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: April 30, 2019

Item 1. Reports to Stockholders.

TIAA-CREF
Funds April 30,
2019

TIAA-CREF

Equity Funds

The semiannual report contains the financial statements (unaudited).

	Institutional	Advisor	Premier	Retirement	Retail	Class
Fund name	Class	Class	Class	Class	Class	W
Growth & Income Fund	TIGRX	TGIHX	TRPGX	TRGIX	TIIRX	TGIWX
Large-Cap Growth Fund	TILGX	TILHX	TILPX	TILRX	TIRTX	TILWX
Large-Cap Value Fund	TRLIX	TRLHX	TRCPX	TRLCX	TCLCX	TRLWX
Mid-Cap Growth Fund	TRPWX	TCMHX	TRGPX	TRGMX	TCMGX	—
Mid-Cap Value Fund	TIMVX	TRVHX	TRVPX	TRVRX	TCMVX	—
Quant Large-Cap Growth Fund	TLIIX	TECGX	—	—	—	TECWX
Quant Large-Cap Value Fund	TEVIX	TELCX	—	—	—	TELWX
Quant Small-Cap Equity Fund	TISEX	TSCHX	TSRPX	TRSEX	TCSEX	TSCWX
Quant Small/Mid-Cap Equity Fund	TSMWX	TSMNX	TSMMX	TSMOX	TSMEX	TSMUX
Social Choice Equity Fund	TISCX	TICHX	TRPSX	TRSCX	TICRX	—
Social Choice Low Carbon Equity Fund	TNWCX	TCCHX	TPWCX	TEWCX	TLWCX	—
Emerging Markets Equity Fund	TEMLX	TEMHX	TEMPX	TEMSX	TEMRX	TEMVX
International Equity Fund	TIIEX	TIEHX	TREPX	TRERX	TIERX	TIEWX
International Opportunities Fund	TIOIX	TIOHX	TIOPX	TIOTX	TIOSX	TIOVX
Quant International Equity Fund	TFIIX	TEIEX	—	—	—	TEIWX
Quant International Small-Cap Equity Fund	TIISX	TAISX	TPISX	TTISX	TLISX	TAIWX
Social Choice International Equity Fund	TSONX	TSOHX	TSOPX	TSOEX	TSORX	—

Semiannual
Report

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the TIAA-CREF Funds’ (the “Funds”) annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, they will be made available on TIAA’s website, TIAA.org, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically anytime by either updating your account settings at TIAA.org/eDelivery, if you invest in the Funds directly or hold your Fund shares through a TIAA-affiliated financial intermediary, account or retirement plan (each, a “TIAA Account”), or by contacting your financial intermediary (such as a broker/dealer or bank) through which you hold Fund shares.

If you invest directly with the Funds or through a TIAA Account, you may elect to continue to receive all future shareholder reports in paper free of charge by updating your account settings at TIAA.org/eDelivery or by calling 800-842-2252 during regular business hours. If you invest through another financial intermediary, you can contact your financial intermediary to request that you continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with the fund complex if you invest directly with the Funds or through a TIAA Account, or to all funds held through your financial intermediary.

Contents

Understanding this report	3
Letter to investors	4
Market monitor	6
Information for investors	7
About the funds’ benchmarks	8
Important information about expenses	9
Fund performance
Growth & Income Fund	10
Large-Cap Growth Fund	12
Large-Cap Value Fund	14
Mid-Cap Growth Fund	16
Mid-Cap Value Fund	18
Quant Large-Cap Growth Fund	20
Quant Large-Cap Value Fund	22
Quant Small-Cap Equity Fund	24
Quant Small/Mid-Cap Equity Fund	26
Social Choice Equity Fund	28
Social Choice Low Carbon Equity Fund	30
Emerging Markets Equity Fund	32
International Equity Fund	34
International Opportunities Fund	36
Quant International Equity Fund	38
Quant International Small-Cap Equity Fund	40
Social Choice International Equity Fund	42
Summary portfolios of investments	44
Financial statements (unaudited)
Statements of assets and liabilities	82
Statements of operations	90
Statements of changes in net assets	94
Financial highlights	100
Notes to financial statements	124
Approval of investment management agreement	134
Additional information about index providers	141
How to reach us	Inside back cover

Understanding this report

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

This semiannual report contains information about certain TIAA-CREF Funds and describes their results for the six months ended April 30, 2019. The report contains four main sections:

• A letter from Brad Finkle, Chief Operating Officer, Nuveen; President of the TIAA-CREF Funds and TIAA-CREF Life Funds.

• 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 April 30, 2019.

• 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. To see the risks of investing in any fund, please read the 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  ■  2019 Semiannual Report 3

Brad Finkle

Letter to investors

Global equity markets recorded positive results during the six months ended April 30, 2019. Despite concerns about slower growth early in the period, the U.S. economic expansion continued and led domestic stocks higher. Overseas, similar concerns about slowing growth in certain foreign economies were even more pronounced at the end of 2018, but equities in both developed- and emerging-markets countries closed the reporting period with gains. For the six months:

• The Russell 3000^® Index, which measures the performance of the broad U.S. stock market, gained 9.7%. Please see page 8 for benchmark definitions.

• The MSCI EAFE Index, which tracks stocks in 21 developed-markets nations outside North America, advanced 7.5%.

• The MSCI Emerging Markets Index, a performance measure of stocks in 24 developing nations, returned 13.8%.

• Institutional Class returns for all 17 TIAA-CREF Equity Funds were positive, and eight of the funds outperformed their respective benchmarks for the period.

Growing economy overcame early concerns, lifting U.S. stocks

Renewed confidence in U.S. economic growth in the first four months of 2019 helped domestic stocks to overcome steep declines in the final two months of 2018 and finish the six-month period with solid gains. Unemployment fell to its lowest level in nearly half a century, while inflation remained stable.

Worries about a global economic slowdown pulled stocks lower in the first two months of the reporting period. But equities staged a powerful recovery in the New Year, after the Federal Reserve took a more cautious approach toward future interest-rate increases. Accelerating economic growth and easing trade tensions in the first quarter of 2019 also bolstered investor confidence.

During the period, mid-cap stocks outperformed large- and small-cap equities, while growth-oriented shares outgained value stocks across all market capitalizations. (Returns by investment style and capitalization size are based on the Russell indexes.)

Global economic growth led international stocks higher

An improving outlook for the global economy and strong labor markets supported solid returns in international developed stock markets. Growth in the euro area economy accelerated year-on-year during the first quarter of 2019. The unemployment rate in the area fell to its lowest level in more than a decade. Unemployment in the United Kingdom declined to its lowest reading since 1974.

Reacting to concerns about the potential for slowing economic growth earlier in the period, the European Central Bank decided against any increases in benchmark interest rates in 2019 and planned a new round of low-cost bank financing. The Bank of England left its benchmark rate unchanged.

Emerging markets outperformed developed markets and U.S. stocks

Recovering from a challenging environment over the previous six months, emerging-markets stocks recorded broad-based gains and outperformed developed-markets equities during the period.

Many emerging markets benefited from improving confidence in global growth. In particular, easing global trade tensions during the period lifted stocks in China and several other emerging-markets nations. Economies of emerging-markets countries that rely on oil exports also improved with the more upbeat outlook. China’s economy, which benefited from government stimulus plans, expanded by 6.4% year-on-year in the first quarter of 2019.

4 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

All funds recorded positive results

All 17 TIAA-CREF Equity Funds posted gains during the reporting period, with eight surpassing their benchmarks. The funds’ six-month returns ranged from 19.6% for the Emerging Markets Equity Fund to 3.9% for the International Equity Fund. (All fund returns are for the Institutional Class.)

Growth stocks—both domestic and international—generally produced the largest gains. Among domestic equity funds, the Mid-Cap Growth Fund’s 18.1% advance outpaced the gain of its benchmark. The Large-Cap Growth Fund exceeded its benchmark with a return of 13.1%, while the Quant Large-Cap Growth Fund gained 10.4%, falling short of the same benchmark.

Turning to funds focused on smaller or mid-sized domestic stocks, both the Quant Small/Mid-Cap Equity Fund and the Quant Small-Cap Equity Fund outperformed their benchmarks with returns of 9.7% and 6.6%, respectively.

The Growth & Income Fund advanced 8.9% but trailed the performance of its benchmark.

Elsewhere, the Social Choice Equity Fund outperformed its benchmark with a gain of 10.0%. The Social Choice Low Carbon Equity Fund returned 9.4%, trailing the same benchmark.

Value-oriented stocks also recorded consistent but more modest gains during the period. The Mid-Cap Value Fund gained 7.4%, while the Quant Large-Cap Value Fund and the Large-Cap Value Fund advanced 6.4% and 6.1%, respectively. All three funds lagged their shared benchmark.

Looking to international funds, the Emerging Markets Equity Fund far exceeded its benchmark with a gain of 19.6%. Among other foreign funds that outpaced their benchmarks, the International Opportunities Fund returned 11.0%, and the Social Choice International Equity Fund advanced 8.1%.

The Quant International Equity Fund gained 6.8%, while the Quant International Small-Cap Equity Fund advanced 4.9% and the International Equity Fund returned 3.9%. However, all three fell short of their benchmarks.

A detailed overview of the financial markets during the six-month period appears on page 6, and a discussion of how each fund performed in relation to its benchmark begins on page 10.

A steady hand amid market fluctuations

The recent volatility in the world’s financial markets serves as a good reminder of an important lesson: markets can pivot at any time, such as during the first four months of 2019, when gloom about a stalling global economy evaporated and stock prices seemed to turn on a dime.

The lesson from this rally is that while market attitudes can change in a hurry, your investment goals should not. We believe a diversified portfolio of stocks in a professionally managed mutual fund or group of funds can be a prudent approach to weathering the inevitable ups and downs of financial markets, helping investors to stay focused on their long-term goals. Of course, diversification does not guarantee against market losses.

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

Chief Operating Officer, Nuveen

President of the TIAA-CREF Funds and TIAA-CREF Life Funds

TIAA-CREF Funds: Equity Funds  ■  2019 Semiannual Report 5

Market monitor

Domestic and foreign equities advanced after early setback

For the six months ended April 30, 2019, U.S. and international stock markets recorded solid returns while the global economy continued to grow. The Russell 3000^® Index, a broad-based measure of the U.S. stock market, returned 9.7% for the period. International developed- and emerging-markets equities also posted gains, with the latter performing best.

U.S. economy expanded while inflation remained moderate

Real gross domestic product (GDP), which measures the value of all goods and services produced in the nation, grew at an annualized rate of 2.2% over the final three months of 2018. However, in the first quarter of 2019, the economy reversed two consecutive quarters of decelerating growth, and GDP expanded at an annualized rate of 3.2%, according to the government’s “advance” estimate. Rising exports and falling imports helped the economy grow faster during this period. Consumer spending, which accounts for two-thirds of all economic activity, grew at an annualized rate of just 1.2% in the first quarter of 2019 after climbing 2.5% in the fourth quarter of 2018.

The U.S. unemployment rate fell to 3.6% in April 2019, its lowest level in nearly 50 years. Core inflation, which includes all items except food and energy, rose 2.1% for the twelve-month period ended in April. The price of West Texas Intermediate crude oil (WTI) ended the six-month reporting period nearly unchanged at almost $64 per barrel. Oil prices fell sharply in late 2018 on prospects of a slower global economy before recovering later in the period.

Global equities posted strong gains

U.S. large- and mid-cap stocks outperformed; emerging markets soared

Source: U.S. large cap: Russell 1000^® Index; U.S. mid cap: Russell Midcap^® Index; U.S. small cap: Russell 2000^® Index; Foreign developed markets: MSCI EAFE Index; Emerging markets: MSCI Emerging Markets Index. Six-month returns as of April 30, 2019.

Mid-cap stocks, growth shares posted strongest gains

In the U.S. equity markets, mid-cap stocks outperformed large- and small-cap shares, while growth equities of all sizes outpaced value stocks during the period. Mid-cap stocks gained 11.7%, while large- and small-cap equities returned 10.0% and 6.1%, respectively. Among mid-cap stocks, growth shares advanced 16.6%, while value stocks gained 8.3%. In the large-cap category, growth equities returned 12.1%, while value shares gained 7.9%. Small-cap growth stocks advanced 8.3%, while small-cap value equities earned 3.8%. (Returns by investment style and capitalization size are based on the Russell indexes.)

Internationally, stocks in both developed and emerging markets posted gains, despite suffering losses at the end of 2018. The MSCI EAFE Index, which tracks stock performance in 21 developed-markets countries outside North America, gained 7.5% for the six-month period. The MSCI Emerging Markets Index returned 13.8%.

Stock markets fell before staging a strong recovery

At the end of 2018, equity markets lost ground amid concerns over slower economic growth and prospects of further U.S. interest-rate increases. The Federal Reserve raised the federal funds target rate in December 2018 to 2.25%–2.50% and had indicated that further increases were likely for the key short-term interest-rate measure. Slowing economies in Europe and China and a looming federal government shutdown also weighed on stocks.

But equities dramatically reversed course in January 2019, when Fed policymakers adopted a “patient” approach toward further interest-rate increases. A month-long government shutdown—the longest in U.S. history—also ended in late January, bolstering equities. Bond markets remained stable, with yields on most U.S. government securities declining during the six months. Only yields on short-term securities ended the period higher (bond prices move in the opposite direction of yields).

Despite concerns about the pace of global economic growth at the start of 2019, performance over the first three months of the year was encouraging. The 19-nation euro area grew by 1.2% year-on-year during the first quarter of 2019, according to a preliminary estimate. China’s economy grew by 6.4% for the same period. The European Central Bank shelved plans to raise key interest rates in 2019 and said it would offer banks a new round of low-cost financing later in the year. The Bank of England left its benchmark rate unchanged at 0.75%.

6 2019 Semiannual 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’ 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-PORT or Form N-Q filings. Form N-CSR filings are as of October 31 or April 30; Form N-PORT or 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  ■  2019 Semiannual 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-markets countries, excluding the United States.

The MSCI EAFE Index measures the performance of the leading stocks in 21 developed-markets 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-markets 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-markets countries, excluding the United States, and 24 emerging-markets countries.

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses. For additional details about the benchmark indexes, please read the funds’ latest prospectus.

Russell 1000, Russell 2000, Russell 3000 and Russell Midcap are trademarks and service marks of Frank Russell Company. TIAA products are not promoted or sponsored by, or affiliated with, Frank Russell Company. 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 Standard & Poor’s Financial Services, LLC, a division of S&P Global.

8 2019 Semiannual 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 in this report are intended to help you understand your ongoing costs only (in U.S. dollars) and do not reflect transactional costs. 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 (November 1, 2018–April 30, 2019).

Actual expenses

The first section in 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 section in each table shows hypothetical account values and expenses based on the Fund’s actual expense ratio for each share class 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  ■  2019 Semiannual Report 9

Growth & Income Fund

Expense example

Six months ended April 30, 2019

Growth & Income Fund	Beginning account value (11/1/18)		Ending account value (4/30/19)		Expenses paid during period* (11/1/18– 4/30/19)
Actual return
Institutional Class	$	1,000.00	$	1,089.42	$	2.12
Advisor Class		1,000.00		1,088.11		2.64
Premier Class		1,000.00		1,087.70		2.90
Retirement Class		1,000.00		1,087.78		3.42
Retail Class		1,000.00		1,087.52		3.62
Class W		1,000.00		1,090.90		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,022.76		2.06
Advisor Class		1,000.00		1,022.27		2.56
Premier Class		1,000.00		1,022.02		2.81
Retirement Class		1,000.00		1,021.52		3.31
Retail Class		1,000.00		1,021.32		3.51
Class W		1,000.00		1,024.79		0.00

* “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 181/365. There were 181 days in the six months ended April 30, 2019. The Fund’s annualized six-month expense ratios for that period were 0.41% for the Institutional Class, 0.51% for the Advisor Class, 0.56% for the Premier Class, 0.66% for the Retirement Class, 0.70% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

	% of net assets
Sector	as of 4/30/2019
Information technology		23.8
Health care		14.9
Communication services		11.2
Financials		10.7
Consumer discretionary		9.7
Industrials		9.5
Consumer staples		8.0
Energy		5.1
Materials		3.7
Utilities		2.1
Real estate		1.0
Short-term investments, other assets & liabilities, net		0.3
Total		100.0

Performance for the six months ended April 30, 2019

The Growth & Income Fund returned 8.94% for the Institutional Class, compared with the 9.76% return of its benchmark, the S&P 500^® Index. For the one-year period ended April 30, 2019, the Fund returned 9.85% versus 13.49% for the index. The performance table shows returns for all share classes of the Fund.

U.S. markets dipped in late 2018, only to surge in 2019 as growth continued

The U.S. economy continued to grow during the six-month period, while the labor market remained remarkably strong and inflation maintained a moderate pace. The unemployment rate fell to 3.6% in April 2019, its lowest level in nearly a half century. Inflation was just above the 2.0% level, while the price of crude oil ended the period nearly unchanged.

Concerns about the potential for slower growth in the global economy led equity markets lower early in the period. But the Federal Reserve’s shift to a more cautious approach toward future interest-rate increases at the end of 2018 propelled stocks higher in the first four months of 2019. In December 2018, the Federal Reserve raised the federal funds target rate, boosting the key short-term interest-rate measure to 2.25%–2.50%.

For the six months, the large-cap-oriented S&P 500 Index slightly outperformed the Russell 3000^®Index, a broad measure of the U.S. stock market, which gained 9.71%.

Consumer discretionary, information technology led the benchmark higher

All eleven industry sectors in the S&P 500 Index posted positive results for the six-month period. Consumer discretionary—the index’s fifth-largest sector—performed best with a gain of 15.2%. The benchmark’s largest sector, information technology, had the second-largest return at 14.6%. The relatively small real estate sector had the third-largest gain of 14.4%, followed by industrials and communication services at 13.1% and 11.8%, respectively. Together, these five sectors made up more than one-half of the index’s total market capitalization on April 30, 2019. Among other large sectors, health care rose 1.5% and financials added 7.9%.

For the six-month period, four of the five largest stocks in the S&P 500 Index generated returns that surpassed the overall performance of the benchmark. Facebook advanced the most, while Microsoft and Amazon.com also outperformed strongly. Alphabet (Google’s parent company) surpassed the index, while Apple suffered losses.

