N-CSR 1 c89684_ncsr.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

 

Investment Company Act file number   File No. 811-09301

 

TIAA-CREF FUNDS

(Exact Name of Registrant as specified in charter)

 

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

(Address of Principal Executive Offices) (Zip code)

 

Jeremy D. Franklin, Esq.

TIAA-CREF Funds

8500 Andrew Carnegie Blvd.

Charlotte, N.C. 28262-8500

(Name and address of agent for service)

 

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

 

Date of fiscal year end: October 31

 

Date of reporting period: October 31, 2017

 

Item 1. Reports to Stockholders.

 

Annual Report

 

October 31, 2017

 

TIAA-CREF Funds

Equity Funds

 

The annual report contains the audited financial statements.

 

Enhanced Large-Cap Growth Index
 
Enhanced Large-Cap Value Index
 
Growth & Income
 
Large-Cap Growth
 
Large-Cap Value
 
Mid-Cap Growth
 
Mid-Cap Value
 
Small-Cap Equity
 
Small/Mid-Cap Equity
 
Social Choice Equity
 
Social Choice Low Carbon Equity
 
Emerging Markets Equity
 
Enhanced International Equity Index
 
Global Natural Resources
 
International Equity
 
International Opportunities
 
International Small-Cap Equity
 
Social Choice International Equity

 

 

Contents

 

   
Understanding your report from TIAA-CREF Funds 3
Letter to investors 4
Market monitor 6
Information for investors 7
About the funds’ benchmarks 8
Important information about expenses 9
Fund performance  
Enhanced Large-Cap Growth Index Fund 10
Enhanced Large-Cap Value Index Fund 12
Growth & Income Fund 14
Large-Cap Growth Fund 16
Large-Cap Value Fund 18
Mid-Cap Growth Fund 20
Mid-Cap Value Fund 22
Small-Cap Equity Fund 24
Small/Mid-Cap Equity Fund 26
Social Choice Equity Fund 28
Social Choice Low Carbon Equity Fund 30
Emerging Markets Equity Fund 32
Enhanced International Equity Index Fund 34
Global Natural Resources Fund 36
International Equity Fund 38
International Opportunities Fund 40
International Small-Cap Equity Fund 42
Social Choice International Equity Fund 44
Summary portfolios of investments 46
Audited financial statements  
Statements of assets and liabilities 86
Statements of operations 90
Statements of changes in net assets 94
Financial highlights 100
Notes to financial statements 116
Report of independent registered public accounting firm 128
Trustees and officers 129
Important tax information 132
Additional information about index providers 133
How to reach us Inside back cover
   
 

Understanding your report from TIAA-CREF Funds

 

For the purposes of this report, “TIAA-CREF Funds” refers to the TIAA-CREF Equity Funds listed on the cover of this report.

This annual report contains information about the holdings and investment performance of the TIAA-CREF Funds as of October 31, 2017. The report contains four main sections:

• A letter from Brad Finkle, President of TIAA-CREF Funds, TIAA-CREF Life Funds and TIAA Investments.
• The fund performance section compares each fund’s investment returns with those of its benchmark index.
• The summary portfolios of investments list the industries and types of securities in which each fund had investments as of October 31, 2017.
• The financial statements provide detailed information about the operations and financial condition of each fund.

The views and opinions expressed in this report are through the end of the period, as stated on the cover of this report. They are subject to change at any time based on a variety of factors. As such, they are not guarantees of future performance or investment results and should not be taken as investment advice. The risks of investing in the TIAA-CREF Funds vary from fund to fund; to see the risks of investing in an individual fund, please refer to that fund’s latest prospectus.

 

As always, you should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other important information, please visit our website at TIAA.org, or call 800-842-2252 for the Institutional, Advisor, Premier and Retirement classes or 800-223-1200 for the Retail Class. We urge you to read the prospectus carefully before investing.


 

TIAA-CREF Funds: Equity Funds  ■  2017 Annual Report 3
 

 

Brad Finkle

Letter to investors

 

Equity markets around the world produced strong double-digit returns during the twelve months ended October 31, 2017. The U.S. economy generated solid growth during the period, and domestic equities advanced in step with that growth. Stocks in foreign developed countries also gained considerable ground, while equities in emerging markets fared even better.

 

• The Russell 3000® Index, which measures the performance of the broad U.S. stock market, returned 24.0% for the twelve months. (Please see page 8 for benchmark definitions.)
• The MSCI EAFE Index, which tracks stock returns in 21 developed-market nations outside North America, also rose considerably, ending the period up 23.4% for the twelve-month period.
• The MSCI Emerging Markets Index, a performance measure of stocks in 24 developing nations, posted a gain of 26.5% during the twelve-month period.
• Institutional Class returns for all 18 of the TIAA-CREF Equity Funds produced positive results for their respective reporting periods, and 14 of the funds outperformed their respective benchmarks. The TIAA-CREF International Small-Cap Equity Fund, which commenced operations on December 9, 2016, had a shorter reporting period than the other 17 equity funds.

 

Steady economic growth powers U.S. stock gains

 

The U.S. economy generated solid growth during the twelve-month period, initially expanding at a slower rate before accelerating over the final six months. Unemployment continued to decline and ended the period at 4.1%—its lowest level in 17 years. Despite healthy economic growth and a robust labor market, the rate of inflation remained modest. Oil prices rose, and the U.S. dollar declined against most major currencies during the period.

The U.S. presidential election in November 2016 gave equity markets an initial boost as investors anticipated new policies to stimulate the economy. Markets rose again later in the reporting period, responding to a supportive economy, low inflation and growing corporate profits. The Federal Reserve raised the federal funds target rate three times during the period, increasing this key short-term rate to 1.00%–1.25%.

While equities performed well across the board, over the twelve months, smaller-company stocks outperformed large-cap equities, and growth shares outgained value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

 

Global economic growth drives international stocks higher

 

Foreign equity markets trailed domestic stocks early in the twelve-month period due to a strong post-election rally in the United States, but steady economic growth around the world helped international stocks outperform U.S. shares over the first ten months of calendar year 2017. The 19-nation eurozone grew at a year-on-year rate of 2.5% during the third calendar quarter of 2017, according to a preliminary estimate—its best performance in six years. Eurozone unemployment continued to decline, while China’s economy continued to outperform developed-market economies. Emerging-market nations were bolstered by the increase in oil prices during the period.

Central bankers around the world took note of global economic growth during the period. While the Fed continued to raise the U.S federal funds target rate, the European Central Bank decided to maintain its policy of buying bonds to stimulate growth, but it also signaled plans to reduce purchases in 2018.


 

4 2017 Annual Report  ■  TIAA-CREF Funds: Equity Funds
 

Emerging-markets stocks outpace foreign developed and U.S. equities

 

After struggling for several years against a strong U.S. dollar, declining commodity prices, weak profits and tepid earnings growth, emerging markets rallied sharply during the period. Many countries experienced economic improvement, helped by the accommodative monetary policies of their central banks and the strengthening global economy. Structural reforms helped boost corporate profitability, while subdued inflation and low interest rates in many countries encouraged capital spending. At the same time, the prices of oil and other commodities moved higher, improving the fundamental backdrop for commodity-based developing nations. A weaker U.S. dollar also was beneficial, as many foreign currencies appreciated against the dollar during the period.

 

All 18 funds post gains

 

All 18 of the TIAA-CREF Equity Funds delivered positive performance during their reporting periods, and 14 of them outperformed their respective benchmarks for these periods. The funds’ annual returns ranged from 34.6% for the Emerging Markets Equity Fund to 9.5% for the Global Natural Resources Fund. (All fund returns are for the Institutional Class.)

The Emerging Markets Equity Fund’s 34.6% return solidly outpaced its benchmark, mainly as a result of favorable out-of-benchmark stock allocations. The International Opportunities Fund also posted an outsized gain, returning 30.1%, and widely outperformed its benchmark.

Within the strong-performing growth-oriented funds universe, the Large-Cap Growth Fund, Enhanced Large-Cap Growth Index Fund and Mid-Cap Growth Fund produced returns of 30.2%, 30.0% and 26.5%, respectively, and each outperformed its respective benchmark.

In the small- and mid-cap equity space, the Small/Mid-Cap Equity Fund returned 28.8%, and the Small-Cap Equity Fund gained 28.6%, with both funds outpacing their benchmarks.

The Growth & Income Fund returned 25.5%, finishing ahead of its benchmark, the S&P 500 Index.

Value-oriented stocks had somewhat lower performance during the period but still delivered double-digit growth. The Enhanced Large-Cap Value Index Fund rose 18.0%, slightly better than its benchmark, while the Large-Cap Value Fund rose 17.8% and the Mid-Cap Value Fund returned 17.0%; the latter two fell modestly short of their respective benchmarks.

The Social Choice Low Carbon Equity Fund outperformed its benchmark, with a return of 24.3%, while the Social Choice Equity Fund underperformed its benchmark, with a return of 23.8%.

With commodity prices improving during the period, the Global Natural Resources Fund produced a relatively disappointing 9.5% return, well off the gain of its benchmark, mainly due to stock selections that didn’t perform as anticipated.

Among TIAA-CREF’s remaining international funds, the International Equity Fund posted a solid 26.9% return, the Enhanced International Equity Index Fund gained 24.9% and the Social Choice International Equity Fund advanced 23.5%. All three funds outperformed their benchmarks. The International Small-Cap Equity Fund, which commenced operations on December 9, 2016, also outperformed, returning 29.1% through October 31, 2017.

 

Stocks keep on ticking …

 

Investors’ appetite for risk has continued relatively unabated for the past several years. By historical standards, the post-recession rally that began in 2009 is not the longest bull market ever recorded, but it’s approaching that milestone. The more-than 20.0% gains we saw in global stocks over the past twelve months may give us reason to cheer, but at the same time, it may be reason for us also to consider the old maxim that “what goes up must come down.” (Past performance is no guarantee of future results.)

Many economists argue that there aren’t any particularly worrisome stresses in the capital markets as we enter the closing months of 2017. Corporate earnings remained strong through the third quarter, and even if painfully slow, prospects for U.S. tax reform continued to buoy the equity markets. While it may be argued that the valuations of all asset classes are stretched at the moment, in relation to one another, many think they are rationally priced.

Yet market corrections are an inevitable consequence of being invested. And as we’ve counseled many times in the past, trying to “time the market”—making buy and sell decisions based on one’s predictions of future price movements—is more often than not a failed strategy, even for the most seasoned of investment professionals. Instead, we believe investors may be better served by maintaining a diversified portfolio of stocks though a professionally managed mutual fund or series of mutual funds, while also keeping their eyes focused on the long term.

If you have questions or concerns and would like to discuss the current status of your portfolio, please consult your financial advisor or call a TIAA financial consultant at 800-842-2252. We always stand ready to assist you.

 

/s/ Brad Finkle

 

Brad Finkle

President

TIAA-CREF Funds, TIAA-CREF Life Funds and TIAA Investments


 

TIAA-CREF Funds: Equity Funds  ■  2017 Annual Report 5
 

Market monitor

 

U.S. and foreign equity markets post strong gains in growing global economy

 

For the twelve months ended October 31, 2017, stock markets in the U.S. and around the world recorded strong gains amid steady global economic growth. The Russell 3000® Index, a broad-based measure of U.S. stock market performance, returned 24.0%. International developed markets also produced strong gains, and emerging markets generated even higher returns.

 

U.S. economy expands but inflation remains muted

 

Real gross domestic product (GDP), which measures the value of all goods and services produced in the nation, grew at an annualized rate of 1.8% in the final three months of 2016 but slowed to 1.2% during the first quarter of 2017. GDP growth accelerated to 3.1% in the second quarter and finished the third quarter at 3.0%, according to the government’s “advance estimate.” Expansion over the second and third quarters produced the best performance for consecutive quarters since 2014. The pace of growth in the third quarter defied expectations that hurricanes striking Texas and Florida would dampen the economy.

U.S. labor markets grew stronger through the period. Unemployment declined from 4.8% in October 2016 to 4.1% in October 2017—its lowest level in 17 years. Consumer confidence in October reached its highest level since 2000. Existing home sales improved in September after supply shortages and hurricanes muted activity during the late summer months.

Inflation remained stable throughout the period with core inflation—which includes all items except food and energy—at 1.8% for the twelve months ended October 31, 2017. The price per barrel of West Texas Intermediate crude oil rose from nearly $47 on November 1, 2016, to just over $54 on

 

Rising tide lifts all boats

Global equity: Growth and small-cap stocks lead strong returns Returns for twelve months ended October 31, 2017

 

 

Source: U.S. broad market: Russell 3000® Index; International: MSCI All-Country World ex USA Index; U.S. growth: Russell 3000 Growth Index; U.S. value: Russell 3000 Value Index; U.S. small-cap: Russell 2000® Index; U.S. large-cap: Russell 1000® Index. As of October 31, 2017.

October 31, 2017—the highest sustained price level since the summer of 2015. The U.S. dollar lost ground against most major currencies over the twelve months.

 

Growth-oriented shares and small-cap stocks gain most

 

In the U.S. equity market, growth stocks were favored over value shares across all market capitalizations for the twelve-month period. Small-cap stocks returned 27.9% during the period. Large-cap stocks gained 23.7% and mid-cap shares advanced 21.1%. Among large-cap stocks, growth shares gained 29.7% and value equities climbed 17.8%. Mid-cap growth shares returned 26.3% and mid-cap value stocks gained 17.1%. Among small-cap stocks, growth equities returned 31.0% while value shares advanced 24.8%. (Returns by investment style and capitalization size are based on Russell indexes.)

Internationally, developed- and emerging-markets stocks lost ground in the fourth quarter of 2016 but posted strong gains during 2017, through October 31. For the twelve-month period, the MSCI EAFE Index, which tracks stock performance in 21 developed-market countries outside North America, gained 23.4%, while the MSCI Emerging Markets Index advanced 26.5%.

 

Central bankers react cautiously to rebounding economies

 

Early in the period, U.S. equity markets enjoyed a post-election rally as investors anticipated the possibility of new policies to stimulate the economy. Markets idled early in 2017 as the administration’s health care legislation stalled in Congress. But the combination of steady economic growth, higher corporate profits and strong labor markets—with no increase in inflation—powered stock prices through the remainder of the period.

During the period, the Federal Reserve took several cautious steps to reverse economic stimulus policies that had been in place for nearly a decade. It increased the federal funds target rate three times over the twelve-month period, raising the key short-term interest-rate measure from 0.25%–0.50% in October 2016 to 1.00%–1.25% by period-end. The Fed also decided to begin slowly reducing its portfolio of bonds purchased in past years to boost the economy, and it signaled another potential rate hike in December.

European economies posted solid growth, and unemployment fell during the period. Inflation in the 19-nation eurozone remained well below the target range set by central bankers. As a result, the European Central Bank left its benchmark interest rate unchanged at 0.00% but indicated it may reduce the pace of bond purchases it makes as part of a strategy to stimulate the economy. The Bank of England, which had debated increasing its benchmark rate for the first time in a decade, did so immediately after the reporting period ended.


 

6 2017 Annual Report  ■  TIAA-CREF Funds: Equity Funds
 

Information for investors

 

Portfolio holdings

 

Securities and Exchange Commission (SEC) rules allow investment companies to list the top holdings of each fund in their annual and semiannual reports, instead of providing complete portfolio listings. The TIAA-CREF Funds also file complete portfolio listings with the SEC, and they are available to the public.

You can obtain a complete list of the TIAA-CREF Funds’ portfolio holdings (Schedules of Investments) as of the most recently completed fiscal quarter in the following ways:

•By visiting our website at TIAA.org; or
•By calling us at 800-842-2252 to request a copy, which will be provided free of charge.

You can also obtain a complete list of the TIAA-CREF Funds’ portfolio holdings as of the most recently completed fiscal quarter, and for prior quarter-ends, from our SEC Form N-CSR and Form N-Q filings. Form N-CSR filings are as of October 31 or April 30; Form N-Q filings are as of January 31 or July 31. Copies of these forms are available:

•Through the Electronic Data Gathering and Retrieval System (EDGAR) on the SEC’s website at sec.gov; or
•From the SEC’s Office of Investor Education and Advocacy. Call 202-551-8090 for more information.

Proxy voting

 

TIAA-CREF Funds’ ownership of stock gives it the right to vote on proxy issues of companies in which it invests. A description of our proxy voting policies and procedures can be found on our website at TIAA.org or on the SEC’s website at sec.gov. You can also call us at 800-842-2252 to request a free copy. A report of how the funds voted during the most recently completed twelve-month period ended June 30 can be found on our website or on Form N-PX at sec.gov.

 

Contacting TIAA

 

There are three easy ways to contact us: by email, using the Contact Us link at the top of our home page; by mail at TIAA, 730 Third Avenue, New York, NY 10017-3206; or by phone at 800-842-2252.

 

Fund management

 

The TIAA-CREF Funds are managed by the portfolio management teams of Teachers Advisors, LLC. The members of these teams are responsible for the day-to-day investment management of the funds.


 

TIAA-CREF Funds: Equity Funds  ■  2017 Annual Report 7
 

About the funds’ benchmarks

 

Broad market indexes

 

The Russell 3000® Index measures the performance of the stocks of the 3,000 largest publicly traded U.S. companies, based on market capitalization. The index measures the performance of about 98% of the total market capitalization of the publicly traded U.S. equity market.

 

The MSCI All Country World ex USA Index measures the performance of large- and mid-cap stocks in 46 developed-and emerging-market countries, excluding the United States.

 

The MSCI EAFE Index measures the performance of the leading stocks in 21 developed-market countries outside North America—in Europe, Australasia, and the Far East.

 

The MSCI Emerging Markets Index measures the performance of the leading stocks in 24 emerging-market countries in Europe, Asia, Africa, Latin America and the Middle East.

 

Large-cap indexes

 

The S&P 500® Index is a market-capitalization-weighted index of the stocks of 500 leading companies in major industries of the U.S. economy.

 

The Russell 1000® Growth Index is a subset of the Russell 1000 Index, which measures the performance of the stocks of the 1,000 largest companies in the Russell 3000 Index, based on market capitalization. The Russell 1000 Growth Index measures the performance of those stocks of the Russell 1000 Index with higher relative forecasted growth rates and price/book ratios.

 

The Russell 1000 Value Index is a subset of the Russell 1000 Index, which measures the performance of the stocks of the 1,000 largest companies in the Russell 3000 Index, based on market capitalization. The Russell 1000 Value Index measures the performance of those stocks of the Russell 1000 Index with lower relative forecasted growth rates and price/book ratios.

 

Mid-cap indexes

 

The Russell Midcap® Growth Index is a subset of the Russell Midcap Index, which measures the performance of the stocks of the 800 smallest companies in the Russell 1000 Index, based on market capitalization. The Russell Midcap Growth Index measures the performance of those stocks of the Russell Midcap Index with higher relative forecasted growth rates and price/book ratios.

The Russell Midcap Value Index is a subset of the Russell Midcap Index, which measures the performance of the stocks of the 800 smallest companies in the Russell 1000 Index, based on market capitalization. The Russell Midcap Value Index measures the performance of those stocks of the Russell Midcap Index with lower relative forecasted growth rates and price/book ratios.

 

Small/mid-cap index

 

The Russell 2500® Index is a subset of the Russell 3000 Index and measures the smallest 2,500 companies, covering small- and mid-cap market capitalizations, in the Russell 3000 Index.

 

Small-cap indexes

 

The Russell 2000® Index measures the performance of the stocks of the 2,000 smallest companies in the Russell 3000 Index, based on market capitalization.

 

The MSCI ACWI ex USA Small Cap Index measures the performance of small-cap stocks in 22 developed-market countries, excluding the United States, and 24 emerging-market countries.

 

Specialty equity index

 

The MSCI All Country World Commodity Producers Sector Capped Index measures the performance of the stocks of commodity producers in 47 developed and emerging-market nations throughout the world. The index is composed of three sectors—energy, metals and agriculture. The weight of each sector is fixed at one-third of the index.

 

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

 

Russell 1000, Russell 2000, Russell 3000 and Russell Midcap are trademarks and service marks of Russell Investments. TIAA products are not promoted or sponsored by, or affiliated with, Russell Investments. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to  any MSCI data contained herein. This report is not approved, reviewed or produced by MSCI. S&P 500 is a registered trademark and service mark of the McGraw-Hill Companies, Inc.


 

8 2017 Annual Report  ■  TIAA-CREF Funds: Equity Funds
 

Important information about expenses

 

All shareholders of the TIAA-CREF Funds incur ongoing costs, including management fees and other fund expenses. They may also incur transactional costs for redemptions or account maintenance fees.

The expense examples that appear on the performance pages are intended to help you understand your ongoing costs only (in U.S. dollars) and do not reflect transactional costs or the costs incurred by the fund for buying and selling securities. The examples are designed to help you compare these ongoing costs with the ongoing costs of investing in other mutual funds.

The expenses shown do not include account maintenance fees, which may or may not be applicable, as described in the prospectus. If such fees were included, your total costs for investing in the funds would be higher. Note also that shareholders of the TIAA-CREF Funds do not incur a sales charge for purchases, reinvested dividends or other distributions.

The examples are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (May 1, 2017–October 31, 2017).

 

Actual expenses

 

The first section of each table uses the fund’s actual expenses and its actual rate of return. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the six-month period.

Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses paid during period” to estimate the expenses you paid during the six-month period. Some funds have a contractual fee reimbursement. Had these not been in effect, fund expenses may have been higher.

 

Hypothetical example for comparison purposes

 

The second line in each share class’ entry shows hypothetical account values and expenses based on the share class’ actual expense ratio for the six-month period and an assumed 5% per year rate of return before expenses. This was not the share class’ actual return.

This hypothetical example cannot be used to estimate the actual expenses you paid for the period but rather allows you to compare the ongoing costs of investing in the fund with the costs of other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other mutual funds.


 

TIAA-CREF Funds: Equity Funds  ■  2017 Annual Report 9
 

Enhanced Large-Cap Growth Index Fund

 

Expense example

 

Six months ended October 31, 2017

Enhanced
Large-Cap
Growth
Index Fund		  Beginning
account
value
(5/1/17)		   Ending
account
value
(10/31/17)		   Expenses
paid
during
period*
(5/1/17–
10/31/17)		 
Actual return            
Institutional Class   $1,000.00    $1,125.51    $1.71 
Advisor Class   1,000.00    1,124.70    2.30 
5% annual hypothetical return                    
Institutional Class   1,000.00    1,023.59    1.63 
Advisor Class   1,000.00    1,023.04    2.19 

 

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 2017. The fund’s annualized six-month expense ratio for that period was 0.32% for the Institutional Class and 0.43% for the Advisor Class. The expense charges of the fund may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the fund would be higher and its performance lower.

 

For more information about this expense example, please see page 9.

 

Portfolio composition

Sector % of net assets
as of 10/31/2017		 
Information technology  40.1 
Consumer discretionary  18.9 
Industrials  13.1 
Health care  11.3 
Financials  5.3 
Consumer staples  5.1 
Materials  3.1 
Real estate  1.7 
Telecommunication services  0.5 
Energy  0.3 
Short-term investments, other assets & liabilities, net  0.6 
Total  100.0 

Performance for the twelve months ended October 31, 2017

 

The Enhanced Large-Cap Growth Index Fund returned 29.96% for the Institutional Class, compared with the 29.71% return of its benchmark, the Russell 1000® Growth Index. The table below shows returns for all share classes of the fund.

 

Steady economic growth powers U.S. stock gains

 

The U.S. economy generated solid growth during the twelve-month period, initially expanding at a slower rate before accelerating over the final six months. Unemployment continued to decline and ended the period at 4.1%—its lowest level in 17 years. Despite healthy economic growth and a robust labor market, the rate of inflation remained modest. Oil prices rose, and the U.S. dollar declined against most major currencies during the period.

The U.S. presidential election in November 2016 gave equity markets an initial boost as investors anticipated new policies to stimulate the economy. Markets rose again later in the reporting period, responding to a supportive economy, low inflation and growing corporate profits. The Federal Reserve raised the federal funds target rate three times during the period, increasing this key short-term rate to 1.00%–1.25%. The Fed also said it would slowly reduce its large portfolio of bonds purchased to stimulate the economy after the 2008 financial crisis. The price per barrel of West Texas Intermediate crude oil rose from nearly $47 on November 1, 2016, to just over $54 on October 31, 2017.

For the twelve months, the Russell 3000® Index, a broad measure of the U.S. stock market, gained 23.98%. Smaller stocks outperformed large-cap equities, and growth shares outgained value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

For the five years ended October 31, 2017, the Russell 1000 Growth Index had an average annual gain of 16.83%, outperforming the 13.48% and 15.12% average annual returns of the Russell 1000 Value Index and the Russell 3000 Index, respectively.

 

Performance as of October 31, 2017

Enhanced Large-Cap
Growth Index Fund		     Total
return		  Average annual
total return		  Annual operating
expenses*
   Ticker  Inception
date		  1 year   5 years   since
inception		   gross   net 
Institutional Class  TLIIX  11/30/07   29.96%   16.21%   9.36%   0.34%   0.34%
Advisor Class  TECGX  12/4/15   29.86    16.19†   9.34†   0.43    0.43 
Russell 1000 Growth Index     —   29.71    16.83    9.62‡   —    — 

 

The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.

 

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

 

* The gross and net annual operating expenses are taken from the fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement arrangements now in effect will continue through at least February 28, 2018, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.
† The performance shown for the Advisor Class that is prior to its inception date is based on the performance of the fund’s Institutional Class. The performance for these periods has not been restated to reflect the higher expenses of the Advisor Class. If those higher expenses had been reflected, the performance of the Advisor Class shown for these periods would have been lower.
‡ Performance is calculated from the inception date of the Institutional Class.


 

10 2017 Annual Report  ■  TIAA-CREF Funds: Equity Funds
 

Technology drives the benchmark’s robust advance

 

Ten of the eleven industry sectors in the Russell 1000 Growth Index posted gains for the twelve months. Information technology, the largest sector for the period, surged 41.4% and contributed nearly one-half of the index’s return, buoyed by strong earnings reports. Consumer discretionary and health care, the next-largest sectors, rose 22.6% and 29.6%, respectively, and also made significant return contributions. Together, these three sectors represented nearly 70.0% of the benchmark’s total market capitalization on October 31, 2017. Energy, the sole decliner, returned –4.4%. However, the sector had only a 0.6% weighting.

For the twelve-month period, four of the benchmark’s five largest holdings generated returns that surpassed the overall performance of the index. Shares of Apple, the largest stock in the index and its top performer, benefited from a resurgence in iPad sales and continued growth in Mac sales. Microsoft, Amazon.com and Facebook also outperformed, while Alphabet, the parent company of Google, trailed modestly.

 

Stock selections lift the fund above its benchmark

 

The fund’s enhanced indexing strategy uses quantitative (mathematical) modeling techniques in an attempt to construct a portfolio that resembles the risk characteristics of the fund’s benchmark index, while seeking to outperform that index. In terms of portfolio holdings, the fund diverges from its benchmark more than a fund that uses a pure indexing strategy.

During the period, stock selections using the enhanced indexing methodology generally helped the fund outperform its benchmark. The top three contributors were overweight positions in semiconductor equipment makers Lam Research and Applied Materials, both of which reported record operating profits, and an underweight in General Electric, whose shares fell amid uncertainty surrounding the company’s earnings outlook and ability to pay dividends.

These positive effects were partially mitigated by certain unfavorable stock choices. The largest detractor was an overweight position in Internet service provider Akamai Technologies, which experienced weakness in its media division. Next in line were overweight positions in technology company F5 Networks and industrial supply firm W.W. Grainger.

 

$10,000 invested at fund’s inception

 

Institutional Class (inception November 30, 2007)

 

 

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by company size
Market
capitalization		 % of equity investments
as of 10/31/2017
More than $50 billion  61.0
More than $15 billion–$50 billion  20.1
More than $2 billion–$15 billion  18.9
Total  100.0

 

Fund profile  
   as of 10/31/2017
Net assets  $2.58 billion
Number of holdings  250
Portfolio turnover rate  91%
Weighted median market capitalization  $89.37 billion
Price/earnings ratio (weighted 12-month trailing average)†  24.2

 

† Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.


 

TIAA-CREF Funds: Equity Funds  ■  2017 Annual Report 11
 

Enhanced Large-Cap Value Index Fund

 

Expense example

 

Six months ended October 31, 2017

Enhanced
Large-Cap
Value
Index Fund		  Beginning
account
value
(5/1/17)		   Ending
account
value
(10/31/17)		   Expenses
paid
during
period*
(5/1/17–
10/31/17)		 
Actual return           
Institutional Class   $1,000.00    $1,062.31    $1.66 
Advisor Class   1,000.00    1,061.31    2.23 
5% annual hypothetical return                    
Institutional Class   1,000.00    1,023.59    1.63 
Advisor Class   1,000.00    1,023.04    2.19 

 

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 2017. The fund’s annualized six-month expense ratio for that period was 0.32% for the Institutional Class and 0.43% for the Advisor Class. The expense charges of the fund may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the fund would be higher and its performance lower.

 

For more information about this expense example, please see page 9.

 

Portfolio composition

Sector % of net assets
as of 10/31/2017		 
Financials  27.8 
Health care  12.4 
Information technology  10.6 
Energy  10.2 
Industrials  8.0 
Consumer staples  7.7 
Consumer discretionary  7.1 
Utilities  6.1 
Materials  3.8 
Real estate  3.8 
Telecommunication services  2.0 
Short-term investments, other assets & liabilities, net  0.5 
Total  100.0 

Performance for the twelve months ended October 31, 2017

 

The Enhanced Large-Cap Value Index Fund returned 18.04% for the Institutional Class, compared with the 17.78% return of its benchmark, the Russell 1000® Value Index. The table below shows returns for all share classes of the fund.

 

Steady economic growth powers U.S. stock gains

 

The U.S. economy generated solid growth during the twelve-month period, initially expanding at a slower rate before accelerating over the final six months. Unemployment continued to decline and ended the period at 4.1%—its lowest level in 17 years. Despite healthy economic growth and a robust labor market, the rate of inflation remained modest. Oil prices rose, and the U.S. dollar declined against most major currencies during the period.

The U.S. presidential election in November 2016 gave equity markets an initial boost as investors anticipated new policies to stimulate the economy. Markets rose again later in the reporting period, responding to a supportive economy, low inflation and growing corporate profits. The Federal Reserve raised the federal funds target rate three times during the period, increasing this key short-term rate to 1.00%–1.25%. The Fed also said it would slowly reduce its large portfolio of bonds purchased to stimulate the economy after the 2008 financial crisis.

For the twelve months, the Russell 3000® Index, a broad measure of the U.S. stock market, gained 23.98%. Smaller stocks outperformed large-cap equities, and growth shares outgained value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

For the five years ended October 31, 2017, the Russell 1000 Value Index had an average annual gain of 13.48%, lagging the 16.83% and 15.12% average annual returns of the Russell 1000 Growth Index and the Russell 3000 Index, respectively.

 

Performance as of October 31, 2017

Enhanced Large-Cap
Value Index Fund		     Total
return		  Average annual
total return		  Annual operating
expenses*
      Inception          since         
   Ticker  date  1 year   5 years   inception   gross   net 
Institutional Class  TEVIX  11/30/07   18.04%   12.86%   6.02%   0.34%   0.34%
Advisor Class  TELCX  12/4/15   17.92    12.83†   6.01†   0.43    0.43 
Russell 1000 Value Index     —   17.78    13.48    6.58‡   —    — 

 

The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.

 

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

 

* The gross and net annual operating expenses are taken from the fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement arrangements now in effect will continue through at least February 28, 2018, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.
† The performance shown for the Advisor Class that is prior to its inception date is based on the performance of the fund’s Institutional Class. The performance for these periods has not been restated to reflect the higher expenses of the Advisor Class. If those higher expenses had been reflected, the performance of the Advisor Class shown for these periods would have been lower.
‡ Performance is calculated from the inception date of the Institutional Class.


 

12 2017 Annual Report  ■  TIAA-CREF Funds: Equity Funds
 

Financials lead the benchmark higher

 

Ten of the eleven industry sectors in the Russell 1000 Value Index advanced for the twelve months. Financials, the largest sector for the period, gained 36.1% and contributed nearly one-half of the index’s return amid expectations for less government regulation. Health care, the next-largest sector, rose 15.8% and also made a significant return contribution, as did information technology and industrials, which gained 27.6% and 17.9%, respectively. These four sectors accounted for close to 60.0% of the benchmark’s total market capitalization on October 31, 2017.

Telecommunication services was the worst-performing component, returning –2.7% due to slow growth and price competition in the sector.

For the twelve-month period, four of the benchmark’s five largest stocks generated returns that surpassed the overall performance of the index. These were Bank of America, which led the gains, followed by JPMorgan Chase, Berkshire Hathaway and Johnson & Johnson. Exxon Mobil generated a positive yet relatively subdued return, despite improving earnings.

 

Stock choices aid the fund’s relative performance

 

The fund’s enhanced indexing strategy uses quantitative (mathematical) modeling techniques in an attempt to construct a portfolio that resembles the risk characteristics of the fund’s benchmark index, while seeking to outperform that index. In terms of portfolio holdings, the fund diverges from its benchmark more than a fund that uses a pure indexing strategy.

During the period, stock selections using the enhanced indexing methodology had both positive and negative effects on relative performance, but the net result was to increase the fund’s return relative to that of its benchmark. The largest contributor to relative performance was an underweight position in General Electric, whose shares fell amid uncertainty surrounding the company’s earnings outlook and ability to pay dividends. Not far behind were overweights in chemical producer Huntsman and ON Semiconductor.

The biggest detractor from relative returns was an overweight position in AmTrust, a worker’s compensation insurer that restated its earnings due to accounting errors. The next-largest detractors were overweights in International Game Technology and retail pharmacy chain CVS Health.

 

$10,000 invested at fund’s inception

 

Institutional Class (inception November 30, 2007)

 

 

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by company size
Market
capitalization		 % of equity investments
as of 10/31/2017
More than $50 billion  53.4
More than $15 billion–$50 billion  23.2
More than $2 billion–$15 billion  23.1
$2 billion or less  0.3
Total  100.0

 

Fund profile
  as of 10/31/2017
Net assets  $2.48 billion
Number of holdings  314
Portfolio turnover rate  99%
Weighted median market capitalization  $63.29 billion
Price/earnings ratio (weighted 12-month trailing average)†  19.9

 

† Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.


 

TIAA-CREF Funds: Equity Funds  ■  2017 Annual Report 13
 

Growth & Income Fund

 

Expense example

 

Six months ended October 31, 2017

Growth &
Income Fund		  Beginning
account
value
(5/1/17)		   Ending
account
value
(10/31/17)		   Expenses
paid
during
period*
(5/1/17–
10/31/17)		 
Actual return               
Institutional Class   $1,000.00    $1,104.90    $2.12 
Advisor Class   1,000.00    1,103.42    3.08 
Premier Class   1,000.00    1,103.97    2.92 
Retirement Class   1,000.00    1,103.37    3.45 
Retail Class   1,000.00    1,103.49    3.71 
5% annual hypothetical return                    
Institutional Class   1,000.00    1,023.19    2.04 
Advisor Class   1,000.00    1,022.28    2.96 
Premier Class   1,000.00    1,022.43    2.80 
Retirement Class   1,000.00    1,021.93    3.31 
Retail Class   1,000.00    1,021.68    3.57 

 

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 2017. The fund’s annualized six-month expense ratio for that period was 0.40% for the Institutional Class, 0.58% for the Advisor Class, 0.55% for the Premier Class, 0.65% for the Retirement Class and 0.70% for the Retail Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

 

For more information about this expense example, please see page 9.

 

Portfolio composition

Sector % of net assets
as of 10/31/2017		 
Information technology  28.1 
Health care  14.8 
Financials  13.1 
Consumer discretionary  11.3 
Industrials  11.2 
Consumer staples  9.2 
Energy  5.7 
Materials  3.9 
Utilities  1.6 
Telecommunication services  0.4 
Real estate  0.3 
Short-term investments, other assets & liabilities, net  0.4 
Total  100.0 

Performance for the twelve months ended October 31, 2017

 

The Growth & Income Fund returned 25.52% for the Institutional Class, compared with the 23.63% return of its benchmark, the S&P 500® Index. The table below shows returns for all share classes of the fund.

 

Steady economic growth powers U.S. stock gains

 

The U.S. economy generated solid growth during the twelve-month period, initially expanding at a slower rate before accelerating over the final six months. Unemployment continued to decline and ended the period at 4.1%—its lowest level in 17 years. Despite healthy economic growth and a robust labor market, the rate of inflation remained modest. Oil prices rose, and the U.S. dollar declined against most major currencies during the period.

The U.S. presidential election in November 2016 gave equity markets an initial boost as investors anticipated new policies to stimulate the economy. Markets rose again later in the reporting period, responding to a supportive economy, low inflation and growing corporate profits. The Federal Reserve raised the federal funds target rate three times during the period, increasing this key short-term rate to 1.00%–1.25%. The Fed also said it would slowly reduce its large portfolio of bonds purchased to stimulate the economy after the 2008 financial crisis. The price per barrel of West Texas Intermediate crude oil rose from nearly $47 on November 1, 2016, to just over $54 on October 31, 2017.

For the twelve months, the large-cap-oriented S&P 500 Index slightly under-performed the Russell 3000® Index, a broad measure of the U.S. stock market, which gained 23.98%. A portion of the Russell 3000 Index consists of small-cap equities, which outperformed large caps for the period.

For the ten years ended October 31, 2017, the S&P 500 Index produced an average annual gain of 7.51%, trailing the 7.61% average annual return of the Russell 3000 Index.

 

Performance as of October 31, 2017

Growth & Income Fund     Total
return		  Average annual
total return		  Annual operating
expenses*
   Ticker  Inception
date		  1 year   5 years   10 years   gross   net 
Institutional Class  TIGRX  7/1/99   25.52%   15.44%   8.19%   0.42%   0.42%
Advisor Class  TGIHX  12/4/15   25.32    15.41†   8.17†   0.50    0.50 
Premier Class  TRPGX  9/30/09   25.31    15.26    8.07†   0.57    0.57 
Retirement Class  TRGIX  10/1/02   25.14    15.14    7.92    0.67    0.67 
Retail Class  TIIRX  3/31/06   25.11    15.07    7.90    0.72    0.72 
S&P 500 Index     —   23.63    15.18    7.51    —    — 

 

The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.

 

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

 

* The gross and net annual operating expenses are taken from the fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement arrangements now in effect will continue through at least February 28, 2018, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.
† The performance shown for the Advisor and Premier classes that is prior to their respective inception dates is based on the performance of the fund’s Institutional Class. The performance for these periods has not been restated to reflect the higher expenses of the Advisor and Premier classes. If those higher expenses had been reflected, the performance of these two classes shown for these periods would have been lower.


 

14 2017 Annual Report  ■  TIAA-CREF Funds: Equity Funds
 

Technology leads the benchmark higher

 

Ten of the eleven industry sectors in the S&P 500 Index posted positive results for the twelve months. Information technology, the index’s most heavily weighted sector, had the biggest impact with a gain of 39.0% amid continued strong sales and profit growth. The benchmark’s second-largest sector, financials, advanced 37.1%, benefiting from rising interest rates. Industrials, another sizable sector, also outperformed, rising 25.1%. Together, these three sectors made up nearly 50.0% of the index’s total market capitalization as of October 31, 2017. Among other large sectors in the benchmark, health care rose 22.6% and consumer discretionary was up 19.7%. Telecommunication services, the smallest sector, was the sole decliner at –1.4%.

For the twelve-month period, four of the benchmark’s five largest stocks generated returns that surpassed the overall performance of the index. Apple had the largest gains, while Microsoft, Amazon.com and Facebook also outperformed. Johnson & Johnson generated returns that nearly matched the index’s performance.

 

Stock selection helps fund outperform the benchmark

 

The fund outperformed its benchmark largely due to overweight positions in two strong-performing stocks, as well as an out-of-index pick. The top contributor was an overweight in information technology company NVIDIA Corporation, which soared on strength in the company’s core gaming business and rapid adoption of other new products and services. Next was a nonbenchmark holding in video game firm Take-Two Interactive Software, which posted triple-digit gains, followed by an overweight in strong-performing Bank of America, which benefited from increased revenues and earnings.

Positions in three declining stocks tempered the impact of these positive factors. Chief among these was an out-of-benchmark position in oil and gas exploration firm Continental Resources, which was perceived as overvalued. Next were an overweight position in toy maker Mattel, which reported disappointing earnings for the third quarter of 2017, and a nonbenchmark position in retailer JCPenney, which experienced declining revenues.

 

$10,000 over 10 years

 

Institutional Class

 

 

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by company size
Market
capitalization		 % of equity investments
as of 10/31/2017
More than $50 billion  61.4
More than $15 billion–$50 billion  21.0
More than $2 billion–$15 billion  16.7
$2 billion or less  0.9
Total  100.0

 

Fund profile  
  as of 10/31/2017
Net assets  $6.72 billion
Number of holdings  281
Portfolio turnover rate  76%
Weighted median market capitalization  $72.40 billion
Price/earnings ratio (weighted 12-month trailing average)†  29.2

 

† Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.


 

TIAA-CREF Funds: Equity Funds  ■  2017 Annual Report 15
 

Large-Cap Growth Fund

 

Expense example

 

Six months ended October 31, 2017

Large-Cap
Growth Fund		  Beginning
account
value
(5/1/17)		   Ending
account
value
(10/31/17)		   Expenses
paid
during
period*
(5/1/17–
10/31/17)		 
Actual return               
Institutional Class   $1,000.00    $1,148.08    $2.27 
Advisor Class   1,000.00    1,146.94    3.30 
Premier Class   1,000.00    1,147.11    3.08 
Retirement Class   1,000.00    1,146.64    3.68 
Retail Class   1,000.00    1,146.79    4.06 
5% annual hypothetical return                    
Institutional Class   1,000.00    1,023.09    2.14 
Advisor Class   1,000.00    1,022.13    3.11 
Premier Class   1,000.00    1,022.33    2.91 
Retirement Class   1,000.00    1,021.78    3.47 
Retail Class   1,000.00    1,021.42    3.82 

 

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 2017. The fund’s annualized six-month expense ratio for that period was 0.42% for the Institutional Class, 0.61% for the Advisor Class, 0.57% for the Premier Class, 0.68% for the Retirement Class and 0.75% for the Retail Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

 

For more information about this expense example, please see page 9.

 

Portfolio composition

Sector % of net assets
as of 10/31/2017
Information technology  48.2
Consumer discretionary  17.0
Health care  16.0
Industrials  8.3
Consumer staples  3.4
Materials  3.0
Financials  1.8
Energy  1.0
Telecommunication services  0.4
Short-term investments, other assets & liabilities, net  0.9
Total  100.0

Performance for the twelve months ended October 31, 2017

 

The Large-Cap Growth Fund returned 30.19% for the Institutional Class, compared with the 29.71% return of its benchmark, the Russell 1000® Growth Index. The table below shows returns for all share classes of the fund.

 

Steady economic growth powers U.S. stock gains

 

The U.S. economy generated solid growth during the twelve-month period, initially expanding at a slower rate before accelerating over the final six months. Unemployment continued to decline and ended the period at 4.1%—its lowest level in 17 years. Despite healthy economic growth and a robust labor market, the rate of inflation remained modest. Oil prices rose, and the U.S. dollar declined against most major currencies during the period.

The U.S. presidential election in November 2016 gave equity markets an initial boost as investors anticipated new policies to stimulate the economy. Markets rose again later in the reporting period, responding to a supportive economy, low inflation and growing corporate profits. The Federal Reserve raised the federal funds target rate three times during the period, increasing this key short-term rate to 1.00%–1.25%. The Fed also said it would slowly reduce its large portfolio of bonds purchased to stimulate the economy after the 2008 financial crisis. The price per barrel of West Texas Intermediate crude oil rose from nearly $47 on November 1, 2016, to just over $54 on October 31, 2017.

For the twelve months, the Russell 3000® Index, a broad measure of the U.S. stock market, gained 23.98%. Smaller stocks outperformed large-cap equities, and growth shares outgained value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

For the ten years ended October 31, 2017, the Russell 1000 Growth Index had an average annual gain of 9.13%, outperforming the 5.99% and 7.61% average annual returns of the Russell 1000 Value Index and the Russell 3000 Index, respectively.

 

Performance as of October 31, 2017

Large-Cap Growth Fund        Total
return		  Average annual
total return		  Annual operating
expenses*
   Ticker  Inception
date		  1 year   5 years   10 years   gross   net 
Institutional Class  TILGX  3/31/06   30.19%   17.90%   8.66%   0.43%   0.43%
Advisor Class  TILHX  12/4/15   30.02    17.87†   8.64†   0.52    0.52 
Premier Class  TILPX  9/30/09   30.00    17.74    8.53†   0.58    0.58 
Retirement Class  TILRX  3/31/06   29.83    17.59    8.37    0.68    0.68 
Retail Class  TIRTX  3/31/06   29.84    17.51    8.33    0.76    0.76 
Russell 1000 Growth Index     —   29.71    16.83    9.13    —    — 

 

The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.

 

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

 

* The gross and net annual operating expenses are taken from the fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement arrangements now in effect will continue through at least February 28, 2018, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.
† The performance shown for the Advisor and Premier classes that is prior to their respective inception dates is based on the performance of the fund’s Institutional Class. The performance for these periods has not been restated to reflect the higher expenses of the Advisor and Premier classes. If those higher expenses had been reflected, the performance of these two classes shown for these periods would have been lower.


 

16 2017 Annual Report  ■  TIAA-CREF Funds: Equity Funds
 

Technology drives the benchmark’s robust advance

 

Ten of the eleven industry sectors in the Russell 1000 Growth Index posted gains for the twelve months. Information technology, the largest sector for the period, surged 41.4% and contributed nearly one-half of the index’s return, buoyed by strong earnings reports. Consumer discretionary and health care, the next-largest sectors, rose 22.6% and 29.6%, respectively, and also made significant return contributions. Together, these three sectors represented nearly 70.0% of the benchmark’s total market capitalization on October 31, 2017. Energy, the sole decliner, returned –4.4%. However, the sector had only a 0.6% weighting.

For the twelve-month period, four of the benchmark’s five largest holdings generated returns that surpassed the overall performance of the index. Shares of Apple, the largest stock in the index and its top performer, benefited from a resurgence in iPad sales and continued growth in Mac sales. Microsoft, Amazon.com and Facebook also outperformed, while Alphabet, the parent company of Google, trailed modestly.

 

Stock choices boost the fund’s relative return

 

The fund outperformed its benchmark mainly because of numerous successful stock selections. Chief among these was an overweight position in software company Adobe Systems, whose shares soared to a record high after management issued a positive earnings outlook for 2018. The next-largest contributors were a nonbenchmark holding in Chinese Internet provider Tencent Holdings and overweights in Internet retailer IAC/InterActive and semiconductor maker Broadcom.

These positive effects were partly mitigated by certain unfavorable stock allocations. The largest detractor in the fund was an underweight position in Apple, which performed well during the period. Overweight holdings in media ratings company Nielsen and biotechnology firm Celgene, as well as an underweight investment in Boeing, also hurt relative results.

 

$10,000 over 10 years

 

Institutional Class

 

 

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by company size
Market
capitalization		 % of equity investments
as of 10/31/2017
More than $50 billion  66.6
More than $15 billion–$50 billion  27.0
More than $2 billion–$15 billion  6.2
$2 billion or less  0.2
Total  100.0

 

Fund profile  
  as of 10/31/2017
Net assets  $4.81 billion
Number of holdings  91
Portfolio turnover rate  94%
Weighted median market capitalization  $86.57 billion
Price/earnings ratio (weighted 12-month trailing average)†  31.6

 

† Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.


 

TIAA-CREF Funds: Equity Funds  ■  2017 Annual Report 17
 

Large-Cap Value Fund

 

Expense example

 

Six months ended October 31, 2017

Large-Cap
Value Fund		  Beginning
account
value
(5/1/17)		  Ending
account
value
(10/31/17)		  Expenses
paid
during
period*
(5/1/17–
10/31/17)
Actual return         
Institutional Class  $1,000.00  $1,049.92  $2.07
Advisor Class  1,000.00  1,049.41  2.58
Premier Class  1,000.00  1,049.52  2.84
Retirement Class  1,000.00  1,048.49  3.36
Retail Class  1,000.00  1,048.58  3.67
5% annual hypothetical return         
Institutional Class  1,000.00  1,023.19  2.04
Advisor Class  1,000.00  1,022.68  2.55
Premier Class  1,000.00  1,022.43  2.80
Retirement Class  1,000.00  1,021.93  3.31
Retail Class  1,000.00  1,021.63  3.62

 

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 2017. The fund’s annualized six-month expense ratio for that period was 0.40% for the Institutional Class, 0.50% for the Advisor Class, 0.55% for the Premier Class, 0.65% for the Retirement Class and 0.71% for the Retail Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

 

For more information about this expense example, please see page 9.

 

Portfolio composition

Sector% of net assets
as of 10/31/2017
Financials  24.6
Information technology  12.6
Health care  12.4
Energy  11.8
Industrials  8.9
Consumer discretionary  8.4
Consumer staples  8.1
Materials  6.9
Telecommunication services  3.3
Utilities  2.1
Real estate  0.8
Short-term investments, other assets & liabilities, net  0.1
Total  100.0

Performance for the twelve months ended October 31, 2017

 

The Large-Cap Value Fund returned 17.77% for the Institutional Class, compared with the 17.78% return of its benchmark, the Russell 1000® Value Index. The table below shows returns for all share classes of the fund.

 

Steady economic growth powers U.S. stock gains

 

The U.S. economy generated solid growth during the twelve-month period, initially expanding at a slower rate before accelerating over the final six months. Unemployment continued to decline and ended the period at 4.1%—its lowest level in 17 years. Despite healthy economic growth and a robust labor market, the rate of inflation remained modest. Oil prices rose, and the U.S. dollar declined against most major currencies during the period.

The U.S. presidential election in November 2016 gave equity markets an initial boost as investors anticipated new policies to stimulate the economy. Markets rose again later in the reporting period, responding to a supportive economy, low inflation and growing corporate profits. The Federal Reserve raised the federal funds target rate three times during the period, increasing this key short-term rate to 1.00%–1.25%. The Fed also said it would slowly reduce its large portfolio of bonds purchased to stimulate the economy after the 2008 financial crisis.

For the twelve months, the Russell 3000® Index, a broad measure of the U.S. stock market, gained 23.98%. Smaller stocks outperformed large-cap equities, and growth shares outgained value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

For the ten years ended October 31, 2017, the Russell 1000 Value Index had an average annual gain of 5.99%, trailing the 9.13% and 7.61% average annual returns of the Russell 1000 Growth Index and the Russell 3000 Index, respectively.

 

Performance as of October 31, 2017

Large-Cap Value Fund        Total
return		  Average annual
total return		   Annual operating
expenses*		 
   Ticker  Inception
date		  1 year   5 years   10 years   gross   net 
Institutional Class  TRLIX  10/1/02   17.77%   13.08%   5.78%   0.41%   0.41%
Advisor Class  TRLHX  12/4/15   17.64    13.05†   5.76†   0.52    0.52 
Premier Class  TRCPX  9/30/09   17.59    12.91    5.65†   0.56    0.56 
Retirement Class  TRLCX  10/1/02   17.46    12.80    5.51    0.66    0.66 
Retail Class  TCLCX  10/1/02   17.35    12.71    5.48    0.73    0.73 
Russell 1000 Value Index     —   17.78    13.48    5.99    —    — 

 

The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.

 

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

 

* The gross and net annual operating expenses are taken from the fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement arrangements now in effect will continue through at least February 28, 2018, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.
† The performance shown for the Advisor and Premier classes that is prior to their respective inception dates is based on the performance of the fund’s Institutional Class. The performance for these periods has not been restated to reflect the higher expenses of the Advisor and Premier classes. If those higher expenses had been reflected, the performance of these two classes shown for these periods would have been lower.


 

18 2017 Annual Report   ■  TIAA-CREF Funds: Equity Funds
 

Financials lead the benchmark higher

 

Ten of the eleven industry sectors in the Russell 1000 Value Index advanced for the twelve months. Financials, the largest sector for the period, gained 36.1% and contributed nearly one-half of the index’s return amid expectations for less government regulation. Health care, the next-largest sector, rose 15.8% and also made a significant return contribution, as did information technology and industrials, which gained 27.6% and 17.9%, respectively. These four sectors accounted for close to 60.0% of the benchmark’s total market capitalization on October 31, 2017.

Telecommunication services was the worst-performing component, returning –2.7% due to slow growth and price competition in the sector.

For the twelve-month period, four of the benchmark’s five largest stocks generated returns that surpassed the overall performance of the index. These were Bank of America, which led the gains, followed by JPMorgan Chase, Berkshire Hathaway and Johnson & Johnson. Exxon Mobil generated a positive yet relatively subdued return, despite improving earnings.

 

Fund’s results nearly match the benchmark’s

 

The fund only marginally trailed its benchmark index, as the positive and negative effects of its various exposures versus the index largely offset one another. On the negative side, the biggest detractor was an overweight holding in JCPenney, whose profits were impacted by store closings and increased discounting. An out-of-benchmark position in Cenovus Energy and an overweight in toy maker Mattel were also unfavorable.

On the positive side, several stock choices aided relative results, led by a nonbenchmark holding in Via Varejo, a Brazilian retailer that is adding new stores. The next-largest contributors were overweights in equipment maker Terex, which announced that it was being acquired, and Bank of America, which benefited from cost-cutting measures and easing regulatory issues, among other factors.

 

$10,000 over 10 years

 

Institutional Class

 

 

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by company size

Market
capitalization 		% of equity investments
as of 10/31/2017
More than $50 billion  49.8
More than $15 billion–$50 billion  16.8
More than $2 billion–$15 billion  28.9
$2 billion or less  4.5
Total  100.0

 

Fund profile

 as of 10/31/2017
Net assets  $7.01 billion
Number of holdings  183
Portfolio turnover rate  53%
Weighted median market capitalization  $48.20 billion
Price/earnings ratio (weighted 12-month trailing average)†  40.3

 

† Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.


 

TIAA-CREF Funds: Equity Funds  ■  2017 Annual Report 19
 

Mid-Cap Growth Fund

 

Expense example

 

Six months ended October 31, 2017

Mid-Cap
Growth Fund		  Beginning
account
value
(5/1/17)		  Ending
account
value
(10/31/17)		  Expenses
paid
during
period*
(5/1/17–
10/31/17)
Actual return         
Institutional Class  $1,000.00  $1,111.63  $2.50
Advisor Class  1,000.00  1,111.16  3.03
Premier Class  1,000.00  1,111.37  3.30
Retirement Class  1,000.00  1,110.32  3.83
Retail Class  1,000.00  1,109.95  4.31
5% annual hypothetical return         
Institutional Class  1,000.00  1,022.84  2.40
Advisor Class  1,000.00  1,022.33  2.91
Premier Class  1,000.00  1,022.08  3.16
Retirement Class  1,000.00  1,021.58  3.67
Retail Class  1,000.00  1,021.12  4.13

 

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 2017. The fund’s annualized six-month expense ratio for that period was 0.47% for the Institutional Class, 0.57% for the Advisor Class, 0.62% for the Premier Class, 0.72% for the Retirement Class and 0.81% for the Retail Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

 

For more information about this expense example, please see page 9.

 

Portfolio composition

Sector% of net assets
as of 10/31/2017
Information technology  29.8
Industrials  16.9
Consumer discretionary  15.5
Health care  13.2
Financials  8.7
Materials  8.4
Consumer staples  2.4
Real estate  2.3
Energy  1.4
Short-term investments, other assets & liabilities, net  1.4
Total  100.0

Performance for the twelve months ended October 31, 2017

 

The Mid-Cap Growth Fund returned 26.48% for the Institutional Class, compared with the 26.25% return of its benchmark, the Russell Midcap® Growth Index. The table below shows returns for all share classes of the fund.

 

Steady economic growth powers U.S. stock gains

 

The U.S. economy generated solid growth during the twelve-month period, initially expanding at a slower rate before accelerating over the final six months. Unemployment continued to decline and ended the period at 4.1%—its lowest level in 17 years. Despite healthy economic growth and a robust labor market, the rate of inflation remained modest. Oil prices rose, and the U.S. dollar declined against most major currencies.

The U.S. presidential election in November 2016 gave equity markets an initial boost as investors anticipated new policies to stimulate the economy. Markets rose again later in the reporting period, responding to a supportive economy, low inflation and growing corporate profits. The Federal Reserve raised the federal funds target rate three times during the period, increasing this key short-term rate to 1.00%–1.25%. The Fed also said it would slowly reduce its large portfolio of bonds purchased to stimulate the economy after the 2008 financial crisis.

For the twelve months, the Russell 3000® Index, a broad measure of the U.S. stock market, gained 23.98%. Small-cap shares outpaced large caps, and large caps led mid caps. Growth stocks outperformed value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

For the ten years ended October 31, 2017, mid-cap growth stocks outperformed both the broader market and mid-cap value stocks. The Russell Midcap Growth Index registered an average annual return of 8.23%, while the Russell 3000 and Russell Midcap Value indexes had average annual returns of 7.61% and 7.90%, respectively.

 

Performance as of October 31, 2017

Mid-Cap Growth Fund        Total
return		  Average annual
total return		   Annual operating
expenses*		 
   Ticker  Inception
date		  1 year   5 years   10 years   gross   net 
Institutional Class  TRPWX  10/1/02   26.48%   13.47%   7.05%   0.47%   0.47%
Advisor Class  TCMHX  12/4/15   26.41    13.46†   7.04†   0.56    0.56 
Premier Class  TRGPX  9/30/09   26.30    13.32    6.92†   0.62    0.62 
Retirement Class  TRGMX  10/1/02   26.20    13.19    6.78    0.72    0.72 
Retail Class  TCMGX  10/1/02   26.10    13.11    6.74    0.78    0.78 
Russell Midcap Growth Index     —   26.25    15.34    8.23    —    — 

 

The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.

 

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

 

* The gross and net annual operating expenses are taken from the fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement arrangements now in effect will continue through at least February 28, 2018, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.
† The performance shown for the Advisor and Premier classes that is prior to their respective inception dates is based on the performance of the fund’s Institutional Class. The performance for these periods has not been restated to reflect the higher expenses of the Advisor and Premier classes. If those higher expenses had been reflected, the performance of these two classes shown for these periods would have been lower.


 

20 2017 Annual Report   ■  TIAA-CREF Funds: Equity Funds
 

Technology propels the strong rise in the index

 

Ten of the eleven industry sectors in the Russell Midcap Growth Index recorded gains for the twelve months. Information technology—the index’s largest component for the period—was, by a wide margin, the top contributor to the benchmark’s return, gaining 43.2% amid robust earnings growth in the sector. The heavily weighted health care and industrials sectors climbed 32.8% and 25.3%, respectively, and also made significant return contributions. These three sectors comprised more than one-half of the benchmark’s total market capitalization on October 31, 2017. Consumer staples was the only declining sector, returning –3.9%.

For the twelve-month period, four of the benchmark’s five largest stocks generated returns that surpassed the overall performance of the index. These were semiconductor equipment maker Lam Research, insurer Progressive and health care companies Illumina and Zoetis. Semiconductor maker Analog Devices posted a double-digit gain but lagged the index.

 

Stock selections help the fund outperform

 

The fund outperformed the benchmark on the strength of several stock choices. The top contributor to relative performance was an overweight holding in Internet retailer IAC/InterActive, whose stock soared on news that the company planned to acquire consumer review site Angie’s List. A nonbenchmark holding in Lumentum and an overweight position in Harman International were the next-largest contributors. Lumentum, a manufacturer of fiber-optic components, benefited from the increasing use of its products in smartphones. Harman International, an auto parts supplier, rose after being acquired by Samsung Electronics.

These positive effects were partially offset by certain unsuccessful stock selections. The largest detractors were overweight positions in toy maker Mattel, which experienced slowing sales, and consumer and commercial products company Newell Brands, which faced higher input costs. A lack of exposure to medical device company Align Technology also hurt relative performance.

 

$10,000 over 10 years

 

Institutional Class

 

 

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by company size

Market
capitalization		% of equity investments
as of 10/31/2017
More than $50 billion  0.4
More then $15 billion–$50 billion  49.4
More than $2 billion–$15 billion  49.0
$2 billion or less  1.2
Total  100.0

 

Fund profile

 as of 10/31/2017
Net assets  $1.59 billion
Number of holdings  131
Portfolio turnover rate  71%
Weighted median market capitalization  $14.17 billion
Price/earnings ratio (weighted 12-month trailing average)†  37.7

 

† Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.


 

TIAA-CREF Funds: Equity Funds  ■  2017 Annual Report 21
 

Mid-Cap Value Fund

 

Expense example

 

Six months ended October 31, 2017

Mid-Cap
Value Fund		  Beginning
account
value
(5/1/17)		  Ending
account
value
(10/31/17)		  Expenses
paid
during
period*
(5/1/17–
10/31/17)
Actual return         
Institutional Class  $1,000.00  $1,046.84  $2.01
Advisor Class  1,000.00  1,045.59  2.99
Premier Class  1,000.00  1,045.67  2.78
Retirement Class  1,000.00  1,045.42  3.30
Retail Class  1,000.00  1,044.92  3.50
5% annual hypothetical return         
Institutional Class  1,000.00  1,023.24  1.99
Advisor Class  1,000.00  1,022.28  2.96
Premier Class  1,000.00  1,022.48  2.75
Retirement Class  1,000.00  1,021.98  3.26
Retail Class  1,000.00  1,021.78  3.47

 

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 2017. The fund’s annualized six-month expense ratio for that period was 0.39% for the Institutional Class, 0.58% for the Advisor Class, 0.54% for the Premier Class, 0.64% for the Retirement Class and 0.68% for the Retail Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

 

For more information about this expense example, please see page 9.

 

Portfolio composition

Sector% of net assets
as of 10/31/2017
Financials  20.0
Industrials  12.9
Utilities  10.8
Energy  10.2
Real estate  9.0
Consumer discretionary  8.5
Information technology  8.1
Materials  7.4
Health care  6.2
Consumer staples  5.4
Telecommunication services  1.0
Short-term investments, other assets & liabilities, net  0.5
Total  100.0

Performance for the twelve months ended October 31, 2017

 

The Mid-Cap Value Fund returned 17.03% for the Institutional Class, compared with the 17.12% return of its benchmark, the Russell Midcap® Value Index. The table below shows returns for all share classes of the fund.

 

Steady economic growth powers U.S. stock gains

 

The U.S. economy generated solid growth during the twelve-month period, initially expanding at a slower rate before accelerating over the final six months. Unemployment continued to decline and ended the period at 4.1%—its lowest level in 17 years. Despite healthy economic growth and a robust labor market, the rate of inflation remained modest. Oil prices rose, and the U.S. dollar declined against most major currencies.

The U.S. presidential election in November 2016 gave equity markets an initial boost as investors anticipated new policies to stimulate the economy. Markets rose again later in the reporting period, responding to a supportive economy, low inflation and growing corporate profits. The Federal Reserve raised the federal funds target rate three times during the period, increasing this key short-term rate to 1.00%–1.25%. The Fed also said it would slowly reduce its large portfolio of bonds purchased to stimulate the economy after the 2008 financial crisis.

For the twelve months, the Russell 3000® Index, a broad measure of the U.S. stock market, gained 23.98%. Small-cap shares outpaced large caps, and large caps led mid caps. Growth stocks outperformed value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

For the ten years ended October 31, 2017, the mid-cap value asset class outperformed the broader market, as evidenced by the 7.90% return of the Russell Midcap Value Index, compared with the 7.61% average annual return of the Russell 3000 Index. The Russell Midcap Growth Index had an average annual return of 8.23% for the same period.

 

Performance as of October 31, 2017

Mid-Cap Value Fund        Total
return		  Average annual
total return		   Annual operating
expenses*		 
   Ticker  Inception
date		  1 year   5 years   10 years   gross   net 
Institutional Class  TIMVX  10/1/02   17.03%   13.24%   6.58%   0.41%   0.41%
Advisor Class  TRVHX  12/4/15   16.87    13.19†   6.56†   0.49    0.49 
Premier Class  TRVPX  9/30/09   16.81    13.06    6.45†   0.56    0.56 
Retirement Class  TRVRX  10/1/02   16.73    12.95    6.32    0.66    0.66 
Retail Class  TCMVX  10/1/02   16.70    12.89    6.31    0.71    0.71 
Russell Midcap Value Index     —   17.12    14.49    7.90    —    — 

 

The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.

 

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

 

* The gross and net annual operating expenses are taken from the fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement arrangements now in effect will continue through at least February 28, 2018, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.
† The performance shown for the Advisor and Premier classes that is prior to their respective inception dates is based on the performance of the fund’s Institutional Class. The performance for these periods has not been restated to reflect the higher expenses of the Advisor and Premier classes. If those higher expenses had been reflected, the performance of these two classes shown for these periods would have been lower.


 

22 2017 Annual Report   ■  TIAA-CREF Funds: Equity Funds
 

Four sectors post outsized gains

 

Eight of the eleven industry sectors in the Russell Midcap Value Index registered gains for the twelve months, with four achieving returns above 25.0%. With a 35.8% increase, information technology was the best-performing sector and a major contributor to the benchmark’s return for the period. Financials, the index’s largest sector, gained 31.5% and made the largest contribution to performance. Materials and industrials rose 28.0% and 27.7%, respectively, and also made meaningful return contributions. Together, these four sectors accounted for nearly one-half of the total market capitalization of the index on October 31, 2017.

The consumer staples sector returned –5.5% and had the largest negative impact on the benchmark’s results, followed by telecommunication services, a relatively small component that returned –15.3% amid slow growth and price competition. Energy was the remaining detractor, returning –1.9%.

For the twelve-month period, four of the benchmark’s five largest stocks generated returns that surpassed the overall performance of the index. These stocks were Marathon Petroleum, SunTrust Banks, real estate investment trust Prologis and forest products company Weyerhaeuser. Sempra Energy generated a double-digit gain but underperformed.

 

Fund performs broadly in line with the benchmark

 

The fund’s return nearly matched that of the index, as the negative effects of its various exposures relative to the index offset other positive effects. These negative effects included certain stock choices, most notably a nonbenchmark holding in Babcock & Wilcox. Shares of this power generation company fell sharply in response to losses in its renewable energy division. The next-largest detractors were overweights in JCPenney, whose profits were impacted by store closings and increased discounting, and energy producer Continental Resources, which faced concerns about its ability to generate cash flow.

On the positive side, relative results were aided by an overweight in Ameriprise Financial, which reported strong earnings growth in its wealth management unit. Other top contributors were nonbenchmark positions in CSX, a rail-based transportation provider that hired a new chief executive officer, and Lumentum, a manufacturer of fiber-optic components that benefited from the increasing use of its products in smartphones.

 

$10,000 over 10 years

 

Institutional Class

 

 

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by company size

Market
capitalization		% of equity investments
as of 10/31/2017
More than $50 billion  1.9
More than $15 billion–$50 billion  43.8
More than $2 billion–$15 billion  50.4
$2 billion or less  3.9
Total  100.0

 

Fund profile

 as of 10/31/2017
Net assets  $4.51 billion
Number of holdings  237
Portfolio turnover rate  26%
Weighted median market capitalization  $13.77 billion
Price/earnings ratio (weighted 12-month trailing average)†  28.2

 

† Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.


 

TIAA-CREF Funds: Equity Funds  ■  2017 Annual Report 23
 

Small-Cap Equity Fund

 

Expense example

 

Six months ended October 31, 2017

Small-Cap
Equity Fund		  Beginning
account
value
(5/1/17)		  Ending
account
value
(10/31/17)		  Expenses
paid
during
period*
(5/1/17–
10/31/17)
Actual return         
Institutional Class  $1,000.00  $1,082.07  $2.15
Advisor Class  1,000.00  1,081.63  2.47
Premier Class  1,000.00  1,081.49  2.94
Retirement Class  1,000.00  1,080.79  3.46
Retail Class  1,000.00  1,080.50  3.72
5% annual hypothetical return         
Institutional Class  1,000.00  1,023.14  2.09
Advisor Class  1,000.00  1,022.84  2.40
Premier Class  1,000.00  1,022.38  2.85
Retirement Class  1,000.00  1,021.88  3.36
Retail Class  1,000.00  1,021.63  3.62

 

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 2017. The fund’s annualized six-month expense ratio for that period was 0.41% for the Institutional Class, 0.47% for the Advisor Class, 0.56% for the Premier Class, 0.66% for the Retirement Class and 0.71% for the Retail Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

 

For more information about this expense example, please see page 9.

 

Portfolio composition

Sector% of net assets
as of 10/31/2017
Information technology  17.4
Financials  17.3
Industrials  15.0
Health care  14.0
Consumer discretionary  10.9
Real estate  6.3
Materials  4.9
Energy  4.3
Utilities  3.6
Consumer staples  2.9
Telecommunication services  0.9
Short-term investments, other assets & liabilities, net  2.5
Total  100.0

Performance for the twelve months ended October 31, 2017

 

The Small-Cap Equity Fund returned 28.64% for the Institutional Class, compared with the 27.85% return of its benchmark, the Russell 2000® Index. The table below shows returns for all share classes of the fund.

 

Steady economic growth powers U.S. stock gains

 

The U.S. economy generated solid growth during the twelve-month period, initially expanding at a slower rate before accelerating over the final six months. Unemployment continued to decline and ended the period at 4.1%—its lowest level in 17 years. Despite healthy economic growth and a robust labor market, the rate of inflation remained modest. Oil prices rose, and the U.S. dollar declined against most major currencies during the period.

The U.S. presidential election in November 2016 gave equity markets an initial boost as investors anticipated new policies to stimulate the economy. Markets rose again later in the reporting period, responding to a supportive economy, low inflation and growing corporate profits. The Federal Reserve raised the federal funds target rate three times during the period, increasing this key short-term rate to 1.00%–1.25%. The Fed also said it would slowly reduce its large portfolio of bonds purchased to stimulate the economy after the 2008 financial crisis. The price per barrel of West Texas Intermediate crude oil rose from nearly $47 on November 1, 2016, to just over $54 on October 31, 2017.

For the twelve months, the Russell 3000® Index, a broad measure of the U.S. stock market, gained 23.98%. Smaller stocks outperformed large-cap equities, and growth shares outgained value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

For the ten years ended October 31, 2017, the Russell 2000 Index had an average annual return of 7.63%, outperforming the 7.61% average annual gain of the Russell 3000 Index over the same period.

 

Performance as of October 31, 2017

Small-Cap Equity Fund        Total
return		  Average annual
total return		   Annual operating
expenses*		 
   Ticker  Inception
date		  1 year   5 years   10 years   gross   net 
Institutional Class  TISEX  10/1/02   28.64%   16.01%   8.30%   0.42%   0.42%
Advisor Class  TSCHX  12/4/15   28.51    15.96†   8.28†   0.51    0.51 
Premier Class  TSRPX  9/30/09   28.46    15.83    8.17†   0.57    0.57 
Retirement Class  TRSEX  10/1/02   28.29    15.71    8.03    0.67    0.67 
Retail Class  TCSEX  10/1/02   28.19    15.62    7.98    0.73    0.73 
Russell 2000 Index     —   27.85    14.49    7.63    —    — 

 

The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.

 

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

 

* The gross and net annual operating expenses are taken from the fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement arrangements now in effect will continue through at least February 28, 2018, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.
† The performance shown for the Advisor and Premier classes that is prior to their respective inception dates is based on the performance of the fund’s Institutional Class. The performance for these periods has not been restated to reflect the higher expenses of the Advisor and Premier classes. If those higher expenses had been reflected, the performance of these two classes shown for these periods would have been lower.


 

24 2017 Annual Report   ■  TIAA-CREF Funds: Equity Funds
 

Financials drive the benchmark’s return

 

Ten of the eleven industry sectors in the Russell 2000 Index delivered positive results for the twelve months. Financials, the most heavily weighted sector for the period, had the biggest impact, with a gain of 31.5%. Information technology and industrials, the next-largest sectors, rose 31.8% and 35.2%, respectively. Health care and consumer discretionary also made positive contributions, advancing 35.6% and 19.9%, accordingly. Together, these five sectors represented nearly 75.0% of the benchmark’s total market capitalization on October 31, 2017.

Energy was the worst-performing component with a return of –7.3%. However, the sector’s weighting was only 3.3%.

For the twelve-month period, all of the benchmark’s five largest stocks generated returns that surpassed the overall performance of the index. Medical diagnostics firm Exact Sciences, biotechnology company bluebird bio, and process control solutions provider MKS Instruments all generated triple-digit gains. Drug delivery technology and development firm Catalent and Sterling Bancorp posted sizable double-digit returns.

 

Fund produces sizable gains, surpasses benchmark

 

Overweight positions in several strong-performing stocks helped the fund to outperform its benchmark during the period. The top contributor was an overweight in oncology drug maker Spectrum Pharmaceuticals, which posted triple-digit returns after announcing positive research results for its lung cancer drug. Next was an overweight position in Grand Canyon Education, which provides online post-secondary education services, followed by an overweight to biopharmaceutical firm FibroGen, both of which also notched triple-digit returns.

These positive effects were modestly offset by the fund’s investment in network visibility and traffic monitoring technology provider Gigamon, which declined during the period. Not owning strong-performing index component Exact Sciences also detracted, as did an overweight position in poorly performing ethanol producer Green Plains.

 

$10,000 over 10 years

 

Institutional Class

 

 

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by company size

Market
capitalization		% of equity investments
as of 10/31/2017
More than $15 billion–$50 billion  0.8
More than $2 billion–$15 billion  63.9
$2 billion or less  35.3
Total  100.0

 

Fund profile

 as of 10/31/2017
Net assets  $3.80 billion
Number of holdings  300
Portfolio turnover rate  81%
Weighted median market capitalization  $2.49 billion
Price/earnings ratio (weighted 12-month trailing average)†  38.0

 

† Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.


 

TIAA-CREF Funds: Equity Funds  ■  2017 Annual Report 25
 

Small/Mid-Cap Equity Fund

 

Expense example

 

Six months ended October 31, 2017

Smal/Mid-Cap
Equity Fund		  Beginning
account
value
(5/1/17)		  Ending
account
value
(10/31/17)		  Expenses
paid
during
period*
(5/1/17–
10/31/17)
Actual return         
Institutional Class  $1,000.00  $1,098.49  $2.64
Advisor Class  1,000.00  1,097.60  2.59
Premier Class  1,000.00  1,097.69  3.28
Retirement Class  1,000.00  1,096.89  3.91
Retail Class  1,000.00  1,096.09  4.49
5% annual hypothetical return         
Institutional Class  1,000.00  1,022.68  2.55
Advisor Class  1,000.00  1,022.74  2.50
Premier Class  1,000.00  1,022.08  3.16
Retirement Class  1,000.00  1,021.48  3.77
Retail Class  1,000.00  1,020.92  4.33

 

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 2017. The fund’s annualized six-month expense ratio for that period was 0.50% for the Institutional Class, 0.49% for the Advisor Class, 0.62% for the Premier Class, 0.74% for the Retirement Class and 0.85% for the Retail Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

 

For more information about this expense example, please see page 9.

 

Portfolio composition

Sector% of net assets
as of 10/31/2017
Industrials  18.0
Information technology  16.4
Financials  14.7
Consumer discretionary  14.5
Health care  10.9
Real estate  8.5
Materials  5.6
Energy  4.4
Consumer staples  3.8
Utilities  2.8
Telecommunication services  0.1
Short-term investments, other assets & liabilities, net  0.3
Total  100.0

Performance for the twelve months ended October 31, 2017

 

The Small/Mid-Cap Equity Fund returned 28.83% for the Institutional Class, compared with the 24.68% return of its benchmark, the Russell 2500® Index. The table below shows returns for all share classes of the fund.

 

Steady economic growth powers U.S. stock gains

 

The U.S. economy generated solid growth during the twelve-month period, initially expanding at a slower rate before accelerating over the final six months. Unemployment continued to decline and ended the period at 4.1%—its lowest level in 17 years. Despite healthy economic growth and a robust labor market, the rate of inflation remained modest. Oil prices rose, and the U.S. dollar declined against most major currencies during the period.

The U.S. presidential election in November 2016 gave equity markets an initial boost as investors anticipated new policies to stimulate the economy. Markets rose again later in the reporting period, responding to a supportive economy, low inflation and growing corporate profits. The Federal Reserve raised the federal funds target rate three times during the period, increasing this key short-term rate to 1.00%–1.25%. The Fed also said it would slowly reduce its large portfolio of bonds purchased to stimulate the economy after the 2008 financial crisis. The price per barrel of West Texas Intermediate crude oil rose from nearly $47 on November 1, 2016, to just over $54 on October 31, 2017.

For the twelve months, the Russell 3000® Index, a broad measure of the U.S. stock market, gained 23.98%. Smaller stocks outperformed large-cap equities, and growth shares outgained value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

 

Performance as of October 31, 2017

Small/Mid-Cap Equity Fund        Total
return		  Average annual
total return		  Annual operating
expenses*
   Ticker  Inception
date		  1 year   since
inception		   gross   net 
Institutional Class  TSMWX  8/5/16   28.83%   19.02%   0.51%   0.51%
Advisor Class  TSMNX  8/5/16   28.81    18.91    0.60    0.60 
Premier Class  TSMMX  8/5/16   28.68    18.81    0.66    0.66 
Retirement Class  TSMOX  8/5/16   28.47    18.65    0.76    0.76 
Retail Class  TSMEX  8/5/16   28.21    18.46    0.90    0.90 
Russell 2500 Index     —   24.68    16.42†   —    — 

 

The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.

 

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

 

* The gross and net annual operating expenses are taken from the fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement arrangements now in effect will continue through at least February 28, 2018, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.
† Performance is calculated from the inception date of the Institutional Class.


 

26 2017 Annual Report   ■  TIAA-CREF Funds: Equity Funds
 

Information technology stocks shine, energy shares lose ground

 

All but two of the eleven industry sectors in the Russell 2500 Index produced positive results for the twelve months. Information technology, the index’s second-largest sector for the period, performed best with a gain of 34.9%. Health care advanced 31.6% and industrials, the third-largest sector, gained 31.5%. Financials, the index’s largest sector, rose 30.7%, while consumer discretionary gained 19.5%. Together, these five sectors made up 70.3% of the index.

Among the sectors that lost value, energy declined 9.6% and consumer staples fell 2.4%.

For the twelve-month period, each of the benchmark’s five largest stocks generated returns that surpassed the overall performance of the index. Cboe Global Markets, which owns financial trading markets, and United Rentals, an equipment rental company, both topped the index by more than three times. Cadence Design Systems, a software company, and online broker E*TRADE Financial each more than doubled the return of the index over the period. Xylem, a water technology company, also outperformed the index by a wide margin.

 

The fund outperforms its benchmark

 

For the period, the fund outperformed its benchmark primarily as a result of overweight positions in stocks that posted strong gains. The fund benefited most from overweights in Tronox and Green Dot. Tronox, a metals mining company, got a boost from rising revenues and profits, while Green Dot, an issuer of prepaid credit cards, reported sales and earnings above expectations in each of the first three quarters of calendar year 2017. An overweight position in Square, which offers point-of-sale services to retailers, also helped the fund’s relative performance.

Those benefits to the fund were offset in part by an overweight position in Whiting Petroleum, an independent oil producer that lost money through the first nine months of 2017. Overweight positions in Clean Energy Fuels and discount retailer Fred’s also hindered the fund’s relative returns.

 

$10,000 invested at fund’s inception

 

Institutional Class (inception August 5, 2016)

 

 

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by company size

Market
capitalization		% of equity investments
as of 10/31/2017
More than $15 billion–$50 billion  0.3
More than $2 billion–$15 billion  70.5
$2 billion or less  29.2
Total  100.0

 

Fund profile

 as of 10/31/2017
Net assets  $0.68 billion
Number of holdings  369
Portfolio turnover rate  84%
Weighted median market capitalization  $3.97 billion
Price/earnings ratio (weighted 12-month trailing average)†  23.0

 

† Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.


 

TIAA-CREF Funds: Equity Funds  ■  2017 Annual Report 27
 

Social Choice Equity Fund

 

Expense example

 

Six months ended October 31, 2017

Social Choice
Equity Fund		  Beginning
account
value
(5/1/17)		  Ending
account
value
(10/31/17)		  Expenses
paid
during
period*
(5/1/17–
10/31/17)
Actual return         
Institutional Class  $1,000.00  $1,092.20  $0.95
Advisor Class  1,000.00  1,092.26  0.95
Premier Class  1,000.00  1,091.38  1.74
Retirement Class  1,000.00  1,090.91  2.27
Retail Class  1,000.00  1,090.22  2.42
5% annual hypothetical return         
Institutional Class  1,000.00  1,024.30  0.92
Advisor Class  1,000.00  1,024.30  0.92
Premier Class  1,000.00  1,023.54  1.68
Retirement Class  1,000.00  1,023.04  2.19
Retail Class  1,000.00  1,022.89  2.35

 

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 2017. The fund’s annualized six-month expense ratio for that period was 0.18% for the Institutional Class, 0.18% for the Advisor Class, 0.33% for the Premier Class, 0.43% for the Retirement Class and 0.46% for the Retail Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

 

For more information about this expense example, please see page 9.

 

Portfolio composition

Sector% of net assets
as of 10/31/2017
Information technology  22.3
Financials  15.8
Health care  13.1
Consumer discretionary  11.9
Industrials  11.3
Consumer staples  7.0
Energy  5.7
Real estate  3.9
Materials  3.7
Utilities  3.1
Telecommunication services  1.6
Short-term investments, other assets & liabilities, net  0.6
Total  100.0

Performance for the twelve months ended October 31, 2017

 

The Social Choice Equity Fund returned 23.79% for the Institutional Class, compared with the 23.98% return of its benchmark, the Russell 3000® Index. The table below shows returns for all share classes of the fund. The fund utilizes environmental, social and governance (ESG) criteria, while the benchmark does not.

 

Fund’s performance is held back by expenses

 

Because of its ESG criteria, the fund did not invest in a number of stocks included in the Russell 3000 Index. Avoiding these companies produced mixed results during the twelve-month period, but the net effect was to slightly increase the fund’s return relative to that of its benchmark. However, the fund slightly lagged its benchmark for the period due to expenses.

A number of stocks the fund avoided detracted from relative performance. Chief among them were Apple, Bank of America and JPMorgan Chase. Apple’s stock rose significantly during the twelve-month period largely on investor enthusiasm for new versions of the iPhone and increasing sales for iPads, Mac computers and Apple’s services. Stocks of large U.S. banks did well over the period, helped by improving efficiency driven by investments into mobile and online banking platforms. Bank of America and JPMorgan Chase, in particular, saw revenue growth that was higher than that of their peers. In addition, year-over-year earnings for the most recent quarter rose for Bank of America and JPMorgan Chase.

 

Certain excluded stocks aid the fund’s return versus its benchmark

 

On the positive side, excluding General Electric, Exxon Mobil and AT&T significantly contributed to the fund’s relative performance. A steep decline in General Electric’s stock was precipitated by a stream of bad news, including

 

Performance as of October 31, 2017

Social Choice Equity Fund        Total
return		  Average annual
total return		  Annual operating
expenses*
   Ticker  Inception
date		  1 year   5 years   10 years   gross   net 
Institutional Class  TISCX  7/1/99   23.79%   14.62%   7.39%   0.19%   0.19%
Advisor Class  TICHX  12/4/15   23.79    14.61†   7.39†   0.28    0.28 
Premier Class  TRPSX  9/30/09   23.58    14.45    7.25†   0.34    0.34 
Retirement Class  TRSCX  10/1/02   23.50    14.34    7.12    0.44    0.44 
Retail Class  TICRX  3/31/06   23.46    14.30    7.14    0.46    0.46 
Russell 3000 Index     —   23.98    15.12    7.61    —    — 

 

The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.

 

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

 

* The gross and net annual operating expenses are taken from the fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement arrangements now in effect will continue through at least February 28, 2018, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.
† The performance shown for the Advisor and Premier classes that is prior to their respective inception dates is based on the performance of the fund’s Institutional Class. The performance for these periods has not been restated to reflect the higher expenses of the Advisor and Premier classes. If those higher expenses had been reflected, the performance of these two classes shown for these periods would have been lower.


 

28 2017 Annual Report   ■  TIAA-CREF Funds: Equity Funds
 

weak earnings, the announced early departure of CEO Jeff Immelt and the possibility of a dividend cut. Exxon Mobil endured a tough year for oil and gas companies, during which weaker-than-expected earnings disappointed investors. U.S. wireless carrier AT&T lost more video subscribers than expected due to intense competition in the pay-TV space and the impact of recent hurricanes.

 

Fund slightly underperforms its benchmark

 

To compensate for the exclusion of some stocks within the Russell 3000 Index, the fund’s managers use quantitative (mathematical) modeling and other techniques in an attempt to match the overall investment characteristics of the portfolio with those of its index and to manage risk.

Among the fund’s investments, overweight allocations to three stocks—Discovery Communications, Kraft Heinz and General Mills—were the primary detractors from relative performance. Education media distributor Discovery Communications missed earnings estimates for three consecutive quarters as growth slowed and subscriber losses mounted. Shrinking supermarket shelf space and consumers’ growing preference for fresh, healthy food led to declining sales for consumer staples companies Kraft Heinz and General Mills.

Conversely, a number of the fund’s holdings contributed to its double-digit gain for the period. Notable contributions came from overweight positions in NVIDIA, Applied Materials and Anthem. Information technology company NVIDIA’s stock soared on strength in the company’s core gaming business and rapid adoption of its products for artificial intelligence, self-driving cars and cryptocurrencies, such as Bitcoin. The share price of semiconductor giant Applied Materials climbed as the company reported record sales and the announcement of a new approach to chip design. Health care company Anthem reported increased profits, helped by higher insurance premiums and stronger Medicare and Medicaid enrollment.

 

$10,000 over 10 years

 

Institutional Class

 

 

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by company size

Market
capitalization		% of equity investments
as of 10/31/2017
More than $50 billion  47.5
More than $15 billion–$50 billion  33.5
More than $2 billion–$15 billion  15.1
$2 billion or less  3.9
Total  100.0

 

Fund profile

 as of 10/31/2017
Net assets  $2.85 billion
Number of holdings  780
Portfolio turnover rate  14%
Weighted median market capitalization  $47.25 billion
Price/earnings ratio (weighted 12-month trailing average)†  27.0

 

† Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.


 

TIAA-CREF Funds: Equity Funds  ■  2017 Annual Report 29
 

Social Choice Low Carbon Equity Fund

 

Expense example

 

Six months ended October 31, 2017

Social Choice
Low Carbon
Equity Fund		  Beginning
account
value
(5/1/17)		  Ending
account
value
(10/31/17)		  Expenses
paid
during
period*
(5/1/17–
10/31/17)
Actual return         
Institutional Class  $1,000.00  $1,091.70  $1.69
Advisor Class  1,000.00  1,090.83  2.27
Premier Class  1,000.00  1,090.67  2.48
Retirement Class  1,000.00  1,091.07  3.00
Retail Class  1,000.00  1,090.11  3.42
5% annual hypothetical return         
Institutional Class  1,000.00  1,023.59  1.63
Advisor Class  1,000.00  1,023.04  2.19
Premier Class  1,000.00  1,022.84  2.40
Retirement Class  1,000.00  1,022.33  2.91
Retail Class  1,000.00  1,021.93  3.31

 

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 2017. The fund’s annualized six-month expense ratio for that period was 0.32% for the Institutional Class, 0.43% for the Advisor Class, 0.47% for the Premier Class, 0.57% for the Retirement Class and 0.65% for the Retail Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

 

For more information about this expense example, please see page 9.

 

Portfolio composition

Sector% of net assets
as of 10/31/2017
Information technology  22.6
Financials  16.2
Health care  12.9
Consumer discretionary  11.8
Industrials  11.4
Consumer staples  7.1
Energy  5.3
Real estate  3.8
Materials  3.6
Utilities  3.1
Telecommunication services  1.6
Short-term investments, other assets & liabilities, net  0.6
Total  100.0

Performance for the twelve months ended October 31, 2017

 

The Social Choice Low Carbon Equity Fund returned 24.33% for the Institutional Class, compared with the 23.98% return of its benchmark, the Russell 3000® Index. The table below shows returns for all share classes of the fund. The fund utilizes environmental, social and governance (ESG) criteria, while the benchmark does not.

 

Excluding some stocks lifts the fund’s return above its benchmark

 

Because of its ESG criteria, the fund did not invest in a number of stocks included in the Russell 3000 Index. Avoiding these companies produced mixed results during the twelve-month period, but the net effect was to increase the fund’s return relative to that of its benchmark.

Excluding certain stocks boosted the fund’s relative performance. Chief among them were General Electric, Exxon Mobil and AT&T. General Electric suffered from a stream of bad news, including weak earnings, the announced early departure of CEO Jeff Immelt and the possibility of a dividend cut. Exxon Mobil endured a tough year for oil and gas companies, during which weaker-than-expected earnings disappointed investors. U.S. wireless carrier AT&T lost more video subscribers than expected due to intense competition in the pay-TV space and the impact of recent hurricanes.

 

Certain stock exclusions detract from the fund’s relative performance

 

Key detractors among excluded stocks were Apple, Bank of America and JPMorgan Chase. Apple benefited from investor enthusiasm for new versions of the iPhone and increasing sales for iPads, Mac computers and Apple’s services. Stocks of large U.S. banks performed well, helped by improved efficiency that was driven by investments in mobile and online banking platforms. Revenue growth for Bank of

 

Performance as of October 31, 2017

Social Choice Low Carbon
Equity Fund		        Total
return		  Average annual
total return		  Annual operating
expenses*
   Ticker  Inception
date		  1 year   since
inception		   gross   net 
Institutional Class  TNWCX  8/7/15   24.33%   12.24%   0.65%   0.32%
Advisor Class  TCCHX  12/4/15   24.21    12.18†   0.74    0.41 
Premier Class  TPWCX  8/7/15   24.12    12.08    0.82    0.47 
Retirement Class  TEWCX  8/7/15   23.99    11.97    0.91    0.57 
Retail Class  TLWCX  8/7/15   23.81    11.87    0.97    0.65 
Russell 3000 Index     —   23.98    12.04†   —    — 

 

The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.

 

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

 

* The gross and net annual operating expenses are taken from the fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement arrangements now in effect will continue through at least February 28, 2018, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.
† The performance shown for the Advisor Class that is prior to its inception date is based on the performance of the fund’s Institutional Class. The performance for these periods has not been restated to reflect the higher expenses of the Advisor Class. If those higher expenses had been reflected, the performance of the Advisor Class shown for these periods would have been lower.
‡ Performance is calculated from the inception date of the Institutional Class.


 

30 2017 Annual Report   ■  TIAA-CREF Funds: Equity Funds
 

America and JPMorgan Chase was higher than that of their peers. In addition, earnings for the most recent quarter rose for Bank of America and JPMorgan Chase compared to the previous year.

 

Choosing to overweight some stocks helps the fund outperform

 

To compensate for the exclusion of some stocks within the Russell 3000 Index, the fund’s managers use quantitative (mathematical) modeling and other techniques in an attempt to match the overall investment characteristics of the portfolio with those of the index and to manage risk.

Leading contributors among the fund’s holdings were overweight positions in NVIDIA, Applied Materials and Caterpillar. Information technology company NVIDIA saw strength in its core gaming business and rapid adoption of products for artificial intelligence, self-driving cars and cryptocurrencies like Bitcoin. Shares of semiconductor giant Applied Materials benefited from record sales and the announcement of a new approach to chip design. Equipment manufacturer Caterpillar gained as the environment for industrial companies improved and metal prices rebounded.

Partly offsetting contributions from these investments were overweight positions in Schlumberger, Kraft Heinz and Baker Hughes, a GE company. Energy giant Schlumberger reported that revenue was below investors’ expectations due to weakness in the company’s international business. Shrinking supermarket shelf space and consumers’ growing preference for fresh, healthy food led to declining sales for consumer staples company Kraft Heinz. The merger of General Electric’s oilfield services division with Baker Hughes created a combined company that began trading on the New York Stock Exchange under a new ticker, BHGE. On the first day of trading, BHGE shares opened lower due to a one-time dividend payment of $17.50 per share.

 

$10,000 invested at fund’s inception

 

Institutional Class (inception August 7, 2015)

 

 

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by company size

Market
capitalization		% of equity investments
as of 10/31/2017
More than $50 billion  48.7
More than $15 billion–$50 billion  31.2
More than $2 billion–$15 billion  16.8
$2 billion or less  3.3
Total  100.0

 

Fund profile

 as of 10/31/2017
Net assets  $0.09 billion
Number of holdings  630
Portfolio turnover rate  16%
Weighted median market capitalization  $49.66 billion
Price/earnings ratio (weighted 12-month trailing average)†  27.0

 

† Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.


 

TIAA-CREF Funds: Equity Funds  ■  2017 Annual Report 31
 

Emerging Markets Equity Fund

 

Expense example

 

Six months ended October 31, 2017

Emerging Markets
Equity Fund		  Beginning
account
value
(5/1/17)		  Ending
account
value
(10/31/17)		  Expenses
paid
during
period*
(5/1/17–
10/31/17)
Actual return         
Institutional Class  $1,000.00  $1,174.11  $4.99
Advisor Class  1,000.00  1,173.36  5.48
Premier Class  1,000.00  1,173.36  5.81
Retirement Class  1,000.00  1,171.85  6.35
Retail Class  1,000.00  1,171.69  6.95
5% annual hypothetical return         
Institutional Class  1,000.00  1,020.62  4.63
Advisor Class  1,000.00  1,020.16  5.09
Premier Class  1,000.00  1,019.86  5.40
Retirement Class  1,000.00  1,019.36  5.90
Retail Class  1,000.00  1,018.80  6.46

 

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 2017. The fund’s annualized six-month expense ratio for that period was 0.91% for the Institutional Class, 1.00% for the Advisor Class, 1.06% for the Premier Class, 1.16% for the Retirement Class and 1.27% for the Retail Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

 

For more information about this expense example, please see page 9.

 

Portfolio composition

Sector% of net assets
as of 10/31/2017
Information technology  29.4
Consumer discretionary  22.7
Financials  19.3
Consumer staples  7.6
Energy  5.0
Telecommunication services  4.6
Materials  3.4
Industrials  2.6
Real estate  2.1
Health care  1.4
Short-term investments, other assets & liabilities, net  1.9
Total  100.0

Performance for the twelve months ended October 31, 2017

 

The Emerging Markets Equity Fund returned 34.55% for the Institutional Class, compared with the 26.45% return of its benchmark, the MSCI Emerging Markets Index. The table below shows returns for all share classes of the fund.

 

Emerging markets stocks outpace foreign developed and U.S. equities

 

The MSCI Emerging Markets Index solidly outperformed the 23.44% return of the MSCI EAFE Index, which measures stock performance in 21 developed-market nations outside North America, as well as the 23.98% return of the Russell 3000® Index, a measure of the broad U.S. stock market.

After struggling for several years against a strong U.S. dollar, declining commodity prices, weak profits and tepid earnings growth, emerging markets rallied sharply during the twelve-month period. Many countries experienced economic improvement due to the accommodative monetary policies of their central banks. Structural reforms helped boost corporate profitability, while subdued inflation and low interest rates around the world encouraged capital spending.

At the same time, the prices for oil and other commodities such as copper moved higher, improving the fundamental backdrop for commodity-based developing nations. A weaker U.S. dollar was also beneficial, as many foreign currencies appreciated versus the dollar during the period.

Despite episodes of weakness—especially during September, when North Korea’s nuclear weapons testing rattled global markets—emerging-markets stocks rallied in October, and the MSCI Emerging Markets Index produced substantial gains for the twelve months.

 

Poland and China surge, lead benchmark performance

 

All but two of the nations in the MSCI Emerging Markets Index posted positive results for the twelve months. Poland, one of the smaller components in the index

 

Performance as of October 31, 2017

Emerging Markets
Equity Fund		        Total
return		   Average annual
total return		   Annual operating
expenses*		 
   Ticker  Inception
date		  1 year   5 years   since
inception		   gross   net 
Institutional Class  TEMLX  8/31/10   34.55%   5.35%   4.46%   0.94%   0.94%
Advisor Class  TEMHX  12/4/15   34.45    5.31†   4.43†   1.02    1.02 
Premier Class  TEMPX  8/31/10   34.32    5.19    4.31    1.09    1.09 
Retirement Class  TEMSX  8/31/10   34.14    5.09    4.19    1.19    1.19 
Retail Class  TEMRX  8/31/10   34.04    4.94    4.04    1.36    1.34 
MSCI Emerging Markets Index     —   26.45    4.83    4.50†   —    — 

 

The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.

 

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

 

* The gross and net annual operating expenses are taken from the fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement arrangements now in effect will continue through at least February 28, 2018, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.
† The performance shown for the Advisor Class that is prior to its inception date is based on the performance of the fund’s Institutional Class. The performance for these periods has not been restated to reflect the higher expenses of the Advisor Class. If those higher expenses had been reflected, the performance of the Advisor Class shown for these periods would have been lower.
‡ Performance is calculated from the inception date of the Institutional Class.


 

32 2017 Annual Report   ■  TIAA-CREF Funds: Equity Funds
 

for the period, had the largest return, gaining 51.1%, as consumer spending and consumer confidence in the country improved. China—the largest benchmark constituent, representing more than one-quarter of the index’s total market capitalization on October 31, 2017—had the second-highest return, climbing 41.1% on positive economic data and healthy earnings growth. Stocks in Hungary and in South Korea, which was the index’s second-largest country component, each climbed more than 40.0%. Peru also performed well, advancing 38.9%.

Egypt and Qatar, which made up less than 1.0% of the benchmark (combined), were the only two countries in the MSCI Emerging Markets Index to have negative returns, falling 25.1% and 14.8%, respectively.

 

Fund gains substantially, surpasses its benchmark

 

The fund outperformed its benchmark by a considerable margin, mostly as a result of favorable out-of-benchmark stock allocations. Three out-of-benchmark positions—Via Varejo, a Brazil-based household appliance and electronics retailer; Hong Kong casino operator Melco Resorts & Entertainment; and Chinese department store chain Intime Retail Group, which was acquired by Alibaba—were the largest contributors to the fund’s performance relative to the benchmark, respectively. By contrast, an underweight position in Tencent Holdings, a Chinese telecommunication services company, hurt the fund’s relative return the most, as the stock soared during the period. Positioning in two technology stocks—an overweight in Vipshop Holdings and an underweight in Samsung Electronics—also limited the fund’s result versus the benchmark.

The fund’s returns may sometimes diverge from the returns of its benchmark more than would be expected. This divergence may be the result of the fund’s fair value pricing adjustments or of the timing of foreign currency valuations.

Many foreign exchanges close for trading before the fund’s net asset value (NAV) is calculated (see the fund’s current prospectus for more details on NAV calculations). In the intervening hours, the values of foreign securities can change, and these changes are not reflected immediately in the returns of the fund’s benchmark. These changes are, however, taken into account to value the fund’s portfolio holdings at the time the fund’s NAV is calculated; these are known as fair value pricing adjustments.

 

$10,000 invested at fund’s inception

 

Institutional Class (inception August 31, 2010)

 

 

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by country

 % of portfolio investments
as of 10/31/2017
China  25.1
Korea, Republic of  9.8
Taiwan  8.7
South Africa  7.6
Brazil  7.3
Russia  6.2
India  6.1
Uruguay  4.6
Argentina  4.1
Hong Kong  2.9
14 other nations  14.7
Short-term investments  2.9
Total  100.0

 

Holdings by company size

Market
capitalization		% of equity investments
as of 10/31/2017
More than $50 billion  42.3
More than $15 billion–$50 billion  16.2
More than $2 billion–$15 billion  28.7
$2 billion or less  12.8
Total  100.0

 

Fund profile

 as of 10/31/2017
Net assets  $1.44 billion
Number of holdings  76
Portfolio turnover rate  152%
Weighted median market capitalization  $26.48 billion
Price/earnings ratio (weighted 12-month trailing average)†  23.7

 

† Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.


 

TIAA-CREF Funds: Equity Funds  ■  2017 Annual Report 33
 

Enhanced International Equity Index Fund

 

Expense example

 

Six months ended October 31, 2017

Enhanced
International
Equity
Index Fund		  Beginning
account
value
(5/1/17)		  Ending
account
value
(10/31/17)		  Expenses
paid
during
period*
(5/1/17–
10/31/17)
Actual return         
Institutional Class  $1,000.00  $1,122.31  $2.14
Advisor Class  1,000.00  1,122.31  3.00
5% annual hypothetical return         
Institutional Class  1,000.00  1,023.19  2.04
Advisor Class  1,000.00  1,022.38  2.85

 

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 2017. The fund’s annualized six-month expense ratio for that period was 0.40% for the Institutional Class and 0.56% for the Advisor Class. The expense charges of the fund may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the fund would be higher and its performance lower.

 

For more information about this expense example, please see page 9.

 

Portfolio composition

Sector% of net assets
as of 10/31/2017
Financials  21.6
Industrials  14.4
Consumer discretionary  12.0
Consumer staples  10.9
Health care  9.9
Materials  8.0
Information technology  6.5
Energy  5.2
Telecommunication services  4.1
Real estate  3.5
Utilities  3.3
Short-term investments, other assets & liabilities, net  0.6
Total  100.0

Performance for the twelve months ended October 31, 2017

 

The Enhanced International Equity Index Fund returned 24.93% for the Institutional Class, compared with the 23.44% return of its benchmark, the MSCI EAFE Index. The table below shows returns for all share classes of the fund.

 

Global economic growth drives international stocks higher

 

Foreign equity markets trailed domestic stocks early in the twelve-month period due to a strong post-election rally in the U.S. But steady economic growth around the world helped international stocks outperform U.S. shares over the first ten months of calendar year 2017. The 19-nation eurozone grew at a year-on-year rate of 2.5% during the third calendar quarter of 2017, according to a preliminary estimate—its best performance in six years. Most emerging-markets economies performed well, helped by an increase in oil prices during the period.

Central bankers around the world took note of global economic growth during the period. The U.S. Federal Reserve raised the federal funds target rate three times, increasing the key short-term rate to 1.00%–1.25%. The European Central Bank decided to maintain its policy of buying bonds to stimulate growth, but it signaled plans to reduce purchases in 2018.

For the twelve months, the MSCI EAFE index, which measures stock performance in 21 developed-market nations outside North America, nearly matched the 23.98% gain of the broad U.S. stock market, as measured by the Russell 3000® Index. The MSCI Emerging Markets Index advanced 26.45%. For the ten years ended October 31, 2017, the MSCI EAFE’s average annual gain was 1.10%, compared with the 7.61% average annual return of the Russell 3000 Index.

 

Currency translation lifts the benchmark’s U.S.-dollar return

 

In local currency terms, the EAFE index gained 21.11% for the period. Translating currencies into U.S. dollars boosted returns for most EAFE index country constituents. An exception was Japan, the largest constituent at 23.8%. Japan

 

Performance as of October 31, 2017

Enhanced International
Equity Index Fund		        Total
return		  Average annual
total return		  Annual operating
expenses*
   Ticker  Inception
date		  1 year   5 years   since
inception		   gross   net 
Institutional Class  TFIIX  11/30/07   24.93%   9.36%   1.69%   0.41%   0.41%
Advisor Class  TEIEX  12/4/15   24.89    9.35†   1.68†   0.51    0.51 
MSCI EAFE Index     —   23.44    8.53    1.45†   —    — 

 

The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.

 

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

 

* The gross and net annual operating expenses are taken from the fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement arrangements now in effect will continue through at least February 28, 2018, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.
† The performance shown for the Advisor Class that is prior to its inception date is based on the performance of the fund’s Institutional Class. The performance for these periods has not been restated to reflect the higher expenses of the Advisor Class. If those higher expenses had been reflected, the performance of the Advisor Class shown for these periods would have been lower.
‡ Performance is calculated from the inception date of the Institutional Class.


 

34 2017 Annual Report   ■  TIAA-CREF Funds: Equity Funds
 

returned 27.4% in yen, but 17.8% in U.S.-dollar terms. The EAFE index’s next-largest constituents at period-end were the United Kingdom, at 17.6%, France, at 10.7% and Germany, at 9.8%. These markets gained 21.6%, 33.4% and 30.0%, respectively, in U.S.-dollar terms.

 

Stock selection helps the fund outperform its benchmark

 

The fund’s enhanced indexing strategy uses quantitative (mathematical) modeling techniques in an attempt to construct a portfolio that resembles the risk characteristics of the fund’s benchmark index while seeking to outperform that index. In terms of portfolio holdings, the fund diverges from its benchmark more than a fund that uses a pure indexing strategy.

For the twelve-month period, stocks chosen by the enhanced indexing methodology produced mixed results, but the net effect was that the fund outperformed its benchmark. The key contributor was an overweight position in Swiss drug developer Actelion, which benefited from an acquisition by Johnson & Johnson in June. An underweight allocation to Israeli drug maker Teva was the next-largest contributor, followed by an overweight investment in high-performance plastics manufacturer Covestro.

Some of the fund’s allocations partially offset these contributions. Namely, substantially overweight allocations to iron ore producer Fortescue and Japan Tobacco detracted, as did an underweight investment in commodities trader Glencore.

The fund’s returns may sometimes diverge from the returns of its benchmark more than would be expected. This divergence may be the result of the fund’s fair value pricing adjustments or of the timing of foreign currency valuations.

Many foreign exchanges close for trading before the fund’s net asset value (NAV) is calculated (see the fund’s current prospectus for more details on NAV calculations). In the intervening hours, the values of foreign securities can change, and these changes are not reflected immediately in the returns of the fund’s benchmark. These changes are, however, taken into account to value the fund’s portfolio holdings at the time the fund’s NAV is calculated; these are known as fair value pricing adjustments.

 

$10,000 invested at fund’s inception

 

Institutional Class (inception November 30, 2007)

 

 

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by country

 % of portfolio investments
as of 10/31/2017
Japan  23.4
United Kingdom  15.4
Germany  10.1
France  9.8
Switzerland  8.3
Australia  7.3
Spain  3.7
Netherlands  3.5
Hong Kong  3.4
Sweden  2.6
15 other nations  10.9
Short-term investments  1.6
Total  100.0

 

Holdings by company size

Market
capitalization		% of equity investments
as of 10/31/2017
More than $50 billion  39.7
More than $15 billion–$50 billion  38.4
More than $2 billion–$15 billion  21.9
Total  100.0

 

Fund profile

 as of 10/31/2017
Net assets  $1.89 billion
Number of holdings  261
Portfolio turnover rate  106%
Weighted median market capitalization  $33.76 billion
Price/earnings ratio (weighted 12-month trailing average)†  16.3

 

† Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.


 

TIAA-CREF Funds: Equity Funds  ■  2017 Annual Report 35
 

Global Natural Resources Fund

 

Expense example

 

Six months ended October 31, 2017

Global Natural
Resources Fund		  Beginning
account
value
(5/1/17)		  Ending
account
value
(10/31/17)		  Expenses
paid
during
period*
(5/1/17–
10/31/17)
Actual return         
Institutional Class  $1,000.00  $1,035.62  $3.08
Advisor Class  1,000.00  1,034.31  3.90
Premier Class  1,000.00  1,034.35  3.95
Retirement Class  1,000.00  1,033.08  4.51
Retail Class  1,000.00  1,034.44  5.18
5% annual hypothetical return         
Institutional Class  1,000.00  1,022.18  3.06
Advisor Class  1,000.00  1,021.37  3.87
Premier Class  1,000.00  1,021.32  3.92
Retirement Class  1,000.00  1,020.77  4.48
Retail Class  1,000.00  1,020.11  5.14

 

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 2017. The fund’s annualized six-month expense ratio for that period was 0.60% for the Institutional Class, 0.76% for the Advisor Class, 0.77% for the Premier Class, 0.88% for the Retirement Class and 1.01% for the Retail Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

 

For more information about this expense example, please see page 9.

 

Portfolio composition

Sector% of net assets
as of 10/31/2017
Materials  54.8
Energy  34.6
Consumer staples  8.4
Short-term investments, other assets & liabilities, net  2.2
Total  100.0

Performance for the twelve months ended October 31, 2017

 

The Global Natural Resources Fund returned 9.49% for the Institutional Class, compared with the 20.52% return of its benchmark, the MSCI All Country World Commodity Producers Sector Capped Index. The table below shows returns for all share classes of the fund.

 

Despite volatility, global commodity prices increase

 

During the period, the MSCI All Country World Commodity Producers Sector Capped Index underperformed the 23.20% return of the broader-market MSCI All Country World Index (based on U.S. dollar returns). Global commodity prices generally increased during the period, with some volatility. In the first several months of the reporting period, commodity prices rose broadly but then reversed course and generally declined through the end of June. In the final four months, however, commodity prices generally rallied as metals and mining companies benefited from strong Chinese demand, still-low U.S. interest rates and a weaker dollar.

Oil prices rose early in the period as the Organization of the Petroleum Exporting Countries (OPEC) announced its first production cut in nine years. Oil prices generally stayed in a fairly narrow range, with spikes in February and at period-end. For the twelve-month period, the price per barrel of West Texas Intermediate crude oil began the period at nearly $47, traded mostly in a range of $46 to $52 for much of the year and ended the period at just over $54.

 

Fund achieves gains but underperforms its benchmark

 

The fund posted positive returns for the twelve-month period but trailed its benchmark primarily due to stock selection. The largest detractor was an overweight position in integrated oil and gas company Cenovus Energy, whose

 

Performance as of October 31, 2017

Global Natural Resources Fund  Total
return		  Average annual
total return		  Annual operating
expenses*
   Ticker  Inception
date		  1 year   5 years   since
inception		   gross   net 
Institutional Class  TNRIX  11/1/11   9.49%   –2.20%   –1.50%   0.78%   0.75%
Advisor Class  TNRHX  12/4/15   9.45    –2.21†   –1.51†   0.88    0.85 
Premier Class  TNRPX  11/1/11   9.37    –2.32    –1.63    0.94    0.90 
Retirement Class  TNRRX  11/1/11   9.21    –2.45    –1.74    1.04    1.00 
Retail Class  TNRLX  11/1/11   9.22    –2.56    –1.87    1.19    1.14 
MSCI All Country World Commodity Producers Sector Capped Index     —   20.52    –0.14    0.07†   —    — 

 

The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.

 

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

 

* The gross and net annual operating expenses are taken from the fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement arrangements now in effect will continue through at least February 28, 2018, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.
† The performance shown for the Advisor Class that is prior to its inception date is based on the performance of the fund’s Institutional Class. The performance for these periods has not been restated to reflect the higher expenses of the Advisor Class. If those higher expenses had been reflected, the performance of the Advisor Class shown for these periods would have been lower.
‡ Performance is calculated from the inception date of the Institutional Class.


 

36 2017 Annual Report   ■  TIAA-CREF Funds: Equity Funds
 

shares tumbled following the announcement of a key acquisition that, despite having long-term value, was not well received by investors. The second- and third-largest detractors were oil and gas producers RSP Permian and Continental Resources. Both RSP Permian (a nonbenchmark fund holding) and Continental (an overweight position in the fund) have continued to display strong fundamentals; however, both declined during the period due to a combination of relatively high valuations and lower energy prices earlier in the period.

On the positive side, the fund benefited from contributions from several other stocks. Among these, the three largest contributors to the fund’s relative performance were steel companies United States Steel and ArcelorMittal and energy giant Exxon Mobil. Shares of U.S. Steel (a nonbenchmark fund holding) and ArcelorMittal (an overweight position in the fund) climbed for much of the period, benefiting from a court ruling that favored domestic over foreign steel and placed a protective tariff on the market. The fund was underweighted in Exxon Mobil, which was beneficial for relative performance as the stock underperformed.

The fund’s returns may sometimes diverge from the returns of its benchmark more than would be expected. This divergence may be the result of the fund’s fair value pricing adjustment or of the timing of foreign currency valuations.

Many foreign exchanges close for trading before the fund’s net asset value (NAV) is calculated (see the fund’s current prospectus for more details on NAV calculations). In the intervening hours, the values of foreign securities can change, and these changes are not reflected immediately in the returns of the fund’s benchmark. These changes are, however, taken into account to value the fund’s portfolio holdings at the time the fund’s NAV is calculated; these are known as fair value pricing adjustments.

 

$10,000 invested at fund’s inception

 

Institutional Class (inception November 1, 2011)

 

 

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by country

 % of portfolio investments
as of 10/31/2017
United States  43.3
Canada  13.0
Australia  7.9
United Kingdom  5.9
Switzerland  5.7
Brazil  3.8
Finland  2.8
Germany  2.4
Zambia  2.3
Chile  2.0
10 other nations  9.2
Short-term investments  1.7
Total  100.0

 

Holdings by company size

Market
capitalization		% of equity investments
as of 10/31/2017
More than $50 billion  36.2
More than $15 billion–$50 billion  32.9
More than $2 billion–$15 billion  30.5
$2 billion or less  0.4
Total  100.0

 

Fund profile

 as of 10/31/2017
Net assets  $0.04 billion
Number of holdings  61
Portfolio turnover rate  108%
Weighted median market capitalization  $29.23 billion
Price/earnings ratio (weighted 12-month trailing average)†  27.3

 

† Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.


 

TIAA-CREF Funds: Equity Funds  ■  2017 Annual Report 37
 

International Equity Fund

 

Expense example

 

Six months ended October 31, 2017

International
Equity Fund		  Beginning
account
value
(5/1/17)		  Ending
account
value
(10/31/17)		  Expenses
paid
during
period*
(5/1/17–
10/31/17)
Actual return         
Institutional Class  $1,000.00  $1,122.03  $2.57
Advisor Class  1,000.00  1,122.03  3.42
Premier Class  1,000.00  1,121.39  3.37
Retirement Class  1,000.00  1,120.29  3.90
Retail Class  1,000.00  1,121.83  4.12
5% annual hypothetical return         
Institutional Class  1,000.00  1,022.79  2.45
Advisor Class  1,000.00  1,021.98  3.26
Premier Class  1,000.00  1,022.03  3.21
Retirement Class  1,000.00  1,021.53  3.72
Retail Class  1,000.00  1,021.32  3.92

 

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 2017. The fund’s annualized six-month expense ratio for that period was 0.48% for the Institutional Class, 0.64% for the Advisor Class, 0.63% for the Premier Class, 0.73% for the Retirement Class and 0.77% for the Retail Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

 

For more information about this expense example, please see page 9.

 

Portfolio composition

Sector% of net assets
as of 10/31/2017
Consumer discretionary  29.0
Industrials  23.4
Financials  22.6
Materials  13.1
Information technology  5.5
Consumer staples  3.8
Health care  1.5
Real estate  1.1
Energy  0.3
Short-term investments, other assets & liabilities, net  –0.3
Total  100.0

Performance for the twelve months ended October 31, 2017

 

The International Equity Fund returned 26.88% for the Institutional Class, compared with the 23.44% return of its benchmark, the MSCI EAFE Index. The table below shows returns for all share classes of the fund.

 

Global economic growth drives international stocks higher

 

Foreign equity markets trailed domestic stocks early in the twelve-month period due to a strong post-election rally in the U.S. But steady economic growth around the world helped international stocks outperform U.S. shares over the first ten months of calendar year 2017. The 19-nation eurozone grew at a year-on-year rate of 2.5% during the third calendar quarter of 2017, according to a preliminary estimate—its best performance in six years. Eurozone unemployment continued to decline, while China’s economy grew steadily at a rate approaching 7.0%. Most emerging-markets economies performed well, helped by an increase in oil prices during the period.

Central bankers around the world took note of global economic growth during the period. The U.S. Federal Reserve raised the federal funds target rate three times, increasing the key short-term rate to 1.00%–1.25%. The Fed also said it would slowly reduce its large portfolio of bonds purchased to stimulate the economy after the 2008 financial crisis. The European Central Bank decided to maintain its policy of buying bonds to stimulate growth, but it signaled plans to reduce purchases in 2018.

For the twelve months, the MSCI EAFE Index, which measures stock perfor -mance in 21 developed-market nations outside North America, nearly matched the 23.98% gain of the broad U.S. stock market, as measured by the Russell 3000® Index. The MSCI Emerging Markets Index advanced 26.45%. For the ten years ended October 31, 2017, the average annual gain of the EAFE index was 1.10%, compared with the 7.61% average annual return of the Russell 3000 Index.

 

Performance as of October 31, 2017

International Equity Fund     Total
return		  Average annual
total return		  Annual operating
expenses*
   Ticker  Inception
date		  1 year   5 years   10 years   gross   net 
Institutional Class  TIIEX  7/1/99   26.88%   9.56%   1.19%   0.49%   0.49%
Advisor Class  TIEHX  12/4/15   26.86    9.55†   1.18†   0.56    0.56 
Premier Class  TREPX  9/30/09   26.76    9.40    1.07†   0.64    0.64 
Retirement Class  TRERX  10/1/02   26.60    9.30    0.94    0.74    0.74 
Retail Class  TIERX  3/31/06   26.64    9.21    0.91    0.78    0.78 
MSCI EAFE Index     —   23.44    8.53    1.10    —    — 

 

The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.

 

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

 

* The gross and net annual operating expenses are taken from the fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement arrangements now in effect will continue through at least February 28, 2018, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.
† The performance shown for the Advisor and Premier classes that is prior to their respective inception dates is based on the performance of the fund’s Institutional Class. The performance for these periods has not been restated to reflect the higher expenses of the Advisor and Premier classes. If those higher expenses had been reflected, the performance of these two classes shown for these periods would have been lower.


 

38 2017 Annual Report   ■  TIAA-CREF Funds: Equity Funds
 

Currency translation lifts the benchmark’s U.S.-dollar return

 

In local currency terms, the EAFE index gained 21.11% for the period. Translating currencies into U.S. dollars boosted returns for most EAFE index country constituents. An exception was Japan, the largest constituent at 23.8%. Japan returned 27.4% in yen, but 17.8% in U.S.-dollar terms. The EAFE index’s next-largest constituents at period-end were the United Kingdom, at 17.6%, France, at 10.7% and Germany, at 9.8%. These markets gained 21.6%, 33.4% and 30.0%, respectively, in U.S.-dollar terms.

 

Fund benefits from stock allocations, outperforms its benchmark

 

For the twelve-month period, successful stock allocations helped the fund outperform its benchmark index. An overweight allocation to luxury goods manufacturer Kering was the largest contributor. An overweight position in U.K.-based television broadcaster Sky was second, followed by an out-of-benchmark investment in Italian apparel manufacturer Moncler.

Conversely, the results of some fund holdings partly offset these contributors. The largest detractor was an overweight allocation to Tesco, Britain’s largest supermarket chain. The next-largest detractors were out-of-benchmark positions in Bharat Financial, a microfinance company in India, and ALD, the car leasing arm of Societe Generale.

The fund’s returns may sometimes diverge from the returns of its benchmark more than would be expected. This divergence may be the result of the fund’s fair value pricing adjustments or of the timing of foreign currency valuations.

Many foreign exchanges close for trading before the fund’s net asset value (NAV) is calculated (see the fund’s current prospectus for more details on NAV calculations). In the intervening hours, the values of foreign securities can change, and these changes are not reflected immediately in the returns of the fund’s benchmark. These changes are, however, taken into account to value the fund’s portfolio holdings at the time the fund’s NAV is calculated; these are known as fair value pricing adjustments.

 

$10,000 over 10 years

 

Institutional Class

 

 

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by country

 % of portfolio investments
as of 10/31/2017
France  22.2
Germany  18.3
Japan  16.5
India  9.6
Switzerland  8.7
United Kingdom  6.8
Italy  6.4
Sweden  2.0
Denmark  1.6
Argentina  1.0
5 other nations  3.8
Short-term investments  3.1
Total  100.0

 

Holdings by company size

Market
capitalization		% of equity investments
as of 10/31/2017
More than $50 billion  34.0
More than $15 billion–$50 billion  33.5
More than $2 billion–$15 billion  31.3
$2 billion or less  1.2
Total  100.0

 

Fund profile

 as of 10/31/2017
Net assets  $5.09 billion
Number of holdings  61
Portfolio turnover rate  112%
Weighted median market capitalization  $34.18 billion
Price/earnings ratio (weighted 12-month trailing average)†  21.7

 

† Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.


 

TIAA-CREF Funds: Equity Funds  ■  2017 Annual Report 39
 

International Opportunities Fund

 

Expense example

 

Six months ended October 31, 2017

International
Opportunities
Fund		  Beginning
account
value
(5/1/17)		  Ending
account
value
(10/31/17)		  Expenses
paid
during
period*
(5/1/17–
10/31/17)
Actual return         
Institutional Class  $1,000.00  $1,150.66  $3.36
Advisor Class  1,000.00  1,150.79  3.47
Premier Class  1,000.00  1,149.52  4.39
Retirement Class  1,000.00  1,149.16  4.77
Retail Class  1,000.00  1,147.27  5.79
5% annual hypothetical return         
Institutional Class  1,000.00  1,022.08  3.16
Advisor Class  1,000.00  1,021.98  3.26
Premier Class  1,000.00  1,021.12  4.13
Retirement Class  1,000.00  1,020.77  4.48
Retail Class  1,000.00  1,019.81  5.45

 

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 2017. The fund’s annualized six-month expense ratio for that period was 0.62% for the Institutional Class, 0.64% for the Advisor Class, 0.81% for the Premier Class, 0.88% for the Retirement Class and 1.07% for the Retail Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

 

For more information about this expense example, please see page 9.

 

Portfolio composition

Sector% of net assets
as of 10/31/2017
Information technology  21.9
Consumer discretionary  17.7
Financials  15.3
Industrials  11.7
Materials  8.9
Consumer staples  7.9
Health care  5.8
Energy  4.4
Real estate  0.8
Short-term investments, other assets & liabilities, net  5.6
Total  100.0

Performance for the twelve months ended October 31, 2017

 

The International Opportunities Fund returned 30.08% for the Institutional Class, compared with the 23.64% return of its benchmark, the MSCI All Country World ex USA Index. The table below shows returns for all share classes of the fund.

 

Global economic growth drives international stocks higher

 

Foreign equity markets trailed domestic stocks early in the twelve-month period due to a strong post-election rally in the U.S. But steady economic growth around the world helped international stocks outperform U.S. shares over the first ten months of calendar year 2017. The 19-nation eurozone grew at a year-on-year rate of 2.5% during the third calendar quarter of 2017, according to a preliminary estimate—its best performance in six years. Most emerging-markets economies performed well, helped by an increase in oil prices during the period.

Central bankers around the world took note of global economic growth during the period. The U.S. Federal Reserve raised the federal funds target rate three times, increasing the key short-term rate to 1.00%–1.25%. The European Central Bank decided to maintain its policy of buying bonds to stimulate growth, but it signaled plans to reduce purchases in 2018.

For the twelve months, the MSCI EAFE Index, which measures stock performance in 21 developed-market nations outside North America, rose 23.44%, nearly matching the 23.98% gain of the broad U.S. stock market, as measured by the Russell 3000® Index. The MSCI Emerging Markets Index advanced 26.45%. The fund’s benchmark includes both developed- and emerging-markets companies.

 

Returns of Japan and the United Kingdom most affected by currency fluctuations

 

In local currency terms, the MSCI All Country World ex USA index gained 21.57% for the period. Currency translation had the greatest impact on Japan

 

Performance as of October 31, 2017

International Opportunities Fund     Total
return		  Average annual
total return		  Annual operating
expenses*
   Ticker  Inception
date		  1 year   since
inception		   gross   net 
Institutional Class  TIOIX  4/12/13   30.08%   6.96%   0.63%   0.63%
Advisor Class  TIOHX  12/4/15   29.96    6.94†   0.72    0.72 
Premier Class  TIOPX  4/12/13   29.78    6.78    0.79    0.79 
Retirement Class  TIOTX  4/12/13   29.74    6.69    0.88    0.88 
Retail Class  TIOSX  4/12/13   29.46    6.52    1.10    1.09 
MSCI All Country World ex USA Index     —   23.64    5.77†   —    — 

 

The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.

 

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

 

* The gross and net annual operating expenses are taken from the fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement arrangements now in effect will continue through at least February 28, 2018, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.
† The performance shown for the Advisor Class that is prior to its inception date is based on the performance of the fund’s Institutional Class. The performance for these periods has not been restated to reflect the higher expenses of the Advisor Class. If those higher expenses had been reflected, the performance of the Advisor Class shown for these periods would have been lower.
‡ Performance is calculated from the inception date of the Institutional Class.


 

40 2017 Annual Report   ■  TIAA-CREF Funds: Equity Funds
 

and the United Kingdom—the two largest countries in the benchmark. Japan, the largest component, gained 27.4% in local currency terms but only 17.8% in U.S.-dollar terms. The United Kingdom, the second-largest component, had the opposite experience, rising 11.8% in local currency terms but 21.6% in U.S.-dollar terms. The returns of France and Germany were both approximately eight percentage points higher in U.S.-dollar terms than in local currency, while China’s return was nearly identical on both a U.S. and local currency basis.

 

The fund beats its benchmark index by a sizable margin

 

Favorable positioning in three British stocks helped drive the fund’s outperformance. An out-of-benchmark stake in Fevertree Drinks, a producer of premium drink mixers, was the largest contributor. The stock has more than quintupled in the past two years, as it has taken market share from its largest competitor. Real estate agency firm Purplebricks Group also enhanced the fund’s performance, as did Ashtead Group, an industrial equipment rental company.

Overweighting Canadian oil company Cenovus Energy detracted the most from the fund’s return. The stock tumbled more than 20.0% after it agreed to acquire ConocoPhillips. Overweighting another weak-performing Canadian stock, convenience store operator Alimentation Couche-Tard, also hurt, as did a lack of exposure to the strong return of South Korean electronics maker Samsung Electronics.

The fund’s returns may sometimes diverge from the returns of its benchmark more than would be expected. This divergence may be the result of the fund’s fair value pricing adjustments or of the timing of foreign currency valuations.

Many foreign exchanges close for trading before the fund’s net asset value (NAV) is calculated (see the fund’s current prospectus for more details on NAV calculations). In the intervening hours, the values of foreign securities can change, and these changes are not reflected immediately in the returns of the fund’s benchmark. These changes are, however, taken into account to value the fund’s portfolio holdings at the time the fund’s NAV is calculated; these are known as fair value pricing adjustments.

 

$10,000 invested at fund’s inception

 

Institutional Class (inception April 12, 2013)

 

 

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by country

 % of portfolio investments
as of 10/31/2017
Japan  13.9
United Kingdom  12.6
Canada  7.1
Germany  4.5
China  4.3
Norway  3.9
Taiwan  3.8
France  3.2
Brazil  2.9
Sweden  2.8
17 other nations  29.0
Short-term investments  12.0
Total  100.0

 

Holdings by company size

Market
capitalization		% of equity investments
as of 10/31/2017
More than $50 billion  17.9
More than $15 billion–$50 billion  25.8
More than $2 billion–$15 billion  45.8
$2 billion or less  10.5
Total  100.0

 

Fund profile

 as of 10/31/2017
Net assets  $1.45 billion
Number of holdings  100
Portfolio turnover rate  24%
Weighted median market capitalization  $11.42 billion
Price/earnings ratio (weighted 12-month trailing average)†  20.8

 

† Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.


 

TIAA-CREF Funds: Equity Funds  ■  2017 Annual Report 41
 

International Small-Cap Equity Fund

 

Expense example

 

Six months ended October 31, 2017

International
Small-Cap
Equity Fund		  Beginning
account
value
(5/1/17)		  Ending
account
value
(10/31/17)		  Expenses
paid
during
period*
(5/1/17–
10/31/17)
Actual return         
Institutional Class  $1,000.00  $1,152.82  $3.64
Advisor Class  1,000.00  1,151.03  4.39
Premier Class  1,000.00  1,151.03  4.61
Retirement Class  1,000.00  1,150.13  5.15
Retail Class  1,000.00  1,150.27  5.91
5% annual hypothetical return         
Institutional Class  1,000.00  1,021.83  3.41
Advisor Class  1,000.00  1,021.12  4.13
Premier Class  1,000.00  1,020.92  4.33
Retirement Class  1,000.00  1,020.42  4.84
Retail Class  1,000.00  1,019.71  5.55

 

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 2017. The fund’s annualized six-month expense ratio for that period was 0.67% for the Institutional Class, 0.81% for the Advisor Class, 0.85% for the Premier Class, 0.95% for the Retirement Class and 1.09% for the Retail Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

 

For more information about this expense example, please see page 9.

 

Portfolio composition

Sector% of net assets
as of 10/31/2017
Industrials  20.0
Consumer discretionary  15.2
Financials  11.8
Information technology  11.1
Real estate  10.4
Materials  10.2
Consumer staples  5.7
Health care  5.6
Energy  4.1
Utilities  3.9
Telecommunication services  0.4
Short-term investments, other assets & liabilities, net  1.6
Total  100.0

Performance for the period ended October 31, 2017

 

For the period from the fund’s inception on December 9, 2016, through October 31, 2017, the International Small-Cap Equity Fund returned 29.14% for the Institutional Class, compared with the 26.61% return of its benchmark, the MSCI All Country World (ACWI) ex USA Small Cap Index. The table below shows returns for all share classes of the fund.

 

Global economic growth drives international stocks higher

 

Foreign equity markets trailed domestic stocks early in the twelve-month period due to a strong post-election rally in the U.S. But steady economic growth around the world helped international stocks outperform U.S. shares over the first ten months of calendar year 2017. The 19-nation eurozone grew at a year-on-year rate of 2.5% during the third calendar quarter of 2017, according to a preliminary estimate—its best performance in six years. Eurozone unemployment continued to decline, while China’s economy grew steadily at a rate approaching 7.0%. Most emerging-markets economies performed well, helped by an increase in oil prices during the period.

Central bankers around the world took note of global economic growth during the period. The U.S. Federal Reserve raised the federal funds target rate three times, increasing the key short-term rate to 1.00%–1.25%. The Fed also said it would slowly reduce its large portfolio of bonds purchased to stimulate the economy after the 2008 financial crisis. The European Central Bank decided to maintain its policy of buying bonds to stimulate growth, but it signaled plans to reduce purchases in 2018.

 

Currency translation lifts the benchmark’s U.S.-dollar return

 

In local currency terms, the ACWI ex USA Small Cap index gained 24.10% for the twelve-month period ended October 31, 2017. (Returns are not available

 

Performance as of October 31, 2017

International Small-Cap Equity Fund    Total return  Annual operating
expenses*
   Ticker  Inception
date		  since
inception		   gross   net 
Institutional Class  TIISX  12/9/16   29.14%   0.72%   0.72%
Advisor Class  TAISX  12/9/16   28.92    0.81    0.81 
Premier Class  TPISX  12/9/16   28.92    0.87    0.87 
Retirement Class  TTISX  12/9/16   28.82    0.97    0.97 
Retail Class  TLISX  12/9/16   28.71    1.11    1.11 
MSCI All Country World ex USA Small Cap Index     —   26.61†   —    — 

 

The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.

 

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

 

* The gross and net annual operating expenses are taken from the fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement arrangements now in effect will continue through at least February 28, 2018, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.
† Performance is calculated from the inception date of the Institutional Class.


 

42 2017 Annual Report   ■  TIAA-CREF Funds: Equity Funds
 

for the partial period since the fund’s inception.) Translating currencies into U.S. dollars boosted returns for most MSCI ACWI ex USA Small Cap index country constituents. An exception was Japan, the largest constituent at 27.7%. Japan returned 31.0% in yen but 21.1% in U.S.-dollar terms. The next-largest constituents in the ACWI ex USA Small Cap index at period-end were the United Kingdom at 16.6%, Canada at 8.5% and Germany at 6.3%. These markets gained 32.1%, 10.6% and 47.0%, respectively, in U.S.-dollar terms.

 

Fund outperforms its benchmark since inception

 

Since the fund’s inception on December 9, 2016, it has outperformed its benchmark index. This new fund invests primarily in small-capitalization equity securities issued by companies outside the United States. An overweight allocation to handset component manufacturer BYD Electronic was the largest contributor. Overweight positions in touch and LCD display module company General Interface Solution, followed by premium drink mix producer Fevertree Drinks, also benefited performance. All of these holdings produced triple-digit returns for the period.

Conversely, the results of some fund holdings partly offset these contributors. The largest detractor was an overweight allocation to Vedanta Resources, a globally diversified natural resources firm. The next-largest detractors were overweight positions in poorly performing gold mining company IAMGOLD and Tongyang Life Insurance.

The fund’s returns may sometimes diverge from the returns of its benchmark more than would be expected. This divergence may be the result of the fund’s fair value pricing adjustments or of the timing of foreign currency valuations.

Many foreign exchanges close for trading before the fund’s net asset value (NAV) is calculated (see the fund’s current prospectus for more details on NAV calculations). In the intervening hours, the values of foreign securities can change, and these changes are not reflected immediately in the returns of the fund’s benchmark. These changes are, however, taken into account to value the fund’s portfolio holdings at the time the fund’s NAV is calculated; these are known as fair value pricing adjustments.

 

$10,000 invested at fund’s inception

 

Institutional Class (inception December 9, 2016)

 

 

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by country

 % of portfolio investments
as of 10/31/2017
Japan  21.0
United Kingdom  11.7
Canada  6.9
Taiwan  4.4
Switzerland  4.1
Germany  4.1
China  3.8
Australia  3.7
France  3.3
Korea, Republic of  3.3
31 other nations  29.3
Short-term investments  4.4
Total  100.0

 

Holdings by company size

Market
capitalization		% of equity investments
as of 10/31/2017
More than $2 billion–$15 billion  46.9
$2 billion or less  53.1
Total  100.0

 

Fund profile

 as of 10/31/2017
Net assets  $0.95 billion
Number of holdings  442
Portfolio turnover rate  70%
Weighted median market capitalization  $1.92 billion
Price/earnings ratio (weighted 12-month trailing average)†  9.2

 

† Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.


 

TIAA-CREF Funds: Equity Funds  ■  2017 Annual Report 43
 

Social Choice International Equity Fund

 

Expense example

 

Six months ended October 31, 2017

Social Choice
International
Equity Fund		  Beginning
account
value
(5/1/17)		  Ending
account
value
(10/31/17)		  Expenses
paid
during
period*
(5/1/17–
10/31/17)
Actual return         
Institutional Class  $1,000.00  $1,102.26  $2.12
Advisor Class  1,000.00  1,101.28  2.49
Premier Class  1,000.00  1,101.38  2.91
Retirement Class  1,000.00  1,100.49  3.44
Retail Class  1,000.00  1,100.49  3.92
5% annual hypothetical return         
Institutional Class  1,000.00  1,023.19  2.04
Advisor Class  1,000.00  1,022.84  2.40
Premier Class  1,000.00  1,022.43  2.80
Retirement Class  1,000.00  1,021.93  3.31
Retail Class  1,000.00  1,021.48  3.77

 

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 2017. The fund’s annualized six-month expense ratio for that period was 0.40% for the Institutional Class, 0.47% for the Advisor Class, 0.55% for the Premier Class, 0.65% for the Retirement Class and 0.74% for the Retail Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

 

For more information about this expense example, please see page 9.

 

Portfolio composition

Sector% of net assets
as of 10/31/2017
Financials  21.7
Industrials  14.4
Consumer discretionary  13.2
Health care  9.8
Materials  9.0
Consumer staples  8.6
Information technology  6.0
Energy  4.3
Telecommunication services  4.2
Utilities  3.9
Real estate  3.7
Short-term investments, other assets & liabilities, net  1.2
Total  100.0

Performance for the twelve months ended October 31, 2017

 

The Social Choice International Equity Fund returned 23.49% for the Institutional Class, compared with the 23.44% return of its benchmark, the MSCI EAFE Index. The table below shows returns for all share classes of the fund. The fund utilizes environmental, social and governance (ESG) criteria, while the benchmark does not.

 

Excluding some stocks boosts the fund’s relative performance

 

Because of its ESG criteria, the fund did not invest in a number of stocks included in the MSCI EAFE Index. Avoiding these companies produced mixed results during the twelve-month period, but the net effect was to slightly increase the fund’s performance relative to its benchmark.

Among stocks the fund excluded, the largest contributors to relative performance were Teva, Toyota and Shire. Israeli drug maker Teva cited saturation in the U.S. generic drug market as the main reason for missing earnings and revenue expectations. Japanese automaker Toyota has been slow to react to buyers’ growing preference for SUVs, and investors were disappointed as the strengthening yen and higher expenses weighed on Toyota’s profits. Biophar-maceutical firm Shire saw sales of its treatment for attention deficit disorder decrease due to increased generic competition. Sales of Shire’s recently acquired hemophilia therapy also declined.

 

Avoiding certain stocks tempers the fund’s return

 

Among stocks the fund avoided, notable detractors were LVMH, HSBC and Royal Dutch Shell. The share price of LVMH rose to a record high as demand for luxury goods—especially in Asia and Europe—rebounded, resulting in strong sales of

 

Performance as of October 31, 2017

Social Choice International
Equity Fund		        Total
return		  Average annual
total return		  Annual operating
expenses*
   Ticker  Inception
date		  1 year   since
inception		   gross   net 
Institutional Class  TSONX  8/7/15   23.49%   6.77%   1.35%   0.40%
Advisor Class  TSOHX  12/4/15   23.22    6.71†   1.43    0.48 
Premier Class  TSOPX  8/7/15   23.23    6.58    1.52    0.55 
Retirement Class  TSOEX  8/7/15   23.09    6.47    1.61    0.65 
Retail Class  TSORX  8/7/15   22.88    6.35    1.66    0.72 
MSCI EAFE Index     —   23.44    5.99†   —    — 

 

The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.

 

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

 

* The gross and net annual operating expenses are taken from the fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement arrangements now in effect will continue through at least February 28, 2018, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.
† The performance shown for the Advisor Class that is prior to its inception date is based on the performance of the fund’s Institutional Class. The performance for these periods has not been restated to reflect the higher expenses of the Advisor Class. If those higher expenses had been reflected, the performance of the Advisor Class shown for these periods would have been lower.
‡ Performance is calculated from the inception date of the Institutional Class.


 

44 2017 Annual Report   ■  TIAA-CREF Funds: Equity Funds
 

LVMH brands. United Kingdom bank HSBC’s stock rose on increased profits and a share buyback program. And energy giant Royal Dutch Shell benefited from the increase in the price of oil during the period.

 

Certain overweight stock allocations help the fund’s relative performance

 

To compensate for the exclusion of some stocks within the MSCI EAFE Index, the fund’s managers use quantitative (mathematical) modeling and other techniques in an attempt to match the overall investment characteristics of the portfolio with those of its index and to manage risk.

Of the fund’s investments, overweight positions in Actelion, Kering and Intesa Sanpaolo made the greatest contributions to relative performance. Swiss drug company Actelion benefited from an acquisition by Johnson & Johnson, while luxury goods manufacturer Kering’s share price climbed due to sales growth of Gucci brand products. Intesa Sanpaolo, Italy’s largest bank, benefited from higher profits, reduced nonperforming loans and several well-received acquisitions.

By contrast, certain stocks detracted from performance. Chief among these was an overweight position in British telecommunications firm BT Group, which declined in part due to an accounting scandal; next was an underweight allocation to German industrial giant Siemens, which saw strong performance resulting from a number of management initiatives; and third was an overweight allocation to London-based hospital operator Mediclinic, which declined on reports of lower earnings.

The fund’s returns may sometimes diverge from the returns of its benchmark more than would be expected. This divergence may be the result of the fund’s fair value pricing adjustments or of the timing of foreign currency valuations.

Many foreign exchanges close for trading before the fund’s net asset value (NAV) is calculated (see the fund’s current prospectus for more details on NAV calculations). In the intervening hours, the values of foreign securities can change, and these changes are not reflected immediately in the returns of the fund’s benchmark. These changes are, however, taken into account to value the fund’s portfolio holdings at the time the fund’s NAV is calculated; these are known as fair value pricing adjustments.

 

$10,000 invested at fund’s inception

 

Institutional Class (inception August 7, 2015)

 

 

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by country

 % of portfolio investments
as of 10/31/2017
Japan  23.8
United Kingdom  16.6
France  10.4
Germany  9.3
Switzerland  8.3
Australia  6.9
Spain  3.5
Sweden  3.3
Netherlands  3.3
Hong Kong  3.2
14 other nations  10.6
Short-term investments  0.8
Total  100.0

 

Holdings by company size

Market
capitalization		% of equity investments
as of 10/31/2017
More than $50 billion  30.0
More than $15 billion–$50 billion  46.0
More than $2 billion–$15 billion  24.0
Total  100.0

 

Fund profile

 as of 10/31/2017
Net assets  $0.05 billion
Number of holdings  390
Portfolio turnover rate  12%
Weighted median market capitalization  $30.69 billion
Price/earnings ratio (weighted 12-month trailing average)†  17.6

 

† Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.


 

TIAA-CREF Funds: Equity Funds  ■  2017 Annual Report 45
 

Summary portfolio of investments

 

Enhanced Large-Cap Growth Index Fund ■ October 31, 2017

 

Shares      Company  Value   % of net
 assets
COMMON STOCKS          
AUTOMOBILES & COMPONENTS          
147,671      Delphi Automotive plc  $14,675,544    0.6%
       Other   28,918,549    1.1 
           43,594,093    1.7 
BANKS   12,981,127    0.5 
CAPITAL GOODS          
135,695      3M Co   31,235,632    1.2 
150,031      Boeing Co   38,704,997    1.5 
180,204      Caterpillar, Inc   24,471,703    0.9 
129,608      Deere & Co   17,222,311    0.7 
151,130      Honeywell International, Inc   21,786,901    0.8 
70,573      Lockheed Martin Corp   21,747,776    0.8 
48,613      Northrop Grumman Corp   14,366,600    0.6 
       Other   95,024,342    3.7 
           264,560,262    10.2 
COMMERCIAL & PROFESSIONAL SERVICES          
185,098      Waste Management, Inc   15,209,503    0.6 
       Other   13,825,640    0.5 
           29,035,143    1.1 
CONSUMER DURABLES & APPAREL   69,877,211    2.7 
CONSUMER SERVICES          
134,191      McDonald’s Corp   22,397,820    0.9 
       Other   69,531,027    2.7 
           91,928,847    3.6 
DIVERSIFIED FINANCIALS          
240,000      iShares Russell 1000 Growth Index Fund   31,190,400    1.2 
       Other   49,215,209    1.9 
           80,405,609    3.1 
ENERGY   7,960,413    0.3 
FOOD & STAPLES RETAILING   12,456,741    0.5 
FOOD, BEVERAGE & TOBACCO          
298,643      Altria Group, Inc   19,178,853    0.7 
424,254      Coca-Cola Co   19,507,199    0.8 
246,742      PepsiCo, Inc   27,198,371    1.1 
       Other   31,572,696    1.2 
           97,457,119    3.8 
HEALTH CARE EQUIPMENT & SERVICES          
92,399      Cigna Corp   18,222,931    0.7 
62,684      Humana, Inc   16,006,359    0.6 
239,877      UnitedHealth Group, Inc   50,426,943    2.0 
       Other   59,150,662    2.3 
           143,806,895    5.6 
HOUSEHOLD & PERSONAL PRODUCTS  20,595,636    0.8 
INSURANCE   44,090,720    1.7 
MATERIALS          
198,889      DowDuPont, Inc   14,381,664    0.6 
       Other   64,591,305    2.5 
           78,972,969    3.1 
Shares       Company  Value   % of net
assets
MEDIA                  
698,155       Comcast Corp (Class A)  $25,154,525    1.0%
282,144       Walt Disney Co   27,596,504    1.0 
        Other   30,990,431    1.2 
            83,741,460    3.2 
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES          
299,170       AbbVie, Inc   27,000,093    1.1 
48,149   *   Biogen Idec, Inc   15,006,117    0.6 
131,892   *   Celgene Corp   13,317,135    0.5 
160,439       Eli Lilly & Co   13,146,372    0.5 
212,863       Gilead Sciences, Inc   15,956,210    0.6 
        Other   62,699,835    2.4 
            147,125,762    5.7 
REAL ESTATE   43,644,426    1.7 
RETAILING          
79,228   *   Amazon.com, Inc   87,569,124    3.4 
241,823       Home Depot, Inc   40,089,417    1.5 
9,246   *   Priceline.com, Inc   17,677,982    0.7 
        Other   53,472,819    2.1 
            198,809,342    7.7 
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT          
391,812       Applied Materials, Inc   22,109,951    0.9 
77,637       Broadcom Ltd   20,489,181    0.8 
119,200       Kla-Tencor Corp   12,979,688    0.5 
82,348       Lam Research Corp   17,175,322    0.7 
102,782       NVIDIA Corp   21,256,345    0.8 
117,561       Skyworks Solutions, Inc   13,385,496    0.5 
305,951       Texas Instruments, Inc   29,582,402    1.1 
        Other   16,215,921    0.6 
            153,194,306    5.9 
SOFTWARE & SERVICES          
158,564       Accenture plc   22,573,171    0.9 
61,049   *   Alphabet, Inc (Class A)   63,066,059    2.4 
60,527   *   Alphabet, Inc (Class C)   61,534,169    2.4 
133,034   *   Electronic Arts, Inc   15,910,866    0.6 
484,926   *   Facebook, Inc   87,315,776    3.4 
145,070       International Business Machines Corp   22,349,484    0.9 
107,788       Intuit, Inc   16,278,144    0.6 
163,539       MasterCard, Inc (Class A)   24,329,697    0.9 
1,644,875       Microsoft Corp   136,820,703    5.3 
117,967   *   Red Hat, Inc   14,253,953    0.6 
406,093       Visa, Inc (Class A)   44,662,108    1.7 
        Other   121,254,604    4.7 
            630,348,734    24.4 
TECHNOLOGY HARDWARE & EQUIPMENT          
1,120,298       Apple, Inc   189,375,174    7.4 
        Other   62,789,193    2.4 
            252,164,367    9.8 
TELECOMMUNICATION SERVICES   12,853,181    0.5 


 

46 2017 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements
 
Summary portfolio of investments concluded

 

Enhanced Large-Cap Growth Index Fund ■ October 31, 2017

 

Shares     Company  Value   % of net
assets
TRANSPORTATION          
142,660     Union Pacific Corp  $16,518,601    0.7%
      Other   28,932,808    1.1 
          45,451,409    1.8 
UTILITIES   627,625    0.0 
  

TOTAL COMMON STOCKS

(Cost $1,785,596,135)

   2,565,683,397    99.4 
              
Principal     Issuer            
SHORT-TERM INVESTMENTS          
GOVERNMENT AGENCY DEBT          
$20,750,000     Federal Home Loan Bank (FHLB)          
      0.850%, 11/01/17   20,750,000    0.8 
          20,750,000    0.8 
Shares     Company  Value   % of net
 assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES            
14,808,915 c  State Street Navigator Securities Lending Government Money Market Portfolio  $14,808,915    0.6%
          14,808,915    0.6 
  

TOTAL SHORT-TERM INVESTMENTS

 (Cost $35,558,915)

   35,558,915    1.4 
  

TOTAL PORTFOLIO

(Cost $1,821,155,050)

   2,601,242,312    100.8 
   OTHER ASSETS & LIABILITIES, NET   (21,530,960)   (0.8)
   NET ASSETS  $2,579,711,352    100.0%

 

 
* Non-income producing
c Investments made with cash collateral received from securities on loan.

 

“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.

 

At 10/31/17, the aggregate value of securities on loan was $14,381,384.

 

For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.


 

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2017 Annual Report 47
 

Summary portfolio of investments

 

Enhanced Large-Cap Value Index Fund ■ October 31, 2017

 

Shares     Company  Value   % of net
 assets
COMMON STOCKS          
AUTOMOBILES & COMPONENTS          
457,085     General Motors Co  $19,645,513    0.8%
      Other   29,055,207    1.2 
          48,700,720    2.0 
BANKS          
2,303,258     Bank of America Corp   63,086,237    2.5 
670,517     Citigroup, Inc   49,282,999    2.0 
322,082     Citizens Financial Group, Inc   12,242,337    0.5 
799,755     JPMorgan Chase & Co   80,463,350    3.3 
830,833     Wells Fargo & Co   46,642,965    1.9 
      Other   47,777,863    1.9 
          299,495,751    12.1 
CAPITAL GOODS          
1,036,506     General Electric Co   20,895,961    0.9 
      Other   108,879,387    4.4 
          129,775,348    5.3 
COMMERCIAL & PROFESSIONAL SERVICES   22,415,777    0.9 
CONSUMER DURABLES & APPAREL   15,142,165    0.6 
CONSUMER SERVICES          
178,522     Carnival Corp   11,852,076    0.5 
105,286     Royal Caribbean Cruises Ltd   13,031,248    0.5 
      Other   18,468,767    0.7 
          43,352,091    1.7 
DIVERSIFIED FINANCIALS          
215,901     American Express Co   20,622,864    0.8 
184,059     Capital One Financial Corp   16,966,559    0.7 
204,147     Discover Financial Services   13,581,900    0.5 
62,280     Goldman Sachs Group, Inc   15,101,654    0.6 
379,209     Morgan Stanley   18,960,450    0.7 
422,929     Synchrony Financial   13,795,944    0.6 
      Other   75,838,488    3.1 
          174,867,859    7.0 
ENERGY          
386,874     Chevron Corp   44,834,828    1.8 
246,318     ConocoPhillips   12,599,165    0.5 
857,148     Exxon Mobil Corp   71,443,286    2.9 
276,607     Schlumberger Ltd   17,702,848    0.7 
      Other   104,976,622    4.3 
          251,556,749    10.2 
FOOD & STAPLES RETAILING          
330,859     CVS Health Corp   22,673,767    0.9 
252,798     Walgreens Boots Alliance, Inc   16,752,923    0.7 
367,960     Wal-Mart Stores, Inc   32,126,588    1.3 
          71,553,278    2.9 
FOOD, BEVERAGE & TOBACCO          
204,059     Philip Morris International, Inc   21,352,734    0.8 
177,712     Tyson Foods, Inc (Class A)   12,956,982    0.5 
      Other   31,579,953    1.3 
          65,889,669    2.6 
Shares     Company  Value   % of net
assets
HEALTH CARE EQUIPMENT & SERVICES          
84,221     Anthem, Inc  $17,619,875    0.7%
239,819  *  Express Scripts Holding Co   14,698,506    0.6 
155,678     Medtronic plc   12,535,193    0.5 
      Other   58,076,921    2.4 
          102,930,495    4.2 
HOUSEHOLD & PERSONAL PRODUCTS          
481,444     Procter & Gamble Co   41,567,875    1.7 
      Other   12,515,066    0.5 
          54,082,941    2.2 
INSURANCE          
155,541     Aflac, Inc   13,048,334    0.5 
343,170  *  Berkshire Hathaway, Inc (Class B)   64,152,200    2.6 
92,473     Chubb Ltd   13,946,778    0.6 
222,506     Metlife, Inc   11,921,871    0.5 
180,063     Principal Financial Group   11,857,149    0.5 
111,312     Prudential Financial, Inc   12,295,524    0.5 
      Other   87,538,615    3.5 
          214,760,471    8.7 
MATERIALS          
206,577     DowDuPont, Inc   14,937,583    0.6 
126,884     LyondellBasell Industries AF S.C.A   13,136,300    0.5 
      Other   65,818,752    2.7 
          93,892,635    3.8 
MEDIA   31,071,107    1.3 
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES             
126,858     Amgen, Inc   22,228,059    0.9 
277,127     Bristol-Myers Squibb Co   17,087,651    0.7 
507,435     Johnson & Johnson   70,741,513    2.8 
560,105     Merck & Co, Inc   30,856,184    1.2 
1,377,645     Pfizer, Inc   48,300,234    2.0 
      Other   15,266,094    0.6 
          204,479,735    8.2 
REAL ESTATE   93,004,339    3.8 
RETAILING   37,633,859    1.5 
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT          
1,147,297     Intel Corp   52,190,540    2.1 
      Other   28,710,841    1.2 
          80,901,381    3.3 
SOFTWARE & SERVICES          
81,727     International Business Machines Corp   12,590,862    0.5 
650,737     Oracle Corp   33,122,513    1.3 
      Other   32,194,333    1.3 
          77,907,708    3.1 
TECHNOLOGY HARDWARE & EQUIPMENT          
1,215,571     Cisco Systems, Inc   41,511,750    1.7 
667,218     HP, Inc   14,378,548    0.6 
      Other   48,607,078    1.9 
          104,497,376    4.2 


 

48 2017 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements
 
Summary portfolio of investments concluded

 

Enhanced Large-Cap Value Index Fund ■ October 31, 2017

 

Shares     Company  Value   % of net
 assets
TELECOMMUNICATION SERVICES          
1,116,740     AT&T, Inc  $37,578,301    1.5%
      Other   11,165,965    0.5 
          48,744,266    2.0 
TRANSPORTATION   45,526,146    1.8 
UTILITIES          
141,610     Duke Energy Corp   12,505,579    0.5 
356,816     FirstEnergy Corp   11,757,087    0.5 
107,589     NextEra Energy, Inc   16,683,827    0.7 
      Other   110,086,629    4.4 
          151,033,122    6.1 
                
  

TOTAL COMMON STOCKS

(Cost $2,036,248,363)

   2,463,214,988    99.5 
              
Principal     Issuer            
SHORT-TERM INVESTMENTS          
GOVERNMENT AGENCY DEBT   9,850,000    0.4 
Shares     Company  Value   % of net
assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES          
10,431,634  c  State Street Navigator Securities Lending Government Money Market Portfolio  $10,431,634    0.4%
          10,431,634    0.4 
  

TOTAL SHORT-TERM INVESTMENTS

(Cost $20,281,634)

   20,281,634    0.8 
  

TOTAL PORTFOLIO

(Cost $2,056,529,997)

   2,483,496,622    100.3 
   OTHER ASSETS & LIABILITIES, NET   (7,242,591)   (0.3)
   NET ASSETS  $2,476,254,031    100.0%

 

 
* Non-income producing
c Investments made with cash collateral received from securities on loan.

 

“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.

 

At 10/31/17, the aggregate value of securities on loan was $10,061,415.

 

For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.


 

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2017 Annual Report 49
 

Summary portfolio of investments

 

Growth & Income Fund ■ October 31, 2017

 

Shares     Company  Value   % of net
 assets
COMMON STOCKS             
AUTOMOBILES & COMPONENTS  $23,915,896    0.4%
BANKS                
4,551,012     Bank of America Corp   124,652,219    1.9 
1,165,343  n  Citigroup, Inc   85,652,710    1.3 
1,438,098     JPMorgan Chase & Co   144,687,040    2.2 
752,347     Wells Fargo & Co   42,236,760    0.6 
      Other   162,054,079    2.4 
          559,282,808    8.4 
CAPITAL GOODS          
496,074     Caterpillar, Inc   67,366,849    1.0 
568,915  n  Honeywell International, Inc   82,014,787    1.2 
271,679     Parker-Hannifin Corp   49,611,302    0.7 
280,332  n  Raytheon Co   50,515,826    0.8 
      Other   333,722,532    5.0 
          583,231,296    8.7 
COMMERCIAL & PROFESSIONAL SERVICES          
601,810     Waste Management, Inc   49,450,728    0.7 
          49,450,728    0.7 
CONSUMER DURABLES & APPAREL   207,718,596    3.1 
CONSUMER SERVICES   66,589,416    1.0 
DIVERSIFIED FINANCIALS          
514,399     American Express Co   49,135,393    0.7 
1,178,946     Morgan Stanley   58,947,300    0.9 
      Other   59,072,780    0.9 
          167,155,473    2.5 
ENERGY          
844,165     Chevron Corp   97,830,282    1.4 
327,743  *  Concho Resources, Inc   43,986,388    0.6 
1,089,028  *  Continental Resources, Inc   44,334,330    0.7 
656,350     EOG Resources, Inc   65,549,674    1.0 
      Other   133,326,838    2.0 
          385,027,512    5.7 
FOOD & STAPLES RETAILING          
494,966     Wal-Mart Stores, Inc   43,215,481    0.6 
          43,215,481    0.6 
FOOD, BEVERAGE & TOBACCO          
1,215,044     Coca-Cola Co   55,867,723    0.9 
590,891     Kraft Heinz Co   45,693,601    0.7 
840,913  *  Monster Beverage Corp   48,714,090    0.7 
591,860     Philip Morris International, Inc   61,932,231    0.9 
      Other   222,083,931    3.3 
          434,291,576    6.5 
HEALTH CARE EQUIPMENT & SERVICES          
1,747,026  *   Boston Scientific Corp   49,161,312    0.7 
250,765     Cigna Corp   49,455,873    0.7 
      Other   306,862,218    4.6 
          405,479,403    6.0 
Shares     Company  Value   % of net
 assets
HOUSEHOLD & PERSONAL PRODUCTS          
631,453     Colgate-Palmolive Co  $44,485,864    0.7%
532,143     Procter & Gamble Co   45,945,227    0.7 
      Other   47,322,104    0.7 
          137,753,195    2.1 
INSURANCE          
369,408  n  Chubb Ltd   55,714,115    0.8 
708,466     Lincoln National Corp   53,687,553    0.8 
      Other   41,016,754    0.6 
          150,418,422    2.2 
MATERIALS          
1,245,338     DowDuPont, Inc   90,050,391    1.3 
      Other   172,268,476    2.6 
          262,318,867    3.9 
MEDIA                
441,587     Walt Disney Co   43,191,624    0.6 
      Other   70,145,275    1.1 
          113,336,899    1.7 
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES          
686,299  n  AbbVie, Inc   61,938,485    0.9 
452,443     Johnson & Johnson   63,075,079    1.0 
789,604     Merck & Co, Inc   43,499,284    0.7 
      Other   417,905,157    6.2 
          586,418,005    8.8 
REAL ESTATE   17,277,180    0.3 
RETAILING          
132,640  *  Amazon.com, Inc   146,604,339    2.2 
631,103     Home Depot, Inc   104,624,255    1.5 
272,455   *,n  NetFlix, Inc   53,518,336    0.8 
      Other   40,717,923    0.6 
          345,464,853    5.1 
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT          
1,034,162     Applied Materials, Inc   58,357,762    0.9 
243,609     Broadcom Ltd   64,290,851    0.9 
1,679,597     Intel Corp   76,404,867    1.1 
321,395     NVIDIA Corp   66,467,700    1.0 
      Other   101,456,525    1.5 
          366,977,705    5.4 
SOFTWARE & SERVICES          
176,625  *  Alphabet, Inc (Class C)   179,564,040    2.7 
748,615  *  Facebook, Inc   134,795,617    2.0 
473,167  n  MasterCard, Inc (Class A)   70,393,055    1.0 
2,439,797     Microsoft Corp   202,942,314    3.0 
1,341,897     Oracle Corp   68,302,557    1.0 
600,071  *  PayPal Holdings, Inc   43,541,152    0.7 
612,647  *  salesforce.com, Inc   62,698,294    0.9 
372,043   *,n   Take-Two Interactive Software, Inc   41,166,558    0.6 
      Other   286,140,139    4.3 
          1,089,543,726    16.2 


 

50 2017 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements
 
Summary portfolio of investments continued

 

Growth & Income Fund ■ October 31, 2017

 

Shares      Company  Value   % of net
assets
TECHNOLOGY HARDWARE & EQUIPMENT          
1,531,037   n   Apple, Inc  $258,806,494    3.8%
       Other   180,934,269    2.7 
           439,740,763    6.5 
TELECOMMUNICATION SERVICES   29,513,675    0.4 
TRANSPORTATION   120,809,292    1.8 
UTILITIES          
324,561   n   NextEra Energy, Inc   50,329,674    0.8 
       Other   53,801,745    0.8 
           104,131,419    1.6 
   

TOTAL COMMON STOCKS

(Cost $4,646,053,828)

   6,689,062,186    99.6 
PURCHASED OPTIONS          
HEALTH CARE EQUIPMENT & SERVICES   47,595    0.0 
MEDIA   15,383    0.0 
   

TOTAL PURCHASED OPTIONS

(Cost $206,817)

   62,978    0.0 
                    
Principal      Issuer            
SHORT-TERM INVESTMENTS          
GOVERNMENT AGENCY DEBT          
$43,750,000      Federal Home Loan Bank (FHLB)
0.700%–0.850%, 11/01/17		   43,750,000    0.6 
           43,750,000    0.6 
Shares     Company  Value   % of net
assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES             
51,048,743  c  State Street Navigator Securities Lending Government Money Market Portfolio  $51,048,743    0.8%
          51,048,743    0.8 
  

TOTAL SHORT-TERM INVESTMENTS

(Cost $94,798,743)

   94,798,743    1.4 
  

TOTAL PORTFOLIO

(Cost $4,741,059,388)

   6,783,923,907    101.0 
   OTHER ASSETS & LIABILITIES, NET   (67,407,913)   (1.0)
   NET ASSETS  $6,716,515,994    100.0%

 

 
* Non-income producing
c Investments made with cash collateral received from securities on loan.
n All or a portion of these securities have been segregated by the custodian to cover requirements on open written options contracts.

 

“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.

 

At 10/31/17, the aggregate value of securities on loan was $50,082,840.

 

At 10/31/17, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $25,089,123 or 0.4% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.

 

For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.


 

 

Purchased options outstanding as of October 31, 2017 were as follows (See Note 3):

 

Description/
underlying investment		  Number of contracts  Notional amount  Exercise price  Expiration date  Value
DISH Network Corp, Call  293  $124,695  $65.00  1/19/18  $15,383
Humana, Inc, Call  167  82,122  280.00  2/16/18  47,595
Total  460  $206,817        $62,978

 

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2017 Annual Report 51
 

Summary portfolio of investments

 

Growth & Income Fund ■ October 31, 2017

 

Written options outstanding as of October 31, 2017 were as follows (See Note 3):

 

Description/
underlying investment		  Number of contracts  Notional amount   Exercise price    Expiration date   Value 
AbbVie, Inc, Call  330  $(11,220)  $100.00   11/17/17  $(3,300)
Activision Blizzard, Inc, Put  661   (31,066)   56.00   11/3/17   (4,627)
Allergan plc, Call  165   (14,727)   190.00   11/3/17   (23,925)
Allergan plc, Call  289   (27,454)   195.00   11/10/17   (32,657)
Allergan plc, Call  289   (83,230)   230.00   3/16/18   (34,102)
Allergan plc, Put  250   (486,989)   210.00   3/16/18   (915,000)
AMC Networks, Inc, Put  600   (42,599)   50.00   12/15/17   (127,500)
Analog Devices, Inc, Put  165   (108,568)   80.00   12/15/17   (7,095)
Anthem, Inc, Put  206   (15,169)   185.00   11/3/17   (14,832)
Applied Optoelectronics, Inc, Put  660   (69,058)   35.00   11/17/17   (108,900)
Baidu, Inc, Put  165   (19,461)   232.50   11/3/17   (3,300)
CBS Corp, Put  496   (21,665)   52.50   11/17/17   (26,536)
Celgene Corp, Put  500   (76,998)   125.00   1/19/18   (1,190,000)
Celgene Corp, Put  330   (240,234)   120.00   3/16/18   (691,350)
Centene Corp, Put  363   (24,139)   85.00   11/17/17   (11,979)
Cerner Corp, Put  454   (237,437)   65.00   6/15/18   (181,600)
Chubb Ltd, Put  289   (12,716)   145.00   11/17/17   (10,982)
Citigroup, Inc, Put  495   (21,284)   70.00   11/10/17   (8,910)
Clovis Oncology, Inc, Put  103   (11,124)   60.00   11/17/17   (2,575)
Clovis Oncology, Inc, Put  207   (96,874)   60.00   1/19/18   (52,785)
Clovis Oncology, Inc, Put  104   (51,271)   60.00   4/20/18   (49,920)
Cognex Corp, Put  330   (35,639)   115.00   11/17/17   (23,100)
CyberArk Software Ltd, Put  494   (207,705)   40.00   4/20/18   (139,308)
DISH Network Corp, Put  585   (349,822)   50.00   6/15/18   (380,250)
DXC Technology Co, Put  497   (48,705)   80.00   11/17/17   (6,213)
Ecolab, Inc, Put  248   (16,368)   125.00   11/17/17   (9,920)
Electronic Arts, Inc, Put  333   (22,976)   108.00   11/3/17   (15,984)
Estee Lauder Cos, Inc, Call  330   (16,830)   120.00   11/17/17   (19,470)
Estee Lauder Cos, Inc, Put  330   (32,339)   105.00   11/17/17   (29,700)
Expedia, Inc, Put  248   (471,968)   135.00   4/20/18   (384,400)
FMC Corp, Call  300   (18,900)   100.00   11/17/17   (18,000)
General Dynamics Corp, Put  165   (15,510)   200.00   11/17/17   (25,905)
General Electric Co, Put  784   (7,056)   20.00   11/17/17   (44,688)
General Electric Co, Put  785   (32,145)   19.00   1/19/18   (47,100)
Goldman Sachs Group, Inc, Put  167   (17,251)   220.00   11/17/17   (3,841)
Hartford Financial Services Group, Inc, Put  578   (22,541)   52.00   11/24/17   (9,248)
Hasbro, Inc, Put  426   (104,907)   90.00   1/19/18   (94,572)
Hasbro, Inc, Put  165   (79,693)   90.00   4/20/18   (75,900)
Hasbro, Inc, Put  165   (122,592)   95.00   4/20/18   (113,850)
Humana, Inc, Call  167   (17,242)   310.00   2/16/18   (6,680)
Humana, Inc, Put  167   (47,302)   220.00   11/17/17   (4,175)
Humana, Inc, Put  167   (93,226)   220.00   2/16/18   (37,575)
IDEXX Laboratories, Inc, Call  206   (12,154)   185.00   11/17/17   (2,678)
IDEXX Laboratories, Inc, Put  206   (12,669)   145.00   11/17/17   (5,150)
Ingersoll-Rand plc, Put  330   (21,120)   87.50   11/17/17   (37,950)
Jazz Pharmaceuticals plc, Put  330   (35,639)   130.00   11/17/17   (46,200)
L Brands, Inc, Put  17   (663)   35.00   11/17/17   (272)
Lumentum Holdings, Inc, Call  495   (19,305)   75.00   11/3/17   (14,850)
Lumentum Holdings, Inc, Put  495   (21,779)   55.00   11/3/17   (22,275)
Mastercard, Inc, Put  330   (8,992)   140.00   11/10/17   (7,260)
Mattel, Inc, Put  2,000   (524,048)   15.00   1/18/19   (514,000)
MicroStrategy, Inc, Put  165   (57,981)   115.00   1/19/18   (17,737)
Mohawk Industries, Inc, Put  165   (13,860)   230.00   11/17/17   (4,125)
Monolithic Power Systems, Inc, Put  330   (15,602)   105.00   11/17/17   (6,600)
Monsanto Co, Put  563   (376,217)   97.50   1/19/18   (41,380)
Monsanto Co, Put  330   (68,638)   100.00   4/20/18   (51,975)
NASDAQ, Inc, Put  400   (21,599)   70.00   11/17/17   (14,000)
NetFlix, Inc, Put  206   (12,154)   185.00   11/10/17   (14,832)
Newell Brands, Inc, Call  750   (32,249)   48.00   12/15/17   (7,500)
Newell Brands, Inc, Put  750   (343,492)   42.00   6/15/18   (326,250)
NextEra Energy, Inc, Put  330   (16,170)   145.00   11/17/17   (5,775)
NuVasive, Inc, Call  500   (58,999)   70.00   3/16/18   (60,000)
NuVasive, Inc, Put  500   (433,990)   60.00   3/16/18   (340,000)
PACCAR, Inc, Put  578   (29,766)   67.50   11/17/17   (14,450)
Pinnacle Foods, Inc, Put  487   (24,836)   52.50   11/17/17   (17,532)

 

52 2017 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements
 
Summary portfolio of investments concluded

 

Growth & Income Fund ■ October 31, 2017

 

Description/
underlying investment		  Number of contracts  Notional amount  Exercise price   Expiration date  Value 
Pioneer Natural Resources Co, Put  505  $(471,154)  $135.00   6/15/18  $(429,250)
Praxair, Inc, Put  330   (26,069)   135.00   11/17/17   (4,290)
PVH Corp, Put  165   (32,986)   115.00   12/15/17   (21,780)
Raytheon Co, Put  206   (17,304)   180.00   11/17/17   (46,556)
Regeneron Pharmaceuticals, Inc, Put  165   (199,315)   370.00   4/20/18   (342,375)
Schlumberger Ltd, Put  330   (231,160)   67.50   6/15/18   (214,500)
Sherwin-Williams Co, Put  100   (18,530)   360.00   11/17/17   (3,000)
Stryker Corp, Put  333   (17,818)   140.00   11/17/17   (3,330)
Symantec Corp, Put  991   (32,068)   29.00   11/17/17   (32,703)
Take-Two Interactive Software, Inc, Put  127   (28,320)   65.00   12/15/17   (1,270)
Take-Two Interactive Software, Inc, Put  127   (64,611)   90.00   3/16/18   (32,068)
Tapestry, Inc, Put  667   (56,027)   38.00   11/17/17   (63,365)
TripAdvisor, Inc, Put  1,000   (240,174)   35.00   3/16/18   (275,000)
Ulta Beauty, Inc, Call  167   (80,659)   255.00   3/16/18   (49,265)
Ulta Beauty, Inc, Put  167   (645,941)   240.00   3/16/18   (708,080)
United States Steel Corp, Put  470   (32,429)   18.00   4/20/18   (31,020)
Universal Display Corp, Put  120   (38,759)   105.00   12/15/17   (10,800)
Universal Display Corp, Put  161   (133,305)   110.00   12/15/17   (19,320)
Universal Display Corp, Put  120   (37,559)   100.00   1/19/18   (14,700)
Universal Health Services, Inc, Call  333   (32,633)   120.00   11/17/17   (3,330)
Universal Health Services, Inc, Put  375   (47,999)   100.00   11/17/17   (58,500)
Viacom, Inc, Put  659   (400,663)   30.00   6/15/18   (474,480)
Viavi Solutions, Inc, Put  1,652   (42,951)   9.00   11/17/17   (54,516)
WABCO Holdings, Inc, Call  330   (69,638)   170.00   3/16/18   (44,550)
WABCO Holdings, Inc, Put  330   (91,738)   130.00   3/16/18   (80,850)
WABCO Holdings, Inc, Put  330   (113,986)   140.00   3/16/18   (156,750)
WellCare Health Plans, Inc, Put  150   (13,350)   160.00   11/17/17   (1,500)
WellCare Health Plans, Inc, Put  150   (22,199)   165.00   11/17/17   (22,500)
WR Grace & Co, Put  495   (29,204)   62.50   1/19/18   (13,613)
Wynn Resorts Ltd, Call  330   (7,590)   155.00   11/3/17   (7,920)
Wynn Resorts Ltd, Put  330   (21,631)   138.00   11/3/17   (3,300)
Total  36,730  $(8,943,692)          $(9,789,026)

 

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2017 Annual Report 53
 

Summary portfolio of investments

 

Large-Cap Growth Fund ■ October 31, 2017

 

             % of net
Shares     Company  Value   assets
COMMON STOCKS         
AUTOMOBILES & COMPONENTS          
 105,528  *  Tesla, Inc  $34,985,698    0.7%
           34,985,698    0.7 
BANKS          
 1,913,682     Bank of America Corp   52,415,750    1.1 
           52,415,750    1.1 
CAPITAL GOODS          
 214,129     Boeing Co   55,240,999    1.1 
 150,882     Northrop Grumman Corp   44,590,158    0.9 
 413,604     Parker-Hannifin Corp   75,528,226    1.6 
 168,656     Roper Industries, Inc   43,541,920    0.9 
       Other   80,805,489    1.7 
           299,706,792    6.2 
CONSUMER DURABLES & APPAREL   27,369,551    0.6 
CONSUMER SERVICES          
 758,916     Marriott International, Inc (Class A)   90,675,284    1.9 
 1,744,391     Starbucks Corp   95,662,402    2.0 
           186,337,686    3.9 
DIVERSIFIED FINANCIALS   22,533,688    0.5 
ENERGY          
 343,405  *  Concho Resources, Inc   46,088,385    1.0 
           46,088,385    1.0 
FOOD, BEVERAGE & TOBACCO          
 298,235     Costco Wholesale Corp   48,039,694    1.0 
       Other   42,355,178    0.9 
           90,394,872    1.9 
HEALTH CARE EQUIPMENT & SERVICES          
 598,066  *  Cerner Corp   40,381,416    0.8 
 287,277  *  Intuitive Surgical, Inc   107,832,295    2.3 
 527,604     UnitedHealth Group, Inc   110,912,913    2.3 
           259,126,624    5.4 
HOUSEHOLD & PERSONAL PRODUCTS          
 661,094     Estee Lauder Cos (Class A)   73,916,920    1.5 
           73,916,920    1.5 
MATERIALS          
 367,702     Albemarle Corp   51,805,535    1.1 
 177,739     Sherwin-Williams Co   70,233,566    1.4 
       Other   23,584,588    0.5 
           145,623,689    3.0 
MEDIA   1,382    0.0 
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES		     
 622,687     AbbVie, Inc   56,197,502    1.2 
 671,151     Bristol-Myers Squibb Co   41,383,171    0.9 
 497,916  *,n  Celgene Corp   50,274,578    1.0 
 252,896  *  Illumina, Inc   51,891,730    1.1 
 260,569  *  Jazz Pharmaceuticals plc   36,878,331    0.8 
 307,654  *   Vertex Pharmaceuticals, Inc   44,988,244    0.9 
 601,045     Zoetis, Inc   38,358,692    0.8 
       Other   188,067,494    3.9 
           508,039,742    10.6 
             % of net
Shares     Company  Value   assets
RETAILING          
 189,429  *  Amazon.com, Inc  $209,372,085    4.3%
 1,455,990     Gap, Inc   37,841,180    0.8 
 568,284  n  Home Depot, Inc   94,210,121    2.0 
 93,977     Kering   43,098,346    0.9 
 569,868     Lowe’s Companies, Inc   45,560,947    0.9 
 335,642  *  NetFlix, Inc   65,930,158    1.4 
       Other   74,671,332    1.5 
           570,684,169    11.8 
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT		      
 1,322,228     Applied Materials, Inc   74,613,326    1.5 
 466,026     Broadcom Ltd   122,988,921    2.6 
 285,806     NVIDIA Corp   59,107,539    1.2 
       Other   46,689,471    1.0 
           303,399,257    6.3 
SOFTWARE & SERVICES          
 742,170     Activision Blizzard, Inc   48,604,713    1.0 
 865,963  *  Adobe Systems, Inc   151,682,079    3.2 
 259,198  *  Alibaba Group Holding Ltd (ADR)   47,923,118    1.0 
 98,605  *  Alphabet, Inc (Class A)   101,862,909    2.1 
 162,223  *  Alphabet, Inc (Class C)   164,922,391    3.4 
 1,210,518  *  eBay, Inc   45,563,898    0.9 
 1,153,704   *,n  Facebook, Inc   207,735,942    4.3 
 343,803  *  Gartner, Inc   43,081,954    0.9 
 396,040  *  IAC/InterActiveCorp   51,108,962    1.1 
 872,201     Intuit, Inc   131,719,795    2.7 
 900,973     MasterCard, Inc (Class A)   134,037,753    2.8 
 3,045,200     Microsoft Corp   253,299,736    5.3 
 1,063,194  *  PayPal Holdings, Inc   77,145,357    1.6 
 331,951  *  Red Hat, Inc   40,109,639    0.8 
 1,145,157  *  salesforce.com, Inc   117,195,368    2.4 
 1,209,092     Visa, Inc (Class A)   132,975,938    2.8 
       Other   31,832,495    0.7 
           1,780,802,047    37.0 
TECHNOLOGY HARDWARE & EQUIPMENT          
 1,325,166     Apple, Inc   224,006,061    4.7 
       Other   9,392,507    0.2 
           233,398,568    4.9 
TELECOMMUNICATION SERVICES   20,457,777    0.4 
TRANSPORTATION          
 217,347     FedEx Corp   49,079,126    1.0 
       Other   50,759,415    1.1 
           99,838,541    2.1 
   

TOTAL COMMON STOCKS

(Cost $3,007,468,964)

   4,755,121,138    98.9 
                  
PURCHASED OPTIONS          
DIVERSIFIED FINANCIALS   10,684,800    0.2 
   

TOTAL PURCHASED OPTIONS

(Cost $12,730,816)

   10,684,800    0.2 


 

54 2017 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements
 
Summary portfolio of investments concluded

 

Large-Cap Growth Fund ■ October 31, 2017

 

Principal     Issuer  Value   % of net
assets
SHORT-TERM INVESTMENTS          
TREASURY DEBT  $27,258,456    0.6%
   

TOTAL SHORT-TERM INVESTMENTS

(Cost $27,258,637)

   27,258,456    0.6 
   

TOTAL PORTFOLIO

(Cost $3,047,458,417)

   4,793,064,394    99.7 
    OTHER ASSETS & LIABILITIES, NET   16,535,705    0.3 
    NET ASSETS  $4,809,600,099    100.0%

 

 

Abbreviation(s):

ADR American Depositary Receipt

 

* Non-income producing
n All or a portion of these securities have been segregated by the custodian to cover requirements on open written options contracts.

 

“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.

 

At 10/31/17, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $8,636,334 or 0.2% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.

 

For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.

 


 

 

Purchased options outstanding as of October 31, 2017 were as follows (See Note 3):

 

Description/
underlying investment		  Number of contracts  Notional amount   Exercise price   Expiration date  Value
PowerShares QQQ Trust, Put  22,400  $6,669,600   $146.00   1/19/18  $4,547,200
PowerShares QQQ Trust, Put  22,400   6,061,216    149.00   1/19/18   6,137,600
Total  44,800  $12,730,816           $10,684,800
                  
Written options outstanding as of October 31, 2017 were as follows (See Note 3):
                  
Description/
underlying investment		  Number of contracts  Notional amount  Exercise price   Expiration date  Value 
Home Depot, Inc, Put  540  $(190,616)  $135.00   1/19/18  $(16,740)
PowerShares QQQ Trust, Call  22,400   (1,573,563)   156.00   1/19/18   (4,256,000)
PowerShares QQQ Trust, Call  22,400   (1,936,435)   159.00   1/19/18   (2,150,400)
PowerShares QQQ Trust, Put  22,400   (2,850,333)   138.00   1/19/18   (2,105,600)
PowerShares QQQ Trust, Put  22,400   (2,472,006)   141.00   1/19/18   (2,710,400)
Total  90,140  $(9,022,953)          $(11,239,140)

 

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2017 Annual Report 55
 

Summary portfolio of investments

 

Large-Cap Value Fund ■ October 31, 2017

 

Shares     Company   Value    % of net
assets
COMMON STOCKS   
AUTOMOBILES & COMPONENTS          
 1,329,853     General Motors Co  $57,157,082    0.8%
       Other   30,791,994    0.4 
           87,949,076    1.2 
BANKS          
 8,571,503     Bank of America Corp   234,773,467    3.3 
 2,353,097     Citigroup, Inc   172,952,630    2.5 
 1,080,758     JPMorgan Chase & Co   108,735,062    1.6 
 3,536,625     Regions Financial Corp   54,746,955    0.8 
 2,268,079     Wells Fargo & Co   127,329,955    1.8 
 1,109,876     Zions Bancorporation   51,564,839    0.7 
       Other   144,069,507    2.0 
           894,172,415    12.7 
CAPITAL GOODS          
 737,191     Fortive Corp   53,269,422    0.8 
 5,253,223     General Electric Co   105,904,976    1.5 
       Other   360,230,939    5.2 
           519,405,337    7.5 
CONSUMER DURABLES & APPAREL    117,606,432    1.7 
CONSUMER SERVICES          
 824,729     Restaurant Brands International, Inc   53,269,246    0.8 
       Other   206,020,477    2.9 
           259,289,723    3.7 
DIVERSIFIED FINANCIALS          
 525,512     Goldman Sachs Group, Inc   127,426,150    1.8 
 1,225,123     Morgan Stanley   61,256,150    0.9 
 706,704     State Street Corp   65,016,768    0.9 
       Other   122,246,627    1.8 
           375,945,695    5.4 
ENERGY          
 5,457,902     Cenovus Energy, Inc   53,050,807    0.8 
 905,931     Chevron Corp   104,988,344    1.5 
 1,047,578     EOG Resources, Inc   104,621,615    1.5 
 1,059,942     Exxon Mobil Corp   88,346,166    1.3 
 2,252,506  *  Matador Resources Co   59,804,034    0.8 
 3,520,621  *  Parsley Energy, Inc   93,648,519    1.3 
 2,524,915     Williams Cos, Inc   71,960,077    1.0 
       Other   250,693,048    3.6 
           827,112,610    11.8 
FOOD & STAPLES RETAILING          
 751,282     Walgreens Boots Alliance, Inc   49,787,458    0.7 
       Other   66,787,027    1.0 
           116,574,485    1.7 
FOOD, BEVERAGE & TOBACCO          
 1,526,920     Kraft Heinz Co   118,076,724    1.7 
 1,986,686     Mondelez International, Inc   82,308,401    1.2 
 744,894     Philip Morris International, Inc   77,945,708    1.1 
       Other   137,461,263    1.9 
           415,792,096    5.9 
Shares     Company   Value    % of net
assets
HEALTH CARE EQUIPMENT & SERVICES   
 1,584,352     Abbott Laboratories  $85,919,409    1.2%
 846,656     Cardinal Health, Inc   52,408,006    0.8 
       Other   91,053,358    1.3 
           229,380,773    3.3 
HOUSEHOLD & PERSONAL PRODUCTS   31,846,509    0.5 
INSURANCE          
 1,539,049     American International Group, Inc   99,437,956    1.4 
 361,408  *  Berkshire Hathaway, Inc (Class B)   67,561,611    1.0 
 397,555     Chubb Ltd   59,959,245    0.9 
 1,758,188     Metlife, Inc   94,203,713    1.3 
       Other   132,520,770    1.9 
           453,683,295    6.5 
 MATERIALS                
 1,294,773     DowDuPont, Inc   93,625,036    1.3 
 2,575,729  * Louisiana-Pacific Corp   70,008,314    1.0 
 964,033     WR Grace & Co   73,738,884    1.0 
       Other   248,974,014    3.6 
           486,346,248    6.9 
MEDIA   41,691,018    0.6 
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES		 
 373,474     Allergan plc   66,190,797    0.9 
 277,104     Amgen, Inc   48,554,163    0.7 
 829,141     Bristol-Myers Squibb Co   51,124,834    0.7 
 761,726     Gilead Sciences, Inc   57,098,981    0.8 
 721,891     Johnson & Johnson   100,638,824    1.4 
 959,954     Merck & Co, Inc   52,883,866    0.8 
 1,666,430  *  Mylan NV   59,508,215    0.9 
 5,277,227     Pfizer, Inc   185,019,579    2.6 
       Other   19,635,851    0.3 
           640,655,110    9.1 
REAL ESTATE   54,647,284    0.8 
RETAILING   80,705,000    1.2 
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT		    
 4,565,517   *,e  Advanced Micro Devices, Inc   50,152,204    0.7 
 1,199,724     Intel Corp   54,575,445    0.8 
       Other   77,308,513    1.1 
           182,036,162    2.6 
SOFTWARE & SERVICES          
 2,465,879     Oracle Corp   125,513,241    1.8 
 1,653,882  *  Teradata Corp   55,322,353    0.8 
       Other   247,063,190    3.5 
           427,898,784    6.1 
TECHNOLOGY HARDWARE & EQUIPMENT     
 3,311,200     Cisco Systems, Inc   113,077,480    1.6 
       Other   162,173,311    2.3 
           275,250,791    3.9 
TELECOMMUNICATION SERVICES          
 4,338,435     AT&T, Inc   145,988,338    2.1 
       Other   81,745,499    1.2 
           227,733,837    3.3 


 

56 2017 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements
 
Summary portfolio of investments concluded

 

Large-Cap Value Fund ■ October 31, 2017

 

Shares     Company  Value   % of net
assets
TRANSPORTATION          
 1,395,410  *  Knight-Swift Transportation Holdings, Inc  $57,839,744    0.8%
       Other   42,770,768    0.6 
           100,610,512    1.4 
 UTILITIES                
 1,623,218     FirstEnergy Corp   53,485,033    0.7 
       Other   96,397,365    1.4 
           149,882,398    2.1 
   

TOTAL COMMON STOCKS

(Cost $5,712,686,025)

   6,996,215,590    99.9 
PURCHASED OPTIONS          
DIVERSIFIED FINANCIALS    27,320    0.0 
   

TOTAL PURCHASED OPTIONS

(Cost $17,605,008)

   27,320    0.0 
                     
Principal     Issuer            
SHORT-TERM INVESTMENTS          
GOVERNMENT AGENCY DEBT   17,800,000    0.2 
Shares     Company  Value   % of net
assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES 
 153,517,053  c  State Street Navigator Securities Lending Government Money Market Portfolio  $153,517,053    2.2%
           153,517,053    2.2 
   

TOTAL SHORT-TERM INVESTMENTS

(Cost $171,317,053)

   171,317,053    2.4 
   

TOTAL PORTFOLIO

(Cost $5,901,608,086)

   7,167,559,963    102.3 
    OTHER ASSETS & LIABILITIES, NET   (161,978,588)   (2.3)
    NET ASSETS  $7,005,581,375    100.0%

 

 
* Non-income producing
c Investments made with cash collateral received from securities on loan.
e All or a portion of these securities are out on loan. The aggregate value of securities on loan is $147,124,601.

 

“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.

 

For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.


 

 

Purchased options outstanding as of October 31, 2017 were as follows (See Note 3):

 

Description/
underlying investment		  Number of contracts  Notional amount   Exercise price   Expiration date  Value 
S&P 500 Index, Put  5,464   $17,605,008    $2,300.00   10/31/17   $27,320 

 

Written options outstanding as of October 31, 2017 were as follows (See Note 3):

 

Description/
underlying investment		  Number of contracts  Notional amount   Exercise price   Expiration date  Value 
S&P 500 Index, Put  5,464  $(6,819,072)   $2,100.00   10/31/17  $(27,320)

 

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2017 Annual Report 57
 

Summary portfolio of investments

 

Mid-Cap Growth Fund ■ October 31, 2017

 

             % of net
Shares     Company  Value   assets
COMMON STOCKS          
AUTOMOBILES & COMPONENTS          
 210,491     Delphi Automotive plc  $20,918,596    1.3%
           20,918,596    1.3 
BANKS                
 190,666     First Republic Bank   18,570,869    1.2 
       Other   21,167,093    1.3 
           39,737,962    2.5 
CAPITAL GOODS          
 397,590     Fastenal Co   18,674,802    1.2 
 284,285     Fortive Corp   20,542,434    1.3 
 194,000  n  Ingersoll-Rand plc   17,188,400    1.1 
 132,934     Parker-Hannifin Corp   24,275,078    1.5 
 94,194     Rockwell Automation, Inc   18,916,039    1.2 
 101,229     Roper Industries, Inc   26,134,291    1.6 
       Other   113,600,330    7.2 
           239,331,374    15.1 
CONSUMER DURABLES & APPAREL          
 420,280     DR Horton, Inc   18,580,579    1.2 
       Other   33,579,222    2.1 
           52,159,801    3.3 
CONSUMER SERVICES          
 109,816     Wynn Resorts Ltd   16,196,762    1.0 
       Other   48,632,954    3.1 
           64,829,716    4.1 
DIVERSIFIED FINANCIALS          
 290,801  e,n  iShares Russell Midcap Growth Index Fund   33,846,329    2.1 
 338,796     Lazard Ltd (Class A)   16,106,362    1.0 
       Other   23,891,664    1.5 
           73,844,355    4.6 
ENERGY   22,182,874    1.4 
FOOD & STAPLES RETAILING   10,938,789    0.7 
FOOD, BEVERAGE & TOBACCO   26,922,345    1.7 
HEALTH CARE EQUIPMENT & SERVICES          
 239,430  *  Cerner Corp   16,166,313    1.0 
 211,170 *,n  Edwards Lifesciences Corp   21,587,909    1.3 
       Other   39,381,176    2.5 
           77,135,398    4.8 
INSURANCE            
 517,644     Progressive Corp   25,183,381    1.6 
           25,183,381    1.6 
MATERIALS            
 169,189  n  Avery Dennison Corp   17,962,796    1.2 
 272,871  *  Berry Plastics Group, Inc   16,222,181    1.0 
 301,381     International Paper Co   17,260,090    1.1 
 438,666     Olin Corp   16,024,469    1.0 
 591,363  n  Tronox Ltd   15,653,379    1.0 
 212,657     WR Grace & Co   16,266,134    1.0 
       Other   33,495,824    2.1 
           132,884,873    8.4 
             % of net
Shares     Company  Value   assets
MEDIA  $13,849,663    0.9%
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES		 
 245,134  *  BioMarin Pharmaceutical, Inc   20,123,050    1.3 
 117,865  *  Illumina, Inc   24,184,719    1.5 
 171,423  *,n  Quintiles Transnational Holdings, Inc   18,530,826    1.2 
 469,369     Zoetis, Inc   29,955,130    1.9 
       Other   40,735,392    2.5 
           133,529,117    8.4 
REAL ESTATE          
 92,066  *  SBA Communications Corp   14,470,934    0.9 
       Other   22,149,921    1.4 
           36,620,855    2.3 
 RETAILING                
 374,396     Ross Stores, Inc   23,770,402    1.5 
 240,256     Tractor Supply Co   14,477,827    0.9 
 74,398  *,n  Ulta Beauty, Inc   15,012,772    0.9 
       Other   40,744,801    2.6 
           94,005,802    5.9 
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT		    
 271,840     Analog Devices, Inc   24,818,992    1.6 
 120,148     Lam Research Corp   25,059,268    1.6 
       Other   53,343,303    3.3 
           103,221,563    6.5 
SOFTWARE & SERVICES          
 82,341     Alliance Data Systems Corp   18,422,152    1.2 
 258,763     CDK Global, Inc   16,446,976    1.0 
 217,643  *  Dell Technologies, Inc-VMware Inc   18,014,311    1.1 
 287,144     DXC Technology Co   26,279,419    1.6 
 244,966     Fidelity National Information Services, Inc   22,723,046    1.4 
 120,770  *  Fiserv, Inc   15,631,261    1.0 
 124,647  *  FleetCor Technologies, Inc   20,600,410    1.3 
 137,635  *  Gartner, Inc   17,247,042    1.1 
 142,669  *  IAC/InterActiveCorp   18,411,435    1.2 
 139,717  *  ServiceNow, Inc   17,656,037    1.1 
 631,576     Symantec Corp   20,526,220    1.3 
 268,807  *  Vantiv, Inc   18,816,490    1.2 
       Other   77,498,156    4.9 
           308,272,955    19.4 
TECHNOLOGY HARDWARE & EQUIPMENT          
 182,000     Amphenol Corp (Class A)   15,834,000    1.0 
 55,500  *  Coherent, Inc   14,580,405    0.9 
 252,695  *,n  Lumentum Holdings, Inc   15,957,689    1.0 
 371,785  *  Trimble Navigation Ltd   15,198,571    1.0 
           61,570,665    3.9 
TRANSPORTATION          
 141,434     J.B. Hunt Transport Services, Inc   15,047,163    0.9 
       Other   14,261,750    0.9 
           29,308,913    1.8 
   

TOTAL COMMON STOCKS

(Cost $1,232,545,674)

   1,566,448,997    98.6 


 

58 2017 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements
 
Summary portfolio of investments concluded

 

Mid-Cap Growth Fund ■ October 31, 2017

 

             % of net
Shares     Company  Value   assets
PURCHASED OPTIONS          
DIVERSIFIED FINANCIALS  $7,200    0.0%
MATERIALS   6,000    0.0 
PHARMACEUTICALS & BIOTECHNOLOGY   12,600    0.0 
RETAILING   405,000    0.0 
TECHNOLOGY HARDWARE & EQUIPMENT   850,000    0.0 
   

TOTAL PURCHASED OPTIONS

(Cost $2,060,411)

   1,280,800    0.0 
                    
Principal     Issuer          
SHORT-TERM INVESTMENTS          
GOVERNMENT AGENCY DEBT          
$25,500,000     Federal Home Loan Bank (FHLB)
0.700%, 11/01/17		   25,500,000    1.6 
           25,500,000    1.6 
             % of net
Shares     Company  Value   assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES 
 26,359,303  c  State Street Navigator Securities Lending Government Money Market Portfolio  $26,359,303    1.7%
           26,359,303    1.7 
   

TOTAL SHORT-TERM INVESTMENTS

(Cost $51,859,303)

   51,859,303    3.3 
   

TOTAL PORTFOLIO

(Cost $1,286,465,388)

   1,619,589,100    101.9 
    OTHER ASSETS & LIABILITIES, NET   (28,932,168)   (1.9)
    NET ASSETS  $1,590,656,932    100.0%

 

 
* Non-income producing
c Investments made with cash collateral received from securities on loan.
e All or a portion of these securities are out on loan. The aggregate value of securities on loan is $26,217,685.
n All or a portion of these securities have been segregated by the custodian to cover requirements on open written options contracts.

 

“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.

 

For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.


 

 

Purchased options outstanding as of October 31, 2017 were as follows (See Note 3):

 

Description/
underlying investment		  Number of contracts  Notional amount   Exercise price   Expiration date  Value 
Ameriprise Financial, Inc, Put  100  $24,200   $150.00   11/17/17  $7,200 
Avery Dennison Corp, Put  1,200   152,100    95.00   11/17/17   6,000 
Lumentum Holdings, Inc, Put  2,500   1,029,375    62.00   11/17/17   850,000 
Quintiles IMS Holdings, Inc, Put  1,400   226,450    100.00   11/17/17   12,600 
Ulta Beauty, Inc, Put  450   628,286    195.00   12/15/17   405,000 
Total  5,650  $2,060,411           $1,280,800 

 

 

Written options outstanding as of October 31, 2017 were as follows (See Note 3):

 

Description/
underlying investment		  Number of contracts  Notional amount   Exercise price   Expiration date  Value 
Advanced Micro Devices, Inc, Call  5,500  $(186,116)  $16.00   11/17/17  $(11,000)
Ameriprise Financial, Inc, Call  100   (13,300)   160.00   11/17/17   (12,100)
Ameriprise Financial, Inc, Put  100   (5,400)   140.00   11/17/17   (1,000)
Avery Dennison Corp, Call  1,200   (47,099)   105.00   11/17/17   (258,000)
Avery Dennison Corp, Put  1,200   (47,099)   90.00   11/17/17   (16,800)
Edwards Lifesciences Corp, Call  1,050   (195,862)   120.00   11/17/17   (5,250)
Ingersoll-Rand plc, Call  1,200   (98,098)   100.00   11/17/17   (18,000)
Lumentum Holdings, Inc, Call  2,500   (496,438)   70.00   11/17/17   (450,000)
Lumentum Holdings, Inc, Put  2,500   (320,617)   55.00   11/17/17   (275,000)
Quintiles IMS Holdings, Inc, Call  1,400   (131,947)   105.00   11/17/17   (532,000)
Quintiles IMS Holdings, Inc, Put  1,400   (54,949)   95.00   11/17/17   (21,000)
Tronox Ltd, Call  2,000   (246,494)   28.00   11/17/17   (170,000)
Ulta Beauty, Inc, Call  450   (224,207)   215.00   12/15/17   (283,500)
Ulta Beauty, Inc, Put  450   (311,703)   180.00   12/15/17   (198,450)
Total  21,050  $(2,379,329)          $(2,252,100)

 

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2017 Annual Report 59
 

Summary portfolio of investments

 

Mid-Cap Value Fund ■ October 31, 2017

 

             % of net
Shares     Company  Value   assets
COMMON STOCKS          
AUTOMOBILES & COMPONENTS  $62,213,276    1.4%
BANKS          
 572,930     Comerica, Inc   45,015,110    1.0 
 539,709     East West Bancorp, Inc   32,296,187    0.7 
 2,890,000     Huntington Bancshares, Inc   39,882,000    0.9 
 935,000     SunTrust Banks, Inc   56,296,350    1.2 
 809,013     Zions Bancorporation   37,586,744    0.8 
       Other   188,966,833    4.2 
           400,043,224    8.8 
CAPITAL GOODS          
 283,122     Cummins, Inc   50,078,619    1.1 
 330,620     Ingersoll-Rand plc   29,292,932    0.7 
 306,697     L3 Technologies, Inc   57,407,545    1.3 
 1,110,630     Textron, Inc   58,574,626    1.3 
       Other   177,894,284    3.9 
           373,248,006    8.3 
COMMERCIAL & PROFESSIONAL SERVICES    
 563,942     Republic Services, Inc   36,695,706    0.8 
           36,695,706    0.8 
CONSUMER DURABLES & APPAREL          
 440,000  *,e  Tempur Sealy International, Inc   28,762,800    0.6 
       Other   89,118,887    2.0 
           117,881,687    2.6 
CONSUMER SERVICES   75,987,571    1.7 
DIVERSIFIED FINANCIALS          
 395,246     Ameriprise Financial, Inc   61,871,809    1.4 
 964,961  *  E*TRADE Financial Corp   42,062,650    0.9 
 362,764     Raymond James Financial, Inc   30,755,132    0.7 
       Other   41,686,219    0.9 
           176,375,810    3.9 
ENERGY          
 330,039     Andeavor   35,063,343    0.8 
 242,500  *  Concho Resources, Inc   32,545,925    0.7 
 965,888     Williams Cos, Inc   27,527,808    0.6 
       Other   367,016,060    8.1 
           462,153,136    10.2 
FOOD, BEVERAGE & TOBACCO          
 841,515     Bunge Ltd   57,879,402    1.3 
 905,057     ConAgra Foods, Inc   30,916,747    0.7 
 569,633     Pinnacle Foods, Inc   30,999,428    0.7 
 475,116     Tyson Foods, Inc (Class A)   34,640,708    0.8 
       Other   86,770,015    1.9 
           241,206,300    5.4 
HEALTH CARE EQUIPMENT & SERVICES    
 1,097,093  *  Boston Scientific Corp   30,872,197    0.7 
 126,602     Humana, Inc   32,327,821    0.7 
       Other   73,794,582    1.6 
           136,994,600    3.0 
Shares     Company  Value   % of net
assets
INSURANCE          
 204,093     Chubb Ltd  $30,781,306    0.7%
 819,172     Hartford Financial Services Group, Inc   45,095,419    1.0 
 425,566     Lincoln National Corp   32,249,391    0.7 
 366,990     Marsh & McLennan Cos, Inc   29,700,501    0.7 
       Other   189,891,107    4.2 
           327,717,724    7.3 
 MATERIALS                
 2,077,652  *  Freeport-McMoRan Copper & Gold, Inc (Class B)   29,045,575    0.6 
 684,358     WR Grace & Co   52,346,543    1.2 
       Other   251,786,039    5.6 
           333,178,157    7.4 
MEDIA   81,019,448    1.8 
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES		    
 773,807     Agilent Technologies, Inc   52,642,090    1.2 
 1,217,839  *  Mylan NV   43,489,031    0.9 
       Other   48,535,830    1.1 
           144,666,951    3.2 
REAL ESTATE          
 154,984     AvalonBay Communities, Inc   28,103,249    0.6 
 299,009     Camden Property Trust   27,281,581    0.6 
 302,256     Mid-America Apartment Communities, Inc   30,935,902    0.7 
 486,582     Prologis, Inc   31,423,466    0.7 
 502,663     Ventas, Inc   31,542,103    0.7 
 425,892     Welltower, Inc   28,517,728    0.6 
       Other   227,365,203    5.1 
           405,169,232    9.0 
RETAILING   47,329,029    1.0 
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT   72,540,651    1.6 
SOFTWARE & SERVICES          
 838,357     Symantec Corp   27,246,603    0.6 
       Other   76,384,262    1.7 
           103,630,865    2.3 
TECHNOLOGY HARDWARE & EQUIPMENT          
 1,362,874  *  Ciena Corp   28,988,330    0.6 
 398,488     TE Connectivity Ltd   36,250,453    0.8 
 511,394     Western Digital Corp   45,652,142    1.0 
       Other   79,409,823    1.8 
           190,300,748    4.2 
TELECOMMUNICATION SERVICES   45,024,069    1.0 
TRANSPORTATION          
 922,036     American Airlines Group, Inc   43,169,725    1.0 
 472,620  *  United Continental Holdings, Inc   27,638,818    0.6 
       Other   100,112,424    2.2 
           170,920,967    3.8 


 

60 2017 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements
 
Summary portfolio of investments concluded

 

Mid-Cap Value Fund ■ October 31, 2017

 

             % of net
Shares     Company  Value   assets
UTILITIES          
 414,021     DTE Energy Co  $45,732,759    1.0%
 477,142     Edison International   38,147,503    0.9 
 1,118,665     FirstEnergy Corp   36,860,012    0.8 
 630,834     Public Service Enterprise Group, Inc   31,037,033    0.7 
 421,088     Sempra Energy   49,477,840    1.1 
       Other   285,949,084    6.3 
           487,204,231    10.8 
   

TOTAL COMMON STOCKS

(Cost $3,131,675,898)

   4,491,501,388    99.5 
                    
Principal     Issuer          
SHORT-TERM INVESTMENTS          
TREASURY DEBT          
$37,600,000     United States Treasury Bill
0.961%, 11/09/17		   37,591,968    0.9 
       Other   9,319,750    0.2 
           46,911,718    1.1 
             % of net
Shares     Company  Value   assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES    
 37,054,238  c  State Street Navigator Securities Lending Government Money Market Portfolio  $37,054,238    0.8%
           37,054,238    0.8 
   

TOTAL SHORT-TERM INVESTMENTS

(Cost $83,965,960)

   83,965,956    1.9 
   

TOTAL PORTFOLIO

(Cost $3,215,641,858)

   4,575,467,344    101.4 
    OTHER ASSETS & LIABILITIES, NET   (63,705,616)   (1.4)
    NET ASSETS  $4,511,761,728    100.0%

 

 
* Non-income producing
c Investments made with cash collateral received from securities on loan.
e All or a portion of these securities are out on loan. The aggregate value of securities on loan is $35,699,359.

 

“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.

 

For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.


 

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2017 Annual Report 61
 

Summary portfolio of investments

 

Small-Cap Equity Fund ■ October 31, 2017

 

Shares     Company  Value   % of net
assets
COMMON STOCKS       
AUTOMOBILES & COMPONENTS $ 28,380,223    0.7%
BANKS                
 633,000  l  Cathay General Bancorp   26,459,400    0.7 
 676,300  *  Essent Group Ltd   28,823,906    0.8 
 534,200     Hancock Holding Co   26,042,250    0.7 
 281,200     IBERIABANK Corp   20,738,500    0.5 
 2,164,300  *  MGIC Investment Corp   30,949,490    0.8 
 794,530     Provident Financial Services, Inc   21,611,216    0.6 
 1,536,680     Radian Group, Inc   32,208,813    0.8 
 1,047,890     Umpqua Holdings Corp   21,439,829    0.6 
 684,612     United Community Banks, Inc   18,772,061    0.5 
 443,100  *  Walker & Dunlop, Inc   24,321,759    0.6 
 541,700     Washington Federal, Inc   18,851,160    0.5 
 293,800     Wintrust Financial Corp   23,883,002    0.6 
       Other   170,432,524    4.5 
           464,533,910    12.2 
CAPITAL GOODS          
 451,500     Comfort Systems USA, Inc   20,001,450    0.5 
 220,400     Curtiss-Wright Corp   26,062,300    0.7 
 419,666     EMCOR Group, Inc   33,787,310    0.9 
 208,050  *  Patrick Industries, Inc   19,348,650    0.5 
 200,546  *  Trex Co, Inc   21,949,760    0.6 
       Other   281,701,788    7.4 
           402,851,258    10.6 
COMMERCIAL & PROFESSIONAL SERVICES          
 342,556     Viad Corp   19,885,376    0.5 
       Other   94,961,052    2.5 
           114,846,428    3.0 
CONSUMER DURABLES & APPAREL   116,034,333    3.1 
CONSUMER SERVICES          
 270,100     Choice Hotels International, Inc   18,839,475    0.5 
 314,701  *  Grand Canyon Education, Inc   28,168,887    0.8 
       Other   85,078,783    2.2 
           132,087,145    3.5 
DIVERSIFIED FINANCIALS          
 302,838     Evercore Partners, Inc (Class A)   24,257,324    0.6 
 205,000  e  iShares Russell 2000 Index Fund   30,598,300    0.8 
       Other   80,245,988    2.1 
           135,101,612    3.5 
ENERGY          
 397,900  *  PDC Energy, Inc   20,265,047    0.5 
       Other   142,312,630    3.8 
           162,577,677    4.3 
FOOD, BEVERAGE & TOBACCO   90,886,780    2.4 
HEALTH CARE EQUIPMENT & SERVICES     
 252,220     Hill-Rom Holdings, Inc   20,356,676    0.5 
 221,800  *  Magellan Health Services, Inc   18,919,540    0.5 
 266,400  *  Masimo Corp   23,379,264    0.6 
 510,563  *  Merit Medical Systems, Inc   19,426,922    0.5 
       Other   112,893,383    3.0 
           194,975,785    5.1 
Shares     Company  Value   % of net
assets
HOUSEHOLD & PERSONAL PRODUCTS  $20,719,491    0.5%
INSURANCE          
 857,615     American Equity Investment Life Holding Co   25,308,219    0.6 
       Other   41,763,771    1.1 
           67,071,990    1.7 
MATERIALS   185,149,527    4.9 
MEDIA   41,756,370    1.1 
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES              
 481,800  *  Catalent, Inc   20,519,862    0.6 
 345,926  *  FibroGen, Inc   19,319,967    0.5 
 248,467  *  PRA Health Sciences, Inc   20,232,668    0.5 
 1,059,930  *  Spectrum Pharmaceuticals, Inc   20,764,029    0.6 
       Other   255,742,086    6.7 
           336,578,612    8.9 
REAL ESTATE          
 2,284,500     Cousins Properties, Inc   20,606,190    0.5 
 731,950     First Industrial Realty Trust, Inc   22,602,616    0.6 
 160,328     PS Business Parks, Inc   21,216,204    0.6 
 931,600     Sabra Healthcare REIT, Inc   18,557,472    0.5 
       Other   155,331,868    4.1 
           238,314,350    6.3 
RETAILING   93,969,714    2.4 
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT                
 218,789     Cabot Microelectronics Corp   21,150,333    0.6 
 204,600   * Silicon Laboratories, Inc   19,416,540    0.5 
       Other   115,668,866    3.0 
           156,235,739    4.1 
SOFTWARE & SERVICES          
 164,350  *  CACI International, Inc (Class A)   23,625,312    0.6 
 231,814  *  EPAM Systems, Inc   21,129,846    0.6 
 150,400     Fair Isaac Corp   21,832,064    0.6 
 488,379     Progress Software Corp   20,673,083    0.5 
       Other   236,022,245    6.2 
           323,282,550    8.5 
TECHNOLOGY HARDWARE & EQUIPMENT     
 166,900     SYNNEX Corp   22,511,472    0.6 
 218,900  *  Tech Data Corp   20,307,353    0.5 
       Other   137,642,827    3.7 
           180,461,652    4.8 
TELECOMMUNICATION SERVICES   32,196,208    0.9 
TRANSPORTATION          
 573,200  *  Knight-Swift Transportation Holdings, Inc   23,759,140    0.6 
       Other   28,227,162    0.8 
           51,986,302    1.4 
UTILITIES          
 389,123     Avista Corp   20,327,786    0.5 
 257,790     Southwest Gas Corp   21,239,318    0.6 
       Other   94,493,557    2.5 
           136,060,661    3.6 
    TOTAL COMMON STOCKS
(Cost $3,029,561,947)		   3,706,058,317    97.5 


 

62 2017 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements
 
Summary portfolio of investments concluded

 

Small-Cap Equity Fund ■ October 31, 2017

 

Principal     Issuer  Value   % of net
assets
SHORT-TERM INVESTMENTS          
GOVERNMENT AGENCY DEBT          
$36,250,000     Federal Home Loan Bank (FHLB)
0.700%, 11/01/17		  $36,250,000    1.0%
           36,250,000    1.0 
TREASURY DEBT          
 35,455,000     United States Treasury Bill
0.951%–0.971%, 11/02/17		   35,454,047    0.9 
           35,454,047    0.9 
Shares     Company  Value   % of net
assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES    
 63,551,207  c  State Street Navigator Securities Lending Government Money Market Portfolio  $63,551,207    1.7%
           63,551,207    1.7 
    TOTAL SHORT-TERM INVESTMENTS
(Cost $135,255,264)		   135,255,254    3.6 
    TOTAL PORTFOLIO
(Cost $3,164,817,211)		   3,841,313,571    101.1 
    OTHER ASSETS & LIABILITIES, NET   (42,033,954)   (1.1)
    NET ASSETS  $3,799,279,617    100.0%

 

 

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 $62,717,920.
l All or a portion of these securities have been segregated by the custodian to cover requirements on swap agreements.

 

“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.

 

For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.


 

 

Futures contracts outstanding as of October 31, 2017 were as follows (See Note 3):

 

Description  Number of
long (short)
contracts		   Expiration date   Notional amount  Value   Unrealized
appreciation
(depreciation)		 
Russell 2000 E Mini Index   1,090  12/15/17  $79,449,418   $81,897,150   $2,447,732 

 

Bilateral total return swap contracts outstanding as of October 31, 2017 were as follows (See Note 3):

 

Reference entity  Terms of payments
to be paid		  Terms of payments
to be received		  Counterparty  Maturity
date		  Notional amount   Value   Unrealized
appreciation
(depreciation)		 
GSCBTINY Index  1M LIBOR + 0.150%  Total return of GSCBTINY as specified in contract  Goldman Sachs  12/4/17  $37,280,242   $37,280,242       $— 
RU20INTR Index  Total return of RU20INTR as specified in contract  1M LIBOR – 0.070%  Goldman Sachs  12/4/17   18,674,069    18,674,069    — 
RU25INTR Index  Total Return of RU25INTR as specified in contract  1M LIBOR – 0.050%  Goldman Sachs  12/4/17   18,776,452    18,776,452    — 
Total                        $— 
LIBOR  London Interbank Offered Rate
M Month

 

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2017 Annual Report 63
 

Summary portfolio of investments

 

Small/Mid-Cap Equity Fund ■ October 31, 2017

 

Shares     Company  Value   % of net
assets
COMMON STOCKS         
AUTOMOBILES & COMPONENTS          
 31,549     Lear Corp  $5,539,689    0.8%
 45,172     Thor Industries, Inc   6,153,330    0.9 
       Other   3,411,398    0.5 
           15,104,417    2.2 
BANKS          
 19,996 *   SVB Financial Group   4,384,723    0.7 
       Other   48,214,578    7.1 
           52,599,301    7.8 
CAPITAL GOODS          
 89,403     BWX Technologies, Inc   5,357,028    0.8 
 57,082     EMCOR Group, Inc   4,595,672    0.7 
 33,552     Graco, Inc   4,421,818    0.6 
 60,002     HEICO Corp (Class A)   4,566,152    0.7 
 34,482     Hubbell, Inc   4,338,525    0.6 
 39,747     Oshkosh Truck Corp   3,639,235    0.5 
 47,730     Spirit Aerosystems Holdings, Inc (Class A)   3,823,173    0.6 
 34,046     Universal Forest Products, Inc   3,843,794    0.6 
       Other   54,270,059    8.0 
           88,855,456    13.1 
COMMERCIAL & PROFESSIONAL SERVICES     
 55,908     Insperity, Inc   5,305,669    0.8 
       Other   16,488,748    2.4 
           21,794,417    3.2 
CONSUMER DURABLES & APPAREL   20,780,861    3.1 
CONSUMER SERVICES          
 198,329     Extended Stay America, Inc   3,930,881    0.6 
 81,500 *   ServiceMaster Global Holdings, Inc   3,839,465    0.6 
       Other   13,627,202    2.0 
           21,397,548    3.2 
DIVERSIFIED FINANCIALS          
 112,489 *   Green Dot Corp   6,369,127    0.9 
       Other   19,079,197    2.8 
           25,448,324    3.7 
ENERGY   29,531,144    4.4 
FOOD & STAPLES RETAILING          
 135,068 *   US Foods Holding Corp   3,684,655    0.6 
       Other   3,573,192    0.5 
           7,257,847    1.1 
FOOD, BEVERAGE & TOBACCO          
 93,570     Lamb Weston Holdings, Inc   4,771,134    0.7 
 71,198     Pinnacle Foods, Inc   3,874,595    0.6 
       Other   4,783,428    0.7 
           13,429,157    2.0 
HEALTH CARE EQUIPMENT & SERVICES          
 207,728 *   Diplomat Pharmacy, Inc   4,372,674    0.6 
 58,531     Hill-Rom Holdings, Inc   4,724,037    0.7 
 64,340 *   Veeva Systems, Inc   3,920,880    0.6 
       Other   20,243,818    3.0 
           33,261,409    4.9 
Shares     Company  Value   % of net
assets
HOUSEHOLD & PERSONAL PRODUCTS  $5,079,633    0.7%
INSURANCE          
 35,839     Reinsurance Group of America, Inc (Class A)   5,353,630    0.8 
       Other   16,197,917    2.4 
           21,551,547    3.2 
MATERIALS          
 40,593     Avery Dennison Corp   4,309,759    0.6 
 73,910  *  Berry Plastics Group, Inc   4,393,949    0.7 
 164,682     Tronox Ltd   4,359,133    0.7 
       Other   24,637,150    3.6 
           37,699,991    5.6 
MEDIA          
 92,448     Tribune Co   3,783,897    0.6 
       Other   7,468,356    1.1 
           11,252,253    1.7 
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES               
 24,914  *  Bio-Rad Laboratories, Inc (Class A)   5,475,848    0.8 
 128,690     Bruker BioSciences Corp   4,040,866    0.6 
 88,410  *  Catalent, Inc   3,765,382    0.5 
 41,691  *  Charles River Laboratories International, Inc   4,848,246    0.7 
       Other   22,772,903    3.4 
           40,903,245    6.0 
REAL ESTATE          
 49,828     Camden Property Trust   4,546,307    0.7 
 102,517     Liberty Property Trust   4,395,929    0.6 
 46,863     Sun Communities, Inc   4,229,854    0.6 
       Other   44,700,834    6.6 
           57,872,924    8.5 
RETAILING          
 72,540     Big Lots, Inc   3,722,027    0.6 
 39,466  *  Burlington Stores, Inc   3,705,463    0.5 
 52,226  *  Wayfair, Inc   3,650,597    0.5 
       Other   18,457,296    2.7 
           29,535,383    4.3 
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT		     
 138,680     Brooks Automation, Inc   4,769,205    0.7 
 74,200  *  First Solar, Inc   4,067,644    0.6 
 83,000  *  Microsemi Corp   4,429,710    0.7 
       Other   4,996,664    0.7 
           18,263,223    2.7 
SOFTWARE & SERVICES          
 65,390  *  Aspen Technology, Inc   4,218,963    0.6 
 181,782  *  Box, Inc   3,990,115    0.6 
 93,963  *  Cadence Design Systems, Inc   4,055,443    0.6 
 145,805  *  Five9, Inc   3,678,660    0.5 
       Other   38,932,829    5.8 
           54,876,010    8.1 


 

64 2017 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements
 
Summary portfolio of investments concluded

 

Small/Mid-Cap Equity Fund ■ October 31, 2017

 

Shares     Company  Value   % of net
assets
TECHNOLOGY HARDWARE & EQUIPMENT      
 44,948  *  Arrow Electronics, Inc  $3,757,204    0.5%
 69,900     CDW Corp   4,893,000    0.7 
 33,523     SYNNEX Corp   4,521,582    0.7 
       Other   24,956,561    3.7 
           38,128,347    5.6 
TELECOMMUNICATION SERVICES   622,645    0.1 
TRANSPORTATION          
 86,570  *  Hub Group, Inc (Class A)   3,748,481    0.6 
 52,848  *  XPO Logistics, Inc   3,665,009    0.5 
       Other   3,961,183    0.6 
           11,374,673    1.7 
UTILITIES          
 211,230     Vistra Energy Corp   4,106,311    0.6 
       Other   14,762,441    2.2 
           18,868,752    2.8 
    TOTAL COMMON STOCKS
(Cost $583,577,598)		   675,488,507    99.7 
Shares     Company  Value   % of net
assets
SHORT-TERM INVESTMENTS          
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES  
 10,842,532 c   State Street Navigator Securities Lending Government Money Market Portfolio  $10,842,532    1.6%
           10,842,532    1.6 
   TOTAL SHORT-TERM INVESTMENTS
(Cost $10,842,532)		   10,842,532    1.6 
   TOTAL PORTFOLIO
(Cost $594,420,130)		   686,331,039    101.3 
   OTHER ASSETS & LIABILITIES, NET   (8,693,334)   (1.3)
   NET ASSETS  $677,637,705    100.0%

 

 
* Non-income producing
c Investments made with cash collateral received from securities on loan.

 

“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.

 

At 10/31/17, the aggregate value of securities on loan was $10,702,680.

 

For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.


 

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2017 Annual Report 65
 

Summary portfolio of investments

 

Social Choice Equity Fund ■ October 31, 2017

 

Shares     Company  Value    % of net
assets
COMMON STOCKS          
AUTOMOBILES & COMPONENTS  $32,171,409    1.1%
BANKS          
 152,339     PNC Financial Services Group, Inc   20,838,452    0.7 
 424,998     US Bancorp   23,111,391    0.8 
       Other   120,850,848    4.3 
           164,800,691    5.8 
CAPITAL GOODS          
 120,729     3M Co   27,790,609    1.0 
       Other   196,641,622    6.9 
           224,432,231    7.9 
COMMERCIAL & PROFESSIONAL SERVICES   22,575,428    0.8 
CONSUMER DURABLES & APPAREL          
 344,482     Nike, Inc (Class B)   18,943,065    0.6 
       Other   13,589,276    0.5 
           32,532,341    1.1 
CONSUMER SERVICES          
 166,803     McDonald’s Corp   27,841,089    1.0 
 337,600     Starbucks Corp   18,513,984    0.6 
       Other   30,290,319    1.1 
           76,645,392    2.7 
DIVERSIFIED FINANCIALS          
 225,750     American Express Co   21,563,640    0.8 
 359,835     Bank of New York Mellon Corp   18,513,511    0.6 
 124,077     CME Group, Inc   17,019,642    0.6 
       Other   113,240,710    4.0 
           170,337,503    6.0 
ENERGY          
 303,189     Schlumberger Ltd   19,404,096    0.7 
 225,652     Valero Energy Corp   17,801,686    0.6 
       Other   124,141,231    4.4 
           161,347,013    5.7 
FOOD & STAPLES RETAILING   18,524,172    0.6 
FOOD, BEVERAGE & TOBACCO          
 693,479     Coca-Cola Co   31,886,164    1.1 
 259,039     PepsiCo, Inc   28,553,869    1.0 
       Other   60,971,020    2.2 
           121,411,053    4.3 
HEALTH CARE EQUIPMENT & SERVICES     
 82,164     Anthem, Inc   17,189,531    0.6 
 88,951     Becton Dickinson & Co   18,561,405    0.7 
       Other   92,119,174    3.2 
           127,870,110    4.5 
HOUSEHOLD & PERSONAL PRODUCTS     
 402,506     Procter & Gamble Co   34,752,368    1.2 
       Other   24,845,199    0.9 
           59,597,567    2.1 
Shares     Company   Value    % of net
assets
INSURANCE          
 136,533     Chubb Ltd  $20,591,907    0.7%
 156,152     Prudential Financial, Inc   17,248,550    0.6 
       Other   77,169,979    2.7 
           115,010,436    4.0 
MATERIALS                
 118,223     Praxair, Inc   17,274,745    0.6 
       Other   88,459,549    3.1 
           105,734,294    3.7 
MEDIA          
 57,289 *   Charter Communications, Inc   19,144,265    0.7 
 209,438     Time Warner, Inc   20,585,661    0.7 
 301,742     Walt Disney Co   29,513,385    1.0 
       Other   10,585,628    0.4 
           79,828,939    2.8 
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES               
 150,942     Amgen, Inc   26,448,057    0.9 
 385,792     Bristol-Myers Squibb Co   23,787,935    0.8 
 179,377 *   Celgene Corp   18,111,696    0.6 
 288,576     Gilead Sciences, Inc   21,631,657    0.8 
 382,252     Johnson & Johnson   53,289,751    1.9 
 500,319     Merck & Co, Inc   27,562,574    1.0 
       Other   73,275,187    2.6 
           244,106,857    8.6 
REAL ESTATE          
 142,171     American Tower Corp   20,425,708    0.7 
       Other   90,401,393    3.2 
           110,827,101    3.9 
RETAILING          
 241,860     Lowe’s Companies, Inc   19,336,707    0.7 
 112,347 *   NetFlix, Inc   22,068,321    0.8 
 12,281 *   Priceline.com, Inc   23,480,781    0.8 
       Other   53,109,298    1.9 
           117,995,107    4.2 
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT              
 362,332     Applied Materials, Inc   20,446,395    0.7 
 813,514     Intel Corp   37,006,752    1.3 
 113,840     NVIDIA Corp   23,543,250    0.8 
 248,335     Texas Instruments, Inc   24,011,511    0.9 
       Other   20,927,162    0.7 
           125,935,070    4.4 
SOFTWARE & SERVICES          
 164,682     Accenture plc   23,444,129    0.8 
 38,489 *   Alphabet, Inc (Class A)   39,760,676    1.4 
 39,087 *   Alphabet, Inc (Class C)   39,737,408    1.4 
 241,246     Cognizant Technology Solutions Corp (Class A)   18,255,085    0.7 
 176,285     International Business Machines Corp   27,158,467    1.0 
 193,518     MasterCard, Inc (Class A)   28,789,673    1.0 
 958,520 d   Microsoft Corp   79,729,694    2.8 
 578,254     Oracle Corp   29,433,129    1.0 
 205,413 *   salesforce.com, Inc   21,021,966    0.7 
       Other   82,201,416    2.9 
           389,531,643    13.7 


 

66 2017 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements
 
Summary portfolio of investments concluded

 

Social Choice Equity Fund ■ October 31, 2017

 

Shares     Company   Value    % of net
assets
TECHNOLOGY HARDWARE & EQUIPMENT  
 887,467     Cisco Systems, Inc  $30,306,998    1.1%
       Other   88,994,337    3.1 
           119,301,335    4.2 
TELECOMMUNICATION SERVICES          
 697,189     Verizon Communications, Inc   33,374,437    1.2 
       Other   13,236,374    0.4 
           46,610,811    1.6 
TRANSPORTATION          
 151,075     Union Pacific Corp   17,492,974    0.6 
 172,928     United Parcel Service, Inc (Class B)   20,324,228    0.7 
       Other   36,934,266    1.3 
           74,751,468    2.6 
UTILITIES   86,830,062    3.1 
   TOTAL COMMON STOCKS
(Cost $1,854,011,720)		   2,828,708,033    99.4 
                    
 Principal     Issuer            
SHORT-TERM INVESTMENTS          
GOVERNMENT AGENCY DEBT   15,500,000    0.5 
Shares     Company  Value   % of net
assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES  
 29,876,698  c State Street Navigator Securities Lending Government Money Market Portfolio  $29,876,698    1.1%
           29,876,698    1.1 
    

TOTAL SHORT-TERM INVESTMENTS

(Cost $45,376,698)

   45,376,698    1.6 
    TOTAL PORTFOLIO
(Cost $1,899,388,418)		   2,874,084,731    101.0 
    OTHER ASSETS & LIABILITIES, NET   (28,077,483)   (1.0)
    NET ASSETS  $2,846,007,248    100.0%

 

 
* Non-income producing
c Investments made with cash collateral received from securities on loan.
d All or a portion of these securities have been segregated to cover margin requirements on open futures contracts.

 

“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.

 

At 10/31/17, the aggregate value of securities on loan was $29,359,694.

 

For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.


