      Sempra Energy   22,408,051 
        TOTAL UTILITIES   102,496,620 
              
        TOTAL COMMON STOCKS   5,818,067,568 
        (Cost $4,483,762,694)     
23

TIAA-CREF FUNDS - Growth & Income Fund

 

SHARES      COMPANY  VALUE 
              
PURCHASED OPTIONS - 0.0%
              
CONSUMER SERVICES - 0.0%
 31,600      Dunkin’ Brands Group, Inc  $1,580 
        TOTAL CONSUMER SERVICES   1,580 
              
FOOD, BEVERAGE & TOBACCO - 0.0%
 31,600      General Mills, Inc   39,500 
 22,500      Hershey Co   20,025 
        TOTAL FOOD, BEVERAGE & TOBACCO   59,525 
              
MATERIALS - 0.0%
 100,000      Monsanto Co   535,000 
        TOTAL MATERIALS   535,000 
              
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
 50,000      Celgene Corp   505,000 
        TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES   505,000 
              
        TOTAL PURCHASED OPTIONS   1,101,105 
        (Cost $1,208,636)     

 

PRINCIPAL     ISSUER  RATE   MATURITY DATE    
SHORT-TERM INVESTMENTS - 1.0%
GOVERNMENT AGENCY DEBT - 0.4%
$24,850,000     Federal Home Loan Bank (FHLB)   0.450%   02/01/17   24,850,000 
       TOTAL GOVERNMENT AGENCY DEBT           24,850,000 

 

SHARES       COMPANY              
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.6%
  36,286,246   c   State Street Navigator Securities Lending Government Money Market Portfolio     36,286,246  
          TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES     36,286,246  
                               
          TOTAL SHORT-TERM INVESTMENTS                 61,136,246  
          (Cost $61,136,246)                    
          TOTAL INVESTMENTS - 100.5%                 5,880,304,919  
          (Cost $4,546,107,576)                    
          OTHER ASSETS & LIABILITIES, NET - (0.5)%                 (29,225,259)  
          NET ASSETS - 100.0%               $ 5,851,079,660  
                                 
                               
          Abbreviation(s):                    
          ADR   American Depositary Receipt                    
                               
      *   Non-income producing                    
      c   Investments made with cash collateral received from securities on loan.    
      e   All or a portion of these securities are out on loan. The aggregate value of securities on loan is $35,436,636.
      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 1/31/2017, the aggregate value of these securities was $22,455,986 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.
24

TIAA-CREF FUNDS - Large-Cap Growth Fund

 

TIAA-CREF FUNDS

LARGE-CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (unaudited)

January 31, 2017

 

SHARES      COMPANY  VALUE 
              
COMMON STOCKS - 98.9%
              
BANKS - 2.2%
 2,258,781      Bank of America Corp  $51,138,802 
 372,958      JPMorgan Chase & Co   31,563,435 
        TOTAL BANKS   82,702,237 
              
CAPITAL GOODS - 3.7%
 265,505   *  HD Supply Holdings, Inc   11,230,862 
 162,499      Northrop Grumman Corp   37,225,271 
 263,684      Parker Hannifin Corp   38,795,827 
 120,371      Rockwell Automation, Inc   17,813,704 
 181,665      Roper Industries, Inc   34,852,430 
        TOTAL CAPITAL GOODS   139,918,094 
              
COMMERCIAL & PROFESSIONAL SERVICES - 1.9%
 879,045   *  IHS Markit Ltd   34,678,325 
 956,765      Nielsen NV   39,141,256 
        TOTAL COMMERCIAL & PROFESSIONAL SERVICES   73,819,581 
              
CONSUMER DURABLES & APPAREL - 1.2%
 365,388      Mattel, Inc   9,576,819 
 717,085      Nike, Inc (Class B)   37,933,797 
        TOTAL CONSUMER DURABLES & APPAREL   47,510,616 
              
CONSUMER SERVICES - 3.9%
 456,683      Marriott International, Inc (Class A)   38,635,382 
 1,264,190   *  MGM Resorts International   36,408,672 
 1,309,927      Starbucks Corp   72,334,169 
        TOTAL CONSUMER SERVICES   147,378,223 
              
DIVERSIFIED FINANCIALS - 4.4%
 312,647      Ameriprise Financial, Inc   35,100,879 
 182,735      Blackstone Group LP   5,597,173 
 883,175      Charles Schwab Corp   36,422,137 
 306,983      CME Group, Inc   37,169,502 
 145,708      Goldman Sachs Group, Inc   33,413,758 
 418,092      TD Ameritrade Holding Corp   19,294,946 
        TOTAL DIVERSIFIED FINANCIALS   166,998,395 
              
ENERGY - 3.1%
 256,272   *  Concho Resources, Inc   35,734,568 
 171,895   *  Continental Resources, Inc   8,347,221 
 433,190      EOG Resources, Inc   44,003,440 
 95,457   *  Parsley Energy, Inc   3,361,995 
 297,739      Schlumberger Ltd   24,923,732 
        TOTAL ENERGY   116,370,956 
25

TIAA-CREF FUNDS - Large-Cap Growth Fund

 

SHARES      COMPANY  VALUE 
           
FOOD, BEVERAGE & TOBACCO - 3.6%
 240,940      Costco Wholesale Corp  $39,502,113 
 328,942      Molson Coors Brewing Co (Class B)   31,749,482 
 1,101,719   *  Monster Beverage Corp   46,933,229 
 352,637      Pinnacle Foods, Inc   18,756,762 
        TOTAL FOOD, BEVERAGE & TOBACCO   136,941,586 
              
HEALTH CARE EQUIPMENT & SERVICES - 4.7%
 31,792   *  athenahealth, Inc   4,005,474 
 901,667   *  Cerner Corp   48,428,535 
 54,491      Cigna Corp   7,967,674 
 44,022   *  Intuitive Surgical, Inc   30,493,599 
 555,620      UnitedHealth Group, Inc   90,066,002 
        TOTAL HEALTH CARE EQUIPMENT & SERVICES   180,961,284 
              
HOUSEHOLD & PERSONAL PRODUCTS - 1.1%
 534,098      Estee Lauder Cos (Class A)   43,374,099 
        TOTAL HOUSEHOLD & PERSONAL PRODUCTS   43,374,099 
              
MATERIALS - 2.7%
 160,831      Dow Chemical Co   9,590,352 
 528,377      Monsanto Co   57,228,513 
 121,781      Sherwin-Williams Co   36,998,286 
        TOTAL MATERIALS   103,817,151 
              
MEDIA - 4.8%
 489,642      CBS Corp (Class B)   31,577,013 
 1,081,885      Comcast Corp (Class A)   81,595,767 
 641,493      Walt Disney Co   70,981,200 
        TOTAL MEDIA   184,153,980 
              
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.4%
 237,474      Agilent Technologies, Inc   11,629,102 
 138,543   *  Alexion Pharmaceuticals, Inc   18,104,799 
 261,793   *  Allergan plc   57,303,870 
 102,842      Bayer AG.   11,423,595 
 216,887      Bristol-Myers Squibb Co   10,662,165 
 490,680   *  Celgene Corp   56,992,482 
 434,769      Eli Lilly & Co   33,490,256 
 70,815   *  Illumina, Inc   11,337,481 
 231,466      Shire plc (ADR)   38,842,310 
 1,263,309      Zoetis, Inc   69,406,196 
        TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES   319,192,256 
              
RETAILING - 9.4%
 174,615   *  Amazon.com, Inc   143,791,960 
 321,081      Expedia, Inc   39,040,239 
 527,056      Home Depot, Inc   72,512,364 
 172,256      Industria De Diseno Textil S.A.   5,697,457 
 406,735   *  NetFlix, Inc   57,231,682 
26

TIAA-CREF FUNDS - Large-Cap Growth Fund

 

SHARES      COMPANY  VALUE 
              
 23,932   *  Priceline.com, Inc  $37,696,011 
        TOTAL RETAILING   355,969,713 
              
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.1%
 952,621   *  Advanced Micro Devices, Inc   9,878,680 
 434,249      Broadcom Ltd   86,632,676 
 207,550      Lam Research Corp   23,839,193 
 262,852      Marvell Technology Group Ltd   3,908,609 
 332,532   *  Micron Technology, Inc   8,017,346 
 205,932      Nvidia Corp   22,483,656 
        TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT   154,760,160 
              
SOFTWARE & SERVICES - 33.3%
 667,957      Activision Blizzard, Inc   26,858,551 
 1,044,791   *  Adobe Systems, Inc   118,458,404 
 106,203   *  Alphabet, Inc (Class A)   87,106,638 
 174,749   *  Alphabet, Inc (Class C)   139,238,256 
 534,224      Automatic Data Processing, Inc   53,951,282 
 1,104,293   *  Facebook, Inc   143,911,464 
 162,900      Fidelity National Information Services, Inc   12,937,518 
 315,135   *  IAC/InterActiveCorp   21,684,439 
 1,048,991      Intuit, Inc   124,389,353 
 846,629      MasterCard, Inc (Class A)   90,022,061 
 2,762,216      Microsoft Corp   178,577,264 
 874,136   *  PayPal Holdings, Inc   34,773,130 
 412,787   *  Red Hat, Inc   31,322,278 
 973,825   *  salesforce.com, Inc   77,029,557 
 163,853   *,g  Scout24 AG.   5,843,301 
 133,357   *  ServiceNow, Inc   12,084,811 
 1,302,610      Visa, Inc (Class A)   107,738,873 
        TOTAL SOFTWARE & SERVICES   1,265,927,180 
              
TECHNOLOGY HARDWARE & EQUIPMENT - 4.1%
 1,032,574      Apple, Inc   125,302,855 
 385,312   *  Ciena Corp   9,378,494 
 135,602   *  Palo Alto Networks, Inc   20,009,431 
        TOTAL TECHNOLOGY HARDWARE & EQUIPMENT   154,690,780 
              
TELECOMMUNICATION SERVICES - 0.9%
 553,117   *  T-Mobile US, Inc   34,442,596 
        TOTAL TELECOMMUNICATION SERVICES   34,442,596 
              
TRANSPORTATION - 1.4%
 486,973      Union Pacific Corp   51,901,582 
        TOTAL TRANSPORTATION   51,901,582 
              
        TOTAL COMMON STOCKS   3,760,830,469 
        (Cost $2,778,353,495)     
27

TIAA-CREF FUNDS - Large-Cap Growth Fund

 

PRINCIPAL   ISSUER  RATE   MATURITY
DATE		  VALUE 
SHORT-TERM INVESTMENTS - 1.3%
GOVERNMENT AGENCY DEBT - 1.0%
$37,600,000   Federal Home Loan Bank (FHLB)   0.450%   02/01/17  $37,600,000 
     TOTAL GOVERNMENT AGENCY DEBT            37,600,000 
                    
TREASURY DEBT - 0.3%
 13,900,000   United States Treasury Bill   0.408   02/09/17   13,898,554 
     TOTAL TREASURY DEBT            13,898,554 
                    
     TOTAL SHORT-TERM INVESTMENTS            51,498,554 
     (Cost $51,498,741)              
     TOTAL INVESTMENTS - 100.2%            3,812,329,023 
     (Cost $2,829,852,236)              
     OTHER ASSETS & LIABILITIES, NET - (0.2)%            (8,599,901)
     NET ASSETS - 100.0%           $3,803,729,122 
                      
                      
     Abbreviation(s):              
     ADR   American Depositary Receipt              
                    
*   Non-income producing
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 1/31/2017, the aggregate value of these securities was $5,843,301 or 0.2% of net assets.
28

TIAA-CREF FUNDS - Large-Cap Value Fund

 

 

TIAA-CREF FUNDS

LARGE-CAP VALUE FUND

SCHEDULE OF INVESTMENTS (unaudited)

January 31, 2017

 

SHARES      COMPANY  VALUE 
              
COMMON STOCKS - 99.6%
              
AUTOMOBILES & COMPONENTS - 0.6%
 1,089,360      Ford Motor Co  $13,464,490 
 1,364,474   *  Peugeot S.A.   25,393,682 
        TOTAL AUTOMOBILES & COMPONENTS   38,858,172 
              
BANKS - 12.2%
 8,307,745      Bank of America Corp   188,087,347 
 2,002,211      Citigroup, Inc   111,783,440 
 633,730      Citizens Financial Group, Inc   22,922,014 
 641,065      Comerica, Inc   43,291,119 
 616,106      Hilltop Holdings, Inc   16,868,982 
 297,744      Huntington Bancshares, Inc   4,028,476 
 1,136,246      JPMorgan Chase & Co   96,160,499 
 3,004,699      Regions Financial Corp   43,297,713 
 1,055,867      TCF Financial Corp   18,319,293 
 3,108,950      Wells Fargo & Co   175,127,153 
 1,087,256      Zions Bancorporation   45,871,331 
        TOTAL BANKS   765,757,367 
              
CAPITAL GOODS - 8.3%
 319,769      Ametek, Inc   16,340,196 
 204,948      Caterpillar, Inc   19,605,326 
 1,189,706   *  Colfax Corp   46,398,534 
 335,163      Dover Corp   26,058,923 
 473,235      Eaton Corp   33,495,573 
 923,704      Fortive Corp   51,090,068 
 2,748,109      General Electric Co   81,618,837 
 184,365   *  Herc Holdings, Inc   9,157,410 
 169,403   *  JELD-WEN Holding, Inc   4,585,739 
 211,956      L3 Technologies, Inc   33,635,298 
 577,800      Masco Corp   19,038,510 
 349,385      Paccar, Inc   23,517,104 
 486,303   *  SPX Corp   12,133,260 
 767,596   *  SPX FLOW, Inc   26,781,424 
 1,231,853      Terex Corp   39,172,925 
 1,460,926      Triumph Group, Inc   39,079,771 
 259,525      United Technologies Corp   28,462,107 
 321,090   *  USG Corp   9,822,143 
        TOTAL CAPITAL GOODS   519,993,148 
              
CONSUMER DURABLES & APPAREL - 2.0%
 1,194,754   *  Fossil Group, Inc   30,549,860 
 1,499,374      Mattel, Inc   39,298,593 
 1,260,569      Pulte Homes, Inc   27,114,839 

29

TIAA-CREF FUNDS - Large-Cap Value Fund

 

SHARES      COMPANY  VALUE 
              
 298,906      Sony Corp  $9,050,198 
 627,275      Sony Corp (ADR)   18,987,614 
        TOTAL CONSUMER DURABLES & APPAREL   125,001,104 
              
CONSUMER SERVICES - 2.7%
 574,530      Carnival Corp   31,817,472 
 1,280,452      Extended Stay America, Inc   20,756,127 
 1,050,314   *  MGM Resorts International   30,249,043 
 595,221   *  Norwegian Cruise Line Holdings Ltd   27,975,387 
 751,298      Red Rock Resorts, Inc   17,640,477 
 846,342      Restaurant Brands International, Inc   41,538,465 
        TOTAL CONSUMER SERVICES   169,976,971 
              
DIVERSIFIED FINANCIALS - 6.5%
 376,745      American Express Co   28,775,783 
 198,144      Bank of New York Mellon Corp   8,862,981 
 114,454      Capital One Financial Corp   10,002,135 
 1,889,913   *  Deutsche Bank AG.   37,743,363 
 598,305      Goldman Sachs Group, Inc   137,203,302 
 400,175      Legg Mason, Inc   12,681,546 
 888,522      Morgan Stanley   37,753,300 
 976,544      State Street Corp   74,412,653 
 1,721,029      Synchrony Financial   61,647,259 
        TOTAL DIVERSIFIED FINANCIALS   409,082,322 
              
ENERGY - 14.3%
 240,098      Anadarko Petroleum Corp   16,694,014 
 82,201   *  Arch Coal, Inc   5,917,650 
 2,852   *  California Resources Corp   61,090 
 3,208,913      Cenovus Energy, Inc   43,737,484 
 1,043,913      Chevron Corp   116,239,713 
 234,115   *  Continental Resources, Inc   11,368,624 
 9,173   *  Diamondback Energy, Inc   964,724 
 1,228,297      EOG Resources, Inc   124,770,409 
 915,396      Exxon Mobil Corp   76,792,570 
 804,951   *  Jagged Peak Energy, Inc   11,679,839 
 2,368,150   *  Matador Resources Co   62,353,390 
 3,835,207   *  MEG Energy Corp   19,923,919 
 2,419,155      Nabors Industries Ltd   39,311,269 
 378,269   *  Newfield Exploration Co   15,161,021 
 1,323,718   *  Parsley Energy, Inc   46,621,348 
 839,156      Plains All American Pipeline LP   26,341,107 
 564,857      Plains GP Holdings LP   18,329,610 
 978,513   e  RPC, Inc   21,057,600 
 1,064,516   *  RSP Permian, Inc   45,305,801 
 817,659      Schlumberger Ltd   68,446,235 
 384,175      Suncor Energy, Inc (NY)   11,924,792 
 510,559      Superior Energy Services   9,021,577 
 7,513,227   *  Weatherford International Ltd   39,143,913 
 1,941,731      Williams Cos, Inc   55,999,522 
 789,729   *  WPX Energy, Inc   11,000,925 
        TOTAL ENERGY   898,168,146 
30

TIAA-CREF FUNDS - Large-Cap Value Fund

 

SHARES      COMPANY  VALUE 
 
FOOD & STAPLES RETAILING - 1.8%
  798,336     *   US Foods Holding Corp   $ 21,714,739  
  636,776         Walgreens Boots Alliance, Inc     52,177,426  
  554,762         Wal-Mart Stores, Inc     37,024,816  
            TOTAL FOOD & STAPLES RETAILING     110,916,981  
 
FOOD, BEVERAGE & TOBACCO - 7.0%
  1,266,840         ConAgra Foods, Inc     49,520,775  
  475,750         Kellogg Co     34,591,783  
  770,465         Kraft Heinz Co     68,794,820  
  422,279         Lamb Weston Holdings, Inc     15,776,343  
  63,253         Molson Coors Brewing Co (Class B)     6,105,180  
  2,471,183         Mondelez International, Inc     109,423,983  
  844,290         Philip Morris International, Inc     81,161,598  
  1,399,836         Pinnacle Foods, Inc     74,457,277  
  5,611         Snyder’s-Lance, Inc     215,350  
            TOTAL FOOD, BEVERAGE & TOBACCO     440,047,109  
 
HEALTH CARE EQUIPMENT & SERVICES - 4.2%
  2,623,258         Abbott Laboratories     109,573,486  
  49,647         Anthem, Inc     7,652,589  
  96,509         Baxter International, Inc     4,623,746  
  683,813     *   Boston Scientific Corp     16,452,541  
  448,431         Cigna Corp     65,569,581  
  165,244     *   Laboratory Corp of America Holdings     22,177,397  
  273,171         Medtronic plc     20,766,459  
  156,056         Zimmer Holdings, Inc     18,466,107  
            TOTAL HEALTH CARE EQUIPMENT & SERVICES     265,281,906  
 
HOUSEHOLD & PERSONAL PRODUCTS - 1.3%
  924,431         Procter & Gamble Co     80,980,156  
            TOTAL HOUSEHOLD & PERSONAL PRODUCTS     80,980,156  
           
INSURANCE - 5.4%          
  407,431         Allstate Corp     30,642,886  
  849,505         American International Group, Inc     54,589,191  
  379,937     *   Berkshire Hathaway, Inc (Class B)     62,362,859  
  461,490         Chubb Ltd     60,681,320  
  575,378         Hartford Financial Services Group, Inc     28,026,662  
  1,002,585         Metlife, Inc     54,550,650  
  305,832         Principal Financial Group     17,459,949  
  193,783         Travelers Cos, Inc     22,823,762  
  186,559         W.R. Berkley Corp     12,538,630  
            TOTAL INSURANCE     343,675,909  
         
MATERIALS - 4.7%        
  28,237         Acerinox S.A.     388,307  
  1,237,304     *   AK Steel Holding Corp     9,997,416  
  2,627,971     *   ArcelorMittal     20,491,711  
  206,958     *   Berry Plastics Group, Inc     10,561,067  
  355,858         Dow Chemical Co     21,219,813  
  354,582         EI du Pont de Nemours & Co     26,770,941  
31

TIAA-CREF FUNDS - Large-Cap Value Fund

 

SHARES      COMPANY  VALUE 
                 
 2,664,736   *  Freeport-McMoRan Copper & Gold, Inc (Class B)  $44,367,854 
 537,156   *  GCP Applied Technologies, Inc   14,476,354 
 3,909,474   *  Louisiana-Pacific Corp   74,788,238 
 1,246,030      Olin Corp   32,658,446 
 1,635,259      Teck Resources Ltd   40,129,256 
        TOTAL MATERIALS   295,849,403 
                 
MEDIA - 0.5%        
 139,272      Time Warner, Inc   13,488,493 
 502,103      Viacom, Inc (Class B)   21,158,621 
        TOTAL MEDIA   34,647,114 
                 
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 5.8%        
 1,054,776      Agilent Technologies, Inc   51,652,381 
 343,453   *  Allergan plc   75,178,427 
 561,297   *  Endo International plc   6,870,275 
 758,933      Johnson & Johnson   85,949,162 
 1,009,239      Merck & Co, Inc   62,562,726 
 2,586,981      Pfizer, Inc   82,084,907 
 14,382      Shire plc (ADR)   2,413,444 
        TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES   366,711,322 
                 
REAL ESTATE - 1.2%        
 51,154      AvalonBay Communities, Inc   8,865,500 
 360,164      HCP, Inc   10,920,172 
 1,124,886      MGM Growth Properties LLC   29,044,557 
 72,040   *  Quality Care Properties, Inc   1,329,858 
 2,666,470      Washington Prime Group, Inc   25,731,436 
        TOTAL REAL ESTATE   75,891,523 
                 
RETAILING - 1.3%        
 3,216,977   *  Groupon, Inc   11,098,571 
 11,456,000      Hengdeli Holdings Ltd   1,425,388 
 7,238,214   *  JC Penney Co, Inc   48,134,123 
 7,406,600      Via Varejo S.A.   21,083,831 
        TOTAL RETAILING   81,741,913 
                 
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.1%
 3,108,946   *  Advanced Micro Devices, Inc   32,239,770 
 5,149,977      Advanced Semiconductor Engineering, Inc (ADR)   29,457,868 
 2,091,443      Intel Corp   77,006,931 
 2,373,238      Marvell Technology Group Ltd   35,290,049 
 552,851   *  Mellanox Technologies Ltd   26,177,495 
 557,360   *  Micron Technology, Inc   13,437,950 
 1,973,605   *  ON Semiconductor Corp   26,288,419 
 298,573      Qualcomm, Inc   15,952,755 
        TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT   255,851,237 
              
SOFTWARE & SERVICES - 3.7%
 550,130   *  Conduent, Inc   8,229,945 
 522,008   *  Dell Technologies, Inc-VMware Inc   32,881,284 
 596,414   *  eBay, Inc   18,983,858 
32

TIAA-CREF FUNDS - Large-Cap Value Fund

 

SHARES      COMPANY  VALUE 
              
 531,935   *  IAC/InterActiveCorp  $36,602,447 
 99,564   *  MicroStrategy, Inc (Class A)   20,042,233 
 1,627,582      Oracle Corp   65,282,314 
 979,519      Symantec Corp   26,985,748 
 3,612,427      Xerox Corp   25,034,119 
        TOTAL SOFTWARE & SERVICES   234,041,948 
              
TECHNOLOGY HARDWARE & EQUIPMENT - 3.1%
 124,725      Apple, Inc   15,135,379 
 1,020,680   *  Ciena Corp   24,843,351 
 2,459,522      Cisco Systems, Inc   75,556,516 
 374,921      Corning, Inc   9,931,657 
 710,235      Hewlett Packard Enterprise Co   16,108,130 
 1,158,549      HP, Inc   17,436,162 
 2,481,033   e  Nokia Corp   11,214,269 
 305,434      Western Digital Corp   24,352,253 
        TOTAL TECHNOLOGY HARDWARE & EQUIPMENT   194,577,717 
              
TELECOMMUNICATION SERVICES - 3.9%
 3,902,234      AT&T, Inc   164,518,185 
 1,387,135      Telephone & Data Systems, Inc   42,515,688 
 750,516      Verizon Communications, Inc   36,782,789 
        TOTAL TELECOMMUNICATION SERVICES   243,816,662 
              
TRANSPORTATION - 1.7%
 726,667   *,b,m  AMR Corp (Escrow)   7,267 
 450,289   *  Kirby Corp   29,021,126 
 716,644      Union Pacific Corp   76,379,917 
        TOTAL TRANSPORTATION   105,408,310 
              
UTILITIES - 3.3%
 269,661      American Electric Power Co, Inc   17,274,484 
 256,205      Duke Energy Corp   20,122,341 
 193,868      Edison International   14,129,100 
 231,952      Exelon Corp   8,322,438 
 440,767      FirstEnergy Corp   13,364,055 
 548,306      NextEra Energy, Inc   67,836,419 
 381,441      PG&E Corp   23,607,383 
 104,178      Sempra Energy   10,666,785 
 875,178      Xcel Energy, Inc   36,162,355 
        TOTAL UTILITIES   211,485,360 
              
        TOTAL COMMON STOCKS   6,267,761,800 
        (Cost $5,097,696,372)     

 

PRINCIPAL     ISSUER  RATE   MATURITY DATE    
SHORT-TERM INVESTMENTS - 0.8%
TREASURY DEBT - 0.3%
$22,150,000     United States Treasury Bill   0.452%   02/16/17   22,145,880 
       TOTAL TREASURY DEBT           22,145,880 
33

TIAA-CREF FUNDS - Large-Cap Value Fund

 

  SHARES       COMPANY               VALUE  
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.5%
  28,327,212   c   State Street Navigator Securities Lending Government Money Market Portfolio   $ 28,327,212  
          TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES     28,327,212  
                               
          TOTAL SHORT-TERM INVESTMENTS                 50,473,092  
          (Cost $50,473,041)                    
          TOTAL INVESTMENTS - 100.4%                 6,318,234,892  
          (Cost $5,148,169,413)                    
          OTHER ASSETS & LIABILITIES, NET - (0.4)%                 (27,007,701 )
          NET ASSETS - 100.0%               $ 6,291,227,191  
       
       
    Abbreviation(s):
    ADR   American Depositary Receipt

 

*   Non-income producing
b   In bankruptcy
c   Investments made with cash collateral received from securities on loan.
e   All or a portion of these securities are out on loan. The aggregate value of securities on loan is $27,522,539.
m   Indicates a security that has been deemed illiquid.
34

TIAA-CREF FUNDS - Mid-Cap Growth Fund

 

TIAA-CREF FUNDS

MID-CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (unaudited)

January 31, 2017

 

SHARES        COMPANY  VALUE  
              
COMMON STOCKS - 99.1%     
              
AUTOMOBILES & COMPONENTS - 1.0%     
 210,491      Delphi Automotive plc  $14,746,999 
        TOTAL AUTOMOBILES & COMPONENTS   14,746,999 
              
BANKS - 2.5%     
 384,132      Citizens Financial Group, Inc   13,894,055 
 640,823      Investors Bancorp, Inc   9,195,810 
 27,956   *  Signature Bank   4,403,629 
 51,004   *  SVB Financial Group   8,784,419 
        TOTAL BANKS   36,277,913 
              
CAPITAL GOODS - 13.2%     
 235,764      A.O. Smith Corp   11,493,495 
 31,749      Acuity Brands, Inc   6,579,345 
 148,881      Allegion plc   9,777,015 
 174,746      Ametek, Inc   8,929,521 
 163,965      Fastenal Co   8,145,781 
 227,185      Fortune Brands Home & Security, Inc   12,524,709 
 97,674   *  HD Supply Holdings, Inc   4,131,610 
 194,000      Ingersoll-Rand plc   15,393,900 
 38,560   *  JELD-WEN Holding, Inc   1,043,819 
 78,708      Lennox International, Inc   12,342,201 
 391,934      Masco Corp   12,914,225 
 127,027   *  Middleby Corp   17,044,483 
 113,255      Owens Corning, Inc   6,257,339 
 53,000      Parker Hannifin Corp   7,797,890 
 61,000      Rockwell Automation, Inc   9,027,390 
 99,823      Roper Industries, Inc   19,151,043 
 73,428      Snap-On, Inc   13,329,385 
 65,532      TransDigm Group, Inc   14,181,125 
        TOTAL CAPITAL GOODS   190,064,276 
              
COMMERCIAL & PROFESSIONAL SERVICES - 1.9%     
 81,302      Equifax, Inc   9,535,099 
 143,042      Nielsen NV   5,851,848 
 149,035   *  Verisk Analytics, Inc   12,316,253 
        TOTAL COMMERCIAL & PROFESSIONAL SERVICES   27,703,200 
              
CONSUMER DURABLES & APPAREL - 5.8%     
 236,140      DR Horton, Inc   7,062,948 
 417,741      Hanesbrands, Inc   9,904,639 
 111,653      Harman International Industries, Inc   12,411,347 
 544,132      Mattel, Inc   14,261,700 
 68,446   *  Mohawk Industries, Inc   14,773,385 
35

TIAA-CREF FUNDS - Mid-Cap Growth Fund

 

SHARES      COMPANY  VALUE 
              
 337,813      Newell Rubbermaid, Inc  $15,988,689 
 5,136   *  NVR, Inc   9,542,688 
        TOTAL CONSUMER DURABLES & APPAREL   83,945,396 
              
CONSUMER SERVICES - 4.5%     
 229,000      ARAMARK Holdings Corp   7,749,360 
 34,688   *  Chipotle Mexican Grill, Inc (Class A)   14,618,911 
 740,732   *  Melco Crown Entertainment Ltd (ADR)   12,473,927 
 250,300   *  MGM Resorts International   7,208,640 
 106,024   *  Norwegian Cruise Line Holdings Ltd   4,983,128 
 138,675      Red Rock Resorts, Inc   3,256,089 
 223,932      Restaurant Brands International, Inc   10,990,583 
 206,339   *,e  Zoe’s Kitchen, Inc   4,504,380 
        TOTAL CONSUMER SERVICES   65,785,018 
              
DIVERSIFIED FINANCIALS - 4.1%     
 55,000   *  Affiliated Managers Group, Inc   8,379,800 
 290,801   e,n  iShares Russell Midcap Growth Index Fund   29,254,581 
 283,859      Lazard Ltd (Class A)   12,058,330 
 136,167      T Rowe Price Group, Inc   9,183,102 
        TOTAL DIVERSIFIED FINANCIALS   58,875,813 
              
ENERGY - 2.0%     
 90,719   *  Diamondback Energy, Inc   9,540,917 
 293,949   *  RSP Permian, Inc   12,510,470 
 229,000      Williams Cos, Inc   6,604,360 
        TOTAL ENERGY   28,655,747 
              
FOOD & STAPLES RETAILING - 0.3%     
 152,766   *  US Foods Holding Corp   4,155,235 
        TOTAL FOOD & STAPLES RETAILING   4,155,235 
              
FOOD, BEVERAGE & TOBACCO - 3.8%     
 204,240      ConAgra Foods, Inc   7,983,742 
 128,248      Dr Pepper Snapple Group, Inc   11,696,217 
 79,879      Hershey Co   8,424,838 
 136,964      Kellogg Co   9,958,652 
 68,080      Lamb Weston Holdings, Inc   2,543,469 
 175,701   *  Post Holdings, Inc   14,702,660 
        TOTAL FOOD, BEVERAGE & TOBACCO   55,309,578 
              
HEALTH CARE EQUIPMENT & SERVICES - 10.2%     
 278,645   *  Acadia Healthcare Co, Inc   10,691,609 
 61,926      AmerisourceBergen Corp   5,404,901 
 54,051      Bard (C.R.), Inc   12,827,924 
 519,488   *  Brookdale Senior Living, Inc   7,776,735 
 226,405   *  Centene Corp   14,324,644 
 219,611   *  Cerner Corp   11,795,307 
 51,381   *  DexCom, Inc   4,066,806 
 126,365   *  Edwards Lifesciences Corp   12,161,368 
 171,396   *  Envision Healthcare Corp   11,654,928 
 48,167   *  Henry Schein, Inc   7,699,977 
36

TIAA-CREF FUNDS - Mid-Cap Growth Fund

 

SHARES      COMPANY  VALUE 
              
 178,045   *  Insulet Corp  $7,406,672 
 31,664   *  Intuitive Surgical, Inc   21,933,336 
 130,831   *  MEDNAX, Inc   8,942,299 
 96,239   n  Zimmer Holdings, Inc   11,387,961 
        TOTAL HEALTH CARE EQUIPMENT & SERVICES   148,074,467 
              
HOUSEHOLD & PERSONAL PRODUCTS - 0.4%     
 136,470      Church & Dwight Co, Inc   6,171,173 
        TOTAL HOUSEHOLD & PERSONAL PRODUCTS   6,171,173 
              
MATERIALS - 4.6%     
 793,972   *  AK Steel Holding Corp   6,415,294 
 114,205      Albemarle Corp   10,579,951 
 82,916   n  Ashland Global Holdings, Inc   9,869,491 
 132,448      Avery Dennison Corp   9,671,353 
 264,366   *  Berry Plastics Group, Inc   13,490,597 
 374,127   *  Freeport-McMoRan Copper & Gold, Inc (Class B)   6,229,214 
 211,980      Olin Corp   5,555,996 
 86,147      Westlake Chemical Corp   5,333,361 
        TOTAL MATERIALS   67,145,257 
              
MEDIA - 1.7%     
 719,463      Interpublic Group of Cos, Inc   16,928,964 
 164,114      Viacom, Inc (Class B)   6,915,764 
        TOTAL MEDIA   23,844,728 
              
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 5.2%     
 128,882   *  BioMarin Pharmaceutical, Inc   11,293,930 
 99,119   *  Coherus Biosciences, Inc   2,765,420 
 77,700   *  Illumina, Inc   12,439,770 
 159,598   *  Incyte Corp   19,344,873 
 966,100   *,e  Merrimack Pharmaceuticals, Inc   3,004,571 
 469,369      Zoetis, Inc   25,787,133 
        TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES   74,635,697 
              
REAL ESTATE - 2.1%     
 57,434      Equinix, Inc   22,110,941 
 242,531      Gaming and Leisure Properties, Inc   7,671,256 
        TOTAL REAL ESTATE   29,782,197 
              
RETAILING - 7.3%     
 18,925   *  AutoZone, Inc   13,720,247 
 73,500   *  Burlington Stores, Inc   6,151,950 
 92,439      Dollar General Corp   6,823,847 
 103,322   *  Dollar Tree, Inc   7,975,425 
 67,690      Expedia, Inc   8,230,427 
 68,093   *  O’Reilly Automotive, Inc   17,858,751 
 374,095      Ross Stores, Inc   24,731,420 
 91,991      Signet Jewelers Ltd   7,144,941 
 72,452      Tractor Supply Co   5,337,539 
 30,348   *  Ulta Salon Cosmetics & Fragrance, Inc   8,263,154 
        TOTAL RETAILING   106,237,701 
37

TIAA-CREF FUNDS - Mid-Cap Growth Fund

 

SHARES      COMPANY  VALUE 
              
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 6.1%     
 135,312   n  Lam Research Corp  $15,541,936 
 161,345      Maxim Integrated Products, Inc   7,176,626 
 126,720      Microchip Technology, Inc   8,534,592 
 322,789   *  Micron Technology, Inc   7,782,443 
 291,129      Nvidia Corp   31,785,464 
 172,880      Silicon Motion Technology Corp (ADR)   6,759,608 
 118,142      Skyworks Solutions, Inc   10,838,347 
        TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT   88,419,016 
              
SOFTWARE & SERVICES - 16.4%     
 33,080      Alliance Data Systems Corp   7,554,810 
 122,000   *  Autodesk, Inc   9,923,480 
 258,763      CDK Global, Inc   16,185,626 
 261,308   *  comScore, Inc   8,766,883 
 302,388      CSRA, Inc   9,380,076 
 247,485   *,n  Electronic Arts, Inc   20,647,673 
 244,966      Fidelity National Information Services, Inc   19,455,200 
 83,749   *  Fiserv, Inc   8,997,155 
 131,008   *  FleetCor Technologies, Inc   19,322,370 
 225,376   *  GrubHub, Inc   9,364,373 
 166,722   *  Guidewire Software, Inc   8,724,562 
 54,872   *  HubSpot, Inc   2,814,934 
 131,542   *  IAC/InterActiveCorp   9,051,405 
 32,009   *  MicroStrategy, Inc (Class A)   6,443,412 
 170,413   *  Mobileye NV   7,320,942 
 381,895   *,e  Pandora Media, Inc   4,964,635 
 80,925   *  Proofpoint, Inc   6,486,948 
 316,636   *  RingCentral, Inc   7,393,451 
 183,536   *,n  ServiceNow, Inc   16,632,032 
 130,658   *  Splunk, Inc   7,559,872 
 316,422      Symantec Corp   8,717,426 
 30,000   *  Ultimate Software Group, Inc   5,809,800 
 263,363   *  Vantiv, Inc   16,391,713 
        TOTAL SOFTWARE & SERVICES   237,908,778 
              
TECHNOLOGY HARDWARE & EQUIPMENT - 5.2%     
 182,000      Amphenol Corp (Class A)   12,283,180 
 368,519   *,n  Ciena Corp   8,969,753 
 325,614   *  CommScope Holding Co, Inc   12,314,722 
 127,116   *  Finisar Corp   3,758,820 
 293,803   *  Lumentum Holdings, Inc   11,149,824 
 566,777   *  Oclaro, Inc   5,560,082 
 48,163   *  Palo Alto Networks, Inc   7,106,932 
 476,000   *  Trimble Navigation Ltd   14,099,120 
        TOTAL TECHNOLOGY HARDWARE & EQUIPMENT   75,242,433 
              
TRANSPORTATION - 0.7%     
 60,843   *  Genesee & Wyoming, Inc (Class A)   4,585,128 
 83,000   *  Kirby Corp   5,349,350 
        TOTAL TRANSPORTATION   9,934,478 
38

TIAA-CREF FUNDS - Mid-Cap Growth Fund

 

SHARES      COMPANY  VALUE 
              
UTILITIES - 0.1%     
 75,000   *  AquaVenture Holdings Ltd  $1,446,000 
        TOTAL UTILITIES   1,446,000 
              
        TOTAL COMMON STOCKS   1,434,361,100 
        (Cost $1,200,045,670)     
              
PURCHASED OPTIONS - 0.0%     
              
MATERIALS - 0.0%     
 70,000      Ashland Global Holdings, Inc   52,500 
        TOTAL MATERIALS   52,500 
              
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.0%     
 60,000      Lam Research Corp   141,000 
        TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT   141,000 
              
SOFTWARE & SERVICES - 0.0%     
 80,000      Electronic Arts Inc   60,600 
 70,000      ServiceNow, Inc   139,300 
        TOTAL SOFTWARE & SERVICES   199,900 
              
        TOTAL PURCHASED OPTIONS   393,400 
        (Cost $595,100)     
              
PRINCIPAL   ISSUER  RATE     MATURITY
DATE		        
SHORT-TERM INVESTMENTS - 2.0%            
GOVERNMENT AGENCY DEBT - 0.5%            
$7,050,000     Federal Home Loan Bank (FHLB)   0.450%   02/01/17   7,050,000 
       TOTAL GOVERNMENT AGENCY DEBT           7,050,000 
                     
SHARES    COMPANY                   
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.5%            
 21,363,300  c   State Street Navigator Securities Lending Government Money Market Portfolio   21,363,300 
       TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES     21,363,300 
                     
       TOTAL SHORT-TERM INVESTMENTS           28,413,300 
       (Cost $28,413,300)             
       TOTAL INVESTMENTS - 101.1%           1,463,167,800 
       (Cost $1,229,054,070)             
       OTHER ASSETS & LIABILITIES, NET - (1.1)%           (16,084,349)
       NET ASSETS - 100.0%          $1,447,083,451 
       
       
    Abbreviation(s):
    ADR   American Depositary Receipt
39

TIAA-CREF FUNDS - Mid-Cap Growth Fund

 

*   Non-income producing
c   Investments made with cash collateral received from securities on loan.
e   All or a portion of these securities are out on loan. The aggregate value of securities on loan is $20,871,569.
n   All or a portion of these securities have been segregated by the custodian to cover requirements on open written options contracts.

40

TIAA-CREF FUNDS - Mid-Cap Value Fund

 

TIAA-CREF FUNDS

MID-CAP VALUE FUND

SCHEDULE OF INVESTMENTS (unaudited)

January 31, 2017

 

SHARES      COMPANY  VALUE 
              
COMMON STOCKS - 99.8%     
              
AUTOMOBILES & COMPONENTS - 1.0%     
 18,075   *  Adient plc  $1,147,582 
 151,868      Delphi Automotive plc   10,639,872 
 156,919      Lear Corp   22,296,620 
 208,679      Magna International, Inc (Class A)   9,031,627 
 78,489      Visteon Corp   7,030,260 
        TOTAL AUTOMOBILES & COMPONENTS   50,145,961 
              
BANKS - 8.8%     
 539,640      BankUnited   20,614,248 
 305,194      Chemical Financial Corp   15,085,740 
 483,997      CIT Group, Inc   19,935,837 
 690,000      Citizens Financial Group, Inc   24,957,300 
 677,738      Comerica, Inc   45,767,647 
 666,694      East West Bancorp, Inc   34,294,739 
 329,689      First Republic Bank   31,099,563 
 1,031,799      Hilltop Holdings, Inc   28,250,657 
 2,600,000      Huntington Bancshares, Inc   35,178,000 
 1,082,134      Investors Bancorp, Inc   15,528,623 
 1,383,861      Keycorp   24,867,982 
 185,827      M&T Bank Corp   30,209,895 
 346,678      New York Community Bancorp, Inc   5,266,039 
 890,953      Regions Financial Corp   12,838,633 
 700,029      SunTrust Banks, Inc   39,775,648 
 551,090      Synovus Financial Corp   22,969,431 
 203,298      TCF Financial Corp   3,527,220 
 166,722      Wintrust Financial Corp   11,937,295 
 952,948      Zions Bancorporation   40,204,876 
        TOTAL BANKS   462,309,373 
              
CAPITAL GOODS - 8.5%     
 320,479   *  AerCap Holdings NV   14,187,605 
 1,262,235   *  Babcock & Wilcox Enterprises, Inc   21,003,590 
 221,886      Crane Co   15,984,667 
 291,696      Cummins, Inc   42,882,229 
 204,972      Fluor Corp   11,375,946 
 525,852      Hexcel Corp   27,002,500 
 153,417      Hubbell, Inc   18,729,147 
 402,442      Ingersoll-Rand plc   31,933,773 
 593,281      ITT, Inc   24,247,395 
 141,665   *  JELD-WEN Holding, Inc   3,834,872 
 180,596      Johnson Controls International plc   7,942,612 
 637,639      KBR, Inc   10,846,239 
 380,000      L3 Technologies, Inc   60,302,200 
 126,346      Lennox International, Inc   19,812,316 
41

TIAA-CREF FUNDS - Mid-Cap Value Fund

 

SHARES      COMPANY  VALUE 
              
 320,719      Masco Corp  $10,567,691 
 185,701   *  Masonite International Corp   12,367,687 
 125,981      Rockwell Collins, Inc   11,434,036 
 358,737   *  SPX FLOW, Inc   12,516,334 
 1,380,433      Textron, Inc   65,391,111 
 128,158   *  WABCO Holdings, Inc   13,973,067 
 100,961      Westinghouse Air Brake Technologies Corp   8,747,261 
        TOTAL CAPITAL GOODS   445,082,278 
              
COMMERCIAL & PROFESSIONAL SERVICES - 0.8%     
 728,447      Republic Services, Inc   41,798,289 
        TOTAL COMMERCIAL & PROFESSIONAL SERVICES   41,798,289 
              
CONSUMER DURABLES & APPAREL - 2.1%     
 855,057      Mattel, Inc   22,411,044 
 94,146   *  Mohawk Industries, Inc   20,320,472 
 628,605      Newell Rubbermaid, Inc   29,751,875 
 4,960   *  NVR, Inc   9,215,680 
 258,004      Sony Corp   7,811,778 
 178,851   *  Steven Madden Ltd   6,295,555 
 369,316   *,e  Tempur-Pedic International, Inc   15,880,588 
        TOTAL CONSUMER DURABLES & APPAREL   111,686,992 
              
CONSUMER SERVICES - 0.8%     
 422,964      ARAMARK Holdings Corp   14,313,102 
 176,929      Darden Restaurants, Inc   12,965,357 
 192,310      ILG, Inc   3,644,275 
 238,441      Restaurant Brands International, Inc   11,702,684 
        TOTAL CONSUMER SERVICES   42,625,418 
              
DIVERSIFIED FINANCIALS - 3.6%     
 474,681      Ameriprise Financial, Inc   53,292,436 
 410,850      Blackstone Mortgage Trust, Inc   12,526,817 
 866,761   *  E*TRADE Financial Corp   32,460,199 
 230,244      Lazard Ltd (Class A)   9,780,765 
 1,094,776      MFA Mortgage Investments, Inc   8,637,783 
 328,095      Raymond James Financial, Inc   24,584,158 
 1,322,178      Synchrony Financial   47,360,416 
        TOTAL DIVERSIFIED FINANCIALS   188,642,574 
              
ENERGY - 13.1%     
 253,965      Anadarko Petroleum Corp   17,658,186 
 294,031      Apache Corp   17,588,934 
 203,048   *  Arch Coal, Inc   14,617,425 
 523,974      Baker Hughes, Inc   33,052,280 
 1,630,508   *  Callon Petroleum Co   24,914,162 
 1,459,378      Capital Product Partners LP   5,385,105 
 285,110      Cimarex Energy Co   38,549,723 
 253,450   *  Concho Resources, Inc   35,341,068 
 836,546   *  Continental Resources, Inc   40,622,674 
 231,753   *  Diamondback Energy, Inc   24,373,463 
 162,602   *  Dril-Quip, Inc   10,113,844 
42

TIAA-CREF FUNDS - Mid-Cap Value Fund

 

SHARES      COMPANY  VALUE 
              
 556,845   *  Energen Corp  $30,008,377 
 273,062      EQT Corp   16,555,749 
 890,953      Hess Corp   48,271,833 
 228,443      HollyFrontier Corp   6,617,994 
 485,336      Marathon Petroleum Corp   23,320,395 
 917,682   *  Matador Resources Co   24,162,567 
 570,209   *  Newfield Exploration Co   22,853,977 
 149,600      Noble Energy, Inc   5,948,096 
 242,603      Oceaneering International, Inc   6,756,494 
 895,999   *  Parsley Energy, Inc   31,557,085 
 772,874      Patterson-UTI Energy, Inc   21,671,387 
 182,674      Pioneer Natural Resources Co   32,923,335 
 467,750      Plains All American Pipeline LP   14,682,672 
 603,942   *  Rowan Cos plc   10,822,641 
 400,928   e  RPC, Inc   8,627,971 
 554,452   *  RSP Permian, Inc   23,597,477 
 789,657      Superior Energy Services   13,953,239 
 284,022      Targa Resources Investments, Inc   16,365,348 
 446,023      Tesco Corp   3,835,798 
 351,621      Tesoro Corp   28,428,558 
 420,657      Williams Cos, Inc   12,131,748 
 1,337,345   *  WPX Energy, Inc   18,629,216 
        TOTAL ENERGY   683,938,821 
              
FOOD, BEVERAGE & TOBACCO - 5.5%     
 871,501      Bunge Ltd   60,316,584 
 961,940      ConAgra Foods, Inc   37,602,235 
 1,148,112      Cott Corp   12,169,987 
 361,772      Dean Foods Co   7,184,792 
 497,078      Lamb Weston Holdings, Inc   18,570,834 
 359,042      Molson Coors Brewing Co (Class B)   34,654,734 
 632,644      Pinnacle Foods, Inc   33,650,334 
 254,923   *  Post Holdings, Inc   21,331,957 
 378,341      Reynolds American, Inc   22,749,644 
 600,183      Tyson Foods, Inc (Class A)   37,685,491 
        TOTAL FOOD, BEVERAGE & TOBACCO   285,916,592 
              
HEALTH CARE EQUIPMENT & SERVICES - 1.9%     
 1,792,337   *  Boston Scientific Corp   43,123,628 
 135,944      Healthsouth Corp   5,277,346 
 85,806      Humana, Inc   17,032,491 
 131,072   *  WellCare Health Plans, Inc   19,076,219 
 150,479      Zimmer Holdings, Inc   17,806,180 
        TOTAL HEALTH CARE EQUIPMENT & SERVICES   102,315,864 
              
INSURANCE - 7.8%     
 474,476      Allied World Assurance Co Holdings Ltd   25,208,910 
 263,850      Aon plc   29,735,895 
 223,866   *  Arch Capital Group Ltd   19,778,561 
 312,405      Argo Group International Holdings Ltd   19,978,300 
 255,240      Chubb Ltd   33,561,508 
 97,591      Everest Re Group Ltd   21,463,189 
 1,060,178      Hartford Financial Services Group, Inc   51,641,270 
43

TIAA-CREF FUNDS - Mid-Cap Value Fund

 

SHARES      COMPANY  VALUE 
              
 176,762      Intact Financial Corp  $12,906,173 
 475,000      Lincoln National Corp   32,067,250 
 494,747      Marsh & McLennan Cos, Inc   33,652,691 
 429,993      Principal Financial Group   24,548,300 
 360,218      ProAssurance Corp   19,595,859 
 123,985      RenaissanceRe Holdings Ltd   16,901,635 
 306,489      UnumProvident Corp   13,923,795 
 382,807      Validus Holdings Ltd   21,819,999 
 870,600      XL Group Ltd   32,708,442 
        TOTAL INSURANCE   409,491,777 
              
MATERIALS - 7.2%     
 588,027      Albemarle Corp   54,474,821 
 176,859      Ashland Global Holdings, Inc   21,051,527 
 624,979   *  Berry Plastics Group, Inc   31,892,678 
 250,825   *  Clearwater Paper Corp   15,776,893 
 343,600   *  Crown Holdings, Inc   18,612,812 
 642,941   *  Ferro Corp   9,091,186 
 2,500,000   *  Freeport-McMoRan Copper & Gold, Inc (Class B)   41,625,000 
 508,573   *  GCP Applied Technologies, Inc   13,706,042 
 17,134   *  Ingevity Corp   952,479 
 1,777,423   *  Louisiana-Pacific Corp   34,002,102 
 900,000   *  Multi Packaging Solutions International Ltd   16,038,000 
 392,018      Newmont Mining Corp   14,222,413 
 809,005      Olin Corp   21,204,021 
 117,504      Schweitzer-Mauduit International, Inc   5,208,952 
 496,233      Steel Dynamics, Inc   16,777,638 
 378,652      Westlake Chemical Corp   23,442,345 
 102,630      WestRock Co   5,476,337 
 508,573      WR Grace & Co   35,264,452 
        TOTAL MATERIALS   378,819,698 
              
MEDIA - 1.5%     
 78,154   *  DISH Network Corp (Class A)   4,624,372 
 320,885      EW Scripps Co (Class A)   6,250,840 
 1,098,635      Interpublic Group of Cos, Inc   25,850,881 
 41,461   *  Madison Square Garden Co   7,283,454 
 1,712,838      MDC Partners, Inc   10,962,163 
 113,320   *  MSG Networks, Inc   2,629,024 
 474,483      Viacom, Inc (Class B)   19,994,714 
        TOTAL MEDIA   77,595,448 
              
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 2.0%     
 863,274      Agilent Technologies, Inc   42,274,528 
 463,179   *  H Lundbeck AS   19,893,059 
 84,708      Lonza Group AG.   15,562,479 
 707,159   *,e  Merrimack Pharmaceuticals, Inc   2,199,265 
 390,960   *  Mylan NV   14,876,028 
 172,692   *  PerkinElmer, Inc   9,185,487 
        TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES   103,990,846 
              
REAL ESTATE - 7.7%     
 384,532      American Assets Trust,Inc   16,507,959 
44

TIAA-CREF FUNDS - Mid-Cap Value Fund

 

SHARES      COMPANY  VALUE 
              
 390,539      American Campus Communities, Inc  $18,988,006 
 184,696      AvalonBay Communities, Inc   32,009,664 
 184,610      Boston Properties, Inc   24,165,449 
 624,848      DDR Corp   9,485,193 
 612,553   *  Equity Commonwealth   18,891,134 
 288,914      Gaming and Leisure Properties, Inc   9,138,350 
 707,066   *  GGP, Inc   17,563,519 
 869,669      HCP, Inc   26,368,364 
 1,479,908      Host Marriott Corp   26,741,938 
 643,180      Kennedy-Wilson Holdings, Inc   13,153,031 
 517,132      Kimco Realty Corp   12,871,415 
 352,395      Mid-America Apartment Communities, Inc   33,459,905 
 378,237      Pennsylvania REIT   6,774,225 
 567,297      Prologis, Inc   27,712,458 
 420,177      STORE Capital Corp   9,941,388 
 425,063      Ventas, Inc   26,213,635 
 2,681,420      Washington Prime Group, Inc   25,875,703 
 369,917      Weingarten Realty Investors   13,180,143 
 485,079      Welltower, Inc   32,160,738 
        TOTAL REAL ESTATE   401,202,217 
              
RETAILING - 2.5%     
 42,500      Advance Auto Parts, Inc   6,980,200 
 4,100,000   *,e  JC Penney Co, Inc   27,265,000 
 868,185   *  Liberty Interactive Corp   16,651,789 
 978,202      Macy’s, Inc   28,896,087 
 3,042,040      Office Depot, Inc   13,537,078 
 698,321      Staples, Inc   6,424,553 
 448,081      TJX Companies, Inc   33,570,228 
        TOTAL RETAILING   133,324,935 
              
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.9%     
 454,349      Applied Materials, Inc   15,561,453 
 473,551      Cypress Semiconductor Corp   5,587,902 
 286,088      Lam Research Corp   32,860,068 
 1,367,263   *  Micron Technology, Inc   32,964,711 
 226,625   *  NXP Semiconductors NV   22,175,256 
 1,152,999   *  ON Semiconductor Corp   15,357,947 
 488,006      Xilinx, Inc   28,401,949 
        TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT   152,909,286 
              
SOFTWARE & SERVICES - 2.9%     
 839,821      CA, Inc   26,261,203 
 164,726   *  Citrix Systems, Inc   15,021,364 
 336,577   *  Conduent, Inc   5,035,192 
 205,610   *  IAC/InterActiveCorp   14,148,024 
 719,389      Mentor Graphics Corp   26,552,648 
 1,948,263      Symantec Corp   53,674,645 
 1,682,785      Xerox Corp   11,661,700 
        TOTAL SOFTWARE & SERVICES   152,354,776 
              
TECHNOLOGY HARDWARE & EQUIPMENT - 4.7%     
 1,405,889      Brocade Communications Systems, Inc   17,531,436 
45

TIAA-CREF FUNDS - Mid-Cap Value Fund

 

SHARES      COMPANY  VALUE 
              
 1,671,975   *  Ciena Corp  $40,695,872 
 462,764   *  CommScope Holding Co, Inc   17,501,734 
 489,515   *  Finisar Corp   14,474,959 
 541,964      Juniper Networks, Inc   14,513,796 
 495,730   *  Lumentum Holdings, Inc   18,812,953 
 2,074,073   e  Nokia Corp   9,374,810 
 1,533,698      Nokia Oyj (Turquoise)   6,886,556 
 1,832,393   *  Oclaro, Inc   17,975,775 
 504,833      TE Connectivity Ltd   37,534,334 
 647,869      Western Digital Corp   51,654,595 
        TOTAL TECHNOLOGY HARDWARE & EQUIPMENT   246,956,820 
              
TELECOMMUNICATION SERVICES - 1.3%     
 666,924   *  Level 3 Communications, Inc   39,655,301 
 363,700      Telephone & Data Systems, Inc   11,147,405 
 260,234   *  T-Mobile US, Inc   16,204,771 
        TOTAL TELECOMMUNICATION SERVICES   67,007,477 
              
TRANSPORTATION - 4.0%     
 183,917      Alaska Air Group, Inc   17,255,093 
 1,018,466      American Airlines Group, Inc   45,067,121 
 234,615   *  Avis Budget Group, Inc   8,732,370 
 195,088      Costamare, Inc   1,035,917 
 847,149      CSX Corp   39,299,242 
 207,657      Delta Air Lines, Inc   9,809,717 
 163,163      Kansas City Southern Industries, Inc   14,017,333 
 197,767   *  Kirby Corp   12,746,083 
 154,262      Norfolk Southern Corp   18,119,615 
 622,945   *  United Continental Holdings, Inc   43,898,934 
        TOTAL TRANSPORTATION   209,981,425 
              
UTILITIES - 9.2%     
 166,116      Ameren Corp   8,746,007 
 341,638      American Electric Power Co, Inc   21,885,330 
 376,652      American Water Works Co, Inc   27,661,323 
 443,970   *  Calpine Corp   5,238,846 
 1,023,707      Centerpoint Energy, Inc   26,831,360 
 351,776      CMS Energy Corp   14,985,658 
 365,872      DTE Energy Co   36,089,614 
 590,597      Edison International   43,042,710 
 385,976      FirstEnergy Corp   11,702,792 
 513,856      Kennedy Wilson Europe Real Estate PLC   6,144,701 
 121,848      National Fuel Gas Co   6,841,765 
 156,255      NextEra Energy, Inc   19,331,869 
 698,843      NiSource, Inc   15,633,118 
 259,878      NorthWestern Corp   14,841,633 
 464,602      OGE Energy Corp   15,582,751 
 419,313      PG&E Corp   25,951,282 
 267,256      Pinnacle West Capital Corp   20,747,083 
 781,725      PPL Corp   27,235,299 
 685,095      Public Service Enterprise Group, Inc   30,315,454 
 506,692      Sempra Energy   51,880,194 
 268,883      Southwest Gas Corp   21,663,903 
46

TIAA-CREF FUNDS - Mid-Cap Value Fund

 

SHARES      COMPANY  VALUE 
              
 196,871      Westar Energy, Inc  $10,766,875 
 443,970      Xcel Energy, Inc   18,344,840 
        TOTAL UTILITIES   481,464,407 
              
        TOTAL COMMON STOCKS   5,229,561,274 
        (Cost $3,841,373,656)     

 

PRINCIPAL       ISSUER   RATE   MATURITY
DATE		        
SHORT-TERM INVESTMENTS - 1.6%            
GOVERNMENT AGENCY DEBT - 0.5%            
$25,450,000     Federal Home Loan Bank (FHLB)   0.450%  02/01/17   25,450,000 
       TOTAL GOVERNMENT AGENCY DEBT           25,450,000 
                     
SHARES       COMPANY                  
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.1%            
 55,952,809  c  State Street Navigator Securities Lending Government Money Market Portfolio   55,952,809 
       TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES   55,952,809 
                     
       TOTAL SHORT-TERM INVESTMENTS           81,402,809 
       (Cost $81,402,809)             
       TOTAL INVESTMENTS - 101.4%           5,310,964,083 
       (Cost $3,922,776,465)             
       OTHER ASSETS & LIABILITIES, NET - (1.4)%           (75,105,677)
       NET ASSETS - 100.0%          $5,235,858,406 
       
       
    Abbreviation(s):
    REIT   Real Estate Investment Trust
         
*   Non-income producing
c   Investments made with cash collateral received from securities on loan.
e   All or a portion of these securities are out on loan. The aggregate value of securities on loan is $51,354,808.
47

TIAA-CREF FUNDS - Small-Cap Equity Fund

 

TIAA-CREF FUNDS

SMALL-CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (unaudited)

January 31, 2017

 

SHARES      COMPANY  VALUE 
              
COMMON STOCKS - 99.3%     
              
AUTOMOBILES & COMPONENTS - 1.1%     
 339,900      Cooper Tire & Rubber Co  $12,321,375 
 207,844   *  Tenneco, Inc   14,019,078 
 114,400      Visteon Corp   10,246,808 
        TOTAL AUTOMOBILES & COMPONENTS   36,587,261 
              
BANKS - 13.1%     
 214,660      Banner Corp   12,046,719 
 831,233      Brookline Bancorp, Inc   13,091,920 
 542,000      Cathay General Bancorp   19,750,480 
 254,530      Columbia Banking System, Inc   10,120,113 
 93,263   *  Eagle Bancorp, Inc   5,712,359 
 637,200   *  Essent Group Ltd   22,028,004 
 262,300   *  FCB Financial Holdings, Inc   12,314,985 
 812,034      First Commonwealth Financial Corp   11,465,920 
 707,740      First Midwest Bancorp, Inc   17,183,927 
 1,174,000      FNB Corp   17,539,560 
 1,326,348      Fulton Financial Corp   24,139,534 
 358,070      Great Western Bancorp, Inc   15,307,492 
 458,400      Hancock Holding Co   21,017,640 
 560,250      Hilltop Holdings, Inc   15,339,645 
 504,419      Hope Bancorp, Inc   10,547,401 
 220,600      Investors Bancorp, Inc   3,165,610 
 443,000   l  LegacyTexas Financial Group, Inc   18,304,760 
 1,864,200   *  MGIC Investment Corp   19,853,730 
 493,191      Oritani Financial Corp   8,556,864 
 199,516      Popular, Inc   8,864,496 
 788,630      Provident Financial Services, Inc   20,875,036 
 1,360,380      Radian Group, Inc   25,030,992 
 796,768      Sterling Bancorp/DE   19,002,917 
 911,990      Umpqua Holdings Corp   16,698,537 
 116,518      Union Bankshares Corp   4,283,202 
 576,512      United Community Banks, Inc   16,217,282 
 545,500      Valley National Bancorp   6,606,005 
 326,500   *  Walker & Dunlop, Inc   10,255,365 
 494,300      Washington Federal, Inc   16,237,755 
 239,196      Wintrust Financial Corp   17,126,434 
        TOTAL BANKS   438,684,684 
              
CAPITAL GOODS - 9.8%     
 240,100      Allison Transmission Holdings, Inc   8,398,698 
 166,957   *  American Woodmark Corp   11,887,338 
 118,070      Apogee Enterprises, Inc   6,739,435 
 323,036      Barnes Group, Inc   15,547,723 
 271,780   *  Beacon Roofing Supply, Inc   11,895,811 
48

TIAA-CREF FUNDS - Small-Cap Equity Fund

 

SHARES      COMPANY  VALUE 
              
 280,100   *  Colfax Corp  $10,923,900 
 385,700      Comfort Systems USA, Inc   13,055,945 
 176,640      Crane Co   12,725,146 
 268,000   *  DigitalGlobe, Inc   7,517,400 
 381,166      EMCOR Group, Inc   26,563,458 
 219,252      Encore Wire Corp   9,263,397 
 230,155      EnerSys   17,940,582 
 195,240      EnPro Industries, Inc   13,258,748 
 248,500   *  Gibraltar Industries, Inc   10,909,150 
 350,640      ITT, Inc   14,330,657 
 25,331      John Bean Technologies Corp   2,187,332 
 179,200   *  Mastec, Inc   6,675,200 
 151,390   *  Moog, Inc (Class A)   9,972,059 
 933,300   *  MRC Global, Inc   19,179,315 
 407,506      Mueller Industries, Inc   16,406,192 
 141,032   *  Patrick Industries, Inc   11,529,366 
 207,440   *  SPX FLOW, Inc   7,237,582 
 273,500      Toro Co   16,117,355 
 311,600      Triton International Ltd   7,584,344 
 354,200   *  Univar, Inc   10,562,244 
 137,893      Universal Forest Products, Inc   14,025,097 
 143,500      Wabash National Corp   2,532,775 
 193,200   *  WESCO International, Inc   13,659,240 
        TOTAL CAPITAL GOODS   328,625,489 
              
COMMERCIAL & PROFESSIONAL SERVICES - 2.5%     
 715,200   *  ACCO Brands Corp   9,118,800 
 204,076      Kforce, Inc   4,693,748 
 585,454   *  Navigant Consulting, Inc   14,460,714 
 247,000   *  On Assignment, Inc   11,184,160 
 414,911      Rollins, Inc   14,629,762 
 288,295      Viad Corp   12,641,736 
 212,375   *  WageWorks, Inc   15,322,856 
        TOTAL COMMERCIAL & PROFESSIONAL SERVICES   82,051,776 
              
CONSUMER DURABLES & APPAREL - 2.7%     
 781,300      Callaway Golf Co   8,852,129 
 180,940      Columbia Sportswear Co   9,837,708 
 166,880   *  Helen of Troy Ltd   15,569,904 
 506,600   *  Kate Spade & Co   9,377,166 
 349,088      La-Z-Boy, Inc   9,983,917 
 239,600   *  M/I Homes, Inc   6,023,544 
 131,650      Pool Corp   13,896,974 
 1,266,370   *  TRI Pointe Homes, Inc   15,538,360 
        TOTAL CONSUMER DURABLES & APPAREL   89,079,702 
              
CONSUMER SERVICES - 4.4%     
 417,000   *  Apollo Group, Inc (Class A)   4,165,830 
 1,127,293   *  Belmond Ltd.   15,613,008 
 243,340      Cheesecake Factory   14,663,669 
 240,900      Choice Hotels International, Inc   13,369,950 
 85,070      Churchill Downs, Inc   12,194,785 
 225,990   *  Dave & Buster’s Entertainment, Inc   12,307,415 
49

TIAA-CREF FUNDS - Small-Cap Equity Fund

 

SHARES      COMPANY  VALUE 
              
 675,600   *  Denny’s Corp  $8,222,052 
 345,401   *  Grand Canyon Education, Inc   20,371,751 
 753,700      ILG, Inc   14,282,615 
 967,823      Summit Hotel Properties, Inc   15,320,638 
 88,680      Vail Resorts, Inc   15,212,167 
        TOTAL CONSUMER SERVICES   145,723,880 
              
DIVERSIFIED FINANCIALS - 2.5%     
 274,438      Evercore Partners, Inc (Class A)   21,255,223 
 100,000      iShares Russell 2000 Index Fund   13,523,000 
 1,241,000      New Residential Investment Corp   18,801,150 
 837,660   *  SLM Corp   9,951,401 
 422,226   *  Stifel Financial Corp   21,250,634 
        TOTAL DIVERSIFIED FINANCIALS   84,781,408 
              
ENERGY - 4.4%     
 395,912      Delek US Holdings, Inc   8,868,429 
 276,548   *  Exterran Corp   8,578,519 
 443,400      Green Plains Renewable Energy, Inc   9,976,500 
 417,400   *  Gulfport Energy Corp   8,723,660 
 412,748   *  Matrix Service Co   9,245,555 
 2,867,020   *  McDermott International, Inc   23,222,862 
 825,300   *  Newpark Resources, Inc   6,231,015 
 1,182,500   *  Oasis Petroleum, Inc   16,720,550 
 396,800   *,e  Par Pacific Holdings, Inc   5,765,504 
 227,900      PBF Energy, Inc   5,285,001 
 1,023,800   *  Pioneer Energy Services Corp   6,449,940 
 527,400   *  Questar Market Resources, Inc   9,197,856 
 431,400   *  RSP Permian, Inc   18,360,384 
 54,408   *  Unit Corp   1,414,608 
 714,500   *  Whiting Petroleum Corp   7,923,805 
        TOTAL ENERGY   145,964,188 
              
FOOD, BEVERAGE & TOBACCO - 2.4%     
 128,000   e  Calavo Growers, Inc   7,078,400 
 627,770   *  Darling International, Inc   7,533,240 
 771,310      Dean Foods Co   15,318,217 
 168,700      Fresh Del Monte Produce, Inc   9,658,075 
 309,800      Lamb Weston Holdings, Inc   11,574,128 
 117,716      Lancaster Colony Corp   15,426,682 
 594,891      Vector Group Ltd   13,123,295 
        TOTAL FOOD, BEVERAGE & TOBACCO   79,712,037 
              
HEALTH CARE EQUIPMENT & SERVICES - 4.9%     
 142,947   *  Anika Therapeutics, Inc   7,224,541 
 12,283   *,e  Cotiviti Holdings, Inc   415,902 
 282,030   *  HealthStream, Inc   6,475,409 
 229,720      Hill-Rom Holdings, Inc   13,523,617 
 548,800   *  HMS Holdings Corp   9,966,208 
 128,010   *  ICU Medical, Inc   17,550,171 
 207,300   *  Magellan Health Services, Inc   15,537,135 
 221,300   *  Masimo Corp   16,283,254 
 451,480   *  Merit Medical Systems, Inc   11,467,592 
50

TIAA-CREF FUNDS - Small-Cap Equity Fund

 

SHARES      COMPANY  VALUE 
              
 249,239   *  Natus Medical, Inc  $9,732,783 
 256,801   *  Omnicell, Inc   9,219,156 
 624,831   *  OraSure Technologies, Inc   5,511,010 
 53,143   *  PharMerica Corp   1,317,946 
 400,640   *  Premier, Inc   12,764,390 
 107,993   *  WellCare Health Plans, Inc   15,717,301 
 449,600   *  Wright Medical Group NV   11,320,928 
        TOTAL HEALTH CARE EQUIPMENT & SERVICES   164,027,343 
              
HOUSEHOLD & PERSONAL PRODUCTS - 0.5%     
 1,509,300   *  Avon Products, Inc   8,859,591 
 148,360   *  USANA Health Sciences, Inc   9,242,828 
        TOTAL HOUSEHOLD & PERSONAL PRODUCTS   18,102,419 
              
INSURANCE - 1.8%     
 927,315      American Equity Investment Life Holding Co   21,884,634 
 244,117      Aspen Insurance Holdings Ltd   13,768,199 
 294,689      HCI Group, Inc   12,188,337 
 472,200      Universal Insurance Holdings, Inc   12,348,030 
        TOTAL INSURANCE   60,189,200 
              
MATERIALS - 4.9%     
 479,900   e  Allegheny Technologies, Inc   10,428,227 
 784,210   *  Century Aluminum Co   12,076,834 
 779,470   *  Coeur Mining, Inc   9,080,826 
 566,037   *  Ferro Corp   8,003,763 
 673,900      Ferroglobe plc   7,082,689 
 163,685      Greif, Inc (Class A)   9,424,982 
 138,800      Innospec, Inc   9,903,380 
 140,400   *  Koppers Holdings, Inc   5,679,180 
 827,400   *  Louisiana-Pacific Corp   15,828,162 
 218,340      Minerals Technologies, Inc   17,499,951 
 449,000      PolyOne Corp   15,315,390 
 392,015      Schnitzer Steel Industries, Inc (Class A)   9,271,155 
 450,100   *  Stillwater Mining Co   7,651,700 
 306,600   *  Summit Materials, Inc   7,695,660 
 670,167      Tronox Ltd   8,390,491 
 351,700      United States Steel Corp   11,504,107 
        TOTAL MATERIALS   164,836,497 
              
MEDIA - 0.7%     
 567,190   *  Live Nation, Inc   16,232,978 
 432,290      Time, Inc   8,321,582 
        TOTAL MEDIA   24,554,560 
              
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.4%     
 736,200   *  Achillion Pharmaceuticals, Inc   3,069,954 
 176,700   *  Acorda Therapeutics, Inc   3,622,350 
 477,400   *  Amphastar Pharmaceuticals, Inc   7,519,050 
 250,000   *  Ardelyx, Inc   3,000,000 
 1,742,539   *  Array Biopharma, Inc   18,941,399 
 91,500   *,e  Atara Biotherapeutics, Inc   1,230,675 
51

TIAA-CREF FUNDS - Small-Cap Equity Fund

 

SHARES      COMPANY  VALUE 
              
 43,300   *,e  Avexis, Inc  $2,415,274 
 33,500   *,e  Bluebird Bio, Inc   2,495,750 
 260,826   *  Cambrex Corp   13,680,324 
 160,800   *  Clovis Oncology, Inc   10,419,840 
 215,243   *  Dermira, Inc   6,336,754 
 310,882   *  Emergent Biosolutions, Inc   9,410,398 
 585,600   *  Exelixis, Inc   10,611,072 
 352,426   *  FibroGen, Inc   7,982,449 
 191,660   *  Five Prime Therapeutics, Inc   8,779,945 
 605,000   *  Horizon Pharma plc   9,903,850 
 241,563   *  INC Research Holdings, Inc   12,802,839 
 284,400   *  Insmed, Inc   4,200,588 
 44,200   *,e  Kite Pharma, Inc   2,252,874 
 190,348   *  MacroGenics, Inc   3,515,728 
 265,570   *  Medicines Co   9,573,798 
 602,689   *,e  Merrimack Pharmaceuticals, Inc   1,874,363 
 282,142   *  Momenta Pharmaceuticals, Inc   5,332,484 
 165,700   *  NewLink Genetics Corp   2,016,569 
 681,700   *,e  Pacific Biosciences of California, Inc   3,285,794 
 252,750      Phibro Animal Health Corp   6,748,425 
 200,767   *  PRA Health Sciences, Inc   11,762,938 
 221,821   *  Prestige Brands Holdings, Inc   11,703,276 
 219,200   *  PTC Therapeutics, Inc   2,871,520 
 93,900   *  Puma Biotechnology, Inc   3,042,360 
 208,430   *  Retrophin, Inc   4,089,397 
 128,200   *  Sarepta Therapeutics, Inc   3,981,892 
 967,130   *  Spectrum Pharmaceuticals, Inc   4,506,826 
 413,910   *,e  Sucampo Pharmaceuticals, Inc (Class A)   4,615,096 
 345,206   *  Supernus Pharmaceuticals, Inc   9,337,822 
 382,200   *,e  TherapeuticsMD, Inc   2,220,582 
 96,524   *  Ultragenyx Pharmaceutical, Inc   7,240,265 
 414,400   *  Vanda Pharmaceuticals, Inc   5,863,760 
 258,200   *  Xencor Inc   6,152,906 
        TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES   248,411,186 
              
REAL ESTATE - 7.6%     
 276,170      American Assets Trust,Inc   11,855,978 
 631,574      Ashford Hospitality Trust, Inc   4,799,963 
 255,200      Chatham Lodging Trust   5,139,728 
 248,110      Coresite Realty   21,369,714 
 795,800      DiamondRock Hospitality Co   8,968,666 
 280,010      DuPont Fabros Technology, Inc   13,294,875 
 138,480      Entertainment Properties Trust   10,243,366 
 660,550      First Industrial Realty Trust, Inc   17,075,218 
 520,480      Hersha Hospitality Trust   10,404,395 
 519,600      Hudson Pacific Properties   18,399,036 
 353,300      LaSalle Hotel Properties   10,659,061 
 1,509,500      Medical Properties Trust, Inc   19,246,125 
 149,928      PS Business Parks, Inc   16,797,933 
 459,500      Ramco-Gershenson Properties   7,471,470 
 61,300      Re/Max Holdings, Inc   3,435,865 
 753,290      RLJ Lodging Trust   17,483,861 
 621,086      Sabra Healthcare REIT, Inc   15,775,584 
52

TIAA-CREF FUNDS - Small-Cap Equity Fund

 

SHARES      COMPANY  VALUE 
              
 123,888      Saul Centers, Inc  $7,865,649 
 472,100      STORE Capital Corp   11,169,886 
 429,489      Urban Edge Properties   12,012,807 
 599,543      Xenia Hotels & Resorts, Inc   11,001,614 
        TOTAL REAL ESTATE   254,470,794 
              
RETAILING - 3.6%     
 319,100      Aaron’s, Inc   9,872,954 
 308,400      Caleres, Inc   9,483,300 
 670,240      Chico’s FAS, Inc   9,041,538 
 163,440      Children’s Place Retail Stores, Inc   15,853,680 
 655,100   *  Etsy, Inc   8,260,811 
 463,100   *  Francesca’s Holdings Corp   8,076,464 
 202,100      HSN, Inc   7,124,025 
 423,240   *  Liberty TripAdvisor Holdings, Inc   7,597,158 
 278,500      Nutri/System, Inc   9,204,425 
 779,500      Pier 1 Imports, Inc   5,666,965 
 212,500   *  Shutterfly, Inc   10,907,625 
 976,400      Staples, Inc   8,982,880 
 403,700      Tailored Brands, Inc   8,578,625 
        TOTAL RETAILING   118,650,450 
              
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.8%     
 224,341   *  Advanced Energy Industries, Inc   13,200,225 
 2,622,800   *  Advanced Micro Devices, Inc   27,198,436 
 187,189      Cabot Microelectronics Corp   12,637,129 
 133,400   *  Cavium, Inc   8,832,414 
 874,298   *  Entegris, Inc   16,393,087 
 184,200   *  Inphi Corp   8,440,044 
 525,000   *  MaxLinear, Inc   13,429,500 
 150,500      MKS Instruments, Inc   9,917,950 
 124,612      Power Integrations, Inc   8,847,452 
 105,307   *  Rudolph Technologies, Inc   2,416,796 
 426,600   *  Semtech Corp   14,056,470 
 233,557   *  Silicon Laboratories, Inc   15,227,916 
 232,440      Tessera Holding Corp   10,506,288 
        TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT   161,103,707 
              
SOFTWARE & SERVICES - 7.8%     
 338,200   *  Acxiom Corp   8,827,020 
 660,100   *  Bankrate, Inc   7,195,090 
 378,000   *  Barracuda Networks, Inc   8,879,220 
 151,550   *  CACI International, Inc (Class A)   18,610,340 
 272,400   *  Commvault Systems, Inc   13,374,840 
 206,114   *  EPAM Systems, Inc   13,265,497 
 104,800   *  Euronet Worldwide, Inc   7,495,296 
 677,500      EVERTEC, Inc   11,551,375 
 218,071   *  ExlService Holdings, Inc   10,020,362 
 274,980   *  Gigamon, Inc   9,115,587 
 165,700      LogMeIn, Inc   17,912,170 
 70,260   *  MicroStrategy, Inc (Class A)   14,143,338 
 783,450   *  Nuance Communications, Inc   12,425,517 
 508,079      Progress Software Corp   14,236,374 
53

TIAA-CREF FUNDS - Small-Cap Equity Fund

 

SHARES      COMPANY  VALUE 
              
 140,300   *  Proofpoint, Inc  $11,246,448 
 356,011   *  RealPage, Inc   10,893,937 
 504,286   *  Rubicon Project, Inc   4,271,302 
 152,920      Science Applications International Corp   12,450,746 
 112,800   *,e  Stamps.com, Inc   13,710,840 
 278,400   *  Synchronoss Technologies, Inc   10,723,968 
 776,550      Travelport Worldwide Ltd   11,151,258 
 358,500   *  Verint Systems, Inc   13,389,975 
 369,900   *  Xactly Corp   4,494,285 
        TOTAL SOFTWARE & SERVICES   259,384,785 
              
TECHNOLOGY HARDWARE & EQUIPMENT - 5.7%     
 182,200   *  Anixter International, Inc   15,578,100 
 475,710   *  ARRIS International plc   13,595,792 
 228,600   *  Fabrinet   9,630,918 
 495,680   *  Finisar Corp   14,657,257 
 274,349   *  II-VI, Inc   10,013,738 
 500,334   *  Immersion Corp   5,148,437 
 716,168   *  Ixia   13,929,468 
 225,000   *  Lumentum Holdings, Inc   8,538,750 
 351,720   *  NCR Corp   15,130,994 
 440,890   *  Netscout Systems, Inc   14,681,637 
 206,800      Plantronics, Inc   11,700,744 
 498,244   *  Sanmina Corp   19,406,604 
 116,910   *  Synaptics, Inc   6,591,386 
 167,000   *  Tech Data Corp   14,288,520 
 1,128,584   *  TTM Technologies, Inc   16,736,901 
        TOTAL TECHNOLOGY HARDWARE & EQUIPMENT   189,629,246 
              
TELECOMMUNICATION SERVICES - 1.2%     
 774,912   *  8x8, Inc   12,282,355 
 362,190      Telephone & Data Systems, Inc   11,101,124 
 2,398,790   *  Vonage Holdings Corp   17,007,421 
        TOTAL TELECOMMUNICATION SERVICES   40,390,900 
              
TRANSPORTATION - 2.2%     
 890,527   *  Air Transport Services Group, Inc   14,364,200 
 189,653   *  Atlas Air Worldwide Holdings, Inc   10,004,196 
 327,100   *  Hawaiian Holdings, Inc   16,665,745 
 328,660   *  Hub Group, Inc (Class A)   14,576,071 
 599,000   *,e  Swift Transportation Co, Inc   13,675,170 
 373,914   *  YRC Worldwide, Inc   5,582,536 
        TOTAL TRANSPORTATION   74,867,918 
              
UTILITIES - 3.3%     
 260,090      Allete, Inc   16,996,881 
 480,423      Avista Corp   18,563,545 
 168,218      Chesapeake Utilities Corp   11,001,457 
 673,900   *,m  Ferroglobe plc   0 
 540,091      NRG Yield, Inc (Class A)   8,776,479 
 232,600      ONE Gas, Inc   15,030,612 
 186,400      Ormat Technologies, Inc   10,009,680 
 252,000      Otter Tail Corp   9,538,200 
54

TIAA-CREF FUNDS - Small-Cap Equity Fund

 

SHARES      COMPANY  VALUE 
              
 248,890      Southwest Gas Corp  $20,053,067 
        TOTAL UTILITIES   109,969,921 
              
        TOTAL COMMON STOCKS   3,319,799,351 
        (Cost $2,691,602,435)     
              
PRINCIPAL       ISSUER   RATE   MATURITY
DATE		        
SHORT-TERM INVESTMENTS - 2.1%            
GOVERNMENT AGENCY DEBT - 0.7%            
$22,750,000  d  Federal Home Loan Bank (FHLB)   0.400%  02/01/17   22,750,000 
       TOTAL GOVERNMENT AGENCY DEBT           22,750,000 
                     
SHARES       COMPANY                  
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.4%            
 47,651,687  c  State Street Navigator Securities Lending Government Money Market Portfolio   47,651,687 
       TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES   47,651,687 
                     
       TOTAL SHORT-TERM INVESTMENTS           70,401,687 
       (Cost $70,401,687)             
       TOTAL INVESTMENTS - 101.4%           3,390,201,038 
       (Cost $2,762,004,122)             
       OTHER ASSETS & LIABILITIES, NET - (1.4)%           (48,419,611)
       NET ASSETS - 100.0%          $3,341,781,427 
       
       
    Abbreviation(s):
    REIT   Real Estate Investment Trust
         
*   Non-income producing
c   Investments made with cash collateral received from securities on loan.
d   All or a portion of these securities have been segregated to cover margin requirements on open futures transactions.
e   All or a portion of these securities are out on loan. The aggregate value of securities on loan is $43,921,587.
l   All or a portion of these securities have been segregated by the custodian to cover collateral requirements on swap agreements.
m   Indicates a security that has been deemed illiquid.

55

TIAA-CREF FUNDS - Small/Mid-Cap Equity Fund

 

TIAA-CREF FUNDS

SMALL/MID-CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (unaudited)

January 31, 2017

 

SHARES      COMPANY  VALUE 
              
COMMON STOCKS - 99.5%     
              
AUTOMOBILES & COMPONENTS - 1.9%     
 28,978      Lear Corp  $4,117,484 
 42,392      Thor Industries, Inc   4,387,572 
 26,956      Visteon Corp   2,414,449 
        TOTAL AUTOMOBILES & COMPONENTS   10,919,505 
              
BANKS - 7.7%     
 6,500      BankUnited   248,300 
 72,242      Beneficial Bancorp, Inc   1,289,520 
 11,336      Berkshire Hills Bancorp, Inc   401,294 
 9,675      Capital Bank Financial Corp   381,195 
 37,180      Centerstate Banks of Florida, Inc   906,820 
 40,167      Central Pacific Financial Corp   1,258,432 
 5,841      Charter Financial Corp   100,348 
 15,852      CoBiz, Inc   277,727 
 10,181   *  CU Bancorp   369,061 
 1,667      Financial Institutions, Inc   54,928 
 415,657   *  First Bancorp (Puerto Rico)   2,793,215 
 6,194      First Financial Corp   299,480 
 8,269      First Merchants Corp   316,951 
 1,624      First Republic Bank   153,192 
 24,526      Heritage Commerce Corp   344,345 
 29,500      Heritage Financial Corp   752,250 
 15,353   *  HomeTrust Bancshares, Inc   379,987 
 6,080      Independent Bank Group, Inc   377,872 
 91,730      LegacyTexas Financial Group, Inc   3,790,283 
 188,944   *  MGIC Investment Corp   2,012,254 
 92,301      National Bank Holdings Corp   2,999,783 
 68,135   *  NMI Holdings, Inc   735,858 
 32,187      Northfield Bancorp, Inc   580,975 
 36,680      Opus Bank   746,438 
 17,129      PacWest Bancorp   948,947 
 19,760      Park Sterling Bank   231,192 
 22,667      Peoples Bancorp, Inc   703,810 
 75,932      Popular, Inc   3,373,659 
 4,317      Preferred Bank   239,205 
 10,519      Sandy Spring Bancorp, Inc   430,963 
 32,192   *  Seacoast Banking Corp of Florida   701,142 
 3,101   *  Signature Bank   488,470 
 35,444      South State Corp   3,168,694 
 22,916      Southwest Bancorp, Inc   634,773 
 18,766   *  SVB Financial Group   3,232,068 
 9,356   *  Texas Capital Bancshares, Inc   771,870 
 103,026      TFS Financial Corp   1,801,925 
 35,125      Trico Bancshares   1,295,059 
56

TIAA-CREF FUNDS - Small/Mid-Cap Equity Fund

 

SHARES      COMPANY  VALUE 
              
 7,221   *  Triumph Bancorp, Inc  $195,328 
 118,444      Trustco Bank Corp NY   994,930 
 22,036      Union Bankshares Corp   810,043 
 48,203      United Financial Bancorp, Inc (New)   870,064 
 49,017      Zions Bancorporation   2,068,027 
        TOTAL BANKS   44,530,677 
              
CAPITAL GOODS - 11.8%     
 17,469      A.O. Smith Corp   851,614 
 73,310      AAR Corp   2,345,187 
 11,590   *  American Woodmark Corp   825,208 
 66,243   *  Atkore International Group, Inc   1,770,013 
 5,332      BE Aerospace, Inc   327,758 
 84,013      BWX Technologies, Inc   3,485,699 
 14,259      Chicago Bridge & Iron Co NV   473,541 
 87,357      Comfort Systems USA, Inc   2,957,034 
 43,280   *  Continental Building Products Inc   1,006,260 
 12,245      Crane Co   882,130 
 4,050      EMCOR Group, Inc   282,245 
 14,962      EnPro Industries, Inc   1,016,069 
 4,501      Fortune Brands Home & Security, Inc   248,140 
 16,372      General Cable Corp   332,352 
 75,222      Global Brass & Copper Holdings, Inc   2,493,609 
 9,657      Gorman-Rupp Co   313,466 
 98,215      Harsco Corp   1,311,170 
 45,066      HEICO Corp (Class A)   2,987,876 
 22,885      Hubbell, Inc   2,793,801 
 10,968      Huntington Ingalls   2,127,353 
 71,763      ITT, Inc   2,932,953 
 159,487      KBR, Inc   2,712,874 
 22,450      Kennametal, Inc   802,363 
 23,395      Lennox International, Inc   3,668,570 
 12,231      LSI Industries, Inc   116,439 
 3,946   *  Lydall, Inc   240,706 
 125,440      Manitowoc Co, Inc   856,755 
 6,848   *  Manitowoc Foodservice, Inc   131,345 
 8,269   *  Masonite International Corp   550,715 
 80,163   *  MRC Global, Inc   1,647,350 
 24,449      MSC Industrial Direct Co (Class A)   2,497,465 
 23,370      Mueller Industries, Inc   940,876 
 38,610   *  MYR Group, Inc   1,485,327 
 66,742   *  NCI Building Systems, Inc   1,067,872 
 37,287      Oshkosh Truck Corp   2,596,294 
 698   *  Patrick Industries, Inc   57,062 
 42,586   *  Ply Gem Holdings, Inc   687,764 
 37,879   *  Rexnord Corp   836,747 
 13,219      Spirit Aerosystems Holdings, Inc (Class A)   793,801 
 36,527   *  SPX Corp   911,349 
 59,713   *  SPX FLOW, Inc   2,083,387 
 10,649      Tennant Co   737,443 
 13,027      Terex Corp   414,259 
 8,770   *  TPI Composites, Inc   170,226 
 32,437   *  Univar, Inc   967,271 
57

TIAA-CREF FUNDS - Small/Mid-Cap Equity Fund

 

SHARES      COMPANY  VALUE 
              
 26,806      Universal Forest Products, Inc  $2,726,438 
 21,042   *  Vectrus, Inc   474,287 
 10,513   *  Veritiv Corp   589,254 
 20,700      Watsco, Inc   3,161,718 
 33,738      Xylem, Inc   1,663,621 
        TOTAL CAPITAL GOODS   67,353,056 
              
COMMERCIAL & PROFESSIONAL SERVICES - 3.8%     
 30,388   *  CBIZ, Inc   398,083 
 54,011      Ceco Environmental Corp   708,624 
 23,481      Ennis, Inc   396,829 
 23,664      Essendant, Inc   494,341 
 2,276   *  Franklin Covey Co   39,830 
 42,735      HNI Corp   2,154,272 
 52,538      Insperity, Inc   3,756,467 
 9,635      KAR Auction Services, Inc   438,874 
 77,512      Kforce, Inc   1,782,776 
 58,577      Kimball International, Inc (Class B)   979,993 
 43,996      Manpower, Inc   4,199,858 
 68,695      Quad Graphics, Inc   1,799,122 
 11,784      Robert Half International, Inc   554,555 
 15,859   *  TransUnion   500,034 
 116,358   *  TriNet Group, Inc   2,958,984 
 15,821   *  TrueBlue, Inc   391,570 
        TOTAL COMMERCIAL & PROFESSIONAL SERVICES   21,554,212 
              
CONSUMER DURABLES & APPAREL - 3.3%     
 137,528      Callaway Golf Co   1,558,192 
 24,850      Harman International Industries, Inc   2,762,326 
 86,694      La-Z-Boy, Inc   2,479,448 
 38,657      Leggett & Platt, Inc   1,844,712 
 3,923      Lennar Corp (B Shares)   141,071 
 45,767   *  Lululemon Athletica, Inc   3,089,730 
 42,925      MCBC Holdings, Inc   598,804 
 4,144      Newell Rubbermaid, Inc   196,136 
 1,569   *  NVR, Inc   2,915,202 
 34,872      Pool Corp   3,681,088 
 1,851   *  Toll Brothers, Inc   58,047 
        TOTAL CONSUMER DURABLES & APPAREL   19,324,756 
              
CONSUMER SERVICES - 4.5%     
 94,816      ARAMARK Holdings Corp   3,208,572 
 31,930      Bloomin’ Brands, Inc   546,322 
 106,161   *  Boyd Gaming Corp   2,157,192 
 44,119   *  Bridgepoint Education, Inc   469,426 
 16,937   *  Buffalo Wild Wings, Inc   2,557,487 
 112,461   *  Career Education Corp   1,098,744 
 57,446      ClubCorp Holdings, Inc   947,859 
 7,853      Domino’s Pizza, Inc   1,370,663 
 131,950      Extended Stay America, Inc   2,138,910 
 15,054   *  Fiesta Restaurant Group, Inc   395,920 
 44,116      H&R Block, Inc   946,729 
 10,063   *  Intrawest Resorts Holdings Inc   207,398 
58

TIAA-CREF FUNDS - Small/Mid-Cap Equity Fund

 

SHARES      COMPANY  VALUE 
              
 19,072   *  K12, Inc  $380,105 
 45,676   *  La Quinta Holdings, Inc   645,402 
 13,466      Marcus Corp   399,267 
 37,475      Papa John’s International, Inc   3,193,620 
 4,938   *  Pinnacle Entertainment, Inc   76,045 
 48,904   *  Regis Corp   680,744 
 54,632      Six Flags Entertainment Corp   3,254,974 
 35,445      Sonic Corp   882,581 
 11,785      Speedway Motorsports, Inc   253,260 
        TOTAL CONSUMER SERVICES   25,811,220 
              
DIVERSIFIED FINANCIALS - 3.9%     
 9,205      Calamos Asset Management, Inc (Class A)   77,506 
 24,781      Chimera Investment Corp   436,889 
 47,079      Evercore Partners, Inc (Class A)   3,646,268 
 29,631   *  Ezcorp, Inc (Class A)   293,347 
 12,280      FirstCash, Inc   524,356 
 64,259   *  FNFV Group   835,367 
 18,549      GAMCO Investors, Inc (Class A)   541,631 
 132,809   *  Green Dot Corp   3,559,281 
 5,180      Houlihan Lokey, Inc   161,098 
 75,495   *  Ladenburg Thalmann Financial Services, Inc   173,639 
 57,440      Lazard Ltd (Class A)   2,440,051 
 22,910      Legg Mason, Inc   726,018 
 14,600      LPL Financial Holdings, Inc   573,780 
 66,746      Moelis & Co   2,276,039 
 35,106      Morningstar, Inc   2,673,322 
 46,485      MTGE Investment Corp   739,112 
 6,203   *  NewStar Financial, Inc   55,083 
 88,994      OM Asset Management plc   1,254,815 
 12,612      Pzena Investment Management, Inc (Class A)   125,994 
 9,828      Tiptree Financial, Inc   64,373 
 113,470      Two Harbors Investment Corp   995,131 
        TOTAL DIVERSIFIED FINANCIALS   22,173,100 
              
ENERGY - 3.5%     
 22,683      Archrock, Inc   331,172 
 28,167   *  Callon Petroleum Co   430,392 
 585,024   *  Clean Energy Fuels Corp   1,515,212 
 15,260   *  Contango Oil & Gas Co   123,606 
 3,510   *  Dawson Geophysical Co   27,799 
 6,180   *  Diamondback Energy, Inc   649,951 
 19,361   *  Energen Corp   1,043,364 
 112,473   *,e  EP Energy Corp   589,359 
 29,466   *  Exterran Corp   914,035 
 97,031   *  Fairmount Santrol Holdings, Inc   1,214,829 
 25,810   *  Independence Contract Drilling, Inc   163,635 
 10,158   *  International Seaways, Inc   176,546 
 119,871   *  McDermott International, Inc   970,955 
 38,539   *  Newfield Exploration Co   1,544,643 
 9,233   *  Oasis Petroleum, Inc   130,555 
 18,506      Oceaneering International, Inc   515,392 
 21,262      Overseas Shipholding Group, Inc   104,396 
59

TIAA-CREF FUNDS - Small/Mid-Cap Equity Fund

 

SHARES      COMPANY  VALUE 
              
 45,780   *  Parsley Energy, Inc  $1,612,371 
 52,387   *  Questar Market Resources, Inc   913,629 
 55,005   *  Renewable Energy Group, Inc   478,544 
 28,017      SM Energy Co   854,799 
 45,904   *  Transocean Ltd (NYSE)   641,279 
 10,488      US Silica Holdings Inc   620,260 
 39,133   *  Westmoreland Coal Co   710,264 
 119,091   *  Whiting Petroleum Corp   1,320,719 
 34,061      World Fuel Services Corp   1,515,033 
 90,127   *  WPX Energy, Inc   1,255,469 
        TOTAL ENERGY   20,368,208 
              
FOOD & STAPLES RETAILING - 1.4%     
 79,064   *  Rite Aid Corp   444,340 
 76,707      Spartan Stores, Inc   2,904,127 
 34,113   *  United Natural Foods, Inc   1,558,964 
 111,318   *  US Foods Holding Corp   3,027,849 
        TOTAL FOOD & STAPLES RETAILING   7,935,280 
              
FOOD, BEVERAGE & TOBACCO - 2.1%     
 104,199   *  Blue Buffalo Pet Products, Inc   2,526,826 
 30,159      Ingredion, Inc   3,866,082 
 24,085      Pilgrim’s Pride Corp   460,987 
 48,663      Pinnacle Foods, Inc   2,588,385 
 30,349   *  Post Holdings, Inc   2,539,604 
        TOTAL FOOD, BEVERAGE & TOBACCO   11,981,884 
              
HEALTH CARE EQUIPMENT & SERVICES - 4.4%     
 22,330   *  AMN Healthcare Services, Inc   800,531 
 13,566   *  Angiodynamics, Inc   218,345 
 57,961   *  Brookdale Senior Living, Inc   867,676 
 47,637   *  Cardiovascular Systems, Inc   1,176,634 
 6,932      Cooper Cos, Inc   1,279,717 
 74,761   *  Cross Country Healthcare, Inc   1,081,792 
 20,100   *  Cutera, Inc   371,850 
 8,492   *  DexCom, Inc   672,142 
 93,921   *  Diplomat Pharmacy, Inc   1,290,474 
 54,921      Hill-Rom Holdings, Inc   3,233,198 
 52,113   *  Hologic, Inc   2,112,140 
 34,406   *  Idexx Laboratories, Inc   4,208,885 
 1,938   *  Insulet Corp   80,621 
 29,120   *  iRhythm Technologies, Inc   950,186 
 13,288   *  Masimo Corp   977,731 
 37,168   *  Molina Healthcare, Inc   2,108,168 
 4,136      National Healthcare Corp   309,580 
 6,550   *  Oxford Immunotec Global plc   88,491 
 22,961   *  PharMerica Corp   569,433 
 17,591   *  Providence Service Corp   679,892 
 25,869   *  Tivity Health, Inc   663,540 
 33,340   *  Veeva Systems, Inc   1,411,282 
        TOTAL HEALTH CARE EQUIPMENT & SERVICES   25,152,308 
60

TIAA-CREF FUNDS - Small/Mid-Cap Equity Fund

 

SHARES      COMPANY  VALUE 
              
HOUSEHOLD & PERSONAL PRODUCTS - 0.5%     
 4,372      Nature’s Sunshine Products, Inc  $55,743 
 49,742   *  USANA Health Sciences, Inc   3,098,927 
        TOTAL HOUSEHOLD & PERSONAL PRODUCTS   3,154,670 
              
INSURANCE - 3.8%     
 27,349      Allied World Assurance Co Holdings Ltd   1,453,052 
 14,859      American Financial Group, Inc   1,280,400 
 4,080      Argo Group International Holdings Ltd   260,916 
 83,509      Aspen Insurance Holdings Ltd   4,709,907 
 26,130      Assured Guaranty Ltd   1,016,718 
 14,923      Axis Capital Holdings Ltd   955,221 
 117,975      Conseco, Inc   2,230,907 
 38,264   e  Crawford & Co (Class B)   463,760 
 1,681      EMC Insurance Group, Inc   49,001 
 17,834      Erie Indemnity Co (Class A)   1,999,370 
 4,490   e  Fidelity & Guaranty Life   107,536 
 49,552      OneBeacon Insurance Group Ltd (Class A)   804,229 
 33,559      Reinsurance Group of America, Inc (Class A)   4,210,648 
 8,138   *,e  Trupanion, Inc   130,127 
 2,347      White Mountains Insurance Group Ltd   2,135,207 
        TOTAL INSURANCE   21,806,999 
              
MATERIALS - 5.7%     
 88,145   *  AK Steel Holding Corp   712,212 
 29,673      Avery Dennison Corp   2,166,722 
 11,432   *  Axalta Coating Systems Ltd   331,528 
 77,720   *  Boise Cascade Co   1,927,456 
 81,200   *  Coeur Mining, Inc   945,980 
 66,175   *  Crown Holdings, Inc   3,584,700 
 76,775   *  Ferro Corp   1,085,599 
 13,569      Innophos Holdings, Inc   659,996 
 5,952      Innospec, Inc   424,675 
 59,324      Kronos Worldwide, Inc   784,263 
 11,782   *  Louisiana-Pacific Corp   225,390 
 15,421   *  Multi Packaging Solutions International Ltd   274,802 
 143,858   *  Omnova Solutions, Inc   1,309,108 
 41,475      Packaging Corp of America   3,823,165 
 36,407      PolyOne Corp   1,241,843 
 4,890      Reliance Steel & Aluminum Co   389,489 
 36,379      Schweitzer-Mauduit International, Inc   1,612,681 
 2,991      Sealed Air Corp   145,064 
 15,268      Steel Dynamics, Inc   516,211 
 27,847      Stepan Co   2,175,129 
 44,264   *  SunCoke Energy, Inc   390,408 
 283,154      Tronox Ltd   3,545,088 
 96,576      United States Steel Corp   3,159,001 
 20,892      WR Grace & Co   1,448,651 
        TOTAL MATERIALS   32,879,161 
              
MEDIA - 2.0%     
 38,841      John Wiley & Sons, Inc (Class A)   2,140,139 
 21,020   *  Lions Gate Entertainment Corp   563,126 
 30,792   *  Live Nation, Inc   881,267 
61

TIAA-CREF FUNDS - Small/Mid-Cap Equity Fund

 

SHARES      COMPANY  VALUE 
              
 143,504   *  MSG Networks, Inc  $3,329,293 
 39,420      New Media Investment Group, Inc   600,761 
 64,296      Time, Inc   1,237,698 
 66,292      Tribune Co   1,911,861 
 6,456   *  tronc, Inc   85,607 
 25,537      World Wrestling Entertainment, Inc (Class A)   500,014 
        TOTAL MEDIA   11,249,766 
              
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 4.7%     
 9,011   *  Acadia Pharmaceuticals, Inc   311,690 
 18,223   *  Akorn, Inc   348,059 
 4,146   *  Alnylam Pharmaceuticals, Inc   165,799 
 37,968   *,e  Athersys, Inc   41,385 
 26,771   *  Bio-Rad Laboratories, Inc (Class A)   5,088,632 
 19,881      Bio-Techne Corp   2,022,892 
 2,100   *  Bluebird Bio, Inc   156,450 
 29,123      Bruker BioSciences Corp   691,089 
 7,666   *  Cambrex Corp   402,082 
 30,439   *  Charles River Laboratories International, Inc   2,459,471 
 71,849   *  Corcept Therapeutics, Inc   510,847 
 207,482   *  Curis, Inc   595,473 
 19,770   *  Durect Corp   20,956 
 24,509   *  Endo International plc   299,990 
 49,180   *  Enzo Biochem, Inc   328,522 
 19,723   *  FibroGen, Inc   446,726 
 10,810   *  Horizon Pharma plc   176,960 
 22,394   *  INC Research Holdings, Inc   1,186,882 
 14,269   *  Ionis Pharmaceuticals, Inc   634,971 
 2,944   *  Jazz Pharmaceuticals plc   358,932 
 42,543   *  Lexicon Pharmaceuticals, Inc   609,641 
 19,517   *  Luminex Corp   394,634 
 13,563   *  Medpace Holdings, Inc   473,213 
 6,340   *  MyoKardia, Inc   71,008 
 32,300   *  Nektar Therapeutics   391,153 
 2,999   *  Ophthotech Corp   14,275 
 13,876   *  Patheon NV   398,102 
 7,044   *  PerkinElmer, Inc   374,670 
 4,663      Phibro Animal Health Corp   124,502 
 14,929   *  Prestige Brands Holdings, Inc   787,655 
 41,725   *  Quintiles Transnational Holdings, Inc   3,274,995 
 22,721   *  Retrophin, Inc   445,786 
 69,700   *  Rigel Pharmaceuticals, Inc   144,976 
 16,945   *  Tetraphase Pharmaceuticals, Inc   64,899 
 16,262   *  United Therapeutics Corp   2,660,951 
 54,632   *  Vanda Pharmaceuticals, Inc   773,043 
 4,216   *  VWR Corp   109,237 
        TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES   27,360,548 
              
REAL ESTATE - 9.2%     
 3,890      Alexandria Real Estate Equities, Inc   431,090 
 5,531   *  Altisource Portfolio Solutions S.A.   157,634 
 10,518      American Assets Trust,Inc   451,538 
 47,530      Apple Hospitality REIT, Inc   951,551 
62

TIAA-CREF FUNDS - Small/Mid-Cap Equity Fund

 

SHARES      COMPANY  VALUE 
              
 55,815      Ashford Hospitality Prime, Inc  $750,154 
 68,805      Ashford Hospitality Trust, Inc   522,918 
 93,199      Brixmor Property Group, Inc   2,248,892 
 22,210      Camden Property Trust   1,856,090 
 71,075      Colony NorthStar, Inc   989,364 
 26,095      Colony Starwood Homes   820,688 
 99,145      Columbia Property Trust, Inc   2,205,976 
 81,614      CoreCivic, Inc   2,370,071 
 18,553      CubeSmart   466,237 
 141,470   *  Equity Commonwealth   4,362,934 
 58,957      Equity Lifestyle Properties, Inc   4,359,280 
 64,246      FelCor Lodging Trust, Inc   494,694 
 21,500   *  Forestar Group, Inc   280,575 
 55,552      Franklin Street Properties Corp   708,288 
 35,415      Gaming and Leisure Properties, Inc   1,120,176 
 6,280   *  Howard Hughes Corp   669,511 
 2,487      Hudson Pacific Properties   88,065 
 17,816      Independence Realty Trust, Inc   164,442 
 10,533      Jones Lang LaSalle, Inc   1,085,214 
 22,947      Liberty Property Trust   880,935 
 3,059      Life Storage, Inc   249,156 
 58,156      Mack-Cali Realty Corp   1,629,531 
 8,010      Mid-America Apartment Communities, Inc   760,550 
 38,680      Monmouth Real Estate Investment Corp (Class A)   564,728 
 32,888      NexPoint Residential Trust, Inc   760,042 
 15,967      One Liberty Properties, Inc   369,796 
 52,405      Outfront Media, Inc   1,437,469 
 53,441      Paramount Group, Inc   891,930 
 31,308      PS Business Parks, Inc   3,507,747 
 17,653      Rayonier, Inc   492,342 
 29,961      Realogy Holdings Corp   776,290 
 13,388      Regency Centers Corp   933,545 
 216,586      Retail Properties of America, Inc   3,242,292 
 20,055      RMR Group, Inc   958,629 
 18,094      Select Income REIT   452,531 
 20,443   *  STAG Industrial, Inc   473,051 
 27,883      Sun Communities, Inc   2,196,065 
 30,331      Taubman Centers, Inc   2,148,648 
 41,236      WP Carey, Inc   2,554,158 
        TOTAL REAL ESTATE   52,834,817 
              
RETAILING - 5.3%     
 17,801      Aaron’s, Inc   550,763 
 69,593      American Eagle Outfitters, Inc   1,051,550 
 149,147      Barnes & Noble, Inc   1,521,299 
 11,133      Blue Nile, Inc   453,224 
 46,175   *  Burlington Stores, Inc   3,864,848 
 11,822   *  Cabela’s, Inc   660,732 
 18,724      Caleres, Inc   575,763 
 25,878      Camping World Holdings, Inc   814,639 
 40,791      Chico’s FAS, Inc   550,271 
 39,224      Citi Trends, Inc   629,545 
 46,018      Dick’s Sporting Goods, Inc   2,374,529 
63

TIAA-CREF FUNDS - Small/Mid-Cap Equity Fund

 

SHARES      COMPANY  VALUE 
              
 15,758      Dillard’s, Inc (Class A)  $889,382 
 66,787   *  Francesca’s Holdings Corp   1,164,765 
 24,061   e  Fred’s, Inc (Class A)   350,569 
 42,666      GameStop Corp (Class A)   1,044,890 
 386,002   *  Groupon, Inc   1,331,707 
 203,299   *  JC Penney Co, Inc   1,351,938 
 8,545      LCI Industries, Inc   937,814 
 90,173   *  Michaels Cos, Inc   1,773,703 
 96,171      Nutri/System, Inc   3,178,452 
 130,814      Office Depot, Inc   582,122 
 51,934   *  Select Comfort Corp   1,048,028 
 41,589      Sonic Automotive, Inc (Class A)   973,183 
 30,400      Staples, Inc   279,680 
 36,525   *  Tilly’s, Inc   489,435 
 29,621   *  Wayfair, Inc   1,231,049 
        TOTAL RETAILING   29,673,880 
              
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.0%     
 55,971   *  Alpha & Omega Semiconductor Ltd   1,139,010 
 42,250      Brooks Automation, Inc   735,995 
 23,464   *  Cirrus Logic, Inc   1,415,348 
 3,581   *  MA-COM Technology Solutions   170,264 
 128,640      Marvell Technology Group Ltd   1,912,877 
 23,461   *  ON Semiconductor Corp   312,501 
 8,500   *  Semtech Corp   280,075 
        TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT   5,966,070 
              
SOFTWARE & SERVICES - 7.8%     
 231,194   *  A10 Networks, Inc   1,842,616 
 17,018   *  Amber Road, Inc   150,609 
 45,563   *  Aspen Technology, Inc   2,419,851 
 78,747      Booz Allen Hamilton Holding Co   2,663,224 
 121,472   *  Box, Inc   2,073,526 
 88,213   *  Cadence Design Systems, Inc   2,296,184 
 26,522   *  Care.com, Inc   223,846 
 14,660   *  CommerceHub, Inc   213,743 
 15,297   *  Commvault Systems, Inc   751,083 
 25,139      DST Systems, Inc   2,894,756 
 194,365      EarthLink Holdings Corp   1,245,880 
 13,151   *  EPAM Systems, Inc   846,398 
 140,880      EVERTEC, Inc   2,402,004 
 38,448   *  FireEye, Inc   520,970 
 119,525   *  Five9, Inc   1,847,857 
 17,850   *  Gartner, Inc   1,773,576 
 27,817   *  Gigamon, Inc   922,134 
 71,869      Hackett Group, Inc   1,167,871 
 14,496      Leidos Holdings, Inc   700,447 
 49,025   *  Manhattan Associates, Inc   2,513,022 
 8,790      MAXIMUS, Inc   484,681 
 5,555   *  MoneyGram International, Inc   70,549 
 55,005      Pegasystems, Inc   2,134,194 
 20,408   *  Quotient Technology, Inc   217,345 
 76,604   *  RingCentral, Inc   1,788,703 
64

TIAA-CREF FUNDS - Small/Mid-Cap Equity Fund

 

SHARES      COMPANY  VALUE 
              
 37,465   *  Rubicon Project, Inc  $317,329 
 18,026      Science Applications International Corp   1,467,677 
 20,690   *  ServiceSource International LLC   109,657 
 201,557   *  Square, Inc   2,946,762 
 11,952   *  Stamps.com, Inc   1,452,766 
 14,060   *  Synopsys, Inc   884,233 
 30,659   *  TeleNav, Inc   272,865 
 32,920   *  Unisys Corp   423,022 
 24,941   *  Workiva, Inc   314,257 
 49,137   *  Yelp, Inc   2,052,944 
        TOTAL SOFTWARE & SERVICES   44,406,581 
              
TECHNOLOGY HARDWARE & EQUIPMENT - 5.1%     
 17,624   *  ARRIS International plc   503,694 
 49,511   *  Arrow Electronics, Inc   3,640,048 
 11,214      Avnet, Inc   520,778 
 9,691      Black Box Corp   129,375 
 65,300      Brocade Communications Systems, Inc   814,291 
 53,790      CDW Corp   2,770,723 
 70,078   *  CommScope Holding Co, Inc   2,650,349 
 45,726      Dolby Laboratories, Inc (Class A)   2,190,733 
 6,397      EMCORE Corp   57,573 
 13,881   *  Fabrinet   584,807 
 18,431   *  Finisar Corp   545,005 
 36,714   *  Insight Enterprises, Inc   1,363,191 
 132,925      Jabil Circuit, Inc   3,187,542 
 7,114   *  Keysight Technologies, Inc   263,716 
 23,517   *  Quantenna Communications, Inc   442,355 
 32,695   *  Sanmina Corp   1,273,470 
 141,861   *  ShoreTel, Inc   985,934 
 26,773      SYNNEX Corp   3,217,579 
 50,360   *  Tech Data Corp   4,308,801 
        TOTAL TECHNOLOGY HARDWARE & EQUIPMENT   29,449,964 
              
TELECOMMUNICATION SERVICES - 0.9%     
 609,386   *,e  Globalstar, Inc   962,830 
 4,592   *  Hawaiian Telcom Holdco, Inc   114,019 
 41,400      IDT Corp (Class B)   794,880 
 95,289      Telephone & Data Systems, Inc   2,920,608 
 71,546   *  Vonage Holdings Corp   507,261 
        TOTAL TELECOMMUNICATION SERVICES   5,299,598 
              
TRANSPORTATION - 2.2%     
 8,069      Alaska Air Group, Inc   757,034 
 17,213   *  Atlas Air Worldwide Holdings, Inc   907,986 
 5,692      Copa Holdings S.A. (Class A)   554,913 
 64,190   *  Hub Group, Inc (Class A)   2,846,826 
 47,753   *  JetBlue Airways Corp   936,436 
 2,180      Marten Transport Ltd   49,813 
 53,983   *  Radiant Logistics, Inc   198,118 
 120,728      Skywest, Inc   4,273,771 
 25,891   *  Swift Transportation Co, Inc   591,092 
 38,972   *  XPO Logistics, Inc   1,743,607 
        TOTAL TRANSPORTATION  12,859,596 
65

TIAA-CREF FUNDS - Small/Mid-Cap Equity Fund

 

SHARES      COMPANY  VALUE 
              
UTILITIES - 3.0%     
 62,007      Great Plains Energy, Inc  $1,708,293 
 72,492      MDU Resources Group, Inc   2,127,640 
 78,066      NRG Yield, Inc (Class A)   1,268,573 
 8,246      OGE Energy Corp   276,571 
 6,894      ONE Gas, Inc   445,490 
 3,988      Unitil Corp   182,531 
 54,261      Vanguard Small-Cap ETF   7,104,393 
 48,459      Vectren Corp   2,659,914 
 28,336      Westar Energy, Inc   1,549,696 
        TOTAL UTILITIES   17,323,101 
              
        TOTAL COMMON STOCKS   571,368,957 
        (Cost $528,428,068)     
              
PRINCIPAL       ISSUER   RATE   MATURITY
DATE		        
SHORT-TERM INVESTMENTS - 0.5%            
GOVERNMENT AGENCY DEBT - 0.5%            
$3,000,000     Federal Home Loan Bank (FHLB)   0.450%  02/01/17   3,000,000 
       TOTAL GOVERNMENT AGENCY DEBT           3,000,000 
                     
                     
       TOTAL SHORT-TERM INVESTMENTS           3,000,000 
       (Cost $3,000,000)             
       TOTAL INVESTMENTS - 100.0%           574,368,957 
       (Cost $531,428,068)             
       OTHER ASSETS & LIABILITIES, NET - (0.0)%           (34,143)
       NET ASSETS - 100.0%          $574,334,814 
       
       
    Abbreviation(s):
    ETF   Exchange Traded Fund
    REIT   Real Estate Investment Trust
         
*   Non-income producing
e   All or a portion of these securities are out on loan. The aggregate value of securities on loan is $2,577,766.
66

TIAA-CREF FUNDS - Social Choice Equity Fund

 

TIAA-CREF FUNDS

SOCIAL CHOICE EQUITY FUND

SCHEDULE OF INVESTMENTS (unaudited)

January 31, 2017

 

SHARES      COMPANY  VALUE 
          
COMMON STOCKS - 99.8%     
              
AUTOMOBILES & COMPONENTS - 1.2%     
 13,314      BorgWarner, Inc  $543,611 
 16,566      Delphi Automotive plc   1,160,614 
 1,156,967      Ford Motor Co   14,300,112 
 66,583      Harley-Davidson, Inc   3,797,894 
 22,556   *  Modine Manufacturing Co   306,761 
 36,703   *,e  Tesla Motors, Inc   9,246,587 
        TOTAL AUTOMOBILES & COMPONENTS   29,355,579 
              
BANKS - 5.8%     
 1,736      1st Source Corp   78,311 
 22,700      Ameris Bancorp   1,023,770 
 2,719      Arrow Financial Corp   95,981 
 20,257      Associated Banc-Corp   512,502 
 36,584      Astoria Financial Corp   691,803 
 15,244      Bank Mutual Corp   145,580 
 6,214      Bank of Hawaii Corp   533,845 
 15,284      Bank of the Ozarks, Inc   838,633 
 3,518      Banner Corp   197,430 
 339,486      BB&T Corp   15,680,859 
 12,593      Berkshire Hills Bancorp, Inc   445,792 
 14,376      Boston Private Financial Holdings, Inc   237,204 
 20,496      Brookline Bancorp, Inc   322,812 
 8,111      Bryn Mawr Bank Corp   324,846 
 3,985      Camden National Corp   165,298 
 16,555      Capital Bank Financial Corp   652,267 
 1,470      Capitol Federal Financial   22,711 
 17,066      Cardinal Financial Corp   535,190 
 690      Cathay General Bancorp   25,144 
 39,308      Centerstate Banks of Florida, Inc   958,722 
 46,146      CIT Group, Inc   1,900,754 
 326,909      Citizens Financial Group, Inc   11,824,299 
 3,672      City Holding Co   239,010 
 11,338      CoBiz, Inc   198,642 
 440      Columbia Banking System, Inc   17,494 
 65,875      Comerica, Inc   4,448,539 
 292      Commerce Bancshares, Inc   16,507 
 797      Community Bank System, Inc   46,513 
 1,572      Community Trust Bancorp, Inc   72,705 
 3,270      Cullen/Frost Bankers, Inc   292,338 
 24,167   *  Customers Bancorp, Inc   832,795 
 3,717      East West Bancorp, Inc   191,202 
 20,125   *  FCB Financial Holdings, Inc   944,869 
 10,422      Federal Agricultural Mortgage Corp (Class C)   580,089 
 57,660      Fifth Third Bancorp   1,504,926 
67

TIAA-CREF FUNDS - Social Choice Equity Fund

 