Stock selection hindered Fund’s relative performance

During the period, the Fund underperformed its benchmark as certain stocks did not perform as anticipated. A nonbenchmark holding in British online shopping and cosmetics retailer ASOS was the largest detractor due to a poor earnings report, while an overweight position in energy firm Concho Resources declined due to a poor outlook for 2019. An out-of-benchmark position in Teva Pharmaceuticals and an overweight position in Take-Two Interactive Software also dampened relative returns.

Several astute stock allocations partially offset the impact of these negative factors. Chief among these was a nonbenchmark holding in cloud-based information security company Zscaler, which reported strong fiscal Q2 earnings and solid guidance for fiscal Q3. An underweight position in lagging United Healthcare Group also boosted relative returns, as did a nonbenchmark holding in semiconductor firm Marvell Technology Group. Avoiding Johnson & Johnson, which performed poorly, was also beneficial.

10 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of April 30, 2019

Growth & Income Fund									Average annual						Annual operating
			Total return						total return						expenses*
	Inception
	date		6 months			1 year			5 years			10 years			gross			net
Institutional Class		7/1/99		8.94	%		9.85	%		11.31	%		14.81	%		0.40	%		0.40	%
Advisor Class		12/4/15		8.81			9.66			11.23	†		14.78	†		0.49			0.49
Premier Class		9/30/09		8.77			9.59			11.15			14.65	†		0.55			0.55
Retirement Class		10/1/02		8.78			9.53			11.04			14.52			0.65			0.65
Retail Class		3/31/06		8.75			9.44			10.98			14.47			0.69			0.69
Class W		9/28/18		9.09			10.07	†		11.35	†		14.84	†		0.40			0.00
S&P 500® Index		—		9.76			13.49			11.63			15.32			—			—

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 would 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 will continue through at least February 29, 2020, 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 and Class W that is prior to their respective inception dates is based on performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor and Premier classes and Class W. If these actual expenses had been reflected, the performance of these three classes shown for these periods would have been different because the Advisor and Premier classes and Class W have different expenses than the Institutional Class.

Holdings by company size

	% of equity investments
Market capitalization	as of 4/30/2019
More than $50 billion		61.9
More than $15 billion–$50 billion		22.9
More than $2 billion–$15 billion		15.1
$2 billion or less		0.1
Total		100.0
Fund profile

	as of 4/30/2019
Net assets	$6.85 billion
Portfolio turnover rate*	36%
Number of holdings	184
Weighted median market capitalization	$92.94 billion
Price/earnings ratio (weighted 12-month trailing average)†	24.4

*	The portfolio turnover rate covers the six-month period from November 1, 2018–April 30, 2019, and is not annualized.
†	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  ■  2019 Semiannual Report 11

Large-Cap Growth Fund

Expense example

Six months ended April 30, 2019

Large-Cap Growth Fund	Beginning account value (11/1/18)		Ending account value (4/30/19)		Expenses paid during period* (11/1/18– 4/30/19)
Actual return
Institutional Class	$	1,000.00	$	1,130.73	$	2.22
Advisor Class		1,000.00		1,130.70		2.69
Premier Class		1,000.00		1,130.25		3.01
Retirement Class		1,000.00		1,129.23		3.54
Retail Class		1,000.00		1,128.74		3.80
Class W		1,000.00		1,133.11		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,022.71		2.11
Advisor Class		1,000.00		1,022.27		2.56
Premier Class		1,000.00		1,021.97		2.86
Retirement Class		1,000.00		1,021.47		3.36
Retail Class		1,000.00		1,021.22		3.61
Class W		1,000.00		1,024.79		0.00

* “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 181/365. There were 181 days in the six months ended April 30, 2019. The Fund’s annualized six-month expense ratios for that period were 0.42% for the Institutional Class, 0.51% for the Advisor Class, 0.57% for the Premier Class, 0.67% for the Retirement Class, 0.72% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

	% of net assets
Sector	as of 4/30/2019
Information technology		39.5
Communication services		20.0
Consumer discretionary		15.4
Health care		13.0
Industrials		7.1
Materials		2.9
Financials		0.7
Consumer staples		0.4
Energy		0.2
Short-term investments, other assets & liabilities, net		0.8
Total		100.0

Performance for the six months ended April 30, 2019

The Large-Cap Growth Fund returned 13.07% for the Institutional Class, compared with the 12.09% return of its benchmark, the Russell 1000^® Growth Index. For the one-year period ended April 30, 2019, the Fund returned 16.33% versus 17.43% for the index. The performance table shows returns for all share classes of the Fund.

U.S. markets dipped in late 2018, only to surge in 2019 as growth continued

The U.S. economy continued to grow during the six-month period, while the labor market remained remarkably strong and inflation maintained a moderate pace. The unemployment rate fell to 3.6% in April 2019, its lowest level in nearly a half century. Inflation was just above the 2.0% level, while the price of crude oil ended the period nearly unchanged.

Concerns about the potential for slower growth in the global economy led equity markets lower early in the period. But the Federal Reserve’s shift to a more cautious approach toward future interest-rate increases at the end of 2018 propelled stocks higher in the first four months of 2019. In December 2018, the Federal Reserve raised the federal funds target rate, boosting the key short-term interest-rate measure to 2.25%–2.50%.

For the six months, the Russell 3000^® Index, a broad measure of the U.S. stock market, returned 9.71%. Mid-cap equities outperformed both large- and small-cap stocks, and growth shares outpaced value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

Cyclical sectors helped drive the benchmark higher

Nine of the ten industry sectors in the Russell 1000 Growth Index (utilities are no longer represented) advanced for the six months. Cyclical sectors that are tied to the health of the U.S. economy performed especially well, including consumer discretionary, information technology and industrials, which rose 15.7%, 14.9% and 12.4%, respectively. Together, these three sectors accounted for nearly 60.0% of the index’s total market capitalization on April 30, 2019, and contributed more than two-thirds of its return for the period. Energy was the sole detractor, returning –1.6%. Health care was the second-worst performer, rising just 0.9% amid concerns about the potential for tighter government regulation.

For the six-month period, three of the five largest stocks in the Russell 1000 Growth Index generated returns that surpassed the overall return of the index. They were Facebook, Microsoft and Amazon.com. Alphabet, the parent company of Google, posted a double-digit gain but underperformed the benchmark. Shares of Apple declined, in part due to slowing iPhone sales.

Stock choices boosted the Fund’s relative return

The Fund outperformed its benchmark mainly because of numerous successful stock selections. Chief among these were an underweight position in Apple and a lack of exposure to UnitedHealth Group. The next-largest contributors to relative performance were overweight holdings in biopharmaceutical company TESARO, which was acquired by drug giant GlaxoSmithKline, and cloud-computing firm ServiceNow, which reported record financial results.

These positive effects were partly mitigated by certain unfavorable stock allocations. The largest detractor in the Fund was an overweight investment in video game maker Activision Blizzard, which faced heightened competition. Overweight positions in electric car manufacturer Tesla and Jazz Pharmaceuticals also hurt relative returns.

12 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of April 30, 2019

Large-Cap Growth Fund									Average annual						Annual operating
			Total return						total return						expenses*
	Inception
	date		6 months			1 year			5 years			10 years			gross			net
Institutional Class		3/31/06		13.07	%		16.33	%		15.28	%		16.89	%		0.41	%		0.41	%
Advisor Class		12/4/15		13.07			16.28			15.22	†		16.86	†		0.52			0.52
Premier Class		9/30/09		13.03			16.18			15.11			16.73	†		0.57			0.57
Retirement Class		3/31/06		12.92			16.03			14.96			16.58			0.67			0.67
Retail Class		3/31/06		12.87			15.97			14.91			16.51			0.72			0.72
Class W		9/28/18		13.31			16.63	†		15.34	†		16.92	†		0.41			0.00
Russell 1000® Growth Index		—		12.09			17.43			14.50			16.96			—			—

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 would 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 will continue through at least February 29, 2020, 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 and Class W that is prior to their respective inception dates is based on performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor and Premier classes and Class W. If these actual expenses had been reflected, the performance of these three classes shown for these periods would have been different because the Advisor and Premier classes and Class W have different expenses than the Institutional Class.

Holdings by company size

	% of equity investments
Market capitalization	as of 4/30/2019
More than $50 billion		70.5
More than $15 billion–$50 billion		25.2
More than $2 billion–$15 billion		4.3
Total		100.0

Fund profile
	as of 4/30/2019
Net assets	$5.71 billion
Portfolio turnover rate*	42%
Number of holdings	87
Weighted median market capitalization	$128.36 billion
Price/earnings ratio (weighted 12-month trailing average)†	33.4

*	The portfolio turnover rate covers the six-month period from November 1, 2018–April 30, 2019, and is not annualized.
†	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  ■  2019 Semiannual Report 13

Large-Cap Value Fund

Expense example

Six months ended April 30, 2019

Large-Cap Value Fund	Beginning account value (11/1/18)		Ending account value (4/30/19)		Expenses paid during period* (11/1/18– 4/30/19)
Actual return
Institutional Class	$	1,000.00	$	1,060.54	$	1.99
Advisor Class		1,000.00		1,059.93		2.15
Premier Class		1,000.00		1,059.76		2.76
Retirement Class		1,000.00		1,059.69		3.27
Retail Class		1,000.00		1,058.78		3.57
Class W		1,000.00		1,062.34		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,022.86		1.96
Advisor Class		1,000.00		1,022.71		2.11
Premier Class		1,000.00		1,022.12		2.71
Retirement Class		1,000.00		1,021.62		3.21
Retail Class		1,000.00		1,021.32		3.51
Class W		1,000.00		1,024.79		0.00

* “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 181/365. There were 181 days in the six months ended April 30, 2019. The Fund’s annualized six-month expense ratios for that period were 0.39% for the Institutional Class, 0.42% for the Advisor Class, 0.54% for the Premier Class, 0.64% for the Retirement Class, 0.70% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

	% of net assets
Sector	as of 4/30/2019
Financials		24.4
Health care		15.3
Information technology		13.4
Industrials		11.0
Energy		9.0
Communication services		6.6
Consumer staples		6.1
Utilities		4.7
Materials		4.6
Consumer discretionary		2.7
Real estate		1.6
Short-term investments, other assets & liabilities, net		0.6
Total		100.0

Performance for the six months ended April 30, 2019

The Large-Cap Value Fund returned 6.05% for the Institutional Class, compared with the 7.90% return of its benchmark, the Russell 1000^® Value Index. For the one-year period ended April 30, 2019, the Fund returned 2.46% versus 9.06% for the index. The performance table shows returns for all share classes of the Fund.

U.S. markets dipped in late 2018, only to surge in 2019 as growth continued

The U.S. economy continued to grow during the six-month period, while the labor market remained remarkably strong and inflation maintained a moderate pace. The unemployment rate fell to 3.6% in April 2019, its lowest level in nearly a half century. Inflation was just above the 2.0% level, while the price of crude oil ended the period nearly unchanged.

Concerns about the potential for slower growth in the global economy led equity markets lower early in the period. But the Federal Reserve’s shift to a more cautious approach toward future interest-rate increases at the end of 2018 propelled stocks higher in the first four months of 2019. In December 2018, the Federal Reserve raised the federal funds target rate, boosting the key short-term interest-rate measure to 2.25%–2.50%.

For the six months, the Russell 3000^® Index, a broad measure of the U.S. stock market, returned 9.71%. Mid-cap equities outperformed both large- and small-cap stocks, and growth shares outpaced value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

Most sectors helped the benchmark climb higher

Ten of the eleven industry sectors in the Russell 1000 Value Index advanced for the six months. They included information technology and industrials, which climbed 18.8% and 14.7%, respectively, and made sizeable contributions to the index’s return. Financials—the benchmark’s largest sector—was the top contributor but rose a more modest 7.3%, weighed down by concerns about banks’ profitability. Together, these three sectors represented almost 40.0% of the index’s total market capitalization on April 30, 2019. Energy, the only detractor for the period, returned –1.1%. Health care—the index’s second-largest component—rose just 2.9% amid the threat of tighter government regulation.

For the six-month period, all of the five largest stocks in the Russell 1000 Value Index posted gains, but only Bank of America and JPMorgan Chase surpassed the overall return of the benchmark. The underperformers were Berkshire Hathaway, Exxon Mobil and Johnson & Johnson.

Stock picks dampened relative results

Stock selection hindered the Fund’s performance relative to the index. The biggest detractor for the period was an overweight holding in insurer Cigna. Regulatory risk was a headwind for Cigna, and the company’s 2019 profit forecast disappointed investors. The next-largest detractors were an overweight in Concho Resources, an energy firm, and out-of-index investments in airplane manufacturer Bombardier and UnitedHealth Group.

An overweight position in Microsoft was the largest contributor to the Fund’s relative performance. Sales of the company’s Windows operating system rebounded, and its cloud-computing business experienced strong growth. Other top contributors were a lack of exposure to retail pharmacy firm Walgreens Boots Alliance and an overweight in technology giant Cisco Systems.

14 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of April 30, 2019

Large-Cap Value Fund									Average annual						Annual operating
			Total return						total return						expenses*
	Inception
	date		6 months			1 year			5 years			10 years			gross			net
Institutional Class		10/1/02		6.05	%		2.46	%		6.38	%		12.60	%		0.40	%		0.40	%
Advisor Class		12/4/15		5.99			2.40			6.34	†		12.57	†		0.49			0.49
Premier Class		9/30/09		5.98			2.27			6.22			12.43	†		0.55			0.55
Retirement Class		10/1/02		5.97			2.20			6.12			12.31			0.65			0.65
Retail Class		10/1/02		5.88			2.14			6.05			12.25			0.71			0.71
Class W		9/28/18		6.23			2.70	†		6.43	†		12.62	†		0.40			0.00
Russell 1000® Value Index		—		7.90			9.06			8.27			13.76			—			—

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 would 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 will continue through at least February 29, 2020, 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 and Class W that is prior to their respective inception dates is based on performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor and Premier classes and Class W. If these actual expenses had been reflected, the performance of these three classes shown for these periods would have been different because the Advisor and Premier classes and Class W have different expenses than the Institutional Class.

Holdings by company size

	% of equity investments
Market capitalization	as of 4/30/2019
More than $50 billion		73.8
More than $15 billion–$50 billion		20.5
More than $2 billion–$15 billion		5.7
Total		100.0

Fund profile
	as of 4/30/2019
Net assets	$6.19 billion
Portfolio turnover rate*	69%
Number of holdings	85
Weighted median market capitalization	$134.56 billion
Price/earnings ratio (weighted 12-month trailing average)†	18.1

*	The portfolio turnover rate covers the six-month period from November 1, 2018–April 30, 2019, and is not annualized.
†	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  ■  2019 Semiannual Report 15

Mid-Cap Growth Fund

Expense example

Six months ended April 30, 2019

Mid-Cap Growth Fund	Beginning account value (11/1/18)		Ending account value (4/30/19)		Expenses paid during period* (11/1/18– 4/30/19)
Actual return
Institutional Class	$	1,000.00	$	1,181.18	$	2.60
Advisor Class		1,000.00		1,181.15		2.92
Premier Class		1,000.00		1,180.12		3.41
Retirement Class		1,000.00		1,179.77		3.95
Retail Class		1,000.00		1,179.81		4.22
5% annual hypothetical return
Institutional Class		1,000.00		1,022.41		2.41
Advisor Class		1,000.00		1,022.12		2.71
Premier Class		1,000.00		1,021.67		3.16
Retirement Class		1,000.00		1,021.17		3.66
Retail Class		1,000.00		1,020.93		3.91

* “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 181/365. There were 181 days in the six months ended April 30, 2019. The Fund’s annualized six-month expense ratios for that period were 0.48% for the Institutional Class, 0.54% for the Advisor Class, 0.63% for the Premier Class, 0.73% for the Retirement Class and 0.78% for the Retail Class. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 4/30/2019
Information technology		34.3
Consumer discretionary		17.1
Industrials		16.0
Health care		13.3
Financials		5.3
Communication services		5.3
Materials		3.5
Real estate		2.5
Consumer staples		1.4
Energy		1.0
Short-term investments, other assets & liabilities, net		0.3
Total		100.0

Performance for the six months ended April 30, 2019

The Mid-Cap Growth Fund returned 18.12% for the Institutional Class, compared with the 16.55% return of its benchmark, the Russell Midcap^® Growth Index. For the one-year period ended April 30, 2019, the Fund returned 15.07% versus 17.64% for the index. The performance table shows returns for all share classes of the Fund.

U.S. markets dipped in late 2018, only to surge in 2019 as growth continued

The U.S. economy continued to grow during the six-month period, while the labor market remained remarkably strong and inflation maintained a moderate pace. The unemployment rate fell to 3.6% in April 2019, its lowest level in nearly a half century. Inflation was just above the 2.0% level, while the price of crude oil ended the period nearly unchanged.

Concerns about the potential for slower growth in the global economy led equity markets lower early in the period. But the Federal Reserve’s shift to a more cautious approach toward future interest-rate increases at the end of 2018 propelled stocks higher in the first four months of 2019. In December 2018, the Federal Reserve raised the federal funds target rate, boosting the key short-term interest-rate measure to 2.25%–2.50%.

For the six months, the Russell 3000^® Index, a broad measure of the U.S. stock market, returned 9.71%. Mid-cap equities outperformed both large- and small-cap stocks, and growth shares outpaced value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

Largest sectors fueled the benchmark’s advance

Nine of the ten industry sectors in the Russell Midcap Growth Index (utilities are no longer represented) advanced during the period. Seven scored double-digit gains, including information technology, consumer discretionary and industrials—the benchmark’s three largest sectors for the period. Information technology was the best performer, rising 25.5%. Consumer discretionary and industrials gained 13.0% and 16.3%, respectively. Together, these three sectors represented nearly two-thirds of the benchmark’s total market capitalization on April 30, 2019. Energy was the sole decliner, returning –2.7%.

The performance of the five largest stocks in the Russell Midcap Growth Index varied widely. Cloud-computing firm ServiceNow—the largest stock—posted an impressive gain that strongly surpassed the overall return of the benchmark. Medical equipment company Edwards Lifesciences also outperformed, although by a much smaller margin. Financial services technology firm Fiserv and retailer Dollar General produced double-digit gains but trailed the benchmark. Ross Stores declined slightly.