 

 

Futures contracts outstanding as of October 31, 2017 were as follows (See Note 3):

 

Description  Number of
long (short)
contracts		  Expiration date  Notional amount  

 

 

Value		   Unrealized
appreciation
(depreciation)		 
S&P 500 E Mini Index  96  12/15/17  $12,336,400   $12,348,960   $12,560 

 

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2017 Annual Report 67
 

Summary portfolio of investments

 

Social Choice Low Carbon Equity Fund ■ October 31, 2017

 

Shares     Company  Value   % of net
assets
COMMON STOCKS          
AUTOMOBILES & COMPONENTS  $1,072,325    1.2%
BANKS          
 4,798     PNC Financial Services Group, Inc   656,318    0.7 
 13,082     US Bancorp   711,399    0.8 
       Other   3,733,210    4.2 
           5,100,927    5.7 
CAPITAL GOODS          
 3,816     3M Co   878,405    1.0 
 5,178     Caterpillar, Inc   703,173    0.8 
       Other   6,094,036    6.8 
           7,675,614    8.6 
COMMERCIAL & PROFESSIONAL SERVICES   298,067    0.3 
CONSUMER DURABLES & APPAREL          
 12,367     Nike, Inc (Class B)   680,061    0.7 
       Other   420,350    0.5 
           1,100,411    1.2 
CONSUMER SERVICES          
 5,247     McDonald’s Corp   875,777    1.0 
 10,602     Starbucks Corp   581,413    0.6 
       Other   684,093    0.8 
           2,141,283    2.4 
DIVERSIFIED FINANCIALS          
 7,022     American Express Co   670,741    0.7 
 11,546     Bank of New York Mellon Corp   594,042    0.7 
 1,345     BlackRock, Inc   633,266    0.7 
 13,537     Charles Schwab Corp   606,999    0.7 
       Other   2,951,103    3.3 
           5,456,151    6.1 
ENERGY          
 11,354     Schlumberger Ltd   726,656    0.8 
       Other   3,967,618    4.5 
           4,694,274    5.3 
FOOD & STAPLES RETAILING   667,912    0.8 
FOOD, BEVERAGE & TOBACCO          
 22,086     Coca-Cola Co   1,015,514    1.1 
 8,626     PepsiCo, Inc   950,844    1.1 
       Other   1,878,737    2.1 
           3,845,095    4.3 
HEALTH CARE EQUIPMENT & SERVICES          
 2,806     Becton Dickinson & Co   585,528    0.7 
       Other   3,312,441    3.7 
           3,897,969    4.4 
HOUSEHOLD & PERSONAL PRODUCTS          
 12,801     Procter & Gamble Co   1,105,238    1.3 
       Other   721,972    0.8 
           1,827,210    2.1 
Shares     Company  Value   % of net
assets
INSURANCE            
 9,570     American International Group, Inc  $618,318    0.7%
 4,396     Chubb Ltd   663,005    0.7 
 5,260     Prudential Financial, Inc   581,019    0.7 
       Other   1,992,257    2.2 
           3,854,599    4.3 
MATERIALS   3,161,854    3.6 
MEDIA          
 1,971  *  Charter Communications, Inc   658,649    0.7 
 6,385     Time Warner, Inc   627,582    0.7 
 9,564     Walt Disney Co   935,455    1.1 
       Other   303,448    0.3 
           2,525,134    2.8 
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES          
 4,889     Amgen, Inc   856,651    1.0 
 1,881  *  Biogen Idec, Inc   586,232    0.6 
 12,549     Bristol-Myers Squibb Co   773,771    0.9 
 6,580  *  Celgene Corp   664,383    0.7 
 9,477     Gilead Sciences, Inc   710,396    0.8 
 12,011     Johnson & Johnson   1,674,454    1.9 
 16,465     Merck & Co, Inc   907,057    1.0 
       Other   1,412,830    1.6 
           7,585,774    8.5 
REAL ESTATE          
 4,330     American Tower Corp   622,091    0.7 
       Other   2,803,907    3.1 
           3,425,998    3.8 
RETAILING          
 8,111     Lowe’s Companies, Inc   648,475    0.7 
 3,495  *  NetFlix, Inc   686,523    0.8 
 389  *  Priceline.com, Inc   743,752    0.8 
       Other   1,568,925    1.8 
           3,647,675    4.1 
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT		    
 26,028     Intel Corp   1,184,014    1.3 
 4,011     NVIDIA Corp   829,515    0.9 
 7,975     Texas Instruments, Inc   771,103    0.9 
       Other   1,200,434    1.4 
           3,985,066    4.5 
SOFTWARE & SERVICES          
 5,092     Accenture plc   724,897    0.8 
 1,208  *  Alphabet, Inc (Class A)   1,247,912    1.4 
 1,228  *  Alphabet, Inc (Class C)   1,248,434    1.4 
 5,130     Automatic Data Processing, Inc   596,414    0.7 
 5,651     International Business Machines Corp   870,593    1.0 
 5,992     MasterCard, Inc (Class A)   891,430    1.0 
 30,213  d  Microsoft Corp   2,513,117    2.8 
 18,068     Oracle Corp   919,661    1.0 
 6,499  *  salesforce.com, Inc   665,108    0.8 
       Other   2,597,576    2.9 
           12,275,142    13.8 


 

68 2017 Annual Report   ■  TIAA-CREF Funds: Equity Funds See notes to financial statements
 
Summary portfolio of investments concluded

 

Social Choice Low Carbon Equity Fund ■ October 31, 2017

 

Shares     Company  Value   % of net
assets
TECHNOLOGY HARDWARE & EQUIPMENT    
 29,123     Cisco Systems, Inc  $994,550    1.1%
       Other   3,049,496    3.4 
           4,044,046    4.5 
TELECOMMUNICATION SERVICES          
 22,363     Verizon Communications, Inc   1,070,517    1.2 
       Other   394,974    0.4 
           1,465,491    1.6 
TRANSPORTATION          
 5,399     Union Pacific Corp   625,150    0.7 
 5,727     United Parcel Service, Inc (Class B)   673,095    0.7 
       Other   856,835    1.0 
           2,155,080    2.4 
UTILITIES         2,732,068    3.1 
    TOTAL COMMON STOCKS
(Cost $74,991,559)		   88,635,165    99.4 
Principal     Issuer  Value   % of net
assets
SHORT-TERM INVESTMENTS          
GOVERNMENT AGENCY DEBT          
$1,250,000     Federal Home Loan Bank (FHLB)
0.850%, 11/01/17		  $1,250,000    1.5%
           1,250,000    1.5 
    TOTAL SHORT-TERM INVESTMENTS
(Cost $1,250,000)		   1,250,000    1.5 
    TOTAL PORTFOLIO
(Cost $76,241,559)		   89,885,165    100.9 
    OTHER ASSETS & LIABILITIES, NET   (759,749)   (0.9)
    NET ASSETS  $89,125,416    100.0%

 

 
* Non-income producing
d All or a portion of these securities have been segregated to cover margin requirements on open futures contracts.

 

“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.

 

For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.


 

 

Futures contracts outstanding as of October 31, 2017 were as follows (See Note 3):

 

   Number of             Unrealized 
   long (short)             appreciation 
Description  contracts  Expiration date  Notional amount   Value   (depreciation) 
S&P 500 E Mini Index  3  12/15/17  $384,757   $385,905    $1,148 

 

See notes to financial statements TIAA-CREF Funds: Equity Funds   ■  2017 Annual Report 69
 

Summary portfolio of investments

 

Emerging Markets Equity Fund ■ October 31, 2017

 

Principal     Issuer  Value   % of net
assets
BONDS          
CORPORATE BONDS          
HONG KONG  $53    0.0%
    TOTAL CORPORATE BONDS
(Cost $534,000)		   53    0.0 
    TOTAL BONDS
(Cost $534,000)		   53    0.0 
EQUITY-LINKED NOTES          
UNITED STATES          
 750,000  j  Morgan Stanley BV
0.000%, 07/02/18		   12,802,800    0.9 
    TOTAL EQUITY-LINKED NOTES
(Cost $12,508,917)		   12,802,800    0.9 
               
Shares     Company        
COMMON STOCKS          
ARGENTINA          
 1,056,180  e  BBVA Banco Frances S.A. (ADR)   23,278,207    1.6 
 682,748  *  YPF S.A. (ADR) (Class D)   16,768,291    1.2 
       Other   19,215,640    1.3 
           59,262,138    4.1 
BRAZIL          
 3,438,700  *  Atacadao Distribuicao Comercio e Industria Ltd   16,902,851    1.2 
 610,400  *  Cia Brasileira de Distribuicao Grupo Pao de Acucar   14,218,347    1.0 
 4,758,300     Cyrela Brazil Realty S.A.   18,618,360    1.3 
 4,618,800  *  Petroleo Brasileiro S.A. (Preference)   23,677,827    1.6 
 3,389,067     Via Varejo S.A.   23,382,521    1.6 
       Other   10,019,453    0.7 
           106,819,359    7.4 
CHILE          
 1,373,243,351     Corpbanca S.A.   12,801,403    0.9 
 1,368,639     SACI Falabella   13,073,088    0.9 
           25,874,491    1.8 
CHINA          
 390,154  *  Alibaba Group Holding Ltd (ADR)   72,135,573    5.0 
 152,000  *  Baidu, Inc (ADR)   37,078,880    2.6 
 1,620,200  e  Byd Co Ltd   14,166,598    1.0 
 3,633,300     China Mobile Hong Kong Ltd   36,545,057    2.5 
 9,938,200  *  China Unicom Ltd   14,100,904    1.0 
 14,443,400     CNOOC Ltd   19,720,915    1.4 
 20,291,034     Industrial & Commercial Bank of China   16,144,866    1.1 
 424,300  *  JD.com, Inc (ADR)   15,919,736    1.1 
 63,700     Netease.com (ADR)   17,958,304    1.2 
 7,935,900     PICC Property & Casualty Co Ltd   15,748,712    1.1 
 6,664,100     Ping An Insurance Group Co of China Ltd   58,563,702    4.1 
 771,800     Tencent Holdings Ltd   34,688,620    2.4 
       Other   11,364,067    0.8 
           364,135,934    25.3 
COLOMBIA          
 3,351,100     Almacenes Exito S.A.   18,000,024    1.3 
           18,000,024    1.3 
Shares     Company  Value   % of net
assets
GREECE  $3,349,348    0.2%
HONG KONG          
 1,490,317     Melco Crown Entertainment Ltd (ADR)   37,675,214    2.6 
       Other   826    0.0 
           37,676,040    2.6 
INDIA          
 730,100     Larsen & Toubro Ltd   13,789,820    1.0 
 849,100  *  Multi Commodity Exchange of India Ltd   13,829,309    1.0 
       Other   61,149,546    4.2 
           88,768,675    6.2 
INDONESIA   3,747,770    0.3 
ITALY          
 5,437,100     Prada S.p.A   18,752,885    1.3 
           18,752,885    1.3 
KOREA, REPUBLIC OF          
 37,300     LG Chem Ltd   13,448,758    0.9 
 45,100     POSCO   13,145,992    0.9 
 37,239     Samsung Electronics Co Ltd   91,798,034    6.4 
 67,900     Samsung SDI Co Ltd   12,510,467    0.9 
       Other   10,856,727    0.8 
           141,759,978    9.9 
MEXICO          
 12,882,200  *,e  Becle SAB de C.V.   20,635,172    1.4 
           20,635,172    1.4 
PERU   6,409,027    0.5 
PHILIPPINES   23,225,304    1.6 
RUSSIA          
 557,300  *  Mail.ru (GDR)   18,107,559    1.2 
 3,370,857     Sberbank of Russian Federation (ADR)   48,379,244    3.4 
 441,200  *  X 5 Retail Group NV (GDR)   18,133,320    1.3 
       Other   6,184,264    0.4 
           90,804,387    6.3 
SINGAPORE          
 1,282,994  *  Sea Ltd (ADR)   19,347,550    1.3 
           19,347,550    1.3 
SOUTH AFRICA          
 907,300     Aspen Pharmacare Holdings Ltd   20,500,072    1.4 
 316,217     Naspers Ltd (N Shares)   77,040,737    5.4 
 901,500  e  Shoprite Holdings Ltd   12,902,664    0.9 
           110,443,473    7.7 
SRI LANKA          
 11,956,700     John Keells Holdings plc   12,421,737    0.9 
           12,421,737    0.9 
 TAIWAN                
 10,932,000     Fubon Financial Holding Co Ltd   17,422,429    1.2 
 10,285,300     Hon Hai Precision Industry Co, Ltd   38,229,872    2.6 
 1,479,800     MediaTek, Inc   16,839,403    1.2 
 6,738,900     Taiwan Semiconductor Manufacturing Co Ltd   54,479,284    3.8 
           126,970,988    8.8 


 

70 2017 Annual Report   ■  TIAA-CREF Funds: Equity Funds See notes to financial statements
 
Summary portfolio of investments concluded

 

Emerging Markets Equity Fund ■ October 31, 2017

 

Shares     Company  Value   % of net
assets
THAILAND          
 2,229,700     Kasikornbank PCL - NVDR  $14,767,938    1.0%
           14,767,938    1.0 
TURKEY          
 4,066,700     Turkcell Iletisim Hizmet AS   15,238,918    1.1 
           15,238,918    1.1 
UNITED ARAB EMIRATES          
 9,136,200  *  Emaar Properties PJSC   20,617,266    1.4 
           20,617,266    1.4 
URUGUAY          
 6,622,107  *,a,n  Arcos Dorados Holdings, Inc   66,221,070    4.6 
           66,221,070    4.6 
    TOTAL COMMON STOCKS
(Cost $1,164,256,482)		   1,395,249,472    97.0 
PREFERRED STOCKS          
PHILIPPINES   3,335    0.0 
    TOTAL PREFERRED STOCKS
(Cost $4,057)		   3,335    0.0 
PURCHASED OPTIONS          
HONG KONG   3,360,000    0.2 
    TOTAL PURCHASED OPTIONS
(Cost $2,754,500)		   3,360,000    0.2 
                    
Principal     Issuer          
SHORT-TERM INVESTMENTS          
GOVERNMENT AGENCY DEBT          
$26,400,000     Federal Home Loan Bank (FHLB)
0.850%, 11/01/17		   26,400,000    1.8 
           26,400,000    1.8 
Shares     Company  Value   % of net
assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES  
 15,425,605  c  State Street Navigator Securities Lending Government Money Market Portfolio  $15,425,605    1.1%
           15,425,605    1.1 
    TOTAL SHORT-TERM INVESTMENTS
(Cost $41,825,605)		   41,825,605    2.9 
    TOTAL PORTFOLIO
(Cost $1,221,883,561)		   1,453,241,265    101.0 
    OTHER ASSETS & LIABILITIES, NET   (14,547,010)   (1.0)
    NET ASSETS  $1,438,694,255    100.0%

 

 

Abbreviation(s):

 

ADR  American Depositary Receipt

GDR Global Depositary Receipt

 

* Non-income producing
a Affiliated holding
c Investments made with cash collateral received from securities on loan.
e All or a portion of these securities are out on loan. The aggregate value of securities on loan is $14,038,049.
j Zero coupon
n All or a portion of these securities have been segregated by the custodian to cover requirements on open written options contracts.

 

“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.

 

For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.


 

 

Purchased options outstanding as of October 31, 2017 were as follows (See Note 3):

 

Description/underlying investment  Number of contracts  Notional amount   Exercise price   Expiration date  Value 
Melco Resorts & Entertainment Ltd, Call  14,000  $2,754,500    $25.00   4/20/18  $3,360,000 

 

Written options outstanding as of October 31, 2017 were as follows (See Note 3):

 

Description/underlying investment  Number of contracts  Notional amount  Exercise price   Expiration date  Value 
Melco Resorts & Entertainment Ltd, Put  14,000  $(829,481)   $19.00   4/20/18  $(595,000)

 

See notes to financial statements TIAA-CREF Funds: Equity Funds   ■  2017 Annual Report 71
 

Summary of market values by sector

 

Emerging Markets Equity Fund ■ October 31, 2017

 

Sector  Value   % of net
assets
INFORMATION TECHNOLOGY  $423,528,887    29.4%
CONSUMER DISCRETIONARY   326,357,350    22.7 
FINANCIALS   276,738,083    19.3 
CONSUMER STAPLES   109,253,109    7.6 
ENERGY   71,760,128    5.0 
TELECOMMUNICATION SERVICES   65,884,878    4.6 
MATERIALS   49,208,291    3.4 
INDUSTRIALS   37,785,360    2.6 
REAL ESTATE   30,387,994    2.1 
HEALTH CARE   20,511,580    1.4 
SHORT-TERM INVESTMENTS   41,825,605    2.9 
OTHER ASSETS & LIABILITIES, NET   (14,547,010)   (1.0)
NET ASSETS  $1,438,694,255    100.0%

 


 

72 2017 Annual Report   ■  TIAA-CREF Funds: Equity Funds See notes to financial statements
 

Summary portfolio of investments

 

Enhanced International Equity Index Fund ■ October 31, 2017

 

Shares     Company  Value   % of net
assets
COMMON STOCKS          
AUSTRALIA                
 846,597     BHP Billiton plc  $15,328,176    0.8%
 227,213     Macquarie Group Ltd   17,140,918    0.9 
 716,396     Westpac Banking Corp   18,145,906    1.0 
       Other   89,615,878    4.7 
           140,230,878    7.4 
AUSTRIA   10,005,990    0.5 
BELGIUM          
 205,445     KBC Groep NV   17,066,091    0.9 
       Other   2,775,897    0.2 
           19,841,988    1.1 
DENMARK          
 212,141     Vestas Wind Systems AS   18,728,819    1.0 
       Other   12,714,936    0.7 
           31,443,755    1.7 
FINLAND          
 631,613     UPM-Kymmene Oyj   18,968,765    1.0 
       Other   7,784,418    0.4 
           26,753,183    1.4 
FRANCE          
 117,896     Atos Origin S.A.   18,311,101    1.0 
 365,176     BNP Paribas   28,501,774    1.5 
 1,095,955     Credit Agricole S.A.   19,127,937    1.0 
 51,512     LVMH Moet Hennessy Louis Vuitton S.A.   15,364,127    0.8 
 147,526     Michelin (C.G.D.E.) (Class B)   21,353,851    1.1 
 707,728     Peugeot S.A.   16,791,238    0.9 
 292,501     Sanofi-Aventis   27,695,909    1.5 
       Other   40,801,995    2.2 
           187,947,932    10.0 
GERMANY          
 120,007     Allianz AG.   28,016,690    1.5 
 144,026     BASF SE   15,749,722    0.8 
 186,512     Bayer AG.   24,261,261    1.3 
 73,176     Continental AG.   18,622,860    1.0 
 193,072  g  Covestro AG.   18,559,924    1.0 
 523,305     Deutsche Lufthansa AG.   16,812,663    0.9 
 1,415,608     E.ON AG.   16,767,076    0.9 
       Other   53,888,386    2.8 
           192,678,582    10.2 
HONG KONG          
 1,038,000     Sun Hung Kai Properties Ltd   16,981,049    0.9 
       Other   47,553,856    2.5 
           64,534,905    3.4 
IRELAND   6,306,748    0.3 
ISRAEL   3,156,236    0.2 
ITALY   39,870,201    2.1 
Shares     Company  Value   % of net
assets
JAPAN                
 364,000  *  All Nippon Airways Co Ltd  $13,990,337    0.7%
 534,900     Canon, Inc   20,094,627    1.1 
 1,381,000     Kajima Corp   14,323,020    0.8 
 683,600     Kirin Brewery Co Ltd   16,409,044    0.9 
 623,385     Mitsubishi Corp   14,598,386    0.8 
 486,000     Mitsui Sumitomo Insurance Group Holdings, Inc   16,510,549    0.9 
 786,900     Sekisui House Ltd   14,713,818    0.8 
 260,191     Suzuki Motor Corp   14,251,510    0.7 
 79,200     Tokyo Electron Ltd   13,945,510    0.7 
 258,176     Toyota Motor Corp   16,013,638    0.8 
       Other   288,341,406    15.3 
           443,191,845    23.5 
JORDAN   3,203,712    0.2 
LUXEMBOURG   304,484    0.0 
NETHERLANDS          
 890,093     ING Groep NV   16,448,441    0.9 
 270,380     Randstad Holdings NV   16,634,351    0.9 
 567,933     Royal Dutch Shell plc (A Shares)   17,878,407    0.9 
 431,174     Royal Dutch Shell plc (B Shares)   13,882,625    0.7 
       Other   2,188,968    0.1 
            67,032,792    3.5 
NEW ZEALAND   1,835,756    0.1 
NORWAY   19,250,169    1.0 
PORTUGAL   5,069,791    0.3 
SINGAPORE          
 969,436     DBS Group Holdings Ltd   16,188,179    0.9 
       Other   8,620,905    0.4 
           24,809,084    1.3 
SOUTH AFRICA   4,589,259    0.2 
SPAIN          
 3,717,221     Banco Santander S.A.   25,200,193    1.3 
 851,549     Repsol YPF S.A.   15,957,513    0.8 
       Other   29,527,071    1.6 
           70,684,777    3.7 
SWEDEN48,682,759    2.6 
SWITZERLAND          
 569,686     Nestle S.A.   47,932,526    2.5 
 300,556     Novartis AG.   24,789,628    1.3 
 114,378     Roche Holding AG.   26,436,299    1.4 
 611,844     STMicroelectronics NV   14,403,618    0.8 
       Other   44,915,020    2.4 
           158,477,091    8.4 


 

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2017 Annual Report 73
 
Summary portfolio of investments concluded

 

Enhanced International Equity Index Fund ■ October 31, 2017

 

Shares     Company  Value   % of net
assets
UNITED KINGDOM          
 463,893     BP plc (ADR)  $18,866,528    1.0%
 502,527     British American Tobacco plc   32,468,182    1.7 
 3,822,592     HSBC Holdings plc   37,328,062    2.0 
 4,799,474     Legal & General Group plc   17,016,875    0.9 
 361,766     Rio Tinto plc   17,097,282    0.9 
 334,464     Unilever NV   19,428,981    1.0 
 399,193     Unilever plc   22,623,844    1.2 
       Other   129,462,142    6.9 
           294,291,896    15.6 
UNITED STATES   13,092,755    0.7 
    TOTAL COMMON STOCKS
(Cost $1,585,287,179)		   1,877,286,568    99.4 
RIGHTS / WARRANTS          
SPAIN     177,530    0.0 
    TOTAL RIGHTS / WARRANTS
(Cost $175,104)		   177,530    0.0 
                   
Principal     Issuer            
SHORT-TERM INVESTMENTS      
GOVERNMENT AGENCY DEBT   6,950,000    0.4 
Shares     Company  Value   % of net
assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
 23,976,504 c   State Street Navigator Securities Lending Government Money Market Portfolio  $23,976,504    1.3%
           23,976,504    1.3 
   

TOTAL SHORT-TERM INVESTMENTS

(Cost $30,926,504)

   30,926,504    1.7 
   TOTAL PORTFOLIO
(Cost $1,616,388,787)		   1,908,390,602    101.1 
   OTHER ASSETS & LIABILITIES, NET   (20,081,412)   (1.1)
   NET ASSETS  $1,888,309,190    100.0%

 

 

Abbreviation(s):

ADR American Depositary Receipt

 

* Non-income producing
c Investments made with cash collateral received from securities on loan.
g Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/17, the aggregate value of these securities, including those in “Other,” was $47,147,628 or 2.5% of net assets.

 

“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.

 

At 10/31/17, the aggregate value of securities on loan was $22,807,978.

 

For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.


 

Summary of market values by sector

 

Enhanced International Equity Index Fund ■ October 31, 2017

 

Sector  Value   % of net
assets
FINANCIALS  $410,143,369    21.6%
INDUSTRIALS   271,772,944    14.4 
CONSUMER DISCRETIONARY   226,256,112    12.0 
CONSUMER STAPLES   205,701,204    10.9 
HEALTH CARE   187,401,664    9.9 
MATERIALS   150,155,990    8.0 
INFORMATION TECHNOLOGY   122,058,289    6.5 
ENERGY   98,107,487    5.2 
TELECOMMUNICATION SERVICES   77,912,575    4.1 
REAL ESTATE   65,106,060    3.5 
UTILITIES   62,848,404    3.3 
SHORT-TERM INVESTMENTS   30,926,504    1.7 
OTHER ASSETS & LIABILITIES, NET   (20,081,412)   (1.1)
NET ASSETS  $1,888,309,190    100.0%


 

74 2017 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements
 

Summary portfolio of investments

 

Global Natural Resources Fund ■ October 31, 2017

 

 Shares     Company   Value    % of net
assets
COMMON STOCKS
AUSTRALIA          
 32,533     BHP Billiton Ltd  $669,815    1.5%
 140,348     BHP Billiton plc   2,541,090    5.8 
 15,506     Newcrest Mining Ltd   265,115    0.6 
           3,476,020    7.9 
AUSTRIA   92,000    0.2 
BRAZIL          
 14,285     Fibria Celulose S.A.   228,556    0.5 
 154,159 *   Petroleo Brasileiro S.A.   820,912    1.9 
 46,498     Vale S.A.   456,267    1.0 
       Other   145,908    0.3 
           1,651,643    3.7 
CANADA          
 11,643     Agrium, Inc   1,267,545    2.9 
 34,575     Barrick Gold Corp (Canada)   499,557    1.1 
 16,734     Canadian Natural Resources Ltd (Canada)   583,958    1.3 
 45,272     Cenovus Energy, Inc (Toronto)   439,350    1.0 
 2,819     Franco-Nevada Corp   224,017    0.5 
 83,976 *   Kinross Gold Corp   331,972    0.8 
 60,446     Suncor Energy, Inc   2,052,193    4.7 
 4,721     West Fraser Timber Co Ltd   287,154    0.6 
           5,685,746    12.9 
CHILE          
 15,270     Antofagasta plc   193,526    0.5 
 11,248     Sociedad Quimica y Minera de Chile S.A. (ADR)   671,956    1.5 
           865,482    2.0 
FINLAND          
 20,617     Stora Enso Oyj (R Shares)   322,207    0.7 
 29,485     UPM-Kymmene Oyj   885,501    2.0 
           1,207,708    2.7 
FRANCE          
 9,386     Total S.A.   523,158    1.2 
           523,158    1.2 
GERMANY          
 4,951 *   Linde AG.   1,066,638    2.4 
           1,066,638    2.4 
INDIA          
 18,365 *   United Phosphorus Ltd   226,933    0.5 
       Other   102,704    0.2 
           329,637    0.7 
ITALY          
 17,748     ENI S.p.A.   290,145    0.7 
           290,145    0.7 
JERSEY, C.I.          
 2,044     Randgold Resources Ltd   200,859    0.5 
           200,859    0.5 
Shares     Company  Value   % of net
assets
LUXEMBOURG          
 26,563 *   ArcelorMittal  $760,646    1.7%
           760,646    1.7 
MALAYSIA   166,776    0.4 
MEXICO         97,021    0.2 
NETHERLANDS          
 25,775     Royal Dutch Shell plc (A Shares)   811,391    1.8 
           811,391    1.8 
SOUTH AFRICA          
 17,635     Mondi plc   426,488    1.0 
       Other   329,905    0.7 
           756,393    1.7 
SWITZERLAND          
 516,151     Glencore Xstrata plc   2,489,499    5.6 
           2,489,499    5.6 
UNITED KINGDOM          
 28,968     BP plc   196,480    0.5 
 9,407     Rio Tinto Ltd   501,264    1.1 
 39,875     Rio Tinto plc   1,884,517    4.3 
           2,582,261    5.9 
UNITED STATES          
 42,591     Archer Daniels Midland Co   1,740,694    3.9 
 4,958     Ashland Global Holdings, Inc   337,045    0.8 
 13,197 *   Berry Plastics Group, Inc   784,561    1.8 
 26,292     Bunge Ltd   1,808,364    4.1 
 14,427 *   Concho Resources, Inc   1,936,248    4.4 
 15,870 *   Continental Resources, Inc   646,068    1.5 
 6,518 *   Diamondback Energy, Inc   698,469    1.6 
 20,660     EOG Resources, Inc   2,063,314    4.7 
 22,683     Exxon Mobil Corp   1,890,628    4.3 
 13,807 *   Freeport-McMoRan Copper & Gold, Inc (Class B)   193,022    0.4 
 10,782 *   Matador Resources Co   286,262    0.7 
 23,013     Monsanto Co   2,786,874    6.3 
 33,399 *   Parsley Energy, Inc   888,413    2.0 
 1,322     Pioneer Natural Resources Co   197,864    0.5 
 24,687 *   RSP Permian, Inc   849,480    1.9 
 31,977     Tronox Ltd   846,431    1.9 
 13,601     Valvoline, Inc   326,696    0.7 
 6,196     WR Grace & Co   473,932    1.1 
       Other   321,720    0.7 
           19,076,085    43.3 
ZAMBIA          
 89,821     First Quantum Minerals Ltd   1,004,664    2.3 
           1,004,664    2.3 
   TOTAL COMMON STOCKS
(Cost $37,436,908)		   43,133,772    97.8 


 

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2017 Annual Report 75
 
Summary portfolio of investments concluded

 

Global Natural Resources Fund ■ October 31, 2017

 

Principal     Issuer  Value   % of net
assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT          
$750,000     Federal Home Loan Bank (FHLB) 0.850%, 11/01/17  $750,000    1.7%
           750,000    1.7 
   TOTAL SHORT-TERM INVESTMENTS
(Cost $750,000)		   750,000    1.7 
   TOTAL PORTFOLIO
(Cost $38,186,908)		   43,883,772    99.5 
   OTHER ASSETS & LIABILITIES, NET   224,373    0.5 
   NET ASSETS  $44,108,145    100.0%

 

 

Abbreviation(s):

ADR American Depositary Receipt
   
* Non-income producing

 

“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.

 

For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.


 

Summary of market values by sector

 

Global Natural Resources Fund ■ October 31, 2017

 

Sector  Value   % of net
assets
MATERIALS  $24,151,605    54.8%
ENERGY   15,266,333    34.6 
CONSUMER STAPLES   3,715,834    8.4 
SHORT-TERM INVESTMENTS   750,000    1.7 
OTHER ASSETS & LIABILITIES, NET   224,373    0.5 
NET ASSETS  $44,108,145    100.0%


 

76 2017 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements
 

Summary portfolio of investments

 

International Equity Fund ■ October 31, 2017

 

Shares     Company  Value   % of net
assets
COMMON STOCKS
ARGENTINA          
 1,640,274     Grupo Supervielle S.A. (ADR)  $43,975,746    0.9%
       Other   10,907,148    0.2 
           54,882,894    1.1 
AUSTRIA          
 1,643,948     Wienerberger AG.   42,179,503    0.8 
           42,179,503    0.8 
CANADA   16,397,551    0.3 
CHINA          
 675,897     Tencent Holdings Ltd   30,378,251    0.6 
       Other   17,832,456    0.4 
           48,210,707    1.0 
DENMARK          
 856,552     DSV AS   66,233,667    1.3 
       Other   19,239,895    0.4 
           85,473,562    1.7 
FRANCE          
 5,991,532     Accor S.A.   298,904,625    5.9 
 4,555,150 *,g   ALD S.A.   63,446,042    1.2 
 1,638,022     Compagnie de Saint-Gobain   96,041,980    1.9 
 244,758     Kering   112,247,305    2.2 
 887,912     Nexity   54,572,985    1.1 
 2,552,503     Schneider Electric S.A.   224,265,917    4.4 
 2,560,927     Societe Generale   142,527,040    2.8 
 1,761,982 e   Vinci S.A.   172,634,698    3.4 
           1,164,640,592    22.9 
GERMANY          
 987,980     Bayerische Motoren Werke AG.   101,327,463    2.0 
 2,835,490     Daimler AG. (Registered)   236,724,133    4.7 
 678,306     Henkel KGaA (Preference)   95,245,219    1.9 
 1,651,794     Lanxess AG.   129,514,884    2.5 
 1,258,417 *   Linde AG.   271,111,993    5.3 
 2,950,735     TUI AG.   53,420,471    1.1 
 3,149,229     TUI AG. (DI)   56,878,670    1.1 
       Other   19,911,189    0.4 
           964,134,022    19.0 
HONG KONG          
 2,097,694     Melco Crown Entertainment Ltd (ADR)   53,029,704    1.0 
           53,029,704    1.0 
INDIA          
 3,222,694     Asian Paints Ltd   58,848,615    1.2 
 157,053     Eicher Motors Ltd   78,225,079    1.5 
 3,724,695     Havells India Ltd   27,912,945    0.5 
 2,941,639     HDFC Bank Ltd   82,219,754    1.6 
 4,785,585     Housing Development Finance Corp   126,209,264    2.5 
 2,910,634     IndusInd Bank Ltd   73,155,790    1.4 
 4,082,075 g   RBL Bank Ltd   33,144,540    0.7 
       Other   24,710,101    0.5 
           504,426,088    9.9 
Shares     Company  Value   % of net
assets
ITALY          
 7,716,360     Mediobanca S.p.A.  $84,527,624    1.6%
 1,750,598     Moncler S.p.A   49,696,991    1.0 
 9,795,406 *   UniCredit S.p.A   187,196,384    3.7 
       Other   13,988,698    0.3 
           335,409,697    6.6 
JAPAN          
 12,651,895     Hitachi Ltd   100,751,407    2.0 
 2,279,115 *   Ishikawajima-Harima Heavy Industries Co Ltd   82,091,279    1.6 
 2,907,277     Komatsu Ltd   94,997,460    1.9 
 1,207,973     Konami Corp   58,834,590    1.2 
 5,486,200     Mitsubishi UFJ Financial Group, Inc   37,213,673    0.7 
 189,935     Nintendo Co Ltd   73,687,480    1.4 
 748,687     Shin-Etsu Chemical Co Ltd   78,421,021    1.5 
 4,099,168     Sony Corp   171,487,386    3.4 
 2,596,400     Toyota Motor Corp   161,044,444    3.2 
       Other   11,228,867    0.2 
           869,757,607    17.1 
NETHERLANDS          
 427,657     Heineken NV   41,667,816    0.8 
           41,667,816    0.8 
SWEDEN          
 2,957,333     Electrolux AB (Series B)   104,531,583    2.1 
           104,531,583    2.1 
SWITZERLAND          
 15,458,264     Credit Suisse Group   243,604,019    4.8 
 18,077,438     Glencore Xstrata plc   87,191,087    1.7 
 475,883     Swatch Group AG. (Registered)   35,870,446    0.7 
 432,160     Vifor Pharma AG.   55,584,792    1.1 
       Other   37,317,548    0.7 
           459,567,892    9.0 
UNITED KINGDOM          
 9,427,143     CNH Industrial NV   120,277,554    2.3 
 1,663,219     Diageo plc   56,796,954    1.1 
 82,192,152     Lloyds TSB Group plc   74,501,473    1.5 
 5,252,159     Travis Perkins plc   106,029,956    2.1 
           357,605,937    7.0 
   TOTAL COMMON STOCKS
(Cost $4,353,609,169)		   5,101,915,155    100.3 


 

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2017 Annual Report 77
 
Summary portfolio of investments concluded

 

International Equity Fund ■ October 31, 2017

 

Shares     Company  Value   % of net
assets
SHORT-TERM INVESTMENTS
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES          
 165,319,812 c   State Street Navigator Securities Lending Government Money Market Portfolio  $165,319,812    3.2%
           165,319,812    3.2 
   

TOTAL SHORT-TERM INVESTMENTS

(Cost $165,319,812)

   165,319,812    3.2 
   TOTAL PORTFOLIO
(Cost $4,518,928,981)		   5,267,234,967    103.5 
   OTHER ASSETS & LIABILITIES, NET   (178,910,317)   (3.5)
   NET ASSETS  $5,088,324,650    100.0%

 

 

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 $158,046,153.
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 10/31/17, the aggregate value of these securities, including those in “Other,” was $96,590,582 or 1.9% of net assets.

 

“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.

 

For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.


 

Summary of market values by sector

 

International Equity Fund ■ October 31, 2017

 

Sector  Value   % of net
assets
CONSUMER DISCRETIONARY  $1,473,671,014    29.0%
INDUSTRIALS   1,189,385,313    23.4 
FINANCIALS   1,150,411,321    22.6 
MATERIALS   667,458,111    13.1 
INFORMATION TECHNOLOGY   281,484,185    5.5 
CONSUMER STAPLES   193,709,988    3.8 
HEALTH CARE   74,824,687    1.5 
REAL ESTATE   54,572,985    1.1 
ENERGY   16,397,551    0.3 
SHORT-TERM INVESTMENTS   165,319,812    3.2 
OTHER ASSETS & LIABILITIES, NET   (178,910,317)   (3.5)
NET ASSETS  $5,088,324,650    100.0%


 

78 2017 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements
 

Summary portfolio of investments

 

International Opportunities Fund ■ October 31, 2017

 

Shares     Company  Value   % of net
assets
COMMON STOCKS
AUSTRALIA          
 785,401     Australia & New Zealand Banking Group Ltd  $18,023,811    1.3%
 934,508     BHP Billiton Ltd   19,240,395    1.3 
           37,264,206    2.6 
AUSTRIA          
 187,272     ams AG.   17,086,081    1.2 
           17,086,081    1.2 
BRAZIL          
 1,469,637     Banco Itau Holding Financeira S.A.   18,891,033    1.3 
 743,600  *  Cia Brasileira de Distribuicao Grupo Pao de Acucar   17,321,041    1.2 
       Other   8,176,417    0.6 
           44,388,491    3.1 
CANADA          
 405,366     Alimentation Couche Tard, Inc   19,006,735    1.3 
 230,600  *  Bank of Montreal   17,665,451    1.2 
 252,165     Dollarama, Inc   28,070,239    1.9 
       Other   45,694,026    3.2 
           110,436,451    7.6 
CHINA          
 744,000     Tencent Holdings Ltd   33,439,147    2.3 
       Other   33,169,488    2.3 
           66,608,635    4.6 
DENMARK          
 409,800     Novo Nordisk AS   20,403,460    1.4 
           20,403,460    1.4 
FINLAND          
 296,996     Sampo Oyj (A Shares)   15,541,758    1.1 
       Other   26,269,456    1.8 
           41,811,214    2.9 
FRANCE          
 72,612     L’Oreal S.A.   16,160,775    1.1 
 135,639     Teleperformance   19,809,273    1.4 
       Other   14,299,387    1.0 
           50,269,435    3.5 
GERMANY          
 144,082     Beiersdorf AG.   16,207,848    1.1 
 162,151     Fresenius Medical Care AG.   15,699,776    1.1 
 108,757  *  Linde AG.   23,430,490    1.6 
       Other   14,435,568    1.0 
           69,773,682    4.8 
HONG KONG          
 2,685,000     AIA Group Ltd   20,232,761    1.4 
 654,902     Melco Crown Entertainment Ltd (ADR)   16,555,923    1.1 
           36,788,684    2.5 
INDIA   25,742,076    1.8 
INDONESIA          
 13,662,600     Bank Rakyat Indonesia   15,718,815    1.1 
           15,718,815    1.1 
Shares     Company  Value   % of net
assets
IRELAND          
 436,047     CRH plc  $16,409,292    1.1%
       Other   25,809,244    1.8 
           42,218,536    2.9 
ISLE OF MAN          
 2,098,641  *  Optimal Payments plc   16,333,637    1.1 
           16,333,637    1.1 
ITALY          
 423,963  *,e  Yoox Net A Porter Group   15,836,562    1.1 
       Other   22,061,196    1.5 
           37,897,758    2.6 
JAPAN          
 104,501     Murata Manufacturing Co Ltd   16,423,583    1.1 
 178,601     Nitto Denko Corp   16,607,697    1.1 
 879,600     ORIX Corp   15,123,493    1.0 
 318,402     Seria Co Ltd   18,118,299    1.3 
 1,382,700     Shimizu Corp   16,274,934    1.1 
 402,100     Sumitomo Mitsui Financial Group, Inc   16,109,218    1.1 
       Other   116,182,652    8.1 
           214,839,876    14.8 
KOREA, REPUBLIC OF   14,304,138    1.0 
MALAYSIA   6,579,059    0.5 
NETHERLANDS          
 107,047     ASML Holding NV   19,314,409    1.3 
 1,165,720     ING Groep NV   21,541,880    1.5 
           40,856,289    2.8 
NORWAY          
 815,986     Aker BP ASA   18,797,663    1.3 
 944,257     DNB NOR Holding ASA   18,223,575    1.3 
 777,467  e  Statoil ASA   15,796,194    1.1 
       Other   7,821,500    0.5 
           60,638,932    4.2 
PHILIPPINES          
 5,703,054     Banco de Oro Universal Bank   15,197,084    1.0 
       Other   11,290,556    0.8 
           26,487,640    1.8 
PORTUGAL   12,814,625    0.9 
SPAIN          
 279,399     Amadeus IT Holding S.A.   18,956,911    1.3 
       Other   8,166    0.0 
           18,965,077    1.3 
SWEDEN          
 336,635     Hexagon AB (B Shares)   17,260,988    1.2 
       Other   26,683,655    1.8 
           43,944,643    3.0 
SWITZERLAND          
 81,367     Lonza Group AG.   21,616,050    1.5 
 222,935     Novartis AG.   18,387,507    1.3 
           40,003,557    2.8 


 

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2017 Annual Report 79
 
Summary portfolio of investments concluded

 

International Opportunities Fund ■ October 31, 2017

 

Shares       Company   Value     % of net
assets
TAIWAN   $ 59,213,337       4.1 %
UNITED KINGDOM                
  1,045,280       Ashtead Group plc     26,925,904       1.9  
  2,404,119       Beazley plc     16,127,292       1.1  
  1,270,400       CNH Industrial NV     16,208,580       1.1  
  1,907,986       Electrocomponents plc     17,597,399       1.2  
  543,423       Fevertree Drinks plc     15,308,260       1.1  
  1,517,394   *   Just Eat plc     15,720,257       1.1  
  2,088,815       Vesuvius plc     16,296,023       1.1  
          Other     71,715,267       4.9  
                195,898,982       13.5  
     

TOTAL COMMON STOCKS

(Cost $968,986,457)

     1,367,287,316       94.4  
                             
Principal       Issuer                  
SHORT-TERM INVESTMENTS                
GOVERNMENT AGENCY DEBT                
$ 18,950,000       Federal Home Loan Bank (FHLB)                
          0.850%, 11/01/17     18,950,000       1.3  
                18,950,000       1.3  
TREASURY DEBT                
  19,775,000       United States Treasury Bill                
          0.951%, 11/02/17     19,774,468       1.3  
  15,900,000       United States Treasury Bill                
          0.943%, 11/09/17     15,896,604       1.1  
  28,800,000       United States Treasury Bill                
          0.962%, 11/16/17     28,788,270       2.0  
                64,459,342       4.4  

 

 

Shares       Company   Value     % of net
assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
  102,943,570   c   State Street Navigator Securities Lending Government Money Market Portfolio   $ 102,943,570       7.1 %
                102,943,570       7.1  
     

TOTAL SHORT-TERM INVESTMENTS

(Cost $186,353,180)

     186,352,912       12.8  
     

TOTAL PORTFOLIO

(Cost $1,155,339,637)

     1,553,640,228       107.2  
      OTHER ASSETS & LIABILITIES, NET     (104,931,807 )     (7.2 )
      NET ASSETS   $ 1,448,708,421       100.0 %

 

 

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 $96,355,051.

 

“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.

 

At 10/31/17, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $25,785,429 or 1.8% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.

 

For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.


 

Summary of market values by sector

 

International Opportunities Fund ■ October 31, 2017

 

Sector  Value   % of net
assets
INFORMATION TECHNOLOGY  $317,761,926    21.9%
CONSUMER DISCRETIONARY   256,997,824    17.7 
FINANCIALS   221,725,646    15.3 
INDUSTRIALS   169,943,457    11.7 
MATERIALS   128,341,115    8.9 
CONSUMER STAPLES   114,688,898    7.9 
HEALTH CARE   83,263,318    5.8 
ENERGY   63,485,019    4.4 
REAL ESTATE   11,071,947    0.8 
TELECOMMUNICATION SERVICES   8,166    0.0 
SHORT-TERM INVESTMENTS   186,352,912    12.8 
OTHER ASSETS & LIABILITIES, NET   (104,931,807)   (7.2)
NET ASSETS  $1,448,708,421    100.0%


 

80 2017 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements
 

Summary portfolio of investments

 

International Small-Cap Equity Fund ■ October 31, 2017

 

Shares     Company  Value   % of net
assets
COMMON STOCKS          
AUSTRALIA          
 7,285,714     Beach Petroleum Ltd  $5,450,401    0.6%
 1,486,800     Downer EDI Ltd   7,978,009    0.8 
       Other   22,612,315    2.4 
           36,040,725    3.8 
AUSTRIA   8,887,276    0.9 
BELGIUM   8,179,486    0.9 
BRAZIL   12,919,313    1.4 
CANADA          
 187,000     Canadian Apartment Properties REIT   4,938,447    0.5 
 163,000  e  Genworth MI Canada, Inc   5,065,243    0.5 
 1,337,000  *  IAMGOLD Corp   7,337,385    0.8 
       Other   49,744,182    5.3 
           67,085,257    7.1 
CHILE   1,898,411    0.2 
CHINA   37,316,790    3.9 
CZECH REPUBLIC   1,479,864    0.2 
DENMARK   8,674,852    0.9 
EGYPT   1,697,548    0.2 
FINLAND   4,952,061    0.5 
FRANCE          
 668,000  *  Air France-KLM   10,459,323    1.1 
 170,000     Faurecia   12,358,209    1.3 
       Other   9,043,848    1.0 
           31,861,380    3.4 
GERMANY          
 347,000  g  Deutsche Pfandbriefbank AG.   4,994,443    0.5 
 418,000     Uniper SE   11,745,209    1.2 
 44,000     Wacker Chemie AG.   6,871,912    0.7 
       Other   16,596,608    1.8 
           40,208,172    4.2 
GREECE   3,401,983    0.4 
HONG KONG          
 1,600,000     Kingboard Chemical Holdings Ltd   9,494,488    1.0 
       Other   12,635,185    1.3 
           22,129,673    2.3 
HUNGARY   1,035,996    0.1 
INDIA   17,008,322    1.8 
INDONESIA   5,843,556    0.6 
IRELAND          
 562,000     United Drug plc   6,900,656    0.7 
       Other   3,856,168    0.4 
           10,756,824    1.1 
 ISRAEL         5,223,616    0.5 
Shares     Company  Value   % of net
assets
ITALY          
 88,000     Banca IFIS S.p.A.  $4,794,507    0.5%
 1,041,000  e  Maire Tecnimont S.p.A   5,837,054    0.6 
       Other   11,490,550    1.2 
           22,122,111    2.3 
JAPAN          
 157,200  *  Kumagai Gumi Co Ltd   4,997,169    0.5 
 229,000     Kyowa Exeo Corp   4,988,367    0.5 
 796,000     Leopalace21 Corp   5,943,922    0.6 
 221,000     Maeda Road Construction Co Ltd   4,759,191    0.5 
 223,000     Maruha Nichiro Corp   6,888,412    0.7 
 522,000     Nipro Corp   7,610,260    0.8 
 388,000     Nisshinbo Industries, Inc   4,658,947    0.5 
 1,126,000     Penta-Ocean Construction Co Ltd   7,449,136    0.8 
 999,000     Rengo Co Ltd   6,542,436    0.7 
 2,259,000     Sojitz Holdings Corp   6,817,701    0.7 
 395,000     Sumitomo Forestry Co Ltd   6,651,832    0.7 
       Other   139,058,877    14.7 
           206,366,250    21.7 
KOREA, REPUBLIC OF   31,782,189    3.3 
MALAYSIA   3,648,095    0.4 
MEXICO   4,136,910    0.4 
NETHERLANDS          
 263,000     ASR Nederland NV   10,781,586    1.1 
 115,000     BE Semiconductor Industries NV   9,036,955    1.0 
       Other   1,357,770    0.1 
           21,176,311    2.2 
NEW ZEALAND   5,545,462    0.6 
NORWAY          
 654,000     Storebrand ASA   5,601,501    0.6 
       Other   11,123,824    1.2 
           16,725,325    1.8 
PAKISTAN   616,707    0.1 
PHILIPPINES   243,429    0.0 
PORTUGAL   2,044,695    0.2 
RUSSIA   1,676,851    0.2 
SINGAPORE          
 486,000     Venture Corp Ltd   6,947,218    0.7 
       Other   5,403,580    0.6 
           12,350,798    1.3 
SOUTH AFRICA   8,269,752    0.9 
SPAIN   21,825,942    2.3 
SWEDEN          
 189,000     JM AB   4,986,942    0.5 
 205,000     Trelleborg AB (B Shares)   5,076,550    0.5 
       Other   18,678,015    2.0 
           28,741,507    3.0 


 

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2017 Annual Report 81
 
Summary portfolio of investments concluded

 

International Small-Cap Equity Fund ■ October 31, 2017

 

Shares       Company   Value     % of net
assets
SWITZERLAND                
  1,487,000       Ferrexpo plc   $ 5,020,346       0.5 %
  207,000       Logitech International S.A.     7,402,186       0.8  
  715,000       OC Oerlikon Corp AG.     11,470,766       1.2  
          Other     16,522,823       1.8  
                40,416,121       4.3  
TAIWAN                
  25,751,000       HannStar Display Corp     10,001,345       1.1  
  2,483,000       Radiant Opto-Electronics Corp     5,522,935       0.6  
          Other     27,003,429       2.8  
                42,527,709       4.5  
THAILAND                
  8,106,000       Siamgas & Petrochemicals PCL (Foreign)     5,494,703       0.6  
  2,890,000       Thanachart Capital PCL     4,763,675       0.5  
          Other     4,894,902       0.5  
                15,153,280       1.6  
TURKEY     7,265,299       0.8  
UNITED KINGDOM                
  273,000       Bellway plc     13,236,627       1.4  
  2,936,000   *   boohoo.com plc     7,818,956       0.8  
  664,000       Britvic plc     6,674,183       0.7  
  893,000       Electrocomponents plc     8,236,159       0.9  
  352,000       Fevertree Drinks plc     9,915,862       1.0  
  1,041,000       Jupiter Investment Management Group Ltd     8,213,992       0.9  
  622,000       Redrow plc     5,377,972       0.6  
  71,000       Renishaw plc     4,670,923       0.5  
  2,986,000       Rentokil Initial plc     13,315,611       1.4  
  956,000       SSP Group plc     7,424,372       0.8  
          Other     29,502,971       3.1  
                114,387,628       12.1  
UNITED STATES     505,765       0.0  
     

TOTAL COMMON STOCKS

(Cost $803,329,390)

     934,129,241       98.4  
RIGHTS / WARRANTS                
SPAIN     25,012       0.0  
     

TOTAL RIGHTS / WARRANTS

(Cost $13,832)

     25,012       0.0  

Principal       Issuer   Value     % of net
assets
SHORT-TERM INVESTMENTS                
GOVERNMENT AGENCY DEBT                
$ 12,550,000       Federal Home Loan Bank (FHLB)                
          0.850%, 11/01/17   $ 12,550,000       1.3 %
                  12,550,000       1.3  
                           
Shares       Company                  
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES                
  30,047,213   c   State Street Navigator Securities Lending Government Money Market Portfolio     30,047,213       3.2  
                30,047,213       3.2  
     

TOTAL SHORT-TERM INVESTMENTS

(Cost $42,597,213)

     42,597,213       4.5  
     

TOTAL PORTFOLIO

(Cost $845,940,435)

     976,751,466       102.9  
      OTHER ASSETS & LIABILITIES, NET     (27,922,072 )     (2.9 )
      NET ASSETS   $ 948,829,394       100.0 %

 

 

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 $28,988,951.
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 10/31/17, the aggregate value of these securities, including those in “Other,” was $20,402,275 or 2.2% of net assets.

 

“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.

 

For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.


 

82 2017 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements
 

Summary of market values by sector

 

International Small-Cap Equity Fund ■ October 31, 2017

 

Sector 

Value

   % of net
assets
INDUSTRIALS  $190,354,349    20.0%
CONSUMER DISCRETIONARY   144,079,450    15.2 
FINANCIALS   111,906,744    11.8 
INFORMATION TECHNOLOGY   105,101,744    11.1 
REAL ESTATE   98,484,652    10.4 
MATERIALS   96,979,592    10.2 
CONSUMER STAPLES   54,533,915    5.7 
HEALTH CARE   52,745,304    5.6 
ENERGY   38,924,977    4.1 
UTILITIES   37,288,732    3.9 
TELECOMMUNICATION SERVICES   3,754,794    0.4 
SHORT-TERM INVESTMENTS   42,597,213    4.5 
OTHER ASSETS & LIABILITIES, NET   (27,922,072)   (2.9)
NET ASSETS  $948,829,394    100.0%


 

See notes to financial statements TIAA-CREF Funds: Equity Funds   ■  2017 Annual Report 83
 

Summary portfolio of investments

 

Social Choice International Equity Fund ■ October 31, 2017

 

Shares     Company  Value   % of net
assets
COMMON STOCKS          
AUSTRALIA          
 15,581     Australia & New Zealand Banking Group Ltd  $357,561    0.7%
 8,097     Commonwealth Bank of Australia   481,652    1.0 
 14,380     National Australia Bank Ltd   360,308    0.7 
 16,595     Westpac Banking Corp   420,342    0.8 
       Other   1,803,097    3.7 
           3,422,960    6.9 
AUSTRIA   170,318    0.3 
BELGIUM   244,738    0.5 
DENMARK          
 8,950     Novo Nordisk AS   445,610    0.9 
       Other   376,736    0.9 
           822,346    1.8 
FINLAND   501,519    1.0 
FRANCE          
 2,550     Air Liquide   324,676    0.6 
 11,094     AXA S.A.   334,910    0.7 
 3,646     Groupe Danone   297,992    0.6 
 582     Kering   266,908    0.6 
 15,314     Orange S.A.   251,573    0.5 
 3,487     Schneider Electric S.A.   306,372    0.6 
 10,481     Total S.A.   584,191    1.2 
       Other   2,802,475    5.6 
           5,169,097    10.4 
GERMANY          
 1,258     Adidas-Salomon AG.   280,009    0.6 
 2,138     Allianz AG.   499,135    1.0 
 4,405     BASF SE   481,701    1.0 
 2,498     Bayerische Motoren Werke AG.   256,196    0.5 
 6,325     Deutsche Post AG.   289,938    0.6 
 4,548     SAP AG.   519,666    1.0 
 3,595     Siemens AG.   516,360    1.1 
       Other   1,733,404    3.4 
           4,576,409    9.2 
HONG KONG   1,599,723    3.2 
IRELAND   248,903    0.5 
ISRAEL   176,907    0.4 
ITALY          
 86,085     Banca Intesa S.p.A.   289,409    0.6 
       Other   523,607    1.0 
           813,016    1.6 
Shares     Company  Value   % of net
assets
JAPAN          
 10,400     Honda Motor Co Ltd  $325,905    0.7%
 11,200     KDDI Corp   298,398    0.6 
 600     Keyence Corp   333,135    0.7 
 11,200     Mitsubishi Corp   262,281    0.5 
 14,700     Mitsubishi Electric Corp   251,568    0.5 
 159,800     Mizuho Financial Group, Inc   290,338    0.6 
 1,600     Murata Manufacturing Co Ltd   251,459    0.5 
 10,500     NTT DoCoMo, Inc   254,297    0.5 
 17,000     Panasonic Corp   256,689    0.5 
 2,700     Shin-Etsu Chemical Co Ltd   284,745    0.6 
 7,900     Sony Corp   330,494    0.7 
 4,900     Takeda Pharmaceutical Co Ltd   276,286    0.6 
       Other   8,290,772    16.6 
           11,706,367    23.6 
LUXEMBOURG   141,959    0.3 
NETHERLANDS          
 2,037     ASML Holding NV   367,534    0.7 
 20,363     ING Groep NV   376,297    0.8 
 6,436     Koninklijke Philips Electronics NV   262,286    0.5 
       Other   617,324    1.3 
           1,623,441    3.3 
NEW ZEALAND   72,292    0.1 
NORWAY   685,117    1.4 
PORTUGAL   138,242    0.3 
SINGAPORE   866,526    1.7 
SOUTH AFRICA   265,930    0.5 
SPAIN          
 38,322     Banco Bilbao Vizcaya Argentaria S.A.   335,106    0.7 
 34,723     Iberdrola S.A.   280,597    0.5 
       Other   1,094,378    2.2 
           1,710,081    3.4 
SWEDEN   1,655,640    3.3 
SWITZERLAND          
 12,114     ABB Ltd   316,357    0.6 
 3,155     Cie Financiere Richemont S.A.   290,848    0.6 
 9,133     Novartis AG.   753,283    1.5 
 2,949     Roche Holding AG.   681,605    1.4 
 959     Zurich Financial Services AG.   292,653    0.6 
       Other   1,786,225    3.6 
           4,120,971    8.3 


 

84 2017 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements
 
Summary portfolio of investments concluded

 

Social Choice International Equity Fund ■ October 31, 2017

 

Shares       Company   Value     % of net
assets
UNITED KINGDOM
  23,571       GlaxoSmithKline plc   $ 423,036       0.8 %
  23,164       National Grid plc     278,836       0.5  
  14,436       Prudential plc     354,337       0.7  
  3,818       Reckitt Benckiser Group plc     341,584       0.7  
  5,213       Unilever NV     302,823       0.6  
  6,795       Unilever plc     385,099       0.8  
  13,726   d   Vodafone Group plc (ADR)     397,779       0.8  
          Other     5,749,706       11.7  
                8,233,200       16.6  
UNITED STATES     122,475       0.2  
     

TOTAL COMMON STOCKS

(Cost $44,763,254)

     49,088,177       98.8  
RIGHTS / WARRANTS                
SPAIN     1,001       0.0  
     

TOTAL RIGHTS / WARRANTS

(Cost $975)

     1,001       0.0  

Shares       Company   Value     % of net
assets
SHORT-TERM INVESTMENTS                
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES  
  376,859   c   State Street Navigator Securities Lending Government Money Market Portfolio   $ 376,859       0.8 %
                376,859       0.8  
     

TOTAL SHORT-TERM INVESTMENTS

(Cost $376,859)

     376,859       0.8  
     

TOTAL PORTFOLIO

(Cost $45,141,088)

     49,466,037       99.6  
      OTHER ASSETS & LIABILITIES, NET     205,220       0.4  
      NET ASSETS   $ 49,671,257       100.0 %

 

 

Abbreviation(s):

ADR American Depositary Receipt

 

c Investments made with cash collateral received from securities on loan.
d All or a portion of these securities have been segregated to cover margin requirements on open futures contracts.

 

“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.

 

At 10/31/17, the aggregate value of securities on loan was $355,042.

 

At 10/31/17, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $85,414 or 0.2% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.

 

For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.


 

 

Futures contracts outstanding as of October 31, 2017 were as follows (See Note 3):

 

Description   Number of
long (short)
contracts		   Expiration date   Notional amount   Value   Unrealized
appreciation
(depreciation)
MSCI EAFE Mini Index   2   12/15/17   $199,747   $200,740   $993

 

Summary of market values by sector

 

Social Choice International Equity Fund ■ October 31, 2017

 

Sector  Value   % of net
assets
FINANCIALS  $10,852,987    21.7%
INDUSTRIALS   7,159,540    14.4 
CONSUMER DISCRETIONARY   6,532,250    13.2 
HEALTH CARE   4,888,587    9.8 
MATERIALS   4,470,727    9.0 
CONSUMER STAPLES   4,265,595    8.6 
INFORMATION TECHNOLOGY   2,975,457    6.0 
ENERGY   2,112,009    4.3 
TELECOMMUNICATION SERVICES   2,065,158    4.2 
UTILITIES   1,932,358    3.9 
REAL ESTATE   1,834,510    3.7 
SHORT-TERM INVESTMENTS   376,859    0.8 
OTHER ASSETS & LIABILITIES, NET   205,220    0.4 
NET ASSETS  $49,671,257    100.0%


 

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2017 Annual Report 85
 

Statements of assets and liabilities

 

TIAA-CREF Funds  ■  October 31, 2017

 

   Enhanced   Enhanced                           Small/     
   Large-Cap Growth   Large-Cap Value   Growth &   Large-Cap   Large-Cap   Mid-Cap   Mid-Cap   Small-Cap   Mid-Cap   Social Choice 
   Index Fund   Index Fund   Income Fund   Growth Fund   Value Fund   Growth Fund   Value Fund   Equity Fund   Equity Fund   Equity Fund 
ASSETS                                                  
Portfolio investments, at value*†       $2,601,242,312        $2,483,496,622        $6,783,923,907        $4,793,064,394        $7,167,559,963        $1,619,589,100        $4,575,467,344        $3,841,313,571        $686,331,039        $2,874,084,731 
Cash   23,765    43,291    925    15,150    —    1,805    42,664    2,613,932    96,135    110,165 
Cash – foreign^   —    —    —    —    —    —    4,808,482    —    —    — 
Receivable from securities transactions   14,294,720    210,708,703    83,875,457    52,739,258    2,578,971    —    33,892,951    161,906,464    5,991,027    3,910,550 
Receivable from Fund shares sold   76,904    79,020    686,655    1,079,499    2,561,893    370,855    455,701    38,784,237    8,359    2,860,946 
Dividends and interest receivable   1,497,106    2,189,925    5,041,613    1,250,278    5,795,033    309,949    1,846,463    400,598    143,873    2,824,217 
Due from affiliates   7,042    6,870    —    —    —    —    15,460    —    —    — 
Receivable for variation margin on open futures contracts   —    —    —    —    —    —    —    403,735    —    25,043 
Other   116,299    113,821    276,815    174,754    293,667    125,283    296,180    171,880    3,523    152,612 
Total assets   2,617,258,148    2,696,638,252    6,873,805,372    4,848,323,333    7,178,789,527    1,620,396,992    4,616,825,245    4,045,594,417    692,573,956    2,883,968,264 
LIABILITIES                                                  
Management fees payable   108,577    106,422    358,134    263,150    374,385    96,420    248,638    200,480    42,213    58,242 
Service agreement fees payable   101    5    20,898    8,369    34,679    13,759    33,724    22,227    171    13,889 
Distribution fees payable   —    —    262,948    202,314    69,130    50,386    102,474    54,585    764    107,562 
Due to affiliates   9,777    9,274    22,559    18,316    23,201    12,351    16,207    16,442    10,784    10,662 
Overdraft payable   —    —    —    —    1,225    —    —    —    —    — 
Payable for collateral for securities loaned   14,808,915    10,431,634    51,048,743    —    153,517,053    26,359,303    37,054,238    63,551,207    10,842,532    29,876,698 
Payable for securities transactions   —    185,360,860    79,483,993    20,127,888    13,700,253    420,252    64,604,865    181,261,154    —    6,638,667 
Payable for Fund shares redeemed   22,471,182    24,300,419    15,871,977    6,584,005    5,000,856    367,310    2,587,707    959,403    4,004,077    776,817 
Written options◊   —    —    9,789,026    11,239,140    27,320    2,252,100    —    —    —    — 
Payable for trustee compensation   121,688    119,234    299,090    189,335    317,334    130,739    314,821    179,776    4,957    158,594 
Accrued expenses and other payables   26,556    56,373    132,010    90,717    142,716    37,440    100,843    69,526    30,753    319,885 
Total liabilities   37,546,796    220,384,221    157,289,378    38,723,234    173,208,152    29,740,060    105,063,517    246,314,800    14,936,251    37,961,016 
NET ASSETS  $2,579,711,352   $2,476,254,031   $6,716,515,994   $4,809,600,099   $7,005,581,375   $1,590,656,932   $4,511,761,728   $3,799,279,617   $677,637,705   $2,846,007,248 
NET ASSETS CONSIST OF:                                                  
Paid-in-capital  $1,648,313,263   $1,924,378,671   $4,465,570,644   $2,879,403,421   $5,323,005,751   $1,117,802,591   $2,831,531,891   $2,754,139,498   $552,465,573   $1,768,025,647 
Undistributed net investment income (loss)   22,245,342    37,934,359    2,895,272    14,635,982    76,586,629    5,912,890    52,438,744    18,296,420    3,980,361    36,583,517 
Accumulated net realized gain (loss) on total investments   129,065,485    86,974,376    206,040,989    172,172,681    333,243,453    133,691,079    267,948,913    347,899,607    29,280,862    66,689,211 
Net unrealized appreciation (depreciation) on total investments   780,087,262    426,966,625    2,042,009,089    1,743,388,015    1,272,745,542    333,250,372    1,359,842,180    678,944,092    91,910,909    974,708,873 
NET ASSETS  $2,579,711,352   $2,476,254,031   $6,716,515,994   $4,809,600,099   $7,005,581,375   $1,590,656,932   $4,511,761,728   $3,799,279,617   $677,637,705   $2,846,007,248 
INSTITUTIONAL CLASS:                                                  
Net assets  $2,578,819,901   $2,476,119,317   $4,794,248,591   $3,589,895,683   $5,558,748,350   $912,464,545   $2,926,270,494   $2,804,888,594   $666,875,768   $1,908,429,699 
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)   185,548,883    234,224,340    334,385,341    178,778,462    284,183,082    38,016,885    117,962,596    135,535,772    53,888,550    99,456,662 
Net asset value per share  $13.90   $10.57   $14.34   $20.08   $19.56   $24.00   $24.81   $20.69   $12.38   $19.19 
ADVISOR CLASS:                                                  
Net assets  $891,451   $134,714   $422,165   $2,129,063   $181,683   $160,416   $329,530   $2,610,531   $1,290,100   $8,718,085 
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)   64,189    12,752    29,433    106,135    9,296    6,687    13,303    126,276    104,299    454,574 
Net asset value per share  $13.89   $10.56   $14.34   $20.06   $19.54   $23.99   $24.77   $20.67   $12.37   $19.18 
PREMIER CLASS:                                                  
Net assets  $—   $—   $147,754,446   $44,549,901   $291,951,377   $94,517,072   $320,095,295   $180,112,189   $1,235,512   $70,678,604 
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)   —    —    10,298,088    2,223,058    14,973,588    3,963,386    12,942,059    8,756,478    100,000    3,698,349 
Net asset value per share  $—   $—   $14.35   $20.04   $19.50   $23.85   $24.73   $20.57   $12.36   $19.11 
RETIREMENT CLASS:                                                  
Net assets  $—   $—   $609,642,858   $229,758,027   $1,007,357,452   $401,946,667   $978,516,659   $641,914,804   $4,945,112   $393,451,561 
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)   —    —    41,843,229    11,522,200    51,763,258    17,212,041    39,730,082    31,777,677    400,736    20,240,369 
Net asset value per share  $—   $—   $14.57   $19.94   $19.46   $23.35   $24.63   $20.20   $12.34   $19.44 
RETAIL CLASS:                                                  
Net assets  $—   $—   $1,164,447,934   $943,267,425   $147,342,513   $181,568,232   $286,549,750   $169,753,499   $3,291,213   $464,729,299 
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)   —    —    61,489,350    47,172,446    7,844,441    7,784,765    11,846,356    8,486,226    267,065    26,889,390 
Net asset value per share  $—   $—   $18.94   $20.00   $18.78   $23.32   $24.19   $20.00   $12.32   $17.28 
* Includes securities loaned of  $14,381,384   $10,061,415   $50,082,840   $—   $147,124,601   $26,217,685   $35,699,359   $62,717,920   $10,702,680   $29,359,694 
† Portfolio investments, cost  $1,821,155,050   $2,056,529,997   $4,741,059,388   $3,047,458,417   $5,901,608,086   $1,286,465,388   $3,215,641,858   $3,164,817,211   $594,420,130   $1,899,388,418 
^ Foreign cash, cost  $—   $—   $—   $—   $—   $—   $4,776,981   $—   $—   $— 
◊ Written options premiums  $—   $—   $8,943,692   $9,022,953   $6,819,072   $2,379,329   $—   $—   $—   $— 
           
86 2017 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2017 Annual Report 87
 
Statements of assets and liabilities concluded

 

TIAA-CREF Funds  ■  October 31, 2017

 

   Social Choice       Enhanced           International   International   Social Choice 
   Low Carbon   Emerging Markets   International Equity   Global Natural   International   Opportunities   Small-Cap   International 
   Equity Fund   Equity Fund   Index Fund   Resources Fund   Equity Fund   Fund   Equity Fund   Equity Fund 
ASSETS                                        
Portfolio investments, at value*†       $89,885,165        $1,387,020,195        $1,908,390,602        $43,883,772        $5,267,234,967        $1,553,640,228        $976,751,466        $49,466,037 
Affiliated investments, at value‡   —    66,221,070    —    —    —    —    —    — 
Cash   31,718    47,918    41,245    42,514    —    49,283    21,565    238,827 
Cash – foreign^   —    2,650,557    5,483    —    2,288,331    106,472    70,515    2,802 
Receivable from securities transactions   —    33,558,060    —    —    310,684,473    2,124,587    70,651    — 
Receivable from Fund shares sold   66,969    2,622,244    676,079    24,008    2,611,953    992,116    1,107,782    204,997 
Dividends and interest receivable   80,173    464,647    7,713,511    219,652    8,039,891    2,428,096    2,242,985    145,336 
Due from affiliates   183    —    —    2,431    —    —    7,165    3,801 
Receivable for variation margin on open futures contracts   423    —    —    —    —    —    —    558 
Other   190    44,260    81,121    20,491    259,197    36,261    3,327    441 
Total assets   90,064,821    1,492,628,951    1,916,908,041    44,192,868    5,591,118,812    1,559,377,043    980,275,456    50,062,799 
LIABILITIES                                        
Management fees payable   3,009    163,643    97,056    3,935    312,398    116,604    83,911    2,012 
Service agreement fees payable   613    2,835    16    802    99,524    1,029    277    304 
Distribution fees payable   1,710    3,916    —    1,606    100,838    765    604    992 
Due to affiliates   8,869    11,304    8,022    8,941    18,937    11,733    10,102    8,794 
Overdraft payable   —    —    —    —    24,950,565    —    —    — 
Payable for collateral for securities loaned   —    15,425,605    23,976,505    —    165,319,812    102,943,570    30,047,213    376,859 
Payable for securities transactions   918,559    34,461,950    —    —    306,466,330    4,143,002    70,583    — 
Payable for delayed delivery securities   —    —    —    —    —    —    —    975 
Payable for Fund shares redeemed   2,024    653,655    4,382,009    39,003    4,998,127    2,104,960    1,172,858    — 
Written options◊   —    595,000    —    —    —    —    —    — 
Payable for trustee compensation   1,015    48,986    85,137    12,287    276,780    41,501    5,253    524 
Accrued expenses and other payables   3,606    2,567,802    50,106    18,149    250,851    1,305,458    55,261    1,082 
Total liabilities   939,405    53,934,696    28,598,851    84,723    502,794,162    110,668,622    31,446,062    391,542 
NET ASSETS  $89,125,416   $1,438,694,255   $1,888,309,190   $44,108,145   $5,088,324,650   $1,448,708,421   $948,829,394   $49,671,257 
NET ASSETS CONSIST OF:                                        
Paid-in-capital  $74,294,728   $1,153,140,776   $1,556,634,439   $47,190,348   $4,226,692,972   $1,135,470,775   $766,426,377   $44,603,380 
Undistributed net investment income (loss)   986,797    10,568,400    51,605,040    163,723    53,205,664    15,633,844    18,363,815    847,936 
Accumulated net realized gain (loss) on total investments   199,137    45,921,107    (11,923,270)   (8,933,633)   60,210,569    (99,418,650)   33,235,295    (105,934)
Net unrealized appreciation (depreciation) on total investments   13,644,754    229,063,972    291,992,981    5,687,707    748,215,445    397,022,452    130,803,907    4,325,875 
NET ASSETS  $89,125,416   $1,438,694,255   $1,888,309,190   $44,108,145   $5,088,324,650   $1,448,708,421   $948,829,394   $49,671,257 
INSTITUTIONAL CLASS:                                        
Net assets  $62,731,999   $1,334,539,939   $1,888,138,702   $13,040,585   $3,591,185,734   $1,414,258,618   $935,887,725   $35,797,213 
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)   5,019,550    103,673,675    226,142,251    1,601,904    271,139,956    108,328,252    72,553,732    3,194,524 
Net asset value per share  $12.50   $12.87   $8.35   $8.14   $13.24   $13.06   $12.90   $11.21 
ADVISOR CLASS:                                        
Net assets  $189,631   $848,412   $170,488   $140,954   $248,286,034   $150,278   $1,296,789   $541,255 
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)   15,180    65,984    20,426    17,309    18,752,697    11,516    100,644    48,305 
Net asset value per share  $12.49   $12.86   $8.35   $8.14   $13.24   $13.05   $12.88   $11.21 
PREMIER CLASS:                                        
Net assets  $492,444   $11,035,438   $—   $2,288,694   $229,038,842   $506,378   $1,288,246   $1,337,806 
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)   39,357    858,487    —    281,501    17,342,854    38,741    100,000    119,545 
Net asset value per share  $12.51   $12.85   $—   $8.13   $13.21   $13.07   $12.88   $11.19 
RETIREMENT CLASS:                                        
Net assets  $17,728,250   $79,595,598   $—   $22,646,468   $676,858,101   $30,389,515   $8,020,267   $7,939,676 
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)   1,423,346    6,209,296    —    2,787,402    49,429,225    2,334,261    622,983    710,514 
Net asset value per share  $12.46   $12.82   $—   $8.12   $13.69   $13.02   $12.87   $11.17 
RETAIL CLASS:                                        
Net assets  $7,983,092   $12,674,868   $—   $5,991,444   $342,955,939   $3,403,632   $2,336,367   $4,055,307 
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)   640,724    988,003    —    739,126    38,812,617    261,558    181,714    362,941 
Net asset value per share  $12.46   $12.83   $—   $8.11   $8.84   $13.01   $12.86   $11.17 
* Includes securities loaned of  $—   $14,038,049   $22,807,978   $—   $158,046,153   $96,355,051   $28,988,951   $355,042 
† Portfolio investments, cost  $76,241,559   $1,176,521,166   $1,616,388,787   $38,186,908   $4,518,928,981   $1,155,339,637   $845,940,435   $45,141,088 
‡ Affiliated investments, cost  $—   $45,362,395   $—   $—   $—   $—   $—   $— 
^ Foreign cash, cost  $—   $2,640,061   $5,483   $—   $2,288,331   $106,280   $70,963   $2,802 
◊ Written options premiums  $—   $829,481   $—   $—   $—   $—   $—   $— 
         
88 2017 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2017 Annual Report 89
 

Statements of operations

 

TIAA-CREF Funds  ■  For the period or year ended October 31, 2017

 

   Enhanced   Enhanced                           Small/     
   Large-Cap Growth   Large-Cap Value   Growth &   Large-Cap   Large-Cap   Mid-Cap   Mid-Cap   Small-Cap   Mid-Cap   Social Choice 
   Index Fund   Index Fund   Income Fund   Growth Fund   Value Fund   Growth Fund   Value Fund   Equity Fund   Equity Fund   Equity Fund 
INVESTMENT INCOME                                                  
Dividends*       $36,678,457        $53,672,223        $95,245,054       $42,121,797        $128,555,181        $16,146,029        $97,849,144        $41,508,096        $7,588,665        $52,258,955 
Income from securities lending   59,417    97,154    559,802    34,166    995,607    217,900    948,203    460,000    344,341    446,659 
Interest   109,731    126,490    202,079    370,741    297,866    139,213    364,635    255,083    14,953    119,641 
Payment from affiliate   —    —    516,410    265,699    492,069    136,590    198,421    —    —    — 
Total income   36,847,605    53,895,867    96,523,345    42,792,403    130,340,723    16,639,732    99,360,403    42,223,179    7,947,959    52,825,255 
EXPENSES                                                  
Management fees   7,251,905    7,199,891    24,202,191    17,057,133    25,681,132    6,718,652    20,209,110    13,463,029    2,680,342    3,853,794 
Shareholder servicing – Institutional Class   4,004    2,494    5,681    5,906    5,661    2,697    7,508    5,736    515    8,473 
Shareholder servicing – Advisor Class   361    83    358    2,812    98    85    374    1,237    9    1,629 
Shareholder servicing – Premier Class   —    —    272    179    287    214    670    301    —    325 
Shareholder servicing – Retirement Class   —    —    1,460,047    674,419    2,518,428    978,386    2,645,221    1,545,564    8,945    910,500 
Shareholder servicing – Retail Class   —    —    489,108    564,922    88,294    130,503    133,572    81,625    2,903    125,653 
Distribution fees – Premier Class   —    —    228,629    68,366    475,876    158,832    555,561    292,808    1,678    123,653 
Distribution fees – Retail Class   —    —    2,678,130    1,895,084    364,527    429,958    730,805    395,931    5,480    1,131,563 
Administrative service fees   60,786    59,868    142,782    112,323    150,051    76,544    123,498    103,086    66,437    85,552 
Registration fees   57,354    57,644    105,936    177,985    105,549    119,422    127,488    99,940    80,892    127,460 
Professional fees   46,275    46,646    80,117    74,115    83,311    59,198    75,780    64,360    34,800    57,203 
Custody and accounting fees   34,555    33,690    106,620    59,104    94,347    40,275    62,808    72,452    20,186    48,297 
Trustee fees and expenses   33,235    34,241    92,527    60,650    98,878    21,827    78,814    52,098    9,660    37,356 
Other expenses   98,852    131,215    271,635    216,113    292,156    70,768    256,385    131,087    39,355    459,164 
Total expenses   7,587,327    7,565,772    29,864,033    20,969,111    29,958,595    8,807,361    25,007,594    16,309,254    2,951,202    6,970,622 
Less: Expenses reimbursed by the investment adviser   —    —    —    (908)   —    —    —    —    —    — 
Fee waiver by investment adviser and TPIS   (43,170)   (42,489)   —    —    (468,950)   —    (1,275,651)   (4,188)   —    — 
Net expenses   7,544,157    7,523,283    29,864,033    20,968,203    29,489,645    8,807,361    23,731,943    16,305,066    2,951,202    6,970,622 
Net investment income (loss)   29,303,448    46,372,584    66,659,312    21,824,200    100,851,078    7,832,371    75,628,460    25,918,113    4,996,757    45,854,633 
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS                                                  
Realized gain (loss):                                                  
Portfolio investments†   138,025,884    123,981,070    239,416,417    192,855,651    392,032,780    146,031,930    352,291,655    366,098,312    30,220,494    74,082,166 
Futures contracts   —    —    —    —    —    —    —    1,876,791    —    583,116 
Purchased options   —    —    (603,790)   173,328    (27,504,436)   (814,329)   —    —    —    — 
Swap contracts   —    —    —    —    (2,769,245)   —    —    1,473,124    —    — 
Written options   —    —    9,413,104    (22,284)   18,832,264    2,726,490    —    —    —    — 
Foreign currency transactions   —    —    (65,833)   (215,424)   (114,131)   324    (37,432)   —    —    — 
Net realized gain (loss) on total investments   138,025,884    123,981,070    248,159,898    192,791,271    380,477,232    147,944,415    352,254,223    369,448,227    30,220,494    74,665,282 
Change in unrealized appreciation (depreciation) on:                                                  
Portfolio investments   432,045,603    199,061,746    1,060,838,435    900,595,700    558,491,245    193,332,889    358,355,305    434,078,760    101,807,890    417,833,200 
Futures contracts   —    —    —    —    —    —    —    2,543,984    —    12,560 
Purchased options   —    —    767,546    (2,046,016)   (9,352,778)   (715,371)   —    —    —    — 
Swap contracts   —    —    —    —    (240,249)   —    —    —    —    — 
Written options   —    —    (1,894,804)   (2,216,187)   (1,023,988)   9,658    —    —    —    — 
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies   —    —    11,047    4,916    13,449    522    20,014    —    —    — 
Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments   432,045,603    199,061,746    1,059,722,224    896,338,413    547,887,679    192,627,698    358,375,319    436,622,744    101,807,890    417,845,760 
Net realized and unrealized gain (loss) on total investments   570,071,487    323,042,816    1,307,882,122    1,089,129,684    928,364,911    340,572,113    710,629,542    806,070,971    132,028,384    492,511,042 
Net increase (decrease) in net assets from operations  $599,374,935   $369,415,400   $1,374,541,434   $1,110,953,884   $1,029,215,989   $348,404,484   $786,258,002   $831,989,084   $137,025,141   $538,365,675 
* Net of foreign withholding taxes of  $—   $13,472   $610,975   $54,109   $1,166,470   $33,334   $380,069   $24,511   $7,180   $3,507 
† Includes net realized gain (loss) from securities sold to affiliates of  $2,229,949   $669,321   $8,443,209   $1,346,967   $6,810,242   $729,123   $5,686,281   $5,670,990   $245,145   $2,052,845 
           
90 2017 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2017 Annual Report 91
 
Statements of operations concluded

 

TIAA-CREF Funds  ■  For the period or year ended October 31, 2017

 

   Social Choice   Emerging   Enhanced           International   International   Social Choice 
   Low Carbon   Markets   International Equity   Global Natural   International   Opportunities   Small-Cap   International 
   Equity Fund   Equity Fund   Index Fund   Resources Fund   Equity Fund   Fund   Equity Fund‡   Equity Fund 
INVESTMENT INCOME                                        
Dividends*       $1,392,515        $22,542,956        $54,508,227        $872,883        $84,661,597        $25,271,497        $20,195,132        $1,055,046 
Income from securities lending   —    439,343    527,441    12,615    2,394,642    1,903,939    593,901    3,501 
Interest   8,176    246,208    50,657    8,190    336,312    292,220    67,198    3,599 
Payment from affiliate   —    172,821    —    69,190    312,195    130,243    —    — 
Total income   1,400,691    23,401,328    55,086,325    962,878    87,704,746    27,597,899    20,856,231    1,062,146 
EXPENSES                                        
Management fees   169,474    10,162,550    6,535,328    404,844    20,549,162    7,977,007    4,151,574    100,097 
Shareholder servicing – Institutional Class   312    1,891    2,752    451    13,974    1,898    2,582    365 
Shareholder servicing – Advisor Class   133    371    143    156    104,613    17    1,499    220 
Shareholder servicing – Premier Class   82    32    —    173    294    77    1,505    88 
Shareholder servicing – Retirement Class   32,651    117,336    —    53,763    1,497,742    31,341    9,952    12,878 
Shareholder servicing – Retail Class   4,979    9,936    —    10,505    235,277    4,307    5,751    2,855 
Distribution fees – Premier Class   711    28,296    —    4,901    331,649    538    1,524    1,641 
Distribution fees – Retail Class   12,632    19,272    —    18,384    1,220,069    5,337    3,253    6,536 
Administrative service fees   56,625    71,443    50,558    56,760    118,254    73,740    57,345    56,132 
Registration fees   82,708    86,183    57,690    85,234    117,188    84,516    100,644    82,354 
Professional fees   48,381    71,304    57,425    53,339    78,985    65,716    64,999    56,799 
Custody and accounting fees   34,837    487,218    140,516    28,541    595,329    160,620    141,362    72,172 
Trustee fees and expenses   966    17,796    26,194    665    64,640    20,418    8,220    483 
Other expenses   28,521    164,708    148,592    56,049    460,900    72,579    139,176    32,441 
Total expenses   473,012    11,238,336    7,019,198    773,765    25,388,076    8,498,111    4,689,386    425,061 
Less: Expenses reimbursed by the investment adviser   (204,942)   —    —    (216,490)   (16,901)   —    (5,775)   (267,484)
Fee waiver by investment adviser and TPIS   —    —    —    —    —    —    (319,352)   — 
Net expenses   268,070    11,238,336    7,019,198    557,275    25,371,175    8,498,111    4,364,259    157,577 
Net investment income (loss)   1,132,621    12,162,992    48,067,127    405,603    62,333,571    19,099,788    16,491,972    904,569 
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS                                        
Realized gain (loss):                                        
Portfolio investments†   741,349    198,174,409    100,467,012    31,603,093    381,677,058    37,587,144    36,403,733    154,309 
Affiliated investments   —    1,490,149    —    —    —    —    —    — 
Forward foreign currency contracts   —    —    —    —    (7,139,146)   (1,038,908)   —    — 
Futures contracts   67,285    —    328,739    —    —    —    —    43,026 
Purchased options   —    (4,455,000)   —    —    —    —    —    — 
Written options   —    1,124,988    —    —    —    —    —    — 
Foreign currency transactions   —    (1,361,281)   (484,367)   (6,621)   (1,781,833)   (258,041)   (438,389)   4,645 
Net realized gain (loss) on total investments   808,634    194,973,265    100,311,384    31,596,472    372,756,079    36,290,195    35,965,344    201,980 
Change in unrealized appreciation (depreciation) on:                                        
Portfolio investments **   11,956,175    137,749,866    239,432,950    (15,980,665)   659,958,671    300,636,395    130,811,031    5,922,957 
Affiliated investments   —    17,443,925    —    —    —    —    —    — 
Futures contracts   1,148    —    3,068    —    —    —    —    993 
Purchased options   —    605,500    —    —    —    —    —    — 
Written options   —    234,481    —    —    —    —    —    — 
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies   —    (22,148)   209,484    (6,800)   93,876    92,191    (7,124)   2,061 
Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments   11,957,323    156,011,624    239,645,502    (15,987,465)   660,052,547    300,728,586    130,803,907    5,926,011 
Net realized and unrealized gain (loss) on total investments   12,765,957    350,984,889    339,956,886    15,609,007    1,032,808,626    337,018,781    166,769,251    6,127,991 
Net increase (decrease) in net assets from operations  $13,898,578   $363,147,881   $388,024,013   $16,014,610   $1,095,142,197   $356,118,569   $183,261,223   $7,032,560 
* Net of foreign withholding taxes of  $132   $2,486,740   $4,816,998   $40,274   $10,147,404   $2,887,309   $2,460,318   $92,252 
† Includes net realized gain (loss) from securities sold to affiliates of  $15,942   $4,565,869   $1,451,409   $(14,164)  $18,356,113   $153,826   $177,126   $(9,590)
** Includes net changed in unrealized foregin capital gains taxes of  $—   $(2,056,614)  $—   $—   $1,459,829   $(1,272,455)  $—   $— 
‡ For the period December 9, 2016 to October 31, 2017.                                        
         
92 2017 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2017 Annual Report 93
 

Statements of changes in net assets

 

TIAA-CREF Funds  ■  For the period or year ended

 

      Enhanced Large-Cap   Enhanced Large-Cap                                 
      Growth Index Fund   Value Index Fund   Growth & Income Fund   Large-Cap Growth Fund   Large-Cap Value Fund   Mid-Cap Growth Fund 
      October 31,   October 31,   October 31,   October 31,   October 31,   October 31,   October 31,   October 31,   October 31,   October 31,   October 31,   October 31, 
      2017   2016   2017   2016   2017   2016   2017   2016   2017   2016   2017   2016 
OPERATIONS                                                               
Net investment income (loss)  $29,303,448   $29,896,183   $46,372,584   $44,511,999   $66,659,312   $60,962,174   $21,824,200   $15,242,103   $100,851,078   $100,819,135   $7,832,371   $4,844,968 
Net realized gain (loss) on total investments   138,025,884    45,700,390    123,981,070    99,626,437    248,159,898    79,908,497    192,791,271    31,772,205    380,477,232    155,977,968    147,944,415    (5,292,483)
Net change in unrealized appreciation (depreciation) on total investments   432,045,603    (18,314,477)   199,061,746    (56,143,183)   1,059,722,224    (35,458,531)   896,338,413    (48,373,481)   547,887,679    90,865,399    192,627,698    (58,256,526)
Net increase (decrease) in net assets from operations   599,374,935    57,282,096    369,415,400    87,995,253    1,374,541,434    105,412,140    1,110,953,884    (1,359,173)   1,029,215,989    347,662,502    348,404,484    (58,704,041)
DISTRIBUTIONS TO SHAREHOLDERS                                                            
From net investment income:  Institutional Class   (31,879,167)   (21,477,094)   (45,302,191)   (43,394,194)   (53,381,752)   (43,179,535)   (16,235,353)   (9,098,396)   (81,782,507)   (56,769,962)   (4,016,134)   (1,926,579)
   Advisor Class†   (2,422)   (104)   (2,453)   (227)   (2,971)   (1,022)   (694)   (34)   (2,046)   (136)   (506)   (19)
   Premier Class   —    —    —    —    (1,632,837)   (2,017,831)   (196,853)   (98,946)   (4,923,728)   (4,553,911)   (386,168)   (72,376)
   Retirement Class   —    —    —    —    (5,641,808)   (6,421,881)   (582,639)   (545,061)   (15,088,727)   (10,875,422)   (969,191)   — 
   Retail Class   —    —    —    —    (6,881,261)   (7,398,436)   (1,679,681)   (316,220)   (2,165,321)   (1,456,384)   (319,587)   — 
From realized gains:  Institutional Class   (50,265,397)   (184,289,251)   (100,757,095)   (116,788,900)   (64,944,020)   (202,166,408)   (32,462,021)   (83,625,344)   (112,938,466)   (225,069,075)   —    (74,181,052)
   Advisor Class†   (3,844)   (905)   (5,485)   (615)   (1,783)   (647)   (1,457)   (324)   (2,844)   (546)   —    (771)
   Premier Class   —    —    —    —    (2,414,753)   (11,089,183)   (518,842)   (1,308,802)   (7,443,311)   (20,114,044)   —    (10,524,325)
   Retirement Class   —    —    —    —    (9,084,292)   (40,150,240)   (2,875,015)   (7,968,778)   (24,039,902)   (53,164,632)   —    (36,683,659)
   Retail Class   —    —    —    —    (12,817,893)   (50,876,795)   (7,443,815)   (21,868,961)   (3,546,940)   (7,500,731)   —    (14,387,724)
Total distributions      (82,150,830)   (205,767,354)   (146,067,224)   (160,183,936)   (156,803,370)   (363,301,978)   (61,996,370)   (124,830,866)   (251,933,792)   (379,504,843)   (5,691,586)   (137,776,505)
SHAREHOLDER TRANSACTIONS                                                            
Subscriptions:  Institutional Class   314,983,923    302,268,270    357,947,732    322,949,522    628,702,913    885,908,524    521,602,565    587,480,348    807,241,472    587,232,228    113,709,259    107,962,014 
   Advisor Class†   736,158    100,251    16,678    99,998    281,068    99,976    1,902,655    123,031    55,288    99,977    35,371    120,923 
   Premier Class   —    —    —    —    18,932,593    21,965,703    9,097,589    13,912,351    47,640,311    34,184,018    11,600,668    11,006,364 
   Retirement Class   —    —    —    —    31,359,329    24,009,027    80,369,560    177,141,065    74,491,112    40,591,030    28,476,135    17,732,928 
   Retail Class   —    —    —    —    63,484,972    53,444,387    216,246,074    56,554,266    17,754,935    11,304,035    43,097,728    10,985,476 
Reinvestments of distributions:  Institutional Class   82,144,564    205,766,345    146,059,286    160,183,094    78,243,163    209,291,362    48,498,013    92,435,936    194,248,698    281,259,858    3,995,597    75,511,023 
   Advisor Class†   1,939    —    —    —    736    —    397    —    —    —    —    — 
   Premier Class   —    —    —    —    4,047,541    13,107,000    704,651    1,403,020    12,367,039    24,667,954    386,168    10,596,701 
   Retirement Class   —    —    —    —    14,726,064    46,572,121    3,454,829    8,509,330    39,125,858    64,037,423    969,191    36,683,659 
   Retail Class   —    —    —    —    19,049,350    56,482,960    8,833,767    21,566,863    5,524,497    8,689,204    310,713    14,026,685 
Redemptions:  Institutional Class   (382,750,339)   (320,882,267)   (282,255,721)   (274,559,344)   (453,930,651)   (315,556,783)   (479,870,077)   (400,821,705)   (447,168,172)   (552,810,429)   (183,949,842)   (237,519,105)
   Advisor Class†   (40,314)   —    —    —    (13,004)   —    (261,771)   —    (19)   —    (3,021)   (20,765)
   Premier Class   —    —    —    —    (44,859,737)   (50,573,482)   (20,138,948)   (8,073,139)   (88,697,470)   (124,823,285)   (48,650,781)   (35,255,896)
   Retirement Class   —    —    —    —    (90,330,450)   (119,137,129)   (161,152,150)   (71,537,042)   (146,196,382)   (141,650,367)   (83,880,356)   (104,254,703)
   Retail Class   —    —    —    —    (105,778,350)   (99,829,909)   (101,474,473)   (75,470,009)   (25,248,758)   (19,143,231)   (55,052,784)   (29,653,508)
Net increase (decrease) from shareholder transactions   15,075,931    187,252,599    221,767,975    208,673,270    163,915,537    725,783,757    127,812,681    403,224,315    491,138,409    213,638,415    (168,955,954)   (122,078,204)
Net increase (decrease) in net assets   532,300,036    38,767,341    445,116,151    136,484,587    1,381,653,601    467,893,919    1,176,770,195    277,034,276    1,268,420,606    181,796,074    173,756,944    (318,558,750)
NET ASSETS                                                            
Beginning of period   2,047,411,316    2,008,643,975    2,031,137,880    1,894,653,293    5,334,862,393    4,866,968,474    3,632,829,904    3,355,795,628    5,737,160,769    5,555,364,695    1,416,899,988    1,735,458,738 
End of period  $2,579,711,352   $2,047,411,316   $2,476,254,031   $2,031,137,880   $6,716,515,994   $5,334,862,393   $4,809,600,099   $3,632,829,904   $7,005,581,375   $5,737,160,769   $1,590,656,932   $1,416,899,988 
Undistributed net investment income (loss) included in net assets  $22,245,342   $25,121,780   $37,934,359   $36,200,500   $2,895,272   $5,771,239   $14,635,982   $12,504,900   $76,586,629   $82,544,542   $5,912,890   $4,823,535 
CHANGE IN FUND SHARES                                                            
Shares sold:  Institutional Class   25,619,678    27,756,169    35,788,123    34,915,371    49,036,290    76,075,252    30,437,621    38,522,943    43,195,477    36,594,579    5,188,721    5,650,480 
   Advisor Class†   58,025    9,279    1,691    11,061    21,639    8,688    112,773    7,797    2,970    6,327    1,653    6,204 
   Premier Class   —    —    —    —    1,472,476    1,915,326    528,117    901,074    2,559,821    2,112,550    545,911    582,988 
   Retirement Class   —    —    —    —    2,413,569    2,022,902    4,625,674    11,210,918    4,016,653    2,458,192    1,351,085    952,295 
   Retail Class   —    —    —    —    3,710,175    3,566,199    12,191,860    3,690,745    994,316    714,257    2,050,476    588,577 
Shares reinvested:  Institutional Class   7,288,781    19,411,919    14,873,655    17,957,746    6,322,089    18,432,561    3,100,896    5,963,609    10,591,532    17,983,367    199,481    3,943,134 
   Advisor Class†   172    —    —    —    54    —    25    —    —    —    —    — 
   Premier Class   —    —    —    —    322,955    1,153,320    45,083    90,517    675,425    1,580,266    19,376    556,257 
   Retirement Class   —    —    —    —    1,158,081    4,037,083    221,890    551,480    2,139,194    4,104,963    49,626    1,963,793 
   Retail Class   —    —    —    —    1,157,142    3,800,901    565,542    1,393,208    312,826    575,825    15,918    751,295 
Shares redeemed:  Institutional Class   (31,162,144)   (29,135,919)   (27,736,603)   (28,706,211)   (34,407,931)   (27,332,223)   (27,367,516)   (25,709,318)   (23,708,816)   (33,153,343)   (8,669,753)   (12,453,290)
   Advisor Class†   (3,287)   —    —    —    (948)   —    (14,460)   —    (1)   —    (129)   (1,041)
   Premier Class   —    —    —    —    (3,385,619)   (4,514,397)   (1,140,749)   (524,056)   (4,744,480)   (7,734,356)   (2,259,603)   (1,860,882)
   Retirement Class   —    —    —    —    (6,815,238)   (10,141,123)   (9,343,966)   (4,689,315)   (7,829,451)   (8,578,931)   (3,976,674)   (5,612,190)
   Retail Class   —    —    —    —    (6,188,434)   (6,599,663)   (5,841,751)   (4,916,601)   (1,409,123)   (1,204,506)   (2,640,538)   (1,597,902)
Net increase (decrease) from shareholder transactions   1,801,225    18,041,448    22,926,866    24,177,967    14,816,300    62,424,826    8,121,039    26,493,001    26,796,343    15,459,190    (8,124,450)   (6,530,282)

† Advisor Class commenced operations on December 4, 2015.

 

94 2017 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2017 Annual Report 95
 
Statements of changes in net assets continued

 

TIAA-CREF Funds  ■  For the period or year ended

 

      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 
      October 31,   October 31,   October 31,   October 31,   October 31,   October 31,   October 31,   October 31,   October 31,   October 31,   October 31,   October 31, 
      2017   2016   2017   2016   2017   2016^   2017   2016   2017   2016   2017   2016 
OPERATIONS                                                            
Net investment income (loss)  $75,628,460   $83,966,511   $25,918,113   $27,546,656   $4,996,757   $42,901   $45,854,633   $51,285,582   $1,132,621   $1,061,959   $12,162,992   $11,151,824 
Net realized gain (loss) on total investments   352,254,223    132,383,038    369,448,227    83,606,766    30,220,494    (89,484)   74,665,282    123,766,296    808,634    (205,953)   194,973,265    6,417,518 
Net change in unrealized appreciation (depreciation) on total investments   358,375,319    42,778,751    436,622,744    (25,504,268)   101,807,890    (9,896,981)   417,845,760    (55,455,230)   11,957,323    1,618,184    156,011,624    69,338,387 
Net increase (decrease) in net assets from operations   786,258,002    259,128,300    831,989,084    85,649,154    137,025,141    (9,943,564)   538,365,675    119,596,648    13,898,578    2,474,190    363,147,881    86,907,729 
DISTRIBUTIONS TO SHAREHOLDERS                                                        
From net investment income:  Institutional Class   (58,994,565)   (47,690,885)   (21,200,174)   (15,294,297)   (1,034,971)   —    (34,480,966)   (24,490,180)   (883,976)   (188,748)   (9,568,103)   (9,120,009)
   Advisor Class†   (3,589)   (141)   (6,160)   (71)   (1,962)   —    (5,361)   (182)   (2,680)   (51)   (973)   (96)
   Premier Class   (6,142,226)   (5,006,213)   (1,540,463)   (1,125,473)   (1,682)   —    (1,804,971)   (1,291,137)   (6,875)   (4,778)   (121,863)   (80,120)
   Retirement Class   (16,373,856)   (12,544,437)   (4,439,993)   (2,764,208)   (3,973)   —    (6,750,511)   (5,107,138)   (157,213)   (12,257)   (173,903)   (206,640)
   Retail Class   (4,312,537)   (3,306,898)   (1,005,289)   (512,400)   (2,453)   —    (9,121,349)   (15,309,613)   (52,446)   (6,656)   (21,559)   (21,878)
From realized gains:  Institutional Class   (94,420,615)   (293,841,533)   (58,087,664)   (144,242,447)   —    —    (64,534,152)   (44,511,977)   (293,994)   (3,903)   —    — 
   Advisor Class†   (5,805)   (877)   (17,289)   (684)   —    —    (10,093)   (325)   (901)   (1)   —    — 
   Premier Class   (10,723,682)   (34,453,503)   (4,923,468)   (13,081,361)   —    —    (3,601,113)   (2,561,759)   (2,726)   (109)   —    — 
   Retirement Class   (30,347,363)   (95,322,348)   (15,825,424)   (39,101,406)   —    —    (14,164,638)   (10,904,788)   (56,407)   (291)   —    — 
   Retail Class   (8,213,953)   (26,138,124)   (3,787,262)   (8,133,135)   —    —    (20,792,711)   (32,289,674)   (20,212)   (179)   —    — 
Total distributions      (229,538,191)   (518,304,959)   (110,833,186)   (224,255,482)   (1,045,041)   —    (155,265,865)   (136,466,773)   (1,477,430)   (216,973)   (9,886,401)   (9,428,743)
SHAREHOLDER TRANSACTIONS
Subscriptions:  Institutional Class   535,399,854    494,831,271    410,967,786    316,776,601    213,549,955    386,214,333    371,283,229    196,613,011    20,419,719    25,247,935    302,450,890    255,349,371 
   Advisor Class†   254,135    131,898    1,852,231    510,702    61,207    1,005,000    7,725,799    152,478    43,500    110,016    579,411    100,062 
   Premier Class   15,221,930    40,027,444    26,580,200    28,284,366    —    1,000,010    16,875,799    20,563,414    146,115    95,844    11,809,593    6,344,885 
   Retirement Class   25,297,025    41,705,971    56,501,812    47,039,245    5,629,455    1,219,673    39,605,679    26,831,387    10,273,111    5,847,050    46,184,881    4,589,206 
   Retail Class   29,454,281    23,616,585    42,906,512    28,647,399    2,498,491    1,375,946    63,043,201    98,812,418    5,121,736    2,388,268    9,496,981    709,921 
Reinvestments of distributions:  Institutional Class   151,734,645    335,010,003    79,139,728    159,321,936    1,034,930    —    94,181,482    65,889,986    978,800    68,971    9,568,103    9,120,009 
   Advisor Class†   4,202    —    19,433    —    19    —    8,157    —    298    —    —    — 
   Premier Class   16,865,908    39,459,716    6,463,931    14,206,834    —    —    5,053,174    3,805,791    2,585    —    121,790    80,047 
   Retirement Class   46,717,954    107,859,195    20,264,257    41,865,029    2,291    —    20,887,918    15,985,227    213,318    7,849    173,842    206,560 
   Retail Class   12,140,486    28,545,566    4,613,976    8,389,168    1,199    —    28,981,311    46,813,660    72,071    2,675    20,971    21,109 
Redemptions:  Institutional Class   (1,353,790,273)   (802,803,796)   (309,237,112)   (331,527,970)   (52,318,776)   (6,045,664)   (251,164,010)   (178,712,952)   (4,439,756)   (18,866,259)   (376,048,653)   (189,843,054)
   Advisor Class†   (90,838)   —    (78,192)   —    (20,087)   —    (233,663)   —    —    —    (11)   (50)
   Premier Class   (121,224,577)   (83,803,176)   (63,499,245)   (42,515,926)   —    —    (43,650,127)   (21,112,004)   (97,615)   (776,271)   (22,291,705)   (996,247)
   Retirement Class   (242,004,947)   (153,092,657)   (104,756,725)   (63,460,101)   (2,565,845)   (8,264)   (51,550,352)   (52,361,198)   (1,648,503)   (1,559,641)   (8,220,661)   (8,900,273)
   Retail Class   (63,047,517)   (55,744,500)   (34,650,690)   (17,375,399)   (828,613)   (204,091)   (119,900,911)   (626,013,557)   (694,598)   (1,474,990)   (3,690,189)   (1,121,643)
Net increase (decrease) from shareholder transactions   (947,067,732)   15,743,520    137,087,902    190,161,884    167,044,226    384,556,943    181,146,686    (402,732,339)   30,390,781    11,091,447    (29,844,757)   75,659,903 
Net increase (decrease) in net assets   (390,347,921)   (243,433,139)   858,243,800    51,555,556    303,024,326    374,613,379    564,246,496    (419,602,464)   42,811,929    13,348,664    323,416,723    153,138,889 
NET ASSETS                                                            
Beginning of period   4,902,109,649    5,145,542,788    2,941,035,817    2,889,480,261    374,613,379    —    2,281,760,752    2,701,363,216    46,313,487    32,964,823    1,115,277,532    962,138,643 
End of period  $4,511,761,728   $4,902,109,649   $3,799,279,617   $2,941,035,817   $677,637,705   $374,613,379   $2,846,007,248   $2,281,760,752   $89,125,416   $46,313,487   $1,438,694,255   $1,115,277,532 
Undistributed net investment income (loss) included in net assets  $52,438,744   $63,201,329   $18,296,420   $19,700,484   $3,980,361   $43,926   $36,583,517   $42,462,229   $986,797   $930,730   $10,568,400   $9,215,880 
CHANGE IN FUND SHARES                                                            
Shares sold:  Institutional Class   22,310,652    23,570,772    21,262,395    20,078,334    19,868,387    39,064,218    20,925,488    12,373,052    1,773,495    2,507,716    28,369,727    29,260,990 
   Advisor Class†   10,671    6,345    98,767    30,525    5,564    100,507    456,943    9,608    3,846    11,306    54,092    11,899 
   Premier Class   648,172    1,911,670    1,402,029    1,787,919    —    100,001    962,488    1,281,218    13,230    9,122    1,085,931    714,590 
   Retirement Class   1,084,633    1,955,407    2,988,986    3,016,096    510,002    121,943    2,211,193    1,656,135    911,629    583,623    4,126,514    515,227 
   Retail Class   1,275,753    1,138,111    2,349,962    1,880,413    225,061    137,948    4,004,523    6,934,824    445,531    244,429    854,420    81,819 
Shares reinvested:  Institutional Class   6,498,272    16,675,461    4,191,723    10,077,289    94,514    —    5,642,989    4,314,996    90,379    7,199    1,038,882    1,094,839 
   Advisor Class†   180    —    1,030    —    1    —    489    —    28    —    —    — 
   Premier Class   723,548    1,967,085    344,009    902,594    —    —    303,676    249,888    238    —    13,224    9,610 
   Retirement Class   2,010,239    5,395,658    1,097,144    2,704,459    210    —    1,233,053    1,031,971    19,733    819    18,917    24,857 
   Retail Class   531,778    1,451,962    252,130    546,525    109    —    1,923,113    3,380,047    6,655    279    2,280    2,534 
Shares redeemed:  Institutional Class   (56,416,039)   (37,152,613)   (16,285,466)   (20,126,602)   (4,535,759)   (602,811)   (14,370,751)   (11,170,570)   (388,861)   (1,835,625)   (36,304,042)   (21,146,327)
   Advisor Class†   (3,893)   —    (4,046)   —    (1,773)   —    (12,466)   —    —    —    (1)   (6)
   Premier Class   (5,116,388)   (3,990,287)   (3,359,266)   (2,743,115)   —    —    (2,449,968)   (1,326,486)   (8,231)   (75,002)   (1,887,891)   (115,885)
   Retirement Class   (10,231,155)   (7,304,954)   (5,608,565)   (4,066,659)   (230,579)   (840)   (2,884,884)   (3,257,409)   (144,626)   (152,991)   (738,001)   (987,994)
   Retail Class   (2,720,343)   (2,691,321)   (1,881,647)   (1,132,585)   (75,320)   (20,733)   (7,576,061)   (41,998,507)   (60,802)   (148,060)   (332,276)   (126,048)
Net increase (decrease) from shareholder transactions   (39,393,920)   2,933,296    6,849,185    12,955,193    15,860,417    38,900,233    10,369,825    (26,521,233)   2,662,244    1,152,815    (3,698,224)   9,340,105 

†   Advisor Class commenced operations on December 4, 2015.

^   For the period August 5, 2016 to October 31, 2016.

 

96 2017 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2017 Annual Report 97
 
Statements of changes in net assets concluded

 

TIAA-CREF Funds  ■  For the period or year ended

 

      Enhanced   Global Natural           International   International Small-Cap   Social Choice International 
      International Equity Index Fund   Resources Fund   International Equity Fund   Opportunities Fund   Equity Fund   Equity Fund 
      October 31,   October 31,   October 31,   October 31,   October 31,   October 31,   October 31,   October 31,   October 31,   October 31,   October 31, 
      2017   2016   2017   2016   2017   2016   2017   2016   2017‡   2017   2016 
OPERATIONS                                                       
Net investment income (loss)  $48,067,127   $42,223,272   $405,603   $3,939,915   $62,333,571   $62,845,144   $19,099,788   $16,651,455           $16,491,972   $904,569   $593,997 
Net realized gain (loss) on total investments   100,311,384    (88,695,773)   31,596,472    (4,304,094)   372,756,079    (126,615,072)   36,290,195    (28,457,562)   35,965,344    201,980    (281,743)
Net change in unrealized appreciation (depreciation) on total investments   239,645,502    11,299,145    (15,987,465)   24,522,577    660,052,547    (31,127,935)   300,728,586    937,043    130,803,907    5,926,011    (603,069)
Net increase (decrease) in net assets from operations   388,024,013    (35,173,356)   16,014,610    24,158,398    1,095,142,197    (94,897,863)   356,118,569    (10,869,064)   183,261,223    7,032,560    (290,815)
DISTRIBUTIONS TO SHAREHOLDERS                                                       
From net investment income:  Institutional Class   (45,635,675)   (37,422,438)   (2,363,996)   (5,601,178)   (42,357,609)   (34,393,641)   (17,375,181)   (14,300,760)   (21,861)   (494,959)   (104,087)
   Advisor Class†   (2,785)   (287)   (4,996)   (248)   (1,500)   (122)   (1,281)   (120)   (950)   (2,567)   (63)
   Premier Class   —    —    (133,707)   (78,600)   (2,690,942)   (2,714,360)   (2,879)   (11,121)   (950)   (23,169)   (5,543)
   Retirement Class   —    —    (797,278)   (245,740)   (6,235,533)   (5,761,383)   (75,044)   (75,311)   (890)   (76,493)   (10,124)
   Retail Class   —    —    (440,706)   (101,273)   (9,427,234)   (12,557,350)   (12,757)   (14,067)   (814)   (29,532)   (4,910)
Total distributions      (45,638,460)   (37,422,725)   (3,740,683)   (6,027,039)   (60,712,818)   (55,426,856)   (17,467,142)   (14,401,379)   (25,465)   (626,720)   (124,727)
SHAREHOLDER TRANSACTIONS                                                       
Subscriptions:  Institutional Class   312,324,969    342,793,936    11,938,763    66,915,995    646,849,346    586,857,549    152,019,252    280,168,251    830,120,666    12,671,568    3,066,645 
   Advisor Class†   43,383    100,976    69,394    103,040    254,335,501    120,945    21,000    99,961    1,007,358    361,384    100,038 
   Premier Class   —    —    409,419    515,648    32,928,813    28,083,241    121,585    71,984    1,000,010    194,032    7,729 
   Retirement Class   —    —    16,805,733    10,892,589    75,597,577    14,321,876    22,011,541    3,180,121    8,571,971    4,925,089    1,619,571 
   Retail Class   —    —    11,680,062    2,773,677    36,198,787    530,041,795    2,028,294    755,730    2,236,229    2,347,693    999,279 
Reinvestments of distributions:  Institutional Class   45,635,675    37,422,438    2,363,995    5,601,178    42,026,368    34,143,722    17,375,181    14,300,760    —    42,855    251 
   Advisor Class†   48    —    908    —    —    —    —    —    —    —    — 
   Premier Class   —    —    118,193    69,070    2,650,499    2,705,350    633    —    —    918    — 
   Retirement Class   —    —    797,278    245,740    6,234,155    5,760,455    74,938    75,209    —    54,643    4,727 
   Retail Class   —    —    434,574    94,405    9,250,571    12,401,092    12,537    13,814    —    8,898    256 
Redemptions:  Institutional Class   (333,693,432)   (78,723,777)   (120,302,943)   (213,158,605)   (633,047,498)   (546,592,789)   (388,799,941)   (137,194,612)   (75,628,031)   (387,097)   (105,003)
   Advisor Class†   (21)   —    (52,597)   —    (17,580,317)   (21,237)   —    —    —    —    — 
   Premier Class   —    —    (2,491,895)   (272,532)   (60,450,226)   (73,478,015)   (31,605)   (790,410)   (10)   —    (19)
   Retirement Class   —    —    (15,062,693)   (4,139,049)   (84,865,715)   (112,975,343)   (2,234,745)   (4,384,403)   (1,447,711)   (1,011,349)   (208,462)
   Retail Class   —    —    (12,433,694)   (2,094,674)   (336,443,496)   (304,189,051)   (797,711)   (1,077,950)   (266,846)   (198,572)   (608,153)
Net increase (decrease) from shareholder transactions   24,310,622    301,593,573    (105,725,503)   (132,453,518)   (26,315,635)   177,179,590    (198,199,041)   155,218,455    765,593,636    19,010,062    4,876,859 
Net increase (decrease) in net assets   366,696,175    228,997,492    (93,451,576)   (114,322,159)   1,008,113,744    26,854,871    140,452,386    129,948,012    948,829,394    25,415,902    4,461,317 
NET ASSETS                                                       
Beginning of period   1,521,613,015    1,292,615,523    137,559,721    251,881,880    4,080,210,906    4,053,356,035    1,308,256,035    1,178,308,023    —    24,255,355    19,794,038 
End of period     $1,888,309,190   $1,521,613,015   $44,108,145   $137,559,721   $5,088,324,650   $4,080,210,906   $1,448,708,421   $1,308,256,035   $948,829,394   $49,671,257   $24,255,355 
Undistributed net investment income (loss) included in net assets  $51,605,040   $39,792,886   $163,723   $3,514,153   $53,205,664   $60,505,890   $15,633,844   $15,298,147   $18,363,815   $847,936   $558,282 
CHANGE IN FUND SHARES                                                       
Shares sold:  Institutional Class   43,840,478    50,413,603    1,407,339    9,934,342    57,366,045    57,053,899    14,183,693    28,667,007    79,099,935    1,204,088    329,540 
   Advisor Class†   5,606    14,816    8,198    15,711    20,112,560    11,749    1,624    9,892    100,644    37,342    10,963 
   Premier Class   —    —    49,036    72,337    2,822,870    2,728,168    9,588    7,014    100,001    18,630    817 
   Retirement Class   —    —    2,019,894    1,495,701    6,198,284    1,335,243    1,800,119    321,179    743,874    482,193    176,595 
   Retail Class   —    —    1,343,719    386,610    4,804,367    73,195,642    168,013    75,072    203,417    233,109    109,240 
Shares reinvested:  Institutional Class   6,740,868    5,519,534    265,917    860,396    4,025,514    3,350,709    1,718,613    1,422,961    —    4,648    28 
   Advisor Class†   7    —    102    —    —    —    —    —    —    —    — 
   Premier Class   —    —    13,295    10,610    254,366    265,752    62    —    —    100    — 
   Retirement Class   —    —    89,683    37,690    576,170    545,498    7,412    7,484    —    5,933    519 
   Retail Class   —    —    48,938    14,479    1,325,297    1,807,739    1,239    1,373    —    965    28 
Shares redeemed:  Institutional Class   (45,887,046)   (11,583,882)   (14,167,416)   (27,976,657)   (55,545,452)   (52,419,789)   (35,283,632)   (13,599,628)   (6,546,203)   (36,354)   (11,532)
   Advisor Class†   (3)   —    (6,702)   —    (1,369,647)   (1,965)   —    —    —    —    — 
   Premier Class   —    —    (307,417)   (37,661)   (4,991,844)   (7,159,211)   (2,924)   (76,147)   (1)   —    (2)
   Retirement Class   —    —    (1,845,735)   (584,147)   (6,993,791)   (10,622,125)   (204,502)   (439,552)   (120,891)   (100,515)   (22,834)
   Retail Class   —    —    (1,463,238)   (290,819)   (41,119,566)   (43,159,462)   (67,479)   (107,683)   (21,703)   (19,962)   (65,181)
Net increase (decrease) from shareholder transactions   4,699,910    44,364,071    (12,544,387)   (16,061,408)   (12,534,827)   26,931,847    (17,668,174)   16,288,972    73,559,073    1,830,177    528,181 

†   Advisor Class commenced operations on December 4, 2015.

‡   For the period December 9, 2016 to October 31, 2017.

 

98 2017 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2017 Annual Report 99
 

Financial highlights

 

TIAA-CREF Funds

 

      Selected per share data
          Gain (loss) from investment operations                 
              Net realized                   Net 
   For the  Net asset   Net   & unrealized   Total gain   Less distributions from   Total   asset 
   period  value,   investment   gain (loss)   (loss) from   Net   Net   dividends   value, 
   or year  beginning   income   on total   investment   investment   realized   and   end of 
   ended  of period   (loss)a  investments   operations   income   gains     distributions   period 
ENHANCED LARGE-CAP GROWTH INDEX FUND
Institutional Class:  10/31/17   $11.14   $0.16    $ 3.07    $3.23   $(0.18)  $(0.29)  $(0.47)  $13.90 
   10/31/16   12.12    0.16    0.10    0.26    (0.13)   (1.11)   (1.24)   11.14 
   10/31/15   12.19    0.12    0.98    1.10    (0.14)   (1.03)   (1.17)   12.12 
   10/31/14   11.53    0.14    1.44    1.58    (0.12)   (0.80)   (0.92)   12.19 
   10/31/13   9.65    0.14    2.22    2.36    (0.12)   (0.36)   (0.48)   11.53 
Advisor Class:  10/31/17   11.14    0.14    3.08    3.22    (0.18)   (0.29)   (0.47)   13.89 
   10/31/16‡  12.28    0.14    (0.04)   0.10    (0.13)   (1.11)   (1.24)   11.14 
ENHANCED LARGE-CAP VALUE INDEX FUND
Institutional Class:  10/31/17   9.61    0.20    1.48    1.68    (0.22)   (0.50)   (0.72)   10.57 
   10/31/16   10.12    0.21    0.14    0.35    (0.23)   (0.63)   (0.86)   9.61 
   10/31/15   11.18    0.23    (0.11)   0.12    (0.18)   (1.00)   (1.18)   10.12 
   10/31/14   10.64    0.17    1.23    1.40    (0.16)   (0.70)   (0.86)   11.18 
   10/31/13   8.64    0.18    2.20    2.38    (0.19)   (0.19)   (0.38)   10.64 
Advisor Class:  10/31/17   9.61    0.20    1.47    1.67    (0.22)   (0.50)   (0.72)   10.56 
   10/31/16‡  10.18    0.20    0.09    0.29    (0.23)   (0.63)   (0.86)   9.61 
GROWTH & INCOME FUND
Institutional Class:  10/31/17   11.76    0.15    2.80    2.95    (0.16)   (0.21)   (0.37)   14.34 
   10/31/16   12.50    0.16    0.08    0.24    (0.16)   (0.82)   (0.98)   11.76 
   10/31/15   12.96    0.13    0.65    0.78    (0.14)   (1.10)   (1.24)   12.50 
   10/31/14   12.64    0.13    1.64    1.77    (0.14)   (1.31)   (1.45)   12.96 
   10/31/13   10.34    0.15    2.76    2.91    (0.16)   (0.45)   (0.61)   12.64 
Advisor Class:  10/31/17   11.77    0.13    2.80    2.93    (0.15)   (0.21)   (0.36)   14.34 
   10/31/16‡  12.71    0.14    (0.11)   0.03    (0.15)   (0.82)   (0.97)   11.77 
Premier Class:  10/31/17   11.77    0.13    2.80    2.93    (0.14)   (0.21)   (0.35)   14.35 
   10/31/16   12.51    0.14    0.09    0.23    (0.15)   (0.82)   (0.97)   11.77 
   10/31/15   12.96    0.12    0.65    0.77    (0.12)   (1.10)   (1.22)   12.51 
   10/31/14   12.65    0.11    1.63    1.74    (0.12)   (1.31)   (1.43)   12.96 
   10/31/13   10.35    0.14    2.75    2.89    (0.14)   (0.45)   (0.59)   12.65 
Retirement Class:  10/31/17   11.95    0.12    2.84    2.96    (0.13)   (0.21)   (0.34)   14.57 
   10/31/16   12.68    0.13    0.09    0.22    (0.13)   (0.82)   (0.95)   11.95 
   10/31/15   13.13    0.11    0.65    0.76    (0.11)   (1.10)   (1.21)   12.68 
   10/31/14   12.79    0.10    1.66    1.76    (0.11)   (1.31)   (1.42)   13.13 
   10/31/13   10.46    0.13    2.78    2.91    (0.13)   (0.45)   (0.58)   12.79 
Retail Class:  10/31/17   15.43    0.15    3.68    3.83    (0.11)   (0.21)   (0.32)   18.94 
   10/31/16   16.08    0.16    0.13    0.29    (0.12)   (0.82)   (0.94)   15.43 
   10/31/15   16.31    0.12    0.84    0.96    (0.09)   (1.10)   (1.19)   16.08 
   10/31/14   15.55    0.12    2.04    2.16    (0.09)   (1.31)   (1.40)   16.31 
   10/31/13   12.59    0.14    3.38    3.52    (0.11)   (0.45)   (0.56)   15.55 

 

100 2017 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements
 
              Ratios and supplemental data
                  Ratios to average net assets     
          Total                   Net investment     
   For the      return                   income (loss)     
   period      excluding   Net assets at           Net   excluding   Portfolio 
   or year  Total   payment from   end of period   Gross   Net   investment   payment from   turnover 
   ended    return   affiliatesu  (in thousands)   expenses   expenses   income (loss)   affiliatesu  rate 
ENHANCED LARGE-CAP GROWTH INDEX FUND
Institutional Class:  10/31/17   29.96%   29.96%  $2,578,820    0.33%   0.33%   1.27%   1.27%   91%
   10/31/16   2.68    2.68    2,047,308    0.34    0.34    1.44    1.44    121 
   10/31/15   10.08    10.08    2,008,644    0.34    0.34    1.06    1.06    112 
   10/31/14   14.75    14.75    1,785,221    0.35    0.35    1.22    1.22    105 
   10/31/13   25.73    25.73    1,471,091    0.37    0.37    1.34    1.34    104 
Advisor Class:  10/31/17   29.86    29.86    891    0.43    0.42    1.10    1.10    91 
   10/31/16‡  1.32b   1.32b   103    0.36c   0.36c   1.38c   1.38c   121 
ENHANCED LARGE-CAP VALUE INDEX FUND
Institutional Class:  10/31/17   18.04    18.04    2,476,119    0.33    0.33    2.03    2.03    99 
   10/31/16   4.10    4.10    2,031,032    0.34    0.34    2.24    2.24    149 
   10/31/15   1.34    1.34    1,894,653    0.35    0.35    2.26    2.26    89 
   10/31/14   14.29    14.29    1,723,933    0.35    0.35    1.63    1.63    91 
   10/31/13   28.65    28.65    1,415,633    0.36    0.36    1.86    1.86    80 
Advisor Class:  10/31/17   17.92    17.92    135    0.40    0.40    1.96    1.96    99 
   10/31/16‡  3.47b   3.47b   106    0.36c   0.36c   2.38c   2.38c   149 
GROWTH & INCOME FUND
Institutional Class:  10/31/17   25.52    25.51    4,794,249    0.41    0.41    1.16    1.16    76 
   10/31/16   2.32    2.28    3,686,969    0.42    0.42    1.36    1.31    83 
   10/31/15   6.74    6.74    3,078,681    0.43    0.43    1.08    1.08    90 
   10/31/14   15.48    15.48    2,893,199    0.44    0.44    1.06    1.06    98 
   10/31/13   29.53    29.53    2,307,313    0.45    0.45    1.35    1.35    146 
Advisor Class:  10/31/17   25.32    25.31    422    0.54    0.54    1.00    0.99    76 
   10/31/16‡  0.63b   0.59b   102    0.43c   0.43c   1.31c   1.26c   83 
Premier Class:  10/31/17   25.31    25.30    147,754    0.56    0.56    1.03    1.02    76 
   10/31/16   2.16    2.12    139,939    0.57    0.57    1.22    1.18    83 
   10/31/15   6.65    6.65    166,799    0.58    0.58    0.94    0.94    90 
   10/31/14   15.30    15.30    174,273    0.59    0.59    0.92    0.92    98 
   10/31/13   29.20    29.20    169,367    0.60    0.60    1.23    1.23    146 
Retirement Class:  10/31/17   25.14    25.13    609,643    0.66    0.66    0.92    0.91    76 
   10/31/16   2.11    2.07    538,718    0.67    0.67    1.12    1.08    83 
   10/31/15   6.45    6.45    623,557    0.68    0.68    0.84    0.84    90 
   10/31/14   15.26    15.26    687,630    0.69    0.69    0.82    0.82    98 
   10/31/13   29.05    29.05    623,206    0.70    0.70    1.12    1.12    146 
Retail Class:  10/31/17   25.11    25.10    1,164,448    0.70    0.70    0.87    0.86    76 
   10/31/16   2.05    2.01    969,135    0.72    0.72    1.06    1.02    83 
   10/31/15   6.43    6.43    997,931    0.73    0.73    0.78    0.78    90 
   10/31/14   15.12    15.12    960,469    0.76    0.76    0.75    0.75    98 
   10/31/13   28.98    28.98    857,921    0.79    0.79    1.03    1.03    146 

 

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2017 Annual Report 101
 

Financial highlights

 

TIAA-CREF Funds

 

      Selected per share data
          Gain (loss) from investment operations                 
              Net realized                   Net 
   For the  Net asset   Net   & unrealized   Total gain   Less distributions from   Total   asset 
   period  value,   investment   gain (loss)   (loss) from   Net   Net   dividends   value, 
   or year  beginning   income   on total   investment   investment   realized   and   end of 
   ended  of period   (loss)a  investments   operations   income   gains   distributions   period 
LARGE-CAP GROWTH FUND
Institutional Class:  10/31/17  $15.70   $0.11   $ 4.55   $ 4.66   $(0.09)  $(0.19)  $(0.28)  $20.08 
   10/31/16   16.37    0.08    (0.15)   (0.07)   (0.06)   (0.54)   (0.60)   15.70 
   10/31/15   16.61    0.05    1.59    1.64    (0.05)   (1.83)   (1.88)   16.37 
   10/31/14   15.11    0.06    2.54    2.60    (0.06)   (1.04)   (1.10)   16.61 
   10/31/13   11.65    0.08    3.75    3.83    (0.05)   (0.32)   (0.37)   15.11 
Advisor Class:  10/31/17   15.70    0.06    4.58    4.64    (0.09)   (0.19)   (0.28)   20.06 
   10/31/16‡  16.72    0.06    (0.48)   (0.42)   (0.06)   (0.54)   (0.60)   15.70 
Premier Class:  10/31/17   15.67    0.08    4.55    4.63    (0.07)   (0.19)   (0.26)   20.04 
   10/31/16   16.35    0.06    (0.16)   (0.10)   (0.04)   (0.54)   (0.58)   15.67 
   10/31/15   16.58    0.02    1.61    1.63    (0.03)   (1.83)   (1.86)   16.35 
   10/31/14   15.10    0.03    2.53    2.56    (0.04)   (1.04)   (1.08)   16.58 
   10/31/13   11.63    0.06    3.76    3.82    (0.03)   (0.32)   (0.35)   15.10 
Retirement Class:  10/31/17   15.58    0.06    4.53    4.59    (0.04)   (0.19)   (0.23)   19.94 
   10/31/16   16.28    0.03    (0.15)   (0.12)   (0.04)   (0.54)   (0.58)   15.58 
   10/31/15   16.52    0.01    1.58    1.59    —    (1.83)   (1.83)   16.28 
   10/31/14   15.04    0.02    2.53    2.55    (0.03)   (1.04)   (1.07)   16.52 
   10/31/13   11.60    0.04    3.75    3.79    (0.03)   (0.32)   (0.35)   15.04 
Retail Class:  10/31/17   15.63    0.05    4.55    4.60    (0.04)   (0.19)   (0.23)   20.00 
   10/31/16   16.31    0.03    (0.16)   (0.13)   (0.01)   (0.54)   (0.55)   15.63 
   10/31/15   16.55    0.00d   1.59    1.59    —    (1.83)   (1.83)   16.31 
   10/31/14   15.06    0.00d   2.53    2.53    0.00d   (1.04)   (1.04)   16.55 
   10/31/13   11.61    0.03    3.74    3.77    0.00d   (0.32)   (0.32)   15.06 
LARGE-CAP VALUE FUND
Institutional Class:  10/31/17   17.31    0.30    2.73    3.03    (0.33)   (0.45)   (0.78)   19.56 
   10/31/16   17.59    0.31    0.62    0.93    (0.24)   (0.97)   (1.21)   17.31 
   10/31/15   18.64    0.24    (0.11)   0.13    (0.33)   (0.85)   (1.18)   17.59 
   10/31/14   18.13    0.33    1.65    1.98    (0.24)   (1.23)   (1.47)   18.64 
   10/31/13   14.11    0.29    4.05    4.34    (0.27)   (0.05)   (0.32)   18.13 
Advisor Class:  10/31/17   17.31    0.28    2.72    3.00    (0.32)   (0.45)   (0.77)   19.54 
   10/31/16‡  17.69    0.26    0.57    0.83    (0.24)   (0.97)   (1.21)   17.31 
Premier Class:  10/31/17   17.26    0.27    2.72    2.99    (0.30)   (0.45)   (0.75)   19.50 
   10/31/16   17.53    0.28    0.64    0.92    (0.22)   (0.97)   (1.19)   17.26 
   10/31/15   18.59    0.22    (0.13)   0.09    (0.30)   (0.85)   (1.15)   17.53 
   10/31/14   18.09    0.30    1.65    1.95    (0.22)   (1.23)   (1.45)   18.59 
   10/31/13   14.08    0.27    4.04    4.31    (0.25)   (0.05)   (0.30)   18.09 
Retirement Class:  10/31/17   17.23    0.25    2.71    2.96    (0.28)   (0.45)   (0.73)   19.46 
   10/31/16   17.50    0.26    0.64    0.90    (0.20)   (0.97)   (1.17)   17.23 
   10/31/15   18.55    0.20    (0.12)   0.08    (0.28)   (0.85)   (1.13)   17.50 
   10/31/14   18.05    0.29    1.64    1.93    (0.20)   (1.23)   (1.43)   18.55 
   10/31/13   14.05    0.25    4.03    4.28    (0.23)   (0.05)   (0.28)   18.05 
Retail Class:  10/31/17   16.66    0.23    2.61    2.84    (0.27)   (0.45)   (0.72)   18.78 
   10/31/16   16.96    0.25    0.61    0.86    (0.19)   (0.97)   (1.16)   16.66 
   10/31/15   18.01    0.18    (0.11)   0.07    (0.27)   (0.85)   (1.12)   16.96 
   10/31/14   17.57    0.27    1.59    1.86    (0.19)   (1.23)   (1.42)   18.01 
   10/31/13   13.68    0.22    3.94    4.16    (0.22)   (0.05)   (0.27)   17.57 

 

102 2017 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements
 

continued

 

              Ratios and supplemental data
                  Ratios to average net assets     
          Total                   Net investment     
   For the      return                   income (loss)     
   period      excluding   Net assets at           Net   excluding   Portfolio 
   or year  Total   payment from   end of period   Gross   Net   investment   payment from   turnover 
   ended    return   affiliatesu   (in thousands)   expenses   expenses   income (loss)   affiliatesu  rate 
LARGE-CAP GROWTH FUND
Institutional Class:  10/31/17   30.19%   30.18%   $3,589,896    0.43%   0.43%   0.60%   0.60%   94%
   10/31/16   (0.37)   (0.40)   2,709,979    0.43    0.43    0.51    0.49    86 
   10/31/15   11.14    11.14    2,518,469    0.44    0.44    0.32    0.32    80 
   10/31/14   18.18    18.18    2,140,596    0.46    0.46    0.37    0.37    96 
   10/31/13   33.71    33.71    1,581,268    0.46    0.46    0.61    0.61    102 
Advisor Class:  10/31/17   30.02    30.01    2,129    0.65    0.58    0.37    0.36    94 
   10/31/16‡  (2.47)b   (2.50)b   122    0.46c   0.46c   0.45c   0.42c   86 
Premier Class:  10/31/17   30.00    29.99    44,550    0.58    0.58    0.47    0.46    94 
   10/31/16   (0.55)   (0.58)   43,732    0.58    0.58    0.36    0.34    86 
   10/31/15   11.06    11.06    37,977    0.59    0.59    0.14    0.14    80 
   10/31/14   17.91    17.91    9,194    0.61    0.61    0.21    0.21    96 
   10/31/13   33.68    33.68    5,110    0.62    0.62    0.48    0.48    102 
Retirement Class:  10/31/17   29.83    29.82    229,758    0.72    0.72    0.34    0.33    94 
   10/31/16   (0.71)   (0.74)   249,606    0.78    0.77    0.17    0.14    86 
   10/31/15   10.83    10.83    145,672    0.70    0.70    0.07    0.07    80 
   10/31/14   17.89    17.89    102,990    0.71    0.71    0.13    0.13    96 
   10/31/13   33.49    33.49    191,225    0.71    0.71    0.34    0.34    102 
Retail Class:  10/31/17   29.84    29.83    943,267    0.75    0.75    0.26    0.26    94 
   10/31/16   (0.76)   (0.78)   629,391    0.76    0.76    0.19    0.16    86 
   10/31/15   10.81    10.81    653,677    0.78    0.78    (0.01)   (0.01)   80 
   10/31/14   17.75    17.75    580,569    0.81    0.81    0.02    0.02    96 
   10/31/13   33.29    33.29    493,908    0.85    0.85    0.24    0.24    102 
LARGE-CAP VALUE FUND
Institutional Class:  10/31/17   17.77    17.76    5,558,748    0.40    0.40    1.59    1.58    53 
   10/31/16   6.02    5.97    4,399,435    0.41    0.39    1.86    1.81    62 
   10/31/15   0.83    0.83    4,091,753    0.42    0.41    1.35    1.35    61 
   10/31/14   11.78    11.78    3,734,156    0.44    0.44    1.84    1.84    49 
   10/31/13   31.38    31.38    2,837,163    0.45    0.45    1.78    1.78    54 
Advisor Class:  10/31/17   17.64    17.63    182    0.47    0.47    1.51    1.50    53 
   10/31/16‡  5.41b   5.36b   110    0.43c   0.41c   1.79c   1.74c   62 
Premier Class:  10/31/17   17.59    17.58    291,951    0.55    0.55    1.46    1.45    53 
   10/31/16   5.93    5.89    284,476    0.56    0.54    1.72    1.68    62 
   10/31/15   0.62    0.62    359,857    0.57    0.56    1.20    1.20    61 
   10/31/14   11.59    11.59    380,387    0.59    0.59    1.70    1.70    49 
   10/31/13   31.21    31.21    331,817    0.60    0.60    1.65    1.65    54 
Retirement Class:  10/31/17   17.46    17.45    1,007,357    0.65    0.65    1.35    1.34    53 
   10/31/16   5.80    5.75    920,779    0.66    0.64    1.61    1.57    62 
   10/31/15   0.53    0.53    970,460    0.67    0.66    1.11    1.11    61 
   10/31/14   11.51    11.51    1,061,428    0.69    0.69    1.62    1.62    49 
   10/31/13   31.06    31.06    1,162,308    0.70    0.70    1.54    1.54    54 
Retail Class:  10/31/17   17.35    17.34    147,343    0.72    0.71    1.29    1.28    53 
   10/31/16   5.74    5.69    132,362    0.73    0.70    1.55    1.50    62 
   10/31/15   0.51    0.51    133,294    0.74    0.72    1.04    1.04    61 
   10/31/14   11.39    11.39    138,226    0.76    0.76    1.53    1.53    49 
   10/31/13   30.94    30.94    125,958    0.80    0.80    1.44    1.44    54 

 

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2017 Annual Report 103

 

Financial highlights

 

TIAA-CREF Funds

 

      Selected per share data
          Gain (loss) from investment operations                  
              Net realized                   Net 
   For the  Net asset   Net   & unrealized   Total gain   Less distributions from   Total   asset 
   period  value,   investment   gain (loss)   (loss) from   Net   Net   dividends   value, 
   or year  beginning   income   on total   investment   investment   realized   and   end of 
   ended  of period   (loss)a   investments   operations   income   gains   distributions   period 
MID-CAP GROWTH FUND
Institutional Class:  10/31/17   $ 19.07    $  0.14    $  4.89    $  5.03    $(0.10)     $—    $(0.10)   $24.00 
   10/31/16   21.47    0.08    (0.77)   (0.69)   (0.04)   (1.67)   (1.71)   19.07 
   10/31/15   24.31    0.05    0.67    0.72    (0.11)   (3.45)   (3.56)   21.47 
   10/31/14   25.18    0.10    2.24    2.34    (0.06)   (3.15)   (3.21)   24.31 
   10/31/13   19.94    0.10    6.33    6.43    (0.15)   (1.04)   (1.19)   25.18 
Advisor Class:  10/31/17   19.07    0.12    4.90    5.02    (0.10)   —    (0.10)   23.99 
   10/31/16‡  21.70    0.07    (0.99)   (0.92)   (0.04)   (1.67)   (1.71)   19.07 
Premier Class:  10/31/17   18.95    0.11    4.86    4.97    (0.07)   —    (0.07)   23.85 
   10/31/16   21.34    0.05    (0.76)   (0.71)   (0.01)   (1.67)   (1.68)   18.95 
   10/31/15   24.18    0.01    0.67    0.68    (0.07)   (3.45)   (3.52)   21.34 
   10/31/14   25.05    0.06    2.25    2.31    (0.03)   (3.15)   (3.18)   24.18 
   10/31/13   19.84    0.07    6.30    6.37    (0.12)   (1.04)   (1.16)   25.05 
Retirement Class:  10/31/17   18.55    0.08    4.77    4.85    (0.05)   —    (0.05)   23.35 
   10/31/16   20.94    0.03    (0.75)   (0.72)   —    (1.67)   (1.67)   18.55 
   10/31/15   23.79    (0.01)   0.66    0.65    (0.05)   (3.45)   (3.50)   20.94 
   10/31/14   24.70    0.04    2.20    2.24    0.00d   (3.15)   (3.15)   23.79 
   10/31/13   19.58    0.05    6.21    6.26    (0.10)   (1.04)   (1.14)   24.70 
Retail Class:  10/31/17   18.53    0.06    4.77    4.83    (0.04)   —    (0.04)   23.32 
   10/31/16   20.93    0.02    (0.75)   (0.73)   —    (1.67)   (1.67)   18.53 
   10/31/15   23.78    (0.02)   0.65    0.63    (0.03)   (3.45)   (3.48)   20.93 
   10/31/14   24.71    0.02    2.20    2.22    —    (3.15)   (3.15)   23.78 
   10/31/13   19.58    0.03    6.22    6.25    (0.08)   (1.04)   (1.12)   24.71 
MID-CAP VALUE FUND
Institutional Class:  10/31/17   22.16    0.37    3.34    3.71    (0.41)   (0.65)   (1.06)   24.81 
   10/31/16   23.57    0.37    0.61    0.98    (0.33)   (2.06)   (2.39)   22.16 
   10/31/15   24.98    0.33    (0.27)   0.06    (0.35)   (1.12)   (1.47)   23.57 
   10/31/14   23.44    0.33    2.92    3.25    (0.29)   (1.42)   (1.71)   24.98 
   10/31/13   18.50    0.33    5.26    5.59    (0.32)   (0.33)   (0.65)   23.44 
Advisor Class:  10/31/17   22.15    0.32    3.35    3.67    (0.40)   (0.65)   (1.05)   24.77 
   10/31/16‡   23.48    0.31    0.75    1.06    (0.33)   (2.06)   (2.39)   22.15 
Premier Class:  10/31/17   22.10    0.34    3.31    3.65    (0.37)   (0.65)   (1.02)   24.73 
   10/31/16   23.51    0.34    0.61    0.95    (0.30)   (2.06)   (2.36)   22.10 
   10/31/15   24.91    0.29    (0.26)   0.03    (0.31)   (1.12)   (1.43)   23.51 
   10/31/14   23.38    0.30    2.91    3.21    (0.26)   (1.42)   (1.68)   24.91 
   10/31/13   18.46    0.30    5.24    5.54    (0.29)   (0.33)   (0.62)   23.38 
Retirement Class:  10/31/17   22.01    0.31    3.31    3.62    (0.35)   (0.65)   (1.00)   24.63 
   10/31/16   23.41    0.32    0.61    0.93    (0.27)   (2.06)   (2.33)   22.01 
   10/31/15   24.81    0.27    (0.28)   (0.01)   (0.27)   (1.12)   (1.39)   23.41 
   10/31/14   23.29    0.27    2.91    3.18    (0.24)   (1.42)   (1.66)   24.81 
   10/31/13   18.39    0.28    5.22    5.50    (0.27)   (0.33)   (0.60)   23.29 
Retail Class:  10/31/17   21.63    0.29    3.26    3.55    (0.34)   (0.65)   (0.99)   24.19 
   10/31/16   23.05    0.30    0.60    0.90    (0.26)   (2.06)   (2.32)   21.63 
   10/31/15   24.46    0.25    (0.26)   (0.01)   (0.28)   (1.12)   (1.40)   23.05 
   10/31/14   22.98    0.25    2.86    3.11    (0.21)   (1.42)   (1.63)   24.46 
   10/31/13   18.15    0.27    5.16    5.43    (0.27)   (0.33)   (0.60)   22.98 

 

104 2017 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements
 

continued

 

              Ratios and supplemental data
                  Ratios to average net assets     
          Total                   Net investment     
   For the      return                   income (loss)     
   period      excluding   Net assets at           Net   excluding   Portfolio 
   or year  Total   payment from   end of period   Gross   Net   investment   payment from   turnover 
   ended  return   affiliates u   (in thousands)   expenses   expenses   income (loss)    affiliatesu  rate 
MID-CAP GROWTH FUND
Institutional Class:  10/31/17   26.48%   26.47%   $  912,465    0.47%   0.47%   0.63%   0.62%   71%
   10/31/16   (3.22)   (3.24)   787,520    0.47    0.47    0.41    0.39    69 
   10/31/15   3.61    3.61    948,072    0.47    0.47    0.20    0.20    104 
   10/31/14   10.64    10.64    896,227    0.47    0.47    0.42    0.42    104 
   10/31/13   34.07    34.07    915,882    0.47    0.47    0.46    0.46    105 
Advisor Class:  10/31/17   26.41    26.40    160    0.54    0.54    0.55    0.54    71 
   10/31/16‡  (4.26)b   (4.28)b   98    0.49c   0.49c   0.39c   0.36c   69 
Premier Class:  10/31/17   26.30    26.29    94,517    0.62    0.62    0.50    0.49    71 
   10/31/16   (3.35)   (3.37)   107,194    0.62    0.62    0.27    0.25    69 
   10/31/15   3.44    3.44    136,135    0.62    0.62    0.05    0.05    104 
   10/31/14   10.48    10.48    141,798    0.62    0.62    0.27    0.27    104 
   10/31/13   33.93    33.93    177,935    0.62    0.62    0.33    0.33    105 
Retirement Class:  10/31/17   26.20    26.19    401,947    0.72    0.72    0.39    0.38    71 
   10/31/16   (3.48)   (3.50)   367,160    0.72    0.72    0.16    0.14    69 
   10/31/15   3.32    3.32    470,864    0.72    0.72    (0.04)   (0.04)   104 
   10/31/14   10.40    10.40    510,331    0.72    0.72    0.17    0.17    104 
   10/31/13   33.71    33.71    570,942    0.72    0.72    0.25    0.25    105 
Retail Class:  10/31/17   26.10    26.09    181,568    0.80    0.80    0.30    0.29    71 
   10/31/16   (3.54)   (3.56)   154,928    0.78    0.78    0.10    0.08    69 
   10/31/15   3.27    3.27    180,387    0.78    0.78    (0.11)   (0.11)   104 
   10/31/14   10.29    10.29    181,627    0.79    0.79    0.10    0.10    104 
   10/31/13   33.64    33.64    175,018    0.82    0.82    0.13    0.13    105 
MID-CAP VALUE FUND
Institutional Class:  10/31/17   17.03    17.03    2,926,270    0.41    0.39    1.57    1.56    26 
   10/31/16   5.21    5.17    3,225,705    0.41    0.37    1.74    1.70    43 
   10/31/15   0.27    0.27    3,357,973    0.42    0.39    1.34    1.34    39 
   10/31/14   14.91    14.91    3,186,049    0.44    0.43    1.37    1.37    28 
   10/31/13   31.23    31.23    2,181,142    0.45    0.45    1.59    1.59    46 
Advisor Class:  10/31/17   16.87    16.87    330    0.56    0.53    1.35    1.35    26 
   10/31/16‡  5.56b   5.52b   141    0.43c   0.40c   1.63c   1.58c   43 
Premier Class:  10/31/17   16.81    16.81    320,095    0.56    0.54    1.42    1.41    26 
   10/31/16   5.09    5.05    368,739    0.56    0.52    1.61    1.57    43 
   10/31/15   0.10    0.10    394,843    0.57    0.54    1.20    1.20    39 
   10/31/14   14.73    14.73    424,326    0.59    0.58    1.27    1.27    28 
   10/31/13   31.00    31.00    457,994    0.60    0.60    1.46    1.46    46 
Retirement Class:  10/31/17   16.73    16.73    978,517    0.66    0.64    1.30    1.30    26 
   10/31/16   4.97    4.93    1,031,502    0.66    0.62    1.49    1.46    43 
   10/31/15   0.00    0.00    1,096,242    0.67    0.64    1.10    1.10    39 
   10/31/14   14.62    14.62    1,244,449    0.69    0.68    1.16    1.16    28 
   10/31/13   30.87    30.87    1,542,181    0.70    0.70    1.37    1.37    46 
Retail Class:  10/31/17   16.70    16.70    286,550    0.71    0.68    1.25    1.25    26 
   10/31/16   4.90    4.86    276,022    0.71    0.67    1.45    1.41    43 
   10/31/15   (0.02)   (0.02)   296,484    0.71    0.69    1.05    1.05    39 
   10/31/14   14.52    14.52    308,362    0.75    0.74    1.08    1.08    28 
   10/31/13   30.83    30.83    255,059    0.76    0.76    1.30    1.30    46 

 

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2017 Annual Report 105
 

Financial highlights

 

TIAA-CREF Funds

 

      Selected per share data
              Gain (loss) from investment operations                 
              Net realized                   Net 
   For the  Net asset   Net   & unrealized   Total gain   Less distributions from   Total   asset 
   period  value,   investment   gain (loss)   (loss) from   Net   Net   dividends   value, 
   or year  beginning   income   on total   investment   investment   realized   and   end of 
   ended  of period   (loss)a  investments   operations   income   gains   distributions   period 
SMALL-CAP EQUITY FUND
Institutional Class:  10/31/17   $16.64    $0.16    $4.53    $4.69    $(0.17)   $(0.47)   $(0.64)  $20.69 
   10/31/16   17.62    0.16    0.22    0.38    (0.13)   (1.23)   (1.36)   16.64 
   10/31/15   19.70    0.13    0.55    0.68    (0.14)   (2.62)   (2.76)   17.62 
   10/31/14   19.79    0.15    1.53    1.68    (0.16)   (1.61)   (1.77)   19.70 
   10/31/13   14.63    0.18    5.43    5.61    (0.18)   (0.27)   (0.45)   19.79 
Advisor Class:  10/31/17   16.63    0.13    4.55    4.68    (0.17)   (0.47)   (0.64)   20.67 
   10/31/16‡  18.05    0.10    (0.16)   (0.06)   (0.13)   (1.23)   (1.36)   16.63 
Premier Class:  10/31/17   16.54    0.13    4.52    4.65    (0.15)   (0.47)   (0.62)   20.57 
   10/31/16   17.53    0.14    0.21    0.35    (0.11)   (1.23)   (1.34)   16.54 
   10/31/15   19.62    0.11    0.55    0.66    (0.13)   (2.62)   (2.75)   17.53 
   10/31/14   19.74    0.13    1.51    1.64    (0.15)   (1.61)   (1.76)   19.62 
   10/31/13   14.59    0.16    5.41    5.57    (0.15)   (0.27)   (0.42)   19.74 
Retirement Class:  10/31/17   16.26    0.11    4.43    4.54    (0.13)   (0.47)   (0.60)   20.20 
   10/31/16   17.25    0.12    0.21    0.33    (0.09)   (1.23)   (1.32)   16.26 
   10/31/15   19.36    0.09    0.54    0.63    (0.12)   (2.62)   (2.74)   17.25 
   10/31/14   19.51    0.11    1.49    1.60    (0.14)   (1.61)   (1.75)   19.36 
   10/31/13   14.42    0.14    5.36    5.50    (0.14)   (0.27)   (0.41)   19.51 
Retail Class:  10/31/17   16.11    0.10    4.39    4.49    (0.13)   (0.47)   (0.60)   20.00 
   10/31/16   17.10    0.11    0.21    0.32    (0.08)   (1.23)   (1.31)   16.11 
   10/31/15   19.22    0.07    0.54    0.61    (0.11)   (2.62)   (2.73)   17.10 
   10/31/14   19.39    0.09    1.48    1.57    (0.13)   (1.61)   (1.74)   19.22 
   10/31/13   14.33    0.12    5.33    5.45    (0.12)   (0.27)   (0.39)   19.39 
SMALL/MID-CAP EQUITY FUND
Institutional Class:  10/31/17   9.63    0.10    2.67    2.77    (0.02)   —    (0.02)   12.38 
   10/31/16§  10.00    0.00d   (0.37)   (0.37)   —    —    —    9.63 
Advisor Class:  10/31/17   9.62    0.10    2.67    2.77    (0.02)   —    (0.02)   12.37 
   10/31/16§  10.00    0.02    (0.40)   (0.38)   —    —    —    9.62 
Premier Class:  10/31/17   9.62    0.08    2.68    2.76    (0.02)   —    (0.02)   12.36 
   10/31/16§  10.00    0.02    (0.40)   (0.38)   —    —    —    9.62 
Retirement Class:  10/31/17   9.62    0.06    2.68    2.74    (0.02)   —    (0.02)   12.34 
   10/31/16§  10.00    0.01    (0.39)   (0.38)   —    —    —    9.62 
Retail Class:  10/31/17   9.62    0.05    2.66    2.71    (0.01)   —    (0.01)   12.32 
   10/31/16§  10.00    0.01    (0.39)   (0.38)   —    —    —    9.62 

 

106 2017 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements
 

continued

 

          Ratios and supplemental data
   For the                        
   period      Net assets at   Ratios to average net assets   Portfolio 
   or year      end of period   Gross   Net   Net investment   turnover 
   ended  Total return   (in thousands)   expenses   expenses   income (loss)   rate 
SMALL-CAP EQUITY FUND
Institutional Class:  10/31/17   28.64%   $2,804,889    0.41%   0.41%   0.82%   81%
   10/31/16   2.59    2,102,479    0.42    0.42    1.01    86 
   10/31/15   4.32    2,050,241    0.42    0.42    0.73    89 
   10/31/14   9.40    1,831,047    0.45    0.44    0.81    94 
   10/31/13   39.49    1,482,702    0.47    0.44    1.06    85 
Advisor Class:  10/31/17   28.51    2,611    0.48    0.48    0.70    81 
   10/31/16‡  0.07b   508    0.47c   0.47c   0.67c   86 
Premier Class:  10/31/17   28.46    180,112    0.56    0.56    0.70    81 
   10/31/16   2.38    171,546    0.57    0.57    0.91    86 
   10/31/15   4.19    182,699    0.57    0.57    0.60    89 
   10/31/14   9.19    188,209    0.60    0.59    0.69    94 
   10/31/13   39.32    199,759    0.62    0.59    0.94    85 
Retirement Class:  10/31/17   28.29    641,915    0.66    0.66    0.58    81 
   10/31/16   2.30    541,420    0.67    0.67    0.77    86 
   10/31/15   4.09    545,870    0.67    0.67    0.49    89 
   10/31/14   9.08    527,052    0.70    0.69    0.57    94 
   10/31/13   39.20    558,845    0.72    0.69    0.86    85 
Retail Class:  10/31/17   28.19    169,753    0.71    0.71    0.53    81 
   10/31/16   2.26    125,084    0.73    0.73    0.69    86 
   10/31/15   4.01    110,670    0.75    0.75    0.42    89 
   10/31/14   8.98    104,321    0.79    0.78    0.48    94 
   10/31/13   39.04    100,054    0.83    0.81    0.70    85 
SMALL/MID-CAP EQUITY FUND
Institutional Class:  10/31/17   28.83    666,876    0.50    0.50    0.86    84 
   10/31/16§  (3.70)b   370,391    1.58c   0.53c   0.18c   2b
Advisor Class:  10/31/17   28.81    1,290    0.50    0.50    0.87    84 
   10/31/16§  (3.80)b   967    2.08c   0.68c   0.64c   2b
Premier Class:  10/31/17   28.68    1,236    0.64    0.64    0.73    84 
   10/31/16§  (3.80)b   962    2.27c   0.68c   0.64c   2b
Retirement Class:  10/31/17   28.47    4,945    0.75    0.75    0.57    84 
   10/31/16§  (3.80)b   1,165    2.35c   0.78c   0.52c   2b
Retail Class:  10/31/17   28.21    3,291    0.88    0.88    0.44    84 
   10/31/16§  (3.80)b   1,127    3.15c   0.92c   0.38c   2b

 

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2017 Annual Report 107
 

Financial highlights

 

TIAA-CREF Funds

 

      Selected per share data
          Gain (loss) from investment operations                 
              Net realized                   Net 
   For the  Net asset   Net   & unrealized   Total gain   Less distributions from   Total   asset 
   period  value,   investment   gain (loss)   (loss) from   Net   Net   dividends   value, 
   or year  beginning   income   on total   investment   investment   realized   and   end of 
   ended  of period   (loss)a  investments   operations   income   gains   distributions   period 
SOCIAL CHOICE EQUITY FUND
Institutional Class:  10/31/17  $16.55   $0.33   $ 3.44   $3.77   $(0.39)  $(0.74)  $(1.13)  $19.19 
   10/31/16   16.71    0.33    0.36    0.69    (0.30)   (0.55)   (0.85)   16.55 
   10/31/15   16.91    0.30    (0.07)   0.23    (0.24)   (0.19)   (0.43)   16.71 
   10/31/14   15.08    0.27    1.92    2.19    (0.22)   (0.14)   (0.36)   16.91 
   10/31/13   11.72    0.25    3.35    3.60    (0.24)   —    (0.24)   15.08 
Advisor Class:  10/31/17   16.54    0.31    3.46    3.77    (0.39)   (0.74)   (1.13)   19.18 
   10/31/16‡  16.78    0.29    0.32    0.61    (0.30)   (0.55)   (0.85)   16.54 
Premier Class:  10/31/17   16.49    0.31    3.42    3.73    (0.37)   (0.74)   (1.11)   19.11 
   10/31/16   16.65    0.31    0.35    0.66    (0.27)   (0.55)   (0.82)   16.49 
   10/31/15   16.86    0.28    (0.08)   0.20    (0.22)   (0.19)   (0.41)   16.65 
   10/31/14   15.03    0.25    1.91    2.16    (0.19)   (0.14)   (0.33)   16.86 
   10/31/13   11.68    0.23    3.34    3.57    (0.22)   —    (0.22)   15.03 
Retirement Class:  10/31/17   16.75    0.29    3.49    3.78    (0.35)   (0.74)   (1.09)   19.44 
   10/31/16   16.90    0.30    0.35    0.65    (0.25)   (0.55)   (0.80)   16.75 
   10/31/15   17.10    0.26    (0.08)   0.18    (0.19)   (0.19)   (0.38)   16.90 
   10/31/14   15.24    0.24    1.94    2.18    (0.18)   (0.14)   (0.32)   17.10 
   10/31/13   11.84    0.22    3.39    3.61    (0.21)   —    (0.21)   15.24 
Retail Class:  10/31/17   14.98    0.26    3.10    3.36    (0.32)   (0.74)   (1.06)   17.28 
   10/31/16   15.21    0.27    0.31    0.58    (0.26)   (0.55)   (0.81)   14.98 
   10/31/15   15.45    0.24    (0.08)   0.16    (0.21)   (0.19)   (0.40)   15.21 
   10/31/14   13.80    0.21    1.76    1.97    (0.18)   (0.14)   (0.32)   15.45 
   10/31/13   10.75    0.19    3.07    3.26    (0.21)   —    (0.21)   13.80 
SOCIAL CHOICE LOW CARBON EQUITY FUND
Institutional Class:  10/31/17   10.35    0.20    2.27    2.47    (0.24)   (0.08)   (0.32)   12.50 
   10/31/16   9.92    0.23    0.25    0.48    (0.05)   (0.00)d   (0.05)   10.35 
   10/31/15^  10.00    0.03    (0.11)   (0.08)   —    —    —    9.92 
Advisor Class:  10/31/17   10.35    0.19    2.27    2.46    (0.24)   (0.08)   (0.32)   12.49 
   10/31/16‡  10.01    0.21    0.18    0.39    (0.05)   (0.00)d   (0.05)   10.35 
Premier Class:  10/31/17   10.34    0.18    2.27    2.45    (0.20)   (0.08)   (0.28)   12.51 
   10/31/16   9.92    0.19    0.28    0.47    (0.05)   (0.00)d   (0.05)   10.34 
   10/31/15^  10.00    0.03    (0.11)   (0.08)   —    —    —    9.92 
Retirement Class:  10/31/17   10.33    0.18    2.25    2.43    (0.22)   (0.08)   (0.30)   12.46 
   10/31/16   9.91    0.23    0.24    0.47    (0.05)   (0.00)d   (0.05)   10.33 
   10/31/15^  10.00    0.03    (0.12)   (0.09)   —    —    —    9.91 
Retail Class:  10/31/17   10.33    0.17    2.25    2.42    (0.21)   (0.08)   (0.29)   12.46 
   10/31/16   9.91    0.20    0.26    0.46    (0.04)   (0.00)d   (0.04)   10.33 
   10/31/15^  10.00    0.03    (0.12)   (0.09)   —    —    —    9.91 

 

108 2017 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements
 

continued

 

          Ratios and supplemental data
   For the                        
   period      Net assets at   Ratios to average net assets  Portfolio 
   or year      end of period   Gross   Net   Net investment   turnover 
   ended  Total return   (in thousands)   expenses   expenses   income (loss)   rate 
SOCIAL CHOICE EQUITY FUND
Institutional Class:  10/31/17   23.79%   $1,908,430    0.18%   0.18%   1.87%   14%
   10/31/16   4.52    1,443,910    0.19    0.19    2.08    16 
   10/31/15   1.42    1,365,668    0.18    0.18    1.80    17 
   10/31/14   14.82    1,284,871    0.18    0.18    1.72    7 
   10/31/13   31.32    934,574    0.18    0.18    1.85    12 
Advisor Class:  10/31/17   23.79    8,718    0.21    0.21    1.74    14 
   10/31/16‡  4.01b   159    0.21c   0.21c   2.02c   16 
Premier Class:  10/31/17   23.58    70,679    0.33    0.33    1.75    14 
   10/31/16   4.37    80,487    0.34    0.34    1.93    16 
   10/31/15   1.22    77,865    0.32    0.32    1.66    17 
   10/31/14   14.70    95,987    0.33    0.33    1.58    7 
   10/31/13   31.14    90,567    0.33    0.33    1.73    12 
Retirement Class:  10/31/17   23.50    393,452    0.43    0.43    1.63    14 
   10/31/16   4.23    329,659    0.44    0.44    1.83    16 
   10/31/15   1.13    342,134    0.43    0.43    1.56    17 
   10/31/14   14.59    387,327    0.43    0.43    1.48    7 
   10/31/13   30.99    392,917    0.43    0.43    1.62    12 
Retail Class:  10/31/17   23.46    464,729    0.46    0.46    1.60    14 
   10/31/16   4.20    427,545    0.46    0.46    1.83    16 
   10/31/15   1.12    915,697    0.44    0.44    1.54    17 
   10/31/14   14.58    917,583    0.46    0.46    1.42    7 
   10/31/13   30.87    313,597    0.48    0.48    1.56    12 
SOCIAL CHOICE LOW CARBON EQUITY FUND
Institutional Class:  10/31/17   24.33    62,732    0.62    0.32    1.72    16 
   10/31/16   4.92    36,694    0.65    0.32    2.31    83 
   10/31/15^  (0.80)b   28,426    3.77c   0.32c   1.57c   1b
Advisor Class:  10/31/17   24.21    190    0.71    0.40    1.66    16 
   10/31/16‡  3.94b   117    0.67c   0.34c   2.37c   83 
Premier Class:  10/31/17   24.12    492    0.79    0.47    1.60    16 
   10/31/16   4.76    353    0.82    0.47    1.92    83 
   10/31/15^  (0.80)b   992    4.52c   0.47c   1.47c   1b
Retirement Class:  10/31/17   23.99    17,728    0.87    0.57    1.57    16 
   10/31/16   4.75    6,575    0.91    0.57    2.29    83 
   10/31/15^  (0.90)b   2,034    4.38c   0.57c   1.35c   1b
Retail Class:  10/31/17   23.81    7,983    0.97    0.67    1.45    16 
   10/31/16   4.69    2,575    0.97    0.65    2.05    83 
   10/31/15^  (0.90)b   1,513    4.72c   0.71c   1.22c   1b

 

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2017 Annual Report 109

 

Financial highlights

 

TIAA-CREF Funds

 

      Selected per share data
          Gain (loss) from investment operations                 
              Net realized                   Net 
   For the  Net asset   Net   & unrealized   Total gain   Less distributions from   Total   asset 
   period  value,   investment   gain (loss)   (loss) from   Net   Net   dividends   value, 
   or year  beginning   income   on total   investment   investment   realized   and   end of 
   ended  of period   (loss)a  investments   operations   income   gains   distributions   period 
EMERGING MARKETS EQUITY FUND
Institutional Class:  10/31/17   $  9.66    $0.11   $ 3.18   $ 3.29   $(0.08)  $     —   $(0.08)  $12.87 
   10/31/16   9.07    0.10    0.58    0.68    (0.09)   —    (0.09)   9.66 
   10/31/15   10.78    0.12    (1.70)   (1.58)   (0.13)   —    (0.13)   9.07 
   10/31/14   11.17    0.12    (0.43)   (0.31)   (0.08)   —    (0.08)   10.78 
   10/31/13   10.44    0.12    0.73    0.85    (0.12)   —    (0.12)   11.17 
Advisor Class:  10/31/17   9.65    0.11    3.18    3.29    (0.08)   —    (0.08)   12.86 
   10/31/16‡  8.87    0.10    0.77    0.87    (0.09)   —    (0.09)   9.65 
Premier Class:  10/31/17   9.65    0.11    3.16    3.27    (0.07)   —    (0.07)   12.85 
   10/31/16   9.06    0.09    0.57    0.66    (0.07)   —    (0.07)   9.65 
   10/31/15   10.77    0.12    (1.71)   (1.59)   (0.12)   —    (0.12)   9.06 
   10/31/14   11.16    0.10    (0.43)   (0.33)   (0.06)   —    (0.06)   10.77 
   10/31/13   10.42    0.10    0.74    0.84    (0.10)   —    (0.10)   11.16 
Retirement Class:  10/31/17   9.62    0.08    3.18    3.26    (0.06)   —    (0.06)   12.82 
   10/31/16   9.03    0.08    0.57    0.65    (0.06)   —    (0.06)   9.62 
   10/31/15   10.73    0.11    (1.70)   (1.59)   (0.11)   —    (0.11)   9.03 
   10/31/14   11.12    0.09    (0.43)   (0.34)   (0.05)   —    (0.05)   10.73 
   10/31/13   10.40    0.09    0.73    0.82    (0.10)   —    (0.10)   11.12 
Retail Class:  10/31/17   9.62    0.07    3.19    3.26    (0.05)   —    (0.05)   12.83 
   10/31/16   9.02    0.06    0.58    0.64    (0.04)   —    (0.04)   9.62 
   10/31/15   10.72    0.08    (1.69)   (1.61)   (0.09)   —    (0.09)   9.02 
   10/31/14   11.11    0.08    (0.43)   (0.35)   (0.04)   —    (0.04)   10.72 
   10/31/13   10.39    0.08    0.72    0.80    (0.08)   —    (0.08)   11.11 
ENHANCED INTERNATIONAL EQUITY INDEX FUND
Institutional Class:  10/31/17   6.87    0.21    1.46    1.67    (0.19)   —    (0.19)   8.35 
   10/31/16   7.30    0.22    (0.44)   (0.22)   (0.21)   —    (0.21)   6.87 
   10/31/15   7.97    0.23    (0.33)   (0.10)   (0.28)   (0.29)   (0.57)   7.30 
   10/31/14   8.44    0.30    (0.21)   0.09    (0.27)   (0.29)   (0.56)   7.97 
   10/31/13   6.82    0.23    1.66    1.89    (0.27)   —    (0.27)   8.44 
Advisor Class:  10/31/17   6.87    0.20    1.47    1.67    (0.19)   —    (0.19)   8.35 
   10/31/16‡  7.25    0.21    (0.38)   (0.17)   (0.21)   —    (0.21)   6.87 

 

110 2017 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements
 

continued

 

              Ratios and supplemental data
                  Ratios to average net assets     
          Total                   Net investment     
   For the      return                   income (loss)     
   period      excluding   Net assets at           Net   excluding   Portfolio 
   or year  Total   payment from   end of period   Gross   Net   investment   payment from   turnover 
   ended    return   affiliates u   (in thousands)   expenses   expenses   income (loss)   affiliatesu  rate 
EMERGING MARKETS EQUITY FUND
Institutional Class:  10/31/17   34.55%   34.54%  $1,334,540    0.92%   0.92%   1.03%   1.01%   152%
   10/31/16   7.73    7.60    1,067,866    0.94    0.94    1.12    0.99    195 
   10/31/15   (14.85)   (14.85)   918,839    0.94    0.94    1.17    1.17    114 
   10/31/14   (2.79)   (2.79)   850,536    0.95    0.95    1.10    1.10    104 
   10/31/13   8.18    8.18    676,999    0.95    0.95    1.11    1.11    110 
Advisor Class:  10/31/17   34.45    34.44    848    0.99    0.99    0.97    0.96    152 
   10/31/16‡  9.91b   9.77b   115    0.96c   0.96c   1.30c   1.14c   195 
Premier Class:  10/31/17   34.32    34.31    11,035    1.07    1.07    1.03    1.01    152 
   10/31/16   7.57    7.42    15,890    1.09    1.09    1.01    0.86    195 
   10/31/15   (14.98)   (14.98)   9,408    1.09    1.09    1.21    1.21    114 
   10/31/14   (2.91)   (2.91)   4,906    1.10    1.10    0.95    0.95    104 
   10/31/13   7.96    7.96    4,126    1.10    1.10    0.97    0.97    110 
Retirement Class:  10/31/17   34.14    34.13    79,596    1.17    1.17    0.73    0.72    152 
   10/31/16   7.47    7.34    26,946    1.19    1.19    0.86    0.74    195 
   10/31/15   (15.03)   (15.03)   29,332    1.19    1.19    1.07    1.07    114 
   10/31/14   (3.05)   (3.05)   17,678    1.20    1.20    0.84    0.84    104 
   10/31/13   7.91    7.91    15,040    1.20    1.20    0.84    0.84    110 
Retail Class:  10/31/17   34.04    34.03    12,675    1.30    1.30    0.62    0.61    152 
   10/31/16   7.21    7.08    4,460    1.36    1.34    0.72    0.59    195 
   10/31/15   (15.10)   (15.10)   4,560    1.31    1.31    0.80    0.80    114 
   10/31/14   (3.19)   (3.19)   6,352    1.33    1.33    0.70    0.70    104 
   10/31/13   7.74    7.74    6,321    1.35    1.34    0.71    0.71    110 
ENHANCED INTERNATIONAL EQUITY INDEX FUND
Institutional Class:  10/31/17   24.93    24.93    1,888,139    0.41    0.41    2.79    2.79    106 
   10/31/16   (2.99)   (2.99)   1,521,511    0.41    0.41    3.20    3.20    100 
   10/31/15   (1.01)   (1.01)   1,292,616    0.42    0.42    3.08    3.08    84 
   10/31/14   1.28    1.28    1,030,084    0.46    0.43    3.70    3.70    71 
   10/31/13   28.75    28.75    821,836    0.47    0.47    3.12    3.12    110 
Advisor Class:  10/31/17   24.89    24.89    170    0.52    0.52    2.69    2.69    106 
   10/31/16‡  (2.34)b   (2.34)b   102    0.44c   0.44c   3.41c   3.41c   100 

 

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2017 Annual Report 111

 

Financial highlights

 

TIAA-CREF Funds

 

      Selected per share data
          Gain (loss) from investment operations                 
              Net realized                   Net 
   For the  Net asset   Net   & unrealized   Total gain   Less distributions from   Total   asset 
   period  value,   investment   gain (loss)   (loss) from   Net   Net   dividends   value, 
   or year  beginning   income   on total   investment   investment   realized   and   end of 
   ended  of period   (loss)a  investments   operations   income   gains   distributions   period 
GLOBAL NATURAL RESOURCES FUND
Institutional Class:  10/31/17   $ 7.66    $0.05    $ 0.70    $ 0.75    $ (0.27)  $—    $(0.27)   $8.14 
   10/31/16   7.40    0.11    0.33    0.44    (0.18)   —    (0.18)   7.66 
   10/31/15   9.13    0.22    (1.80)   (1.58)   (0.15)   —    (0.15)   7.40 
   10/31/14   9.99    0.17    (0.84)   (0.67)   (0.19)   —    (0.19)   9.13 
   10/31/13   10.19    0.20    (0.21)   (0.01)   (0.19)   —    (0.19)   9.99 
Advisor Class:  10/31/17   7.66    0.08    0.67    0.75    (0.27)   —    (0.27)   8.14 
   10/31/16‡  7.06    0.09    0.69    0.78    (0.18)   —    (0.18)   7.66 
Premier Class:  10/31/17   7.65    0.07    0.67    0.74    (0.26)   —    (0.26)   8.13 
   10/31/16   7.39    0.09    0.33    0.42    (0.16)   —    (0.16)   7.65 
   10/31/15   9.11    0.20    (1.78)   (1.58)   (0.14)   —    (0.14)   7.39 
   10/31/14   9.97    0.15    (0.84)   (0.69)   (0.17)   —    (0.17)   9.11 
   10/31/13   10.17    0.18    (0.20)   (0.02)   (0.18)   —    (0.18)   9.97 
Retirement Class:  10/31/17   7.65    0.06    0.67    0.73    (0.26)   —    (0.26)   8.12 
   10/31/16   7.39    0.08    0.34    0.42    (0.16)   —    (0.16)   7.65 
   10/31/15   9.11    0.20    (1.80)   (1.60)   (0.12)   —    (0.12)   7.39 
   10/31/14   9.96    0.14    (0.83)   (0.69)   (0.16)   —    (0.16)   9.11 
   10/31/13   10.17    0.17    (0.21)   (0.04)   (0.17)   —    (0.17)   9.96 
Retail Class:  10/31/17   7.64    0.04    0.69    0.73    (0.26)   —    (0.26)   8.11 
   10/31/16   7.38    0.08    0.32    0.40    (0.14)   —    (0.14)   7.64 
   10/31/15   9.10    0.19    (1.80)   (1.61)   (0.11)   —    (0.11)   7.38 
   10/31/14   9.94    0.13    (0.82)   (0.69)   (0.15)   —    (0.15)   9.10 
   10/31/13   10.15    0.16    (0.21)   (0.05)   (0.16)   —    (0.16)   9.94 
INTERNATIONAL EQUITY FUND
Institutional Class:  10/31/17   10.59    0.17    2.64    2.81    (0.16)   —    (0.16)   13.24 
   10/31/16   10.97    0.16    (0.41)   (0.25)   (0.13)   —    (0.13)   10.59 
   10/31/15   10.81    0.18    0.13    0.31    (0.15)   —    (0.15)   10.97 
   10/31/14   11.50    0.17    (0.67)   (0.50)   (0.19)   —    (0.19)   10.81 
   10/31/13   9.06    0.20    2.41    2.61    (0.17)   —    (0.17)   11.50 
Advisor Class:  10/31/17   10.59    0.03    2.77    2.80    (0.15)   —    (0.15)   13.24 
   10/31/16‡  10.80    0.16    (0.24)   (0.08)   (0.13)   —    (0.13)   10.59 
Premier Class:  10/31/17   10.56    0.16    2.63    2.79    (0.14)   —    (0.14)   13.21 
   10/31/16   10.94    0.14    (0.40)   (0.26)   (0.12)   —    (0.12)   10.56 
   10/31/15   10.78    0.15    0.15    0.30    (0.14)   —    (0.14)   10.94 
   10/31/14   11.46    0.16    (0.67)   (0.51)   (0.17)   —    (0.17)   10.78 
   10/31/13   9.04    0.18    2.40    2.58    (0.16)   —    (0.16)   11.46 
Retirement Class:  10/31/17   10.94    0.15    2.73    2.88    (0.13)   —    (0.13)   13.69 
   10/31/16   11.33    0.14    (0.43)   (0.29)   (0.10)   —    (0.10)   10.94 
   10/31/15   11.15    0.16    0.14    0.30    (0.12)   —    (0.12)   11.33 
   10/31/14   11.85    0.15    (0.69)   (0.54)   (0.16)   —    (0.16)   11.15 
   10/31/13   9.33    0.18    2.49    2.67    (0.15)   —    (0.15)   11.85 
Retail Class:  10/31/17   7.11    0.10    1.76    1.86    (0.13)   —    (0.13)   8.84 
   10/31/16   7.43    0.10    (0.30)   (0.20)   (0.12)   —    (0.12)   7.11 
   10/31/15   7.36    0.10    0.10    0.20    (0.13)   —    (0.13)   7.43 
   10/31/14   7.89    0.09    (0.46)   (0.37)   (0.16)   —    (0.16)   7.36 
   10/31/13   6.27    0.11    1.66    1.77    (0.15)   —    (0.15)   7.89 

 

112 2017 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements
 

continued

 

              Ratios and supplemental data
                  Ratios to average net assets     
          Total                   Net investment     
   For the      return                   income (loss)     
   period      excluding   Net assets at           Net   excluding   Portfolio 
   or year  Total   payment from   end of period   Gross   Net   investment   payment from   turnover 
   ended  return   affiliates u   (in thousands)   expenses   expenses   income (loss)   affiliatesu  rate 
GLOBAL NATURAL RESOURCES FUND
Institutional Class:  10/31/17   9.49%   9.35%   $     13,041    1.12%   0.77%   0.64%   0.50%   108%
   10/31/16   6.32    6.14    107,929    0.78    0.75    1.56    1.38    365 
   10/31/15   (17.49)   (17.49)   231,533    0.74    0.74    2.61    2.61    184 
   10/31/14   (6.80)   (6.80)   234,559    0.74    0.74    1.70    1.70    169 
   10/31/13   (0.05)   (0.05)   237,218    0.74    0.74    2.03    2.03    162 
Advisor Class:  10/31/17   9.45    9.38    141    1.16    0.82    0.93    0.87    108 
   10/31/16‡  11.42b   11.23b   120    0.81c   0.78c   1.41c   1.21c   365 
Premier Class:  10/31/17   9.37    9.28    2,289    1.24    0.89    0.80    0.70    108 
   10/31/16   6.11    5.93    4,026    0.94    0.90    1.32    1.13    365 
   10/31/15   (17.53)   (17.53)   3,555    0.90    0.90    2.44    2.44    184 
   10/31/14   (6.95)   (6.95)   3,944    0.89    0.89    1.55    1.55    169 
   10/31/13   (0.16)   (0.16)   4,088    0.90    0.90    1.87    1.87    162 
Retirement Class:  10/31/17   9.21    9.13    22,646    1.33    0.99    0.68    0.59    108 
   10/31/16   6.02    5.81    19,298    1.04    1.00    1.14    0.93    365 
   10/31/15   (17.66)   (17.66)   11,633    1.00    1.00    2.38    2.38    184 
   10/31/14   (7.06)   (7.06)   11,352    0.99    0.99    1.44    1.44    169 
   10/31/13   (0.28)   (0.28)   13,548    0.99    0.99    1.74    1.74    162 
Retail Class:  10/31/17   9.22    9.13    5,991    1.47    1.12    0.55    0.47    108 
   10/31/16   5.78    5.59    6,187    1.19    1.14    1.08    0.90    365 
   10/31/15   (17.81)   (17.81)   5,160    1.13    1.13    2.26    2.26    184 
   10/31/14   (7.02)   (7.02)   6,502    1.13    1.13    1.31    1.31    169 
   10/31/13   (0.49)   (0.49)   6,872    1.16    1.14    1.58    1.58    162 
INTERNATIONAL EQUITY FUND
Institutional Class:  10/31/17   26.88    26.87    3,591,186    0.49    0.49    1.46    1.45    112 
   10/31/16   (2.21)   (2.28)   2,808,919    0.49    0.48    1.57    1.50    95 
   10/31/15   2.97    2.97    2,823,880    0.49    0.49    1.60    1.60    71 
   10/31/14   (4.43)   (4.43)   2,398,855    0.51    0.51    1.51    1.51    85 
   10/31/13   29.29    29.29    2,059,286    0.51    0.51    1.95    1.95    130 
Advisor Class:  10/31/17   26.86    26.86    248,286    0.67    0.64    0.24    0.23    112 
   10/31/16‡  (0.68)b   (0.76)b   104    0.51c   0.51c   1.76c   1.68c   95 
Premier Class:  10/31/17   26.76    26.75    229,039    0.64    0.64    1.35    1.34    112 
   10/31/16   (2.37)   (2.43)   203,311    0.64    0.63    1.34    1.28    95 
   10/31/15   2.82    2.82    256,322    0.64    0.63    1.37    1.37    71 
   10/31/14   (4.50)   (4.50)   282,958    0.66    0.66    1.37    1.37    85 
   10/31/13   28.96    28.96    292,438    0.66    0.66    1.78    1.78    130 
Retirement Class:  10/31/17   26.60    26.59    676,858    0.74    0.74    1.21    1.21    112 
   10/31/16   (2.51)   (2.58)   543,161    0.74    0.73    1.29    1.22    95 
   10/31/15   2.75    2.75    661,567    0.74    0.73    1.36    1.36    71 
   10/31/14   (4.62)   (4.62)   702,668    0.76    0.76    1.29    1.29    85 
   10/31/13   28.97    28.97    862,960    0.76    0.76    1.68    1.68    130 
Retail Class:  10/31/17   26.64    26.63    342,956    0.79    0.79    1.29    1.28    112 
   10/31/16   (2.60)   (2.67)   524,715    0.78    0.78    1.42    1.35    95 
   10/31/15   2.75    2.75    311,587    0.83    0.82    1.26    1.26    71 
   10/31/14   (4.77)   (4.77)   309,488    0.85    0.85    1.18    1.18    85 
   10/31/13   28.75    28.75    328,367    0.88    0.88    1.59    1.59    130 

 

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2017 Annual Report 113
 

Financial highlights

 

TIAA-CREF Funds

 

      Selected per share data
          Gain (loss) from investment operations                 
              Net realized                   Net 
   For the  Net asset   Net   & unrealized   Total gain   Less distributions from   Total   asset 
   period  value,   investment   gain (loss)   (loss) from   Net   Net   dividends   value, 
   or year  beginning   income   on total   investment   investment   realized   and   end of 
   ended  of period   (loss)a   investments   operations   income   gains   distributions   period 
INTERNATIONAL OPPORTUNITIES FUND
Institutional Class:  10/31/17   $10.17    $0.16    $ 2.86   $ 3.02    $(0.13)  $—    $(0.13)   $13.06 
   10/31/16   10.49    0.14    (0.33)   (0.19)   (0.13)   —    (0.13)   10.17 
   10/31/15   10.45    0.14    0.00d   0.14    (0.10)   —    (0.10)   10.49 
   10/31/14   10.89    0.13    (0.53)   (0.40)   (0.04)   —    (0.04)   10.45 
   10/31/13*  10.00    0.06    0.83    0.89    —    —    —    10.89 
Advisor Class:  10/31/17   10.17    0.16    2.85    3.01    (0.13)   —    (0.13)   13.05 
   10/31/16‡  10.58    0.13    (0.41)   (0.28)   (0.13)   —    (0.13)   10.17 
Premier Class:  10/31/17   10.16    0.14    2.86    3.00    (0.09)   —    (0.09)   13.07 
   10/31/16   10.47    0.13    (0.33)   (0.20)   (0.11)   —    (0.11)   10.16 
   10/31/15   10.43    0.12    0.01    0.13    (0.09)   —    (0.09)   10.47 
   10/31/14   10.87    0.11    (0.52)   (0.41)   (0.03)   —    (0.03)   10.43 
   10/31/13*  10.00    0.08    0.79    0.87    —    —    —    10.87 
Retirement Class:  10/31/17   10.14    0.12    2.87    2.99    (0.11)   —    (0.11)   13.02 
   10/31/16   10.46    0.11    (0.33)   (0.22)   (0.10)   —    (0.10)   10.14 
   10/31/15   10.42    0.12    0.00d   0.12    (0.08)   —    (0.08)   10.46 
   10/31/14   10.87    0.10    (0.52)   (0.42)   (0.03)   —    (0.03)   10.42 
   10/31/13*  10.00    0.06    0.81    0.87    —    —    —    10.87 
Retail Class:  10/31/17   10.13    0.11    2.85    2.96    (0.08)   —    (0.08)   13.01 
   10/31/16   10.44    0.09    (0.33)   (0.24)   (0.07)   —    (0.07)   10.13 
   10/31/15   10.41    0.10    0.00d   0.10    (0.07)   —    (0.07)   10.44 
   10/31/14   10.86    0.10    (0.53)   (0.43)   (0.02)   —    (0.02)   10.41 
   10/31/13*  10.00    0.06    0.80    0.86    —    —    —    10.86 
INTERNATIONAL SMALL-CAP EQUITY FUND
Institutional Class:  10/31/17**  10.00    0.27    2.64    2.91    (0.01)   —    (0.01)   12.90 
Advisor Class:  10/31/17**  10.00    0.22    2.67    2.89    (0.01)   —    (0.01)   12.88 
Premier Class:  10/31/17**  10.00    0.22    2.67    2.89    (0.01)   —    (0.01)   12.88 
Retirement Class:  10/31/17**  10.00    0.20    2.68    2.88    (0.01)   —    (0.01)   12.87 
Retail Class:  10/31/17**  10.00    0.20    2.67    2.87    (0.01)   —    (0.01)   12.86 
SOCIAL CHOICE INTERNATIONAL EQUITY FUND
Institutional Class:  10/31/17   9.31    0.28    1.86    2.14    (0.24)   —    (0.24)   11.21 
   10/31/16   9.53    0.26    (0.42)   (0.16)   (0.06)   —    (0.06)   9.31 
   10/31/15^  10.00    0.04    (0.51)   (0.47)   —    —    —    9.53 
Advisor Class:  10/31/17   9.32    0.31    1.81    2.12    (0.23)   —    (0.23)   11.21 
   10/31/16‡   9.51    0.26    (0.39)   (0.13)   (0.06)   —    (0.06)   9.32 
Premier Class:  10/31/17   9.30    0.26    1.85    2.11    (0.22)   —    (0.22)   11.19 
   10/31/16   9.53    0.25    (0.42)   (0.17)   (0.06)   —    (0.06)   9.30 
   10/31/15^  10.00    0.04    (0.51)   (0.47)   —    —    —    9.53 
Retirement Class:  10/31/17   9.29    0.26    1.84    2.10    (0.22)   —    (0.22)   11.17 
   10/31/16   9.52    0.24    (0.42)   (0.18)   (0.05)   —    (0.05)   9.29 
   10/31/15^  10.00    0.03    (0.51)   (0.48)   —    —    —    9.52 
Retail Class:  10/31/17   9.29    0.26    1.82    2.08    (0.20)   —    (0.20)   11.17 
   10/31/16   9.52    0.26    (0.44)   (0.18)   (0.05)   —    (0.05)   9.29 
   10/31/15^  10.00    0.03    (0.51)   (0.48)   —    —    —    9.52 
* The Fund commenced operations on April 12, 2013.
^ The Fund commenced operations on August 7, 2015.
‡ The Advisor Class commenced operations on December 4, 2015.
§ The Fund commenced operations on August 5, 2016.
** The Fund commenced operations on December 9, 2016.
a Based on average shares outstanding.
b The percentages shown for this period are not annualized.
c The percentages shown for this period are annualized.

 

114 2017 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements
 

concluded

 

              Ratios and supplemental data
                  Ratios to average net assets     
          Total                   Net investment     
   For the      return                   income (loss)     
   period      excluding   Net assets at           Net   excluding   Portfolio 
   or year  Total   payment from   end of period   Gross   Net   investment   payment from   turnover 
   ended  return     affiliates u   (in thousands)   expenses   expenses   income (loss)   affiliatesu  rate 
INTERNATIONAL OPPORTUNITIES FUND
Institutional Class:  10/31/17   30.08%   30.07%   $1,414,259    0.63%   0.63%   1.42%   1.41%   24%
   10/31/16   (1.82)   (1.84)   1,298,796    0.63    0.63    1.37    1.35    31 
   10/31/15   1.43    1.43    1,166,448    0.63    0.63    1.28    1.28    41 
   10/31/14   (3.59)   (3.59)   1,041,194    0.64    0.64    1.23    1.23    46 
   10/31/13*  8.80b   8.80b   778,178    0.80c   0.70c   0.96c   0.96c   35b
Advisor Class:  10/31/17   29.96    29.95    150    0.64    0.64    1.41    1.40    24 
   10/31/16‡  (2.67)b   (2.69)b   101    0.65c   0.65c   1.46c   1.44c   31 
Premier Class:  10/31/17   29.78    29.77    506    0.80    0.80    1.22    1.21    24 
   10/31/16   (1.90)   (1.92)   325    0.79    0.79    1.27    1.25    31 
   10/31/15   1.25    1.25    1,059    0.80    0.80    1.13    1.13    41 
   10/31/14   (3.77)   (3.77)   1,046    0.81    0.81    1.05    1.05    46 
   10/31/13*  8.70b   8.70b   1,087    1.00c   0.85c   1.39c   1.39c   35b
Retirement Class:  10/31/17   29.74    29.73    30,390    0.88    0.88    1.03    1.02    24 
   10/31/16   (1.98)   (2.00)   7,416    0.88    0.88    1.13    1.12    31 
   10/31/15   1.06    1.06    8,806    0.89    0.89    1.08    1.08    41 
   10/31/14   (3.88)   (3.88)   4,128    0.90    0.90    0.97    0.97    46 
   10/31/13*  8.70b   8.70b   2,675    1.08c   0.95c   1.06c   1.06c   35b
Retail Class:  10/31/17   29.46    29.45    3,404    1.08    1.08    0.94    0.94    24 
   10/31/16   (2.25)   (2.27)   1,619    1.10    1.09    0.88    0.87    31 
   10/31/15   1.01    1.01    1,995    1.00    1.00    0.94    0.94    41 
   10/31/14   (3.96)   (3.96)   2,517    0.97    0.97    0.95    0.95    46 
   10/31/13*  8.60b   8.60b   1,560    1.10c   1.00c   1.13c   1.13c   35b
INTERNATIONAL SMALL-CAP EQUITY FUND
Institutional Class:  10/31/17**  29.14b   29.14b   935,888    0.73c   0.68c   2.59c   2.59c   70b
Advisor Class:  10/31/17**  28.92b   28.92b   1,297    0.88c   0.83c   2.18c   2.18c   70b
Premier Class:  10/31/17**  28.92b   28.92b   1,288    1.03c   0.85c   2.16c   2.16c   70b
Retirement Class:  10/31/17**  28.82b   28.82b   8,020    1.03c   0.95c   1.93c   1.93c   70b
Retail Class:  10/31/17**  28.71b   28.71b   2,336    1.42c   1.09c   1.91c   1.91c   70b
SOCIAL CHOICE INTERNATIONAL EQUITY FUND
Institutional Class:  10/31/17   23.49    23.49    35,797    1.20    0.40    2.76    2.76    12 
   10/31/16   (1.65)   (1.65)   18,833    1.35    0.40    2.87    2.87    13 
   10/31/15^  (4.70)b   (4.70)b   16,238    4.87c   0.40c   1.80c   1.80c   4b
Advisor Class:  10/31/17   23.22    23.22    541    1.26    0.46    2.98    2.98    12 
   10/31/16‡  (1.35)b   (1.35)b   102    1.36c   0.42c   3.12c   3.12c   13 
Premier Class:  10/31/17   23.23    23.23    1,338    1.36    0.55    2.58    2.58    12 
   10/31/16   (1.72)   (1.72)   938    1.52    0.55    2.75    2.75    13 
   10/31/15^  (4.80)b   (4.80)b   953    5.61c   0.55c   1.65c   1.65c   4b
Retirement Class:  10/31/17   23.09    23.09    7,940    1.45    0.65    2.55    2.55    12 
   10/31/16   (1.84)   (1.84)   3,001    1.61    0.65    2.67    2.67    13 
   10/31/15^  (4.80)b   (4.80)b   1,606    5.61c   0.65c   1.59c   1.59c   4b
Retail Class:  10/31/17   22.88    22.88    4,055    1.56    0.76    2.55    2.55    12 
   10/31/16   (1.92)   (1.92)   1,382    1.66    0.72    2.80    2.80    13 
   10/31/15^  (4.80)b   (4.80)b   997    5.99c   0.79c   1.41c   1.41c   4b
d Amount represents less than $0.01 per share.
u Income reflects voluntary compensation from Advisors in amounts that approximate a portion of the cost of research services obtained from broker-dealers and research providers if Advisors had purchased the research services directly. The total return and net investment income ratio displayed excludes this item.

 

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2017 Annual Report 115
 

Notes to financial statements

 

TIAA-CREF Funds

 

Note 1—organization and significant accounting policies

 

TIAA-CREF Funds (the “Trust”) is a Delaware statutory trust that 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 and the Social Choice International Equity 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 financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. The Funds are investment companies and follow the accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services—Investment Companies. The Net Asset Value (“NAV”) for financial reporting purposes may differ from the NAV for processing transactions. The NAV for financial reporting purposes includes security and shareholder transactions through the date of the report. Total return is computed based on the NAV used for processing transactions. The following is a summary of the significant accounting policies consistently followed by the Funds.

 

Security valuation: The Funds’ investments in securities are recorded at their estimated fair value as described in the valuation of investments note to the financial statements.

 

Investments and investment income: Securities transactions are accounted for as of the trade date for financial reporting purposes. Interest income is recorded as earned and includes accretion of discounts and amortization of premiums using the effective yield method. Dividend income is recorded on the ex-dividend date. Foreign dividend income is recorded on the ex-dividend date or as soon as possible after the Funds determine the existence of a dividend declaration after exercising reasonable due diligence. Realized gains and losses on securities transactions are based

upon the specific identification method. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. The Funds estimate the components of distributions received that may be considered return of capital distributions or capital gain distributions.

 

Income, expenses, realized gains and losses and unrealized appreciation and depreciation of a Fund are allocated on a pro rata basis to each class of shares, except for service agreement fees, distribution fees and transfer agency fees and expenses, which are unique to each class of shares. Most expenses of the Trust can be directly attributed to a fund. Expenses that cannot be directly attributed are allocated to each fund in the Trust based upon the average net assets of each fund.

 

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.

 

Distributions to shareholders: Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date.

 

Income taxes: Each Fund is treated separately for income tax purposes. The Funds intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code (“Code”) and will not be subject to income taxes to the extent that they distribute all taxable income each year and comply with various other Code requirements. The Funds file income tax returns in U.S. federal and applicable state and local jurisdictions. A fund’s federal income tax returns are generally subject to examination for a period of three fiscal years after being filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed the Funds’ tax positions taken for all open federal income tax years and has concluded that no provision for federal income tax is required in the Funds’ financial statements.

 

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. Reclassifications are made to a Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations.

 

For the year ended October 31, 2017, permanent book and tax differences resulting primarily from differing treatments for foreign currency transactions, certain foreign taxes paid, utilization of tax equalization credits, dividend redesignations, investments in partnerships, the permanent disallowance of capital loss carryovers, and gains and losses from the sale of stock in passive foreign investment companies were identified and reclassified among the components of the Funds’ net assets. Net investment income and net realized gains (losses),


 

116 2017 Annual Report  ■  TIAA-CREF Funds: Equity Funds
 

as disclosed on the Statements of Operations, and net assets were not affected by these reclassifications.

 

Foreign taxes: The Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon the current interpretation of tax rules and regulations that exist in the markets in which the Funds invest.

 

Trustee compensation: The Funds pay the members of the Board of Trustees (“Board”), all of whom are independent, certain remuneration for their services, plus travel and other expenses. Trustees may elect to participate in a deferred compensation plan and defer all or a portion of their compensation. In addition, trustees participate in a long-term compensation plan. Amounts deferred are retained by the Funds until paid. Amounts payable to the trustees for compensation are included in the accompanying Statements of Assets and Liabilities. Trustees’ fees, including any deferred and long-term compensation incurred, are reflected in the Statements of Operations.

 

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 Form N-CEN must be complied with by June 1, 2018. In December 2017, the Commission issued Temporary Final Rule Release No. 33-10442, which delayed the filing requirements related to Form N-PORT from June 1, 2018 to April 1, 2019, but still requires the Funds to maintain the data that would have been filed on Form N-PORT during the deferral period. Management is currently assessing the impact of Forms N-PORT and N-CEN on the Funds’ various filings. On August 1, 2017, the Funds implemented the amendments to Regulation S-X related to derivatives and other disclosures in the financial statements and other filings. The amended S-X disclosures required under this rule did not have an impact on net assets or results of operations but resulted in new disclosures in the schedules of investments for certain investment types. Please refer to the schedules of investments, Note 3, and Note 4 of the financial statement disclosures for details.

 

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 Funds’ financial statements and other filings.

 

In March 2017, the Commission issued Final Rule Release No. 34-80295, Amendment to Securities Transaction Settlement Cycle. This final rule shortens the standard settlement cycle from T+3 to T+2. It is expected that this shortened settlement time will decrease certain risks due to the reduction of unsettled trades and risk exposure. The compliance date for this final rule was September 5, 2017. This rule did not materially impact the Funds’ financial statements and other filings.

Note 2—valuation of investments

 

Portfolio investments are valued at fair value utilizing various valuation methods approved by the Board. U.S. GAAP establishes a hierarchy that prioritizes market inputs to valuation methods. The three levels of inputs are:

 

• Level 1 – quoted prices in active markets for identical securities
• Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.)
• Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)

 

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized as Level 3. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

 

In accordance with ASC 820, certain portfolio investments that are measured at fair value using the NAV per share practical expedient are not categorized within the fair value hierarchy. These investments will be disclosed at their fair value to allow reconciliation back to the Statements of Assets and Liabilities. As of October 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 as 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


 

TIAA-CREF Funds: Equity Funds  ■  2017 Annual Report 117
 

Notes to financial statements

 

bid price or the equivalent quoted yield for such securities (or those of comparable maturity, quality and type). Debt securities are generally categorized as Level 2 of the fair value hierarchy; in instances where prices, yields or any other key inputs are unobservable, they are categorized as Level 3 of the hierarchy.

 

Investments in registered investment companies: These investments are valued at their NAV on the valuation date. These investments are categorized as 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 as Level 2 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 as 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 as Level 1 of 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 as Level 2 of the fair value hierarchy; otherwise they would be categorized as Level 3.

 

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

 

As of October 31, 2017, 100% of the value of investments in the Small/Mid-Cap Equity Fund was valued based on Level 1 inputs.

 

The following table summarizes the market value of the Funds’ investments as of October 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*  $2,565,683,397   $—   $—   $2,565,683,397 
Short-term investments   14,808,915    20,750,000    —    35,558,915 
Total  $2,580,492,312   $20,750,000   $—   $2,601,242,312 
Enhanced Large-Cap Value Index                    
Equity investments*  $2,463,214,988   $—   $—   $2,463,214,988 
Short-term investments   10,431,634    9,850,000    —    20,281,634 
Total  $2,473,646,622   $9,850,000   $—   $2,483,496,622 
Growth & Income                    
Equity investments:                    
Consumer discretionary  $697,769,957   $59,255,703   $—   $757,025,660 
Consumer staples   581,038,920    34,221,332    —    615,260,252 
Financials   823,767,167    53,089,536    —    876,856,703 
Health care   887,011,590    104,885,818    —    991,897,408 
Industrials   702,965,938    50,525,378    —    753,491,316 
Information technology   1,858,661,087    37,601,107    —    1,896,262,194 
All other equity investments*   798,268,653    —    —    798,268,653 
Short-term investments   51,048,743    43,750,000    —    94,798,743 
Purchased options**   62,978    —    —    62,978 
Written options**   (9,789,026)   —    —    (9,789,026)
Total  $6,390,806,007   $383,328,874   $—   $6,774,134,881 
Large-Cap Growth                    
Equity investments:                    
Consumer discretionary  $776,278,758   $43,099,728   $—   $819,378,486 
Health care   671,441,774    95,724,592    —    767,166,366 
Information technology   2,285,767,377    31,832,495    —    2,317,599,872 
All other equity investments *   850,976,414    —    —    850,976,414 
Short-term investments   —    27,258,456    —    27,258,456 
Purchased options**   10,684,800    —    —    10,684,800 
Written options**   (11,239,140)   —    —    (11,239,140)
Total  $4,583,909,983   $197,915,271   $—   $4,781,825,254 

 

118 2017 Annual Report  ■  TIAA-CREF Funds: Equity Funds
 

continued

 

Fund   Level 1    Level 2    Level 3    Total 
Large-Cap Value                    
Equity investments:                    
Consumer discretionary  $506,457,317   $80,783,932   $—   $587,241,249 
Energy   810,746,880    16,365,730    —    827,112,610 
Financials   1,693,120,831    30,680,574    —    1,723,801,405 
Industrials   620,008,582    —    7,267    620,015,849 
Information technology   855,816,270    29,369,467    —    885,185,737 
Materials   434,676,437    51,669,811    —    486,346,248 
All other equity investments*   1,866,512,492    —    —    1,866,512,492 
Short-term investments   153,517,053    17,800,000    —    171,317,053 
Purchased options**   27,320    —    —    27,320 
Written options**   (27,320)   —    —    (27,320)
Total  $6,940,855,862   $226,669,514   $7,267   $7,167,532,643 
Mid-Cap Growth                    
Equity investments*  $1,566,448,997   $—   $—   $1,566,448,997 
Short-term investments   26,359,303    25,500,000    —    51,859,303 
Purchased options**   1,280,800    —    —    1,280,800 
Written options**   (2,252,100)   —    —    (2,252,100)
Total  $1,591,837,000   $25,500,000   $—   $1,617,337,000 
Mid-Cap Value                    
Equity investments:                    
Consumer discretionary  $375,327,408   $9,103,603   $—   $384,431,011 
Financials   892,968,589    11,168,169    —    904,136,758 
Health care   256,272,316    25,389,235    —    281,661,551 
Information technology   360,126,736    6,345,528    —    366,472,264 
Materials   321,050,458    12,127,699    —    333,178,157 
All other equity investments*   2,221,621,647    —    —    2,221,621,647 
Short-term investments   37,054,238    46,911,718    —    83,965,956 
Total  $4,464,421,392   $111,045,952   $—   $4,575,467,344 
Small-Cap Equity                    
Equity investments*  $3,706,058,317   $—   $—   $3,706,058,317 
Short-term investments   63,551,207    71,704,047    —    135,255,254 
Futures**   2,447,732    —    —    2,447,732 
Total  $3,772,057,256   $71,704,047   $—   $3,843,761,303 
Social Choice Equity                    
Equity investments*  $2,828,708,033   $—   $—   $2,828,708,033 
Short-term investments   29,876,698    15,500,000    —    45,376,698 
Futures**   12,560    —    —    12,560 
Total  $2,858,597,291   $15,500,000   $—   $2,874,097,291 
Social Choice Low Carbon Equity                    
Equity investments*  $88,635,165   $—   $—   $88,635,165 
Short-term investments   —    1,250,000    —    1,250,000 
Futures**   1,148    —    —    1,148 
Total  $88,636,313   $1,250,000   $—   $89,886,313 
Emerging Markets Equity                    
Equity investments:                    
Africa/Middle East  $—   $110,443,473   $—   $110,443,473 
Asia   186,340,333    572,958,948    12,334    759,311,615 
Europe   —    90,804,387    —    90,804,387 
Latin America   125,483,208    106,819,359    —    232,302,567 
All other equity investments*   25,756,576    176,630,854    3,335    202,390,765 
Corporate bonds   —    —    53    53 
Equity-linked notes   —    12,802,800    —    12,802,800 
Short-term investments   15,425,605    26,400,000    —    41,825,605 
Purchased options**   3,360,000    —    —    3,360,000 
Written options**   (595,000)   —    —    (595,000)
Total  $355,770,722   $1,096,859,821   $15,722   $1,452,646,265 
Enhanced International Equity Index                    
Equity investments:                    
Asia  $—   $507,726,750   $—   $507,726,750 
Australasia   —    140,230,878    —    140,230,878 
Europe   41,965,773    1,017,877,787    —    1,059,843,560 
All other equity investments*   20,073,314    149,589,596    —    169,662,910 
Short-term investments   23,976,504    6,950,000    —    30,926,504 
Total  $86,015,591   $1,822,375,011   $—   $1,908,390,602 

 

TIAA-CREF Funds: Equity Funds  ■  2017 Annual Report 119
 

Notes to financial statements

 

Fund  Level 1   Level 2   Level 3   Total 
Global Natural Resources                    
Equity investments:                    
Africa/Middle East  $—   $1,004,664   $—   $1,004,664 
Australasia   —    3,476,020    —    3,476,020 
Europe   —    7,346,106    —    7,346,106 
Latin America   671,956    1,845,169    —    2,517,125 
North America   19,076,085    5,685,746    —    24,761,831 
All other equity investments*   —    4,028,026    —    4,028,026 
Short-term investments   —    750,000    —    750,000 
Total  $19,748,041   $24,135,731   $—   $43,883,772 
International Equity                    
Equity investments:                    
Asia  $—   $1,374,183,695   $—   $1,374,183,695 
Europe   —    3,471,363,286    —    3,471,363,286 
Latin America   54,882,894    —    —    54,882,894 
All other equity investments*   70,862,159    130,623,121    —    201,485,280 
Short-term investments   165,319,812    —    —    165,319,812 
Total  $291,064,865   $4,976,170,102   $—   $5,267,234,967 
International Opportunities                    
Equity investments:                    
Asia  $16,555,923   $360,876,346   $18,262   $377,450,531 
Australasia   —    37,264,206    —    37,264,206 
Europe   —    623,313,029    —    623,313,029 
Latin America   —    44,388,491    —    44,388,491 
North America   —    110,436,451    —    110,436,451 
All other equity investments*   —    174,426,442    8,166    174,434,608 
Short-term investments   102,943,570    83,409,342    —    186,352,912 
Total  $119,499,493   $1,434,114,307   $26,428   $1,553,640,228 
International Small-Cap Equity                    
Equity investments:                    
Asia  $4,729,060   $335,393,551   $—   $340,122,611 
Australasia   —    36,040,725    —    36,040,725 
Europe   —    320,764,184    —    320,764,184 
North America   —    67,085,257    —    67,085,257 
All other equity investments*   1,999,865    168,141,611    —    170,141,476 
Short-term investments   30,047,213    12,550,000    —    42,597,213 
Total  $36,776,138   $939,975,328   $—   $976,751,466 
Social Choice International Equity                    
Equity investments:                    
Asia  $—   $13,306,091   $—   $13,306,091 
Australasia   —    3,422,963    —    3,422,963 
Europe   397,779    26,692,059    —    27,089,838 
All other equity investments*   —    5,270,286    —    5,270,286 
Short-term investments   376,859    —    —    376,859 
Futures**   993    —    —    993 
Total  $775,631   $48,691,399   $—   $49,467,030 

 

* For detailed categories, see the accompanying Summary portfolio of investments.
** Derivative instruments, excluding purchased options, are not reflected in the market value of portfolio investments.

 

Note 3—derivative instruments

 

As defined by U.S. GAAP, a derivative is a financial instrument whose value is derived from an underlying security price, foreign exchange rate, interest rate, index of prices or rates, or other variables. Derivatives require little or no initial investment and permit or require net settlement. The Funds value derivatives at fair value.

At October 31, 2017, the following Funds have invested in derivative contracts which are reflected in the Statements of Assets and Liabilities as follows:

 

   Asset derivatives  Liability derivatives 
Derivative contract  Location  Fair value
amount		  Location  Fair value
amount		 
Growth & Income Fund            
Equity contracts    Portfolio investments  $62,978  Written options  $(9,789,026)
Large-Cap Growth Fund            
Equity contracts  Portfolio investments   10,684,800  Written options   (11,239,140)


 

120 2017 Annual Report  ■  TIAA-CREF Funds: Equity Funds
 

continued

 

   Asset derivatives  Liability derivatives
Derivative contract  Location   Fair value
amount		  Location   Fair value
amount		 
Large-Cap Value Fund    
Equity contracts  Portfolio investments  $27,320  Written options  $(27,320)
Mid-Cap Growth Fund    
Equity contracts  Portfolio investments   1,280,800  Written options   (2,252,100)
Small-Cap Equity Fund    
Equity contracts  Futures contracts*   2,447,732        
Social Choice Equity Fund    
Equity contracts  Futures contracts*   12,560        
Social Choice Low Carbon Equity Fund    
Equity contracts  Futures contracts*   1,148        
Emerging Markets Equity Fund    
Equity contracts  Portfolio investments   3,360,000  Written options   (595,000)
Social Choice International Equity Fund    
Equity contracts  Futures contracts*   993        

 

* The fair value presented includes cumulative gain (loss) on open futures contracts; however, the value reflected in the accompanying Statements of Assets and Liabilities is only the receivable or payable for variation margin on open futures contracts.

 

For the year ended October 31, 2017, the effect of derivative contracts on the Funds’ Statements of Operations was as follows:

 

Derivative contract  Location  Realized
gain (loss)		   Change in
unrealized
appreciation
(depreciation)		 
Growth & Income Fund     
Equity contracts  Purchased options  $(603,790)  $767,546 
Equity contracts  Written options   9,413,104    (1,894,804)
Large-Cap Growth Fund         
Equity contracts  Purchased options   173,328    (2,046,016)
Equity contracts  Written options   (22,284)   (2,216,187)
Large-Cap Value Fund    
Equity contracts  Purchased options   (27,504,436)   (9,352,778)
Equity contracts  Written options   18,832,264    (1,023,988)
Equity contracts  Swaps contracts   (2,769,245)   (240,249)
Mid-Cap Growth Fund  
Equity contracts  Purchased options   (814,329)   (715,371)
Equity contracts  Written options   2,726,490    9,658 
Small-Cap Equity Fund  
Equity contracts  Futures contracts   1,876,791    2,543,984 
Equity contracts  Swap contracts   1,473,124    — 
Social Choice Equity Fund  
Equity contracts  Futures contracts   583,116    12,560 
Social Choice Low Carbon Equity Fund  
Equity contracts  Futures contracts   67,285    1,148 
Emerging Markets Equity Fund  
Equity contracts  Purchased options   (4,455,000)   605,500 
Equity contracts  Written options   1,124,988    234,481 
Enhanced International Equity Index Fund  
Equity contracts  Futures contracts   328,739    3,068 
International Equity Fund     
Forward contracts  Forward foreign currency contracts   (7,139,146)   — 
International Opportunities Fund     
Forward contracts  Forward foreign currency contracts   (1,038,908)   — 
Social Choice International Equity Fund     
Equity contracts  Futures contracts   43,026    993 

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 in the Statements of Assets and Liabilities. The Funds realize gains and losses at the time the forward is closed. Realized and unrealized gains and losses are included in the Statements of Operations. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts; from unanticipated movements in the value of a foreign currency relative to the U.S. dollar; and that losses may exceed amounts recognized on the Statements of Assets and Liabilities. During the year ended October 31, 2017, the International Equity Fund and International Opportunities Fund had exposure to forwards, based on underlying notional values, generally between 0% and 1% of net assets. The forward contracts outstanding as of October 31, 2017 are disclosed in the summary portfolio of investments and the full schedules of investments.

 

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. During the year ended October 31, 2017, the Small-Cap Equity Fund, Social Choice Equity Fund, Social Choice Low Carbon Equity Fund, Enhanced International Equity Index Fund, and Social Choice International Equity Fund had exposure to futures contracts, based on underlying notional values, generally between 0% and 3% of net assets. The futures contracts outstanding as of October 31, 2017 are disclosed in the summary portfolio of investments and the full schedules of investments.

 

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.


 

TIAA-CREF Funds: Equity Funds  ■  2017 Annual Report 121
 

Notes to financial statements

 

The Funds use options contracts for hedging and cash management purposes and to seek to increase total return. Call and put equity options give the holder the right, in return for a premium paid, to purchase or sell, respectively, a security at a specified exercise price at any time during the period of the option. Index options are written or purchased options in which the underlying investment is a specified index. The exercise of an index option will not result in the physical delivery of the underlier, but a cash transfer of the difference between the settlement price of the underlier and the strike price of the option. Purchased options are included in the summary portfolio of investments, and written options are separately reflected as a liability in the Statements of Assets and Liabilities. 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, price movements in underlying security values, and losses that may exceed amounts recognized on the Statements of Assets and Liabilities. During the year ended October 31, 2017, the Growth & Income Fund, Large-Cap Growth Fund, Large-Cap Value Fund, Mid-Cap Growth Fund, and Emerging Markets Equity Fund had exposure to options, based on underlying notional values, generally between 0% and 44% of net assets. The purchased and written options outstanding as of October 31, 2017 are disclosed in the summary portfolio of investments and the full schedules of investments.

 

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. Payments received or made at the end of each measurement period are recorded as a realized gain or loss in the Statements of Operations. The swap is valued daily and any change in the value of the swap is reflected separately as a change in unrealized appreciation (depreciation) in the Statements of Operations. The value of the swap contract is reflected in unrealized appreciation (depreciation) on swap agreements in the Statements of Assets and Liabilities. 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 swaps to gain or hedge exposure to the underlying reference assets. During the year ended October 31, 2017, the Large-Cap Value Fund and Small-Cap Equity Fund had exposure to total return swaps, based on underlying notional amounts, generally between 0% and 2% of net assets. The total return swap contracts outstanding as of October 31, 2017 are disclosed in the summary portfolio of investments and the full schedules of investments.

 

Note 4—investment adviser and affiliates

 

Under the terms of the Investment Management Agreement with respect to each Fund, Advisors provides asset management services to the Fund for an annual fee, payable monthly. The Funds have entered into an Administrative Service Agreement with Advisors under which the Funds pay Advisors for its costs in providing certain administrative and compliance services to the Funds.

 

Under the terms of a Retirement Class Service Agreement with respect to each Fund, the Retirement Class of the Fund incurs an annual fee, payable monthly to Advisors, for certain administrative costs associated with the maintenance of Retirement Class shares on retirement plan or other platforms. Substantially all of the Retirement Class shareholder servicing fees reported on the Statements of Operations are paid to Advisors under the Service Agreement. Under the terms of a distribution Rule 12b-1 plan, the Retail Class of each Fund compensates TPIS for providing distribution, promotional and/or shareholder services to the Retail Class of the Fund at the annual rate of 0.25% of the average daily net assets attributable to the Fund’s Retail Class. The Premier Class of each Fund is subject to a distribution Rule 12b-1 plan that compensates TPIS for providing distribution, promotional and/or shareholder services to the Premier Class of the Fund at the annual rate of 0.15% of the average daily net assets attributable to the Fund’s Premier Class.

 

Advisors has agreed to reimburse each Fund if its total expense ratio (excluding interest, taxes, brokerage and other transactional expenses, acquired fund fees and expenses and extraordinary expenses) exceeds certain percentages. As of October 31, 2017, the investment management fee, service agreement fee, distribution fee and maximum expense amounts (after waivers and reimbursements) are equal to the following noted annual percentage of average daily net assets for each class:


 

122 2017 Annual Report  ■  TIAA-CREF Funds: Equity Funds
 

continued

 

   Investment
management
fee range		  Investment
management
fee–effective
rate		   Service
agreement fee		   Distribution fee    Maximum expense amounts‡
Fund         Retirement
Class		   Premier
Class		   Retail
Class		    Institutional
Class		   Advisor
Class		   Premier
Class		   Retirement
Class		   Retail
Class		 
Enhanced Large-Cap Growth Index*  0.15%-0.35%a  0.32%  —%  —%  —%   0.38%a  0.53%a  —%  —%  —%
Enhanced Large-Cap Value Index*  0.15-0.35a  0.32   —   —   —    0.38a  0.53a  —   —   — 
Growth & Income*  0.30-0.45b  0.39   0.25   0.15   0.25    0.52   0.67   0.67   0.77   0.91 
Large-Cap Growth*  0.30-0.45b  0.41   0.25   0.15   0.25    0.52   0.67   0.67   0.77   0.91 
Large-Cap Value*  0.30-0.45c  0.39   0.25   0.15   0.25    0.52   0.67   0.67   0.77   0.91 
Mid-Cap Growth*  0.29-0.48d  0.45   0.25   0.15   0.25    0.55   0.70   0.70   0.80   0.94 
Mid-Cap Value*  0.32-0.48e  0.40   0.25   0.15   0.25    0.53e  0.68e  0.68e  0.78e  0.92e
Small-Cap Equity*  0.27-0.46f  0.39   0.25   0.15   0.25f   0.53f  0.68f  0.68f  0.78f  0.89f
Small/Mid-Cap Equity*  0.27-0.46g  0.46   0.25   0.15   0.25    0.53   0.68   0.68   0.78   0.92 
Social Choice Equity  0.15  0.15   0.25   0.15   0.25    0.22   0.37   0.37   0.47   0.61 
Social Choice Low Carbon Equity  0.25  0.25   0.25   0.15   0.25    0.32   0.47   0.47   0.57   0.71 
Emerging Markets Equity*  0.70-0.85h  0.84   0.25   0.15   0.25    0.95   1.10   1.10   1.20   1.34 
Enhanced International Equity Index*  0.20-0.40i  0.38   —   —   —    0.50   0.65   —   —   — 
Global Natural Resources*  0.50-0.65j  0.65   0.25   0.15   0.25    0.75   0.90   0.90   1.00   1.14 
International Equity*  0.35-0.50k  0.46   0.25   0.15   0.25    0.60   0.75   0.75   0.85   0.99 
International Opportunities*  0.45-0.60l  0.59   0.25   0.15   0.25    0.70   0.85   0.85   0.95   1.09 
International Small-Cap Equity*  0.50-0.65m  0.65   0.25   0.15   0.25    0.70m  0.85m  0.85m  0.95m  1.09m
Social Choice International Equity  0.30  0.30   0.25   0.15   0.25    0.40   0.55   0.55   0.65   0.79 
* These Funds are subject to a breakpoint schedule on their investment management fees, which reduces these fees as the Fund’s net assets increase.
a Effective October 1, 2017, Advisors agreed to voluntarily waive a portion of the investment management fee for the Enhanced Large-Cap Growth Fund and Enhanced Large-Cap Value Fund. The investment management fee range after the waiver is 0.13%–0.33% of average daily net assets. This waiver is voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval. Prior to October 1, 2017, the expense caps were 0.40% for the Institutional Class and 0.55% for the Advisor Class.
b Prior to May 1, 2017, the investment management fee range for the Growth & Income Fund and Large-Cap Growth Fund was 0.33%–0.45% of average daily net assets.
c Prior to May 1, 2017, the investment management fee range for the Large-Cap Value Fund was 0.33%–0.45% of average daily net assets. In addition, Advisors agreed to voluntarily waive a portion of the investment management fee and the investment management fee range after the waiver was 0.32%–0.44% of average daily net assets.
d Prior to May 1, 2017, the investment management fee range for the Mid-Cap Growth Fund was 0.32%–0.48% of average daily net assets.
e Prior to October 1, 2017, the expense caps were 0.55% for the Institutional Class, 0.70% for the Advisor Class, 0.70% for the Premier Class, 0.80% for the Retirement Class, and 0.94% for the Retail Class. Effective May 1, 2017, Advisors agreed to voluntarily waive a portion of the investment management fee for the Mid-Cap Value Fund. The investment management fee range after the waiver is 0.27%–0.46% of average daily net assets. This waiver is voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval. Prior to May 1, 2017, the investment management fee range for the Mid-Cap Value Fund was 0.32–0.48%. In addition, Advisors agreed to voluntarily waive a portion of the investment management fee and the investment management fee range after the waiver was 0.30%–0.46% of average daily net assets.
f Effective October 2, 2017, TPIS agreed to voluntarily waive a portion of the distribution Rule 12b-1 fee for the Small-Cap Equity Retail Class. The distribution fee after the waiver is 0.22% of average daily net assets of the Retail Class. This waiver is voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval. Prior to May 1, 2017, the investment management fee range for the Small-Cap Equity Fund was 0.30%–0.46% of average daily net assets.
g Prior to May 1, 2017, the investment management fee range for the Small/Mid-Cap Equity Fund was 0.30%–0.46% of average daily net assets.
h Prior to May 1, 2017, the investment management fee range for the Emerging Markets Equity Fund was 0.73%–0.85% of average daily net assets.
i Prior to May 1, 2017, the investment management fee range for the Enhanced International Equity Index Fund was 0.20%–0.40% of average daily net assets.
j Prior to May 1, 2017, the investment management fee range for the Global Natural Resources Fund was 0.53%–0.65% of average daily net assets.
k Prior to May 1, 2017, the investment management fee range for the International Equity Fund was 0.38%–0.50% of average daily net assets.
l Prior to May 1, 2017, the investment management fee range for the International Opportunities Fund was 0.48%–0.60% of average daily net assets.
m Effective May 1, 2017, Advisors agreed to voluntarily waive a portion of the investment management fee for the International Small-Cap Equity Fund. The investment management fee range after the waiver is 0.45%–0.60% of average daily net assets. This waiver is voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval. Prior to May 1, 2017, the investment management fee range for the International Small-Cap Equity Fund was 0.53%–0.65% of average daily net assets.
‡ Maximum expense amounts reflect all expenses excluding interest, taxes, brokerage and other transactional expenses, acquired fund fees and expenses and extraordinary expenses. The expense reimbursement arrangements will continue through at least February 28, 2018. The reimbursement arrangements can only be changed with the approval of the Board of Trustees.

 

Income reflects voluntary compensation from Advisors in amounts that approximate a portion of the cost of research services obtained from broker-dealers and research providers if Advisors had purchased the research services directly. These amounts are included in Payment from affiliate on the Statements of Operations.

 

The Funds may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Board, pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions. For the year ended October 31, 2017, the Funds engaged in the following security transactions with affiliated entities:

 

Fund  Purchases   Sales   Realized
gain (loss)		 
Enhanced Large-Cap Growth Index  $7,073,529   $19,288,527   $2,229,949 
Enhanced Large-Cap Value Index   11,354,561    11,459,599    669,321 
Growth & Income   48,050,953    64,322,651    8,443,209 
Large-Cap Growth   19,783,740    21,386,891    1,346,967 
Large-Cap Value   65,530,313    39,402,780    6,810,242 
Mid-Cap Growth   2,146,861    3,874,207    729,123 
Mid-Cap Value   8,430,470    20,343,763    5,686,281 
Small-Cap Equity   13,438,618    18,755,848    5,670,990 
Small/Mid-Cap Equity   13,351,671    4,084,412    245,145 
Social Choice Equity   10,949,907    10,221,972    2,052,845 


 

TIAA-CREF Funds: Equity Funds  ■  2017 Annual Report 123
 

Notes to financial statements

 

Fund  Purchases   Sales   Realized
gain (loss)		 
Social Choice Low Carbon Equity  $1,215,792   $163,100   $15,942 
Emerging Markets Equity   28,917,848    13,048,746    4,565,869 
Enhanced International Equity Index   52,889,864    42,962,289    1,451,409 
Global Natural Resources   504,119    2,341,476    (14,164)
International Equity   17,577,713    69,903,862    18,356,113 
International Opportunities   1,362,468    7,281,193    153,826 
International Small-Cap Equity   14,776,289    3,617,056    177,126 
Social Choice International Equity   661,029    143,987    (9,590)

As of October 31, 2017, TIAA, an affiliate, was invested in the Social Choice International Equity Fund. In addition, a registered separate account of TIAA (collectively “TIAA Access”) has various sub-accounts that invest in the Funds, and certain funds within the Trust also make investments in the Funds.

 

During the year ended October 31, 2017, TIAA received total proceeds of $21,472,770 from redemptions from the International Small-Cap Equity Fund.


 

The following is the percentage of the Funds’ shares owned by TIAA and other funds within the Trust as of October 31, 2017:

 

Underlying Fund  TIAA   TIAA-CREF Lifecycle Funds   TIAA-CREF Lifestyle Funds   TIAA-CREF Managed Allocation Fund   TIAA Access   Total 
Enhanced Large-Cap Growth Index  —%  93%  1%  2%  —%  96%
Enhanced Large-Cap Value Index  —   95   1   2   —   98 
Growth & Income  —   47   1   1   4   53 
Large-Cap Growth  —   57   2   1   2   62 
Large-Cap Value  —   38   1   1   7   47 
Mid-Cap Growth  —   —   —   —   11   11 
Mid-Cap Value  —   —   —   —   11   11 
Small-Cap Equity  —   23   1   1   8   33 
Small/Mid-Cap Equity  —   94   2   2   —   98 
Social Choice Equity  —   —   —   —   3   3 
Emerging Markets Equity  —   73   2   2   1   78 
Enhanced International Equity Index  —   94   2   2   —   98 
International Equity  —   27   1   1   7   36 
International Opportunities  —   93   2   2   —   97 
International Small-Cap Equity  —   94   2   2   —   98 
Social Choice International Equity  45   —   —   —   —   45 

 

TIAA-CREF Tuition Financing, Inc. (“TFI”), a wholly owned direct subsidiary of TIAA, is a registered investment adviser that provides program management services to multiple qualified tuition programs formed under Section 529 of the Internal Revenue Code (“529 Plans”). These 529 Plans, each of which operates independently, invest a portion of their assets in the Funds. As of October 31, 2017, one 529 Plan owns 6% of the Social Choice Equity Fund.

 

Companies in which a Fund holds 5% or more of the outstanding voting shares are considered “affiliated companies” of the Fund, pursuant to the 1940 Act. Information regarding transactions with affiliated companies is as follows:

 

IssueValue at
October 31, 2016		   Purchase
cost		   Sales
proceeds		   Realized
gain (loss)		   Change in
unrealized
appreciation
(depreciation)		   Dividend
income		   Shares at
October 31,
2017		   Value at
October 31,
2017		 
Emerging Markets Equity Fund                                        
Arcos Dorados Holdings, Inc*  $24,452,898†  $28,818,198   $6,009,630   $1,515,679   $17,443,925   $—    6,622,107   $66,221,070 
Terrapin 3 Acquisition Corp   —§   6,407,970    6,382,440    (25,530)   —    —    —§   —§
   
* Non-income producing
† At October 31, 2016, the issuer was not an affiliated company of the Fund.
§ At October 31, 2016 and October 31, 2017, the issuer was not an affiliated company of the Fund, but it was affiliated during the year.

 

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 and the liability to return the cash collateral received are reflected in the Statements of Assets and Liabilities. As of October 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. Securities lending income recognized by the Funds consists of earnings on invested collateral and lending fees, net of any rebates to the borrower and compensation to the Agent. Such income is reflected separately


 

124 2017 Annual Report  ■  TIAA-CREF Funds: Equity Funds
 

continued

 

in the Statements of Operations. In lending its securities, a Fund bears the market risk with respect to the investment of collateral and the risk that the Agent may default on its contractual obligations to the Fund. The Agent bears the risk that the borrower may default on its obligation to return the loaned securities as the Agent is contractually obligated to indemnify the Fund if at the time of a default by a borrower some or all of the loan securities have not been returned.

 

Securities purchased on a when-issued or delayed-delivery basis: The Funds may purchase securities on a when-issued or delayed-delivery basis. Securities purchased or sold on a when issued or delayed-delivery basis may 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.

 

Equity-linked notes: Equity-linked notes are debt securities issued by banks or broker-dealers and are designed to offer a return linked to an underlying security or market index. Equity-linked notes are structured with a defined maturity date. When the note matures, the issuer will pay to, or receive from the Fund, the difference between the nominal value of the underlying instrument at the time of purchase and that instrument’s value at maturity. The Fund will record a realized gain or loss on the transaction. The note is valued daily and any change in the value of the note is reflected in net unrealized gains and losses. Investments in equity-linked notes involve the same risks associated with a direct investment in the underlying security or index that the notes seek to replicate. In addition, there is also counterparty risk associated with these investments because the Fund is relying on the creditworthiness of such counterparty and has no rights under an equity-linked note against the issuer of the underlying security.