SHARES      COMPANY  VALUE 
              
 13,049      First Bancorp (NC)  $381,944 
 16,895      First Commonwealth Financial Corp   238,557 
 6,744      First Community Bancshares, Inc   196,250 
 2,352      First Financial Corp   113,719 
 11,312      First Interstate Bancsystem, Inc   465,489 
 16,967      First Merchants Corp   650,345 
 3,844      First Republic Bank   362,605 
 6,216      Flushing Financial Corp   169,075 
 1,130      FNB Corp   16,882 
 540      Glacier Bancorp, Inc   19,186 
 6,474      Great Southern Bancorp, Inc   324,024 
 1,279      Hancock Holding Co   58,642 
 7,158      Hanmi Financial Corp   237,288 
 13,498      Heartland Financial USA, Inc   631,706 
 21,749      Heritage Financial Corp   554,599 
 14,400   *  HomeStreet, Inc   377,280 
 13,122   *  HomeTrust Bancshares, Inc   324,769 
 11,260      Hope Bancorp, Inc   235,447 
 2,618      IBERIABANK Corp   215,069 
 5,708      Investors Bancorp, Inc   81,910 
 654,066      Keycorp   11,753,566 
 14,401      Lakeland Bancorp, Inc   267,139 
 13,531      Lakeland Financial Corp   601,047 
 3,075      Live Oak Bancshares, Inc   62,884 
 92,081      M&T Bank Corp   14,969,608 
 17,553   *  MGIC Investment Corp   186,939 
 6,254      National Bank Holdings Corp   203,255 
 310      NBT Bancorp, Inc   12,629 
 69,768      New York Community Bancorp, Inc   1,059,776 
 22,664      Northfield Bancorp, Inc   409,085 
 19,926      OFG Bancorp   264,019 
 7,838      Old National Bancorp   139,125 
 13,091      Opus Bank   266,402 
 8,836      PacWest Bancorp   489,514 
 7,104      Peoples Bancorp, Inc   220,579 
 982      People’s United Financial, Inc   18,413 
 7,580   *  PHH Corp   110,516 
 6,391      Pinnacle Financial Partners, Inc   427,238 
 153,922      PNC Financial Services Group, Inc   18,541,444 
 71,276      Popular, Inc   3,166,793 
 12,870      PrivateBancorp, Inc   703,474 
 21,071      Provident Financial Services, Inc   557,749 
 178,821      Radian Group, Inc   3,290,306 
 230,251      Regions Financial Corp   3,317,917 
 2,803      Republic Bancorp, Inc (Class A)   97,124 
 3,278      S&T Bancorp, Inc   123,318 
 4,235      Southside Bancshares, Inc   144,668 
 6,312      State Bank & Trust Co   166,889 
 12,826      Stock Yards Bancorp, Inc   574,605 
 11,029   *  SVB Financial Group   1,899,525 
 429      TCF Financial Corp   7,443 
 870   *  Texas Capital Bancshares, Inc   71,775 
 17,614   *  The Bancorp, Inc   105,508 
68

TIAA-CREF FUNDS - Social Choice Equity Fund

 

SHARES      COMPANY  VALUE 
              
 8,474      TowneBank  $272,863 
 4,025      Trico Bancshares   148,402 
 13,511   *  Tristate Capital Holdings, Inc   299,944 
 350      Trustmark Corp   11,767 
 2,167      UMB Financial Corp   167,162 
 650      Umpqua Holdings Corp   11,902 
 6,031      Union Bankshares Corp   221,700 
 1,980      United Bankshares, Inc   88,704 
 11,606      United Financial Bancorp, Inc (New)   209,488 
 6,092      Univest Corp of Pennsylvania   171,490 
 399,886      US Bancorp   21,053,998 
 27,261   *  Walker & Dunlop, Inc   856,268 
 6,764   *,e  Walter Investment Management Corp   25,703 
 4,365      Washington Trust Bancorp, Inc   237,893 
 3,230      Webster Financial Corp   169,640 
 1,553   e  Westamerica Bancorporation   88,133 
 13,557   *  Western Alliance Bancorp   669,445 
 230      Wintrust Financial Corp   16,468 
 3,911      WSFS Financial Corp   177,168 
 55,123      Zions Bancorporation   2,325,639 
        TOTAL BANKS   143,708,217 
              
CAPITAL GOODS - 7.4%     
 128,363      3M Co   22,440,420 
 11,556      A.O. Smith Corp   563,355 
 954      Acuity Brands, Inc   197,697 
 8,341      Advanced Drainage Systems, Inc   201,018 
 180,779      Ametek, Inc   9,237,807 
 286      Applied Industrial Technologies, Inc   17,289 
 11,569      Argan, Inc   853,214 
 46,198      Barnes Group, Inc   2,223,510 
 46,545      BE Aerospace, Inc   2,861,121 
 419   *  Beacon Roofing Supply, Inc   18,340 
 9,760      Briggs & Stratton Corp   211,402 
 46,759   *  Builders FirstSource, Inc   503,127 
 121,895      Caterpillar, Inc   11,660,476 
 3,092      Chicago Bridge & Iron Co NV   102,685 
 35,835      Cummins, Inc   5,268,103 
 202,777      Danaher Corp   17,017,046 
 99,550      Deere & Co   10,656,827 
 29,707   *  DigitalGlobe, Inc   833,281 
 27,134      Dover Corp   2,109,668 
 137,592      Eaton Corp   9,738,762 
 1,365      EMCOR Group, Inc   95,127 
 6,232   *  Esterline Technologies Corp   533,771 
 59,517      Fastenal Co   2,956,805 
 300   e  GATX Corp   17,346 
 7,479      Graco, Inc   670,044 
 245      Granite Construction, Inc   13,752 
 1,410      H&E Equipment Services, Inc   36,463 
 17,572      Hexcel Corp   902,322 
 103,060      Illinois Tool Works, Inc   13,109,232 
 53,624      Ingersoll-Rand plc   4,255,064 
69

TIAA-CREF FUNDS - Social Choice Equity Fund

 

SHARES      COMPANY  VALUE 
              
 249,032      Johnson Controls International plc  $10,952,427 
 7,798      Kaman Corp   394,033 
 18,062   *,e  KEYW Holding Corp   180,801 
 7,720      Lincoln Electric Holdings, Inc   643,616 
 171,085      Masco Corp   5,637,251 
 2,279      MSC Industrial Direct Co (Class A)   232,800 
 3,829   *  MYR Group, Inc   147,302 
 66,007      Owens Corning, Inc   3,646,887 
 84,023      Paccar, Inc   5,655,588 
 13,733      Parker Hannifin Corp   2,020,536 
 41,937      Pentair plc   2,458,766 
 95,785   *,e  Plug Power, Inc   101,532 
 44,063   *  Quanta Services, Inc   1,581,421 
 37,955      Rockwell Automation, Inc   5,616,960 
 80,619      Rockwell Collins, Inc   7,316,980 
 21,428      Roper Industries, Inc   4,110,962 
 2,611   *  Rush Enterprises, Inc (Class A)   85,510 
 1,401      Timken Co   62,204 
 3,116   *  Titan Machinery, Inc   43,032 
 44,961      TransDigm Group, Inc   9,729,560 
 21,025      Triton International Ltd   511,748 
 15,096   *  United Rentals, Inc   1,909,795 
 5,047   *  Veritiv Corp   282,884 
 1,480      W.W. Grainger, Inc   373,804 
 10,000      Wabash National Corp   176,500 
 1,355   *  WESCO International, Inc   95,799 
 6,028      Woodward Governor Co   419,790 
        TOTAL CAPITAL GOODS   183,693,562 
              
COMMERCIAL & PROFESSIONAL SERVICES - 0.8%     
 540      ABM Industries, Inc   21,811 
 127,077   *  ACCO Brands Corp   1,620,232 
 3,343      CEB, Inc   255,572 
 77,780   *  Copart, Inc   4,413,237 
 650      Covanta Holding Corp   10,465 
 5,334      Dun & Bradstreet Corp   654,055 
 290      Essendant, Inc   6,058 
 12,240      Exponent, Inc   710,532 
 4,282      Heidrick & Struggles International, Inc   95,703 
 6,346      Insperity, Inc   453,739 
 5,010      Interface, Inc   91,182 
 1,760      Kelly Services, Inc (Class A)   39,406 
 5,758      Kimball International, Inc (Class B)   96,331 
 590      Knoll, Inc   15,405 
 10,228      Manpower, Inc   976,365 
 21,053   *,m  Media General, Inc   0 
 3,562   *  Mistras Group, Inc   82,211 
 430      Mobile Mini, Inc   13,997 
 8,831   *  Navigant Consulting, Inc   218,126 
 970   *  On Assignment, Inc   43,922 
 6,963      Resources Connection, Inc   116,282 
 52,605      Robert Half International, Inc   2,475,591 
70

TIAA-CREF FUNDS - Social Choice Equity Fund

 

SHARES      COMPANY  VALUE 
              
 4,160   *  RPX Corp  $45,178 
 15,156      RR Donnelley & Sons Co   259,925 
 1,210      Steelcase, Inc (Class A)   20,328 
 5,080   *  Team, Inc   170,688 
 10,180      Tetra Tech, Inc   444,866 
 2,825   *  TriNet Group, Inc   71,840 
 11,278      Viad Corp   494,540 
 72,611      Waste Management, Inc   5,046,465 
        TOTAL COMMERCIAL & PROFESSIONAL SERVICES   18,964,052 
              
CONSUMER DURABLES & APPAREL - 1.2%     
 10,992      CalAtlantic Group, Inc   383,291 
 13,930      Callaway Golf Co   157,827 
 396      Columbia Sportswear Co   21,530 
 1,530      CSS Industries, Inc   37,669 
 490      Ethan Allen Interiors, Inc   14,259 
 53,158      Hanesbrands, Inc   1,260,376 
 258      Hasbro, Inc   21,288 
 2,202   *  Helen of Troy Ltd   205,447 
 22,739   *  Kate Spade & Co   420,899 
 67,749      Mattel, Inc   1,775,701 
 7,028   *  Meritage Homes Corp   258,279 
 595   *  Michael Kors Holdings Ltd   25,472 
 3,220   *  Mohawk Industries, Inc   695,005 
 6,980      Movado Group, Inc   189,507 
 20,738      Newell Rubbermaid, Inc   981,529 
 344,482      Nike, Inc (Class B)   18,223,098 
 397      Pool Corp   41,907 
 1,614      PVH Corp   151,409 
 399   *,e  Tempur-Pedic International, Inc   17,157 
 42,583   *,e  Under Armour, Inc (Class A)   915,109 
 4,706   *  Unifi, Inc   126,544 
 54,516      VF Corp   2,806,484 
 587      Weyco Group, Inc   16,542 
 3,389      Whirlpool Corp   592,702 
        TOTAL CONSUMER DURABLES & APPAREL   29,339,031 
              
CONSUMER SERVICES - 2.7%     
 4,314   *  American Public Education, Inc   104,830 
 1,289      Bob Evans Farms, Inc   72,738 
 4,297   *  Bright Horizons Family Solutions   304,485 
 7,805      Brinker International, Inc   347,322 
 8,508      Carriage Services, Inc   220,783 
 30,118      Choice Hotels International, Inc   1,671,549 
 33,819      Darden Restaurants, Inc   2,478,256 
 320      DineEquity, Inc   21,946 
 1,850      Dunkin Brands Group, Inc   95,959 
 22,986      Hilton Worldwide Holdings, Inc   1,323,534 
 23,836      ILG, Inc   451,692 
 14,275   *  Intrawest Resorts Holdings Inc   294,208 
 359      Jack in the Box, Inc   38,743 
 21,024   *  LifeLock, Inc   503,735 
 124,286      Marriott International, Inc (Class A)   10,514,596 
 182,563      McDonald’s Corp   22,376,747 
71

TIAA-CREF FUNDS - Social Choice Equity Fund

 

SHARES      COMPANY  VALUE 
              
 16,650   *  Popeyes Louisiana Kitchen, Inc  $1,052,114 
 20,387      Royal Caribbean Cruises Ltd   1,908,835 
 38,369      Service Corp International   1,117,689 
 25,999   *  ServiceMaster Global Holdings, Inc   961,443 
 9,766      Sonic Corp   243,173 
 337,600      Starbucks Corp   18,642,272 
 9,266      Vail Resorts, Inc   1,589,490 
        TOTAL CONSUMER SERVICES   66,336,139 
              
DIVERSIFIED FINANCIALS - 6.0%     
 52,376      Ally Financial, Inc   1,106,181 
 234,072      American Express Co   17,878,419 
 1,075      Ameriprise Financial, Inc   120,690 
 616,689      Annaly Capital Management, Inc   6,302,562 
 50,429      Apollo Commercial Real Estate Finance, Inc   877,969 
 350,453      Bank of New York Mellon Corp   15,675,763 
 26,990      BlackRock, Inc   10,093,720 
 430      CBOE Holdings, Inc   34,237 
 312,825      Charles Schwab Corp   12,900,903 
 22,014      Chimera Investment Corp   388,107 
 124,077      CME Group, Inc   15,023,243 
 280      Cohen & Steers, Inc   9,769 
 5,881   *,e  Credit Acceptance Corp   1,207,252 
 31,021      CYS Investments, Inc   234,829 
 182,870      Discover Financial Services   12,669,234 
 19,736      Dynex Capital, Inc   131,836 
 4,411   *,e  Encore Capital Group, Inc   136,520 
 2,390      Factset Research Systems, Inc   413,590 
 77,683      Franklin Resources, Inc   3,087,122 
 9,333   *  Green Dot Corp   250,124 
 214,820      IntercontinentalExchange Group, Inc   12,536,895 
 165,102      Invesco Ltd   4,774,750 
 4,700      Invesco Mortgage Capital, Inc   68,479 
 19,343   *  iStar Financial, Inc   217,028 
 24,238      Legg Mason, Inc   768,102 
 29,667      NASDAQ OMX Group, Inc   2,092,710 
 12,294      Nelnet, Inc (Class A)   602,775 
 119,931      Northern Trust Corp   9,949,476 
 25,983   *  On Deck Capital, Inc   130,694 
 8,008   *  Pico Holdings, Inc   114,114 
 17,758      Resource Capital Corp   145,971 
 31,538      S&P Global, Inc   3,790,237 
 3,216   *  Safeguard Scientifics, Inc   38,753 
 123,600      State Street Corp   9,418,320 
 52,574      T Rowe Price Group, Inc   3,545,591 
 3,000      TD Ameritrade Holding Corp   138,450 
 25,591      Voya Financial, Inc   1,029,270 
 19,340   e  WisdomTree Investments, Inc   199,202 
        TOTAL DIVERSIFIED FINANCIALS   148,102,887 
              
ENERGY - 6.4%     
 11,066      Alon USA Energy, Inc   124,603 
 33,451   *  Antero Resources Corp   816,539 
72

TIAA-CREF FUNDS - Social Choice Equity Fund

 

SHARES      COMPANY  VALUE 
              
 43,205      Apache Corp  $2,584,523 
 38,878      Archrock, Inc   567,619 
 37,283   *,e  Atwood Oceanics, Inc   453,361 
 89,631      Baker Hughes, Inc   5,653,923 
 20,519      Bristow Group, Inc   362,366 
 13,748   *,e  CARBO Ceramics, Inc   195,222 
 78,257   *  Cheniere Energy, Inc   3,728,946 
 1,276      Cimarex Energy Co   172,528 
 97,571   *  Clean Energy Fuels Corp   252,709 
 10,655   *  Concho Resources, Inc   1,485,733 
 185,845      ConocoPhillips   9,061,802 
 49,772   *  Continental Resources, Inc   2,416,928 
 7,460      Delek US Holdings, Inc   167,104 
 142,795   *  Devon Energy Corp   6,502,884 
 1,150   *  Energen Corp   61,973 
 91,046      EOG Resources, Inc   9,248,453 
 35,229      EQT Corp   2,135,934 
 16,785   *  Exterran Corp   520,671 
 37,052   *  Fairmount Santrol Holdings, Inc   463,891 
 20,460      Green Plains Renewable Energy, Inc   460,350 
 14,283   *  Helix Energy Solutions Group, Inc   121,120 
 75,067      Hess Corp   4,067,130 
 365,490      Kinder Morgan, Inc   8,165,047 
 215,752      Marathon Oil Corp   3,613,846 
 101,682      Marathon Petroleum Corp   4,885,820 
 14,654   *  Matrix Service Co   328,250 
 167,615      National Oilwell Varco, Inc   6,337,523 
 10,506   *  Natural Gas Services Group, Inc   301,522 
 58,596   *  Newpark Resources, Inc   442,400 
 99,937      Noble Energy, Inc   3,973,495 
 3,520   *  Oasis Petroleum, Inc   49,773 
 177,330      Occidental Petroleum Corp   12,017,654 
 458      Oceaneering International, Inc   12,755 
 422   *  Oil States International, Inc   16,669 
 45,345      Oneok, Inc   2,498,963 
 74,453   *  Parker Drilling Co   189,855 
 4,952      PBF Energy, Inc   114,837 
 8,658   *  PDC Energy, Inc   640,172 
 131,450      Phillips 66   10,728,949 
 24,848      Pioneer Natural Resources Co   4,478,355 
 1,928      Range Resources Corp   62,351 
 31,821   *  Renewable Energy Group, Inc   276,843 
 2,148   *  RigNet, Inc   42,423 
 92,093   *  Rowan Cos plc   1,650,307 
 176,470      Schlumberger Ltd   14,772,304 
 79   *  SEACOR Holdings, Inc   5,812 
 26,088      SM Energy Co   795,945 
 40,480   *  Southwestern Energy Co   364,725 
 222,668      Spectra Energy Corp   9,274,122 
 31,883      Superior Energy Services   563,373 
 6,235      Tesco Corp   53,621 
 16,701      Tesoro Corp   1,350,276 
 55,643   *  Tetra Technologies, Inc   275,989 
73

TIAA-CREF FUNDS - Social Choice Equity Fund

 

SHARES      COMPANY  VALUE 
              
 24,405   *  Unit Corp  $634,530 
 22,379      US Silica Holdings Inc   1,323,494 
 90,816      Valero Energy Corp   5,972,060 
 406,093   *  Weatherford International Ltd   2,115,745 
 45,494      Western Refining, Inc   1,592,745 
 183,839      Williams Cos, Inc   5,301,917 
        TOTAL ENERGY   156,850,779 
              
FOOD & STAPLES RETAILING - 0.6%     
 35,243      Casey’s General Stores, Inc   4,049,421 
 11,911   *  Chefs’ Warehouse Holdings, Inc   198,914 
 12,822   *,e  Natural Grocers by Vitamin C   162,070 
 10,211      Pricesmart, Inc   864,872 
 16,191      Spartan Stores, Inc   612,991 
 86,145   *  Sprouts Farmers Market, Inc   1,608,327 
 28,329   *  United Natural Foods, Inc   1,294,635 
 5,906      Weis Markets, Inc   351,053 
 195,147      Whole Foods Market, Inc   5,897,342 
        TOTAL FOOD & STAPLES RETAILING   15,039,625 
              
FOOD, BEVERAGE & TOBACCO - 5.1%     
 17,386      Bunge Ltd   1,203,285 
 78,583      Campbell Soup Co   4,890,220 
 629,346      Coca-Cola Co   26,161,913 
 5,840   *  Darling International, Inc   70,080 
 78,897      Dr Pepper Snapple Group, Inc   7,195,406 
 4,635      Flowers Foods, Inc   93,210 
 229,108      General Mills, Inc   14,314,668 
 3,800   *  Hain Celestial Group, Inc   150,328 
 70,402      Hormel Foods Corp   2,555,593 
 118,265      Kellogg Co   8,599,048 
 192,674      Kraft Heinz Co   17,203,861 
 4,569   *  Landec Corp   57,569 
 6,572      McCormick & Co, Inc   627,955 
 27,407      Mead Johnson Nutrition Co   1,931,097 
 273,023      Mondelez International, Inc   12,089,459 
 29,251   *  Omega Protein Corp   729,813 
 267,146      PepsiCo, Inc   27,724,412 
 3,091   *  Seneca Foods Corp   110,812 
 674   *  TreeHouse Foods, Inc   51,143 
        TOTAL FOOD, BEVERAGE & TOBACCO   125,759,872 
              
HEALTH CARE EQUIPMENT & SERVICES - 4.4%     
 4,035      Abaxis, Inc   205,603 
 4,025   *  Abiomed, Inc   428,139 
 14,457   *  Acadia Healthcare Co, Inc   554,715 
 589      Aceto Corp   11,244 
 7,035   *  Air Methods Corp   251,149 
 32,109   *  Alere, Inc   1,188,033 
 26,921   *  Amedisys, Inc   1,233,520 
 87,979      AmerisourceBergen Corp   7,678,807 
 21,087   *  AMN Healthcare Services, Inc   755,969 
 5,424      Analogic Corp   421,174 
74

TIAA-CREF FUNDS - Social Choice Equity Fund

 

SHARES      COMPANY  VALUE 
              
 15,017   *  Angiodynamics, Inc  $241,699 
 82,164      Anthem, Inc   12,664,759 
 31,724   *  athenahealth, Inc   3,996,907 
 18,911   *  AtriCure, Inc   307,682 
 86,580      Becton Dickinson & Co   15,349,768 
 30,852   *  Brookdale Senior Living, Inc   461,854 
 20,471   *  Capital Senior Living Corp   341,252 
 142,328      Cardinal Health, Inc   10,668,907 
 34,993   *  Centene Corp   2,214,007 
 54,341   *  Cerus Corp   231,493 
 3,151      Chemed Corp   523,350 
 70,208      Cigna Corp   10,265,814 
 8,003   e  Computer Programs & Systems, Inc   180,868 
 4,329   *  Corvel Corp   166,017 
 31,370      Dentsply Sirona, Inc   1,778,679 
 1,590   *  Diplomat Pharmacy, Inc   21,847 
 67,794   *  Edwards Lifesciences Corp   6,524,495 
 16,580   *  Envision Healthcare Corp   1,127,440 
 26,220   *  GenMark Diagnostics, Inc   318,049 
 300   *  Haemonetics Corp   11,958 
 3,802   *  HealthStream, Inc   87,294 
 3,584   *  Henry Schein, Inc   572,938 
 2,640   *  HMS Holdings Corp   47,942 
 43,174   *  Hologic, Inc   1,749,842 
 38,428      Humana, Inc   7,627,958 
 1,539   *  Integer Holding Corp   49,864 
 18,008   *  Laboratory Corp of America Holdings   2,416,854 
 5,385      Landauer, Inc   276,520 
 15,190   *  LHC Group, Inc   761,475 
 21,680   *  LifePoint Hospitals, Inc   1,286,708 
 1,635   *  Magellan Health Services, Inc   122,543 
 9,720   *  Medidata Solutions, Inc   481,529 
 26,417   *  Merit Medical Systems, Inc   670,992 
 18,591   *  Molina Healthcare, Inc   1,054,481 
 11,035   *  NxStage Medical, Inc   296,841 
 25,565   *  Omnicell, Inc   917,783 
 37,310   *  OraSure Technologies, Inc   329,074 
 10,906      Patterson Cos, Inc   453,799 
 21,433   *  PharMerica Corp   531,538 
 1,887   *  Premier, Inc   60,120 
 14,487   *  Providence Service Corp   559,923 
 1,816   *  Quality Systems, Inc   27,258 
 5,122   *  Quidel Corp   97,216 
 25,215      Resmed, Inc   1,703,021 
 14,148   *  Select Medical Holdings Corp   176,143 
 7,472   *  Spectranetics Corp   193,151 
 9,466   *  Staar Surgical Co   93,713 
 8,077   *  Surgical Care Affiliates, Inc   456,350 
 3,870   *  Team Health Holdings, Inc   168,190 
 20,417   *  Tivity Health, Inc   523,696 
 22,393   *  Triple-S Management Corp (Class B)   427,930 
 17,940      Universal American Corp   178,324 
 8,920      US Physical Therapy, Inc   625,738 
75

TIAA-CREF FUNDS - Social Choice Equity Fund

 

SHARES      COMPANY  VALUE 
              
 500   *  Varian Medical Systems, Inc  $38,825 
 12,420   *  Vascular Solutions, Inc   694,899 
 14,899   *  VCA Antech, Inc   1,349,849 
 18,508   *  Vocera Communications, Inc   384,041 
 6,388   *  Wright Medical Group NV   160,850 
        TOTAL HEALTH CARE EQUIPMENT & SERVICES   107,780,410 
              
HOUSEHOLD & PERSONAL PRODUCTS - 2.3%     
 2,378      Clorox Co   285,360 
 199,846      Colgate-Palmolive Co   12,906,055 
 51,678      Estee Lauder Cos (Class A)   4,196,770 
 40,204      Kimberly-Clark Corp   4,869,910 
 8,499      Natural Health Trends Corp   213,155 
 391,531      Procter & Gamble Co   34,298,116 
        TOTAL HOUSEHOLD & PERSONAL PRODUCTS   56,769,366 
              
INSURANCE - 4.0%     
 150,329      Aflac, Inc   10,521,527 
 22,881      Allstate Corp   1,720,880 
 96,956      American International Group, Inc   6,230,393 
 5,145      Arthur J. Gallagher & Co   276,955 
 32,636      Aspen Insurance Holdings Ltd   1,840,670 
 8,868      Axis Capital Holdings Ltd   567,641 
 136,533      Chubb Ltd   17,952,724 
 476      Employers Holdings, Inc   17,350 
 290   *  Enstar Group Ltd   56,159 
 3,280      First American Financial Corp   123,262 
 111,278      Hartford Financial Services Group, Inc   5,420,351 
 400      Kemper Corp   17,280 
 26,627      Loews Corp   1,240,286 
 98,755      Marsh & McLennan Cos, Inc   6,717,315 
 46,413      Principal Financial Group   2,649,718 
 243,434      Progressive Corp   9,114,169 
 156,152      Prudential Financial, Inc   16,413,137 
 200      Reinsurance Group of America, Inc (Class A)   25,094 
 10,711      RenaissanceRe Holdings Ltd   1,460,124 
 13,769      Stewart Information Services Corp   601,430 
 128,444      Travelers Cos, Inc   15,128,134 
        TOTAL INSURANCE   98,094,599 
              
MATERIALS - 3.7%     
 61,203      Air Products & Chemicals, Inc   8,553,731 
 3,402      Albemarle Corp   315,161 
 7,701      Aptargroup, Inc   561,942 
 11,035      Avery Dennison Corp   805,776 
 23,667      Ball Corp   1,804,845 
 791      Bemis Co, Inc   38,538 
 2,310      Carpenter Technology Corp   92,446 
 17,130      Celanese Corp (Series A)   1,445,772 
 31,721   *  Century Aluminum Co   488,503 
 1,826   *  Clearwater Paper Corp   114,855 
 46,693      Commercial Metals Co   953,938 
 4,705      Compass Minerals International, Inc   393,338 
76

TIAA-CREF FUNDS - Social Choice Equity Fund

 

SHARES      COMPANY  VALUE 
              
 14,217      Eastman Chemical Co  $1,101,818 
 122,126      Ecolab, Inc   14,670,996 
 2,950   *  Ferro Corp   41,713 
 12,034   *,e  Flotek Industries, Inc   127,199 
 17,798      H.B. Fuller Co   878,687 
 1,039      Hawkins, Inc   55,742 
 7,648      Innophos Holdings, Inc   371,999 
 3,111      International Flavors & Fragrances, Inc   364,640 
 99,782      International Paper Co   5,647,661 
 510   *  Kraton Polymers LLC   13,699 
 22,260   *  Louisiana-Pacific Corp   425,834 
 81,709      LyondellBasell Industries AF S.C.A   7,620,998 
 14,012      Minerals Technologies, Inc   1,123,062 
 45,313      Mosaic Co   1,421,469 
 420      Neenah Paper, Inc   34,503 
 205,346      Nucor Corp   11,928,549 
 3,500      PolyOne Corp   119,385 
 7,823      PPG Industries, Inc   782,378 
 118,223      Praxair, Inc   14,002,332 
 274      Quaker Chemical Corp   35,209 
 2,337      Reliance Steel & Aluminum Co   186,142 
 55,648      Royal Gold, Inc   4,016,116 
 4,126      Schnitzer Steel Industries, Inc (Class A)   97,580 
 6,530      Sealed Air Corp   316,705 
 15,560      Sherwin-Williams Co   4,727,284 
 28,446   *  Stillwater Mining Co   483,582 
 16,409      Trinseo S.A.   1,062,483 
 13,175   *  US Concrete, Inc   862,963 
 67,182      WestRock Co   3,584,832 
 16,207   *  Worthington Industries, Inc   774,533 
        TOTAL MATERIALS   92,448,938 
              
MEDIA - 3.3%     
 711      Cable One, Inc   449,622 
 57,733   *  Charter Communications, Inc   18,702,605 
 8,053      Cinemark Holdings, Inc   342,252 
 40,660      Clear Channel Outdoor Holdings, Inc (Class A)   201,267 
 146,657   *  Discovery Communications, Inc (Class A)   4,157,726 
 197,556   *  Discovery Communications, Inc (Class C)   5,474,277 
 17,913      Entercom Communications Corp (Class A)   254,365 
 58,359      Entravision Communications Corp (Class A)   315,139 
 3,930   *  Gray Television, Inc   46,570 
 2,205      John Wiley & Sons, Inc (Class A)   121,496 
 58,591      New York Times Co (Class A)   790,978 
 320      Scholastic Corp   14,650 
 7,424      Scripps Networks Interactive (Class A)   565,412 
 23,476      Sinclair Broadcast Group, Inc (Class A)   792,315 
 200,836      Time Warner, Inc   19,450,967 
 280,276      Walt Disney Co   31,012,539 
        TOTAL MEDIA   82,692,180 
              
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.5%     
 24,718   *  Acadia Pharmaceuticals, Inc   854,996 
77

TIAA-CREF FUNDS - Social Choice Equity Fund

 

SHARES      COMPANY  VALUE 
              
 150,551      Agilent Technologies, Inc  $7,372,482 
 56,815   *  Akorn, Inc   1,085,166 
 55,485   *  Alexion Pharmaceuticals, Inc   7,250,780 
 106,134      Amgen, Inc   16,629,075 
 52,762   *  Ariad Pharmaceuticals, Inc   1,256,791 
 31,596   *  Biogen Idec, Inc   8,759,675 
 38,322   *  BioMarin Pharmaceutical, Inc   3,358,157 
 11,927   *  Bluebird Bio, Inc   888,561 
 369,106      Bristol-Myers Squibb Co   18,145,251 
 17,898   *  Cambrex Corp   938,750 
 137,580   *  Celgene Corp   15,979,917 
 22,795   *  Cempra, Inc   71,804 
 51,681   *  Depomed, Inc   934,909 
 203,011      Gilead Sciences, Inc   14,708,147 
 17,165   *,e  Immunomedics, Inc   77,242 
 42,863   *,e  Inovio Pharmaceuticals, Inc   282,896 
 18,561   *  Intersect ENT, Inc   250,574 
 14,045   *  Intra-Cellular Therapies, Inc   202,810 
 13,244   *  Ironwood Pharmaceuticals, Inc   190,449 
 391,480      Johnson & Johnson   44,335,110 
 4,223   *,e  Kite Pharma, Inc   215,246 
 462,847      Merck & Co, Inc   28,691,885 
 870   *  Mettler-Toledo International, Inc   371,168 
 42,183   *,e  MiMedx Group, Inc   340,839 
 65,348   *  Nektar Therapeutics   791,364 
 89,462   *,e  Opko Health, Inc   777,425 
 57,915   *  Prestige Brands Holdings, Inc   3,055,595 
 12,443   *  Prothena Corp plc   609,209 
 9,644   *  Quintiles Transnational Holdings, Inc   756,958 
 47,907   *  Sangamo Biosciences, Inc   167,675 
 6,729   *  Sarepta Therapeutics, Inc   209,003 
 25,577   *  Sucampo Pharmaceuticals, Inc (Class A)   285,184 
 4,821   *  TESARO, Inc   785,052 
 8,756   *  Theravance Biopharma, Inc   262,330 
 99,270      Thermo Fisher Scientific, Inc   15,127,755 
 54,789   *  Vertex Pharmaceuticals, Inc   4,704,731 
 4,374   *  Waters Corp   619,577 
 167,218      Zoetis, Inc   9,186,957 
        TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES   210,531,495 
              
REAL ESTATE - 4.5%     
 11,117   *,e  Altisource Portfolio Solutions S.A.   316,834 
 16,557      American Campus Communities, Inc   805,001 
 143,057      American Tower Corp   14,806,400 
 20,031      AvalonBay Communities, Inc   3,471,573 
 48,024      Boston Properties, Inc   6,286,342 
 9,688      Brixmor Property Group, Inc   233,771 
 55,708   *  CBRE Group, Inc   1,691,295 
 17,160      Coresite Realty   1,477,991 
 138,457      Crown Castle International Corp   12,160,678 
 2,518      Digital Realty Trust, Inc   271,012 
 8,358      Douglas Emmett, Inc   316,267 
 58,576      Duke Realty Corp   1,425,154 
78

TIAA-CREF FUNDS - Social Choice Equity Fund

 

SHARES      COMPANY  VALUE 
              
 19,598      Easterly Government Properties, Inc  $386,081 
 20,981      Equinix, Inc   8,077,265 
 515      Equity One, Inc   16,063 
 73,501      Equity Residential   4,466,656 
 4,464      Essex Property Trust, Inc   1,001,275 
 3,961      Federal Realty Investment Trust   556,243 
 33,420      First Industrial Realty Trust, Inc   863,907 
 1,693      Forest City Realty Trust, Inc   38,329 
 540      Franklin Street Properties Corp   6,885 
 204,267      HCP, Inc   6,193,375 
 74,061      Healthcare Realty Trust, Inc   2,237,383 
 108,968      Host Marriott Corp   1,969,052 
 50,982      Iron Mountain, Inc   1,825,156 
 8      Jones Lang LaSalle, Inc   824 
 266      Kilroy Realty Corp   19,910 
 15,135      Liberty Property Trust   581,033 
 20,078      Macerich Co   1,379,158 
 5,060      Mid-America Apartment Communities, Inc   480,447 
 17,343      NorthStar Realty Europe Corp   208,289 
 540      Piedmont Office Realty Trust, Inc   11,729 
 129,304      Prologis, Inc   6,316,500 
 140      PS Business Parks, Inc   15,686 
 2,009      RMR Group, Inc   96,030 
 12,095      Ryman Hospitality Properties   739,972 
 8,006      Senior Housing Properties Trust   152,514 
 86,232      Simon Property Group, Inc   15,846,855 
 10,081      Tier REIT, Inc   183,575 
 6,263      UDR, Inc   218,892 
 41,994      Ventas, Inc   2,589,770 
 55,605      Vornado Realty Trust   5,911,368 
 297      Washington REIT   9,341 
 75,037      Welltower, Inc   4,974,953 
 14,848      Weyerhaeuser Co   465,188 
        TOTAL REAL ESTATE   111,102,022 
              
RETAILING - 4.2%     
 40,838   *  1-800-FLOWERS.COM, Inc (Class A)   367,542 
 2,432      Aaron’s, Inc   75,246 
 3,737      Advance Auto Parts, Inc   613,765 
 50,729      American Eagle Outfitters, Inc   766,515 
 15,901   *  AutoZone, Inc   11,527,907 
 79,998      Bed Bath & Beyond, Inc   3,227,919 
 53,182      Best Buy Co, Inc   2,367,663 
 21,529      Big 5 Sporting Goods Corp   331,547 
 9,668      Blue Nile, Inc   393,584 
 250   e  Buckle, Inc   5,287 
 16,603   *  Cabela’s, Inc   927,942 
 37,531   *  Carmax, Inc   2,503,693 
 9      Chico’s FAS, Inc   121 
 109,981      Dollar General Corp   8,118,797 
 13,497      DSW, Inc (Class A)   285,597 
 42,985   *  Etsy, Inc   542,041 
 1,820      Finish Line, Inc (Class A)   31,304 
79

TIAA-CREF FUNDS - Social Choice Equity Fund

 

SHARES      COMPANY  VALUE 
              
 5,625      Foot Locker, Inc  $385,537 
 7,586   *  Francesca’s Holdings Corp   132,300 
 26,852   *  FTD Cos, Inc   617,059 
 108,459      Gap, Inc   2,497,811 
 8,830      GNC Holdings, Inc   78,322 
 306,034   *  Groupon, Inc   1,055,817 
 18,815      Haverty Furniture Cos, Inc   410,167 
 19,067      HSN, Inc   672,112 
 15,620      Kirkland’s, Inc   216,806 
 93,965      Kohl’s Corp   3,742,626 
 9,203   *,e  Lands’ End, Inc   141,266 
 7,610   *  LKQ Corp   242,835 
 252,402      Lowe’s Companies, Inc   18,445,538 
 4,455   *  MarineMax, Inc   95,560 
 114,553   *  NetFlix, Inc   16,118,753 
 26,766      Nordstrom, Inc   1,183,593 
 26,034      Nutri/System, Inc   860,424 
 96,086      Office Depot, Inc   427,583 
 11,877   *  Overstock.com, Inc   197,158 
 28,736      PetMed Express, Inc   608,916 
 12,005      Pier 1 Imports, Inc   87,276 
 141,284      Ross Stores, Inc   9,340,285 
 5,448   *  Sally Beauty Holdings, Inc   129,662 
 12,547      Shoe Carnival, Inc   320,827 
 39,901   *  Shutterfly, Inc   2,048,118 
 1,762      Signet Jewelers Ltd   136,855 
 226,633      Staples, Inc   2,085,024 
 23,591      Stein Mart, Inc   86,343 
 6,435      Tiffany & Co   506,563 
 15,754      Tractor Supply Co   1,160,597 
 17,401   *  Ulta Salon Cosmetics & Fragrance, Inc   4,737,944 
 17,585   *  Vitamin Shoppe, Inc   380,715 
 35,425   *,e  Wayfair, Inc   1,472,263 
 7,516      Williams-Sonoma, Inc   362,346 
 860      Winmark Corp   95,245 
        TOTAL RETAILING   103,166,716 
              
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.5%     
 48,054   *  Advanced Micro Devices, Inc   498,320 
 43,692      Analog Devices, Inc   3,274,279 
 358,811      Applied Materials, Inc   12,289,277 
 11,151   *  Cirrus Logic, Inc   672,628 
 24,001   *  Integrated Device Technology, Inc   604,585 
 794,923      Intel Corp   29,269,065 
 8,578      Lam Research Corp   985,269 
 103,772      Nvidia Corp   11,329,827 
 217,373   *  ON Semiconductor Corp   2,895,409 
 43,222      Skyworks Solutions, Inc   3,965,186 
 35,399   *,e  SunPower Corp   235,049 
 260,928      Texas Instruments, Inc   19,710,501 
        TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT   85,729,395 
80

TIAA-CREF FUNDS - Social Choice Equity Fund

 

SHARES      COMPANY  VALUE 
               
SOFTWARE & SERVICES - 13.0%      
 159,690      Accenture plc  $18,183,900 
 25,826   *  Actua Corp   369,312 
 38,046   *  Alphabet, Inc (Class A)   31,204,949 
 38,541   *  Alphabet, Inc (Class C)   30,709,083 
 40,003   *  Angie’s List, Inc   250,819 
 687   *  Aspen Technology, Inc   36,487 
 33,711   *  Autodesk, Inc   2,742,053 
 114,577      Automatic Data Processing, Inc   11,571,131 
 14,362   *  Black Knight Financial Services, Inc   523,495 
 12,432      Blackbaud, Inc   815,664 
 26,141      Booz Allen Hamilton Holding Co   884,089 
 92,122      CA, Inc   2,880,655 
 4,684   *  Cimpress NV   395,283 
 16,964   *  Citrix Systems, Inc   1,546,947 
 229,143   *  Cognizant Technology Solutions Corp (Class A)   12,050,630 
 34,741   *  comScore, Inc   1,165,561 
 11,169      Convergys Corp   277,215 
 18,210      CSG Systems International, Inc   881,364 
 9,622      CSRA, Inc   298,474 
 6,960   *  DHI Group, Inc   39,672 
 17,864   *  Ellie Mae, Inc   1,478,067 
 6,786   *  ExlService Holdings, Inc   311,817 
 96,088   *,e  Glu Mobile, Inc   221,002 
 162,509      International Business Machines Corp   28,361,071 
 55,388      Intuit, Inc   6,567,909 
 42,111      j2 Global, Inc   3,529,323 
 14,246      Jack Henry & Associates, Inc   1,279,006 
 23,371      LogMeIn, Inc   2,526,405 
 15,422   *  Manhattan Associates, Inc   790,532 
 211,555      MasterCard, Inc (Class A)   22,494,643 
 891,461      Microsoft Corp   57,632,954 
 10,078   *  NeuStar, Inc (Class A)   334,590 
 20,573   *  New Relic, Inc   744,743 
 578,386      Oracle Corp   23,199,062 
 29,033   *  Perficient, Inc   514,755 
 27,258   *  Qualys, Inc   978,562 
 80,699   *  Quotient Technology, Inc   859,444 
 33,009   *  RetailMeNot, Inc   298,731 
 24,564   *  RingCentral, Inc   573,569 
 207,668   *  salesforce.com, Inc   16,426,539 
 72,051   *  ServiceSource International LLC   381,870 
 14,735   *  SPS Commerce, Inc   1,016,715 
 24,141   *  Sykes Enterprises, Inc   674,258 
 167,300      Symantec Corp   4,609,115 
 3,876      Syntel, Inc   81,629 
 6,951   *  Tangoe, Inc   50,603 
 8,168   *  Teradata Corp   239,812 
 2,916   *  TiVo Corp   55,112 
 16,783   *  Tyler Technologies, Inc   2,450,654 
 9,913   *  Ultimate Software Group, Inc   1,919,752 
 4,890   *,e  Unisys Corp   62,836 
 5,290   *  Vasco Data Security International   80,408 
 38,231   *  Website Pros, Inc   724,477 
81

TIAA-CREF FUNDS - Social Choice Equity Fund

 

SHARES      COMPANY  VALUE 
           
 55,836   *  Workday, Inc  $4,639,413 
 800,820      Xerox Corp   5,549,683 
 299,285   *  Yahoo!, Inc   13,189,490 
        TOTAL SOFTWARE & SERVICES   321,675,334 
               
TECHNOLOGY HARDWARE & EQUIPMENT - 3.0%     
 1,610      Adtran, Inc   35,259 
 11,247   *  Arista Networks, Inc   1,057,218 
 4,709      Badger Meter, Inc   181,532 
 1,070      Belden CDT, Inc   81,823 
 34,101   *  Benchmark Electronics, Inc   1,043,490 
 7,451   *  Calix, Inc   53,647 
 887,467      Cisco Systems, Inc   27,262,986 
 11,404      Cognex Corp   770,454 
 5,078   *  Coherent, Inc   800,953 
 165,265      Corning, Inc   4,377,870 
 37,033   *  Cray, Inc   635,116 
 6,785      Daktronics, Inc   68,936 
 30,626      Dolby Laboratories, Inc (Class A)   1,467,292 
 19,747   *  Fabrinet   831,941 
 3,097   *  FARO Technologies, Inc   114,899 
 40,091   *  Finisar Corp   1,185,491 
 335,493      Hewlett Packard Enterprise Co   7,608,981 
 537,408      HP, Inc   8,087,990 
 2,970   *  Insight Enterprises, Inc   110,276 
 182      InterDigital, Inc   16,999 
 11,694   *  IPG Photonics Corp   1,344,693 
 10,490   *  Itron, Inc   647,233 
 50,449      Jabil Circuit, Inc   1,209,767 
 15,930   *  Keysight Technologies, Inc   590,525 
 17,293   *  Kimball Electronics, Inc   295,710 
 4,387      Littelfuse, Inc   691,874 
 6,814      Methode Electronics, Inc   286,529 
 75,484      Motorola, Inc   6,092,314 
 417      National Instruments Corp   13,102 
 12,061   *  Netgear, Inc   686,271 
 12,047   *  Novanta, Inc   269,250 
 500   *  OSI Systems, Inc   37,335 
 281   *  Plexus Corp   15,258 
 5,513   *  Rogers Corp   440,764 
 9,844   *  Sanmina Corp   383,424 
 15,473   *  Scansource, Inc   611,957 
 27,291   *  Sonus Networks, Inc   174,116 
 22,364   *  Super Micro Computer, Inc   591,528 
 8,554      SYNNEX Corp   1,028,020 
 11,298   *  Tech Data Corp   966,657 
 25,198   *  Trimble Navigation Ltd   746,365 
 33,337   *  TTM Technologies, Inc   494,388 
 12,928   *  Universal Display Corp   853,248 
        TOTAL TECHNOLOGY HARDWARE & EQUIPMENT   74,263,481 
      
TELECOMMUNICATION SERVICES - 2.1%     
 35,353   *  Boingo Wireless, Inc   413,630 
82

TIAA-CREF FUNDS - Social Choice Equity Fund

 

SHARES      COMPANY  VALUE 
               
 345,880      CenturyTel, Inc  $8,944,457 
 2,650      Consolidated Communications Holdings, Inc   69,721 
 3,579   *  Fairpoint Communications, Inc   66,212 
 45,187   e  Frontier Communications Corp   157,703 
 16,965   *  General Communication, Inc (Class A)   341,336 
 3,026      IDT Corp (Class B)   58,099 
 67,259   *,e  Iridium Communications, Inc   679,316 
 34,387   *  Level 3 Communications, Inc   2,044,651 
 7,156   *  Lumos Networks Corp   110,703 
 3,542   *  SBA Communications Corp   372,831 
 564,003   *  Sprint Corp   5,205,748 
 668,820      Verizon Communications, Inc   32,778,868 
        TOTAL TELECOMMUNICATION SERVICES   51,243,275 
               
TRANSPORTATION - 2.8%        
 158      Allegiant Travel Co   27,176 
 310      Arkansas Best Corp   9,796 
 30,615   *  Avis Budget Group, Inc   1,139,490 
 490      CH Robinson Worldwide, Inc   37,270 
 197,780      CSX Corp   9,175,014 
 152,360      Delta Air Lines, Inc   7,197,486 
 4,220   *  Echo Global Logistics, Inc   100,225 
 8      Expeditors International of Washington, Inc   417 
 200   *  Hertz Global Holdings, Inc   4,194 
 180      Landstar System, Inc   15,228 
 61,462      Norfolk Southern Corp   7,219,327 
 9      Ryder System, Inc   698 
 179,530      Southwest Airlines Co   9,391,214 
 151,075      Union Pacific Corp   16,101,573 
 172,928      United Parcel Service, Inc (Class B)   18,871,633 
 33,910   *  Wesco Aircraft Holdings, Inc   513,737 
        TOTAL TRANSPORTATION   69,804,478 
      
UTILITIES - 3.3%     
 12,632      American Water Works Co, Inc   927,694 
 91,114      Centerpoint Energy, Inc   2,388,098 
 180,018      Consolidated Edison, Inc   13,384,338 
 134,463      Dominion Resources, Inc   10,256,838 
 25,001      Edison International   1,822,073 
 147,546      Eversource Energy   8,162,245 
 13,718      New Jersey Resources Corp   517,169 
 820      Northwest Natural Gas Co   48,298 
 290      Ormat Technologies, Inc   15,573 
 8,480      Pinnacle West Capital Corp   658,302 
 43,640      Public Service Enterprise Group, Inc   1,931,070 
 97,254      Sempra Energy   9,957,837 
 37,448      South Jersey Industries, Inc   1,235,784 
 275,957      Southern Co   13,640,554 
 143,732      WEC Energy Group, Inc   8,487,375 
 14,518      WGL Holdings, Inc   1,189,605 
 161,548      Xcel Energy, Inc   6,675,163 
        TOTAL UTILITIES   81,298,016 
              
        TOTAL COMMON STOCKS   2,463,749,448 
        (Cost $1,734,815,961)     
83

TIAA-CREF FUNDS - Social Choice Equity Fund

 

PRINCIPAL     ISSUER  RATE  MATURITY
DATE		  VALUE  
             
SHORT-TERM INVESTMENTS - 0.7%            
GOVERNMENT AGENCY DEBT - 0.3%            
$7,100,000     Federal Home Loan Bank (FHLB)   0.450%  02/01/17  $7,100,000 
       TOTAL GOVERNMENT AGENCY DEBT           7,100,000 
                     
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 0.4%        
TREASURY DEBT - 0.4%            
 10,000,000  c  United States Treasury Bill 0.465-0.506    02/09/17   9,998,921 
       TOTAL TREASURY DEBT           9,998,921 
          TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED             9,998,921 
          
       TOTAL SHORT-TERM INVESTMENTS           17,098,921 
       (Cost $17,098,921)             
       TOTAL INVESTMENTS - 100.5%           2,480,848,369 
       (Cost $1,751,914,882)             
       OTHER ASSETS & LIABILITIES, NET - (0.5)%           (11,848,188)
       NET ASSETS - 100.0%          $2,469,000,181 
       
       
    Abbreviation(s):
  REIT   Real Estate Investment Trust
     
 * Non-income producing
c Investments made with cash collateral received from securities on loan.
e   All or a portion of these securities are out on loan. The aggregate value of securities on loan is $17,483,848.
m   Indicates a security that has been deemed illiquid.
84

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

 

TIAA-CREF FUNDS

SOCIAL CHOICE LOW CARBON EQUITY FUND

SCHEDULE OF INVESTMENTS (unaudited)

January 31, 2017

 

SHARES      COMPANY  VALUE 
      
COMMON STOCKS - 100.3%     
              
AUTOMOBILES & COMPONENTS - 1.2%     
 30,922      Ford Motor Co  $382,196 
 1,178   *  Tesla Motors, Inc   296,773 
        TOTAL AUTOMOBILES & COMPONENTS   678,969 
BANKS - 6.0%     
 148      Arrow Financial Corp   5,224 
 858      Astoria Financial Corp   16,225 
 572      Bank Mutual Corp   5,463 
 189      Banner Corp   10,607 
 8,023      BB&T Corp   370,582 
 374      Berkshire Hills Bancorp, Inc   13,240 
 233      Bryn Mawr Bank Corp   9,332 
 183      Camden National Corp   7,591 
 647      Centerstate Banks of Florida, Inc   15,780 
 2,176      CIT Group, Inc   89,629 
 7,703      Citizens Financial Group, Inc   278,617 
 470      CoBiz, Inc   8,234 
 2,235      Comerica, Inc   150,930 
 296   *  Customers Bancorp, Inc   10,200 
 129      Federal Agricultural Mortgage Corp (Class C)   7,180 
 456      Fifth Third Bancorp   11,902 
 227      First Bancorp (NC)   6,644 
 379      First Commonwealth Financial Corp   5,351 
 122      First Financial Corp   5,899 
 282      First Republic Bank   26,601 
 31      Hanmi Financial Corp   1,028 
 307   *  HomeStreet, Inc   8,043 
 236   *  HomeTrust Bancshares, Inc   5,841 
 7,910      Keycorp   142,143 
 483      Lakeland Bancorp, Inc   8,960 
 611      LegacyTexas Financial Group, Inc   25,247 
 262      Live Oak Bancshares, Inc   5,358 
 2,161      M&T Bank Corp   351,314 
 940   *  MGIC Investment Corp   10,011 
 367      National Bank Holdings Corp   11,927 
 7,146      New York Community Bancorp, Inc   108,548 
 511      Northfield Bancorp, Inc   9,224 
 596      OFG Bancorp   7,897 
 230      Opus Bank   4,680 
 1,724      PacWest Bancorp   95,510 
 215      Peoples Bancorp, Inc   6,676 
 742   *  PHH Corp   10,818 
 3,620      PNC Financial Services Group, Inc   436,065 
 1,386      Popular, Inc   61,580 
85

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

 

SHARES      COMPANY  VALUE 
              
 18,523      Regions Financial Corp  $266,916 
 288      Southside Bancshares, Inc   9,838 
 752   *  SVB Financial Group   129,517 
 589   *  Texas Capital Bancshares, Inc   48,592 
 706      TFS Financial Corp   12,348 
 630   *  The Bancorp, Inc   3,774 
 283      Trico Bancshares   10,434 
 262   *  Tristate Capital Holdings, Inc   5,816 
 47      Union Bankshares Corp   1,728 
 609      United Financial Bancorp, Inc (New)   10,992 
 9,496      US Bancorp   499,964 
 337   *  Walter Investment Management Corp   1,281 
 2,925      Zions Bancorporation   123,406 
        TOTAL BANKS   3,490,707 
              
CAPITAL GOODS - 9.5%     
 3,089      3M Co   540,019 
 490      Acuity Brands, Inc   101,543 
 107      AGCO Corp   6,720 
 1,376      Air Lease Corp   50,059 
 1,675      Ametek, Inc   85,593 
 185      Argan, Inc   13,644 
 1,484      BE Aerospace, Inc   91,221 
 1,123   *  Builders FirstSource, Inc   12,083 
 895      Carlisle Cos, Inc   97,653 
 4,357      Caterpillar, Inc   416,791 
 402   *  Chart Industries, Inc   15,594 
 1,566      Chicago Bridge & Iron Co NV   52,007 
 1,022      Cummins, Inc   150,244 
 5,065      Danaher Corp   425,055 
 3,460      Deere & Co   370,393 
 846   *  DigitalGlobe, Inc   23,730 
 93      Dover Corp   7,231 
 179   *  DXP Enterprises, Inc   6,770 
 5,193      Eaton Corp   367,561 
 522      EMCOR Group, Inc   36,378 
 409   *  Esterline Technologies Corp   35,031 
 517      Granite Construction, Inc   29,019 
 407      H&E Equipment Services, Inc   10,525 
 1,318      Hexcel Corp   67,679 
 2,981      Illinois Tool Works, Inc   379,183 
 1,078      Ingersoll-Rand plc   85,539 
 8,818      Johnson Controls International plc   387,816 
 361      Kaman Corp   18,241 
 984      Kennametal, Inc   35,168 
 406   *  KEYW Holding Corp   4,064 
 3,400      Masco Corp   112,030 
 1,185   *  Meritor, Inc   17,100 
 227   *  MYR Group, Inc   8,733 
 668   *  Navistar International Corp   18,216 
 1,533   *  NOW, Inc   32,592 
 1,726      Owens Corning, Inc   95,362 
 1,089      Parker Hannifin Corp   160,225 
86

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

 

SHARES      COMPANY  VALUE 
              
 735      Pentair plc  $43,093 
 2,566   *  Plug Power, Inc   2,720 
 2,189   *  Quanta Services, Inc   78,563 
 1,880      Rockwell Collins, Inc   170,629 
 1,325      Roper Industries, Inc   254,201 
 417      Snap-On, Inc   75,698 
 245   *  Titan Machinery, Inc   3,383 
 745      TransDigm Group, Inc   161,218 
 546      Triton International Ltd   13,290 
 1,283   *  United Rentals, Inc   162,312 
 107   *  Veritiv Corp   5,997 
 357      W.W. Grainger, Inc   90,167 
 928      Wabash National Corp   16,379 
 14      Woodward Governor Co   975 
 1,197      Xylem, Inc   59,024 
        TOTAL CAPITAL GOODS   5,504,461 
              
COMMERCIAL & PROFESSIONAL SERVICES - 0.3%     
 590   *  Advisory Board Co   26,845 
 1,145   *  Copart, Inc   64,967 
 260      Heidrick & Struggles International, Inc   5,811 
 81      Insperity, Inc   5,792 
 7      Kforce, Inc   161 
 1,550   *,m  Media General, Inc   0 
 711   *  RPX Corp   7,722 
 903      RR Donnelley & Sons Co   15,487 
 236   *  SP Plus Corp   6,537 
 259   *  Team, Inc   8,702 
 367   *  TrueBlue, Inc   9,083 
        TOTAL COMMERCIAL & PROFESSIONAL SERVICES   151,107 
              
CONSUMER DURABLES & APPAREL - 0.9%     
 914      CalAtlantic Group, Inc   31,871 
 5      Hasbro, Inc   413 
 546   *  Kate Spade & Co   10,106 
 8,696      Nike, Inc (Class B)   460,018 
 449   *  Under Armour, Inc   8,630 
 36   *  Under Armour, Inc (Class A)   774 
 74      Weyco Group, Inc   2,085 
        TOTAL CONSUMER DURABLES & APPAREL   513,897 
              
CONSUMER SERVICES - 2.3%     
 214   *  American Public Education, Inc   5,200 
 176   *  Bright Horizons Family Solutions   12,471 
 195      Carriage Services, Inc   5,060 
 1,219      Hilton Worldwide Holdings, Inc   70,190 
 203   *  Intrawest Resorts Holdings Inc   4,184 
 586   *  LifeLock, Inc   14,041 
 3,920      McDonald’s Corp   480,474 
 1,477      Royal Caribbean Cruises Ltd   138,292 
 1,938   *  ServiceMaster Global Holdings, Inc   71,667 
 26      Six Flags Entertainment Corp   1,549 
 626   *  Sotheby’s (Class A)   24,858 

87

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

 

SHARES      COMPANY  VALUE 
              
 7,211      Starbucks Corp  $398,192 
 555      Vail Resorts, Inc   95,205 
        TOTAL CONSUMER SERVICES   1,321,383 
              
DIVERSIFIED FINANCIALS - 5.4%     
 1,899      Ally Financial, Inc   40,107 
 5,705      American Express Co   435,748 
 523      Ameriprise Financial, Inc   58,717 
 10,129      Annaly Capital Management, Inc   103,518 
 8,582      Bank of New York Mellon Corp   383,873 
 653      BlackRock, Inc   244,209 
 8,814      Charles Schwab Corp   363,489 
 2,695      Chimera Investment Corp   47,513 
 3,004      CME Group, Inc   363,724 
 2,046      CYS Investments, Inc   15,488 
 3,787      Discover Financial Services   262,363 
 520      Dynex Capital, Inc   3,474 
 309   *  Encore Capital Group, Inc   9,564 
 6,441      IntercontinentalExchange Group, Inc   375,897 
 33      Invesco Ltd   954 
 364   *  iStar Financial, Inc   4,084 
 1,364      Legg Mason, Inc   43,225 
 189      LPL Financial Holdings, Inc   7,428 
 61      Nelnet, Inc (Class A)   2,991 
 339   *  NewStar Financial, Inc   3,010 
 643   *  On Deck Capital, Inc   3,234 
 278   *  Pico Holdings, Inc   3,961 
 386      Resource Capital Corp   3,173 
 575      S&P Global, Inc   69,104 
 2,918      State Street Corp   222,352 
 916      Voya Financial, Inc   36,842 
 1,629      WisdomTree Investments, Inc   16,779 
        TOTAL DIVERSIFIED FINANCIALS   3,124,821 
              
ENERGY - 3.9%     
 316      Alon USA Energy, Inc   3,558 
 989      Archrock, Inc   14,439 
 786   *  Atwood Oceanics, Inc   9,558 
 5,760      Baker Hughes, Inc   363,341 
 422      Bristow Group, Inc   7,453 
 238   *  CARBO Ceramics, Inc   3,380 
 3,032   *  Cheniere Energy, Inc   144,475 
 1,242   *  Clean Energy Fuels Corp   3,217 
 859      Delek US Holdings, Inc   19,242 
 541   *  Dril-Quip, Inc   33,650 
 421   *  Exterran Corp   13,059 
 1,302   *  Fairmount Santrol Holdings, Inc   16,301 
 848   *  Forum Energy Technologies, Inc   18,402 
 419      Frank’s International NV   4,961 
 540      Green Plains Renewable Energy, Inc   12,150 
 1,511   *  Helix Energy Solutions Group, Inc   12,813 
 368   *  Matrix Service Co   8,243 
 3,345   *  McDermott International, Inc   27,094 
88

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

 

SHARES      COMPANY  VALUE 
              
 5,711      National Oilwell Varco, Inc  $215,933 
 175   *  Natural Gas Services Group, Inc   5,022 
 1,020   *  Newpark Resources, Inc   7,701 
 1,445      Oceaneering International, Inc   40,243 
 721   *  Oil States International, Inc   28,479 
 3,161      Oneok, Inc   174,203 
 1,483   *  Parker Drilling Co   3,782 
 1,456      PBF Energy, Inc   33,765 
 148   *  PHI, Inc   2,346 
 615   *  Renewable Energy Group, Inc   5,350 
 108   *  RigNet, Inc   2,133 
 1,897   *  Rowan Cos plc   33,994 
 829      RPC, Inc   17,840 
 6,865      Schlumberger Ltd   574,669 
 226   *  SEACOR Holdings, Inc   16,627 
 653      Tesco Corp   5,616 
 1,794      Tesoro Corp   145,045 
 1,283   *  Tetra Technologies, Inc   6,364 
 1,057      US Silica Holdings Inc   62,511 
 13,983   *  Weatherford International Ltd   72,851 
 1,167      Western Refining, Inc   40,857 
 1,009      World Fuel Services Corp   44,880 
        TOTAL ENERGY   2,255,547 
              
FOOD & STAPLES RETAILING - 0.6%     
 584      Casey’s General Stores, Inc   67,101 
 280   *  Chefs’ Warehouse Holdings, Inc   4,676 
 281      Pricesmart, Inc   23,801 
 496      Spartan Stores, Inc   18,778 
 2,034   *  Sprouts Farmers Market, Inc   37,975 
 723   *  United Natural Foods, Inc   33,041 
 129      Weis Markets, Inc   7,668 
 4,844      Whole Foods Market, Inc   146,386 
        TOTAL FOOD & STAPLES RETAILING   339,426 
      
FOOD, BEVERAGE & TOBACCO - 5.4%     
 2,018      Bunge Ltd   139,666 
 16,514      Coca-Cola Co   686,487 
 144   *  Darling International, Inc   1,728 
 2,818      Dr Pepper Snapple Group, Inc   257,001 
 309   *  Freshpet, Inc   3,445 
 5,138      General Mills, Inc   321,022 
 3,619      Hormel Foods Corp   131,370 
 401      Kellogg Co   29,157 
 4,741      Kraft Heinz Co   423,324 
 351   *  Landec Corp   4,423 
 10,173      Mondelez International, Inc   450,460 
 6,304      PepsiCo, Inc   654,229 
 81   *  Seneca Foods Corp   2,904 
        TOTAL FOOD, BEVERAGE & TOBACCO   3,105,216 
              
HEALTH CARE EQUIPMENT & SERVICES - 4.6%     
 161   *  Abiomed, Inc   17,126 
89

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

 

SHARES      COMPANY  VALUE 
              
 1,028   *  Acadia Healthcare Co, Inc  $39,444 
 407      Aceto Corp   7,770 
 480   *  Air Methods Corp   17,136 
 1,307   *  Alere, Inc   48,359 
 42   *  Amedisys, Inc   1,924 
 2,421      AmerisourceBergen Corp   211,305 
 43   *  AMN Healthcare Services, Inc   1,542 
 332   *  Angiodynamics, Inc   5,344 
 1,178      Anthem, Inc   181,577 
 556   *  athenahealth, Inc   70,050 
 2,206      Becton Dickinson & Co   391,102 
 2,635   *  Brookdale Senior Living, Inc   39,446 
 3,658      Cardinal Health, Inc   274,204 
 2,330      Cigna Corp   340,693 
 162      Computer Programs & Systems, Inc   3,661 
 423   *  Cross Country Healthcare, Inc   6,121 
 1,654      Dentsply Sirona, Inc   93,782 
 641   *  Diplomat Pharmacy, Inc   8,807 
 2,695   *  Edwards Lifesciences Corp   259,367 
 1,667   *  Envision Healthcare Corp   113,356 
 570   *  GenMark Diagnostics, Inc   6,914 
 295      Healthsouth Corp   11,452 
 63   *  Henry Schein, Inc   10,071 
 3,700   *  Hologic, Inc   149,961 
 907      Humana, Inc   180,039 
 438   *  Integer Holding Corp   14,191 
 1,097      Kindred Healthcare, Inc   7,295 
 142   *  Laboratory Corp of America Holdings   19,058 
 198   *  LHC Group, Inc   9,926 
 528   *  LifePoint Hospitals, Inc   31,337 
 20   *  Merit Medical Systems, Inc   508 
 479   *  Omnicell, Inc   17,196 
 765   *  OraSure Technologies, Inc   6,747 
 373   *  PharMerica Corp   9,250 
 171   *  Providence Service Corp   6,609 
 118   *  Quality Systems, Inc   1,771 
 351   *  Quidel Corp   6,662 
 241   *  Staar Surgical Co   2,386 
 982   *  Team Health Holdings, Inc   42,678 
 294   *  Teladoc, Inc   5,880 
 335   *  Vocera Communications, Inc   6,951 
        TOTAL HEALTH CARE EQUIPMENT & SERVICES   2,678,998 
              
HOUSEHOLD & PERSONAL PRODUCTS - 2.2%     
 14      Clorox Co   1,680 
 3,629      Colgate-Palmolive Co   234,361 
 1,501      Kimberly-Clark Corp   181,816 
 96      Natural Health Trends Corp   2,407 
 9,588      Procter & Gamble Co   839,909 
        TOTAL HOUSEHOLD & PERSONAL PRODUCTS   1,260,173 
              
INSURANCE - 4.5%     
 1,192      Aflac, Inc   83,428 
90

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

 

SHARES      COMPANY  VALUE 
              
 4,772      Allstate Corp  $358,902 
 4,965      American International Group, Inc   319,051 
 3,316      Chubb Ltd   436,021 
 7,375   *  Genworth Financial, Inc (Class A)   24,780 
 1,597      Hartford Financial Services Group, Inc   77,790 
 4,073      Loews Corp   189,720 
 4,501      Marsh & McLennan Cos, Inc   306,158 
 2,863      Progressive Corp   107,191 
 3,389      Prudential Financial, Inc   356,218 
 2,782      Travelers Cos, Inc   327,664 
        TOTAL INSURANCE   2,586,923 
              
MATERIALS - 3.6%     
 1,625      Albemarle Corp   150,540 
 2,356   *  Axalta Coating Systems Ltd   68,324 
 1,313      Ball Corp   100,129 
 554   *  Boise Cascade Co   13,739 
 1,276      Celanese Corp (Series A)   107,694 
 502      Compass Minerals International, Inc   41,967 
 2,246      Eastman Chemical Co   174,065 
 3,011      Ecolab, Inc   361,711 
 697   *  Flotek Industries, Inc   7,367 
 962   *  GCP Applied Technologies, Inc   25,926 
 712      H.B. Fuller Co   35,151 
 138      Hawkins, Inc   7,404 
 264      International Flavors & Fragrances, Inc   30,943 
 708      International Paper Co   40,073 
 275      Materion Corp   10,808 
 488      Minerals Technologies, Inc   39,113 
 5,261      Mosaic Co   165,038 
 211      Myers Industries, Inc   2,912 
 958      PPG Industries, Inc   95,810 
 988      Royal Gold, Inc   71,304 
 361      Schnitzer Steel Industries, Inc (Class A)   8,538 
 2,410      Sealed Air Corp   116,885 
 992      Sherwin-Williams Co   301,380 
 1,808   *  Stillwater Mining Co   30,736 
 430      Trinseo S.A.   27,842 
 727      WestRock Co   38,793 
 621   *  Worthington Industries, Inc   29,678 
        TOTAL MATERIALS   2,103,870 
              
MEDIA - 3.3%     
 1,382   *  Charter Communications, Inc   447,699 
 506      Clear Channel Outdoor Holdings, Inc (Class A)   2,505 
 2,173   *  Discovery Communications, Inc (Class A)   61,605 
 2,724   *  Discovery Communications, Inc (Class C)   75,482 
 1,647      Gannett Co, Inc   15,844 
 857   *  Gray Television, Inc   10,155 
 1,179      Scripps Networks Interactive (Class A)   89,793 
 4,960      Time Warner, Inc   480,376 
 6,636      Walt Disney Co   734,273 
        TOTAL MEDIA   1,917,732 
91

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

 

SHARES      COMPANY  VALUE 
              
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.4%     
 1,169   *  Akorn, Inc  $22,328 
 930   *  Alexion Pharmaceuticals, Inc   121,532 
 2,718      Amgen, Inc   425,856 
 399   *  Biogen Idec, Inc   110,619 
 187   *  Bluebird Bio, Inc   13,931 
 10,032      Bristol-Myers Squibb Co   493,173 
 4,431   *  Celgene Corp   514,661 
 1,218   *  Celldex Therapeutics, Inc   3,971 
 573   *  Cempra, Inc   1,805 
 845   *  Depomed, Inc   15,286 
 6,701      Gilead Sciences, Inc   485,487 
 596   *  Inovio Pharmaceuticals, Inc   3,934 
 350   *  Intersect ENT, Inc   4,725 
 435   *  Intra-Cellular Therapies, Inc   6,281 
 9,254      Johnson & Johnson   1,048,016 
 11,496      Merck & Co, Inc   712,637 
 1,839   *  Nektar Therapeutics   22,270 
 181   *  Prothena Corp plc   8,862 
 241   *  Revance Therapeutics, Inc   4,820 
 907   *  Sangamo Biosciences, Inc   3,174 
 168   *  Spark Therapeutics, Inc   10,594 
 224   *  Sucampo Pharmaceuticals, Inc (Class A)   2,498 
 2,452      Thermo Fisher Scientific, Inc   373,660 
 457   *  Ultragenyx Pharmaceutical, Inc   34,280 
 278   *  Vertex Pharmaceuticals, Inc   23,872 
 6,480      Zoetis, Inc   356,011 
        TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES   4,824,283 
              
REAL ESTATE - 4.6%     
 164   *  Altisource Portfolio Solutions S.A.   4,674 
 3,827      American Tower Corp   396,094 
 446      AvalonBay Communities, Inc   77,296 
 3,125      Crown Castle International Corp   274,469 
 519      Equinix, Inc   199,805 
 3,251      Equity Residential   197,563 
 502      HCP, Inc   15,221 
 1,014      Kennedy-Wilson Holdings, Inc   20,736 
 292      Mid-America Apartment Communities, Inc   27,725 
 5,690      Prologis, Inc   277,957 
 3,385      Senior Housing Properties Trust   64,484 
 2,344      Simon Property Group, Inc   430,757 
 1,831      UDR, Inc   63,993 
 4,600      Ventas, Inc   283,682 
 4,942      Welltower, Inc   327,655 
        TOTAL REAL ESTATE   2,662,111 
              
RETAILING - 4.2%     
 304   *  1-800-FLOWERS.COM, Inc (Class A)   2,736 
 430   *  AutoZone, Inc   311,741 
 2,413      Best Buy Co, Inc   107,427 
 246      Big 5 Sporting Goods Corp   3,788 
92

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

 

SHARES      COMPANY  VALUE 
              
 139      Blue Nile, Inc  $5,659 
 756   *  Cabela’s, Inc   42,253 
 160   *  Carmax, Inc   10,674 
 4,157      Dollar General Corp   306,870 
 1,569   *  Etsy, Inc   19,785 
 241   *  FTD Cos, Inc   5,538 
 989      GNC Holdings, Inc   8,772 
 5,452   *  Groupon, Inc   18,809 
 275      Haverty Furniture Cos, Inc   5,995 
 424      HSN, Inc   14,946 
 207      Kirkland’s, Inc   2,873 
 2,693      Kohl’s Corp   107,262 
 142   *  Lands’ End, Inc   2,180 
 6,156      Lowe’s Companies, Inc   449,881 
 307   *  MarineMax, Inc   6,585 
 3,078   *  NetFlix, Inc   433,105 
 389      Nutri/System, Inc   12,856 
 7,619      Office Depot, Inc   33,904 
 146   *  Overstock.com, Inc   2,424 
 296      PetMed Express, Inc   6,272 
 1,100      Pier 1 Imports, Inc   7,997 
 3,081      Ross Stores, Inc   203,685 
 493   *  Shutterfly, Inc   25,306 
 9,205      Staples, Inc   84,686 
 413      Stein Mart, Inc   1,512 
 427   *  Ulta Salon Cosmetics & Fragrance, Inc   116,264 
 476   *  Wayfair, Inc   19,783 
 1,271      Williams-Sonoma, Inc   61,275 
 32      Winmark Corp   3,544 
        TOTAL RETAILING   2,446,387 
              
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.4%     
 3,245   *  Advanced Micro Devices, Inc   33,651 
 9,993      Applied Materials, Inc   342,260 
 67      Brooks Automation, Inc   1,167 
 19,282      Intel Corp   709,963 
 3,745      Nvidia Corp   408,879 
 519      Skyworks Solutions, Inc   47,613 
 756   *  SunPower Corp   5,020 
 5,513      Texas Instruments, Inc   416,452 
        TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT   1,965,005 
SOFTWARE & SERVICES - 13.3%     
 4,052      Accenture plc   461,401 
 892   *  Alphabet, Inc (Class A)   731,610 
 905   *  Alphabet, Inc (Class C)   721,095 
 565   *  Angie’s List, Inc   3,542 
 3,943      Automatic Data Processing, Inc   398,204 
 312   *  Black Knight Financial Services, Inc   11,372 
 1,624      Booz Allen Hamilton Holding Co   54,924 
 428   *  Cimpress NV   36,119 
 6,878   *  Cognizant Technology Solutions Corp (Class A)   361,714 
 665   *  comScore, Inc   22,311 
93

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

 

SHARES      COMPANY  VALUE 
              
 263      Convergys Corp  $6,528 
 732      CSRA, Inc   22,707 
 634   *  DHI Group, Inc   3,614 
 304   *  Euronet Worldwide, Inc   21,742 
 1,463   *  Glu Mobile, Inc   3,365 
 3,795      International Business Machines Corp   662,303 
 1,754      Intuit, Inc   207,989 
 669      j2 Global, Inc   56,069 
 599      Jack Henry & Associates, Inc   53,778 
 348      LogMeIn, Inc   37,619 
 4,987      MasterCard, Inc (Class A)   530,268 
 22,925      Microsoft Corp   1,482,101 
 658   *  NeuStar, Inc (Class A)   21,845 
 294   *  New Relic, Inc   10,643 
 14,474      Oracle Corp   580,552 
 431   *  Perficient, Inc   7,642 
 898   *  Quotient Technology, Inc   9,564 
 540   *  RetailMeNot, Inc   4,887 
 5,266   *  salesforce.com, Inc   416,541 
 867   *  ServiceSource International LLC   4,595 
 217   *  SPS Commerce, Inc   14,973 
 1,396      Symantec Corp   38,460 
 351   *  Tangoe, Inc   2,555 
 1,301   *  Teradata Corp   38,197 
 323   *  TiVo Corp   6,105 
 533   *  Website Pros, Inc   10,100 
 1,495   *  Workday, Inc   124,219 
 14,534      Xerox Corp   100,721 
 8,717   *  Yahoo!, Inc   384,158 
        TOTAL SOFTWARE & SERVICES   7,666,132 
              
TECHNOLOGY HARDWARE & EQUIPMENT - 4.2%     
 420   *  Anixter International, Inc   35,910 
 246      Badger Meter, Inc   9,483 
 595      Belden CDT, Inc   45,500 
 665   *  Benchmark Electronics, Inc   20,349 
 21,260      Cisco Systems, Inc   653,107 
 638      Cognex Corp   43,103 
 313   *  Coherent, Inc   49,369 
 292      Comtech Telecommunications Corp   3,133 
 12,416      Corning, Inc   328,900 
 564   *  Cray, Inc   9,673 
 425      CTS Corp   9,137 
 346      Daktronics, Inc   3,515 
 770      Dolby Laboratories, Inc (Class A)   36,891 
 468   *  Fabrinet   19,717 
 198   *  FARO Technologies, Inc   7,346 
 13,776      Hewlett Packard Enterprise Co   312,440 
 18,895      HP, Inc   284,370 
 189   *  Insight Enterprises, Inc   7,018 
 334   *  IPG Photonics Corp   38,407 
 454   *  Itron, Inc   28,012 
 2,712      Jabil Circuit, Inc   65,034 
94

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

 

SHARES      COMPANY  VALUE 
              
 1,801   *  Keysight Technologies, Inc  $66,763 
 424   *  Kimball Electronics, Inc   7,250 
 46      Littelfuse, Inc   7,255 
 394      Methode Electronics, Inc   16,568 
 1,390      Motorola, Inc   112,187 
 378   *  Novanta, Inc   8,448 
 241   *  Rogers Corp   19,268 
 360   *  Scansource, Inc   14,238 
 644   *  Sonus Networks, Inc   4,109 
 485   *  Super Micro Computer, Inc   12,828 
 393      SYNNEX Corp   47,231 
 497   *  Tech Data Corp   42,523 
 1,002   *  Trimble Navigation Ltd   29,679 
 962   *  TTM Technologies, Inc   14,266 
 594   *  Universal Display Corp   39,204 
        TOTAL TECHNOLOGY HARDWARE & EQUIPMENT   2,452,231 
              
TELECOMMUNICATION SERVICES - 2.4%     
 532   *  Boingo Wireless, Inc   6,224 
 7,853      CenturyTel, Inc   203,079 
 15,711      Frontier Communications Corp   54,831 
 401   *  General Communication, Inc (Class A)   8,068 
 4,774   *  Globalstar, Inc   7,543 
 232      IDT Corp (Class B)   4,454 
 1,007   *  Iridium Communications, Inc   10,171 
 1,054   *  Level 3 Communications, Inc   62,671 
 277   *  Lumos Networks Corp   4,285 
 1,028   *  SBA Communications Corp   108,207 
 676      Shenandoah Telecom Co   18,421 
 11,454   *  Sprint Corp   105,721 
 15,831      Verizon Communications, Inc   775,877 
 1,420      Windstream Holdings, Inc   11,474 
        TOTAL TELECOMMUNICATION SERVICES   1,381,026 
              
TRANSPORTATION - 2.5%     
 314      Arkansas Best Corp   9,922 
 1,117   *  Avis Budget Group, Inc   41,575 
 3,338      CSX Corp   154,850 
 1,017   *  Hertz Global Holdings, Inc   21,326 
 571      Kansas City Southern Industries, Inc   49,055 
 1,693      Norfolk Southern Corp   198,860 
 4,662      Union Pacific Corp   496,876 
 4,182      United Parcel Service, Inc (Class B)   456,382 
 750   *  Wesco Aircraft Holdings, Inc   11,362 
 431   *  YRC Worldwide, Inc   6,435 
        TOTAL TRANSPORTATION   1,446,643 
              
UTILITIES - 3.6%     
 2,692      American Water Works Co, Inc   197,700 
 2,682      Aqua America, Inc   81,560 
 6,524      Centerpoint Energy, Inc   170,994 
 4,457      Consolidated Edison, Inc   331,378 
 4,623      Edison International   336,924 
95

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

 

SHARES      COMPANY  VALUE 
              
 4,792      Eversource Energy  $265,093 
 1,287      New Jersey Resources Corp   48,520 
 450      NRG Yield, Inc (Class A)   7,312 
 818      NRG Yield, Inc (Class C)   13,865 
 645      ONE Gas, Inc   41,680 
 538      Ormat Technologies, Inc   28,891 
 895      Pattern Energy Group, Inc   17,667 
 3,486      Sempra Energy   356,932 
 685      Southwest Gas Corp   55,190 
 619      Spire, Inc   40,235 
 1,177      TerraForm Global, Inc   5,179 
 1,293      TerraForm Power, Inc   15,348 
 738      WGL Holdings, Inc   60,472 
        TOTAL UTILITIES   2,074,940 
              
        TOTAL COMMON STOCKS   57,951,988 
        (Cost $52,207,342)     
              
        TOTAL INVESTMENTS - 100.3%   57,951,988 
        (Cost $52,207,342)     
        OTHER ASSETS & LIABILITIES, NET - (0.3)%   (195,734)
        NET ASSETS - 100.0%  $57,756,254 
       
       
* Non-income producing
m   Indicates a security that has been deemed illiquid.
96

TIAA-CREF FUNDS - Emerging Markets Equity Fund

 

TIAA-CREF FUNDS

EMERGING MARKETS EQUITY FUND

SCHEDULE OF INVESTMENTS (unaudited)

January 31, 2017

 

PRINCIPAL     ISSUER  RATE  MATURITY DATE  VALUE 
                     
CORPORATE BONDS - 0.0%             
                     
HONG KONG - 0.0%             
$534,000  m  Asia Pacific Investment Partners   15.000%  04/23/17  $492,000 
       TOTAL HONG KONG           492,000 
                     
       TOTAL CORPORATE BONDS           492,000 
       (Cost $534,000)             
                     
SHARES     COMPANY             
                     
COMMON STOCKS - 96.6%             
                     
ARGENTINA - 4.8%             
 1,106,837  *  Adecoagro S.A.           12,806,104 
 570,425  *  Grupo Supervielle S.A. (ADR)           8,402,360 
 312,537  *  Pampa Energia S.A. (ADR)           14,514,219 
 792,748     YPF S.A. (ADR) (Class D)           17,178,849 
       TOTAL ARGENTINA           52,901,532 
                     
BRAZIL - 11.9%             
 2,437,935  *  Banco Itau Holding Financeira S.A.           28,805,380 
 2,238,800  *  BR Malls Participacoes S.A.           10,418,186 
 579,300     Cia Brasileira de Distribuicao Grupo Pao de Acucar           10,651,743 
 4,541,300     Cyrela Brazil Realty S.A.           18,666,294 
 1,881,100     Empresa Brasileira de Aeronautica S.A.           10,744,928 
 968,600  *  Localiza Rent A Car           11,329,562 
 2,325,300  *  Lojas Americanas S.A.(Preference)           12,348,541 
 113,833     Ouro Fino Saude Animal Participacoes S.A.           985,125 
 1,670,100  *  Petroleo Brasileiro S.A. (Preference)           7,962,153 
 6,272,100     Via Varejo S.A.           17,854,333 
       TOTAL BRAZIL           129,766,245 
                     
CHILE - 3.9%             
 3,829,300     Centros Comerciales Sudamericanos S.A.           11,128,779 
 1,648,079,751     Corpbanca S.A.           13,521,829 
 2,211,400     SACI Falabella           17,927,487 
       TOTAL CHILE           42,578,095 
                     
CHINA - 16.9%             
 645,054  *  Alibaba Group Holding Ltd (ADR)           65,350,421 
 138,607  *  Baidu, Inc (ADR)           24,265,927 
 8,978,000  *,e,m  China Animal Healthcare Ltd           11,571 
 27,401,000     China Dongxiang Group Co           5,106,890 
 6,275,300     China Life Insurance Co Ltd           17,285,853 
97

TIAA-CREF FUNDS - Emerging Markets Equity Fund

 

SHARES     COMPANY          VALUE 
                     
 6,751,534     Chongqing Changan Automobile Co Ltd          $9,573,055 
 11,246,700     CNOOC Ltd           14,044,360 
 20,291,034     Industrial & Commercial Bank of China           12,405,626 
 1,018,300     Tencent Holdings Ltd           26,623,820 
 868,011  *  Vipshop Holdings Ltd (ADR)           9,825,885 
       TOTAL CHINA           184,493,408 
                     
COLOMBIA - 2.6%             
 2,729,200     Almacenes Exito S.A.           14,556,977 
 361,700     BanColombia S.A. (ADR)           13,693,962 
       TOTAL COLOMBIA           28,250,939 
                     
HONG KONG - 5.5%             
 4,269,000     Ajisen China Holdings Ltd           1,713,473 
 22,290  *,m  Asia Pacific Investment Partners Limited           142,740 
 621,536  *,e,m  China Metal Recycling Holdings Ltd           801 
 3,169,517  *  Melco Crown Entertainment Ltd (ADR)           53,374,666 
 22,290  *,m  Mongolian Metals Corporation           0 
 17,336,000  *,e  Summit Ascent Holdings Ltd           5,006,513 
       TOTAL HONG KONG           60,238,193 
                     
INDIA - 8.3%             
 594,590     HDFC Bank Ltd           11,286,428 
 8,026,013  *  Jain Irrigation Systems Ltd           11,180,136 
 281,300  *  MakeMyTrip Ltd           9,395,420 
 1,544,501  *  Phoenix Mills Ltd           7,876,539 
 2,214,600     Reliance Industries Ltd           34,158,516 
 2,392,900  *  Vakrangee Ltd           10,778,543 
 638,244  *  Yatra Online, Inc           6,229,261 
       TOTAL INDIA           90,904,843 
                     
INDONESIA - 0.8%             
 154,171,500     PT Lippo Karawaci Tbk           8,489,611 
       TOTAL INDONESIA           8,489,611 
                     
JAPAN - 0.5%             
 2,341,200  *,e  GungHo Online Entertainment Inc           5,083,792 
       TOTAL JAPAN           5,083,792 
                     
KOREA, REPUBLIC OF - 10.3%             
 47,424  *  CJ O Shopping Co Ltd           6,558,249 
 120,793  *  GLOVIS Co Ltd           16,175,080 
 93,664  *  Hyundai Motor Co           11,276,043 
 430,800  *  Hyundai Steel Co           21,603,848 
 125,075  *  Loen Entertainment, Inc           8,364,678 
 28,199     Orion Corp           15,755,683 
 19,439  *  Samsung Electronics Co Ltd           33,061,363 
       TOTAL KOREA, REPUBLIC OF           112,794,944 
                     
MALAYSIA - 0.5%             
 15,405,000     My EG Services BHD           5,530,428 
       TOTAL MALAYSIA          5,530,428 
98

TIAA-CREF FUNDS - Emerging Markets Equity Fund

 

SHARES     COMPANY          VALUE 
                     
MEXICO - 1.0%             
 1,754,824     Alsea SAB de C.V.          $5,073,409 
 1,680,815     Grupo Mexico S.A. de C.V. (Series B)           5,040,793 
 1,119,722  m  Servicios Corporativos Javer SAPI de C.V.           867,169 
       TOTAL MEXICO           10,981,371 
                     
PERU - 0.7%             
 203,245     Southern Copper Corp (NY)           7,796,478 
       TOTAL PERU           7,796,478 
                     
PHILIPPINES - 1.6%             
 37,343,600     Alliance Global Group, Inc           9,415,732 
 77,670,600  *  Melco Crown Philippines Resorts Corp           7,503,125 
       TOTAL PHILIPPINES           16,918,857 
                     
RUSSIA - 5.4%             
 2,990,600     Gazprom OAO (ADR)           14,838,397 
 2,335,157     Sberbank of Russian Federation (ADR)           27,380,216 
 498,444  *  X 5 Retail Group NV (GDR)           16,722,796 
       TOTAL RUSSIA           58,941,409 
                     
SINGAPORE - 1.0%             
 5,896,400     Global Logistic Properties           10,866,952 
       TOTAL SINGAPORE           10,866,952 
                     
SOUTH AFRICA - 6.3%             
 4,838,100     Gold Fields Ltd           16,729,906 
 323,017     Naspers Ltd (N Shares)           51,460,432 
       TOTAL SOUTH AFRICA           68,190,338 
                     
TAIWAN - 8.8%             
 25,236,000     Advanced Semiconductor Engineering, Inc           27,809,904 
 112,000     Largan Precision Co Ltd           16,020,064 
 2,278,000     MediaTek, Inc           15,595,398 
 223,700     Silicon Motion Technology Corp (ADR)           8,746,670 
 4,704,400     Taiwan Semiconductor Manufacturing Co Ltd           28,032,863 
       TOTAL TAIWAN           96,204,899 
                     
UNITED ARAB EMIRATES - 1.6%             
 919,200     DP World Ltd           17,372,880 
       TOTAL UNITED ARAB EMIRATES           17,372,880 
                     
UNITED STATES - 2.1%             
 849,400  *  Yum China Holdings, Inc           23,341,512 
       TOTAL UNITED STATES           23,341,512 
                     
URUGUAY - 2.1%             
 3,976,081  *  Arcos Dorados Holdings, Inc           23,061,270 
       TOTAL URUGUAY           23,061,270 
                     
       TOTAL COMMON STOCKS          1,054,707,996 
       (Cost $965,362,713)             
99

TIAA-CREF FUNDS - Emerging Markets Equity Fund

 

SHARES     COMPANY          VALUE 
                     
PREFERRED STOCKS - 1.2%             
                     
BRAZIL - 1.2%             
 4,281,200  *  ITAUSA Investimentos Itau PR          $12,608,891 
       TOTAL BRAZIL           12,608,891 
                     
PHILIPPINES - 0.0%             
 1,721,900  *,m  Ayala Land, Inc (Preferred B)           3,460 
       TOTAL PHILIPPINES           3,460 
                     
       TOTAL PREFERRED STOCKS           12,612,351 
       (Cost $10,668,755)             
                     
PRINCIPAL      ISSUER   RATE  MATURITY DATE     
SHORT-TERM INVESTMENTS - 2.6%             
GOVERNMENT AGENCY DEBT - 2.0%             
$22,000,000     Federal Home Loan Bank (FHLB)   0.450%  02/01/17   22,000,000 
       TOTAL GOVERNMENT AGENCY DEBT           22,000,000 
                     
SHARES     COMPANY            
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.6%             
 5,917,450  c  State Street Navigator Securities Lending Government Money Market Portfolio   5,917,450 
       TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES   5,917,450 
       TOTAL SHORT-TERM INVESTMENTS           27,917,450 
       (Cost $27,917,450)             
                     
       TOTAL INVESTMENTS - 100.4%           1,095,729,797 
       (Cost $1,004,482,918)             
       OTHER ASSETS & LIABILITIES, NET - (0.4)%           (3,918,846)
       NET ASSETS - 100.0%          $1,091,810,951 
       
       
    Abbreviation(s):  
    ADR   American Depositary Receipt
    GDR   Global Depositary Receipt
     
*   Non-income producing
c   Investments made with cash collateral received from securities on loan.
e   All or a portion of these securities are out on loan. The aggregate value of securities on loan is $4,011,137.
m   Indicates a security that has been deemed illiquid.
100

TIAA-CREF FUNDS - Emerging Markets Equity Fund

 

TIAA-CREF FUNDS

EMERGING MARKETS EQUITY FUND

SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

January 31, 2017

 

SECTOR  VALUE   % OF
NET ASSETS		 
CONSUMER DISCRETIONARY  $299,521,192    27.4%
INFORMATION TECHNOLOGY   266,899,193    24.5 
FINANCIALS   146,025,285    13.4 
ENERGY   88,182,275    8.1 
CONSUMER STAPLES   81,622,082    7.5 
INDUSTRIALS   81,224,831    7.4 
MATERIALS   51,171,826    4.7 
REAL ESTATE   37,654,748    3.4 
UTILITIES   14,514,219    1.3 
HEALTH CARE   996,696    0.1 
SHORT-TERM INVESTMENTS   27,917,450    2.6 
OTHER ASSETS & LIABILITIES, NET   (3,918,846)   (0.4)
           
NET ASSETS  $1,091,810,951    100.0%
101

TIAA-CREF FUNDS - Enhanced International Equity Index Fund

 

TIAA-CREF FUNDS

ENHANCED INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (unaudited)

January 31, 2017

 

SHARES      COMPANY  VALUE 
            
COMMON STOCKS - 99.4%    
            
AUSTRALIA - 7.4%       
 247,685      AGL Energy Ltd  $4,247,201 
 417,670      Amcor Ltd   4,533,397 
 869,348      Aristocrat Leisure Ltd   10,081,647 
 759,776      AusNet Services   911,328 
 16,548      Australia & New Zealand Banking Group Ltd   367,670 
 136,166      Australian Stock Exchange Ltd   5,153,777 
 241,737      BHP Billiton Ltd   4,904,417 
 68,357      Boral Ltd   302,089 
 85,525      Brambles Ltd   675,905 
 299,475      Caltex Australia Ltd   6,499,395 
 314,457      Coca-Cola Amatil Ltd   2,325,517 
 18,638      Cochlear Ltd   1,770,501 
 97,026      Commonwealth Bank of Australia   6,011,738 
 71,903      Computershare Ltd   703,216 
 51,103      CSL Ltd   4,356,532 
 1,237,169      Fortescue Metals Group Ltd   6,260,434 
 100,538      Harvey Norman Holdings Ltd   381,322 
 524,035   *  Macquarie Goodman Group   2,751,870 
 244,330      Macquarie Group Ltd   15,689,762 
 150,078      Newcrest Mining Ltd   2,461,155 
 2,162,314      Qantas Airways Ltd   5,589,222 
 15,079      Ramsay Health Care Ltd   764,284 
 1,805,037      Scentre Group   6,023,248 
 216,945      Seek Ltd   2,377,849 
 1,286,173      South32 Ltd   2,691,939 
 1,972,586      Telstra Corp Ltd   7,484,073 
 927,650      Westpac Banking Corp   22,331,757 
        TOTAL AUSTRALIA   127,651,245 
              
AUSTRIA - 0.0%       
 77,055   *,e,m  Immoeast AG.   0 
 5,448      OMV AG.   190,669 
        TOTAL AUSTRIA   190,669 
              
BELGIUM - 0.8%       
 65,818      Ageas   2,818,161 
 22,256      Anheuser-Busch InBev S.A.   2,323,927 
 2,026      KBC Groep NV   131,583 
 115,325      UCB S.A.   7,965,507 
 14,552      Umicore   815,122 
        TOTAL BELGIUM   14,054,300 
102

TIAA-CREF FUNDS - Enhanced International Equity Index Fund

 

SHARES      COMPANY  VALUE 
              
DENMARK - 1.3%       
 17,708      Danske Bank AS  $590,641 
 25,884      ISS A.S.   921,687 
 23,197      Novo Nordisk AS   838,333 
 11,502      Pandora AS   1,507,324 
 274,233      Vestas Wind Systems AS   19,231,642 
        TOTAL DENMARK   23,089,627 
              
FINLAND - 1.2%       
 153,709      Neste Oil Oyj   5,348,009 
 650,086   *  UPM-Kymmene Oyj   14,743,886 
        TOTAL FINLAND   20,091,895 
              
FRANCE - 10.1%       
 23,617      Arkema   2,332,457 
 133,385      Atos Origin S.A.   14,191,411 
 408,726      BNP Paribas   26,146,941 
 144,871      Cap Gemini S.A.   11,795,172 
 33,849      Casino Guichard Perrachon S.A.   1,825,214 
 30,683      Christian Dior S.A.   6,586,577 
 1,129,018      Credit Agricole S.A.   14,983,952 
 23,656      Fonciere Des Regions   1,971,859 
 125,438      France Telecom S.A.   1,947,354 
 164,769      Michelin (C.G.D.E.) (Class B)   17,701,526 
 32,960      Publicis Groupe S.A.   2,264,318 
 351,613      Sanofi-Aventis   28,261,413 
 375,224      Societe Generale   18,343,762 
 136,169      Total S.A.   6,889,493 
 21,526      Unibail-Rodamco   4,960,702 
 248,356      Valeo S.A.   15,179,422 
        TOTAL FRANCE   175,381,573 
              
GERMANY - 9.6%       
 15,358      Allianz AG.   2,610,312 
 196,253      BASF SE   18,945,038 
 193,756      Bayer AG.   21,522,238 
 96,079      Bayerische Motoren Werke AG.   8,772,990 
 150,802   g  Covestro AG.   11,348,414 
 301,897      Daimler AG. (Registered)   22,704,724 
 3,562      Deutsche Annington Immobilien SE   116,701 
 1,246,482      Deutsche Telekom AG.   21,822,152 
 54,620      Deutsche Wohnen AG.   1,781,566 
 66,958      Hannover Rueckversicherung AG.   7,375,386 
 346,256      Metro AG.   11,849,140 
 42,777      SAP AG.   3,911,963 
 320,430      Schaeffler AG.   5,196,085 
 211,498   *  Siemens AG.   27,359,038 
 68,735      TUI AG. (DI)   1,007,357 
        TOTAL GERMANY   166,323,104 
              
HONG KONG - 3.5%       
 242,375      AIA Group Ltd   1,500,629 
 9,300      ASM Pacific Technology   113,072 
 2,833,665      BOC Hong Kong Holdings Ltd   11,328,657 
103

TIAA-CREF FUNDS - Enhanced International Equity Index Fund

 

SHARES      COMPANY  VALUE 
              
 1,139,000      Cheung Kong Property Holdings Ltd  $7,486,509 
 555,340      CK Hutchison Holdings Ltd   6,655,850 
 632,500      CLP Holdings Ltd   6,173,567 
 91,300      Hong Kong Exchanges and Clearing Ltd   2,208,259 
 65,200      Jardine Matheson Holdings Ltd   4,021,218 
 25,600   *  Melco Crown Entertainment Ltd (ADR)   431,104 
 43,148      Sands China Ltd   189,850 
 953,000      Sun Hung Kai Properties Ltd   13,114,284 
 7,789,500   g  WH Group Ltd   5,916,454 
 79,000      Wharf Holdings Ltd   592,364 
        TOTAL HONG KONG   59,731,817 
              
IRELAND - 0.4%       
 20,861   *  AerCap Holdings NV   923,517 
 139,937      CRH plc   4,853,808 
 8,255   *  Ryanair Holdings plc (ADR)   690,613 
        TOTAL IRELAND   6,467,938 
              
ISRAEL - 0.6%       
 17,082      Azrieli Group   779,707 
 1,288,384      Bank Hapoalim Ltd   7,784,632 
 17,723   *  Check Point Software Technologies   1,750,501 
        TOTAL ISRAEL   10,314,840 
              
ITALY - 1.9%       
 117,069      Autostrade S.p.A.   2,667,974 
 3,618,894      Banca Intesa S.p.A. RSP   8,005,473 
 3,106,706      Enel S.p.A.   12,987,990 
 15,410      Ferrari NV   960,606 
 306,691      Snam Rete Gas S.p.A.   1,167,299 
 10,846,619      Telecom Italia RSP   7,744,445 
        TOTAL ITALY   33,533,787 
              
JAPAN - 24.1%       
 263,000      Aeon Co Ltd   3,801,099 
 118,700      Alfresa Holdings Corp   1,953,847 
 165,000      All Nippon Airways Co Ltd   490,099 
 1,344,000   *  Aozora Bank Ltd   4,894,806 
 667,000   *  Asahi Glass Co Ltd   4,955,563 
 818,133      Astellas Pharma, Inc   10,980,796 
 58,100   *  Bridgestone Corp   2,130,871 
 612,000      Brother Industries Ltd   11,296,209 
 76,000   *  Canon, Inc   2,248,565 
 47,200      Chubu Electric Power Co, Inc   630,144 
 152,413      Concordia Financial Group Ltd   803,891 
 38,700      Daikin Industries Ltd   3,841,457 
 28,600      Daito Trust Construction Co Ltd   3,998,257 
 212,800      Daiwa House Industry Co Ltd   5,763,079 
 201,200      Fuji Heavy Industries Ltd   8,051,238 
 266,386      Fujitsu Ltd   1,548,223 
 60,400      Hankyu Hanshin Holdings, Inc   2,049,365 
 35,600      Hitachi High-Technologies Corp   1,524,893 
 97,100   *  Honda Motor Co Ltd   2,889,589 
104

TIAA-CREF FUNDS - Enhanced International Equity Index Fund

 

SHARES      COMPANY  VALUE 
              
 392,500      Iida Group Holdings Co Ltd  $7,345,728 
 976,700      Itochu Corp   13,454,920 
 776,800      Japan Post Bank Co Ltd   9,435,974 
 545,700   *  Japan Tobacco, Inc   17,601,847 
 881,200      JX Holdings, Inc   4,155,717 
 632,000      Kajima Corp   4,404,934 
 13,500   *  Kao Corp   668,043 
 191,000      KDDI Corp   5,131,860 
 16,222   *  Keyence Corp   6,300,090 
 138,000      Kikkoman Corp   4,344,418 
 718,235      Kyushu Electric Power Co, Inc   8,016,896 
 211,500      Mediceo Paltac Holdings Co Ltd   3,427,888 
 10,900      MEIJI Holdings Co Ltd   844,275 
 219,600      Mitsubishi Chemical Holdings Corp   1,531,699 
 955,285      Mitsubishi Corp   21,579,976 
 8,000      Mitsubishi Estate Co Ltd   152,271 
 257,025   *  Mitsubishi Gas Chemical Co, Inc   4,929,829 
 1,647,600      Mitsubishi UFJ Financial Group, Inc   10,550,442 
 670,184      Mitsubishi UFJ Lease & Finance Co Ltd   3,572,385 
 225,700      Mitsui & Co Ltd   3,312,345 
 589,000      Mitsui Chemicals, Inc   2,769,823 
 66,000      Mitsui Fudosan Co Ltd   1,523,754 
 442,100      Mitsui Sumitomo Insurance Group Holdings, Inc   14,789,796 
 13,300      Murata Manufacturing Co Ltd   1,791,301 
 115,700      NGK Spark Plug Co Ltd   2,605,931 
 441,099   *  Nippon Electric Glass Co Ltd   2,539,193 
 343,600      Nippon Telegraph & Telephone Corp   15,177,602 
 1,619,900      Nissan Motor Co Ltd   16,025,938 
 16,100      Nissin Food Products Co Ltd   849,649 
 450      Nomura Real Estate Master Fund, Inc   701,129 
 134,572      NTT DoCoMo, Inc   3,217,625 
 957,255      Obayashi Corp   9,118,982 
 91,000      ORIX Corp   1,372,938 
 21,719   *,e  Pola Orbis Holdings, Inc   2,063,365 
 310,432      Sega Sammy Holdings, Inc   4,874,380 
 359,800      Seibu Holdings, Inc   6,062,659 
 780,600   *,e  Sekisui House Ltd   12,627,212 
 168,000   *,e  Sharp Corp   454,321 
 160,700      Shin-Etsu Chemical Co Ltd   13,863,681 
 245,000      Shionogi & Co Ltd   11,799,737 
 34,600      Softbank Corp   2,665,574 
 538,000      Sumitomo Heavy Industries Ltd   3,698,955 
 9,000      Sumitomo Realty & Development Co Ltd   243,465 
 206,191      Suzuki Motor Corp   7,957,498 
 28,300      Sysmex Corp   1,700,262 
 844,000      Taisei Corp   5,995,420 
 333,800      Taiyo Nippon Sanso Corp   3,942,201 
 113,867      TDK Corp   8,184,347 
 316,500      Tokio Marine Holdings, Inc   13,196,143 
 91,500      Tokyo Electron Ltd   9,478,000 
 860,248      Tokyu Fudosan Holdings Corp   5,028,890 
 147,500      Toyota Industries Corp   7,118,357 
 219,376      Toyota Motor Corp   12,757,341 
105

TIAA-CREF FUNDS - Enhanced International Equity Index Fund

 

SHARES      COMPANY  VALUE 
              
 228   *  United Urban Investment Corp  $363,662 
 85,600      West Japan Railway Co   5,577,078 
        TOTAL JAPAN   416,749,737 
              
LUXEMBOURG - 0.0%     
 4,098      RTL Group   313,076 
        TOTAL LUXEMBOURG   313,076 
              
NETHERLANDS - 4.1%     
 14,913   *  Altice NV (Class B)   329,131 
 8,000      ASML Holding NV   971,390 
 1,710,727      ING Groep NV   24,576,216 
 62,376      Koninklijke Vopak NV   2,679,366 
 40,956   *  NXP Semiconductors NV   4,007,544 
 289,807      Randstad Holdings NV   16,860,853 
 590,589      Royal Dutch Shell plc (A Shares)   16,017,749 
 206,838      Royal Dutch Shell plc (B Shares)   5,842,016 
        TOTAL NETHERLANDS   71,284,265 
              
NEW ZEALAND - 0.2%     
 195,037      Fletcher Building Ltd   1,502,646 
 269,312      Ryman Healthcare Ltd   1,721,391 
        TOTAL NEW ZEALAND   3,224,037 
              
NORWAY - 1.0%     
 184,175      DNB NOR Holding ASA   3,072,502 
 803,543      PAN Fish ASA   14,187,223 
 9,437      Schibsted ASA (B Shares)   234,968 
        TOTAL NORWAY   17,494,693 
              
SINGAPORE - 1.4%     
 344,696      CapitaLand Ltd   804,432 
 1,428,610      DBS Group Holdings Ltd   19,314,753 
 1,860,400      Golden Agri-Resources Ltd   559,596 
 1,040,785      Wilmar International Ltd   2,864,251 
        TOTAL SINGAPORE   23,543,032 
              
SOUTH AFRICA - 0.9%     
 699,227      Mondi plc   15,454,407 
        TOTAL SOUTH AFRICA   15,454,407 
              
SPAIN - 3.4%     
 76,323   *  ACS Actividades Construccion y Servicios S.A.   2,352,305 
 95,409   g  Aena S.A.   13,875,060 
 132,891   *,e  Amadeus IT Holding S.A.   6,147,649 
 446,177   *,e  Banco Santander S.A.   2,492,730 
 587,700      Endesa S.A.   12,119,853 
 179,191      Industria De Diseno Textil S.A.   5,926,836 
 1,026,364      Repsol YPF S.A.   15,212,446 
        TOTAL SPAIN   58,126,879 
106

TIAA-CREF FUNDS - Enhanced International Equity Index Fund

 

SHARES      COMPANY  VALUE 
              
SWEDEN - 2.8%     
 351,036      Atlas Copco AB (A Shares)  $11,258,331 
 49,672      Hexagon AB (B Shares)   1,964,859 
 73,714   e  ICA Gruppen AB   2,408,879 
 384,729      Investor AB (B Shares)   15,356,929 
 310,136      Nordea Bank AB   3,744,046 
 230,930      Skanska AB (B Shares)   5,646,263 
 244,173      Swedish Match AB   7,949,476 
        TOTAL SWEDEN   48,328,783 
              
SWITZERLAND - 9.3%     
 1,639      Actelion Ltd   427,931 
 203,901      Adecco S.A.   14,590,095 
 8,337      EMS-Chemie Holding AG.   4,303,577 
 2,359,752   *  Glencore Xstrata plc   9,773,343 
 112,470      Holcim Ltd   6,055,814 
 693      Lindt & Spruengli AG.   3,846,410 
 9,509      Lonza Group AG.   1,746,985 
 660,629      Nestle S.A.   48,400,661 
 186,170      Novartis AG.   13,744,473 
 153,530      Roche Holding AG.   36,378,658 
 182,556      Swiss Re Ltd   17,059,607 
 67,630      Wolseley plc   4,188,340 
 1,392      Zurich Financial Services AG.   400,859 
        TOTAL SWITZERLAND   160,916,753 
              
UNITED KINGDOM - 15.3%     
 1,100,341      3i Group plc   9,720,149 
 121,939   *  Anglo American plc (London)   2,102,020 
 439,858   *  Ashtead Group plc   8,917,840 
 128,212   e  AstraZeneca plc (ADR)   3,491,213 
 509,296      BAE Systems plc   3,740,622 
 857,677      Barratt Developments plc   5,172,263 
 226,523      Berkeley Group Holdings plc   8,000,681 
 680,493      BP plc (ADR)   24,484,138 
 533,880      British American Tobacco plc   32,955,282 
 32,318   *  BT Group plc   123,940 
 29,607      Coca-Cola European Partners plc   1,022,378 
 611,810   *  Compass Group plc   10,888,405 
 144,673      Diageo plc   4,018,703 
 578,797      Direct Line Insurance Group plc   2,592,897 
 125,651   *  Fiat DaimlerChrysler Automobiles NV   1,375,811 
 1,441,601      GlaxoSmithKline plc   27,858,898 
 43,892      Hammerson plc   302,518 
 4,301,407      HSBC Holdings plc   36,694,941 
 105,513      International Consolidated Airlines Group S.A.   634,359 
 219,720      Land Securities Group plc   2,753,654 
 973,134      National Grid plc   11,398,499 
 4,315,975      Old Mutual plc   11,333,405 
 31,439      Reckitt Benckiser Group plc   2,697,640 
 50,956      Reed Elsevier plc   914,665 
 308,293      Sage Group plc   2,384,381 
 35,415   *  Scottish & Southern Energy plc   665,753 
 144,753      Segro plc   840,869 
107

TIAA-CREF FUNDS - Enhanced International Equity Index Fund

 

SHARES      COMPANY  VALUE 
              
 13,443      Severn Trent plc  $385,323 
 270,785      Smiths Group plc   5,132,423 
 623,736      St. James’s Place plc   8,438,242 
 75,840      Tate & Lyle plc   641,027 
 9,774      Unilever NV   396,451 
 340,560      Unilever plc   13,794,663 
 562,723   *  Vodafone Group plc (ADR)   14,011,803 
 157,980      WPP plc   3,676,839 
        TOTAL UNITED KINGDOM   263,562,695 
              
UNITED STATES - 0.1%     
 24,169   *  Mobileye NV   1,038,300 
 26,749   *  QIAGEN NV   778,408 
 1,642   *,e  Taro Pharmaceutical Industries Ltd   171,573 
        TOTAL UNITED STATES   1,988,281 
              
        TOTAL COMMON STOCKS   1,717,817,433 
        (Cost $1,609,602,490)     
              
RIGHTS / WARRANTS - 0.0%     
SPAIN - 0.0%     
 210,757      ACS Actividades de Construccion y Servicios S.A.   94,645 
        TOTAL SPAIN   94,645 
              
        TOTAL RIGHTS / WARRANTS   94,645 
        (Cost $99,977)     

 

PRINCIPAL     ISSUER  RATE  MATURITY DATE    
SHORT-TERM INVESTMENTS - 2.1%             
GOVERNMENT AGENCY DEBT - 0.6%             
$10,650,000     Federal Home Loan Bank (FHLB)   0.450%  02/01/17   10,650,000 
       TOTAL GOVERNMENT AGENCY DEBT           10,650,000 
                     
SHARES     COMPANY            
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.5%             
 26,466,077  c  State Street Navigator Securities Lending Government Money Market Portfolio   26,466,077 
       TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES   26,466,077 
       TOTAL SHORT-TERM INVESTMENTS           37,116,077 
       (Cost $37,116,077)             
                     
       TOTAL INVESTMENTS - 101.5%           1,755,028,155 
       (Cost $1,646,818,544)             
       OTHER ASSETS & LIABILITIES, NET - (1.5)%           (26,588,423)
       NET ASSETS - 100.0%          $1,728,439,732 
       
       
    Abbreviation(s):  
    ADR   American Depositary Receipt
     
*   Non-income producing
c   Investments made with cash collateral received from securities on loan.
e   All or a portion of these securities are out on loan. The aggregate value of securities on loan is $25,513,533.
g   Security is exempt from registration under Rule 144(A) of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers. At 1/31/2017, the aggregate value of these securities amounted to $31,139,928 or 1.8% of net assets.
m   Indicates a security that has been deemed illiquid.
108

TIAA-CREF FUNDS - Enhanced International Equity Index Fund

 

TIAA-CREF FUNDS

ENHANCED INTERNATIONAL EQUITY INDEX FUND

SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

January 31, 2017

 

SECTOR  VALUE   % OF
NET ASSETS		 
FINANCIALS  $366,796,743    21.2%
INDUSTRIALS   242,852,759    14.1 
CONSUMER DISCRETIONARY   214,730,576    12.4 
CONSUMER STAPLES   190,155,588    11.0 
HEALTH CARE   181,660,868    10.5 
MATERIALS   140,421,196    8.1 
INFORMATION TECHNOLOGY   93,890,279    5.4 
ENERGY   87,318,998    5.1 
TELECOMMUNICATION SERVICES   79,326,428    4.6 
REAL ESTATE   62,054,790    3.6 
UTILITIES   58,703,853    3.4 
SHORT-TERM INVESTMENTS   37,116,077    2.1 
OTHER ASSETS & LIABILITIES, NET   (26,588,423)   (1.5)
           
NET ASSETS  $1,728,439,732    100.0%
109

TIAA-CREF FUNDS - Global Natural Resources Fund

 

TIAA-CREF FUNDS

GLOBAL NATURAL RESOURCES FUND

SCHEDULE OF INVESTMENTS (unaudited)

January 31, 2017

 

SHARES      COMPANY  VALUE 
              
COMMON STOCKS - 99.0%     
              
AUSTRALIA - 9.6%     
 47,855      BHP Billiton Ltd  $970,893 
 70,753      BHP Billiton plc   1,290,379 
 439,420      Fortescue Metals Group Ltd   2,223,593 
 642,005      South32 Ltd   1,343,706 
        TOTAL AUSTRALIA   5,828,571 
              
CANADA - 16.4%     
 30,149      Canadian Natural Resources Ltd (Canada)   911,479 
 169,324      Cenovus Energy, Inc (Toronto)   2,311,004 
 199,912      First Quantum Minerals Ltd   2,521,081 
 38,282      Suncor Energy, Inc   1,187,367 
 123,980      Teck Cominco Ltd   3,038,403 
        TOTAL CANADA   9,969,334 
              
GERMANY - 2.8%     
 10,577      Linde AG.   1,720,077 
        TOTAL GERMANY   1,720,077 
              
INDIA - 0.9%     
 49,219   *  United Phosphorus Ltd   526,440 
        TOTAL INDIA   526,440 
              
LUXEMBOURG - 7.0%     
 544,439   *  ArcelorMittal   4,245,285 
        TOTAL LUXEMBOURG   4,245,285 
              
PORTUGAL - 1.8%     
 75,011      Galp Energia SGPS S.A.   1,105,229 
        TOTAL PORTUGAL   1,105,229 
              
SWEDEN - 2.3%     
 46,945      Boliden AB   1,369,497 
        TOTAL SWEDEN   1,369,497 
              
SWITZERLAND - 4.6%     
 667,832   *  Glencore Xstrata plc   2,765,948 
        TOTAL SWITZERLAND   2,765,948 
              
UNITED KINGDOM - 0.9%     
 12,813      Rio Tinto plc   567,654 
        TOTAL UNITED KINGDOM   567,654 
110

TIAA-CREF FUNDS - Global Natural Resources Fund

 

SHARES      COMPANY  VALUE 
              
UNITED STATES - 52.7%     
 454,752   *  AK Steel Holding Corp  $3,674,396 
 41,669   *  Berry Plastics Group, Inc   2,126,369 
 20,718      CF Industries Holdings, Inc   731,138 
 6,037      Cimarex Energy Co   816,263 
 18,980   *  Concho Resources, Inc   2,646,571 
 38,923   *  Continental Resources, Inc   1,890,101 
 10,681   *  Diamondback Energy, Inc   1,123,321 
 23,007      EOG Resources, Inc   2,337,051 
 29,560      Exxon Mobil Corp   2,479,788 
 24,585   *  Freeport-McMoRan Copper & Gold, Inc (Class B)   409,340 
 22,989   *  Matador Resources Co   605,300 
 72,471   *  Parsley Energy, Inc   2,552,429 
 3,207      Pioneer Natural Resources Co   577,998 
 87,844   *  RSP Permian, Inc   3,738,641 
 139,672      United States Steel Corp   4,568,671 
 126,025   *  WPX Energy, Inc   1,755,528 
        TOTAL UNITED STATES   32,032,905 
              
        TOTAL COMMON STOCKS   60,130,940 
        (Cost $43,656,643)     

 

PRINCIPAL     ISSUER  RATE  MATURITY DATE    
SHORT-TERM INVESTMENTS - 2.1%          
GOVERNMENT AGENCY DEBT - 2.1%          
$1,300,000     Federal Home Loan Bank (FHLB)   0.450%  02/01/17   1,300,000 
       TOTAL GOVERNMENT AGENCY DEBT           1,300,000 
                     
       TOTAL SHORT-TERM INVESTMENTS           1,300,000 
       (Cost $1,300,000)             
                     
       TOTAL INVESTMENTS - 101.1%           61,430,940 
       (Cost $44,956,643)             
       OTHER ASSETS & LIABILITIES, NET - (1.1)%           (678,239)
       NET ASSETS - 100.0%          $60,752,701 

       
       
*   Non-income producing
111

TIAA-CREF FUNDS - Global Natural Resources Fund

 

TIAA-CREF FUNDS

GLOBAL NATURAL RESOURCES FUND

SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

January 31, 2017

 

SECTOR  VALUE   % OF
NET ASSETS		 
MATERIALS  $34,092,870    56.1%
ENERGY   26,038,070    42.9 
SHORT-TERM INVESTMENTS   1,300,000    2.1 
OTHER ASSETS & LIABILITIES, NET   (678,239)   (1.1)
           
NET ASSETS  $60,752,701    100.0%
112

TIAA-CREF FUNDS - International Equity Fund

 

TIAA-CREF FUNDS

INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (unaudited)

January 31, 2017

 

SHARES      COMPANY  VALUE 
              
COMMON STOCKS - 99.3%     
              
AUSTRALIA - 1.4%     
 2,893,209      BHP Billiton Ltd  $58,698,101 
        TOTAL AUSTRALIA   58,698,101 
              
BRAZIL - 0.2%     
 2,164,570      Kroton Educacional S.A.   9,280,702 
        TOTAL BRAZIL   9,280,702 
              
DENMARK - 1.5%     
 774,205      DSV AS   37,649,237 
 590,037   *  H Lundbeck AS   25,341,479 
        TOTAL DENMARK   62,990,716 
              
FRANCE - 24.5%     
 5,135,999      Accor S.A.   208,141,447 
 164,224      BNP Paribas   10,505,706 
 2,934,169      Compagnie de Saint-Gobain   144,172,323 
 786,277      Essilor International S.A.   92,243,006 
 201,695      Kering   48,011,682 
 2,447,812      Rexel S.A.   42,692,145 
 3,146,031      Schneider Electric S.A.   225,111,191 
 2,747,020      Societe Generale   134,294,928 
 1,529,025      Vinci S.A.   107,179,340 
        TOTAL FRANCE   1,012,351,768 
              
GERMANY - 16.8%     
 1,035,908      Adidas-Salomon AG.   163,471,208 
 1,883,509      GEA Group AG.   78,046,917 
 1,072,857      Henkel KGaA (Preference)   130,967,158 
 2,502,860      Lanxess AG.   182,136,272 
 864,964      Linde AG.   140,664,172 
        TOTAL GERMANY   695,285,727 
              
HONG KONG - 0.7%     
 1,600,702   *  Melco Crown Entertainment Ltd (ADR)   26,955,822 
        TOTAL HONG KONG   26,955,822 
              
INDIA - 10.6%     
 5,195,110      Asian Paints Ltd   74,343,448 
 9,335,283   *  Crompton Greaves Consumer Electricals Ltd   26,329,227 
 229,768      Eicher Motors Ltd   78,130,865 
 1,061,078      Emami Ltd   16,177,248 
 7,324,644   *  Havells India Ltd   45,349,566 
 5,058,317      HDFC Bank Ltd   96,016,296 
113

TIAA-CREF FUNDS - International Equity Fund

 

SHARES      COMPANY  VALUE 
              
 731,369      Housing Development Finance Corp  $14,766,045 
 4,736,016   *  IndusInd Bank Ltd   87,379,093 
        TOTAL INDIA   438,491,788 
              
ITALY - 7.1%     
 36,119,061      Banca Intesa S.p.A.   84,838,610 
 9,951,854      Mediobanca S.p.A.   85,685,769 
 3,263,898      Moncler S.p.A   62,716,112 
 33,695,775   *  Saipem S.p.A.   17,302,115 
 1,600,331   *,e  UniCredit S.p.A   43,684,310 
        TOTAL ITALY   294,226,916 
              
JAPAN - 16.9%     
 48,200      AEON Financial Service Co Ltd   862,907 
 1,547,400      Dai-ichi Mutual Life Insurance Co   28,052,644 
 8,452,000      Hitachi Ltd   48,391,527 
 25,880,758   *  Ishikawajima-Harima Heavy Industries Co Ltd   69,691,934 
 1,738,200      J Front Retailing Co Ltd   25,085,195 
 3,617,877      Komatsu Ltd   85,666,321 
 1,326,842      Konami Corp   53,059,469 
 6,899,100      Mitsubishi UFJ Financial Group, Inc   44,178,536 
 605,892      Murata Manufacturing Co Ltd   81,604,149 
 2,368,329      Olympus Corp   81,930,682 
 4,391,752      Sony Corp   132,972,326 
 450,300      Sumitomo Mitsui Financial Group, Inc   17,666,166 
 648,000      Tokio Marine Holdings, Inc   27,017,696 
        TOTAL JAPAN   696,179,552 
              