Stock selections lifted the Fund above its benchmark

The Fund outperformed its benchmark mainly because of numerous favorable stock choices. The largest contributor to relative returns was an overweight holding in biopharmaceutical firm TESARO, which was acquired by drug maker GlaxoSmithKline. The next-largest contributors were nonbenchmark positions in Chinese data-center operator GDS Holdings and online game provider Zynga. GDS Holdings enjoyed strong demand from China’s leading cloud, internet and e-commerce companies. Zygna announced operating results and growth forecasts that suggested its multiyear turnaround effort was a success.

The largest detractor for the period was an overweight holding in Jazz Pharmaceuticals, which experienced slower-than-expected sales of a new leukemia drug. An overweight in Parsley Energy and an underweight in software supplier Workday also detracted.

16 2019 Semiannual Report   ■  TIAA-CREF Funds: Equity Funds

Performance as of April 30, 2019

Mid-Cap Growth Fund			Total return						Average annual total return						Annual operating expenses*
	Inception date		6 months			1 year			5 years			10 years			gross			net
Institutional Class		10/1/02		18.12	%		15.07	%		10.50	%		15.48	%		0.47	%		0.47	%
Advisor Class		12/4/15		18.12			15.07			10.47	†		15.46	†		0.56			0.56
Premier Class		9/30/09		18.01			14.90			10.34			15.31	†		0.62			0.62
Retirement Class		10/1/02		17.98			14.79			10.23			15.19			0.72			0.72
Retail Class		10/1/02		17.98			14.79			10.17			15.14			0.77			0.77
Russell Midcap®  Growth Index		—		16.55			17.64			12.20			16.56			—			—

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 would 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 will continue through at least February 29, 2020, 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 performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor and Premier classes. If these actual expenses had been reflected, the performance of these two classes shown for these periods would have been different because the Advisor and Premier classes have different expenses than the Institutional Class.

Holdings by company size

Market capitalization	% of equity investments as of 4/30/2019
More than $15 billion–$50 billion		61.3
More than $2 billion–$15 billion		36.9
$2 billion or less		1.8
Total		100.0

Fund profile

	as of 4/30/2019
Net assets		$1.55 billion
Portfolio turnover rate*		39%
Number of holdings		122
Weighted median market capitalization		$19.10 billion
Price/earnings ratio (weighted 12-month trailing average)†		42.8

*	The portfolio turnover rate covers the six-month period from November 1, 2018–April 30, 2019, and is not annualized.
†	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  ■  2019 Semiannual Report 17

Mid-Cap Value Fund

Expense example

Six months ended April 30, 2019

Mid-Cap Value Fund	Beginning account value (11/1/18)		Ending account value (4/30/19)		Expenses paid during period* (11/1/18– 4/30/19)
Actual return
Institutional Class	$	1,000.00	$	1,073.76	$	2.01
Advisor Class		1,000.00		1,073.36		2.47
Premier Class		1,000.00		1,072.73		2.78
Retirement Class		1,000.00		1,072.20		3.29
Retail Class		1,000.00		1,072.32		3.55
5% annual hypothetical return
Institutional Class		1,000.00		1,022.86		1.96
Advisor Class		1,000.00		1,022.41		2.41
Premier Class		1,000.00		1,022.12		2.71
Retirement Class		1,000.00		1,021.62		3.21
Retail Class		1,000.00		1,021.37		3.46

* “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 181/365. There were 181 days in the six months ended April 30, 2019. The Fund’s annualized six-month expense ratios for that period were 0.39% for the Institutional Class, 0.48% for the Advisor Class, 0.54% for the Premier Class, 0.64% for the Retirement Class and 0.69% for the Retail Class. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 4/30/2019
Financials		16.8
Industrials		12.7
Consumer discretionary		11.2
Utilities		10.8
Real estate		10.8
Information technology		9.1
Energy		8.0
Materials		6.5
Health care		5.6
Consumer staples		4.5
Communication services		3.4
Short-term investments, other assets & liabilities, net		0.6
Total		100.0

Performance for the six months ended April 30, 2019

The Mid-Cap Value Fund returned 7.38% for the Institutional Class, compared with the 8.28% return of its benchmark, the Russell Midcap^® Value Index. For the one-year period ended April 30, 2019, the Fund returned 2.42% versus 5.76% for the index. The performance table shows returns for all share classes of the Fund.

U.S. markets dipped in late 2018, only to surge in 2019 as growth continued

The U.S. economy continued to grow during the six-month period, while the labor market remained remarkably strong and inflation maintained a moderate pace. The unemployment rate fell to 3.6% in April 2019, its lowest level in nearly a half century. Inflation was just above the 2.0% level, while the price of crude oil ended the period nearly unchanged.

Concerns about the potential for slower growth in the global economy led equity markets lower early in the period. But the Federal Reserve’s shift to a more cautious approach toward future interest-rate increases at the end of 2018 propelled stocks higher in the first four months of 2019. In December 2018, the Federal Reserve raised the federal funds target rate, boosting the key short-term interest-rate measure to 2.25%–2.50%.

For the six months, the Russell 3000^® Index, a broad measure of the U.S. stock market, returned 9.71%. Mid-cap equities outperformed both large- and small-cap stocks, and growth shares outpaced value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

Information technology led the benchmark higher

Nine of the eleven industry sectors in the Russell Midcap Value Index advanced during the period. With a 17.6% gain, information technology was the best-performing sector. Industrials was the second-best performer, advancing 15.7% and making the largest return contribution. Other top contributors included real estate, which climbed 11.9%, and financials—the index’s biggest component—which rose 9.2%. Together, these four sectors represented more than one-half of the index’s total market capitalization on April 30, 2019. Energy was the worst-performing sector, returning –7.8%.

All of the five largest stocks in the Russell Midcap Value Index posted gains that exceeded the overall performance of the index. Semiconductor manufacturer Analog Devices led the way, followed by payment processor Worldpay and energy firms Williams Companies and Sempra Energy. Financial software provider Fidelity National Information Services was the worst performer of the five but still delivered a double-digit gain.

Fund advanced for the period but trailed its benchmark

The Fund modestly lagged its benchmark for the period due to certain stock allocations that did not perform as anticipated. Two of the largest detractors were a nonbenchmark position in Matador Resources and an overweight investment in Concho Resources, both energy firms. Other significant detractors included an overweight in grain-trading company Bunge, which was hurt by global trade tensions, and a lack of exposure to semiconductor maker Analog Devices, which benefited from strength in its communications segment.

On the plus side, the top contributor was an out-of-index holding in cable TV company Altice, whose earnings surpassed expectations. The next-largest contributors were an overweight position in Marvell Technology, and nonbenchmark allocations to lighting manufacturer Cree and semiconductor company NXP.

18 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of April 30, 2019

Mid-Cap Value Fund			Total return						Average annual total return						Annual operating expenses*
	Inception date		6 months			1 year			5 years			10 years			gross			net
Institutional Class		10/1/02		7.38	%		2.42	%		6.47	%		13.18	%		0.42	%		0.42	%
Advisor Class		12/4/15		7.34			2.37			6.41	†		13.15	†		0.51			0.51
Premier Class		9/30/09		7.27			2.26			6.31			13.01	†		0.57			0.57
Retirement Class		10/1/02		7.22			2.15			6.21			12.90			0.67			0.67
Retail Class		10/1/02		7.23			2.10			6.16			12.86			0.72			0.72
Russell Midcap® Value Index		—		8.28			5.76			7.83			14.98			—			—

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 would 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 will continue through at least February 29, 2020, 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 performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor and Premier classes. If these actual expenses had been reflected, the performance of these two classes shown for these periods would have been different because the Advisor and Premier classes have different expenses than the Institutional Class.

Holdings by company size

Market capitalization	% of equity investments as of 4/30/2019
More than $50 billion		0.4
More than $15 billion–$50 billion		41.8
More than $2 billion–$15 billion		54.0
$2 billion or less		3.8
Total		100.0

Fund profile

	as of 4/30/2019
Net assets	$3.30 billion
Portfolio turnover rate*	49%
Number of holdings	200
Weighted median market capitalization	$12.46 billion
Price/earnings ratio (weighted 12-month trailing average)†	29.9

*	The portfolio turnover rate covers the six-month period from November 1, 2018–April 30, 2019, and is not annualized.
†	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  ■  2019 Semiannual Report 19

Quant Large-Cap Growth Fund

Expense example

Six months ended April 30, 2019

Quant Large-Cap Growth Fund	Beginning account value (11/1/18)		Ending account value (4/30/19)		Expenses paid during period* (11/1/18– 4/30/19)
Actual return
Institutional Class		$1,000.00		$1,104.05		$1.72
Advisor Class		1,000.00		1,103.63		2.14
Class W		1,000.00		1,105.81		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,023.16		1.66
Advisor Class		1,000.00		1,022.76		2.06
Class W		1,000.00		1,024.79		0.00

* “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 181/365. There were 181 days in the six months ended April 30, 2019. The Fund’s annualized six-month expense ratios for that period were 0.33% for the Institutional Class, 0.41% for the Advisor Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 4/30/2019
Information technology		34.7
Consumer discretionary		13.8
Communication services		12.0
Industrials		11.5
Health care		10.0
Financials		8.6
Consumer staples		5.9
Real estate		1.7
Materials		1.3
Energy		0.2
Short-term investments, other assets & liabilities, net		0.3
Total		100.0

Performance for the six months ended April 30, 2019

The Quant Large-Cap Growth Fund returned 10.41% for the Institutional Class, compared with the 12.09% return of its benchmark, the Russell 1000^® Growth Index. For the one-year period ended April 30, 2019, the Fund returned 14.50% versus 17.43% for the index. The performance table shows returns for all share classes of the Fund.

U.S. markets dipped in late 2018, only to surge in 2019 as growth continued

The U.S. economy continued to grow during the six-month period, while the labor market remained remarkably strong and inflation maintained a moderate pace. The unemployment rate fell to 3.6% in April 2019, its lowest level in nearly a half century. Inflation was just above the 2.0% level, while the price of crude oil ended the period nearly unchanged.

Concerns about the potential for slower growth in the global economy led equity markets lower early in the period. But the Federal Reserve’s shift to a more cautious approach toward future interest-rate increases at the end of 2018 propelled stocks higher in the first four months of 2019. In December 2018, the Federal Reserve raised the federal funds target rate, boosting the key short-term interest-rate measure to 2.25%–2.50%.

For the six months, the Russell 3000^® Index, a broad measure of the U.S. stock market, returned 9.71%. Mid-cap equities outperformed both large- and small-cap stocks, and growth shares outpaced value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

Cyclical sectors helped drive the benchmark higher

Nine of the ten industry sectors in the Russell 1000 Growth Index (utilities are no longer represented) advanced for the six months. Cyclical sectors that are tied to the health of the U.S. economy performed especially well, including consumer discretionary, information technology and industrials, which rose 15.7%, 14.9% and 12.4%, respectively. Together, these three sectors accounted for nearly 60.0% of the index’s total market capitalization on April 30, 2019, and contributed more than two-thirds of its return for the period. Energy was the sole detractor, returning –1.6%. Health care was the second-worst performer, rising just 0.9% amid concerns about the potential for tighter government regulation.

For the six-month period, three of the five largest stocks in the Russell 1000 Growth Index generated returns that surpassed the overall return of the index. They were Facebook, Microsoft and Amazon.com. Alphabet, the parent company of Google, posted a double-digit gain but underperformed the benchmark. Shares of Apple declined, in part due to slowing iPhone sales.

Fund advanced but trailed its benchmark

The Fund lagged its benchmark, mainly due to overweight positions in several stocks that declined. The largest detractor was technology company Alliance Data Systems, which suffered from weakness in one of its business units and then announced it was going to sell the unit at a lower-than-anticipated price. The next-largest detractors were overweights in steel producer Steel Dynamics and biotechnology firm Biogen.

On the positive side, several stock choices boosted relative returns. The largest contributor was an underweight holding in Activision Blizzard, a video game maker that was hurt by increased competition. Overweights in aircraft component supplier TransDigm Group and communications company Ubiquiti Networks were also beneficial.

20 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of April 30, 2019

Quant Large-Cap Growth Fund			Total return						Average annual total return						Annual operating expenses*
	Inception date		6 months			1 year			5 years			10 years			gross			net
Institutional Class		11/30/07		10.41	%		14.50	%		14.14	%		16.29	%		0.32	%		0.32	%
Advisor Class		12/4/15		10.36			14.29			14.11	†		16.27	†		0.43			0.43
Class W		9/28/18		10.58			14.68	†		14.18	†		16.31	†		0.32			0.00
Russell 1000® Growth Index		—		12.09			17.43			14.50			16.96			—			—

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 would 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 will continue through at least February 29, 2020, 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 and Class W that is prior to their respective inception dates is based on performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of Advisor Class and Class W. If these actual expenses had been reflected, the performance of these two classes shown for these periods would have been different because the Advisor Class and Class W have different expenses than the Institutional Class.

Holdings by company size

Market capitalization	% of equity investments as of 4/30/2019
More than $50 billion		63.2
More than $15 billion–$50 billion		21.8
More than $2 billion–$15 billion		14.9
$2 billion or less		0.1
Total		100.0

Fund profile 

	as of 4/30/2019
Net assets	$2.82 billion
Portfolio turnover rate*	50%
Number of holdings	222
Weighted median market capitalization	$112.90 billion
Price/earnings ratio (weighted 12-month trailing average)†	21.6

*	The portfolio turnover rate covers the six-month period from November 1, 2018–April 30, 2019, and is not annualized.
†	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  ■  2019 Semiannual Report 21

Quant Large-Cap Value Fund

Expense example

Six months ended April 30, 2019

Quant Large-Cap Value Fund	Beginning account value (11/1/18)		Ending account value (4/30/19)		Expenses paid during period* (11/1/18– 4/30/19)
Actual return
Institutional Class		$1,000.00		$1,063.73		$1.64
Advisor Class		1,000.00		1,062.51		2.15
Class W		1,000.00		1,064.64		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,023.21		1.61
Advisor Class		1,000.00		1,022.71		2.11
Class W		1,000.00		1,024.79		0.00

* “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 181/365. There were 181 days in the six months ended April 30, 2019. The Fund’s annualized six-month expense ratios for that period were 0.32% for the Institutional Class, 0.42% for the Advisor Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 4/30/2019
Financials		24.5
Health care		12.5
Industrials		9.8
Consumer staples		9.1
Information technology		9.1
Energy		8.5
Consumer discretionary		7.1
Communication services		5.5
Utilities		5.1
Materials		4.6
Real estate		3.9
Short-term investments, other assets & liabilities, net		0.3
Total		100.0

Performance for the six months ended April 30, 2019

The Quant Large-Cap Value Fund returned 6.37% for the Institutional Class, compared with the 7.90% return of its benchmark, the Russell 1000^® Value Index. For the one-year period ended April 30, 2019, the Fund returned 6.16% versus 9.06% for the index. The performance table shows returns for all share classes of the Fund.

U.S. markets dipped in late 2018, only to surge in 2019 as growth continued

The U.S. economy continued to grow during the six-month period, while the labor market remained remarkably strong and inflation maintained a moderate pace. The unemployment rate fell to 3.6% in April 2019, its lowest level in nearly a half century. Inflation was just above the 2.0% level, while the price of crude oil ended the period nearly unchanged.

Concerns about the potential for slower growth in the global economy led equity markets lower early in the period. But the Federal Reserve’s shift to a more cautious approach toward future interest-rate increases at the end of 2018 propelled stocks higher in the first four months of 2019. In December 2018, the Federal Reserve raised the federal funds target rate, boosting the key short-term interest-rate measure to 2.25%–2.50%.

For the six months, the Russell 3000^® Index, a broad measure of the U.S. stock market, returned 9.71%. Mid-cap equities outperformed both large- and small-cap stocks, and growth shares outpaced value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

Most sectors helped the benchmark climb higher

Ten of the eleven industry sectors in the Russell 1000 Value Index advanced, with four achieving double-digit gains for the six months. They included information technology and industrials, which climbed 18.8% and 14.7%, respectively, and made sizeable contributions to the index’s return. Financials—the benchmark’s largest sector—was the top contributor but rose a more modest 7.3%, weighed down by concerns about banks’ profitability. Together, these three sectors represented almost 40.0% of the index’s total market capitalization on April 30, 2019. Energy, the only detractor for the period, returned –1.1%. Health care—the index’s second-largest component—rose just 2.9% amid the threat of tighter government regulation.

For the six-month period, all of the five largest stocks in the Russell 1000 Value Index posted gains, but only Bank of America and JPMorgan Chase surpassed the overall return of the benchmark. The underperformers were Berkshire Hathaway, Exxon Mobil and Johnson & Johnson.

Stock allocations limited the Fund’s relative return

The Fund trailed its benchmark for the six months due to certain stock selections. The largest detractors were overweight positions in utility PG&E and drugstore owner Walgreens Boots Alliance, both of which registered declines. PG&E faced liabilities related to its role in the 2018 California wildfires, while an increasingly challenging competitive environment impacted Walgreens Boots Alliance. The next-largest detractor was an overweight investment in steel producer Steel Dynamics.

On the plus side, the top contributor to relative results was an overweight holding in consumer products company Kimberly-Clark, which benefited from higher selling prices. An underweight in Kraft Heinz, which declined sharply, and an overweight in semiconductor maker Broadcom, which performed well, were also helpful.

22 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of April 30, 2019

Quant Large-Cap Value Fund			Total return						Average annual total return						Annual operating expenses*
	Inception date		6 months			1 year			5 years			10 years			gross			net
Institutional Class		11/30/07		6.37	%		6.16	%		7.25	%		12.70	%		0.32	%		0.32	%
Advisor Class		12/4/15		6.25			6.15			7.16	†		12.65	†		0.41			0.41
Class W		9/28/18		6.46			6.36	†		7.29	†		12.72	†		0.32			0.00
Russell 1000® Value Index		—		7.90			9.06			8.27			13.76			—			—

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 would 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 will continue through at least February 29, 2020, 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 and Class W that is prior to their respective inception dates is based on performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of Advisor Class and Class W. If these actual expenses had been reflected, the performance of these two classes shown for these periods would have been different because the Advisor Class and Class W have different expenses than the Institutional Class.