 

Net unrealized appreciation (depreciation): At October 31, 2017, net unrealized appreciation (depreciation) based on aggregate cost of portfolio investments for federal income tax purposes, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows:

Fund  Tax
cost		   Gross
unrealized
appreciation		   Gross
unrealized
depreciation		   Net
unrealized
appreciation/
(depreciation)		 
Enhanced Large-Cap Growth Index  $1,827,230,555   $787,045,371   $(13,033,614)  $774,011,757 
Enhanced Large-Cap Value Index   2,079,117,629    431,994,149    (27,615,156)   404,378,993 
Growth & Income   4,760,494,418    2,061,844,878    (48,204,415)   2,013,640,463 
Large-Cap Growth   3,047,164,339    1,751,702,178    (17,041,263)   1,734,660,915 
Large-Cap Value   5,917,044,248    1,543,173,049    (292,684,654)   1,250,488,395 
Mid-Cap Growth   1,286,491,144    348,936,933    (18,091,077)   330,845,856 
Mid-Cap Value   3,233,270,251    1,441,177,577    (98,980,484)   1,342,197,093 
Small-Cap Equity   3,170,713,112    743,948,403    (70,900,212)   673,048,191 
Small/Mid-Cap Equity   594,488,265    108,335,116    (16,492,342)   91,842,774 
Social Choice Equity   1,901,589,724    1,043,156,709    (70,649,142)   972,507,567 
Social Choice Low Carbon Equity   76,897,928    15,018,178    (2,029,793)   12,988,385 
Emerging Markets Equity   1,223,477,445    257,451,203    (28,282,383)   229,168,820 
Enhanced International Equity Index   1,623,552,834    296,207,435    (11,369,667)   284,837,768 
Global Natural Resources   39,996,928    4,715,838    (828,994)   3,886,844 
International Equity   4,525,394,513    772,999,786    (31,159,332)   741,840,454 
International Opportunities   1,157,654,670    432,369,119    (36,383,561)   395,985,558 
International Small-Cap Equity   850,763,133    158,339,963    (32,351,630)   125,988,333 
Social Choice International Equity   45,380,136    5,473,962    (1,387,068)   4,086,894 

 

For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as up-front fees or premiums exchanged on derivatives and any amounts unrealized for income statement reporting but realized in income and/or capital gains for tax reporting.

 

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the year ended October 31, 2017 were as follows:

 

Fund  Non-U.S.
government
purchases		   Non-U.S.
government
sales		 
Enhanced Large-Cap Growth Index  $2,066,745,957   $2,114,935,081 
Enhanced Large-Cap Value Index   2,354,240,890    2,239,755,740 
Growth & Income   4,829,768,518    4,629,319,833 
Large-Cap Growth   3,897,762,126    3,854,742,149 
Large-Cap Value   3,825,536,528    3,429,897,003 
Mid-Cap Growth   1,060,499,860    1,246,831,983 
Mid-Cap Value   1,313,912,950    2,402,957,017 
Small-Cap Equity   2,748,173,831    2,762,422,438 
Small/Mid-Cap Equity   659,026,890    488,890,442 
Social Choice Equity   434,712,886    369,026,222 
Social Choice Low Carbon Equity   40,964,635    10,881,019 
Emerging Markets Equity   1,776,515,176    1,835,321,020 
Enhanced International Equity Index   1,857,077,981    1,799,950,553 
Global Natural Resources   64,711,510    173,093,199 
International Equity   4,967,572,426    4,960,947,940 
International Opportunities   314,882,793    561,714,994 
International Small-Cap Equity   1,282,448,032    515,508,543 
Social Choice International Equity   22,914,766    3,963,608 


 

TIAA-CREF Funds: Equity Funds  ■  2017 Annual Report 125
 

Notes to financial statements

 

Note 6—distributions to shareholders and other tax items

 

The tax character of distributions paid to shareholders during the years ended October, 31 2017 and October 31, 2016 was as follows.

 

   10/31/2017   10/31/2016
Fund  Ordinary income   Long-term
capital gains		   Total   Ordinary income   Long-term
capital gains		   Total 
Enhanced Large-Cap Growth Index  $29,888,473   $52,262,357   $82,150,830   $27,575,931   $178,191,423   $205,767,354 
Enhanced Large-Cap Value Index   45,894,379    100,172,845    146,067,224    43,107,044    117,076,892    160,183,936 
Growth & Income   67,071,998    89,731,372    156,803,370    58,611,353    304,690,625    363,301,978 
Large-Cap Growth   18,685,114    43,311,256    61,996,370    10,058,657    114,772,209    124,830,866 
Large-Cap Value   102,328,253    149,605,539    251,933,792    129,176,322    250,328,521    379,504,843 
Mid-Cap Growth   5,691,586    —    5,691,586    1,619,153    136,157,352    137,776,505 
Mid-Cap Value   83,675,724    145,862,467    229,538,191    75,692,864    442,612,095    518,304,959 
Small-Cap Equity   22,427,940    88,405,246    110,833,186    43,594,975    180,660,507    224,255,482 
Small/Mid-Cap Equity   1,045,041    —    1,045,041    —    —    — 
Social Choice Equity   51,876,467    103,389,398    155,265,865    45,692,230    90,774,543    136,466,773 
Social Choice Low Carbon Equity   1,062,814    414,616    1,477,430    214,549    2,424    216,973 
Emerging Markets Equity   9,886,401    —    9,886,401    9,428,743    —    9,428,743 
Enhanced International Equity Index   45,638,460    —    45,638,460    37,422,725    —    37,422,725 
Global Natural Resources   3,740,683    —    3,740,683    6,027,039    —    6,027,039 
International Equity   60,712,818    —    60,712,818    55,426,856    —    55,426,856 
International Opportunities   17,467,142    —    17,467,142    14,401,379    —    14,401,379 
International Small-Cap Equity   25,465    —    25,465    —    —    — 
Social Choice International Equity   626,720    —    626,720    124,727    —    124,727 
                               
As of October 31, 2017, the components of accumulated earnings on a tax basis were as follows:
 
Fund          Undistributed
ordinary
income		   Undistributed
long-term
capital gains		   Unrealized
appreciation
(depreciation)		   Capital
loss
carryover		   Total 
Enhanced Large-Cap Growth Index          $73,866,610   $83,624,188   $774,011,758   $—   $931,502,556 
Enhanced Large-Cap Value Index           81,784,687    65,813,574    404,378,992    —    551,977,253 
Growth & Income           68,751,080    168,836,930    2,013,630,365    —    2,251,218,375 
Large-Cap Growth           61,048,417    134,656,049    1,734,659,137    —    1,930,363,603 
Large-Cap Value           171,554,772    254,028,094    1,257,282,064    —    1,682,864,930 
Mid-Cap Growth           89,423,797    52,698,022    330,845,291    —    472,967,110 
Mid-Cap Value           46,382,723    291,924,433    1,342,213,789    —    1,680,520,945 
Small-Cap Equity           137,745,639    234,503,799    673,048,190    —    1,045,297,628 
Small/Mid-Cap Equity           32,073,227    1,259,654    91,842,775    —    125,175,656 
Social Choice Equity           43,669,297    61,943,326    972,507,574    —    1,078,120,197 
Social Choice Low Carbon Equity           1,100,373    742,774    12,988,387    —    14,831,534 
Emerging Markets Equity           10,908,413    48,050,591    226,640,605    —    285,599,609 
Enhanced International Equity Index           54,039,635    —    284,828,929    (7,124,961)   331,743,603 
Global Natural Resources           175,925    —    3,877,684    (7,123,615)   (3,070,006)
International Equity           53,463,432    66,676,105    741,749,910    —    861,889,447 
International Opportunities           17,330,159    —    394,707,418    (98,761,500)   313,276,077 
International Small-Cap Equity           56,425,134    —    125,981,210    —    182,406,344 
Social Choice International Equity           962,661    18,829    4,086,829    —    5,068,319 

 

The difference between book basis and tax basis net investment income, net realized gains and losses, and unrealized appreciation and depreciation is attributable primarily to the tax deferral of losses on wash sales, the tax deferral of straddle losses, the realization, for tax purposes, of unrealized gains on investments in passive foreign investment companies, and the treatment of short term gain as ordinary income for tax purposes.

 

In certain circumstances, a fund may distribute portfolio securities rather than cash as payment for a redemption of fund shares (in-kind redemption). A fund may also accept portfolio securities rather than cash as payment for a purchase of fund shares (in-kind purchase). During the year ended October 31, 2017, the Funds did not have any in-kind purchase or in-kind redemption transactions.

 

At October 31, 2017, the following Funds had capital loss carryovers, which will expire as follows:

 

   Date of expiration      
Fund  No expiration   Total 
Enhanced International Equity Index  $7,124,961   $7,124,961 
Global Natural Resources   7,123,615    7,123,615 
International Opportunities   98,761,500    98,761,500 

For the year ended October 31, 2017, the Mid-Cap Growth Fund, Small/Mid-Cap Equity Fund, Emerging Markets Equity Fund, Enhanced International Equity Index Fund, Global Natural Resources Fund, International Equity Fund, International Opportunities Fund, and Social Choice International Equity Fund utilized $327,620, $29,343, $143,880,405, $89,252,873, $22,428,486, $291,663,293, $38,114,919, and $261,193, respectively, of capital loss carryover available from prior years.


 

126 2017 Annual Report  ■  TIAA-CREF Funds: Equity Funds
 

concluded

 

Due to large shifts in the ownership percentage of the Global Natural Resources Fund during the fiscal year ended October 31, 2017, utilization of the Fund’s capital loss carryovers are subject to limitations under the Internal Revenue Code and Regulations thereunder. During the fiscal year ended October 31, 2017, the Global Natural Resources Fund had $43,552,412 of capital loss carryover permanently disallowed due to said limitations under the Internal Revenue Code and Regulations.

 

Note 7—emerging markets risks

 

The Emerging Markets Equity Fund holds a large portion of its assets in emerging market securities. Emerging market securities are often subject to greater price volatility, less liquidity and higher rates of inflation and deflation than U.S. securities. In addition, emerging markets may be subject to greater political, economic and social uncertainty, and differing regulatory environments that may potentially impact the Fund’s ability to buy or sell certain securities or repatriate proceeds to U.S. dollars.

 

Note 8—line of credit

 

Each of the Funds participates in a $1.5 billion unsecured revolving credit facility that can be used for temporary purposes, including, without limitation, the funding of shareholder redemptions. The current facility was entered into on June 20, 2017 expiring on June 19, 2018, replacing the previous facility, which expired June 2017. Certain affiliated accounts and mutual funds, each of which is managed by Advisors, or an affiliate of Advisors, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds on a pro rata basis. Interest associated with any borrowing under the facility is charged to the borrowing accounts or mutual funds at a specified rate of interest. The Funds are not liable for borrowings under the facility by other affiliated accounts or mutual funds. For the year ended October 31, 2017, there were no borrowings under this credit facility by the Funds.

 

Note 9—indemnification

 

In the normal course of business, each Fund enters into contracts that contain a variety of representations and warranties and that provide general indemnities. A Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims against the Fund that have not yet occurred. Also, under the Funds’ organizational documents, the trustees and officers of the Funds are indemnified against certain liabilities that may arise out of their duties to the Funds. However, based on experience, the Funds expect the risk of loss due to these warranties and indemnities to be unlikely.

Note 10—subsequent event

 

On December 5, 2017, the Board of the Trust approved a Plan of Liquidation for the Global Natural Resources Fund (the “Fund”). The Fund will be liquidated after the close of business on April 13, 2018 (the “Liquidation Date”) and effective as of the close of business of February 9, 2018 (the “Soft Close Date”), the Fund will suspend offering its shares to new investors. Investors in the Fund as of the Soft Close Date may continue to reinvest in the Fund, including through reinvestment of dividends and capital gains distributions. If an investor’s account is closed after the Soft Close Date, however, additional investments in the Fund will not be accepted. Effective as of the close of business on March 9, 2018, the Fund will be closed to new investment by all shareholders (except through reinvested dividends and capital gains distributions). The Fund may deviate from its investment objective and other investment policies as the Fund liquidates its assets in advance of the Liquidation Date. The Fund reserves the right to modify the extent to which sales of shares are limited prior to the Fund’s liquidation and all dates herein may change without notice at the discretion of the Trust’s officers. After the close of business on April 13, 2018, the Fund will automatically redeem any remaining shareholder accounts and distribute, as soon as practicable, such redemption proceeds to Fund shareholders of record as of the Liquidation Date. The proceeds of any such redemption will be equal to the NAV of such Fund shares after the Fund has paid for all of its charges, taxes, expenses and liabilities.


 

TIAA-CREF Funds: Equity Funds  ■  2017 Annual Report 127
 

Report of independent registered public accounting firm

 

To the Board of Trustees of the TIAA-CREF Funds and Shareholders of 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 and Social Choice International Equity Fund

 

In our opinion, the accompanying statements of assets and liabilities, including the summary portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of 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 and Social Choice International Equity Fund (eighteen of the funds constituting the TIAA-CREF Funds, hereafter collectively referred to as the “Funds”) as of October 31, 2017, the results of each of their operations for the year then ended (or for the International Small-Cap Equity Fund, the period from December 9, 2016 (commencement of operations) through October 31, 2017), the changes in each of their net assets for each of the two years in the period then ended (or for the International Small-Cap Equity Fund, the period from December 9, 2016 (commencement of operations) through October 31, 2017, or for the Small/Mid-Cap Equity Fund, the year then ended October 31, 2017 and the period from August 5, 2016 (commencement of operations) through October 31, 2016) and the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of October 31, 2017 by correspondence with the custodian and brokers, and the application of alternative auditing procedures where securities purchased confirmations had not been received, provide a reasonable basis for our opinions.

 

/s/ PricewaterhouseCoopers LLP
Baltimore, Maryland
December 15, 2017

 

128 2017 Annual Report  ■  TIAA-CREF Funds: Equity Funds
 

Trustees and officers (unaudited)

 

TIAA-CREF Funds  ■  October 31, 2017

 

Trustees

 

Name, Address and
Year of Birth (“YOB”)		  Position(s)
Held with
Fund		  Term of
Office and
Length
of Time
Served		  Principal Occupation(s) During Past 5 Years  Number of
Portfolios in
Fund Complex
Overseen
by Trustee		  Other Directorship(s) Held by Trustee
Forrest Berkley
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
YOB: 1954		  Trustee  Indefinite term. Trustee since 2006.  Retired Partner (since 2006), Partner (1990–2005) and Head of Global Product Management (2003–2005), GMO (formerly, Grantham, Mayo, Van Otterloo & Co.) (investment management); and member of asset allocation portfolio management team, GMO (2003–2005).  88  Director, the Maine Coast Heritage Trust; Investment Committee member, Maine Community Foundation and the Elmina B. Sewall Foundation.
Nancy A. Eckl
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
YOB: 1962		  Trustee  Indefinite term. Trustee since 2007.  Vice President (1990–2006), American Beacon Advisors, Inc., and Vice President of certain funds advised by American Beacon Advisors, Inc.  88  Independent Director, The Lazard Funds, Inc., Lazard Retirement Series, Inc., Lazard Global Total Return and Income Fund, Inc. and Lazard World Dividend & Income Fund, Inc.
Michael A. Forrester
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
YOB: 1967		  Trustee  Indefinite term. Trustee since 2007.  Chief Executive Officer (since 2014) and Chief Operating Officer (2007–2014), Copper Rock Capital Partners, LLC; Chief Operating Officer, DDJ Capital Management (2003–2006).  88  Director of Copper Rock Capital Partners, LLC (investment adviser).
Howell E. Jackson
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
YOB: 1954		  Trustee  Indefinite term. Trustee since 2005.  James S. Reid, Jr. Professor of Law (since 2004), Senior Advisor to the President and Provost (2010–2012), Acting Dean (2009), Vice Dean for Budget (2003–2006) and on the faculty (since 1989) of Harvard Law School.  88  Director, Commonwealth (non-profit organization).
Thomas J. Kenny
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
YOB: 1963		  Chairman of the Board and Trustee  Indefinite term. Trustee since 2011.  Partner (2004–2010) and Managing Director (1999–2004), Goldman Sachs Asset Management.  88  Director, Aflac Insurance. Inc.; Director and Investment Committee member, Sansum Clinic; Investment Committee member, Cottage Health System; Member, University of California at Santa Barbara Arts and Lectures Advisory Council; Trustee and Chairman, Crane Country Day School.
Bridget A. Macaskill
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
YOB: 1948		  Trustee  Indefinite term. Trustee since 2003.  Chairman, First Eagle Holdings (since 2016), Chief Executive Officer (2010–2016), President (2009–2016) and Chief Operating Officer (2009–2010), First Eagle Investment Management, LLC; Principal, BAM Consulting LLC (2003–2009); Independent Consultant for Merrill Lynch (2003–2009).  88  Director, First Eagle Holdings, LLC; Jones Lang LaSalle Incorporated; Close Brothers Group plc; Jupiter Fund Management plc; Regent, University of Edinburgh; Trustee, the North Shore Land Alliance; and Prep for Prep.
James M. Poterba
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
YOB: 1958		  Trustee  Indefinite term. Trustee since 2006.  President and Chief Executive Officer, National Bureau of Economic Research (“NBER”) (since 2008); Affiliated Faculty Member of the Finance Group at the Alfred P. Sloan School of Management, Massachusetts Institute of Technology (“MIT”) (since 2014); Mitsui Professor of Economics, MIT (since 1996); Head (2006–2008) and Associate Head (1994–2000 and 2001–2006), Economics Department of MIT; and Program Director, NBER (1990–2008).  88  Director, The Alfred P. Sloan Foundation and National Bureau of Economic Research; Member, Congressional Budget Office Panel of Economic Advisers.

 

TIAA-CREF Funds: Equity Funds  ■  2017 Annual Report 129
 

Trustees and officers (unaudited)

 

TIAA-CREF Funds  ■  October 31, 2017

 

Trustees — concluded

 

Name, Address and
Year of Birth (“YOB”)		  Position(s)
Held with
Fund		  Term of
Office and
Length
of Time
Served		  Principal Occupation(s) During Past 5 Years  Number of
Portfolios in
Fund Complex
Overseen
by Trustee		  Other Directorship(s) Held by Trustee
Maceo K. Sloan
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
YOB: 1949		  Trustee  Indefinite term. Trustee since 1999.  Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (1991–2016); Chairman and Chief Executive Officer (1991–2016) and Chief Investment Officer (1991–2013) and Chief Compliance Officer (2015–2016), NCM Capital Management Group, Inc.; Chairman and Chief Executive Officer (2003–2016) and Chief Investment Officer (2003–2013) and Chief Compliance Officer (2015–2016), NCM Capital Advisers Inc.; and Chairman, President and Principal Executive Officer, NCM Capital Investment Trust (2007–2012).  88  Director, SCANA Corporation (energy holding company).
Laura T. Starks
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
YOB: 1950		  Trustee  Indefinite term. Trustee since 2006.  Associate Dean for Research (since 2011), McCombs School of Business, University of Texas at Austin (“McCombs”), and Director, AIM Investment Center at McCombs (since 2000). Charles E. and Sarah M. Seay Regents Chair in Finance (since 2002) and Professor, University of Texas at Austin (since 1987). Chairman, Department of Finance, University of Texas at Austin (2002–2011).  88  Member of the Board of Governors of the Investment Company Institute, the Governing Council of Independent Directors Council (an association for mutual fund directors); and Investment Advisory Committee, Employees Retirement System of Texas.

 

Officers

 

Name, Address and
Year of Birth (“YOB”)		  Position(s)
Held with
Fund		  Term of
Office and
Length
of Time
Served		  Principal Occupation(s) During Past 5 Years
Mona Bhalla
TIAA
730 Third Avenue
New York, NY 10017-3206
YOB: 1969		  Senior Managing Director and Corporate Secretary  One-year term. Senior Managing Director and Corporate Secretary since 2017.  Senior Managing Director and Corporate Secretary of TIAA and of the College Retirement Equities Fund (“CREF”), TIAA Separate Account VA-1, TIAA-CREF Funds, and TIAA-CREF Life Funds (collectively, the “TIAA-CREF Fund Complex”). Prior to joining TIAA, Ms. Bhalla served as Senior Vice President, Counsel and Corporate Secretary, Head of Corporate, Securities and M&A Group of AllianceBernstein L.P.
Richard S. Biegen
TIAA
730 Third Avenue
New York, NY 10017-3206
YOB: 1962		  Chief Compliance Officer  One-year term. Chief Compliance Officer since 2008.  Managing Director, Senior Compliance Officer of Teachers Insurance and Annuity Association of America (“TIAA”). Chief Compliance Officer of the TIAA-CREF Fund Complex.
Bradley Finkle
TIAA
730 Third Avenue
New York, NY 10017-3206
YOB: 1973		  Principal Executive Officer and President  One-year term. Principal Executive Officer and President since 2017.  Senior Managing Director, President, TIAA Investments. Principal Executive Officer and President of the TIAA-CREF Funds and TIAA-CREF Life Funds.
Stephen Gruppo
TIAA
730 Third Avenue
New York, NY 10017-3206
YOB: 1959		  Executive Vice President  One-year term. Executive Vice President since 2009.  Senior Executive Vice President, Chief Risk Officer of TIAA. Executive Vice President of the TIAA-CREF Fund Complex.
J. Keith Morgan
TIAA
730 Third Avenue
New York, NY 10017-3206
YOB: 1951		  Executive Vice President and Chief Legal Officer  One-year term. Executive Vice President and Chief Legal Officer since 2015.  Senior Executive Vice President and Chief Legal Officer of TIAA and Executive Vice President and Chief Legal Officer of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Morgan served as Founder and Chief Executive Officer of Morris Lane Capital LLC (consultant), and as Senior Vice President and General Counsel of General Electric Capital Corporation.

 

130 2017 Annual Report  ■  TIAA-CREF Funds: Equity Funds
 

concluded

 

Officers — concluded

 

Name, Address and
Year of Birth (“YOB”)		  Position(s)
Held with
Fund		  Term of
Office and
Length
of Time
Served		  Principal Occupation(s) During Past 5 Years
Ronald R. Pressman
TIAA
730 Third Avenue
New York, NY 10017-3206
YOB: 1958		  Executive Vice President  One-year term. Executive Vice President since 2012.  Senior Executive Vice President, Chief Executive Officer, Institutional Financial Services of TIAA, and Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Pressman served as President and Chief Executive Officer of General Electric Capital Real Estate.
Otha T. Spriggs, III
TIAA
730 Third Avenue
New York, NY 10017-3206
YOB: 1951		  Executive Vice President  One-year term. Executive Vice President since 2012.  Senior Executive Vice President and Chief Human Resources Officer of TIAA and Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Spriggs served as Senior Vice President of Human Resources, Boston Scientific; President of Integrated People Solutions; Senior Vice President, Human Resources and various human resources leadership roles, CIGNA Corp.
E. Scott Wickerham
TIAA
730 Third Avenue
New York, NY 10017-3206
YOB: 1973		  Principal Financial Officer, Principal Accounting Officer and Treasurer  One-year term. Principal Financial Officer, Principal Accounting Officer and Treasurer since 2017.  Managing Director, Funds Treasurer, Nuveen. Principal Financial Officer, Principal Accounting Officer and Treasurer of the TIAA-CREF Funds, TIAA-CREF Life Funds and TIAA Separate Account VA-1; and Treasurer of CREF.

 

Please note that the Funds’ Statement of Additional Information (SAI) includes additional information about the Funds’ trustees and is available, without charge, through our website, TIAA.org, or by calling 800-223-1200.

 

TIAA-CREF Funds: Equity Funds  ■  2017 Annual Report 131
 

Important tax information (unaudited)

 

For the fiscal year ended October 31, 2017, the TIAA-CREF Funds designate the following distribution amounts (or the maximum amount allowable) as being from Section 1250 gains and net long-term capital gains.

 

Fund  Section 1250
gains		   Long-term
capital gains		   Total 
Enhanced Large-Cap Growth Index        $—      $52,262,357      $52,262,357 
Enhanced Large-Cap Value Index   402,307    99,770,538    100,172,845 
Growth & Income   —    96,994,499    96,994,499 
Large-Cap Growth   —    45,500,378    45,500,378 
Large-Cap Value   —    162,011,485    162,011,485 
Mid-Cap Growth   —    8,339,186    8,339,186 
Mid-Cap Value   —    202,010,430    202,010,430 
Small-Cap Equity   —    104,246,888    104,246,888 
Small/Mid-Cap Equity   —    865,464    865,464 
Social Choice Equity   396,773    107,642,107    108,038,880 
Social Choice Low Carbon Equity   —    414,616    414,616 
Emerging Markets Equity   —    1,094,280    1,094,280 
Enhanced International Equity Index   —    —    — 
Global Natural Resources   —    —    — 
International Equity   —    —    — 
International Opportunities   —    —    — 
International Small-Cap Equity   —    —    — 
Social Choice International Equity   —    —    — 

 

For the fiscal year ended October 31, 2017, the TIAA-CREF Funds designate the following percentages (or the maximum amount allowable) of ordinary income dividends paid as qualifying for the maximum tax rate of 15% as provided by the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

 

Fund  Percentage
Enhanced Large-Cap Growth Index   86.44%
Enhanced Large-Cap Value Index   90.30 
Growth & Income   65.62 
Large-Cap Growth   84.86 
Large-Cap Value   89.31 
Mid-Cap Growth   67.47 
Mid-Cap Value   100.00 
Small-Cap Equity   69.82 
Small/Mid-Cap Equity   19.00 
Social Choice Equity   100.00 
Social Choice Low Carbon Equity   92.72 
Emerging Markets Equity   75.86 
Enhanced International Equity Index   71.20 
Global Natural Resources   100.00 
International Equity   100.00 
International Opportunities   85.99 
International Small-Cap Equity   24.57 
Social Choice International Equity   86.08 

 

For the fiscal year ended October 31, 2017, the TIAA-CREF Funds designate the following percentages (or the maximum amount allowable) of ordinary income dividends paid as qualifying for the corporate dividends received deduction.

 

Fund  Percentage
Enhanced Large-Cap Growth Index   86.23%
Enhanced Large-Cap Value Index   90.05 
Growth & Income   63.50 
Large-Cap Growth   84.07 
Large-Cap Value   88.68 
Mid-Cap Growth   67.22 
Mid-Cap Value   91.47 
Small-Cap Equity   69.77 
Small/Mid-Cap Equity   18.31 
Social Choice Equity   95.23 
Social Choice Low Carbon Equity   88.40 
Emerging Markets Equity   1.03 
Enhanced International Equity Index   0.00 
Global Natural Resources   40.51 
International Equity   0.00 
International Opportunities   0.00 
International Small-Cap Equity   0.00 
Social Choice International Equity   0.00 

 

The Emerging Markets Equity, Enhanced International Equity Index, Global Natural Resources, International Equity, International Opportunities, International Small-Cap Equity, and Social Choice International Equity Funds received income from foreign sources during the year ended October 31, 2017 of $24,921,614 ($0.22292 per share), $46,248,640 ($0.20449 per share), $635,318 ($0.11706 per share), $61,159,209 ($0.15465 per share), $24,386,025 ($0.21974 per share), $20,438,409 ($0.27785 per share, and $1,051,131 ($0.23696 per share, respectively, and paid taxes to foreign countries during the year ended October 31, 2017 of $4,720,321 ($0.04222 per share), $3,234,672 ($0.01430 per share), $41,762 ($0.00769 per share), $5,342,433 ($0.01351 per share), $2,180,077 ($0.01964 per share), $2,154,385 ($0.02929 per share), and $77,562 ($0.01749 per share), respectively.

 

The information and distributions reported herein may differ from the information and distributions reported to shareholders for the calendar year ending December 31, 2017, which will be reported in conjunction with your 2017 Form 1099-DIV.

 

By early 2018, shareholders should receive their Form 1099-DIV and a tax information letter from the Funds. For your specific situation, we recommend that you consult a professional tax advisor.


 

132 2017 Annual Report  ■  TIAA-CREF Funds: Equity Funds
 

Additional information about index providers (unaudited)

 

Russell Indexes

 

The Russell 1000® Index, the Russell 2000® Index, the Russell 2500® Index, the Russell 3000® Index, the Russell 1000 Value Index, the Russell 1000 Growth Index, the Russell Midcap® Growth Index and the Russell Midcap Value Index are trademarks/service marks of the Russell Investment Group. The Russell Investment Group is the owner of the copyrights relating to the Russell Indexes and is the source and owner of the data contained or reflected in the performance values relating to the Russell Indexes. The funds are not promoted by, nor in any way affiliated with, the Russell Investment Group. The Russell Investment Group is not responsible for and has not reviewed the funds nor any associated literature or publications and the Russell Investment Group makes no representation or warranty, express or implied, as to their accuracy, or completeness.

 

Russell reserves the right, at any time and without notice, to alter, amend, terminate or in any way change the Russell Indexes. Russell has no obligation to take the needs of any particular fund or its participants or any other product or person into consideration in determining, composing or calculating any of the Russell Indexes.

 

Russell’s publication of the Russell Indexes in no way suggests or implies an opinion by Russell as to the attractiveness or appropriateness of investment in any or all securities upon which the Russell Indexes are based. RUSSELL MAKES NO REPRESENTATION, WARRANTY OR GUARANTEE REGARDING THE USE OR THE RESULTS OF THE USE OF THE RUSSELL INDEXES OR ANY DATA INCLUDED THEREIN, OR ANY SECURITIES (OR COMBINATION THEREOF) COMPRISING THE RUSSELL INDEXES. RUSSELL MAKES NO OTHER EXPRESS OR IMPLIED WARRANTY, AND EXPRESSLY DISCLAIMS ANY WARRANTY, OF ANY KIND, INCLUDING WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO THE RUSSELL INDEX(ES) OR ANY DATA OR ANY SECURITY (OR COMBINATION THEREOF) INCLUDED THEREIN.

 

Standard & Poor’s Index

 

The S&P 500® Index is a trademark of The McGraw-Hill Companies, Inc. and has been licensed for use by the TIAA-CREF Growth & Income Fund. The fund is not sponsored, endorsed, sold or promoted by Standard & Poor’s and Standard & Poor’s makes no representation regarding the advisability of investing in the TIAA-CREF Growth & Income Fund.

 

MSCI Indexes

 

The funds are not sponsored, endorsed, sold or promoted by MSCI Inc. (“MSCI”), any of its affiliates, any of its information providers or any other third party involved in, or related to, compiling, computing or creating any MSCI index (collectively, the “MSCI Parties”). The MSCI indexes are the exclusive property of MSCI. MSCI and the MSCI index names are service

 

marks of MSCI or its affiliates and have been licensed for use for certain purposes by Teachers Advisors, LLC. None of the MSCI parties makes any representation or warranty, express or implied, to the issuer or owners of these funds or any other person or entity regarding the advisability of investing in funds generally or in these funds particularly or the ability of any MSCI index to track corresponding stock market performance. MSCI or its affiliates are the licensors of certain trademarks, service marks and trade names and of the MSCI indexes which are determined, composed and calculated by MSCI without regard to these funds or the issuer or owners of these funds or any other person or entity. None of the MSCI parties has any obligation to take the needs of the issuer or owners of these funds or any other person or entity into consideration in determining, composing or calculating the MSCI indexes. None of the MSCI parties is responsible for, or has participated in, the determination of the timing of, prices at, or quantities of these funds to be issued or in the determination or calculation of the equation by or the consideration into which these funds is redeemable. Further, none of the MSCI parties has any obligation or liability to the issuer or owners of these funds or any other person or entity in connection with the administration, marketing or offering of these funds.

 

ALTHOUGH MSCI SHALL OBTAIN INFORMATION FOR INCLUSION IN OR FOR USE IN THE CALCULATION OF THE MSCI INDEXES FROM SOURCES THAT MSCI CONSIDERS RELIABLE, NONE OF THE MSCI PARTIES WARRANTS OR GUARANTEES THE ORIGINALITY, ACCURACY AND/OR THE COMPLETENESS OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. NONE OF THE MSCI PARTIES MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE ISSUER OF THESE FUNDS, OWNERS OF THESE FUNDS, OR ANY OTHER PERSON OR ENTITY, FROM THE USE OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. NONE OF THE MSCI PARTIES SHALL HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS OF OR IN CONNECTION WITH ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. FURTHER, NONE OF THE MSCI PARTIES MAKES ANY EXPRESS OR IMPLIED WARRANTIES OF ANY KIND, AND THE MSCI PARTIES HEREBY EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE, WITH RESPECT TO EACH MSCI INDEX AND ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL ANY OF THE MSCI PARTIES HAVE ANY LIABILITY FOR ANY DIRECT, INDIRECT, SPECIAL, PUNITIVE, CONSEQUENTIAL OR ANY OTHER DAMAGES (INCLUDING LOST PROFITS) EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

 

No purchaser, seller or holder of these securities, products or funds, or any other person or entity, should use or refer to any MSCI trade name, trademark or service mark to sponsor, endorse, market or promote these securities without first contacting MSCI to determine whether MSCI’s permission is required. Under no circumstances may any person or entity claim any affiliation with MSCI without the prior written permission of MSCI.


 

TIAA-CREF Funds: Equity Funds  ■  2017 Annual Report 133
 

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How to reach us

 

TIAA website

 

TIAA.org
24 hours a day, 7 days a week

 

Automated telephone service

 

800-842-2252
24 hours a day, 7 days a week

 

For the hearing- or speech-impaired

 

800-842-2755
8 a.m. to 10 p.m. (ET), Monday–Friday
9 a.m. to 6 p.m. (ET), Saturday

 

 

You should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other information, please visit TIAA.org, or call 800-842-2252 for the Institutional, Advisor, Premier and Retirement classes or 800-223-1200 for the Retail Class. Please read the prospectus carefully before investing. Investment, insurance and annuity products are not FDIC insured, are not bank guaranteed, are not bank deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value.

 

Nuveen, a subsidiary of TIAA, provides investment advice and portfolio management services through a

dozen affiliated registered investment advisers. Teachers Personal Investors Services, Inc., Nuveen Securities, LLC, and TIAA-CREF Individual & Institutional Services, LLC, members FINRA and SIPC, distribute securities products.

 

This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors.


 

 

©2017 Teachers Insurance and Annuity Association of America—College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017-3206

 

TIAA
730 Third Avenue
New York, NY 10017-3206

 

 

  We’re fond of paper…in its original form.

 

Switch to eDelivery at
TIAA.org/eDelivery		  

 

 

 

Printed on paper containing recycled fiber

 

282500 A12446 (12/17)
 

TIAA
730 Third Avenue
New York, NY 10017-3206

 

 

 

  Printed on paper containing recycled fiber

 

282500 A12446 (12/17)
 

TIAA
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New York, NY 10017-3206

 

282500 A12446 (12/17)
 

Annual Report

 

October 31, 2017

 

TIAA-CREF Funds

Equity Index Funds

 

The annual report contains the audited financial statements.

 

Equity Index

 

Large-Cap Growth Index

 

Large-Cap Value Index

 

S&P 500 Index

 

Small-Cap Blend Index

 

Emerging Markets Equity Index

 

International Equity Index

 

 

Contents

 

   
Understanding your report from TIAA-CREF Funds 3
Letter to investors 4
Market monitor 6
Information for investors 7
About the funds’ benchmarks 8
Important information about expenses 9
Fund performance  
Equity Index Fund 10
Large-Cap Growth Index Fund 12
Large-Cap Value Index Fund 14
S&P 500 Index Fund 16
Small-Cap Blend Index Fund 18
Emerging Markets Equity Index Fund 20
International Equity Index Fund 22
Summary portfolios of investments 24
Audited financial statements  
Statements of assets and liabilities 38
Statements of operations 40
Statements of changes in net assets 42
Financial highlights 46
Notes to financial statements 52
Report of independent registered public accounting firm 59
Trustees and officers 60
Important tax information 63
Additional information about index providers 64
How to reach us Inside back cover
   
 

Understanding your report from TIAA-CREF Funds

 

For the purposes of this report, “TIAA-CREF Funds” refers only to the TIAA-CREF Equity Index Funds listed on the cover of this report.

This annual report contains information about the holdings and investment performance of the TIAA-CREF Funds as of October 31, 2017. The report contains four main sections:

• A letter from Brad Finkle, President of TIAA-CREF Funds, TIAA-CREF Life Funds and TIAA Investments.
• The fund performance section compares each fund’s investment returns with those of its benchmark index.
• The summary portfolios of investments list the industries and types of securities in which each fund had investments as of October 31, 2017.
• The financial statements provide detailed information about the operations and financial condition of each fund.

The views and opinions expressed in this report are through the end of the period, as stated on the cover of this report. They are subject to change at any time, based on a variety of factors. As such, they are not guarantees of future performance or investment results and should not be taken as investment advice. The risks of investing in the TIAA-CREF Funds vary from fund to fund; to see the risks of investing in an individual fund, please refer to that fund’s latest prospectus.

 

As always, you should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other important information, please visit our website at TIAA.org, or call 800-842-2252 for the Institutional, Advisor, Premier and Retirement classes or 800-223-1200 for the Retail Class. We urge you to read the prospectus carefully before investing.


 

TIAA-CREF Funds: Equity Index Funds  ■  2017 Annual Report 3
 

 

Brad Finkle

Letter to investors

 

Equity markets around the world produced strong double-digit returns during the twelve months ended October 31, 2017. The U.S. economy generated solid growth during the period, and domestic equities advanced in step with that growth. Stocks in foreign developed countries also gained considerable ground, while equities in emerging markets fared even better. For the twelve months:

 

• The Russell 3000® Index, which measures the performance of the broad U.S. stock market, returned 24.0%. (Please see page 8 for benchmark definitions.)
• The MSCI EAFE Index, which tracks stock returns in 21 developed-market nations outside North America, also rose considerably, ending the period up 23.4%.
• The MSCI Emerging Markets Index, a performance measure of stocks in 24 developing nations, posted a gain of 26.5%.
• Institutional Class returns for all seven of the TIAA-CREF Equity Index Funds produced positive results. After allowing for expenses, four of the funds moderately outperformed their respective benchmarks, while three slightly lagged.

 

Steady economic growth powers U.S. stock gains

 

The U.S. economy generated solid growth during the twelve-month period, initially expanding at a slower rate before accelerating over the final six months. Unemployment continued to decline and ended the period at 4.1%—its lowest level in 17 years. Despite healthy economic growth and a robust labor market, the rate of inflation remained modest. Oil prices rose, and the U.S. dollar declined against most major currencies during the period.

The U.S. presidential election in November 2016 gave equity markets an initial boost as investors anticipated new policies to stimulate the economy. Markets rose again later in the reporting period, responding to a supportive economy, low inflation and growing corporate profits. The Federal Reserve raised the federal funds target rate three times during the period, increasing this key short-term rate to 1.00%–1.25%.

While equities performed well across the board, over the twelve months, smaller-company stocks outperformed large-cap equities, and growth shares outgained value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

 

Global economic growth drives international stocks higher

 

Foreign equity markets trailed domestic stocks early in the twelve-month period due to a strong post-election rally in the United States, but steady economic growth around the world helped international stocks outperform U.S. shares over the first ten months of calendar year 2017. The 19-nation eurozone grew at a year-on-year rate of 2.5% during the third calendar quarter of 2017, according to a preliminary estimate—its best performance in six years. Eurozone unemployment continued to decline, while China’s economy continued to outperform developed-market economies. Emerging-markets nations were bolstered by the increase in oil prices during the period.

Central bankers around the world took note of global economic growth during the period. While the Fed continued to raise the U.S federal funds target rate, the European Central Bank decided to maintain its policy of buying bonds to stimulate growth, but it also signaled plans to reduce purchases in 2018.


 

4 2017 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds
 

Emerging-markets stocks outpace

foreign developed and U.S. equities

 

After struggling for several years against a strong U.S. dollar, declining commodity prices, weak profits and tepid earnings growth, emerging markets rallied sharply during the period. Many countries experienced economic improvement, helped by the accommodative monetary policies of their central banks and the strengthening global economy. Structural reforms helped boost corporate profitability, while subdued inflation and low interest rates in many countries encouraged capital spending. At the same time, the prices of oil and other commodities moved higher, improving the fundamental backdrop for commodity-based developing nations. A weaker U.S. dollar also was beneficial, as many foreign currencies appreciated against the dollar during the period.

 

All seven index funds post gains

 

All seven of the TIAA-CREF Equity Index Funds delivered positive performance for the period. Each fund invests in a portfolio that attempts to match the risk and return characteristics of its benchmark index at a low cost-per-invested dollar. The funds’ performance includes a deduction for expenses, while the returns of their respective indexes do not. The funds’ annual returns ranged from 29.6% for the Large-Cap Growth Index Fund to 17.7% for the Large-Cap Value Index Fund. (All fund returns are for the Institutional Class.)

The Large-Cap Growth Index Fund was the best performer at 29.6% for the twelve months. Its value counterpart, the Large-Cap Value Index Fund, posted a much lower 17.7% return, as growth outperformed value during the period. The Equity Index Fund rose 24.0%, outpacing its benchmark despite the effect of expenses, while the S&P 500 Index Fund advanced 23.6%, but underperformed the index for the twelve-month period.

In the small-cap equity space, the Small-Cap Blend Index Fund returned 28.0%.

Despite the effect of expenses, international funds outperformed their benchmarks. The International Equity Index Fund rose 23.8%, while the Emerging Markets Equity Index Fund posted a return of 26.9% at period-end.

A detailed overview of the financial markets during the twelve-month period appears on page 6, and a discussion of how each fund performed in relation to its benchmark begins on page 10.

 

Stocks keep on ticking …

 

Investors’ appetite for risk has continued relatively unabated for the past several years. By historical standards, the post-recession rally that began in 2009 is not the longest bull market ever recorded, but it’s approaching that milestone. The more-than 20.0% gains we saw in global stocks over the past twelve months may give us reason to cheer, but at the same time, it may be reason for us also to consider the old maxim that “what goes up must come down.” (Past performance is no guarantee of future results.)

Many economists argue that there aren’t any particularly worrisome stresses in the capital markets as we enter the closing months of 2017. Corporate earnings remained strong through the third quarter, and even if painfully slow, prospects for U.S. tax reform continued to buoy the equity markets. While it may be argued that the valuations of all asset classes are stretched at the moment, in relation to one another, many think they are rationally priced.

Yet market corrections are an inevitable consequence of being invested. And as we’ve counseled many times in the past, trying to “time the market”—making buy and sell decisions based on one’s predictions of future price movements—is more often than not a failed strategy, even for the most seasoned of investment professionals. Instead, we believe investors may be better served by maintaining a diversified portfolio of stocks though a professionally managed mutual fund or series of mutual funds, while also keeping their eyes focused on the long term.

If you have questions or concerns and would like to discuss the current status of your portfolio, please consult your financial advisor or call a TIAA financial consultant at 800-842-2252. We always stand ready to assist you.

 

/s/ Brad Finkle

 

Brad Finkle

President

TIAA-CREF Funds, TIAA-CREF Life Funds and TIAA Investments


 

TIAA-CREF Funds: Equity Index Funds  ■  2017 Annual Report 5
 

Market monitor

 

U.S. and foreign equity markets post strong gains in growing global economy

 

For the twelve months ended October 31, 2017, stock markets in the U.S. and around the world recorded strong gains amid steady global economic growth. The Russell 3000® Index, a broad-based measure of U.S. stock market performance, returned 24.0%. International developed markets also produced strong gains, and emerging markets generated even higher returns.

 

U.S. economy expands but inflation remains muted

 

Real gross domestic product (GDP), which measures the value of all goods and services produced in the nation, grew at an annualized rate of 1.8% in the final three months of 2016 but slowed to 1.2% during the first quarter of 2017. GDP growth accelerated to 3.1% in the second quarter and finished the third quarter at 3.0%, according to the government’s “advance estimate.” Expansion over the second and third quarters produced the best performance for consecutive quarters since 2014. The pace of growth in the third quarter defied expectations that hurricanes striking Texas and Florida would dampen the economy.

U.S. labor markets grew stronger through the period. Unemployment declined from 4.8% in October 2016 to 4.1% in October 2017—its lowest level in 17 years. Consumer confidence in October reached its highest level since 2000. Existing home sales improved in September after supply shortages and hurricanes muted activity during the late summer months.

Inflation remained stable throughout the period with core inflation—which includes all items except food and energy—at 1.8% for the twelve months ended October 31, 2017. The price per barrel of West Texas Intermediate crude oil rose from nearly $47 on November 1, 2016, to just over $54 on

 

Rising tide lifts all boats

Global equity: Growth and small-cap stocks lead strong returns

Returns for twelve months ended October 31, 2017

 

 

Source: U.S. broad market: Russell 3000® Index; International: MSCI All-Country World ex USA Index; U.S. growth: Russell 3000 Growth Index; U.S. value: Russell 3000 Value Index; U.S. small-cap: Russell 2000® Index; U.S. large-cap: Russell 1000® Index. As of October 31, 2017.

October 31, 2017—the highest sustained price level since the summer of 2015. The U.S. dollar lost ground against most major currencies over the twelve months.

 

Growth-oriented shares and small-cap stocks gain most

 

In the U.S. equity market, growth stocks were favored over value shares across all market capitalizations for the twelve-month period. Small-cap stocks returned 27.9% during the period. Large-cap stocks gained 23.7% and mid-cap shares advanced 21.1%. Among large-cap stocks, growth shares gained 29.7% and value equities climbed 17.8%. Mid-cap growth shares returned 26.3% and mid-cap value stocks gained 17.1%. Among small-cap stocks, growth equities returned 31.0% while value shares advanced 24.8%. (Returns by investment style and capitalization size are based on Russell indexes.)

Internationally, developed- and emerging-markets stocks lost ground in the fourth quarter of 2016 but posted strong gains during 2017, through October 31. For the twelve-month period, the MSCI EAFE Index, which tracks stock performance in 21 developed-market countries outside North America, gained 23.4%, while the MSCI Emerging Markets Index advanced 26.5%.

 

Central bankers react cautiously to rebounding economies

 

Early in the period, U.S. equity markets enjoyed a post-election rally as investors anticipated the possibility of new policies to stimulate the economy. Markets idled early in 2017 as the administration’s health care legislation stalled in Congress. But the combination of steady economic growth, higher corporate profits and strong labor markets—with no increase in inflation—powered stock prices through the remainder of the period.

During the period, the Federal Reserve took several cautious steps to reverse economic stimulus policies that had been in place for nearly a decade. It increased the federal funds target rate three times over the twelve-month period, raising the key short-term interest-rate measure from 0.25%–0.50% in October 2016 to 1.00%–1.25% by period-end. The Fed also decided to begin slowly reducing its portfolio of bonds purchased in past years to boost the economy, and it signaled another potential rate hike in December.

European economies posted solid growth, and unemployment fell during the period. Inflation in the 19-nation eurozone remained well below the target range set by central bankers. As a result, the European Central Bank left its benchmark interest rate unchanged at 0.00% but indicated it may reduce the pace of bond purchases it makes as part of a strategy to stimulate the economy. The Bank of England, which had debated increasing its benchmark rate for the first time in a decade, did so immediately after the reporting period ended.


 

6 2017 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds
 

Information for investors

 

Portfolio holdings

 

Securities and Exchange Commission (SEC) rules allow investment companies to list the top holdings of each fund in their annual and semiannual reports, instead of providing complete portfolio listings. The TIAA-CREF Funds also file complete portfolio listings with the SEC, and they are available to the public.

You can obtain a complete list of the TIAA-CREF Funds’ portfolio holdings (Schedules of Investments) as of the most recently completed fiscal quarter in the following ways:

• By visiting our website at TIAA.org; or
• By calling us at 800-842-2252 to request a copy, which will be provided free of charge.

You can also obtain a complete list of the TIAA-CREF Funds’ portfolio holdings as of the most recently completed fiscal quarter, and for prior quarter-ends, from our SEC Form N-CSR and Form N-Q filings. Form N-CSR filings are as of October 31 or April 30; Form N-Q filings are as of January 31 or July 31. Copies of these forms are available:

• Through the Electronic Data Gathering and Retrieval System (EDGAR) on the SEC’s website at sec.gov; or
• From the SEC’s Office of Investor Education and Advocacy. Call 202-551-8090 for more information.

Proxy voting

 

TIAA-CREF Funds’ ownership of stock gives it the right to vote on proxy issues of companies in which it invests. A description of our proxy voting policies and procedures can be found on our website at TIAA.org or on the SEC’s website at sec.gov. You can also call us at 800-842-2252 to request a free copy. A report of how the funds voted during the most recently completed twelve-month period ended June 30 can be found on our website or on Form N-PX at sec.gov.

 

Contacting TIAA

 

There are three easy ways to contact us: by email, using the Contact Us link at the top of our home page; by mail at TIAA, 730 Third Avenue, New York, NY 10017-3206; or by phone at 800-842-2252.

 

Fund management

 

The TIAA-CREF Funds are managed by the portfolio management teams of Teachers Advisors, LLC. The members of these teams are responsible for the day-to-day investment management of the funds.


 

TIAA-CREF Funds: Equity Index Funds  ■  2017 Annual Report 7
 

About the funds’ benchmarks

 

Broad market indexes

 

The Russell 3000® Index measures the performance of the stocks of the 3,000 largest publicly traded U.S. companies, based on market capitalization. The index measures the performance of about 98% of the total market capitalization of the publicly traded U.S. equity market.

 

The MSCI EAFE Index measures the performance of the leading stocks in 21 developed-market countries outside North America—in Europe, Australasia and the Far East.

 

The MSCI Emerging Markets Index measures the performance of the leading stocks in 24 emerging-market countries in Europe, Asia, Africa, Latin America and the Middle East.

 

Large-cap indexes

 

The S&P 500® Index is a market-capitalization-weighted index of the stocks of 500 leading companies in major industries of the U.S. economy.

 

The Russell 1000® Growth Index is a subset of the Russell 1000 Index, which measures the performance of the stocks of the 1,000 largest companies in the Russell 3000 Index, based on market capitalization. The Russell 1000 Growth Index measures the performance of those stocks of the Russell 1000 Index with higher relative forecasted growth rates and price/book ratios.

The Russell 1000 Value Index is a subset of the Russell 1000 Index, which measures the performance of the stocks of the 1,000 largest companies in the Russell 3000 Index, based on market capitalization. The Russell 1000 Value Index measures the performance of those stocks of the Russell 1000 Index with lower relative forecasted growth rates and price/book ratios.

 

Small-cap index

 

The Russell 2000® Index measures the performance of the stocks of the 2,000 smallest companies in the Russell 3000 Index, based on market capitalization.

 

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

 

Russell 1000, Russell 2000 and Russell 3000 are trademarks and service marks of Russell Investments. TIAA products are not promoted or sponsored by, or affiliated with, Russell Investments. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. This report is not approved, reviewed or produced by MSCI. S&P 500 is a registered trademark and service mark of the McGraw-Hill Companies, Inc.


 

8 2017 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds
 

Important information about expenses

 

All shareholders of the TIAA-CREF Funds incur ongoing costs, including management fees and other fund expenses. They may also incur transactional costs for redemptions or account maintenance fees.

The expense examples that appear on the performance pages are intended to help you understand your ongoing costs only (in U.S. dollars) and do not reflect transactional costs or the costs incurred by the fund for buying and selling securities. The examples are designed to help you compare these ongoing costs with the ongoing costs of investing in other mutual funds.

The expenses shown do not include account maintenance fees, which may or may not be applicable, as described in the prospectus. If such fees were included, your total costs for investing in the funds would be higher. Note also that shareholders of the TIAA-CREF Funds do not incur a sales charge for purchases, reinvested dividends or other distributions.

The examples are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (May 1, 2017–October 31, 2017).

 

Actual expenses

 

The first section of each table uses the fund’s actual expenses and its actual rate of return. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the six-month period.

Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses paid during period” to estimate the expenses you paid during the six-month period. Some funds have a contractual fee reimbursement. Had these not been in effect, fund expenses may have been higher.

 

Hypothetical example for comparison purposes

 

The second line in each share class’ entry shows hypothetical account values and expenses based on the share class’ actual expense ratio for the six-month period and an assumed 5% per year rate of return before expenses. This was not the share class’ actual return.

This hypothetical example cannot be used to estimate the actual expenses you paid for the period but rather allows you to compare the ongoing costs of investing in the fund with the costs of other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other mutual funds.


 

TIAA-CREF Funds: Equity Index Funds  ■  2017 Annual Report 9
 

Equity Index Fund

 

Expense example

 

Six months ended October 31, 2017

Equity Index Fund  Beginning
account
value
(5/1/17)		   Ending
account
value
(10/31/17)		   Expenses
paid
during
period*
(5/1/17–
10/31/17)
Actual return              
Institutional Class   $1,000.00   $1,089.11   $0.26
Advisor Class   1,000.00    1,088.55    0.84
Premier Class   1,000.00    1,088.19    1.05
Retirement Class   1,000.00    1,087.88    1.58
Retail Class   1,000.00    1,087.58    1.74
5% annual hypothetical return              
Institutional Class   1,000.00    1,024.95    0.26
Advisor Class   1,000.00    1,024.40    0.82
Premier Class   1,000.00    1,024.20    1.02
Retirement Class   1,000.00    1,023.69    1.53
Retail Class   1,000.00    1,023.54    1.68

 

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 2017. The fund’s annualized six-month expense ratio for that period was 0.05% for the Institutional Class, 0.16% for the Advisor Class, 0.20% for the Premier Class, 0.30% for the Retirement Class and 0.33% for the Retail Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

 

For more information about this expense example, please see page 9.

 

Portfolio composition

Sector % of net assets
as of 10/31/2017
Information technology   23.2
Financials   15.1
Health care   13.5
Consumer discretionary   12.1
Industrials   10.7
Consumer staples   7.1
Energy   5.6
Real estate   3.9
Materials   3.5
Utilities   3.2
Telecommunication services   1.8
Short-term investments, other assets & liabilities, net   0.3
Total   100.0

 

Performance for the twelve months ended October 31, 2017

 

The Equity Index Fund returned 24.00% for the Institutional Class, compared with the 23.98% return of its benchmark, the Russell 3000® Index. The table below shows the returns for all share classes of the fund.

For the twelve-month period, the fund’s return outperformed that of its benchmark index, despite the effect of expenses. The fund’s return includes a deduction for expenses, while the benchmark’s does not. The fund had a risk profile similar to that of its benchmark.

 

Steady economic growth powers U.S. stock gains

 

The U.S. economy generated solid growth during the twelve-month period, initially expanding at a slower rate before accelerating over the final six months. Unemployment continued to decline and ended the period at 4.1%—its lowest level in 17 years. Despite healthy economic growth and a robust labor market, the rate of inflation remained modest. Oil prices rose, and the U.S. dollar declined against most major currencies during the period.

The U.S. presidential election in November 2016 gave equity markets an initial boost as investors anticipated new policies to stimulate the economy. Markets rose again later in the reporting period, responding to a supportive economy, low inflation and growing corporate profits. The Federal Reserve raised the federal funds target rate three times during the period, increasing this key short-term rate to 1.00%–1.25%. The Fed also said it would slowly reduce its large portfolio of bonds purchased to stimulate the economy after the 2008 financial crisis. The price per barrel of West Texas Intermediate crude oil rose from nearly $47 on November 1, 2016, to just over $54 on October 31, 2017.

 

Performance as of October 31, 2017

Equity Index Fund      Total
return		  Average annual
total return		  Annual operating
expenses*
    Ticker   Inception date   1 year   5 years   10 years   gross   net 
Institutional Class   TIEIX   7/1/99    24.00%   15.08%   7.60%   0.05%    0.05%
Advisor Class   TEIHX   12/4/15    23.85    15.07†   7.59†   0.14    0.14 
Premier Class   TCEPX   9/30/09    23.78    14.91    7.47†   0.20    0.20 
Retirement Class   TIQRX   3/31/06    23.66    14.79    7.33    0.30    0.30 
Retail Class   TINRX   3/31/06    23.59    14.75    7.33    0.34    0.34 
Russell 3000 Index       —    23.98    15.12    7.61    —    — 

 

The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.

 

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

 

* The gross and net annual operating expenses are taken from the fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement arrangements now in effect will continue through at least February 28, 2018, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.
† The performance shown for the Advisor and Premier classes that is prior to their respective inception dates is based on the performance of the fund’s Institutional Class. The performance for these periods has not been restated to reflect the higher expenses of the Advisor and Premier classes. If those higher expenses had been reflected, the performance of these two classes shown for these periods would have been lower.


 

10 2017 Annual Report   ■  TIAA-CREF Funds: Equity Index Funds
 

For the twelve months, the Russell 3000 Index, a broad measure of the U.S. stock market, gained 23.98%. Smaller stocks outperformed large-cap equities during the period, and growth shares outgained value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

For the ten years ended October 31, 2017, the Russell 3000 Index earned an average annual return of 7.61%.

 

Technology and financials lead the benchmark higher

 

All eleven industry sectors in the Russell 3000 Index generated positive returns for the twelve months. Information technology, the most heavily weighted sector for the period, earned 38.0% and made the largest contribution to returns, benefiting from strong revenue and profit growth. Financials, the next-largest sector, also made a significant contribution, rising 35.7%. Industrials, another sizable sector, also outperformed, advancing 26.8%. Together, these three sectors made up close to 50.0% of the index’s total market capitalization on October 31, 2017. Among other large sectors in the benchmark, health care rose 23.9% and consumer discretionary was up 20.6%.

Telecommunication services was the weakest-performing sector within the benchmark, gaining only a scant 0.1%.

 

Four of the benchmark’s five largest stocks outperform

 

For the twelve-month period, four of the benchmark’s five largest stocks generated returns that surpassed the overall performance of the index. Shares of Apple, the largest stock in the index and its top performer, benefited from a resurgence in iPad sales and continued growth in Mac sales. Microsoft, Amazon.com and Facebook also outperformed. Johnson & Johnson generated returns that nearly matched the index’s performance.

 

$10,000 over 10 years

 

Institutional Class

 

 

 

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by company size
Market % of equity investments
capitalization as of 10/31/2017
More than $50 billion   55.7
More than $15 billion–$50 billion   21.3
More than $2 billion–$15 billion   19.2
$2 billion or less   3.8
Total   100.0

 

Fund profile    
    as of 10/31/2017
Net assets   $15.63 billion
Number of holdings   2,935
Portfolio turnover rate   11%
Weighted median market capitalization   $64.47 billion
Price/earnings ratio (weighted 12-month trailing average)†   26.2

 

† Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.


 

TIAA-CREF Funds: Equity Index Funds  ■  2017 Annual Report 11
 

Large-Cap Growth Index Fund

 

Expense example

 

Six months ended October 31, 2017

Large-Cap
Growth Index Fund		  Beginning
account
value
(5/1/17)		   Ending
account
value
(10/31/17)		   Expenses
paid
during
period*
(5/1/17–
10/31/17)
Actual return                
Institutional Class   $1,000.00   $1,125.25   $0.32
Advisor Class     1,000.00    1,124.50    1.12
Retirement Class     1,000.00    1,123.57    1.66
5% annual hypothetical return                
Institutional Class     1,000.00    1,024.90    0.31
Advisor Class     1,000.00    1,024.15    1.07
Retirement Class     1,000.00    1,023.64    1.58

 

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 2017. The fund’s annualized six-month expense ratio for that period was 0.06% for the Institutional Class, 0.21% for the Advisor Class and 0.31% for the Retirement Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

 

For more information about this expense example, please see page 9.

 

Portfolio composition      
Sector % of net assets
as of 10/31/2017
Information technology     39.0
Consumer discretionary     17.5
Health care     13.1
Industrials     12.2
Consumer staples     6.5
Materials     3.8
Financials     3.5
Real estate     2.5
Telecommunication services     0.9
Energy     0.9
Short-term investments, other assets & liabilities, net     0.1
Total     100.0

Performance for the twelve months ended October 31, 2017

 

The Large-Cap Growth Index Fund returned 29.56% for the Institutional Class, compared with the 29.71% return of its benchmark, the Russell 1000® Growth Index. The table below shows returns for all share classes of the fund.

For the twelve-month period, the fund’s return underperformed that of its benchmark index due to the effect of expenses. The fund’s return includes a deduction for expenses, while the benchmark’s does not. The fund had a risk profile similar to that of its benchmark.

 

Steady economic growth powers U.S. stock gains

 

The U.S. economy generated solid growth during the twelve-month period, initially expanding at a slower rate before accelerating over the final six months. Unemployment continued to decline and ended the period at 4.1%—its lowest level in 17 years. Despite healthy economic growth and a robust labor market, the rate of inflation remained modest. Oil prices rose, and the U.S. dollar declined against most major currencies during the period.

The U.S. presidential election in November 2016 gave equity markets an initial boost as investors anticipated new policies to stimulate the economy. Markets rose again later in the reporting period, responding to a supportive economy, low inflation and growing corporate profits. The Federal Reserve raised the federal funds target rate three times during the period, increasing this key short-term rate to 1.00%–1.25%. The Fed also said it would slowly reduce its large portfolio of bonds purchased to stimulate the economy after the 2008 financial crisis. The price per barrel of West Texas Intermediate crude oil rose from nearly $47 on November 1, 2016, to just over $54 on October 31, 2017.

 

Performance as of October 31, 2017

Large-Cap Growth Index Fund  Total return  Average annual
total return		  Annual operating
expenses*
   Ticker  Inception date  1 year    5 years    10 years    gross    net  
Institutional Class   TILIX   10/1/02    29.56%   16.73%   9.06%   0.06%    0.06% 
Advisor Class   TRIHX   12/4/15    29.45    16.70†   9.04†   0.15    0.15 
Retirement Class   TRIRX   10/1/02    29.23    16.46    8.79    0.31    0.31 
Russell 1000 Growth Index       —    29.71    16.83    9.13    —    — 

 

The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.

 

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

 

* The gross and net annual operating expenses are taken from the fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement arrangements now in effect will continue through at least February 28, 2018, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.
† The performance shown for the Advisor Class that is prior to its inception date is based on the performance of the fund’s Institutional Class. The performance for these periods has not been restated to reflect the higher expenses of the Advisor Class. If those higher expenses had been reflected, the performance of the Advisor Class shown for these periods would have been lower.


 

12 2017 Annual Report   ■  TIAA-CREF Funds: Equity Index Funds
 

For the twelve months, the Russell 3000® Index, a broad measure of the U.S. stock market, gained 23.98%. Smaller stocks outperformed large-cap equities, and growth shares outgained value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

For the ten years ended October 31, 2017, the Russell 1000 Growth Index had an average annual gain of 9.13%, outperforming the 5.99% and 7.61% average annual returns of the Russell 1000 Value Index and the Russell 3000 Index, respectively.

 

Technology drives the benchmark’s robust advance

 

Ten of the eleven industry sectors in the Russell 1000 Growth Index posted gains for the twelve months. Information technology, the largest sector for the period, surged 41.4% and contributed nearly one-half of the index’s return, buoyed by strong earnings reports. Consumer discretionary and health care, the next-largest sectors, rose 22.6% and 29.6%, respectively, and also made significant return contributions. Together, these three sectors represented nearly 70.0% of the benchmark’s total market capitalization on October 31, 2017.

Energy, the sole decliner, returned –4.4%. However, the sector had only a 0.6% weighting.

 

Four of the benchmark’s five largest stocks outperform

 

For the twelve-month period, four of the benchmark’s five largest stocks generated returns that surpassed the overall performance of the index. Shares of Apple, the largest stock in the index and its top performer, benefited from a resurgence in iPad sales and continued growth in Mac sales. Microsoft, Amazon.com and Facebook also outperformed, while Alphabet, the parent company of Google, trailed modestly.

 

$10,000 over 10 years

 

Institutional Class

 

 

 

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by company size
Market % of equity investments
capitalization as of 10/31/2017
More than $50 billion   63.9
More than $15 billion–$50 billion   22.1
More than $2 billion–$15 billion   13.9
$2 billion or less   0.1
Total   100.0

 

Fund profile    
  as of 10/31/2017
Net assets   $5.45 billion
Number of holdings   553
Portfolio turnover rate   18%
Weighted median market capitalization   $90.21 billion
Price/earnings ratio (weighted 12-month trailing average)†   27.8

 

† Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.


 

TIAA-CREF Funds: Equity Index Funds  ■  2017 Annual Report 13
 

Large-Cap Value Index Fund

 

Expense example

 

Six months ended October 31, 2017

Large-Cap
Value Index Fund		  Beginning
account
value
(5/1/17)		   Ending
account
value
(10/31/17)		   Expenses
paid
during
period*
(5/1/17–
10/31/17)
Actual return              
Institutional Class  $1,000.00   $1,054.39   $0.26
Advisor Class   1,000.00    1,053.31    1.14
Retirement Class   1,000.00    1,052.99    1.55
5% annual hypothetical return              
Institutional Class   1,000.00    1,024.95    0.26
Advisor Class   1,000.00    1,024.10    1.12
Retirement Class   1,000.00    1,023.69    1.53
   
* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 2017. The fund’s annualized six-month expense ratio for that period was 0.05% for the Institutional Class, 0.22% for the Advisor Class and 0.30% for the Retirement Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

 

For more information about this expense example, please see page 9.

 

Portfolio composition

Sector     % of net assets
as of 10/31/2017
Financials     26.8
Health care     13.6
Energy     10.7
Information technology     8.6
Consumer staples     8.4
Industrials     8.3
Consumer discretionary     6.6
Utilities     6.3
Real estate     4.8
Materials     3.0
Telecommunication services     2.8
Short-term investments, other assets & liabilities, net     0.1
Total     100.0

Performance for the twelve months ended October 31, 2017

 

The Large-Cap Value Index Fund returned 17.66% for the Institutional Class, compared with the 17.78% return of its benchmark, the Russell 1000® Value Index. The table below shows returns for all share classes of the fund.

For the twelve-month period, the fund’s return underperformed that of its benchmark index due to the effect of expenses. The fund’s return includes a deduction for expenses, while the benchmark’s does not. The fund had a risk profile similar to that of its benchmark.

 

Steady economic growth powers U.S. stock gains

 

The U.S. economy generated solid growth during the twelve-month period, initially expanding at a slower rate before accelerating over the final six months. Unemployment continued to decline and ended the period at 4.1%—its lowest level in 17 years. Despite healthy economic growth and a robust labor market, the rate of inflation remained modest. Oil prices rose, and the U.S. dollar declined against most major currencies during the period.

The U.S. presidential election in November 2016 gave equity markets an initial boost as investors anticipated new policies to stimulate the economy. Markets rose again later in the reporting period, responding to a supportive economy, low inflation and growing corporate profits. The Federal Reserve raised the federal funds target rate three times during the period, increasing this key short-term rate to 1.00%–1.25%. The Fed also said it would slowly reduce its large portfolio of bonds purchased to stimulate the economy after the 2008 financial crisis. The price per barrel of West Texas Intermediate crude oil rose from nearly $47 on November 1, 2016 to just over $54 on October 31, 2017.

For the twelve months, the Russell 3000® Index, a broad measure of the U.S. stock market, gained 23.98%. Smaller stocks outperformed large-cap equities, and growth shares outgained value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

 

Performance as of October 31, 2017

Large-Cap Value Index Fund            Total
return		  Average annual
total return		  Annual operating
expenses*
     Ticker   Inception
date		  1 year    5 years    10 years    gross    net  
Institutional Class   TILVX  10/1/02    17.66%   13.39%   5.93%   0.06%   0.06%
Advisor Class   THCVX  12/4/15    17.58    13.36†   5.92†   0.15    0.15 
Retirement Class   TRCVX  10/1/02    17.41    13.11    5.67    0.31    0.31 
Russell 1000 Value Index      —    17.78    13.48    5.99    —    — 

 

The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.

 

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

 

* The gross and net annual operating expenses are taken from the fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement arrangements now in effect will continue through at least February 28, 2018, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.
† The performance shown for the Advisor Class that is prior to its inception date is based on the performance of the fund’s Institutional Class. The performance for these periods has not been restated to reflect the higher expenses of the Advisor Class. If those higher expenses had been reflected, the performance of the Advisor Class shown for these periods would have been lower.


 

14 2017 Annual Report   ■  TIAA-CREF Funds: Equity Index Funds
 

For the ten years ended October 31, 2017, the Russell 1000 Value Index had an average annual gain of 5.99%, trailing the 9.13% and 7.61% average annual returns of the Russell 1000 Growth Index and the Russell 3000 Index, respectively.

 

Financials lead the benchmark higher

 

Ten of the eleven industry sectors in the Russell 1000 Value Index advanced for the twelve months. Financials, the largest sector for the period, gained 36.1% and contributed nearly one-half of the index’s return amid expectations for less government regulation. Health care, the next-largest sector, rose 15.8% and also made a significant return contribution, as did information technology and industrials, which gained 27.6% and 17.9%, respectively. These four sectors accounted for close to 60.0% of the benchmark’s total market capitalization on October 31, 2017.

Telecommunication services was the worst-performing component, returning -2.6 due to slow growth and price competition in the sector.

 

Four of the benchmark’s five largest stocks outperform

 

For the twelve-month period, four of the benchmark’s five largest stocks generated returns that surpassed the overall performance of the index. These were Bank of America, which led the gains, followed by JPMorgan Chase, Berkshire Hathaway and Johnson & Johnson. Exxon Mobil generated a positive yet relatively subdued return, despite improving earnings.

 

$10,000 over 10 years

 

Institutional Class

 

 

 

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by company size

Market
capitalization		 % of equity investments
 as of 10/31/2017
More than $50 billion    56.2
More than $15 billion–$50 billion   24.5
More than $2 billion–$15 billion   19.1
$2 billion or less    0.2
Total    100.0

 

Fund profile

  as of 10/31/2017
Net assets   $6.47 billion
Number of holdings   717
Portfolio turnover rate   27%
Weighted median market capitalization   $64.31 billion
Price/earnings ratio (weighted 12-month trailing average)†   22.4

 

† Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.


 

TIAA-CREF Funds: Equity Index Funds  ■  2017 Annual Report 15
 

S&P 500 Index Fund

 

Expense example

 

Six months ended October 31, 2017

S&P 500
Index Fund		  Beginning
account
value
(5/1/17)		    Ending
account
value
(10/31/17)		    Expenses
paid
during
period*
(5/1/17–
10/31/17)
Actual return              
Institutional Class  $1,000.00   $1,090.91    $0.26
Advisor Class   1,000.00    1,090.19    1.05
Retirement Class   1,000.00    1,089.57    1.58
5% annual hypothetical return              
Institutional Class   1,000.00    1,024.95    0.26
Advisor Class   1,000.00    1,024.20    1.02
Retirement Class   1,000.00    1,023.69    1.53

 

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 2017. The fund’s annualized six-month expense ratio for that period was 0.05% for the Institutional Class, 0.20% for the Advisor Class and 0.30% for the Retirement Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

 

For more information about this expense example, please see page 9.

 

Portfolio composition
Sector % of net assets
as of 10/31/2017
Information technology   24.2
Financials   14.6
Health care   14.0
Consumer discretionary   11.8
Industrials   10.0
Consumer staples   7.9
Energy   5.9
Utilities   3.2
Materials   3.0
Real estate   2.9
Telecommunication services   1.9
Short-term investments, other assets & liabilities, net   0.6
Total   100.0

Performance for the twelve months ended October 31, 2017

 

The S&P 500 Index Fund returned 23.56% for the Institutional Class, compared with the 23.63% return of its benchmark, the S&P 500® Index. The table below shows returns for all share classes of the fund.

For the twelve-month period, the fund’s return underperformed that of its benchmark index due to the effect of expenses. The fund’s return includes a deduction for expenses, while the benchmark’s does not. The fund had a risk profile similar to that of its benchmark.

 

Steady economic growth powers U.S. stock gains

 

The U.S. economy generated solid growth during the twelve-month period, initially expanding at a slower rate before accelerating over the final six months. Unemployment continued to decline and ended the period at 4.1%—its lowest level in 17 years. Despite healthy economic growth and a robust labor market, the rate of inflation remained modest. Oil prices rose, and the U.S. dollar declined against most major currencies during the period.

The U.S. presidential election in November 2016 gave equity markets an initial boost as investors anticipated new policies to stimulate the economy. Markets rose again later in the reporting period, responding to a supportive economy, low inflation and growing corporate profits. The Federal Reserve raised the federal funds target rate three times during the period, increasing this key short-term rate to 1.00%–1.25%. The Fed also said it would slowly reduce its large portfolio of bonds purchased to stimulate the economy after the 2008 financial crisis. The price per barrel of West Texas Intermediate crude oil rose from nearly $47 on November 1, 2016, to just over $54 on October 31, 2017.

For the twelve months, the large-cap-oriented S&P 500 Index slightly underperformed the Russell 3000® Index, a broad measure of the U.S. stock market, which gained 23.98%. A portion of the Russell 3000 Index consists of small-cap equities, which outperformed large caps for the period.

 

Performance as of October 31, 2017

S&P 500 Index Fund          Total
return		  Average annual
total return		  Annual operating
expenses*
   Ticker   Inception
date		  1 year    5 years    10 years    gross    net  
Institutional Class  TISPX  10/1/02    23.56%   15.10%   7.46%   0.05%   0.05%
Advisor Class  TISAX  12/4/15    23.40    15.07†   7.45†   0.15    0.15 
Retirement Class  TRSPX  10/1/02    23.24    14.81    7.19    0.30    0.30 
S&P 500 Index     —    23.63    15.18    7.51    —    — 

 

The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.

 

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

 

* The gross and net annual operating expenses are taken from the fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement arrangements now in effect will continue through at least February 28, 2018, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.
† The performance shown for the Advisor Class that is prior to its inception date is based on the performance of the fund’s Institutional Class. The performance for these periods has not been restated to reflect the higher expenses of the Advisor Class. If those higher expenses had been reflected, the performance of the Advisor Class shown for these periods would have been lower.


 

16 2017 Annual Report   ■  TIAA-CREF Funds: Equity Index Funds
 

For the ten years ended October 31, 2017, the S&P 500 Index produced an average annual gain of 7.51%, trailing the 7.61% average annual return of the Russell 3000 Index.

 

Technology leads the benchmark higher

 

Ten of the eleven industry sectors in the S&P 500 Index posted positive results for the twelve months. Information technology, the most heavily weighted sector for the period, had the biggest impact with a gain of 39.0% amid continued strong sales and profit growth. The benchmark’s second-largest sector, financials, advanced 37.1%, benefiting from rising interest rates. Industrials, another sizable sector, also outperformed, advancing 25.1%. Together, these three sectors made up nearly 50.0% of the index’s total market capitalization on October 31, 2017. Among other large sectors in the benchmark, health care rose 22.6% and consumer discretionary was up 19.7%.

Telecommunication services, the smallest sector, was the sole decliner at –1.4%.

 

Four of the benchmark’s five largest stocks outperform

 

For the twelve-month period, four of the benchmark’s five largest stocks generated returns that surpassed the overall performance of the index. Shares of Apple, the largest stock in the index and its top performer, benefited from a resurgence in iPad sales and continued growth in Mac sales. Microsoft, Amazon.com and Facebook also outperformed. Johnson & Johnson generated returns that nearly matched the index’s performance.

 

$10,000 over 10 years

 

Institutional Class

 

 

 

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by company size
Market % of equity investments
capitalization as of 10/31/2017
More than $50 billion   67.1
More than $15 billion–$50 billion   24.9
More than $2 billion–$15 billion   8.0
Total   100.0

 

Fund profile

  as of 10/31/2017
Net assets   $4.67 billion
Number of holdings   507
Portfolio turnover rate   9%
Weighted median market capitalization   $92.28 billion
Price/earnings ratio (weighted 12-month trailing average)†   24.3

 

† Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.


 

TIAA-CREF Funds: Equity Index Funds  ■  2017 Annual Report 17
 

Small-Cap Blend Index Fund

 

Expense example

 

Six months ended October 31, 2017

Small-Cap
Blend Index Fund		  Beginning
account
value
(5/1/17)		    Ending
account
value
(10/31/17)		    Expenses
paid
during
period*
(5/1/17–
10/31/17)
Actual return              
Institutional Class  $1,000.00   $1,081.53   $0.31
Advisor Class   1,000.00    1,080.55    1.15
Retirement Class   1,000.00    1,079.75    1.63
5% annual hypothetical return              
Institutional Class   1,000.00    1,024.90    0.31
Advisor Class   1,000.00    1,024.10    1.12
Retirement Class   1,000.00    1,023.64    1.58

 

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 2017. The fund’s annualized six-month expense ratio for that period was 0.06% for the Institutional Class, 0.22% for the Advisor Class and 0.31% for the Retirement Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

 

For more information about this expense example, please see page 9.

 

Portfolio composition  

Sector % of net assets
as of 10/31/2017
Financials   18.1
Information technology   17.4
Industrials   15.2
Health care   14.7
Consumer discretionary   11.9
Real estate   7.1
Materials   4.5
Utilities   3.7
Energy   3.6
Consumer staples   2.6
Telecommunication services   0.9
Short-term investments, other assets & liabilities, net   0.3
Total   100.0

Performance for the twelve months ended October 31, 2017

 

The Small-Cap Blend Index Fund returned 28.01% for the Institutional Class, compared with the 27.85% return of its benchmark, the Russell 2000® Index. The table below shows returns for all share classes of the fund.

For the twelve-month period, the fund’s return outperformed that of its benchmark index, despite the effect of expenses. The fund’s return includes a deduction for expenses, while the benchmark’s does not. The fund had a risk profile similar to that of its benchmark. During the twelve months, the fund participated in a securities lending program.

 

Steady economic growth powers U.S. stock gains

 

The U.S. economy generated solid growth during the twelve-month period, initially expanding at a slower rate before accelerating over the final six months. Unemployment continued to decline and ended the period at 4.1%—its lowest level in 17 years. Despite healthy economic growth and a robust labor market, the rate of inflation remained modest. Oil prices rose, and the U.S. dollar declined against most major currencies during the period.

The U.S. presidential election in November 2016 gave equity markets an initial boost as investors anticipated new policies to stimulate the economy. Markets rose again later in the reporting period, responding to a supportive economy, low inflation and growing corporate profits. The Federal Reserve raised the federal funds target rate three times during the period, increasing this key short-term rate to 1.00%–1.25%. The Fed also said it would slowly reduce its large portfolio of bonds purchased to stimulate the economy after the 2008 financial crisis. The price per barrel of West Texas Intermediate crude oil rose from nearly $47 on November 1, 2016, to just over $54 on October 31, 2017.

 

Performance as of October 31, 2017

Small-Cap Blend Index Fund              Total
return		  Average annual
total return		  Annual operating
expenses*
     Ticker    Inception
date		  1 year    5 years    10 years    gross    net  
Institutional Class   TISBX   10/1/02    28.01%   14.71%   7.78%   0.06%   0.06%
Advisor Class   TRHBX   12/4/15    27.88    14.69†   7.77†   0.15    0.15 
Retirement Class   TRBIX   10/1/02    27.66    14.43    7.51    0.31    0.31 
Russell 2000 Index       —    27.85    14.49    7.63    —    — 

 

The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.

 

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

 

* The gross and net annual operating expenses are taken from the fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement arrangements now in effect will continue through at least February 28, 2018, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.
† The performance shown for the Advisor Class that is prior to its inception date is based on the performance of the fund’s Institutional Class. The performance for these periods has not been restated to reflect the higher expenses of the Advisor Class. If those higher expenses had been reflected, the performance of the Advisor Class shown for these periods would have been lower.


 

18 2017 Annual Report   ■  TIAA-CREF Funds: Equity Index Funds
 

For the twelve months, the Russell 3000® Index, a broad measure of the U.S. stock market, gained 23.98%. Smaller stocks outperformed large-cap equities, and growth shares outgained value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

For the ten years ended October 31, 2017, the Russell 2000 Index had an average annual return of 7.63%, outperforming the 7.61% average annual gain of the Russell 3000 Index over the same period.

 

Financials drive the benchmark’s return

 

Ten of the eleven industry sectors in the Russell 2000 Index delivered positive results for the twelve months. Financials, the most heavily weighted sector for the period, had the biggest impact, with a gain of 31.5%. Information technology and industrials, the next-largest sectors, rose 31.8% and 35.2%, respectively. Health care and consumer discretionary also made positive contributions, advancing 35.6% and 19.9%, accordingly. Together, these five sectors represented nearly 75.0% of the benchmark’s total market capitalization on October 31, 2017.

Energy was the worst-performing component with a return of –7.3%. However, the sector’s weighting was only 3.3%.

 

All of the benchmark’s five largest stocks outperform

 

For the twelve-month period, all of the benchmark’s five largest stocks posted substantially higher returns than the overall index performance. Medical diagnostics firm Exact Sciences, biotechnology company bluebird bio, and process control solutions provider MKS Instruments all generated triple-digit gains. Drug delivery technology and development firm Catalent and Sterling Bancorp posted sizable double-digit returns.

 

$10,000 over 10 years

 

Institutional Class

 

 

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by company size
Market
capitalization		 % of equity investments
as of 10/31/2017
More than $50 billion   0.1
More than $15 billion–$50 billion   0.2
More than $2 billion–$15 billion   50.9
$2 billion or less   48.8
Total   100.0

 

Fund profile

  as of 10/31/2017
Net assets   $2.41 billion
Number of holdings   1,994
Portfolio turnover rate   22%
Weighted median market capitalization   $2.01 billion
Price/earnings ratio (weighted 12-month trailing average)†   78.7

 

† Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.


 

TIAA-CREF Funds: Equity Index Funds  ■  2017 Annual Report 19
 

Emerging Markets Equity Index Fund

 

Expense example

 

Six months ended October 31, 2017

Emerging Markets
Equity Index Fund		  Beginning
account
value
(5/1/17)		    Ending
account
value
(10/31/17)		    Expenses
paid
during
period*
(5/1/17–
10/31/17)
Actual return              
Institutional Class  $1,000.00   $1,163.89   $1.09
Advisor Class   1,000.00    1,162.90    2.13
Premier Class   1,000.00    1,162.24    1.91
Retirement Class   1,000.00    1,161.42    2.45
Retail Class   1,000.00    1,161.26    3.00
5% annual hypothetical return              
Institutional Class   1,000.00    1,024.20    1.02
Advisor Class   1,000.00    1,023.24    1.99
Premier Class   1,000.00    1,023.44    1.79
Retirement Class   1,000.00    1,022.94    2.29
Retail Class   1,000.00    1,022.43    2.80

 

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 2017. The fund’s annualized six-month expense ratio for that period was 0.20% for the Institutional Class, 0.39% for the Advisor Class, 0.35% for the Premier Class, 0.45% for the Retirement Class and 0.55% for the Retail Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

 

For more information about this expense example, please see page 9.

 

Portfolio composition

Sector % of net assets
as of 10/31/2017
Information technology   28.3
Financials   23.8
Consumer discretionary   10.1
Energy   7.1
Materials   6.8
Consumer staples   6.2
Industrials   5.3
Telecommunication services   4.8
Real estate   2.8
Utilities   2.5
Health care   2.3
Total   100.0

Performance for the twelve months ended October 31, 2017

 

The Emerging Markets Equity Index Fund returned 26.87% for the Institutional Class, compared with the 26.45% return of its benchmark, the MSCI Emerging Markets Index. The table below shows returns for all share classes of the fund.

For the twelve-month period, the fund’s return outperformed that of its benchmark index, despite the effect of expenses. The fund’s return includes a deduction for expenses, while the benchmark’s does not. The fund had a risk profile similar to that of its benchmark.

 

Emerging-markets stocks outpace foreign developed and U.S. equities

 

The MSCI Emerging Markets Index solidly outperformed the 23.44% return of the MSCI EAFE Index, which measures stock performance in 21 developed-market nations outside North America, as well as the 23.98% return of the Russell 3000® Index, a measure of the broad U.S. stock market.

After struggling for several years against a strong U.S. dollar, declining commodity prices, weak profits and tepid earnings growth, emerging markets rallied sharply during the twelve-month period. Many countries experienced economic improvement due to the accommodative monetary policies of their central banks. Structural reforms helped boost corporate profitability, while subdued inflation and low interest rates around the world encouraged capital spending.

At the same time, the prices for oil and other commodities such as copper moved higher, improving the fundamental backdrop for commodity-based developing nations. A weaker U.S. dollar was also beneficial, as many foreign currencies appreciated versus the dollar during the period.

Despite episodes of weakness—especially during September, when North Korea’s nuclear weapons testing rattled global markets—emerging-markets stocks rallied in October, and the MSCI Emerging Markets Index produced substantial gains for the twelve months.

 

Performance as of October 31, 2017

Emerging Markets Equity
Index Fund		  Total
return		  Average annual
total return		  Annual operating
expenses*
     Ticker    Inception
date		  1 year    5 years    since
inception		   gross    net  
Institutional Class   TEQLX   8/31/10    26.87%   4.76%   4.15%   0.23%   0.23%
Advisor Class   TEQHX   12/4/15    26.73    4.73†   4.13†   0.32    0.32 
Premier Class   TEQPX   8/31/10    26.55    4.60    3.99    0.38    0.38 
Retirement Class   TEQSX   8/31/10    26.51    4.49    3.89    0.48    0.48 
Retail Class   TEQKX   8/31/10    26.44    4.37    3.75    0.62    0.62 
MSCI Emerging Markets Index       —    26.45    4.83    4.50‡   —    — 

 

The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.

 

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

 

* The gross and net annual operating expenses are taken from the fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement arrangements now in effect will continue through at least February 28, 2018, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.
† The performance shown for the Advisor Class that is prior to its inception date is based on the performance of the fund’s Institutional Class. The performance for these periods has not been restated to reflect the higher expenses of the Advisor Class. If those higher expenses had been reflected, the performance of the Advisor Class shown for these periods would have been lower.
‡ Performance is calculated from the inception date of the Institutional Class.


 

20 2017 Annual Report   ■  TIAA-CREF Funds: Equity Index Funds
 

Poland and China surge, lead index performance

 

All but two of the nations in the MSCI Emerging Markets Index posted positive results for the twelve months. Poland, one of the smaller components in the index for the period, had the largest return, gaining 51.1%, as consumer spending and consumer confidence in the country improved. China—the largest benchmark constituent, representing more than one-quarter of the index’s total market capitalization on October 31, 2017—had the second-highest return, climbing 41.1% on positive economic data and healthy earnings growth. Stocks in Hungary and in South Korea, which was the index’s second-largest country component, each climbed more than 40.0%. Peru also performed well, advancing 38.9%.

Egypt and Qatar, which made up less than 1.0% of the benchmark (combined), were the only two countries in the MSCI Emerging Markets Index to have negative returns, falling 25.1% and 14.8%, respectively.

 

All of the benchmark’s five largest stocks outperform

 

For the twelve-month period, all of the benchmark’s five largest stocks posted substantially higher returns than the overall index performance. The index’s three largest stocks—Chinese Internet provider Tencent Holdings, South Korean electronics maker Samsung Electronics and Chinese ecommerce conglomerate Alibaba Group—each generated substantial gains for the period, benefiting from the robust global performance of the information technology sector. Taiwan Semiconductor Manufacturing and multinational internet and media group Naspers also outperformed.

The fund’s returns may sometimes diverge from the returns of its benchmark more than would be expected. This divergence may be the result of the fund’s fair value pricing adjustments or of the timing of foreign currency valuations.

Many foreign exchanges close for trading before the fund’s net asset value (NAV) is calculated (see the fund’s current prospectus for more details on NAV calculations). In the intervening hours, the values of foreign securities can change, and these changes are not reflected immediately in the returns of the fund’s benchmark. These changes are, however, taken into account to value the fund’s portfolio holdings at the time the fund’s NAV is calculated; these are known as fair value pricing adjustments.

 

$10,000 invested at fund’s inception

 

Institutional Class (inception August 31, 2010)

 

 

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by country

    % of portfolio investments
as of 10/31/2017
China     28.1
Korea, Republic of     15.3
Taiwan     11.6
India     8.5
Brazil     6.9
South Africa     6.1
Russia     3.2
Mexico     3.0
Malaysia     2.1
Indonesia     2.1
17 other nations     11.7
Short-term investments     1.4
Total     100.0

 

Holdings by company size

Market
capitalization		 % of equity investments
as of 10/31/2017
More than $50 billion   32.0
More than $15 billion–$50 billion   29.8
More than $2 billion–$15 billion   36.1
$2 billion or less   2.1
Total   100.0

 

Fund profile
  as of 10/31/2017
Net assets   $2.39 billion
Number of holdings   840
Portfolio turnover rate   29%
Weighted median market capitalization   $23.88 billion
Price/earnings ratio (weighted 12-month trailing average)†   15.8

 

† Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.


 

TIAA-CREF Funds: Equity Index Funds  ■  2017 Annual Report 21
 

International Equity Index Fund

 

Expense example

 

Six months ended October 31, 2017

International
Equity Index Fund		  Beginning
account
value
(5/1/17)		    Ending
account
value
(10/31/17)		    Expenses
paid
during
period*
(5/1/17–
10/31/17)
Actual return              
Institutional Class  $1,000.00   $1,109.78   $0.32
Advisor Class   1,000.00    1,108.14    1.17
Premier Class   1,000.00    1,108.92    1.12
Retirement Class   1,000.00    1,107.96    1.65
5% annual hypothetical return              
Institutional Class   1,000.00    1,024.90    0.31
Advisor Class   1,000.00    1,024.10    1.12
Premier Class   1,000.00    1,024.15    1.07
Retirement Class   1,000.00    1,023.64    1.58

 

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 2017. The fund’s annualized six-month expense ratio for that period was 0.06% for the Institutional Class, 0.22% for the Advisor Class, 0.21% for the Premier Class and 0.31% for the Retirement Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

 

For more information about this expense example, please see page 9.

 

Portfolio composition    
Sector % of net assets
as of 10/31/2017
Financials   21.2
Industrials   14.2
Consumer discretionary   12.5
Consumer staples   11.1
Health care   10.1
Materials   7.9
Information technology   6.4
Energy   5.2
Telecommunication services   4.0
Real estate   3.5
Utilities   3.3
Short-term investments, other assets & liabilities, net   0.6
Total   100.0

Performance for the twelve months ended October 31, 2017

 

The International Equity Index Fund returned 23.84% for the Institutional Class, compared with the 23.44% return of its benchmark, the MSCI EAFE Index. The table below shows returns for all share classes of the fund.

For the twelve-month period, the fund’s return outperformed that of its benchmark index, despite the effect of expenses. The fund’s return includes a deduction for expenses, while the benchmark’s does not. The fund had a risk profile similar to that of its benchmark. During the twelve months, the fund participated in a securities lending program.

 

Global economic growth drives international stocks higher

 

Foreign equity markets trailed domestic stocks early in the twelve-month period due to a strong post-election rally in the U.S. But steady economic growth around the world helped international stocks outperform U.S. shares over the first ten months of calendar year 2017. The 19-nation eurozone grew at a year-on-year rate of 2.5% during the third calendar quarter of 2017, according to a preliminary estimate—its best performance in six years. Eurozone unemployment continued to decline, while China’s economy grew steadily at a rate approaching 7.0%. Most emerging-markets economies performed well, helped by an increase in oil prices during the period.

Central bankers around the world took note of global economic growth during the period. The U.S. Federal Reserve raised the federal funds target rate three times, increasing the key short-term rate to 1.00%–1.25%. The Fed also said it would slowly reduce its large portfolio of bonds purchased to stimulate the economy after the 2008 financial crisis. The European Central Bank decided to maintain its policy of buying bonds to stimulate growth, but it signaled plans to reduce purchases in 2018.

 

Performance as of October 31, 2017

International Equity Index Fund  Total return  Average annual
total return		  Annual operating
expenses*
   Ticker  Inception
date		    1 year   5 years    10 years    gross    net  
Institutional Class  TCIEX   10/1/02    23.84%   8.69%   1.25%   0.06%   0.06%
Advisor Class  TCIHX   12/4/15    23.68    8.65†   1.23†   0.15    0.15 
Premier Class  TRIPX   9/30/09    23.67    8.53    1.13†   0.21    0.21 
Retirement Class  TRIEX   10/1/02    23.55    8.43    1.00    0.31    0.31 
MSCI EAFE Index      —    23.44    8.53    1.10    —    — 

 

The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.

 

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

 

* The gross and net annual operating expenses are taken from the fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement arrangements now in effect will continue through at least February 28, 2018, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.
† The performance shown for the Advisor and Premier classes that is prior to their respective inception dates is based on the performance of the fund’s Institutional Class. The performance for these periods has not been restated to reflect the higher expenses of the Advisor and Premier classes. If those higher expenses had been reflected, the performance of these two classes shown for these periods would have been lower.


 

22 2017 Annual Report   ■  TIAA-CREF Funds: Equity Index Funds
 

For the twelve months, the MSCI EAFE Index, which measures stock performance in 21 developed-market nations outside North America, nearly matched the 23.98% gain of the broad U.S. stock market, as measured by the Russell 3000® Index. The MSCI Emerging Markets Index advanced 26.45%. For the ten years ended October 31, 2017, the average annual gain of the EAFE index was 1.10% compared with the 7.61% average annual return of the Russell 3000 Index.

 

Currency translation lifts the benchmark’s U.S-dollar return

 

In local currency terms, the EAFE index gained 21.11% for the period. Translating currencies into U.S. dollars boosted returns for most EAFE index country constituents. An exception was Japan, the largest constituent at 23.8%. Japan returned 27.4% in yen, but 17.8% in U.S.-dollar terms. The EAFE index’s next-largest constituents at period-end were the United Kingdom, at 17.6%, France, at 10.7% and Germany, at 9.8%. These markets gained 21.6%, 33.4% and 30.0%, respectively, in U.S.-dollar terms.

 

Most of the five largest stocks underperform, despite gains

 

For the twelve-month period, despite the positive results of the index’s five largest holdings, only one of the stocks outperformed the index—British bank HSBC, which benefited from its strong capital position and successful cost-saving initiatives. Nestlé and Novartis both rose more than 18.0% during the period, but still trailed the benchmark. Toyota also lagged the index, while Swiss pharmaceutical company Roche posted the lowest gain.

The fund’s returns may sometimes diverge from the returns of its benchmark more than would be expected. This divergence may be the result of the fund’s fair value pricing adjustments or of the timing of foreign currency valuations.

Many foreign exchanges close for trading before the fund’s net asset value (NAV) is calculated (see the fund’s current prospectus for more details on NAV calculations). In the intervening hours, the values of foreign securities can change, and these changes are not reflected immediately in the returns of the fund’s benchmark. These changes are, however, taken into account to value the fund’s portfolio holdings at the time the fund’s NAV is calculated; these are known as fair value pricing adjustments.

 

$10,000 over 10 years

 

Institutional Class

 

 

 

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by country

  % of portfolio investments
as of 10/31/2017
Japan   23.7
United Kingdom   15.6
France   10.2
Germany   9.6
Switzerland   8.5
Australia   6.7
Netherlands   4.5
Hong Kong   3.3
Spain   3.3
Sweden   2.8
20 other nations   10.3
Short-term investments   1.5
Total   100.0

 

Holdings by company size

Market
capitalization		 % of equity investments
as of 10/31/2017
More than $50 billion   41.1
More than $15 billion–$50 billion   36.1
More than $2 billion–$15 billion   22.8
Total   100.0

 

Fund profile

  as of 10/31/2017
Net assets   $11.57 billion
Number of holdings   939
Portfolio turnover rate   11%
Weighted median market capitalization   $39.14 billion
Price/earnings ratio (weighted 12-month trailing average)†   19.3

 

† Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.


 

TIAA-CREF Funds: Equity Index Funds  ■  2017 Annual Report 23
 

Summary portfolio of investments

 

Equity Index Fund  ■  October 31, 2017

 

Shares     Company  Value   % of net
assets
COMMON STOCKS          
AUTOMOBILES & COMPONENTS  $154,784,237    1.0%
BANKS          
5,779,074     Bank of America Corp   158,288,837    1.0 
1,600,117     Citigroup, Inc   117,608,600    0.8 
2,072,799     JPMorgan Chase & Co   208,544,307    1.3 
2,632,908     Wells Fargo & Co   147,811,455    0.9 
      Other   447,003,428    2.9 
          1,079,256,627    6.9 
CAPITAL GOODS          
340,247     3M Co   78,321,457    0.5 
326,992     Boeing Co   84,357,396    0.5 
5,095,718     General Electric Co   102,729,675    0.7 
443,975     Honeywell International, Inc   64,003,436    0.4 
      Other   876,130,430    5.6 
          1,205,542,394    7.7 
COMMERCIAL & PROFESSIONAL SERVICES   138,741,677    0.9 
CONSUMER DURABLES & APPAREL   213,055,547    1.4 
CONSUMER SERVICES          
478,360     McDonald’s Corp   79,843,068    0.5 
      Other   275,305,918    1.8 
          355,148,986    2.3 
DIVERSIFIED FINANCIALS   606,840,574    3.9 
ENERGY          
1,108,329     Chevron Corp   128,444,248    0.8 
2,488,160  d  Exxon Mobil Corp   207,388,136    1.4 
      Other   534,771,087    3.4 
          870,603,471    5.6 
FOOD & STAPLES RETAILING          
852,882     Wal-Mart Stores, Inc   74,465,127    0.5 
      Other   117,388,987    0.7 
          191,854,114    1.2 
FOOD, BEVERAGE & TOBACCO          
1,128,161     Altria Group, Inc   72,450,499    0.5 
2,263,952     Coca-Cola Co   104,096,513    0.7 
841,646     PepsiCo, Inc   92,774,639    0.6 
906,478     Philip Morris International, Inc   94,853,858    0.6 
      Other   306,877,753    1.9 
          671,053,262    4.3 
HEALTH CARE EQUIPMENT & SERVICES          
801,416     Medtronic plc   64,530,016    0.4 
562,136     UnitedHealth Group, Inc   118,172,230    0.7 
      Other   670,330,366    4.3 
          853,032,612    5.4 
HOUSEHOLD & PERSONAL PRODUCTS          
1,504,684     Procter & Gamble Co   129,914,416    0.8 
      Other   108,605,699    0.7 
          238,520,115    1.5 
Shares     Company  Value   % of net
assets
INSURANCE          
1,129,887  *  Berkshire Hathaway, Inc (Class B)  $211,221,076    1.4%
      Other   456,183,021    2.9 
          667,404,097    4.3 
MATERIALS          
1,368,052     DowDuPont, Inc   98,923,840    0.6 
      Other   444,013,110    2.9 
          542,936,950    3.5 
MEDIA          
2,760,961     Comcast Corp (Class A)   99,477,425    0.6 
917,439     Walt Disney Co   89,734,708    0.6 
      Other   210,949,602    1.3 
          400,161,735    2.5 
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES          
934,059     AbbVie, Inc   84,298,825    0.5 
431,381     Amgen, Inc   75,586,579    0.5 
966,099     Bristol-Myers Squibb Co   59,569,664    0.4 
762,669     Gilead Sciences, Inc   57,169,668    0.4 
1,580,372     Johnson & Johnson   220,319,660    1.4 
1,604,257     Merck & Co, Inc   88,378,518    0.5 
3,469,377     Pfizer, Inc   121,636,358    0.8 
      Other   545,715,153    3.5 
          1,252,674,425    8.0 
REAL ESTATE   608,341,158    3.9 
RETAILING          
232,943  *  Amazon.com, Inc   257,467,239    1.6 
704,670     Home Depot, Inc   116,820,193    0.7 
28,764  *  Priceline.com, Inc   54,995,617    0.4 
      Other   342,964,853    2.2 
          772,247,902    4.9 
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT          
236,951     Broadcom Ltd   62,533,738    0.4 
2,762,309     Intel Corp   125,657,436    0.8 
333,220     NVIDIA Corp   68,913,228    0.4 
589,678     Texas Instruments, Inc   57,015,966    0.4 
      Other   305,839,676    2.0 
          619,960,044    4.0 
SOFTWARE & SERVICES          
174,409  *  Alphabet, Inc (Class A)   180,171,473    1.2 
177,125  *  Alphabet, Inc (Class C)   180,072,360    1.1 
1,368,187  *  Facebook, Inc   246,355,751    1.6 
504,144     International Business Machines Corp   77,668,425    0.5 
552,557     MasterCard, Inc (Class A)   82,203,905    0.5 
4,397,936     Microsoft Corp   365,820,316    2.3 
1,685,006     Oracle Corp   85,766,805    0.5 
1,083,467     Visa, Inc (Class A)   119,159,701    0.8 
      Other   821,540,600    5.3 
          2,158,759,336    13.8 


 

24 2017 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements
 
Summary portfolio of investments concluded

 

Equity Index Fund  ■  October 31, 2017

 

Shares     Company  Value   % of net
assets
TECHNOLOGY HARDWARE & EQUIPMENT          
3,058,872     Apple, Inc  $517,071,723    3.3%
2,939,763     Cisco Systems, Inc   100,392,906    0.7 
      Other   268,491,146    1.7 
          885,955,775    5.7 
TELECOMMUNICATION SERVICES          
3,607,538     AT&T, Inc   121,393,654    0.8 
2,391,222     Verizon Communications, Inc   114,467,797    0.7 
      Other   39,674,646    0.3 
          275,536,097    1.8 
TRANSPORTATION   321,117,788    2.0 
UTILITIES   497,961,608    3.2 
   TOTAL COMMON STOCKS
(Cost $9,699,451,750)		   15,581,490,531    99.7 
RIGHTS / WARRANTS          
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES   2,700    0.0 
   TOTAL RIGHTS / WARRANTS
(Cost $364)		   2,700    0.0 
                 
Principal     Issuer            
SHORT-TERM INVESTMENTS          
GOVERNMENT AGENCY DEBT   42,700,000    0.3 
TREASURY DEBT   2,947,105    0.0 
Shares     Company  Value   % of net
assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES          
200,905,673  c  State Street Navigator Securities Lending Government Money Market Portfolio  $200,905,673    1.3%
          200,905,673    1.3 
   TOTAL SHORT-TERM INVESTMENTS
(Cost $246,552,839)		   246,552,778    1.6 
   TOTAL PORTFOLIO
(Cost $9,946,004,953)		   15,828,046,009    101.3 
   OTHER ASSETS & LIABILITIES, NET   (199,219,288)   (1.3)
   NET ASSETS  $15,628,826,721    100.0%

 

 

* Non-income producing
c Investments made with cash collateral received from securities on loan.
d All or a portion of these securities have been segregated to cover margin requirements on open futures contracts.

 

“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.

 

At 10/31/17, the aggregate value of securities on loan is $194,873,093.

 

For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.


 

 

Futures contracts outstanding as of October 31, 2017 were as follows (See Note 3):

 

Description  Number of
long (short)
contracts		  Expiration date  Notional amount   Value   Unrealized
appreciation
(depreciation)		 
Russell 2000 E Mini Index  53  12/15/17  $3,986,142   $3,982,155            $(3,987)
S&P 500 E Mini Index  233  12/15/17   29,915,636    29,971,955    56,319 
S&P Mid-Cap 400 E-Mini Index  22  12/15/17   4,021,272    4,034,580    13,308 
Total  308     $37,923,050   $37,988,690   $65,640 

 

See notes to financial statements TIAA-CREF Funds: Equity Index Funds   ■  2017 Annual Report 25
 

Summary portfolio of investments

 

Large-Cap Growth Index Fund  ■  October 31, 2017

 

Shares     Company  Value   % of net
assets
COMMON STOCKS          
AUTOMOBILES & COMPONENTS  $44,093,414    0.8%
BANKS   14,228,106    0.3 
CAPITAL GOODS          
254,168     3M Co   58,506,932    1.1 
243,611     Boeing Co   62,846,766    1.1 
225,179     Caterpillar, Inc   30,579,308    0.6 
194,459     Honeywell International, Inc   28,033,209    0.5 
98,699     Lockheed Martin Corp   30,415,084    0.6 
      Other   258,176,178    4.7 
          468,557,477    8.6 
COMMERCIAL & PROFESSIONAL SERVICES   44,037,688    0.8 
CONSUMER DURABLES & APPAREL          
579,661     Nike, Inc (Class B)   31,875,559    0.6 
      Other   45,167,341    0.8 
          77,042,900    1.4 
CONSUMER SERVICES          
357,690     McDonald’s Corp   59,702,038    1.1 
618,056     Starbucks Corp   33,894,191    0.7 
      Other   93,656,206    1.7 
          187,252,435    3.5 
DIVERSIFIED FINANCIALS   114,347,192    2.1 
ENERGY   46,846,296    0.9 
FOOD & STAPLES RETAILING   22,807,895    0.4 
FOOD, BEVERAGE & TOBACCO          
846,497     Altria Group, Inc   54,362,037    1.0 
1,259,866     Coca-Cola Co   57,928,639    1.0 
190,822     Costco Wholesale Corp   30,737,608    0.6 
544,760     PepsiCo, Inc   60,048,895    1.1 
      Other   76,590,675    1.4 
          279,667,854    5.1 
HEALTH CARE EQUIPMENT & SERVICES          
419,592     UnitedHealth Group, Inc   88,206,630    1.6 
      Other   218,759,160    4.0 
          306,965,790    5.6 
HOUSEHOLD & PERSONAL PRODUCTS   50,513,680    0.9 
INSURANCE   61,657,683    1.1 
MATERIALS          
488,183     DowDuPont, Inc   35,300,513    0.7 
191,797     Monsanto Co   23,226,617    0.4 
      Other   149,177,227    2.7 
          207,704,357    3.8 
MEDIA          
1,905,870     Comcast Corp (Class A)   68,668,496    1.3 
467,841     Walt Disney Co   45,759,528    0.8 
      Other   53,407,486    1.0 
          167,835,510    3.1 
Shares     Company  Value   % of net
assets
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES          
696,639     AbbVie, Inc  $62,871,670    1.2%
87,248  *  Biogen Idec, Inc   27,191,712    0.5 
338,838  *  Celgene Corp   34,212,473    0.6 
427,529     Eli Lilly & Co   35,031,726    0.6 
407,924     Gilead Sciences, Inc   30,577,983    0.6 
180,530     Johnson & Johnson   25,167,687    0.5 
      Other   192,074,805    3.5 
          407,128,056    7.5 
REAL ESTATE          
184,738     American Tower Corp   26,541,308    0.5 
      Other   110,793,727    2.0 
          137,335,035    2.5 
RETAILING          
174,050  *  Amazon.com, Inc   192,373,984    3.5 
526,576     Home Depot, Inc   87,295,769    1.6 
369,692     Lowe’s Companies, Inc   29,556,876    0.5 
179,445  *  NetFlix, Inc   35,248,381    0.7 
21,517  *  Priceline.com, Inc   41,139,643    0.8 
      Other   93,376,930    1.7 
          478,991,583    8.8 
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT          
472,314     Applied Materials, Inc   26,652,679    0.5 
177,164     Broadcom Ltd   46,755,351    0.9 
249,153     NVIDIA Corp   51,527,332    0.9 
437,546     Texas Instruments, Inc   42,306,323    0.8 
      Other   112,861,314    2.1 
          280,102,999    5.2 
SOFTWARE & SERVICES          
271,848     Accenture plc   38,700,281    0.7 
216,222  *  Adobe Systems, Inc   37,873,446    0.7 
130,408  *  Alphabet, Inc (Class A)   134,716,680    2.5 
132,472  *  Alphabet, Inc (Class C)   134,676,334    2.5 
1,022,493  *  Facebook, Inc   184,110,090    3.4 
258,829     International Business Machines Corp   39,875,196    0.7 
412,844     MasterCard, Inc (Class A)   61,418,802    1.1 
3,285,561     Microsoft Corp   273,292,964    5.0 
495,608  *  PayPal Holdings, Inc   35,961,316    0.7 
295,779  *  salesforce.com, Inc   30,270,023    0.5 
809,666     Visa, Inc (Class A)   89,047,067    1.6 
      Other   331,317,844    6.1 
          1,391,260,043    25.5 
TECHNOLOGY HARDWARE & EQUIPMENT          
2,285,470     Apple, Inc   386,335,849    7.1 
      Other   64,660,212    1.2 
          450,996,061    8.3 
TELECOMMUNICATION SERVICES          
895,331     Verizon Communications, Inc   42,859,495    0.8 
      Other   7,653,753    0.1 
          50,513,248    0.9 


 

26 2017 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements
 
Summary portfolio of investments concluded

 

Large-Cap Growth Index Fund  ■  October 31, 2017

 

Shares     Company  Value   % of net
assets
TRANSPORTATION        
108,315     FedEx Corp  $24,458,610    0.4%
320,570     Union Pacific Corp   37,118,800    0.7 
302,484     United Parcel Service, Inc (Class B)   35,550,945    0.7 
      Other   55,871,666    1.0 
          153,000,021    2.8 
UTILITIES   666,250    0.0 
   TOTAL COMMON STOCKS
(Cost $3,694,418,702)		   5,443,551,573    99.9 
                 
Principal     Issuer            
SHORT-TERM INVESTMENTS          
GOVERNMENT AGENCY DEBT   5,300,000    0.1 
           
Shares     Company            
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES          
27,932,087  c  State Street Navigator Securities Lending Government Money Market Portfolio   27,932,087    0.5 
          27,932,087    0.5 
  

TOTAL SHORT-TERM INVESTMENTS

(Cost $33,232,087)

   33,232,087    0.6 
   TOTAL PORTFOLIO
(Cost $3,727,650,789)		   5,476,783,660    100.5 
   OTHER ASSETS & LIABILITIES, NET   (27,910,591)   (0.5)
   NET ASSETS  $5,448,873,069    100.0%

 

 
* Non-income producing
c Investments made with cash collateral received from securities on loan.

 

“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.

 

At 10/31/17, the aggregate value of securities on loan is $26,686,863.

 

For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.


 

See notes to financial statements TIAA-CREF Funds: Equity Index Funds   ■  2017 Annual Report 27
 

Summary portfolio of investments

 

Large-Cap Value Index Fund  ■  October 31, 2017

 

Shares     Company  Value   % of net
assets
COMMON STOCKS          
AUTOMOBILES & COMPONENTS          
703,524     General Motors Co  $30,237,462    0.5%
      Other   42,388,066    0.7 
          72,625,528    1.2 
BANKS          
5,231,082     Bank of America Corp   143,279,336    2.2 
1,446,758     Citigroup, Inc   106,336,713    1.7 
1,877,096     JPMorgan Chase & Co   188,854,628    2.9 
255,697     PNC Financial Services Group, Inc   34,976,793    0.5 
838,433     US Bancorp   45,593,986    0.7 
2,384,507     Wells Fargo & Co   133,866,223    2.1 
      Other   168,329,165    2.6 
          821,236,844    12.7 
CAPITAL GOODS          
3,810,608     General Electric Co   76,821,857    1.2 
397,220     United Technologies Corp   47,571,067    0.8 
      Other   293,382,969    4.5 
          417,775,893    6.5 
COMMERCIAL & PROFESSIONAL SERVICES   32,729,434    0.5 
CONSUMER DURABLES & APPAREL   71,499,965    1.1 
CONSUMER SERVICES   51,150,592    0.8 
DIVERSIFIED FINANCIALS          
388,044     American Express Co   37,065,963    0.6 
536,580     Bank of New York Mellon Corp   27,607,041    0.4 
65,678     BlackRock, Inc   30,923,173    0.5 
195,326     Goldman Sachs Group, Inc   47,362,648    0.7 
702,534     Morgan Stanley   35,126,700    0.5 
      Other   238,564,424    3.7 
          416,649,949    6.4 
ENERGY          
1,002,432     Chevron Corp   116,171,844    1.8 
648,280     ConocoPhillips   33,159,522    0.5 
275,539     EOG Resources, Inc   27,518,080    0.4 
2,248,739     Exxon Mobil Corp   187,432,396    2.9 
736,313     Schlumberger Ltd   47,124,032    0.7 
      Other   280,465,774    4.4 
          691,871,648    10.7 
FOOD & STAPLES RETAILING          
541,869     CVS Health Corp   37,134,283    0.6 
772,645     Wal-Mart Stores, Inc   67,459,635    1.0 
      Other   36,354,342    0.6 
          140,948,260    2.2 
FOOD, BEVERAGE & TOBACCO          
780,795     Mondelez International, Inc   32,348,337    0.5 
748,808     Philip Morris International, Inc   78,355,269    1.2 
      Other   139,934,839    2.2 
          250,638,445    3.9 
Shares     Company  Value   % of net
assets
HEALTH CARE EQUIPMENT & SERVICES          
895,584     Abbott Laboratories  $48,567,520    0.7%
141,082     Anthem, Inc   29,515,765    0.5 
323,428     Danaher Corp   29,842,702    0.5 
676,388     Medtronic plc   54,462,762    0.8 
      Other   167,998,889    2.6 
          330,387,638    5.1 
HOUSEHOLD & PERSONAL PRODUCTS          
1,288,875     Procter & Gamble Co   111,281,468    1.7 
      Other   38,316,929    0.6 
          149,598,397    2.3 
INSURANCE          
420,282     American International Group, Inc   27,154,420    0.4 
1,020,639  *  Berkshire Hathaway, Inc (Class B)   190,798,255    2.9 
245,742     Chubb Ltd   37,062,808    0.6 
      Other   246,604,917    3.8 
          501,620,400    7.7 
MATERIALS          
646,090     DowDuPont, Inc   46,718,768    0.7 
      Other   144,133,511    2.3 
          190,852,279    3.0 
MEDIA          
410,346     Time Warner, Inc   40,332,908    0.6 
      Other   104,592,605    1.6 
          144,925,513    2.2 
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES          
178,675     Allergan plc   31,666,570    0.5 
277,377     Amgen, Inc   48,601,998    0.7 
441,489     Bristol-Myers Squibb Co   27,222,212    0.4 
1,211,203     Johnson & Johnson   168,853,810    2.6 
1,372,234     Merck & Co, Inc   75,596,371    1.2 
3,137,335     Pfizer, Inc   109,994,965    1.7 
      Other   88,287,539    1.4 
          550,223,465    8.5 
REAL ESTATE   307,983,331    4.8 
RETAILING   89,329,928    1.4 
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT          
2,499,789     Intel Corp   113,715,402    1.7 
786,592     Qualcomm, Inc   40,124,058    0.6 
      Other   30,346,716    0.5 
          184,186,176    2.8 
SOFTWARE & SERVICES          
1,401,184     Oracle Corp   71,320,266    1.1 
      Other   101,647,705    1.6 
          172,967,971    2.7 
TECHNOLOGY HARDWARE & EQUIPMENT          
2,658,932     Cisco Systems, Inc   90,802,528    1.4 
      Other   107,164,233    1.7 
          197,966,761    3.1 


 

28 2017 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements
 
Summary portfolio of investments concluded

 

Large-Cap Value Index Fund  ■  October 31, 2017

 

Shares     Company  Value   % of net
assets
TELECOMMUNICATION SERVICES          
3,264,455     AT&T, Inc  $109,848,911    1.7%
1,087,087     Verizon Communications, Inc   52,038,855    0.8 
      Other   17,319,130    0.3 
          179,206,896    2.8 
TRANSPORTATION   87,116,397    1.2 
UTILITIES          
340,930     Dominion Resources, Inc   27,663,060    0.4 
370,320     Duke Energy Corp   32,702,959    0.5 
247,608     NextEra Energy, Inc   38,396,573    0.6 
529,725     Southern Co   27,651,645    0.4 
      Other   283,338,153    4.4 
          409,752,390    6.3 
   TOTAL COMMON STOCKS
(Cost $5,410,331,846)		   6,463,244,100    99.9 
                 
Principal     Issuer            
SHORT-TERM INVESTMENTS          
GOVERNMENT AGENCY DEBT   3,700,000    0.1 
                 
Shares     Company            
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES          
38,886,042  c  State Street Navigator Securities Lending Government Money Market Portfolio   38,886,042    0.6 
          38,886,042    0.6 
  

TOTAL SHORT-TERM INVESTMENTS

(Cost $42,586,042)

   42,586,042    0.7 
   TOTAL PORTFOLIO
(Cost $5,452,917,888)		   6,505,830,142    100.6 
   OTHER ASSETS & LIABILITIES, NET   (33,496,416)   (0.6)
   NET ASSETS  $6,472,333,726    100.0%

 

 

* Non-income producing
c Investments made with cash collateral received from securities on loan.

 

“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.

 

At 10/31/17, the aggregate value of securities on loan is $37,813,055.

 

For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.


 

See notes to financial statements TIAA-CREF Funds: Equity Index Funds   ■  2017 Annual Report 29
 

Summary portfolio of investments

 

S&P 500 Index Fund  ■  October 31, 2017

 

Shares     Company  Value   % of net
assets
COMMON STOCKS          
AUTOMOBILES & COMPONENTS  $33,004,567    0.7%
BANKS          
2,062,350     Bank of America Corp   56,487,766    1.2 
573,096     Citigroup, Inc   42,122,556    0.9 
739,785     JPMorgan Chase & Co   74,429,769    1.6 
939,625     Wells Fargo & Co   52,750,548    1.1 
      Other   77,568,081    1.7 
          303,358,720    6.5 
CAPITAL GOODS          
125,452     3M Co   28,877,796    0.6 
116,843     Boeing Co   30,143,157    0.7 
1,819,833     General Electric Co   36,687,833    0.8 
160,116     Honeywell International, Inc   23,082,323    0.5 
      Other   224,704,568    4.8 
          343,495,677    7.4 
COMMERCIAL & PROFESSIONAL SERVICES   24,066,201    0.5 
CONSUMER DURABLES & APPAREL   53,073,429    1.1 
CONSUMER SERVICES          
170,303     McDonald’s Corp   28,425,274    0.6 
      Other   58,117,727    1.3 
          86,543,001    1.9 
DIVERSIFIED FINANCIALS   174,672,798    3.7 
ENERGY          
398,368     Chevron Corp   46,166,868    1.0 
891,084  d  Exxon Mobil Corp   74,271,851    1.6 
      Other   153,996,364    3.3 
          274,435,083    5.9 
FOOD & STAPLES RETAILING          
307,571     Wal-Mart Stores, Inc   26,854,024    0.6 
      Other   37,032,664    0.8 
          63,886,688    1.4 
FOOD, BEVERAGE & TOBACCO          
403,096     Altria Group, Inc   25,886,825    0.6 
805,639     Coca-Cola Co   37,043,281    0.8 
299,882     PepsiCo, Inc   33,055,993    0.7 
326,353     Philip Morris International, Inc   34,149,578    0.7 
      Other   93,168,457    2.0 
          223,304,134    4.8 
HEALTH CARE EQUIPMENT & SERVICES          
365,070     Abbott Laboratories   19,797,746    0.4 
284,964     Medtronic plc   22,945,301    0.5 
203,270     UnitedHealth Group, Inc   42,731,419    0.9 
      Other   178,155,875    3.8 
          263,630,341    5.6 
HOUSEHOLD & PERSONAL PRODUCTS          
536,351     Procter & Gamble Co   46,308,545    1.0 
      Other   34,005,695    0.7 
          80,314,240    1.7 
Shares     Company  Value   % of net
assets
INSURANCE          
404,564  *  Berkshire Hathaway, Inc (Class B)  $75,629,194    1.6%
      Other   127,751,858    2.8 
          203,381,052    4.4 
MATERIALS          
490,619     DowDuPont, Inc   35,476,660    0.8 
      Other   104,863,672    2.2 
          140,340,332    3.0 
MEDIA     
989,099     Comcast Corp (Class A)   35,637,237    0.7 
324,578     Walt Disney Co   31,746,974    0.7 
      Other   56,037,465    1.2 
          123,421,676    2.6 
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES          
335,141     AbbVie, Inc   30,246,475    0.6 
153,410     Amgen, Inc   26,880,500    0.6 
344,724     Bristol-Myers Squibb Co   21,255,682    0.5 
274,640     Gilead Sciences, Inc   20,587,014    0.4 
564,245     Johnson & Johnson   78,661,396    1.7 
574,954     Merck & Co, Inc   31,674,216    0.7 
1,253,897     Pfizer, Inc   43,961,629    0.9 
      Other   135,736,011    2.9 
          389,002,923    8.3 
REAL ESTATE   136,437,029    2.9 
RETAILING          
83,830  *  Amazon.com, Inc   92,655,622    2.0 
247,874     Home Depot, Inc   41,092,552    0.9 
      Other   120,732,139    2.6 
          254,480,313    5.5 
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT          
85,498     Broadcom Ltd   22,563,777    0.5 
987,787     Intel Corp   44,934,431    1.0 
126,017     NVIDIA Corp   26,061,576    0.5 
208,270     Texas Instruments, Inc   20,137,626    0.4 
      Other   73,563,852    1.6 
          187,261,262    4.0 
SOFTWARE & SERVICES          
62,672  *  Alphabet, Inc (Class A)   64,742,683    1.4 
63,464  *  Alphabet, Inc (Class C)   64,520,041    1.4 
498,425  *  Facebook, Inc   89,746,406    1.9 
182,090     International Business Machines Corp   28,052,785    0.6 
196,115     MasterCard, Inc (Class A)   29,176,029    0.6 
1,619,293     Microsoft Corp   134,692,792    2.9 
634,042     Oracle Corp   32,272,738    0.7 
384,482     Visa, Inc (Class A)   42,285,330    0.9 
      Other   188,898,438    4.1 
          674,387,242    14.5 
TECHNOLOGY HARDWARE & EQUIPMENT          
1,085,743     Apple, Inc   183,533,997    3.9 
1,049,421     Cisco Systems, Inc   35,837,727    0.8 
      Other   54,159,480    1.2 
          273,531,204    5.9 


 

30 2017 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements
 
Summary portfolio of investments concluded

 

S&P 500 Index Fund  ■  October 31, 2017

 

Shares       Company   Value    % of net
assets
TELECOMMUNICATION SERVICES          
1,289,628     AT&T, Inc  $43,395,982    0.9%
857,173     Verizon Communications, Inc   41,032,872    0.9 
      Other   3,889,475    0.1 
          88,318,329    1.9 
TRANSPORTATION   97,019,829    2.0 
UTILITIES   147,016,447    3.2 
   TOTAL COMMON STOCKS
(Cost $2,986,139,724)		   4,638,382,517    99.4 
                 
Principal     Issuer            
SHORT-TERM INVESTMENTS          
GOVERNMENT AGENCY DEBT          
$20,700,000     Federal Home Loan Bank (FHLB)
0.700%, 11/01/17		   20,700,000    0.5 
                 
Shares     Company            
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES          
10,694,332  c  State Street Navigator Securities Lending Government Money Market Portfolio   10,694,332    0.2 
          10,694,332    0.2 
  

TOTAL SHORT-TERM INVESTMENTS

(Cost $31,394,332)

   31,394,332    0.7 
   TOTAL PORTFOLIO
(Cost $3,017,534,056)		   4,669,776,849    100.1 
   OTHER ASSETS & LIABILITIES, NET   (4,367,748)   (0.1)
   NET ASSETS  $4,665,409,101    100.0%

 

 

* Non-income producing
c Investments made with cash collateral received from securities on loan.
d All or a portion of these securities have been segregated to cover margin requirements on open futures contracts.

 

“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.

 

At 10/31/17, the aggregate value of securities on loan is $10,121,275.

 

For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.


 

 

Futures contracts outstanding as of October 31, 2017 were as follows (See Note 3):

 

Description  Number of
long (short)
contracts		  Expiration date  Notional amount   Value   Unrealized
appreciation
(depreciation)		 
S&P 500 E Mini Index  168  12/15/17  $21,523,688   $21,610,680    $86,992 

 

See notes to financial statements TIAA-CREF Funds: Equity Index Funds   ■  2017 Annual Report 31
 

Summary portfolio of investments

 

Small-Cap Blend Index Fund  ■  October 31, 2017

 

Shares     Company  Value   % of net
assets
COMMON STOCKS          
AUTOMOBILES & COMPONENTS          
171,365     Dana Holding Corp  $5,224,919    0.2%
      Other   26,846,973    1.1 
          32,071,892    1.3 
BANKS          
100,019     Hancock Holding Co   4,875,926    0.2 
434,085  *  MGIC Investment Corp   6,207,416    0.3 
256,974     Radian Group, Inc   5,386,175    0.2 
248,907     Sterling Bancorp/DE   6,235,120    0.3 
59,088  *  Texas Capital Bancshares, Inc   5,084,522    0.2 
262,492     Umpqua Holdings Corp   5,370,586    0.2 
64,475     Wintrust Financial Corp   5,241,173    0.2 
      Other   270,181,197    11.2 
          308,582,115    12.8 
CAPITAL GOODS          
51,383     Curtiss-Wright Corp   6,076,040    0.3 
69,224     EMCOR Group, Inc   5,573,224    0.2 
61,918     Woodward Governor Co   4,788,119    0.2 
      Other   220,738,914    9.1 
          237,176,297    9.8 
COMMERCIAL & PROFESSIONAL SERVICES   89,319,699    3.7 
CONSUMER DURABLES & APPAREL   61,522,840    2.5 
CONSUMER SERVICES          
55,648  *  Grand Canyon Education, Inc   4,981,052    0.2 
      Other   91,174,232    3.8 
          96,155,284    4.0 
DIVERSIFIED FINANCIALS   73,171,020    3.0 
ENERGY         86,627,534    3.6 
FOOD & STAPLES RETAILING   12,120,331    0.5 
FOOD, BEVERAGE & TOBACCO   39,638,550    1.6 
HEALTH CARE EQUIPMENT & SERVICES          
114,461     Healthsouth Corp   5,281,231    0.2 
53,297  *  Masimo Corp   4,677,345    0.2 
66,782  *  Medidata Solutions, Inc   5,024,010    0.2 
      Other   140,727,219    5.9 
          155,709,805    6.5 
HOUSEHOLD & PERSONAL PRODUCTS   10,172,668    0.4 
INSURANCE          
196,279     Conseco, Inc   4,704,808    0.2 
54,079     Primerica, Inc   4,785,991    0.2 
      Other   50,979,904    2.1 
          60,470,703    2.5 
MATERIALS          
172,611  *  Louisiana-Pacific Corp   4,691,567    0.2 
      Other   104,131,921    4.3 
          108,823,488    4.5 
Shares     Company  Value   % of net
assets
MEDIA  $30,655,703    1.3%
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES          
53,422  *  Bluebird Bio, Inc   7,431,000    0.3 
148,610  *  Catalent, Inc   6,329,300    0.3 
138,790  *  Exact Sciences Corp   7,632,062    0.3 
57,994  *  PRA Health Sciences, Inc   4,722,452    0.2 
      Other   173,662,660    7.2 
          199,777,474    8.3 
REAL ESTATE          
175,855     Gramercy Property Trust   5,222,894    0.2 
142,597     Healthcare Realty Trust, Inc   4,597,327    0.2 
148,572     Starwood Waypoint Homes   5,394,649    0.2 
      Other   155,370,282    6.5 
          170,585,152    7.1 
RETAILING   65,963,576    2.7 
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT          
165,135  *  Entegris, Inc   5,408,171    0.2 
159,326  *  Integrated Device Technology, Inc   4,950,259    0.2 
62,648     MKS Instruments, Inc   6,806,705    0.3 
46,400     Monolithic Power Systems, Inc   5,645,488    0.3 
48,771  *  Silicon Laboratories, Inc   4,628,368    0.2 
      Other   56,251,723    2.3 
          83,690,714    3.5 
SOFTWARE & SERVICES          
88,788  *  Aspen Technology, Inc   5,728,602    0.2 
55,423     Blackbaud, Inc   5,614,350    0.2 
57,451  *  EPAM Systems, Inc   5,236,659    0.2 
36,085     Fair Isaac Corp   5,238,099    0.2 
101,810  *,e  GrubHub, Inc   6,212,446    0.3 
75,008     MAXIMUS, Inc   4,982,781    0.2 
57,602  *  Paycom Software, Inc   4,734,884    0.2 
51,230  *  Proofpoint, Inc   4,734,164    0.2 
      Other   168,482,530    7.0 
          210,964,515    8.7 
TECHNOLOGY HARDWARE & EQUIPMENT          
26,652     Littelfuse, Inc   5,570,268    0.2 
71,114  *  Lumentum Holdings, Inc   4,490,849    0.2 
33,792     SYNNEX Corp   4,557,865    0.2 
      Other   110,341,334    4.6 
          124,960,316    5.2 
TELECOMMUNICATION SERVICES   20,688,162    0.9 
TRANSPORTATION          
145,857  *  Knight-Swift Transportation Holdings, Inc   6,045,773    0.2 
      Other   33,625,456    1.4 
          39,671,229    1.6 


 

32 2017 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements
 
Summary portfolio of investments concluded

 

Small-Cap Blend Index Fund  ■  October 31, 2017

 

Shares     Company  Value   % of net
assets
UTILITIES          
60,751     Allete, Inc  $4,759,841    0.2%
59,831     Idacorp, Inc   5,506,247    0.2 
99,936     New Jersey Resources Corp   4,442,155    0.2 
62,027     ONE Gas, Inc   4,774,839    0.2 
106,206     Portland General Electric Co   5,070,275    0.2 
55,203     Southwest Gas Corp   4,548,175    0.2 
60,722     WGL Holdings, Inc   5,203,875    0.2 
      Other   55,190,124    2.3 
          89,495,531    3.7 
   TOTAL COMMON STOCKS
(Cost $1,726,788,150)		   2,408,014,598    99.7 
RIGHTS / WARRANTS          
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES   11,559    0.0 
   TOTAL RIGHTS / WARRANTS
(Cost $997)		   11,559    0.0 
                   
Principal     Issuer            
SHORT-TERM INVESTMENTS          
GOVERNMENT AGENCY DEBT   4,050,000    0.2 
Shares     Company  Value   % of net
assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES          
195,804,934  c  State Street Navigator Securities Lending Government Money Market Portfolio  $195,804,934    8.1%
          195,804,934    8.1 
  

TOTAL SHORT-TERM INVESTMENTS

(Cost $199,854,934)

   199,854,934    8.3 
   TOTAL PORTFOLIO
(Cost $1,926,644,081)		   2,607,881,091    108.0 
   OTHER ASSETS & LIABILITIES, NET   (193,760,584)   (8.0)
   NET ASSETS  $2,414,120,507    100.0%

 

 

* Non-income producing
c Investments made with cash collateral received from securities on loan.
e All or a portion of these securities are out on loan. The aggregate value of securities on loan is $190,613,634.

 

“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.

 

For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.


 

 

Futures contracts outstanding as of October 31, 2017 were as follows (See Note 3):

 

Description  Number of
long (short)
contracts		  Expiration date  Notional amount   Value   Unrealized
appreciation
(depreciation)		 
Russell 2000 E Mini Index  48  12/15/17  $3,607,181   $3,606,480    $(701)

 

See notes to financial statements TIAA-CREF Funds: Equity Index Funds   ■  2017 Annual Report 33
 

Summary portfolio of investments

 

Emerging Markets Equity Index Fund  ■  October 31, 2017

 

Shares     Company  Value   % of net
assets
COMMON STOCKS          
BRAZIL          
2,144,651     AMBEV S.A.  $13,701,955    0.6%
1,402,748     Banco Bradesco S.A. (Preference)   14,870,938    0.6 
1,486,186     Banco Itau Holding Financeira S.A.   19,103,757    0.8 
1,380,872  *  Petroleo Brasileiro S.A.   7,353,282    0.3 
1,839,446  *  Petroleo Brasileiro S.A. (Preference)   9,429,740    0.4 
1,254,022     Vale S.A.   12,305,232    0.5 
      Other   84,604,932    3.6 
          161,369,836    6.8 
CHILE   29,992,222    1.2 
CHINA          
519,402  *  Alibaba Group Holding Ltd (ADR)   96,032,236    4.0 
125,245  *  Baidu, Inc (ADR)   30,552,265    1.3 
37,006,000     Bank of China Ltd   18,494,220    0.8 
38,635,350     China Construction Bank   34,528,991    1.4 
3,483,000     China Life Insurance Co Ltd   11,547,191    0.5 
1,822,500     China Merchants Bank Co Ltd   6,959,504    0.3 
2,834,500     China Mobile Hong Kong Ltd   28,510,435    1.2 
8,546,000     CNOOC Ltd   11,668,647    0.5 
181,004  *  Ctrip.com International Ltd (ADR)   8,668,282    0.3 
2,240,000     Geely Automobile Holdings Ltd   6,945,949    0.3 
33,986,000     Industrial & Commercial Bank of China   27,041,471    1.1 
301,032  *  JD.com, Inc (ADR)   11,294,721    0.5 
36,083     Netease.com (ADR)   10,172,519    0.4 
2,408,000     Ping An Insurance Group Co of China Ltd   21,161,356    0.9 
2,596,700     Tencent Holdings Ltd   116,708,914    4.9 
      Other   241,138,071    10.1 
          681,424,772    28.5 
COLOMBIA   9,505,229    0.4 
CZECH REPUBLIC   4,179,681    0.2 
EGYPT   2,772,716    0.1 
GREECE   7,141,907    0.3 
HONG KONG   13,320,708    0.5 
HUNGARY   7,911,289    0.3 
INDIA          
680,930     Housing Development Finance Corp   17,958,029    0.8 
847,377     Infosys Technologies Ltd   12,065,004    0.5 
1,216,177     Reliance Industries Ltd   17,681,534    0.7 
209,713     Tata Consultancy Services Ltd   8,500,703    0.4 
      Other   149,006,726    6.2 
          205,211,996    8.6 
INDONESIA          
4,525,400     PT Bank Central Asia Tbk   6,971,110    0.3 
      Other   44,696,534    1.9 
          51,667,644    2.2 
Shares     Company  Value   % of net
assets
KOREA, REPUBLIC OF          
266,079     Hynix Semiconductor, Inc  $19,618,715    0.8%
30,975     Hyundai Mobis   7,368,088    0.3 
70,177     Hyundai Motor Co   10,096,128    0.4 
179,990     KB Financial Group, Inc   9,410,652    0.4 
20,945     LG Chem Ltd   7,551,856    0.3 
12,843     Naver Corp   10,265,050    0.4 
33,892     POSCO   9,879,024    0.4 
44,694     Samsung Electronics Co Ltd   110,175,390    4.6 
8,062     Samsung Electronics Co Ltd (Preference)   16,146,929    0.7 
192,981     Shinhan Financial Group Co Ltd   8,668,357    0.4 
      Other   161,791,240    6.8 
          370,971,429    15.5 
MALAYSIA   51,701,647    2.2 
MEXICO          
15,298,670     America Movil S.A. de C.V.
(Series L)		   13,198,586    0.6 
884,437     Fomento Economico Mexicano S.A. de C.V.   7,721,164    0.3 
      Other   52,155,384    2.2 
          73,075,134    3.1 
PAKISTAN   2,091,178    0.1 
PERU   9,173,245    0.4 
PHILIPPINES   25,875,482    1.1 
POLAND   30,724,372    1.3 
QATAR   12,973,713    0.5 
ROMANIA   2,340,898    0.1 
RUSSIA          
2,582,553     Gazprom OAO (ADR)   11,093,134    0.5 
204,184     LUKOIL PJSC (ADR)   10,845,922    0.4 
1,157,777     Sberbank of Russian Federation (ADR)   16,616,658    0.7 
      Other   38,786,535    1.6 
          77,342,249    3.2 
SOUTH AFRICA          
199,856     Naspers Ltd (N Shares)   48,691,416    2.0 
251,440     Sasol Ltd   7,346,518    0.3 
      Other   90,641,703    3.8 
          146,679,637    6.1 
TAIWAN          
7,131,141     Hon Hai Precision Industry Co, Ltd   26,506,043    1.1 
46,000     Largan Precision Co Ltd   8,719,742    0.4 
689,961     MediaTek, Inc   7,851,420    0.3 
11,248,000     Taiwan Semiconductor Manufacturing Co Ltd   90,932,199    3.8 
      Other   145,712,589    6.1 
          279,721,993    11.7 
THAILAND   51,654,235    2.2 
TURKEY   25,347,998    1.1 
UNITED ARAB EMIRATES   16,409,046    0.7 


 

34 2017 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements
 
Summary portfolio of investments concluded

 

Emerging Markets Equity Index Fund  ■  October 31, 2017

 

Shares     Company  Value   % of net
assets
UNITED STATES          
434,953     Vanguard Emerging Markets ETF  $19,411,952    0.8%
177,746  *  Yum China Holdings, Inc   7,172,051    0.3 
      Other   3,944,510    0.2 
          30,528,513    1.3 
   TOTAL COMMON STOCKS
(Cost $1,930,328,853)		   2,381,108,769    99.7 
           
PREFERRED STOCKS          
BRAZIL   5,872,869    0.3 
INDIA   167,191    0.0 
PHILIPPINES   596    0.0 
   TOTAL PREFERRED STOCKS
(Cost $5,444,033)		   6,040,656    0.3 
RIGHTS / WARRANTS          
BRAZIL   18,698    0.0 
INDIA   590,893    0.0 
   TOTAL RIGHTS / WARRANTS
(Cost $711,957)		   609,591    0.0 
                 
Principal     Issuer            
SHORT-TERM INVESTMENTS          
GOVERNMENT AGENCY DEBT   800,000    0.0 
Shares 

 

 

  Company  Value   % of net
assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES          
32,823,175  c  State Street Navigator Securities Lending Government Money Market Portfolio  $32,823,175    1.4%
          32,823,175    1.4 
   TOTAL SHORT-TERM INVESTMENTS
(Cost $33,623,175)		   33,623,175    1.4 
   TOTAL PORTFOLIO
(Cost $1,970,108,018)		   2,421,382,191    101.4 
   OTHER ASSETS & LIABILITIES, NET   (34,040,383)   (1.4)
   NET ASSETS  $2,387,341,808    100.0%

 

 

Abbreviation(s):
ADR American Depositary Receipt
ETF Exchange Traded Fund

 

* Non-income producing
c Investments made with cash collateral received from securities on loan.

 

“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.

 

At 10/31/17, the aggregate value of securities on loan is $31,291,474.

 

At 10/31/17, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $11,304,657 or 0.5% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.

 

For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.


 

Summary of market values by sector

 

Emerging Markets Equity Index Fund  ■  October 31, 2017

 

Sector  Value   % of net
assets
INFORMATION TECHNOLOGY  $673,388,473    28.3%
FINANCIALS   567,829,757    23.8 
CONSUMER DISCRETIONARY   241,480,063    10.1 
ENERGY   169,401,780    7.1 
MATERIALS   162,207,653    6.8 
CONSUMER STAPLES   148,407,768    6.2 
INDUSTRIALS   127,589,785    5.3 
TELECOMMUNICATION SERVICES   115,588,926    4.8 
REAL ESTATE   66,311,676    2.8 
UTILITIES   60,069,130    2.5 
HEALTH CARE   55,484,005    2.3 
SHORT-TERM INVESTMENTS   33,623,175    1.4 
OTHER ASSETS & LIABILITIES, NET   (34,040,383)   (1.4)
NET ASSETS  $2,387,341,808    100.0%


 

See notes to financial statements TIAA-CREF Funds: Equity Index Funds   ■  2017 Annual Report 35
 

Summary portfolio of investments

 

International Equity Index Fund  ■  October 31, 2017

 

Shares     Company  Value   % of net
assets
COMMON STOCKS          
AUSTRALIA          
2,287,657     Australia & New Zealand Banking Group Ltd  $52,498,403    0.5%
2,509,699     BHP Billiton Ltd   51,671,680    0.4 
1,346,295     Commonwealth Bank of Australia   80,084,665    0.7 
2,081,909     National Australia Bank Ltd   52,164,661    0.4 
2,614,496     Westpac Banking Corp   66,223,708    0.6 
      Other   485,060,427    4.2 
          787,703,544    6.8 
AUSTRIA   29,669,753    0.3 
BELGIUM          
591,838     Anheuser-Busch InBev S.A.   72,571,831    0.6 
      Other   61,970,066    0.6 
          134,541,897    1.2 
CHILE   3,962,875    0.0 
CHINA   2,359,157    0.0 
DENMARK          
1,455,558     Novo Nordisk AS   72,470,521    0.6 
      Other   140,917,695    1.2 
          213,388,216    1.8 
FINLAND   110,316,403    1.0 
FRANCE          
1,529,541     AXA S.A.   46,174,377    0.4 
882,397     BNP Paribas   68,870,573    0.6 
454,273     European Aeronautic Defence and Space Co   46,615,225    0.4 
199,557     L’Oreal S.A.   44,414,087    0.4 
219,057     LVMH Moet Hennessy Louis Vuitton S.A.   65,336,612    0.6 
884,142     Sanofi-Aventis   83,716,350    0.7 
1,842,148     Total S.A.   102,677,816    0.9 
      Other   735,822,349    6.3 
          1,193,627,389    10.3 
GERMANY          
359,891     Allianz AG.   84,019,722    0.7 
718,331     BASF SE   78,551,883    0.7 
645,577     Bayer AG.   83,975,893    0.7 
754,252     Daimler AG. (Registered)   62,969,593    0.6 
2,540,621     Deutsche Telekom AG.   46,003,825    0.4 
768,721     SAP AG.   87,835,962    0.8 
597,641     Siemens AG.   85,840,794    0.7 
      Other   591,953,856    5.1 
          1,121,151,528    9.7 
HONG KONG          
9,468,600     AIA Group Ltd   71,350,437    0.6 
      Other   315,650,894    2.7 
          387,001,331    3.3 
IRELAND   62,998,773    0.5 
ISRAEL   50,999,096    0.4 
ITALY   242,050,902    2.1 
Shares     Company  Value   % of net
assets
JAPAN          
9,405,480     Mitsubishi UFJ Financial Group, Inc  $63,798,704    0.5%
646,100     Softbank Corp   57,258,754    0.5 
2,036,200     Toyota Motor Corp   126,297,449    1.1 
      Other   2,497,399,977    21.6 
          2,744,754,884    23.7 
JERSEY, C.I.   7,095,031    0.1 
JORDAN   1,773,274    0.0 
LUXEMBOURG   35,981,050    0.3 
MACAU   4,823,081    0.0 
MEXICO   2,956,592    0.0 
NETHERLANDS          
293,233     ASML Holding NV   52,907,807    0.5 
3,054,955     ING Groep NV   56,453,930    0.5 
3,501,189     Royal Dutch Shell plc (A Shares)   110,216,667    0.9 
2,928,460     Royal Dutch Shell plc (B Shares)   94,288,414    0.8 
      Other   214,626,351    1.9 
          528,493,169    4.6 
NEW ZEALAND   17,268,595    0.2 
NORWAY   79,294,777    0.7 
PORTUGAL   17,154,671    0.2 
SINGAPORE   146,842,455    1.3 
SOUTH AFRICA   12,382,135    0.1 
SPAIN          
5,239,007     Banco Bilbao Vizcaya Argentaria S.A.   45,812,336    0.4 
12,588,431     Banco Santander S.A.   85,340,875    0.7 
      Other   252,784,524    2.2 
          383,937,735    3.3 
SWEDEN   325,277,591    2.8 
SWITZERLAND          
9,615,206     Glencore Xstrata plc   46,376,055    0.4 
2,431,079     Nestle S.A.   204,547,342    1.8 
1,734,546     Novartis AG.   143,064,020    1.2 
547,099     Roche Holding AG.   126,451,527    1.1 
2,857,621     UBS AG.   48,617,003    0.4 
      Other   418,454,189    3.6 
          987,510,136    8.5 
UNITED KINGDOM          
987,144     AstraZeneca plc   66,791,114    0.6 
15,378,187     BP plc   104,304,976    0.9 
1,793,164     British American Tobacco plc   115,856,013    1.0 
1,958,925     Diageo plc   66,894,963    0.6 
3,878,544     GlaxoSmithKline plc   69,609,512    0.6 
15,709,270     HSBC Holdings plc   153,402,875    1.3 
55,831,171     Lloyds TSB Group plc   50,607,076    0.4 
2,029,977     Prudential plc   49,826,524    0.4 
529,359     Reckitt Benckiser Group plc   47,359,974    0.4 
969,525     Rio Tinto plc   45,820,344    0.4 


 

36 2017 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements
 
Summary portfolio of investments concluded

 

International Equity Index Fund  ■  October 31, 2017

 

Shares       Company   Value    % of net
assets
UNITED KINGDOM—continued          
1,273,556    Unilever NV  $73,980,742    0.7%
1,003,780     Unilever plc   56,888,176    0.5 
20,840,880     Vodafone Group plc   59,611,969    0.5 
      Other   861,751,261    7.5 
          1,822,705,519    15.8 
UNITED STATES   49,796,154    0.4 
   TOTAL COMMON STOCKS
(Cost $9,556,863,456)		   11,507,817,713    99.4 
RIGHTS / WARRANTS          
AUSTRALIA   24,080    0.0 
SPAIN   773,614    0.0 
UNITED KINGDOM   78,862    0.0 
   TOTAL RIGHTS / WARRANTS
(Cost $839,566)		   876,556    0.0 
                 
Principal     Issuer            
SHORT-TERM INVESTMENTS          
GOVERNMENT AGENCY DEBT   3,950,000    0.0 
TREASURY DEBT   19,727,490    0.3 
Shares     Company  Value   % of net
assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES          
153,868,250  c  State Street Navigator Securities Lending Government Money Market Portfolio  $153,868,250    1.3%
          153,868,250    1.3 
   TOTAL SHORT-TERM INVESTMENTS
(Cost $177,545,797)		   177,545,740    1.6 
   TOTAL PORTFOLIO
(Cost $9,735,248,819)		   11,686,240,009    101.0 
   OTHER ASSETS & LIABILITIES, NET   (112,247,022)   (1.0)
   NET ASSETS  $11,573,992,987    100.0%

 

 

c Investments made with cash collateral received from securities on loan.

 

“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.

 

At 10/31/17, the aggregate value of securities on loan is $145,926,424.

 

At 10/31/17, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $76,471,635 or 0.7% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.

 

For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.


 

 

Futures contracts outstanding as of October 31, 2017 were as follows (See Note 3):

 

Description  Number of
long (short)
contracts		  Expiration date  Notional amount   Value   Unrealized
appreciation
(depreciation)		 
Mini MSCI EAFE Index  220  12/15/17  $21,971,710   $22,081,400    $109,690 

 

Summary of market values by sector

 

International Equity Index Fund  ■  October 31, 2017

 

Sector  Value   % of net
assets
FINANCIALS  $2,465,759,953    21.2%
INDUSTRIALS   1,643,787,669    14.2 
CONSUMER DISCRETIONARY   1,445,344,186    12.5 
CONSUMER STAPLES   1,283,697,617    11.1 
HEALTH CARE   1,168,298,949    10.1 
MATERIALS   914,119,393    7.9 
INFORMATION TECHNOLOGY   742,880,001    6.4 
ENERGY   596,205,267    5.2 
TELECOMMUNICATION SERVICES   461,132,015    4.0 
REAL ESTATE   404,281,450    3.5 
UTILITIES   383,187,769    3.3 
SHORT-TERM INVESTMENTS   177,545,740    1.6 
OTHER ASSETS & LIABILITIES, NET   (112,247,022)   (1.0)
NET ASSETS  $11,573,992,987    100.0%


 

See notes to financial statements TIAA-CREF Funds: Equity Index Funds   ■  2017 Annual Report 37
 

Statements of assets and liabilities

 

TIAA-CREF Funds  ■  October 31, 2017

 

     Equity Index
Fund		   Large-Cap Growth
Index Fund		   Large-Cap Value
Index Fund		   S&P 500
Index Fund		   Small-Cap Blend
Index Fund		   Emerging Markets
Equity Index Fund		   International
Equity Index Fund		 
ASSETS                                                                     
Portfolio investments, at value*†  $15,828,046,009   $5,476,783,660   $6,505,830,142   $4,669,776,849   $2,607,881,091   $2,421,382,191   $11,686,240,009 
Cash   164,310    23,134    12,122    43,020    168,536    77,565    870,081 
Cash – foreign^   —    —    —    —    —    124,012    180,601 
Receivable from securities transactions   51,474    15,594,240    —    —    —    46,842    — 
Receivable from Fund shares sold   3,873,870    5,312,458    5,155,335    2,948,690    1,501,226    1,784,357    7,158,085 
Dividends and interest receivable  12,001,208    2,917,685    6,860,145    3,864,215    1,155,430    1,624,532    38,225,908 
Receivable for variation margin on open futures contracts   109,823    —    —    31,028    24,196    —    86,462 
Other   495,867    145,523    177,008    175,039    115,274    49,892    362,938 
Total assets   15,844,742,561    5,500,776,700    6,518,034,752    4,676,838,841    2,610,845,753    2,425,089,391    11,733,124,084 
LIABILITIES                                   
Management fees payable   85,325    29,509    35,562    25,440    13,185    45,328    62,885 
Service agreement fees payable   19,743    24,563    33,565    44,091    35,199    9,435    40,204 
Distribution fees payable   212,220    —    —    —    —    7,929    40,606 
Due to affiliates   38,790    16,533    21,179    14,828    10,853    13,910    30,100 
Payable for collateral for securities loaned   200,905,673    27,932,087    38,886,042    10,694,332    195,804,934    32,823,175    153,868,250 
Payable for securities transactions   —    21,600,756    5,768,158    —    370,788    628,911    912 
Payable for delayed delivery securities   —    —    —    —    —    —    249,325 
Payable for Fund shares redeemed   13,815,518    2,021,572    604,148    401,826    328,056    760,176    3,986,251 
Payable for trustee compensation   528,158    154,193    191,900    184,811    120,268    54,667    385,466 
Accrued expenses and other payables   310,413    124,418    160,472    64,412    41,963    3,404,052    467,098 
Total liabilities   215,915,840    51,903,631    45,701,026    11,429,740    196,725,246    37,747,583    159,131,097 
NET ASSETS  $15,628,826,721   $5,448,873,069   $6,472,333,726   $4,665,409,101   $2,414,120,507   $2,387,341,808   $11,573,992,987 
NET ASSETS CONSIST OF:                                   
Paid-in-capital  $9,536,372,866   $3,635,967,746   $5,281,881,177   $3,002,746,117   $1,625,235,950   $1,967,209,321   $9,513,516,209 
Undistributed net investment income (loss)   214,420,805    51,320,173    121,876,406    64,840,374    22,362,001    37,984,701    233,412,975 
Accumulated net realized gain (loss) on total investments   (4,073,647)   12,452,279    15,663,889    (54,507,175)   85,286,247    (65,895,281)   (123,927,262)
Net unrealized appreciation (depreciation) on total investments   5,882,106,697    1,749,132,871    1,052,912,254    1,652,329,785    681,236,309    448,043,067    1,950,991,065 
NET ASSETS  $15,628,826,721   $5,448,873,069   $6,472,333,726   $4,665,409,101   $2,414,120,507   $2,387,341,808   $11,573,992,987 
INSTITUTIONAL CLASS:                                   
Net assets  $14,021,232,750   $4,767,108,466   $5,510,818,129   $3,500,746,344   $1,816,567,227   $2,062,554,061   $10,221,016,072 
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)   726,161,442    168,426,970    281,423,619    120,560,420    82,514,819    173,902,263    503,094,424 
Net asset value per share  $19.31   $28.30   $19.58   $29.04   $22.02   $11.86   $20.32 
ADVISOR CLASS:                                   
Net assets  $8,389,475   $16,090,452   $2,346,421   $29,206,513   $4,847,763   $1,019,168   $25,184,436 
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)   434,776    569,119    119,978    1,006,842    220,400    86,014    1,241,117 
Net asset value per share  $19.30   $28.27   $19.56   $29.01   $22.00   $11.85   $20.29 
PREMIER CLASS:                                   
Net assets  $111,914,685   $—   $—   $—   $—   $36,598,732   $319,115,503 
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)   5,814,237    —    —    —    —    3,095,169    15,753,356 
Net asset value per share  $19.25   $—   $—   $—   $—   $11.82   $20.26 
RETIREMENT CLASS:                                   
Net assets  $544,771,871   $665,674,151   $959,169,176   $1,135,456,244   $592,705,517   $272,465,847   $1,008,676,976 
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)   27,847,777    23,386,582    48,283,537    39,390,219    26,854,123    23,084,677    48,663,685 
Net asset value per share  $19.56   $28.46   $19.87   $28.83   $22.07   $11.80   $20.73 
RETAIL CLASS:                                   
Net assets  $942,517,940   $—   $—   $—   $—   $14,704,000   $— 
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)   48,035,604    —    —    —    —    1,245,346    — 
Net asset value per share  $19.62   $—   $—   $—   $—   $11.81   $— 
*   Includes securities loaned of  $194,873,093   $26,686,863   $37,813,055   $10,121,275   $190,613,634   $31,291,474   $145,926,424 
† Portfolio investments, cost  $9,946,004,953   $3,727,650,789   $5,452,917,888   $3,017,534,056   $1,926,644,081   $1,970,108,018   $9,735,248,819 
^ Foreign cash, cost  $—   $—   $—   $—   $—   $123,737   $180,601 

 

38 2017 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Index Funds  ■  2017 Annual Report 39
 

Statements of operations

 

TIAA-CREF Funds  ■  For the year ended October 31, 2017

 

   Equity Index
Fund		   Large-Cap Growth
Index Fund		   Large-Cap Value
Index Fund		   S&P 500
Index Fund		   Small-Cap Blend
Index Fund		   Emerging Markets
Equity Index Fund		   International
Equity Index Fund		 
INVESTMENT INCOME                                                               
Dividends*  $269,339,357   $67,041,485   $152,473,854   $83,646,266   $27,950,762   $46,641,133   $291,289,274 
Income from securities lending   3,390,466    413,645    252,797    93,363    4,751,274    472,956    3,997,405 
Interest   354,236    137,101    103,558    149,462    306,075    24,941    242,979 
Total income   273,084,059    67,592,231    152,830,209    83,889,091    33,008,111    47,139,030    295,529,658 
EXPENSES                                   
Management fees   5,429,572    1,791,154    2,466,847    1,639,480    884,366    2,767,221    3,850,066 
Shareholder servicing – Institutional Class   26,262    18,668    16,267    4,752    8,950    6,827    36,241 
Shareholder servicing – Advisor Class   4,770    10,660    1,870    14,406    25,513    1,171    18,023 
Shareholder servicing – Premier Class   204    —    —    —    —    81    577 
Shareholder servicing – Retirement Class   1,262,029    1,354,506    2,195,363    2,482,215    1,287,820    490,683    2,051,332 
Shareholder servicing – Retail Class   279,994    —    —    —    —    13,672    — 
Distribution fees – Premier Class   136,498    —    —    —    —    38,300    417,666 
Distribution fees – Retail Class   2,160,367    —    —    —    —    27,973    — 
Administrative service fees   247,789    98,525    126,636    94,098    69,008    84,359    182,302 
Trustee fees and expenses   203,227    66,559    94,165    61,935    34,140    29,417    142,234 
Custody and accounting fees   146,768    74,295    94,474    67,007    61,358    797,331    652,258 
Other expenses   791,351    513,599    591,073    385,954    252,352    438,131    906,308 
Total expenses   10,688,831    3,927,966    5,586,695    4,749,847    2,623,507    4,695,166    8,257,007 
Fee waiver by investment adviser and TPIS   —    —    —    —    (22,067)   (81)   (505)
Net expenses   10,688,831    3,927,966    5,586,695    4,749,847    2,601,440    4,695,085    8,256,502 
Net investment income (loss)   262,395,228    63,664,265    147,243,514    79,139,244    30,406,671    42,443,945    287,273,156 
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS                                   
Realized gain (loss):                                   
Portfolio investments‡   73,725,468    36,442,007    112,380,271    (2,457,061)   101,538,503    151,930    (7,312,724)
Futures contracts   4,221,134    2,292,577    2,915,169    2,541,308    1,270,930    —    3,188,087 
Foreign currency transactions   1,150    —    —    —    2,040    247,723    (1,839,943)
Net realized gain (loss) on total investments   77,947,752    38,734,584    115,295,440    84,247    102,811,473    399,653    (5,964,580)
Change in unrealized appreciation (depreciation) on:                                   
Portfolio investments**   2,498,337,025    1,051,219,944    668,836,581    763,342,121    378,794,809    449,885,958    1,794,242,647 
Futures contracts   115,082    29,963    64,400    142,842    (701)   —    89,863 
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies   —    —    —    —    —    (15,512)   668,361 
Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments   2,498,452,107    1,051,249,907    668,900,981    763,484,963    378,794,108    449,870,446    1,795,000,871 
Net realized and unrealized gain (loss) on total investments   2,576,399,859    1,089,984,491    784,196,421    763,569,210    481,605,581    450,270,099    1,789,036,291 
Net increase (decrease) in net assets from operations  $2,838,795,087   $1,153,648,756   $931,439,935   $842,708,454   $512,012,252   $492,714,044   $2,076,309,447 
*   Net of foreign withholding taxes of  $42,159   $85   $36,379   $—   $8,788   $6,401,597   $25,121,607 
‡ Includes net realized gain(loss) from securities sold to affiliates of  $(569,708)  $(99,609)  $319,611   $(1,518,207)  $(73,166)  $(635,961)  $(2,544,682)
** Includes net change in unrealized foreign capital gains taxes of  $—   $—   $—   $—   $—   $(2,461,287)  $— 

 

40 2017 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Index Funds  ■  2017 Annual Report 41
 

Statements of changes in net assets

 

TIAA-CREF Funds  ■  For the year ended

 

      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 
      October 31,   October 31,   October 31,   October 31,   October 31,   October 31,   October 31,   October 31,   October 31,   October 31,   October 31,   October 31, 
      2017   2016   2017   2016   2017   2016   2017   2016   2017   2016   2017   2016 
OPERATIONS                                                                         
Net investment income (loss)  $262,395,228   $217,731,732   $63,664,265   $45,452,940   $147,243,514   $104,265,924   $79,139,244   $65,066,666   $30,406,671   $29,824,660   $42,443,945   $30,860,518 
Net realized gain (loss) on total investments   77,947,752    51,791,476    38,734,584    (10,985,883)   115,295,440    35,052,294    84,247    7,914,332    102,811,473    48,385,674    399,653    (29,175,814)
Net change in unrealized appreciation (depreciation) on total investments   2,498,452,107    195,860,687    1,051,249,907    19,598,897    668,900,981    136,617,595    763,484,963    61,445,138    378,794,108    (3,590,179)   449,870,446    145,121,099 
Net increase (decrease) in net assets from operations   2,838,795,087    465,383,895    1,153,648,756    54,065,954    931,439,935    275,935,813    842,708,454    134,426,136    512,012,252    74,620,155    492,714,044    146,805,803 
DISTRIBUTIONS TO SHAREHOLDERS                                                    
From net investment income:  Institutional Class   (205,509,687)   (173,624,070)   (42,391,726)   (35,569,469)   (98,648,534)   (72,142,155)   (53,066,810)   (43,722,807)   (24,416,875)   (21,514,684)   (27,179,138)   (24,414,359)
   Advisor Class†   (7,821)   (194)   (53,809)   (140)   (4,186)   (238)   (9,024)   (193)   (2,295)   (161)   (3,425)   (226)
   Premier Class   (1,414,691)   (937,442)   —    —    —    —    —    —    —    —    (294,852)   (211,337)
   Retirement Class   (7,735,619)   (6,746,243)   (4,486,701)   (4,244,624)   (14,286,394)   (9,657,994)   (15,020,296)   (12,371,696)   (6,337,158)   (5,799,966)   (2,291,496)   (1,805,790)
   Retail Class   (13,242,540)   (12,319,157)   —    —    —    —    —    —    —    —    (137,213)   (147,815)
From realized gains:  Institutional Class   (49,435,514)   (106,250,473)   —    (31,605,119)   (47,307,089)   (117,250,174)   (12,088,671)   (13,853,739)   (37,350,848)   (57,273,346)   —    — 
   Advisor Class†   (1,888)   (120)   —    (125)   (2,026)   (388)   (2,085)   (62)   (3,534)   (430)   —    — 
   Premier Class   (363,393)   (647,646)   —    —    —    —    —    —    —    —    —    — 
   Retirement Class   (2,104,736)   (4,694,899)   —    (4,540,312)   (7,541,570)   (17,445,954)   (3,850,229)   (4,474,823)   (11,244,413)   (18,481,264)   —    — 
   Retail Class   (3,709,399)   (8,823,828)   —    —    —    —    —    —    —    —    —    — 
Total distributions   (283,525,288)   (314,044,072)   (46,932,236)   (75,959,789)   (167,789,799)   (216,496,903)   (84,037,115)   (74,423,320)   (79,355,123)   (103,069,851)   (29,906,124)   (26,579,527)
SHAREHOLDER TRANSACTIONS                                                    
Subscriptions:  Institutional Class   3,180,702,475    1,890,574,776    1,384,113,558    1,064,376,178    1,931,455,512    1,535,541,867    713,461,568    472,290,248    322,531,302    195,087,919    587,169,287    466,475,084 
   Advisor Class†   8,158,103    116,496    15,777,925    2,933,243    2,810,906    132,395    29,155,315    479,562    5,004,892    100,000    824,179    175,959 
   Premier Class   43,052,544    23,581,570    —    —    —    —    —    —    —    —    15,305,091    7,506,279 
   Retirement Class   85,170,698    74,040,184    220,951,005    96,536,164    262,631,147    246,193,166    284,917,979    158,279,411    125,963,736    36,259,350    93,917,028    50,136,247 
   Retail Class   94,200,573    76,039,554    —    —    —    —    —    —    —    —    8,791,900    2,274,197 
Reinvestments of distributions:  Institutional Class   254,236,324    278,744,081    37,924,443    58,795,458    120,431,307    161,779,700    64,265,599    56,733,863    60,604,504    75,880,718    26,539,878    24,330,018 
   Advisor Class†   11,551    —    52,434    —    2,633    —    8,512    —    1,098    —    1,377    — 
   Premier Class   1,739,046    1,512,695    —    —    —    —    —    —    —    —    292,560    211,337 
   Retirement Class   9,840,355    11,441,142    4,486,701    8,784,936    21,827,964    27,103,948    18,870,525    16,846,519    17,581,571    24,281,230    2,291,496    1,805,790 
   Retail Class   16,240,100    20,317,504    —    —    —    —    —    —    —    —    132,490    139,138 
Redemptions:  Institutional Class   (1,704,246,234)   (1,057,162,367)   (671,832,233)   (530,849,968)   (1,329,949,153)   (575,154,884)   (378,425,611)   (235,489,114)   (262,034,644)   (184,417,815)   (434,768,403)   (173,711,998)
   Advisor Class†   (723,207)   —    (4,646,843)   (10,677)   (728,546)   (3)   (2,309,945)   (528)   (635,380)   (20)   (211,411)   — 
   Premier Class   (20,750,300)   (50,718,194)   —    —    —    —    —    —    —    —    (2,734,404)   (1,217,280)
   Retirement Class   (76,146,688)   (51,764,768)   (89,117,280)   (72,260,959)   (120,325,161)   (41,362,231)   (138,599,350)   (116,755,976)   (64,305,416)   (66,785,725)   (11,223,736)   (6,093,396)
   Retail Class   (94,610,847)   (81,184,629)   —    —    —    —    —    —    —    —    (5,901,458)   (1,752,101)
Net increase (decrease) from shareholder transactions   1,796,874,493    1,135,538,044    897,709,710    628,304,375    888,156,609    1,354,233,958    591,344,592    352,383,985    204,711,663    80,405,657    280,425,874    370,279,274 
Net increase (decrease) in net assets   4,352,144,292    1,286,877,867    2,004,426,230    606,410,540    1,651,806,745    1,413,672,868    1,350,015,931    412,386,801    637,368,792    51,955,961    743,233,794    490,505,550 
NET ASSETS                                                            
Beginning of period   11,276,682,429    9,989,804,562    3,444,446,839    2,838,036,299    4,820,526,981    3,406,854,113    3,315,393,170    2,903,006,369    1,776,751,715    1,724,795,754    1,644,108,014    1,153,602,464 
End of period  $15,628,826,721   $11,276,682,429   $5,448,873,069   $3,444,446,839   $6,472,333,726   $4,820,526,981   $4,665,409,101   $3,315,393,170   $2,414,120,507   $1,776,751,715   $2,387,341,808   $1,644,108,014 
Undistributed net investment income (loss) included in net assets  $214,420,805   $178,373,894   $51,320,173   $35,027,787   $121,876,406   $86,324,243   $64,840,374   $53,520,422   $22,362,001   $21,943,718   $37,984,701   $25,039,395 
CHANGE IN FUND SHARES                                                        
Shares sold:  Institutional Class   179,077,525    123,200,687    56,009,221    48,620,315    104,547,423    94,054,573    27,035,016    20,389,801    15,969,080    11,358,910    58,375,164    54,238,487 
   Advisor Class†   466,654    7,702    612,839    130,121    150,608    8,223    1,070,950    20,074    245,553    5,995    84,343    20,315 
   Premier Class   2,443,509    1,529,136    —    —    —    —    —    —    —    —    1,476,210    876,451 
   Retirement Class   4,807,180    4,699,611    8,871,192    4,418,520    13,970,577    14,547,390    10,896,635    6,861,909    6,156,471    2,062,752    9,115,260    5,759,588 
   Retail Class   5,257,470    4,862,772    —    —    —    —    —    —    —    —    822,529    263,574 
Shares reinvested:  Institutional Class   15,169,232    18,795,960    1,663,353    2,786,514    6,620,742    10,410,534    2,564,469    2,536,158    3,019,657    4,573,883    2,913,269    3,068,098 
   Advisor Class†   689    —    2,300    —    145    —    340    —    55    —    151    — 
   Premier Class   103,948    102,140    —    —    —    —    —    —    —    —    32,149    26,684 
   Retirement Class   578,164    759,704    195,244    413,020    1,179,890    1,714,355    756,940    756,807    872,101    1,455,710    252,090    228,292 
   Retail Class   950,825    1,344,640    —    —    —    —    —    —    —    —    14,559    17,568 
Shares redeemed:  Institutional Class   (95,530,793)   (68,184,851)   (26,859,209)   (24,913,822)   (70,700,917)   (34,878,642)   (14,068,398)   (10,289,936)   (12,799,942)   (10,650,323)   (42,445,840)   (19,918,334)
   Advisor Class†   (40,269)   —    (175,660)   (481)   (38,998)   —    (84,500)   (22)   (31,203)   —    (18,795)   — 
   Premier Class   (1,190,145)   (3,190,620)   —    —    —    —    —    —    —    —    (253,229)   (143,356)
   Retirement Class   (4,227,421)   (3,402,586)   (3,502,664)   (3,321,786)   (6,293,043)   (2,480,767)   (5,219,543)   (5,144,356)   (3,168,199)   (3,913,751)   (1,093,422)   (725,859)
   Retail Class   (5,284,709)   (5,203,074)   —    —    —    —    —    —    —    —    (553,759)   (201,627)
Net increase (decrease) from shareholder transactions   102,581,859    75,321,221    36,816,616    28,132,401    49,436,427    83,375,666    22,951,909    15,130,435    10,263,573    4,893,176    28,720,679    43,509,881 
† Advisor Class commenced operations on December 4, 2015.

 

42 2017 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Index Funds  ■  2017 Annual Report 43
 
Statements of changes in net assets concluded
   
TIAA-CREF Funds  ■  For the year ended  

 

      International Equity Index Fund 
      October 31,   October 31, 
      2017   2016 
OPERATIONS          
Net investment income (loss)  $287,273,156   $217,912,829 
Net realized gain (loss) on total investments   (5,964,580)   (74,621,450)
Net change in unrealized appreciation (depreciation) on total investments   1,795,000,871    (278,124,979)
Net increase (decrease) in net assets from operations   2,076,309,447    (134,833,600)
DISTRIBUTIONS TO SHAREHOLDERS          
From net investment income:  Institutional Class   (206,166,892)   (163,179,996)
   Advisor Class†   (108,557)   (289)
   Premier Class   (6,888,928)   (6,734,359)
   Retirement Class   (17,519,643)   (17,160,264)
   Retail Class   —    — 
From realized gains:  Institutional Class   —    — 
   Advisor Class†   —    — 
   Premier Class   —    — 
   Retirement Class   —    — 
   Retail Class   —    — 
Total distributions      (230,684,020)   (187,074,908)
SHAREHOLDER TRANSACTIONS          
Subscriptions:  Institutional Class   2,943,044,211    1,905,264,517 
   Advisor Class†   20,559,555    4,518,401 
   Premier Class   73,570,103    61,170,367 
   Retirement Class   237,239,092    85,149,912 
   Retail Class   —    — 
Reinvestments of distributions:  Institutional Class   201,701,307    158,959,527 
   Advisor Class†   105,644    — 
   Premier Class   6,880,494    6,718,085 
   Retirement Class   17,519,643    17,160,264 
   Retail Class   —    — 
Redemptions:  Institutional Class   (1,214,713,905)   (683,392,389)
   Advisor Class†   (1,756,015)   (267,543)
   Premier Class   (56,049,816)   (55,951,004)
   Retirement Class   (69,260,142)   (73,221,046)
   Retail Class   —    — 
Net increase (decrease) from shareholder transactions   2,158,840,171    1,426,109,091 
Net increase (decrease) in net assets   4,004,465,598    1,104,200,583 
NET ASSETS          
Beginning of period   7,569,527,389    6,465,326,806 
End of period  $11,573,992,987   $7,569,527,389 
Undistributed net investment income (loss) included in net assets  $233,412,975   $178,505,522 
CHANGE IN FUND SHARES          
Shares sold:  Institutional Class   162,087,816    115,011,799 
   Advisor Class†   1,087,062    259,162 
   Premier Class   4,055,337    3,718,343 
   Retirement Class   12,571,162    5,006,403 
   Retail Class   —    — 
Shares reinvested:  Institutional Class   12,114,193    9,628,076 
   Advisor Class†   6,345    — 
   Premier Class   413,740    407,404 
   Retirement Class   1,028,752    1,016,603 
   Retail Class   —    — 
Shares redeemed:  Institutional Class   (65,168,652)   (41,237,770)
   Advisor Class†   (95,588)   (15,864)
   Premier Class   (3,104,226)   (3,343,770)
   Retirement Class   (3,672,502)   (4,313,428)
   Retail Class   —    — 
Net increase (decrease) from shareholder transactions   121,323,439    86,136,958 
† Advisor Class commenced operations on December 4, 2015.

 

44 2017 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements
 

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TIAA-CREF Funds: Equity Index Funds  ■  2017 Annual Report 45
 

Financial highlights

 

TIAA-CREF Funds

 

        Selected per share data
            Gain (loss) from investment operations                
   For the    Net asset   Net   Net realized &   Total gain   Less distributions from  Total   Net asset 
   period
or year
ended		    value,
beginning
of period		   investment
income
(loss)		a  unrealized gain
(loss) on total
investments		   (loss) from
investment
operations		   Net
investment
income		   Net
realized
gains		   dividends
and
distributions		   value,
end of
period		 
EQUITY INDEX FUND                                    
Institutional Class:  10/31/17     $15.95   $0.35   $3.42   $3.77   $(0.33)  $(0.08)  $(0.41)  $19.31 
   10/31/16     15.82    0.33    0.30    0.63    (0.31)   (0.19)   (0.50)   15.95 
   10/31/15     15.51    0.31    0.36    0.67    (0.28)   (0.08)   (0.36)   15.82 
   10/31/14     13.65    0.27    1.88    2.15    (0.24)   (0.05)   (0.29)   15.51 
   10/31/13     10.84    0.25    2.81    3.06    (0.19)   (0.06)   (0.25)   13.65 
Advisor Class:  10/31/17     15.96    0.31    3.44    3.75    (0.33)   (0.08)   (0.41)   19.30 
   10/31/16 ‡   15.96    0.25    0.25    0.50    (0.31)   (0.19)   (0.50)   15.96 
Premier Class:  10/31/17     15.91    0.32    3.41    3.73    (0.31)   (0.08)   (0.39)   19.25 
   10/31/16     15.77    0.32    0.29    0.61    (0.28)   (0.19)   (0.47)   15.91 
   10/31/15     15.46    0.29    0.36    0.65    (0.26)   (0.08)   (0.34)   15.77 
   10/31/14     13.61    0.25    1.87    2.12    (0.22)   (0.05)   (0.27)   15.46 
   10/31/13     10.81    0.24    2.80    3.04    (0.18)   (0.06)   (0.24)   13.61 
Retirement Class:  10/31/17     16.16    0.31    3.46    3.77    (0.29)   (0.08)   (0.37)   19.56 
   10/31/16     16.02    0.29    0.31    0.60    (0.27)   (0.19)   (0.46)   16.16 
   10/31/15     15.71    0.28    0.36    0.64    (0.25)   (0.08)   (0.33)   16.02 
   10/31/14     13.82    0.24    1.91    2.15    (0.21)   (0.05)   (0.26)   15.71 
   10/31/13     10.97    0.23    2.84    3.07    (0.16)   (0.06)   (0.22)   13.82 
Retail Class:  10/31/17     16.21    0.30    3.47    3.77    (0.28)   (0.08)   (0.36)   19.62 
   10/31/16     16.06    0.29    0.32    0.61    (0.27)   (0.19)   (0.46)   16.21 
   10/31/15     15.75    0.27    0.36    0.63    (0.24)   (0.08)   (0.32)   16.06 
   10/31/14     13.85    0.23    1.92    2.15    (0.20)   (0.05)   (0.25)   15.75 
   10/31/13     10.99    0.22    2.85    3.07    (0.15)   (0.06)   (0.21)   13.85 
LARGE-CAP GROWTH INDEX FUND                                    
Institutional Class:  10/31/17     22.13    0.36    6.11    6.47    (0.30)   —    (0.30)   28.30 
   10/31/16     22.25    0.35    0.13    0.48    (0.32)   (0.28)   (0.60)   22.13 
   10/31/15     21.03    0.33    1.52    1.85    (0.29)   (0.34)   (0.63)   22.25 
   10/31/14     18.29    0.30    2.76    3.06    (0.26)   (0.06)   (0.32)   21.03 
   10/31/13     14.54    0.29    3.73    4.02    (0.27)   —    (0.27)   18.29 
Advisor Class:  10/31/17     22.12    0.31    6.13    6.44    (0.29)   —    (0.29)   28.27 
   10/31/16 ‡   22.50    0.24    (0.02)   0.22    (0.32)   (0.28)   (0.60)   22.12 
Retirement Class:  10/31/17     22.26    0.30    6.15    6.45    (0.25)   —    (0.25)   28.46 
   10/31/16     22.38    0.30    0.12    0.42    (0.26)   (0.28)   (0.54)   22.26 
   10/31/15     21.15    0.28    1.53    1.81    (0.24)   (0.34)   (0.58)   22.38 
   10/31/14     18.39    0.26    2.77    3.03    (0.21)   (0.06)   (0.27)   21.15 
   10/31/13     14.61    0.26    3.75    4.01    (0.23)   —    (0.23)   18.39 
LARGE-CAP VALUE INDEX FUND                                    
Institutional Class:  10/31/17     17.16    0.45    2.53    2.98    (0.38)   (0.18)   (0.56)   19.58 
   10/31/16     17.26    0.44    0.54    0.98    (0.41)   (0.67)   (1.08)   17.16 
   10/31/15     17.97    0.43    (0.35)   0.08    (0.33)   (0.46)   (0.79)   17.26 
   10/31/14     16.19    0.38    2.16    2.54    (0.33)   (0.43)   (0.76)   17.97 
   10/31/13     13.27    0.35    3.21    3.56    (0.33)   (0.31)   (0.64)   16.19 
Advisor Class:  10/31/17     17.15    0.41    2.56    2.97    (0.38)   (0.18)   (0.56)   19.56 
   10/31/16 ‡   17.33    0.31    0.59    0.90    (0.41)   (0.67)   (1.08)   17.15 
Retirement Class:  10/31/17     17.41    0.41    2.58    2.99    (0.35)   (0.18)   (0.53)   19.87 
   10/31/16     17.50    0.41    0.54    0.95    (0.37)   (0.67)   (1.04)   17.41 
   10/31/15     18.21    0.40    (0.36)   0.04    (0.29)   (0.46)   (0.75)   17.50 
   10/31/14     16.40    0.34    2.19    2.53    (0.29)   (0.43)   (0.72)   18.21 
   10/31/13     13.43    0.32    3.25    3.57    (0.29)   (0.31)   (0.60)   16.40 

 

46 2017 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements
 
            Ratios and supplemental data
   For the
period		        Net assets at   Ratios to average net assets  Portfolio 
   or year
ended		    Total return   end of period
(in thousands)		   Gross
expenses		   Net
expenses		   Net investment
income (loss)		   turnover
rate		 
EQUITY INDEX FUND                          
Institutional Class:  10/31/17     24.00%   $14,021,233    0.05%   0.05%   1.96%   11%
   10/31/16     4.24    10,010,647    0.05    0.05    2.11    9 
   10/31/15     4.48    8,759,567    0.05    0.05    1.99    8 
   10/31/14     16.00    7,998,323    0.05    0.05    1.88    6 
   10/31/13     28.85    6,705,277    0.06    0.06    2.09    8f
Advisor Class:  10/31/17     23.85    8,389    0.15    0.15    1.76    11 
   10/31/16 ‡   3.38b   123    0.07c   0.07c   1.77c   9 
Premier Class:  10/31/17     23.78    111,915    0.20    0.20    1.81    11 
   10/31/16     4.07    70,911    0.20    0.20    2.08    9 
   10/31/15     4.36    94,864    0.20    0.20    1.83    8 
   10/31/14     15.81    70,236    0.20    0.20    1.73    6 
   10/31/13     28.68    61,343    0.21    0.21    1.95    8f
Retirement Class:  10/31/17     23.66    544,772    0.30    0.30    1.72    11 
   10/31/16     3.99    431,405    0.30    0.30    1.87    9 
   10/31/15     4.17    394,683    0.30    0.30    1.73    8 
   10/31/14     15.76    314,958    0.30    0.30    1.63    6 
   10/31/13     28.52    267,636    0.31    0.31    1.86    8f
Retail Class:  10/31/17     23.59    942,518    0.33    0.33    1.69    11 
   10/31/16     3.99    763,597    0.34    0.34    1.84    9 
   10/31/15     4.12    740,691    0.35    0.35    1.70    8 
   10/31/14     15.73    645,889    0.36    0.36    1.58    6 
   10/31/13     28.49    536,027    0.38    0.38    1.79    8f
LARGE-CAP GROWTH INDEX FUND                          
Institutional Class:  10/31/17     29.56    4,767,108    0.06    0.06    1.45    18 
   10/31/16     2.29    3,044,925    0.06    0.06    1.61    22 
   10/31/15     9.09    2,472,946    0.06    0.06    1.55    24 
   10/31/14     17.00    1,750,638    0.06    0.06    1.56    21 
   10/31/13     28.14    1,157,001    0.07    0.07    1.81    19f
Advisor Class:  10/31/17     29.45    16,090    0.19    0.19    1.22    18 
   10/31/16 ‡   1.09b   2,868    0.14c   0.14c   1.26c   22 
Retirement Class:  10/31/17     29.23    665,674    0.31    0.31    1.20    18 
   10/31/16     2.02    396,654    0.31    0.31    1.36    22 
   10/31/15     8.83    365,090    0.31    0.31    1.31    24 
   10/31/14     16.72    298,976    0.31    0.31    1.31    21 
   10/31/13     27.90    241,402    0.32    0.32    1.60    19f
LARGE-CAP VALUE INDEX FUND                          
Institutional Class:  10/31/17     17.66    5,510,818    0.06    0.06    2.42    27 
   10/31/16     6.37    4,134,073    0.06    0.06    2.66    23 
   10/31/15     0.49    2,958,189    0.06    0.06    2.48    24 
   10/31/14     16.38    2,362,546    0.06    0.06    2.23    21 
   10/31/13     28.07    1,359,068    0.07    0.07    2.41    19f
Advisor Class:  10/31/17     17.58    2,346    0.20    0.20    2.21    27 
   10/31/16 ‡   5.87b   141    0.08c   0.08c   2.08c   23 
Retirement Class:  10/31/17     17.41    959,169    0.30    0.30    2.17    27 
   10/31/16     6.06    686,313    0.31    0.31    2.43    23 
   10/31/15     0.26    448,665    0.31    0.31    2.24    24 
   10/31/14     16.07    384,292    0.31    0.31    2.00    21 
   10/31/13     27.79    302,435    0.32    0.32    2.15    19f

 

See notes to financial statements TIAA-CREF Funds: Equity Index Funds  ■  2017 Annual Report 47
 
Financial highlights  
   
TIAA-CREF Funds  

 

        Selected per share data
            Gain (loss) from investment operations                
   For the    Net asset   Net   Net realized &   Total gain   Less distributions from  Total   Net asset 
   period
or year
ended		    value,
beginning
of period		   investment
income
(loss)		a  unrealized gain
(loss) on total
investments		   (loss) from
investment
operations		   Net
investment
income		   Net
realized
gains		   dividends
and
distributions		   value,
end of
period		 
S&P 500 INDEX FUND                                    
Institutional Class:  10/31/17     $24.06   $0.53   $5.04   $5.57   $(0.48)  $(0.11)  $(0.59)  $29.04 
   10/31/16     23.66    0.51    0.50    1.01    (0.46)   (0.15)   (0.61)   24.06 
   10/31/15     22.92    0.47    0.68    1.15    (0.41)   —    (0.41)   23.66 
   10/31/14     19.91    0.42    2.94    3.36    (0.35)   —    (0.35)   22.92 
   10/31/13     16.05    0.39    3.86    4.25    (0.39)   —    (0.39)   19.91 
Advisor Class:  10/31/17     24.06    0.45    5.09    5.54    (0.48)   (0.11)   (0.59)   29.01 
   10/31/16 ‡   23.87    0.33    0.47    0.80    (0.46)   (0.15)   (0.61)   24.06 
Retirement Class:  10/31/17     23.90    0.46    5.01    5.47    (0.43)   (0.11)   (0.54)   28.83 
   10/31/16     23.51    0.45    0.50    0.95    (0.41)   (0.15)   (0.56)   23.90 
   10/31/15     22.77    0.41    0.69    1.10    (0.36)   —    (0.36)   23.51 
   10/31/14     19.79    0.36    2.93    3.29    (0.31)   —    (0.31)   22.77 
   10/31/13     15.96    0.34    3.84    4.18    (0.35)   —    (0.35)   19.79 
SMALL-CAP BLEND INDEX FUND                                    
Institutional Class:  10/31/17     17.88    0.29    4.64    4.93    (0.31)   (0.48)   (0.79)   22.02 
   10/31/16     18.25    0.31    0.42    0.73    (0.30)   (0.80)   (1.10)   17.88 
   10/31/15     19.22    0.30    (0.22)   0.08    (0.31)   (0.74)   (1.05)   18.25 
   10/31/14     18.58    0.28    1.20    1.48    (0.26)   (0.58)   (0.84)   19.22 
   10/31/13     14.24    0.31    4.65    4.96    (0.30)   (0.32)   (0.62)   18.58 
Advisor Class:  10/31/17     17.88    0.24    4.67    4.91    (0.31)   (0.48)   (0.79)   22.00 
   10/31/16 ‡   18.63    0.27    0.08    0.35    (0.30)   (0.80)   (1.10)   17.88 
Retirement Class:  10/31/17     17.93    0.24    4.65    4.89    (0.27)   (0.48)   (0.75)   22.07 
   10/31/16     18.29    0.27    0.42    0.69    (0.25)   (0.80)   (1.05)   17.93 
   10/31/15     19.25    0.25    (0.21)   0.04    (0.26)   (0.74)   (1.00)   18.29 
   10/31/14     18.62    0.23    1.20    1.43    (0.22)   (0.58)   (0.80)   19.25 
   10/31/13     14.26    0.27    4.68    4.95    (0.27)   (0.32)   (0.59)   18.62 
EMERGING MARKETS EQUITY INDEX FUND                               
Institutional Class:  10/31/17     9.52    0.22    2.29    2.51    (0.17)   —    (0.17)   11.86 
   10/31/16     8.93    0.20    0.59    0.79    (0.20)   —    (0.20)   9.52 
   10/31/15     10.68    0.23    (1.77)   (1.54)   (0.21)   —    (0.21)   8.93 
   10/31/14     10.84    0.24    (0.20)   0.04    (0.20)   —    (0.20)   10.68 
   10/31/13     10.37    0.23    0.39    0.62    (0.15)   —    (0.15)   10.84 
Advisor Class:  10/31/17     9.52    0.25    2.24    2.49    (0.16)   —    (0.16)   11.85 
   10/31/16 ‡   8.64    0.18    0.90    1.08    (0.20)   —    (0.20)   9.52 
Premier Class:  10/31/17     9.50    0.22    2.26    2.48    (0.16)   —    (0.16)   11.82 
   10/31/16     8.91    0.19    0.59    0.78    (0.19)   —    (0.19)   9.50 
   10/31/15     10.65    0.23    (1.77)   (1.54)   (0.20)   —    (0.20)   8.91 
   10/31/14     10.82    0.21    (0.19)   0.02    (0.19)   —    (0.19)   10.65 
   10/31/13     10.35    0.22    0.39    0.61    (0.14)   —    (0.14)   10.82 
Retirement Class:  10/31/17     9.48    0.20    2.27    2.47    (0.15)   —    (0.15)   11.80 
   10/31/16     8.90    0.18    0.58    0.76    (0.18)   —    (0.18)   9.48 
   10/31/15     10.64    0.21    (1.76)   (1.55)   (0.19)   —    (0.19)   8.90 
   10/31/14     10.80    0.21    (0.20)   0.01    (0.17)   —    (0.17)   10.64 
   10/31/13     10.34    0.20    0.40    0.60    (0.14)   —    (0.14)   10.80 
Retail Class:  10/31/17     9.48    0.18    2.29    2.47    (0.14)   —    (0.14)   11.81 
   10/31/16     8.89    0.16    0.59    0.75    (0.16)   —    (0.16)   9.48 
   10/31/15     10.63    0.19    (1.76)   (1.57)   (0.17)   —    (0.17)   8.89 
   10/31/14     10.79    0.19    (0.19)   0.00d   (0.16)   —    (0.16)   10.63 
   10/31/13     10.32    0.19    0.40    0.59    (0.12)   —    (0.12)   10.79 

 

48 2017 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements
 
  continued
   
           Ratios and supplemental data
   For the
period		       Net assets at   Ratios to average net assets  Portfolio 
   or year
ended		  Total return    end of period
(in thousands)		   Gross
expenses		   Net
expenses		   Net investment
income (loss)		   turnover
rate		 
S&P 500 INDEX FUND
Institutional Class:  10/31/17  23.56 %  $3,500,746    0.06%   0.06%   1.99%   9%
   10/31/16  4.47     2,527,279    0.05    0.05    2.18    8 
   10/31/15  5.11     2,186,465    0.06    0.06    2.04    8 
   10/31/14  17.16     1,808,921    0.06    0.06    1.97    9 
   10/31/13  27.08     1,436,986    0.06    0.06    2.19    4f
Advisor Class:  10/31/17  23.40     29,207    0.19    0.19    1.68    9 
   10/31/16‡ 3.54 b   482    0.09c   0.09c   1.59c   8 
Retirement Class:  10/31/17  23.24     1,135,456    0.31    0.31    1.74    9 
   10/31/16  4.19     787,632    0.30    0.30    1.95    8 
   10/31/15  4.91     716,541    0.31    0.31    1.79    8 
   10/31/14  16.84     653,216    0.31    0.31    1.72    9 
   10/31/13  26.73     490,695    0.31    0.31    1.92    4f
SMALL-CAP BLEND INDEX FUND
Institutional Class:  10/31/17  28.01     1,816,567    0.06    0.06    1.43    22 
   10/31/16  4.48     1,364,443    0.06    0.06    1.80    22 
   10/31/15  0.54     1,296,895    0.06    0.06    1.56    22 
   10/31/14  8.32     1,154,539    0.06    0.06    1.50    24 
   10/31/13  36.38     1,048,944    0.07    0.07    1.92    17f
Advisor Class:  10/31/17  27.88     4,848    1.17    0.21    1.18    22 
   10/31/16‡ 2.33 b   107    0.08c   0.08c   1.74c   22 
Retirement Class:  10/31/17  27.66     592,706    0.31    0.31    1.18    22 
   10/31/16  4.22     412,202    0.31    0.31    1.56    22 
   10/31/15  0.31     427,901    0.31    0.31    1.33    22 
   10/31/14  8.01     475,533    0.31    0.31    1.25    24 
   10/31/13  36.10     506,706    0.32    0.32    1.67    17f
EMERGING MARKETS EQUITY INDEX FUND    
Institutional Class:  10/31/17  26.87     2,062,554    0.21    0.21    2.17    29 
   10/31/16  9.25     1,476,857    0.22    0.22    2.32    30 
   10/31/15  (14.54 )   1,051,171    0.22    0.22    2.36    42 
   10/31/14  0.42     942,827    0.23    0.23    2.29    13 
   10/31/13  6.06     680,382    0.29    0.25    2.25    13 
Advisor Class:  10/31/17  26.73     1,019    0.37    0.36    2.34    29 
   10/31/16‡ 12.90 b   193    0.24c   0.24c   2.35c   30 
Premier Class:  10/31/17  26.55     36,599    0.36    0.36    2.10    29 
   10/31/16  9.12     17,476    0.37    0.37    2.18    30 
   10/31/15  (14.60 )   9,624    0.38    0.38    2.40    42 
   10/31/14  0.23     4,475    0.39    0.39    1.95    13 
   10/31/13  5.96     6,454    0.44    0.40    2.16    13 
Retirement Class:  10/31/17  26.51     272,466    0.46    0.46    1.98    29 
   10/31/16  8.92     140,457    0.47    0.47    2.08    30 
   10/31/15  (14.69 )   84,960    0.47    0.47    2.21    42 
   10/31/14  0.17     50,771    0.48    0.48    2.01    13 
   10/31/13  5.79     34,503    0.54    0.50    1.96    13 
Retail Class:  10/31/17  26.44     14,704    0.58    0.58    1.79    29 
   10/31/16  8.81     9,124    0.61    0.61    1.91    30 
   10/31/15  (14.85 )   7,847    0.60    0.60    1.98    42 
   10/31/14  0.04     8,885    0.64    0.64    1.83    13 
   10/31/13  5.70     7,127    0.73    0.64    1.81    13 

 

See notes to financial statements TIAA-CREF Funds: Equity Index Funds  ■  2017 Annual Report 49
 
Financial highlights  
   
TIAA-CREF Funds  
   
        Selected per share data
            Gain (loss) from investment operations                
   For the    Net asset   Net   Net realized &   Total gain   Less distributions from  Total   Net asset 
   period
or year
ended		    value,
beginning
of period		   investment
income
(loss)		a  unrealized gain
(loss) on total
investments		   (loss) from
investment
operations		   Net
investment
income		   Net
realized
gains		   dividends
and
distributions		   value,
end of
period		 
INTERNATIONAL EQUITY INDEX FUND
Institutional Class:  10/31/17    $16.89    $0.55    $3.37    $3.92    $(0.49)   $    —    $(0.49)   $20.32 
   10/31/16     17.86    0.54    (1.00)   (0.46)   (0.51)   —    (0.51)   16.89 
   10/31/15     18.82    0.57    (0.81)   (0.24)   (0.69)   (0.03)   (0.72)   17.86 
   10/31/14     19.31    0.72    (0.67)   0.05    (0.54)   —    (0.54)   18.82 
   10/31/13     15.73    0.54    3.54    4.08    (0.50)   —    (0.50)   19.31 
Advisor Class:  10/31/17     16.88    0.49    3.40    3.89    (0.48)   —    (0.48)   20.29 
   10/31/16‡    17.70    0.37    (0.68)   (0.31)   (0.51)   —    (0.51)   16.88 
Premier Class:  10/31/17     16.84    0.52    3.36    3.88    (0.46)   —    (0.46)   20.26 
   10/31/16     17.81    0.51    (0.99)   (0.48)   (0.49)   —    (0.49)   16.84 
   10/31/15     18.77    0.54    (0.81)   (0.27)   (0.66)   (0.03)   (0.69)   17.81 
   10/31/14     19.26    0.68    (0.65)   0.03    (0.52)   —    (0.52)   18.77 
   10/31/13     15.69    0.51    3.54    4.05    (0.48)   —    (0.48)   19.26 
Retirement Class:  10/31/17     17.22    0.52    3.44    3.96    (0.45)   —    (0.45)   20.73 
   10/31/16     18.20    0.50    (1.01)   (0.51)   (0.47)   —    (0.47)   17.22 
   10/31/15     19.15    0.53    (0.81)   (0.28)   (0.64)   (0.03)   (0.67)   18.20 
   10/31/14     19.64    0.69    (0.68)   0.01    (0.50)   —    (0.50)   19.15 
   10/31/13     15.99    0.50    3.61    4.11    (0.46)   —    (0.46)   19.64 

 

‡ Advisor Class commenced operations on December, 4, 2015.
a Based on average shares outstanding.
b The percentages shown for this period are not annualized.
c The percentages shown for this period are annualized.
d Amount represents less than $0.01 per share.
f Does not include in-kind transactions.

 

50 2017 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements
 
  concluded
   
          Ratios and supplemental data
   For the
period		      Net assets at   Ratios to average net assets  Portfolio 
   or year
ended		  Total return   end of period
(in thousands)		   Gross
expenses		   Net
expenses		   Net investment
income (loss)		   turnover
rate		 
INTERNATIONAL EQUITY INDEX FUND
Institutional Class:  10/31/17  23.84%   $10,221,016    0.06%   0.06%   3.01%   11%
   10/31/16  (2.48)   6,655,871    0.06    0.06    3.25    11 
   10/31/15  (1.18)   5,549,083    0.06    0.06    3.10    5 
   10/31/14  0.37    4,949,536    0.06    0.06    3.73    5 
   10/31/13  26.65    4,459,896    0.07    0.07    3.13    3 
Advisor Class:  10/31/17  23.68    25,184    0.21    0.21    2.63    11 
   10/31/16‡ (1.67)b   4,108    0.14c   0.14c   2.49c   11 
Premier Class:  10/31/17  23.67    319,116    0.21    0.21    2.83    11 
   10/31/16  (2.64)   242,345    0.21    0.21    3.09    11 
   10/31/15  (1.33)   242,384    0.21    0.21    2.95    5 
   10/31/14  0.23    191,665    0.21    0.21    3.55    5 
   10/31/13  26.47    200,497    0.22    0.22    2.97    3 
Retirement Class:  10/31/17  23.55    1,008,677    0.31    0.31    2.75    11 
   10/31/16  (2.77)   667,204    0.31    0.31    2.97    11 
   10/31/15  (1.38)   673,860    0.31    0.31    2.84    5 
   10/31/14  0.11    746,134    0.31    0.31    3.51    5 
   10/31/13  26.35    774,407    0.32    0.32    2.86    3 

 

See notes to financial statements TIAA-CREF Funds: Equity Index Funds  ■  2017 Annual Report 51
 

Notes to financial statements

 

TIAA-CREF Funds

 

Note 1—organization and significant accounting policies

 

TIAA-CREF Funds (the “Trust”) is a Delaware statutory trust that 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 are the TIAA-CREF Funds included in this report: Equity Index Fund, Large-Cap Growth Index Fund, Large-Cap Value Index Fund, S&P 500 Index Fund, Small-Cap Blend Index Fund, Emerging Markets Equity Index Fund, and the International Equity Index Fund (collectively the “Funds” or individually, the “Fund”).

 

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 financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. The Funds are investment companies and follow the accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services—Investment Companies. The Net Asset Value (“NAV”) for financial reporting purposes may differ from the NAV for processing transactions. The NAV for financial reporting purposes includes security and shareholder transactions through the date of the report. Total return is computed based on the NAV used for processing transactions. The following is a summary of the significant accounting policies consistently followed by the Funds.

 

Security valuation: The Funds’ investments in securities are recorded at their estimated fair value as described in the valuation of investments note to the financial statements.

 

Investments and investment income: Securities transactions are accounted for as of the trade date for financial reporting purposes. Interest income is recorded as earned and includes accretion of discounts and amortization of premiums using the effective yield method. Dividend income is recorded on the ex-dividend date. Foreign dividend income is recorded on the ex-dividend date or as soon as possible after the Funds determine the existence of a dividend declaration after exercising reasonable due diligence. Realized gains and losses on securities transactions are based upon the specific identification method. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. The Funds estimate the components of distributions received that may be considered return of capital distributions or capital gain distributions.

Income, expenses, realized gains and losses and unrealized appreciation and depreciation of a Fund are allocated on a pro rata basis to each class of shares, except for service agreement fees, distribution fees and transfer agency fees and expenses, which are unique to each class of shares. Most expenses of the Trust can be directly attributed to a fund. Expenses that cannot be directly attributed are allocated to each fund in the Trust based upon the average net assets of each fund.

 

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.

 

Distributions to shareholders: Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date.

 

Income taxes: Each Fund is treated separately for income tax purposes. The Funds intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code (“Code”) and will not be subject to income taxes to the extent that they distribute all taxable income each year and comply with various other Code requirements. The Funds file income tax returns in U.S. federal and applicable state and local jurisdictions. A fund’s federal income tax returns are generally subject to examination for a period of three fiscal years after being filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed the Funds’ tax positions taken for all open federal income tax years and has concluded that no provision for federal income tax is required in the Funds’ financial statements.

 

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. Reclassifications are made to a Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations.

 

For the year ended October 31, 2017, permanent book and tax differences resulting primarily from differing treatments for foreign currency transactions, certain foreign taxes paid, utilization of tax equalization credits, dividend redesignations, investments in partnerships, and gains and losses from the sale of stock in passive foreign investment companies were identified and reclassified among the components of the Funds’ net assets. Net investment income and net realized gains (losses), as disclosed on the Statements of Operations, and net assets were not affected by these reclassifications.

 

Foreign taxes: The Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon the current interpretation of tax rules and regulations that exist in the markets in which the Funds invest.


 

52 2017 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds
 

Trustee compensation: The Funds pay the members of the Board of Trustees (“Board”), all of whom are independent, certain remuneration for their services, plus travel and other expenses. Trustees may elect to participate in a deferred compensation plan and defer all or a portion of their compensation. In addition, trustees participate in a long-term compensation plan. Amounts deferred are retained by the Funds until paid. Amounts payable to the trustees for compensation are included in the accompanying Statements of Assets and Liabilities. Trustees’ fees, including any deferred and long-term compensation incurred, are reflected in the Statements of Operations.

 

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 Form N-CEN must be complied with by June 1, 2018. In December 2017, the Commission issued Temporary Final Rule Release No. 33-10442, which delayed the filing requirements related to Form N-PORT from June 1, 2018 to April 1, 2019, but still requires the Funds to maintain the data that would have been filed on Form N-PORT during the deferral period. Management is currently assessing the impact of Forms N-PORT and N-CEN on the Funds’ various filings. On August 1, 2017, the Funds implemented amendments to Regulation S-X related to derivatives and other disclosures in the financial statements and other filings. The amended S-X disclosures required under this rule did not have an impact on net assets or results of operations but resulted in new disclosures in the schedules of investments for certain investment types. Please refer to the schedules of investments and Note 3 of the financial statements disclosures for details.

 

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 Funds’ financial statements and other filings.

 

In March 2017, the Commission issued Final Rule Release No. 34-80295, Amendment to Securities Transaction Settlement Cycle. This final rule shortens the standard settlement cycle from T+3 to T+2. It is expected that this shortened settlement time will decrease certain risks due to the reduction of unsettled trades and risk exposure. The compliance date for this final rule was September 5, 2017. This rule did not materially impact 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:

 

• 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 as Level 3. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

 

In accordance with ASC 820, certain portfolio investments that are measured at fair value using the NAV per share practical expedient are not categorized within the fair value hierarchy. These investments will be disclosed at their fair value to allow reconciliation back to the Statements of Assets and Liabilities. As of October 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 as Level 2 of the fair value hierarchy.

 

Debt securities: Debt securities 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 as Level 2 of the fair value hierarchy; in instances where prices, yields or any other key inputs are unobservable, they are categorized as Level 3 of the hierarchy.

 

Investments in registered investment companies: These investments are valued at their NAV on the valuation date. These investments are categorized as 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


 

TIAA-CREF Funds: Equity Index Funds  ■  2017 Annual Report 53
 

Notes to financial statements

 

last sale price as of the close of such commodity exchanges and are categorized as Level 1 of 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 as Level 2 of the fair value hierarchy; otherwise they would be categorized as Level 3.

 

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


 

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

 

Fund  Level 1   Level 2   Level 3   Total 
Equity Index                    
Equity investments:                    
Consumer discretionary  $1,895,397,048   $1,359   $—   $1,895,398,407 
Health care   2,105,707,037    276    2,424    2,105,709,737 
Industrials   1,665,330,286    —    71,574    1,665,401,860 
All other equity investments*   9,914,983,227    —    —    9,914,983,227 
Short-term investments   200,905,673    45,647,105    —    246,552,778 
Futures contracts**   65,640    —    —    65,640 
Total  $15,782,388,911   $45,648,740   $73,998   $15,828,111,649 
Large-Cap Growth Index                    
Equity investments*  $5,443,551,573   $—   $—   $5,443,551,573 
Short-term investments   27,932,087    5,300,000    —    33,232,087 
Total  $5,471,483,660   $5,300,000   $—   $5,476,783,660 
Large-Cap Value Index                    
Equity investments*  $6,463,244,100   $—   $—   $6,463,244,100 
Short-term investments   38,886,042    3,700,000    —    42,586,042 
Total  $6,502,130,142   $3,700,000   $—   $6,505,830,142 
S&P 500 Index                    
Equity investments*  $4,638,382,517   $—   $—   $4,638,382,517 
Short-term investments   10,694,332    20,700,000    —    31,394,332 
Futures contracts**   86,992    —    —    86,992 
Total  $4,649,163,841   $20,700,000   $—   $4,669,863,841 
Small-Cap Blend Index                    
Equity investments:                    
Financials  $442,207,526   $—   $16,312   $442,223,838 
Health care   355,487,279    561    10,998    355,498,838 
Industrials   366,006,782    —    160,444    366,167,226 
All other equity investments*   1,244,136,255    —    —    1,244,136,255 
Short-term investments   195,804,934    4,050,000    —    199,854,934 
Futures contracts**   (701)   —    —    (701)
Total  $2,603,642,075   $4,050,561   $187,754   $2,607,880,390 
Emerging Markets Equity Index                    
Equity investments:                    
Africa/Middle East  $—   $146,679,637   $—   $146,679,637 
Asia   178,792,575    1,514,316,365    2,858    1,693,111,798 
Europe   2,613,763    74,728,486    —    77,342,249 
Latin America   —    240,336,537    —    240,336,537 
All other equity investments*   39,701,758    190,586,441    596    230,288,795 
Short-term investments   32,823,175    800,000    —    33,623,175 
Total  $253,931,271   $2,167,447,466   $3,454   $2,421,382,191 
International Equity Index                    
Equity investments:                    
Asia  $4,866,400   $3,126,889,815   $—   $3,131,756,215 
Australasia   —    787,727,624    —    787,727,624 
Europe   31,526,130    6,574,080,314    —    6,605,606,444 
All other equity investments*   64,101,717    919,502,269    —    983,603,986 
Short-term investments   153,868,250    23,677,490    —    177,545,740 
Futures contracts**   109,690    —    —    109,690 
Total  $254,472,187   $11,431,877,512   $—   $11,686,349,699 
* For detailed categories, see the accompanying Summary portfolio of investments.
** Derivative instruments are not reflected in the market value of portfolio investments.
   
54 2017 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds
 

continued

 

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.

 

At October 31, 2017, the following Funds have invested in derivative contracts which are reflected in the Statements of Assets and Liabilities as follows:

 

   Asset derivatives
      Fair value 
Derivative contracts  Location  amount 
Equity Index Fund        
Equity contracts  Futures contracts*   $65,640 
S&P 500 Index Fund        
Equity contracts  Futures contracts*   86,992 
Small-Cap Blend Index Fund        
Equity contracts  Futures contracts*   (701)
International Equity Index Fund        
Equity contracts  Futures contracts*   109,690 

 

*  The fair value presented includes cumulative gain (loss) on open futures contracts; however, the value reflected in the accompanying Statements of Assets and Liabilities is only the receivable or payable for variation margin on open futures contracts.

 

For the year ended October 31, 2017, the effect of derivative contracts on the Funds’ Statements of Operations was as follows:

 

          Change in 
          unrealized 
      Realized   appreciation 
Derivative contracts  Location  gain (loss)  (depreciation) 
Equity Index Fund        
Equity contracts  Futures contracts     $ 4,221,134      $ 115,082 
Large-Cap Growth Index Fund        
Equity contracts  Futures contracts  2,292,577   29,963 
Large-Cap Value Index Fund        
Equity contracts  Futures contracts  2,915,169   64,400 
S&P 500 Index Fund        
Equity contracts  Futures contracts  2,541,308   142,842 
Small-Cap Blend Index Fund        
Equity contracts  Futures contracts  1,270,930   (701)
International Equity Index Fund        
Equity contracts  Futures contracts  3,188,087   89,863 

 

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. During the year ended October 31, 2017, the Equity Index Fund, the Large-Cap Growth Index Fund, the Large-Cap Value Index Fund, the S&P 500 Index Fund, the Small-Cap Blend Index Fund, and the International Equity Index Fund had exposure to futures contracts, based on underlying notional values, generally between 0% and 1% of net assets. The futures contracts outstanding as of October 31, 2017 are disclosed in the summary portfolio of investments and the full schedules of investments.

 

Note 4—investment adviser and affiliates

 

Under the terms of the Investment Management Agreement with respect to each Fund, Advisors provides asset management services to the Fund for an annual fee, payable monthly. The Funds have entered into an Administrative Service Agreement with Advisors under which the Funds pay Advisors for its costs in providing certain administrative and compliance services to the Funds.

 

Under the terms of a Retirement Class Service Agreement with respect to each Fund, the Retirement Class of the Fund incurs an annual fee, payable monthly to Advisors, for certain administrative costs associated with the maintenance of Retirement Class shares on retirement plan or other platforms. Substantially all of the Retirement Class shareholder servicing fees reported on the Statements of Operations are paid to Advisors under the Service Agreement. Under the terms of a distribution Rule 12b-1 plan, the Retail Class of each Fund compensates TPIS for providing distribution, promotional and/or shareholder services to the Retail Class of the Fund at the annual rate of 0.25% of the average daily net assets attributable to the Fund’s Retail Class. The Premier Class of each Fund is subject to a distribution Rule 12b-1 plan that compensates TPIS for providing distribution, promotional and/or shareholder services to the Premier Class of the Fund at the annual rate of 0.15% of the average daily net assets attributable to the Fund’s Premier Class.

 

Advisors has agreed to reimburse each Fund if its total expense ratio (excluding interest, taxes, brokerage and other transactional expenses, acquired fund fees and expenses and extraordinary expenses) exceeds certain percentages. As of October 31, 2017, the investment management fee, service agreement fee, distribution fee and maximum expense amounts (after waivers and reimbursements) are equal to the following noted annual percentage of average daily net assets for each class:


 

TIAA-CREF Funds: Equity Index Funds  ■  2017 Annual Report 55
 

Notes to financial statements

 

   Investment                                
   management fee—  Service                            
   effective rate  agreement fee  Distribution fee   Maximum expense amounts‡
       Retirement   Premier   Retail   Institutional   Advisor   Premier   Retirement   Retail 
Fund      Class   Class   Class   Class   Class   Class   Class   Class 
Equity Index   0.04%   0.25%   0.15%   0.25%   0.09%   0.24%   0.24%   0.34%   0.48%
Large-Cap Growth Index   0.04    0.25    —    —    0.09    0.24    —    0.34    — 
Large-Cap Value Index   0.04    0.25    —    —    0.09    0.24    —    0.34    — 
S&P 500 Index   0.04    0.25    —    —    0.09    0.24    —    0.34    — 
Small-Cap Blend Index   0.04    0.25    —    —    0.09    0.24    —    0.34    — 
Emerging Markets Equity Index   0.14    0.25    0.15    0.25    0.25    0.40    0.40    0.50    0.64 
International Equity Index   0.04    0.25    0.15    —    0.15    0.30    0.30    0.40    — 
‡ Maximum expense amounts reflect all expenses excluding interest, taxes, brokerage and other transactional expenses, acquired fund fees and expenses and extraordinary expenses. The expense reimbursement arrangements will continue through at least February 28, 2018. The reimbursement arrangements can only be changed with the approval of the Board of Trustees.

 

The Funds may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Board, pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions. For the year ended October 31, 2017, the Funds engaged in the following security transactions with affiliated entities:

 

           Realized 
Fund  Purchases   Sales   gain (loss) 
Equity Index  $592,770,037   $33,911,445   $(569,708)
Large-Cap Growth Index   295,431,920    1,040,508    (99,609)
Large-Cap Value Index   424,017,133    36,844,536    319,611 
S&P 500 Index   222,761,416    38,189,460    (1,518,207)
Small-Cap Blend Index   16,835,414    1,279,065    (73,166)
Emerging Markets Equity Index   37,081,879    6,464,835    (635,961)
International Equity Index   639,544,333    12,569,739    (2,544,682)

 

A registered separate account of TIAA (collectively “TIAA Access”) has various sub-accounts that invest in the Funds, and certain funds within the Trust also make investments in the Funds.

 

The following is the percentage of the Funds’ shares owned by TIAA Access and other funds within the Trust as of October 31, 2017:

 

   TIAA Lifecycle         
Fund  Index Funds   TIAA Access   Total 
Equity Index   36%   1%   37%
Large-Cap Growth Index   —    5    5 
Large-Cap Value Index   —    6    6 
S&P 500 Index   —    8    8 
Small-Cap Blend Index   —    16    16 
Emerging Markets Equity Index   26    1    27 
International Equity Index   15    5    20 

 

TIAA-CREF Tuition Financing, Inc. (“TFI”), a wholly owned direct subsidiary of TIAA, is a registered investment adviser that provides program management services to multiple qualified tuition programs formed under Section 529 of the Internal Revenue Code (“529 Plans”). These 529 Plans, each of which operates independently, invest a portion of their assets in the Funds. As of October 31, 2017, three 529 Plans owned 13%, 9%, and 7%, respectively, of the Equity Index Fund; one 529 Plan owned 6% of the Large-Cap Growth Index Fund; one 529 Plan owned 16% of the S&P 500 Index Fund; two 529 Plans owned 7% and 5%, respectively, of the Emerging Markets Equity Index Fund; and one 529 Plan owned 6% of the International Equity Index Fund.

 

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 October 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 and the liability to return the cash collateral received are reflected in the Statements of Assets and Liabilities. As of October 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. Securities lending income recognized by the Funds consists of earnings on invested collateral and lending fees, net of any rebates to the borrower and compensation to the Agent. Such income is reflected separately in the Statements of Operations. In lending its securities, a Fund bears the market risk with respect to the investment of collateral and the risk that the Agent may default on its contractual obligations to the Fund. The Agent bears the risk that the borrower may default on its obligation to return the loaned securities as the Agent is contractually obligated to indemnify the Fund if at the time of a default by a borrower some or all of the loan securities have not been returned.

 

Securities purchased on a when-issued or delayed-delivery basis: The Funds may purchase securities on a when-issued or delayed-delivery basis. Securities purchased or sold on a when-issued or delayed-delivery basis may 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.


 

56 2017 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds
 

continued

 

Net unrealized appreciation (depreciation): At October 31, 2017, net unrealized appreciation (depreciation) based on the aggregate cost of all investments for federal income tax purposes, consisting of gross unrealized appreciation and gross unrealized depreciation was as follows:

 

       Gross   Gross   Net unrealized 
   Tax   unrealized   unrealized   appreciation 
Fund  cost   appreciation   depreciation   (depreciation) 
Equity Index  $10,028,863,031   $6,094,140,932   $(294,892,314)  $5,799,248,618 
Large-Cap Growth Index  3,752,075,848   1,750,291,723   (25,583,910)  1,724,707,813 
Large-Cap Value Index  5,564,442,453   1,177,252,826   (235,865,137)  941,387,689 
S&P 500 Index  3,087,588,653   1,657,979,997   (75,704,809)  1,582,275,188 
Small-Cap Blend Index  1,943,929,158   809,388,122   (145,436,890)  663,951,232 
Emerging Markets Equity Index  1,989,233,212   570,682,823   (138,533,844)  432,148,979 
International Equity Index  9,841,164,590   2,314,536,313   (469,351,204)  1,845,185,109 

For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as upfront fees or premiums exchanged on derivatives and any amounts unrealized for income statement reporting but realized in income and/or capital gains for tax reporting.

 

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the year ended October 31, 2017 were as follows:

 

   Non-U.S.   Non-U.S. 
   government   government 
Fund  purchases   sales 
Equity Index  $3,282,773,843   $1,529,052,776 
Large-Cap Growth Index  1,731,145,250   812,882,308 
Large-Cap Value Index  2,519,928,647   1,631,459,942 
S&P 500 Index  922,690,301   345,408,145 
Small-Cap Blend Index  645,375,788   485,861,656 
Emerging Markets Equity Index  871,798,242   579,724,281 
International Equity Index  3,210,801,915   1,015,983,373 


 

Note 6—distributions to shareholders and other tax items

 

The tax character of distributions paid to shareholders during the years ended October 31, 2017 and October 31, 2016 was as follows:

 

   10/31/2017   10/31/2016
       Long-term           Long-term     
Fund  Ordinary income   capital gains   Total   Ordinary income   capital gains   Total 
Equity Index   $225,489,773    $58,035,515   $283,525,288    $192,502,895   $121,541,177   $314,044,072 
Large-Cap Growth Index   46,932,236    —    46,932,236    39,600,585    36,359,204    75,959,789 
Large-Cap Value Index   115,650,800    52,138,999    167,789,799    101,495,449    115,001,454    216,496,903 
S&P 500 Index   67,634,825    16,402,290    84,037,115    56,244,263    18,179,057    74,423,320 
Small-Cap Blend Index   29,586,669    49,768,454    79,355,123    29,947,197    73,122,654    103,069,851 
Emerging Markets Equity Index   29,906,124    —    29,906,124    26,579,527    —    26,579,527 
International Equity Index   230,684,020    —    230,684,020    187,074,908    —    187,074,908 

 

As of October 31, 2017, the components of accumulated earnings on a tax basis were as follows:

 

   Undistributed   Undistributed   Unrealized   Capital     
   ordinary   long-term   appreciation   loss     
Fund  income   capital gains   (depreciation)  carryover   Total 
Equity Index   $216,495,422    $77,194,165    $5,799,248,609   $—   $6,092,938,196 
Large-Cap Growth Index   50,808,474    37,517,333    1,724,707,814    —    1,813,033,621 
Large-Cap Value Index   155,651,245    93,575,874    941,387,693    —    1,190,614,812 
S&P 500 Index   65,065,238    15,485,791    1,582,275,180    —    1,662,826,209 
Small-Cap Blend Index   34,009,290    91,023,757    663,951,232    —    788,984,279 
Emerging Markets Equity Index   42,720,130    —    428,917,872    (51,455,623)   420,182,379 
International Equity Index   286,679,142    —    1,845,075,300    (70,928,140)   2,060,826,302 

 

The difference between book basis and tax basis net investment income, net realized gains and losses, and unrealized appreciation and depreciation is attributable primarily to the tax deferral of losses on wash sales, the realization, for tax purposes, of unrealized gains on investments in passive foreign investment companies, and the treatment of short term gain as ordinary income for tax purposes.

 

In certain circumstances, a fund may distribute portfolio securities rather than cash as payment for a redemption of fund shares (in-kind redemption). A fund may also accept portfolio securities rather than cash as payment for a purchase of fund shares (in-kind purchase). During the year ended October 31, 2017, the Funds did not have any in-kind purchase or in-kind redemption transactions.

At October 31, 2017, the following Funds had capital loss carryovers, which will expire as follows:

 

Fund No expiration Total  
Emerging Markets Equity Index $51,455,623 $51,455,623  
International Equity Index 70,928,140 70,928,140  

 

For the year ended October 31, 2017, the Large-Cap Growth Index Fund, Emerging Markets Equity Index Fund, and International Equity Index Fund utilized $350,104, $3,242,544, and $4,503,262, respectively, of capital loss carryover available from prior years.


 

TIAA-CREF Funds: Equity Index Funds  ■  2017 Annual Report 57
 
Notes to financial statements concluded

 

Note 7—emerging markets risks

 

The Emerging Markets Equity Index Fund holds a large portion of its assets in emerging market securities. Emerging market securities are often subject to greater price volatility, less liquidity and higher rates of inflation and deflation than U.S. securities. In addition, emerging markets may be subject to greater political, economic and social uncertainty, and differing regulatory environments that may potentially impact the Fund’s ability to buy or sell certain securities or repatriate proceeds to U.S. dollars.

 

Note 8—line of credit

 

Each of the Funds participates in a $1.5 billion unsecured revolving credit facility that can be used for temporary purposes, including, without limitation, the funding of shareholder redemptions. The current facility was entered into on June 20, 2017 expiring on June 19, 2018, replacing the previous facility, which expired June 2017. Certain affiliated accounts and mutual funds, each of which is managed by Advisors, or an affiliate of Advisors, also participate in this facility. An annual

commitment fee for the credit facility is borne by the participating accounts and mutual funds on a pro rata basis. Interest associated with any borrowing under the facility is charged to the borrowing accounts or mutual funds at a specified rate of interest. The Funds are not liable for borrowings under the facility by other affiliated accounts or mutual funds. For the year ended October 31, 2017, there were no borrowings under this credit facility by the Funds.

 

Note 9—indemnification

 

In the normal course of business, each Fund enters into contracts that contain a variety of representations and warranties and that provide general indemnities. A Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims against the Fund that have not yet occurred. Also, under the Funds’ organizational documents, the trustees and officers of the Funds are indemnified against certain liabilities that may arise out of their duties to the Funds. However, based on experience, the Funds expect the risk of loss due to these warranties and indemnities to be unlikely.


 

58 2017 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds
 

Report of independent registered public accounting firm

 

To the Board of Trustees of the TIAA-CREF Funds and Shareholders of Equity Index Fund, Large-Cap Growth Index Fund, Large-Cap Value Index Fund, S&P 500 Index Fund, Small-Cap Blend Index Fund, Emerging Markets Equity Index Fund and International Equity Index Fund

 

In our opinion, the accompanying statements of assets and liabilities, including the summary portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Equity Index Fund, Large-Cap Growth Index Fund, Large-Cap Value Index Fund, S&P 500 Index Fund, Small-Cap Blend Index Fund, Emerging Markets Equity Index Fund and International Equity Index Fund (seven of the funds constituting the TIAA-CREF Funds, hereafter collectively referred to as the “Funds”) as of October 31, 2017, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of October 31, 2017 by correspondence with the custodian and brokers, and the application of alternative auditing procedures where securities purchased confirmations had not been received, provide a reasonable basis for our opinions.

 

/s/ PricewaterhouseCoopers LLP

Baltimore, Maryland

December 15, 2017

 

TIAA-CREF Funds: Equity Index Funds  ■  2017 Annual Report 59
 

Trustees and officers (unaudited)

 

TIAA-CREF Funds  ■  October 31, 2017

 

Trustees

 

Name, Address and
Year of Birth (“YOB”)		   Position(s)
Held with
Fund		   Term of
Office and
Length
of Time
Served		   Principal Occupation(s) During Past 5 Years   Number of
Portfolios in
Fund Complex
Overseen
by Trustee		   Other Directorship(s) Held by Trustee
Forrest Berkley
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
YOB: 1954		   Trustee   Indefinite term. Trustee since 2006.   Retired Partner (since 2006), Partner (1990–2005) and Head of Global Product Management (2003–2005), GMO (formerly, Grantham, Mayo, Van Otterloo & Co.) (investment management); and member of asset allocation portfolio management team, GMO (2003–2005).   88   Director, the Maine Coast Heritage Trust; Investment Committee member, Maine Community Foundation and the Elmina B. Sewall Foundation.
Nancy A. Eckl
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
YOB: 1962		   Trustee   Indefinite term. Trustee since 2007.   Vice President (1990–2006), American Beacon Advisors, Inc., and Vice President of certain funds advised by American Beacon Advisors, Inc.   88   Independent Director, The Lazard Funds, Inc., Lazard Retirement Series, Inc., Lazard Global Total Return and Income Fund, Inc. and Lazard World Dividend & Income Fund, Inc.
Michael A. Forrester
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
YOB: 1967		   Trustee   Indefinite term. Trustee since 2007.   Chief Executive Officer (since 2014) and Chief Operating Officer (2007–2014), Copper Rock Capital Partners, LLC; Chief Operating Officer, DDJ Capital Management (2003–2006).   88   Director of Copper Rock Capital Partners, LLC (investment adviser).
Howell E. Jackson
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
YOB: 1954		   Trustee   Indefinite term. Trustee since 2005.   James S. Reid, Jr. Professor of Law (since 2004), Senior Advisor to the President and Provost (2010–2012), Acting Dean (2009), Vice Dean for Budget (2003–2006) and on the faculty (since 1989) of Harvard Law School.   88   Director, Commonwealth (non-profit organization).
Thomas J. Kenny
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
YOB: 1963		   Chairman of the Board and Trustee   Indefinite term. Trustee since 2011.   Partner (2004–2010) and Managing Director (1999–2004), Goldman Sachs Asset Management.   88   Director, Aflac Insurance. Inc.; Director and Investment Committee member, Sansum Clinic; Investment Committee member, Cottage Health System; Member, University of California at Santa Barbara Arts and Lectures Advisory Council; Trustee and Chairman, Crane Country Day School.
Bridget A. Macaskill
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
YOB: 1948		   Trustee   Indefinite term. Trustee since 2003.   Chairman, First Eagle Holdings (since 2016), Chief Executive Officer (2010–2016), President (2009–2016) and Chief Operating Officer (2009–2010), First Eagle Investment Management, LLC; Principal, BAM Consulting LLC (2003–2009); Independent Consultant for Merrill Lynch (2003–2009).   88   Director, First Eagle Holdings, LLC; Jones Lang LaSalle Incorporated; Close Brothers Group plc; Jupiter Fund Management plc; Regent, University of Edinburgh; Trustee, the North Shore Land Alliance; and Prep for Prep.
James M. Poterba
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
YOB: 1958		   Trustee   Indefinite term. Trustee since 2006.   President and Chief Executive Officer, National Bureau of Economic Research (“NBER”) (since 2008); Affiliated Faculty Member of the Finance Group at the Alfred P. Sloan School of Management, Massachusetts Institute of Technology (“MIT”) (since 2014); Mitsui Professor of Economics, MIT (since 1996); Head (2006–2008) and Associate Head (1994–2000 and 2001–2006), Economics Department of MIT; and Program Director, NBER (1990–2008).   88   Director, The Alfred P. Sloan Foundation and National Bureau of Economic Research; Member, Congressional Budget Office Panel of Economic Advisers.
   
60 2017 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds
 

Trustees — concluded

 

Name, Address and
Year of Birth (“YOB”)		   Position(s)
Held with
Fund		   Term of
Office and
Length
of Time
Served		   Principal Occupation(s) During Past 5 Years   Number of
Portfolios in
Fund Complex
Overseen
by Trustee		   Other Directorship(s) Held by Trustee
Maceo K. Sloan
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
YOB: 1949		   Trustee   Indefinite term. Trustee since 1999.   Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (1991–2016); Chairman and Chief Executive Officer (1991–2016) and Chief Investment Officer (1991–2013) and Chief Compliance Officer (2015–2016), NCM Capital Management Group, Inc.; Chairman and Chief Executive Officer (2003–2016) and Chief Investment Officer (2003–2013) and Chief Compliance Officer (2015–2016), NCM Capital Advisers Inc.; and Chairman, President and Principal Executive Officer, NCM Capital Investment Trust (2007–2012).   88   Director, SCANA Corporation (energy holding company).
Laura T. Starks
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
YOB: 1950		   Trustee   Indefinite term. Trustee since 2006.   Associate Dean for Research (since 2011), McCombs School of Business, University of Texas at Austin (“McCombs”), and Director, AIM Investment Center at McCombs (since 2000). Charles E. and Sarah M. Seay Regents Chair in Finance (since 2002) and Professor, University of Texas at Austin (since 1987). Chairman, Department of Finance, University of Texas at Austin (2002–2011).   88   Member of the Board of Governors of the Investment Company Institute, the Governing Council of Independent Directors Council (an association for mutual fund directors); and Investment Advisory Committee, Employees Retirement System of Texas.

 

Officers

 

Name, Address and
Year of Birth (“YOB”)		   Position(s)
Held with
Fund		   Term of
Office and
Length
of Time
Served		   Principal Occupation(s) During Past 5 Years
Mona Bhalla
TIAA
730 Third Avenue
New York, NY 10017-3206
YOB: 1969		   Senior Managing Director and Corporate Secretary   One-year term. Senior Managing Director and Corporate Secretary since 2017.   Senior Managing Director and Corporate Secretary of TIAA and of the College Retirement Equities Fund (“CREF”), TIAA Separate Account VA-1, TIAA-CREF Funds, and TIAA-CREF Life Funds (collectively, the “TIAA-CREF Fund Complex”). Prior to joining TIAA, Ms. Bhalla served as Senior Vice President, Counsel and Corporate Secretary, Head of Corporate, Securities and M&A Group of AllianceBernstein L.P.
Richard S. Biegen
TIAA
730 Third Avenue
New York, NY 10017-3206
YOB: 1962		   Chief Compliance Officer   One-year term. Chief Compliance Officer since 2008.   Managing Director, Senior Compliance Officer of Teachers Insurance and Annuity Association of America (“TIAA”). Chief Compliance Officer of the TIAA-CREF Fund Complex.
Bradley Finkle
TIAA
730 Third Avenue
New York, NY 10017-3206
YOB: 1973		   Principal Executive Officer and President   One-year term. Principal Executive Officer and President since 2017.   Senior Managing Director, President, TIAA Investments. Principal Executive Officer and President of the TIAA-CREF Funds and TIAA-CREF Life Funds.
Stephen Gruppo
TIAA
730 Third Avenue
New York, NY 10017-3206
YOB: 1959		   Executive Vice President   One-year term. Executive Vice President since 2009.   Senior Executive Vice President, Chief Risk Officer of TIAA. Executive Vice President of the TIAA-CREF Fund Complex.
J. Keith Morgan
TIAA
730 Third Avenue
New York, NY 10017-3206
YOB: 1951		   Executive Vice President and Chief Legal Officer   One-year term. Executive Vice President and Chief Legal Officer since 2015.   Senior Executive Vice President and Chief Legal Officer of TIAA and Executive Vice President and Chief Legal Officer of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Morgan served as Founder and Chief Executive Officer of Morris Lane Capital LLC (consultant), and as Senior Vice President and General Counsel of General Electric Capital Corporation.
   