NETHERLANDS - 0.8%     
 453,885      Heineken NV   33,945,603 
 1,765      Royal Dutch Shell plc (A Shares)   47,870 
        TOTAL NETHERLANDS   33,993,473 
              
NORWAY - 1.3%     
 2,819,142      Statoil ASA   52,569,085 
        TOTAL NORWAY   52,569,085 
              
SWEDEN - 1.4%     
 2,132,059      Electrolux AB (Series B)   56,693,757 
        TOTAL SWEDEN   56,693,757 
              
SWITZERLAND - 5.5%     
 82,917   e  Burckhardt Compression Holding AG.   24,446,501 
 72,070      Geberit AG.   30,801,970 
 1,220,892      Swatch Group AG. (Registered)   85,303,730 
 307,386      Zurich Financial Services AG.   88,519,053 
        TOTAL SWITZERLAND   229,071,254 
              
TAIWAN - 1.0%     
 36,187,137      Advanced Semiconductor Engineering, Inc   39,877,985 
        TOTAL TAIWAN   39,877,985 
114

TIAA-CREF FUNDS - International Equity Fund

 

SHARES      COMPANY  VALUE 
              
UNITED KINGDOM - 7.4%     
 73,004      Rio Tinto plc  $3,234,293 
 83,171,862   *  Tesco plc   204,316,724 
 3,878,287      Weir Group plc   98,247,015 
        TOTAL UNITED KINGDOM   305,798,032 
              
UNITED STATES - 1.9%     
 1,554,915   e  WisdomTree Japan Hedged Equity Fund   77,543,611 
        TOTAL UNITED STATES   77,543,611 
              
URUGUAY - 0.3%     
 2,069,054   *  Arcos Dorados Holdings, Inc   12,000,513 
        TOTAL URUGUAY   12,000,513 
              
        TOTAL COMMON STOCKS   4,102,008,802 
        (Cost $3,908,196,887)     

 

PRINCIPAL    ISSUER  RATE  MATURITY DATE    
SHORT-TERM INVESTMENTS - 0.9%             
GOVERNMENT AGENCY DEBT - 0.3%             
$10,450,000     Federal Home Loan Bank (FHLB)   0.400%  02/01/17   10,450,000 
       TOTAL GOVERNMENT AGENCY DEBT           10,450,000 
                     
TREASURY DEBT - 0.2%             
 12,500,000     United States Treasury Bill   0.465   02/09/17   12,498,700 
       TOTAL TREASURY DEBT           12,498,700 
                     
SHARES     COMPANY            
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.4%             
 15,107,956  c  State Street Navigator Securities Lending Government Money Market Portfolio   15,107,956 
       TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES   15,107,956 
       TOTAL SHORT-TERM INVESTMENTS           38,056,656 
       (Cost $38,056,664)             
                     
       TOTAL INVESTMENTS - 100.2%           4,140,065,458 
       (Cost $3,946,253,551)             
       OTHER ASSETS & LIABILITIES, NET - (0.2)%           (9,521,585)
       NET ASSETS - 100.0%          $4,130,543,873 
       
       
    Abbreviation(s):  
    ADR   American Depositary Receipt
         
*   Non-income producing
c   Investments made with cash collateral received from securities on loan.
e   All or a portion of these securities are out on loan. The aggregate value of securities on loan is $14,362,729.
115

TIAA-CREF FUNDS - International Equity Fund

 

TIAA-CREF FUNDS

INTERNATIONAL EQUITY FUND

SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

January 31, 2017

 

SECTOR  VALUE   % OF
NET ASSETS		 
INDUSTRIALS  $1,067,185,325    25.8%
CONSUMER DISCRETIONARY   856,961,721    20.8 
FINANCIALS   841,011,370    20.4 
MATERIALS   459,076,286    11.1 
CONSUMER STAPLES   385,406,733    9.3 
INFORMATION TECHNOLOGY   222,933,130    5.4 
HEALTH CARE   199,515,167    4.8 
ENERGY   69,919,070    1.7 
SHORT-TERM INVESTMENTS   38,056,656    0.9 
OTHER ASSETS & LIABILITIES, NET   (9,521,585)   (0.2)
           
NET ASSETS  $4,130,543,873    100.0%
116

TIAA-CREF FUNDS - International Opportunities Fund

 

TIAA-CREF FUNDS

INTERNATIONAL OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (unaudited)

January 31, 2017

 

SHARES      COMPANY  VALUE 
            
COMMON STOCKS - 99.3%
               
AUSTRALIA - 4.2%
 860,197      Australia & New Zealand Banking Group Ltd  $19,112,188 
 1,023,504      BHP Billiton Ltd   20,765,088 
 1,924,700      Fortescue Metals Group Ltd   9,739,540 
 3,472,200      South32 Ltd   7,267,258 
        TOTAL AUSTRALIA   56,884,074 
               
BRAZIL - 2.5%
 1,609,737   *  Banco Itau Holding Financeira S.A.   19,019,821 
 814,600      Cia Brasileira de Distribuicao Grupo Pao de Acucar   14,978,267 
        TOTAL BRAZIL   33,998,088 
              
CANADA - 8.7%
 443,959      Alimentation Couche Tard, Inc   20,337,673 
 1,105,300      Cenovus Energy, Inc (Toronto)   15,085,593 
 314,615   *  Dollarama, Inc   23,827,326 
 877,300   *,e  MEG Energy Corp   4,557,578 
 418,483   *,g  Spin Master Corp   10,120,776 
 631,644      Suncor Energy, Inc   19,591,279 
 450,053      Toronto-Dominion Bank   23,314,561 
        TOTAL CANADA   116,834,786 
              
CHINA - 3.0%
 14,247,400   *,e,m  China Animal Healthcare Ltd   18,363 
 8,024,600      China Everbright International Ltd   9,732,274 
 3,585,200      Haitong Securities Co Ltd   6,432,343 
 920,600      Tencent Holdings Ltd   24,069,418 
        TOTAL CHINA   40,252,398 
              
FINLAND - 3.3%
 353,413      Huhtamaki Oyj   12,975,167 
 1,883,000   *  Outokumpu Oyj   16,849,321 
 325,268      Sampo Oyj (A Shares)   15,062,673 
        TOTAL FINLAND   44,887,161 
              
FRANCE - 3.7%
 79,519      L’Oreal S.A.   14,457,907 
 175,595      Teleperformance   18,797,312 
 266,348      Valeo S.A.   16,279,086 
        TOTAL FRANCE   49,534,305 
              
GERMANY - 3.4%
 133,631      Beiersdorf AG.   11,855,567 
 177,583      Fresenius Medical Care AG.   14,495,158 
117

TIAA-CREF FUNDS - International Opportunities Fund

 

SHARES      COMPANY  VALUE 
         
 119,100      Linde AG.  $19,368,555 
        TOTAL GERMANY   45,719,280 
 
HONG KONG - 2.3%
 2,941,000      AIA Group Ltd   18,208,762 
 782,000   *  Melco Crown Entertainment Ltd (ADR)   13,168,880 
        TOTAL HONG KONG   31,377,642 
               
INDIA - 0.8%        
 594,984      Container Corp Of India Ltd   10,445,030 
        TOTAL INDIA   10,445,030 
               
INDONESIA - 1.0%        
 14,963,800      Bank Rakyat Indonesia   13,139,614 
        TOTAL INDONESIA   13,139,614 
               
IRELAND - 2.4%        
 587,097      CRH plc   20,363,850 
 433,372      Smurfit Kappa Group plc   11,414,929 
        TOTAL IRELAND   31,778,779 
               
ISLE OF MAN - 0.8%      
 2,298,500   *  Optimal Payments plc   11,079,297 
        TOTAL ISLE OF MAN   11,079,297 
               
ITALY - 2.4%
 680,786      Moncler S.p.A   13,081,368 
 1,319,730   g  OVS S.p.A   7,358,308 
 464,339   *  Yoox S.p.A   11,647,786 
        TOTAL ITALY   32,087,462 
 
JAPAN - 15.0%
 2,074,200   *,e  Infomart Corp   11,647,580 
 897,800   e  Istyle, Inc   6,144,729 
 689,300   *  Kubota Corp   10,957,984 
 653,600   *,e  MonotaRO Co Ltd   17,154,374 
 114,600      Murata Manufacturing Co Ltd   15,434,823 
 195,700      Nitto Denko Corp   15,485,025 
 2,551,200      Nomura Holdings, Inc   15,814,522 
 963,500      ORIX Corp   14,536,545 
 427,700      Park24 Co Ltd   11,804,821 
 174,400   e  Seria Co Ltd   11,873,163 
 1,514,700      Shimizu Corp   13,922,088 
 442,800      SMS Co Ltd   10,625,491 
 440,500      Sumitomo Mitsui Financial Group, Inc   17,281,692 
 254,300      Sysmex Corp   15,278,329 
 1,170,000   e  Takara Leben Co Ltd   6,549,909 
 303,200   *  Tokyo Base Co Ltd   8,058,238 
        TOTAL JAPAN   202,569,313 
               
KOREA, REPUBLIC OF - 2.7%
 123,689   *,e  Cosmax, Inc   13,949,262 
118

TIAA-CREF FUNDS - International Opportunities Fund

 

SHARES      COMPANY  VALUE 
         
 82,122      Hanssem Co Ltd  $14,751,287 
 124,101   *  Loen Entertainment, Inc   8,299,539 
        TOTAL KOREA, REPUBLIC OF   37,000,088 
 
MALAYSIA - 1.6%
 8,560,900      IHH Healthcare BHD   12,176,018 
 18,138,000      Karex BHD   9,868,513 
        TOTAL MALAYSIA   22,044,531 
 
NETHERLANDS - 3.4%
 146,473      ASML Holding NV   17,785,300 
 1,276,735      ING Groep NV   18,341,509 
 1,071,586   *,e  TomTom NV   9,823,270 
        TOTAL NETHERLANDS   45,950,079 
 
NORWAY - 5.2%
 1,034,595      Aker BP ASA   18,824,936 
 1,438,541      DNB NOR Holding ASA   23,998,481 
 990,600      Statoil ASA   18,471,909 
 372,600      TGS Nopec Geophysical Co ASA   8,945,936 
        TOTAL NORWAY   70,241,262 
 
PHILIPPINES - 2.0%
 6,246,184      Banco de Oro Universal Bank   14,153,889 
 8,299,480      Robinsons Retail Holdings, Inc   13,178,803 
        TOTAL PHILIPPINES   27,332,692 
 
PORTUGAL - 1.0%
 772,464      Jeronimo Martins SGPS S.A.   13,074,411 
        TOTAL PORTUGAL   13,074,411 
 
SPAIN - 1.9%
 305,998   *,e  Amadeus IT Holding S.A.   14,155,723 
 142,139   *,e,m  Let’s GOWEX S.A.   1,535 
 299,881      Tecnicas Reunidas S.A.   11,907,178 
        TOTAL SPAIN   26,064,436 
 
SWEDEN - 3.3%
 608,212      Boliden AB   17,742,991 
 368,686      Hexagon AB (B Shares)   14,583,994 
 378,184      Intrum Justitia AB   12,731,927 
        TOTAL SWEDEN   45,058,912 
 
SWITZERLAND - 2.5%
 81,224      Lonza Group AG.   14,922,402 
 244,167      Novartis AG.   18,026,249 
        TOTAL SWITZERLAND   32,948,651 
 
TAIWAN - 4.8%
 1,596,000      Global PMX Co Ltd   7,165,705 
 3,150,707      Hota Industrial Manufacturing Co Ltd   13,064,691 
 2,952,000      Hu Lane Associate, Inc   13,861,248 
119

TIAA-CREF FUNDS - International Opportunities Fund

 

SHARES      COMPANY  VALUE 
         
 5,248,600      Powertech Technology, Inc  $14,386,010 
 3,529,000      Taiwan Paiho Ltd   10,808,195 
 1,113,700      VHQ Media Holdings Ltd   5,765,356 
        TOTAL TAIWAN   65,051,205 
 
UNITED KINGDOM - 17.4%
 1,728,584   *  Ashtead Group plc   35,045,938 
 270,047   *  ASOS plc   17,939,565 
 2,702,405   g  Auto Trader Group plc   13,648,822 
 2,633,070      Beazley plc   13,469,730 
 8,721,213   *  boohoo.com plc   15,551,789 
 1,253,074      Cineworld Group plc   9,698,231 
 2,585,000      Electrocomponents plc   15,809,190 
 1,111,797      Fevertree Drinks plc   17,698,207 
 1,003,472      GlaxoSmithKline plc   19,392,068 
 1,894,966   *  Just Eat plc   12,905,454 
 3,246,029   *,e  Purplebricks Group plc   7,799,489 
 228,603      Rightmove plc   11,587,241 
 6,124,734      Taylor Wimpey plc   12,930,597 
 2,585,751      Vesuvius plc   15,360,066 
 682,442      WPP plc   15,883,211 
        TOTAL UNITED KINGDOM   234,719,598 
              
        TOTAL COMMON STOCKS
(Cost $1,172,125,217)		   1,340,073,094 

 

PRINCIPAL     ISSUER    RATE MATURITY
DATE		       
SHORT-TERM INVESTMENTS - 4.2%  
GOVERNMENT AGENCY DEBT - 0.5%      
$7,450,000    Federal Home Loan Bank (FHLB)    0.450% 02/01/17    7,450,000  
      TOTAL GOVERNMENT AGENCY DEBT            7,450,000  
                       
SHARES     COMPANY            
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 3.7%      
 49,751,792 c  State Street Navigator Securities Lending Government Money Market Portfolio    49,751,792  
      TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES    49,751,792  
      TOTAL SHORT-TERM INVESTMENTS      57,201,792  
      (Cost $57,201,792)                
                       
      TOTAL INVESTMENTS - 103.5%            1,397,274,886  
      (Cost $1,229,327,009)                
      OTHER ASSETS & LIABILITIES, NET - (3.5)%            (46,773,547 )
      NET ASSETS - 100.0%          $ 1,350,501,339  
       
       
    Abbreviation(s):
    ADR   American Depositary Receipt
       
  * Non-income producing
  c Investments made with cash collateral received from securities on loan.
  e All or a portion of these securities are out on loan. The aggregate value of securities on loan is $46,259,689.
  g Security is exempt from registration under Rule 144(A) of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers. At 1/31/2017, the aggregate value of these securities amounted to $31,127,906 or 2.3% of net assets.
  m   Indicates a security that has been deemed illiquid.
120

TIAA-CREF FUNDS - International Opportunities Fund

 

TIAA-CREF FUNDS

INTERNATIONAL OPPORTUNITIES FUND

SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

January 31, 2017

 

SECTOR  VALUE   % OF
NET ASSETS		 
CONSUMER DISCRETIONARY  $270,957,615    20.0%
FINANCIALS   231,886,330    17.2 
INFORMATION TECHNOLOGY   193,863,072    14.4 
INDUSTRIALS   155,951,814    11.5 
MATERIALS   151,971,724    11.3 
CONSUMER STAPLES   129,398,610    9.6 
ENERGY   97,384,409    7.2 
HEALTH CARE   94,308,587    7.0 
REAL ESTATE   14,349,398    1.1 
TELECOMMUNICATION SERVICES   1,535    0.0 
SHORT-TERM INVESTMENTS   57,201,792    4.2 
OTHER ASSETS & LIABILITIES, NET   (46,773,547)   (3.5)
           
NET ASSETS  $1,350,501,339    100.0%
121

TIAA-CREF FUNDS - International Small-Cap Equity

 

TIAA-CREF FUNDS

INTERNATIONAL SMALL-CAP EQUITY

SCHEDULE OF INVESTMENTS (unaudited)

January 31, 2017

 

SHARES      COMPANY  VALUE 
            
COMMON STOCKS - 99.3%
              
AUSTRALIA - 4.1%
 226,000   *  Abacus Property Group  $481,673 
 1,290,000      Australian Pharmaceutical Industries Ltd   1,847,509 
 10,000      BlueScope Steel Ltd   85,033 
 15,000      Cedar Woods Properties Ltd   61,245 
 1,581,000   *  Cromwell Group   1,169,219 
 900,000      CSR Ltd   3,013,847 
 461,000      Downer EDI Ltd   2,169,922 
 12,000      GrainCorp Ltd-A   86,516 
 194,000   *  ING Office Fund   661,970 
 1,122,000      Nine Entertainment Co Holdings Ltd   847,616 
 77,000      Northern Star Resources Ltd   224,006 
 61,000      OceanaGold Corp   211,889 
 155,000      Pact Group Holdings Ltd   768,433 
 283,000      Regis Resources Ltd   685,867 
 13,000      Seven Network Ltd   72,199 
 52,000   *  WorleyParsons Ltd   390,996 
        TOTAL AUSTRALIA   12,777,940 
              
AUSTRIA - 1.2%
 12,000      CA Immobilien Anlagen AG.   236,411 
 5,000      Lenzing AG.   714,359 
 16,000      Porr AG.   693,530 
 42,000      Sparkassen Immobilien AG.   487,465 
 191,000      Uniqa Versicherungen AG.   1,575,136 
        TOTAL AUSTRIA   3,706,901 
              
BELGIUM - 0.7%
 12,000      Barco NV   1,041,890 
 14,000      Econocom Group   211,428 
 13,000      EVS Broadcast Equipment S.A.   449,773 
 2,000      Ion Beam Applications   85,044 
 8,000      Sioen Industries NV   252,517 
        TOTAL BELGIUM   2,040,652 
              
BRAZIL - 1.3%
 75,000   *  Banco ABC Brasil S.A.   393,769 
 273,000   *  Cia de Saneamento do Parana   1,222,427 
 150,000      CVC Brasil Operadora e Agencia de Viagens S.A.   1,237,786 
 119,000      FPC Par Corretora de Seguros S.A.   532,481 
 20,000      Multiplus S.A.   225,822 
 110,000      QGEP Participacoes S.A.   198,241 
 35,000   g  Ser Educacional S.A.   197,008 
        TOTAL BRAZIL   4,007,534 
122

TIAA-CREF FUNDS - International Small-Cap Equity

 

SHARES      COMPANY  VALUE 
         
CANADA - 7.3%
 46,000      Alamos Gold, Inc  $345,022 
 189,000   *  Baytex Energy Trust   753,821 
 8,000   *  Boardwalk REIT   290,121 
 24,000   *  Callidus Capital Corp   346,375 
 11,000   *  Canadian Apartment Properties REIT   268,142 
 47,000      Canadian Western Bank   1,068,765 
 5,000   *  Canfor Corp   54,217 
 98,000      Capital Power Corp   1,858,705 
 66,000      Corus Entertainment, Inc   655,308 
 115,000      Dominion Diamond Corp   1,151,546 
 211,000   *  Dream Global REIT   1,545,307 
 54,000   *  Enbridge Income Fund   1,418,836 
 140,000      Ensign Energy Services, Inc   954,313 
 14,000   *  Exchange Income Corp   430,571 
 93,000   *  Granite REIT   3,171,827 
 12,000      Home Capital Group, Inc   274,167 
 2,500      iShares S&P   32,430 
 79,000   *  Laurentian Bank of Canada   3,573,441 
 42,000   *  Paramount Resources Ltd (Class A)   539,666 
 132,000      Rogers Sugar, Inc   673,568 
 214   *  Seven Generations Energy Ltd   4,277 
 20,000      Silvercorp Metals, Inc   60,250 
 269,000   *  Superior Plus Corp   2,658,475 
 3,000      TFI International, Inc   81,199 
 4,000      TMX Group Ltd   211,735 
        TOTAL CANADA   22,422,084 
 
CHILE - 0.7%
 37,000      Inversiones La Construccion S.A.   481,817 
 657,000      Parque Arauco S.A.   1,588,470 
        TOTAL CHILE   2,070,287 
 
CHINA - 3.7%
 112,000      Baoye Group Co Ltd   82,909 
 1,428,000      BYD Electronic International Co Ltd   1,145,609 
 2,660,000      CGN New Energy Holdings Co Ltd   398,553 
 1,201,000   *  China SCE Property Holdings Ltd   384,431 
 161,000      China Shineway Pharmaceutical Group Ltd   185,434 
 1,182,000      CIFI Holdings Group Co Ltd   332,331 
 470,000      Guolian Securities Co Ltd   249,648 
 243,000   g  Hua Hong Semiconductor Ltd   270,496 
 1,690,000      Logan Property Holdings Co Ltd   685,389 
 198,000      Overseas Chinese Town Asia Holdings Ltd   77,638 
 507,000      Pacific Online   133,408 
 1,834,000      Powerlong Real Estate Holdings Ltd   540,204 
 1,355,000      Shandong Chenming Paper Holdings Ltd   1,548,715 
 176,000      Shandong Luoxin Pharmacy Stock Co Ltd   266,243 
 1,198,000      Sichuan Expressway Co Ltd   456,325 
 2,284,000      Sihuan Pharmaceutical Holdings   672,287 
 370,000      Technovator International Ltd   142,833 
 183,000      Tianjin ZhongXin Pharmaceutical Group Corp Ltd   159,210 
123

TIAA-CREF FUNDS - International Small-Cap Equity

 

SHARES        COMPANY  VALUE 
              
 662,000        Tianneng Power International Ltd  $582,947 
 1,200,000        Winteam Pharmaceutical Group Ltd   565,476 
 713,000        Yingde Gases   432,054 
 13,480,000        Yuexiul Property Co Ltd   1,971,321 
          TOTAL CHINA   11,283,461 
                
DENMARK - 1.5%
 126,000        Alm Brand AS   989,335 
 18,000        Schouw & Co   1,359,166 
 67,000        Sydbank AS   2,221,648 
          TOTAL DENMARK   4,570,149 
                
EGYPT - 0.6%
 31,000        Alexandria Mineral Oils Co   134,354 
 11,113,000        Palm Hills Developments SAE   1,683,077 
          TOTAL EGYPT   1,817,431 
                
FINLAND - 1.0%
 34,000        Kesko Oyj (B Shares)   1,720,436 
 115,000    *   Outokumpu Oyj   1,029,034 
 21,000        Valmet Corp   332,023 
          TOTAL FINLAND   3,081,493 
                
FRANCE - 2.5%
 18,000        Altamir Amboise   257,266 
 6,000        Alten   446,913 
 3,000        Faurecia   130,349 
 55,000        Gaztransport Et Technigaz S.A.   2,269,884 
 8,000        Ipsen   619,895 
 5,000        IPSOS   165,725 
 74,000        M6-Metropole Television   1,454,612 
 14,000        MGI Coutier   393,406 
 14,000        Neopost S.A.   462,744 
 61,000        Rallye S.A.   1,354,889 
 6,000        Synergie S.A   247,681 
          TOTAL FRANCE   7,803,364 
                
GERMANY - 3.2%
 89,000        Aareal Bank AG.   3,452,957 
 3,000    *   Bilfinger Berger AG.   124,672 
 15,000    *   Deutsche Beteiligungs AG.   539,886 
 48,000        Hamburger Hafen und Logistik AG.   978,451 
 26,000        MTU Aero Engines Holding AG.   3,114,503 
 76,000        SAF-Holland S.A.   1,155,943 
 11,000        Takkt AG.   245,565 
 3,000        Wincor Nixdorf AG.   213,800 
          TOTAL GERMANY   9,825,777 
                
GREECE - 0.5%
 101,000        Motor Oil Hellas Corinth Refineries S.A.   1,448,571 
          TOTAL GREECE   1,448,571 
124

TIAA-CREF FUNDS - International Small-Cap Equity

 

SHARES       COMPANY  VALUE 
             
HONG KONG - 2.3%
 703,000       Ajisen China Holdings Ltd  $282,167 
 2,004,000       Comba Telecom Systems Holdings Ltd   378,120 
 2,440,000       CSI Properties Ltd   105,005 
 1,050,000    *  Far East Consortium   454,972 
 7,752,000    *  Global Brands Group Holding Ltd   974,079 
 164,000       Great Eagle Holdings Ltd   745,926 
 168,000       Johnson Electric Holdings Ltd   447,017 
 978,000       Ju Teng International Holdings Ltd   314,658 
 1,242,000       K Wah International Holdings Ltd   620,386 
 532,000       Kingboard Chemical Holdings Ltd   1,830,632 
 139,000       Melco International Development   209,691 
 764,000       Texwinca Holdings Ltd   489,523 
 280,000       VST Holdings Ltd   98,125 
         TOTAL HONG KONG   6,950,301 
               
HUNGARY - 0.4%
 664,000       Magyar Telekom   1,185,647 
         TOTAL HUNGARY   1,185,647 
               
INDIA - 0.7%
 162,000       Vedanta Resources plc   2,140,875 
         TOTAL INDIA   2,140,875 
               
INDONESIA - 0.2%
 9,300,000       PT Bank Pembangunan Daerah Jawa Timur Tbk   428,835 
 9,234,000    *  PT Multipolar Corp Tbk   233,805 
         TOTAL INDONESIA   662,640 
               
IRELAND - 1.4%
 21,000       Kingspan Group plc   611,170 
 35,000       Origin Enterprises plc   239,994 
 35,000    *  Permanent TSB Group Holdings plc   102,693 
 433,000    *  United Drug plc   3,502,170 
         TOTAL IRELAND   4,456,027 
               
ISRAEL - 0.5%
 60,000       Delek Automotive Systems Ltd   550,924 
 9,000       Formula Systems 1985 Ltd   349,188 
 75,000       Matrix IT Ltd   603,376 
         TOTAL ISRAEL   1,503,488 
               
ITALY - 2.1%
 96,000       Astaldi S.p.A.   625,673 
 184,000       Banca Mediolanum S.p.A   1,411,537 
 145,000       Banca Popolare dell’Emilia Romagna Scrl   824,623 
 7,000       Biesse S.p.A.   144,429 
 30,000       Buzzi Unicem S.p.A.   739,735 
 50,000       El.En. S.p.A   1,211,199 
 571,000       Maire Tecnimont S.p.A   1,608,679 
         TOTAL ITALY   6,565,875 
125

TIAA-CREF FUNDS - International Small-Cap Equity

 

SHARES       COMPANY  VALUE 
             
JAPAN - 22.3%
 29,000       Adastria Holdings Co Ltd  $778,230 
 26,000       ADEKA Corp   378,667 
 27,000       Arcs Co Ltd   608,344 
 887,000       Ardepro Co Ltd   1,107,148 
 75,000       Asahi Holdings, Inc   1,487,907 
 9,000       Chori Co Ltd   156,168 
 57,000       Daiho Corp   263,342 
 11,000       Daikyonishikawa Corp   143,482 
 26,000    *  Dainippon Ink and Chemicals, Inc   805,147 
 518,000       Daiwabo Co Ltd   1,279,473 
 108,000       EDION Corp   1,036,769 
 39,000       Enplas Corp   1,153,015 
 73,000    *  Fukuda Corp   716,299 
 3,000       Fukuda Denshi Co Ltd   170,960 
 6,000    *  Furukawa Electric Co Ltd   203,582 
 80,000       Futaba Industrial Co Ltd   475,568 
 114,000       Geo Corp   1,316,972 
 15,000       Goldcrest Co Ltd   266,532 
 47,000       Green Hospital Supply, Inc   1,250,051 
 14,000       G-Tekt Corp   262,933 
 49,000       Hankyu Department Stores, Inc   810,966 
 54,000       Haseko Corp   595,161 
 222,000       Hazama Ando Corp   1,549,089 
 10,000       Hibiya Engineering Ltd   150,478 
 18,000       Hitachi Capital Corp   462,085 
 6,000       Hitachi Transport System Ltd   122,455 
 251,000       Hitachi Zosen Corp   1,318,599 
 29,000       Inabata & Co Ltd   330,902 
 33,000    *  Ishihara Sangyo Kaisha Ltd   269,269 
 78,000       Itochu Enex Co Ltd   632,266 
 3,000       Itochu Techno-Science Corp   80,697 
 211,000       Iwatani International Corp   1,175,523 
 49,000       Jaccs Co Ltd   221,871 
 167,000    *  Japan Display, Inc   453,405 
 33,000       Jeol Ltd   165,590 
 141,000       Jimoto Holdings Inc   238,399 
 8,000       Jowa Holdings Co Ltd   227,540 
 18,000       Kaken Pharmaceutical Co Ltd   915,089 
 32,000       Kandenko Co Ltd   297,294 
 556,000       Kanematsu Corp   979,315 
 9,000       Kansai Urban Banking Corp   117,907 
 70,000       Kasai Kogyo Co Ltd   808,351 
 41,000       Konoike Transport Co Ltd   540,860 
 49,000       K’s Holdings Corp   884,231 
 218,000       Leopalace21 Corp   1,248,800 
 41,000       Maeda Corp   357,424 
 19,000       Maeda Road Construction Co Ltd   328,430 
 40,000       Maruzen Showa Unyu Co Ltd   158,685 
 26,000       Marvelous AQL, Inc   194,745 
 18,000       Matsumotokiyoshi Holdings Co Ltd   894,892 
 44,000       Meidensha Corp   149,869 
 47,000       Mitsubishi Steel Manufacturing Co Ltd   107,227 
126

TIAA-CREF FUNDS - International Small-Cap Equity

 

SHARES       COMPANY  VALUE 
             
 1,211,000       Mitsui Engineering & Shipbuilding Co Ltd  $1,958,980 
 66,000    *  Mitsui Sugar Co Ltd   1,467,865 
 343,000       Mitsui-Soko Co Ltd   1,024,720 
 45,000    *  Mori Seiki Co Ltd   614,920 
 10,000       Namura Shipbuilding Co Ltd   66,564 
 200,000       NHK Spring Co Ltd   2,015,341 
 100,000       Nichii Gakkan Co   722,001 
 29,000       Nihon Unisys Ltd   374,707 
 87,000       Nippo Corp   1,644,730 
 154,000       Nippon Road Co Ltd   627,405 
 12,000       Nippon Soda Co Ltd   58,358 
 27,000    *  Nippon Steel Trading Co Ltd   1,111,158 
 37,000       Nippon Suisan Kaisha Ltd   182,177 
 99,000       Nishimatsu Construction Co Ltd   495,051 
 29,000       Nissin Kogyo Co Ltd   479,110 
 26,000       Nojima Corp   286,210 
 130,000       North Pacific Bank Ltd   522,154 
 128,000       NTN Corp   540,608 
 8,000    *  Okabe Co Ltd   67,646 
 109,000       Okumura Corp   660,436 
 18,000       Okuwa Co Ltd   183,587 
 40,000       Open House Co Ltd   936,260 
 20,000    *  PC Depot Corp   110,884 
 22,000       Penta-Ocean Construction Co Ltd   107,415 
 154,000       Rengo Co Ltd   940,491 
 19,000    *  Sanyo Chemical Industries Ltd   829,792 
 4,000       Sato Corp   85,882 
 39,000       Seino Holdings Corp   451,026 
 113,000       Shinko Plantech Co Ltd   809,112 
 230,000       Sky Perfect Jsat Corp   1,035,048 
 88,000       Sojitz Holdings Corp   226,813 
 15,000    *  Studio Alice Co Ltd   286,970 
 14,000       Sumitomo Densetsu Co Ltd   158,779 
 72,000       Sumitomo Forestry Co Ltd   990,431 
 1,021,000       Sumitomo Mitsui Construction C   1,084,112 
 17,000       Sumitomo Osaka Cement Co Ltd   68,454 
 21,000       Sun Frontier Fudousan Co Ltd   186,708 
 36,000       Taihei Dengyo Kaisha Ltd   344,752 
 23,000       Taiho Kogyo Co Ltd   335,149 
 8,000       Telepark Corp   130,927 
 65,000       Toho Pharmaceutical Co Ltd   1,402,341 
 53,000       Tokai Rika Co Ltd   1,054,826 
 21,000       Token Corp   1,483,869 
 27,000       Tokyo Derica Co Ltd   293,378 
 14,000    *  Tokyo Rope Manufacturing Co Ltd   236,783 
 159,000       Tokyu Construction Co Ltd   1,250,703 
 9,000    *  Topy Industries Ltd   251,537 
 112,000    *  Tosei Corp   756,397 
 12,000       Toshiba Plant Systems & Services Corp   180,771 
 128,000       Tosoh Corp   967,088 
 104,000    *  Toyo Tire & Rubber Co Ltd   1,261,626 
 45,000       TS Tech Co Ltd   1,148,460 
 51,000       Unipres Corp   1,075,988 
127

TIAA-CREF FUNDS - International Small-Cap Equity

 

SHARES       COMPANY  VALUE 
             
 51,000       United Super Markets Holdings, Inc  $445,826 
 12,000       Valor Co Ltd   311,810 
 77,000       VITAL KSK Holdings, Inc   686,710 
 26,000       Yamazen Corp   222,454 
 4,000       Yuasa Trading Co Ltd   108,133 
 109,000       Yurtec Corp   794,741 
         TOTAL JAPAN   68,804,177 
               
JERSEY, C.I. - 0.0%
 39,000       Centamin plc   77,118 
         TOTAL JERSEY, C.I.   77,118 
               
KOREA, REPUBLIC OF - 3.9%
 85,000       Daeduck Electronics Co   606,493 
 14,000       Daeduck GDS Co Ltd   161,401 
 3,000       Dong-A Pharmaceutical Co Ltd   324,021 
 80,000    *  Dongkuk Steel Mill Co Ltd   841,151 
 2,000    *  GS Home Shopping, Inc   311,811 
 29,000    *  Halim Co Ltd   99,470 
 17,000       Huvis Corp   118,041 
 10,000       Korea District Heating Corp   572,451 
 6,000    *  Kyungdong Pharm Co Ltd   90,612 
 5,000    *  LG Fashion Corp   92,172 
 3,000    *  LIG Insurance Co Ltd   63,576 
 5,000    *  LOTTE Himart Co Ltd   180,586 
 25,000    *  LS Cable Ltd   1,351,400 
 102,000    *  Meritz Fire & Marine Insurance Co Ltd   1,320,971 
 184,000    *  Meritz Securities Co Ltd   572,203 
 81,000       Mirae Asset Life Insurance Co Ltd   412,621 
 400       Namyang Dairy Products Co Ltd   251,982 
 2,000    *  Nong Shim Co Ltd   547,285 
 6,000    *  Samyang Corp   495,045 
 18,000       Seah Besteel Corp   385,691 
 3,000       SeAH Steel Corp   279,403 
 18,010    *  SK Gas Co Ltd   1,673,472 
 3,000       SL Corp   60,234 
 139,000       Tong Yang Life Insurance   1,266,362 
         TOTAL KOREA, REPUBLIC OF   12,078,454 
               
LUXEMBOURG - 0.2%
 14,000       APERAM   662,109 
         TOTAL LUXEMBOURG   662,109 
               
MALAYSIA - 0.6%
 484,000       Mah Sing Group BHD   162,809 
 243,000       MKH BHD   162,384 
 167,000       Scientex BHD   263,535 
 771,000       Sunway BHD   528,760 
 961,000       Supermax Corp BHD   453,041 
 303,000       Top Glove Corp BHD   355,706 
 66,000       UOA Development BHD   36,207 
         TOTAL MALAYSIA   1,962,442 
128

TIAA-CREF FUNDS - International Small-Cap Equity

 

SHARES      COMPANY  VALUE 
         
MEXICO - 0.1%
 30,000      Banregio Grupo Financiero SAB de C.V.  $166,605 
        TOTAL MEXICO   166,605 
 
NETHERLANDS - 0.8%
 37,000      ASM International NV   1,824,239 
 14,000      BE Semiconductor Industries NV   505,511 
        TOTAL NETHERLANDS   2,329,750 
 
NEW ZEALAND - 1.0%
 1,401,000      Air New Zealand Ltd   2,158,619 
 509,000      Genesis Energy Ltd   806,633 
        TOTAL NEW ZEALAND   2,965,252 
 
NORWAY - 1.8%
 28,000      Aker ASA (A Shares)   1,161,082 
 5,000      Aker BP ASA   90,977 
 51,000      Austevoll Seafood ASA   471,712 
 56,000      Borregaard ASA   616,146 
 29,000      Leroy Seafood Group ASA   1,614,617 
 19,000      Norway Royal Salmon ASA   423,858 
 123,000      Sparebanken Midt-Norge   1,028,970 
 37,000      Sparebanken Nord-Norge   243,360 
        TOTAL NORWAY   5,650,722 
 
PHILIPPINES - 0.2%
 1,177,000      Benpres Holdings Corp   187,310 
 1,475,000      Cosco Capital, Inc   272,167 
 147,000      First Philippine Holdings Corp   209,726 
        TOTAL PHILIPPINES   669,203 
 
PORTUGAL - 0.8%
 257,000      Altri SGPS S.A.   1,127,214 
 381,000      Portucel Empresa Produtora de Pasta e Papel S.A.   1,387,647 
 99,000   *  Sonae SPGS S.A.   85,216 
        TOTAL PORTUGAL   2,600,077 
 
RUSSIA - 0.7%
 1,117,000   m  Federal Grid Co Unified Energy System JSC (GDR)   2,155,324 
        TOTAL RUSSIA   2,155,324 
 
SINGAPORE - 1.5%
 468,000      Ascendas Hospitality Trust   244,070 
 134,000      CWT Ltd   190,159 
 1,053,000      Japfa Ltd   776,914 
 195,000      QAF Ltd   201,316 
 321,000      Venture Corp Ltd   2,322,137 
 1,048,000      Yanlord Land Group Ltd   1,033,611 
        TOTAL SINGAPORE   4,768,207 
129

TIAA-CREF FUNDS - International Small-Cap Equity

 

SHARES       COMPANY  VALUE 
             
SOUTH AFRICA - 1.9%
 221,000       Alexander Forbes Group Holdings Ltd  $117,265 
 233,000       Barloworld Ltd   1,915,741 
 579,000       Delta Property Fund Ltd   350,193 
 141,000       Harmony Gold Mining Co Ltd   355,293 
 492,000    *  Petra Diamonds Ltd   939,337 
 118,000       Raubex Group Ltd   200,622 
 383,000       Rebosis Property Fund Ltd   360,972 
 2,270,000       S.A. Corporate Real Estate Fund Nominees Pty Ltd   960,223 
 541,903       Vukile Property Fund Ltd   752,029 
         TOTAL SOUTH AFRICA   5,951,675 
               
SPAIN - 1.1%
 78,000       Antena 3 de Television S.A.   887,674 
 85,000       Cie Automotive S.A.   1,581,380 
 12,000       Gestevision Telecinco S.A.   146,874 
 84,000    *,g  Global Dominion Access S.A.   286,218 
 45,000       Merlin Properties Socimi S.A.   504,052 
         TOTAL SPAIN   3,406,198 
               
SWEDEN - 4.1%
 16,000       Biogaia AB (B Shares)   579,849 
 63,000       Bure Equity AB   710,951 
 30,000    *  D Carnegie & Co AB   377,226 
 41,000       Intrum Justitia AB   1,380,304 
 27,000       Investment AB Oresund   467,661 
 85,000       JM AB   2,563,174 
 105,000       KappAhl Holding AB   628,175 
 14,000    *  Probi AB   834,108 
 33,000       Saab AB (Class B)   1,347,652 
 186,000       Trelleborg AB (B Shares)   3,858,683 
         TOTAL SWEDEN   12,747,783 
               
SWITZERLAND - 2.8%
 9,000       BKW S.A.   454,298 
 5,500       Bossard Holding AG.   914,860 
 87,000       Logitech International S.A.   2,491,670 
 6,200       Mobimo Holding AG.   1,622,758 
 14,000       Temenos Group AG.   1,017,985 
 36,000       Vontobel Holding AG.   2,013,642 
         TOTAL SWITZERLAND   8,515,213 
               
TAIWAN - 4.3%
 284,000       Asia Vital Components Co Ltd   224,539 
 135,000       Benq Corp   70,599 
 1,459,000       China Motor Corp   1,333,848 
 276,000       CTCI Corp   429,682 
 471,000       General Interface Solution Holding Ltd   1,492,730 
 1,974,000       Grand Pacific Petrochemical   1,286,297 
 148,000       Kindom Construction Co   92,400 
 836,000       LEE Chang Yung Chem IND Corp   1,182,563 
 896,000       Mercuries & Associates Holding Ltd   658,500 
 568,000       Mitac Holdings Corp   627,651 
 249,000       Primax Electronics Ltd   354,923 
130

TIAA-CREF FUNDS - International Small-Cap Equity

 

SHARES       COMPANY  VALUE 
             
 238,000       Radiant Opto-Electronics Corp  $432,672 
 86,000       Senao International Co Ltd   143,214 
 429,000       Sercomm Corp   1,096,757 
 269,000       Systex Corp   520,777 
 368,000       Tripod Technology Corp   897,062 
 2,113,000       USI Corp   1,076,811 
 2,476,000       Walsin Lihwa Corp   962,815 
 256,000       WT Microelectronics Co Ltd   355,150 
         TOTAL TAIWAN   13,238,990 
               
THAILAND - 1.4%
 219,000       Hana Microelectronics PCL (Foreign)   264,442 
 166,000       Kiatnakin Bank PCL (Foreign)   268,843 
 1,518,000       LPN Development PCL (Foreign)   517,510 
 17,235,000       Quality House PCL   1,292,536 
 1,550,000       SC Asset Corp PCL   167,315 
 672,000       SVI PCL   105,924 
 2,550,000       SVI PCL (Foreign)   401,945 
 247,000       Thai Vegetable Oil PCL   287,617 
 333,000       Thaicom PCL   209,044 
 609,000       Thanachart Capital PCL   821,349 
 33,000       Tisco Bank PCL   57,183 
         TOTAL THAILAND   4,393,708 
               
TURKEY - 0.8%
 33,000       Akcansa Cimento AS   124,048 
 100,000       Aksa Akrilik Kimya Sanayii   278,706 
 145,000       Aygaz AS   490,301 
 30,000       Pinar SUT Mamulleri Sanayii AS   135,867 
 441,000       Selcuk Ecza Deposu Ticaret ve Sanayi AS   403,558 
 1,096,000       Trakya Cam Sanayi AS   899,118 
         TOTAL TURKEY   2,331,598 
               
UNITED KINGDOM - 10.8%
 726,000    *  boohoo.com plc   1,294,613 
 117,000    *  Chemring Group plc   282,597 
 135,000    *  Daily Mail & General Trust   1,179,024 
 27,000    *  Dialog Semiconductor plc   1,256,365 
 107,000       Diploma plc   1,366,250 
 185,000       Electrocomponents plc   1,131,412 
 233,000       Elementis plc   787,712 
 89,000       Fevertree Drinks plc   1,416,752 
 1,863,000       Hays plc   3,584,856 
 158,000       HomeServe plc   1,187,614 
 639,000       JD Sports Fashion plc   2,798,771 
 10,000       John Wood Group plc   105,789 
 75,000    *  KAZ Minerals plc   445,020 
 498,000       Melrose Industries plc   1,226,058 
 26,000       Northgate plc   166,320 
 38,000       OneSavings Bank plc   161,912 
 461,000    *  Paragon Group of Cos plc   2,347,528 
 549,000    *  QinetiQ plc   1,825,988 
 135,000       Redrow plc   754,894 
131

TIAA-CREF FUNDS - International Small-Cap Equity

 

SHARES      COMPANY  VALUE 
         
 61,000      RPC Group plc  $823,755 
 44,000      Spectris plc   1,338,871 
 640,000      SSP Group plc   3,147,212 
 26,000      Telecom Plus plc   397,729 
 10,000      TORM plc   93,635 
 141,000   *  Tullow Oil plc   525,413 
 146,000      Victrex plc   3,498,753 
 14,000   *,g  Zoopla Property Group plc   64,495 
        TOTAL UNITED KINGDOM   33,209,338 
 
UNITED STATES - 2.3%
 6,000      iShares MSCI EAFE Small-Cap ETF   310,500 
 2,500      iShares MSCI Emerging Markets Small-Cap ETF   106,475 
 66,100      iShares MSCI India Small-Cap ETF   2,349,855 
 98,400      VanEck Vectors India Small-Cap Index ETF   4,450,632 
        TOTAL UNITED STATES   7,217,462 
              
        TOTAL COMMON STOCKS
(Cost $302,792,688)		   306,221,902 

 

PRINCIPAL     ISSUER  RATE  MATURITY
DATE		    
SHORT-TERM INVESTMENTS - 0.9%
GOVERNMENT AGENCY DEBT - 0.9%
$2,850,000     Federal Home Loan Bank (FHLB)    0.450 %  02/01/17   2,850,000 
       TOTAL GOVERNMENT AGENCY DEBT             2,850,000 
                       
       TOTAL SHORT-TERM INVESTMENTS             2,850,000 
       (Cost $2,850,000)               
                       
       TOTAL INVESTMENTS - 100.2%             309,071,902 
       (Cost $305,642,688)               
       OTHER ASSETS & LIABILITIES, NET - (0.2)%             (654,192)
       NET ASSETS - 100.0%            $308,417,710 
       
       
    Abbreviation(s):
    ETF   Exchange Traded Fund
    GDR   Global Depositary Receipt
    REIT   Real Estate Investment Trust
     
* Non-income producing
g Security is exempt from registration under Rule 144(A) of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers. At 1/31/2017, the aggregate value of these securities amounted to $818,217 or 0.3% of net assets.
m   Indicates a security that has been deemed illiquid.
132

TIAA-CREF FUNDS - International Small-Cap Equity

 

TIAA-CREF FUNDS

INTERNATIONAL SMALL-CAP EQUITY

SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

January 31, 2017

 

SECTOR  VALUE   % OF
NET ASSETS		 
INDUSTRIALS  $60,039,706    19.5%
CONSUMER DISCRETIONARY   47,042,244    15.2 
MATERIALS   35,899,559    11.6 
FINANCIALS   34,359,114    11.1 
INFORMATION TECHNOLOGY   31,481,003    10.2 
REAL ESTATE   31,456,970    10.2 
UTILITIES   18,661,824    6.1 
HEALTH CARE   17,468,104    5.7 
CONSUMER STAPLES   16,509,418    5.3 
ENERGY   11,909,269    3.9 
TELECOMMUNICATION SERVICES   1,394,691    0.5 
SHORT-TERM INVESTMENTS   2,850,000    0.9 
OTHER ASSETS & LIABILITIES, NET   (654,192)   (0.2)
           
NET ASSETS  $308,417,710    100.0%
133

TIAA-CREF FUNDS - Social Choice International Equity Fund

 

TIAA-CREF FUNDS

SOCIAL CHOICE INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (unaudited)

January 31, 2017

 

SHARES       COMPANY  VALUE 
             
COMMON STOCKS - 99.7%
               
AUSTRALIA - 7.6%
 1,069       AGL Energy Ltd  $18,331 
 1,739       Amcor Ltd   18,875 
 13,984       AMP Ltd   53,077 
 3,469    *  APA Group   22,160 
 9,772       Australia & New Zealand Banking Group Ltd   217,118 
 239       Bendigo Bank Ltd   2,276 
 1,378       Boral Ltd   6,090 
 6,452       Brambles Ltd   50,990 
 2,186       Caltex Australia Ltd   47,442 
 4,830       Coca-Cola Amatil Ltd   35,719 
 167       Cochlear Ltd   15,864 
 4,939       Commonwealth Bank of Australia   306,021 
 255       Computershare Ltd   2,494 
 1,343    *  GPT Group (ASE)   4,769 
 10,833       Healthscope Ltd   17,990 
 1,935       Insurance Australia Group Ltd   8,469 
 1,393       Lend Lease Corp Ltd   14,896 
 2,067    *  Macquarie Goodman Group   10,854 
 1,858       Macquarie Group Ltd   119,312 
 17,486    *  Mirvac Group   26,935 
 9,084       National Australia Bank Ltd   208,897 
 6,466       Newcrest Mining Ltd   106,037 
 2,279       QR National Ltd   8,658 
 1,702       Ramsay Health Care Ltd   86,266 
 7,947       Scentre Group   26,518 
 48,050       South32 Ltd   100,568 
 12,696    *  Stockland Trust Group   41,896 
 1,906    *  Sydney Airport   8,458 
 5,570    *  Transurban Group (ASE)   43,101 
 3,456       Wesfarmers Ltd   105,578 
 10,408       Westpac Banking Corp   250,557 
 2,997       Woodside Petroleum Ltd   71,858 
         TOTAL AUSTRALIA   2,058,074 
               
AUSTRIA - 0.3%
 1,914       OMV AG.   66,986 
         TOTAL AUSTRIA   66,986 
               
BELGIUM - 0.5%
 1,709       KBC Groep NV   110,995 
 437       Umicore   24,478 
         TOTAL BELGIUM   135,473 
134

TIAA-CREF FUNDS - Social Choice International Equity Fund

 

SHARES       COMPANY  VALUE 
             
DENMARK - 1.7%
 578       Coloplast AS  $41,446 
 521    *  Genmab AS   100,897 
 5,593       Novo Nordisk AS   202,130 
 664       Novozymes AS   25,883 
 218       Pandora AS   28,569 
 585       Vestas Wind Systems AS   41,025 
         TOTAL DENMARK   439,950 
               
FINLAND - 0.8%
 1,466       Metso Oyj   45,069 
 1,667       Neste Oil Oyj   58,000 
 137       Nokian Renkaat Oyj   5,139 
 800       Orion Oyj (Class B)   37,239 
 1,487       Wartsila Oyj (B Shares)   74,676 
         TOTAL FINLAND   220,123 
               
FRANCE - 10.0%
 1,877       Accor S.A.   76,067 
 216       Aeroports de Paris   23,969 
 1,547       Air Liquide   167,020 
 532       Atos Origin S.A.   56,602 
 7,306       AXA S.A.   179,561 
 1,841       Bouygues S.A.   66,894 
 1,171       Bureau Veritas S.A.   22,932 
 727       Cap Gemini S.A.   59,191 
 2,649       Carrefour S.A.   64,803 
 680       Casino Guichard Perrachon S.A.   36,667 
 471       Christian Dior S.A.   101,107 
 2,198       CNP Assurances   41,307 
 2,626       Compagnie de Saint-Gobain   129,030 
 503       Eiffage S.A.   36,161 
 1,063       Essilor International S.A.   124,707 
 295       Eurazeo   18,169 
 128       Gecina S.A.   16,506 
 2,507       Groupe Danone   157,161 
 234       Icade   16,589 
 8       JC Decaux S.A.   256 
 491       Kering   116,878 
 241       Lagardere S.C.A.   6,046 
 1,196       Legrand S.A.   69,465 
 709       L’Oreal S.A.   128,908 
 359       Michelin (C.G.D.E.) (Class B)   38,568 
 12,234       Natixis   72,493 
 412       Renault S.A.   37,098 
 3,364       Rexel S.A.   58,671 
 2,253       Schneider Electric S.A.   161,211 
 3,578       Suez Environnement S.A.   54,198 
 6,415       Total S.A.   324,568 
 470       Unibail-Rodamco   108,312 
 1,302       Valeo S.A.   79,578 
 4,169       Vivendi Universal S.A.   76,443 
 302       Wendel   35,742 
         TOTAL FRANCE   2,762,878 
135

TIAA-CREF FUNDS - Social Choice International Equity Fund

 

SHARES       COMPANY  VALUE 
               
GERMANY - 8.7%
 885       Adidas-Salomon AG.  $139,657 
 1,438       Allianz AG.   244,409 
 58       Axel Springer AG.   3,057 
 2,780       BASF SE   268,364 
 1,540       Bayerische Motoren Werke AG.   140,617 
 713       Bayerische Motoren Werke AG. (Preference)   53,564 
 262       Beiersdorf AG.   23,244 
 1,109       Brenntag AG.   64,519 
 1,086    *  Deutsche Boerse AG. (Tender)   100,209 
 4,359       Deutsche Post AG.   146,310 
 370       Fraport AG. Frankfurt Airport Services Worldwide   22,143 
 1,670       GEA Group AG.   69,200 
 1,137       HeidelbergCement AG.   109,839 
 550       Henkel KGaA   58,037 
 570       Henkel KGaA (Preference)   69,582 
 234       MAN AG.   24,259 
 988       Merck KGaA   109,008 
 2,298       Metro AG.   78,639 
 753       Muenchener Rueckver AG.   141,795 
 883       Osram Licht AG.   51,259 
 1,115       ProSiebenSat. Media AG.   47,434 
 2,974       SAP AG.   271,973 
 9,050       Telefonica Deutschland Holding AG.   37,858 
 4,827       TUI AG. (DI)   70,743 
         TOTAL GERMANY   2,345,719 
               
HONG KONG - 3.4%
 28,500       BOC Hong Kong Holdings Ltd   113,940 
 11,500       CLP Holdings Ltd   112,247 
 13,000       Hang Lung Properties Ltd   31,994 
 5,300       Hang Seng Bank Ltd   108,030 
 13,000       Henderson Land Development Co Ltd   71,759 
 55,900       Hong Kong & China Gas Ltd   105,249 
 5,020       Hong Kong Exchanges and Clearing Ltd   121,418 
 6,000       Hysan Development Co Ltd   27,345 
 50,000       Li & Fung Ltd   21,682 
 17,933       MTR Corp   91,102 
 5,500       Swire Pacific Ltd (Class A)   56,034 
 10,600       Swire Properties Ltd   29,826 
 6,500       Yue Yuen Industrial Holdings   23,792 
         TOTAL HONG KONG   914,418 
               
IRELAND - 0.4%
 2,151       CRH plc   74,609 
 435       Kerry Group plc (Class A)   30,570 
         TOTAL IRELAND   105,179 
               
ISRAEL - 0.3%
 13,893       Bank Hapoalim Ltd   83,944 
         TOTAL ISRAEL   83,944 
136

TIAA-CREF FUNDS - Social Choice International Equity Fund

 

SHARES       COMPANY  VALUE 
             
ITALY - 1.3%
 6,733       Assicurazioni Generali S.p.A.  $107,439 
 59,206       Banca Intesa S.p.A.   139,066 
 11,492       Banca Intesa S.p.A. RSP   25,422 
 13,939       Snam Rete Gas S.p.A.   53,053 
 6,241       Terna Rete Elettrica Nazionale S.p.A.   27,372 
         TOTAL ITALY   352,352 
               
JAPAN - 23.9%
 1,200       Aeon Co Ltd   17,344 
 1,200       AEON Financial Service Co Ltd   21,483 
 800       Aeon Mall Co Ltd   11,594 
 900       Aisin Seiki Co Ltd   41,170 
 3,000       Ajinomoto Co, Inc   59,213 
 1,200       Alfresa Holdings Corp   19,752 
 1,000       All Nippon Airways Co Ltd   2,970 
 400       Amada Co Ltd   4,702 
 3,000    *  Asahi Glass Co Ltd   22,289 
 6,000       Asahi Kasei Corp   55,959 
 600    *  Asics Corp   11,688 
 8,500       Astellas Pharma, Inc   114,085 
 800       Casio Computer Co Ltd   11,054 
 800       Central Japan Railway Co   129,269 
 1,200    *  Chugai Pharmaceutical Co Ltd   35,266 
 1,700       Daicel Chemical Industries Ltd   18,799 
 1,200       Daikin Industries Ltd   119,115 
 1,800       Daiwa House Industry Co Ltd   48,748 
 2,800       Denso Corp   121,253 
 600    *  Dentsu, Inc   27,731 
 1,600       East Japan Railway Co   144,891 
 700       Eisai Co Ltd   38,585 
 100       Fast Retailing Co Ltd   31,452 
 3,200       Fuji Heavy Industries Ltd   128,051 
 1,300       Fujifilm Holdings Corp   50,343 
 9,000       Fujitsu Ltd   52,308 
 1,800       Hino Motors Ltd   18,991 
 400       Hitachi Chemical Co Ltd   11,356 
 400       Hitachi Construction Machinery Co Ltd   9,199 
 100       Hitachi High-Technologies Corp   4,283 
 2,700       Hitachi Metals Ltd   37,430 
 6,100    *  Honda Motor Co Ltd   181,529 
 5,000       Inpex Holdings, Inc   49,066 
 1,000       Kajima Corp   6,970 
 1,000       Kaneka Corp   8,616 
 300       Kansai Paint Co Ltd   5,828 
 1,100    *  Kao Corp   54,433 
 12,000       Kawasaki Heavy Industries Ltd   37,550 
 6,700       KDDI Corp   180,018 
 400    *  Keyence Corp   155,347 
 1,000       Kikkoman Corp   31,481 
 4,000    *  Kobe Steel Ltd   38,908 
 5,200       Komatsu Ltd   123,129 
137

TIAA-CREF FUNDS - Social Choice International Equity Fund

 

SHARES       COMPANY  VALUE 
             
 2,100       Konica Minolta Holdings, Inc  $21,754 
 5,900    *  Kubota Corp   93,794 
 600    *  Kuraray Co Ltd   9,510 
 1,600       Kyocera Corp   83,297 
 2,000    *  Kyowa Hakko Kogyo Co Ltd   27,083 
 200       Marui Co Ltd   2,860 
 11,400       Matsushita Electric Industrial Co Ltd   118,616 
 4,100       Mazda Motor Corp   60,336 
 6,600       Mitsubishi Corp   149,095 
 9,400       Mitsubishi Electric Corp   143,055 
 4,000       Mitsubishi Estate Co Ltd   76,136 
 1,500    *  Mitsubishi Materials Corp   51,188 
 5,600       Mitsubishi UFJ Lease & Finance Co Ltd   29,851 
 11,000       Mitsui Chemicals, Inc   51,729 
 4,000       Mitsui Fudosan Co Ltd   92,349 
 6,000       Mitsui OSK Lines Ltd   19,067 
 2,800    *  Mitsui Trust Holdings, Inc   104,365 
 94,000       Mizuho Financial Group, Inc   174,425 
 900       Murata Manufacturing Co Ltd   121,216 
 10,000       NEC Corp   23,080 
 1,000       NGK Insulators Ltd   19,608 
 1,500       NGK Spark Plug Co Ltd   33,785 
 400       Nikon Corp   6,456 
 3,300       Nippon Telegraph & Telephone Corp   145,769 
 8,000    *  Nippon Yusen Kabushiki Kaisha   16,917 
 12,900       Nissan Motor Co Ltd   127,622 
 500       Nissin Food Products Co Ltd   26,387 
 900       Nitto Denko Corp   71,214 
 1,500       NKSJ Holdings, Inc   54,315 
 400       Nomura Real Estate Holdings, Inc   6,880 
 100    *  Nomura Research Institute Ltd   3,417 
 4,700       NSK Ltd   57,054 
 4,700       NTT DoCoMo, Inc   112,377 
 700       Obayashi Corp   6,668 
 1,100       Omron Corp   45,132 
 600       Oriental Land Co Ltd   32,880 
 3,000       Osaka Gas Co Ltd   11,245 
 17,300       Resona Holdings, Inc   93,663 
 1,600       Santen Pharmaceutical Co Ltd   20,105 
 400       Secom Co Ltd   28,927 
 600       Sekisui Chemical Co Ltd   9,790 
 1,600    *  Sekisui House Ltd   25,882 
 1,900       Seven & I Holdings Co Ltd   75,864 
 1,700       Shin-Etsu Chemical Co Ltd   146,660 
 1,100       Shionogi & Co Ltd   52,978 
 500    *  Shiseido Co Ltd   13,975 
 2,100    *  Shoei Co Ltd   20,477 
 1,600    *  Showa Shell Sekiyu KK   15,684 
 5,300       Sony Corp   160,472 
 300       Stanley Electric Co Ltd   8,452 
 17,000       Sumitomo Chemical Co Ltd   90,576 
 8,700       Sumitomo Corp   109,061 
 1,100       Sumitomo Dainippon Pharma Co Ltd   18,660 
138

TIAA-CREF FUNDS - Social Choice International Equity Fund

 

SHARES       COMPANY  VALUE 
             
 2,900       Sumitomo Electric Industries Ltd  $42,197 
 2,000       Sumitomo Heavy Industries Ltd   13,751 
 6,000       Sumitomo Metal Mining Co Ltd   81,289 
 4,900       Sumitomo Mitsui Financial Group, Inc   192,237 
 1,200    *  Sumitomo Rubber Industries, Inc   18,743 
 1,200    *  Suntory Beverage & Food Ltd   51,057 
 500       Suzuken Co Ltd   16,507 
 900       Sysmex Corp   54,072 
 2,900       T&D Holdings, Inc   42,962 
 3,000       Takeda Pharmaceutical Co Ltd   125,657 
 400       TDK Corp   28,751 
 500    *  Teijin Ltd   10,553 
 1,000       Toho Gas Co Ltd   7,481 
 700       Tokyo Electron Ltd   72,509 
 15,000       Tokyo Gas Co Ltd   66,568 
 3,000       Tokyu Corp   22,095 
 3,300       Tokyu Fudosan Holdings Corp   19,291 
 4,000       Toray Industries, Inc   34,636 
 400       Toto Ltd   16,111 
 300       Toyo Suisan Kaisha Ltd   10,704 
 1,800       Toyota Industries Corp   86,868 
 1,600       Toyota Tsusho Corp   44,010 
 800       Yakult Honsha Co Ltd   41,113 
 100       Yamaha Corp   3,055 
 2,100    *  Yamaha Motor Co Ltd   43,679 
 1,400       Yaskawa Electric Corp   25,245 
 200       Yokogawa Electric Corp   3,196 
         TOTAL JAPAN   6,589,343 
               
LUXEMBOURG - 0.4%
 1,243       SES Global S.A.   24,170 
 4,169       Tenaris S.A.   73,028 
         TOTAL LUXEMBOURG   97,198 
               
NETHERLANDS - 3.1%
 14,933       Aegon NV   81,168 
 1,446       Akzo Nobel NV   98,133 
 1,155       ASML Holding NV   140,245 
 582       DSM NV   37,103 
 1,354       EXOR NV   61,781 
 99       Gemalto NV   5,753 
 13,606       ING Groep NV   195,463 
 2,994       Koninklijke Ahold Delhaize NV   63,783 
 3,851       Koninklijke Philips Electronics NV   112,998 
 866       Koninklijke Vopak NV   37,199 
 633       NN Group NV   22,418 
 7,090       Royal KPN NV   20,426 
 115       Wolters Kluwer NV   4,398 
         TOTAL NETHERLANDS   880,868 
               
NEW ZEALAND - 0.3%
 4,092       Auckland International Airport Ltd   20,525 
 3,166       Fletcher Building Ltd   24,392 
139

TIAA-CREF FUNDS - Social Choice International Equity Fund

 

SHARES      COMPANY  VALUE 
         
 13,018   *  Meridian Energy Ltd  $25,152 
 2,064      Ryman Healthcare Ltd   13,193 
        TOTAL NEW ZEALAND   83,262 
 
NORWAY - 1.4%
 4,017      DNB NOR Holding ASA   67,014 
 16,448      Norsk Hydro ASA   93,825 
 2,594      Orkla ASA   24,201 
 783      PAN Fish ASA   13,825 
 6,457      Statoil ASA   120,405 
 2,321      Telenor ASA   36,794 
        TOTAL NORWAY   356,064 
 
PORTUGAL - 0.3%
 9,732      Energias de Portugal S.A.   28,302 
 4,537      Galp Energia SGPS S.A.   66,849 
 29      Jeronimo Martins SGPS S.A.   491 
        TOTAL PORTUGAL   95,642 
 
SINGAPORE - 1.8%
 5,260      Ascendas REIT   9,184 
 22,200      CapitaLand Ltd   51,809 
 7,100   *  CapitaMall Trust   9,756 
 3,300      City Developments Ltd   21,661 
 9,765      DBS Group Holdings Ltd   132,022 
 13,700      Global Logistic Properties   25,249 
 1,300      Jardine Cycle & Carriage Ltd   38,120 
 18,700      Keppel Corp Ltd   82,057 
 1,500      Singapore Airlines Ltd   10,565 
 46,200      Singapore Telecommunications Ltd   127,022 
        TOTAL SINGAPORE   507,445 
 
SOUTH AFRICA - 0.6%
 4,807      Al Noor Hospitals Group plc   47,560 
 8,533      Investec plc   60,542 
 2,733      Mondi plc   60,405 
        TOTAL SOUTH AFRICA   168,507 
 
SPAIN - 3.1%
 1,436   *  Amadeus IT Holding S.A.   66,430 
 25,507      Banco Bilbao Vizcaya Argentaria S.A.   173,462 
 42,016      Banco de Sabadell S.A.   63,432 
 25,227      CaixaBank S.A.   92,469 
 82      Enagas   2,014 
 2,047      Ferrovial S.A.   37,158 
 474   *,m  Iberdrola S.A.   2,991 
 23,847      Iberdrola S.A.   150,621 
 3,860      Industria De Diseno Textil S.A.   127,671 
 1,014      Red Electrica Corp S.A.   18,132 
 7,790      Repsol YPF S.A.   115,456 
        TOTAL SPAIN   849,836 
140

TIAA-CREF FUNDS - Social Choice International Equity Fund

 

SHARES       COMPANY  VALUE 
             
SWEDEN - 3.8%
 61       Alfa Laval AB  $1,140 
 3,048       Assa Abloy AB   57,676 
 3,499       Atlas Copco AB (A Shares)   112,219 
 3,001       Atlas Copco AB (B Shares)   87,033 
 3,402       Boliden AB   99,244 
 225       Electrolux AB (Series B)   5,983 
 12,818       Ericsson (LM) (B Shares)   75,861 
 2,532       Hennes & Mauritz AB (B Shares)   72,445 
 602       Industrivarden AB   11,665 
 13,092       Nordea Bank AB   158,050 
 2,665       Sandvik AB   35,974 
 5,259       Skandinaviska Enskilda Banken AB (Class A)   59,073 
 1,070       SKF AB (B Shares)   21,530 
 4,425       Svenska Handelsbanken AB   66,060 
 2,784       Swedbank AB (A Shares)   70,394 
 14,416       TeliaSonera AB   58,478 
 5,161       Volvo AB (B Shares)   66,049 
         TOTAL SWEDEN   1,058,874 
               
SWITZERLAND - 8.7%
 7,497       ABB Ltd   178,660 
 505       Actelion Ltd   131,852 
 749       Adecco S.A.   53,594 
 1,093    *  Aryzta AG.   30,107 
 2,353       Coca-Cola HBC AG.   53,785 
 62       Givaudan S.A.   111,776 
 2,450       Holcim Ltd   131,917 
 332       Kuehne & Nagel International AG.   45,427 
 11       Lindt & Spruengli AG.   61,054 
 528       Lonza Group AG.   97,004 
 5,928       Novartis AG.   437,650 
 1,850       Roche Holding AG.   438,354 
 39       SGS S.A.   82,750 
 1,509       Swiss Re Ltd   141,014 
 229       Swisscom AG.   101,022 
 1,789       Wolseley plc   110,793 
 595       Zurich Financial Services AG.   171,344 
         TOTAL SWITZERLAND   2,378,103 
               
UNITED KINGDOM - 17.0%
 10,882       3i Group plc   96,129 
 12,030    *  Aberdeen Asset Management plc   39,813 
 3,294       Associated British Foods plc   99,265 
 21,416       Aviva plc   128,943 
 8,363       Barratt Developments plc   50,433 
 768       Berkeley Group Holdings plc   27,125 
 8,809    *  British Land Co plc   64,748 
 38,286    *  BT Group plc   146,827 
 1,640       Bunzl plc   43,231 
 4,543       Burberry Group plc   93,947 
 7,992       Capita Group plc   50,423 
 10,102       CNH Industrial NV   89,743 
141

TIAA-CREF FUNDS - Social Choice International Equity Fund

 

SHARES      COMPANY  VALUE 
         
 1,114      Coca-Cola European Partners plc  $38,468 
 613      Croda International plc   25,885 
 312      DCC plc   25,167 
 1,361      easyJet plc   16,316 
 14,621      GlaxoSmithKline plc   282,550 
 5,537      Hammerson plc   38,163 
 2,078      InterContinental Hotels Group plc   96,496 
 620      Intertek Group plc   26,540 
 10,476   e  Intu Properties plc   35,731 
 17,736      ITV plc   45,511 
 7,370      J Sainsbury plc   23,979 
 2,331   *  Johnson Matthey plc   95,613 
 9,245      Kingfisher plc   39,225 
 5,380      Land Securities Group plc   67,425 
 37,890      Legal & General Group plc   112,370 
 2,198      London Stock Exchange Group plc   87,999 
 6,930      Marks & Spencer Group plc   29,374 
 6,942      Meggitt plc   36,612 
 6,639   g  Merlin Entertainments plc   39,914 
 14,818      National Grid plc   173,566 
 651      Next plc   31,411 
 39,681      Old Mutual plc   104,199 
 5,871      Pearson plc   45,771 
 3,323      Petrofac Ltd   38,478 
 9,485      Prudential plc   183,807 
 2,005      Reckitt Benckiser Group plc   172,040 
 1,756      Reed Elsevier NV   29,660 
 4,567      Reed Elsevier plc   81,978 
 3,051      RSA Insurance Group plc   22,091 
 1,768      Schroders plc   65,572 
 6,292   *  Scottish & Southern Energy plc   118,281 
 3,091      Segro plc   17,956 
 8,389      Sky plc   105,992 
 15,171   *  Standard Chartered plc   148,560 
 12,757      Standard Life plc   55,736 
 6,066      Tate & Lyle plc   51,272 
 18,702      Taylor Wimpey plc   39,484 
 49,253   *  Tesco plc   120,993 
 1,549      Travis Perkins plc   28,410 
 3,676      Unilever NV   149,105 
 4,457      Unilever plc   180,535 
 8,198   *  United Utilities Group plc   94,937 
 8,798   *  Vodafone Group plc (ADR)   219,070 
 1,731      Whitbread plc   85,688 
 6,886      WM Morrison Supermarkets plc   20,529 
 6,077      WPP plc   141,437 
        TOTAL UNITED KINGDOM   4,620,523 
 
UNITED STATES - 0.3%
 2,708   *  QIAGEN NV   78,799 
        TOTAL UNITED STATES   78,799 
              
        TOTAL COMMON STOCKS   27,249,560 
        (Cost $27,842,855)     
142

TIAA-CREF FUNDS - Social Choice International Equity Fund

 

          VALUE 
              
        TOTAL INVESTMENTS - 99.7%
(Cost $27,842,855)		  $27,249,560 
        OTHER ASSETS & LIABILITIES, NET - 0.3%   72,760 
        NET ASSETS - 100.0%  $27,322,320 
       
     
    Abbreviation(s):
    ADR      American Depositary Receipt
  REIT      Real Estate Investment Trust
     
*   Non-income producing
e   All or a portion of these securities are out on loan. The aggregate value of securities on loan is $33,846.
g   Security is exempt from registration under Rule 144(A) of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers. At 1/31/2017, the aggregate value of these securities amounted to $39,914 or 0.1% of net assets.
m   Indicates a security that has been deemed illiquid.
143

TIAA-CREF FUNDS - Social Choice International Equity Fund

 

TIAA-CREF FUNDS

SOCIAL CHOICE INTERNATIONAL EQUITY FUND

SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

January 31, 2017

 

SECTOR  VALUE   % OF  
NET ASSETS		 
FINANCIALS  $6,195,557    22.7%
INDUSTRIALS   4,104,378    15.0 
CONSUMER DISCRETIONARY   3,653,751    13.4 
HEALTH CARE   2,785,259    10.2 
MATERIALS   2,404,307    8.8 
CONSUMER STAPLES   2,273,911    8.3 
INFORMATION TECHNOLOGY   1,368,427    5.0 
TELECOMMUNICATION SERVICES   1,185,661    4.3 
REAL ESTATE   1,101,390    4.0 
UTILITIES   1,091,900    4.0 
ENERGY   1,085,019    4.0 
OTHER ASSETS & LIABILITIES, NET   72,760    0.3 
           
NET ASSETS  $27,322,320    100.0%
144

TIAA-CREF FUNDS - Equity Index Fund

 

TIAA-CREF FUNDS
EQUITY INDEX FUND
SCHEDULE OF INVESTMENTS (unaudited)
January 31, 2017

 

SHARES      COMPANY  VALUE 
         
COMMON STOCKS - 99.8%
         
AUTOMOBILES & COMPONENTS - 1.0%
 47,418   *  Adient plc  $3,010,569 
 40,171   *  American Axle & Manufacturing Holdings, Inc   819,488 
 111,683      BorgWarner, Inc   4,560,017 
 26,375      Cooper Tire & Rubber Co   956,094 
 7,728   *  Cooper-Standard Holding, Inc   813,604 
 72,245      Dana Holding Corp   1,455,014 
 141,160      Delphi Automotive plc   9,889,670 
 20,495   *  Dorman Products, Inc   1,414,565 
 2,026,120      Ford Motor Co   25,042,843 
 12,970   *  Fox Factory Holding Corp   335,923 
 735,140      General Motors Co   26,913,475 
 147,781      Gentex Corp   3,087,145 
 17,656   *  Gentherm, Inc   625,022 
 138,174      Goodyear Tire & Rubber Co   4,475,456 
 92,574      Harley-Davidson, Inc   5,280,421 
 11,160   *  Horizon Global Corp   218,401 
 38,130      Lear Corp   5,417,892 
 7,570      Metaldyne Performance Group, Inc   178,652 
 24,436   *  Modine Manufacturing Co   332,330 
 8,720   *  Motorcar Parts of America, Inc   228,726 
 16,273      Spartan Motors, Inc   128,557 
 11,059      Standard Motor Products, Inc   551,512 
 12,077   *  Stoneridge, Inc   198,183 
 1,415      Strattec Security Corp   43,582 
 12,118      Superior Industries International, Inc   279,320 
 28,897   *  Tenneco, Inc   1,949,103 
 64,943   *,e  Tesla Motors, Inc   16,361,090 
 24,368      Thor Industries, Inc   2,522,088 
 13,047      Tower International, Inc   341,831 
 3,070      Unique Fabricating, Inc   39,971 
 22,231      Visteon Corp   1,991,231 
 12,900      Winnebago Industries, Inc   405,060 
 6,207   *,e  Workhorse Group, Inc   20,111 
        TOTAL AUTOMOBILES & COMPONENTS   119,886,946 
             
BANKS - 7.0%
 6,433      1st Source Corp   290,193 
 2,590   e  Access National Corp   69,101 
 3,009      ACNB Corp   90,270 
 5,241   *  Allegiance Bancshares, Inc   170,070 
 3,144      American National Bankshares, Inc   111,612 
 16,401      Ameris Bancorp   739,685 
 3,475      Ames National Corp   112,242 
 4,695      Arrow Financial Corp   165,733 
145

TIAA-CREF FUNDS - Equity Index Fund

            
SHARES      COMPANY  VALUE 
         
 63,588      Associated Banc-Corp  $1,608,776 
 43,500      Astoria Financial Corp   822,585 
 8,335   *  Atlantic Capital Bancshares, Inc   159,198 
 24,354   e  Banc of California, Inc   384,793 
 3,811      Bancfirst Corp   359,568 
 18,072      Banco Latinoamericano de Exportaciones S.A. (Class E)   491,558 
 38,151      Bancorpsouth, Inc   1,133,085 
 19,189      Bank Mutual Corp   183,255 
 5,407,523      Bank of America Corp   122,426,321 
 28,857      Bank of Hawaii Corp   2,479,105 
 2,316      Bank of Marin Bancorp   155,635 
 6,427      Bank of NT Butterfield & Son Ltd   211,384 
 49,453   e  Bank of the Ozarks, Inc   2,713,486 
 7,344      BankFinancial Corp   98,924 
 48,616      BankUnited   1,857,131 
 2,566      Bankwell Financial Group, Inc   75,209 
 19,110      Banner Corp   1,072,453 
 4,605      Bar Harbor Bankshares   199,535 
 435,146      BB&T Corp   20,099,394 
 6,029      Bear State Financial, Inc   60,712 
 34,168      Beneficial Bancorp, Inc   609,899 
 15,102      Berkshire Hills Bancorp, Inc   534,611 
 11,500      Blue Hills Bancorp, Inc   218,500 
 18,329      BNC Bancorp   646,097 
 31,140   *,e  BofI Holding, Inc   918,630 
 12,602      BOK Financial Corp   1,036,388 
 33,474      Boston Private Financial Holdings, Inc   552,321 
 8,056      Bridge Bancorp, Inc   291,224 
 33,112      Brookline Bancorp, Inc   521,514 
 8,081      Bryn Mawr Bank Corp   323,644 
 3,755   *  BSB Bancorp, Inc   104,201 
 1,549      C&F Financial Corp   67,149 
 7,531      Camden National Corp   312,386 
 10,587      Capital Bank Financial Corp   417,128 
 4,271      Capital City Bank Group, Inc   88,367 
 90,206      Capitol Federal Financial   1,393,683 
 12,761      Cardinal Financial Corp   400,185 
 4,967      Carolina Financial Corp   148,762 
 11,872   *  Cascade Bancorp   94,620 
 36,003      Cathay General Bancorp   1,311,949 
 22,222      Centerstate Banks of Florida, Inc   541,995 
 8,558      Central Pacific Financial Corp   268,122 
 4,092      Central Valley Community Bancorp   82,781 
 1,649      Century Bancorp, Inc   99,435 
 8,748      Charter Financial Corp   150,291 
 34,513      Chemical Financial Corp   1,705,978 
 1,442      Chemung Financial Corp   49,302 
 105,392      CIT Group, Inc   4,341,096 
 1,470,723      Citigroup, Inc   82,110,465 
 5,032      Citizens & Northern Corp   119,560 
 275,162      Citizens Financial Group, Inc   9,952,610 
 6,773      City Holding Co   440,855 
 10,322      Clifton Bancorp, Inc   160,197 
146

TIAA-CREF FUNDS - Equity Index Fund

 

SHARES      COMPANY  VALUE 
         
 5,791      CNB Financial Corp  $135,857 
 17,885      CoBiz, Inc   313,345 
 3,855      Codorus Valley Bancorp, Inc   98,958 
 37,950      Columbia Banking System, Inc   1,508,892 
 89,827      Comerica, Inc   6,066,017 
 61,027      Commerce Bancshares, Inc   3,449,856 
 33,347      Community Bank System, Inc   1,946,131 
 6,977      Community Trust Bancorp, Inc   322,686 
 11,785      ConnectOne Bancorp, Inc   291,089 
 2,437      County Bancorp, Inc   66,530 
 6,901   *  CU Bancorp   250,161 
 28,081      Cullen/Frost Bankers, Inc   2,510,441 
 11,525   *  Customers Bancorp, Inc   397,151 
 65,768      CVB Financial Corp   1,482,411 
 15,318      Dime Community Bancshares   327,805 
 21,743   *  Eagle Bancorp, Inc   1,331,759 
 70,051      East West Bancorp, Inc   3,603,423 
 3,160      Enterprise Bancorp, Inc   106,208 
 11,187      Enterprise Financial Services Corp   465,939 
 2,384   *  Equity Bancshares, Inc   77,861 
 4,031      ESSA Bancorp, Inc   63,811 
 44,448   *  Essent Group Ltd   1,536,567 
 38,938      EverBank Financial Corp   756,565 
 2,904      Farmers Capital Bank Corp   107,884 
 11,953      Farmers National Banc Corp   150,608 
 14,519   *  FCB Financial Holdings, Inc   681,667 
 6,393      Federal Agricultural Mortgage Corp (Class C)   355,834 
 10,179      Fidelity Southern Corp   236,662 
 388,517      Fifth Third Bancorp   10,140,294 
 5,686      Financial Institutions, Inc   187,354 
 9,604      First Bancorp (NC)   281,109 
 60,455   *  First Bancorp (Puerto Rico)   406,258 
 3,643      First Bancorp, Inc   98,361 
 15,209      First Busey Corp   444,863 
 3,244      First Business Financial Services, Inc   78,602 
 4,890      First Citizens Bancshares, Inc (Class A)   1,793,359 
 43,405      First Commonwealth Financial Corp   612,879 
 6,839      First Community Bancshares, Inc   199,015 
 6,078   *,e  First Community Financial Partners, Inc   72,328 
 6,547      First Connecticut Bancorp   148,290 
 3,699      First Defiance Financial Corp   179,254 
 29,861      First Financial Bancorp   822,671 
 46,980   e  First Financial Bankshares, Inc   2,003,697 
 4,551      First Financial Corp   220,041 
 4,121      First Financial Northwest, Inc   85,511 
 12,948   *  First Foundation, Inc   187,746 
 15,036      First Hawaiian, Inc   496,038 
 106,441      First Horizon National Corp   2,128,820 
 2,693   e  First Internet Bancorp   83,887 
 9,611      First Interstate Bancsystem, Inc   395,493 
 19,713      First Merchants Corp   755,599 
 2,943      First Mid-Illinois Bancshares, Inc   92,734 
 38,814      First Midwest Bancorp, Inc   942,404 
147

TIAA-CREF FUNDS - Equity Index Fund

            
SHARES      COMPANY  VALUE 
         
 9,317   *,e  First NBC Bank Holding Co  $37,268 
 5,007   *  First Northwest Bancorp   74,154 
 10,183      First of Long Island Corp   275,959 
 73,914      First Republic Bank   6,972,308 
 10,681   *  Flagstar Bancorp, Inc   275,249 
 11,966      Flushing Financial Corp   325,475 
 102,037      FNB Corp   1,524,433 
 4,591   *  Franklin Financial Network, Inc   176,983 
 119,516      Fulton Financial Corp   2,175,191 
 6,871      German American Bancorp, Inc   329,739 
 37,114      Glacier Bancorp, Inc   1,318,660 
 5,092      Great Southern Bancorp, Inc   254,855 
 29,976      Great Western Bancorp, Inc   1,281,474 
 4,011   *  Green Bancorp, Inc   68,789 
 5,658      Guaranty Bancorp   136,924 
 37,485      Hancock Holding Co   1,718,687 
 12,696      Hanmi Financial Corp   420,872 
 10,567      Heartland Financial USA, Inc   494,536 
 12,384      Heritage Commerce Corp   173,871 
 14,020      Heritage Financial Corp   357,510 
 9,193      Heritage Oaks Bancorp   124,473 
 50,470      Hilltop Holdings, Inc   1,381,869 
 689      Hingham Institution for Savings   133,246 
 2,808      Home Bancorp, Inc   99,881 
 58,908      Home Bancshares, Inc   1,586,982 
 8,704   *  HomeStreet, Inc   228,045 
 8,420   *  HomeTrust Bancshares, Inc   208,395 
 62,060      Hope Bancorp, Inc   1,297,675 
 7,909      Horizon Bancorp   202,708 
 542,842      Huntington Bancshares, Inc   7,344,652 
 22,792      IBERIABANK Corp   1,872,363 
 3,645   *  Impac Mortgage Holdings, Inc   50,374 
 12,342      Independent Bank Corp (MA)   769,524 
 9,223      Independent Bank Corp (MI)   193,683 
 5,695      Independent Bank Group, Inc   353,944 
 26,696      International Bancshares Corp   990,422 
 144,820      Investors Bancorp, Inc   2,078,167 
 1,918,631      JPMorgan Chase & Co   162,373,742 
 44,908      Kearny Financial Corp   684,847 
 601,559      Keycorp   10,810,015 
 18,503      Lakeland Bancorp, Inc   343,231 
 14,457      Lakeland Financial Corp   642,180 
 4,465      LCNB Corp   100,462 
 22,639      LegacyTexas Financial Group, Inc   935,443 
 3,216   *,e  LendingTree, Inc   359,870 
 9,830      Live Oak Bancshares, Inc   201,023 
 75,722      M&T Bank Corp   12,310,126 
 12,652      Macatawa Bank Corp   129,303 
 11,159      MainSource Financial Group, Inc   366,685 
 32,489      MB Financial, Inc   1,446,735 
 8,948      MBT Financial Corp   96,638 
 6,978      Mercantile Bank Corp   225,389 
 1,972      Merchants Bancshares, Inc   100,572 
148

TIAA-CREF FUNDS - Equity Index Fund

            
SHARES      COMPANY  VALUE 
         
 33,771      Meridian Bancorp, Inc  $636,583 
 4,177      Meta Financial Group, Inc   366,949 
 170,971   *  MGIC Investment Corp   1,820,841 
 2,446      Middleburg Financial Corp   83,996 
 1,950      Midland States Bancorp, Inc   66,027 
 3,997      MidWestOne Financial Group, Inc   141,134 
 2,513      MutualFirst Financial, Inc   78,531 
 16,489      National Bank Holdings Corp   535,892 
 2,810   e  National Bankshares, Inc   122,375 
 4,061   *  National Commerce Corp   152,287 
 16,262   *,e  Nationstar Mortgage Holdings, Inc   294,993 
 20,562      NBT Bancorp, Inc   837,696 
 283,638      New York Community Bancorp, Inc   4,308,461 
 3,552   *  Nicolet Bankshares, Inc   172,165 
 20,415   *  NMI Holdings, Inc   220,482 
 23,793      Northfield Bancorp, Inc   429,464 
 3,306      Northrim BanCorp, Inc   93,394 
 70,271      Northwest Bancshares, Inc   1,199,526 
 9,848      OceanFirst Financial Corp   279,782 
 21,168      OFG Bancorp   280,476 
 4,255      Old Line Bancshares, Inc   114,077 
 64,572      Old National Bancorp   1,146,153 
 11,628      Old Second Bancorp, Inc   125,582 
 8,781      Opus Bank   178,693 
 27,054      Oritani Financial Corp   469,387 
 3,502      Orrstown Financial Services, Inc   76,869 
 9,324      Pacific Continental Corp   231,235 
 13,151   *  Pacific Premier Bancorp, Inc   517,492 
 72,344      PacWest Bancorp   4,007,858 
 10,915      Park National Corp   1,209,273 
 25,387      Park Sterling Bank   297,028 
 7,363      Peapack Gladstone Financial Corp   222,399 
 1,915      Penns Woods Bancorp, Inc   88,473 
 5,122   *  PennyMac Financial Services, Inc   86,562 
 7,855      Peoples Bancorp, Inc   243,898 
 3,001      Peoples Financial Services Corp   129,043 
 159,647      People’s United Financial, Inc   2,993,381 
 6,152      People’s Utah Bancorp   155,338 
 26,058   *  PHH Corp   379,926 
 29,714      Pinnacle Financial Partners, Inc   1,986,381 
 258,099      PNC Financial Services Group, Inc   31,090,606 
 57,190      Popular, Inc   2,540,952 
 5,949      Preferred Bank   329,634 
 4,455      Premier Financial Bancorp, Inc   81,616 
 44,009      PrivateBancorp, Inc   2,405,532 
 32,606      Prosperity Bancshares, Inc   2,368,174 
 2,962      Provident Financial Holdings, Inc   54,886 
 22,929      Provident Financial Services, Inc   606,931 
 5,576      QCR Holdings, Inc   233,913 
 110,944      Radian Group, Inc   2,041,370 
 659,651      Regions Financial Corp   9,505,571 
 19,695      Renasant Corp   783,861 
 4,212      Republic Bancorp, Inc (Class A)   145,946 
149

TIAA-CREF FUNDS - Equity Index Fund

            
SHARES      COMPANY  VALUE 
         
 15,691   *  Republic First Bancorp, Inc  $118,467 
 16,780      S&T Bancorp, Inc   631,264 
 11,418      Sandy Spring Bancorp, Inc   467,795 
 14,091   *  Seacoast Banking Corp of Florida   306,902 
 25,087      ServisFirst Bancshares, Inc   1,004,483 
 5,605      SI Financial Group, Inc   84,355 
 5,108      Sierra Bancorp   136,690 
 28,903   *  Signature Bank   4,552,801 
 14,281      Simmons First National Corp (Class A)   859,002 
 15,850      South State Corp   1,416,990 
 2,686   *  Southern First Bancshares, Inc   95,084 
 2,726      Southern Missouri Bancorp, Inc   91,757 
 5,361      Southern National Bancorp of Virginia, Inc   85,937 
 11,996      Southside Bancshares, Inc   409,783 
 7,722      Southwest Bancorp, Inc   213,899 
 17,135      State Bank & Trust Co   453,049 
 52,783      Sterling Bancorp/DE   1,258,875 
 10,273      Stock Yards Bancorp, Inc   460,230 
 5,678      Stonegate Bank   258,406 
 7,442      Suffolk Bancorp   308,248 
 4,018      Summit Financial Group, Inc   105,071 
 5,433      Sun Bancorp, Inc   135,825 
 256,489      SunTrust Banks, Inc   14,573,705 
 28,005   *  SVB Financial Group   4,823,301 
 67,263      Synovus Financial Corp   2,803,522 
 67,434      TCF Financial Corp   1,169,980 
 3,666      Territorial Bancorp, Inc   116,102 
 28,042   *  Texas Capital Bancshares, Inc   2,313,465 
 48,502      TFS Financial Corp   848,300 
 25,736   *  The Bancorp, Inc   154,159 
 10,111      Tompkins Trustco, Inc   915,551 
 27,394      TowneBank   882,087 
 9,011      Trico Bancshares   332,236 
 8,498   *  Tristate Capital Holdings, Inc   188,656 
 7,756   *  Triumph Bancorp, Inc   209,800 
 43,902      Trustco Bank Corp NY   368,777 
 36,220      Trustmark Corp   1,217,716 
 21,800      UMB Financial Corp   1,681,652 
 106,950      Umpqua Holdings Corp   1,958,254 
 20,968      Union Bankshares Corp   770,784 
 1,900   e  Union Bankshares, Inc   78,850 
 46,637   e  United Bankshares, Inc   2,089,338 
 37,399      United Community Banks, Inc   1,052,034 
 19,365      United Community Financial Corp   164,796 
 19,970      United Financial Bancorp, Inc (New)   360,458 
 11,444      Univest Corp of Pennsylvania   322,149 
 842,059      US Bancorp   44,334,406 
 150,278      Valley National Bancorp   1,819,867 
 4,072   *  Veritex Holdings, Inc   110,596 
 13,347   *  Walker & Dunlop, Inc   419,229 
 16,698   *,e  Walter Investment Management Corp   63,452 
 51,702      Washington Federal, Inc   1,698,411 
 7,198      Washington Trust Bancorp, Inc   392,291 
150

TIAA-CREF FUNDS - Equity Index Fund

            
SHARES      COMPANY  VALUE 
         
 3,940      WashingtonFirst Bankshares, Inc  $109,729 
 13,586      Waterstone Financial, Inc   245,907 
 41,542      Webster Financial Corp   2,181,786 
 2,404,659      Wells Fargo & Co   135,454,441 
 22,096      WesBanco, Inc   916,984 
 6,091      West Bancorporation, Inc   138,875 
 23,741   e  Westamerica Bancorporation   1,347,302 
 45,525   *  Western Alliance Bancorp   2,248,024 
 7,045      Western New England Bancorp, Inc   68,336 
 23,570      Wintrust Financial Corp   1,687,612 
 100,521   *  WMIH Corp   155,808 
 12,825      WSFS Financial Corp   580,972 
 1,525   *  Xenith Bankshares, Inc   39,711 
 24,350      Yadkin Financial Corp   779,200 
 103,123      Zions Bancorporation   4,350,759 
        TOTAL BANKS   879,252,661 
               
CAPITAL GOODS - 7.8%
 306,305      3M Co   53,548,240 
 89,043      A.O. Smith Corp   4,340,846 
 25,084      Aaon, Inc   851,602 
 17,331      AAR Corp   554,419 
 27,308      Actuant Corp (Class A)   714,104 
 22,303      Acuity Brands, Inc   4,621,851 
 19,055      Advanced Drainage Systems, Inc   459,225 
 77,795   *  Aecom Technology Corp   2,872,969 
 20,604   *  Aegion Corp   479,249 
 28,687   *  Aerojet Rocketdyne Holdings, Inc   519,522 
 9,931   *  Aerovironment, Inc   260,093 
 36,885      AGCO Corp   2,316,378 
 50,183      Air Lease Corp   1,825,658 
 28,765      Aircastle Ltd   641,459 
 4,528      Alamo Group, Inc   342,453 
 13,760      Albany International Corp (Class A)   652,912 
 48,362      Allegion plc   3,175,933 
 2,945      Allied Motion Technologies, Inc   64,908 
 73,411      Allison Transmission Holdings, Inc   2,567,917 
 13,520      Altra Holdings, Inc   504,296 
 8,663   *  Ameresco, Inc   45,048 
 6,730   e  American Railcar Industries, Inc   299,754 
 6,024   *,e  American Superconductor Corp   42,108 
 8,421   *  American Woodmark Corp   599,575 
 117,423      Ametek, Inc   6,000,315 
 13,179      Apogee Enterprises, Inc   752,257 
 16,844      Applied Industrial Technologies, Inc   1,018,220 
 227,983      Arconic, Inc   5,195,733 
 7,663      Argan, Inc   565,146 
 11,629   *  Armstrong Flooring, Inc   244,558 
 20,205   *  Armstrong World Industries, Inc   807,190 
 9,399      Astec Industries, Inc   657,742 
 14,163   *  Astronics Corp   464,688 
 8,437   *  Atkore International Group, Inc   225,437 
 12,795      AZZ, Inc   761,942 
151

TIAA-CREF FUNDS - Equity Index Fund

            
SHARES      COMPANY  VALUE 
         
 21,982   *  Babcock & Wilcox Enterprises, Inc  $365,780 
 26,136      Barnes Group, Inc   1,257,926 
 53,280      BE Aerospace, Inc   3,275,122 
 28,927   *  Beacon Roofing Supply, Inc   1,266,135 
 22,659   *  BMC Stock Holdings, Inc   423,723 
 312,224      Boeing Co   51,023,646 
 22,014      Briggs & Stratton Corp   476,823 
 49,214   *  Builders FirstSource, Inc   529,543 
 48,312      BWX Technologies, Inc   2,004,465 
 11,658   *  Caesarstone Sdot-Yam Ltd   353,820 
 8,206   *  CAI International, Inc   132,445 
 32,438      Carlisle Cos, Inc   3,539,310 
 288,725      Caterpillar, Inc   27,619,433 
 14,772   *  Chart Industries, Inc   573,006 
 54,619      Chicago Bridge & Iron Co NV   1,813,897 
 8,830      CIRCOR International, Inc   549,932 
 23,768      Clarcor, Inc   1,968,228 
 51,527   *  Colfax Corp   2,009,553 
 9,871      Columbus McKinnon Corp   271,354 
 19,570      Comfort Systems USA, Inc   662,444 
 16,862   *  Continental Building Products Inc   392,041 
 25,402      Crane Co   1,829,960 
 7,120   *  CSW Industrials, Inc   260,236 
 12,289      Cubic Corp   584,342 
 86,976      Cummins, Inc   12,786,342 
 22,615      Curtiss-Wright Corp   2,217,627 
 315,034      Danaher Corp   26,437,653 
 163,422      Deere & Co   17,494,325 
 33,167   *  DigitalGlobe, Inc   930,334 
 6,313      DMC Global, Inc   100,692 
 65,833      Donaldson Co, Inc   2,781,444 
 11,557      Douglas Dynamics, Inc   390,627 
 78,937      Dover Corp   6,137,352 
 7,506   *  Ducommun, Inc   222,403 
 8,929   *  DXP Enterprises, Inc   337,695 
 16,050   *,e  Dycom Industries, Inc   1,294,593 
 237,939      Eaton Corp   16,841,322 
 29,434      EMCOR Group, Inc   2,051,255 
 332,878      Emerson Electric Co   19,526,623 
 9,755      Encore Wire Corp   412,149 
 10,434   *,e  Energous Corp   150,876 
 22,942   *  Energy Recovery, Inc   234,926 
 22,133      EnerSys   1,725,267 
 13,686   *  Engility Holdings, Inc   401,410 
 12,925      EnPro Industries, Inc   877,737 
 13,195      ESCO Technologies, Inc   767,949 
 15,355   *  Esterline Technologies Corp   1,315,156 
 147,202      Fastenal Co   7,312,995 
 24,641      Federal Signal Corp   382,921 
 67,417      Flowserve Corp   3,314,220 
 68,098      Fluor Corp   3,779,439 
 156,685      Fortive Corp   8,666,247 
152

TIAA-CREF FUNDS - Equity Index Fund

            
SHARES      COMPANY  VALUE 
         
 75,275      Fortune Brands Home & Security, Inc  $4,149,911 
 23,853      Franklin Electric Co, Inc   962,469 
 11,180      Freightcar America, Inc   161,551 
 24,455   *,e  FuelCell Energy, Inc   36,682 
 22,457   e  GATX Corp   1,298,464 
 3,280   *  Gencor Industries, Inc   51,332 
 32,860   *  Generac Holdings, Inc   1,322,944 
 27,852      General Cable Corp   565,396 
 127,971      General Dynamics Corp   23,172,989 
 4,823,719      General Electric Co   143,264,454 
 16,324   *  Gibraltar Industries, Inc   716,624 
 11,068      Global Brass & Copper Holdings, Inc   366,904 
 3,662   *  GMS, Inc   109,274 
 9,996      Gorman-Rupp Co   324,470 
 28,293      Graco, Inc   2,534,770 
 4,428      Graham Corp   98,390 
 20,718      Granite Construction, Inc   1,162,901 
 41,979   *  Great Lakes Dredge & Dock Corp   218,291 
 15,693   e  Greenbrier Cos, Inc   686,569 
 17,223      Griffon Corp   438,325 
 20,553      H&E Equipment Services, Inc   531,501 
 5,911      Hardinge, Inc   62,657 
 44,298      Harsco Corp   591,378 
 17,374   *  HC2 Holdings, Inc   115,537 
 102,764   *  HD Supply Holdings, Inc   4,346,917 
 10,135      HEICO Corp   779,888 
 20,308      HEICO Corp (Class A)   1,346,420 
 16,675   *  Herc Holdings, Inc   828,247 
 47,354      Hexcel Corp   2,431,628 
 28,500      Hillenbrand, Inc   1,041,675 
 396,295      Honeywell International, Inc   46,889,625 
 28,632      Hubbell, Inc   3,495,395 
 24,155      Huntington Ingalls   4,685,104 
 2,730      Hurco Cos, Inc   83,538 
 4,045      Hyster-Yale Materials Handling, Inc   248,848 
 38,845      IDEX Corp   3,502,265 
 6,045   *  IES Holdings, Inc   117,877 
 153,231      Illinois Tool Works, Inc   19,490,983 
 133,747      Ingersoll-Rand plc   10,612,824 
 8,446      Insteel Industries, Inc   312,840 
 44,089      ITT, Inc   1,801,917 
 61,826   *  Jacobs Engineering Group, Inc   3,619,912 
 15,232      John Bean Technologies Corp   1,315,283 
 479,458      Johnson Controls International plc   21,086,563 
 53,087      Joy Global, Inc   1,492,806 
 5,112      Kadant, Inc   314,899 
 25,256      Kaman Corp   1,276,186 
 69,895      KBR, Inc   1,188,914 
 44,793      Kennametal, Inc   1,600,902 
 20,869   *,e  KEYW Holding Corp   208,899 
 31,547   *  KLX, Inc   1,545,488 
 32,801   *  Kratos Defense & Security Solutions, Inc   270,280 
 39,462      L3 Technologies, Inc   6,262,225 
153

TIAA-CREF FUNDS - Equity Index Fund

            
SHARES      COMPANY  VALUE 
         
 1,979   *  Lawson Products, Inc  $51,157 
 9,010   *  Layne Christensen Co   93,974 
 21,163      Lennox International, Inc   3,318,570 
 31,540      Lincoln Electric Holdings, Inc   2,629,490 
 8,126   e  Lindsay Corp   612,213 
 132,737      Lockheed Martin Corp   33,360,790 
 11,159      LSI Industries, Inc   106,234 
 8,816   *  Lydall, Inc   537,776 
 83,152      Manitowoc Co, Inc   567,928 
 65,513   *  Manitowoc Foodservice, Inc   1,256,539 
 170,035      Masco Corp   5,602,653 
 19,091   *  Masonite International Corp   1,271,461 
 34,403   *  Mastec, Inc   1,281,512 
 20,678   *  Mercury Systems, Inc   697,262 
 43,101   *  Meritor, Inc   621,947 
 29,555   *  Middleby Corp   3,965,690 
 7,157   *  Milacron Holdings Corp   118,377 
 5,071      Miller Industries, Inc   134,382 
 15,534   *  Moog, Inc (Class A)   1,023,225 
 47,852   *  MRC Global, Inc   983,359 
 21,958      MSC Industrial Direct Co (Class A)   2,243,010 
 29,352      Mueller Industries, Inc   1,181,712 
 81,301      Mueller Water Products, Inc (Class A)   1,094,311 
 8,496   *  MYR Group, Inc   326,841 
 2,393      National Presto Industries, Inc   254,615 
 27,494   *  Navistar International Corp   749,761 
 14,901   *  NCI Building Systems, Inc   238,416 
 7,910   *  Neff Corp   124,187 
 16,777      NN, Inc   324,635 
 31,250      Nordson Corp   3,547,813 
 86,143      Northrop Grumman Corp   19,733,638 
 61,024   *  NOW, Inc   1,297,370 
 4,023   *  NV5 Holdings, Inc   163,937 
 1,327      Omega Flex, Inc   62,940 
 29,552      Orbital ATK, Inc   2,569,546 
 16,581   *  Orion Marine Group, Inc   174,101 
 37,858      Oshkosh Truck Corp   2,636,053 
 58,084      Owens Corning, Inc   3,209,141 
 174,732      Paccar, Inc   11,761,211 
 69,928      Parker Hannifin Corp   10,288,507 
 7,953   *  Patrick Industries, Inc   650,158 
 85,534      Pentair plc   5,014,858 
 29,257   *  PGT, Inc   336,456 
 119,724   *,e  Plug Power, Inc   126,907 
 13,738   *  Ply Gem Holdings, Inc   221,869 
 6,494      Powell Industries, Inc   249,889 
 2,412   *,e  Power Solutions International, Inc   17,849 
 1,112      Preformed Line Products Co   60,715 
 22,842      Primoris Services Corp   566,938 
 14,748   *  Proto Labs, Inc   774,270 
 13,625      Quanex Building Products Corp   269,094 
 78,775   *  Quanta Services, Inc   2,827,235 
 17,426      Raven Industries, Inc   436,521 
154

TIAA-CREF FUNDS - Equity Index Fund

            
SHARES      COMPANY  VALUE 
         
 154,562      Raytheon Co  $22,281,658 
 17,285   *  RBC Bearings, Inc   1,601,110 
 23,222      Regal-Beloit Corp   1,685,917 
 41,807   *  Rexnord Corp   923,517 
 67,254      Rockwell Automation, Inc   9,952,919 
 67,599      Rockwell Collins, Inc   6,135,285 
 53,094      Roper Industries, Inc   10,186,084 
 3,027   *  Rush Enterprises, Inc   93,080 
 15,653   *  Rush Enterprises, Inc (Class A)   512,636 
 20,164      Simpson Manufacturing Co, Inc   877,537 
 5,253   *  SiteOne Landscape Supply, Inc   201,820 
 29,583      Snap-On, Inc   5,370,202 
 5,336   *  Sparton Corp   115,684 
 66,976      Spirit Aerosystems Holdings, Inc (Class A)   4,021,909 
 20,944   *  SPX Corp   522,553 
 20,102   *  SPX FLOW, Inc   701,359 
 7,474      Standex International Corp   651,733 
 76,708      Stanley Works   9,511,792 
 10,632      Sun Hydraulics Corp   416,562 
 50,428   *,e  Sunrun, Inc   266,764 
 12,446      Supreme Industries, Inc   228,509 
 28,319   *  Taser International, Inc   707,409 
 17,731   *  Teledyne Technologies, Inc   2,178,608 
 8,477      Tennant Co   587,032 
 55,283      Terex Corp   1,757,999 
 24,281      Textainer Group Holdings Ltd   349,646 
 140,338      Textron, Inc   6,647,811 
 10,125   *,e  The ExOne Company   99,731 
 20,692   *  Thermon Group Holdings   429,566 
 38,654      Timken Co   1,716,238 
 25,845      Titan International, Inc   343,480 
 10,402   *  Titan Machinery, Inc   143,652 
 53,960      Toro Co   3,179,863 
 8,124   *  TPI Composites, Inc   157,687 
 25,626      TransDigm Group, Inc   5,545,466 
 15,188   *  Trex Co, Inc   1,028,683 
 21,857   *  Trimas Corp   465,554 
 79,254      Trinity Industries, Inc   2,182,655 
 25,073      Triton International Ltd   610,277 
 26,805      Triumph Group, Inc   717,034 
 21,354   *  Tutor Perini Corp   636,349 
 46,059   *  United Rentals, Inc   5,826,924 
 403,155      United Technologies Corp   44,214,009 
 23,137   *  Univar, Inc   689,945 
 9,656      Universal Forest Products, Inc   982,112 
 44,782   *  USG Corp   1,369,881 
 10,648      Valmont Industries, Inc   1,533,312 
 8,033   *  Vectrus, Inc   181,064 
 4,977   *  Veritiv Corp   278,961 
 6,360   *  Vicor Corp   97,308 
 30,289      W.W. Grainger, Inc   7,650,093 
 49,012      Wabash National Corp   865,062 
 27,564   *  WABCO Holdings, Inc   3,005,303 
155

TIAA-CREF FUNDS - Equity Index Fund

            
SHARES      COMPANY  VALUE 
         
 12,701      Watsco, Inc  $1,939,951 
 13,450      Watts Water Technologies, Inc (Class A)   887,700 
 25,324   *  WESCO International, Inc   1,790,407 
 44,427      Westinghouse Air Brake Technologies Corp   3,849,155 
 2,234   *  Willis Lease Finance Corp   56,922 
 31,076      Woodward Governor Co   2,164,133 
 94,884      Xylem, Inc   4,678,730 
        TOTAL CAPITAL GOODS   985,784,006 
               
COMMERCIAL & PROFESSIONAL SERVICES - 0.9%
 28,039      ABM Industries, Inc   1,132,495 
 40,054   *  Acacia Research (Acacia Technologies)   234,316 
 51,156   *  ACCO Brands Corp   652,239 
 11,387   *  Advanced Disposal Services, Inc   252,905 
 23,077   *  Advisory Board Co   1,050,003 
 10,561   *,e  Aqua Metals, Inc   117,861 
 17,200   *  ARC Document Solutions, Inc   81,012 
 2,966      Barrett Business Services, Inc   178,286 
 22,044      Brady Corp (Class A)   801,299 
 28,256      Brink’s Co   1,257,392 
 15,707   *  Casella Waste Systems, Inc (Class A)   181,573 
 24,005   *  CBIZ, Inc   314,465 
 17,057      CEB, Inc   1,304,008 
 13,715      Ceco Environmental Corp   179,941 
 46,537      Cintas Corp   5,403,411 
 25,423   *  Clean Harbors, Inc   1,410,976 
 6,918   *  Cogint, Inc   26,634 
 48,813   *  Copart, Inc   2,769,650 
 106,556      Covanta Holding Corp   1,715,552 
 4,164      CRA International, Inc   138,370 
 22,263      Deluxe Corp   1,621,860 
 18,658      Dun & Bradstreet Corp   2,287,844 
 64,481   *,m  Dyax Corp   71,574 
 12,402      Ennis, Inc   209,594 
 60,182      Equifax, Inc   7,058,145 
 21,996      Essendant, Inc   459,496 
 14,650      Exponent, Inc   850,432 
 4,553   *  Franklin Covey Co   79,677 
 20,255   *  FTI Consulting, Inc   853,546 
 10,093      G & K Services, Inc (Class A)   969,534 
 5,783   *  GP Strategies Corp   148,623 
 35,949      Healthcare Services Group   1,428,973 
 7,483      Heidrick & Struggles International, Inc   167,245 
 5,084   *  Heritage-Crystal Clean, Inc   76,006 
 30,564      Herman Miller, Inc   953,597 
 15,433   *  Hill International, Inc   83,338 
 21,929      HNI Corp   1,105,441 
 10,579   *  Huron Consulting Group, Inc   479,229 
 8,658   *  ICF International, Inc   450,216 
 15,602   *  Innerworkings, Inc   149,935 
 7,942      Insperity, Inc   567,853 
 29,536      Interface, Inc   537,555 
 71,453      KAR Auction Services, Inc   3,254,684 
156

TIAA-CREF FUNDS - Equity Index Fund

            
SHARES      COMPANY  VALUE 
         
 14,073      Kelly Services, Inc (Class A)  $315,094 
 10,767      Kforce, Inc   247,641 
 18,271      Kimball International, Inc (Class B)   305,674 
 19,323      Knoll, Inc   504,524 
 29,756      Korn/Ferry International   864,412 
 12,060      LSC Communications, Inc   316,213 
 34,839      Manpower, Inc   3,325,731 
 13,491      Matthews International Corp (Class A)   909,968 
 10,372      McGrath RentCorp   397,040 
 57,537   *,m  Media General, Inc   0 
 8,188   *  Mistras Group, Inc   188,979 
 19,252      Mobile Mini, Inc   626,653 
 17,466      MSA Safety, Inc   1,246,199 
 6,999      Multi-Color Corp   540,323 
 23,237   *  Navigant Consulting, Inc   573,954 
 183,522      Nielsen NV   7,507,885 
 26,194   *  On Assignment, Inc   1,186,064 
 92,177      Pitney Bowes, Inc   1,467,458 
 16,427      Quad Graphics, Inc   430,223 
 120,996      Republic Services, Inc   6,942,750 
 15,702      Resources Connection, Inc   262,223 
 65,522      Robert Half International, Inc   3,083,465 
 62,399      Rollins, Inc   2,200,189 
 22,513   *  RPX Corp   244,491 
 32,162      RR Donnelley & Sons Co   551,578 
 8,308   *  SP Plus Corp   230,132 
 36,944      Steelcase, Inc (Class A)   620,659 
 40,697   *  Stericycle, Inc   3,139,367 
 13,196   *  Team, Inc   443,386 
 28,151      Tetra Tech, Inc   1,230,199 
 26,360   *  TransUnion   831,131 
 6,571   *  TRC Cos, Inc   61,110 
 20,620   *  TriNet Group, Inc   524,367 
 20,186   *  TrueBlue, Inc   499,603 
 10,497      Unifirst Corp   1,342,566 
 10,179      US Ecology, Inc   521,674 
 79,204   *  Verisk Analytics, Inc   6,545,419 
 9,678      Viad Corp   424,380 
 4,264      VSE Corp   158,962 
 17,664   *  WageWorks, Inc   1,274,458 
 239,836      Waste Management, Inc  16,668,602 
 22,949      West Corp   556,972 
        TOTAL COMMERCIAL & PROFESSIONAL SERVICES   112,378,503 
               
CONSUMER DURABLES & APPAREL - 1.4%
 11,405   *  Acushnet Holdings Corp   211,563 
 30,998   *,e  American Outdoor Brands Corp   660,257 
 8,894   *,e  Arctic Cat, Inc   167,207 
 6,685      Bassett Furniture Industries, Inc   188,517 
 24,298   *  Beazer Homes USA, Inc   346,489 
 46,685      Brunswick Corp   2,794,564 
 38,606      CalAtlantic Group, Inc   1,346,191 
 71,673      Callaway Golf Co   812,055 
 25,664      Carter’s, Inc   2,149,360 
157

TIAA-CREF FUNDS - Equity Index Fund

            
SHARES      COMPANY  VALUE 
         
 3,668   *  Cavco Industries, Inc  $360,381 
 17,041   *  Century Communities, Inc   387,683 
 145,960      Coach, Inc   5,451,606 
 13,284      Columbia Sportswear Co   722,251 
 34,925   *  CROCS, Inc   254,952 
 3,648      CSS Industries, Inc   89,814 
 4,107      Culp, Inc   132,245 
 16,704   *  Deckers Outdoor Corp   962,150 
 5,945   *  Delta Apparel, Inc   111,409 
 176,087      DR Horton, Inc   5,266,762 
 3,755      Escalade, Inc   49,566 
 11,434      Ethan Allen Interiors, Inc   332,729 
 4,942      Flexsteel Industries, Inc   251,350 
 21,800   *  Fossil Group, Inc   557,426 
 59,320   *,e  Garmin Ltd   2,864,563 
 22,533   *  G-III Apparel Group Ltd   591,717 
 54,749   *,e  GoPro, Inc   588,552 
 11,271   *  Green Brick Partners, Inc   108,202 
 194,545      Hanesbrands, Inc   4,612,662 
 35,431      Harman International Industries, Inc   3,938,510 
 58,034      Hasbro, Inc   4,788,385 
 23,507   *  Helen of Troy Ltd   2,193,203 
 7,845      Hooker Furniture Corp   260,454 
 78,223   *  Hovnanian Enterprises, Inc (Class A)   185,389 
 26,627   *  Iconix Brand Group, Inc   273,992 
 12,444   *  Installed Building Products Inc   508,960 
 12,744   *  iRobot Corp   771,777 
 7,723   *,e  Jakks Pacific, Inc   39,387 
 3,542      Johnson Outdoors, Inc   122,128 
 68,561   *  Kate Spade & Co   1,269,064 
 48,092   e  KB Home   787,747 
 25,282      La-Z-Boy, Inc   723,065 
 68,774      Leggett & Platt, Inc   3,281,895 
 4,675      Lennar Corp (B Shares)   168,113 
 88,307      Lennar Corp (Class A)   3,942,908 
 9,217   *,e  LGI Homes, Inc   286,280 
 10,480      Libbey, Inc   179,313 
 3,865      Lifetime Brands, Inc   57,782 
 50,676   *  Lululemon Athletica, Inc   3,421,137 
 13,342   *  M/I Homes, Inc   335,418 
 13,031   *  Malibu Boats Inc   241,855 
 4,381      Marine Products Corp   49,987 
 178,101      Mattel, Inc   4,668,027 
 9,747      MCBC Holdings, Inc   135,971 
 23,984      MDC Holdings, Inc   648,527 
 21,175   *  Meritage Homes Corp   778,181 
 84,026   *  Michael Kors Holdings Ltd   3,597,153 
 30,671   *  Mohawk Industries, Inc   6,620,029 
 9,860      Movado Group, Inc   267,699 
 2,602      Nacco Industries, Inc (Class A)   191,898 
 17,787   *  Nautilus, Inc   308,604 
 4,014   *  New Home Co Inc   41,906 
 243,225      Newell Rubbermaid, Inc   11,511,839 
158

TIAA-CREF FUNDS - Equity Index Fund

            
SHARES      COMPANY  VALUE 
         
 693,042      Nike, Inc (Class B)  $36,661,922 
 1,815   *  NVR, Inc   3,372,270 
 7,374      Oxford Industries, Inc   405,717 
 5,118   *  Perry Ellis International, Inc   120,734 
 42,104      PHV Corp   3,949,776 
 30,949   e  Polaris Industries, Inc   2,601,882 
 21,057      Pool Corp   2,222,777 
 177,883      Pulte Homes, Inc   3,826,263 
 30,341      Ralph Lauren Corp   2,683,055 
 18,944   *,e  Sequential Brands Group, Inc   87,711 
 69,760   *  Skechers U.S.A., Inc (Class A)   1,752,371 
 29,741   *  Steven Madden Ltd   1,046,883 
 9,075   e  Sturm Ruger & Co, Inc   478,706 
 3,027      Superior Uniform Group, Inc   51,520 
 17,916   *  Taylor Morrison Home Corp   347,570 
 27,366   *,e  Tempur-Pedic International, Inc   1,176,738 
 79,484   *  Toll Brothers, Inc   2,492,618 
 20,118   *  TopBuild Corp   746,579 
 80,243   *  TRI Pointe Homes, Inc   984,582 
 25,239      Tupperware Corp   1,523,426 
 94,011   *  Under Armour, Inc   1,806,891 
 100,850   *,e  Under Armour, Inc (Class A)   2,167,267 
 9,279   *  Unifi, Inc   249,512 
 6,905   *  Universal Electronics, Inc   410,848 
 11,056   *  Vera Bradley, Inc   126,702 
 174,028      VF Corp   8,958,961 
 21,199   *,e  Vince Holding Corp   64,657 
 32,538   *  Vista Outdoor, Inc   937,420 
 11,279   *  WCI Communities, Inc   263,929 
 2,514      Weyco Group, Inc   70,845 
 38,891      Whirlpool Corp   6,801,647 
 16,241   *,e  William Lyon Homes, Inc   286,654 
 49,900      Wolverine World Wide, Inc   1,172,151 
 12,715   *  Zagg, Inc   85,191 
        TOTAL CONSUMER DURABLES & APPAREL   178,904,581 
               
CONSUMER SERVICES - 2.1%
 8,985   *  American Public Education, Inc   218,335 
 44,579   *  Apollo Group, Inc (Class A)   445,344 
 125,689      ARAMARK Holdings Corp   4,253,316 
 5,634   *  Ascent Media Corp (Series A)   87,271 
 45,558   *  Belmond Ltd.   630,978 
 11,284   *  BJ’s Restaurants, Inc   401,146 
 50,801      Bloomin’ Brands, Inc   869,205 
 9,783      Bob Evans Farms, Inc   552,055 
 2,987   *  Bojangles’, Inc   59,143 
 43,971   *  Boyd Gaming Corp   893,491 
 6,509   *  Bridgepoint Education, Inc   69,256 
 22,432   *  Bright Horizons Family Solutions   1,589,532 
 26,863      Brinker International, Inc   1,195,403 
 9,748   *  Buffalo Wild Wings, Inc   1,471,948 
 25,466   *  Caesars Acquisition Co   381,990 
 32,304   *,e  Caesars Entertainment Corp   289,121 
159