Holdings by company size

Market capitalization	% of equity investments  as of 4/30/2019
More than $50 billion		52.0
More than $15 billion–$50 billion		26.0
More than $2 billion–$15 billion		21.7
$2 billion or less		0.3
Total		100.0

Fund profile

	as of 4/30/2019
Net assets		$2.64 billion
Portfolio turnover rate*		62%
Number of holdings		293
Weighted median market capitalization		$62.81 billion
Price/earnings ratio (weighted 12-month trailing average)†		16.4

*	The portfolio turnover rate covers the six-month period from November 1, 2018–April 30, 2019, and is not annualized.
†	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  ■  2019 Semiannual Report 23

Quant Small-Cap Equity Fund

Expense example

Six months ended April 30, 2019

Quant Small-Cap Equity Fund	Beginning account value (11/1/18)		Ending account value (4/30/19)		Expenses paid during period* (11/1/18– 4/30/19)
Actual return
Institutional Class	$	1,000.00	$	1,066.07		$2.05
Advisor Class		1,000.00		1,065.83		2.51
Premier Class		1,000.00		1,065.58		2.82
Retirement Class		1,000.00		1,065.10		3.33
Retail Class		1,000.00		1,064.49		3.43
Class W		1,000.00		1,068.59		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,022.81		2.01
Advisor Class		1,000.00		1,022.36		2.46
Premier Class		1,000.00		1,022.07		2.76
Retirement Class		1,000.00		1,021.57		3.26
Retail Class		1,000.00		1,021.47		3.36
Class W		1,000.00		1,024.79		0.00

* “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 181/365. There were 181 days in the six months ended April 30, 2019. The Fund’s annualized six-month expense ratios for that period were 0.40% for the Institutional Class, 0.49% for the Advisor Class, 0.55% for the Premier Class, 0.65% for the Retirement Class, 0.67% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 4/30/2019
Financials		17.8
Information technology		15.0
Health care		15.0
Industrials		14.5
Consumer discretionary		10.1
Real estate		9.1
Energy		4.8
Materials		4.7
Consumer staples		3.5
Utilities		3.2
Communication services		2.1
Short-term investments, other assets & liabilities, net		0.2
Total		100.0

Performance for the six months ended April 30, 2019

The Quant Small-Cap Equity Fund returned 6.61% for the Institutional Class, compared with the 6.06% return of its benchmark, the Russell 2000^® Index. For the one-year period ended April 30, 2019, the Fund returned 5.93% versus 4.61% for the index. The performance table shows returns for all share classes of the Fund.

U.S. markets dipped in late 2018, only to surge in 2019 as growth continued

The U.S. economy continued to grow during the six-month period, while the labor market remained remarkably strong and inflation maintained a moderate pace. The unemployment rate fell to 3.6% in April 2019, its lowest level in nearly a half century. Inflation was just above the 2.0% level, while the price of crude oil ended the period nearly unchanged.

Concerns about the potential for slower growth in the global economy led equity markets lower early in the period. But the Federal Reserve’s shift to a more cautious approach toward future interest-rate increases at the end of 2018 propelled stocks higher in the first four months of 2019. In December 2018, the Federal Reserve raised the federal funds target rate, boosting the key short-term interest-rate measure to 2.25%–2.50%.

For the six months, the Russell 3000^® Index, a broad measure of the U.S. stock market, returned 9.71%. Mid-cap equities outperformed both large- and small-cap stocks, and growth shares outpaced value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

Information technology led the benchmark higher

Eight of the eleven industry sectors in the Russell 2000 Index posted positive results for the six months. Information technology—the index’s third-largest sector—performed best with a gain of 22.1%. The benchmark’s fourth-largest sector, industrials, delivered a solid gain of 7.1%, while the largest sector, financials, advanced 5.3%. The smaller utilities and real estate sectors generated the second- and third-largest returns at 12.1% and 9.3%, respectively. Together, these five sectors made up almost 60.0% of the index’s total market capitalization on April 30, 2019. Energy, health care—the second-largest index sector—and consumer staples all had negative returns.

For the six-month period, all of the five largest stocks in the Russell 2000 index generated sizable returns that exceeded the overall performance of the benchmark. Online advertising firm The Trade Desk advanced the most, while lighting manufacturer Cree, e-commerce website Etsy, software developer Hubspot and discount store chain Five Below also outperformed with double-digit gains.

Positive stock allocations helped the Fund outperform its benchmark

During the period, overweight positions in several strong-performing stocks led the Fund to outperform the index. Chief among these was an overweight to online advertising company The Trade Desk, which reported better-than-expected Q1 earnings growth. Overweight positions in payroll and human capital management software firm Paylocity, diagnostic medical imaging provider Lantheus and genetic testing firm Invitae all benefited relative results.

By contrast, certain Fund positions did not perform as anticipated. The three largest detractors were overweight positions in telecommunications company Vonage, multilevel marketing nutrition and skincare firm USANA Health Sciences and Weight Watchers, all of which underperformed the benchmark.

24 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of April 30, 2019

Quant Small-Cap Equity Fund			Total return						Average annual total return						Annual operating expenses*
	Inception date		6 months			1 year			5 years			10 years			gross			net
Institutional Class		10/1/02		6.61	%		5.93	%		9.48	%		14.67	%		0.41	%		0.41	%
Advisor Class		12/4/15		6.58			5.90			9.43	†		14.65	†		0.48			0.48
Premier Class		9/30/09		6.56			5.76			9.31			14.50	†		0.56			0.56
Retirement Class		10/1/02		6.51			5.70			9.20			14.39			0.66			0.66
Retail Class		10/1/02		6.45			5.63			9.15			14.33			0.71			0.71
Class W		9/28/18		6.86			6.18	†		9.53	†		14.70	†		0.41			0.00
Russell 2000® Index		—		6.06			4.61			8.63			14.10			—			—

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 would 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 will continue through at least February 29, 2020, 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 and Class W that is prior to their respective inception dates is based on performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor and Premier classes and Class W. If these actual expenses had been reflected, the performance of these three classes shown for these periods would have been different because the Advisor and Premier classes and Class W have different expenses than the Institutional Class.

Holdings by company size

Market capitalization	% of equity investments as of 4/30/2019
More than $15 billion–$50 billion		0.6
More than $2 billion–$15 billion		53.4
$2 billion or less		46.0
Total		100.0

Fund profile

	as of 4/30/2019
Net assets		$3.16 billion
Portfolio turnover rate*		40%
Number of holdings		364
Weighted median market capitalization		$2.10 billion
Price/earnings ratio (weighted 12-month trailing average)†		30.6

*	The portfolio turnover rate covers the six-month period from November 1, 2018–April 30, 2019, and is not annualized.
†	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  ■  2019 Semiannual Report 25

Quant Small/Mid-Cap Equity Fund

Expense example

Six months ended April 30, 2019

Quant Small/Mid-Cap Equity Fund	Beginning account value (11/1/18)		Ending account value (4/30/19)		Expenses paid during period* (11/1/18– 4/30/19)
Actual return
Institutional Class	$	1,000.00	$	1,096.66		$2.65
Advisor Class		1,000.00		1,095.56		2.81
Premier Class		1,000.00		1,094.97		3.43
Retirement Class		1,000.00		1,094.41		3.95
Retail Class		1,000.00		1,094.02		4.62
Class W		1,000.00		1,098.32		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,022.27		2.56
Advisor Class		1,000.00		1,022.12		2.71
Premier Class		1,000.00		1,021.52		3.31
Retirement Class		1,000.00		1,021.03		3.81
Retail Class		1,000.00		1,020.38		4.46
Class W		1,000.00		1,024.79		0.00

* “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 181/365. There were 181 days in the six months ended April 30, 2019. The Fund’s annualized six-month expense ratios for that period were 0.51% for the Institutional Class, 0.54% for the Advisor Class, 0.66% for the Premier Class, 0.76% for the Retirement Class, 0.89% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 4/30/2019
Industrials		18.1
Information technology		17.1
Financials		15.2
Health care		11.9
Consumer discretionary		10.8
Real estate		10.2
Materials		4.8
Communication services		3.6
Energy		3.6
Utilities		2.4
Consumer staples		2.2
Short-term investments, other assets & liabilities, net		0.1
Total		100.0

Performance for the six months ended April 30, 2019

The Quant Small/Mid-Cap Equity Fund returned 9.67% for the Institutional Class, compared with the 8.76% return of its benchmark, the Russell 2500^® Index. For the one-year period ended April 30, 2019, the Fund returned 10.91% versus 7.89% for the index. The performance table shows returns for all share classes of the Fund.

U.S. markets dipped in late 2018, only to surge in 2019 as growth continued

The U.S. economy continued to grow during the six-month period, while the labor market remained remarkably strong and inflation maintained a moderate pace. The unemployment rate fell to 3.6% in April 2019, its lowest level in nearly a half century. Inflation was just above the 2.0% level, while the price of crude oil ended the period nearly unchanged.

Concerns about the potential for slower growth in the global economy led equity markets lower early in the period. But the Federal Reserve’s shift to a more cautious approach toward future interest-rate increases at the end of 2018 propelled stocks higher in the first four months of 2019. In December 2018, the Federal Reserve raised the federal funds target rate, boosting the key short-term interest-rate measure to 2.25%–2.50%.

For the six months, the Russell 3000^® Index, a broad measure of the U.S. stock market, returned 9.71%. Mid-cap equities outperformed both large- and small-cap stocks, and growth shares outpaced value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

Information and utilities were top performers in the benchmark

Ten of the eleven industry sectors in the Russell 2500 Index generated positive returns for the six months. Information technology, the index’s largest sector, also had the best performance, returning 24.6%. Financials, industrials and real estate also made solid contributions with returns of 7.5%, 10.3% and 10.3%, respectively. Together, these four sectors accounted for 57.2% of the benchmark’s total market capitalization on April 30, 2019. The utilities sector was the second-best performer with a gain of 13.5%. Energy was the only sector that lost ground, declining 19.0%.

Each of the benchmark’s five largest stocks outperformed over the six-month period. Strong earnings reports helped each of the benchmark’s four largest positions gain more than 50%, including information technology providers Advanced Micro Devices, Cadence Design Systems, Veeva Systems and Keysight Technologies. CDW, also in the technology field, gained 18.1%.

Fund advanced and outperformed its benchmark

The Fund outperformed its benchmark primarily due to overweight allocations in stocks with returns that far outpaced the index. The Fund benefited most from overweight positions in Twilio and Veeva Systems. Twilio, a cloud-communications platform provider, surged after posting strong earnings, while Veeva, which provides cloud-based software for the health care industry, has experienced strong growth. Trade Desk, which offers a web-based ad buying platform, also surpassed analysts’ earnings expectations.

Those benefits were partly offset by an overweight position in weight loss company Medifast, which declined due to profit-taking by investors. Renewable Energy Group also detracted, as the producer of biofuels underperformed after lower fuel prices reduced the company’s fourth-quarter revenue. Finally, the Fund’s holdings of Harsco, a worldwide industrial services company, underperformed despite a strong earnings report.

26 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of April 30, 2019

Quant Small/Mid-Cap Equity Fund									Average annual			Annual operating
			Total return						total return			expenses*
	Inception date		6 months			1 year			since inception			gross			net
Institutional Class		8/5/16		9.67	%		10.91	%		14.33	%		0.50	%		0.50	%
Advisor Class		8/5/16		9.56			10.80			14.31			0.59			0.59
Premier Class		8/5/16		9.50			10.66			14.13			0.66			0.66
Retirement Class		8/5/16		9.44			10.60			14.02			0.76			0.76
Retail Class		8/5/16		9.40			10.47			13.89			0.88			0.88
Class W		9/28/18		9.83			11.17	†		14.43	†		0.50			0.00
Russell 2500® Index		—		8.76			7.89			11.59	‡		—			—

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 would 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 will continue through at least February 29, 2020, 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 Class W that is prior to its respective inception date is based on performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of the Class W. If these actual expenses had been reflected, the performance of Class W shown for these periods would have been different because the Class W has different expenses than the Institutional Class.
‡	Performance is calculated from the inception date of the Institutional Class.

Holdings by company size

Market capitalization	% of equity investments as of 4/30/2019
More than $15 billion–$50 billion		5.6
More than $2 billion–$15 billion		69.6
$2 billion or less		24.8
Total		100.0

Fund profile

	as of 4/30/2019
Net assets		$700.66 million
Portfolio turnover rate*		36%
Number of holdings		328
Weighted median market capitalization		$4.65 billion
Price/earnings ratio (weighted 12-month trailing average)†		25.7

*	The portfolio turnover rate covers the six-month period from November 1, 2018–April 30, 2019, and is not annualized.
†	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  ■  2019 Semiannual Report 27

Social Choice Equity Fund

Expense example

Six months ended April 30, 2019

Social Choice Equity Fund	Beginning account value (11/1/18)		Ending account value (4/30/19)		Expenses paid during period* (11/1/18– 4/30/19)
Actual return
Institutional Class	$	1,000.00	$	1,100.36		$0.94
Advisor Class		1,000.00		1,099.41		1.25
Premier Class		1,000.00		1,098.68		1.72
Retirement Class		1,000.00		1,098.28		2.24
Retail Class		1,000.00		1,098.17		2.34
5% annual hypothetical return
Institutional Class		1,000.00		1,023.90		0.90
Advisor Class		1,000.00		1,023.60		1.20
Premier Class		1,000.00		1,023.16		1.66
Retirement Class		1,000.00		1,022.66		2.16
Retail Class		1,000.00		1,022.56		2.26

* “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 181/365. There were 181 days in the six months ended April 30, 2019. The Fund’s annualized six-month expense ratios for that period were 0.18% for the Institutional Class, 0.24% for the Advisor Class, 0.33% for the Premier Class, 0.43% for the Retirement Class and 0.45% for the Retail Class. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 4/30/2019
Information technology		22.2
Financials		15.3
Health care		13.1
Industrials		10.3
Consumer discretionary		9.1
Communication services		7.5
Consumer staples		6.3
Energy		4.7
Real estate		4.0
Utilities		3.4
Materials		3.2
Short-term investments, other assets & liabilities, net		0.9
Total		100.0

Performance for the six months ended April 30, 2019

The Social Choice Equity Fund returned 10.04% for the Institutional Class, compared with the 9.71% return of its benchmark, the Russell 3000^® Index. For the one-year period ended April 30, 2019, the Fund returned 11.30% versus 12.68% for the index. The performance table 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 relative performance benefited from avoiding certain stocks

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 six-month period, but the net effect was to increase the Fund’s return relative to that of its benchmark, despite the effect of expenses.

Excluding Wells Fargo, Pfizer and Johnson & Johnson helped the Fund’s relative performance most. Wells Fargo’s stock underperformed as the banking giant continued efforts to put a scandal involving fake accounts behind it. Pfizer’s stock did well in the last quarter of 2018, but it has been volatile thus far in 2019 as investors became skeptical of the company’s focus on cancer drugs given the highly competitive market. Johnson & Johnson continued to grapple with allegations of asbestos in its baby powder.

Omitting other stocks hindered relative performance

Not investing in Amazon.com, Facebook or Mastercard weighed on performance for the six months. Amazon.com’s strong growth continued, helped by investments in its AWS web services division and by increased sales in Prime subscriptions and Alexa smart home devices. Facebook reported an increase in active users along with strong revenues, including mobile advertising. The ongoing shift to e-commerce benefited credit card giant Mastercard, which reported better-than-expected revenues.

Fund registered double-digit gains and surpassed 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.

The Fund’s performance relative to its benchmark benefited from several advantageous stock positions. First was an overweight position in Starbucks, which had strong returns due to improving global sales and the completion of key growth initiatives that helped alleviate competitive pressures. Second, the Fund had an underweight position in Activision Blizzard, which saw sharp declines as investors were disappointed by the video game maker’s outlook for 2018 holiday sales and declines in monthly active users. Finally, the Fund was helped by an overweight position in Netflix, which gained by raising prices and bolstering its library with original content in anticipation of streaming services set to be launched in 2019 by Disney and Apple.

Not all of the Fund’s holdings benefited relative performance. The most significant detractors were overweight allocations to Humana, CenturyLink and Schlumberger. Despite reporting better-than-expected financial results, health insurance provider Humana saw its share price decline as political rhetoric citing the need to overhaul the U.S. health care system heated up. Telecommunications firm CenturyLink reported lower revenues and higher operating expenses. Oil field services giant Schlumberger saw quarterly revenue decline on a year-over-year basis.

28 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of April 30, 2019

Social Choice Equity Fund									Average annual						Annual operating
			Total return						total return						expenses*
	Inception
	date		6 months			1 year			5 years			10 years			gross			net
Institutional Class		7/1/99		10.04	%		11.30	%		10.19	%		14.59	%		0.17	%		0.17	%
Advisor Class		12/4/15		9.94			11.20			10.15	†		14.57	†		0.22			0.22
Premier Class		9/30/09		9.87			11.13			10.01			14.41	†		0.33			0.33
Retirement Class		10/1/02		9.83			11.01			9.91			14.30			0.42			0.42
Retail Class		3/31/06		9.82			10.97			9.88			14.28			0.45			0.45
Russell 3000® Index		—		9.71			12.68			11.20			15.29			—			—

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 would 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 will continue through at least February 29, 2020, 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 performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor and Premier classes. If these actual expenses had been reflected, the performance of these two classes shown for these periods would have been different because the Advisor and Premier classes have different expenses than the Institutional Class.