TIAA-CREF Funds: Equity Index Funds  ■  2017 Annual Report 61
 
Trustees and officers (unaudited) concluded

 

TIAA-CREF Funds  ■  October 31, 2017  

 

Officers — concluded

 

Name, Address and
Year of Birth (“YOB”)		   Position(s)
Held with
Fund		   Term of
Office and
Length
of Time
Served		   Principal Occupation(s) During Past 5 Years
Ronald R. Pressman
TIAA
730 Third Avenue
New York, NY 10017-3206
YOB: 1958		   Executive Vice President   One-year term. Executive Vice President since 2012.   Senior Executive Vice President, Chief Executive Officer, Institutional Financial Services of TIAA, and Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Pressman served as President and Chief Executive Officer of General Electric Capital Real Estate.
Otha T. Spriggs, III
TIAA
730 Third Avenue
New York, NY 10017-3206
YOB: 1951		   Executive Vice President   One-year term. Executive Vice President since 2012.   Senior Executive Vice President and Chief Human Resources Officer of TIAA and Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Spriggs served as Senior Vice President of Human Resources, Boston Scientific; President of Integrated People Solutions; Senior Vice President, Human Resources and various human resources leadership roles, CIGNA Corp.
E. Scott Wickerham
TIAA
730 Third Avenue
New York, NY 10017-3206
YOB: 1973		   Principal Financial Officer, Principal Accounting Officer and Treasurer   One-year term. Principal Financial Officer, Principal Accounting Officer and Treasurer since 2017.   Managing Director, Funds Treasurer, Nuveen. Principal Financial Officer, Principal Accounting Officer and Treasurer of the TIAA-CREF Funds, TIAA-CREF Life Funds and TIAA Separate Account VA-1; and Treasurer of CREF.

 

Please note that the Funds’ Statement of Additional Information (SAI) includes additional information about the Funds’ trustees and is available, without charge, through our website, TIAA.org, or by calling 800-223-1200.

 

62 2017 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds
 

Important tax information (unaudited)

 

For the fiscal year ended October 31, 2017, the TIAA-CREF Funds designate the following distribution amounts (or the maximum amount allowable) as being from Section 1250 gains and net long-term capital gains.

 

   Section 1250   Long-term     
Fund  gains   capital gains   Total 
Equity Index  $—     $68,172,502     $68,172,502 
Large-Cap Growth Index   —    —    — 
Large-Cap Value Index   924,339    51,214,660    52,138,999 
S&P 500 Index   —    16,402,290    16,402,290 
Small-Cap Blend Index   —    49,768,454    49,768,454 
Emerging Markets Equity Index   —    —    — 
International Equity Index   —    —    — 

 

For the fiscal year ended October 31, 2017, the TIAA-CREF Funds designate the following percentages (or the maximum amount allowable) of ordinary income dividends paid as qualifying for the maximum tax rate of 15% as provided by the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

 

Fund  Percentage 
Equity Index   80.98%
Large-Cap Growth Index   100.00 
Large-Cap Value Index   73.36 
S&P 500 Index   83.47 
Small-Cap Blend Index   49.14 
Emerging Markets Equity Index   54.25 
International Equity Index   68.93 

 

For the fiscal year ended October 31, 2017, the TIAA-CREF Funds designate the following percentages (or the maximum amount allowable) of ordinary income dividends paid as qualifying for the corporate dividends received deduction.

Fund  Percentage 
Equity Index   75.80%
Large-Cap Growth Index   93.55 
Large-Cap Value Index   66.89 
S&P 500 Index   82.46 
Small-Cap Blend Index   48.74 
Emerging Markets Equity Index   0.00 
International Equity Index   0.00 

 

The Emerging Markets Equity Index and International Equity Index Funds received income from foreign sources during the year ended October 31, 2017 of $49,659,878 ($0.24656 per share), and $249,773,201 ($0.43916 per share) respectively, and paid taxes to foreign countries during the year ended October 31, 2017 of $6,054,499 ($0.03006 per share), and $17,199,047 (0.03024 per share), respectively.

 

The information and distributions reported herein may differ from the information and distributions reported to shareholders for the calendar year ending December 31, 2017, which will be reported in conjunction with your 2017 Form 1099-DIV.

 

By early 2018, shareholders should receive their Form 1099-DIV and a tax information letter from the Funds. For your specific situation, we recommend that you consult a professional tax adviser.


 

TIAA-CREF Funds: Equity Index Funds  ■  2017 Annual Report 63
 

Additional information about index providers (unaudited)

 

Russell Indexes

 

The Russell 2000® Index, the Russell 3000® Index, the Russell 1000® Value Index, and the Russell 1000 Growth Index are trademarks/service marks of the Russell Investment Group. The Russell Investment Group is the owner of the copyrights relating to the Russell Indexes and is the source and owner of the data contained or reflected in the performance values relating to the Russell Indexes. The funds are not promoted by, nor in any way affiliated with, the Russell Investment Group. The Russell Investment Group is not responsible for and has not reviewed the funds nor any associated literature or publications and the Russell Investment Group makes no representation or warranty, express or implied, as to their accuracy, or completeness.

 

Russell reserves the right, at any time and without notice, to alter, amend, terminate or in any way change the Russell Indexes. Russell has no obligation to take the needs of any particular fund or its participants or any other product or person into consideration in determining, composing or calculating any of the Russell Indexes.

 

Russell® publication of the Russell Indexes in no way suggests or implies an opinion by Russell as to the attractiveness or appropriateness of investment in any or all securities upon which the Russell Indexes are based. RUSSELL MAKES NO REPRESENTATION, WARRANTY OR GUARANTEE REGARDING THE USE OR THE RESULTS OF THE USE OF THE RUSSELL INDEXES OR ANY DATA INCLUDED THEREIN, OR ANY SECURITIES (OR COMBINATION THEREOF) COMPRISING THE RUSSELL INDEXES. RUSSELL MAKES NO OTHER EXPRESS OR IMPLIED WARRANTY, AND EXPRESSLY DISCLAIMS ANY WARRANTY, OF ANY KIND, INCLUDING WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO THE RUSSELL INDEX(ES) OR ANY DATA OR ANY SECURITY (OR COMBINATION THEREOF) INCLUDED THEREIN.

 

Standard & Poor® Index

 

The S&P 500® Index is a trademark of The McGraw-Hill Companies, Inc. and has been licensed for use by the TIAA-CREF S&P 500 Index Fund. The fund is not sponsored, endorsed, sold or promoted by Standard & Poor’s and Standard & Poor’s makes no representation regarding the advisability of investing in the TIAA-CREF S&P 500 Index Fund.

 

MSCI Indexes

 

The funds are not sponsored, endorsed, sold or promoted by MSCI Inc. (“MSCI”), any of its affiliates, any of its information providers or any other third party involved in, or related to, compiling, computing or creating any MSCI index (collectively, the “MSCI Parties”). The MSCI indexes are the exclusive property of MSCI. MSCI and the MSCI index names are service marks of MSCI or its affiliates and have been licensed for use

for certain purposes by Teachers Advisors, LLC. None of the MSCI parties makes any representation or warranty, express or implied, to the issuer or owners of these funds or any other person or entity regarding the advisability of investing in funds generally or in these funds particularly or the ability of any MSCI index to track corresponding stock market performance. MSCI or its affiliates are the licensors of certain trademarks, service marks and trade names and of the MSCI indexes which are determined, composed and calculated by MSCI without regard to these funds or the issuer or owners of these funds or any other person or entity. None of the MSCI parties has any obligation to take the needs of the issuer or owners of these funds or any other person or entity into consideration in determining, composing or calculating the MSCI indexes. None of the MSCI parties is responsible for, or has participated in, the determination of the timing of, prices at, or quantities of these funds to be issued or in the determination or calculation of the equation by or the consideration into which these funds is redeemable. Further, none of the MSCI parties has any obligation or liability to the issuer or owners of these funds or any other person or entity in connection with the administration, marketing or offering of these funds.

 

ALTHOUGH MSCI SHALL OBTAIN INFORMATION FOR INCLUSION IN OR FOR USE IN THE CALCULATION OF THE MSCI INDEXES FROM SOURCES THAT MSCI CONSIDERS RELIABLE, NONE OF THE MSCI PARTIES WARRANTS OR GUARANTEES THE ORIGINALITY, ACCURACY AND/OR THE COMPLETENESS OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. NONE OF THE MSCI PARTIES MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE ISSUER OF THESE FUNDS, OWNERS OF THESE FUNDS, OR ANY OTHER PERSON OR ENTITY, FROM THE USE OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. NONE OF THE MSCI PARTIES SHALL HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS OF OR IN CONNECTION WITH ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. FURTHER, NONE OF THE MSCI PARTIES MAKES ANY EXPRESS OR IMPLIED WARRANTIES OF ANY KIND, AND THE MSCI PARTIES HEREBY EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE, WITH RESPECT TO EACH MSCI INDEX AND ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL ANY OF THE MSCI PARTIES HAVE ANY LIABILITY FOR ANY DIRECT, INDIRECT, SPECIAL, PUNITIVE, CONSEQUENTIAL OR ANY OTHER DAMAGES (INCLUDING LOST PROFITS) EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

 

No purchaser, seller or holder of these securities, products or funds, or any other person or entity, should use or refer to any MSCI trade name, trademark or service mark to sponsor, endorse, market or promote these securities without first contacting MSCI to determine whether MSCI’s permission is required. Under no circumstances may any person or entity claim any affiliation with MSCI without the prior written permission of MSCI.


 

64 2017 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds
 

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How to reach us

 

TIAA website

TIAA.org

24 hours a day, 7 days a week

 

Automated telephone service

800-842-2252

24 hours a day, 7 days a week

 

For the hearing- or speech-impaired

800-842-2755

8 a.m. to 10 p.m. (ET), Monday–Friday

9 a.m. to 6 p.m. (ET), Saturday

 

 

You should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other information, please visit TIAA.org, or call 800-842-2252 for the Institutional, Advisor, Premier and Retirement classes or 800-223-1200 for the Retail Class. Please read the prospectus carefully before investing. Investment, insurance and annuity products are not FDIC insured, are not bank guaranteed, are not bank deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value.

 

Nuveen, a subsidiary of TIAA, provides investment advice and portfolio management services through a

dozen affiliated registered investment advisers. Teachers  Personal Investors Services, Inc., Nuveen Securities, LLC, and TIAA-CREF Individual & Institutional Services, LLC, members FINRA and SIPC, distribute securities products.

 

This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors.


 

 

©2017 Teachers Insurance and Annuity Association of America—College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017-3206

 

TIAA

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New York, NY 10017-3206

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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282501 A12447 (12/17)
 

Annual Report

 

October 31, 2017

 

TIAA-CREF Funds

International Fixed-Income Funds

 

The annual report contains the audited financial statements.

 

Emerging Markets Debt

International Bond

 

 

Contents

 

   
Understanding your report from the TIAA-CREF Funds 3
Letter to investors 4
Information for investors 6
About the funds’ benchmarks 7
Important information about expenses 8
Fund performance  
Emerging Markets Debt Fund 9
International Bond Fund 13
Summary portfolios of investments 17
Audited financial statements  
Statement of assets and liabilities 31
Statement of operations 33
Statements of changes in net assets 34
Financial highlights 38
Notes to financial statements 40
Report of independent registered public accounting firm 52
Trustees and officers 53
Important tax information 58
How to reach us Inside back cover
   
 

Understanding your report from the TIAA-CREF Funds

 

For the purposes of this report, “TIAA-CREF Funds” refers only to the TIAA-CREF International Fixed-Income Funds listed on the cover of this report.

This annual report contains information about the holdings and investment performance of the TIAA-CREF Funds as of October 31, 2017. The report contains four main sections:

• A letter from Brad Finkle, President of TIAA-CREF Funds, TIAA-CREF Life Funds and TIAA Investments.
• The fund performance section compares each fund’s investment returns with those of its benchmark index.
• The summary portfolios of investments list the issuers, industries and types of securities in which each fund had investments as of October 31, 2017.
• The financial statements provide detailed information about the operations and financial condition of each fund.

 

The views and opinions expressed in this report are through the end of the period, as stated on the cover of this report. They are subject to change at any time based on a variety of factors. As such, they are not guarantees of future performance or investment results and should not be taken as investment advice. The risks of investing in the TIAA-CREF Funds vary from fund to fund; to see the risks of investing in an individual fund, please refer to that fund’s latest prospectus.

 

As always, you should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other important information, please visit our website at TIAA.org, or call 800-842-2252 for the Institutional, Advisor, Premier and Retirement classes or 800-223-1200 for the Retail Class. We urge you to read the prospectus carefully before investing.

 

TIAA-CREF International Fixed-Income Funds  ■  2017 Annual Report 3
 

Letter to investors

 

International fixed-income securities recorded broad gains for the twelve months ended October 31, 2017. Emerging-markets debt advanced amid stable worldwide economic expansion and subdued global inflation. International investment-grade fixed-rate bonds posted gains that were all achieved in the final six months of the period. For the twelve months:

 

• Emerging-markets debt, as measured by the JP Morgan Emerging Markets Bond Index (EMBI) Global Diversified, returned 6.3% for the period. (Please see page 7 for benchmark definitions.)
• International investment-grade fixed-rate bonds, as measured by the Bloomberg Barclays Global Aggregate Ex-USD Index (Hedged), rose 1.3%.
• The TIAA-CREF Emerging Markets Debt Fund (Institutional Class) advanced 9.7% over the period. The TIAA-CREF International Bond Fund (Institutional Class) returned 2.9%. Both funds exceeded their respective benchmarks.

 

Emerging-markets debt began the period slowly, losing ground during the final months of 2016 amid concerns that the incoming U.S. administration might pursue protectionist trade policies. But emerging-markets bonds recorded strong gains in 2017 through October 31, benefiting from rising oil prices, continued low interest rates throughout the developed world and fading worries about U.S. policy shifts. International investment-grade fixed-rate bonds also struggled during the first few months of the reporting period, but gained steam in 2017. Most European economies strengthened for the period, while inflation remained muted. The European Central Bank left its benchmark interest rate unchanged, but European bond markets began to price in a potential increase during the second half of the reporting period.

 

International fixed income records mixed results versus U.S. bonds

 

Foreign-debt securities recorded mixed results when compared with U.S. bonds for the twelve-month period. International investment-grade bonds performed better than U.S. investment-grade debt as the U.S. Federal Reserve raised the federal funds target rate three times during the period, increasing the key short-term rate to 1.00%–1.25%. U.S. investment-grade fixed-rate bonds, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, gained 0.9%. However, U.S. high-yield bonds outperformed emerging-markets debt for the period. Domestic high-yield fixed-income securities, as measured by the ICE BofAML BB-B U.S. Cash Pay High Yield Constrained Index, returned 8.3%.

 

4 2017 Annual Report  ■  TIAA-CREF International Fixed-Income Funds
 
 
Brad Finkle
 

Diversification may be important amid steady global growth

 

For the first time since the financial crisis a decade ago, global economic growth became synchronized for most of 2017. The economies of the United States, other developed countries and most emerging-markets nations all managed to expand without sparking significant inflation, and capital markets responded enthusiastically.

Steady growth and subdued global inflation provided an attractive environment for investors during 2017, but it’s important to remember that past performance is no guarantee of future results. Moreover, circumstances in different parts of the world are not identical and can change drastically and without notice. Economic recovery began much earlier in the U.S., where the expansion has extended far beyond historical averages. Central bankers around the world, who have spent most of the past decade developing accommodative policies to rekindle growth, are now reassessing. They are responding at different speeds and with varied monetary decisions.

It is difficult to predict how long the global economy can maintain its synchronized growth. As such, we believe that diversification by asset class and geography remains a wise strategy for investors seeking to manage for the future. A broadly diversified portfolio of fixed-income securities, professionally managed within a mutual fund, has the potential to help navigate the inevitable ups and downs of financial markets. (Of course, diversification does not guarantee against market loss.)

If you have questions about your investment in the TIAA-CREF International Fixed-Income Funds, please contact your financial advisor or call a TIAA financial consultant at 800-842-2252. We welcome the opportunity to speak with you.

 

/s/ Brad Finkle

 

Brad Finkle

President

TIAA-CREF Funds, TIAA-CREF Life Funds and TIAA Investments

 

TIAA-CREF International Fixed-Income Funds  ■  2017 Annual Report 5
 

Information for investors

 

Portfolio holdings

 

Securities and Exchange Commission (SEC) rules allow investment companies to list the top holdings of each fund in their annual and semiannual reports, instead of providing complete portfolio listings. The TIAA-CREF Funds also file complete portfolio listings with the SEC, and they are available to the public.

You can obtain a complete list of the TIAA-CREF Funds’ portfolio holdings (Schedule of Investments) as of the most recently completed fiscal quarter in the following ways:

• By visiting our website at TIAA.org; or
• By calling us at 800-842-2252 to request a copy, which will be provided free of charge.

You can also obtain a complete list of the TIAA-CREF Funds’ portfolio holdings as of the most recently completed fiscal quarter, and for prior quarter-ends, from our SEC Form N-CSR and Form N-Q filings. Form N-CSR filings are as of October 31 or April 30; Form N-Q filings are as of January 31 or July 31. Copies of these forms are available:

• Through the Electronic Data Gathering and Retrieval System (EDGAR) on the SEC’s website at sec.gov; or
• From the SEC’s Office of Investor Education and Advocacy.

Call 202-551-8090 for more information.

 

Proxy voting

 

In certain market conditions, the investment portfolio of a fixed-income fund may include shares of common or preferred stock. If that should occur, TIAA-CREF Funds’ ownership of stock would give it the right to vote on proxy issues of companies in which it invests. A description of our proxy voting policies and procedures can be found on our website at TIAA.org or on the SEC’s website at sec.gov. You can also call us at 800-842-2252 to request a free copy. A report of how the funds voted during the most recently completed twelve-month period ended June 30 can be found on our website or on Form N-PX at sec.gov.

 

Contacting TIAA

 

There are three easy ways to contact us: by email, using the Contact Us link at the top of our home page; by mail at TIAA, 730 Third Avenue, New York, NY 10017-3206; or by phone at 800-842-2252.

 

Fund management

 

The TIAA-CREF Funds are managed by the portfolio management teams of Teachers Advisors, LLC. The members of these teams are responsible for the day-to-day investment management of the funds.

 

6 2017 Annual Report  ■  TIAA-CREF International Fixed-Income Funds
 

About the funds’ benchmarks

 

Emerging Markets Debt Fund

 

The JP Morgan Emerging Markets Bond Index Global Diversified (EMBI-GD Index) is an unmanaged, market-capitalization-weighted, total-return index tracking the traded market for U.S.-dollar-denominated Brady bonds, Eurobonds and other debt instruments issued by sovereign and quasi-sovereign entities. The index limits the weights of those index countries with larger debt stocks by only including a specified portion of these countries’ eligible current face amounts of debt outstanding.

 

International Bond Fund

 

The Bloomberg Barclays Global Aggregate Ex-USD Index (Hedged) is an unmanaged, global, investment-grade fixed-rate bond market index, including treasury, government-related, corporate and securitized fixed-rate bonds from both developed- and emerging-markets issuers, in 24 local currencies. Securities are SEC-registered, taxable, non-dollar denominated and must have a minimum maturity of one year. Securities must be rated investment-grade or higher using the middle rating of Moody’s, S&P and Fitch after dropping the highest and lowest available ratings.

 

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

 

The JP Morgan Emerging Markets Bond Index Global Diversified (EMBI-GD Index) is a trademark and service mark of J.P. Morgan. TIAA products are not promoted or sponsored by, or affiliated with, J.P. Morgan. Information has been obtained from sources believed to be reliable, but J.P. Morgan does not guarantee its completeness or accuracy. The EMBI-GD Index is used with permission. The EMBI-GD Index may not be copied, used or distributed without J.P. Morgan’s prior written approval. Copyright 2017, J.P. Morgan Chase & Co. All rights reserved.

 

TIAA-CREF International Fixed-Income Funds  ■  2017 Annual Report 7
 

Important information about expenses

 

All shareholders of the TIAA-CREF Funds incur ongoing costs, including management fees and other fund expenses. They may also incur transactional costs for redemptions or account maintenance fees.

The expense examples that appear on the performance pages are intended to help you understand your ongoing costs only (in U.S. dollars) and do not reflect transactional costs or the costs incurred by the fund for buying and selling securities. The examples are designed to help you compare these ongoing costs with the ongoing costs of investing in other mutual funds.

The expenses shown do not include account maintenance fees, which may or may not be applicable, as described in the prospectus. If such fees were included, your total costs for investing in the fund would be higher. Note also that shareholders of the TIAA-CREF Funds do not incur a sales charge for purchases, reinvested dividends or other distributions.

The examples are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (May 1, 2017–October 31, 2017).

 

Actual expenses

 

The first section of each table uses the fund’s actual expenses and its actual rate of return. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the six-month period.

Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses paid during period” to estimate the expenses you paid during the six-month period. Some funds have a contractual fee reimbursement. Had these not been in effect, fund expenses would have been higher.

 

Hypothetical example for comparison purposes

 

The second line in each share class’ entry shows hypothetical account values and expenses based on the share class’ actual expense ratio for the six-month period and an assumed 5% per year rate of return before expenses. This was not the share class’ actual return.

This hypothetical example cannot be used to estimate the actual expenses you paid for the period, but rather allows you to compare the ongoing costs of investing in the fund with the costs of other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other mutual funds.

 

8 2017 Annual Report  ■  TIAA-CREF International Fixed-Income Funds
 

Emerging Markets Debt Fund

 

Performance for the twelve months ended October 31, 2017

 

The Emerging Markets Debt Fund returned 9.68% for the Institutional Class, compared with the 6.32% return of its benchmark, the JP Morgan Emerging Markets Bond Index (EMBI) Global Diversified (“JP Morgan index”). The table on the following page shows returns for all share classes of the fund.

 

Emerging-markets debt continues to climb higher

 

The twelve-month period was characterized by supportive economic conditions as the JP Morgan index generated solid gains despite a decline in the first three months of the reporting period. Early on, negative returns were driven by concerns over the incoming U.S. administration’s agenda, which included more protectionist trade policies with potentially negative impacts for emerging-markets exporters. As the period progressed, the administration tempered its stance on border- and trade-related policies aimed toward Mexico, but geopolitical tensions mounted in North Korea and Syria.

The Federal Reserve raised the federal funds target rate most recently in June, boosting the key short-term interest-rate measure to 1.00%–1.25%. This marked the second increase in 2017 and the fourth such hike since December 2015. Demand for energy continued as oil prices rose from nearly $47 a barrel on November 1, 2016, to more than $54 a barrel on October 31, 2017, which was beneficial for a number of emerging-markets countries. As subdued global inflation improved growth in developed markets, and better-than-expected Chinese economic data provided a favorable investment environment, emerging-markets debt securities continued to gather momentum and performed well during the period.

 

Fund gains substantially, surpasses its benchmark

 

During the twelve-month period, the fund outperformed its benchmark, mostly due to specific hard currency corporate selections in Brazil, Argentina, Indonesia and Colombia.

Allocations within the hard currency corporate sector also benefited performance (including underweights to China and Venezuela and an overweight to the Ukraine). Hard currency sovereign allocations (underweights to the Philippines, Poland; positioning in El Salvador; and overweights to El Salvador and the Ukraine) and strong security selections (Argentina and the Ukraine) also provided a nice boost. The allocation to local currency sovereign bonds was positive, where the fund was helped by exposure to the Russian, Brazilian, Egyptian and Peruvian local markets.

By contrast, the fund’s performance was negatively affected most by Turkish local currency sovereign exposure. An Israeli pharmaceutical and a Mexican local currency corporate position also detracted from performance during the period.

 

TIAA-CREF International Fixed-Income Funds  ■  2017 Annual Report 9
 

Emerging Markets Debt Fund

 

Performance as of October 31, 2017

Emerging Markets Debt Fund        Total
return		  Average annual
total return		  Annual operating
expenses*
   Ticker  Inception
date		  1 year   since fund
inception		   gross   net 
Institutional Class  TEDNX  9/26/14   9.68%   6.50%   0.68%   0.65%
Advisor Class  TEDHX  12/4/15   9.64    6.49†   0.78    0.75 
Premier Class  TEDPX  9/26/14   9.53    6.30    0.84    0.80 
Retirement Class  TEDTX  9/26/14   9.42    6.21    0.93    0.90 
Retail Class  TEDLX  9/26/14   9.28    6.11    1.01    0.99 
JP Morgan Emerging Markets Bond Index Global Diversified     —   6.32    6.20‡   —    — 

 

The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.

 

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

 

* The gross and net annual operating expenses are taken from the fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement arrangements now in effect will continue through at least February 28, 2018, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.
† The performance shown for the Advisor Class that is prior to its inception date is based on the performance of the fund’s Institutional Class. The performance for these periods has not been restated to reflect the higher expenses of the Advisor Class. If those higher expenses had been reflected, the performance of the Advisor Class shown for these periods would have been lower.
‡ Performance is calculated from the inception date of the Institutional Class.

 

Fund profile

    as of 10/31/2017
Net assets   $353.22 million
Number of issues   200
Portfolio turnover rate   126%
Option-adjusted duration*   6.41 years
Average maturity†   11.54 years

 

* Option-adjusted duration estimates how much the value of a bond portfolio would be affected by a change in prevailing interest rates, taking into account the options embedded in the individual securities. The longer a portfolio’s duration, the more sensitive it is to changes in interest rates.
† Average maturity is a simple average of the maturities of all the bonds in a fund’s portfolio. The maturity of a bond is the amount of time until the bond’s principal becomes due or payable.

 

10 2017 Annual Report  ■  TIAA-CREF International Fixed-Income Funds
 

Emerging Markets Debt Fund

 

$10,000 invested at fund’s inception

 

Institutional Class (inception September 26, 2014)

 

 

 

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

 

Expense example

 

Six months ended October 31, 2017

Emerging Markets Debt Fund   Beginning
account value
(5/1/17)		   Ending
account value
(10/31/17)		   Expenses paid
during period*
(5/1/17–10/31/17)		  
Actual return              
Institutional Class   $1,000.00   $1,053.48   $3.36  
Advisor Class   1,000.00   1,053.25   3.73  
Premier Class   1,000.00   1,052.74   4.14  
Retirement Class   1,000.00   1,052.26   4.66  
Retail Class   1,000.00   1,050.74   5.17  
5% annual hypothetical return              
Institutional Class   1,000.00   1,021.93   3.31  
Advisor Class   1,000.00   1,021.58   3.67  
Premier Class   1,000.00   1,021.17   4.08  
Retirement Class   1,000.00   1,020.67   4.58  
Retail Class   1,000.00   1,020.16   5.09  

 

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 2017. The fund’s annualized six-month expense ratio for that period was 0.65% for the Institutional Class, 0.72% for the Advisor Class, 0.80% for the Premier Class,

 

TIAA-CREF International Fixed-Income Funds  ■  2017 Annual Report 11
 

Emerging Markets Debt Fund

 

 0.90% for the Retirement Class and 1.00% for the Retail Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower. For more information about this expense example, please see page 8.

 

Portfolio composition

    % of net assets
as of 10/31/2017
Foreign government securities   47.7
Corporate bonds   47.5
Short-term investments, other assets & liabilities, net   4.8
Total   100.0

 

Holdings by country

    % of portfolio investments
as of 10/31/2017
Brazil   9.1
Turkey   7.1
Mexico   5.7
Indonesia   5.5
South Africa   5.3
Argentina   5.0
Ukraine   4.7
Peru   3.8
Chile   3.1
Uruguay   2.8
44 other nations   44.5
Short-term investments   3.4
Total   100.0

Holdings by maturity

    % of fixed-income investments
(excluding short-term investments)
as of 10/31/2017
Less than 1 year   2.1
1–3 years   3.5
3–5 years   16.8
5–10 years   49.8
Over 10 years   27.8
Total   100.0

 

Holdings by credit quality*

    % of fixed-income investments
(excluding short-term investments)
as of 10/31/2017
Aaa/AAA   1.1
Aa/AA   0.9
A/A   5.7
Baa/BBB   26.1
Ba/BB   31.5
B/B   28.8
Below B/B   2.8
Non-rated   3.1
Total   100.0

 

* Credit quality ratings are based on the J.P. Morgan methodology, which uses the middle rating of the  S&P, Moody’s and Fitch ratings to determine an  instrument’s rating category. When a rating from  only two agencies is available, the lower is used;  when only one agency rates a bond, that rating is used.


 

12 2017 Annual Report  ■  TIAA-CREF International Fixed-Income Funds
 

International Bond Fund

 

Performance for the twelve months ended October 31, 2017

 

The International Bond Fund returned 2.92% for the Institutional Class, compared with the 1.31% return of its benchmark, the Bloomberg Barclays Global Aggregate Ex-USD Index (Hedged) (“Global Aggregate index”). The table on the following page shows returns for all share classes of the fund.

 

High-yield and emerging-markets bonds outperform

 

During the twelve-month period, global economic growth was synchronized for much of the period, and for the first time since the financial crisis. In the U.S., initially high-growth expectations were tempered in the first quarter of 2017, resulting in lower Treasury yields and a weaker U.S. dollar. For the remainder of the period, global markets stabilized, with moderate growth and low inflation in the U.S. and continued growth in Europe, Japan and emerging markets. In both March and June 2017, the Federal Reserve increased rates, and later in the period, the Fed signaled another possible rate hike in December.

In March, the European Central Bank (ECB) announced no policy change; however, the markets viewed comments from the President of the ECB as disruptive and started to price in a potential change. Toward the end of the period, however, the ECB laid the groundwork for a small taper of quantitative easing late in the year. In the United Kingdom, stronger economic growth and a more hawkish stance on interest rates by the Bank of England dampened performance for U.K. bonds toward the end of the period. The Bank of Japan, meanwhile, maintained its easier monetary policy, despite stronger economic data. In emerging markets, local interest rates benefited from lower developed-market bond yields, declining inflation and strong investment inflows. For the period, higher-yielding and emerging-markets bonds outperformed those with higher credit ratings and those issued by developed-market countries.

 

Fund advances, outperforms its benchmark

 

For the twelve-month period, the fund outperformed its benchmark. Astute asset allocation, security selection, yield curve and currency exposure all contributed to the strong performance versus the benchmark. The fund’s allocation to unhedged currency, in both emerging- and developed-markets currencies, contributed to the outperformance; however, costs associated with hedging some of the currency exposures detracted from results. Higher allocations to emerging-markets sovereigns and agencies, as well as security selection within these sectors, were large positive contributors. Within corporates, an allocation to high-yield credit was especially helpful to performance, while security selection in emerging-markets and investment-grade credits also contributed. The fund’s duration—a measure of sensitivity to interest-rate changes—and global yield curve positioning also benefited its relative performance.

 

TIAA-CREF International Fixed-Income Funds  ■  2017 Annual Report 13
 

International Bond Fund

 

Performance as of October 31, 2017

International Bond Fund        Total
return		  Average annual
total return		  Annual operating
expenses*
   Ticker  Inception
date		  1 year   since
inception		   gross   net 
Institutional Class  TIBWX  8/5/16   2.92%   1.27%   0.69%   0.65%
Advisor Class  TIBNX  8/5/16   2.98    1.33    0.79    0.75 
Premier Class  TIBLX  8/5/16   2.82    1.19    0.84    0.80 
Retirement Class  TIBVX  8/5/16   2.79    1.09    0.94    0.90 
Retail Class  TIBEX  8/5/16   2.73    1.04    1.04    1.00 
Bloomberg Barclays Global Aggregate Ex-USD Index (Hedged)     —   1.31    0.28†   —    — 

 

The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.

 

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

 

* The gross and net annual operating expenses are taken from the fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement arrangements now in effect will continue through at least February 28, 2018, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.
† Performance is calculated from the inception date of the Institutional Class.

 

Fund profile

    as of 10/31/2017
Net assets   $250.60 million
Number of issues   216
Portfolio turnover rate   133%
Option-adjusted duration*   7.39 years
Average maturity†   9.09 years

 

* Option-adjusted duration estimates how much the value of a bond portfolio would be affected by a change in prevailing interest rates, taking into account the options embedded in the individual securities. The longer a portfolio’s duration, the more sensitive it is to changes in interest rates.
† Average maturity is a simple average of the maturities of all the bonds in a fund’s portfolio. The maturity of a bond is the amount of time until the bond’s principal becomes due or payable.

 

14 2017 Annual Report  ■  TIAA-CREF International Fixed-Income Funds
 

International Bond Fund

 

$10,000 invested at fund’s inception

 

Institutional Class (inception August 5, 2016)

 

 

 

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

 

Expense example

 

Six months ended October 31, 2017

International Bond Fund   Beginning
account value
(5/1/17)		   Ending
account value
(10/31/17)		   Expenses paid
during period*
(5/1/17–10/31/17)		  
Actual return              
Institutional Class   $1,000.00   $1,023.81   $3.32  
Advisor Class   1,000.00   1,023.78   3.32  
Premier Class   1,000.00   1,022.75   3.98  
Retirement Class   1,000.00   1,022.77   4.59  
Retail Class   1,000.00   1,022.77   4.54  
5% annual hypothetical return              
Institutional Class   1,000.00   1,021.93   3.31  
Advisor Class   1,000.00   1,021.93   3.31  
Premier Class   1,000.00   1,021.27   3.97  
Retirement Class   1,000.00   1,020.67   4.58  
Retail Class   1,000.00   1,020.72   4.53  

 

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 2017. The fund’s annualized six-month expense ratio for that period was 0.65% for the Institutional Class, 0.65% for the Advisor Class, 0.78% for the Premier Class,

 

TIAA-CREF International Fixed-Income Funds  ■  2017 Annual Report 15
 

International Bond Fund

 

 0.90% for the Retirement Class and 0.89% for the Retail Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower. For more information about this expense example, please see page 8.

 

Portfolio composition

    % of net assets
as of 10/31/2017
Foreign government securities   66.3
Corporate bonds   25.6
Bank loan obligations   2.1
Short-term investments, other assets & liabilities, net   6.0
Total   100.0

 

Holdings by country

    % of portfolio investments
as of 10/31/2017
Japan   15.5
United States   13.9
United Kingdom   8.3
Italy   7.9
Spain   5.0
France   4.6
Korea, Republic of   3.1
Canada   2.9
Supranational   2.4
Brazil   1.9
42 other nations   29.5
Short-term investments   5.0
Total   100.0

Holdings by maturity

    % of fixed-income investments
(excluding short-term investments)
as of 10/31/2017
Less than 1 year   5.1
1–3 years   9.2
3–5 years   18.1
5–10 years   43.1
Over 10 years   24.5
Total   100.0

 

Holdings by credit quality*

    % of fixed-income investments
(excluding short-term investments)
as of 10/31/2017
Aaa/AAA   8.1
Aa/AA   14.2
A/A   23.8
Baa/BBB   33.3
Ba/BB   8.8
B/B   9.7
Below B/B   0.8
Non-rated   1.3
Total   100.0

 

* Credit quality ratings are based on the Bloomberg Barclays methodology, which uses the median rating of those compiled by the Moody’s, Standard & Poor’s and Fitch ratings agencies. If ratings are available from only two of these agencies, the lower rating is used. When only one rating is available, that one is used. These ratings are subject to change without notice.


 

16 2017 Annual Report  ■  TIAA-CREF International Fixed-Income Funds
 

Summary portfolio of investments

 

Emerging Markets Debt Fund  ■  October 31, 2017

 

Principal     Issuer     Value   % of net
assets		 
BONDS               
              
CORPORATE BONDS             
ARGENTINA                   
$2,020,000  g  AES Argentina Generacion S.A.  7.750%, 02/02/24  $2,166,288    0.6%
 2,000,000  g  Genneia S.A.  8.750%, 01/20/22   2,220,080    0.6 
 1,950,000  g  YPF S.A.  6.950%, 07/21/27   2,084,063    0.6 
       Other      1,932,500    0.6 
              8,402,931    2.4 
BAHRAIN            1,867,259    0.5 
BRAZIL                   
 2,000,000  g  JSL Europe S.A.  7.750%, 07/26/24   2,127,500    0.6 
 4,850,000     Petrobras Global Finance BV   5.625%–7.375%, 01/17/22–05/20/43   4,976,100    1.4 
       Other      14,481,611    4.1 
              21,585,211    6.1 
CHILE                   
 2,000,000  g  Latam Finance Ltd  6.875%, 04/11/24   2,119,000    0.6 
       Other      7,183,744    2.0 
              9,302,744    2.6 
CHINA            3,839,282    1.1 
COLOMBIA                   
 2,000,000  g  Colombia Telecomunicaciones S.A. ESP  5.375%, 09/27/22   2,040,000    0.6 
       Other      6,419,325    1.8 
              8,459,325    2.4 
COSTA RICA                   
 2,000,000  g  Autopistas del Sol S.A.  7.375%, 12/30/30   2,115,000    0.6 
       Other      1,871,100    0.5 
              3,986,100    1.1 
ECUADOR            1,453,800    0.4 
GHANA                   
 2,050,000  g  Tullow Oil plc  6.000%, 11/01/20   2,057,687    0.6 
       Other      997,500    0.3 
              3,055,187    0.9 
INDIA            6,873,863    2.0 
INDONESIA                   
 1,930,000  g  Pertamina Persero PT  4.300%, 05/20/23   2,037,989    0.6 
       Other      11,108,815    3.1 
              13,146,804    3.7 
ISRAEL            1,595,015    0.5 
JAMAICA            1,319,500    0.4 

 

See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2017 Annual Report 17
 
Summary portfolio of investments continued

 

Emerging Markets Debt Fund  ■  October 31, 2017

 

Principal     Issuer     Value   % of net
assets		 
KAZAKHSTAN               
$2,175,000  g  KazTransGas JSC  4.375%, 09/26/27  $2,148,807    0.6%
       Other      1,487,415    0.4 
              3,636,222    1.0 
MACAU        1,318,845    0.4 
MEXICO               
 2,000,000     Grupo Financiero Santander Mexico SAB de C.V.  8.500%, 12/29/49   2,117,938    0.6 
 3,075,000  g  Petroleos Mexicanos  6.500%, 03/13/27   3,356,055    1.0 
 2,000,000  g  Unifin Financiera SAB de C.V. SOFOM ENR  7.000%, 01/15/25   2,093,000    0.6 
       Other      10,038,455    2.8 
              17,605,448    5.0 
MOROCCO        1,798,277    0.5 
NETHERLANDS               
 1,800,000  g  GTH Finance BV  7.250%, 04/26/23   2,038,500    0.6 
       Other      1,483,727    0.4 
              3,522,227    1.0 
NIGERIA               
 2,000,000  g  IHS Netherlands Holdco BV  9.500%, 10/27/21   2,124,646    0.6 
       Other      1,695,108    0.5 
              3,819,754    1.1 
PANAMA        3,119,513    0.9 
PERU               
 2,000,000  g  Petroleos del Peru S.A.  4.750%, 06/19/32   2,044,400    0.6 
       Other      4,721,610    1.3 
              6,766,010    1.9 
RUSSIA        1,556,814    0.4 
SOUTH AFRICA               
 4,000,000  g  Eskom Holdings SOC Ltd  5.750%, 01/26/21   4,040,560    1.1 
 2,000,000  g  Stillwater Mining Co  7.125%, 06/27/25   2,055,394    0.6 
       Other      3,371,849    1.0 
              9,467,803    2.7 
THAILAND        1,832,303    0.5 
TRINIDAD AND TOBAGO      505,000    0.1 
TURKEY               
 2,050,000  g  Turkiye Is Bankasi  6.125%, 04/25/24   2,044,178    0.6 
       Other      11,516,380    3.2 
              13,560,558    3.8 

 

18 2017 Annual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements
 
Summary portfolio of investments continued

 

Emerging Markets Debt Fund  ■  October 31, 2017

 

Principal     Issuer     Value   % of net
assets		 
UKRAINE             
$2,000,000  g  Ukreximbank Via Biz Finance plc  9.625%, 04/27/22  $2,157,000    0.6%
 2,000,000  g  Ukreximbank Via Biz Finance plc  9.750%, 01/22/25   2,181,000    0.6 
       Other      1,946,496    0.6 
              6,284,496    1.8 
UNITED ARAB EMIRATES      1,711,538    0.5 
UNITED KINGDOM      1,782,000    0.5 
URUGUAY      1,749,000    0.5 
VENEZUELA      917,575    0.3 
ZAMBIA      1,908,000    0.5 
          TOTAL CORPORATE BONDS
(Cost $163,751,027)		   167,748,404    47.5 
GOVERNMENT BONDS             
ARGENTINA                   
 3,500,000  g  Argentina Republic Government International Bond  7.125%, 06/28/17   3,591,000    1.0 
 3,350,000  g  Provincia de Buenos Aires  7.875%, 06/15/27   3,713,475    1.0 
       Other      1,837,500    0.6 
              9,141,975    2.6 
AZERBAIJAN            1,582,000    0.4 
BAHRAIN            2,461,120    0.7 
BARBADOS            767,250    0.2 
BRAZIL                   
BRL 13,150,000       Brazil Notas do Tesouro Nacional Serie F  10.000%, 01/01/21   4,125,381    1.2 
       Other      5,617,754    1.6 
              9,743,135    2.8 
CHILE            1,465,333    0.4 
COSTA RICA             
$2,500,000  g,p  Costa Rica Government International Bond  7.158%, 03/12/45   2,656,250    0.8 
              2,656,250    0.8 
COTE D’IVOIRE        3,770,044    1.0 
CROATIA        1,939,536    0.5 
DOMINICAN REPUBLIC               
DOP 124,000,000  g  Dominican Republic International Bond  11.250%, 02/05/27   2,775,302    0.8 
$3,160,000  g  Dominican Republic International Bond  7.450%, 04/30/44   3,752,500    1.1 
       Other      2,884,830    0.8 
              9,412,632    2.7 
ECUADOR             
 2,000,000     Ecuador Government International Bond  9.650%, 12/13/26   2,170,000    0.6 
       Other      3,036,425    0.9 
              5,206,425    1.5 

 

See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2017 Annual Report 19
 
Summary portfolio of investments continued

 

Emerging Markets Debt Fund  ■  October 31, 2017

 

Principal     Issuer     Value   % of net
assets		 
EGYPT                  
$1,800,000  g  Egypt Government International Bond  8.500%, 01/31/47  $2,036,149    0.6%
       Other      3,142,353    0.9 
              5,178,502    1.5 
EL SALVADOR                  
 1,950,000  g  El Salvador Government International Bond  8.625%, 02/28/29   2,208,375    0.6 
       Other      1,333,125    0.4 
              3,541,500    1.0 
GABON           1,601,754    0.5 
GHANA           793,068    0.2 
GREECE           3,055,817    0.9 
GUATEMALA           1,641,750    0.5 
INDONESIA           5,898,755    1.7 
IRAQ                  
 2,000,000  g  Iraq Government International Bond  6.752%, 03/09/23   2,003,480    0.6 
              2,003,480    0.6 
JAMAICA            2,398,590    0.7 
JORDAN            1,544,142    0.4 
LEBANON                   
 3,200,000     Lebanon Government International Bond  6.250%, 11/04/24   3,082,835    0.9 
 4,500,000     Lebanon Government International Bond  6.100%–6.650%, 05/27/22–02/26/30   4,347,199    1.2 
              7,430,034    2.1 
MALAYSIA            958,714    0.3 
MEXICO                   
MXN 46,040,000     Mexican Bonos  6.500%, 06/09/22   2,349,050    0.7 
              2,349,050    0.7 
MONGOLIA                   
$3,500,000  g  Mongolia Government International Bond  5.125%–8.750%, 12/05/22–03/09/24   3,570,222    1.0 
              3,570,222    1.0 
OMAN            1,901,060    0.5 
PARAGUAY                   
 2,750,000  g  Republic of Paraguay  6.100%, 08/11/44   3,141,875    0.9 
              3,141,875    0.9 
PERU            6,474,480    1.8 
POLAND                   
PLN 8,900,000     Republic of Poland Government Bond  2.500%, 07/25/26   2,284,515    0.6 
              2,284,515    0.6 
REPUBLIC OF SERBIA      3,163,939    0.9 

 

20 2017 Annual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements
 
Summary portfolio of investments continued

 

Emerging Markets Debt Fund  ■  October 31, 2017

 

Principal     Issuer      Value   % of net
assets		 
RUSSIA                    
RUB 129,500,000     Russian Federal Bond - Federal Loan Obligation   7.000%, 08/16/23  $2,182,323    0.6%
$2,600,000  g  Russian Foreign Bond - Eurobond   5.250%, 06/23/47   2,662,135    0.8 
               4,844,458    1.4 
SENEGAL         1,446,956    0.4 
SOUTH AFRICA                
 2,350,000     South Africa Government International Bond   5.875%, 09/16/25   2,503,925    0.7 
ZAR 39,100,000     South Africa Government International Bond   7.000%, 02/28/31   2,203,458    0.6 
       Other       4,170,471    1.1 
               8,877,854    2.4 
SRI LANKA                    
$1,850,000  g  Sri Lanka Government International Bond   6.850%, 11/03/25   2,051,879    0.6 
 2,450,000  g  Sri Lanka Government International Bond   6.200%, 05/11/27   2,601,831    0.7 
               4,653,710    1.3 
SUPRANATIONAL       3,640,918    1.0 
THAILAND             1,596,911    0.5 
TURKEY                    
 2,300,000     Turkey Government International Bond   3.250%, 03/23/23   2,169,146    0.6 
 2,850,000     Turkey Government International Bond   6.000%, 03/25/27   3,001,429    0.8 
TRY 12,910,000      Turkey Government International Bond   6.875%–11.000%, 01/15/20–03/17/36   4,124,908    1.2 
       Other       1,812,114    0.5 
               11,107,597    3.1 
UKRAINE                    
$3,575,000  g  Ukraine Government International Bond   7.750%, 09/01/23   3,794,398    1.1 
 2,250,000  g  Ukraine Government International Bond   7.750%, 09/01/27   2,318,715    0.7 
 3,800,000  g  Ukraine Government International Bond   7.375%, 09/25/32   3,746,443    1.1 
       Other       296,504    0.1 
               10,156,060    3.0 
URUGUAY                    
UYU 86,200,000  g  Uruguay Government International Bond   8.500%, 03/15/28   2,991,004    0.8 
$3,450,000     Uruguay Government International Bond   5.100%, 06/18/50   3,700,125    1.0 
       Other       1,324,837    0.4 
               8,015,966    2.2 
VENEZUELA             2,730,225    0.7 
ZAMBIA                    
 3,500,000  g  Zambia Government International Bond   8.500%, 04/14/24   3,745,928    1.1 
       Other       815,775    0.2 
               4,561,703    1.3 
           TOTAL GOVERNMENT BONDS
(Cost $164,128,648)		   168,709,305    47.7 
           TOTAL BONDS
(Cost $327,879,675)		   336,457,709    95.2 

 

See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2017 Annual Report 21
 
Summary portfolio of investments concluded

 

Emerging Markets Debt Fund  ■  October 31, 2017

 

Principal     Issuer     Value   % of net
assets		 
SHORT-TERM INVESTMENTS              
ARGENTINA           $1,977,550    0.5%
EGYPT            1,701,487    0.5 
NIGERIA            1,725,169    0.5 
UNITED STATES               
$5,450,000     Federal Home Loan Bank (FHLB)  0.850%, 11/01/17   5,450,000    1.6 
              5,450,000    1.6 
URUGUAY            997,376    0.3 
          TOTAL SHORT-TERM INVESTMENTS
(Cost $11,894,473)		   11,851,582    3.4 
          TOTAL PORTFOLIO
(Cost $339,774,148)		   348,309,291    98.6 
          OTHER ASSETS & LIABILITIES, NET   4,905,965    1.4 
          NET ASSETS  $353,215,256    100.0%

 

 

 

Abbreviation(s):

BRLBrazilian Real
DOPDominican Peso
MXNMexican Peso
PLNPolish Zloty
RUBRussian Ruble
TRYTurkish New Lira
UYUUruguayan Peso
ZARSouth African Rand

 

 

 

gSecurity 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 10/31/2017, the aggregate value of these securities amounted to $251,812,721 or 71.3% of net assets.
pAll or a portion of these securities have been segregated to cover requirements on open forward foreign currency contracts.

 

“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent less than 1% or less of net assets.

 

For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.

 

 

 

Forward foreign currency contracts outstanding as of October 31, 2017 were as follows (see Note 3):

 

Currency
to be
purchased		   Receive  Currency
to be
sold		  Deliver  Counterparty  Settlement date  Unrealized
appreciation
(depreciation)		 
$    1,500,000  CNH  10,612,500  Bank of America  11/20/2017  $(98,056)

 

Abbreviations(s):

CNH Chinese Yuan Renminbi

 

22 2017 Annual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements
 

Summary of market values by sector

 

Emerging Markets Debt Fund  ■  October 31, 2017

 

Sector   Value    % of net
assets		 
GOVERNMENT      $168,709,305    47.7%
FINANCIALS   44,828,234    12.7 
UTILITIES   40,107,592    11.4 
ENERGY   23,479,472    6.6 
MATERIALS   18,734,728    5.3 
INDUSTRIALS   17,223,881    4.9 
CONSUMER DISCRETIONARY   8,645,935    2.4 
TELECOMMUNICATION SERVICES   8,094,636    2.3 
CONSUMER STAPLES   3,807,786    1.1 
HEALTH CARE   1,595,015    0.5 
INFORMATION TECHNOLOGY   1,231,125    0.3 
SHORT-TERM INVESTMENTS   11,851,582    3.4 
OTHER ASSETS & LIABILITIES, NET   4,905,965    1.4 
NET ASSETS  $353,215,256    100.0%

 

See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2017 Annual Report 23
 

Consolidated summary portfolio of investments

 

International Bond Fund  ■  October 31, 2017

 

                % of net 
Principal     Issuer     Value   assets 
BANK LOAN OBLIGATIONS             
CANADA           $745,434    0.3%
IRELAND            753,691    0.3 
LUXEMBOURG            997,462    0.4 
UNITED STATES            2,753,297    1.1 
         TOTAL BANK LOAN OBLIGATIONS
(Cost $5,256,348)		   5,249,884    2.1 
BONDS                   
CORPORATE BONDS             
ARGENTINA            351,925    0.1 
BRAZIL            2,993,627    1.2 
CANADA            1,091,750    0.4 
CHILE            2,051,675    0.8 
CHINA            1,945,544    0.8 
COLOMBIA            1,313,775    0.5 
FRANCE            1,690,800    0.7 
GERMANY            1,970,430    0.8 
HONG KONG            572,503    0.2 
INDIA            514,193    0.2 
INDONESIA            500,868    0.2 
IRELAND            311,625    0.1 
ISRAEL            531,672    0.2 
ITALY            788,096    0.3 
JAPAN            1,763,176    0.7 
KAZAKHSTAN            1,075,833    0.4 
MEXICO            1,949,779    0.8 
NETHERLANDS            1,804,308    0.7 
PANAMA            348,075    0.2 
PERU            348,250    0.1 
SPAIN            826,306    0.3 
SWEDEN            337,750    0.1 
SWITZERLAND            1,595,827    0.7 
TURKEY            1,236,071    0.5 
UNITED ARAB EMIRATES        425,000    0.2 
UNITED KINGDOM                   
EUR   1,200,000  g  Virgin Media Finance plc  4.500%, 1/15/25   1,477,743    0.6 
      Other      2,734,312    1.1 
             4,212,055    1.7 
UNITED STATES            31,727,532    12.7 
         TOTAL CORPORATE BONDS
(Cost $61,249,473)		   64,278,445    25.6 

 

24 2017 Annual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements
 
Consolidated summary portfolio of investments continued

 

International Bond Fund  ■  October 31, 2017

 

                % of net 
Principal     Issuer     Value   assets 
GOVERNMENT BONDS             
ARGENTINA           $1,108,500    0.4%
AUSTRALIA            2,852,633    1.1 
BERMUDA                   
$ 1,700,000  g  Bermuda Government International Bond  4.854%, 02/06/24   1,849,804    0.7 
             1,849,804    0.7 
BRAZIL                   
BRL 5,650,000     Brazil Notas do Tesouro Nacional Serie F  10.000%, 01/01/19   1,778,085    0.7 
             1,778,085    0.7 
CANADA                   
CAD 1,300,000     Canadian Government International Bond  5.000%, 06/01/37   1,458,164    0.6 
2,450,000     Province of British Columbia Canada  2.550%, 06/18/27   1,894,748    0.8 
      Other      2,081,386    0.8 
             5,434,298    2.2 
COTE D’IVOIRE            769,096    0.3 
CYPRUS            380,846    0.2 
ECUADOR            868,785    0.4 
EGYPT            1,484,060    0.6 
FRANCE                   
EUR 1,293,000     France Government Bond OAT  1.750%, 11/25/24   1,675,015    0.7 
1,500,000     France Government Bond OAT  1.500%, 05/25/31   1,853,702    0.7 
2,340,000  j  French Republic Government Bond OAT  0.000%, 05/25/21   2,766,236    1.1 
2,350,000  g  French Republic Government Bond OAT  2.000%, 05/25/48   2,909,184    1.2 
      Other      503,579    0.2 
             9,707,716    3.9 
GERMANY            1,172,066    0.5 
GREECE                   
1,350,000  g  Hellenic Republic Government Bond  4.375%, 08/01/22   1,569,962    0.6 
1,625,000     Hellenic Republic Government Bond  3.000%, 02/24/30   1,557,752    0.6 
             3,127,714    1.2 
HONDURAS                   
$ 1,350,000  g  Honduras Government International Bond  7.500%, 03/15/24   1,532,250    0.6 
                 1,532,250    0.6 
HUNGARY            1,185,561    0.5 
INDONESIA            2,283,049    0.9 

 

See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2017 Annual Report 25
 
Consolidated summary portfolio of investments continued

 

International Bond Fund  ■  October 31, 2017

 

                % of net 
Principal     Issuer     Value   assets 
ISRAEL                   
ILS 5,250,000     Israel Government Bond-Fixed  5.500%, 01/31/42  $2,197,314    0.9%
             2,197,314    0.9 
ITALY                   
EUR 3,375,000     Italy Buoni Poliennali Del Tesoro  0.350%, 06/15/20   3,969,470    1.6 
5,035,000  g  Italy Buoni Poliennali Del Tesoro  4.750%, 08/01/23   7,147,890    2.8 
3,675,000     Italy Buoni Poliennali Del Tesoro  1.250%, 12/01/26   4,135,497    1.6 
1,775,000  g  Italy Buoni Poliennali Del Tesoro  1.650%, 03/01/32   1,922,329    0.8 
1,350,000  g  Italy Buoni Poliennali Del Tesoro  3.450%, 03/01/48   1,691,197    0.7 
                 18,866,383    7.5 
JAPAN                   
JPY 738,150,000     Japan Government Five Year Bond  0.200%, 06/20/19   6,529,756    2.6 
650,450,000     Japan Government Ten Year Bond  0.100%, 09/20/26   5,752,654    2.3 
289,950,000     Japan Government Thirty Year Bond  2.500%, 09/20/34   3,404,333    1.3 
457,700,000     Japan Government Thirty Year Bond  0.500%, 09/20/46   3,673,704    1.5 
249,600,000     Japan Government Twenty Year Bond  1.900%, 03/22/21   2,344,962    0.9 
340,000,000     Japan Government Twenty Year Bond  2.100%, 03/20/26   3,511,424    1.4 
229,000,000     Japan Government Twenty Year Bond  1.800%, 09/20/31   2,432,715    1.0 
305,000,000     Japan Government Twenty Year Bond  0.600%, 12/20/36   2,702,696    1.1 
160,000,000     Japan Government Twenty Year Bond  0.700%, 03/20/37   1,438,947    0.6 
180,000,000     Japan Government Two Year Bond  0.100%, 02/15/19   1,588,350    0.6 
      Other      2,981,393    1.2 
             36,360,934    14.5 
JORDAN            497,266    0.2 
KOREA, REPUBLIC OF
KRW 5,664,500,000     Korea Treasury Bond  1.375%, 09/10/21   4,880,419    1.9 
1,800,000,000     Korea Treasury Bond  1,500%, 12/10/26   1,466,489    0.6 
      Other      1,301,665    0.5 
             7,648,573    3.0 
LEBANON            1,362,949    0.5 
MEXICO            1,875,581    0.8 
MONGOLIA            526,929    0.2 
NETHERLANDS            1,333,646    0.5 
NEW ZEALAND            405,361    0.2 
NORWAY                   
NOK 14,700,000  g  Norway Government International Bond  3.750%, 05/25/21   1,975,984    0.8 
      Other      1,059,455    0.4 
             3,035,439    1.2 
PERU                   
PEN 4,480,000  g  Peruvian Government International Bond  8.200%, 08/12/26   1,689,300    0.7 
      Other      1,061,379    0.4 
             2,750,679    1.1 

 

26 2017 Annual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements
 
Consolidated summary portfolio of investments continued

 

International Bond Fund  ■  October 31, 2017

 

                % of net 
Principal     Issuer     Value   assets 
POLAND                   
PLN 8,165,000     Poland Government International Bond  4.000%, 10/25/23  $2,372,506    0.9%
      Other      1,098,373    0.5 
                 3,470,879    1.4 
RUSSIA                   
RUB 87,000,000     Russian Federal Bond - Federal Loan Obligation  7.000%, 01/25/23   1,468,318    0.6 
             1,468,318    0.6 
SAUDI ARABIA            1,219,843    0.5 
SENEGAL            826,832    0.3 
SOUTH AFRICA                   
$ 1,475,000     Republic of South Africa Government International Bond  4.850%, 09/27/27   1,439,704    0.6 
ZAR 41,250,000     South Africa Government International Bond  7.000%–10.500%, 12/21/26–01/31/44   2,707,854    1.1 
             4,147,558    1.7 
SPAIN                   
EUR 2,210,000     Spain Government International Bond  0.400%, 04/30/22   2,596,392    1.0 
$ 3,600,000  g  Spain Government International Bond  2.750%, 10/31/24   4,741,753    1.9 
1,275,000  g  Spain Government International Bond  2.900%, 10/31/46   1,532,217    0.6 
      Other      2,739,412    1.2 
             11,609,774    4.7 
SRI LANKA                   
1,625,000  g  Sri Lanka Government International Bond  6.200%, 05/11/27   1,725,704    0.7 
             1,725,704    0.7 
SUPRANATIONAL                   
INR 129,300,000     Asian Development Bank  6.200%, 10/06/26   2,009,839    0.8 
      Other      3,876,939    1.6 
             5,886,778    2.4 
SWEDEN            1,062,878    0.4 
THAILAND                   
THB 69,000,000     Thailand Government International Bond  1.875%, 06/17/22   2,078,998    0.8 
             2,078,998    0.8 
TURKEY            1,619,734    0.6 
UNITED KINGDOM                   
GBP 1,250,000     United Kingdom Gilt  1.750%, 07/22/19   1,696,745    0.7 
2,960,000     United Kingdom Gilt  1.500%, 01/22/21   4,043,571    1.6 
1,600,000     United Kingdom Gilt  0.500%, 07/22/22   2,097,053    0.8 
1,230,000     United Kingdom Gilt  4.750%, 12/07/30   2,247,609    0.9 
1,175,000     United Kingdom Gilt  4.250%, 03/07/36   2,149,723    0.9 
3,400,000     United Kingdom Gilt  1.500%, 07/22/47   4,104,845    1.6 
             16,339,546    6.5 
   
See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2017 Annual Report 27
 
Consolidated summary portfolio of investments continued

 

International Bond Fund  ■  October 31, 2017

 

                   % of net 
Principal      Issuer      Value    assets 
URUGUAY                    
UYU 43,000,000      Uruguay Government International Bond  8.500%, 03/15/28  $1,492,032    0.6%
           Other      757,453    0.3 
              2,249,485    0.9 
          TOTAL GOVERNMENT BONDS
(Cost $164,698,893)		   166,101,844    66.3 
          TOTAL BONDS
(Cost $225,948,366)		   230,380,289    91.9 
SHORT-TERM INVESTMENTS             
EGYPT                    
EGP 25,000,000  j   Egypt Treasury Bills  0.000%, 12/12/17   1,388,904    0.6 
              1,388,904    0.6 
NIGERIA             1,332,726    0.5 
UNITED STATES                    
$ 9,600,000      Federal Home Loan Bank (FHLB)  0.700%, 11/01/17   9,600,000    3.8 
              9,600,000    3.8 
          TOTAL SHORT-TERM INVESTMENTS
(Cost $12,265,231)		   12,321,630    4.9 
          TOTAL PORTFOLIO
(Cost $243,469,945)		   247,951,803    98.9 
          OTHER ASSETS & LIABILITIES, NET   2,651,881    1.1 
          NET ASSETS  $250,603,684    100.0%

 

 

 

Abbreviation(s):
BRL Brazilian Real
CAD Canadian Dollar
EGP Egyptian Pound
EUR Euro
GBP Pound Sterling
ILS New Israeli Shekel
INR Indian Rupee
JPY Japanese Yen
KRW South Korean Won
NOK Norwegian Krone
PEN Peruvian Sol
PLN Polish Zloty
RUB Russian Ruble
THB Thai Baht
UYU Uruguayan Peso
ZAR South African Rand

 

28 2017 Annual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements
 
Consolidated summary portfolio of investments concluded

 

International Bond Fund  ■  October 31, 2017

 

 

 

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 10/31/2017, the aggregate value of these securities amounted to $69,383,118 or 27.7% of net assets.
j Zero coupon

 

“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent less than 1% or less of net assets.

 

For ease of presentation, a number of classification categories have been grouped together in the Consolidated summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.

 

 

 

Forward foreign currency contracts outstanding as of October 31, 2017 were as follows (see Note 3):

 

Currency     Currency             Unrealized  
to be     to be             appreciation  
purchased Receive   sold Deliver   Counterparty   Settlement date   (depreciation)  
$ 3,833,861   AUD 5,007,178   Bank of America   11/30/2017        $ 2,870  
$ 36,268,025   JPY 4,124,737,045   Bank of America   11/30/2017     (55,253 )
$ 7,177,728   KRW 8,072,431,838   Bank of America   11/30/2017     (43,017 )
$ 1,532,008   NOK 12,512,826   Bank of America   11/30/2017     (1,033 )
$ 1,906,816   PLN 6,983,334   Bank of America   11/30/2017     (11,608 )
$ 1,045,037   THB 34,771,304   Bank of America   11/30/2017     (1,725 )
$ 1,360,847   ZAR 19,336,069   Bank of America   11/30/2017     818  
Total                   $ (108,948 )
$ 5,446,122   CAD 7,004,347   Morgan Stanley   11/30/2017   $ 15,469  
$ 83,325,739   EUR 71,741,829   Morgan Stanley   11/30/2017     (381,157 )
$ 2,476,985   EUR 2,122,207   Morgan Stanley   11/30/2017     838  
$ 20,916,328   GBP 15,923,815   Morgan Stanley   11/30/2017     (251,359 )
$ 2,173,369   SEK 18,182,380   Morgan Stanley   11/30/2017     (2,226 )
Total                   $ (618,435 )
Total                   $ (727,383 )

 

Abbreviation(s):
AUD Australian Dollar
CAD Canadian Dollar
EUR Euro
GBP Pound Sterling
JPY Japanese Yen
KRW South Korean Won
NOK Norwegian Krone
PLN Polish Zloty
SEK Swedish Krone
THB Thai Baht
ZAR South African Rand

 

See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2017 Annual Report 29
 

Consolidated summary of market values by sector

 

International Bond Fund  ■  October 31, 2017

 

       % of net 
Sector  Value   assets 
GOVERNMENT  $166,101,844    66.3%
FINANCIALS   15,887,504    6.3 
CONSUMER DISCRETIONARY   11,184,448    4.5 
UTILITIES   7,982,261    3.2 
MATERIALS   7,790,156    3.1 
INDUSTRIALS   6,319,179    2.5 
ENERGY   4,915,658    2.0 
TELECOMMUNICATION SERVICES   4,772,600    1.9 
INFORMATION TECHNOLOGY   4,161,357    1.7 
HEALTH CARE   3,617,687    1.4 
CONSUMER STAPLES   1,527,562    0.6 
REAL ESTATE   1,369,917    0.5 
SHORT-TERM INVESTMENTS   12,321,630    4.9 
OTHER ASSETS & LIABILITIES, NET   2,651,881    1.1 
NET ASSETS  $250,603,684    100.0%

 

30 2017 Annual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements
 

Statements of assets and liabilities

 

TIAA-CREF Funds  ■  October 31, 2017

 

   Emerging Markets
Debt Fund		   International
Bond Fund**		 
         
ASSETS          
Portfolio investments, at value†  $348,309,291   $247,951,803 
Cash   21,102    19,534 
Cash – foreign^   —    190,692 
Receivable from securities transactions   833,053    4,207,893 
Receivable for delayed delivery securities   —    2,269,937 
Receivable from Fund shares sold   4,572,873    4,425,978 
Dividends and interest receivable   4,959,814    1,877,434 
Due from affiliates   820    11,248 
Other   6,107    1,793 
Total assets   358,703,060    260,956,312 
 
LIABILITIES          
Management fees payable   26,192    18,521 
Service agreement fees payable   456    101 
Distribution fees payable   370    483 
Due to affiliates   9,446    10,269 
Payable for securities transactions   5,317,866    8,819,880 
Payable for delayed delivery securities   —    750,000 
Payable for Fund shares redeemed   4,780    — 
Payable for trustee compensation   6,598    2,366 
Unrealized depreciation on forward foreign currency contracts   98,056    727,383 
Accrued expenses and other payables   24,040    23,625 
Total liabilities   5,487,804    10,352,628 
NET ASSETS  $353,215,256   $250,603,684 
 
NET ASSETS CONSIST OF:          
Paid-in-capital  $334,812,213   $251,071,234 
Undistributed net investment income (loss)   2,869,294    (2,521,434)
Accumulated net realized gain (loss) on total investments   7,115,899    (1,693,718)
Net unrealized appreciation (depreciation) on total investments   8,417,850    3,747,602 
NET ASSETS  $353,215,256   $250,603,684 
 
INSTITUTIONAL CLASS:          
Net assets  $337,783,721   $244,047,598 
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)   32,274,081    24,670,028 
Net asset value per share  $10.47   $9.89 
 
ADVISOR CLASS:          
Net assets  $140,762   $991,958 
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)   13,437    100,230 
Net asset value per share  $10.48   $9.90 

 

See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2017 Annual Report 31
 
Statements of assets and liabilities concluded

 

TIAA-CREF Funds  ■  October 31, 2017

 

   Emerging Markets
Debt Fund		   International
Bond Fund**		 
         
PREMIER CLASS:          
Net assets  $373,478   $988,877 
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)   35,716    100,000 
Net asset value per share  $10.46   $9.89 
 
RETIREMENT CLASS:          
Net assets  $13,332,644   $2,883,004 
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)   1,274,696    291,821 
Net asset value per share  $10.46   $9.88 
 
RETAIL CLASS:          
Net assets  $1,584,651   $1,692,247 
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)   151,429    171,250 
Net asset value per share  $10.46   $9.88 
** Consolidated statement of assets and liabilities (see Note 1)          
† Portfolio investments, cost  $339,774,148   $243,469,945 
^ Foreign cash, cost  $—   $190,708 

 

32 2017 Annual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements
 

Statements of operations

 

TIAA-CREF Funds  ■  For the period or year ended October 31, 2017

 

   Emerging Markets
Debt Fund		   International Bond Fund** 
         
INVESTMENT INCOME          
Interest*  $20,550,783   $6,110,640 
Dividends   —    92 
Total income   20,550,783    6,110,732 
 
EXPENSES          
Management fees   1,737,383    1,464,153 
Shareholder servicing — Institutional Class   905    387 
Shareholder servicing — Advisor Class   57    — 
Shareholder servicing — Premier Class   65    — 
Shareholder servicing — Retirement Class   21,381    4,975 
Shareholder servicing — Retail Class   3,375    — 
Distribution fees — Premier Class   409    1,454 
Distribution fees — Retail Class   3,139    3,382 
Administrative service fees   60,228    62,410 
Professional fees   76,685    150,636 
Trustee fees and expenses   4,760    4,384 
Other expenses   169,349    190,302 
Total expenses   2,077,736    1,882,083 
Less: Expenses reimbursed by the investment adviser   (2,141)   (140,374)
Net expenses   2,075,595    1,741,709 
Net investment income (loss)   18,475,188    4,369,023 
 
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS          
Realized gain (loss):          
Portfolio investments   7,604,489    (2,006,851)
Forward foreign currency contracts   (1,155)   (3,464,241)
Swap contracts   325,737    — 
Foreign currency transactions   (391,974)   (726,922)
Net realized gain (loss) on total investments   7,537,097    (6,198,014)
Change in unrealized appreciation (depreciation) on:          
Portfolio investments‡   4,667,225    10,836,659 
Forward foreign currency contracts   (93,271)   (219,108)
Swap contracts   (163,799)   — 
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies   (21,280)   19,198 
Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments   4,388,875    10,636,749 
Net realized and unrealized gain (loss) on total investments   11,925,972    4,438,735 
Net increase (decrease) in net assets from operations  $30,401,160   $8,807,758 
* Net foreign withholding taxes of  $22,084   $21,939 
** Consolidated statement of operations (see Note 1)          
‡ Includes net change in unrealized foreign capital gains taxes of  $(6,964)  $— 

 

See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2017 Annual Report 33
 

Statements of changes in net assets

 

TIAA-CREF Funds  ■  For the period or year ended

 

      Emerging Markets Debt Fund  International Bond Fund
      October 31, 2017   October 31, 2016   October 31, 2017**   October 31, 2016* 
 
OPERATIONS                       
Net investment income (loss) $18,475,188   $13,958,656   $4,369,023   $274,509 
Net realized gain (loss) on total investments  7,537,097    1,362,148    (6,198,014)   4,328,338 
Net change in unrealized appreciation (depreciation) on total investments  4,388,875    15,851,767    10,636,749    (6,889,147)
Net increase (decrease) in net assets from operations  30,401,160    31,172,571    8,807,758    (2,286,300)
 
DISTRIBUTIONS TO SHAREHOLDERS                   
From net investment income:  Institutional Class   (16,188,091)   (12,460,423)   (6,731,828)   — 
   Advisor Class†   (6,331)   (4,270)   (24,645)   — 
   Premier Class   (13,692)   (52,701)   (24,035)   — 
   Retirement Class   (416,890)   (247,071)   (39,064)   — 
   Retail Class   (63,462)   (86,082)   (28,195)   — 
From realized gains:  Institutional Class   (663,719)   —    (139,676)   — 
   Advisor Class†   (257)   —    (549)   — 
   Premier Class   (586)   —    (549)   — 
   Retirement Class   (14,115)   —    (835)   — 
   Retail Class   (2,962)   —    (648)   — 
Total distributions      (17,370,105)   (12,850,547)   (6,990,024)   — 
 
SHAREHOLDER TRANSACTIONS                   
Subscriptions:  Institutional Class   96,325,668    120,322,151    118,597,792    252,309,617 
   Advisor Class†   23,180    99,983    2,200    1,000,000 
   Premier Class   105,343    5,171    —    1,000,000 
   Retirement Class   9,432,266    7,197,427    1,815,749    1,408,246 
   Retail Class   1,338,689    1,464,599    637,515    1,158,430 
Reinvestments of distributions:  Institutional Class   1,260,598    362,028    141,313    — 
   Advisor Class†   350    —    15    — 
   Premier Class   626    69    —    — 
   Retirement Class   430,469    195,186    15,579    — 
   Retail Class   65,349    34,582    4,595    — 
Redemptions:  Institutional Class   (46,115,427)   (75,087,480)   (103,871,804)   (22,673,141)
   Advisor Class†   —    —    —    — 
   Premier Class   (10)   (782,645)   —    — 
   Retirement Class   (4,473,446)   (2,489,993)   (367,034)   (1,626)
   Retail Class   (1,412,607)   (1,300,293)   (105,196)   — 
Net increase (decrease) from shareholder transactions  56,981,048    50,020,785    16,870,724    234,201,526 
Net increase (decrease) in net assets  70,012,103    68,342,809    18,688,458    231,915,226 
NET ASSETS                       
Beginning of period      283,203,153    214,860,344    231,915,226    — 
End of period     $353,215,256   $283,203,153   $250,603,684   $231,915,226 
Undistributed net investment income (loss) included in net assets   $2,869,294   $1,418,805   $(2,521,434)  $4,463,791 

 

34 2017 Annual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2017 Annual Report 35
 
Statements of changes in net assets concluded

 

TIAA-CREF Funds  ■  For the period or year ended

 

      Emerging Markets Debt Fund  International Bond Fund
      October 31, 2017   October 31, 2016   October 31, 2017**   October 31, 2016* 
 
CHANGE IN FUND SHARES                      
Shares sold:  Institutional Class   9,579,797    12,361,920    12,309,878    25,346,143 
   Advisor Class†   2,224    11,180    228    100,000 
   Premier Class   10,137    511    —    100,000 
   Retirement Class   920,787    736,654    186,776    140,938 
   Retail Class   131,060    146,664    65,635    115,978 
Shares reinvested:  Institutional Class   128,642    36,849    14,967    — 
   Advisor Class†   33    —    2    — 
   Premier Class   62    7    —    — 
   Retirement Class   42,628    20,037    1,642    — 
   Retail Class   6,502    3,536    484    — 
Shares redeemed:  Institutional Class   (4,554,674)   (7,755,386)   (10,705,607)   (2,295,354)
   Advisor Class†   —    —    —    — 
   Premier Class   (1)   (77,284)   —    — 
   Retirement Class   (445,942)   (250,890)   (37,371)   (163)
   Retail Class   (141,960)   (128,799)   (10,847)   — 
Net increase (decrease) from shareholder transactions    5,679,295    5,104,999    1,825,787    23,507,542 
* For the period August 5, 2016 to October 31, 2016
** Consolidated statement of changes in net assets (see Note 1)
† Advisor Class commenced operations on December 4, 2015.

 

36 2017 Annual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2017 Annual Report 37
 

Financial highlights

 

TIAA-CREF Funds

 

      Selected per share data       Ratios and supplemental data 
          Gain (loss) from investment operations                                 
              Net realized                           Ratios to average net assets     
   For the  Net asset    Net    & unrealized   Total gain    Less distributions from   Total    Net asset       Net assets           Net      
   period
or year
ended		  value,
beginning
  of period		   investment
income
(loss)		a  gain (loss)
on total
investments		   (loss) from
investment
operations		   Net
investment
income		   Net
realized
gains		   dividends
and
distributions		   value,
end of
period		   Total
return		   at end of
period (in
thousands)		   Gross
expenses		   Net
expenses		   investment
income
(loss)		   Portfolio
turnover
rate		 
                                                            
EMERGING MARKETS DEBT FUND
Institutional Class:
   10/31/17  $10.09   $0.59   $0.35   $0.94   $(0.54)  $(0.02)  $(0.56)  $10.47    9.68%  $337,784    0.65%   0.65%   5.86%   126%
   10/31/16   9.36    0.57    0.69    1.26    (0.53)   —    (0.53)   10.09    13.93    273,626    0.68    0.65    6.02    125 
   10/31/15   10.04    0.51    (0.83)   (0.32)   (0.36)   —    (0.36)   9.36    (3.15)   210,295    0.66    0.65    5.35    115 
   10/31/14*  10.00    0.04    0.00d   0.04    —    —    —    10.04    0.40b   53,371    8.89c   0.65c   4.07c   3b
Advisor Class:
   10/31/17   10.10    0.59    0.35    0.94    (0.54)   (0.02)   (0.56)   10.48    9.64    141    0.70    0.70    5.81    126 
   10/31/16‡  9.27    0.52    0.83    1.35    (0.52)   —    (0.52)   10.10    15.05b   113    0.70c   0.67c   6.00c   125 
Premier Class:
   10/31/17   10.08    0.58    0.34    0.92    (0.52)   (0.02)   (0.54)   10.46    9.53    373    0.82    0.80    5.71    126 
   10/31/16   9.35    0.56    0.68    1.24    (0.51)   —    (0.51)   10.08    13.78    257    0.84    0.80    5.91    125 
   10/31/15   10.04    0.49    (0.84)   (0.35)   (0.34)   —    (0.34)   9.35    (3.44)   957    0.86    0.80    5.09    115 
   10/31/14*  10.00    0.04    0.00d   0.04    —    —    —    10.04    0.40b   1,004    10.26c   0.80c   3.70c   3b
Retirement Class:
   10/31/17   10.08    0.57    0.34    0.91    (0.51)   (0.02)   (0.53)   10.46    9.42    13,333    0.90    0.90    5.63    126 
   10/31/16   9.35    0.55    0.69    1.24    (0.51)   —    (0.51)   10.08    13.69    7,635    0.93    0.90    5.66    125 
   10/31/15   10.04    0.49    (0.84)   (0.35)   (0.34)   —    (0.34)   9.35    (3.51)   2,351    0.94    0.90    5.09    115 
   10/31/14*  10.00    0.04    0.00d   0.04    —    —    —    10.04    0.40b   1,218    10.22c   0.90c   3.70c   3b
Retail Class:
   10/31/17   10.08    0.56    0.34    0.90    (0.50)   (0.02)   (0.52)   10.46    9.28    1,585    1.17    1.00    5.50    126 
   10/31/16   9.35    0.54    0.69    1.23    (0.50)   —    (0.50)   10.08    13.61    1,571    1.01    0.99    5.63    125 
   10/31/15   10.04    0.48    (0.84)   (0.36)   (0.33)   —    (0.33)   9.35    (3.59)   1,257    0.97    0.97    4.96    115 
   10/31/14*  10.00    0.03    0.01    0.04    —    —    —    10.04    0.40b   1,114    10.33c   1.00c   3.53c   3b
                                                                          
INTERNATIONAL BOND FUND
Institutional Class:
   10/31/17**  9.87    0.16    0.12    0.28    (0.25)   (0.01)   (0.26)   9.89    2.92    244,048    0.70    0.65    1.64    133 
   10/31/16†  10.00    0.03    (0.16)   (0.13)   —    —    —    9.87    (1.30)b   227,410    1.82c   0.65c   1.28c   18b
Advisor Class:
   10/31/17**  9.87    0.16    0.13    0.29    (0.25)   (0.01)   (0.26)   9.90    2.98    992    0.70    0.65    1.66    133 
   10/31/16†  10.00    0.02    (0.15)   (0.13)   —    —    —    9.87    (1.30)b   987    1.96c   0.80c   0.94c   18b
Premier Class:
   10/31/17**  9.87    0.15    0.12    0.27    (0.24)   (0.01)   (0.25)   9.89    2.82    989    0.84    0.79    1.51    133 
   10/31/16†  10.00    0.02    (0.15)   (0.13)   —    —    —    9.87    (1.30)b   987    2.50c   0.80c   0.94c   18b
Retirement Class:
   10/31/17**  9.86    0.14    0.13    0.27    (0.24)   (0.01)   (0.25)   9.88    2.79    2,883    0.95    0.90    1.44    133 
   10/31/16†  10.00    0.02    (0.16)   (0.14)   —    —    —    9.86    (1.40)b   1,389    2.53c   0.90c   0.84c   18b
Retail Class:
   10/31/17**  9.86    0.14    0.12    0.26    (0.23)   (0.01)   (0.24)   9.88    2.73    1,692    0.96    0.90    1.42    133 
   10/31/16†  10.00    0.02    (0.16)   (0.14)   —    —    —    9.86    (1.40)b   1,144    4.29c   1.00c   0.75c   18b

 

* The Fund commenced operations on September 26, 2014.
** Consolidated financial highlights (see Note 1)
† The Fund commenced operations on August 5, 2016.
‡ The Advisor Class commenced operations on December 4, 2015.
a Based on average shares outstanding.
b The percentages shown for this period are not annualized.
c The percentages shown for this period are annualized.
d Amount represents less than $0.01 per share.

 

38 2017 Annual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2017 Annual Report 39
 

Notes to financial statements

 

TIAA-CREF Funds

 

Note 1—organization and significant accounting policies

 

TIAA-CREF Funds (the “Trust”) is a Delaware statutory trust that 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 are the TIAA-CREF Funds included in this report: Emerging Markets Debt Fund and International Bond Fund (collectively the “Funds” or individually, the “Fund”). The International Bond Fund commenced operations on August 5, 2016.

 

The Funds offer their shares, without a sales load, through their principal underwriter, Teachers Personal Investors Services, Inc. (“TPIS”), 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 five share classes: 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 financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. The Funds are investment companies and follow the accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services—-Investment Companies. The Net Asset Value (“NAV”) for financial reporting purposes may differ from the NAV for processing transactions. The NAV for financial reporting purposes includes security and shareholder transactions through the date of the report. Total return is computed based on the NAV used for processing transactions. The following is a summary of the significant accounting policies consistently followed by the Funds.

 

Security valuation: The Funds’ investments in securities are recorded at their estimated fair value as described in the valuation of investments note to the financial statements.

 

Investments and investment income: Securities transactions are accounted for as of the trade date for financial reporting purposes. Interest income is recorded as earned and includes accretion of discounts and amortization of premiums using the effective yield method. Dividend income is recorded on the ex-dividend date. Foreign dividend income is recorded on the ex-dividend date or as soon as possible after the Funds determine the existence of a dividend declaration after exercising reasonable due diligence. Realized gains and losses on securities transactions are based upon the specific identification method. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. The Funds estimate the components of distributions

 

40 2017 Annual Report  ■  TIAA-CREF International Fixed-Income Funds
 

received that may be considered return of capital distributions or capital gain distributions.

 

Income, expenses, realized gains and losses and unrealized appreciation and depreciation of a Fund are allocated on a pro rata basis to each class of shares, except for service agreement fees, distribution fees and transfer agency fees and expenses, which are unique to each class of shares. Most expenses of the Trust can be directly attributed to a fund. Expenses that cannot be directly attributed are allocated to each fund in the Trust based upon the average net assets of each fund.

 

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.

 

Distributions to shareholders: Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date.

 

Income taxes: Each Fund is treated separately for income tax purposes. The Funds intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code (“Code”) and will not be subject to income taxes to the extent that they distribute all taxable income each year and comply with various other Code requirements. The Funds file income tax returns in U.S. federal and applicable state and local jurisdictions. A fund’s federal income tax returns are generally subject to examination for a period of three fiscal years after being filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed the Funds’ tax positions taken for all open federal income tax years and has concluded that no provision for federal income tax is required in the Funds’ financial statements.

 

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. Reclassifications are made to a Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations.

 

For the year ended October 31, 2017, permanent book and tax differences resulting primarily from differing treatments for foreign currency transactions, certain foreign taxes paid, utilization of tax equalization credits and income generated from swaps were identified and reclassified among the components of the Fund’s net assets. Net investment income and net realized gains (losses), as disclosed on the Statements of Operations, and net assets were not affected by these reclassifications.

 

Foreign taxes: The Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The

 

TIAA-CREF International Fixed-Income Funds  ■  2017 Annual Report 41
 

Notes to financial statements

 

Funds will accrue such taxes and recoveries as applicable, based upon the current interpretation of tax rules and regulations that exist in the markets in which the Funds invest.

 

Trustee compensation: The Funds pay the members of the Board of Trustees (“Board”), all of whom are independent, certain remuneration for their services, plus travel and other expenses. Trustees may elect to participate in a deferred compensation plan and defer all or a portion of their compensation. In addition, trustees participate in a long-term compensation plan. Amounts deferred are retained by the Funds until paid. Amounts payable to the trustees for compensation are included in the accompanying Statements of Assets and Liabilities. Trustees’ fees, including any deferred and long-term compensation incurred, are reflected in the Statements of Operations.

 

Basis for consolidation: The International Bond Fund is presented on a consolidated basis with the TIAA-CREF International Bond Fund Offshore Limited (“Subsidiary”), a wholly owned subsidiary of the International Bond Fund organized under the laws of the Cayman Islands. The Subsidiary commenced operations on March 1, 2017 and is intended to provide the Fund with exposure to Regulation S fixed-income securities. Regulation S securities are securities of U.S. and non-U.S. issuers that are issued through private placement transactions with the Commission pursuant to Regulation S under the Securities Act of 1933. The Subsidiary is advised by Advisors and has the same investment objective as the Fund, but unlike the Fund, it may invest in Regulation S securities without limitation. As of October 31, 2017, the net assets of the Subsidiary were $11,426,070 representing 5% of the Fund’s consolidated net assets. All inter-company transactions and balances have been eliminated.

 

Select financial information related to the Subsidiary is as follows:

 

Total market value of investments  $10,863,306 
Net assets  $11,426,070 
Net investment income (loss)  $155,835 
Net realized gain (loss)  $309,179 
Net change in unrealized appreciation (depreciation)  $336,779 

 

New accounting pronouncement: In March 2017, FASB issued ASU 2017-08, Premium Amortization on Purchased Callable Debt Securities. ASU 2017-08 shortens the premium amortization period on a purchased callable debt security from the security’s contractual life to the earliest call date. It is anticipated that this change will reduce losses recognized when a security is called on an earlier date. This guidance is effective for fiscal years beginning after December 15, 2018. This guidance will not significantly impact the Funds’ financial statements.

 

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

 

42 2017 Annual Report  ■  TIAA-CREF International Fixed-Income Funds
 

continued

 

relation to Form N-CEN must be complied with by June 1, 2018. In December 2017, the Commission issued Temporary Final Rule Release No. 33-10442, which delayed the filing requirements related to Form N-PORT from June 1, 2018 to April 1, 2019, but still requires the Funds to maintain the data that would have been filed on Form N-PORT during the deferral period. Management is currently assessing the impact of Forms N-PORT and N-CEN on the Funds’ various filings. On August 1, 2017, the Funds implemented the amendments to Regulation S-X related to derivatives and other disclosures in the financial statements and other filings. The amended S-X disclosures required under this rule did not have an impact on net assets or results of operations but resulted in new disclosures in the schedules of investments for certain investment types. Please refer to the schedules of investments and Note 3 of the financial statements disclosures for details.

 

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 Funds’ financial statements and other filings.

 

In March 2017, the Commission issued Final Rule Release No. 34-80295, Amendment to Securities Transaction Settlement Cycle. This final rule shortens the standard settlement cycle from T+3 to T+2. It is expected that this shortened settlement time will decrease certain risks due to the reduction of unsettled trades and risk exposure. The compliance date for this final rule was September 5, 2017. This rule did not materially impact the Funds’ financial statements and other filings.

 

Note 2—valuation of investments

 

Portfolio investments are valued at fair value utilizing various valuation methods approved by the Board. U.S. GAAP establishes a hierarchy that prioritizes market inputs to valuation methods. The three levels of inputs are:

 

• Level 1 – quoted prices in active markets for identical securities
• Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.)
• Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)

 

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized as Level 3. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

 

TIAA-CREF International Fixed-Income Funds  ■  2017 Annual Report 43
 

Notes to financial statements

 

In accordance with ASC 820, certain portfolio investments that are measured at fair value using the NAV per share practical expedient are not categorized within the fair value hierarchy. These investments will be disclosed at their fair value to allow reconciliation back to the Statements of Assets and Liabilities. As of October 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:

 

Debt securities: Debt securities 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.

 

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.

 

Any portfolio security for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued at fair value, as determined in good faith using procedures approved by the Board. To the extent the inputs are observable and timely, the values would be categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized as Level 3.

 

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

 

As of October 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 Emerging Markets Debt Fund’s investments as of October 31, 2017, based on the inputs used to value them:

 

Regions  Level 1   Level 2   Level 3   Total 
Africa/Middle East  $—   $65,999,483   $793,068   $66,792,551 
Asia   —    48,907,633    —    48,907,633 
Europe   —    62,961,513    296,504    63,258,017 
Latin America   —    147,462,672    6,395,919    153,858,591 
All other debt investments*   —    3,640,917    —    3,640,917 
Short-term investment   —    11,851,582    —    11,851,582 
Forward foreign currency contracts**   —    (98,056)   —    (98,056)
Total  $—   $340,725,744   $7,485,491   $348,211,235 

 

* For detailed categories, see the accompanying Summary portfolio of investments.
** Derivative instruments are not reflected in the market value of portfolio investments.

 

44 2017 Annual Report  ■  TIAA-CREF International Fixed-Income Funds
 

continued

 

The following table is a reconciliation of the Emerging Markets Debt Fund’s investments in which significant unobservable inputs (Level 3) were used in determining value:

 

   Investments 
Balance as of October 31, 2016      $5,460,376 
Purchases   4,507,466 
Sales   (2,409,398)
Gains (losses)   280,897 
Change in unrealized appreciation (depreciation)   (650,354)
Transfers into Level 3   296,504 
Balance as of October 31, 2017  $7,485,491 

 

The following table summarized the significant unobservable inputs used to value Level 3 investments in the Emerging Markets Debt Fund as of October 31, 2017:

 

   Fair value as
of October 31,
2017		   Valuation
technique		  Unobservable
input		  Range
(weighted average)		  
Corporate bonds  $3,665,694   Market transaction  Discount 64.5%–71.1% (66.7%)  
Government bonds   793,068   Broker quote  *    
Government bonds   3,026,729   Market transaction  Discount 43.0%–66.3% (60.5%)  
Total  $7,485,491           

 

*Single broker quote.

 

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.

 

At October 31, 2017, the following Funds have invested in derivative contracts which are reflected in the Statements of Assets and Liabilities as follows:

 

 Liability derivatives
Derivative contract  Location  Fair value amount 
Emerging Markets Debt Fund        
Foreign-exchange contracts  Forward foreign currency contracts  $(98,056)
International Bond Fund        
Foreign-exchange contracts  Forward foreign currency contracts   (727,383)

 

TIAA-CREF International Fixed-Income Funds  ■  2017 Annual Report 45
 

Notes to financial statements

 

For the year ended October 31, 2017, the effect of derivative contracts on the Funds’ Statements of Operations was as follows:

 

Derivative contracts  Location  Realized
gain (loss)		   Change in
unrealized
appreciation
(depreciation)		 
Emerging Markets Debt Fund             
Credit contracts  Swap contracts  $325,737           $(163,799)
Foreign-exchange contracts  Forward foreign currency contracts   (1,155)   (93,271)
International Bond Fund             
Foreign-exchange contracts  Forward foreign currency contracts   (3,464,241)   (219,108)

 

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.

 

The value of a bilateral swap included in net assets is the unrealized gain or loss of the contract plus or minus any unamortized premiums paid or received, respectively. Appreciated swaps and premiums paid are reflected as assets, while depreciated swaps and premiums received are reflected as liabilities on the Statements of Assets and Liabilities. Centrally cleared swaps initial margin deposits are made, and variation margin payments are made or received reflecting daily changes in the value

 

46 2017 Annual Report  ■  TIAA-CREF International Fixed-Income Funds
 

continued

 

of the swap contract. The daily fluctuation in fair value is accounted for as a variation margin receivable or payable on the Statements of Assets and Liabilities.

 

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 in the Statements of Operations. Payments received or made as a result of a credit event or termination of the contract are recognized as realized gains or losses. Daily changes in the value of such contracts are reflected in net unrealized gains and 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. During the year ended October 31, 2017, the Emerging Markets Debt Fund had exposure to credit default swap contracts, based on underlying notional values, generally between 0% and 1% of net assets. There are no outstanding credit default swap contracts as of October 31, 2017.

 

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 in the Statements of Assets and Liabilities. The Funds realize gains and losses at the time the forward is closed. Realized and unrealized gains and losses are included in the Statements of Operations. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts; from unanticipated movements in the value of a foreign currency relative to the U.S. dollar; and that losses may exceed amounts recognized on the Statements of Assets and Liabilities. During the year ended October 31, 2017, the Emerging Markets Debt Fund and the International Bond Fund had exposure to forwards, based on underlying notional values, generally between 0% and 1%, and 67% and 73% of net assets, respectively. The forward contracts outstanding as of October 31, 2017 are disclosed in the summary portfolio of investments and the full schedules of investments.

 

Note 4—investment adviser and affiliates

 

Under the terms of the Investment Management Agreement, with respect to each Fund, Advisors provides asset management services to the Funds for an annual fee, payable monthly. The Funds have entered into an Administrative Service Agreement with Advisors under which the Funds pay Advisors for its costs in providing certain administrative and compliance services to the Funds.

 

TIAA-CREF International Fixed-Income Funds  ■  2017 Annual Report 47
 

Notes to financial statements

 

The Subsidiary has entered into an investment management agreement with Advisors. Under this agreement, Advisors provides the same management services to the Subsidiary as it does to the International Bond Fund. Advisors is not compensated directly by the Subsidiary for their services, rather they are provided a management fee on the average net assets of the Fund which includes investments in the Subsidiary. The Fund bears all operating expenses of the Subsidiary.

 

Under the terms of a Retirement Class Service Agreement with respect to each Fund, the Retirement Class of the Fund incurs an annual fee, payable monthly to Advisors for providing certain administrative costs associated with the maintenance of Retirement Class shares on retirement plan or other platforms. Substantially all of the Retirement Class shareholder servicing fees reported on the Statements of Operations are paid to Advisors under the Retirement Class Service Agreement. Under the terms of a distribution Rule 12b-1 plan, the Retail Class of each Fund compensates TPIS for providing distribution, promotional and/or shareholder services to the Retail Class of the Fund at the annual rate of 0.25% of the average daily net assets attributable to the Fund’s Retail Class. The Premier Class of each Fund is subject to a distribution Rule 12b-1 plan that compensates TPIS for providing distribution, promotional and/or shareholder services to the Premier Class of the Fund at the annual rate of 0.15% of the average daily net assets attributable to the Fund’s Premier Class.

 

Advisors has agreed to reimburse each Fund if its total expense ratio (excluding interest, taxes, brokerage commissions and other transactional expenses, acquired fund fees and expenses and extraordinary expenses) exceeds certain percentages. As of October 31, 2017, the investment management fee, service agreement fee, distribution fee and maximum expense amounts (after waivers and reimbursements) are equal to the following noted annual percentage of average daily net assets for each class:

 

   Investment
management
fee range		  Investment
management
fee—effective rate		  Service
agreement
fee		   Distribution fee 
Fund         Retirement
Class		   Premier
Class		   Retail
Class		 
Emerging Markets Debt*  0.45%–0.55%   0.55%   0.25%   0.15%   0.25%
International Bond†  0.50–0.55   0.55    0.25    0.15    0.25 

 

   Maximum expense amounts‡
   Institutional   Advisor   Premier   Retirement   Retail 
Fund  Class   Class   Class   Class   Class 
Emerging Markets Debt*   0.65%   0.80%   0.80%   0.90%   1.00%
International Bond†   0.65    0.80    0.80    0.90    1.00 

 

* Prior to May 1, 2017, the investment management fee range for Emerging Markets Debt Fund was 0.47%–0.55% of average daily net assets.
† Prior to May 1, 2017, the investment management fee range for the International Bond Fund was 0.51%–0.55% of average daily net assets.
‡ Maximum expense amounts reflect all expenses excluding interest, taxes, brokerage and other transactional expenses, acquired fund fees and expenses and extraordinary expenses. The expense reimbursement arrangements will continue through at least February 28, 2018. The reimbursement arrangements can only be changed with the approval of the Board of Trustees.

 

48 2017 Annual Report  ■  TIAA-CREF International Fixed-Income Funds
 

continued

 

The Funds may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Board, pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions. For the year ended October 31, 2017, the Funds did not have any security transactions with affiliated entities.

 

As of October 31, 2017, TIAA, an affiliate, was invested in the Funds. During the year there were no redemptions. The following is the percentage of the Fund’s shares owned by affiliates as of October 31, 2017:

 

       TIAA-CREF       
Underlying Fund  TIAA   Lifecycle Funds   Total   
Emerging Markets Debt   —%   91%   91%  
International Bond   2    97    99   

 

Note 5—investments

 

Securities purchased on a when-issued or delayed-delivery basis: The Funds may purchase securities on a when-issued or delayed-delivery basis. Securities purchased or sold on a when-issued or delayed-delivery basis may 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.

 

Net unrealized appreciation (depreciation): At October 31, 2017, net unrealized appreciation (depreciation) based on aggregate cost of portfolio investments for federal income tax purposes, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows:

 

Fund  Tax
cost		  Gross
unrealized
appreciation		  Gross
unrealized
depreciation		  Net unrealized
appreciation
(depreciation)		  
Emerging Markets Debt Fund  $340,101,277  $14,882,914  $(6,772,956) $8,109,958  
International Bond Fund  246,492,984  8,213,612  (7,482,176) 731,436  

 

For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as upfront fees or premiums exchanged on derivatives and any amounts unrealized for income statement reporting but realized in income and/or capital gains for tax reporting.

 

TIAA-CREF International Fixed-Income Funds  ■  2017 Annual Report 49
 

Notes to financial statements

 

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the year ended October 31, 2017 were as follows:

 

Fund  Non-U.S.
government
purchases		  Non-U.S.
government
sales		  
Emerging Markets Debt  $442,150,555  $385,094,840  
International Bond Fund  344,900,084  331,020,567  

 

Note 6—distributions to shareholders and other tax items

 

The tax character of distributions paid to shareholders during the years ended October 31, 2017 and October 31, 2016 were as follows:

 

   10/31/2017
   Ordinary  Long-term     
Fund  income  capital gains  Total  
Emerging Markets Debt  $17,370,105  $—  $17,370,105  
International Bond  6,990,024  —  6,990,024  
   10/31/2016
   Ordinary  Long-term     
Fund  income  capital gains  Total  
Emerging Markets Debt  $12,850,547  $—  $12,850,547  
International Bond  —  —  —  

 

As of October 31, 2017, the components of accumulated earnings on a tax basis were as follows:

 

    Undistributed    Undistributed    Unrealized   Capital      
    ordinary    long-term    appreciation   loss      
Fund   income    capital gains    (depreciation)   carryover    Total 
Emerging Markets Debt   $8,072,817    $2,245,367    $7,992,664         $—    $18,310,848 
International Bond   502,573    —    (3,026)   (1,692,893)   (1,193,346)

 

The difference between book basis and tax basis net investment income, net realized gains and losses, and unrealized appreciation and depreciation is attributable primarily to the tax deferral of losses on wash sales, the tax deferral of straddle losses, and the treatment of short term gain as ordinary income for tax purposes.

 

At October 31, 2017, the following Fund had capital loss carryovers, which will expire as follows:

 

Fund  No expiration  Total  
International Bond  $1,692,893  $1,692,893  

 

50 2017 Annual Report  ■  TIAA-CREF International Fixed-Income Funds
 

concluded

 

Note 7—emerging markets risks

 

The Emerging Markets Debt Fund holds a large portion of its assets in emerging market securities. Emerging market securities are often subject to greater price volatility, less liquidity and higher rates of inflation and deflation than U.S. securities. In addition, emerging markets may be subject to greater political, economic and social uncertainty, and differing regulatory environments that may potentially impact the Fund’s ability to buy or sell certain securities or repatriate proceeds to U.S. dollars.

 

Note 8—line of credit

 

Each of the Funds participates in a $1.5 billion unsecured revolving credit facility that can be used for temporary purposes, including, without limitation, the funding of shareholder redemptions. The current facility was entered into on June 20, 2017 expiring on June 19, 2018, replacing the previous facility, which expired June 2017. Certain affiliated accounts and mutual funds, each of which is managed by Advisors, or an affiliate of Advisors, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds on a pro rata basis. Interest associated with any borrowing under the facility is charged to the borrowing accounts or mutual funds at a specified rate of interest. The Funds are not liable for borrowings under the facility by other affiliated accounts or mutual funds. For the year ended October 31, 2017, there were no borrowings under this credit facility by the Funds.

 

Note 9—indemnification

 

In the normal course of business, each Fund enters into contracts that contain a variety of representations and warranties and that provide general indemnities. A Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims against the Fund that have not yet occurred. Also, under the Funds’ organizational documents, the trustees and officers of the Fund are indemnified against certain liabilities that may arise out of their duties to the Funds. However, based on experience, the Funds expect the risk of loss due to these warranties and indemnities to be unlikely.

 

TIAA-CREF International Fixed-Income Funds  ■  2017 Annual Report 51
 

Report of independent registered public accounting firm

 

To the Board of Trustees of the TIAA-CREF Funds and Shareholders of Emerging Markets Debt Fund and International Bond Fund

 

In our opinion, the (i) accompanying statement of assets and liabilities, including the summary portfolio of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Emerging Markets Debt Fund as of October 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated therein, and (ii) accompanying consolidated statement of assets and liabilities, including the consolidated summary portfolio of investments, and the related consolidated statements of operations and of changes in net assets and the consolidated financial highlights present fairly, in all material respects, the financial position of International Bond Fund as of October 31, 2017, the results of their operations for the year then ended, and the changes in their net assets and the financial highlights for the year then ended and for the period August 5, 2016 (commencement of operations) through October 31, 2016, (two of the funds constituting the TIAA-CREF Funds, hereafter collectively referred to as the “Funds”), in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of October 31, 2017 by correspondence with the custodian and brokers, and the application of alternative auditing procedures where securities purchased confirmations had not been received, provide a reasonable basis for our opinions.

 

/s/ PricewaterhouseCoopers LLP
Baltimore, Maryland
December 15, 2017

 

52 2017 Annual Report  ■  TIAA-CREF International Fixed-Income Funds
 

Trustees and officers (unaudited)

 

TIAA-CREF Funds  ■  October 31, 2017

 

Trustees

 

Name, Address and
Year of Birth (“YOB”)		  Position(s)
Held with
Fund		  Term of
Office and
Length
of Time
Served		  Principal Occupation(s) During Past 5 Years  Number of
Portfolios in
Fund Complex
Overseen
by Trustee		  Other Directorship(s) Held by Trustee
Forrest Berkley
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
YOB: 1954		  Trustee  Indefinite term. Trustee since 2006.  Retired Partner (since 2006), Partner (1990–2005) and Head of Global Product Management (2003–2005), GMO (formerly, Grantham, Mayo, Van Otterloo & Co.) (investment management); and member of asset allocation portfolio management team, GMO (2003–2005).  88  Director, the Maine Coast Heritage Trust; Investment Committee member, Maine Community Foundation and the Elmina B. Sewall Foundation.
Nancy A. Eckl
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
YOB: 1962		  Trustee  Indefinite term. Trustee since 2007.  Vice President (1990–2006), American Beacon Advisors, Inc., and Vice President of certain funds advised by American Beacon Advisors, Inc.  88  Independent Director, The Lazard Funds, Inc., Lazard Retirement Series, Inc., Lazard Global Total Return and Income Fund, Inc. and Lazard World Dividend & Income Fund, Inc.
Michael A. Forrester
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
YOB: 1967		  Trustee  Indefinite term. Trustee since 2007.  Chief Executive Officer (since 2014) and Chief Operating Officer (2007–2014), Copper Rock Capital Partners, LLC; Chief Operating Officer, DDJ Capital Management (2003–2006).  88  Director of Copper Rock Capital Partners, LLC (investment adviser).
Howell E. Jackson
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
YOB: 1954		  Trustee  Indefinite term. Trustee since 2005.  James S. Reid, Jr. Professor of Law (since 2004), Senior Advisor to the President and Provost (2010–2012), Acting Dean (2009), Vice Dean for Budget (2003–2006) and on the faculty (since 1989) of Harvard Law School.  88  Director, Commonwealth (non-profit organization).

 

TIAA-CREF International Fixed-Income Funds  ■  2017 Annual Report 53
 
Trustees and officers (unaudited) continued

 

TIAA-CREF Funds  ■  October 31, 2017

 

Trustees — concluded

 

Name, Address and
Year of Birth (“YOB”)		  Position(s)
Held with
Fund		  Term of
Office and
Length
of Time
Served		  Principal Occupation(s) During Past 5 Years  Number of
Portfolios in
Fund Complex
Overseen
by Trustee		  Other Directorship(s) Held by Trustee
Thomas J. Kenny
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
YOB: 1963		  Chairman of the Board and Trustee  Indefinite term. Trustee since 2011.  Partner (2004–2010) and Managing Director (1999–2004), Goldman Sachs Asset Management.  88  Director, Aflac Insurance. Inc.; Director and Investment Committee member, Sansum Clinic; Investment Committee member, Cottage Health System; Member, University of California at Santa Barbara Arts and Lectures Advisory Council; Trustee and Chairman, Crane Country Day School.
Bridget A. Macaskill
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
YOB: 1948		  Trustee  Indefinite term. Trustee since 2003.  Chairman, First Eagle Holdings (since 2016), Chief Executive Officer (2010–2016), President (2009–2016) and Chief Operating Officer (2009–2010), First Eagle Investment Management, LLC; Principal, BAM Consulting LLC (2003–2009); Independent Consultant for Merrill Lynch (2003–2009).  88  Director, First Eagle Holdings, LLC; Jones Lang LaSalle Incorporated; Close Brothers Group plc; Jupiter Fund Management plc; Regent, University of Edinburgh; Trustee, the North Shore Land Alliance; and Prep for Prep.
James M. Poterba
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
YOB: 1958		  Trustee  Indefinite term. Trustee since 2006.  President and Chief Executive Officer, National Bureau of Economic Research (“NBER”) (since 2008); Affiliated Faculty Member of the Finance Group at the Alfred P. Sloan School of Management, Massachusetts Institute of Technology (“MIT”) (since 2014); Mitsui Professor of Economics, MIT (since 1996); Head (2006–2008) and Associate Head (1994–2000 and 2001–2006), Economics Department of MIT; and Program Director, NBER (1990–2008).  88  Director, The Alfred P. Sloan Foundation and National Bureau of Economic Research; Member, Congressional Budget Office Panel of Economic Advisers.

 

54 2017 Annual Report  ■  TIAA-CREF International Fixed-Income Funds
 
Maceo K. Sloan
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
YOB: 1949		   Trustee   Indefinite term. Trustee since 1999.   Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (1991–2016); Chairman and Chief Executive Officer (1991–2016) and Chief Investment Officer (1991–2013) and Chief Compliance Officer (2015–2016), NCM Capital Management Group, Inc.; Chairman and Chief Executive Officer (2003–2016) and Chief Investment Officer (2003–2013) and Chief Compliance Officer (2015–2016), NCM Capital Advisers Inc.; and Chairman, President and Principal Executive Officer, NCM Capital Investment Trust (2007–2012).   88   Director, SCANA Corporation (energy holding company).
Laura T. Starks
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
YOB: 1950		   Trustee   Indefinite term. Trustee since 2006.   Associate Dean for Research (since 2011), McCombs School of Business, University of Texas at Austin (“McCombs”), and Director, AIM Investment Center at McCombs (since 2000). Charles E. and Sarah M. Seay Regents Chair in Finance (since 2002) and Professor, University of Texas at Austin (since 1987). Chairman, Department of Finance, University of Texas at Austin (2002–2011).   88   Member of the Board of Governors of the Investment Company Institute, the Governing Council of Independent Directors Council (an association for mutual fund directors); and Investment Advisory Committee, Employees Retirement System of Texas.

 

TIAA-CREF International Fixed-Income Funds  ■  2017 Annual Report 55
 
Trustees and officers (unaudited) concluded

 

TIAA-CREF Funds  ■  October 31, 2017

 

Officers — concluded

 

Name, Address and
Year of Birth (“YOB”)		  Position(s)
Held with
Fund		  Term of
Office and
Length
of Time
Served		  Principal Occupation(s) During Past 5 Years
Mona Bhalla
TIAA
730 Third Avenue
New York, NY 10017-3206
YOB: 1969		  Senior Managing Director and Corporate Secretary  One-year term. Senior Managing Director and Corporate Secretary since 2017.  Senior Managing Director and Corporate Secretary of TIAA and of the College Retirement Equities Fund (“CREF”), TIAA Separate Account VA-1, TIAA-CREF Funds, and TIAA-CREF Life Funds (collectively, the “TIAA-CREF Fund Complex”). Prior to joining TIAA, Ms. Bhalla served as Senior Vice President, Counsel and Corporate Secretary, Head of Corporate, Securities and M&A Group of AllianceBernstein L.P.
Richard S. Biegen
TIAA
730 Third Avenue
New York, NY 10017-3206
YOB: 1962		  Chief Compliance Officer  One-year term. Chief Compliance Officer since 2008.  Managing Director, Senior Compliance Officer of Teachers Insurance and Annuity Association of America (“TIAA”). Chief Compliance Officer of the TIAA-CREF Fund Complex.
Bradley Finkle
TIAA
730 Third Avenue
New York, NY 10017-3206
YOB: 1973		  Principal Executive Officer and President  One-year term. Principal Executive Officer and President since 2017.  Senior Managing Director, President, TIAA Investments. Principal Executive Officer and President of the TIAA-CREF Funds and TIAA-CREF Life Funds.
Stephen Gruppo
TIAA
730 Third Avenue
New York, NY 10017-3206
YOB: 1959		  Executive Vice President  One-year term. Executive Vice President since 2009.  Senior Executive Vice President, Chief Risk Officer of TIAA. Executive Vice President of the TIAA-CREF Fund Complex.

 

56 2017 Annual Report  ■  TIAA-CREF International Fixed-Income Funds
 
J. Keith Morgan
TIAA
730 Third Avenue
New York, NY 10017-3206
YOB: 1951		  Executive Vice President and Chief Legal Officer  One-year term. Executive Vice President and Chief Legal Officer since 2015.  Senior Executive Vice President and Chief Legal Officer of TIAA and Executive Vice President and Chief Legal Officer of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Morgan served as Founder and Chief Executive Officer of Morris Lane Capital LLC (consultant), and as Senior Vice President and General Counsel of General Electric Capital Corporation.
Ronald R. Pressman
TIAA
730 Third Avenue
New York, NY 10017-3206
YOB: 1958		  Executive Vice President  One-year term. Executive Vice President since 2012.  Senior Executive Vice President, Chief Executive Officer, Institutional Financial Services of TIAA, and Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Pressman served as President and Chief Executive Officer of General Electric Capital Real Estate.
Otha T. Spriggs, III
TIAA
730 Third Avenue
New York, NY 10017-3206
YOB: 1951		  Executive Vice President  One-year term. Executive Vice President since 2012.  Senior Executive Vice President and Chief Human Resources Officer of TIAA and Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Spriggs served as Senior Vice President of Human Resources, Boston Scientific; President of Integrated People Solutions; Senior Vice President, Human Resources and various human resources leadership roles, CIGNA Corp.
E. Scott Wickerham
TIAA
730 Third Avenue
New York, NY 10017-3206
YOB: 1973		  Principal Financial Officer, Principal Accounting Officer and Treasurer  One-year term. Principal Financial Officer, Principal Accounting Officer and Treasurer since 2017.  Managing Director, Funds Treasurer, Nuveen. Principal Financial Officer, Principal Accounting Officer and Treasurer of the TIAA-CREF Funds, TIAA-CREF Life Funds and TIAA Separate Account VA-1; and Treasurer of CREF.

 

Please note that the Funds’ Statement of Additional Information (SAI) includes additional information about the Funds’ trustees and is available, without charge, through our website, TIAA.org, or by calling 800-223-1200.

 

TIAA-CREF International Fixed-Income Funds  ■  2017 Annual Report 57
 

Important tax information (unaudited)

 

For the fiscal year ended October 31, 2017, the TIAA-CREF Funds designate the following distribution amounts (or the maximum amount allowable) as being from net long-term capital gains.

 

Fund  Long Term
Capital Gains		   Total  
Emerging Markets Debt Fund   $442,300   $442,300 
International Bond Fund   —   — 

 

The information and distributions reported herein may differ from the information and distributions reported to shareholders for the calendar year ending December 31, 2017, which will be reported in conjunction with your 2017 Form 1099-DIV.

 

By early 2018, shareholders should receive their Form 1099-DIV and a tax information letter from the Fund. For your specific situation, we recommend that you consult a professional tax advisor.

 

58 2017 Annual Report  ■  TIAA-CREF International Fixed-Income Funds
 

How to reach us

 

TIAA website

 

TIAA.org
24 hours a day, 7 days a week

 

Automated telephone service

 

800-842-2252
24 hours a day, 7 days a week

 

For the hearing- or speech-impaired

 

800-842-2755
8 a.m. to 10 p.m. (ET), Monday–Friday
9 a.m. to 6 p.m. (ET), Saturday

 

 

You should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other important information, please visit TIAA.org, or call 800-842-2252 for the Institutional, Advisor, Premier and Retirement classes or 800-223-1200 for the Retail Class. Please read the prospectus carefully before investing. Investment, insurance and annuity products are not FDIC insured, are not bank guaranteed, are not bank deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value.

 

Nuveen, a subsidiary of TIAA, provides investment advice and portfolio management services through a dozen affiliated registered investment advisers. Teachers Personal Investors Services, Inc., Nuveen Securities, LLC, and TIAA-CREF Individual & Institutional Services, LLC, members FINRA and SIPC, distribute securities products.

 

This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors.

 

 

©2017 Teachers Insurance and Annuity Association of America—College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017-3206

 
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730 Third Avenue
New York, NY 10017-3206		 PRESORTED STANDARD
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PAID
TIAA

 

 

 

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282506 A15653 (12/17)
 

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730 Third Avenue
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282506 A15653 (12/17)
 

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282506 A15653 (12/17)
 

Item 2. Code of Ethics.

 

2(a) The Board of Trustees of the TIAA-CREF Funds (the “Registrant”) has adopted a code of ethics for senior financial officers, including the Registrant’s principal executive officer, principal financial officer, principal accounting officer, or controller, and persons performing similar functions, in conformity with rules promulgated under the Sarbanes-Oxley Act of 2002.

 

2(b) No response required.

 

2(c) During the reporting period, there were no amendments to the code of ethics.

 

2(d) During the reporting period, there were no implicit or explicit waivers granted by the Registrant from any provision of the code of ethics.

 

2(e) Not applicable.

 

2(f) A copy of the current code of ethics is filed as an exhibit to this Form N-CSR.

 

Item 3. Audit Committee Financial Expert.

 

3(a)(1) The Registrant’s Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its Audit and Compliance Committee.

 

3(a)(2) Nancy A. Eckl is the Registrant’s audit committee financial expert and is “independent” for purposes of Item 3 of Form N-CSR.

 

Item 4. Principal Accountant Fees and Services.

 

PricewaterhouseCoopers LLP (“PwC”) performs independent audits of the Registrant’s financial statements. To maintain auditor independence and avoid even the appearance of conflicts of interest, the Registrant, as a policy, does not engage PwC for management advisory or consulting services.

 

4(a) Audit Fees.

 

For the fiscal years ended October 31, 2017 and October 31, 2016, PwC’s aggregate fees for the audit of the Registrant’s annual financial statements were $1,119,750 and $1,027,214, respectively.

 

4(b) Audit Related Fees.

 

For the fiscal years ended October 31, 2017 and October 31, 2016, PwC’s aggregate fees for services related to the performance of the audit of the Registrant’s annual financial statements were $0 and $0, respectively.

 

For the fiscal years ended October 31, 2017 and October 31, 2016, the Audit-Related Fees billed by PwC to Teachers Advisors, LLC (“Advisors”) or to any entity controlling, controlled by or under common control with Advisors that provides ongoing services to the Registrant (collectively, “Fund Service Providers”) were $0 and $0, respectively.

 

4(c) Tax Fees.

 

For the fiscal years ended October 31, 2017 and October 31, 2016, PwC’s aggregate fees for tax services billed to the Registrant were $351,810 and $330,460, respectively.

 

For the fiscal years ended October 31, 2017 and October 31, 2016, the Tax Fees billed by PwC to the Fund Service Providers were $0 and $0, respectively.

 

4(d) All Other Fees.

 

For the fiscal years ended October 31, 2017 and October 31, 2016, PwC’s aggregate fees for all other services billed to the Registrant were $12,000 and $11,000, respectively.

 

For the fiscal years ended October 31, 2017 and October 31, 2016, PwC’s aggregate fees for all other services billed to the Fund Service Providers were $0 and $0, respectively.

 

4(e)(1) Preapproval Policy.

 

The Registrant’s audit and compliance committee (“Audit Committee”) has adopted a Preapproval Policy for External Audit Firm Services (the “Policy”). The Policy describes the types of services that may be provided by the independent auditor to the Registrant and certain of its affiliates without impairing the auditor’s independence. Under the Policy, the

 

Audit Committee is required to preapprove all services to be performed by the Registrant’s independent auditor in order to ensure that such services do not impair the auditor’s independence.

 

The Policy requires the Audit Committee to: (i) appoint the independent auditor to perform the financial statements audit for the Registrant and certain of its affiliates, including approving the terms of the engagement, and (ii) preapprove the audit, audit-related, tax and other services to be provided by the independent auditor to the Registrant and certain of its affiliates and the fees to be charged for provision of such services from year to year.

 

4(e)(2) Services provided pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (the “de minimis exception”):

 

Audit-Related Fees:

 

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended October 31, 2017 and October 31, 2016 on behalf of the Registrant.

 

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended October 31, 2017 and October 31, 2016 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

 

Tax Fees:

 

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended October 31, 2017 and October 31, 2016 on behalf of the Registrant.

 

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended October 31, 2017 and October 31, 2016 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

 

All Other Fees:

 

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended October 31, 2017 and October 31, 2016 on behalf of the Registrant.

 

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended October 31, 2017 and October 31, 2016 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

 

4(f) The percentage of hours expended by PwC’s engagement to audit the Registrant’s financial statements for the most recent fiscal year attributable to work performed by persons other than PwC’s full-time, permanent employees was less than 50%.

 

4(g) Non-Audit Fees for Related Entities.

 

For the fiscal years ended October 31, 2017 and October 31, 2016, aggregate non-audit fees billed to the Registrant and to its Fund Service Providers by PwC were $213,973 and $313,560, respectively.

 

4(h) The Registrant’s Audit Committee has considered whether the non-audit services that were rendered by PwC to the Registrant’s Fund Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X are compatible with maintaining PwC’s independence.

 

Item 5. Audit Committee of Listed Registrants.

 

Not Applicable.

 

Item 6. Schedule of Investments.

 

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

 

TIAA-CREF FUNDS

ENHANCED LARGE-CAP GROWTH INDEX FUND

SCHEDULE OF INVESTMENTS  

October 31, 2017

 

SHARES     COMPANY  VALUE 
             
COMMON STOCKS - 99.4%
             
AUTOMOBILES & COMPONENTS - 1.7%
 148,855     BorgWarner, Inc  $7,847,636 
 147,671     Delphi Automotive plc   14,675,544 
 118,705     Gentex Corp   2,304,064 
 64,827     Lear Corp   11,382,973 
 7,574  *  Tesla, Inc   2,511,008 
 14,378     Thor Industries, Inc   1,958,571 
 23,122  *  Visteon Corp   2,914,297 
       TOTAL AUTOMOBILES & COMPONENTS   43,594,093 
             
BANKS - 0.5%
 132,562     East West Bancorp, Inc   7,932,510 
 90,477  *  Western Alliance Bancorp   5,048,617 
       TOTAL BANKS   12,981,127 
             
CAPITAL GOODS - 10.2%
 135,695     3M Co   31,235,632 
 18,612     Allison Transmission Holdings, Inc   790,824 
 150,031     Boeing Co   38,704,997 
 180,204     Caterpillar, Inc   24,471,703 
 6,068     Cummins, Inc   1,073,308 
 129,608     Deere & Co   17,222,311 
 23,180     Donaldson Co, Inc   1,094,328 
 147,673     Fortune Brands Home & Security, Inc   9,755,278 
 61,706     General Dynamics Corp   12,525,084 
 31,266     Graco, Inc   4,120,546 
 118,179  *  HD Supply Holdings, Inc   4,182,355 
 151,130     Honeywell International, Inc   21,786,901 
 46,628     Huntington Ingalls   10,856,397 
 24,539     Illinois Tool Works, Inc   3,840,844 
 46,542     Lincoln Electric Holdings, Inc   4,266,505 
 70,573     Lockheed Martin Corp   21,747,776 
 113,241     Masco Corp   4,509,257 
 3,139     Nordson Corp   397,680 
 48,613     Northrop Grumman Corp   14,366,600 
 48,065     Raytheon Co   8,661,313 
 58,082     Rockwell Automation, Inc   11,664,027 
 2,885     Stanley Works   466,072 
 114,222     Toro Co   7,178,853 
 64,774  *  United Rentals, Inc   9,164,226 
 2,415     W.W. Grainger, Inc   477,445 
       TOTAL CAPITAL GOODS   264,560,262 
1

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

 

SHARES     COMPANY  VALUE 
             
COMMERCIAL & PROFESSIONAL SERVICES - 1.1%
 248,723  *  Copart, Inc  $9,026,158 
 44,380     KAR Auction Services, Inc   2,100,505 
 52,134     Robert Half International, Inc   2,698,977 
 185,098     Waste Management, Inc   15,209,503 
       TOTAL COMMERCIAL & PROFESSIONAL SERVICES   29,035,143 
             
CONSUMER DURABLES & APPAREL - 2.7%
 3,673     Carter’s, Inc   355,289 
 390,375  e  Hanesbrands, Inc   8,783,437 
 76,784     Hasbro, Inc   7,109,431 
 168,978     Leggett & Platt, Inc   7,985,900 
 171,081  *  Michael Kors Holdings Ltd   8,350,464 
 135,154     Nike, Inc (Class B)   7,432,118 
 1,387  *  NVR, Inc   4,551,260 
 17,181  e  Polaris Industries, Inc   2,034,746 
 219,434     Pulte Homes, Inc   6,633,490 
 146,103     Tapestry, Inc   5,982,918 
 8,531  *  Tempur Sealy International, Inc   557,671 
 48,939     Toll Brothers, Inc   2,253,152 
 69,831     Tupperware Corp   4,102,571 
 44,318     VF Corp   3,086,749 
 4,014     Whirlpool Corp   658,015 
       TOTAL CONSUMER DURABLES & APPAREL   69,877,211 
             
CONSUMER SERVICES - 3.6%
 50,220     Darden Restaurants, Inc   4,131,599 
 19,325     Dunkin Brands Group, Inc   1,141,528 
 230,316     Extended Stay America, Inc   4,564,863 
 259,045     H&R Block, Inc   6,408,773 
 199,385     Las Vegas Sands Corp   12,637,021 
 134,191     McDonald’s Corp   22,397,820 
 158,546     Starbucks Corp   8,694,663 
 506,175     Wendy’s   7,698,922 
 100,641     Wyndham Worldwide Corp   10,753,491 
 13,925  *  Yum China Holdings, Inc   561,874 
 173,785     Yum! Brands, Inc   12,938,293 
       TOTAL CONSUMER SERVICES   91,928,847 
             
DIVERSIFIED FINANCIALS - 3.1%
 42,562     Ameriprise Financial, Inc   6,662,655 
 89,686     Charles Schwab Corp   4,021,520 
 2,286  *,e  Credit Acceptance Corp   655,465 
 31,153     Factset Research Systems, Inc   5,915,020 
 12,146     IntercontinentalExchange Group, Inc   802,851 
 67,336     Invesco Ltd   2,409,955 
 240,000     iShares Russell 1000 Growth Index Fund   31,190,400 
 39,007     Lazard Ltd (Class A)   1,854,393 
 45,891     LPL Financial Holdings, Inc   2,276,653 
 86,188     MSCI, Inc (Class A)   10,115,024 
 6,794     S&P Global, Inc   1,063,057 
 22,185     SEI Investments Co   1,431,154 
 58,891     State Street Corp   5,417,972 
 70,931     T Rowe Price Group, Inc   6,589,490 
       TOTAL DIVERSIFIED FINANCIALS   80,405,609 
2

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

 

           
SHARES     COMPANY  VALUE 
             
ENERGY - 0.3%
 5,522     EOG Resources, Inc  $551,482 
 76,770     Halliburton Co   3,281,150 
 48,717     Oneok, Inc   2,643,872 
 52,067     Williams Cos, Inc   1,483,909 
       TOTAL ENERGY   7,960,413 
             
FOOD & STAPLES RETAILING - 0.5%
 345,691     Kroger Co   7,155,804 
 79,990     Walgreens Boots Alliance, Inc   5,300,937 
       TOTAL FOOD & STAPLES RETAILING   12,456,741 
             
FOOD, BEVERAGE & TOBACCO - 3.8%
 298,643     Altria Group, Inc   19,178,853 
 90,315     Campbell Soup Co   4,278,222 
 424,254     Coca-Cola Co   19,507,199 
 43,734     Costco Wholesale Corp   7,044,673 
 140,894     General Mills, Inc   7,315,216 
 56,536     Hershey Co   6,002,992 
 97,815     Kellogg Co   6,116,372 
 246,742     PepsiCo, Inc   27,198,371 
 25,652  *  Pilgrim’s Pride Corp   815,221 
       TOTAL FOOD, BEVERAGE & TOBACCO   97,457,119 
             
HEALTH CARE EQUIPMENT & SERVICES - 5.6%
 127,999     AmerisourceBergen Corp   9,849,523 
 132,241     Baxter International, Inc   8,525,577 
 7,679     Becton Dickinson & Co   1,602,377 
 79,895  *  Centene Corp   7,483,765 
 16,920  *  Cerner Corp   1,142,439 
 92,399     Cigna Corp   18,222,931 
 114,422  *  Express Scripts Holding Co   7,012,924 
 37,806  *  HCA Holdings, Inc   2,860,024 
 62,684     Humana, Inc   16,006,359 
 42,355  *  IDEXX Laboratories, Inc   7,038,130 
 18,170     Stryker Corp   2,813,988 
 239,877     UnitedHealth Group, Inc   50,426,943 
 54,728  *  WellCare Health Plans, Inc   10,821,915 
       TOTAL HEALTH CARE EQUIPMENT & SERVICES   143,806,895 
             
HOUSEHOLD & PERSONAL PRODUCTS - 0.8%
 23,486     Clorox Co   2,971,684 
 104,269  *,e  Herbalife Ltd   7,572,015 
 36,902     Kimberly-Clark Corp   4,151,844 
 57,708     Nu Skin Enterprises, Inc (Class A)   3,670,806 
 20,281     Spectrum Brands, Inc   2,229,287 
       TOTAL HOUSEHOLD & PERSONAL PRODUCTS   20,595,636 
             
INSURANCE - 1.7%
 109,019     Allstate Corp   10,232,523 
3

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

 

           
SHARES     COMPANY  VALUE 
             
 70,012     Assurant, Inc  $7,046,708 
 156,354     Marsh & McLennan Cos, Inc   12,653,729 
 148,191     Progressive Corp   7,209,492 
 7,135     RenaissanceRe Holdings Ltd   987,199 
 147,296     XL Group Ltd   5,961,069 
       TOTAL INSURANCE   44,090,720 
             
MATERIALS - 3.1%
 59,329     Avery Dennison Corp   6,298,960 
 36,693  *  Berry Plastics Group, Inc   2,181,399 
 7,660     Celanese Corp (Series A)   799,015 
 110,710     Chemours Co   6,267,293 
 198,889     DowDuPont, Inc   14,381,664 
 185,765  *  Freeport-McMoRan Copper & Gold, Inc (Class B)   2,596,995 
 233,733     Huntsman Corp   7,484,131 
 40,126     International Paper Co   2,298,016 
 55,067     LyondellBasell Industries AF S.C.A   5,701,086 
 26,879     Monsanto Co   3,255,047 
 7,911     NewMarket Corp   3,167,485 
 260,501  *  Owens-Illinois, Inc   6,223,369 
 94,709     Packaging Corp of America   11,011,815 
 6,890     Scotts Miracle-Gro Co (Class A)   686,382 
 24,792     Sealed Air Corp   1,096,550 
 2,809     Sherwin-Williams Co   1,109,976 
 87,115     Silgan Holdings, Inc   2,548,114 
 50,139     Steel Dynamics, Inc   1,865,672 
       TOTAL MATERIALS   78,972,969 
             
MEDIA - 3.2%
 72,040  *  AMC Networks, Inc   3,665,395 
 38,826     CBS Corp (Class B)   2,178,915 
 6,271  *  Charter Communications, Inc   2,095,580 
 698,155     Comcast Corp (Class A)   25,154,525 
 190,847  *  Live Nation, Inc   8,355,282 
 154,029     Omnicom Group, Inc   10,349,209 
 52,186     Scripps Networks Interactive (Class A)   4,346,050 
 282,144     Walt Disney Co   27,596,504 
       TOTAL MEDIA   83,741,460 
             
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 5.7%
 299,170     AbbVie, Inc   27,000,093 
 13,792  *  Alexion Pharmaceuticals, Inc   1,650,351 
 67,720     Amgen, Inc   11,865,898 
 48,149  *  Biogen Idec, Inc   15,006,117 
 1,937  *  BioMarin Pharmaceutical, Inc   159,008 
 113,862     Bristol-Myers Squibb Co   7,020,731 
 131,892  *  Celgene Corp   13,317,135 
 68,328  *  Charles River Laboratories International, Inc   7,945,863 
 160,439     Eli Lilly & Co   13,146,372 
 212,863     Gilead Sciences, Inc   15,956,210 
 10,236  *  Incyte Corp   1,159,227 
 75,828     Johnson & Johnson   10,571,181 
 8,864  *  Regeneron Pharmaceuticals, Inc   3,568,824 
4

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

 

SHARES     COMPANY  VALUE 
             
 4,743     Thermo Fisher Scientific, Inc  $919,336 
 63,922  *  Vertex Pharmaceuticals, Inc   9,347,314 
 43,316  *  Waters Corp   8,492,102 
       TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES   147,125,762 
             
REAL ESTATE - 1.7%
 67,441     American Tower Corp   9,689,249 
 35,804     Crown Castle International Corp   3,833,892 
 18,987     Digital Realty Trust, Inc   2,248,820 
 4,526     Equinix, Inc   2,097,801 
 12,188     Equity Lifestyle Properties, Inc   1,078,394 
 65,191     Extra Space Storage, Inc   5,318,934 
 83,784     Gaming and Leisure Properties, Inc   3,061,467 
 161,247     Outfront Media, Inc   3,781,242 
 6,955     Public Storage, Inc   1,441,424 
 71,417     Simon Property Group, Inc   11,093,203 
       TOTAL REAL ESTATE   43,644,426 
             
RETAILING - 7.7%
 79,228  *  Amazon.com, Inc   87,569,124 
 47,065  *  Dollar Tree, Inc   4,294,681 
 32,596     Expedia, Inc   4,063,417 
 55,193     Gap, Inc   1,434,466 
 241,823     Home Depot, Inc   40,089,417 
 52,539  *  Liberty Interactive Corp   1,193,686 
 150,366     Lowe’s Companies, Inc   12,021,762 
 64,722  *  NetFlix, Inc   12,713,342 
 47,908     Nordstrom, Inc   1,899,552 
 9,246  *  Priceline.com, Inc   17,677,982 
 98,346     Ross Stores, Inc   6,243,988 
 116,707     TJX Companies, Inc   8,146,149 
 28,329  e  Williams-Sonoma, Inc   1,461,776 
       TOTAL RETAILING   198,809,342 
             
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.9%
 391,812     Applied Materials, Inc   22,109,951 
 77,637     Broadcom Ltd   20,489,181 
 119,200     Kla-Tencor Corp   12,979,688 
 82,348     Lam Research Corp   17,175,322 
 67,500     Maxim Integrated Products, Inc   3,546,450 
 234,437  *  Micron Technology, Inc   10,387,903 
 102,782     NVIDIA Corp   21,256,345 
 30,172  *  ON Semiconductor Corp   643,267 
 117,561     Skyworks Solutions, Inc   13,385,496 
 305,951     Texas Instruments, Inc   29,582,402 
 38,933     Versum Materials, Inc   1,638,301 
       TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT   153,194,306 
             
SOFTWARE & SERVICES - 24.4%
 158,564     Accenture plc   22,573,171 
 138,209     Activision Blizzard, Inc   9,051,307 
 57,840  *  Adobe Systems, Inc   10,131,254 
 42,724     Alliance Data Systems Corp   9,558,641 
5

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

 

SHARES     COMPANY  VALUE 
             
 61,049  *  Alphabet, Inc (Class A)  $63,066,059 
 60,527  *  Alphabet, Inc (Class C)   61,534,169 
 40,288     Automatic Data Processing, Inc   4,683,883 
 199,091     Booz Allen Hamilton Holding Co   7,523,649 
 120,076  *  Cadence Design Systems, Inc   5,182,480 
 122,280  *  Citrix Systems, Inc   10,101,551 
 26,265     Cognizant Technology Solutions Corp (Class A)   1,987,473 
 34,705     CSRA, Inc   1,110,213 
 6,844  *  Dell Technologies, Inc-VMware Inc   566,478 
 63,898     DXC Technology Co   5,847,945 
 133,034  *  Electronic Arts, Inc   15,910,866 
 55,559  *  Euronet Worldwide, Inc   5,369,222 
 484,926  *  Facebook, Inc   87,315,776 
 96,105  *  First Data Corp   1,711,630 
 66,714  *  Fiserv, Inc   8,634,793 
 20,560     Genpact Ltd   626,052 
 179,752  *  GoDaddy, Inc   8,394,418 
 145,070     International Business Machines Corp   22,349,484 
 107,788     Intuit, Inc   16,278,144 
 163,539     MasterCard, Inc (Class A)   24,329,697 
 1,644,875     Microsoft Corp   136,820,703 
 105,864  *  PayPal Holdings, Inc   7,681,492 
 117,967  *  Red Hat, Inc   14,253,953 
 26,624     Sabre Corp   520,765 
 110,787  *  salesforce.com, Inc   11,337,942 
 11,519  *  ServiceNow, Inc   1,455,656 
 43,139     Total System Services, Inc   3,108,165 
 37,518  *  VeriSign, Inc   4,033,935 
 406,093     Visa, Inc (Class A)   44,662,108 
 132,712     Western Union Co   2,635,660 
       TOTAL SOFTWARE & SERVICES   630,348,734 
             
TECHNOLOGY HARDWARE & EQUIPMENT - 9.8%
 93,375     Amphenol Corp (Class A)   8,123,625 
 1,120,298     Apple, Inc   189,375,174 
 144,915     CDW Corp   10,144,050 
 51,709     Corning, Inc   1,619,009 
 79,693  *  F5 Networks, Inc   9,664,370 
 37,756     Harris Corp   5,260,166 
 88,904     Motorola, Inc   8,049,368 
 53,412  *  NCR Corp   1,713,991 
 212,627     NetApp, Inc   9,444,891 
 54,485     Western Digital Corp   4,863,876 
 33,674  *  Zebra Technologies Corp (Class A)   3,905,847 
       TOTAL TECHNOLOGY HARDWARE & EQUIPMENT   252,164,367 
             
TELECOMMUNICATION SERVICES - 0.5%
 10,072  *  T-Mobile US, Inc   602,003 
 255,926     Verizon Communications, Inc   12,251,178 
       TOTAL TELECOMMUNICATION SERVICES   12,853,181 
             
TRANSPORTATION - 1.8%
 35,357     American Airlines Group, Inc   1,655,415 
6

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

 

SHARES     COMPANY              VALUE 
                       
 20,910     Copa Holdings S.A. (Class A)              $2,575,903 
 26,569     CSX Corp               1,339,875 
 15,213     FedEx Corp               3,435,247 
 209,821     Southwest Airlines Co               11,300,959 
 142,660     Union Pacific Corp               16,518,601 
 73,389     United Parcel Service, Inc (Class B)               8,625,409 
       TOTAL TRANSPORTATION               45,451,409 
                         
UTILITIES - 0.0%
 25,105     NRG Energy, Inc               627,625 
       TOTAL UTILITIES               627,625 
                         
       TOTAL COMMON STOCKS               2,565,683,397 
       (Cost $1,785,596,135)                 
                         
PRINCIPAL     ISSUER  RATE  MATURITY
DATE  		       
                        
SHORT-TERM INVESTMENTS - 1.4%
 
GOVERNMENT AGENCY DEBT - 0.8%
$20,750,000     Federal Home Loan Bank (FHLB)   0.850%  11/01/17       20,750,000  
       TOTAL GOVERNMENT AGENCY DEBT            20,750,000  
                        
SHARES      COMPANY                
                        
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.6%
 14,808,915  c  State Street Navigator Securities Lending Government Money Market Portfolio    14,808,915  
       TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES    14,808,915  
                        
       TOTAL SHORT-TERM INVESTMENTS            35,558,915  
       (Cost $35,558,915)                
       TOTAL INVESTMENTS - 100.8%            2,601,242,312  
       (Cost $1,821,155,050)                
       OTHER ASSETS & LIABILITIES, NET - (0.8)%            (21,530,960 )
       NET ASSETS - 100.0%          $ 2,579,711,352  
       
       
 *  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 $14,381,384.
7

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

 

TIAA-CREF FUNDS

ENHANCED LARGE-CAP VALUE INDEX FUND

SCHEDULE OF INVESTMENTS

October 31, 2017

 

SHARES    COMPANY  VALUE 
                
COMMON STOCKS - 99.5%
                
AUTOMOBILES & COMPONENTS - 2.0%
 160,683     BorgWarner, Inc  $8,471,208 
 402,985     Ford Motor Co   4,944,626 
 457,085     General Motors Co   19,645,513 
 138,690     Harley-Davidson, Inc   6,565,584 
 51,676     Lear Corp   9,073,789 
       TOTAL AUTOMOBILES & COMPONENTS   48,700,720 
                
BANKS - 12.1%
 2,303,258     Bank of America Corp   63,086,237 
 75,162     BB&T Corp   3,700,977 
 670,517     Citigroup, Inc   49,282,999 
 322,082     Citizens Financial Group, Inc   12,242,337 
 58,404     East West Bancorp, Inc   3,494,895 
 799,755     JPMorgan Chase & Co   80,463,350 
 107,877     PacWest Bancorp   5,212,617 
 68,675     PNC Financial Services Group, Inc   9,394,053 
 148,412     Popular, Inc   5,443,752 
 216,428     Regions Financial Corp   3,350,306 
 133,187     SunTrust Banks, Inc   8,019,189 
 40,723     TFS Financial Corp   627,949 
 156,935     US Bancorp   8,534,125 
 830,833     Wells Fargo & Co   46,642,965 
       TOTAL BANKS   299,495,751 
                
CAPITAL GOODS - 5.3%
 11,690     Carlisle Cos, Inc   1,283,913 
 57,807     Cummins, Inc   10,224,902 
 36,159     Eaton Corp   2,893,443 
 47,344     Emerson Electric Co   3,051,794 
 34,417     Fortune Brands Home & Security, Inc   2,273,587 
 9,970     General Dynamics Corp   2,023,711 
 1,036,506     General Electric Co   20,895,961 
 78,323     Honeywell International, Inc   11,291,044 
 37,750     Huntington Ingalls   8,789,332 
 22,851     Ingersoll-Rand plc   2,024,599 
 6,288     Lockheed Martin Corp   1,937,710 
 181,309     Masco Corp   7,219,724 
 109,830     Oshkosh Truck Corp   10,056,035 
 131,040     Owens Corning, Inc   10,835,698 
 22,606     Regal-Beloit Corp   1,834,477 
 1,101     Roper Industries, Inc   284,245 
 16,373     Snap-On, Inc   2,583,332 
 137,161     Spirit Aerosystems Holdings, Inc (Class A)   10,986,596 
 2,920     Stanley Works   471,726 
8

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

 

SHARES    COMPANY  VALUE 
                
 200,136     Terex Corp  $9,428,407 
 78,366     United Technologies Corp   9,385,112 
       TOTAL CAPITAL GOODS   129,775,348 
                
COMMERCIAL & PROFESSIONAL SERVICES - 0.9%
 84,931     Manpower, Inc   10,470,294 
 148,216     Nielsen NV   5,494,367 
 46,417     Republic Services, Inc   3,020,354 
 41,752     Waste Management, Inc   3,430,762 
       TOTAL COMMERCIAL & PROFESSIONAL SERVICES   22,415,777 
                
CONSUMER DURABLES & APPAREL - 0.6%
 87,949  *  Michael Kors Holdings Ltd   4,292,791 
 44,123     Ralph Lauren Corp   3,945,920 
 55,158     Toll Brothers, Inc   2,539,474 
 26,621     Whirlpool Corp   4,363,980 
       TOTAL CONSUMER DURABLES & APPAREL   15,142,165 
                
CONSUMER SERVICES - 1.7%
 178,522     Carnival Corp   11,852,076 
 331,476     Extended Stay America, Inc   6,569,854 
 363,738     H&R Block, Inc   8,998,878 
 13,652     International Game Technology plc   320,822 
 105,286     Royal Caribbean Cruises Ltd   13,031,248 
 63,921  *  Yum China Holdings, Inc   2,579,213 
       TOTAL CONSUMER SERVICES   43,352,091 
                
DIVERSIFIED FINANCIALS - 7.0%
 40,112     Affiliated Managers Group, Inc   7,480,888 
 32,937     AGNC Investment Corp   663,022 
 419,322     Ally Financial, Inc   10,956,884 
 215,901     American Express Co   20,622,864 
 38,839     Ameriprise Financial, Inc   6,079,857 
 168,787     Annaly Capital Management, Inc   1,934,299 
 139,221     Bank of New York Mellon Corp   7,162,920 
 99,425     BGC Partners, Inc (Class A)   1,508,277 
 13,016     BlackRock, Inc   6,128,323 
 184,059     Capital One Financial Corp   16,966,559 
 5,735     CME Group, Inc   786,670 
 19,777  *,e  Credit Acceptance Corp   5,670,659 
 204,147     Discover Financial Services   13,581,900 
 21,345  *  E*TRADE Financial Corp   930,429 
 62,280     Goldman Sachs Group, Inc   15,101,654 
 30,182     Invesco Ltd   1,080,214 
 89,000     iShares Russell 1000 Value Index Fund   10,625,710 
 123,555     Lazard Ltd (Class A)   5,873,805 
 74,044     Legg Mason, Inc   2,827,000 
 379,209     Morgan Stanley   18,960,450 
 9,612     New Residential Investment Corp   169,460 
 11,825     Northern Trust Corp   1,105,874 
 14,446     Starwood Property Trust, Inc   310,733 
 39,736     State Street Corp   3,655,712 
 422,929     Synchrony Financial   13,795,944 
9

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

 

SHARES    COMPANY  VALUE 
                
 9,556     T Rowe Price Group, Inc  $887,752 
       TOTAL DIVERSIFIED FINANCIALS   174,867,859 
                
ENERGY - 10.2%
 71,630     Anadarko Petroleum Corp   3,536,373 
 47,311     Andeavor   5,026,321 
 23,208  *  Antero Resources Corp   450,235 
 82,556     Apache Corp   3,415,342 
 92,377     Baker Hughes a GE Co   2,903,409 
 65,166     Cabot Oil & Gas Corp   1,805,098 
 386,874     Chevron Corp   44,834,828 
 1,259     Cimarex Energy Co   147,215 
 33,725  *  Concho Resources, Inc   4,526,232 
 246,318     ConocoPhillips   12,599,165 
 92,990     Devon Energy Corp   3,431,331 
 15,041  *  Diamondback Energy, Inc   1,611,794 
 19,550  *  Energen Corp   1,010,735 
 103,902     EOG Resources, Inc   10,376,693 
 34,333     EQT Corp   2,147,186 
 857,148     Exxon Mobil Corp   71,443,286 
 47,749     Halliburton Co   2,040,792 
 7,587     Hess Corp   335,042 
 95,226     HollyFrontier Corp   3,518,601 
 382,597     Kinder Morgan, Inc   6,928,832 
 129,072     Marathon Petroleum Corp   7,710,761 
 39,683     Murphy Oil Corp   1,061,520 
 13,259     National Oilwell Varco, Inc   453,325 
 20,022     Noble Energy, Inc   558,013 
 162,611     Occidental Petroleum Corp   10,499,792 
 41,211     Oceaneering International, Inc   833,287 
 98,892  e  PBF Energy, Inc   2,864,901 
 86,705     Phillips 66   7,897,091 
 33,602     Pioneer Natural Resources Co   5,029,211 
 276,607     Schlumberger Ltd   17,702,848 
 19,479     Targa Resources Investments, Inc   808,379 
 116,052     Valero Energy Corp   9,155,342 
 158,573     Williams Cos, Inc   4,519,331 
 13,469     World Fuel Services Corp   374,438 
       TOTAL ENERGY   251,556,749 
                
FOOD & STAPLES RETAILING - 2.9%
 330,859     CVS Health Corp   22,673,767 
 252,798     Walgreens Boots Alliance, Inc   16,752,923 
 367,960     Wal-Mart Stores, Inc   32,126,588 
       TOTAL FOOD & STAPLES RETAILING   71,553,278 
                
FOOD, BEVERAGE & TOBACCO - 2.6%
 161,356     Archer Daniels Midland Co   6,594,620 
 59,213     Bunge Ltd   4,072,670 
 11,451     Coca-Cola Co   526,517 
 122,306     ConAgra Foods, Inc   4,177,973 
 22,324     Ingredion, Inc   2,798,313 
 9,791     Kraft Heinz Co   757,138 
10

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

 

SHARES    COMPANY  VALUE 
                
 94,844     Mondelez International, Inc  $3,929,387 
 54,458     PepsiCo, Inc   6,002,905 
 204,059     Philip Morris International, Inc   21,352,734 
 51,592  *  Pilgrim’s Pride Corp   1,639,594 
 19,861     Pinnacle Foods, Inc   1,080,836 
 177,712     Tyson Foods, Inc (Class A)   12,956,982 
       TOTAL FOOD, BEVERAGE & TOBACCO   65,889,669 
                
HEALTH CARE EQUIPMENT & SERVICES - 4.2%
 186,020     Abbott Laboratories   10,087,865 
 84,221     Anthem, Inc   17,619,875 
 124,184  *  Centene Corp   11,632,315 
 16,896     Cigna Corp   3,332,229 
 25,409     Danaher Corp   2,344,488 
 65,725  *  DaVita, Inc   3,992,137 
 239,819  *  Express Scripts Holding Co   14,698,506 
 39,813  *  HCA Holdings, Inc   3,011,854 
 35,465     Humana, Inc   9,055,988 
 6,544     McKesson Corp   902,287 
 155,678     Medtronic plc   12,535,193 
 72,357  *  Premier, Inc   2,363,903 
 46,226     Quest Diagnostics, Inc   4,335,074 
 35,495  *  WellCare Health Plans, Inc   7,018,781 
       TOTAL HEALTH CARE EQUIPMENT & SERVICES   102,930,495 
                
HOUSEHOLD & PERSONAL PRODUCTS - 2.2%
 136,210     Colgate-Palmolive Co   9,595,994 
 25,945     Kimberly-Clark Corp   2,919,072 
 481,444     Procter & Gamble Co   41,567,875 
       TOTAL HOUSEHOLD & PERSONAL PRODUCTS   54,082,941 
                
INSURANCE - 8.7%
 155,541     Aflac, Inc   13,048,334 
 76,197     Allstate Corp   7,151,851 
 56,586     American Financial Group, Inc   5,969,257 
 26,276     American International Group, Inc   1,697,692 
 3,460  *  Arch Capital Group Ltd   344,754 
 21,891     Assurant, Inc   2,203,329 
 147,293     Assured Guaranty Ltd   5,464,570 
 183,738  *  Athene Holding Ltd   9,578,262 
 343,170  *  Berkshire Hathaway, Inc (Class B)   64,152,200 
 6,120  *  Brighthouse Financial, Inc   380,542 
 92,473     Chubb Ltd   13,946,778 
 21,528     CNA Financial Corp   1,165,311 
 20,616     Everest Re Group Ltd   4,895,269 
 170,150     First American Financial Corp   9,259,563 
 104,139     Hartford Financial Services Group, Inc   5,732,852 
 128,317     Lincoln National Corp   9,723,862 
 222,506     Metlife, Inc   11,921,871 
 192,192     Old Republic International Corp   3,899,576 
 180,063     Principal Financial Group   11,857,149 
 111,312     Prudential Financial, Inc   12,295,524 
 30,420     Reinsurance Group of America, Inc (Class A)   4,544,140 
11

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

 

SHARES    COMPANY  VALUE 
                
 7,224     Torchmark Corp  $607,755 
 71,552     Travelers Cos, Inc   9,477,062 
 104,592     UnumProvident Corp   5,442,968 
       TOTAL INSURANCE   214,760,471 
                
MATERIALS - 3.8%
 3,969     Air Products & Chemicals, Inc   632,778 
 46,607     Avery Dennison Corp   4,948,265 
 11,175     Celanese Corp (Series A)   1,165,664 
 20,355     Domtar Corp   963,199 
 206,577     DowDuPont, Inc   14,937,583 
 52,566     Eastman Chemical Co   4,773,518 
 306,545  *  Freeport-McMoRan Copper & Gold, Inc (Class B)   4,285,499 
 573,803     Graphic Packaging Holding Co   8,888,208 
 298,674     Huntsman Corp   9,563,541 
 119,244     International Paper Co   6,829,104 
 126,884     LyondellBasell Industries AF S.C.A   13,136,300 
 6,179     NewMarket Corp   2,474,010 
 75,122     Newmont Mining Corp   2,716,412 
 236,792  *  Owens-Illinois, Inc   5,656,961 
 9,361     Praxair, Inc   1,367,829 
 67,546     Sealed Air Corp   2,987,560 
 106,041     Steel Dynamics, Inc   3,945,786 
 75,337     WestRock Co   4,620,418 
       TOTAL MATERIALS   93,892,635 
                
MEDIA - 1.3%
 8,757     Cinemark Holdings, Inc   318,229 
 234,204     Comcast Corp (Class A)   8,438,370 
 15,883  *  Discovery Communications, Inc (Class A)   299,871 
 31,677     John Wiley & Sons, Inc (Class A)   1,731,148 
 30,757  *  Liberty SiriusXM Group (Class A)   1,282,874 
 40,704  *  Liberty SiriusXM Group (Class C)   1,695,322 
 40,014     News Corp (Class B)   556,195 
 71,251     Time Warner, Inc   7,003,261 
 120,695     Twenty-First Century Fox, Inc   3,156,174 
 33,209     Twenty-First Century Fox, Inc (Class B)   845,169 
 9,399     Viacom, Inc (Class B)   225,858 
 56,422     Walt Disney Co   5,518,636 
       TOTAL MEDIA   31,071,107 
                
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.2%
 19,604     Allergan plc   3,474,417 
 126,858     Amgen, Inc   22,228,059 
 6,577  *  Biogen Idec, Inc   2,049,788 
 277,127     Bristol-Myers Squibb Co   17,087,651 
 106,452     Gilead Sciences, Inc   7,979,642 
 507,435     Johnson & Johnson   70,741,513 
 560,105     Merck & Co, Inc   30,856,184 
 1,377,645     Pfizer, Inc   48,300,234 
 14,860  *  United Therapeutics Corp   1,762,247 
       TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES   204,479,735 
12

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

 

SHARES    COMPANY  VALUE 
                
REAL ESTATE - 3.8%
 17,862     Alexandria Real Estate Equities, Inc  $2,214,174 
 15,144     American Campus Communities, Inc   629,688 
 40,373     American Homes 4 Rent   859,137 
 30,971     Apartment Investment & Management Co (Class A)   1,362,105 
 27,341     AvalonBay Communities, Inc   4,957,744 
 4,543     Boston Properties, Inc   550,521 
 128,159     Brandywine Realty Trust   2,241,501 
 381,220     Brixmor Property Group, Inc   6,659,913 
 17,092     Camden Property Trust   1,559,474 
 47,944     Corporate Office Properties Trust   1,530,852 
 65,296     CubeSmart   1,777,357 
 25,773     CyrusOne, Inc   1,582,204 
 43,604     DCT Industrial Trust, Inc   2,529,904 
 22,112     Digital Realty Trust, Inc   2,618,945 
 120,054     Douglas Emmett, Inc   4,776,949 
 73,462     Empire State Realty Trust, Inc   1,472,913 
 70,820     Equity Residential   4,763,353 
 12,972     Essex Property Trust, Inc   3,404,242 
 122,322     Forest City Realty Trust, Inc   3,012,791 
 67,228     Gaming and Leisure Properties, Inc   2,456,511 
 30,938     Hospitality Properties Trust   884,208 
 436,258     Host Marriott Corp   8,533,207 
 25,971     Kilroy Realty Corp   1,849,914 
 58,795     Lamar Advertising Co   4,141,520 
 22,488     Mid-America Apartment Communities, Inc   2,301,647 
 100,975     Piedmont Office Realty Trust, Inc   1,952,857 
 72,668     Prologis, Inc   4,692,899 
 69,876     Retail Properties of America, Inc   853,885 
 36,262     Simon Property Group, Inc   5,632,576 
 14,211     Sun Communities, Inc   1,282,685 
 204,415     Tanger Factory Outlet Centers, Inc   4,650,441 
 57,809     UDR, Inc   2,242,411 
 36,292     Welltower, Inc   2,430,112 
 8,741     WP Carey, Inc   595,699 
       TOTAL REAL ESTATE   93,004,339 
                
RETAILING - 1.5%
 100,652     Best Buy Co, Inc   5,634,499 
 42,330  *  Burlington Stores, Inc   3,974,364 
 8,468     Dollar General Corp   684,553 
 142,528     GameStop Corp (Class A)   2,663,848 
 98,638     Gap, Inc   2,563,602 
 63,224     Kohl’s Corp   2,640,234 
 48,253  *  Liberty Interactive Corp   1,096,308 
 43,176  *  Michaels Cos, Inc   838,478 
 25,621     Signet Jewelers Ltd   1,679,969 
 169,139     Target Corp   9,985,967 
 66,388  *  Urban Outfitters, Inc   1,627,834 
 82,252  e  Williams-Sonoma, Inc   4,244,203 
       TOTAL RETAILING   37,633,859 
13

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

 

SHARES    COMPANY  VALUE 
                
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.3%
 1,147,297     Intel Corp  $52,190,540 
 83,101  *  Micron Technology, Inc   3,682,205 
 3,593  *  Microsemi Corp   191,759 
 420,582  *  ON Semiconductor Corp   8,966,808 
 139,091     Qualcomm, Inc   7,095,032 
 204,594     Teradyne, Inc   8,775,037 
       TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT   80,901,381 
                
SOFTWARE & SERVICES - 3.1%
 27,736     Amdocs Ltd   1,805,614 
 290,593  *  eBay, Inc   10,937,920 
 59,763  *  First American Corp   2,802,885 
 81,727     International Business Machines Corp   12,590,862 
 76,445     LogMeIn, Inc   9,253,667 
 650,737     Oracle Corp   33,122,513 
 378,029     Sabre Corp   7,394,247 
       TOTAL SOFTWARE & SERVICES   77,907,708 
                
TECHNOLOGY HARDWARE & EQUIPMENT - 4.2%
 135,804  *  ARRIS International plc   3,870,414 
 1,215,571     Cisco Systems, Inc   41,511,750 
 100,770     Corning, Inc   3,155,109 
 667,218     HP, Inc   14,378,548 
 68,620     Jabil Circuit, Inc   1,940,573 
 399,018     Juniper Networks, Inc   9,907,617 
 123,513     Motorola, Inc   11,182,867 
 204,011     NetApp, Inc   9,062,168 
 106,288     Western Digital Corp   9,488,330 
       TOTAL TECHNOLOGY HARDWARE & EQUIPMENT   104,497,376 
                
TELECOMMUNICATION SERVICES - 2.0%
 1,116,740     AT&T, Inc   37,578,301 
 233,256     Verizon Communications, Inc   11,165,965 
       TOTAL TELECOMMUNICATION SERVICES   48,744,266 
                
TRANSPORTATION - 1.8%
 71,798     Alaska Air Group, Inc   4,740,822 
 45,035     Copa Holdings S.A. (Class A)   5,547,862 
 191,937     Delta Air Lines, Inc   9,602,608 
 141,500  *  JetBlue Airways Corp   2,709,725 
 50,871     Kansas City Southern Industries, Inc   5,301,776 
 26,193     Norfolk Southern Corp   3,442,284 
 70,844     Ryder System, Inc   5,744,031 
 72,865     Union Pacific Corp   8,437,038 
       TOTAL TRANSPORTATION   45,526,146 
                
UTILITIES - 6.1%
 754,226     AES Corp   8,017,422 
 48,946     Ameren Corp   3,034,163 
 126,433     American Electric Power Co, Inc   9,407,880 
 20,786     Atmos Energy Corp   1,813,371 
 304,617     Centerpoint Energy, Inc   9,010,571 
14

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

 

SHARES     COMPANY              VALUE 
                         
 101,168     CMS Energy Corp              $4,893,496 
 61,804     Consolidated Edison, Inc               5,318,234 
 22,445     Dominion Resources, Inc               1,821,187 
 35,549     DTE Energy Co               3,926,743 
 141,610     Duke Energy Corp               12,505,579 
 91,265     Edison International               7,296,637 
 61,113     Entergy Corp               5,271,607 
 70,108     Eversource Energy               4,391,565 
 86,729     Exelon Corp               3,487,373 
 356,816     FirstEnergy Corp               11,757,087 
 46,135     Great Plains Energy, Inc               1,514,612 
 107,589     NextEra Energy, Inc               16,683,827 
 141,064     PG&E Corp               8,149,267 
 143,324     PPL Corp               5,383,249 
 95,302     Public Service Enterprise Group, Inc               4,688,858 
 50,717     Sempra Energy               5,959,248 
 38,266     Southern Co               1,997,485 
 84,978     UGI Corp               4,067,047 
 50,233     WEC Energy Group, Inc               3,385,202 
 146,434     Xcel Energy, Inc               7,251,412 
       TOTAL UTILITIES               151,033,122 
                         
       TOTAL COMMON STOCKS               2,463,214,988 
       (Cost $2,036,248,363)                 
                         
PRINCIPAL     ISSUER  RATE  MATURITY
DATE		    
                     
SHORT-TERM INVESTMENTS - 0.8%
                     
GOVERNMENT AGENCY DEBT - 0.4%
$9,850,000     Federal Home Loan Bank (FHLB)   0.850%  11/01/17   9,850,000 
       TOTAL GOVERNMENT AGENCY DEBT           9,850,000 
                     
SHARES      COMPANY             
 
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.4%
 10,431,634  c  State Street Navigator Securities Lending Government Money Market Portfolio   10,431,634 
       TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES   10,431,634 
                     
       TOTAL SHORT-TERM INVESTMENTS           20,281,634 
       (Cost $20,281,634)             
       TOTAL INVESTMENTS - 100.3%           2,483,496,622 
       (Cost $2,056,529,997)             
       OTHER ASSETS & LIABILITIES, NET - (0.3)%           (7,242,591)
       NET ASSETS - 100.0%          $2,476,254,031 
         
       
  *   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 $10,061,415.
15

TIAA-CREF FUNDS - Growth & Income Fund

 

TIAA-CREF FUNDS

GROWTH & INCOME FUND

SCHEDULE OF INVESTMENTS

October 31, 2017

 

SHARES     COMPANY  VALUE 
             
COMMON STOCKS - 99.6%    
             
AUTOMOBILES & COMPONENTS - 0.4%     
 240,651     Delphi Automotive plc  $23,915,896 
       TOTAL AUTOMOBILES & COMPONENTS   23,915,896 
             
BANKS - 8.4%     
 3,824,144     Banca Intesa S.p.A.   12,856,399 
 4,551,012     Bank of America Corp   124,652,219 
 1,165,343  n  Citigroup, Inc   85,652,710 
 522,748     Citizens Financial Group, Inc   19,869,652 
 354,111     Comerica, Inc   27,822,501 
 1,552,768     Huntington Bancshares, Inc   21,428,199 
 2,177,181     ING Groep NV   40,233,137 
 1,438,098     JPMorgan Chase & Co   144,687,040 
 291,280     PNC Financial Services Group, Inc   39,844,191 
 752,347     Wells Fargo & Co   42,236,760 
       TOTAL BANKS   559,282,808 
             
CAPITAL GOODS - 8.7%     
 304,896     AGCO Corp   20,906,719 
 486,889     Assa Abloy AB   10,265,006 
 115,443     Boeing Co   29,781,985 
 496,074     Caterpillar, Inc   67,366,849 
 1,645,960  e  CNH Industrial NV (NYSE)   20,903,692 
 256,172     Fortive Corp   18,510,989 
 568,545  *  Gardner Denver Holdings, Inc   16,402,523 
 145,849  n  General Dynamics Corp   29,604,430 
 1,706,098  n  General Electric Co   34,394,936 
 568,915  n  Honeywell International, Inc   82,014,787 
 623,356     Kennametal, Inc   27,209,489 
 135,816     Northrop Grumman Corp   40,137,703 
 385,132  n  PACCAR, Inc   27,625,518 
 271,679     Parker-Hannifin Corp   49,611,302 
 280,332  n  Raytheon Co   50,515,826 
 155,342     Rockwell Automation, Inc   31,195,780 
 116,549     Schneider Electric S.A.   10,240,132 
 112,107  *,n  WABCO Holdings, Inc   16,543,630 
       TOTAL CAPITAL GOODS   583,231,296 
             
COMMERCIAL & PROFESSIONAL SERVICES - 0.7%     
 601,810     Waste Management, Inc   49,450,728 
       TOTAL COMMERCIAL & PROFESSIONAL SERVICES   49,450,728 
             
CONSUMER DURABLES & APPAREL - 3.1%     
 553,808     DR Horton, Inc   24,483,852 
16

TIAA-CREF FUNDS - Growth & Income Fund

 

SHARES     COMPANY  VALUE 
             
 203,082  n  Hasbro, Inc  $18,803,362 
 132,281  *,n  Mohawk Industries, Inc   34,625,875 
 538,876  n  Newell Brands, Inc   21,975,363 
 248,960  n  PVH Corp   31,570,618 
 460,495     Sony Corp   19,264,661 
 677,711  *,g  Spin Master Corp   25,089,123 
 779,139  n  Tapestry, Inc   31,905,742 
       TOTAL CONSUMER DURABLES & APPAREL   207,718,596 
             
CONSUMER SERVICES - 1.0%     
 561,820     Carnival Corp   37,299,230 
 198,591  n  Wynn Resorts Ltd   29,290,186 
       TOTAL CONSUMER SERVICES   66,589,416 
             
DIVERSIFIED FINANCIALS - 2.5%     
 514,399     American Express Co   49,135,393 
 676,780     Blackstone Group LP   22,530,006 
 266,405     CME Group, Inc   36,542,774 
 1,178,946     Morgan Stanley   58,947,300 
       TOTAL DIVERSIFIED FINANCIALS   167,155,473 
             
ENERGY - 5.7%     
 844,165     Chevron Corp   97,830,282 
 327,743  *  Concho Resources, Inc   43,986,388 
 1,089,028  *  Continental Resources, Inc   44,334,330 
 291,725     Delek US Holdings, Inc   7,599,436 
 344,622  *  Diamondback Energy, Inc   36,929,694 
 656,350     EOG Resources, Inc   65,549,674 
 945,452  *  Parsley Energy, Inc   25,149,023 
 747,885  *  RSP Permian, Inc   25,734,723 
 543,840     Williams Cos, Inc   15,499,440 
 1,987,103  *  WPX Energy, Inc   22,414,522 
       TOTAL ENERGY   385,027,512 
             
FOOD & STAPLES RETAILING - 0.6%     
 494,966     Wal-Mart Stores, Inc   43,215,481 
       TOTAL FOOD & STAPLES RETAILING   43,215,481 
             
FOOD, BEVERAGE & TOBACCO - 6.5%     
 1,215,044     Coca-Cola Co   55,867,723 
 811,423     Coca-Cola European Partners plc (Class A)   33,154,744 
 744,317     ConAgra Foods, Inc   25,425,869 
 140,724     Constellation Brands, Inc (Class A)   30,831,221 
 249,600     Costco Wholesale Corp   40,205,568 
 222,054     Fresh Del Monte Produce, Inc   9,883,623 
 104,992     Heineken NV   10,229,664 
 164,566     Hershey Co   17,473,618 
 590,891     Kraft Heinz Co   45,693,601 
 840,913  *  Monster Beverage Corp   48,714,090 
 329,412     PepsiCo, Inc   36,311,085 
 591,860     Philip Morris International, Inc   61,932,231 
 341,208  n  Pinnacle Foods, Inc   18,568,539 
       TOTAL FOOD, BEVERAGE & TOBACCO   434,291,576 
17

TIAA-CREF FUNDS - Growth & Income Fund

 

SHARES     COMPANY  VALUE 
             
HEALTH CARE EQUIPMENT & SERVICES - 6.0%     
 195,679  n  Anthem, Inc  $40,938,004 
 619,110     Baxter International, Inc   39,914,022 
 1,747,026  *  Boston Scientific Corp   49,161,312 
 250,765     Cigna Corp   49,455,873 
 149,539  *  Edwards Lifesciences Corp   15,287,372 
 153,463  n  Humana, Inc   39,186,777 
 146,568  *,n  IDEXX Laboratories, Inc   24,355,205 
 78,054  *  Intuitive Surgical, Inc   29,298,349 
 248,049  *,n  NuVasive, Inc   14,071,820 
 217,100     STERIS plc   20,261,943 
 220,382  n  Stryker Corp   34,130,560 
 206,562  n  Universal Health Services, Inc (Class B)   21,213,917 
 142,633  *,n  WellCare Health Plans, Inc   28,204,249 
       TOTAL HEALTH CARE EQUIPMENT & SERVICES   405,479,403 
             
HOUSEHOLD & PERSONAL PRODUCTS - 2.1%     
 240,753  *  Central Garden & Pet Co   9,191,950 
 631,453     Colgate-Palmolive Co   44,485,864 
 126,451  n  Estee Lauder Cos (Class A)   14,138,486 
 107,797     L’Oreal S.A.   23,991,668 
 532,143     Procter & Gamble Co   45,945,227 
       TOTAL HOUSEHOLD & PERSONAL PRODUCTS   137,753,195 
             
INSURANCE - 2.2%     
 634,836     American International Group, Inc   41,016,754 
 369,408  n  Chubb Ltd   55,714,115 
 708,466     Lincoln National Corp   53,687,553 
       TOTAL INSURANCE   150,418,422 
             
MATERIALS - 3.9%     
 286,826     Chemours Co   16,237,220 
 1,245,338     DowDuPont, Inc   90,050,391 
 399,486  n  FMC Corp   37,096,270 
 529,234     Huntsman Corp   16,946,072 
 256,766  n  Praxair, Inc   37,518,648 
 92,205  n  Sherwin-Williams Co   36,434,806 
 210,853  *  Summit Materials, Inc   6,620,784 
 279,967  n  WR Grace & Co   21,414,676 
       TOTAL MATERIALS   262,318,867 
             
MEDIA - 1.7%     
 355,133  n  CBS Corp (Class B)   19,930,064 
 1,080,015     Comcast Corp (Class A)   38,912,941 
 470,340  n  Viacom, Inc (Class B)   11,302,270 
 441,587     Walt Disney Co   43,191,624 
       TOTAL MEDIA   113,336,899 
             
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.8%     
 686,299  n  AbbVie, Inc   61,938,485 
18

TIAA-CREF FUNDS - Growth & Income Fund

 

SHARES     COMPANY  VALUE 
             
 265,908  *  Acadia Pharmaceuticals, Inc  $9,261,576 
 83,680  n  Allergan plc   14,830,606 
 629,920     AstraZeneca plc (ADR)   21,732,240 
 252,249     Bayer AG.   32,812,252 
 225,230  *  BioMarin Pharmaceutical, Inc   18,489,131 
 132,504  *  Bluebird Bio, Inc   18,431,306 
 530,263     Bristol-Myers Squibb Co   32,696,017 
 227,043  *,n  Clovis Oncology, Inc   17,112,231 
 287,648     Eli Lilly & Co   23,569,877 
 132,928  *  Incyte Corp   15,054,096 
 196,012     Ipsen   23,699,323 
 144,702  *,n  Jazz Pharmaceuticals plc   20,479,674 
 452,443     Johnson & Johnson   63,075,079 
 52,710     Lonza Group AG.   14,002,999 
 789,604     Merck & Co, Inc   43,499,284 
 484,966     Novo Nordisk AS   24,145,887 
 1,030,721     Pfizer, Inc   36,137,078 
 197,279  *  Quintiles Transnational Holdings, Inc   21,325,860 
 48,008  *,n  Regeneron Pharmaceuticals, Inc   19,328,981 
 240,926  *  Seattle Genetics, Inc   14,771,173 
 116,998  *  TESARO, Inc   13,544,858 
 111,158  *  Vertex Pharmaceuticals, Inc   16,254,634 
 79,500     Vifor Pharma AG.   10,225,358 
       TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES   586,418,005 
             
REAL ESTATE - 0.3%     
 120,256     American Tower Corp   17,277,180 
       TOTAL REAL ESTATE   17,277,180 
             
RETAILING - 5.1%     
 132,640  *  Amazon.com, Inc   146,604,339 
 631,103     Home Depot, Inc   104,624,255 
 32,494     Kering   14,901,919 
 272,455  *,n  NetFlix, Inc   53,518,336 
 127,935  *,n  Ulta Beauty, Inc   25,816,004 
       TOTAL RETAILING   345,464,853 
             
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.4%     
 1,034,162     Applied Materials, Inc   58,357,762 
 243,609     Broadcom Ltd   64,290,851 
 150,650  *  Cavium, Inc   10,393,343 
 1,679,597     Intel Corp   76,404,867 
 363,134     Microchip Technology, Inc   34,425,103 
 442,188  *  Microsemi Corp   23,599,574 
 131,176  n  Monolithic Power Systems, Inc   15,960,184 
 321,395     NVIDIA Corp   66,467,700 
 231,759     Xilinx, Inc   17,078,321 
       TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT   366,977,705 
             
SOFTWARE & SERVICES - 16.2%     
 343,674  n  Activision Blizzard, Inc   22,507,210 
 91,019  *  Adobe Systems, Inc   15,942,888 
 36,558  *  Alibaba Group Holding Ltd (ADR)   6,759,209 
19

TIAA-CREF FUNDS - Growth & Income Fund

 

SHARES     COMPANY  VALUE 
             
 176,625  *  Alphabet, Inc (Class C)  $179,564,040 
 641,321  *,e  ANGI Homeservices, Inc   8,016,512 
 376,222  n  DXC Technology Co   34,431,837 
 748,615  *  Facebook, Inc   134,795,617 
 241,394  *  IAC/InterActiveCorp   31,151,896 
 473,167  n  MasterCard, Inc (Class A)   70,393,055 
 2,439,797     Microsoft Corp   202,942,314 
 495,840  *,e  Nutanix, Inc   14,131,440 
 1,341,897     Oracle Corp   68,302,557 
 600,071  *  PayPal Holdings, Inc   43,541,152 
 257,405  *  Proofpoint, Inc   23,786,796 
 612,647  *  salesforce.com, Inc   62,698,294 
 144,156  *  ServiceNow, Inc   18,216,994 
 880,640  n  Symantec Corp   28,620,800 
 372,043  *,n  Take-Two Interactive Software, Inc   41,166,558 
 836,601     Tencent Holdings Ltd   37,601,107 
 411,919  *  Twitter, Inc   8,493,770 
 248,610  *,e  VMware, Inc (Class A)   29,756,131 
 1,723,987  *  Zynga, Inc   6,723,549 
       TOTAL SOFTWARE & SERVICES   1,089,543,726 
             
TECHNOLOGY HARDWARE & EQUIPMENT - 6.5%     
 1,531,037  n  Apple, Inc   258,806,494 
 1,062,041     Cisco Systems, Inc   36,268,700 
 126,580  n  Cognex Corp   15,588,327 
 950,490  *  Flex Ltd   16,918,722 
 468,778     Flir Systems, Inc   21,948,186 
 231,115  *  Itron, Inc   18,061,637 
 205,057  *,n  Lumentum Holdings, Inc   12,949,350 
 182,454     National Instruments Corp   8,210,430 
 880,125  *  Pure Storage, Inc   14,460,454 
 136,253  n  Universal Display Corp   19,961,065 
 1,785,280  *,n  Viavi Solutions, Inc   16,567,398 
       TOTAL TECHNOLOGY HARDWARE & EQUIPMENT   439,740,763 
             
TELECOMMUNICATION SERVICES - 0.4%     
 877,078     AT&T, Inc   29,513,675 
       TOTAL TELECOMMUNICATION SERVICES   29,513,675 
             
TRANSPORTATION - 1.8%     
 388,230     DSV AS   30,020,240 
 158,276     FedEx Corp   35,740,304 
 170,632     J.B. Hunt Transport Services, Inc   18,153,538 
 318,639     Union Pacific Corp   36,895,210 
       TOTAL TRANSPORTATION   120,809,292 
             
UTILITIES - 1.6%     
 325,799     American Water Works Co, Inc   28,592,120 
 324,561  n  NextEra Energy, Inc   50,329,674 
 214,550     Sempra Energy   25,209,625 
       TOTAL UTILITIES   104,131,419 
20

TIAA-CREF FUNDS - Growth & Income Fund

 

SHARES     COMPANY          VALUE 
                     
       TOTAL COMMON STOCKS          $6,689,062,186 
       (Cost $4,646,053,828)             
                     
PURCHASED OPTIONS - 0.0%             
                     
HEALTH CARE EQUIPMENT & SERVICES - 0.0%             
 16,700     Humana, Inc           47,595 
       TOTAL HEALTH CARE EQUIPMENT & SERVICES           47,595 
                     
MEDIA - 0.0%             
 29,300     DISH Network Corp           15,383 
       TOTAL MEDIA           15,383 
                     
       TOTAL PURCHASED OPTIONS           62,978 
       (Cost $206,817)             
                     
PRINCIPAL     ISSUER  RATE  MATURITY DATE    
                   
SHORT-TERM INVESTMENTS - 1.4%           
            
GOVERNMENT AGENCY DEBT - 0.6%           
$43,750,000     Federal Home Loan Bank (FHLB)  0.700-0.850%  11/01/17   43,750,000 
       TOTAL GOVERNMENT AGENCY DEBT         43,750,000 
                   
 SHARES     COMPANY           
                   
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.8%           
 51,048,743  c  State Street Navigator Securities Lending Government Money Market Portfolio      51,048,743 
       TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES      51,048,743 
                   
       TOTAL SHORT-TERM INVESTMENTS         94,798,743 
       (Cost $94,798,743)           
       TOTAL INVESTMENTS - 101.0%         6,783,923,907 
       (Cost $4,741,059,388)           
       OTHER ASSETS & LIABILITIES, NET - (1.0)%         (67,407,913)
       NET ASSETS - 100.0%        $6,716,515,994 

 

       
    Abbreviation(s):
    ADR    American Depository 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 $50,082,840.
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 10/31/2017, the aggregate value of these securities was $25,089,123 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.
21

TIAA-CREF FUNDS - Growth & Income Fund

 

 

 

Purchased options outstanding as of October 31, 2017 were as follows (See Note 3):

 

Description/underlying investmentNumber of contracts  Notional amount   Exercise price   Expiration date  Value 
DISH Network Corp, Call  293  $124,695   $   65.00    1/19/18  $15,383 
Humana, Inc, Call  167   82,122    280.00   2/16/18   47,595 
Total  460  $206,817           $62,978 

 

Written options outstanding as of October 31, 2017 were as follows (See Note 3):

 

Description/underlying investmentNumber of contracts  Notional amount   Exercise price   Expiration date  Value 
AbbVie, Inc, Call  330  $(11,220)  $   100.00    11/17/17  $(3,300)
Activision Blizzard, Inc, Put  661   (31,066)   56.00   11/3/17   (4,627)
Allergan plc, Call  165   (14,727)   190.00   11/3/17   (23,925)
Allergan plc, Call  289   (27,454)   195.00   11/10/17   (32,657)
Allergan plc, Call  289   (83,230)   230.00   3/16/18   (34,102)
Allergan plc, Put  250   (486,989)   210.00   3/16/18   (915,000)
AMC Networks, Inc, Put  600   (42,599)   50.00   12/15/17   (127,500)
Analog Devices, Inc, Put  165   (108,568)   80.00   12/15/17   (7,095)
Anthem, Inc, Put  206   (15,169)   185.00   11/3/17   (14,832)
Applied Optoelectronics, Inc, Put  660   (69,058)   35.00   11/17/17   (108,900)
Baidu, Inc, Put  165   (19,461)   232.50   11/3/17   (3,300)
CBS Corp, Put  496   (21,665)   52.50   11/17/17   (26,536)
Celgene Corp, Put  500   (76,998)   125.00   1/19/18   (1,190,000)
Celgene Corp, Put  330   (240,234)   120.00   3/16/18   (691,350)
Centene Corp, Put  363   (24,139)   85.00   11/17/17   (11,979)
Cerner Corp, Put  454   (237,437)   65.00   6/15/18   (181,600)
Chubb Ltd, Put  289   (12,716)   145.00   11/17/17   (10,982)
Citigroup, Inc, Put  495   (21,284)   70.00   11/10/17   (8,910)
Clovis Oncology, Inc, Put  103   (11,124)   60.00   11/17/17   (2,575)
Clovis Oncology, Inc, Put  207   (96,874)   60.00   1/19/18   (52,785)
Clovis Oncology, Inc, Put  104   (51,271)   60.00   4/20/18   (49,920)
Cognex Corp, Put  330   (35,639)   115.00   11/17/17   (23,100)
CyberArk Software Ltd, Put  494   (207,705)   40.00   4/20/18   (139,308)
DISH Network Corp, Put  585   (349,822)   50.00   6/15/18   (380,250)
DXC Technology Co, Put  497   (48,705)   80.00   11/17/17   (6,213)
Ecolab, Inc, Put  248   (16,368)   125.00   11/17/17   (9,920)
Electronic Arts, Inc, Put  333   (22,976)   108.00   11/3/17   (15,984)
Estee Lauder Cos, Inc, Call  330   (16,830)   120.00   11/17/17   (19,470)
Estee Lauder Cos, Inc, Put  330   (32,339)   105.00   11/17/17   (29,700)
Expedia, Inc, Put  248   (471,968)   135.00   4/20/18   (384,400)
FMC Corp, Call  300   (18,900)   100.00   11/17/17   (18,000)
General Dynamics Corp, Put  165   (15,510)   200.00   11/17/17   (25,905)
General Electric Co, Put  784   (7,056)   20.00   11/17/17   (44,688)
General Electric Co, Put  785   (32,145)   19.00   1/19/18   (47,100)
Goldman Sachs Group, Inc, Put  167   (17,251)   220.00   11/17/17   (3,841)
Hartford Financial Services Group, Inc, Put 578   (22,541)   52.00   11/24/17   (9,248)
Hasbro, Inc, Put  426   (104,907)   90.00   1/19/18   (94,572)
Hasbro, Inc, Put  165   (79,693)   90.00   4/20/18   (75,900)
Hasbro, Inc, Put  165   (122,592)   95.00   4/20/18   (113,850)
Humana, Inc, Call  167   (17,242)   310.00   2/16/18   (6,680)
Humana, Inc, Put  167   (47,302)   220.00   11/17/17   (4,175)
Humana, Inc, Put  167   (93,226)   220.00   2/16/18   (37,575)
IDEXX Laboratories, Inc, Call  206   (12,154)   185.00   11/17/17   (2,678)
IDEXX Laboratories, Inc, Put  206   (12,669)   145.00   11/17/17   (5,150)
Ingersoll-Rand plc, Put  330   (21,120)   87.50   11/17/17   (37,950)
Jazz Pharmaceuticals plc, Put  330   (35,639)   130.00   11/17/17   (46,200)
L Brands, Inc, Put  17   (663)   35.00   11/17/17   (272)
Lumentum Holdings, Inc, Call  495   (19,305)   75.00   11/3/17   (14,850)
22

TIAA-CREF FUNDS - Growth & Income Fund

 

Description/underlying investmentNumber of contracts  Notional amount   Exercise price   Expiration date  Value 
Lumentum Holdings, Inc, Put  495  $(21,779)  $55.00   11/3/17  $(22,275)
Mastercard, Inc, Put  330   (8,992)   140.00   11/10/17   (7,260)
Mattel, Inc, Put  2,000   (524,048)   15.00   1/18/19   (514,000)
MicroStrategy, Inc, Put  165   (57,981)   115.00   1/19/18   (17,737)
Mohawk Industries, Inc, Put  165   (13,860)   230.00   11/17/17   (4,125)
Monolithic Power Systems, Inc, Put  330   (15,602)   105.00   11/17/17   (6,600)
Monsanto Co, Put  563   (376,217)   97.50   1/19/18   (41,380)
Monsanto Co, Put  330   (68,638)   100.00   4/20/18   (51,975)
NASDAQ, Inc, Put  400   (21,599)   70.00   11/17/17   (14,000)
NetFlix, Inc, Put  206   (12,154)   185.00   11/10/17   (14,832)
Newell Brands, Inc, Call  750   (32,249)   48.00   12/15/17   (7,500)
Newell Brands, Inc, Put  750   (343,492)   42.00   6/15/18   (326,250)
NextEra Energy, Inc, Put  330   (16,170)   145.00   11/17/17   (5,775)
NuVasive, Inc, Call  500   (58,999)   70.00   3/16/18   (60,000)
NuVasive, Inc, Put  500   (433,990)   60.00   3/16/18   (340,000)
PACCAR, Inc, Put  578   (29,766)   67.50   11/17/17   (14,450)
Pinnacle Foods, Inc, Put  487   (24,836)   52.50   11/17/17   (17,532)
Pioneer Natural Resources Co, Put  505   (471,154)   135.00   6/15/18   (429,250)
Praxair, Inc, Put  330   (26,069)   135.00   11/17/17   (4,290)
PVH Corp, Put  165   (32,986)   115.00   12/15/17   (21,780)
Raytheon Co, Put  206   (17,304)   180.00   11/17/17   (46,556)
Regeneron Pharmaceuticals, Inc, Put  165   (199,315)   370.00   4/20/18   (342,375)
Schlumberger Ltd, Put  330   (231,160)   67.50   6/15/18   (214,500)
Sherwin-Williams Co, Put  100   (18,530)   360.00   11/17/17   (3,000)
Stryker Corp, Put  333   (17,818)   140.00   11/17/17   (3,330)
Symantec Corp, Put  991   (32,068)   29.00   11/17/17   (32,703)
Take-Two Interactive Software, Inc, Put  127   (28,320)   65.00   12/15/17   (1,270)
Take-Two Interactive Software, Inc, Put  127   (64,611)   90.00   3/16/18   (32,068)
Tapestry, Inc, Put  667   (56,027)   38.00   11/17/17   (63,365)
TripAdvisor, Inc, Put  1,000   (240,174)   35.00   3/16/18   (275,000)
Ulta Beauty, Inc, Call  167   (80,659)   255.00   3/16/18   (49,265)
Ulta Beauty, Inc, Put  167   (645,941)   240.00   3/16/18   (708,080)
United States Steel Corp, Put  470   (32,429)   18.00   4/20/18   (31,020)
Universal Display Corp, Put  120   (38,759)   105.00   12/15/17   (10,800)
Universal Display Corp, Put  161   (133,305)   110.00   12/15/17   (19,320)
Universal Display Corp, Put  120   (37,559)   100.00   1/19/18   (14,700)
Universal Health Services, Inc, Call  333   (32,633)   120.00   11/17/17   (3,330)
Universal Health Services, Inc, Put  375   (47,999)   100.00   11/17/17   (58,500)
Viacom, Inc, Put  659   (400,663)   30.00   6/15/18   (474,480)
Viavi Solutions, Inc, Put  1,652   (42,951)   9.00   11/17/17   (54,516)
WABCO Holdings, Inc, Call  330   (69,638)   170.00   3/16/18   (44,550)
WABCO Holdings, Inc, Put  330   (91,738)   130.00   3/16/18   (80,850)
WABCO Holdings, Inc, Put  330   (113,986)   140.00   3/16/18   (156,750)
WellCare Health Plans, Inc, Put  150   (13,350)   160.00   11/17/17   (1,500)
WellCare Health Plans, Inc, Put  150   (22,199)   165.00   11/17/17   (22,500)
WR Grace & Co, Put  495   (29,204)   62.50   1/19/18   (13,613)
Wynn Resorts Ltd, Call  330   (7,590)   155.00   11/3/17   (7,920)
Wynn Resorts Ltd, Put  330   (21,631)   138.00   11/3/17   (3,300)
Total  36,730  $(8,943,692)          $(9,789,026)
23

TIAA-CREF FUNDS - Large-Cap Growth Fund

 

TIAA-CREF FUNDS

LARGE-CAP GROWTH FUND

SCHEDULE OF INVESTMENTS

October 31, 2017

 

SHARES     COMPANY  VALUE 
             
COMMON STOCKS - 98.9%     
             
AUTOMOBILES & COMPONENTS - 0.7%     
 105,528  *  Tesla, Inc  $34,985,698 
       TOTAL AUTOMOBILES & COMPONENTS   34,985,698 
             
BANKS - 1.1%     
 1,913,682     Bank of America Corp   52,415,750 
       TOTAL BANKS   52,415,750 
             
CAPITAL GOODS - 6.2%     
 214,129     Boeing Co   55,240,999 
 123,730     General Dynamics Corp   25,114,715 
 150,882     Northrop Grumman Corp   44,590,158 
 413,604     Parker-Hannifin Corp   75,528,226 
 185,350     Raytheon Co   33,400,070 
 65,185     Rockwell Automation, Inc   13,090,452 
 168,656     Roper Industries, Inc   43,541,920 
 62,345  *  WABCO Holdings, Inc   9,200,252 
       TOTAL CAPITAL GOODS   299,706,792 
             
CONSUMER DURABLES & APPAREL - 0.6%     
 444,961  *  Lululemon Athletica, Inc   27,369,551 
       TOTAL CONSUMER DURABLES & APPAREL   27,369,551 
             
CONSUMER SERVICES - 3.9%     
 758,916     Marriott International, Inc (Class A)   90,675,284 
 1,744,391     Starbucks Corp   95,662,402 
       TOTAL CONSUMER SERVICES   186,337,686 
             
DIVERSIFIED FINANCIALS - 0.5%     
 340,903     IntercontinentalExchange Group, Inc   22,533,688 
       TOTAL DIVERSIFIED FINANCIALS   22,533,688 
             
ENERGY - 1.0%     
 343,405  *  Concho Resources, Inc   46,088,385 
       TOTAL ENERGY   46,088,385 
             
FOOD, BEVERAGE & TOBACCO - 1.9%     
 298,235     Costco Wholesale Corp   48,039,694 
 543,048  *  Monster Beverage Corp   31,458,770 
 200,228     Pinnacle Foods, Inc   10,896,408 
       TOTAL FOOD, BEVERAGE & TOBACCO   90,394,872 
             
HEALTH CARE EQUIPMENT & SERVICES - 5.4%     
 598,066  *  Cerner Corp   40,381,416 
24

TIAA-CREF FUNDS - Large-Cap Growth Fund

 

SHARES     COMPANY  VALUE 
             
 287,277  *  Intuitive Surgical, Inc  $107,832,295 
 527,604     UnitedHealth Group, Inc   110,912,913 
       TOTAL HEALTH CARE EQUIPMENT & SERVICES   259,126,624 
             
HOUSEHOLD & PERSONAL PRODUCTS - 1.5%     
 661,094     Estee Lauder Cos (Class A)   73,916,920 
       TOTAL HOUSEHOLD & PERSONAL PRODUCTS   73,916,920 
             
MATERIALS - 3.0%     
 367,702     Albemarle Corp   51,805,535 
 194,753     Monsanto Co   23,584,588 
 177,739     Sherwin-Williams Co   70,233,566 
       TOTAL MATERIALS   145,623,689 
             
MEDIA - 0.0%     
 295  *,m  Rovi Guides, Inc   1,382 
       TOTAL MEDIA   1,382 
             
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 10.6%     
 622,687     AbbVie, Inc   56,197,502 
 277,859  *  Alexion Pharmaceuticals, Inc   33,248,608 
 236,588     Bayer AG.   30,775,088 
 256,923  *  BioMarin Pharmaceutical, Inc   21,090,809 
 671,151     Bristol-Myers Squibb Co   41,383,171 
 497,916  *,n  Celgene Corp   50,274,578 
 205,022     Eli Lilly & Co   16,799,503 
 252,896  *  Illumina, Inc   51,891,730 
 162,009     Ipsen   19,588,105 
 260,569  *  Jazz Pharmaceuticals plc   36,878,331 
 122,442     Lonza Group AG.   32,528,081 
 257,755     Novo Nordisk AS   12,833,318 
 52,665  *  Regeneron Pharmaceuticals, Inc   21,203,982 
 307,654  *  Vertex Pharmaceuticals, Inc   44,988,244 
 601,045     Zoetis, Inc   38,358,692 
       TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES   508,039,742 
             
RETAILING - 11.8%     
 189,429  *  Amazon.com, Inc   209,372,085 
 280,461     Expedia, Inc   34,962,268 
 1,455,990     Gap, Inc   37,841,180 
 568,284  n  Home Depot, Inc   94,210,121 
 93,977     Kering   43,098,346 
 569,868     Lowe’s Companies, Inc   45,560,947 
 335,642  *  NetFlix, Inc   65,930,158 
 101,436     Tiffany & Co   9,496,438 
 329,528     TJX Companies, Inc   23,001,055 
 35,738  *  Ulta Beauty, Inc   7,211,571 
       TOTAL RETAILING   570,684,169 
             
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 6.3%     
 335,871  *  Advanced Micro Devices, Inc   3,689,543 
 1,322,228     Applied Materials, Inc   74,613,326 
25

TIAA-CREF FUNDS - Large-Cap Growth Fund

 

SHARES     COMPANY  VALUE 
             
 466,026     Broadcom Ltd  $122,988,921 
 124,017     Lam Research Corp   25,866,226 
 386,678  *  Micron Technology, Inc   17,133,702 
 285,806     NVIDIA Corp   59,107,539 
       TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT   303,399,257 
             
SOFTWARE & SERVICES - 37.0%     
 742,170     Activision Blizzard, Inc   48,604,713 
 865,963  *  Adobe Systems, Inc   151,682,079 
 259,198  *  Alibaba Group Holding Ltd (ADR)   47,923,118 
 98,605  *  Alphabet, Inc (Class A)   101,862,909 
 162,223  *  Alphabet, Inc (Class C)   164,922,391 
 1,210,518  *  eBay, Inc   45,563,898 
 1,153,704  *,n  Facebook, Inc   207,735,942 
 343,803  *  Gartner, Inc   43,081,954 
 396,040  *  IAC/InterActiveCorp   51,108,962 
 872,201     Intuit, Inc   131,719,795 
 900,973     MasterCard, Inc (Class A)   134,037,753 
 3,045,200     Microsoft Corp   253,299,736 
 1,063,194  *  PayPal Holdings, Inc   77,145,357 
 331,951  *  Red Hat, Inc   40,109,639 
 1,145,157  *  salesforce.com, Inc   117,195,368 
 215,442  g  Scout24 AG.   8,636,334 
 516,100     Tencent Holdings Ltd   23,196,161 
 1,209,092     Visa, Inc (Class A)   132,975,938 
       TOTAL SOFTWARE & SERVICES   1,780,802,047 
             
TECHNOLOGY HARDWARE & EQUIPMENT - 4.9%     
 1,325,166     Apple, Inc   224,006,061 
 229,758  *  Trimble Navigation Ltd   9,392,507 
       TOTAL TECHNOLOGY HARDWARE & EQUIPMENT   233,398,568 
             
TELECOMMUNICATION SERVICES - 0.4%     
 342,275  *  T-Mobile US, Inc   20,457,777 
       TOTAL TELECOMMUNICATION SERVICES   20,457,777 
             
TRANSPORTATION - 2.1%     
 518,666     Delta Air Lines, Inc   25,948,860 
 217,347     FedEx Corp   49,079,126 
 214,272     Union Pacific Corp   24,810,555 
       TOTAL TRANSPORTATION   99,838,541 
             
       TOTAL COMMON STOCKS   4,755,121,138 
       (Cost $3,007,468,964)     
             
PURCHASED OPTIONS - 0.2%     
             
DIVERSIFIED FINANCIALS - 0.2%     
 2,240,000     PowerShares QQQ Trust   6,137,600 
 2,240,000     PowerShares QQQ Trust   4,547,200 
       TOTAL DIVERSIFIED FINANCIALS   10,684,800 
             
       TOTAL PURCHASED OPTIONS   10,684,800 
       (Cost $12,730,816)     
26

TIAA-CREF FUNDS - Large-Cap Growth Fund

 

PRINCIPAL     ISSUER  RATE  MATURITY DATE  VALUE 
                   
SHORT-TERM INVESTMENTS - 0.6%           
                   
TREASURY DEBT - 0.6%           
$11,990,000     United States Treasury Bill  0.951%  11/02/17  $11,989,678 
 15,275,000     United States Treasury Bill  0.951%  11/16/17   15,268,778 
       TOTAL TREASURY DEBT         27,258,456 
                   
       TOTAL SHORT-TERM INVESTMENTS         27,258,456 
       (Cost $27,258,637)           
       TOTAL INVESTMENTS - 99.7%         4,793,064,394 
       (Cost $3,047,458,417)           
       OTHER ASSETS & LIABILITIES, NET - 0.3%         16,535,705 
       NET ASSETS - 100.0%        $4,809,600,099 

 

       
    Abbreviation(s):
    ADR    American Depository 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 10/31/2017, the aggregate value of these securities was $8,636,334 or 0.2% of net assets.
m   Indicates a security that has been deemed illiquid.
n   All or a portion of these securities have been segregated by the custodian to cover requirements on open written options contracts.

 

 

 

Purchased options outstanding as of October 31, 2017 were as follows (See Note 3):  

 

Description/underlying investment  Number of contracts  Notional amount   Exercise price   Expiration date  Value 
PowerShares QQQ Trust, Put  22,400  $6,669,600   $   146.00    1/19/18  $4,547,200 
PowerShares QQQ Trust, Put  22,400   6,061,216    149.00   1/19/18   6,137,600 
Total  44,800  $12,730,816           $10,684,800 

 

Written options outstanding as of October 31, 2017 were as follows (See Note 3):  

 

Description/underlying investment  Number of contracts  Notional amount   Exercise price   Expiration date  Value 
Home Depot, Inc, Put  540  $(190,616)  $   135.00    1/19/18  $(16,740)
PowerShares QQQ Trust, Call  22,400   (1,573,563)   156.00   1/19/18   (4,256,000)
PowerShares QQQ Trust, Call  22,400   (1,936,435)   159.00   1/19/18   (2,150,400)
PowerShares QQQ Trust, Put  22,400   (2,850,333)   138.00   1/19/18   (2,105,600)
PowerShares QQQ Trust, Put  22,400   (2,472,006)   141.00   1/19/18   (2,710,400)
Total  90,140  $(9,022,953)          $(11,239,140)
27

TIAA-CREF FUNDS - Large-Cap Value Fund

 

TIAA-CREF FUNDS

LARGE-CAP VALUE FUND

SCHEDULE OF INVESTMENTS

October 31, 2017

 

SHARES     COMPANY  VALUE 
             
COMMON STOCKS - 99.9%     
             
AUTOMOBILES & COMPONENTS - 1.2%     
 1,329,853     General Motors Co  $57,157,082 
 1,297,841     Peugeot S.A.   30,791,994 
       TOTAL AUTOMOBILES & COMPONENTS   87,949,076 
             
BANKS - 12.7%     
 9,125,956     Banca Intesa S.p.A.   30,680,574 
 8,571,503     Bank of America Corp   234,773,467 
 2,353,097     Citigroup, Inc   172,952,630 
 602,781     Citizens Financial Group, Inc   22,911,706 
 609,779     Comerica, Inc   47,910,336 
 283,213     Huntington Bancshares, Inc   3,908,339 
 1,080,758     JPMorgan Chase & Co   108,735,062 
 3,536,625     Regions Financial Corp   54,746,955 
 408,698     SunTrust Banks, Inc   24,607,707 
 771,177     TCF Financial Corp   14,050,845 
 2,268,079     Wells Fargo & Co   127,329,955 
 1,109,876     Zions Bancorporation   51,564,839 
       TOTAL BANKS   894,172,415 
             
CAPITAL GOODS - 7.5%     
 1,131,608  *  Colfax Corp   47,199,370 
 737,191     Fortive Corp   53,269,422 
 806,453  *  Gardner Denver Holdings, Inc   23,266,169 
 5,253,223     General Electric Co   105,904,976 
 638,231  *  HD Supply Holdings, Inc   22,586,995 
 175,379  *  Herc Holdings, Inc   8,498,866 
 340,030     Johnson Controls International plc   14,073,842 
 245,733     L3 Technologies, Inc   45,996,303 
 449,195     Masco Corp   17,886,945 
 375,564  *  Navistar International Corp   15,890,113 
 435,657  *  SPX Corp   12,760,393 
 702,623  *  SPX FLOW, Inc   28,969,146 
 995,975     Terex Corp   46,920,382 
 1,501,311     Triumph Group, Inc   46,615,707 
 246,883     United Technologies Corp   29,566,708 
       TOTAL CAPITAL GOODS   519,405,337 
             
CONSUMER DURABLES & APPAREL - 1.7%     
 3,680,700     Cyrela Brazil Realty S.A.   14,401,907 
 803,269     Pulte Homes, Inc   24,282,822 
 1,288,712  *  Skechers U.S.A., Inc (Class A)   41,135,687 
 284,107     Sony Corp   11,885,526 
 596,648     Sony Corp (ADR)   25,900,490 
       TOTAL CONSUMER DURABLES & APPAREL   117,606,432 
28

TIAA-CREF FUNDS - Large-Cap Value Fund

 

SHARES     COMPANY  VALUE 
             
CONSUMER SERVICES - 3.7%     
 3,303,814  *  Arcos Dorados Holdings, Inc  $33,038,140 
 546,472     Carnival Corp   36,280,276 
 1,217,923     Extended Stay America, Inc   24,139,234 
 1,784,648     Melco Crown Entertainment Ltd (ADR)   45,115,901 
 999,023     MGM Resorts International   31,319,371 
 1,466,811     Red Rock Resorts, Inc   36,127,555 
 824,729     Restaurant Brands International, Inc   53,269,246 
       TOTAL CONSUMER SERVICES   259,289,723 
             
DIVERSIFIED FINANCIALS - 5.4%     
 358,350     American Express Co   34,229,592 
 188,485     Bank of New York Mellon Corp   9,697,553 
 323,727     Capital One Financial Corp   29,841,155 
 525,512     Goldman Sachs Group, Inc   127,426,150 
 380,642     Legg Mason, Inc   14,532,911 
 1,225,123     Morgan Stanley   61,256,150 
 706,704     State Street Corp   65,016,768 
 1,040,632     Synchrony Financial   33,945,416 
       TOTAL DIVERSIFIED FINANCIALS   375,945,695 
             
ENERGY - 11.8%     
 228,392     Anadarko Petroleum Corp   11,275,713 
 240,614     Arch Coal, Inc   18,387,722 
 2,742  *,e  California Resources Corp   30,244 
 5,457,902     Cenovus Energy, Inc   53,050,807 
 905,931     Chevron Corp   104,988,344 
 222,701  *  Continental Resources, Inc   9,066,158 
 8,744  *  Diamondback Energy, Inc   937,007 
 1,047,578     EOG Resources, Inc   104,621,615 
 1,059,942     Exxon Mobil Corp   88,346,166 
 937,522  *,e  Jagged Peak Energy, Inc   13,022,181 
 2,252,506  *  Matador Resources Co   59,804,034 
 3,684,717  *,e  MEG Energy Corp   16,365,730 
 1,974,558     Nabors Industries Ltd   11,116,762 
 359,811  *  Newfield Exploration Co   11,078,581 
 3,520,621  *  Parsley Energy, Inc   93,648,519 
 1,758,304     Plains All American Pipeline LP   35,113,331 
 537,299     Plains GP Holdings LP   10,960,900 
 322,407  e  RPC, Inc   7,837,714 
 1,307,243  *  RSP Permian, Inc   44,982,232 
 1,615,229  *,e  Transocean Ltd (NYSE)   16,959,904 
 10,111,135  *,e  Weatherford International Ltd   35,085,638 
 2,524,915     Williams Cos, Inc   71,960,077 
 751,173  *  WPX Energy, Inc   8,473,231 
       TOTAL ENERGY   827,112,610 
             
FOOD & STAPLES RETAILING - 1.7%     
 759,358  *  US Foods Holding Corp   20,715,286 
 751,282     Walgreens Boots Alliance, Inc   49,787,458 
 527,680     Wal-Mart Stores, Inc   46,071,741 
       TOTAL FOOD & STAPLES RETAILING   116,574,485 
29

TIAA-CREF FUNDS - Large-Cap Value Fund

 

SHARES     COMPANY  VALUE 
             
FOOD, BEVERAGE & TOBACCO - 5.9%     
 239,583     Bunge Ltd  $16,478,519 
 831,127     ConAgra Foods, Inc   28,391,298 
 408,748     General Mills, Inc   21,222,196 
 1,526,920     Kraft Heinz Co   118,076,724 
 401,675     Lamb Weston Holdings, Inc   20,481,408 
 60,180     Molson Coors Brewing Co (Class B)   4,866,757 
 1,986,686     Mondelez International, Inc   82,308,401 
 744,894     Philip Morris International, Inc   77,945,708 
 841,960     Pinnacle Foods, Inc   45,819,463 
 5,358     Snyder’s-Lance, Inc   201,622 
       TOTAL FOOD, BEVERAGE & TOBACCO   415,792,096 
             
HEALTH CARE EQUIPMENT & SERVICES - 3.3%     
 1,584,352     Abbott Laboratories   85,919,409 
 47,234     Anthem, Inc   9,881,825 
 91,834     Baxter International, Inc   5,920,538 
 897,781  *  Boston Scientific Corp   25,263,557 
 846,656     Cardinal Health, Inc   52,408,006 
 259,848     Medtronic plc   20,922,961 
 428,490  *  Molina Healthcare, Inc   29,064,477 
       TOTAL HEALTH CARE EQUIPMENT & SERVICES   229,380,773 
             
HOUSEHOLD & PERSONAL PRODUCTS - 0.5%     
 368,850     Procter & Gamble Co   31,846,509 
       TOTAL HOUSEHOLD & PERSONAL PRODUCTS   31,846,509 
             
INSURANCE - 6.5%     
 387,549     Allstate Corp   36,375,349 
 1,539,049     American International Group, Inc   99,437,956 
 361,408  *  Berkshire Hathaway, Inc (Class B)   67,561,611 
 104,121  *  Brighthouse Financial, Inc   6,474,244 
 397,555     Chubb Ltd   59,959,245 
 547,279     Hartford Financial Services Group, Inc   30,127,709 
 1,142,104     Manulife Financial Corp   22,956,290 
 1,758,188     Metlife, Inc   94,203,713 
 184,346     Travelers Cos, Inc   24,416,628 
 177,465     W.R. Berkley Corp   12,170,550 
       TOTAL INSURANCE   453,683,295 
             
MATERIALS - 6.9%     
 26,884     Acerinox S.A.   386,240 
 4,049,262  *,e  AK Steel Holding Corp   18,586,113 
 307,914     Ashland Global Holdings, Inc   20,931,994 
 196,867  *  Berry Plastics Group, Inc   11,703,743 
 1,294,773     DowDuPont, Inc   93,625,036 
 2,101,687     First Quantum Minerals Ltd   23,507,746 
 1,673,022  *  Freeport-McMoRan Copper & Gold, Inc (Class B)   23,388,847 
 510,924  *  GCP Applied Technologies, Inc   14,944,527 
 2,575,729  *  Louisiana-Pacific Corp   70,008,314 
30

TIAA-CREF FUNDS - Large-Cap Value Fund

 

SHARES     COMPANY  VALUE 
             
 1,185,182     Olin Corp  $43,294,698 
 518,238  *,e  Ramaco Resources, Inc   3,036,875 
 1,035,403     ThyssenKrupp AG.   27,775,825 
 1,553,200     Tronox Ltd   41,113,204 
 845,304     Valvoline, Inc   20,304,202 
 964,033     WR Grace & Co   73,738,884 
       TOTAL MATERIALS   486,346,248 
             
MEDIA - 0.6%     
 313,669     CBS Corp (Class B)   17,603,104 
 249,882  *  DISH Network Corp (Class A)   12,129,272 
 122,264     Walt Disney Co   11,958,642 
       TOTAL MEDIA   41,691,018 
             
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 9.1%     
 373,474     Allergan plc   66,190,797 
 277,104     Amgen, Inc   48,554,163 
 829,141     Bristol-Myers Squibb Co   51,124,834 
 533,895  *  Endo International plc   3,406,250 
 761,726     Gilead Sciences, Inc   57,098,981 
 721,891     Johnson & Johnson   100,638,824 
 959,954     Merck & Co, Inc   52,883,866 
 1,666,430  *  Mylan NV   59,508,215 
 5,277,227     Pfizer, Inc   185,019,579 
 1,176,058     Teva Pharmaceutical Industries Ltd (ADR)   16,229,601 
       TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES   640,655,110 
             
REAL ESTATE - 0.8%     
 48,675     AvalonBay Communities, Inc   8,826,238 
 342,592     HCP, Inc   8,852,577 
 1,215,970     MGM Growth Properties LLC   35,883,275 
 68,553  *  Quality Care Properties, Inc   1,085,194 
       TOTAL REAL ESTATE   54,647,284 
             
RETAILING - 1.2%     
 182,284     Advance Auto Parts, Inc   14,899,894 
 3,059,882  *  Groupon, Inc   14,595,637 
 11,456,000     Hengdeli Holdings Ltd   587,382 
 465,870     Target Corp   27,504,965 
 3,350,600     Via Varejo S.A.   23,117,122 
       TOTAL RETAILING   80,705,000 
             
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.6%     
 4,565,517  *,e  Advanced Micro Devices, Inc   50,152,204 
 2,488,682     Advanced Semiconductor Engineering, Inc (ADR)   15,330,281 
 641,658  *  Cree, Inc   22,907,191 
 1,199,724     Intel Corp   54,575,445 
 525,862  *,e  Mellanox Technologies Ltd   24,584,048 
 284,003     Qualcomm, Inc   14,486,993 
       TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT   182,036,162 
31

TIAA-CREF FUNDS - Large-Cap Value Fund

 

SHARES     COMPANY  VALUE 
             
SOFTWARE & SERVICES - 6.1%     
 523,273  *  Conduent, Inc  $8,100,266 
 354,201  *  Dell Technologies, Inc-VMware Inc   29,317,217 
 1,147,641  *  eBay, Inc   43,197,207 
 168,686  *  IAC/InterActiveCorp   21,768,928 
 92,781  *  Micro Focus International plc (ADR)   3,240,840 
 111,467  *  MicroStrategy, Inc (Class A)   14,742,626 
 75,702     Nintendo Co Ltd   29,369,467 
 2,465,879     Oracle Corp   125,513,241 
 5,005,681  *,e  Pandora Media, Inc   36,591,528 
 1,235,179     Symantec Corp   40,143,318 
 1,653,882  *  Teradata Corp   55,322,353 
 5,279,947  *  Zynga, Inc   20,591,793 
       TOTAL SOFTWARE & SERVICES   427,898,784 
             
TECHNOLOGY HARDWARE & EQUIPMENT - 3.9%     
 693,114  *  Ciena Corp   14,742,535 
 3,311,200     Cisco Systems, Inc   113,077,480 
 356,621     Corning, Inc   11,165,804 
 675,559     Hewlett Packard Enterprise Co   9,403,781 
 1,125,817  *  Infinera Corp   9,423,088 
 1,017,900     Juniper Networks, Inc   25,274,457 
 438,019  *  Lumentum Holdings, Inc   27,660,900 
 5,808,804     Nokia Corp   28,405,052 
 1,190,950     Xerox Corp   36,097,694 
       TOTAL TECHNOLOGY HARDWARE & EQUIPMENT   275,250,791 
             
TELECOMMUNICATION SERVICES - 3.3%     
 4,338,435     AT&T, Inc   145,988,338 
 1,632,001     Telephone & Data Systems, Inc   47,572,829 
 713,864     Verizon Communications, Inc   34,172,670 
       TOTAL TELECOMMUNICATION SERVICES   227,733,837 
             
TRANSPORTATION - 1.4%     
 726,667  *,†,b,m  AMR Corp (Escrow)   7,267 
 603,578  *  Kirby Corp   42,763,501 
 1,395,410  *  Knight-Swift Transportation Holdings, Inc   57,839,744 
       TOTAL TRANSPORTATION   100,610,512 
             
UTILITIES - 2.1%     
 256,513     American Electric Power Co, Inc   19,087,132 
 243,721     Duke Energy Corp   21,523,002 
 184,428     Edison International   14,745,019 
 731,026     Exelon Corp   29,394,555 
 1,623,218     FirstEnergy Corp   53,485,033 
 99,129     Sempra Energy   11,647,657 
       TOTAL UTILITIES   149,882,398 
             
       TOTAL COMMON STOCKS   6,996,215,590 
       (Cost $5,712,686,025)     
32

TIAA-CREF FUNDS - Large-Cap Value Fund

 

SHARES     COMPANY              VALUE 
                         
PURCHASED OPTIONS - 0.0%                 
                         
DIVERSIFIED FINANCIALS - 0.0%                 
 546,400     S&P 500 Index              $27,320 
       TOTAL DIVERSIFIED FINANCIALS               27,320 
                         
       TOTAL PURCHASED OPTIONS               27,320 
       (Cost $17,605,008)                 
                         
PRINCIPAL       ISSUER   RATE   MATURITY DATE        
              
SHORT-TERM INVESTMENTS - 2.4%             
              
GOVERNMENT AGENCY DEBT - 0.2%             
$17,800,000     Federal Home Loan Bank (FHLB)   0.700%  11/01/17   17,800,000 
       TOTAL GOVERNMENT AGENCY DEBT           17,800,000 
                     
SHARES     COMPANY             
                    
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 2.2%             
 153,517,053  c  State Street Navigator Securities Lending Government Money Market Portfolio       153,517,053 
       TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES       153,517,053 
                     
       TOTAL SHORT-TERM INVESTMENTS           171,317,053 
       (Cost $171,317,053)             
       TOTAL INVESTMENTS - 102.3%           7,167,559,963 
       (Cost $5,901,608,086)             
       OTHER ASSETS & LIABILITIES, NET - (2.3)%           (161,978,588)
       NET ASSETS - 100.0%          $7,005,581,375 

 

       
    Abbreviation(s):
    ADR    American Depository Receipt

 

*   Non-income producing
†   Security is categorized as Level 3 in the fair value hierarchy.
c   Investments made with cash collateral received from securities on loan.
e   All or a portion of these securities are out on loan. The aggregate value of securities on loan is $147,124,601.
m   Indicates a security that has been deemed illiquid.

 

 

 

Purchased options outstanding as of October 31, 2017 were as follows (See Note 3):

 

Description/underlying investment  Number of contracts  Notional amount   Exercise price   Expiration date  Value 
S&P 500 Index, Put  5,464  $17,605,008   $   2,300.00    10/31/17  $27,320 

 

Written options outstanding as of October 31, 2017 were as follows (See Note 3):

 

Description/underlying investment  Number of contracts  Notional amount   Exercise price   Expiration date  Value 
S&P 500 Index, Put  5,464  $(6,819,072)  $   2,100.00    10/31/17  $(27,320)
33

TIAA-CREF FUNDS - Mid-Cap Growth Fund

 

TIAA-CREF FUNDS

MID-CAP GROWTH FUND

SCHEDULE OF INVESTMENTS  

October 31, 2017

 

SHARES     COMPANY  VALUE 
           
COMMON STOCKS - 98.6%
                   
AUTOMOBILES & COMPONENTS - 1.3%
 210,491     Delphi Automotive plc  $20,918,596 
       TOTAL AUTOMOBILES & COMPONENTS   20,918,596 
             
BANKS - 2.5%        
 199,896     Citizens Financial Group, Inc   7,598,047 
 190,666     First Republic Bank   18,570,869 
 61,880  *  SVB Financial Group   13,569,046 
       TOTAL BANKS   39,737,962 
             
CAPITAL GOODS - 15.1%
 235,764     A.O. Smith Corp   13,957,229 
 128,881     Allegion plc   10,747,386 
 214,886     BWX Technologies, Inc   12,875,969 
 397,590     Fastenal Co   18,674,802 
 284,285     Fortive Corp   20,542,434 
 186,513     Fortune Brands Home & Security, Inc   12,321,049 
 335,382  *  Gardner Denver Holdings, Inc   9,675,771 
 194,000  n  Ingersoll-Rand plc   17,188,400 
 352,807     Masco Corp   14,048,775 
 113,255     Owens Corning, Inc   9,365,056 
 132,934     Parker-Hannifin Corp   24,275,078 
 94,194     Rockwell Automation, Inc   18,916,039 
 88,042     Rockwell Collins, Inc   11,938,495 
 101,229     Roper Industries, Inc   26,134,291 
 73,428     Snap-On, Inc   11,585,470 
 25,532     TransDigm Group, Inc   7,085,130 
       TOTAL CAPITAL GOODS   239,331,374 
              
CONSUMER DURABLES & APPAREL - 3.3%
 420,280     DR Horton, Inc   18,580,579 
 44,068  *  Mohawk Industries, Inc   11,535,239 
 337,813     Newell Rubbermaid, Inc   13,776,014 
 201,904     Tapestry, Inc   8,267,969 
       TOTAL CONSUMER DURABLES & APPAREL   52,159,801 
              
CONSUMER SERVICES - 4.1%
 473,708     Melco Crown Entertainment Ltd (ADR)   11,975,338 
 389,345     MGM Resorts International   12,205,965 
 493,995     Planet Fitness, Inc   13,160,027 
 174,820     Restaurant Brands International, Inc   11,291,624 
 109,816     Wynn Resorts Ltd   16,196,762 
       TOTAL CONSUMER SERVICES   64,829,716 
34

TIAA-CREF FUNDS - Mid-Cap Growth Fund

 

SHARES     COMPANY  VALUE 
              
DIVERSIFIED FINANCIALS - 4.6%
 55,000     Affiliated Managers Group, Inc  $10,257,500 
 87,097  n  Ameriprise Financial, Inc   13,634,164 
 290,801  e,n  iShares Russell Midcap Growth Index Fund   33,846,329 
 338,796     Lazard Ltd (Class A)   16,106,362 
       TOTAL DIVERSIFIED FINANCIALS   73,844,355 
              
ENERGY - 1.4%
 90,719  *  Diamondback Energy, Inc   9,721,448 
 188,310  *  Parsley Energy, Inc   5,009,046 
 216,576  *  RSP Permian, Inc   7,452,380 
       TOTAL ENERGY   22,182,874 
              
FOOD & STAPLES RETAILING - 0.7%
 400,982  *  US Foods Holding Corp   10,938,789 
       TOTAL FOOD & STAPLES RETAILING   10,938,789 
              
FOOD, BEVERAGE & TOBACCO - 1.7%
 50,137     Hershey Co   5,323,546 
 136,964     Kellogg Co   8,564,359 
 157,174  *  Post Holdings, Inc   13,034,440 
       TOTAL FOOD, BEVERAGE & TOBACCO   26,922,345 
              
HEALTH CARE EQUIPMENT & SERVICES - 4.8%
 359,937  *,e  Acadia Healthcare Co, Inc   11,287,624 
 72,219  *  Centene Corp   6,764,754 
 239,430  *  Cerner Corp   16,166,313 
 211,170  *,n  Edwards Lifesciences Corp   21,587,909 
 88,045  *  Insulet Corp   5,177,927 
 71,202  *  Nevro Corp   6,235,871 
 300,000  *,e  Teladoc, Inc   9,915,000 
       TOTAL HEALTH CARE EQUIPMENT & SERVICES   77,135,398 
              
INSURANCE - 1.6%
 517,644     Progressive Corp   25,183,381 
       TOTAL INSURANCE   25,183,381 
              
MATERIALS - 8.4%
 96,575     Albemarle Corp   13,606,452 
 82,916     Ashland Global Holdings, Inc   5,636,630 
 169,189  n  Avery Dennison Corp   17,962,796 
 272,871  *  Berry Plastics Group, Inc   16,222,181 
 301,381     International Paper Co   17,260,090 
 438,666     Olin Corp   16,024,469 
 453,909  *  Summit Materials, Inc   14,252,742 
 591,363  n  Tronox Ltd   15,653,379 
 212,657     WR Grace & Co   16,266,134 
       TOTAL MATERIALS   132,884,873 
              
MEDIA - 0.9%        
 719,463     Interpublic Group of Cos, Inc   13,849,663 
       TOTAL MEDIA   13,849,663 
35

TIAA-CREF FUNDS - Mid-Cap Growth Fund

 

SHARES     COMPANY  VALUE 
              
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.4%
 125,392  *  Acadia Pharmaceuticals, Inc  $4,367,403 
 245,134  *  BioMarin Pharmaceutical, Inc   20,123,050 
 117,865  *  Illumina, Inc   24,184,719 
 117,682  *  Incyte Corp   13,327,487 
 101,135  *  Jazz Pharmaceuticals plc   14,313,637 
 171,423  *,n  Quintiles Transnational Holdings, Inc   18,530,826 
 142,340  *  Seattle Genetics, Inc   8,726,865 
 469,369     Zoetis, Inc   29,955,130 
       TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES   133,529,117 
              
REAL ESTATE - 2.3%        
 150,179     Equity Lifestyle Properties, Inc   13,287,838 
 242,531     Gaming and Leisure Properties, Inc   8,862,083 
 92,066  *  SBA Communications Corp   14,470,934 
       TOTAL REAL ESTATE   36,620,855 
              
RETAILING - 5.9%
 89,192  *  Burlington Stores, Inc   8,374,237 
 104,856  *  Dollar Tree, Inc   9,568,110 
 67,690     Expedia, Inc   8,438,236 
 68,093  *  O’Reilly Automotive, Inc   14,364,218 
 374,396     Ross Stores, Inc   23,770,402 
 240,256     Tractor Supply Co   14,477,827 
 74,398  *,n  Ulta Beauty, Inc   15,012,772 
       TOTAL RETAILING   94,005,802 
             
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 6.5%        
 1,171,996  *,n  Advanced Micro Devices, Inc   12,874,376 
 271,840     Analog Devices, Inc   24,818,992 
 117,151  *  Cavium, Inc   8,082,248 
 120,148     Lam Research Corp   25,059,268 
 126,720     Microchip Technology, Inc   12,013,056 
 156,217  *  Micron Technology, Inc   6,921,975 
 118,142     Skyworks Solutions, Inc   13,451,648 
       TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT   103,221,563 
              
SOFTWARE & SERVICES - 19.4%
 82,341     Alliance Data Systems Corp   18,422,152 
 530,659  *  ANGI Homeservices, Inc   6,633,237 
 62,000  *  Autodesk, Inc   7,747,520 
 258,763     CDK Global, Inc   16,446,976 
 217,643  *  Dell Technologies, Inc-VMware Inc   18,014,311 
 287,144     DXC Technology Co   26,279,419 
 244,966     Fidelity National Information Services, Inc   22,723,046 
 120,770  *  Fiserv, Inc   15,631,261 
 124,647  *  FleetCor Technologies, Inc   20,600,410 
 25,728  *  ForeScout Technologies, Inc   665,069 
 137,635  *  Gartner, Inc   17,247,042 
 278,700  *  GoDaddy, Inc   13,015,290 
 154,474  *,e  GrubHub, Inc   9,426,003 
 103,988  *  Guidewire Software, Inc   8,316,960 
36

TIAA-CREF FUNDS - Mid-Cap Growth Fund

 

SHARES     COMPANY  VALUE 
            
 142,669  *  IAC/InterActiveCorp  $18,411,435 
 136,475  *  Proofpoint, Inc   12,611,655 
 216,885  *  RingCentral, Inc   9,141,703 
 139,717  *  ServiceNow, Inc   17,656,037 
 631,576     Symantec Corp   20,526,220 
 268,807  *  Vantiv, Inc   18,816,490 
 2,548,902  *  Zynga, Inc   9,940,719 
       TOTAL SOFTWARE & SERVICES   308,272,955 
             
TECHNOLOGY HARDWARE & EQUIPMENT - 3.9%        
 182,000     Amphenol Corp (Class A)   15,834,000 
 55,500  *  Coherent, Inc   14,580,405 
 252,695  *,n  Lumentum Holdings, Inc   15,957,689 
 371,785  *  Trimble Navigation Ltd   15,198,571 
       TOTAL TECHNOLOGY HARDWARE & EQUIPMENT   61,570,665 
              
TRANSPORTATION - 1.8%        
 141,434     J.B. Hunt Transport Services, Inc   15,047,163 
 201,295  *  Kirby Corp   14,261,750 
       TOTAL TRANSPORTATION   29,308,913 
             
       TOTAL COMMON STOCKS   1,566,448,997 
       (Cost $1,232,545,674)     
             
PURCHASED OPTIONS - 0.0%        
              
DIVERSIFIED FINANCIALS - 0.0%        
 10,000     Ameriprise Financial, Inc   7,200 
       TOTAL DIVERSIFIED FINANCIALS   7,200 
              
MATERIALS - 0.0%        
 120,000     Avery Dennison Corp   6,000 
       TOTAL MATERIALS   6,000 
              
PHARMACEUTICALS & BIOTECHNOLOGY - 0.0%
 140,000     Quintiles IMS Holdings, Inc   12,600 
       TOTAL PHARMACEUTICALS & BIOTECHNOLOGY   12,600 
             
RETAILING - 0.0%        
 45,000     Ulta Beauty, Inc   405,000 
       TOTAL RETAILING   405,000 
              
TECHNOLOGY HARDWARE & EQUIPMENT - 0.0%        
 250,000     Lumentum Holdings, Inc   850,000 
       TOTAL TECHNOLOGY HARDWARE & EQUIPMENT   850,000 
             
       TOTAL PURCHASED OPTIONS   1,280,800 
       (Cost $2,060,411)     
37

TIAA-CREF FUNDS - Mid-Cap Growth Fund

 

PRINCIPAL      COMPANY  RATE  MATURITY DATE  VALUE  
                       
SHORT-TERM INVESTMENTS - 3.3%
 
GOVERNMENT AGENCY DEBT - 1.6%
$25,500,000     Federal Home Loan Bank (FHLB)   0.700%  11/01/17  $ 25,500,000  
       TOTAL GOVERNMENT AGENCY DEBT            25,500,000  
                       
SHARES      COMPANY               
                        
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.7%
 26,359,303  c  State Street Navigator Securities Lending Government Money Market Portfolio    26,359,303  
       TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES    26,359,303  
                        
       TOTAL SHORT-TERM INVESTMENTS            51,859,303  
       (Cost $51,859,303)                
       TOTAL INVESTMENTS - 101.9%            1,619,589,100  
       (Cost $1,286,465,388)                
       OTHER ASSETS & LIABILITIES, NET - (1.9)%            (28,932,168 )
       NET ASSETS - 100.0%          $ $1,590,656,932  

 

         
      Abbreviation(s):
      ADR   American Depository 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 $26,217,685.
  n   All or a portion of these securities have been segregated by the custodian to cover requirements on open written options contracts.