TIAA-CREF FUNDS - Equity Index Fund

            
SHARES      COMPANY  VALUE 
         
 6,499   *  Cambium Learning Group, Inc  $32,755 
 5,751      Capella Education Co   491,710 
 36,902   *  Career Education Corp   360,533 
 213,131      Carnival Corp   11,803,195 
 6,526      Carriage Services, Inc   169,350 
 29,234   *  Carrols Restaurant Group, Inc   419,508 
 11,016   *  Century Casinos, Inc   77,663 
 23,397      Cheesecake Factory   1,409,903 
 38,833   *,e  Chegg, Inc   279,209 
 14,724   *  Chipotle Mexican Grill, Inc (Class A)   6,205,283 
 15,685      Choice Hotels International, Inc   870,517 
 6,490      Churchill Downs, Inc   930,341 
 9,542   *  Chuy’s Holdings, Inc   280,535 
 33,140      ClubCorp Holdings, Inc   546,810 
 2,954      Collectors Universe   61,059 
 9,947   e  Cracker Barrel Old Country Store, Inc   1,572,223 
 60,831      Darden Restaurants, Inc   4,457,696 
 19,613   *  Dave & Buster’s Entertainment, Inc   1,068,124 
 11,445   *  Del Frisco’s Restaurant Group, Inc   200,287 
 10,843   *  Del Taco Restaurants, Inc   147,899 
 28,713   *  Denny’s Corp   349,437 
 33,308      DeVry Education Group, Inc   1,115,818 
 8,431      DineEquity, Inc   578,198 
 26,115      Domino’s Pizza, Inc   4,558,112 
 47,838      Dunkin Brands Group, Inc   2,481,357 
 9,550   *  El Pollo Loco Holdings, Inc   118,897 
 15,767   *,e  Eldorado Resorts, Inc   244,388 
 1,317   *  Empire Resorts, Inc   29,896 
 38,721      Extended Stay America, Inc   627,667 
 12,714   *  Fiesta Restaurant Group, Inc   334,378 
 4,866      Golden Entertainment, Inc   53,623 
 2,195      Graham Holdings Co   1,140,412 
 22,809   *  Grand Canyon Education, Inc   1,345,275 
 120,522      H&R Block, Inc   2,586,402 
 4,579   *,e  Habit Restaurants, Inc   66,395 
 26,350   *  Hilton Grand Vacations, Inc   772,846 
 89,989      Hilton Worldwide Holdings, Inc   5,181,567 
 70,943   *  Houghton Mifflin Harcourt Co   801,656 
 16,770   *  Hyatt Hotels Corp   917,487 
 54,591      ILG, Inc   1,034,499 
 50,176      International Game Technology plc   1,325,148 
 12,648      International Speedway Corp (Class A)   463,549 
 10,279   *  Intrawest Resorts Holdings Inc   211,850 
 12,178   *  Isle of Capri Casinos, Inc   289,958 
 6,337   *  J Alexander’s Holdings, Inc   63,370 
 16,913      Jack in the Box, Inc   1,825,251 
 6,376   *,e  Jamba, Inc   58,022 
 21,689   *  K12, Inc   432,262 
 3,281   *  Kona Grill, Inc   30,021 
 41,024   *  La Quinta Holdings, Inc   579,669 
 190,379      Las Vegas Sands Corp   10,010,128 
 1,654   e  Liberty Tax, Inc   22,164 
 43,945   *  LifeLock, Inc   1,052,922 
160

TIAA-CREF FUNDS - Equity Index Fund

            
SHARES      COMPANY  VALUE 
         
 5,845   *  Lindblad Expeditions Holdings, Inc  $52,547 
 8,898   *  Luby’s, Inc   32,656 
 8,153      Marcus Corp   241,736 
 168,639      Marriott International, Inc (Class A)   14,266,859 
 11,656      Marriott Vacations Worldwide Corp   1,008,011 
 435,315      McDonald’s Corp   53,356,560 
 256,045   *  MGM Resorts International   7,374,096 
 4,064   *  Monarch Casino & Resort, Inc   96,561 
 1,566   *  Nathan’s Famous, Inc   97,875 
 4,850   *,e  Noodles & Co   21,340 
 83,523   *  Norwegian Cruise Line Holdings Ltd   3,925,581 
 15,468   *  Panera Bread Co (Class A)   3,233,740 
 13,673      Papa John’s International, Inc   1,165,213 
 36,175   *  Penn National Gaming, Inc   498,492 
 26,419   *  Pinnacle Entertainment, Inc   406,853 
 15,128      Planet Fitness, Inc   318,293 
 11,300   *  Popeyes Louisiana Kitchen, Inc   714,047 
 11,169   *  Potbelly Corp   145,197 
 7,530   *  Red Lion Hotels Corp   60,240 
 6,436   *  Red Robin Gourmet Burgers, Inc   306,032 
 14,559      Red Rock Resorts, Inc   341,845 
 17,984   *  Regis Corp   250,337 
 87,466      Royal Caribbean Cruises Ltd   8,189,442 
 30,316   *  Ruby Tuesday, Inc   59,419 
 14,638      Ruth’s Chris Steak House, Inc   251,042 
 28,759   *  Scientific Games Corp (Class A)   488,903 
 34,278      SeaWorld Entertainment, Inc   620,775 
 95,023      Service Corp International   2,768,020 
 69,439   *  ServiceMaster Global Holdings, Inc   2,567,854 
 7,607   *,e  Shake Shack, Inc   268,603 
 36,232      Six Flags Entertainment Corp   2,158,703 
 22,829      Sonic Corp   568,442 
 25,664   *  Sotheby’s (Class A)   1,019,117 
 4,910      Speedway Motorsports, Inc   105,516 
 741,178      Starbucks Corp   40,927,849 
 879   *  Steak N Shake Co   389,573 
 5,360   *  Strayer Education, Inc   434,160 
 42,107      Summit Hotel Properties, Inc   666,554 
 33,962      Texas Roadhouse, Inc (Class A)   1,583,988 
 19,836      Vail Resorts, Inc   3,402,667 
 18,380   *,e  Weight Watchers International, Inc   228,831 
 108,720      Wendy’s   1,470,982 
 7,134      Wingstop, Inc   203,105 
 56,439      Wyndham Worldwide Corp   4,462,067 
 41,747      Wynn Resorts Ltd   4,234,398 
 185,707   *  Yum China Holdings, Inc   5,103,228 
 180,704      Yum! Brands, Inc   11,841,533 
 9,183   *,e  Zoe’s Kitchen, Inc   200,465 
        TOTAL CONSUMER SERVICES   267,624,105 
 
DIVERSIFIED FINANCIALS - 4.3%
 28,477   *  Affiliated Managers Group, Inc   4,338,756 
 23,760      AG Mortgage Investment Trust   416,275 
161

TIAA-CREF FUNDS - Equity Index Fund

            
SHARES      COMPANY  VALUE 
         
 170,664      AGNC Investment Corp  $3,186,297 
 226,979      Ally Financial, Inc   4,793,796 
 25,816      Altisource Residential Corp   313,406 
 426,003      American Express Co   32,538,109 
 78,395      Ameriprise Financial, Inc   8,801,407 
 520,686      Annaly Capital Management, Inc   5,321,411 
 50,785      Anworth Mortgage Asset Corp   260,527 
 35,204      Apollo Commercial Real Estate Finance, Inc   612,902 
 23,395      Ares Commercial Real Estate Corp   315,365 
 7,917   e  Arlington Asset Investment Corp (Class A)   118,518 
 17,917      ARMOUR Residential REIT, Inc   376,615 
 26,529      Artisan Partners Asset Management, Inc   768,015 
 2,529      Associated Capital Group, Inc   89,021 
 4,505      B. Riley Financial, Inc   84,919 
 542,495      Bank of New York Mellon Corp   24,265,801 
 105,406      BGC Partners, Inc (Class A)   1,166,844 
 67,050      BlackRock, Inc   25,075,359 
 6,593      Calamos Asset Management, Inc (Class A)   55,513 
 255,790      Capital One Financial Corp   22,353,488 
 53,268      Capstead Mortgage Corp   568,370 
 48,923      CBOE Holdings, Inc   3,895,249 
 619,326      Charles Schwab Corp   25,541,004 
 93,246      Chimera Investment Corp   1,643,927 
 177,905      CME Group, Inc   21,540,737 
 14,939      Cohen & Steers, Inc   521,222 
 11,593   *  Cowen Group, Inc   173,895 
 4,913   *,e  Credit Acceptance Corp   1,008,541 
 74,038      CYS Investments, Inc   560,468 
 1,470      Diamond Hill Investment Group, Inc   297,234 
 211,992      Discover Financial Services   14,686,806 
 12,060   *  Donnelley Financial Solutions, Inc   290,405 
 21,154      Dynex Capital, Inc   141,309 
 138,073   *  E*TRADE Financial Corp   5,170,834 
 53,537      Eaton Vance Corp   2,244,806 
 15,191   *,e  Encore Capital Group, Inc   470,161 
 13,965   *  Enova International, Inc   196,907 
 19,023      Evercore Partners, Inc (Class A)   1,473,331 
 20,397   *  Ezcorp, Inc (Class A)   201,930 
 20,437      Factset Research Systems, Inc   3,536,623 
 3,209      FBR & Co   45,889 
 52,116      Federated Investors, Inc (Class B)   1,355,537 
 25,954      Financial Engines, Inc   1,000,527 
 25,595      FirstCash, Inc   1,092,907 
 36,692   *  FNFV Group   476,996 
 193,414      Franklin Resources, Inc   7,686,272 
 18,429      Gain Capital Holdings, Inc   138,402 
 2,529      GAMCO Investors, Inc (Class A)   73,847 
 204,558      Goldman Sachs Group, Inc   46,909,241 
 19,045   *  Green Dot Corp   510,406 
 21,555      Greenhill & Co, Inc   636,950 
 17,723      Hannon Armstrong Sustainable Infrastructure Capital, Inc   323,976 
 5,864      Houlihan Lokey, Inc   182,370 
 30,972      Interactive Brokers Group, Inc (Class A)   1,156,494 
162

TIAA-CREF FUNDS - Equity Index Fund

            
SHARES      COMPANY  VALUE 
         
 303,426      IntercontinentalExchange Group, Inc  $17,707,941 
 6,188   *  INTL FCStone, Inc   228,213 
 216,746      Invesco Ltd   6,268,294 
 53,272      Invesco Mortgage Capital, Inc   776,173 
 14,488      Investment Technology Group, Inc   291,499 
 39,387      iShares Russell 2000 Index Fund   5,326,304 
 109,253   e  iShares Russell 3000 Index Fund   14,790,671 
 24,513   *  iStar Financial, Inc   275,036 
 95,651      Janus Capital Group, Inc   1,195,638 
 21,930   *  KCG Holdings, Inc   306,362 
 18,136      Ladder Capital Corp   245,924 
 45,221   *  Ladenburg Thalmann Financial Services, Inc   104,008 
 65,517      Lazard Ltd (Class A)   2,783,162 
 51,330      Legg Mason, Inc   1,626,648 
 168,317   *  LendingClub Corp   1,038,516 
 169,805      Leucadia National Corp   4,049,849 
 41,809      LPL Financial Holdings, Inc   1,643,094 
 7,132      Manning & Napier, Inc   49,567 
 21,622      MarketAxess Holdings, Inc   4,048,720 
 3,292      Marlin Business Services Corp   75,551 
 176,434      MFA Mortgage Investments, Inc   1,392,064 
 17,562      Moelis & Co   598,864 
 89,436      Moody’s Corp   9,271,830 
 746,785      Morgan Stanley   31,730,895 
 17,647      Morningstar, Inc   1,343,819 
 48,379      MSCI, Inc (Class A)   4,003,362 
 26,768      MTGE Investment Corp   425,611 
 57,310      NASDAQ OMX Group, Inc   4,042,647 
 159,794      Navient Corp   2,403,302 
 9,011      Nelnet, Inc (Class A)   441,809 
 125,535      New Residential Investment Corp   1,901,855 
 53,530      New York Mortgage Trust, Inc   343,127 
 10,526   *  NewStar Financial, Inc   93,471 
 105,592      Northern Trust Corp   8,759,912 
 13,585      OM Asset Management plc   191,549 
 34,049   *  On Deck Capital, Inc   171,266 
 25,988   *  OneMain Holdings, Inc   581,611 
 3,966      Oppenheimer Holdings, Inc   67,819 
 14,395      Orchid Island Capital, Inc   170,293 
 4,588      Owens Realty Mortgage, Inc   77,721 
 35,055      PennyMac Mortgage Investment Trust   594,182 
 9,653   *  Pico Holdings, Inc   137,555 
 10,950   *  Piper Jaffray Cos   771,975 
 8,578      PJT Partners, Inc   272,352 
 22,229   *  PRA Group, Inc   884,714 
 4,748      Pzena Investment Management, Inc (Class A)   47,433 
 63,243      Raymond James Financial, Inc   4,738,798 
 37,295      Redwood Trust, Inc   578,073 
 4,505   *  Regional Management Corp   112,670 
 24,063      Resource Capital Corp   197,798 
 136,561      S&P Global, Inc   16,411,901 
 8,217   *  Safeguard Scientifics, Inc   99,015 
 53,693   *  Santander Consumer USA Holdings, Inc   709,821 
163

TIAA-CREF FUNDS - Equity Index Fund

            
SHARES      COMPANY  VALUE 
         
 70,726      SEI Investments Co  $3,430,918 
 3,516      Silvercrest Asset Management Group, Inc   48,872 
 233,762   *  SLM Corp   2,777,093 
 5,778      SPDR S&P MidCap 400 ETF Trust   1,772,113 
 159,286      SPDR Trust Series 1   36,242,344 
 128,128      Starwood Property Trust, Inc   2,852,129 
 203,324      State Street Corp   15,493,289 
 28,122   *  Stifel Financial Corp   1,415,380 
 432,632      Synchrony Financial   15,496,878 
 127,311      T Rowe Price Group, Inc   8,585,854 
 131,852      TD Ameritrade Holding Corp   6,084,970 
 13,907      Tiptree Financial, Inc   91,091 
 169,562      Two Harbors Investment Corp   1,487,059 
 26,361      Virtu Financial, Inc   462,636 
 2,871      Virtus Investment Partners, Inc   312,939 
 103,760      Voya Financial, Inc   4,173,227 
 38,336   e  Waddell & Reed Financial, Inc (Class A)   691,965 
 21,861      Western Asset Mortgage Capital Corp   220,578 
 3,840      Westwood Holdings Group, Inc   214,733 
 67,611   e  WisdomTree Investments, Inc   696,393 
 3,115   *  World Acceptance Corp   152,853 
        TOTAL DIVERSIFIED FINANCIALS   540,109,515 
 
ENERGY - 6.6%
 83,853   *  Abraxas Petroleum Corp   207,117 
 1,000      Adams Resources & Energy, Inc   38,750 
 22,186      Alon USA Energy, Inc   249,814 
 292,447      Anadarko Petroleum Corp   20,333,840 
 93,069   *  Antero Resources Corp   2,271,814 
 197,437      Apache Corp   11,810,681 
 43,521      Archrock, Inc   635,407 
 26,868   e  Ardmore Shipping Corp   197,480 
 34,874   *,e  Atwood Oceanics, Inc   424,068 
 226,722      Baker Hughes, Inc   14,301,624 
 45,854   *  Bill Barrett Corp   300,344 
 24,167      Bristow Group, Inc   426,789 
 239,045      Cabot Oil & Gas Corp   5,134,687 
 22,035   *  California Resources Corp   471,990 
 78,647   *  Callon Petroleum Co   1,201,726 
 18,646   *,e  CARBO Ceramics, Inc   264,773 
 33,216   *  Carrizo Oil & Gas, Inc   1,174,518 
 106,318   *  Cheniere Energy, Inc   5,066,053 
 318,739   *  Chesapeake Energy Corp   2,055,867 
 984,733      Chevron Corp   109,650,019 
 48,360      Cimarex Energy Co   6,538,756 
 3,473   *,e  Clayton Williams Energy, Inc   505,148 
 67,848   *  Clean Energy Fuels Corp   175,726 
 73,307   *  Concho Resources, Inc   10,221,928 
 647,179      ConocoPhillips   31,556,448 
 120,643      Consol Energy, Inc   2,043,692 
 11,630   *  Contango Oil & Gas Co   94,203 
 44,079   *  Continental Resources, Inc   2,140,476 
 27,486   e  CVR Energy, Inc   610,464 
164

TIAA-CREF FUNDS - Equity Index Fund

            
SHARES      COMPANY  VALUE 
         
 10,061   *  Dawson Geophysical Co  $79,683 
 34,802      Delek US Holdings, Inc   779,565 
 196,135   *  Denbury Resources, Inc   657,052 
 270,520   *  Devon Energy Corp   12,319,481 
 46,530      DHT Holdings, Inc   218,226 
 35,350   *,e  Diamond Offshore Drilling, Inc   579,033 
 40,792   *  Diamondback Energy, Inc   4,290,095 
 18,745   *,e  Dorian LPG Ltd   212,006 
 21,722   *  Dril-Quip, Inc   1,351,108 
 1,083   *  Earthstone Energy, Inc   14,101 
 50,578   *  Energen Corp   2,725,648 
 161,952      Ensco plc   1,768,516 
 286,164      EOG Resources, Inc   29,068,539 
 33,518   *,e  EP Energy Corp   175,634 
 88,610      EQT Corp   5,372,424 
 14,655   *  Era Group, Inc   229,497 
 15,554   *  Erin Energy Corp   54,439 
 8,771      Evolution Petroleum Corp   76,308 
 19,733   *  Exterran Corp   612,118 
 20,598   *,e  Extraction Oil & Gas, Inc   369,116 
 2,185,675   d  Exxon Mobil Corp   183,356,276 
 50,186   *  Fairmount Santrol Holdings, Inc   628,329 
 29,393   *  Forum Energy Technologies, Inc   637,828 
 27,792   e  Frank’s International NV   329,057 
 32,884   e  Frontline Ltd   228,215 
 23,966   e  GasLog Ltd   400,232 
 40,346   *  Gener8 Maritime, Inc   203,747 
 5,250   *  Geospace Technologies Corp   122,535 
 48,315      Golar LNG Ltd   1,249,426 
 19,228      Green Plains Renewable Energy, Inc   432,630 
 66,015   *  Gulfport Energy Corp   1,379,713 
 443,352      Halliburton Co   25,080,423 
 65,130   *  Helix Energy Solutions Group, Inc   552,302 
 48,820      Helmerich & Payne, Inc   3,474,031 
 144,759      Hess Corp   7,843,043 
 84,755      HollyFrontier Corp   2,455,352 
 33,868   *  Hornbeck Offshore Services, Inc   245,543 
 16,803   *  Independence Contract Drilling, Inc   106,531 
 8,892   *  International Seaways, Inc   154,543 
 341   *  Isramco, Inc   42,693 
 39,472   *,e  Jones Energy, Inc (Class A)   175,650 
 1,006,474      Kinder Morgan, Inc   22,484,629 
 93,247   *  Kosmos Energy LLC   609,835 
 76,646   *  Laredo Petroleum Holdings, Inc   1,038,553 
 3,618   *,e  Mammoth Energy Services, Inc   65,124 
 442,553      Marathon Oil Corp   7,412,763 
 274,859      Marathon Petroleum Corp   13,206,975 
 43,927   *  Matador Resources Co   1,156,598 
 12,980   *  Matrix Service Co   290,752 
 128,249   *  McDermott International, Inc   1,038,817 
 85,680      Murphy Oil Corp   2,477,009 
 147,186      Nabors Industries Ltd   2,391,772 
 192,768      National Oilwell Varco, Inc   7,288,558 
165

TIAA-CREF FUNDS - Equity Index Fund

            
SHARES      COMPANY  VALUE 
         
 5,354   *  Natural Gas Services Group, Inc  $153,660 
 41,322      Navios Maritime Acq Corp   76,859 
 103,606   *  Newfield Exploration Co   4,152,528 
 38,370   *  Newpark Resources, Inc   289,693 
 130,803      Noble Corp plc   882,920 
 222,643      Noble Energy, Inc   8,852,286 
 51,010   e  Nordic American Tanker Shipping   440,726 
 42,056   *,e  Northern Oil And Gas, Inc   151,402 
 121,846   *  Oasis Petroleum, Inc   1,722,902 
 402,483      Occidental Petroleum Corp   27,276,273 
 52,563      Oceaneering International, Inc   1,463,880 
 24,829   *  Oil States International, Inc   980,745 
 109,171      Oneok, Inc   6,016,414 
 26,680      Overseas Shipholding Group, Inc   130,999 
 17,539   *  Pacific Ethanol, Inc   124,527 
 12,659      Panhandle Oil and Gas, Inc (Class A)   278,498 
 23,538   *  Par Pacific Holdings, Inc   342,007 
 97,112   *  Parker Drilling Co   247,636 
 93,053   *  Parsley Energy, Inc   3,277,327 
 70,635      Patterson-UTI Energy, Inc   1,980,605 
 50,450      PBF Energy, Inc   1,169,936 
 29,005   *  PDC Energy, Inc   2,144,630 
 5,035   *  PHI, Inc   79,805 
 234,588      Phillips 66   19,147,073 
 40,631   *  Pioneer Energy Services Corp   255,975 
 84,515      Pioneer Natural Resources Co   15,232,138 
 127,343   *  Questar Market Resources, Inc   2,220,862 
 106,651      Range Resources Corp   3,449,093 
 46,021   *  Renewable Energy Group, Inc   400,383 
 3,235   *  Rex American Resources Corp   268,602 
 82,803   *  Rice Energy, Inc   1,641,983 
 14,006   *  RigNet, Inc   276,619 
 28,113   *  Ring Energy, Inc   371,092 
 67,859   *  Rowan Cos plc   1,216,033 
 32,588   e  RPC, Inc   701,294 
 51,153   *  RSP Permian, Inc   2,177,072 
 34,513   *,e  Sanchez Energy Corp   457,642 
 728,760      Schlumberger Ltd   61,004,500 
 94,504      Scorpio Tankers, Inc   361,950 
 7,758   *  SEACOR Holdings, Inc   570,756 
 197,934   *,e  Seadrill Ltd   370,137 
 34,259      SemGroup Corp   1,360,082 
 29,038   e  Ship Finance International Ltd   435,570 
 51,296      SM Energy Co   1,565,041 
 5,195   *  Smart Sand, Inc   90,393 
 260,460   *  Southwestern Energy Co   2,346,745 
 362,936      Spectra Energy Corp   15,116,284 
 78,576      Superior Energy Services   1,388,438 
 101,034   *  Synergy Resources Corp   869,903 
 85,647      Targa Resources Investments, Inc   4,934,980 
 38,053   e  Teekay Corp   382,433 
 79,821      Teekay Tankers Ltd (Class A)   195,561 
 25,468      Tesco Corp   219,025 
166

TIAA-CREF FUNDS - Equity Index Fund

            
SHARES      COMPANY  VALUE 
         
 61,083      Tesoro Corp  $4,938,561 
 55,053   *  Tetra Technologies, Inc   273,063 
 50,379   *,e  Tidewater, Inc   110,834 
 182,081   *,e  Transocean Ltd (NYSE)   2,543,672 
 27,442   *  Unit Corp   713,492 
 38,552      US Silica Holdings Inc   2,279,965 
 246,311      Valero Energy Corp   16,197,411 
 33,591   *,e  W&T Offshore, Inc   97,414 
 512,319   *  Weatherford International Ltd   2,669,182 
 39,833      Western Refining, Inc   1,394,553 
 9,280   *  Westmoreland Coal Co   168,432 
 108,506   *  Whiting Petroleum Corp   1,203,332 
 35,803   *  Willbros Group, Inc   108,483 
 379,187      Williams Cos, Inc   10,935,753 
 36,526      World Fuel Services Corp   1,624,676 
 177,405   *  WPX Energy, Inc   2,471,252 
        TOTAL ENERGY   828,610,267 
 
FOOD & STAPLES RETAILING - 1.5%
 14,378      Andersons, Inc   542,770 
 20,281      Casey’s General Stores, Inc   2,330,287 
 9,311   *  Chefs’ Warehouse Holdings, Inc   155,494 
 563,242      CVS Health Corp   44,389,102 
 7,755      Ingles Markets, Inc (Class A)   350,914 
 500,539      Kroger Co   16,998,304 
 9,420   *,e  Natural Grocers by Vitamin C   119,069 
 37,442   *  Performance Food Group Co   829,340 
 10,227      Pricesmart, Inc   866,227 
 536,812   *  Rite Aid Corp   3,016,883 
 9,346   *,e  Smart & Final Stores, Inc   134,115 
 19,156      Spartan Stores, Inc   725,246 
 68,237   *,e  Sprouts Farmers Market, Inc   1,273,985 
 146,166   *  Supervalu, Inc   572,971 
 272,870      Sysco Corp   14,314,760 
 25,322   *  United Natural Foods, Inc   1,157,215 
 22,312   *  US Foods Holding Corp   606,886 
 2,593      Village Super Market (Class A)   78,542 
 450,006      Walgreens Boots Alliance, Inc   36,873,492 
 792,118      Wal-Mart Stores, Inc   52,865,955 
 4,966      Weis Markets, Inc   295,179 
 166,798      Whole Foods Market, Inc   5,040,636 
        TOTAL FOOD & STAPLES RETAILING   183,537,372 
 
FOOD, BEVERAGE & TOBACCO - 5.1%
 17,610      AdvancePierre Foods Holdings, Inc   487,973 
 1,581      Alico, Inc   42,608 
 5,180   *  Alliance One International, Inc   86,247 
 1,035,817      Altria Group, Inc   73,729,454 
 14,217   *,e  Amplify Snack Brands, Inc   136,910 
 298,961      Archer Daniels Midland Co   13,232,014 
 34,055      B&G Foods, Inc (Class A)   1,510,339 
 29,317   *  Blue Buffalo Pet Products, Inc   710,937 
 4,107   *,e  Boston Beer Co, Inc (Class A)   631,246 
167

TIAA-CREF FUNDS - Equity Index Fund

            
SHARES      COMPANY  VALUE 
         
 26,648      Brown-Forman Corp  $1,246,593 
 97,356      Brown-Forman Corp (Class B)   4,439,434 
 72,583      Bunge Ltd   5,023,469 
 7,234   e  Calavo Growers, Inc   400,040 
 14,903   e  Cal-Maine Foods, Inc   621,455 
 95,580      Campbell Soup Co   5,947,943 
 2,067      Coca-Cola Bottling Co Consolidated   348,992 
 2,055,191      Coca-Cola Co   85,434,290 
 225,076      ConAgra Foods, Inc   8,798,221 
 86,117      Constellation Brands, Inc (Class A)   12,896,882 
 228,534      Costco Wholesale Corp   37,468,149 
 10,989   *  Craft Brewers Alliance, Inc   167,033 
 79,478   *  Darling International, Inc   953,736 
 51,471      Dean Foods Co   1,022,214 
 94,834      Dr Pepper Snapple Group, Inc   8,648,861 
 3,496   *  Farmer Bros Co   121,661 
 88,475      Flowers Foods, Inc   1,779,232 
 19,090      Fresh Del Monte Produce, Inc   1,092,902 
 8,938   *,e  Freshpet, Inc   99,659 
 307,802      General Mills, Inc   19,231,469 
 51,551   *  Hain Celestial Group, Inc   2,039,358 
 72,872      Hershey Co   7,685,810 
 140,581      Hormel Foods Corp   5,103,090 
 37,461      Ingredion, Inc   4,802,126 
 5,854   *  Inventure Foods, Inc   35,065 
 7,308      J&J Snack Foods Corp   932,282 
 60,528      J.M. Smucker Co   8,222,729 
 6,282      John B. Sanfilippo & Son, Inc   413,293 
 129,791      Kellogg Co   9,437,104 
 312,035      Kraft Heinz Co   27,861,605 
 73,327      Lamb Weston Holdings, Inc   2,739,497 
 11,079      Lancaster Colony Corp   1,451,903 
 10,815   *  Landec Corp   136,269 
 1,889   *  Lifeway Foods, Inc   20,345 
 4,909      Limoneira Co   83,453 
 60,727      McCormick & Co, Inc   5,802,465 
 96,588      Mead Johnson Nutrition Co   6,805,590 
 7,916   e  Mgp Ingredients, Inc   335,559 
 88,831      Molson Coors Brewing Co (Class B)   8,573,968 
 777,879      Mondelez International, Inc   34,444,482 
 216,059   *  Monster Beverage Corp   9,204,113 
 5,601      National Beverage Corp   281,114 
 13,153   *  Omega Protein Corp   328,167 
 758,088      PepsiCo, Inc   78,674,373 
 818,181      Philip Morris International, Inc   78,651,739 
 28,735      Pilgrim’s Pride Corp   549,988 
 59,042      Pinnacle Foods, Inc   3,140,444 
 33,104   *  Post Holdings, Inc   2,770,143 
 9,974   *  Primo Water Corp   128,864 
 442,305      Reynolds American, Inc   26,595,800 
 10,304   e  Sanderson Farms, Inc   937,664 
 127   *  Seaboard Corp   488,950 
 3,366   *  Seneca Foods Corp   120,671 
168

TIAA-CREF FUNDS - Equity Index Fund

            
SHARES      COMPANY  VALUE 
         
 41,113      Snyder’s-Lance, Inc  $1,577,917 
 9,335   *  Synutra International, Inc   54,143 
 8,246   e  Tootsie Roll Industries, Inc   308,813 
 28,284   *  TreeHouse Foods, Inc   2,146,190 
 152,239      Tyson Foods, Inc (Class A)   9,559,087 
 11,275      Universal Corp   766,700 
 44,992      Vector Group Ltd   992,524 
 99,988   *  WhiteWave Foods Co (Class A)   5,505,339 
        TOTAL FOOD, BEVERAGE & TOBACCO   636,018,699 
 
HEALTH CARE EQUIPMENT & SERVICES - 4.9%
 8,642   *,e  AAC Holdings, Inc   68,704 
 10,727      Abaxis, Inc   546,594 
 910,908      Abbott Laboratories   38,048,627 
 22,024   *  Abiomed, Inc   2,342,693 
 37,782   *,e  Acadia Healthcare Co, Inc   1,449,695 
 33,412   *  Accuray, Inc   192,119 
 14,051      Aceto Corp   268,234 
 5,753   *  Addus HomeCare Corp   196,465 
 14,337   *  Adeptus Health, Inc   102,796 
 176,037      Aetna Inc   20,879,749 
 16,272   *  Air Methods Corp   580,910 
 45,154   *  Alere, Inc   1,670,698 
 37,457   *  Align Technology, Inc   3,434,432 
 90,925   *  Allscripts Healthcare Solutions, Inc   1,064,732 
 3,624   *  Almost Family, Inc   171,234 
 15,503   *  Amedisys, Inc   710,347 
 4,344   *,e  American Renal Associates Holdings, Inc   83,492 
 87,760      AmerisourceBergen Corp   7,659,693 
 24,370   *  AMN Healthcare Services, Inc   873,664 
 6,075      Analogic Corp   471,724 
 10,989   *  Angiodynamics, Inc   176,868 
 6,839   *  Anika Therapeutics, Inc   345,643 
 136,643      Anthem, Inc   21,062,152 
 19,663   *  athenahealth, Inc   2,477,341 
 15,204   *  AtriCure, Inc   247,369 
 618      Atrion Corp   301,955 
 5,668   *  Avinger, Inc   14,737 
 18,916   *  AxoGen, Inc   206,184 
 38,174      Bard (C.R.), Inc   9,059,835 
 259,346      Baxter International, Inc   12,425,267 
 108,260      Becton Dickinson & Co   19,193,415 
 65,200   *,e  BioScrip, Inc   89,324 
 13,893   *  BioTelemetry, Inc   320,234 
 706,592   *  Boston Scientific Corp   17,000,604 
 95,479   *  Brookdale Senior Living, Inc   1,429,321 
 17,379      Cantel Medical Corp   1,345,308 
 25,521   *  Capital Senior Living Corp   425,435 
 168,573      Cardinal Health, Inc   12,636,232 
 15,265   *  Cardiovascular Systems, Inc   377,045 
 24,133   *,e  Castlight Health, Inc   74,812 
 87,505   *  Centene Corp   5,536,441 
 151,843   *  Cerner Corp   8,155,488 
169

TIAA-CREF FUNDS - Equity Index Fund

            
SHARES      COMPANY  VALUE 
         
 98,758   *,e  Cerus Corp  $420,709 
 7,648      Chemed Corp   1,270,256 
 135,334      Cigna Corp   19,788,537 
 6,476   *  Civitas Solutions, Inc   118,511 
 73,343   *  Community Health Systems, Inc   469,395 
 18,696   e  Computer Programs & Systems, Inc   422,530 
 31,127   *  ConforMIS, Inc   258,354 
 13,375      Conmed Corp   596,391 
 24,541      Cooper Cos, Inc   4,530,514 
 4,880   *  Corvel Corp   187,148 
 7,657   *,e  Cotiviti Holdings, Inc   259,266 
 23,679   *  Cross Country Healthcare, Inc   342,635 
 15,190      CryoLife, Inc   288,610 
 6,000   *  Cutera, Inc   111,000 
 11,463   *  Cynosure, Inc (Class A)   612,124 
 88,418   *  DaVita, Inc   5,636,647 
 118,779      Dentsply Sirona, Inc   6,734,769 
 42,471   *  DexCom, Inc   3,361,580 
 21,692   *  Diplomat Pharmacy, Inc   298,048 
 109,144   *  Edwards Lifesciences Corp   10,504,019 
 35,369   *  Endologix, Inc   242,631 
 23,345      Ensign Group, Inc   474,837 
 2,354   *,e  Entellus Medical, Inc   40,277 
 59,380   *  Envision Healthcare Corp   4,037,840 
 9,989   *,e  Evolent Health, Inc   181,800 
 5,211   *  Exactech, Inc   128,451 
 337,993   *  Express Scripts Holding Co   23,280,958 
 19,474   *  GenMark Diagnostics, Inc   236,220 
 8,056   *  Glaukos Corp   332,068 
 34,230   *  Globus Medical, Inc   902,303 
 26,513   *  Haemonetics Corp   1,056,808 
 26,386   *  Halyard Health, Inc   1,015,069 
 162,653   *  HCA Holdings, Inc   13,057,783 
 25,036   *  HealthEquity, Inc   1,157,915 
 56,029      Healthsouth Corp   2,175,046 
 12,669   *  HealthStream, Inc   290,880 
 41,030   *  Henry Schein, Inc   6,559,056 
 33,953      Hill-Rom Holdings, Inc   1,998,813 
 48,845   *  HMS Holdings Corp   887,025 
 143,034   *  Hologic, Inc   5,797,168 
 78,250      Humana, Inc   15,532,625 
 8,863   *  ICU Medical, Inc   1,215,117 
 46,452   *  Idexx Laboratories, Inc   5,682,473 
 7,968   *  Inogen Inc   512,900 
 28,625   *  Inovalon Holdings, Inc   330,619 
 28,020   *  Insulet Corp   1,165,632 
 16,557   *  Integer Holding Corp   536,447 
 33,588   *  Integra LifeSciences Holdings Corp   1,401,627 
 19,626   *  Intuitive Surgical, Inc   13,594,734 
 30,001      Invacare Corp   345,012 
 11,172   *,e  InVivo Therapeutics Holdings Corp   53,067 
 1,187   *,e  iRadimed Corp   10,861 
 3,660   *,e  iRhythm Technologies, Inc   119,426 
170

TIAA-CREF FUNDS - Equity Index Fund

            
SHARES      COMPANY  VALUE 
         
 3,680   *  IRIDEX Corp  $51,336 
 12,177   *  K2M Group Holdings, Inc   247,437 
 40,644      Kindred Healthcare, Inc   270,283 
 51,218   *  Laboratory Corp of America Holdings   6,873,968 
 4,554      Landauer, Inc   233,848 
 4,833      LeMaitre Vascular, Inc   109,757 
 7,358   *  LHC Group, Inc   368,857 
 19,709   *  LifePoint Hospitals, Inc   1,169,729 
 14,401   *  Magellan Health Services, Inc   1,079,355 
 21,221   *  Masimo Corp   1,561,441 
 116,359      McKesson Corp   16,191,355 
 31,460   *  Medidata Solutions, Inc   1,558,528 
 44,714   *  MEDNAX, Inc   3,056,202 
 729,593      Medtronic plc   55,463,660 
 20,456      Meridian Bioscience, Inc   267,974 
 20,749   *  Merit Medical Systems, Inc   527,025 
 24,720   *  Molina Healthcare, Inc   1,402,118 
 5,475      National Healthcare Corp   409,804 
 3,676      National Research Corp   64,146 
 15,835   *  Natus Medical, Inc   618,357 
 20,247   *  Neogen Corp   1,337,112 
 14,693   *  Nevro Corp   1,278,585 
 44,559   *,e  Nobilis Health Corp   95,802 
 35,863   *  Novocure Ltd   227,730 
 25,397   *  NuVasive, Inc   1,797,346 
 30,681   *  NxStage Medical, Inc   825,319 
 17,112   *  Omnicell, Inc   614,321 
 23,565   *  OraSure Technologies, Inc   207,843 
 11,738   *  Orthofix International NV   421,864 
 33,929      Owens & Minor, Inc   1,217,373 
 8,842   *  Oxford Immunotec Global plc   119,455 
 45,315   e  Patterson Cos, Inc   1,885,557 
 13,107   *  Penumbra, Inc   937,806 
 15,541   *  PharMerica Corp   385,417 
 41,162   *  Premier, Inc   1,311,421 
 5,733   *  Providence Service Corp   221,580 
 23,815   *  Quality Systems, Inc   357,463 
 73,005      Quest Diagnostics, Inc   6,710,620 
 11,443   *  Quidel Corp   217,188 
 13,972   *  Quorum Health Corp   122,814 
 14,581   *  RadNet, Inc   84,570 
 71,188      Resmed, Inc   4,808,038 
 21,277   *,e  Rockwell Medical, Inc   123,619 
 22,692   *  RTI Biologics, Inc   73,749 
 5,783   *,e  Second Sight Medical Products, Inc   8,270 
 55,424   *  Select Medical Holdings Corp   690,029 
 13,889   *  Senseonics Holdings, Inc   38,611 
 20,854   *  Spectranetics Corp   539,076 
 14,817   *,e  Staar Surgical Co   146,688 
 181,108      Stryker Corp   22,372,271 
 13,274   *  Surgery Partners, Inc   245,569 
 13,245   *  Surgical Care Affiliates, Inc   748,343 
 8,004   *  SurModics, Inc   193,697 
171

TIAA-CREF FUNDS - Equity Index Fund

            
SHARES      COMPANY  VALUE 
         
 7,897   *,e  Tandem Diabetes Care, Inc  $18,558 
 37,057   *  Team Health Holdings, Inc   1,610,497 
 9,982   *,e  Teladoc, Inc   199,640 
 22,591      Teleflex, Inc   3,789,188 
 43,322   *  Tenet Healthcare Corp   762,034 
 15,590   *  Tivity Health, Inc   399,884 
 39,361   *,e  TransEnterix, Inc   57,861 
 10,733   *  Triple-S Management Corp (Class B)   205,108 
 489,544      UnitedHealth Group, Inc   79,355,082 
 28,250      Universal American Corp   280,805 
 42,853      Universal Health Services, Inc (Class B)   4,826,533 
 5,830      US Physical Therapy, Inc   408,975 
 1,453      Utah Medical Products, Inc   90,377 
 20,069   *  Varex Imaging Corp   576,990 
 50,173   *  Varian Medical Systems, Inc   3,895,933 
 8,154   *  Vascular Solutions, Inc   456,216 
 40,321   *  VCA Antech, Inc   3,653,083 
 50,113   *  Veeva Systems, Inc   2,121,283 
 13,352   *  Vocera Communications, Inc   277,054 
 23,613   *  WellCare Health Plans, Inc   3,436,636 
 36,764      West Pharmaceutical Services, Inc   3,111,337 
 62,146   *  Wright Medical Group NV   1,564,836 
 18,182   *  Zeltiq Aesthetics, Inc   806,190 
 96,678      Zimmer Holdings, Inc   11,439,908 
        TOTAL HEALTH CARE EQUIPMENT & SERVICES   619,516,477 
 
HOUSEHOLD & PERSONAL PRODUCTS - 1.7%
 229,158   *  Avon Products, Inc   1,345,157 
 6,448   *  Central Garden & Pet Co   211,817 
 23,182   *  Central Garden and Pet Co (Class A)   713,542 
 128,852      Church & Dwight Co, Inc   5,826,687 
 68,539      Clorox Co   8,224,680 
 449,429      Colgate-Palmolive Co   29,024,125 
 235,790      Coty, Inc   4,527,168 
 28,503      Edgewell Personal Care Co   2,247,177 
 31,119      Energizer Holdings, Inc   1,570,576 
 111,744      Estee Lauder Cos (Class A)   9,074,730 
 38,279   *,e  Herbalife Ltd   2,151,280 
 60,809   *  HRG Group, Inc   1,023,415 
 7,838      Inter Parfums, Inc   267,276 
 186,915      Kimberly-Clark Corp   22,641,014 
 6,950   *  Lifevantage Corp   50,179 
 5,231      Medifast, Inc   220,591 
 3,678      Natural Health Trends Corp   92,244 
 3,786      Nature’s Sunshine Products, Inc   48,272 
 27,816      Nu Skin Enterprises, Inc (Class A)   1,443,094 
 3,287      Nutraceutical International Corp   110,115 
 2,506      Oil-Dri Corp of America   84,327 
 11,468   e  Orchids Paper Products Co   313,191 
 1,347,697      Procter & Gamble Co   118,058,257 
 10,834   *  Revlon, Inc (Class A)   362,397 
 12,926      Spectrum Brands, Inc   1,724,199 
 5,068   *  USANA Health Sciences, Inc   315,736 
172

TIAA-CREF FUNDS - Equity Index Fund

            
SHARES      COMPANY  VALUE 
         
 6,944   e  WD-40 Co  $730,162 
        TOTAL HOUSEHOLD & PERSONAL PRODUCTS   212,401,408 
 
INSURANCE - 4.2%
 213,474      Aflac, Inc   14,941,045 
 8,783   *  Alleghany Corp   5,371,419 
 47,957      Allied World Assurance Co Holdings Ltd   2,547,955 
 189,794      Allstate Corp   14,274,407 
 22,846   *  AMBAC Financial Group, Inc   477,938 
 54,467      American Equity Investment Life Holding Co   1,285,421 
 33,354      American Financial Group, Inc   2,874,114 
 543,556      American International Group, Inc   34,928,909 
 3,548      American National Insurance Co   413,661 
 9,124      Amerisafe, Inc   575,268 
 43,231      Amtrust Financial Services, Inc   1,140,866 
 143,435      Aon plc   16,165,124 
 67,014   *  Arch Capital Group Ltd   5,920,687 
 13,975      Argo Group International Holdings Ltd   893,701 
 89,565      Arthur J. Gallagher & Co   4,821,284 
 29,450      Aspen Insurance Holdings Ltd   1,660,980 
 30,221      Assurant, Inc   2,935,366 
 65,960      Assured Guaranty Ltd   2,566,504 
 4,444   *  Atlas Financial Holdings, Inc   75,548 
 45,995      Axis Capital Holdings Ltd   2,944,140 
 3,677      Baldwin & Lyons, Inc (Class B)   88,248 
 996,706   *  Berkshire Hathaway, Inc (Class B)   163,599,323 
 3,128      Blue Capital Reinsurance Holdings Ltd   59,588 
 56,977      Brown & Brown, Inc   2,400,441 
 243,604      Chubb Ltd   32,031,490 
 72,745      Cincinnati Financial Corp   5,134,342 
 23,451   *  Citizens, Inc (Class A)   217,156 
 15,393      CNA Financial Corp   641,118 
 92,311      Conseco, Inc   1,745,601 
 5,375   e  Crawford & Co (Class B)   65,145 
 3,405      Donegal Group, Inc (Class A)   56,080 
 8,929   *  eHealth, Inc   109,470 
 2,877      EMC Insurance Group, Inc   83,865 
 15,444      Employers Holdings, Inc   562,934 
 40,045      Endurance Specialty Holdings Ltd   3,711,771 
 6,503   *  Enstar Group Ltd   1,259,306 
 14,942      Erie Indemnity Co (Class A)   1,675,148 
 24,723      Everest Re Group Ltd   5,437,329 
 10,756      FBL Financial Group, Inc (Class A)   750,769 
 5,754      Federated National Holding Co   105,528 
 21,947   e  Fidelity & Guaranty Life   525,631 
 49,317      First American Financial Corp   1,853,333 
 130,740      FNF Group   4,622,966 
 253,613   *  Genworth Financial, Inc (Class A)   852,140 
 3,342   *  Global Indemnity Ltd   132,042 
 19,546   *  Greenlight Capital Re Ltd (Class A)   441,740 
 5,627   *  Hallmark Financial Services   61,559 
 20,699      Hanover Insurance Group, Inc   1,737,474 
 203,439      Hartford Financial Services Group, Inc   9,909,514 
173

TIAA-CREF FUNDS - Equity Index Fund

            
SHARES      COMPANY  VALUE 
         
 3,640      HCI Group, Inc  $150,550 
 12,674      Heritage Insurance Holdings, Inc   179,717 
 19,686      Horace Mann Educators Corp   814,016 
 3,159      Independence Holding Co   62,864 
 5,178      Infinity Property & Casualty Corp   449,709 
 737      Investors Title Co   89,560 
 6,321      James River Group Holdings Ltd   250,628 
 19,560      Kemper Corp   844,992 
 117,314      Lincoln National Corp   7,919,868 
 145,466      Loews Corp   6,775,806 
 28,819      Maiden Holdings Ltd   511,537 
 7,278   *  Markel Corp   6,732,150 
 265,334      Marsh & McLennan Cos, Inc   18,048,019 
 63,072   *  MBIA, Inc   643,334 
 15,410      Mercury General Corp   974,683 
 480,970      Metlife, Inc   26,169,578 
 23,494      National General Holdings Corp   575,368 
 1,147      National Western Life Group, Inc   336,243 
 14,900      Navigators Group, Inc   836,635 
 117,277      Old Republic International Corp   2,439,362 
 15,872      OneBeacon Insurance Group Ltd (Class A)   257,603 
 13,895   *,e  Patriot National, Inc   59,471 
 27,727      Primerica, Inc   2,092,002 
 134,320      Principal Financial Group   7,668,329 
 28,150      ProAssurance Corp   1,531,360 
 296,557      Progressive Corp   11,103,094 
 232,154      Prudential Financial, Inc   24,401,707 
 31,253      Reinsurance Group of America, Inc (Class A)   3,921,314 
 20,478      RenaissanceRe Holdings Ltd   2,791,561 
 27,558      RLI Corp   1,637,496 
 6,977      Safety Insurance Group, Inc   500,251 
 28,054      Selective Insurance Group, Inc   1,169,852 
 6,046      State Auto Financial Corp   152,722 
 11,853      State National Cos, Inc   163,097 
 11,100      Stewart Information Services Corp   484,848 
 56,658   *  Third Point Reinsurance Ltd   648,734 
 58,072      Torchmark Corp   4,270,615 
 150,440      Travelers Cos, Inc   17,718,823 
 17,741   *,e  Trupanion, Inc   283,679 
 10,606      United Fire & Casualty Co   500,603 
 6,793      United Insurance Holdings Corp   92,860 
 15,924   e  Universal Insurance Holdings, Inc   416,413 
 117,739      UnumProvident Corp   5,348,883 
 36,138      Validus Holdings Ltd   2,059,866 
 46,818      W.R. Berkley Corp   3,146,638 
 3,031      White Mountains Insurance Group Ltd   2,757,483 
 146,403      XL Group Ltd   5,500,361 
        TOTAL INSURANCE   532,169,672 
 
MATERIALS - 3.4%
 16,652      A. Schulman, Inc   574,494 
 15,193   *  AdvanSix, Inc   390,308 
 10,787   *,e  AgroFresh Solutions, Inc   28,370 
174

TIAA-CREF FUNDS - Equity Index Fund

            
SHARES      COMPANY  VALUE 
         
 101,772      Air Products & Chemicals, Inc  $14,223,655 
 165,898   *  AK Steel Holding Corp   1,340,456 
 58,654      Albemarle Corp   5,433,707 
 76,620      Alcoa Corp   2,792,799 
 59,654   e  Allegheny Technologies, Inc   1,296,281 
 16,715      American Vanguard Corp   287,498 
 4,313      Ampco-Pittsburgh Corp   64,911 
 30,367      Aptargroup, Inc   2,215,880 
 31,809      Ashland Global Holdings, Inc   3,786,225 
 46,466      Avery Dennison Corp   3,392,947 
 83,434   *  Axalta Coating Systems Ltd   2,419,586 
 15,361      Balchem Corp   1,309,372 
 88,003      Ball Corp   6,711,109 
 49,543      Bemis Co, Inc   2,413,735 
 65,467   *  Berry Plastics Group, Inc   3,340,769 
 19,062   *  Boise Cascade Co   472,738 
 31,700      Cabot Corp   1,755,229 
 24,508      Calgon Carbon Corp   388,452 
 23,948      Carpenter Technology Corp   958,399 
 77,011      Celanese Corp (Series A)   6,499,728 
 28,403   *  Century Aluminum Co   437,406 
 122,210      CF Industries Holdings, Inc   4,312,791 
 4,817      Chase Corp   423,896 
 96,387      Chemours Co   2,546,545 
 31,102   *  Chemtura   1,029,476 
 8,163   *  Clearwater Paper Corp   513,453 
 128,010   *  Cliffs Natural Resources, Inc   1,122,648 
 15,502   *  Codexis, Inc   73,634 
 103,376   *  Coeur Mining, Inc   1,204,330 
 58,266      Commercial Metals Co   1,190,374 
 17,771   e  Compass Minerals International, Inc   1,485,656 
 69,502   *  Crown Holdings, Inc   3,764,923 
 4,672      Deltic Timber Corp   354,932 
 31,566      Domtar Corp   1,379,119 
 586,591      Dow Chemical Co   34,978,421 
 24,124      Eagle Materials, Inc   2,522,888 
 76,720      Eastman Chemical Co   5,945,800 
 134,333      Ecolab, Inc   16,137,423 
 457,605      EI du Pont de Nemours & Co   34,549,177 
 42,644   *  Ferro Corp   602,986 
 33,092      Ferroglobe plc   347,797 
 31,640   *,e  Flotek Industries, Inc   334,435 
 69,024      FMC Corp   4,152,484 
 12,004   *  Forterra, Inc   230,957 
 693,068   *  Freeport-McMoRan Copper & Gold, Inc (Class B)   11,539,582 
 9,761      FutureFuel Corp   126,795 
 36,734   *  GCP Applied Technologies, Inc   989,981 
 25,837   *  Gold Resource Corp   139,003 
 163,314      Graphic Packaging Holding Co   2,043,058 
 2,993      Greif, Inc   213,102 
 13,180      Greif, Inc (Class A)   758,904 
 24,317      H.B. Fuller Co   1,200,530 
 1,004   *  Handy & Harman Ltd   28,313 
175

TIAA-CREF FUNDS - Equity Index Fund

            
SHARES      COMPANY  VALUE 
         
 4,200      Hawkins, Inc  $225,330 
 7,111      Haynes International, Inc   292,333 
 35,395   *  Headwaters, Inc   820,102 
 199,579      Hecla Mining Co   1,285,289 
 101,571      Huntsman Corp   2,071,033 
 21,744   *  Ingevity Corp   1,208,749 
 10,340      Innophos Holdings, Inc   502,938 
 12,262      Innospec, Inc   874,894 
 41,203      International Flavors & Fragrances, Inc   4,829,404 
 214,915      International Paper Co   12,164,189 
 8,666      Kaiser Aluminum Corp   679,934 
 46,917      Kapstone Paper and Packaging Corp   1,125,070 
 3,950      KMG Chemicals, Inc   145,597 
 11,129   *  Koppers Holdings, Inc   450,168 
 18,945   *  Kraton Polymers LLC   508,863 
 12,343      Kronos Worldwide, Inc   163,174 
 73,610   *  Louisiana-Pacific Corp   1,408,159 
 16,521   *,e  LSB Industries, Inc   140,594 
 180,695      LyondellBasell Industries AF S.C.A   16,853,423 
 32,840      Martin Marietta Materials, Inc   7,540,064 
 12,771      Materion Corp   501,900 
 17,767      Minerals Technologies, Inc   1,424,025 
 228,212      Monsanto Co   24,717,642 
 183,195      Mosaic Co   5,746,827 
 8,563   *  Multi Packaging Solutions International Ltd   152,593 
 10,894      Myers Industries, Inc   150,337 
 7,378      Neenah Paper, Inc   606,103 
 3,613      NewMarket Corp   1,557,817 
 278,497      Newmont Mining Corp   10,103,871 
 163,568      Nucor Corp   9,501,665 
 86,112      Olin Corp   2,256,996 
 5,609      Olympic Steel, Inc   126,202 
 23,656   *  Omnova Solutions, Inc   215,270 
 84,253   *  Owens-Illinois, Inc   1,592,382 
 48,780      Packaging Corp of America   4,496,540 
 23,640      PH Glatfelter Co   577,052 
 109,958   *  Platform Specialty Products Corp   1,334,890 
 43,476      PolyOne Corp   1,482,966 
 141,372      PPG Industries, Inc   14,138,614 
 148,901      Praxair, Inc   17,635,834 
 9,880      Quaker Chemical Corp   1,269,580 
 25,274      Rayonier Advanced Materials, Inc   342,968 
 10,053   *  Real Industry, Inc   54,286 
 35,924      Reliance Steel & Aluminum Co   2,861,347 
 33,339      Royal Gold, Inc   2,406,076 
 63,593      RPM International, Inc   3,323,370 
 11,161   *  Ryerson Holding Corp   118,307 
 13,851      Schnitzer Steel Industries, Inc (Class A)   327,576 
 14,709      Schweitzer-Mauduit International, Inc   652,050 
 23,548      Scotts Miracle-Gro Co (Class A)   2,165,710 
 101,071      Sealed Air Corp   4,901,944 
 21,592      Sensient Technologies Corp   1,657,186 
 42,068      Sherwin-Williams Co   12,780,679 
176

TIAA-CREF FUNDS - Equity Index Fund

            
SHARES      COMPANY  VALUE 
         
 19,159      Silgan Holdings, Inc  $1,120,993 
 51,093      Sonoco Products Co   2,807,560 
 41,984      Southern Copper Corp (NY)   1,610,506 
 122,740      Steel Dynamics, Inc   4,149,839 
 10,492      Stepan Co   819,530 
 62,591   *  Stillwater Mining Co   1,064,047 
 42,555   *  Summit Materials, Inc   1,068,131 
 42,849   *  SunCoke Energy, Inc   377,928 
 162,498      Tahoe Resources, Inc   1,485,232 
 22,283   *  TimkenSteel Corp   375,691 
 8,634   *  Trecora Resources   107,062 
 10,895      Tredegar Corp   242,414 
 14,547      Trinseo S.A.   941,918 
 45,745      Tronox Ltd   572,727 
 3,086   *  UFP Technologies, Inc   76,996 
 790      United States Lime & Minerals, Inc   60,040 
 82,218      United States Steel Corp   2,689,351 
 8,462   *,e  US Concrete, Inc   554,261 
 42,919      Valspar Corp   4,749,846 
 15,062   e  Valvoline, Inc   348,685 
 69,106      Vulcan Materials Co   8,868,373 
 19,405      Westlake Chemical Corp   1,201,364 
 131,012      WestRock Co   6,990,800 
 23,727   *  Worthington Industries, Inc   1,133,913 
 35,989      WR Grace & Co   2,495,477 
        TOTAL MATERIALS   429,160,063 
 
MEDIA - 3.2%
 14,544      AMC Entertainment Holdings, Inc   490,860 
 30,914   *  AMC Networks, Inc   1,772,918 
 2,485      Cable One, Inc   1,571,464 
 206,542      CBS Corp (Class B)   13,319,894 
 31,564   *,e  Central European Media Enterprises Ltd (Class A) (NASDAQ)   82,066 
 104,813   *  Charter Communications, Inc   33,954,171 
 55,411      Cinemark Holdings, Inc   2,354,967 
 16,417      Clear Channel Outdoor Holdings, Inc (Class A)   81,264 
 1,264,837      Comcast Corp (Class A)   95,394,007 
 444   *,e  Daily Journal Corp   96,082 
 77,006   *  Discovery Communications, Inc (Class A)   2,183,120 
 123,084   *  Discovery Communications, Inc (Class C)   3,410,658 
 113,097   *  DISH Network Corp (Class A)   6,691,949 
 12,577      Entercom Communications Corp (Class A)   178,593 
 44,878      Entravision Communications Corp (Class A)   242,341 
 20,609   *,e  Eros International plc   245,247 
 28,996      EW Scripps Co (Class A)   564,842 
 62,806      Gannett Co, Inc   604,194 
 19,954   *  Global Eagle Entertainment, Inc   122,917 
 35,991   *  Gray Television, Inc   426,493 
 4,651   *  Hemisphere Media Group, Inc   52,091 
 28,760   *  Imax Corp   937,576 
 211,634      Interpublic Group of Cos, Inc   4,979,748 
 22,665      John Wiley & Sons, Inc (Class A)   1,248,842 
 6,400   *  Liberty Braves Group (Class A)   127,680 
177

TIAA-CREF FUNDS - Equity Index Fund

            
SHARES      COMPANY  VALUE 
         
 17,411   *  Liberty Braves Group (Class C)  $347,872 
 13,819   *  Liberty Broadband Corp (Class A)   1,156,374 
 55,135   *  Liberty Broadband Corp (Class C)   4,705,221 
 15,188   *  Liberty Media Group (Class A)   440,148 
 25,216   *  Liberty Media Group (Class C)   724,708 
 47,829   *  Liberty SiriusXM Group (Class A)   1,733,323 
 97,255   *  Liberty SiriusXM Group (Class C)   3,490,482 
 22,742   *  Lions Gate Entertainment Corp   654,287 
 53,495   *,e  Lions Gate Entertainment Corp   1,433,131 
 63,868   *  Live Nation, Inc   1,827,902 
 6,029   *  Loral Space & Communications, Inc   245,682 
 9,468   *  Madison Square Garden Co   1,663,244 
 32,089      MDC Partners, Inc   205,370 
 18,534      Meredith Corp   1,136,134 
 30,657   *  MSG Networks, Inc   711,242 
 30,224      National CineMedia, Inc   443,084 
 27,474      New Media Investment Group, Inc   418,704 
 59,194      New York Times Co (Class A)   799,119 
 189,024      News Corp   2,323,105 
 59,669      News Corp (Class B)   754,813 
 29,700   e  Nexstar Broadcasting Group, Inc (Class A)   1,942,380 
 122,193      Omnicom Group, Inc   10,465,830 
 4,994   *,e  Radio One, Inc   14,982 
 7,081   *  Reading International, Inc   115,774 
 39,382      Regal Entertainment Group (Class A)   892,396 
 1,443      Saga Communications, Inc   72,583 
 12,520      Scholastic Corp   573,166 
 42,540      Scripps Networks Interactive (Class A)   3,239,846 
 35,611      Sinclair Broadcast Group, Inc (Class A)   1,201,871 
 901,211   e  Sirius XM Holdings, Inc   4,253,716 
 111,945      TEGNA, Inc   2,564,660 
 171,015      Thomson Corp   7,668,313 
 411,871      Time Warner, Inc   39,889,706 
 55,448      Time, Inc   1,067,374 
 8,496   *  Townsquare Media, Inc   90,737 
 38,597      Tribune Co   1,113,137 
 15,980   *,e  tronc, Inc   211,895 
 563,613      Twenty-First Century Fox, Inc   17,686,176 
 250,979      Twenty-First Century Fox, Inc (Class B)   7,782,859 
 7,627      Viacom, Inc   345,122 
 180,498      Viacom, Inc (Class B)   7,606,186 
 849,741      Walt Disney Co   94,023,842 
 17,813   e  World Wrestling Entertainment, Inc (Class A)   348,779 
        TOTAL MEDIA   399,519,259 
 
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.8%
 847,637      AbbVie, Inc   51,799,097 
 48,978   *,e  Acadia Pharmaceuticals, Inc   1,694,149 
 11,534   *,e  Accelerate Diagnostics, Inc   241,637 
 13,351   *  Acceleron Pharma, Inc   324,162 
 18,680   *,e  AcelRx Pharmaceuticals, Inc   49,502 
 57,304   *  Achillion Pharmaceuticals, Inc   238,958 
 4,210   *  Aclaris Therapeutics, Inc   111,691 
178

TIAA-CREF FUNDS - Equity Index Fund

            
SHARES      COMPANY  VALUE 
         
 20,949   *  Acorda Therapeutics, Inc  $429,454 
 8,387   *,e  Adamas Pharmaceuticals, Inc   133,102 
 17,546   *,e  Aduro Biotech, Inc   207,920 
 21,624   *,e  Advaxis, Inc   193,751 
 12,037   *  Adverum Biotechnologies, Inc   34,907 
 14,933   *,e  Aerie Pharmaceuticals, Inc   655,559 
 7,447   *  Aevi Genomic Medicine, Inc   35,448 
 44,202   *  Agenus, Inc   176,808 
 4,678   *  Agile Therapeutics, Inc   10,759 
 164,548      Agilent Technologies, Inc   8,057,916 
 15,868   *,e  Agios Pharmaceuticals, Inc   682,800 
 12,929   *  Aimmune Therapeutics, Inc   236,342 
 22,014   *  Akebia Therapeutics, Inc   220,800 
 40,640   *  Akorn, Inc   776,224 
 12,928   *,e  Albany Molecular Research, Inc   237,875 
 24,986   *  Alder Biopharmaceuticals, Inc   513,462 
 113,532   *  Alexion Pharmaceuticals, Inc   14,836,362 
 77,776   *  Alkermes plc   4,208,459 
 174,495   *  Allergan plc   38,195,211 
 39,133   *,e  Alnylam Pharmaceuticals, Inc   1,564,929 
 19,349   *  AMAG Pharmaceuticals, Inc   466,311 
 396,517      Amgen, Inc   62,126,284 
 73,795   *  Amicus Therapeutics, Inc   405,872 
 16,975   *  Amphastar Pharmaceuticals, Inc   267,356 
 22,539   *  Ampio Pharmaceuticals, Inc   22,088 
 15,209   *,e  Anavex Life Sciences Corp   68,440 
 3,304   *  ANI Pharmaceuticals, Inc   199,727 
 21,009   *,e  Anthera Pharmaceuticals, Inc   11,389 
 5,978   *  Applied Genetic Technologies Corp   43,340 
 7,908   *  Aptevo Therapeutics, Inc   15,737 
 407   *,e  AquaBounty Technologies, Inc   5,617 
 12,806   *  Aratana Therapeutics, Inc   102,320 
 16,077   *  Ardelyx, Inc   192,924 
 101,870   *  Arena Pharmaceuticals, Inc   156,880 
 89,994   *  Ariad Pharmaceuticals, Inc   2,143,657 
 85,727   *  Array Biopharma, Inc   931,852 
 49,152   *,e  Arrowhead Research Corp   95,355 
 20,476   *  Asterias Biotherapeutics, Inc   87,023 
 17,386   *,e  Atara Biotherapeutics, Inc   233,842 
 34,748   *,e  Athersys, Inc   37,875 
 3,136   *  Avexis, Inc   174,926 
 12,006   *  Axovant Sciences Ltd   147,073 
 4,815   *,e  Axsome Therapeutics, Inc   23,593 
 10,302   *,e  Bellicum Pharmaceuticals, Inc   137,841 
 38,137   *  BioCryst Pharmaceuticals, Inc   240,263 
 114,333   *  Biogen Idec, Inc   31,697,681 
 91,781   *  BioMarin Pharmaceutical, Inc   8,042,769 
 39,348   *,e  Bio-Path Holdings, Inc   37,377 
 14,984   *  Bio-Rad Laboratories, Inc (Class A)   2,848,159 
 1,907   *  Biospecifics Technologies Corp   97,810 
 19,171      Bio-Techne Corp   1,950,649 
 21,816   *,e  BioTime, Inc   68,284 
 21,137   *,e  Bluebird Bio, Inc   1,574,706 
179

TIAA-CREF FUNDS - Equity Index Fund

            
SHARES      COMPANY  VALUE 
         
 9,768   *  Blueprint Medicines Corp  $332,893 
 875,101      Bristol-Myers Squibb Co   43,019,965 
 54,276      Bruker BioSciences Corp   1,287,969 
 15,433   *  Cambrex Corp   809,461 
 13,831   *,e  Cara Therapeutics Inc   211,891 
 48,477   *  Catalent, Inc   1,297,245 
 405,326   *  Celgene Corp   47,078,615 
 54,616   *  Celldex Therapeutics, Inc   178,048 
 4,292   *  Cellular Biomedicine Group, Inc   53,221 
 18,786   *,e  Cempra, Inc   59,176 
 22,808   *  Charles River Laboratories International, Inc   1,842,886 
 11,750   *  ChemoCentryx, Inc   85,422 
 19,935   *  Chimerix, Inc   108,446 
 13,925   *  ChromaDex Corp   38,711 
 2,186   *  Cidara Therapeutics, Inc   21,641 
 4,181   *,e  Clearside Biomedical, Inc   31,148 
 16,584   *  Clovis Oncology, Inc   1,074,643 
 14,351   *  Coherus Biosciences, Inc   400,393 
 6,498   *,e  Collegium Pharmaceutical, Inc   109,296 
 6,440   *  Concert Pharmaceuticals Inc   56,994 
 35,675   *  Corcept Therapeutics, Inc   253,649 
 47,198   *  Curis, Inc   135,458 
 14,477   *  Cytokinetics, Inc   151,285 
 10,021   *  CytomX Therapeutics, Inc   116,444 
 28,094   *,e  CytRx Corp   11,651 
 29,384   *  Depomed, Inc   531,557 
 17,356   *  Dermira, Inc   510,961 
 5,621   *  Dimension Therapeutics, Inc   10,961 
 47,996   *  Durect Corp   50,876 
 18,760   *,e  Dynavax Technologies Corp   76,916 
 5,157   *,e  Eagle Pharmaceuticals, Inc   356,916 
 8,036   *  Edge Therapeutics, Inc   77,387 
 5,985   *,e  Editas Medicine, Inc   104,259 
 11,529   *,e  Egalet Corp   56,377 
 1,596   *  Eiger BioPharmaceuticals, Inc   19,471 
 508,176      Eli Lilly & Co   39,144,797 
 15,816   *  Emergent Biosolutions, Inc   478,750 
 6,742   *  Enanta Pharmaceuticals, Inc   223,329 
 109,048   *  Endo International plc   1,334,748 
 16,078   *,e  Endocyte, Inc   35,532 
 18,877   *  Enzo Biochem, Inc   126,098 
 22,129   *  Epizyme, Inc   232,354 
 15,688   *  Esperion Thereapeutics, Inc   190,139 
 53,430   *,e  Exact Sciences Corp   1,012,498 
 117,900   *  Exelixis, Inc   2,136,348 
 25,301   *  FibroGen, Inc   573,068 
 13,889   *  Five Prime Therapeutics, Inc   636,255 
 2,340   *  Flex Pharma, Inc   10,202 
 13,575   *  Flexion Therapeutics Inc   263,355 
 12,333   *  Fluidigm Corp   78,068 
 16,433   *,e  Fortress Biotech, Inc   40,261 
 8,176   *,e  Foundation Medicine, Inc   159,841 
 3,856   *,e  Galena Biopharma, Inc   6,362 
180

TIAA-CREF FUNDS - Equity Index Fund

            
SHARES      COMPANY  VALUE 
         
 9,048   *  Genomic Health, Inc  $248,639 
 94,140   *,e  Geron Corp   195,811 
 700,923      Gilead Sciences, Inc   50,781,871 
 11,159   *  Global Blood Therapeutics, Inc   180,218 
 57,371   *,e  Halozyme Therapeutics, Inc   662,635 
 20,561   *,e  Heron Therapeutics, Inc   267,293 
 3,167   *  Heska Corp   252,157 
 83,754   *  Horizon Pharma plc   1,371,053 
 35,999   *,e  Idera Pharmaceuticals, Inc   50,399 
 19,695   *  Ignyta, Inc   96,505 
 75,821   *  Illumina, Inc   12,138,942 
 4,828   *  Immune Design Corp   27,278 
 98,713   *,e  Immunogen, Inc   230,988 
 52,141   *,e  Immunomedics, Inc   234,634 
 35,602   *  Impax Laboratories, Inc   468,166 
 21,331   *  INC Research Holdings, Inc   1,130,543 
 84,537   *  Incyte Corp   10,246,730 
 20,634   *  Infinity Pharmaceuticals, Inc   42,712 
 39,312   e  Innoviva, Inc   416,707 
 9,048   *,e  Inotek Pharmaceuticals Corp   14,477 
 30,381   *,e  Inovio Pharmaceuticals, Inc   200,515 
 29,754   *  Insmed, Inc   439,467 
 14,862   *,e  Insys Therapeutics, Inc   152,187 
 3,255   *,e  Intellia Therapeutics, Inc   42,055 
 8,362   *,e  Intercept Pharmaceuticals, Inc   917,729 
 12,277   *  Intersect ENT, Inc   165,740 
 16,694   *,e  Intra-Cellular Therapies, Inc   241,061 
 27,260   *,e  Intrexon Corp   576,822 
 16,079   *  Invitae Corp   134,581 
 61,674   *,e  Ionis Pharmaceuticals, Inc   2,744,493 
 62,575   *  Ironwood Pharmaceuticals, Inc   899,829 
 1,448,049      Johnson & Johnson   163,991,549 
 33,123   *,e  Juno Therapeutics, Inc   706,845 
 9,896   *  Karyopharm Therapeutics, Inc   102,424 
 45,406   *,e  Keryx Biopharmaceuticals, Inc   226,576 
 18,955   *,e  Kite Pharma, Inc   966,136 
 8,243   *  La Jolla Pharmaceutical Co   160,326 
 13,584   *,e  Lannett Co, Inc   273,718 
 20,804   *,e  Lexicon Pharmaceuticals, Inc   298,121 
 9,892   *,e  Ligand Pharmaceuticals, Inc (Class B)   1,048,651 
 19,238   *  Lion Biotechnologies, Inc   139,476 
 7,703   *,e  Lipocine, Inc   27,885 
 6,426   *  Loxo Oncology, Inc   252,092 
 19,030   *  Luminex Corp   384,787 
 14,847   *  MacroGenics, Inc   274,224 
 56,068   *  Mallinckrodt plc   2,732,194 
 160,333   *,e  MannKind Corp   112,874 
 40,396   *  Medicines Co   1,456,276 
 14,511   *  MediciNova, Inc   80,681 
 4,094   *  Medpace Holdings, Inc   142,840 
 1,459,790      Merck & Co, Inc   90,492,382 
 73,287   *,e  Merrimack Pharmaceuticals, Inc   227,923 
 13,506   *  Mettler-Toledo International, Inc   5,762,065 
181

TIAA-CREF FUNDS - Equity Index Fund

            
SHARES      COMPANY  VALUE 
         
 47,130   *,e  MiMedx Group, Inc  $380,810 
 8,077   *,e  Minerva Neurosciences, Inc   85,616 
 4,258   *  Mirati Therapeutics, Inc   21,716 
 31,181   *  Momenta Pharmaceuticals, Inc   589,321 
 236,696   *  Mylan NV   9,006,283 
 5,669   *  MyoKardia, Inc   63,493 
 35,176   *  Myriad Genetics, Inc   569,148 
 5,740   *  NanoString Technologies, Inc   103,550 
 18,507   *,e  NantKwest, Inc   99,198 
 13,099   *  Natera, Inc   117,367 
 72,894   *  Nektar Therapeutics   882,746 
 33,050   *  NeoGenomics, Inc   266,383 
 6,653   *,e  Neos Therapeutics, Inc   38,920 
 43,595   *  Neurocrine Biosciences, Inc   1,870,661 
 8,803   *  NewLink Genetics Corp   107,133 
 132,353   *,e  Novavax, Inc   173,382 
 15,067   *,e  Ocular Therapeutix, Inc   98,840 
 20,737   *,e  Omeros Corp   200,942 
 7,049   *  OncoMed Pharmaceuticals, Inc   58,225 
 14,755   *,e  Ophthotech Corp   70,234 
 162,911   *,e  Opko Health, Inc   1,415,697 
 49,140   *,e  Organovo Holdings, Inc   181,327 
 7,783   e  Osiris Therapeutics, Inc   43,740 
 12,099   *  Otonomy, Inc   177,250 
 25,996   *  OvaScience, Inc   41,074 
 40,299   *,e  Pacific Biosciences of California, Inc   194,241 
 21,136   *  Pacira Pharmaceuticals, Inc   812,679 
 5,045   *  Paratek Pharmaceuticals, Inc   76,180 
 26,823   *  Parexel International Corp   1,901,482 
 17,849   *  Patheon NV   512,088 
 105,806      PDL BioPharma, Inc   232,773 
 60,088   *  PerkinElmer, Inc   3,196,081 
 70,589      Perrigo Co plc   5,375,352 
 6,895   *  Pfenex, Inc   55,022 
 3,165,961      Pfizer, Inc   100,455,942 
 28,593   *  PharmAthene, Inc   88,638 
 7,545      Phibro Animal Health Corp   201,452 
 22,596   *  Portola Pharmaceuticals, Inc   615,741 
 12,394   *  PRA Health Sciences, Inc   726,164 
 31,139   *  Prestige Brands Holdings, Inc   1,642,894 
 30,473   *  Progenics Pharmaceuticals, Inc   271,819 
 3,334   *  Proteostasis Therapeutics, Inc   49,177 
 19,108   *,e  Prothena Corp plc   935,528 
 17,832   *  PTC Therapeutics, Inc   233,599 
 15,594   *  Puma Biotechnology, Inc   505,246 
 118,558      QIAGEN NV   3,435,813 
 77,214   *  Quintiles Transnational Holdings, Inc   6,060,527 
 16,338   *  Radius Health, Inc   711,030 
 2,682   *  Reata Pharmaceuticals, Inc   66,782 
 40,627   *  Regeneron Pharmaceuticals, Inc   14,596,875 
 10,255   *  REGENXBIO, Inc   189,718 
 39,674   *  Regulus Therapeutics, Inc   47,609 
 16,979   *  Repligen Corp   510,049 
182

TIAA-CREF FUNDS - Equity Index Fund

            
SHARES      COMPANY  VALUE 
         
 19,915   *  Retrophin, Inc  $390,732 
 9,301   *,e  Revance Therapeutics, Inc   186,020 
 37,550   *  Rigel Pharmaceuticals, Inc   78,104 
 14,434   *  Sage Therapeutics, Inc   692,543 
 45,343   *  Sangamo Biosciences, Inc   158,701 
 26,570   *  Sarepta Therapeutics, Inc   825,264 
 22,166   *  Sciclone Pharmaceuticals, Inc   224,985 
 49,257   *  Seattle Genetics, Inc   2,967,242 
 21,251   *,e  Seres Therapeutics, Inc   210,172 
 12,170   *,e  Sorrento Therapeutics, Inc   65,718 
 11,148   *  Spark Therapeutics, Inc   702,993 
 27,773   *  Spectrum Pharmaceuticals, Inc   129,422 
 15,058   *  Stemline Therapeutics, Inc   153,592 
 10,521   *,e  Sucampo Pharmaceuticals, Inc (Class A)   117,309 
 22,801   *  Supernus Pharmaceuticals, Inc   616,767 
 95,899   *,e  Synergy Pharmaceuticals, Inc   678,006 
 36,143   *  Synthetic Biologics, Inc   30,649 
 3,929   *,e  T2 Biosystems, Inc   21,217 
 17,729   *  Teligent, Inc   124,103 
 14,600   *  TESARO, Inc   2,377,464 
 15,324   *  Tetraphase Pharmaceuticals, Inc   58,691 
 29,091   *  TG Therapeutics, Inc   139,637 
 71,280   *,e  TherapeuticsMD, Inc   414,137 
 22,379   *  Theravance Biopharma, Inc   670,475 
 204,553      Thermo Fisher Scientific, Inc   31,171,832 
 9,087   *,e  Titan Pharmaceuticals, Inc   39,528 
 4,598   *,m  Tobira Therapeutics, Inc   63,177 
 4,104   *,e  Tokai Pharmaceuticals, Inc   3,863 
 23,387   *  Trevena, Inc   163,241 
 17,370   *,e  Trovagene, Inc   34,740 
 18,015   *,e  Ultragenyx Pharmaceutical, Inc   1,351,305 
 22,473   *  United Therapeutics Corp   3,677,257 
 17,036   *  Vanda Pharmaceuticals, Inc   241,059 
 13,261   *  Versartis, Inc   189,632 
 127,588   *  Vertex Pharmaceuticals, Inc   10,955,982 
 16,833   *  Vital Therapies, Inc   83,323 
 5,712   *  Voyager Therapeutics, Inc   68,087 
 40,447   *  VWR Corp   1,047,982 
 39,695   *  Waters Corp   5,622,797 
 4,218   *,e  WaVe Life Sciences Pte Ltd   121,267 
 10,835   *,e  XBiotech, Inc   123,519 
 18,414   *  Xencor Inc   438,806 
 6,984   *  Zafgen, Inc   29,403 
 59,769   *,e  ZIOPHARM Oncology, Inc   353,832 
 241,030      Zoetis, Inc   13,242,188 
 10,650   *  Zogenix, Inc   85,733 
        TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES   984,704,876 
 
REAL ESTATE - 4.0%
 27,624      Acadia Realty Trust   879,548 
 11,379      Agree Realty Corp   533,675 
 23,597      Alexander & Baldwin, Inc   1,050,538 
 2,016      Alexander’s, Inc   852,385 
183

TIAA-CREF FUNDS - Equity Index Fund

            
SHARES      COMPANY  VALUE 
         
 37,284      Alexandria Real Estate Equities, Inc  $4,131,813 
 5,825   *,e  Altisource Portfolio Solutions S.A.   166,013 
 31,307      American Assets Trust,Inc   1,344,010 
 67,791      American Campus Communities, Inc   3,295,998 
 94,784      American Homes 4 Rent   2,111,788 
 220,280      American Tower Corp   22,798,980 
 76,294      Apartment Investment & Management Co (Class A)   3,362,277 
 85,253      Apple Hospitality REIT, Inc   1,706,765 
 25,296      Armada Hoffler Properties, Inc   348,579 
 11,429      Ashford Hospitality Prime, Inc   153,606 
 41,202      Ashford Hospitality Trust, Inc   313,135 
 5,479   *,e  AV Homes, Inc   96,704 
 75,180      AvalonBay Communities, Inc   13,029,446 
 17,055      Bluerock Residential Growth REIT, Inc   223,079 
 81,337      Boston Properties, Inc   10,647,013 
 86,690      Brandywine Realty Trust   1,395,709 
 82,610      Brixmor Property Group, Inc   1,993,379 
 48,686      Camden Property Trust   4,068,689 
 40,937      Care Capital Properties, Inc   1,011,553 
 28,069      CareTrust REIT, Inc   425,526 
 18,578      CatchMark Timber Trust Inc   191,168 
 142,539      CBL & Associates Properties, Inc   1,546,548 
 165,342   *  CBRE Group, Inc   5,019,783 
 40,660      Cedar Realty Trust, Inc   244,367 
 16,749      Chatham Lodging Trust   337,325 
 28,782      Chesapeake Lodging Trust   736,819 
 24,386      City Office REIT, Inc   307,020 
 276,287      Colony NorthStar, Inc   3,845,915 
 31,610      Colony Starwood Homes   994,135 
 73,861      Columbia Property Trust, Inc   1,643,407 
 73,241      Communications Sales & Leasing, Inc   1,924,774 
 11,890      Community Healthcare Trust, Inc   256,467 
 1,845      Consolidated-Tomoka Land Co   101,475 
 63,738      CoreCivic, Inc   1,850,952 
 6,682      CorEnergy Infrastructure Trust, Inc   239,884 
 18,742      Coresite Realty   1,614,248 
 44,313      Corporate Office Properties Trust   1,410,040 
 157,234      Cousins Properties, Inc   1,336,489 
 194,386      Crown Castle International Corp   17,072,922 
 84,098      CubeSmart   2,113,383 
 32,343      CyrusOne, Inc   1,557,639 
 49,318      DCT Industrial Trust, Inc   2,204,021 
 150,563      DDR Corp   2,285,546 
 97,976      DiamondRock Hospitality Co   1,104,190 
 80,165      Digital Realty Trust, Inc   8,628,159 
 68,494      Douglas Emmett, Inc   2,591,813 
 178,771      Duke Realty Corp   4,349,498 
 41,733      DuPont Fabros Technology, Inc   1,981,483 
 11,376      Easterly Government Properties, Inc   224,107 
 20,218      EastGroup Properties, Inc   1,430,828 
 32,216      Education Realty Trust, Inc   1,295,405 
 59,196      Empire State Realty Trust, Inc   1,212,926 
 30,888      Entertainment Properties Trust   2,284,785 
184

TIAA-CREF FUNDS - Equity Index Fund

            
SHARES      COMPANY  VALUE 
         
 37,306      Equinix, Inc  $14,362,064 
 83,724   *  Equity Commonwealth   2,582,048 
 48,436      Equity Lifestyle Properties, Inc   3,581,358 
 44,676      Equity One, Inc   1,393,444 
 185,671      Equity Residential   11,283,227 
 36,038      Essex Property Trust, Inc   8,083,323 
 62,586      Extra Space Storage, Inc   4,509,321 
 5,780      Farmland Partners, Inc   65,661 
 35,708      Federal Realty Investment Trust   5,014,474 
 64,539      FelCor Lodging Trust, Inc   496,950 
 56,244      First Industrial Realty Trust, Inc   1,453,907 
 28,700      First Potomac Realty Trust   293,888 
 111,881      Forest City Realty Trust, Inc   2,532,986 
 16,040   *  Forestar Group, Inc   209,322 
 24,662      Four Corners Property Trust, Inc   537,878 
 47,755      Franklin Street Properties Corp   608,876 
 2,632   *  FRP Holdings, Inc   102,648 
 91,483      Gaming and Leisure Properties, Inc   2,893,607 
 48,469      Geo Group, Inc   2,012,433 
 12,704      Getty Realty Corp   327,636 
 294,808   *  GGP, Inc   7,323,031 
 17,812      Gladstone Commercial Corp   349,828 
 6,018      Global Medical REIT, Inc   53,259 
 82,479   *  Global Net Lease, Inc   639,212 
 39,025      Government Properties Income Trust   751,622 
 72,173      Gramercy Property Trust   1,901,037 
 236,135      HCP, Inc   7,159,613 
 50,664      Healthcare Realty Trust, Inc   1,530,559 
 66,120      Healthcare Trust of America, Inc   1,922,108 
 20,220      Hersha Hospitality Trust   404,198 
 24,835      HFF, Inc (Class A)   737,103 
 46,902      Highwoods Properties, Inc   2,411,232 
 76,911      Hospitality Properties Trust   2,394,239 
 383,808      Host Marriott Corp   6,935,411 
 23,104   *  Howard Hughes Corp   2,463,117 
 46,741      Hudson Pacific Properties   1,655,099 
 18,150      Independence Realty Trust, Inc   167,525 
 59,474      Investors Real Estate Trust   383,013 
 133,896      Iron Mountain, Inc   4,793,477 
 25,325      Jones Lang LaSalle, Inc   2,609,235 
 43,925      Kennedy-Wilson Holdings, Inc   898,266 
 44,163      Kilroy Realty Corp   3,305,601 
 196,926      Kimco Realty Corp   4,901,488 
 40,035      Kite Realty Group Trust   961,641 
 41,915      Lamar Advertising Co   3,165,421 
 62,072      LaSalle Hotel Properties   1,872,712 
 112,121      Lexington Realty Trust   1,201,937 
 67,947      Liberty Property Trust   2,608,485 
 28,792      Life Storage, Inc   2,345,108 
 26,215      LTC Properties, Inc   1,223,454 
 71,994      Macerich Co   4,945,268 
 45,234      Mack-Cali Realty Corp   1,267,457 
 14,884   *  Marcus & Millichap, Inc   383,561 
185

TIAA-CREF FUNDS - Equity Index Fund

            
SHARES      COMPANY  VALUE 
         
 150,969      Medical Properties Trust, Inc  $1,924,855 
 62,887      Mid-America Apartment Communities, Inc   5,971,121 
 30,377      Monmouth Real Estate Investment Corp (Class A)   443,504 
 69,668      Monogram Residential Trust, Inc   708,524 
 18,057      National Health Investors, Inc   1,336,037 
 71,335      National Retail Properties, Inc   3,110,206 
 16,679      National Storage Affiliates Trust   371,108 
 36,692      New Senior Investment Group, Inc   367,287 
 8,034      NexPoint Residential Trust, Inc   185,666 
 25,065      NorthStar Realty Europe Corp   301,031 
 90,126      Omega Healthcare Investors, Inc   2,890,341 
 6,278      One Liberty Properties, Inc   145,398 
 67,384      Outfront Media, Inc   1,848,343 
 88,247      Paramount Group, Inc   1,472,842 
 52,701      Park Hotels & Resorts, Inc   1,430,305 
 19,654   *  Parkway, Inc   418,434 
 34,872      Pebblebrook Hotel Trust   1,043,022 
 34,599      Pennsylvania REIT   619,668 
 65,496      Physicians Realty Trust   1,214,951 
 99,426      Piedmont Office Realty Trust, Inc   2,159,533 
 26,414      Potlatch Corp   1,088,257 
 22,337      Preferred Apartment Communities, Inc   302,443 
 269,760      Prologis, Inc   13,177,776 
 14,583      PS Business Parks, Inc   1,633,879 
 79,690      Public Storage, Inc   17,133,350 
 22,756      QTS Realty Trust, Inc   1,146,675 
 53,400   *  Quality Care Properties, Inc   985,764 
 49,089      RAIT Investment Trust   169,848 
 38,022      Ramco-Gershenson Properties   618,238 
 79,312      Rayonier, Inc   2,212,012 
 8,639      Re/Max Holdings, Inc   484,216 
 80,174      Realogy Holdings Corp   2,077,308 
 128,582      Realty Income Corp   7,667,345 
 47,019      Regency Centers Corp   3,278,635 
 67,247      Retail Opportunities Investment Corp   1,425,636 
 105,872      Retail Properties of America, Inc   1,584,904 
 31,686      Rexford Industrial Realty, Inc   719,589 
 59,376      RLJ Lodging Trust   1,378,117 
 3,209      RMR Group, Inc   153,390 
 21,180      Ryman Hospitality Properties   1,295,792 
 31,460      Sabra Healthcare REIT, Inc   799,084 
 7,154      Saul Centers, Inc   454,207 
 30,659      Select Income REIT   766,782 
 115,034      Senior Housing Properties Trust   2,191,398 
 12,184      Seritage Growth Properties   497,107 
 14,813      Silver Bay Realty Trust Corp   249,599 
 164,437      Simon Property Group, Inc   30,218,588 
 51,535      SL Green Realty Corp   5,615,769 
 234,717      Spirit Realty Capital, Inc   2,469,223 
 40,237   *  St. Joe Co   677,993 
 33,464   *  STAG Industrial, Inc   774,357 
 73,824      STORE Capital Corp   1,746,676 
 2,960   *  Stratus Properties, Inc   90,576 
186

TIAA-CREF FUNDS - Equity Index Fund

            
SHARES      COMPANY  VALUE 
         
 43,009      Sun Communities, Inc  $3,387,389 
 110,551      Sunstone Hotel Investors, Inc   1,627,311 
 46,688      Tanger Factory Outlet Centers, Inc   1,596,263 
 28,242      Taubman Centers, Inc   2,000,663 
 5,639   *  Tejon Ranch Co   133,250 
 18,932      Terreno Realty Corp   514,761 
 22,829      Tier REIT, Inc   415,716 
 8,985   *  Trinity Place Holdings, Inc   72,509 
 147,985      UDR, Inc   5,172,076 
 9,682      UMH Properties, Inc   141,841 
 6,033      Universal Health Realty Income Trust   374,770 
 58,761      Urban Edge Properties   1,643,545 
 11,670      Urstadt Biddle Properties, Inc (Class A)   261,992 
 171,187      Ventas, Inc   10,557,102 
 459,531      VEREIT, Inc   3,919,799 
 93,727      Vornado Realty Trust   9,964,117 
 103,376      Washington Prime Group, Inc   997,578 
 35,634      Washington REIT   1,120,689 
 56,962      Weingarten Realty Investors   2,029,556 
 183,207      Welltower, Inc   12,146,624 
 382,870      Weyerhaeuser Co   11,995,317 
 12,824      Whitestone REIT   178,382 
 62,310      WP Carey, Inc   3,859,481 
 50,281      Xenia Hotels & Resorts, Inc   922,656 
        TOTAL REAL ESTATE   495,967,193 
 
RETAILING - 5.0%
 16,403   *  1-800-FLOWERS.COM, Inc (Class A)   147,627 
 35,722      Aaron’s, Inc   1,105,239 
 38,688   e  Abercrombie & Fitch Co (Class A)   449,168 
 36,981      Advance Auto Parts, Inc   6,073,759 
 204,180   *  Amazon.com, Inc   168,138,146 
 82,186      American Eagle Outfitters, Inc   1,241,830 
 4,627   *  America’s Car-Mart, Inc   194,103 
 12,502   *  Asbury Automotive Group, Inc   820,131 
 94,541   *  Ascena Retail Group, Inc   454,742 
 8,578   *  At Home Group, Inc   130,729 
 33,733   *  Autonation, Inc   1,791,897 
 15,230   *  AutoZone, Inc   11,041,445 
 23,718   *  Barnes & Noble Education, Inc   238,366 
 35,846      Barnes & Noble, Inc   365,629 
 76,154      Bed Bath & Beyond, Inc   3,072,814 
 145,070      Best Buy Co, Inc   6,458,516 
 10,534      Big 5 Sporting Goods Corp   162,224 
 23,343      Big Lots, Inc   1,167,150 
 5,139      Blue Nile, Inc   209,209 
 10,237   *  Boot Barn Holdings, Inc   111,071 
 15,615   e  Buckle, Inc   330,257 
 11,795   *  Build-A-Bear Workshop, Inc   141,540 
 36,648   *  Burlington Stores, Inc   3,067,438 
 25,806   *  Cabela’s, Inc   1,442,297 
 22,186      Caleres, Inc   682,219 
 6,090      Camping World Holdings, Inc   191,713 
187

TIAA-CREF FUNDS - Equity Index Fund

            
SHARES      COMPANY  VALUE 
         
 101,055   *  Carmax, Inc  $6,741,379 
 11,624      Cato Corp (Class A)   295,133 
 70,570      Chico’s FAS, Inc   951,989 
 10,388      Children’s Place Retail Stores, Inc   1,007,636 
 6,249      Citi Trends, Inc   100,296 
 17,031   *  Container Store Group, Inc   82,941 
 25,406      Core-Mark Holding Co, Inc   887,432 
 38,742      CST Brands, Inc   1,866,590 
 14,776   *  Destination XL Group, Inc   52,455 
 45,082      Dick’s Sporting Goods, Inc   2,326,231 
 10,084   e  Dillard’s, Inc (Class A)   569,141 
 146,937      Dollar General Corp   10,846,889 
 118,662   *  Dollar Tree, Inc   9,159,520 
 34,941      DSW, Inc (Class A)   739,352 
 5,857   *  Duluth Holdings, Inc   132,485 
 73,558   *  Etsy, Inc   927,566 
 61,694      Expedia, Inc   7,501,373 
 37,171   *  Express Parent LLC   395,128 
 20,843      Finish Line, Inc (Class A)   358,500 
 27,345   *  Five Below, Inc   1,089,698 
 77,729      Foot Locker, Inc   5,327,546 
 22,283   *  Francesca’s Holdings Corp   388,616 
 21,350   e  Fred’s, Inc (Class A)   311,069 
 7,507   *  FTD Cos, Inc   172,511 
 53,617      GameStop Corp (Class A)   1,313,080 
 116,037      Gap, Inc   2,672,332 
 11,147   *  Genesco, Inc   671,049 
 75,238      Genuine Parts Co   7,283,791 
 38,288   e  GNC Holdings, Inc   339,615 
 11,507      Group 1 Automotive, Inc   929,651 
 188,200   *  Groupon, Inc   649,290 
 28,966      Guess?, Inc   369,896 
 7,966      Haverty Furniture Cos, Inc   173,659 
 10,580   *  Hibbett Sports, Inc   349,140 
 650,601      Home Depot, Inc   89,509,686 
 15,133      HSN, Inc   533,438 
 162,528   *,e  JC Penney Co, Inc   1,080,811 
 7,029      Kirkland’s, Inc   97,563 
 97,844      Kohl’s Corp   3,897,127 
 124,312      L Brands, Inc   7,484,826 
 10,858   *,e  Lands’ End, Inc   166,670 
 12,070      LCI Industries, Inc   1,324,683 
 25,993   *  Liberty Expedia Holdings, Inc   1,143,952 
 232,392   *  Liberty Interactive Corp   4,457,279 
 35,091   *  Liberty TripAdvisor Holdings, Inc   629,883 
 38,990   *  Liberty Ventures   1,701,914 
 12,370      Lithia Motors, Inc (Class A)   1,275,594 
 159,309   *  LKQ Corp   5,083,550 
 466,676      Lowe’s Companies, Inc   34,104,682 
 13,326   *,e  Lumber Liquidators, Inc   208,685 
 161,784      Macy’s, Inc   4,779,099 
 11,282   *  MarineMax, Inc   241,999 
 46,614   *  Michaels Cos, Inc   916,897 
188

TIAA-CREF FUNDS - Equity Index Fund

            
SHARES      COMPANY  VALUE 
         
 15,180      Monro Muffler, Inc  $909,282 
 18,950   *  Murphy USA, Inc   1,207,115 
 213,261   *  NetFlix, Inc   30,007,955 
 65,062      Nordstrom, Inc   2,877,042 
 14,284      Nutri/System, Inc   472,086 
 292,382      Office Depot, Inc   1,301,100 
 11,379   *  Ollie’s Bargain Outlet Holdings, Inc   347,628 
 49,016   *  O’Reilly Automotive, Inc   12,855,426 
 4,892   *  Overstock.com, Inc   81,207 
 18,067   *,e  Party City Holdco, Inc   261,068 
 20,613      Penske Auto Group, Inc   1,120,523 
 8,830   e  PetMed Express, Inc   187,108 
 43,189      Pier 1 Imports, Inc   313,984 
 26,112   *  Priceline.com, Inc   41,129,795 
 34,673   e  Rent-A-Center, Inc   310,670 
 21,981   *,e  Restoration Hardware Holdings, Inc   593,927 
 204,621      Ross Stores, Inc   13,527,494 
 75,433   *  Sally Beauty Holdings, Inc   1,795,305 
 18,262   *,e  Sears Holdings Corp   127,469 
 5,334   *  Sears Hometown and Outlet Stores, Inc   19,469 
 23,405   *  Select Comfort Corp   472,313 
 8,648      Shoe Carnival, Inc   221,129 
 18,928   *  Shutterfly, Inc   971,574 
 37,752   e  Signet Jewelers Ltd   2,932,198 
 15,830      Sonic Automotive, Inc (Class A)   370,422 
 14,779   *,e  Sportsman’s Warehouse Holdings, Inc   109,956 
 18,281   e  Stage Stores, Inc   51,187 
 336,568      Staples, Inc   3,096,426 
 28,533      Stein Mart, Inc   104,431 
 31,576      Tailored Brands, Inc   670,990 
 307,830      Target Corp   19,848,878 
 56,408      Tiffany & Co   4,440,438 
 15,285   *  Tile Shop Holdings, Inc   291,944 
 5,862   *  Tilly’s, Inc   78,551 
 342,538      TJX Companies, Inc   25,662,947 
 68,658      Tractor Supply Co   5,058,035 
 57,250   *  TripAdvisor, Inc   3,028,525 
 27,639   *  Tuesday Morning Corp   118,848 
 30,639   *  Ulta Salon Cosmetics & Fragrance, Inc   8,342,387 
 47,596   *  Urban Outfitters, Inc   1,263,198 
 16,337   *  Vitamin Shoppe, Inc   353,696 
 25,772   *,e  Wayfair, Inc   1,071,084 
 6,804   *  West Marine, Inc   63,073 
 45,439   e  Williams-Sonoma, Inc   2,190,614 
 892      Winmark Corp   98,789 
 10,806   *  Zumiez, Inc   216,660 
        TOTAL RETAILING   625,424,522 
 
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.2%
 2,398   *,e  Acacia Communications, Inc   139,492 
 19,213   *  Advanced Energy Industries, Inc   1,130,493 
 386,796   *  Advanced Micro Devices, Inc   4,011,074 
 8,895   *  Alpha & Omega Semiconductor Ltd   181,013 
189

TIAA-CREF FUNDS - Equity Index Fund

            
SHARES      COMPANY  VALUE 
         
 16,498   *,e  Ambarella, Inc  $818,466 
 48,137   *  Amkor Technology, Inc   452,969 
 161,186      Analog Devices, Inc   12,079,279 
 574,238      Applied Materials, Inc   19,667,651 
 12,175   *  Axcelis Technologies, Inc   185,060 
 198,591      Broadcom Ltd   39,618,904 
 32,935      Brooks Automation, Inc   573,728 
 11,394      Cabot Microelectronics Corp   769,209 
 31,389   *  Cavium, Inc   2,078,266 
 8,650   *  Ceva, Inc   305,777 
 31,588   *  Cirrus Logic, Inc   1,905,388 
 10,237      Cohu, Inc   135,128 
 56,755   *  Cree, Inc   1,565,303 
 151,801      Cypress Semiconductor Corp   1,791,252 
 18,477   *  Diodes, Inc   459,893 
 9,301   *  DSP Group, Inc   100,916 
 64,946   *  Entegris, Inc   1,217,737 
 20,079   *  Exar Corp   205,810 
 39,045   *,e  First Solar, Inc   1,217,814 
 34,075   *  Formfactor, Inc   424,234 
 20,327   *  GigOptix, Inc   52,444 
 3,914   *,e  Impinj, Inc   137,812 
 19,347   *  Inphi Corp   886,480 
 69,417   *  Integrated Device Technology, Inc   1,748,614 
 2,487,307      Intel Corp   91,582,644 
 79,114      Intersil Corp (Class A)   1,774,527 
 9,988      IXYS Corp   120,855 
 85,447      Kla-Tencor Corp   7,272,394 
 28,048   *  Kopin Corp   89,473 
 86,891      Lam Research Corp   9,980,300 
 58,110   *  Lattice Semiconductor Corp   417,811 
 134,349      Linear Technology Corp   8,481,452 
 14,547   *  MA-COM Technology Solutions   691,704 
 202,957      Marvell Technology Group Ltd   3,017,971 
 148,593      Maxim Integrated Products, Inc   6,609,417 
 28,821   *  MaxLinear, Inc   737,241 
 114,874      Microchip Technology, Inc   7,736,764 
 538,414   *  Micron Technology, Inc   12,981,162 
 58,132   *  Microsemi Corp   3,089,716 
 25,831      MKS Instruments, Inc   1,702,263 
 18,858      Monolithic Power Systems, Inc   1,645,172 
 11,512   *  Nanometrics, Inc   295,973 
 16,676   *  NeoPhotonics Corp Ltd   182,602 
 1,929      NVE Corp   149,671 
 266,066      Nvidia Corp   29,049,086 
 212,757   *  ON Semiconductor Corp   2,833,923 
 12,269   *  PDF Solutions, Inc   276,175 
 31,365   *  Photronics, Inc   360,697 
 13,255      Power Integrations, Inc   941,105 
 66,515   *  Qorvo, Inc   4,270,928 
 763,916      Qualcomm, Inc   40,816,032 
 51,257   *  Rambus, Inc   665,316 
 13,099   *  Rudolph Technologies, Inc   300,622 
190

TIAA-CREF FUNDS - Equity Index Fund

            
SHARES      COMPANY  VALUE 
         
 31,562   *  Semtech Corp  $1,039,968 
 14,732   *  Sigma Designs, Inc   89,865 
 20,097   *  Silicon Laboratories, Inc   1,310,324 
 96,794      Skyworks Solutions, Inc   8,879,882 
 35,346   *,e  SunPower Corp   234,697 
 116,518      Teradyne, Inc   3,306,781 
 32,987      Tessera Holding Corp   1,491,012 
 532,826      Texas Instruments, Inc   40,249,676 
 12,988   *  Ultra Clean Holdings   162,740 
 16,579   *  Ultratech, Inc   429,728 
 18,349   *  Veeco Instruments, Inc   472,487 
 48,806   *  Versum Materials, Inc   1,364,128 
 22,930   *  Xcerra Corp   173,809 
 131,320      Xilinx, Inc   7,642,824 
        TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT   398,781,123 
 
SOFTWARE & SERVICES - 12.0%
 18,884   *  2U, Inc   642,811 
 21,216   *  A10 Networks, Inc   169,092 
 331,856      Accenture plc   37,788,443 
 56,191   *  ACI Worldwide, Inc   1,090,105 
 287,495      Activision Blizzard, Inc   11,560,174 
 17,102   *  Actua Corp   244,559 
 37,648   *  Acxiom Corp   982,613 
 260,725   *  Adobe Systems, Inc   29,561,000 
 89,495   *  Akamai Technologies, Inc   6,138,462 
 5,051   *  Alarm.com Holdings, Inc   136,832 
 9,204   *  ALJ Regional Holdings, Inc   36,724 
 29,678      Alliance Data Systems Corp   6,777,862 
 154,883   *  Alphabet, Inc (Class A)   127,033,488 
 156,556   *  Alphabet, Inc (Class C)   124,742,255 
 7,645   *  Amber Road, Inc   67,658 
 81,159      Amdocs Ltd   4,764,845 
 9,809   *  American Software, Inc (Class A)   102,896 
 21,348   *  Angie’s List, Inc   133,852 
 52,556   *  Ansys, Inc   4,901,373 
 3,667   *  Appfolio, Inc   83,058 
 8,198   *  Apptio, Inc   113,460 
 40,111   *  Aspen Technology, Inc   2,130,295 
 12,789   *  Atlassian Corp plc   353,360 
 4,592   *  Autobytel, Inc   63,140 
 111,686   *  Autodesk, Inc   9,084,539 
 237,152      Automatic Data Processing, Inc   23,949,980 
 36,753   *  Bankrate, Inc   400,608 
 10,602   *  Barracuda Networks, Inc   249,041 
 39,296   *  Bazaarvoice, Inc   184,691 
 6,155   *  Benefitfocus, Inc   186,189 
 8,337   *,e  Black Knight Financial Services, Inc   303,884 
 22,905      Blackbaud, Inc   1,502,797 
 26,619   *  Blackhawk Network Holdings, Inc   950,298 
 23,011   *  Blucora, Inc   347,466 
 58,933      Booz Allen Hamilton Holding Co   1,993,114 
 19,571   *  Bottomline Technologies, Inc   503,366 
191

TIAA-CREF FUNDS - Equity Index Fund

            
SHARES      COMPANY  VALUE 
         
 23,269   *  Box, Inc  $397,202 
 13,975   *  Brightcove, Inc   100,620 
 61,152      Broadridge Financial Solutions, Inc   4,068,443 
 13,865   *  BroadSoft, Inc   582,330 
 159,516      CA, Inc   4,988,065 
 12,471   *  CACI International, Inc (Class A)   1,531,439 
 154,227   *  Cadence Design Systems, Inc   4,014,529 
 25,742   *  Callidus Software, Inc   474,940 
 7,703   *  Carbonite, Inc   132,877 
 21,904   *  Cardtronics plc   1,195,520 
 8,834   *  Care.com, Inc   74,559 
 5,256      Cass Information Systems, Inc   345,687 
 78,805      CDK Global, Inc   4,929,253 
 9,269   *  ChannelAdvisor Corp   128,376 
 14,238   *,e  Cimpress NV   1,201,545 
 86,236   *  Citrix Systems, Inc   7,863,861 
 322,580   *  Cognizant Technology Solutions Corp (Class A)   16,964,482 
 12,996   *  CommerceHub, Inc   189,482 
 6,498   *  CommerceHub, Inc (Series A)   95,456 
 19,500   *  Commvault Systems, Inc   957,450 
 71,268      Computer Sciences Corp   4,432,870 
 23,256   *  comScore, Inc   780,239 
 102,969   *  Conduent, Inc   1,540,416 
 43,205      Convergys Corp   1,072,348 
 24,511   *  Cornerstone OnDemand, Inc   997,353 
 16,602   *  CoStar Group, Inc   3,355,264 
 15,547      CSG Systems International, Inc   752,475 
 84,056      CSRA, Inc   2,607,417 
 111,269   *  Dell Technologies, Inc-VMware Inc   7,008,834 
 24,972   *  DHI Group, Inc   142,340 
 3,147   *,e  Digimarc Corp   83,081 
 16,012      DST Systems, Inc   1,843,782 
 38,153      EarthLink Holdings Corp   244,561 
 552,683   *  eBay, Inc   17,591,900 
 11,888   e  Ebix, Inc   659,784 
 151,116   *  Electronic Arts, Inc   12,607,608 
 16,479   *  Ellie Mae, Inc   1,363,472 
 28,979   *,e  Endurance International Group Holdings, Inc   223,138 
 11,448   *  EnerNOC, Inc   65,254 
 20,231   *  Envestnet, Inc   764,732 
 23,398   *  EPAM Systems, Inc   1,505,895 
 25,733   *  Euronet Worldwide, Inc   1,840,424 
 43,387      EVERTEC, Inc   739,748 
 6,421   *  EXA Corp   99,525 
 18,891   *  ExlService Holdings, Inc   868,041 
 1,181,443   *  Facebook, Inc   153,965,652 
 14,973      Fair Isaac Corp   1,846,171 
 166,947      Fidelity National Information Services, Inc   13,258,931 
 77,037   *  FireEye, Inc   1,043,851 
 43,183   *  First American Corp   1,523,064 
 159,880   *  First Data Corp   2,452,559 
 113,842   *  Fiserv, Inc   12,230,046 
 15,809   *  Five9, Inc   244,407 
192

TIAA-CREF FUNDS - Equity Index Fund

            
SHARES      COMPANY  VALUE 
         
 48,279   *  FleetCor Technologies, Inc  $7,120,670 
 5,122      Forrester Research, Inc   208,978 
 74,825   *  Fortinet, Inc   2,488,679 
 41,122   *  Gartner, Inc   4,085,882 
 73,674   *  Genpact Ltd   1,818,274 
 16,764   *  Gigamon, Inc   555,727 
 78,314      Global Payments, Inc   6,052,106 
 3,719   *  Global Sources Ltd   34,215 
 11,161   *,e  Globant S.A.   369,987 
 50,659   *,e  Glu Mobile, Inc   116,516 
 22,813   *  GoDaddy, Inc   815,108 
 23,773   *,e  Gogo, Inc   217,523 
 41,230   *  GrubHub, Inc   1,713,107 
 12,622   *  GTT Communications, Inc   356,571 
 8,100   *  Guidance Software, Inc   58,806 
 45,074   *  Guidewire Software, Inc   2,358,722 
 10,211      Hackett Group, Inc   165,929 
 19,344   *,e  Hortonworks, Inc   187,637 
 14,036   *  HubSpot, Inc   720,047 
 35,952   *  IAC/InterActiveCorp   2,473,857 
 13,777   *  Imperva, Inc   575,190 
 16,246   *  Information Services Group, Inc   53,612 
 5,250   *,e  Instructure, Inc   114,450 
 465,198      International Business Machines Corp   81,186,355 
 125,709      Intuit, Inc   14,906,573 
 23,545      j2 Global, Inc   1,973,306 
 45,108      Jack Henry & Associates, Inc   4,049,796 
 24,819   *  Jive Software, Inc   94,312 
 67,589      Leidos Holdings, Inc   3,265,900 
 31,019   *  Limelight Networks, Inc   67,932 
 25,980   *  Lionbridge Technologies   148,606 
 10,535   *  Liquidity Services, Inc   102,716 
 23,943   *  Liveperson, Inc   174,784 
 12,179      LogMeIn, Inc   1,316,550 
 41,736   *  Manhattan Associates, Inc   2,139,387 
 10,652      Mantech International Corp (Class A)   414,789 
 13,195      Marchex, Inc (Class B)   35,758 
 511,509      MasterCard, Inc (Class A)   54,388,752 
 15,784   *,e  Match Group, Inc   274,168 
 31,087      MAXIMUS, Inc   1,714,137 
 20,576   *  MeetMe, Inc   101,234 
 58,560      Mentor Graphics Corp   2,161,450 
 3,983,648      Microsoft Corp   257,542,843 
 4,380   *  MicroStrategy, Inc (Class A)   881,694 
 7,240   *  MINDBODY, Inc   176,294 
 14,789   *  Mitek Systems, Inc   97,607 
 16,990   *  MobileIron, Inc   73,907 
 18,484   *  Model N, Inc   162,659 
 14,404   *  MoneyGram International, Inc   182,931 
 19,584      Monotype Imaging Holdings, Inc   428,890 
 2,553      NCI, Inc (Class A)   32,423 
 27,811   *  NeuStar, Inc (Class A)   923,325 
 10,729   *  New Relic, Inc   388,390 
193

TIAA-CREF FUNDS - Equity Index Fund

            
SHARES      COMPANY  VALUE 
         
 36,032      NIC, Inc  $868,371 
 109,208   *  Nuance Communications, Inc   1,732,039 
 7,073   *  Numerex Corp   41,589 
 9,349   *,e  Nutanix, Inc   282,994 
 1,564,616      Oracle Corp   62,756,748 
 113,566   *,e  Pandora Media, Inc   1,476,358 
 3,781   *  Park City Group, Inc   47,830 
 168,103      Paychex, Inc   10,134,930 
 22,549   *  Paycom Software, Inc   1,042,666 
 10,380   *  Paylocity Holding Corp   320,327 
 599,542   *  PayPal Holdings, Inc   23,849,781 
 17,337      Pegasystems, Inc   672,676 
 14,896   *  Perficient, Inc   264,106 
 4,957   *  PFSweb, Inc   37,227 
 20,183   *  Planet Payment, Inc   85,172 
 38,295      Progress Software Corp   1,073,026 
 19,884   *  Proofpoint, Inc   1,593,901 
 11,998   *  PROS Holdings, Inc   268,515 
 65,976   *  PTC, Inc   3,468,358 
 14,787   *  Q2 Holdings, Inc   469,487 
 3,997      QAD, Inc (Class A)   115,513 
 13,258   *  Qualys, Inc   475,962 
 15,203   *  QuinStreet, Inc   53,211 
 30,975   *  Quotient Technology, Inc   329,884 
 9,552   *  Rapid7, Inc   119,113 
 9,129   *  RealNetworks, Inc   48,840 
 25,225   *  RealPage, Inc   771,885 
 93,771   *  Red Hat, Inc   7,115,343 
 3,209      Reis, Inc   64,180 
 15,888   *  RetailMeNot, Inc   143,786 
 5,924   *  Rightside Group Ltd   49,999 
 33,267   *  RingCentral, Inc   776,784 
 8,849   *  Rosetta Stone, Inc   77,871 
 18,434   *  Rubicon Project, Inc   156,136 
 107,494      Sabre Corp   2,633,603 
 334,796   *  salesforce.com, Inc   26,482,364 
 9,731      Sapiens International Corp NV   130,006 
 20,630      Science Applications International Corp   1,679,695 
 3,029   *  SecureWorks Corp   31,320 
 81,159   *  ServiceNow, Inc   7,354,629 
 26,981   *  ServiceSource International LLC   142,999 
 10,089   *  Shutterstock, Inc   542,788 
 16,631   *  Silver Spring Networks, Inc   212,544 
 67,342   *  Splunk, Inc   3,896,408 
 9,074   *  SPS Commerce, Inc   626,106 
 23,669   *  Square, Inc   346,041 
 82,394      SS&C Technologies Holdings, Inc   2,647,319 
 8,332   *,e  Stamps.com, Inc   1,012,755 
 18,644   *  Sykes Enterprises, Inc   520,727 
 318,592      Symantec Corp   8,777,210 
 21,261   *  Synchronoss Technologies, Inc   818,974 
 79,387   *  Synopsys, Inc   4,992,648 
 19,344      Syntel, Inc   407,385 
194

TIAA-CREF FUNDS - Equity Index Fund

            
SHARES      COMPANY  VALUE 
         
 33,350   *  Tableau Software, Inc  $1,595,464 
 42,499   *  Take-Two Interactive Software, Inc   2,280,071 
 16,127   *  Tangoe, Inc   117,405 
 8,465   *  TechTarget, Inc   74,577 
 11,456   *  TeleNav, Inc   101,958 
 11,259      TeleTech Holdings, Inc   333,266 
 67,531   *  Teradata Corp   1,982,710 
 58,866   *  TiVo Corp   1,112,567 
 85,854      Total System Services, Inc   4,351,081 
 2,394   *,e  Trade Desk, Inc   71,006 
 56,389      Travelport Worldwide Ltd   809,746 
 30,043   *  TrueCar, Inc   395,065 
 10,226   *,e  Twilio, Inc   294,816 
 326,382   *  Twitter, Inc   5,750,851 
 16,117   *  Tyler Technologies, Inc   2,353,404 
 13,643   *  Ultimate Software Group, Inc   2,642,103 
 34,018   *,e  Unisys Corp   437,131 
 79,241   *  Vantiv, Inc   4,931,960 
 5,014   *  Varonis Systems, Inc   149,919 
 14,849   *  Vasco Data Security International   225,705 
 29,350   *  Verint Systems, Inc   1,096,223 
 47,103   *  VeriSign, Inc   3,778,132 
 44,191   *,e  VirnetX Holding Corp   114,897 
 13,306   *  Virtusa Corp   339,037 
 1,007,968      Visa, Inc (Class A)   83,369,033 
 45,196   *,e  VMware, Inc (Class A)   3,956,458 
 18,091   *  WebMD Health Corp (Class A)   902,560 
 19,433   *  Website Pros, Inc   368,255 
 258,202      Western Union Co   5,055,595 
 18,877   *  WEX, Inc   2,158,207 
 63,248   *  Workday, Inc   5,255,276 
 19,483   *,e  Workiva, Inc   245,486 
 10,967   *  Xactly Corp   133,249 
 514,848      Xerox Corp   3,567,897 
 14,884   *  XO Group, Inc   280,266 
 453,386   *  Yahoo!, Inc   19,980,721 
 35,317   *  Yelp, Inc   1,475,544 
 37,654   *  Zendesk, Inc   901,060 
 24,907   *  Zillow Group, Inc   896,154 
 51,484   *,e  Zillow Group, Inc (Class C)   1,821,504 
 23,238   *  Zix Corp   110,845 
 346,384   *  Zynga, Inc   872,888 
        TOTAL SOFTWARE & SERVICES   1,512,064,910 
 
TECHNOLOGY HARDWARE & EQUIPMENT - 5.1%
 55,125   *,e  3D Systems Corp   909,011 
 24,640      Adtran, Inc   539,616 
 10,358   *  Aerohive Networks, Inc   59,351 
 5,601   *  Agilysys, Inc   54,498 
 159,628      Amphenol Corp (Class A)   10,773,294 
 12,849   *  Anixter International, Inc   1,098,589 
 2,879,600      Apple, Inc   349,439,460 
 9,184   *  Applied Optoelectronics, Inc   282,500 
195

TIAA-CREF FUNDS - Equity Index Fund

            
SHARES      COMPANY  VALUE 
         
 20,567   *  Arista Networks, Inc  $1,933,298 
 97,336   *  ARRIS International plc   2,781,863 
 55,872   *  Arrow Electronics, Inc   4,107,709 
 12,829   *  Avid Technology, Inc   68,635 
 60,192      Avnet, Inc   2,795,316 
 34,980      AVX Corp   566,676 
 13,664      Badger Meter, Inc   526,747 
 4,329      Bel Fuse, Inc (Class B)   137,662 
 19,225      Belden CDT, Inc   1,470,136 
 24,123   *  Benchmark Electronics, Inc   738,164 
 6,118      Black Box Corp   81,675 
 204,129      Brocade Communications Systems, Inc   2,545,489 
 32,448   *  CalAmp Corp   487,369 
 18,584   *  Calix, Inc   133,805 
 80,113      CDW Corp   4,126,621 
 66,552   *  Ciena Corp   1,619,876 
 2,662,034      Cisco Systems, Inc   81,777,685 
 4,709   *  Clearfield, Inc   80,995 
 39,694      Cognex Corp   2,681,727 
 11,697   *  Coherent, Inc   1,844,968 
 66,416   *  CommScope Holding Co, Inc   2,511,853 
 6,617      Comtech Telecommunications Corp   71,000 
 8,807   *  Control4 Corp   94,939 
 524,807      Corning, Inc   13,902,137 
 11,071   e  CPI Card Group, Inc   50,373 
 18,817   *  Cray, Inc   322,712 
 13,984      CTS Corp   300,656 
 15,342      Daktronics, Inc   155,875 
 29,002   e  Diebold, Inc   788,854 
 10,399   *  Digi International, Inc   135,707 
 28,174      Dolby Laboratories, Inc (Class A)   1,349,816 
 11,530   *  Eastman Kodak Co   154,502 
 22,218   *  EchoStar Corp (Class A)   1,131,563 
 14,155   *  Electro Scientific Industries, Inc   92,998 
 38,014   *  Electronics for Imaging, Inc   1,708,349 
 10,385      EMCORE Corp   93,465 
 3,055   *  ePlus, Inc   342,313 
 42,439   *  Extreme Networks, Inc   234,688 
 36,677   *  F5 Networks, Inc   4,915,818 
 17,362   *  Fabrinet   731,461 
 7,269   *  FARO Technologies, Inc   269,680 
 54,544   *  Finisar Corp   1,612,866 
 61,951   *,e  Fitbit, Inc   372,326 
 71,130      Flir Systems, Inc   2,513,023 
 39,552   *  Harmonic, Inc   209,626 
 69,963      Harris Corp   7,185,900 
 898,074      Hewlett Packard Enterprise Co   20,368,318 
 902,507      HP, Inc   13,582,730 
 33,751   *  II-VI, Inc   1,231,912 
 11,513   *  Immersion Corp   118,469 
 68,360   *  Infinera Corp   615,924 
 17,922   *  Insight Enterprises, Inc   665,444 
 16,890      InterDigital, Inc   1,577,526 
196