Holdings by company size

Market capitalization	% of equity investments as of 4/30/2019
More than $50 billion		52.2
More than $15 billion–$50 billion		31.0
More than $2 billion–$15 billion		13.7
$2 billion or less		3.1
Total		100.0

Fund profile

	as of 4/30/2019
Net assets		$4.41 billion
Portfolio turnover rate*		9%
Number of holdings		763
Weighted median market capitalization		$54.70 billion
Price/earnings ratio (weighted 12-month trailing average)†		23.2

*	The portfolio turnover rate covers the six-month period from November 1, 2018–April 30, 2019, and is not annualized.
†	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  ■  2019 Semiannual Report 29

Social Choice Low Carbon Equity Fund

Expense example

Six months ended April 30, 2019

Social Choice Low Carbon Equity Fund	Beginning account value (11/1/18)		Ending account value (4/30/19)		Expenses paid during period* (11/1/18– 4/30/19)
Actual return
Institutional Class	$	1,000.00	$	1,093.86		$1.66
Advisor Class		1,000.00		1,092.86		2.02
Premier Class		1,000.00		1,093.77		2.44
Retirement Class		1,000.00		1,093.14		2.96
Retail Class		1,000.00		1,092.36		3.32
5% annual hypothetical return
Institutional Class		1,000.00		1,023.21		1.61
Advisor Class		1,000.00		1,022.86		1.96
Premier Class		1,000.00		1,022.46		2.36
Retirement Class		1,000.00		1,021.97		2.86
Retail Class		1,000.00		1,021.62		3.21

* “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 181/365. There were 181 days in the six months ended April 30, 2019. The Fund’s annualized six-month expense ratios for that period were 0.32% for the Institutional Class, 0.39% for the Advisor Class, 0.47% for the Premier Class, 0.57% for the Retirement Class and 0.64% for the Retail Class. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 4/30/2019
Information technology		21.9
Financials		14.9
Health care		13.1
Industrials		10.5
Consumer discretionary		9.8
Communication services		7.8
Consumer staples		6.5
Real estate		4.1
Energy		3.5
Materials		3.5
Utilities		3.3
Short-term investments, other assets & liabilities, net		1.1
Total		100.0

Performance for the six months ended April 30, 2019

The Social Choice Low Carbon Equity Fund returned 9.39% for the Institutional Class, compared with the 9.71% return of its benchmark, the Russell 3000^® Index. For the one-year period ended April 30, 2019, the Fund returned 10.60% versus 12.68% for the index. The performance table 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 mitigated the Fund’s relative performance

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 for the six-month period, but the net effect was that the Fund underperformed its benchmark.

Of the stocks the Fund omitted, Amazon.com, Facebook and Mastercard detracted most. Amazon.com’s strong growth continued, helped by investments in its AWS web services division and by increased sales in Prime subscriptions and Alexa smart home devices. Facebook reported an increase in active users along with strong revenues, including mobile advertising. The ongoing shift to e-commerce has been benefiting credit card giant Mastercard, which reported better-than-expected revenues.

Not investing in other stocks helped relative performance

Avoiding Wells Fargo, Pfizer and Johnson & Johnson was particularly beneficial. Wells Fargo’s stock underperformed as the banking giant continued efforts to put a scandal involving fake accounts behind it. Pfizer’s stock performed well in the fourth quarter of 2018, but it has been volatile thus far in 2019 as investors eyed the company’s focus on cancer drugs skeptically given the highly competitive market. Johnson & Johnson continued to grapple with allegations of asbestos in its baby powder.

Fund gained but slightly trailed 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 the index and to manage risk.

Among Fund holdings, the largest detractors were overweight allocations to CenturyLink, National Oilwell Varco and Humana. Telecommunications firm CenturyLink reported lower revenues and higher operating expenses. The late-2018 decline in oil prices resulted in lower demand for National Oilwell Varco’s oil field equipment. Despite reporting better-than-expected financial results, health insurance provider Humana saw its share price decline as political rhetoric citing the need to overhaul the U.S. health care system heated up.

Contributions from other holdings helped to mitigate the effect of these detractors. The Fund’s leading contributors to relative performance were overweight investments in Twilio, Starbucks and Align Technology. Twilio’s products enable software developers to embed voice, messaging and video capabilities into their applications. The company reported better-than-expected sales as well as a three-fold increase in the number of active customer accounts. Starbucks benefited from improving global sales and the completion of key growth initiatives that helped alleviate competitive pressures. Align Technology, a developer of orthodontic and dental devices, reported strong revenues that were helped by the increasing adoption of its Invisalign orthodontic device—especially among teenagers.

30 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of April 30, 2019

Social Choice Low Carbon Equity Fund									Average annual			Annual operating
			Total return						total return			expenses*
	Inception date		6 months			1 year			since inception			gross			net
Institutional Class		8/7/15		9.39	%		10.60	%		11.07	%		0.53	%		0.32	%
Advisor Class		12/4/15		9.29			10.50			11.01	†		0.62			0.41
Premier Class		8/7/15		9.38			10.50			10.95			0.69			0.47
Retirement Class		8/7/15		9.31			10.35			10.81			0.78			0.57
Retail Class		8/7/15		9.24			10.28			10.72			0.85			0.64
Russell 3000® Index		—		9.71			12.68			11.63	‡		—			—

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 would 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 will continue through at least February 29, 2020, 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 respective inception date is based on performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of Advisor Class. If these actual expenses had been reflected, the performance of Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Institutional Class.
‡	Performance is calculated from the inception date of the Institutional Class.

Holdings by company size

Market capitalization	% of equity investments as of 4/30/2019
More than $50 billion		52.5
More than $15 billion–$50 billion		30.2
More than $2 billion–$15 billion		14.3
$2 billion or less		3.0
Total		100.0

Fund profile

	as of 4/30/2019
Net assets		$185.71 million
Portfolio turnover rate*		10%
Number of holdings		554
Weighted median market capitalization		$60.51 billion
Price/earnings ratio (weighted 12-month trailing average)†		24.5

*	The portfolio turnover rate covers the six-month period from November 1, 2018–April 30, 2019, and is not annualized.
†	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  ■  2019 Semiannual Report 31

Emerging Markets Equity Fund

Expense example

Six months ended April 30, 2019

					Expenses
					paid
	Beginning		Ending		during
	account		account		period*
Emerging Markets	value		value		(11/1/18–
Equity Fund	(11/1/18)		(4/30/19)		4/30/19)
Actual return
Institutional Class	$	1,000.00	$	1,195.81		$4.90
Advisor Class		1,000.00		1,196.91		5.23
Premier Class		1,000.00		1,195.77		5.72
Retirement Class		1,000.00		1,195.39		5.99
Retail Class		1,000.00		1,194.36		6.96
Class W		1,000.00		1,201.59		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,020.33		4.51
Advisor Class		1,000.00		1,020.03		4.81
Premier Class		1,000.00		1,019.59		5.26
Retirement Class		1,000.00		1,019.34		5.51
Retail Class		1,000.00		1,018.45		6.41
Class W		1,000.00		1,024.79		0.00

* “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 181/365. There were 181 days in the six months ended April 30, 2019. The Fund’s annualized six-month expense ratios for that period were 0.90% for the Institutional Class, 0.96% for the Advisor Class, 1.05% for the Premier Class, 1.10% for the Retirement Class, 1.28% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

	% of net assets
Sector	as of 4/30/2019
Consumer discretionary		34.6
Information technology		16.3
Financials		14.6
Communication services		11.5
Energy		6.7
Materials		3.7
Consumer staples		2.6
Industrials		2.3
Real estate		1.6
Short-term investments, other assets & liabilities, net		6.1
Total		100.0

Performance for the six months ended April 30, 2019

The Emerging Markets Equity Fund returned 19.58% for the Institutional Class, compared with the 13.76% return of its benchmark, the MSCI Emerging Markets Index. For the one-year period ended April 30, 2019, the Fund returned –5.00% versus –5.04% for the index. The performance table shows returns for all share classes of the Fund.

International equities rose as growth continued, but caution persisted

International developed-markets equities advanced for the period but trailed the performance of U.S. stocks. Most economies around the world continued to expand despite concerns about the future pace of growth. The 19-nation euro area grew by 1.2% year-on-year during the first quarter of 2019, according to a preliminary estimate. China’s economy grew by 6.4% for the same period.

Most central banks took a cautious approach toward near-term interest-rate movements. The U.S. Federal Reserve raised the federal funds target rate only once during the six months, boosting the key short-term interest-rate measure to 2.25%–2.50% in December 2018, but soon thereafter the Fed adopted a more “patient” view concerning further increases. The European Central Bank left key interest rates at record low levels, while the Bank of England kept its benchmark rate unchanged at 0.75%.

The MSCI EAFE Index, which measures stock performance in 21 developed-markets nations outside North America, advanced 7.45% but trailed the 9.71% return of the Russell 3000^® Index, a broad measure of the U.S. stock market. The MSCI Emerging Markets Index surpassed both for the period.

Most countries in the benchmark advanced

Of the 24 country components in the MSCI Emerging Markets Index, 22 posted gains in U.S.-dollar terms for the six months. China, the benchmark’s largest component, advanced 21.3%. South Korea, the second-largest index component, gained 6.8%, followed by Taiwan, which rose 10.9%. Together, these three countries accounted for more than 57.0% of the index’s total market capitalization on April 30, 2019. Underperforming nations included Pakistan and Malaysia, which returned –12.9% and –0.1%, respectively.

Fund registered double-digit gains and surpassed its benchmark

The Fund benefited most from an out-of-benchmark allocation to Hong Kong casino operator Melco Resorts & Entertainment, followed by overweight positions in Naspers, a South African Internet service provider, and Reliance Industries, an Indian conglomerate.

An out-of-benchmark position in Italian luxury goods maker Prada detracted the most, followed by an overweight in Lojas Americanas, a Brazilian retailer, and a nonbenchmark investment in Arcos Dorados, a global operator of McDonald’s restaurants.

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.

32 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of April 30, 2019

Emerging Markets Equity Fund									Average annual						Annual operating
			Total return						total return						expenses*
	Inception											since
	date		6 months			1 year			5 years			inception			gross			net
Institutional Class		8/31/10		19.58	%		–5.00	%		3.87	%		3.37	%		0.91	%		0.91	%
Advisor Class		12/4/15		19.69			–4.93			3.84	†		3.36	†		1.00			1.00
Premier Class		8/31/10		19.58			–5.09			3.71			3.22			1.06			1.06
Retirement Class		8/31/10		19.54			–5.13			3.62			3.12			1.16			1.16
Retail Class		8/31/10		19.44			–5.36			3.47			2.97			1.27			1.27
Class W		9/28/18		20.16			–4.44	†		3.99	†		3.44	†		0.91			0.00
MSCI Emerging Markets Index		—		13.76			–5.04			4.04			3.65	‡		—			—

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 would 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 will continue through at least February 29, 2020, 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 and Class W that is prior to their respective inception dates is based on performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class and Class W. If these actual expenses had been reflected, the performance of these two classes shown for these periods would have been different because the Advisor Class and Class W have different expenses than the Institutional Class.
‡	Performance is calculated from the inception date of the Institutional Class.

Holdings by country

	% of portfolio investments
	as of 4/30/2019
China		25.9
Taiwan		10.6
India		9.5
Korea, Republic of		8.3
Brazil		7.8
South Africa		5.5
Russia		4.4
Uruguay		3.8
Hong Kong		3.8
Japan		2.1
11 other nations		11.6
Short-term investments		6.7
Total		100.0

Holdings by company size

	% of equity investments
Market capitalization	as of 4/30/2019
More than $50 billion		39.6
More than $15 billion–$50 billion		18.9
More than $2 billion–$15 billion		33.8
$2 billion or less		7.7
Total		100.0

Fund profile

	as of 4/30/2019
Net assets	$1.71 billion
Portfolio turnover rate*	65%
Number of holdings	79
Weighted median market capitalization	$31.43 billion
Price/earnings ratio (weighted 12-month trailing average)†	15.2

*	The portfolio turnover rate covers the six-month period from November 1, 2018–April 30, 2019, and is not annualized.
†	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  ■  2019 Semiannual Report 33

International Equity Fund

Expense example

Six months ended April 30, 2019

					Expenses
					paid
	Beginning		Ending		during
	account		account		period*
International	value		value		(11/1/18–
Equity Fund	(11/1/18)		(4/30/19)		4/30/19)
Actual return
Institutional Class	$	1,000.00	$	1,039.13		$2.48
Advisor Class		1,000.00		1,037.74		3.03
Premier Class		1,000.00		1,038.01		3.23
Retirement Class		1,000.00		1,036.99		3.74
Retail Class		1,000.00		1,035.91		4.14
Class W		1,000.00		1,040.56		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,022.36		2.46
Advisor Class		1,000.00		1,021.82		3.01
Premier Class		1,000.00		1,021.62		3.21
Retirement Class		1,000.00		1,021.12		3.71
Retail Class		1,000.00		1,020.73		4.11
Class W		1,000.00		1,024.79		0.00

* “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 181/365. There were 181 days in the six months ended April 30, 2019. The Fund’s annualized six-month expense ratios for that period were 0.49% for the Institutional Class, 0.60% for the Advisor Class, 0.64% for the Premier Class, 0.74% for the Retirement Class, 0.82% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

	% of net assets
Sector	as of 4/30/2019
Industrials		19.9
Consumer discretionary		17.4
Financials		15.1
Materials		11.9
Consumer staples		9.5
Health care		7.5
Information technology		7.2
Communication services		4.7
Energy		1.4
Real estate		0.6
Short-term investments, other assets & liabilities, net		4.8
Total		100.0

Performance for the six months ended April 30, 2019

The International Equity Fund returned 3.91% for the Institutional Class, compared with the 7.45% return of its benchmark, the MSCI EAFE Index. For the one-year period ended April 30, 2019, the Fund returned –12.31% versus –3.22% for the index. The performance table shows returns for all share classes of the Fund.

International equities rose as growth continued, but caution persisted

International developed-markets equities advanced for the period but trailed the performance of U.S. stocks. Most economies around the world continued to expand despite concerns about the pace of growth that had dampened equity performance at the end of 2018. The 19-nation euro area grew by 1.2% year-on-year during the first quarter of 2019, according to a preliminary estimate. China’s economy grew by 6.4% for the same period.

Most central banks took a cautious approach toward near-term interest-rate movements. In December 2018, the U.S. Federal Reserve raised the federal funds target rate, boosting the key short-term interest-rate measure to 2.25%–2.50%, but soon thereafter the Fed adopted a more “patient” view concerning further increases. The European Central Bank left interest rates at record low levels, while the Bank of England kept its benchmark rate unchanged at 0.75%.

The MSCI EAFE Index, which measures stock performance in 21 developed-markets nations outside North America, advanced but trailed the 9.71% return of the Russell 3000^® Index, a broad measure of the U.S. stock market. The MSCI Emerging Markets Index surpassed both for the period.

Most country components in the benchmark gained ground

Of the 21 country components in the MSCI EAFE Index, 19 ended the six-month period higher. The largest index components were Japan (23.7%), the United Kingdom (17.0%), and France (11.5%), and they gained 1.4%, 8.1% and 8.6%, respectively, in U.S.-dollar terms. Together, these three countries represented over one-half of the benchmark’s total market capitalization on April 30, 2019.

Fund gained, but underperformed its benchmark

Three companies stood out as detractors from the Fund’s performance relative to its benchmark. They were overweight positions in Japanese machinery and equipment manufacturer IHI, Tokyo-based electronics giant Sony and German tourism services provider TUI.

On the positive side, the Fund also had some significant contributors. Chief among these was a nonbenchmark position in United Kingdom-based home improvement retailer Travis Perkins, followed by overweight allocations to Spanish wind farm developer Siemens Gamesa and France’s Schneider Electric, a global energy management and automation solutions provider.

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.

34 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of April 30, 2019

International Equity Fund									Average annual						Annual operating
			Total return						total return						expenses*
	Inception
	date		6 months			1 year			5 years			10 years			gross			net
Institutional Class		7/1/99		3.91	%		–12.31	%		1.04	%		8.13	%		0.48	%		0.48	%
Advisor Class		12/4/15		3.77			–12.44			0.98	†		8.10	†		0.61			0.61
Premier Class		9/30/09		3.80			–12.45			0.90			7.97	†		0.63			0.63
Retirement Class		10/1/02		3.70			–12.54			0.77			7.86			0.73			0.73
Retail Class		3/31/06		3.59			–12.65			0.72			7.79			0.80			0.80
Class W		9/28/18		4.06			–12.11	†		1.09	†		8.16	†		0.48			0.00
MSCI EAFE® Index		—		7.45			–3.22			2.60			7.95			—			—

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 would 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 will continue through at least February 29, 2020, 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 and Class W that is prior to their respective inception dates is based on performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor and Premier classes and Class W. If these actual expenses had been reflected, the performance of these three classes shown for these periods would have been different because the Advisor and Premier classes and Class W have different expenses than the Institutional Class.

Holdings by country

	% of portfolio investments
	as of 4/30/2019
United Kingdom		19.2
Japan		16.9
France		11.7
Germany		9.3
Switzerland		9.3
Italy		5.9
Denmark		3.6
Sweden		3.3
Netherlands		2.5
Hong Kong		2.2
7 other nations		5.1
Short-term investments		11.0
Total		100.0

Holdings by company size

	% of equity investments
Market capitalization	as of 4/30/2019
More than $50 billion		34.1
More than $15 billion–$50 billion		39.4
More than $2 billion–$15 billion		26.4
$2 billion or less		0.1
Total		100.0

Fund profile

	as of 4/30/2019
Net assets	$4.86 billion
Portfolio turnover rate*	62%
Number of holdings	71
Weighted median market capitalization	$33.03 billion
Price/earnings ratio (weighted 12-month trailing average)†	15.8

*	The portfolio turnover rate covers the six-month period from November 1, 2018–April 30, 2019, and is not annualized.
†	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  ■  2019 Semiannual Report 35

International Opportunities Fund

Expense example

Six months ended April 30, 2019

					Expenses
					paid
	Beginning		Ending		during
International	account		account		period*
Opportunities	value		value		(11/1/18–
Fund	(11/1/18)		(4/30/19)		4/30/19)
Actual return
Institutional Class	$	1,000.00	$	1,109.78		$3.24
Advisor Class		1,000.00		1,109.89		3.51
Premier Class		1,000.00		1,108.81		4.03
Retirement Class		1,000.00		1,109.03		4.55
Retail Class		1,000.00		1,108.12		5.38
Class W		1,000.00		1,113.31		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,021.72		3.11
Advisor Class		1,000.00		1,021.47		3.36
Premier Class		1,000.00		1,020.98		3.86
Retirement Class		1,000.00		1,020.48		4.36
Retail Class		1,000.00		1,019.69		5.16
Class W		1,000.00		1,024.79		0.00

* “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 181/365. There were 181 days in the six months ended April 30, 2019. The Fund’s annualized six-month expense ratios for that period were 0.62% for the Institutional Class, 0.67% for the Advisor Class, 0.77% for the Premier Class, 0.87% for the Retirement Class, 1.03% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

	% of net assets
Sector	as of 4/30/2019
Consumer discretionary		18.3
Information technology		16.8
Industrials		15.3
Financials		12.6
Consumer staples		8.1
Health care		7.7
Materials		5.7
Energy		4.7
Communication services		4.7
Real estate		0.5
Short-term investments, other assets & liabilities, net		5.6
Total		100.0

Performance for the six months ended April 30, 2019

The International Opportunities Fund returned 10.98% for the Institutional Class, compared with the 9.12% return of its benchmark, the MSCI All Country World (ACWI) ex USA Index. For the one-year period ended April 30, 2019, the Fund returned –0.99% versus –3.23% for the index. The performance table shows returns for all share classes of the Fund. During the six months, the Fund participated in a securities lending program.