 

 

 

Purchased options outstanding as of October 31, 2017 were as follows (See Note 3):

 

Description/underlying investment  Number of contracts   Notional amount   Exercise price   Expiration date  Value 
Ameriprise Financial, Inc, Put   100   $24,200   $ 150.00    11/17/17  $7,200 
Avery Dennison Corp, Put   1,200    152,100    95.00   11/17/17   6,000 
Lumentum Holdings, Inc, Put   2,500    1,029,375    62.00   11/17/17   850,000 
Quintiles IMS Holdings, Inc, Put   1,400    226,450    100.00   11/17/17   12,600 
Ulta Beauty, Inc, Put   450    628,286    195.00   12/15/17   405,000 
Total   5,650   $2,060,411           $1,280,800 
                        
Written options outstanding as of October 31, 2017 were as follows (See Note 3):
                        
Description/underlying investment   Number of contracts   Notional amount    Exercise price   Expiration date  Value 
Advanced Micro Devices, Inc, Call   5,500   $(186,116)  $   16.00    11/17/17  $(11,000)
Ameriprise Financial, Inc, Call   100    (13,300)   160.00   11/17/17   (12,100)
Ameriprise Financial, Inc, Put   100    (5,400)   140.00   11/17/17   (1,000)
Avery Dennison Corp, Call   1,200    (47,099)   105.00   11/17/17   (258,000)
Avery Dennison Corp, Put   1,200    (47,099)   90.00   11/17/17   (16,800)
Edwards Lifesciences Corp, Call   1,050    (195,862)   120.00   11/17/17   (5,250)
Ingersoll-Rand plc, Call   1,200    (98,098)   100.00   11/17/17   (18,000)
Lumentum Holdings, Inc, Call   2,500    (496,438)   70.00   11/17/17   (450,000)
Lumentum Holdings, Inc, Put   2,500    (320,617)   55.00   11/17/17   (275,000)
Quintiles IMS Holdings, Inc, Call   1,400    (131,947)   105.00   11/17/17   (532,000)
Quintiles IMS Holdings, Inc, Put   1,400    (54,949)   95.00   11/17/17   (21,000)
Tronox Ltd, Call   2,000    (246,494)   28.00   11/17/17   (170,000)
Ulta Beauty, Inc, Call   450    (224,207)   215.00   12/15/17   (283,500)
Ulta Beauty, Inc, Put   450    (311,703)   180.00   12/15/17   (198,450)
Total   21,050   $(2,379,329)          $(2,252,100)
38

TIAA-CREF FUNDS - Mid-Cap Value Fund

 

TIAA-CREF FUNDS

MID-CAP VALUE FUND

SCHEDULE OF INVESTMENTS

October 31, 2017

 

SHARES     COMPANY  VALUE 
           
COMMON STOCKS - 99.5%
              
AUTOMOBILES & COMPONENTS - 1.4%
 209,800     Delphi Automotive plc  $20,849,924 
 132,438     Lear Corp   23,254,789 
 176,558     Magna International, Inc (Class A)   9,631,239 
 67,259  *  Visteon Corp   8,477,324 
       TOTAL AUTOMOBILES & COMPONENTS   62,213,276 
              
BANKS - 8.8%
 443,944     BankUnited   15,471,448 
 231,049     Chemical Financial Corp   12,173,972 
 206,751     CIT Group, Inc   9,638,732 
 543,449     Citizens Financial Group, Inc   20,656,497 
 572,930     Comerica, Inc   45,015,110 
 539,709     East West Bancorp, Inc   32,296,187 
 253,168     First Republic Bank   24,658,563 
 897,086     Hilltop Holdings, Inc   21,135,346 
 2,890,000     Huntington Bancshares, Inc   39,882,000 
 891,890     Keycorp   16,276,993 
 157,169     M&T Bank Corp   26,211,074 
 786,961     Regions Financial Corp   12,182,156 
 935,000     SunTrust Banks, Inc   56,296,350 
 447,845     Synovus Financial Corp   20,981,538 
 117,856     Wintrust Financial Corp   9,580,514 
 809,013     Zions Bancorporation   37,586,744 
       TOTAL BANKS   400,043,224 
              
CAPITAL GOODS - 8.3%        
 296,992  *  AerCap Holdings NV   15,633,659 
 187,318     Crane Co   15,569,872 
 283,122     Cummins, Inc   50,078,619 
 167,042     Fluor Corp   7,197,840 
 419,229     Hexcel Corp   25,443,008 
 126,227     Hubbell, Inc   15,881,881 
 330,620     Ingersoll-Rand plc   29,292,932 
 491,016     ITT, Inc   22,900,986 
 125,000  *  JELD-WEN Holding, Inc   4,610,000 
 528,829     KBR, Inc   10,380,913 
 306,697     L3 Technologies, Inc   57,407,545 
 368,400     Masco Corp   14,669,688 
 98,000  *  Masonite International Corp   6,575,800 
 33,000     Rockwell Collins, Inc   4,474,800 
 300,956  *  SPX FLOW, Inc   12,408,416 
 1,110,630     Textron, Inc   58,574,626 
 110,569  *  WABCO Holdings, Inc   16,316,667 
 76,219  e  Wabtec Corp   5,830,754 
       TOTAL CAPITAL GOODS   373,248,006 
39

TIAA-CREF FUNDS - Mid-Cap Value Fund

 

SHARES     COMPANY  VALUE 
              
COMMERCIAL & PROFESSIONAL SERVICES - 0.8%        
 563,942     Republic Services, Inc  $36,695,706 
       TOTAL COMMERCIAL & PROFESSIONAL SERVICES   36,695,706 
              
CONSUMER DURABLES & APPAREL - 2.6%        
 376,273  e  Mattel, Inc   5,312,975 
 84,921  *  Mohawk Industries, Inc   22,228,921 
 544,315     Newell Rubbermaid, Inc   22,197,166 
 7,447  *  NVR, Inc   24,436,362 
 217,609     Sony Corp   9,103,603 
 149,740  *  Steven Madden Ltd   5,839,860 
 440,000  *,e  Tempur Sealy International, Inc   28,762,800 
       TOTAL CONSUMER DURABLES & APPAREL   117,881,687 
             
CONSUMER SERVICES - 1.7%        
 223,378     ARAMARK Holdings Corp   9,759,385 
 122,351     Darden Restaurants, Inc   10,065,817 
 472,993     ILG, Inc   14,033,702 
 200,000  *  Red Robin Gourmet Burgers, Inc   13,680,000 
 162,865     Restaurant Brands International, Inc   10,519,451 
 167,798     Wyndham Worldwide Corp   17,929,216 
       TOTAL CONSUMER SERVICES   75,987,571 
              
DIVERSIFIED FINANCIALS - 3.9%
 395,246     Ameriprise Financial, Inc   61,871,809 
 276,890     Blackstone Mortgage Trust, Inc   8,813,409 
 964,961  *  E*TRADE Financial Corp   42,062,650 
 197,733     Lazard Ltd (Class A)   9,400,227 
 875,544     MFA Mortgage Investments, Inc   7,214,482 
 362,764     Raymond James Financial, Inc   30,755,132 
 498,409     Synchrony Financial   16,258,101 
       TOTAL DIVERSIFIED FINANCIALS   176,375,810 
              
ENERGY - 10.2%
 187,710     Anadarko Petroleum Corp   9,267,243 
 330,039     Andeavor   35,063,343 
 200,000     Apache Corp   8,274,000 
 167,081  e  Arch Coal, Inc   12,768,330 
 431,753     Baker Hughes a GE Co   13,569,997 
 1,320,780  *  Callon Petroleum Co   14,647,450 
 1,148,680     Capital Product Partners LP   3,928,486 
 123,988     Cimarex Energy Co   14,497,917 
 242,500  *  Concho Resources, Inc   32,545,925 
 630,000  *  Continental Resources, Inc   25,647,300 
 188,239  *  Diamondback Energy, Inc   20,171,691 
 136,673  *  Dril-Quip, Inc   5,753,933 
 457,174  *  Energen Corp   23,635,896 
 222,541     EQT Corp   13,917,714 
 430,000     Hess Corp   18,988,800 
 187,939     HollyFrontier Corp   6,944,346 

40

TIAA-CREF FUNDS - Mid-Cap Value Fund

 

SHARES     COMPANY  VALUE 
           
 403,277     Marathon Petroleum Corp  $24,091,768 
 712,582  *  Matador Resources Co   18,919,052 
 203,560     Oceaneering International, Inc   4,115,983 
 900,000  *  Parsley Energy, Inc   23,940,000 
 645,949     Patterson-UTI Energy, Inc   12,776,871 
 47,000     Pioneer Natural Resources Co   7,034,490 
 385,982     Plains All American Pipeline LP   7,708,061 
 503,956  *  Rowan Cos plc   7,221,689 
 386,301  e  RPC, Inc   9,390,977 
 760,000  *  RSP Permian, Inc   26,151,600 
 200,000     Targa Resources Investments, Inc   8,300,000 
 1,252,919  *,e  Transocean Ltd (NYSE)   13,155,650 
 965,888     Williams Cos, Inc   27,527,808 
 1,081,278  *  WPX Energy, Inc   12,196,816 
       TOTAL ENERGY   462,153,136 
               
FOOD, BEVERAGE & TOBACCO - 5.4%
 96,201     British American Tobacco plc (ADR)   6,195,344 
 841,515     Bunge Ltd   57,879,402 
 905,057     ConAgra Foods, Inc   30,916,747 
 936,185     Cott Corp   14,042,775 
 329,296     Dean Foods Co   3,210,636 
 482,059     Lamb Weston Holdings, Inc   24,580,188 
 279,994     Molson Coors Brewing Co (Class B)   22,643,115 
 569,633     Pinnacle Foods, Inc   30,999,428 
 194,115  *  Post Holdings, Inc   16,097,957 
 475,116     Tyson Foods, Inc (Class A)   34,640,708 
       TOTAL FOOD, BEVERAGE & TOBACCO   241,206,300 
               
HEALTH CARE EQUIPMENT & SERVICES - 3.0%
 1,097,093  *  Boston Scientific Corp   30,872,197 
 223,643     Cardinal Health, Inc   13,843,502 
 274,267  *  Centene Corp   25,690,590 
 108,262     Healthsouth Corp   4,995,208 
 126,602     Humana, Inc   32,327,821 
 112,698  *  WellCare Health Plans, Inc   22,284,902 
 57,395     Zimmer Holdings, Inc   6,980,380 
       TOTAL HEALTH CARE EQUIPMENT & SERVICES   136,994,600 
             
INSURANCE - 7.3%        
 172,433     Aon plc   24,732,065 
 173,001  *  Arch Capital Group Ltd   17,237,820 
 256,119     Argo Group International Holdings Ltd   16,122,691 
 204,093     Chubb Ltd   30,781,306 
 75,428     Everest Re Group Ltd   17,910,379 
 819,172     Hartford Financial Services Group, Inc   45,095,419 
 136,634     Intact Financial Corp   11,168,169 
 425,566     Lincoln National Corp   32,249,391 
 366,990     Marsh & McLennan Cos, Inc   29,700,501 
 363,058     Principal Financial Group   23,907,369 
 286,442     ProAssurance Corp   16,055,074 
 95,843     RenaissanceRe Holdings Ltd   13,260,838 
 297,381     UnumProvident Corp   15,475,707 
41

TIAA-CREF FUNDS - Mid-Cap Value Fund

 

SHARES     COMPANY  VALUE 
          
 295,791     Validus Holdings Ltd  $15,404,795 
 460,000     XL Group Ltd   18,616,200 
       TOTAL INSURANCE   327,717,724 
              
MATERIALS - 7.4%        
 170,000     Albemarle Corp   23,951,300 
 166,714     Ashland Global Holdings, Inc   11,333,218 
 360,735  *  Berry Plastics Group, Inc   21,445,696 
 212,638  *  Clearwater Paper Corp   9,813,244 
 266,517  *  Crown Holdings, Inc   16,036,328 
 370,000  *  Ferro Corp   8,813,400 
 1,084,265     First Quantum Minerals Ltd   12,127,699 
 2,077,652  *  Freeport-McMoRan Copper & Gold, Inc (Class B)   29,045,575 
 401,256  *  GCP Applied Technologies, Inc   11,736,738 
 802,959  *  Louisiana-Pacific Corp   21,824,426 
 311,091     Newmont Mining Corp   11,249,050 
 646,536     Olin Corp   23,617,960 
 93,569     Schweitzer-Mauduit International, Inc   3,951,419 
 620,062     Steel Dynamics, Inc   23,072,507 
 651,573     Tronox Ltd   17,247,137 
 403,964     Valvoline, Inc   9,703,215 
 243,477     Westlake Chemical Corp   20,673,632 
 84,609     WestRock Co   5,189,070 
 684,358     WR Grace & Co   52,346,543 
       TOTAL MATERIALS   333,178,157 
              
MEDIA - 1.8%
 210,293     CBS Corp (Class B)   11,801,643 
 66,749  *  DISH Network Corp (Class A)   3,239,996 
 247,589  *  EW Scripps Co (Class A)   4,293,193 
 1,259,079     Interpublic Group of Cos, Inc   24,237,271 
 31,341  *  Madison Square Garden Co   6,979,327 
 1,727,655  *  MDC Partners, Inc   19,868,033 
 91,470  *  MSG Networks, Inc   1,587,005 
 375,072     Viacom, Inc (Class B)   9,012,980 
       TOTAL MEDIA   81,019,448 
             
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 3.2%        
 773,807     Agilent Technologies, Inc   52,642,090 
 91,272  *  Jazz Pharmaceuticals plc   12,917,726 
 95,570     Lonza Group AG.   25,389,235 
 1,217,839  *  Mylan NV   43,489,031 
 141,439     PerkinElmer, Inc   10,228,869 
       TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES   144,666,951 
         
REAL ESTATE - 9.0%        
 315,406     American Assets Trust,Inc   12,234,599 
 334,982     American Campus Communities, Inc   13,928,552 
 154,984     AvalonBay Communities, Inc   28,103,249 
 151,430     Boston Properties, Inc   18,350,287 
 299,009     Camden Property Trust   27,281,581 
 1,901,717     Cousins Properties, Inc   17,153,487 
 535,945     DDR Corp   4,110,698 
42

TIAA-CREF FUNDS - Mid-Cap Value Fund

 

SHARES     COMPANY  VALUE 
           
 502,423  *  Equity Commonwealth  $15,097,811 
 265,410     Gaming and Leisure Properties, Inc   9,698,081 
 579,945     GGP, Inc   11,285,730 
 1,018,327     HCP, Inc   26,313,570 
 1,246,882     Host Marriott Corp   24,389,012 
 519,626     Kennedy-Wilson Holdings, Inc   10,106,726 
 424,158     Kimco Realty Corp   7,702,709 
 302,256     Mid-America Apartment Communities, Inc   30,935,902 
 709,492     Monmouth Real Estate Investment Corp (Class A)   12,089,744 
 493,566     Park Hotels & Resorts, Inc   14,209,765 
 486,582     Prologis, Inc   31,423,466 
 674,499     STORE Capital Corp   16,653,380 
 502,663     Ventas, Inc   31,542,103 
 613,205     Washington Prime Group, Inc   4,801,395 
 303,437     Weingarten Realty Investors   9,239,657 
 425,892     Welltower, Inc   28,517,728 
       TOTAL REAL ESTATE   405,169,232 
              
RETAILING - 1.0%
 703,349  *  Liberty Interactive Corp   15,980,089 
 1,796,792     Office Depot, Inc   5,570,055 
 369,325     TJX Companies, Inc   25,778,885 
       TOTAL RETAILING   47,329,029 
              
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.6%        
 385,289     Cypress Semiconductor Corp   6,110,683 
 45,301     Lam Research Corp   9,448,430 
 341,684  *  Micron Technology, Inc   15,140,018 
 191,694  *  NXP Semiconductors NV   22,437,783 
 910,119  *  ON Semiconductor Corp   19,403,737 
       TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT   72,540,651 
              
SOFTWARE & SERVICES - 2.3%
 664,412     CA, Inc   21,513,661 
 104,511  *  Citrix Systems, Inc   8,633,654 
 266,778  *  Conduent, Inc   4,129,723 
 182,437     DXC Technology Co   16,696,634 
 196,905  *  IAC/InterActiveCorp   25,410,590 
 838,357     Symantec Corp   27,246,603 
       TOTAL SOFTWARE & SERVICES   103,630,865 
              
TECHNOLOGY HARDWARE & EQUIPMENT - 4.2%        
 1,362,874  *  Ciena Corp   28,988,330 
 431,951  *  CommScope Holding Co, Inc   13,882,905 
 447,321     Juniper Networks, Inc   11,106,981 
 327,922  *  Lumentum Holdings, Inc   20,708,274 
 1,715,280     Nokia Corp   8,387,719 
 1,290,287     Nokia Oyj (Turquoise)   6,345,529 
 838,490  *,e  Oclaro, Inc   6,934,312 
 398,488     TE Connectivity Ltd   36,250,453 
 511,394     Western Digital Corp   45,652,142 
 397,364     Xerox Corp   12,044,103 
       TOTAL TECHNOLOGY HARDWARE & EQUIPMENT   190,300,748 

43

TIAA-CREF FUNDS - Mid-Cap Value Fund

 

SHARES     COMPANY  VALUE 
           
TELECOMMUNICATION SERVICES - 1.0%        
 361,188  *  Level 3 Communications, Inc  $19,370,512 
 432,209     Telephone & Data Systems, Inc   12,598,892 
 218,415  *  T-Mobile US, Inc   13,054,665 
       TOTAL TELECOMMUNICATION SERVICES   45,024,069 
              
TRANSPORTATION - 3.8%        
 173,924     Alaska Air Group, Inc   11,484,202 
 922,036     American Airlines Group, Inc   43,169,725 
 168,291  *  Avis Budget Group, Inc   6,942,004 
 154,689     Costamare, Inc   960,619 
 520,000     CSX Corp   26,223,600 
 171,303     Delta Air Lines, Inc   8,570,289 
 110,418     Kansas City Southern Industries, Inc   11,507,764 
 170,537  *  Kirby Corp   12,082,546 
 170,000     Norfolk Southern Corp   22,341,400 
 472,620  *  United Continental Holdings, Inc   27,638,818 
       TOTAL TRANSPORTATION   170,920,967 
              
UTILITIES - 10.8%
 134,236     Ameren Corp   8,321,290 
 320,119     American Electric Power Co, Inc   23,820,055 
 291,187     American Water Works Co, Inc   25,554,571 
 358,683  *  Calpine Corp   5,358,724 
 910,119     Centerpoint Energy, Inc   26,921,320 
 284,207     CMS Energy Corp   13,747,092 
 414,021     DTE Energy Co   45,732,759 
 477,142     Edison International   38,147,503 
 1,118,665     FirstEnergy Corp   36,860,012 
 99,485     National Fuel Gas Co   5,775,104 
 168,177     NextEra Energy, Inc   26,079,207 
 714,151     NiSource, Inc   18,832,162 
 209,989     NorthWestern Corp   12,448,148 
 404,001     OGE Energy Corp   14,883,397 
 347,657     PG&E Corp   20,084,145 
 278,142     Pinnacle West Capital Corp   24,395,835 
 631,557     PPL Corp   23,721,281 
 630,834     Public Service Enterprise Group, Inc   31,037,033 
 421,088     Sempra Energy   49,477,840 
 221,444     Southwest Gas Corp   18,244,771 
 358,683     Xcel Energy, Inc   17,761,982 
       TOTAL UTILITIES   487,204,231 
             
       TOTAL COMMON STOCKS   4,491,501,388 
       (Cost $3,131,675,898)     
44

TIAA-CREF FUNDS - Mid-Cap Value Fund

 

PRINCIPAL     ISSUER  RATE   MATURITY DATE  VALUE  
                   
SHORT-TERM INVESTMENTS - 1.9%
 
TREASURY DEBT - 1.1%
$9,320,000     United States Treasury Bill   0.965-0.982%  11/02/17  $ 9,319,750  
 37,600,000     United States Treasury Bill   0.961   11/09/17    37,591,968  
       TOTAL TREASURY DEBT            46,911,718  
                        
SHARES      COMPANY                
                       
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.8%
 37,054,238  c  State Street Navigator Securities Lending Government Money Market Portfolio    37,054,238  
       TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES    37,054,238  
                        
       TOTAL SHORT-TERM INVESTMENTS            83,965,956  
       (Cost $83,965,960)                
       TOTAL INVESTMENTS - 101.4%            4,575,467,344  
       (Cost $3,215,641,858)                
       OTHER ASSETS & LIABILITIES, NET - (1.4)%            (63,705,616 )
                             NET ASSETS - 100.0%          $ 4,511,761,728  

 

         
      Abbreviation(s):
      ADR   American Depository 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 $35,699,359.
45

TIAA-CREF FUNDS - Small-Cap Equity Fund

 

TIAA-CREF FUNDS

SMALL-CAP EQUITY FUND

SCHEDULE OF INVESTMENTS

October 31, 2017

 

SHARES     COMPANY  VALUE 
              
COMMON STOCKS - 97.5%        
              
AUTOMOBILES & COMPONENTS - 0.7%        
 260,644     Tenneco, Inc  $15,146,023 
 105,000  *  Visteon Corp   13,234,200 
       TOTAL AUTOMOBILES & COMPONENTS   28,380,223 
              
BANKS - 12.2%        
 427,700     Bank of NT Butterfield & Son Ltd   15,974,594 
 98,060     Banner Corp   5,620,799 
 313,100     Berkshire Hills Bancorp, Inc   11,991,730 
 633,000  l  Cathay General Bancorp   26,459,400 
 414,800  *  Customers Bancorp, Inc   11,340,632 
 239,000  *  Eagle Bancorp, Inc   15,929,350 
 676,300  *  Essent Group Ltd   28,823,906 
 250,600  *  FCB Financial Holdings, Inc   11,703,020 
 117,500     Federal Agricultural Mortgage Corp (Class C)   8,723,200 
 1,692,500  *  First Bancorp (Puerto Rico)   8,716,375 
 689,400     First Commonwealth Financial Corp   10,037,664 
 417,300  *  Flagstar Bancorp, Inc   15,594,501 
 1,263,200     FNB Corp   17,040,568 
 534,200     Hancock Holding Co   26,042,250 
 281,200     IBERIABANK Corp   20,738,500 
 2,164,300  *  MGIC Investment Corp   30,949,490 
 609,791     Oritani Financial Corp   10,335,958 
 794,530     Provident Financial Services, Inc   21,611,216 
 1,536,680     Radian Group, Inc   32,208,813 
 667,068     Sterling Bancorp/DE   16,710,053 
 1,047,890     Umpqua Holdings Corp   21,439,829 
 684,612     United Community Banks, Inc   18,772,061 
 443,100  *  Walker & Dunlop, Inc   24,321,759 
 541,700     Washington Federal, Inc   18,851,160 
 265,200     WesBanco, Inc   10,714,080 
 293,800     Wintrust Financial Corp   23,883,002 
       TOTAL BANKS   464,533,910 
              
CAPITAL GOODS - 10.6%        
 383,354  *  Aerojet Rocketdyne Holdings, Inc   12,106,319 
 421,700     Allison Transmission Holdings, Inc   17,918,033 
 418,500  *  Atkore International Group, Inc   8,081,235 
 296,080  *  Beacon Roofing Supply, Inc   16,405,793 
 214,800     BWX Technologies, Inc   12,870,816 
 110,401  *  Colfax Corp   4,604,826 
 451,500     Comfort Systems USA, Inc   20,001,450 
 190,400     Cubic Corp   10,386,320 
 220,400     Curtiss-Wright Corp   26,062,300 
 419,666     EMCOR Group, Inc   33,787,310 
46

TIAA-CREF FUNDS - Small-Cap Equity Fund

 

SHARES     COMPANY  VALUE 
              
 76,415     Encore Wire Corp  $3,450,137 
 256,255     EnerSys   17,776,409 
 326,200  *  Generac Holdings, Inc   16,991,758 
 395,300  *  GMS, Inc   13,459,965 
 412,700     Hillenbrand, Inc   16,322,285 
 110,500     ITT, Inc   5,153,720 
 118,050     Kadant, Inc   13,410,480 
 397,600  *  Mastec, Inc   17,315,480 
 522,200  *  Meritor, Inc   13,582,422 
 166,890  *  Moog, Inc (Class A)   14,646,266 
 503,000  *  MRC Global, Inc   8,626,450 
 226,706     Mueller Industries, Inc   7,878,034 
 208,050  *  Patrick Industries, Inc   19,348,650 
 325,200  *  Rexnord Corp   8,299,104 
 77,900  *  Teledyne Technologies, Inc   13,239,884 
 200,546  *  Trex Co, Inc   21,949,760 
 468,900  *  Univar, Inc   13,949,775 
 196,900     Woodward Governor Co   15,226,277 
       TOTAL CAPITAL GOODS   402,851,258 
              
COMMERCIAL & PROFESSIONAL SERVICES - 3.0%        
 393,400     ABM Industries, Inc   16,510,998 
 885,600  *  ACCO Brands Corp   11,557,080 
 359,400  *  Advanced Disposal Services, Inc   8,956,248 
 172,867     Exponent, Inc   12,766,228 
 199,900     Healthcare Services Group   10,572,711 
 150,123     Insperity, Inc   14,246,673 
 281,400  *  TriNet Group, Inc   9,770,208 
 342,556     Viad Corp   19,885,376 
 165,975  *  WageWorks, Inc   10,580,906 
       TOTAL COMMERCIAL & PROFESSIONAL SERVICES   114,846,428 
              
CONSUMER DURABLES & APPAREL - 3.1%        
 861,200     Callaway Golf Co   12,427,116 
 183,340     Columbia Sportswear Co   11,436,749 
 122,500  *  Deckers Outdoor Corp   8,359,400 
 162,580  *  Helen of Troy Ltd   15,103,682 
 189,800  *  Installed Building Products Inc   13,229,060 
 267,300  *  M/I Homes, Inc   8,927,820 
 248,400  *  Malibu Boats Inc   7,750,080 
 333,600  *  Steven Madden Ltd   13,010,400 
 259,678  *  TopBuild Corp   17,136,151 
 147,300     Tupperware Corp   8,653,875 
       TOTAL CONSUMER DURABLES & APPAREL   116,034,333 
              
CONSUMER SERVICES - 3.5%        
 143,000  *  Bright Horizons Family Solutions   12,340,900 
 270,100     Choice Hotels International, Inc   18,839,475 
 85,070     Churchill Downs, Inc   17,741,348 
 303,990  *  Dave & Buster’s Entertainment, Inc   14,652,318 
 675,600  *  Denny’s Corp   8,830,092 
 314,701  *  Grand Canyon Education, Inc   28,168,887 
 453,000     ILG, Inc   13,440,510 
47

TIAA-CREF FUNDS - Small-Cap Equity Fund

 

SHARES     COMPANY  VALUE 
              
 361,400     Texas Roadhouse, Inc (Class A)  $18,073,615 
       TOTAL CONSUMER SERVICES   132,087,145 
              
DIVERSIFIED FINANCIALS - 3.5%        
 356,100     Artisan Partners Asset Management, Inc   12,249,840 
 854,100     BGC Partners, Inc (Class A)   12,956,697 
 302,838     Evercore Partners, Inc (Class A)   24,257,324 
 261,400     Houlihan Lokey, Inc   10,882,082 
 205,000  e  iShares Russell 2000 Index Fund   30,598,300 
 845,800     New Residential Investment Corp   14,911,454 
 1,194,660  *  SLM Corp   12,651,449 
 312,926     Stifel Financial Corp   16,594,466 
       TOTAL DIVERSIFIED FINANCIALS   135,101,612 
              
ENERGY - 4.3%        
 333,900  *  C&J Energy Services, Inc   9,512,811 
 524,012     Delek US Holdings, Inc   13,650,512 
 283,648  *  Exterran Corp   9,153,321 
 545,700     Green Plains Renewable Energy, Inc   10,040,880 
 363,400  *  Gulfport Energy Corp   4,978,580 
 1,074,700  *  Helix Energy Solutions Group, Inc   7,329,454 
 1,257,000  *  Newpark Resources, Inc   10,998,750 
 1,323,300  *  Oasis Petroleum, Inc   12,505,185 
 495,039  *  Par Pacific Holdings, Inc   10,390,869 
 397,900  *  PDC Energy, Inc   20,265,047 
 414,600  *  Peabody Energy Corp   12,806,994 
 815,600  *  Rowan Cos plc   11,687,548 
 444,000  *  RSP Permian, Inc   15,278,040 
 337,721  *  SandRidge Energy, Inc   6,339,023 
 962,300  *  Ultra Petroleum Corp   7,640,663 
       TOTAL ENERGY   162,577,677 
              
FOOD, BEVERAGE & TOBACCO - 2.4%        
 63,900  *,e  Boston Beer Co, Inc (Class A)   11,377,395 
 209,700  e  Calavo Growers, Inc   15,454,890 
 358,970  *  Darling International, Inc   6,551,202 
 162,600     Fresh Del Monte Produce, Inc   7,237,326 
 142,216     Lancaster Colony Corp   17,808,288 
 122,800     Sanderson Farms, Inc   18,367,196 
 678,079     Vector Group Ltd   14,090,483 
       TOTAL FOOD, BEVERAGE & TOBACCO   90,886,780 
              
HEALTH CARE EQUIPMENT & SERVICES - 5.1%        
 977,100  *  Allscripts Healthcare Solutions, Inc   13,171,308 
 142,947  *  Anika Therapeutics, Inc   7,809,195 
 274,600  *  Halyard Health, Inc   11,574,390 
 252,220     Hill-Rom Holdings, Inc   20,356,676 
 685,900  *  HMS Holdings Corp   13,196,716 
 73,010  *  ICU Medical, Inc   13,952,211 
 503,700  *  Lantheus Holdings, Inc   10,023,630 
 221,800  *  Magellan Health Services, Inc   18,919,540 
 266,400  *  Masimo Corp   23,379,264 
 50,700  *  Medidata Solutions, Inc   3,814,161 
48

TIAA-CREF FUNDS - Small-Cap Equity Fund

 

SHARES     COMPANY  VALUE 
              
 510,563  *  Merit Medical Systems, Inc  $19,426,922 
 727,076  *  OraSure Technologies, Inc   14,359,751 
 250,600  *  Orthofix International NV   13,464,738 
 352,840  *  Premier, Inc   11,527,283 
       TOTAL HEALTH CARE EQUIPMENT & SERVICES   194,975,785 
              
HOUSEHOLD & PERSONAL PRODUCTS - 0.5%        
 267,900  *  Central Garden and Pet Co (Class A)   9,888,189 
 164,860  *  USANA Health Sciences, Inc   10,831,302 
       TOTAL HOUSEHOLD & PERSONAL PRODUCTS   20,719,491 
              
INSURANCE - 1.7%        
 857,615     American Equity Investment Life Holding Co   25,308,219 
 796,500  e  Amtrust Financial Services, Inc   10,004,040 
 194,200     Employers Holdings, Inc   9,263,340 
 156,276  e  HCI Group, Inc   5,854,099 
 639,400  *  Third Point Reinsurance Ltd   10,677,980 
 250,076     Universal Insurance Holdings, Inc   5,964,312 
       TOTAL INSURANCE   67,071,990 
              
MATERIALS - 4.9%        
 263,600  *  AdvanSix, Inc   12,196,772 
 340,800  *  Alcoa Corp   16,283,424 
 179,200     Ashland Global Holdings, Inc   12,182,016 
 327,500     Carpenter Technology Corp   16,306,225 
 815,900  *  Coeur Mining, Inc   6,192,681 
 619,837  *  Ferro Corp   14,764,517 
 673,900  *,m  Ferroglobe plc   0 
 160,800     Innospec, Inc   9,945,480 
 114,500     Kaiser Aluminum Corp   11,356,110 
 292,207  *  Koppers Holdings, Inc   14,186,650 
 43,002  *  Kraton Polymers LLC   2,108,388 
 121,500  *  Louisiana-Pacific Corp   3,302,370 
 240,140     Minerals Technologies, Inc   17,266,066 
 36,361     Reliance Steel & Aluminum Co   2,793,979 
 557,315     Schnitzer Steel Industries, Inc (Class A)   16,412,927 
 103,700     Stepan Co   8,281,482 
 91,400  *  Summit Materials, Inc   2,869,960 
 518,000  *  TimkenSteel Corp   7,252,000 
 146,400  *,e  US Concrete, Inc   11,448,480 
       TOTAL MATERIALS   185,149,527 
              
MEDIA - 1.1%        
 298,090  *  Live Nation, Inc   13,050,380 
 58,000  *  Madison Square Garden Co   12,916,020 
 826,700     New York Times Co (Class A)   15,789,970 
       TOTAL MEDIA   41,756,370 
              
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.9%        
 1,270,000  *  Achillion Pharmaceuticals, Inc   5,105,400 
 117,000  *  Aerie Pharmaceuticals, Inc   7,224,750 
 331,800  *  Amicus Therapeutics, Inc   4,724,832 
49

TIAA-CREF FUNDS - Small-Cap Equity Fund

 

SHARES     COMPANY  VALUE 
              
 477,400  *  Amphastar Pharmaceuticals, Inc  $8,626,618 
 250,000  *  Ardelyx, Inc   1,337,500 
 266,912  *  Arena Pharmaceuticals, Inc   7,481,543 
 948,339  *  Array Biopharma, Inc   9,910,143 
 43,300  *  Avexis, Inc   4,525,283 
 51,600  *  Bluebird Bio, Inc   7,177,560 
 166,800  *  Blueprint Medicines Corp   11,078,856 
 227,000  *  Calithera Biosciences, Inc   3,654,700 
 295,526  *  Cambrex Corp   12,781,499 
 481,800  *  Catalent, Inc   20,519,862 
 160,800  *  Clovis Oncology, Inc   12,119,496 
 678,100  *  Corcept Therapeutics, Inc   13,351,789 
 113,000  *,e  Esperion Thereapeutics, Inc   5,168,620 
 345,926  *  FibroGen, Inc   19,319,967 
 206,760  *  Five Prime Therapeutics, Inc   9,275,254 
 208,500  *  Global Blood Therapeutics, Inc   8,298,300 
 833,800  *  Horizon Pharma plc   11,306,328 
 713,700  *  Immunogen, Inc   4,139,460 
 270,863  *  INC Research Holdings, Inc   15,479,820 
 116,700  *  Insmed, Inc   3,152,067 
 366,100  *  Karyopharm Therapeutics, Inc   3,737,881 
 331,000  *  Nektar Therapeutics   7,973,790 
 831,700  *  Pacific Biosciences of California, Inc   3,518,091 
 291,150     Phibro Animal Health Corp   10,961,798 
 172,900  *  Portola Pharmaceuticals, Inc   8,542,989 
 248,467  *  PRA Health Sciences, Inc   20,232,668 
 124,300  *  Puma Biotechnology, Inc   15,823,390 
 276,230  *  Retrophin, Inc   6,869,840 
 64,900  *  Sage Therapeutics, Inc   4,106,872 
 542,600  *  Sangamo Biosciences, Inc   6,728,240 
 150,200  *  Sarepta Therapeutics, Inc   7,406,362 
 1,059,930  *  Spectrum Pharmaceuticals, Inc   20,764,029 
 382,200  *,e  TherapeuticsMD, Inc   1,803,984 
 96,524  *  Ultragenyx Pharmaceutical, Inc   4,448,791 
 503,200  *  Vanda Pharmaceuticals, Inc   7,900,240 
       TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES   336,578,612 
              
REAL ESTATE - 6.3%        
 301,870     American Assets Trust,Inc   11,709,537 
 624,700     CareTrust REIT, Inc   11,806,830 
 288,233     Chatham Lodging Trust   6,269,068 
 2,284,500     Cousins Properties, Inc   20,606,190 
 235,380     Entertainment Properties Trust   16,283,589 
 731,950     First Industrial Realty Trust, Inc   22,602,616 
 594,680     Hersha Hospitality Trust   10,519,889 
 286,100     HFF, Inc (Class A)   12,548,346 
 625,100     Medical Properties Trust, Inc   8,270,073 
 547,200     Preferred Apartment Communities, Inc   10,861,920 
 160,328     PS Business Parks, Inc   21,216,204 
 122,700     Re/Max Holdings, Inc   8,159,550 
 815,990     RLJ Lodging Trust   17,674,343 
 931,600     Sabra Healthcare REIT, Inc   18,557,472 
 137,499     Saul Centers, Inc   8,403,939 
50

TIAA-CREF FUNDS - Small-Cap Equity Fund

 

SHARES     COMPANY  VALUE 
              
 352,400     Tier REIT, Inc  $6,896,468 
 409,800     Urban Edge Properties   9,613,908 
 749,743     Xenia Hotels & Resorts, Inc   16,314,408 
       TOTAL REAL ESTATE   238,314,350 
              
RETAILING - 2.4%        
 257,700     Aaron’s, Inc   9,483,360 
 327,800     Caleres, Inc   8,958,774 
 103,940     Children’s Place Retail Stores, Inc   11,308,672 
 416,900     DSW, Inc (Class A)   7,983,635 
 366,300  *  Francesca’s Holdings Corp   2,369,961 
 361,400     Nutri/System, Inc   18,051,930 
 287,200  e  PetMed Express, Inc   10,155,392 
 628,400     Pier 1 Imports, Inc   2,614,144 
 111,300  *,e  RH   10,008,096 
 401,100  *  Sleep Number Corp   13,035,750 
       TOTAL RETAILING   93,969,714 
              
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.1%        
 27,941  *  Advanced Energy Industries, Inc   2,367,162 
 218,789     Cabot Microelectronics Corp   21,150,333 
 160,500  *  Cavium, Inc   11,072,895 
 338,068  *  Ceva, Inc   16,328,684 
 51,300  *  Cirrus Logic, Inc   2,872,800 
 271,500  *  Diodes, Inc   9,323,310 
 155,600  *  First Solar, Inc   8,529,992 
 658,000  *  Formfactor, Inc   11,975,600 
 107,100  *  Integrated Device Technology, Inc   3,327,597 
 267,468  *  MaxLinear, Inc   6,544,942 
 81,800     MKS Instruments, Inc   8,887,570 
 358,500  *  Nanometrics, Inc   10,134,795 
 797,400  *  Rambus, Inc   11,729,754 
 161,300  *  Semtech Corp   6,621,365 
 204,600  *  Silicon Laboratories, Inc   19,416,540 
 258,800     Xperi Corp   5,952,400 
       TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT   156,235,739 
              
SOFTWARE & SERVICES - 8.5%        
 363,700  *  Acxiom Corp   9,150,692 
 495,100  *  Barracuda Networks, Inc   11,540,781 
 164,350  *  CACI International, Inc (Class A)   23,625,312 
 289,900  *  Commvault Systems, Inc   15,089,295 
 265,600     CSG Systems International, Inc   11,245,504 
 231,814  *  EPAM Systems, Inc   21,129,846 
 528,100  *  Etsy, Inc   8,819,270 
 110,000  *  Euronet Worldwide, Inc   10,630,400 
 703,678     EVERTEC, Inc   10,555,170 
 292,271  *  ExlService Holdings, Inc   18,243,556 
 150,400     Fair Isaac Corp   21,832,064 
 111,700  *  HubSpot, Inc   9,667,635 
 57,360  *  MicroStrategy, Inc (Class A)   7,586,434 
 855,550  *  Nuance Communications, Inc   12,610,807 
 488,379     Progress Software Corp   20,673,083 
51

TIAA-CREF FUNDS - Small-Cap Equity Fund

 

SHARES     COMPANY  VALUE 
              
 154,300  *  Proofpoint, Inc  $14,258,863 
 492,100  *  Quotient Technology, Inc   7,701,365 
 220,086  *  RingCentral, Inc   9,276,625 
 934,200     TiVo Corp   16,955,730 
 146,900  *  Trade Desk, Inc   9,683,648 
 801,050     Travelport Worldwide Ltd   12,568,474 
 425,200  *  Verint Systems, Inc   17,943,440 
 412,679  *  Website Pros, Inc   9,945,564 
 268,600  *  Yelp, Inc   12,548,992 
       TOTAL SOFTWARE & SERVICES   323,282,550 
              
TECHNOLOGY HARDWARE & EQUIPMENT - 4.8%        
 182,900  *  Anixter International, Inc   12,565,230 
 561,010  *  ARRIS International plc   15,988,785 
 563,171  *  Ciena Corp   11,978,647 
 228,800  *  Fabrinet   8,506,784 
 256,780  *  Finisar Corp   6,044,601 
 226,949  *  II-VI, Inc   10,258,095 
 425,220  *  NCR Corp   13,645,310 
 629,500  *,e  Oclaro, Inc   5,205,965 
 121,500  *  Rogers Corp   18,477,720 
 361,844  *  Sanmina Corp   11,841,345 
 166,900     SYNNEX Corp   22,511,472 
 218,900  *  Tech Data Corp   20,307,353 
 815,084  *  TTM Technologies, Inc   12,862,025 
 1,106,500  *  Viavi Solutions, Inc   10,268,320 
       TOTAL TECHNOLOGY HARDWARE & EQUIPMENT   180,461,652 
              
TELECOMMUNICATION SERVICES - 0.9%        
 394,790     Telephone & Data Systems, Inc   11,508,128 
 2,202,490  *  Vonage Holdings Corp   17,906,244 
 1,479,700  e  Windstream Holdings, Inc   2,781,836 
       TOTAL TELECOMMUNICATION SERVICES   32,196,208 
              
TRANSPORTATION - 1.4%        
 380,700  *  Hawaiian Holdings, Inc   12,753,450 
 438,500     Heartland Express, Inc   9,353,205 
 246,100  *  Hertz Global Holdings, Inc   6,120,507 
 573,200  *  Knight-Swift Transportation Holdings, Inc   23,759,140 
       TOTAL TRANSPORTATION   51,986,302 
              
UTILITIES - 3.6%        
 389,123     Avista Corp   20,327,786 
 577,600  *  Dynegy, Inc   7,191,120 
 30,000  e  iShares Micro-Cap ETF   2,824,200 
 297,678     NorthWestern Corp   17,646,352 
 566,291     NRG Yield, Inc (Class A)   10,391,440 
 223,200     ONE Gas, Inc   17,181,936 
 235,066     Ormat Technologies, Inc   15,262,835 
 252,000     Otter Tail Corp   11,579,400 
 538,200     Pattern Energy Group, Inc   12,416,274 
 257,790     Southwest Gas Corp   21,239,318 
       TOTAL UTILITIES   136,060,661 
             
       TOTAL COMMON STOCKS   3,706,058,317 
       (Cost $3,029,561,947)     
52

TIAA-CREF FUNDS - Small-Cap Equity Fund

 

PRINCIPAL     ISSUER  RATE  MATURITY DATE  VALUE  
                  
SHORT-TERM INVESTMENTS - 3.6%                    
                     
GOVERNMENT AGENCY DEBT - 1.0%                    
$36,250,000     Federal Home Loan Bank (FHLB)   0.700%  11/01/17  $36,250,000 
       TOTAL GOVERNMENT AGENCY DEBT              36,250,000  
                         
TREASURY DEBT - 0.9%                    
 35,455,000     United States Treasury Bill   0.951-0.971   11/02/17   35,454,047 
       TOTAL TREASURY DEBT              35,454,047  
                         
SHARES     COMPANY    
           
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.7%        
 63,551,207  c  State Street Navigator Securities Lending Government Money Market Portfolio   63,551,207 
       TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES   63,551,207 
             
       TOTAL SHORT-TERM INVESTMENTS   135,255,254 
       (Cost $135,255,264)     
       TOTAL INVESTMENTS - 101.1%   3,841,313,571 
       (Cost $3,164,817,211)     
       OTHER ASSETS & LIABILITIES, NET - (1.1)%   (42,033,954)
       NET ASSETS - 100.0%  $3,799,279,617 
       
       
    Abbreviation(s):
    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 $62,717,920.
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.

 

 

 

Futures contracts outstanding as of October 31, 2017 were as follows (See Note 3):

 

Description  Number of
long (short)
contracts		  Expiration date  Notional amount  Value  Unrealized
appreciation
(depreciation)
Russell 2000 E Mini Index  1,090  12/15/17  $79,449,418  $81,897,150  $2,447,732

 

Bilateral total return swap contracts outstanding as of October 31, 2017 were as follows (See Note 3):

 

Reference
entity		  Terms of
payments
to be
paid		  Terms of
payments
to be
received		  Counterparty  Maturity
date		  Notional
amount		  Value   Unrealized
appreciation
(depreciation)		 
GSCBTINY Index  1M LIBOR + 0.150% Total return of GSCBTINY as specified in contract  Goldman Sachs  12/4/17  $37,280,242  $37,280,242   $— 
RU20INTR Index  Total return of RU20INTR as specified in contract  1M LIBOR - 0.070%  Goldman Sachs  12/4/17  18,674,069   18,674,069    — 
RU25INTR Index  Total return of RU25INTR as specified in contract  1M LIBOR - 0.050%  Goldman Sachs  12/4/17  18,776,452   18,776,452    — 
Total                      $— 
     
LIBOR      London Interbank Offered Rate
M   Month
53

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

 

TIAA-CREF FUNDS

SMALL/MID-CAP EQUITY FUND

SCHEDULE OF INVESTMENTS

October 31, 2017

 

SHARES     COMPANY  VALUE 
              
COMMON STOCKS - 99.7%        
              
AUTOMOBILES & COMPONENTS - 2.2%        
 31,549     Lear Corp  $5,539,689 
 45,172     Thor Industries, Inc   6,153,330 
 27,066  *  Visteon Corp   3,411,398 
       TOTAL AUTOMOBILES & COMPONENTS   15,104,417 
              
BANKS - 7.8%        
 5,425  *  Atlantic Capital Bancshares, Inc   89,241 
 87,859     Bank of NT Butterfield & Son Ltd   3,281,534 
 73,280     BankUnited   2,553,808 
 76,282     Beneficial Bancorp, Inc   1,258,653 
 9,557     Cathay General Bancorp   399,483 
 69,631     Central Pacific Financial Corp   2,166,917 
 11,941     Charter Financial Corp   228,909 
 14,477     ConnectOne Bancorp, Inc   388,707 
 65,470  *  Essent Group Ltd   2,790,331 
 533,854  *  First Bancorp (Puerto Rico)   2,749,348 
 4,499     First Financial Corp   213,703 
 33,674     First Hawaiian, Inc   984,628 
 8,269     First Merchants Corp   355,567 
 2,824     First Republic Bank   275,058 
 8,167     Hanmi Financial Corp   251,135 
 46,146     Heritage Commerce Corp   709,726 
 16,853  *  HomeTrust Bancshares, Inc   442,391 
 64,800     LegacyTexas Financial Group, Inc   2,584,872 
 166,365  *  MGIC Investment Corp   2,379,020 
 85,791     National Bank Holdings Corp   2,815,661 
 7,710     NBT Bancorp, Inc   294,059 
 32,226     PacWest Bancorp   1,557,160 
 19,760     Park Sterling Bank   248,383 
 16,854     Peoples Bancorp, Inc   558,204 
 80,772     Popular, Inc   2,962,717 
 11,970     Preferred Bank   738,908 
 8,944     Simmons First National Corp (Class A)   516,075 
 19,996  *  SVB Financial Group   4,384,723 
 76,400     Synovus Financial Corp   3,579,340 
 100,186     TFS Financial Corp   1,544,868 
 30,275     Trico Bancshares   1,253,991 
 31,035  *  Triumph Bancorp, Inc   962,085 
 123,424     Trustco Bank Corp NY   1,132,415 
 15,092  *  Walker & Dunlop, Inc   828,400 
 54,259  *  Western Alliance Bancorp   3,027,652 
 45,020     Zions Bancorporation   2,091,629 
       TOTAL BANKS   52,599,301 
54

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

 

SHARES     COMPANY  VALUE 
              
CAPITAL GOODS - 13.1%        
 11,347     AGCO Corp  $778,064 
 12,882  *  American Woodmark Corp   1,244,401 
 38,063     Applied Industrial Technologies, Inc   2,422,710 
 62,565  *  Atkore International Group, Inc   1,208,130 
 78,968  *  Builders FirstSource, Inc   1,423,003 
 89,403     BWX Technologies, Inc   5,357,028 
 63,000  *  Colfax Corp   2,627,730 
 54,101     Comfort Systems USA, Inc   2,396,674 
 57,082     EMCOR Group, Inc   4,595,672 
 6,637  *  Engility Holdings, Inc   223,468 
 7,471     EnPro Industries, Inc   625,622 
 15,523  *  Foundation Building Materials, Inc   208,784 
 75,107     Global Brass & Copper Holdings, Inc   2,628,745 
 66,208  *  GMS, Inc   2,254,383 
 33,552     Graco, Inc   4,421,818 
 140,735  *  Harsco Corp   2,990,619 
 60,002     HEICO Corp (Class A)   4,566,152 
 34,482     Hubbell, Inc   4,338,525 
 8,800     Hyster-Yale Materials Handling, Inc   690,712 
 76,413     ITT, Inc   3,563,902 
 46,300  *  JELD-WEN Holding, Inc   1,707,544 
 9,205     Kadant, Inc   1,045,688 
 9,775  *  Lydall, Inc   564,995 
 63,352  *  Milacron Holdings Corp   1,137,169 
 184,713  *  MRC Global, Inc   3,167,828 
 17,719     MSC Industrial Direct Co (Class A)   1,468,905 
 24,770     Mueller Industries, Inc   860,758 
 60,570  *  MYR Group, Inc   1,931,577 
 39,747     Oshkosh Truck Corp   3,639,235 
 33,900     Owens Corning, Inc   2,803,191 
 32,796  *  Ply Gem Holdings, Inc   554,252 
 87,210  *  Quanta Services, Inc   3,290,433 
 47,730     Spirit Aerosystems Holdings, Inc (Class A)   3,823,173 
 38,067  *  SPX Corp   1,114,983 
 43,735  *  SPX FLOW, Inc   1,803,194 
 107,103  *  Univar, Inc   3,186,314 
 34,046     Universal Forest Products, Inc   3,843,794 
 2,000     Valmont Industries, Inc   317,800 
 33,584  *  Vectrus, Inc   1,024,648 
 7,655  *  Veritiv Corp   246,108 
 11,790  *  WABCO Holdings, Inc   1,739,850 
 15,102     Watts Water Technologies, Inc (Class A)   1,017,875 
       TOTAL CAPITAL GOODS   88,855,456 
              
COMMERCIAL & PROFESSIONAL SERVICES - 3.2%        
 16,583     Brady Corp (Class A)   630,983 
 47,561     Brink’s Co   3,619,392 
 19,388  *  CBIZ, Inc   328,627 
 37,085     Ceco Environmental Corp   325,235 
 55,908     Insperity, Inc   5,305,669 
 20,265     KAR Auction Services, Inc   959,142 
 87,522     Kforce, Inc   1,833,586 
55

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

 

SHARES     COMPANY  VALUE 
              
 56,629     Kimball International, Inc (Class B)  $1,085,578 
 48,583     Korn/Ferry International   2,032,227 
 19,506     Manpower, Inc   2,404,700 
 22,978     Quad Graphics, Inc   523,669 
 20,500     Robert Half International, Inc   1,061,285 
 20,200  *  SP Plus Corp   782,750 
 25,967  *  TriNet Group, Inc   901,574 
       TOTAL COMMERCIAL & PROFESSIONAL SERVICES   21,794,417 
              
CONSUMER DURABLES & APPAREL - 3.1%        
 8,100  *  Cavco Industries, Inc   1,270,890 
 178,400  *,e  GoPro, Inc (Class A)   1,860,712 
 23,640     Hooker Furniture Corp   1,120,536 
 48,737  *  Lululemon Athletica, Inc   2,997,813 
 15,903  *  M/I Homes, Inc   531,160 
 71,129  *  MCBC Holdings, Inc   1,626,720 
 67,200  *  Michael Kors Holdings Ltd   3,280,032 
 996  *  NVR, Inc   3,268,245 
 81,932  *  Skechers U.S.A., Inc (Class A)   2,615,269 
 91,490  *  Taylor Morrison Home Corp   2,209,484 
       TOTAL CONSUMER DURABLES & APPAREL   20,780,861 
              
CONSUMER SERVICES - 3.2%        
 60,704     ARAMARK Holdings Corp   2,652,158 
 33,730     Bloomin’ Brands, Inc   599,719 
 98,279  *  Bridgepoint Education, Inc   951,341 
 18,047  *  Buffalo Wild Wings, Inc   2,133,155 
 55,208  *  Career Education Corp   589,622 
 198,329     Extended Stay America, Inc   3,930,881 
 34,923  *  Hilton Grand Vacations, Inc   1,430,446 
 40,473  *  Hyatt Hotels Corp   2,536,038 
 53,881     ILG, Inc   1,598,649 
 20,572  *  K12, Inc   333,678 
 40,594  *  Regis Corp   606,068 
 81,500  *  ServiceMaster Global Holdings, Inc   3,839,465 
 9,841     Speedway Motorsports, Inc   196,328 
       TOTAL CONSUMER SERVICES   21,397,548 
              
DIVERSIFIED FINANCIALS - 3.7%        
 70,363  *  E*TRADE Financial Corp   3,067,123 
 31,549     Evercore Partners, Inc (Class A)   2,527,075 
 66,959  *  FNFV Group   1,155,043 
 112,489  *  Green Dot Corp   6,369,127 
 20,226     Houlihan Lokey, Inc   842,008 
 3,960  *  INTL FCStone, Inc   164,380 
 154,895     Ladenburg Thalmann Financial Services, Inc   473,979 
 71,003     LPL Financial Holdings, Inc   3,522,459 
 50,673     Moelis & Co   2,166,271 
 14,533     Morningstar, Inc   1,238,357 
 50,635     MTGE Investment Corp   916,493 
 14,703     NewStar Financial, Inc   180,553 
 162,164     OM Asset Management plc   2,477,866 
 4,755     Piper Jaffray Cos   347,590 
       TOTAL DIVERSIFIED FINANCIALS   25,448,324 
56

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

 

SHARES     COMPANY  VALUE 
              
ENERGY - 4.4%        
 126,625  *,e  Approach Resources, Inc  $295,036 
 17,700  *  Basic Energy Services, Inc   333,822 
 309,596  *  Bill Barrett Corp   1,526,308 
 55,584  *  Bonanza Creek Energy, Inc   1,880,407 
 33,970  *  C&J Energy Services, Inc   967,805 
 491,478  *  Clean Energy Fuels Corp   1,154,973 
 6,520  *  Diamondback Energy, Inc   698,683 
 112,000  *  Eclipse Resources Corp   248,640 
 54,435  *  Energen Corp   2,814,290 
 25,318  *  Exterran Corp   817,012 
 83,737     Frank’s International NV   553,502 
 132,230  *,e  Keane Group, Inc   2,041,631 
 40,809  *  Newfield Exploration Co   1,256,509 
 45,570  *  Parsley Energy, Inc   1,212,162 
 77,814  *  Peabody Energy Corp   2,403,674 
 149,443  *  Questar Market Resources, Inc   1,337,515 
 142,333  *,e  Renewable Energy Group, Inc   1,722,229 
 81,442  *  Rowan Cos plc   1,167,064 
 45,904  *  Transocean Ltd (NYSE)   481,992 
 380,981  *  W&T Offshore, Inc   1,192,471 
 406,466  *  Whiting Petroleum Corp   2,442,861 
 68,619     World Fuel Services Corp   1,907,608 
 95,297  *  WPX Energy, Inc   1,074,950 
       TOTAL ENERGY   29,531,144 
              
FOOD & STAPLES RETAILING - 1.1%        
 37,720  *  Performance Food Group Co   1,067,476 
 136,064  *,e  Rite Aid Corp   224,506 
 92,921     Spartan Stores, Inc   2,281,210 
 135,068  *  US Foods Holding Corp   3,684,655 
       TOTAL FOOD & STAPLES RETAILING   7,257,847 
              
FOOD, BEVERAGE & TOBACCO - 2.0%        
 16,367     Ingredion, Inc   2,051,603 
 93,570     Lamb Weston Holdings, Inc   4,771,134 
 71,198     Pinnacle Foods, Inc   3,874,595 
 30,819  *  Post Holdings, Inc   2,555,820 
 40     Seaboard Corp   176,005 
       TOTAL FOOD, BEVERAGE & TOBACCO   13,429,157 
              
HEALTH CARE EQUIPMENT & SERVICES - 4.9%        
 7,382     Cooper Cos, Inc   1,773,599 
 94,891  *  Cross Country Healthcare, Inc   1,295,262 
 39,970  *  Cutera, Inc   1,570,821 
 207,728  *  Diplomat Pharmacy, Inc   4,372,674 
 64,200     Healthsouth Corp   2,962,188 
 58,531     Hill-Rom Holdings, Inc   4,724,037 
 25,050  *  Integer Holding Corp   1,217,430 
 31,857  *  iRhythm Technologies, Inc   1,623,114 
 5,315  *  Magellan Health Services, Inc   453,370 
57

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

 

SHARES     COMPANY  VALUE 
              
 11,269  *  Merit Medical Systems, Inc  $428,785 
 34,070  *  Orthofix International NV   1,830,581 
 30,003  *  Oxford Immunotec Global plc   396,640 
 22,961  *  PharMerica Corp   672,757 
 44,341  *  Providence Service Corp   2,465,360 
 8,105  *  Sientra, Inc   118,819 
 32,230     STERIS plc   3,008,026 
 17,787  *  Triple-S Management Corp (Class B)   427,066 
 64,340  *  Veeva Systems, Inc   3,920,880 
       TOTAL HEALTH CARE EQUIPMENT & SERVICES   33,261,409 
              
HOUSEHOLD & PERSONAL PRODUCTS - 0.7%        
 51,680     Energizer Holdings, Inc   2,221,723 
 14,936     Medifast, Inc   932,007 
 5,412     Spectrum Brands, Inc   594,887 
 20,259  *  USANA Health Sciences, Inc   1,331,016 
       TOTAL HOUSEHOLD & PERSONAL PRODUCTS   5,079,633 
              
INSURANCE - 3.2%        
 9,280     Argo Group International Holdings Ltd   584,176 
 58,587     Aspen Insurance Holdings Ltd   2,513,382 
 22,337     Assurant, Inc   2,248,219 
 25,343     Axis Capital Holdings Ltd   1,378,406 
 33,871     Brown & Brown, Inc   1,688,131 
 43,915     Conseco, Inc   1,052,642 
 21,817     Crawford & Co (Class B)   257,004 
 8,352     Erie Indemnity Co (Class A)   1,008,922 
 59,712     ProAssurance Corp   3,346,858 
 35,839     Reinsurance Group of America, Inc (Class A)   5,353,630 
 40,710     Validus Holdings Ltd   2,120,177 
       TOTAL INSURANCE   21,551,547 
              
MATERIALS - 5.6%        
 19,600  *  AgroFresh Solutions, Inc   115,640 
 13,887     American Vanguard Corp   312,457 
 40,593     Avery Dennison Corp   4,309,759 
 73,910  *  Berry Plastics Group, Inc   4,393,949 
 37,253  *  Boise Cascade Co   1,320,619 
 44,800     Carpenter Technology Corp   2,230,592 
 118,765  *  Ferro Corp   2,828,982 
 43,700  *  Ingevity Corp   3,112,751 
 20,884     Kronos Worldwide, Inc   549,458 
 85,529  *  Louisiana-Pacific Corp   2,324,678 
 17,854  *  Omnova Solutions, Inc   197,287 
 26,078     Reliance Steel & Aluminum Co   2,003,834 
 27,719     Schweitzer-Mauduit International, Inc   1,170,573 
 22,840     Sensient Technologies Corp   1,736,982 
 23,960     Stepan Co   1,913,446 
 164,682     Tronox Ltd   4,359,133 
 61,800  e  Warrior Met Coal, Inc   1,608,036 
 41,990     WR Grace & Co   3,211,815 
       TOTAL MATERIALS   37,699,991 
58

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

 

SHARES     COMPANY  VALUE 
              
MEDIA - 1.7%        
 59,350  *  AMC Networks, Inc  $3,019,728 
 55,122  *  Live Nation, Inc   2,413,241 
 9,140  *  Madison Square Garden Co   2,035,387 
 92,448     Tribune Co   3,783,897 
       TOTAL MEDIA   11,252,253 
              
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 6.0%        
 8,816  *  Alnylam Pharmaceuticals, Inc   1,074,142 
 24,490  *  Amicus Therapeutics, Inc   348,738 
 25,124  *  ANI Pharmaceuticals, Inc   1,459,202 
 44,444  *  Arena Pharmaceuticals, Inc   1,245,765 
 14,308  *  Biohaven Pharmaceutical Holding Co Ltd   430,099 
 24,914  *  Bio-Rad Laboratories, Inc (Class A)   5,475,848 
 2,749     Bio-Techne Corp   360,174 
 128,690     Bruker BioSciences Corp   4,040,866 
 88,410  *  Catalent, Inc   3,765,382 
 41,691  *  Charles River Laboratories International, Inc   4,848,246 
 4,200  *  Clovis Oncology, Inc   316,554 
 74,869  *  Corcept Therapeutics, Inc   1,474,171 
 87,815  *  Enzo Biochem, Inc   864,978 
 24,218  *  FibroGen, Inc   1,352,575 
 10,780  *  Halozyme Therapeutics, Inc   191,129 
 175,100  *  Immunogen, Inc   1,015,580 
 32,876  *  INC Research Holdings, Inc   1,878,863 
 11,614  *  Natera, Inc   127,638 
 6,500  *  Neurocrine Biosciences, Inc   403,715 
 34,600  *,e  NewLink Genetics Corp   323,856 
 49,970     PerkinElmer, Inc   3,613,830 
 17,482     Phibro Animal Health Corp   658,197 
 50,100  *  QIAGEN NV   1,696,386 
 24,121  *  Retrophin, Inc   599,889 
 85,000  *  Sangamo Biosciences, Inc   1,054,000 
 9,000  *  Seattle Genetics, Inc   551,790 
 110,295  *  Vanda Pharmaceuticals, Inc   1,731,632 
       TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES   40,903,245 
              
REAL ESTATE - 8.5%        
 63,670     Apartment Investment & Management Co (Class A)   2,800,207 
 49,530     Apple Hospitality REIT, Inc   938,098 
 57,179     Ashford Hospitality Prime, Inc   555,780 
 170,870     Brixmor Property Group, Inc   2,985,099 
 49,828     Camden Property Trust   4,546,307 
 157,975     Columbia Property Trust, Inc   3,488,088 
 25,059     CoreCivic, Inc   617,955 
 57,400     Douglas Emmett, Inc   2,283,946 
 77,200  *  Equity Commonwealth   2,319,860 
 32,482     First Industrial Realty Trust, Inc   1,003,044 
 77,600     Forest City Realty Trust, Inc   1,911,288 
 37,785     Gaming and Leisure Properties, Inc   1,380,664 
 63,500     Getty Realty Corp   1,804,035 
 102,517     Liberty Property Trust   4,395,929 
 81,883     Mack-Cali Realty Corp   1,864,476 
59

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

 

SHARES     COMPANY  VALUE 
              
 30,431     MedEquities Realty Trust, Inc  $353,608 
 8,506     Mid-America Apartment Communities, Inc   870,589 
 81,282     Monmouth Real Estate Investment Corp (Class A)   1,385,045 
 34,268     NexPoint Residential Trust, Inc   813,865 
 14,367     One Liberty Properties, Inc   348,112 
 55,795     Outfront Media, Inc   1,308,393 
 104,647     Piedmont Office Realty Trust, Inc   2,023,873 
 8,328     PS Business Parks, Inc   1,102,044 
 230,516     Retail Properties of America, Inc   2,816,906 
 39,000     Rexford Industrial Realty, Inc   1,157,910 
 159,200     RLJ Lodging Trust   3,448,272 
 17,432     RMR Group, Inc   914,308 
 87,944     Sabra Healthcare REIT, Inc   1,751,845 
 21,843     STAG Industrial, Inc   596,314 
 46,863     Sun Communities, Inc   4,229,854 
 39,331     Taubman Centers, Inc   1,857,210 
       TOTAL REAL ESTATE   57,872,924 
              
RETAILING - 4.3%        
 15,220     Aaron’s, Inc   560,096 
 72,513     American Eagle Outfitters, Inc   944,119 
 70,597     Barnes & Noble, Inc   494,179 
 72,540     Big Lots, Inc   3,722,027 
 39,466  *  Burlington Stores, Inc   3,705,463 
 54,473  *,e  Carvana Co   772,427 
 53,554     Citi Trends, Inc   1,165,335 
 64,932     Core-Mark Holding Co, Inc   2,211,584 
 39,600     DSW, Inc (Class A)   758,340 
 112,273  *  Francesca’s Holdings Corp   726,406 
 11,837     HSN, Inc   446,255 
 39,090  *,e  Overstock.com, Inc   1,794,231 
 32,702  *  RH   2,940,564 
 110,074  *  Sleep Number Corp   3,577,405 
 85,363     Tilly’s, Inc   1,016,674 
 52,226  *  Wayfair, Inc   3,650,597 
 59,472  *  Zumiez, Inc   1,049,681 
       TOTAL RETAILING   29,535,383 
              
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.7%        
 67,241  *  Alpha & Omega Semiconductor Ltd   1,239,252 
 138,680     Brooks Automation, Inc   4,769,205 
 74,200  *  First Solar, Inc   4,067,644 
 116,192     Marvell Technology Group Ltd   2,146,066 
 83,000  *  Microsemi Corp   4,429,710 
 25,701  *  ON Semiconductor Corp   547,946 
 25,905  *  Semtech Corp   1,063,400 
       TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT   18,263,223 
              
SOFTWARE & SERVICES - 8.1%        
 212,519  *  A10 Networks, Inc   1,553,514 
 65,390  *  Aspen Technology, Inc   4,218,963 
 181,782  *  Box, Inc   3,990,115 
 8,524  *  CACI International, Inc (Class A)   1,225,325 
60

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

 

SHARES     COMPANY  VALUE 
              
 93,963  *  Cadence Design Systems, Inc  $4,055,443 
 60,541  *  Care.com, Inc   930,515 
 44,617  *  CommerceHub, Inc   951,681 
 6,410  *  CommerceHub, Inc (Series A)   143,135 
 32,620     CSG Systems International, Inc   1,381,131 
 37,158     DST Systems, Inc   2,178,202 
 36,937  *  Envestnet, Inc   1,972,436 
 13,701  *  EPAM Systems, Inc   1,248,846 
 92,189     EVERTEC, Inc   1,382,835 
 145,805  *  Five9, Inc   3,678,660 
 44,031     Hackett Group, Inc   679,839 
 96,800  *  Hortonworks, Inc   1,598,168 
 22,321  *  IAC/InterActiveCorp   2,880,525 
 53,188     Leidos Holdings, Inc   3,325,314 
 120,115  *  Limelight Networks, Inc   594,569 
 13,463     LogMeIn, Inc   1,629,696 
 10,000     Mantech International Corp (Class A)   464,100 
 9,390     MAXIMUS, Inc   623,778 
 31,000  *  Model N, Inc   451,050 
 73,187  *,e  Nutanix, Inc   2,085,829 
 42,280     Pegasystems, Inc   2,464,924 
 49,335  *  Quotient Technology, Inc   772,093 
 10,847  *  Rapid7, Inc   196,114 
 35,301  *  RingCentral, Inc   1,487,937 
 31,000  *  Silver Spring Networks, Inc   499,720 
 29,062  *  Square, Inc   1,080,816 
 98,160  *  Syntel, Inc   2,293,017 
 16,815  *  Take-Two Interactive Software, Inc   1,860,580 
 23,959  *  TeleNav, Inc   154,535 
 27,741  *  Workiva, Inc   620,011 
 10,150  *  XO Group, Inc   202,594 
       TOTAL SOFTWARE & SERVICES   54,876,010 
              
TECHNOLOGY HARDWARE & EQUIPMENT - 5.6%        
 98,100  *  Aerohive Networks, Inc   388,476 
 14,054  *  Anixter International, Inc   965,510 
 44,948  *  Arrow Electronics, Inc   3,757,204 
 80,323     Avnet, Inc   3,196,855 
 69,900     CDW Corp   4,893,000 
 55,636     Dolby Laboratories, Inc (Class A)   3,223,550 
 15,292  *  Electro Scientific Industries, Inc   273,574 
 101,190  *  Extreme Networks, Inc   1,214,280 
 36,269     Flir Systems, Inc   1,698,114 
 54,904  *  Insight Enterprises, Inc   2,473,425 
 35,896     InterDigital, Inc   2,632,972 
 116,495     Jabil Circuit, Inc   3,294,479 
 85,213  *  Kemet Corp   2,189,122 
 150,800  *  Pure Storage, Inc   2,477,644 
 33,523     SYNNEX Corp   4,521,582 
 32,524     Systemax, Inc   928,560 
       TOTAL TECHNOLOGY HARDWARE & EQUIPMENT   38,128,347 
61

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

 

SHARES     COMPANY  VALUE 
              
TELECOMMUNICATION SERVICES - 0.1%        
 386,736  *,e  Globalstar, Inc  $622,645 
       TOTAL TELECOMMUNICATION SERVICES   622,645 
              
TRANSPORTATION - 1.7%        
 5,992     Copa Holdings S.A. (Class A)   738,154 
 86,570  *  Hub Group, Inc (Class A)   3,748,481 
 162,827  *  Radiant Logistics, Inc   794,596 
 15,300     Ryder System, Inc   1,240,524 
 25,221     Skywest, Inc   1,187,909 
 52,848  *  XPO Logistics, Inc   3,665,009 
       TOTAL TRANSPORTATION   11,374,673 
              
UTILITIES - 2.8%        
 24,477     Atmos Energy Corp   2,135,373 
 104,117     NRG Energy, Inc   2,602,925 
 50,690     NRG Yield, Inc (Class A)   930,162 
 9,746     OGE Energy Corp   359,043 
 14,583     Pinnacle West Capital Corp   1,279,075 
 11,200  e  Vanguard Small-Cap ETF   1,607,536 
 51,559     Vectren Corp   3,513,230 
 211,230     Vistra Energy Corp   4,106,311 
 43,663     Westar Energy, Inc   2,335,097 
       TOTAL UTILITIES   18,868,752 
             
       TOTAL COMMON STOCKS   675,488,507 
       (Cost $583,577,598)     
             
SHORT-TERM INVESTMENTS - 1.6%        
              
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.6%        
 10,842,532  c  State Street Navigator Securities Lending Government Money Market Portfolio   10,842,532 
       TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES   10,842,532 
             
       TOTAL SHORT-TERM INVESTMENTS   10,842,532 
       (Cost $10,842,532)     
       TOTAL INVESTMENTS - 101.3%   686,331,039 
       (Cost $594,420,130)     
       OTHER ASSETS & LIABILITIES, NET - (1.3)%   (8,693,334)
       NET ASSETS - 100.0%  $677,637,705 
       
       
    Abbreviation(s):
    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 $10,702,680.
62

TIAA-CREF FUNDS - Social Choice Equity Fund

 

TIAA-CREF FUNDS

SOCIAL CHOICE EQUITY FUND

SCHEDULE OF INVESTMENTS

October 31, 2017

 

SHARES     COMPANY  VALUE 
      
COMMON STOCKS - 99.4%     
      
AUTOMOBILES & COMPONENTS - 1.1%     
 10,131     BorgWarner, Inc  $534,106 
 16,566     Delphi Automotive plc   1,646,329 
 1,156,967     Ford Motor Co   14,195,985 
 66,583     Harley-Davidson, Inc   3,152,039 
 22,556  *  Modine Manufacturing Co   474,804 
 36,703  *  Tesla, Inc   12,168,146 
          TOTAL AUTOMOBILES & COMPONENTS     32,171,409 
      
BANKS - 5.8%     
 22,700     Ameris Bancorp   1,087,330 
 20,257     Associated Banc-Corp   512,502 
 15,244     Bank Mutual Corp   161,205 
 6,214     Bank of Hawaii Corp   507,125 
 15,284     Bank of the Ozarks, Inc   712,540 
 3,518     Banner Corp   201,652 
 339,486     BB&T Corp   16,716,291 
 12,593     Berkshire Hills Bancorp, Inc   482,312 
 20,496     Brookline Bancorp, Inc   315,638 
 8,111     Bryn Mawr Bank Corp   355,667 
 3,985     Camden National Corp   172,032 
 16,555     Capital Bank Financial Corp   672,133 
 690     Cathay General Bancorp   28,842 
 123,551     CIT Group, Inc   5,759,948 
 417,287     Citizens Financial Group, Inc   15,861,079 
 3,672     City Holding Co   258,839 
 440     Columbia Banking System, Inc   19,144 
 108,335     Comerica, Inc   8,511,881 
 292     Commerce Bancshares, Inc   16,983 
 797     Community Bank System, Inc   44,066 
 1,572     Community Trust Bancorp, Inc   75,928 
 3,270     Cullen/Frost Bankers, Inc   322,095 
 24,167  *  Customers Bancorp, Inc   660,726 
 3,717     East West Bancorp, Inc   222,425 
 20,125  *  FCB Financial Holdings, Inc   939,837 
 10,422     Federal Agricultural Mortgage Corp (Class C)   773,729 
 165,856     Fifth Third Bancorp   4,793,238 
 16,895     First Commonwealth Financial Corp   245,991 
 2,352     First Financial Corp   111,720 
 11,312     First Interstate Bancsystem, Inc   444,562 
 16,967     First Merchants Corp   729,581 
 19,937     First Republic Bank   1,941,864 
 6,216     Flushing Financial Corp   186,356 
 1,130     FNB Corp   15,244 
 540     Glacier Bancorp, Inc   20,498 
63

TIAA-CREF FUNDS - Social Choice Equity Fund

 

SHARES      COMPANY  VALUE 
              
 1,279     Hancock Holding Co  $62,351 
 7,158     Hanmi Financial Corp   220,108 
 13,498     Heartland Financial USA, Inc   664,776 
 21,749     Heritage Financial Corp   663,344 
 14,400  *  HomeStreet, Inc   418,320 
 13,122  *  HomeTrust Bancshares, Inc   344,452 
 11,260     Hope Bancorp, Inc   207,747 
 5,708     Investors Bancorp, Inc   78,485 
 654,066     Keycorp   11,936,704 
 13,531     Lakeland Financial Corp   653,277 
 3,075     Live Oak Bancshares, Inc   72,878 
 90,129     M&T Bank Corp   15,030,813 
 17,553  *  MGIC Investment Corp   251,008 
 6,254     National Bank Holdings Corp   205,256 
 310     NBT Bancorp, Inc   11,823 
 69,768     New York Community Bancorp, Inc   876,286 
 22,664     Northfield Bancorp, Inc   386,648 
 45,811     OFG Bancorp   407,718 
 7,838     Old National Bancorp   142,652 
 13,091  *  Opus Bank   339,057 
 8,836     PacWest Bancorp   426,956 
 982     People’s United Financial, Inc   18,324 
 33,865     Pinnacle Financial Partners, Inc   2,241,863 
 152,339     PNC Financial Services Group, Inc   20,838,452 
 551,750     Regions Financial Corp   8,541,090 
 3,278     S&T Bancorp, Inc   134,037 
 3,755  *  Signature Bank   488,188 
 4,340     Southside Bancshares, Inc   153,679 
 6,312     State Bank & Trust Co   182,480 
 12,826     Stock Yards Bancorp, Inc   484,182 
 6,265     Sun Bancorp, Inc   158,818 
 16,030  *  SVB Financial Group   3,515,058 
 1,879  *  Texas Capital Bancshares, Inc   161,688 
 17,614  *  The Bancorp, Inc   148,134 
 8,474     TowneBank   283,879 
 4,025     Trico Bancshares   166,716 
 13,511  *  Tristate Capital Holdings, Inc   306,024 
 350     Trustmark Corp   11,529 
 2,167     UMB Financial Corp   159,340 
 650     Umpqua Holdings Corp   13,299 
 6,031     Union Bankshares Corp   208,130 
 14,096     United Bankshares, Inc   506,751 
 11,606     United Financial Bancorp, Inc (New)   212,506 
 6,092     Univest Corp of Pennsylvania   178,496 
 424,998     US Bancorp   23,111,391 
 27,261  *  Walker & Dunlop, Inc   1,496,356 
 3,230     Webster Financial Corp   177,618 
 1,553  e  Westamerica Bancorporation   90,431 
 13,557  *  Western Alliance Bancorp   756,481 
 230     Wintrust Financial Corp   18,697 
 3,911     WSFS Financial Corp   194,377 
 55,123     Zions Bancorporation   2,561,015 
       TOTAL BANKS   164,800,691 
64

TIAA-CREF FUNDS - Social Choice Equity Fund

 

SHARES      COMPANY  VALUE 
                 
CAPITAL GOODS - 7.9%        
 120,729     3M Co  $27,790,609 
 11,556     A.O. Smith Corp   684,115 
 954     Acuity Brands, Inc   159,509 
 3,315     Air Lease Corp   144,037 
 180,779     Ametek, Inc   12,200,775 
 286     Applied Industrial Technologies, Inc   18,204 
 103,695     Arconic, Inc   2,604,818 
 11,569     Argan, Inc   795,369 
 46,198     Barnes Group, Inc   3,007,028 
 419  *  Beacon Roofing Supply, Inc   23,217 
 9,760     Briggs & Stratton Corp   245,952 
 46,759  *  Builders FirstSource, Inc   842,597 
 121,895     Caterpillar, Inc   16,553,341 
 27,763  e  Chicago Bridge & Iron Co NV   387,016 
 1,817     Cubic Corp   99,117 
 35,835     Cummins, Inc   6,338,495 
 99,550     Deere & Co   13,228,204 
 27,134     Dover Corp   2,591,026 
 8,974  *  DXP Enterprises, Inc   287,796 
 137,592     Eaton Corp   11,010,112 
 1,365     EMCOR Group, Inc   109,896 
 30,135  *  Esterline Technologies Corp   2,858,305 
 59,517     Fastenal Co   2,795,513 
 300  e  GATX Corp   17,823 
 7,479     Graco, Inc   985,657 
 245     Granite Construction, Inc   15,604 
 1,410     H&E Equipment Services, Inc   46,445 
 17,572     Hexcel Corp   1,066,445 
 103,060     Illinois Tool Works, Inc   16,130,951 
 53,624     Ingersoll-Rand plc   4,751,086 
 249,032     Johnson Controls International plc   10,307,434 
 7,798     Kaman Corp   436,220 
 54,494  *,e  KEYW Holding Corp, The   411,430 
 38,241     L3 Technologies, Inc   7,157,950 
 7,720     Lincoln Electric Holdings, Inc   707,692 
 171,085     Masco Corp   6,812,605 
 2,279     MSC Industrial Direct Co (Class A)   188,929 
 3,829  *  MYR Group, Inc   122,107 
 66,007     Owens Corning, Inc   5,458,119 
 84,023     PACCAR, Inc   6,026,970 
 13,733     Parker-Hannifin Corp   2,507,783 
 41,937     Pentair plc   2,954,881 
 252,876  *,e  Plug Power, Inc   720,697 
 46,206  *  Quanta Services, Inc   1,743,352 
 37,955     Rockwell Automation, Inc   7,622,123 
 118,795     Rockwell Collins, Inc   16,108,602 
 21,428     Roper Industries, Inc   5,532,067 
 2,611  *  Rush Enterprises, Inc (Class A)   132,587 
 3,149     Snap-On, Inc   496,849 
 25,546  *  Teledyne Technologies, Inc   4,341,798 
 1,401     Timken Co   66,057 
65

TIAA-CREF FUNDS - Social Choice Equity Fund

 

SHARES     COMPANY  VALUE 
             
 10,913  *  Titan Machinery, Inc  $162,495 
 40,384     TransDigm Group, Inc   11,206,560 
 26,801     Triton International Ltd   1,069,360 
 16,143  *  United Rentals, Inc   2,283,912 
 13,198  *  Veritiv Corp   424,316 
 1,480     W.W. Grainger, Inc   292,596 
 10,000     Wabash National Corp   225,000 
 63,090  *  Wesco Aircraft Holdings, Inc   570,965 
 1,355  *  WESCO International, Inc   85,568 
 6,028     Woodward Governor Co   466,145 
       TOTAL CAPITAL GOODS   224,432,231 
                
COMMERCIAL & PROFESSIONAL SERVICES - 0.8%        
 540     ABM Industries, Inc   22,664 
 127,077  *  ACCO Brands Corp   1,658,355 
 155,560  *  Copart, Inc   5,645,272 
 650  e  Covanta Holding Corp   10,465 
 290     Essendant, Inc   2,807 
 12,240     Exponent, Inc   903,924 
 4,282     Heidrick & Struggles International, Inc   106,408 
 6,346     Insperity, Inc   602,235 
 5,010     Interface, Inc   114,228 
 1,760     Kelly Services, Inc (Class A)   46,306 
 5,758     Kimball International, Inc (Class B)   110,381 
 590     Knoll, Inc   12,520 
 10,228     Manpower, Inc   1,260,908 
 21,053  *,m  Media General, Inc   0 
 3,562  *  Mistras Group, Inc   74,838 
 430     Mobile Mini, Inc   14,233 
 8,831  *  Navigant Consulting, Inc   152,865 
 970  *  On Assignment, Inc   59,383 
 6,963     Resources Connection, Inc   109,667 
 52,605     Robert Half International, Inc   2,723,361 
 4,160  *  RPX Corp   54,163 
 1,210     Steelcase, Inc (Class A)   17,605 
 33,675  *,e  Team, Inc   414,202 
 10,180     Tetra Tech, Inc   501,365 
 2,825  *  TriNet Group, Inc   98,084 
 11,278     Viad Corp   654,688 
 87,678     Waste Management, Inc   7,204,501 
       TOTAL COMMERCIAL & PROFESSIONAL SERVICES   22,575,428 
                
CONSUMER DURABLES & APPAREL - 1.1%        
 10,992     CalAtlantic Group, Inc   542,345 
 13,930     Callaway Golf Co   201,010 
 22,010  *  Century Communities, Inc   628,385 
 396     Columbia Sportswear Co   24,702 
 5,269     CSS Industries, Inc   157,965 
 490     Ethan Allen Interiors, Inc   14,578 
 48,285  *,e  Fossil Group, Inc   380,486 
 9,306  *  Green Brick Partners, Inc   100,970 
 53,158  e  Hanesbrands, Inc   1,196,055 
 258     Hasbro, Inc   23,888 
66

TIAA-CREF FUNDS - Social Choice Equity Fund

 

SHARES     COMPANY  VALUE 
             
 2,202  *  Helen of Troy Ltd  $204,566 
 2,799  *,e  iRobot Corp   188,065 
 13,517     Libbey, Inc   92,456 
 7,028  *  Meritage Homes Corp   342,264 
 595  *  Michael Kors Holdings Ltd   29,042 
 3,220  *  Mohawk Industries, Inc   842,867 
 6,980     Movado Group, Inc   193,346 
 86,247     Newell Rubbermaid, Inc   3,517,153 
 344,482     Nike, Inc (Class B)   18,943,065 
 397     Pool Corp   47,950 
 1,614     PVH Corp   204,671 
 399  *,e  Tempur Sealy International, Inc   26,083 
 6,614  *,e  Under Armour, Inc (Class A)   82,807 
 4,706  *  Unifi, Inc   179,063 
 54,516     VF Corp   3,797,039 
 587     Weyco Group, Inc   15,961 
 3,389     Whirlpool Corp   555,559 
       TOTAL CONSUMER DURABLES & APPAREL   32,532,341 
                
CONSUMER SERVICES - 2.7%       
 4,314  *  American Public Education, Inc   86,280 
 4,297  *  Bright Horizons Family Solutions   370,831 
 8,508     Carriage Services, Inc   220,357 
 30,118     Choice Hotels International, Inc   2,100,731 
 33,819     Darden Restaurants, Inc   2,782,289 
 320     DineEquity, Inc   15,235 
 22,986     Hilton Worldwide Holdings, Inc   1,661,428 
 23,836     ILG, Inc   707,214 
 124,286     Marriott International, Inc (Class A)   14,849,691 
 166,803     McDonald’s Corp   27,841,089 
 22,532     Royal Caribbean Cruises Ltd   2,788,786 
 38,369     Service Corp International   1,360,565 
 25,999  *  ServiceMaster Global Holdings, Inc   1,224,813 
 337,600     Starbucks Corp   18,513,984 
 9,266     Vail Resorts, Inc   2,122,099 
       TOTAL CONSUMER SERVICES   76,645,392 
                
DIVERSIFIED FINANCIALS - 6.0%       
 58,449     Ally Financial, Inc   1,527,272 
 225,750     American Express Co   21,563,640 
 3,404     Ameriprise Financial, Inc   532,862 
 616,689     Annaly Capital Management, Inc   7,067,256 
 50,429  e  Apollo Commercial Real Estate Finance, Inc   911,252 
 359,835     Bank of New York Mellon Corp   18,513,511 
 27,500     BlackRock, Inc   12,947,825 
 323,003     Charles Schwab Corp   14,483,454 
 22,014     Chimera Investment Corp   402,856 
 124,077     CME Group, Inc   17,019,642 
 280     Cohen & Steers, Inc   12,177 
 182,870     Discover Financial Services   12,166,341 
 19,736     Dynex Capital, Inc   138,152 
 4,411  *,e  Encore Capital Group, Inc   204,891 
 2,390     Factset Research Systems, Inc   453,789 
67

TIAA-CREF FUNDS - Social Choice Equity Fund

 

SHARES     COMPANY  VALUE 
             
 77,683     Franklin Resources, Inc  $3,272,785 
 9,333  *  Green Dot Corp   528,434 
 214,820     IntercontinentalExchange Group, Inc   14,199,602 
 165,102     Invesco Ltd   5,909,001 
 4,700     Invesco Mortgage Capital, Inc   80,934 
 24,238     Legg Mason, Inc   925,407 
 29,667     NASDAQ OMX Group, Inc   2,155,308 
 14,006     NewStar Financial, Inc   171,994 
 119,931     Northern Trust Corp   11,215,947 
 55,811  *  On Deck Capital, Inc   275,148 
 8,008  *  Pico Holdings, Inc   151,351 
 5,668  *  PRA Group, Inc   158,137 
 31,538     S&P Global, Inc   4,934,751 
 123,600     State Street Corp   11,371,200 
 52,574     T Rowe Price Group, Inc   4,884,125 
 22,619     TD Ameritrade Holding Corp   1,130,724 
 25,591     Voya Financial, Inc   1,027,735 
       TOTAL DIVERSIFIED FINANCIALS   170,337,503 
                
ENERGY - 5.7%       
 34,606     Andeavor   3,676,541 
 55,798  *  Antero Resources Corp   1,082,481 
 43,205     Apache Corp   1,787,391 
 38,878     Archrock, Inc   466,536 
 89,631     Baker Hughes a GE Co   2,817,102 
 20,519  e  Bristow Group, Inc   193,699 
 12,890  *,e  California Resources Corp   142,177 
 25,979  *,e  CARBO Ceramics, Inc   215,106 
 83,614  *  Cheniere Energy, Inc   3,908,118 
 1,276     Cimarex Energy Co   149,203 
 145,298  *  Clean Energy Fuels Corp   341,450 
 10,655  *  Concho Resources, Inc   1,430,008 
 185,845     ConocoPhillips   9,505,972 
 49,772  *  Continental Resources, Inc   2,026,218 
 13,037     Delek US Holdings, Inc   339,614 
 245,322  *  Denbury Resources, Inc   301,746 
 142,795     Devon Energy Corp   5,269,135 
 1,150  *  Energen Corp   59,455 
 91,046     EOG Resources, Inc   9,092,764 
 35,229     EQT Corp   2,203,222 
 16,785  *  Exterran Corp   541,652 
 133,714  *,e  Fairmount Santrol Holdings, Inc   576,307 
 42,574  *  Forum Energy Technologies, Inc   613,066 
 20,460     Green Plains Renewable Energy, Inc   376,464 
 17,286  *  Gulfport Energy Corp   236,818 
 86,778  *  Helix Energy Solutions Group, Inc   591,826 
 75,067     Hess Corp   3,314,959 
 596,543     Kinder Morgan, Inc   10,803,394 
 215,752     Marathon Oil Corp   3,067,993 
 101,682     Marathon Petroleum Corp   6,074,483 
 14,654  *  Matrix Service Co   206,621 
 146,428  *  McDermott International, Inc   969,353 
 167,615     National Oilwell Varco, Inc   5,730,757 
68

TIAA-CREF FUNDS - Social Choice Equity Fund

 

SHARES     COMPANY  VALUE 
             
 10,506  *  Natural Gas Services Group, Inc  $292,067 
 58,596  *  Newpark Resources, Inc   512,715 
 99,937     Noble Energy, Inc   2,785,244 
 3,520  *  Oasis Petroleum, Inc   33,264 
 177,330     Occidental Petroleum Corp   11,450,198 
 458     Oceaneering International, Inc   9,261 
 422  *  Oil States International, Inc   9,727 
 45,345     Oneok, Inc   2,460,873 
 74,453  *  Parker Drilling Co   78,176 
 4,952  e  PBF Energy, Inc   143,459 
 8,658  *  PDC Energy, Inc   440,952 
 131,450     Phillips 66   11,972,466 
 24,848     Pioneer Natural Resources Co   3,719,000 
 21,525     Range Resources Corp   389,818 
 31,821  *,e  Renewable Energy Group, Inc   385,034 
 7,784  *  RigNet, Inc   135,831 
 121,065  *  Rowan Cos plc   1,734,861 
 303,189     Schlumberger Ltd   19,404,096 
 79  *  SEACOR Holdings, Inc   3,729 
 34,506     SM Energy Co   736,013 
 114,436  *  Superior Energy Services   1,009,326 
 6,235  *  Tesco Corp   24,005 
 133,378  *  Tetra Technologies, Inc   378,794 
 24,405  *  Unit Corp   456,862 
 22,379  e  US Silica Holdings Inc   682,783 
 225,652     Valero Energy Corp   17,801,686 
 217,057  *,e  Weatherford International Ltd   753,188 
 183,839     Williams Cos, Inc   5,239,411 
 6,926     World Fuel Services Corp   192,543 
       TOTAL ENERGY   161,347,013 
                
FOOD & STAPLES RETAILING - 0.6%       
 35,243     Casey’s General Stores, Inc   4,037,791 
 22,230  *  Chefs’ Warehouse Holdings, Inc   443,489 
 12,822  *,e  Natural Grocers by Vitamin C   62,956 
 70,264  *  Performance Food Group Co   1,988,471 
 10,211     Pricesmart, Inc   855,682 
 25,576  *  Smart & Final Stores, Inc   153,456 
 24,339     Spartan Stores, Inc   597,522 
 120,401  *  Sprouts Farmers Market, Inc   2,226,214 
 57,509  *  United Natural Foods, Inc   2,229,624 
 201,471  *  US Foods Holding Corp   5,496,129 
 11,147     Weis Markets, Inc   432,838 
       TOTAL FOOD & STAPLES RETAILING   18,524,172 
                
FOOD, BEVERAGE & TOBACCO - 4.3%       
 17,386     Bunge Ltd   1,195,809 
 78,583     Campbell Soup Co   3,722,477 
 693,479     Coca-Cola Co   31,886,164 
 78,897     Dr Pepper Snapple Group, Inc   6,758,317 
 229,108     General Mills, Inc   11,895,287 
 3,800  *  Hain Celestial Group, Inc   136,876 
 70,402     Hormel Foods Corp   2,193,726 
69

TIAA-CREF FUNDS - Social Choice Equity Fund

 

SHARES     COMPANY  VALUE 
             
 118,265     Kellogg Co  $7,395,111 
 192,674     Kraft Heinz Co   14,899,481 
 4,569  *  Landec Corp   60,539 
 6,083     McCormick & Co, Inc   605,441 
 273,023     Mondelez International, Inc   11,311,343 
 29,251     Omega Protein Corp   640,597 
 259,039     PepsiCo, Inc   28,553,869 
 3,091  *  Seneca Foods Corp   111,276 
 674  *  TreeHouse Foods, Inc   44,740 
       TOTAL FOOD, BEVERAGE & TOBACCO   121,411,053 
                
HEALTH CARE EQUIPMENT & SERVICES - 4.5%       
 4,035     Abaxis, Inc   195,294 
 5,984  *  Abiomed, Inc   1,154,433 
 14,457  *,e  Acadia Healthcare Co, Inc   453,372 
 77,582  *  Accuray, Inc   368,514 
 589     Aceto Corp   5,931 
 18,865  *  Align Technology, Inc   4,508,358 
 26,921  *  Amedisys, Inc   1,295,169 
 87,979     AmerisourceBergen Corp   6,769,984 
 21,087  *  AMN Healthcare Services, Inc   925,719 
 5,424     Analogic Corp   435,547 
 15,017  *  Angiodynamics, Inc   254,838 
 82,164     Anthem, Inc   17,189,531 
 31,724  *  athenahealth, Inc   4,056,865 
 18,911  *  AtriCure, Inc   405,452 
 88,951     Becton Dickinson & Co   18,561,405 
 30,852  *  Brookdale Senior Living, Inc   309,446 
 20,471  *  Capital Senior Living Corp   272,264 
 142,328     Cardinal Health, Inc   8,810,103 
 34,993  *  Centene Corp   3,277,794 
 59,065  *,e  Cerus Corp   169,517 
 3,151     Chemed Corp   704,028 
 70,208     Cigna Corp   13,846,422 
 8,003  e  Computer Programs & Systems, Inc   241,290 
 4,329  *  Corvel Corp   259,740 
 31,370     Dentsply Sirona, Inc   1,915,766 
 1,590  *  Diplomat Pharmacy, Inc   33,469 
 69,918  *  Edwards Lifesciences Corp   7,147,717 
 49,909  *,e  Endologix, Inc   264,518 
 61,429  *  Envision Healthcare Corp   2,616,875 
 26,220  *  GenMark Diagnostics, Inc   195,339 
 300  *  Haemonetics Corp   14,268 
 6,350  *  HCA Holdings, Inc   480,377 
 3,802  *  HealthStream, Inc   92,997 
 7,168  *  Henry Schein, Inc   563,405 
 2,640  *  HMS Holdings Corp   50,794 
 43,174  *  Hologic, Inc   1,634,136 
 38,428     Humana, Inc   9,812,590 
 5,796  *  IDEXX Laboratories, Inc   963,121 
 18,829  *  Integer Holding Corp   915,089 
 18,008  *  Laboratory Corp of America Holdings   2,768,010 
 15,190  *  LHC Group, Inc   1,014,844 
70

TIAA-CREF FUNDS - Social Choice Equity Fund

 

SHARES     COMPANY  VALUE 
             
 21,680  *  LifePoint Hospitals, Inc  $1,043,892 
 1,635  *  Magellan Health Services, Inc   139,466 
 9,720  *  Medidata Solutions, Inc   731,236 
 26,417  *  Merit Medical Systems, Inc   1,005,167 
 11,035  *  NxStage Medical, Inc   297,393 
 25,565  *  Omnicell, Inc   1,273,137 
 37,310  *  OraSure Technologies, Inc   736,873 
 10,906     Patterson Cos, Inc   403,522 
 21,433  *  PharMerica Corp   627,987 
 1,887  *  Premier, Inc   61,648 
 14,487  *  Providence Service Corp   805,477 
 1,816  *  Quality Systems, Inc   25,551 
 5,122  *  Quidel Corp   209,746 
 25,215     Resmed, Inc   2,122,599 
 14,148  *  Select Medical Holdings Corp   270,934 
 9,466  *  Staar Surgical Co   125,425 
 17,725  *,e  Surgery Partners, Inc   163,956 
 11,931  *,e  Teladoc, Inc   394,320 
 20,417  *  Tivity Health, Inc   944,286 
 14,688  *  Triple-S Management Corp (Class B)   352,659 
 8,920     US Physical Therapy, Inc   606,114 
 500  *  Varian Medical Systems, Inc   52,095 
 18,508  *  Vocera Communications, Inc   522,296 
       TOTAL HEALTH CARE EQUIPMENT & SERVICES   127,870,110 
                
HOUSEHOLD & PERSONAL PRODUCTS - 2.1%       
 2,378     Clorox Co   300,888 
 199,846     Colgate-Palmolive Co   14,079,151 
 51,678     Estee Lauder Cos (Class A)   5,778,117 
 40,204     Kimberly-Clark Corp   4,523,352 
 8,499  e  Natural Health Trends Corp   163,691 
 402,506     Procter & Gamble Co   34,752,368 
       TOTAL HOUSEHOLD & PERSONAL PRODUCTS   59,597,567 
                
INSURANCE - 4.0%       
 150,329     Aflac, Inc   12,611,100 
 36,668     Allstate Corp   3,441,658 
 150,453     American International Group, Inc   9,720,768 
 5,145     Arthur J. Gallagher & Co   325,833 
 32,636     Aspen Insurance Holdings Ltd   1,400,084 
 8,868     Axis Capital Holdings Ltd   482,331 
 136,533     Chubb Ltd   20,591,907 
 476     Employers Holdings, Inc   22,705 
 3,280     First American Financial Corp   178,498 
 111,278     Hartford Financial Services Group, Inc   6,125,854 
 26,627     Loews Corp   1,318,303 
 98,755     Marsh & McLennan Cos, Inc   7,992,242 
 46,413     Principal Financial Group   3,056,296 
 243,434     Progressive Corp   11,843,064 
 156,152     Prudential Financial, Inc   17,248,550 
 200     Reinsurance Group of America, Inc (Class A)   29,876 
 10,711     RenaissanceRe Holdings Ltd   1,481,974 
 3,347     Stewart Information Services Corp   126,985 
71

TIAA-CREF FUNDS - Social Choice Equity Fund

 

SHARES     COMPANY  VALUE 
             
 128,444     Travelers Cos, Inc  $17,012,408 
       TOTAL INSURANCE   115,010,436 
               
MATERIALS - 3.7%      
 61,203     Air Products & Chemicals, Inc   9,757,594 
 5,127     Albemarle Corp   722,343 
 7,701     Aptargroup, Inc   670,526 
 11,035     Avery Dennison Corp   1,171,586 
 47,334     Ball Corp   2,032,049 
 791     Bemis Co, Inc   35,611 
 2,310     Carpenter Technology Corp   115,015 
 17,130     Celanese Corp (Series A)   1,786,830 
 31,721  *  Century Aluminum Co   444,094 
 1,826  *  Clearwater Paper Corp   84,270 
 46,693     Commercial Metals Co   909,580 
 1,709  e  Compass Minerals International, Inc   112,110 
 14,217     Eastman Chemical Co   1,291,046 
 122,126     Ecolab, Inc   15,956,983 
 2,950  *  Ferro Corp   70,269 
 50,046  *  Flotek Industries, Inc   246,226 
 17,798     H.B. Fuller Co   1,012,172 
 1,039     Hawkins, Inc   39,586 
 1,809     Innophos Holdings, Inc   88,514 
 3,111     International Flavors & Fragrances, Inc   458,624 
 99,782     International Paper Co   5,714,515 
 18,346  *  Kraton Polymers LLC   899,504 
 22,260  *  Louisiana-Pacific Corp   605,027 
 81,709     LyondellBasell Industries AF S.C.A   8,459,333 
 14,012     Minerals Technologies, Inc   1,007,463 
 106,826     Mosaic Co   2,386,493 
 205,346     Nucor Corp   11,875,159 
 3,500     PolyOne Corp   161,245 
 7,823     PPG Industries, Inc   909,346 
 118,223     Praxair, Inc   17,274,745 
 274     Quaker Chemical Corp   42,558 
 2,337     Reliance Steel & Aluminum Co   179,575 
 55,648     Royal Gold, Inc   4,680,553 
 4,126     Schnitzer Steel Industries, Inc (Class A)   121,511 
 6,530     Sealed Air Corp   288,822 
 15,560     Sherwin-Williams Co   6,148,534 
 25,858  *  Summit Materials, Inc   811,941 
 16,409     Trinseo S.A.   1,165,039 
 1,210     United States Lime & Minerals, Inc   109,928 
 13,175  *,e  US Concrete, Inc   1,030,285 
 67,182     WestRock Co   4,120,272 
 16,207     Worthington Industries, Inc   737,418 
       TOTAL MATERIALS   105,734,294 
                
MEDIA - 2.8%        
 711     Cable One, Inc   504,675 
 57,289  *  Charter Communications, Inc   19,144,265 
 8,053     Cinemark Holdings, Inc   292,646 
 40,660     Clear Channel Outdoor Holdings, Inc (Class A)   154,508 
72

TIAA-CREF FUNDS - Social Choice Equity Fund

 

SHARES     COMPANY  VALUE 
             
 146,657  *,e  Discovery Communications, Inc (Class A)  $2,768,884 
 197,556  *  Discovery Communications, Inc (Class C)   3,518,473 
 17,913  e  Entercom Communications Corp (Class A)   197,939 
 58,359     Entravision Communications Corp (Class A)   303,467 
 3,930  *  Gray Television, Inc   61,190 
 2,205     John Wiley & Sons, Inc (Class A)   120,503 
 58,591     New York Times Co (Class A)   1,119,088 
 320     Scholastic Corp   11,821 
 9,465     Scripps Networks Interactive (Class A)   788,245 
 23,476     Sinclair Broadcast Group, Inc (Class A)   744,189 
 209,438     Time Warner, Inc   20,585,661 
 301,742     Walt Disney Co   29,513,385 
       TOTAL MEDIA   79,828,939 
               
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.6%     
 52,912  *  Acadia Pharmaceuticals, Inc   1,842,925 
 11,304  *  Acceleron Pharma, Inc   440,856 
 9,986  *  Acorda Therapeutics, Inc   265,378 
 18,110  *  Aduro Biotech, Inc   143,974 
 150,551     Agilent Technologies, Inc   10,241,985 
 6,319  *  Agios Pharmaceuticals, Inc   406,122 
 56,815  *  Akorn, Inc   1,850,465 
 150,942     Amgen, Inc   26,448,057 
 30,743  *,e  Bellicum Pharmaceuticals, Inc   289,599 
 85,758  *  BioCryst Pharmaceuticals, Inc   385,911 
 42,345  *  Biogen Idec, Inc   13,197,243 
 38,322  *  BioMarin Pharmaceutical, Inc   3,145,853 
 11,397  *  Bioverativ, Inc   643,930 
 8,326  *  Bluebird Bio, Inc   1,158,147 
 385,792     Bristol-Myers Squibb Co   23,787,935 
 179,377  *  Celgene Corp   18,111,696 
 135,053  *  Celldex Therapeutics, Inc   329,529 
 54,208  *  Cempra, Inc   124,678 
 26,284  *  Chimerix, Inc   129,317 
 23,368  *  Coherus Biosciences, Inc   262,890 
 18,378  *,e  Collegium Pharmaceutical, Inc   189,845 
 64,573  *  Depomed, Inc   312,533 
 2,290  *  Esperion Thereapeutics, Inc   104,745 
 22,583  *  FibroGen, Inc   1,261,261 
 4,680  *  Flexion Therapeutics Inc   103,007 
 288,576     Gilead Sciences, Inc   21,631,657 
 16,242  *  Halozyme Therapeutics, Inc   287,971 
 24,203  *  Immunomedics, Inc   259,456 
 12,213  *,e  Inovio Pharmaceuticals, Inc   71,202 
 18,561  *  Intersect ENT, Inc   550,334 
 48,629  *  Iovance Biotherapeutics, Inc   378,090 
 382,252     Johnson & Johnson   53,289,751 
 500,319     Merck & Co, Inc   27,562,574 
 14,519  e  Merrimack Pharmaceuticals, Inc   170,453 
 870  *  Mettler-Toledo International, Inc   593,888 
 50,452  *,e  MiMedx Group, Inc   639,731 
 65,348  *  Nektar Therapeutics   1,574,233 
 89,462  *,e  Opko Health, Inc   602,079 
73

TIAA-CREF FUNDS - Social Choice Equity Fund

 

SHARES     COMPANY  VALUE 
             
 59,572  *,e  Organovo Holdings, Inc  $94,719 
 57,915  *  Prestige Brands Holdings, Inc   2,716,213 
 80,041  *  Progenics Pharmaceuticals, Inc   495,454 
 21,559  *  Quintiles Transnational Holdings, Inc   2,330,528 
 44,020  *  Sangamo Biosciences, Inc   545,848 
 6,270  *  Sarepta Therapeutics, Inc   309,174 
 4,385  *  Spark Therapeutics, Inc   354,747 
 25,577  *,e  Sucampo Pharmaceuticals, Inc (Class A)   255,770 
 17,627  *  Teligent, Inc   100,121 
 6,060  *  TESARO, Inc   701,566 
 25,761  *,e  Theravance Biopharma, Inc   743,462 
 17,724  *  Ultragenyx Pharmaceutical, Inc   816,899 
 61,082  *  Vertex Pharmaceuticals, Inc   8,932,021 
 4,374  *  Waters Corp   857,523 
 189,024     Zoetis, Inc   12,063,512 
       TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES   244,106,857 
                
REAL ESTATE - 3.9%     
 11,117  *,e  Altisource Portfolio Solutions S.A.   287,263 
 23,462     American Campus Communities, Inc   975,550 
 142,171     American Tower Corp   20,425,708 
 48,024     Boston Properties, Inc   5,819,548 
 36,800     Brixmor Property Group, Inc   642,896 
 17,071     CatchMark Timber Trust Inc   218,509 
 100,412  e  CBL & Associates Properties, Inc   787,230 
 55,708  *  CBRE Group, Inc   2,190,439 
 17,160     Coresite Realty   1,900,470 
 8,358     Douglas Emmett, Inc   332,565 
 58,576     Duke Realty Corp   1,668,244 
 19,598     Easterly Government Properties, Inc   394,312 
 36,148     Equinix, Inc   16,754,598 
 3,961     Federal Realty Investment Trust   477,380 
 33,420     First Industrial Realty Trust, Inc   1,032,010 
 12,660     Forest City Realty Trust, Inc   311,816 
 540     Franklin Street Properties Corp   5,400 
 204,267     HCP, Inc   5,278,259 
 74,061     Healthcare Realty Trust, Inc   2,387,727 
 108,968     Host Marriott Corp   2,131,414 
 32,022  *  Howard Hughes Corp   4,086,968 
 50,982     Iron Mountain, Inc   2,039,280 
 76,492  *  iStar Financial, Inc   894,956 
 8     Jones Lang LaSalle, Inc   1,036 
 266     Kilroy Realty Corp   18,947 
 15,135     Liberty Property Trust   648,989 
 20,078     Macerich Co   1,096,259 
 17,343     NorthStar Realty Europe Corp   233,610 
 4,166     Paramount Group, Inc   66,323 
 540     Piedmont Office Realty Trust, Inc   10,444 
 129,304     Prologis, Inc   8,350,452 
 140     PS Business Parks, Inc   18,526 
 22,163     QTS Realty Trust, Inc   1,282,129 
 2,009     RMR Group, Inc   105,372 
 52,509  *  SBA Communications Corp   8,253,365 
74

TIAA-CREF FUNDS - Social Choice Equity Fund

 

SHARES     COMPANY  VALUE 
             
 8,006     Senior Housing Properties Trust  $147,310 
 10,081     Tier REIT, Inc   197,285 
 23,637     UDR, Inc   916,879 
 55,605     Vornado Realty Trust   4,162,590 
 297     Washington REIT   9,560 
 205,082     Welltower, Inc   13,732,291 
 14,848     Weyerhaeuser Co   533,192 
       TOTAL REAL ESTATE   110,827,101 
                
RETAILING - 4.2%     
 40,838  *  1-800-FLOWERS.COM, Inc (Class A)   383,877 
 2,432     Aaron’s, Inc   89,498 
 6,410     Advance Auto Parts, Inc   523,953 
 53,182     Best Buy Co, Inc   2,977,128 
 21,529  e  Big 5 Sporting Goods Corp   136,709 
 250     Buckle, Inc   4,113 
 37,531  *  Carmax, Inc   2,818,578 
 9     Chico’s FAS, Inc   72 
 109,981     Dollar General Corp   8,890,864 
 1,820     Finish Line, Inc (Class A)   16,871 
 5,625     Foot Locker, Inc   169,200 
 7,586  *  Francesca’s Holdings Corp   49,081 
 26,852  *  FTD Cos, Inc   290,002 
 106,784     Gap, Inc   2,775,316 
 22,125  *  Genesco, Inc   542,063 
 384,472  *  Groupon, Inc   1,833,931 
 18,815     Haverty Furniture Cos, Inc   448,738 
 24,044  *  Hibbett Sports, Inc   307,763 
 19,067     HSN, Inc   718,826 
 15,620  *  Kirkland’s, Inc   182,754 
 93,965     Kohl’s Corp   3,923,978 
 13,519  *,e  Lands’ End, Inc   147,357 
 7,610  *  LKQ Corp   286,821 
 241,860     Lowe’s Companies, Inc   19,336,707 
 4,455  *  MarineMax, Inc   82,640 
 112,347  *  NetFlix, Inc   22,068,321 
 26,766     Nordstrom, Inc   1,061,272 
 33,970     Nutri/System, Inc   1,696,802 
 96,086     Office Depot, Inc   297,867 
 19,028  *,e  Overstock.com, Inc   873,385 
 28,736     PetMed Express, Inc   1,016,105 
 68,696     Pier 1 Imports, Inc   285,775 
 12,281  *  Priceline.com, Inc   23,480,781 
 3,380  e  Rent-A-Center, Inc   33,597 
 141,284     Ross Stores, Inc   8,970,121 
 5,448  *  Sally Beauty Holdings, Inc   94,305 
 12,547     Shoe Carnival, Inc   235,507 
 39,901  *  Shutterfly, Inc   1,703,773 
 6,781     Signet Jewelers Ltd   444,630 
 6,435     Tiffany & Co   602,445 
 15,754     Tractor Supply Co   949,336 
 17,401  *  Ulta Beauty, Inc   3,511,348 
 17,585  *  Vitamin Shoppe, Inc   80,891 
75

TIAA-CREF FUNDS - Social Choice Equity Fund

 

SHARES     COMPANY  VALUE 
             
 43,683  *  Wayfair, Inc  $3,053,442 
 7,516  e  Williams-Sonoma, Inc   387,826 
 860     Winmark Corp   112,445 
 5,569  *  Zumiez, Inc   98,293 
       TOTAL RETAILING   117,995,107 
               
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.4%    
 43,692     Analog Devices, Inc   3,989,080 
 362,332     Applied Materials, Inc   20,446,395 
 11,151  *  Cirrus Logic, Inc   624,456 
 24,001  *  Integrated Device Technology, Inc   745,711 
 813,514     Intel Corp   37,006,752 
 16,903     Lam Research Corp   3,525,459 
 23,463     Microchip Technology, Inc   2,224,293 
 113,840     NVIDIA Corp   23,543,250 
 217,373  *  ON Semiconductor Corp   4,634,392 
 43,222     Skyworks Solutions, Inc   4,921,257 
 36,870  *,e  SunPower Corp   262,514 
 248,335     Texas Instruments, Inc   24,011,511 
       TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT   125,935,070 
                
SOFTWARE & SERVICES - 13.7%     
 164,682     Accenture plc   23,444,129 
 25,826  *  Actua Corp   399,012 
 38,489  *  Alphabet, Inc (Class A)   39,760,676 
 39,087  *  Alphabet, Inc (Class C)   39,737,408 
 687  *  Aspen Technology, Inc   44,325 
 33,711  *  Autodesk, Inc   4,212,527 
 114,577     Automatic Data Processing, Inc   13,320,722 
 32,819  *  Black Knight, Inc   1,488,342 
 12,432     Blackbaud, Inc   1,259,362 
 26,141     Booz Allen Hamilton Holding Co   987,868 
 29,106  *  Brightcove, Inc   232,848 
 92,122     CA, Inc   2,982,910 
 22,692  *  Cardtronics plc   519,647 
 4,684  *,e  Cimpress NV   511,212 
 16,964  *  Citrix Systems, Inc   1,401,396 
 241,246     Cognizant Technology Solutions Corp (Class A)   18,255,085 
 11,169     Convergys Corp   287,378 
 18,210     CSG Systems International, Inc   771,011 
 11,712     CSRA, Inc   374,667 
 53,715  *  Dell Technologies, Inc-VMware Inc   4,445,991 
 17,864  *  Ellie Mae, Inc   1,606,867 
 42,985  *  Etsy, Inc   717,849 
 6,786  *  ExlService Holdings, Inc   423,582 
 176,285     International Business Machines Corp   27,158,467 
 55,388     Intuit, Inc   8,364,696 
 42,111     j2 Global, Inc   3,122,109 
 51,106     LogMeIn, Inc   6,186,381 
 193,518     MasterCard, Inc (Class A)   28,789,673 
 958,520  d  Microsoft Corp   79,729,694 
 20,573  *  New Relic, Inc   1,056,012 
 578,254     Oracle Corp   29,433,129 
76

TIAA-CREF FUNDS - Social Choice Equity Fund

 

SHARES     COMPANY  VALUE 
             
 29,033  *  Perficient, Inc  $564,692 
 27,258  *  Qualys, Inc   1,441,948 
 80,699  *  Quotient Technology, Inc   1,262,939 
 24,564  *  RingCentral, Inc   1,035,373 
 205,413  *  salesforce.com, Inc   21,021,966 
 72,051  *  ServiceSource International LLC   250,737 
 14,735  *  SPS Commerce, Inc   724,373 
 72,793  *  Square, Inc   2,707,172 
 24,141  *  Sykes Enterprises, Inc   698,641 
 167,300     Symantec Corp   5,437,250 
 3,876  *  Syntel, Inc   90,543 
 11,863  *  Take-Two Interactive Software, Inc   1,312,641 
 8,168  *  Teradata Corp   273,220 
 2,916     TiVo Corp   52,925 
 63,219  *,e  Twilio, Inc   2,019,847 
 9,913  *  Ultimate Software Group, Inc   2,008,275 
 47,266  *,e  Unisys Corp   413,577 
 5,290  *  Vasco Data Security International   71,944 
 38,231  *  Website Pros, Inc   921,367 
 55,836  *  Workday, Inc   6,197,238 
       TOTAL SOFTWARE & SERVICES   389,531,643 
                
TECHNOLOGY HARDWARE & EQUIPMENT - 4.2%     
 2,919  *  Anixter International, Inc   200,535 
 4,709     Badger Meter, Inc   206,254 
 1,070     Belden CDT, Inc   85,504 
 34,101  *  Benchmark Electronics, Inc   1,055,426 
 7,451  *  Calix, Inc   40,980 
 887,467     Cisco Systems, Inc   30,306,998 
 59,919     Cognex Corp   7,379,025 
 14,904  *  Coherent, Inc   3,915,430 
 165,265     Corning, Inc   5,174,447 
 45,387  *  Cray, Inc   937,242 
 19,273     CTS Corp   524,226 
 22,592     Daktronics, Inc   232,020 
 43,453     Dolby Laboratories, Inc (Class A)   2,517,667 
 41,073  *  Fabrinet   1,527,094 
 14,146  *  FARO Technologies, Inc   732,763 
 40,091  *  Finisar Corp   943,742 
 328,928     Hewlett Packard Enterprise Co   4,578,678 
 729,299     HP, Inc   15,716,393 
 11,733  *  Insight Enterprises, Inc   528,572 
 182     InterDigital, Inc   13,350 
 35,586  *  IPG Photonics Corp   7,576,615 
 19,750  *  Itron, Inc   1,543,462 
 115,975     Jabil Circuit, Inc   3,279,773 
 15,930  *  Keysight Technologies, Inc   711,593 
 17,293  *  Kimball Electronics, Inc   380,446 
 4,387     Littelfuse, Inc   916,883 
 1,021  *  Lumentum Holdings, Inc   64,476 
 6,814     Methode Electronics, Inc   319,577 
 75,484     Motorola, Inc   6,834,321 
 417     National Instruments Corp   18,765 
77

TIAA-CREF FUNDS - Social Choice Equity Fund

 

SHARES     COMPANY  VALUE 
             
 19,428  *  Novanta, Inc  $918,944 
 500  *  OSI Systems, Inc   44,190 
 1,971  *  Plexus Corp   121,079 
 5,513  *  Rogers Corp   838,417 
 30,336  *  Sanmina Corp   992,746 
 15,473  *  Scansource, Inc   664,565 
 13,761  *  Sonus Networks, Inc   107,336 
 42,389  *  Super Micro Computer, Inc   843,541 
 8,554     SYNNEX Corp   1,153,763 
 30,403  *  Tech Data Corp   2,820,486 
 43,676  *  Trimble Navigation Ltd   1,785,475 
 40,772  *  TTM Technologies, Inc   643,382 
 25,816     Universal Display Corp   3,782,044 
 11,456     Vishay Intertechnology, Inc   254,896 
 200,205     Xerox Corp   6,068,214 
       TOTAL TECHNOLOGY HARDWARE & EQUIPMENT   119,301,335 
                
TELECOMMUNICATION SERVICES - 1.6%     
 35,353  *  Boingo Wireless, Inc   826,553 
 345,880  e  CenturyLink, Inc   6,568,261 
 5,262     Consolidated Communications Holdings, Inc   100,872 
 16,965  *  General Communication, Inc (Class A)   693,699 
 3,026     IDT Corp (Class B)   39,883 
 67,259  *,e  Iridium Communications, Inc   807,108 
 7,156  *  Lumos Networks Corp   128,522 
 564,003  *,e  Sprint Corp   3,688,580 
 697,189     Verizon Communications, Inc   33,374,437 
 203,668  e  Windstream Holdings, Inc   382,896 
       TOTAL TELECOMMUNICATION SERVICES   46,610,811 
                
TRANSPORTATION - 2.6%       
 158     Allegiant Travel Co   21,551 
 310     Arkansas Best Corp   10,106 
 197,780     CSX Corp   9,974,045 
 152,360     Delta Air Lines, Inc   7,622,571 
 8     Expeditors International of Washington, Inc   467 
 61,930  *  Hertz Global Holdings, Inc   1,540,199 
 180     Landstar System, Inc   17,775 
 61,462     Norfolk Southern Corp   8,077,336 
 9     Ryder System, Inc   730 
 179,530     Southwest Airlines Co   9,669,486 
 151,075     Union Pacific Corp   17,492,974 
 172,928     United Parcel Service, Inc (Class B)   20,324,228 
       TOTAL TRANSPORTATION   74,751,468 
                
UTILITIES - 3.1%       
 12,632     American Water Works Co, Inc   1,108,584 
 91,114     Centerpoint Energy, Inc   2,695,152 
 180,018     Consolidated Edison, Inc   15,490,549 
 134,463     Dominion Resources, Inc   10,910,328 
 25,001     Edison International   1,998,830 
 134,706     Eversource Energy   8,437,984 
 13,718     New Jersey Resources Corp   609,765 
78

TIAA-CREF FUNDS - Social Choice Equity Fund

 

SHARES     COMPANY  VALUE 
             
 290     Ormat Technologies, Inc  $18,830 
 43,640     Public Service Enterprise Group, Inc   2,147,088 
 97,254     Sempra Energy   11,427,345 
 37,448     South Jersey Industries, Inc   1,272,108 
 275,957     Southern Co   14,404,955 
 104,830     WEC Energy Group, Inc   7,064,494 
 14,518     WGL Holdings, Inc   1,244,193 
 161,548     Xcel Energy, Inc   7,999,857 
       TOTAL UTILITIES   86,830,062 
             
       TOTAL COMMON STOCKS   2,828,708,033 
       (Cost $1,854,011,720)     
             

 

PRINCIPAL     ISSUER  RATE   MATURITY
DATE		        
                               
SHORT-TERM INVESTMENTS - 1.6%                  
                   
GOVERNMENT AGENCY DEBT - 0.5%                   
$15,500,000     Federal Home Loan Bank (FHLB)    0.850 %   11/01/17    15,500,000  
       TOTAL GOVERNMENT AGENCY DEBT                 15,500,000  

 

SHARES     COMPANY                 
                         
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.1%                 
 29,876,698  c  State Street Navigator Securities Lending Government Money Market Portfolio  29,876,698  
       TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES     29,876,698 
                         
       TOTAL SHORT-TERM INVESTMENTS             45,376,698  
       (Cost $45,376,698)                 
       TOTAL INVESTMENTS - 101.0%              2,874,084,731 
       (Cost $1,899,388,418)                 
       OTHER ASSETS & LIABILITIES, NET - (1.0)%               (28,077,483)
       NET ASSETS - 100.0%           $ 2,846,007,248  

 

       
    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 $29,359,694.
  m   Indicates a security that has been deemed illiquid.

 

 

 

Futures contracts outstanding as of October 31, 2017 were as follows (See Note 3):

 

Description  Number of
long (short)
contracts		   Expiration date  Notional amount   Value   Unrealized
appreciation
(depreciation)		 
S&P 500 E Mini Index   96   12/15/17   $12,336,400    $12,348,960    $12,560 
79

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

 

TIAA-CREF FUNDS

SOCIAL CHOICE LOW CARBON EQUITY FUND

SCHEDULE OF INVESTMENTS  

October 31, 2017

 

SHARES     COMPANY  VALUE 
              
COMMON STOCKS - 99.4%
              
AUTOMOBILES & COMPONENTS - 1.2%
 247  *  Cooper-Standard Holding, Inc  $27,536 
 1,053     Delphi Automotive plc   104,647 
 33,525     Ford Motor Co   411,352 
 1,595  *  Tesla, Inc   528,790 
       TOTAL AUTOMOBILES & COMPONENTS   1,072,325 
              
BANKS - 5.7%
 572     Bank Mutual Corp   6,049 
 315     Bank of the Ozarks, Inc   14,685 
 226     BankUnited   7,876 
 9,663     BB&T Corp   475,806 
 183     Camden National Corp   7,900 
 2,995     CIT Group, Inc   139,627 
 12,833     Citizens Financial Group, Inc   487,782 
 2,574     Comerica, Inc   202,239 
 497  *  Customers Bancorp, Inc   13,588 
 108     East West Bancorp, Inc   6,463 
 129     Federal Agricultural Mortgage Corp (Class C)   9,577 
 11,681     Fifth Third Bancorp   337,581 
 119     First Commonwealth Financial Corp   1,733 
 81     First Financial Corp   3,847 
 869     First Republic Bank   84,641 
 494     Flushing Financial Corp   14,810 
 31     Hanmi Financial Corp   953 
 414  *  HomeStreet, Inc   12,027 
 236  *  HomeTrust Bancshares, Inc   6,195 
 14,226     Keycorp   259,625 
 611     LegacyTexas Financial Group, Inc   24,373 
 262     Live Oak Bancshares, Inc   6,209 
 3,084     M&T Bank Corp   514,319 
 940  *  MGIC Investment Corp   13,442 
 130     National Bank Holdings Corp   4,267 
 6,623     New York Community Bancorp, Inc   83,185 
 1,534     OFG Bancorp   13,653 
 230  *  Opus Bank   5,957 
 1,724     PacWest Bancorp   83,304 
 1,299     Pinnacle Financial Partners, Inc   85,994 
 4,798     PNC Financial Services Group, Inc   656,318 
 22,455     Regions Financial Corp   347,603 
 189     Sun Bancorp, Inc   4,791 
 1,072  *  SVB Financial Group   235,068 
 589  *  Texas Capital Bancshares, Inc   50,683 
 630  *  The Bancorp, Inc   5,298 
 356  *  Tristate Capital Holdings, Inc   8,063 
80

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

 

SHARES     COMPANY  VALUE 
              
 47     Union Bankshares Corp  $1,622 
 900     United Financial Bancorp, Inc (New)   16,479 
 13,082     US Bancorp   711,399 
 2,925     Zions Bancorporation   135,896 
       TOTAL BANKS   5,100,927 
              
CAPITAL GOODS - 8.6%
 3,816     3M Co   878,405 
 457     Acuity Brands, Inc   76,410 
 1,659     Air Lease Corp   72,084 
 1,675     Ametek, Inc   113,046 
 217     Argan, Inc   14,919 
 1,123  *  Builders FirstSource, Inc   20,236 
 895     Carlisle Cos, Inc   98,298 
 5,178     Caterpillar, Inc   703,173 
 541  *  Chart Industries, Inc   23,533 
 1,803     Chicago Bridge & Iron Co NV   25,134 
 1,022     Cummins, Inc   180,771 
 3,481     Deere & Co   462,555 
 93     Dover Corp   8,881 
 565  *  DXP Enterprises, Inc   18,120 
 5,193     Eaton Corp   415,544 
 271     EMCOR Group, Inc   21,818 
 922  *  Esterline Technologies Corp   87,452 
 441     Fastenal Co   20,714 
 517     Granite Construction, Inc   32,928 
 556     H&E Equipment Services, Inc   18,315 
 427  *  Herc Holdings, Inc   20,692 
 1,535     Hexcel Corp   93,159 
 3,144     Illinois Tool Works, Inc   492,099 
 1,293     Ingersoll-Rand plc   114,560 
 8,960     Johnson Controls International plc   370,854 
 474     Kaman Corp   26,516 
 1,236     Kennametal, Inc   53,951 
 1,603  *  KEYW Holding Corp, The   12,103 
 1,562     L3 Technologies, Inc   292,375 
 1,972     Masco Corp   78,525 
 227  *  MYR Group, Inc   7,239 
 877  *  Navistar International Corp   37,106 
 103  *  NOW, Inc   1,290 
 1,726     Owens Corning, Inc   142,723 
 889     PACCAR, Inc   63,768 
 1,492     Parker-Hannifin Corp   272,454 
 735     Pentair plc   51,788 
 3,941  *  Plug Power, Inc   11,232 
 2,387  *  Quanta Services, Inc   90,062 
 439     Rockwell Automation, Inc   88,160 
 3,622     Rockwell Collins, Inc   491,143 
 1,325     Roper Industries, Inc   342,075 
 1,253  *  Sensata Technologies Holding BV   61,284 
 457     Snap-On, Inc   72,105 
 943     Stanley Works   152,342 
 1,243  *  Teledyne Technologies, Inc   211,260 
81

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

 

SHARES     COMPANY  VALUE 
              
 245  *  Titan Machinery, Inc  $3,648 
 949     TransDigm Group, Inc   263,347 
 766     Triton International Ltd   30,563 
 1,095  *  United Rentals, Inc   154,921 
 413  *  Veritiv Corp   13,278 
 537     W.W. Grainger, Inc   106,165 
 1,667  *  Wesco Aircraft Holdings, Inc   15,086 
 90  *  WESCO International, Inc   5,684 
 777     Woodward Governor Co   60,085 
 1,197     Xylem, Inc   79,636 
       TOTAL CAPITAL GOODS   7,675,614 
              
COMMERCIAL & PROFESSIONAL SERVICES - 0.3%
 590  *  Advisory Board Co   31,816 
 1,962  *  Copart, Inc   71,201 
 556     Essendant, Inc   5,382 
 260     Heidrick & Struggles International, Inc   6,461 
 278  *  ICF International, Inc   14,929 
 2,738  *  IHS Markit Ltd   116,666 
 81     Insperity, Inc   7,687 
 7     Kforce, Inc   147 
 1,550  *,m  Media General, Inc   0 
 711  *  RPX Corp   9,257 
 1,238     RR Donnelley & Sons Co   11,389 
 236  *  SP Plus Corp   9,145 
 1,049  *  Team, Inc   12,903 
 40  *  TrueBlue, Inc   1,084 
       TOTAL COMMERCIAL & PROFESSIONAL SERVICES   298,067 
              
CONSUMER DURABLES & APPAREL - 1.2%
 914     CalAtlantic Group, Inc   45,097 
 256  *  Century Communities, Inc   7,309 
 143     CSS Industries, Inc   4,287 
 1,587  *  Fossil Group, Inc   12,506 
 397  *  Green Brick Partners, Inc   4,307 
 1,159     Hanesbrands, Inc   26,078 
 5     Hasbro, Inc   463 
 328     Libbey, Inc   2,244 
 3,349     Newell Rubbermaid, Inc   136,572 
 12,367     Nike, Inc (Class B)   680,061 
 144  *  Under Armour, Inc   1,660 
 185  *  Under Armour, Inc (Class A)   2,316 
 1,816     VF Corp   126,484 
 74     Weyco Group, Inc   2,012 
 299     Whirlpool Corp   49,015 
       TOTAL CONSUMER DURABLES & APPAREL   1,100,411 
              
CONSUMER SERVICES - 2.4%
 214  *  American Public Education, Inc   4,280 
 176  *  Bright Horizons Family Solutions   15,189 
 195     Carriage Services, Inc   5,051 
 308     DineEquity, Inc   14,664 
 2,240     Hilton Worldwide Holdings, Inc   161,907 
82

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

 

SHARES     COMPANY  VALUE 
              
 5,247     McDonald’s Corp  $875,777 
 102  *  Red Robin Gourmet Burgers, Inc   6,977 
 1,664     Royal Caribbean Cruises Ltd   205,953 
 1,636  *  ServiceMaster Global Holdings, Inc   77,072 
 26     Six Flags Entertainment Corp   1,633 
 188  *  Sotheby’s (Class A)   9,742 
 10,602     Starbucks Corp   581,413 
 555     Vail Resorts, Inc   127,106 
 110  *  Weight Watchers International, Inc   4,941 
 464     Wyndham Worldwide Corp   49,578 
       TOTAL CONSUMER SERVICES   2,141,283 
              
DIVERSIFIED FINANCIALS - 6.1%
 3,269     Ally Financial, Inc   85,419 
 7,022     American Express Co   670,741 
 523     Ameriprise Financial, Inc   81,871 
 11,200     Annaly Capital Management, Inc   128,352 
 11,546     Bank of New York Mellon Corp   594,042 
 1,345     BlackRock, Inc   633,266 
 13,537     Charles Schwab Corp   606,999 
 3,068     Chimera Investment Corp   56,145 
 3,725     CME Group, Inc   510,958 
 3,787     Discover Financial Services   251,949 
 520     Dynex Capital, Inc   3,640 
 858  *  E*TRADE Financial Corp   37,400 
 375  *  Encore Capital Group, Inc   17,419 
 7,974     IntercontinentalExchange Group, Inc   527,081 
 1,221     Invesco Ltd   43,700 
 1,535     Legg Mason, Inc   58,606 
 189     LPL Financial Holdings, Inc   9,376 
 378     Moody’s Corp   53,831 
 544     NewStar Financial, Inc   6,680 
 562     Northern Trust Corp   52,558 
 1,767  *  On Deck Capital, Inc   8,711 
 395  *  Pico Holdings, Inc   7,466 
 460  *  PRA Group, Inc   12,834 
 2,083     S&P Global, Inc   325,927 
 292     Starwood Property Trust, Inc   6,281 
 4,766     State Street Corp   438,472 
 82     T Rowe Price Group, Inc   7,618 
 2,453     TD Ameritrade Holding Corp   122,626 
 2,395     Voya Financial, Inc   96,183 
       TOTAL DIVERSIFIED FINANCIALS   5,456,151 
              
ENERGY - 5.3%
 4,538     Andeavor   482,117 
 1,188     Archrock, Inc   14,256 
 13,370     Baker Hughes a GE Co   420,219 
 913     Bristow Group, Inc   8,619 
 238  *  CARBO Ceramics, Inc   1,971 
 7,483  *  Cheniere Energy, Inc   349,755 
 4,494  *  Clean Energy Fuels Corp   10,561 
 1,688     Delek US Holdings, Inc   43,972 
83

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

 

SHARES     COMPANY  VALUE 
              
 669  *  Dril-Quip, Inc  $28,165 
 566  *  Exterran Corp   18,265 
 5,161  *  Fairmount Santrol Holdings, Inc   22,244 
 1,980  *  Forum Energy Technologies, Inc   28,512 
 879     Frank’s International NV   5,810 
 1,410     Green Plains Renewable Energy, Inc   25,944 
 4,679  *  Helix Energy Solutions Group, Inc   31,911 
 864  *  Matrix Service Co   12,182 
 4,996  *  McDermott International, Inc   33,074 
 9,648     National Oilwell Varco, Inc   329,865 
 413  *  Natural Gas Services Group, Inc   11,481 
 3,044  *  Newpark Resources, Inc   26,635 
 1,706     Oceaneering International, Inc   34,495 
 854  *  Oil States International, Inc   19,685 
 9,122     Oneok, Inc   495,051 
 4,421  *  Parker Drilling Co   4,642 
 2,266     PBF Energy, Inc   65,646 
 6,078     Phillips 66   553,584 
 1,253  *  Renewable Energy Group, Inc   15,161 
 233  *  RigNet, Inc   4,066 
 4,219  *  Rowan Cos plc   60,458 
 954     RPC, Inc   23,192 
 11,354     Schlumberger Ltd   726,656 
 259  *  SEACOR Holdings, Inc   12,225 
 1,630  *  Tesco Corp   6,275 
 3,769  *  Tetra Technologies, Inc   10,704 
 1,441     US Silica Holdings Inc   43,965 
 6,994     Valero Energy Corp   551,757 
 27,014  *  Weatherford International Ltd   93,739 
 2,425     World Fuel Services Corp   67,415 
       TOTAL ENERGY   4,694,274 
              
FOOD & STAPLES RETAILING - 0.8%
 1,352     Casey’s General Stores, Inc   154,899 
 652  *  Chefs’ Warehouse Holdings, Inc   13,007 
 3,026  *  Performance Food Group Co   85,636 
 661     Pricesmart, Inc   55,392 
 386  *  Smart & Final Stores, Inc   2,316 
 1,332     Spartan Stores, Inc   32,701 
 3,968  *  Sprouts Farmers Market, Inc   73,368 
 1,799  *  United Natural Foods, Inc   69,747 
 6,151  *  US Foods Holding Corp   167,799 
 336     Weis Markets, Inc   13,047 
       TOTAL FOOD & STAPLES RETAILING   667,912 
              
FOOD, BEVERAGE & TOBACCO - 4.3%
 533  *  Amplify Snack Brands, Inc   3,406 
 1,666     Bunge Ltd   114,587 
 299     Campbell Soup Co   14,164 
 22,086     Coca-Cola Co   1,015,514 
 3,116     Dr Pepper Snapple Group, Inc   266,917 
 309  *  Freshpet, Inc   4,805 
 5,138     General Mills, Inc   266,765 
84

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

 

SHARES     COMPANY  VALUE 
              
 87  *  Hain Celestial Group, Inc  $3,134 
 3,328     Hormel Foods Corp   103,700 
 1,378     Kellogg Co   86,166 
 7,413     Kraft Heinz Co   573,247 
 351  *  Landec Corp   4,651 
 10,330     Mondelez International, Inc   427,972 
 288     Omega Protein Corp   6,307 
 8,626     PepsiCo, Inc   950,844 
 81  *  Seneca Foods Corp   2,916 
       TOTAL FOOD, BEVERAGE & TOBACCO   3,845,095 
              
HEALTH CARE EQUIPMENT & SERVICES - 4.4%
 239  *  Abiomed, Inc   46,108 
 1,028  *  Acadia Healthcare Co, Inc   32,238 
 2,917  *  Accuray, Inc   13,856 
 407     Aceto Corp   4,098 
 557  *  Align Technology, Inc   133,112 
 2,208  *  Allscripts Healthcare Solutions, Inc   29,764 
 171  *  American Renal Associates Holdings, Inc   2,074 
 2,011     AmerisourceBergen Corp   154,746 
 43  *  AMN Healthcare Services, Inc   1,888 
 332  *  Angiodynamics, Inc   5,634 
 2,237     Anthem, Inc   468,003 
 433  *  athenahealth, Inc   55,372 
 2,806     Becton Dickinson & Co   585,528 
 2,394  *  Brookdale Senior Living, Inc   24,012 
 433  *  Capital Senior Living Corp   5,759 
 3,486     Cardinal Health, Inc   215,783 
 759  *  Centene Corp   71,096 
 3,696  *  Cerus Corp   10,608 
 2,213     Cigna Corp   436,448 
 162     Computer Programs & Systems, Inc   4,884 
 594  *  Cross Country Healthcare, Inc   8,108 
 1,654     Dentsply Sirona, Inc   101,010 
 331  *  Diplomat Pharmacy, Inc   6,968 
 2,205  *  Edwards Lifesciences Corp   225,417 
 1,450  *  Endologix, Inc   7,685 
 1,771  *  Envision Healthcare Corp   75,445 
 570  *  GenMark Diagnostics, Inc   4,246 
 96  *  Globus Medical, Inc   3,060 
 2,079  *  HCA Holdings, Inc   157,276 
 295     Healthsouth Corp   13,611 
 126  *  Henry Schein, Inc   9,904 
 3,700  *  Hologic, Inc   140,045 
 1,147     Humana, Inc   292,886 
 544  *  IDEXX Laboratories, Inc   90,396 
 497  *  Integer Holding Corp   24,154 
 1,097     Kindred Healthcare, Inc   6,637 
 900  *  Laboratory Corp of America Holdings   138,339 
 198  *  LHC Group, Inc   13,228 
 604  *  LifePoint Hospitals, Inc   29,083 
 62  *  LivaNova plc   4,582 
 476  *  MEDNAX, Inc   20,844 
85

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

 

SHARES     COMPANY  VALUE 
              
 20  *  Merit Medical Systems, Inc  $761 
 479  *  Omnicell, Inc   23,854 
 765  *  OraSure Technologies, Inc   15,109 
 69  *  Penumbra, Inc   6,938 
 373  *  PharMerica Corp   10,929 
 118  *  Quality Systems, Inc   1,660 
 638     Quest Diagnostics, Inc   59,832 
 30  *  Quidel Corp   1,228 
 144     Resmed, Inc   12,122 
 241  *  Staar Surgical Co   3,193 
 315  *  Surgery Partners, Inc   2,914 
 294  *  Teladoc, Inc   9,717 
 150  *  Triple-S Management Corp (Class B)   3,601 
 602  *  Varian Medical Systems, Inc   62,722 
 335  *  Vocera Communications, Inc   9,454 
       TOTAL HEALTH CARE EQUIPMENT & SERVICES   3,897,969 
              
HOUSEHOLD & PERSONAL PRODUCTS - 2.1%
 14     Clorox Co   1,771 
 6,790     Colgate-Palmolive Co   478,356 
 144     Estee Lauder Cos (Class A)   16,101 
 1,990     Kimberly-Clark Corp   223,895 
 96     Natural Health Trends Corp   1,849 
 12,801     Procter & Gamble Co   1,105,238 
       TOTAL HOUSEHOLD & PERSONAL PRODUCTS   1,827,210 
              
INSURANCE - 4.3%
 1,192     Aflac, Inc   99,997 
 5,460     Allstate Corp   512,476 
 9,570     American International Group, Inc   618,318 
 443     Aon plc   63,539 
 4,396     Chubb Ltd   663,005 
 1,126  *  Genworth Financial, Inc (Class A)   3,727 
 1,597     Hartford Financial Services Group, Inc   87,915 
 694     Lincoln National Corp   52,591 
 4,307     Loews Corp   213,240 
 4,501     Marsh & McLennan Cos, Inc   364,266 
 3,355     Progressive Corp   163,221 
 5,260     Prudential Financial, Inc   581,019 
 2,782     Travelers Cos, Inc   368,476 
 1,552     XL Group Ltd   62,809 
       TOTAL INSURANCE   3,854,599 
              
MATERIALS - 3.6%
 1,654     Albemarle Corp   233,032 
 2,283  *  Axalta Coating Systems Ltd   75,910 
 2,626     Ball Corp   112,734 
 768  *  Berry Plastics Group, Inc   45,658 
 554  *  Boise Cascade Co   19,639 
 1,276     Celanese Corp (Series A)   133,100 
 1,006     Commercial Metals Co   19,597 
 598     Compass Minerals International, Inc   39,229 
 2,483     Eastman Chemical Co   225,481 
86

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

 

SHARES     COMPANY  VALUE 
              
 3,397     Ecolab, Inc  $443,852 
 1,982  *  Flotek Industries, Inc   9,751 
 962  *  GCP Applied Technologies, Inc   28,138 
 815     H.B. Fuller Co   46,349 
 138     Hawkins, Inc   5,258 
 264     International Flavors & Fragrances, Inc   38,919 
 1,322     International Paper Co   75,711 
 529  *  Kraton Polymers LLC   25,937 
 332     Materion Corp   17,048 
 562     Minerals Technologies, Inc   40,408 
 12,785     Mosaic Co   285,617 
 342     Myers Industries, Inc   7,387 
 665  *  Omnova Solutions, Inc   7,348 
 1,783     PPG Industries, Inc   207,256 
 1,468     Reliance Steel & Aluminum Co   112,801 
 1,306     Royal Gold, Inc   109,848 
 467     Schnitzer Steel Industries, Inc (Class A)   13,753 
 1,567     Scotts Miracle-Gro Co (Class A)   156,105 
 2,410     Sealed Air Corp   106,594 
 842     Sherwin-Williams Co   332,716 
 1,251     Trinseo S.A.   88,821 
 271  *  US Concrete, Inc   21,192 
 727     WestRock Co   44,587 
 705     Worthington Industries, Inc   32,078 
       TOTAL MATERIALS   3,161,854 
              
MEDIA - 2.8%
 1,971  *  Charter Communications, Inc   658,649 
 166     Cinemark Holdings, Inc   6,032 
 506     Clear Channel Outdoor Holdings, Inc (Class A)   1,923 
 2,514  *  Discovery Communications, Inc (Class A)   47,464 
 3,236  *  Discovery Communications, Inc (Class C)   57,633 
 333     Entercom Communications Corp (Class A)   3,680 
 943     Entravision Communications Corp (Class A)   4,904 
 689     Gannett Co, Inc   5,994 
 1,003  *  Gray Television, Inc   15,617 
 143  *  Imax Corp   3,468 
 119  *  Liberty Broadband Corp (Class C)   10,387 
 789     National CineMedia, Inc   5,310 
 1,208     Scripps Networks Interactive (Class A)   100,602 
 1,087     Sinclair Broadcast Group, Inc (Class A)   34,458 
 6,385     Time Warner, Inc   627,582 
 146     Tribune Co   5,976 
 9,564     Walt Disney Co   935,455 
       TOTAL MEDIA   2,525,134 
              
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.5%
 649  *  Acadia Pharmaceuticals, Inc   22,605 
 152  *  Acceleron Pharma, Inc   5,928 
 274  *  Aclaris Therapeutics, Inc   6,907 
 249  *  Acorda Therapeutics, Inc   6,617 
 966     Agilent Technologies, Inc   65,717 
 65  *  Agios Pharmaceuticals, Inc   4,177 
87

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

 

SHARES     COMPANY  VALUE 
              
 1,019  *  Akorn, Inc  $33,189 
 4,889     Amgen, Inc   856,651 
 436  *  Bellicum Pharmaceuticals, Inc   4,107 
 1,366  *  BioCryst Pharmaceuticals, Inc   6,147 
 1,881  *  Biogen Idec, Inc   586,232 
 1,054  *  BioMarin Pharmaceutical, Inc   86,523 
 197  *  Bluebird Bio, Inc   27,403 
 12,549     Bristol-Myers Squibb Co   773,771 
 6,580  *  Celgene Corp   664,383 
 1,409  *  Celldex Therapeutics, Inc   3,438 
 573  *  Cempra, Inc   1,318 
 731  *  Chimerix, Inc   3,596 
 600  *  Coherus Biosciences, Inc   6,750 
 403  *  Collegium Pharmaceutical, Inc   4,163 
 1,951  *  Depomed, Inc   9,443 
 140  *  FibroGen, Inc   7,819 
 182  *  Flexion Therapeutics Inc   4,006 
 9,477     Gilead Sciences, Inc   710,396 
 347  *  Inovio Pharmaceuticals, Inc   2,023 
 350  *  Intersect ENT, Inc   10,377 
 595  *  Intra-Cellular Therapies, Inc   9,276 
 943  *  Iovance Biotherapeutics, Inc   7,332 
 12,011     Johnson & Johnson   1,674,454 
 16,465     Merck & Co, Inc   907,057 
 113     Merrimack Pharmaceuticals, Inc   1,327 
 20  *  Mettler-Toledo International, Inc   13,653 
 1,644  *  Nektar Therapeutics   39,604 
 3,925  *  Opko Health, Inc   26,415 
 1,508  *  Organovo Holdings, Inc   2,398 
 416  *  Paratek Pharmaceuticals, Inc   8,902 
 1,191  *  Progenics Pharmaceuticals, Inc   7,372 
 31  *  Prothena Corp plc   1,799 
 1,274  *  Quintiles Transnational Holdings, Inc   137,719 
 334  *  Revance Therapeutics, Inc   8,684 
 1,259  *  Sangamo Biosciences, Inc   15,612 
 99  *  Sarepta Therapeutics, Inc   4,882 
 58  *  Spark Therapeutics, Inc   4,692 
 426  *  Sucampo Pharmaceuticals, Inc (Class A)   4,260 
 731  *  Teligent, Inc   4,152 
 216  *  TESARO, Inc   25,006 
 681  *  Theravance Biopharma, Inc   19,654 
 84  *  Ultragenyx Pharmaceutical, Inc   3,872 
 262  *  Versartis, Inc   472 
 2,162  *  Vertex Pharmaceuticals, Inc   316,149 
 196  *  Waters Corp   38,426 
 6,094     Zoetis, Inc   388,919 
       TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES   7,585,774 
              
REAL ESTATE - 3.8%
 446     Alexandria Real Estate Equities, Inc   55,286 
 164  *  Altisource Portfolio Solutions S.A.   4,238 
 1,111     American Campus Communities, Inc   46,195 
 4,330     American Tower Corp   622,091 
88

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

 

SHARES     COMPANY  VALUE 
              
 1,483     Boston Properties, Inc  $179,710 
 5,419     Brixmor Property Group, Inc   94,670 
 85     Camden Property Trust   7,755 
 649     CatchMark Timber Trust Inc   8,307 
 2,890     CBL & Associates Properties, Inc   22,658 
 37     CyrusOne, Inc   2,272 
 4,210     Duke Realty Corp   119,901 
 820     Equinix, Inc   380,070 
 514     Federal Realty Investment Trust   61,947 
 2,232     Forest City Realty Trust, Inc   54,974 
 4,263     HCP, Inc   110,156 
 3,740     Host Marriott Corp   73,154 
 80  *  Howard Hughes Corp   10,210 
 2,463     Iron Mountain, Inc   98,520 
 1,112  *  iStar Financial, Inc   13,010 
 887     Kennedy-Wilson Holdings, Inc   17,252 
 1,603     Macerich Co   87,524 
 1,971     Paramount Group, Inc   31,378 
 4,655     Prologis, Inc   300,620 
 209     QTS Realty Trust, Inc   12,091 
 1,322  *  SBA Communications Corp   207,792 
 2,024     Senior Housing Properties Trust   37,242 
 262  *  Tejon Ranch Co   4,939 
 4,177     UDR, Inc   162,026 
 2,506     Vornado Realty Trust   187,599 
 1,999     Weingarten Realty Investors   60,870 
 4,799     Welltower, Inc   321,341 
 841     Weyerhaeuser Co   30,200 
       TOTAL REAL ESTATE   3,425,998 
              
RETAILING - 4.1%
 893  *  1-800-FLOWERS.COM, Inc (Class A)   8,394 
 478     Advance Auto Parts, Inc   39,072 
 2,413     Best Buy Co, Inc   135,080 
 246     Big 5 Sporting Goods Corp   1,562 
 1,000  *  Carmax, Inc   75,100 
 3,507     Dollar General Corp   283,506 
 421     Foot Locker, Inc   12,664 
 562  *  FTD Cos, Inc   6,069 
 686  *  Genesco, Inc   16,807 
 989     GNC Holdings, Inc   6,765 
 52     Group 1 Automotive, Inc   4,086 
 12,173  *  Groupon, Inc   58,065 
 275     Haverty Furniture Cos, Inc   6,559 
 376  *  Hibbett Sports, Inc   4,813 
 1,156     HSN, Inc   43,581 
 207  *  Kirkland’s, Inc   2,422 
 2,090     Kohl’s Corp   87,278 
 238  *  Lands’ End, Inc   2,594 
 1,456  *  LKQ Corp   54,877 
 8,111     Lowe’s Companies, Inc   648,475 
 307  *  MarineMax, Inc   5,695 
 614  *  Murphy USA, Inc   45,657 
89

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

 

SHARES     COMPANY  VALUE 
              
 3,495  *  NetFlix, Inc  $686,523 
 183     Nordstrom, Inc   7,256 
 751     Nutri/System, Inc   37,512 
 4,919     Office Depot, Inc   15,249 
 574  *  Overstock.com, Inc   26,347 
 700     PetMed Express, Inc   24,752 
 2,910     Pier 1 Imports, Inc   12,106 
 389  *  Priceline.com, Inc   743,752 
 509     Rent-A-Center, Inc   5,059 
 3,492     Ross Stores, Inc   221,707 
 311     Shoe Carnival, Inc   5,837 
 576  *  Shutterfly, Inc   24,595 
 380     Signet Jewelers Ltd   24,916 
 427  *  Ulta Beauty, Inc   86,164 
 361  *  Vitamin Shoppe, Inc   1,661 
 1,359  *  Wayfair, Inc   94,994 
 1,366     Williams-Sonoma, Inc   70,486 
 32     Winmark Corp   4,184 
 309  *  Zumiez, Inc   5,454 
       TOTAL RETAILING   3,647,675 
              
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.5%
 2,438     Analog Devices, Inc   222,589 
 10,208     Applied Materials, Inc   576,038 
 67     Brooks Automation, Inc   2,304 
 472  *  First Solar, Inc   25,875 
 26,028     Intel Corp   1,184,014 
 842     Lam Research Corp   175,616 
 703     Microchip Technology, Inc   66,644 
 4,011     NVIDIA Corp   829,515 
 3,038  *  ON Semiconductor Corp   64,770 
 519     Skyworks Solutions, Inc   59,093 
 1,054  *  SunPower Corp   7,505 
 7,975     Texas Instruments, Inc   771,103 
       TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT   3,985,066 
              
SOFTWARE & SERVICES - 13.8%
 5,092     Accenture plc   724,897 
 503  *  Actua Corp   7,771 
 1,208  *  Alphabet, Inc (Class A)   1,247,912 
 1,228  *  Alphabet, Inc (Class C)   1,248,434 
 1,212  *  Autodesk, Inc   151,452 
 5,130     Automatic Data Processing, Inc   596,414 
 515  *  Black Knight, Inc   23,355 
 1,624     Booz Allen Hamilton Holding Co   61,371 
 513  *  Brightcove, Inc   4,104 
 815  *  Cardtronics plc   18,663 
 428  *  Cimpress NV   46,712 
 513  *  Citrix Systems, Inc   42,379 
 7,610     Cognizant Technology Solutions Corp (Class A)   575,849 
 1,483     Convergys Corp   38,158 
 1,540     CSRA, Inc   49,265 
 4,358  *  Dell Technologies, Inc-VMware Inc   360,712 
90

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

 

SHARES     COMPANY  VALUE 
              
 2,010  *  Etsy, Inc  $33,567 
 304  *  Euronet Worldwide, Inc   29,379 
 1,005  *  Gogo, Inc   9,990 
 5,651     International Business Machines Corp   870,593 
 1,836     Intuit, Inc   277,273 
 637     j2 Global, Inc   47,227 
 755     LogMeIn, Inc   91,393 
 5,992     MasterCard, Inc (Class A)   891,430 
 30,213  d  Microsoft Corp   2,513,117 
 266  *  MINDBODY, Inc   8,578 
 294  *  New Relic, Inc   15,091 
 18,068     Oracle Corp   919,661 
 595  *  Perficient, Inc   11,573 
 1,156  *  Quotient Technology, Inc   18,091 
 6,499  *  salesforce.com, Inc   665,108 
 2,687  *  ServiceSource International LLC   9,351 
 269  *  SPS Commerce, Inc   13,224 
 2,432  *  Square, Inc   90,446 
 4,981     Symantec Corp   161,882 
 516  *  Syntel, Inc   12,054 
 128  *  Take-Two Interactive Software, Inc   14,163 
 525  *  Teradata Corp   17,561 
 591     TiVo Corp   10,727 
 1,726     Travelport Worldwide Ltd   27,081 
 903  *  Twilio, Inc   28,851 
 1,804  *  Unisys Corp   15,785 
 534  *  Vasco Data Security International   7,262 
 635  *  Website Pros, Inc   15,303 
 2,727     Western Union Co   54,158 
 290  *  WEX, Inc   35,841 
 1,459  *  Workday, Inc   161,934 
       TOTAL SOFTWARE & SERVICES   12,275,142 
              
TECHNOLOGY HARDWARE & EQUIPMENT - 4.5%
 512  *  Anixter International, Inc   35,174 
 652     AVX Corp   12,284 
 246     Badger Meter, Inc   10,775 
 595     Belden CDT, Inc   47,546 
 889  *  Benchmark Electronics, Inc   27,515 
 29,123     Cisco Systems, Inc   994,550 
 1,855     Cognex Corp   228,443 
 393  *  Coherent, Inc   103,245 
 292     Comtech Telecommunications Corp   6,281 
 12,310     Corning, Inc   385,426 
 1,372  *  Cray, Inc   28,332 
 522     CTS Corp   14,198 
 1,259     Daktronics, Inc   12,930 
 874     Dolby Laboratories, Inc (Class A)   50,640 
 1,084  *  Fabrinet   40,303 
 594  *  FARO Technologies, Inc   30,769 
 12,092     Hewlett Packard Enterprise Co   168,321 
 25,946     HP, Inc   559,136 
 1,746  *  Infinera Corp   14,614 
91

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

 

SHARES     COMPANY  VALUE 
              
 565  *  Insight Enterprises, Inc  $25,453 
 674  *  IPG Photonics Corp   143,501 
 550  *  Itron, Inc   42,983 
 3,140     Jabil Circuit, Inc   88,799 
 480  *  Keysight Technologies, Inc   21,442 
 934  *  Kimball Electronics, Inc   20,548 
 349     Littelfuse, Inc   72,941 
 228  *  Lumentum Holdings, Inc   14,398 
 600     Methode Electronics, Inc   28,140 
 504     Motorola, Inc   45,632 
 1,795     National Instruments Corp   80,775 
 461  *  Novanta, Inc   21,805 
 147  *  OSI Systems, Inc   12,992 
 556  *  Plexus Corp   34,155 
 241  *  Rogers Corp   36,651 
 1,313  *  Sanmina Corp   42,968 
 413  *  Scansource, Inc   17,738 
 644  *  Sonus Networks, Inc   5,023 
 666  *  Super Micro Computer, Inc   13,253 
 393     SYNNEX Corp   53,008 
 624  *  Tech Data Corp   57,889 
 2,521  *  Trimble Navigation Ltd   103,059 
 1,602  *  TTM Technologies, Inc   25,280 
 594     Universal Display Corp   87,021 
 2,244     Vishay Intertechnology, Inc   49,929 
 4,229     Xerox Corp   128,181 
       TOTAL TECHNOLOGY HARDWARE & EQUIPMENT   4,044,046 
              
TELECOMMUNICATION SERVICES - 1.6%
 8,694     CenturyLink, Inc   165,099 
 246     Consolidated Communications Holdings, Inc   4,716 
 212  *  General Communication, Inc (Class A)   8,669 
 11,544  *  Globalstar, Inc   18,586 
 232     IDT Corp (Class B)   3,058 
 1,290  *  Iridium Communications, Inc   15,480 
 277  *  Lumos Networks Corp   4,975 
 592     Shenandoah Telecom Co   22,496 
 21,590  *  Sprint Corp   141,198 
 22,363     Verizon Communications, Inc   1,070,517 
 5,690     Windstream Holdings, Inc   10,697 
       TOTAL TELECOMMUNICATION SERVICES   1,465,491 
              
TRANSPORTATION - 2.4%
 449     Allegiant Travel Co   61,244 
 457     Arkansas Best Corp   14,898 
 960  *  Avis Budget Group, Inc   39,600 
 6,534     CSX Corp   329,510 
 1,244  *  Hertz Global Holdings, Inc   30,938 
 571     Kansas City Southern Industries, Inc   59,510 
 1,693     Norfolk Southern Corp   222,494 
 2,503  *  Spirit Airlines, Inc   92,836 
 5,399     Union Pacific Corp   625,150 
 5,727     United Parcel Service, Inc (Class B)   673,095 
92

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

 

SHARES     COMPANY              VALUE 
                         
 431  *  YRC Worldwide, Inc              $5,805 
       TOTAL TRANSPORTATION               2,155,080 
                         
UTILITIES - 3.1%
 2,953     American Water Works Co, Inc               259,155 
 2,682     Aqua America, Inc               95,157 
 7,727     Centerpoint Energy, Inc               228,565 
 5,583     Consolidated Edison, Inc               480,417 
 5,837     Edison International               466,668 
 7,140     Eversource Energy               447,250 
 1,287     New Jersey Resources Corp               57,207 
 620     NRG Yield, Inc (Class A)               11,377 
 609     Pattern Energy Group, Inc               14,050 
 4,105     Sempra Energy               482,337 
 850     Southwest Gas Corp               70,031 
 619     Spire, Inc               48,870 
 1,587  *  TerraForm Global, Inc               7,737 
 738     WGL Holdings, Inc               63,247 
       TOTAL UTILITIES               2,732,068 
                         
       TOTAL COMMON STOCKS               88,635,165 
       (Cost $74,991,559)                 
                         
PRINCIPAL     ISSUER  RATE  MATURITY
DATE		    
 
SHORT-TERM INVESTMENTS - 1.5%
 
GOVERNMENT AGENCY DEBT - 1.5%
$1,250,000     Federal Home Loan Bank (FHLB)   0.850%  11/01/17   1,250,000 
       TOTAL GOVERNMENT AGENCY DEBT           1,250,000 
                     
       TOTAL SHORT-TERM INVESTMENTS           1,250,000 
       (Cost $1,250,000)             
       TOTAL INVESTMENTS - 100.9%           89,885,165 
       (Cost $76,241,559)             
       OTHER ASSETS & LIABILITIES, NET - (0.9)%           (759,749)
       NET ASSETS - 100.0%          $89,125,416 
         
       
  *   Non-income producing
  d   All or a portion of these securities have been segregated to cover margin requirements on open futures transactions.
  m   Indicates a security that has been deemed illiquid.

 

 

 

Futures contracts outstanding as of October 31, 2017 were as follows (See Note 3):

 

Description  Number of
long (short)
contracts		  Expiration date  Notional amount  Value  Unrealized
appreciation
(depreciation)
S&P 500 E Mini Index  3  12/15/17  $384,757  $385,905    $1,148
93

TIAA-CREF FUNDS - Emerging Markets Equity Fund

 

TIAA-CREF FUNDS
EMERGING MARKETS EQUITY FUND
SCHEDULE OF INVESTMENTS
October 31, 2017

 

PRINCIPAL     ISSUER  RATE   MATURITY DATE  VALUE 
                     
BONDS - 0.0%             
                     
CORPORATE BONDS - 0.0%             
                     
HONG KONG - 0.0%             
$534,000  †,m  Asia Pacific Investment Partners   15.000%  04/23/17  $53 
       TOTAL HONG KONG           53 
                     
          TOTAL CORPORATE BONDS                 53  
       (Cost $534,000)             
                       
          TOTAL BONDS                 53  
       (Cost $534,000)             
                       
EQUITY-LINKED NOTES - 0.9%
                     
UNITED STATES - 0.9%
 750,000  j  Morgan Stanley BV     0.000     07/02/18   12,802,800 
       TOTAL UNITED STATES               12,802,800 
                         
          TOTAL EQUITY-LINKED NOTES               12,802,800  
          (Cost $12,508,917)                  
                     
SHARES     COMPANY          
                     
COMMON STOCKS - 97.0%             
                     
ARGENTINA - 4.1%             
 832,749  *  Adecoagro S.A.           8,460,730 
 1,056,180  e  BBVA Banco Frances S.A. (ADR)           23,278,207 
 195,900     Grupo Financiero Galicia S.A. (ADR) (Class B)           10,754,910 
 682,748  *  YPF S.A. (ADR) (Class D)           16,768,291 
       TOTAL ARGENTINA           59,262,138 
                     
BRAZIL - 7.4%             
 3,438,700  *  Atacadao Distribuicao Comercio e Industria Ltd           16,902,851 
 610,400  *  Cia Brasileira de Distribuicao Grupo Pao de Acucar           14,218,347 
 4,758,300     Cyrela Brazil Realty S.A.           18,618,360 
 2,993,300     Gerdau S.A. (Preference)           10,019,453 
 4,618,800  *  Petroleo Brasileiro S.A. (Preference)           23,677,827 
 3,389,067     Via Varejo S.A.           23,382,521 
       TOTAL BRAZIL           106,819,359 
                     
CHILE - 1.8%
 1,373,243,351     Corpbanca S.A.           12,801,403 
 1,368,639     SACI Falabella           13,073,088 
       TOTAL CHILE           25,874,491 
                     
CHINA - 25.3%
 390,154  *  Alibaba Group Holding Ltd (ADR)           72,135,573 
 152,000  *  Baidu, Inc (ADR)           37,078,880 
 1,620,200  e  Byd Co Ltd           14,166,598 
 8,978,000  *,†,e,m  China Animal Healthcare Ltd           11,508 
 3,633,300     China Mobile Hong Kong Ltd           36,545,057 
 9,938,200  *  China Unicom Ltd           14,100,904 
 8,674,422     Chongqing Changan Automobile Co Ltd           11,352,559 
 14,443,400     CNOOC Ltd           19,720,915 
 20,291,034     Industrial & Commercial Bank of China           16,144,866 
 424,300  *  JD.com, Inc (ADR)           15,919,736 
94

TIAA-CREF FUNDS - Emerging Markets Equity Fund

 

SHARES     COMPANY  VALUE 
             
 63,700     Netease.com (ADR)  $17,958,304 
 7,935,900     PICC Property & Casualty Co Ltd   15,748,712 
 6,664,100     Ping An Insurance Group Co of China Ltd   58,563,702 
 771,800     Tencent Holdings Ltd   34,688,620 
       TOTAL CHINA   364,135,934 
             
COLOMBIA - 1.3%
 3,351,100     Almacenes Exito S.A.   18,000,024 
       TOTAL COLOMBIA   18,000,024 
             
GREECE - 0.2%
 1,164,300  *  Piraeus Bank S.A.   3,349,348 
       TOTAL GREECE   3,349,348 
             
HONG KONG - 2.6%
 22,290  *,†,m  Asia Pacific Investment Partners Limited   29 
 621,536  *,†,m  China Metal Recycling Holdings Ltd   797 
 1,490,317     Melco Crown Entertainment Ltd (ADR)   37,675,214 
 22,290  *,†,m  Mongolian Metals Corporation   0 
       TOTAL HONG KONG   37,676,040 
             
INDIA - 6.2%
 562,000     Capital First Ltd   6,552,936 
 597,400     Indiabulls Housing Finance Ltd   11,485,470 
 727,300     Infosys Technologies Ltd   10,355,341 
 730,100     Larsen & Toubro Ltd   13,789,820 
 849,100  *  Multi Commodity Exchange of India Ltd   13,829,309 
 739,958  *  Phoenix Mills Ltd   6,019,623 
 797,400     Reliance Industries Ltd   11,593,095 
 633,253  *  Yatra Online, Inc   5,572,626 
 7,975,788  *  Zee Entertainment Enterprises Ltd   9,570,455 
       TOTAL INDIA   88,768,675 
             
INDONESIA - 0.3%
 73,665,400     PT Lippo Karawaci Tbk   3,747,770 
       TOTAL INDONESIA   3,747,770 
             
ITALY - 1.3%
 5,437,100     Prada S.p.A   18,752,885 
       TOTAL ITALY   18,752,885 
             
KOREA, REPUBLIC OF - 9.9%
 37,300     LG Chem Ltd   13,448,758 
 45,100     POSCO   13,145,992 
 37,239     Samsung Electronics Co Ltd   91,798,034 
 67,900     Samsung SDI Co Ltd   12,510,467 
 241,700     Shinhan Financial Group Co Ltd   10,856,727 
       TOTAL KOREA, REPUBLIC OF   141,759,978 
             
MEXICO - 1.4%
 12,882,200  *,e  Becle SAB de C.V.   20,635,172 
       TOTAL MEXICO   20,635,172 
95

TIAA-CREF FUNDS - Emerging Markets Equity Fund

 

SHARES     COMPANY  VALUE 
             
PERU - 0.5%
 464,759     Cia de Minas Buenaventura S.A. (ADR) (Series B)  $6,409,027 
       TOTAL PERU   6,409,027 
             
PHILIPPINES - 1.6%
 37,343,600  *  Alliance Global Group, Inc   11,573,803 
 88,606,300  *,n  Melco Resorts And Entertainment Philippines Corp   11,651,501 
       TOTAL PHILIPPINES   23,225,304 
             
RUSSIA - 6.3%
 557,300  *  Mail.ru (GDR)   18,107,559 
 150,652     Polyus PJSC (GDR)   6,184,264 
 3,370,857     Sberbank of Russian Federation (ADR)   48,379,244 
 441,200  *  X 5 Retail Group NV (GDR)   18,133,320 
       TOTAL RUSSIA   90,804,387 
             
SINGAPORE - 1.3%
 1,282,994  *  Sea Ltd (ADR)   19,347,550 
       TOTAL SINGAPORE   19,347,550 
             
SOUTH AFRICA - 7.7%
 907,300     Aspen Pharmacare Holdings Ltd   20,500,072 
 316,217     Naspers Ltd (N Shares)   77,040,737 
 901,500  e  Shoprite Holdings Ltd   12,902,664 
       TOTAL SOUTH AFRICA   110,443,473 
             
SRI LANKA - 0.9%
 11,956,700     John Keells Holdings plc   12,421,737 
       TOTAL SRI LANKA   12,421,737 
             
TAIWAN - 8.8%
 10,932,000     Fubon Financial Holding Co Ltd   17,422,429 
 10,285,300     Hon Hai Precision Industry Co, Ltd   38,229,872 
 1,479,800     MediaTek, Inc   16,839,403 
 6,738,900     Taiwan Semiconductor Manufacturing Co Ltd   54,479,284 
       TOTAL TAIWAN   126,970,988 
             
THAILAND - 1.0%
 2,229,700     Kasikornbank PCL - NVDR   14,767,938 
       TOTAL THAILAND   14,767,938 
             
TURKEY - 1.1%
 4,066,700     Turkcell Iletisim Hizmet AS   15,238,918 
       TOTAL TURKEY   15,238,918 
             
UNITED ARAB EMIRATES - 1.4%
 9,136,200  *  Emaar Properties PJSC   20,617,266 
       TOTAL UNITED ARAB EMIRATES   20,617,266 
             
URUGUAY - 4.6%
 6,622,107  *,a,n  Arcos Dorados Holdings, Inc   66,221,070 
       TOTAL URUGUAY   66,221,070 
             
          TOTAL COMMON STOCKS     1,395,249,472  
          (Cost $1,164,256,482)        
96

TIAA-CREF FUNDS - Emerging Markets Equity Fund

 

SHARES     COMPANY            VALUE 
                       
PREFERRED STOCKS - 0.0%
                       
PHILIPPINES - 0.0%
 1,721,900  *,†,m  Ayala Land, Inc (Preferred B)            $3,335 
       TOTAL PHILIPPINES             3,335 
                       
          TOTAL PREFERRED STOCKS               3,335  
       (Cost $4,057)               
                       
PURCHASED OPTIONS - 0.2%
                       
HONG KONG - 0.2%
 1,400,000     Melco Resorts & Entertainment Ltd             3,360,000 
       TOTAL HONG KONG             3,360,000 
                       
          TOTAL PURCHASED OPTIONS               3,360,000  
       (cost $2,754,500)               
                             
PRINCIPAL     ISSUER   RATE   MATURITY
DATE		     
                       
SHORT-TERM INVESTMENTS - 2.9%
 
GOVERNMENT AGENCY DEBT - 1.8%
$26,400,000     Federal Home Loan Bank (FHLB)   0.850 %   11/01/17   26,400,000 
       TOTAL GOVERNMENT AGENCY DEBT             26,400,000 
                       
SHARES     COMPANY             
                       
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.1%
 15,425,605  c  State Street Navigator Securities Lending Government Money Market Portfolio   15,425,605 
       TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES   15,425,605 
                       
          TOTAL SHORT-TERM INVESTMENTS               41,825,605  
          (Cost $41,825,605)                  
          TOTAL INVESTMENTS - 101.0%               1,453,241,265  
          (Cost $1,221,883,561)                  
       OTHER ASSETS & LIABILITIES, NET - (1.0)%              (14,547,010)
       NET ASSETS - 100.0%            $1,438,694,255 
97

TIAA-CREF FUNDS - Emerging Markets Equity Fund

         
       
      Abbreviation(s):
      ADR  American Depository Receipt
      GDR   Global Depository Receipt
       
  *   Non-income producing
  †   Security is categorized as Level 3 in the fair value hierarchy.
  a   Affiliated holding
  c   Investments made with cash collateral received from securities on loan.
  e   All or a portion of these securities are out on loan. The aggregate value of securities on loan is $14,038,049.
  j   Zero coupon
  m   Indicates a security that has been deemed illiquid.
  n   All or a portion of these securities have been segregated by the custodian to cover requirements on open written options contracts.

 

 

 

Purchased options outstanding as of October 31, 2017 were as follows (See Note 3):

 

Description/underlying investment  Number of contracts   Notional amount   Exercise price Expiration date  Value 
Melco Resorts & Entertainment Ltd, Call   14,000   $2,754,500   $25.00   4/20/18  $3,360,000 
                        
Written options outstanding as of October 31, 2017 were as follows (See Note 3):
                        
Description/underlying investment  Number of contracts   Notional amount   Exercise price Expiration date  Value 
Melco Resorts & Entertainment Ltd, Put   14,000   $(829,481)  $19.00   4/20/18  $(595,000)
98

TIAA-CREF FUNDS - Emerging Markets Equity Fund

 

TIAA-CREF FUNDS
EMERGING MARKETS EQUITY FUND
SUMMARY OF MARKET VALUES BY SECTOR
October 31, 2017

 

SECTOR  VALUE   % OF
NET ASSETS		 
INFORMATION TECHNOLOGY  $423,528,887    29.4%
CONSUMER DISCRETIONARY   326,357,350    22.7 
FINANCIALS   276,738,083    19.3 
CONSUMER STAPLES   109,253,109    7.6 
ENERGY   71,760,128    5.0 
TELECOMMUNICATION SERVICES   65,884,878    4.6 
MATERIALS   49,208,291    3.4 
INDUSTRIALS   37,785,360    2.6 
REAL ESTATE   30,387,994    2.1 
HEALTH CARE   20,511,580    1.4 
SHORT-TERM INVESTMENTS   41,825,605    2.9 
OTHER ASSETS & LIABILITIES, NET   (14,547,010)   (1.0)
           
NET ASSETS  $1,438,694,255    100.0%
99

TIAA-CREF FUNDS - Enhanced International Equity Index Fund

 

TIAA-CREF FUNDS
ENHANCED INTERNATIONAL EQUITY INDEX FUND
SCHEDULE OF INVESTMENTS
October 31, 2017

 

SHARES     COMPANY  VALUE 
             
COMMON STOCKS - 99.4%
             
AUSTRALIA - 7.4%
 272,969     AGL Energy Ltd  $5,285,055 
 550,954     Aristocrat Leisure Ltd   9,960,289 
 114,801     Australian Stock Exchange Ltd   4,749,903 
 182,874     BHP Billiton Ltd   3,765,156 
 846,597     BHP Billiton plc   15,328,176 
 233,921     Caltex Australia Ltd   6,141,927 
 107,152     CIMIC Group Ltd   3,975,219 
 8,377     Cochlear Ltd   1,128,418 
 89,229     Commonwealth Bank of Australia   5,307,807 
 83,548     Computershare Ltd   998,777 
 34,306     CSL Ltd   3,652,253 
 2,119,081     Fortescue Metals Group Ltd   7,534,615 
 772,884  e  Harvey Norman Holdings Ltd   2,238,790 
 227,213     Macquarie Group Ltd   17,140,918 
 113,643     Medibank Pvt Ltd   267,490 
 70,786     Mirvac Group   130,837 
 354,780     National Australia Bank Ltd   8,889,427 
 64,181     Newcrest Mining Ltd   1,097,341 
 316,133     Orica Ltd   5,063,548 
 656,461     Qantas Airways Ltd   3,098,252 
 57,040     Ramsay Health Care Ltd   2,924,420 
 653,917     Scentre Group   2,016,312 
 1,117,537     South32 Ltd   2,919,067 
 262,110     Stockland Trust Group   908,459 
 1,985,454     Telstra Corp Ltd   5,388,492 
 147,476  e  TPG Telecom Ltd   610,408 
 48,816     Wesfarmers Ltd   1,563,616 
 716,396     Westpac Banking Corp   18,145,906 
       TOTAL AUSTRALIA   140,230,878 
             
AUSTRIA - 0.5%
 149,110     OMV AG.   8,948,592 
 19,233     Voestalpine AG.   1,057,398 
       TOTAL AUSTRIA   10,005,990 
             
BELGIUM - 1.1%
 22,638     Anheuser-Busch InBev S.A.   2,775,897 
 205,445     KBC Groep NV   17,066,091 
       TOTAL BELGIUM   19,841,988 
             

DENMARK - 1.7%

 17,708     Danske Bank AS   675,799 
 241,804     Novo Nordisk AS   12,039,137 
100

TIAA-CREF FUNDS - Enhanced International Equity Index Fund

 

SHARES     COMPANY  VALUE 
             
 212,141     Vestas Wind Systems AS  $18,728,819 
       TOTAL DENMARK   31,443,755 
             
FINLAND - 1.4%
 65,735     Elisa Oyj (Series A)   2,646,959 
 92,282     Neste Oil Oyj   5,137,459 
 631,613     UPM-Kymmene Oyj   18,968,765 
       TOTAL FINLAND   26,753,183 
             
FRANCE - 10.0%
 117,896     Atos Origin S.A.   18,311,101 
 48,192     AXA S.A.   1,454,839 
 365,176     BNP Paribas   28,501,774 
 234,415     Bouygues S.A.   11,250,436 
 24,470     Cap Gemini S.A.   2,972,713 
 183,920     CNP Assurances   4,278,438 
 1,095,955     Credit Agricole S.A.   19,127,937 
 3,878     Eiffage S.A.   405,079 
 57,057  e  Engie S.A.   964,375 
 20,471     Klepierre   814,912 
 51,512     LVMH Moet Hennessy Louis Vuitton S.A.   15,364,127 
 147,526     Michelin (C.G.D.E.) (Class B)   21,353,851 
 707,728     Peugeot S.A.   16,791,238 
 292,501     Sanofi-Aventis   27,695,909 
 127,296     Total S.A.   7,095,236 
 170,831     Valeo S.A.   11,565,967 
       TOTAL FRANCE   187,947,932 
             
GERMANY - 10.2%
 120,007     Allianz AG.   28,016,690 
 144,026     BASF SE   15,749,722 
 186,512     Bayer AG.   24,261,261 
 5,314     Bayerische Motoren Werke AG.   545,005 
 73,176     Continental AG.   18,622,860 
 193,072  g  Covestro AG.   18,559,924 
 64,072     Daimler AG. (Registered)   5,349,124 
 190,998     Deutsche Annington Immobilien SE   8,437,042 
 523,305     Deutsche Lufthansa AG.   16,812,663 
 206,963     Deutsche Post AG.   9,487,201 
 1,415,608     E.ON AG.   16,767,076 
 9,324     Henkel KGaA   1,175,973 
 170,494  g  Innogy SE   7,928,986 
 107,307     SAP AG.   12,261,163 
 31,264     Siemens AG.   4,490,533 
 54,341     TUI AG. (DI)   981,460 
 7,745     United Internet AG.   491,191 
 14,676     Volkswagen AG.   2,740,708 
       TOTAL GERMANY   192,678,582 
             
HONG KONG - 3.4%
 1,433,775     AIA Group Ltd   10,804,181 
 914,000     CK Asset Holdings Ltd   7,522,066 
 328,340     CK Hutchison Holdings Ltd   4,170,479 
101

TIAA-CREF FUNDS - Enhanced International Equity Index Fund

 

SHARES     COMPANY  VALUE 
             
 504,500     CLP Holdings Ltd  $5,134,767 
 62,764     Hong Kong Exchanges and Clearing Ltd   1,748,871 
 176,374  *  I-Cable Communications Ltd   5,525 
 121,100     Jardine Matheson Holdings Ltd   7,757,852 
 1,038,000     Sun Hung Kai Properties Ltd   16,981,049 
 9,104,000  g  WH Group Ltd   9,225,820 
 170,000     Wheelock & Co Ltd   1,184,295 
       TOTAL HONG KONG   64,534,905 
             
IRELAND - 0.3%
 56,255  *  Ryanair Holdings plc (ADR)   6,306,748 
       TOTAL IRELAND   6,306,748 
             
ISRAEL - 0.2%
 27,877     Azrieli Group   1,574,920 
 13,434  *  Check Point Software Technologies   1,581,316 
       TOTAL ISRAEL   3,156,236 
             
ITALY - 2.1%
 225,669     Assicurazioni Generali S.p.A.   4,107,120 
 2,080,572     Banca Intesa S.p.A. RSP   6,557,343 
 1,232,449     Enel S.p.A.   7,643,241 
 15,410     Ferrari NV   1,845,161 
 1,181,365     Mediobanca S.p.A.   12,941,073 
 9,537,692     Telecom Italia RSP   6,776,263 
       TOTAL ITALY   39,870,201 
             
JAPAN - 23.5%
 253,200     Aisin Seiki Co Ltd   13,116,374 
 25,800     Ajinomoto Co, Inc   519,008 
 106,100     Alfresa Holdings Corp   2,027,265 
 364,000  *  All Nippon Airways Co Ltd   13,990,337 
 265,200     Asahi Glass Co Ltd   10,393,235 
 353,200  *  Ashikaga Holdings Co Ltd   1,473,516 
 534,900     Canon, Inc   20,094,627 
 151,600     Chubu Electric Power Co, Inc   1,955,107 
 152,413     Concordia Financial Group Ltd   807,193 
 28,200     Credit Saison Co Ltd   567,816 
 329,900     Daiwa House Industry Co Ltd   12,091,792 
 6,300     Denso Corp   346,966 
 27,200     FamilyMart Co Ltd   1,545,978 
 15,900     Fanuc Ltd   3,717,800 
 20,200     Fast Retailing Co Ltd   6,758,416 
 98,700     Honda Motor Co Ltd   3,092,967 
 69,500     Itochu Corp   1,217,406 
 358,200     Japan Post Bank Co Ltd   4,536,536 
 244,400     Japan Post Holdings Co Ltd   2,827,323 
 265,500     Japan Tobacco, Inc   8,788,096 
 202,100     JFE Holdings, Inc   4,343,386 
 813,200     JX Holdings, Inc   4,199,199 
 1,381,000     Kajima Corp   14,323,020 
 48,800     Kamigumi Co Ltd   1,168,222 
 17,100     Kao Corp   1,033,440 
102

TIAA-CREF FUNDS - Enhanced International Equity Index Fund

 

SHARES     COMPANY  VALUE 
             
 281,900     KDDI Corp  $7,510,559 
 8,100     Keyence Corp   4,497,321 
 683,600     Kirin Brewery Co Ltd   16,409,044 
 151,000     Koito Manufacturing Co Ltd   10,125,181 
 42,300     Komatsu Ltd   1,382,184 
 91,300     Kyocera Corp   6,106,839 
 486,535  e  Kyushu Electric Power Co, Inc   5,549,464 
 296,600     Kyushu Financial Group, Inc   1,885,238 
 13,500     Lawson, Inc   881,533 
 118,500     M3, Inc   3,534,444 
 67,300     Maruichi Steel Tube Ltd   2,056,099 
 57,000     Miraca Holdings, Inc   2,652,039 
 1,117,900     Mitsubishi Chemical Holdings Corp   11,676,814 
 623,385     Mitsubishi Corp   14,598,386 
 284,700     Mitsubishi Electric Corp   4,872,211 
 235,625     Mitsubishi Gas Chemical Co, Inc   5,764,015 
 322,200     Mitsubishi UFJ Financial Group, Inc   2,185,528 
 103,400  *  Mitsui Chemicals, Inc   3,188,433 
 486,000     Mitsui Sumitomo Insurance Group Holdings, Inc   16,510,549 
 9,900     Murata Manufacturing Co Ltd   1,555,903 
 19,400     Nidec Corp   2,579,869 
 28,400     Nintendo Co Ltd   11,018,108 
 317     Nippon ProLogis REIT, Inc   666,528 
 279,200     Nippon Telegraph & Telephone Corp   13,498,628 
 2,000     Nitto Denko Corp   185,975 
 185,700     NOK Corp   4,561,330 
 2,252,500     Nomura Holdings, Inc   12,890,538 
 4,032     Nomura Real Estate Master Fund, Inc   5,038,892 
 69,172     NTT DoCoMo, Inc   1,675,259 
 155,700     ORIX Corp   2,677,044 
 40,176     Pola Orbis Holdings, Inc   1,280,590 
 239,400  *  Recruit Holdings Co Ltd   5,869,524 
 20,900     Rohm Co Ltd   1,945,523 
 180,800     SBI Holdings, Inc   2,853,328 
 336,300     Seibu Holdings, Inc   6,012,288 
 786,900     Sekisui House Ltd   14,713,818 
 41,300     Seven & I Holdings Co Ltd   1,664,574 
 216,800     Shionogi & Co Ltd   11,671,876 
 8,200     Shiseido Co Ltd   338,230 
 18,500     Softbank Corp   1,639,509 
 53,900     Start Today Co Ltd   1,476,301 
 297,600     Sumitomo Corp   4,304,516 
 260,191     Suzuki Motor Corp   14,251,510 
 27,000     Sysmex Corp   1,847,872 
 18,400     Taisei Corp   1,019,489 
 17,800     Taisho Pharmaceutical Holdings Co Ltd   1,355,582 
 37,900     Takeda Pharmaceutical Co Ltd   2,136,987 
 205,200     Tanabe Seiyaku Co Ltd   4,516,325 
 117,700     Teijin Ltd   2,491,150 
 13,500     Terumo Corp   562,549 
 164,500     Tokio Marine Holdings, Inc   7,091,137 
 79,200     Tokyo Electron Ltd   13,945,510 
 54,500     Tokyu Corp   824,425 
103

TIAA-CREF FUNDS - Enhanced International Equity Index Fund

 

SHARES     COMPANY  VALUE 
             
 497,000  *,e  Toshiba Corp  $1,438,046 
 50,700     Toyota Industries Corp   3,120,660 
 258,176     Toyota Motor Corp   16,013,638 
 112,400     Toyota Tsusho Corp   4,088,047 
 68,300     Yamaha Motor Co Ltd   2,049,861 
       TOTAL JAPAN   443,191,845 
             
JORDAN - 0.2%
 207,266     Hikma Pharmaceuticals plc   3,203,712 
       TOTAL JORDAN   3,203,712 
             
LUXEMBOURG - 0.0%
 4,098     RTL Group   304,484 
       TOTAL LUXEMBOURG   304,484 
             
NETHERLANDS - 3.5%
 12,132     ASML Holding NV   2,188,968 
 890,093     ING Groep NV   16,448,441 
 270,380     Randstad Holdings NV   16,634,351 
 567,933     Royal Dutch Shell plc (A Shares)   17,878,407 
 431,174     Royal Dutch Shell plc (B Shares)   13,882,625 
       TOTAL NETHERLANDS   67,032,792 
             
NEW ZEALAND - 0.1%
 244,767     Ryman Healthcare Ltd   1,557,695 
 110,363     Telecom Corp of New Zealand Ltd   278,061 
       TOTAL NEW ZEALAND   1,835,756 
             
NORWAY - 1.0%
 23,477     DNB NOR Holding ASA   453,092 
 322,540     PAN Fish ASA   6,298,375 
 9,437     Schibsted ASA (B Shares)   221,459 
 578,195  e  Telenor ASA   12,277,243 
       TOTAL NORWAY   19,250,169 
             
PORTUGAL - 0.3%
 279,033     Jeronimo Martins SGPS S.A.   5,069,791 
       TOTAL PORTUGAL   5,069,791 
             
SINGAPORE - 1.3%
 1,198,096     CapitaLand Ltd   3,226,463 
 969,436     DBS Group Holdings Ltd   16,188,179 
 1,304,600     Golden Agri-Resources Ltd   378,115 
 457,100     Oversea-Chinese Banking Corp   3,992,137 
 135,900     Singapore Airlines Ltd   1,024,190 
       TOTAL SINGAPORE   24,809,084 
             
SOUTH AFRICA - 0.2%
 670,688     Investec plc   4,589,259 
       TOTAL SOUTH AFRICA   4,589,259 
104

TIAA-CREF FUNDS - Enhanced International Equity Index Fund

 

SHARES     COMPANY  VALUE 
             
SPAIN - 3.7%
 224,248     ACS Actividades Construccion y Servicios S.A.  $8,839,646 
 57,944  g  Aena S.A.   10,631,189 
 71,875     Amadeus IT Holding S.A.   4,876,639 
 81,983     Banco Bilbao Vizcaya Argentaria S.A.   716,898 
 3,717,221     Banco Santander S.A.   25,200,193 
 20,806     Endesa S.A.   476,213 
 274,934     Gamesa Corp Tecnologica S.A.   3,986,486 
 851,549     Repsol YPF S.A.   15,957,513 
       TOTAL SPAIN   70,684,777 
             
SWEDEN - 2.6%
 123,464  e  Atlas Copco AB (A Shares)   5,414,075 
 153,979     ICA Gruppen AB   5,678,628 
 295,727     Nordea Bank AB   3,573,774 
 315,415     Swedish Match AB   11,881,988 
 828,026     Tele2 AB (B Shares)   10,532,274 
 585,776     Volvo AB (B Shares)   11,602,020 
       TOTAL SWEDEN   48,682,759 
             
SWITZERLAND - 8.4%
 144,194     Adecco S.A.   11,439,964 
 210,094     Holcim Ltd   11,862,934 
 1,588     Kuehne & Nagel International AG.   277,449 
 569,686     Nestle S.A.   47,932,526 
 300,556     Novartis AG.   24,789,628 
 1,560     Partners Group   1,049,237 
 114,378     Roche Holding AG.   26,436,299 
 10,749     Schindler Holding AG. (Registered)   2,373,948 
 611,844     STMicroelectronics NV   14,403,618 
 1,624     Swisscom AG.   820,485 
 77,846     Wolseley plc   5,443,768 
 38,167     Zurich Financial Services AG.   11,647,235 
       TOTAL SWITZERLAND   158,477,091 
             
UNITED KINGDOM - 15.6%
 475,286     Ashtead Group plc   12,243,136 
 277,412     AstraZeneca plc (ADR)   9,570,714 
 176,304  g  Auto Trader Group plc   801,709 
 1,115,020     Barratt Developments plc   9,694,897 
 230,017     Berkeley Group Holdings plc   11,428,646 
 463,893     BP plc (ADR)   18,866,528 
 502,527     British American Tobacco plc   32,468,182 
 211,841     BT Group plc   729,905 
 26,846     Coca-Cola European Partners plc   1,101,228 
 50,434     Diageo plc   1,722,261 
 132,013  *  Fiat DaimlerChrysler Automobiles NV   2,282,673 
 460,585     GlaxoSmithKline plc   8,266,271 
 3,822,592     HSBC Holdings plc   37,328,062 
 78,517     International Consolidated Airlines Group S.A.   662,739 
 4,799,474     Legal & General Group plc   17,016,875 
 9,715,384     Lloyds TSB Group plc   8,806,320 
 211,064     National Grid plc   2,540,673 
 5,756     Persimmon plc    214,208 
105

TIAA-CREF FUNDS - Enhanced International Equity Index Fund

 

SHARES     COMPANY            VALUE 
                       
 21,841  e  Provident Financial plc            $270,211 
 27,140     Rio Tinto Ltd             1,446,189 
 361,766     Rio Tinto plc             17,097,282 
 404,831     Sage Group plc             4,007,262 
 23,513     Schroders plc             1,090,929 
 462,736     Scottish & Southern Energy plc             8,498,563 
 625,077     Segro plc             4,512,495 
 565,356     Smith & Nephew plc             10,663,504 
 139,831     Smiths Group plc             2,917,697 
 42,482     St. James’s Place plc             663,989 
 465,878     Standard Life plc             2,658,405 
 256,089     Tate & Lyle plc             2,199,875 
 1,931,497     Taylor Wimpey plc             5,118,617 
 334,464     Unilever NV             19,428,981 
 399,193     Unilever plc             22,623,844 
 9,480     United Utilities Group plc             104,883 
 466,823     Vodafone Group plc (ADR)             13,528,531 
 576,151     WM Morrison Supermarkets plc             1,715,612 
       TOTAL UNITED KINGDOM             294,291,896 
                       
UNITED STATES - 0.7%
 175,000     iShares MSCI EAFE Index Fund             12,185,250 
 26,749  *  QIAGEN NV             907,505 
       TOTAL UNITED STATES             13,092,755 
                       
          TOTAL COMMON STOCKS               1,877,286,568  
       (Cost $1,585,287,179)               
                       
RIGHTS / WARRANTS - 0.0%
 
SPAIN - 0.0%
 3,717,221     Banco Santander S.A.             177,530 
       TOTAL SPAIN             177,530 
                       
          TOTAL RIGHTS / WARRANTS               177,530  
          (Cost $175,104)                  
                             
PRINCIPAL     ISSUER   RATE   MATURITY DATE     
                       
SHORT-TERM INVESTMENTS - 1.7%
 
GOVERNMENT AGENCY DEBT - 0.4%
$6,950,000     Federal Home Loan Bank (FHLB)   0.850 %   11/01/17   6,950,000 
       TOTAL GOVERNMENT AGENCY DEBT             6,950,000 
                       
SHARES     COMPANY               
                       
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.3%
 23,976,504  c  State Street Navigator Securities Lending Government Money Market Portfolio   23,976,504 
       TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES   23,976,504 
                       
          TOTAL SHORT-TERM INVESTMENTS                30,926,504  
          (Cost $30,926,504)                  
106

TIAA-CREF FUNDS - Enhanced International Equity Index Fund

 

         VALUE 
                      
      TOTAL INVESTMENTS - 101.1%  $ 1,908,390,602  
       (Cost $1,616,388,787)       
       OTHER ASSETS & LIABILITIES, NET - (1.1)%    (20,081,412 )
       NET ASSETS - 100.0%  $ 1,888,309,190
         
       
      Abbreviation(s):
      ADR   American Depository 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 $22,807,978.
  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 10/31/2017, the aggregate value of these securities amounted to $47,147,628 or 2.5% of net assets.
107

TIAA-CREF FUNDS - Enhanced International Equity Index Fund

 

TIAA-CREF FUNDS
ENHANCED INTERNATIONAL EQUITY INDEX FUND
SUMMARY OF MARKET VALUES BY SECTOR
October 31, 2017

SECTOR  VALUE   % OF
NET ASSETS		 
FINANCIALS  $410,143,369    21.6%
INDUSTRIALS   271,772,944    14.4 
CONSUMER DISCRETIONARY   226,256,112    12.0 
CONSUMER STAPLES   205,701,204    10.9 
HEALTH CARE   187,401,664    9.9 
MATERIALS   150,155,990    8.0 
INFORMATION TECHNOLOGY   122,058,289    6.5 
ENERGY   98,107,487    5.2 
TELECOMMUNICATION SERVICES   77,912,575    4.1 
REAL ESTATE   65,106,060    3.5 
UTILITIES   62,848,404    3.3 
SHORT-TERM INVESTMENTS   30,926,504    1.7 
OTHER ASSETS & LIABILITIES, NET   (20,081,412)   (1.1)
           
NET ASSETS  $1,888,309,190    100.0%
108

TIAA-CREF FUNDS - Global Natural Resources Fund

 

TIAA-CREF FUNDS

GLOBAL NATURAL RESOURCES FUND

SCHEDULE OF INVESTMENTS

October 31, 2017

 

SHARES     COMPANY  VALUE 
             
COMMON STOCKS - 97.8%
             
AUSTRALIA - 7.9%
 32,533     BHP Billiton Ltd  $669,815 
 140,348     BHP Billiton plc   2,541,090 
 15,506     Newcrest Mining Ltd   265,115 
       TOTAL AUSTRALIA   3,476,020 
             
AUSTRIA - 0.2%
 1,533     OMV AG.   92,000 
       TOTAL AUSTRIA   92,000 
             
BRAZIL - 3.7%
 14,285     Fibria Celulose S.A.   228,556 
 154,159  *  Petroleo Brasileiro S.A.   820,912 
 23,478     Suzano Papel e Celulose S.A.   145,908 
 46,498     Vale S.A.   456,267 
       TOTAL BRAZIL   1,651,643 
             
CANADA - 12.9%
 11,643     Agrium, Inc   1,267,545 
 34,575     Barrick Gold Corp (Canada)   499,557 
 16,734     Canadian Natural Resources Ltd (Canada)   583,958 
 45,272     Cenovus Energy, Inc (Toronto)   439,350 
 2,819     Franco-Nevada Corp   224,017 
 83,976  *  Kinross Gold Corp   331,972 
 60,446     Suncor Energy, Inc   2,052,193 
 4,721     West Fraser Timber Co Ltd   287,154 
       TOTAL CANADA   5,685,746 
             
CHILE - 2.0%
 15,270     Antofagasta plc   193,526 
 11,248     Sociedad Quimica y Minera de Chile S.A. (ADR)   671,956 
       TOTAL CHILE   865,482 
             
FINLAND - 2.7%
 20,617     Stora Enso Oyj (R Shares)   322,207 
 29,485     UPM-Kymmene Oyj   885,501 
       TOTAL FINLAND   1,207,708 
             
FRANCE - 1.2%
 9,386     Total S.A.   523,158 
       TOTAL FRANCE   523,158 
             
GERMANY - 2.4%
 4,951  *  Linde AG.   1,066,638 
       TOTAL GERMANY   1,066,638 
109

TIAA-CREF FUNDS - Global Natural Resources Fund

 

SHARES     COMPANY  VALUE 
             
INDIA - 0.7%
 25,705     JSW Steel Ltd  $102,704 
 18,365  *  United Phosphorus Ltd   226,933 
       TOTAL INDIA   329,637 
             
ITALY - 0.7%
 17,748     ENI S.p.A.   290,145 
       TOTAL ITALY   290,145 
             
JERSEY, C.I. - 0.5%
 2,044     Randgold Resources Ltd   200,859 
       TOTAL JERSEY, C.I.   200,859 
             
LUXEMBOURG - 1.7%
 26,563  *  ArcelorMittal   760,646 
       TOTAL LUXEMBOURG   760,646 
             
MALAYSIA - 0.4%
 28,701     Kuala Lumpur Kepong BHD   166,776 
       TOTAL MALAYSIA   166,776 
             
MEXICO - 0.2%
 5,610     Fresnillo plc   97,021 
       TOTAL MEXICO   97,021 
             
NETHERLANDS - 1.8%
 25,775     Royal Dutch Shell plc (A Shares)   811,391 
       TOTAL NETHERLANDS   811,391 
             
SOUTH AFRICA - 1.7%
 10,506     AngloGold Ashanti Ltd   96,934 
 24,378     Gold Fields Ltd   97,039 
 17,635     Mondi plc   426,488 
 20,299     Sappi Ltd   135,932 
       TOTAL SOUTH AFRICA   756,393 
             
SWITZERLAND - 5.6%
 516,151     Glencore Xstrata plc   2,489,499 
       TOTAL SWITZERLAND   2,489,499 
             
UNITED KINGDOM - 5.9%
 28,968     BP plc   196,480 
 9,407     Rio Tinto Ltd   501,264 
 39,875     Rio Tinto plc   1,884,517 
       TOTAL UNITED KINGDOM   2,582,261 
             
UNITED STATES - 43.3%
 32,695  *  AK Steel Holding Corp   150,070 
 42,591     Archer Daniels Midland Co   1,740,694 
 4,958     Ashland Global Holdings, Inc   337,045 
110

TIAA-CREF FUNDS - Global Natural Resources Fund

 

SHARES     COMPANY        VALUE 
                     
 13,197  *  Berry Plastics Group, Inc          $784,561 
 26,292     Bunge Ltd           1,808,364 
 14,427  *  Concho Resources, Inc           1,936,248 
 15,870  *  Continental Resources, Inc           646,068 
 6,518  *  Diamondback Energy, Inc           698,469 
 20,660     EOG Resources, Inc           2,063,314 
 22,683     Exxon Mobil Corp           1,890,628 
 13,807  *  Freeport-McMoRan Copper & Gold, Inc (Class B)           193,022 
 10,782  *  Matador Resources Co           286,262 
 23,013     Monsanto Co           2,786,874 
 33,399  *  Parsley Energy, Inc           888,413 
 1,322     Pioneer Natural Resources Co           197,864 
 24,687  *  RSP Permian, Inc           849,480 
 4,613     Steel Dynamics, Inc           171,650 
 31,977     Tronox Ltd           846,431 
 13,601     Valvoline, Inc           326,696 
 6,196     WR Grace & Co           473,932 
       TOTAL UNITED STATES           19,076,085 
                     
ZAMBIA - 2.3%
 89,821     First Quantum Minerals Ltd           1,004,664 
       TOTAL ZAMBIA           1,004,664 
                     
       TOTAL COMMON STOCKS           43,133,772 
       (Cost $37,436,908)             
                     
PRINCIPAL     ISSUER  RATE   MATURITY DATE    
                     
SHORT-TERM INVESTMENTS - 1.7%
 
GOVERNMENT AGENCY DEBT - 1.7%
$750,000     Federal Home Loan Bank (FHLB)   0.850%  11/01/17   750,000 
       TOTAL GOVERNMENT AGENCY DEBT           750,000 
                     
       TOTAL SHORT-TERM INVESTMENTS           750,000 
       (Cost $750,000)             
       TOTAL INVESTMENTS - 99.5%           43,883,772 
       (Cost $38,186,908)             
       OTHER ASSETS & LIABILITIES, NET - 0.5%           224,373 
       NET ASSETS - 100.0%          $44,108,145 
         
       
      Abbreviation(s):
    ADR   American Depository Receipt
       
  *   Non-income producing
111

TIAA-CREF FUNDS - Global Natural Resources Fund

 

TIAA-CREF FUNDS

GLOBAL NATURAL RESOURCES FUND

SUMMARY OF MARKET VALUES BY SECTOR

October 31, 2017

 

SECTOR  VALUE   % OF NET
ASSETS		 
MATERIALS  $24,151,605    54.8%
ENERGY   15,266,333    34.6 
CONSUMER STAPLES   3,715,834    8.4 
SHORT-TERM INVESTMENTS   750,000    1.7 
OTHER ASSETS & LIABILITIES, NET   224,373    0.5 
           
NET ASSETS  $44,108,145    100.0%
112

TIAA-CREF FUNDS - International Equity Fund

 

TIAA-CREF FUNDS

INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS

October 31, 2017

 

SHARES     COMPANY  VALUE 
             
COMMON STOCKS - 100.3%
             
ARGENTINA - 1.1%
 198,673     Grupo Financiero Galicia S.A. (ADR) (Class B)  $10,907,148 
 1,640,274     Grupo Supervielle S.A. (ADR)   43,975,746 
       TOTAL ARGENTINA   54,882,894 
             
AUSTRIA - 0.8%
 1,643,948     Wienerberger AG.   42,179,503 
       TOTAL AUSTRIA   42,179,503 
             
CANADA - 0.3%
 482,979     Suncor Energy, Inc   16,397,551 
       TOTAL CANADA   16,397,551 
             
CHINA - 1.0%
 96,449  *  Alibaba Group Holding Ltd (ADR)   17,832,456 
 675,897     Tencent Holdings Ltd   30,378,251 
       TOTAL CHINA   48,210,707 
             
DENMARK - 1.7%
 856,552     DSV AS   66,233,667 
 386,430     Novo Nordisk AS   19,239,895 
       TOTAL DENMARK   85,473,562 
             
FRANCE - 22.9%
 5,991,532     Accor S.A.   298,904,625 
 4,555,150  *,g  ALD S.A.   63,446,042 
 1,638,022     Compagnie de Saint-Gobain   96,041,980 
 244,758     Kering   112,247,305 
 887,912     Nexity   54,572,985 
 2,552,503     Schneider Electric S.A.   224,265,917 
 2,560,927     Societe Generale   142,527,040 
 1,761,982  e  Vinci S.A.   172,634,698 
       TOTAL FRANCE   1,164,640,592 
             
GERMANY - 19.0%
 987,980     Bayerische Motoren Werke AG.   101,327,463 
 2,835,490     Daimler AG. (Registered)   236,724,133 
 434,362     Deutsche Post AG.   19,911,189 
 678,306     Henkel KGaA (Preference)   95,245,219 
 1,651,794     Lanxess AG.   129,514,884 
 1,258,417  *  Linde AG.   271,111,993 
 2,950,735     TUI AG.   53,420,471 
 3,149,229     TUI AG. (DI)   56,878,670 
       TOTAL GERMANY   964,134,022 
113

TIAA-CREF FUNDS - International Equity Fund

 

SHARES     COMPANY  VALUE 
             
HONG KONG - 1.0%
 2,097,694     Melco Crown Entertainment Ltd (ADR)  $53,029,704 
       TOTAL HONG KONG   53,029,704 
             
INDIA - 9.9%
 3,222,694     Asian Paints Ltd   58,848,615 
 7,172,036     Crompton Greaves Consumer Electricals Ltd   24,519,093 
 157,053     Eicher Motors Ltd   78,225,079 
 3,724,695     Havells India Ltd   27,912,945 
 2,941,639     HDFC Bank Ltd   82,219,754 
 4,785,585     Housing Development Finance Corp   126,209,264 
 2,910,634     IndusInd Bank Ltd   73,155,790 
 15,807  *  Pidilite Industries Ltd   191,008 
 4,082,075  g  RBL Bank Ltd   33,144,540 
       TOTAL INDIA   504,426,088 
             
ITALY - 6.6%
 7,716,360     Mediobanca S.p.A.   84,527,624 
 1,750,598     Moncler S.p.A   49,696,991 
 4,055,800     Prada S.p.A   13,988,698 
 9,795,406  *  UniCredit S.p.A   187,196,384 
       TOTAL ITALY   335,409,697 
             
JAPAN - 17.1%
 12,651,895     Hitachi Ltd   100,751,407 
 2,279,115  *  Ishikawajima-Harima Heavy Industries Co Ltd   82,091,279 
 2,907,277     Komatsu Ltd   94,997,460 
 1,207,973     Konami Corp   58,834,590 
 5,486,200     Mitsubishi UFJ Financial Group, Inc   37,213,673 
 189,935     Nintendo Co Ltd   73,687,480 
 748,687     Shin-Etsu Chemical Co Ltd   78,421,021 
 4,099,168     Sony Corp   171,487,386 
 675,889     Sony Financial Holdings, Inc   11,228,867 
 2,596,400     Toyota Motor Corp   161,044,444 
       TOTAL JAPAN   869,757,607 
             
NETHERLANDS - 0.8%
 427,657     Heineken NV   41,667,816 
       TOTAL NETHERLANDS   41,667,816 
             
SWEDEN - 2.1%
 2,957,333     Electrolux AB (Series B)   104,531,583 
       TOTAL SWEDEN   104,531,583 
             
SWITZERLAND - 9.0%
 54,589     Burckhardt Compression Holding AG.   16,262,704 
 15,458,264     Credit Suisse Group   243,604,019 
 46,504     Geberit AG.   21,054,844 
 18,077,438     Glencore Xstrata plc   87,191,087 
 475,883     Swatch Group AG. (Registered)   35,870,446 
 432,160     Vifor Pharma AG.   55,584,792 
       TOTAL SWITZERLAND   459,567,892 
114

TIAA-CREF FUNDS - International Equity Fund

 

SHARES     COMPANY              VALUE 
                         
UNITED KINGDOM - 7.0%
 9,427,143     CNH Industrial NV              $120,277,554 
 1,663,219     Diageo plc               56,796,954 
 82,192,152     Lloyds TSB Group plc               74,501,473 
 5,252,159     Travis Perkins plc               106,029,956 
       TOTAL UNITED KINGDOM               357,605,937 
                         
       TOTAL COMMON STOCKS               5,101,915,155 
       (Cost $4,353,609,169)                 
                         
SHORT-TERM INVESTMENTS - 3.2%
 
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 3.2%
 165,319,812  c  State Street Navigator Securities Lending Government Money Market Portfolio   165,319,812 
       TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES   165,319,812 
             
       TOTAL SHORT-TERM INVESTMENTS               165,319,812 
       (Cost $165,319,812)                 
       TOTAL INVESTMENTS - 103.5%               5,267,234,967 
       (Cost $4,518,928,981)                 
       OTHER ASSETS & LIABILITIES, NET - (3.5)%               (178,910,317)
       NET ASSETS - 100.0%              $5,088,324,650 
         
       
      Abbreviation(s):
    ADR   American Depository 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 $158,046,153.
  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 10/31/2017, the aggregate value of these securities amounted to $96,590,582 or 1.9% of net assets.
115

TIAA-CREF FUNDS - International Equity Fund

 

TIAA-CREF FUNDS

INTERNATIONAL EQUITY FUND

SUMMARY OF MARKET VALUES BY SECTOR

October 31, 2017

 

SECTOR  VALUE   % OF
NET ASSETS		 
CONSUMER DISCRETIONARY  $1,473,671,014    29.0%
INDUSTRIALS   1,189,385,313    23.4 
FINANCIALS   1,150,411,321    22.6 
MATERIALS   667,458,111    13.1 
INFORMATION TECHNOLOGY   281,484,185    5.5 
CONSUMER STAPLES   193,709,988    3.8 
HEALTH CARE   74,824,687    1.5 
REAL ESTATE   54,572,985    1.1 
ENERGY   16,397,551    0.3 
SHORT-TERM INVESTMENTS   165,319,812    3.2 
OTHER ASSETS & LIABILITIES, NET   (178,910,317)   (3.5)
           
NET ASSETS  $5,088,324,650    100.0%
116

TIAA-CREF FUNDS - International Opportunities Fund

 

TIAA-CREF FUNDS

INTERNATIONAL OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS  

October 31, 2017

 

SHARES     COMPANY  VALUE 
             
COMMON STOCKS - 94.4%     
             
AUSTRALIA - 2.6%     
 785,401     Australia & New Zealand Banking Group Ltd  $18,023,811 
 934,508     BHP Billiton Ltd   19,240,395 
       TOTAL AUSTRALIA   37,264,206 
             
AUSTRIA - 1.2%     
 187,272     ams AG.   17,086,081 
       TOTAL AUSTRIA   17,086,081 
             
BRAZIL - 3.1%     
 1,469,637     Banco Itau Holding Financeira S.A.   18,891,033 
 743,600  *  Cia Brasileira de Distribuicao Grupo Pao de Acucar   17,321,041 
 462,200     Localiza Rent A Car   8,176,417 
       TOTAL BRAZIL   44,388,491 
             
CANADA - 7.6%     
 405,366     Alimentation Couche Tard, Inc   19,006,735 
 230,600  *  Bank of Montreal   17,665,451 
 1,009,191     Cenovus Energy, Inc (Toronto)   9,793,870 
 252,165     Dollarama, Inc   28,070,239 
 105,400  *  Shopify, Inc   10,478,726 
 382,104  *,g  Spin Master Corp   14,145,638 
 332,121     Suncor Energy, Inc   11,275,792 
       TOTAL CANADA   110,436,451 
             
CHINA - 4.6%     
 14,247,400  *,†,e,m  China Animal Healthcare Ltd   18,262 
 9,907,600     China Everbright International Ltd   13,978,187 
 3,006,900  *,e,g  Meitu, Inc   4,442,543 
 1,004,300     Sunny Optical Technology Group Co Ltd   14,730,496 
 744,000     Tencent Holdings Ltd   33,439,147 
       TOTAL CHINA   66,608,635 
             
DENMARK - 1.4%     
 409,800     Novo Nordisk AS   20,403,460 
       TOTAL DENMARK   20,403,460 
             
FINLAND - 2.9%     
 322,682     Huhtamaki Oyj   13,744,579 
 1,324,969     Outokumpu Oyj   12,524,877 
 296,996     Sampo Oyj (A Shares)   15,541,758 
       TOTAL FINLAND   41,811,214 
117

TIAA-CREF FUNDS - International Opportunities Fund

 

SHARES     COMPANY  VALUE 
             
FRANCE - 3.5%     
 72,612     L’Oreal S.A.  $16,160,775 
 135,639     Teleperformance   19,809,273 
 211,204     Valeo S.A.   14,299,387 
       TOTAL FRANCE   50,269,435 
             
GERMANY - 4.8%     
 144,082     Beiersdorf AG.   16,207,848 
 162,151     Fresenius Medical Care AG.   15,699,776 
 108,757  *  Linde AG.   23,430,490 
 145,300     Wirecard AG.   14,435,568 
       TOTAL GERMANY   69,773,682 
             
HONG KONG - 2.5%     
 2,685,000     AIA Group Ltd   20,232,761 
 654,902     Melco Crown Entertainment Ltd (ADR)   16,555,923 
       TOTAL HONG KONG   36,788,684 
             
INDIA - 1.8%     
 679,060     Container Corp Of India Ltd   14,501,621 
 1,293,900  *  Vakrangee Ltd   11,240,455 
       TOTAL INDIA   25,742,076 
             
INDONESIA - 1.1%     
 13,662,600     Bank Rakyat Indonesia   15,718,815 
       TOTAL INDONESIA   15,718,815 
             
IRELAND - 2.9%     
 436,047     CRH plc   16,409,292 
 659,986     Keywords Studios plc   14,007,435 
 395,689     Smurfit Kappa Group plc   11,801,809 
       TOTAL IRELAND   42,218,536 
             
ISLE OF MAN - 1.1%     
 2,098,641  *  Optimal Payments plc   16,333,637 
       TOTAL ISLE OF MAN   16,333,637 
             
ITALY - 2.6%     
 523,589     Moncler S.p.A   14,863,948 
 962,476  g  OVS S.p.A   7,197,248 
 423,963  *,e  Yoox Net A Porter Group   15,836,562 
       TOTAL ITALY   37,897,758 
             
JAPAN - 14.8%     
 155,500  e  GMO Payment Gateway, Inc   11,377,424 
 1,643,200  e  Infomart Corp   12,421,278 
 629,200     Kubota Corp   11,838,699 
 217,300  e  Megachips Corp   7,160,020 
 502,300  e  MonotaRO Co Ltd   13,832,140 
 104,501     Murata Manufacturing Co Ltd   16,423,583 
 178,601     Nitto Denko Corp   16,607,697 
 2,329,200     Nomura Holdings, Inc   13,329,474 
 879,600     ORIX Corp   15,123,493 
118

TIAA-CREF FUNDS - International Opportunities Fund

 

SHARES     COMPANY  VALUE 
             
 328,900     Paltac Corp  $13,062,601 
 318,402     Seria Co Ltd   18,118,299 
 1,382,700     Shimizu Corp   16,274,934 
 404,200     SMS Co Ltd   12,176,291 
 402,100     Sumitomo Mitsui Financial Group, Inc   16,109,218 
 104,300     Sysmex Corp   7,138,262 
 245,500  *,e  Tokyo Base Co Ltd   10,066,512 
 125,157  *,e  Wash House Co Ltd   3,779,951 
       TOTAL JAPAN   214,839,876 
             
KOREA, REPUBLIC OF - 1.0%     
 194,000     Hynix Semiconductor, Inc   14,304,138 
       TOTAL KOREA, REPUBLIC OF   14,304,138 
             
MALAYSIA - 0.5%     
 16,983,200     Karex BHD   6,579,059 
       TOTAL MALAYSIA   6,579,059 
             
NETHERLANDS - 2.8%     
 107,047     ASML Holding NV   19,314,409 
 1,165,720     ING Groep NV   21,541,880 
       TOTAL NETHERLANDS   40,856,289 
             
NORWAY - 4.2%     
 815,986     Aker BP ASA   18,797,663 
 944,257     DNB NOR Holding ASA   18,223,575 
 777,467  e  Statoil ASA   15,796,194 
 340,210     TGS Nopec Geophysical Co ASA   7,821,500 
       TOTAL NORWAY   60,638,932 
             
PHILIPPINES - 1.8%     
 5,703,054     Banco de Oro Universal Bank   15,197,084 
 6,009,020     Robinsons Retail Holdings, Inc   11,290,556 
       TOTAL PHILIPPINES   26,487,640 
             
PORTUGAL - 0.9%     
 705,296     Jeronimo Martins SGPS S.A.   12,814,625 
       TOTAL PORTUGAL   12,814,625 
             
SPAIN - 1.3%     
 279,399     Amadeus IT Holding S.A.   18,956,911 
 142,139  *,†,e,m  Let’s GOWEX S.A.   8,166 
       TOTAL SPAIN   18,965,077 
             
SWEDEN - 3.0%     
 416,726     Boliden AB   14,581,976 
 336,635     Hexagon AB (B Shares)   17,260,988 
 345,300  e  Intrum Justitia AB   12,101,679 
       TOTAL SWEDEN   43,944,643 
             
SWITZERLAND - 2.8%     
 81,367     Lonza Group AG.   21,616,050 
119

TIAA-CREF FUNDS - International Opportunities Fund

 

SHARES     COMPANY              VALUE 
                         
 222,935     Novartis AG.              $18,387,507 
       TOTAL SWITZERLAND               40,003,557 
                         
TAIWAN - 4.1%                 
 3,067,149     Hota Industrial Manufacturing Co Ltd               14,333,837 
 2,245,000     Hu Lane Associate, Inc               12,813,672 
 621,000     Nien Made Enterprise Co Ltd               6,462,794 
 2,343,500     Powertech Technology, Inc               7,338,948 
 3,221,000     Taiwan Paiho Ltd               13,307,334 
 1,059,700     VHQ Media Holdings Ltd               4,956,752 
       TOTAL TAIWAN               59,213,337 
                         
UNITED KINGDOM - 13.5%                 
 1,045,280     Ashtead Group plc               26,925,904 
 167,072  *  ASOS plc               12,638,508 
 2,404,119     Beazley plc               16,127,292 
 4,346,188  *  boohoo.com plc               11,574,473 
 1,144,116     Cineworld Group plc               10,094,441 
 1,270,400     CNH Industrial NV               16,208,580 
 1,907,986     Electrocomponents plc               17,597,399 
 543,423     Fevertree Drinks plc               15,308,260 
 1,517,394  *  Just Eat plc               15,720,257 
 2,291,785  *,e  Purplebricks Group plc               11,071,947 
 208,735     Rightmove plc               11,516,192 
 5,592,178     Taylor Wimpey plc               14,819,706 
 2,088,815     Vesuvius plc               16,296,023 
       TOTAL UNITED KINGDOM               195,898,982 
                         
       TOTAL COMMON STOCKS               1,367,287,316 
       (Cost $968,986,457)                 
                            
PRINCIPAL     ISSUER    RATE   MATURITY
DATE		        
                               
SHORT-TERM INVESTMENTS - 12.8%          
           
GOVERNMENT AGENCY DEBT - 1.3%              
$18,950,000     Federal Home Loan Bank (FHLB)   0.850%  11/01/17   18,950,000 
       TOTAL GOVERNMENT AGENCY DEBT           18,950,000 
                     
TREASURY DEBT - 4.4%              
 19,775,000     United States Treasury Bill   0.951   11/02/17   19,774,468 
 15,900,000     United States Treasury Bill   0.943   11/09/17   15,896,604 
 28,800,000     United States Treasury Bill   0.962   11/16/17   28,788,270 
       TOTAL TREASURY DEBT           64,459,342 
                     
SHARES     COMPANY                   
                               
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 7.1%                  
 102,943,570  c  State Street Navigator Securities Lending Government Money Market Portfolio   102,943,570 
       TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES   102,943,570 
                         
       TOTAL SHORT-TERM INVESTMENTS               186,352,912 
       (Cost $186,353,180)                 
120

TIAA-CREF FUNDS - International Opportunities Fund

 

                     VALUE 
                         
       TOTAL INVESTMENTS - 107.2%               $1,553,640,228 
       (Cost $1,155,339,637)                  
       OTHER ASSETS & LIABILITIES, NET - (7.2)%                (104,931,807)
       NET ASSETS - 100.0%               $1,448,708,421 

 

         
      Abbreviation(s):
      ADR   American Depository Receipt
       
  *   Non-income producing
  †   Security is categorized as Level 3 in the fair value hierarchy.
  c   Investments made with cash collateral received from securities on loan.
  e   All or a portion of these securities are out on loan. The aggregate value of securities on loan is $96,355,051.
  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 10/31/2017, the aggregate value of these securities amounted to $25,785,429 or 1.8% of net assets.
  m   Indicates a security that has been deemed illiquid.
121

TIAA-CREF FUNDS - International Opportunities Fund

 

TIAA-CREF FUNDS

INTERNATIONAL OPPORTUNITIES FUND

SUMMARY OF MARKET VALUES BY SECTOR

October 31, 2017

 

SECTOR  VALUE   % OF
NET ASSETS		 
INFORMATION TECHNOLOGY  $317,761,926    21.9%
CONSUMER DISCRETIONARY   256,997,824    17.7 
FINANCIALS   221,725,646    15.3 
INDUSTRIALS   169,943,457    11.7 
MATERIALS   128,341,115    8.9 
CONSUMER STAPLES   114,688,898    7.9 
HEALTH CARE   83,263,318    5.8 
ENERGY   63,485,019    4.4 
REAL ESTATE   11,071,947    0.8 
TELECOMMUNICATION SERVICES   8,166    0.0 
SHORT-TERM INVESTMENTS   186,352,912    12.8 
OTHER ASSETS & LIABILITIES, NET   (104,931,807)   (7.2)
           
NET ASSETS  $1,448,708,421    100.0%
122

TIAA-CREF FUNDS - International Small-Cap Equity Fund

 

TIAA-CREF FUNDS

INTERNATIONAL SMALL-CAP EQUITY FUND

SCHEDULE OF INVESTMENTS

October 31, 2017

 

SHARES     COMPANY  VALUE 
             
COMMON STOCKS - 98.4%    
           
AUSTRALIA - 3.8%     
 864,264     Abacus Property Group  $2,515,626 
 2,164,000     Australian Pharmaceutical Industries Ltd   2,497,965 
 7,285,714     Beach Petroleum Ltd   5,450,401 
 15,000     Cedar Woods Properties Ltd   65,782 
 1,486,800     Downer EDI Ltd   7,978,009 
 209,000     GrainCorp Ltd-A   1,361,256 
 1,230,000     ING Office Fund   4,224,212 
 500,000  e  Metcash Ltd   1,032,899 
 400,000     Northern Star Resources Ltd   1,590,704 
 1,171,000     Regis Resources Ltd   3,478,626 
 1,134,600     Shopping Centres Australasia Property Group   2,045,065 
 2,363,000     Sigma Healthcare Ltd   1,366,416 
 593,545     Tassal Group Ltd   1,914,699 
 523,920     Vita Group Ltd   519,065 
       TOTAL AUSTRALIA   36,040,725 
             
AUSTRIA - 0.9%     
 15,000     ams AG.   1,368,551 
 109,000     CA Immobilien Anlagen AG.   3,110,730 
 42,000     Sparkassen Immobilien AG.   739,971 
 358,000     Uniqa Versicherungen AG.   3,668,024 
       TOTAL AUSTRIA   8,887,276 
             
BELGIUM - 0.9%     
 254,000  *  AGFA-Gevaert NV   1,193,389 
 13,000     EVS Broadcast Equipment S.A.   488,564 
 65,000     KBC Ancora   3,875,107 
 8,000     Sioen Industries NV   243,500 
 22,000     Warehouses De Pauw SCA   2,378,926 
       TOTAL BELGIUM   8,179,486 
             
BRAZIL - 1.4%     
 269,323     Banco ABC Brasil S.A.   1,477,806 
 82,000     CVC Brasil Operadora e Agencia de Viagens S.A.   1,082,872 
 500,000     Estacio Participacoes S.A.   4,482,927 
 78,000     Magnesita Refratarios S.A.   1,096,812 
 85,000     Multiplus S.A.   987,375 
 456,000     QGEP Participacoes S.A.   1,177,881 
 100,000     Smiles Fidelidade S.A.   2,613,640 
       TOTAL BRAZIL   12,919,313 
             
CANADA - 7.1%     
 101,000     AGF Management Ltd   650,577 
123

TIAA-CREF FUNDS - International Small-Cap Equity Fund

 

SHARES     COMPANY  VALUE 
             
 187,000     Canadian Apartment Properties REIT  $4,938,447 
 155,000  e  Canadian Western Bank   4,366,096 
 194,000     Capital Power Corp   3,673,684 
 214,000     Cascades, Inc   2,577,754 
 200,000     Chorus Aviation, Inc   1,415,394 
 59,000     Cogeco Communications, Inc   4,241,725 
 9,000     Cogeco, Inc   613,487 
 274,000     Corus Entertainment, Inc   2,542,268 
 108,000     Dominion Diamond Corp   1,536,997 
 211,000     Dream Global REIT   1,823,618 
 79,000     Dream Industrial REIT   552,957 
 14,000  e  Exchange Income Corp   376,560 
 163,000  e  Genworth MI Canada, Inc   5,065,243 
 71,000     Gluskin Sheff + Associates, Inc   888,257 
 93,000     Granite REIT   3,592,838 
 1,337,000  *  IAMGOLD Corp   7,337,385 
 3,000     iShares S&P   38,206 
 69,000  e  Labrador Iron Ore Royalty Corp   1,116,751 
 92,000     Laurentian Bank of Canada   4,278,738 
 87,000     North West Co, Inc   2,122,905 
 80,000     Northview Apartment REIT   1,443,609 
 124,000     NorthWest Healthcare Properties REIT   1,092,846 
 188,000  *  Paramount Resources Ltd (Class A)   3,217,611 
 557,000     Pure Industrial Real Estate Trust   2,875,452 
 345,000     Silvercorp Metals, Inc   842,377 
 100,000     Timbercreek Financial Corp   735,602 
 103,000     Transcontinental, Inc   2,286,582 
 49,000     Valener, Inc   841,291 
       TOTAL CANADA   67,085,257 
             
CHILE - 0.2%     
 391,000     Inversiones Aguas Metropolitanas S.A.   710,490 
 70,000     Inversiones La Construccion S.A.   1,187,921 
       TOTAL CHILE   1,898,411 
             
CHINA - 3.9%     
 3,618,000     Beijing Capital Land Ltd   1,949,604 
 2,660,000     CGN New Energy Holdings Co Ltd   399,245 
 1,314,000     China Aoyuan Property Group Ltd   796,589 
 6,292,000     China Merchants Land Ltd   1,186,458 
 5,614,000     China SCE Property Holdings Ltd   2,534,507 
 407,000     China Shineway Pharmaceutical Group Ltd   381,471 
 3,000,000     China Silver Group Ltd   1,034,430 
 7,997,000     China Suntien Green Energy Cor   2,267,616 
 4,840,000     CIFI Holdings Group Co Ltd   2,698,352 
 2,849,000     Citic 1616 Holdings Ltd   814,739 
 610,000  g  Hua Hong Semiconductor Ltd   1,066,250 
 5,214,000     Huadian Fuxin Energy Corp Ltd   1,357,690 
 183,000  *  JA Solar Holdings Co Ltd (ADR)   1,363,350 
 97,000  *,e  JinkoSolar Holding Co Ltd (ADR)   2,583,110 
 235,000     Lao Feng Xiang Co Ltd   881,004 
 1,834,000     Powerlong Real Estate Holdings Ltd   872,322 
 1,958,000  e  Shandong Chenming Paper Holdings Ltd   3,561,649 
124

TIAA-CREF FUNDS - International Small-Cap Equity Fund

 

SHARES     COMPANY  VALUE 
             
 2,049,935     Shandong Chenming Paper Holdings Ltd (Class B)  $3,739,302 
 1,198,000     Sichuan Expressway Co Ltd   479,286 
 689,000     SITC International Co Ltd   664,584 
 783,000     Tianjin ZhongXin Pharmaceutical Group Corp Ltd   806,198 
 2,138,000     Tianneng Power International Ltd   2,062,169 
 615,000  e,g  Universal Medical Financial & Technical Advisory Services Co Ltd   649,965 
 2,494,000     Winteam Pharmaceutical Group Ltd   1,429,692 
 140,000     Xinyuan Real Estate Co Ltd (ADR)   782,600 
 4,926,000     Yuexiul Property Co Ltd   954,608 
       TOTAL CHINA   37,316,790 
             
CZECH REPUBLIC - 0.2%     
 2,000  *  Philip Morris CR   1,479,864 
       TOTAL CZECH REPUBLIC   1,479,864 
             
DENMARK - 0.9%     
 126,000     Alm Brand AS   1,303,213 
 78,000     GN Store Nord   2,581,297 
 31,000     Schouw & Co   3,225,962 
 123,000     Spar Nord Bank A/s   1,564,380 
       TOTAL DENMARK   8,674,852 
             
EGYPT - 0.2%     
 310,000     Alexandria Mineral Oils Co   231,664 
 1,584,608     Medinet Nasr Housing   948,784 
 700,000     Telecom Egypt   517,100 
       TOTAL EGYPT   1,697,548 
             
FINLAND - 0.5%     
 35,000     DNA Oyj   603,392 
 250,000     Finnair Oyj   3,261,579 
 115,000     Outokumpu Oyj   1,087,090 
       TOTAL FINLAND   4,952,061 
             