TIAA-CREF FUNDS - Equity Index Fund

            
SHARES      COMPANY  VALUE 
         
 53,968   *  InvenSense, Inc  $683,235 
 17,224   *  IPG Photonics Corp   1,980,588 
 20,565   *  Itron, Inc   1,268,860 
 31,126   *  Ixia   605,401 
 98,916      Jabil Circuit, Inc   2,372,006 
 193,882      Juniper Networks, Inc   5,192,160 
 90,011   *  Keysight Technologies, Inc   3,336,708 
 12,299   *  Kimball Electronics, Inc   210,313 
 48,953   *  Knowles Corp   882,133 
 5,979   *  KVH Industries, Inc   62,182 
 10,750      Littelfuse, Inc   1,695,383 
 25,906   *  Lumentum Holdings, Inc   983,133 
 16,124   *,e  Maxwell Technologies, Inc   76,750 
 1,202      Mesa Laboratories, Inc   143,206 
 17,713      Methode Electronics, Inc   744,832 
 89,565      Motorola, Inc   7,228,791 
 7,214      MTS Systems Corp   419,133 
 72,472      National Instruments Corp   2,277,070 
 60,412   *  NCR Corp   2,598,924 
 153,181      NetApp, Inc   5,869,896 
 25,449   *  Netgear, Inc   1,448,048 
 46,446   *  Netscout Systems, Inc   1,546,652 
 31,714   *  Nimble Storage, Inc   271,789 
 14,868   *  Novanta, Inc   332,300 
 61,625   *  Oclaro, Inc   604,541 
 8,081   *  OSI Systems, Inc   603,408 
 45,055   *  Palo Alto Networks, Inc   6,648,316 
 8,151      Park Electrochemical Corp   149,408 
 5,271      PC Connection, Inc   143,793 
 20,079      Plantronics, Inc   1,136,070 
 23,036   *  Plexus Corp   1,250,855 
 42,471   *  Pure Storage, Inc   482,895 
 17,506   *  Radisys Corp   77,201 
 8,752   *  Rogers Corp   699,722 
 37,360   *  Sanmina Corp   1,455,172 
 11,491   *  Scansource, Inc   454,469 
 28,040   *  ShoreTel, Inc   194,878 
 2,553      Silicom Ltd   93,465 
 20,395   *  Sonus Networks, Inc   130,120 
 23,473   *  Stratasys Ltd   462,888 
 18,658   *  Super Micro Computer, Inc   493,504 
 18,109   *  Synaptics, Inc   1,020,985 
 14,834      SYNNEX Corp   1,782,750 
 4,288      Systemax, Inc   36,362 
 20,928   *  Tech Data Corp   1,790,600 
 154,448   *  Trimble Navigation Ltd   4,574,750 
 35,155   *  TTM Technologies, Inc   521,349 
 13,075   *  Ubiquiti Networks, Inc   815,880 
 21,169   *  Universal Display Corp   1,397,154 
 18,717   *  USA Technologies, Inc   78,611 
 53,363   *  VeriFone Systems, Inc   969,606 
 26,517   *  Viasat, Inc   1,721,218 
 114,291   *  Viavi Solutions, Inc   1,022,904 
197

TIAA-CREF FUNDS - Equity Index Fund

            
SHARES      COMPANY  VALUE 
         
 59,297      Vishay Intertechnology, Inc  $984,330 
 5,516   *  Vishay Precision Group, Inc   91,841 
 145,938      Western Digital Corp   11,635,637 
 26,754   *  Zebra Technologies Corp (Class A)   2,238,507 
        TOTAL TECHNOLOGY HARDWARE & EQUIPMENT   641,068,240 
 
TELECOMMUNICATION SERVICES - 2.3%
 40,593   *  8x8, Inc   643,399 
 3,242,105      AT&T, Inc   136,687,147 
 5,163      ATN International, Inc   414,537 
 15,710   *  Boingo Wireless, Inc   183,807 
 279,390      CenturyTel, Inc   7,225,025 
 17,584   *  Cincinnati Bell, Inc   403,553 
 24,658      Cogent Communications Group, Inc   1,030,704 
 24,285   e  Consolidated Communications Holdings, Inc   638,938 
 17,102   *  Fairpoint Communications, Inc   316,387 
 572,667   e  Frontier Communications Corp   1,998,608 
 14,505   *  General Communication, Inc (Class A)   291,841 
 184,564   *,e  Globalstar, Inc   291,611 
 3,994   *  Hawaiian Telcom Holdco, Inc   99,171 
 16,929      IDT Corp (Class B)   325,037 
 16,503      Inteliquent, Inc   377,919 
 40,177   *,e  Iridium Communications, Inc   405,788 
 155,285   *  Level 3 Communications, Inc   9,233,246 
 8,919   *  Lumos Networks Corp   137,977 
 43,981   *  NII Holdings, Inc   124,246 
 31,665   *  Orbcomm, Inc   258,703 
 5,431   *  pdvWireless, Inc   115,680 
 64,364   *  SBA Communications Corp   6,774,955 
 22,538      Shenandoah Telecom Co   614,161 
 14,272      Spok Holdings, Inc   293,290 
 388,178   *  Sprint Corp   3,582,883 
 7,991   *,e  Straight Path Communications, Inc   280,005 
 59,197      Telephone & Data Systems, Inc   1,814,388 
 146,824   *  T-Mobile US, Inc   9,142,730 
 5,233   *  US Cellular Corp   233,339 
 2,151,584      Verizon Communications, Inc   105,449,132 
 96,718   *  Vonage Holdings Corp   685,731 
 49,438   e  Windstream Holdings, Inc   399,459 
 79,872   *  Zayo Group Holdings, Inc   2,552,709 
        TOTAL TELECOMMUNICATION SERVICES   293,026,106 
 
TRANSPORTATION - 2.2%
 22,768   *  Air Transport Services Group, Inc   367,248 
 62,121      Alaska Air Group, Inc   5,828,192 
 6,771      Allegiant Travel Co   1,164,612 
 3,175      Amerco, Inc   1,195,927 
 276,175      American Airlines Group, Inc   12,220,744 
 21,971      Arkansas Best Corp   694,284 
 13,112   *  Atlas Air Worldwide Holdings, Inc   691,658 
 43,442   *  Avis Budget Group, Inc   1,616,911 
 25,174      Celadon Group, Inc   191,322 
 73,903      CH Robinson Worldwide, Inc   5,621,062 
198

TIAA-CREF FUNDS - Equity Index Fund

            
SHARES      COMPANY  VALUE 
         
 16,325      Copa Holdings S.A. (Class A)  $1,591,524 
 26,087      Costamare, Inc   138,522 
 7,369   *  Covenant Transportation Group, Inc   158,655 
 497,255      CSX Corp   23,067,659 
 400,921      Delta Air Lines, Inc   18,939,508 
 14,127   *  Echo Global Logistics, Inc   335,516 
 94,284      Expeditors International of Washington, Inc   4,910,311 
 130,872      FedEx Corp   24,749,204 
 14,493      Forward Air Corp   698,418 
 29,587   *  Genesee & Wyoming, Inc (Class A)   2,229,676 
 28,115   *  Hawaiian Holdings, Inc   1,432,459 
 21,551      Heartland Express, Inc   443,951 
 40,068   *  Hertz Global Holdings, Inc   840,226 
 16,757   *  Hub Group, Inc (Class A)   743,173 
 45,330      J.B. Hunt Transport Services, Inc   4,491,296 
 168,615   *  JetBlue Airways Corp   3,306,540 
 55,959      Kansas City Southern Industries, Inc   4,807,438 
 27,063   *  Kirby Corp   1,744,210 
 34,681      Knight Transportation, Inc   1,158,345 
 22,007      Landstar System, Inc   1,861,792 
 37,811      Macquarie Infrastructure Co LLC   2,835,447 
 11,338      Marten Transport Ltd   259,073 
 22,466      Matson, Inc   801,138 
 154,838      Norfolk Southern Corp   18,187,272 
 34,468   *  Old Dominion Freight Line   3,042,835 
 1,308   *  PAM Transportation Services, Inc   30,490 
 4,949      Park-Ohio Holdings Corp   221,963 
 11,295   *  Radiant Logistics, Inc   41,453 
 29,548   *  Roadrunner Transportation Services Holdings, Inc   234,020 
 28,515      Ryder System, Inc   2,212,764 
 13,230   *  Saia, Inc   635,702 
 31,915   *  Scorpio Bulkers, Inc   228,192 
 28,922      Skywest, Inc   1,023,839 
 334,165      Southwest Airlines Co   17,480,171 
 37,527   *  Spirit Airlines, Inc   2,027,959 
 38,046   *,e  Swift Transportation Co, Inc   868,590 
 441,035      Union Pacific Corp   47,005,510 
 166,059   *  United Continental Holdings, Inc   11,702,178 
 359,730      United Parcel Service, Inc (Class B)   39,257,335 
 2,557      Universal Truckload Services, Inc   36,949 
 4,109   *  USA Truck, Inc   34,721 
 21,103      Werner Enterprises, Inc   592,994 
 27,854   *  Wesco Aircraft Holdings, Inc   421,988 
 51,122   *  XPO Logistics, Inc   2,287,198 
 21,387   *  YRC Worldwide, Inc   319,308 
        TOTAL TRANSPORTATION   279,029,472 
 
UTILITIES - 3.1%
 350,522      AES Corp   4,009,972 
 24,148      Allete, Inc   1,578,072 
 111,204      Alliant Energy Corp   4,186,831 
 118,765      Ameren Corp   6,252,977 
 256,206      American Electric Power Co, Inc   16,412,556 
199

TIAA-CREF FUNDS - Equity Index Fund

            
SHARES      COMPANY  VALUE 
         
 18,348      American States Water Co  $803,275 
 101,240      American Water Works Co, Inc   7,435,066 
 122,620      Aqua America, Inc   3,728,874 
 3,086      Artesian Resources Corp   95,759 
 58,875   *  Atlantic Power Corp   138,356 
 34,381      Atlantica Yield plc   735,753 
 48,215      Atmos Energy Corp   3,673,019 
 36,099      Avangrid, Inc   1,400,641 
 38,811      Avista Corp   1,499,657 
 25,055      Black Hills Corp   1,567,190 
 23,317      California Water Service Group   804,436 
 200,141   *  Calpine Corp   2,361,664 
 211,252      Centerpoint Energy, Inc   5,536,915 
 13,993      Chesapeake Utilities Corp   915,142 
 148,824      CMS Energy Corp   6,339,902 
 4,663      Connecticut Water Service, Inc   251,989 
 167,779      Consolidated Edison, Inc   12,474,369 
 6,110      Consolidated Water Co, Inc   62,933 
 3,244      Delta Natural Gas Co, Inc   85,382 
 311,434      Dominion Resources, Inc   23,756,186 
 92,652      DTE Energy Co   9,139,193 
 366,114      Duke Energy Corp   28,754,594 
 56,535   *  Dynegy, Inc   539,909 
 166,657      Edison International   12,145,962 
 19,551      El Paso Electric Co   897,391 
 89,705      Entergy Corp   6,426,466 
 170,328      Eversource Energy   9,422,545 
 456,360      Exelon Corp   16,374,197 
 48,283   *,m  Ferroglobe plc   0 
 214,360      FirstEnergy Corp   6,499,395 
 5,556      Genie Energy Ltd   32,058 
 122,051      Great Plains Energy, Inc   3,362,505 
 58,319      Hawaiian Electric Industries, Inc   1,952,520 
 24,505      Idacorp, Inc   1,960,890 
 100,168      MDU Resources Group, Inc   2,939,931 
 26,514      MGE Energy, Inc   1,687,616 
 7,604      Middlesex Water Co   287,507 
 34,836      National Fuel Gas Co   1,956,041 
 38,468      New Jersey Resources Corp   1,450,244 
 246,286      NextEra Energy, Inc   30,470,504 
 141,725      NiSource, Inc   3,170,388 
 22,425      Northwest Natural Gas Co   1,320,832 
 23,579      NorthWestern Corp   1,346,597 
 154,138      NRG Energy, Inc   2,549,443 
 21,926      NRG Yield, Inc (Class A)   356,297 
 33,550      NRG Yield, Inc (Class C)   568,672 
 97,413      OGE Energy Corp   3,267,232 
 34,396      ONE Gas, Inc   2,222,670 
 18,855      Ormat Technologies, Inc   1,012,513 
 18,362      Otter Tail Corp   695,002 
 45,529      Pattern Energy Group, Inc   898,742 
 256,992      PG&E Corp   15,905,235 
 58,352      Pinnacle West Capital Corp   4,529,866 
200

TIAA-CREF FUNDS - Equity Index Fund

            
SHARES      COMPANY  VALUE 
         
 37,981      PNM Resources, Inc  $1,306,546 
 43,373      Portland General Electric Co   1,891,497 
 347,484      PPL Corp   12,106,343 
 263,618      Public Service Enterprise Group, Inc   11,665,097 
 63,716      SCANA Corp   4,377,289 
 124,753      Sempra Energy   12,773,460 
 8,058      SJW Corp   403,706 
 43,304      South Jersey Industries, Inc   1,429,032 
 504,361      Southern Co   24,930,564 
 18,799      Southwest Gas Corp   1,514,635 
 8,050   e  Spark Energy, Inc   208,093 
 26,830      Spire, Inc   1,743,950 
 43,322      TerraForm Global, Inc   190,617 
 47,821   e  TerraForm Power, Inc   567,635 
 90,943      UGI Corp   4,217,027 
 8,987      Unitil Corp   411,335 
 33,919      Vectren Corp   1,861,814 
 10,796   *,e  Vivint Solar, Inc   32,928 
 166,133      WEC Energy Group, Inc   9,810,154 
 82,192      Westar Energy, Inc   4,495,080 
 30,697      WGL Holdings, Inc   2,515,312 
 271,121      Xcel Energy, Inc   11,202,720 
 5,212      York Water Co   186,590 
        TOTAL UTILITIES   390,091,297 
              
        TOTAL COMMON STOCKS   12,545,031,273 
        (Cost $8,257,993,322)     
 
RIGHTS / WARRANTS - 0.0%
DIVERSIFIED FINANCIALS - 0.0%
 267   m  Emergent Capital, Inc   0 
        TOTAL DIVERSIFIED FINANCIALS   0 
              
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
 1,296   m  Forest Laboratories, Inc CVR   1,231 
 1,988   m  Omthera Pharmaceuticals, Inc   1,193 
 12,340   m  Trius Therapeutics, Inc   1,604 
        TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES   4,028 
              
SOFTWARE & SERVICES - 0.0%
 3,514   m  Gerber Scientific, Inc   0 
        TOTAL SOFTWARE & SERVICES   0 
              
TELECOMMUNICATION SERVICES - 0.0%
 19,784   m  Leap Wireless International, Inc   49,856 
        TOTAL TELECOMMUNICATION SERVICES   49,856 
              
        TOTAL RIGHTS / WARRANTS   53,884 
        (Cost $49,944)     
201

TIAA-CREF FUNDS - Equity Index Fund

 

PRINCIPAL     ISSUER  RATE  MATURITY
DATE		  VALUE 
SHORT-TERM INVESTMENTS - 1.2%
GOVERNMENT AGENCY DEBT - 0.2%
$23,000,000  d  Federal Home Loan Bank (FHLB)   0.450%  02/01/17  $23,000,000 
       TOTAL GOVERNMENT AGENCY DEBT               23,000,000 
                         
SHARES       COMPANY             
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.0%
 134,031,053  c  State Street Navigator Securities Lending Government Money Market Portfolio   134,031,053 
       TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES    134,031,053 
                     
       TOTAL SHORT-TERM INVESTMENTS           157,031,053 
       (Cost $157,031,053)             
       TOTAL INVESTMENTS - 101.0%               12,702,116,210 
       (Cost $8,415,074,319)             
       OTHER ASSETS & LIABILITIES, NET - (1.0)%               (130,953,879)
       NET ASSETS - 100.0%          $12,571,162,331 
       
       
    Abbreviation(s):
  CVR   Contingent Value Rights
  ETF   Exchange Traded Fund
  REIT   Real Estate Investment Trust
  SPDR   Standard & Poor’s Depository Receipts
       
  *   Non-income producing
  c   Investments made with cash collateral received from securities on loan.
  d   All or a portion of these securities have been segregated to cover margin requirements on open futures contracts.
  e   All or a portion of these securities are out on loan. The aggregate value of securities on loan is $130,640,001.
  m   Indicates a security that has been deemed illiquid.
202

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

 

 

 

TIAA-CREF FUNDS

LARGE-CAP GROWTH INDEX FUND

SCHEDULE OF INVESTMENTS (unaudited)

January 31, 2017

 

SHARES      COMPANY  VALUE 
            
COMMON STOCKS - 99.4%    
            
AUTOMOBILES & COMPONENTS - 0.7%    
 7,405   *  Adient plc  $470,143 
 10,918      BorgWarner, Inc   445,782 
 98,036      Delphi Automotive plc   6,868,402 
 66,813      Gentex Corp   1,395,724 
 64,486      Harley-Davidson, Inc   3,678,281 
 21,926      Lear Corp   3,115,465 
 42,064   *,e  Tesla Motors, Inc   10,597,184 
 17,313      Thor Industries, Inc   1,791,896 
 12,271      Visteon Corp   1,099,113 
        TOTAL AUTOMOBILES & COMPONENTS   29,461,990 
              
BANKS - 0.3%
 77,725      Citizens Financial Group, Inc   2,811,313 
 2,221      First Hawaiian, Inc   73,271 
 41,342      First Republic Bank   3,899,791 
 10,939   *  Signature Bank   1,723,111 
 13,913   *  SVB Financial Group   2,396,236 
 19,667   *  Western Alliance Bancorp   971,157 
        TOTAL BANKS   11,874,879 
              
CAPITAL GOODS - 7.7%
 212,346      3M Co   37,122,328 
 52,245      A.O. Smith Corp   2,546,944 
 15,840      Acuity Brands, Inc   3,282,523 
 18,391      Air Lease Corp   669,065 
 34,820      Allegion plc   2,286,629 
 13,658      Ametek, Inc   697,924 
 36,433      BE Aerospace, Inc   2,239,536 
 215,175      Boeing Co   35,163,898 
 33,815      BWX Technologies, Inc   1,402,984 
 6,731      Carlisle Cos, Inc   734,419 
 57,530      Danaher Corp   4,827,918 
 27,746      Deere & Co   2,970,209 
 41,107      Donaldson Co, Inc   1,736,771 
 36,572      Emerson Electric Co   2,145,314 
 103,314      Fastenal Co   5,132,640 
 29,088      Flowserve Corp   1,429,966 
 29,862      Fortive Corp   1,651,667 
 54,374      Fortune Brands Home & Security, Inc   2,997,639 
 36,646      General Dynamics Corp   6,635,858 
 643,169      General Electric Co   19,102,119 
 19,704      Graco, Inc   1,765,281 
 72,117   *  HD Supply Holdings, Inc   3,050,549 
203

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

 

SHARES     COMPANY  VALUE 
              
 6,612      HEICO Corp  $508,793 
 13,827      HEICO Corp (Class A)   916,730 
 2,253   *  Herc Holdings, Inc   111,906 
 33,746      Hexcel Corp   1,732,857 
 274,186      Honeywell International, Inc   32,441,688 
 12,622      Hubbell, Inc   1,540,894 
 13,858      Huntington Ingalls   2,687,898 
 24,995      IDEX Corp   2,253,549 
 106,107      Illinois Tool Works, Inc   13,496,810 
 46,430      Ingersoll-Rand plc   3,684,220 
 70,945      Johnson Controls International plc   3,120,161 
 13,376      Lennox International, Inc   2,097,491 
 13,952      Lincoln Electric Holdings, Inc   1,163,178 
 91,705      Lockheed Martin Corp   23,048,218 
 21,373   *  Manitowoc Foodservice, Inc   409,934 
 78,308      Masco Corp   2,580,249 
 20,539   *  Middleby Corp   2,755,923 
 6,619      MSC Industrial Direct Co (Class A)   676,131 
 20,294      Nordson Corp   2,303,978 
 59,919      Northrop Grumman Corp   13,726,245 
 9,421      Paccar, Inc   634,127 
 14,732   *  Quanta Services, Inc   528,731 
 40,878      Raytheon Co   5,892,972 
 36,949      Rockwell Automation, Inc   5,468,083 
 46,533      Rockwell Collins, Inc   4,223,335 
 18,208      Roper Industries, Inc   3,493,205 
 15,088      Snap-On, Inc   2,738,925 
 23,247      Spirit Aerosystems Holdings, Inc (Class A)   1,395,982 
 6,136      Stanley Works   760,864 
 29,458      Textron, Inc   1,395,425 
 37,713      Toro Co   2,222,427 
 17,984      TransDigm Group, Inc   3,891,738 
 27,111   *  United Rentals, Inc   3,429,813 
 6,572      Valmont Industries, Inc   946,368 
 19,718      W.W. Grainger, Inc   4,980,175 
 19,321   *  WABCO Holdings, Inc   2,106,569 
 9,115      Watsco, Inc   1,392,225 
 31,269      Westinghouse Air Brake Technologies Corp   2,709,146 
 33,554      Xylem, Inc   1,654,548 
        TOTAL CAPITAL GOODS   300,713,692 
              
COMMERCIAL & PROFESSIONAL SERVICES - 1.0%
 31,796      Cintas Corp   3,691,834 
 2,281   *  Clean Harbors, Inc   126,596 
 35,069   *  Copart, Inc   1,989,815 
 43,772      Covanta Holding Corp   704,729 
 5,308      Dun & Bradstreet Corp   650,867 
 42,552      Equifax, Inc   4,990,499 
 49,184      KAR Auction Services, Inc   2,240,331 
 6,133      LSC Communications, Inc   160,807 
 100,439      Nielsen NV   4,108,959 
 68,988      Pitney Bowes, Inc   1,098,289 
 45,107      Robert Half International, Inc   2,122,735 
204

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

 

SHARES      COMPANY  VALUE 
              
 34,579      Rollins, Inc  $1,219,256 
 17,324      RR Donnelley & Sons Co   297,107 
 27,945   *  Stericycle, Inc   2,155,677 
 18,515   *  TransUnion   583,778 
 55,511   *  Verisk Analytics, Inc   4,587,429 
 131,770      Waste Management, Inc   9,158,015 
        TOTAL COMMERCIAL & PROFESSIONAL SERVICES   39,886,723 
              
CONSUMER DURABLES & APPAREL - 2.1%
 26,677      Brunswick Corp   1,596,885 
 3,681      CalAtlantic Group, Inc   128,356 
 17,600      Carter’s, Inc   1,474,000 
 18,032      Coach, Inc   673,495 
 66,870      DR Horton, Inc   2,000,082 
 137,022      Hanesbrands, Inc   3,248,792 
 11,627      Harman International Industries, Inc   1,292,457 
 40,343      Hasbro, Inc   3,328,701 
 48,053   *  Kate Spade & Co   889,461 
 46,533      Leggett & Platt, Inc   2,220,555 
 2,597      Lennar Corp (B Shares)   93,388 
 34,257      Lennar Corp (Class A)   1,529,575 
 34,669   *  Lululemon Athletica, Inc   2,340,504 
 122,796      Mattel, Inc   3,218,483 
 58,685   *  Michael Kors Holdings Ltd   2,512,305 
 17,382   *  Mohawk Industries, Inc   3,751,731 
 167,711      Newell Rubbermaid, Inc   7,937,762 
 477,374      Nike, Inc (Class B)   25,253,085 
 1,255   *  NVR, Inc   2,331,790 
 21,605   e  Polaris Industries, Inc   1,816,332 
 14,937      Pool Corp   1,576,750 
 38,225      Pulte Homes, Inc   822,220 
 1,641      Ralph Lauren Corp   145,114 
 47,468   *  Skechers U.S.A., Inc (Class A)   1,192,396 
 19,631   *,e  Tempur-Pedic International, Inc   844,133 
 26,400   *  Toll Brothers, Inc   827,904 
 18,633      Tupperware Corp   1,124,688 
 67,955   *  Under Armour, Inc   1,306,095 
 66,507   *,e  Under Armour, Inc (Class A)   1,429,235 
 121,316      VF Corp   6,245,348 
 3,605   *  Vista Outdoor, Inc   103,860 
 2,508      Whirlpool Corp   438,624 
        TOTAL CONSUMER DURABLES & APPAREL   83,694,106 
              
CONSUMER SERVICES - 3.2%
 37,595      ARAMARK Holdings Corp   1,272,215 
 17,429      Brinker International, Inc   775,590 
 10,180   *  Chipotle Mexican Grill, Inc (Class A)   4,290,259 
 8,581      Choice Hotels International, Inc   476,245 
 42,148      Darden Restaurants, Inc   3,088,605 
 17,978      Domino’s Pizza, Inc   3,137,880 
 33,256      Dunkin Brands Group, Inc   1,724,989 
 3,881      Extended Stay America, Inc   62,911 
 17,737   *  Hilton Grand Vacations, Inc   520,226 
 54,339      Hilton Worldwide Holdings, Inc   3,128,840 
              
205

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

 

SHARES      COMPANY  VALUE 
            
 452   *  Hyatt Hotels Corp  $24,729 
 130,660      Las Vegas Sands Corp   6,870,103 
 87,383      Marriott International, Inc (Class A)   7,392,602 
 300,083      McDonald’s Corp   36,781,173 
 15,872   *  MGM Resorts International   457,114 
 6,241   *  Norwegian Cruise Line Holdings Ltd   293,327 
 7,963   *  Panera Bread Co (Class A)   1,664,745 
 68,352      Service Corp International   1,991,094 
 49,043   *  ServiceMaster Global Holdings, Inc   1,813,610 
 25,300      Six Flags Entertainment Corp   1,507,374 
 514,115      Starbucks Corp   28,389,430 
 13,976      Vail Resorts, Inc   2,397,443 
 44,244      Wendy’s   598,621 
 39,019      Wyndham Worldwide Corp   3,084,842 
 26,627      Wynn Resorts Ltd   2,700,777 
 124,481   *  Yum China Holdings, Inc   3,420,738 
 125,090      Yum! Brands, Inc   8,197,148 
        TOTAL CONSUMER SERVICES   126,062,630 
              
DIVERSIFIED FINANCIALS - 2.0%
 16,890   *  Affiliated Managers Group, Inc   2,573,360 
 17,471      Ameriprise Financial, Inc   1,961,469 
 14,322      Artisan Partners Asset Management, Inc   414,622 
 29,671      CBOE Holdings, Inc   2,362,405 
 333,547      Charles Schwab Corp   13,755,478 
 3,009   *,e  Credit Acceptance Corp   617,688 
 48,363      Discover Financial Services   3,350,589 
 7,924   *  Donnelley Financial Solutions, Inc   190,810 
 39,346      Eaton Vance Corp   1,649,778 
 14,357      Factset Research Systems, Inc   2,484,479 
 34,693      Federated Investors, Inc (Class B)   902,365 
 4,216      Interactive Brokers Group, Inc (Class A)   157,425 
 101,299      IntercontinentalExchange Group, Inc   5,911,810 
 26,092      Invesco Ltd   754,581 
 59,814      iShares Russell 1000 Growth Index Fund   6,480,847 
 6,949      Lazard Ltd (Class A)   295,194 
 4,587      LPL Financial Holdings, Inc   180,269 
 12,995      MarketAxess Holdings, Inc   2,433,314 
 54,642      Moody’s Corp   5,664,736 
 7,582      Morningstar, Inc   577,369 
 32,669      MSCI, Inc (Class A)   2,703,360 
 94,851      S&P Global, Inc   11,399,193 
 44,608      SEI Investments Co   2,163,934 
 66,651      T Rowe Price Group, Inc   4,494,943 
 78,296      TD Ameritrade Holding Corp   3,613,360 
        TOTAL DIVERSIFIED FINANCIALS   77,093,378 
              
ENERGY - 0.6%
 93,236      Apache Corp   5,577,377 
 118,129      Cabot Oil & Gas Corp   2,537,411 
 25,077   *  Chesapeake Energy Corp   161,747 
 5,261      Cimarex Energy Co   711,340 
 14,071   *  Continental Resources, Inc   683,288 
206

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

 

SHARES      COMPANY  VALUE 
            
 17,031   *  Devon Energy Corp  $775,592 
 6,524   *  Diamondback Energy, Inc   686,129 
 22,157      EOG Resources, Inc   2,250,708 
 2,481   *,e  Extraction Oil & Gas, Inc   44,460 
 19,317   *  Newfield Exploration Co   774,225 
 74,441      Oneok, Inc   4,102,443 
 4,325   *  Parsley Energy, Inc   152,326 
 179,502   *  Southwestern Energy Co   1,617,313 
 38,480      Spectra Energy Corp   1,602,692 
 40,890      Williams Cos, Inc   1,179,268 
        TOTAL ENERGY   22,856,319 
              
FOOD & STAPLES RETAILING - 1.5%
 14,103      Casey’s General Stores, Inc   1,620,435 
 364,158      CVS Health Corp   28,699,292 
 342,139      Kroger Co   11,619,040 
 371,323   *  Rite Aid Corp   2,086,835 
 46,959   *  Sprouts Farmers Market, Inc   876,725 
 188,662      Sysco Corp   9,897,208 
 15,653   *  US Foods Holding Corp   425,762 
 63,937      Walgreens Boots Alliance, Inc   5,238,998 
 19,543      Whole Foods Market, Inc   590,589 
        TOTAL FOOD & STAPLES RETAILING   61,054,884 
              
FOOD, BEVERAGE & TOBACCO - 6.8%
 706,091      Altria Group, Inc   50,259,557 
 22,008   *  Blue Buffalo Pet Products, Inc   533,694 
 18,519      Brown-Forman Corp   866,319 
 63,064      Brown-Forman Corp (Class B)   2,875,718 
 67,029      Campbell Soup Co   4,171,215 
 1,051,516      Coca-Cola Co   43,711,520 
 124,371      ConAgra Foods, Inc   4,861,662 
 59,165      Constellation Brands, Inc (Class A)   8,860,550 
 157,219      Costco Wholesale Corp   25,776,055 
 66,624      Dr Pepper Snapple Group, Inc   6,076,109 
 57,866      Flowers Foods, Inc   1,163,685 
 213,811      General Mills, Inc   13,358,911 
 27,297   *  Hain Celestial Group, Inc   1,079,869 
 50,402      Hershey Co   5,315,899 
 84,331      Hormel Foods Corp   3,061,215 
 18,217      Ingredion, Inc   2,335,237 
 82,283      Kellogg Co   5,982,797 
 27,899      Kraft Heinz Co   2,491,102 
 41,223      Lamb Weston Holdings, Inc   1,540,091 
 41,723      McCormick & Co, Inc   3,986,633 
 23,769      Mead Johnson Nutrition Co   1,674,764 
 149,260   *  Monster Beverage Corp   6,358,476 
 453,530      PepsiCo, Inc   47,067,344 
 59,820      Philip Morris International, Inc   5,750,497 
 2,895      Pilgrim’s Pride Corp   55,410 
 13,541   *  Post Holdings, Inc   1,133,111 
 183,598      Reynolds American, Inc   11,039,748 
 6,444   *  TreeHouse Foods, Inc   488,971 
207

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

 

SHARES      COMPANY  VALUE 
            
 49,709      Tyson Foods, Inc (Class A)  $3,121,228 
 62,744   *  WhiteWave Foods Co (Class A)   3,454,685 
        TOTAL FOOD, BEVERAGE & TOBACCO   268,452,072 
              
HEALTH CARE EQUIPMENT & SERVICES - 6.4%
 61,388      Abbott Laboratories   2,564,177 
 14,215   *  Abiomed, Inc   1,512,050 
 9,265   *  Acadia Healthcare Co, Inc   355,498 
 41,163      Aetna Inc   4,882,343 
 6,296   *  Alere, Inc   232,952 
 25,907   *  Align Technology, Inc   2,375,413 
 58,626      AmerisourceBergen Corp   5,116,877 
 25,578      Anthem, Inc   3,942,593 
 14,259   *  athenahealth, Inc   1,796,491 
 26,537      Bard (C.R.), Inc   6,298,026 
 19,937      Baxter International, Inc   955,182 
 75,214      Becton Dickinson & Co   13,334,690 
 484,720   *  Boston Scientific Corp   11,662,363 
 107,846      Cardinal Health, Inc   8,084,136 
 44,615   *  Centene Corp   2,822,791 
 105,552   *  Cerner Corp   5,669,198 
 30,550      Cigna Corp   4,467,021 
 13,207      Cooper Cos, Inc   2,438,144 
 23,942   *  DaVita, Inc   1,526,303 
 29,404   *  DexCom, Inc   2,327,327 
 75,867   *  Edwards Lifesciences Corp   7,301,440 
 30,000   *  Envision Healthcare Corp   2,040,000 
 201,102   *  Express Scripts Holding Co   13,851,906 
 74,080   *  HCA Holdings, Inc   5,947,142 
 29,539   *  Henry Schein, Inc   4,722,105 
 21,837      Hill-Rom Holdings, Inc   1,285,544 
 100,638   *  Hologic, Inc   4,078,858 
 50,428      Humana, Inc   10,009,958 
 31,878   *  Idexx Laboratories, Inc   3,899,636 
 25,152   *  Inovalon Holdings, Inc   290,506 
 13,580   *  Intuitive Surgical, Inc   9,406,730 
 16,414   *  Laboratory Corp of America Holdings   2,202,923 
 80,792      McKesson Corp   11,242,207 
 23,729   *  MEDNAX, Inc   1,621,877 
 30,515   e  Patterson Cos, Inc   1,269,729 
 5,721   *  Premier, Inc   182,271 
 49,964      Resmed, Inc   3,374,569 
 121,144      Stryker Corp   14,964,918 
 2,719      Teleflex, Inc   456,058 
 29,202   *  Tenet Healthcare Corp   513,663 
 338,019      UnitedHealth Group, Inc   54,792,880 
 7,353      Universal Health Services, Inc (Class B)   828,168 
 13,493   *  Varex Imaging Corp   387,930 
 34,297   *  Varian Medical Systems, Inc   2,663,162 
 28,152   *  VCA Antech, Inc   2,550,571 
 34,743   *  Veeva Systems, Inc   1,470,671 
 14,920   *  WellCare Health Plans, Inc   2,171,457 
 25,888      West Pharmaceutical Services, Inc   2,190,901 
208

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

 

SHARES      COMPANY  VALUE 
            
 35,242      Zimmer Holdings, Inc  $4,170,186 
        TOTAL HEALTH CARE EQUIPMENT & SERVICES   252,251,541 
              
HOUSEHOLD & PERSONAL PRODUCTS - 0.9%
 92,570      Church & Dwight Co, Inc   4,186,015 
 39,675      Clorox Co   4,761,000 
 55,947      Colgate-Palmolive Co   3,613,057 
 7,593      Coty, Inc   145,786 
 7,103      Energizer Holdings, Inc   358,489 
 78,263      Estee Lauder Cos (Class A)   6,355,738 
 26,042   *,e  Herbalife Ltd   1,463,561 
 110,201      Kimberly-Clark Corp   13,348,647 
 6,339      Nu Skin Enterprises, Inc (Class A)   328,867 
 8,556      Spectrum Brands, Inc   1,141,285 
        TOTAL HOUSEHOLD & PERSONAL PRODUCTS   35,702,445 
              
INSURANCE - 0.8%
 2,063      Amtrust Financial Services, Inc   54,442 
 94,636      Aon plc   10,665,477 
 42,877      Arthur J. Gallagher & Co   2,308,069 
 2,368      Brown & Brown, Inc   99,764 
 7,385      Erie Indemnity Co (Class A)   827,932 
 18,915      Lincoln National Corp   1,276,952 
 187,585      Marsh & McLennan Cos, Inc   12,759,532 
 21,152      Progressive Corp   791,931 
 30,253      XL Group Ltd   1,136,605 
        TOTAL INSURANCE   29,920,704 
              
MATERIALS - 3.6%
 12,691   *  AdvanSix, Inc   326,032 
 61,330      Air Products & Chemicals, Inc   8,571,481 
 5,433      Aptargroup, Inc   396,446 
 30,146      Avery Dennison Corp   2,201,261 
 59,994   *  Axalta Coating Systems Ltd   1,739,826 
 60,892      Ball Corp   4,643,624 
 5,429      Bemis Co, Inc   264,501 
 45,730   *  Berry Plastics Group, Inc   2,333,602 
 4,854      Celanese Corp (Series A)   409,677 
 47,765   *  Crown Holdings, Inc   2,587,430 
 16,792      Eagle Materials, Inc   1,756,107 
 93,822      Ecolab, Inc   11,270,837 
 315,016      EI du Pont de Nemours & Co   23,783,708 
 38,868      FMC Corp   2,338,299 
 106,511   *  Freeport-McMoRan Copper & Gold, Inc (Class B)   1,773,408 
 80,664      Graphic Packaging Holding Co   1,009,107 
 28,626      International Flavors & Fragrances, Inc   3,355,253 
 55,133      LyondellBasell Industries AF S.C.A   5,142,255 
 20,615      Martin Marietta Materials, Inc   4,733,204 
 101,867      Monsanto Co   11,033,215 
 2,506      NewMarket Corp   1,080,512 
 58,159   *  Owens-Illinois, Inc   1,099,205 
 33,533      Packaging Corp of America   3,091,072 
 94,807      PPG Industries, Inc   9,481,648 
209

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

 

SHARES      COMPANY  VALUE 
            
 90,295      Praxair, Inc  $10,694,540 
 1,687      Royal Gold, Inc   121,751 
 46,962      RPM International, Inc   2,454,234 
 15,233      Scotts Miracle-Gro Co (Class A)   1,400,979 
 70,088      Sealed Air Corp   3,399,268 
 28,944      Sherwin-Williams Co   8,793,477 
 14,357      Silgan Holdings, Inc   840,028 
 13,227      Southern Copper Corp (NY)   507,388 
 13,447      Steel Dynamics, Inc   454,643 
 28,408      Valspar Corp   3,143,913 
 2,316   e  Valvoline, Inc   53,615 
 44,288      Vulcan Materials Co   5,683,479 
 14,089      WR Grace & Co   976,931 
        TOTAL MATERIALS   142,945,956 
              
MEDIA - 5.7%
 21,208   *  AMC Networks, Inc   1,216,279 
 1,680      Cable One, Inc   1,062,398 
 136,979      CBS Corp (Class B)   8,833,776 
 72,152   *  Charter Communications, Inc   23,373,641 
 37,923      Cinemark Holdings, Inc   1,611,728 
 6,212      Clear Channel Outdoor Holdings, Inc (Class A)   30,749 
 803,717      Comcast Corp (Class A)   60,616,336 
 48,407   *  Discovery Communications, Inc (Class A)   1,372,338 
 73,626   *  Discovery Communications, Inc (Class C)   2,040,176 
 60,861   *  DISH Network Corp (Class A)   3,601,145 
 143,439      Interpublic Group of Cos, Inc   3,375,120 
 32,625   *,e  Lions Gate Entertainment Corp   874,024 
 12,005   *  Lions Gate Entertainment Corp   345,384 
 26,663   *  Live Nation, Inc   763,095 
 659   *  Madison Square Garden Co   115,767 
 84,909      Omnicom Group, Inc   7,272,456 
 7,738      Regal Entertainment Group (Class A)   175,343 
 29,588      Scripps Networks Interactive (Class A)   2,253,422 
 645,629   e  Sirius XM Holdings, Inc   3,047,369 
 186,199      Time Warner, Inc   18,033,373 
 3,047      Tribune Co   87,875 
 302,933      Twenty-First Century Fox, Inc   9,506,038 
 135,182      Twenty-First Century Fox, Inc (Class B)   4,191,994 
 3,060      Viacom, Inc   138,465 
 109,567      Viacom, Inc (Class B)   4,617,153 
 585,439      Walt Disney Co   64,778,825 
        TOTAL MEDIA   223,334,269 
              
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 9.2%
 583,120      AbbVie, Inc   35,634,463 
 34,483   *,e  Acadia Pharmaceuticals, Inc   1,192,767 
 30,727      Agilent Technologies, Inc   1,504,701 
 11,892   *,e  Agios Pharmaceuticals, Inc   511,713 
 31,560   *  Akorn, Inc   602,796 
 78,027   *  Alexion Pharmaceuticals, Inc   10,196,568 
 54,422   *  Alkermes plc   2,944,774 
 71,263   *  Allergan plc   15,598,758 
210

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

 

SHARES      COMPANY  VALUE 
            
 23,432   *  Alnylam Pharmaceuticals, Inc  $937,046 
 270,847      Amgen, Inc   42,436,308 
 294   *,e  AquaBounty Technologies, Inc   4,057 
 78,873   *  Biogen Idec, Inc   21,866,751 
 60,877   *  BioMarin Pharmaceutical, Inc   5,334,652 
 13,057      Bio-Techne Corp   1,328,550 
 601,853      Bristol-Myers Squibb Co   29,587,093 
 38,405      Bruker BioSciences Corp   911,351 
 276,950   *  Celgene Corp   32,167,743 
 16,613   *  Charles River Laboratories International, Inc   1,342,330 
 351,535      Eli Lilly & Co   27,078,741 
 477,497      Gilead Sciences, Inc   34,594,658 
 52,520   *  Illumina, Inc   8,408,452 
 58,500   *  Incyte Corp   7,090,785 
 6,122   *,e  Intercept Pharmaceuticals, Inc   671,889 
 22,056   *,e  Intrexon Corp   466,705 
 43,681   *,e  Ionis Pharmaceuticals, Inc   1,943,805 
 171,873      Johnson & Johnson   19,464,617 
 22,298   *,e  Juno Therapeutics, Inc   475,839 
 9,510   *  Mettler-Toledo International, Inc   4,057,251 
 51,703   *  Mylan NV   1,967,299 
 30,963   *  Neurocrine Biosciences, Inc   1,328,622 
 104,434   *,e  Opko Health, Inc   907,531 
 7,037   *  Patheon NV   201,892 
 8,169   *  PerkinElmer, Inc   434,509 
 152,035      Pfizer, Inc   4,824,071 
 40,301   *  Quintiles Transnational Holdings, Inc   3,163,225 
 27,731   *  Regeneron Pharmaceuticals, Inc   9,963,471 
 34,550   *  Seattle Genetics, Inc   2,081,292 
 64,280      Thermo Fisher Scientific, Inc   9,795,629 
 4,127   *  United Therapeutics Corp   675,301 
 88,388   *  Vertex Pharmaceuticals, Inc   7,589,878 
 2,278   *  VWR Corp   59,023 
 27,667   *  Waters Corp   3,919,031 
 163,801      Zoetis, Inc   8,999,227 
        TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES   364,265,164 
              
REAL ESTATE - 2.7%
 2,334      Alexandria Real Estate Equities, Inc   258,654 
 151,628      American Tower Corp   15,693,498 
 9,154      Boston Properties, Inc   1,198,259 
 4,411      Care Capital Properties, Inc   108,996 
 106,973   *  CBRE Group, Inc   3,247,700 
 68,042      Colony NorthStar, Inc   947,145 
 114,489      Crown Castle International Corp   10,055,569 
 41,027      CubeSmart   1,031,008 
 22,707      CyrusOne, Inc   1,093,569 
 39,766      Digital Realty Trust, Inc   4,280,014 
 29,006      Empire State Realty Trust, Inc   594,333 
 24,869      Equinix, Inc   9,574,068 
 28,082      Equity Lifestyle Properties, Inc   2,076,383 
 9,931      Essex Property Trust, Inc   2,227,523 
 43,084      Extra Space Storage, Inc   3,104,202 
211

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

 

SHARES     COMPANY  VALUE 
              
 25,373      Federal Realty Investment Trust  $3,563,130 
 67,160      Gaming and Leisure Properties, Inc   2,124,271 
 34,876      Healthcare Trust of America, Inc   1,013,845 
 92,664      Iron Mountain, Inc   3,317,371 
 29,316      Lamar Advertising Co   2,213,944 
 11,602      Life Storage, Inc   944,983 
 23,971      Omega Healthcare Investors, Inc   768,750 
 10,027      Outfront Media, Inc   275,041 
 33,748      Park Hotels & Resorts, Inc   915,921 
 53,103      Public Storage, Inc   11,417,145 
 6,466      Regency Centers Corp   450,874 
 9,358      Senior Housing Properties Trust   178,270 
 100,517      Simon Property Group, Inc   18,472,009 
 29,361      Tanger Factory Outlet Centers, Inc   1,003,853 
 10,601      Taubman Centers, Inc   750,975 
 37,512      Ventas, Inc   2,313,365 
        TOTAL REAL ESTATE   105,214,668 
              
RETAILING - 9.1%
 25,216      Advance Auto Parts, Inc   4,141,476 
 140,242   *  Amazon.com, Inc   115,486,482 
 9,514   *  Autonation, Inc   505,384 
 10,590   *  AutoZone, Inc   7,677,538 
 6,726      Bed Bath & Beyond, Inc   271,394 
 14,718   *  Burlington Stores, Inc   1,231,897 
 2,572   *  Cabela’s, Inc   143,749 
 69,997   *  Carmax, Inc   4,669,500 
 25,432      Dick’s Sporting Goods, Inc   1,312,291 
 101,418      Dollar General Corp   7,486,677 
 81,340   *  Dollar Tree, Inc   6,278,635 
 42,910      Expedia, Inc   5,217,427 
 43,244      Foot Locker, Inc   2,963,944 
 6,518      Gap, Inc   150,109 
 49,138      Genuine Parts Co   4,757,050 
 140,394   *  Groupon, Inc   484,359 
 448,584      Home Depot, Inc   61,716,187 
 15,208      L Brands, Inc   915,674 
 3,599   *  Liberty Expedia Holdings, Inc   158,392 
 87,899   *  Liberty Interactive Corp   1,685,903 
 5,399   *  Liberty Ventures   235,666 
 110,460   *  LKQ Corp   3,524,779 
 321,923      Lowe’s Companies, Inc   23,526,133 
 27,681   *  Michaels Cos, Inc   544,485 
 8,390   *  Murphy USA, Inc   534,443 
 146,874   *  NetFlix, Inc   20,666,641 
 44,384      Nordstrom, Inc   1,962,660 
 34,002   *  O’Reilly Automotive, Inc   8,917,704 
 17,842   *  Priceline.com, Inc   28,103,469 
 141,593      Ross Stores, Inc   9,360,713 
 52,359   *  Sally Beauty Holdings, Inc   1,246,144 
 22,825      Signet Jewelers Ltd   1,772,818 
 22,386      Target Corp   1,443,449 
 238,083      TJX Companies, Inc   17,837,178 
212

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

 

SHARES      COMPANY  VALUE 
            
 47,898      Tractor Supply Co  $3,528,646 
 40,899   *  TripAdvisor, Inc   2,163,557 
 20,870   *  Ulta Salon Cosmetics & Fragrance, Inc   5,682,484 
 26,710   *  Urban Outfitters, Inc   708,883 
 30,566   e  Williams-Sonoma, Inc   1,473,587 
        TOTAL RETAILING   360,487,507 
              
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.2%
 280,125      Applied Materials, Inc   9,594,281 
 135,842      Broadcom Ltd   27,100,479 
 13,020   *  Cree, Inc   359,092 
 153,821      Intel Corp   5,663,689 
 56,028      Kla-Tencor Corp   4,768,543 
 45,448      Lam Research Corp   5,220,157 
 40,199      Linear Technology Corp   2,537,763 
 101,880      Maxim Integrated Products, Inc   4,531,622 
 75,387      Microchip Technology, Inc   5,077,315 
 183,206      Nvidia Corp   20,002,431 
 15,350   *  ON Semiconductor Corp   204,462 
 5,038   *  Qorvo, Inc   323,490 
 109,643      Qualcomm, Inc   5,858,226 
 62,181      Skyworks Solutions, Inc   5,704,485 
 362,583      Texas Instruments, Inc   27,389,520 
 31,756   *  Versum Materials, Inc   887,580 
 28,969      Xilinx, Inc   1,685,996 
        TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT   126,909,131 
              
SOFTWARE & SERVICES - 22.1%
 224,939      Accenture plc   25,613,804 
 201,424      Activision Blizzard, Inc   8,099,259 
 175,939   *  Adobe Systems, Inc   19,947,964 
 54,962   *  Akamai Technologies, Inc   3,769,844 
 20,720      Alliance Data Systems Corp   4,732,034 
 105,901   *  Alphabet, Inc (Class A)   86,858,941 
 107,034   *  Alphabet, Inc (Class C)   85,283,621 
 9,015   *  Ansys, Inc   840,739 
 10,030   *  Atlassian Corp plc   277,129 
 62,235   *  Autodesk, Inc   5,062,195 
 164,494      Automatic Data Processing, Inc   16,612,249 
 8,349   *,e  Black Knight Financial Services, Inc   304,321 
 39,982      Booz Allen Hamilton Holding Co   1,352,191 
 42,137      Broadridge Financial Solutions, Inc   2,803,375 
 108,683   *  Cadence Design Systems, Inc   2,829,019 
 56,312      CDK Global, Inc   3,522,316 
 55,341   *  Citrix Systems, Inc   5,046,546 
 217,265   *  Cognizant Technology Solutions Corp (Class A)   11,425,966 
 1,405   *  CommerceHub, Inc   20,485 
 702   *  CommerceHub, Inc (Series A)   10,312 
 11,172   *  CoStar Group, Inc   2,257,861 
 57,573      CSRA, Inc   1,785,914 
 7,458   *  Dell Technologies, Inc-VMware Inc   469,779 
 11,662      DST Systems, Inc   1,342,879 
 384,059   *  eBay, Inc   12,224,598 
213

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

 

SHARES      COMPANY  VALUE 
            
 104,548   *  Electronic Arts, Inc  $8,722,440 
 17,255   *  Euronet Worldwide, Inc   1,234,078 
 809,164   *  Facebook, Inc   105,450,252 
 66,635      Fidelity National Information Services, Inc   5,292,152 
 13,510   *  FireEye, Inc   183,061 
 17,245   *  First American Corp   608,231 
 111,563   *  First Data Corp   1,711,376 
 79,790   *  Fiserv, Inc   8,571,840 
 32,657   *  FleetCor Technologies, Inc   4,816,581 
 52,107   *  Fortinet, Inc   1,733,079 
 28,726   *  Gartner, Inc   2,854,215 
 53,581   *  Genpact Ltd   1,322,379 
 54,684      Global Payments, Inc   4,225,980 
 16,719   *  GoDaddy, Inc   597,370 
 26,016   *  Guidewire Software, Inc   1,361,417 
 19,133   *  IAC/InterActiveCorp   1,316,542 
 217,826      International Business Machines Corp   38,014,994 
 87,733      Intuit, Inc   10,403,379 
 28,337      Jack Henry & Associates, Inc   2,544,096 
 23,944      Leidos Holdings, Inc   1,156,974 
 25,390   *  Manhattan Associates, Inc   1,301,491 
 347,799      MasterCard, Inc (Class A)   36,981,468 
 9,841   *,e  Match Group, Inc   170,938 
 2,731,453      Microsoft Corp   176,588,436 
 60,605   *  Nuance Communications, Inc   961,195 
 5,020   *,e  Nutanix, Inc   151,955 
 105,068      Oracle Corp   4,214,278 
 69,507   *,e  Pandora Media, Inc   903,591 
 115,917      Paychex, Inc   6,988,636 
 407,656   *  PayPal Holdings, Inc   16,216,556 
 18,499   *  PTC, Inc   972,492 
 64,606   *  Red Hat, Inc   4,902,303 
 74,384      Sabre Corp   1,822,408 
 230,364   *  salesforce.com, Inc   18,221,792 
 56,552   *  ServiceNow, Inc   5,124,742 
 47,221   *  Splunk, Inc   2,732,207 
 20,107   *  Square, Inc   293,964 
 55,116      SS&C Technologies Holdings, Inc   1,770,877 
 32,192      Symantec Corp   886,890 
 5,357   *  Synopsys, Inc   336,902 
 20,251   *  Tableau Software, Inc   968,808 
 45,493   *  Teradata Corp   1,335,675 
 59,698      Total System Services, Inc   3,025,495 
 5,613   *,e  Twilio, Inc   161,823 
 201,481   *  Twitter, Inc   3,550,095 
 11,864   *  Tyler Technologies, Inc   1,732,381 
 9,555   *  Ultimate Software Group, Inc   1,850,421 
 55,570   *  Vantiv, Inc   3,458,677 
 34,112   *  VeriSign, Inc   2,736,124 
 687,657      Visa, Inc (Class A)   56,876,110 
 9,508   *  VMware, Inc (Class A)   832,330 
 176,145      Western Union Co   3,448,919 
 13,837   *  WEX, Inc   1,581,984 
214

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

 

SHARES      COMPANY  VALUE 
            
 41,502   *  Workday, Inc  $3,448,401 
 18,522   *  Yelp, Inc   773,849 
 12,500   *,e  Zillow Group, Inc   449,750 
 25,059   *  Zillow Group, Inc (Class C)   886,587 
        TOTAL SOFTWARE & SERVICES   873,274,327 
              
TECHNOLOGY HARDWARE & EQUIPMENT - 6.4%
 107,847      Amphenol Corp (Class A)   7,278,594 
 1,810,327   d  Apple, Inc   219,683,181 
 14,001   *  Arista Networks, Inc   1,316,094 
 15,728   *  ARRIS International plc   449,506 
 57,992      CDW Corp   2,987,168 
 29,113      Cognex Corp   1,966,874 
 45,418   *  CommScope Holding Co, Inc   1,717,709 
 24,191   *  F5 Networks, Inc   3,242,320 
 39,556   *,e  Fitbit, Inc   237,732 
 10,484   *  IPG Photonics Corp   1,205,555 
 7,307      Motorola, Inc   589,748 
 30,330      National Instruments Corp   952,969 
 43,355   *  NCR Corp   1,865,132 
 31,303   *  Palo Alto Networks, Inc   4,619,071 
 70,423   *  Trimble Navigation Ltd   2,085,929 
 37,420   *  VeriFone Systems, Inc   679,921 
 15,312   *  Zebra Technologies Corp (Class A)   1,281,155 
        TOTAL TECHNOLOGY HARDWARE & EQUIPMENT   252,158,658 
              
TELECOMMUNICATION SERVICES - 1.1%
 28,312   *  SBA Communications Corp   2,980,121 
 63,911   *  T-Mobile US, Inc   3,979,738 
 735,721      Verizon Communications, Inc   36,057,686 
 59,238   *  Zayo Group Holdings, Inc   1,893,247 
        TOTAL TELECOMMUNICATION SERVICES   44,910,792 
              
TRANSPORTATION - 2.3%
 35,423      Alaska Air Group, Inc   3,323,386 
 1,432      Amerco, Inc   539,392 
 28,692   *  Avis Budget Group, Inc   1,067,916 
 51,373      CH Robinson Worldwide, Inc   3,907,430 
 216,085      Delta Air Lines, Inc   10,207,855 
 45,955      Expeditors International of Washington, Inc   2,393,336 
 89,796      FedEx Corp   16,981,322 
 5,342   *  Hertz Global Holdings, Inc   112,022 
 31,803      J.B. Hunt Transport Services, Inc   3,151,041 
 10,599   *  JetBlue Airways Corp   207,846 
 16,445      Landstar System, Inc   1,391,247 
 15,329   *  Old Dominion Freight Line   1,353,244 
 229,635      Southwest Airlines Co   12,012,207 
 46,934      Union Pacific Corp   5,002,226 
 249,511      United Parcel Service, Inc (Class B)   27,229,136 
        TOTAL TRANSPORTATION   88,879,606 
215

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

 

SHARES      COMPANY  VALUE 
                        
UTILITIES - 0.0%
  14,181      Dominion Resources, Inc              $ 1,081,727 
        TOTAL UTILITIES   1,081,727 
              
        TOTAL COMMON STOCKS   3,922,487,168 
        (Cost $2,997,990,320)     
              
PRINCIPAL      ISSUER  RATE  MATURITY
DATE		    
SHORT-TERM INVESTMENTS - 1.6%
GOVERNMENT AGENCY DEBT - 1.1%
$42,450,000   d  Federal Home Loan Bank (FHLB)   0.450%  02/01/17   42,450,000 
        TOTAL GOVERNMENT AGENCY DEBT   42,450,000  
                      
 SHARES       COMPANY             
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.5%
 20,899,306   c   State Street Navigator Securities Lending Government Money Market Portfolio   20,899,306  
        TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES   20,899,306  
                      
        TOTAL SHORT-TERM INVESTMENTS  63,349,306 
        (Cost $63,349,306)       
        TOTAL INVESTMENTS - 101.0%  3,985,836,474 
        (Cost $3,061,339,626)        
        OTHER ASSETS & LIABILITIES, NET - (1.0)%  (40,046,131)
        NET ASSETS - 100.0%     $3,945,790,343 
         
       
  *   Non-income producing
  c   Investments made with cash collateral received from securities on loan.
  d   All or a portion of these securities have been segregated to cover margin requirements on open futures contracts.
  e   All or a portion of these securities are out on loan. The aggregate value of securities on loan is $20,114,245.
216

TIAA-CREF FUNDS - Large-Cap Value Index Fund

 

TIAA-CREF FUNDS
LARGE-CAP VALUE INDEX FUND
SCHEDULE OF INVESTMENTS (unaudited)
January 31, 2017

 

SHARES      COMPANY  VALUE 
            
COMMON STOCKS - 99.8% 
            
AUTOMOBILES & COMPONENTS - 1.1% 
 36,064   *  Adient plc  $2,289,703 
 98,808      BorgWarner, Inc   4,034,331 
 2,001,368      Ford Motor Co   24,736,909 
 727,748      General Motors Co   26,642,854 
 53,976      Gentex Corp   1,127,559 
 137,485      Goodyear Tire & Rubber Co   4,453,139 
 6,310      Lear Corp   896,588 
 3,934   *,e  Tesla Motors, Inc   991,092 
        TOTAL AUTOMOBILES & COMPONENTS   65,172,175 
              
BANKS - 12.4%   
 74,850      Associated Banc-Corp   1,893,705 
 5,330,570      Bank of America Corp   120,684,105 
 22,252      Bank of Hawaii Corp   1,911,669 
 49,496      BankUnited   1,890,747 
 422,365      BB&T Corp   19,509,039 
 13,746      BOK Financial Corp   1,130,471 
 100,716      CIT Group, Inc   4,148,492 
 1,437,900      Citigroup, Inc   80,277,957 
 161,193      Citizens Financial Group, Inc   5,830,351 
 89,493      Comerica, Inc   6,043,462 
 46,102      Commerce Bancshares, Inc   2,606,146 
 27,702      Cullen/Frost Bankers, Inc   2,476,559 
 72,508      East West Bancorp, Inc   3,729,812 
 391,995      Fifth Third Bancorp   10,231,070 
 12,424      First Hawaiian, Inc   409,868 
 120,164      First Horizon National Corp   2,403,280 
 15,135      First Republic Bank   1,427,685 
 542,444      Huntington Bancshares, Inc   7,339,267 
 1,887,830      JPMorgan Chase & Co   159,767,053 
 552,497      Keycorp   9,928,371 
 76,969      M&T Bank Corp   12,512,850 
 240,969      New York Community Bancorp, Inc   3,660,319 
 59,477      PacWest Bancorp   3,295,026 
 160,415      People’s United Financial, Inc   3,007,781 
 256,698      PNC Financial Services Group, Inc   30,921,841 
 53,708      Popular, Inc   2,386,246 
 654,478      Regions Financial Corp   9,431,028 
 11,268   *  Signature Bank   1,774,935 
 258,124      SunTrust Banks, Inc   14,666,606 
 7,245   *  SVB Financial Group   1,247,806 
 64,238      Synovus Financial Corp   2,677,440 
 82,902      TCF Financial Corp   1,438,350 
 30,373      TFS Financial Corp   531,224 
217

TIAA-CREF FUNDS - Large-Cap Value Index Fund

 

SHARES     COMPANY  VALUE 
            
 842,537      US Bancorp  $44,359,573 
 2,369,862      Wells Fargo & Co   133,494,327 
 20,278   *  Western Alliance Bancorp   1,001,328 
 103,075      Zions Bancorporation   4,348,734 
        TOTAL BANKS   714,394,523 
              
CAPITAL GOODS - 7.9% 
 79,163   *  Aecom Technology Corp   2,923,490 
 36,117      AGCO Corp   2,268,148 
 25,580      Air Lease Corp   930,600 
 69,346      Allison Transmission Holdings, Inc   2,425,723 
 97,541      Ametek, Inc   4,984,345 
 225,121      Arconic, Inc   5,130,508 
 23,603   *  Armstrong World Industries, Inc   942,940 
 22,468      Carlisle Cos, Inc   2,451,483 
 288,844      Caterpillar, Inc   27,630,817 
 54,156      Chicago Bridge & Iron Co NV   1,798,521 
 51,625   *  Colfax Corp   2,013,375 
 25,363      Crane Co   1,827,151 
 82,070      Cummins, Inc   12,065,111 
 231,489      Danaher Corp   19,426,557 
 121,930      Deere & Co   13,052,606 
 5,366      Donaldson Co, Inc   226,713 
 76,761      Dover Corp   5,968,168 
 237,663      Eaton Corp   16,821,787 
 279,037      Emerson Electric Co   16,368,310 
 26,670      Flowserve Corp   1,311,097 
 69,667      Fluor Corp   3,866,518 
 115,535      Fortive Corp   6,390,241 
 73,421      General Dynamics Corp   13,295,075 
 3,842,863      General Electric Co   114,133,031 
 11,200   *  Herc Holdings, Inc   556,304 
 10,488      Hubbell, Inc   1,280,375 
 3,921      Huntington Ingalls   760,517 
 3,003      IDEX Corp   270,750 
 66,400      Ingersoll-Rand plc   5,268,840 
 48,043      ITT, Inc   1,963,517 
 62,845   *  Jacobs Engineering Group, Inc   3,679,575 
 368,806      Johnson Controls International plc   16,220,088 
 75,461      KBR, Inc   1,283,592 
 39,251      L3 Technologies, Inc   6,228,741 
 1,449      Lennox International, Inc   227,218 
 12,114      Lincoln Electric Holdings, Inc   1,009,944 
 36,237   *  Manitowoc Foodservice, Inc   695,026 
 58,539      Masco Corp   1,928,860 
 13,803      MSC Industrial Direct Co (Class A)   1,409,976 
 29,269      Orbital ATK, Inc   2,544,940 
 37,263      Oshkosh Truck Corp   2,594,623 
 57,607      Owens Corning, Inc   3,182,787 
 162,419      Paccar, Inc   10,932,423 
 69,456      Parker Hannifin Corp   10,219,061 
 86,886      Pentair plc   5,094,126 
 54,022   *  Quanta Services, Inc   1,938,850 
218

TIAA-CREF FUNDS - Large-Cap Value Index Fund

 

SHARES      COMPANY  VALUE 
            
 94,541      Raytheon Co  $13,629,031 
 22,243      Regal-Beloit Corp   1,614,842 
 14,081      Rockwell Automation, Inc   2,083,847 
 25,078      Roper Industries, Inc   4,811,214 
 8,219      Snap-On, Inc   1,491,995 
 32,209      Spirit Aerosystems Holdings, Inc (Class A)   1,934,150 
 67,827      Stanley Works   8,410,548 
 57,460      Terex Corp   1,827,228 
 97,261      Textron, Inc   4,607,254 
 35,379      Timken Co   1,570,828 
 80,022      Trinity Industries, Inc   2,203,806 
 7,378   *  United Rentals, Inc   933,391 
 402,831      United Technologies Corp   44,178,476 
 46,943   *  USG Corp   1,435,986 
 2,635      Valmont Industries, Inc   379,440 
 24,416   *  WESCO International, Inc   1,726,211 
 44,461      Xylem, Inc   2,192,372 
        TOTAL CAPITAL GOODS   452,573,067 
              
COMMERCIAL & PROFESSIONAL SERVICES - 0.3% 
 25,263   *  Clean Harbors, Inc   1,402,097 
 11,378      Dun & Bradstreet Corp   1,395,170 
 5,142      LSC Communications, Inc   134,823 
 33,569      Manpower, Inc   3,204,497 
 38,146      Nielsen NV   1,560,553 
 121,732      Republic Services, Inc   6,984,982 
 11,339      RR Donnelley & Sons Co   194,464 
 2,156   *  Stericycle, Inc   166,314 
 40,517      Waste Management, Inc   2,815,931 
        TOTAL COMMERCIAL & PROFESSIONAL SERVICES   17,858,831 
              
CONSUMER DURABLES & APPAREL - 0.6% 
 8,609      Brunswick Corp   515,335 
 32,921      CalAtlantic Group, Inc   1,147,955 
 115,053      Coach, Inc   4,297,230 
 79,640      DR Horton, Inc   2,382,032 
 57,948   *,e  Garmin Ltd   2,798,309 
 19,944      Harman International Industries, Inc   2,216,975 
 2,986      Lennar Corp (B Shares)   107,377 
 44,650      Lennar Corp (Class A)   1,993,622 
 6,792   *  Mohawk Industries, Inc   1,465,985 
 42,006      PHV Corp   3,940,583 
 122,139      Pulte Homes, Inc   2,627,210 
 26,555      Ralph Lauren Corp   2,348,259 
 43,517   *  Toll Brothers, Inc   1,364,693 
 26,598   *  Vista Outdoor, Inc   766,288 
 34,982      Whirlpool Corp   6,118,002 
        TOTAL CONSUMER DURABLES & APPAREL   34,089,855 
              
CONSUMER SERVICES - 0.8% 
 69,268      ARAMARK Holdings Corp   2,344,029 
 211,012      Carnival Corp   11,685,845 
 5,446      Choice Hotels International, Inc   302,253 
219

TIAA-CREF FUNDS - Large-Cap Value Index Fund

 

SHARES      COMPANY  VALUE 
           
 32,321      Extended Stay America, Inc  $523,923 
 2,185      Graham Holdings Co   1,135,217 
 104,040      H&R Block, Inc   2,232,698 
 3,186   *  Hilton Grand Vacations, Inc   93,445 
 10,620      Hilton Worldwide Holdings, Inc   611,500 
 16,818   *  Hyatt Hotels Corp   920,113 
 48,884      International Game Technology plc   1,291,027 
 40,813      Marriott International, Inc (Class A)   3,452,780 
 225,035   *  MGM Resorts International   6,481,008 
 75,744   *  Norwegian Cruise Line Holdings Ltd   3,559,968 
 87,683      Royal Caribbean Cruises Ltd   8,209,759 
 45,378      Wendy’s   613,964 
 3,481      Wynn Resorts Ltd   353,078 
        TOTAL CONSUMER SERVICES   43,810,607 
              
DIVERSIFIED FINANCIALS - 6.1% 
 3,381   *  Affiliated Managers Group, Inc   515,129 
 172,040      AGNC Investment Corp   3,211,987 
 227,701      Ally Financial, Inc   4,809,045 
 414,142      American Express Co   31,632,166 
 57,012      Ameriprise Financial, Inc   6,400,737 
 524,352      Annaly Capital Management, Inc   5,358,877 
 543,654      Bank of New York Mellon Corp   24,317,643 
 64,887      BlackRock, Inc   24,266,440 
 248,864      Capital One Financial Corp   21,748,225 
 125,085      Charles Schwab Corp   5,158,505 
 96,498      Chimera Investment Corp   1,701,260 
 174,772      CME Group, Inc   21,161,394 
 143,192      Discover Financial Services   9,920,342 
 5,319   *  Donnelley Financial Solutions, Inc   128,082 
 141,141   *  E*TRADE Financial Corp   5,285,731 
 188,045      Franklin Resources, Inc   7,472,908 
 199,822      Goldman Sachs Group, Inc   45,823,181 
 28,095      Interactive Brokers Group, Inc (Class A)   1,049,067 
 158,188      IntercontinentalExchange Group, Inc   9,231,852 
 177,704      Invesco Ltd   5,139,200 
 62,751      iShares Russell 1000 Value Index Fund   7,072,665 
 58,194      Lazard Ltd (Class A)   2,472,081 
 53,831      Legg Mason, Inc   1,705,904 
 171,064      Leucadia National Corp   4,079,876 
 38,300      LPL Financial Holdings, Inc   1,505,190 
 195,741      MFA Mortgage Investments, Inc   1,544,397 
 9,234      Moody’s Corp   957,289 
 740,712      Morgan Stanley   31,472,853 
 57,963      NASDAQ OMX Group, Inc   4,088,710 
 157,868      Navient Corp   2,374,335 
 107,776      Northern Trust Corp   8,941,097 
 26,368   *  OneMain Holdings, Inc   590,116 
 66,088      Raymond James Financial, Inc   4,951,974 
 53,550   *  Santander Consumer USA Holdings, Inc   707,931 
 222,243   *  SLM Corp   2,640,247 
 130,500      Starwood Property Trust, Inc   2,904,930 
 203,055      State Street Corp   15,472,791 
220

TIAA-CREF FUNDS - Large-Cap Value Index Fund

 

SHARES      COMPANY  VALUE 
            
 430,938      Synchrony Financial  $15,436,199 
 29,985      T Rowe Price Group, Inc   2,022,188 
 14,209      TD Ameritrade Holding Corp   655,745 
 182,593      Two Harbors Investment Corp   1,601,341 
 103,570      Voya Financial, Inc   4,165,585 
        TOTAL DIVERSIFIED FINANCIALS   351,695,215 
              
ENERGY - 13.0%
 290,303      Anadarko Petroleum Corp   20,184,768 
 92,005   *  Antero Resources Corp   2,245,842 
 60,854      Apache Corp   3,640,286 
 225,470      Baker Hughes, Inc   14,222,648 
 67,625      Cabot Oil & Gas Corp   1,452,585 
 103,660   *  Cheniere Energy, Inc   4,939,399 
 293,753   *  Chesapeake Energy Corp   1,894,707 
 974,422      Chevron Corp   108,501,890 
 40,592      Cimarex Energy Co   5,488,444 
 71,707   *  Concho Resources, Inc   9,998,824 
 643,547      ConocoPhillips   31,379,352 
 119,639      Consol Energy, Inc   2,026,685 
 24,222   *  Continental Resources, Inc   1,176,220 
 247,563   *  Devon Energy Corp   11,274,019 
 32,619   *,e  Diamond Offshore Drilling, Inc   534,299 
 35,076   *  Diamondback Energy, Inc   3,688,943 
 19,679   *  Dril-Quip, Inc   1,224,034 
 49,593   *  Energen Corp   2,672,567 
 161,128      Ensco plc   1,759,518 
 253,271      EOG Resources, Inc   25,727,268 
 88,945      EQT Corp   5,392,735 
 15,594   *,e  Extraction Oil & Gas, Inc   279,444 
 2,162,090   d  Exxon Mobil Corp   181,377,730 
 19,084   e  Frank’s International NV   225,955 
 82,202   *  Gulfport Energy Corp   1,718,022 
 440,740      Halliburton Co   24,932,662 
 49,220      Helmerich & Payne, Inc   3,502,495 
 145,620      Hess Corp   7,889,692 
 85,730      HollyFrontier Corp   2,483,598 
 999,055      Kinder Morgan, Inc   22,318,889 
 80,445   *  Kosmos Energy LLC   526,110 
 75,213   *  Laredo Petroleum Holdings, Inc   1,019,136 
 438,560      Marathon Oil Corp   7,345,880 
 273,357      Marathon Petroleum Corp   13,134,804 
 82,742      Murphy Oil Corp   2,392,071 
 142,881      Nabors Industries Ltd   2,321,816 
 196,871      National Oilwell Varco, Inc   7,443,692 
 76,371   *  Newfield Exploration Co   3,060,950 
 135,654      Noble Corp plc   915,664 
 218,680      Noble Energy, Inc   8,694,717 
 394,695      Occidental Petroleum Corp   26,748,480 
 49,461      Oceaneering International, Inc   1,377,489 
 87,353   *  Parsley Energy, Inc   3,076,573 
 75,905      Patterson-UTI Energy, Inc   2,128,376 
 52,990      PBF Energy, Inc   1,228,838 
221

TIAA-CREF FUNDS - Large-Cap Value Index Fund

 

SHARES      COMPANY  VALUE 
            
 234,192      Phillips 66  $19,114,751 
 84,241      Pioneer Natural Resources Co   15,182,755 
 119,394   *  Questar Market Resources, Inc   2,082,231 
 105,329      Range Resources Corp   3,406,340 
 79,324   *  Rice Energy, Inc   1,572,995 
 62,716   *  Rowan Cos plc   1,123,871 
 32,788   e  RPC, Inc   705,598 
 721,056      Schlumberger Ltd   60,359,598 
 51,350      SM Energy Co   1,566,688 
 306,500      Spectra Energy Corp   12,765,725 
 79,428      Superior Energy Services   1,403,493 
 86,290      Targa Resources Investments, Inc   4,972,030 
 61,241      Tesoro Corp   4,951,335 
 173,261   *,e  Transocean Ltd (NYSE)   2,420,456 
 244,080      Valero Energy Corp   16,050,701 
 509,884   *  Weatherford International Ltd   2,656,496 
 109,038   *  Whiting Petroleum Corp   1,209,231 
 323,176      Williams Cos, Inc   9,320,396 
 36,144      World Fuel Services Corp   1,607,685 
 198,584   *  WPX Energy, Inc   2,766,275 
        TOTAL ENERGY   750,806,766 
              
FOOD & STAPLES RETAILING - 1.5% 
 32,117      CVS Health Corp   2,531,141 
 352,945      Walgreens Boots Alliance, Inc   28,920,313 
 784,393      Wal-Mart Stores, Inc   52,350,389 
 137,275      Whole Foods Market, Inc   4,148,450 
        TOTAL FOOD & STAPLES RETAILING   87,950,293 
              
FOOD, BEVERAGE & TOBACCO - 3.9% 
 297,153      Archer Daniels Midland Co   13,151,992 
 1,786      Brown-Forman Corp   83,549 
 6,288      Brown-Forman Corp (Class B)   286,733 
 71,696      Bunge Ltd   4,962,080 
 509,254      Coca-Cola Co   21,169,689 
 46,332      ConAgra Foods, Inc   1,811,118 
 8,158      Flowers Foods, Inc   164,057 
 12,859   *  Hain Celestial Group, Inc   508,702 
 17,634      Hormel Foods Corp   640,114 
 11,205      Ingredion, Inc   1,436,369 
 59,781      J.M. Smucker Co   8,121,249 
 10,394      Kellogg Co   755,748 
 269,067      Kraft Heinz Co   24,024,992 
 17,137      Lamb Weston Holdings, Inc   640,238 
 59,866      Mead Johnson Nutrition Co   4,218,158 
 87,684      Molson Coors Brewing Co (Class B)   8,463,260 
 775,515      Mondelez International, Inc   34,339,804 
 96,939      PepsiCo, Inc   10,060,329 
 717,517      Philip Morris International, Inc   68,974,910 
 25,969      Pilgrim’s Pride Corp   497,047 
 58,790      Pinnacle Foods, Inc   3,127,040 
 14,361   *  Post Holdings, Inc   1,201,729 
 163,664      Reynolds American, Inc   9,841,116 
222

TIAA-CREF FUNDS - Large-Cap Value Index Fund

 

SHARES      COMPANY  VALUE 
           
 18,784   *  TreeHouse Foods, Inc  $1,425,330 
 80,325      Tyson Foods, Inc (Class A)   5,043,607 
        TOTAL FOOD, BEVERAGE & TOBACCO   224,948,960 
              
HEALTH CARE EQUIPMENT & SERVICES - 3.4% 
 800,639      Abbott Laboratories   33,442,691 
 24,397   *  Acadia Healthcare Co, Inc   936,113 
 115,867      Aetna Inc   13,742,985 
 37,873   *  Alere, Inc   1,401,301 
 93,490   *  Allscripts Healthcare Solutions, Inc   1,094,768 
 98,909      Anthem, Inc   15,245,833 
 228,532      Baxter International, Inc   10,948,968 
 100,446   *  Brookdale Senior Living, Inc   1,503,677 
 13,083      Cardinal Health, Inc   980,702 
 22,378   *  Centene Corp   1,415,856 
 88,016      Cigna Corp   12,869,699 
 5,308      Cooper Cos, Inc   979,910 
 51,384   *  DaVita, Inc   3,275,730 
 119,893      Dentsply Sirona, Inc   6,797,933 
 18,204   *  Envision Healthcare Corp   1,237,872 
 38,302   *  Express Scripts Holding Co   2,638,242 
 51,207   *  HCA Holdings, Inc   4,110,898 
 2,403      Hill-Rom Holdings, Inc   141,465 
 4,705      Humana, Inc   933,942 
 28,777   *  Laboratory Corp of America Holdings   3,862,161 
 20,398   *  LifePoint Hospitals, Inc   1,210,621 
 13,210   *  MEDNAX, Inc   902,903 
 727,700      Medtronic plc   55,319,754 
 16,482   *  Premier, Inc   525,117 
 73,128      Quest Diagnostics, Inc   6,721,926 
 18,760      Teleflex, Inc   3,146,615 
 32,596      Universal Health Services, Inc (Class B)   3,671,287 
 1,885   *  WellCare Health Plans, Inc   274,343 
 45,276      Zimmer Holdings, Inc   5,357,509 
        TOTAL HEALTH CARE EQUIPMENT & SERVICES   194,690,821 
              
HOUSEHOLD & PERSONAL PRODUCTS - 2.7% 
 9,907      Clorox Co   1,188,840 
 368,178      Colgate-Palmolive Co   23,776,935 
 223,617      Coty, Inc   4,293,446 
 30,983      Edgewell Personal Care Co   2,442,700 
 21,476      Energizer Holdings, Inc   1,083,894 
 27,763      Kimberly-Clark Corp   3,362,932 
 21,343      Nu Skin Enterprises, Inc (Class A)   1,107,275 
 1,327,482      Procter & Gamble Co   116,287,423 
        TOTAL HOUSEHOLD & PERSONAL PRODUCTS   153,543,445 
              
INSURANCE - 8.0% 
 206,289      Aflac, Inc   14,438,167 
 7,770   *  Alleghany Corp   4,751,899 
 45,047      Allied World Assurance Co Holdings Ltd   2,393,347 
 192,549      Allstate Corp   14,481,610 
 35,991      American Financial Group, Inc   3,101,344 
223

TIAA-CREF FUNDS - Large-Cap Value Index Fund

 

SHARES      COMPANY  VALUE 
           
 528,433      American International Group, Inc  $33,957,104 
 4,164      American National Insurance Co   485,481 
 41,133      Amtrust Financial Services, Inc   1,085,500 
 58,714   *  Arch Capital Group Ltd   5,187,382 
 28,536      Arthur J. Gallagher & Co   1,536,093 
 31,390      Aspen Insurance Holdings Ltd   1,770,396 
 30,903      Assurant, Inc   3,001,608 
 67,935      Assured Guaranty Ltd   2,643,351 
 47,454      Axis Capital Holdings Ltd   3,037,531 
 980,692   *  Berkshire Hathaway, Inc (Class B)   160,970,785 
 55,758      Brown & Brown, Inc   2,349,085 
 239,926      Chubb Ltd   31,547,870 
 78,326      Cincinnati Financial Corp   5,528,249 
 15,353      CNA Financial Corp   639,452 
 33,002      Endurance Specialty Holdings Ltd   3,058,955 
 3,859      Erie Indemnity Co (Class A)   432,633 
 21,707      Everest Re Group Ltd   4,774,021 
 53,283      First American Financial Corp   2,002,375 
 131,143      FNF Group   4,637,216 
 21,991      Hanover Insurance Group, Inc   1,845,925 
 200,487      Hartford Financial Services Group, Inc   9,765,722 
 96,294      Lincoln National Corp   6,500,808 
 146,083      Loews Corp   6,804,546 
 6,967   *  Markel Corp   6,444,475 
 13,694      Mercury General Corp   866,146 
 482,873      Metlife, Inc   26,273,120 
 123,673      Old Republic International Corp   2,572,398 
 139,382      Principal Financial Group   7,957,318 
 27,994      ProAssurance Corp   1,522,874 
 270,994      Progressive Corp   10,146,015 
 229,460      Prudential Financial, Inc   24,118,541 
 31,901      Reinsurance Group of America, Inc (Class A)   4,002,618 
 21,776      RenaissanceRe Holdings Ltd   2,968,504 
 61,595      Torchmark Corp   4,529,696 
 150,172      Travelers Cos, Inc   17,687,258 
 124,298      UnumProvident Corp   5,646,858 
 39,278      Validus Holdings Ltd   2,238,846 
 48,842      W.R. Berkley Corp   3,282,671 
 2,359      White Mountains Insurance Group Ltd   2,146,124 
 89,975      XL Group Ltd   3,380,361 
        TOTAL INSURANCE   458,512,278 
              
MATERIALS - 3.0% 
 13,477      Air Products & Chemicals, Inc   1,883,546 
 57,671      Albemarle Corp   5,342,641 
 76,275      Alcoa Corp   2,780,224 
 24,140      Aptargroup, Inc   1,761,496 
 32,158      Ashland Global Holdings, Inc   3,827,767 
 2,613      Avery Dennison Corp   190,801 
 40,313      Bemis Co, Inc   1,964,049 
 30,729      Cabot Corp   1,701,465 
 69,991      Celanese Corp (Series A)   5,907,240 
 121,413      CF Industries Holdings, Inc   4,284,665 
224

TIAA-CREF FUNDS - Large-Cap Value Index Fund

 

SHARES      COMPANY  VALUE 
            
 18,211     Compass Minerals International, Inc  $1,522,440 
 32,606      Domtar Corp   1,424,556 
 576,791      Dow Chemical Co   34,394,047 
 75,643      Eastman Chemical Co   5,862,332 
 14,077      FMC Corp   846,872 
 537,270   *  Freeport-McMoRan Copper & Gold, Inc (Class B)   8,945,545 
 47,501      Graphic Packaging Holding Co   594,238 
 104,343      Huntsman Corp   2,127,554 
 212,147      International Paper Co   12,007,520 
 99,896      LyondellBasell Industries AF S.C.A   9,317,300 
 2,987      Martin Marietta Materials, Inc   685,815 
 79,844      Monsanto Co   8,647,904 
 178,875      Mosaic Co   5,611,309 
 370      NewMarket Corp   159,533 
 273,610      Newmont Mining Corp   9,926,571 
 164,367      Nucor Corp   9,548,079 
 102,175   *  Platform Specialty Products Corp   1,240,405 
 18,131      Praxair, Inc   2,147,436 
 35,902      Reliance Steel & Aluminum Co   2,859,594 
 32,121      Royal Gold, Inc   2,318,173 
 2,409      Scotts Miracle-Gro Co (Class A)   221,556 
 51,075      Sonoco Products Co   2,806,571 
 23,802      Southern Copper Corp (NY)   913,045 
 103,558      Steel Dynamics, Inc   3,501,296 
 151,660      Tahoe Resources, Inc   1,386,172 
 80,244      United States Steel Corp   2,624,781 
 15,695   e  Valvoline, Inc   363,339 
 4,834      Vulcan Materials Co   620,347 
 19,928      Westlake Chemical Corp   1,233,742 
 130,555      WestRock Co   6,966,415 
 16,632      WR Grace & Co   1,153,263 
        TOTAL MATERIALS   171,621,644 
              
MEDIA - 1.0% 
 1,524      Clear Channel Outdoor Holdings, Inc (Class A)   7,544 
 93,562      Comcast Corp (Class A)   7,056,446 
 5,858   *  Discovery Communications, Inc (Class A)   166,074 
 8,628   *  Discovery Communications, Inc (Class C)   239,082 
 26,080   *  DISH Network Corp (Class A)   1,543,154 
 22,544      John Wiley & Sons, Inc (Class A)   1,242,174 
 13,618   *  Liberty Broadband Corp (Class A)   1,139,554 
 53,674   *  Liberty Broadband Corp (Class C)   4,580,539 
 45,140   *  Liberty SiriusXM Group (Class A)   1,635,874 
 96,337   *  Liberty SiriusXM Group (Class C)   3,457,535 
 9,634   *,e  Lions Gate Entertainment Corp   258,095 
 7,689   *  Lions Gate Entertainment Corp   221,213 
 28,332   *  Live Nation, Inc   810,862 
 9,234   *  Madison Square Garden Co   1,622,137 
 196,958      News Corp   2,420,614 
 66,013      News Corp (Class B)   835,064 
 29,782      Regal Entertainment Group (Class A)   674,860 
 109,330      TEGNA, Inc   2,504,750 
 156,505      Thomson Corp   7,017,684 
225

TIAA-CREF FUNDS - Large-Cap Value Index Fund

 

SHARES      COMPANY  VALUE 
            
 139,033      Time Warner, Inc  $13,465,346 
 35,745      Tribune Co   1,030,886 
 125,826      Twenty-First Century Fox, Inc   3,948,420 
 58,695      Twenty-First Century Fox, Inc (Class B)   1,820,132 
 1,097      Viacom, Inc   49,639 
 20,524      Viacom, Inc (Class B)   864,881 
        TOTAL MEDIA   58,612,559 
              
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 6.6% 
 125,286      Agilent Technologies, Inc   6,135,255 
 71,008   *  Allergan plc   15,542,941 
 6,620   *  Alnylam Pharmaceuticals, Inc   264,734 
 11,030   *  Bio-Rad Laboratories, Inc (Class A)   2,096,582 
 110,694   *  Endo International plc   1,354,894 
 1,178,539      Johnson & Johnson   133,469,542 
 4,306   *,e  Juno Therapeutics, Inc   91,890 
 57,779   *  Mallinckrodt plc   2,815,571 
 1,437,084      Merck & Co, Inc   89,084,837 
 163,323   *  Mylan NV   6,214,440 
 15,668   *,e  Opko Health, Inc   136,155 
 9,053   *  Patheon NV   259,731 
 44,757   *  PerkinElmer, Inc   2,380,625 
 71,972      Perrigo Co plc   5,480,668 
 2,898,812      Pfizer, Inc   91,979,305 
 109,925      QIAGEN NV   3,185,630 
 15,430   *  Quintiles Transnational Holdings, Inc   1,211,101 
 111,178      Thermo Fisher Scientific, Inc   16,942,415 
 16,568   *  United Therapeutics Corp   2,711,022 
 40,205   *  VWR Corp   1,041,711 
        TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES   382,399,049 
              
REAL ESTATE - 4.6% 
 36,318      Alexandria Real Estate Equities, Inc   4,024,761 
 66,428      American Campus Communities, Inc   3,229,729 
 86,817      American Homes 4 Rent   1,934,283 
 80,146      Apartment Investment & Management Co (Class A)   3,532,034 
 84,651      Apple Hospitality REIT, Inc   1,694,713 
 71,043      AvalonBay Communities, Inc   12,312,462 
 66,166      Boston Properties, Inc   8,661,129 
 87,506      Brandywine Realty Trust   1,408,847 
 93,640      Brixmor Property Group, Inc   2,259,533 
 44,409      Camden Property Trust   3,711,260 
 39,589      Care Capital Properties, Inc   978,244 
 185,833      Colony NorthStar, Inc   2,586,795 
 64,046      Columbia Property Trust, Inc   1,425,024 
 65,281      Communications Sales & Leasing, Inc   1,715,585 
 60,398      CoreCivic, Inc   1,753,958 
 48,272      Corporate Office Properties Trust   1,536,015 
 21,551      Crown Castle International Corp   1,892,824 
 29,340      CubeSmart   737,314 
 4,632      CyrusOne, Inc   223,077 
 47,396      DCT Industrial Trust, Inc   2,118,127 
 161,745      DDR Corp   2,455,289 
226

TIAA-CREF FUNDS - Large-Cap Value Index Fund

 

SHARES      COMPANY  VALUE 
           
 25,112      Digital Realty Trust, Inc  $2,702,805 
 71,262      Douglas Emmett, Inc   2,696,554 
 173,590      Duke Realty Corp   4,223,445 
 25,443      Empire State Realty Trust, Inc   521,327 
 33,019      Entertainment Properties Trust   2,442,415 
 63,722   *  Equity Commonwealth   1,965,187 
 45,968      Equity One, Inc   1,433,742 
 183,523      Equity Residential   11,152,693 
 19,624      Essex Property Trust, Inc   4,401,663 
 113,810      Forest City Realty Trust, Inc   2,576,658 
 298,250   *  GGP, Inc   7,408,530 
 240,838      HCP, Inc   7,302,208 
 15,994      Healthcare Trust of America, Inc   464,946 
 49,069      Highwoods Properties, Inc   2,522,637 
 84,371      Hospitality Properties Trust   2,626,469 
 383,778      Host Marriott Corp   6,934,869 
 19,210   *  Howard Hughes Corp   2,047,978 
 23,645      Jones Lang LaSalle, Inc   2,436,144 
 46,040      Kilroy Realty Corp   3,446,094 
 201,734      Kimco Realty Corp   5,021,159 
 76,612      Liberty Property Trust   2,941,135 
 8,607      Life Storage, Inc   701,040 
 72,483      Macerich Co   4,978,857 
 58,258      Mid-America Apartment Communities, Inc   5,531,597 
 72,634      National Retail Properties, Inc   3,166,842 
 60,567      Omega Healthcare Investors, Inc   1,942,384 
 61,094      Outfront Media, Inc   1,675,808 
 94,504      Paramount Group, Inc   1,577,272 
 6,372      Park Hotels & Resorts, Inc   172,942 
 76,779      Piedmont Office Realty Trust, Inc   1,667,640 
 271,332      Prologis, Inc   13,254,568 
 48,594   *  Quality Care Properties, Inc   897,045 
 64,568      Rayonier, Inc   1,800,802 
 76,875      Realogy Holdings Corp   1,991,831 
 132,992      Realty Income Corp   7,930,313 
 43,570      Regency Centers Corp   3,038,136 
 122,020      Retail Properties of America, Inc   1,826,639 
 106,413      Senior Housing Properties Trust   2,027,168 
 15,182      Simon Property Group, Inc   2,789,996 
 50,950      SL Green Realty Corp   5,552,022 
 244,384      Spirit Realty Capital, Inc   2,570,920 
 77,542      STORE Capital Corp   1,834,644 
 34,418      Sun Communities, Inc   2,710,762 
 5,188      Tanger Factory Outlet Centers, Inc   177,378 
 15,577      Taubman Centers, Inc   1,103,475 
 136,910      UDR, Inc   4,785,005 
 119,039      Ventas, Inc   7,341,135 
 507,413      VEREIT, Inc   4,328,233 
 89,333      Vornado Realty Trust   9,496,991 
 58,188      Weingarten Realty Investors   2,073,238 
 183,734      Welltower, Inc   12,181,564 
 385,552      Weyerhaeuser Co   12,079,344 
 51,872      WP Carey, Inc   3,212,952 
        TOTAL REAL ESTATE   263,878,204 
227

TIAA-CREF FUNDS - Large-Cap Value Index Fund

 

SHARES      COMPANY  VALUE 
            
RETAILING - 1.2% 
 20,263   *  Autonation, Inc  $1,076,371 
 66,526      Bed Bath & Beyond, Inc   2,684,324 
 142,081      Best Buy Co, Inc   6,325,446 
 15,249   *  Burlington Stores, Inc   1,276,341 
 21,963   *  Cabela’s, Inc   1,227,512 
 37,544      CST Brands, Inc   1,808,870 
 9,905      Dick’s Sporting Goods, Inc   511,098 
 9,775      Dillard’s, Inc (Class A)   551,701 
 7,791      Foot Locker, Inc   533,995 
 52,944      GameStop Corp (Class A)   1,296,599 
 106,309      Gap, Inc   2,448,296 
 4,772      Genuine Parts Co   461,977 
 159,881   *,e  JC Penney Co, Inc   1,063,209 
 96,034      Kohl’s Corp   3,825,034 
 102,675      L Brands, Inc   6,182,062 
 22,067   *  Liberty Expedia Holdings, Inc   971,169 
 97,082   *  Liberty Interactive Corp   1,862,033 
 32,489   *  Liberty Ventures   1,418,145 
 158,717      Macy’s, Inc   4,688,500 
 10,805   *  Michaels Cos, Inc   212,534 
 7,473   *  Murphy USA, Inc   476,030 
 20,900      Penske Auto Group, Inc   1,136,124 
 3,452      Signet Jewelers Ltd   268,117 
 339,520      Staples, Inc   3,123,584 
 269,840      Target Corp   17,399,283 
 56,077      Tiffany & Co   4,414,381 
 10,305   *  Urban Outfitters, Inc   273,495 
        TOTAL RETAILING   67,516,230 
              
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.0% 
 158,283      Analog Devices, Inc   11,861,728 
 163,025      Applied Materials, Inc   5,583,606 
 34,395   *  Cree, Inc   948,614 
 161,623      Cypress Semiconductor Corp   1,907,151 
 40,434   *,e  First Solar, Inc   1,261,137 
 2,229,503      Intel Corp   82,090,300 
 16,047      Lam Research Corp   1,843,158 
 65,669      Linear Technology Corp   4,145,684 
 205,985      Marvell Technology Group Ltd   3,062,997 
 534,996   *  Micron Technology, Inc   12,898,754 
 189,954   *  ON Semiconductor Corp   2,530,187 
 59,860   *  Qorvo, Inc   3,843,611 
 604,796      Qualcomm, Inc   32,314,250 
 7,831      Skyworks Solutions, Inc   718,416 
 44,673   *,e  SunPower Corp   296,629 
 104,813      Teradyne, Inc   2,974,593 
 6,925   *  Versum Materials, Inc   193,554 
 89,036      Xilinx, Inc   5,181,895 
        TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT   173,656,264 
228

TIAA-CREF FUNDS - Large-Cap Value Index Fund

 

SHARES      COMPANY  VALUE 
            
SOFTWARE & SERVICES - 2.8%
 9,827   *  Akamai Technologies, Inc  $674,034 
 76,758      Amdocs Ltd   4,506,462 
 33,819   *  Ansys, Inc   3,153,960 
 20,211   *  Autodesk, Inc   1,643,963 
 4,918      Booz Allen Hamilton Holding Co   166,327 
 150,365      CA, Inc   4,701,914 
 12,894   *  CommerceHub, Inc   187,994 
 3,096   *  CommerceHub, Inc (Series A)   45,480 
 71,445      Computer Sciences Corp   4,443,879 
 101,824   *  Conduent, Inc   1,523,287 
 100,417   *  Dell Technologies, Inc-VMware Inc   6,325,267 
 71,036      Fidelity National Information Services, Inc   5,641,679 
 58,865   *  FireEye, Inc   797,621 
 18,519   *  First American Corp   653,165 
 8,587   *  IAC/InterActiveCorp   590,871 
 142,974      International Business Machines Corp   24,951,823 
 33,793      Leidos Holdings, Inc   1,632,878 
 28,077   *  Nuance Communications, Inc   445,301 
 1,881   *,e  Nutanix, Inc   56,938 
 1,384,243      Oracle Corp   55,521,987 
 17,130   *,e  Pandora Media, Inc   222,690 
 31,997   *  PTC, Inc   1,682,082 
 6,739      SS&C Technologies Holdings, Inc   216,524 
 270,642      Symantec Corp   7,456,187 
 71,101   *  Synopsys, Inc   4,471,542 
 1,760   *,e  Twilio, Inc   50,741 
 37,013   *  Twitter, Inc   652,169 
 28,504   *  VMware, Inc (Class A)   2,495,240 
 509,124      Xerox Corp   3,528,229 
 450,299   *  Yahoo!, Inc   19,844,677 
 8,033   *  Yelp, Inc   335,619 
 9,607   *  Zillow Group, Inc   345,660 
 17,733   *,e  Zillow Group, Inc (Class C)   627,393 
 362,755   *  Zynga, Inc   914,143 
        TOTAL SOFTWARE & SERVICES   160,507,726 
              
TECHNOLOGY HARDWARE & EQUIPMENT - 3.7%
 238,666      Apple, Inc   28,962,119 
 73,431   *  ARRIS International plc   2,098,658 
 46,575   *  Arrow Electronics, Inc   3,424,194 
 65,983      Avnet, Inc   3,064,251 
 209,418      Brocade Communications Systems, Inc   2,611,442 
 2,601,502      Cisco Systems, Inc   79,918,142 
 490,232      Corning, Inc   12,986,246 
 25,653      Dolby Laboratories, Inc (Class A)   1,229,035 
 22,883   *  EchoStar Corp (Class A)   1,165,431 
 11,615   *,e  Fitbit, Inc   69,806 
 71,852      Flir Systems, Inc   2,538,531 
 64,100      Harris Corp   6,583,711 
 896,839      Hewlett Packard Enterprise Co   20,340,309 
 895,444      HP, Inc   13,476,432 
 2,913   *  IPG Photonics Corp   334,966 
229

TIAA-CREF FUNDS - Large-Cap Value Index Fund

 

SHARES      COMPANY  VALUE 
            
 95,989      Jabil Circuit, Inc  $2,301,816 
 193,781      Juniper Networks, Inc   5,189,455 
 90,225   *  Keysight Technologies, Inc   3,344,641 
 80,291      Motorola, Inc   6,480,287 
 11,129      National Instruments Corp   349,673 
 149,266      NetApp, Inc   5,719,873 
 28,424   *  Trimble Navigation Ltd   841,919 
 146,766      Western Digital Corp   11,701,653 
 4,881   *  Zebra Technologies Corp (Class A)   408,393 
        TOTAL TECHNOLOGY HARDWARE & EQUIPMENT   215,140,983 
              
TELECOMMUNICATION SERVICES - 3.8%
 3,190,629      AT&T, Inc   134,516,918 
 278,184      CenturyTel, Inc   7,193,838 
 622,503   e  Frontier Communications Corp   2,172,535 
 150,513   *  Level 3 Communications, Inc   8,949,503 
 23,715   *  SBA Communications Corp   2,496,241 
 394,721   *  Sprint Corp   3,643,275 
 49,990      Telephone & Data Systems, Inc   1,532,194 
 56,986   *  T-Mobile US, Inc   3,548,518 
 6,715   *  US Cellular Corp   299,422 
 1,052,272      Verizon Communications, Inc   51,571,851 
        TOTAL TELECOMMUNICATION SERVICES   215,924,295 
              
TRANSPORTATION - 2.3%
 10,656      Alaska Air Group, Inc   999,746 
 1,205      Amerco, Inc   453,887 
 273,709      American Airlines Group, Inc   12,111,623 
 16,672      Copa Holdings S.A. (Class A)   1,625,353 
 494,216      CSX Corp   22,926,680 
 88,566      Delta Air Lines, Inc   4,183,858 
 28,457      Expeditors International of Washington, Inc   1,482,041 
 29,422   *  Genesee & Wyoming, Inc (Class A)   2,217,242 
 33,241   *  Hertz Global Holdings, Inc   697,064 
 154,617   *  JetBlue Airways Corp   3,032,039 
 55,517      Kansas City Southern Industries, Inc   4,769,466 
 27,501   *  Kirby Corp   1,772,439 
 37,347      Macquarie Infrastructure Co LLC   2,800,652 
 153,186      Norfolk Southern Corp   17,993,228 
 13,540   *  Old Dominion Freight Line   1,195,311 
 27,714      Ryder System, Inc   2,150,606 
 37,725   *  Spirit Airlines, Inc   2,038,659 
 369,026      Union Pacific Corp   39,330,791 
 164,001   *  United Continental Holdings, Inc   11,557,151 
        TOTAL TRANSPORTATION   133,337,836 
              
UTILITIES - 6.1%
 343,910      AES Corp   3,934,330 
 117,074      Alliant Energy Corp   4,407,836 
 123,703      Ameren Corp   6,512,963 
 255,902      American Electric Power Co, Inc   16,393,082 
 92,078      American Water Works Co, Inc   6,762,208 
 93,668      Aqua America, Inc   2,848,444 
230

TIAA-CREF FUNDS - Large-Cap Value Index Fund

 

SHARES      COMPANY  VALUE 
            
 52,415      Atmos Energy Corp  $3,992,975 
 29,411      Avangrid, Inc   1,141,147 
 187,946   *  Calpine Corp   2,217,763 
 217,947      Centerpoint Energy, Inc   5,712,391 
 144,820      CMS Energy Corp   6,169,332 
 158,642      Consolidated Edison, Inc   11,795,033 
 299,728      Dominion Resources, Inc   22,863,252 
 91,937      DTE Energy Co   9,068,666 
 358,068      Duke Energy Corp   28,122,661 
 164,237      Edison International   11,969,593 
 92,068      Entergy Corp   6,595,752 
 163,679      Eversource Energy   9,054,722 
 456,575      Exelon Corp   16,381,911 
 217,934      FirstEnergy Corp   6,607,759 
 111,898      Great Plains Energy, Inc   3,082,790 
 55,934      Hawaiian Electric Industries, Inc   1,872,670 
 102,212      MDU Resources Group, Inc   2,999,922 
 38,440      National Fuel Gas Co   2,158,406 
 239,160      NextEra Energy, Inc   29,588,875 
 167,551      NiSource, Inc   3,748,116 
 163,512      NRG Energy, Inc   2,704,488 
 104,611      OGE Energy Corp   3,508,653 
 258,147      PG&E Corp   15,976,718 
 56,192      Pinnacle West Capital Corp   4,362,185 
 350,037      PPL Corp   12,195,289 
 263,146      Public Service Enterprise Group, Inc   11,644,210 
 65,240      SCANA Corp   4,481,988 
 128,063      Sempra Energy   13,112,371 
 484,929      Southern Co   23,970,040 
 86,029      UGI Corp   3,989,165 
 43,952      Vectren Corp   2,412,525 
 164,546      WEC Energy Group, Inc   9,716,441 
 73,057      Westar Energy, Inc   3,995,487 
 261,709      Xcel Energy, Inc   10,813,816 
        TOTAL UTILITIES   348,885,975 
              
        TOTAL COMMON STOCKS   5,741,527,601 
        (Cost $4,932,065,663)     

 

PRINCIPAL       ISSUER     RATE   MATURITY
DATE		      
SHORT-TERM INVESTMENTS - 1.1%                 
GOVERNMENT AGENCY DEBT - 0.7%                 
$42,775,000    d   Federal Home Loan Bank (FHLB)     0.450 %   02/01/17   42,775,000 
          TOTAL GOVERNMENT AGENCY DEBT               42,775,000 
                            
TREASURY DEBT - 0.2%                 
 11,100,000        United States Treasury Bill     0.473     02/23/17   11,096,914 
          TOTAL TREASURY DEBT               11,096,914 
231

TIAA-CREF FUNDS - Large-Cap Value Index Fund

 

SHARES      COMPANY  VALUE 
         
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.2%        
 12,326,361   c  State Street Navigator Securities Lending Government Money Market Portfolio  $12,326,361 
        TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES   12,326,361 
              
        TOTAL SHORT-TERM INVESTMENTS   66,198,275 
        (Cost $66,198,156)     
        TOTAL INVESTMENTS - 100.9%   5,807,725,876 
        (Cost $4,998,263,819)     
        OTHER ASSETS & LIABILITIES, NET - (0.9)%   (52,351,120)
        NET ASSETS - 100.0%  $5,755,374,756 
       
       
  Abbreviation(s):  
    REIT   Real Estate Investment Trust
         
*   Non-income producing
c   Investments made with cash collateral received from securities on loan.
d   All or a portion of these securities have been segregated to cover margin requirements on open futures contracts.
e   All or a portion of these securities are out on loan. The aggregate value of securities on loan is $12,001,001.
232

TIAA-CREF FUNDS - S&P 500 Index Fund

 

TIAA-CREF FUNDS

S&P 500 INDEX FUND

SCHEDULE OF INVESTMENTS (unaudited)

January 31, 2017

 

SHARES      COMPANY  VALUE 
         
COMMON STOCKS - 99.5%     
              
AUTOMOBILES & COMPONENTS - 0.7%     
 39,626      BorgWarner, Inc  $1,617,929 
 52,499      Delphi Automotive plc   3,678,080 
 754,575      Ford Motor Co   9,326,547 
 269,570      General Motors Co   9,868,958 
 51,494      Goodyear Tire & Rubber Co   1,667,891 
 34,491      Harley-Davidson, Inc   1,967,367 
        TOTAL AUTOMOBILES & COMPONENTS   28,126,772 
              
BANKS - 6.6%     
 1,963,500      Bank of America Corp   44,453,640 
 156,899      BB&T Corp   7,247,165 
 554,908      Citigroup, Inc   30,980,514 
 99,125      Citizens Financial Group, Inc   3,585,351 
 33,403      Comerica, Inc   2,255,705 
 146,763      Fifth Third Bancorp   3,830,514 
 209,792      Huntington Bancshares, Inc   2,838,486 
 696,408      JPMorgan Chase & Co   58,937,009 
 208,921      Keycorp   3,754,310 
 30,335      M&T Bank Corp   4,931,561 
 61,561      People’s United Financial, Inc   1,154,269 
 94,555      PNC Financial Services Group, Inc   11,390,095 
 237,833      Regions Financial Corp   3,427,173 
 94,907      SunTrust Banks, Inc   5,392,616 
 310,454      US Bancorp   16,345,403 
 878,214      Wells Fargo & Co   49,469,795 
 39,459      Zions Bancorporation   1,664,775 
        TOTAL BANKS   251,658,381 
              
CAPITAL GOODS - 7.6%     
 117,100      3M Co   20,471,422 
 8,533      Acuity Brands, Inc   1,768,294 
 18,960      Allegion plc   1,245,103 
 44,944      Ametek, Inc   2,296,638 
 85,630      Arconic, Inc   1,951,508 
 111,535      Boeing Co   18,227,050 
 113,134      Caterpillar, Inc   10,822,398 
 29,930      Cummins, Inc   4,400,009 
 118,322      Danaher Corp   9,929,582 
 56,311      Deere & Co   6,028,093 
 30,488      Dover Corp   2,370,442 
 87,317      Eaton Corp   6,180,297 
 125,799      Emerson Electric Co   7,379,369 
233

TIAA-CREF FUNDS - S&P 500 Index Fund

 

SHARES      COMPANY  VALUE 
         
 56,102      Fastenal Co  $2,787,147 
 25,714      Flowserve Corp   1,264,100 
 27,067      Fluor Corp   1,502,219 
 58,127      Fortive Corp   3,215,004 
 30,214      Fortune Brands Home & Security, Inc   1,665,698 
 55,598      General Dynamics Corp   10,067,686 
 1,719,664      General Electric Co   51,074,021 
 147,992      Honeywell International, Inc   17,510,413 
 61,432      Illinois Tool Works, Inc   7,814,150 
 50,406      Ingersoll-Rand plc   3,999,716 
 23,791   *  Jacobs Engineering Group, Inc   1,392,963 
 182,064      Johnson Controls International plc   8,007,175 
 15,080      L3 Technologies, Inc   2,393,045 
 48,958      Lockheed Martin Corp   12,304,614 
 64,203      Masco Corp   2,115,489 
 34,261      Northrop Grumman Corp   7,848,510 
 67,776      Paccar, Inc   4,562,003 
 25,900      Parker Hannifin Corp   3,810,667 
 32,364      Pentair plc   1,897,501 
 29,898   *  Quanta Services, Inc   1,073,039 
 57,054      Raytheon Co   8,224,905 
 24,781      Rockwell Automation, Inc   3,667,340 
 25,351      Rockwell Collins, Inc   2,300,857 
 19,805      Roper Industries, Inc   3,799,589 
 11,137      Snap-On, Inc   2,021,700 
 29,128      Stanley Works   3,611,872 
 52,458      Textron, Inc   2,484,935 
 9,858      TransDigm Group, Inc   2,133,271 
 16,682   *  United Rentals, Inc   2,110,440 
 148,881      United Technologies Corp   16,327,779 
 10,481      W.W. Grainger, Inc   2,647,186 
 35,178      Xylem, Inc   1,734,627 
        TOTAL CAPITAL GOODS   290,439,866 
              
COMMERCIAL & PROFESSIONAL SERVICES - 0.6%        
  16,805         Cintas Corp     1,951,229  
  7,427         Dun & Bradstreet Corp     910,699  
  23,133         Equifax, Inc     2,713,038  
  64,966         Nielsen NV     2,657,759  
  36,530         Pitney Bowes, Inc     581,558  
  44,897         Republic Services, Inc     2,576,190  
  25,502         Robert Half International, Inc     1,200,124  
  16,111     *   Stericycle, Inc     1,242,803  
  30,595     *   Verisk Analytics, Inc     2,528,371  
  79,193         Waste Management, Inc     5,503,914  
            TOTAL COMMERCIAL & PROFESSIONAL SERVICES     21,865,685  
      
CONSUMER DURABLES & APPAREL - 1.3%     
 54,215      Coach, Inc   2,024,930 
 66,157      DR Horton, Inc   1,978,756 
 22,872   *,e  Garmin Ltd   1,104,489 
 74,094      Hanesbrands, Inc   1,756,769 
 13,625      Harman International Industries, Inc   1,514,555 
 21,638      Hasbro, Inc   1,785,351 
 26,140      Leggett & Platt, Inc   1,247,401 
 38,225      Lennar Corp (Class A)   1,706,746 
 65,946      Mattel, Inc   1,728,445 
 31,993   *  Michael Kors Holdings Ltd   1,369,620 
234

TIAA-CREF FUNDS - S&P 500 Index Fund

 

SHARES      COMPANY  VALUE 
         
 12,070   *  Mohawk Industries, Inc  $2,605,189 
 93,246      Newell Rubbermaid, Inc   4,413,333 
 259,833      Nike, Inc (Class B)   13,745,166 
 15,637      PHV Corp   1,466,907 
 59,393      Pulte Homes, Inc   1,277,543 
 11,244      Ralph Lauren Corp   994,307 
 35,939   *  Under Armour, Inc   690,748 
 36,163   *,e  Under Armour, Inc (Class A)   777,143 
 63,871      VF Corp   3,288,079 
 14,660      Whirlpool Corp   2,563,887 
        TOTAL CONSUMER DURABLES & APPAREL   48,039,364 
              
CONSUMER SERVICES - 1.6%     
 81,079      Carnival Corp   4,490,155 
 5,625   *  Chipotle Mexican Grill, Inc (Class A)   2,370,600 
 23,847      Darden Restaurants, Inc   1,747,508 
 42,809      H&R Block, Inc   918,681 
 61,913      Marriott International, Inc (Class A)   5,237,840 
 161,716      McDonald’s Corp   19,821,530 
 32,322      Royal Caribbean Cruises Ltd   3,026,309 
 282,558      Starbucks Corp   15,602,853 
 20,765      Wyndham Worldwide Corp   1,641,681 
 15,641      Wynn Resorts Ltd   1,586,466 
 67,622      Yum! Brands, Inc   4,431,270 
        TOTAL CONSUMER SERVICES   60,874,893 
              
DIVERSIFIED FINANCIALS - 3.6%     
 10,648   *  Affiliated Managers Group, Inc   1,622,329 
 149,843      American Express Co   11,445,008 
 30,274      Ameriprise Financial, Inc   3,398,862 
 205,484      Bank of New York Mellon Corp   9,191,299 
 23,706      BlackRock, Inc   8,865,570 
 93,221      Capital One Financial Corp   8,146,583 
 235,027      Charles Schwab Corp   9,692,514 
 65,968      CME Group, Inc   7,987,406 
 76,250      Discover Financial Services   5,282,600 
 53,113   *  E*TRADE Financial Corp   1,989,082 
 68,267      Franklin Resources, Inc   2,712,931 
 71,988      Goldman Sachs Group, Inc   16,508,288 
 116,182      IntercontinentalExchange Group, Inc   6,780,382 
 77,311      Invesco Ltd   2,235,834 
 62,192      Leucadia National Corp   1,483,279 
 32,398      Moody’s Corp   3,358,701 
 280,307      Morgan Stanley   11,910,244 
 22,241      NASDAQ OMX Group, Inc   1,568,880 
 59,770      Navient Corp   898,941 
 41,140      Northern Trust Corp   3,412,974 
 50,140      S&P Global, Inc   6,025,825 
 70,095      State Street Corp   5,341,239 
 152,659      Synchrony Financial   5,468,245 
 47,147      T Rowe Price Group, Inc   3,179,594 
        TOTAL DIVERSIFIED FINANCIALS   138,506,610 
235

TIAA-CREF FUNDS - S&P 500 Index Fund

 

SHARES      COMPANY  VALUE 
         
ENERGY - 7.2%     
 108,649      Anadarko Petroleum Corp  $7,554,365 
 73,371      Apache Corp   4,389,053 
 82,390      Baker Hughes, Inc   5,197,161 
 90,487      Cabot Oil & Gas Corp   1,943,661 
 149,650   *  Chesapeake Energy Corp   965,243 
 366,952      Chevron Corp   40,860,105 
 18,353      Cimarex Energy Co   2,481,509 
 28,245   *  Concho Resources, Inc   3,938,483 
 240,983      ConocoPhillips   11,750,331 
 101,703   *  Devon Energy Corp   4,631,555 
 112,265      EOG Resources, Inc   11,403,879 
 33,144      EQT Corp   2,009,521 
 806,123   d  Exxon Mobil Corp   67,625,659 
 167,169      Halliburton Co   9,456,750 
 20,865      Helmerich & Payne, Inc   1,484,753 
 51,449      Hess Corp   2,787,507 
 373,019      Kinder Morgan, Inc   8,333,244 
 165,665      Marathon Oil Corp   2,774,889 
 102,065      Marathon Petroleum Corp   4,904,223 
 31,428      Murphy Oil Corp   908,584 
 73,308      National Oilwell Varco, Inc   2,771,775 
 38,785   *  Newfield Exploration Co   1,554,503 
 83,123      Noble Energy, Inc   3,304,970 
 148,936      Occidental Petroleum Corp   10,093,393 
 41,466      Oneok, Inc   2,285,191 
 86,110      Phillips 66   7,028,298 
 33,044      Pioneer Natural Resources Co   5,955,520 
 36,545      Range Resources Corp   1,181,865 
 270,482      Schlumberger Ltd   22,642,048 
 97,660   *  Southwestern Energy Co   879,917 
 136,525      Spectra Energy Corp   5,686,266 
 91,567   *  TechnipFMC plc   3,078,483 
 22,856      Tesoro Corp   1,847,908 
 77,360   *,e  Transocean Ltd (NYSE)   1,080,719 
 87,536      Valero Energy Corp   5,756,367 
 159,124      Williams Cos, Inc   4,589,136 
        TOTAL ENERGY   275,136,834 
              
FOOD & STAPLES RETAILING - 1.6%     
 207,212      CVS Health Corp   16,330,378 
 183,708      Kroger Co   6,238,724 
 98,174      Sysco Corp   5,150,208 
 166,310      Walgreens Boots Alliance, Inc   13,627,441 
 292,642      Wal-Mart Stores, Inc   19,530,927 
 62,050      Whole Foods Market, Inc   1,875,151 
        TOTAL FOOD & STAPLES RETAILING   62,752,829 
              
FOOD, BEVERAGE & TOBACCO - 5.7%     
 379,483      Altria Group, Inc   27,011,600 
 112,146      Archer Daniels Midland Co   4,963,582 
 35,034      Brown-Forman Corp (Class B)   1,597,550 
 38,060      Campbell Soup Co   2,368,474 
236

TIAA-CREF FUNDS - S&P 500 Index Fund

 

SHARES      COMPANY  VALUE 
         
 755,960      Coca-Cola Co  $31,425,257 
 80,601      ConAgra Foods, Inc   3,150,693 
 34,342      Constellation Brands, Inc (Class A)   5,143,058 
 84,992      Costco Wholesale Corp   13,934,438 
 35,513      Dr Pepper Snapple Group, Inc   3,238,786 
 115,026      General Mills, Inc   7,186,824 
 27,280      Hershey Co   2,877,222 
 52,650      Hormel Foods Corp   1,911,195 
 22,520      J.M. Smucker Co   3,059,342 
 49,251      Kellogg Co   3,581,040 
 115,884      Kraft Heinz Co   10,347,282 
 22,156      McCormick & Co, Inc   2,117,006 
 35,685      Mead Johnson Nutrition Co   2,514,365 
 35,598      Molson Coors Brewing Co (Class B)   3,435,919 
 300,163      Mondelez International, Inc   13,291,218 
 78,326   *  Monster Beverage Corp   3,336,688 
 278,715      PepsiCo, Inc   28,925,043 
 301,753      Philip Morris International, Inc   29,007,516 
 160,658      Reynolds American, Inc   9,660,365 
 56,310      Tyson Foods, Inc (Class A)   3,535,705 
        TOTAL FOOD, BEVERAGE & TOBACCO   217,620,168 
              
HEALTH CARE EQUIPMENT & SERVICES - 5.0%     
 334,464      Abbott Laboratories   13,970,561 
 68,194      Aetna Inc   8,088,490 
 32,644      AmerisourceBergen Corp   2,849,168 
 50,938      Anthem, Inc   7,851,583 
 14,217      Bard (C.R.), Inc   3,374,121 
 95,527      Baxter International, Inc   4,576,699 
 41,072      Becton Dickinson & Co   7,281,655 
 263,374   *  Boston Scientific Corp   6,336,778 
 61,892      Cardinal Health, Inc   4,639,424 
 33,440   *  Centene Corp   2,115,749 
 58,807   *  Cerner Corp   3,158,524 
 50,102      Cigna Corp   7,325,914 
 9,411      Cooper Cos, Inc   1,737,365 
 30,551   *  DaVita, Inc   1,947,626 
 45,088      Dentsply Sirona, Inc   2,556,490 
 41,745   *  Edwards Lifesciences Corp   4,017,539 
 23,198   *  Envision Healthcare Corp   1,577,464 
 119,878   *  Express Scripts Holding Co   8,257,197 
 56,512   *  HCA Holdings, Inc   4,536,783 
 15,660   *  Henry Schein, Inc   2,503,408 
 54,601   *  Hologic, Inc   2,212,979 
 29,017      Humana, Inc   5,759,874 
 17,668   *  Idexx Laboratories, Inc   2,161,326 
 7,494   *  Intuitive Surgical, Inc   5,191,019 
 20,117   *  Laboratory Corp of America Holdings   2,699,903 
 43,717      McKesson Corp   6,083,221 
 266,718      Medtronic plc   20,275,902 
 16,875   e  Patterson Cos, Inc   702,169 
 27,047      Quest Diagnostics, Inc   2,486,160 
 60,457      Stryker Corp   7,468,253 
237

TIAA-CREF FUNDS - S&P 500 Index Fund

 

SHARES      COMPANY  VALUE 
         
 184,972      UnitedHealth Group, Inc  $29,983,961 
 17,695      Universal Health Services, Inc (Class B)   1,992,988 
 1   *  Varex Imaging Corp   17 
 18,244   *  Varian Medical Systems, Inc   1,416,647 
 38,721      Zimmer Holdings, Inc   4,581,856 
        TOTAL HEALTH CARE EQUIPMENT & SERVICES   191,718,813 
              
HOUSEHOLD & PERSONAL PRODUCTS - 2.0%     
 49,977      Church & Dwight Co, Inc   2,259,960 
 24,900      Clorox Co   2,988,000 
 173,670      Colgate-Palmolive Co   11,215,608 
 91,240      Coty, Inc   1,751,808 
 43,133      Estee Lauder Cos (Class A)   3,502,831 
 69,623      Kimberly-Clark Corp   8,433,434 
 520,738      Procter & Gamble Co   45,616,649 
        TOTAL HOUSEHOLD & PERSONAL PRODUCTS   75,768,290 
              