International equities rose as growth continued, but caution persisted

International developed-markets equities advanced for the period but trailed the performance of U.S. stocks. Most economies around the world continued to expand despite concerns about the future pace of growth. The 19-nation euro area grew by 1.2% year-on-year during the first quarter of 2019, according to a preliminary estimate. China’s economy grew by 6.4% for the same period.

The U.S. Federal Reserve raised the federal funds target rate only once during the six months, boosting the key short-term interest-rate measure to 2.25%–2.50% in December 2018, but soon thereafter the Fed adopted a more “patient” view concerning further increases. The European Central Bank delayed plans to raise its key interest rates in 2019, leaving them at record low levels. The Bank of England kept its benchmark rate unchanged at 0.75%.

The MSCI EAFE Index, which measures stock performance in 21 developed-markets nations outside North America, advanced 7.45% but trailed the 9.71% return of the Russell 3000^® Index, a broad measure of the U.S. stock market. The MSCI Emerging Markets Index surpassed both for the period.

Most countries added to the benchmark’s gain

Of the 46 countries in the MSCI ACWI ex USA Index, 42 generated positive returns in U.S.-dollar terms for the six months. The benchmark’s largest components were Japan (up 1.4%), the United Kingdom (up 8.2%) and China (up 21.3%). These three countries made up over one-third of the index’s total market capitalization on April 30, 2019.

Fund registered double-digit gains and surpassed its benchmark

Many holdings benefited the Fund’s relative performance. The most significant was a nonbenchmark investment in Australia-based Afterpay Touch Group, which facilitates payments between merchants and customers. Second was an overweight position in Canadian e-commerce solutions company Shopify. Third was a nonbenchmark holding in Japanese payment services provider GMO Payment Gateway.

Some holdings detracted from relative performance, chiefly an out-of-benchmark position in British online fashion retailer ASOS and overweight investments in Israeli drug maker Teva Pharmaceutical and German electronic-payment firm Wirecard.

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.

36 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of April 30, 2019

International Opportunities Fund									Average annual						Annual operating
			Total return						total return						expenses*
	Inception											since
	date		6 months			1 year			5 years			inception			gross			net
Institutional Class		4/12/13		10.98	%		–0.99	%		5.04	%		5.74	%		0.62	%		0.62	%
Advisor Class		12/4/15		10.99			–1.15			4.99	†		5.70	†		0.71			0.71
Premier Class		4/12/13		10.88			–1.15			4.87			5.57			0.78			0.78
Retirement Class		4/12/13		10.90			–1.26			4.77			5.47			0.87			0.87
Retail Class		4/12/13		10.81			–1.41			4.61			5.31			1.02			1.02
Class W		9/28/18		11.33			–0.68	†		5.10	†		5.79	†		0.62			0.00
MSCI All Country World Index ex USA		—		9.12			–3.23			2.83			4.33	‡		—			—

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 would 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 will continue through at least February 29, 2020, 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 and Class W that is prior to their respective inception dates is based on performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class and Class W. If these actual expenses had been reflected, the performance of these two classes shown for these periods would have been different because the Advisor Class and Class W have different expenses than the Institutional Class.
‡	Performance is calculated from the inception date of the Institutional Class.

Holdings by country

	% of portfolio investments
	as of 4/30/2019
United Kingdom		11.8
Japan		11.4
Canada		8.1
China		7.7
Brazil		4.5
France		4.2
Italy		4.1
Norway		3.9
Australia		3.8
Netherlands		3.2
16 other nations		25.9
Short-term investments		11.4
Total		100.0

Holdings by company size

	% of equity investments
Market capitalization	as of 4/30/2019
More than $50 billion		19.7
More than $15 billion–$50 billion		22.1
More than $2 billion–$15 billion		48.3
$2 billion or less		9.9
Total		100.0

Fund profile

	as of 4/30/2019
Net assets	$1.76 billion
Portfolio turnover rate*	15%
Number of holdings	101
Weighted median market capitalization	$11.55 billion
Price/earnings ratio (weighted 12-month trailing average)†	25.9

*	The portfolio turnover rate covers the six-month period from November 1, 2018–April 30, 2019, and is not annualized.
†	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  ■  2019 Semiannual Report 37

Quant International Equity Fund

Expense example

Six months ended April 30, 2019

Quant International Equity Fund	Beginning account value (11/1/18)	Ending account value (4/30/19)	Expenses paid during period* (11/1/18– 4/30/19)
Actual return
Institutional Class	$1,000.00	$1,067.95	$2.10
Advisor Class	1,000.00	1,067.35	2.51
Class W	1,000.00	1,070.60	0.00
5% annual hypothetical return
Institutional Class	1,000.00	1,022.76	2.06
Advisor Class	1,000.00	1,022.36	2.46
Class W	1,000.00	1,024.79	0.00

* “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 181/365. There were 181 days in the six months ended April 30, 2019. The Fund’s annualized six-month expense ratios for that period were 0.41% for the Institutional Class, 0.49% for the Advisor Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 4/30/2019
Financials		20.2
Industrials		14.3
Consumer staples		11.3
Consumer discretionary		11.0
Health care		10.5
Materials		7.2
Information technology		6.3
Energy		5.6
Communication services		5.3
Real estate		3.5
Utilities		3.4
Short-term investments, other assets & liabilities, net		1.4
Total		100.0

Performance for the six months ended April 30, 2019

The Quant International Equity Fund returned 6.80% for the Institutional Class, compared with the 7.45% return of its benchmark, the MSCI EAFE Index. For the one-year period ended April 30, 2019, the Fund returned –4.60% versus –3.22% for the index. The performance table shows returns for all share classes of the Fund.

International equities rose as growth continued, but caution persisted

International developed-markets equities advanced for the period but trailed the performance of U.S. stocks. Most economies around the world continued to expand despite concerns about the pace of growth that had dampened equity performance at the end of 2018. The 19-nation euro area grew by 1.2% year-on-year during the first quarter of 2019, according to a preliminary estimate. China’s economy grew by 6.4% for the same period.

Most central banks took a cautious approach toward near-term interest-rate movements. In December 2018, the U.S. Federal Reserve raised the federal funds target rate, boosting the key short-term interest-rate measure to 2.25%–2.50%, but soon thereafter the Fed adopted a more “patient” view concerning further increases. The European Central Bank left its key interest rates at record low levels, while the Bank of England kept its benchmark rate unchanged at 0.75%.

The MSCI EAFE Index, which measures stock performance in 21 developed-markets nations outside North America, advanced for the period but trailed the 9.71% return of the Russell 3000^® Index, a broad measure of the U.S. stock market. The MSCI Emerging Markets Index surpassed both for the period.

Most country components in the benchmark gained ground

Of the 21 country components in the MSCI EAFE Index, 19 ended the six-month period higher. The largest index components were Japan (23.7%), the United Kingdom (17.0%), and France (11.5%), and they gained 1.4%, 8.1% and 8.6%, respectively, in U.S.-dollar terms. Together, these three countries represented over one-half of the benchmark’s total market capitalization on April 30, 2019.

Fund advanced but trailed its benchmark

Certain stocks weighed on performance relative to the Fund’s benchmark. The largest detractors were overweight positions in German electronic payment solutions developer Wirecard, Japanese life insurance firm Dai-ichi and German chemicals producer Covestro.

Conversely, some stocks boosted the Fund’s relative performance. Of particular benefit were overweight allocations to Paris-based luxury fashion group Kering, Italian electricity and gas distributor Enel and Australia-based mining company Rio Tinto.

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.

38 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of April 30, 2019

Quant International Equity Fund		Total return					Average annual total return					Annual operating expenses*
	Inception date		6 months		1 year			5 years		10 years			gross		net
Institutional Class	11/30/07		6.80	%	–4.60	%		2.27	%	8.23	%		0.40	%	0.40	%
Advisor Class	12/4/15		6.74		–4.65			2.23	†	8.21	†		0.49		0.49
Class W	9/28/18		7.06		–4.36	†		2.32	†	8.25	†		0.40		0.00
MSCI EAFE® Index	—		7.45		–3.22			2.60		7.95			—		—

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 would 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 will continue through at least February 29, 2020, 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 and Class W that is prior to their respective inception dates is based on performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of Advisor Class and Class W. If these actual expenses had been reflected, the performance of these two classes shown for these periods would have been different because the Advisor Class and Class W have different expenses than the Institutional Class.

Holdings by country

	% of portfolio investments as of 4/30/2019
Japan		22.8
United Kingdom		14.5
France		10.4
Germany		8.0
Switzerland		7.9
Australia		7.2
Hong Kong		3.9
Netherlands		3.3
Spain		3.2
Sweden		3.0
14 other nations		12.2
Short-term investments		3.6
Total		100.0

Holdings by company size

Market capitalization	% of equity investments as of 4/30/2019
More than $50 billion		38.3
More than $15 billion–$50 billion		36.8
More than $2 billion–$15 billion		24.4
$2 billion or less		0.5
Total		100.0

Fund profile

	as of 4/30/2019
Net assets		$1.89 billion
Portfolio turnover rate*		57%
Number of holdings		257
Weighted median market capitalization		$31.98 billion
Price/earnings ratio (weighted 12-month trailing average)†		10.3

*	The portfolio turnover rate covers the six-month period from November 1, 2018–April 30, 2019, and is not annualized.
†	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  ■  2019 Semiannual Report 39

Quant International Small-Cap Equity Fund

Expense example

Six months ended April 30, 2019

Quant International Small-Cap Equity Fund	Beginning account value (11/1/18)		Ending account value (4/30/19)		Expenses paid during period* (11/1/18– 4/30/19)
Actual return
Institutional Class	$	1,000.00	$	1,048.56		$3.35
Advisor Class		1,000.00		1,047.81		3.55
Premier Class		1,000.00		1,047.01		4.31
Retirement Class		1,000.00		1,046.80		4.31
Retail Class		1,000.00		1,046.40		5.53
Class W		1,000.00		1,052.48		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,021.52		3.31
Advisor Class		1,000.00		1,021.32		3.51
Premier Class		1,000.00		1,020.58		4.26
Retirement Class		1,000.00		1,020.58		4.26
Retail Class		1,000.00		1,019.39		5.46
Class W		1,000.00		1,024.79		0.00

* “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 181/365. There were 181 days in the six months ended April 30, 2019. The Fund’s annualized six-month expense ratios for that period were 0.66% for the Institutional Class, 0.70% for the Advisor Class, 0.85% for the Premier Class, 0.85% for the Retirement Class, 1.09% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 4/30/2019
Industrials		18.5
Information technology		11.7
Consumer discretionary		11.4
Real estate		10.7
Materials		10.5
Financials		10.2
Health care		6.3
Consumer staples		6.1
Communication services		5.2
Utilities		4.1
Energy		3.2
Short-term investments, other assets & liabilities, net		2.1
Total		100.0

Performance for the six months ended April 30, 2019

The Quant International Small-Cap Equity Fund returned 4.86% for the Institutional Class, compared with the 6.83% return of its benchmark, the MSCI All Country World (ACWI) ex USA Small Cap Index. For the one-year period ended April 30, 2019, the Fund returned –13.37% versus –8.54% for the index. The performance table shows returns for all share classes of the Fund.

International equities rose as growth continued, but caution persisted

International developed-markets equities advanced for the period but trailed the performance of U.S. stocks. Most economies around the world continued to expand despite concerns about the pace of growth that had dampened equity performance at the end of 2018. The 19-nation euro area grew by 1.2% year-on-year during the first quarter of 2019, according to a preliminary estimate. China’s economy grew by 6.4% for the same period.

Most central banks took a cautious approach toward near-term interest-rate movements. In December 2018, the U.S. Federal Reserve raised the federal funds target rate, boosting the key short-term interest-rate measure to 2.25%–2.50%, but soon thereafter the Fed adopted a more “patient” view concerning further increases. The European Central Bank left key interest rates at record low levels, while the Bank of England kept its benchmark rate unchanged at 0.75%.

The MSCI EAFE Index, which measures stock performance in 21 developed-markets nations outside North America, advanced 7.45% but trailed the 9.71% return of the Russell 3000^® Index, a broad measure of the U.S. stock market. The MSCI Emerging Markets Index surpassed both for the period.

Most countries in the benchmark produced gains

For the six months, 42 of the 46 country components in the MSCI ACWI ex USA Small Cap Index had positive returns in U.S.-dollar terms. Returns for the largest markets were Japan (up 1.5%), the United Kingdom (up 9.4%) and Canada (up 2.5%). Together, these three countries accounted for over 40.0% of the benchmark’s total market capitalization on April 30, 2019. The index’s local-currency return for the period was 6.64%.

Fund advanced but trailed its benchmark

Certain investments limited the Fund’s relative performance, notably overweight positions in Japanese advertising technology and smartphone content provider UNITED, South African gold and platinum producer Sibanye-Stillwater and Japanese carbon products manufacturer Nippon Carbon.

Conversely, other holdings benefited relative performance. The largest contributors were overweight allocations to Israeli information technology security software developer CyberArk, Taiwanese printed circuit board manufacturer Unimicron and British bakery products retailer Greggs.

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.

40 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of April 30, 2019

Quant International Small-Cap Equity Fund			Total return						Average annual total return			Annual operating expenses*
	Inception date		6  months			1 year			Since inception			gross			net
Institutional Class		12/9/16		4.86	%		–13.37	%		5.74	%		0.71	%		0.71	%
Advisor Class		12/9/16		4.78			–13.43			5.65			0.80			0.80
Premier Class		12/9/16		4.70			–13.34			5.64			0.87			0.87
Retirement Class		12/9/16		4.68			–13.63			5.46			0.97			0.97
Retail Class		12/9/16		4.64			–13.68			5.32			1.17			1.14
Class W		9/28/18		5.25			–13.04	†		5.90	†		0.71			0.00
MSCI ACWI ex USA Small Cap Index		—		6.83			–8.54			8.72	‡		—			—

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 would 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 will continue through at least February 29, 2020, 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 Class W that is prior to its respective inception date is based on performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of Class W. If these actual expenses had been reflected, the performance of Class W shown for these periods would have been different because the Class W has different expenses than the Institutional Class.
‡	Performance is calculated from the inception date of the Institutional Class.

Holdings by country

	% of portfolio investments as of 4/30/2019
Japan		19.5
United Kingdom		13.3
Canada		5.8
Taiwan		5.4
Korea, Republic of		4.9
China		4.3
Australia		3.9
Italy		3.6
Sweden		3.1
Israel		2.8
34 other nations		28.0
Short-term investments		5.4
Total		100.0

Holdings by company size

Market capitalization	% of equity investments as of 4/30/2019
More than $2 billion–$15 billion		47.4
$2 billion or less		52.6
Total		100.0

Fund profile

	as of 4/30/2019
Net assets		$956.08 million
Portfolio turnover rate*		39%
Number of holdings		453
Weighted median market capitalization		$1.87 billion
Price/earnings ratio (weighted 12-month trailing average)†		9.3

*	The portfolio turnover rate covers the six-month period from November 1, 2018–April 30, 2019, and is not annualized.
†	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  ■  2019 Semiannual Report 41

Social Choice International Equity Fund

Expense example

Six months ended April 30, 2019

Social Choice International Equity	Beginning account value (11/1/18)	Ending account value (4/30/19)	Expenses paid during period* (11/1/18– 4/30/19)
Actual return
Institutional Class	$1,000.00	$1,081.20	$2.06
Advisor Class	1,000.00	1,080.61	2.37
Premier Class	1,000.00	1,079.14	2.84
Retirement Class	1,000.00	1,078.47	3.35
Retail Class	1,000.00	1,079.23	3.92
5% annual hypothetical return
Institutional Class	1,000.00	1,022.81	2.01
Advisor Class	1,000.00	1,022.51	2.31
Premier Class	1,000.00	1,022.07	2.76
Retirement Class	1,000.00	1,021.57	3.26
Retail Class	1,000.00	1,021.03	3.81

* “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 181/365. There were 181 days in the six months ended April 30, 2019. The Fund’s annualized six-month expense ratios for that period were 0.40% for the Institutional Class, 0.46% for the Advisor Class, 0.55% for the Premier Class, 0.65% for the Retirement Class and 0.76% for the Retail Class. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 4/30/2019
Financials		19.7
Industrials		14.1
Consumer discretionary		11.4
Consumer staples		10.5
Health care		9.6
Materials		8.4
Communication services		5.9
Information technology		5.8
Energy		5.0
Utilities		4.4
Real estate		3.9
Short-term investments, other assets & liabilities, net		1.3
Total		100.0

Performance for the six months ended April 30, 2019

The Social Choice International Equity Fund returned 8.12% for the Institutional Class, compared with the 7.45% return of its benchmark, the MSCI EAFE Index. For the one-year period ended April 30, 2019, the Fund returned –2.63% versus –3.22% for the index. The performance table shows returns for all share classes of the Fund. The Fund utilizes environmental, social and governance (ESG) criteria, while the benchmark does not.

Excluding certain stocks aided the Fund’s relative performance

Because of its ESG criteria, the Fund omitted a number of stocks in the MSCI EAFE Index. Excluding these companies produced mixed results during the six-month period, but the net effect was that the Fund outperformed its benchmark.