FRANCE - 3.4%     
 668,000  *  Air France-KLM   10,459,323 
 18,000     Altamir Amboise   324,574 
 170,000     Faurecia   12,358,209 
 56,000     Gaztransport Et Technigaz S.A.   2,740,926 
 14,000     MGI Coutier   568,819 
 31,000     Neopost S.A.   1,142,680 
 20,000     Orpea   2,396,177 
 31,000     Sechilienne-Sidec   738,817 
 6,000     Synergie S.A   324,993 
 5,000     Trigano S.A.   806,862 
       TOTAL FRANCE   31,861,380 
             
GERMANY - 4.2%     
 40,000     Aurubis AG.   3,277,855 
 21,000     bet-at-home.com AG.   2,941,657 
 32,000     Biotest AG. (Preference)   846,147 
 347,000  g  Deutsche Pfandbriefbank AG.   4,994,443 
125

TIAA-CREF FUNDS - International Small-Cap Equity Fund

 

SHARES     COMPANY  VALUE 
             
 8,000     Duerr AG.  $1,107,118 
 58,000     Hamburger Hafen und Logistik AG.   1,852,273 
 30,000     Koenig & Bauer AG.   2,335,713 
 7,000     Pfeiffer Vacuum Technology AG.   1,124,022 
 113,000     SAF-Holland S.A.   2,238,334 
 418,000     Uniper SE   11,745,209 
 93,000     Verbio AG.   873,489 
 44,000     Wacker Chemie AG.   6,871,912 
       TOTAL GERMANY   40,208,172 
             
GREECE - 0.4%     
 144,000     Hellenic Petroleum S.A.   1,271,532 
 89,000     Motor Oil Hellas Corinth Refineries S.A.   2,130,451 
       TOTAL GREECE   3,401,983 
             
HONG KONG - 2.3%     
 1,168,000     Champion REIT   842,945 
 10,260,000     Concord New Energy Group Ltd   500,079 
 2,440,000     CSI Properties Ltd   125,217 
 1,890,000     Emperor International Holdings   668,860 
 936,399     Far East Consortium   511,478 
 240,165     Great Eagle Holdings Ltd   1,322,210 
 168,000     Johnson Electric Holdings Ltd   677,814 
 978,000     Ju Teng International Holdings Ltd   348,711 
 3,016,823     K Wah International Holdings Ltd   1,733,109 
 849,000     Kerry Logistics Network Ltd   1,170,596 
 1,600,000     Kingboard Chemical Holdings Ltd   9,494,488 
 325,000     Lee & Man Paper Manufacturing Ltd   397,042 
 623,000  e  PAX Global Technology Ltd   315,273 
 1,099,000     Road King Infrastructure   1,806,866 
 560,000     Texhong Textile Group Ltd   772,702 
 1,518,000     Texwinca Holdings Ltd   916,638 
 280,000     VST Holdings Ltd   130,284 
 408,000     Xinyi Glass Holdings Co Ltd   395,361 
       TOTAL HONG KONG   22,129,673 
             
HUNGARY - 0.1%     
 597,000     Magyar Telekom   1,035,996 
       TOTAL HUNGARY   1,035,996 
             
INDIA - 1.8%     
 236,000  *  Adani Enterprises Ltd   482,590 
 411,000  *  Apollo Tyres Ltd   1,561,963 
 196,000     Balrampur Chini Mills Ltd   519,645 
 263,000     Canara Bank   1,647,749 
 43,000     CESC Ltd   676,921 
 100,000  *  Chennai Petroleum Corp Ltd   724,841 
 250,000  *  Dewan Housing Finance Corp Ltd   2,483,647 
 113,000     Gujarat Narmada Valley Fertilizers Co Ltd   913,979 
 1,714,000  *  Himachal Futuristic Communications   783,566 
 155,000     IRB Infrastructure Developers Ltd   582,045 
 347,000  *  JK Tyre & Industries Ltd   781,570 
 349,000     Karnataka Bank Ltd   876,671 
126

TIAA-CREF FUNDS - International Small-Cap Equity Fund

 

SHARES     COMPANY  VALUE 
             
 67,000  *  Muthoot Finance Ltd  $510,524 
 42,000     Natco Pharma Ltd   628,209 
 261,000  *  PTC India Ltd   496,441 
 78,000     Rajesh Exports Ltd   942,954 
 308,000  *  Reliance Energy Ltd   2,395,007 
       TOTAL INDIA   17,008,322 
             
INDONESIA - 0.6%     
 16,296,000     PT Bank Pembangunan Daerah Jawa Timur Tbk   835,205 
 11,000,000     PT Bank Tabungan Negara Tbk   2,238,485 
 1,692,000     PT Indo Tambangraya Megah   2,769,866 
       TOTAL INDONESIA   5,843,556 
             
IRELAND - 1.1%     
 1,500,000     Hibernia REIT plc   2,577,229 
 192,000     Irish Continental Group plc   1,278,939 
 562,000     United Drug plc   6,900,656 
       TOTAL IRELAND   10,756,824 
             
ISRAEL - 0.5%     
 60,000     Delek Automotive Systems Ltd   451,002 
 1,640,000     El Al Israel Airlines   897,324 
 11,000     Gazit, Inc   197,631 
 295,000     Harel Insurance Investments & Finances Ltd   2,016,644 
 75,000     Matrix IT Ltd   823,560 
 721,000     Migdal Insurance Holdings Ltd   837,455 
       TOTAL ISRAEL   5,223,616 
             
ITALY - 2.3%     
 578,000     Actelios S.p.A.   1,006,178 
 216,000     Ascopiave S.p.A.   907,297 
 107,000     Astaldi S.p.A.   740,860 
 88,000     Banca IFIS S.p.A.   4,794,507 
 1,876,000     Beni Stabili S.p.A.   1,660,796 
 52,000     Biesse S.p.A.   2,316,581 
 8,000     Industria Macchine Automatiche S.p.A.   717,381 
 1,264,000     Iride S.p.A.   3,477,737 
 1,041,000  e  Maire Tecnimont S.p.A   5,837,054 
 39,000     Societa Iniziative Autostradali e Servizi S.p.A.   663,720 
       TOTAL ITALY   22,122,111 
             
JAPAN - 21.7%
 104,000     Adastria Holdings Co Ltd   2,266,827 
 76,000     ADEKA Corp   1,312,732 
 86,000     Arcs Co Ltd   1,924,090 
 58,000     ASKA Pharmaceutical Co Ltd   1,101,580 
 9,000     Chori Co Ltd   164,012 
 183,000     Cosmo Energy Holdings Co Ltd   4,203,858 
 18,000     Create SD Holdings Co Ltd   453,095 
 82,000     Daido Metal Co Ltd   757,300 
 311,000     Daiho Corp   1,510,973 
 68,300  *  Daikyo, Inc   1,315,251 
127

TIAA-CREF FUNDS - International Small-Cap Equity Fund

 

SHARES     COMPANY  VALUE 
             
 37,000     Daikyonishikawa Corp  $628,760 
 51,800  *  Daiwabo Co Ltd   2,058,537 
 162,000     DCM Japan Holdings Co Ltd   1,488,241 
 97,000     Eagle Industry Co Ltd   1,884,403 
 105,000     Exedy Corp   3,148,480 
 19,000  *  Fukuda Corp   1,163,047 
 3,000     Fukuda Denshi Co Ltd   210,017 
 22,000     Furukawa Electric Co Ltd   1,339,375 
 80,000     Futaba Industrial Co Ltd   777,588 
 141,000  e  Geo Holdings Corp   2,295,275 
 14,000     G-Tekt Corp   299,772 
 241,000     Haseko Corp   3,499,663 
 222,000     Hazama Ando Corp   1,810,020 
 48,000     Heiwado Co Ltd   1,047,872 
 18,000     Hitachi Capital Corp   440,041 
 82,000     Hitachi Transport System Ltd   2,029,177 
 10,000     Inaba Denki Sangyo Co Ltd   438,960 
 29,000     Inabata & Co Ltd   420,403 
 115,000  *  Ishihara Sangyo Kaisha Ltd   1,730,482 
 127,000     Itochu Enex Co Ltd   1,294,473 
 9,800  *  Jaccs Co Ltd   244,777 
 14,600  *  Japan Pulp & Paper Co Ltd   616,282 
 34,000     Kaga Electronics Co Ltd   1,018,712 
 58,000     Kaken Pharmaceutical Co Ltd   2,939,320 
 137,000     Kandenko Co Ltd   1,347,525 
 263,800  *  Kanematsu Corp   3,470,421 
 70,000     Kasai Kogyo Co Ltd   1,053,237 
 68,000     Kato Works Co Ltd   2,124,689 
 85,000     Keihin Corp   1,567,079 
 71,000     Konoike Transport Co Ltd   1,092,511 
 125,000  e  K’s Holdings Corp   2,868,810 
 157,200  *  Kumagai Gumi Co Ltd   4,997,169 
 50,000     Kureha CORP   2,941,045 
 229,000     Kyowa Exeo Corp   4,988,367 
 796,000     Leopalace21 Corp   5,943,922 
 81,000     Maeda Corp   1,015,530 
 221,000     Maeda Road Construction Co Ltd   4,759,191 
 223,000     Maruha Nichiro Corp   6,888,412 
 40,000     Maruzen Showa Unyu Co Ltd   189,567 
 336,000  e  Marvelous, Inc   3,178,716 
 32,000     Mitsuba Corp   534,781 
 60,000     Mitsui Sugar Co Ltd   2,052,518 
 95,000     Nichii Gakkan Co   979,362 
 87,000     Nippo Corp   1,816,612 
 77,000     Nippon Konpo Unyu Soko Co Ltd   1,972,057 
 27,000     Nippon Steel Trading Co Ltd   1,490,706 
 425,000     Nippon Suisan Kaisha Ltd   2,600,386 
 522,000     Nipro Corp   7,610,260 
 106,200  *  Nishimatsu Construction Co Ltd   3,206,200 
 388,000     Nisshinbo Industries, Inc   4,658,947 
 134,000     Nojima Corp   3,124,749 
 21,800  *  Okumura Corp   834,502 
 55,000     Paramount Bed Holdings Co Ltd   2,425,452 
128

TIAA-CREF FUNDS - International Small-Cap Equity Fund

 

SHARES     COMPANY  VALUE 
             
 1,126,000     Penta-Ocean Construction Co Ltd  $7,449,136 
 229,000     Raito Kogyo Co Ltd   2,339,766 
 999,000     Rengo Co Ltd   6,542,436 
 33,000     Sanyo Chemical Industries Ltd   1,733,166 
 269,000     Senko Co Ltd   1,950,953 
 27,000     Shikoku Electric Power Co, Inc   353,297 
 151,000     Shinko Plantech Co Ltd   1,303,780 
 123,000     Shinnihon Corp   1,093,290 
 204,000     SMK Corp   964,093 
 2,259,000     Sojitz Holdings Corp   6,817,701 
 48,000  e  Studio Alice Co Ltd   1,110,499 
 395,000     Sumitomo Forestry Co Ltd   6,651,832 
 388,200  *  Sumitomo Mitsui Construction C   2,391,536 
 21,000     Sun Frontier Fudousan Co Ltd   252,832 
 44,500  *  Taihei Dengyo Kaisha Ltd   1,136,239 
 48,000     Taiho Kogyo Co Ltd   718,025 
 842,000     Takara Leben Co Ltd   3,870,548 
 137,000  e  Toho Pharmaceutical Co Ltd   2,693,003 
 86,100  *  Toho Zinc Co Ltd   4,193,498 
 62,000     Tokyo Rope Manufacturing Co Ltd   964,989 
 333,000     Tokyu Construction Co Ltd   2,932,634 
 101,000     Topre Corp   2,974,153 
 197,000     Tosei Corp   1,940,300 
 39,000     Towa Pharmaceutical Co Ltd   2,017,087 
 564,000     Toyo Construction Co Ltd   2,855,115 
 46,000  *,e  Toyo Kanetsu K K   1,742,505 
 51,000     Unipres Corp   1,376,989 
 129,000     United Super Markets Holdings, Inc   1,204,279 
 97,000     Unizo Holdings Co Ltd   2,580,562 
 50,000     Valor Co Ltd   1,137,150 
 47,000     VITAL KSK Holdings, Inc   381,617 
 98,000     Yurtec Corp   856,351 
 30,000  e  Zojirushi Corp   270,771 
       TOTAL JAPAN   206,366,250 
             
KOREA, REPUBLIC OF - 3.3%     
 15,000     Chong Kun Dang Pharm Corp   922,140 
 85,000     Daeduck Electronics Co   778,674 
 70,000     Daishin Securities Co Ltd   844,465 
 131,000     Dongwon Development Co Ltd   662,980 
 4,000     e Tec E&C Ltd   536,618 
 497,000     Eugene Corp   2,411,712 
 2,000     GS Home Shopping, Inc   375,557 
 89,000     Halim Co Ltd   301,607 
 51,000     Hansol Paper Co Ltd   749,062 
 209,000     Hanwha Non-Life Insurance Co Ltd   1,522,889 
 10,000     Korea District Heating Corp   641,042 
 6,000     Korea Petrochemical Ind Co Ltd   1,341,288 
 5,000     LG Fashion Corp   115,143 
 5,000     LOTTE Himart Co Ltd   330,981 
 48,000     LS Cable Ltd   3,389,185 
 71,000     Meritz finance Holdings Co Ltd   1,032,981 
 183,000     Meritz Fire & Marine Insurance Co Ltd   4,199,807 
129

TIAA-CREF FUNDS - International Small-Cap Equity Fund

 

SHARES     COMPANY  VALUE 
             
 76,000     Poongsan Corp  $3,333,186 
 96,000     Pyeong Hwa Automotive Co Ltd   982,188 
 6,000     Samchully Co Ltd   548,936 
 6,000     Samyang Corp   519,517 
 40,000     Seah Besteel Corp   1,135,704 
 10,000     SeAH Steel Corp   820,247 
 18,010     SK Gas Co Ltd   1,504,487 
 95,000     SL Corp   1,946,044 
 23,505     Ssangyong Cement Industrial Co Ltd   339,877 
 12,000     Unid Co Ltd   495,872 
       TOTAL KOREA, REPUBLIC OF   31,782,189 
             
MALAYSIA - 0.4%     
 118,500  *  Aeon Credit Service M BHD   389,083 
 484,000     Mah Sing Group BHD   176,271 
 104,000     Malaysian Pacific Industries BHD   341,974 
 315,900     MKH BHD   154,462 
 167,000     Scientex BHD   351,081 
 233,613  *  Sunway BHD   35,316 
 1,038,280     Sunway BHD   424,037 
 961,000     Supermax Corp BHD   401,788 
 1,165,000     Unisem M BHD   1,100,983 
 453,400     UOA Development BHD   273,100 
       TOTAL MALAYSIA   3,648,095 
             
MEXICO - 0.4%     
 198,000     Grupo Aeroportuario del Centro Norte Sab de C.V.   999,101 
 250,000     Grupo Financiero Interacciones S.A. de C.V.   1,146,479 
 128,000     Rassini SAB de C.V.   482,911 
 443,000     Unifin Financiera SAPI de C.V. SOFOM ENR   1,508,419 
       TOTAL MEXICO   4,136,910 
             
NETHERLANDS - 2.2%     
 11,000     Advanced Metallurgical Group NV   526,463 
 263,000     ASR Nederland NV   10,781,586 
 115,000     BE Semiconductor Industries NV   9,036,955 
 68,000     ForFarmers NV   831,307 
       TOTAL NETHERLANDS   21,176,311 
             
NEW ZEALAND - 0.6%     
 1,185,000     Air New Zealand Ltd   2,677,082 
 509,000     Genesis Energy Ltd   853,261 
 572,000     Infratil Ltd   1,258,560 
 150,000     Z Energy Ltd   756,559 
       TOTAL NEW ZEALAND   5,545,462 
             
NORWAY - 1.8%     
 50,000     Aker ASA (A Shares)   2,265,367 
 145,000  g  Entra ASA   1,997,123 
 560,000     Leroy Seafood Group ASA   3,363,057 
 46,544     Norway Royal Salmon ASA   903,186 
 151,000     Sparebanken Midt-Norge   1,568,359 
130

TIAA-CREF FUNDS - International Small-Cap Equity Fund

 

SHARES     COMPANY  VALUE 
             
 130,000     Sparebanken Nord-Norge  $1,026,732 
 654,000     Storebrand ASA   5,601,501 
       TOTAL NORWAY   16,725,325 
             
PAKISTAN - 0.1%     
 1,000,000     Engro Fertilizers Ltd   616,707 
       TOTAL PAKISTAN   616,707 
             
PHILIPPINES - 0.0%     
 1,475,000     Cosco Capital, Inc   243,429 
       TOTAL PHILIPPINES   243,429 
             
PORTUGAL - 0.2%     
 300,000     Mota Engil SGPS S.A.   1,204,920 
 42,000     Semapa-Sociedade de Investimento e Gestao   839,775 
       TOTAL PORTUGAL   2,044,695 
             
RUSSIA - 0.2%     
 30,000  g  Aeroflot PJSC (ADR)   467,396 
 461,000  m  Mosenergo PJSC (ADR)   1,209,455 
       TOTAL RUSSIA   1,676,851 
             
SINGAPORE - 1.3%     
 468,000     Ascendas Hospitality Trust   300,418 
 67,000     China Yuchai International Ltd   1,494,100 
 304,000     CWT Ltd   519,155 
 1,457,000     Japfa Ltd   631,473 
 202,874     QAF Ltd   183,808 
 486,000     Venture Corp Ltd   6,947,218 
 1,731,000     Yanlord Land Group Ltd   2,274,626 
       TOTAL SINGAPORE   12,350,798 
             
SOUTH AFRICA - 0.9%     
 50,000     Assore Ltd   1,093,555 
 488,000     Barloworld Ltd   4,601,550 
 121,000     Lewis Group Ltd   232,950 
 163,000     Peregrine Holdings Ltd   326,836 
 118,000     Raubex Group Ltd   169,421 
 383,000     Rebosis Property Fund Ltd   289,849 
 2,270,000     S.A. Corporate Real Estate Fund Nominees Pty Ltd   769,042 
 564,509     Vukile Property Fund Ltd   786,549 
       TOTAL SOUTH AFRICA   8,269,752 
             
SPAIN - 2.3%     
 49,000     Axia Real Estate SOCIMI S.A.   918,950 
 85,000     Cie Automotive S.A.   2,525,965 
 15,000     Corp Financiera Alba   878,394 
 800,000     Ence Energia y Celulosa S.A.   4,640,737 
 44,000     Grupo Catalana Occidente S.A.   1,851,785 
 211,000     Hispania Activos Inmobiliarios SAU   3,638,821 
 250,000     Inmobiliaria Colonial S.A.   2,380,117 
 330,000     Merlin Properties Socimi S.A.   4,357,355 
131

TIAA-CREF FUNDS - International Small-Cap Equity Fund

 

SHARES     COMPANY  VALUE 
             
 61,000     Papeles y Cartones de Europa S.A.  $633,818 
       TOTAL SPAIN   21,825,942 
             
SWEDEN - 3.0%     
 16,000     Biogaia AB (B Shares)   581,681 
 133,000     Byggmax Group AB   905,273 
 323,000     Hemfosa Fastigheter AB   3,924,329 
 19,000     Holmen AB (B Shares)   933,834 
 189,000     JM AB   4,986,942 
 97,000     KappAhl Holding AB   706,335 
 221,000  g  LeoVegas AB   2,144,888 
 85,000     New Wave Group AB (B Shares)   563,492 
 30,000     Nolato AB (B Shares)   1,663,290 
 572,000  *,e  SAS AB   1,769,577 
 197,000  g  Scandic Hotels Group AB   2,541,277 
 205,000     Trelleborg AB (B Shares)   5,076,550 
 124,000     Wihlborgs Fastigheter AB   2,944,039 
       TOTAL SWEDEN   28,741,507 
             
SWITZERLAND - 4.3%     
 34,000     BKW S.A.   1,987,372 
 4,000     Bobst Group AG.   427,582 
 14,500     Bossard Holding AG.   3,427,242 
 400,000     EFG International   3,660,439 
 1,487,000     Ferrexpo plc   5,020,346 
 207,000     Logitech International S.A.   7,402,186 
 715,000     OC Oerlikon Corp AG.   11,470,766 
 29,000     Temenos Group AG.   3,348,673 
 59,000     Vontobel Holding AG.   3,671,515 
       TOTAL SWITZERLAND   40,416,121 
             
TAIWAN - 4.5%     
 600,000     A-DATA Technology Co Ltd   1,748,105 
 2,718,000     Asia Vital Components Co Ltd   2,579,526 
 3,135,000     Benq Corp   2,290,034 
 1,090,000     Charoen Pokphand Enterprise   2,303,059 
 1,186,000     China Motor Corp   1,062,019 
 276,000     CTCI Corp   427,898 
 2,898,000     Grand Pacific Petrochemical   2,196,998 
 25,751,000     HannStar Display Corp   10,001,345 
 836,000     LEE Chang Yung Chem IND Corp   1,142,675 
 2,997,000     Mitac Holdings Corp   3,728,003 
 404,000     Primax Electronics Ltd   1,049,045 
 2,483,000     Radiant Opto-Electronics Corp   5,522,935 
 86,000     Senao International Co Ltd   147,675 
 849,000     Sercomm Corp   2,429,825 
 545,000     Systex Corp   1,070,205 
 707,000     Tripod Technology Corp   2,603,749 
 1,387,200     USI Corp   685,711 
 973,000     WT Microelectronics Co Ltd   1,538,902 
       TOTAL TAIWAN   42,527,709 
132

TIAA-CREF FUNDS - International Small-Cap Equity Fund

 

SHARES     COMPANY  VALUE 
             
THAILAND - 1.6%     
 219,000     Hana Microelectronics PCL (Foreign)  $321,380 
 1,294,000     Kiatnakin Bank PCL (Foreign)   2,949,571 
 8,106,000     Siamgas & Petrochemicals PCL (Foreign)   5,494,703 
 3,622,000     SVI PCL (Foreign)   567,118 
 2,890,000     Thanachart Capital PCL   4,763,675 
 400,000     Tisco Bank PCL   1,056,833 
       TOTAL THAILAND   15,153,280 
             
TURKEY - 0.8%     
 345,000     Aygaz AS   1,466,831 
 441,000     Selcuk Ecza Deposu Ticaret ve Sanayi AS   427,800 
 2,349,600     Soda Sanayii AS   3,252,880 
 626,000     Tekfen Holding AS   2,117,788 
       TOTAL TURKEY   7,265,299 
             
UNITED KINGDOM - 12.1%     
 235,000     Abcam plc   3,105,547 
 240,000     Advanced Medical Solutions Group plc   1,104,490 
 273,000     Bellway plc   13,236,627 
 2,936,000  *  boohoo.com plc   7,818,956 
 278,000     Brewin Dolphin Holdings plc   1,305,035 
 664,000     Britvic plc   6,674,183 
 129,000     Clinigen Group plc   2,016,570 
 114,000     CVS Group plc   2,150,009 
 893,000     Electrocomponents plc   8,236,159 
 358,677  g  Equiniti Group plc   1,442,946 
 352,000     Fevertree Drinks plc   9,915,862 
 323,000  g  Forterra plc   1,286,977 
 192,000     Greggs plc   3,248,761 
 909,000  g  Ibstock plc   2,995,398 
 1,041,000     Jupiter Investment Management Group Ltd   8,213,992 
 706,000     Michael Page International plc   4,385,382 
 410,000     N Brown Group plc   1,640,159 
 149,000  g  On the Beach Group plc   815,612 
 622,000     Redrow plc   5,377,972 
 71,000     Renishaw plc   4,670,923 
 2,986,000     Rentokil Initial plc   13,315,611 
 124,000     Restore plc   887,682 
 956,000     SSP Group plc   7,424,372 
 305,000     Vesuvius plc   2,379,477 
 237,000     Watkin Jones plc   738,926 
       TOTAL UNITED KINGDOM   114,387,628 
             
UNITED STATES - 0.0%     
 6,000  e  iShares MSCI EAFE Small-Cap ETF   378,240 
 2,500  e  iShares MSCI Emerging Markets Small-Cap ETF   127,525 
       TOTAL UNITED STATES   505,765 
             
       TOTAL COMMON STOCKS   934,129,241 
       (Cost $803,329,390)     
133

TIAA-CREF FUNDS - International Small-Cap Equity Fund

 

SHARES     COMPANY              VALUE 
                         
RIGHTS / WARRANTS - 0.0%                 
                  
SPAIN - 0.0%                 
 61,000     Papeles y Cartones de Europa S.A.              $25,012 
       TOTAL SPAIN               25,012 
                         
       TOTAL RIGHTS / WARRANTS               25,012 
       (Cost $13,832)                 
                         
PRINCIPAL     ISSUER    RATE   MATURITY
DATE		        
                               
SHORT-TERM INVESTMENTS - 4.5%            
             
GOVERNMENT AGENCY DEBT - 1.3%            
$12,550,000     Federal Home Loan Bank (FHLB)   0.850%  11/01/17   12,550,000  
       TOTAL GOVERNMENT AGENCY DEBT           12,550,000  
                       
SHARES     COMPANY                   
                       
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 3.2%               
 30,047,213  c  State Street Navigator Securities Lending Government Money Market Portfolio           30,047,213  
       TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES           30,047,213  
                      
       TOTAL SHORT-TERM INVESTMENTS           42,597,213  
       (Cost $42,597,213)               
       TOTAL INVESTMENTS - 102.9%           976,751,466  
       (Cost $845,940,435)               
       OTHER ASSETS & LIABILITIES, NET - (2.9)%           (27,922,072)  
       NET ASSETS - 100.0%         $ 948,829,394  
         
         
      Abbreviation(s):
      ADR   American Depository 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 $28,988,951.
  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 10/31/2017, the aggregate value of these securities amounted to $20,402,275 or 2.2% of net assets.
  m   Indicates a security that has been deemed illiquid.
134

TIAA-CREF FUNDS - International Small-Cap Equity Fund

 

TIAA-CREF FUNDS

INTERNATIONAL SMALL-CAP EQUITY FUND

SUMMARY OF MARKET VALUES BY SECTOR

October 31, 2017

 

SECTOR  VALUE   % OF
NET ASSETS		 
INDUSTRIALS  $190,354,349    20.0%
CONSUMER DISCRETIONARY   144,079,450    15.2 
FINANCIALS   111,906,744    11.8 
INFORMATION TECHNOLOGY   105,101,744    11.1 
REAL ESTATE   98,484,652    10.4 
MATERIALS   96,979,592    10.2 
CONSUMER STAPLES   54,533,915    5.7 
HEALTH CARE   52,745,304    5.6 
ENERGY   38,924,977    4.1 
UTILITIES   37,288,732    3.9 
TELECOMMUNICATION SERVICES   3,754,794    0.4 
SHORT-TERM INVESTMENTS   42,597,213    4.5 
OTHER ASSETS & LIABILITIES, NET   (27,922,072)   (2.9)
           
NET ASSETS  $948,829,394    100.0%
135

TIAA-CREF FUNDS - Social Choice International Equity Fund

 

TIAA-CREF FUNDS

SOCIAL CHOICE INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS

October 31, 2017

 

SHARES      COMPANY  VALUE  
             
COMMON STOCKS - 98.8%     
             
AUSTRALIA - 6.9%     
 2,612     AGL Energy Ltd  $50,572 
 2,493     Amcor Ltd   30,256 
 13,984     AMP Ltd   53,293 
 8,837     APA Group   57,994 
 15,581     Australia & New Zealand Banking Group Ltd   357,561 
 668     Bendigo Bank Ltd   5,826 
 11,246     BlueScope Steel Ltd   110,717 
 1,378     Boral Ltd   7,562 
 6,452     Brambles Ltd   46,785 
 2,186     Caltex Australia Ltd   57,396 
 4,830     Coca-Cola Amatil Ltd   30,154 
 167     Cochlear Ltd   22,495 
 8,097     Commonwealth Bank of Australia   481,652 
 1,054     Computershare Ltd   12,600 
 1,343     GPT Group (ASE)   5,244 
 10,833     Healthscope Ltd   16,273 
 1,935     Insurance Australia Group Ltd   9,730 
 1,393     Lend Lease Corp Ltd   17,298 
 2,067     Macquarie Goodman Group   13,253 
 2,980     Macquarie Group Ltd   224,811 
 17,486     Mirvac Group   32,320 
 14,380     National Australia Bank Ltd   360,308 
 7,522     Newcrest Mining Ltd   128,608 
 2,279     QR National Ltd   9,045 
 1,822     Ramsay Health Care Ltd   93,413 
 11,103     Scentre Group   34,235 
 75,320     South32 Ltd   196,740 
 13,104     Stockland Trust Group   45,418 
 3,908     Sydney Airport   21,292 
 45,514     Telstra Corp Ltd   123,524 
 12,569     Transurban Group (ASE)   116,839 
 3,756     Wesfarmers Ltd   120,308 
 16,595     Westpac Banking Corp   420,342 
 4,628     Woodside Petroleum Ltd   109,096 
       TOTAL AUSTRALIA   3,422,960 
             
AUSTRIA - 0.3%     
 2,838     OMV AG.   170,318 
       TOTAL AUSTRIA   170,318 
             
BELGIUM - 0.5%     
 2,476     KBC Groep NV   205,679 
 874     Umicore S.A.   39,059 
       TOTAL BELGIUM  244,738 
136

TIAA-CREF FUNDS - Social Choice International Equity Fund

 

SHARES      COMPANY  VALUE  
             
DENMARK - 1.8%     
 877     Coloplast AS  $77,192 
 858  *  Genmab AS   173,261 
 8,950     Novo Nordisk AS   445,610 
 664     Novozymes AS   36,688 
 314  e  Pandora AS   29,650 
 679     Vestas Wind Systems AS   59,945 
       TOTAL DENMARK   822,346 
             
FINLAND - 1.0%     
 2,547     Neste Oil Oyj   141,795 
 137     Nokian Renkaat Oyj   6,281 
 1,656     Orion Oyj (Class B)   67,871 
 3,662     Stora Enso Oyj (R Shares)   57,230 
 2,271     UPM-Kymmene Oyj   68,203 
 2,486     Wartsila Oyj (B Shares)   160,139 
       TOTAL FINLAND   501,519 
             
FRANCE - 10.4%     
 3,471     Accor S.A.   173,161 
 590     Aeroports de Paris   99,335 
 2,550     Air Liquide   324,676 
 11,094     AXA S.A.   334,910 
 1,729     Cap Gemini S.A.   210,046 
 7,956     Carrefour S.A.   160,118 
 1,103     Casino Guichard Perrachon S.A.   62,981 
 3,410     CNP Assurances   79,325 
 4,006     Compagnie de Saint-Gobain   234,883 
 1,863     Essilor International S.A.   235,861 
 381     Eurazeo   35,421 
 146     Gecina S.A.   23,690 
 3,646     Groupe Danone   297,992 
 159     Imerys S.A.   14,478 
 1,244     JC Decaux S.A.   47,588 
 582     Kering   266,908 
 241     Lagardere S.C.A.   7,936 
 998     L’Oreal S.A.   222,118 
 1,548     Michelin (C.G.D.E.) (Class B)   224,067 
 18,700     Natixis   146,648 
 15,314     Orange S.A.   251,573 
 2,011     Renault S.A.   199,442 
 6,024     Rexel S.A.   107,420 
 3,487     Schneider Electric S.A.   306,372 
 7,312     Suez Environnement S.A.   128,592 
 10,481     Total S.A.   584,191 
 583     Unibail-Rodamco  145,929 
 5,993     Vivendi Universal S.A.   148,817 
 561     Wendel   94,619 
       TOTAL FRANCE   5,169,097 
137

TIAA-CREF FUNDS - Social Choice International Equity Fund

 

SHARES      COMPANY  VALUE  
             
GERMANY - 9.2%     
 1,258     Adidas-Salomon AG.  $280,009 
 2,138     Allianz AG.  499,135 
 4,405     BASF SE   481,701 
 2,498     Bayerische Motoren Werke AG.   256,196 
 1,368     Bayerische Motoren Werke AG. (Preference)   120,032 
 576     Beiersdorf AG.   64,794 
 13,759  *  Commerzbank AG.   190,674 
 1,381     Deutsche Boerse AG.   143,023 
 6,325     Deutsche Post AG.   289,938 
 3,181     Evonik Industries AG.   115,712 
 826     Fraport AG. Frankfurt Airport Services Worldwide   78,490 
 1,645     HeidelbergCement AG.   168,332 
 1,477     Henkel KGaA   186,284 
 687     Henkel KGaA (Preference)   96,466 
 1,693     Merck KGaA   181,647 
 2,377  *  Metro Wholesale & Food Specialist AG.   45,059 
 813     Muenchener Rueckver AG.   182,520 
 1,436     Osram Licht AG.   109,954 
 1,115     ProSiebenSat. Media AG.   39,274 
 4,548     SAP AG.   519,666 
 3,595     Siemens AG.   516,360 
 143     Symrise AG.   11,143 
       TOTAL GERMANY   4,576,409 
             
HONG KONG - 3.2%     
 40,500     BOC Hong Kong Holdings Ltd   192,989 
 19,000     CLP Holdings Ltd   193,381 
 26,000     Hang Lung Properties Ltd   59,703 
 8,300     Hang Seng Bank Ltd   196,735 
 23,500     Henderson Land Development Co Ltd   153,359 
 100,790     Hong Kong & China Gas Ltd   191,060 
 5,751     Hong Kong Exchanges and Clearing Ltd   160,247 
 6,000     Hysan Development Co Ltd   28,990 
 90,000     Li & Fung Ltd   45,359 
 29,062     MTR Corp   168,486 
 26,000     Shangri-La Asia Ltd   51,767 
 5,500     Swire Pacific Ltd (Class A)   54,351 
 23,200     Swire Properties Ltd   78,398 
 6,500     Yue Yuen Industrial Holdings   24,898 
       TOTAL HONG KONG   1,599,723 
IRELAND - 0.5%     
 3,882     CRH plc  146,087 
 1,021     Kerry Group plc (Class A)   102,816 
       TOTAL IRELAND   248,903 
             
ISRAEL - 0.4%     
 17,235     Bank Hapoalim Ltd   122,027 
 8,821     Bank Leumi Le-Israel   48,760 
 339     Mizrahi Tefahot Bank Ltd   6,120 
       TOTAL ISRAEL   176,907 
138

TIAA-CREF FUNDS - Social Choice International Equity Fund

 

SHARES      COMPANY  VALUE  
             
ITALY - 1.6%     
 8,014     Assicurazioni Generali S.p.A.  $145,853 
 86,085     Banca Intesa S.p.A.  289,409 
 39,733     Banca Intesa S.p.A. RSP   125,227 
 4,425     Fondiaria-Sai S.p.A   10,069 
 35,437     Snam Rete Gas S.p.A.   180,936 
 10,196     Terna Rete Elettrica Nazionale S.p.A.   61,522 
       TOTAL ITALY   813,016 
             
JAPAN - 23.6%     
 1,400     Aeon Co Ltd   21,654 
 1,200     AEON Financial Service Co Ltd   25,772 
 800     Aeon Mall Co Ltd   14,305 
 2,600     Aisin Seiki Co Ltd   134,686 
 3,000     Ajinomoto Co, Inc   60,350 
 1,200     Alfresa Holdings Corp   22,928 
 400  *  All Nippon Airways Co Ltd   15,374 
 400     Amada Co Ltd   4,970 
 1,000     Asahi Glass Co Ltd   39,190 
 8,100     Asahi Kasei Corp   98,089 
 600     Asics Corp   9,172 
 12,800     Astellas Pharma, Inc   170,353 
 800     Casio Computer Co Ltd   11,805 
 1,200     Central Japan Railway Co   217,976 
 3,700     Chugai Pharmaceutical Co Ltd   176,404 
 1,700     Daicel Chemical Industries Ltd   21,226 
 2,200     Daikin Industries Ltd   243,124 
 5,200     Daiwa House Industry Co Ltd   190,595 
 4,300     Denso Corp   236,818 
 600     Dentsu, Inc   25,664 
 2,500     East Japan Railway Co   242,449 
 1,300     Eisai Co Ltd   72,354 
 200     Fast Retailing Co Ltd   66,915 
 6,000     Fuji Heavy Industries Ltd   207,295 
 4,200     Fujifilm Holdings Corp   171,813 
 24,000     Fujitsu Ltd   187,020 
 2,200     Hino Motors Ltd  28,316 
 400     Hitachi Chemical Co Ltd   11,406 
 700     Hitachi Construction Machinery Co Ltd   24,013 
 100     Hitachi High-Technologies Corp   4,185 
 7,300     Hitachi Metals Ltd   94,570 
 10,400     Honda Motor Co Ltd   325,905 
 5,900     Inpex Holdings, Inc   63,172 
 2,000     Kajima Corp   20,743 
 1,000     Kaneka Corp   8,258 
 300     Kansai Paint Co Ltd   7,711 
 1,800     Kao Corp   108,783 
 1,200  *  Kawasaki Heavy Industries Ltd   41,866 
 11,200     KDDI Corp  298,398 
 600     Keyence Corp   333,135 
 1,000     Kikkoman Corp   34,320 
139

TIAA-CREF FUNDS - Social Choice International Equity Fund

 

SHARES      COMPANY  VALUE  
             
 800  *  Kobe Steel Ltd  $6,754 
 7,600     Komatsu Ltd   248,336 
 2,100     Konica Minolta Holdings, Inc   18,423 
 11,300     Kubota Corp   212,615 
 600     Kuraray Co Ltd  11,817 
 1,900     Kyocera Corp   127,086 
 3,400     Kyowa Hakko Kogyo Co Ltd   62,761 
 200     Marui Co Ltd   3,061 
 4,300     Mazda Motor Corp   62,074 
 11,200     Mitsubishi Corp   262,281 
 14,700     Mitsubishi Electric Corp   251,568 
 10,800     Mitsubishi Estate Co Ltd   195,853 
 3,400     Mitsubishi Materials Corp   129,282 
 8,900     Mitsubishi UFJ Lease & Finance Co Ltd   46,956 
 2,200  *  Mitsui Chemicals, Inc   67,839 
 7,600     Mitsui Fudosan Co Ltd   177,391 
 1,400  *  Mitsui OSK Lines Ltd   42,870 
 4,100     Mitsui Trust Holdings, Inc   161,826 
 159,800     Mizuho Financial Group, Inc   290,338 
 1,600     Murata Manufacturing Co Ltd   251,459 
 1,000     NEC Corp   27,440 
 1,900     NGK Insulators Ltd   37,623 
 1,500     NGK Spark Plug Co Ltd   34,232 
 400     Nikon Corp   7,596 
 200     Nippon Express Co Ltd   12,690 
 800  *  Nippon Yusen Kabushiki Kaisha   16,920 
 22,400     Nissan Motor Co Ltd   217,848 
 500     Nissin Food Products Co Ltd   31,483 
 900     Nitto Denko Corp   83,689 
 3,600     NKSJ Holdings, Inc   144,703 
 400     Nomura Real Estate Holdings, Inc   8,804 
 1,400     Nomura Research Institute Ltd  59,353 
 6,300     NSK Ltd   90,710 
 10,500     NTT DoCoMo, Inc   254,297 
 700     Obayashi Corp   9,165 
 1,100     Omron Corp   61,639 
 1,300     Oriental Land Co Ltd   103,978 
 600     Osaka Gas Co Ltd   11,621 
 17,000     Panasonic Corp   256,689 
 24,300     Resona Holdings, Inc   131,349 
 1,000     Santen Pharmaceutical Co Ltd   15,890 
 400     Secom Co Ltd   30,457 
 600     Sekisui Chemical Co Ltd   12,111 
 1,600     Sekisui House Ltd   29,918 
 2,900     Seven & I Holdings Co Ltd  116,883 
 200     Shimadzu Corp   4,158 
 900     Shimizu Corp   10,593 
 2,700     Shin-Etsu Chemical Co Ltd   284,745 
 2,600     Shionogi & Co Ltd   139,976 
 1,000     Shiseido Co Ltd   41,248 
 2,700     Shoei Co Ltd   27,853 
140

TIAA-CREF FUNDS - Social Choice International Equity Fund

 

SHARES      COMPANY  VALUE  
             
 3,700     Showa Shell Sekiyu KK  $43,650 
 7,900     Sony Corp   330,494 
 300     Stanley Electric Co Ltd   11,074 
 19,000     Sumitomo Chemical Co Ltd   133,529 
 13,900     Sumitomo Corp   201,051 
 1,300     Sumitomo Dainippon Pharma Co Ltd   18,554 
 7,400     Sumitomo Electric Industries Ltd   125,987 
 400  *  Sumitomo Heavy Industries Ltd   16,806 
 4,500  *  Sumitomo Metal Mining Co Ltd   177,532 
 1,200     Sumitomo Rubber Industries, Inc   22,785 
 2,500     Suntory Beverage & Food Ltd   115,031 
 500     Suzuken Co Ltd   18,024 
 1,200     Sysmex Corp   82,128 
 4,300     T&D Holdings, Inc   67,083 
 4,900     Takeda Pharmaceutical Co Ltd   276,286 
 400     TDK Corp   30,736 
 500     Teijin Ltd   10,583 
 200  *  Toho Gas Co Ltd   5,592 
 1,400     Tokyo Electron Ltd   246,512 
 3,000  *  Tokyo Gas Co Ltd   74,837 
 1,500     Tokyu Corp   22,691 
 3,300     Tokyu Fudosan Holdings Corp   21,635 
 4,000     Toray Industries, Inc   40,487 
 400     Toto Ltd   19,590 
 300     Toyo Suisan Kaisha Ltd   11,541 
 4,200     Toyota Tsusho Corp   152,756 
 700     West Japan Railway Co   49,361 
 1,700     Yakult Honsha Co Ltd   140,553 
 100     Yamaha Corp  3,929 
 3,300     Yamaha Motor Co Ltd   99,042 
 2,500     Yaskawa Electric Corp   89,577 
 400     Yokogawa Electric Corp   7,598 
       TOTAL JAPAN   11,706,367 
             
LUXEMBOURG - 0.3%     
 1,243     SES Global S.A.   20,216 
 8,918     Tenaris S.A.   121,743 
       TOTAL LUXEMBOURG   141,959 
             
NETHERLANDS - 3.3%     
 14,933     Aegon NV  88,162 
 1,446     Akzo Nobel NV   130,546 
 2,037     ASML Holding NV   367,534 
 582     DSM NV   49,655 
 2,155     EXOR NV   138,149 
 275     Gemalto NV   10,883 
 20,363     ING Groep NV   376,297 
 4,706     Koninklijke Ahold Delhaize NV   88,558 
 7,090     Koninklijke KPN NV   24,396 
 6,436     Koninklijke Philips Electronics NV   262,286 
 1,397     Koninklijke Vopak NV   60,466 
 633     NN Group NV   26,509 
       TOTAL NETHERLANDS   1,623,441 

141

TIAA-CREF FUNDS - Social Choice International Equity Fund

 

SHARES      COMPANY  VALUE  
             
NEW ZEALAND - 0.1%     
 4,174     Auckland International Airport Ltd  $17,790 
 3,166     Fletcher Building Ltd   15,970 
 13,018     Meridian Energy Ltd   25,397 
 2,064     Ryman Healthcare Ltd   13,135 
       TOTAL NEW ZEALAND  72,292 
             
NORWAY - 1.4%     
 8,683     DNB NOR Holding ASA   167,577 
 22,997     Norsk Hydro ASA   177,959 
 2,594     Orkla ASA   25,409 
 783     PAN Fish ASA   15,290 
 10,642  e  Statoil ASA   216,219 
 3,893     Telenor ASA   82,663 
       TOTAL NORWAY   685,117 
             
PORTUGAL - 0.3%     
 13,702     Energias de Portugal S.A.   48,864 
 4,779     Galp Energia SGPS S.A.   88,851 
 29     Jeronimo Martins SGPS S.A.   527 
       TOTAL PORTUGAL   138,242 
SINGAPORE - 1.7%     
 5,260     Ascendas REIT  10,576 
 25,600     CapitaLand Ltd   68,941 
 7,100     CapitaMall Trust   10,526 
 3,300     City Developments Ltd   31,340 
 14,620     DBS Group Holdings Ltd   244,133 
 33,700     Global Logistic Properties   82,089 
 2,000     Jardine Cycle & Carriage Ltd   57,833 
 24,700     Keppel Corp Ltd   135,955 
 1,500     Singapore Airlines Ltd   11,305 
 77,700     Singapore Telecommunications Ltd   213,828 
       TOTAL SINGAPORE   866,526 
SOUTH AFRICA - 0.5%     
 13,055     Investec plc   89,330 
 10,579  e  Mediclinic International plc   81,774 
 3,921     Mondi plc   94,826 
       TOTAL SOUTH AFRICA   265,930 
             
SPAIN - 3.4%     
 1,606     Amadeus IT Holding S.A.   108,965 
 38,322     Banco Bilbao Vizcaya Argentaria S.A.   335,106 
 43,956     Banco de Sabadell S.A.   88,009 
 39,423  e  CaixaBank S.A.   184,436 
 813     Distribuidora Internacional de Alimentacion S.A.   3,976 
 1,806     Enagas   52,020 
 2,080     Ferrovial S.A.   45,171 
 6,959     Gas Natural SDG S.A.   148,905 
 34,723     Iberdrola S.A.   280,597 
 5,840     Industria De Diseno Textil S.A.   218,288 
 1,014     Red Electrica Corp S.A.   22,453 
 11,855     Repsol YPF S.A.   222,155 
       TOTAL SPAIN   1,710,081 
142

TIAA-CREF FUNDS - Social Choice International Equity Fund

 

SHARES      COMPANY  VALUE  
             
SWEDEN - 3.3%     
 4,490     Assa Abloy AB  $94,662 
 3,873     Atlas Copco AB (A Shares)   169,837 
 3,161     Atlas Copco AB (B Shares)   125,486 
 4,949     Boliden AB   173,174 
 19,963     Ericsson (LM) (B Shares)   125,629 
 3,197     Hennes & Mauritz AB (B Shares)   80,229 
 602     Industrivarden AB   15,469 
 20,428     Nordea Bank AB   246,866 
 5,186     Sandvik AB   94,663 
 12,039     Skandinaviska Enskilda Banken AB (Class A)   148,364 
 575     SKF AB (B Shares)   13,362 
 10,096     Svenska Handelsbanken AB   144,699 
 6,305     Swedbank AB (A Shares)   156,476 
 14,416     TeliaSonera AB   66,724 
       TOTAL SWEDEN   1,655,640 
SWITZERLAND - 8.3%     
 12,114     ABB Ltd  316,357 
 1,478     Adecco S.A.   117,261 
 3,155     Cie Financiere Richemont S.A.   290,848 
 3,929     Coca-Cola HBC AG.   132,789 
 65     Givaudan S.A.   145,164 
 3,912     Holcim Ltd   220,891 
 332     Kuehne & Nagel International AG.   58,006 
 21     Lindt & Spruengli AG.   121,561 
 1     Lindt & Spruengli AG. (Registered)   69,422 
 684     Lonza Group AG.   181,712 
 9,133     Novartis AG.  753,283 
 2,949     Roche Holding AG.   681,605 
 39     SGS S.A.   96,312 
 21     Sika AG.   155,431 
 1,791     Swiss Re Ltd   168,552 
 238     Swisscom AG.   120,243 
 2,844     Wolseley plc   198,881 
 959     Zurich Financial Services AG.   292,653 
       TOTAL SWITZERLAND   4,120,971 
             
UNITED KINGDOM - 16.6%     
 14,463     3i Group plc   184,579 
 4,375     Associated British Foods plc   193,634 
 34,479     Aviva plc   231,300 
 8,363     Barratt Developments plc   72,715 
 768     Berkeley Group Holdings plc   38,159 
 8,809     British Land Co plc   70,333 
 67,256     BT Group plc   231,733 
 4,338     Burberry Group plc   109,567 
 9,395     Capita Group plc   65,427 
 15,038     CNH Industrial NV   191,864 
 4,058     Coca-Cola European Partners plc   166,460 
 613     Croda International plc   34,067 
 1,690     DCC plc   160,268 
 1,667     easyJet plc   29,647 
 23,571     GlaxoSmithKline plc   423,036 
143

TIAA-CREF FUNDS - Social Choice International Equity Fund

 

SHARES      COMPANY  VALUE  
             
 5,903     Hammerson plc  $41,092 
 3,213     InterContinental Hotels Group plc   178,005 
 2,603     Intertek Group plc   187,523 
 23,858     ITV plc   52,152 
 14,559     J Sainsbury plc   46,883 
 3,304     Johnson Matthey plc   148,335 
 9,245     Kingfisher plc   38,437 
 9,309     Land Securities Group plc   119,563 
 59,269     Legal & General Group plc   210,142 
 3,798     London Stock Exchange Group plc   189,668 
 6,930     Marks & Spencer Group plc   31,673 
 15,413     Meggitt plc   106,104 
 16,980  g  Merlin Entertainments plc   85,414 
 23,164     National Grid plc   278,836 
 998     Next plc   65,236 
 70,194     Old Mutual plc   178,063 
 5,871     Pearson plc   54,821 
 14,436     Prudential plc   354,337 
 3,818     Reckitt Benckiser Group plc   341,584 
 1,756     Reed Elsevier NV   39,645 
 9,830     Reed Elsevier plc   226,197 
 6,340     RSA Insurance Group plc   52,941 
 2,470     Schroders plc  114,600 
 11,012     Scottish & Southern Energy plc   202,245 
 9,894     Segro plc   71,426 
 13,792  *  Sky plc   172,735 
 24,654  *  Standard Chartered plc   245,551 
 33,311     Standard Life plc   190,080 
 9,232     Tate & Lyle plc   79,305 
 25,125     Taylor Wimpey plc   66,583 
 83,348  *  Tesco plc   200,834 
 1,549     Travis Perkins plc   31,271 
 5,213     Unilever NV   302,823 
 6,795     Unilever plc   385,099 
 13,548     United Utilities Group plc   149,890 
 13,726  d  Vodafone Group plc (ADR)   397,779 
 3,295     Whitbread plc   161,608 
 6,886     WM Morrison Supermarkets plc   20,505 
 11,959     WPP plc   211,426 
       TOTAL UNITED KINGDOM   8,233,200 
             
UNITED STATES - 0.2%     
 3,610  *  QIAGEN NV   122,475 
       TOTAL UNITED STATES   122,475 
             
       TOTAL COMMON STOCKS   49,088,177 
       (Cost $44,763,254)     
             
RIGHTS / WARRANTS - 0.0%     
      
SPAIN - 0.0%     
 2,080  h  Ferrovial S.A.   1,001 
       TOTAL SPAIN   1,001 
             
       TOTAL RIGHTS / WARRANTS  1,001 
       (Cost $975)     
144

TIAA-CREF FUNDS - Social Choice International Equity Fund

 

SHARES      COMPANY  VALUE  
             
SHORT-TERM INVESTMENTS - 0.8%     
      
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.8%     
 376,859  c  State Street Navigator Securities Lending Government Money Market Portfolio  $376,859 
       TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES   376,859 
             
       TOTAL SHORT-TERM INVESTMENTS   376,859 
       (Cost $376,859)     
       TOTAL INVESTMENTS - 99.6%   49,466,037 
       (Cost $45,141,088)     
       OTHER ASSETS & LIABILITIES, NET - 0.4%   205,220 
       NET ASSETS - 100.0%  $49,671,257 

 

       
    Abbreviation(s):
  ADR   American Depository Receipt
  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 $355,042.
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 10/31/2017, the aggregate value of these securities amounted to $85,414 or 0.2% of net assets.
h   All or a portion of these securities were purchased on a delayed delivery basis.

 

 

 

Futures contracts outstanding as of October 31, 2017 were as follows (See Note 3):

 

Description  Number of
long (short)
contracts		  Expiration date  Notional amount   Value   Unrealized
appreciation
(depreciation)		 
MSCI EAFE Mini Index  2  12/15/17   $199,747    $200,740    $993 
145

TIAA-CREF FUNDS - Social Choice International Equity Fund

 

TIAA-CREF FUNDS

SOCIAL CHOICE INTERNATIONAL EQUITY FUND

SUMMARY OF MARKET VALUES BY SECTOR

October 31, 2017

 

       % OF 
SECTOR  VALUE   NET ASSETS 
FINANCIALS  $10,852,987    21.7%
INDUSTRIALS   7,159,540    14.4 
CONSUMER DISCRETIONARY   6,532,250    13.2 
HEALTH CARE   4,888,587    9.8 
MATERIALS   4,470,727    9.0 
CONSUMER STAPLES   4,265,595    8.6 
INFORMATION TECHNOLOGY   2,975,457    6.0 
ENERGY   2,112,009    4.3 
TELECOMMUNICATION SERVICES   2,065,158    4.2 
UTILITIES   1,932,358    3.9 
REAL ESTATE   1,834,510    3.7 
SHORT-TERM INVESTMENTS   376,859    0.8 
OTHER ASSETS & LIABILITIES, NET   205,220    0.4 
           
NET ASSETS  $49,671,257    100.0%

146

TIAA-CREF FUNDS - Equity Index Fund

 

TIAA-CREF FUNDS

EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS

October 31, 2017

 

SHARES       COMPANY   VALUE  
             
COMMON STOCKS - 99.7%     
             
AUTOMOBILES & COMPONENTS - 1.0%     
 55,056     Adient plc  $4,644,524 
 48,482  *  American Axle & Manufacturing Holdings, Inc   862,495 
 122,740     BorgWarner, Inc   6,470,853 
 30,597     Cooper Tire & Rubber Co   1,003,582 
 9,972  *  Cooper-Standard Holding, Inc   1,111,678 
 85,417     Dana Holding Corp   2,604,364 
 156,703     Delphi Automotive plc   15,573,144 
 15,373  *  Dorman Products, Inc   1,062,428 
 2,281,068     Ford Motor Co   27,988,704 
 20,209  *  Fox Factory Holding Corp   859,893 
 777,852     General Motors Co   33,432,079 
 160,265     Gentex Corp   3,110,744 
 21,895  *  Gentherm, Inc   733,482 
 147,108     Goodyear Tire & Rubber Co   4,500,034 
 102,436     Harley-Davidson, Inc   4,849,320 
 13,381  *,e  Horizon Global Corp   217,174 
 13,503     LCI Industries, Inc   1,671,671 
 39,740     Lear Corp   6,977,947 
 28,962  *  Modine Manufacturing Co   609,650 
 12,314  *  Motorcar Parts of America, Inc   355,998 
 8,438  *  Shiloh Industries, Inc   78,305 
 20,047     Spartan Motors, Inc   323,759 
 12,064     Standard Motor Products, Inc   526,835 
 14,729  *  Stoneridge, Inc   334,937 
 14,304     Superior Industries International, Inc   222,427 
 30,667     Tenneco, Inc   1,782,059 
 76,149  *  Tesla, Inc   25,245,678 
 28,710     Thor Industries, Inc   3,910,876 
 12,545     Tower International, Inc   381,368 
 18,574  *  Visteon Corp   2,341,067 
 14,988  *  VOXX International Corp (Class A)   100,420 
 18,245     Winnebago Industries, Inc   896,742 
       TOTAL AUTOMOBILES & COMPONENTS   154,784,237 
             
BANKS - 6.9%     
 9,347     1st Source Corp   479,595 
 8,349     Access National Corp   242,956 
 3,009     ACNB Corp   83,951 
 6,509  *  Allegiance Bancshares, Inc   255,153 
 4,530     American National Bankshares, Inc   177,349 
 20,918     Ameris Bancorp   1,001,972 
 3,475     Ames National Corp   103,555 
 6,379  *  Arrow Financial Corp   225,179 
 88,095     Associated Banc-Corp   2,228,803 
147

TIAA-CREF FUNDS - Equity Index Fund

 

SHARES       COMPANY   VALUE  
             
 11,387  *  Atlantic Capital Bancshares, Inc  $187,316 
 26,651  e  Banc of California, Inc   561,004 
 9,912     Bancfirst Corp   541,691 
 17,336     Banco Latinoamericano de Exportaciones S.A. (Class E)   485,928 
 49,440     Bancorpsouth, Inc   1,562,304 
 19,189     Bank Mutual Corp   202,924 
 5,779,074     Bank of America Corp   158,288,837 
 9,092     Bank of Commerce Holdings   109,104 
 25,217     Bank of Hawaii Corp   2,057,959 
 3,357     Bank of Marin Bancorp   227,437 
 30,794     Bank of NT Butterfield & Son Ltd   1,150,156 
 70,403     Bank of the Ozarks, Inc   3,282,188 
 7,344     BankFinancial Corp   116,329 
 64,191     BankUnited   2,237,056 
 2,566     Bankwell Financial Group, Inc   93,916 
 19,110     Banner Corp   1,095,385 
 8,016     Bar Harbor Bankshares   242,324 
 473,128     BB&T Corp   23,296,823 
 5,445     BCB Bancorp, Inc   76,502 
 11,884     Bear State Financial, Inc   121,930 
 43,990     Beneficial Bancorp, Inc   725,835 
 22,730     Berkshire Hills Bancorp, Inc   870,559 
 11,500     Blue Hills Bancorp, Inc   249,550 
 35,017  *,e  BofI Holding, Inc   941,957 
 18,952     BOK Financial Corp   1,638,779 
 44,730     Boston Private Financial Holdings, Inc   711,207 
 10,281     Bridge Bancorp, Inc   364,975 
 41,436     Brookline Bancorp, Inc   638,114 
 10,145     Bryn Mawr Bank Corp   444,858 
 3,755  *  BSB Bancorp, Inc   112,274 
 3,971  *  Byline Bancorp, Inc   79,619 
 1,549     C&F Financial Corp   89,842 
 12,947  *  Cadence BanCorp   315,389 
 7,531     Camden National Corp   325,113 
 16,191     Capital Bank Financial Corp   657,355 
 4,271     Capital City Bank Group, Inc   105,323 
 88,665     Capitol Federal Financial   1,222,690 
 4,594  *  Capstar Financial Holdings, Inc   92,753 
 7,944  e  Carolina Financial Corp   292,736 
 43,088     Cathay General Bancorp   1,801,078 
 31,194     Centerstate Banks of Florida, Inc   831,008 
 16,592     Central Pacific Financial Corp   516,343 
 5,705     Central Valley Community Bancorp   115,241 
 1,649     Century Bancorp, Inc   140,083 
 8,748     Charter Financial Corp   167,699 
 39,665     Chemical Financial Corp   2,089,949 
 1,442     Chemung Financial Corp   68,120 
 79,843     CIT Group, Inc   3,722,281 
 1,600,117     Citigroup, Inc   117,608,600 
 5,032     Citizens & Northern Corp   122,932 
 294,019     Citizens Financial Group, Inc   11,175,662 
 8,450     City Holding Co   595,640 
 5,601  e  Civista Bancshares, Inc   126,415 
148

TIAA-CREF FUNDS - Equity Index Fund

 

SHARES       COMPANY   VALUE  
             
 10,322     Clifton Bancorp, Inc  $175,784 
 8,083     CNB Financial Corp   232,386 
 21,000     CoBiz, Inc   429,240 
 4,048     Codorus Valley Bancorp, Inc   128,071 
 34,662     Columbia Banking System, Inc   1,508,144 
 103,457     Comerica, Inc   8,128,616 
 64,942     Commerce Bancshares, Inc   3,777,027 
 3,635  e  Commerce Union Bancshares, Inc   87,822 
 29,258     Community Bank System, Inc   1,617,675 
 12,086  *  Community Bankers Trust Corp   104,544 
 2,195     Community Financial Corp   79,481 
 8,530     Community Trust Bancorp, Inc   411,999 
 16,765     ConnectOne Bancorp, Inc   450,140 
 2,437     County Bancorp, Inc   79,592 
 33,130     Cullen/Frost Bankers, Inc   3,263,305 
 15,680  *  Customers Bancorp, Inc   428,691 
 58,561     CVB Financial Corp   1,397,265 
 17,875     Dime Community Bancshares   394,144 
 1,611     DNB Financial Corp   54,291 
 19,289  *  Eagle Bancorp, Inc   1,285,612 
 84,970     East West Bancorp, Inc   5,084,605 
 3,562  *  Entegra Financial Corp   97,064 
 5,252     Enterprise Bancorp, Inc   189,597 
 12,401     Enterprise Financial Services Corp   540,684 
 5,768  *  Equity Bancshares, Inc   196,631 
 4,031     ESSA Bancorp, Inc   65,181 
 47,336  *  Essent Group Ltd   2,017,460 
 2,444  e  Evans Bancorp, Inc   106,436 
 5,132  e  Farmers & Merchants Bancorp, Inc   189,987 
 3,988     Farmers Capital Bank Corp   165,901 
 11,953     Farmers National Banc Corp   173,318 
 7,522  *  FB Financial Corp   307,424 
 19,517  *  FCB Financial Holdings, Inc   911,444 
 5,280     Federal Agricultural Mortgage Corp (Class C)   391,987 
 12,316     Fidelity Southern Corp   270,090 
 439,735     Fifth Third Bancorp   12,708,341 
 7,551     Financial Institutions, Inc   247,673 
 16,589     First Bancorp (NC)   608,816 
 113,386  *  First Bancorp (Puerto Rico)   583,938 
 5,732     First Bancorp, Inc   178,896 
 4,642  e  First Bancshares, Inc   148,080 
 20,674     First Busey Corp   643,375 
 3,244     First Business Financial Services, Inc   72,114 
 4,973     First Citizens Bancshares, Inc (Class A)   2,014,065 
 53,533     First Commonwealth Financial Corp   779,440 
 9,362     First Community Bancshares, Inc   279,643 
 6,547     First Connecticut Bancorp   172,841 
 5,585     First Defiance Financial Corp   302,707 
 33,689     First Financial Bancorp   919,710 
 40,217  e  First Financial Bankshares, Inc   1,835,906 
 5,911     First Financial Corp   280,772 
 4,121     First Financial Northwest, Inc   68,532 
 15,907  *  First Foundation, Inc   294,439 
149

TIAA-CREF FUNDS - Equity Index Fund

 

SHARES       COMPANY   VALUE  
             
 2,119  e  First Guaranty Bancshares, Inc  $56,535 
 41,548     First Hawaiian, Inc   1,214,864 
 135,566     First Horizon National Corp   2,544,574 
 2,693     First Internet Bancorp   101,526 
 14,138     First Interstate Bancsystem, Inc   555,623 
 22,886     First Merchants Corp   984,098 
 5,492     First Mid-Illinois Bancshares, Inc   211,991 
 57,091     First Midwest Bancorp, Inc   1,318,231 
 5,007  *  First Northwest Bancorp   84,718 
 12,847     First of Long Island Corp   405,323 
 92,295     First Republic Bank   8,989,533 
 11,663  *  Flagstar Bancorp, Inc   435,846 
 15,508     Flushing Financial Corp   464,930 
 2,716     FNB Bancorp   93,838 
 185,647     FNB Corp   2,504,378 
 7,459  *  Franklin Financial Network, Inc   255,844 
 101,534     Fulton Financial Corp   1,847,919 
 11,648     German American Bancorp, Inc   419,095 
 46,016     Glacier Bancorp, Inc   1,746,767 
 5,904     Great Southern Bancorp, Inc   317,340 
 33,297     Great Western Bancorp, Inc   1,351,525 
 14,150  *  Green Bancorp, Inc   313,422 
 1,612  e  Greene County Bancorp, Inc   48,199 
 13,068     Guaranty Bancorp   371,785 
 49,091     Hancock Holding Co   2,393,186 
 17,666     Hanmi Financial Corp   543,229 
 7,161  *  HarborOne Bancorp, Inc   139,711 
 13,730     Heartland Financial USA, Inc   676,202 
 19,793     Heritage Commerce Corp   304,416 
 16,462     Heritage Financial Corp   502,091 
 43,210     Hilltop Holdings, Inc   1,018,028 
 689     Hingham Institution for Savings   134,148 
 2,808     Home Bancorp, Inc   120,295 
 91,704     Home Bancshares, Inc   2,061,506 
 12,284  *  HomeStreet, Inc   356,850 
 8,420  *  HomeTrust Bancshares, Inc   221,025 
 74,545     Hope Bancorp, Inc   1,375,355 
 11,965     Horizon Bancorp   329,277 
 4,629  *,e  Howard Bancorp, Inc   96,746 
 632,495     Huntington Bancshares, Inc   8,728,431 
 29,408     IBERIABANK Corp   2,168,840 
 4,869  *,e  Impac Mortgage Holdings, Inc   63,784 
 14,981     Independent Bank Corp (MA)   1,080,130 
 11,571     Independent Bank Corp (MI)   260,347 
 9,735     Independent Bank Group, Inc   612,331 
 31,537     International Bancshares Corp   1,280,402 
 4,281  e  Investar Holding Corp   99,319 
 159,467     Investors Bancorp, Inc   2,192,671 
 2,072,799     JPMorgan Chase & Co   208,544,307 
 53,182     Kearny Financial Corp   800,389 
 635,977     Keycorp   11,606,580 
 25,070     Lakeland Bancorp, Inc   515,188 
 14,457     Lakeland Financial Corp   697,984 
150

TIAA-CREF FUNDS - Equity Index Fund

 

SHARES       COMPANY   VALUE  
             
 4,465     LCNB Corp  $91,086 
 27,149     LegacyTexas Financial Group, Inc   1,082,974 
 3,733  *  LendingTree, Inc   1,000,631 
 12,802  e  Live Oak Bancshares, Inc   303,407 
 84,584     M&T Bank Corp   14,106,074 
 12,652     Macatawa Bank Corp   127,026 
 13,741     MainSource Financial Group, Inc   517,898 
 3,599  *  Malvern Bancorp, Inc   97,173 
 45,514     MB Financial, Inc   2,090,913 
 8,948     MBT Financial Corp   94,401 
 9,159     Mercantile Bank Corp   330,640 
 33,771     Meridian Bancorp, Inc   665,289 
 4,940     Meta Financial Group, Inc   431,015 
 215,608  *  MGIC Investment Corp   3,083,194 
 1,372     Middlefield Banc Corp   62,495 
 8,330     Midland States Bancorp, Inc   270,309 
 9,128     Midsouth Bancorp, Inc   119,577 
 6,033     MidWestOne Financial Group, Inc   212,422 
 2,513     MutualFirst Financial, Inc   97,253 
 16,489     National Bank Holdings Corp   541,169 
 2,810  e  National Bankshares, Inc   124,483 
 6,580  *  National Commerce Corp   268,135 
 16,262  *  Nationstar Mortgage Holdings, Inc   316,621 
 24,802     NBT Bancorp, Inc   945,948 
 287,688     New York Community Bancorp, Inc   3,613,361 
 4,998  *  Nicolet Bankshares, Inc   284,586 
 34,580  *  NMI Holdings, Inc   503,139 
 4,114     Northeast Bancorp   105,936 
 23,793     Northfield Bancorp, Inc   405,909 
 3,306     Northrim BanCorp, Inc   107,445 
 53,101     Northwest Bancshares, Inc   895,814 
 3,413  *,e  Norwood Financial Corp   101,946 
 17,495     OceanFirst Financial Corp   485,486 
 27,352     OFG Bancorp   243,433 
 2,434  e  Ohio Valley Banc Corp   86,650 
 4,255     Old Line Bancshares, Inc   128,288 
 72,394     Old National Bancorp   1,317,571 
 1,812     Old Point Financial Corp   58,673 
 15,597     Old Second Bancorp, Inc   213,679 
 11,422  *  Opus Bank   295,830 
 37,381     Oritani Financial Corp   633,608 
 3,502     Orrstown Financial Services, Inc   89,301 
 12,311     Pacific Continental Corp   344,708 
 8,685  *  Pacific Mercantile Bancorp   81,205 
 23,138  *  Pacific Premier Bancorp, Inc   934,775 
 75,651     PacWest Bancorp   3,655,475 
 2,386  *  Paragon Commercial Corp   137,362 
 8,359     Park National Corp   917,735 
 31,319     Park Sterling Bank   393,680 
 3,277     Parke Bancorp, Inc   70,619 
 10,386  *  PCSB Financial Corp   194,426 
 9,268     Peapack Gladstone Financial Corp   321,507 
 1,915     Penns Woods Bancorp, Inc   92,724 
151

TIAA-CREF FUNDS - Equity Index Fund

 

SHARES       COMPANY   VALUE  
             
 8,529  *  PennyMac Financial Services, Inc  $162,051 
 2,283     Peoples Bancorp of North Carolina, Inc   77,827 
 7,855     Peoples Bancorp, Inc   260,158 
 3,001  e  Peoples Financial Services Corp   136,065 
 196,986     People’s United Financial, Inc   3,675,759 
 6,152     People’s Utah Bancorp   191,327 
 34,722  *  PHH Corp   458,678 
 42,698     Pinnacle Financial Partners, Inc   2,826,608 
 284,117     PNC Financial Services Group, Inc   38,864,364 
 59,671     Popular, Inc   2,188,732 
 7,309     Preferred Bank   451,185 
 4,455     Premier Financial Bancorp, Inc   92,219 
 38,941     Prosperity Bancshares, Inc   2,561,539 
 2,484  *  Provident Bancorp, Inc   58,871 
 2,962     Provident Financial Holdings, Inc   57,255 
 34,502     Provident Financial Services, Inc   938,454 
 4,706     Prudential Bancorp, Inc   85,885 
 6,812     QCR Holdings, Inc   325,273 
 125,387     Radian Group, Inc   2,628,112 
 2,182  *  RBB Bancorp   54,703 
 710,383     Regions Financial Corp   10,996,729 
 23,984     Renasant Corp   992,938 
 4,212     Republic Bancorp, Inc (Class A)   165,616 
 29,506  *,e  Republic First Bancorp, Inc   272,931 
 10,441     Riverview Bancorp, Inc   92,716 
 19,322     S&T Bancorp, Inc   790,077 
 12,945     Sandy Spring Bancorp, Inc   523,107 
 24,573  *  Seacoast Banking Corp of Florida   609,165 
 29,788     ServisFirst Bancshares, Inc   1,221,606 
 6,666     Shore Bancshares, Inc   109,722 
 5,605     SI Financial Group, Inc   84,075 
 5,108     Sierra Bancorp   135,158 
 31,213  *  Signature Bank   4,058,002 
 20,647     Simmons First National Corp (Class A)   1,191,342 
 4,152  *  SmartFinancial, Inc   97,530 
 15,850     South State Corp   1,427,293 
 2,686  *  Southern First Bancshares, Inc   103,545 
 2,726     Southern Missouri Bancorp, Inc   100,671 
 5,361     Southern National Bancorp of Virginia, Inc   87,545 
 15,459     Southside Bancshares, Inc   547,403 
 20,906     State Bank & Trust Co   604,392 
 124,902     Sterling Bancorp/DE   3,128,795 
 12,872     Stock Yards Bancorp, Inc   485,918 
 5,869     Summit Financial Group, Inc   159,637 
 5,433     Sun Bancorp, Inc   137,727 
 3,893  *  Sunshine Bancorp, Inc   90,902 
 284,402     SunTrust Banks, Inc   17,123,844 
 31,210  *  SVB Financial Group   6,843,729 
 74,099     Synovus Financial Corp   3,471,538 
 91,743     TCF Financial Corp   1,671,557 
 3,666     Territorial Bancorp, Inc   115,809 
 29,108  *  Texas Capital Bancshares, Inc   2,504,743 
 69,010     TFS Financial Corp   1,064,134 
152

TIAA-CREF FUNDS - Equity Index Fund

 

SHARES       COMPANY   VALUE  
             
 31,785  *  The Bancorp, Inc  $267,312 
 3,583     Timberland Bancorp, Inc   108,601 
 8,865     Tompkins Trustco, Inc   772,319 
 31,513     TowneBank   1,055,686 
 11,198     Trico Bancshares   463,821 
 12,285  *  Tristate Capital Holdings, Inc   278,255 
 10,239  *  Triumph Bancorp, Inc   317,409 
 51,818     Trustco Bank Corp NY   475,430 
 36,220     Trustmark Corp   1,193,087 
 3,955     Two River Bancorp   76,727 
 26,192     UMB Financial Corp   1,925,898 
 127,641     Umpqua Holdings Corp   2,611,535 
 23,794     Union Bankshares Corp   821,131 
 1,900  e  Union Bankshares, Inc   93,480 
 57,927     United Bankshares, Inc   2,082,476 
 43,357     United Community Banks, Inc   1,188,849 
 26,462     United Community Financial Corp   244,244 
 28,215     United Financial Bancorp, Inc (New)   516,617 
 7,298     United Security Bancshares   68,601 
 4,251     Unity Bancorp, Inc   83,957 
 14,496     Univest Corp of Pennsylvania   424,733 
 923,389     US Bancorp   50,213,894 
 148,242     Valley National Bancorp   1,704,783 
 9,646  *  Veritex Holdings, Inc   254,269 
 16,486  *  Walker & Dunlop, Inc   904,917 
 51,702     Washington Federal, Inc   1,799,230 
 8,319     Washington Trust Bancorp, Inc   461,705 
 5,504     WashingtonFirst Bankshares, Inc   192,310 
 13,586     Waterstone Financial, Inc   260,851 
 53,310     Webster Financial Corp   2,931,517 
 2,632,908     Wells Fargo & Co   147,811,455 
 23,395     WesBanco, Inc   945,158 
 8,543     West Bancorporation, Inc   208,876 
 16,202  e  Westamerica Bancorporation   943,442 
 58,821  *  Western Alliance Bancorp   3,282,212 
 14,761     Western New England Bancorp, Inc   155,729 
 34,071     Wintrust Financial Corp   2,769,632 
 100,521  *  WMIH Corp   83,432 
 16,674     WSFS Financial Corp   828,698 
 1,525  *  Xenith Bankshares, Inc   48,770 
 117,271     Zions Bancorporation   5,448,411 
       TOTAL BANKS   1,079,256,627 
             
CAPITAL GOODS - 7.7%     
 340,247     3M Co   78,321,457 
 86,566     A.O. Smith Corp   5,124,707 
 23,474     Aaon, Inc   821,590 
 18,634     AAR Corp   724,676 
 34,440     Actuant Corp (Class A)   878,220 
 24,461     Acuity Brands, Inc   4,089,879 
 19,055     Advanced Drainage Systems, Inc   372,525 
 90,838  *  Aecom Technology Corp   3,184,780 
 20,604  *  Aegion Corp   479,867 
153

TIAA-CREF FUNDS - Equity Index Fund

 

SHARES       COMPANY   VALUE  
             
 41,943  *  Aerojet Rocketdyne Holdings, Inc  $1,324,560 
 12,168  *  Aerovironment, Inc   622,515 
 38,922     AGCO Corp   2,668,882 
 56,834     Air Lease Corp   2,469,437 
 27,441     Aircastle Ltd   638,278 
 5,290     Alamo Group, Inc   558,095 
 15,845     Albany International Corp (Class A)   956,246 
 55,387     Allegion plc   4,618,722 
 4,289     Allied Motion Technologies, Inc   121,808 
 80,021     Allison Transmission Holdings, Inc   3,400,092 
 16,053     Altra Holdings, Inc   768,939 
 13,315  *  Ameresco, Inc   102,525 
 5,147  e  American Railcar Industries, Inc   204,851 
 8,196  *  American Woodmark Corp   791,734 
 133,316     Ametek, Inc   8,997,497 
 16,520     Apogee Enterprises, Inc   788,500 
 21,491     Applied Industrial Technologies, Inc   1,367,902 
 228,364     Arconic, Inc   5,736,504 
 8,366     Argan, Inc   575,162 
 13,258  *  Armstrong Flooring, Inc   196,218 
 24,691  *  Armstrong World Industries, Inc   1,261,710 
 11,958     Astec Industries, Inc   621,218 
 12,601  *  Astronics Corp   433,474 
 18,386  *  Atkore International Group, Inc   355,034 
 29,833  *,e  Axon Enterprise, Inc   685,264 
 14,514     AZZ, Inc   693,769 
 30,926     Barnes Group, Inc   2,012,973 
 37,971  *  Beacon Roofing Supply, Inc   2,103,973 
 4,104  *  Blue Bird Corp   84,748 
 37,920  *  BMC Stock Holdings, Inc   813,384 
 326,992     Boeing Co   84,357,396 
 23,555     Briggs & Stratton Corp   593,586 
 57,798  *  Builders FirstSource, Inc   1,041,520 
 53,719     BWX Technologies, Inc   3,218,842 
 13,856  *  Caesarstone Sdot-Yam Ltd   392,125 
 9,010  *  CAI International, Inc   333,550 
 35,291     Carlisle Cos, Inc   3,876,011 
 333,298     Caterpillar, Inc   45,261,868 
 16,950  *  Chart Industries, Inc   737,325 
 59,942  e  Chicago Bridge & Iron Co NV   835,591 
 9,365     CIRCOR International, Inc   411,592 
 51,684  *  Colfax Corp   2,155,740 
 11,883     Columbus McKinnon Corp   470,091 
 19,832     Comfort Systems USA, Inc   878,558 
 13,897  *  Commercial Vehicle Group, Inc   112,844 
 22,980  *  Continental Building Products Inc   613,566 
 28,452     Crane Co   2,364,930 
 7,120  *  CSW Industrials, Inc   349,236 
 14,048     Cubic Corp   766,318 
 93,284     Cummins, Inc   16,500,074 
 24,846     Curtiss-Wright Corp   2,938,039 
 186,425     Deere & Co   24,772,154 
 6,313     DMC Global, Inc   137,308 
154

TIAA-CREF FUNDS - Equity Index Fund

 

SHARES       COMPANY   VALUE  
             
 76,990     Donaldson Co, Inc  $3,634,698 
 12,538     Douglas Dynamics, Inc   525,969 
 90,778     Dover Corp   8,668,391 
 6,696  *  Ducommun, Inc   220,767 
 10,037  *  DXP Enterprises, Inc   321,887 
 17,564  *  Dycom Industries, Inc   1,542,646 
 2,879     Eastern Co   83,203 
 262,696     Eaton Corp   21,020,934 
 34,188     EMCOR Group, Inc   2,752,476 
 375,163     Emerson Electric Co   24,183,007 
 11,393     Encore Wire Corp   514,394 
 10,434  *,e  Energous Corp   102,358 
 22,942  *,e  Energy Recovery, Inc   176,883 
 24,985     EnerSys   1,733,209 
 11,326  *  Engility Holdings, Inc   381,346 
 12,107     EnPro Industries, Inc   1,013,840 
 1,987  e  EnviroStar, Inc   53,053 
 69,603     Equifax, Inc   7,554,014 
 14,252     ESCO Technologies, Inc   825,903 
 15,443  *  Esterline Technologies Corp   1,464,769 
 169,733     Fastenal Co   7,972,359 
 32,826     Federal Signal Corp   700,835 
 75,235     Flowserve Corp   3,315,606 
 79,207     Fluor Corp   3,413,030 
 179,682     Fortive Corp   12,983,821 
 87,477     Fortune Brands Home & Security, Inc   5,778,731 
 6,903  *,e  Foundation Building Materials, Inc   92,845 
 26,050     Franklin Electric Co, Inc   1,185,275 
 8,864     Freightcar America, Inc   165,934 
 27,294  *  Gardner Denver Holdings, Inc   787,432 
 22,741  e  GATX Corp   1,351,043 
 3,280  *  Gencor Industries, Inc   59,368 
 35,396  *  Generac Holdings, Inc   1,843,778 
 29,622     General Cable Corp   620,581 
 151,354     General Dynamics Corp   30,721,835 
 5,095,718     General Electric Co   102,729,675 
 18,290  *  Gibraltar Industries, Inc   608,142 
 12,442     Global Brass & Copper Holdings, Inc   435,470 
 16,669  *  GMS, Inc   567,579 
 9,996     Gorman-Rupp Co   319,672 
 31,939     Graco, Inc   4,209,241 
 4,428     Graham Corp   85,328 
 23,173     Granite Construction, Inc   1,475,888 
 41,979  *  Great Lakes Dredge & Dock Corp   214,093 
 15,693  e  Greenbrier Cos, Inc   819,175 
 17,223     Griffon Corp   388,379 
 18,849     H&E Equipment Services, Inc   620,886 
 5,911     Hardinge, Inc   97,768 
 47,861  *  Harsco Corp   1,017,046 
 19,784  *  HC2 Holdings, Inc   107,427 
 118,372  *  HD Supply Holdings, Inc   4,189,185 
 15,077     HEICO Corp   1,367,182 
 30,064     HEICO Corp (Class A)   2,287,870 
155

TIAA-CREF FUNDS - Equity Index Fund

 

SHARES       COMPANY   VALUE  
             
 14,544  *  Herc Holdings, Inc  $704,802 
 51,152     Hexcel Corp   3,104,415 
 35,104     Hillenbrand, Inc   1,388,363 
 443,975     Honeywell International, Inc   64,003,436 
 31,685     Hubbell, Inc   3,986,607 
 25,944     Huntington Ingalls   6,040,542 
 2,730     Hurco Cos, Inc   122,167 
 16,633  *,e  Huttig Building Products, Inc   111,774 
 5,949     Hyster-Yale Materials Handling, Inc   466,937 
 45,016     IDEX Corp   5,771,501 
 6,045  *  IES Holdings, Inc   113,042 
 183,165     Illinois Tool Works, Inc   28,668,986 
 149,698     Ingersoll-Rand plc   13,263,243 
 11,465     Insteel Industries, Inc   292,931 
 51,440     ITT, Inc   2,399,162 
 68,953     Jacobs Engineering Group, Inc   4,013,754 
 31,703  *  JELD-WEN Holding, Inc   1,169,207 
 17,910     John Bean Technologies Corp   1,914,579 
 548,204     Johnson Controls International plc   22,690,164 
 5,964     Kadant, Inc   677,510 
 15,646     Kaman Corp   875,237 
 84,491     KBR, Inc   1,658,558 
 47,164     Kennametal, Inc   2,058,709 
 25,854  *,e  KEYW Holding Corp, The   195,198 
 30,356  *  KLX, Inc   1,665,330 
 42,322  *  Kratos Defense & Security Solutions, Inc   509,557 
 45,352     L3 Technologies, Inc   8,488,987 
 1,979  *  Lawson Products, Inc   49,772 
 12,629  *  Layne Christensen Co   166,829 
 4,379  *  LB Foster Co (Class A)   109,037 
 22,415     Lennox International, Inc   4,284,179 
 34,151     Lincoln Electric Holdings, Inc   3,130,622 
 6,104     Lindsay Corp   558,882 
 147,354     Lockheed Martin Corp   45,408,609 
 11,159     LSI Industries, Inc   77,555 
 9,411  *  Lydall, Inc   543,956 
 76,674  *  Manitowoc Co, Inc   729,936 
 185,941     Masco Corp   7,404,171 
 17,474  *  Masonite International Corp   1,172,505 
 38,822  *  Mastec, Inc   1,690,698 
 27,215  *  Mercury Systems, Inc   1,373,541 
 48,988  *  Meritor, Inc   1,274,178 
 32,938  *  Middleby Corp   3,817,514 
 31,993  *  Milacron Holdings Corp   574,274 
 6,321     Miller Industries, Inc   178,568 
 17,815  *  Moog, Inc (Class A)   1,563,444 
 53,304  *  MRC Global, Inc   914,164 
 25,277     MSC Industrial Direct Co (Class A)   2,095,463 
 32,349     Mueller Industries, Inc   1,124,128 
 88,794     Mueller Water Products, Inc (Class A)   1,060,200 
 8,496  *  MYR Group, Inc   270,937 
 3,644     National Presto Industries, Inc   425,984 
 29,558  *  Navistar International Corp   1,250,599 
156

TIAA-CREF FUNDS - Equity Index Fund

 

SHARES       COMPANY   VALUE  
             
 22,485  *  NCI Building Systems, Inc  $358,636 
 15,388  *  Nexeo Solutions, Inc   113,717 
 16,369     NN, Inc   483,704 
 33,337     Nordson Corp   4,223,465 
 94,127     Northrop Grumman Corp   27,817,352 
 5,316  *  Northwest Pipe Co   96,964 
 63,669  *  NOW, Inc   797,136 
 4,600  *  NV5 Holdings, Inc   267,260 
 1,327     Omega Flex, Inc   85,578 
 33,257     Orbital ATK, Inc   4,420,853 
 16,581  *  Orion Marine Group, Inc   119,383 
 43,686     Oshkosh Truck Corp   3,999,890 
 65,099     Owens Corning, Inc   5,383,036 
 198,713     PACCAR, Inc   14,253,683 
 78,382     Parker-Hannifin Corp   14,313,337 
 9,470  *  Patrick Industries, Inc   880,710 
 96,627     Pentair plc   6,808,338 
 29,257  *  PGT, Inc   412,524 
 137,413  *,e  Plug Power, Inc   391,627 
 13,738  *  Ply Gem Holdings, Inc   232,172 
 6,494     Powell Industries, Inc   188,196 
 1,112     Preformed Line Products Co   79,074 
 22,842     Primoris Services Corp   645,743 
 14,540  *  Proto Labs, Inc   1,268,615 
 19,779     Quanex Building Products Corp   434,149 
 86,614  *  Quanta Services, Inc   3,267,946 
 20,020     Raven Industries, Inc   673,673 
 170,066     Raytheon Co   30,645,893 
 14,233  *  RBC Bearings, Inc   1,762,330 
 25,992     Regal-Beloit Corp   2,109,251 
 13,214  e  REV Group, Inc   340,921 
 6,544  *,e  Revolution Lighting Technologies, Inc   36,385 
 60,234  *  Rexnord Corp   1,537,172 
 75,358     Rockwell Automation, Inc   15,133,394 
 95,008     Rockwell Collins, Inc   12,883,085 
 58,860     Roper Industries, Inc   15,195,886 
 3,027  *  Rush Enterprises, Inc   144,055 
 17,301  *  Rush Enterprises, Inc (Class A)   878,545 
 96,674  *  Sensata Technologies Holding BV   4,728,325 
 23,592     Simpson Manufacturing Co, Inc   1,315,018 
 19,438  *  SiteOne Landscape Supply, Inc   1,234,507 
 33,385     Snap-On, Inc   5,267,485 
 7,605  *  Sparton Corp   177,120 
 70,634     Spirit Aerosystems Holdings, Inc (Class A)   5,657,783 
 23,678  *  SPX Corp   693,529 
 24,635  *  SPX FLOW, Inc   1,015,701 
 7,474     Standex International Corp   773,933 
 88,773     Stanley Works   14,341,278 
 16,609  *  Sterling Construction Co, Inc   296,471 
 13,531     Sun Hydraulics Corp   778,438 
 50,428  *,e  Sunrun, Inc   289,457 
 21,033  *  Teledyne Technologies, Inc   3,574,769 
 9,830     Tennant Co   681,711 
157

TIAA-CREF FUNDS - Equity Index Fund

 

SHARES       COMPANY   VALUE  
             
 48,822     Terex Corp  $2,300,004 
 15,827  *,e  Textainer Group Holdings Ltd   309,418 
 152,600     Textron, Inc   8,048,124 
 7,128  *,e  The ExOne Company   75,771 
 23,631  *  Thermon Group Holdings   508,303 
 39,939     Timken Co   1,883,124 
 30,879     Titan International, Inc   300,761 
 10,402  *  Titan Machinery, Inc   154,886 
 60,942     Toro Co   3,830,205 
 8,124  *  TPI Composites, Inc   203,506 
 28,163     TransDigm Group, Inc   7,815,233 
 17,297  *  Trex Co, Inc   1,893,157 
 25,968  *  Trimas Corp   689,450 
 88,133     Trinity Industries, Inc   2,866,085 
 25,933     Triton International Ltd   1,034,727 
 28,363     Triumph Group, Inc   880,671 
 22,502  *  Tutor Perini Corp   634,556 
 5,065  *  Twin Disc, Inc   108,138 
 49,458  *  United Rentals, Inc   6,997,318 
 436,160     United Technologies Corp   52,234,522 
 60,791  *  Univar, Inc   1,808,532 
 11,266     Universal Forest Products, Inc   1,271,931 
 51,661  *  USG Corp   1,773,522 
 12,488     Valmont Industries, Inc   1,984,343 
 8,033  *  Vectrus, Inc   245,087 
 7,397  *  Veritiv Corp   237,814 
 10,333  *  Vicor Corp   222,676 
 30,497     W.W. Grainger, Inc   6,029,257 
 34,331  e  Wabash National Corp   772,448 
 29,336  *  WABCO Holdings, Inc   4,329,114 
 49,387  e  Wabtec Corp   3,778,106 
 17,205     Watsco, Inc   2,865,837 
 15,670     Watts Water Technologies, Inc (Class A)   1,056,158 
 73,460  *  Welbilt, Inc   1,620,528 
 30,521  *  Wesco Aircraft Holdings, Inc   276,215 
 28,001  *  WESCO International, Inc   1,768,263 
 2,234  *  Willis Lease Finance Corp   56,051 
 30,450     Woodward Governor Co   2,354,699 
 102,420     Xylem, Inc   6,814,003 
       TOTAL CAPITAL GOODS   1,205,542,394 
             
COMMERCIAL & PROFESSIONAL SERVICES - 0.9%     
 31,074     ABM Industries, Inc   1,304,176 
 34,874  *  Acacia Research (Acacia Technologies)   156,933 
 60,548  *  ACCO Brands Corp   790,151 
 24,651  *  Advanced Disposal Services, Inc   614,303 
 23,637  *  Advisory Board Co   1,274,625 
 25,420  *  ARC Document Solutions, Inc   112,356 
 3,927     Barrett Business Services, Inc   238,722 
 3,889     BG Staffing, Inc   65,646 
 29,178     Brady Corp (Class A)   1,110,223 
 25,987     Brink’s Co   1,977,611 
 20,937  *  Casella Waste Systems, Inc (Class A)   386,497 
158

TIAA-CREF FUNDS - Equity Index Fund

 

SHARES       COMPANY   VALUE  
             
 30,814  *  CBIZ, Inc  $522,297 
 16,438     Ceco Environmental Corp   144,161 
 49,051     Cintas Corp   7,310,561 
 30,478  *  Clean Harbors, Inc   1,630,878 
 12,801  *  Cogint, Inc   58,245 
 113,593  *  Copart, Inc   4,122,290 
 66,115  e  Covanta Holding Corp   1,064,451 
 4,164     CRA International, Inc   175,971 
 26,989     Deluxe Corp   1,879,784 
 21,378     Dun & Bradstreet Corp   2,497,592 
 64,481  *,†,m  Dyax Corp   71,574 
 19,239     Ennis, Inc   387,666 
 21,996     Essendant, Inc   212,921 
 16,519     Exponent, Inc   1,219,928 
 6,764  *  Franklin Covey Co   131,222 
 22,868  *  FTI Consulting, Inc   977,607 
 5,783  *  GP Strategies Corp   167,996 
 40,492     Healthcare Services Group   2,141,622 
 9,944     Heidrick & Struggles International, Inc   247,108 
 8,509  *  Heritage-Crystal Clean, Inc   166,351 
 34,103     Herman Miller, Inc   1,145,861 
 23,226  *  Hill International, Inc   123,098 
 24,979     HNI Corp   854,781 
 20,177  *  Hudson Technologies, Inc   119,448 
 12,049  *  Huron Consulting Group, Inc   440,993 
 10,123  *  ICF International, Inc   543,605 
 222,940  *  IHS Markit Ltd   9,499,473 
 25,329  *  Innerworkings, Inc   275,580 
 10,441     Insperity, Inc   990,851 
 34,387     Interface, Inc   784,024 
 79,368     KAR Auction Services, Inc   3,756,487 
 17,203     Kelly Services, Inc (Class A)   452,611 
 13,273     Kforce, Inc   278,069 
 18,271     Kimball International, Inc (Class B)   350,255 
 27,546     Knoll, Inc   584,526 
 29,289     Korn/Ferry International   1,225,159 
 20,367     LSC Communications, Inc   329,538 
 39,927     Manpower, Inc   4,922,201 
 17,335     Matthews International Corp (Class A)   1,089,505 
 13,160     McGrath RentCorp   588,252 
 57,537  *,m  Media General, Inc   0 
 9,740  *  Mistras Group, Inc   204,637 
 25,251     Mobile Mini, Inc   835,808 
 19,423     MSA Safety, Inc   1,544,128 
 7,684     Multi-Color Corp   635,467 
 26,070  *  Navigant Consulting, Inc   451,272 
 209,146     Nielsen NV   7,753,042 
 8,636  *  NL Industries, Inc   112,268 
 29,257  *  On Assignment, Inc   1,791,114 
 110,155     Pitney Bowes, Inc   1,513,530 
 19,347     Quad Graphics, Inc   440,918 
 133,434     Republic Services, Inc   8,682,550 
 15,702     Resources Connection, Inc   247,306 
159

TIAA-CREF FUNDS - Equity Index Fund

 

SHARES       COMPANY   VALUE  
             
 70,839     Robert Half International, Inc  $3,667,335 
 61,334     Rollins, Inc   2,693,176 
 26,356  *  RPX Corp   343,155 
 42,800     RR Donnelley & Sons Co   393,760 
 10,123  *  SP Plus Corp   392,266 
 48,049     Steelcase, Inc (Class A)   699,113 
 47,162  *  Stericycle, Inc   3,341,428 
 18,215  *,e  Team, Inc   224,045 
 31,842     Tetra Tech, Inc   1,568,219 
 87,217  *  TransUnion   4,578,020 
 23,632  *  TriNet Group, Inc   820,503 
 22,868  *  TrueBlue, Inc   619,723 
 8,893     Unifirst Corp   1,400,648 
 12,086     US Ecology, Inc   574,689 
 92,230  *  Verisk Analytics, Inc   7,844,162 
 11,387     Viad Corp   661,015 
 4,920     VSE Corp   241,572 
 22,658  *  WageWorks, Inc   1,444,448 
 259,871     Waste Management, Inc   21,353,600 
 5,089  *  Willdan Group, Inc   152,975 
       TOTAL COMMERCIAL & PROFESSIONAL SERVICES   138,741,677 
             
CONSUMER DURABLES & APPAREL - 1.4%     
 12,563  e  Acushnet Holdings Corp   232,039 
 32,697  *  American Outdoor Brands Corp   468,548 
 6,685     Bassett Furniture Industries, Inc   259,378 
 19,664  *  Beazer Homes USA, Inc   412,551 
 52,173     Brunswick Corp   2,642,562 
 46,938     CalAtlantic Group, Inc   2,315,921 
 54,135     Callaway Golf Co   781,168 
 27,405     Carter’s, Inc   2,650,886 
 4,928  *  Cavco Industries, Inc   773,203 
 10,244  *  Century Communities, Inc   292,466 
 10,975  *  Clarus Corp   80,117 
 16,052     Columbia Sportswear Co   1,001,324 
 48,854  *  CROCS, Inc   498,311 
 6,375     CSS Industries, Inc   191,122 
 5,692     Culp, Inc   180,436 
 17,615  *  Deckers Outdoor Corp   1,202,048 
 4,690  *  Delta Apparel, Inc   98,162 
 200,902     DR Horton, Inc   8,881,877 
 3,755     Escalade, Inc   46,374 
 13,716     Ethan Allen Interiors, Inc   408,051 
 4,942     Flexsteel Industries, Inc   248,434 
 28,004  *,e  Fossil Group, Inc   220,672 
 77,777     Garmin Ltd   4,402,956 
 25,667  *  G-III Apparel Group Ltd   650,402 
 61,542  *,e  GoPro, Inc   641,883 
 11,271  *  Green Brick Partners, Inc   122,290 
 7,313  *  Hamilton Beach Brands Holding Co   283,525 
 211,565  e  Hanesbrands, Inc   4,760,213 
 66,444     Hasbro, Inc   6,152,050 
 15,163  *  Helen of Troy Ltd   1,408,643 
160

TIAA-CREF FUNDS - Equity Index Fund

 

SHARES       COMPANY   VALUE  
             
 6,855     Hooker Furniture Corp  $324,927 
 74,783  *  Hovnanian Enterprises, Inc (Class A)   180,975 
 12,900  *  Installed Building Products Inc   899,130 
 15,690  *,e  iRobot Corp   1,054,211 
 3,542     Johnson Outdoors, Inc   266,394 
 49,479     KB Home   1,357,209 
 26,981     La-Z-Boy, Inc   727,138 
 79,062     Leggett & Platt, Inc   3,736,470 
 6,801     Lennar Corp (B Shares)   326,108 
 116,206     Lennar Corp (Class A)   6,469,188 
 10,590  *,e  LGI Homes, Inc   638,895 
 15,694     Libbey, Inc   107,347 
 3,865     Lifetime Brands, Inc   72,082 
 56,359  *  Lululemon Athletica, Inc   3,466,642 
 13,342  *  M/I Homes, Inc   445,623 
 11,436  *  Malibu Boats Inc   356,803 
 6,903     Marine Products Corp   99,196 
 199,585  e  Mattel, Inc   2,818,140 
 11,600  *  MCBC Holdings, Inc   265,292 
 24,827     MDC Holdings, Inc   919,592 
 22,432  *  Meritage Homes Corp   1,092,438 
 83,707  *  Michael Kors Holdings Ltd   4,085,739 
 35,911  *  Mohawk Industries, Inc   9,400,063 
 9,860     Movado Group, Inc   273,122 
 2,602  *  Nacco Industries, Inc (Class A)   108,243 
 17,787  *  Nautilus, Inc   231,231 
 9,751  *  New Home Co Inc   113,404 
 279,987     Newell Rubbermaid, Inc   11,417,870 
 776,108     Nike, Inc (Class B)   42,678,179 
 1,910  *  NVR, Inc   6,267,417 
 9,063     Oxford Industries, Inc   585,470 
 7,374  *  Perry Ellis International, Inc   171,740 
 34,239  e  Polaris Industries, Inc   4,054,925 
 23,049     Pool Corp   2,783,858 
 164,782     Pulte Homes, Inc   4,981,360 
 45,235     PVH Corp   5,736,250 
 32,596     Ralph Lauren Corp   2,915,060 
 26,902  *,e  Sequential Brands Group, Inc   69,945 
 76,337  *  Skechers U.S.A., Inc (Class A)   2,436,677 
 34,053  *  Steven Madden Ltd   1,328,067 
 9,704  e  Sturm Ruger & Co, Inc   480,833 
 3,027     Superior Uniform Group, Inc   71,044 
 164,738     Tapestry, Inc   6,746,021 
 42,437  *  Taylor Morrison Home Corp   1,024,854 
 27,046  *,e  Tempur Sealy International, Inc   1,767,997 
 88,186     Toll Brothers, Inc   4,060,083 
 21,439  *  TopBuild Corp   1,414,760 
 92,669  *  TRI Pointe Homes, Inc   1,639,315 
 29,317     Tupperware Corp   1,722,374 
 109,492  *,e  Under Armour, Inc   1,262,443 
 107,236  *,e  Under Armour, Inc (Class A)   1,342,595 
 9,279  *  Unifi, Inc   353,066 
 8,832  *  Universal Electronics, Inc   529,920 
161

TIAA-CREF FUNDS - Equity Index Fund

 

SHARES       COMPANY   VALUE  
             
 11,056  *  Vera Bradley, Inc  $79,603 
 190,861     VF Corp   13,293,469 
 33,514  *  Vista Outdoor, Inc   700,778 
 2,514     Weyco Group, Inc   68,356 
 41,638     Whirlpool Corp   6,825,717 
 14,139  *  William Lyon Homes, Inc   392,357 
 52,906     Wolverine World Wide, Inc   1,444,334 
 16,971  *  Zagg, Inc   265,596 
       TOTAL CONSUMER DURABLES & APPAREL   213,055,547 
             
CONSUMER SERVICES - 2.3%     
 35,850     Adtalem Global Education, Inc   1,324,657 
 8,985  *  American Public Education, Inc   179,700 
 140,640     ARAMARK Holdings Corp   6,144,562 
 7,935  *  Ascent Media Corp (Series A)   89,269 
 49,386  *  Belmond Ltd.   649,426 
 11,284  *  BJ’s Restaurants, Inc   357,703 
 56,586     Bloomin’ Brands, Inc   1,006,099 
 11,514     Bob Evans Farms, Inc   888,766 
 9,583  *  Bojangles’, Inc   117,392 
 49,052     Boyd Gaming Corp   1,433,790 
 9,845  *  Bridgepoint Education, Inc   95,300 
 29,300  *  Bright Horizons Family Solutions   2,528,590 
 28,584  e  Brinker International, Inc   878,100 
 9,174  *  Buffalo Wild Wings, Inc   1,084,367 
 87,185  *  Caesars Entertainment Corp   1,129,046 
 6,499  *  Cambium Learning Group, Inc   39,774 
 6,357     Capella Education Co   517,778 
 41,943  *  Career Education Corp   447,951 
 239,267     Carnival Corp   15,884,936 
 13,189     Carriage Services, Inc   341,595 
 23,059  *  Carrols Restaurant Group, Inc   259,414 
 11,016  *  Century Casinos, Inc   90,882 
 25,107  e  Cheesecake Factory   1,123,287 
 56,050  *  Chegg, Inc   869,335 
 14,700  *  Chipotle Mexican Grill, Inc (Class A)   3,996,930 
 18,690     Choice Hotels International, Inc   1,303,627 
 7,515     Churchill Downs, Inc   1,567,253 
 9,542  *  Chuy’s Holdings, Inc   214,695 
 2,954     Collectors Universe   73,141 
 11,172  e  Cracker Barrel Old Country Store, Inc   1,744,284 
 72,839     Darden Restaurants, Inc   5,992,465 
 23,814  *  Dave & Buster’s Entertainment, Inc   1,147,835 
 11,445  *  Del Frisco’s Restaurant Group, Inc   159,085 
 18,560  *  Del Taco Restaurants, Inc   235,526 
 52,403  *  Denny’s Corp   684,907 
 10,194     DineEquity, Inc   485,336 
 28,112     Domino’s Pizza, Inc   5,144,496 
 78,362     Drive Shack, Inc   286,021 
 51,649     Dunkin Brands Group, Inc   3,050,906 
 9,550  *  El Pollo Loco Holdings, Inc   109,825 
 27,396  *,e  Eldorado Resorts, Inc   704,077 
 1,317  *,e  Empire Resorts, Inc   29,369 
162

TIAA-CREF FUNDS - Equity Index Fund

 

SHARES       COMPANY   VALUE  
             
 112,787     Extended Stay America, Inc  $2,235,438 
 13,323  *  Fiesta Restaurant Group, Inc   220,496 
 5,129  *  Fogo De Chao, Inc   56,675 
 4,866  *  Golden Entertainment, Inc   129,825 
 2,419     Graham Holdings Co   1,346,053 
 26,949  *  Grand Canyon Education, Inc   2,412,205 
 121,653     H&R Block, Inc   3,009,695 
 11,648  *,e  Habit Restaurants, Inc   143,270 
 39,089  *  Hilton Grand Vacations, Inc   1,601,085 
 128,739     Hilton Worldwide Holdings, Inc   9,305,255 
 60,193  *  Houghton Mifflin Harcourt Co   595,911 
 28,427  *  Hyatt Hotels Corp   1,781,236 
 61,852     ILG, Inc   1,835,149 
 64,174     International Game Technology plc   1,508,089 
 13,919     International Speedway Corp (Class A)   540,753 
 6,337  *  J Alexander’s Holdings, Inc   66,538 
 17,613     Jack in the Box, Inc   1,823,122 
 19,755  *  K12, Inc   320,426 
 46,064  *  La Quinta Holdings, Inc   811,648 
 212,633     Las Vegas Sands Corp   13,476,680 
 20,569  *  Laureate Education, Inc   275,008 
 11,522  *  Lindblad Expeditions Holdings, Inc   123,516 
 9,840     Marcus Corp   267,156 
 185,258     Marriott International, Inc (Class A)   22,134,626 
 12,598     Marriott Vacations Worldwide Corp   1,658,149 
 478,360     McDonald’s Corp   79,843,068 
 297,490     MGM Resorts International   9,326,312 
 6,193  *  Monarch Casino & Resort, Inc   276,270 
 1,566  *  Nathan’s Famous, Inc   127,003 
 10,355  *,e  Noodles & Co   45,044 
 102,637  *  Norwegian Cruise Line Holdings Ltd   5,722,013 
 15,702     Papa John’s International, Inc   1,068,521 
 52,037  *  Penn National Gaming, Inc   1,357,645 
 31,139  *  Pinnacle Entertainment, Inc   805,566 
 49,329     Planet Fitness, Inc   1,314,125 
 17,991  *  Potbelly Corp   216,792 
 5,088     RCI Hospitality Holdings, Inc   140,174 
 7,530  *  Red Lion Hotels Corp   66,264 
 7,090  *  Red Robin Gourmet Burgers, Inc   484,956 
 37,554     Red Rock Resorts, Inc   924,955 
 28,824  *  Regis Corp   430,342 
 100,488     Royal Caribbean Cruises Ltd   12,437,400 
 42,757  *  Ruby Tuesday, Inc   101,334 
 17,188     Ruth’s Chris Steak House, Inc   362,667 
 31,130  *  Scientific Games Corp (Class A)   1,481,788 
 40,162  *,e  SeaWorld Entertainment, Inc   461,060 
 104,602     Service Corp International   3,709,187 
 77,236  *  ServiceMaster Global Holdings, Inc   3,638,588 
 12,049  *,e  Shake Shack, Inc   457,380 
 40,404     Six Flags Entertainment Corp   2,536,967 
 22,829  e  Sonic Corp   579,857 
 22,259  *  Sotheby’s (Class A)   1,153,461 
 10,246     Speedway Motorsports, Inc   204,408 
163

TIAA-CREF FUNDS - Equity Index Fund

 

SHARES       COMPANY   VALUE  
             
 824,833     Starbucks Corp  $45,233,842 
 625  *  Steak N Shake Co   223,400 
 6,141  e  Strayer Education, Inc   575,596 
 38,562     Texas Roadhouse, Inc (Class A)   1,928,486 
 23,173     Vail Resorts, Inc   5,307,080 
 16,420  *  Weight Watchers International, Inc   737,586 
 108,606     Wendy’s   1,651,897 
 16,235     Wingstop, Inc   549,879 
 60,494     Wyndham Worldwide Corp   6,463,784 
 46,782     Wynn Resorts Ltd   6,899,877 
 216,430  *  Yum China Holdings, Inc   8,732,951 
 205,841     Yum! Brands, Inc   15,324,862 
 12,793  *,e  Zoe’s Kitchen, Inc   157,098 
       TOTAL CONSUMER SERVICES   355,148,986 
             
DIVERSIFIED FINANCIALS - 3.9%     
 32,334     Affiliated Managers Group, Inc   6,030,291 
 19,777     AG Mortgage Investment Trust   372,005 
 222,526     AGNC Investment Corp   4,479,448 
 263,991     Ally Financial, Inc   6,898,085 
 428,656     American Express Co   40,945,221 
 87,639     Ameriprise Financial, Inc   13,719,009 
 668,907     Annaly Capital Management, Inc   7,665,674 
 56,490     Anworth Mortgage Asset Corp   315,779 
 60,973     Apollo Commercial Real Estate Finance, Inc   1,101,782 
 19,022     Ares Commercial Real Estate Corp   246,906 
 12,394  e  Arlington Asset Investment Corp (Class A)   142,159 
 24,514     ARMOUR Residential REIT, Inc   614,076 
 26,604     Artisan Partners Asset Management, Inc   915,178 
 2,529     Associated Capital Group, Inc   93,826 
 12,970     B. Riley Financial, Inc   215,951 
 584,737     Bank of New York Mellon Corp   30,084,719 
 139,630     BGC Partners, Inc (Class A)   2,118,187 
 74,085     BlackRock, Inc   34,881,441 
 280,399     Capital One Financial Corp   25,847,180 
 53,268     Capstead Mortgage Corp   469,824 
 67,098     CBOE Holdings, Inc   7,586,100 
 691,670     Charles Schwab Corp   31,014,483 
 6,774     Cherry Hill Mortgage Investment Corp   123,355 
 109,478     Chimera Investment Corp   2,003,447 
 197,404     CME Group, Inc   27,077,907 
 13,010     Cohen & Steers, Inc   565,805 
 13,789  *  Cowen Group, Inc   206,835 
 6,534  *,e  Credit Acceptance Corp   1,873,494 
 88,482     CYS Investments, Inc   707,856 
 2,259     Diamond Hill Investment Group, Inc   478,750 
 217,119     Discover Financial Services   14,444,927 
 19,065  *  Donnelley Financial Solutions, Inc   409,898 
 50,081     Dynex Capital, Inc   350,567 
 159,386  *  E*TRADE Financial Corp   6,947,636 
 62,463     Eaton Vance Corp   3,152,508 
 27,220  *,e  Elevate Credit, Inc   213,133 
 6,721     Ellington Residential Mortgage REIT   89,927 
164

TIAA-CREF FUNDS - Equity Index Fund

 

SHARES       COMPANY   VALUE  
             
 13,397  *,e  Encore Capital Group, Inc  $622,291 
 18,680  *  Enova International, Inc   277,398 
 22,970     Evercore Partners, Inc (Class A)   1,839,897 
 26,489  *  Ezcorp, Inc (Class A)   271,512 
 22,206     Factset Research Systems, Inc   4,216,253 
 59,770     Federated Investors, Inc (Class B)   1,857,054 
 32,600     Financial Engines, Inc   1,176,860 
 27,184     FirstCash, Inc   1,735,698 
 36,692  *  FNFV Group   632,937 
 196,356     Franklin Resources, Inc   8,272,478 
 18,429     Gain Capital Holdings, Inc   136,006 
 2,529     GAMCO Investors, Inc (Class A)   73,240 
 215,136     Goldman Sachs Group, Inc   52,166,177 
 5,228     Granite Point Mortgage Trust, Inc   96,979 
 8,967     Great Ajax Corp   126,883 
 26,820  *  Green Dot Corp   1,518,548 
 16,600  e  Greenhill & Co, Inc   303,780 
 7,789     Hamilton Lane, Inc   214,120 
 27,724     Hannon Armstrong Sustainable Infrastructure Capital, Inc   667,039 
 13,817     Houlihan Lokey, Inc   575,202 
 38,974  e  Interactive Brokers Group, Inc (Class A)   2,105,375 
 341,594     IntercontinentalExchange Group, Inc   22,579,363 
 8,607  *  INTL FCStone, Inc   357,277 
 232,838     Invesco Ltd   8,333,272 
 64,390     Invesco Mortgage Capital, Inc   1,108,796 
 19,357     Investment Technology Group, Inc   454,309 
 5,996  e  KKR Real Estate Finance Trust, Inc   121,239 
 41,953     Ladder Capital Corp   563,848 
 69,780     Ladenburg Thalmann Financial Services, Inc   213,527 
 68,532     Lazard Ltd (Class A)   3,258,011 
 49,924     Legg Mason, Inc   1,906,098 
 185,343  *  LendingClub Corp   1,054,602 
 187,603     Leucadia National Corp   4,746,356 
 51,013     LPL Financial Holdings, Inc   2,530,755 
 21,112     MarketAxess Holdings, Inc   3,673,488 
 3,292     Marlin Business Services Corp   72,095 
 230,763     MFA Mortgage Investments, Inc   1,901,487 
 18,139     Moelis & Co   775,442 
 99,498     Moody’s Corp   14,169,510 
 773,267     Morgan Stanley   38,663,350 
 15,418     Morningstar, Inc   1,313,768 
 51,600     MSCI, Inc (Class A)   6,055,776 
 26,768     MTGE Investment Corp   484,501 
 66,105     NASDAQ OMX Group, Inc   4,802,528 
 163,878     Navient Corp   2,041,920 
 11,469     Nelnet, Inc (Class A)   671,395 
 179,786     New Residential Investment Corp   3,169,627 
 62,301     New York Mortgage Trust, Inc   375,675 
 17,297     NewStar Financial, Inc   212,407 
 121,332     Northern Trust Corp   11,346,969 
 41,386     OM Asset Management plc   632,378 
 34,049  *  On Deck Capital, Inc   167,862 
 31,346  *  OneMain Holdings, Inc   995,862 
165

TIAA-CREF FUNDS - Equity Index Fund

 

SHARES       COMPANY   VALUE  
             
 3,966     Oppenheimer Holdings, Inc  $86,261 
 26,317     Orchid Island Capital, Inc   262,117 
 4,588     Owens Realty Mortgage, Inc   82,400 
 36,885     PennyMac Mortgage Investment Trust   592,373 
 12,455  *  Pico Holdings, Inc   235,400 
 8,397     Piper Jaffray Cos   613,821 
 11,094     PJT Partners, Inc   428,228 
 26,858  *,e  PRA Group, Inc   749,338 
 9,183     Pzena Investment Management, Inc (Class A)   108,359 
 73,272     Raymond James Financial, Inc   6,212,000 
 42,540     Redwood Trust, Inc   668,303 
 4,505  *  Regional Management Corp   111,228 
 26,209     Resource Capital Corp   268,904 
 151,077     S&P Global, Inc   23,639,018 
 15,919  *  Safeguard Scientifics, Inc   224,458 
 85,379  *  Santander Consumer USA Holdings, Inc   1,420,707 
 89,134     SEI Investments Co   5,750,034 
 3,516     Silvercrest Asset Management Group, Inc   57,311 
 252,131  *  SLM Corp   2,670,067 
 147,786     Starwood Property Trust, Inc   3,178,877 
 219,351     State Street Corp   20,180,292 
 38,288     Stifel Financial Corp   2,030,413 
 466,601     Synchrony Financial   15,220,525 
 136,636     T Rowe Price Group, Inc   12,693,484 
 148,467     TD Ameritrade Holding Corp   7,421,865 
 13,907     Tiptree Financial, Inc   92,482 
 5,267     TPG RE Finance Trust, Inc   102,812 
 202,445     Two Harbors Investment Corp   1,983,961 
 17,991  e  Virtu Financial, Inc   254,573 
 3,702     Virtus Investment Partners, Inc   430,913 
 108,120     Voya Financial, Inc   4,342,099 
 48,270  e  Waddell & Reed Financial, Inc (Class A)   902,166 
 21,861     Western Asset Mortgage Capital Corp   220,140 
 5,694     Westwood Holdings Group, Inc   369,541 
 67,611  e  WisdomTree Investments, Inc   749,806 
 3,416  *  World Acceptance Corp   298,900 
 9,253     ZAIS Financial Corp   144,809 
       TOTAL DIVERSIFIED FINANCIALS   606,840,574 
             
ENERGY - 5.6%     
 101,818  *  Abraxas Petroleum Corp   216,872 
 1,000     Adams Resources & Energy, Inc   42,940 
 325,746     Anadarko Petroleum Corp   16,082,080 
 91,414     Andeavor   9,711,823 
 134,404  *  Antero Resources Corp   2,607,438 
 221,446     Apache Corp   9,161,221 
 31,598  *,e  Approach Resources, Inc   73,623 
 12,791     Arch Coal, Inc   977,488 
 41,233     Archrock, Inc   494,796 
 17,854  *,e  Ardmore Shipping Corp   148,188 
 248,749     Baker Hughes a GE Co   7,818,181 
 9,466  *  Basic Energy Services, Inc   178,529 
 45,854  *  Bill Barrett Corp   226,060 
166

TIAA-CREF FUNDS - Equity Index Fund

 

SHARES       COMPANY   VALUE  
             
 11,232  *  Bonanza Creek Energy, Inc  $379,979 
 19,748  e  Bristow Group, Inc   186,421 
 26,905  *  C&J Energy Services, Inc   766,523 
 270,445     Cabot Oil & Gas Corp   7,491,326 
 28,426  *,e  California Resources Corp   313,539 
 119,889  *  Callon Petroleum Co   1,329,569 
 18,646  *,e  CARBO Ceramics, Inc   154,389 
 46,440  *  Carrizo Oil & Gas, Inc   821,524 
 63,787  *,e  Centennial Resource Development, Inc   1,239,381 
 118,758  *  Cheniere Energy, Inc   5,550,749 
 533,140  *,e  Chesapeake Energy Corp   2,079,246 
 1,108,329     Chevron Corp   128,444,248 
 54,905     Cimarex Energy Co   6,420,042 
 73,012  *  Clean Energy Fuels Corp   171,578 
 52,072  *  Cloud Peak Energy, Inc   221,306 
 85,973  *  Concho Resources, Inc   11,538,436 
 713,079     ConocoPhillips   36,473,991 
 132,737  *  Consol Energy, Inc   2,141,048 
 18,033  *  Contango Oil & Gas Co   71,952 
 53,203  *  Continental Resources, Inc   2,165,894 
 9,670  e  CVR Energy, Inc   265,441 
 46,791     Delek US Holdings, Inc   1,218,906 
 240,238  *  Denbury Resources, Inc   295,493 
 304,515     Devon Energy Corp   11,236,603 
 53,411     DHT Holdings, Inc   210,439 
 37,793  *,e  Diamond Offshore Drilling, Inc   632,277 
 57,323  *  Diamondback Energy, Inc   6,142,733 
 12,492  *  Dorian LPG Ltd   89,318 
 21,722  *  Dril-Quip, Inc   914,496 
 11,289  *,e  Earthstone Energy, Inc   90,876 
 58,591  *  Eclipse Resources Corp   130,072 
 56,456  *  Energen Corp   2,918,775 
 19,082  *  Energy XXI Gulf Coast, Inc   163,151 
 257,643  e  Ensco plc   1,388,696 
 337,086     EOG Resources, Inc   33,664,779 
 23,020  *,e  EP Energy Corp   62,154 
 101,174     EQT Corp   6,327,422 
 14,655  *  Era Group, Inc   157,688 
 19,088     Evolution Petroleum Corp   141,251 
 19,250  *  Exterran Corp   621,197 
 70,059  *  Extraction Oil & Gas, Inc   1,117,441 
 2,488,160  d  Exxon Mobil Corp   207,388,136 
 95,752  *,e  Fairmount Santrol Holdings, Inc   412,691 
 40,560  *  Forum Energy Technologies, Inc   584,064 
 30,866  e  Frank’s International NV   204,024 
 48,009  e  Frontline Ltd   292,375 
 23,966  e  GasLog Ltd   413,413 
 103,381  *,e  Gastar Exploration, Inc   84,772 
 28,510  *,e  Gener8 Maritime, Inc   131,431 
 7,214  *  Geospace Technologies Corp   108,354 
 56,234  e  Golar LNG Ltd   1,188,224 
 23,488     Green Plains Renewable Energy, Inc   432,179 
 8,090     Gulf Island Fabrication, Inc   106,383 
167

TIAA-CREF FUNDS - Equity Index Fund

 

SHARES       COMPANY   VALUE  
             
 94,918  *  Gulfport Energy Corp  $1,300,377 
 77,888  *,e  Halcon Resources Corp   512,503 
 7,976     Hallador Energy Co   41,316 
 506,192     Halliburton Co   21,634,646 
 83,922  *  Helix Energy Solutions Group, Inc   572,348 
 60,364  e  Helmerich & Payne, Inc   3,278,369 
 164,561     Hess Corp   7,267,014 
 104,058     HollyFrontier Corp   3,844,943 
 26,120  *  Independence Contract Drilling, Inc   84,629 
 16,510  *  International Seaways, Inc   332,511 
 341  *,e  Isramco, Inc   38,738 
 31,876  *,e  Jagged Peak Energy, Inc   442,758 
 18,711  *,e  Keane Group, Inc   288,898 
 5,493  *,e  Key Energy Services, Inc   58,446 
 1,127,694     Kinder Morgan, Inc   20,422,538 
 131,947  *,e  Kosmos Energy LLC   1,013,353 
 95,572  *  Laredo Petroleum Holdings, Inc   1,139,218 
 51,346  *,e  Lilis Energy, Inc   255,703 
 5,084  *  Mammoth Energy Services, Inc   100,307 
 494,677     Marathon Oil Corp   7,034,307 
 293,941     Marathon Petroleum Corp   17,560,035 
 52,889  *  Matador Resources Co   1,404,203 
 14,810  *  Matrix Service Co   208,821 
 167,294  *  McDermott International, Inc   1,107,486 
 6,368  *  Midstates Petroleum Co, Inc   97,112 
 94,661  e  Murphy Oil Corp   2,532,182 
 165,874     Nabors Industries Ltd   933,871 
 225,512     National Oilwell Varco, Inc   7,710,255 
 6,634  *  Natural Gas Services Group, Inc   184,425 
 58,664  e  Navios Maritime Acq Corp   73,330 
 6,346  *,e  NCS Multistage Holdings, Inc   138,216 
 116,012  *  Newfield Exploration Co   3,572,009 
 52,482  *  Newpark Resources, Inc   459,217 
 144,797  *,e  Noble Corp plc   602,356 
 279,116     Noble Energy, Inc   7,778,963 
 61,926  e  Nordic American Tanker Shipping   274,951 
 138,886  *  Oasis Petroleum, Inc   1,312,473 
 445,359     Occidental Petroleum Corp   28,756,831 
 56,479     Oceaneering International, Inc   1,142,005 
 32,391  *  Oil States International, Inc   746,613 
 222,091     Oneok, Inc   12,052,879 
 26,680  *  Overseas Shipholding Group, Inc   63,232 
 27,555  *  Pacific Ethanol, Inc   132,264 
 10,195     Panhandle Oil and Gas, Inc (Class A)   246,209 
 18,649  *  Par Pacific Holdings, Inc   391,443 
 97,112  *  Parker Drilling Co   101,968 
 136,097  *  Parsley Energy, Inc   3,620,180 
 121,332     Patterson-UTI Energy, Inc   2,399,947 
 64,498  e  PBF Energy, Inc   1,868,507 
 38,991  *  PDC Energy, Inc   1,985,812 
 36,165  *  Peabody Energy Corp   1,117,137 
 8,499  *  Penn Virginia Corp   331,206 
 5,035  *  PHI, Inc   58,859 
168

TIAA-CREF FUNDS - Equity Index Fund

 

SHARES       COMPANY   VALUE  
             
 254,925     Phillips 66  $23,218,569 
 52,631  *  Pioneer Energy Services Corp   99,999 
 99,009     Pioneer Natural Resources Co   14,818,677 
 14,560  *  ProPetro Holding Corp   221,749 
 141,583  *  Questar Market Resources, Inc   1,267,168 
 135,005     Range Resources Corp   2,444,941 
 3,496  *  Ranger Energy Services, Inc   40,554 
 23,511  *,e  Renewable Energy Group, Inc   284,483 
 12,920  *,e  Resolute Energy Corp   387,988 
 3,235  *  Rex American Resources Corp   285,262 
 98,487  *  Rice Energy, Inc   2,792,106 
 9,517  *  RigNet, Inc   166,072 
 28,113  *  Ring Energy, Inc   360,128 
 67,615  *  Rowan Cos plc   968,923 
 35,391  e  RPC, Inc   860,355 
 77,326  *  RSP Permian, Inc   2,660,788 
 47,090  *,e  Sanchez Energy Corp   203,900 
 20,762  *  SandRidge Energy, Inc   389,703 
 813,285     Schlumberger Ltd   52,050,240 
 126,766     Scorpio Tankers, Inc   451,287 
 8,826  *  SEACOR Holdings, Inc   416,587 
 8,519  *  SEACOR Marine Holdings, Inc   120,544 
 5,190  *,e  Select Energy Services, Inc   84,493 
 39,242     SemGroup Corp   1,022,254 
 35,476     Ship Finance International Ltd   528,592 
 3,621  *  SilverBow Resources, Inc   81,436 
 65,812     SM Energy Co   1,403,770 
 15,814  *,e  Smart Sand, Inc   113,703 
 7,003  *,e  Solaris Oilfield Infrastructure, Inc   111,768 
 299,728  *  Southwestern Energy Co   1,663,490 
 119,195  *  SRC Energy, Inc   1,137,120 
 10,730  *  Stone Energy Corp   315,677 
 90,310  *  Superior Energy Services   796,534 
 124,082     Targa Resources Investments, Inc   5,149,403 
 33,452  e  Teekay Corp   270,961 
 79,821  e  Teekay Tankers Ltd (Class A)   118,135 
 32,848  *,e  Tellurian, Inc   353,773 
 25,468  *  Tesco Corp   98,052 
 76,754  *  Tetra Technologies, Inc   217,981 
 228,948  *,e  Transocean Ltd (NYSE)   2,403,954 
 113,825  *  Ultra Petroleum Corp   903,771 
 30,538  *  Unit Corp   571,671 
 78,040  *,e  Uranium Energy Corp   82,722 
 48,052  e  US Silica Holdings Inc   1,466,067 
 262,021     Valero Energy Corp   20,670,837 
 64,054  *  W&T Offshore, Inc   200,489 
 517,283  *,e  Weatherford International Ltd   1,794,972 
 214,420  *  Whiting Petroleum Corp   1,288,664 
 12,853  *,e  WildHorse Resource Development Corp   167,218 
 35,803  *  Willbros Group, Inc   109,557 
 484,197     Williams Cos, Inc   13,799,615 
 38,865     World Fuel Services Corp   1,080,447 
 232,515  *  WPX Energy, Inc   2,622,769 
       TOTAL ENERGY   870,603,471 
169

TIAA-CREF FUNDS - Equity Index Fund

 

SHARES       COMPANY   VALUE  
             
FOOD & STAPLES RETAILING - 1.2%     
 14,768     Andersons, Inc  $553,062 
 22,041     Casey’s General Stores, Inc   2,525,237 
 10,953  *  Chefs’ Warehouse Holdings, Inc   218,512 
 596,816     CVS Health Corp   40,899,801 
 9,040     Ingles Markets, Inc (Class A)   210,632 
 523,692     Kroger Co   10,840,424 
 11,075  *,e  Natural Grocers by Vitamin C   54,378 
 48,521  *  Performance Food Group Co   1,373,144 
 12,375     Pricesmart, Inc   1,037,025 
 618,264  *,e  Rite Aid Corp   1,020,136 
 12,098  *  Smart & Final Stores, Inc   72,588 
 21,567     Spartan Stores, Inc   529,470 
 77,678  *  Sprouts Farmers Market, Inc   1,436,266 
 23,576  *  SUPERVALU, Inc   384,053 
 288,462     Sysco Corp   16,044,257 
 29,667  *  United Natural Foods, Inc   1,150,190 
 101,955  *  US Foods Holding Corp   2,781,332 
 4,530     Village Super Market (Class A)   108,675 
 542,583     Walgreens Boots Alliance, Inc   35,956,975 
 852,882     Wal-Mart Stores, Inc   74,465,127 
 4,966     Weis Markets, Inc   192,830 
       TOTAL FOOD & STAPLES RETAILING   191,854,114 
             
FOOD, BEVERAGE & TOBACCO - 4.3%     
 1,581     Alico, Inc   52,015 
 1,128,161     Altria Group, Inc   72,450,499 
 18,556  *,e  Amplify Snack Brands, Inc   118,573 
 321,939     Archer Daniels Midland Co   13,157,647 
 38,015  e  B&G Foods, Inc (Class A)   1,208,877 
 53,742  *,e  Blue Buffalo Pet Products, Inc   1,554,756 
 5,283  *,e  Boston Beer Co, Inc (Class A)   940,638 
 36,595     Brown-Forman Corp   2,097,991 
 103,861     Brown-Forman Corp (Class B)   5,922,154 
 81,707     Bunge Ltd   5,619,807 
 8,835  e  Calavo Growers, Inc   651,139 
 18,401  *,e  Cal-Maine Foods, Inc   828,045 
 102,067     Campbell Soup Co   4,834,914 
 47,721  *,e  Castle Brands, Inc   56,788 
 2,626     Coca-Cola Bottling Co Consolidated   592,321 
 2,263,952     Coca-Cola Co   104,096,513 
 229,807     ConAgra Foods, Inc   7,850,207 
 94,768     Constellation Brands, Inc (Class A)   20,762,721 
 255,801     Costco Wholesale Corp   41,204,425 
 8,358  *  Craft Brewers Alliance, Inc   152,534 
 94,847  *  Darling International, Inc   1,730,958 
 51,471     Dean Foods Co   501,842 
 103,276     Dr Pepper Snapple Group, Inc   8,846,622 
 6,862  *  Farmer Bros Co   232,965 
 100,702     Flowers Foods, Inc   1,916,359 
 19,090     Fresh Del Monte Produce, Inc   849,696 
170

TIAA-CREF FUNDS - Equity Index Fund

 

SHARES       COMPANY   VALUE  
             
 13,880  *,e  Freshpet, Inc  $215,834 
 332,038     General Mills, Inc   17,239,413 
 59,265  *  Hain Celestial Group, Inc   2,134,725 
 87,214     Hershey Co   9,260,383 
 154,082     Hormel Foods Corp   4,801,195 
 44,905  *  Hostess Brands, Inc   517,755 
 41,072     Ingredion, Inc   5,148,375 
 8,463     J&J Snack Foods Corp   1,127,018 
 64,900     J.M. Smucker Co   6,882,645 
 5,244     John B. Sanfilippo & Son, Inc   308,609 
 142,671     Kellogg Co   8,921,218 
 355,570     Kraft Heinz Co   27,496,228 
 85,313     Lamb Weston Holdings, Inc   4,350,110 
 12,827     Lancaster Colony Corp   1,606,197 
 15,115  *  Landec Corp   200,274 
 4,909     Limoneira Co   114,625 
 69,673     McCormick & Co, Inc   6,934,554 
 7,916  e  MGP Ingredients, Inc   537,971 
 99,607     Molson Coors Brewing Co (Class B)   8,055,218 
 856,412     Mondelez International, Inc   35,481,149 
 241,783  *  Monster Beverage Corp   14,006,489 
 6,956     National Beverage Corp   680,992 
 13,153     Omega Protein Corp   288,051 
 841,646     PepsiCo, Inc   92,774,639 
 906,478     Philip Morris International, Inc   94,853,858 
 31,849  *  Pilgrim’s Pride Corp   1,012,161 
 68,329     Pinnacle Foods, Inc   3,718,464 
 37,518  *  Post Holdings, Inc   3,111,368 
 17,194  *  Primo Water Corp   189,306 
 11,838     Sanderson Farms, Inc   1,770,610 
 152     Seaboard Corp   668,818 
 4,225  *  Seneca Foods Corp   152,100 
 48,221     Snyder’s-Lance, Inc   1,814,556 
 12,095  e  Tootsie Roll Industries, Inc   430,582 
 32,130  *  TreeHouse Foods, Inc   2,132,789 
 2,787  *  Turning Point Brands, Inc   48,773 
 163,133     Tyson Foods, Inc (Class A)   11,894,027 
 13,973     Universal Corp   801,352 
 54,852     Vector Group Ltd   1,139,825 
       TOTAL FOOD, BEVERAGE & TOBACCO   671,053,262 
             
HEALTH CARE EQUIPMENT & SERVICES - 5.4%     
 8,642  *,e  AAC Holdings, Inc   68,445 
 12,178     Abaxis, Inc   589,415 
 991,059     Abbott Laboratories   53,745,130 
 24,030  *  Abiomed, Inc   4,635,868 
 46,465  *,e  Acadia Healthcare Co, Inc   1,457,142 
 79,763  *  Accuray, Inc   378,874 
 19,604     Aceto Corp   197,412 
 5,061  *  Addus HomeCare Corp   182,196 
 189,208     Aetna Inc   32,171,036 
 46,709  *  Align Technology, Inc   11,162,517 
 103,036  *  Allscripts Healthcare Solutions, Inc   1,388,925 
171

TIAA-CREF FUNDS - Equity Index Fund

 

SHARES       COMPANY   VALUE  
             
 7,160  *  Almost Family, Inc  $316,830 
 16,622  *  Amedisys, Inc   799,684 
 7,602  *,e  American Renal Associates Holdings, Inc   92,212 
 94,041     AmerisourceBergen Corp   7,236,455 
 27,886  *  AMN Healthcare Services, Inc   1,224,195 
 7,807     Analogic Corp   626,902 
 20,137  *  Angiodynamics, Inc   341,725 
 8,076  *  Anika Therapeutics, Inc   441,192 
 80,493  *  Antares Pharma, Inc   146,497 
 155,359     Anthem, Inc   32,502,656 
 22,901  *  athenahealth, Inc   2,928,580 
 19,168  *  AtriCure, Inc   410,962 
 924     Atrion Corp   607,669 
 16,645  *  AxoGen, Inc   342,055 
 44,542     Bard (C.R.), Inc   14,568,352 
 291,957     Baxter International, Inc   18,822,468 
 130,755     Becton Dickinson & Co   27,284,646 
 69,052  *,e  BioScrip, Inc   174,702 
 16,577  *  BioTelemetry, Inc   481,562 
 798,145  *  Boston Scientific Corp   22,459,800 
 106,599  *  Brookdale Senior Living, Inc   1,069,188 
 21,205     Cantel Medical Corp   2,079,786 
 16,678  *  Capital Senior Living Corp   221,817 
 185,012     Cardinal Health, Inc   11,452,243 
 18,767  *  Cardiovascular Systems, Inc   451,722 
 42,185  *,e  Castlight Health, Inc   162,412 
 99,735  *  Centene Corp   9,342,177 
 168,442  *  Cerner Corp   11,373,204 
 67,628  *,e  Cerus Corp   194,092 
 8,958     Chemed Corp   2,001,486 
 145,221     Cigna Corp   28,640,486 
 9,256  *  Civitas Solutions, Inc   172,624 
 58,579  *,e  Community Health Systems, Inc   345,616 
 6,912  e  Computer Programs & Systems, Inc   208,397 
 31,127  *  ConforMIS, Inc   110,190 
 15,331     Conmed Corp   800,585 
 28,144     Cooper Cos, Inc   6,761,877 
 74,124  *,e  Corindus Vascular Robotics, Inc   84,501 
 6,574  *  Corvel Corp   394,440 
 21,108  *  Cotiviti Holdings, Inc   742,157 
 22,489  *  Cross Country Healthcare, Inc   306,975 
 17,506  *  CryoLife, Inc   340,492 
 7,715  *  Cutera, Inc   303,199 
 357,560     Danaher Corp   32,992,061 
 89,480  *  DaVita, Inc   5,435,015 
 129,939     Dentsply Sirona, Inc   7,935,375 
 49,596  *,e  DexCom, Inc   2,230,332 
 28,037  *  Diplomat Pharmacy, Inc   590,179 
 122,392  *  Edwards Lifesciences Corp   12,512,134 
 45,122  *,e  Endologix, Inc   239,147 
 26,992     Ensign Group, Inc   622,975 
 6,896  *,e  Entellus Medical, Inc   116,749 
 68,279  *  Envision Healthcare Corp   2,908,685 
172

TIAA-CREF FUNDS - Equity Index Fund

 

SHARES       COMPANY   VALUE  
             
 31,603  *,e  Evolent Health, Inc  $513,549 
 5,211  *  Exactech, Inc   218,080 
 338,187  *  Express Scripts Holding Co   20,727,481 
 3,477  *,e  FONAR Corp   110,916 
 28,572  *,e  Genesis Health Care, Inc   27,906 
 29,414  *  GenMark Diagnostics, Inc   219,134 
 16,666  *,e  Glaukos Corp   588,476 
 40,000  *  Globus Medical, Inc   1,274,800 
 30,256  *  Haemonetics Corp   1,438,975 
 27,474  *  Halyard Health, Inc   1,158,029 
 173,621  *  HCA Holdings, Inc   13,134,429 
 29,307  *  HealthEquity, Inc   1,471,798 
 57,209     Healthsouth Corp   2,639,623 
 14,276  *  HealthStream, Inc   349,191 
 91,335  *  Henry Schein, Inc   7,178,931 
 3,805  *  Heska Corp   370,987 
 38,014     Hill-Rom Holdings, Inc   3,068,110 
 48,845  *  HMS Holdings Corp   939,778 
 162,318  *  Hologic, Inc   6,143,736 
 84,477     Humana, Inc   21,571,202 
 8,591  *  ICU Medical, Inc   1,641,740 
 51,046  *  IDEXX Laboratories, Inc   8,482,314 
 9,904  *  Inogen Inc   979,803 
 37,208  *,e  Inovalon Holdings, Inc   623,234 
 34,046  *  Insulet Corp   2,002,245 
 18,068  *  Integer Holding Corp   878,105 
 36,105  *  Integra LifeSciences Holdings Corp   1,688,992 
 64,148  *  Intuitive Surgical, Inc   24,078,593 
 19,181     Invacare Corp   297,305 
 7,559  *  iRhythm Technologies, Inc   385,131 
 22,946  *  K2M Group Holdings, Inc   451,807 
 52,103     Kindred Healthcare, Inc   315,223 
 59,277  *  Laboratory Corp of America Holdings   9,111,468 
 17,841  *  Lantheus Holdings, Inc   355,036 
 8,430     LeMaitre Vascular, Inc   269,844 
 9,232  *  LHC Group, Inc   616,790 
 21,505  *  LifePoint Hospitals, Inc   1,035,466 
 27,899  *  LivaNova plc   2,061,736 
 14,189  *  Magellan Health Services, Inc   1,210,322 
 26,254  *  Masimo Corp   2,304,051 
 124,268     McKesson Corp   17,134,072 
 32,573  *  Medidata Solutions, Inc   2,450,467 
 53,771  *  MEDNAX, Inc   2,354,632 
 801,416     Medtronic plc   64,530,016 
 23,987     Meridian Bioscience, Inc   358,606 
 28,785  *  Merit Medical Systems, Inc   1,095,269 
 25,644  *  Molina Healthcare, Inc   1,739,433 
 9,809  *,e  NantHealth, Inc   35,803 
 6,158     National Healthcare Corp   394,112 
 6,001     National Research Corp   225,338 
 17,896  *  Natus Medical, Inc   758,790 
 22,645  *  Neogen Corp   1,816,129 
 15,858  *  Nevro Corp   1,388,844 
173

TIAA-CREF FUNDS - Equity Index Fund

 

SHARES       COMPANY   VALUE  
             
 33,897  *  Novocure Ltd  $732,175 
 29,452  *  NuVasive, Inc   1,670,812 
 37,603  *  NxStage Medical, Inc   1,013,401 
 5,167  *,e  Obalon Therapeutics, Inc   43,558 
 20,981  *  Omnicell, Inc   1,044,854 
 33,121  *  OraSure Technologies, Inc   654,140 
 10,486  *  Orthofix International NV   563,413 
 35,304     Owens & Minor, Inc   867,419 
 12,394  *  Oxford Immunotec Global plc   163,849 
 48,309     Patterson Cos, Inc   1,787,433 
 16,936  *  Penumbra, Inc   1,702,915 
 4,234  *  PetIQ, Inc   101,870 
 17,287  *  PharMerica Corp   506,509 
 35,686  *  Premier, Inc   1,165,862 
 7,666  *  Providence Service Corp   426,230 
 6,493  *,e  Pulse Biosciences, Inc   157,196 
 29,285  *  Quality Systems, Inc   412,040 
 80,555     Quest Diagnostics, Inc   7,554,448 
 16,385  *  Quidel Corp   670,966 
 13,997  *,e  Quotient Ltd   71,525 
 55,655  *,e  R1 RCM, Inc   211,489 
 20,627  *  RadNet, Inc   225,866 
 81,589     Resmed, Inc   6,868,162 
 29,766  *,e  Rockwell Medical, Inc   180,382 
 22,692  *  RTI Biologics, Inc   102,114 
 63,869  *  Select Medical Holdings Corp   1,223,091 
 7,856  *,e  Sientra, Inc   115,169 
 5,924     Simulations Plus, Inc   96,561 
 23,114  *,e  Staar Surgical Co   306,260 
 47,924     STERIS plc   4,472,747 
 197,992     Stryker Corp   30,663,021 
 11,116  *,e  Surgery Partners, Inc   102,823 
 8,004  *  SurModics, Inc   238,119 
 5,060  *  Tabula Rasa HealthCare, Inc   146,133 
 6,185  *  Tactile Systems Technology, Inc   177,448 
 32,089  *,e  Teladoc, Inc   1,060,541 
 26,212     Teleflex, Inc   6,211,720 
 47,762  *,e  Tenet Healthcare Corp   682,041 
 21,860  *  Tivity Health, Inc   1,011,025 
 12,359  *  Triple-S Management Corp (Class B)   296,740 
 562,136     UnitedHealth Group, Inc   118,172,230 
 50,737     Universal Health Services, Inc (Class B)   5,210,690 
 6,703     US Physical Therapy, Inc   455,469 
 1,453     Utah Medical Products, Inc   109,556 
 20,640  *  Varex Imaging Corp   709,397 
 53,324  *  Varian Medical Systems, Inc   5,555,828 
 64,159  *  Veeva Systems, Inc   3,909,849 
 20,213  *,e  ViewRay, Inc   139,268 
 8,904  *,e  Viveve Medical, Inc   48,616 
 15,499  *  Vocera Communications, Inc   437,382 
 26,423  *  WellCare Health Plans, Inc   5,224,884 
 42,122     West Pharmaceutical Services, Inc   4,271,171 
 59,668  *  Wright Medical Group NV   1,563,898 
174

TIAA-CREF FUNDS - Equity Index Fund

 

SHARES       COMPANY   VALUE  
             
 118,221     Zimmer Holdings, Inc  $14,378,038 
       TOTAL HEALTH CARE EQUIPMENT & SERVICES   853,032,612 
             
HOUSEHOLD & PERSONAL PRODUCTS - 1.5%     
 6,027  *  Central Garden & Pet Co   230,111 
 20,155  *  Central Garden and Pet Co (Class A)   743,921 
 142,283     Church & Dwight Co, Inc   6,426,923 
 73,790     Clorox Co   9,336,649 
 511,694     Colgate-Palmolive Co   36,048,842 
 270,716     Coty, Inc   4,169,026 
 32,394  *  Edgewell Personal Care Co   2,103,343 
 11,683  *,e  elf Beauty, Inc   247,563 
 34,145     Energizer Holdings, Inc   1,467,894 
 126,158     Estee Lauder Cos (Class A)   14,105,726 
 39,916  *,e  Herbalife Ltd   2,898,700 
 67,387  *  HRG Group, Inc   1,093,017 
 9,818     Inter Parfums, Inc   454,573 
 209,517     Kimberly-Clark Corp   23,572,758 
 7,262     Medifast, Inc   453,149 
 3,678  e  Natural Health Trends Corp   70,838 
 3,786     Nature’s Sunshine Products, Inc   37,481 
 30,201     Nu Skin Enterprises, Inc (Class A)   1,921,086 
 2,506     Oil-Dri Corp of America   105,277 
 7,958  e  Orchids Paper Products Co   97,724 
 1,504,684     Procter & Gamble Co   129,914,416 
 7,898  *,e  Revlon, Inc (Class A)   177,705 
 13,603  e  Spectrum Brands, Inc   1,495,242 
 6,440  *  USANA Health Sciences, Inc   423,108 
 8,345     WD-40 Co   925,043 
       TOTAL HOUSEHOLD & PERSONAL PRODUCTS   238,520,115 
             
INSURANCE - 4.3%     
 225,302     Aflac, Inc   18,900,585 
 8,421  *  Alleghany Corp   4,768,139 
 213,328     Allstate Corp   20,022,966 
 24,618  *  AMBAC Financial Group, Inc   400,781 
 50,805     American Equity Investment Life Holding Co   1,499,256 
 39,066     American Financial Group, Inc   4,121,072 
 526,376     American International Group, Inc   34,009,153 
 6,022     American National Insurance Co   733,058 
 10,694     Amerisafe, Inc   691,902 
 50,958  e  Amtrust Financial Services, Inc   640,032 
 151,227     Aon plc   21,690,489 
 72,861  *  Arch Capital Group Ltd   7,259,870 
 16,126     Argo Group International Holdings Ltd   1,015,132 
 101,015     Arthur J. Gallagher & Co   6,397,280 
 34,620     Aspen Insurance Holdings Ltd   1,485,198 
 31,594     Assurant, Inc   3,179,936 
 69,909     Assured Guaranty Ltd   2,593,624 
 62,253  *  Athene Holding Ltd   3,245,249 
 4,444  *  Atlas Financial Holdings, Inc   87,769 
 48,171     Axis Capital Holdings Ltd   2,620,021 
 3,677     Baldwin & Lyons, Inc (Class B)   84,387 
175

TIAA-CREF FUNDS - Equity Index Fund

 

SHARES       COMPANY   VALUE  
             
 1,129,887  *  Berkshire Hathaway, Inc (Class B)  $211,221,076 
 3,128     Blue Capital Reinsurance Holdings Ltd   41,446 
 48,917  *  Brighthouse Financial, Inc   3,041,659 
 66,646     Brown & Brown, Inc   3,321,637 
 270,894     Chubb Ltd   40,856,233 
 91,677     Cincinnati Financial Corp   6,432,975 
 31,572  *,e  Citizens, Inc (Class A)   239,316 
 28,109     CNA Financial Corp   1,521,540 
 99,089     Conseco, Inc   2,375,163 
 5,375     Crawford & Co (Class B)   63,317 
 3,405     Donegal Group, Inc (Class A)   58,362 
 8,929  *  eHealth, Inc   226,618 
 4,643     EMC Insurance Group, Inc   136,783 
 17,739     Employers Holdings, Inc   846,150 
 7,653  *  Enstar Group Ltd   1,743,353 
 19,100     Erie Indemnity Co (Class A)   2,307,280 
 23,741     Everest Re Group Ltd   5,637,300 
 7,004     FBL Financial Group, Inc (Class A)   541,759 
 5,754     Federated National Holding Co   88,266 
 22,157  e  Fidelity & Guaranty Life   689,083 
 62,257     First American Financial Corp   3,388,026 
 151,701  *  FNF Group   5,676,651 
 298,151  *  Genworth Financial, Inc (Class A)   986,880 
 4,696  *  Global Indemnity Ltd   197,091 
 21,291  *  Greenlight Capital Re Ltd (Class A)   469,467 
 5,627  *  Hallmark Financial Services   65,217 
 23,777     Hanover Insurance Group, Inc   2,339,181 
 211,978     Hartford Financial Services Group, Inc   11,669,389 
 4,431     HCI Group, Inc   165,985 
 8,585  *,e  Health Insurance Innovations, Inc   184,577 
 16,953  e  Heritage Insurance Holdings, Inc   271,926 
 22,782     Horace Mann Educators Corp   997,852 
 2,780     Independence Holding Co   75,477 
 5,977     Infinity Property & Casualty Corp   563,930 
 737     Investors Title Co   139,809 
 12,866     James River Group Holdings Ltd   544,489 
 22,006     Kemper Corp   1,410,585 
 5,428  e  Kingstone Cos, Inc   87,934 
 8,879     Kinsale Capital Group, Inc   385,171 
 128,704     Lincoln National Corp   9,753,189 
 178,367     Loews Corp   8,830,950 
 43,492     Maiden Holdings Ltd   358,809 
 8,118  *  Markel Corp   8,802,347 
 297,769     Marsh & McLennan Cos, Inc   24,098,445 
 73,366  *,e  MBIA, Inc   531,904 
 15,410     Mercury General Corp   862,498 
 528,133     Metlife, Inc   28,297,366 
 27,414     National General Holdings Corp   553,215 
 1,208     National Western Life Group, Inc   431,957 
 13,002     Navigators Group, Inc   754,116 
 5,637  *  NI Holdings, Inc   100,846 
 142,527     Old Republic International Corp   2,891,873 
 26,261     Primerica, Inc   2,324,099 
176

TIAA-CREF FUNDS - Equity Index Fund

 

SHARES       COMPANY   VALUE  
             
 153,065     Principal Financial Group  $10,079,330 
 30,545     ProAssurance Corp   1,712,047 
 337,400     Progressive Corp   16,414,510 
 250,415     Prudential Financial, Inc   27,660,841 
 37,133     Reinsurance Group of America, Inc (Class A)   5,546,928 
 22,399     RenaissanceRe Holdings Ltd   3,099,126 
 22,005     RLI Corp   1,300,275 
 9,048     Safety Insurance Group, Inc   743,746 
 32,124     Selective Insurance Group, Inc   1,914,590 
 8,712     State Auto Financial Corp   223,376 
 16,597     State National Cos, Inc   348,869 
 12,147     Stewart Information Services Corp   460,857 
 46,585  *  Third Point Reinsurance Ltd   777,969 
 66,106     Torchmark Corp   5,561,498 
 160,494     Travelers Cos, Inc   21,257,430 
 13,355  *,e  Trupanion, Inc   376,077 
 12,089     United Fire & Casualty Co   557,182 
 11,578     United Insurance Holdings Corp   182,238 
 18,891     Universal Insurance Holdings, Inc   450,550 
 133,072     UnumProvident Corp   6,925,067 
 43,276     Validus Holdings Ltd   2,253,814 
 53,281     W.R. Berkley Corp   3,654,011 
 3,290     White Mountains Insurance Group Ltd   2,925,303 
 73,424     Willis Towers Watson plc   11,827,138 
 150,849     XL Group Ltd   6,104,859 
       TOTAL INSURANCE   667,404,097 
             
MATERIALS - 3.5%     
 16,652     A. Schulman, Inc   654,424 
 14,208  e  Advanced Emissions Solutions, Inc   170,638 
 17,585  *  AdvanSix, Inc   813,658 
 16,005  *  AgroFresh Solutions, Inc   94,429 
 124,610     Air Products & Chemicals, Inc   19,866,572 
 185,298  *,e  AK Steel Holding Corp   850,518 
 64,562     Albemarle Corp   9,096,140 
 108,450  *  Alcoa Corp   5,181,741 
 63,807  *,e  Allegheny Technologies, Inc   1,606,660 
 16,715     American Vanguard Corp   376,087 
 6,094     Ampco-Pittsburgh Corp   100,856 
 34,917     Aptargroup, Inc   3,040,223 
 10,250     Ardagh Group S.A.   219,760 
 37,102     Ashland Global Holdings, Inc   2,522,194 
 51,439     Avery Dennison Corp   5,461,279 
 121,185  *  Axalta Coating Systems Ltd   4,029,401 
 17,703     Balchem Corp   1,492,186 
 200,980     Ball Corp   8,628,071 
 51,439     Bemis Co, Inc   2,315,784 
 74,286  *  Berry Plastics Group, Inc   4,416,303 
 21,846  *  Boise Cascade Co   774,441 
 34,373     Cabot Corp   2,095,378 
 28,217     Calgon Carbon Corp   612,309 
 26,897     Carpenter Technology Corp   1,339,202 
 80,629     Celanese Corp (Series A)   8,410,411 
177

TIAA-CREF FUNDS - Equity Index Fund

 

SHARES       COMPANY   VALUE  
             
 29,940  *  Century Aluminum Co  $419,160 
 136,628     CF Industries Holdings, Inc   5,189,131 
 4,412     Chase Corp   523,925 
 108,050     Chemours Co   6,116,710 
 8,958  *  Clearwater Paper Corp   413,412 
 176,418  *  Cleveland-Cliffs, Inc   1,051,451 
 15,502  *  Codexis, Inc   95,337 
 105,052  *  Coeur Mining, Inc   797,345 
 67,254     Commercial Metals Co   1,310,108 
 19,515  e  Compass Minerals International, Inc   1,280,184 
 4,140     Core Molding Technologies, Inc   96,089 
 79,805  *  Crown Holdings, Inc   4,801,867 
 6,122     Deltic Timber Corp   566,958 
 36,475     Domtar Corp   1,725,997 
 1,368,052     DowDuPont, Inc   98,923,840 
 28,089     Eagle Materials, Inc   2,965,356 
 85,174     Eastman Chemical Co   7,734,651 
 153,786     Ecolab, Inc   20,093,679 
 47,134  *  Ferro Corp   1,122,732 
 48,283  *,m  Ferroglobe plc   0 
 37,890  *,e  Flotek Industries, Inc   186,419 
 78,207     FMC Corp   7,262,302 
 792,325  *  Freeport-McMoRan Copper & Gold, Inc (Class B)   11,076,703 
 13,581     FutureFuel Corp   206,160 
 40,492  *  GCP Applied Technologies, Inc   1,184,391 
 34,022     Gold Resource Corp   123,500 
 179,568     Graphic Packaging Holding Co   2,781,508 
 3,449     Greif, Inc   216,770 
 14,871     Greif, Inc (Class A)   825,787 
 27,979     H.B. Fuller Co   1,591,166 
 5,393     Hawkins, Inc   205,473 
 7,111     Haynes International, Inc   253,720 
 223,138     Hecla Mining Co   1,053,211 
 118,155     Huntsman Corp   3,783,323 
 24,060  *  Ingevity Corp   1,713,794 
 10,340     Innophos Holdings, Inc   505,936 
 13,514     Innospec, Inc   835,841 
 46,416     International Flavors & Fragrances, Inc   6,842,647 
 243,014     International Paper Co   13,917,412 
 60,041  *,e  Intrepid Potash, Inc   241,365 
 9,810     Kaiser Aluminum Corp   972,956 
 50,824     Kapstone Paper and Packaging Corp   1,141,507 
 96,440  *  Klondex Mines Ltd   278,712 
 5,491     KMG Chemicals, Inc   302,719 
 11,587  *  Koppers Holdings, Inc   562,549 
 17,666  *  Kraton Polymers LLC   866,164 
 13,542     Kronos Worldwide, Inc   356,290 
 84,007  *  Louisiana-Pacific Corp   2,283,310 
 13,021  *,e  LSB Industries, Inc   98,309 
 190,868     LyondellBasell Industries AF S.C.A   19,760,564 
 36,746     Martin Marietta Materials, Inc   7,968,370 
 11,708     Materion Corp   601,206 
 19,804     Minerals Technologies, Inc   1,423,908 
178

TIAA-CREF FUNDS - Equity Index Fund

 

SHARES       COMPANY   VALUE  
             
 261,631     Monsanto Co  $31,683,514 
 205,984     Mosaic Co   4,601,683 
 11,982     Myers Industries, Inc   258,811 
 9,197     Neenah Paper, Inc   798,300 
 5,267     NewMarket Corp   2,108,854 
 314,521     Newmont Mining Corp   11,373,079 
 186,402     Nucor Corp   10,779,628 
 96,513     Olin Corp   3,525,620 
 5,609     Olympic Steel, Inc   105,898 
 23,656  *  Omnova Solutions, Inc   261,399 
 99,597  *  Owens-Illinois, Inc   2,379,372 
 55,769     Packaging Corp of America   6,484,262 
 23,640     PH Glatfelter Co   495,494 
 130,131  *  Platform Specialty Products Corp   1,392,402 
 45,405     PolyOne Corp   2,091,808 
 149,993     PPG Industries, Inc   17,435,186 
 166,448     Praxair, Inc   24,321,382 
 7,507     Quaker Chemical Corp   1,165,987 
 6,570  *,e  Ramaco Resources, Inc   38,500 
 25,274  e  Rayonier Advanced Materials, Inc   363,187 
 41,237     Reliance Steel & Aluminum Co   3,168,651 
 37,790     Royal Gold, Inc   3,178,517 
 76,043     RPM International, Inc   4,055,373 
 11,161  *  Ryerson Holding Corp   98,217 
 15,318     Schnitzer Steel Industries, Inc (Class A)   451,115 
 17,539     Schweitzer-Mauduit International, Inc   740,672 
 25,083     Scotts Miracle-Gro Co (Class A)   2,498,768 
 112,848     Sealed Air Corp   4,991,267 
 24,623     Sensient Technologies Corp   1,872,579 
 47,817     Sherwin-Williams Co   18,894,888 
 42,119     Silgan Holdings, Inc   1,231,981 
 55,508     Sonoco Products Co   2,874,759 
 48,467  e  Southern Copper Corp (NY)   2,081,658 
 136,159     Steel Dynamics, Inc   5,066,476 
 11,342     Stepan Co   905,772 
 62,603  *  Summit Materials, Inc   1,965,734 
 36,794  *  SunCoke Energy, Inc   408,045 
 179,610     Tahoe Resources, Inc   862,128 
 24,140  *  TimkenSteel Corp   337,960 
 8,634  *  Trecora Resources   104,903 
 15,378     Tredegar Corp   297,564 
 25,785     Trinseo S.A.   1,830,735 
 50,422     Tronox Ltd   1,334,670 
 3,086  *  UFP Technologies, Inc   95,203 
 790     United States Lime & Minerals, Inc   71,771 
 102,783  e  United States Steel Corp   2,602,466 
 8,847  *,e  US Concrete, Inc   691,835 
 13,483     Valhi, Inc   58,651 
 117,785     Valvoline, Inc   2,829,196 
 17,653  *  Verso Corp   123,748 
 76,813     Vulcan Materials Co   9,351,983 
 10,669  e  Warrior Met Coal, Inc   277,607 
 21,199     Westlake Chemical Corp   1,800,007 
179

TIAA-CREF FUNDS - Equity Index Fund

 

SHARES       COMPANY   VALUE  
             
 146,420     WestRock Co  $8,979,939 
 25,317     Worthington Industries, Inc   1,151,924 
 41,381     WR Grace & Co   3,165,233 
       TOTAL MATERIALS   542,936,950 
             
MEDIA - 2.5%     
 33,866  e  AMC Entertainment Holdings, Inc   470,737 
 31,487  *  AMC Networks, Inc   1,602,059 
 2,748     Cable One, Inc   1,950,558 
 207,879     CBS Corp (Class B)   11,666,169 
 44,348  *,e  Central European Media Enterprises Ltd (Class A) (NASDAQ)   204,001 
 111,857  *  Charter Communications, Inc   37,379,254 
 61,427     Cinemark Holdings, Inc   2,232,257 
 42,653     Clear Channel Outdoor Holdings, Inc (Class A)   162,081 
 2,760,961     Comcast Corp (Class A)   99,477,425 
 444  *,e  Daily Journal Corp   103,052 
 89,227  *,e  Discovery Communications, Inc (Class A)   1,684,606 
 119,002  *  Discovery Communications, Inc (Class C)   2,119,426 
 128,835  *  DISH Network Corp (Class A)   6,253,651 
 8,572  e  Emerald Expositions Events, Inc   199,642 
 14,728  e  Entercom Communications Corp (Class A)   162,744 
 40,472     Entravision Communications Corp (Class A)   210,454 
 15,804  *,e  Eros International plc   193,599 
 34,134  *  EW Scripps Co (Class A)   591,884 
 66,483     Gannett Co, Inc   578,402 
 29,509  *,e  Global Eagle Entertainment, Inc   71,707 
 38,746  *  Gray Television, Inc   603,275 
 8,888  *  Hemisphere Media Group, Inc   108,434 
 31,812  *  Imax Corp   771,441 
 230,430     Interpublic Group of Cos, Inc   4,435,777 
 25,909     John Wiley & Sons, Inc (Class A)   1,415,927 
 6,400  *  Liberty Braves Group (Class A)   150,272 
 19,152  *  Liberty Braves Group (Class C)   452,179 
 14,529  *  Liberty Broadband Corp (Class A)   1,252,545 
 59,795  *  Liberty Broadband Corp (Class C)   5,219,506 
 15,174  *  Liberty Media Group (Class A)   552,334 
 109,217  *  Liberty Media Group (Class C)   4,165,536 
 51,806  *  Liberty SiriusXM Group (Class A)   2,160,828 
 104,518  *  Liberty SiriusXM Group (Class C)   4,353,175 
 29,650  *  Lions Gate Entertainment Corp (Class A)   860,443 
 58,453  *  Lions Gate Entertainment Corp (Class B)   1,616,810 
 78,330  *  Live Nation, Inc   3,429,287 
 9,157  *  Loral Space & Communications, Inc   431,753 
 11,176  *  Madison Square Garden Co   2,488,783 
 32,089  *  MDC Partners, Inc   369,023 
 22,828     Meredith Corp   1,209,884 
 39,071  *  MSG Networks, Inc   677,882 
 44,061     National CineMedia, Inc   296,531 
 27,474     New Media Investment Group, Inc   438,760 
 71,825     New York Times Co (Class A)   1,371,857 
 217,739     News Corp   2,974,315 
 67,753     News Corp (Class B)   941,767 
 26,184     Nexstar Broadcasting Group, Inc (Class A)   1,670,539 
180

TIAA-CREF FUNDS - Equity Index Fund

 

SHARES       COMPANY   VALUE  
             
 134,108     Omnicom Group, Inc  $9,010,717 
 7,081  *  Reading International, Inc   110,818 
 70,564     Regal Entertainment Group (Class A)   1,153,721 
 290  *,m  Rovi Guides, Inc   1,359 
 1,443     Saga Communications, Inc   63,131 
 5,940     Salem Communications   38,016 
 15,663     Scholastic Corp   578,591 
 50,713     Scripps Networks Interactive (Class A)   4,223,379 
 42,275     Sinclair Broadcast Group, Inc (Class A)   1,340,118 
 857,640  e  Sirius XM Holdings, Inc   4,665,562 
 124,880     TEGNA, Inc   1,527,282 
 457,122     Time Warner, Inc   44,930,521 
 57,676     Time, Inc   669,042 
 8,496  *  Townsquare Media, Inc   88,698 
 42,057     Tribune Co   1,721,393 
 12,749  *  tronc, Inc   188,494 
 610,782     Twenty-First Century Fox, Inc   15,971,949 
 253,505     Twenty-First Century Fox, Inc (Class B)   6,451,702 
 8,994  e  Viacom, Inc   270,270 
 205,981     Viacom, Inc (Class B)   4,949,723 
 917,439     Walt Disney Co   89,734,708 
 11,375  *  WideOpenWest, Inc   145,486 
 22,408  e  World Wrestling Entertainment, Inc (Class A)   594,484 
       TOTAL MEDIA   400,161,735 
             
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.0%     
 934,059     AbbVie, Inc   84,298,825 
 14,446  *  Abeona Therapeutics, Inc   259,306 
 56,820  *  Acadia Pharmaceuticals, Inc   1,979,041 
 15,807  *,e  Accelerate Diagnostics, Inc   313,769 
 18,868  *  Acceleron Pharma, Inc   735,852 
 20,103  *,e  Achaogen, Inc   255,710 
 68,529  *  Achillion Pharmaceuticals, Inc   275,487 
 12,928  *  Aclaris Therapeutics, Inc   325,915 
 25,648  *  Acorda Therapeutics, Inc   681,596 
 8,387  *,e  Adamas Pharmaceuticals, Inc   206,823 
 24,881  *,e  Aduro Biotech, Inc   197,804 
 21,624  *,e  Advaxis, Inc   73,522 
 18,780  *  Aerie Pharmaceuticals, Inc   1,159,665 
 49,954  *,e  Agenus, Inc   182,832 
 188,484     Agilent Technologies, Inc   12,822,566 
 24,350  *  Agios Pharmaceuticals, Inc   1,564,974 
 20,580  *  Aimmune Therapeutics, Inc   598,261 
 8,466  *,e  Akcea Therapeutics, Inc   155,097 
 25,837  *  Akebia Therapeutics, Inc   468,942 
 52,559  *  Akorn, Inc   1,711,847 
 38,617  *  Alder Biopharmaceuticals, Inc   434,441 
 127,250  *  Alexion Pharmaceuticals, Inc   15,226,735 
 87,676  *  Alkermes plc   4,275,082 
 196,673     Allergan plc   34,856,356 
 46,936  *  Alnylam Pharmaceuticals, Inc   5,718,682 
 20,900  *  AMAG Pharmaceuticals, Inc   328,130 
 431,381     Amgen, Inc   75,586,579 
181

TIAA-CREF FUNDS - Equity Index Fund

 

SHARES       COMPANY   VALUE  
             
 96,598  *  Amicus Therapeutics, Inc  $1,375,556 
 19,824  *  Amphastar Pharmaceuticals, Inc   358,220 
 7,294  *  AnaptysBio, Inc   481,623 
 22,823  *,e  Anavex Life Sciences Corp   96,313 
 4,901  *  ANI Pharmaceuticals, Inc   284,650 
 22,407  *,e  Aratana Therapeutics, Inc   128,392 
 21,341  *  Ardelyx, Inc   114,174 
 22,491  *  Arena Pharmaceuticals, Inc   630,423 
 100,692  *  Array Biopharma, Inc   1,052,231 
 7,747  *  Assembly Biosciences, Inc   228,614 
 20,476  *,e  Asterias Biotherapeutics, Inc   51,190 
 15,594  *  Atara Biotherapeutics, Inc   221,435 
 3,937  *,e  Athenex, Inc   65,905 
 58,796  *,e  Athersys, Inc   108,185 
 9,324  *  Audentes Therapeutics, Inc   247,925 
 14,740  *  Avexis, Inc   1,540,477 
 21,578  *,e  Axovant Sciences Ltd   113,069 
 17,456  *,e  Bellicum Pharmaceuticals, Inc   164,436 
 48,542  *  BioCryst Pharmaceuticals, Inc   218,439 
 124,191  *  Biogen Idec, Inc   38,705,367 
 5,535  *  Biohaven Pharmaceutical Holding Co Ltd   166,382 
 101,695  *  BioMarin Pharmaceutical, Inc   8,348,143 
 12,080  *  Bio-Rad Laboratories, Inc (Class A)   2,655,063 
 3,196  *  Biospecifics Technologies Corp   146,281 
 22,263     Bio-Techne Corp   2,916,898 
 58,473  *,e  BioTime, Inc   140,335 
 63,457  *  Bioverativ, Inc   3,585,320 
 26,548  *  Bluebird Bio, Inc   3,692,827 
 22,904  *  Blueprint Medicines Corp   1,521,284 
 966,099     Bristol-Myers Squibb Co   59,569,664 
 60,156     Bruker BioSciences Corp   1,888,898 
 18,760  *  Calithera Biosciences, Inc   302,036 
 4,683  *,e  Calyxt, Inc   95,908 
 18,710  *  Cambrex Corp   809,207 
 16,808  *,e  Cara Therapeutics Inc   210,772 
 20,283  *  Cascadian Therapeutics, Inc   93,099 
 72,994  *  Catalent, Inc   3,108,814 
 39,171  *  Catalyst Pharmaceuticals, Inc   112,029 
 454,047  *  Celgene Corp   45,845,126 
 61,903  *  Celldex Therapeutics, Inc   151,043 
 31,008  *  Cempra, Inc   71,318 
 27,292  *  Charles River Laboratories International, Inc   3,173,787 
 15,794  *  ChemoCentryx, Inc   103,767 
 21,968  *  Chimerix, Inc   108,083 
 14,720  *  Clearside Biomedical, Inc   104,806 
 25,515  *  Clovis Oncology, Inc   1,923,066 
 21,493  *  Coherus Biosciences, Inc   241,796 
 12,672  *,e  Collegium Pharmaceutical, Inc   130,902 
 12,357  *  Concert Pharmaceuticals Inc   210,687 
 19,853  *,e  Contatus Pharmaceuticals, Inc   91,125 
 29,868  *,e  Corbus Pharmaceuticals Holdings, Inc   212,063 
 53,966  *  Corcept Therapeutics, Inc   1,062,591 
 11,798  *,e  Corium International, Inc   118,924 
182

TIAA-CREF FUNDS - Equity Index Fund

 

SHARES       COMPANY   VALUE  
             
 5,181  *,e  Corvus Pharmaceuticals, Inc  $70,358 
 79,742  *  Curis, Inc   125,992 
 23,258  *  Cytokinetics, Inc   317,472 
 17,850  *  CytomX Therapeutics, Inc   357,000 
 31,158  *  Depomed, Inc   150,805 
 21,411  *  Dermira, Inc   573,172 
 2,918  *,e  Dova Pharmaceuticals, Inc   73,125 
 47,996  *  Durect Corp   38,267 
 36,167  *  Dynavax Technologies Corp   795,674 
 4,803  *,e  Eagle Pharmaceuticals, Inc   258,161 
 8,036  *,e  Edge Therapeutics, Inc   87,271 
 20,858  *,e  Editas Medicine, Inc   517,278 
 571,774     Eli Lilly & Co   46,851,162 
 19,589  *  Emergent Biosolutions, Inc   802,953 
 8,553  *  Enanta Pharmaceuticals, Inc   424,827 
 132,125  *  Endo International plc   842,957 
 22,285  *  Enzo Biochem, Inc   219,507 
 24,961  *,e  Epizyme, Inc   416,849 
 10,267  *,e  Esperion Thereapeutics, Inc   469,613 
 68,748  *  Exact Sciences Corp   3,780,453 
 169,294  *  Exelixis, Inc   4,196,798 
 26,096  *  Fate Therapeutics, Inc   124,478 
 38,711  *  FibroGen, Inc   2,162,009 
 16,343  *  Five Prime Therapeutics, Inc   733,147 
 16,976  *,e  Flexion Therapeutics Inc   373,642 
 20,232  *  Fluidigm Corp   117,346 
 23,221  *,e  Fortress Biotech, Inc   86,847 
 8,912  *,e  Foundation Medicine, Inc   401,040 
 15,937  *,e  Genocea Biosciences Inc   18,487 
 15,187  *  Genomic Health, Inc   497,982 
 90,586  *,e  Geron Corp   203,818 
 762,669     Gilead Sciences, Inc   57,169,668 
 21,466  *  Global Blood Therapeutics, Inc   854,347 
 70,019  *  Halozyme Therapeutics, Inc   1,241,437 
 27,192  *,e  Heron Therapeutics, Inc   417,397 
 95,825  *  Horizon Pharma plc   1,299,387 
 69,719  *,e  Idera Pharmaceuticals, Inc   108,762 
 30,447  *  Ignyta, Inc   468,884 
 84,993  *  Illumina, Inc   17,439,714 
 12,542  *  Immune Design Corp   62,083 
 49,916  *  Immunogen, Inc   289,513 
 59,496  *,e  Immunomedics, Inc   637,797 
 42,717  *  Impax Laboratories, Inc   775,314 
 31,371  *  INC Research Holdings, Inc   1,792,853 
 98,307  *  Incyte Corp   11,133,268 
 44,745  *  Innoviva, Inc   547,679 
 46,720  *,e  Inovio Pharmaceuticals, Inc   272,378 
 43,689  *  Insmed, Inc   1,180,040 
 14,862  *,e  Insys Therapeutics, Inc   76,539 
 8,297  *,e  Intellia Therapeutics, Inc   258,203 
 10,783  *,e  Intercept Pharmaceuticals, Inc   664,556 
 15,261  *  Intersect ENT, Inc   452,489 
 20,773  *  Intra-Cellular Therapies, Inc   323,851 
183

TIAA-CREF FUNDS - Equity Index Fund

 

SHARES       COMPANY   VALUE  
             
 36,024  *,e  Intrexon Corp  $588,992 
 24,220  *,e  Invitae Corp   204,417 
 72,567  *  Ionis Pharmaceuticals, Inc   4,144,301 
 30,260  *  Iovance Biotherapeutics, Inc   235,271 
 76,067  *,e  Ironwood Pharmaceuticals, Inc   1,169,910 
 1,580,372     Johnson & Johnson   220,319,660 
 8,284  *,e  Jounce Therapeutics, Inc   115,976 
 37,765  *  Juno Therapeutics, Inc   1,696,026 
 4,602  *  Kala Pharmaceuticals, Inc   73,908 
 20,213  *  Karyopharm Therapeutics, Inc   206,375 
 53,731  *,e  Keryx Biopharmaceuticals, Inc   348,177 
 12,049  *  Kindred Biosciences Inc   89,765 
 11,168  *,e  Kura Oncology, Inc   166,403 
 10,263  *  La Jolla Pharmaceutical Co   352,637 
 17,227  *,e  Lannett Co, Inc   342,817 
 24,151  *,e  Lexicon Pharmaceuticals, Inc   246,099 
 11,951  *,e  Ligand Pharmaceuticals, Inc (Class B)   1,737,078 
 13,417  *  Loxo Oncology, Inc   1,156,009 
 22,461     Luminex Corp   479,542 
 18,436  *  MacroGenics, Inc   364,848 
 58,127  *  Mallinckrodt plc   1,840,882 
 31,229  *,e  Matinas BioPharma Holdings, Inc   34,976 
 40,297  *,e  Medicines Co   1,158,136 
 14,511  *,e  MediciNova, Inc   103,173 
 4,094  *  Medpace Holdings, Inc   153,402 
 1,604,257     Merck & Co, Inc   88,378,518 
 8,672  e  Merrimack Pharmaceuticals, Inc   101,809 
 14,791  *  Mettler-Toledo International, Inc   10,096,780 
 61,638  *,e  MiMedx Group, Inc   781,570 
 18,543  *  Minerva Neurosciences, Inc   116,821 
 7,728  *  Miragen Therapeutics, Inc   63,988 
 41,155  *  Momenta Pharmaceuticals, Inc   580,285 
 312,465  *  Mylan NV   11,158,125 
 11,648  *  MyoKardia, Inc   447,866 
 36,908  *  Myriad Genetics, Inc   1,265,206 
 17,437  *  NanoString Technologies, Inc   173,673 
 18,507  *,e  NantKwest, Inc   85,502 
 17,265  *  Natera, Inc   189,742 
 86,227  *  Nektar Therapeutics   2,077,208 
 33,050  *  NeoGenomics, Inc   286,543 
 12,919  *,e  Neos Therapeutics, Inc   134,358 
 50,004  *  Neurocrine Biosciences, Inc   3,105,748 
 12,820  *,e  NewLink Genetics Corp   119,995 
 180,296  *,e  Novavax, Inc   196,523 
 8,461  *,e  Novelion Therapeutics, Inc   39,936 
 14,902  *  Nymox Pharmaceutical Corp   53,051 
 15,067  *,e  Ocular Therapeutix, Inc   86,786 
 26,167  *,e  Omeros Corp   412,392 
 192,761  *,e  Opko Health, Inc   1,297,282 
 62,356  *,e  Organovo Holdings, Inc   99,146 
 24,833  *  Otonomy, Inc   73,878 
 59,760  *,e  Pacific Biosciences of California, Inc   252,785 
 22,668  *  Pacira Pharmaceuticals, Inc   726,509 
184

TIAA-CREF FUNDS - Equity Index Fund

 

SHARES       COMPANY   VALUE  
             
 13,353  *  Paratek Pharmaceuticals, Inc  $285,754 
 105,806  *  PDL BioPharma, Inc   313,186 
 63,028     PerkinElmer, Inc   4,558,185 
 77,933     Perrigo Co plc   6,311,794 
 3,469,377     Pfizer, Inc   121,636,358 
 10,508     Phibro Animal Health Corp   395,626 
 18,918  *  Pieris Pharmaceuticals, Inc   95,536 
 32,429  *  Portola Pharmaceuticals, Inc   1,602,317 
 28,497  *  PRA Health Sciences, Inc   2,320,511 
 30,855  *  Prestige Brands Holdings, Inc   1,447,099 
 45,235  *  Progenics Pharmaceuticals, Inc   280,005 
 6,534  *,e  Protagonist Therapeutics, Inc   97,814 
 22,483  *,e  Prothena Corp plc   1,305,138 
 24,566  *  PTC Therapeutics, Inc   460,367 
 16,754  *  Puma Biotechnology, Inc   2,132,784 
 130,261  *  QIAGEN NV   4,410,637 
 73,023  *  Quintiles Transnational Holdings, Inc   7,893,786 
 6,329  *  Ra Pharmaceuticals, Inc   83,163 
 21,466  *,e  Radius Health, Inc   689,273 
 6,470  *  Reata Pharmaceuticals, Inc   195,912 
 6,534  *  Recro Pharma, Inc   56,388 
 45,854  *  Regeneron Pharmaceuticals, Inc   18,461,737 
 16,693  *  REGENXBIO, Inc   499,955 
 21,498  *  Repligen Corp   799,726 
 22,069  *  Retrophin, Inc   548,856 
 12,584  *  Revance Therapeutics, Inc   327,184 
 74,480  *  Rigel Pharmaceuticals, Inc   279,300 
 20,122  *  Sage Therapeutics, Inc   1,273,320 
 49,379  *  Sangamo Biosciences, Inc   612,300 
 34,659  *  Sarepta Therapeutics, Inc   1,709,035 
 55,883  *  Seattle Genetics, Inc   3,426,187 
 6,811  *,e  Selecta Biosciences, Inc   144,529 
 13,791  *  Seres Therapeutics, Inc   138,462 
 2,839  *,e  Sienna Biopharmaceuticals, Inc   55,644 
 15,493  *  Spark Therapeutics, Inc   1,253,384 
 46,612  *  Spectrum Pharmaceuticals, Inc   913,129 
 15,058  *  Stemline Therapeutics, Inc   205,542 
 11,557  *  Strongbridge Biopharma plc   69,342 
 12,021  *,e  Sucampo Pharmaceuticals, Inc (Class A)   120,210 
 28,069  *  Supernus Pharmaceuticals, Inc   1,167,670 
 7,116  *  Syndax Pharmaceuticals, Inc   79,557 
 137,453  *,e  Synergy Pharmaceuticals, Inc   375,247 
 7,302  *,e  Syros Pharmaceuticals, Inc   125,594 
 22,523  *,e  Teligent, Inc   127,931 
 21,533  *  TESARO, Inc   2,492,875 
 29,245  *  Tetraphase Pharmaceuticals, Inc   175,762 
 29,091  *,e  TG Therapeutics, Inc   237,092 
 87,998  *,e  TherapeuticsMD, Inc   415,351 
 24,583  *,e  Theravance Biopharma, Inc   709,465 
 233,727     Thermo Fisher Scientific, Inc   45,303,304 
 4,751  *,e  Tocagen, Inc   52,594 
 34,926  *  Trevena, Inc   52,389 
 22,999  *  Ultragenyx Pharmaceutical, Inc   1,060,024 
185

TIAA-CREF FUNDS - Equity Index Fund

 

SHARES       COMPANY   VALUE  
             
 25,577  *  United Therapeutics Corp  $3,033,176 
 24,216  *  Vanda Pharmaceuticals, Inc   380,191 
 13,388  *,e  VBI Vaccines, Inc   46,055 
 12,624  *  Veracyte, Inc   107,935 
 30,347  *  Versartis, Inc   54,625 
 147,100  *  Vertex Pharmaceuticals, Inc   21,510,433 
 9,868  *,e  Voyager Therapeutics, Inc   207,820 
 50,246  *  VWR Corp   1,663,143 
 44,214  *  Waters Corp   8,668,155 
 6,872  *,e  WaVe Life Sciences Pte Ltd   158,400 
 10,835  *,e  XBiotech, Inc   46,157 
 22,218  *  Xencor Inc   439,472 
 77,319  *,e  ZIOPHARM Oncology, Inc   360,307 
 287,412     Zoetis, Inc   18,342,634 
 18,765  *  Zogenix, Inc   703,687 
 9,178  *,e  Zynerba Pharmaceuticals, Inc   89,944 
       TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES   1,252,674,425 
             
REAL ESTATE - 3.9%     
 46,536     Acadia Realty Trust   1,309,988 
 16,038     Agree Realty Corp   758,437 
 27,077     Alexander & Baldwin, Inc   1,224,963 
 1,502     Alexander’s, Inc   617,322 
 54,114     Alexandria Real Estate Equities, Inc   6,707,971 
 7,073  *,e  Altisource Portfolio Solutions S.A.   182,766 
 28,719     Altisource Residential Corp   306,432 
 24,247     American Assets Trust,Inc   940,541 
 76,925     American Campus Communities, Inc   3,198,541 
 137,043     American Homes 4 Rent   2,916,275 
 247,281     American Tower Corp   35,526,861 
 89,583     Apartment Investment & Management Co (Class A)   3,939,860 
 123,118     Apple Hospitality REIT, Inc   2,331,855 
 25,296     Armada Hoffler Properties, Inc   360,974 
 14,987     Ashford Hospitality Prime, Inc   145,674 
 45,482     Ashford Hospitality Trust, Inc   319,738 
 7,271  *  AV Homes, Inc   121,062 
 79,910     AvalonBay Communities, Inc   14,490,080 
 25,429     Bluerock Residential Growth REIT, Inc   287,093 
 89,572     Boston Properties, Inc   10,854,335 
 96,968     Brandywine Realty Trust   1,695,970 
 179,033     Brixmor Property Group, Inc   3,127,707 
 52,185     Camden Property Trust   4,761,359 
 44,465     CareTrust REIT, Inc   840,388 
 57,653     CatchMark Timber Trust Inc   737,958 
 99,976     CBL & Associates Properties, Inc   783,812 
 173,921  *  CBRE Group, Inc   6,838,574 
 40,660     Cedar Realty Trust, Inc   221,190 
 20,748     Chatham Lodging Trust   451,269 
 34,366     Chesapeake Lodging Trust   958,811 
 30,878     City Office REIT, Inc   402,649 
 8,070     Clipper Realty, Inc   87,721 
 314,868     Colony NorthStar, Inc   3,866,579 
 69,349     Columbia Property Trust, Inc   1,531,226 
186

TIAA-CREF FUNDS - Equity Index Fund

 

SHARES       COMPANY   VALUE  
             
 10,091     Community Healthcare Trust, Inc  $276,796 
 1,845     Consolidated-Tomoka Land Co   107,969 
 69,903     CoreCivic, Inc   1,723,808 
 7,510     CorEnergy Infrastructure Trust, Inc   270,961 
 20,117     Coresite Realty   2,227,958 
 55,939     Corporate Office Properties Trust   1,786,132 
 240,929     Cousins Properties, Inc   2,173,180 
 235,392     Crown Castle International Corp   25,205,775 
 108,865     CubeSmart   2,963,305 
 50,963     CyrusOne, Inc   3,128,619 
 53,400     DCT Industrial Trust, Inc   3,098,268 
 188,631     DDR Corp   1,446,800 
 116,981     DiamondRock Hospitality Co   1,270,414 
 119,464     Digital Realty Trust, Inc   14,149,316 
 82,198     Douglas Emmett, Inc   3,270,658 
 207,612     Duke Realty Corp   5,912,790 
 22,526     Easterly Government Properties, Inc   453,223 
 18,530     EastGroup Properties, Inc   1,678,633 
 42,064     Education Realty Trust, Inc   1,468,034 
 71,488     Empire State Realty Trust, Inc   1,433,334 
 36,165     Entertainment Properties Trust   2,501,895 
 45,331     Equinix, Inc   21,010,918 
 79,969  *  Equity Commonwealth   2,403,068 
 46,675     Equity Lifestyle Properties, Inc   4,129,804 
 207,540     Equity Residential   13,959,140 
 37,678     Essex Property Trust, Inc   9,887,838 
 71,694     Extra Space Storage, Inc   5,849,513 
 17,265     Farmland Partners, Inc   144,163 
 41,334     Federal Realty Investment Trust   4,981,574 
 66,920     First Industrial Realty Trust, Inc   2,066,490 
 144,502     Forest City Realty Trust, Inc   3,559,084 
 25,751  *,e  Forestar Group, Inc   458,368 
 35,467     Four Corners Property Trust, Inc   875,326 
 58,022     Franklin Street Properties Corp   580,220 
 3,792  *  FRP Holdings, Inc   168,175 
 117,373     Gaming and Leisure Properties, Inc   4,288,809 
 71,679     Geo Group, Inc   1,860,070 
 18,200     Getty Realty Corp   517,062 
 360,127     GGP, Inc   7,008,071 
 17,128     Gladstone Commercial Corp   370,992 
 11,147     Global Medical REIT, Inc   94,304 
 39,916     Global Net Lease, Inc   862,186 
 53,100     Government Properties Income Trust   964,827 
 87,901     Gramercy Property Trust   2,610,660 
 273,367     HCP, Inc   7,063,803 
 69,402     Healthcare Realty Trust, Inc   2,237,520 
 113,055     Healthcare Trust of America, Inc   3,397,303 
 24,001     Hersha Hospitality Trust   424,578 
 21,294     HFF, Inc (Class A)   933,955 
 57,817     Highwoods Properties, Inc   2,951,558 
 91,231     Hospitality Properties Trust   2,607,382 
 431,408     Host Marriott Corp   8,438,340 
 21,008  *  Howard Hughes Corp   2,681,251 
187

TIAA-CREF FUNDS - Equity Index Fund

 

SHARES       COMPANY   VALUE  
             
 88,666     Hudson Pacific Properties  $2,998,684 
 40,890     Independence Realty Trust, Inc   415,033 
 68,836     Investors Real Estate Trust   402,691 
 52,816     Invitation Homes, Inc   1,192,057 
 153,434     Iron Mountain, Inc   6,137,360 
 40,102  *  iStar Financial, Inc   469,193 
 48,268  *  JBG SMITH Properties   1,506,444 
 7,808     Jernigan Capital, Inc   160,220 
 26,873     Jones Lang LaSalle, Inc   3,479,785 
 72,588     Kennedy-Wilson Holdings, Inc   1,411,837 
 56,420     Kilroy Realty Corp   4,018,797 
 244,678     Kimco Realty Corp   4,443,352 
 49,040     Kite Realty Group Trust   916,558 
 47,592     Lamar Advertising Co   3,352,380 
 66,422     LaSalle Hotel Properties   1,873,765 
 120,309     Lexington Realty Trust   1,217,527 
 85,275     Liberty Property Trust   3,656,592 
 28,118     Life Storage, Inc   2,272,497 
 21,901     LTC Properties, Inc   1,018,616 
 79,302     Macerich Co   4,329,889 
 50,436     Mack-Cali Realty Corp   1,148,428 
 13,630  *  Marcus & Millichap, Inc   387,365 
 7,317  *  Maui Land & Pineapple Co, Inc   116,706 
 16,220     MedEquities Realty Trust, Inc   188,476 
 211,897     Medical Properties Trust, Inc   2,803,397 
 65,659     Mid-America Apartment Communities, Inc   6,720,199 
 38,956     Monmouth Real Estate Investment Corp (Class A)   663,810 
 23,046     National Health Investors, Inc   1,755,875 
 84,351     National Retail Properties, Inc   3,389,223 
 24,343     National Storage Affiliates Trust   603,463 
 49,947     New Senior Investment Group, Inc   446,526 
 9,913     NexPoint Residential Trust, Inc   235,434 
 30,874     NorthStar Realty Europe Corp   415,873 
 116,073     Omega Healthcare Investors, Inc   3,349,867 
 10,445     One Liberty Properties, Inc   253,082 
 80,519     Outfront Media, Inc   1,888,171 
 110,902     Paramount Group, Inc   1,765,560 
 89,591     Park Hotels & Resorts, Inc   2,579,325 
 40,461     Pebblebrook Hotel Trust   1,442,839 
 41,837     Pennsylvania REIT   406,656 
 105,403     Physicians Realty Trust   1,831,904 
 81,296     Piedmont Office Realty Trust, Inc   1,572,265 
 22,565     Potlatch Corp   1,168,867 
 18,674     Preferred Apartment Communities, Inc   370,679 
 308,714     Prologis, Inc   19,936,750 
 11,521     PS Business Parks, Inc   1,524,574 
 87,726     Public Storage, Inc   18,181,213 
 27,038     QTS Realty Trust, Inc   1,564,148 
 53,849  *  Quality Care Properties, Inc   852,430 
 43,774     Ramco-Gershenson Properties   552,866 
 91,798     Rayonier, Inc   2,752,104 
 11,274     Re/Max Holdings, Inc   749,721 
 79,290     Realogy Holdings Corp   2,563,446 
188

TIAA-CREF FUNDS - Equity Index Fund

 

SHARES       COMPANY   VALUE  
             
 156,823     Realty Income Corp  $8,416,690 
 13,268  *,e  Redfin Corp   312,329 
 85,453     Regency Centers Corp   5,259,632 
 60,387     Retail Opportunities Investment Corp   1,085,758 
 132,213     Retail Properties of America, Inc   1,615,643 
 40,050     Rexford Industrial Realty, Inc   1,189,085 
 99,718     RLJ Lodging Trust   2,159,892 
 4,820     RMR Group, Inc   252,809 
 25,211     Ryman Hospitality Properties   1,667,203 
 102,197     Sabra Healthcare REIT, Inc   2,035,764 
 6,580     Safety Income and Growth, Inc   118,243 
 10,202     Saul Centers, Inc   623,546 
 70,289  *  SBA Communications Corp   11,048,025 
 35,336     Select Income REIT   853,718 
 136,248     Senior Housing Properties Trust   2,506,963 
 14,031     Seritage Growth Properties   577,095 
 181,147     Simon Property Group, Inc   28,137,564 
 56,776     SL Green Realty Corp   5,432,328 
 285,241     Spirit Realty Capital, Inc   2,370,353 
 30,156  *  St. Joe Co   536,777 
 52,284     STAG Industrial, Inc   1,427,353 
 73,921     Starwood Waypoint Homes   2,684,072 
 99,679     STORE Capital Corp   2,461,075 
 2,960     Stratus Properties, Inc   88,060 
 60,222     Summit Hotel Properties, Inc   952,110 
 43,881     Sun Communities, Inc   3,960,699 
 129,555     Sunstone Hotel Investors, Inc   2,114,338 
 53,886     Tanger Factory Outlet Centers, Inc   1,225,907 
 33,639     Taubman Centers, Inc   1,588,434 
 9,634  *,e  Tejon Ranch Co   181,601 
 29,195     Terreno Realty Corp   1,072,040 
 25,870     Tier REIT, Inc   506,276 
 8,985  *,e  Trinity Place Holdings, Inc   64,692 
 162,104     UDR, Inc   6,288,014 
 17,613     UMH Properties, Inc   263,138 
 98,516     Uniti Group, Inc   1,724,030 
 7,298     Universal Health Realty Income Trust   534,287 
 58,276     Urban Edge Properties   1,367,155 
 16,630     Urstadt Biddle Properties, Inc (Class A)   361,370 
 206,622     Ventas, Inc   12,965,531 
 574,318     VEREIT, Inc   4,531,369 
 100,127     Vornado Realty Trust   7,495,507 
 110,258     Washington Prime Group, Inc   863,320 
 43,184     Washington REIT   1,390,093 
 67,993     Weingarten Realty Investors   2,070,387 
 213,545     Welltower, Inc   14,298,973 
 435,266     Weyerhaeuser Co   15,630,402 
 20,820     Whitestone REIT   278,155 
 60,857     WP Carey, Inc   4,147,405 
 63,016     Xenia Hotels & Resorts, Inc   1,371,228 
       TOTAL REAL ESTATE   608,341,158 
189

TIAA-CREF FUNDS - Equity Index Fund

 

SHARES       COMPANY   VALUE  
             
RETAILING - 4.9%     
 16,403  *  1-800-FLOWERS.COM, Inc (Class A)  $154,188 
 37,161     Aaron’s, Inc   1,367,525 
 41,043  e  Abercrombie & Fitch Co (Class A)   551,207 
 41,332     Advance Auto Parts, Inc   3,378,478 
 232,943  *  Amazon.com, Inc   257,467,239 
 97,903     American Eagle Outfitters, Inc   1,274,697 
 4,627  *  America’s Car-Mart, Inc   198,267 
 10,790  *  Asbury Automotive Group, Inc   662,506 
 3,161  *,e  At Home Group, Inc   64,800 
 37,743  *,e  Autonation, Inc   1,789,018 
 16,322  *  AutoZone, Inc   9,621,819 
 23,718  *  Barnes & Noble Education, Inc   129,263 
 35,846     Barnes & Noble, Inc   250,922 
 82,501     Bed Bath & Beyond, Inc   1,641,770 
 154,766     Best Buy Co, Inc   8,663,801 
 14,456  e  Big 5 Sporting Goods Corp   91,796 
 26,249  e  Big Lots, Inc   1,346,836 
 10,237  *,e  Boot Barn Holdings, Inc   84,251 
 17,631  e  Buckle, Inc   290,030 
 9,924  *  Build-A-Bear Workshop, Inc   77,407 
 40,417  *  Burlington Stores, Inc   3,794,752 
 25,389     Caleres, Inc   693,881 
 13,726     Camping World Holdings, Inc   576,767 
 106,499  *  Carmax, Inc   7,998,075 
 10,682  *,e  Carvana Co   151,471 
 15,113     Cato Corp (Class A)   194,353 
 75,922     Chico’s FAS, Inc   606,617 
 10,239     Children’s Place Retail Stores, Inc   1,114,003 
 9,536     Citi Trends, Inc   207,503 
 11,068  *,e  Conn’s, Inc   340,341 
 10,028  *,e  Container Store Group, Inc   36,201 
 25,930     Core-Mark Holding Co, Inc   883,176 
 50,427     Dick’s Sporting Goods, Inc   1,233,949 
 9,130  e  Dillard’s, Inc (Class A)   463,804 
 161,175     Dollar General Corp   13,029,387 
 134,149  *  Dollar Tree, Inc   12,241,096 
 39,386     DSW, Inc (Class A)   754,242 
 5,857  *,e  Duluth Holdings, Inc   121,006 
 70,873     Expedia, Inc   8,835,028 
 47,203  *  Express Parent LLC   319,564 
 25,529  e  Finish Line, Inc (Class A)   236,654 
 31,243  *  Five Below, Inc   1,726,176 
 12,314  *  Floor & Decor Holdings, Inc   464,238 
 77,133     Foot Locker, Inc   2,320,161 
 22,283  *  Francesca’s Holdings Corp   144,171 
 21,350  e  Fred’s, Inc (Class A)   94,153 
 8,284  *  FTD Cos, Inc   89,467 
 5,079  *  Gaia, Inc   61,710 
 61,688     GameStop Corp (Class A)   1,152,949 
 139,641     Gap, Inc   3,629,270 
 11,712  *  Genesco, Inc   286,944 
 82,560     Genuine Parts Co   7,284,269 
 41,378  e  GNC Holdings, Inc   283,026 
190

TIAA-CREF FUNDS - Equity Index Fund

 

SHARES       COMPANY   VALUE  
             
 11,989     Group 1 Automotive, Inc  $941,976 
 195,664  *  Groupon, Inc   933,317 
 35,754     Guess?, Inc   579,572 
 10,241     Haverty Furniture Cos, Inc   244,248 
 16,052  *,e  Hibbett Sports, Inc   205,466 
 704,670     Home Depot, Inc   116,820,193 
 17,794     HSN, Inc   670,834 
 8,837  *,e  J. Jill, Inc   45,157 
 180,460  *,e  JC Penney Co, Inc   505,288 
 9,654  *  Kirkland’s, Inc   112,952 
 102,336     Kohl’s Corp   4,273,551 
 140,858     L Brands, Inc   6,062,528 
 8,582  *,e  Lands’ End, Inc   93,544 
 35,254  *  Liberty Expedia Holdings, Inc   1,625,209 
 239,396  *  Liberty Interactive Corp   5,439,077 
 40,826  *  Liberty TripAdvisor Holdings, Inc   440,921 
 46,439  *  Liberty Ventures   2,645,165 
 13,922     Lithia Motors, Inc (Class A)   1,575,692 
 177,967  *  LKQ Corp   6,707,576 
 494,543     Lowe’s Companies, Inc   39,538,713 
 16,684  *,e  Lumber Liquidators, Inc   513,534 
 180,611     Macy’s, Inc   3,388,262 
 15,511  *  MarineMax, Inc   287,729 
 69,450  *  Michaels Cos, Inc   1,348,719 
 18,025     Monro Muffler, Inc   889,534 
 19,872  *  Murphy USA, Inc   1,477,682 
 240,388  *  NetFlix, Inc   47,219,415 
 68,368     Nordstrom, Inc   2,710,791 
 17,620     Nutri/System, Inc   880,119 
 299,220     Office Depot, Inc   927,582 
 27,668  *  Ollie’s Bargain Outlet Holdings, Inc   1,235,376 
 50,302  *  O’Reilly Automotive, Inc   10,611,207 
 9,410  *,e  Overstock.com, Inc   431,919 
 18,067  *,e  Party City Holdco, Inc   201,447 
 21,206     Penske Auto Group, Inc   988,624 
 11,824  e  PetMed Express, Inc   418,097 
 47,634     Pier 1 Imports, Inc   198,157 
 28,764  *  Priceline.com, Inc   54,995,617 
 27,613  e  Rent-A-Center, Inc   274,473 
 12,014  *  RH   1,080,299 
 222,673     Ross Stores, Inc   14,137,509 
 77,360  *  Sally Beauty Holdings, Inc   1,339,102 
 8,648     Shoe Carnival, Inc   162,323 
 18,928  *  Shutterfly, Inc   808,226 
 40,253  e  Signet Jewelers Ltd   2,639,389 
 24,245  *  Sleep Number Corp   787,962 
 15,830     Sonic Automotive, Inc (Class A)   314,225 
 24,166  *,e  Sportsman’s Warehouse Holdings, Inc   99,081 
 30,445  e  Tailored Brands, Inc   470,375 
 325,118     Target Corp   19,194,967 
 63,242     Tiffany & Co   5,920,716 
 22,443     Tile Shop Holdings, Inc   191,888 
 9,453     Tilly’s, Inc   112,585 
191

TIAA-CREF FUNDS - Equity Index Fund

 

SHARES       COMPANY   VALUE  
             
 375,929     TJX Companies, Inc  $26,239,844 
 75,225     Tractor Supply Co   4,533,058 
 64,171  *,e  TripAdvisor, Inc   2,406,412 
 34,442  *  Ulta Beauty, Inc   6,950,051 
 52,170  *  Urban Outfitters, Inc   1,279,208 
 16,337  *  Vitamin Shoppe, Inc   75,150 
 22,843  *,e  Wayfair, Inc   1,596,726 
 50,567  e  Williams-Sonoma, Inc   2,609,257 
 1,341     Winmark Corp   175,336 
 10,806  *  Zumiez, Inc   190,726 
       TOTAL RETAILING   772,247,902 
             
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.0%     
 10,888  *,e  Acacia Communications, Inc   460,671 
 23,241  *  Advanced Energy Industries, Inc   1,968,978 
 483,029  *,e  Advanced Micro Devices, Inc   5,306,074 
 9,438  *  Alpha & Omega Semiconductor Ltd   173,942 
 18,701  *,e  Ambarella, Inc   1,055,484 
 61,372  *  Amkor Technology, Inc   710,074 
 212,432     Analog Devices, Inc   19,395,042 
 633,056     Applied Materials, Inc   35,723,350 
 18,274  *  Axcelis Technologies, Inc   601,215 
 24,099  *  AXT, Inc   224,121 
 236,951     Broadcom Ltd   62,533,738 
 40,434     Brooks Automation, Inc   1,390,525 
 14,152     Cabot Microelectronics Corp   1,368,074 
 38,354  *  Cavium, Inc   2,646,042 
 11,929  *  Ceva, Inc   576,171 
 36,955  *  Cirrus Logic, Inc   2,069,480 
 15,034     Cohu, Inc   387,877 
 55,969  *  Cree, Inc   1,998,093 
 5,464  *,e  CyberOptics Corp   78,682 
 193,466     Cypress Semiconductor Corp   3,068,371 
 21,451  *  Diodes, Inc   736,627 
 9,301  *  DSP Group, Inc   124,633 
 81,614  *  Entegris, Inc   2,672,858 
 47,551  *  First Solar, Inc   2,606,746 
 42,249  *  Formfactor, Inc   768,932 
 7,159  *,e  GSI Technology, Inc   49,540 
 11,289  *  Ichor Holdings Ltd   352,104 
 10,897  *,e  Impinj, Inc   372,024 
 24,850  *,e  Inphi Corp   1,018,353 
 76,423  *  Integrated Device Technology, Inc   2,374,463 
 2,762,309     Intel Corp   125,657,436 
 15,290  *  IXYS Corp   377,663 
 92,015     Kla-Tencor Corp   10,019,513 
 35,455  *  Kopin Corp   124,447 
 94,440     Lam Research Corp   19,697,351 
 74,546  *  Lattice Semiconductor Corp   436,094 
 23,555  *,e  MA-COM Technology Solutions   962,928 
 233,428     Marvell Technology Group Ltd   4,311,415 
 162,051     Maxim Integrated Products, Inc   8,514,160 
 33,579  *  MaxLinear, Inc   821,678 
192

TIAA-CREF FUNDS - Equity Index Fund

 

SHARES       COMPANY   VALUE  
             
 132,678     Microchip Technology, Inc  $12,577,874 
 629,109  *  Micron Technology, Inc   27,875,820 
 66,655  *  Microsemi Corp   3,557,377 
 31,402     MKS Instruments, Inc   3,411,827 
 22,804     Monolithic Power Systems, Inc   2,774,563 
 13,407  *  Nanometrics, Inc   379,016 
 21,727  *,e  NeoPhotonics Corp Ltd   113,198 
 2,815     NVE Corp   239,500 
 333,220     NVIDIA Corp   68,913,228 
 202,874  *  NXP Semiconductors NV   23,746,402 
 245,177  *  ON Semiconductor Corp   5,227,174 
 15,548  *,e  PDF Solutions, Inc   227,778 
 39,785  *  Photronics, Inc   385,914 
 21,367  *  Pixelworks, Inc   119,442 
 16,742     Power Integrations, Inc   1,345,220 
 73,641  *  Qorvo, Inc   5,582,724 
 867,115     Qualcomm, Inc   44,231,536 
 63,063  *  Rambus, Inc   927,657 
 17,478  *  Rudolph Technologies, Inc   485,015 
 36,891  *  Semtech Corp   1,514,376 
 14,732  *  Sigma Designs, Inc   89,129 
 23,529  *  Silicon Laboratories, Inc   2,232,902 
 107,928     Skyworks Solutions, Inc   12,288,682 
 11,822  *  SMART Global Holdings, Inc   370,856 
 39,501  *,e  SunPower Corp   281,247 
 115,981     Teradyne, Inc   4,974,425 
 589,678     Texas Instruments, Inc   57,015,966 
 19,758  *  Ultra Clean Holdings   504,224 
 27,685  *  Veeco Instruments, Inc   499,714 
 62,327     Versum Materials, Inc   2,622,720 
 30,275  *  Xcerra Corp   298,209 
 145,896     Xilinx, Inc   10,751,076 
 28,708     Xperi Corp   660,284 
       TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT   619,960,044 
             
SOFTWARE & SERVICES - 13.8%     
 24,966  *  2U, Inc   1,588,587 
 49,575  *  8x8, Inc   661,826 
 26,966  *  A10 Networks, Inc   197,121 
 366,678     Accenture plc   52,200,280 
 67,183  *  ACI Worldwide, Inc   1,617,767 
 433,465     Activision Blizzard, Inc   28,387,623 
 20,536  *  Actua Corp   317,281 
 43,216  *  Acxiom Corp   1,087,315 
 289,456  *  Adobe Systems, Inc   50,701,113 
 97,708  *  Akamai Technologies, Inc   5,105,243 
 12,055  *  Alarm.com Holdings, Inc   562,727 
 28,405     Alliance Data Systems Corp   6,355,051 
 174,409  *  Alphabet, Inc (Class A)   180,171,473 
 177,125  *  Alphabet, Inc (Class C)   180,072,360 
 5,232  *  Alteryx, Inc   118,191 
 14,773  *  Amber Road, Inc   110,207 
 96,288     Amdocs Ltd   6,268,349 
193

TIAA-CREF FUNDS - Equity Index Fund

 

SHARES       COMPANY   VALUE  
             
 15,388     American Software, Inc (Class A)  $190,965 
 50,328  *  Ansys, Inc   6,880,341 
 5,019  *  Appfolio, Inc   230,372 
 12,589  *  Apptio, Inc   305,283 
 42,424  *  Aspen Technology, Inc   2,737,196 
 42,730  *  Atlassian Corp plc   2,066,850 
 122,189  *  Autodesk, Inc   15,268,737 
 261,635     Automatic Data Processing, Inc   30,417,685 
 26,850  *  Bankrate, Inc   373,215 
 14,119  *  Barracuda Networks, Inc   329,114 
 39,296  *  Bazaarvoice, Inc   189,603 
 8,774  *,e  Benefitfocus, Inc   240,408 
 62,550  *  Black Knight, Inc   2,836,642 
 26,524     Blackbaud, Inc   2,686,881 
 30,386  *  Blackhawk Network Holdings, Inc   1,031,605 
 8,778  *,e  Blackline, Inc   311,795 
 24,622  *  Blucora, Inc   534,297 
 83,500     Booz Allen Hamilton Holding Co   3,155,465 
 24,238  *  Bottomline Technologies, Inc   789,189 
 46,880  *  Box, Inc   1,029,016 
 13,975  *  Brightcove, Inc   111,800 
 67,955     Broadridge Financial Solutions, Inc   5,838,694 
 17,171  *,e  BroadSoft, Inc   941,829 
 182,808     CA, Inc   5,919,323 
 13,822  *  CACI International, Inc (Class A)   1,986,912 
 160,703  *  Cadence Design Systems, Inc   6,935,941 
 37,141  *  Callidus Software, Inc   941,524 
 14,005  *  Carbonite, Inc   317,913 
 25,342  *  Cardtronics plc   580,332 
 8,834  *  Care.com, Inc   135,779 
 40,877  *,e  Cars.com, Inc   973,690 
 6,050     Cass Information Systems, Inc   390,225 
 77,110     CDK Global, Inc   4,901,112 
 18,244  *  ChannelAdvisor Corp   205,245 
 15,560  *,e  Cimpress NV   1,698,218 
 88,601  *  Citrix Systems, Inc   7,319,329 
 7,361  *,e  Cloudera, Inc   111,372 
 342,680     Cognizant Technology Solutions Corp (Class A)   25,930,596 
 16,529  *  CommerceHub, Inc   352,564 
 7,879  *  CommerceHub, Inc (Series A)   175,938 
 23,671  *  Commvault Systems, Inc   1,232,076 
 107,785  *  Conduent, Inc   1,668,512 
 53,597     Convergys Corp   1,379,051 
 30,264  *  Cornerstone OnDemand, Inc   1,160,927 
 20,439  *  CoStar Group, Inc   6,044,834 
 17,669  *  Coupa Software, Inc   613,998 
 18,600     CSG Systems International, Inc   787,524 
 92,641     CSRA, Inc   2,963,586 
 119,940  *  Dell Technologies, Inc-VMware Inc   9,927,434 
 33,306  *  DHI Group, Inc   73,273 
 6,054  *,e  Digimarc Corp   216,128 
 34,638     DST Systems, Inc   2,030,480 
 165,954     DXC Technology Co   15,188,110 
194

TIAA-CREF FUNDS - Equity Index Fund

 

SHARES       COMPANY   VALUE  
             
 586,571  *  eBay, Inc  $22,078,532 
 13,152  e  Ebix, Inc   893,678 
 175,592  *  Electronic Arts, Inc   21,000,803 
 19,262  *  Ellie Mae, Inc   1,732,617 
 35,390  *  Endurance International Group Holdings, Inc   290,198 
 23,809  *  Envestnet, Inc   1,271,401 
 27,966  *  EPAM Systems, Inc   2,549,101 
 65,095  *  Etsy, Inc   1,087,086 
 28,737  *  Euronet Worldwide, Inc   2,777,144 
 9,697  *  Everbridge, Inc   258,328 
 35,393  *  Everi Holdings, Inc   293,408 
 34,012     EVERTEC, Inc   510,180 
 6,421  *  EXA Corp   155,645 
 18,891  *  ExlService Holdings, Inc   1,179,176 
 1,368,187  *  Facebook, Inc   246,355,751 
 18,166     Fair Isaac Corp   2,636,977 
 193,027     Fidelity National Information Services, Inc   17,905,185 
 103,130  *  FireEye, Inc   1,744,960 
 48,327  *  First American Corp   2,266,536 
 266,126  *  First Data Corp   4,739,704 
 125,686  *  Fiserv, Inc   16,267,539 
 30,283  *  Five9, Inc   764,040 
 53,711  *  FleetCor Technologies, Inc   8,876,817 
 5,122     Forrester Research, Inc   223,831 
 86,845  *  Fortinet, Inc   3,422,561 
 50,290  *  Gartner, Inc   6,301,840 
 90,499     Genpact Ltd   2,755,695 
 21,795  *  Gigamon, Inc   839,108 
 88,320     Global Payments, Inc   9,180,864 
 66,585  *,e  Glu Mobile, Inc   267,006 
 68,294  *  GoDaddy, Inc   3,189,330 
 30,887  *,e  Gogo, Inc   307,017 
 49,793  *,e  GrubHub, Inc   3,038,369 
 17,068  *  GTT Communications, Inc   622,129 
 44,142  *  Guidewire Software, Inc   3,530,477 
 15,855     Hackett Group, Inc   244,801 
 28,899  *  Hortonworks, Inc   477,122 
 20,066  *  HubSpot, Inc   1,736,712 
 40,802  *  IAC/InterActiveCorp   5,265,498 
 18,740  *  Imperva, Inc   800,198 
 16,246  *  Information Services Group, Inc   66,284 
 11,820  *  Instructure, Inc   411,336 
 45,669  *,e  Internap Network Services Corp   212,361 
 504,144     International Business Machines Corp   77,668,425 
 143,645     Intuit, Inc   21,693,268 
 25,835     j2 Global, Inc   1,915,407 
 49,303     Jack Henry & Associates, Inc   5,429,739 
 7,079  *  Leaf Group Ltd   49,907 
 83,127     Leidos Holdings, Inc   5,197,100 
 43,337  *  Limelight Networks, Inc   214,518 
 10,535  *  Liquidity Services, Inc   60,050 
 30,644  *  Liveperson, Inc   430,548 
 30,401     LogMeIn, Inc   3,680,041 
195

TIAA-CREF FUNDS - Equity Index Fund

 

SHARES       COMPANY   VALUE  
             
 41,015  *  Manhattan Associates, Inc  $1,716,888 
 14,208     Mantech International Corp (Class A)   659,393 
 552,557     MasterCard, Inc (Class A)   82,203,905 
 21,408  *,e  Match Group, Inc   572,450 
 36,465     MAXIMUS, Inc   2,422,370 
 37,013  *  Meet Group, Inc   125,474 
 4,397,936     Microsoft Corp   365,820,316 
 5,590  *  MicroStrategy, Inc (Class A)   739,333 
 24,148  *  MINDBODY, Inc   778,773 
 17,947  *  Mitek Systems, Inc   159,728 
 32,597  *  MobileIron, Inc   125,498 
 17,396  *  Model N, Inc   253,112 
 18,352  *,e  MoneyGram International, Inc   285,374 
 23,038     Monotype Imaging Holdings, Inc   531,026 
 13,781  *  MuleSoft, Inc   322,338 
 17,031  *  New Relic, Inc   874,201 
 36,032     NIC, Inc   612,544 
 176,191  *  Nuance Communications, Inc   2,597,055 
 33,450  *,e  Nutanix, Inc   953,325 
 7,851  *  Okta, Inc   227,051 
 1,685,006     Oracle Corp   85,766,805 
 131,330  *,e  Pandora Media, Inc   960,022 
 3,781  *,e  Park City Group, Inc   41,780 
 191,705     Paychex, Inc   12,228,862 
 28,808  *,e  Paycom Software, Inc   2,368,018 
 14,973  *  Paylocity Holding Corp   799,708 
 663,628  *  PayPal Holdings, Inc   48,152,848 
 21,297     Pegasystems, Inc   1,241,615 
 18,898  *  Perficient, Inc   367,566 
 20,183  *  Planet Payment, Inc   90,218 
 10,996  *,e  Presidio, Inc   162,741 
 28,162     Progress Software Corp   1,192,097 
 25,362  *  Proofpoint, Inc   2,343,702 
 14,682  *  PROS Holdings, Inc   331,666 
 65,073  *  PTC, Inc   4,324,101 
 17,274  *  Q2 Holdings, Inc   735,009 
 5,552     QAD, Inc (Class A)   205,424 
 17,364  *  Qualys, Inc   918,556 
 21,071  *  QuinStreet, Inc   187,532 
 41,318  *  Quotient Technology, Inc   646,627 
 10,768  *  Rapid7, Inc   194,685 
 9,129  *  RealNetworks, Inc   43,089 
 33,203  *  RealPage, Inc   1,437,690 
 103,656  *  Red Hat, Inc   12,524,754 
 3,209     Reis, Inc   58,564 
 36,456  *  RingCentral, Inc   1,536,620 
 12,773  *  Rosetta Stone, Inc   129,901 
 25,265  *  Rubicon Project, Inc   89,943 
 118,774     Sabre Corp   2,323,219 
 396,083  *  salesforce.com, Inc   40,535,134 
 24,409     Science Applications International Corp   1,790,156 
 3,029  *,e  SecureWorks Corp   30,351 
 97,821  *  ServiceNow, Inc   12,361,640 
196

TIAA-CREF FUNDS - Equity Index Fund

 

SHARES       COMPANY   VALUE  
             
 43,992  *  ServiceSource International LLC  $153,092 
 10,089  *  Shutterstock, Inc   393,370 
 26,588  *  Silver Spring Networks, Inc   428,599 
 80,487  *  Splunk, Inc   5,416,775 
 9,690  *  SPS Commerce, Inc   476,360 
 142,186  *  Square, Inc   5,287,897 
 97,693     SS&C Technologies Holdings, Inc   3,927,259 
 9,208  *  Stamps.com, Inc   2,066,275 
 10,949  *  StarTek, Inc   130,731 
 21,637  *  Sykes Enterprises, Inc   626,175 
 358,131     Symantec Corp   11,639,258 
 24,250  *,e  Synchronoss Technologies, Inc   274,753 
 96,455  *  Synopsys, Inc   8,345,287 
 26,283  *  Syntel, Inc   613,971 
 34,209  *  Tableau Software, Inc   2,774,008 
 60,990  *  Take-Two Interactive Software, Inc   6,748,544 
 8,465  *  TechTarget, Inc   105,474 
 17,371  *  TeleNav, Inc   112,043 
 7,875     TeleTech Holdings, Inc   327,994 
 74,161  *  Teradata Corp   2,480,685 
 68,375     TiVo Corp   1,241,006 
 105,260     Total System Services, Inc   7,583,983 
 13,934  *  Trade Desk, Inc   918,529 
 68,958     Travelport Worldwide Ltd   1,081,951 
 41,228  *  TrueCar, Inc   667,069 
 5,104  *,e  Tucows, Inc   298,329 
 36,745  *,e  Twilio, Inc   1,174,003 
 391,181  *  Twitter, Inc   8,066,152 
 20,569  *  Tyler Technologies, Inc   3,646,678 
 16,240  *  Ultimate Software Group, Inc   3,290,062 
 29,931  *,e  Unisys Corp   261,896 
 3,790  *  Upland Software, Inc   83,266 
 93,920  *  Vantiv, Inc   6,574,400 
 10,633  *  Varonis Systems, Inc   463,599 
 16,657  *  Vasco Data Security International   226,535 
 34,785  *  Verint Systems, Inc   1,467,927 
 52,659  *  VeriSign, Inc   5,661,896 
 1,559  *,e  Veritone, Inc   55,345 
 30,324  *,e  VirnetX Holding Corp   156,169 
 15,177  *  Virtusa Corp   579,154 
 1,083,467     Visa, Inc (Class A)   119,159,701 
 42,061  *,e  VMware, Inc (Class A)   5,034,281 
 22,175  *  Website Pros, Inc   534,418 
 280,834     Western Union Co   5,577,363 
 22,304  *  WEX, Inc   2,756,551 
 76,289  *  Workday, Inc   8,467,316 
 15,731  *  Workiva, Inc   351,588 
 18,868  *  XO Group, Inc   376,605 
 45,384  *  Yelp, Inc   2,120,340 
 6,474  *  Yext, Inc   74,322 
 56,474  *  Zendesk, Inc   1,750,694 
 29,332  *  Zillow Group, Inc   1,211,705 
 61,293  *,e  Zillow Group, Inc (Class C)   2,530,175 
197

TIAA-CREF FUNDS - Equity Index Fund

 

SHARES       COMPANY   VALUE  
             
 23,238  *  Zix Corp  $112,704 
 442,689  *  Zynga, Inc   1,726,487 
       TOTAL SOFTWARE & SERVICES   2,158,759,336 
             
TECHNOLOGY HARDWARE & EQUIPMENT - 5.7%     
 62,986  *,e  3D Systems Corp   779,767 
 26,765     Adtran, Inc   564,741 
 25,955  *  Aerohive Networks, Inc   102,782 
 5,601  *  Agilysys, Inc   68,724 
 182,790     Amphenol Corp (Class A)   15,902,730 
 16,678  *  Anixter International, Inc   1,145,779 
 3,058,872     Apple, Inc   517,071,723 
 11,027  *,e  Applied Optoelectronics, Inc   449,240 
 30,943  *  Arista Networks, Inc   6,185,196 
 100,841  *  ARRIS International plc   2,873,968 
 55,416  *  Arrow Electronics, Inc   4,632,223 
 23,208  *  Avid Technology, Inc   103,044 
 77,535     Avnet, Inc   3,085,893 
 38,854     AVX Corp   732,009 
 16,518     Badger Meter, Inc   723,488 
 5,993     Bel Fuse, Inc (Class B)   193,874 
 24,174     Belden CDT, Inc   1,931,744 
 27,178  *  Benchmark Electronics, Inc   841,159 
 239,935     Brocade Communications Systems, Inc   2,795,243 
 21,846  *  CalAmp Corp   496,560 
 30,209  *  Calix, Inc   166,149 
 87,771     CDW Corp   6,143,970 
 81,694  *  Ciena Corp   1,737,631 
 2,939,763     Cisco Systems, Inc   100,392,906 
 4,709  *,e  Clearfield, Inc   64,513 
 48,425     Cognex Corp   5,963,539 
 14,320  *  Coherent, Inc   3,762,007 
 109,568  *  CommScope Holding Co, Inc   3,521,516 
 12,255     Comtech Telecommunications Corp   263,605 
 13,429  *  Control4 Corp   395,484 
 518,370     Corning, Inc   16,230,165 
 23,580  *  Cray, Inc   486,927 
 19,626     CTS Corp   533,827 
 20,391     Daktronics, Inc   209,416 
 43,560  e  Diebold, Inc   840,708 
 10,399  *  Digi International, Inc   108,150 
 32,897     Dolby Laboratories, Inc (Class A)   1,906,052 
 12,180  *,e  Eastman Kodak Co   65,163 
 31,487  *  EchoStar Corp (Class A)   1,761,698 
 18,407  *  Electro Scientific Industries, Inc   329,301 
 27,188  *  Electronics for Imaging, Inc   839,022 
 14,430  *  EMCORE Corp   119,047 
 7,241  *  ePlus, Inc   692,240 
 65,871  *  Extreme Networks, Inc   790,452 
 37,877  *  F5 Networks, Inc   4,593,344 
 20,714  *  Fabrinet   770,147 
 9,743  *  FARO Technologies, Inc   504,687 
 66,864  *  Finisar Corp   1,573,979 
198

TIAA-CREF FUNDS - Equity Index Fund

 

SHARES       COMPANY   VALUE  
             
 105,094  *,e  Fitbit, Inc  $645,277 
 77,887     Flir Systems, Inc   3,646,669 
 48,161  *  Harmonic, Inc   178,196 
 70,838     Harris Corp   9,869,150 
 963,197     Hewlett Packard Enterprise Co   13,407,702 
 999,304     HP, Inc   21,535,001 
 34,845  *  II-VI, Inc   1,574,994 
 19,972  *,e  Immersion Corp   161,374 
 80,468  *,e  Infinera Corp   673,517 
 19,810  *  Insight Enterprises, Inc   892,440 
 19,390     InterDigital, Inc   1,422,256 
 14,081  *  Intevac, Inc   118,280 
 21,053  *  IPG Photonics Corp   4,482,394 
 14,205  *  Iteris, Inc   98,157 
 19,485  *  Itron, Inc   1,522,753 
 102,296     Jabil Circuit, Inc   2,892,931 
 218,296     Juniper Networks, Inc   5,420,290 
 28,344  *  Kemet Corp   728,157 
 113,865  *  Keysight Technologies, Inc   5,086,350 
 14,861  *  Kimball Electronics, Inc   326,942 
 48,953  *  Knowles Corp   810,662 
 5,979  *  KVH Industries, Inc   69,057 
 12,530     Littelfuse, Inc   2,618,770 
 35,415  *  Lumentum Holdings, Inc   2,236,457 
 16,124  *,e  Maxwell Technologies, Inc   77,718 
 1,740     Mesa Laboratories, Inc   277,443 
 20,017     Methode Electronics, Inc   938,797 
 36,677  *,e  Microvision, Inc   81,056 
 95,603     Motorola, Inc   8,655,896 
 9,377     MTS Systems Corp   488,073 
 6,122  *  Napco Security Technologies, Inc   62,138 
 65,321     National Instruments Corp   2,939,445 
 68,507  *  NCR Corp   2,198,390 
 157,360     NetApp, Inc   6,989,931 
 18,743  *  Netgear, Inc   874,361 
 49,501  *  Netscout Systems, Inc   1,405,828 
 17,796  *  Novanta, Inc   841,751 
 99,164  *,e  Oclaro, Inc   820,086 
 9,682  *  OSI Systems, Inc   855,695 
 52,083  *  Palo Alto Networks, Inc   7,666,618 
 10,975     Park Electrochemical Corp   207,208 
 5,271     PC Connection, Inc   142,317 
 7,710  *  PC Mall, Inc   108,325 
 20,175     Plantronics, Inc   915,138 
 26,422  *  Plexus Corp   1,623,103 
 53,780  *  Pure Storage, Inc   883,605 
 13,446  *  Quantenna Communications, Inc   208,279 
 15,622  *  Quantum Corp   82,797 
 17,506  *  Radisys Corp   23,108 
 10,395  *  Rogers Corp   1,580,872 
 41,992  *  Sanmina Corp   1,374,188 
 15,267  *  Scansource, Inc   655,718 
 27,191  *  Sonus Networks, Inc   212,090 
199

TIAA-CREF FUNDS - Equity Index Fund

 

SHARES       COMPANY   VALUE  
             
 28,935  *,e  Stratasys Ltd  $651,616 
 21,869  *  Super Micro Computer, Inc   435,193 
 20,141  *  Synaptics, Inc   747,634 
 16,236     SYNNEX Corp   2,189,912 
 6,643     Systemax, Inc   189,658 
 20,215  *  Tech Data Corp   1,875,346 
 154,678  *  Trimble Navigation Ltd   6,323,237 
 51,496  *  TTM Technologies, Inc   812,607 
 13,075  *,e  Ubiquiti Networks, Inc   813,003 
 24,339     Universal Display Corp   3,565,663 
 27,064  *  USA Technologies, Inc   171,856 
 61,871  *  VeriFone Systems, Inc   1,180,499 
 29,689  *,e  Viasat, Inc   1,932,754 
 132,549  *  Viavi Solutions, Inc   1,230,055 
 83,131  e  Vishay Intertechnology, Inc   1,849,665 
 5,516  *  Vishay Precision Group, Inc   135,418 
 170,724     Western Digital Corp   15,240,531 
 133,109     Xerox Corp   4,034,534 
 30,376  *  Zebra Technologies Corp (Class A)   3,523,312 
       TOTAL TECHNOLOGY HARDWARE & EQUIPMENT   885,955,775 
             
TELECOMMUNICATION SERVICES - 1.8%     
 3,607,538     AT&T, Inc   121,393,654 
 5,799     ATN International, Inc   314,828 
 24,097  *  Boingo Wireless, Inc   563,388 
 563,071  e  CenturyLink, Inc   10,692,718 
 24,433  *  Cincinnati Bell, Inc   466,670 
 23,344     Cogent Communications Group, Inc   1,258,242 
 39,329     Consolidated Communications Holdings, Inc   753,937 
 45,984  e  Frontier Communications Corp   556,866 
 14,505  *  General Communication, Inc (Class A)   593,110 
 266,072  *,e  Globalstar, Inc   428,376 
 3,994  *  Hawaiian Telcom Holdco, Inc   120,419 
 11,245     IDT Corp (Class B)   148,209 
 21,741  *  Intelsat S.A.   94,573 
 46,094  *,e  Iridium Communications, Inc   553,128 
 20,123  *  Lumos Networks Corp   361,409 
 10,234  *  Ooma, Inc   107,457 
 52,306  *  Orbcomm, Inc   591,581 
 5,431  *,e  pdvWireless, Inc   155,055 
 26,543     Shenandoah Telecom Co   1,008,634 
 14,272     Spok Holdings, Inc   241,910 
 373,164  *,e  Sprint Corp   2,440,493 
 5,637  *  Straight Path Communications, Inc   1,023,172 
 54,236     Telephone & Data Systems, Inc   1,580,979 
 171,928  *  T-Mobile US, Inc   10,276,137 
 7,820  *  US Cellular Corp   286,134 
 2,391,222     Verizon Communications, Inc   114,467,797 
 114,924  *  Vonage Holdings Corp   934,332 
 118,291  e  Windstream Holdings, Inc   222,387 
 108,167  *  Zayo Group Holdings, Inc   3,900,502 
       TOTAL TELECOMMUNICATION SERVICES   275,536,097 
200

TIAA-CREF FUNDS - Equity Index Fund

 

SHARES       COMPANY   VALUE  
             
TRANSPORTATION - 2.0%  
 33,190  *  Air Transport Services Group, Inc  $803,198 
 69,611     Alaska Air Group, Inc   4,596,414 
 7,231     Allegiant Travel Co   986,308 
 3,037     Amerco, Inc   1,192,448 
 258,358     American Airlines Group, Inc   12,096,322 
 15,562     Arkansas Best Corp   507,321 
 13,672  *  Atlas Air Worldwide Holdings, Inc   838,777 
 43,899  *  Avis Budget Group, Inc   1,810,834 
 81,644     CH Robinson Worldwide, Inc   6,411,503 
 18,178     Copa Holdings S.A. (Class A)   2,239,348 
 33,867     Costamare, Inc   210,314 
 7,369  *  Covenant Transportation Group, Inc   218,859 
 512,499     CSX Corp   25,845,325 
 10,932  *,e  Daseke, Inc   151,190 
 391,380     Delta Air Lines, Inc   19,580,741 
 22,782  *,e  Eagle Bulk Shipping, Inc   107,075 
 14,127  *  Echo Global Logistics, Inc   339,754 
 103,183     Expeditors International of Washington, Inc   6,023,824 
 145,096     FedEx Corp   32,764,128 
 16,700     Forward Air Corp   959,248 
 5,727  *  Genco Shipping & Trading Ltd   68,781 
 34,951  *  Genesee & Wyoming, Inc (Class A)   2,508,783 
 30,963  *  Hawaiian Holdings, Inc   1,037,261 
 34,068     Heartland Express, Inc   726,670 
 32,359  *  Hertz Global Holdings, Inc   804,768 
 17,800  *  Hub Group, Inc (Class A)   770,740 
 50,483     J.B. Hunt Transport Services, Inc   5,370,886 
 194,481  *  JetBlue Airways Corp   3,724,311 
 61,616     Kansas City Southern Industries, Inc   6,421,620 
 29,839  *  Kirby Corp   2,114,093 
 73,215  *  Knight-Swift Transportation Holdings, Inc   3,034,762 
 24,076     Landstar System, Inc   2,377,505 
 44,766     Macquarie Infrastructure Co LLC   3,113,475 
 21,130     Marten Transport Ltd   415,205 
 24,882     Matson, Inc   677,537 
 55,519  *,e  Navios Maritime Holdings, Inc   101,045 
 170,115     Norfolk Southern Corp   22,356,513 
 35,482     Old Dominion Freight Line   4,297,935 
 4,949     Park-Ohio Holdings Corp   233,345 
 26,945  *  Radiant Logistics, Inc   131,492 
 18,088  *  Roadrunner Transportation Services Holdings, Inc   159,174 
 31,002     Ryder System, Inc   2,513,642 
 35,001  *  Safe Bulkers, Inc   124,254 
 15,104  *  Saia, Inc   978,739 
 18,625     Schneider National, Inc   487,789 
 35,642  *  Scorpio Bulkers, Inc   285,136 
 29,787     Skywest, Inc   1,402,968 
 328,768     Southwest Airlines Co   17,707,444 
 40,120  *  Spirit Airlines, Inc   1,488,051 
 473,897     Union Pacific Corp   54,872,534 
 161,319  *  United Continental Holdings, Inc   9,433,935 
 405,400     United Parcel Service, Inc (Class B)   47,646,662 
201

TIAA-CREF FUNDS - Equity Index Fund

 

SHARES       COMPANY   VALUE  
             
 2,557     Universal Truckload Services, Inc  $55,231 
 27,617     Werner Enterprises, Inc   984,546 
 68,401  *  XPO Logistics, Inc   4,743,609 
 19,630  *  YRC Worldwide, Inc   264,416 
       TOTAL TRANSPORTATION   321,117,788 
             
UTILITIES - 3.2%  
 389,770     AES Corp   4,143,255 
 27,819     Allete, Inc   2,179,619 
 125,914     Alliant Energy Corp   5,447,040 
 138,819     Ameren Corp   8,605,390 
 291,872     American Electric Power Co, Inc   21,718,196 
 20,071     American States Water Co   1,078,816 
 103,440     American Water Works Co, Inc   9,077,894 
 108,265     Aqua America, Inc   3,841,242 
 8,679  *  AquaVenture Holdings Ltd   105,623 
 4,310     Artesian Resources Corp   175,072 
 80,726  *  Atlantic Power Corp   197,779 
 64,532     Atmos Energy Corp   5,629,772 
 36,644     Avangrid, Inc   1,895,594 
 35,691     Avista Corp   1,864,498 
 29,767     Black Hills Corp   1,942,594 
 11,578  *,e  Cadiz, Inc   153,408 
 29,493     California Water Service Group   1,238,706 
 207,162  *  Calpine Corp   3,095,000 
 244,123     Centerpoint Energy, Inc   7,221,158 
 9,510     Chesapeake Utilities Corp   766,030 
 168,545     CMS Energy Corp   8,152,522 
 6,271     Connecticut Water Service, Inc   388,927 
 183,836     Consolidated Edison, Inc   15,819,088 
 6,110     Consolidated Water Co, Inc   75,153 
 383,382     Dominion Resources, Inc   31,107,615 
 106,261     DTE Energy Co   11,737,590 
 415,360     Duke Energy Corp   36,680,442 
 65,085  *  Dynegy, Inc   810,308 
 182,128     Edison International   14,561,134 
 22,298     El Paso Electric Co   1,282,135 
 107,848     Entergy Corp   9,302,968 
 190,022     Eversource Energy   11,902,978 
 560,299     Exelon Corp   22,529,623 
 256,105     FirstEnergy Corp   8,438,660 
 5,556     Genie Energy Ltd   31,780 
 5,796     Global Water Resources, Inc   54,540 
 131,163     Great Plains Energy, Inc   4,306,081 
 60,495     Hawaiian Electric Industries, Inc   2,205,648 
 28,558     Idacorp, Inc   2,628,193 
 109,723     MDU Resources Group, Inc   3,000,924 
 21,480     MGE Energy, Inc   1,418,754 
 10,199     Middlesex Water Co   443,453 
 45,678     National Fuel Gas Co   2,651,608 
 48,485     New Jersey Resources Corp   2,155,158 
 273,512     NextEra Energy, Inc   42,413,506 
 188,015     NiSource, Inc   4,957,956 
202

TIAA-CREF FUNDS - Equity Index Fund

 

SHARES       COMPANY   VALUE  
             
 16,216     Northwest Natural Gas Co  $1,075,932 
 28,805     NorthWestern Corp   1,707,560 
 174,430     NRG Energy, Inc   4,360,750 
 19,670     NRG Yield, Inc (Class A)   360,944 
 36,144     NRG Yield, Inc (Class C)   672,278 
 112,558     OGE Energy Corp   4,146,637 
 29,026     ONE Gas, Inc   2,234,421 
 24,589     Ormat Technologies, Inc   1,596,564 
 21,807     Otter Tail Corp   1,002,032 
 40,021     Pattern Energy Group, Inc   923,284 
 297,880     PG&E Corp   17,208,528 
 61,782     Pinnacle West Capital Corp   5,418,899 
 42,794     PNM Resources, Inc   1,857,260 
 48,233     Portland General Electric Co   2,302,643 
 404,540     PPL Corp   15,194,522 
 294,163     Public Service Enterprise Group, Inc   14,472,820 
 8,960  *  Pure Cycle Corp   68,096 
 3,770     RGC Resources, Inc   109,669 
 76,693     SCANA Corp   3,308,536 
 147,119     Sempra Energy   17,286,483 
 9,091     SJW Corp   539,187 
 43,304     South Jersey Industries, Inc   1,471,037 
 582,610     Southern Co   30,412,242 
 26,292     Southwest Gas Corp   2,166,198 
 7,359  e  Spark Energy, Inc   103,026 
 26,210     Spire, Inc   2,069,280 
 53,134  *  TerraForm Global, Inc   259,028 
 97,553     UGI Corp   4,668,887 
 12,359     Unitil Corp   642,668 
 46,141     Vectren Corp   3,144,048 
 141,140     Vistra Energy Corp   2,743,762 
 20,174  *,e  Vivint Solar, Inc   75,653 
 186,518     WEC Energy Group, Inc   12,569,448 
 84,886     Westar Energy, Inc   4,539,703 
 31,500     WGL Holdings, Inc   2,699,550 
 300,102     Xcel Energy, Inc   14,861,051 
 7,260     York Water Co   255,552 
       TOTAL UTILITIES   497,961,608 
             
       TOTAL COMMON STOCKS   15,581,490,531 
       (Cost $9,699,451,750)     
             
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 
 4,598  *,m  Tobira Therapeutics, Inc   276 
       TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES   2,700 
203

TIAA-CREF FUNDS - Equity Index Fund

 

SHARES       COMPANY               VALUE  
                         
SOFTWARE & SERVICES - 0.0%              
 3,514  †,m  Gerber Scientific, Inc              $0 
       TOTAL SOFTWARE & SERVICES               0 
                         
       TOTAL RIGHTS / WARRANTS               2,700 
       (Cost $364)                 
                         
PRINCIPAL       ISSUER   RATE   MATURITY DATE        
              
SHORT-TERM INVESTMENTS - 1.6%             
              
GOVERNMENT AGENCY DEBT - 0.3%             
$42,700,000     Federal Home Loan Bank (FHLB)   0.850%  11/01/17   42,700,000 
       TOTAL GOVERNMENT AGENCY DEBT           42,700,000 
                     
TREASURY DEBT - 0.0%             
 2,950,000     United States Treasury Bill   0.961   12/07/17   2,947,105 
       TOTAL TREASURY DEBT           2,947,105 
                     
SHARES     COMPANY             
                     
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.3%             
 200,905,673  c  State Street Navigator Securities Lending Government Money Market Portfolio      200,905,673 
       TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES      200,905,673 
                     
       TOTAL SHORT-TERM INVESTMENTS           246,552,778 
       (Cost $246,552,839)             
       TOTAL INVESTMENTS - 101.3%           15,828,046,009 
       (Cost $9,946,004,953)             
       OTHER ASSETS & LIABILITIES, NET - (1.3)%           (199,219,288)
       NET ASSETS - 100.0%          $15,628,826,721 

 

       
    Abbreviation(s):
    CVR     Contingent Value Rights
    REIT    Real Estate Investment Trust

 

*   Non-income producing
†   Security is categorized as Level 3 in the fair value hierarchy.
c   Investments made with cash collateral received from securities on loan.
d   All or a portion of these securities have been segregated to cover margin requirements on open futures contracts.
e   All or a portion of these securities are out on loan. The aggregate value of securities on loan is $194,873,093.
m   Indicates a security that has been deemed illiquid.