INSURANCE - 4.3%     
 79,480      Aflac, Inc   5,562,805 
 71,710      Allstate Corp   5,393,309 
 190,048      American International Group, Inc   12,212,485 
 51,242      Aon plc   5,774,973 
 34,987      Arthur J. Gallagher & Co   1,883,350 
 11,221      Assurant, Inc   1,089,896 
 369,639   *  Berkshire Hathaway, Inc (Class B)   60,672,545 
 90,783      Chubb Ltd   11,937,057 
 29,332      Cincinnati Financial Corp   2,070,253 
 73,192      Hartford Financial Services Group, Inc   3,565,182 
 44,433      Lincoln National Corp   2,999,672 
 53,970      Loews Corp   2,513,923 
 100,247      Marsh & McLennan Cos, Inc   6,818,801 
 213,525      Metlife, Inc   11,617,895 
 52,115      Principal Financial Group   2,975,245 
 112,408      Progressive Corp   4,208,556 
 83,593      Prudential Financial, Inc   8,786,460 
 21,436      Torchmark Corp   1,576,403 
 55,443      Travelers Cos, Inc   6,530,077 
 44,936      UnumProvident Corp   2,041,442 
 24,835      Willis Towers Watson plc   3,107,604 
 52,023      XL Group Ltd   1,954,504 
        TOTAL INSURANCE   165,292,437 
              
MATERIALS - 2.9%     
 42,291      Air Products & Chemicals, Inc   5,910,590 
 22,248      Albemarle Corp   2,061,055 
 17,256      Avery Dennison Corp   1,260,033 
 33,882      Ball Corp   2,583,841 
 45,696      CF Industries Holdings, Inc   1,612,612 
 217,693      Dow Chemical Co   12,981,034 
 28,549      Eastman Chemical Co   2,212,547 
 51,043      Ecolab, Inc   6,131,796 
 168,966      EI du Pont de Nemours & Co   12,756,933 
 26,059      FMC Corp   1,567,709 
238

TIAA-CREF FUNDS - S&P 500 Index Fund

 

SHARES      COMPANY  VALUE 
         
 245,451   *  Freeport-McMoRan Copper & Gold, Inc (Class B)  $4,086,759 
 15,400      International Flavors & Fragrances, Inc   1,805,034 
 79,859      International Paper Co   4,520,019 
 64,987      LyondellBasell Industries AF S.C.A   6,061,337 
 12,428      Martin Marietta Materials, Inc   2,853,469 
 85,341      Monsanto Co   9,243,284 
 68,859      Mosaic Co   2,160,107 
 102,514      Newmont Mining Corp   3,719,208 
 61,911      Nucor Corp   3,596,410 
 51,056      PPG Industries, Inc   5,106,111 
 55,135      Praxair, Inc   6,530,189 
 37,670      Sealed Air Corp   1,826,995 
 15,620      Sherwin-Williams Co   4,745,512 
 25,617      Vulcan Materials Co   3,287,430 
 49,313      WestRock Co   2,631,342 
        TOTAL MATERIALS   111,251,356 
              
MEDIA - 3.2%     
 76,372      CBS Corp (Class B)   4,925,230 
 42,079   *  Charter Communications, Inc   13,631,492 
 463,403      Comcast Corp (Class A)   34,949,854 
 29,533   *  Discovery Communications, Inc (Class A)   837,261 
 42,568   *  Discovery Communications, Inc (Class C)   1,179,559 
 77,057      Interpublic Group of Cos, Inc   1,813,151 
 74,340      News Corp   913,639 
 21,414      News Corp (Class B)   270,887 
 46,051      Omnicom Group, Inc   3,944,268 
 18,575      Scripps Networks Interactive (Class A)   1,414,672 
 41,672      TEGNA, Inc   954,705 
 149,874      Time Warner, Inc   14,515,297 
 204,661      Twenty-First Century Fox, Inc   6,422,262 
 94,061      Twenty-First Century Fox, Inc (Class B)   2,916,832 
 67,244      Viacom, Inc (Class B)   2,833,662 
 285,204      Walt Disney Co   31,557,823 
        TOTAL MEDIA   123,080,594 
              
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.3%     
 315,776      AbbVie, Inc   19,297,071 
 62,237      Agilent Technologies, Inc   3,047,746 
 43,641   *  Alexion Pharmaceuticals, Inc   5,703,006 
 72,871   *  Allergan plc   15,950,733 
 144,474      Amgen, Inc   22,636,186 
 42,257   *  Biogen Idec, Inc   11,715,331 
 324,953      Bristol-Myers Squibb Co   15,974,689 
 150,792   *  Celgene Corp   17,514,491 
 188,955      Eli Lilly & Co   14,555,204 
 41,749   *  Endo International plc   511,008 
 255,798      Gilead Sciences, Inc   18,532,565 
 28,626   *  Illumina, Inc   4,583,022 
 529,203      Johnson & Johnson   59,932,240 
 20,820   *  Mallinckrodt plc   1,014,558 
 536,191      Merck & Co, Inc   33,238,480 
 5,101   *  Mettler-Toledo International, Inc   2,176,240 
239

TIAA-CREF FUNDS - S&P 500 Index Fund

 

SHARES      COMPANY  VALUE 
         
 88,993   *  Mylan NV  $3,386,184 
 21,952   *  PerkinElmer, Inc   1,167,627 
 27,482      Perrigo Co plc   2,092,754 
 1,179,951      Pfizer, Inc   37,439,845 
 14,616   *  Regeneron Pharmaceuticals, Inc   5,251,383 
 76,775      Thermo Fisher Scientific, Inc   11,699,742 
 48,415   *  Vertex Pharmaceuticals, Inc   4,157,396 
 15,746   *  Waters Corp   2,230,421 
 96,237      Zoetis, Inc   5,287,261 
        TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES   319,095,183 
              
REAL ESTATE - 2.8%     
 82,754      American Tower Corp   8,565,039 
 31,287      Apartment Investment & Management Co (Class A)   1,378,818 
 26,770      AvalonBay Communities, Inc   4,639,509 
 30,215      Boston Properties, Inc   3,955,144 
 59,061   *  CBRE Group, Inc   1,793,092 
 69,746      Crown Castle International Corp   6,125,791 
 30,992      Digital Realty Trust, Inc   3,335,669 
 13,811      Equinix, Inc   5,316,959 
 70,725      Equity Residential   4,297,958 
 12,866      Essex Property Trust, Inc   2,885,844 
 24,555      Extra Space Storage, Inc   1,769,188 
 13,891      Federal Realty Investment Trust   1,950,713 
 111,686   *  GGP, Inc   2,774,280 
 91,198      HCP, Inc   2,765,123 
 144,661      Host Marriott Corp   2,614,024 
 47,236      Iron Mountain, Inc   1,691,049 
 82,081      Kimco Realty Corp   2,042,996 
 23,539      Macerich Co   1,616,894 
 22,252      Mid-America Apartment Communities, Inc   2,112,827 
 102,244      Prologis, Inc   4,994,619 
 29,019      Public Storage, Inc   6,239,085 
 49,669      Realty Income Corp   2,961,763 
 60,798      Simon Property Group, Inc   11,172,848 
 19,928      SL Green Realty Corp   2,171,554 
 52,302      UDR, Inc   1,827,955 
 68,754      Ventas, Inc   4,240,059 
 33,825      Vornado Realty Trust   3,595,936 
 70,076      Welltower, Inc   4,646,039 
 144,659      Weyerhaeuser Co   4,532,167 
        TOTAL REAL ESTATE   108,012,942 
              
RETAILING - 5.5%     
 14,336      Advance Auto Parts, Inc   2,354,545 
 76,676   *  Amazon.com, Inc   63,141,152 
 13,262   *  Autonation, Inc   704,478 
 5,605   *  AutoZone, Inc   4,063,513 
 29,405      Bed Bath & Beyond, Inc   1,186,492 
 53,230      Best Buy Co, Inc   2,369,800 
 37,288   *  Carmax, Inc   2,487,483 
 49,368      Dollar General Corp   3,644,346 
 45,606   *  Dollar Tree, Inc   3,520,327 
240

TIAA-CREF FUNDS - S&P 500 Index Fund

 

SHARES      COMPANY  VALUE 
         
 23,539      Expedia, Inc  $2,862,107 
 26,167      Foot Locker, Inc   1,793,486 
 43,946      Gap, Inc   1,012,076 
 29,111      Genuine Parts Co   2,818,236 
 236,781      Home Depot, Inc   32,576,330 
 34,886      Kohl’s Corp   1,389,509 
 46,715      L Brands, Inc   2,812,710 
 59,581   *  LKQ Corp   1,901,230 
 169,052      Lowe’s Companies, Inc   12,354,320 
 59,830      Macy’s, Inc   1,767,378 
 83,339   *  NetFlix, Inc   11,726,631 
 23,244      Nordstrom, Inc   1,027,850 
 18,268   *  O’Reilly Automotive, Inc   4,791,148 
 9,600   *  Priceline.com, Inc   15,121,248 
 77,002      Ross Stores, Inc   5,090,602 
 13,599      Signet Jewelers Ltd   1,056,234 
 128,822      Staples, Inc   1,185,163 
 108,607      Target Corp   7,002,979 
 20,757      Tiffany & Co   1,633,991 
 126,109      TJX Companies, Inc   9,448,086 
 25,173      Tractor Supply Co   1,854,495 
 22,089   *  TripAdvisor, Inc   1,168,508 
 11,347   *  Ulta Salon Cosmetics & Fragrance, Inc   3,089,561 
 18,367   *  Urban Outfitters, Inc   487,460 
        TOTAL RETAILING   209,443,474 
              
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.3%     
 59,562      Analog Devices, Inc   4,463,576 
 210,189      Applied Materials, Inc   7,198,973 
 77,255      Broadcom Ltd   15,412,373 
 15,949   *,e  First Solar, Inc   497,449 
 921,147      Intel Corp   33,916,633 
 30,458      Kla-Tencor Corp   2,592,280 
 31,616      Lam Research Corp   3,631,414 
 47,030      Linear Technology Corp   2,969,004 
 41,960      Microchip Technology, Inc   2,826,006 
 200,678   *  Micron Technology, Inc   4,838,347 
 104,628      Nvidia Corp   11,423,285 
 25,142   *  Qorvo, Inc   1,614,368 
 286,777      Qualcomm, Inc   15,322,495 
 36,007      Skyworks Solutions, Inc   3,303,282 
 194,595      Texas Instruments, Inc   14,699,706 
 49,118      Xilinx, Inc   2,858,668 
        TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT   127,567,859 
              
SOFTWARE & SERVICES - 12.6%     
 120,543      Accenture plc   13,726,231 
 132,202      Activision Blizzard, Inc   5,315,842 
 96,843   *  Adobe Systems, Inc   10,980,059 
 33,402   *  Akamai Technologies, Inc   2,291,043 
 11,220      Alliance Data Systems Corp   2,562,424 
 57,604   *  Alphabet, Inc (Class A)   47,246,225 
 57,741   *  Alphabet, Inc (Class C)   46,007,451 
241

TIAA-CREF FUNDS - S&P 500 Index Fund

 

SHARES      COMPANY  VALUE 
         
 37,668   *  Autodesk, Inc  $3,063,915 
 87,683      Automatic Data Processing, Inc   8,855,106 
 60,555      CA, Inc   1,893,555 
 30,230   *  Citrix Systems, Inc   2,756,674 
 117,271   *  Cognizant Technology Solutions Corp (Class A)   6,167,282 
 28,653      CSRA, Inc   888,816 
 202,301   *  eBay, Inc   6,439,241 
 58,779   *  Electronic Arts, Inc   4,903,932 
 455,189   *  Facebook, Inc   59,320,230 
 63,459      Fidelity National Information Services, Inc   5,039,914 
 42,532   *  Fiserv, Inc   4,569,213 
 29,691      Global Payments, Inc   2,294,521 
 168,307      International Business Machines Corp   29,372,938 
 47,567      Intuit, Inc   5,640,495 
 185,439      MasterCard, Inc (Class A)   19,717,729 
 1,511,949      Microsoft Corp   97,747,503 
 583,368      Oracle Corp   23,398,890 
 62,601      Paychex, Inc   3,774,214 
 218,021   *  PayPal Holdings, Inc   8,672,875 
 34,896   *  Red Hat, Inc   2,647,908 
 124,275   *  salesforce.com, Inc   9,830,153 
 121,226      Symantec Corp   3,339,776 
 26,040   *  Teradata Corp   764,534 
 31,642      Total System Services, Inc   1,603,617 
 17,566   *  VeriSign, Inc   1,408,969 
 363,612      Visa, Inc (Class A)   30,074,349 
 93,774      Western Union Co   1,836,095 
 166,981      Xerox Corp   1,157,178 
 171,056   *  Yahoo!, Inc   7,538,438 
        TOTAL SOFTWARE & SERVICES   482,847,335 
              
TECHNOLOGY HARDWARE & EQUIPMENT - 5.2%     
 59,617      Amphenol Corp (Class A)   4,023,551 
 1,036,764      Apple, Inc   125,811,312 
 975,756      Cisco Systems, Inc   29,975,224 
 184,751      Corning, Inc   4,894,054 
 12,814   *  F5 Networks, Inc   1,717,460 
 26,470      Flir Systems, Inc   935,185 
 24,200      Harris Corp   2,485,582 
 323,936      Hewlett Packard Enterprise Co   7,346,869 
 330,862      HP, Inc   4,979,473 
 73,149      Juniper Networks, Inc   1,958,930 
 32,358      Motorola, Inc   2,611,614 
 53,374      NetApp, Inc   2,045,292 
 57,513      Seagate Technology, Inc   2,596,712 
 68,843      TE Connectivity Ltd   5,118,477 
 55,687      Western Digital Corp   4,439,925 
        TOTAL TECHNOLOGY HARDWARE & EQUIPMENT   200,939,660 
              
TELECOMMUNICATION SERVICES - 2.5%     
 1,193,739      AT&T, Inc   50,328,036 
 105,681      CenturyTel, Inc   2,732,911 
 236,169   e  Frontier Communications Corp   824,230 
242

TIAA-CREF FUNDS - S&P 500 Index Fund

 

SHARES      COMPANY  VALUE 
         
 56,333   *  Level 3 Communications, Inc  $3,349,560 
 792,667      Verizon Communications, Inc   38,848,610 
        TOTAL TELECOMMUNICATION SERVICES   96,083,347 
              
TRANSPORTATION - 2.3%     
 24,053      Alaska Air Group, Inc   2,256,652 
 101,030      American Airlines Group, Inc   4,470,578 
 27,421      CH Robinson Worldwide, Inc   2,085,641 
 181,139      CSX Corp   8,403,038 
 142,412      Delta Air Lines, Inc   6,727,543 
 35,206      Expeditors International of Washington, Inc   1,833,528 
 47,500      FedEx Corp   8,982,725 
 17,369      J.B. Hunt Transport Services, Inc   1,720,921 
 20,954      Kansas City Southern Industries, Inc   1,800,158 
 56,788      Norfolk Southern Corp   6,670,318 
 10,825      Ryder System, Inc   840,020 
 119,879      Southwest Airlines Co   6,270,871 
 160,195      Union Pacific Corp   17,073,583 
 56,293   *  United Continental Holdings, Inc   3,966,968 
 133,908      United Parcel Service, Inc (Class B)   14,613,380 
        TOTAL TRANSPORTATION   87,715,924 
              
UTILITIES - 3.1%     
 130,745      AES Corp   1,495,723 
 44,949      Alliant Energy Corp   1,692,330 
 47,472      Ameren Corp   2,499,401 
 95,721      American Electric Power Co, Inc   6,131,887 
 34,898      American Water Works Co, Inc   2,562,909 
 83,159      Centerpoint Energy, Inc   2,179,597 
 54,149      CMS Energy Corp   2,306,747 
 59,472      Consolidated Edison, Inc   4,421,743 
 121,280      Dominion Resources, Inc   9,251,238 
 34,648      DTE Energy Co   3,417,679 
 134,376      Duke Energy Corp   10,553,891 
 63,140      Edison International   4,601,643 
 34,306      Entergy Corp   2,457,682 
 61,410      Eversource Energy   3,397,201 
 178,509      Exelon Corp   6,404,903 
 83,229      FirstEnergy Corp   2,523,503 
 91,230      NextEra Energy, Inc   11,286,976 
 62,320      NiSource, Inc   1,394,098 
 61,645      NRG Energy, Inc   1,019,608 
 98,395      PG&E Corp   6,089,667 
 22,087      Pinnacle West Capital Corp   1,714,614 
 131,485      PPL Corp   4,580,937 
 97,834      Public Service Enterprise Group, Inc   4,329,155 
 27,891      SCANA Corp   1,916,112 
 48,358      Sempra Energy   4,951,376 
 190,981      Southern Co   9,440,191 
 61,299      WEC Energy Group, Inc   3,619,706 
 98,139      Xcel Energy, Inc   4,055,104 
        TOTAL UTILITIES   120,295,621 
243

TIAA-CREF FUNDS - S&P 500 Index Fund

 

SHARES      COMPANY              VALUE 
                     
        TOTAL COMMON STOCKS              $3,814,134,237 
        (Cost $2,677,767,467)                 
                          
PRINCIPAL      ISSUER    RATE  MATURITY DATE     
SHORT-TERM INVESTMENTS - 0.5%     
GOVERNMENT AGENCY DEBT - 0.4%             
$14,850,000   d  Federal Home Loan Bank (FHLB)   0.450%  02/01/17   14,850,000 
        TOTAL GOVERNMENT AGENCY DEBT           14,850,000 
                      
SHARES       COMPANY              

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.1%

             
 4,214,318   c   State Street Navigator Securities Lending Government Money Market Portfolio   4,214,318 
        TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES   4,214,318 
                      
        TOTAL SHORT-TERM INVESTMENTS           19,064,318 
        (Cost $19,064,318)             
        TOTAL INVESTMENTS - 100.0%           3,833,198,555 
        (Cost $2,696,831,785)             
        OTHER ASSETS & LIABILITIES, NET - 0.0%           63,561 
        NET ASSETS - 100.0%          $3,833,262,116 
       
       
*   Non-income producing
c   Investments made with cash collateral received from securities on loan.
d   All or a portion of these securities have been segregated to cover margin requirements on open futures contracts.
e   All or a portion of these securities are out on loan. The aggregate value of securities on loan is $3,821,671.
244

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

TIAA-CREF FUNDS

SMALL-CAP BLEND INDEX FUND

SCHEDULE OF INVESTMENTS (unaudited)

January 31, 2017

            
SHARES      COMPANY  VALUE 
         
COMMON STOCKS - 100.0%
         
AUTOMOBILES & COMPONENTS - 1.1%
 86,884   *  American Axle & Manufacturing Holdings, Inc  $1,772,434 
 62,857      Cooper Tire & Rubber Co   2,278,566 
 16,895   *  Cooper-Standard Holding, Inc   1,778,706 
 169,155      Dana Holding Corp   3,406,782 
 30,145   *  Dorman Products, Inc   2,080,608 
 24,679   *  Fox Factory Holding Corp   639,186 
 40,995   *  Gentherm, Inc   1,451,223 
 20,258   *  Horizon Global Corp   396,449 
 17,111      Metaldyne Performance Group, Inc   403,820 
 53,048   *  Modine Manufacturing Co   721,453 
 20,405   *  Motorcar Parts of America, Inc   535,223 
 37,770      Spartan Motors, Inc   298,383 
 24,367      Standard Motor Products, Inc   1,215,182 
 32,350   *  Stoneridge, Inc   530,863 
 4,204      Strattec Security Corp   129,483 
 27,575      Superior Industries International, Inc   635,604 
 63,956   *  Tenneco, Inc   4,313,832 
 23,439      Tower International, Inc   614,102 
 8,696      Unique Fabricating, Inc   113,222 
 30,571      Winnebago Industries, Inc   959,929 
 15,519   *,e  Workhorse Group, Inc   50,281 
        TOTAL AUTOMOBILES & COMPONENTS   24,325,331 
 
BANKS - 13.9%
 18,027      1st Source Corp   813,198 
 9,500   e  Access National Corp   253,460 
 6,315      ACNB Corp   189,450 
 12,320   *  Allegiance Bancshares, Inc   399,784 
 9,239      American National Bankshares, Inc   327,984 
 38,735      Ameris Bancorp   1,746,948 
 9,067      Ames National Corp   292,864 
 12,061      Arrow Financial Corp   425,753 
 104,547      Astoria Financial Corp   1,976,984 
 19,530   *  Atlantic Capital Bancshares, Inc   373,023 
 55,009   e  Banc of California, Inc   869,142 
 8,913      Bancfirst Corp   840,942 
 35,015      Banco Latinoamericano de Exportaciones S.A. (Class E)   952,408 
 98,175      Bancorpsouth, Inc   2,915,797 
 46,098      Bank Mutual Corp   440,236 
 6,597      Bank of Marin Bancorp   443,318 
 14,232      Bank of NT Butterfield & Son Ltd   468,090 
 100,622   e  Bank of the Ozarks, Inc   5,521,129 
 18,313      BankFinancial Corp   246,676 
 6,048      Bankwell Financial Group, Inc   177,267 
245

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
         
 33,901      Banner Corp  $1,902,524 
 10,970      Bar Harbor Bankshares   475,330 
 19,014      Bear State Financial, Inc   191,471 
 79,911      Beneficial Bancorp, Inc   1,426,411 
 37,797      Berkshire Hills Bancorp, Inc   1,338,014 
 26,774      Blue Hills Bancorp, Inc   508,706 
 46,492      BNC Bancorp   1,638,843 
 68,389   *,e  BofI Holding, Inc   2,017,475 
 92,722      Boston Private Financial Holdings, Inc   1,529,913 
 20,521      Bridge Bancorp, Inc   741,834 
 78,120      Brookline Bancorp, Inc   1,230,390 
 18,972      Bryn Mawr Bank Corp   759,829 
 9,670   *  BSB Bancorp, Inc   268,342 
 3,418      C&F Financial Corp   148,170 
 2,510   e  California First National Bancorp   40,536 
 17,259      Camden National Corp   715,903 
 29,893      Capital Bank Financial Corp   1,177,784 
 13,244      Capital City Bank Group, Inc   274,018 
 144,752      Capitol Federal Financial   2,236,418 
 3,271   *  Capstar Financial Holdings, Inc   68,364 
 35,872      Cardinal Financial Corp   1,124,946 
 11,655      Carolina Financial Corp   349,067 
 34,861   *  Cascade Bancorp   277,842 
 84,082      Cathay General Bancorp   3,063,948 
 53,292      Centerstate Banks of Florida, Inc   1,299,792 
 34,432      Central Pacific Financial Corp   1,078,755 
 10,513      Central Valley Community Bancorp   212,678 
 3,258      Century Bancorp, Inc   196,457 
 15,283      Charter Financial Corp   262,562 
 74,460      Chemical Financial Corp   3,680,558 
 3,316      Chemung Financial Corp   113,374 
 13,442      Citizens & Northern Corp   319,382 
 16,679      City Holding Co   1,085,636 
 24,639      Clifton Bancorp, Inc   382,397 
 15,252      CNB Financial Corp   357,812 
 41,292      CoBiz, Inc   723,436 
 9,395      Codorus Valley Bancorp, Inc   241,170 
 66,106      Columbia Banking System, Inc   2,628,375 
 48,622      Community Bank System, Inc   2,837,580 
 17,378      Community Trust Bancorp, Inc   803,732 
 31,909      ConnectOne Bancorp, Inc   788,152 
 5,113      County Bancorp, Inc   139,585 
 18,338   *  CU Bancorp   664,752 
 27,275   *  Customers Bancorp, Inc   939,896 
 114,561      CVB Financial Corp   2,582,205 
 35,095      Dime Community Bancshares   751,033 
 34,832   *  Eagle Bancorp, Inc   2,133,460 
 10,408      Enterprise Bancorp, Inc   349,813 
 21,785      Enterprise Financial Services Corp   907,345 
 5,310   *  Equity Bancshares, Inc   173,425 
 10,159      ESSA Bancorp, Inc   160,817 
 84,682   *  Essent Group Ltd   2,927,457 
 106,973      EverBank Financial Corp   2,078,485 
246

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
         
 8,145      Farmers Capital Bank Corp  $302,587 
 26,239      Farmers National Banc Corp   330,611 
 7,309   *,e  FB Financial Corp   186,087 
 33,818   *  FCB Financial Holdings, Inc   1,587,755 
 9,955      Federal Agricultural Mortgage Corp (Class C)   554,095 
 22,970      Fidelity Southern Corp   534,052 
 15,447      Financial Institutions, Inc   508,979 
 22,562      First Bancorp (NC)   660,390 
 134,898   *  First Bancorp (Puerto Rico)   906,515 
 11,341      First Bancorp, Inc   306,207 
 35,631      First Busey Corp   1,042,207 
 8,781      First Business Financial Services, Inc   212,764 
 8,630      First Citizens Bancshares, Inc (Class A)   3,164,966 
 100,476      First Commonwealth Financial Corp   1,418,721 
 16,852      First Community Bancshares, Inc   490,393 
 14,324   *,e  First Community Financial Partners, Inc   170,456 
 15,404      First Connecticut Bancorp   348,901 
 9,816      First Defiance Financial Corp   475,683 
 69,781      First Financial Bancorp   1,922,467 
 72,409   e  First Financial Bankshares, Inc   3,088,244 
 10,889      First Financial Corp   526,483 
 9,578      First Financial Northwest, Inc   198,743 
 29,556   *  First Foundation, Inc   428,562 
 5,506      First Internet Bancorp   171,512 
 22,685      First Interstate Bancsystem, Inc   933,488 
 46,144      First Merchants Corp   1,768,700 
 8,956      First Mid-Illinois Bancshares, Inc   282,204 
 91,517      First Midwest Bancorp, Inc   2,222,033 
 20,196   *,e  First NBC Bank Holding Co   80,784 
 13,395   *  First Northwest Bancorp   198,380 
 23,854      First of Long Island Corp   646,443 
 24,098   *  Flagstar Bancorp, Inc   621,005 
 31,053      Flushing Financial Corp   844,642 
 237,923      FNB Corp   3,554,570 
 13,099   *  Franklin Financial Network, Inc   504,966 
 195,863      Fulton Financial Corp   3,564,707 
 15,836      German American Bancorp, Inc   759,970 
 86,341      Glacier Bancorp, Inc   3,067,696 
 12,046      Great Southern Bancorp, Inc   602,902 
 67,131      Great Western Bancorp, Inc   2,869,850 
 23,484   *  Green Bancorp, Inc   402,751 
 3,193   e  Greene County Bancorp, Inc   70,246 
 19,935      Guaranty Bancorp   482,427 
 94,889      Hancock Holding Co   4,350,661 
 35,588      Hanmi Financial Corp   1,179,742 
 15,464   *  HarborOne Bancorp, Inc   287,940 
 26,389      Heartland Financial USA, Inc   1,235,005 
 29,506      Heritage Commerce Corp   414,264 
 33,531      Heritage Financial Corp   855,040 
 27,816      Heritage Oaks Bancorp   376,629 
 85,180      Hilltop Holdings, Inc   2,332,228 
 1,568      Hingham Institution for Savings   303,236 
 6,736      Home Bancorp, Inc   239,600 
247

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
         
 136,929      Home Bancshares, Inc  $3,688,867 
 26,360   *  HomeStreet, Inc   690,632 
 18,707   *  HomeTrust Bancshares, Inc   462,998 
 145,311      Hope Bancorp, Inc   3,038,453 
 21,990      Horizon Bancorp   563,604 
 50,437      IBERIABANK Corp   4,143,399 
 12,134   *  Impac Mortgage Holdings, Inc   167,692 
 29,250      Independent Bank Corp (MA)   1,823,738 
 23,149      Independent Bank Corp (MI)   486,129 
 12,546      Independent Bank Group, Inc   779,734 
 62,464      International Bancshares Corp   2,317,414 
 338,096      Investors Bancorp, Inc   4,851,678 
 101,378      Kearny Financial Corp   1,546,015 
 43,718      Lakeland Bancorp, Inc   810,969 
 27,383      Lakeland Financial Corp   1,216,353 
 10,342      LCNB Corp   232,695 
 50,234      LegacyTexas Financial Group, Inc   2,075,669 
 7,258   *  LendingTree, Inc   812,170 
 21,949      Live Oak Bancshares, Inc   448,857 
 30,189      Macatawa Bank Corp   308,532 
 26,461      MainSource Financial Group, Inc   869,508 
 85,592      MB Financial, Inc   3,811,412 
 21,340      MBT Financial Corp   230,472 
 17,859      Mercantile Bank Corp   576,846 
 6,534      Merchants Bancshares, Inc   333,234 
 54,260      Meridian Bancorp, Inc   1,022,801 
 9,448      Meta Financial Group, Inc   830,007 
 387,479   *  MGIC Investment Corp   4,126,651 
 5,648      Middleburg Financial Corp   193,952 
 3,855      Midland States Bancorp, Inc   130,530 
 9,475      MidWestOne Financial Group, Inc   334,562 
 5,746      MutualFirst Financial, Inc   179,563 
 26,507      National Bank Holdings Corp   861,478 
 7,556   e  National Bankshares, Inc   329,064 
 8,959   *  National Commerce Corp   335,963 
 37,094   *,e  Nationstar Mortgage Holdings, Inc   672,885 
 48,031      NBT Bancorp, Inc   1,956,783 
 8,543   *  Nicolet Bankshares, Inc   414,079 
 56,996   *  NMI Holdings, Inc   615,557 
 47,767      Northfield Bancorp, Inc   862,194 
 8,023      Northrim BanCorp, Inc   226,650 
 109,683      Northwest Bancshares, Inc   1,872,289 
 29,454      OceanFirst Financial Corp   836,788 
 116,944   *  Ocwen Financial Corp   616,295 
 49,744      OFG Bancorp   659,108 
 9,993      Old Line Bancshares, Inc   267,912 
 151,569      Old National Bancorp   2,690,350 
 32,590      Old Second Bancorp, Inc   351,972 
 19,578      Opus Bank   398,412 
 44,527      Oritani Financial Corp   772,543 
 7,819      Orrstown Financial Services, Inc   171,627 
 23,280      Pacific Continental Corp   577,344 
 16,248   *  Pacific Mercantile Bancorp   116,173 
248

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
              
 30,753   *  Pacific Premier Bancorp, Inc  $1,210,131 
 1,268   *  Paragon Commercial Corp   58,049 
 15,217      Park National Corp   1,685,891 
 57,005      Park Sterling Bank   666,959 
 17,587      Peapack Gladstone Financial Corp   531,215 
 4,955      Penns Woods Bancorp, Inc   228,921 
 15,909   *  PennyMac Financial Services, Inc   268,862 
 18,067      Peoples Bancorp, Inc   560,980 
 7,681      Peoples Financial Services Corp   330,283 
 13,702      People’s Utah Bancorp   345,976 
 59,415   *  PHH Corp   866,271 
 48,782      Pinnacle Financial Partners, Inc   3,261,077 
 13,484      Preferred Bank   747,148 
 11,092      Premier Financial Bancorp, Inc   203,205 
 89,083      PrivateBancorp, Inc   4,869,277 
 75,999      Prosperity Bancshares, Inc   5,519,807 
 4,621   *  Provident Bancorp, Inc   91,034 
 8,251      Provident Financial Holdings, Inc   152,891 
 69,236      Provident Financial Services, Inc   1,832,677 
 13,525      QCR Holdings, Inc   567,374 
 244,232      Radian Group, Inc   4,493,869 
 46,453      Renasant Corp   1,848,829 
 10,831      Republic Bancorp, Inc (Class A)   375,294 
 57,718   *  Republic First Bancorp, Inc   435,771 
 39,187      S&T Bancorp, Inc   1,474,215 
 26,998      Sandy Spring Bancorp, Inc   1,106,108 
 33,631   *  Seacoast Banking Corp of Florida   732,483 
 52,120      ServisFirst Bancshares, Inc   2,086,885 
 14,849      Shore Bancshares, Inc   238,920 
 13,457      SI Financial Group, Inc   202,528 
 13,429      Sierra Bancorp   359,360 
 33,267      Simmons First National Corp (Class A)   2,001,010 
 29,591      South State Corp   2,645,435 
 6,070   *  Southern First Bancshares, Inc   214,878 
 6,160      Southern Missouri Bancorp, Inc   207,346 
 13,518      Southern National Bancorp of Virginia, Inc   216,694 
 30,053      Southside Bancshares, Inc   1,026,610 
 20,335      Southwest Bancorp, Inc   563,280 
 39,414      State Bank & Trust Co   1,042,106 
 143,881      Sterling Bancorp/DE   3,431,562 
 24,036      Stock Yards Bancorp, Inc   1,076,813 
 13,601      Stonegate Bank   618,982 
 12,979      Suffolk Bancorp   537,590 
 9,634      Summit Financial Group, Inc   251,929 
 12,693      Sun Bancorp, Inc   317,325 
 8,837      Territorial Bancorp, Inc   279,868 
 56,457   *  Texas Capital Bancshares, Inc   4,657,702 
 57,255   *  The Bancorp, Inc   342,957 
 16,602      Tompkins Trustco, Inc   1,503,311 
 63,798      TowneBank   2,054,296 
 23,149      Trico Bancshares   853,504 
 24,275   *  Tristate Capital Holdings, Inc   538,905 
 16,936   *  Triumph Bancorp, Inc   458,119 
249

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
         
 101,339      Trustco Bank Corp NY  $851,248 
 76,463      Trustmark Corp   2,570,686 
 50,983      UMB Financial Corp   3,932,829 
 250,805      Umpqua Holdings Corp   4,592,240 
 49,456      Union Bankshares Corp   1,818,003 
 4,089   e  Union Bankshares, Inc   169,694 
 78,920   e  United Bankshares, Inc   3,535,616 
 79,776      United Community Banks, Inc   2,244,099 
 53,029      United Community Financial Corp   451,277 
 57,850      United Financial Bancorp, Inc (New)   1,044,193 
 28,015      Univest Corp of Pennsylvania   788,622 
 281,540      Valley National Bancorp   3,409,449 
 8,763   *  Veritex Holdings, Inc   238,003 
 31,714   *  Walker & Dunlop, Inc   996,137 
 23,619   *,e  Walter Investment Management Corp   89,752 
 103,126      Washington Federal, Inc   3,387,689 
 16,662      Washington Trust Bancorp, Inc   908,079 
 9,964      WashingtonFirst Bankshares, Inc   277,497 
 28,299      Waterstone Financial, Inc   512,212 
 104,204      Webster Financial Corp   5,472,794 
 45,740      WesBanco, Inc   1,898,210 
 17,849      West Bancorporation, Inc   406,957 
 27,946   e  Westamerica Bancorporation   1,585,936 
 27,235      Western New England Bancorp, Inc   264,180 
 58,346      Wintrust Financial Corp   4,177,574 
 230,680   *  WMIH Corp   357,554 
 32,788      WSFS Financial Corp   1,485,296 
 8,107   *  Xenith Bankshares, Inc   211,106 
 56,380      Yadkin Financial Corp   1,804,160 
        TOTAL BANKS   298,974,347 
 
CAPITAL GOODS - 9.3%
 46,158      Aaon, Inc   1,567,064 
 37,233      AAR Corp   1,191,084 
 66,244      Actuant Corp (Class A)   1,732,281 
 40,481      Advanced Drainage Systems, Inc   975,592 
 38,950   *  Aegion Corp   905,977 
 67,375   *  Aerojet Rocketdyne Holdings, Inc   1,220,161 
 25,360   *  Aerovironment, Inc   664,178 
 54,399      Aircastle Ltd   1,213,098 
 10,621      Alamo Group, Inc   803,266 
 32,541      Albany International Corp (Class A)   1,544,070 
 7,768      Allied Motion Technologies, Inc   171,207 
 28,357      Altra Holdings, Inc   1,057,716 
 23,712   *  Ameresco, Inc   123,302 
 8,732   e  American Railcar Industries, Inc   388,923 
 12,445   *,e  American Superconductor Corp   86,991 
 15,602   *  American Woodmark Corp   1,110,862 
 32,222      Apogee Enterprises, Inc   1,839,232 
 41,094      Applied Industrial Technologies, Inc   2,484,132 
 15,215      Argan, Inc   1,122,106 
 25,963   *  Armstrong Flooring, Inc   546,002 
 21,835      Astec Industries, Inc   1,528,013 
250

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
         
 21,929   *  Astronics Corp  $719,490 
 15,937   *  Atkore International Group, Inc   425,837 
 29,002      AZZ, Inc   1,727,069 
 51,683   *  Babcock & Wilcox Enterprises, Inc   860,005 
 57,008      Barnes Group, Inc   2,743,795 
 67,867   *  Beacon Roofing Supply, Inc   2,970,539 
 5,757   *  Blue Bird Corp   97,005 
 62,256   *  BMC Stock Holdings, Inc   1,164,187 
 48,548      Briggs & Stratton Corp   1,051,550 
 95,268   *  Builders FirstSource, Inc   1,025,084 
 27,123   *  Caesarstone Sdot-Yam Ltd   823,183 
 18,873   *  CAI International, Inc   304,610 
 34,373   *  Chart Industries, Inc   1,333,329 
 18,734      CIRCOR International, Inc   1,166,754 
 53,962      Clarcor, Inc   4,468,593 
 21,892      Columbus McKinnon Corp   601,811 
 42,377      Comfort Systems USA, Inc   1,434,461 
 39,392   *  Continental Building Products Inc   915,864 
 15,938   *  CSW Industrials, Inc   582,534 
 28,413      Cubic Corp   1,351,038 
 50,195      Curtiss-Wright Corp   4,922,122 
 70,983   *  DigitalGlobe, Inc   1,991,073 
 16,384      DMC Global, Inc   261,325 
 24,864      Douglas Dynamics, Inc   840,403 
 11,674   *  Ducommun, Inc   345,901 
 17,598   *  DXP Enterprises, Inc   665,556 
 34,637   *  Dycom Industries, Inc   2,793,820 
 68,703      EMCOR Group, Inc   4,787,912 
 22,673      Encore Wire Corp   957,934 
 17,244   *,e  Energous Corp   249,348 
 38,655   *  Energy Recovery, Inc   395,827 
 49,448      EnerSys   3,854,472 
 21,111   *  Engility Holdings, Inc   619,186 
 24,349      EnPro Industries, Inc   1,653,541 
 28,560      ESCO Technologies, Inc   1,662,192 
 33,356   *  Esterline Technologies Corp   2,856,941 
 67,942      Federal Signal Corp   1,055,819 
 52,072      Franklin Electric Co, Inc   2,101,105 
 14,079      Freightcar America, Inc   203,442 
 44,118   *,e  FuelCell Energy, Inc   66,177 
 46,418   e  GATX Corp   2,683,889 
 10,296   *  Gencor Industries, Inc   161,132 
 74,027   *  Generac Holdings, Inc   2,980,327 
 55,184      General Cable Corp   1,120,235 
 35,827   *  Gibraltar Industries, Inc   1,572,805 
 23,903      Global Brass & Copper Holdings, Inc   792,384 
 7,514   *  GMS, Inc   224,218 
 19,786      Gorman-Rupp Co   642,254 
 10,970      Graham Corp   243,753 
 44,743      Granite Construction, Inc   2,511,425 
 66,706   *  Great Lakes Dredge & Dock Corp   346,871 
 30,605   e  Greenbrier Cos, Inc   1,338,969 
 33,436      Griffon Corp   850,946 
251

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
         
 35,802      H&E Equipment Services, Inc  $925,840 
 14,540      Hardinge, Inc   154,124 
 92,036      Harsco Corp   1,228,681 
 38,878   *  HC2 Holdings, Inc   258,539 
 66,915      Hillenbrand, Inc   2,445,743 
 7,567      Hurco Cos, Inc   231,550 
 10,741      Hyster-Yale Materials Handling, Inc   660,786 
 9,475   *  IES Holdings, Inc   184,762 
 19,790      Insteel Industries, Inc   733,022 
 33,072      John Bean Technologies Corp   2,855,767 
 111,451      Joy Global, Inc   3,134,002 
 11,834      Kadant, Inc   728,974 
 30,374      Kaman Corp   1,534,798 
 89,571      Kennametal, Inc   3,201,268 
 39,834   *,e  KEYW Holding Corp   398,738 
 59,775   *  KLX, Inc   2,928,377 
 65,721   *  Kratos Defense & Security Solutions, Inc   541,541 
 6,694   *  Lawson Products, Inc   173,040 
 21,374   *  Layne Christensen Co   222,931 
 11,982   e  Lindsay Corp   902,724 
 25,067      LSI Industries, Inc   238,638 
 18,594   *  Lydall, Inc   1,134,234 
 148,466      Manitowoc Co, Inc   1,014,023 
 34,511   *  Masonite International Corp   2,298,433 
 75,018   *  Mastec, Inc   2,794,421 
 44,020   *  Mercury Systems, Inc   1,484,354 
 92,597   *  Meritor, Inc   1,336,175 
 16,670   *  Milacron Holdings Corp   275,722 
 12,408      Miller Industries, Inc   328,812 
 36,140   *  Moog, Inc (Class A)   2,380,542 
 106,097   *  MRC Global, Inc   2,180,293 
 64,548      Mueller Industries, Inc   2,598,702 
 176,496      Mueller Water Products, Inc (Class A)   2,375,636 
 16,518   *  MYR Group, Inc   635,447 
 5,667      National Presto Industries, Inc   602,969 
 55,822   *  Navistar International Corp   1,522,266 
 30,275   *  NCI Building Systems, Inc   484,400 
 10,118   *  Neff Corp   158,853 
 30,417      NN, Inc   588,569 
 120,493   *  NOW, Inc   2,561,681 
 8,444   *  NV5 Holdings, Inc   344,093 
 3,308      Omega Flex, Inc   156,898 
 29,546   *  Orion Marine Group, Inc   310,233 
 16,596   *  Patrick Industries, Inc   1,356,723 
 54,803   *  PGT, Inc   630,235 
 190,665   *,e  Plug Power, Inc   202,105 
 24,433   *  Ply Gem Holdings, Inc   394,593 
 9,641      Powell Industries, Inc   370,986 
 8,810   *,e  Power Solutions International, Inc   65,194 
 2,540      Preformed Line Products Co   138,684 
 45,833      Primoris Services Corp   1,137,575 
 28,043   *  Proto Labs, Inc   1,472,258 
 38,770      Quanex Building Products Corp   765,708 
252

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
         
 40,760      Raven Industries, Inc  $1,021,038 
 25,544   *  RBC Bearings, Inc   2,366,141 
 93,909   *  Rexnord Corp   2,074,450 
 6,923   *  Rush Enterprises, Inc   212,882 
 32,900   *  Rush Enterprises, Inc (Class A)   1,077,475 
 47,100      Simpson Manufacturing Co, Inc   2,049,792 
 13,001   *  SiteOne Landscape Supply, Inc   499,498 
 10,951   *  Sparton Corp   237,418 
 47,380   *  SPX Corp   1,182,131 
 40,100   *  SPX FLOW, Inc   1,399,089 
 14,423      Standex International Corp   1,257,686 
 26,357      Sun Hydraulics Corp   1,032,667 
 71,095   *,e  Sunrun, Inc   376,093 
 15,197      Supreme Industries, Inc   279,017 
 59,434   *  Taser International, Inc   1,484,661 
 38,758   *  Teledyne Technologies, Inc   4,762,196 
 19,717      Tennant Co   1,365,402 
 27,086      Textainer Group Holdings Ltd   390,038 
 11,638   *  The ExOne Company   114,634 
 37,737   *  Thermon Group Holdings   783,420 
 49,543      Titan International, Inc   658,426 
 20,366   *  Titan Machinery, Inc   281,254 
 6,370   *  TPI Composites, Inc   123,642 
 33,313   *  Trex Co, Inc   2,256,289 
 51,652   *  Trimas Corp   1,100,188 
 45,414      Triton International Ltd   1,105,377 
 55,444      Triumph Group, Inc   1,483,127 
 42,515   *  Tutor Perini Corp   1,266,947 
 49,108   *  Univar, Inc   1,464,401 
 22,553      Universal Forest Products, Inc   2,293,866 
 12,364   *  Vectrus, Inc   278,685 
 9,176   *  Veritiv Corp   514,315 
 18,201   *  Vicor Corp   278,475 
 72,855      Wabash National Corp   1,285,891 
 31,361      Watts Water Technologies, Inc (Class A)   2,069,826 
 6,452   *  Willis Lease Finance Corp   164,397 
 60,122      Woodward Governor Co   4,186,896 
        TOTAL CAPITAL GOODS   198,357,691 
 
COMMERCIAL & PROFESSIONAL SERVICES - 3.8%
 63,154      ABM Industries, Inc   2,550,790 
 55,158   *  Acacia Research (Acacia Technologies)   322,674 
 121,308   *  ACCO Brands Corp   1,546,677 
 25,469   *  Advanced Disposal Services, Inc   565,666 
 46,420   *  Advisory Board Co   2,112,110 
 13,494   *,e  Aqua Metals, Inc   150,593 
 47,625   *  ARC Document Solutions, Inc   224,314 
 8,163      Barrett Business Services, Inc   490,678 
 52,016      Brady Corp (Class A)   1,890,782 
 50,811      Brink’s Co   2,261,089 
 42,860   *  Casella Waste Systems, Inc (Class A)   495,462 
 54,734   *  CBIZ, Inc   717,015 
 36,490      CEB, Inc   2,789,660 
253

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
         
 32,730      Ceco Environmental Corp  $429,418 
 22,854   *,e  Cogint, Inc   87,988 
 1,670      Compx International, Inc   24,382 
 9,022      CRA International, Inc   299,801 
 55,215      Deluxe Corp   4,022,413 
 144,544   *,m  Dyax Corp   160,444 
 28,555      Ennis, Inc   482,579 
 42,307      Essendant, Inc   883,793 
 28,912      Exponent, Inc   1,678,342 
 11,828   *  Franklin Covey Co   206,990 
 46,749   *  FTI Consulting, Inc   1,970,003 
 22,149      G & K Services, Inc (Class A)   2,127,633 
 13,749   *  GP Strategies Corp   353,349 
 79,821      Healthcare Services Group   3,172,885 
 20,388      Heidrick & Struggles International, Inc   455,672 
 14,585   *  Heritage-Crystal Clean, Inc   218,046 
 67,647      Herman Miller, Inc   2,110,586 
 35,918   *  Hill International, Inc   193,957 
 51,383      HNI Corp   2,590,217 
 24,119   *  Huron Consulting Group, Inc   1,092,591 
 20,133   *  ICF International, Inc   1,046,916 
 43,194   *  Innerworkings, Inc   415,094 
 17,793      Insperity, Inc   1,272,199 
 73,370      Interface, Inc   1,335,334 
 32,843      Kelly Services, Inc (Class A)   735,355 
 28,046      Kforce, Inc   645,058 
 40,782      Kimball International, Inc (Class B)   682,283 
 54,292      Knoll, Inc   1,417,564 
 65,082      Korn/Ferry International   1,890,632 
 36,254      Matthews International Corp (Class A)   2,445,332 
 26,204      McGrath RentCorp   1,003,089 
 122,474   *,m  Media General, Inc   0 
 19,054   *  Mistras Group, Inc   439,766 
 50,491      Mobile Mini, Inc   1,643,482 
 35,153      MSA Safety, Inc   2,508,167 
 15,449      Multi-Color Corp   1,192,663 
 54,329   *  Navigant Consulting, Inc   1,341,926 
 9,194   *  NL Industries, Inc   55,164 
 57,703   *  On Assignment, Inc   2,612,792 
 33,622      Quad Graphics, Inc   880,560 
 32,678      Resources Connection, Inc   545,723 
 55,773   *  RPX Corp   605,695 
 19,156   *  SP Plus Corp   530,621 
 97,922      Steelcase, Inc (Class A)   1,645,090 
 32,611   *  Team, Inc   1,095,730 
 65,801      Tetra Tech, Inc   2,875,504 
 21,338   *  TRC Cos, Inc   198,443 
 47,949   *  TriNet Group, Inc   1,219,343 
 47,822   *  TrueBlue, Inc   1,183,594 
 17,191      Unifirst Corp   2,198,729 
 24,711      US Ecology, Inc   1,266,439 
 22,946      Viad Corp   1,006,182 
 9,727      VSE Corp   362,623 
254

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
         
 41,350   *  WageWorks, Inc  $2,983,403 
 49,062      West Corp   1,190,735 
        TOTAL COMMERCIAL & PROFESSIONAL SERVICES   81,149,829 
 
CONSUMER DURABLES & APPAREL - 2.3%
 25,709   *  Acushnet Holdings Corp   476,902 
 62,499   *,e  American Outdoor Brands Corp   1,331,229 
 15,175   *,e  Arctic Cat, Inc   285,290 
 12,138      Bassett Furniture Industries, Inc   342,292 
 35,242   *  Beazer Homes USA, Inc   502,551 
 106,509      Callaway Golf Co   1,206,747 
 9,546   *  Cavco Industries, Inc   937,894 
 16,957   *  Century Communities, Inc   385,772 
 30,580      Columbia Sportswear Co   1,662,635 
 81,955   *  CROCS, Inc   598,271 
 9,477      CSS Industries, Inc   233,324 
 12,045      Culp, Inc   387,849 
 36,655   *  Deckers Outdoor Corp   2,111,328 
 8,735   *  Delta Apparel, Inc   163,694 
 9,865      Escalade, Inc   130,218 
 27,817      Ethan Allen Interiors, Inc   809,475 
 7,256      Flexsteel Industries, Inc   369,040 
 47,335   *  Fossil Group, Inc   1,210,356 
 48,613   *  G-III Apparel Group Ltd   1,276,577 
 113,977   *,e  GoPro, Inc   1,225,253 
 26,660   *  Green Brick Partners, Inc   255,936 
 31,868   *  Helen of Troy Ltd   2,973,284 
 12,534      Hooker Furniture Corp   416,129 
 136,703   *  Hovnanian Enterprises, Inc (Class A)   323,986 
 48,264   *  Iconix Brand Group, Inc   496,637 
 22,940   *  Installed Building Products Inc   938,246 
 30,474   *  iRobot Corp   1,845,505 
 18,424   *,e  Jakks Pacific, Inc   93,962 
 5,339      Johnson Outdoors, Inc   184,089 
 93,771   e  KB Home   1,535,969 
 55,697      La-Z-Boy, Inc   1,592,934 
 17,839   *,e  LGI Homes, Inc   554,079 
 24,413      Libbey, Inc   417,706 
 12,589      Lifetime Brands, Inc   188,206 
 26,872   *  M/I Homes, Inc   675,562 
 20,916   *  Malibu Boats Inc   388,201 
 13,049      Marine Products Corp   148,889 
 9,268      MCBC Holdings, Inc   129,289 
 47,268      MDC Holdings, Inc   1,278,127 
 43,364   *  Meritage Homes Corp   1,593,627 
 16,986      Movado Group, Inc   461,170 
 4,309      Nacco Industries, Inc (Class A)   317,789 
 35,340   *  Nautilus, Inc   613,149 
 15,085   *  New Home Co Inc   157,487 
 17,235      Oxford Industries, Inc   948,270 
 15,407   *  Perry Ellis International, Inc   363,451 
 48,257   *,e  Sequential Brands Group, Inc   223,430 
 69,814   *  Steven Madden Ltd   2,457,453 
255

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
         
 21,180   e  Sturm Ruger & Co, Inc  $1,117,245 
 9,761      Superior Uniform Group, Inc   166,132 
 34,666   *  Taylor Morrison Home Corp   672,520 
 43,770   *  TopBuild Corp   1,624,305 
 168,067   *  TRI Pointe Homes, Inc   2,062,182 
 8,533   *  UCP, Inc (Class A)   96,850 
 17,267   *  Unifi, Inc   464,310 
 16,210   *  Universal Electronics, Inc   964,495 
 21,621   *  Vera Bradley, Inc   247,777 
 28,800   *,e  Vince Holding Corp   87,840 
 25,037   *  WCI Communities, Inc   585,866 
 8,169      Weyco Group, Inc   230,202 
 27,820   *,e  William Lyon Homes, Inc   491,023 
 110,099      Wolverine World Wide, Inc   2,586,225 
 30,015   *  Zagg, Inc   201,100 
        TOTAL CONSUMER DURABLES & APPAREL   48,817,331 
 
CONSUMER SERVICES - 4.1%
 17,682   *  American Public Education, Inc   429,673 
 96,086   *  Apollo Group, Inc (Class A)   959,899 
 11,096   *  Ascent Media Corp (Series A)   171,877 
 95,018   *  Belmond Ltd.   1,315,999 
 26,836   *  BJ’s Restaurants, Inc   954,020 
 116,830      Bloomin’ Brands, Inc   1,998,961 
 22,478      Bob Evans Farms, Inc   1,268,434 
 13,810   *  Bojangles’, Inc   273,438 
 93,735   *  Boyd Gaming Corp   1,904,695 
 21,131   *  Bridgepoint Education, Inc   224,834 
 49,781   *  Bright Horizons Family Solutions   3,527,482 
 21,426   *  Buffalo Wild Wings, Inc   3,235,326 
 55,372   *  Caesars Acquisition Co   830,580 
 63,105   *,e  Caesars Entertainment Corp   564,790 
 12,574   *  Cambium Learning Group, Inc   63,373 
 12,831      Capella Education Co   1,097,050 
 76,317   *  Career Education Corp   745,617 
 16,891      Carriage Services, Inc   438,321 
 37,556   *  Carrols Restaurant Group, Inc   538,929 
 22,522   *  Century Casinos, Inc   158,780 
 50,962      Cheesecake Factory   3,070,970 
 91,293   *,e  Chegg, Inc   656,397 
 15,341      Churchill Downs, Inc   2,199,132 
 18,042   *  Chuy’s Holdings, Inc   530,435 
 73,061      ClubCorp Holdings, Inc   1,205,506 
 9,036      Collectors Universe   186,774 
 21,763   e  Cracker Barrel Old Country Store, Inc   3,439,860 
 42,782   *  Dave & Buster’s Entertainment, Inc   2,329,908 
 24,938   *  Del Frisco’s Restaurant Group, Inc   436,415 
 26,314   *  Del Taco Restaurants, Inc   358,923 
 86,902   *  Denny’s Corp   1,057,597 
 70,681      DeVry Education Group, Inc   2,367,813 
 19,822      DineEquity, Inc   1,359,393 
 23,401   *  El Pollo Loco Holdings, Inc   291,342 
 31,851   *,e  Eldorado Resorts, Inc   493,690 
256

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
         
 2,870   *  Empire Resorts, Inc  $65,149 
 29,733   *  Fiesta Restaurant Group, Inc   781,978 
 6,861   *  Fogo De Chao, Inc   94,682 
 10,815      Golden Entertainment, Inc   119,181 
 51,172   *  Grand Canyon Education, Inc   3,018,125 
 14,217   *,e  Habit Restaurants, Inc   206,146 
 140,181   *  Houghton Mifflin Harcourt Co   1,584,045 
 127,787      ILG, Inc   2,421,564 
 29,648      International Speedway Corp (Class A)   1,086,599 
 18,864   *  Intrawest Resorts Holdings Inc   388,787 
 28,470   *  Isle of Capri Casinos, Inc   677,871 
 16,109   *  J Alexander’s Holdings, Inc   161,090 
 36,954      Jack in the Box, Inc   3,988,076 
 19,450   *,e  Jamba, Inc   176,995 
 38,804   *  K12, Inc   773,364 
 8,254   *  Kona Grill, Inc   75,524 
 95,272   *  La Quinta Holdings, Inc   1,346,193 
 8,008   e  Liberty Tax, Inc   107,307 
 96,441   *  LifeLock, Inc   2,310,726 
 15,628   *  Lindblad Expeditions Holdings, Inc   140,496 
 20,466   *  Luby’s, Inc   75,110 
 20,562      Marcus Corp   609,663 
 25,377      Marriott Vacations Worldwide Corp   2,194,603 
 11,598   *  Monarch Casino & Resort, Inc   275,568 
 3,603   *  Nathan’s Famous, Inc   225,188 
 11,386   *,e  Noodles & Co   50,098 
 30,934      Papa John’s International, Inc   2,636,195 
 83,393   *  Penn National Gaming, Inc   1,149,156 
 61,033   *  Pinnacle Entertainment, Inc   939,908 
 29,603      Planet Fitness, Inc   622,847 
 24,420   *  Popeyes Louisiana Kitchen, Inc   1,543,100 
 27,002   *  Potbelly Corp   351,026 
 18,012   *  Red Lion Hotels Corp   144,096 
 14,530   *  Red Robin Gourmet Burgers, Inc   690,902 
 35,081      Red Rock Resorts, Inc   823,702 
 41,273   *  Regis Corp   574,520 
 67,714   *  Ruby Tuesday, Inc   132,719 
 34,331      Ruth’s Chris Steak House, Inc   588,777 
 59,826   *  Scientific Games Corp (Class A)   1,017,042 
 75,300      SeaWorld Entertainment, Inc   1,363,683 
 18,115   *,e  Shake Shack, Inc   639,641 
 51,284      Sonic Corp   1,276,972 
 55,807   *  Sotheby’s (Class A)   2,216,096 
 13,226      Speedway Motorsports, Inc   284,227 
 1,103   *  Steak N Shake Co   488,850 
 12,052   *  Strayer Education, Inc   976,212 
 98,619      Summit Hotel Properties, Inc   1,561,139 
 74,924      Texas Roadhouse, Inc (Class A)   3,494,455 
 31,515   *,e  Weight Watchers International, Inc   392,362 
 17,464      Wingstop, Inc   497,200 
 21,808   *,e  Zoe’s Kitchen, Inc   476,069 
        TOTAL CONSUMER SERVICES   88,521,257 
257

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
         
DIVERSIFIED FINANCIALS - 3.2%
 31,698      AG Mortgage Investment Trust  $555,349 
 58,248      Altisource Residential Corp   707,131 
 109,383      Anworth Mortgage Asset Corp   561,135 
 82,319      Apollo Commercial Real Estate Finance, Inc   1,433,174 
 30,728      Ares Commercial Real Estate Corp   414,213 
 27,480   e  Arlington Asset Investment Corp (Class A)   411,376 
 43,595      ARMOUR Residential REIT, Inc   916,367 
 4,952      Associated Capital Group, Inc   174,310 
 9,817      B. Riley Financial, Inc   185,050 
 247,646      BGC Partners, Inc (Class A)   2,741,441 
 17,377      Calamos Asset Management, Inc (Class A)   146,314 
 108,642      Capstead Mortgage Corp   1,159,210 
 23,632      Cohen & Steers, Inc   824,520 
 28,143   *  Cowen Group, Inc   422,145 
 169,668      CYS Investments, Inc   1,284,387 
 3,375      Diamond Hill Investment Group, Inc   682,425 
 56,434      Dynex Capital, Inc   376,979 
 26,877   *,e  Encore Capital Group, Inc   831,843 
 30,263   *  Enova International, Inc   426,708 
 44,182      Evercore Partners, Inc (Class A)   3,421,896 
 56,818   *  Ezcorp, Inc (Class A)   562,498 
 6,569      FBR Capital Markets Corp   93,937 
 5,533      Fifth Street Asset Management, Inc   42,327 
 60,900      Financial Engines, Inc   2,347,695 
 53,553      FirstCash, Inc   2,286,713 
 72,788   *  FNFV Group   946,244 
 42,779      Gain Capital Holdings, Inc   321,270 
 6,717      GAMCO Investors, Inc (Class A)   196,136 
 17,970      Great Ajax Corp   233,790 
 48,541   *  Green Dot Corp   1,300,899 
 31,278      Greenhill & Co, Inc   924,265 
 49,567      Hannon Armstrong Sustainable Infrastructure Capital, Inc   906,085 
 3,051      Hennessy Advisors, Inc   84,848 
 14,293      Houlihan Lokey, Inc   444,512 
 17,152   *  INTL FCStone, Inc   632,566 
 127,866      Invesco Mortgage Capital, Inc   1,863,008 
 36,655      Investment Technology Group, Inc   737,499 
 21,718      iShares Russell 2000 Index Fund   2,936,925 
 78,269   *  iStar Financial, Inc   878,178 
 162,913      Janus Capital Group, Inc   2,036,412 
 59,042   *  KCG Holdings, Inc   824,817 
 42,928      Ladder Capital Corp   582,104 
 108,919   *  Ladenburg Thalmann Financial Services, Inc   250,514 
 372,144   *  LendingClub Corp   2,296,128 
 19,045      Manning & Napier, Inc   132,363 
 9,805      Marlin Business Services Corp   225,025 
 8,668      Medley Management, Inc   81,913 
 21,111      Moelis & Co   719,885 
 50,755      MTGE Investment Corp   807,005 
 23,042      Nelnet, Inc (Class A)   1,129,749 
 274,787      New Residential Investment Corp   4,163,023 
 122,725      New York Mortgage Trust, Inc   786,667 
258

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
         
 28,565   *  NewStar Financial, Inc  $253,657 
 44,575      OM Asset Management plc   628,507 
 56,193   *  On Deck Capital, Inc   282,651 
 11,418      Oppenheimer Holdings, Inc   195,248 
 27,983      Orchid Island Capital, Inc   331,039 
 12,075      Owens Realty Mortgage, Inc   204,551 
 77,162      PennyMac Mortgage Investment Trust   1,307,896 
 24,365   *  Pico Holdings, Inc   347,201 
 16,509   *  Piper Jaffray Cos   1,163,885 
 20,614      PJT Partners, Inc   654,495 
 52,108   *  PRA Group, Inc   2,073,898 
 15,374      Pzena Investment Management, Inc (Class A)   153,586 
 85,820      Redwood Trust, Inc   1,330,210 
 12,014   *  Regional Management Corp   300,470 
 32,662      Resource Capital Corp   268,482 
 23,190   *  Safeguard Scientifics, Inc   279,440 
 7,377      Silvercrest Asset Management Group, Inc   102,540 
 72,627   *  Stifel Financial Corp   3,655,317 
 29,168      Tiptree Financial, Inc   191,050 
 1,276      Value Line, Inc   22,840 
 28,191      Virtu Financial, Inc   494,752 
 5,048      Virtus Investment Partners, Inc   550,232 
 89,627   e  Waddell & Reed Financial, Inc (Class A)   1,617,767 
 45,763      Western Asset Mortgage Capital Corp   461,749 
 8,846      Westwood Holdings Group, Inc   494,668 
 1,587   *,e  Wins Finance Holdings, Inc   384,340 
 130,890   e  WisdomTree Investments, Inc   1,348,167 
 6,808   *  World Acceptance Corp   334,069 
        TOTAL DIVERSIFIED FINANCIALS   68,883,680 
 
ENERGY - 3.7%
 143,033   *  Abraxas Petroleum Corp   353,291 
 2,617      Adams Resources & Energy, Inc   101,409 
 36,057      Alon USA Energy, Inc   406,002 
 78,861      Archrock, Inc   1,151,371 
 33,506   e  Ardmore Shipping Corp   246,269 
 68,993   *,e  Atwood Oceanics, Inc   838,955 
 55,555   *  Bill Barrett Corp   363,885 
 38,730      Bristow Group, Inc   683,972 
 35,544   *  California Resources Corp   761,352 
 210,063   *  Callon Petroleum Co   3,209,763 
 25,985   *,e  CARBO Ceramics, Inc   368,987 
 69,509   *  Carrizo Oil & Gas, Inc   2,457,838 
 6,827   *,e  Clayton Williams Energy, Inc   992,987 
 103,681   *  Clean Energy Fuels Corp   268,534 
 474,568   *  Cobalt International Energy, Inc   465,456 
 23,810   *  Contango Oil & Gas Co   192,861 
 17,713   e  CVR Energy, Inc   393,406 
 24,782   *  Dawson Geophysical Co   196,273 
 69,916      Delek US Holdings, Inc   1,566,118 
 402,951   *  Denbury Resources, Inc   1,349,886 
 102,083      DHT Holdings, Inc   478,769 
 26,002   *  Dorian LPG Ltd   294,083 
259

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
         
 2,787   *,e  Earthstone Energy, Inc  $36,287 
 62,000   *  Eclipse Resources Corp   152,520 
 44,712   *,e  EP Energy Corp   234,291 
 21,863   *  Era Group, Inc   342,374 
 18,688   *  Erin Energy Corp   65,408 
 26,714      Evolution Petroleum Corp   232,412 
 150,503   *,e  EXCO Resources, Inc   100,701 
 35,496   *  Exterran Corp   1,101,086 
 103,221   *  Fairmount Santrol Holdings, Inc   1,292,327 
 67,742   *  Forum Energy Technologies, Inc   1,470,001 
 76,149   e  Frontline Ltd   528,474 
 46,583   e  GasLog Ltd   777,936 
 46,376   *  Gener8 Maritime, Inc   234,199 
 14,611   *  Geospace Technologies Corp   341,021 
 108,518      Golar LNG Ltd   2,806,275 
 41,148      Green Plains Renewable Energy, Inc   925,830 
 156,085   *  Helix Energy Solutions Group, Inc   1,323,601 
 36,029   *,e  Hornbeck Offshore Services, Inc   261,210 
 35,114   *  Independence Contract Drilling, Inc   222,623 
 19,026   *  International Seaways, Inc   330,672 
 815   *,e  Isramco, Inc   102,038 
 63,519   *,e  Jones Energy, Inc (Class A)   282,659 
 8,520   *,e  Mammoth Energy Services, Inc   153,360 
 93,419   *  Matador Resources Co   2,459,722 
 29,762   *  Matrix Service Co   666,669 
 273,946   *  McDermott International, Inc   2,218,963 
 13,710   *  Natural Gas Services Group, Inc   393,477 
 101,438      Navios Maritime Acq Corp   188,675 
 90,547   *  Newpark Resources, Inc   683,630 
 110,850   e  Nordic American Tanker Shipping   957,744 
 63,122   *  Northern Oil And Gas, Inc   227,239 
 264,220   *  Oasis Petroleum, Inc   3,736,071 
 59,304   *  Oil States International, Inc   2,342,508 
 45,869      Overseas Shipholding Group, Inc   225,217 
 33,230   *  Pacific Ethanol, Inc   235,933 
 16,567      Panhandle Oil and Gas, Inc (Class A)   364,474 
 35,188   *  Par Pacific Holdings, Inc   511,282 
 141,642   *  Parker Drilling Co   361,187 
 63,421   *  PDC Energy, Inc   4,689,349 
 13,679   *  PHI, Inc   216,812 
 84,484   *  Pioneer Energy Services Corp   532,249 
 42,431   *  Renewable Energy Group, Inc   369,150 
 6,255   *  Rex American Resources Corp   519,353 
 14,541   *  RigNet, Inc   287,185 
 46,764   *  Ring Energy, Inc   617,285 
 111,282   *  RSP Permian, Inc   4,736,162 
 63,519   *,e  Sanchez Energy Corp   842,262 
 185,936      Scorpio Tankers, Inc   712,135 
 18,279   *  SEACOR Holdings, Inc   1,344,786 
 425,849   *,e  Seadrill Ltd   796,338 
 74,955      SemGroup Corp   2,975,713 
 67,690   e  Ship Finance International Ltd   1,015,350 
 12,861   *  Smart Sand, Inc   223,781 
260

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
         
 211,666   *  Synergy Resources Corp  $1,822,444 
 54,990      Teekay Corp   552,649 
 132,329      Teekay Tankers Ltd (Class A)   324,206 
 52,446      Tesco Corp   451,036 
 99,538   *  Tetra Technologies, Inc   493,708 
 58,063   *,e  Tidewater, Inc   127,739 
 57,832   *  Unit Corp   1,503,632 
 84,336      US Silica Holdings Inc   4,987,631 
 41,216   *,e  W&T Offshore, Inc   119,526 
 91,303      Western Refining, Inc   3,196,518 
 21,178   *  Westmoreland Coal Co   384,381 
 48,120   *  Willbros Group, Inc   145,804 
        TOTAL ENERGY   80,018,747 
 
FOOD & STAPLES RETAILING - 0.6%
 30,279      Andersons, Inc   1,143,032 
 22,035   *  Chefs’ Warehouse Holdings, Inc   367,985 
 15,821      Ingles Markets, Inc (Class A)   715,900 
 9,375   *,e  Natural Grocers by Vitamin C   118,500 
 42,735   *  Performance Food Group Co   946,580 
 22,718      Pricesmart, Inc   1,924,215 
 29,455   *,e  Smart & Final Stores, Inc   422,679 
 41,761      Spartan Stores, Inc   1,581,071 
 298,764   *  Supervalu, Inc   1,171,155 
 56,350   *  United Natural Foods, Inc   2,575,195 
 8,233      Village Super Market (Class A)   249,378 
 10,692      Weis Markets, Inc   635,532 
        TOTAL FOOD & STAPLES RETAILING   11,851,222 
 
FOOD, BEVERAGE & TOBACCO - 1.7%
 25,644      AdvancePierre Foods Holdings, Inc   710,595 
 3,815      Alico, Inc   102,814 
 10,189   *  Alliance One International, Inc   169,647 
 33,538   *,e  Amplify Snack Brands, Inc   322,971 
 74,497      B&G Foods, Inc (Class A)   3,303,942 
 9,981   *,e  Boston Beer Co, Inc (Class A)   1,534,080 
 17,583      Calavo Growers, Inc   972,340 
 34,991   e  Cal-Maine Foods, Inc   1,459,125 
 5,424      Coca-Cola Bottling Co Consolidated   915,788 
 15,091   *  Craft Brewers Alliance, Inc   229,383 
 186,132   *  Darling International, Inc   2,233,584 
 104,310      Dean Foods Co   2,071,597 
 9,192   *  Farmer Bros Co   319,882 
 36,758      Fresh Del Monte Produce, Inc   2,104,395 
 26,006   *  Freshpet, Inc   289,967 
 21,748   *  Inventure Foods, Inc   130,270 
 16,936      J&J Snack Foods Corp   2,160,526 
 9,732      John B. Sanfilippo & Son, Inc   640,268 
 21,164      Lancaster Colony Corp   2,773,542 
 28,166   *  Landec Corp   354,892 
 6,655   *  Lifeway Foods, Inc   71,674 
 12,397      Limoneira Co   210,749 
 14,249   e  Mgp Ingredients, Inc   604,015 
261

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
         
 13,207      National Beverage Corp  $662,859 
 25,121   *  Omega Protein Corp   626,769 
 24,061   *  Primo Water Corp   310,868 
 22,630   e  Sanderson Farms, Inc   2,059,330 
 303   *  Seaboard Corp   1,166,550 
 7,003   *  Seneca Foods Corp   251,058 
 90,998      Snyder’s-Lance, Inc   3,492,503 
 22,657   *  Synutra International, Inc   131,411 
 20,178   e  Tootsie Roll Industries, Inc   755,666 
 8,146   *  Turning Point Brands, Inc   108,179 
 24,954      Universal Corp   1,696,872 
 104,931      Vector Group Ltd   2,314,778 
        TOTAL FOOD, BEVERAGE & TOBACCO   37,262,889 
 
HEALTH CARE EQUIPMENT & SERVICES - 5.6%
 13,793   *,e  AAC Holdings, Inc   109,654 
 24,656      Abaxis, Inc   1,256,346 
 89,362   *  Accuray, Inc   513,832 
 33,153      Aceto Corp   632,891 
 8,503   *  Addus HomeCare Corp   290,377 
 17,685   *  Adeptus Health, Inc   126,801 
 38,533   *  Air Methods Corp   1,375,628 
 9,114   *  Almost Family, Inc   430,637 
 31,499   *  Amedisys, Inc   1,443,284 
 9,243   *,e  American Renal Associates Holdings, Inc   177,650 
 53,597   *  AMN Healthcare Services, Inc   1,921,452 
 13,976      Analogic Corp   1,085,236 
 30,094   *  Angiodynamics, Inc   484,363 
 16,121   *  Anika Therapeutics, Inc   814,755 
 35,142   *  AtriCure, Inc   571,760 
 1,588      Atrion Corp   775,897 
 26,180   *,e  Avinger, Inc   68,068 
 28,439   *  AxoGen, Inc   309,985 
 129,969   *,e  BioScrip, Inc   178,058 
 30,405   *  BioTelemetry, Inc   700,835 
 40,472      Cantel Medical Corp   3,132,938 
 29,942   *  Capital Senior Living Corp   499,133 
 36,466   *  Cardiovascular Systems, Inc   900,710 
 46,772   *,e  Castlight Health, Inc   144,993 
 112,423   *,e  Cerus Corp   478,922 
 18,379      Chemed Corp   3,052,568 
 17,182   *  Civitas Solutions, Inc   314,431 
 123,133   *  Community Health Systems, Inc   788,051 
 11,962   e  Computer Programs & Systems, Inc   270,341 
 40,432   *  ConforMIS, Inc   335,586 
 31,226      Conmed Corp   1,392,367 
 58,576   *,e  Corindus Vascular Robotics, Inc   31,649 
 11,839   *  Corvel Corp   454,026 
 14,772   *,e  Cotiviti Holdings, Inc   500,180 
 35,402   *  Cross Country Healthcare, Inc   512,267 
 34,637      CryoLife, Inc   658,103 
 13,259   *  Cutera, Inc   245,292 
 26,774   *  Cynosure, Inc (Class A)   1,429,732 
262

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
         
 51,092   *  Diplomat Pharmacy, Inc  $702,004 
 89,162   *  Endologix, Inc   611,651 
 54,475      Ensign Group, Inc   1,108,022 
 7,883   *,e  Entellus Medical, Inc   134,878 
 18,678   *,e  Evolent Health, Inc   339,940 
 10,999   *  Exactech, Inc   271,125 
 4,209   *,e  Fulgent Genetics, Inc   55,012 
 42,351   *  Genesis Health Care, Inc   174,063 
 49,671   *  GenMark Diagnostics, Inc   602,509 
 18,796   *  Glaukos Corp   774,771 
 79,522   *  Globus Medical, Inc   2,096,200 
 57,785   *  Haemonetics Corp   2,303,310 
 52,910   *  Halyard Health, Inc   2,035,448 
 48,885   *  HealthEquity, Inc   2,260,931 
 100,550      Healthsouth Corp   3,903,351 
 29,121   *  HealthStream, Inc   668,618 
 95,810   *  HMS Holdings Corp   1,739,910 
 16,673   *  ICU Medical, Inc   2,285,868 
 18,534   *  Inogen Inc   1,193,034 
 65,570   *  Insulet Corp   2,727,712 
 34,769   *  Integer Holding Corp   1,126,516 
 68,511   *  Integra LifeSciences Holdings Corp   2,858,964 
 36,491      Invacare Corp   419,647 
 39,872   *,e  InVivo Therapeutics Holdings Corp   189,392 
 4,270   *,e  iRadimed Corp   39,071 
 7,791   *,e  iRhythm Technologies, Inc   254,220 
 9,779   *  IRIDEX Corp   136,417 
 29,649   *  K2M Group Holdings, Inc   602,468 
 95,607      Kindred Healthcare, Inc   635,787 
 10,594      Landauer, Inc   544,002 
 15,279      LeMaitre Vascular, Inc   346,986 
 16,995   *  LHC Group, Inc   851,959 
 26,321   *  Magellan Health Services, Inc   1,972,759 
 46,373   *  Masimo Corp   3,412,125 
 62,494   *  Medidata Solutions, Inc   3,095,953 
 46,062      Meridian Bioscience, Inc   603,412 
 49,062   *  Merit Medical Systems, Inc   1,246,175 
 48,872   *  Molina Healthcare, Inc   2,772,020 
 6,990   *,e  NantHealth, Inc   56,899 
 12,926      National Healthcare Corp   967,511 
 8,654      National Research Corp   151,012 
 36,486   *  Natus Medical, Inc   1,424,778 
 41,134   *  Neogen Corp   2,716,489 
 27,273   *  Nevro Corp   2,373,296 
 69,709   *,e  Nobilis Health Corp   149,874 
 56,949   *  Novocure Ltd   361,626 
 56,199   *  NuVasive, Inc   3,977,203 
 71,669   *  NxStage Medical, Inc   1,927,896 
 5,249   *,e  Obalon Therapeutics, Inc   53,120 
 40,216   *  Omnicell, Inc   1,443,754 
 62,023   *  OraSure Technologies, Inc   547,043 
 20,254   *  Orthofix International NV   727,929 
 70,698      Owens & Minor, Inc   2,536,644 
263

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
         
 25,009   *  Oxford Immunotec Global plc  $337,872 
 28,866   *  Penumbra, Inc   2,065,362 
 33,867   *  PharMerica Corp   839,902 
 14,023   *  Providence Service Corp   541,989 
 57,622   *  Quality Systems, Inc   864,906 
 29,774   *  Quidel Corp   565,111 
 35,114   *  Quorum Health Corp   308,652 
 43,392   *  RadNet, Inc   251,674 
 55,054   *,e  Rockwell Medical, Inc   319,864 
 65,561   *  RTI Biologics, Inc   213,073 
 17,040   *,e  Second Sight Medical Products, Inc   24,367 
 120,084   *  Select Medical Holdings Corp   1,495,046 
 38,507   *  Senseonics Holdings, Inc   107,049 
 48,757   *  Spectranetics Corp   1,260,368 
 44,470   *,e  Staar Surgical Co   440,253 
 21,198   *  Surgery Partners, Inc   392,163 
 30,350   *  Surgical Care Affiliates, Inc   1,714,775 
 14,455   *  SurModics, Inc   349,811 
 5,437   *  Tabula Rasa HealthCare, Inc   76,444 
 4,410   *  Tactile Systems Technology, Inc   67,958 
 30,479   *,e  Tandem Diabetes Care, Inc   71,626 
 76,828   *  Team Health Holdings, Inc   3,338,945 
 23,352   *,e  Teladoc, Inc   467,040 
 35,841   *  Tivity Health, Inc   919,322 
 90,053   *,e  TransEnterix, Inc   132,378 
 25,665   *  Triple-S Management Corp (Class B)   490,458 
 48,632      Universal American Corp   483,402 
 13,736      US Physical Therapy, Inc   963,580 
 3,848      Utah Medical Products, Inc   239,346 
 18,940   *  Vascular Solutions, Inc   1,059,693 
 20,342   *  Veracyte, Inc   150,124 
 6,996   *,e  ViewRay, Inc   36,449 
 28,422   *  Vocera Communications, Inc   589,757 
 116,775   *  Wright Medical Group NV   2,940,394 
 39,980   *  Zeltiq Aesthetics, Inc   1,772,713 
        TOTAL HEALTH CARE EQUIPMENT & SERVICES   120,811,968 
 
HOUSEHOLD & PERSONAL PRODUCTS - 0.6%
 499,729   *  Avon Products, Inc   2,933,409 
 11,423   *  Central Garden & Pet Co   375,246 
 37,986   *  Central Garden and Pet Co (Class A)   1,169,209 
 10,534   *,e  elf Beauty, Inc   262,929 
 134,202   *  HRG Group, Inc   2,258,620 
 19,963      Inter Parfums, Inc   680,738 
 14,527   *  Lifevantage Corp   104,885 
 11,754      Medifast, Inc   495,666 
 8,193      Natural Health Trends Corp   205,480 
 9,628      Nature’s Sunshine Products, Inc   122,757 
 9,418      Nutraceutical International Corp   315,503 
 5,258      Oil-Dri Corp of America   176,932 
 10,235   e  Orchids Paper Products Co   279,518 
 13,484   *  Revlon, Inc (Class A)   451,040 
 11,995   *  USANA Health Sciences, Inc   747,288 
264

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
         
 16,005   e  WD-40 Co  $1,682,926 
        TOTAL HOUSEHOLD & PERSONAL PRODUCTS   12,262,146 
 
INSURANCE - 2.4%
 51,066   *  AMBAC Financial Group, Inc   1,068,301 
 96,740      American Equity Investment Life Holding Co   2,283,064 
 21,220      Amerisafe, Inc   1,337,921 
 32,432      Argo Group International Holdings Ltd   2,074,026 
 12,458   *  Atlas Financial Holdings, Inc   211,786 
 10,596      Baldwin & Lyons, Inc (Class B)   254,304 
 7,646      Blue Capital Reinsurance Holdings Ltd   145,656 
 53,318   *,e  Citizens, Inc (Class A)   493,725 
 203,132      Conseco, Inc   3,841,226 
 13,364   e  Crawford & Co (Class B)   161,972 
 9,879      Donegal Group, Inc (Class A)   162,707 
 21,179   *  eHealth, Inc   259,654 
 8,843      EMC Insurance Group, Inc   257,773 
 36,615      Employers Holdings, Inc   1,334,617 
 12,882   *  Enstar Group Ltd   2,494,599 
 11,140      FBL Financial Group, Inc (Class A)   777,572 
 14,764      Federated National Holding Co   270,772 
 13,743   e  Fidelity & Guaranty Life   329,145 
 574,416   *  Genworth Financial, Inc (Class A)   1,930,038 
 9,538   *  Global Indemnity Ltd   376,846 
 34,434   *  Greenlight Capital Re Ltd (Class A)   778,208 
 15,880   *  Hallmark Financial Services   173,727 
 9,685      HCI Group, Inc   400,572 
 29,592      Heritage Insurance Holdings, Inc   419,614 
 45,740      Horace Mann Educators Corp   1,891,349 
 8,783      Independence Holding Co   174,782 
 11,940      Infinity Property & Casualty Corp   1,036,989 
 1,506      Investors Title Co   183,009 
 16,361      James River Group Holdings Ltd   648,714 
 45,134      Kemper Corp   1,949,789 
 9,363      Kinsale Capital Group, Inc   274,804 
 77,689      Maiden Holdings Ltd   1,378,980 
 149,249   *  MBIA, Inc   1,522,340 
 54,760      National General Holdings Corp   1,341,072 
 2,558      National Western Life Group, Inc   749,878 
 24,952      Navigators Group, Inc   1,401,055 
 22,986      OneBeacon Insurance Group Ltd (Class A)   373,063 
 12,590   *,e  Patriot National, Inc   53,885 
 53,080      Primerica, Inc   4,004,886 
 43,107      RLI Corp   2,561,418 
 16,404      Safety Insurance Group, Inc   1,176,167 
 64,542      Selective Insurance Group, Inc   2,691,401 
 17,834      State Auto Financial Corp   450,487 
 33,547      State National Cos, Inc   461,607 
 25,562      Stewart Information Services Corp   1,116,548 
 74,768   *  Third Point Reinsurance Ltd   856,093 
 15,904   *,e  Trupanion, Inc   254,305 
 24,529      United Fire & Casualty Co   1,157,769 
 19,764      United Insurance Holdings Corp   270,174 
265

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
         
 37,680      Universal Insurance Holdings, Inc  $985,332 
        TOTAL INSURANCE   50,803,721 
 
MATERIALS - 5.0%
 32,345      A. Schulman, Inc   1,115,903 
 23,331   *,e  AgroFresh Solutions, Inc   61,361 
 354,407   *  AK Steel Holding Corp   2,863,609 
 123,467   e  Allegheny Technologies, Inc   2,682,938 
 31,730      American Vanguard Corp   545,756 
 10,517      Ampco-Pittsburgh Corp   158,281 
 35,643      Balchem Corp   3,038,209 
 44,431   *  Boise Cascade Co   1,101,889 
 56,571      Calgon Carbon Corp   896,650 
 52,519      Carpenter Technology Corp   2,101,810 
 57,475   *  Century Aluminum Co   885,115 
 8,036      Chase Corp   707,168 
 207,732      Chemours Co   5,488,280 
 72,272   *  Chemtura   2,392,203 
 19,121   *  Clearwater Paper Corp   1,202,711 
 249,105   *  Cliffs Natural Resources, Inc   2,184,651 
 40,711   *  Codexis, Inc   193,377 
 203,603   *  Coeur Mining, Inc   2,371,975 
 130,082      Commercial Metals Co   2,657,575 
 12,379      Deltic Timber Corp   940,433 
 93,237   *  Ferro Corp   1,318,371 
 73,558      Ferroglobe plc   773,095 
 63,058   *,e  Flotek Industries, Inc   666,523 
 20,250   *  Forterra, Inc   389,610 
 28,123      FutureFuel Corp   365,318 
 80,785   *  GCP Applied Technologies, Inc   2,177,156 
 58,318   *  Gold Resource Corp   313,751 
 6,510      Greif, Inc   463,512 
 29,263      Greif, Inc (Class A)   1,684,964 
 56,839      H.B. Fuller Co   2,806,141 
 2,530   *  Handy & Harman Ltd   71,346 
 10,359      Hawkins, Inc   555,760 
 13,835      Haynes International, Inc   568,757 
 82,547   *  Headwaters, Inc   1,912,614 
 430,810      Hecla Mining Co   2,774,416 
 48,209   *  Ingevity Corp   2,679,938 
 21,833      Innophos Holdings, Inc   1,061,957 
 26,900      Innospec, Inc   1,919,315 
 19,938      Kaiser Aluminum Corp   1,564,335 
 97,730      Kapstone Paper and Packaging Corp   2,343,565 
 10,075      KMG Chemicals, Inc   371,364 
 23,177   *  Koppers Holdings, Inc   937,510 
 34,532   *  Kraton Polymers LLC   927,530 
 24,160      Kronos Worldwide, Inc   319,395 
 163,357   *  Louisiana-Pacific Corp   3,125,019 
 23,282   *,e  LSB Industries, Inc   198,130 
 22,721      Materion Corp   892,935 
 39,185      Minerals Technologies, Inc   3,140,678 
 24,035   *  Multi Packaging Solutions International Ltd   428,304 
266

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
         
 23,462      Myers Industries, Inc  $323,776 
 18,678      Neenah Paper, Inc   1,534,398 
 187,797      Olin Corp   4,922,159 
 10,701      Olympic Steel, Inc   240,772 
 48,422   *  Omnova Solutions, Inc   440,640 
 49,275      PH Glatfelter Co   1,202,803 
 95,050      PolyOne Corp   3,242,155 
 14,630      Quaker Chemical Corp   1,879,955 
 48,862      Rayonier Advanced Materials, Inc   663,057 
 32,024   *  Real Industry, Inc   172,930 
 15,360   *  Ryerson Holding Corp   162,816 
 29,516      Schnitzer Steel Industries, Inc (Class A)   698,053 
 34,476      Schweitzer-Mauduit International, Inc   1,528,321 
 50,577      Sensient Technologies Corp   3,881,785 
 22,266      Stepan Co   1,739,197 
 138,368   *  Stillwater Mining Co   2,352,256 
 120,606   *  Summit Materials, Inc   3,027,211 
 73,013   *  SunCoke Energy, Inc   643,975 
 100,157   *,e  TerraVia Holdings, Inc   97,162 
 44,427   *  TimkenSteel Corp   749,039 
 21,939   *  Trecora Resources   272,044 
 27,942      Tredegar Corp   621,710 
 31,511      Trinseo S.A.   2,040,337 
 72,668      Tronox Ltd   909,803 
 6,723   *  UFP Technologies, Inc   167,739 
 2,404      United States Lime & Minerals, Inc   182,704 
 16,138   *,e  US Concrete, Inc   1,057,039 
 27,974      Valhi, Inc   86,999 
 50,620   *  Worthington Industries, Inc   2,419,130 
        TOTAL MATERIALS   107,601,168 
 
MEDIA - 1.5%
 33,419      AMC Entertainment Holdings, Inc   1,127,891 
 94,525   *,e  Central European Media Enterprises Ltd (Class A) (NASDAQ)   245,765 
 1,290   *,e  Daily Journal Corp   279,156 
 28,770      Entercom Communications Corp (Class A)   408,534 
 72,920      Entravision Communications Corp (Class A)   393,768 
 33,184   *,e  Eros International plc   394,890 
 67,882      EW Scripps Co (Class A)   1,322,341 
 133,702      Gannett Co, Inc   1,286,213 
 53,333   *  Global Eagle Entertainment, Inc   328,531 
 72,484   *  Gray Television, Inc   858,935 
 7,572   *  Hemisphere Media Group, Inc   84,806 
 66,308   *  Imax Corp   2,161,641 
 9,652   *  Liberty Braves Group (Class A)   192,557 
 37,049   *  Liberty Braves Group (Class C)   740,239 
 25,750   *  Liberty Media Group (Class A)   746,235 
 52,561   *  Liberty Media Group (Class C)   1,510,603 
 16,086   *  Loral Space & Communications, Inc   655,504 
 58,022      MDC Partners, Inc   371,341 
 42,598      Meredith Corp   2,611,257 
 66,545   *  MSG Networks, Inc   1,543,844 
 69,677      National CineMedia, Inc   1,021,465 
267

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
         
 50,778      New Media Investment Group, Inc  $773,857 
 139,324      New York Times Co (Class A)   1,880,874 
 49,210      Nexstar Broadcasting Group, Inc (Class A)   3,218,334 
 25,932   *,e  Radio One, Inc   77,796 
 19,179   *  Reading International, Inc   313,577 
 4,366      Saga Communications, Inc   219,610 
 11,718      Salem Communications   71,480 
 30,618      Scholastic Corp   1,401,692 
 75,088      Sinclair Broadcast Group, Inc (Class A)   2,534,220 
 116,290      Time, Inc   2,238,583 
 10,404   *  Townsquare Media, Inc   111,115 
 30,264   *,e  tronc, Inc   401,301 
 41,117   e  World Wrestling Entertainment, Inc (Class A)   805,071 
        TOTAL MEDIA   32,333,026 
 
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 6.9%
 26,279   *,e  Accelerate Diagnostics, Inc   550,545 
 30,825   *  Acceleron Pharma, Inc   748,431 
 45,862   *,e  AcelRx Pharmaceuticals, Inc   121,534 
 129,789   *  Achillion Pharmaceuticals, Inc   541,220 
 13,086   *  Aclaris Therapeutics, Inc   347,172 
 48,086   *  Acorda Therapeutics, Inc   985,763 
 17,598   *,e  Adamas Pharmaceuticals, Inc   279,280 
 39,861   *,e  Aduro Biotech, Inc   472,353 
 42,295   *,e  Advaxis, Inc   378,963 
 25,836   *  Adverum Biotechnologies, Inc   74,924 
 32,617   *  Aerie Pharmaceuticals, Inc   1,431,886 
 30,795   *,e  Aevi Genomic Medicine, Inc   146,584 
 81,131   *  Agenus, Inc   324,524 
 14,046   *  Agile Therapeutics, Inc   32,306 
 29,830   *  Aimmune Therapeutics, Inc   545,292 
 40,290   *  Akebia Therapeutics, Inc   404,109 
 29,346   *,e  Albany Molecular Research, Inc   539,966 
 52,812   *  Alder Biopharmaceuticals, Inc   1,085,287 
 39,655   *  AMAG Pharmaceuticals, Inc   955,685 
 162,854   *,e  Amicus Therapeutics, Inc   895,697 
 39,251   *  Amphastar Pharmaceuticals, Inc   618,203 
 70,527   *,e  Ampio Pharmaceuticals, Inc   69,116 
 40,378   *,e  Anavex Life Sciences Corp   181,701 
 8,896   *  ANI Pharmaceuticals, Inc   537,763 
 54,663   *,e  Anthera Pharmaceuticals, Inc   29,633 
 16,019   *  Applied Genetic Technologies Corp   116,138 
 29,770   *  Aptevo Therapeutics, Inc   59,242 
 39,311   *  Aratana Therapeutics, Inc   314,095 
 35,831   *  Ardelyx, Inc   429,972 
 270,052   *  Arena Pharmaceuticals, Inc   415,880 
 16,126   *,e  Argos Therapeutics, Inc   73,373 
 200,365   *  Ariad Pharmaceuticals, Inc   4,772,694 
 189,186   *  Array Biopharma, Inc   2,056,452 
 82,065   *,e  Arrowhead Research Corp   159,206 
 30,153   *  Asterias Biotherapeutics, Inc   128,150 
 25,700   *  Atara Biotherapeutics, Inc   345,665 
 96,463   *,e  Athersys, Inc   105,145 
268

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
         
 6,085   *  Audentes Therapeutics, Inc  $99,307 
 6,797   *  Avexis, Inc   379,137 
 27,826   *  Axovant Sciences Ltd   340,868 
 11,659   *,e  Axsome Therapeutics, Inc   57,129 
 23,744   *,e  Bellicum Pharmaceuticals, Inc   317,695 
 82,670   *  BioCryst Pharmaceuticals, Inc   520,821 
 105,399   *,e  Bio-Path Holdings, Inc   100,119 
 6,143   *  Biospecifics Technologies Corp   315,074 
 77,653   *,e  BioTime, Inc   243,054 
 46,103   *,e  Bluebird Bio, Inc   3,434,673 
 22,801   *  Blueprint Medicines Corp   777,058 
 36,177   *  Cambrex Corp   1,897,484 
 23,011   *,e  Cara Therapeutics Inc   352,529 
 113,313   *  Catalent, Inc   3,032,256 
 104,711   *  Celldex Therapeutics, Inc   341,358 
 13,634   *,e  Cellular Biomedicine Group, Inc   169,062 
 47,586   *,e  Cempra, Inc   149,896 
 27,119   *  ChemoCentryx, Inc   197,155 
 46,432   *  Chimerix, Inc   252,590 
 38,964   *  ChromaDex Corp   108,320 
 13,723   *  Cidara Therapeutics, Inc   135,858 
 8,737   *,e  Clearside Biomedical, Inc   65,091 
 41,435   *  Clovis Oncology, Inc   2,684,988 
 33,151   *  Coherus Biosciences, Inc   924,913 
 19,449   *,e  Collegium Pharmaceutical, Inc   327,132 
 17,323   *  Concert Pharmaceuticals Inc   153,309 
 84,737   *  Corcept Therapeutics, Inc   602,480 
 3,551   *  Corvus Pharmaceuticals, Inc   50,140 
 127,105   *  Curis, Inc   364,791 
 37,158   *  Cytokinetics, Inc   388,301 
 23,775   *  CytomX Therapeutics, Inc   276,265 
 76,356   *,e  CytRx Corp   31,665 
 68,574   *  Depomed, Inc   1,240,504 
 27,412   *  Dermira, Inc   807,009 
 18,611   *  Dimension Therapeutics, Inc   36,291 
 150,161   *  Durect Corp   159,171 
 46,613   *,e  Dynavax Technologies Corp   191,113 
 10,202   *,e  Eagle Pharmaceuticals, Inc   706,080 
 19,382   *  Edge Therapeutics, Inc   186,649 
 7,276   *  Editas Medicine, Inc   126,748 
 27,114   *,e  Egalet Corp   132,587 
 3,693   *  Eiger BioPharmaceuticals, Inc   45,055 
 36,855   *  Emergent Biosolutions, Inc   1,115,601 
 17,560   *  Enanta Pharmaceuticals, Inc   581,675 
 47,049   *,e  Endocyte, Inc   103,978 
 45,415   *  Enzo Biochem, Inc   303,372 
 45,509   *  Epizyme, Inc   477,845 
 17,077   *  Esperion Thereapeutics, Inc   206,973 
 119,355   *,e  Exact Sciences Corp   2,261,777 
 257,500   *  Exelixis, Inc   4,665,900 
 58,813   *  FibroGen, Inc   1,332,114 
 30,684   *  Five Prime Therapeutics, Inc   1,405,634 
 15,703   *  Flex Pharma, Inc   68,465 
269

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
         
 30,276   *  Flexion Therapeutics Inc  $587,354 
 33,765   *  Fluidigm Corp   213,732 
 35,807   *,e  Fortress Biotech, Inc   87,727 
 15,531   *,e  Foundation Medicine, Inc   303,631 
 16,789   *,e  Galena Biopharma, Inc   27,702 
 21,673   *  Genomic Health, Inc   595,574 
 172,166   *,e  Geron Corp   358,105 
 19,052   *  Global Blood Therapeutics, Inc   307,690 
 14,214   *,e  GlycoMimetics Inc   80,878 
 123,816   *,e  Halozyme Therapeutics, Inc   1,430,075 
 35,504   *,e  Heron Therapeutics, Inc   461,552 
 6,798   *  Heska Corp   541,257 
 183,540   *  Horizon Pharma plc   3,004,550 
 114,680   *,e  Idera Pharmaceuticals, Inc   160,552 
 33,099   *  Ignyta, Inc   162,185 
 16,951   *  Immune Design Corp   95,773 
 99,538   *,e  Immunogen, Inc   232,919 
 110,538   *,e  Immunomedics, Inc   497,421 
 82,974   *  Impax Laboratories, Inc   1,091,108 
 46,916   *  INC Research Holdings, Inc   2,486,548 
 74,404   *  Infinity Pharmaceuticals, Inc   154,016 
 90,858   e  Innoviva, Inc   963,095 
 18,499   *,e  Inotek Pharmaceuticals Corp   29,598 
 73,857   *,e  Inovio Pharmaceuticals, Inc   487,456 
 70,170   *  Insmed, Inc   1,036,411 
 27,212   *,e  Insys Therapeutics, Inc   278,651 
 7,356   *,e  Intellia Therapeutics, Inc   95,040 
 29,035   *  Intersect ENT, Inc   391,973 
 38,424   *,e  Intra-Cellular Therapies, Inc   554,843 
 30,666   *  Invitae Corp   256,674 
 145,939   *  Ironwood Pharmaceuticals, Inc   2,098,603 
 13,467   *,e  Kadmon Holdings, Inc   54,541 
 30,053   *  Karyopharm Therapeutics, Inc   311,049 
 88,818   *,e  Keryx Biopharmaceuticals, Inc   443,202 
 44,389   *,e  Kite Pharma, Inc   2,262,507 
 16,439   *  La Jolla Pharmaceutical Co   319,739 
 31,091   *,e  Lannett Co, Inc   626,484 
 47,888   *,e  Lexicon Pharmaceuticals, Inc   686,235 
 21,495   *  Ligand Pharmaceuticals, Inc (Class B)   2,278,685 
 64,567   *,e  Lion Biotechnologies, Inc   468,111 
 24,275   *,e  Lipocine, Inc   87,876 
 15,443   *  Loxo Oncology, Inc   605,829 
 43,910   *  Luminex Corp   887,860 
 35,748   *  MacroGenics, Inc   660,266 
 342,895   *,e  MannKind Corp   241,398 
 75,988   *  Medicines Co   2,739,367 
 34,777   *  MediciNova, Inc   193,360 
 9,325   *  Medpace Holdings, Inc   325,349 
 134,475   *,e  Merrimack Pharmaceuticals, Inc   418,217 
 114,516   *,e  MiMedx Group, Inc   925,289 
 22,094   *,e  Minerva Neurosciences, Inc   234,196 
 14,056   *  Mirati Therapeutics, Inc   71,686 
 74,168   *  Momenta Pharmaceuticals, Inc   1,401,775 
270

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
         
 15,477   *  MyoKardia, Inc  $173,342 
 11,540   *,e  Myovant Sciences Ltd   128,556 
 76,535   *  Myriad Genetics, Inc   1,238,336 
 17,209   *  NanoString Technologies, Inc   310,450 
 21,457   *,e  NantKwest, Inc   115,010 
 29,601   *  Natera, Inc   265,225 
 159,927   *  Nektar Therapeutics   1,936,716 
 59,701   *  NeoGenomics, Inc   481,190 
 18,069   *,e  Neos Therapeutics, Inc   105,704 
 25,570   *  NewLink Genetics Corp   311,187 
 5,183   *,e  Novan, Inc   21,043 
 307,905   *,e  Novavax, Inc   403,356 
 21,523   *,e  Ocular Therapeutix, Inc   141,191 
 45,504   *,e  Omeros Corp   440,934 
 22,592   *  OncoMed Pharmaceuticals, Inc   186,610 
 32,773   *  Ophthotech Corp   155,999 
 111,913   *,e  Organovo Holdings, Inc   412,959 
 24,806   e  Osiris Therapeutics, Inc   139,410 
 26,948   *  Otonomy, Inc   394,788 
 40,175   *  OvaScience, Inc   63,477 
 89,119   *,e  Pacific Biosciences of California, Inc   429,554 
 41,354   *  Pacira Pharmaceuticals, Inc   1,590,061 
 21,064   *  Paratek Pharmaceuticals, Inc   318,066 
 59,469   *  Parexel International Corp   4,215,758 
 184,486      PDL BioPharma, Inc   405,869 
 20,932   *  Pfenex, Inc   167,037 
 65,380   *  PharmAthene, Inc   202,678 
 21,600      Phibro Animal Health Corp   576,720 
 55,544   *  Portola Pharmaceuticals, Inc   1,513,574 
 27,709   *  PRA Health Sciences, Inc   1,623,470 
 60,151   *  Prestige Brands Holdings, Inc   3,173,567 
 77,229   *  Progenics Pharmaceuticals, Inc   688,883 
 9,179   *  Protagonist Therapeutics, Inc   165,589 
 8,896   *  Proteostasis Therapeutics, Inc   131,216 
 39,339   *,e  Prothena Corp plc   1,926,037 
 38,209   *  PTC Therapeutics, Inc   500,538 
 31,855   *  Puma Biotechnology, Inc   1,032,102 
 8,910   *  Ra Pharmaceuticals, Inc   142,025 
 35,391   *  Radius Health, Inc   1,540,216 
 7,122   *  Reata Pharmaceuticals, Inc   177,338 
 22,436   *  REGENXBIO, Inc   415,066 
 50,768   *  Regulus Therapeutics, Inc   60,922 
 38,314   *  Repligen Corp   1,150,953 
 40,714   *  Retrophin, Inc   798,809 
 22,837   *,e  Revance Therapeutics, Inc   456,740 
 109,562   *  Rigel Pharmaceuticals, Inc   227,889 
 33,988   *  Sage Therapeutics, Inc   1,630,744 
 81,454   *  Sangamo Biosciences, Inc   285,089 
 56,828   *  Sarepta Therapeutics, Inc   1,765,078 
 55,255   *  Sciclone Pharmaceuticals, Inc   560,838 
 5,402   *  Selecta Biosciences, Inc   75,628 
 21,069   *,e  Seres Therapeutics, Inc   208,372 
 28,144   *,e  Sorrento Therapeutics, Inc   151,978 
271

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
         
 21,766   *  Spark Therapeutics, Inc  $1,372,564 
 83,295   *  Spectrum Pharmaceuticals, Inc   388,155 
 19,510   *  Stemline Therapeutics, Inc   199,002 
 25,678   *  Sucampo Pharmaceuticals, Inc (Class A)   286,310 
 53,139   *  Supernus Pharmaceuticals, Inc   1,437,410 
 7,360   *  Syndax Pharmaceuticals, Inc   55,936 
 204,031   *,e  Synergy Pharmaceuticals, Inc   1,442,499 
 79,727   *  Synthetic Biologics, Inc   67,609 
 4,933   *,e  Syros Pharmaceuticals, Inc   53,523 
 20,624   *,e  T2 Biosystems, Inc   111,370 
 45,000   *  Teligent, Inc   315,000 
 32,375   *  TESARO, Inc   5,271,945 
 41,531   *  Tetraphase Pharmaceuticals, Inc   159,064 
 39,309   *  TG Therapeutics, Inc   188,683 
 166,704   *,e  TherapeuticsMD, Inc   968,550 
 45,127   *  Theravance Biopharma, Inc   1,352,005 
 19,946   *,e  Titan Pharmaceuticals, Inc   86,765 
 9,351   *,m  Tobira Therapeutics, Inc   128,483 
 32,333   *,e  Tokai Pharmaceuticals, Inc   30,435 
 51,679   *  Trevena, Inc   360,719 
 37,686   *,e  Trovagene, Inc   75,372 
 40,821   *  Ultragenyx Pharmaceutical, Inc   3,061,983 
 40,988   *  Vanda Pharmaceuticals, Inc   579,980 
 35,454   *  Versartis, Inc   506,992 
 28,601   *  Vital Therapies, Inc   141,575 
 14,228   *  Voyager Therapeutics, Inc   169,598 
 5,470   *  vTv Therapeutics, Inc   31,398 
 8,439   *,e  WaVe Life Sciences Pte Ltd   242,621 
 20,184   *,e  XBiotech, Inc   230,098 
 41,260   *  Xencor Inc   983,226 
 24,149   *  Zafgen, Inc   101,667 
 136,354   *,e  ZIOPHARM Oncology, Inc   807,216 
 27,538   *  Zogenix, Inc   221,681 
        TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES   148,998,043 
 
REAL ESTATE - 7.6%
 91,142      Acadia Realty Trust   2,901,961 
 28,467      Agree Realty Corp   1,335,102 
 53,189      Alexander & Baldwin, Inc   2,367,974 
 2,435      Alexander’s, Inc   1,029,542 
 13,300   *,e  Altisource Portfolio Solutions S.A.   379,050 
 44,700      American Assets Trust,Inc   1,918,971 
 39,068      Armada Hoffler Properties, Inc   538,357 
 25,713      Ashford Hospitality Prime, Inc   345,583 
 88,909      Ashford Hospitality Trust, Inc   675,708 
 13,938   *,e  AV Homes, Inc   246,006 
 21,700      Bluerock Residential Growth REIT, Inc   283,836 
 72,822      CareTrust REIT, Inc   1,103,981 
 45,028      CatchMark Timber Trust Inc   463,338 
 191,209      CBL & Associates Properties, Inc   2,074,618 
 90,882      Cedar Realty Trust, Inc   546,201 
 43,272      Chatham Lodging Trust   871,498 
 67,382      Chesapeake Lodging Trust   1,724,979 
272

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
              
 24,823      City Office REIT, Inc  $312,522 
 73,881      Colony Starwood Homes   2,323,557 
 14,451      Community Healthcare Trust, Inc   311,708 
 4,665      Consolidated-Tomoka Land Co   256,575 
 13,652      CorEnergy Infrastructure Trust, Inc   490,107 
 38,076      Coresite Realty   3,279,486 
 385,028      Cousins Properties, Inc   3,272,738 
 227,603      DiamondRock Hospitality Co   2,565,086 
 84,715      DuPont Fabros Technology, Inc   4,022,268 
 37,830      Easterly Government Properties, Inc   745,251 
 36,057      EastGroup Properties, Inc   2,551,754 
 83,559      Education Realty Trust, Inc   3,359,907 
 15,633      Farmland Partners, Inc   177,591 
 155,126      FelCor Lodging Trust, Inc   1,194,470 
 131,875      First Industrial Realty Trust, Inc   3,408,969 
 67,098      First Potomac Realty Trust   687,083 
 39,233   *  Forestar Group, Inc   511,991 
 69,298      Four Corners Property Trust, Inc   1,511,389 
 119,664      Franklin Street Properties Corp   1,525,716 
 6,621   *  FRP Holdings, Inc   258,219 
 84,045      Geo Group, Inc   3,489,548 
 29,958      Getty Realty Corp   772,617 
 27,889      Gladstone Commercial Corp   547,740 
 16,052      Global Medical REIT, Inc   142,060 
 226,640   *  Global Net Lease, Inc   1,756,460 
 79,198      Government Properties Income Trust   1,525,353 
 159,907      Gramercy Property Trust   4,211,950 
 765      Griffin Land & Nurseries, Inc (Class A)   24,044 
 129,723      Healthcare Realty Trust, Inc   3,918,932 
 47,730      Hersha Hospitality Trust   954,123 
 40,741      HFF, Inc (Class A)   1,209,193 
 129,038      Hudson Pacific Properties   4,569,235 
 67,578      Independence Realty Trust, Inc   623,745 
 138,452      Investors Real Estate Trust   891,631 
 94,122      Kennedy-Wilson Holdings, Inc   1,924,795 
 93,910      Kite Realty Group Trust   2,255,718 
 121,261      LaSalle Hotel Properties   3,658,444 
 261,411      Lexington Realty Trust   2,802,326 
 42,962      LTC Properties, Inc   2,005,037 
 101,512      Mack-Cali Realty Corp   2,844,366 
 17,353   *  Marcus & Millichap, Inc   447,187 
 22,508      MedEquities Realty Trust, Inc   245,337 
 334,821      Medical Properties Trust, Inc   4,268,968 
 75,871      Monmouth Real Estate Investment Corp (Class A)   1,107,717 
 191,343      Monogram Residential Trust, Inc   1,945,958 
 42,472      National Health Investors, Inc   3,142,503 
 40,689      National Storage Affiliates Trust   905,330 
 91,659      New Senior Investment Group, Inc   917,507 
 20,164      NexPoint Residential Trust, Inc   465,990 
 65,360      NorthStar Realty Europe Corp   784,974 
 15,585      One Liberty Properties, Inc   360,949 
 48,323   *  Parkway, Inc   1,028,797 
 81,067      Pebblebrook Hotel Trust   2,424,714 
273

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
         
 77,749      Pennsylvania REIT  $1,392,485 
 152,767      Physicians Realty Trust   2,833,828 
 45,993      Potlatch Corp   1,894,912 
 27,488      Preferred Apartment Communities, Inc   372,187 
 22,491      PS Business Parks, Inc   2,519,892 
 52,865      QTS Realty Trust, Inc   2,663,867 
 105,149      RAIT Investment Trust   363,816 
 89,766      Ramco-Gershenson Properties   1,459,595 
 20,266      Re/Max Holdings, Inc   1,135,909 
 121,555      Retail Opportunities Investment Corp   2,576,966 
 75,025      Rexford Industrial Realty, Inc   1,703,818 
 138,009      RLJ Lodging Trust   3,203,189 
 7,963      RMR Group, Inc   380,631 
 49,131      Ryman Hospitality Properties   3,005,835 
 73,260      Sabra Healthcare REIT, Inc   1,860,804 
 11,077      Saul Centers, Inc   703,279 
 71,987      Select Income REIT   1,800,395 
 28,277      Seritage Growth Properties   1,153,702 
 37,166      Silver Bay Realty Trust Corp   626,247 
 57,546   *  St. Joe Co   969,650 
 86,648   *  STAG Industrial, Inc   2,005,035 
 7,424   *  Stratus Properties, Inc   227,174 
 247,342      Sunstone Hotel Investors, Inc   3,640,874 
 17,094   *  Tejon Ranch Co   403,931 
 51,887      Terreno Realty Corp   1,410,808 
 55,074      Tier REIT, Inc   1,002,898 
 23,023   *  Trinity Place Holdings, Inc   185,796 
 29,273      UMH Properties, Inc   428,849 
 14,158      Universal Health Realty Income Trust   879,495 
 101,395      Urban Edge Properties   2,836,018 
 33,055      Urstadt Biddle Properties, Inc (Class A)   742,085 
 210,493      Washington Prime Group, Inc   2,031,257 
 83,357      Washington REIT   2,621,578 
 32,442      Whitestone REIT   451,268 
 116,992      Xenia Hotels & Resorts, Inc   2,146,803 
        TOTAL REAL ESTATE   163,381,216 
 
RETAILING - 3.3%
 30,262   *  1-800-FLOWERS.COM, Inc (Class A)   272,358 
 74,983      Aaron’s, Inc   2,319,974 
 76,927   e  Abercrombie & Fitch Co (Class A)   893,122 
 188,693      American Eagle Outfitters, Inc   2,851,151 
 8,796   *  America’s Car-Mart, Inc   368,992 
 22,637   *  Asbury Automotive Group, Inc   1,484,987 
 198,465   *  Ascena Retail Group, Inc   954,617 
 10,510   *  At Home Group, Inc   160,172 
 44,323   *  Barnes & Noble Education, Inc   445,446 
 70,915      Barnes & Noble, Inc   723,333 
 20,088      Big 5 Sporting Goods Corp   309,355 
 50,680      Big Lots, Inc   2,534,000 
 12,590      Blue Nile, Inc   512,539 
 15,292   *  Boot Barn Holdings, Inc   165,918 
 31,646   e  Buckle, Inc   669,313 
274

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
         
 16,153   *  Build-A-Bear Workshop, Inc  $193,836 
 48,094      Caleres, Inc   1,478,890 
 13,824      Camping World Holdings, Inc   435,180 
 28,894      Cato Corp (Class A)   733,619 
 146,994      Chico’s FAS, Inc   1,982,949 
 21,343      Children’s Place Retail Stores, Inc   2,070,271 
 16,711      Citi Trends, Inc   268,212 
 21,550   *,e  Conn’s, Inc   227,353 
 17,435   *  Container Store Group, Inc   84,908 
 51,667      Core-Mark Holding Co, Inc   1,804,728 
 44,692   *  Destination XL Group, Inc   158,657 
 75,787      DSW, Inc (Class A)   1,603,653 
 11,119   *  Duluth Holdings, Inc   251,512 
 119,852   *  Etsy, Inc   1,511,334 
 84,900   *  Express Parent LLC   902,487 
 46,360      Finish Line, Inc (Class A)   797,392 
 60,290   *  Five Below, Inc   2,402,557 
 43,084   *  Francesca’s Holdings Corp   751,385 
 39,414   e  Fred’s, Inc (Class A)   574,262 
 19,284   *  FTD Cos, Inc   443,146 
 7,340   *  Gaia, Inc   63,858 
 23,037   *  Genesco, Inc   1,386,827 
 77,206   e  GNC Holdings, Inc   684,817 
 23,552      Group 1 Automotive, Inc   1,902,766 
 68,783      Guess?, Inc   878,359 
 21,303      Haverty Furniture Cos, Inc   464,405 
 26,222   *  Hibbett Sports, Inc   865,326 
 35,303      HSN, Inc   1,244,431 
 15,783      Kirkland’s, Inc   219,068 
 16,071   *,e  Lands’ End, Inc   246,690 
 26,893      LCI Industries, Inc   2,951,507 
 81,575   *  Liberty TripAdvisor Holdings, Inc   1,464,271 
 26,872      Lithia Motors, Inc (Class A)   2,771,041 
 29,500   *,e  Lumber Liquidators, Inc   461,970 
 28,584   *  MarineMax, Inc   613,127 
 35,472      Monro Muffler, Inc   2,124,773 
 32,888      Nutri/System, Inc   1,086,948 
 630,397      Office Depot, Inc   2,805,267 
 23,015   *  Ollie’s Bargain Outlet Holdings, Inc   703,108 
 13,924   *  Overstock.com, Inc   231,138 
 29,990   *,e  Party City Holdco, Inc   433,356 
 22,420   e  PetMed Express, Inc   475,080 
 91,697      Pier 1 Imports, Inc   666,637 
 59,559   e  Rent-A-Center, Inc   533,649 
 43,395   *,e  Restoration Hardware Holdings, Inc   1,172,533 
 11,940   *,e  Sears Holdings Corp   83,341 
 18,346   *  Sears Hometown and Outlet Stores, Inc   66,963 
 52,708   *  Select Comfort Corp   1,063,647 
 15,764      Shoe Carnival, Inc   403,085 
 39,209   *  Shutterfly, Inc   2,012,598 
 31,027      Sonic Automotive, Inc (Class A)   726,032 
 30,001   *,e  Sportsman’s Warehouse Holdings, Inc   223,207 
 33,118   e  Stage Stores, Inc   92,730 
275

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
         
 37,691      Stein Mart, Inc  $137,949 
 54,950      Tailored Brands, Inc   1,167,688 
 37,752   *  Tile Shop Holdings, Inc   721,063 
 12,384   *  Tilly’s, Inc   165,946 
 51,996   *  Tuesday Morning Corp   223,583 
 26,818   *  Vitamin Shoppe, Inc   580,610 
 35,666   *,e  Wayfair, Inc   1,482,279 
 23,309   *  West Marine, Inc   216,074 
 2,826      Winmark Corp   312,980 
 19,728   *  Zumiez, Inc   395,546 
        TOTAL RETAILING   69,867,881 
 
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.9%
 6,250   *,e  Acacia Communications, Inc   363,562 
 44,797   *  Advanced Energy Industries, Inc   2,635,855 
 852,760   *  Advanced Micro Devices, Inc   8,843,121 
 22,250   *  Alpha & Omega Semiconductor Ltd   452,787 
 36,551   *,e  Ambarella, Inc   1,813,295 
 113,409   *  Amkor Technology, Inc   1,067,179 
 32,577   *  Axcelis Technologies, Inc   495,170 
 79,939      Brooks Automation, Inc   1,392,537 
 26,707      Cabot Microelectronics Corp   1,802,990 
 73,111   *  Cavium, Inc   4,840,679 
 22,097   *  Ceva, Inc   781,129 
 16   *,m  China Energy Savings Technology, Inc   0 
 71,049   *  Cirrus Logic, Inc   4,285,676 
 29,633      Cohu, Inc   391,156 
 42,577   *  Diodes, Inc   1,059,742 
 22,803   *  DSP Group, Inc   247,413 
 159,847   *  Entegris, Inc   2,997,131 
 45,396   *  Exar Corp   465,309 
 77,063   *  Formfactor, Inc   959,434 
 64,213   *  GigOptix, Inc   165,670 
 7,416   *  Impinj, Inc   261,117 
 45,411   *  Inphi Corp   2,080,732 
 153,068   *  Integrated Device Technology, Inc   3,855,783 
 151,940      Intersil Corp (Class A)   3,408,014 
 26,552      IXYS Corp   321,279 
 68,467   *  Kopin Corp   218,410 
 137,209   *  Lattice Semiconductor Corp   986,533 
 36,074   *  MA-COM Technology Solutions   1,715,332 
 63,047   *  MaxLinear, Inc   1,612,742 
 129,177   *  Microsemi Corp   6,865,758 
 60,338      MKS Instruments, Inc   3,976,274 
 44,030      Monolithic Power Systems, Inc   3,841,177 
 25,991   *  Nanometrics, Inc   668,229 
 34,569   *  NeoPhotonics Corp Ltd   378,531 
 5,322      NVE Corp   412,934 
 30,731   *  PDF Solutions, Inc   691,755 
 73,388   *  Photronics, Inc   843,962 
 31,016      Power Integrations, Inc   2,202,136 
 124,299   *  Rambus, Inc   1,613,401 
 33,912   *  Rudolph Technologies, Inc   778,280 
276

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
         
 72,999   *  Semtech Corp  $2,405,317 
 41,999   *  Sigma Designs, Inc   256,194 
 46,775   *  Silicon Laboratories, Inc   3,049,730 
 55,797      Tessera Holding Corp   2,522,024 
 37,066   *  Ultra Clean Holdings   464,437 
 25,943   *  Ultratech, Inc   672,443 
 45,650   *  Veeco Instruments, Inc   1,175,488 
 58,723   *  Xcerra Corp   445,120 
        TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT   82,782,967 
 