Avoiding Mitsubishi UFJ, British American Tobacco and Royal Dutch Shell was particularly beneficial. Japanese financial services provider Mitsubishi reported lower-than-expected profits. A proposed U.S. ban on menthol cigarettes hit the stock of British American Tobacco, while the late-2018 decline in oil prices pulled down energy stocks, including Royal Dutch Shell.

Omitting other stocks hindered relative performance

Conversely, avoiding AIA, LVMH and Diageo was detrimental. Hong Kong-based pan-Asian life insurance group AIA delivered double-digit operating profit growth, while French luxury goods company LVMH reported strong sales helped by increased demand in China. Premium spirits distiller Diageo saw robust sales helped by White Walker, a Game of Thrones-inspired whiskey.

Stock selection helped the Fund advance and surpass its benchmark

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.

Overweight investments in Fortescue, Standard Chartered and Enel were the leading contributors to relative performance. Rising iron ore prices lifted the share price of Australian producer Fortescue. London-based global banking services provider Standard Chartered posted higher quarterly profits. Italy’s Enel, a global electricity and gas provider, reported a substantial increase in net income helped by a push into renewable energy generation.

Not all of the Fund’s holdings benefited relative performance. The leading detractor was an overweight position in German tourism services provider TUI, whose results were hampered by last summer’s heat wave in Europe. Next was an underweight allocation to British grocer Tesco, followed by an overweight position in U.K. supermarket chain J Sainsbury, which declined due to rising competition from discounters.

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.

42 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of April 30, 2019
Social Choice International Equity									Average annual				Annual operating
Fund			Total return						total return				expenses*
	Inception date		6 months			1 year				since inception			gross			net
Institutional Class		8/7/15		8.12	%		–2.63	%			3.96	%		0.98	%		0.40	%
Advisor Class		12/4/15		8.06			–2.77				3.93	†		1.07			0.49
Premier Class		8/7/15		7.91			–2.83				3.79			1.13			0.55
Retirement Class		8/7/15		7.85			–3.00				3.69			1.23			0.65
Retail Class		8/7/15		7.92			–3.02				3.59			1.32			0.74
MSCI EAFE® Index		—		7.45			–3.22				3.57	‡		—			—

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 would 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 will continue through at least February 29, 2020, 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 respective inception date is based on performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of Advisor Class. If these actual expenses had been reflected, the performance of Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Institutional Class.
‡	Performance is calculated from the inception date of the Institutional Class.

Holdings by country
	% of portfolio investments as of 4/30/2019
Japan		21.9
United Kingdom		12.1
France		9.8
Germany		8.8
Switzerland		8.5
Australia		7.2
Hong Kong		4.3
Sweden		3.3
Spain		3.2
Netherlands		2.6
14 other nations		11.4
Short-term investments		6.9
Total		100.0
Holdings by company size
Market capitalization	% of equity investments as of 4/30/2019
More than $50 billion		29.6
More than $15 billion–$50 billion		41.7
More than $2 billion–$15 billion		28.5
$2 billion or less		0.2
Total		100.0
Fund profile
	as of 4/30/2019
Net assets		$149.45 million
Portfolio turnover rate*		9%
Number of holdings		439
Weighted median market capitalization		$30.17 billion
Price/earnings ratio (weighted 12-month trailing average)†		13.2

*	The portfolio turnover rate covers the six-month period from November 1, 2018–April 30, 2019, and is not annualized.
†	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  ■  2019 Semiannual Report 43

Summary portfolio of investments (unaudited)

Growth & Income Fund  ■  April 30, 2019

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	40,438,166		0.6	%
BANKS
	3,898,771		Bank of America Corp		119,224,417		1.8
	1,253,972		JPMorgan Chase & Co		145,523,451		2.1
	943,394		US Bancorp		50,301,768		0.7
			Other		74,869,036		1.1
					389,918,672		5.7
CAPITAL GOODS
	188,327	n	Boeing Co		71,129,225		1.0
	297,530		Harris Corp		50,133,805		0.7
	520,315		Honeywell International, Inc		90,342,293		1.3
	358,883		Ingersoll-Rand plc		44,002,645		0.7
			Other		232,021,672		3.4
					487,629,640		7.1
COMMERCIAL & PROFESSIONAL SERVICES
	485,466		Waste Management, Inc		52,109,920		0.8
			Other		31,156,514		0.4
					83,266,434		1.2
CONSUMER DURABLES & APPAREL					157,041,222		2.3
CONSUMER SERVICES					38,468,595		0.5
DIVERSIFIED FINANCIALS
	322,882	n	CME Group, Inc		57,763,590		0.8
	1,286,150		Morgan Stanley		62,056,737		0.9
	775,206		Voya Financial, Inc		42,551,057		0.6
			Other		32,942,195		0.5
					195,313,579		2.8
ENERGY
	573,506		Chevron Corp		68,855,130		1.0
	375,205		Concho Resources, Inc		43,291,153		0.6
	589,124		Exxon Mobil Corp		47,294,875		0.7
			Other		192,493,416		2.8
					351,934,574		5.1
FOOD & STAPLES RETAILING					80,176,483		1.2
FOOD, BEVERAGE & TOBACCO
	1,046,757		Coca-Cola Co		51,353,899		0.7
	1,061,403		Mondelez International, Inc		53,972,343		0.8
	524,127		PepsiCo, Inc		67,114,462		1.0
			Other		174,722,198		2.6
					347,162,902		5.1
HEALTH CARE EQUIPMENT & SERVICES
	884,236		Abbott Laboratories		70,349,816		1.0
	169,609	n	Anthem, Inc		44,612,255		0.7
	1,167,324	*,n	Boston Scientific Corp		43,331,067		0.6
	84,937	*,n	Intuitive Surgical, Inc		43,371,380		0.6
	285,068		Stryker Corp		53,852,196		0.8
			Other		202,659,934		3.0
					458,176,648		6.7

Shares			Company	Value		% of net assets
HOUSEHOLD & PERSONAL PRODUCTS
	846,566		Procter & Gamble Co	$	90,142,348		1.3	%
			Other		31,099,843		0.4
					121,242,191		1.7
INSURANCE
	931,414		Hartford Financial Services Group, Inc		48,722,266		0.7
			Other		99,304,478		1.5
					148,026,744		2.2
MATERIALS
	1,119,547		DowDuPont, Inc		43,046,582		0.6
	408,696	n	Linde plc		73,671,541		1.1
			Other		136,225,718		2.0
					252,943,841		3.7
MEDIA & ENTERTAINMENT
	167,967	*	Alphabet, Inc (Class C)		199,625,420		2.9
	1,295,991		Comcast Corp (Class A)		56,414,488		0.8
	668,773	*	Facebook, Inc		129,340,698		1.9
	182,097	*	NetFlix, Inc		67,474,223		1.0
	763,471	n	Walt Disney Co		104,572,623		1.5
			Other		135,014,750		2.0
					692,442,202		10.1
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	698,469	n	AbbVie, Inc		55,451,454		0.8
	405,970		Eli Lilly & Co		47,514,729		0.7
	1,031,583		Merck & Co, Inc		81,195,898		1.2
	1,705,548		Pfizer, Inc		69,262,304		1.0
			Other		308,618,236		4.5
					562,042,621		8.2
REAL ESTATE
	245,910	n	American Tower Corp		48,026,223		0.7
			Other		17,618,459		0.3
					65,644,682		1.0
RETAILING
	101,744	*	Amazon.com, Inc		196,011,851		2.9
	462,477		Home Depot, Inc		94,206,565		1.4
			Other		136,120,603		2.0
					426,339,019		6.3
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	884,428		Intel Corp		45,141,205		0.7
	671,461	n	QUALCOMM, Inc		57,832,936		0.8
			Other		224,640,814		3.3
					327,614,955		4.8
SOFTWARE & SERVICES
	423,983		MasterCard, Inc (Class A)		107,793,438		1.6
	2,219,856		Microsoft Corp		289,913,194		4.2
	572,474	*	PayPal Holdings, Inc		64,557,893		1.0
	370,124	*	salesforce.com, Inc		61,200,003		0.9
			Other		275,811,424		4.0
					799,275,952		11.7

44 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments (unaudited)	continued
Growth & Income Fund  ■  April 30, 2019

Shares				Company	Value		% of net assets
TECHNOLOGY HARDWARE & EQUIPMENT
	1,170,766	n		Apple, Inc	$	234,937,613		3.4	%
	2,081,194			Cisco Systems, Inc		116,442,804		1.7
				Other		148,014,957		2.2
						499,395,374		7.3
TELECOMMUNICATION SERVICES
	736,882			Verizon Communications, Inc		42,142,282		0.6
				Other		33,718,907		0.5
						75,861,189		1.1
TRANSPORTATION
	775,484			CSX Corp		61,751,791		0.9
				Other		18,498,642		0.3
						80,250,433		1.2
UTILITIES
	265,646			NextEra Energy, Inc		51,652,208		0.8
				Other		90,620,072		1.3
						142,272,280		2.1
			TOTAL COMMON STOCKS (Cost $4,572,729,572)			6,822,878,398		99.7
PURCHASED OPTIONS
HEALTH CARE EQUIPMENT & SERVICES						568,000		0.0
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						110,720		0.0
			TOTAL PURCHASED OPTIONS (Cost $863,535)			678,720		0.0

Principal			Issuer	Value			% of net assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT				$	5,250,000			0.1	%
TREASURY DEBT					11,135,203			0.2
Shares			Company
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
76,736,595	c		State Street Navigator Securities Lending Government Money Market Portfolio		76,736,595			1.1
					76,736,595			1.1
		TOTAL SHORT-TERM INVESTMENTS (Cost $93,122,007)			93,121,798			1.4
		TOTAL PORTFOLIO (Cost $4,666,715,114)			6,916,678,916			101.1
		OTHER ASSETS & LIABILITIES, NET			(70,291,863	)		(1.1	)
		NET ASSETS		$	6,846,387,053			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 4/30/19, the aggregate value of securities on loan is $73,894,848.

At 4/30/19, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $23,767,925 or 0.3% 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 April 30, 2019 were as follows (See Note 3):
Description/underlying investment	Number of contracts	Notional amount	Exercise price	Expiration date	Value
Humana, Inc, Call	400	$752,815	$275.00	11/15/19	$568,000
Universal Display Corp, Put	320	110,720	140.00	05/10/19	110,720
Total	720	$863,535			$678,720

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2019 Semiannual Report 45

Summary portfolio of investments (unaudited)

Growth & Income Fund  ■  April 30, 2019

Written options outstanding as of April 30, 2019 were as follows (See Note 3):

Description/underlying investment	Number of contracts		Notional amount		Exercise price		Expiration date	Value
AbbVie, Inc, Put		400	$	(45,184)	$	70.00	06/21/19	$	(14,000	)
Activision Blizzard, Inc, Put		920		(256,677)		42.50	11/15/19		(256,680	)
American Tower Corp, Put		230		(51,289)		175.00	07/19/19		(36,800	)
Anthem, Inc, Call		160		(23,040)		300.00	06/21/19		(15,680	)
Anthem, Inc, Put		160		(223,675)		240.00	09/20/19		(126,240	)
Apple, Inc, Call		224		(213,461)		190.00	01/17/20		(496,160	)
Apple, Inc, Call		448		(500,409)		210.00	01/17/20		(540,288	)
Apple, Inc, Put		448		(89,096)		175.00	08/16/19		(116,480	)
Apple, Inc, Put		224		(128,574)		170.00	10/18/19		(64,288	)
Apple, Inc, Put		224		(599,199)		160.00	01/17/20		(70,336	)
Apple, Inc, Put		224		(828,196)		175.00	01/17/20		(131,040	)
Arista Networks, Inc, Put		160		(18,073)		260.00	05/17/19		(19,200	)
Boeing Co, Put		127		(84,576)		310.00	06/21/19		(10,541	)
Boston Scientific Corp, Put		455		(11,812)		33.00	05/17/19		(2,730	)
Boston Scientific Corp, Put		455		(21,367)		34.00	05/17/19		(5,460	)
Cigna Corp, Put		235		(233,352)		155.00	10/18/19		(263,200	)
CME Group, Inc, Call		200		(19,442)		200.00	09/20/19		(30,500	)
CME Group, Inc, Put		200		(44,460)		145.00	09/20/19		(20,000	)
Coherent, Inc, Put		235		(450,716)		115.00	08/16/19		(97,525	)
ConAgra Brands, Inc, Put		277		(42,380)		22.00	09/20/19		(3,878	)
ConAgra Brands, Inc, Put		829		(119,326)		23.00	09/20/19		(16,580	)
ConAgra Brands, Inc, Put		553		(56,937)		25.00	09/20/19		(20,737	)
ConAgra Brands, Inc, Put		28		(10,584)		26.00	09/20/19		(1,400	)
Constellation Brands, Inc, Put		175		(344,395)		165.00	01/17/20		(56,000	)
Costco Wholesale Corp, Call		200		(131,991)		260.00	10/18/19		(136,200	)
CVS Health Corp, Put		500		(241,477)		55.00	08/16/19		(190,000	)
CVS Health Corp, Put		500		(278,977)		55.00	10/18/19		(220,000	)
CVS Health Corp, Put		500		(191,483)		52.50	11/15/19		(195,000	)
DexCom, Inc, Put		160		(18,080)		90.00	05/17/19		(4,400	)
DexCom, Inc, Put		320		(133,963)		100.00	09/20/19		(148,800	)
DISH Network Corp, Put		510		(49,979)		27.50	06/21/19		(15,300	)
DISH Network Corp, Put		510		(139,228)		27.50	01/17/20		(94,350	)
Edwards Lifesciences Corp, Put		225		(22,041)		165.00	05/03/19		(3,825	)
Exact Sciences Corp, Call		795		(104,112)		120.00	07/19/19		(174,900	)
Exact Sciences Corp, Put		795		(86,622)		78.00	05/03/19		(27,825	)
FedEx Corp, Put		157		(359,368)		190.00	01/17/20		(251,200	)
Fidelity National Information Services, Inc, Put		480		(74,537)		95.00	07/19/19		(14,880	)
Hain Celestial Group, Inc, Put		1,100		(602,792)		23.00	01/17/20		(338,250	)
Humana, Inc, Call		400		(291,181)		310.00	11/15/19		(238,000	)
Humana, Inc, Put		400		(507,178)		245.00	11/15/19		(660,000	)
IAC/InterActiveCorp, Call		240		(45,282)		240.00	05/17/19		(69,120	)
IAC/InterActiveCorp, Put		240		(37,943)		180.00	06/21/19		(26,400	)
International Business Machines Corp, Put		322		(395,224)		120.00	01/17/20		(106,260	)
Intuitive Surgical, Inc, Put		91		(25,749)		440.00	05/17/19		(5,460	)
Jazz Pharmaceuticals plc, Put		275		(394,621)		130.00	09/20/19		(259,875	)
Kohl’s Corp, Call		400		(22,000)		82.00	05/24/19		(21,600	)
Linde plc, Put		200		(19,718)		165.00	05/17/19		(11,000	)
Micron Technology, Inc, Put		630		(261,302)		36.00	10/18/19		(138,600	)
Motorola Solutions, Inc, Call		320		(36,159)		160.00	07/19/19		(36,960	)
Motorola Solutions, Inc, Call		320		(210,556)		150.00	10/18/19		(203,200	)
Motorola Solutions, Inc, Put		320		(79,359)		120.00	07/19/19		(38,240	)
Motorola Solutions, Inc, Put		320		(122,557)		130.00	10/18/19		(116,800	)
Nektar Therapeutics, Put		400		(303,181)		36.00	11/15/19		(334,000	)
Neurocrine Biosciences, Inc, Call		300		(32,388)		95.00	06/21/19		(30,000	)
Neurocrine Biosciences, Inc, Put		300		(16,188)		60.00	06/21/19		(20,700	)
Nevro Corp, Put		500		(44,499)		40.00	08/16/19		(23,750	)
Northrop Grumman Corp, Call		77		(17,021)		315.00	08/16/19		(31,955	)
Northrop Grumman Corp, Put		77		(9,702)		240.00	05/17/19		(770	)
Northrop Grumman Corp, Put		51		(89,047)		270.00	11/15/19		(52,020	)
Northrop Grumman Corp, Put		77		(148,608)		275.00	11/15/19		(94,017	)
Nutrien Ltd, Put		610		(82,325)		45.00	09/20/19		(33,550	)
NVIDIA Corp, Call		235		(78,383)		225.00	06/21/19		(19,505	)
Parker-Hannifin Corp, Put		209		(20,265)		125.00	08/16/19		(6,793	)
PerkinElmer, Inc, Put		400		(30,455)		85.00	05/17/19		(6,000	)
PNC Financial Services Group, Inc, Put		320		(63,881)		105.00	08/16/19		(12,480	)
PNC Financial Services Group, Inc, Put		320		(116,146)		105.00	11/15/19		(33,280	)
Proofpoint, Inc, Put		320		(24,479)		110.00	05/17/19		(6,400	)

46 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments (unaudited)	concluded
Growth & Income Fund  ■  April 30, 2019