 

 

 

Futures contracts outstanding as of October 31, 2017 were as follows (See Note 3):

 

Description  Number of
long (short)
contracts		  Expiration date  Notional amount   Value   Unrealized
appreciation (depreciation)		 
Russell 2000 E Mini Index  53  12/15/17  $3,986,142   $3,982,155    $(3,987)
S&P 500 E Mini Index  233  12/15/17   29,915,636    29,971,955    56,319 
S&P Mid-Cap 400 E-Mini Index  22  12/15/17   4,021,272    4,034,580    13,308 
Total  308     $37,923,050    $37,988,690    $65,640 
204

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

 

TIAA-CREF FUNDS

LARGE-CAP GROWTH INDEX FUND

SCHEDULE OF INVESTMENTS

October 31, 2017

 

SHARES     COMPANY  VALUE 
             
COMMON STOCKS - 99.9%
             
AUTOMOBILES & COMPONENTS - 0.8%
 9,643     BorgWarner, Inc  $508,379 
 117,096     Delphi Automotive plc   11,637,001 
 78,579     Gentex Corp   1,525,218 
 55,545  e  Harley-Davidson, Inc   2,629,500 
 24,455     Lear Corp   4,294,054 
 56,805  *  Tesla, Inc   18,832,562 
 21,550     Thor Industries, Inc   2,935,541 
 13,735  *  Visteon Corp   1,731,159 
       TOTAL AUTOMOBILES & COMPONENTS   44,093,414 
             
BANKS - 0.3%
 24,642     Bank of the Ozarks, Inc   1,148,810 
 3,635     East West Bancorp, Inc   217,518 
 54,621     First Republic Bank   5,320,085 
 9,694     Pinnacle Financial Partners, Inc   641,743 
 14,067  *  Signature Bank   1,828,851 
 17,026  *  SVB Financial Group   3,733,461 
 23,972  *  Western Alliance Bancorp   1,337,638 
       TOTAL BANKS   14,228,106 
             
CAPITAL GOODS - 8.6%
 254,168     3M Co   58,506,932 
 62,626     A.O. Smith Corp   3,707,459 
 12,532     Acuity Brands, Inc   2,095,350 
 3,175     Air Lease Corp   137,954 
 41,584     Allegion plc   3,467,690 
 58,799     Allison Transmission Holdings, Inc   2,498,370 
 16,242     Ametek, Inc   1,096,173 
 19,447  *  Armstrong World Industries, Inc   993,742 
 243,611     Boeing Co   62,846,766 
 41,197     BWX Technologies, Inc   2,468,524 
 225,179     Caterpillar, Inc   30,579,308 
 22,257     Cummins, Inc   3,936,818 
 139,155     Deere & Co   18,490,916 
 53,258     Donaldson Co, Inc   2,514,310 
 7,165     Dover Corp   684,186 
 39,798     Emerson Electric Co   2,565,379 
 51,898     Equifax, Inc   5,632,490 
 125,892     Fastenal Co   5,913,147 
 121,331     Fortive Corp   8,767,378 
 62,392     Fortune Brands Home & Security, Inc   4,121,616 
 19,564  *  Gardner Denver Holdings, Inc   564,421 
 46,514     General Dynamics Corp   9,441,412 
 659,343     General Electric Co   13,292,355 
205

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

 

SHARES     COMPANY  VALUE 
             
 24,150     Graco, Inc  $3,182,728 
 88,023  *  HD Supply Holdings, Inc   3,115,134 
 10,865     HEICO Corp   985,238 
 21,323     HEICO Corp (Class A)   1,622,680 
 26,068     Hexcel Corp   1,582,067 
 194,459     Honeywell International, Inc   28,033,209 
 15,200     Hubbell, Inc   1,912,464 
 16,343     Huntington Ingalls   3,805,141 
 31,082     IDEX Corp   3,985,023 
 133,648     Illinois Tool Works, Inc   20,918,585 
 55,841     Ingersoll-Rand plc   4,947,513 
 15,501     Lennox International, Inc   2,962,706 
 25,553     Lincoln Electric Holdings, Inc   2,342,444 
 98,699     Lockheed Martin Corp   30,415,084 
 89,896     Masco Corp   3,579,659 
 24,662  *  Middleby Corp   2,858,326 
 7,825     MSC Industrial Direct Co (Class A)   648,692 
 25,243     Nordson Corp   3,198,036 
 70,783     Northrop Grumman Corp   20,918,500 
 49,849     Parker-Hannifin Corp   9,102,926 
 16,613  *  Quanta Services, Inc   626,808 
 47,262     Raytheon Co   8,516,612 
 56,169     Rockwell Automation, Inc   11,279,859 
 70,877     Rockwell Collins, Inc   9,610,921 
 41,571     Roper Industries, Inc   10,732,385 
 37,475  *  Sensata Technologies Holding BV   1,832,902 
 3,248     Snap-On, Inc   512,469 
 6,784     Stanley Works   1,095,955 
 45,924     Toro Co   2,886,323 
 21,129     TransDigm Group, Inc   5,863,298 
 36,978  *  United Rentals, Inc   5,231,647 
 45,843  *  Univar, Inc   1,363,829 
 21,257     W.W. Grainger, Inc   4,202,509 
 22,152  *  WABCO Holdings, Inc   3,268,971 
 12,123     Wabtec Corp   927,410 
 13,277     Watsco, Inc   2,211,550 
 56,142  *  Welbilt, Inc   1,238,493 
 40,834     Xylem, Inc   2,716,685 
       TOTAL CAPITAL GOODS   468,557,477 
             
COMMERCIAL & PROFESSIONAL SERVICES - 0.8%
 37,550     Cintas Corp   5,596,452 
 16,265  *  Clean Harbors, Inc   870,340 
 86,658  *  Copart, Inc   3,144,819 
 6,549     Dun & Bradstreet Corp   765,120 
 95,432  *  IHS Markit Ltd   4,066,358 
 59,525     KAR Auction Services, Inc   2,817,318 
 53,880     Robert Half International, Inc   2,789,368 
 41,664     Rollins, Inc   1,829,466 
 65,333  *  TransUnion   3,429,329 
 66,345  *  Verisk Analytics, Inc   5,642,642 
 159,261     Waste Management, Inc   13,086,476 
       TOTAL COMMERCIAL & PROFESSIONAL SERVICES   44,037,688 
206

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

 

SHARES     COMPANY  VALUE 
             
CONSUMER DURABLES & APPAREL - 1.4%
 31,664     Brunswick Corp  $1,603,782 
 20,405     Carter’s, Inc   1,973,776 
 81,687     DR Horton, Inc   3,611,382 
 158,015  e  Hanesbrands, Inc   3,555,337 
 37,541     Hasbro, Inc   3,475,921 
 47,520     Leggett & Platt, Inc   2,245,795 
 42,412  *  Lululemon Athletica, Inc   2,608,762 
 28,972  e  Mattel, Inc   409,085 
 4,578  *  Michael Kors Holdings Ltd   223,452 
 1,627  *  Mohawk Industries, Inc   425,884 
 579,661     Nike, Inc (Class B)   31,875,559 
 1,452  *  NVR, Inc   4,764,549 
 25,711  e  Polaris Industries, Inc   3,044,954 
 17,701     Pool Corp   2,137,927 
 34,995     Pulte Homes, Inc   1,057,899 
 24,557  *  Skechers U.S.A., Inc (Class A)   783,859 
 20,327     Tapestry, Inc   832,391 
 8,185  *  Tempur Sealy International, Inc   535,053 
 30,992     Toll Brothers, Inc   1,426,872 
 22,266     Tupperware Corp   1,308,128 
 59,968  *,e  Under Armour, Inc   691,431 
 58,270  *,e  Under Armour, Inc (Class A)   729,540 
 105,216     VF Corp   7,328,294 
 2,399     Whirlpool Corp   393,268 
       TOTAL CONSUMER DURABLES & APPAREL   77,042,900 
              
CONSUMER SERVICES - 3.5%
 44,691     ARAMARK Holdings Corp   1,952,550 
 22,057  *  Bright Horizons Family Solutions   1,903,519 
 11,037  *  Chipotle Mexican Grill, Inc (Class A)   3,000,960 
 14,632     Choice Hotels International, Inc   1,020,582 
 54,256     Darden Restaurants, Inc   4,463,641 
 20,850     Domino’s Pizza, Inc   3,815,550 
 39,492     Dunkin Brands Group, Inc   2,332,792 
 46,419     Extended Stay America, Inc   920,025 
 14,258     H&R Block, Inc   352,743 
 30,540  *  Hilton Grand Vacations, Inc   1,250,918 
 84,679     Hilton Worldwide Holdings, Inc   6,120,598 
 157,888     Las Vegas Sands Corp   10,006,941 
 138,295     Marriott International, Inc (Class A)   16,523,487 
 357,690     McDonald’s Corp   59,702,038 
 15,638     MGM Resorts International   490,251 
 79,008     Service Corp International   2,801,624 
 59,103  *  ServiceMaster Global Holdings, Inc   2,784,342 
 29,053     Six Flags Entertainment Corp   1,824,238 
 618,056     Starbucks Corp   33,894,191 
 17,313     Vail Resorts, Inc   3,965,023 
 79,995     Wendy’s   1,216,724 
 44,475     Wyndham Worldwide Corp   4,752,154 
207

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

 

SHARES     COMPANY  VALUE 
             
 34,887     Wynn Resorts Ltd  $5,145,484 
 139,767  *  Yum China Holdings, Inc   5,639,599 
 152,753     Yum! Brands, Inc   11,372,461 
       TOTAL CONSUMER SERVICES   187,252,435 
             
DIVERSIFIED FINANCIALS - 2.1%
 58,721     Ameriprise Financial, Inc   9,192,185 
 28,181     BGC Partners, Inc (Class A)   427,506 
 13,397     Capital One Financial Corp   1,234,935 
 48,368     CBOE Holdings, Inc   5,468,486 
 412,102     Charles Schwab Corp   18,478,654 
 4,414  *,e  Credit Acceptance Corp   1,265,626 
 47,408     Eaton Vance Corp   2,392,682 
 17,048     Factset Research Systems, Inc   3,236,904 
 12,320     Federated Investors, Inc (Class B)   382,782 
 121,617     IntercontinentalExchange Group, Inc   8,038,884 
 26,135     Invesco Ltd   935,372 
 73,679     iShares Russell 1000 Growth Index Fund   9,575,323 
 46,970     Lazard Ltd (Class A)   2,232,954 
 9,077     Legg Mason, Inc   346,560 
 33,900     Leucadia National Corp   857,670 
 38,594     LPL Financial Holdings, Inc   1,914,648 
 15,949     MarketAxess Holdings, Inc   2,775,126 
 73,072     Moody’s Corp   10,406,184 
 7,796     Morningstar, Inc   664,297 
 38,813     MSCI, Inc (Class A)   4,555,094 
 14,368     Raymond James Financial, Inc   1,218,119 
 112,841     S&P Global, Inc   17,656,231 
 57,853     SEI Investments Co   3,732,097 
 8,532     State Street Corp   784,944 
 15,880     T Rowe Price Group, Inc   1,475,252 
 98,468     TD Ameritrade Holding Corp   4,922,415 
 4,389     Voya Financial, Inc   176,262 
       TOTAL DIVERSIFIED FINANCIALS   114,347,192 
             
ENERGY - 0.9%
 49,924  *  Antero Resources Corp   968,526 
 9,294     Apache Corp   384,493 
 141,278     Cabot Oil & Gas Corp   3,913,401 
 58,574  *  Cheniere Energy, Inc   2,737,749 
 27,410  *,e  Chesapeake Energy Corp   106,899 
 38,016     Cimarex Energy Co   4,445,211 
 16,675  *  Continental Resources, Inc   678,839 
 17,342     Devon Energy Corp   639,920 
 9,542  *  Diamondback Energy, Inc   1,022,521 
 24,275     EOG Resources, Inc   2,424,344 
 6,967  *  Gulfport Energy Corp   95,448 
 256,098     Halliburton Co   10,945,628 
 72,508  *  Laredo Petroleum Holdings, Inc   864,295 
 87,406  *  Newfield Exploration Co   2,691,231 
 165,098     Oneok, Inc   8,959,868 
 66,779  *  Parsley Energy, Inc   1,776,321 
208

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

 

SHARES     COMPANY  VALUE 
             
 38,511  *  Rice Energy, Inc  $1,091,787 
 24,676  e  RPC, Inc   599,873 
 29,104  *  RSP Permian, Inc   1,001,469 
 52,578     Williams Cos, Inc   1,498,473 
       TOTAL ENERGY   46,846,296 
             
FOOD & STAPLES RETAILING - 0.4%
 211,544     Kroger Co   4,378,961 
 227,173  *,e  Rite Aid Corp   374,835 
 58,202  *  Sprouts Farmers Market, Inc   1,076,155 
 215,365     Sysco Corp   11,978,601 
 75,439     Walgreens Boots Alliance, Inc   4,999,343 
       TOTAL FOOD & STAPLES RETAILING   22,807,895 
             
FOOD, BEVERAGE & TOBACCO - 5.1%
 846,497     Altria Group, Inc   54,362,037 
 41,101  *  Blue Buffalo Pet Products, Inc   1,189,052 
 22,411     Brown-Forman Corp   1,284,823 
 72,327     Brown-Forman Corp (Class B)   4,124,086 
 50,912     Campbell Soup Co   2,411,701 
 1,259,866     Coca-Cola Co   57,928,639 
 70,767     Constellation Brands, Inc (Class A)   15,504,342 
 190,822     Costco Wholesale Corp   30,737,608 
 78,831     Dr Pepper Snapple Group, Inc   6,752,663 
 179,459     General Mills, Inc   9,317,511 
 54,443     Hershey Co   5,780,758 
 99,987     Kellogg Co   6,252,187 
 15,276     Lamb Weston Holdings, Inc   778,923 
 52,312     McCormick & Co, Inc   5,206,613 
 180,801  *  Monster Beverage Corp   10,473,802 
 544,760     PepsiCo, Inc   60,048,895 
 60,971     Philip Morris International, Inc   6,380,005 
 20,592  *  Pilgrim’s Pride Corp   654,414 
 7,228  *  TreeHouse Foods, Inc   479,795 
       TOTAL FOOD, BEVERAGE & TOBACCO   279,667,854 
             
HEALTH CARE EQUIPMENT & SERVICES - 5.6%
 17,952  *  Abiomed, Inc   3,463,300 
 45,643     Aetna Inc   7,760,679 
 34,672  *  Align Technology, Inc   8,285,915 
 69,396     AmerisourceBergen Corp   5,340,022 
 17,157  *  athenahealth, Inc   2,194,037 
 31,735     Bard (C.R.), Inc   10,379,566 
 20,280     Baxter International, Inc   1,307,452 
 97,775     Becton Dickinson & Co   20,402,709 
 598,599  *  Boston Scientific Corp   16,844,576 
 9,610  *  Centene Corp   900,169 
 125,816  *  Cerner Corp   8,495,096 
 95,313     Cigna Corp   18,797,630 
 16,423     Cooper Cos, Inc   3,945,790 
 37,585  *,e  DexCom, Inc   1,690,197 
209

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

 

SHARES     COMPANY  VALUE 
             
 91,324  *  Edwards Lifesciences Corp  $9,336,053 
 16,991  *  Express Scripts Holding Co   1,041,378 
 9,374  *  HCA Holdings, Inc   709,143 
 68,476  *  Henry Schein, Inc   5,382,214 
 27,028     Hill-Rom Holdings, Inc   2,181,430 
 68,401  *  Hologic, Inc   2,588,978 
 59,299     Humana, Inc   15,142,000 
 38,099  *  IDEXX Laboratories, Inc   6,330,911 
 47,942  *  Intuitive Surgical, Inc   17,995,509 
 3,317  *  LifePoint Hospitals, Inc   159,714 
 9,526     McKesson Corp   1,313,445 
 44,266     Medtronic plc   3,564,298 
 4,333     Patterson Cos, Inc   160,321 
 7,501  *  Premier, Inc   245,058 
 60,747     Resmed, Inc   5,113,682 
 148,762     Stryker Corp   23,038,771 
 3,158     Teleflex, Inc   748,383 
 419,592     UnitedHealth Group, Inc   88,206,630 
 40,359  *  Varian Medical Systems, Inc   4,205,004 
 47,474  *  Veeva Systems, Inc   2,893,066 
 17,987  *  WellCare Health Plans, Inc   3,556,749 
 32,011     West Pharmaceutical Services, Inc   3,245,915 
       TOTAL HEALTH CARE EQUIPMENT & SERVICES   306,965,790 
             
HOUSEHOLD & PERSONAL PRODUCTS - 0.9%
 108,954     Church & Dwight Co, Inc   4,921,452 
 47,844     Clorox Co   6,053,701 
 59,348     Colgate-Palmolive Co   4,181,067 
 26,475     Energizer Holdings, Inc   1,138,160 
 95,229     Estee Lauder Cos (Class A)   10,647,555 
 30,061  *,e  Herbalife Ltd   2,183,030 
 132,538     Kimberly-Clark Corp   14,911,850 
 6,438     Nu Skin Enterprises, Inc (Class A)   409,521 
 56,984     Procter & Gamble Co   4,919,999 
 10,438  e  Spectrum Brands, Inc   1,147,345 
       TOTAL HOUSEHOLD & PERSONAL PRODUCTS   50,513,680 
             
INSURANCE - 1.1%
 43,618     Allstate Corp   4,093,985 
 47,762     American International Group, Inc   3,085,903 
 114,302     Aon plc   16,394,336 
 7,465  *  Arch Capital Group Ltd   743,813 
 53,028     Arthur J. Gallagher & Co   3,358,263 
 8,749     Aspen Insurance Holdings Ltd   375,332 
 5,123     Assurant, Inc   515,630 
 7,975     Erie Indemnity Co (Class A)   963,380 
 225,031     Marsh & McLennan Cos, Inc   18,211,759 
 253,440     Progressive Corp   12,329,856 
 1,240     RenaissanceRe Holdings Ltd   171,566 
 34,936     XL Group Ltd   1,413,860 
       TOTAL INSURANCE   61,657,683 
210

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

 

SHARES     COMPANY  VALUE 
             
MATERIALS - 3.8%
 9,055     Albemarle Corp  $1,275,759 
 6,492     Aptargroup, Inc   565,258 
 4,043     Ardagh Group S.A.   86,682 
 36,406     Avery Dennison Corp   3,865,225 
 92,498  *  Axalta Coating Systems Ltd   3,075,558 
 83,375     Ball Corp   3,579,289 
 56,605  *  Berry Plastics Group, Inc   3,365,167 
 35,845     Celanese Corp (Series A)   3,738,992 
 81,113     Chemours Co   4,591,807 
 40,062  *  Crown Holdings, Inc   2,410,531 
 488,183     DowDuPont, Inc   35,300,513 
 20,695     Eagle Materials, Inc   2,184,771 
 112,723     Ecolab, Inc   14,728,387 
 58,404     FMC Corp   5,423,395 
 117,966  *  Freeport-McMoRan Copper & Gold, Inc (Class B)   1,649,165 
 95,081     Graphic Packaging Holding Co   1,472,805 
 42,754     Huntsman Corp   1,368,983 
 34,519     International Flavors & Fragrances, Inc   5,088,791 
 163,708     International Paper Co   9,375,557 
 61,867     LyondellBasell Industries AF S.C.A   6,405,091 
 24,616     Martin Marietta Materials, Inc   5,337,980 
 191,797     Monsanto Co   23,226,617 
 2,968     NewMarket Corp   1,188,358 
 56,485  *  Owens-Illinois, Inc   1,349,427 
 40,889     Packaging Corp of America   4,754,164 
 44,182  *  Platform Specialty Products Corp   472,747 
 104,241     PPG Industries, Inc   12,116,974 
 109,340     Praxair, Inc   15,976,761 
 10,652     Royal Gold, Inc   895,940 
 51,865     RPM International, Inc   2,765,960 
 17,797     Scotts Miracle-Gro Co (Class A)   1,772,937 
 43,431     Sealed Air Corp   1,920,953 
 35,709     Sherwin-Williams Co   14,110,411 
 32,440     Silgan Holdings, Inc   948,870 
 31,953  e  Southern Copper Corp (NY)   1,372,381 
 13,607     Steel Dynamics, Inc   506,316 
 53,420     Vulcan Materials Co   6,503,885 
 7,823     Westlake Chemical Corp   664,251 
 29,647     WR Grace & Co   2,267,699 
       TOTAL MATERIALS   207,704,357 
             
MEDIA - 3.1%
 23,806  *  AMC Networks, Inc   1,211,249 
 2,068     Cable One, Inc   1,467,887 
 155,702     CBS Corp (Class B)   8,737,996 
 56,203  *  Charter Communications, Inc   18,781,357 
 1,905,870     Comcast Corp (Class A)   68,668,496 
 73,994  *  DISH Network Corp (Class A)   3,591,669 
 146,618     Interpublic Group of Cos, Inc   2,822,397 
 14,991  *  Lions Gate Entertainment Corp (Class A)   435,039 
 29,124  *  Lions Gate Entertainment Corp (Class B)   805,570 
211

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

 

SHARES     COMPANY  VALUE 
             
 58,444  *  Live Nation, Inc  $2,558,678 
 673  *  Madison Square Garden Co   149,870 
 100,679     Omnicom Group, Inc   6,764,622 
 14,825     Regal Entertainment Group (Class A)   242,389 
 20,883     Scripps Networks Interactive (Class A)   1,739,136 
 604,144  e  Sirius XM Holdings, Inc   3,286,543 
 22,079     Twenty-First Century Fox, Inc   577,366 
 9,262     Twenty-First Century Fox, Inc (Class B)   235,718 
 467,841     Walt Disney Co   45,759,528 
       TOTAL MEDIA   167,835,510 
              
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.5%
 696,639     AbbVie, Inc   62,871,670 
 42,738  *  Acadia Pharmaceuticals, Inc   1,488,565 
 34,172     Agilent Technologies, Inc   2,324,721 
 16,816  *  Agios Pharmaceuticals, Inc   1,080,764 
 37,161  *  Akorn, Inc   1,210,334 
 76,870  *  Alexion Pharmaceuticals, Inc   9,198,264 
 66,447  *  Alkermes plc   3,239,956 
 30,361  *  Alnylam Pharmaceuticals, Inc   3,699,184 
 92,777     Amgen, Inc   16,256,386 
 87,248  *  Biogen Idec, Inc   27,191,712 
 76,224  *  BioMarin Pharmaceutical, Inc   6,257,228 
 16,153     Bio-Techne Corp   2,116,366 
 47,705  *  Bioverativ, Inc   2,695,332 
 354,587     Bristol-Myers Squibb Co   21,863,834 
 16,972     Bruker BioSciences Corp   532,921 
 338,838  *  Celgene Corp   34,212,473 
 20,492  *  Charles River Laboratories International, Inc   2,383,015 
 427,529     Eli Lilly & Co   35,031,726 
 127,058  *  Exelixis, Inc   3,149,768 
 407,924     Gilead Sciences, Inc   30,577,983 
 63,694  *  Illumina, Inc   13,069,372 
 73,568  *  Incyte Corp   8,331,576 
 8,197  *,e  Intercept Pharmaceuticals, Inc   505,181 
 19,841  *,e  Intrexon Corp   324,400 
 54,332  *  Ionis Pharmaceuticals, Inc   3,102,900 
 180,530     Johnson & Johnson   25,167,687 
 66,217     Merck & Co, Inc   3,647,895 
 11,068  *  Mettler-Toledo International, Inc   7,555,349 
 38,432  *  Neurocrine Biosciences, Inc   2,387,012 
 16,115  *,e  Opko Health, Inc   108,454 
 9,432     PerkinElmer, Inc   682,122 
 33,097  *  QIAGEN NV   1,120,664 
 36,143  *  Quintiles Transnational Holdings, Inc   3,907,058 
 34,246  *  Regeneron Pharmaceuticals, Inc   13,788,125 
 41,861  *  Seattle Genetics, Inc   2,566,498 
 16,345  *  TESARO, Inc   1,892,261 
 78,629     Thermo Fisher Scientific, Inc   15,240,659 
 110,046  *  Vertex Pharmaceuticals, Inc   16,092,027 
 33,360  *  Waters Corp   6,540,228 
 214,923     Zoetis, Inc   13,716,386 
       TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES   407,128,056 
212

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

 

SHARES     COMPANY  VALUE 
             
REAL ESTATE - 2.5%
 184,738     American Tower Corp  $26,541,308 
 10,059     Boston Properties, Inc   1,218,950 
 56,213  *  CBRE Group, Inc   2,210,295 
 14,819     Coresite Realty   1,641,204 
 175,837     Crown Castle International Corp   18,828,626 
 52,541     CubeSmart   1,430,166 
 33,425     CyrusOne, Inc   2,051,961 
 67,870     Digital Realty Trust, Inc   8,038,523 
 50,489     Douglas Emmett, Inc   2,008,957 
 34,101     Equinix, Inc   15,805,813 
 35,336     Equity Lifestyle Properties, Inc   3,126,529 
 44,844     Extra Space Storage, Inc   3,658,822 
 12,022     Federal Realty Investment Trust   1,448,891 
 27,924     Gaming and Leisure Properties, Inc   1,020,343 
 8,102     Hudson Pacific Properties   274,010 
 99,042     Iron Mountain, Inc   3,961,680 
 32,166     Lamar Advertising Co   2,265,773 
 9,650     Outfront Media, Inc   226,293 
 64,757     Public Storage, Inc   13,420,888 
 52,550  *  SBA Communications Corp   8,259,809 
 123,569     Simon Property Group, Inc   19,193,973 
 3,857     Tanger Factory Outlet Centers, Inc   87,747 
 13,013     Taubman Centers, Inc   614,474 
       TOTAL REAL ESTATE   137,335,035 
             
RETAILING - 8.8%
 8,511     Advance Auto Parts, Inc   695,689 
 174,050  *  Amazon.com, Inc   192,373,984 
 10,432  *  AutoZone, Inc   6,149,664 
 17,387  *  Burlington Stores, Inc   1,632,465 
 79,817  *  Carmax, Inc   5,994,257 
 29,545     Dick’s Sporting Goods, Inc   722,966 
 45,975     Dollar General Corp   3,716,619 
 95,343  *  Dollar Tree, Inc   8,700,049 
 52,997     Expedia, Inc   6,606,606 
 10,337  *  Floor & Decor Holdings, Inc   389,705 
 4,690     Foot Locker, Inc   141,075 
 6,227     Gap, Inc   161,840 
 23,354     Genuine Parts Co   2,060,523 
 526,576     Home Depot, Inc   87,295,769 
 17,372     L Brands, Inc   747,691 
 4,145  *  Liberty Expedia Holdings, Inc   191,085 
 101,655  *  Liberty Interactive Corp   2,309,602 
 18,947  *  LKQ Corp   714,112 
 369,692     Lowe’s Companies, Inc   29,556,876 
 39,860  *  Michaels Cos, Inc   774,081 
 179,445  *  NetFlix, Inc   35,248,381 
 51,181     Nordstrom, Inc   2,029,327 
 37,764  *  O’Reilly Automotive, Inc   7,966,316 
213

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

 

SHARES     COMPANY  VALUE 
             
 21,517  *  Priceline.com, Inc  $41,139,643 
 167,774     Ross Stores, Inc   10,651,971 
 21,107  *  Sally Beauty Holdings, Inc   365,362 
 282,025     TJX Companies, Inc   19,685,345 
 56,170     Tractor Supply Co   3,384,804 
 22,605  *,e  TripAdvisor, Inc   847,688 
 25,798  *  Ulta Beauty, Inc   5,205,778 
 16,712  *,e  Wayfair, Inc   1,168,169 
 7,057  e  Williams-Sonoma, Inc   364,141 
       TOTAL RETAILING   478,991,583 
          
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.2%
 360,434  *  Advanced Micro Devices, Inc   3,959,368 
 160,046     Analog Devices, Inc   14,612,200 
 472,314     Applied Materials, Inc   26,652,679 
 177,164     Broadcom Ltd   46,755,351 
 28,597  *  Cavium, Inc   1,972,907 
 13,905     Cypress Semiconductor Corp   220,533 
 68,310     Kla-Tencor Corp   7,438,276 
 70,486     Lam Research Corp   14,701,265 
 122,493     Maxim Integrated Products, Inc   6,435,782 
 99,433     Microchip Technology, Inc   9,426,248 
 355,139  *  Micron Technology, Inc   15,736,209 
 40,471  *  Microsemi Corp   2,159,937 
 249,153     NVIDIA Corp   51,527,332 
 84,801  *  NXP Semiconductors NV   9,925,957 
 172,072  *  ON Semiconductor Corp   3,668,575 
 28,725  *  Qorvo, Inc   2,177,642 
 80,546     Skyworks Solutions, Inc   9,170,968 
 80,983     Teradyne, Inc   3,473,361 
 437,546     Texas Instruments, Inc   42,306,323 
 4,754     Versum Materials, Inc   200,048 
 102,891     Xilinx, Inc   7,582,038 
       TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT   280,102,999 
          
SOFTWARE & SERVICES - 25.5%
 271,848     Accenture plc   38,700,281 
 323,647     Activision Blizzard, Inc   21,195,642 
 216,222  *  Adobe Systems, Inc   37,873,446 
 21,046     Alliance Data Systems Corp   4,708,622 
 130,408  *  Alphabet, Inc (Class A)   134,716,680 
 132,472  *  Alphabet, Inc (Class C)   134,676,334 
 37,275  *  Ansys, Inc   5,095,865 
 31,942  *  Atlassian Corp plc   1,545,035 
 73,989  *  Autodesk, Inc   9,245,665 
 196,380     Automatic Data Processing, Inc   22,831,139 
 47,249  *  Black Knight, Inc   2,142,742 
 59,943     Booz Allen Hamilton Holding Co   2,265,246 
 51,006     Broadridge Financial Solutions, Inc   4,382,435 
 120,907  *  Cadence Design Systems, Inc   5,218,346 
 58,875     CDK Global, Inc   3,742,095 
 66,032  *  Citrix Systems, Inc   5,454,904 
214

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

 

SHARES     COMPANY  VALUE 
             
 256,651     Cognizant Technology Solutions Corp (Class A)  $19,420,781 
 15,209  *  CoStar Group, Inc   4,498,062 
 70,683     CSRA, Inc   2,261,149 
 89,646  *  Dell Technologies, Inc-VMware Inc   7,419,999 
 3,396     DST Systems, Inc   199,074 
 123,849     DXC Technology Co   11,334,660 
 131,121  *  Electronic Arts, Inc   15,682,072 
 21,604  *  Euronet Worldwide, Inc   2,087,811 
 1,022,493  *  Facebook, Inc   184,110,090 
 82,098     Fidelity National Information Services, Inc   7,615,410 
 21,847  *  First American Corp   1,024,624 
 198,041  *  First Data Corp   3,527,110 
 92,677  *  Fiserv, Inc   11,995,184 
 39,996  *  FleetCor Technologies, Inc   6,610,139 
 63,937  *  Fortinet, Inc   2,519,757 
 38,591  *  Gartner, Inc   4,835,838 
 62,630     Genpact Ltd   1,907,083 
 66,342     Global Payments, Inc   6,896,251 
 50,430  *  GoDaddy, Inc   2,355,081 
 12,770  *  Guidewire Software, Inc   1,021,345 
 30,477  *  IAC/InterActiveCorp   3,933,057 
 258,829     International Business Machines Corp   39,875,196 
 106,392     Intuit, Inc   16,067,320 
 33,443     Jack Henry & Associates, Inc   3,683,078 
 14,075     LogMeIn, Inc   1,703,779 
 29,767  *  Manhattan Associates, Inc   1,246,047 
 412,844     MasterCard, Inc (Class A)   61,418,802 
 16,382  *,e  Match Group, Inc   438,055 
 3,285,561     Microsoft Corp   273,292,964 
 102,568     Oracle Corp   5,220,711 
 99,925  *,e  Pandora Media, Inc   730,452 
 140,774     Paychex, Inc   8,979,973 
 495,608  *  PayPal Holdings, Inc   35,961,316 
 49,530  *  PTC, Inc   3,291,268 
 77,429  *  Red Hat, Inc   9,355,746 
 69,266     Sabre Corp   1,354,843 
 295,779  *  salesforce.com, Inc   30,270,023 
 73,064  *  ServiceNow, Inc   9,233,098 
 60,128  *  Splunk, Inc   4,046,614 
 105,963  *  Square, Inc   3,940,764 
 68,829     SS&C Technologies Holdings, Inc   2,766,926 
 268,942     Symantec Corp   8,740,615 
 5,053  *  Synopsys, Inc   437,186 
 26,040  *  Tableau Software, Inc   2,111,584 
 45,570  *  Take-Two Interactive Software, Inc   5,042,320 
 79,279     Total System Services, Inc   5,712,052 
 18,068  *  Twitter, Inc   372,562 
 14,980  *  Tyler Technologies, Inc   2,655,804 
 12,361  *  Ultimate Software Group, Inc   2,504,215 
 70,007  *  Vantiv, Inc   4,900,490 
 37,638  *  VeriSign, Inc   4,046,838 
 809,666     Visa, Inc (Class A)   89,047,067 
215

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

 

SHARES     COMPANY  VALUE 
             
 31,292  *,e  VMware, Inc (Class A)  $3,745,339 
 203,657     Western Union Co   4,044,628 
 13,511  *  WEX, Inc   1,669,824 
 56,990  *  Workday, Inc   6,325,320 
 16,199  *  Zillow Group, Inc   669,181 
 31,710  *,e  Zillow Group, Inc (Class C)   1,308,989 
       TOTAL SOFTWARE & SERVICES   1,391,260,043 
             
TECHNOLOGY HARDWARE & EQUIPMENT - 8.3%
 130,418     Amphenol Corp (Class A)   11,346,366 
 2,285,470     Apple, Inc   386,335,849 
 23,196  *  Arista Networks, Inc   4,636,648 
 66,976     CDW Corp   4,688,320 
 36,175     Cognex Corp   4,454,951 
 10,644  *  Coherent, Inc   2,796,285 
 41,732  *  CommScope Holding Co, Inc   1,341,266 
 22,463     Corning, Inc   703,317 
 27,736  *  F5 Networks, Inc   3,363,545 
 31,512     Flir Systems, Inc   1,475,392 
 13,829     Harris Corp   1,926,656 
 15,711  *  IPG Photonics Corp   3,345,029 
 6,955     Motorola, Inc   629,706 
 36,174     National Instruments Corp   1,627,830 
 51,698  *  NCR Corp   1,658,989 
 101,518     NetApp, Inc   4,509,430 
 38,853  *  Palo Alto Networks, Inc   5,719,162 
 86,055  *  Trimble Navigation Ltd   3,517,928 
 18,236     Universal Display Corp   2,671,574 
 18,005     Western Digital Corp   1,607,306 
 22,765  *  Zebra Technologies Corp (Class A)   2,640,512 
       TOTAL TECHNOLOGY HARDWARE & EQUIPMENT   450,996,061 
             
TELECOMMUNICATION SERVICES - 0.9%
 79,024  *  T-Mobile US, Inc   4,723,265 
 895,331     Verizon Communications, Inc   42,859,495 
 81,267  *  Zayo Group Holdings, Inc   2,930,488 
       TOTAL TELECOMMUNICATION SERVICES   50,513,248 
             
TRANSPORTATION - 2.8%
 43,131     Alaska Air Group, Inc   2,847,940 
 83,499     American Airlines Group, Inc   3,909,423 
 61,026     CH Robinson Worldwide, Inc   4,792,372 
 1,196     Copa Holdings S.A. (Class A)   147,335 
 342,099     CSX Corp   17,252,052 
 55,368     Expeditors International of Washington, Inc   3,232,384 
 108,315     FedEx Corp   24,458,610 
 37,972     J.B. Hunt Transport Services, Inc   4,039,841 
 18,289     Landstar System, Inc   1,806,039 
 16,691     Old Dominion Freight Line   2,021,781 
 245,513     Southwest Airlines Co   13,223,330 
 320,570     Union Pacific Corp   37,118,800 
 302,484     United Parcel Service, Inc (Class B)   35,550,945 
216

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

 

SHARES     COMPANY        VALUE  
                     
 37,479  *  XPO Logistics, Inc         $ 2,599,169  
       TOTAL TRANSPORTATION           153,000,021  
                        
UTILITIES - 0.0%
 26,650     NRG Energy, Inc           666,250  
       TOTAL UTILITIES           666,250  
                       
       TOTAL COMMON STOCKS           5,443,551,573  
       (Cost $3,694,418,702)               
                       
PRINCIPAL     ISSUER  RATE  MATURITY
DATE		       
 
SHORT-TERM INVESTMENTS - 0.6%
 
GOVERNMENT AGENCY DEBT - 0.1%
$5,300,000     Federal Home Loan Bank (FHLB)   0.700%  11/01/17   5,300,000  
       TOTAL GOVERNMENT AGENCY DEBT           5,300,000  
                       
SHARES      COMPANY               
 
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.5%
 27,932,087  c  State Street Navigator Securities Lending Government Money Market Portfolio   27,932,087  
       TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES   27,932,087  
                       
       TOTAL SHORT-TERM INVESTMENTS           33,232,087  
       (Cost $33,232,087)              
       TOTAL INVESTMENTS - 100.5%
(Cost $3,727,650,789)		           5,476,783,660  
       OTHER ASSETS & LIABILITIES, NET - (0.5)%           (27,910,591 )
       NET ASSETS - 100.0%         $ 5,448,873,069  
         
       
  *   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 $26,686,863.
217

TIAA-CREF FUNDS - Large-Cap Value Index Fund

 

TIAA-CREF FUNDS

LARGE-CAP VALUE INDEX FUND

SCHEDULE OF INVESTMENTS

October 31, 2017

 

SHARES     COMPANY  VALUE 
              
COMMON STOCKS - 99.9%      
              
AUTOMOBILES & COMPONENTS - 1.2%      
 48,815     Adient plc  $4,118,033 
 102,358     BorgWarner, Inc   5,396,314 
 2,073,046     Ford Motor Co   25,436,274 
 703,524     General Motors Co   30,237,462 
 53,769     Gentex Corp   1,043,656 
 132,701     Goodyear Tire & Rubber Co   4,059,324 
 25,808     Harley-Davidson, Inc   1,221,751 
 6,337     Lear Corp   1,112,714 
       TOTAL AUTOMOBILES & COMPONENTS   72,625,528 
              
BANKS - 12.7%      
 82,263     Associated Banc-Corp   2,081,254 
 5,231,082     Bank of America Corp   143,279,336 
 22,974     Bank of Hawaii Corp   1,874,908 
 33,213     Bank of the Ozarks, Inc   1,548,390 
 55,958     BankUnited   1,950,136 
 431,358     BB&T Corp   21,240,068 
 13,031     BOK Financial Corp   1,126,791 
 70,900     CIT Group, Inc   3,305,358 
 1,446,758     Citigroup, Inc   106,336,713 
 266,333     Citizens Financial Group, Inc   10,123,317 
 93,715     Comerica, Inc   7,363,188 
 48,073     Commerce Bancshares, Inc   2,795,926 
 29,936     Cullen/Frost Bankers, Inc   2,948,696 
 70,815     East West Bancorp, Inc   4,237,570 
 399,297     Fifth Third Bancorp   11,539,683 
 28,963     First Hawaiian, Inc   846,878 
 124,465     First Horizon National Corp   2,336,208 
 13,922     First Republic Bank   1,356,003 
 162,114     FNB Corp   2,186,918 
 574,233     Huntington Bancshares, Inc   7,924,416 
 1,877,096     JPMorgan Chase & Co   188,854,628 
 583,284     Keycorp   10,644,933 
 76,463     M&T Bank Corp   12,751,735 
 248,607     New York Community Bancorp, Inc   3,122,504 
 64,723     PacWest Bancorp   3,127,415 
 179,246     People’s United Financial, Inc   3,344,730 
 27,001     Pinnacle Financial Partners, Inc   1,787,466 
 255,697     PNC Financial Services Group, Inc   34,976,793 
 54,273     Popular, Inc   1,990,734 
 36,126     Prosperity Bancshares, Inc   2,376,368 
 635,655     Regions Financial Corp   9,839,939 
 10,960  *  Signature Bank   1,424,910 
 257,016     SunTrust Banks, Inc   15,474,933 
218

TIAA-CREF FUNDS - Large-Cap Value Index Fund

 

SHARES     COMPANY  VALUE 
             
 7,433  *  SVB Financial Group  $1,629,908 
 65,225     Synovus Financial Corp   3,055,791 
 88,204     TCF Financial Corp   1,607,077 
 28,690     TFS Financial Corp   442,400 
 838,433     US Bancorp   45,593,986 
 49,886     Webster Financial Corp   2,743,231 
 2,384,507     Wells Fargo & Co   133,866,223 
 22,625  *  Western Alliance Bancorp   1,262,475 
 105,831     Zions Bancorporation   4,916,908 
       TOTAL BANKS   821,236,844 
              
CAPITAL GOODS - 6.5%      
 7,135     Acuity Brands, Inc   1,192,972 
 79,872  *  Aecom Technology Corp   2,800,312 
 36,049     AGCO Corp   2,471,880 
 49,017     Air Lease Corp   2,129,789 
 101,339     Ametek, Inc   6,839,369 
 207,195     Arconic, Inc   5,204,738 
 33,451     Carlisle Cos, Inc   3,673,923 
 26,508     Caterpillar, Inc   3,599,786 
 43,404  *  Colfax Corp   1,810,381 
 26,942     Crane Co   2,239,419 
 55,941     Cummins, Inc   9,894,844 
 4,556     Donaldson Co, Inc   215,089 
 73,426     Dover Corp   7,011,449 
 237,777     Eaton Corp   19,026,916 
 293,698     Emerson Electric Co   18,931,773 
 68,504     Flowserve Corp   3,018,971 
 75,443     Fluor Corp   3,250,839 
 12,212     Fortive Corp   882,439 
 5,754     Fortune Brands Home & Security, Inc   380,109 
 80,324     General Dynamics Corp   16,304,166 
 3,810,608     General Electric Co   76,821,857 
 16,397     Hexcel Corp   995,134 
 168,849     Honeywell International, Inc   24,341,272 
 10,661     Hubbell, Inc   1,341,367 
 3,921     Huntington Ingalls   912,926 
 890     IDEX Corp   114,107 
 67,600     Ingersoll-Rand plc   5,989,360 
 47,937     ITT, Inc   2,235,782 
 63,254     Jacobs Engineering Group, Inc   3,682,015 
 498,176     Johnson Controls International plc   20,619,505 
 41,353     L3 Technologies, Inc   7,740,455 
 1,449     Lennox International, Inc   276,947 
 13,170     Lockheed Martin Corp   4,058,467 
 60,777     Masco Corp   2,420,140 
 13,197     MSC Industrial Direct Co (Class A)   1,094,031 
 30,264     Orbital ATK, Inc   4,022,994 
 38,561     Oshkosh Truck Corp   3,530,645 
 59,102     Owens Corning, Inc   4,887,144 
 182,372     PACCAR, Inc   13,081,544 
 9,751     Parker-Hannifin Corp   1,780,630 
 87,987     Pentair plc   6,199,564 
219

TIAA-CREF FUNDS - Large-Cap Value Index Fund

 

SHARES     COMPANY  VALUE 
             
 59,518  *  Quanta Services, Inc  $2,245,614 
 96,177     Raytheon Co   17,331,095 
 24,068     Regal-Beloit Corp   1,953,118 
 2,961     Roper Industries, Inc   764,441 
 45,522  *  Sensata Technologies Holding BV   2,226,481 
 26,410     Snap-On, Inc   4,166,970 
 62,925     Spirit Aerosystems Holdings, Inc (Class A)   5,040,293 
 73,355     Stanley Works   11,850,500 
 18,998  *  Teledyne Technologies, Inc   3,228,900 
 42,277     Terex Corp   1,991,670 
 141,443     Textron, Inc   7,459,704 
 37,275     Timken Co   1,757,516 
 78,283     Trinity Industries, Inc   2,545,763 
 397,220     United Technologies Corp   47,571,067 
 42,638  *  USG Corp   1,463,763 
 11,863     Valmont Industries, Inc   1,885,031 
 1,670     W.W. Grainger, Inc   330,159 
 31,501     Wabtec Corp   2,409,827 
 26,405  *  WESCO International, Inc   1,667,476 
 43,010     Xylem, Inc   2,861,455 
       TOTAL CAPITAL GOODS   417,775,893 
              
COMMERCIAL & PROFESSIONAL SERVICES - 0.5%      
 8,443  *  Clean Harbors, Inc   451,785 
 11,888     Dun & Bradstreet Corp   1,388,875 
 89,045  *  IHS Markit Ltd   3,794,207 
 35,638     Manpower, Inc   4,393,453 
 190,256     Nielsen NV   7,052,790 
 99,742     Pitney Bowes, Inc   1,370,455 
 122,233     Republic Services, Inc   7,953,701 
 42,882  *  Stericycle, Inc   3,038,190 
 39,990     Waste Management, Inc   3,285,978 
       TOTAL COMMERCIAL & PROFESSIONAL SERVICES   32,729,434 
              
CONSUMER DURABLES & APPAREL - 1.1%      
 8,188     Brunswick Corp   414,722 
 37,481     CalAtlantic Group, Inc   1,849,312 
 83,064     DR Horton, Inc   3,672,259 
 62,721     Garmin Ltd   3,550,636 
 15,282     Hasbro, Inc   1,414,960 
 14,073     Leggett & Platt, Inc   665,090 
 4,848     Lennar Corp (B Shares)   232,462 
 106,639     Lennar Corp (Class A)   5,936,593 
 144,898  e  Mattel, Inc   2,045,960 
 69,638  *  Michael Kors Holdings Ltd   3,399,031 
 29,940  *  Mohawk Industries, Inc   7,837,094 
 256,353     Newell Rubbermaid, Inc   10,454,075 
 107,968     Pulte Homes, Inc   3,263,873 
 41,325     PVH Corp   5,240,423 
 29,893     Ralph Lauren Corp   2,673,331 
 39,175  *  Skechers U.S.A., Inc (Class A)   1,250,466 
220

TIAA-CREF FUNDS - Large-Cap Value Index Fund

 

SHARES     COMPANY  VALUE 
             
 123,605     Tapestry, Inc  $5,061,625 
 14,938  *  Tempur Sealy International, Inc   976,497 
 43,239     Toll Brothers, Inc   1,990,724 
 24,945  *,e  Under Armour, Inc   287,616 
 24,609  *,e  Under Armour, Inc (Class A)   308,105 
 45,483     VF Corp   3,167,891 
 35,425     Whirlpool Corp   5,807,220 
       TOTAL CONSUMER DURABLES & APPAREL   71,499,965 
              
CONSUMER SERVICES - 0.8%      
 73,487     ARAMARK Holdings Corp   3,210,647 
 216,422     Carnival Corp   14,368,257 
 39,599     Extended Stay America, Inc   784,852 
 2,314     Graham Holdings Co   1,287,625 
 94,752     H&R Block, Inc   2,344,165 
 12,783     Hilton Worldwide Holdings, Inc   923,955 
 23,050  *  Hyatt Hotels Corp   1,444,313 
 58,534     International Game Technology plc   1,375,549 
 249,971     MGM Resorts International   7,836,591 
 92,904  *  Norwegian Cruise Line Holdings Ltd   5,179,398 
 91,560     Royal Caribbean Cruises Ltd   11,332,381 
 26,341  *  Yum China Holdings, Inc   1,062,859 
       TOTAL CONSUMER SERVICES   51,150,592 
              
DIVERSIFIED FINANCIALS - 6.4%      
 29,651     Affiliated Managers Group, Inc   5,529,911 
 192,539     AGNC Investment Corp   3,875,810 
 239,190     Ally Financial, Inc   6,250,035 
 388,044     American Express Co   37,065,963 
 8,284     Ameriprise Financial, Inc   1,296,777 
 569,956     Annaly Capital Management, Inc   6,531,696 
 536,580     Bank of New York Mellon Corp   27,607,041 
 90,235     BGC Partners, Inc (Class A)   1,368,865 
 65,678     BlackRock, Inc   30,923,173 
 239,916     Capital One Financial Corp   22,115,457 
 129,809     Charles Schwab Corp   5,820,636 
 100,722     Chimera Investment Corp   1,843,213 
 178,572     CME Group, Inc   24,494,721 
 593  *,e  Credit Acceptance Corp   170,031 
 196,846     Discover Financial Services   13,096,164 
 147,123  *  E*TRADE Financial Corp   6,413,092 
 38,029     Federated Investors, Inc (Class B)   1,181,561 
 176,426     Franklin Resources, Inc   7,432,827 
 195,326     Goldman Sachs Group, Inc   47,362,648 
 36,279     Interactive Brokers Group, Inc (Class A)   1,959,792 
 162,173     IntercontinentalExchange Group, Inc   10,719,635 
 183,171     Invesco Ltd   6,555,690 
 226,868     iShares Russell 1000 Value Index Fund   27,085,771 
 6,589     Lazard Ltd (Class A)   313,241 
 34,436     Legg Mason, Inc   1,314,766 
 134,505     Leucadia National Corp   3,402,976 
 198,872     MFA Mortgage Investments, Inc   1,638,705 
221

TIAA-CREF FUNDS - Large-Cap Value Index Fund

 

SHARES     COMPANY  VALUE 
             
 702,534     Morgan Stanley  $35,126,700 
 27     Morningstar, Inc   2,301 
 60,597     NASDAQ OMX Group, Inc   4,402,372 
 146,566     Navient Corp   1,826,212 
 160,450     New Residential Investment Corp   2,828,733 
 110,935     Northern Trust Corp   10,374,641 
 25,491  *  OneMain Holdings, Inc   809,849 
 50,599     Raymond James Financial, Inc   4,289,783 
 77,929  *  Santander Consumer USA Holdings, Inc   1,296,739 
 233,742  *  SLM Corp   2,475,328 
 131,814     Starwood Property Trust, Inc   2,835,319 
 186,583     State Street Corp   17,165,636 
 425,296     Synchrony Financial   13,873,156 
 105,519     T Rowe Price Group, Inc   9,802,715 
 15,030     TD Ameritrade Holding Corp   751,350 
 178,635     Two Harbors Investment Corp   1,750,623 
 91,342     Voya Financial, Inc   3,668,295 
       TOTAL DIVERSIFIED FINANCIALS   416,649,949 
              
ENERGY - 10.7%      
 297,931     Anadarko Petroleum Corp   14,708,853 
 81,080     Andeavor   8,613,939 
 62,717  *  Antero Resources Corp   1,216,710 
 192,815     Apache Corp   7,976,757 
 227,229     Baker Hughes a GE Co   7,141,807 
 63,345     Cabot Oil & Gas Corp   1,754,656 
 58,182  *,e  Centennial Resource Development, Inc   1,130,476 
 37,616  *  Cheniere Energy, Inc   1,758,172 
 431,832  *,e  Chesapeake Energy Corp   1,684,145 
 1,002,432     Chevron Corp   116,171,844 
 3,556     Cimarex Energy Co   415,803 
 78,716  *  Concho Resources, Inc   10,564,474 
 648,280     ConocoPhillips   33,159,522 
 122,184  *  Consol Energy, Inc   1,970,828 
 27,556  *  Continental Resources, Inc   1,121,805 
 260,497     Devon Energy Corp   9,612,339 
 40,254  *  Diamondback Energy, Inc   4,313,619 
 52,236  *  Energen Corp   2,700,601 
 275,539     EOG Resources, Inc   27,518,080 
 90,946     EQT Corp   5,687,763 
 62,553  *  Extraction Oil & Gas, Inc   997,720 
 2,248,739     Exxon Mobil Corp   187,432,396 
 78,209  *  Gulfport Energy Corp   1,071,463 
 151,514     Halliburton Co   6,475,708 
 55,321  e  Helmerich & Payne, Inc   3,004,484 
 150,606     Hess Corp   6,650,761 
 96,540     HollyFrontier Corp   3,567,153 
 1,023,705     Kinder Morgan, Inc   18,539,298 
 98,375  *  Kosmos Energy LLC   755,520 
 451,332     Marathon Oil Corp   6,417,941 
 266,642     Marathon Petroleum Corp   15,929,193 
 87,885  e  Murphy Oil Corp   2,350,924 
222

TIAA-CREF FUNDS - Large-Cap Value Index Fund

 

SHARES     COMPANY  VALUE 
             
 145,625     Nabors Industries Ltd  $819,869 
 203,037     National Oilwell Varco, Inc   6,941,835 
 256,291     Noble Energy, Inc   7,142,830 
 406,573     Occidental Petroleum Corp   26,252,419 
 47,194     Oceaneering International, Inc   954,263 
 44,049  *  Parsley Energy, Inc   1,171,703 
 113,441     Patterson-UTI Energy, Inc   2,243,863 
 58,399  e  PBF Energy, Inc   1,691,819 
 232,138     Phillips 66   21,143,129 
 89,721     Pioneer Natural Resources Co   13,428,542 
 125,601  *  Questar Market Resources, Inc   1,124,129 
 123,167     Range Resources Corp   2,230,554 
 43,239  *  Rice Energy, Inc   1,225,826 
 523  e  RPC, Inc   12,714 
 34,875  *  RSP Permian, Inc   1,200,049 
 736,313     Schlumberger Ltd   47,124,032 
 57,617     SM Energy Co   1,228,971 
 249,614  *  Southwestern Energy Co   1,385,358 
 106,075     Targa Resources Investments, Inc   4,402,112 
 210,538  *,e  Transocean Ltd (NYSE)   2,210,649 
 237,786     Valero Energy Corp   18,758,938 
 439,934  *,e  Weatherford International Ltd   1,526,571 
 187,082  *  Whiting Petroleum Corp   1,124,363 
 374,703     Williams Cos, Inc   10,679,035 
 36,986     World Fuel Services Corp   1,028,211 
 213,219  *  WPX Energy, Inc   2,405,110 
       TOTAL ENERGY   691,871,648 
              
FOOD & STAPLES RETAILING - 2.2%      
 19,604     Casey’s General Stores, Inc   2,246,030 
 541,869     CVS Health Corp   37,134,283 
 216,904     Kroger Co   4,489,913 
 288,816  *,e  Rite Aid Corp   476,546 
 93,024  *  US Foods Holding Corp   2,537,695 
 401,451     Walgreens Boots Alliance, Inc   26,604,158 
 772,645     Wal-Mart Stores, Inc   67,459,635 
       TOTAL FOOD & STAPLES RETAILING   140,948,260 
              
FOOD, BEVERAGE & TOBACCO - 3.9%      
 291,779     Archer Daniels Midland Co   11,925,008 
 1,668     Brown-Forman Corp   95,626 
 4,594     Brown-Forman Corp (Class B)   261,950 
 74,263     Bunge Ltd   5,107,809 
 33,556     Campbell Soup Co   1,589,548 
 514,188     Coca-Cola Co   23,642,364 
 211,118     ConAgra Foods, Inc   7,211,791 
 94,711     Flowers Foods, Inc   1,802,350 
 88,026     General Mills, Inc   4,570,310 
 54,600  *  Hain Celestial Group, Inc   1,966,692 
 7,443     Hershey Co   790,298 
 140,229     Hormel Foods Corp   4,369,536 
 37,583     Ingredion, Inc   4,711,029 
223

TIAA-CREF FUNDS - Large-Cap Value Index Fund

 

SHARES     COMPANY  VALUE 
             
 58,268     J.M. Smucker Co  $6,179,321 
 10,394     Kellogg Co   649,937 
 319,161     Kraft Heinz Co   24,680,720 
 61,019     Lamb Weston Holdings, Inc   3,111,359 
 91,864     Molson Coors Brewing Co (Class B)   7,429,042 
 780,795     Mondelez International, Inc   32,348,337 
 96,502     PepsiCo, Inc   10,637,415 
 748,808     Philip Morris International, Inc   78,355,269 
 3,181  *  Pilgrim’s Pride Corp   101,092 
 64,306     Pinnacle Foods, Inc   3,499,533 
 33,779  *  Post Holdings, Inc   2,801,293 
 137     Seaboard Corp   602,816 
 21,179  *  TreeHouse Foods, Inc   1,405,862 
 148,020     Tyson Foods, Inc (Class A)   10,792,138 
       TOTAL FOOD, BEVERAGE & TOBACCO   250,638,445 
              
HEALTH CARE EQUIPMENT & SERVICES - 5.1%      
 895,584     Abbott Laboratories   48,567,520 
 42,536  *,e  Acadia Healthcare Co, Inc   1,333,929 
 116,952     Aetna Inc   19,885,349 
 141,082     Anthem, Inc   29,515,765 
 239,685     Baxter International, Inc   15,452,492 
 97,668  *  Brookdale Senior Living, Inc   979,610 
 168,455     Cardinal Health, Inc   10,427,364 
 79,177  *  Centene Corp   7,416,510 
 15,135     Cigna Corp   2,984,925 
 4,736     Cooper Cos, Inc   1,137,871 
 323,428     Danaher Corp   29,842,702 
 82,608  *  DaVita, Inc   5,017,610 
 119,806     Dentsply Sirona, Inc   7,316,552 
 61,010  *  Envision Healthcare Corp   2,599,026 
 285,928  *  Express Scripts Holding Co   17,524,527 
 146,735  *  HCA Holdings, Inc   11,100,503 
 2,403     Hill-Rom Holdings, Inc   193,946 
 65,105  *  Hologic, Inc   2,464,224 
 4,450     Humana, Inc   1,136,307 
 54,398  *  Laboratory Corp of America Holdings   8,361,517 
 17,287  *  LifePoint Hospitals, Inc   832,369 
 100,920     McKesson Corp   13,914,850 
 49,676  *  MEDNAX, Inc   2,175,312 
 676,388     Medtronic plc   54,462,762 
 38,550     Patterson Cos, Inc   1,426,350 
 18,600  *  Premier, Inc   607,662 
 72,883     Quest Diagnostics, Inc   6,834,968 
 44,389     STERIS plc   4,142,825 
 20,023     Teleflex, Inc   4,745,051 
 45,757     Universal Health Services, Inc (Class B)   4,699,244 
 1,349  *  WellCare Health Plans, Inc   266,751 
 107,065     Zimmer Holdings, Inc   13,021,245 
       TOTAL HEALTH CARE EQUIPMENT & SERVICES   330,387,638 
224

TIAA-CREF FUNDS - Large-Cap Value Index Fund

 

SHARES     COMPANY  VALUE 
       
HOUSEHOLD & PERSONAL PRODUCTS - 2.3%      
 10,388     Clorox Co  $1,314,394 
 382,703     Colgate-Palmolive Co   26,961,426 
 242,227     Coty, Inc   3,730,296 
 30,023  *  Edgewell Personal Care Co   1,949,393 
 27,498     Kimberly-Clark Corp   3,093,800 
 19,928     Nu Skin Enterprises, Inc (Class A)   1,267,620 
 1,288,875     Procter & Gamble Co   111,281,468 
       TOTAL HOUSEHOLD & PERSONAL PRODUCTS   149,598,397 
              
INSURANCE - 7.7%      
 203,699     Aflac, Inc   17,088,309 
 7,841  *  Alleghany Corp   4,439,731 
 137,245     Allstate Corp   12,881,816 
 38,289     American Financial Group, Inc   4,039,107 
 420,282     American International Group, Inc   27,154,420 
 3,746     American National Insurance Co   456,001 
 58,660  *  Arch Capital Group Ltd   5,844,882 
 29,555     Arthur J. Gallagher & Co   1,871,718 
 22,185     Aspen Insurance Holdings Ltd   951,736 
 23,464     Assurant, Inc   2,361,652 
 63,172     Assured Guaranty Ltd   2,343,681 
 56,140  *  Athene Holding Ltd   2,926,578 
 44,274     Axis Capital Holdings Ltd   2,408,063 
 1,020,639  *  Berkshire Hathaway, Inc (Class B)   190,798,255 
 43,445  *  Brighthouse Financial, Inc   2,701,410 
 61,773     Brown & Brown, Inc   3,078,766 
 245,742     Chubb Ltd   37,062,808 
 81,795     Cincinnati Financial Corp   5,739,555 
 14,382     CNA Financial Corp   778,498 
 3,578     Erie Indemnity Co (Class A)   432,222 
 21,600     Everest Re Group Ltd   5,128,920 
 55,237     First American Financial Corp   3,005,998 
 141,202  *  FNF Group   5,283,779 
 22,872     Hanover Insurance Group, Inc   2,250,147 
 192,999     Hartford Financial Services Group, Inc   10,624,595 
 117,858     Lincoln National Corp   8,931,279 
 146,343     Loews Corp   7,245,442 
 7,186  *  Markel Corp   7,791,780 
 14,874     Mercury General Corp   832,498 
 480,945     Metlife, Inc   25,769,033 
 132,754     Old Republic International Corp   2,693,579 
 141,170     Principal Financial Group   9,296,045 
 28,573     ProAssurance Corp   1,601,517 
 228,601     Prudential Financial, Inc   25,251,266 
 34,122     Reinsurance Group of America, Inc (Class A)   5,097,144 
 19,971     RenaissanceRe Holdings Ltd   2,763,188 
 60,103     Torchmark Corp   5,056,465 
 146,794     Travelers Cos, Inc   19,442,865 
 119,824     UnumProvident Corp   6,235,641 
 41,558     Validus Holdings Ltd   2,164,341 
 51,462     W.R. Berkley Corp   3,529,264 
 2,190     White Mountains Insurance Group Ltd   1,947,238 
225

TIAA-CREF FUNDS - Large-Cap Value Index Fund

 

SHARES     COMPANY  VALUE 
             
 65,673     Willis Towers Watson plc  $10,578,607 
 92,428     XL Group Ltd   3,740,561 
       TOTAL INSURANCE   501,620,400 
              
MATERIALS - 3.0%      
 113,761     Air Products & Chemicals, Inc   18,136,916 
 47,668     Albemarle Corp   6,715,945 
 97,483  *  Alcoa Corp   4,657,738 
 25,480     Aptargroup, Inc   2,218,544 
 2,610     Ardagh Group S.A.   55,958 
 33,458     Ashland Global Holdings, Inc   2,274,475 
 2,613     Avery Dennison Corp   277,422 
 82,168     Ball Corp   3,527,472 
 48,644     Bemis Co, Inc   2,189,953 
 33,365     Cabot Corp   2,033,930 
 29,864     Celanese Corp (Series A)   3,115,114 
 121,304     CF Industries Holdings, Inc   4,607,126 
 20,862  *  Crown Holdings, Inc   1,255,267 
 33,932     Domtar Corp   1,605,662 
 646,090     DowDuPont, Inc   46,718,768 
 77,360     Eastman Chemical Co   7,025,062 
 579,485  *  Freeport-McMoRan Copper & Gold, Inc (Class B)   8,101,200 
 50,228     Graphic Packaging Holding Co   778,032 
 55,318     Huntsman Corp   1,771,282 
 20,468     International Paper Co   1,172,202 
 97,548     LyondellBasell Industries AF S.C.A   10,099,144 
 3,372     Martin Marietta Materials, Inc   731,218 
 186,670     Mosaic Co   4,170,208 
 346     NewMarket Corp   138,535 
 285,286     Newmont Mining Corp   10,315,942 
 170,073     Nucor Corp   9,835,322 
 86,896     Olin Corp   3,174,311 
 15,552  *  Owens-Illinois, Inc   371,537 
 61,961  *  Platform Specialty Products Corp   662,983 
 9,772     PPG Industries, Inc   1,135,897 
 18,045     Praxair, Inc   2,636,735 
 38,359     Reliance Steel & Aluminum Co   2,947,506 
 20,341     Royal Gold, Inc   1,710,881 
 6,041     RPM International, Inc   322,167 
 1,577     Scotts Miracle-Gro Co (Class A)   157,101 
 51,922     Sealed Air Corp   2,296,510 
 50,687     Sonoco Products Co   2,625,080 
 4,299  e  Southern Copper Corp (NY)   184,642 
 110,464     Steel Dynamics, Inc   4,110,365 
 161,694     Tahoe Resources, Inc   776,131 
 86,962  e  United States Steel Corp   2,201,878 
 103,082     Valvoline, Inc   2,476,030 
 4,954     Vulcan Materials Co   603,149 
 9,660     Westlake Chemical Corp   820,231 
 132,247     WestRock Co   8,110,708 
       TOTAL MATERIALS   190,852,279 
226

TIAA-CREF FUNDS - Large-Cap Value Index Fund

 

SHARES     COMPANY  VALUE 
       
MEDIA - 2.2%      
 33,375  *  Charter Communications, Inc  $11,152,924 
 57,163     Cinemark Holdings, Inc   2,077,303 
 186,003     Comcast Corp (Class A)   6,701,688 
 83,728  *,e  Discovery Communications, Inc (Class A)   1,580,785 
 110,042  *  Discovery Communications, Inc (Class C)   1,959,848 
 28,005  *  DISH Network Corp (Class A)   1,359,363 
 32,412     Interpublic Group of Cos, Inc   623,931 
 23,727     John Wiley & Sons, Inc (Class A)   1,296,680 
 13,981  *  Liberty Broadband Corp (Class A)   1,205,302 
 55,224  *  Liberty Broadband Corp (Class C)   4,820,503 
 9,533  *  Liberty Media Group (Class A)   347,001 
 92,888  *  Liberty Media Group (Class C)   3,542,748 
 47,885  *  Liberty SiriusXM Group (Class A)   1,997,283 
 92,910  *  Liberty SiriusXM Group (Class C)   3,869,701 
 10,231  *  Lions Gate Entertainment Corp (Class A)   296,904 
 19,089  *  Lions Gate Entertainment Corp (Class B)   528,002 
 8,483  *  Madison Square Garden Co   1,889,079 
 206,629     News Corp   2,822,552 
 66,212     News Corp (Class B)   920,347 
 43,453     Regal Entertainment Group (Class A)   710,456 
 20,939     Scripps Networks Interactive (Class A)   1,743,800 
 46,772  e  Sirius XM Holdings, Inc   254,440 
 114,586     TEGNA, Inc   1,401,387 
 410,346     Time Warner, Inc   40,332,908 
 39,505     Tribune Co   1,616,940 
 525,891     Twenty-First Century Fox, Inc   13,752,050 
 221,958     Twenty-First Century Fox, Inc (Class B)   5,648,831 
 5,513  e  Viacom, Inc   165,666 
 186,066     Viacom, Inc (Class B)   4,471,166 
 264,144     Walt Disney Co   25,835,925 
       TOTAL MEDIA   144,925,513 
              
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.5%      
 126,565     Agilent Technologies, Inc   8,610,217 
 1,075  *  Agios Pharmaceuticals, Inc   69,090 
 2,522  *  Akorn, Inc   82,142 
 22,159  *  Alexion Pharmaceuticals, Inc   2,651,546 
 178,675     Allergan plc   31,666,570 
 5,483  *  Alnylam Pharmaceuticals, Inc   668,049 
 277,377     Amgen, Inc   48,601,998 
 6,982  *  Biogen Idec, Inc   2,176,010 
 10,258  *  Bio-Rad Laboratories, Inc (Class A)   2,254,606 
 441,489     Bristol-Myers Squibb Co   27,222,212 
 29,993     Bruker BioSciences Corp   941,780 
 117,494  *  Endo International plc   749,612 
 197,188     Gilead Sciences, Inc   14,781,212 
 5,421  *,e  Intrexon Corp   88,633 
 1,211,203     Johnson & Johnson   168,853,810 
 33,887  *  Juno Therapeutics, Inc   1,521,865 
 53,521  *  Mallinckrodt plc   1,695,010 
227

TIAA-CREF FUNDS - Large-Cap Value Index Fund

 

SHARES     COMPANY  VALUE 
             
 1,372,234     Merck & Co, Inc  $75,596,371 
 282,145  *  Mylan NV   10,075,398 
 150,774  *,e  Opko Health, Inc   1,014,709 
 46,872     PerkinElmer, Inc   3,389,783 
 69,597     Perrigo Co plc   5,636,661 
 3,137,335     Pfizer, Inc   109,994,965 
 81,746  *  QIAGEN NV   2,767,920 
 23,745  *  Quintiles Transnational Holdings, Inc   2,566,834 
 115,084     Thermo Fisher Scientific, Inc   22,306,732 
 23,164  *  United Therapeutics Corp   2,747,019 
 45,097  *  VWR Corp   1,492,711 
       TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES   550,223,465 
              
REAL ESTATE - 4.8%      
 48,798     Alexandria Real Estate Equities, Inc   6,049,000 
 72,820     American Campus Communities, Inc   3,027,856 
 123,382     American Homes 4 Rent   2,625,569 
 82,022     Apartment Investment & Management Co (Class A)   3,607,328 
 106,601     Apple Hospitality REIT, Inc   2,019,023 
 73,041     AvalonBay Communities, Inc   13,244,525 
 69,828     Boston Properties, Inc   8,461,757 
 94,031     Brandywine Realty Trust   1,644,602 
 164,267     Brixmor Property Group, Inc   2,869,745 
 46,751     Camden Property Trust   4,265,561 
 86,125  *  CBRE Group, Inc   3,386,435 
 281,200     Colony NorthStar, Inc   3,453,136 
 62,030     Columbia Property Trust, Inc   1,369,622 
 59,181     CoreCivic, Inc   1,459,403 
 53,801     Corporate Office Properties Trust   1,717,866 
 30,684     CubeSmart   835,218 
 5,435     CyrusOne, Inc   333,655 
 47,053     DCT Industrial Trust, Inc   2,730,015 
 154,648     DDR Corp   1,186,150 
 26,113     Digital Realty Trust, Inc   3,092,824 
 15,555     Douglas Emmett, Inc   618,933 
 188,098     Duke Realty Corp   5,357,031 
 68,599     Empire State Realty Trust, Inc   1,375,410 
 34,191     Entertainment Properties Trust   2,365,333 
 60,701  *  Equity Commonwealth   1,824,065 
 188,648     Equity Residential   12,688,464 
 33,832     Essex Property Trust, Inc   8,878,532 
 10,101     Extra Space Storage, Inc   824,141 
 24,004     Federal Realty Investment Trust   2,892,962 
 124,552     Forest City Realty Trust, Inc   3,067,716 
 72,353     Gaming and Leisure Properties, Inc   2,643,779 
 328,158     GGP, Inc   6,385,955 
 249,518     HCP, Inc   6,447,545 
 106,878     Healthcare Trust of America, Inc   3,211,684 
 54,685     Highwoods Properties, Inc   2,791,669 
 88,035     Hospitality Properties Trust   2,516,040 
 388,740     Host Marriott Corp   7,603,754 
 18,356  *  Howard Hughes Corp   2,342,776 
 75,848     Hudson Pacific Properties   2,565,179 
228

TIAA-CREF FUNDS - Large-Cap Value Index Fund

 

SHARES     COMPANY  VALUE 
             
 47,165     Invitation Homes, Inc  $1,064,514 
 18,063     Iron Mountain, Inc   722,520 
 46,758  *  JBG SMITH Properties   1,459,317 
 23,279     Jones Lang LaSalle, Inc   3,014,398 
 52,188     Kilroy Realty Corp   3,717,351 
 219,741     Kimco Realty Corp   3,990,497 
 4,815     Lamar Advertising Co   339,169 
 79,308     Liberty Property Trust   3,400,727 
 23,325     Life Storage, Inc   1,885,127 
 74,352     Macerich Co   4,059,619 
 189,445     Medical Properties Trust, Inc   2,506,357 
 60,157     Mid-America Apartment Communities, Inc   6,157,069 
 80,924     National Retail Properties, Inc   3,251,526 
 102,616     Omega Healthcare Investors, Inc   2,961,498 
 63,658     Outfront Media, Inc   1,492,780 
 107,485     Paramount Group, Inc   1,711,161 
 69,613     Park Hotels & Resorts, Inc   2,004,158 
 78,986     Piedmont Office Realty Trust, Inc   1,527,589 
 277,418     Prologis, Inc   17,915,654 
 64,775     Rayonier, Inc   1,941,955 
 69,166     Realogy Holdings Corp   2,236,137 
 147,327     Realty Income Corp   7,907,040 
 81,021     Regency Centers Corp   4,986,843 
 127,711     Retail Properties of America, Inc   1,560,628 
 127,267     Senior Housing Properties Trust   2,341,713 
 15,520     Simon Property Group, Inc   2,410,722 
 51,983     SL Green Realty Corp   4,973,733 
 261,038     Spirit Realty Capital, Inc   2,169,226 
 92,104     STORE Capital Corp   2,274,048 
 39,143     Sun Communities, Inc   3,533,047 
 46,871     Tanger Factory Outlet Centers, Inc   1,066,315 
 15,941     Taubman Centers, Inc   752,734 
 140,394     UDR, Inc   5,445,883 
 79,919     Uniti Group, Inc   1,398,583 
 187,918     Ventas, Inc   11,791,855 
 531,023     VEREIT, Inc   4,189,771 
 92,893     Vornado Realty Trust   6,953,970 
 64,538     Weingarten Realty Investors   1,965,182 
 194,846     Welltower, Inc   13,046,888 
 396,646     Weyerhaeuser Co   14,243,558 
 56,232     WP Carey, Inc   3,832,211 
       TOTAL REAL ESTATE   307,983,331 
              
RETAILING - 1.4%      
 28,430     Advance Auto Parts, Inc   2,323,868 
 34,535  *  Autonation, Inc   1,636,959 
 2,226  *  AutoZone, Inc   1,312,227 
 71,438     Bed Bath & Beyond, Inc   1,421,616 
 140,771     Best Buy Co, Inc   7,880,361 
 15,708  *  Burlington Stores, Inc   1,474,824 
 8,849     Dick’s Sporting Goods, Inc   216,535 
 91,882     Dollar General Corp   7,427,741 
229

TIAA-CREF FUNDS - Large-Cap Value Index Fund

 

SHARES     COMPANY  VALUE 
             
 6,676  *  Dollar Tree, Inc  $609,185 
 63,574     Foot Locker, Inc   1,912,306 
 52,344     GameStop Corp (Class A)   978,309 
 121,682     Gap, Inc   3,162,515 
 47,691     Genuine Parts Co   4,207,777 
 89,296     Kohl’s Corp   3,729,001 
 104,695     L Brands, Inc   4,506,073 
 23,550  *  Liberty Expedia Holdings, Inc   1,085,655 
 99,006  *  Liberty Interactive Corp   2,249,416 
 40,732  *  Liberty Ventures   2,320,095 
 137,772  *  LKQ Corp   5,192,627 
 159,044     Macy’s, Inc   2,983,665 
 12,777  *  Michaels Cos, Inc   248,129 
 18,253  *  Murphy USA, Inc   1,357,293 
 18,961     Penske Auto Group, Inc   883,962 
 40,422  *  Sally Beauty Holdings, Inc   699,705 
 35,458  e  Signet Jewelers Ltd   2,324,981 
 295,687     Target Corp   17,457,361 
 58,242     Tiffany & Co   5,452,616 
 31,598  *  TripAdvisor, Inc   1,184,925 
 45,206  *  Urban Outfitters, Inc   1,108,451 
 38,406  e  Williams-Sonoma, Inc   1,981,750 
       TOTAL RETAILING   89,329,928 
              
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.8%      
 156,012     Cypress Semiconductor Corp   2,474,350 
 43,884  *  First Solar, Inc   2,405,721 
 2,499,789     Intel Corp   113,715,402 
 213,928     Marvell Technology Group Ltd   3,951,250 
 135,532  *  Micron Technology, Inc   6,005,423 
 11,488  *  Microsemi Corp   613,114 
 78,320  *  NXP Semiconductors NV   9,167,356 
 9,953  *  ON Semiconductor Corp   212,198 
 32,801  *  Qorvo, Inc   2,486,644 
 786,592     Qualcomm, Inc   40,124,058 
 8,056     Teradyne, Inc   345,522 
 50,834     Versum Materials, Inc   2,139,095 
 7,410     Xilinx, Inc   546,043 
       TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT   184,186,176 
              
SOFTWARE & SERVICES - 2.7%      
 89,164  *  Akamai Technologies, Inc   4,658,819 
 76,795     Amdocs Ltd   4,999,354 
 20,417  *  Autodesk, Inc   2,551,308 
 4,918     Booz Allen Hamilton Holding Co   185,851 
 168,209     CA, Inc   5,446,607 
 103,795  *  Conduent, Inc   1,606,747 
 26,459     DST Systems, Inc   1,551,027 
 525,195  *  eBay, Inc   19,768,340 
 75,141     Fidelity National Information Services, Inc   6,970,079 
 93,607  *  FireEye, Inc   1,583,830 
 18,519  *  First American Corp   868,541 
230

TIAA-CREF FUNDS - Large-Cap Value Index Fund

 

SHARES     COMPANY  VALUE 
             
 24,546  *  Guidewire Software, Inc  $1,963,189 
 143,319     International Business Machines Corp   22,079,725 
 75,671     Leidos Holdings, Inc   4,730,951 
 10,265     LogMeIn, Inc   1,242,578 
 148,869  *  Nuance Communications, Inc   2,194,329 
 1,401,184     Oracle Corp   71,320,266 
 24,757     Sabre Corp   484,247 
 8,198     SS&C Technologies Holdings, Inc   329,560 
 70,683  *  Synopsys, Inc   6,115,493 
 67,968  *  Teradata Corp   2,273,530 
 330,412  *  Twitter, Inc   6,813,095 
 4,287  *  WEX, Inc   529,830 
 9,092  *  Zillow Group, Inc   375,591 
 17,877  *,e  Zillow Group, Inc (Class C)   737,963 
 406,954  *  Zynga, Inc   1,587,121 
       TOTAL SOFTWARE & SERVICES   172,967,971 
              
TECHNOLOGY HARDWARE & EQUIPMENT - 3.1%      
 91,909  *  ARRIS International plc   2,619,407 
 46,674  *  Arrow Electronics, Inc   3,901,480 
 65,689     Avnet, Inc   2,614,422 
 207,505     Brocade Communications Systems, Inc   2,417,433 
 2,658,932     Cisco Systems, Inc   90,802,528 
 50,775  *  CommScope Holding Co, Inc   1,631,909 
 447,636     Corning, Inc   14,015,483 
 27,589     Dolby Laboratories, Inc (Class A)   1,598,507 
 25,728  *  EchoStar Corp (Class A)   1,439,482 
 34,645     Flir Systems, Inc   1,622,079 
 46,189     Harris Corp   6,435,051 
 878,256     Hewlett Packard Enterprise Co   12,225,324 
 890,337     HP, Inc   19,186,762 
 94,423     Jabil Circuit, Inc   2,670,282 
 201,703     Juniper Networks, Inc   5,008,285 
 98,067  *  Keysight Technologies, Inc   4,380,653 
 78,836     Motorola, Inc   7,137,811 
 12,240     National Instruments Corp   550,800 
 21,934     NetApp, Inc   974,308 
 28,424  *  Trimble Navigation Ltd   1,161,973 
 133,243     Western Digital Corp   11,894,603 
 121,352     Xerox Corp   3,678,179 
       TOTAL TECHNOLOGY HARDWARE & EQUIPMENT   197,966,761 
              
TELECOMMUNICATION SERVICES - 2.8%      
 3,264,455     AT&T, Inc   109,848,911 
 510,513  e  CenturyLink, Inc   9,694,642 
 342,930  *,e  Sprint Corp   2,242,762 
 53,553     Telephone & Data Systems, Inc   1,561,070 
 59,226  *  T-Mobile US, Inc   3,539,938 
 7,672  *  US Cellular Corp   280,718 
 1,087,087     Verizon Communications, Inc   52,038,855 
       TOTAL TELECOMMUNICATION SERVICES   179,206,896 
231

TIAA-CREF FUNDS - Large-Cap Value Index Fund

 

SHARES     COMPANY  VALUE 
         
TRANSPORTATION - 1.2%        
 11,105     Alaska Air Group, Inc  $733,263 
 2,744     Amerco, Inc   1,077,404 
 133,262     American Airlines Group, Inc   6,239,327 
 14,483     Copa Holdings S.A. (Class A)   1,784,161 
 48,856     CSX Corp   2,463,808 
 353,975     Delta Air Lines, Inc   17,709,369 
 28,197     Expeditors International of Washington, Inc   1,646,141 
 31,014  *  Genesee & Wyoming, Inc (Class A)   2,226,185 
 171,063  *  JetBlue Airways Corp   3,275,856 
 55,577     Kansas City Southern Industries, Inc   5,792,235 
 29,010  *  Kirby Corp   2,055,359 
 42,203     Macquarie Infrastructure Co LLC   2,935,219 
 152,125     Norfolk Southern Corp   19,992,268 
 9,948     Old Dominion Freight Line   1,205,001 
 28,679     Ryder System, Inc   2,325,293 
 36,833  *  Spirit Airlines, Inc   1,366,136 
 39,645     Union Pacific Corp   4,590,495 
 147,536  *  United Continental Holdings, Inc   8,627,905 
 15,443  *  XPO Logistics, Inc   1,070,972 
       TOTAL TRANSPORTATION   87,116,397 
              
UTILITIES - 6.3%      
 350,741     AES Corp   3,728,377 
 120,999     Alliant Energy Corp   5,234,417 
 130,571     Ameren Corp   8,094,096 
 258,778     American Electric Power Co, Inc   19,255,671 
 94,974     American Water Works Co, Inc   8,334,918 
 92,206     Aqua America, Inc   3,271,469 
 53,754     Atmos Energy Corp   4,689,499 
 30,888     Avangrid, Inc   1,597,836 
 188,083  *  Calpine Corp   2,809,960 
 229,068     Centerpoint Energy, Inc   6,775,831 
 149,280     CMS Energy Corp   7,220,674 
 162,350     Consolidated Edison, Inc   13,970,218 
 340,930     Dominion Resources, Inc   27,663,060 
 94,984     DTE Energy Co   10,491,933 
 370,320     Duke Energy Corp   32,702,959 
 168,760     Edison International   13,492,362 
 97,024     Entergy Corp   8,369,290 
 164,703     Eversource Energy   10,316,996 
 511,062     Exelon Corp   20,549,803 
 236,161     FirstEnergy Corp   7,781,505 
 112,897     Great Plains Energy, Inc   3,706,409 
 55,941     Hawaiian Electric Industries, Inc   2,039,609 
 101,936     MDU Resources Group, Inc   2,787,950 
 43,487     National Fuel Gas Co   2,524,420 
 247,608     NextEra Energy, Inc   38,396,573 
 174,639     NiSource, Inc   4,605,230 
 124,359     NRG Energy, Inc   3,108,975 
 105,808     OGE Energy Corp   3,897,967 
232

TIAA-CREF FUNDS - Large-Cap Value Index Fund

 

SHARES     COMPANY  VALUE 
             
 272,264     PG&E Corp  $15,728,691 
 58,782     Pinnacle West Capital Corp   5,155,769 
 363,374     PPL Corp   13,648,327 
 267,814     Public Service Enterprise Group, Inc   13,176,449 
 69,189     SCANA Corp   2,984,813 
 133,194     Sempra Energy   15,650,295 
 529,725     Southern Co   27,651,645 
 91,779     UGI Corp   4,392,543 
 43,229     Vectren Corp   2,945,624 
 124,947     Vistra Energy Corp   2,428,970 
 167,870     WEC Energy Group, Inc   11,312,759 
 73,226     Westar Energy, Inc   3,916,126 
 269,434     Xcel Energy, Inc   13,342,372 
       TOTAL UTILITIES   409,752,390 
             
       TOTAL COMMON STOCKS   6,463,244,100 
       (Cost $5,410,331,846)     
             
PRINCIPAL     ISSUER  RATE   MATURITY
DATE		        
                               
SHORT-TERM INVESTMENTS - 0.7%            
             
GOVERNMENT AGENCY DEBT - 0.1%            
$3,700,000     Federal Home Loan Bank (FHLB)   0.700%  11/01/17   3,700,000  
       TOTAL GOVERNMENT AGENCY DEBT           3,700,000  
                      
SHARES     COMPANY                   
                       
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.6%               
 38,886,042  c  State Street Navigator Securities Lending Government Money Market Portfolio   38,886,042  
       TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES   38,886,042  
                      
       TOTAL SHORT-TERM INVESTMENTS           42,586,042  
       (Cost $42,586,042)               
       TOTAL INVESTMENTS - 100.6%           6,505,830,142  
       (Cost $5,452,917,888)               
       OTHER ASSETS & LIABILITIES, NET - (0.6)%           (33,496,416 )
       NET ASSETS - 100.0%         $ 6,472,333,726  
       
         
      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 $37,813,055.
233

TIAA-CREF FUNDS - S&P 500 Index Fund

 

TIAA-CREF FUNDS

S&P 500 INDEX FUND

SCHEDULE OF INVESTMENTS

October 31, 2017

 

SHARES     COMPANY  VALUE 
             
COMMON STOCKS - 99.4%
           
AUTOMOBILES & COMPONENTS - 0.7%
 41,324     BorgWarner, Inc  $2,178,601 
 56,024     Delphi Automotive plc   5,567,665 
 820,979     Ford Motor Co   10,073,413 
 275,489     General Motors Co   11,840,517 
 53,338     Goodyear Tire & Rubber Co   1,631,610 
 36,180     Harley-Davidson, Inc   1,712,761 
       TOTAL AUTOMOBILES & COMPONENTS   33,004,567 
             
BANKS - 6.5%
 2,062,350     Bank of America Corp   56,487,766 
 169,890     BB&T Corp   8,365,384 
 573,096     Citigroup, Inc   42,122,556 
 104,970     Citizens Financial Group, Inc   3,989,910 
 36,951     Comerica, Inc   2,903,240 
 154,578     Fifth Third Bancorp   4,467,304 
 227,052     Huntington Bancshares, Inc   3,133,318 
 739,785     JPMorgan Chase & Co   74,429,769 
 226,802     Keycorp   4,139,136 
 31,829     M&T Bank Corp   5,308,122 
 71,848     People’s United Financial, Inc   1,340,684 
 100,700     PNC Financial Services Group, Inc   13,774,753 
 251,608     Regions Financial Corp   3,894,892 
 101,210     SunTrust Banks, Inc   6,093,854 
 334,075     US Bancorp   18,166,998 
 939,625     Wells Fargo & Co   52,750,548 
 42,843     Zions Bancorporation   1,990,486 
       TOTAL BANKS   303,358,720 
             
CAPITAL GOODS - 7.4%
 125,452     3M Co   28,877,796 
 31,002     A.O. Smith Corp   1,835,318 
 8,785     Acuity Brands, Inc   1,468,852 
 20,114     Allegion plc   1,677,306 
 48,462     Ametek, Inc   3,270,700 
 88,411     Arconic, Inc   2,220,884 
 116,843     Boeing Co   30,143,157 
 124,192     Caterpillar, Inc   16,865,274 
 33,079     Cummins, Inc   5,851,014 
 67,156     Deere & Co   8,923,689 
 32,684     Dover Corp   3,120,995 
 93,486     Eaton Corp   7,480,750 
 134,469     Emerson Electric Co   8,667,872 
 25,164     Equifax, Inc   2,731,049 
 60,428     Fastenal Co   2,838,303 
234

TIAA-CREF FUNDS - S&P 500 Index Fund

 

SHARES     COMPANY  VALUE 
             
 27,474     Flowserve Corp  $1,210,779 
 29,361     Fluor Corp   1,265,165 
 64,023     Fortive Corp   4,626,302 
 32,325     Fortune Brands Home & Security, Inc   2,135,390 
 58,583     General Dynamics Corp   11,891,177 
 1,819,833     General Electric Co   36,687,833 
 160,116     Honeywell International, Inc   23,082,323 
 65,094     Illinois Tool Works, Inc   10,188,513 
 53,497     Ingersoll-Rand plc   4,739,834 
 25,547     Jacobs Engineering Group, Inc   1,487,091 
 195,694     Johnson Controls International plc   8,099,775 
 16,459     L3 Technologies, Inc   3,080,796 
 52,697     Lockheed Martin Corp   16,239,108 
 66,622     Masco Corp   2,652,888 
 36,573     Northrop Grumman Corp   10,808,419 
 73,760     PACCAR, Inc   5,290,805 
 27,976     Parker-Hannifin Corp   5,108,697 
 34,660     Pentair plc   2,442,144 
 31,520  *  Quanta Services, Inc   1,189,250 
 60,962     Raytheon Co   10,985,352 
 26,961     Rockwell Automation, Inc   5,414,308 
 34,178     Rockwell Collins, Inc   4,634,537 
 21,464     Roper Industries, Inc   5,541,361 
 12,199     Snap-On, Inc   1,924,758 
 32,182     Stanley Works   5,199,002 
 55,315     Textron, Inc   2,917,313 
 10,114     TransDigm Group, Inc   2,806,635 
 17,719  *  United Rentals, Inc   2,506,884 
 156,166     United Technologies Corp   18,702,440 
 11,078     W.W. Grainger, Inc   2,190,121 
 37,182     Xylem, Inc   2,473,718 
       TOTAL CAPITAL GOODS   343,495,677 
              
COMMERCIAL & PROFESSIONAL SERVICES - 0.5%        
 17,847     Cintas Corp   2,659,917 
 75,708  *  IHS Markit Ltd   3,225,918 
 70,176     Nielsen NV   2,601,424 
 47,731     Republic Services, Inc   3,105,856 
 26,510     Robert Half International, Inc   1,372,423 
 17,643  *  Stericycle, Inc   1,250,006 
 33,622  *  Verisk Analytics, Inc   2,859,551 
 85,081     Waste Management, Inc   6,991,106 
       TOTAL COMMERCIAL & PROFESSIONAL SERVICES   24,066,201 
              
CONSUMER DURABLES & APPAREL - 1.1%
 71,813     DR Horton, Inc   3,174,853 
 23,544     Garmin Ltd   1,332,826 
 76,643  e  Hanesbrands, Inc   1,724,468 
 23,717     Hasbro, Inc   2,195,957 
 27,507     Leggett & Platt, Inc   1,299,981 
 42,368     Lennar Corp (Class A)   2,358,627 
 72,926  e  Mattel, Inc   1,029,715 

235

TIAA-CREF FUNDS - S&P 500 Index Fund

 

SHARES     COMPANY  VALUE 
             
 32,232  *  Michael Kors Holdings Ltd  $1,573,244 
 13,198  *  Mohawk Industries, Inc   3,454,708 
 103,035     Newell Rubbermaid, Inc   4,201,767 
 276,225     Nike, Inc (Class B)   15,189,613 
 59,149     Pulte Homes, Inc   1,788,074 
 16,216     PVH Corp   2,056,351 
 11,627     Ralph Lauren Corp   1,039,803 
 58,865     Tapestry, Inc   2,410,522 
 40,342  *,e  Under Armour, Inc   465,143 
 39,270  *,e  Under Armour, Inc (Class A)   491,660 
 68,680     VF Corp   4,783,562 
 15,266     Whirlpool Corp   2,502,555 
       TOTAL CONSUMER DURABLES & APPAREL   53,073,429 
              
CONSUMER SERVICES - 1.9%
 85,702     Carnival Corp   5,689,756 
 5,219  *  Chipotle Mexican Grill, Inc (Class A)   1,419,046 
 26,080     Darden Restaurants, Inc   2,145,602 
 44,080     H&R Block, Inc   1,090,539 
 42,887     Hilton Worldwide Holdings, Inc   3,099,872 
 65,713     Marriott International, Inc (Class A)   7,851,389 
 170,303     McDonald’s Corp   28,425,274 
 108,696     MGM Resorts International   3,407,620 
 37,400  *  Norwegian Cruise Line Holdings Ltd   2,085,050 
 36,138     Royal Caribbean Cruises Ltd   4,472,800 
 303,547     Starbucks Corp   16,646,517 
 21,738     Wyndham Worldwide Corp   2,322,705 
 16,918     Wynn Resorts Ltd   2,495,236 
 72,419     Yum! Brands, Inc   5,391,595 
       TOTAL CONSUMER SERVICES   86,543,001 
              
DIVERSIFIED FINANCIALS - 3.7%
 11,785     Affiliated Managers Group, Inc   2,197,902 
 154,136     American Express Co   14,723,071 
 31,493     Ameriprise Financial, Inc   4,929,914 
 217,083     Bank of New York Mellon Corp   11,168,920 
 26,050     BlackRock, Inc   12,265,122 
 101,034     Capital One Financial Corp   9,313,314 
 24,442     CBOE Holdings, Inc   2,763,413 
 251,545     Charles Schwab Corp   11,279,278 
 71,388     CME Group, Inc   9,792,292 
 77,550     Discover Financial Services   5,159,402 
 57,517  *  E*TRADE Financial Corp   2,507,166 
 69,009     Franklin Resources, Inc   2,907,349 
 75,567     Goldman Sachs Group, Inc   18,323,486 
 123,711     IntercontinentalExchange Group, Inc   8,177,297 
 87,715     Invesco Ltd   3,139,320 
 67,123     Leucadia National Corp   1,698,212 
 34,984     Moody’s Corp   4,982,071 
 297,893     Morgan Stanley   14,894,650 
 24,340     NASDAQ OMX Group, Inc   1,768,301 
236

TIAA-CREF FUNDS - S&P 500 Index Fund

 

SHARES     COMPANY  VALUE 
             
 59,242     Navient Corp  $738,155 
 44,763     Northern Trust Corp   4,186,236 
 26,763     Raymond James Financial, Inc   2,268,967 
 53,994     S&P Global, Inc   8,448,441 
 78,550     State Street Corp   7,226,600 
 157,046     Synchrony Financial   5,122,841 
 50,496     T Rowe Price Group, Inc   4,691,078 
       TOTAL DIVERSIFIED FINANCIALS   174,672,798 
              
ENERGY - 5.9%        
 117,416     Anadarko Petroleum Corp   5,796,828 
 30,374     Andeavor   3,226,934 
 80,124     Apache Corp   3,314,730 
 90,013     Baker Hughes a GE Co   2,829,109 
 97,271     Cabot Oil & Gas Corp   2,694,407 
 194,071  *,e  Chesapeake Energy Corp   756,877 
 398,368     Chevron Corp   46,166,868 
 19,953     Cimarex Energy Co   2,333,104 
 31,261  *  Concho Resources, Inc   4,195,539 
 255,568     ConocoPhillips   13,072,303 
 110,014     Devon Energy Corp   4,059,517 
 121,828     EOG Resources, Inc   12,166,962 
 36,282     EQT Corp   2,269,076 
 891,084  d  Exxon Mobil Corp   74,271,851 
 181,608     Halliburton Co   7,761,926 
 23,179  e  Helmerich & Payne, Inc   1,258,851 
 56,971     Hess Corp   2,515,839 
 403,350     Kinder Morgan, Inc   7,304,669 
 180,255     Marathon Oil Corp   2,563,226 
 106,356     Marathon Petroleum Corp   6,353,707 
 80,278     National Oilwell Varco, Inc   2,744,705 
 42,792  *  Newfield Exploration Co   1,317,566 
 102,081     Noble Energy, Inc   2,844,997 
 160,649     Occidental Petroleum Corp   10,373,106 
 80,025     Oneok, Inc   4,342,957 
 90,252     Phillips 66   8,220,152 
 35,596     Pioneer Natural Resources Co   5,327,653 
 47,866     Range Resources Corp   866,853 
 291,756     Schlumberger Ltd   18,672,384 
 92,887  *  TechnipFMC plc   2,544,175 
 92,823     Valero Energy Corp   7,322,806 
 173,523     Williams Cos, Inc   4,945,406 
       TOTAL ENERGY   274,435,083 
              
FOOD & STAPLES RETAILING - 1.4%
 213,666     CVS Health Corp   14,642,531 
 188,351     Kroger Co   3,898,866 
 102,017     Sysco Corp   5,674,185 
 193,407     Walgreens Boots Alliance, Inc   12,817,082 
 307,571     Wal-Mart Stores, Inc   26,854,024 
       TOTAL FOOD & STAPLES RETAILING   63,886,688 
237

TIAA-CREF FUNDS - S&P 500 Index Fund

 

SHARES     COMPANY  VALUE 
               
FOOD, BEVERAGE & TOBACCO - 4.8%
 403,096     Altria Group, Inc  $25,886,825 
 118,184     Archer Daniels Midland Co   4,830,180 
 41,332     Brown-Forman Corp (Class B)   2,356,751 
 40,718     Campbell Soup Co   1,928,812 
 805,639     Coca-Cola Co   37,043,281 
 86,645     ConAgra Foods, Inc   2,959,793 
 36,102     Constellation Brands, Inc (Class A)   7,909,587 
 92,206     Costco Wholesale Corp   14,852,543 
 38,149     Dr Pepper Snapple Group, Inc   3,267,843 
 121,276     General Mills, Inc   6,296,650 
 29,881     Hershey Co   3,172,765 
 55,900     Hormel Foods Corp   1,741,844 
 24,185     J.M. Smucker Co   2,564,819 
 52,314     Kellogg Co   3,271,194 
 126,135     Kraft Heinz Co   9,754,020 
 24,778     McCormick & Co, Inc   2,466,154 
 38,629     Molson Coors Brewing Co (Class B)   3,123,927 
 316,641     Mondelez International, Inc   13,118,437 
 88,473  *  Monster Beverage Corp   5,125,241 
 299,882     PepsiCo, Inc   33,055,993 
 326,353     Philip Morris International, Inc   34,149,578 
 60,731     Tyson Foods, Inc (Class A)   4,427,897 
       TOTAL FOOD, BEVERAGE & TOBACCO   223,304,134 
              
HEALTH CARE EQUIPMENT & SERVICES - 5.6%
 365,070     Abbott Laboratories   19,797,746 
 69,719     Aetna Inc   11,854,321 
 15,221  *  Align Technology, Inc   3,637,515 
 34,036     AmerisourceBergen Corp   2,619,070 
 55,132     Anthem, Inc   11,534,166 
 15,275     Bard (C.R.), Inc   4,995,994 
 105,346     Baxter International, Inc   6,791,657 
 47,801     Becton Dickinson & Co   9,974,635 
 288,246  *  Boston Scientific Corp   8,111,242 
 66,094     Cardinal Health, Inc   4,091,219 
 36,400  *  Centene Corp   3,409,588 
 66,141  *  Cerner Corp   4,465,840 
 52,899     Cigna Corp   10,432,741 
 10,302     Cooper Cos, Inc   2,475,158 
 129,029     Danaher Corp   11,905,506 
 32,215  *  DaVita, Inc   1,956,739 
 48,133     Dentsply Sirona, Inc   2,939,482 
 44,339  *  Edwards Lifesciences Corp   4,532,776 
 25,649  *  Envision Healthcare Corp   1,092,647 
 122,335  *  Express Scripts Holding Co   7,497,912 
 61,644  *  HCA Holdings, Inc   4,663,369 
 33,150  *  Henry Schein, Inc   2,605,590 
 58,881  *  Hologic, Inc   2,228,646 
 30,336     Humana, Inc   7,746,298 
 18,317  *  IDEXX Laboratories, Inc   3,043,736 
 23,503  *  Intuitive Surgical, Inc   8,822,086 
238

TIAA-CREF FUNDS - S&P 500 Index Fund

 

SHARES     COMPANY  VALUE 
             
 21,221  *  Laboratory Corp of America Holdings  $3,261,880 
 43,852     McKesson Corp   6,046,314 
 284,964     Medtronic plc   22,945,301 
 17,924     Patterson Cos, Inc   663,188 
 28,735     Quest Diagnostics, Inc   2,694,768 
 29,770     Resmed, Inc   2,506,039 
 67,552     Stryker Corp   10,461,778 
 203,270     UnitedHealth Group, Inc   42,731,419 
 18,639     Universal Health Services, Inc (Class B)   1,914,225 
 19,340  *  Varian Medical Systems, Inc   2,015,035 
 42,466     Zimmer Holdings, Inc   5,164,715 
       TOTAL HEALTH CARE EQUIPMENT & SERVICES   263,630,341 
              
HOUSEHOLD & PERSONAL PRODUCTS - 1.7%
 51,789     Church & Dwight Co, Inc   2,339,309 
 27,122     Clorox Co   3,431,747 
 185,654     Colgate-Palmolive Co   13,079,324 
 99,499     Coty, Inc   1,532,285 
 47,120     Estee Lauder Cos (Class A)   5,268,487 
 74,256     Kimberly-Clark Corp   8,354,543 
 536,351     Procter & Gamble Co   46,308,545 
       TOTAL HOUSEHOLD & PERSONAL PRODUCTS   80,314,240 
              
INSURANCE - 4.4%
 83,041     Aflac, Inc   6,966,309 
 75,821     Allstate Corp   7,116,559 
 190,598     American International Group, Inc   12,314,537 
 53,861     Aon plc   7,725,283 
 37,829     Arthur J. Gallagher & Co   2,395,710 
 11,385     Assurant, Inc   1,145,900 
 404,564  *  Berkshire Hathaway, Inc (Class B)   75,629,194 
 20,032  *  Brighthouse Financial, Inc   1,245,590 
 98,061     Chubb Ltd   14,789,560 
 32,417     Cincinnati Financial Corp   2,274,701 
 8,560     Everest Re Group Ltd   2,032,572 
 76,193     Hartford Financial Services Group, Inc   4,194,425 
 46,533     Lincoln National Corp   3,526,271 
 59,660     Loews Corp   2,953,767 
 107,716     Marsh & McLennan Cos, Inc   8,717,456 
 223,183     Metlife, Inc   11,958,145 
 56,064     Principal Financial Group   3,691,814 
 122,325     Progressive Corp   5,951,111 
 89,746     Prudential Financial, Inc   9,913,343 
 23,777     Torchmark Corp   2,000,359 
 57,664     Travelers Cos, Inc   7,637,597 
 47,373     UnumProvident Corp   2,465,291 
 28,210     Willis Towers Watson plc   4,544,067 
 54,151     XL Group Ltd   2,191,491 
       TOTAL INSURANCE   203,381,052 
              
MATERIALS - 3.0%
 45,814     Air Products & Chemicals, Inc   7,304,126 
239

TIAA-CREF FUNDS - S&P 500 Index Fund

 

SHARES     COMPANY  VALUE 
             
 23,211     Albemarle Corp  $3,270,198 
 18,810     Avery Dennison Corp   1,997,058 
 73,139     Ball Corp   3,139,857 
 48,676     CF Industries Holdings, Inc   1,848,714 
 490,619     DowDuPont, Inc   35,476,660 
 30,322     Eastman Chemical Co   2,753,541 
 54,705     Ecolab, Inc   7,147,755 
 28,066     FMC Corp   2,606,209 
 283,631  *  Freeport-McMoRan Copper & Gold, Inc (Class B)   3,965,161 
 16,679     International Flavors & Fragrances, Inc   2,458,818 
 86,831     International Paper Co   4,972,811 
 68,146     LyondellBasell Industries AF S.C.A   7,055,155 
 13,306     Martin Marietta Materials, Inc   2,885,406 
 92,730     Monsanto Co   11,229,603 
 74,062     Mosaic Co   1,654,545 
 112,191     Newmont Mining Corp   4,056,827 
 67,143     Nucor Corp   3,882,880 
 19,805     Packaging Corp of America   2,302,727 
 53,923     PPG Industries, Inc   6,268,010 
 60,096     Praxair, Inc   8,781,228 
 40,541     Sealed Air Corp   1,793,128 
 17,271     Sherwin-Williams Co   6,824,636 
 27,839     Vulcan Materials Co   3,389,398 
 53,414     WestRock Co   3,275,881 
       TOTAL MATERIALS   140,340,332 
              
MEDIA - 2.6%
 76,518     CBS Corp (Class B)   4,294,190 
 42,253  *  Charter Communications, Inc   14,119,685 
 989,099     Comcast Corp (Class A)   35,637,237 
 32,171  *,e  Discovery Communications, Inc (Class A)   607,388 
 43,906  *  Discovery Communications, Inc (Class C)   781,966 
 47,266  *  DISH Network Corp (Class A)   2,294,292 
 81,705     Interpublic Group of Cos, Inc   1,572,821 
 79,659     News Corp   1,088,142 
 25,832     News Corp (Class B)   359,065 
 48,314     Omnicom Group, Inc   3,246,218 
 20,275     Scripps Networks Interactive (Class A)   1,688,502 
 163,609     Time Warner, Inc   16,081,129 
 221,111     Twenty-First Century Fox, Inc   5,782,053 
 92,248     Twenty-First Century Fox, Inc (Class B)   2,347,711 
 73,837     Viacom, Inc (Class B)   1,774,303 
 324,578     Walt Disney Co   31,746,974 
       TOTAL MEDIA   123,421,676 
              
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.3%
 335,141     AbbVie, Inc   30,246,475 
 67,555     Agilent Technologies, Inc   4,595,767 
 46,907  *  Alexion Pharmaceuticals, Inc   5,612,892 
 70,184     Allergan plc   12,438,710 
 153,410     Amgen, Inc   26,880,500 
240

TIAA-CREF FUNDS - S&P 500 Index Fund

 

SHARES     COMPANY  VALUE 
             
 44,449  *  Biogen Idec, Inc  $13,852,975 
 344,724     Bristol-Myers Squibb Co   21,255,682 
 164,403  *  Celgene Corp   16,599,771 
 203,625     Eli Lilly & Co   16,685,032 
 274,640     Gilead Sciences, Inc   20,587,014 
 30,659  *  Illumina, Inc   6,290,920 
 35,863  *  Incyte Corp   4,061,485 
 564,245     Johnson & Johnson   78,661,396 
 574,954     Merck & Co, Inc   31,674,216 
 5,362  *  Mettler-Toledo International, Inc   3,660,262 
 112,681  *  Mylan NV   4,023,839 
 23,277     PerkinElmer, Inc   1,683,393 
 28,819     Perrigo Co plc   2,334,051 
 1,253,897     Pfizer, Inc   43,961,629 
 31,584  *  Quintiles Transnational Holdings, Inc   3,414,230 
 16,147  *  Regeneron Pharmaceuticals, Inc   6,501,105 
 84,059     Thermo Fisher Scientific, Inc   16,293,156 
 52,979  *  Vertex Pharmaceuticals, Inc   7,747,119 
 16,796  *  Waters Corp   3,292,856 
 104,175     Zoetis, Inc   6,648,448 
       TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES   389,002,923 
              
REAL ESTATE - 2.9%
 19,533     Alexandria Real Estate Equities, Inc   2,421,311 
 90,511     American Tower Corp   13,003,715 
 33,369     Apartment Investment & Management Co (Class A)   1,467,569 
 28,825     AvalonBay Communities, Inc   5,226,837 
 33,049     Boston Properties, Inc   4,004,878 
 62,701  *  CBRE Group, Inc   2,465,403 
 85,310     Crown Castle International Corp   9,134,995 
 42,620     Digital Realty Trust, Inc   5,047,913 
 74,707     Duke Realty Corp   2,127,655 
 16,377     Equinix, Inc   7,590,740 
 76,816     Equity Residential   5,166,644 
 13,873     Essex Property Trust, Inc   3,640,691 
 26,437     Extra Space Storage, Inc   2,156,995 
 14,978     Federal Realty Investment Trust   1,805,149 
 135,477     GGP, Inc   2,636,382 
 97,343     HCP, Inc   2,515,343 
 155,395     Host Marriott Corp   3,039,526 
 55,076     Iron Mountain, Inc   2,203,040 
 88,761     Kimco Realty Corp   1,611,900 
 23,378     Macerich Co   1,276,439 
 23,666     Mid-America Apartment Communities, Inc   2,422,215 
 112,770     Prologis, Inc   7,282,687 
 31,754     Public Storage, Inc   6,581,017 
 57,136     Realty Income Corp   3,066,489 
 30,244     Regency Centers Corp   1,861,518 
 25,829  *  SBA Communications Corp   4,059,802 
 64,954     Simon Property Group, Inc   10,089,305 
 21,233     SL Green Realty Corp   2,031,574 
 55,365     UDR, Inc   2,147,608 
 74,815     Ventas, Inc   4,694,641 

241

TIAA-CREF FUNDS - S&P 500 Index Fund

 

SHARES     COMPANY  VALUE 
             
 37,270     Vornado Realty Trust  $2,790,032 
 77,516     Welltower, Inc   5,190,471 
 158,077     Weyerhaeuser Co   5,676,545 
       TOTAL REAL ESTATE   136,437,029 
              
RETAILING - 5.5%
 15,654     Advance Auto Parts, Inc   1,279,558 
 83,830  *  Amazon.com, Inc   92,655,622 
 5,877  *  AutoZone, Inc   3,464,491 
 55,562     Best Buy Co, Inc   3,110,361 
 38,518  *  Carmax, Inc   2,892,702 
 54,534     Dollar General Corp   4,408,529 
 49,778  *  Dollar Tree, Inc   4,542,242 
 25,683     Expedia, Inc   3,201,643 
 27,549     Foot Locker, Inc   828,674 
 46,233     Gap, Inc   1,201,596 
 30,788     Genuine Parts Co   2,716,425 
 247,874     Home Depot, Inc   41,092,552 
 35,568     Kohl’s Corp   1,485,320 
 52,679     L Brands, Inc   2,267,304 
 65,080  *  LKQ Corp   2,452,865 
 177,453     Lowe’s Companies, Inc   14,187,367 
 64,597     Macy’s, Inc   1,211,840 
 90,750  *  NetFlix, Inc   17,826,022 
 25,116     Nordstrom, Inc   995,849 
 18,373  *  O’Reilly Automotive, Inc   3,875,784 
 10,313  *  Priceline.com, Inc   19,718,043 
 81,821     Ross Stores, Inc   5,194,815 
 12,939     Signet Jewelers Ltd   848,410 
 114,789     Target Corp   6,777,143 
 21,287     Tiffany & Co   1,992,889 
 133,592     TJX Companies, Inc   9,324,722 
 26,641     Tractor Supply Co   1,605,387 
 23,071  *  TripAdvisor, Inc   865,163 
 12,176  *  Ulta Beauty, Inc   2,456,995 
       TOTAL RETAILING   254,480,313 
              
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.0%
 169,824  *  Advanced Micro Devices, Inc   1,865,517 
 78,028     Analog Devices, Inc   7,123,956 
 225,017     Applied Materials, Inc   12,697,709 
 85,498     Broadcom Ltd   22,563,777 
 987,787     Intel Corp   44,934,431 
 32,840     Kla-Tencor Corp   3,575,948 
 33,899     Lam Research Corp   7,070,314 
 48,526     Microchip Technology, Inc   4,600,265 
 233,969  *  Micron Technology, Inc   10,367,166 
 126,017     NVIDIA Corp   26,061,576 
 26,768  *  Qorvo, Inc   2,029,282 
 310,213     Qualcomm, Inc   15,823,965 
 39,351     Skyworks Solutions, Inc   4,480,505 

242

TIAA-CREF FUNDS - S&P 500 Index Fund

 

SHARES     COMPANY  VALUE 
             
 208,270     Texas Instruments, Inc  $20,137,626 
 53,321     Xilinx, Inc   3,929,225 
       TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT   187,261,262 
              
SOFTWARE & SERVICES - 14.5%
 130,022     Accenture plc   18,509,932 
 158,611     Activision Blizzard, Inc   10,387,434 
 103,677  *  Adobe Systems, Inc   18,160,063 
 35,790  *  Akamai Technologies, Inc   1,870,027 
 10,070     Alliance Data Systems Corp   2,252,961 
 62,672  *  Alphabet, Inc (Class A)   64,742,683 
 63,464  *  Alphabet, Inc (Class C)   64,520,041 
 17,806  *  Ansys, Inc   2,434,258 
 46,686  *  Autodesk, Inc   5,833,883 
 93,319     Automatic Data Processing, Inc   10,849,267 
 65,633     CA, Inc   2,125,197 
 58,413  *  Cadence Design Systems, Inc   2,521,105 
 30,145  *  Citrix Systems, Inc   2,490,278 
 124,070     Cognizant Technology Solutions Corp (Class A)   9,388,377 
 34,093     CSRA, Inc   1,090,635 
 59,787     DXC Technology Co   5,471,706 
 209,168  *  eBay, Inc   7,873,084 
 64,890  *  Electronic Arts, Inc   7,760,844 
 498,425  *  Facebook, Inc   89,746,406 
 69,872     Fidelity National Information Services, Inc   6,481,327 
 44,171  *  Fiserv, Inc   5,717,053 
 18,823  *  Gartner, Inc   2,358,710 
 32,055     Global Payments, Inc   3,332,117 
 182,090     International Business Machines Corp   28,052,785 
 51,170     Intuit, Inc   7,727,693 
 196,115     MasterCard, Inc (Class A)   29,176,029 
 1,619,293     Microsoft Corp   134,692,792 
 634,042     Oracle Corp   32,272,738 
 67,217     Paychex, Inc   4,287,772 
 238,028  *  PayPal Holdings, Inc   17,271,312 
 37,309  *  Red Hat, Inc   4,508,046 
 143,887  *  salesforce.com, Inc   14,725,396 
 129,131     Symantec Corp   4,196,758 
 32,570  *  Synopsys, Inc   2,817,956 
 34,966     Total System Services, Inc   2,519,300 
 18,378  *  VeriSign, Inc   1,976,003 
 384,482     Visa, Inc (Class A)   42,285,330 
 98,688     Western Union Co   1,959,944 
       TOTAL SOFTWARE & SERVICES   674,387,242 
              
TECHNOLOGY HARDWARE & EQUIPMENT - 5.9%
 65,013     Amphenol Corp (Class A)   5,656,131 
 1,085,743     Apple, Inc   183,533,997 
 1,049,421     Cisco Systems, Inc   35,837,727 
 189,851     Corning, Inc   5,944,235 
 13,410  *  F5 Networks, Inc   1,626,231 
 30,935     Flir Systems, Inc   1,448,377 

243

TIAA-CREF FUNDS - S&P 500 Index Fund

 

SHARES     COMPANY  VALUE 
             
 25,314     Harris Corp  $3,526,746 
 345,084     Hewlett Packard Enterprise Co   4,803,569 
 354,184     HP, Inc   7,632,665 
 80,055     Juniper Networks, Inc   1,987,766 
 33,949     Motorola, Inc   3,073,742 
 56,761     NetApp, Inc   2,521,324 
 60,428     Seagate Technology, Inc   2,234,023 
 75,050     TE Connectivity Ltd   6,827,298 
 61,969     Western Digital Corp   5,531,973 
 44,388     Xerox Corp   1,345,400 
       TOTAL TECHNOLOGY HARDWARE & EQUIPMENT   273,531,204 
              
TELECOMMUNICATION SERVICES - 1.9%
 1,289,628     AT&T, Inc   43,395,982 
 204,817  e  CenturyLink, Inc   3,889,475 
 857,173     Verizon Communications, Inc   41,032,872 
       TOTAL TELECOMMUNICATION SERVICES   88,318,329 
              
TRANSPORTATION - 2.0%
 26,154     Alaska Air Group, Inc   1,726,949 
 91,096     American Airlines Group, Inc   4,265,115 
 29,694     CH Robinson Worldwide, Inc   2,331,870 
 191,931     CSX Corp   9,679,080 
 139,435     Delta Air Lines, Inc   6,975,933 
 37,779     Expeditors International of Washington, Inc   2,205,538 
 51,827     FedEx Corp   11,703,055 
 18,139     J.B. Hunt Transport Services, Inc   1,929,808 
 22,355     Kansas City Southern Industries, Inc   2,329,838 
 60,611     Norfolk Southern Corp   7,965,498 
 115,604     Southwest Airlines Co   6,226,431 
 168,035     Union Pacific Corp   19,456,773 
 54,759  *  United Continental Holdings, Inc   3,202,306 
 144,828     United Parcel Service, Inc (Class B)   17,021,635 
       TOTAL TRANSPORTATION   97,019,829 
              
UTILITIES - 3.2%
 139,563     AES Corp   1,483,555 
 48,136     Alliant Energy Corp   2,082,363 
 50,470     Ameren Corp   3,128,635 
 103,386     American Electric Power Co, Inc   7,692,952 
 37,853     American Water Works Co, Inc   3,321,979 
 90,736     Centerpoint Energy, Inc   2,683,971 
 59,680     CMS Energy Corp   2,886,722 
 64,578     Consolidated Edison, Inc   5,556,937 
 135,719     Dominion Resources, Inc   11,012,240 
 37,233     DTE Energy Co   4,112,757 
 147,601     Duke Energy Corp   13,034,644 
 68,499     Edison International   5,476,495 
 37,732     Entergy Corp   3,254,762 
 67,070     Eversource Energy   4,201,265 
 203,391     Exelon Corp   8,178,352 

244

TIAA-CREF FUNDS - S&P 500 Index Fund

 

SHARES     COMPANY          VALUE 
                     
 93,990     FirstEnergy Corp          $3,096,971 
 98,626     NextEra Energy, Inc           15,293,934 
 68,255     NiSource, Inc           1,799,884 
 62,953     NRG Energy, Inc           1,573,825 
 106,915     PG&E Corp           6,176,480 
 23,490     Pinnacle West Capital Corp           2,060,308 
 143,433     PPL Corp           5,387,343 
 107,868     Public Service Enterprise Group, Inc           5,307,106 
 30,203     SCANA Corp           1,302,957 
 52,747     Sempra Energy           6,197,773 
 211,098     Southern Co           11,019,316 
 65,472     WEC Energy Group, Inc           4,412,158 
 106,639     Xcel Energy, Inc           5,280,763 
       TOTAL UTILITIES           147,016,447 
                     
       TOTAL COMMON STOCKS           4,638,382,517 
       (Cost $2,986,139,724)             
                     
PRINCIPAL     ISSUER  RATE  MATURITY
DATE		       
                    
SHORT-TERM INVESTMENTS - 0.7%
 
GOVERNMENT AGENCY DEBT - 0.5%
$20,700,000     Federal Home Loan Bank (FHLB)  0.700%  11/01/17   20,700,000  
       TOTAL GOVERNMENT AGENCY DEBT            20,700,000  
                    
SHARES       COMPANY            
                    
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.2%
 10,694,332  c  State Street Navigator Securities Lending Government Money Market Portfolio      10,694,332  
       TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES  10,694,332  
                     
       TOTAL SHORT-TERM INVESTMENTS         31,394,332  
       (Cost $31,394,332)             
       TOTAL INVESTMENTS - 100.1%            4,669,776,849  
       (Cost $3,017,534,056)             
       OTHER ASSETS & LIABILITIES, NET - (0.1)%            (4,367,748 )
       NET ASSETS - 100.0%       $ 4,665,409,101  

 

         
       
  *   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 $10,121,275.

 

         

 

Futures contracts outstanding as of October 31, 2017 were as follows (See Note 3):

 

Description  Number of
long (short)
contracts		   Expiration date  Notional amount   Value   Unrealized
appreciation
(depreciation)		 
S&P 500 E Mini Index   168   12/15/17   $21,523,688    $21,610,680    $86,992 
245

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

TIAA-CREF FUNDS
SMALL-CAP BLEND INDEX FUND
SCHEDULE OF INVESTMENTS
October 31, 2017

 

SHARES     COMPANY  VALUE 
           
COMMON STOCKS - 99.7%
 
AUTOMOBILES & COMPONENTS - 1.3%    
 100,653  *  American Axle & Manufacturing Holdings, Inc  $1,790,617 
 63,903     Cooper Tire & Rubber Co   2,096,018 
 20,617  *  Cooper-Standard Holding, Inc   2,298,383 
 171,365     Dana Holding Corp   5,224,919 
 32,252  *  Dorman Products, Inc   2,228,936 
 40,435  *  Fox Factory Holding Corp   1,720,509 
 42,575  *  Gentherm, Inc   1,426,262 
 29,924  *  Horizon Global Corp   485,667 
 28,173     LCI Industries, Inc   3,487,817 
 57,696  *  Modine Manufacturing Co   1,214,501 
 21,925  *  Motorcar Parts of America, Inc   633,852 
 18,693  *  Shiloh Industries, Inc   173,471 
 40,047     Spartan Motors, Inc   646,759 
 25,122     Standard Motor Products, Inc   1,097,078 
 32,027  *  Stoneridge, Inc   728,294 
 28,871     Superior Industries International, Inc   448,944 
 62,819     Tenneco, Inc   3,650,412 
 24,985     Tower International, Inc   759,544 
 22,118  *  VOXX International Corp (Class A)   148,191 
 36,861     Winnebago Industries, Inc   1,811,718 
       TOTAL AUTOMOBILES & COMPONENTS   32,071,892 
             
BANKS - 12.8%    
 18,830     1st Source Corp   966,167 
 17,778  e  Access National Corp   517,340 
 6,967     ACNB Corp   194,379 
 13,407  *  Allegiance Bancshares, Inc   525,554 
 9,511     American National Bankshares, Inc   372,356 
 42,196     Ameris Bancorp   2,021,188 
 10,037     Ames National Corp   299,103 
 13,788  *  Arrow Financial Corp   486,716 
 24,519  *  Atlantic Capital Bancshares, Inc   403,338 
 50,772  e  Banc of California, Inc   1,068,751 
 19,696     Bancfirst Corp   1,076,386 
 34,977     Banco Latinoamericano de Exportaciones S.A. (Class E)   980,405 
 100,010     Bancorpsouth, Inc   3,160,316 
 50,902     Bank Mutual Corp   538,289 
 18,187     Bank of Commerce Holdings   218,244 
 7,074     Bank of Marin Bancorp   479,263 
 63,239     Bank of NT Butterfield & Son Ltd   2,361,977 
 16,749     BankFinancial Corp   265,304 
 7,434     Bankwell Financial Group, Inc   272,084 
 38,745     Banner Corp   2,220,863 
 18,006     Bar Harbor Bankshares   544,321 
246

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES     COMPANY  VALUE 
           
 10,656     BCB Bancorp, Inc  $149,717 
 24,347     Bear State Financial, Inc   249,800 
 81,268     Beneficial Bancorp, Inc   1,340,922 
 46,922     Berkshire Hills Bancorp, Inc   1,797,113 
 26,800     Blue Hills Bancorp, Inc   581,560 
 70,301  *,e  BofI Holding, Inc   1,891,097 
 96,868     Boston Private Financial Holdings, Inc   1,540,201 
 20,472     Bridge Bancorp, Inc   726,756 
 89,329     Brookline Bancorp, Inc   1,375,667 
 19,570     Bryn Mawr Bank Corp   858,144 
 9,670  *  BSB Bancorp, Inc   289,133 
 7,682  *  Byline Bancorp, Inc   154,024 
 3,938     C&F Financial Corp   228,404 
 12,383  *  Cadence BanCorp   301,650 
 2,510     California First National Bancorp   38,654 
 17,880     Camden National Corp   771,880 
 34,025     Capital Bank Financial Corp   1,381,415 
 13,244     Capital City Bank Group, Inc   326,597 
 147,657     Capitol Federal Financial   2,036,190 
 9,818  *  Capstar Financial Holdings, Inc   198,225 
 16,923  e  Carolina Financial Corp   623,613 
 90,071     Cathay General Bancorp   3,764,968 
 63,142     Centerstate Banks of Florida, Inc   1,682,103 
 35,403     Central Pacific Financial Corp   1,101,741 
 11,631     Central Valley Community Bancorp   234,946 
 3,444     Century Bancorp, Inc   292,568 
 14,499     Charter Financial Corp   277,946 
 82,555     Chemical Financial Corp   4,349,823 
 3,740     Chemung Financial Corp   176,678 
 13,599     Citizens & Northern Corp   332,224 
 18,654     City Holding Co   1,314,920 
 11,664  e  Civista Bancshares, Inc   263,256 
 24,014     Clifton Bancorp, Inc   408,958 
 18,179     CNB Financial Corp   522,646 
 42,424     CoBiz, Inc   867,147 
 10,643     Codorus Valley Bancorp, Inc   336,738 
 67,638     Columbia Banking System, Inc   2,942,929 
 8,097     Commerce Union Bancshares, Inc   195,624 
 58,846     Community Bank System, Inc   3,253,595 
 25,274  *  Community Bankers Trust Corp   218,620 
 4,657     Community Financial Corp   168,630 
 18,072     Community Trust Bancorp, Inc   872,878 
 35,931     ConnectOne Bancorp, Inc   964,747 
 6,318     County Bancorp, Inc   206,346 
 31,879  *  Customers Bancorp, Inc   871,572 
 120,321     CVB Financial Corp   2,870,859 
 37,572     Dime Community Bancshares   828,463 
 3,653     DNB Financial Corp   123,106 
 37,110  *  Eagle Bancorp, Inc   2,473,381 
 7,391  *  Entegra Financial Corp   201,405 
 11,122     Enterprise Bancorp, Inc   401,504 
 27,821     Enterprise Financial Services Corp   1,212,996 
 12,495  *  Equity Bancshares, Inc   425,955 
247

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES     COMPANY  VALUE 
           
 11,519     ESSA Bancorp, Inc  $186,262 
 95,612  *  Essent Group Ltd   4,074,983 
 5,436  e  Evans Bancorp, Inc   236,738 
 10,436     Farmers & Merchants Bancorp, Inc   386,341 
 8,789     Farmers Capital Bank Corp   365,622 
 29,118     Farmers National Banc Corp   422,211 
 15,132  *  FB Financial Corp   618,445 
 41,484  *  FCB Financial Holdings, Inc   1,937,303 
 10,382     Federal Agricultural Mortgage Corp (Class C)   770,760 
 26,050     Fidelity Southern Corp   571,276 
 16,216     Financial Institutions, Inc   531,885 
 33,447     First Bancorp (NC)   1,227,505 
 225,705  *  First Bancorp (Puerto Rico)   1,162,381 
 12,679     First Bancorp, Inc   395,712 
 9,930  e  First Bancshares, Inc   316,767 
 44,443     First Busey Corp   1,383,066 
 9,757     First Business Financial Services, Inc   216,898 
 8,809     First Citizens Bancshares, Inc (Class A)   3,567,645 
 112,419     First Commonwealth Financial Corp   1,636,821 
 19,531     First Community Bancshares, Inc   583,391 
 16,422     First Connecticut Bancorp   433,541 
 11,634     First Defiance Financial Corp   630,563 
 71,593     First Financial Bancorp   1,954,489 
 74,357  e  First Financial Bankshares, Inc   3,394,397 
 12,415     First Financial Corp   589,712 
 10,818     First Financial Northwest, Inc   179,903 
 33,045  *  First Foundation, Inc   611,663 
 5,287  e  First Guaranty Bancshares, Inc   141,057 
 7,647     First Internet Bancorp   288,292 
 30,024     First Interstate Bancsystem, Inc   1,179,943 
 48,110     First Merchants Corp   2,068,730 
 11,797     First Mid-Illinois Bancshares, Inc   455,364 
 118,656     First Midwest Bancorp, Inc   2,739,767 
 11,534  *  First Northwest Bancorp   195,155 
 27,359     First of Long Island Corp   863,176 
 26,203  *  Flagstar Bancorp, Inc   979,206 
 31,268     Flushing Financial Corp   937,415 
 6,224     FNB Bancorp   215,039 
 15,471  *  Franklin Financial Network, Inc   530,655 
 200,316     Fulton Financial Corp   3,645,751 
 24,901     German American Bancorp, Inc   895,938 
 90,733     Glacier Bancorp, Inc   3,444,225 
 11,869     Great Southern Bancorp, Inc   637,959 
 68,817     Great Western Bancorp, Inc   2,793,282 
 24,600  *  Green Bancorp, Inc   544,890 
 3,193  e  Greene County Bancorp, Inc   95,471 
 27,545     Guaranty Bancorp   783,655 
 2,403     Guaranty Bancshares, Inc   68,918 
 100,019     Hancock Holding Co   4,875,926 
 37,186     Hanmi Financial Corp   1,143,469 
 15,383  *  HarborOne Bancorp, Inc   300,122 
 28,725     Heartland Financial USA, Inc   1,414,706 
 42,434     Heritage Commerce Corp   652,635 
248

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES     COMPANY  VALUE 
           
 34,576     Heritage Financial Corp  $1,054,568 
 85,194     Hilltop Holdings, Inc   2,007,171 
 1,568     Hingham Institution for Savings   305,290 
 7,213     Home Bancorp, Inc   309,005 
 183,390     Home Bancshares, Inc   4,122,607 
 28,556  *  HomeStreet, Inc   829,552 
 19,706  *  HomeTrust Bancshares, Inc   517,282 
 150,794     Hope Bancorp, Inc   2,782,149 
 25,010     Horizon Bancorp   688,275 
 10,312  *  Howard Bancorp, Inc   215,521 
 60,004     IBERIABANK Corp   4,425,295 
 11,749  *,e  Impac Mortgage Holdings, Inc   153,912 
 31,371     Independent Bank Corp (MA)   2,261,849 
 24,310     Independent Bank Corp (MI)   546,975 
 21,015     Independent Bank Group, Inc   1,321,843 
 64,431     International Bancshares Corp   2,615,899 
 9,633  e  Investar Holding Corp   223,486 
 303,447     Investors Bancorp, Inc   4,172,396 
 98,887     Kearny Financial Corp   1,488,249 
 53,169     Lakeland Bancorp, Inc   1,092,623 
 28,400     Lakeland Financial Corp   1,371,152 
 11,358     LCNB Corp   231,703 
 55,559     LegacyTexas Financial Group, Inc   2,216,248 
 7,459  *  LendingTree, Inc   1,999,385 
 22,875  e  Live Oak Bancshares, Inc   542,137 
 30,089     Macatawa Bank Corp   302,094 
 29,329     MainSource Financial Group, Inc   1,105,410 
 7,526  *,e  Malvern Bancorp, Inc   203,202 
 94,168     MB Financial, Inc   4,326,078 
 21,340     MBT Financial Corp   225,137 
 18,682     Mercantile Bank Corp   674,420 
 56,930     Meridian Bancorp, Inc   1,121,521 
 10,643     Meta Financial Group, Inc   928,602 
 434,085  *  MGIC Investment Corp   6,207,416 
 3,056     Middlefield Banc Corp   139,201 
 17,960     Midland States Bancorp, Inc   582,802 
 10,088     Midsouth Bancorp, Inc   132,153 
 13,094     MidWestOne Financial Group, Inc   461,040 
 7,189     MutualFirst Financial, Inc   278,214 
 29,211     National Bank Holdings Corp   958,705 
 8,191  e  National Bankshares, Inc   362,861 
 12,340  *  National Commerce Corp   502,855 
 34,100  *  Nationstar Mortgage Holdings, Inc   663,927 
 51,370     NBT Bancorp, Inc   1,959,252 
 10,506  *  Nicolet Bankshares, Inc   598,212 
 66,853  *  NMI Holdings, Inc   972,711 
 8,497     Northeast Bancorp   218,798 
 50,495     Northfield Bancorp, Inc   861,445 
 8,023     Northrim BanCorp, Inc   260,747 
 113,808     Northwest Bancshares, Inc   1,919,941 
 6,749  *,e  Norwood Financial Corp   201,593 
 37,355     OceanFirst Financial Corp   1,036,601 
 1,445  e  Oconee Federal Financial Corp   43,336 
249

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES     COMPANY  VALUE 
           
 116,891  *,e  Ocwen Financial Corp  $407,950 
 45,217     OFG Bancorp   402,431 
 4,776  e  Ohio Valley Banc Corp   170,026 
 9,813     Old Line Bancshares, Inc   295,862 
 155,487     Old National Bancorp   2,829,863 
 4,253     Old Point Financial Corp   137,712 
 33,981     Old Second Bancorp, Inc   465,540 
 24,296  *  Opus Bank   629,266 
 45,712     Oritani Financial Corp   774,818 
 8,694     Orrstown Financial Services, Inc   221,697 
 25,465     Pacific Continental Corp   713,020 
 18,242  *  Pacific Mercantile Bancorp   170,563 
 45,537  *  Pacific Premier Bancorp, Inc   1,839,695 
 1     PacWest Bancorp   45 
 4,935  *  Paragon Commercial Corp   284,108 
 15,639     Park National Corp   1,717,006 
 61,131     Park Sterling Bank   768,417 
 6,593     Parke Bancorp, Inc   142,079 
 21,230  *,e  PCSB Financial Corp   397,426 
 19,688     Peapack Gladstone Financial Corp   682,977 
 5,474     Penns Woods Bancorp, Inc   265,051 
 21,344  *  PennyMac Financial Services, Inc   405,536 
 4,941     Peoples Bancorp of North Carolina, Inc   168,439 
 19,603     Peoples Bancorp, Inc   649,251 
 8,250  e  Peoples Financial Services Corp   374,055 
 15,836     People’s Utah Bancorp   492,500 
 62,046  *  PHH Corp   819,628 
 15,253     Preferred Bank   941,568 
 12,061     Premier Financial Bancorp, Inc   249,663 
 5,138  *  Provident Bancorp, Inc   121,771 
 7,289     Provident Financial Holdings, Inc   140,896 
 74,174     Provident Financial Services, Inc   2,017,533 
 9,485     Prudential Bancorp, Inc   173,101 
 14,112     QCR Holdings, Inc   673,848 
 256,974     Radian Group, Inc   5,386,175 
 4,394  *  RBB Bancorp   110,158 
 52,090     Renasant Corp   2,156,526 
 11,527     Republic Bancorp, Inc (Class A)   453,242 
 57,345  *,e  Republic First Bancorp, Inc   530,441 
 22,593     Riverview Bancorp, Inc   200,626 
 41,755     S&T Bancorp, Inc   1,707,362 
 28,700     Sandy Spring Bancorp, Inc   1,159,767 
 47,738  *  Seacoast Banking Corp of Florida   1,183,425 
 54,324     ServisFirst Bancshares, Inc   2,227,827 
 14,849     Shore Bancshares, Inc   244,415 
 13,457     SI Financial Group, Inc   201,855 
 15,262     Sierra Bancorp   403,833 
 45,320     Simmons First National Corp (Class A)   2,614,989 
 8,399  *,e  SmartFinancial, Inc   197,292 
 34,522     South State Corp   3,108,706 
 7,594  *  Southern First Bancshares, Inc   292,749 
 6,841     Southern Missouri Bancorp, Inc   252,638 
 17,336     Southern National Bancorp of Virginia, Inc   283,097 
250

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES     COMPANY  VALUE 
           
 32,228     Southside Bancshares, Inc  $1,141,193 
 45,485     State Bank & Trust Co   1,314,971 
 248,907     Sterling Bancorp/DE   6,235,120 
 25,633     Stock Yards Bancorp, Inc   967,646 
 12,499     Summit Financial Group, Inc   339,973 
 11,387     Sun Bancorp, Inc   288,660 
 8,672  *  Sunshine Bancorp, Inc   202,491 
 8,884     Territorial Bancorp, Inc   280,646 
 59,088  *  Texas Capital Bancshares, Inc   5,084,522 
 57,793  *  The Bancorp, Inc   486,039 
 7,315     Timberland Bancorp, Inc   221,718 
 17,413     Tompkins Trustco, Inc   1,517,021 
 66,445     TowneBank   2,225,907 
 23,855     Trico Bancshares   988,074 
 26,234  *  Tristate Capital Holdings, Inc   594,200 
 21,019  *  Triumph Bancorp, Inc   651,589 
 108,537     Trustco Bank Corp NY   995,827 
 80,809     Trustmark Corp   2,661,848 
 8,432  e  Two River Bancorp   163,581 
 53,975     UMB Financial Corp   3,968,782 
 262,492     Umpqua Holdings Corp   5,370,586 
 52,542     Union Bankshares Corp   1,813,224 
 4,553  e  Union Bankshares, Inc   224,008 
 116,265     United Bankshares, Inc   4,179,727 
 82,192     United Community Banks, Inc   2,253,705 
 57,161     United Community Financial Corp   527,596 
 62,033     United Financial Bancorp, Inc (New)   1,135,824 
 15,327     United Security Bancshares   144,074 
 8,990     Unity Bancorp, Inc   177,552 
 30,421     Univest Corp of Pennsylvania   891,335 
 308,362     Valley National Bancorp   3,546,163 
 20,513  *  Veritex Holdings, Inc   540,723 
 32,683  *  Walker & Dunlop, Inc   1,793,970 
 102,766     Washington Federal, Inc   3,576,257 
 17,623     Washington Trust Bancorp, Inc   978,076 
 11,446     WashingtonFirst Bankshares, Inc   399,923 
 29,608     Waterstone Financial, Inc   568,474 
 48,734     WesBanco, Inc   1,968,854 
 18,958     West Bancorporation, Inc   463,523 
 29,818  e  Westamerica Bancorporation   1,736,302 
 32,455     Western New England Bancorp, Inc   342,400 
 64,475     Wintrust Financial Corp   5,241,173 
 223,999  *  WMIH Corp   185,919 
 34,780     WSFS Financial Corp   1,728,566 
 6,055  *  Xenith Bankshares, Inc   193,639 
       TOTAL BANKS   308,582,115 
             
CAPITAL GOODS - 9.8%     
 48,524     Aaon, Inc   1,698,340 
 37,672     AAR Corp   1,465,064 
 68,881     Actuant Corp (Class A)   1,756,465 
 41,453     Advanced Drainage Systems, Inc   810,406 
 39,054  *  Aegion Corp   909,568 
251

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES     COMPANY  VALUE 
           
 81,183  *  Aerojet Rocketdyne Holdings, Inc  $2,563,759 
 24,569  *  Aerovironment, Inc   1,256,950 
 57,685     Aircastle Ltd   1,341,753 
 11,077     Alamo Group, Inc   1,168,623 
 33,680     Albany International Corp (Class A)   2,032,588 
 7,648     Allied Motion Technologies, Inc   217,203 
 33,307     Altra Holdings, Inc   1,595,405 
 20,816  *  Ameresco, Inc   160,283 
 9,810  e  American Railcar Industries, Inc   390,438 
 16,518  *  American Woodmark Corp   1,595,639 
 33,183     Apogee Enterprises, Inc   1,583,825 
 44,510     Applied Industrial Technologies, Inc   2,833,061 
 17,255     Argan, Inc   1,186,281 
 26,767  *  Armstrong Flooring, Inc   396,152 
 24,442     Astec Industries, Inc   1,269,762 
 25,512  *  Astronics Corp   877,613 
 38,981  *  Atkore International Group, Inc   752,723 
 61,161  *,e  Axon Enterprise, Inc   1,404,868 
 30,171     AZZ, Inc   1,442,174 
 57,476  *,e  Babcock & Wilcox Enterprises, Inc   251,745 
 58,413     Barnes Group, Inc   3,802,102 
 77,774  *  Beacon Roofing Supply, Inc   4,309,457 
 8,488  *  Blue Bird Corp   175,277 
 76,540  *  BMC Stock Holdings, Inc   1,641,783 
 50,806     Briggs & Stratton Corp   1,280,311 
 113,438  *  Builders FirstSource, Inc   2,044,153 
 26,518  *  Caesarstone Sdot-Yam Ltd   750,459 
 18,049  *  CAI International, Inc   668,174 
 36,423  *  Chart Industries, Inc   1,584,400 
 118,481  e  Chicago Bridge & Iron Co NV   1,651,625 
 19,516     CIRCOR International, Inc   857,728 
 25,556     Columbus McKinnon Corp   1,010,995 
 43,172     Comfort Systems USA, Inc   1,912,520 
 29,544  *  Commercial Vehicle Group, Inc   239,897 
 47,029  *  Continental Building Products Inc   1,255,674 
 17,325  *  CSW Industrials, Inc   849,791 
 29,894     Cubic Corp   1,630,718 
 51,383     Curtiss-Wright Corp   6,076,040 
 16,173     DMC Global, Inc   351,763 
 25,897     Douglas Dynamics, Inc   1,086,379 
 12,564  *  Ducommun, Inc   414,235 
 18,849  *  DXP Enterprises, Inc   604,487 
 36,264  *  Dycom Industries, Inc   3,185,067 
 6,567     Eastern Co   189,786 
 69,224     EMCOR Group, Inc   5,573,224 
 23,779     Encore Wire Corp   1,073,622 
 22,076  *,e  Energous Corp   216,566 
 43,763  *,e  Energy Recovery, Inc   337,413 
 51,479     EnerSys   3,571,098 
 21,188  *  Engility Holdings, Inc   713,400 
 24,819     EnPro Industries, Inc   2,078,343 
 4,110  e  EnviroStar, Inc   109,737 
 29,904     ESCO Technologies, Inc   1,732,937 
252

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES     COMPANY  VALUE 
           
 30,343  *  Esterline Technologies Corp  $2,878,034 
 68,566     Federal Signal Corp   1,463,884 
 22,284  *,e  Foundation Building Materials, Inc   299,720 
 55,526     Franklin Electric Co, Inc   2,526,433 
 14,079     Freightcar America, Inc   263,559 
 45,677  e  GATX Corp   2,713,671 
 9,606  *  Gencor Industries, Inc   173,869 
 71,525  *  Generac Holdings, Inc   3,725,737 
 58,442     General Cable Corp   1,224,360 
 37,757  *  Gibraltar Industries, Inc   1,255,420 
 24,289     Global Brass & Copper Holdings, Inc   850,115 
 31,972  *  GMS, Inc   1,088,647 
 20,570     Gorman-Rupp Co   657,829 
 11,311     Graham Corp   217,963 
 46,140     Granite Construction, Inc   2,938,657 
 71,430  *  Great Lakes Dredge & Dock Corp   364,293 
 32,140  e  Greenbrier Cos, Inc   1,677,708 
 34,452     Griffon Corp   776,893 
 36,946     H&E Equipment Services, Inc   1,217,001 
 13,184     Hardinge, Inc   218,063 
 94,117  *  Harsco Corp   1,999,986 
 48,014  *  HC2 Holdings, Inc   260,716 
 28,766  *  Herc Holdings, Inc   1,394,000 
 75,856     Hillenbrand, Inc   3,000,105 
 7,214     Hurco Cos, Inc   322,826 
 27,912  *,e  Huttig Building Products, Inc   187,569 
 12,058     Hyster-Yale Materials Handling, Inc   946,432 
 10,618  *  IES Holdings, Inc   198,557 
 21,812     Insteel Industries, Inc   557,297 
 63,722  *  JELD-WEN Holding, Inc   2,350,067 
 36,536     John Bean Technologies Corp   3,905,698 
 12,928     Kadant, Inc   1,468,621 
 31,539     Kaman Corp   1,764,292 
 163,471     KBR, Inc   3,208,936 
 93,567     Kennametal, Inc   4,084,200 
 56,510  *,e  KEYW Holding Corp, The   426,650 
 60,149  *  KLX, Inc   3,299,774 
 83,882  *  Kratos Defense & Security Solutions, Inc   1,009,939 
 7,652  *  Lawson Products, Inc   192,448 
 21,374  *  Layne Christensen Co   282,351 
 9,754  *  LB Foster Co (Class A)   242,875 
 12,272     Lindsay Corp   1,123,624 
 29,798     LSI Industries, Inc   207,096 
 20,694  *  Lydall, Inc   1,196,113 
 150,896  *  Manitowoc Co, Inc   1,436,530 
 34,588  *  Masonite International Corp   2,320,855 
 77,390  *  Mastec, Inc   3,370,334 
 56,390  *  Mercury Systems, Inc   2,846,003 
 98,159  *  Meritor, Inc   2,553,116 
 63,888  *  Milacron Holdings Corp   1,146,790 
 11,589     Miller Industries, Inc   327,389 
 37,039  *  Moog, Inc (Class A)   3,250,543 
 108,739  *  MRC Global, Inc   1,864,874 
253

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES     COMPANY  VALUE 
           
 68,345     Mueller Industries, Inc  $2,374,989 
 181,123     Mueller Water Products, Inc (Class A)   2,162,609 
 18,778  *  MYR Group, Inc   598,830 
 5,905     National Presto Industries, Inc   690,294 
 57,800  *  Navistar International Corp   2,445,518 
 47,609  *  NCI Building Systems, Inc   759,364 
 30,566  *  Nexeo Solutions, Inc   225,883 
 31,618     NN, Inc   934,312 
 11,136  *  Northwest Pipe Co   203,121 
 125,683  *  NOW, Inc   1,573,551 
 9,290  *  NV5 Holdings, Inc   539,749 
 3,308     Omega Flex, Inc   213,333 
 32,235  *  Orion Marine Group, Inc   232,092 
 19,766  *  Patrick Industries, Inc   1,838,238 
 57,087  *  PGT, Inc   804,927 
 262,295  *,e  Plug Power, Inc   747,541 
 25,874  *  Ply Gem Holdings, Inc   437,271 
 11,025     Powell Industries, Inc   319,504 
 3,590     Preformed Line Products Co   255,285 
 48,430     Primoris Services Corp   1,369,116 
 29,142  *  Proto Labs, Inc   2,542,639 
 40,567     Quanex Building Products Corp   890,446 
 42,355     Raven Industries, Inc   1,425,246 
 26,893  *  RBC Bearings, Inc   3,329,891 
 28,570  e  REV Group, Inc   737,106 
 14,564  *,e  Revolution Lighting Technologies, Inc   80,976 
 121,005  *  Rexnord Corp   3,088,048 
 6,213  *  Rush Enterprises, Inc   295,677 
 34,977  *  Rush Enterprises, Inc (Class A)   1,776,132 
 48,469     Simpson Manufacturing Co, Inc   2,701,662 
 39,887  *  SiteOne Landscape Supply, Inc   2,533,223 
 10,951  *  Sparton Corp   255,049 
 49,890  *  SPX Corp   1,461,278 
 48,567  *  SPX FLOW, Inc   2,002,417 
 15,267     Standex International Corp   1,580,898 
 30,344  *  Sterling Construction Co, Inc   541,640 
 28,907     Sun Hydraulics Corp   1,663,020 
 99,125  *,e  Sunrun, Inc   568,977 
 20,636     Tennant Co   1,431,107 
 31,824  *,e  Textainer Group Holdings Ltd   622,159 
 13,135  *,e  The ExOne Company   139,625 
 37,737  *  Thermon Group Holdings   811,723 
 58,452     Titan International, Inc   569,322 
 21,827  *  Titan Machinery, Inc   325,004 
 12,508  *  TPI Composites, Inc   313,325 
 34,335  *  Trex Co, Inc   3,757,966 
 55,715  *  Trimas Corp   1,479,233 
 50,943     Triton International Ltd   2,032,626 
 57,330     Triumph Group, Inc   1,780,096 
 42,713  *  Tutor Perini Corp   1,204,507 
 9,908  *  Twin Disc, Inc   211,536 
 23,504     Universal Forest Products, Inc   2,653,602 
 13,194  *  Vectrus, Inc   402,549 
254

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES     COMPANY  VALUE 
           
 13,435  *  Veritiv Corp  $431,935 
 19,740  *  Vicor Corp   425,397 
 67,870  e  Wabash National Corp   1,527,075 
 32,012     Watts Water Technologies, Inc (Class A)   2,157,609 
 66,083  *  Wesco Aircraft Holdings, Inc   598,051 
 3,809  *  Willis Lease Finance Corp   95,568 
 61,918     Woodward Governor Co   4,788,119 
       TOTAL CAPITAL GOODS   237,176,297 
             
COMMERCIAL & PROFESSIONAL SERVICES - 3.7%     
 64,987     ABM Industries, Inc   2,727,504 
 59,583  *  Acacia Research (Acacia Technologies)   268,123 
 130,209  *  ACCO Brands Corp   1,699,227 
 50,800  *  Advanced Disposal Services, Inc   1,265,936 
 48,815  *  Advisory Board Co   2,632,349 
 19,580  *,e  Aqua Metals, Inc   77,928 
 51,437  *  ARC Document Solutions, Inc   227,352 
 8,519     Barrett Business Services, Inc   517,870 
 7,772     BG Staffing, Inc   131,191 
 54,550     Brady Corp (Class A)   2,075,627 
 54,486     Brink’s Co   4,146,385 
 45,861  *  Casella Waste Systems, Inc (Class A)   846,594 
 59,782  *  CBIZ, Inc   1,013,305 
 34,683     Ceco Environmental Corp   304,170 
 21,917  *  Cogint, Inc   99,722 
 1,670     Compx International, Inc   24,799 
 135,907  e  Covanta Holding Corp   2,188,103 
 9,820     CRA International, Inc   414,993 
 57,371     Deluxe Corp   3,995,890 
 144,544  *,†,m  Dyax Corp   160,444 
 29,337     Ennis, Inc   591,141 
 43,859     Essendant, Inc   424,555 
 30,116     Exponent, Inc   2,224,067 
 11,828  *  Franklin Covey Co   229,463 
 45,800  *  FTI Consulting, Inc   1,957,950 
 14,730  *  GP Strategies Corp   427,906 
 83,098     Healthcare Services Group   4,395,053 
 19,524     Heidrick & Struggles International, Inc   485,171 
 19,694  *  Heritage-Crystal Clean, Inc   385,018 
 70,223     Herman Miller, Inc   2,359,493 
 40,726  *  Hill International, Inc   215,848 
 51,145     HNI Corp   1,750,182 
 43,073  *  Hudson Technologies, Inc   254,992 
 26,034  *  Huron Consulting Group, Inc   952,844 
 21,248  *  ICF International, Inc   1,141,018 
 53,029  *  Innerworkings, Inc   576,956 
 21,064     Insperity, Inc   1,998,974 
 72,797     Interface, Inc   1,659,772 
 37,565     Kelly Services, Inc (Class A)   988,335 
 27,572     Kforce, Inc   577,633 
 42,894     Kimball International, Inc (Class B)   822,278 
 57,513     Knoll, Inc   1,220,426 
 60,123     Korn/Ferry International   2,514,945 
255

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES     COMPANY  VALUE 
           
 38,930     LSC Communications, Inc  $629,887 
 36,036     Matthews International Corp (Class A)   2,264,863 
 27,626     McGrath RentCorp   1,234,882 
 122,474  *,m  Media General, Inc   0 
 20,140  *  Mistras Group, Inc   423,141 
 51,083     Mobile Mini, Inc   1,690,847 
 38,733     MSA Safety, Inc   3,079,274 
 16,051     Multi-Color Corp   1,327,418 
 52,989  *  Navigant Consulting, Inc   917,240 
 9,268  *  NL Industries, Inc   120,484 
 59,027  *  On Assignment, Inc   3,613,633 
 13,965  *  Pendrell Corp   90,493 
 36,471     Quad Graphics, Inc   831,174 
 33,622     Resources Connection, Inc   529,547 
 52,975  *  RPX Corp   689,735 
 83,231     RR Donnelley & Sons Co   765,725 
 20,424  *  SP Plus Corp   791,430 
 100,076     Steelcase, Inc (Class A)   1,456,106 
 34,312  *,e  Team, Inc   422,038 
 66,461     Tetra Tech, Inc   3,273,204 
 47,886  *  TriNet Group, Inc   1,662,602 
 49,132  *  TrueBlue, Inc   1,331,477 
 17,760     Unifirst Corp   2,797,200 
 25,624     US Ecology, Inc   1,218,421 
 24,771     Viad Corp   1,437,957 
 10,321     VSE Corp   506,761 
 46,745  *  WageWorks, Inc   2,979,994 
 8,737  *  Willdan Group, Inc   262,634 
       TOTAL COMMERCIAL & PROFESSIONAL SERVICES   89,319,699 
             
CONSUMER DURABLES & APPAREL - 2.5%     
 27,049  e  Acushnet Holdings Corp   499,595 
 62,457  *  American Outdoor Brands Corp   895,009 
 12,138     Bassett Furniture Industries, Inc   470,954 
 37,278  *  Beazer Homes USA, Inc   782,092 
 109,412     Callaway Golf Co   1,578,815 
 9,964  *  Cavco Industries, Inc   1,563,352 
 24,049  *  Century Communities, Inc   686,599 
 24,098  *  Clarus Corp   175,915 
 35,121     Columbia Sportswear Co   2,190,848 
 83,325  *  CROCS, Inc   849,915 
 9,386     CSS Industries, Inc   281,392 
 12,782     Culp, Inc   405,189 
 37,225  *  Deckers Outdoor Corp   2,540,234 
 7,803  *  Delta Apparel, Inc   163,317 
 12,451     Escalade, Inc   153,770 
 29,152     Ethan Allen Interiors, Inc   867,272 
 8,919     Flexsteel Industries, Inc   448,358 
 50,398  *,e  Fossil Group, Inc   397,136 
 50,517  *  G-III Apparel Group Ltd   1,280,101 
 124,946  *,e  GoPro, Inc   1,303,187 
 27,060  *  Green Brick Partners, Inc   293,601 
 9,380  *  Hamilton Beach Brands Holding Co   363,663 

 

256

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES     COMPANY  VALUE 
           
 32,730  *  Helen of Troy Ltd  $3,040,617 
 13,290     Hooker Furniture Corp   629,946 
 147,864  *  Hovnanian Enterprises, Inc (Class A)   357,831 
 58,559  *  Iconix Brand Group, Inc   96,037 
 25,213  *  Installed Building Products Inc   1,757,346 
 30,750  *,e  iRobot Corp   2,066,092 
 5,691     Johnson Outdoors, Inc   428,020 
 98,722     KB Home   2,707,944 
 56,670     La-Z-Boy, Inc   1,527,257 
 20,219  *,e  LGI Homes, Inc   1,219,812 
 32,467     Libbey, Inc   222,074 
 11,479     Lifetime Brands, Inc   214,083 
 27,925  *  M/I Homes, Inc   932,695 
 24,029  *  Malibu Boats Inc   749,705 
 9,223     Marine Products Corp   132,535 
 21,602  *  MCBC Holdings, Inc   494,038 
 50,642     MDC Holdings, Inc   1,875,780 
 46,211  *  Meritage Homes Corp   2,250,476 
 17,997     Movado Group, Inc   498,517 
 4,690  *  Nacco Industries, Inc (Class A)   195,104 
 35,512  *  Nautilus, Inc   461,656 
 10,592  *  New Home Co Inc   123,185 
 20,371     Oxford Industries, Inc   1,315,967 
 15,421  *  Perry Ellis International, Inc   359,155 
 48,257  *,e  Sequential Brands Group, Inc   125,468 
 68,695  *  Steven Madden Ltd   2,679,105 
 20,004  e  Sturm Ruger & Co, Inc   991,198 
 10,648     Superior Uniform Group, Inc   249,909 
 82,942  *  Taylor Morrison Home Corp   2,003,049 
 42,900  *  TopBuild Corp   2,830,971 
 174,334  *  TRI Pointe Homes, Inc   3,083,968 
 18,157  *  Unifi, Inc   690,874 
 16,526  *  Universal Electronics, Inc   991,560 
 24,025  *  Vera Bradley, Inc   172,980 
 66,460  *  Vista Outdoor, Inc   1,389,679 
 7,194     Weyco Group, Inc   195,605 
 28,011  *  William Lyon Homes, Inc   777,305 
 109,673     Wolverine World Wide, Inc   2,994,073 
 32,007  *  Zagg, Inc   500,910 
       TOTAL CONSUMER DURABLES & APPAREL   61,522,840 
             
CONSUMER SERVICES - 4.0%     
 72,317     Adtalem Global Education, Inc   2,672,113 
 18,794  *  American Public Education, Inc   375,880 
 12,752  *  Ascent Media Corp (Series A)   143,460 
 104,748  *  Belmond Ltd.   1,377,436 
 24,720  *  BJ’s Restaurants, Inc   783,624 
 107,754     Bloomin’ Brands, Inc   1,915,866 
 23,303     Bob Evans Farms, Inc   1,798,759 
 20,371  *  Bojangles’, Inc   249,545 
 96,713     Boyd Gaming Corp   2,826,921 
 22,506  *  Bridgepoint Education, Inc   217,858 
 57,190  e  Brinker International, Inc   1,756,877 
257

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES     COMPANY  VALUE 
           
 17,990  *  Buffalo Wild Wings, Inc  $2,126,418 
 163,746  *  Caesars Entertainment Corp   2,120,511 
 16,090  *  Cambium Learning Group, Inc   98,471 
 14,363     Capella Education Co   1,169,866 
 79,280  *  Career Education Corp   846,710 
 18,014     Carriage Services, Inc   466,563 
 40,523  *  Carrols Restaurant Group, Inc   455,884 
 25,429  *  Century Casinos, Inc   209,789 
 52,171  e  Cheesecake Factory   2,334,131 
 111,873  *  Chegg, Inc   1,735,150 
 15,659     Churchill Downs, Inc   3,265,684 
 19,485  *  Chuy’s Holdings, Inc   438,412 
 9,036     Collectors Universe   223,731 
 23,006  e  Cracker Barrel Old Country Store, Inc   3,591,927 
 48,254  *  Dave & Buster’s Entertainment, Inc   2,325,843 
 25,732  *  Del Frisco’s Restaurant Group, Inc   357,675 
 38,713  *  Del Taco Restaurants, Inc   491,268 
 76,536  *  Denny’s Corp   1,000,326 
 20,317     DineEquity, Inc   967,292 
 79,373     Drive Shack, Inc   289,711 
 22,879  *  El Pollo Loco Holdings, Inc   263,109 
 53,059  *,e  Eldorado Resorts, Inc   1,363,616 
 3,992  *,e  Empire Resorts, Inc   89,022 
 30,326  *,e  Fiesta Restaurant Group, Inc   501,895 
 11,048  *  Fogo De Chao, Inc   122,080 
 12,435  *  Golden Entertainment, Inc   331,766 
 55,648  *  Grand Canyon Education, Inc   4,981,052 
 23,667  *,e  Habit Restaurants, Inc   291,104 
 127,007  *  Houghton Mifflin Harcourt Co   1,257,369 
 123,627     ILG, Inc   3,668,013 
 29,137     International Speedway Corp (Class A)   1,131,972 
 16,109  *  J Alexander’s Holdings, Inc   169,145 
 34,215     Jack in the Box, Inc   3,541,595 
 40,157  *  K12, Inc   651,347 
 94,812  *  La Quinta Holdings, Inc   1,670,587 
 41,361  *  Laureate Education, Inc   552,997 
 7,785     Liberty Tax, Inc   101,594 
 23,604  *  Lindblad Expeditions Holdings, Inc   253,035 
 21,890     Marcus Corp   594,314 
 25,489     Marriott Vacations Worldwide Corp   3,354,862 
 12,576  *  Monarch Casino & Resort, Inc   561,015 
 3,345  *  Nathan’s Famous, Inc   271,280 
 13,996  *,e  Noodles & Co   60,883 
 32,083     Papa John’s International, Inc   2,183,248 
 99,525  *  Penn National Gaming, Inc   2,596,607 
 62,936  *  Pinnacle Entertainment, Inc   1,628,154 
 102,945     Planet Fitness, Inc   2,742,455 
 27,002  *  Potbelly Corp   325,374 
 10,626     RCI Hospitality Holdings, Inc   292,746 
 20,975  *  Red Lion Hotels Corp   184,580 
 15,348  *  Red Robin Gourmet Burgers, Inc   1,049,803 
 79,766     Red Rock Resorts, Inc   1,964,637 
 41,909  *  Regis Corp   625,701 
258

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES     COMPANY  VALUE 
           
 66,949  *  Ruby Tuesday, Inc  $158,669 
 35,119     Ruth’s Chris Steak House, Inc   741,011 
 64,096  *  Scientific Games Corp (Class A)   3,050,970 
 81,271  *,e  SeaWorld Entertainment, Inc   932,991 
 25,610  *,e  Shake Shack, Inc   972,156 
 47,900  e  Sonic Corp   1,216,660 
 44,860  *  Sotheby’s (Class A)   2,324,645 
 13,226     Speedway Motorsports, Inc   263,859 
 1,170  *  Steak N Shake Co   418,205 
 12,625  e  Strayer Education, Inc   1,183,341 
 79,787     Texas Roadhouse, Inc (Class A)   3,990,148 
 32,833  *  Weight Watchers International, Inc   1,474,858 
 33,933     Wingstop, Inc   1,149,311 
 21,808  *,e  Zoe’s Kitchen, Inc   267,802 
       TOTAL CONSUMER SERVICES   96,155,284 
             
DIVERSIFIED FINANCIALS - 3.0%     
 32,318     AG Mortgage Investment Trust   607,902 
 111,193     Anworth Mortgage Asset Corp   621,569 
 122,991     Apollo Commercial Real Estate Finance, Inc   2,222,447 
 32,219     Ares Commercial Real Estate Corp   418,203 
 26,698  e  Arlington Asset Investment Corp (Class A)   306,226 
 47,740     ARMOUR Residential REIT, Inc   1,195,887 
 52,204     Artisan Partners Asset Management, Inc   1,795,818 
 5,894     Associated Capital Group, Inc   218,667 
 15,891     B. Riley Financial, Inc   264,585 
 108,484     Capstead Mortgage Corp   956,829 
 13,666     Cherry Hill Mortgage Investment Corp   248,858 
 24,839     Cohen & Steers, Inc   1,080,248 
 29,978  *  Cowen Group, Inc   449,670 
 178,448     CYS Investments, Inc   1,427,584 
 3,718     Diamond Hill Investment Group, Inc   787,956 
 39,370  *  Donnelley Financial Solutions, Inc   846,455 
 53,430     Dynex Capital, Inc   374,010 
 16,871  *  Elevate Credit, Inc   132,100 
 9,630     Ellington Residential Mortgage REIT   128,849 
 28,331  *,e  Encore Capital Group, Inc   1,315,975 
 38,757  *  Enova International, Inc   575,541 
 45,467     Evercore Partners, Inc (Class A)   3,641,907 
 64,708  *  Ezcorp, Inc (Class A)   663,257 
 5,533     Fifth Street Asset Management, Inc   22,685 
 68,961     Financial Engines, Inc   2,489,492 
 56,801     FirstCash, Inc   3,626,744 
 71,830  *  FNFV Group   1,239,067 
 42,779     Gain Capital Holdings, Inc   315,709 
 3,706     GAMCO Investors, Inc (Class A)   107,326 
 11,731     Granite Point Mortgage Trust, Inc   217,610 
 17,588     Great Ajax Corp   248,870 
 53,721  *  Green Dot Corp   3,041,683 
 32,171  e  Greenhill & Co, Inc   588,729 
 16,216     Hamilton Lane, Inc   445,778 
 57,416     Hannon Armstrong Sustainable Infrastructure Capital, Inc   1,381,429 
259

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES     COMPANY  VALUE 
           
 29,156     Houlihan Lokey, Inc  $1,213,764 
 17,814  *  INTL FCStone, Inc   739,459 
 134,971     Invesco Mortgage Capital, Inc   2,324,201 
 39,126     Investment Technology Group, Inc   918,287 
 17,147     iShares Russell 2000 Index Fund   2,559,361 
 12,191  e  KKR Real Estate Finance Trust, Inc   246,502 
 88,879     Ladder Capital Corp   1,194,534 
 127,467     Ladenburg Thalmann Financial Services, Inc   390,049 
 373,315  *  LendingClub Corp   2,124,162 
 11,119     Marlin Business Services Corp   243,506 
 5,657     Medley Management, Inc   31,962 
 36,288     Moelis & Co   1,551,312 
 53,541     MTGE Investment Corp   969,092 
 23,350     Nelnet, Inc (Class A)   1,366,909 
 132,303     New York Mortgage Trust, Inc   797,787 
 35,784     NewStar Financial, Inc   439,428 
 87,568     OM Asset Management plc   1,338,039 
 69,618  *  On Deck Capital, Inc   343,217 
 12,657     Oppenheimer Holdings, Inc   275,290 
 50,389     Orchid Island Capital, Inc   501,874 
 12,075     Owens Realty Mortgage, Inc   216,867 
 77,160     PennyMac Mortgage Investment Trust   1,239,190 
 27,062  *  Pico Holdings, Inc   511,472 
 17,102     Piper Jaffray Cos   1,250,156 
 21,172     PJT Partners, Inc   817,239 
 53,974  *,e  PRA Group, Inc   1,505,875 
 19,726     Pzena Investment Management, Inc (Class A)   232,767 
 90,076     Redwood Trust, Inc   1,415,094 
 12,014  *  Regional Management Corp   296,626 
 35,297     Resource Capital Corp   362,147 
 23,190  *  Safeguard Scientifics, Inc   326,979 
 8,405     Silvercrest Asset Management Group, Inc   137,001 
 77,469     Stifel Financial Corp   4,108,181 
 29,168     Tiptree Financial, Inc   193,967 
 12,907     TPG RE Finance Trust, Inc   251,945 
 1,276     Value Line, Inc   22,828 
 29,013  e  Virtu Financial, Inc   410,534 
 7,982     Virtus Investment Partners, Inc   929,105 
 95,396  e  Waddell & Reed Financial, Inc (Class A)   1,782,951 
 52,872     Western Asset Mortgage Capital Corp   532,421 
 9,732     Westwood Holdings Group, Inc   631,607 
 843  *,†,e,m  Wins Finance Holdings, Inc   16,312 
 134,858  e  WisdomTree Investments, Inc   1,495,575 
 6,913  *  World Acceptance Corp   604,888 
 19,482     ZAIS Financial Corp   304,893 
       TOTAL DIVERSIFIED FINANCIALS   73,171,020 
             
ENERGY - 3.6%     
 178,075  *  Abraxas Petroleum Corp   379,300 
 2,617     Adams Resources & Energy, Inc   112,374 
 50,922  *,e  Approach Resources, Inc   118,648 
 24,748     Arch Coal, Inc   1,891,242 
 82,718     Archrock, Inc   992,616 
 33,506  *,e  Ardmore Shipping Corp   278,100 
260

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES     COMPANY  VALUE 
           
 20,427  *  Basic Energy Services, Inc  $385,253 
 88,257  *  Bill Barrett Corp   435,107 
 24,238  *  Bonanza Creek Energy, Inc   819,972 
 37,739  e  Bristow Group, Inc   356,256 
 54,411  *  C&J Energy Services, Inc   1,550,169 
 49,973  *,e  California Resources Corp   551,202 
 234,294  *  Callon Petroleum Co   2,598,320 
 27,152  *,e  CARBO Ceramics, Inc   224,819 
 89,907  *  Carrizo Oil & Gas, Inc   1,590,455 
 159,866  *  Clean Energy Fuels Corp   375,685 
 86,813  *  Cloud Peak Energy, Inc   368,955 
 29,959  *  Contango Oil & Gas Co   119,536 
 18,813  e  CVR Energy, Inc   516,417 
 90,532     Delek US Holdings, Inc   2,358,359 
 461,125  *  Denbury Resources, Inc   567,184 
 114,854     DHT Holdings, Inc   452,525 
 73,434  *,e  Diamond Offshore Drilling, Inc   1,228,551 
 22,286  *  Dorian LPG Ltd   159,345 
 44,503  *  Dril-Quip, Inc   1,873,576 
 10,820  *,e  Earthstone Energy, Inc   87,101 
 102,621  *  Eclipse Resources Corp   227,819 
 34,714  *  Energy XXI Gulf Coast, Inc   296,805 
 498,296  e  Ensco plc   2,685,815 
 44,712  *,e  EP Energy Corp   120,722 
 23,812  *  Era Group, Inc   256,217 
 32,073     Evolution Petroleum Corp   237,340 
 37,718  *  Exterran Corp   1,217,160 
 179,381  *,e  Fairmount Santrol Holdings, Inc   773,132 
 81,041  *  Forum Energy Technologies, Inc   1,166,990 
 58,496  e  Frank’s International NV   386,659 
 89,961     Frontline Ltd   547,862 
 48,376  e  GasLog Ltd   834,486 
 204,445  *,e  Gastar Exploration, Inc   167,645 
 55,272  *  Gener8 Maritime, Inc   254,804 
 15,157  *  Geospace Technologies Corp   227,658 
 111,676     Golar LNG Ltd   2,359,714 
 45,094     Green Plains Renewable Energy, Inc   829,730 
 15,748     Gulf Island Fabrication, Inc   207,086 
 150,253  *,e  Halcon Resources Corp   988,665 
 17,984     Hallador Energy Co   93,157 
 165,109  *  Helix Energy Solutions Group, Inc   1,126,043 
 39,698  *  Independence Contract Drilling, Inc   128,622 
 34,321  *  International Seaways, Inc   691,225 
 815  *,e  Isramco, Inc   92,584 
 66,626  *,e  Jagged Peak Energy, Inc   925,435 
 37,450  *,e  Jones Energy, Inc (Class A)   47,936 
 43,472  *,e  Keane Group, Inc   671,208 
 12,112  *,e  Key Energy Services, Inc   128,872 
 50,009  *,e  Lilis Energy, Inc   249,045 
 9,634  *  Mammoth Energy Services, Inc   190,079 
 104,603  *  Matador Resources Co   2,777,210 
 31,260  *  Matrix Service Co   440,766 
 333,275  *  McDermott International, Inc   2,206,280 
261

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES     COMPANY  VALUE 
           
 16,804  *  Midstates Petroleum Co, Inc  $256,261 
 14,645  *  Natural Gas Services Group, Inc   407,131 
 101,438  e  Navios Maritime Acq Corp   126,797 
 12,987  *,e  NCS Multistage Holdings, Inc   282,857 
 98,314  *  Newpark Resources, Inc   860,248 
 286,418  *,e  Noble Corp plc   1,191,499 
 117,430  e  Nordic American Tanker Shipping   521,389 
 273,934  *  Oasis Petroleum, Inc   2,588,676 
 59,045  *  Oil States International, Inc   1,360,987 
 51,818  *  Overseas Shipholding Group, Inc   122,809 
 48,082  *  Pacific Ethanol, Inc   230,794 
 18,403     Panhandle Oil and Gas, Inc (Class A)   444,432 
 37,839  *  Par Pacific Holdings, Inc   794,241 
 155,695  *  Parker Drilling Co   163,480 
 76,836  *  PDC Energy, Inc   3,913,257 
 71,856  *  Peabody Energy Corp   2,219,632 
 17,884  *  Penn Virginia Corp   696,939 
 13,161  *  PHI, Inc   153,852 
 80,175  *  Pioneer Energy Services Corp   152,333 
 36,594  *  ProPetro Holding Corp   557,327 
 6,879  *  Ranger Energy Services, Inc   79,796 
 45,105  *,e  Renewable Energy Group, Inc   545,771 
 25,407  *,e  Resolute Energy Corp   762,972 
 6,817  *  Rex American Resources Corp   601,123 
 15,435  *  RigNet, Inc   269,341 
 61,026  *  Ring Energy, Inc   781,743 
 2,865  *,e  Rosehill Resources, Inc   27,848 
 136,980  *  Rowan Cos plc   1,962,923 
 83,184  *,e  Sanchez Energy Corp   360,187 
 40,933  *  SandRidge Energy, Inc   768,312 
 249,210     Scorpio Tankers, Inc   887,188 
 18,742  *  SEACOR Holdings, Inc   884,622 
 18,843  *  SEACOR Marine Holdings, Inc   266,628 
 10,886  *,e  Select Energy Services, Inc   177,224 
 78,142     SemGroup Corp   2,035,599 
 67,977     Ship Finance International Ltd   1,012,857 
 8,148  *  SilverBow Resources, Inc   183,249 
 33,269  *,e  Smart Sand, Inc   239,204 
 11,779  *,e  Solaris Oilfield Infrastructure, Inc   187,993 
 235,994  *  SRC Energy, Inc   2,251,383 
 22,943  *  Stone Energy Corp   674,983 
 176,961  *  Superior Energy Services   1,560,796 
 63,451  e  Teekay Corp   513,953 
 144,706  e  Teekay Tankers Ltd (Class A)   214,165 
 74,068  *,e  Tellurian, Inc   797,712 
 57,510  *  Tesco Corp   221,414 
 135,908  *  Tetra Technologies, Inc   385,979 
 235,902  *  Ultra Petroleum Corp   1,873,062 
 60,564  *  Unit Corp   1,133,758 
 160,189  *,e  Uranium Energy Corp   169,800 
 94,936  e  US Silica Holdings Inc   2,896,497 
 106,992  *  W&T Offshore, Inc   334,885 
 19,645  *  Westmoreland Coal Co   34,084 
262

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES     COMPANY  VALUE 
           
 31,013  *,e  WildHorse Resource Development Corp  $403,479 
 44,518  *  Willbros Group, Inc   136,225 
       TOTAL ENERGY   86,627,534 
             
FOOD & STAPLES RETAILING - 0.5%     
 31,434     Andersons, Inc   1,177,203 
 23,613  *  Chefs’ Warehouse Holdings, Inc   471,079 
 16,394     Ingles Markets, Inc (Class A)   381,980 
 11,393  *,e  Natural Grocers by Vitamin C   55,940 
 99,170  *  Performance Food Group Co   2,806,511 
 26,526     Pricesmart, Inc   2,222,879 
 26,085  *  Smart & Final Stores, Inc   156,510 
 46,453     Spartan Stores, Inc   1,140,421 
 45,637  *  SUPERVALU, Inc   743,427 
 59,648  *  United Natural Foods, Inc   2,312,553 
 9,198     Village Super Market (Class A)   220,660 
 11,104     Weis Markets, Inc   431,168 
       TOTAL FOOD & STAPLES RETAILING   12,120,331 
             
FOOD, BEVERAGE & TOBACCO - 1.6%     
 3,815     Alico, Inc   125,514 
 38,891  *,e  Amplify Snack Brands, Inc   248,514 
 76,388  e  B&G Foods, Inc (Class A)   2,429,138 
 9,961  *,e  Boston Beer Co, Inc (Class A)   1,773,556 
 18,781  e  Calavo Growers, Inc   1,384,160 
 36,123  *,e  Cal-Maine Foods, Inc   1,625,535 
 102,357  *,e  Castle Brands, Inc   121,805 
 5,506     Coca-Cola Bottling Co Consolidated   1,241,933 
 15,091  *  Craft Brewers Alliance, Inc   275,411 
 190,796  *  Darling International, Inc   3,482,027 
 106,451     Dean Foods Co   1,037,897 
 10,212  *  Farmer Bros Co   346,697 
 37,648     Fresh Del Monte Produce, Inc   1,675,713 
 28,710  *,e  Freshpet, Inc   446,441 
 93,544  *  Hostess Brands, Inc   1,078,562 
 18,099     J&J Snack Foods Corp   2,410,244 
 10,081     John B. Sanfilippo & Son, Inc   593,267 
 22,584     Lancaster Colony Corp   2,827,969 
 31,585  *  Landec Corp   418,501 
 6,655  *  Lifeway Foods, Inc   66,949 
 14,621     Limoneira Co   341,400 
 15,196     MGP Ingredients, Inc   1,032,720 
 13,646     National Beverage Corp   1,335,943 
 26,427     Omega Protein Corp   578,751 
 29,717  *  Primo Water Corp   327,184 
 23,416     Sanderson Farms, Inc   3,502,331 
 8,108  *  Seneca Foods Corp   291,888 
 100,136     Snyder’s-Lance, Inc   3,768,118 
 19,816  e  Tootsie Roll Industries, Inc   705,450 
 5,540  *  Turning Point Brands, Inc   96,950 
 29,026     Universal Corp   1,664,641 
 114,694     Vector Group Ltd   2,383,341 
       TOTAL FOOD, BEVERAGE & TOBACCO   39,638,550 
263

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES     COMPANY  VALUE 
           
HEALTH CARE EQUIPMENT & SERVICES - 6.5%     
 13,836  *,e  AAC Holdings, Inc  $109,581 
 25,077     Abaxis, Inc   1,213,727 
 95,674  *  Accuray, Inc   454,451 
 34,765     Aceto Corp   350,084 
 9,018  *  Addus HomeCare Corp   324,648 
 211,116  *  Allscripts Healthcare Solutions, Inc   2,845,844 
 14,990  *  Almost Family, Inc   663,307 
 33,341  *  Amedisys, Inc   1,604,036 
 11,409  *  American Renal Associates Holdings, Inc   138,391 
 55,432  *  AMN Healthcare Services, Inc   2,433,465 
 14,900     Analogic Corp   1,196,470 
 42,908  *  Angiodynamics, Inc   728,149 
 17,095  *  Anika Therapeutics, Inc   933,900 
 168,761  *  Antares Pharma, Inc   307,145 
 37,600  *  AtriCure, Inc   806,144 
 1,661     Atrion Corp   1,092,357 
 32,054  *  AxoGen, Inc   658,710 
 135,192  *,e  BioScrip, Inc   342,036 
 32,863  *  BioTelemetry, Inc   954,670 
 42,597     Cantel Medical Corp   4,177,914 
 28,891  *  Capital Senior Living Corp   384,250 
 37,414  *  Cardiovascular Systems, Inc   900,555 
 75,088  *,e  Castlight Health, Inc   289,089 
 121,010  *,e  Cerus Corp   347,299 
 18,282     Chemed Corp   4,084,747 
 18,740  *  Civitas Solutions, Inc   349,501 
 113,135  *,e  Community Health Systems, Inc   667,496 
 13,516  e  Computer Programs & Systems, Inc   407,507 
 45,074  *  ConforMIS, Inc   159,562 
 32,155     Conmed Corp   1,679,134 
 93,990  *,e  Corindus Vascular Robotics, Inc   107,149 
 11,151  *  Corvel Corp   669,060 
 45,127  *  Cotiviti Holdings, Inc   1,586,665 
 41,163  *  Cross Country Healthcare, Inc   561,875 
 38,323  *  CryoLife, Inc   745,382 
 15,490  *  Cutera, Inc   608,757 
 55,746  *  Diplomat Pharmacy, Inc   1,173,453 
 96,080  *,e  Endologix, Inc   509,224 
 57,415     Ensign Group, Inc   1,325,138 
 14,265  *,e  Entellus Medical, Inc   241,506 
 61,210  *,e  Evolent Health, Inc   994,662 
 12,544  *  Exactech, Inc   524,966 
 7,193  *  FONAR Corp   229,457 
 37,725  *,e  Genesis Health Care, Inc   36,846 
 63,403  *  GenMark Diagnostics, Inc   472,352 
 33,499  *,e  Glaukos Corp   1,182,850 
 81,973  *  Globus Medical, Inc   2,612,480 
 60,697  *  Haemonetics Corp   2,886,749 
 54,981  *  Halyard Health, Inc   2,317,449 
 59,906  *  HealthEquity, Inc   3,008,479 
 114,461     Healthsouth Corp   5,281,231 
264

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES     COMPANY  VALUE 
           
 30,569  *  HealthStream, Inc  $747,718 
 7,583  *  Heska Corp   739,342 
 98,417  *  HMS Holdings Corp   1,893,543 
 17,479  *  ICU Medical, Inc   3,340,237 
 19,977  *  Inogen Inc   1,976,325 
 73,166  *,e  Inovalon Holdings, Inc   1,225,530 
 67,807  *  Insulet Corp   3,987,730 
 36,321  *  Integer Holding Corp   1,765,201 
 74,705  *,e  Integra LifeSciences Holdings Corp   3,494,700 
 38,079     Invacare Corp   590,224 
 16,209  *  iRhythm Technologies, Inc   825,849 
 47,466  *  K2M Group Holdings, Inc   934,606 
 98,117     Kindred Healthcare, Inc   593,608 
 36,107  *  Lantheus Holdings, Inc   718,529 
 17,437     LeMaitre Vascular, Inc   558,158 
 18,291  *  LHC Group, Inc   1,222,022 
 57,762  *  LivaNova plc   4,268,612 
 27,953  *  Magellan Health Services, Inc   2,384,391 
 53,297  *  Masimo Corp   4,677,345 
 66,782  *  Medidata Solutions, Inc   5,024,010 
 48,932     Meridian Bioscience, Inc   731,533 
 56,652  *  Merit Medical Systems, Inc   2,155,609 
 51,493  *  Molina Healthcare, Inc   3,492,770 
 20,810  *,e  NantHealth, Inc   75,957 
 13,284     National Healthcare Corp   850,176 
 10,966     National Research Corp   411,773 
 38,007  *  Natus Medical, Inc   1,611,497 
 43,123  *  Neogen Corp   3,458,465 
 33,303  *  Nevro Corp   2,916,677 
 67,655  *  Novocure Ltd   1,461,348 
 58,993  *  NuVasive, Inc   3,346,673 
 76,152  *  NxStage Medical, Inc   2,052,296 
 9,138  *,e  Obalon Therapeutics, Inc   77,033 
 43,159  *  Omnicell, Inc   2,149,318 
 66,173  *  OraSure Technologies, Inc   1,306,917 
 20,282  *  Orthofix International NV   1,089,752 
 71,499     Owens & Minor, Inc   1,756,730 
 26,771  *  Oxford Immunotec Global plc   353,913 
 35,141  *  Penumbra, Inc   3,533,428 
 8,435  *  PetIQ, Inc   202,946 
 35,391  *  PharMerica Corp   1,036,956 
 13,475  *  Providence Service Corp   749,210 
 10,716  *,e  Pulse Biosciences, Inc   259,434 
 62,161  *  Quality Systems, Inc   874,605 
 32,231  *  Quidel Corp   1,319,859 
 31,499  *,e  Quotient Ltd   160,960 
 117,885  *  R1 RCM, Inc   447,963 
 43,392  *  RadNet, Inc   475,142 
 56,389  *,e  Rockwell Medical, Inc   341,717 
 65,561  *  RTI Biologics, Inc   295,025 
 126,173  *  Select Medical Holdings Corp   2,416,213 
 16,751  *,e  Sientra, Inc   245,570 
 12,818     Simulations Plus, Inc   208,933 
265

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES     COMPANY  VALUE 
           
 48,836  *  Staar Surgical Co  $647,077 
 22,611  *,e  Surgery Partners, Inc   209,152 
 15,380  *  SurModics, Inc   457,555 
 10,949  *  Tabula Rasa HealthCare, Inc   316,207 
 10,762  *  Tactile Systems Technology, Inc   308,762 
 63,240  *,e  Teladoc, Inc   2,090,082 
 93,648  *,e  Tenet Healthcare Corp   1,337,293 
 42,804  *  Tivity Health, Inc   1,979,685 
 26,953  *  Triple-S Management Corp (Class B)   647,142 
 14,224     US Physical Therapy, Inc   966,521 
 4,059     Utah Medical Products, Inc   306,049 
 43,243  *  Varex Imaging Corp   1,486,262 
 34,416  *,e  ViewRay, Inc   237,126 
 17,568  *,e  Viveve Medical, Inc   95,921 
 32,825  *  Vocera Communications, Inc   926,322 
 121,506  *  Wright Medical Group NV   3,184,672 
       TOTAL HEALTH CARE EQUIPMENT & SERVICES   155,709,805 
             
HOUSEHOLD & PERSONAL PRODUCTS - 0.4%     
 12,748  *  Central Garden & Pet Co   486,719 
 41,272  *  Central Garden and Pet Co (Class A)   1,523,349 
 24,335  *,e  elf Beauty, Inc   515,659 
 139,993  *  HRG Group, Inc   2,270,686 
 20,344     Inter Parfums, Inc   941,927 
 12,324     Medifast, Inc   769,018 
 8,350  e  Natural Health Trends Corp   160,821 
 12,223     Nature’s Sunshine Products, Inc   121,008 
 5,962     Oil-Dri Corp of America   250,464 
 11,813  e  Orchids Paper Products Co   145,064 
 13,484  *,e  Revlon, Inc (Class A)   303,390 
 13,523  *  USANA Health Sciences, Inc   888,461 
 16,203     WD-40 Co   1,796,102 
       TOTAL HOUSEHOLD & PERSONAL PRODUCTS   10,172,668 
             
INSURANCE - 2.5%       
 50,633  *  AMBAC Financial Group, Inc   824,305 
 100,596     American Equity Investment Life Holding Co   2,968,588 
 22,684     Amerisafe, Inc   1,467,655 
 101,397  e  Amtrust Financial Services, Inc   1,273,546 
 34,076     Argo Group International Holdings Ltd   2,145,084 
 12,458  *  Atlas Financial Holdings, Inc   246,045 
 11,413     Baldwin & Lyons, Inc (Class B)   261,928 
 8,022     Blue Capital Reinsurance Holdings Ltd   106,291 
 56,176  *,e  Citizens, Inc (Class A)   425,814 
 196,279     Conseco, Inc   4,704,808 
 14,063     Crawford & Co (Class B)   165,662 
 9,879     Donegal Group, Inc (Class A)   169,326 
 18,328  *  eHealth, Inc   465,165 
 10,262     EMC Insurance Group, Inc   302,319 
 37,247     Employers Holdings, Inc   1,776,682 
 13,436  *  Enstar Group Ltd   3,060,721 
 11,202     FBL Financial Group, Inc (Class A)   866,475 
 14,441     Federated National Holding Co   221,525 
266

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES     COMPANY  VALUE 
           
 16,451  e  Fidelity & Guaranty Life  $511,626 
 603,496  *  Genworth Financial, Inc (Class A)   1,997,572 
 9,538  *  Global Indemnity Ltd   400,310 
 35,453  *  Greenlight Capital Re Ltd (Class A)   781,739 
 17,649  *  Hallmark Financial Services   204,552 
 9,313  e  HCI Group, Inc   348,865 
 17,841  *,e  Health Insurance Innovations, Inc   383,581 
 31,219  e  Heritage Insurance Holdings, Inc   500,753 
 48,297     Horace Mann Educators Corp   2,115,409 
 7,770     Independence Holding Co   210,956 
 12,526     Infinity Property & Casualty Corp   1,181,828 
 1,658     Investors Title Co   314,523 
 26,422     James River Group Holdings Ltd   1,118,179 
 46,504     Kemper Corp   2,980,906 
 10,652  e  Kingstone Cos, Inc   172,562 
 17,002     Kinsale Capital Group, Inc   737,547 
 85,136     Maiden Holdings Ltd   702,372 
 146,956  *,e  MBIA, Inc   1,065,431 
 57,981     National General Holdings Corp   1,170,057 
 2,543     National Western Life Group, Inc   909,326 
 24,188     Navigators Group, Inc   1,402,904 
 12,045  *  NI Holdings, Inc   215,485 
 54,079     Primerica, Inc   4,785,991 
 44,787     RLI Corp   2,646,464 
 17,046     Safety Insurance Group, Inc   1,401,181 
 66,883     Selective Insurance Group, Inc   3,986,227 
 18,628     State Auto Financial Corp   477,622 
 34,640     State National Cos, Inc   728,133 
 24,563     Stewart Information Services Corp   931,920 
 92,467  *  Third Point Reinsurance Ltd   1,544,199 
 26,383  *,e  Trupanion, Inc   742,945 
 25,058     United Fire & Casualty Co   1,154,923 
 19,764     United Insurance Holdings Corp   311,085 
 36,964     Universal Insurance Holdings, Inc   881,591 
       TOTAL INSURANCE   60,470,703 
             
MATERIALS - 4.5%     
 33,879     A. Schulman, Inc   1,331,445 
 24,291  e  Advanced Emissions Solutions, Inc   291,735 
 35,037  *  AdvanSix, Inc   1,621,162 
 25,962  *  AgroFresh Solutions, Inc   153,176 
 366,574  *,e  AK Steel Holding Corp   1,682,575 
 126,330  *,e  Allegheny Technologies, Inc   3,180,989 
 33,891     American Vanguard Corp   762,547 
 10,517     Ampco-Pittsburgh Corp   174,056 
 36,818     Balchem Corp   3,103,389 
 44,545  *  Boise Cascade Co   1,579,120 
 59,730     Calgon Carbon Corp   1,296,141 
 55,473     Carpenter Technology Corp   2,762,001 
 58,486  *  Century Aluminum Co   818,804 
 8,500     Chase Corp   1,009,375 
 19,026  *  Clearwater Paper Corp   878,050 
 360,162  *  Cleveland-Cliffs, Inc   2,146,566 
267

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES     COMPANY  VALUE 
           
 50,107  *  Codexis, Inc  $308,158 
 212,512  *  Coeur Mining, Inc   1,612,966 
 135,745     Commercial Metals Co   2,644,313 
 40,717  e  Compass Minerals International, Inc   2,671,035 
 8,563     Core Molding Technologies, Inc   198,747 
 12,877     Deltic Timber Corp   1,192,539 
 98,266  *  Ferro Corp   2,340,696 
 69,112  *,m  Ferroglobe plc   0 
 65,118  *,e  Flotek Industries, Inc   320,381 
 21,208  *,e  Forterra, Inc   105,192 
 29,899     FutureFuel Corp   453,867 
 83,345  *  GCP Applied Technologies, Inc   2,437,841 
 61,329  e  Gold Resource Corp   222,624 
 6,597     Greif, Inc   414,621 
 29,921     Greif, Inc (Class A)   1,661,513 
 58,626     H.B. Fuller Co   3,334,061 
 11,299     Hawkins, Inc   430,492 
 14,471     Haynes International, Inc   516,325 
 458,083     Hecla Mining Co   2,162,152 
 49,441  *  Ingevity Corp   3,521,682 
 22,857     Innophos Holdings, Inc   1,118,393 
 28,876     Innospec, Inc   1,785,981 
 111,599  *,e  Intrepid Potash, Inc   448,628 
 19,715     Kaiser Aluminum Corp   1,955,334 
 102,293     Kapstone Paper and Packaging Corp   2,297,501 
 206,237  *  Klondex Mines Ltd   596,025 
 10,911     KMG Chemicals, Inc   601,523 
 24,225  *  Koppers Holdings, Inc   1,176,124 
 35,036  *  Kraton Polymers LLC   1,717,815 
 27,222     Kronos Worldwide, Inc   716,211 
 172,611  *  Louisiana-Pacific Corp   4,691,567 
 23,900  *,e  LSB Industries, Inc   180,445 
 23,293     Materion Corp   1,196,096 
 41,537     Minerals Technologies, Inc   2,986,510 
 27,177     Myers Industries, Inc   587,023 
 19,477     Neenah Paper, Inc   1,690,604 
 10,497     Olympic Steel, Inc   198,183 
 51,140  *  Omnova Solutions, Inc   565,097 
 50,957     PH Glatfelter Co   1,068,059 
 94,669     PolyOne Corp   4,361,401 
 15,278     Quaker Chemical Corp   2,372,979 
 7,201  *,e  Ramaco Resources, Inc   42,198 
 50,730  e  Rayonier Advanced Materials, Inc   728,990 
 18,153  *  Ryerson Holding Corp   159,746 
 31,310     Schnitzer Steel Industries, Inc (Class A)   922,079 
 36,821     Schweitzer-Mauduit International, Inc   1,554,951 
 52,428     Sensient Technologies Corp   3,987,149 
 22,863     Stepan Co   1,825,839 
 127,591  *  Summit Materials, Inc   4,006,357 
 81,584  *  SunCoke Energy, Inc   904,767 
 46,631  *  TimkenSteel Corp   652,834 
 23,980  *  Trecora Resources   291,357 
 30,330     Tredegar Corp   586,886 
268

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES     COMPANY  VALUE 
           
 51,639     Trinseo S.A.  $3,666,369 
 103,664     Tronox Ltd   2,743,986 
 7,781  *  UFP Technologies, Inc   240,044 
 2,097     United States Lime & Minerals, Inc   190,512 
 17,505  *,e  US Concrete, Inc   1,368,891 
 30,035     Valhi, Inc   130,652 
 38,973  *  Verso Corp   273,201 
 19,765  e  Warrior Met Coal, Inc   514,285 
 52,320     Worthington Industries, Inc   2,380,560 
       TOTAL MATERIALS   108,823,488 
             
MEDIA - 1.3%     
 65,615  e  AMC Entertainment Holdings, Inc   912,049 
 5,375     Beasley Broadcasting Group, Inc   50,794 
 99,404  *,e  Central European Media Enterprises Ltd (Class A) (NASDAQ)   457,258 
 41,972     Clear Channel Outdoor Holdings, Inc (Class A)   159,494 
 1,313  *,e  Daily Journal Corp   304,747 
 18,361     Emerald Expositions Events, Inc   427,628 
 32,754  e  Entercom Communications Corp (Class A)   361,932 
 76,986     Entravision Communications Corp (Class A)   400,327 
 29,201  *,e  Eros International plc   357,712 
 68,689  *  EW Scripps Co (Class A)   1,191,067 
 133,631     Gannett Co, Inc   1,162,590 
 61,612  *,e  Global Eagle Entertainment, Inc   149,717 
 76,022  *  Gray Television, Inc   1,183,663 
 18,241  *  Hemisphere Media Group, Inc   222,540 
 65,149  *  Imax Corp   1,579,863 
 11,678  *  Liberty Braves Group (Class A)   274,199 
 40,233  *  Liberty Braves Group (Class C)   949,901 
 15,097  *  Loral Space & Communications, Inc   711,824 
 66,270  *  MDC Partners, Inc   762,105 
 45,788     Meredith Corp   2,426,764 
 70,095  *  MSG Networks, Inc   1,216,148 
 72,367     National CineMedia, Inc   487,030 
 59,760     New Media Investment Group, Inc   954,367 
 145,926     New York Times Co (Class A)   2,787,187 
 52,810     Nexstar Broadcasting Group, Inc (Class A)   3,369,278 
 20,451  *  Reading International, Inc   320,058 
 4,295     Saga Communications, Inc   187,906 
 15,215     Salem Communications   97,376 
 33,064     Scholastic Corp   1,221,384 
 83,930     Sinclair Broadcast Group, Inc (Class A)   2,660,581 
 117,329     Time, Inc   1,361,016 
 10,198  *  Townsquare Media, Inc   106,467 
 22,998  *  tronc, Inc   340,025 
 24,612  *  WideOpenWest, Inc   314,788 
 44,701  e  World Wrestling Entertainment, Inc (Class A)   1,185,918 
       TOTAL MEDIA   30,655,703 
             
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.3%     
 28,503  *  Abeona Therapeutics, Inc   511,629 
 30,368  *,e  Accelerate Diagnostics, Inc   602,805 
 37,235  *  Acceleron Pharma, Inc   1,452,165 
269

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES     COMPANY  VALUE 
           
 41,473  *,e  Achaogen, Inc  $527,537 
 137,470  *  Achillion Pharmaceuticals, Inc   552,629 
 27,815  *  Aclaris Therapeutics, Inc   701,216 
 50,340  *  Acorda Therapeutics, Inc   1,337,785 
 17,416  *,e  Adamas Pharmaceuticals, Inc   429,479 
 58,356  *,e  Aduro Biotech, Inc   463,930 
 41,772  *,e  Advaxis, Inc   142,025 
 38,543  *  Aerie Pharmaceuticals, Inc   2,380,030 
 87,888  *,e  Agenus, Inc   321,670 
 5,906  *  Aileron Therapeutics, Inc   71,108 
 41,976  *  Aimmune Therapeutics, Inc   1,220,242 
 17,423  *,e  Akcea Therapeutics, Inc   319,189 
 52,590  *  Akebia Therapeutics, Inc   954,508 
 74,485  *  Alder Biopharmaceuticals, Inc   837,956 
 41,723  *  AMAG Pharmaceuticals, Inc   655,051 
 198,806  *  Amicus Therapeutics, Inc   2,830,997 
 42,582  *  Amphastar Pharmaceuticals, Inc   769,457 
 13,924  *  AnaptysBio, Inc   919,402 
 43,047  *,e  Anavex Life Sciences Corp   181,658 
 9,356  *  ANI Pharmaceuticals, Inc   543,396 
 47,646  *,e  Aratana Therapeutics, Inc   273,012 
 38,816  *  Ardelyx, Inc   207,666 
 46,197  *  Arena Pharmaceuticals, Inc   1,294,902 
 200,587  *  Array Biopharma, Inc   2,096,134 
 16,435  *  Assembly Biosciences, Inc   484,997 
 28,869  *,e  Asterias Biotherapeutics, Inc   72,173 
 29,869  *,e  Atara Biotherapeutics, Inc   424,140 
 8,098  *,e  Athenex, Inc   135,561 
 101,938  *,e  Athersys, Inc   187,566 
 17,864  *  Audentes Therapeutics, Inc   475,004 
 29,417  *  Avexis, Inc   3,074,371 
 50,989  *,e  Axovant Sciences Ltd   267,182 
 31,831  *,e  Bellicum Pharmaceuticals, Inc   299,848 
 95,807  *  BioCryst Pharmaceuticals, Inc   431,132 
 14,882  *  Biohaven Pharmaceutical Holding Co Ltd   447,353 
 6,600  *  Biospecifics Technologies Corp   302,082 
 92,201  *,e  BioTime, Inc   221,282 
 53,422  *  Bluebird Bio, Inc   7,431,000 
 46,692  *  Blueprint Medicines Corp   3,101,283 
 35,916  *  Calithera Biosciences, Inc   578,248 
 9,448  *,e  Calyxt, Inc   193,495 
 38,195  *  Cambrex Corp   1,651,934 
 32,084  *,e  Cara Therapeutics Inc   402,333 
 39,355  *  Cascadian Therapeutics, Inc   180,639 
 148,610  *  Catalent, Inc   6,329,300 
 83,695  *  Catalyst Pharmaceuticals, Inc   239,368 
 141,834  *  Celldex Therapeutics, Inc   346,075 
 53,381  *  Cempra, Inc   122,776 
 28,623  *  ChemoCentryx, Inc   188,053 
 54,689  *  Chimerix, Inc   269,070 
 24,340  *  Clearside Biomedical, Inc   173,301 
 52,090  *  Clovis Oncology, Inc   3,926,023 
 45,053  *  Coherus Biosciences, Inc   506,846 
270

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES     COMPANY  VALUE 
           
 26,584  *,e  Collegium Pharmaceutical, Inc  $274,613 
 21,103  *  Concert Pharmaceuticals Inc   359,806 
 30,219  *,e  Contatus Pharmaceuticals, Inc   138,705 
 52,012  *,e  Corbus Pharmaceuticals Holdings, Inc   369,285 
 105,730  *  Corcept Therapeutics, Inc   2,081,824 
 23,459  *,e  Corium International, Inc   236,467 
 9,893  *,e  Corvus Pharmaceuticals, Inc   134,347 
 134,048  *  Curis, Inc   211,796 
 48,754  *  Cytokinetics, Inc   665,492 
 34,166  *  CytomX Therapeutics, Inc   683,320 
 66,981  *  Depomed, Inc   324,188 
 44,280  *  Dermira, Inc   1,185,376 
 5,959  *,e  Dova Pharmaceuticals, Inc   149,333 
 161,127  *  Durect Corp   128,467 
 70,720  *  Dynavax Technologies Corp   1,555,840 
 9,606  *,e  Eagle Pharmaceuticals, Inc   516,323 
 22,877  *,e  Edge Therapeutics, Inc   248,444 
 39,191  *,e  Editas Medicine, Inc   971,937 
 39,250  *  Emergent Biosolutions, Inc   1,608,858 
 18,410  *  Enanta Pharmaceuticals, Inc   914,425 
 48,178  *  Enzo Biochem, Inc   474,553 
 48,493  *,e  Epizyme, Inc   809,833 
 19,726  *,e  Esperion Thereapeutics, Inc   902,267 
 138,790  *  Exact Sciences Corp   7,632,062 
 42,819  *  Fate Therapeutics, Inc   204,247 
 78,798  *  FibroGen, Inc   4,400,868 
 32,083  *  Five Prime Therapeutics, Inc   1,439,243 
 32,430  *,e  Flexion Therapeutics Inc   713,784 
 34,764  *  Fluidigm Corp   201,631 
 39,096  *,e  Fortress Biotech, Inc   146,219 
 16,818  *,e  Foundation Medicine, Inc   756,810 
 9,134  *,e  G1 Therapeutics, Inc   215,836 
 33,811  *,e  Genocea Biosciences Inc   39,221 
 23,210  *  Genomic Health, Inc   761,056 
 175,340  *,e  Geron Corp   394,515 
 43,204  *  Global Blood Therapeutics, Inc   1,719,519 
 140,201  *  Halozyme Therapeutics, Inc   2,485,764 
 53,300  *,e  Heron Therapeutics, Inc   818,155 
 197,081  *  Horizon Pharma plc   2,672,418 
 129,131  *  Idera Pharmaceuticals, Inc   201,444 
 58,685  *  Ignyta, Inc   903,749 
 19,619  *  Immune Design Corp   97,114 
 99,538  *  Immunogen, Inc   577,320 
 119,301  *,e  Immunomedics, Inc   1,278,907 
 86,105  *  Impax Laboratories, Inc   1,562,806 
 63,457  *  INC Research Holdings, Inc   3,626,568 
 88,759  *  Innoviva, Inc   1,086,410 
 96,614  *,e  Inovio Pharmaceuticals, Inc   563,260 
 86,318  *  Insmed, Inc   2,331,449 
 28,816  *,e  Insys Therapeutics, Inc   148,402 
 16,668  *,e  Intellia Therapeutics, Inc   518,708 
 30,115  *  Intersect ENT, Inc   892,910 
 39,936  *  Intra-Cellular Therapies, Inc   622,602 
271

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES     COMPANY  VALUE 
           
 45,626  *,e  Invitae Corp  $385,083 
 62,562  *  Iovance Biotherapeutics, Inc   486,420 
 156,472  *,e  Ironwood Pharmaceuticals, Inc   2,406,539 
 7,413  *  Jounce Therapeutics, Inc   103,782 
 9,487  *  Kala Pharmaceuticals, Inc   152,361 
 39,639  *  Karyopharm Therapeutics, Inc   404,714 
 111,165  *,e  Keryx Biopharmaceuticals, Inc   720,349 
 24,603  *  Kindred Biosciences Inc   183,292 
 23,393  *,e  Kura Oncology, Inc   348,556 
 20,522  *,e  La Jolla Pharmaceutical Co   705,136 
 33,486  *,e  Lannett Co, Inc   666,371 
 50,618  *,e  Lexicon Pharmaceuticals, Inc   515,797 
 24,023  *  Ligand Pharmaceuticals, Inc (Class B)   3,491,743 
 27,679  *  Loxo Oncology, Inc   2,384,823 
 48,826     Luminex Corp   1,042,435 
 39,634  *  MacroGenics, Inc   784,357 
 4,811  *  Madrigal Pharmaceuticals, Inc   240,502 
 62,114  *,e  Matinas BioPharma Holdings, Inc   69,568 
 80,186  *,e  Medicines Co   2,304,546 
 38,450  *,e  MediciNova, Inc   273,380 
 8,685  *  Medpace Holdings, Inc   325,427 
 15,796  e  Merrimack Pharmaceuticals, Inc   185,445 
 5,869  *  Mersana Therapeutics, Inc   95,430 
 121,344  *,e  MiMedx Group, Inc   1,538,642 
 29,493  *  Minerva Neurosciences, Inc   185,806 
 14,724  *  Miragen Therapeutics, Inc   121,915 
 85,320  *  Momenta Pharmaceuticals, Inc   1,203,012 
 22,963  *  MyoKardia, Inc   882,927 
 75,305  *  Myriad Genetics, Inc   2,581,455 
 20,842  *  NanoString Technologies, Inc   207,586 
 35,776  *  NantKwest, Inc   165,285 
 36,769  *  Natera, Inc   404,091 
 172,829  *  Nektar Therapeutics   4,163,451 
 65,452  *  NeoGenomics, Inc   567,469 
 33,785  *,e  Neos Therapeutics, Inc   351,364 
 25,570  *,e  NewLink Genetics Corp   239,335 
 328,397  *,e  Novavax, Inc   357,953 
 17,725  *,e  Novelion Therapeutics, Inc   83,662 
 33,197  *  Nymox Pharmaceutical Corp   118,181 
 26,356  *,e  Ocular Therapeutix, Inc   151,811 
 53,579  *,e  Omeros Corp   844,405 
 4,250  *,e  Oncocyte Corp   25,713 
 119,432  *,e  Organovo Holdings, Inc   189,897 
 33,123  *  Otonomy, Inc   98,541 
 5,970  *,e  Ovid therapeutics, Inc   38,686 
 120,516  *  Pacific Biosciences of California, Inc   509,783 
 46,185  *  Pacira Pharmaceuticals, Inc   1,480,229 
 27,651  *  Paratek Pharmaceuticals, Inc   591,731 
 187,085  *  PDL BioPharma, Inc   553,772 
 22,325     Phibro Animal Health Corp   840,536 
 40,136  *  Pieris Pharmaceuticals, Inc   202,687 
 66,130  *  Portola Pharmaceuticals, Inc   3,267,483 
 57,994  *  PRA Health Sciences, Inc   4,722,452 
272

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES     COMPANY  VALUE 
           
 61,955  *  Prestige Brands Holdings, Inc  $2,905,690 
 82,822  *  Progenics Pharmaceuticals, Inc   512,668 
 10,965  *,e  Protagonist Therapeutics, Inc   164,146 
 44,616  *,e  Prothena Corp plc   2,589,959 
 46,691  *  PTC Therapeutics, Inc   874,989 
 33,401  *  Puma Biotechnology, Inc   4,251,947 
 13,796  *  Ra Pharmaceuticals, Inc   181,279 
 43,636  *,e  Radius Health, Inc   1,401,152 
 13,156  *  Reata Pharmaceuticals, Inc   398,364 
 15,942  *  Recro Pharma, Inc   137,579 
 32,774  *  REGENXBIO, Inc   981,581 
 43,715  *  Repligen Corp   1,626,198 
 44,820  *  Retrophin, Inc   1,114,673 
 26,304  *  Revance Therapeutics, Inc   683,904 
 146,467  *  Rigel Pharmaceuticals, Inc   549,251 
 41,787  *  Sage Therapeutics, Inc   2,644,281 
 97,440  *  Sangamo Biosciences, Inc   1,208,256 
 70,750  *  Sarepta Therapeutics, Inc   3,488,683 
 13,817  *,e  Selecta Biosciences, Inc   293,197 
 23,913  *,e  Seres Therapeutics, Inc   240,087 
 5,849  *,e  Sienna Biopharmaceuticals, Inc   114,640 
 31,082  *  Spark Therapeutics, Inc   2,514,534 
 91,483  *  Spectrum Pharmaceuticals, Inc   1,792,152 
 27,171  *  Stemline Therapeutics, Inc   370,884 
 25,095  *  Strongbridge Biopharma plc   150,570 
 27,806  *,e  Sucampo Pharmaceuticals, Inc (Class A)   278,060 
 55,048  *  Supernus Pharmaceuticals, Inc   2,289,997 
 10,389  *  Syndax Pharmaceuticals, Inc   116,149 
 269,179  *,e  Synergy Pharmaceuticals, Inc   734,859 
 14,716  *,e  Syros Pharmaceuticals, Inc   253,115 
 48,439  *,e  Teligent, Inc   275,134 
 59,580  *  Tetraphase Pharmaceuticals, Inc   358,076 
 57,027  *,e  TG Therapeutics, Inc   464,770 
 182,388  *,e  TherapeuticsMD, Inc   860,871 
 51,102  *,e  Theravance Biopharma, Inc   1,474,804 
 9,827  *,e  Tocagen, Inc   108,785 
 63,234  *  Trevena, Inc   94,851 
 45,989  *  Ultragenyx Pharmaceutical, Inc   2,119,633 
 51,722  *  Vanda Pharmaceuticals, Inc   812,035 
 24,961  *,e  VBI Vaccines, Inc   85,866 
 27,835  *  Veracyte, Inc   237,989 
 37,920  *  Versartis, Inc   68,256 
 16,739  *,e  Voyager Therapeutics, Inc   352,523 
 8,113  *  vTv Therapeutics, Inc   51,274 
 13,995  *,e  WaVe Life Sciences Pte Ltd   322,585 
 24,300  *,e  XBiotech, Inc   103,518 
 45,194  *  Xencor Inc   893,937 
 156,015  *,e  ZIOPHARM Oncology, Inc   727,030 
 36,996  *  Zogenix, Inc   1,387,350 
 13,359  *,e  Zynerba Pharmaceuticals, Inc   130,918 
       TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES   199,777,474 
273

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES     COMPANY  VALUE 
           
REAL ESTATE - 7.1%     
 96,388     Acadia Realty Trust  $2,713,322 
 32,581     Agree Realty Corp   1,540,755 
 56,493     Alexander & Baldwin, Inc   2,555,743 
 2,659     Alexander’s, Inc   1,092,849 
 12,985  *,e  Altisource Portfolio Solutions S.A.   335,532 
 57,995     Altisource Residential Corp   618,807 
 46,921     American Assets Trust,Inc   1,820,066 
 53,866     Armada Hoffler Properties, Inc   768,668 
 33,025     Ashford Hospitality Prime, Inc   321,003 
 93,265     Ashford Hospitality Trust, Inc   655,653 
 13,541  *  AV Homes, Inc   225,458 
 28,266     Bluerock Residential Growth REIT, Inc   319,123 
 90,289     CareTrust REIT, Inc   1,706,462 
 47,279     CatchMark Timber Trust Inc   605,171 
 195,933     CBL & Associates Properties, Inc   1,536,115 
 95,982     Cedar Realty Trust, Inc   522,142 
 45,512     Chatham Lodging Trust   989,886 
 69,878     Chesapeake Lodging Trust   1,949,596 
 32,242     City Office REIT, Inc   420,436 
 19,188     Clipper Realty, Inc   208,574 
 20,026     Community Healthcare Trust, Inc   549,313 
 4,973     Consolidated-Tomoka Land Co   291,020 
 13,847     CorEnergy Infrastructure Trust, Inc   499,600 
 485,962     Cousins Properties, Inc   4,383,377 
 232,472     DiamondRock Hospitality Co   2,524,646 
 44,555     Easterly Government Properties, Inc   896,447 
 39,362     EastGroup Properties, Inc   3,565,804 
 85,444     Education Realty Trust, Inc   2,981,996 
 39,521     Farmland Partners, Inc   330,000 
 137,677     First Industrial Realty Trust, Inc   4,251,466 
 12,331  *,e  Forestar Group, Inc   219,492 
 71,371     Four Corners Property Trust, Inc   1,761,436 
 121,443     Franklin Street Properties Corp   1,214,430 
 8,123  *  FRP Holdings, Inc   360,255 
 142,896     Geo Group, Inc   3,708,151 
 36,060     Getty Realty Corp   1,024,465 
 30,001     Gladstone Commercial Corp   649,822 
 27,795     Global Medical REIT, Inc   235,146 
 77,980     Global Net Lease, Inc   1,684,368 
 109,886     Government Properties Income Trust   1,996,629 
 175,855     Gramercy Property Trust   5,222,894 
 765     Griffin Land & Nurseries, Inc (Class A)   28,381 
 142,597     Healthcare Realty Trust, Inc   4,597,327 
 46,537     Hersha Hospitality Trust   823,240 
 43,164     HFF, Inc (Class A)   1,893,173 
 83,285     Independence Realty Trust, Inc   845,343 
 140,104     Investors Real Estate Trust   819,608 
 80,889  *  iStar Financial, Inc   946,401 
 15,338     Jernigan Capital, Inc   314,736 
 142,611     Kennedy-Wilson Holdings, Inc   2,773,784 
 96,240     Kite Realty Group Trust   1,798,726 
 132,303     LaSalle Hotel Properties   3,732,268 
 251,733     Lexington Realty Trust   2,547,538 
274

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES     COMPANY  VALUE 
           
 45,731     LTC Properties, Inc  $2,126,949 
 105,234     Mack-Cali Realty Corp   2,396,178 
 21,261  *  Marcus & Millichap, Inc   604,238 
 7,422  *  Maui Land & Pineapple Co, Inc   118,381 
 30,787     MedEquities Realty Trust, Inc   357,745 
 80,609     Monmouth Real Estate Investment Corp (Class A)   1,373,577 
 47,463     National Health Investors, Inc   3,616,206 
 52,757     National Storage Affiliates Trust   1,307,846 
 98,401     New Senior Investment Group, Inc   879,705 
 21,017     NexPoint Residential Trust, Inc   499,154 
 63,599     NorthStar Realty Europe Corp   856,679 
 17,770     One Liberty Properties, Inc   430,567 
 80,035     Pebblebrook Hotel Trust   2,854,048 
 81,428     Pennsylvania REIT   791,480 
 211,514     Physicians Realty Trust   3,676,113 
 47,018     Potlatch Corp   2,435,532 
 36,970     Preferred Apartment Communities, Inc   733,854 
 23,710     PS Business Parks, Inc   3,137,544 
 56,778     QTS Realty Trust, Inc   3,284,607 
 111,073  *  Quality Care Properties, Inc   1,758,286 
 113,214     RAIT Investment Trust   60,569 
 93,091     Ramco-Gershenson Properties   1,175,739 
 20,700     Re/Max Holdings, Inc   1,376,550 
 12,451  *,e  Redfin Corp   293,097 
 125,850     Retail Opportunities Investment Corp   2,262,783 
 82,879     Rexford Industrial Realty, Inc   2,460,678 
 201,674     RLJ Lodging Trust   4,368,259 
 8,183     RMR Group, Inc   429,198 
 52,939     Ryman Hospitality Properties   3,500,856 
 207,645     Sabra Healthcare REIT, Inc   4,136,288 
 12,027     Safety Income and Growth, Inc   216,125 
 13,350     Saul Centers, Inc   815,952 
 74,848     Select Income REIT   1,808,328 
 29,421     Seritage Growth Properties   1,210,086 
 55,043  *  St. Joe Co   979,765 
 109,400     STAG Industrial, Inc   2,986,620 
 148,572     Starwood Waypoint Homes   5,394,649 
 6,939     Stratus Properties, Inc   206,435 
 121,193     Summit Hotel Properties, Inc   1,916,061 
 267,082     Sunstone Hotel Investors, Inc   4,358,778 
 21,672  *  Tejon Ranch Co   408,517 
 60,627     Terreno Realty Corp   2,226,223 
 55,419     Tier REIT, Inc   1,084,550 
 1,971  *  Transcontinental Realty Investors, Inc   58,499 
 21,521  *  Trinity Place Holdings, Inc   154,951 
 33,859     UMH Properties, Inc   505,853 
 14,731     Universal Health Realty Income Trust   1,078,457 
 113,529     Urban Edge Properties   2,663,390 
 35,661     Urstadt Biddle Properties, Inc (Class A)   774,914 
 216,784     Washington Prime Group, Inc   1,697,419 
 91,945     Washington REIT   2,959,710 
 44,533     Whitestone REIT   594,961 
 128,932     Xenia Hotels & Resorts, Inc   2,805,560 
       TOTAL REAL ESTATE   170,585,152 
275

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES     COMPANY  VALUE 
           
RETAILING - 2.7%     
 30,262  *  1-800-FLOWERS.COM, Inc (Class A)  $284,463 
 73,757     Aaron’s, Inc   2,714,258 
 81,090     Abercrombie & Fitch Co (Class A)   1,089,039 
 188,587     American Eagle Outfitters, Inc   2,455,403 
 8,685  *  America’s Car-Mart, Inc   372,152 
 21,555  *  Asbury Automotive Group, Inc   1,323,477 
 204,892  *,e  Ascena Retail Group, Inc   397,490 
 5,999  *,e  At Home Group, Inc   122,979 
 44,967  *  Barnes & Noble Education, Inc   245,070 
 69,711     Barnes & Noble, Inc   487,977 
 24,649  e  Big 5 Sporting Goods Corp   156,521 
 51,581     Big Lots, Inc   2,646,621 
 13,407  *,e  Boot Barn Holdings, Inc   110,340 
 33,661  e  Buckle, Inc   553,723 
 16,153  *  Build-A-Bear Workshop, Inc   125,993 
 49,736     Caleres, Inc   1,359,285 
 35,955     Camping World Holdings, Inc   1,510,829 
 16,042  *,e  Carvana Co   227,476 
 28,429     Cato Corp (Class A)   365,597 
 153,040     Chico’s FAS, Inc   1,222,790 
 20,278     Children’s Place Retail Stores, Inc   2,206,246 
 14,334     Citi Trends, Inc   311,908 
 21,550  *,e  Conn’s, Inc   662,662 
 17,500  *,e  Container Store Group, Inc   63,175 
 53,559     Core-Mark Holding Co, Inc   1,824,220 
 16,272     Dillard’s, Inc (Class A)   826,618 
 76,344     DSW, Inc (Class A)   1,461,988 
 11,119  *,e  Duluth Holdings, Inc   229,719 
 90,450  *  Express Parent LLC   612,346 
 46,714  e  Finish Line, Inc (Class A)   433,039 
 62,796  *  Five Below, Inc   3,469,479 
 43,319  *  Francesca’s Holdings Corp   280,274 
 42,223  e  Fred’s, Inc (Class A)   186,203 
 20,323  *  FTD Cos, Inc   219,488 
 10,304  *  Gaia, Inc   125,194 
 22,493  *  Genesco, Inc   551,078 
 80,019  e  GNC Holdings, Inc   547,330 
 23,071     Group 1 Automotive, Inc   1,812,688 
 397,752  *  Groupon, Inc   1,897,277 
 70,370     Guess?, Inc   1,140,698 
 22,326     Haverty Furniture Cos, Inc   532,475 
 25,080  *,e  Hibbett Sports, Inc   321,024 
 37,818     HSN, Inc   1,425,739 
 13,777  *,e  J. Jill, Inc   70,400 
 385,935  *,e  JC Penney Co, Inc   1,080,618 
 15,584  *  Kirkland’s, Inc   182,333 
 15,574  *,e  Lands’ End, Inc   169,757 
 86,067  *  Liberty TripAdvisor Holdings, Inc   929,524 
 27,532     Lithia Motors, Inc (Class A)   3,116,072 
 32,773  *,e  Lumber Liquidators, Inc   1,008,753 
276

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES     COMPANY  VALUE 
           
 29,977  *  MarineMax, Inc  $556,073 
 36,871     Monro Muffler, Inc   1,819,584 
 34,892     Nutri/System, Inc   1,742,855 
 616,270     Office Depot, Inc   1,910,437 
 55,327  *  Ollie’s Bargain Outlet Holdings, Inc   2,470,351 
 19,736  *,e  Overstock.com, Inc   905,882 
 33,020  *,e  Party City Holdco, Inc   368,173 
 23,519  e  PetMed Express, Inc   831,632 
 95,358     Pier 1 Imports, Inc   396,689 
 50,233  e  Rent-A-Center, Inc   499,316 
 24,609  *,e  RH   2,212,841 
 11,940  *,e  Sears Holdings Corp   65,789 
 11,910     Shoe Carnival, Inc   223,551 
 39,098  *  Shutterfly, Inc   1,669,485 
 47,068  *  Sleep Number Corp   1,529,710 
 28,923     Sonic Automotive, Inc (Class A)   574,122 
 42,393  *,e  Sportsman’s Warehouse Holdings, Inc   173,811 
 58,085  e  Tailored Brands, Inc   897,413 
 52,307     Tile Shop Holdings, Inc   447,225 
 22,229     Tilly’s, Inc   264,747 
 25,077  *  Vitamin Shoppe, Inc   115,354 
 2,826     Winmark Corp   369,500 
 25,452  *  Zumiez, Inc   449,228 
       TOTAL RETAILING   65,963,576 
             
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.5%     
 21,586  *,e  Acacia Communications, Inc   913,304 
 46,161  *  Advanced Energy Industries, Inc   3,910,760 
 22,516  *  Alpha & Omega Semiconductor Ltd   414,970 
 38,142  *,e  Ambarella, Inc   2,152,734 
 119,353  *  Amkor Technology, Inc   1,380,914 
 35,689  *  Axcelis Technologies, Inc   1,174,168 
 43,728  *  AXT, Inc   406,670 
 79,925     Brooks Automation, Inc   2,748,621 
 29,860     Cabot Microelectronics Corp   2,886,566 
 26,561  *  Ceva, Inc   1,282,896 
 16  *,†,m  China Energy Savings Technology, Inc   0 
 76,837  *  Cirrus Logic, Inc   4,302,872 
 32,236     Cohu, Inc   831,689 
 116,514  *  Cree, Inc   4,159,550 
 8,089  *,e  CyberOptics Corp   116,482 
 46,549  *  Diodes, Inc   1,598,493 
 24,935  *  DSP Group, Inc   334,129 
 165,135  *  Entegris, Inc   5,408,171 
 88,009  *  Formfactor, Inc   1,601,764 
 16,802  *,e  GSI Technology, Inc   116,270 
 21,192  *  Ichor Holdings Ltd   660,978 
 21,033  *,e  Impinj, Inc   718,067 
 49,303  *,e  Inphi Corp   2,020,437 
 159,326  *  Integrated Device Technology, Inc   4,950,259 
 29,522  *  IXYS Corp   729,193 
 71,986  *  Kopin Corp   252,671 
 143,679  *  Lattice Semiconductor Corp   840,522 
277

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES     COMPANY  VALUE 
           
 47,131  *,e  MA-COM Technology Solutions  $1,926,715 
 70,629  *  MaxLinear, Inc   1,728,292 
 62,648     MKS Instruments, Inc   6,806,705 
 46,400     Monolithic Power Systems, Inc   5,645,488 
 28,616  *  Nanometrics, Inc   808,974 
 37,246  *,e  NeoPhotonics Corp Ltd   194,052 
 5,629     NVE Corp   478,915 
 32,711  *  PDF Solutions, Inc   479,216 
 77,509  *  Photronics, Inc   751,837 
 33,408  *  Pixelworks, Inc   186,751 
 33,338     Power Integrations, Inc   2,678,708 
 129,640  *  Rambus, Inc   1,907,004 
 36,617  *  Rudolph Technologies, Inc   1,016,122 
 75,379  *  Semtech Corp   3,094,308 
 45,361  *  Sigma Designs, Inc   274,434 
 48,771  *  Silicon Laboratories, Inc   4,628,368 
 23,686  *  SMART Global Holdings, Inc   743,030 
 70,189  *,e  SunPower Corp   499,746 
 38,300  *  Ultra Clean Holdings   977,416 
 56,104  *  Veeco Instruments, Inc   1,012,677 
 62,854  *  Xcerra Corp   619,112 
 57,378     Xperi Corp   1,319,694 
       TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT   83,690,714 
             
SOFTWARE & SERVICES - 8.7%     
 50,888  *  2U, Inc   3,238,003 
 101,509  *  8x8, Inc   1,355,145 
 57,657  *  A10 Networks, Inc   421,473 
 135,478  *  ACI Worldwide, Inc   3,262,310 
 35,982  *  Actua Corp   555,922 
 91,978  *  Acxiom Corp   2,314,166 
 23,742  *  Alarm.com Holdings, Inc   1,108,277 
 10,466  *  Alteryx, Inc   236,427 
 23,669  *  Amber Road, Inc   176,571 
 31,219     American Software, Inc (Class A)   387,428 
 9,167  *  Appfolio, Inc   420,765 
 26,348  *  Apptio, Inc   638,939 
 88,788  *  Aspen Technology, Inc   5,728,602 
 56,411  *  Bankrate, Inc   784,113 
 29,317  *  Barracuda Networks, Inc   683,379 
 97,252  *  Bazaarvoice, Inc   469,241 
 18,656  *,e  Benefitfocus, Inc   511,174 
 55,423     Blackbaud, Inc   5,614,350 
 63,563  *  Blackhawk Network Holdings, Inc   2,157,964 
 18,435  *  Blackline, Inc   654,811 
 52,176  *  Blucora, Inc   1,132,219 
 46,639  *  Bottomline Technologies, Inc   1,518,566 
 97,075  *  Box, Inc   2,130,796 
 39,647  *  Brightcove, Inc   317,176 
 35,938  *,e  BroadSoft, Inc   1,971,199 
 28,466  *  CACI International, Inc (Class A)   4,091,987 
 75,651  *  Callidus Software, Inc   1,917,753 
 28,970  *  Carbonite, Inc   657,619 
278

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES     COMPANY  VALUE 
           
 53,575  *  Cardtronics plc  $1,226,867 
 16,291  *  Care.com, Inc   250,393 
 84,580  *,e  Cars.com, Inc   2,014,696 
 12,874     Cass Information Systems, Inc   830,373 
 29,774  *  ChannelAdvisor Corp   334,957 
 29,029  *,e  Cimpress NV   3,168,225 
 16,397  *,e  Cloudera, Inc   248,087 
 34,059  *  CommerceHub, Inc   726,478 
 16,052  *  CommerceHub, Inc (Series A)   358,441 
 45,821  *  Commvault Systems, Inc   2,384,983 
 109,215     Convergys Corp   2,810,102 
 61,113  *  Cornerstone OnDemand, Inc   2,344,295 
 37,616  *  Coupa Software, Inc   1,307,156 
 39,065     CSG Systems International, Inc   1,654,012 
 64,185  *  DHI Group, Inc   141,207 
 11,709  *,e  Digimarc Corp   418,011 
 28,146  e  Ebix, Inc   1,912,521 
 40,499  *  Ellie Mae, Inc   3,642,885 
 68,116  *  Endurance International Group Holdings, Inc   558,551 
 50,582  *  Envestnet, Inc   2,701,079 
 57,451  *  EPAM Systems, Inc   5,236,659 
 135,875  *  Etsy, Inc   2,269,112 
 19,876  *  Everbridge, Inc   529,497 
 74,741  *  Everi Holdings, Inc   619,603 
 70,788     EVERTEC, Inc   1,061,820 
 16,423  *  EXA Corp   398,094 
 38,539  *  ExlService Holdings, Inc   2,405,604 
 36,085     Fair Isaac Corp   5,238,099 
 60,994  *  Five9, Inc   1,538,879 
 11,813     Forrester Research, Inc   516,228 
 45,168  *  Gigamon, Inc   1,738,968 
 121,503  *,e  Glu Mobile, Inc   487,227 
 66,405  *,e  Gogo, Inc   660,066 
 101,810  *,e  GrubHub, Inc   6,212,446 
 36,937  *  GTT Communications, Inc   1,346,354 
 28,047     Hackett Group, Inc   433,046 
 62,000  *  Hortonworks, Inc   1,023,620 
 39,680  *  HubSpot, Inc   3,434,304 
 39,302  *  Imperva, Inc   1,678,195 
 40,842  *  Information Services Group, Inc   166,635 
 4,713  *  Inspired Entertainment, Inc   53,964 
 24,963  *  Instructure, Inc   868,712 
 93,805  *,e  Internap Network Services Corp   436,193 
 54,005     j2 Global, Inc   4,003,931 
 13,798  *  Leaf Group Ltd   97,276 
 84,841  *  Limelight Networks, Inc   419,963 
 30,035  *  Liquidity Services, Inc   171,200 
 64,265  *  Liveperson, Inc   902,923 
 6,072  *  Majesco   36,250 
 29,935     Mantech International Corp (Class A)   1,389,283 
 75,008     MAXIMUS, Inc   4,982,781 
 77,886  *  Meet Group, Inc   264,034 
 11,162  *  MicroStrategy, Inc (Class A)   1,476,286 
279

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES     COMPANY  VALUE 
           
 49,926  *  MINDBODY, Inc  $1,610,114 
 37,219  *  Mitek Systems, Inc   331,249 
 64,209  *  MobileIron, Inc   247,205 
 27,941  *  Model N, Inc   406,542 
 38,139  *,e  MoneyGram International, Inc   593,061 
 48,837     Monotype Imaging Holdings, Inc   1,125,693 
 28,253  *  MuleSoft, Inc   660,838 
 36,334  *  New Relic, Inc   1,865,024 
 76,241     NIC, Inc   1,296,097 
 69,735  *,e  Nutanix, Inc   1,987,448 
 16,800  *  Okta, Inc   485,856 
 15,163  *,e  Park City Group, Inc   167,551 
 57,602  *  Paycom Software, Inc   4,734,884 
 30,410  *  Paylocity Holding Corp   1,624,198 
 42,589     Pegasystems, Inc   2,482,939 
 40,293  *  Perficient, Inc   783,699 
 50,746  *  Planet Payment, Inc   226,835 
 22,210  *,e  Presidio, Inc   328,708 
 55,342     Progress Software Corp   2,342,627 
 51,230  *  Proofpoint, Inc   4,734,164 
 30,870  *  PROS Holdings, Inc   697,353 
 36,709  *  Q2 Holdings, Inc   1,561,968 
 11,558     QAD, Inc (Class A)   427,646 
 36,390  *  Qualys, Inc   1,925,031 
 42,514  *  QuinStreet, Inc   378,375 
 85,979  *  Quotient Technology, Inc   1,345,571 
 23,972  *  Rapid7, Inc   433,414 
 28,670  *  RealNetworks, Inc   135,322 
 68,204  *  RealPage, Inc   2,953,233 
 11,469     Reis, Inc   209,309 
 74,880  *  RingCentral, Inc   3,156,192 
 20,079  *  Rosetta Stone, Inc   204,203 
 52,077  *  Rubicon Project, Inc   185,394 
 50,904     Science Applications International Corp   3,733,299 
 9,490  *,e  SecureWorks Corp   95,090 
 89,088  *  ServiceSource International LLC   310,026 
 21,669  *  Shutterstock, Inc   844,874 
 49,145  *  Silver Spring Networks, Inc   792,217 
 19,702  *  SPS Commerce, Inc   968,550 
 18,867  *  Stamps.com, Inc   4,233,755 
 11,835  *  StarTek, Inc   141,310 
 46,653  *  Sykes Enterprises, Inc   1,350,138 
 50,703  *,e  Synchronoss Technologies, Inc   574,465 
 38,748  *  Syntel, Inc   905,153 
 23,000  *  TechTarget, Inc   286,580 
 37,092  *  TeleNav, Inc   239,243 
 16,307     TeleTech Holdings, Inc   679,187 
 141,811     TiVo Corp   2,573,870 
 29,093  *  Trade Desk, Inc   1,917,811 
 145,889     Travelport Worldwide Ltd   2,288,998 
 80,632  *  TrueCar, Inc   1,304,626 
 10,557  *,e  Tucows, Inc   617,057 
 75,374  *,e  Twilio, Inc   2,408,199 
280

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES     COMPANY  VALUE 
           
 60,166  *,e  Unisys Corp  $526,453 
 8,544  *  Upland Software, Inc   187,712 
 22,335  *  Varonis Systems, Inc   973,806 
 35,507  *  Vasco Data Security International   482,895 
 72,681  *  Verint Systems, Inc   3,067,138 
 2,969  *,e  Veritone, Inc   105,400 
 59,824  *,e  VirnetX Holding Corp   308,094 
 31,481  *  Virtusa Corp   1,201,315 
 44,808  *  Website Pros, Inc   1,079,873 
 29,117  *  Workiva, Inc   650,765 
 29,069  *  XO Group, Inc   580,217 
 90,440  *  Yelp, Inc   4,225,357 
 14,251  *,e  Yext, Inc   163,601 
 116,303  *  Zendesk, Inc   3,605,393 
 63,373  *  Zix Corp   307,359 
       TOTAL SOFTWARE & SERVICES   210,964,515 
             
TECHNOLOGY HARDWARE & EQUIPMENT - 5.2%     
 128,509  *,e  3D Systems Corp   1,590,941 
 55,520     Adtran, Inc   1,171,472 
 36,710  *  Aerohive Networks, Inc   145,372 
 17,472  *  Agilysys, Inc   214,381 
 10,178  *,e  Akoustis Technologies, Inc   61,984 
 33,743  *  Anixter International, Inc   2,318,144 
 21,550  *,e  Applied Optoelectronics, Inc   877,947 
 39,275  *  Avid Technology, Inc   174,381 
 56,375     AVX Corp   1,062,105 
 32,925     Badger Meter, Inc   1,442,115 
 11,452     Bel Fuse, Inc (Class B)   370,472 
 49,608     Belden CDT, Inc   3,964,175 
 58,634  *  Benchmark Electronics, Inc   1,814,722 
 41,188  *  CalAmp Corp   936,203 
 50,447  *  Calix, Inc   277,459 
 168,687  *  Ciena Corp   3,587,973 
 13,438  *,e  Clearfield, Inc   184,101 
 27,358     Comtech Telecommunications Corp   588,471 
 28,678  *  Control4 Corp   844,567 
 23,421  e  CPI Card Group, Inc   25,295 
 47,272  *  Cray, Inc   976,167 
 37,527     CTS Corp   1,020,734 
 42,437     Daktronics, Inc   435,828 
 87,843  e  Diebold, Inc   1,695,370 
 31,119  *  Digi International, Inc   323,638 
 20,630  *  Eastman Kodak Co   110,371 
 37,138  *  Electro Scientific Industries, Inc   664,399 
 53,816  *  Electronics for Imaging, Inc   1,660,762 
 31,557  *  EMCORE Corp   260,345 
 15,367  *  ePlus, Inc   1,469,085 
 127,412  *  Extreme Networks, Inc   1,528,944 
 42,601  *  Fabrinet   1,583,905 
 19,613  *  FARO Technologies, Inc   1,015,953 
 136,348  *  Finisar Corp   3,209,632 
 204,382  *,e  Fitbit, Inc   1,254,905 
281

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES     COMPANY  VALUE 
           
 92,145  *  Harmonic, Inc  $340,937 
 70,506  *  II-VI, Inc   3,186,871 
 34,800  *,e  Immersion Corp   281,184 
 169,984  *  Infinera Corp   1,422,766 
 41,742  *  Insight Enterprises, Inc   1,880,477 
 40,247     InterDigital, Inc   2,952,117 
 22,899  *  Intevac, Inc   192,352 
 27,499  *  Iteris, Inc   190,018 
 40,980  *  Itron, Inc   3,202,587 
 55,716  *  Kemet Corp   1,431,344 
 31,224  *  Kimball Electronics, Inc   686,928 
 103,186  *  Knowles Corp   1,708,760 
 19,212  *  KVH Industries, Inc   221,899 
 26,652     Littelfuse, Inc   5,570,268 
 71,114  *  Lumentum Holdings, Inc   4,490,849 
 42,187  *,e  Maxwell Technologies, Inc   203,341 
 3,745     Mesa Laboratories, Inc   597,140 
 41,939     Methode Electronics, Inc   1,966,939 
 80,535  *,e  Microvision, Inc   177,982 
 19,647     MTS Systems Corp   1,022,626 
 13,881  *  Napco Security Technologies, Inc   140,892 
 37,890  *  Netgear, Inc   1,767,569 
 103,914  *  Netscout Systems, Inc   2,951,158 
 37,215  *  Novanta, Inc   1,760,270 
 194,403  *,e  Oclaro, Inc   1,607,713 
 20,403  *  OSI Systems, Inc   1,803,217 
 22,861     Park Electrochemical Corp   431,616 
 13,833     PC Connection, Inc   373,491 
 11,799  *  PC Mall, Inc   165,776 
 38,204     Plantronics, Inc   1,732,933 
 40,364  *  Plexus Corp   2,479,561 
 109,005  *  Pure Storage, Inc   1,790,952 
 24,775  *  Quantenna Communications, Inc   383,765 
 32,926  *  Quantum Corp   174,508 
 42,747  *  Radisys Corp   56,426 
 21,679  *  Rogers Corp   3,296,942 
 87,271  *  Sanmina Corp   2,855,943 
 28,338  *  Scansource, Inc   1,217,117 
 55,463  *  Sonus Networks, Inc   432,611 
 58,473  *,e  Stratasys Ltd   1,316,812 
 45,701  *  Super Micro Computer, Inc   909,450 
 40,501  *  Synaptics, Inc   1,503,397 
 33,792     SYNNEX Corp   4,557,865 
 13,420     Systemax, Inc   383,141 
 41,101  *  Tech Data Corp   3,812,940 
 108,540  *  TTM Technologies, Inc   1,712,761 
 27,075  *,e  Ubiquiti Networks, Inc   1,683,524 
 45,919  *  USA Technologies, Inc   291,586 
 129,456  *  VeriFone Systems, Inc   2,470,020 
 62,383  *,e  Viasat, Inc   4,061,133 
 266,046  *  Viavi Solutions, Inc   2,468,907 
 156,515  e  Vishay Intertechnology, Inc   3,482,459 
 11,982  *  Vishay Precision Group, Inc   294,158 
       TOTAL TECHNOLOGY HARDWARE & EQUIPMENT   124,960,316 
282

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES     COMPANY  VALUE 
             
TELECOMMUNICATION SERVICES - 0.9%     
 12,323     ATN International, Inc  $669,016 
 41,998  *  Boingo Wireless, Inc   981,913 
 49,186  *  Cincinnati Bell, Inc   939,453 
 48,352     Cogent Communications Group, Inc   2,606,173 
 77,469     Consolidated Communications Holdings, Inc   1,485,081 
 93,522  e  Frontier Communications Corp   1,132,551 
 31,545  *  General Communication, Inc (Class A)   1,289,875 
 580,128  *,e  Globalstar, Inc   934,006 
 6,993  *  Hawaiian Telcom Holdco, Inc   210,839 
 20,120     IDT Corp (Class B)   265,182 
 42,619  *  Intelsat S.A.   185,393 
 99,900  *,e  Iridium Communications, Inc   1,198,800 
 25,422  *  Lumos Networks Corp   456,579 
 19,812  *  Ooma, Inc   208,026 
 76,555  *  Orbcomm, Inc   865,837 
 10,970  *,e  pdvWireless, Inc   313,193 
 53,800     Shenandoah Telecom Co   2,044,400 
 24,468     Spok Holdings, Inc   414,733 
 11,932  *  Straight Path Communications, Inc   2,165,777 
 233,810  *  Vonage Holdings Corp   1,900,875 
 223,649  e  Windstream Holdings, Inc   420,460 
       TOTAL TELECOMMUNICATION SERVICES   20,688,162 
             
TRANSPORTATION - 1.6%     
 69,081  *  Air Transport Services Group, Inc   1,671,760 
 15,054     Allegiant Travel Co   2,053,366 
 30,376     Arkansas Best Corp   990,258 
 26,903  *  Atlas Air Worldwide Holdings, Inc   1,650,499 
 89,473  *  Avis Budget Group, Inc   3,690,761 
 58,957     Costamare, Inc   366,123 
 13,793  *  Covenant Transportation Group, Inc   409,652 
 24,136  *  Daseke, Inc   333,801 
 43,341  *,e  Eagle Bulk Shipping, Inc   203,703 
 32,545  *  Echo Global Logistics, Inc   782,707 
 36,070     Forward Air Corp   2,071,861 
 8,743  *  Genco Shipping & Trading Ltd   105,003 
 63,785  *  Hawaiian Holdings, Inc   2,136,797 
 55,059     Heartland Express, Inc   1,174,408 
 64,235  *  Hertz Global Holdings, Inc   1,597,524 
 37,926  *  Hub Group, Inc (Class A)   1,642,196 
 145,857  *  Knight-Swift Transportation Holdings, Inc   6,045,773 
 46,156     Marten Transport Ltd   906,965 
 50,825     Matson, Inc   1,383,965 
 99,748  *,e  Navios Maritime Holdings, Inc   181,541 
 10,288     Park-Ohio Holdings Corp   485,079 
 44,145  *  Radiant Logistics, Inc   215,428 
 35,045  *  Roadrunner Transportation Services Holdings, Inc   308,396 
 55,051  *  Safe Bulkers, Inc   195,431 
 29,727  *  Saia, Inc   1,926,310 
 38,066     Schneider National, Inc   996,948 
283

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES     COMPANY  VALUE 
           
 80,029  *  Scorpio Bulkers, Inc  $640,232 
 59,677     Skywest, Inc   2,810,787 
 9,781     Universal Truckload Services, Inc   211,270 
 55,269     Werner Enterprises, Inc   1,970,340 
 38,036  *  YRC Worldwide, Inc   512,345 
       TOTAL TRANSPORTATION   39,671,229 
             
UTILITIES - 3.7%     
 60,751     Allete, Inc   4,759,841 
 42,195     American States Water Co   2,267,981 
 13,565  *  AquaVenture Holdings Ltd   165,086 
 9,200     Artesian Resources Corp   373,704 
 139,113  *  Atlantic Power Corp   340,827 
 76,742     Avista Corp   4,009,002 
 62,175     Black Hills Corp   4,057,540 
 24,453  *,e  Cadiz, Inc   324,002 
 55,800     California Water Service Group   2,343,600 
 18,487     Chesapeake Utilities Corp   1,489,128 
 12,971     Connecticut Water Service, Inc   804,461 
 16,592     Consolidated Water Co, Inc   204,082 
 129,390  *  Dynegy, Inc   1,610,906 
 46,738     El Paso Electric Co   2,687,435 
 16,769     Genie Energy Ltd   95,919 
 11,990     Global Water Resources, Inc   112,826 
 59,831     Idacorp, Inc   5,506,247 
 40,615     MGE Energy, Inc   2,682,621 
 18,794     Middlesex Water Co   817,163 
 99,936     New Jersey Resources Corp   4,442,155 
 33,418     Northwest Natural Gas Co   2,217,284 
 57,025     NorthWestern Corp   3,380,442 
 40,697     NRG Yield, Inc (Class A)   746,790 
 75,031     NRG Yield, Inc (Class C)   1,395,577 
 62,027     ONE Gas, Inc   4,774,839 
 46,408     Ormat Technologies, Inc   3,013,271 
 46,166     Otter Tail Corp   2,121,328 
 82,677     Pattern Energy Group, Inc   1,907,358 
 92,750     PNM Resources, Inc   4,025,350 
 106,206     Portland General Electric Co   5,070,275 
 19,960  *  Pure Cycle Corp   151,696 
 7,883     RGC Resources, Inc   229,316 
 19,005     SJW Corp   1,127,187 
 92,809     South Jersey Industries, Inc   3,152,722 
 55,203     Southwest Gas Corp   4,548,175 
 13,545  e  Spark Energy, Inc   189,630 
 56,208     Spire, Inc   4,437,622 
 104,023  *  TerraForm Global, Inc   507,112 
 52,651     TerraForm Power, Inc   707,103 
 16,682     Unitil Corp   867,464 
 27,783  *,e  Vivint Solar, Inc   104,186 
 60,722     WGL Holdings, Inc   5,203,875 
 14,841     York Water Co   522,403 
       TOTAL UTILITIES   89,495,531 
             
       TOTAL COMMON STOCKS   2,408,014,598 
       (Cost $1,726,788,150)     
284

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

SHARES     COMPANY  VALUE 
             
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 
 9,351  *,m  Tobira Therapeutics, Inc   561 
       TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES   11,559 
             
SOFTWARE & SERVICES - 0.0%     
 17,421  †,m  Gerber Scientific, Inc   0 
       TOTAL SOFTWARE & SERVICES   0 
             
       TOTAL RIGHTS / WARRANTS   11,559 
       (Cost $997)     

 

PRINCIPAL     ISSUER  RATE  MATURITY
DATE		     
                    
SHORT-TERM INVESTMENTS - 8.3%             
              
GOVERNMENT AGENCY DEBT - 0.2%             
$4,050,000     Federal Home Loan Bank (FHLB)   0.700%  11/01/17   4,050,000 
       TOTAL GOVERNMENT AGENCY DEBT           4,050,000 
                     
SHARES      COMPANY             
              
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 8.1%             
 195,804,934 c   State Street Navigator Securities Lending Government Money Market Portfolio   195,804,934 
       TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES     195,804,934 
                     
       TOTAL SHORT-TERM INVESTMENTS           199,854,934 
       (Cost $199,854,934)             
       TOTAL INVESTMENTS - 108.0%           2,607,881,091 
       (Cost $1,926,644,081)             
       OTHER ASSETS & LIABILITIES, NET - (8.0)%           (193,760,584)
       NET ASSETS - 100.0%          $2,414,120,507 
       

 

  Abbreviation(s):
  REIT  Real Estate Investment Trust
  CVR   Contingent Value Rights

 

  *   Non-income producing
  †   Security is categorized as Level 3 in the fair value hierarchy.
  c   Investments made with cash collateral received from securities on loan.
285

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

 

  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 $190,613,634.
  m   Indicates a security that has been deemed illiquid.