SOFTWARE & SERVICES - 8.0%
 41,309   *  2U, Inc   1,406,158 
 49,466   *  A10 Networks, Inc   394,244 
 130,284   *  ACI Worldwide, Inc   2,527,510 
 42,224   *  Actua Corp   603,803 
 88,014   *  Acxiom Corp   2,297,165 
 11,816   *  Alarm.com Holdings, Inc   320,095 
 19,683   *  ALJ Regional Holdings, Inc   78,535 
 20,089   *  Amber Road, Inc   177,788 
 27,198   *  American Software, Inc (Class A)   285,307 
 45,768   *  Angie’s List, Inc   286,965 
 9,167   *  Appfolio, Inc   207,633 
 7,586   *  Apptio, Inc   104,990 
 88,453   *  Aspen Technology, Inc   4,697,739 
 10,943   *  Autobytel, Inc   150,466 
 52,608   *  Bankrate, Inc   573,427 
 25,485   *  Barracuda Networks, Inc   598,643 
 91,583   *  Bazaarvoice, Inc   430,440 
 14,449   *  Benefitfocus, Inc   437,082 
 53,559      Blackbaud, Inc   3,514,006 
 62,431   *  Blackhawk Network Holdings, Inc   2,228,787 
 10,871   *,e  Blackline, Inc   295,474 
 44,940   *  Blucora, Inc   678,594 
 45,891   *  Bottomline Technologies, Inc   1,180,317 
 56,719   *  Box, Inc   968,193 
 32,594   *  Brightcove, Inc   234,677 
 33,115   *  BroadSoft, Inc   1,390,830 
 27,580   *  CACI International, Inc (Class A)   3,386,824 
 68,525   *  Callidus Software, Inc   1,264,286 
 19,080   *  Carbonite, Inc   329,130 
 51,105   *  Cardtronics plc   2,789,311 
 16,291   *  Care.com, Inc   137,496 
 12,480      Cass Information Systems, Inc   820,810 
 25,274   *  ChannelAdvisor Corp   350,045 
 28,514   *,e  Cimpress NV   2,406,296 
 43,620   *  Commvault Systems, Inc   2,141,742 
 53,912   *  comScore, Inc   1,808,748 
 100,676      Convergys Corp   2,498,778 
 57,364   *  Cornerstone OnDemand, Inc   2,334,141 
 10,421   *  Coupa Software, Inc   270,842 
 36,595      CSG Systems International, Inc   1,771,198 
 57,035   *  DHI Group, Inc   325,099 
 11,119   *,e  Digimarc Corp   293,542 
277

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
         
 119,844      EarthLink Holdings Corp  $768,200 
 28,555   e  Ebix, Inc   1,584,802 
 37,247   *  Ellie Mae, Inc   3,081,817 
 69,221   *  Endurance International Group Holdings, Inc   533,002 
 31,776   *  EnerNOC, Inc   181,123 
 46,643   *  Envestnet, Inc   1,763,105 
 54,746   *  EPAM Systems, Inc   3,523,453 
 9,481   *,e  Everbridge, Inc   175,114 
 71,790      EVERTEC, Inc   1,224,019 
 16,423   *  EXA Corp   254,556 
 36,995   *  ExlService Holdings, Inc   1,699,920 
 35,126      Fair Isaac Corp   4,331,036 
 36,766   *  Five9, Inc   568,402 
 11,144      Forrester Research, Inc   454,675 
 36,668   *  Gigamon, Inc   1,215,544 
 8,603   *  Global Sources Ltd   79,148 
 29,367   *,e  Globant S.A.   973,516 
 121,503   *,e  Glu Mobile, Inc   279,457 
 61,953   *,e  Gogo, Inc   566,870 
 91,527   *  GrubHub, Inc   3,802,947 
 29,697   *  GTT Communications, Inc   838,940 
 27,379   *  Guidance Software, Inc   198,772 
 24,826      Hackett Group, Inc   403,422 
 48,142   *,e  Hortonworks, Inc   466,977 
 32,511   *  HubSpot, Inc   1,667,814 
 32,554   *  Imperva, Inc   1,359,130 
 32,777   *  Information Services Group, Inc   108,164 
 12,328   *,e  Instructure, Inc   268,750 
 53,397      j2 Global, Inc   4,475,203 
 60,877   *  Jive Software, Inc   231,333 
 85,321   *  Limelight Networks, Inc   186,853 
 65,944   *  Lionbridge Technologies   377,200 
 27,863   *  Liquidity Services, Inc   271,664 
 57,319   *  Liveperson, Inc   418,429 
 58,764      LogMeIn, Inc   6,352,388 
 6,072   *,e  Majesco   31,089 
 27,938      Mantech International Corp (Class A)   1,087,906 
 31,255      Marchex, Inc (Class B)   84,701 
 72,730      MAXIMUS, Inc   4,010,332 
 48,698   *  MeetMe, Inc   239,594 
 121,554      Mentor Graphics Corp   4,486,558 
 10,708   *  MicroStrategy, Inc (Class A)   2,155,520 
 16,323   *,e  MINDBODY, Inc   397,465 
 34,879   *  Mitek Systems, Inc   230,201 
 52,911   *  MobileIron, Inc   230,163 
 26,615   *  Model N, Inc   234,212 
 33,270   *  MoneyGram International, Inc   422,529 
 45,413      Monotype Imaging Holdings, Inc   994,545 
 6,318      NCI, Inc (Class A)   80,239 
 61,345   *  NeuStar, Inc (Class A)   2,036,654 
 24,812   *  New Relic, Inc   898,194 
 72,091      NIC, Inc   1,737,393 
 14,612   *  Numerex Corp   85,919 
278

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
         
 13,643   *  Park City Group, Inc  $172,584 
 50,133   *  Paycom Software, Inc   2,318,150 
 24,573   *  Paylocity Holding Corp   758,323 
 41,017      Pegasystems, Inc   1,591,460 
 39,340   *  Perficient, Inc   697,498 
 15,484   *  PFSweb, Inc   116,285 
 50,746   *  Planet Payment, Inc   214,148 
 57,082      Progress Software Corp   1,599,438 
 46,226   *  Proofpoint, Inc   3,705,476 
 28,870   *  PROS Holdings, Inc   646,111 
 29,643   *  Q2 Holdings, Inc   941,165 
 10,681      QAD, Inc (Class A)   308,681 
 30,323   *  Qualys, Inc   1,088,596 
 40,987   *  QuinStreet, Inc   143,455 
 72,509   *  Quotient Technology, Inc   772,221 
 22,942   *  Rapid7, Inc   286,087 
 21,714   *  RealNetworks, Inc   116,170 
 61,688   *  RealPage, Inc   1,887,653 
 9,196      Reis, Inc   183,920 
 43,299   *  RetailMeNot, Inc   391,856 
 12,239   *  Rightside Group Ltd   103,297 
 66,581   *  RingCentral, Inc   1,554,666 
 20,473   *  Rosetta Stone, Inc   180,162 
 42,538   *  Rubicon Project, Inc   360,297 
 27,308      Sapiens International Corp NV   364,835 
 47,985      Science Applications International Corp   3,906,939 
 6,355   *  SecureWorks Corp   65,711 
 74,949   *  ServiceSource International LLC   397,230 
 21,360   *  Shutterstock, Inc   1,149,168 
 41,814   *  Silver Spring Networks, Inc   534,383 
 18,681   *  SPS Commerce, Inc   1,288,989 
 18,294   *,e  Stamps.com, Inc   2,223,636 
 43,958   *  Sykes Enterprises, Inc   1,227,747 
 46,841   *  Synchronoss Technologies, Inc   1,804,315 
 38,018      Syntel, Inc   800,659 
 94,297   *  Take-Two Interactive Software, Inc   5,059,034 
 29,931   *  Tangoe, Inc   217,898 
 18,841   *  TechTarget, Inc   165,989 
 37,092   *  TeleNav, Inc   330,119 
 18,318      TeleTech Holdings, Inc   542,213 
 132,586   *  TiVo Corp   2,505,875 
 5,899   *,e  Trade Desk, Inc   174,964 
 131,970      Travelport Worldwide Ltd   1,895,089 
 61,810   *,e  TrueCar, Inc   812,802 
 56,475   *,e  Unisys Corp   725,704 
 13,101   *  Varonis Systems, Inc   391,720 
 33,682   *  Vasco Data Security International   511,966 
 70,137   *  Verint Systems, Inc   2,619,617 
 62,572   *,e  VirnetX Holding Corp   162,687 
 31,248   *  Virtusa Corp   796,199 
 42,360   *  WebMD Health Corp (Class A)   2,113,340 
 49,662   *  Website Pros, Inc   941,095 
 27,218   *,e  Workiva, Inc   342,947 
279

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
         
 26,354   *  Xactly Corp  $320,201 
 27,559   *  XO Group, Inc   518,936 
 91,812   *  Zendesk, Inc   2,197,061 
 69,475   *  Zix Corp   331,396 
        TOTAL SOFTWARE & SERVICES   170,704,278 
 
TECHNOLOGY HARDWARE & EQUIPMENT - 5.5%
 121,812   *,e  3D Systems Corp   2,008,680 
 56,067      Adtran, Inc   1,227,867 
 26,953   *  Aerohive Networks, Inc   154,441 
 17,472   *  Agilysys, Inc   170,003 
 32,795   *  Anixter International, Inc   2,803,973 
 18,530   *  Applied Optoelectronics, Inc   569,983 
 36,618   *  Avid Technology, Inc   195,906 
 54,072      AVX Corp   875,966 
 32,001      Badger Meter, Inc   1,233,639 
 10,403      Bel Fuse, Inc (Class B)   330,815 
 47,351      Belden CDT, Inc   3,620,931 
 56,323   *  Benchmark Electronics, Inc   1,723,484 
 17,388      Black Box Corp   232,130 
 40,908   *  CalAmp Corp   614,438 
 46,626   *  Calix, Inc   335,707 
 155,869   *  Ciena Corp   3,793,851 
 13,438   *  Clearfield, Inc   231,134 
 27,462   *  Coherent, Inc   4,331,581 
 24,589      Comtech Telecommunications Corp   263,840 
 22,936   *  Control4 Corp   247,250 
 28,882   e  CPI Card Group, Inc   131,413 
 44,799   *  Cray, Inc   768,303 
 34,372      CTS Corp   738,998 
 42,437      Daktronics, Inc   431,160 
 77,389      Diebold, Inc   2,104,981 
 29,184   *  Digi International, Inc   380,851 
 18,963   *  Eastman Kodak Co   254,104 
 29,130   *  Electro Scientific Industries, Inc   191,384 
 53,241   *  Electronics for Imaging, Inc   2,392,651 
 27,578      EMCORE Corp   248,202 
 7,120   *  ePlus, Inc   797,796 
 118,546   *  Extreme Networks, Inc   655,559 
 39,850   *  Fabrinet   1,678,880 
 18,596   *  FARO Technologies, Inc   689,912 
 121,405   *  Finisar Corp   3,589,946 
 82,621   *  Harmonic, Inc   437,891 
 67,413   *  II-VI, Inc   2,460,575 
 32,037   *  Immersion Corp   329,661 
 157,900   *  Infinera Corp   1,422,679 
 41,763   *  Insight Enterprises, Inc   1,550,660 
 39,274      InterDigital, Inc   3,668,192 
 92,738   *  InvenSense, Inc   1,174,063 
 38,143   *  Itron, Inc   2,353,423 
 73,685   *  Ixia   1,433,173 
 30,913   *  Kimball Electronics, Inc   528,612 
 99,832   *  Knowles Corp   1,798,973 
280

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
         
 16,067   *  KVH Industries, Inc  $167,097 
 24,995      Littelfuse, Inc   3,941,961 
 57,157   *  Lumentum Holdings, Inc   2,169,108 
 33,182   *,e  Maxwell Technologies, Inc   157,946 
 3,358      Mesa Laboratories, Inc   400,072 
 41,347      Methode Electronics, Inc   1,738,641 
 19,113      MTS Systems Corp   1,110,465 
 36,652   *  Netgear, Inc   2,085,499 
 101,508   *  Netscout Systems, Inc   3,380,216 
 69,646   *  Nimble Storage, Inc   596,866 
 35,064   *  Novanta, Inc   783,680 
 127,198   *  Oclaro, Inc   1,247,812 
 19,934   *  OSI Systems, Inc   1,488,472 
 21,420      Park Electrochemical Corp   392,629 
 12,914      PC Connection, Inc   352,294 
 37,647      Plantronics, Inc   2,130,067 
 37,726   *  Plexus Corp   2,048,522 
 76,951   *  Pure Storage, Inc   874,933 
 7,363   *  Quantenna Communications, Inc   138,498 
 42,747   *  Radisys Corp   188,514 
 20,413   *  Rogers Corp   1,632,019 
 83,319   *  Sanmina Corp   3,245,275 
 28,261   *  Scansource, Inc   1,117,723 
 75,544   *  ShoreTel, Inc   525,031 
 6,577      Silicom Ltd   240,784 
 55,463   *  Sonus Networks, Inc   353,854 
 55,385   *  Stratasys Ltd   1,092,192 
 43,904   *  Super Micro Computer, Inc   1,161,261 
 40,031   *  Synaptics, Inc   2,256,948 
 33,176      SYNNEX Corp   3,987,092 
 13,420      Systemax, Inc   113,802 
 39,573   *  Tech Data Corp   3,385,866 
 82,692   *  TTM Technologies, Inc   1,226,322 
 29,429   *  Ubiquiti Networks, Inc   1,836,370 
 46,994   *  Universal Display Corp   3,101,604 
 37,979   *  USA Technologies, Inc   159,512 
 58,620   *  Viasat, Inc   3,805,024 
 264,308   *  Viavi Solutions, Inc   2,365,557 
 154,964      Vishay Intertechnology, Inc   2,572,402 
 15,049   *  Vishay Precision Group, Inc   250,566 
        TOTAL TECHNOLOGY HARDWARE & EQUIPMENT   117,000,157 
 
TELECOMMUNICATION SERVICES - 0.8%
 99,579   *  8x8, Inc   1,578,327 
 11,935      ATN International, Inc   958,261 
 41,745   *  Boingo Wireless, Inc   488,416 
 46,999   *  Cincinnati Bell, Inc   1,078,627 
 46,794      Cogent Communications Group, Inc   1,955,989 
 55,491   e  Consolidated Communications Holdings, Inc   1,459,968 
 25,087   *  Fairpoint Communications, Inc   464,109 
 30,849   *  General Communication, Inc (Class A)   620,682 
 429,365   *,e  Globalstar, Inc   678,397 
 7,724   *  Hawaiian Telcom Holdco, Inc   191,787 
281

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
         
 19,552      IDT Corp (Class B)  $375,398 
 37,071      Inteliquent, Inc   848,926 
 34,329   *,e  Intelsat S.A.   123,928 
 91,816   *,e  Iridium Communications, Inc   927,342 
 20,928   *  Lumos Networks Corp   323,756 
 67,823   *  NII Holdings, Inc   191,600 
 76,868   *  Orbcomm, Inc   628,012 
 11,615   *  pdvWireless, Inc   247,400 
 51,810      Shenandoah Telecom Co   1,411,823 
 23,148      Spok Holdings, Inc   475,691 
 11,052   *,e  Straight Path Communications, Inc   387,262 
 68   *,m  Touch America Holdings, Inc   0 
 217,331   *  Vonage Holdings Corp   1,540,877 
 108,656   e  Windstream Holdings, Inc   877,940 
        TOTAL TELECOMMUNICATION SERVICES   17,834,518 
 
TRANSPORTATION - 1.6%
 56,159   *  Air Transport Services Group, Inc   905,845 
 14,941      Allegiant Travel Co   2,569,852 
 27,449      Arkansas Best Corp   867,388 
 27,622   *  Atlas Air Worldwide Holdings, Inc   1,457,061 
 29,683      Celadon Group, Inc   225,591 
 34,997      Costamare, Inc   185,834 
 13,793   *  Covenant Transportation Group, Inc   296,963 
 32,533   *  Echo Global Logistics, Inc   772,659 
 33,740      Forward Air Corp   1,625,931 
 59,820   *  Hawaiian Holdings, Inc   3,047,829 
 52,619      Heartland Express, Inc   1,083,951 
 37,911   *  Hub Group, Inc (Class A)   1,681,353 
 76,028      Knight Transportation, Inc   2,539,335 
 25,633      Marten Transport Ltd   585,714 
 48,841      Matson, Inc   1,741,670 
 3,157   *  PAM Transportation Services, Inc   73,590 
 9,604      Park-Ohio Holdings Corp   430,739 
 46,775   *  Radiant Logistics, Inc   171,664 
 34,470   *  Roadrunner Transportation Services Holdings, Inc   273,002 
 28,705   *  Saia, Inc   1,379,275 
 64,304   *  Scorpio Bulkers, Inc   459,774 
 56,925      Skywest, Inc   2,015,145 
 84,288   *,e  Swift Transportation Co, Inc   1,924,295 
 8,612      Universal Truckload Services, Inc   124,443 
 9,571   *  USA Truck, Inc   80,875 
 50,566      Werner Enterprises, Inc   1,420,905 
 63,053   *  Wesco Aircraft Holdings, Inc   955,253 
 111,068   *  XPO Logistics, Inc   4,969,183 
 37,899   *  YRC Worldwide, Inc   565,832 
        TOTAL TRANSPORTATION   34,430,951 
 
UTILITIES - 3.6%
 56,176      Allete, Inc   3,671,102 
 41,385      American States Water Co   1,811,835 
 7,860   *  AquaVenture Holdings Ltd   151,541 
 8,771      Artesian Resources Corp   272,164 
282

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
         
 128,908   *  Atlantic Power Corp  $302,934 
 66,665      Atlantica Yield plc   1,426,631 
 71,837      Avista Corp   2,775,782 
 58,665      Black Hills Corp   3,669,496 
 54,480      California Water Service Group   1,879,560 
 17,761      Chesapeake Utilities Corp   1,161,569 
 12,167      Connecticut Water Service, Inc   657,505 
 16,592      Consolidated Water Co, Inc   170,898 
 8,156      Delta Natural Gas Co, Inc   214,666 
 131,464   *  Dynegy, Inc   1,255,481 
 45,835      El Paso Electric Co   2,103,826 
 69,112   *,m  Ferroglobe plc   0 
 16,769      Genie Energy Ltd   96,757 
 8,631   e  Global Water Resources, Inc   70,256 
 57,426      Idacorp, Inc   4,595,228 
 39,852      MGE Energy, Inc   2,536,580 
 17,709      Middlesex Water Co   669,577 
 97,267      New Jersey Resources Corp   3,666,966 
 30,898      Northwest Natural Gas Co   1,819,892 
 55,257      NorthWestern Corp   3,155,727 
 40,778      NRG Yield, Inc (Class A)   662,642 
 72,443      NRG Yield, Inc (Class C)   1,227,909 
 58,941      ONE Gas, Inc   3,808,767 
 43,918      Ormat Technologies, Inc   2,358,397 
 43,023      Otter Tail Corp   1,628,421 
 74,989      Pattern Energy Group, Inc   1,480,283 
 90,608      PNM Resources, Inc   3,116,915 
 101,569      Portland General Electric Co   4,429,424 
 18,624      SJW Corp   933,062 
 90,532      South Jersey Industries, Inc   2,987,556 
 53,717      Southwest Gas Corp   4,327,979 
 6,070   e  Spark Energy, Inc   156,909 
 50,784      Spire, Inc   3,300,960 
 103,309      TerraForm Global, Inc   454,560 
 99,019   e  TerraForm Power, Inc   1,175,356 
 15,715      Unitil Corp   719,276 
 24,303   *,e  Vivint Solar, Inc   74,124 
 57,232      WGL Holdings, Inc   4,689,590 
 14,161      York Water Co   506,964 
        TOTAL UTILITIES   76,175,067 
              
        TOTAL COMMON STOCKS   2,143,149,431 
        (Cost $1,598,225,565)     
              
RIGHTS / WARRANTS - 0.0%
DIVERSIFIED FINANCIALS - 0.0%
 1,297   m  Emergent Capital, Inc   0 
        TOTAL DIVERSIFIED FINANCIALS   0 
              
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
 8,325   m  Forest Laboratories, Inc CVR   7,909 
 5,149   m  Omthera Pharmaceuticals, Inc   3,089 
 34,794   m  Trius Therapeutics, Inc   4,523 
        TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES   15,521 
283

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES      COMPANY         VALUE 
                      
SOFTWARE & SERVICES - 0.0%
 17,421   m  Gerber Scientific, Inc          $0 
        TOTAL SOFTWARE & SERVICES               0 
                      
TELECOMMUNICATION SERVICES - 0.0%
 55,538   m  Leap Wireless International, Inc           139,956 
        TOTAL TELECOMMUNICATION SERVICES               139,956 
                      
        TOTAL RIGHTS / WARRANTS               155,477 
        (Cost $140,391)             
                      
PRINCIPAL      ISSUER    RATE  MATURITY DATE     
SHORT-TERM INVESTMENTS - 6.6%
GOVERNMENT AGENCY DEBT - 1.0%
$22,800,000      Federal Home Loan Bank (FHLB)   0.400%-0.450%  02/01/17   22,800,000 
        TOTAL GOVERNMENT AGENCY DEBT               22,800,000 
                          
SHARES       COMPANY              
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 5.6%
 119,487,603   c  State Street Navigator Securities Lending Government Money Market Portfolio   119,487,603 
        TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES    119,487,603 
                      
        TOTAL SHORT-TERM INVESTMENTS           142,287,603 
        (Cost $142,287,603)             
        TOTAL INVESTMENTS - 106.6%               2,285,592,511 
        (Cost $1,740,653,559)             
        OTHER ASSETS & LIABILITIES, NET - (6.6)%               (142,152,881)
        NET ASSETS - 100.0%          $2,143,439,630 
       
       
    Abbreviation(s):
    CVR   Contingent Value Rights
    REIT   Real Estate Investment Trust
     
* Non-income producing
c Investments made with cash collateral received from securities on loan.
e All or a portion of these securities are out on loan. The aggregate value of securities on loan is $117,006,663.
m   Indicates a security that has been deemed illiquid.
284

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

 

TIAA-CREF FUNDS

EMERGING MARKETS EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (unaudited)

January 31, 2017

 

SHARES      COMPANY  VALUE 
         
COMMON STOCKS - 99.5%     
              
BRAZIL - 7.4%     
 73,173   *  AES Tiete S.A.  $337,502 
 2,022,951   *  AMBEV S.A.   11,044,671 
 350,045   *  Banco Bradesco S.A.   3,570,427 
 1,179,535   *  Banco Bradesco S.A. (Preference)   12,237,889 
 350,986      Banco do Brasil S.A.   3,464,779 
 1,372,986   *  Banco Itau Holding Financeira S.A.   16,222,493 
 167,239   *  Banco Santander Brasil S.A.   1,661,603 
 293,100      BB Seguridade Participacoes S.A.   2,595,232 
 715,874      BM&F Bovespa S.A.   4,200,348 
 242,380   *  BR Malls Participacoes S.A.   1,127,908 
 65,815      Braskem S.A.   679,912 
 261,956      BRF S.A.   3,697,162 
 87,800   *  Centrais Eletricas Brasileiras S.A.   580,274 
 86,192   *  Centrais Eletricas Brasileiras S.A. (Preference)   675,754 
 96,241   *  CETIP S.A.-Balcao Organizado de Ativos e Derivativos   1,437,184 
 68,157      Cia Brasileira de Distribuicao Grupo Pao de Acucar   1,253,221 
 375,356      Cia de Concessoes Rodoviarias   1,848,449 
 137,800      Cia de Saneamento Basico do Estado de Sao Paulo   1,370,884 
 282,891   *  Cia Energetica de Minas Gerais   820,177 
 33,495      Cia Paranaense de Energia   341,833 
 238,230   *  Cia Siderurgica Nacional S.A.   873,789 
 425,599   *  Cielo S.A.   3,576,662 
 72,136      Cosan SA Industria e Comercio   921,823 
 80,081      CPFL Energia S.A.   643,467 
 126,862   *  EDP - Energias do Brasil S.A.   565,550 
 273,079      Empresa Brasileira de Aeronautica S.A.   1,559,840 
 72,700   *  Engie Brasil Energia S.A.   825,935 
 85,600   *  Equatorial Energia S.A.   1,577,989 
 105,563      Fibria Celulose S.A.   984,356 
 354,675      Gerdau S.A. (Preference)   1,374,451 
 144,182      Hypermarcas S.A.   1,278,999 
 307,864      JBS S.A.   1,162,998 
 231,120      Klabin S.A.   1,191,136 
 572,896      Kroton Educacional S.A.   2,456,320 
 67,091   *  Localiza Rent A Car   784,753 
 69,210   *  Lojas Americanas S.A.   288,893 
 227,985   *  Lojas Americanas S.A.(Preference)   1,210,718 
 270,150   *  Lojas Renner S.A.   2,047,431 
 12,800   *  M Dias Branco S.A.   503,380 
 28,500   *  Multiplan Empreendimentos Imobiliarios S.A.   564,873 
 65,392   *  Natura Cosmeticos S.A.   524,420 
 82,453      Odontoprev S.A.   293,339 
 1,290,972   *  Petroleo Brasileiro S.A.   6,634,680 
 1,694,546   *  Petroleo Brasileiro S.A. (Preference)   8,078,699 
285

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

 

SHARES      COMPANY  VALUE 
         
 36,381   *  Porto Seguro S.A.  $303,416 
 86,500      Qualicorp S.A.   565,757 
 92,900   *  Raia Drogasil S.A.   1,930,687 
 287,000   *  Rumo Logistica Operadora Multimodal S.A.   683,588 
 81,909   *  Satipel Industrial S.A.   196,052 
 52,505   *  Sul America SA   309,761 
 167,200      Suzano Papel e Celulose S.A.   711,133 
 184,321   *  Telefonica Brasil S.A.   2,729,607 
 318,066      Tim Participacoes S.A.   903,260 
 173,280      Ultrapar Participacoes S.A.   3,636,275 
 542,400      Vale S.A.   5,540,418 
 814,273      Vale S.A. (Preference)   7,899,885 
 224,240   *  Weg S.A.   1,132,132 
        TOTAL BRAZIL   135,634,174 
              
CHILE - 1.1%     
 1,256,501      AES Gener S.A.   430,823 
 1,207,642      Aguas Andinas S.A.   655,291 
 7,714,069   *  Banco de Chile   920,348 
 15,037      Banco de Credito e Inversiones   773,464 
 22,952,212      Banco Santander Chile S.A.   1,242,848 
 585,666      Centros Comerciales Sudamericanos S.A.   1,702,073 
 55,611      Cia Cervecerias Unidas S.A.   628,790 
 3,298,370      Colbun S.A.   636,204 
 53,437,410      Corpbanca S.A.   438,432 
 103,324      Embotelladora Andina S.A.   373,278 
 1,466,501   *  Empresa Nacional de Electricidad S.A.   942,115 
 54,757   *  Empresa Nacional de Telecomunicaciones S.A.   592,810 
 479,049      Empresas CMPC S.A.   1,034,656 
 234,878      Empresas COPEC S.A.   2,402,385 
 8,296,159      Enersis Chile S.A.   798,693 
 12,140,801      Enersis S.A.   2,173,111 
 104,466   *  Lan Airlines S.A.   960,412 
 261,201      SACI Falabella   2,117,517 
 39,759      Sociedad Quimica y Minera de Chile S.A. (Class B)   1,285,811 
        TOTAL CHILE   20,109,061 
              
CHINA - 24.6%     
 407,000   *,g  3SBio, Inc   397,418 
 32,787   *,e  58.COM, Inc (ADR)   956,725 
 312,000      AAC Technologies Holdings, Inc   3,204,144 
 11,048,000      Agricultural Bank of China   4,614,987 
 838,000      Air China Ltd   599,613 
 471,402   *  Alibaba Group Holding Ltd (ADR)   47,757,736 
 1,752,000   *  Alibaba Health Information Technology Ltd   812,090 
 2,382,000   *,e  Aluminum Corp of China Ltd   1,230,326 
 526,500      Anhui Conch Cement Co Ltd   1,694,258 
 428,000      Anta Sports Products Ltd   1,362,261 
 990,000      AviChina Industry & Technology Co   726,726 
 116,345   *  Baidu, Inc (ADR)   20,368,519 
 34,374,000      Bank of China Ltd   15,568,548 
 3,865,500      Bank of Communications Co Ltd   2,843,240 
 660,000      Beijing Capital International Airport Co Ltd   638,498 
286

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

 

SHARES      COMPANY  VALUE 
         
 238,000      Beijing Enterprises Holdings Ltd  $1,186,395 
 1,974,000      Beijing Enterprises Water Group Ltd   1,369,128 
 2,838,000      Belle International Holdings Ltd   1,729,888 
 1,268,000      Brilliance China Automotive Holdings Ltd   1,786,282 
 279,000   e  Byd Co Ltd   1,543,392 
 5,119,000   g  CGN Power Co Ltd   1,443,465 
 3,872,000      China Cinda Asset Management Co Ltd   1,341,398 
 4,039,600      China Citic Bank   2,656,876 
 1,474,000   *,e  China Coal Energy Co   768,660 
 1,891,000      China Communications Construction Co Ltd   2,275,985 
 988,400      China Communications Services Corp Ltd   671,886 
 654,500      China Conch Venture Holdings Ltd   1,256,618 
 35,101,350      China Construction Bank   26,023,732 
 1,527,000      China Everbright Bank Co Ltd   735,009 
 1,062,000      China Everbright International Ltd   1,287,999 
 460,000      China Everbright Ltd   878,245 
 1,827,000   e  China Evergrande Group   1,272,633 
 1,315,000      China Galaxy Securities Co Ltd   1,220,750 
 2,214,000   *,e,g  China Huarong Asset Management Co Ltd   839,271 
 2,230,000   e  China Huishan Dairy Holdings Co Ltd   832,664 
 677,424   *  China Insurance International Holdings Co Ltd   1,484,042 
 3,222,000      China Life Insurance Co Ltd   8,875,276 
 1,439,000      China Longyuan Power Group Corp   1,175,402 
 497,000      China Medical System Holdings Ltd   809,878 
 1,159,000      China Mengniu Dairy Co Ltd   2,163,442 
 1,699,500      China Merchants Bank Co Ltd   4,256,166 
 595,780      China Merchants Holdings International Co Ltd   1,592,721 
 2,660,300      China Minsheng Banking Corp Ltd   2,927,716 
 2,549,500      China Mobile Hong Kong Ltd   28,688,558 
 1,256,000      China National Building Material Co Ltd   734,541 
 1,106,000      China Oilfield Services Ltd   1,179,801 
 1,646,000      China Overseas Land & Investment Ltd   4,833,399 
 1,134,400      China Pacific Insurance Group Co Ltd   4,029,397 
 1,363,000      China Power International Development Ltd   491,194 
 863,000      China Railway Construction Corp   1,197,415 
 1,663,000      China Railway Group Ltd   1,455,644 
 722,677   *  China Resources Beer Holdings Company Ltd   1,467,839 
 408,000      China Resources Gas Group Ltd   1,289,432 
 1,189,555      China Resources Land Ltd   2,942,427 
 891,372      China Resources Power Holdings Co   1,530,919 
 1,631,500      China Shenhua Energy Co Ltd   3,447,862 
 726,000      China Southern Airlines Co Ltd   415,808 
 746,000      China State Construction International Holdings Ltd   1,212,215 
 6,080,000      China Telecom Corp Ltd   2,870,600 
 2,556,000      China Unicom Ltd   3,016,901 
 602,200      China Vanke Co Ltd   1,527,637 
 356,400      Chongqing Changan Automobile Co Ltd   505,342 
 1,050,000      Chongqing Rural Commercial Bank   639,378 
 1,967,000      Citic Pacific Ltd   2,916,073 
 995,000      CITIC Securities Co Ltd   2,024,758 
 7,871,000      CNOOC Ltd   9,828,941 
 765,543      COSCO Pacific Ltd   760,743 
 2,386,675      Country Garden Holdings Co Ltd   1,368,551 
287

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

 

SHARES      COMPANY  VALUE 
         
 1,792,050      CRRC Corp Ltd  $1,743,887 
 1,840,000      CSPC Pharmaceutical Group Ltd   2,070,843 
 160,104   *  Ctrip.com International Ltd (ADR)   6,918,094 
 1,324,000      Dongfeng Motor Group Co Ltd   1,403,622 
 344,000      ENN Energy Holdings Ltd   1,695,904 
 850,000      Far East Horizon Ltd   774,884 
 1,173,452      Fosun International   1,780,988 
 1,568,000      Franshion Properties China Ltd   460,246 
 214,800   e,g  Fuyao Glass Industry Group Co Ltd   634,887 
 2,235,000      Geely Automobile Holdings Ltd   2,641,597 
 602,200   e  GF Securities Co Ltd   1,287,453 
 4,856,668   *  GOME Electrical Appliances Holdings Ltd   604,442 
 1,327,500   *  Great Wall Motor Co Ltd   1,330,131 
 1,330,000      Guangdong Investments Ltd   1,650,402 
 898,000      Guangzhou Automobile Group Co Ltd   1,224,703 
 382,000      Guangzhou R&F Properties Co Ltd   489,950 
 290,000      Haitian International Holdings Ltd   589,928 
 1,328,800      Haitong Securities Co Ltd   2,384,050 
 336,500      Hengan International Group Co Ltd   2,755,007 
 9,124,000   *  HengTen Networks Group Ltd   258,313 
 2,000,000      Huaneng Power International, Inc   1,297,400 
 1,708,000      Huaneng Renewables Corp Ltd   530,057 
 643,800   g  Huatai Securities Co Ltd   1,241,610 
 31,775,000      Industrial & Commercial Bank of China   19,426,746 
 287,632   *  JD.com, Inc (ADR)   8,168,749 
 576,000      Jiangsu Express   721,386 
 752,000      Jiangxi Copper Co Ltd   1,298,655 
 318,000      Kingsoft Corp Ltd   665,759 
 3,226,000      Lenovo Group Ltd   2,113,087 
 676,500      Longfor Properties Co Ltd   973,943 
 33,883      Netease.com (ADR)   8,602,894 
 339,100      New China Life insurance Co Ltd   1,636,140 
 56,344   *  New Oriental Education & Technology Group (ADR)   2,679,157 
 3,196,000      People’s Insurance Co Group of China Ltd   1,244,915 
 1,995,055      PICC Property & Casualty Co Ltd   3,015,821 
 2,257,000      Ping An Insurance Group Co of China Ltd   11,577,903 
 13,700   *  Qunar Cayman Islands Ltd (ADR)   416,891 
 1,200,300   *,e  Semiconductor Manufacturing International Corp   1,645,917 
 1,232,000      Shandong Weigao Group Medical Polymer Co Ltd   805,935 
 1,410,000   *  Shanghai Electric Group Co Ltd   641,697 
 185,500      Shanghai Fosun Pharmaceutical Group Co Ltd   615,410 
 237,000      Shanghai Industrial Holdings Ltd   637,834 
 399,199      Shanghai Lujiazui Finance & Trade Zone Development Co Ltd   575,238 
 301,300      Shanghai Pharmaceuticals Holding Co Ltd   767,339 
 244,000      Shenzhou International Group Holdings Ltd   1,505,088 
 24,817   *  Sina Corp   1,730,241 
 1,194,471      Sino-Ocean Land Holdings Ltd   514,425 
 532,000      Sinopec Engineering Group Co Ltd   432,043 
 1,666,000      Sinopec Shanghai Petrochemical Co Ltd   1,031,608 
 544,400      Sinopharm Group Co   2,487,860 
 766,000      Sinotrans Ltd   319,390 
 863,500      Soho China Ltd   436,849 
 852,000   e  Sunac China Holdings Ltd   756,865 
288

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

 

SHARES      COMPANY  VALUE 
         
 299,000      Sunny Optical Technology Group Co Ltd  $1,751,993 
 19,100   *  TAL Education Group (ADR)   1,546,909 
 2,376,200      Tencent Holdings Ltd   62,126,604 
 804,000      Tingyi Cayman Islands Holding Corp   913,927 
 432,000      Travelsky Technology Ltd   970,362 
 200,000      Tsingtao Brewery Co Ltd   798,601 
 169,524   *  Vipshop Holdings Ltd (ADR)   1,919,012 
 2,831,000   e  Want Want China Holdings Ltd   2,019,790 
 12,700   *,e  Weibo Corp (ADR)   612,394 
 419,400      Weichai Power Co Ltd   743,180 
 1,220,000      Yanzhou Coal Mining Co Ltd   955,691 
 12,504   *  YY, Inc (ADR)   513,664 
 600,000      Zhejiang Expressway Co Ltd   602,663 
 234,000      Zhuzhou CSR Times Electric Co Ltd   1,333,222 
 3,212,000      Zijin Mining Group Co Ltd   1,099,026 
 359,864      ZTE Corp   559,511 
        TOTAL CHINA   449,236,115 
              
COLOMBIA - 0.4%     
 186,996      BanColombia S.A. (Preference)   1,762,068 
 198,544      Cementos Argos S.A.   791,528 
 35,877      Corp Financiera Colombiana S.A.   422,710 
 3,055,674   *  Ecopetrol S.A.   1,436,551 
 107,119      Grupo Argos S.A.   709,060 
 1,603,675   *  Grupo Aval Acciones y Valores   655,233 
 97,807      Grupo de Inversiones Suramericana S.A.   1,304,205 
 34,962      Grupo de Inversiones Suramericana S.A. (Preference)   454,485 
 151,305      Interconexion Electrica S.A.   546,297 
        TOTAL COLOMBIA   8,082,137 
              
CZECH REPUBLIC - 0.2%     
 62,116      CEZ AS   1,063,931 
 34,678   *  Komercni Banka AS   1,226,304 
 162,444   *,g  Moneta Money Bank AS.   537,079 
 19,025      Telefonica O2 Czech Republic AS   196,855 
        TOTAL CZECH REPUBLIC   3,024,169 
              
EGYPT - 0.1%     
 447,052      Commercial International Bank   1,800,596 
 944,833   *  Orascom Telecom Holding SAE   353,003 
 531,056      Talaat Moustafa Group   238,485 
        TOTAL EGYPT   2,392,084 
              
GREECE - 0.3%     
 579,555   *  Alpha Bank AE   1,028,459 
 633,723   *  Eurobank Ergasias S.A.   384,808 
 10,570   *  FF Group   202,178 
 102,523      Hellenic Telecommunications Organization S.A.   929,850 
 37,462      JUMBO S.A.   526,032 
 2,370,073   *  National Bank of Greece S.A.   567,151 
 83,715      OPAP S.A.   741,037 
 2,432,366   *  Piraeus Bank S.A.   464,540 
 24,998      Titan Cement Co S.A.   561,565 
        TOTAL GREECE   5,405,620 
289

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

 

SHARES      COMPANY  VALUE 
         
HONG KONG - 0.5%     
 5,180,000   *,e  Alibaba Pictures Group Ltd  $870,257 
 742,000      China Gas Holdings Ltd   1,074,158 
 2,892,500      Fullshare Holdings Ltd   1,218,659 
 5,993,799   *,e  GCL Poly Energy Holdings Ltd   774,622 
 510,000      Haier Electronics Group Co Ltd   897,092 
 690,000      Nine Dragons Paper Holdings Ltd   794,145 
 479,000      Shimao Property Holdings Ltd   641,702 
 1,918,000      Sino Biopharmaceutical   1,505,395 
 1,012,500      Sun Art Retail Group Ltd   1,020,473 
        TOTAL HONG KONG   8,796,503 
              
HUNGARY - 0.3%     
 22,247      MOL Hungarian Oil and Gas plc   1,567,765 
 97,126      OTP Bank   2,986,669 
 50,715      Richter Gedeon Rt   1,092,265 
        TOTAL HUNGARY   5,646,699 
              
INDIA - 7.8%     
 266,943      Ambuja Cements Ltd   901,380 
 25,796      Apollo Hospitals Enterprise Ltd   467,188 
 648,962      Ashok Leyland Ltd   869,626 
 130,351      Asian Paints Ltd   1,865,359 
 22,272      Associated Cement Co Ltd   464,164 
 100,317      Aurobindo Pharma Ltd   1,008,105 
 713,361      Axis Bank Ltd   4,907,272 
 61,329   *  Bajaj Finance Ltd   938,362 
 12,970      Bajaj Finserv Ltd   621,046 
 32,292      Bajaj Holdings and Investment Ltd   1,351,444 
 42,805      Bharat Forge Ltd   589,059 
 220,017      Bharat Heavy Electricals   444,414 
 257,592      Bharat Petroleum Corp Ltd   2,593,386 
 403,056      Bharti Airtel Ltd   2,070,672 
 221,925      Bharti Infratel Ltd   962,320 
 2,801      Bosch Ltd   916,054 
 69,715      Cadila Healthcare Ltd   360,503 
 261,575      Cairn India Ltd   1,069,008 
 146,261      Cipla Ltd   1,241,323 
 389,860      Coal India Ltd   1,779,467 
 11,787      Container Corp Of India Ltd   206,922 
 201,484      Dabur India Ltd   818,805 
 25,689      Divi S Laboratories Ltd   265,483 
 46,980      Dr Reddy’s Laboratories Ltd   2,104,369 
 5,678      Eicher Motors Ltd   1,930,761 
 129,367      GAIL India Ltd   893,485 
 49,643      Glenmark Pharmaceuticals Ltd   653,886 
 45,777      Godrej Consumer Products Ltd   1,066,229 
 54,191   *  Havells India Ltd   335,516 
 234,572      HCL Technologies Ltd   2,809,213 
 18,935      Hero Honda Motors Ltd   885,286 
 535,754      Hindalco Industries Ltd   1,498,678 
290

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

 

SHARES      COMPANY  VALUE 
         
 274,587      Hindustan Lever Ltd  $3,464,209 
 209,967      Hindustan Petroleum Corp Ltd   1,617,608 
 632,786      Housing Development Finance Corp   12,775,694 
 511,889      ICICI Bank Ltd   2,033,246 
 475,338      Idea Cellular Ltd   772,200 
 451,423      IDFC Bank Ltd   399,416 
 124,777      Indiabulls Housing Finance Ltd   1,382,405 
 786,357      Infosys Technologies Ltd   10,755,688 
 1,458,343      ITC Ltd   5,557,036 
 342,330   *  JSW Steel Ltd   1,002,117 
 137,112      Larsen & Toubro Ltd   2,928,200 
 136,162      LIC Housing Finance Ltd   1,111,793 
 94,148      Lupin Ltd   2,046,886 
 112,750      Mahindra & Mahindra Financial Services Ltd   444,407 
 158,164      Mahindra & Mahindra Ltd   2,896,734 
 163,409      Marico Ltd   619,984 
 45,202      Maruti Suzuki India Ltd   3,933,527 
 131,861      Motherson Sumi Systems Ltd   644,086 
 323,508      Mundra Port and Special Economic Zone Ltd   1,402,891 
 8,934      Nestle India Ltd   770,135 
 642,068      NTPC Ltd   1,632,031 
 29,562      Piramal Healthcare Ltd   735,988 
 254,710      Power Finance Corp Ltd   488,521 
 572,065      Reliance Industries Ltd   8,823,666 
 523,288   *  Sesa Sterlite Ltd   1,958,036 
 3,466      Shree Cement Ltd   790,544 
 63,813      Shriram Transport Finance Co Ltd   898,248 
 29,598   *  Siemens India Ltd   500,060 
 685,695      State Bank of India   2,634,807 
 403,261      Sun Pharmaceutical Industries Ltd   3,753,050 
 202,735   *  Tata Consultancy Services Ltd   6,666,592 
 672,878      Tata Motors Ltd   5,213,142 
 444,917      Tata Power Co Ltd   523,405 
 114,171      Tata Steel Ltd   780,822 
 92,241      Tech Mahindra Ltd   615,300 
 107,947      Titan Industries Ltd   577,099 
 37,411      Ultra Tech Cement Ltd   2,040,371 
 141,514   *  United Phosphorus Ltd   1,513,616 
 28,278   *  United Spirits Ltd   908,835 
 253,894      Wipro Ltd   1,716,882 
 131,765      Yes Bank Ltd   2,714,895 
 232,137      ZEE Telefilms Ltd   1,673,130 
        TOTAL INDIA   142,606,087 
              
INDONESIA - 2.4%     
 7,349,000      Adaro Energy Tbk   934,050 
 4,644,300      Bank Rakyat Indonesia   4,078,129 
 864,400      Indofood CBP Sukses Makmur Tbk   543,893 
 585,800      PT AKR Corporindo Tbk   292,845 
 8,395,600      PT Astra International Tbk   5,005,084 
 5,185,900      PT Bank Central Asia Tbk   5,943,853 
 1,026,066      PT Bank Danamon Indonesia Tbk   319,767 
 3,874,171      PT Bank Mandiri Persero Tbk   3,164,347 
291

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

 

SHARES      COMPANY  VALUE 
         
 2,953,793      PT Bank Negara Indonesia  $1,262,041 
 2,356,000      PT Bumi Serpong Damai   323,165 
 2,657,400      PT Charoen Pokphand Indonesia Tbk   617,600 
 1,795,675   *  PT Excelcomindo Pratama   391,494 
 202,800      PT Gudang Garam Tbk   937,736 
 3,584,400      PT Hanjaya Mandala Sampoerna Tbk   1,032,562 
 555,900      PT Indocement Tunggal Prakarsa Tbk   625,742 
 1,832,500      PT Indofood Sukses Makmur Tbk   1,087,638 
 1,305,970      PT Jasa Marga Tbk   413,075 
 7,666,300      PT Kalbe Farma Tbk   833,244 
 9,202,500      PT Lippo Karawaci Tbk   506,745 
 1,009,000      PT Matahari Department Store Tbk   1,117,047 
 1,577,800      PT Media Nusantara Citra Tbk   200,413 
 8,991,000      PT Pakuwon Jati Tbk   377,412 
 4,664,400      PT Perusahaan Gas Negara Persero Tbk   1,007,338 
 1,132,300      PT Semen Gresik Persero Tbk   765,800 
 3,316,600      PT Summarecon Agung Tbk   325,661 
 2,125,900      PT Surya Citra Media Tbk   449,331 
 20,969,300      PT Telekomunikasi Indonesia Persero Tbk   6,078,678 
 654,600      PT Unilever Indonesia Tbk   2,018,538 
 886,000      PT United Tractors Tbk   1,450,009 
 1,793,000      PT Waskita Karya Persero Tbk   343,959 
 1,121,400      Tower Bersama Infrastructure   415,722 
        TOTAL INDONESIA   42,862,918 
              
KOREA, REPUBLIC OF - 14.0%     
 13,622      Amorepacific Corp   3,717,970 
 3,527      Amorepacific Corp (Preference)   545,090 
 7,364   *  BGF retail Co Ltd   582,664 
 92,394   *  BS Financial Group, Inc   678,116 
 33,236   *,e  Celltrion, Inc   2,872,160 
 25,429   *  Cheil Communications, Inc   405,790 
 31,894   *  Cheil Industries, Inc   3,460,585 
 3,297   *  CJ CheilJedang Corp   1,006,985 
 5,758   *  CJ Corp   904,118 
 6,668   *  CJ E&M Corp   501,838 
 11,754      Daelim Industrial Co   851,299 
 44,028   *  Daewoo Engineering & Construction Co Ltd   196,650 
 18,314   *  Daewoo International Corp   401,856 
 158,218      Daewoo Securities Co Ltd   1,200,417 
 52,544   *  DGB Financial Group Co Ltd   446,257 
 20,907   *  Dongbu Insurance Co Ltd   1,065,240 
 12,877   *  Dongsuh Co, Inc   283,669 
 18,432      Doosan Heavy Industries and Construction Co Ltd   436,668 
 8,042   *  E-Mart Co Ltd   1,407,847 
 7,729   *  GLOVIS Co Ltd   1,034,971 
 18,269   *  GS Engineering & Construction Corp   435,413 
 29,197   *  GS Holdings Corp   1,285,622 
 9,811   *  GS Retail Co Ltd   440,135 
 121,459      Hana Financial Group, Inc   3,601,353 
 29,980      Hankook Tire Co Ltd   1,462,999 
 4,221   e  Hanmi Holdings Co Ltd   210,209 
 1,887   e  Hanmi Pharm Co Ltd   468,661 
292

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

 

SHARES      COMPANY  VALUE 
         
 64,900   *  Hanon Systems  $508,209 
 3,847      Hanssem Co Ltd   691,023 
 46,278      Hanwha Chemical Corp   1,039,572 
 15,925      Hanwha Corp   483,261 
 6,349      Honam Petrochemical Corp   2,057,446 
 17,447   *  Hotel Shilla Co Ltd   651,638 
 247,312   *  Hynix Semiconductor, Inc   11,421,831 
 8,927      Hyosung Corp   1,040,679 
 5,144   *  Hyundai Department Store Co Ltd   425,544 
 24,071      Hyundai Development Co   905,722 
 26,981      Hyundai Engineering & Construction Co Ltd   965,812 
 16,876   *  Hyundai Heavy Industries   1,924,560 
 26,030   *  Hyundai Marine & Fire Insurance Co Ltd   674,627 
 28,716      Hyundai Mobis   5,973,964 
 65,434   *  Hyundai Motor Co   7,877,483 
 15,887   *  Hyundai Motor Co Ltd (2nd Preference)   1,314,562 
 8,514   *  Hyundai Motor Co Ltd (Preference)   682,803 
 33,052   *  Hyundai Steel Co   1,657,499 
 8,963   *  Hyundai Wia Corp   498,868 
 96,356      Industrial Bank of Korea   1,052,531 
 13,289   e  Kakao Corp   889,708 
 50,012      Kangwon Land, Inc   1,407,273 
 167,466   *  KB Financial Group, Inc   6,776,568 
 2,073   *  KCC Corp   619,750 
 10,866      KEPCO Plant Service & Engineering Co Ltd   511,389 
 111,155   *  Kia Motors Corp   3,483,896 
 28,105      Korea Aerospace Industries Ltd   1,500,331 
 107,759      Korea Electric Power Corp   3,946,459 
 2,508   *  Korea Express Co Ltd   351,780 
 11,459      Korea Gas Corp   457,621 
 13,711      Korea Investment Holdings Co Ltd   549,907 
 7,908   *  Korea Kumho Petrochemical   560,496 
 91,371      Korea Life Insurance Co Ltd   506,831 
 4,006      Korea Zinc Co Ltd   1,694,155 
 13,452   *  Korean Air Lines Co Ltd   305,757 
 9,181   *  KT Corp   232,351 
 48,985   *  KT&G Corp   4,243,284 
 19,442   *  LG Chem Ltd   4,384,095 
 2,995   *  LG Chem Ltd (Preference)   441,087 
 39,947   *  LG Corp   2,038,165 
 47,813   *  LG Electronics, Inc   2,284,982 
 3,960   *  LG Household & Health Care Ltd   2,994,457 
 788   *  LG Household & Health Care Ltd (Preference)   359,166 
 5,319   *  LG Innotek Co Ltd   454,153 
 76,539   *  LG Telecom Ltd   751,798 
 95,822   *  LG.Philips LCD Co Ltd   2,527,946 
 376      Lotte Chilsung Beverage Co Ltd   469,324 
 2,100      Lotte Confectionery Co Ltd   369,107 
 4,608   *  Lotte Shopping Co Ltd   896,647 
 11,943   *  Naver Corp   7,801,326 
 7,429   *  NCsoft   1,945,001 
 6,518   *  OCI Co LTD   482,085 
 1,589      Orion Corp   887,825 
293

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

 

SHARES      COMPANY  VALUE 
         
 437      Ottogi Corp  $244,428 
 11,929      Pacific Corp   1,391,904 
 31,195   *  POSCO   7,291,054 
 8,250   *  S1 Corp (Korea)   598,630 
 6,921   *  Samsung Biologics Co Ltd   958,851 
 10,475   *  Samsung Card Co   354,056 
 21,968   *  Samsung Electro-Mechanics Co Ltd   1,072,859 
 41,268   *  Samsung Electronics Co Ltd   70,187,579 
 7,485   *  Samsung Electronics Co Ltd (Preference)   10,115,973 
 14,124   *  Samsung Fire & Marine Insurance Co Ltd   3,272,308 
 91,250   *  Samsung Heavy Industries Co Ltd   817,278 
 29,830   *  Samsung Life Insurance Co Ltd   2,850,236 
 23,635   *  Samsung SDI Co Ltd   2,348,771 
 14,477   *  Samsung SDS Co Ltd   1,569,417 
 24,639      Samsung Securities Co Ltd   687,952 
 14,025      Samsung Techwin Co Ltd   503,857 
 180,408   *  Shinhan Financial Group Co Ltd   7,130,133 
 2,948   *  Shinsegae Co Ltd   446,408 
 19,282   *  SK C&C Co Ltd   3,592,702 
 29,304   *  SK Energy Co Ltd   3,969,809 
 49,287   *  SK Networks Co Ltd   280,729 
 8,377   *  SK Telecom Co Ltd   1,605,925 
 22,514      S-Oil Corp   1,572,447 
 21,424   *  Woongjin Coway Co Ltd   1,611,046 
 117,515   *  Woori Bank   1,326,604 
 48,259      Woori Investment & Securities Co Ltd   475,036 
 3,861      Yuhan Corp   625,590 
        TOTAL KOREA, REPUBLIC OF   255,778,518 
              
MALAYSIA - 2.3%     
 368,700      AirAsia BHD   212,255 
 318,400      Alliance Financial Group BHD   270,275 
 668,800      AMMB Holdings BHD   691,529 
 593,000      Astro Malaysia Holdings BHD   364,140 
 169,493      Berjaya Sports Toto BHD   112,115 
 63,100      British American Tobacco Malaysia BHD   660,132 
 1,305,648      Bumiputra-Commerce Holdings BHD   1,465,629 
 1,210,596      Dialog Group BHD   418,118 
 1,449,300      Digi.Com BHD   1,622,876 
 377,000      Felda Global Ventures Holdings BHD   157,319 
 663,700      Gamuda BHD   721,015 
 928,275      Genting BHD   1,719,418 
 146,600      Genting Plantations BHD   361,080 
 196,700      HAP Seng Consolidated BHD   386,262 
 176,000      Hartalega Holdings BHD   187,543 
 267,387      Hong Leong Bank BHD   795,874 
 69,106      Hong Leong Credit BHD   229,102 
 1,567,000      IHH Healthcare BHD   2,228,717 
 1,066,600      IJM Corp BHD   797,214 
 1,032,300      IOI Corp BHD   1,028,053 
 400,833      IOI Properties Group Sdn BHD   193,652 
 179,200      Kuala Lumpur Kepong BHD   975,101 
 120,700   *  Lafarge Malayan Cement BHD   188,139 
294

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

 

SHARES      COMPANY  VALUE 
         
 1,479,516      Malayan Banking BHD  $2,745,745 
 313,576      Malaysia Airports Holdings BHD   437,499 
 679,100      Maxis BHD   943,098 
 411,400      MISC BHD   679,897 
 1,028,000      Petronas Chemicals Group BHD   1,654,733 
 175,700      Petronas Dagangan BHD   933,411 
 316,800      Petronas Gas BHD   1,495,253 
 208,200      PPB Group BHD   764,270 
 1,182,540      Public Bank BHD   5,366,081 
 1,236,900      Resorts World BHD   1,406,774 
 265,670      RHB Capital BHD   293,915 
 2,280,900   *  Sapurakencana Petroleum BHD   886,150 
 962,165      Sime Darby BHD   1,934,539 
 397,465      Telekom Malaysia BHD   533,902 
 1,479,550      Tenaga Nasional BHD   4,472,093 
 1,153,308      TM International BHD   1,232,414 
 180,500   *  UMW Holdings BHD   230,235 
 307,800      Westports Holdings BHD   289,947 
 1,549,800      YTL Corp BHD   532,256 
 581,269      YTL Power International BHD   187,654 
        TOTAL MALAYSIA   42,805,424 
              
MEXICO - 3.3%     
 1,207,650      Alfa S.A. de C.V. (Class A)   1,567,075 
 14,087,570      America Movil S.A. de C.V. (Series L)   8,876,720 
 5,799,243   *  Cemex S.A. de C.V.   5,356,099 
 205,160      Coca-Cola Femsa S.A. de C.V.   1,272,959 
 77,800      El Puerto de Liverpool SAB de C.V.   490,897 
 154,325      Embotelladoras Arca SAB de C.V.   832,549 
 1,093,300      Fibra Uno Administracion S.A. de C.V.   1,563,393 
 773,737      Fomento Economico Mexicano S.A. de C.V.   5,820,049 
 375,886   e  Gentera SAB de C.V.   548,864 
 85,075      Gruma SAB de C.V.   1,144,628 
 147,728      Grupo Aeroportuario del Pacifico S.A. de C.V. (B Shares)   1,144,576 
 83,470      Grupo Aeroportuario del Sureste S.A. de C.V. (Class B)   1,209,331 
 673,320      Grupo Bimbo S.A. de C.V. (Series A)   1,492,679 
 198,598      Grupo Carso S.A. de C.V. (Series A1)   798,068 
 1,036,287      Grupo Financiero Banorte S.A. de C.V.   4,966,883 
 960,532      Grupo Financiero Inbursa S.A.   1,423,744 
 758,200      Grupo Financiero Santander Mexico SAB de C.V.   1,081,299 
 199,700   e  Grupo Lala SAB de C.V.   298,781 
 1,602,056      Grupo Mexico S.A. de C.V. (Series B)   4,804,593 
 1,037,026      Grupo Televisa S.A.   4,625,305 
 71,387      Industrias Penoles S.A. de C.V.   1,688,148 
 233,900      Infraestructura Energetica ,NV SAB de C.V.   1,032,464 
 600,242      Kimberly-Clark de Mexico S.A. de C.V. (Class A)   1,078,239 
 521,823      Mexichem SAB de C.V.   1,236,651 
 281,300      OHL Mexico SAB de CV   266,549 
 94,325   *  Promotora y Operadora de Infraestructura SAB de C.V.   822,367 
 2,225,589      Wal-Mart de Mexico SAB de C.V.   3,938,151 
        TOTAL MEXICO   59,381,061 
295

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

 

SHARES      COMPANY  VALUE 
         
PERU - 0.4%     
 88,622      Cia de Minas Buenaventura S.A. (ADR) (Series B)  $1,222,098 
 27,390      Credicorp Ltd (NY)   4,483,195 
 45,148      Southern Copper Corp (NY)   1,731,877 
        TOTAL PERU   7,437,170 
              
PHILIPPINES - 1.2%     
 709,400      Aboitiz Equity Ventures, Inc   1,060,245 
 750,800      Aboitiz Power Corp   636,203 
 648,600      Alliance Global Group, Inc   163,536 
 103,948      Ayala Corp   1,672,128 
 3,288,700      Ayala Land, Inc   2,350,710 
 881,529      Banco de Oro Universal Bank   1,997,550 
 226,990      Bank of the Philippine Islands   408,817 
 1,227,500      DMCI Holdings, Inc   318,895 
 12,040      Globe Telecom, Inc   416,132 
 39,520      GT Capital Holdings, Inc   1,036,292 
 180,030      International Container Term Services, Inc   280,016 
 1,236,130      JG Summit Holdings (Series B)   1,845,746 
 208,320      Jollibee Foods Corp   860,523 
 3,150,900      Megaworld Corp   232,594 
 5,260,800      Metro Pacific Investments Corp   721,393 
 366,672      Metropolitan Bank & Trust   600,664 
 40,555      PLDT, Inc   1,198,795 
 4,138,100      PNOC Energy Development Corp   454,063 
 475,000      Robinsons Land Corp   239,802 
 48,690      Security Bank Corp   208,734 
 88,080      SM Investments Corp   1,221,702 
 3,593,575      SM Prime Holdings   2,145,901 
 357,100      Universal Robina   1,170,150 
        TOTAL PHILIPPINES   21,240,591 
              
POLAND - 1.1%     
 36,388   *  Alior Bank S.A.   555,101 
 8,150      Bank Handlowy w Warszawie S.A.   156,392 
 216,854   *  Bank Millennium S.A.   318,401 
 62,047      Bank Pekao S.A.   2,099,098 
 12,753      Bank Zachodni WBK S.A.   1,098,980 
 4,389   *  BRE Bank S.A.   414,923 
 9,919      CCC S.A.   512,340 
 64,284   *  Cyfrowy Polsat S.A.   389,058 
 26,188      Eurocash S.A.   260,919 
 78,204   *  Grupa Lotos S.A.   736,997 
 17,116   *  Jastrzebska Spolka Weglowa S.A.   286,271 
 70,852      KGHM Polska Miedz S.A.   2,197,541 
 470      LPP S.A.   598,920 
 998,083      Polish Oil & Gas Co   1,370,624 
 348,557      Polska Grupa Energetyczna S.A.   951,726 
 149,386      Polski Koncern Naftowy Orlen S.A.   3,031,601 
 360,138   *  Powszechna Kasa Oszczednosci Bank Polski S.A.   2,762,974 
 215,643      Powszechny Zaklad Ubezpieczen S.A.   1,897,598 
 95,708      Synthos S.A.   143,411 
 303,984   *  Tauron Polska Energia S.A.   223,925 
 212,799      Telekomunikacja Polska S.A.   287,110 
296

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

 

SHARES      COMPANY  VALUE 
         
 13,692      Zaklady Azotowe w Tarnowie-Moscicach S.A.  $234,918 
        TOTAL POLAND   20,528,828 
              
QATAR - 0.8%     
 46,925   *  Barwa Real Estate Co   448,938 
 77,733   *  Commercial Bank of Qatar QSC   698,095 
 50,893   *  Doha Bank QSC   506,577 
 309,724   *  Ezdan Holding Group QSC   1,277,864 
 65,200   *  Industries Qatar QSC   2,051,067 
 152,035   *  Masraf Al Rayan   1,672,274 
 27,725   *  Ooredoo QSC   799,507 
 9,966   *  Qatar Electricity & Water Co   632,532 
 177,402   *  Qatar Gas Transport Co Ltd   1,172,694 
 48,960   *  Qatar Insurance Co SAQ   1,151,003 
 24,337   *  Qatar Islamic Bank SAQ   709,828 
 87,544   *  Qatar National Bank   3,911,789 
        TOTAL QATAR   15,032,168 
              
ROMANIA - 0.1%     
 96,053      New Europe Property Investments plc   1,119,133 
        TOTAL ROMANIA   1,119,133 
              
RUSSIA - 4.0%     
 102,510      AFK Sistema (GDR)   981,021 
 2,599,988      Gazprom OAO (ADR)   12,900,306 
 32,928      Gazpromneft OAO (ADR)   642,610 
 186,294      LUKOIL PJSC (ADR)   10,498,552 
 129,146      Magnit OAO (GDR)   4,740,839 
 194,250      MMC Norilsk Nickel PJSC (ADR)   3,150,433 
 238,149      Mobile TeleSystems (ADR)   2,493,420 
 41,720      NovaTek OAO (GDR)   5,309,185 
 56,233   *  PhosAgro OAO (ADR)   863,177 
 581,261      Rosneft Oil Co (GDR)   3,854,244 
 69,382      Rostelecom (ADR)   590,244 
 729,325      RusHydro PJSC (ADR)   1,239,014 
 1,162,169      Sberbank of Russian Federation (ADR)   13,626,680 
 104,429      Severstal (GDR)   1,658,821 
 695,668      Surgutneftegaz (ADR)   3,738,836 
 109,877      Tatneft PAO (ADR)   4,479,372 
 1,281,132      VTB Bank OJSC (GDR)   2,921,232 
        TOTAL RUSSIA   73,687,986 
              
SOUTH AFRICA - 6.6%     
 331,683   *,m  African Bank Investments Ltd   246 
 28,198   *  Anglo American Platinum Ltd   738,230 
 181,582   *  AngloGold Ashanti Ltd   2,307,514 
 153,224      Aspen Pharmacare Holdings Ltd   3,505,559 
 176,620      Barclays Africa Group Ltd   2,080,128 
 138,331      Bid Corp Ltd   2,400,019 
 128,059      Bidvest Group Ltd   1,508,113 
 138,112   *,e  Brait S.A.   812,752 
 15,072      Capitec Bank Holdings Ltd   787,653 
 92,038      Coronation Fund Managers Ltd   457,243 
297

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

 

SHARES      COMPANY  VALUE 
         
 145,649      Discovery Holdings Ltd  $1,243,040 
 112,977      Exxaro Resources Ltd   891,407 
 1,413,207      FirstRand Ltd   5,264,360 
 260,733      Fortress Income Fund Ltd   676,036 
 431,936      Fortress Income Fund Ltd (A Shares)   554,529 
 82,221      Foschini Ltd   983,330 
 380,123      Gold Fields Ltd   1,314,446 
 120,662      Gold Reef Resorts Ltd   236,783 
 810,351      Growthpoint Properties Ltd   1,585,443 
 87,240      Hyprop Investments Ltd   776,049 
 287,698   *  Impala Platinum Holdings Ltd   1,146,538 
 59,528      Imperial Holdings Ltd   739,081 
 94,730      Investec Ltd   669,571 
 40,805      Liberty Holdings Ltd   333,102 
 385,587      Life Healthcare Group Holdings Pte Ltd   961,464 
 45,598      Massmart Holdings Ltd   454,491 
 414,362      Metropolitan Holdings Ltd   762,310 
 46,803      Mondi Ltd   1,028,346 
 103,781      Mr Price Group Ltd   1,256,322 
 707,768      MTN Group Ltd   6,599,828 
 186,511      Naspers Ltd (N Shares)   29,713,410 
 80,298      Nedbank Group Ltd   1,385,062 
 415,600      Network Healthcare Holdings Ltd   999,595 
 147,313      Pick’n Pay Stores Ltd   747,333 
 54,532      Pioneer Foods Ltd   671,341 
 37,394      PSG Group Ltd   631,948 
 251,717      Rand Merchant Investment Holdings Ltd   729,958 
 2,029,284      Redefine Properties Ltd   1,681,096 
 220,240      Remgro Ltd   3,684,178 
 116,880      Resilient REIT Ltd   1,014,893 
 294,707      RMB Holdings Ltd   1,421,877 
 585,184      Sanlam Ltd   2,826,940 
 211,304      Sappi Ltd   1,358,644 
 240,922      Sasol Ltd   7,187,177 
 179,901      Shoprite Holdings Ltd   2,387,959 
 362,077      Sibanye Gold Ltd   818,635 
 77,630      Spar Group Ltd   1,097,478 
 537,153      Standard Bank Group Ltd   5,744,147 
 1,265,812      Steinhoff International Holdings NV   6,103,587 
 91,536      Telkom S.A. Ltd   501,643 
 69,660      Tiger Brands Ltd   2,102,561 
 176,836      Truworths International Ltd   1,062,985 
 147,812      Vodacom Group Pty Ltd   1,656,475 
 409,260      Woolworths Holdings Ltd   2,248,490 
        TOTAL SOUTH AFRICA   119,851,345 
              
TAIWAN - 11.6%     
 1,163,912      Acer, Inc   537,474 
 2,704,372      Advanced Semiconductor Engineering, Inc   2,980,200 
 121,850      Advantech Co Ltd   1,033,658 
 1,038,512      Asia Cement Corp   890,263 
 721,000   *  Asia Pacific Telecom Co Ltd   233,786 
 294,500      Asustek Computer, Inc   2,573,906 
298

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

 

SHARES      COMPANY  VALUE 
         
 3,424,000      AU Optronics Corp  $1,417,798 
 59,000      Casetek Holdings Ltd   181,462 
 270,000      Catcher Technology Co Ltd   2,202,049 
 3,479,270      Cathay Financial Holding Co Ltd   5,298,508 
 409,518      Chailease Holding Co Ltd   732,589 
 1,826,154      Chang Hwa Commercial Bank   1,014,068 
 795,490      Cheng Shin Rubber Industry Co Ltd   1,583,664 
 180,065      Chicony Electronics Co Ltd   424,796 
 912,000      China Airlines   273,949 
 5,254,754      China Development Financial Holding Corp   1,343,127 
 1,458,346      China Life Insurance Co Ltd (Taiwan)   1,427,251 
 4,910,850      China Steel Corp   3,976,141 
 7,417,908      Chinatrust Financial Holding Co   4,225,341 
 1,659,600      Chunghwa Telecom Co Ltd   5,413,116 
 1,771,000      Compal Electronics, Inc   1,068,538 
 813,929      Delta Electronics, Inc   4,546,112 
 3,279,130      E.Sun Financial Holding Co Ltd   1,936,992 
 78,742      Eclat Textile Co Ltd   822,500 
 721,315      Eva Airways Corp   348,368 
 524,491   *  Evergreen Marine Corp Tawain Ltd   216,931 
 1,189,852      Far Eastern Textile Co Ltd   991,664 
 682,000      Far EasTone Telecommunications Co Ltd   1,620,403 
 122,662      Feng TAY Enterprise Co Ltd   536,172 
 3,895,727      First Financial Holding Co Ltd   2,173,997 
 1,349,270      Formosa Chemicals & Fibre Corp   4,182,649 
 623,000      Formosa Petrochemical Corp   2,128,152 
 1,764,600      Formosa Plastics Corp   5,098,683 
 234,000      Formosa Taffeta Co Ltd   225,318 
 349,512      Foxconn Technology Co Ltd   986,446 
 2,842,812      Fubon Financial Holding Co Ltd   4,620,281 
 4,072,112      Fuhwa Financial Holdings Co Ltd   1,616,908 
 107,000      Giant Manufacturing Co Ltd   703,219 
 265,500   *  High Tech Computer Corp   676,587 
 265,290      Highwealth Construction Corp   394,541 
 85,975      Hiwin Technologies Corp   443,216 
 6,583,141      Hon Hai Precision Industry Co, Ltd   17,654,521 
 91,000      Hotai Motor Co Ltd   1,045,751 
 2,849,255      Hua Nan Financial Holdings Co Ltd   1,498,499 
 3,809,061      InnoLux Display Corp   1,613,576 
 1,051,060      Inventec Co Ltd   790,500 
 42,000      Largan Precision Co Ltd   6,007,524 
 817,778      Lite-On Technology Corp   1,235,210 
 639,961      MediaTek, Inc   4,381,232 
 4,657,046      Mega Financial Holding Co Ltd   3,471,767 
 75,000      Merida Industry Co Ltd   390,720 
 262,000      Micro-Star International Co Ltd   635,657 
 2,066,860      Nan Ya Plastics Corp   4,868,655 
 272,000      Nanya Technology Corp   419,037 
 56,000      Nien Made Enterprise Co Ltd   525,712 
 247,000      Novatek Microelectronics Corp Ltd   874,852 
 40,000   *  OBI Pharma, Inc   370,550 
 803,000      Pegatron Technology Corp   1,933,696 
 50,000      Phison Electronics Corp   395,802 
299

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

 

SHARES      COMPANY  VALUE 
         
 883,000      Pou Chen Corp  $1,118,793 
 238,000      Powertech Technology, Inc   652,340 
 248,000      President Chain Store Corp   1,855,057 
 1,101,000      Quanta Computer, Inc   2,244,767 
 160,085      Realtek Semiconductor Corp   558,682 
 335,111   *  Ruentex Development Co Ltd   408,333 
 148,730      Ruentex Industries Ltd   275,969 
 2,932,093   *  Shin Kong Financial Holding Co Ltd   753,124 
 922,169      Siliconware Precision Industries Co   1,404,638 
 3,745,800      SinoPac Financial Holdings Co Ltd   1,105,125 
 133,017      Standard Foods Corp   326,930 
 526,050      Synnex Technology International Corp   548,984 
 58,000   *  TaiMed Biologics, Inc   297,567 
 3,127,294      Taishin Financial Holdings Co Ltd   1,180,929 
 990,236      Taiwan Business Bank   258,704 
 1,420,914      Taiwan Cement Corp   1,611,396 
 3,540,627      Taiwan Cooperative Financial Holding   1,617,955 
 361,000      Taiwan Fertilizer Co Ltd   469,618 
 703,200      Taiwan Mobile Co Ltd   2,348,786 
 10,477,000      Taiwan Semiconductor Manufacturing Co Ltd   62,430,982 
 791,000      Teco Electric and Machinery Co Ltd   714,982 
 77,000      Transcend Information, Inc   210,027 
 2,047,569      Uni-President Enterprises Corp   3,512,497 
 5,073,000      United Microelectronics Corp   1,842,157 
 312,000      Vanguard International Semiconductor Corp   563,855 
 1,007,476      Wistron Corp   860,271 
 541,500      WPG Holdings Co Ltd   648,121 
 255,000      Yulon Motor Co Ltd   224,490 
 126,127      Zhen Ding Technology Holding Ltd   264,905 
        TOTAL TAIWAN   211,524,068 
              
THAILAND - 2.2%     
 440,300      Advanced Info Service PCL (Foreign)   2,000,795 
 175,200   *  Airports of Thailand PCL (Foreign)   2,060,006 
 94,700      Bangkok Bank PCL (Foreign)   488,270 
 1,417,400      Bangkok Dusit Medical Services PCL   893,037 
 2,700,000      Bangkok Expressway & Metro PCL   541,638 
 1,218,900      Banpu PCL (Foreign)   672,185 
 273,300      BEC World PCL (Foreign)   139,716 
 466,400      Berli Jucker PCL   662,781 
 1,644,900   *  BTS Group Holdings PCL (Foreign)   390,196 
 127,300      Bumrungrad Hospital PCL (Foreign)   646,896 
 461,700      Central Pattana PCL (Foreign)   747,427 
 1,106,900      Charoen Pokphand Foods PCL   896,193 
 2,049,400      CP Seven Eleven PCL (Foreign)   3,520,116 
 130,200      Delta Electronics Thai PCL   316,884 
 52,000      Electricity Generating PCL   298,065 
 509,100      Energy Absolute PCL (Foreign)   411,946 
 211,800      Glow Energy PCL (Foreign)   469,134 
 1,481,926      Home Product Center PCL (Foreign)   418,628 
 528,278      Indorama Ventures PCL (Foreign)   525,143 
 6,194,600      IRPC PCL (Foreign)   915,111 
 746,000      Kasikornbank PCL (Foreign)   3,975,751 
300

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

 

SHARES      COMPANY  VALUE 
         
 110,200      KCE Electronics PCL  $341,407 
 1,447,950      Krung Thai Bank PCL (Foreign)   781,619 
 800,170      Minor International PCL (Foreign)   790,229 
 629,784      PTT Exploration & Production PCL (Foreign)   1,753,409 
 891,041      PTT Global Chemical PCL (Foreign)   1,720,840 
 453,100      PTT PCL (Foreign)   5,200,693 
 203,000      Robinson Department Store PCL   334,123 
 166,750      Siam Cement PCL (Foreign)   2,387,876 
 720,800      Siam Commercial Bank PCL (Foreign)   3,101,426 
 484,900      Thai Oil PCL (Foreign)   988,330 
 666,000      Thai Union Group PCL   393,442 
 3,120,700      TMB Bank PCL (Foreign)   207,490 
 5,286,748      True Corp PCL   983,798 
        TOTAL THAILAND   39,974,600 
              
TURKEY - 1.0%     
 918,729      Akbank TAS   2,047,842 
 75,143      Anadolu Efes Biracilik Ve Malt Sanayii AS   421,867 
 98,084      Arcelik AS   594,926 
 91,348      BIM Birlesik Magazalar AS   1,303,944 
 40,123      Coca-Cola Icecek AS   411,298 
 798,927      Emlak Konut Gayrimenkul Yatiri   650,654 
 440,037      Eregli Demir ve Celik Fabrikalari TAS   678,055 
 21,083      Ford Otomotiv Sanayi AS   195,123 
 398,343      Haci Omer Sabanci Holding AS   1,054,743 
 239,956      KOC Holding AS   966,615 
 358,286      Petkim Petrokimya Holding   399,803 
 83,385      TAV Havalimanlari Holding AS   343,187 
 35,268      Tofas Turk Otomobil Fabrik   243,543 
 73,687      Tupras Turkiye Petrol Rafine   1,601,923 
 341,522   *  Turk Hava Yollari   501,486 
 171,538      Turk Sise ve Cam Fabrikalari AS   183,856 
 178,558      Turk Telekomunikasyon AS   266,672 
 323,121   *  Turkcell Iletisim Hizmet AS   971,839 
 982,566      Turkiye Garanti Bankasi AS   2,170,353 
 239,561      Turkiye Halk Bankasi AS   713,939 
 643,834      Turkiye Is Bankasi (Series C)   1,017,690 
 227,268      Turkiye Vakiflar Bankasi Tao   296,273 
 56,816      Ulker Biskuvi Sanayi AS   274,236 
 409,675   *  Yapi ve Kredi Bankasi   416,206 
        TOTAL TURKEY   17,726,073 
              
UNITED ARAB EMIRATES - 0.8%     
 765,982   *  Abu Dhabi Commercial Bank PJSC   1,485,319 
 1,166,017   *  Aldar Properties PJSC   812,062 
 71,775      DP World Ltd   1,356,547 
 528,628   *  Dubai Islamic Bank PJSC   856,068 
 936,289   *  Dubai Parks & Resorts PJSC   305,340 
 735,021   *  Emaar Malls Group PJSC   505,915 
 1,479,850      Emaar Properties PJSC   2,990,577 
 738,030      Emirates Telecommunications Group Co PJSC   3,596,814 
 385,047      First Gulf Bank PJSC   1,356,041 
 286,770   *  National Bank of Abu Dhabi PJSC   811,282 
        TOTAL UNITED ARAB EMIRATES   14,075,965 
301

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

 

SHARES      COMPANY              VALUE 
                     
UNITED STATES - 5.0%                 
 864,000      iShares Core MSCI Emerging Markets ETF              $39,087,360 
 1,275,530      iShares MSCI Emerging Markets               47,628,290 
 173,932   *  Yum China Holdings, Inc               4,779,652 
        TOTAL UNITED STATES               91,495,302 
                          
        TOTAL COMMON STOCKS               1,815,453,799 
        (Cost $1,793,672,367)                 
                          
PREFERRED STOCKS - 0.3%                 
BRAZIL - 0.3%                 
 1,617,006   *  ITAUSA Investimentos Itau PR               4,762,369 
        TOTAL BRAZIL               4,762,369 
                          
PHILIPPINES - 0.0%                 
 307,700   *,m  Ayala Land, Inc (Preferred B)               618 
        TOTAL PHILIPPINES               618 
                          
        TOTAL PREFERRED STOCKS               4,762,987 
        (Cost $4,631,242)                 
                          
RIGHTS / WARRANTS - 0.0%                 
BRAZIL - 0.0%                 
 1,549      Multiplan Empreendimentos Imobiliarios S.A.               2,192 
        TOTAL BRAZIL               2,192 
                          
INDIA - 0.0%                 
 158,766      Tata Motors Ltd (DVR)               782,710 
        TOTAL INDIA               782,710 
                          
KOREA, REPUBLIC OF - 0.0%                 
 3,202   m  Korean Air Lines Co Ltd               15,469 
 3,317   m  Samsung Securities Co Ltd               17,546 
        TOTAL KOREA, REPUBLIC OF               33,015 
                          
        TOTAL RIGHTS / WARRANTS               817,917 
        (Cost $711,957)                 
                          
302

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

                                                     
PRINCIPAL      ISSUER    RATE  MATURITY DATE  VALUE 
SHORT-TERM INVESTMENTS - 1.1%     
GOVERNMENT AGENCY DEBT - 0.2%             
$4,050,000      Federal Home Loan Bank (FHLB)   0.450%  02/01/17  $4,050,000 
        TOTAL GOVERNMENT AGENCY DEBT           4,050,000 
                      
SHARES       COMPANY              
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.9%             
 16,536,006   c  State Street Navigator Securities Lending Government Money Market Portfolio   16,536,006 
              TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES  16,536,006 
        TOTAL SHORT-TERM INVESTMENTS           20,586,006 
        (Cost $20,586,006)             
                      
        TOTAL INVESTMENTS - 100.9%           1,841,620,709 
        (Cost $1,819,601,572)             
        OTHER ASSETS & LIABILITIES, NET - (0.9)%           (16,446,237)
        NET ASSETS - 100.0%          $1,825,174,472 
       
       
  Abbreviation(s):  
    ADR   American Depositary Receipt
    DVR   Differential Voting Rights
    GDR   Global Depositary Receipt
    ETF   Exchange Traded Fund
    REIT   Real Estate Investment Trust
     
*   Non-income producing
c   Investments made with cash collateral received from securities on loan.
e   All or a portion of these securities are out on loan. The aggregate value of securities on loan is $15,409,845.
g   Security is exempt from registration under Rule 144(A) of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers. At 1/31/17, the aggregate value of these securities amounted to $5,093,730 or 0.3% of net assets.
m   Indicates a security that has been deemed illiquid.
303

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

 

TIAA-CREF FUNDS

EMERGING MARKETS EQUITY INDEX FUND

SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

January 31, 2017

 

SECTOR  VALUE   % OF
NET ASSETS		 
FINANCIALS  $467,094,118    25.6%
INFORMATION TECHNOLOGY   418,287,726    22.9 
CONSUMER DISCRETIONARY   175,802,655    9.6 
ENERGY   137,259,120    7.5 
MATERIALS   128,509,493    7.1 
CONSUMER STAPLES   123,231,137    6.8 
TELECOMMUNICATION SERVICES   100,403,684    5.5 
INDUSTRIALS   96,974,512    5.3 
UTILITIES   88,705,372    4.9 
REAL ESTATE   43,846,933    2.4 
HEALTH CARE   40,919,953    2.2 
SHORT - TERM INVESTMENTS   20,586,006    1.1 
OTHER ASSETS & LIABILITIES, NET   (16,446,237)   (0.9)
           
NET ASSETS  $1,825,174,472    100.0%
304

TIAA-CREF FUNDS - International Equity Index Fund

 

TIAA-CREF FUNDS

INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (unaudited)

January 31, 2017

 

SHARES      COMPANY  VALUE 
              
COMMON STOCKS - 99.7%
              
AUSTRALIA - 7.6%
 457,798      AGL Energy Ltd  $7,850,134 
 1,701,603   e  Alumina Ltd   2,507,237 
 791,776      Amcor Ltd   8,593,950 
 2,026,890      AMP Ltd   7,693,202 
 754,932   *  APA Group   4,822,585 
 368,352      Aristocrat Leisure Ltd   4,271,701 
 1,199,334      AusNet Services   1,438,564 
 1,998,441      Australia & New Zealand Banking Group Ltd   44,402,132 
 132,058      Australian Stock Exchange Ltd   4,998,293 
 257,842      Bank of Queensland Ltd   2,342,634 
 313,111      Bendigo Bank Ltd   2,981,898 
 2,192,633      BHP Billiton Ltd   44,484,651 
 1,442,174      BHP Billiton plc   26,302,073 
 912,130      Boral Ltd   4,030,968 
 1,074,590      Brambles Ltd   8,492,501 
 178,685      Caltex Australia Ltd   3,877,935 
 385,103      Challenger Financial Services Group Ltd   3,222,314 
 66,401      CIMIC Group Ltd   1,728,348 
 388,657      Coca-Cola Amatil Ltd   2,874,251 
 38,932      Cochlear Ltd   3,698,313 
 1,171,247      Commonwealth Bank of Australia   72,570,546 
 315,770      Computershare Ltd   3,088,250 
 244,793      Crown Resorts Ltd   2,117,624 
 311,551      CSL Ltd   26,559,730 
 655,722   *  Dexus Property Group   4,466,948 
 41,515      Domino’s Pizza Enterprises Ltd   1,872,896 
 1,658,140   *  DUET Group (ASE Exchange)   3,523,890 
 39,648   e  Flight Centre Travel Group Ltd   901,473 
 1,072,972      Fortescue Metals Group Ltd   5,429,549 
 1,226,651   *  GPT Group (ASE)   4,356,089 
 384,290      Harvey Norman Holdings Ltd   1,457,541 
 1,202,204      Healthscope Ltd   1,996,460 
 1,141,316      Incitec Pivot Ltd   3,335,630 
 1,650,284      Insurance Australia Group Ltd   7,222,349 
 378,077      Lend Lease Corp Ltd   4,042,853 
 1,218,574   *  Macquarie Goodman Group   6,399,109 
 209,017      Macquarie Group Ltd   13,422,121 
 1,881,601      Medibank Pvt Ltd   3,856,030 
 2,536,428   *  Mirvac Group   3,907,057 
 1,814,049      National Australia Bank Ltd   41,716,077 
 522,239      Newcrest Mining Ltd   8,564,288 
 931,512      Oil Search Ltd   4,864,889 
 258,878      Orica Ltd   3,685,134 
 1,197,601   *  Origin Energy Ltd   6,421,821 
305

TIAA-CREF FUNDS - International Equity Index Fund

 

SHARES      COMPANY  VALUE 
              
 344,430      Qantas Airways Ltd  $890,294 
 937,714      QBE Insurance Group Ltd   8,896,270 
 1,399,735      QR National Ltd   5,317,741 
 95,778      Ramsay Health Care Ltd   4,854,537 
 35,331      REA Group Ltd   1,410,508 
 1,253,425   *  Santos Ltd   3,813,281 
 3,634,985      Scentre Group   12,129,621 
 224,285      Seek Ltd   2,458,300 
 269,785      Sonic Healthcare Ltd   4,254,862 
 3,631,868      South32 Ltd   7,601,440 
 1,638,490   *  Stockland Trust Group   5,406,883 
 872,581      Suncorp-Metway Ltd   8,627,152 
 746,285   *  Sydney Airport   3,311,753 
 572,114      Tabcorp Holdings Ltd   2,056,320 
 1,010,078      Tattersall’s Ltd   3,325,383 
 2,923,656      Telstra Corp Ltd   11,092,472 
 238,758   e  TPG Telecom Ltd   1,172,925 
 1,394,708   *  Transurban Group (ASE)   10,792,384 
 506,981      Treasury Wine Estates Ltd   4,472,597 
 2,277,623   *  Vicinity Centres   4,942,096 
 366,314   e  Vocus Communications Ltd   1,123,374 
 768,620      Wesfarmers Ltd   23,480,720 
 1,338,296      Westfield Corp   8,921,569 
 2,284,999      Westpac Banking Corp   55,007,862 
 517,476      Woodside Petroleum Ltd   12,407,310 
 871,585      Woolworths Ltd   16,265,860 
        TOTAL AUSTRALIA   650,425,552 
              
AUSTRIA - 0.2%
 49,438      Andritz AG.   2,672,115 
 204,867      Erste Bank der Oesterreichischen Sparkassen AG.   6,244,585 
 69,565   *,e,m  Immoeast AG.   0 
 101,018      OMV AG.   3,535,435 
 79,621   *  Raiffeisen International Bank Holding AG.   1,773,328 
 76,990      Voestalpine AG.   3,264,624 
        TOTAL AUSTRIA   17,490,087 
              
BELGIUM - 1.1%
 133,319      Ageas   5,708,383 
 520,183      Anheuser-Busch InBev S.A.   54,316,476 
 103,047      Belgacom S.A.   2,959,476 
 46,319      Colruyt S.A.   2,266,905 
 55,003      Groupe Bruxelles Lambert S.A.   4,687,504 
 171,217      KBC Groep NV   11,120,043 
 50,709      Solvay S.A.   5,945,619 
 35,979   *  Telenet Group Holding NV   1,930,630 
 86,890      UCB S.A.   6,001,500 
 65,134      Umicore   3,648,444 
        TOTAL BELGIUM   98,584,980 
              
 CHILE - 0.0%            
 270,255   e  Antofagasta plc   2,855,428 
        TOTAL CHILE   2,855,428 
306

TIAA-CREF FUNDS - International Equity Index Fund

 

SHARES      COMPANY  VALUE 
              
CHINA - 0.0%
 1,263,900      Yangzijiang Shipbuilding  $722,802 
        TOTAL CHINA   722,802 
              
DENMARK - 1.7%
 2,549      AP Moller - Maersk AS (Class A)   4,081,104 
 4,486      AP Moller - Maersk AS (Class B)   7,519,109 
 72,972      Carlsberg AS (Class B)   6,601,578 
 67,614      Christian Hansen Holding   4,127,425 
 80,911      Coloplast AS   5,801,747 
 470,188      Danske Bank AS   15,682,876 
 58,944   *,g  DONG Energy A.S.   2,235,136 
 130,376      DSV AS   6,340,126 
 39,228   *  Genmab AS   7,596,902 
 113,983      ISS A.S.   4,058,750 
 1,305,423      Novo Nordisk AS   47,177,639 
 156,983      Novozymes AS   6,119,214 
 75,877      Pandora AS   9,943,592 
 556,539   *  TDC AS   2,932,453 
 79,015      Tryg A.S.   1,511,808 
 151,095      Vestas Wind Systems AS   10,596,117 
 82,922   *  William Demant Holding A.S.   1,552,637 
        TOTAL DENMARK   143,878,213 
              
FINLAND - 0.9%
 96,270      Elisa Oyj (Series A)   3,244,069 
 301,494      Fortum Oyj   4,810,248 
 230,613      Kone Oyj (Class B)   10,426,224 
 77,878      Metso Oyj   2,394,203 
 87,279      Neste Oil Oyj   3,036,705 
 3,983,634      Nokia Oyj (Turquoise)   17,887,170 
 79,268      Nokian Renkaat Oyj   2,973,618 
 69,366      Orion Oyj (Class B)   3,228,899 
 305,675      Sampo Oyj (A Shares)   14,155,351 
 376,640      Stora Enso Oyj (R Shares)   4,274,176 
 364,766   *  UPM-Kymmene Oyj   8,272,856 
 100,296      Wartsila Oyj (B Shares)   5,036,788 
        TOTAL FINLAND   79,740,307 
              
FRANCE - 9.6%
 115,666      Accor S.A.   4,687,479 
 20,067      Aeroports de Paris   2,226,783 
 265,504      Air Liquide   28,664,790 
 104,007   *  Alstom RGPT   2,951,135 
 46,057      Arkema   4,548,672 
 60,687      Atos Origin S.A.   6,456,754 
 1,324,186      AXA S.A.   32,544,848 
 723,418      BNP Paribas   46,278,356 
 592,305      Bollore   2,368,911 
 141,704      Bouygues S.A.   5,148,948 
 179,581      Bureau Veritas S.A.   3,516,831 
 110,884      Cap Gemini S.A.   9,028,003 
307

TIAA-CREF FUNDS - International Equity Index Fund

 

SHARES      COMPANY  VALUE 
              
 387,624      Carrefour S.A.  $9,482,555 
 37,939      Casino Guichard Perrachon S.A.   2,045,756 
 37,347      Christian Dior S.A.   8,017,107 
 116,565      CNP Assurances   2,190,589 
 340,626      Compagnie de Saint-Gobain   16,736,882 
 767,826      Credit Agricole S.A.   10,190,332 
 1,537      Dassault Aviation S.A.   1,771,518 
 87,283      Dassault Systemes S.A.   6,756,850 
 143,638      Edenred   3,131,678 
 40,502      Eiffage S.A.   2,911,679 
 183,408   e  Electricite de France   1,808,038 
 141,315      Essilor International S.A.   16,578,534 
 27,273      Eurazeo   1,679,757 
 395,636      European Aeronautic Defence and Space Co   26,818,176 
 118,838      Eutelsat Communications   2,026,979 
 23,578      Fonciere Des Regions   1,965,357 
 1,361,904      France Telecom S.A.   21,142,792 
 1,080,981      Gaz de France   12,942,066 
 27,846      Gecina S.A.   3,590,819 
 402,912      Groupe Danone   25,258,032 
 323,991      Groupe Eurotunnel S.A.   3,013,841 
 18,089      Hermes International   7,861,247 
 24,551      Icade   1,740,534 
 18,156      Iliad S.A.   3,882,676 
 24,266      Imerys S.A.   1,948,714 
 38,332      Ingenico   3,232,394 
 50,590      JC Decaux S.A.   1,619,515 
 51,763      Kering   12,321,717 
 149,960      Klepierre   5,694,481 
 81,791      Lagardere S.C.A.   2,052,041 
 182,429      Legrand S.A.   10,595,687 
 172,050      L’Oreal S.A.   31,281,618 
 190,714      LVMH Moet Hennessy Louis Vuitton S.A.   38,433,274 
 124,352      Michelin (C.G.D.E.) (Class B)   13,359,431 
 647,573      Natixis   3,837,242 
 60,065   *  Numericable-SFR  SAS   1,745,238 
 144,839      Pernod-Ricard S.A.   16,942,377 
 332,341   *  Peugeot S.A.   6,185,066 
 131,144      Publicis Groupe S.A.   9,009,458 
 15,164      Remy Cointreau S.A.   1,378,646 
 131,104      Renault S.A.   11,805,078 
 204,978      Rexel S.A.   3,575,009 
 213,460      Safran S.A.   14,469,750 
 792,191      Sanofi-Aventis   63,673,520 
 383,792      Schneider Electric S.A.   27,461,864 
 111,750      SCOR SE   3,782,055 
 15,349      SEB S.A.   1,930,232 
 19,850      Societe BIC S.A.   2,595,416 
 523,802      Societe Generale   25,607,368 
 62,625      Sodexho Alliance S.A.   6,925,214 
 220,375      Suez Environnement S.A.   3,338,141 
 71,929      Thales S.A.   6,747,993 
 1,538,058      Total S.A.   77,818,296 
308

TIAA-CREF FUNDS - International Equity Index Fund

 

SHARES      COMPANY  VALUE 
              
 67,787      Unibail-Rodamco  $15,621,626 
 162,843      Valeo S.A.   9,952,901 
 326,269      Veolia Environnement   5,557,438 
 345,610      Vinci S.A.   24,226,060 
 702,877      Vivendi Universal S.A.   12,887,997 
 19,180      Wendel   2,269,963 
 139,982   *,e  Zodiac S.A.   4,254,630 
        TOTAL FRANCE   826,102,754 
              
GERMANY - 9.3%
 128,575      Adidas-Salomon AG.   20,289,746 
 312,063      Allianz AG.   53,039,566 
 29,342      Axel Springer AG.   1,546,621 
 627,266      BASF SE   60,552,340 
 564,647      Bayer AG.   62,720,468 
 226,019      Bayerische Motoren Werke AG.   20,637,833 
 37,421      Bayerische Motoren Werke AG. (Preference)   2,811,240 
 68,353      Beiersdorf AG.   6,064,188 
 105,214      Brenntag AG.   6,121,055 
 728,400      Commerzbank AG.   6,335,361 
 75,053      Continental AG.   14,692,642 
 48,959   g  Covestro AG.   3,684,347 
 657,372      Daimler AG. (Registered)   49,438,881 
 318,198      Deutsche Annington Immobilien SE   10,425,085 
 941,590   *  Deutsche Bank AG.   18,804,449 
 131,948   *  Deutsche Boerse AG. (Tender)   12,175,300 
 157,714      Deutsche Lufthansa AG.   2,106,836 
 662,550      Deutsche Post AG.   22,238,502 
 2,235,426      Deutsche Telekom AG.   39,135,589 
 229,267   e  Deutsche Wohnen AG.   7,478,108 
 1,368,502      E.ON AG.   10,541,681 
 112,107      Evonik Industries AG.   3,639,194 
 28,185      Fraport AG. Frankfurt Airport Services Worldwide   1,686,735 
 146,706      Fresenius Medical Care AG.   11,974,833 
 279,832      Fresenius SE   22,147,220 
 46,710      Fuchs Petrolub AG. (Preference)   2,139,043 
 124,293      GEA Group AG.   5,150,326 
 40,900      Hannover Rueckversicherung AG.   4,505,112 
 100,966      HeidelbergCement AG.   9,753,730 
 71,281      Henkel KGaA   7,521,729 
 121,553      Henkel KGaA (Preference)   14,838,372 
 13,968      Hochtief AG.   1,991,150 
 46,061      Hugo Boss AG.   2,959,315 
 772,477      Infineon Technologies AG.   14,214,593 
 96,452   *,g  Innogy SE   3,299,039 
 130,502   e  K&S AG.   3,315,178 
 62,276      Lanxess AG.   4,531,903 
 126,831      Linde AG.   20,625,804 
 24,107      MAN AG.   2,499,225 
 88,398      Merck KGaA   9,753,112 
 121,676      Metro AG.   4,163,844 
 109,980      Muenchener Rueckver AG.   20,709,913 
 60,682      Osram Licht AG.   3,522,629 
309

TIAA-CREF FUNDS - International Equity Index Fund

 

SHARES      COMPANY  VALUE 
              
 104,785      Porsche AG.  $6,303,153 
 159,881      ProSiebenSat. Media AG.   6,801,549 
 335,078   *  RWE AG.   4,461,575 
 671,163      SAP AG.   61,377,959 
 113,634      Schaeffler AG.   1,842,686 
 522,384   *  Siemens AG.   67,574,746 
 83,675      Symrise AG.   5,038,272 
 501,337      Telefonica Deutschland Holding AG.   2,097,184 
 250,864   *  ThyssenKrupp AG.   6,355,095 
 342,360      TUI AG. (DI)   5,017,514 
 83,400      United Internet AG.   3,495,016 
 22,410      Volkswagen AG.   3,589,955 
 126,715      Volkswagen AG. (Preference)   19,787,309 
 58,698   *,g  Zalando SE   2,321,438 
        TOTAL GERMANY   801,845,288 
              
HONG KONG - 3.3%
 8,176,400      AIA Group Ltd   50,622,958 
 168,100      ASM Pacific Technology   2,043,803 
 826,279      Bank of East Asia Ltd   3,519,497 
 2,509,500      BOC Hong Kong Holdings Ltd   10,032,684 
 827,000   e  Cathay Pacific Airways Ltd   1,120,080 
 455,000      Cheung Kong Infrastructure Holdings Ltd   3,658,974 
 1,825,836      Cheung Kong Property Holdings Ltd   12,000,999 
 1,832,836      CK Hutchison Holdings Ltd   21,966,870 
 1,114,000      CLP Holdings Ltd   10,873,287 
 1,367,750      First Pacific Co   1,037,056 
 1,593,000      Galaxy Entertainment Group Ltd   7,566,573 
 611,000      Hang Lung Group Ltd   2,343,260 
 1,551,000      Hang Lung Properties Ltd   3,817,125 
 518,400      Hang Seng Bank Ltd   10,566,527 
 739,142      Henderson Land Development Co Ltd   4,080,017 
 1,686,500   g  HK Electric Investments & HK Electric Investments Ltd   1,407,738 
 1,819,640      HKT Trust and HKT Ltd   2,541,884 
 5,163,273      Hong Kong & China Gas Ltd   9,721,419 
 939,000      Hong Kong Electric Holdings Ltd   8,997,366 
 785,243      Hong Kong Exchanges and Clearing Ltd   18,992,548 
 799,900      Hongkong Land Holdings Ltd   5,402,310 
 3,356,800      Hutchison Port Holdings Trust   1,427,731 
 426,792      Hysan Development Co Ltd   1,945,082 
 169,800      Jardine Matheson Holdings Ltd   10,472,437 
 458,623      Kerry Properties Ltd   1,297,829 
 3,784,600      Li & Fung Ltd   1,641,133 
 1,516,991      Link REIT   10,366,478 
 131,400   *  Melco Crown Entertainment Ltd (ADR)   2,212,776 
 997,608      MTR Corp   5,068,003 
 3,888,787      New World Development Co Ltd   4,486,860 
 1,052,642      NWS Holdings Ltd   1,891,552 
 2,703,959      PCCW Ltd   1,641,206 
 1,639,200      Sands China Ltd   7,212,423 
 896,192      Shangri-La Asia Ltd   996,825 
 2,099,143      Sino Land Co   3,468,512 
 1,245,000      SJM Holdings Ltd   989,225 
310

TIAA-CREF FUNDS - International Equity Index Fund

 

SHARES      COMPANY  VALUE 
              
 981,186      Sun Hung Kai Properties Ltd  $13,502,153 
 372,500      Swire Pacific Ltd (Class A)   3,794,995 
 791,200      Swire Properties Ltd   2,226,255 
 932,000      Techtronic Industries Co   3,223,421 
 5,401,000   g  WH Group Ltd   4,102,287 
 928,762      Wharf Holdings Ltd   6,964,122 
 553,000      Wheelock & Co Ltd   3,361,088 
 510,000      Yue Yuen Industrial Holdings   1,866,759 
        TOTAL HONG KONG   286,472,127 
              
IRELAND - 0.7%
 108,891   *  AerCap Holdings NV   4,820,604 
 18,744,696   *  Bank of Ireland   5,035,899 
 565,955      CRH plc   19,630,525 
 654,357      Experian Group Ltd   12,637,105 
 67,097   *,m  Irish Bank Resolution Corp Ltd   0 
 301,606   *  James Hardie Industries NV   4,737,124 
 108,352      Kerry Group plc (Class A)   7,614,484 
 54,425      Paddy Power plc   5,687,172 
 40,148   *  Ryanair Holdings plc   621,191 
 13,977   *  Ryanair Holdings plc (ADR)   1,169,316 
        TOTAL IRELAND   61,953,420 
              
ISRAEL - 0.6%
 30,241      Azrieli Group   1,380,350 
 721,688      Bank Hapoalim Ltd   4,360,560 
 981,885   *  Bank Leumi Le-Israel   4,061,183 
 1,428,774      Bezeq Israeli Telecommunication Corp Ltd   2,495,975 
 88,035   *  Check Point Software Technologies   8,695,217 
 16,606      Elbit Systems Ltd   1,829,989 
 26,219      Frutarom Industries Ltd   1,385,287 
 355,673      Israel Chemicals Ltd   1,634,661 
 95,643      Mizrahi Tefahot Bank Ltd   1,473,173 
 40,719      Nice Systems Ltd   2,849,415 
 623,114      Teva Pharmaceutical Industries Ltd (ADR)   20,830,701 
        TOTAL ISRAEL   50,996,511 
              
ITALY - 1.7%
 798,930      Assicurazioni Generali S.p.A.   12,748,589 
 281,992      Autostrade S.p.A.   6,426,528 
 8,660,179      Banca Intesa S.p.A.   20,341,546 
 665,844      Banca Intesa S.p.A. RSP   1,472,935 
 5,206,452      Enel S.p.A.   21,766,252 
 1,736,777      ENI S.p.A.   26,704,364 
 84,630      Ferrari NV   5,275,540 
 276,461   *  Finmeccanica S.p.A.   3,561,761 
 783,122      Fondiaria-Sai S.p.A   1,633,240 
 116,049      Luxottica Group S.p.A.   6,230,990 
 388,534      Mediobanca S.p.A.   3,345,290 
 358,859   g  Poste Italiane S.p.A   2,258,228 
 134,307      Prysmian S.p.A.   3,493,724 
 4,122,683   *  Saipem S.p.A.   2,116,916 
 1,664,886      Snam Rete Gas S.p.A.   6,336,737 
311

TIAA-CREF FUNDS - International Equity Index Fund

 

SHARES      COMPANY  VALUE 
              
 4,044,155      Telecom Italia RSP  $2,887,512 
 6,795,993   *  Telecom Italia S.p.A.   5,843,980 
 1,020,903      Terna Rete Elettrica Nazionale S.p.A.   4,477,504 
 358,185   *,e  UniCredit S.p.A   9,777,393 
        TOTAL ITALY   146,699,029 
              
JAPAN - 24.1%
 23,100      ABC-Mart, Inc   1,344,859 
 272,100   *  Acom Co Ltd   1,170,343 
 444,600      Aeon Co Ltd   6,425,736 
 76,100      AEON Financial Service Co Ltd   1,362,391 
 79,700      Aeon Mall Co Ltd   1,155,096 
 101,300      Air Water, Inc   1,875,641 
 130,400      Aisin Seiki Co Ltd   5,965,070 
 372,000      Ajinomoto Co, Inc   7,342,369 
 130,200      Alfresa Holdings Corp   2,143,141 
 799,000      All Nippon Airways Co Ltd   2,373,265 
 128,300      Alps Electric Co Ltd   3,417,369 
 231,600      Amada Co Ltd   2,722,151 
 793,000   *  Aozora Bank Ltd   2,888,081 
 262,500   *  Asahi Breweries Ltd   9,237,283 
 683,000   *  Asahi Glass Co Ltd   5,074,437 
 865,000      Asahi Kasei Corp   8,067,467 
 646,700      Ashikaga Holdings Co Ltd   2,483,508 
 108,000   *  Asics Corp   2,103,814 
 1,470,800      Astellas Pharma, Inc   19,740,744 
 207,000      Bank of Kyoto Ltd   1,618,212 
 46,300      Benesse Holdings Inc   1,347,595 
 964      BLife Investment Corp   2,427,426 
 444,000   *  Bridgestone Corp   16,284,107 
 160,400      Brother Industries Ltd   2,960,640 
 54,300      Calbee, Inc   1,767,622 
 728,500   *  Canon, Inc   21,553,677 
 155,000   e  Casio Computer Co Ltd   2,141,641 
 98,400      Central Japan Railway Co   15,900,081 
 475,000      Chiba Bank Ltd   3,107,131 
 438,700      Chubu Electric Power Co, Inc   5,856,871 
 151,958   *  Chugai Pharmaceutical Co Ltd   4,465,836 
 116,700      Chugoku Bank Ltd   1,716,645 
 187,500      Chugoku Electric Power Co, Inc   2,111,254 
 799,100      Concordia Financial Group Ltd   4,214,791 
 100,900      Credit Saison Co Ltd   1,838,394 
 76,800   *,e  CYBERDYNE, Inc   1,083,990 
 356,000      Dai Nippon Printing Co Ltd   3,621,805 
 195,000      Daicel Chemical Industries Ltd   2,156,326 
 736,300      Dai-ichi Mutual Life Insurance Co   13,348,302 
 412,400      Daiichi Sankyo Co Ltd   9,226,654 
 160,000      Daikin Industries Ltd   15,881,994 
 48,300      Daito Trust Construction Co Ltd   6,752,301 
 386,800      Daiwa House Industry Co Ltd   10,475,372 
 1,129,000      Daiwa Securities Group, Inc   7,198,817 
 74,400   e  Dena Co Ltd   1,662,418 
 323,700      Denso Corp   14,017,669 
312

TIAA-CREF FUNDS - International Equity Index Fund

 

SHARES      COMPANY  VALUE 
              
 147,200   *  Dentsu, Inc  $6,803,448 
 80,800   *  Don Quijote Co Ltd   2,932,661 
 226,000      East Japan Railway Co   20,465,907 
 172,300      Eisai Co Ltd   9,497,293 
 100,500      Electric Power Development Co   2,335,905 
 56,800      FamilyMart Co Ltd   3,598,805 
 132,400      Fanuc Ltd   25,993,644 
 36,300      Fast Retailing Co Ltd   11,416,898 
 380,000      Fuji Electric Holdings Co Ltd   2,251,282 
 419,700      Fuji Heavy Industries Ltd   16,794,754 
 298,600      Fujifilm Holdings Corp   11,563,357 
 1,265,000      Fujitsu Ltd   7,352,122 
 534,000      Fukuoka Financial Group, Inc   2,357,231 
 277,000      Hachijuni Bank Ltd   1,630,407 
 144,000      Hakuhodo DY Holdings, Inc   1,771,695 
 97,100      Hamamatsu Photonics KK   2,804,220 
 163,600      Hankyu Hanshin Holdings, Inc   5,550,928 
 14,800   *  Hikari Tsushin, Inc   1,352,487 
 173,100      Hino Motors Ltd   1,826,268 
 22,100      Hirose Electric Co Ltd   2,876,950 
 349,000      Hiroshima Bank Ltd   1,630,604 
 41,600      Hisamitsu Pharmaceutical Co, Inc   2,171,550 
 71,000      Hitachi Chemical Co Ltd   2,015,765 
 73,200      Hitachi Construction Machinery Co Ltd   1,683,428 
 46,700      Hitachi High-Technologies Corp   2,000,351 
 3,299,000      Hitachi Ltd   18,888,269 
 143,500      Hitachi Metals Ltd   1,989,355 
 116,200      Hokuriku Electric Power Co   1,170,746 
 1,112,900   *  Honda Motor Co Ltd   33,118,673 
 35,500   *  Hoshizaki Electric Co Ltd   2,892,934 
 271,700      Hoya Corp   11,842,567 
 59,500      Idemitsu Kosan Co Ltd   1,839,826 
 101,800      Iida Group Holdings Co Ltd   1,905,210 
 652,700      Inpex Holdings, Inc   6,405,067 
 226,280      Isetan Mitsukoshi Holdings Ltd   2,646,859 
 1,006,000   *  Ishikawajima-Harima Heavy Industries Co Ltd   2,708,966 
 406,100      Isuzu Motors Ltd   5,449,011 
 1,020,700      Itochu Corp   14,061,060 
 162,900      J Front Retailing Co Ltd   2,350,925 
 82,300      Japan Airlines Co Ltd   2,620,693 
 31,900   e  Japan Airport Terminal Co Ltd   1,140,518 
 275,900      Japan Post Bank Co Ltd   3,351,423 
 308,400      Japan Post Holdings Co Ltd   3,872,511 
 581   *  Japan Prime Realty Investment Corp   2,331,558 
 892      Japan Real Estate Investment Corp   5,068,708 
 1,774      Japan Retail Fund Investment Corp   3,792,957 
 751,000   *  Japan Tobacco, Inc   24,223,910 
 357,100   *  JFE Holdings, Inc   6,250,711 
 142,600      JGC Corp   2,475,448 
 128,100      JSR Corp   2,195,555 
 152,800      JTEKT Corp   2,509,523 
 1,439,700      JX Holdings, Inc   6,789,589 
 609,000      Kajima Corp   4,244,628 
313

TIAA-CREF FUNDS - International Equity Index Fund

 

SHARES      COMPANY  VALUE 
              
 97,200      Kakaku.com, Inc  $1,759,594 
 161,000      Kamigumi Co Ltd   1,565,040 
 188,000      Kaneka Corp   1,619,846 
 484,100   *  Kansai Electric Power Co, Inc   5,173,211 
 148,200      Kansai Paint Co Ltd   2,878,919 
 343,700   *  Kao Corp   17,007,886 
 963,000      Kawasaki Heavy Industries Ltd   3,013,420 
 1,252,300      KDDI Corp   33,647,272 
 351,000      Keihan Electric Railway Co Ltd   2,338,006 
 322,000      Keihin Electric Express Railway Co Ltd   3,776,074 
 391,000      Keio Corp   3,213,864 
 95,100   *  Keisei Electric Railway Co Ltd   2,251,615 
 66,400   *  Keyence Corp   25,787,571 
 100,000      Kikkoman Corp   3,148,129 
 1,226,000      Kintetsu Corp   4,713,060 
 562,200   *  Kirin Brewery Co Ltd   9,212,055 
 216,500   *  Kobe Steel Ltd   2,105,873 
 76,900      Koito Manufacturing Co Ltd   4,079,209 
 630,100      Komatsu Ltd   14,919,896 
 64,600      Konami Corp   2,583,308 
 311,200      Konica Minolta Holdings, Inc   3,223,731 
 20,400      Kose Corp   1,737,226 
 721,800   *  Kubota Corp   11,474,645 
 238,100   *  Kuraray Co Ltd   3,773,882 
 70,400      Kurita Water Industries Ltd   1,670,010 
 219,100      Kyocera Corp   11,406,513 
 178,600   *  Kyowa Hakko Kogyo Co Ltd   2,418,508 
 290,500      Kyushu Electric Power Co, Inc   3,242,543 
 235,200      Kyushu Financial Group, Inc   1,620,568 
 45,200   e  Lawson, Inc   3,299,277 
 29,900   *,e  LINE Corp   957,576 
 164,000   *  Lion Corp   2,852,492 
 180,600      LIXIL Group Corp   4,216,775 
 132,000      M3, Inc   3,546,410 
 33,200   *  Mabuchi Motor Co Ltd   1,706,624 
 76,500      Makita Corp   5,313,442 
 1,121,500      Marubeni Corp   6,823,700 
 145,900      Marui Co Ltd   2,086,158 
 39,100      Maruichi Steel Tube Ltd   1,311,129 
 1,505,900      Matsushita Electric Industrial Co Ltd   15,668,785 
 387,300      Mazda Motor Corp   5,699,551 
 46,400   *,e  McDonald’s Holdings Co Japan Ltd   1,219,891 
 115,100      Mediceo Paltac Holdings Co Ltd   1,865,484 
 79,000      MEIJI Holdings Co Ltd   6,119,056 
 258,800      Minebea Co Ltd   2,572,757 
 40,400      Miraca Holdings, Inc   1,841,254 
 190,600      MISUMI Group, Inc   3,561,123 
 924,200      Mitsubishi Chemical Holdings Corp   6,446,250 
 1,031,500      Mitsubishi Corp   23,301,680 
 1,319,100      Mitsubishi Electric Corp   20,074,939 
 854,000      Mitsubishi Estate Co Ltd   16,254,973 
 121,200   *  Mitsubishi Gas Chemical Co, Inc   2,324,658 
 2,187,000      Mitsubishi Heavy Industries Ltd   9,824,396 
314

TIAA-CREF FUNDS - International Equity Index Fund

 

SHARES      COMPANY  VALUE 
              
 81,000      Mitsubishi Logistics Corp  $1,152,213 
 76,900   *  Mitsubishi Materials Corp   2,624,215 
 460,699      Mitsubishi Motors Corp   2,495,672 
 8,706,080      Mitsubishi UFJ Financial Group, Inc   55,749,572 
 299,800      Mitsubishi UFJ Lease & Finance Co Ltd   1,598,070 
 1,164,900      Mitsui & Co Ltd   17,095,929 
 623,000      Mitsui Chemicals, Inc   2,929,711 
 610,000      Mitsui Fudosan Co Ltd   14,083,185 
 794,000      Mitsui OSK Lines Ltd   2,523,242 
 345,800      Mitsui Sumitomo Insurance Group Holdings, Inc   11,568,223 
 227,000   *  Mitsui Trust Holdings, Inc   8,461,058 
 31,500      Mixi Inc   1,366,664 
 16,463,207      Mizuho Financial Group, Inc   30,548,912 
 130,600      Murata Manufacturing Co Ltd   17,589,772 
 79,200   *  Nabtesco Corp   2,065,608 
 623,000      Nagoya Railroad Co Ltd   3,066,842 
 137,200      Namco Bandai Holdings, Inc   3,778,592 
 1,773,000      NEC Corp   4,092,087 
 117,800   *  Nexon Co Ltd   1,793,529 
 179,900      NGK Insulators Ltd   3,527,405 
 123,488      NGK Spark Plug Co Ltd   2,781,342 
 162,800      Nidec Corp   15,285,857 
 233,500      Nikon Corp   3,768,511 
 77,400   *  Nintendo Co Ltd   15,842,365 
 973   *  Nippon Building Fund, Inc   5,587,887 
 294,000   *  Nippon Electric Glass Co Ltd   1,692,416 
 564,000      Nippon Express Co Ltd   2,983,603 
 120,000      Nippon Meat Packers, Inc   3,265,893 
 110,900   *  Nippon Paint Co Ltd   3,234,904 
 1,069   *  Nippon ProLogis REIT, Inc   2,233,818 
 551,400   *  Nippon Steel Corp   13,320,470 
 472,500      Nippon Telegraph & Telephone Corp   20,871,411 
 1,104,000   *  Nippon Yusen Kabushiki Kaisha   2,334,593 
 83,800      Nissan Chemical Industries Ltd   2,992,167 
 1,647,900      Nissan Motor Co Ltd   16,302,947 
 138,200      Nisshin Seifun Group, Inc   2,102,368 
 40,700      Nissin Food Products Co Ltd   2,147,870 
 55,100      Nitori Co Ltd   6,175,148 
 112,800      Nitto Denko Corp   8,925,451 
 241,700      NKSJ Holdings, Inc   8,751,898 
 65,900      NOK Corp   1,339,231 
 2,477,500      Nomura Holdings, Inc   15,357,666 
 85,700      Nomura Real Estate Holdings, Inc   1,474,065 
 2,735      Nomura Real Estate Master Fund, Inc   4,261,307 
 89,300   *  Nomura Research Institute Ltd   3,051,235 
 302,400      NSK Ltd   3,670,907 
 86,100      NTT Data Corp   4,339,196 
 946,300      NTT DoCoMo, Inc   22,626,091 
 445,200      Obayashi Corp   4,241,055 
 45,000      Obic Co Ltd   2,159,927 
 201,400   *  Odakyu Electric Railway Co Ltd   3,988,609 
 548,000      OJI Paper Co Ltd   2,425,527 
 197,500      Olympus Corp   6,832,374 
315

TIAA-CREF FUNDS - International Equity Index Fund

 

SHARES      COMPANY  VALUE 
              
 130,400      Omron Corp  $5,350,188 
 280,900      Ono Pharmaceutical Co Ltd   5,763,025 
 26,700      Oracle Corp Japan   1,496,020 
 149,400      Oriental Land Co Ltd   8,187,017 
 903,800      ORIX Corp   13,635,837 
 1,285,000      Osaka Gas Co Ltd   4,816,722 
 356,700      Osaka Securities Exchange Co Ltd   5,301,838 
 36,800   *  Otsuka Corp   1,893,872 
 267,000   *,e  Otsuka Holdings KK   12,300,154 
 72,200      Park24 Co Ltd   1,992,771 
 15,800   *  Pola Orbis Holdings, Inc   1,501,044 
 632,800   *  Rakuten, Inc   6,316,733 
 249,600      Recruit Holdings Co Ltd   10,926,395 
 1,510,800      Resona Holdings, Inc   8,179,579 
 458,300      Ricoh Co Ltd   4,088,717 
 22,900      Rinnai Corp   1,946,097 
 60,300      Rohm Co Ltd   3,855,958 
 16,500      Ryohin Keikaku Co Ltd   3,093,045 
 31,400      Sankyo Co Ltd   1,048,405 
 252,200      Santen Pharmaceutical Co Ltd   3,169,118 
 146,940      SBI Holdings, Inc   2,028,320 
 142,500      Secom Co Ltd   10,305,247 
 129,700      Sega Sammy Holdings, Inc   2,036,540 
 116,800      Seibu Holdings, Inc   1,968,089 
 191,600      Seiko Epson Corp   3,947,147 
 276,700      Sekisui Chemical Co Ltd   4,515,061 
 409,700   *,e  Sekisui House Ltd   6,627,426 
 514,100      Seven & I Holdings Co Ltd   20,527,165 
 419,800   e  Seven Bank Ltd   1,202,687 
 1,035,000   *,e  Sharp Corp   2,798,944 
 164,000      Shimadzu Corp   2,767,649 
 14,900      Shimamura Co Ltd   1,952,909 
 50,700   *  Shimano, Inc   7,994,765 
 374,000      Shimizu Corp   3,437,553 
 265,500      Shin-Etsu Chemical Co Ltd   22,904,838 
 1,217,000      Shinsei Bank Ltd   2,093,162 
 203,900      Shionogi & Co Ltd   9,820,271 
 257,800   *  Shiseido Co Ltd   7,205,263 
 364,000      Shizuoka Bank Ltd   3,167,390 
 200,200   *  Shoei Co Ltd   1,952,136 
 131,500   *  Showa Shell Sekiyu KK   1,289,040 
 39,100      SMC Corp   10,673,448 
 655,800      Softbank Corp   50,522,650 
 48,400      Sohgo Security Services Co Ltd   1,821,083 
 861,900      Sony Corp   26,096,384 
 119,300      Sony Financial Holdings, Inc   1,998,059 
 103,400      Stanley Electric Co Ltd   2,913,017 
 123,200   *  Start Today Co Ltd   2,320,532 
 1,074,009      Sumitomo Chemical Co Ltd   5,722,305 
 805,900      Sumitomo Corp   10,102,577 
 108,000      Sumitomo Dainippon Pharma Co Ltd   1,832,070 
 511,500      Sumitomo Electric Industries Ltd   7,442,752 
 381,000      Sumitomo Heavy Industries Ltd   2,619,520 
316