 

         

 

Futures contracts outstanding as of October 31, 2017 were as follows (See Note 3):

 

Description  Number of
long (short)
contracts		 Expiration date  Notional amount   Value   Unrealized
appreciation
(depreciation)		 
Russell 2000 E Mini Index   48   12/15/17   $3,607,181    $3,606,480    $(701)
286

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

 

TIAA-CREF FUNDS

EMERGING MARKETS EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS

October 31, 2017

 

SHARES      COMPANY  VALUE 
              
COMMON STOCKS - 99.7%  
              
BRAZIL - 6.8%     
 2,144,651      AMBEV S.A.  $13,701,955 
 406,349      Banco Bradesco S.A.   4,071,813 
 1,402,748      Banco Bradesco S.A. (Preference)   14,870,938 
 393,286      Banco do Brasil S.A.   4,140,485 
 1,486,186      Banco Itau Holding Financeira S.A.   19,103,757 
 187,539      Banco Santander Brasil S.A.   1,640,171 
 318,000      BB Seguridade Participacoes S.A.   2,695,607 
 943,774      BM&F Bovespa S.A.   6,895,179 
 372,837  *   BR Malls Participacoes S.A.   1,445,167 
 76,715  *   Braskem S.A.   1,227,890 
 208,856  *   BRF S.A.   2,825,139 
 95,700  *   Centrais Eletricas Brasileiras S.A.   645,060 
 101,592  *   Centrais Eletricas Brasileiras S.A. (Preference)   786,948 
 70,657  *   Cia Brasileira de Distribuicao Grupo Pao de Acucar   1,645,848 
 552,656      Cia de Concessoes Rodoviarias   3,074,722 
 150,400      Cia de Saneamento Basico do Estado de Sao Paulo   1,370,073 
 331,891      Cia Energetica de Minas Gerais   784,250 
 46,895      Cia Paranaense de Energia   358,239 
 262,630  *   Cia Siderurgica Nacional S.A.   676,786 
 559,438      Cielo S.A.   3,827,293 
 102,736      Cosan SA Industria e Comercio   1,174,556 
 109,681      CPFL Energia S.A.   922,027 
 126,862      EDP - Energias do Brasil S.A.   558,436 
 301,279      Empresa Brasileira de Aeronautica S.A.   1,443,170 
 72,700      Engie Brasil Energia S.A.   795,604 
 92,600      Equatorial Energia S.A.   1,726,714 
 112,063      Fibria Celulose S.A.   1,792,981 
 404,575      Gerdau S.A. (Preference)   1,354,231 
 153,882      Hypermarcas S.A.   1,608,769 
 394,064      JBS S.A.   908,276 
 257,220      Klabin S.A.   1,486,094 
 627,096      Kroton Educacional S.A.   3,448,616 
 70,445      Localiza Rent A Car   1,246,187 
 69,210      Lojas Americanas S.A.   302,753 
 326,985      Lojas Americanas S.A.(Preference)   1,757,221 
 321,795  *   Lojas Renner S.A.   3,391,768 
 38,400      M Dias Branco S.A.   565,207 
 34,569      Multiplan Empreendimentos Imobiliarios S.A.   755,566 
 71,792      Natura Cosmeticos S.A.   679,668 
 110,453      Odontoprev S.A.   531,449 
 1,380,872  *   Petroleo Brasileiro S.A.   7,353,282 
 1,839,446  *   Petroleo Brasileiro S.A. (Preference)   9,429,740 
 41,181      Porto Seguro S.A.   449,538 
 97,300      Qualicorp S.A.   1,041,024 
287

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

 

SHARES     COMPANY  VALUE 
             
 106,000     Raia Drogasil S.A.  $2,534,240 
 486,300  *  Rumo S.A.   1,887,938 
 120,109     Satipel Industrial S.A.   351,005 
 74,936     Sul America SA   410,724 
 179,900     Suzano Papel e Celulose S.A.   1,118,016 
 200,421  *  Telefonica Brasil S.A.   3,093,957 
 354,866     Tim Participacoes S.A.   1,315,845 
 74,800     Transmissora Alianca de Energia Eletrica S.A.   468,743 
 185,480     Ultrapar Participacoes S.A.   4,428,205 
 1,254,022     Vale S.A.   12,305,232 
 148,400     Vale S.A. (Preference)   1,349,132 
 245,440     Weg S.A.   1,596,602 
       TOTAL BRAZIL   161,369,836 
             
CHILE - 1.2%     
 1,256,501     AES Gener S.A.   433,857 
 1,207,642     Aguas Andinas S.A.   786,784 
 10,317,334     Banco de Chile   1,582,656 
 15,037     Banco de Credito e Inversiones   1,011,185 
 28,034,883     Banco Santander Chile S.A.   2,204,204 
 648,374     Centros Comerciales Sudamericanos S.A.   1,939,764 
 55,611     Cia Cervecerias Unidas S.A.   802,354 
 3,687,221     Colbun S.A.   870,461 
 61,461,974     Corpbanca S.A.   572,950 
 103,324     Embotelladora Andina S.A.   529,713 
 1,466,501     Empresa Nacional de Electricidad S.A.   1,278,757 
 62,487     Empresa Nacional de Telecomunicaciones S.A.   726,300 
 566,452     Empresas CMPC S.A.   1,805,936 
 254,615     Empresas COPEC S.A.   3,922,535 
 9,039,119     Enersis Chile S.A.   1,053,676 
 13,147,370     Enersis S.A.   2,827,938 
 131,920     Lan Airlines S.A.   1,818,416 
 337,336     SACI Falabella   3,222,196 
 43,597     Sociedad Quimica y Minera de Chile S.A. (Class B)   2,602,540 
       TOTAL CHILE   29,992,222 
             
CHINA - 28.5%     
 481,500  *,g  3SBio, Inc   862,403 
 40,487  *  58.COM, Inc (ADR)   2,719,512 
 338,500     AAC Technologies Holdings, Inc   6,207,114 
 12,766,000     Agricultural Bank of China   6,012,695 
 914,000     Air China Ltd   871,501 
 519,402  *  Alibaba Group Holding Ltd (ADR)   96,032,236 
 1,752,000  *,e  Alibaba Health Information Technology Ltd   939,123 
 2,164,000  *,e  Aluminum Corp of China Ltd   1,738,109 
 592,000     Anhui Conch Cement Co Ltd   2,535,946 
 496,000     Anta Sports Products Ltd   2,218,540 
 22,700  *  Autohome, Inc (ADR)   1,305,477 
 1,296,000     AviChina Industry & Technology Co   752,751 
 125,245  *  Baidu, Inc (ADR)   30,552,265 
 37,006,000     Bank of China Ltd   18,494,220 
 4,168,500     Bank of Communications Co Ltd   3,146,940 
 734,000     Beijing Capital International Airport Co Ltd   1,205,318 
288

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

 

SHARES     COMPANY  VALUE 
             
 238,000     Beijing Enterprises Holdings Ltd  $1,414,971 
 2,274,000     Beijing Enterprises Water Group Ltd   1,910,901 
 1,364,000     Brilliance China Automotive Holdings Ltd   3,456,552 
 308,000  e  Byd Co Ltd   2,693,070 
 5,295,000  g  CGN Power Co Ltd   1,555,503 
 4,299,000     China Cinda Asset Management Co Ltd   1,670,561 
 4,463,600     China Citic Bank   2,876,103 
 1,474,000  e  China Coal Energy Co   675,097 
 2,139,000     China Communications Construction Co Ltd   2,598,021 
 1,184,400     China Communications Services Corp Ltd   718,789 
 758,500     China Conch Venture Holdings Ltd   1,546,519 
 38,635,350     China Construction Bank   34,528,991 
 1,527,000     China Everbright Bank Co Ltd   720,808 
 1,160,000     China Everbright International Ltd   1,636,592 
 460,000     China Everbright Ltd   1,091,520 
 1,494,000  *,e  China Evergrande Group   5,762,887 
 1,745,000     China Galaxy Securities Co Ltd   1,522,458 
 3,132,000  g  China Huarong Asset Management Co Ltd   1,473,305 
 2,230,000  *,†,e,m  China Huishan Dairy Holdings Co Ltd   2,858 
 738,224     China Insurance International Holdings Co Ltd   2,434,480 
 3,483,000     China Life Insurance Co Ltd   11,547,191 
 1,662,000     China Longyuan Power Group Corp   1,232,523 
 566,000     China Medical System Holdings Ltd   1,046,606 
 1,282,000     China Mengniu Dairy Co Ltd   3,552,679 
 1,822,500     China Merchants Bank Co Ltd   6,959,504 
 634,440     China Merchants Holdings International Co Ltd   1,984,636 
 2,751,800     China Minsheng Banking Corp Ltd   2,665,720 
 2,834,500     China Mobile Hong Kong Ltd   28,510,435 
 1,350,000  e  China National Building Material Co Ltd   1,139,438 
 1,106,000     China Oilfield Services Ltd   981,830 
 1,780,000     China Overseas Land & Investment Ltd   5,779,688 
 1,239,200     China Pacific Insurance Group Co Ltd   6,118,933 
 1,535,000  e  China Power International Development Ltd   488,025 
 982,500     China Railway Construction Corp   1,233,858 
 1,982,000     China Railway Group Ltd   1,593,138 
 776,677     China Resources Beer Holdings Company Ltd   2,241,522 
 424,000     China Resources Gas Group Ltd   1,553,127 
 1,277,555     China Resources Land Ltd   3,812,846 
 921,372     China Resources Power Holdings Co   1,771,868 
 1,711,500     China Shenhua Energy Co Ltd   4,094,367 
 950,000     China Southern Airlines Co Ltd   702,357 
 966,000     China State Construction International Holdings Ltd   1,357,292 
 6,736,000     China Telecom Corp Ltd   3,378,093 
 2,784,000  *  China Unicom Ltd   3,950,103 
 622,900     China Vanke Co Ltd   2,217,359 
 479,600     Chongqing Changan Automobile Co Ltd   627,671 
 1,211,000     Chongqing Rural Commercial Bank   823,238 
 2,634,000     Citic Pacific Ltd   3,858,638 
 1,136,000     CITIC Securities Co Ltd   2,524,072 
 8,546,000     CNOOC Ltd   11,668,647 
 781,510     COSCO Pacific Ltd   905,682 
 2,468,675     Country Garden Holdings Co Ltd   3,913,365 
 2,152,050     CRRC Corp Ltd   2,123,452 
289

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

 

SHARES     COMPANY  VALUE 
             
 1,946,000     CSPC Pharmaceutical Group Ltd  $3,385,520 
 181,004  *  Ctrip.com International Ltd (ADR)   8,668,282 
 1,370,000     Dongfeng Motor Group Co Ltd   1,880,585 
 356,000     ENN Energy Holdings Ltd   2,612,438 
 923,000     Far East Horizon Ltd   917,198 
 1,213,952     Fosun International   3,011,825 
 1,670,000     Franshion Properties China Ltd   750,503 
 241,600  g  Fuyao Glass Industry Group Co Ltd   921,305 
 2,240,000     Geely Automobile Holdings Ltd   6,945,949 
 700,200     GF Securities Co Ltd   1,493,254 
 6,332,668  e  GOME Electrical Appliances Holdings Ltd   812,098 
 1,458,500  e  Great Wall Motor Co Ltd   1,840,266 
 1,376,000     Guangdong Investments Ltd   1,993,560 
 994,000     Guangzhou Automobile Group Co Ltd   2,471,897 
 441,200     Guangzhou R&F Properties Co Ltd   940,778 
 290,000     Haitian International Holdings Ltd   868,424 
 1,585,600     Haitong Securities Co Ltd   2,510,323 
 348,000     Hengan International Group Co Ltd   3,431,755 
 2,130,000     Huaneng Power International, Inc   1,424,520 
 2,232,000     Huaneng Renewables Corp Ltd   767,594 
 814,200  g  Huatai Securities Co Ltd   1,758,662 
 33,986,000     Industrial & Commercial Bank of China   27,041,471 
 301,032  *  JD.com, Inc (ADR)   11,294,721 
 674,000     Jiangsu Express   1,033,363 
 674,000     Jiangxi Copper Co Ltd   1,076,213 
 354,000     Kingsoft Corp Ltd   894,784 
 3,662,000     Lenovo Group Ltd   2,124,236 
 676,500     Longfor Properties Co Ltd   1,580,253 
 308,000     Minth Group Ltd   1,663,955 
 48,400  *  Momo, Inc (ADR)   1,474,748 
 36,083     Netease.com (ADR)   10,172,519 
 371,600     New China Life insurance Co Ltd   2,326,353 
 61,044     New Oriental Education & Technology Group (ADR)   5,081,303 
 3,546,000     People’s Insurance Co Group of China Ltd   1,687,742 
 2,179,055     PICC Property & Casualty Co Ltd   4,324,312 
 2,408,000     Ping An Insurance Group Co of China Ltd   21,161,356 
 1,315,800  *,e  Semiconductor Manufacturing International Corp   2,019,007 
 1,232,000     Shandong Weigao Group Medical Polymer Co Ltd   884,815 
 1,602,000  *  Shanghai Electric Group Co Ltd   727,139 
 231,000     Shanghai Fosun Pharmaceutical Group Co Ltd   1,153,927 
 237,000     Shanghai Industrial Holdings Ltd   728,056 
 478,699     Shanghai Lujiazui Finance & Trade Zone Development Co Ltd   742,941 
 328,000     Shanghai Pharmaceuticals Holding Co Ltd   847,891 
 351,000     Shenzhou International Group Holdings Ltd   2,999,381 
 1,689,000     Sihuan Pharmaceutical Holdings   611,026 
 25,671  *  Sina Corp   2,763,483 
 1,403,971     Sino-Ocean Land Holdings Ltd   916,858 
 600,500     Sinopec Engineering Group Co Ltd   514,952 
 1,666,000     Sinopec Shanghai Petrochemical Co Ltd   993,725 
 563,200     Sinopharm Group Co   2,521,731 
 1,016,000     Soho China Ltd   588,597 
 939,000  e  Sunac China Holdings Ltd   4,784,088 
 328,000     Sunny Optical Technology Group Co Ltd   4,810,916 
290

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

 

SHARES     COMPANY  VALUE 
             
 127,900     TAL Education Group (ADR)  $3,517,250 
 2,596,700     Tencent Holdings Ltd   116,708,914 
 934,000     Tingyi Cayman Islands Holding Corp   1,472,784 
 432,000     Travelsky Technology Ltd   1,119,695 
 200,000     Tsingtao Brewery Co Ltd   837,537 
 194,024  *  Vipshop Holdings Ltd (ADR)   1,532,790 
 2,558,000     Want Want China Holdings Ltd   2,094,295 
 20,767  *,e  Weibo Corp (ADR)   1,924,063 
 909,800     Weichai Power Co Ltd   1,132,905 
 1,220,000     Yanzhou Coal Mining Co Ltd   1,217,672 
 19,404  *  YY, Inc (ADR)   1,753,928 
 708,000     Zhejiang Expressway Co Ltd   875,545 
 270,400     Zhuzhou CSR Times Electric Co Ltd   1,582,637 
 3,496,000     Zijin Mining Group Co Ltd   1,209,822 
 359,864  *  ZTE Corp   1,250,298 
       TOTAL CHINA   681,424,772 
             
COLOMBIA - 0.4%     
 101,477     BanColombia S.A.   940,698 
 193,433     BanColombia S.A. (Preference)   1,844,006 
 198,544     Cementos Argos S.A.   724,458 
 3,652,198     Ecopetrol S.A.   1,998,951 
 107,119     Grupo Argos S.A.   698,621 
 1,603,675     Grupo Aval Acciones y Valores   666,869 
 97,807     Grupo de Inversiones Suramericana S.A.   1,241,698 
 58,915     Grupo de Inversiones Suramericana S.A. (Preference)   727,420 
 151,305     Interconexion Electrica S.A.   662,508 
       TOTAL COLOMBIA   9,505,229 
             
CZECH REPUBLIC - 0.2%     
 76,154     CEZ AS   1,669,852 
 34,678     Komercni Banka AS   1,490,762 
 230,341  g  Moneta Money Bank AS.   787,355 
 19,025     Telefonica O2 Czech Republic AS   231,712 
       TOTAL CZECH REPUBLIC   4,179,681 
             
EGYPT - 0.1%     
 475,603     Commercial International Bank   2,125,776 
 213,297     Egyptian Financial Group-Hermes Holding   283,723 
 944,833  *  Orascom Telecom Holding SAE   363,217 
       TOTAL EGYPT   2,772,716 
             
GREECE - 0.3%     
 652,071  *  Alpha Bank AE   1,300,180 
 830,588  *  Eurobank Ergasias S.A.   678,447 
 12,741  *  FF Group   266,847 
 113,207     Hellenic Telecommunications Organization S.A.   1,345,065 
 42,866     JUMBO S.A.   689,068 
 2,370,073  *  National Bank of Greece S.A.   783,901 
 96,008     OPAP S.A.   1,075,851 
 138,484  *  Piraeus Bank S.A.   398,378 
 24,998     Titan Cement Co S.A.   604,170 
       TOTAL GREECE   7,141,907 
291

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

 

SHARES     COMPANY  VALUE 
             
HONG KONG - 0.5%     
 6,290,000  *,e  Alibaba Pictures Group Ltd  $1,024,534 
 786,000     China Gas Holdings Ltd   2,389,536 
 3,112,500  e  Fullshare Holdings Ltd   1,332,549 
 6,551,799  *,e  GCL Poly Energy Holdings Ltd   1,126,531 
 568,000     Haier Electronics Group Co Ltd   1,497,686 
 755,000     Nine Dragons Paper Holdings Ltd   1,387,689 
 516,000     Shimao Property Holdings Ltd   1,081,626 
 2,039,000     Sino Biopharmaceutical   2,384,365 
 1,084,500     Sun Art Retail Group Ltd   1,096,192 
       TOTAL HONG KONG   13,320,708 
             
HUNGARY - 0.3%     
 217,048     MOL Hungarian Oil & Gas plc   2,599,297 
 100,469     OTP Bank   4,050,479 
 50,715     Richter Gedeon Rt   1,261,513 
       TOTAL HUNGARY   7,911,289 
             
INDIA - 8.6%     
 266,943     Ambuja Cements Ltd   1,161,076 
 37,322     Apollo Hospitals Enterprise Ltd   599,262 
 648,962     Ashok Leyland Ltd   1,315,289 
 134,838     Asian Paints Ltd   2,462,235 
 22,272     Associated Cement Co Ltd   622,647 
 119,579     Aurobindo Pharma Ltd   1,404,253 
 776,233     Axis Bank Ltd   6,274,793 
 77,996     Bajaj Finance Ltd   2,169,213 
 16,415     Bajaj Finserv Ltd   1,270,904 
 37,017     Bajaj Holdings and Investment Ltd   1,863,066 
 85,610     Bharat Forge Ltd   924,033 
 383,187     Bharat Heavy Electricals   580,157 
 399,688  *  Bharat Petroleum Corp Ltd   3,344,104 
 534,375  *  Bharti Airtel Ltd   4,105,242 
 234,380     Bharti Infratel Ltd   1,602,290 
 2,998     Bosch Ltd   973,485 
 83,969     Cadila Healthcare Ltd   652,976 
 151,872  *  Cipla Ltd   1,472,465 
 442,705     Coal India Ltd   1,959,006 
 14,733     Container Corp Of India Ltd   314,630 
 238,511     Dabur India Ltd   1,225,975 
 53,639     Dr Reddy’s Laboratories Ltd   2,001,021 
 6,035     Eicher Motors Ltd   3,005,917 
 228,390     GAIL India Ltd   1,641,218 
 64,608     Glenmark Pharmaceuticals Ltd   616,220 
 103,866     Godrej Consumer Products Ltd   1,498,553 
 179,643     Grasim Industries Ltd   3,406,444 
 92,221     Havells India Ltd   691,106 
 254,992     HCL Technologies Ltd   3,369,801 
 21,521     Hero Honda Motors Ltd   1,280,799 
 535,754     Hindalco Industries Ltd   2,213,817 
 293,522     Hindustan Lever Ltd   5,609,511 
 325,789     Hindustan Petroleum Corp Ltd   2,250,404 
292

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

 

SHARES     COMPANY  VALUE 
             
 680,930     Housing Development Finance Corp  $17,958,029 
 1,117,098     ICICI Bank Ltd   5,236,762 
 639,092  *  Idea Cellular Ltd   916,764 
 592,236     IDFC Bank Ltd   518,346 
 141,788     Indiabulls Housing Finance Ltd   2,725,982 
 321,586     Indian Oil Corp Ltd   2,064,839 
 847,377     Infosys Technologies Ltd   12,065,004 
 1,545,843     ITC Ltd   6,346,916 
 420,898     JSW Steel Ltd   1,681,698 
 212,746     Larsen & Toubro Ltd   4,018,256 
 136,162     LIC Housing Finance Ltd   1,260,069 
 105,991  *  Lupin Ltd   1,683,422 
 121,812  *  Mahindra & Mahindra Financial Services Ltd   812,245 
 166,322     Mahindra & Mahindra Ltd   3,455,430 
 192,097     Marico Ltd   935,583 
 47,819     Maruti Suzuki India Ltd   6,066,381 
 274,096  *  Motherson Sumi Systems Ltd   1,546,860 
 323,508     Mundra Port and Special Economic Zone Ltd   2,151,463 
 10,136     Nestle India Ltd   1,132,442 
 737,743     NTPC Ltd   2,065,932 
 33,691  *  Piramal Healthcare Ltd   1,430,167 
 254,710     Power Finance Corp Ltd   547,409 
 1,216,177     Reliance Industries Ltd   17,681,534 
 279,567     Rural Electrification Corp Ltd   748,294 
 682,438  *  Sesa Sterlite Ltd   3,503,430 
 3,466     Shree Cement Ltd   1,013,772 
 63,813     Shriram Transport Finance Co Ltd   1,152,049 
 29,598     Siemens India Ltd   582,124 
 779,532     State Bank of India   3,681,561 
 446,687     Sun Pharmaceutical Industries Ltd   3,815,653 
 209,713     Tata Consultancy Services Ltd   8,500,703 
 740,959  *  Tata Motors Ltd   4,906,554 
 444,917     Tata Power Co Ltd   583,719 
 135,260     Tata Steel Ltd   1,471,016 
 212,445     Tech Mahindra Ltd   1,580,691 
 134,599  *  Titan Industries Ltd   1,320,299 
 39,532     Ultra Tech Cement Ltd   2,688,889 
 160,830  *  United Phosphorus Ltd   1,987,344 
 28,278  *  United Spirits Ltd   1,333,283 
 537,809     Wipro Ltd   2,444,065 
 762,045     Yes Bank Ltd   3,704,157 
 240,128  *  ZEE Telefilms Ltd   2,010,948 
       TOTAL INDIA   205,211,996 
             
INDONESIA - 2.2%     
 7,349,000     Adaro Energy Tbk   988,991 
 5,063,700     Bank Rakyat Indonesia   5,825,785 
 864,400     Indofood CBP Sukses Makmur Tbk   561,052 
 725,800     PT AKR Corporindo Tbk   398,688 
 9,170,400     PT Astra International Tbk   5,409,311 
 4,525,400     PT Bank Central Asia Tbk   6,971,110 
 1,196,966     PT Bank Danamon Indonesia Tbk   450,103 
 8,617,642     PT Bank Mandiri Persero Tbk   4,476,020 
293

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

 

SHARES     COMPANY  VALUE 
             
 3,287,293     PT Bank Negara Indonesia  $1,842,755 
 3,112,200     PT Bumi Serpong Damai   395,005 
 3,153,400     PT Charoen Pokphand Indonesia Tbk   767,400 
 1,795,675  *  PT Excelcomindo Pratama   447,512 
 202,800     PT Gudang Garam Tbk   1,046,710 
 4,080,300     PT Hanjaya Mandala Sampoerna Tbk   1,197,389 
 720,600     PT Indocement Tunggal Prakarsa Tbk   1,192,809 
 1,832,500     PT Indofood Sukses Makmur Tbk   1,107,843 
 1,305,970     PT Jasa Marga Tbk   625,903 
 9,093,000     PT Kalbe Farma Tbk   1,072,723 
 9,202,500     PT Lippo Karawaci Tbk   468,183 
 1,189,600     PT Matahari Department Store Tbk   754,037 
 2,372,500     PT Media Nusantara Citra Tbk   272,892 
 8,991,000     PT Pakuwon Jati Tbk   417,539 
 5,334,000     PT Perusahaan Gas Negara Persero Tbk   723,735 
 1,256,300     PT Semen Gresik Persero Tbk   1,009,350 
 4,750,800     PT Summarecon Agung Tbk   362,629 
 2,670,800     PT Surya Citra Media Tbk   423,522 
 23,036,700     PT Telekomunikasi Indonesia Persero Tbk   6,873,386 
 677,100     PT Unilever Indonesia Tbk   2,476,251 
 886,000     PT United Tractors Tbk   2,265,220 
 1,793,000     PT Waskita Karya Persero Tbk   280,287 
 1,121,400     Tower Bersama Infrastructure   563,504 
       TOTAL INDONESIA   51,667,644 
             
KOREA, REPUBLIC OF - 15.5%     
 15,186     Amorepacific Corp   4,261,072 
 4,703     Amorepacific Corp (Preference)   749,306 
 11,039  m  BGF retail Co Ltd   788,370 
 113,120     BS Financial Group, Inc   1,003,681 
 36,608  *  Celltrion, Inc   5,659,190 
 25,429     Cheil Communications, Inc   472,373 
 35,453     Cheil Industries, Inc   4,690,015 
 3,649     CJ CheilJedang Corp   1,194,052 
 6,595     CJ Corp   1,099,492 
 8,868     CJ E&M Corp   669,538 
 11,754     Daelim Industrial Co   876,017 
 44,028  *  Daewoo Engineering & Construction Co Ltd   289,297 
 18,314     Daewoo International Corp   317,738 
 166,973     Daewoo Securities Co Ltd   1,515,222 
 73,352     DGB Financial Group Co Ltd   684,160 
 20,907     Dongbu Insurance Co Ltd   1,316,243 
 16,393     Dongsuh Co, Inc   402,455 
 13,628     Doosan Bobcat, Inc   440,664 
 23,828     Doosan Heavy Industries and Construction Co Ltd   372,842 
 9,229     E-Mart Co Ltd   1,847,454 
 8,559     GLOVIS Co Ltd   1,155,146 
 22,352  *  GS Engineering & Construction Corp   519,072 
 29,197     GS Holdings Corp   1,728,761 
 14,351     GS Retail Co Ltd   427,873 
 133,075     Hana Financial Group, Inc   5,695,454 
 31,012     Hankook Tire Co Ltd   1,496,814 
 5,868  *  Hanmi Holdings Co Ltd   481,011 
294

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

 

SHARES     COMPANY  VALUE 
             
 2,742  *  Hanmi Pharm Co Ltd  $1,135,164 
 79,175     Hanon Systems   921,001 
 5,395     Hanssem Co Ltd   821,036 
 48,897     Hanwha Chemical Corp   1,331,970 
 19,077     Hanwha Corp   761,199 
 6,915     Honam Petrochemical Corp   2,284,020 
 17,447     Hotel Shilla Co Ltd   1,220,727 
 266,079     Hynix Semiconductor, Inc   19,618,715 
 9,389     Hyosung Corp   1,128,387 
 7,184     Hyundai Department Store Co Ltd   586,682 
 29,242     Hyundai Development Co   1,047,752 
 32,427     Hyundai Engineering & Construction Co Ltd   1,096,977 
 13,495  *  Hyundai Heavy Industries   1,887,500 
 26,030     Hyundai Marine & Fire Insurance Co Ltd   1,054,653 
 30,975     Hyundai Mobis   7,368,088 
 70,177     Hyundai Motor Co   10,096,128 
 16,820     Hyundai Motor Co Ltd (2nd Preference)   1,697,733 
 9,841     Hyundai Motor Co Ltd (Preference)   905,179 
 4,360  *  Hyundai Robotics Co Ltd   1,759,448 
 36,757     Hyundai Steel Co   1,889,133 
 8,963  e  Hyundai Wia Corp   516,513 
 109,787     Industrial Bank of Korea   1,504,220 
 15,077     Kakao Corp   1,939,703 
 56,268     Kangwon Land, Inc   1,724,729 
 179,990     KB Financial Group, Inc   9,410,652 
 2,605     KCC Corp   907,738 
 10,866     KEPCO Plant Service & Engineering Co Ltd   400,963 
 124,099     Kia Motors Corp   3,928,059 
 31,521     Korea Aerospace Industries Ltd   1,600,084 
 118,482     Korea Electric Power Corp   4,153,928 
 4,656  *  Korea Express Co Ltd   652,588 
 11,459  *  Korea Gas Corp   418,510 
 16,655     Korea Investment Holdings Co Ltd   942,802 
 7,908     Korea Kumho Petrochemical   490,255 
 109,754     Korea Life Insurance Co Ltd   775,479 
 3,812     Korea Zinc Co Ltd   1,743,708 
 19,550  *  Korean Air Lines Co Ltd   553,431 
 9,181     KT Corp   240,964 
 52,251     KT&G Corp   4,943,639 
 20,945     LG Chem Ltd   7,551,856 
 3,604     LG Chem Ltd (Preference)   835,212 
 42,494     LG Corp   3,267,354 
 49,459     LG Electronics, Inc   4,026,279 
 4,214     LG Household & Health Care Ltd   4,427,079 
 892     LG Household & Health Care Ltd (Preference)   521,498 
 6,085     LG Innotek Co Ltd   936,866 
 106,524     LG.Philips LCD Co Ltd   2,786,729 
 242     Lotte Chilsung Beverage Co Ltd   299,138 
 713     Lotte Confectionery Co Ltd   118,432 
 13,367     Lotte Confectionery Co Ltd   890,043 
 4,708     Lotte Shopping Co Ltd   946,210 
 1,894     Medy-Tox, Inc   716,937 
 12,843     Naver Corp   10,265,050 
295

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

 

SHARES     COMPANY  VALUE 
             
 8,045     NCsoft  $3,067,116 
 8,622  *,g  Netmarble Games Corp   1,339,071 
 7,720     OCI Co LTD   779,947 
 10,455  *  Orion Corp   991,349 
 575     Ottogi Corp   389,543 
 14,038     Pacific Corp   1,800,186 
 33,892     POSCO   9,879,024 
 8,250     S1 Corp (Korea)   675,103 
 7,599  *,g  Samsung Biologics Co Ltd   2,607,053 
 14,308     Samsung Card Co   468,816 
 24,383     Samsung Electro-Mechanics Co Ltd   2,268,781 
 44,694     Samsung Electronics Co Ltd   110,175,390 
 8,062     Samsung Electronics Co Ltd (Preference)   16,146,929 
 14,162     Samsung Fire & Marine Insurance Co Ltd   3,455,699 
 110,453  *  Samsung Heavy Industries Co Ltd   1,164,109 
 30,857     Samsung Life Insurance Co Ltd   3,720,254 
 24,448     Samsung SDI Co Ltd   4,504,505 
 15,548     Samsung SDS Co Ltd   2,878,945 
 29,824     Samsung Securities Co Ltd   948,613 
 15,572  *  Samsung Techwin Co Ltd   533,763 
 192,981     Shinhan Financial Group Co Ltd   8,668,357 
 2,948     Shinsegae Co Ltd   602,572 
 14,436     SK C&C Co Ltd   3,735,602 
 30,676     SK Energy Co Ltd   5,627,228 
 49,287     SK Networks Co Ltd   292,857 
 9,089     SK Telecom Co Ltd   2,145,730 
 23,289     S-Oil Corp   2,677,522 
 82,307  *  STX Pan Ocean Co Ltd   386,642 
 23,749     Woongjin Coway Co Ltd   2,064,707 
 159,236     Woori Bank   2,330,291 
 58,984     Woori Investment & Securities Co Ltd   740,781 
 3,861     Yuhan Corp   703,492 
       TOTAL KOREA, REPUBLIC OF   370,971,429 
             
MALAYSIA - 2.2%     
 637,500     AirAsia BHD   503,072 
 318,400     Alliance Financial Group BHD   277,524 
 668,800     AMMB Holdings BHD   676,343 
 593,000     Astro Malaysia Holdings BHD   393,606 
 63,100     British American Tobacco Malaysia BHD   584,273 
 2,029,139     Bumiputra-Commerce Holdings BHD   2,942,935 
 1,469,996     Dialog Group BHD   784,989 
 1,499,200     Digi.Com BHD   1,770,639 
 587,500     Felda Global Ventures Holdings BHD   264,981 
 813,800     Gamuda BHD   1,009,200 
 960,275     Genting BHD   2,052,667 
 146,600     Genting Plantations BHD   369,833 
 196,700     HAP Seng Consolidated BHD   431,338 
 176,000     Hartalega Holdings BHD   316,981 
 267,387     Hong Leong Bank BHD   1,006,767 
 69,106     Hong Leong Credit BHD   272,671 
 984,400     IHH Healthcare BHD   1,311,448 
 1,395,700     IJM Corp BHD   1,051,679 
296

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

 

SHARES     COMPANY  VALUE 
             
 1,032,300     IOI Corp BHD  $1,087,841 
 606,541     IOI Properties Group Sdn BHD   285,111 
 218,900     Kuala Lumpur Kepong BHD   1,271,983 
 1,677,127     Malayan Banking BHD   3,664,525 
 313,576     Malaysia Airports Holdings BHD   613,301 
 824,400     Maxis BHD   1,158,658 
 653,500     MISC BHD   1,071,919 
 1,188,700     Petronas Chemicals Group BHD   2,069,380 
 215,500     Petronas Dagangan BHD   1,219,698 
 363,100     Petronas Gas BHD   1,547,295 
 221,800     PPB Group BHD   879,132 
 1,349,340     Public Bank BHD   6,520,729 
 1,279,500     Resorts World BHD   1,520,792 
 265,670     RHB Capital BHD   318,790 
 1,890,200     Sapurakencana Petroleum BHD   715,314 
 1,068,165     Sime Darby BHD   2,321,449 
 573,565     Telekom Malaysia BHD   860,665 
 1,638,650     Tenaga Nasional BHD   5,805,913 
 1,160,669     TM International BHD   1,478,046 
 180,500  *  UMW Holdings BHD   223,424 
 307,800     Westports Holdings BHD   270,022 
 1,982,166     YTL Corp BHD   594,651 
 592,894     YTL Power International BHD   182,063 
       TOTAL MALAYSIA   51,701,647 
             
MEXICO - 3.1%     
 1,370,450     Alfa S.A. de C.V. (Class A)   1,431,800 
 15,298,670     America Movil S.A. de C.V. (Series L)   13,198,586 
 6,662,497  *  Cemex S.A. de C.V.   5,414,305 
 215,360     Coca-Cola Femsa S.A. de C.V.   1,454,811 
 88,400     El Puerto de Liverpool SAB de C.V.   602,190 
 188,025     Embotelladoras Arca SAB de C.V.   1,196,601 
 1,355,900     Fibra Uno Administracion S.A. de C.V.   2,133,739 
 884,437     Fomento Economico Mexicano S.A. de C.V.   7,721,164 
 463,186     Gentera SAB de C.V.   469,184 
 93,020     Gruma SAB de C.V.   1,218,465 
 159,328     Grupo Aeroportuario del Pacifico S.A. de C.V. (B Shares)   1,511,109 
 90,455     Grupo Aeroportuario del Sureste S.A. de C.V. (Class B)   1,613,226 
 786,920     Grupo Bimbo S.A. de C.V. (Series A)   1,819,150 
 198,598     Grupo Carso S.A. de C.V. (Series A1)   644,116 
 1,133,587     Grupo Financiero Banorte S.A. de C.V.   6,727,582 
 960,532     Grupo Financiero Inbursa S.A.   1,650,842 
 758,200     Grupo Financiero Santander Mexico SAB de C.V.   1,276,997 
 287,600     Grupo Lala SAB de C.V.   444,187 
 1,715,156     Grupo Mexico S.A. de C.V. (Series B)   5,577,103 
 1,131,326     Grupo Televisa S.A.   4,952,714 
 71,387     Industrias Penoles S.A. de C.V.   1,659,550 
 233,900     Infraestructura Energetica ,NV SAB de C.V.   1,194,282 
 761,242     Kimberly-Clark de Mexico S.A. de C.V. (Class A)   1,310,710 
 521,823     Mexichem SAB de C.V.   1,343,497 
 121,705     Promotora y Operadora de Infraestructura SAB de C.V.   1,155,743 
 2,395,789     Wal-Mart de Mexico SAB de C.V.   5,353,481 
       TOTAL MEXICO   73,075,134 
297

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

 

SHARES     COMPANY  VALUE 
             
PAKISTAN - 0.1%     
 110,600     Engro Chemical Pakistan Ltd  $291,905 
 265,100     Habib Bank Ltd   403,910 
 65,900  *  Lucky Cement Ltd   304,572 
 186,100     MCB Bank Ltd   351,193 
 365,600     Oil & Gas Development Co Ltd   499,242 
 141,500     United Bank Ltd   240,356 
       TOTAL PAKISTAN   2,091,178 
             
PERU - 0.4%     
 105,122     Cia de Minas Buenaventura S.A. (ADR) (Series B)   1,449,632 
 29,790     Credicorp Ltd (NY)   6,239,218 
 34,561  e  Southern Copper Corp (NY)   1,484,395 
       TOTAL PERU   9,173,245 
             
PHILIPPINES - 1.1%     
 813,510     Aboitiz Equity Ventures, Inc   1,180,279 
 750,800     Aboitiz Power Corp   618,092 
 1,578,500  *  Alliance Global Group, Inc   489,220 
 114,158     Ayala Corp   2,278,035 
 3,401,900     Ayala Land, Inc   2,849,297 
 911,869     Banco de Oro Universal Bank   2,429,882 
 361,150     Bank of the Philippine Islands   685,573 
 1,716,400     DMCI Holdings, Inc   510,016 
 12,040     Globe Telecom, Inc   476,498 
 41,670     GT Capital Holdings, Inc   952,457 
 220,180     International Container Term Services, Inc   450,950 
 1,278,680     JG Summit Holdings (Series B)   1,904,707 
 208,320     Jollibee Foods Corp   1,005,949 
 4,426,900     Megaworld Corp   457,053 
 6,294,000     Metro Pacific Investments Corp   829,499 
 366,672     Metropolitan Bank & Trust   615,302 
 40,555     PLDT, Inc   1,344,947 
 830,100     Robinsons Land Corp   406,131 
 103,150     Security Bank Corp   491,691 
 104,220     SM Investments Corp   1,930,142 
 3,822,175     SM Prime Holdings   2,742,081 
 443,210     Universal Robina   1,227,681 
       TOTAL PHILIPPINES   25,875,482 
             
POLAND - 1.3%     
 36,388  *  Alior Bank S.A.   723,072 
 8,150     Bank Handlowy w Warszawie S.A.   166,663 
 216,854  *  Bank Millennium S.A.   475,278 
 73,817     Bank Pekao S.A.   2,412,037 
 14,901     Bank Zachodni WBK S.A.   1,495,064 
 6,419  *  BRE Bank S.A.   811,663 
 12,724     CCC S.A.   954,138 
 89,519     Cyfrowy Polsat S.A.   623,690 
 35,627     Eurocash S.A.   360,288 
 50,952     Grupa Lotos S.A.   923,985 
 22,738  *  Jastrzebska Spolka Weglowa S.A.   611,561 
298

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

 

SHARES     COMPANY  VALUE 
             
 61,082     KGHM Polska Miedz S.A.  $2,064,627 
 576     LPP S.A.   1,356,760 
 1,032,441     Polish Oil & Gas Co   1,897,287 
 384,498  *  Polska Grupa Energetyczna S.A.   1,378,630 
 144,522     Polski Koncern Naftowy Orlen S.A.   5,111,672 
 426,423  *  Powszechna Kasa Oszczednosci Bank Polski S.A.   4,538,553 
 275,290     Powszechny Zaklad Ubezpieczen S.A.   3,552,792 
 143,651     Synthos S.A.   194,563 
 403,304  *  Tauron Polska Energia S.A.   390,014 
 264,409  *  Telekomunikacja Polska S.A.   407,439 
 13,692     Zaklady Azotowe w Tarnowie-Moscicach S.A.   274,596 
       TOTAL POLAND   30,724,372 
             
QATAR - 0.5%     
 46,925  *  Barwa Real Estate Co   386,096 
 81,619  *  Commercial Bank of Qatar QSC   589,388 
 68,246  *  Doha Bank QSC   528,538 
 363,985     Ezdan Holding Group QSC   951,248 
 73,146  *  Industries Qatar QSC   1,917,841 
 157,267  *  Masraf Al Rayan   1,543,624 
 27,725  *  Ooredoo QSC   654,055 
 13,794  *  Qatar Electricity & Water Co   693,251 
 224,313  *  Qatar Gas Transport Co Ltd   933,290 
 56,304  *  Qatar Insurance Co SAQ   688,250 
 24,337  *  Qatar Islamic Bank SAQ   648,318 
 102,891  *  Qatar National Bank   3,439,814 
       TOTAL QATAR   12,973,713 
             
ROMANIA - 0.1%     
 167,446     NEPI Rockcastle plc   2,340,898 
       TOTAL ROMANIA   2,340,898 
             
RUSSIA - 3.2%     
 24,695  m  Acron JSC (GDR)   153,109 
 102,510     AFK Sistema (GDR)   481,797 
 2,582,553     Gazprom OAO (ADR)   11,093,134 
 32,928     Gazpromneft OAO (ADR)   686,715 
 204,184     LUKOIL PJSC (ADR)   10,845,922 
 140,130     Magnit OAO (GDR)   3,965,786 
 299,603     MMC Norilsk Nickel PJSC (ADR)   5,513,307 
 246,349     Mobile TeleSystems (ADR)   2,613,763 
 45,267     NovaTek OAO (GDR)   5,166,576 
 8,660     Novolipetsk Steel (GDR)   199,656 
 56,233     PhosAgro OAO (GDR)   773,168 
 656,622     Rosneft Oil Co (GDR)   3,600,012 
 93,172     Rostelecom (ADR)   654,999 
 729,325     RusHydro PJSC (ADR)   976,623 
 1,157,777     Sberbank of Russian Federation (ADR)   16,616,658 
 108,023     Severstal (GDR)   1,647,525 
 812,981     Surgutneftegaz (ADR)   4,063,200 
 123,219     Tatneft PAO (ADR)   5,546,768 
 1,325,227     VTB Bank OJSC (GDR)   2,743,531 
       TOTAL RUSSIA   77,342,249 
299

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

 

SHARES     COMPANY  VALUE 
             
SOUTH AFRICA - 6.1%     
 30,946  *  Anglo American Platinum Ltd  $861,155 
 210,444     AngloGold Ashanti Ltd   1,941,664 
 177,439     Aspen Pharmacare Holdings Ltd   4,009,162 
 302,984     Barclays Africa Group Ltd   3,001,377 
 151,698     Bid Corp Ltd   3,336,793 
 147,760     Bidvest Group Ltd   1,793,985 
 190,990  *,e  Brait S.A.   713,913 
 17,253     Capitec Bank Holdings Ltd   1,146,852 
 110,297  e  Coronation Fund Managers Ltd   556,222 
 155,488     Discovery Holdings Ltd   1,612,935 
 112,977     Exxaro Resources Ltd   1,148,088 
 1,547,251     FirstRand Ltd   5,616,261 
 368,584     Fortress Income Fund Ltd   1,046,673 
 431,936     Fortress Income Fund Ltd (A Shares)   517,208 
 99,840     Foschini Ltd   956,826 
 415,539     Gold Fields Ltd   1,654,088 
 954,733     Growthpoint Properties Ltd   1,656,095 
 114,003     Hyprop Investments Ltd   857,517 
 334,509  *,e  Impala Platinum Holdings Ltd   928,184 
 63,312     Imperial Holdings Ltd   908,021 
 114,096  e  Investec Ltd   778,246 
 40,805     Liberty Holdings Ltd   320,774 
 581,923     Life Healthcare Group Holdings Pte Ltd   1,078,899 
 45,598     Massmart Holdings Ltd   345,240 
 414,362     Metropolitan Holdings Ltd   550,969 
 50,675     Mondi Ltd   1,215,555 
 109,109     Mr Price Group Ltd   1,352,312 
 769,771     MTN Group Ltd   6,684,004 
 199,856     Naspers Ltd (N Shares)   48,691,416 
 98,846     Nedbank Group Ltd   1,448,566 
 514,102     Network Healthcare Holdings Ltd   905,030 
 186,843     Pick’n Pay Stores Ltd   783,647 
 54,532     Pioneer Foods Ltd   458,973 
 37,394  e  PSG Group Ltd   694,230 
 256,021     Rand Merchant Investment Holdings Ltd   715,825 
 2,099,137     Redefine Properties Ltd   1,575,234 
 248,165     Remgro Ltd   3,756,255 
 127,302     Resilient REIT Ltd   1,268,090 
 304,852     RMB Holdings Ltd   1,347,728 
 632,068     Sanlam Ltd   3,163,729 
 248,160     Sappi Ltd   1,661,805 
 251,440     Sasol Ltd   7,346,518 
 203,664     Shoprite Holdings Ltd   2,914,929 
 845,836  *  Sibanye Gold Ltd   1,095,049 
 94,283     Spar Group Ltd   1,109,357 
 586,944     Standard Bank Group Ltd   6,815,815 
 1,413,417     Steinhoff International Holdings NV   6,135,769 
 91,536  e  Telkom S.A. Ltd   342,870 
 72,058     Tiger Brands Ltd   1,968,024 
 195,858  e  Truworths International Ltd   1,043,930 
 268,789     Vodacom Group Pty Ltd   2,921,181 
300

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

 

SHARES     COMPANY  VALUE 
             
 483,058     Woolworths Holdings Ltd  $1,926,649 
       TOTAL SOUTH AFRICA   146,679,637 
             
TAIWAN - 11.7%     
 1,163,912     Acer, Inc   602,297 
 3,069,838     Advanced Semiconductor Engineering, Inc   3,711,352 
 190,030     Advantech Co Ltd   1,298,618 
 1,038,512     Asia Cement Corp   926,628 
 721,000  *  Asia Pacific Telecom Co Ltd   238,677 
 318,500     Asustek Computer, Inc   2,758,239 
 3,782,000     AU Optronics Corp   1,549,741 
 298,000     Catcher Technology Co Ltd   3,171,591 
 3,783,270     Cathay Financial Holding Co Ltd   6,251,544 
 434,518     Chailease Holding Co Ltd   1,120,859 
 1,917,461     Chang Hwa Commercial Bank   1,039,612 
 920,490     Cheng Shin Rubber Industry Co Ltd   1,816,864 
 222,965     Chicony Electronics Co Ltd   558,441 
 1,311,000  *  China Airlines   534,667 
 5,933,754     China Development Financial Holding Corp   1,819,136 
 1,095,277     China Life Insurance Co Ltd (Taiwan)   1,035,537 
 5,965,850     China Steel Corp   4,858,017 
 8,267,908     Chinatrust Financial Holding Co   5,293,626 
 1,770,600     Chunghwa Telecom Co Ltd   6,046,947 
 1,771,000     Compal Electronics, Inc   1,303,934 
 904,929     Delta Electronics, Inc   4,354,208 
 4,222,653     E.Sun Financial Holding Co Ltd   2,570,276 
 80,316     Eclat Textile Co Ltd   960,197 
 960,284     Eva Airways Corp   473,332 
 690,491  *  Evergreen Marine Corp Tawain Ltd   413,608 
 1,189,852     Far Eastern Textile Co Ltd   1,020,465 
 705,000     Far EasTone Telecommunications Co Ltd   1,655,347 
 156,662     Feng TAY Enterprise Co Ltd   706,834 
 4,110,321     First Financial Holding Co Ltd   2,651,793 
 1,395,270     Formosa Chemicals & Fibre Corp   4,238,851 
 826,000     Formosa Petrochemical Corp   2,891,471 
 1,920,600     Formosa Plastics Corp   5,854,886 
 234,000     Formosa Taffeta Co Ltd   240,162 
 414,512     Foxconn Technology Co Ltd   1,322,068 
 3,225,812     Fubon Financial Holding Co Ltd   5,141,006 
 4,658,112     Fuhwa Financial Holdings Co Ltd   2,071,638 
 73,000     General Interface Solution Holding Ltd   670,218 
 151,000     Giant Manufacturing Co Ltd   776,322 
 92,000     Globalwafers Co Ltd   1,067,250 
 308,500  *  High Tech Computer Corp   692,341 
 299,290     Highwealth Construction Corp   400,399 
 93,694     Hiwin Technologies Corp   940,393 
 7,131,141     Hon Hai Precision Industry Co, Ltd   26,506,043 
 112,000     Hotai Motor Co Ltd   1,300,340 
 3,094,617     Hua Nan Financial Holdings Co Ltd   1,693,575 
 4,251,061     InnoLux Display Corp   1,863,265 
 1,051,060     Inventec Co Ltd   816,788 
 46,000     Largan Precision Co Ltd   8,719,742 
 914,778     Lite-On Technology Corp   1,291,832 
301

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

 

SHARES     COMPANY  VALUE 
              
 689,961      MediaTek, Inc  $7,851,420 
 5,090,046      Mega Financial Holding Co Ltd   4,001,270 
 75,000      Merida Industry Co Ltd   349,594 
 297,000      Micro-Star International Co Ltd   725,821 
 2,202,860      Nan Ya Plastics Corp   5,436,244 
 310,000      Nanya Technology Corp   842,744 
 63,000      Nien Made Enterprise Co Ltd   655,646 
 247,000      Novatek Microelectronics Corp Ltd   914,895 
 881,000      Pegatron Technology Corp   2,282,890 
 59,000      Phison Electronics Corp   702,407 
 942,000      Pou Chen Corp   1,187,176 
 289,000      Powertech Technology, Inc   905,038 
 257,000      President Chain Store Corp   2,310,952 
 1,228,000      Quanta Computer, Inc   2,892,961 
 197,085      Realtek Semiconductor Corp   742,040 
 402,133  *   Ruentex Development Co Ltd   412,998 
 196,730      Ruentex Industries Ltd   315,128 
 3,526,093      Shin Kong Financial Holding Co Ltd   1,128,253 
 922,169      Siliconware Precision Industries Co   1,462,527 
 4,662,468      SinoPac Financial Holdings Co Ltd   1,430,461 
 253,777      Standard Foods Corp   628,682 
 578,050      Synnex Technology International Corp   732,749 
 70,000  *   TaiMed Biologics, Inc   507,405 
 4,081,330      Taishin Financial Holdings Co Ltd   1,786,867 
 1,335,123      Taiwan Business Bank   368,848 
 1,539,914      Taiwan Cement Corp   1,711,617 
 3,772,505      Taiwan Cooperative Financial Holding   2,039,609 
 361,000      Taiwan Fertilizer Co Ltd   471,769 
 648,000      Taiwan High Speed Rail Corp   517,982 
 727,200      Taiwan Mobile Co Ltd   2,592,628 
 11,248,000      Taiwan Semiconductor Manufacturing Co Ltd   90,932,199 
 791,000      Teco Electric and Machinery Co Ltd   738,772 
 77,000      Transcend Information, Inc   218,732 
 2,190,569      Uni-President Enterprises Corp   4,576,983 
 5,410,000      United Microelectronics Corp   2,792,129 
 358,000      Vanguard International Semiconductor Corp   679,838 
 1,166,305      Wistron Corp   974,192 
 685,500      WPG Holdings Co Ltd   939,110 
 255,000      Yulon Motor Co Ltd   213,235 
 202,127      Zhen Ding Technology Holding Ltd   507,205 
        TOTAL TAIWAN   279,721,993 
              
THAILAND - 2.2%     
 455,500      Advanced Info Service PCL (Foreign)   2,666,047 
 1,812,300      Airports of Thailand PCL   3,232,353 
 94,700      Bangkok Bank PCL (Foreign)   573,237 
 1,807,400      Bangkok Dusit Medical Services PCL   1,153,711 
 3,345,300      Bangkok Expressway & Metro PCL   785,953 
 1,218,900      Banpu PCL (Foreign)   642,545 
 273,300      BEC World PCL (Foreign)   143,149 
 466,400      Berli Jucker PCL   751,367 
 2,674,600      BTS Group Holdings PCL (Foreign)   684,619 
 161,600      Bumrungrad Hospital PCL (Foreign)   1,070,199 
302

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

 

SHARES     COMPANY  VALUE 
             
 592,300     Central Pattana PCL (Foreign)  $1,443,893 
 1,328,280     Charoen Pokphand Foods PCL   1,039,158 
 2,196,900     CP Seven Eleven PCL (Foreign)   4,629,229 
 233,600     Delta Electronics Thai PCL   604,611 
 52,000     Electricity Generating PCL   360,024 
 509,100     Energy Absolute PCL (Foreign)   662,733 
 246,500     Glow Energy PCL (Foreign)   667,821 
 1,481,926     Home Product Center PCL (Foreign)   571,033 
 641,378     Indorama Ventures PCL (Foreign)   888,417 
 7,535,100     IRPC PCL (Foreign)   1,463,016 
 771,700     Kasikornbank PCL (Foreign)   5,296,934 
 110,200     KCE Electronics PCL   331,539 
 1,586,650     Krung Thai Bank PCL (Foreign)   869,562 
 903,770     Minor International PCL (Foreign)   1,176,642 
 629,784     PTT Exploration & Production PCL (Foreign)   1,637,143 
 921,741     PTT Global Chemical PCL (Foreign)   2,220,243 
 493,600     PTT PCL (Foreign)   6,244,893 
 203,000     Robinson PCL   453,725 
 177,650     Siam Cement PCL (Foreign)   2,609,136 
 788,900     Siam Commercial Bank PCL (Foreign)   3,479,856 
 455,800     Thai Oil PCL (Foreign)   1,399,506 
 843,800     Thai Union Group PCL   464,827 
 5,903,600     TMB Bank PCL (Foreign)   458,498 
 5,286,748  *  True Corp PCL   978,616 
       TOTAL THAILAND   51,654,235 
             
TURKEY - 1.1%     
 1,005,563     Akbank TAS   2,660,094 
 90,802     Anadolu Efes Biracilik Ve Malt Sanayii AS   525,940 
 98,084     Arcelik AS   536,671 
 87,797     Aselsan Elektronik Sanayi Ve Ticaret AS   786,464 
 91,348     BIM Birlesik Magazalar AS   1,864,202 
 40,123     Coca-Cola Icecek AS   409,011 
 978,282  *  Emlak Konut Gayrimenkul Yatiri   682,742 
 627,036     Eregli Demir ve Celik Fabrikalari TAS   1,473,617 
 21,083     Ford Otomotiv Sanayi AS   297,854 
 398,343     Haci Omer Sabanci Holding AS   1,108,872 
 326,859     KOC Holding AS   1,463,636 
 358,286     Petkim Petrokimya Holding   628,201 
 83,385     TAV Havalimanlari Holding AS   415,729 
 52,823     Tofas Turk Otomobil Fabrik   430,881 
 76,223     Tupras Turkiye Petrol Rafine   2,746,275 
 261,329  *  Turk Hava Yollari   717,177 
 309,787     Turk Sise ve Cam Fabrikalari AS   363,988 
 178,558  *  Turk Telekomunikasyon AS   304,295 
 439,792     Turkcell Iletisim Hizmet AS   1,648,008 
 1,065,295     Turkiye Garanti Bankasi AS   2,934,994 
 271,045     Turkiye Halk Bankasi AS   791,797 
 643,834     Turkiye Is Bankasi (Series C)   1,215,156 
 289,862     Turkiye Vakiflar Bankasi Tao   484,856 
 67,278     Ulker Biskuvi Sanayi AS   359,271 
 409,675  *  Yapi ve Kredi Bankasi   498,267 
       TOTAL TURKEY   25,347,998 
303

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

 

SHARES     COMPANY  VALUE 
             
UNITED ARAB EMIRATES - 0.7%     
 922,215  *  Abu Dhabi Commercial Bank PJSC  $1,857,760 
 1,400,817     Aldar Properties PJSC   908,747 
 758,668  *  DAMAC Properties Dubai Co PJSC   815,961 
 74,246     DP World Ltd   1,762,602 
 528,628  *  Dubai Islamic Bank PJSC   880,974 
 1,541,890  *  Dubai Parks & Resorts PJSC   310,674 
 905,813  *  Emaar Malls Group PJSC   569,733 
 1,575,654  *  Emaar Properties PJSC   3,555,710 
 799,555     Emirates Telecommunications Group Co PJSC   3,881,304 
 661,993  *  National Bank of Abu Dhabi PJSC   1,865,581 
       TOTAL UNITED ARAB EMIRATES   16,409,046 
             
UNITED STATES - 1.3%
 6,368     iShares Core MSCI Emerging Markets ETF   355,207 
 48,011  e  iShares MSCI South Korea Index Fund   3,589,303 
 434,953     Vanguard Emerging Markets ETF   19,411,952 
 177,746  *  Yum China Holdings, Inc   7,172,051 
       TOTAL UNITED STATES   30,528,513 
             
       TOTAL COMMON STOCKS   2,381,108,769 
       (Cost $1,930,328,853)     
             
PREFERRED STOCKS - 0.3%     
             
BRAZIL - 0.3%     
 1,833,198     ITAUSA Investimentos Itau PR   5,872,869 
       TOTAL BRAZIL   5,872,869 
             
INDIA - 0.0%     
 1,046,300  *  Cairn India Ltd   167,191 
       TOTAL INDIA   167,191 
             
PHILIPPINES - 0.0%     
 307,700  *,†,m  Ayala Land, Inc (Preferred B)   596 
       TOTAL PHILIPPINES   596 
             
       TOTAL PREFERRED STOCKS   6,040,656 
       (Cost $5,444,033)     
             
RIGHTS / WARRANTS - 0.0%     
      
BRAZIL - 0.0%     
 52,729     Cia Energetica de Minas Gerais   18,698 
       TOTAL BRAZIL   18,698 
             
INDIA - 0.0%     
 158,766     Tata Motors Ltd (DVR)   590,893 
       TOTAL INDIA   590,893 
             
       TOTAL RIGHTS / WARRANTS   609,591 
       (Cost $711,957)     
304

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

 

PRINCIPAL     ISSUER  RATE  MATURITY
DATE		  VALUE 
                 
SHORT-TERM INVESTMENTS - 1.4%             
              
GOVERNMENT AGENCY DEBT - 0.0%             
$800,000     Federal Home Loan Bank (FHLB)   0.850%  11/01/17  $800,000 
       TOTAL GOVERNMENT AGENCY DEBT           800,000 
                     
SHARES     COMPANY             
              
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.4%             
 32,823,175  c  State Street Navigator Securities Lending Government Money Market Portfolio   32,823,175 
       TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES   32,823,175 
                     
       TOTAL SHORT-TERM INVESTMENTS           33,623,175 
       (Cost $33,623,175)             
       TOTAL INVESTMENTS - 101.4%           2,421,382,191 
       (Cost $1,970,108,018)             
       OTHER ASSETS & LIABILITIES, NET - (1.4)%           (34,040,383)
       NET ASSETS - 100.0%          $2,387,341,808 
       
       
    Abbreviation(s):
    ADR  American Depositary Receipt
    DVR   Differential Voting Rights
    ETF    Exchange Traded Fund
    GDR   Global Depositary Receipt
    REIT  Real Estate Investment Trust
       
*   Non-income producing
†   Security is categorized as Level 3 in the fair value hierarchy.
c   Investments made with cash collateral received from securities on loan.
e   All or a portion of these securities are out on loan. The aggregate value of securities on loan is $31,291,474.
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 10/31/2017, the aggregate value of these securities amounted to $11,304,657 or 0.5% of net assets.
m   Indicates a security that has been deemed illiquid.
305

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

 

TIAA-CREF FUNDS

EMERGING MARKETS EQUITY INDEX FUND

SUMMARY OF MARKET VALUES BY SECTOR

October 31, 2017

 

       % OF 
SECTOR  VALUE   NET ASSETS 
INFORMATION TECHNOLOGY  $673,388,473    28.3%
FINANCIALS   567,829,757    23.8 
CONSUMER DISCRETIONARY   241,480,063    10.1 
ENERGY   169,401,780    7.1 
MATERIALS   162,207,653    6.8 
CONSUMER STAPLES   148,407,768    6.2 
INDUSTRIALS   127,589,785    5.3 
TELECOMMUNICATION SERVICES   115,588,926    4.8 
REAL ESTATE   66,311,676    2.8 
UTILITIES   60,069,130    2.5 
HEALTH CARE   55,484,005    2.3 
SHORT-TERM INVESTMENTS   33,623,175    1.4 
OTHER ASSETS & LIABILITIES, NET   (34,040,383)   (1.4)
           
NET ASSETS  $2,387,341,808    100.0%
306

TIAA-CREF FUNDS - International Equity Index Fund

 

TIAA-CREF FUNDS

INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS

October 31, 2017

 

SHARES     COMPANY  VALUE 
 
COMMON STOCKS - 99.4%   
 
AUSTRALIA - 6.8%
 497,974     AGL Energy Ltd  $9,641,461 
 1,906,754     Alumina Ltd   3,421,702 
 907,258     Amcor Ltd   11,010,938 
 2,184,256     AMP Ltd   8,324,209 
 913,934     APA Group   5,997,846 
 420,613     Aristocrat Leisure Ltd   7,603,951 
 1,805,402     AusNet Services   2,448,200 
 2,287,657     Australia & New Zealand Banking Group Ltd   52,498,403 
 146,578     Australian Stock Exchange Ltd   6,064,680 
 288,647     Bank of Queensland Ltd   2,954,949 
 378,690     Bendigo Bank Ltd   3,303,012 
 2,509,699     BHP Billiton Ltd   51,671,680 
 1,651,957     BHP Billiton plc   29,909,730 
 457,384     BlueScope Steel Ltd   4,502,953 
 879,238     Boral Ltd   4,824,676 
 1,312,676     Brambles Ltd   9,518,562 
 202,064     Caltex Australia Ltd   5,305,476 
 451,675     Challenger Financial Services Group Ltd   4,607,365 
 77,973     CIMIC Group Ltd   2,892,711 
 477,134     Coca-Cola Amatil Ltd   2,978,826 
 43,321     Cochlear Ltd   5,835,525 
 1,346,295     Commonwealth Bank of Australia   80,084,665 
 346,762     Computershare Ltd   4,145,378 
 301,188     Crown Resorts Ltd   2,678,205 
 353,621     CSL Ltd   37,646,864 
 750,137     Dexus Property Group   5,617,017 
 49,652  e  Domino’s Pizza Enterprises Ltd   1,775,199 
 42,483  e  Flight Centre Travel Group Ltd   1,523,073 
 1,227,255     Fortescue Metals Group Ltd   4,363,634 
 1,522,043     GPT Group (ASE)   5,943,304 
 440,579  e  Harvey Norman Holdings Ltd   1,276,212 
 1,343,188     Healthscope Ltd   2,017,649 
 1,251,925     Incitec Pivot Ltd   3,672,197 
 1,792,376     Insurance Australia Group Ltd   9,013,084 
 431,982     Lend Lease Corp Ltd   5,364,356 
 1,336,430     Macquarie Goodman Group   8,568,853 
 249,988     Macquarie Group Ltd   18,859,061 
 2,335,413     Medibank Pvt Ltd   5,497,032 
 2,750,418     Mirvac Group   5,083,728 
 2,081,909     National Australia Bank Ltd   52,164,661 
 592,846     Newcrest Mining Ltd   10,136,244 
 1,082,068     Oil Search Ltd   6,133,571 
 287,628     Orica Ltd   4,606,979 
 1,373,144  *  Origin Energy Ltd   8,363,111 
307

TIAA-CREF FUNDS - International Equity Index Fund

 

SHARES     COMPANY  VALUE 
             
 359,550     Qantas Airways Ltd  $1,696,942 
 1,073,735     QBE Insurance Group Ltd   8,804,420 
 1,517,979     QR National Ltd   6,024,407 
 119,294     Ramsay Health Care Ltd   6,116,159 
 42,397     REA Group Ltd   2,350,688 
 1,496,107  *  Santos Ltd   5,169,805 
 4,290,589     Scentre Group   13,229,764 
 247,557     Seek Ltd   3,485,941 
 343,173     Sonic Healthcare Ltd   5,731,585 
 4,136,358     South32 Ltd   10,804,391 
 2,042,687     Stockland Trust Group   7,079,838 
 978,972     Suncorp-Metway Ltd   10,189,895 
 832,029     Sydney Airport   4,533,128 
 704,621     Tabcorp Holdings Ltd   2,424,417 
 1,160,807     Tattersall’s Ltd   3,710,686 
 3,436,575     Telstra Corp Ltd   9,326,813 
 270,894  e  TPG Telecom Ltd   1,121,238 
 1,567,326     Transurban Group (ASE)   14,569,577 
 577,591     Treasury Wine Estates Ltd   6,933,363 
 2,877,447     Vicinity Centres   5,848,763 
 904,119     Wesfarmers Ltd   28,959,667 
 1,576,802     Westfield Corp   9,398,133 
 2,614,496     Westpac Banking Corp   66,223,708 
 579,211     Woodside Petroleum Ltd   13,653,748 
 1,032,327     Woolworths Ltd   20,465,536 
       TOTAL AUSTRALIA   787,703,544 
             
AUSTRIA - 0.3%
 52,293     Andritz AG.   2,956,740 
 238,015     Erste Bank der Oesterreichischen Sparkassen AG.   10,216,778 
 122,265     OMV AG.   7,337,534 
 122,146  *  Raiffeisen International Bank Holding AG.   4,247,764 
 89,325     Voestalpine AG.   4,910,937 
       TOTAL AUSTRIA   29,669,753 
             
BELGIUM - 1.2%
 143,072     Ageas   6,938,287 
 591,838     Anheuser-Busch InBev S.A.   72,571,831 
 54,025  e  Colruyt S.A.   2,763,070 
 60,333     Groupe Bruxelles Lambert S.A.   6,480,165 
 197,039     KBC Groep NV   16,367,814 
 117,118     Proximus plc   3,889,068 
 57,256     Solvay S.A.   8,505,853 
 39,326  *  Telenet Group Holding NV   2,719,777 
 105,013     UCB S.A.   7,644,514 
 149,060     Umicore S.A.   6,661,518 
       TOTAL BELGIUM   134,541,897 
             
CHILE - 0.0%
 312,687     Antofagasta plc   3,962,875 
       TOTAL CHILE   3,962,875 
308

TIAA-CREF FUNDS - International Equity Index Fund

 

SHARES     COMPANY  VALUE 
             
CHINA - 0.0%
 2,042,100     Yangzijiang Shipbuilding  $2,359,157 
       TOTAL CHINA   2,359,157 
             
DENMARK - 1.8%
 2,987     AP Moller - Maersk AS (Class A)   5,536,490 
 5,050     AP Moller - Maersk AS (Class B)   9,680,778 
 80,822     Carlsberg AS (Class B)   9,233,229 
 75,416     Christian Hansen Holding   6,599,641 
 98,413     Coloplast AS   8,662,107 
 588,446     Danske Bank AS   22,457,135 
 146,604  g  DONG Energy A.S.   8,215,219 
 147,330     DSV AS   11,392,427 
 45,120  *  Genmab AS   9,111,328 
 54,512     H Lundbeck AS   3,240,619 
 131,849     ISS A.S.   5,583,568 
 1,455,558     Novo Nordisk AS   72,470,521 
 177,869     Novozymes AS   9,827,759 
 86,731  e  Pandora AS   8,189,721 
 591,448     TDC AS   3,496,758 
 83,191     Tryg A.S.   1,981,792 
 170,633     Vestas Wind Systems AS   15,064,295 
 91,646  *  William Demant Holding A.S.   2,644,829 
       TOTAL DENMARK   213,388,216 
             
FINLAND - 1.0%
 102,206     Elisa Oyj (Series A)   4,115,541 
 347,668     Fortum Oyj   7,379,059 
 264,562     Kone Oyj (Class B)   14,319,155 
 88,129     Metso Oyj   3,200,693 
 100,308     Neste Oil Oyj   5,584,276 
 4,547,848     Nokia Oyj (Turquoise)   22,365,953 
 87,970     Nokian Renkaat Oyj   4,033,173 
 81,827     Orion Oyj (Class B)   3,353,669 
 355,187     Sampo Oyj (A Shares)   18,586,884 
 435,192     Stora Enso Oyj (R Shares)   6,801,264 
 425,124     UPM-Kymmene Oyj   12,767,434 
 121,232     Wartsila Oyj (B Shares)   7,809,302 
       TOTAL FINLAND   110,316,403 
             
FRANCE - 10.3%
 138,172     Accor S.A.   6,893,103 
 23,208     Aeroports de Paris   3,907,418 
 332,538     Air Liquide   42,340,037 
 118,482     Alstom RGPT   4,793,340 
 52,489     Arkema   6,631,006 
 74,971     Atos Origin S.A.   11,644,174 
 1,529,541     AXA S.A.   46,174,377 
 882,397     BNP Paribas   68,870,573 
 666,300     Bollore   3,218,623 
 166,988     Bouygues S.A.   8,014,367 
 205,673     Bureau Veritas S.A.   5,507,567 
 123,473     Cap Gemini S.A.   14,999,991 
 468,149     Carrefour S.A.   9,421,685 
309

TIAA-CREF FUNDS - International Equity Index Fund

 

SHARES     COMPANY  VALUE 
             
 41,417     Casino Guichard Perrachon S.A.  $2,364,887 
 157,172     CNP Assurances   3,656,213 
 388,157     Compagnie de Saint-Gobain   22,758,771 
 911,570     Credit Agricole S.A.   15,909,826 
 1,937     Dassault Aviation S.A.   3,020,219 
 97,118     Dassault Systemes S.A.   10,309,689 
 172,972     Edenred   4,986,548 
 57,747     Eiffage S.A.   6,031,998 
 468,717  e  Electricite de France   6,134,487 
 1,417,978  e  Engie S.A.   23,966,616 
 167,264     Essilor International S.A.   21,176,071 
 33,905     Eurazeo   3,152,094 
 454,273     European Aeronautic Defence and Space Co   46,615,225 
 132,058  e  Eutelsat Communications   3,307,785 
 26,811     Fonciere Des Regions   2,730,136 
 38,942     Gecina S.A.   6,318,867 
 454,534     Groupe Danone   37,149,582 
 403,160     Groupe Eurotunnel S.A.   5,067,208 
 24,138     Hermes International   12,530,221 
 26,975     Icade   2,356,636 
 22,432     Iliad S.A.   5,599,449 
 24,803     Imerys S.A.   2,258,455 
 46,093     Ingenico   4,476,016 
 32,139     Ipsen   3,885,846 
 64,267     JC Decaux S.A.   2,458,481 
 60,000     Kering   27,516,315 
 163,785     Klepierre   6,519,971 
 87,685     Lagardere S.C.A.   2,887,573 
 203,199     Legrand S.A.   15,079,494 
 199,557     L’Oreal S.A.   44,414,087 
 219,057     LVMH Moet Hennessy Louis Vuitton S.A.   65,336,612 
 135,185     Michelin (C.G.D.E.) (Class B)   19,567,536 
 771,081     Natixis   6,046,927 
 1,532,902     Orange S.A.   25,182,017 
 162,722     Pernod-Ricard S.A.   24,399,176 
 407,775     Peugeot S.A.   9,674,687 
 154,134     Publicis Groupe S.A.   10,033,015 
 15,501     Remy Cointreau S.A.   2,013,285 
 138,839     Renault S.A.   13,769,398 
 268,500     Rexel S.A.   4,787,897 
 247,318     Safran S.A.   26,048,095 
 884,142     Sanofi-Aventis   83,716,350 
 440,396     Schneider Electric S.A.   38,693,711 
 133,077     SCOR SE   5,524,481 
 17,669     SEB S.A.   3,292,714 
 25,933     Societe BIC S.A.   2,738,284 
 605,025     Societe Generale   33,672,347 
 71,885     Sodexho Alliance S.A.   9,145,409 
 271,682     Suez Environnement S.A.   4,777,936 
 79,392     Thales S.A.   8,273,713 
 1,842,148     Total S.A.   102,677,816 
 75,156     Unibail-Rodamco   18,812,070 
 186,658     Valeo S.A.   12,637,521 
310

TIAA-CREF FUNDS - International Equity Index Fund

 

SHARES     COMPANY  VALUE 
             
 359,228     Veolia Environnement  $8,510,326 
 396,684  e  Vinci S.A.   38,866,130 
 795,088     Vivendi Universal S.A.   19,743,442 
 20,987     Wendel   3,539,673 
 178,142     Zodiac S.A.   5,091,794 
       TOTAL FRANCE   1,193,627,389 
             
GERMANY - 9.7%
 148,551     Adidas-Salomon AG.   33,064,927 
 359,891     Allianz AG.   84,019,722 
 39,887     Axel Springer AG.   2,685,594 
 718,331     BASF SE   78,551,883 
 645,577     Bayer AG.   83,975,893 
 258,057     Bayerische Motoren Werke AG.   26,466,387 
 48,243     Bayerische Motoren Werke AG. (Preference)   4,232,961 
 84,197     Beiersdorf AG.   9,471,358 
 117,528     Brenntag AG.   6,668,031 
 840,519  *  Commerzbank AG.   11,647,992 
 85,524     Continental AG.   21,765,353 
 93,023  g  Covestro AG.   8,942,259 
 754,252     Daimler AG. (Registered)   62,969,593 
 359,564     Deutsche Annington Immobilien SE   15,883,184 
 1,639,820     Deutsche Bank AG. (Registered)   26,875,314 
 150,346     Deutsche Boerse AG.   15,570,561 
 191,751     Deutsche Lufthansa AG.   6,160,547 
 759,209     Deutsche Post AG.   34,802,201 
 2,540,621     Deutsche Telekom AG.   46,003,825 
 272,285     Deutsche Wohnen AG.   11,653,885 
 1,725,267     E.ON AG.   20,434,812 
 120,417     Evonik Industries AG.   4,380,276 
 35,089     Fraport AG. Frankfurt Airport Services Worldwide   3,334,285 
 162,282     Fresenius Medical Care AG.   15,712,460 
 322,090     Fresenius SE   26,964,155 
 52,563     Fuchs Petrolub AG. (Preference)   2,959,951 
 140,230     GEA Group AG.   6,774,164 
 45,354     Hannover Rueckversicherung AG.   5,707,385 
 112,870     HeidelbergCement AG.   11,549,936 
 81,156     Henkel KGaA   10,235,652 
 136,049     Henkel KGaA (Preference)   19,103,497 
 15,597  e  Hochtief AG.   2,755,110 
 49,359     Hugo Boss AG.   4,414,638 
 892,299     Infineon Technologies AG.   24,679,224 
 114,913  g  Innogy SE   5,344,139 
 144,345     K&S AG.   3,509,284 
 59,567     KION Group AG.   4,772,964 
 71,616     Lanxess AG.   5,615,311 
 143,963  *  Linde AG.   31,015,232 
 998     Linde AG.   215,544 
 32,725     MAN AG.   3,623,665 
 97,644     Merck KGaA   10,476,506 
 160,941  *  Metro Wholesale & Food Specialist AG.   3,050,841 
 120,823     Muenchener Rueckver AG.   27,125,026 
 78,540     Osram Licht AG.   6,013,788 
311

TIAA-CREF FUNDS - International Equity Index Fund

 

SHARES     COMPANY  VALUE 
             
 119,848     Porsche AG.  $8,769,927 
 196,722     ProSiebenSat. Media AG.   6,929,272 
 408,570  *  RWE AG.   10,273,025 
 768,721     SAP AG.   87,835,962 
 164,819     Schaeffler AG.   2,627,880 
 597,641     Siemens AG.   85,840,794 
 103,960     Symrise AG.   8,101,237 
 543,073     Telefonica Deutschland Holding AG.   2,770,139 
 339,988     ThyssenKrupp AG.   9,120,552 
 339,416     TUI AG. (DI)   6,130,240 
 94,541     United Internet AG.   5,995,826 
 25,425     Volkswagen AG.   4,748,058 
 145,378     Volkswagen AG. (Preference)   26,619,168 
 83,632  *,g   Zalando SE   4,210,133 
       TOTAL GERMANY   1,121,151,528 
             
HONG KONG - 3.3%
 9,468,600     AIA Group Ltd   71,350,437 
 206,700     ASM Pacific Technology   3,015,847 
 925,497     Bank of East Asia Ltd   4,061,058 
 2,986,500     BOC Hong Kong Holdings Ltd   14,231,153 
 2,044,836     CK Asset Holdings Ltd   16,828,655 
 2,077,336     CK Hutchison Holdings Ltd   26,385,715 
 539,000     CK Infrastructure Holdings Ltd   4,693,113 
 1,223,000     CLP Holdings Ltd   12,447,613 
 1,457,750     First Pacific Co   1,109,933 
 1,880,000     Galaxy Entertainment Group Ltd   12,820,426 
 665,000     Hang Lung Group Ltd   2,336,594 
 1,487,000     Hang Lung Properties Ltd   3,414,561 
 597,300     Hang Seng Bank Ltd   14,157,779 
 911,056     Henderson Land Development Co Ltd   5,945,456 
 2,404,000  e,g  HK Electric Investments & HK Electric Investments Ltd   2,212,657 
 3,324,640     HKT Trust and HKT Ltd   4,061,299 
 6,508,400     Hong Kong & China Gas Ltd   12,337,473 
 1,095,500     Hong Kong Electric Holdings Ltd   9,497,015 
 910,279     Hong Kong Exchanges and Clearing Ltd   25,364,230 
 916,500     Hongkong Land Holdings Ltd   6,647,263 
 4,237,300     Hutchison Port Holdings Trust   1,822,060 
 477,792     Hysan Development Co Ltd   2,308,500 
 166,900     Jardine Matheson Holdings Ltd   10,691,871 
 179,600     Jardine Strategic Holdings Ltd   7,533,343 
 483,623     Kerry Properties Ltd   2,176,448 
 4,696,600     Li & Fung Ltd   2,367,041 
 1,716,991     Link REIT   14,435,265 
 192,500     Melco Crown Entertainment Ltd (ADR)   4,866,400 
 1,115,730     MTR Corp   6,468,425 
 4,458,855     New World Development Co Ltd   6,647,794 
 1,242,952     NWS Holdings Ltd   2,515,728 
 4,261,959     PCCW Ltd   2,349,888 
 1,895,200     Sands China Ltd   8,940,865 
 980,192     Shangri-La Asia Ltd   1,951,607 
 2,298,068     Sino Land Co   3,960,815 
 1,471,000     SJM Holdings Ltd   1,264,619 
312

TIAA-CREF FUNDS - International Equity Index Fund

 

SHARES     COMPANY  VALUE 
             
 1,133,186     Sun Hung Kai Properties Ltd  $18,538,234 
 435,000     Swire Pacific Ltd (Class A)   4,298,701 
 832,400     Swire Properties Ltd   2,812,863 
 1,075,500     Techtronic Industries Co   6,313,415 
 6,304,000  g  WH Group Ltd   6,388,353 
 944,762     Wharf Holdings Ltd   8,605,029 
 651,000     Wheelock & Co Ltd   4,535,154 
 598,000     Yue Yuen Industrial Holdings   2,290,636 
       TOTAL HONG KONG   387,001,331 
 
IRELAND - 0.5%
 112,562  *  AerCap Holdings NV   5,925,264 
 714,420  *  Bank of Ireland Group plc   5,598,986 
 646,619     CRH plc   24,333,524 
 67,097  *,†,m Irish Bank Resolution Corp Ltd     0  
 380,497     James Hardie Industries NV   5,809,500 
 122,964     Kerry Group plc (Class A)   12,382,627 
 63,683     Paddy Power plc   6,513,101 
 40,148  *  Ryanair Holdings plc   790,333 
 14,677  *  Ryanair Holdings plc (ADR)   1,645,438 
       TOTAL IRELAND   62,998,773 
 
ISRAEL - 0.4%
 29,538     Azrieli Group   1,668,758 
 831,933     Bank Hapoalim Ltd   5,890,260 
 1,123,164     Bank Leumi Le-Israel   6,208,575 
 1,754,086     Bezeq Israeli Telecommunication Corp Ltd   2,619,236 
 101,311  *  Check Point Software Technologies   11,925,318 
 18,402     Elbit Systems Ltd   2,731,126 
 30,452     Frutarom Industries Ltd   2,507,824 
 387,761     Israel Chemicals Ltd   1,617,010 
 101,573     Mizrahi Tefahot Bank Ltd   1,833,732 
 49,441     Nice Systems Ltd   4,114,884 
 716,114     Teva Pharmaceutical Industries Ltd (ADR)   9,882,373 
       TOTAL ISRAEL   50,999,096 
 
ITALY - 2.1%
 982,874     Assicurazioni Generali S.p.A.   17,888,065 
 355,465     Autostrade S.p.A.   11,588,368 
 10,603,082     Banca Intesa S.p.A.   35,646,527 
 890,517     Banca Intesa S.p.A. RSP   2,806,644 
 6,367,753     Enel S.p.A.   39,490,698 
 1,973,552     ENI S.p.A.   32,263,649 
 99,880     Ferrari NV   11,959,419 
 315,301     Finmeccanica S.p.A.   5,442,727 
 808,467     Fondiaria-Sai S.p.A   1,839,621 
 143,458     Luxottica Group S.p.A.   8,228,348 
 434,644     Mediobanca S.p.A.   4,761,238 
 402,787  g  Poste Italiane S.p.A   2,944,144 
 161,079     Prysmian S.p.A.   5,542,634 
 79,368     Recordati S.p.A.   3,689,750 
 509,099  *  Saipem S.p.A   2,140,032 
 1,700,295     Snam Rete Gas S.p.A.   8,681,437 
313

TIAA-CREF FUNDS - International Equity Index Fund

 

SHARES     COMPANY  VALUE 
 
 4,542,091     Telecom Italia RSP  $3,227,028 
 8,710,258  *  Telecom Italia S.p.A.   7,536,816 
 1,060,948     Terna Rete Elettrica Nazionale S.p.A.   6,401,676 
 1,568,346  *  UniCredit S.p.A   29,972,081 
       TOTAL ITALY   242,050,902 
 
JAPAN - 23.7%
 28,900     ABC-Mart, Inc   1,457,801 
 442,100  *,e  Acom Co Ltd   1,837,935 
 511,700     Aeon Co Ltd   7,914,691 
 85,000     AEON Financial Service Co Ltd   1,825,500 
 79,700     Aeon Mall Co Ltd   1,425,179 
 108,800     Air Water, Inc   2,088,037 
 135,000     Aisin Seiki Co Ltd   6,993,327 
 450,200     Ajinomoto Co, Inc   9,056,488 
 151,200     Alfresa Holdings Corp   2,888,996 
 92,300  *  All Nippon Airways Co Ltd   3,547,550 
 154,400     Alps Electric Co Ltd   4,725,264 
 244,100     Amada Co Ltd   3,033,190 
 85,700  *  Aozora Bank Ltd   3,354,451 
 299,100     Asahi Breweries Ltd   13,656,416 
 151,400     Asahi Glass Co Ltd   5,933,393 
 995,000     Asahi Kasei Corp   12,049,175 
 862,500  *  Ashikaga Holdings Co Ltd   3,598,267 
 129,800     Asics Corp   1,984,300 
 1,648,800     Astellas Pharma, Inc   21,943,642 
 44,400     Bank of Kyoto Ltd   2,331,759 
 52,600     Benesse Holdings Inc   1,783,148 
 1,347     BLife Investment Corp   3,147,680 
 506,600     Bridgestone Corp   24,200,467 
 183,700     Brother Industries Ltd   4,469,991 
 62,600     Calbee, Inc   2,112,672 
 830,600     Canon, Inc   31,203,210 
 148,400     Casio Computer Co Ltd   2,189,876 
 114,700     Central Japan Railway Co   20,834,870 
 527,000     Chiba Bank Ltd   4,039,769 
 532,700     Chubu Electric Power Co, Inc   6,869,957 
 170,858     Chugai Pharmaceutical Co Ltd   8,145,949 
 121,100     Chugoku Bank Ltd   1,735,875 
 222,500     Chugoku Electric Power Co, Inc   2,480,907 
 96,400     Coca-Cola West Japan Co Ltd   3,372,973 
 1,020,200     Concordia Financial Group Ltd   5,403,070 
 115,500     Credit Saison Co Ltd   2,325,629 
 78,800  *,e  CYBERDYNE, Inc   1,043,964 
 188,500  *  Dai Nippon Printing Co Ltd   4,518,337 
 207,000     Daicel Chemical Industries Ltd   2,584,521 
 836,400     Dai-ichi Mutual Life Insurance Co   15,973,498 
 460,100     Daiichi Sankyo Co Ltd   10,567,887 
 191,900     Daikin Industries Ltd   21,207,026 
 52,500     Daito Trust Construction Co Ltd   9,178,799 
 437,500     Daiwa House Industry Co Ltd   16,035,644 
 1,342,000     Daiwa Securities Group, Inc   8,413,910 
 79,700     Dena Co Ltd   1,874,332 
314

TIAA-CREF FUNDS - International Equity Index Fund

 

SHARES     COMPANY  VALUE 
             
 371,400     Denso Corp  $20,454,474 
 171,500     Dentsu, Inc   7,335,729 
 22,500     Disco Corp   5,213,848 
 95,700     Don Quijote Co Ltd   4,014,137 
 251,800     East Japan Railway Co   24,419,464 
 218,100     Eisai Co Ltd   12,138,706 
 114,100     Electric Power Development Co   2,875,441 
 65,900  e  FamilyMart Co Ltd   3,745,587 
 151,700     Fanuc Ltd   35,471,085 
 42,100     Fast Retailing Co Ltd   14,085,609 
 405,000     Fuji Electric Holdings Co Ltd   2,934,274 
 475,000     Fuji Heavy Industries Ltd   16,410,817 
 314,800     Fujifilm Holdings Corp   12,877,771 
 1,540,000     Fujitsu Ltd   12,000,442 
 570,000     Fukuoka Financial Group, Inc   2,941,886 
 289,300     Hachijuni Bank Ltd   1,811,731 
 185,700     Hakuhodo DY Holdings, Inc   2,568,787 
 112,900     Hamamatsu Photonics KK   3,655,457 
 183,500     Hankyu Hanshin Holdings, Inc   7,154,177 
 15,700     Hikari Tsushin, Inc   2,032,537 
 190,300     Hino Motors Ltd   2,449,352 
 23,700     Hirose Electric Co Ltd   3,565,330 
 222,500     Hiroshima Bank Ltd   1,883,852 
 55,000     Hisamitsu Pharmaceutical Co, Inc   3,028,212 
 81,100     Hitachi Chemical Co Ltd   2,312,631 
 84,700     Hitachi Construction Machinery Co Ltd   2,905,576 
 50,700     Hitachi High-Technologies Corp   2,121,737 
 3,791,000     Hitachi Ltd   30,189,042 
 159,300     Hitachi Metals Ltd   2,063,689 
 1,329,600     Honda Motor Co Ltd   41,665,748 
 44,000     Hoshizaki Electric Co Ltd   4,163,883 
 302,300     Hoya Corp   16,424,180 
 100,500     Idemitsu Kosan Co Ltd   2,937,598 
 121,300     Iida Group Holdings Co Ltd   2,326,935 
 740,600     Inpex Holdings, Inc   7,929,741 
 269,680  e  Isetan Mitsukoshi Holdings Ltd   2,939,722 
 118,000  *  Ishikawajima-Harima Heavy Industries Co Ltd   4,250,234 
 431,400     Isuzu Motors Ltd   6,300,770 
 1,186,500     Itochu Corp   20,783,491 
 179,400     J Front Retailing Co Ltd   2,662,656 
 84,700     Japan Airlines Co Ltd   2,899,052 
 37,800     Japan Airport Terminal Co Ltd   1,343,617 
 319,100     Japan Post Bank Co Ltd   4,041,342 
 1,230,200     Japan Post Holdings Co Ltd   14,231,474 
 715     Japan Prime Realty Investment Corp   2,298,338 
 1,082     Japan Real Estate Investment Corp   5,072,574 
 2,205     Japan Retail Fund Investment Corp   3,913,121 
 845,800     Japan Tobacco, Inc   27,996,128 
 406,800     JFE Holdings, Inc   8,742,650 
 166,300     JGC Corp   2,789,259 
 140,200     JSR Corp   2,717,758 
 213,100     JTEKT Corp   3,530,957 
 2,414,050     JX Holdings, Inc   12,465,662 
315

TIAA-CREF FUNDS - International Equity Index Fund

 

SHARES     COMPANY  VALUE 
             
 710,000     Kajima Corp  $7,363,754 
 114,100     Kakaku.com, Inc   1,566,709 
 92,000     Kamigumi Co Ltd   2,202,386 
 196,000     Kaneka Corp   1,618,554 
 550,800     Kansai Electric Power Co, Inc   7,542,706 
 155,800     Kansai Paint Co Ltd   4,004,518 
 382,200     Kao Corp   23,098,294 
 119,100  *  Kawasaki Heavy Industries Ltd   4,155,179 
 1,400,400     KDDI Corp   37,310,347 
 91,300  *  Keihan Electric Railway Co Ltd   2,789,729 
 209,600  *  Keihin Electric Express Railway Co Ltd   4,335,693 
 102,000  *  Keio Corp   4,450,111 
 106,200     Keisei Electric Railway Co Ltd   3,208,039 
 76,600     Keyence Corp   42,530,219 
 126,100     Kikkoman Corp   4,327,818 
 155,700  *  Kintetsu Corp   5,987,120 
 679,500     Kirin Brewery Co Ltd   16,310,628 
 245,300  *,e  Kobe Steel Ltd   2,071,029 
 88,100     Koito Manufacturing Co Ltd   5,907,473 
 722,900     Komatsu Ltd   23,621,300 
 73,000     Konami Corp   3,555,481 
 398,600     Konica Minolta Holdings, Inc   3,496,808 
 24,000     Kose Corp   2,918,706 
 819,100     Kubota Corp   15,411,758 
 276,500     Kuraray Co Ltd   5,445,546 
 84,200     Kurita Water Industries Ltd   2,675,561 
 249,000     Kyocera Corp   16,655,016 
 195,100     Kyowa Hakko Kogyo Co Ltd   3,601,347 
 314,100     Kyushu Electric Power Co, Inc   3,582,654 
 299,800     Kyushu Financial Group, Inc   1,905,577 
 124,100     Kyushu Railway Co   3,966,434 
 41,300     Lawson, Inc   2,696,839 
 43,400  *,e  LINE Corp   1,797,634 
 168,900     Lion Corp   3,250,061 
 196,500     LIXIL Group Corp   5,411,812 
 168,800     M3, Inc   5,034,719 
 34,900     Mabuchi Motor Co Ltd   1,831,380 
 168,600     Makita Corp   7,065,792 
 1,273,200     Marubeni Corp   8,536,855 
 145,900     Marui Co Ltd   2,232,945 
 55,100     Maruichi Steel Tube Ltd   1,683,374 
 445,000     Mazda Motor Corp   6,423,896 
 52,000     McDonald’s Holdings Co Japan Ltd   2,232,490 
 121,400     Mediceo Paltac Holdings Co Ltd   2,254,551 
 100,900     MEIJI Holdings Co Ltd   8,248,566 
 308,500     Minebea Co Ltd   5,655,765 
 48,400     Miraca Holdings, Inc   2,251,907 
 218,700     MISUMI Group, Inc   5,991,841 
 1,148,200     Mitsubishi Chemical Holdings Corp   11,993,307 
 1,177,100     Mitsubishi Corp   27,565,245 
 1,507,400     Mitsubishi Electric Corp   25,796,879 
 1,003,800     Mitsubishi Estate Co Ltd   18,203,441 
316

TIAA-CREF FUNDS - International Equity Index Fund

 

SHARES     COMPANY  VALUE 
             
 162,000     Mitsubishi Gas Chemical Co, Inc  $3,962,952 
 262,800  *  Mitsubishi Heavy Industries Ltd   10,282,552 
 88,300     Mitsubishi Materials Corp   3,357,535 
 524,599     Mitsubishi Motors Corp   4,200,893 
 9,405,480     Mitsubishi UFJ Financial Group, Inc   63,798,704 
 332,700     Mitsubishi UFJ Lease & Finance Co Ltd   1,755,302 
 1,324,500     Mitsui & Co Ltd   19,780,549 
 143,300  *  Mitsui Chemicals, Inc   4,418,786 
 680,600     Mitsui Fudosan Co Ltd   15,885,866 
 88,300  *  Mitsui OSK Lines Ltd   2,703,866 
 365,800     Mitsui Sumitomo Insurance Group Holdings, Inc   12,427,076 
 258,600     Mitsui Trust Holdings, Inc   10,206,897 
 35,200     Mixi Inc   1,716,066 
 18,580,507     Mizuho Financial Group, Inc   33,758,557 
 149,800     Murata Manufacturing Co Ltd   23,542,863 
 88,100     Nabtesco Corp   3,499,922 
 161,900     Nagoya Railroad Co Ltd   3,637,227 
 150,200     Namco Bandai Holdings, Inc   5,147,060 
 195,800     NEC Corp   5,372,679 
 392,300  *  NEC Electronics Corp   5,072,079 
 154,800  *  Nexon Co Ltd   4,163,985 
 230,600     NGK Insulators Ltd   4,566,197 
 153,188     NGK Spark Plug Co Ltd   3,495,921 
 186,800     Nidec Corp   24,841,210 
 252,000     Nikon Corp   4,785,720 
 88,900     Nintendo Co Ltd   34,489,783 
 1,154     Nippon Building Fund, Inc   5,561,690 
 66,200     Nippon Electric Glass Co Ltd   2,702,853 
 60,600     Nippon Express Co Ltd   3,845,219 
 128,000     Nippon Meat Packers, Inc   3,681,914 
 126,700     Nippon Paint Co Ltd   4,469,809 
 1,647     Nippon ProLogis REIT, Inc   3,463,002 
 587,600     Nippon Steel Corp   14,087,983 
 536,900     Nippon Telegraph & Telephone Corp   25,957,784 
 127,500  *  Nippon Yusen Kabushiki Kaisha   2,696,570 
 91,500     Nissan Chemical Industries Ltd   3,412,899 
 1,790,200     Nissan Motor Co Ltd   17,410,365 
 182,700     Nisshin Seifun Group, Inc   3,210,848 
 45,300     Nissin Food Products Co Ltd   2,852,407 
 62,700     Nitori Co Ltd   9,112,275 
 127,600     Nitto Denko Corp   11,865,231 
 276,400     NKSJ Holdings, Inc   11,109,956 
 70,100     NOK Corp   1,721,859 
 2,816,400     Nomura Holdings, Inc   16,117,607 
 93,700     Nomura Real Estate Holdings, Inc   2,062,390 
 3,332     Nomura Real Estate Master Fund, Inc   4,164,084 
 95,700     Nomura Research Institute Ltd   4,057,210 
 292,300     NSK Ltd   4,208,671 
 537,800  *  NTT Data Corp   6,263,634 
 1,079,500     NTT DoCoMo, Inc   26,144,134 
 494,300     Obayashi Corp   6,472,011 
 49,100     Obic Co Ltd   3,249,985 
 250,400     Odakyu Electric Railway Co Ltd   4,898,386 
317

TIAA-CREF FUNDS - International Equity Index Fund

 

SHARES     COMPANY  VALUE 
             
 632,000     OJI Paper Co Ltd  $3,704,155 
 217,900     Olympus Corp   8,109,076 
 150,600     Omron Corp   8,438,943 
 332,100     Ono Pharmaceutical Co Ltd   7,611,436 
 30,400     Oracle Corp Japan   2,572,311 
 169,600     Oriental Land Co Ltd   13,565,164 
 1,020,900     ORIX Corp   17,552,949 
 279,000     Osaka Gas Co Ltd   5,403,964 
 397,600     Osaka Securities Exchange Co Ltd   7,168,112 
 40,900     Otsuka Corp   2,788,091 
 316,200     Otsuka Holdings KK   13,209,131 
 1,726,300     Panasonic Corp   26,066,020 
 94,800  e  Park24 Co Ltd   2,191,329 
 69,200     Pola Orbis Holdings, Inc   2,205,715 
 710,800     Rakuten, Inc   7,606,133 
 866,500  *  Recruit Holdings Co Ltd   21,244,537 
 1,720,700     Resona Holdings, Inc   9,300,949 
 532,700     Ricoh Co Ltd   4,943,365 
 32,000     Rinnai Corp   2,741,835 
 73,900     Rohm Co Ltd   6,879,147 
 18,600     Ryohin Keikaku Co Ltd   5,486,942 
 41,400     Sankyo Co Ltd   1,336,291 
 276,100     Santen Pharmaceutical Co Ltd   4,387,297 
 155,540     SBI Holdings, Inc   2,454,683 
 171,900     Secom Co Ltd   13,088,824 
 129,700     Sega Sammy Holdings, Inc   1,825,830 
 134,400     Seibu Holdings, Inc   2,402,770 
 216,700     Seiko Epson Corp   5,171,170 
 303,500     Sekisui Chemical Co Ltd   6,125,938 
 440,600     Sekisui House Ltd   8,238,542 
 584,600     Seven & I Holdings Co Ltd   23,561,981 
 448,000  e  Seven Bank Ltd   1,656,836 
 117,000  *,e  Sharp Corp   3,722,010 
 188,200     Shimadzu Corp   3,913,074 
 16,100     Shimamura Co Ltd   1,793,672 
 61,300     Shimano, Inc   8,388,372 
 407,300     Shimizu Corp   4,794,085 
 302,800     Shin-Etsu Chemical Co Ltd   31,933,648 
 159,200  *  Shinsei Bank Ltd   2,686,621 
 229,700     Shionogi & Co Ltd   12,366,374 
 297,300     Shiseido Co Ltd   12,262,894 
 377,000     Shizuoka Bank Ltd   3,668,818 
 211,200     Shoei Co Ltd   2,178,736 
 135,000     Showa Shell Sekiyu KK   1,592,627 
 44,800     SMC Corp   17,138,697 
 646,100     Softbank Corp   57,258,754 
 65,800     Sohgo Security Services Co Ltd   3,170,106 
 988,400     Sony Corp   41,349,399 
 130,600     Sony Financial Holdings, Inc   2,169,720 
 107,400     Stanley Electric Co Ltd   3,964,608 
 153,500     Start Today Co Ltd   4,204,307 
 1,204,009     Sumitomo Chemical Co Ltd   8,461,592 
 909,700     Sumitomo Corp   13,157,992 
 131,300     Sumitomo Dainippon Pharma Co Ltd   1,873,950 
318

TIAA-CREF FUNDS - International Equity Index Fund

 

SHARES     COMPANY  VALUE 
             
 577,000     Sumitomo Electric Industries Ltd  $9,823,615 
 90,800  *  Sumitomo Heavy Industries Ltd   3,814,915 
 193,400  *  Sumitomo Metal Mining Co Ltd   7,629,935 
 1,044,600     Sumitomo Mitsui Financial Group, Inc   41,849,514 
 272,000     Sumitomo Realty & Development Co Ltd   9,109,876 
 135,000     Sumitomo Rubber Industries, Inc   2,563,341 
 66,300     Sundrug Co Ltd   2,885,276 
 110,600     Suntory Beverage & Food Ltd   5,088,968 
 127,100     Suruga Bank Ltd   2,893,889 
 64,900     Suzuken Co Ltd   2,339,506 
 273,700     Suzuki Motor Corp   14,991,442 
 125,700     Sysmex Corp   8,602,872 
 426,600     T&D Holdings, Inc   6,655,239 
 90,800  *  Taiheiyo Cement Corp   3,629,181 
 161,700     Taisei Corp   8,959,311 
 29,300     Taisho Pharmaceutical Holdings Co Ltd   2,231,380 
 97,100     Taiyo Nippon Sanso Corp   1,165,893 
 220,000     Takashimaya Co Ltd   2,024,199 
 554,500     Takeda Pharmaceutical Co Ltd   31,265,418 
 175,000     Tanabe Seiyaku Co Ltd   3,851,642 
 100,700     TDK Corp   7,737,716 
 136,500     Teijin Ltd   2,889,056 
 264,700     Terumo Corp   11,030,122 
 94,800     THK Co Ltd   3,457,943 
 152,600     Tobu Railway Co Ltd   4,476,804 
 88,500     Toho Co Ltd   2,932,119 
 62,600  *  Toho Gas Co Ltd   1,750,209 
 330,800     Tohoku Electric Power Co, Inc   4,339,707 
 530,600     Tokio Marine Holdings, Inc   22,872,689 
 1,168,300  *  Tokyo Electric Power Co, Inc   4,795,427 
 125,400     Tokyo Electron Ltd   22,080,391 
 290,600  *  Tokyo Gas Co Ltd   7,249,204 
 146,500     Tokyo Tatemono Co Ltd   2,055,151 
 399,000     Tokyu Corp   6,035,697 
 409,400     Tokyu Fudosan Holdings Corp   2,684,069 
 377,000     Toppan Printing Co Ltd   3,835,493 
 1,151,100     Toray Industries, Inc   11,651,022 
 3,149,000  *,e  Toshiba Corp   9,111,481 
 252,600  *  Tosoh Corp   5,451,293 
 109,000     Toto Ltd   5,338,171 
 135,500     Toyo Seikan Kaisha Ltd   2,396,714 
 76,700     Toyo Suisan Kaisha Ltd   2,950,652 
 45,700     Toyoda Gosei Co Ltd   1,117,456 
 124,000     Toyota Industries Corp   7,632,383 
 2,036,200     Toyota Motor Corp   126,297,449 
 166,200     Toyota Tsusho Corp   6,044,781 
 92,900     Trend Micro, Inc   4,981,635 
 29,400     Tsuruha Holdings, Inc   3,645,089 
 303,900     Uni-Charm Corp   6,915,468 
 2,631     United Urban Investment Corp   3,784,997 
 170,900     USS Co Ltd   3,454,711 
 121,500     West Japan Railway Co   8,567,687 
 1,070,400     Yahoo! Japan Corp   4,785,605 
319

TIAA-CREF FUNDS - International Equity Index Fund

 

SHARES     COMPANY  VALUE 
             
 67,600     Yakult Honsha Co Ltd  $5,589,035 
 480,100     Yamada Denki Co Ltd   2,553,748 
 138,000     Yamaguchi Financial Group, Inc   1,671,621 
 129,700     Yamaha Corp   5,096,137 
 219,000     Yamaha Motor Co Ltd   6,572,761 
 288,700     Yamato Transport Co Ltd   5,902,694 
 114,700     Yamazaki Baking Co Ltd   2,064,593 
 206,300     Yaskawa Electric Corp   7,391,888 
 169,600     Yokogawa Electric Corp   3,221,757 
 88,200     Yokohama Rubber Co Ltd   1,982,917 
       TOTAL JAPAN   2,744,754,884 
 
JERSEY, C.I. - 0.1%
 72,201     Randgold Resources Ltd   7,095,031 
       TOTAL JERSEY, C.I.   7,095,031 
 
JORDAN - 0.0%
 114,723     Hikma Pharmaceuticals plc   1,773,274 
       TOTAL JORDAN   1,773,274 
 
LUXEMBOURG - 0.3%
 519,703  *  ArcelorMittal   14,881,982 
 8,331     Eurofins Scientific   5,211,508 
 50,253     Millicom International Cellular S.A.   3,213,674 
 37,115     RTL Group   2,757,668 
 274,924     SES Global S.A.   4,471,359 
 398,852     Tenaris S.A.   5,444,859 
       TOTAL LUXEMBOURG   35,981,050 
 
MACAU - 0.0%
 743,200  e  MGM China Holdings Ltd   1,676,588 
 1,225,600     Wynn Macau Ltd   3,146,493 
       TOTAL MACAU   4,823,081 
 
MEXICO - 0.0%
 170,958     Fresnillo plc   2,956,592 
       TOTAL MEXICO   2,956,592 
 
NETHERLANDS - 4.6%
 338,451  g  ABN AMRO Group NV (ADR)   10,452,838 
 1,383,314     Aegon NV   8,166,881 
 196,304     Akzo Nobel NV   17,722,489 
 373,862  *  Altice NV (Class A)   7,050,509 
 72,118  *  Altice NV (Class B)   1,359,723 
 293,233     ASML Holding NV   52,907,807 
 85,292     Boskalis Westminster   3,048,891 
 139,192     DSM NV   11,875,537 
 85,829     EXOR NV   5,502,164 
 66,445     Gemalto NV   2,629,586 
 87,685     Heineken Holding NV   8,139,112 
 201,164     Heineken NV   19,599,970 
 3,054,955     ING Groep NV   56,453,930 
320

TIAA-CREF FUNDS - International Equity Index Fund

 

SHARES     COMPANY  VALUE 
             
 1,017,352     Koninklijke Ahold Delhaize NV  $19,144,676 
 2,579,017     Koninklijke KPN NV   8,874,065 
 734,786     Koninklijke Philips Electronics NV   29,944,661 
 58,683     Koninklijke Vopak NV   2,539,982 
 249,630     NN Group NV   10,453,884 
 269,339  *  NXP Semiconductors NV   31,526,130 
 88,809     Randstad Holdings NV   5,463,718 
 3,501,189     Royal Dutch Shell plc (A Shares)   110,216,667 
 2,928,460     Royal Dutch Shell plc (B Shares)   94,288,414 
 227,116     Wolters Kluwer NV   11,131,535 
       TOTAL NETHERLANDS   528,493,169 
             
NEW ZEALAND - 0.2%
 732,732     Auckland International Airport Ltd   3,123,022 
 599,584     Contact Energy Ltd   2,359,798 
 563,455     Fletcher Building Ltd   2,842,194 
 1,019,409     Meridian Energy Ltd   1,988,771 
 577,671     Mighty River Power Ltd   1,300,464 
 362,291     Ryman Healthcare Ltd   2,305,617 
 1,329,116     Telecom Corp of New Zealand Ltd   3,348,729 
       TOTAL NEW ZEALAND   17,268,595 
             
NORWAY - 0.7%
 780,817     DNB NOR Holding ASA   15,069,284 
 184,650     Gjensidige Forsikring BA   3,474,878 
 1,055,953     Norsk Hydro ASA   8,171,333 
 624,390  e  Orkla ASA   6,116,017 
 324,733     PAN Fish ASA   6,341,199 
 63,210     Schibsted ASA   1,629,778 
 74,335     Schibsted ASA (B Shares)   1,744,430 
 880,303  e  Statoil ASA   17,885,566 
 587,410  e  Telenor ASA   12,472,912 
 134,534     Yara International ASA   6,389,380 
       TOTAL NORWAY   79,294,777 
             
PORTUGAL - 0.2%
 1,836,094     Energias de Portugal S.A.   6,547,910 
 385,533     Galp Energia SGPS S.A.   7,167,851 
 189,272     Jeronimo Martins SGPS S.A.   3,438,910 
       TOTAL PORTUGAL   17,154,671 
             
SINGAPORE - 1.3%
 1,879,208     Ascendas REIT   3,778,438 
 2,022,893     CapitaCommercial Trust   2,576,696 
 1,928,600     CapitaLand Ltd   5,193,705 
 2,250,530     CapitaMall Trust   3,336,340 
 289,700     City Developments Ltd   2,751,244 
 1,691,600     ComfortDelgro Corp Ltd   2,507,724 
 1,389,976     DBS Group Holdings Ltd   23,210,588 
 4,593,300     Genting Singapore plc   4,111,335 
 2,045,300     Global Logistic Properties   4,982,090 
 5,804,147     Golden Agri-Resources Ltd   1,682,228 
 72,109     Jardine Cycle & Carriage Ltd   2,085,138 
321

TIAA-CREF FUNDS - International Equity Index Fund

 

SHARES     COMPANY  VALUE 
           
 1,093,200     Keppel Corp Ltd  $6,017,264 
 2,443,791     Oversea-Chinese Banking Corp   21,343,138 
 727,360     SembCorp Industries Ltd   1,761,629 
 469,133     Singapore Airlines Ltd   3,535,552 
 686,500     Singapore Airport Terminal Services Ltd   2,368,000 
 713,600     Singapore Exchange Ltd   4,015,912 
 1,335,300  e  Singapore Press Holdings Ltd   2,644,286 
 1,452,400     Singapore Technologies Engineering Ltd   3,707,927 
 6,599,803     Singapore Telecommunications Ltd   18,162,424 
 496,100     StarHub Ltd   957,486 
 1,907,600     Suntec Real Estate Investment Trust   2,730,881 
 1,014,129     United Overseas Bank Ltd   18,320,940 
 342,777     UOL Group Ltd   2,273,182 
 1,120,500     Wilmar International Ltd   2,788,308 
       TOTAL SINGAPORE   146,842,455 
 
SOUTH AFRICA - 0.1%
 493,971     Investec plc   3,380,053 
 297,096  e  Mediclinic International plc   2,296,503 
 277,271     Mondi plc   6,705,579 
       TOTAL SOUTH AFRICA   12,382,135 
 
SPAIN - 3.3%
 524,519     Abertis Infraestructuras S.A. (Continuous)   11,344,722 
 187,266     ACS Actividades Construccion y Servicios S.A.   7,381,850 
 53,316  g  Aena S.A.   9,782,074 
 340,290     Amadeus IT Holding S.A.   23,088,297 
 5,239,007     Banco Bilbao Vizcaya Argentaria S.A.   45,812,336 
 4,263,383     Banco de Sabadell S.A.   8,536,197 
 12,588,431     Banco Santander S.A.   85,340,875 
 777,064     Bankia S.A.   3,708,339 
 496,274     Bankinter S.A.   4,683,207 
 2,902,501  e  CaixaBank S.A.   13,579,031 
 924,488     Corp Mapfre S.A.   3,023,536 
 474,002  e  Distribuidora Internacional de Alimentacion S.A.   2,318,336 
 186,198     Enagas   5,363,197 
 230,358     Endesa S.A.   5,272,489 
 364,165     Ferrovial S.A.   7,908,426 
 208,424     Gamesa Corp Tecnologica S.A.   3,022,105 
 258,503     Gas Natural SDG S.A.   5,531,322 
 230,578     Grifols S.A.   7,215,916 
 4,439,292     Iberdrola S.A.   35,873,945 
 869,683     Industria De Diseno Textil S.A.   32,507,038 
 319,799     Red Electrica Corp S.A.   7,081,151 
 979,832     Repsol YPF S.A.   18,361,459 
 3,547,949     Telefonica S.A.   37,201,887 
       TOTAL SPAIN   383,937,735 
 
SWEDEN - 2.8%
 229,780     Alfa Laval AB   5,819,154 
 767,264     Assa Abloy AB   16,176,109 
 532,222  e  Atlas Copco AB (A Shares)   23,338,703 
 314,946  e  Atlas Copco AB (B Shares)   12,502,788 
322

TIAA-CREF FUNDS - International Equity Index Fund

 

SHARES     COMPANY  VALUE 
 
 213,993     Boliden AB  $7,487,992 
 187,464     Electrolux AB (Series B)   6,626,210 
 2,435,317     Ericsson (LM) (B Shares)   15,325,641 
 458,688  *  Essity AB   13,709,926 
 185,923     Getinge AB (B Shares)   3,659,633 
 758,399  e  Hennes & Mauritz AB (B Shares)   19,032,093 
 198,873     Hexagon AB (B Shares)   10,197,230 
 306,758     Husqvarna AB (B Shares)   2,996,782 
 64,682     ICA Gruppen AB   2,385,423 
 141,138     Industrivarden AB   3,626,760 
 173,331     Investment AB Kinnevik (B Shares)   5,685,581 
 364,747     Investor AB (B Shares)   18,071,989 
 29,527     Lundbergs AB (B Shares)   2,304,785 
 150,802  *  Lundin Petroleum AB   3,547,643 
 2,375,973     Nordea Bank AB   28,712,936 
 897,387     Sandvik AB   16,380,439 
 230,050     Securitas AB (B Shares)   4,036,441 
 1,174,198     Skandinaviska Enskilda Banken AB (Class A)   14,470,356 
 265,388     Skanska AB (B Shares)   5,819,582 
 281,977     SKF AB (B Shares)   6,552,816 
 1,163,957     Svenska Handelsbanken AB   16,682,214 
 698,947     Swedbank AB (A Shares)   17,346,291 
 156,234     Swedish Match AB   5,885,486 
 272,941     Tele2 AB (B Shares)   3,471,738 
 1,934,364     TeliaSonera AB   8,953,131 
 1,235,556     Volvo AB (B Shares)   24,471,719 
       TOTAL SWEDEN   325,277,591 
 
SWITZERLAND - 8.5%
 1,549,799     ABB Ltd   40,473,046 
 123,331     Adecco S.A.   9,784,750 
 39,009     Baloise Holding AG.   6,150,053 
 1,622     Barry Callebaut AG.   2,534,400 
 407,754     Cie Financiere Richemont S.A.   37,589,324 
 139,917     Coca-Cola HBC AG.   4,728,797 
 1,891,004     Credit Suisse Group   29,799,994 
 26,377  *  Dufry Group   3,926,172 
 6,816     EMS-Chemie Holding AG.   4,468,374 
 28,104     Geberit AG.   12,724,181 
 7,162     Givaudan S.A.   15,994,811 
 9,615,206     Glencore Xstrata plc   46,376,055 
 356,329     Holcim Ltd   20,120,076 
 175,182     Julius Baer Group Ltd   10,361,586 
 40,579     Kuehne & Nagel International AG.   7,089,792 
 908     Lindt & Spruengli AG.   5,256,052 
 88     Lindt & Spruengli AG. (Registered)   6,109,108 
 58,282     Lonza Group AG.   15,483,263 
 2,431,079     Nestle S.A.   204,547,342 
 1,734,546     Novartis AG.   143,064,020 
 28,484     Pargesa Holding S.A.   2,385,296 
 14,298     Partners Group   9,616,663 
 38,137     Phonak Holding AG.   6,884,949 
 547,099     Roche Holding AG.   126,451,527 
323

TIAA-CREF FUNDS - International Equity Index Fund

 

SHARES     COMPANY  VALUE 
             
 32,098     Schindler Holding AG.  $7,273,631 
 16,200     Schindler Holding AG. (Registered)   3,577,818 
 4,098     SGS S.A.   10,120,184 
 1,738     Sika AG.   12,863,755 
 513,608     STMicroelectronics NV   12,091,012 
 7,459     Straumann Holding AG.   5,207,874 
 23,814     Swatch Group AG.   9,333,748 
 41,672     Swatch Group AG. (Registered)   3,141,094 
 26,728     Swiss Life Holding   9,289,832 
 61,440     Swiss Prime Site AG.   5,243,939 
 250,932     Swiss Re Ltd   23,615,284 
 20,424     Swisscom AG.   10,318,707 
 2,857,621     UBS AG.   48,617,003 
 39,939     Vifor Pharma AG.   5,136,989 
 193,023     Wolseley plc   13,498,091 
 118,826     Zurich Financial Services AG.   36,261,544 
       TOTAL SWITZERLAND   987,510,136 
 
UNITED KINGDOM - 15.8%
 793,572     3i Group plc   10,127,679 
 148,594     Admiral Group plc   3,795,951 
 1,046,192     Anglo American plc (London)   19,734,331 
 386,188     Ashtead Group plc   9,948,015 
 276,574     Associated British Foods plc   12,240,938 
 987,144     AstraZeneca plc   66,791,114 
 798,624  g  Auto Trader Group plc   3,631,593 
 3,141,906     Aviva plc   21,077,240 
 245,884     Babcock International Group   2,651,273 
 2,470,459     BAE Systems plc   19,460,636 
 13,555,605     Barclays plc   33,451,311 
 784,641     Barratt Developments plc   6,822,312 
 98,716     Berkeley Group Holdings plc   4,904,812 
 15,378,187     BP plc   104,304,976 
 1,793,164     British American Tobacco plc   115,856,013 
 724,181     British Land Co plc   5,782,006 
 6,718,884     BT Group plc   23,150,120 
 256,566     Bunzl plc   7,992,160 
 341,531     Burberry Group plc   8,626,192 
 521,331     Capita Group plc   3,630,560 
 4,453,710     Centrica plc   10,043,865 
 802,823     CNH Industrial NV   10,242,932 
 2,075,912     Cobham plc   3,832,400 
 173,977     Coca-Cola European Partners plc   7,136,567 
 1,212,278     Compass Group plc   26,614,764 
 1,018,214  g  ConvaTec Group plc   2,649,203 
 97,327     Croda International plc   5,408,917 
 66,583     DCC plc   6,314,287 
 1,958,925     Diageo plc   66,894,963 
 1,016,502     Direct Line Insurance Group plc   5,016,975 
 118,760     easyJet plc   2,112,129 
 716,659     Experian Group Ltd   15,098,781 
 848,066  *  Fiat DaimlerChrysler Automobiles NV   14,664,143 
 1,288,974     GKN plc   5,432,837 
324

TIAA-CREF FUNDS - International Equity Index Fund

 

SHARES     COMPANY  VALUE 
 
 3,878,544     GlaxoSmithKline plc  $69,609,512 
 1,166,419     Group 4 Securicor plc   4,352,401 
 645,974     Hammerson plc   4,496,770 
 195,507     Hargreaves Lansdown plc   4,106,864 
 15,709,270     HSBC Holdings plc   153,402,875 
 200,179     IMI plc   3,248,020 
 760,346     Imperial Tobacco Group plc   31,000,483 
 415,231     Inmarsat plc   3,425,038 
 135,862     InterContinental Hotels Group plc   7,526,936 
 485,252     International Consolidated Airlines Group S.A.   4,095,870 
 125,114     Intertek Group plc   9,013,343 
 728,651     Intu Properties plc   2,091,820 
 2,875,560     ITV plc   6,285,713 
 1,230,149     J Sainsbury plc   3,961,353 
 512,761     John Wood Group plc   4,848,569 
 163,512     Johnson Matthey plc   7,340,983 
 1,788,094     Kingfisher plc   7,434,234 
 604,519     Land Securities Group plc   7,764,296 
 4,597,441     Legal & General Group plc   16,300,553 
 55,831,171     Lloyds TSB Group plc   50,607,076 
 242,928     London Stock Exchange Group plc   12,131,565 
 1,321,942     Marks & Spencer Group plc   6,041,787 
 574,303     Meggitt plc   3,953,517 
 646,084  g  Merlin Entertainments plc   3,249,994 
 341,945     Micro Focus International plc   12,010,650 
 2,737,030     National Grid plc   32,946,876 
 794,835     New Carphone Warehouse plc   1,830,757 
 114,610     Next plc   7,491,669 
 3,796,739     Old Mutual plc   9,631,294 
 628,313     Pearson plc   5,866,960 
 239,257     Persimmon plc   8,903,893 
 110,719  e  Provident Financial plc   1,369,784 
 2,029,977     Prudential plc   49,826,524 
 529,359     Reckitt Benckiser Group plc   47,359,974 
 734,561     Reed Elsevier NV   16,584,027 
 831,884     Reed Elsevier plc   19,142,400 
 329,915  e  Rio Tinto Ltd   17,579,940 
 969,525     Rio Tinto plc   45,820,344 
 1,290,808     Rolls-Royce Group plc   16,681,082 
 2,750,519  *  Royal Bank of Scotland Group plc   10,332,510 
 804,880     Royal Mail plc   4,002,341 
 766,644     RSA Insurance Group plc   6,401,723 
 856,711     Sage Group plc   8,480,244 
 96,322     Schroders plc   4,469,035 
 822,342     Scottish & Southern Energy plc   15,103,050 
 756,705     Segro plc   5,462,731 
 201,420     Severn Trent plc   5,647,697 
 716,178     Shire Ltd   35,275,773 
 845,318  *  Sky plc   10,586,977 
 654,886     Smith & Nephew plc   12,352,180 
 295,665     Smiths Group plc   6,169,311 
 396,732     St. James’s Place plc   6,200,882 
325

TIAA-CREF FUNDS - International Equity Index Fund

 

SHARES     COMPANY              VALUE 
                       
 2,574,873  *  Standard Chartered plc              $25,645,397 
 2,079,083     Standard Life plc               11,863,716 
 420,405     Tate & Lyle plc               3,611,395 
 2,560,885     Taylor Wimpey plc               6,786,544 
 6,290,075  *  Tesco plc               15,156,482 
 212,000     Travis Perkins plc               4,279,831 
 1,273,556     Unilever NV               73,980,742 
 1,003,780     Unilever plc               56,888,176 
 578,192     United Utilities Group plc               6,396,885 
 20,840,880     Vodafone Group plc               59,611,969 
 169,764     Weir Group plc               4,401,074 
 153,397     Whitbread plc               7,523,581 
 1,667,045     WM Morrison Supermarkets plc               4,963,980 
 1,567,360  g  Worldpay Group plc               8,449,029 
 1,011,613     WPP plc               17,884,523 
       TOTAL UNITED KINGDOM               1,822,705,519 
                         
UNITED STATES - 0.4%
 144,784     Carnival plc               9,545,358 
 480,000     iShares MSCI EAFE Index Fund               33,422,400 
 162,924  *  QIAGEN NV               5,527,472 
 11,572  *,e  Taro Pharmaceutical Industries Ltd               1,300,924 
       TOTAL UNITED STATES               49,796,154 
                         
       TOTAL COMMON STOCKS               11,507,817,713 
       (Cost $9,556,863,456)                 
                         
RIGHTS / WARRANTS - 0.0%
 
AUSTRALIA - 0.0%
 989,098  m  BGP Holdings plc               24,080 
       TOTAL AUSTRALIA               24,080 
 
SPAIN - 0.0%
 12,530,046     Banco Santander S.A.               598,420 
 364,165  h  Ferrovial S.A.               175,194 
       TOTAL SPAIN               773,614 
                         
UNITED KINGDOM - 0.0%
 59,377,168  *,h,m  Rolls-Royce Holdings plc               78,862 
       TOTAL UNITED KINGDOM               78,862 
                         
       TOTAL RIGHTS / WARRANTS               876,556 
       (Cost $839,566)                 
                         
             MATURITY    
PRINCIPAL     ISSUER  RATE  DATE    
                  
SHORT-TERM INVESTMENTS - 1.6%
 
GOVERNMENT AGENCY DEBT - 0.0%
$3,950,000     Federal Home Loan Bank (FHLB)   0.700%  11/01/17   3,950,000 
       TOTAL GOVERNMENT AGENCY DEBT           3,950,000 
                      
TREASURY DEBT - 0.3%
 9,130,000     United States Treasury Bill   0.982   11/02/17   9,129,754 
 10,600,000     United States Treasury Bill   0.936-0.951   11/09/17   10,597,736 
       TOTAL TREASURY DEBT           19,727,490 
326

TIAA-CREF FUNDS - International Equity Index Fund

 

SHARES     COMPANY  VALUE 
             
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.3%
 153,868,250 c   State Street Navigator Securities Lending Government Money Market Portfolio  $153,868,250 
       TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES   153,868,250 
             
       TOTAL SHORT-TERM INVESTMENTS   177,545,740 
       (Cost $177,545,797)     
       TOTAL INVESTMENTS - 101.0%   11,686,240,009 
       (Cost $9,735,248,819)     
       OTHER ASSETS & LIABILITIES, NET - (1.0)%   (112,247,022)
       NET ASSETS - 100.0%  $11,573,992,987 
         
       
      Abbreviation(s):
      ADR    American Depository Receipt
      REIT    Real Estate Investment Trust
       
  *   Non-income producing
  †   Security is categorized as Level 3 in the fair value hierarchy.
  c   Investments made with cash collateral received from securities on loan.
  e   All or a portion of these securities are out on loan. The aggregate value of securities on loan is $145,926,424.
  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 10/31/17, the aggregate value of these securities amounted to $76,471,635 or 0.7% of net assets.
  h   All or a portion of these securities were purchased on a delayed delivery basis.
  m   Indicates a security that has been deemed illiquid.

 

         

 

Futures contracts outstanding as of October 31, 2017 were as follows (See Note 3):

 

   Number of              Unrealized 
   long (short)             appreciation 
Description  contracts  Expiration date  Notional amount   Value   (depreciation) 
Mini MSCI EAFE Index   220   12/15/17   $21,971,710    $22,081,400    $109,690 
327

TIAA-CREF FUNDS - International Equity Index Fund

 

TIAA-CREF FUNDS

INTERNATIONAL EQUITY INDEX FUND

SUMMARY OF MARKET VALUES BY SECTOR

October 31, 2017

 

       % OF 
SECTOR  VALUE   NET ASSETS 
FINANCIALS  $2,465,759,953    21.2%
INDUSTRIALS   1,643,787,669    14.2 
CONSUMER DISCRETIONARY   1,445,344,186    12.5 
CONSUMER STAPLES   1,283,697,617    11.1 
HEALTH CARE   1,168,298,949    10.1 
MATERIALS   914,119,393    7.9 
INFORMATION TECHNOLOGY   742,880,001    6.4 
ENERGY   596,205,267    5.2 
TELECOMMUNICATION SERVICES   461,132,015    4.0 
REAL ESTATE   404,281,450    3.5 
UTILITIES   383,187,769    3.3 
SHORT-TERM INVESTMENTS   177,545,740    1.6 
OTHER ASSETS & LIABILITIES, NET   (112,247,022)   (1.0)
           
NET ASSETS  $11,573,992,987    100.0%
328

TIAA-CREF FUNDS - Emerging Markets Debt Fund

 

TIAA-CREF FUNDS
EMERGING MARKETS DEBT FUND
SCHEDULE OF INVESTMENTS
October 31, 2017

 

          REFERENCE      MATURITY    
PRINCIPAL      ISSUER  RATE & SPREAD  RATE  DATE  VALUE 
                         
BONDS - 95.2%                   
                         
CORPORATE BONDS - 47.5%                
                         
ARGENTINA - 2.4%                  
$2,020,000   g  AES Argentina Generacion S.A.      7.750%  02/02/24  $2,166,288 
 2,000,000   g  Genneia S.A.      8.750   01/20/22   2,220,080 
 2,000,000   g,i  YPF S.A.  Argentina Deposit Rates Badlar + 4.000%   25.458   07/07/20   1,932,500 
 1,950,000   g  YPF S.A.      6.950   07/21/27   2,084,063 
        TOTAL ARGENTINA              8,402,931 
                         
BAHRAIN - 0.5%                  
 1,800,000   g  Oil and Gas Holding Co BSCC      7.500   10/25/27   1,867,259 
        TOTAL BAHRAIN              1,867,259 
                         
BRAZIL - 6.1%                  
 1,800,000   g  Azul Investments LLP      5.875   10/26/24   1,793,700 
 1,800,000   g  Banco do Brasil S.A.      4.625   01/15/25   1,797,300 
 1,500,000   g,i  Caixa Economica Federal  DGS5 + 5.551%   7.250   07/23/24   1,563,000 
 1,800,000   g  Cosan Ltd      5.950   09/20/24   1,861,290 
 1,475,000   g  Gerdau Trade, Inc      4.875   10/24/27   1,486,288 
 1,500,000   g  GTL Trade Finance, Inc      5.893   04/29/24   1,619,100 
 2,000,000   g  JSL Europe S.A.      7.750   07/26/24   2,127,500 
 1,625,000   g  Klabin Finance S.A.      4.875   09/19/27   1,612,813 
 3,291,505   †,g,q  Odebrecht Offshore Drilling Finance Ltd      6.625   10/01/22   1,168,484 
 1,025,356   †,g,q  Odebrecht Offshore Drilling Finance Ltd      6.750   10/01/22   364,002 
BRL 2,305,000   †,g,q  Oi S.A.      9.750   09/15/16   211,384 
$1,100,000   †,g,q  Oi S.A.      5.750   02/10/22   387,750 
 1,650,000      Petrobras Global Finance BV      6.125   01/17/22   1,783,650 
 1,500,000      Petrobras Global Finance BV      7.375   01/17/27   1,665,000 
 1,700,000      Petrobras Global Finance BV      5.625   05/20/43   1,527,450 
 1,800,000   †,g,q  Telemar Norte Leste S.A.      5.500   10/23/20   616,500 
        TOTAL BRAZIL              21,585,211 
                         
CHILE - 2.6%                   
 1,150,000   g  Celulosa Arauco y Constitucion S.A.      5.500   11/02/47   1,158,050 
 1,350,000   g  Colbun S.A.      3.950   10/11/27   1,348,650 
 1,550,000   g  Corp Nacional del Cobre de Chile-CODELCO      3.625   08/01/27   1,558,726 
 1,550,000   g  Corp Nacional del Cobre de Chile-CODELCO      4.875   11/04/44   1,716,330 
 1,475,000   g  Empresa Nacional del Petroleo      4.500   09/14/47   1,401,988 
 2,000,000   g  Latam Finance Ltd      6.875   04/11/24   2,119,000 
        TOTAL CHILE              9,302,744 
329

TIAA-CREF FUNDS - Emerging Markets Debt Fund

 

                   MATURITY     
PRINCIPAL      ISSUER     RATE  DATE  VALUE  
                         
CHINA - 1.1%                   
$1,800,000      China Evergrande Group      8.250%  03/23/22  $1,891,782 
 2,050,000   g  Golden Eagle Retail Group Ltd      4.625   05/21/23   1,947,500 
        TOTAL CHINA              3,839,282 
                         
COLOMBIA - 2.4%                
 1,500,000   g  Banco de Bogota S.A.      6.250   05/12/26   1,627,500 
 2,000,000   g  Colombia Telecomunicaciones S.A. ESP      5.375   09/27/22   2,040,000 
 1,500,000      Ecopetrol S.A.      5.375   06/26/26   1,603,200 
 1,800,000   g  GrupoSura Finance S.A.      5.500   04/29/26   1,957,500 
 1,225,000   g  Millicom International Cellular S.A.      5.125   01/15/28   1,231,125 
        TOTAL COLOMBIA              8,459,325 
                         
COSTA RICA - 1.1%                
 2,000,000   g  Autopistas del Sol S.A.      7.375   12/30/30   2,115,000 
 1,800,000   g  Banco Nacional de Costa Rica      5.875   04/25/21   1,871,100 
        TOTAL COSTA RICA              3,986,100 
                         
ECUADOR - 0.4%                   
 1,500,000   g  Petroamazonas EP      4.625   02/16/20   1,453,800 
        TOTAL ECUADOR              1,453,800 
                         
GHANA - 0.9%                   
 2,050,000   g  Tullow Oil plc      6.000   11/01/20   2,057,687 
 1,000,000   g  Tullow Oil plc      6.250   04/15/22   997,500 
        TOTAL GHANA              3,055,187 
                         
INDIA - 2.0%                   
 1,500,000   g  Adani Ports & Special Economic Zone Ltd      3.950   01/19/22   1,542,579 
 1,800,000   g  Azure Power Energy Ltd      5.500   11/03/22   1,858,869 
 1,500,000   g  Delhi International Airport Ltd      6.125   10/31/26   1,613,508 
 1,800,000   g  Greenko Dutch BV      5.250   07/24/24   1,858,907 
        TOTAL INDIA              6,873,863 
                         
INDONESIA - 3.7%                
 1,700,000   g  Golden Legacy Pte Ltd      8.250   06/07/21   1,848,590 
 1,800,000   g  Listrindo Capital BV      4.950   09/14/26   1,822,500 
 1,800,000   g  Medco Straits Services Pte Ltd      8.500   08/17/22   1,911,852 
 1,300,000   g  Minejesa Capital BV      4.625   08/10/30   1,327,581 
 800,000   g  Minejesa Capital BV      5.625   08/10/37   850,977 
 1,500,000   g  Pelabuhan Indonesia II PT      4.250   05/05/25   1,557,300 
 1,930,000   g  Pertamina Persero PT      4.300   05/20/23   2,037,989 
 1,700,000   g  Perusahaan Listrik Negara PT      5.250   10/24/42   1,790,015 
        TOTAL INDONESIA              13,146,804 
330

TIAA-CREF FUNDS - Emerging Markets Debt Fund

 

           REFERENCE       MATURITY     
PRINCIPAL      ISSUER  RATE & SPREAD  RATE  DATE  VALUE  
                         
ISRAEL - 0.5%                   
$1,800,000      Teva Pharmaceutical Finance Netherlands III BV      3.150%  10/01/26  $1,595,015 
        TOTAL ISRAEL              1,595,015 
                         
JAMAICA - 0.4%                   
 1,400,000   g  Digicel Group Ltd      7.125   04/01/22   1,319,500 
        TOTAL JAMAICA              1,319,500 
                         
KAZAKHSTAN - 1.0%                
 1,500,000   g  Kazkommertsbank JSC      5.500   12/21/22   1,487,415 
 2,175,000   g  KazTransGas JSC      4.375   09/26/27   2,148,807 
        TOTAL KAZAKHSTAN              3,636,222 
                         
MACAU - 0.4%                   
 300,000   g  Wynn Macau Ltd      4.875   10/01/24   305,625 
 1,000,000   g  Wynn Macau Ltd      5.500   10/01/27   1,013,220 
        TOTAL MACAU              1,318,845 
                         
MEXICO - 5.0%                   
MXN 25,450,000      America Movil SAB de C.V.      6.450   12/05/22   1,241,653 
$1,400,000   g  Banco Nacional de Comercio Exterior SNC      4.375   10/14/25   1,449,000 
 1,500,000   g,i  Banco Nacional de Comercio Exterior SNC  DGS5 + 3.000%   3.800   08/11/26   1,492,500 
 800,000   g,i  BBVA Bancomer S.A.  DGS5 + 3.000%   5.350   11/12/29   802,000 
 2,000,000   g  Cydsa SAB de C.V.      6.250   10/04/27   1,982,500 
 2,000,000      Grupo Financiero Santander Mexico SAB de C.V.      8.500   12/29/49   2,117,938 
 1,475,000   g  Mexico City Airport Trust      5.500   07/31/47   1,460,987 
 3,075,000   g  Petroleos Mexicanos      6.500   03/13/27   3,356,055 
 1,475,000   g  Petroleos Mexicanos      6.500   03/13/27   1,609,815 
 2,000,000   g  Unifin Financiera SAB de C.V. SOFOM ENR      7.000   01/15/25   2,093,000 
        TOTAL MEXICO              17,605,448 
                         
MOROCCO - 0.5%                   
 1,800,000   g  OCP S.A.      4.500   10/22/25   1,798,277 
        TOTAL MOROCCO              1,798,277 
                         
NETHERLANDS - 1.0%                   
 1,800,000   g  GTH Finance BV      7.250   04/26/23   2,038,500 
 1,450,000   g  VimpelCom Holdings BV      4.950   06/16/24   1,483,727 
        TOTAL NETHERLANDS              3,522,227 
                         
NIGERIA - 1.1%                   
 1,500,000   g  Access Bank plc      10.500   10/19/21   1,695,108 
 2,000,000   g  IHS Netherlands Holdco BV      9.500   10/27/21   2,124,646 
        TOTAL NIGERIA              3,819,754 
331

TIAA-CREF FUNDS - Emerging Markets Debt Fund

 

           REFERENCE       MATURITY     
PRINCIPAL      ISSUER  RATE & SPREAD  RATE  DATE  VALUE  
                         
PANAMA - 0.9%                   
$1,300,000   g  Aeropuerto Internacional de Tocumen S.A.      5.625%  05/18/36  $1,404,000 
 1,725,000   g  Banco General S.A.      4.125   08/07/27   1,715,513 
        TOTAL PANAMA              3,119,513 
                         
PERU - 1.9%                   
 1,000,000   g  Intercorp Financial Services, Inc      4.125   10/19/27   987,500 
 2,000,000   g  Petroleos del Peru S.A.      4.750   06/19/32   2,044,400 
 1,800,000   g  Petroleos del Peru S.A.      5.625   06/19/47   1,894,860 
 1,750,000   g  Union Andina de Cementos SAA      5.875   10/30/21   1,839,250 
        TOTAL PERU              6,766,010 
                         
RUSSIA - 0.4%                   
 1,500,000   g  LUKOIL International Finance BV      4.563   04/24/23   1,556,814 
        TOTAL RUSSIA              1,556,814 
                         
SOUTH AFRICA - 2.7%                
 4,000,000   g  Eskom Holdings SOC Ltd      5.750   01/26/21   4,040,560 
 1,500,000   g  MTN Mauritius Investment Ltd      6.500   10/13/26   1,620,328 
 2,000,000   g  Stillwater Mining Co      7.125   06/27/25   2,055,394 
 1,800,000   g  Transnet SOC Ltd      4.000   07/26/22   1,751,521 
        TOTAL SOUTH AFRICA              9,467,803 
                         
THAILAND - 0.5%                
 1,800,000   g,i  PTTEP Treasury Center Co Ltd  DGS5 + 2.724%   4.600   12/30/49   1,832,303 
        TOTAL THAILAND              1,832,303 
                         
TRINIDAD AND TOBAGO - 0.1%                
 500,000   g  Petroleum Co of Trinidad & Tobago Ltd      6.000   05/08/22   505,000 
        TOTAL TRINIDAD AND TOBAGO              505,000 
                         
TURKEY - 3.8%                   
 1,900,000   g,i  Akbank TAS  USD SWAP SEMI 30/360 5Y + 5.026%   7.200   03/16/27   1,969,652 
 1,800,000   g  TC Ziraat Bankasi AS.      5.125   05/03/22   1,791,446 
 1,250,000   g  TC Ziraat Bankasi AS.      5.125   09/29/23   1,225,944 
 1,200,000   g  Turk Telekomunikasyon AS.      4.875   06/19/24   1,213,794 
 1,800,000   g,i  Turkiye Garanti Bankasi AS.  USD SWAP SEMI 30/360 5 Y + 4.220%   6.125   05/24/27   1,777,500 
 2,050,000   g  Turkiye Is Bankasi      6.125   04/25/24   2,044,178 
 1,800,000   g,i  Turkiye Is Bankasi  USD SWAP SEMI 30/360 5Y + 5.117%   7.000   06/29/28   1,764,022 
 1,800,000   g  Yapi ve Kredi Bankasi AS.      5.850   06/21/24   1,774,022 
        TOTAL TURKEY              13,560,558 
332

TIAA-CREF FUNDS - Emerging Markets Debt Fund

 

                   MATURITY     
PRINCIPAL      ISSUER     RATE  DATE  VALUE  
                         
UKRAINE - 1.8%                   
$1,800,000   g  MHP S.A.      7.750%  05/10/24  $1,946,496 
 2,000,000   g  Ukreximbank Via Biz Finance plc      9.625   04/27/22   2,157,000 
 2,000,000   g  Ukreximbank Via Biz Finance plc      9.750   01/22/25   2,181,000 
        TOTAL UKRAINE              6,284,496 
                         
UNITED ARAB EMIRATES - 0.5%                
 1,675,000   g  Abu Dhabi Crude Oil Pipeline LLC      4.600   11/02/47   1,711,538 
        TOTAL UNITED ARAB EMIRATES              1,711,538 
                         
UNITED KINGDOM - 0.5%                
 1,800,000   g  Jaguar Land Rover Automotive plc      4.500   10/01/27   1,782,000 
        TOTAL UNITED KINGDOM              1,782,000 
                         
URUGUAY - 0.5%                   
 1,650,000   g  Arcos Dorados Holdings, Inc      5.875   04/04/27   1,749,000 
        TOTAL URUGUAY              1,749,000 
                         
VENEZUELA - 0.3%                
 3,175,000   †  Petroleos de Venezuela S.A.      5.375   04/12/27   917,575 
        TOTAL VENEZUELA              917,575 
                         
ZAMBIA - 0.5%                   
 1,800,000   g  First Quantum Minerals Ltd      7.250   04/01/23   1,908,000 
        TOTAL ZAMBIA              1,908,000 
                         
        TOTAL CORPORATE BONDS             167,748,404 
        (Cost $163,751,027)                
                         
GOVERNMENT BONDS -  47.7%                
                         
ARGENTINA - 2.6%                
 1,750,000      Argentina Republic Government International Bond      5.625   01/26/22   1,837,500 
 3,500,000   g  Argentina Republic Government International Bond      7.125   06/28/17   3,591,000 
 3,350,000   g  Provincia de Buenos Aires      7.875   06/15/27   3,713,475 
        TOTAL ARGENTINA              9,141,975 
                         
AZERBAIJAN - 0.4%                
 1,400,000   g  Southern Gas Corridor CJSC      6.875   03/24/26   1,582,000 
        TOTAL AZERBAIJAN              1,582,000 
                         
BAHRAIN - 0.7%                   
 1,250,000   g  Bahrain Government International Bond      6.750   09/20/29   1,243,180 
 1,250,000   g  Bahrain Government International Bond      7.500   09/20/47   1,217,940 
        TOTAL BAHRAIN              2,461,120 
333

TIAA-CREF FUNDS - Emerging Markets Debt Fund

 

                   MATURITY     
PRINCIPAL      ISSUER     RATE  DATE  VALUE  
                         
BARBADOS - 0.2%                   
$825,000      Barbados Government International Bond   7.250%  12/15/21  $767,250 
        TOTAL BARBADOS              767,250 
                         
BRAZIL - 2.8%                   
 920,281   g  Brazil Loan Trust      5.477   07/24/23   959,854 
 1,500,000   g  Brazil Minas SPE via State of Minas Gerais      5.333   02/15/28   1,526,250 
BRL 13,150,000      Brazil Notas do Tesouro Nacional Serie F      10.000   01/01/21   4,125,381 
$1,910,000      Brazilian Government International Bond      4.250   01/07/25   1,938,650 
 1,000,000      Brazilian Government International Bond      7.125   01/20/37   1,193,000 
        TOTAL BRAZIL              9,743,135 
                         
CHILE - 0.4%                   
CLP 830,000,000      Bonos de la Tesoreria de la Republica en pesos      6.000   01/01/43   1,465,333 
        TOTAL CHILE              1,465,333 
                         
COSTA RICA - 0.8%                   
$2,500,000   g,p  Costa Rica Government International Bond      7.158   03/12/45   2,656,250 
        TOTAL COSTA RICA              2,656,250 
                         
COTE D’IVOIRE - 1.0%                
 1,950,000   g  Ivory Coast Government International Bond      6.125   06/15/33   1,922,694 
 1,881,750   g  Ivory Coast Government International Bond      5.750   12/31/32   1,847,350 
        TOTAL COTE D’IVOIRE              3,770,044 
                         
CROATIA - 0.5%                   
 1,800,000   g  Croatia Government International Bond      6.750   11/05/19   1,939,536 
        TOTAL CROATIA              1,939,536 
                         
DOMINICAN REPUBLIC - 2.7%                
 1,600,000   g  Dominican Republic International Bond      5.875   04/18/24   1,742,000 
 1,000,000   g  Dominican Republic International Bond      6.875   01/29/26   1,142,830 
DOP 124,000,000   g  Dominican Republic International Bond      11.250   02/05/27   2,775,302 
$3,160,000   g  Dominican Republic International Bond      7.450   04/30/44   3,752,500 
        TOTAL DOMINICAN REPUBLIC              9,412,632 
                         
ECUADOR - 1.5%                   
 1,150,000   g  Ecuador Government International Bond      9.650   12/13/26   1,247,750 
 2,000,000      Ecuador Government International Bond      9.650   12/13/26   2,170,000 
 1,750,000   g  Ecuador Government International Bond      8.875   10/23/27   1,788,675 
        TOTAL ECUADOR              5,206,425 
334

TIAA-CREF FUNDS - Emerging Markets Debt Fund

 

                   MATURITY     
PRINCIPAL      ISSUER     RATE  DATE  VALUE  
                         
EGYPT - 1.5%                   
$1,100,000   g  Egypt Government International Bond      6.125%  01/31/22  $1,147,111 
 1,800,000   g  Egypt Government International Bond      7.500   01/31/27   1,995,242 
 1,800,000   g  Egypt Government International Bond      8.500   01/31/47   2,036,149 
        TOTAL EGYPT              5,178,502 
                         
EL SALVADOR - 1.0%                   
 1,350,000   g  El Salvador Government International Bond      5.875   01/30/25   1,333,125 
 1,950,000   g  El Salvador Government International Bond      8.625   02/28/29   2,208,375 
        TOTAL EL SALVADOR              3,541,500 
                         
GABON - 0.5%                   
 1,600,000   g  Gabonese Republic      6.950   06/16/25   1,601,754 
        TOTAL GABON              1,601,754 
                         
GHANA - 0.2%                   
GHS 2,965,000   †,g  Citigroup Global Markets Holdings, Inc      24.500   06/28/21   793,068 
        TOTAL GHANA              793,068 
                         
GREECE - 0.9%                   
EUR 1,350,000   g  Hellenic Republic Government Bond      4.375   08/01/22   1,569,962 
 1,550,000      Hellenic Republic Government Bond   3.000   02/24/30   1,485,855 
        TOTAL GREECE              3,055,817 
                         
GUATEMALA - 0.5%                   
$1,650,000   g  Guatemala Government International Bond      4.375   06/05/27   1,641,750 
        TOTAL GUATEMALA              1,641,750 
                         
INDONESIA - 1.7%                   
 1,200,000   g  Indonesia Government International Bond      3.850   07/18/27   1,234,538 
 600,000   g  Indonesia Government International Bond      4.750   07/18/47   634,385 
IDR 13,400,000,000      Indonesia Treasury Bond      8.250   07/15/21   1,044,798 
 14,800,000,000      Indonesia Treasury Bond      8.375   09/15/26   1,195,231 
$1,600,000   g  Republic of Indonesia      5.250   01/17/42   1,789,803 
        TOTAL INDONESIA              5,898,755 
                         
IRAQ - 0.6%                   
 2,000,000   g  Iraq Government International Bond      6.752   03/09/23   2,003,480 
        TOTAL IRAQ              2,003,480 
                         
JAMAICA - 0.7%                   
 1,000,000      Jamaica Government International Bond      6.750   04/28/28   1,158,590 
 1,000,000      Jamaica Government International Bond      7.875   07/28/45   1,240,000 
        TOTAL JAMAICA              2,398,590 
335

TIAA-CREF FUNDS - Emerging Markets Debt Fund

 

                   MATURITY     
PRINCIPAL      ISSUER     RATE  DATE  VALUE  
                         
JORDAN - 0.4%                   
$1,475,000   g  Jordan Government International Bond      7.375%  10/10/47  $1,544,142 
        TOTAL JORDAN              1,544,142 
                         
LEBANON - 2.1%                   
 1,000,000      Lebanon Government International Bond      6.250   05/27/22   992,092 
 1,500,000      Lebanon Government International Bond      6.100   10/04/22   1,483,095 
 3,200,000      Lebanon Government International Bond      6.250   11/04/24   3,082,835 
 2,000,000      Lebanon Government International Bond      6.650   02/26/30   1,872,012 
        TOTAL LEBANON              7,430,034 
                         
MALAYSIA - 0.3%                   
 1,000,000      1MDB Global Investments Ltd      4.400   03/09/23   958,714 
        TOTAL MALAYSIA              958,714 
                         
MEXICO - 0.7%                   
MXN 46,040,000      Mexican Bonos      6.500   06/09/22   2,349,050 
        TOTAL MEXICO              2,349,050 
                         
MONGOLIA - 1.0%                   
$1,700,000   g  Mongolia Government International Bond      5.125   12/05/22   1,685,179 
 1,250,000   g  Mongolia Government International Bond      5.625   05/01/23   1,254,593 
 550,000   g  Mongolia Government International Bond      8.750   03/09/24   630,450 
        TOTAL MONGOLIA              3,570,222 
                         
OMAN - 0.5%                   
 1,850,000   g  Oman Government International Bond      6.500   03/08/47   1,901,060 
        TOTAL OMAN              1,901,060 
                         
PARAGUAY - 0.9%                   
 2,750,000   g  Republic of Paraguay      6.100   08/11/44   3,141,875 
        TOTAL PARAGUAY              3,141,875 
                         
PERU - 1.8%                   
PEN 5,940,000   g  Fondo MIVIVIENDA S.A.      7.000   02/14/24   1,954,274 
 5,500,000   g  Peru Government International Bond      6.150   08/12/32   1,768,964 
 2,660,000   g  Peruvian Government International Bond      6.350   08/12/28   879,050 
 5,425,000   g  Peruvian Government International Bond      6.950   08/12/31   1,872,192 
        TOTAL PERU              6,474,480 
                         
POLAND - 0.6%                   
PLN 8,900,000      Republic of Poland Government Bond      2.500   07/25/26   2,284,515 
        TOTAL POLAND              2,284,515 
336

TIAA-CREF FUNDS - Emerging Markets Debt Fund

 

                   MATURITY     
PRINCIPAL      ISSUER     RATE  DATE  VALUE  
                         
REPUBLIC OF SERBIA - 0.9%                
$1,500,000   g  Republic of Serbia      4.875%  02/25/20  $1,562,506 
RSD 158,000,000      Serbia Treasury Bonds      5.750   07/21/23   1,601,433 
        TOTAL REPUBLIC OF SERBIA              3,163,939 
                         
RUSSIA - 1.4%                   
RUB 129,500,000      Russian Federal Bond - Federal Loan Obligation   7.000   08/16/23   2,182,323 
$2,600,000   g  Russian Foreign Bond-Eurobond      5.250   06/23/47   2,662,135 
        TOTAL RUSSIA              4,844,458 
                         
SENEGAL - 0.4%                   
 1,400,000   g  Senegal Government International Bond      6.250   05/23/33   1,446,956 
        TOTAL SENEGAL              1,446,956 
                         
SOUTH AFRICA - 2.4%                   
 900,000      Republic of South Africa Government International Bond      4.850   09/27/27   878,464 
 750,000      Republic of South Africa Government International Bond      5.650   09/27/47   719,243 
 2,350,000      South Africa Government International Bond      5.875   09/16/25   2,503,925 
 1,600,000      South Africa Government International Bond      4.300   10/12/28   1,480,918 
ZAR 39,100,000      South Africa Government International Bond      7.000   02/28/31   2,203,458 
$1,040,000      South Africa Government International Bond      6.250   03/08/41   1,091,846 
        TOTAL SOUTH AFRICA              8,877,854 
                         
SRI LANKA - 1.3%                   
 1,850,000   g  Sri Lanka Government International Bond      6.850   11/03/25   2,051,879 
 2,450,000   g  Sri Lanka Government International Bond      6.200   05/11/27   2,601,831 
        TOTAL SRI LANKA              4,653,710 
                         
SUPRANATIONAL - 1.0%                
INR 48,000,000      Asian Development Bank      6.000   02/24/21   749,399 
 102,000,000      Asian Development Bank      6.200   10/06/26   1,585,488 
IDR 18,100,000,000      European Investment Bank      4.950   03/01/19   1,306,031 
        TOTAL SUPRANATIONAL              3,640,918 
                         
THAILAND - 0.5%                   
THB 53,000,000      Thailand Government International Bond      1.875   06/17/22   1,596,911 
        TOTAL THAILAND              1,596,911 
                         
TURKEY - 3.1%                   
$1,800,000   g  Export Credit Bank of Turkey      5.375   10/24/23   1,812,114 
TRY 6,910,000      Turkey Government International Bond      10.500   01/15/20   1,747,614 
 5,000,000      Turkey Government International Bond      11.000   03/02/22   1,275,850 
$2,300,000      Turkey Government International Bond      3.250   03/23/23   2,169,146 
 2,850,000      Turkey Government International Bond      6.000   03/25/27   3,001,429 
 1,000,000      Turkey Government International Bond      6.875   03/17/36   1,101,444 
        TOTAL TURKEY              11,107,597 
337

TIAA-CREF FUNDS - Emerging Markets Debt Fund

 

                   MATURITY     
PRINCIPAL      ISSUER     RATE  DATE  VALUE  
                         
UKRAINE - 3.0%                   
$3,575,000   g  Ukraine Government International Bond   7.750%  09/01/23  $3,794,398 
 2,250,000   g  Ukraine Government International Bond   7.750   09/01/27   2,318,715 
 3,800,000   g  Ukraine Government International Bond   7.375   09/25/32   3,746,443 
 520,000   †,g,i  Ukraine Government International Bond   0.000   05/31/40   296,504 
        TOTAL UKRAINE              10,156,060 
                         
URUGUAY - 2.2%                   
UYU 17,300,000   g  Uruguay Government International Bond      9.875   06/20/22   631,211 
 86,200,000   g  Uruguay Government International Bond      8.500   03/15/28   2,991,004 
$3,450,000      Uruguay Government International Bond      5.100   06/18/50   3,700,125 
UYU 17,600,000      Uruguay Notas del Tesoro      13.900   07/29/20   693,626 
        TOTAL URUGUAY              8,015,966 
                         
VENEZUELA - 0.7%                   
$1,680,000   †  Venezuela Government International Bond      7.750   10/13/19   789,600 
 5,750,000   †  Venezuela Government International Bond      9.250   05/07/28   1,940,625 
        TOTAL VENEZUELA              2,730,225 
                         
ZAMBIA - 1.3%                   
 3,500,000   g  Zambia Government International Bond      8.500   04/14/24   3,745,928 
 750,000   g  Zambia Government International Bond      8.970   07/30/27   815,775 
        TOTAL ZAMBIA              4,561,703 
                         
        TOTAL GOVERNMENT BONDS           168,709,305 
        (Cost $164,128,648)                
                         
        TOTAL BONDS              336,457,709 
        (Cost $327,879,675)                
                         
SHORT-TERM INVESTMENTS - 3.4%                
                    
ARGENTINA - 0.5%                   
ARS 38,000,000   j  Letras del Banco Central de la Republica Argentina      0.000   02/21/18   1,977,550 
        TOTAL ARGENTINA              1,977,550 
                         
EGYPT - 0.5%                   
EGP 32,000,000   j  Egypt Treasury Bills      0.000   03/13/18   1,701,487 
        TOTAL EGYPT              1,701,487 
                         
NIGERIA - 0.5%                   
NGN 700,000,000   j  Nigeria Treasury Bill      0.000   07/05/18   1,725,169 
        TOTAL NIGERIA              1,725,169 
                         
UNITED STATES - 1.6%                
$5,450,000      Federal Home Loan Bank (FHLB)   0.850   11/01/17   5,450,000 
        TOTAL UNITED STATES              5,450,000 
338

TIAA-CREF FUNDS - Emerging Markets Debt Fund

 

                   MATURITY     
PRINCIPAL      ISSUER     RATE  DATE  VALUE  
                         
URUGUAY - 0.3%                   
UYU 30,000,000   j  Uruguay Treasury Bills      0.000%  03/08/18  $997,376 
        TOTAL URUGUAY              997,376 
                         
        TOTAL SHORT-TERM INVESTMENTS           11,851,582 
        (Cost $11,894,473)                
        TOTAL INVESTMENTS - 98.6%           348,309,291 
        (Cost $339,774,148)                
        OTHER ASSETS & LIABILITIES, NET - 1.4%           4,905,965 
        NET ASSETS - 100.0%             $353,215,256 
                                                 

 

                                               Abbreviation(s):
        ARS   Argentine Peso
        BRL   Brazilian Real
        CLP   Chile Peso
        DGS5   5-Year Treasury Constant Maturity Rate
        DOP   Dominican Peso
        EGP   Egyptian Pound
        EUR   Euro
        GHS   Ghana Cedi
        IDR   Indonesian Rupiah
        INR   Indian Rupee
        MXN   Mexican Peso
        NGN   Nigeria Naria
        PEN   Peruvian Nuevo Sol
        PLN   Polish Zloty
        RSD   Serbian Dinar
        RUB   Russian Ruble
        THB   Thai Baht
        TRY   Turkish New Lira
        UYU   Uruguayan Peso
        Y   Year
        ZAR   South African Rand
               
               
    †   Security is categorized as Level 3 in the fair value hierarchy.
    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 10/31/2017, the aggregate value of these securities amounted to $251,812,721 or 71.3% of net assets.
    i   Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.
    j   Zero coupon
    p   All or a portion of these securities have been segregated to cover requirements on open forward foreign currency contracts.
    q   In default

 

 

 

Forward foreign currency contracts outstanding as of October 31, 2017 were as follows (see Note 3):

 

Currency to be
purchased		   Receive   Currency to be
sold		   Deliver   Counterparty   Settlement date   Unrealized
appreciation
(depreciation)		  
$   1,500,000   CNH   10,612,500   Bank of America   11/20/2017   $ (98,056 )

 

                                               Abbreviation(s):
        CNH   Chinese Yuan Renminbi
339

TIAA-CREF FUNDS - Emerging Markets Debt Fund

 

TIAA-CREF FUNDS
EMERGING MARKETS DEBT FUND
SUMMARY OF MARKET VALUES BY SECTOR
October 31, 2017

 

SECTOR  VALUE   % OF
NET ASSETS		 
GOVERNMENT  $168,709,305    47.7%
FINANCIALS   44,828,234    12.7 
UTILITIES   40,107,592    11.4 
ENERGY   23,479,472    6.6 
MATERIALS   18,734,728    5.3 
INDUSTRIALS   17,223,881    4.9 
CONSUMER DISCRETIONARY   8,645,935    2.4 
TELECOMMUNICATION SERVICES   8,094,636    2.3 
CONSUMER STAPLES   3,807,786    1.1 
HEALTH CARE   1,595,015    0.5 
INFORMATION TECHNOLOGY   1,231,125    0.3 
SHORT-TERM INVESTMENTS   11,851,582    3.4 
OTHER ASSETS & LIABILITIES, NET   4,905,965    1.4 
           
NET ASSETS  $353,215,256    100.0%
340

TIAA-CREF FUNDS - International Bond Fund

 

TIAA-CREF FUNDS

INTERNATIONAL BOND FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

October 31, 2017

 

          REFERENCE      MATURITY    
PRINCIPAL      ISSUER  RATE & SPREAD  RATE  DATE  VALUE 
                         
BANK LOAN OBLIGATIONS - 2.1%               
                         
CANADA - 0.3%               
$744,690   i  1011778 BC / New Red Fin  LIBOR 3 M + 2.250%   3.580%  02/17/24  $745,434 
        TOTAL CANADA              745,434 
                         
IRELAND - 0.3%               
 748,125   i  Avolon TLB Borrower Luxembourg Sarl  LIBOR 1 M + 2.750%   3.960   04/03/22   753,691 
        TOTAL IRELAND              753,691 
                         
LUXEMBOURG - 0.4%               
 750,000   i  Ineos US Finance LLC  LIBOR 1 M + 2.000%   3.240   03/31/24   750,472 
 248,750   i  Vouvray US Finance, LLC  LIBOR 1 M + 3.000%   4.240   03/09/24   246,990 
        TOTAL LUXEMBOURG              997,462 
                         
UNITED STATES - 1.1%               
 746,250   i  Change Healthcare Holdings LLC  LIBOR 1 M + 2.750%   3.990   03/01/24   750,190 
 124,688   i  Endo Luxembourg Finance I Co Sarl  LIBOR 1 M + 4.250%   5.500   04/27/24   126,308 
 736,525   i  First Data Corp  LIBOR 1 M + 2.250%   3.490   07/10/22   738,278 
 298,500   i  Mallinckrodt International Finance S.A.  LIBOR 3 M + 2.750%   4.080   09/24/24   299,136 
 99,251   i  Sabre GLBL, Inc  LIBOR 1 M + 2.250%   3.490   02/22/24   99,665 
 746,250   i  Tennessee Merger Sub, Inc  LIBOR 1 M + 2.750%   3.990   02/06/24   739,720 
        TOTAL UNITED STATES              2,753,297 
                         
        TOTAL BANK LOAN OBLIGATIONS              5,249,884 
        (Cost $5,256,348)                
                         
BONDS - 91.9%               
                         
CORPORATE BONDS - 25.6%               
                         
ARGENTINA - 0.1%               
 350,000   g  Adecoagro S.A.      6.000   09/21/27   351,925 
        TOTAL ARGENTINA              351,925 
                         
BRAZIL - 1.2%               
 500,000   g  Banco do Brasil S.A.      4.625   01/15/25   499,250 
 425,000   g  Gerdau Trade, Inc      4.875   10/24/27   428,252 
 450,000   g  Klabin Finance S.A.      4.875   09/19/27   446,625 
 1,000,000      Petrobras Global Finance BV      6.125   01/17/22   1,081,000 
 500,000   g  Suzano Austria GmbH      5.750   07/14/26   538,500 
        TOTAL BRAZIL              2,993,627 
341

TIAA-CREF FUNDS - International Bond Fund

 

          REFERENCE      MATURITY    
PRINCIPAL      ISSUER  RATE & SPREAD  RATE  DATE  VALUE 
                         
CANADA - 0.4%                
$1,100,000   g  Eldorado Gold Corp      6.125%  12/15/20  $1,091,750 
        TOTAL CANADA              1,091,750 
                         
CHILE - 0.8%                
 625,000   g  Celulosa Arauco y Constitucion S.A.      3.875   11/02/27   615,000 
 425,000   g  Corp Nacional del Cobre de Chile-CODELCO      3.625   08/01/27   427,393 
 500,000   g  Empresa Nacional del Petroleo      3.750   08/05/26   499,069 
 500,000   g  Inversiones CMPC S.A.      4.375   04/04/27   510,213 
        TOTAL CHILE              2,051,675 
                         
CHINA - 0.8%                
 400,000      Baidu, Inc      2.875   07/06/22   400,649 
 600,000   z  CNAC HK Finbridge Co Ltd      3.000   07/19/20   601,478 
EUR800,000   z  Three Gorges Finance II Cayman Islands Ltd      1.300   06/21/24   943,417 
        TOTAL CHINA              1,945,544 
                         
COLOMBIA - 0.5%                
$500,000   g  Banco de Bogota S.A.      4.375   08/03/27   503,000 
 500,000      Ecopetrol S.A.      5.375   06/26/26   534,400 
 275,000   g  Millicom International Cellular S.A.      5.125   01/15/28   276,375 
        TOTAL COLOMBIA              1,313,775 
                         
FRANCE - 0.7%                
EUR600,000      Credit Agricole Assurances S.A.      4.250   12/30/49   786,273 
 600,000      Engie S.A.      2.375   05/19/26   785,321 
 100,000      Societe Generale S.A.      0.750   02/19/21   119,206 
        TOTAL FRANCE              1,690,800 
                         
GERMANY - 0.8%                
 800,000      Deutsche Bank AG.      1.250   09/08/21   960,507 
 350,000   g,o  IHO Verwaltungs GmbH      3.750   09/15/26   436,236 
 200,000   g  Schaeffler Finance BV      4.750   05/15/23   205,750 
 350,000   g  ZF North America Capital, Inc      4.750   04/29/25   367,937 
        TOTAL GERMANY              1,970,430 
                         
HONG KONG - 0.2%                
$575,000   g  CK Hutchison International 17 Ltd      2.250   09/29/20   572,503 
        TOTAL HONG KONG              572,503 
                         
INDIA - 0.2%                
 500,000   g  Adani Ports & Special Economic Zone Ltd      3.950   01/19/22   514,193 
        TOTAL INDIA              514,193 
342

TIAA-CREF FUNDS - International Bond Fund

 

               MATURITY    
PRINCIPAL      ISSUER   RATE  DATE  VALUE 
                       
INDONESIA - 0.2%              
$500,000   g  Perusahaan Listrik Negara PT    4.125%  05/15/27  $500,868 
        TOTAL INDONESIA            500,868 
                       
IRELAND - 0.1%              
 150,000   g  Park Aerospace Holdings Ltd    5.250   08/15/22   156,000 
 150,000   g  Park Aerospace Holdings Ltd    5.500   02/15/24   155,625 
        TOTAL IRELAND            311,625 
                       
ISRAEL - 0.2%              
 600,000      Teva Pharmaceutical Finance Netherlands III BV    3.150   10/01/26   531,672 
        TOTAL ISRAEL            531,672 
                       
ITALY - 0.3%              
EUR600,000      Intesa Sanpaolo S.p.A    3.500   01/17/22   788,096 
        TOTAL ITALY            788,096 
                       
JAPAN - 0.7%              
 500,000   z  Mitsubishi UFJ Financial Group, Inc    0.872   09/07/24   584,453 
 500,000   z  Sumitomo Mitsui Financial Group, Inc    0.934   10/11/24   586,670 
 500,000   z  Sumitomo Mitsui Financial Group, Inc    1.413   06/14/27   592,053 
        TOTAL JAPAN            1,763,176 
                       
KAZAKHSTAN - 0.4%              
$600,000   g  KazMunayGas National Co JSC    3.875   04/19/22   606,553 
 475,000   g  KazTransGas JSC    4.375   09/26/27   469,280 
        TOTAL KAZAKHSTAN            1,075,833 
                       
MEXICO - 0.8%              
 500,000   g  Banco Nacional de Comercio Exterior SNC    4.375   10/14/25   517,500 
 1,125,000   g  Petroleos Mexicanos    5.375   03/13/22   1,193,512 
EUR 200,000      Petroleos Mexicanos    1.875   04/21/22   238,767 
        TOTAL MEXICO            1,949,779 
                       
NETHERLANDS - 0.7%              
 750,000      Cooperatieve Rabobank UA    4.125   09/14/22   1,022,254 
$350,000   g  Sensata Technologies BV    5.000   10/01/25   372,750 
 400,000   g  VimpelCom Holdings BV    4.950   06/16/24   409,304 
        TOTAL NETHERLANDS            1,804,308 
                       
PANAMA - 0.2%              
 350,000   g  Banco General S.A.    4.125   08/07/27   348,075 
        TOTAL PANAMA            348,075 
343

TIAA-CREF FUNDS - International Bond Fund

 

          REFERENCE      MATURITY    
PRINCIPAL      ISSUER  RATE & SPREAD  RATE  DATE  VALUE 
                         
PERU - 0.1%                
$350,000   g  Cerro del Aguila S.A.      4.125%  08/16/27  $348,250 
        TOTAL PERU              348,250 
                         
SPAIN - 0.3%                
EUR 700,000      Iberdrola International BV      1.125   04/21/26   826,306 
        TOTAL SPAIN              826,306 
                         
SWEDEN - 0.1%                
$350,000   g  Stena AB      7.000   02/01/24   337,750 
        TOTAL SWEDEN              337,750 
                         
SWITZERLAND - 0.7%                
EUR 600,000   g,i,z  Credit Suisse Group AG.  ISR EUR 1 Y + 0.750%   1.250   07/17/25   709,569 
GBP 350,000      Glencore Finance Europe S.A.      6.500   02/27/19   496,866 
EUR 325,000      Tyco Electronics Group S.A.      1.100   03/01/23   389,392 
        TOTAL SWITZERLAND              1,595,827 
                         
TURKEY - 0.5%                
$350,000   g  TC Ziraat Bankasi AS.      5.125   09/29/23   343,264 
 500,000   g  Turkiye Is Bankasi      6.125   04/25/24   498,580 
 400,000   g  Yapi ve Kredi Bankasi AS.      5.850   06/21/24   394,227 
        TOTAL TURKEY              1,236,071 
                         
UNITED ARAB EMIRATES - 0.2%                
 425,000   g  Abu Dhabi Crude Oil Pipeline LLC      3.650   11/02/29   425,000 
        TOTAL UNITED ARAB EMIRATES              425,000 
                         
UNITED KINGDOM - 1.7%                
GBP 500,000      BAE Systems plc      4.125   06/08/22   738,679 
EUR 500,000   z  Barclays Plc      2.000   02/07/28   584,273 
 600,000      Delphi Automotive plc      1.600   09/15/28   691,951 
 600,000      FCE Bank plc      1.134   02/10/22   719,409 
 1,200,000   g  Virgin Media Finance plc      4.500   01/15/25   1,477,743 
        TOTAL UNITED KINGDOM              4,212,055 
                         
UNITED STATES - 12.7%                
 900,000   g  Adient Global Holdings Ltd      3.500   08/15/24   1,107,310 
 350,000   z  Albemarle Corp      1.875   12/08/21   431,191 
GBP 825,000      AMC Entertainment Holdings, Inc      6.375   11/15/24   1,128,450 
EUR 500,000      American International Group, Inc      1.500   06/08/23   605,786 
 450,000      Apple, Inc      1.375   05/24/29   539,259 
 1,070,000   g  Aramark International Finance Sarl      3.125   04/01/25   1,300,607 
 500,000      AT&T, Inc      2.350   09/04/29   606,090 
 440,000      AT&T, Inc      3.150   09/04/36   528,799 
344

TIAA-CREF FUNDS - International Bond Fund

 

          REFERENCE      MATURITY    
PRINCIPAL      ISSUER  RATE & SPREAD  RATE  DATE  VALUE 
                         
GBP355,000      AT&T, Inc      3.550%  09/14/37  $453,876 
EUR 950,000      Axalta Coating Systems Dutch Holding BV      3.750   01/15/25   1,165,682 
 350,000      Ball Corp      4.375   12/15/23   467,792 
 500,000      DH Europe Finance S.A.      1.200   06/30/27   587,820 
GBP 750,000   z  Digital Stout Holding LLC      2.750   07/19/24   1,010,377 
 200,000      Discovery Communications LLC      2.500   09/20/24   260,462 
 150,000      Fidelity National Information Services, Inc      1.700   06/30/22   198,376 
EUR 375,000      Fidelity National Information Services, Inc      1.100   07/15/24   438,498 
 850,000   g  Gates Global LLC      5.750   07/15/22   1,010,375 
 600,000      General Motors Financial International BV      1.168   05/18/20   719,560 
 700,000   z  Goldman Sachs Group, Inc      1.375   05/15/24   834,921 
$500,000   g  Hyundai Capital America      3.250   09/20/22   502,993 
EUR 800,000      International Game Technology plc      4.750   02/15/23   1,050,694 
 500,000   g  Iron Mountain, Inc      3.000   01/15/25   595,909 
 750,000      Johnson Controls International plc      1.000   09/15/23   890,175 
 800,000   z  JPMorgan Chase & Co      1.638   05/18/28   960,279 
 500,000      Kinder Morgan, Inc      2.250   03/16/27   611,593 
 650,000      Liberty Mutual Group, Inc      2.750   05/04/26   826,617 
$350,000      MGM Resorts International      4.625   09/01/26   350,000 
EUR 1,000,000      Morgan Stanley      1.342   10/23/26   1,170,845 
 850,000   g  OI European Group BV      3.125   11/15/24   1,034,735 
 500,000      ProLogis LP      3.000   06/02/26   667,293 
 600,000   g  Quintiles IMS, Inc      2.875   09/15/25   708,116 
$750,000      Scientific Games International, Inc      10.000   12/01/22   828,750 
EUR 750,000   g  Silgan Holdings, Inc      3.250   03/15/25   917,286 
 200,000      Simon International Finance S.C.A      1.250   05/13/25   239,564 
$760,000      Sunoco Logistics Partners Operations LP      5.350   05/15/45   757,317 
EUR 500,000      SYSCO Corp      1.250   06/23/23   603,134 
 150,000      Thermo Fisher Scientific, Inc      1.400   01/23/26   177,433 
 500,000      Thermo Fisher Scientific, Inc      1.375   09/12/28   570,984 
 100,000      Thermo Fisher Scientific, Inc      1.950   07/24/29   118,960 
 500,000      Thermo Fisher Scientific, Inc      2.875   07/24/37   602,420 
 400,000      Verizon Communications, Inc      1.375   10/27/26   463,713 
 400,000      Verizon Communications, Inc      1.875   10/26/29   473,195 
 300,000      Verizon Communications, Inc      2.875   01/15/38   359,881 
 400,000   z  Wells Fargo & Co      1.500   05/24/27   476,115 
GBP 300,000      Welltower, Inc      4.800   11/20/28   463,060 
EUR 400,000      Whirlpool Finance Luxembourg Sarl      1.250   11/02/26   477,938 
 800,000   g  XPO Logistics, Inc      5.750   06/15/21   962,821 
 375,000      Xylem, Inc      2.250   03/11/23   470,481 
        TOTAL UNITED STATES              31,727,532 
                         
        TOTAL CORPORATE BONDS              64,278,445 
        (Cost $61,249,473)                
345

TIAA-CREF FUNDS - International Bond Fund

 

               MATURITY    
PRINCIPAL      ISSUER   RATE  DATE  VALUE 
                       
GOVERNMENT BONDS -  66.3%              
                       
ARGENTINA - 0.4%                
$1,000,000   g  Provincia de Buenos Aires    7.875%  06/15/27  $1,108,500 
        TOTAL ARGENTINA            1,108,500 
                       
AUSTRALIA - 1.1%              
AUD 1,450,000      Australia Government International Bond    3.750   04/21/37   1,203,089 
 1,000,000      New South Wales Treasury Corp    4.000   04/08/21   811,540 
 995,000      Treasury Corp of Victoria    6.000   06/15/20   838,004 
        TOTAL AUSTRALIA            2,852,633 
                       
BERMUDA - 0.7%              
$1,700,000   g  Bermuda Government International Bond    4.854   02/06/24   1,849,804 
        TOTAL BERMUDA            1,849,804 
                       
BRAZIL - 0.7%              
BRL 5,650,000      Brazil Notas do Tesouro Nacional Serie F    10.000   01/01/19   1,778,085 
        TOTAL BRAZIL            1,778,085 
                       
CANADA - 2.2%              
CAD 1,300,000      Canadian Government International Bond    5.000   06/01/37   1,458,164 
 2,450,000      Province of British Columbia Canada    2.550   06/18/27   1,894,748 
 1,620,000      Province of British Columbia Canada    3.200   06/18/44   1,298,951 
 1,000,000      Province of Quebec Canada    2.750   09/01/27   782,435 
        TOTAL CANADA            5,434,298 
                       
COTE D’IVOIRE - 0.3%              
EUR 625,000   g  Ivory Coast Government International Bond    5.125   06/15/25   769,096 
        TOTAL COTE D’IVOIRE            769,096 
                       
CYPRUS - 0.2%              
 300,000      Cyprus Government International Bond    2.750   06/27/24   380,846 
        TOTAL CYPRUS            380,846 
                       
ECUADOR - 0.4%              
$850,000   g  Ecuador Government International Bond    8.875   10/23/27   868,785 
        TOTAL ECUADOR            868,785 
                       
EGYPT - 0.6%              
 650,000   g  Egypt Government International Bond    7.500   01/31/27   720,504 
 675,000   g  Egypt Government International Bond    8.500   01/31/47   763,556 
        TOTAL EGYPT            1,484,060 
                       
FRANCE - 3.9%              
EUR 400,000      Caisse d’Amortissement de la Dette Sociale    1.375   11/25/24   503,579 
 1,293,000      France Government Bond OAT    1.750   11/25/24   1,675,015 
 1,500,000      France Government Bond OAT    1.500   05/25/31   1,853,702 
346

TIAA-CREF FUNDS - International Bond Fund

 

               MATURITY    
PRINCIPAL      ISSUER   RATE  DATE  VALUE 
                       
EUR2,340,000   j  French Republic Government Bond OAT    0.000%  05/25/21  $2,766,236 
 2,350,000   g  French Republic Government Bond OAT    2.000   05/25/48   2,909,184 
        TOTAL FRANCE            9,707,716 
                       
GERMANY - 0.5%              
 1,000,000      Bundesrepublik Deutschland    1.250   08/15/48   1,172,066 
        TOTAL GERMANY            1,172,066 
                       
GREECE - 1.2%              
 1,350,000   g  Hellenic Republic Government Bond    4.375   08/01/22   1,569,962 
 1,625,000      Hellenic Republic Government Bond    3.000   02/24/30   1,557,752 
        TOTAL GREECE            3,127,714 
                       
HONDURAS - 0.6%              
$1,350,000   g  Honduras Government International Bond    7.500   03/15/24   1,532,250 
        TOTAL HONDURAS            1,532,250 
                       
HUNGARY - 0.5%              
 1,000,000   z  Hungary Government International Bond    1.750   10/10/27   1,185,561 
        TOTAL HUNGARY            1,185,561 
                       
INDONESIA - 0.9%              
 1,000,000   g  Indonesia Government International Bond    2.150   07/18/24   1,205,504 
IDR 13,820,000,000      Indonesia Treasury Bond    8.250   07/15/21   1,077,545 
        TOTAL INDONESIA            2,283,049 
                       
ISRAEL - 0.9%              
ILS 5,250,000      Israel Government Bond-Fixed    5.500   01/31/42   2,197,314 
        TOTAL ISRAEL            2,197,314 
                       
ITALY - 7.5%                     
EUR 3,375,000      Italy Buoni Poliennali Del Tesoro    0.350   06/15/20   3,969,470 
 5,035,000   g  Italy Buoni Poliennali Del Tesoro    4.750   08/01/23   7,147,890 
 3,675,000      Italy Buoni Poliennali Del Tesoro    1.250   12/01/26   4,135,497 
 1,775,000   g  Italy Buoni Poliennali Del Tesoro    1.650   03/01/32   1,922,329 
 1,350,000   g  Italy Buoni Poliennali Del Tesoro    3.450   03/01/48   1,691,197 
        TOTAL ITALY            18,866,383 
                       
JAPAN - 14.5%              
JPY 13,000,000      Japan Finance Organization for Municipalities    0.440   08/15/25   117,237 
 21,000,000      Japan Finance Organization for Municipalities    0.320   01/19/26   187,718 
 30,000,000      Japan Finance Organization for Municipalities    0.145   02/16/26   264,373 
 14,000,000      Japan Finance Organization for Municipalities    0.020   05/22/26   121,970 
 738,150,000      Japan Government Five Year Bond    0.200   06/20/19   6,529,756 
 119,600,000      Japan Government Five Year Bond    0.100   06/20/20   1,058,289 
 650,450,000      Japan Government Ten Year Bond    0.100   09/20/26   5,752,654 
347

TIAA-CREF FUNDS - International Bond Fund

 

               MATURITY    
PRINCIPAL      ISSUER   RATE  DATE  VALUE 
                       
JPY289,950,000      Japan Government Thirty Year Bond    2.500%  09/20/34  $3,404,333 
 457,700,000      Japan Government Thirty Year Bond    0.500   09/20/46   3,673,704 
 249,600,000      Japan Government Twenty Year Bond    1.900   03/22/21   2,344,962 
 340,000,000      Japan Government Twenty Year Bond    2.100   03/20/26   3,511,424 
 229,000,000      Japan Government Twenty Year Bond    1.800   09/20/31   2,432,715 
 117,000,000      Japan Government Twenty Year Bond    1.700   03/20/32   1,231,806 
 305,000,000      Japan Government Twenty Year Bond    0.600   12/20/36   2,702,696 
 160,000,000      Japan Government Twenty Year Bond    0.700   03/20/37   1,438,947 
 180,000,000      Japan Government Two Year Bond    0.100   02/15/19   1,588,350 
        TOTAL JAPAN            36,360,934 
                       
JORDAN - 0.2%              
$475,000   g  Jordan Government International Bond    7.375   10/10/47   497,266 
        TOTAL JORDAN            497,266 
                       
KOREA, REPUBLIC OF - 3.0%              
 500,000   g  Korea Housing Finance Corp    2.000   10/11/21   483,447 
KRW 918,000,000      Korea Treasury Bond    1.750   12/10/18   818,218 
 5,664,500,000      Korea Treasury Bond    1.375   09/10/21   4,880,419 
 1,800,000,000      Korea Treasury Bond    1.500   12/10/26   1,466,489 
        TOTAL KOREA, REPUBLIC OF            7,648,573 
                       
LEBANON - 0.5%              
$1,400,000   z  Lebanon Government International Bond    6.850   03/23/27   1,362,949 
        TOTAL LEBANON            1,362,949 
                       
MEXICO - 0.8%              
MXN 14,000,000      Mexican Bonos    8.000   12/07/23   762,467 
 23,500,000      Mexican Bonos    5.750   03/05/26   1,113,114 
        TOTAL MEXICO            1,875,581 
                       
MONGOLIA - 0.2%              
$525,000   g  Mongolia Government International Bond    5.625   05/01/23   526,929 
        TOTAL MONGOLIA            526,929 
                       
NETHERLANDS - 0.5%              
EUR 925,000   g  Netherlands Government International Bond    2.500   01/15/33   1,333,646 
        TOTAL NETHERLANDS            1,333,646 
                       
NEW ZEALAND - 0.2%              
NZD 525,000      New Zealand Government International Bond    4.500   04/15/27   405,361 
        TOTAL NEW ZEALAND            405,361 
                       
NORWAY - 1.2%              
NOK 14,700,000   g  Norway Government International Bond    3.750   05/25/21   1,975,984 
 8,670,000   g  Norway Government International Bond    1.500   02/19/26   1,059,455 
        TOTAL NORWAY            3,035,439 
348

TIAA-CREF FUNDS - International Bond Fund

 

               MATURITY    
PRINCIPAL      ISSUER   RATE  DATE  VALUE 
                       
PERU - 1.1%              
PEN 3,300,000   g  Peru Government International Bond    6.150%  08/12/32  $1,061,379 
 4,480,000   g  Peruvian Government International Bond    8.200   08/12/26   1,689,300 
        TOTAL PERU            2,750,679 
                       
POLAND - 1.4%              
PLN 8,165,000      Poland Government International Bond    4.000   10/25/23   2,372,506 
 4,000,000      Republic of Poland Government Bond    3.250   07/25/25   1,098,373 
        TOTAL POLAND            3,470,879 
                       
RUSSIA - 0.6%              
RUB 87,000,000      Russian Federal Bond - Federal Loan Obligation    7.000   01/25/23   1,468,318 
        TOTAL RUSSIA            1,468,318 
                       
SAUDI ARABIA - 0.5%              
$1,225,000   g  Saudi Government International Bond    2.875   03/04/23   1,219,843 
        TOTAL SAUDI ARABIA            1,219,843 
                       
SENEGAL - 0.3%              
 800,000   g  Senegal Government International Bond    6.250   05/23/33   826,832 
        TOTAL SENEGAL            826,832 
                       
SOUTH AFRICA - 1.7%              
 1,475,000      Republic of South Africa Government International Bond    4.850   09/27/27   1,439,704 
ZAR 16,950,000      South Africa Government International Bond    10.500   12/21/26   1,298,665 
 16,500,000      South Africa Government International Bond    7.000   02/28/31   929,848 
 7,800,000      South Africa Government International Bond    8.750   01/31/44   479,341 
        TOTAL SOUTH AFRICA            4,147,558 
                       
SPAIN - 4.7%              
EUR 1,100,000      Instituto de Credito Oficial    4.375   05/20/19   1,373,382 
 1,150,000      Spain Government International Bond    0.750   07/30/21   1,366,030 
 2,210,000      Spain Government International Bond    0.400   04/30/22   2,596,392 
 3,600,000   g  Spain Government International Bond    2.750   10/31/24   4,741,753 
 1,275,000   g  Spain Government International Bond    2.900   10/31/46   1,532,217 
        TOTAL SPAIN            11,609,774 
                       
SRI LANKA - 0.7%              
$1,625,000   g  Sri Lanka Government International Bond    6.200   05/11/27   1,725,704 
        TOTAL SRI LANKA            1,725,704 
349

TIAA-CREF FUNDS - International Bond Fund

 

               MATURITY    
PRINCIPAL      ISSUER   RATE  DATE  VALUE 
                       
SUPRANATIONAL - 2.4%              
INR129,300,000      Asian Development Bank    6.200%  10/06/26  $2,009,839 
IDR 11,300,000,000   g  European Investment Bank    7.200   07/09/19   841,320 
SEK 9,070,000      European Investment Bank    1.250   05/12/25   1,110,255 
NZD 850,000      Inter-American Development Bank    3.500   05/15/21   595,544 
AUD 1,150,000      Inter-American Development Bank    4.750   08/27/24   980,720 
NZD 500,000      International Bank for Reconstruction & Development    3.375   01/25/22   349,100 
        TOTAL SUPRANATIONAL            5,886,778 
                       
SWEDEN - 0.4%              
SEK 7,805,000      Sweden Government International Bond    2.250   06/01/32   1,062,878 
        TOTAL SWEDEN            1,062,878 
                       
THAILAND - 0.8%              
THB 69,000,000      Thailand Government International Bond    1.875   06/17/22   2,078,998 
        TOTAL THAILAND            2,078,998 
                       
TURKEY - 0.6%              
$500,000   g  Export Credit Bank of Turkey    5.375   10/24/23   503,365 
TRY 4,375,000      Turkey Government International Bond    11.000   03/02/22   1,116,369 
        TOTAL TURKEY            1,619,734 
                       
UNITED KINGDOM - 6.5%              
GBP 1,250,000      United Kingdom Gilt    1.750   07/22/19   1,696,745 
 2,960,000      United Kingdom Gilt    1.500   01/22/21   4,043,571 
 1,600,000      United Kingdom Gilt    0.500   07/22/22   2,097,053 
 1,230,000      United Kingdom Gilt    4.750   12/07/30   2,247,609 
 1,175,000      United Kingdom Gilt    4.250   03/07/36   2,149,723 
 3,400,000      United Kingdom Gilt    1.500   07/22/47   4,104,845 
        TOTAL UNITED KINGDOM            16,339,546 
                       
URUGUAY - 0.9%              
UYU 20,760,000   g  Uruguay Government International Bond    9.875   06/20/22   757,453 
 43,000,000   g  Uruguay Government International Bond    8.500   03/15/28   1,492,032 
        TOTAL URUGUAY            2,249,485 
                       
        TOTAL GOVERNMENT BONDS            166,101,844 
        (Cost $164,698,893)              
                       
        TOTAL BONDS            230,380,289 
        (Cost $225,948,366)              
350

TIAA-CREF FUNDS - International Bond Fund

 

               MATURITY    
PRINCIPAL      ISSUER   RATE  DATE  VALUE 
                       
SHORT-TERM INVESTMENTS - 4.9%              
               
EGYPT - 0.6%                    
EGP25,000,000   j  Egypt Treasury Bills    0.000%  12/12/17  $1,388,904 
        TOTAL EGYPT            1,388,904 
                       
NIGERIA - 0.5%              
NGN 550,000,000   j  Nigeria Treasury Bill    0.000   08/02/18   1,332,726 
        TOTAL NIGERIA            1,332,726 
                       
UNITED STATES - 3.8%              
$9,600,000      Federal Home Loan Bank (FHLB)    0.700   11/01/17   9,600,000 
        TOTAL UNITED STATES            9,600,000 
                       
        TOTAL SHORT-TERM INVESTMENTS            12,321,630 
        (Cost $12,265,231)              
        TOTAL INVESTMENTS - 98.9%            247,951,803 
        (Cost $243,469,945)              
        OTHER ASSETS & LIABILITIES, NET - 1.1%            2,651,881 
        NET ASSETS - 100.0%           $250,603,684 

                                             

 

                                    Abbreviation(s):
      AUD Australian Dollar
      BRL Brazilian Real
      CAD Canadian Dollar
      EGP Egyptian Pound
      EUR Euro
      EURIBOR  Euro Interbank Offered Rate
      GBP Pound Sterling
      IDR Indonesian Rupiah
      ILS Israeli New Shekel
      INR Indian Rupee
      ISR Intercontinental Exchange Swap Rate
      JPY Japanese Yen
      KRW South Korean Won
      LIBOR London Interbank Offered Rate
      M Month
      MXN Mexican Peso
      NGN Nigeria Naria
      NOK Norwegian Krone
      NZD New Zealand Dollar
      PEN Peruvian Nuevo Sol
      PLN Polish Zloty
      RUB Russian Ruble
      SEK Swedish Krone
      THB Thai Baht
      TRY Turkish New Lira
      UYU Uruguayan Peso
      Y Year
      ZAR South African Rand
351

TIAA-CREF FUNDS - International Bond Fund

 

                                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 10/31/2017, the aggregate value of these securities amounted to $69,383,118 or 27.7% of net assets.
  i   Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.
  j   Zero Coupon
  o   Payment in Kind Bond
  z   All or a portion of this security is owned by TIAA-CREF International Bond Offshore Limited which is a 100% owned subsidiary of the fund.

 

 

 

Forward foreign currency contracts outstanding as of October 31, 2017 were as follows (see Note 3):

 

Currency to be purchased  Receive  Currency to be sold  Deliver  Counterparty  Settlement date  Unrealized appreciation (depreciation) 
$  3,833,861  AUD  5,007,178  Bank of America  11/30/2017  $2,870 
$  36,268,025  JPY  4,124,737,045  Bank of America  11/30/2017   (55,253)
$  7,177,728  KRW  8,072,431,838  Bank of America  11/30/2017   (43,017)
$  1,532,008  NOK  12,512,826  Bank of America  11/30/2017   (1,033)
$  1,906,816  PLN  6,983,334  Bank of America  11/30/2017   (11,608)
$  1,045,037  THB  34,771,304  Bank of America  11/30/2017   (1,725)
$  1,360,847  ZAR  19,336,069  Bank of America  11/30/2017   818 
Total   (108,948)
$  5,446,122  CAD  7,004,347  Morgan Stanley  11/30/2017   15,469 
$  83,325,739  EUR  71,741,829  Morgan Stanley  11/30/2017   (381,157)
$  2,476,985  EUR  2,122,207  Morgan Stanley  11/30/2017   838 
$  20,916,328  GBP  15,923,815  Morgan Stanley  11/30/2017   (251,359)
$  2,173,369  SEK  18,182,380  Morgan Stanley  11/30/2017   (2,226)
Total   (618,435)
Total                 $(727,383)

 

                                    Abbreviation(s):
      AUD Australian Dollar
      CAD Canadian Dollar
      EUR Euro
      GBP Pound Sterling
      JPY Japanese Yen
      KRW South Korean Won
      NOK Norwegian Krone
      PLN Polish Zloty
      SEK Swedish Krone
      THB Thai Baht
      ZAR South African Rand

352

TIAA-CREF FUNDS - International Bond Fund

 

TIAA-CREF FUNDS

INTERNATIONAL BOND FUND

CONSOLIDATED SUMMARY OF MARKET VALUES BY SECTOR  

October 31, 2017

 

       % OF 
SECTOR  VALUE   NET ASSETS 
GOVERNMENT  $166,101,844    66.3%
FINANCIALS   15,887,504    6.3 
CONSUMER DISCRETIONARY   11,184,448    4.5 
UTILITIES   7,982,261    3.2 
MATERIALS   7,790,156    3.1 
INDUSTRIALS   6,319,179    2.5 
ENERGY   4,915,658    2.0 
TELECOMMUNICATION SERVICES   4,772,600    1.9 
INFORMATION TECHNOLOGY   4,161,357    1.7 
HEALTH CARE   3,617,687    1.4 
CONSUMER STAPLES   1,527,562    0.6 
REAL ESTATE   1,369,917    0.5 
SHORT-TERM INVESTMENTS   12,321,630    4.9 
OTHER ASSETS & LIABILITIES, NET   2,651,881    1.1 
           
NET ASSETS  $250,603,684    100.0%

353

Report of Independent Registered Public Accounting Firm

 

To the Board of Trustees of the TIAA-CREF Funds and Shareholders of 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 and Social Choice International Equity Fund

 

In our opinion, the accompanying statements of assets and liabilities, including the summary portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights (included in Item 1 of this Form N-CSR) and the schedules of investments (included in Item 6 of this Form N-CSR) present fairly, in all material respects, the financial position of 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 and Social Choice International Equity Fund (eighteen of the funds constituting the TIAA-CREF Funds, hereafter collectively referred to as the “Funds”) as of October 31, 2017, the results of each of their operations for the year then ended (or for the International Small-Cap Equity Fund, the period from December 9, 2016 (commencement of operations) through October 31, 2017), the changes in each of their net assets for each of the two years in the period then ended (or for the International Small-Cap Equity Fund, the period from December 9, 2016 (commencement of operations) through October 31, 2017, or for the Small/Mid-Cap Equity Fund, the year then ended October 31, 2017 and the period from August 5, 2016 (commencement of operations) through October 31, 2016) and the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America. These financial statements, financial highlights and schedules of investments (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of October 31, 2017 by correspondence with the custodian and brokers, and the application of alternative auditing procedures where securities purchased confirmations had not been received, provide a reasonable basis for our opinions.

 

 

/s/PricewaterhouseCoopers LLP

Baltimore, Maryland

December 15, 2017

 

354

Report of Independent Registered Public Accounting Firm

 

To the Board of Trustees of the TIAA-CREF Funds and Shareholders of Equity Index Fund, Large-Cap Growth Index Fund, Large-Cap Value Index Fund, S&P 500 Index Fund, Small-Cap Blend Index Fund, Emerging Markets Equity Index Fund and International Equity Index Fund

 

In our opinion, the accompanying statements of assets and liabilities, including the summary portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights (included in in Item 1 of this Form N-CSR) and the schedules of investments (included in Item 6 of this Form N-CSR) present fairly, in all material respects, the financial position of Equity Index Fund, Large-Cap Growth Index Fund, Large-Cap Value Index Fund, S&P 500 Index Fund, Small-Cap Blend Index Fund, Emerging Markets Equity Index Fund and International Equity Index Fund (seven of the funds constituting the TIAA-CREF Funds, hereafter collectively referred to as the “Funds”) as of October 31, 2017, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America. These financial statements, financial highlights and schedules of investments (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of October 31, 2017 by correspondence with the custodian and brokers, and the application of alternative auditing procedures where securities purchased confirmations had not been received, provide a reasonable basis for our opinions.

 

 

/s/PricewaterhouseCoopers LLP

Baltimore, Maryland

December 15, 2017

 

355

 

Report of Independent Registered Public Accounting Firm

 

To the Board of Trustees of the TIAA-CREF Funds and Shareholders of Emerging Markets Debt Fund and International Bond Fund

 

In our opinion, the (i) accompanying statement of assets and liabilities, including the summary portfolio of investments, and the related statements of operations and of changes in net assets and the financial highlights (included in Item 1 of this Form N-CSR) and the schedule of investments (included in Item 6 of this Form N-CSR) present fairly, in all material respects, the financial position of Emerging Markets Debt Fund as of October 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated therein, and (ii) accompanying consolidated statement of assets and liabilities, including the consolidated summary portfolio of investments, and the related consolidated statements of operations and of changes in net assets and the consolidated financial highlights (included in Item 1 of this Form N-CSR) and the consolidated schedule of investments (included in Item 6 of this Form N-CSR) present fairly, in all material respects, the financial position of International Bond Fund as of October 31, 2017, the results of their operations for the year then ended, and the changes in their net assets and the financial highlights for the year then ended and for the period August 5, 2016 (commencement of operations) through October 31, 2016, (two of the funds constituting the TIAA-CREF Funds, hereafter collectively referred to as the “Funds”), in conformity with accounting principles generally accepted in the United States of America. These financial statements, financial highlights and schedules of investments (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of October 31, 2017 by correspondence with the custodian and brokers, and the application of alternative auditing procedures where securities purchased confirmations had not been received, provide a reasonable basis for our opinions.

 

 

/s/PricewaterhouseCoopers LLP

Baltimore, Maryland

December 15, 2017

 

356

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

 

Not Applicable.

 

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

 

Not Applicable.

 

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

 

Not Applicable.

 

Item 10. Submission of Matters to a Vote of Security Holders.

 

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

 

Item 11. Controls and Procedures.

 

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

 

(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s annual period covered by this report that materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

 

Item 12. Exhibits.

 

12(a)(1) Copy of current SOX code of ethics for Senior Financial Officers

12(a)(2)(i) Section 302 certification of the principal executive officer

12(a)(2)(ii) Section 302 certification of the principal financial officer

12(b) Section 906 certification of principal executive officer and principal financial officer

 

SIGNATURES

 

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

 

  TIAA-CREF FUNDS  
       
Dated:  December 15, 2017 By: /s/Bradley Finkle  
    Bradley Finkle  
    Principal Executive Officer and President  

 

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

 

Dated:  December 15, 2017 By: /s/Bradley Finkle  
    Bradley Finkle  
    Principal Executive Officer and President  
    (principal executive officer)  

 

Dated:  December 15, 2017 By: /s/E. Scott Wickerham  
    E. Scott Wickerham  
    Principal Financial Officer, Principal Accounting Officer and Treasurer  
    (principal financial officer)  
 

EXHIBIT INDEX

 

Item 12. Exhibits.

 

12(a)(1) Copy of current SOX code of ethics for Senior Financial Officers

12(a)(2)(i) Section 302 certification of the principal executive officer

12(a)(2)(ii) Section 302 certification of the principal financial officer

12(b) Section 906 certification of principal executive officer and principal financial officer