TIAA-CREF FUNDS - International Equity Index Fund

 

SHARES      COMPANY  VALUE 
              
 338,000      Sumitomo Metal Mining Co Ltd  $4,579,294 
 917,000      Sumitomo Mitsui Financial Group, Inc   35,975,736 
 242,000      Sumitomo Realty & Development Co Ltd   6,546,496 
 115,300   *  Sumitomo Rubber Industries, Inc   1,800,864 
 25,400      Sundrug Co Ltd   1,751,608 
 96,500   *  Suntory Beverage & Food Ltd   4,105,842 
 118,600      Suruga Bank Ltd   2,701,941 
 52,700      Suzuken Co Ltd   1,739,886 
 235,100      Suzuki Motor Corp   9,073,178 
 106,500      Sysmex Corp   6,398,514 
 395,800      T&D Holdings, Inc   5,863,592 
 832,000      Taiheiyo Cement Corp   2,907,249 
 720,000      Taisei Corp   5,114,576 
 24,400      Taisho Pharmaceutical Holdings Co Ltd   2,062,426 
 91,500      Taiyo Nippon Sanso Corp   1,080,621 
 207,000      Takashimaya Co Ltd   1,782,677 
 485,600      Takeda Pharmaceutical Co Ltd   20,339,656 
 152,600      Tanabe Seiyaku Co Ltd   3,060,720 
 83,700      TDK Corp   6,016,052 
 127,600   *  Teijin Ltd   2,693,227 
 233,900      Terumo Corp   8,652,863 
 81,700      THK Co Ltd   2,013,185 
 652,000      Tobu Railway Co Ltd   3,309,043 
 76,200      Toho Co Ltd   2,197,536 
 264,000      Toho Gas Co Ltd   1,974,918 
 309,100      Tohoku Electric Power Co, Inc   3,773,361 
 465,000      Tokio Marine Holdings, Inc   19,387,698 
 987,600   *  Tokyo Electric Power Co, Inc   3,782,614 
 107,100      Tokyo Electron Ltd   11,093,922 
 1,336,000      Tokyo Gas Co Ltd   5,928,984 
 139,500   *  Tokyo Tatemono Co Ltd   1,847,427 
 725,000      Tokyu Corp   5,339,515 
 346,400      Tokyu Fudosan Holdings Corp   2,025,006 
 199,000   *  TonenGeneral Sekiyu KK   2,340,260 
 355,000      Toppan Printing Co Ltd   3,484,659 
 1,004,000      Toray Industries, Inc   8,693,560 
 2,767,000   *  Toshiba Corp   5,933,493 
 96,800      Toto Ltd   3,898,735 
 109,500      Toyo Seikan Kaisha Ltd   2,019,574 
 61,100      Toyo Suisan Kaisha Ltd   2,180,134 
 45,700      Toyoda Gosei Co Ltd   1,100,856 
 110,600      Toyota Industries Corp   5,337,561 
 1,823,200      Toyota Motor Corp   106,024,285 
 142,500      Toyota Tsusho Corp   3,919,608 
 77,400   *  Trend Micro, Inc   3,003,647 
 25,300      Tsuruha Holdings, Inc   2,378,242 
 275,100   *  Uni-Charm Corp   6,195,821 
 2,047   *  United Urban Investment Corp   3,264,980 
 150,700      USS Co Ltd   2,644,978 
 111,800      West Japan Railway Co   7,284,081 
 955,900      Yahoo! Japan Corp   4,011,745 
 60,500      Yakult Honsha Co Ltd   3,109,155 
 435,300      Yamada Denki Co Ltd   2,398,247 
317

TIAA-CREF FUNDS - International Equity Index Fund

 

SHARES      COMPANY  VALUE 
              
 135,000      Yamaguchi Financial Group, Inc  $1,470,845 
 113,700      Yamaha Corp   3,473,010 
 191,700   *  Yamaha Motor Co Ltd   3,987,254 
 239,800      Yamato Transport Co Ltd   4,832,770 
 92,800   *  Yamazaki Baking Co Ltd   1,866,275 
 173,700      Yaskawa Electric Corp   3,132,149 
 158,600      Yokogawa Electric Corp   2,534,434 
 75,100   *  Yokohama Rubber Co Ltd   1,320,795 
        TOTAL JAPAN   2,077,403,874 
              
JERSEY, C.I. - 0.1%
 63,708      Randgold Resources Ltd   5,422,897 
        TOTAL JERSEY, C.I.   5,422,897 
              
JORDAN - 0.0%
 100,207   e  Hikma Pharmaceuticals plc   2,308,083 
        TOTAL JORDAN   2,308,083 
              
LUXEMBOURG - 0.3%
 1,259,358   *  ArcelorMittal   9,819,896 
 7,581      Eurofins Scientific   3,403,577 
 45,171   e  Millicom International Cellular S.A.   2,236,970 
 26,578      RTL Group   2,030,488 
 247,718      SES Global S.A.   4,816,813 
 320,783      Tenaris S.A.   5,619,141 
        TOTAL LUXEMBOURG   27,926,885 
              
MACAU - 0.0%
 643,200      MGM China Holdings Ltd   1,249,362 
 1,068,400   *,e  Wynn Macau Ltd   1,943,018 
        TOTAL MACAU   3,192,380 
              
MEXICO - 0.0%
 151,838      Fresnillo plc   2,787,204 
        TOTAL MEXICO   2,787,204 
              
NETHERLANDS - 4.3%
 192,030   g  ABN AMRO Group NV (ADR)   4,517,072 
 1,260,353      Aegon NV   6,850,638 
 169,174      Akzo Nobel NV   11,481,044 
 254,856   *  Altice NV (Class A)   5,595,073 
 74,822   *  Altice NV (Class B)   1,651,326 
 251,523      ASML Holding NV   30,540,864 
 62,963      Boskalis Westminster   2,329,499 
 123,137      DSM NV   7,850,027 
 74,026      EXOR NV   3,377,668 
 54,806      Gemalto NV   3,185,078 
 68,962      Heineken Holding NV   4,844,449 
 156,455      Heineken NV   11,701,112 
 2,648,114      ING Groep NV   38,042,669 
 874,346      Koninklijke Ahold Delhaize NV   18,626,837 
 647,457      Koninklijke Philips Electronics NV   18,998,001 
318

TIAA-CREF FUNDS - International Equity Index Fund

 

SHARES      COMPANY  VALUE 
              
 48,526      Koninklijke Vopak NV  $2,084,438 
 216,006      NN Group NV   7,650,033 
 200,795   *  NXP Semiconductors NV   19,647,791 
 80,772      Randstad Holdings NV   4,699,282 
 2,953,755      Royal Dutch Shell plc (A Shares)   80,110,712 
 2,557,416      Royal Dutch Shell plc (B Shares)   72,232,688 
 2,326,775      Royal KPN NV   6,703,374 
 204,829      Wolters Kluwer NV   7,833,009 
        TOTAL NETHERLANDS   370,552,684 
              
NEW ZEALAND - 0.2%
 650,925      Auckland International Airport Ltd   3,264,973 
 496,950      Contact Energy Ltd   1,741,440 
 468,855      Fletcher Building Ltd   3,612,252 
 878,653   *  Meridian Energy Ltd   1,697,625 
 496,991      Mighty River Power Ltd   1,119,959 
 253,381      Ryman Healthcare Ltd   1,619,563 
 1,266,853      Telecom Corp of New Zealand Ltd   3,264,265 
        TOTAL NEW ZEALAND   16,320,077 
              
NORWAY - 0.7%
 664,174      DNB NOR Holding ASA   11,080,092 
 139,011      Gjensidige Forsikring BA   2,392,227 
 924,715      Norsk Hydro ASA   5,274,878 
 556,921      Orkla ASA   5,195,958 
 260,912      PAN Fish ASA   4,606,619 
 52,635      Schibsted ASA   1,391,818 
 62,868      Schibsted ASA (B Shares)   1,565,326 
 766,540      Statoil ASA   14,293,819 
 514,022      Telenor ASA   8,148,513 
 120,680      Yara International ASA   5,088,543 
        TOTAL NORWAY   59,037,793 
              
PORTUGAL - 0.2%
 1,590,983      Energias de Portugal S.A.   4,626,769 
 339,555      Galp Energia SGPS S.A.   5,003,078 
 172,066      Jeronimo Martins SGPS S.A.   2,912,319 
        TOTAL PORTUGAL   12,542,166 
              
SINGAPORE - 1.3%
 1,624,008      Ascendas REIT   2,835,611 
 1,425,600   *  CapitaCommercial Trust   1,544,457 
 1,756,500      CapitaLand Ltd   4,099,221 
 1,719,530   *  CapitaMall Trust   2,362,817 
 281,600      City Developments Ltd   1,848,418 
 1,471,800      ComfortDelgro Corp Ltd   2,518,531 
 1,209,381      DBS Group Holdings Ltd   16,350,786 
 4,099,200      Genting Singapore plc   2,827,367 
 1,809,800      Global Logistic Properties   3,335,427 
 4,527,847      Golden Agri-Resources Ltd   1,361,946 
 67,709      Jardine Cycle & Carriage Ltd   1,985,452 
 987,700      Keppel Corp Ltd   4,334,110 
 2,148,791      Oversea-Chinese Banking Corp   14,331,594 
319

TIAA-CREF FUNDS - International Equity Index Fund

 

SHARES      COMPANY  VALUE 
              
 679,660      SembCorp Industries Ltd  $1,517,874 
 374,233      Singapore Airlines Ltd   2,635,735 
 459,900      Singapore Airport Terminal Services Ltd   1,722,973 
 543,200   *  Singapore Exchange Ltd   2,857,255 
 1,120,000   e  Singapore Press Holdings Ltd   2,746,481 
 1,067,300      Singapore Technologies Engineering Ltd   2,501,257 
 5,443,903      Singapore Telecommunications Ltd   14,967,425 
 401,300      StarHub Ltd   844,918 
 1,647,500      Suntec Real Estate Investment Trust   2,024,789 
 884,434      United Overseas Bank Ltd   13,153,262 
 335,023      UOL Group Ltd   1,517,344 
 1,322,800      Wilmar International Ltd   3,640,358 
        TOTAL SINGAPORE   109,865,408 
              
SOUTH AFRICA - 0.1%
 256,531      Al Noor Hospitals Group plc   2,538,082 
 445,838      Investec plc   3,163,239 
 250,779      Mondi plc   5,542,750 
        TOTAL SOUTH AFRICA   11,244,071 
              
SPAIN - 3.1%
 437,638      Abertis Infraestructuras S.A. (Continuous)   6,271,215 
 127,287   *  ACS Actividades Construccion y Servicios S.A.   3,923,036 
 46,093   g  Aena S.A.   6,703,174 
 299,504   *,e  Amadeus IT Holding S.A.   13,855,306 
 4,489,654      Banco Bilbao Vizcaya Argentaria S.A.   30,532,298 
 3,645,397      Banco de Sabadell S.A.   5,503,518 
 2,344,306   *,e  Banco Popular Espanol S.A.   2,427,489 
 9,967,019   *,e  Banco Santander S.A.   55,684,375 
 3,181,916      Bankia S.A.   3,363,786 
 460,423      Bankinter S.A.   3,705,987 
 2,254,983      CaixaBank S.A.   8,265,618 
 742,217      Corp Mapfre S.A.   2,250,439 
 418,821      Distribuidora Internacional de Alimentacion S.A.   2,216,729 
 154,248      Enagas   3,788,214 
 216,943      Endesa S.A.   4,473,911 
 334,043      Ferrovial S.A.   6,063,655 
 239,055      Gas Natural SDG S.A.   4,611,373 
 203,792      Grifols S.A.   4,375,020 
 3,692,257      Iberdrola S.A.   23,320,789 
 79,755   *,e,m  Iberdrola S.A.   503,741 
 745,146      Industria De Diseno Textil S.A.   24,646,091 
 293,709      Red Electrica Corp S.A.   5,252,114 
 784,773      Repsol YPF S.A.   11,631,661 
 3,177,562      Telefonica S.A.   30,743,219 
 133,314      Zardoya Otis S.A.   1,125,291 
        TOTAL SPAIN   265,238,049 
              
SWEDEN - 2.9%
 199,631      Alfa Laval AB   3,732,337 
 684,379      Assa Abloy AB   12,950,138 
 458,371      Atlas Copco AB (A Shares)   14,700,750 
 264,880      Atlas Copco AB (B Shares)   7,681,905 
320

TIAA-CREF FUNDS - International Equity Index Fund

 

SHARES      COMPANY  VALUE 
              
 186,279      Boliden AB  $5,434,202 
 164,715      Electrolux AB (Series B)   4,379,950 
 2,097,383      Ericsson (LM) (B Shares)   12,413,005 
 136,343      Getinge AB (B Shares)   2,202,629 
 647,617      Hennes & Mauritz AB (B Shares)   18,529,597 
 177,334      Hexagon AB (B Shares)   7,014,744 
 287,051      Husqvarna AB (B Shares)   2,404,143 
 55,774      ICA Gruppen AB   1,822,623 
 111,522      Industrivarden AB   2,160,967 
 160,487      Investment AB Kinnevik (B Shares)   4,120,099 
 311,074      Investor AB (B Shares)   12,416,900 
 25,406      Lundbergs AB (B Shares)   1,634,685 
 127,063   *  Lundin Petroleum AB   2,742,074 
 2,074,017      Nordea Bank AB   25,038,096 
 728,705      Sandvik AB   9,836,500 
 214,469      Securitas AB (B Shares)   3,415,061 
 1,037,641      Skandinaviska Enskilda Banken AB (Class A)   11,655,625 
 231,665      Skanska AB (B Shares)   5,664,234 
 270,346      SKF AB (B Shares)   5,439,853 
 415,677      Svenska Cellulosa AB (B Shares)   12,508,379 
 1,038,140      Svenska Handelsbanken AB   15,498,088 
 618,258      Swedbank AB (A Shares)   15,632,677 
 128,759      Swedish Match AB   4,191,973 
 259,100   *,e  Tele2 AB (B Shares)   2,284,395 
 1,770,151      TeliaSonera AB   7,180,506 
 1,052,065      Volvo AB (B Shares)   13,464,080 
        TOTAL SWEDEN   248,150,215 
              
SWITZERLAND - 9.4%
 1,285,199      ABB Ltd   30,627,364 
 66,222      Actelion Ltd   17,290,072 
 111,327      Adecco S.A.   7,965,981 
 59,600   *  Aryzta AG.   1,641,690 
 34,223      Baloise Holding AG.   4,406,653 
 1,493      Barry Callebaut AG.   1,847,406 
 356,391      Cie Financiere Richemont S.A.   27,755,625 
 123,345      Coca-Cola HBC AG.   2,819,431 
 1,355,113      Credit Suisse Group   20,685,966 
 31,113   *  Dufry Group   4,441,581 
 5,518      EMS-Chemie Holding AG.   2,848,404 
 2,647      Galenica AG.   2,902,152 
 25,287      Geberit AG.   10,807,401 
 6,307      Givaudan S.A.   11,370,515 
 8,355,555   *  Glencore Xstrata plc   34,606,053 
 310,408      Holcim Ltd   16,713,550 
 151,954      Julius Baer Group Ltd   7,143,469 
 36,602      Kuehne & Nagel International AG.   5,008,177 
 692      Lindt & Spruengli AG.   3,840,860 
 70      Lindt & Spruengli AG. (Registered)   4,540,104 
 36,095      Lonza Group AG.   6,631,342 
 2,125,233      Nestle S.A.   155,704,157 
 1,524,845      Novartis AG.   112,575,558 
 23,049      Pargesa Holding S.A.   1,535,355 
321

TIAA-CREF FUNDS - International Equity Index Fund

 

SHARES      COMPANY  VALUE 
              
 11,823      Partners Group  $5,974,963 
 36,385      Phonak Holding AG.   4,817,560 
 479,744      Roche Holding AG.   113,674,478 
 27,619      Schindler Holding AG.   5,264,652 
 13,499      Schindler Holding AG. (Registered)   2,542,909 
 3,734      SGS S.A.   7,922,739 
 1,477      Sika AG.   7,762,003 
 438,666      STMicroelectronics NV   5,789,584 
 20,963      Swatch Group AG.   7,429,394 
 34,275      Swatch Group AG. (Registered)   2,394,794 
 21,888      Swiss Life Holding   6,644,920 
 48,414      Swiss Prime Site AG.   4,033,040 
 221,415      Swiss Re Ltd   20,690,927 
 17,576      Swisscom AG.   7,753,581 
 63,224      Syngenta AG.   26,871,049 
 2,497,464      UBS AG.   40,587,108 
 172,343      Wolseley plc   10,673,239 
 102,751      Zurich Financial Services AG.   29,589,576 
        TOTAL SWITZERLAND   806,125,382 
              
UNITED KINGDOM - 15.9%
 665,502      3i Group plc   5,878,885 
 624,160   *  Aberdeen Asset Management plc   2,065,631 
 142,543      Admiral Group plc   3,193,546 
 956,630   *  Anglo American plc (London)   16,490,663 
 344,106   *  Ashtead Group plc   6,976,530 
 244,094      Associated British Foods plc   7,355,793 
 863,586      AstraZeneca plc   45,829,629 
 675,506   g  Auto Trader Group plc   3,411,725 
 2,768,475      Aviva plc   16,668,646 
 168,348      Babcock International Group   1,896,001 
 2,165,046      BAE Systems plc   15,901,596 
 11,548,616      Barclays plc   32,051,091 
 684,185      Barratt Developments plc   4,126,011 
 88,897      Berkeley Group Holdings plc   3,139,798 
 12,825,770      BP plc   76,602,349 
 1,273,084      British American Tobacco plc   78,584,779 
 668,471   *  British Land Co plc   4,913,384 
 5,761,425   *  BT Group plc   22,095,142 
 228,190      Bunzl plc   6,015,225 
 303,607      Burberry Group plc   6,278,424 
 465,127      Capita Group plc   2,934,553 
 3,734,128      Centrica plc   10,571,384 
 696,945      CNH Industrial NV   6,191,440 
 1,190,199      Cobham plc   2,036,649 
 148,246      Coca-Cola European Partners plc   5,119,178 
 1,121,693   *  Compass Group plc   19,962,812 
 89,207      Croda International plc   3,766,946 
 60,815      DCC plc   4,905,533 
 1,719,383      Diageo plc   47,760,743 
 933,098      Direct Line Insurance Group plc   4,180,096 
 109,342      easyJet plc   1,310,798 
 618,692   *  Fiat DaimlerChrysler Automobiles NV   6,774,343 
322

TIAA-CREF FUNDS - International Equity Index Fund

 

SHARES      COMPANY  VALUE 
              
 1,173,924      GKN plc  $5,089,881 
 3,329,673      GlaxoSmithKline plc   64,345,836 
 1,071,730      Group 4 Securicor plc   3,452,749 
 542,383      Hammerson plc   3,738,284 
 175,693      Hargreaves Lansdown plc   3,001,458 
 13,585,067      HSBC Holdings plc   115,893,065 
 183,053      IMI plc   2,693,491 
 654,532      Imperial Tobacco Group plc   30,322,914 
 306,460      Inmarsat plc   2,348,035 
 127,482      InterContinental Hotels Group plc   5,919,847 
 575,111      International Consolidated Airlines Group S.A.   3,457,647 
 110,688      Intertek Group plc   4,738,182 
 634,507      Intu Properties plc   2,164,140 
 2,471,104      ITV plc   6,340,919 
 1,132,386      J Sainsbury plc   3,684,291 
 131,918   *  Johnson Matthey plc   5,411,023 
 1,528,745      Kingfisher plc   6,486,146 
 536,696      Land Securities Group plc   6,726,175 
 4,066,581      Legal & General Group plc   12,060,241 
 43,860,439      Lloyds TSB Group plc   35,974,352 
 214,627      London Stock Exchange Group plc   8,592,833 
 1,104,544      Marks & Spencer Group plc   4,681,725 
 529,230      Meggitt plc   2,791,135 
 482,977   g  Merlin Entertainments plc   2,903,720 
 2,572,447      National Grid plc   30,131,548 
 666,047      New Carphone Warehouse plc   2,656,838 
 96,037      Next plc   4,633,867 
 3,369,119      Old Mutual plc   8,847,037 
 562,226      Pearson plc   4,383,128 
 211,523      Persimmon plc   5,151,928 
 180,917      Petrofac Ltd   2,094,873 
 101,099      Provident Financial plc   3,481,394 
 1,761,110      Prudential plc   34,128,094 
 431,987      Reckitt Benckiser Group plc   37,066,868 
 679,886      Reed Elsevier NV   11,483,759 
 743,967      Reed Elsevier plc   13,354,277 
 289,389      Rio Tinto Ltd   14,680,537 
 844,900      Rio Tinto plc   37,431,570 
 1,254,407      Rolls-Royce Group plc   10,565,395 
 2,403,031   *  Royal Bank of Scotland Group plc   6,731,998 
 620,226      Royal Mail plc   3,221,054 
 698,733      RSA Insurance Group plc   5,059,169 
 734,396      Sage Group plc   5,679,920 
 91,257      Schroders plc   3,384,564 
 687,975   *  Scottish & Southern Energy plc   12,932,975 
 562,644      Segro plc   3,268,395 
 159,795      Severn Trent plc   4,580,284 
 614,714      Shire Ltd   34,224,670 
 704,820      Sky plc   8,905,150 
 610,159      Smith & Nephew plc   9,127,766 
 269,238      Smiths Group plc   5,103,102 
 356,079      St. James’s Place plc   4,817,232 
 2,241,735   *  Standard Chartered plc   21,951,844 
323

TIAA-CREF FUNDS - International Equity Index Fund

 

SHARES      COMPANY  VALUE 
              
 1,353,985      Standard Life plc  $5,915,630 
 321,085      Tate & Lyle plc   2,713,924 
 2,231,161      Taylor Wimpey plc   4,710,449 
 5,577,662   *  Tesco plc   13,701,865 
 168,838      Travis Perkins plc   3,096,612 
 1,112,390      Unilever NV   45,120,519 
 876,427      Unilever plc   35,500,397 
 466,116   *  United Utilities Group plc   5,397,871 
 18,170,587   *  Vodafone Group plc   44,509,392 
 149,157      Weir Group plc   3,778,532 
 124,864      Whitbread plc   6,181,022 
 602,682      William Hill plc   1,965,889 
 1,516,486      WM Morrison Supermarkets plc   4,521,078 
 1,228,356   g  Worldpay Group plc   4,431,400 
 876,180      WPP plc   20,392,285 
        TOTAL UNITED KINGDOM   1,368,823,513 
              
UNITED STATES - 0.4%
 129,730      Carnival plc   6,940,399 
 347,203      iShares MSCI EAFE Index Fund   20,703,715 
 119,393   *  Mobileye NV   5,129,123 
 147,358   *  QIAGEN NV   4,288,146 
 10,214   *,e  Taro Pharmaceutical Industries Ltd   1,067,261 
        TOTAL UNITED STATES   38,128,644 
              
        TOTAL COMMON STOCKS   8,592,835,823 
        (Cost $8,088,541,739)     
              
RIGHTS / WARRANTS - 0.0%
AUSTRALIA - 0.0%
 989,098   m  BGP Holdings plc   0 
        TOTAL AUSTRALIA   0 
              
SPAIN - 0.0%
 127,287      ACS Actividades de Construccion y Servicios S.A.   57,161 
        TOTAL SPAIN   57,161 
              
        TOTAL RIGHTS / WARRANTS   57,161 
        (Cost $60,381)     
                          
PRINCIPAL       ISSUER  RATE  MATURITY DATE    
SHORT-TERM INVESTMENTS - 1.7%
GOVERNMENT AGENCY DEBT - 0.4%
$29,700,000       Federal Home Loan Bank (FHLB)   0.400%  02/01/17   29,700,000 
         TOTAL GOVERNMENT AGENCY DEBT          29,700,000 
                       
SHARES       COMPANY          
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.3%
 114,494,592    c  State Street Navigator Securities Lending Government Money Market Portfolio   114,494,592 
         TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES   114,494,592 
               
         TOTAL SHORT-TERM INVESTMENTS           144,194,592 
         (Cost $144,194,592)             
324

TIAA-CREF FUNDS - International Equity Index Fund

 

                 VALUE 
                             
         TOTAL INVESTMENTS - 101.4%         $8,737,087,576 
         (Cost $8,232,796,712)             
         OTHER ASSETS & LIABILITIES, NET - (1.4)%          (124,311,924)
         NET ASSETS - 100.0%          $8,612,775,652 
       
       
    Abbreviation(s):
    ADR   American Depositary Receipt
    REIT   Real Estate Investment Trust

 

*   Non-income producing
c   Investments made with cash collateral received from securities on loan.
e   All or a portion of these securities are out on loan. The aggregate value of securities on loan is $109,172,774.
g   Security is exempt from registration under Rule 144(A) of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers. At 1/31/17, the aggregate value of these securities amounted to $41,275,306 or 0.5% of net assets.
m   Indicates a security that has been deemed illiquid.
325

TIAA-CREF FUNDS - International Equity Index Fund

 

TIAA-CREF FUNDS

INTERNATIONAL EQUITY INDEX FUND

SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

January 31, 2017

 

SECTOR  VALUE   % OF
NET ASSETS		 
FINANCIALS  $1,849,020,357    21.5%
INDUSTRIALS   1,189,206,941    13.8 
CONSUMER DISCRETIONARY   1,086,155,499    12.6 
CONSUMER STAPLES   950,756,100    11.0 
HEALTH CARE   905,437,546    10.5 
MATERIALS   707,557,881    8.2 
INFORMATION TECHNOLOGY   476,140,321    5.5 
ENERGY   435,675,567    5.1 
TELECOMMUNICATION SERVICES   386,685,964    4.5 
REAL ESTATE   317,471,870    3.7 
UTILITIES   288,784,938    3.3 
SHORT - TERM INVESTMENTS   144,194,592    1.7 
OTHER ASSETS & LIABILITIES, NET   (124,311,924)   (1.4)
           
NET ASSETS  $8,612,775,652    100.0%
326

TIAA-CREF FUNDS – Emerging Markets Debt Fund

 

TIAA-CREF FUNDS

EMERGING MARKETS DEBT FUND

SCHEDULE OF INVESTMENTS (unaudited)

January 31, 2017

 

              MATURITY    
PRINCIPAL      ISSUER  RATE  DATE  VALUE 
                   
BONDS - 96.8%             
                      
CORPORATE BONDS - 47.1%             
                      
ARGENTINA - 2.2%             
$2,000,000   g  Genneia S.A.   8.750%  01/20/22  $2,060,000 
 2,000,000   g  Pampa Energia S.A.   7.500   01/24/27   1,977,000 
 1,200,000   g,i  YPF S.A.   23.854   07/07/20   1,356,000 
 1,500,000   g  YPF S.A.   8.500   03/23/21   1,625,625 
        TOTAL ARGENTINA           7,018,625 
                      
AZERBAIJAN - 0.6%             
 1,700,000      State Oil Co of the Azerbaijan Republic   6.950   03/18/30   1,793,208 
       TOTAL AZERBAIJAN           1,793,208 
                      
BRAZIL - 5.3%             
 1,500,000   g,i  Caixa Economica Federal   7.250   07/23/24   1,515,000 
 1,260,000      Fibria Overseas Finance Ltd   5.500   01/17/27   1,238,076 
 2,050,000   g  GTL Trade Finance, Inc   5.893   04/29/24   2,077,675 
 1,200,000   g  Marfrig Holdings Europe BV   8.000   06/08/23   1,264,800 
 170,960   g  Odebrecht Offshore Drilling Finance Ltd   6.625   10/01/22   57,699 
 307,038   g  Odebrecht Offshore Drilling Finance Ltd   6.750   10/01/22   101,322 
BRL 2,305,000   g,q  Oi S.A.   9.750   09/15/16   153,613 
$1,100,000   g,q  Oi S.A.   5.750   02/10/22   390,500 
 1,650,000      Petrobras Global Finance BV   6.125   01/17/22   1,705,275 
 1,500,000      Petrobras Global Finance BV   7.375   01/17/27   1,561,050 
 1,700,000      Petrobras Global Finance BV   5.625   05/20/43   1,339,260 
 1,250,000   g  Raizen Fuels Finance S.A.   5.300   01/20/27   1,247,500 
 1,450,000   g  St. Marys Cement, Inc Canada   5.750   01/28/27   1,417,375 
 1,800,000   g,q  Telemar Norte Leste S.A.   5.500   10/23/20   625,500 
 1,375,000   g  Ultrapar International S.A.   5.250   10/06/26   1,350,525 
        TOTAL BRAZIL           16,045,170 
                      
CHILE - 2.3%             
 1,500,000   g  Corp Nacional del Cobre de Chile-CODELCO   3.000   07/17/22   1,479,200 
 2,100,000   g  Corp Nacional del Cobre de Chile-CODELCO   4.500   09/16/25   2,166,075 
 1,050,000   g  Empresa de Transporte de Pasajeros Metro S.A.   5.000   01/25/47   1,048,687 
 1,200,000      Enersis Americas S.A.   4.000   10/25/26   1,169,700 
 1,000,000   g  ENTEL Chile S.A.   4.750   08/01/26   1,013,914 
        TOTAL CHILE           6,877,576 
                      
CHINA - 1.0%             
 2,050,000   g  Golden Eagle Retail Group Ltd   4.625   05/21/23   1,804,000 
 1,100,000   g  Semiconductor Manufacturing International Corp   4.125   10/07/19   1,130,114 
        TOTAL CHINA           2,934,114 
327

TIAA-CREF FUNDS – Emerging Markets Debt Fund

 

                MATURITY     
PRINCIPAL       ISSUER  RATE  DATE  VALUE  
                      
COLOMBIA - 1.9%             
$1,500,000   g  Banco de Bogota S.A.   6.250%  05/12/26  $1,556,250 
 2,300,000      Ecopetrol S.A.   5.375   06/26/26   2,300,000 
 1,800,000   g  GrupoSura Finance S.A.   5.500   04/29/26   1,879,200 
        TOTAL COLOMBIA           5,735,450 
                      
COSTA RICA - 0.6%             
 1,800,000   g  Banco Nacional de Costa Rica   5.875   04/25/21   1,879,200 
        TOTAL COSTA RICA           1,879,200 
                      
CROATIA - 0.3%             
 1,000,000   g  Hrvatska Elektroprivreda   5.875   10/23/22   1,050,653 
        TOTAL CROATIA           1,050,653 
                      
DOMINICAN REPUBLIC - 0.5%             
 1,500,000   g  Aeropuertos Dominicanos Siglo XXI S.A.   6.750   03/30/29   1,535,625 
        TOTAL DOMINICAN REPUBLIC           1,535,625 
                      
INDIA - 1.6%             
 1,500,000   g  Adani Ports & Special Economic Zone Ltd   3.950   01/19/22   1,491,376 
 1,800,000   g  Adani Transmission Ltd   4.000   08/03/26   1,714,093 
 1,000,000   g  Bharti Airtel International Netherlands BV   5.125   03/11/23   1,048,465 
 500,000   g  Bharti Airtel Ltd   4.375   06/10/25   494,233 
        TOTAL INDIA           4,748,167 
                      
INDONESIA - 3.1%             
 2,200,000   g  Golden Legacy Pte Ltd   8.250   06/07/21   2,286,081 
 2,100,000   g  Indo Energy Finance II BV   6.375   01/24/23   1,602,941 
 1,500,000   g  Listrindo Capital BV   4.950   09/14/26   1,467,750 
 1,500,000   g  Pelabuhan Indonesia II PT   4.250   05/05/25   1,458,180 
 1,130,000   g  Pertamina Persero PT   4.300   05/20/23   1,138,791 
 1,700,000   g  Perusahaan Listrik Negara PT   5.250   10/24/42   1,561,654 
       TOTAL INDONESIA           9,515,397 
                      
IRELAND - 0.5%             
 1,400,000   g,h  Park Aerospace Holdings Ltd   5.250   08/15/22   1,435,000 
        TOTAL IRELAND           1,435,000 
                      
JAMAICA - 0.4%             
 1,400,000   g  Digicel Group Ltd   7.125   04/01/22   1,120,126 
        TOTAL JAMAICA           1,120,126 
                      
KAZAKHSTAN - 1.5%             
 1,700,000   g  Kazakhstan Temir Zholy Finance BV   6.950   07/10/42   1,722,761 
 1,275,000   g  KMG FINANCE SUB BV   7.000   05/05/20   1,401,363 
 1,425,000   g  Tengizchevroil Finance Co International Ltd   4.000   08/15/26   1,335,772 
        TOTAL KAZAKHSTAN           4,459,896 
                      
KUWAIT - 0.5%             
 1,575,000   g  Equate Petrochemical BV   4.250   11/03/26   1,548,313 
        TOTAL KUWAIT           1,548,313 
328

TIAA-CREF FUNDS – Emerging Markets Debt Fund

 

                MATURITY     
PRINCIPAL       ISSUER  RATE  DATE  VALUE  
                      
LUXEMBOURG - 0.5%             
$1,650,000   g  Millicom International Cellular S.A.   6.000%  03/15/25  $1,680,046 
        TOTAL LUXEMBOURG           1,680,046 
                      
MEXICO - 6.9%             
MXN 25,450,000         America Movil SAB de C.V.   6.450   12/05/22   1,118,209 
$1,500,000   g,i  Banco Mercantil del Norte S.A.   5.750   10/04/31   1,395,000 
 1,400,000   g  Banco Nacional de Comercio Exterior SNC   4.375   10/14/25   1,373,820 
 1,500,000   g,i  Banco Nacional de Comercio Exterior SNC   3.800   08/11/26   1,423,125 
 1,300,000   g,i  BBVA Bancomer S.A.   5.350   11/12/29   1,194,375 
 1,800,000   g  Cemex SAB de C.V.   7.750   04/16/26   2,005,560 
 1,200,000   g  Comision Federal de Electricidad   4.875   01/15/24   1,207,200 
 1,500,000   g  Comision Federal de Electricidad   4.750   02/23/27   1,446,000 
 2,000,000   i  Grupo Financiero Santander Mexico SAB de C.V.   8.500   12/30/49   2,006,916 
 1,275,000   g  Mexico City Airport Trust   5.500   10/31/46   1,151,963 
 1,175,000   g  Petroleos Mexicanos   5.375   03/13/22   1,199,088 
 1,150,000      Petroleos Mexicanos   3.500   01/30/23   1,063,750 
 1,200,000      Petroleos Mexicanos   6.875   08/04/26   1,270,560 
 1,875,000   g  Petroleos Mexicanos   6.500   03/13/27   1,930,031 
 1,200,000   g  Sixsigma Networks Mexico S.A. de C.V.   8.250   11/07/21   1,104,000 
       TOTAL MEXICO           20,889,597 
MOROCCO - 0.4%             
 1,200,000   g  OCP S.A.   6.875   04/25/44   1,231,442 
       TOTAL MOROCCO           1,231,442 
              
NETHERLANDS - 0.6%             
 1,800,000   g  GTH Finance BV   7.250   04/26/23   1,962,000 
       TOTAL NETHERLANDS           1,962,000 
                      
NIGERIA - 0.6%             
 1,500,000   g  Access Bank plc   10.500   10/19/21   1,510,818 
 200,000      Zenith Bank plc   6.250   04/22/19   199,029 
        TOTAL NIGERIA           1,709,847 
                      
PANAMA - 1.1%             
 1,300,000   g  Aeropuerto Internacional de Tocumen S.A.   5.625   05/18/36   1,368,250 
 2,000,000   g  AES Panama SRL   6.000   06/25/22   2,063,000 
        TOTAL PANAMA           3,431,250 
                      
PERU - 1.4%             
 1,250,000   g  Banco de Credito del Peru   4.250   04/01/23   1,291,250 
 1,000,000   g  Corp Lindley S.A.   4.625   04/12/23   1,028,750 
 1,750,000   g  Union Andina de Cementos SAA   5.875   10/30/21   1,807,050 
        TOTAL PERU           4,127,050 
                      
RUSSIA - 2.1%             
 1,700,000   g  Gazprom OAO Via Gaz Capital S.A.   4.950   02/06/28   1,662,049 
 1,500,000   g  LUKOIL International Finance BV   4.563   04/24/23   1,510,424 
329

TIAA-CREF FUNDS – Emerging Markets Debt Fund

 

                MATURITY     
PRINCIPAL       ISSUER  RATE  DATE  VALUE  
                      
$1,750,000   g  Novolipetsk Steel via Steel Funding Ltd   4.500%  06/15/23  $1,749,302 
 1,500,000      Russian Railways via RZD Capital plc   3.450   10/06/20   1,492,191 
        TOTAL RUSSIA           6,413,966 
                      
SOUTH AFRICA - 3.5%             
 2,000,000   g  Eskom Holdings SOC Ltd   5.750   01/26/21   1,993,870 
 755,000      FirstRand Bank Ltd   4.250   04/30/20   768,308 
 1,650,000   g  Gold Fields Orogen Holding BVI Ltd   4.875   10/07/20   1,658,250 
 1,500,000   g  MTN Mauritius Investment Ltd   5.373   02/13/22   1,515,734 
 1,500,000   g  MTN Mauritius Investment Ltd   6.500   10/13/26   1,518,102 
 3,200,000   g  Transnet SOC Ltd   4.000   07/26/22   3,092,128 
       TOTAL SOUTH AFRICA           10,546,392 
                      
SRI LANKA - 0.6%             
 1,800,000   g  National Savings Bank   5.150   09/10/19   1,816,200 
        TOTAL SRI LANKA           1,816,200 
                      
SUPRANATIONAL - 0.4%             
IDR 18,100,000,000      European Investment Bank   4.950   03/01/19   1,292,708 
        TOTAL SUPRANATIONAL           1,292,708 
                      
TRINIDAD AND TOBAGO - 0.2%             
$550,000   g  Petroleum Co of Trinidad & Tobago Ltd   6.000   05/08/22   532,125 
        TOTAL TRINIDAD AND TOBAGO           532,125 
                      
TURKEY - 2.2%             
 1,300,000   g  KOC Holding AS.   5.250   03/15/23   1,276,764 
 1,200,000   g  Turk Telekomunikasyon AS.   4.875   06/19/24   1,115,281 
 1,300,000   g  Turkiye Halk Bankasi AS.   5.000   07/13/21   1,218,881 
 1,500,000   g  Turkiye Is Bankasi   5.500   04/21/22   1,437,428 
 1,600,000   g  Turkiye Vakiflar Bankasi TAO   6.000   11/01/22   1,502,792 
        TOTAL TURKEY           6,551,146 
                      
UKRAINE - 1.9%             
 2,275,000   g  Kernel Holding S.A.   8.750   01/31/22   2,283,165 
 3,450,000   g  Ukreximbank Via Biz Finance plc   9.625   04/27/22   3,396,663 
        TOTAL UKRAINE           5,679,828 
                      
UNITED KINGDOM - 0.6%             
 2,050,000   g  Tullow Oil plc   6.000   11/01/20   1,942,375 
        TOTAL UNITED KINGDOM           1,942,375 
                      
UNITED STATES - 1.4%             
 2,020,000   g  AES Argentina Generacion S.A.   7.750   02/02/24   2,020,000 
GHS 2,965,000   g,i  Citigroup Global Markets Holdings, Inc   3.950   06/28/21   776,228 
$1,500,000   g  Hyundai Capital America   2.750   09/27/26   1,356,225 
        TOTAL UNITED STATES           4,152,453 
330

TIAA-CREF FUNDS – Emerging Markets Debt Fund

 

                MATURITY     
PRINCIPAL       ISSUER    RATE  DATE    VALUE  
                      
VENEZUELA - 0.4%             
$3,175,000      Petroleos de Venezuela S.A.   5.375%  04/12/27  $1,198,562 
        TOTAL VENEZUELA           1,198,562 
                      
        TOTAL CORPORATE BONDS           142,853,507 
        (Cost $143,400,516)             
                      
GOVERNMENT BONDS - 49.7%            
                      
ANGOLA - 0.5%            
 1,475,000   g  Republic of Angola   9.500   11/12/25   1,406,545 
         TOTAL ANGOLA           1,406,545 
                      
ARGENTINA - 2.2%            
 1,750,000   g  Argentine Republic Government International Bond   5.625   01/26/22   1,754,375 
 1,700,000   g  Argentine Republic Government International Bond   6.875   01/26/27   1,681,300 
 1,200,000      Provincia de Buenos Aires   9.125   03/16/24   1,308,000 
 2,000,000   g  Provincia de Buenos Aires   7.875   06/15/27   1,992,400 
        TOTAL ARGENTINA           6,736,075 
                      
AZERBAIJAN - 1.2%            
 1,100,000   g  Republic of Azerbaijan International Bond   4.750   03/18/24   1,095,437 
 1,000,000   g  Southern Gas Corridor CJSC   6.875   03/24/26   1,081,820 
 1,400,000      State Oil Co of the Azerbaijan Republic   4.750   03/13/23   1,351,816 
        TOTAL AZERBAIJAN           3,529,073 
                      
BRAZIL - 3.0%            
 973,957   g  Brazil Loan Trust   5.477   07/24/23   977,609 
 1,500,000   g  Brazil Minas SPE via State of Minas Gerais   5.333   02/15/28   1,473,750 
BRL  11,650,000      Brazil Notas do Tesouro Nacional Serie F   10.000   01/01/21   3,633,107 
$1,910,000      Brazilian Government International Bond   4.250   01/07/25   1,850,312 
 1,000,000      Brazilian Government International Bond   7.125   01/20/37   1,097,500 
        TOTAL BRAZIL           9,032,278 
                      
COLOMBIA - 1.7%            
 3,275,000      Colombia Government International Bond   6.125   01/18/41   3,651,625 
 1,600,000      Colombia Government International Bond   5.000   06/15/45   1,564,000 
        TOTAL COLOMBIA           5,215,625 
                      
COSTA RICA - 0.8%            
 2,500,000   g  Costa Rica Government International Bond   7.158   03/12/45   2,432,600 
        TOTAL COSTA RICA           2,432,600 
                      
COTE D’IVOIRE - 0.3%            
 931,000   g,i  Ivory Coast Government International Bond (Step Bond)   5.750   12/31/32   860,805 
        TOTAL COTE D’IVOIRE           860,805 
                      
CROATIA - 1.0%            
 2,665,000   g  Croatia Government International Bond   6.375   03/24/21   2,922,066 
        TOTAL CROATIA           2,922,066 
331

TIAA-CREF FUNDS – Emerging Markets Debt Fund

 

                MATURITY     
PRINCIPAL       ISSUER  RATE  DATE  VALUE  
                      
DOMINICAN REPUBLIC - 2.2%             
DOP 15,000,000   g  Dominican Republic Central Bank Notes   10.000%  02/24/17  $321,735 
 65,000,000   g  Dominican Republic International Bond   16.000   02/10/17   1,395,342 
$3,200,000   g  Dominican Republic International Bond   5.875   04/18/24   3,282,624 
 1,560,000   g  Dominican Republic International Bond   7.450   04/30/44   1,645,800 
        TOTAL DOMINICAN REPUBLIC           6,645,501 
                      
ECUADOR - 1.1%             
 2,000,000      Ecuador Government International Bond   9.650   12/13/26   2,110,000 
 1,250,000   g  Ecuador Government International Bond   9.650   12/13/26   1,322,500 
        TOTAL ECUADOR           3,432,500 
                      
EGYPT - 0.7%             
 1,100,000   g  Egypt Government International Bond   6.125   01/31/22   1,108,872 
 1,000,000   g  Egypt Government International Bond   8.500   01/31/47   1,018,928 
        TOTAL EGYPT           2,127,800 
                      
EL SALVADOR - 0.5%             
 395,000   g  El Salvador Government International Bond   7.625   09/21/34   398,950 
 1,250,000   g  El Salvador Government International Bond   7.650   06/15/35   1,099,488 
        TOTAL EL SALVADOR           1,498,438 
                      
GHANA - 1.1%             
 3,400,000   g  Republic of Ghana   7.875   08/07/23   3,318,264 
        TOTAL GHANA           3,318,264 
                      
GREECE - 0.3%             
EUR 958,000   g  Hellenic Republic Government International Bond   4.750   04/17/19   951,333 
        TOTAL GREECE           951,333 
                      
GUATEMALA - 0.6%             
$425,000   g  Guatemala Government International Bond   4.500   05/03/26   410,720 
 1,325,000   g  Guatemala Government International Bond   4.875   02/13/28   1,297,599 
        TOTAL GUATEMALA           1,708,319 
                      
HONDURAS - 0.4%             
 1,360,000   g  Honduras Government International Bond   6.250   01/19/27   1,350,480 
        TOTAL HONDURAS           1,350,480 
                      
INDIA - 0.5%             
 1,600,000   g  Export-Import Bank of India   3.375   08/05/26   1,512,310 
        TOTAL INDIA           1,512,310 
                      
INDONESIA - 2.3%             
 2,000,000   g  Indonesia Government International Bond   3.700   01/08/22   2,029,760 
 2,355,000   g  Indonesia Government International Bond   4.125   01/15/25   2,373,939 
IDR 13,400,000,000      Indonesia Treasury Bond   8.250   07/15/21   1,032,866 
$1,600,000   g  Republic of Indonesia   5.250   01/17/42   1,646,853 
        TOTAL INDONESIA           7,083,418 
332

TIAA-CREF FUNDS – Emerging Markets Debt Fund

 

                MATURITY     
PRINCIPAL       ISSUER  RATE  DATE  VALUE  
                      
JAMAICA - 1.6%             
$1,000,000      Jamaica Government International Bond   6.750%  04/28/28  $1,105,380 
 3,450,000      Jamaica Government International Bond   8.000   03/15/39   3,864,103 
        TOTAL JAMAICA           4,969,483 
                      
JORDAN - 0.6%             
 2,000,000   g  Jordan Government International Bond   5.750   01/31/27   1,903,468 
        TOTAL JORDAN           1,903,468 
                      
KAZAKHSTAN - 1.1%             
 2,850,000   g  Kazakhstan Government International Bond   6.500   07/21/45   3,341,625 
        TOTAL KAZAKHSTAN           3,341,625 
                      
KENYA - 0.2%             
 650,000   g  Kenya Government International Bond   6.875   06/24/24   627,063 
        TOTAL KENYA           627,063 
                      
KOREA, REPUBLIC OF - 0.4%             
 1,325,000   g  Korea Housing Finance Corp   2.000   10/11/21   1,276,835 
        TOTAL KOREA, REPUBLIC OF           1,276,835 
                      
LEBANON - 0.6%             
 1,950,000      Lebanon Government International Bond   6.250   11/04/24   1,905,825 
        TOTAL LEBANON           1,905,825 
                      
MALAYSIA - 0.9%             
 3,000,000      1MDB Global Investments Ltd   4.400   03/09/23   2,777,301 
        TOTAL MALAYSIA           2,777,301 
                      
MEXICO - 0.5%             
MXN 32,540,000      Mexican Bonos   6.500   06/09/22   1,512,218 
        TOTAL MEXICO           1,512,218 
                      
MONGOLIA - 0.7%             
$2,500,000   g  Mongolia Government International Bond   5.125   12/05/22   2,170,370 
        TOTAL MONGOLIA           2,170,370 
                      
MOROCCO - 0.6%             
 1,800,000   g  Morocco Government International Bond   5.500   12/11/42   1,881,306 
        TOTAL MOROCCO           1,881,306 
                      
NAMIBIA - 0.4%             
 1,225,000   g  Namibia Government International Bond   5.250   10/29/25   1,213,697 
        TOTAL NAMIBIA           1,213,697 
                      
PAKISTAN - 0.4%             
 1,075,000   g  Third Pakistan International Sukuk Co Ltd   5.500   10/13/21   1,096,351 
        TOTAL PAKISTAN           1,096,351 
333

TIAA-CREF FUNDS – Emerging Markets Debt Fund

 

                MATURITY     
PRINCIPAL       ISSUER  RATE  DATE  VALUE  
                      
PANAMA - 0.6%             
$1,400,000      Panama Government International Bond   6.700%  01/26/36  $1,732,500 
        TOTAL PANAMA           1,732,500 
                      
PARAGUAY - 0.9%             
 2,750,000   g  Republic of Paraguay   6.100   08/11/44   2,785,915 
        TOTAL PARAGUAY           2,785,915 
                      
PERU - 0.9%             
PEN 2,660,000   g  Peruvian Government International Bond   6.350   08/12/28   819,798 
 5,425,000   g  Peruvian Government International Bond   6.950   08/12/31   1,732,718 
        TOTAL PERU           2,552,516 
                      
POLAND - 1.1%             
$3,050,000      Poland Government International Bond   5.000   03/23/22   3,326,013 
        TOTAL POLAND           3,326,013 
                      
REPUBLIC OF SERBIA - 1.3%             
 3,925,000   g,p  Republic of Serbia   4.875   02/25/20   4,027,953 
        TOTAL REPUBLIC OF SERBIA           4,027,953 
                      
ROMANIA - 0.5%             
 1,300,000   g  Romanian Government International Bond   6.750   02/07/22   1,485,424 
        TOTAL ROMANIA           1,485,424 
                      
RUSSIA - 2.1%             
RUB 33,000,000      Russian Federal Bond - OFZ   7.000   01/25/23   524,445 
 162,500,000      Russian Federal Bond - OFZ   7.000   08/16/23   2,575,742 
$1,570,000   g  Russian Foreign Bond - Eurobond   4.875   09/16/23   1,663,043 
 1,600,000   g  Russian Foreign Bond - Eurobond   4.750   05/27/26   1,649,720 
        TOTAL RUSSIA           6,412,950 
                      
SAUDI ARABIA - 0.8%             
 2,500,000   g  Saudi Government International Bond   3.250   10/26/26   2,381,792 
        TOTAL SAUDI ARABIA           2,381,792 
                      
SOUTH AFRICA - 1.7%             
 2,350,000   l  South Africa Government International Bond   5.875   09/16/25   2,533,300 
ZAR 23,600,000      South Africa Government International Bond   7.000   02/28/31   1,442,661 
$1,040,000      South Africa Government International Bond   6.250   03/08/41   1,163,603 
        TOTAL SOUTH AFRICA           5,139,564 
                      
SRI LANKA - 1.0%             
 1,250,000   g  Sri Lanka Government International Bond   5.750   01/18/22   1,253,801 
 1,850,000   g  Sri Lanka Government International Bond   6.850   11/03/25   1,856,481 
        TOTAL SRI LANKA           3,110,282 
334

TIAA-CREF FUNDS – Emerging Markets Debt Fund

 

                MATURITY     
PRINCIPAL      ISSUER   RATE  DATE  VALUE  
                      
SURINAME - 0.3%             
$748,000   g  Republic of Suriname   9.250%  10/26/26  $755,054 
        TOTAL SURINAME           755,054 
                      
TUNISIA - 0.5%             
 1,725,000   g  Banque Centrale de Tunisie S.A.   5.750   01/30/25   1,624,420 
        TOTAL TUNISIA           1,624,420 
                      
TURKEY - 3.9%             
 1,800,000   g  Export Credit Bank of Turkey   5.375   10/24/23   1,706,261 
 525,000      Turkey Government International Bond   7.500   11/07/19   569,744 
TRY 3,860,000      Turkey Government International Bond   10.500   01/15/20   1,019,674 
$2,075,000      Turkey Government International Bond   5.125   03/25/22   2,067,246 
 2,000,000      Turkey Government International Bond   4.875   10/09/26   1,863,824 
 1,175,000      Turkey Government International Bond   6.000   03/25/27   1,182,865 
 1,500,000      Turkey Government International Bond   6.875   03/17/36   1,549,057 
 1,975,000      Turkey Government International Bond   6.625   02/17/45   1,989,477 
        TOTAL TURKEY           11,948,148 
                      
UKRAINE - 1.9%             
 1,450,000   g  Ukraine Government International Bond   7.750   09/01/21   1,401,091 
 1,450,000   g  Ukraine Government International Bond   7.750   09/01/23   1,379,240 
 2,950,000   g  Ukraine Government International Bond   7.750   09/01/27   2,718,779 
 520,000   g,i  Ukraine Government International Bond   0.000   05/31/40   151,934 
        TOTAL UKRAINE           5,651,044 
                      
URUGUAY - 1.5%             
 1,325,000      Uruguay Government International Bond   4.375   10/27/27   1,356,933 
 3,450,000      Uruguay Government International Bond   5.100   06/18/50   3,234,375 
        TOTAL URUGUAY           4,591,308 
                      
VENEZUELA - 1.0%             
 1,680,000      Venezuela Government International Bond   7.750   10/13/19   1,016,400 
 2,200,000      Venezuela Government International Bond   11.750   10/21/26   1,281,500 
 1,250,000      Venezuela Government International Bond   9.250   05/07/28   602,500 
        TOTAL VENEZUELA           2,900,400 
                      
VIETNAM - 0.4%             
 1,325,000   g  Vietnam Government International Bond   4.800   11/19/24   1,339,448 
        TOTAL VIETNAM           1,339,448 
                      
ZAMBIA - 0.9%             
 2,000,000   g  Zambia Government International Bond   8.500   04/14/24   1,987,612 
 750,000   g  Zambia Government International Bond   8.970   07/30/27   749,100 
        TOTAL ZAMBIA           2,736,712 
                      
        TOTAL GOVERNMENT BONDS           150,940,415 
        (Cost $151,554,339)             
                      
        TOTAL BONDS           293,793,922 
        (Cost $294,954,855)             
335

TIAA-CREF FUNDS – Emerging Markets Debt Fund

 

SHARES       COMPANY          VALUE  
                      
COMMON STOCKS – 0.1%             
                      
COLOMBIA – 0.1%             
 7,833   *  Pacific Exploration and Production Corp          $338,000 
        TOTAL COLOMBIA           338,000 
        TOTAL COMMON STOCKS           338,000 
        (Cost $1,122,834)             
                      
                MATURITY     
PRINCIPAL      ISSUER   RATE  DATE     
SHORT-TERM INVESTMENTS - 0.3%             
UNITED STATES - 0.3%             
$1,000,000      Federal Home Loan Bank (FHLB)   0.450%  02/01/17   1,000,000 
        TOTAL UNITED STATES           1,000,000 
                      
        TOTAL SHORT-TERM INVESTMENTS           1,000,000 
        (Cost $1,000,000)             
                      
        TOTAL INVESTMENTS - 97.2%           295,131,922 
        (Cost $297,077,689)             
        OTHER ASSETS & LIABILITIES, NET - 2.8%           8,534,656 
        NET ASSETS - 100.0%          $303,666,578 
       
       
    Abbreviation(s):  
    BRL   Brazilian Real
    DOP   Dominican Republic Peso
    EUR   Euro
    GHS   Ghana Cedi
    IDR   Indonesian Rupiah
    MXN   Mexican Peso
    PEN   Peruvian Sol
    RUB   Russian Ruble
    TRY   Turkish Lira
    ZAR   South African Rand

 

*   Non-income producing
g   Security is exempt from registration under Rule 144(A) of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers. At 1/31/2017, the aggregate value of these securities amounted to $212,481,208 or 70.0% of net assets.
h   All or a portion of these securities were purchased on a delayed delivery basis.
i   Floating or variable rate security. Coupon rate reflects the rate at period end.
l   All or a portion of these securities have been segregated by the custodian to cover collateral requirements on 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
336

TIAA-CREF FUNDS – Emerging Markets Debt Fund

 

 

TIAA-CREF FUNDS

EMERGING MARKETS DEBT FUND

SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

January 31, 2017

 

 

       % OF 
SECTOR  VALUE   NET ASSETS 
GOVERNMENT  $150,940,415    49.7%
FINANCIALS   34,182,379    11.3 
UTILITIES   29,128,140    9.6 
ENERGY   27,764,870    9.2 
INDUSTRIALS   14,642,807    4.8 
MATERIALS   13,422,453    4.4 
TELECOMMUNICATION SERVICES   10,113,677    3.3 
CONSUMER DISCRETIONARY   5,446,306    1.8 
CONSUMER STAPLES   4,576,715    1.5 
INFORMATION TECHNOLOGY   3,914,160    1.3 
SHORT - TERM INVESTMENTS   1,000,000    0.3 
OTHER ASSETS & LIABILITIES, NET   8,534,656    2.8 
           
NET ASSETS  $303,666,578    100.0%
337

TIAA-CREF FUNDS – International Bond Fund

 

TIAA-CREF FUNDS

INTERNATIONAL BOND FUND

SCHEDULE OF INVESTMENTS (unaudited)

January 31, 2017

 

              MATURITY    
PRINCIPAL      ISSUER  RATE  DATE  VALUE 
                   
BONDS - 93.0%             
                      
CORPORATE BONDS - 24.2%             
                      
ARGENTINA - 0.1%             
$400,000   g  YPF S.A.   8.500%  03/23/21  $433,500 
        TOTAL ARGENTINA           433,500 
                      
AUSTRALIA - 0.2%             
EUR 400,000      BHP Billiton Finance Ltd   0.750   10/28/22   435,154 
        TOTAL AUSTRALIA           435,154 
                      
BRAZIL - 1.6%             
$450,000      Fibria Overseas Finance Ltd   5.500   01/17/27   442,170 
 650,000   g  Itau Unibanco Holding S.A.   5.125   05/13/23   656,500 
 450,000   g  Klabin Finance S.A.   5.250   07/16/24   441,540 
 2,070,000      Petrobras Global Finance BV   6.125   01/17/22   2,139,345 
 400,000   g  Raizen Fuels Finance S.A.   5.300   01/20/27   399,200 
 475,000   g  Ultrapar International S.A.   5.250   10/06/26   466,545 
        TOTAL BRAZIL           4,545,300 
                      
CANADA - 0.6%             
 500,000   g  Bank of Montreal   2.500   01/11/22   499,859 
 1,100,000   g  Eldorado Gold Corp   6.125   12/15/20   1,124,750 
        TOTAL CANADA           1,624,609 
                      
CHILE - 0.3%             
 300,000      Corp Nacional del Cobre de Chile   4.500   08/13/23   316,898 
 500,000      Enersis Americas S.A.   4.000   10/25/26   487,375 
        TOTAL CHILE           804,273 
                      
COLOMBIA - 0.1%             
 400,000      Ecopetrol S.A.   5.375   06/26/26   400,000 
        TOTAL COLOMBIA           400,000 
                      
CROATIA - 0.1%             
 300,000   g  Hrvatska Elektroprivreda   5.875   10/23/22   315,196 
        TOTAL CROATIA           315,196 
                      
FRANCE - 1.0%             
EUR 400,000      Credit Agricole S.A.   0.875   01/19/22   439,171 
 900,000      Engie S.A.   2.375   05/19/26   1,077,239 
 400,000      Societe Generale S.A.   0.750   02/19/21   438,629 
 900,000      Total Capital International S.A.   2.500   03/25/26   1,097,400 
        TOTAL FRANCE           3,052,439 
338

TIAA-CREF FUNDS – International Bond Fund

 

                MATURITY     
PRINCIPAL      ISSUER  RATE  DATE  VALUE  
                      
GERMANY - 1.5%             
EUR200,000      Bayer AG.   1.875%  01/25/21  $229,178 
GBP 400,000      BMW Finance NV   0.875   08/16/22   484,198 
EUR 400,000      Daimler AG.   0.875   01/12/21   441,392 
 800,000      Deutsche Bank AG.   1.250   09/08/21   857,910 
 600,000      Deutsche Telekom International Finance BV   1.500   04/03/28   637,831 
 350,000   g,o  IHO Verwaltungs GmbH   3.750   09/15/26   378,684 
$600,000   g  Schaeffler Finance BV   4.750   05/15/23   611,760 
GBP 300,000      Volkswagen Financial Services NV   1.750   04/17/20   379,844 
$350,000   g  ZF North America Capital, Inc   4.750   04/29/25   355,845 
        TOTAL GERMANY           4,376,642 
                      
INDIA - 0.2%             
 500,000   g  Adani Ports & Special Economic Zone Ltd   3.950   01/19/22   497,125 
        TOTAL INDIA           497,125 
                      
IRELAND - 0.1%             
 150,000   g,h  Park Aerospace Holdings Ltd   5.250   08/15/22   153,750 
 150,000   g,h  Park Aerospace Holdings Ltd   5.500   02/15/24   154,125 
        TOTAL IRELAND           307,875 
                      
ITALY - 0.4%             
EUR 250,000      Enel Finance International NV   5.000   09/14/22   334,441 
 600,000      Intesa Sanpaolo S.p.A   3.500   01/17/22   714,714 
        TOTAL ITALY           1,049,155 
                      
KAZAKHSTAN - 0.2%             
$500,000   g  Tengizchevroil Finance Co International Ltd   4.000   08/15/26   468,692 
        TOTAL KAZAKHSTAN           468,692 
                      
KUWAIT - 0.2%             
 500,000   g  Equate Petrochemical BV   3.000   03/03/22   484,696 
        TOTAL KUWAIT           484,696 
                      
LUXEMBOURG - 0.7%             
EUR 1,850,000   g  Altice Luxembourg S.A.   7.250   05/15/22   2,124,388 
        TOTAL LUXEMBOURG           2,124,388 
                      
MEXICO - 0.4%             
$300,000   g  Cemex SAB de C.V.   6.125   05/05/25   309,750 
 200,000   g  Comision Federal de Electricidad   4.750   02/23/27   192,800 
 275,000      Petroleos Mexicanos   4.875   01/24/22   276,045 
 225,000   g  Petroleos Mexicanos   5.375   03/13/22   229,613 
EUR 200,000      Petroleos Mexicanos   1.875   04/21/22   206,689 
        TOTAL MEXICO           1,214,897 
                      
NETHERLANDS - 1.3%             
 300,000      AerCap Ireland Capital Ltd   4.625   10/30/20   315,555 
EUR 750,000      Cooperatieve Rabobank UA   4.125   09/14/22   925,485 
 300,000      Heineken NV   2.875   08/04/25   366,904 
339

TIAA-CREF FUNDS – International Bond Fund

 

                MATURITY     
PRINCIPAL      ISSUER  RATE  DATE  VALUE  
                      
EUR 850,000   g  Lincoln Finance Ltd   6.875%  04/15/21  $988,687 
 900,000      Shell International Finance BV   1.875   09/15/25   1,037,287 
        TOTAL NETHERLANDS           3,633,918 
                      
RUSSIA - 0.3%             
$500,000   g  Gazprom OAO Via Gaz Capital S.A.   4.950   07/19/22   514,600 
 425,000   g  LUKOIL International Finance BV   6.125   11/09/20   461,061 
        TOTAL RUSSIA           975,661 
                      
SOUTH AFRICA - 0.2%             
 375,000   g  MTN Mauritius Investment Ltd   5.373   02/13/22   378,933 
 300,000   g  Transnet SOC Ltd   4.000   07/26/22   289,887 
        TOTAL SOUTH AFRICA           668,820 
                      
SPAIN - 0.8%             
EUR 900,000      Iberdrola International BV   1.125   04/21/26   949,812 
 400,000      Repsol International Finance BV   3.625   10/07/21   491,238 
 900,000      Santander International Debt SAU   1.375   12/14/22   1,000,532 
        TOTAL SPAIN           2,441,582 
                      
SWEDEN - 1.1%             
SEK 23,500,000      Skandinaviska Enskilda Banken AB   1.500   12/15/21   2,771,703 
$350,000   g  Stena AB   7.000   02/01/24   330,750 
        TOTAL SWEDEN           3,102,453 
                      
SWITZERLAND - 1.4%             
EUR 400,000      Credit Suisse Group Funding Guernsey Ltd   1.250   04/14/22   433,070 
GBP 500,000      Credit Suisse Group Funding Guernsey Ltd   3.000   05/27/22   645,168 
 1,000,000      Glencore Finance Europe S.A.   6.500   02/27/19   1,381,360 
EUR 700,000      Swiss Re Admin Re Ltd   1.375   05/27/23   762,858 
 900,000      Tyco Electronics Group S.A.   1.100   03/01/23   976,225 
        TOTAL SWITZERLAND          4,198,681 
                      
TURKEY - 0.2%             
$600,000   g  Turkiye Halk Bankasi AS.   5.000   07/13/21   562,561 
        TOTAL TURKEY           562,561 
                      
UNITED KINGDOM - 2.5%             
GBP 600,000      BAE Systems plc   4.125   06/08/22   842,962 
 600,000      BAT International Finance plc   1.750   07/05/21   758,066 
EUR 400,000      BAT Netherlands Finance BV   2.375   01/19/23   467,500 
GBP 500,000      British Telecommunications plc   5.750   12/07/28   816,040 
EUR 600,000      Delphi Automotive plc   1.600   09/15/28   605,090 
 500,000      Diageo Finance plc   2.375   05/20/26   596,168 
 600,000      FCE Bank plc   1.134   02/10/22   650,181 
GBP 400,000      Unilever plc   2.000   12/19/18   516,485 
EUR 1,950,000   g  Virgin Media Finance plc   4.500   01/15/25   2,154,221 
        TOTAL UNITED KINGDOM           7,406,713 
                      
UNITED STATES - 8.7%             
EUR 2,150,000   g  Adient Global Holdings Ltd   3.500   08/15/24   2,319,632 
340

TIAA-CREF FUNDS – International Bond Fund

 

                MATURITY     
PRINCIPAL      ISSUER  RATE  DATE  VALUE  
                     
EUR700,000      American International Group, Inc   1.500%  06/08/23  $763,109 
 400,000      AT&T, Inc   3.500   12/17/25   497,991 
 950,000      Axalta Coating Systems Dutch Holding BV   37.500   01/15/25   1,050,747 
 350,000      Ball Corp   4.375   12/15/23   422,692 
 1,600,000   g  Gates Global LLC   5.750   07/15/22   1,682,142 
 300,000      General Electric Co   1.875   05/28/27   345,427 
 600,000      General Motors Financial International BV   1.168   05/18/20   661,837 
$500,000   g  Hyundai Capital America   1.750   09/27/19   490,795 
EUR 900,000      Illinois Tool Works, Inc   1.250   05/22/23   999,660 
 1,300,000      International Game Technology plc   4.750   02/15/23   1,534,914 
 600,000      Johnson & Johnson   1.150   11/20/28   642,394 
 1,300,000      Kinder Morgan, Inc   2.250   03/16/27   1,390,807 
 1,400,000      Liberty Mutual Group, Inc   2.750   05/04/26   1,550,513 
$350,000      MGM Resorts International   4.625   09/01/26   339,062 
EUR 100,000      Mondelez International, Inc   2.375   03/06/35   100,804 
 250,000      Mylan NV   1.250   11/23/20   274,246 
$350,000   g  Owens-Brockway Glass Container, Inc   6.375   08/15/25   372,312 
EUR 900,000      PepsiCo, Inc   0.875   07/18/28   923,178 
 500,000      ProLogis LP   3.000   06/02/26   607,277 
$350,000   g  Sensata Technologies BV   5.000   10/01/25   351,533 
EUR 200,000      Simon International Finance S.C.A   1.250   05/13/25   214,137 
 900,000      Southern Power Co   1.850   06/20/26   970,207 
$1,000,000      Sunoco Logistics Partners Operations LP   5.350   05/15/45   1,008,504 
EUR 900,000      SYSCO Corp   1.250   06/23/23   974,801 
 1,700,000      Thermo Fisher Scientific, Inc   1.375   09/12/28   1,718,851 
$1,600,000      Tronox Finance LLC   6.375   08/15/20   1,542,000 
GBP 300,000      Welltower, Inc   4.800   11/20/28   429,720 
EUR 400,000      Whirlpool Finance Luxembourg Sarl   1.250   11/02/26   420,460 
 800,000   g  XPO Logistics, Inc   5.750   06/15/21   906,776 
        TOTAL UNITED STATES           25,506,528 
                      
        TOTAL CORPORATE BONDS           70,630,858 
        (Cost $72,570,493)             
                      
GOVERNMENT BONDS - 68.8%             
                      
ARGENTINA - 1.2%             
$1,500,000   g  Argentine Republic Government International Bond   5.625   01/26/22   1,503,750 
 2,000,000   g  Provincia de Buenos Aires   7.875   06/15/27   1,992,400 
        TOTAL ARGENTINA           3,496,150 
                      
AUSTRALIA - 2.4%             
AUD 2,725,000      Australia Government International Bond   3.250   10/21/18   2,119,047 
 2,250,000      Australia Government International Bond   5.750   05/15/21   1,963,976 
 1,450,000      Australia Government International Bond   3.750   04/21/37   1,147,596 
 1,000,000      New South Wales Treasury Corp   4.000   04/08/21   810,718 
 995,000      Treasury Corp of Victoria   6.000   06/15/20   848,792 
        TOTAL AUSTRALIA           6,890,129 
                      
AZERBAIJAN - 0.3%             
$800,000      State Oil Co of the Azerbaijan Republic   4.750   03/13/23   772,466 
        TOTAL AZERBAIJAN           772,466 
341

TIAA-CREF FUNDS – International Bond Fund

 

                MATURITY     
PRINCIPAL       ISSUER  RATE  DATE  VALUE  
                      
BELGIUM - 1.4%             
EUR 2,050,000   g  Belgium Government International Bond   1.000%  06/22/31  $2,109,781 
 1,815,000   g  Kingdom of Belgium Government International Bond   1.000   06/22/26   1,989,165 
        TOTAL BELGIUM           4,098,946 
                      
BERMUDA - 1.0%             
$2,700,000   g  Bermuda Government International Bond   4.854   02/06/24   2,819,259 
        TOTAL BERMUDA           2,819,259 
                      
BRAZIL - 0.9%             
BRL 8,650,000      Brazil Notas do Tesouro Nacional Serie F   10.000   01/01/19   2,734,945 
        TOTAL BRAZIL           2,734,945 
                      
CANADA - 3.7%             
CAD 2,900,000   g  Canada Housing Trust No   1.150   12/15/21   2,184,834 
 2,450,000      Canadian Government International Bond   0.250   05/01/18   1,873,899 
 1,500,000      Canadian Government International Bond   0.750   03/01/21   1,137,960 
 1,700,000      Canadian Government International Bond   1.500   06/01/26   1,277,237 
 1,150,000      Canadian Government International Bond   5.000   06/01/37   1,270,369 
 2,275,000      Province of British Columbia Canada   3.250   12/18/21   1,876,314 
 1,620,000      Province of British Columbia Canada   3.200   06/18/44   1,230,627 
        TOTAL CANADA           10,851,240 
                      
COLOMBIA - 0.4%             
COP 2,920,000,000      Colombian TES   7.000   05/04/22   1,019,153 
        TOTAL COLOMBIA           1,019,153 
                      
DENMARK - 0.3%             
DKK 4,565,000      Denmark Government International Bond   1.750   11/15/25   735,559 
        TOTAL DENMARK           735,559 
                      
DOMINICAN REPUBLIC - 0.4%             
$1,100,000   g  Dominican Republic International Bond   5.875   04/18/24   1,128,402 
        TOTAL DOMINICAN REPUBLIC           1,128,402 
                      
ECUADOR - 0.5%             
 1,500,000   g  Ecuador Government International Bond   9.650   12/13/26   1,587,000 
        TOTAL ECUADOR           1,587,000 
                      
EGYPT - 0.5%             
 1,500,000   g  Egypt Government International Bond   7.500   01/31/27   1,500,043 
        TOTAL EGYPT           1,500,043 
                      
FRANCE - 3.1%             
 750,000   g  Caisse d’Amortissement de la Dette Sociale   1.875   01/13/20   750,971 
EUR 400,000      Caisse d’Amortissement de la Dette Sociale   1.375   11/25/24   454,196 
 3,650,000      France Government Bond OAT   1.500   05/25/31   3,954,583 
 1,400,000      French Republic Government Bond OAT   0.010   05/25/21   1,515,806 
342

TIAA-CREF FUNDS – International Bond Fund

 

                MATURITY     
PRINCIPAL       ISSUER  RATE  DATE  VALUE
                      
EUR 1,675,000      French Republic Government Bond OAT   0.250%  11/25/26  $1,673,441 
 700,000   g  French Republic Government Bond OAT   1.750   06/25/39   742,285 
        TOTAL FRANCE           9,091,282 
                      
GERMANY - 2.0%             
EUR 3,425,000      Bundesrepublik Deutschland   0.010   08/15/26   3,566,946 
 600,000      Kreditanstalt fuer Wiederaufbau   1.500   06/11/24   706,962 
 700,000      State of North Rhine-Westphalia   0.125   03/16/23   753,506 
 700,000      State of North Rhine-Westphalia   2.000   10/15/25   851,243 
        TOTAL GERMANY           5,878,657 
                      
GHANA - 0.5%             
$1,575,000   g  Republic of Ghana   7.875   08/07/23   1,537,137 
        TOTAL GHANA           1,537,137 
                      
GREECE - 0.8%             
EUR 2,400,000   g  Hellenic Republic Government International Bond   4.750   04/17/19   2,383,297 
        TOTAL GREECE           2,383,297 
                      
GUATEMALA - 0.7%             
$1,975,000   g  Guatemala Government International Bond   4.500   05/03/26   1,908,640 
        TOTAL GUATEMALA           1,908,640 
                      
HONDURAS - 0.7%             
 2,000,000   g  Honduras Government International Bond   6.250   01/19/27   1,986,000 
        TOTAL HONDURAS           1,986,000 
                      
HUNGARY - 0.4%             
HUF 260,200,000      Hungary Government International Bond   6.500   06/24/19   1,029,318 
 68,550,000      Hungary Government International Bond   2.000   10/30/19   246,066 
        TOTAL HUNGARY           1,275,384 
                      
INDIA - 0.3%             
$500,000   g  Export-Import Bank of India   3.375   08/05/26   472,597 
 500,000      Indian Railway Finance Corp Ltd   3.917   02/26/19   514,844 
        TOTAL INDIA           987,441 
                      
INDONESIA - 0.9%             
EUR 1,395,000   g  Indonesia Government International Bond   2.625   06/14/23   1,536,239 
IDR 13,820,000,000      Indonesia Treasury Bond   8.250   07/15/21   1,065,240 
        TOTAL INDONESIA           2,601,479 
                      
IRELAND - 1.4%             
EUR 1,075,000      Ireland Government International Bond   3.900   03/20/23   1,403,393 
 1,840,000      Ireland Government International Bond   1.000   05/15/26   1,954,303 
 625,000      Ireland Government International Bond   2.000   02/18/45   641,589 
        TOTAL IRELAND           3,999,285 
                      
ISRAEL - 1.0%             
ILS 5,705,000      Israel Government Bond-Fixed   6.250   10/30/26   2,050,830 
343

TIAA-CREF FUNDS – International Bond Fund

 

                MATURITY     
PRINCIPAL       ISSUER  RATE  DATE  VALUE  
                      
ILS 2,500,000      Israel Government Bond-Fixed   5.500%  01/31/42  $902,453 
        TOTAL ISRAEL           2,953,283 
                      
ITALY - 4.9%
EUR 6,380,000      Italy Buoni Poliennali Del Tesoro   0.450   06/01/21   6,799,507 
 2,560,000   g  Italy Buoni Poliennali Del Tesoro   4.750   08/01/23   3,323,400 
 550,000      Italy Buoni Poliennali Del Tesoro   3.750   09/01/24   672,605 
 1,620,000      Italy Buoni Poliennali Del Tesoro   1.600   06/01/26   1,661,222 
 435,000      Italy Buoni Poliennali Del Tesoro   1.250   12/01/26   428,393 
 1,000,000   g  Italy Buoni Poliennali Del Tesoro   3.250   09/01/46   1,069,510 
 225,000   g  Italy Buoni Poliennali Del Tesoro   2.700   03/01/47   214,416 
        TOTAL ITALY           14,169,053 
                      
JAMAICA - 0.5%             
$1,350,000      Jamaica Government International Bond   8.000   03/15/39   1,512,041 
        TOTAL JAMAICA           1,512,041 
                      
JAPAN - 13.5%             
JPY 50,000,000      Japan Finance Corp   0.001   09/26/22   441,669 
 40,000,000      Japan Finance Organization for Municipalities   1.300   01/20/20   367,726 
 20,000,000      Japan Finance Organization for Municipalities   1.400   02/14/20   184,557 
 10,000,000      Japan Finance Organization for Municipalities   1.300   03/13/20   92,089 
 70,000,000      Japan Finance Organization for Municipalities   0.001   05/30/22   618,586 
 13,000,000      Japan Finance Organization for Municipalities   0.835   08/14/23   120,961 
 20,000,000      Japan Finance Organization for Municipalities   0.173   01/29/24   178,285 
 13,000,000      Japan Finance Organization for Municipalities   0.440   08/15/25   118,034 
 21,000,000      Japan Finance Organization for Municipalities   0.320   01/19/26   188,854 
 30,000,000      Japan Finance Organization for Municipalities   0.145   02/16/26   265,571 
 14,000,000      Japan Finance Organization for Municipalities   0.020   05/22/26   122,509 
 438,150,000      Japan Government Five Year Bond   0.200   06/20/19   3,914,828 
 119,600,000      Japan Government Five Year Bond   0.100   06/20/20   1,067,966 
 650,450,000      Japan Government Ten Year Bond   0.100   09/20/26   5,773,393 
 229,000,000      Japan Government Ten Year Bond   0.100   12/20/26   2,031,091 
 374,950,000      Japan Government Thirty Year Bond   2.500   09/20/34   4,426,841 
 307,700,000      Japan Government Thirty Year Bond   0.500   09/20/46   2,514,158 
 404,600,000      Japan Government Twenty Year Bond   1.900   03/22/21   3,880,921 
 590,000,000      Japan Government Twenty Year Bond   2.100   03/20/26   6,191,828 
 215,000,000      Japan Government Twenty Year Bond   2.100   12/20/26   2,280,072 
 229,000,000      Japan Government Twenty Year Bond   1.800   09/20/31   2,450,024 
 240,000,000      Japan Government Twenty Year Bond   0.600   12/20/36   2,107,258 
        TOTAL JAPAN           39,337,221 
                      
KOREA, REPUBLIC OF - 3.2%             
$ 500,000   g  Korea Housing Finance Corp   2.000   10/11/21   481,825 
KRW 2,118,000,000      Korea Treasury Bond   1.750   12/10/18   1,826,374 
 2,128,400,000      Korea Treasury Bond   2.000   03/10/21   1,844,173 
 6,234,500,000      Korea Treasury Bond   1.375   09/10/21   5,256,256 
        TOTAL KOREA, REPUBLIC OF           9,408,628 
                      
MEXICO - 0.3%             
MXN 23,500,000      Mexican Bonos   5.750   03/05/26   1,002,807 
        TOTAL MEXICO           1,002,807 
344

TIAA-CREF FUNDS – International Bond Fund

 

                MATURITY     
PRINCIPAL      ISSUER   RATE  DATE  VALUE  
                      
NETHERLANDS - 0.5%             
EUR 1,425,000   g  Netherlands Government International Bond   0.500%  07/15/26  $1,526,041 
        TOTAL NETHERLANDS           1,526,041 
                      
NEW ZEALAND - 0.4%             
NZD 975,000      New Zealand Government International Bond   6.000   05/15/21   811,528 
 525,000      New Zealand Government International Bond   4.500   04/15/27   422,128 
        TOTAL NEW ZEALAND           1,233,656 
                      
NORWAY - 0.5%             
NOK 3,700,000   g  Norway Government International Bond   3.750   05/25/21   498,893 
 8,670,000   g  Norway Government International Bond   1.500   02/19/26   1,032,078 
        TOTAL NORWAY           1,530,971 
                      
PERU - 0.8%             
PEN 4,480,000   g  Peruvian Government International Bond   8.200   08/12/26   1,580,411 
 2,199,000   g  Peruvian Government International Bond   6.350   08/12/28   677,720 
        TOTAL PERU           2,258,131 
                      
POLAND - 1.1%             
PLN 8,165,000      Poland Government International Bond   4.000   10/25/23   2,100,428 
 4,000,000      Republic of Poland Government International Bond   3.250   07/25/19   1,021,440 
        TOTAL POLAND           3,121,868 
                      
PORTUGAL - 0.6%             
EUR 1,750,000   g  Portugal Obrigacoes do Tesouro OT   4.125   04/14/27   1,832,683 
        TOTAL PORTUGAL           1,832,683 
                      
RUSSIA - 1.4%             
RUB 150,500,000      Russian Federal Bond - OFZ   7.000   01/25/23   2,391,788 
$1,600,000   g  Russian Foreign Bond - Eurobond   4.750   05/27/26   1,649,720 
        TOTAL RUSSIA           4,041,508 
                      
SAUDI ARABIA - 0.7%             
 2,200,000   g  Saudi Government International Bond   3.250   10/26/26   2,095,977 
        TOTAL SAUDI ARABIA           2,095,977 
                      
SOUTH AFRICA - 1.0%             
ZAR 16,950,000      South Africa Government International Bond   10.500   12/21/26   1,394,873 
 16,500,000      South Africa Government International Bond   7.000   02/28/31   1,008,640 
 7,800,000      South Africa Government International Bond   8.750   01/31/44   531,674 
        TOTAL SOUTH AFRICA           2,935,187 
                      
SPAIN - 4.7%             
EUR 1,100,000      Instituto de Credito Oficial   4.375   05/20/19   1,305,917 
 950,000   g  Spain Government Bond   4.400   10/31/23   1,255,264 
 3,775,000   g  Spain Government International Bond   4.300   10/31/19   4,554,255 
 925,000      Spain Government International Bond   0.750   07/30/21   1,016,031 
345

TIAA-CREF FUNDS – International Bond Fund

 

                MATURITY     
PRINCIPAL       ISSUER  RATE  DATE  VALUE  
                      
EUR 825,000   g  Spain Government International Bond   2.750%  10/31/24  $987,687 
 1,575,000   g  Spain Government International Bond   1.950   04/30/26   1,757,487 
 1,500,000   g  Spain Government International Bond   4.200   01/31/37   2,043,147 
 825,000   g  Spain Government International Bond   2.900   10/31/46   890,057 
        TOTAL SPAIN           13,809,845 
                      
SUPRANATIONAL - 2.1%             
INR 127,300,000      Asian Development Bank   6.200   10/06/26   1,892,347 
IDR 5,700,000,000      European Bank for Reconstruction & Development   8.350   06/01/17   427,472 
SEK 9,070,000      European Investment Bank   1.250   05/12/25   1,032,170 
IDR 5,700,000,000      Inter-American Development Bank   7.250   07/17/17   425,242 
 4,400,000,000      Inter-American Development Bank   7.350   09/12/18   329,857 
NZD 850,000      Inter-American Development Bank   3.500   05/15/21   623,445 
AUD 1,150,000      Inter-American Development Bank   4.750   08/27/24   965,995 
NZD 500,000      International Bank for Reconstruction & Development   3.375   01/25/22   363,800 
        TOTAL SUPRANATIONAL           6,060,328 
                      
SWEDEN - 1.3%             
SEK 15,450,000      Kommuninvest I Sverige AB   1.000   09/15/21   1,803,535 
 5,500,000      Sweden Government International Bond   1.000   11/12/26   642,931 
 7,805,000      Sweden Government International Bond   2.250   06/01/32   998,319 
        TOTAL SWEDEN           3,444,785 
                      
TURKEY - 0.9%             
$400,000   g  Export Credit Bank of Turkey   5.375   10/24/23   379,169 
TRY 5,275,000      Turkey Government International Bond   7.400   02/05/20   1,276,407 
$975,000      Turkey Government International Bond   6.000   03/25/27   981,527 
        TOTAL TURKEY           2,637,103 
                      
UKRAINE - 0.4%             
 1,300,000   g  Ukraine Government International Bond   7.750   09/01/20   1,272,102 
       TOTAL UKRAINE           1,272,102 
                      
UNITED KINGDOM - 5.2%             
GBP 2,075,000      United Kingdom Gilt   1.750   07/22/19   2,705,987 
 1,560,000      United Kingdom Gilt   1.500   01/22/21   2,033,328 
 1,300,000      United Kingdom Gilt   0.500   07/22/22   1,603,867 
 600,000      United Kingdom Gilt   2.250   09/07/23   816,290 
 1,200,000      United Kingdom Gilt   2.750   09/07/24   1,687,003 
 1,210,000      United Kingdom Gilt   1.500   07/22/26   1,532,063 
 1,580,000      United Kingdom Gilt   4.750   12/07/30   2,729,471 
 450,000      United Kingdom Gilt   4.250   06/07/32   751,519 
 700,000      United Kingdom Gilt   4.250   03/07/36   1,203,455 
        TOTAL UNITED KINGDOM           15,062,983 
                      
        TOTAL GOVERNMENT BONDS           200,528,095 
        (Cost $208,894,468)             
                      
        TOTAL BONDS           271,158,953 
        (Cost $281,464,961)             
346

TIAA-CREF FUNDS – International Bond Fund

 

                MATURITY     
PRINCIPAL       ISSUER  RATE  DATE  VALUE  
                      
SHORT-TERM INVESTMENTS - 5.7%             
UNITED STATES - 5.7%             
$16,800,000      Federal Home Loan Bank (FHLB)   0.450%  02/01/17  $16,800,000 
        TOTAL UNITED STATES           16,800,000 
                      
        TOTAL SHORT-TERM INVESTMENTS           16,800,000 
        (Cost $16,800,000)             
                      
        TOTAL INVESTMENTS - 98.7%           287,958,953 
        (Cost $298,264,961)             
        OTHER ASSETS & LIABILITIES, NET - 1.3%           3,682,655 
        NET ASSETS - 100.0%          $291,641,608 
       
       
    Abbreviation(s):  
    AUD   Australian Dollar
    BRL   Brazilian Real
    CAD   Canadian Dollar
    COP   Colombian Peso
    DKK   Danish Krone
    EUR   Euro
    GBP   Pound Sterling
    HUF   Hungarian Forint
    IDR   Indonesian Rupiah
    ILS   Israeli New Shekel
    INR   Indian Rupee
    JPY   Japanese Yen
    KRW   South Korean Won
    MXN   Mexican Peso
    NOK   Norwegian Krone
    NZD   New Zealand Dollar
    PEN   Peruvian Sol
    PLN   Polish Zloty
    RUB   Russian Ruble
    SEK   Swedish Krona
    TRY   Turkish Lira
    ZAR   South Africa Rand

 

g   Security is exempt from registration under Rule 144(A) of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers. At 1/31/2017, the aggregate value of these securities amounted to $79,355,850 or 27.2% of net assets.
h   All or a portion of these securities were purchased on a delayed delivery basis.
o   Payment in Kind Bond
347

TIAA-CREF FUNDS – International Bond Fund

 

TIAA-CREF FUNDS

INTERNATIONAL BOND FUND

SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

January 31, 2017

 

       % OF 
SECTOR  VALUE   NET ASSETS 
GOVERNMENT  $200,528,095    68.8%
FINANCIALS   15,109,562    5.2 
CONSUMER DISCRETIONARY   10,705,655    3.7 
ENERGY   8,699,966    3.0 
UTILITIES   7,741,998    2.6 
TELECOMMUNICATION SERVICES   6,609,404    2.3 
MATERIALS   6,022,859    2.0 
INDUSTRIALS   5,477,698    1.9 
CONSUMER STAPLES   4,703,906    1.6 
HEALTH CARE   2,635,491    0.9 
INFORMATION TECHNOLOGY   1,673,185    0.6 
REAL ESTATE   1,251,134    0.4 
SHORT - TERM INVESTMENTS   16,800,000    5.7 
OTHER ASSETS & LIABILITIES, NET   3,682,655    1.3 
           
NET ASSETS  $291,641,608    100.0%
348

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, Small/Mid-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, International Small-Cap Equity 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 and the International Bond Fund (collectively, the “Funds” or individually, the “Fund”). The International Small-Cap Equity Fund commenced operations on December 9, 2016.

 

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, LLC (“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.

 

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.

 

New rule issuances: In October 2016, the Commission issued Final Rule Release No. 33-10231, Investment Company Reporting Modernization. This final rule modernizes investment company reporting by requiring the filing of new forms N-PORT and N-CEN, and amends Regulation S-X disclosures related to derivatives and other disclosures in the financial statements and other filings. The requirements of this final rule in relation to forms N-PORT and N-CEN must be adopted by June 1, 2018, while the amended disclosures must be adopted by August 1, 2017. Management is currently assessing the impact of this rule to the Funds’ financial statements and other filings.

 

In October 2016, the Commission issued Final Rule Release No. 33-10233, Investment Company Liquidity Risk Management Programs. This final rule requires funds to establish a liquidity risk management program and enhances disclosures regarding funds liquidity. The requirements of this final rule must be adopted by December 1, 2018. Management is currently assessing the impact of this rule to the Fund’s financial statements and other filings.

 

In October 2016, the Commission issued Final Rule Release No. 33-10234, Investment Company Swing Pricing. This rule permits certain funds to use swing pricing during periods of heavy redemptions and requires certain disclosures regarding the use of swing pricing in forms filed with the Commission. Management may elect to adopt the provisions of this final rule by November 19, 2018. Management is currently assessing the impact of this rule to the Funds’ financial statements and other filings.

 

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:

349

TIAA-CREF FUNDS – Notes to Schedules of Investments (unaudited)

 

• 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.

 

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 January 31, 2017, 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 at the official close of business of such market or exchange on the valuation date, or if there is no official close of business, the latest sale price, or at the mean of the latest available 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.

350

TIAA-CREF FUNDS – Notes to Schedules of Investments (unaudited)

 

Transfers between levels are recognized at the end of the reporting period. For the period ended January 31, 2017, there were no material transfers between levels by the Funds.

 

As of January 31, 2017, 100% of the value of investments in the Social Choice Low Carbon Equity Fund was valued based on Level 1 inputs.

 

As of January 31, 2017, 100% of the value of investments in the International Bond Fund was valued based on Level 2 inputs.

 

The following table summarizes the market value of the Funds’ investments as of January 31, 2017, based on the inputs used to value them:

 

Fund  Level 1   Level 2   Level 3   Total 
Enhanced Large-Cap Growth Index                    
Equity investments*  $2,128,283,687   $—   $—   $2,128,283,687 
Short-term investments   731,172    14,950,000    —    15,681,172 
Total  $2,129,014,859   $14,950,000   $—   $2,143,964,859 
Enhanced Large-Cap Value Index                    
Equity investments*  $2,148,847,857   $—   $—   $2,148,847,857 
Short-term investments   1,185,721    14,749,261    —    15,934,982 
Total  $2,150,033,578   $14,749,261   $—   $2,164,782,839 
Growth & Income
Equity investments:                    
Consumer discretionary  $730,446,203   $52,725,279   $—   $783,171,482 
Consumer staples   464,308,710    31,411,548    —    495,720,258 
Financials   810,768,833    27,237,148    —    838,005,981 
Health care   714,359,774    69,956,627    —    784,316,401 
Information technology   1,399,584,408    26,445,265    —    1,426,029,673 
All other equity investments*   1,490,823,773    —    —    1,490,823,773 
Short-term investments   36,286,246    24,850,000    —    61,136,246 
Purchased options   1,101,105    —    —    1,101,105 
Written options**   (3,076,603)   —    —    (3,076,603)
Total  $5,644,602,449   $232,625,867   $—   $5,877,228,316 
Large-Cap Growth
Equity investments:                    
Consumer discretionary  $729,315,075   $5,697,457   $—   $735,012,532 
Health care   488,729,945    11,423,595    —    500,153,540 
Information technology   1,569,534,819    5,843,301    —    1,575,378,120 
All other equity investments*   950,286,277    —    —    950,286,277 
Short-term investments   —    51,498,554    —    51,498,554 
Total  $3,737,866,116   $74,462,907   $—   $3,812,329,023 
Large-Cap Value
Equity investments:                    
Consumer discretionary  $393,272,175   $56,953,099   $—   $450,225,274 
Energy   878,244,227    19,923,919    —    898,168,146 
Financials   1,480,772,235    37,743,363    —    1,518,515,598 
Industrials   625,394,191    —    7,267    625,401,458 
Materials   274,969,385    20,880,018    —    295,849,403 
All other equity investments*   2,479,601,921    —    —    2,479,601,921 
Short-term investments   28,327,212    22,145,880    —    50,473,092 
Total  $6,160,581,346   $157,646,279   $7,267   $6,318,234,892 
Mid-Cap Growth
Equity investments*  $1,434,361,100   $—   $—   $1,434,361,100 
Short-term investments   21,363,300    7,050,000    —    28,413,300 
Purchased options   393,400    —    —    393,400 
Written options**   (496,058)   —    —    (496,058)
Total  $1,455,621,742   $7,050,000   $—   $1,462,671,742 
351

TIAA-CREF FUNDS – Notes to Schedules of Investments (unaudited)

 

Fund  Level 1   Level 2   Level 3   Total 
Mid-Cap Value
Equity investments:                    
Consumer discretionary  $407,566,976   $7,811,778   $—   $415,378,754 
Financials   1,047,537,551    12,906,173    —    1,060,443,724 
Health care   170,851,172    35,455,538    —    206,306,710 
Information technology   545,334,326    6,886,556    —    552,220,882 
Utilities   475,319,706    6,144,701    —    481,464,407 
All other equity investments*   2,513,746,797    —    —    2,513,746,797 
Short-term investments   55,952,809    25,450,000    —    81,402,809 
Total  $5,216,309,337   $94,654,746   $—   $5,310,964,083 
Small-Cap Equity
Equity investments*  $3,319,799,351   $—   $—   $3,319,799,351 
Short-term investments   47,651,687    22,750,000    —    70,401,687 
Futures**   (72,237)   —    —    (72,237)
Total  $3,367,378,801   $22,750,000   $—   $3,390,128,801 
Small/Mid-Cap Equity
Equity investments*  $571,368,957   $—   $—   $571,368,957 
Short-term investments   —    3,000,000    —    3,000,000 
Total  $571,368,957   $3,000,000   $—   $574,368,957 
Social Choice Equity
Equity investments*  $2,463,749,448   $—   $—   $2,463,749,448 
Short-term investments   —    17,098,921    —    17,098,921 
Total  $2,463,749,448   $17,098,921   $—   $2,480,848,369 
Emerging Markets Equity                    
Equity investments:                    
Africa/Middle East  $—   $68,190,338   $—   $68,190,338 
Asia   177,188,250    367,292,924    647,112    545,128,286 
Europe   —    58,941,409    —    58,941,409 
Latin America   89,656,764    199,510,209    —    289,166,973 
North America   23,341,512    —    —    23,341,512 
All other equity investments*   7,796,478    74,376,722    870,629    83,043,829 
Short-term investments   5,917,450    22,000,000    —    27,917,450 
Total  $303,900,454   $790,311,602   $1,517,741   $1,095,729,797 
Enhanced International Equity Index
Equity investments:                    
Asia  $431,104   $476,050,450   $—   $476,481,554 
Australasia   —    127,651,245    —    127,651,245 
Europe   45,994,698    898,023,999    —    944,018,697 
All other equity investments*   4,574,504    165,186,078    —    169,760,582 
Short-term investments   26,466,077    10,650,000    —    37,116,077 
Total  $77,466,383   $1,677,561,772   $—   $1,755,028,155 
Global Natural Resources
Equity investments:                    
Asia  $—   $526,440   $—   $526,440 
Australasia   —    5,828,571    —    5,828,571 
Europe   —    11,773,690    —    11,773,690 
North America   32,032,905    9,969,334    —    42,002,239 
Short-term investments   —    1,300,000    —    1,300,000 
Total  $32,032,905   $29,398,035   $—   $61,430,940 
352

TIAA-CREF FUNDS – Notes to Schedules of Investments (unaudited)

 

Fund  Level 1   Level 2   Level 3   Total 
International Equity
Equity investments:                    
Asia  $—   $1,134,671,340   $—   $1,134,671,340 
Australasia   —    58,698,101    —    58,698,101 
Europe   —    2,599,724,413    —    2,599,724,413 
North America   77,543,611    —    —    77,543,611 
All other equity investments*   38,956,335    192,415,002    —    231,371,337 
Short-term investments   15,107,956    22,948,700    —    38,056,656 
Total  $131,607,902   $4,008,457,556   $—   $4,140,065,458 
International Opportunities
Equity investments:                    
Asia  $13,168,880   $390,396,095   $18,363   $403,583,338 
Australasia   —    56,884,074    —    56,884,074 
Europe   —    632,925,490    —    632,925,490 
Latin America   —    33,998,088    —    33,998,088 
North America   —    116,834,786    —    116,834,786 
All other equity investments*   —    95,845,784    1,534    95,847,318 
Short-term investments   49,751,792    7,450,000    —    57,201,792 
Total  $62,920,672   $1,334,334,317   $19,897   $1,397,274,886 
International Small-Cap Equity
Equity investments:                    
Asia  $—   $112,355,383   $—   $112,355,383 
Australasia   —    12,777,940    —    12,777,940 
Europe   —    78,667,351    —    78,667,351 
North America   7,217,462    22,422,084    —    29,639,546 
All other equity investments*   —    72,781,682    —    72,781,682 
Short-term investments   —    2,850,000    —    2,850,000 
Total  $7,217,462   $301,854,440   $—   $309,071,902 
Social Choice International Equity
Equity investments:                    
Asia  $—   $ 7,503,756   $ —   $ 7,503,756 
Australasia   —    2,058,074    —    2,058,074 
Europe   219,070    14,677,736    —    14,896,806 
All other equity investments*   —    2,790,924    —    2,790,924 
Total  $219,070   $27,030,490   $—   $27,249,560 
Equity Index                    
Equity investments:                    
Health care  $1,604,158,177   $—   $67,205   $1,604,225,382 
Industrials   1,377,120,407    —    71,574    1,377,191,981 
Telecommunication services   293,026,106    —    49,856    293,075,962 
All other equity investments*   9,270,591,832    —    —    9,270,591,832 
Short-term investments   134,031,053    23,000,000    —    157,031,053 
Futures**   (57,486)   —    —    (57,486)
Total  $12,678,870,089   $23,000,000   $188,635   $12,702,058,724 
Large-Cap Growth Index
Equity investments*  $3,922,487,168   $—   $—   $3,922,487,168 
Short-term investments   20,899,306    42,450,000    —    63,349,306 
Futures**   (35,509)   —    —    (35,509)
Total  $3,943,350,965   $42,450,000   $—   $3,985,800,965 
353

TIAA-CREF FUNDS – Notes to Schedules of Investments (unaudited)

 

Fund  Level 1   Level 2   Level 3   Total 
Large-Cap Value Index
Equity investments*  $5,741,527,601   $—   $—   $5,741,527,601 
Short-term investments   12,326,361    53,871,914    —    66,198,275 
Futures**   (86,605)   —    —    (86,605)
Total  $5,753,767,357   $53,871,914   $—   $5,807,639,271 
S&P 500 Index
Equity investments*  $3,814,134,237   $—   $—   $3,814,134,237 
Short-term investments   4,214,318    14,850,000    —    19,064,318 
Futures**   (10,873)   —    —    (10,873)
Total  $3,818,337,682   $14,850,000   $—   $3,833,187,682 
Small-Cap Blend Index
Equity investments:                    
Health care  $269,681,528   $—   $144,004   $269,825,532 
Industrials   313,778,026    —    160,444    313,938,470 
Telecommunication services   17,834,518    —    139,956    17,974,474 
All other equity investments*   1,541,566,432    —    —    1,541,566,432 
Short-term investments   119,487,603    22,800,000    —    142,287,603 
Total  $2,262,348,107   $22,800,000   $444,404   $2,285,592,511 
Emerging Markets Equity Index
Equity investments:                    
Africa/Middle East  $—   $119,851,099   $246   $119,851,345 
Asia   102,190,985    1,083,412,469    —    1,185,603,454 
Europe   3,356,597    70,331,390    —    73,687,987 
Latin America   —    199,779,796    —    199,779,796 
North America   91,495,302    —    —    91,495,302 
All other equity investments*   7,437,169    143,179,032    618    150,616,819 
Short-term investments   16,536,006    4,050,000    —    20,586,006 
Total  $221,016,059   $1,620,603,786   $864   $1,841,620,709 
International Equity Index
Equity investments:                    
Asia  $2,212,776   $2,361,663,225   $—   $2,363,876,001 
Australasia   —    650,425,552    —    650,425,552 
Europe   19,647,791    4,667,247,256    —    4,686,895,047 
All other equity investments*   62,415,937    829,280,447    —    891,696,384 
Short-term investments   114,494,592    29,700,000    —    144,194,592 
Total  $198,771,096   $8,538,316,480   $—   $8,737,087,576 
Emerging Markets Debt
Africa/Middle East  $—   $42,163,256   $—   $42,163,256 
Asia   —    52,503,994    —    52,503,994 
Europe   —    63,439,944    —    63,439,944 
Latin America   —    130,579,566    —    130,579,566 
North America   —    3,376,224    776,229    4,152,453 
All other debt investments*   —    1,292,709    —    1,292,709 
Short-term investments   —    1,000,000    —    1,000,000 
Credit default swaps**   —    (148,688)   —    (148,688)
Forward foreign currency contracts**   —    (2,989)   —    (2,989)
Total  $—   $294,204,016   $776,229   $294,980,245 

 

*For detailed categories, see the accompanying schedules of investments.
**Derivative instruments, excluding purchased options, are not reflected in the schedules of investments.
354

TIAA-CREF FUNDS – Notes to Schedules of Investments (unaudited)

 

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: Certain Funds are subject to equity price risk in the normal course of pursuing their investment objectives. The Funds use futures contracts to manage exposure to the equity markets and for cash management purposes to remain highly invested in these markets while minimizing transaction costs. Buying futures contracts tends to increase exposure to the underlying instrument/index, while selling futures contracts tends to decrease exposure to the underlying instrument/index or hedge other investments. Initial margin deposits are made upon entering into a futures contract, and variation margin receipts or payments are settled daily reflecting changes in the value of the futures contracts. Daily changes in the value of such contracts are reflected in net unrealized gains and losses. Gains or losses are realized upon the expiration or closing of the futures contracts or if the counterparties do not perform in accordance with contractual provisions. With futures contracts, there is minimal counterparty credit risk to the Funds since futures contracts are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded funds, guarantees the futures contracts against default.

 

At January 31, 2017, the Funds held the following open futures contracts:

 

Fund  Futures contracts  Number of long
(short)
contracts		   Settlement
value		   Expiration date  Unrealized
gain (loss)		 
Small-Cap Equity  Russell 2000 Mini Index  175   $11,895,625   March 2017  $(72,237)
Equity Index  S&P 500 E Mini Index  178    20,243,050   March 2017   (57,486)
Large-Cap Growth Index  S&P 500 E Mini Index  116    13,192,100   March 2017   (35,509)
Large-Cap Value Index  S&P 500 E Mini Index  99    11,258,775   March 2017   (86,605)
S&P 500 Index  S&P 500 E Mini Index  136    15,466,600   March 2017   (10,873)

 

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 schedules 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. Risks related to the use of options include possible illiquidity of the options markets, and price movements in underlying security values.

 

Purchased options outstanding as of January 31, 2017 were as follows:

 

   Number of contracts   Value 
Growth & Income Fund          
Celgene Corp, Call, 1/19/18 at $125   500   $505,000 
Dunkin’ Brands Group, Inc, Call, 2/17/17 at $60   316    1,580 
General Mills, Inc, Call, 4/21/17 at $65   316    39,500 
Hershey Co, Call, 2/17/17 at $110   225    20,025 
Monsanto Co, Call, 1/19/18 at $115   1,000    535,000 
Total   2,357   $1,101,105 
Mid-Cap Growth Fund          
Ashland Global Holdings, Inc, Put, 2/17/17 at $115   700   $52,500 
Electronic Arts Inc, Put, 2/3/17 at $80   800    60,600 
Lam Research Corp, Put, 2/17/17 at $115   600    141,000 
ServiceNow, Inc, Put, 2/3/17 at $81   700    139,300 
Total   2,800   $393,400 
355

TIAA-CREF FUNDS – Notes to Schedules of Investments (unaudited)

 

Written options outstanding as of January 31, 2017 were as follows:

 

   Number of Contracts   Value 
Growth & Income Fund          
Acacia Communications, Inc, Put, 2/17/17 at $50   491   $(33,879)
Acacia Communications, Inc, Put, 2/17/17 at $55   162    (32,238)
Air Products & Chemicals, Inc, Put, 3/17/17 at $130   194    (17,460)
American Water Works Co, Inc, Put, 3/17/17 at $65   375    (9,000)
American Water Works Co, Inc, Put, 3/17/17 at $70   375    (28,875)
Amgen, Inc, Put, 2/3/17 at $145   330    (6,930)
Boston Scientific Corp, Put, 2/17/17 at $20   1,792    (3,584)
Boston Scientific Corp, Put, 2/17/17 at $22   1,792    (16,128)
Caesarstone Ltd, Call, 4/21/17 at $35   275    (20,625)
Caesarstone Ltd, Put, 4/21/17 at $27.50   275    (33,000)
Celgene Corp, Call, 1/19/18 at $145   500    (195,000)
Celgene Corp, Put, 1/19/18 at $95   500    (274,500)
Chubb Ltd, Put, 2/17/17 at $125   330    (15,817)
Cigna Corp, Put, 4/21/17 at $110   500    (12,500)
Constellation Brands, Inc, Put, 2/17/17 at $145   162    (21,870)
Cray, Inc, Call, 2/17/17 at $17.50   1,436    (129,240)
Crown Castle International Corp, Put, 2/17/17 at $82.50   485    (9,700)
CyberArk Software Ltd, Put, 2/10/17 at $45   412    (17,510)
Delphi Automotive plc, Put, 2/17/17 at $65   492    (29,520)
Delphi Automotive plc, Put, 3/17/17 at $62.50   491    (46,645)
Dunkin’ Brands Group, Inc, Put, 2/17/17 at $50   475    (41,800)
Edwards Lifesciences Corp, Put, 2/17/17 at $80   450    (15,750)
Electronic Arts, Inc, Call, 2/3/17 at $89   328    (11,152)
Eli Lilly & Co, Put, 6/16/17 at $65   326    (22,820)
Equifax, Inc, Put, 2/17/17 at $110   409    (20,450)
Exxon Mobil Corp, Put, 2/3/17 at $83.50   826    (29,736)
Finisar Corp, Put, 3/17/17 at $25   330    (21,450)
General Dynamics Corp, Put, 2/17/17 at $165   324    (6,804)
General Mills, Inc, Put, 4/21/17 at $55   475    (19,712)
Hasbro, Inc, Call, 2/10/17 at $90   280    (30,100)
Hasbro, Inc, Put, 2/10/17 at $77   495    (38,362)
Hasbro, Inc, Put, 2/10/17 at $78   495    (39,600)
Hershey Co, Put, 2/17/17 at $95   225    (4,388)
Jazz Pharmaceuticals plc, Put, 6/16/17 at $85   246    (51,660)
JC Penney Co, Inc, Put, 8/18/17 at $5   2,445    (110,025)
Kohl’s Corp, Put, 4/21/17 at $45   640    (419,200)
Medtronic plc, Put, 5/19/17 at $70   324    (36,612)
Microsemi Corp, Put, 2/17/17 at $50   647    (35,585)
Microsemi Corp, Put, 3/17/17 at $50   647    (87,345)
MicroStrategy, Inc, Put, 2/17/17 at $180   148    (31,968)
Monsanto Co, Put, 1/19/18 at $97.50   1,000    (542,500)
Northern Trust Corp, Put, 2/17/17 at $80   654    (32,700)
Norwegian Cruise Line Holdings Ltd, Call, 2/17/17 at $52.50   647    (8,088)
PACCAR, Inc, Call, 2/17/17 at $69.40   576    (23,040)
PACCAR, Inc, Put, 2/17/17 at $61.90   576    (11,520)
PVH Corp, Put, 2/17/17 at $90   100    (10,000)
PVH Corp, Put, 3/17/17 at $90   50    (17,000)
Rockwell Automation, Inc, Put, 2/17/17 at $135   489    (24,450)
Schlumberger Ltd, Put, 2/17/17 at $80   657    (24,966)
Schlumberger Ltd, Put, 2/17/17 at $82.50   330    (33,990)
Scotts Miracle-Gro Co, Call, 3/17/17 at $100   494    (24,700)
Scotts Miracle-Gro Co, Put, 3/17/17 at $85   494    (43,225)
Seattle Genetics, Inc, Put, 3/17/17 at $48   416    (47,840)
356

TIAA-CREF FUNDS – Notes to Schedules of Investments (unaudited)

 

   Number of Contracts   Value 
State Street Corp, Put, 2/17/17 at $72.50   493   $(21,199)
T-Mobile US, Inc, Put, 2/17/17 at $57   485    (24,735)
TransDigm Group, Inc, Put, 2/17/17 at $206   246    (108,240)
WABCO Holdings, Inc, Put, 2/17/17 at $95   330    (15,675)
Walt Disney Co, Put, 2/17/17 at $100   330    (4,620)
WW Grainger, Inc, Put, 2/17/17 at $230   147    (6,615)
Zions Bancorporation, Call, 2/17/17 at $46   820    (6,560)
Zions Bancorporation, Put, 2/17/17 at $39   820    (16,400)
Total   32,058   $(3,076,603)
Mid-Cap Growth Fund          
Ashland Global Holdings, Inc, Call, 2/17/17 at $120   700   $(77,000)
Ashland Global Holdings, Inc, Put, 2/17/17 at $110   700    (21,000)
Ciena Corp, Call, 2/17/17 at $27   400    (1,600)
Electronic Arts Inc, Call, 2/3/17 at $90   800    (17,000)
Electronic Arts Inc, Put, 2/3/17 at $75   800    (8,200)
Lam Research Corp, Call, 2/17/17 at $120   600    (42,000)
Lam Research Corp, Put, 2/17/17 at $110   600    (45,000)
ServiceNow, Inc, Call, 2/3/17 at $91   700    (44,100)
ServiceNow, Inc, Put, 2/3/17 at $75   700    (49,700)
Zimmer Biomet Holdings Inc, Call, 2/17/17 at $115   450    (190,458)
Total   6,450   $(496,058)

 

Forward foreign currency contracts: Certain Funds are subject to foreign exchange risk in the normal course of pursuing their investment objectives. The Funds use forward foreign currency contracts (“forwards”), including non-deliverable forwards (“NDFs”), to, among other things, hedge portfolio currency risk and to facilitate transactions in securities denominated in foreign currencies. Forwards are over-the-counter (“OTC”) commitments that involve an obligation to purchase or sell a fixed amount of a specific currency on a future date at a locked exchange rate. NDFs allow hedging of currencies where government regulations restrict foreign access to local currency or the parties want to compensate for risk without a physical exchange of funds. Forwards are marked-to-market daily at the applicable foreign exchange rate, and any resulting unrealized gains or losses are recorded as appreciation or depreciation. The Funds realize gains and losses at the time the forward is closed. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

 

At January 31, 2017, the Funds held the following open forward contracts:

 

Fund  Counterparty  Contract
settlement
date		  Receive      Deliver  Unrealized
appreciation
(depreciation)		 
Emerging Markets Debt  Bank of America  11/20/2017  $1,500,000   CNH  10,612,500  $(2,989)
                 Total  $(2,989)
International Bond  Bank of America  2/28/2017  $97,644,008   EUR  91,446,239  $(1,173,691)
   Bank of America  2/28/2017  $8,920,558   KRW  10,423,760,670   (132,168)
   Bank of America  2/28/2017  $2,211,070   NZD  3,060,012   (32,133)
   Bank of America  2/28/2017  $2,242,796   ZAR  30,347,815   1,657 
                 Total  $(1,336,335)
   Morgan Stanley  2/28/2017  $7,883,895   AUD  10,455,138  $(39,951)
   Morgan Stanley  2/28/2017  $10,762,949   CAD  14,100,314   (75,943)
   Morgan Stanley  2/28/2017  $728,523   DKK  5,070,199   (8,320)
   Morgan Stanley  2/28/2017  $1,473,531   EUR  1,374,066   (11,298)
   Morgan Stanley  2/28/2017  $21,487,929   GBP  17,061,542   14,113 
   Morgan Stanley  2/28/2017  $1,284,186   HUF  375,000,000   (22,655)
   Morgan Stanley  2/28/2017  $39,094,718   JPY  4,461,024,367   (444,274)
357

TIAA-CREF FUNDS – Notes to Schedules of Investments (unaudited)

 

Fund  Counterparty  Contract
settlement
date		  Receive      Deliver  Unrealized
appreciation
(depreciation)		 
   Morgan Stanley  2/28/2017  $1,540,619   NOK  12,872,980  $(20,436)
   Morgan Stanley  2/28/2017  $1,555,466   PLN  6,333,539   (25,286)
   Morgan Stanley  2/28/2017  $7,220,725   SEK  63,795,687   (81,360)
                 Total  $(715,410)
Total                   $(2,051,745)
                       

 

Abbreviation(s):                   
AUD Australian Dollar                   
CAD Canadian Dollar                   
CNH Chinese Yuan                   
DKK Danish Krone                   
EUR Euro                   
GBP Pound Sterling                   
HUF Hungarian Forint                   
JPY Japanese Yen                   
KRW South Korean Won                   
NOK Norwegian Krone                   
NZD New Zealand Dollar                   
PLN Polish Zloty                   
SEK Swedish Krona                   
ZAR South African Rand                   

 

Credit default swap contracts: Certain 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.

 

Certain 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.

358

TIAA-CREF FUNDS – Notes to Schedules of Investments (unaudited)

 

At January 31, 2017, open bilateral credit default swap contracts sold by the Emerging Markets Debt Fund were as follows:

 

Reference entity  Counterparty  Maturity date  Implied credit spread at 1/31/17 (1)  Notional amount (2)   Upfront premium
paid (received)		   Unrealized appreciation (depreciation) 
VALEBZ (Senior) 8.25% 1/17/2034  Goldman Sachs International  6/20/2021    2.88%  $2,000,000   $(421,947)  $273,259 

 

 

(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.

 

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. Certain Funds may invest in total return swap contracts to gain or hedge exposure to the underlying reference assets.

 

At January 31, 2017, a Fund held the following open total return swap contracts:

 

      Notional  Termination  Fixed payments received
by or (paid) by Fund		  Total return received by  Unrealized appreciation 
Fund  Counterparty  amount  date  per annum  or (paid) by Fund  (depreciation) 
Small-Cap Equity  Goldman Sachs  $25,172,393  3/3/2017  0.03%  Difference between GSCBTINY Index less Russell 2000 Index and Russell 2500 Index  $— 

 

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. As of January 31, 2017, there were no affiliated investments.

 

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 schedules of investments. As of January 31, 2017, 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 and the International Bond 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 a 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.

 

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.

359

TIAA-CREF FUNDS – Notes to Schedules of Investments (unaudited)

 

Net unrealized appreciation (depreciation): At January 31, 2017, 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  Book cost   Gross
unrealized
appreciation		   Gross
unrealized
(depreciation)		   Net unrealized
appreciation
(depreciation)		 
Enhanced Large-Cap Growth Index  $1,671,523,355   $490,760,040   $(18,318,536)  $472,441,504 
Enhanced Large-Cap Value Index   1,793,690,387    384,653,265    (13,560,813)   371,092,452 
Growth & Income   4,546,107,576    1,384,458,900    (50,261,557)   1,334,197,343 
Large-Cap Growth   2,829,852,236    999,421,542    (16,944,755)   982,476,787 
Large-Cap Value   5,148,169,413    1,315,054,834    (144,989,355)   1,170,065,479 
Mid-Cap Growth   1,229,054,070    278,704,751    (44,591,021)   234,113,730 
Mid-Cap Value   3,922,776,465    1,528,582,954    (140,395,336)   1,388,187,618 
Small-Cap Equity   2,762,004,122    697,545,361    (69,348,445)   628,196,916 
Small/Mid-Cap Equity   531,428,068    52,452,026    (9,511,137)   42,940,889 
Social Choice Equity   1,751,914,882    785,454,293    (56,520,806)   728,933,487 
Social Choice Low Carbon Equity   52,207,342    6,856,460    (1,111,814)   5,744,646 
Emerging Markets Equity   1,004,482,918    125,357,727    (34,110,848)   91,246,879 
Enhanced International Equity Index   1,646,818,544    137,708,293    (29,498,682)   108,209,611 
Global Natural Resources   44,956,643    16,519,076    (44,779)   16,474,297 
International Equity   3,946,253,551    391,152,710    (197,340,803)   193,811,907 
International Opportunities   1,229,327,009    228,509,518    (60,561,641)   167,947,877 
International Small-Cap Equity   305,642,688    5,677,807    (2,248,593)   3,429,214 
Social Choice International Equity   27,842,855    1,543,849    (2,137,144)   (593,295)
Equity Index   8,415,074,319    4,505,861,920    (218,820,029)   4,287,041,891 
Large-Cap Growth Index   3,061,339,626    966,055,901    (41,559,053)   924,496,848 
Large-Cap Value Index   4,998,263,819    925,506,542    (116,044,485)   809,462,057 
S&P 500 Index   2,696,831,785    1,181,146,928    (44,780,158)   1,136,366,770 
Small-Cap Blend Index   1,740,653,559    680,055,992    (135,117,040)   544,938,952 
Emerging Markets Equity Index   1,819,601,572    202,614,490    (180,595,353)   22,019,137 
International Equity Index   8,232,796,712    1,161,088,156    (656,797,292)   504,290,864 
Emerging Markets Debt   297,077,689    7,118,302    (9,064,069)   (1,945,767)
International Bond   298,264,961    1,376,814    (11,682,822)   (10,306,008)
360

 

Item 2. Controls and Procedures.

(a) An evaluation was performed within 90 days of the filing date of the report under the supervision of the Registrant’s management, including the principal executive officer and principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on that evaluation, the Registrant’s management, including the principal executive officer and principal financial officer, concluded that the Registrant’s disclosure controls and procedures were effective for this quarterly reporting period.

(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Item 3. Exhibits.

3(a) Section 302 certification of the principal executive officer

3(b) Section 302 certification of the principal financial officer

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

TIAA-CREF FUNDS

 

 

Dated: March 10, 2017

By: 

/s/Robert G. Leary                  
   

Robert G. Leary

    Principal Executive Officer and President

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

 

 

Dated: March 10, 2017

By: 

/s/Robert G. Leary                  
   

Robert G. Leary
    Principal Executive Officer and President
    (principal executive officer)

 

 

Dated: March 10, 2017

By: 

/s/Glenn E. Brightman                  
    Glenn E. Brightman
    Principal Financial Officer, Principal Accounting
    Officer and Treasurer
    (principal financial officer)

 

 

EXHIBIT LIST

 

 

Item 3. Exhibits.

 

 

3(a) Section 302 certification of the principal executive officer

3(b) Section 302 certification of the principal financial officer