Description/underlying investment	Number of contracts		Notional amount		Exercise price		Expiration date	Value
PVH Corp, Put		240	$	(23,618)	$	110.00	06/21/19	$	(25,200	)
PVH Corp, Put		240		(111,119)		95.00	06/21/19		(5,280	)
QUALCOMM, Inc, Put		375		(178,108)		57.50	10/18/19		(15,000	)
Rockwell Automation, Inc, Put		225		(13,275)		155.00	06/21/19		(7,312	)
Roku, Inc, Put		475		(38,047)		45.00	05/10/19		(10,450	)
Royal Caribbean Cruises Ltd, Put		305		(30,499)		110.00	05/17/19		(19,825	)
ServiceNow, Inc, Call		220		(255,463)		290.00	11/15/19		(440,000	)
ServiceNow, Inc, Put		160		(15,094)		180.00	05/17/19		(800	)
ServiceNow, Inc, Put		220		(185,559)		200.00	05/17/19		(1,980	)
ServiceNow, Inc, Put		220		(98,596)		190.00	08/16/19		(34,100	)
Take-Two Interactive Software, Inc, Put		320		(20,160)		80.00	05/10/19		(3,200	)
Teladoc Health, Inc, Put		315		(154,660)		45.00	10/18/19		(99,225	)
Teladoc Health, Inc, Put		315		(187,228)		45.00	12/20/19		(127,575	)
Teradata Corp, Put		500		(30,500)		40.00	05/17/19		(10,000	)
Tiffany & Co, Put		477		(267,585)		90.00	08/16/19		(59,387	)
Tiffany & Co, Put		477		(1,110,442)		105.00	01/17/20		(431,685	)
Tiffany & Co, Put		477		(1,289,314)		110.00	01/17/20		(534,240	)
Ulta Beauty, Inc, Call		84		(117,264)		390.00	09/20/19		(97,440	)
Ulta Beauty, Inc, Put		84		(14,952)		295.00	06/21/19		(18,270	)
Universal Display Corp, Call		320		(74,238)		185.00	05/10/19		(74,238	)
Universal Display Corp, Call		320		(227,539)		210.00	09/20/19		(169,600	)
Universal Display Corp, Put		320		(35,222)		125.00	05/10/19		(31,360	)
Walt Disney Co, Put		300		(17,400)		120.00	05/17/19		(2,400	)
WellCare Health Plans, Inc, Put		157		(92,960)		210.00	06/21/19		(22,373	)
WellCare Health Plans, Inc, Put		160		(84,479)		220.00	09/20/19		(64,000	)
WellCare Health Plans, Inc, Put		471		(486,987)		240.00	09/20/19		(381,510	)
WellCare Health Plans, Inc, Put		157		(166,096)		240.00	12/20/19		(181,335	)
World Wrestling Entertainment, Inc, Put		235		(23,491)		70.00	05/17/19		(4,700	)
Xilinx, Inc, Put		160		(42,879)		92.50	09/20/19		(29,760	)
Xilinx, Inc, Put		160		(49,279)		95.00	09/20/19		(34,880	)
Xilinx, Inc, Put		320		(123,309)		95.00	12/20/19		(126,400	)
Zscaler, Inc, Put		315		(10,288)		50.00	05/17/19		(3,150	)
Zscaler, Inc, Put		315		(27,817)		55.00	05/17/19		(6,300	)
Total		32,456	$	(15,979,734)				$	(9,940,383	)

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2019 Semiannual Report 47

Summary portfolio of investments (unaudited)

Large-Cap Growth Fund  ■  April 30, 2019

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	34,633,203		0.6	%
CAPITAL GOODS
	469,763		Airbus SE		64,324,484		1.1
	216,524		Boeing Co		81,778,950		1.5
	144,015		Roper Industries, Inc		51,802,195		0.9
			Other		79,844,890		1.4
					277,750,519		4.9
COMMERCIAL & PROFESSIONAL SERVICES					81,241,619		1.4
CONSUMER DURABLES & APPAREL
	1,639,186		Nike, Inc (Class B)		143,969,706		2.5
			Other		40,920,834		0.7
					184,890,540		3.2
CONSUMER SERVICES					21,858,343		0.4
DIVERSIFIED FINANCIALS					37,849,877		0.7
ENERGY					13,658,867		0.2
FOOD, BEVERAGE & TOBACCO					22,912,642		0.4
HEALTH CARE EQUIPMENT & SERVICES
	289,133	*	Edwards Lifesciences Corp		50,907,647		0.9
	197,371	*	Intuitive Surgical, Inc		100,783,554		1.8
	311,475		Stryker Corp		58,840,742		1.0
			Other		26,665,378		0.5
					237,197,321		4.2
	MATERIALS
	440,580		Linde plc		79,418,951		1.4
	155,986		Sherwin-Williams Co		70,947,113		1.3
			Other		13,610,104		0.2
					163,976,168		2.9
MEDIA & ENTERTAINMENT
	1,160,725		Activision Blizzard, Inc		55,958,552		1.0
	142,182	*	Alphabet, Inc (Class A)		170,470,531		3.0
	164,988	*	Alphabet, Inc (Class C)		196,084,938		3.4
	1,314,634	*	Facebook, Inc		254,250,216		4.4
	399,085	*	IAC/InterActiveCorp		89,730,271		1.6
	321,543	*	NetFlix, Inc		119,144,543		2.1
	1,005,800		Tencent Holdings Ltd		49,573,511		0.9
	1,142,565	*	Twitter, Inc		45,599,769		0.8
	644,784		Walt Disney Co		88,316,065		1.5
					1,069,128,396		18.7
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	442,484	*	Alexion Pharmaceuticals, Inc		60,235,347		1.0
	823,925		AstraZeneca plc		61,382,248		1.1
	424,079		Eli Lilly & Co		49,634,206		0.9
	169,060	*	Illumina, Inc		52,746,720		0.9
	364,729		Johnson & Johnson		51,499,735		0.9
	147,999		Lonza Group AG.		45,706,401		0.8
	579,048		Merck & Co, Inc		45,576,868		0.8
			Other		137,481,546		2.4
					504,263,071		8.8

Shares				Company	Value		% of net assets
RETAILING
	170,402	*		Amazon.com, Inc	$	328,282,861		5.7	%
	1,054,684	*		Ctrip.com International Ltd (ADR)		46,458,830		0.8
	684,378			Expedia, Inc		88,859,640		1.6
	325,164			Home Depot, Inc		66,235,907		1.2
	84,993			Kering		50,294,980		0.9
	150,241	*		Ulta Beauty, Inc		52,431,104		0.9
				Other		7,880,084		0.1
						640,443,406		11.2
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	758,311			QUALCOMM, Inc		65,313,326		1.1
	458,782			Xilinx, Inc		55,118,070		1.0
				Other		87,653,912		1.5
						208,085,308		3.6
SOFTWARE & SERVICES
	407,006	*		Adobe, Inc		117,726,486		2.1
	746,932	*		Akamai Technologies, Inc		59,799,376		1.0
	711,572			Automatic Data Processing, Inc		116,975,321		2.1
	588,028	*		GoDaddy, Inc		47,924,282		0.8
	579,193			Intuit, Inc		145,412,195		2.5
	794,252			MasterCard, Inc (Class A)		201,930,628		3.5
	2,795,685			Microsoft Corp		365,116,461		6.4
	1,144,208	*		PayPal Holdings, Inc		129,032,336		2.3
	979,747	*		salesforce.com, Inc		162,001,166		2.8
	242,385	*		ServiceNow, Inc		65,809,951		1.2
	824,297			Visa, Inc (Class A)		135,539,156		2.4
				Other		82,292,062		1.4
						1,629,559,420		28.5
TECHNOLOGY HARDWARE & EQUIPMENT
	932,072			Apple, Inc		187,038,888		3.3
	197,372	*		Arista Networks, Inc		61,637,302		1.1
	1,543,602			Cisco Systems, Inc		86,364,532		1.5
	371,316			Motorola Solutions, Inc		53,807,401		0.9
				Other		26,092,641		0.6
						414,940,764		7.4
TELECOMMUNICATION SERVICES
	689,303			Softbank Group Corp		73,087,709		1.3
						73,087,709		1.3
TRANSPORTATION						44,745,444		0.8
			TOTAL COMMON STOCKS (Cost $3,392,100,733)			5,660,222,617		99.2
	Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT						25,200,000		0.4
TREASURY DEBT						55,359,325		1.0

48 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments(unaudited) concluded

Large-Cap Growth Fund  ■  April 30, 2019

Shares				Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	49,818,286	c		State Street Navigator Securities Lending Government Money Market Portfolio	$	49,818,286			0.9	%
						49,818,286			0.9
			TOTAL SHORT-TERM INVESTMENTS (Cost $130,377,717)			130,377,611			2.3
			TOTAL PORTFOLIO (Cost $3,522,478,450)			5,790,600,228			101.5
			OTHER ASSETS & LIABILITIES, NET			(81,897,858	)		(1.5	)
			NET ASSETS		$	5,708,702,370			100.0	%

Abbreviation(s):

ADR American Depositary Receipt

*	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 4/30/19, the aggregate value of securities on loan is $48,486,034.

At 4/30/19, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $42,294,320 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.

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2019 Semiannual Report 49

Summary portfolio of investments(unaudited)

Large-Cap Value Fund  ■  April 30, 2019

Shares			Company	Value		% of net assets
COMMON STOCKS
BANKS
	7,835,000		Bank of America Corp	$	239,594,300		3.9	%
	2,830,000		Citigroup, Inc		200,081,000		3.2
	2,575,000		JPMorgan Chase & Co		298,828,750		4.8
	1,100,000		US Bancorp		58,652,000		1.0
	2,300,000		Wells Fargo & Co		111,343,000		1.8
			Other		50,664,100		0.8
					959,163,150		15.5
CAPITAL GOODS
	475,000		Deere & Co		78,674,250		1.3
	640,000		Honeywell International, Inc		111,123,200		1.8
	785,000		Ingersoll-Rand plc		96,248,850		1.5
	1,425,000		Masco Corp		55,660,500		0.9
	340,000		Parker-Hannifin Corp		61,567,200		1.0
			Other		153,530,550		2.5
					556,804,550		9.0
CONSUMER DURABLES & APPAREL
	19,751	*	NVR, Inc		62,264,632		1.0
					62,264,632		1.0
CONSUMER SERVICES					49,392,500		0.8
DIVERSIFIED FINANCIALS
	410,000		Goldman Sachs Group, Inc		84,427,200		1.3
			Other		47,912,487		0.8
					132,339,687		2.1
ENERGY
	1,170,000		Chevron Corp		140,470,200		2.3
	590,000		Concho Resources, Inc		68,074,200		1.1
	550,000		Diamondback Energy, Inc		58,514,500		0.9
	1,150,000		EOG Resources, Inc		110,457,500		1.8
	1,370,000		Exxon Mobil Corp		109,983,600		1.8
	600,000		Valero Energy Corp		54,396,000		0.9
			Other		13,494,600		0.2
					555,390,600		9.0
FOOD & STAPLES RETAILING
	660,000		Walmart, Inc		67,874,400		1.1
					67,874,400		1.1
FOOD, BEVERAGE & TOBACCO
	1,300,000		Mondelez International, Inc		66,105,000		1.1
	1,025,000		Philip Morris International, Inc		88,724,000		1.4
					154,829,000		2.5
HEALTH CARE EQUIPMENT & SERVICES
	720,000		Abbott Laboratories		57,283,200		0.9
	240,000		Anthem, Inc		63,127,200		1.0
	950,000		CVS Health Corp		51,661,000		0.8
	544,940		Zimmer Biomet Holdings, Inc		67,114,811		1.1
			Other		172,839,208		2.9
					412,025,419		6.7
HOUSEHOLD & PERSONAL PRODUCTS
	1,455,000		Procter & Gamble Co		154,928,400		2.5
					154,928,400		2.5

Shares			Company	Value		% of net assets
INSURANCE
	1,733,900		American International Group, Inc	$	82,481,623		1.3	%
	557,325	*	Berkshire Hathaway, Inc (Class B)		120,777,901		1.9
	545,000		Chubb Ltd		79,134,000		1.3
	800,000		Lincoln National Corp		53,376,000		0.9
			Other		86,695,000		1.4
					422,464,524		6.8
MATERIALS
	1,025,000		Ball Corp		61,438,500		1.0
	950,000	*	Crown Holdings, Inc		55,223,500		0.9
	2,043,525		DowDuPont, Inc		78,573,536		1.3
			Other		89,560,058		1.4
					284,795,594		4.6
MEDIA & ENTERTAINMENT
	4,065,000		Comcast Corp (Class A)		176,949,450		2.9
			Other		50,678,900		0.7
					227,628,350		3.6
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	1,375,000		Johnson & Johnson		194,150,000		3.1
	1,600,000		Merck & Co, Inc		125,936,000		2.0
	3,410,000		Pfizer, Inc		138,480,100		2.3
			Other		76,200,823		1.2
					534,766,923		8.6
REAL ESTATE					98,681,950		1.6
RETAILING
	280,000		Home Depot, Inc		57,036,000		0.9
					57,036,000		0.9
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	2,100,000		Intel Corp		107,184,000		1.8
	590,000		QUALCOMM, Inc		50,816,700		0.8
			Other		112,327,700		1.8
					270,328,400		4.4
SOFTWARE & SERVICES
	383,935		Accenture plc		70,133,406		1.1
	825,000		Microsoft Corp		107,745,000		1.8
	1,450,000		Oracle Corp		80,228,500		1.3
			Other		42,731,000		0.7
					300,837,906		4.9
TECHNOLOGY HARDWARE & EQUIPMENT
	3,520,000		Cisco Systems, Inc		196,944,000		3.2
	630,000		TE Connectivity Ltd		60,259,500		0.9
					257,203,500		4.1
TELECOMMUNICATION SERVICES
	2,400,000		Verizon Communications, Inc		137,256,000		2.2
			Other		46,012,752		0.8
					183,268,752		3.0
TRANSPORTATION
	500,000		Union Pacific Corp		88,520,000		1.4
			Other		38,222,400		0.6
					126,742,400		2.0

50 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments(unaudited) concluded

Large-Cap Value Fund  ■  April 30, 2019

Shares			Company	Value			% of net assets
UTILITIES
	619,250		American Electric Power Co, Inc	$	52,976,838			0.9	%
	1,620,000		FirstEnergy Corp		68,088,600			1.1
	405,000		NextEra Energy, Inc		78,748,200			1.3
			Other		88,773,000			1.4
					288,586,638			4.7
		TOTAL COMMON STOCKS (Cost $5,130,804,958)			6,157,353,275			99.4
	Principal		Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT					32,800,000			0.5
TREASURY DEBT					24,638,367			0.4
		TOTAL SHORT-TERM INVESTMENTS (Cost $57,438,352)			57,438,367			0.9
		TOTAL PORTFOLIO (Cost $5,188,243,310)			6,214,791,642			100.3
		OTHER ASSETS & LIABILITIES, NET			(20,770,804	)		(0.3	)
		NET ASSETS		$	6,194,020,838			100.0	%

* 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.

See notes to financial statements TIAA-CREF Funds: Equity Funds   ■  2019 Semiannual Report 51

Summary portfolio of investments (unaudited)

Mid-Cap Growth Fund  ■  April 30, 2019

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	261,867		Aptiv plc	$	22,442,002		1.4	%
					22,442,002		1.4
BANKS
	63,887	*,n	SVB Financial Group		16,081,636		1.0
			Other		8,819,634		0.6
					24,901,270		1.6
CAPITAL GOODS
	272,097		Fortive Corp		23,492,855		1.5
	122,933		Harris Corp		20,714,210		1.3
	179,322		Ingersoll-Rand plc		21,986,670		1.4
	240,463		ITT, Inc		14,560,035		0.9
	421,652		Masco Corp		16,469,727		1.1
	110,363		Rockwell Automation, Inc		19,943,698		1.3
	50,238		TransDigm Group, Inc		24,240,840		1.6
	53,433		W.W. Grainger, Inc		15,068,106		1.0
			Other		24,431,901		1.6
					180,908,042		11.7
COMMERCIAL & PROFESSIONAL SERVICES
	72,500		Cintas Corp		15,742,650		1.0
	174,268		Waste Connections, Inc		16,166,843		1.0
			Other		25,494,475		1.7
					57,403,968		3.7
CONSUMER DURABLES & APPAREL
	356,738		DR Horton, Inc		15,807,061		1.0
	84,973	*,n	Lululemon Athletica, Inc		14,984,989		1.0
			Other		11,202,066		0.7
					41,994,116		2.7
CONSUMER SERVICES					32,291,889		2.1
DIVERSIFIED FINANCIALS
	273,782	e,n	iShares Russell Midcap Growth Index Fund		38,767,531		2.5
			Other		10,083,348		0.6
					48,850,879		3.1
ENERGY					14,734,034		1.0
FOOD & STAPLES RETAILING					11,342,013		0.7
HEALTH CARE EQUIPMENT & SERVICES
	165,938	*	Edwards Lifesciences Corp		29,216,703		1.9
			Other		58,018,886		3.8
					87,235,589		5.7
HOUSEHOLD & PERSONAL PRODUCTS					10,929,059		0.7
INSURANCE					8,738,731		0.6
MATERIALS
	241,128	*	Crown Holdings, Inc		14,016,771		0.9
	177,442		Vulcan Materials Co		22,377,210		1.5
			Other		17,017,360		1.1
					53,411,341		3.5

Shares			Company	Value		% of net  assets
MEDIA & ENTERTAINMENT
	338,583		CBS Corp (Class B)	$	17,359,150		1.1	%
	99,701	*	IAC/InterActiveCorp		22,416,773		1.5
			Other		42,227,999		2.7
					82,003,922		5.3
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	155,279	*	BioMarin Pharmaceutical, Inc		13,281,013		0.9
	172,756	*	Exact Sciences Corp		17,049,290		1.1
	131,999	*	Jazz Pharmaceuticals plc		17,129,510		1.1
			Other		70,459,049		4.5
					117,918,862		7.6
REAL ESTATE
	300,676	*	CBRE Group, Inc		15,656,199		1.0
			Other		23,568,866		1.5
					39,225,065		2.5
RETAILING
	79,387	*	Burlington Stores, Inc		13,409,258		0.9
	130,046		Expedia, Inc		16,885,173		1.1
	71,236	*	O’Reilly Automotive, Inc		26,967,813		1.7
	281,863		Ross Stores, Inc		27,526,741		1.8
	181,581		Tractor Supply Co		18,793,633		1.2
			Other		64,326,071		4.2
					167,908,689		10.9
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	709,152	*	Advanced Micro Devices, Inc		19,593,870		1.3
	140,952	e	Microchip Technology, Inc		14,079,695		0.9
	130,585		Xilinx, Inc		15,688,482		1.0
			Other		5,408,805		0.3
					54,770,852		3.5
SOFTWARE & SERVICES
	242,353	*	Fiserv, Inc		21,142,876		1.4
	80,991	*	FleetCor Technologies, Inc		21,134,601		1.4
	389,676	*,e,n	GDS Holdings Ltd (ADR)		15,248,022		1.0
	99,046		Global Payments, Inc		14,467,649		0.9
	179,111	*	GoDaddy, Inc		14,597,547		1.0
	108,931	*	Proofpoint, Inc		13,662,126		0.9
	110,310	*	Red Hat, Inc		20,134,884		1.3
	114,939	*	ServiceNow, Inc		31,207,088		2.0
	102,848	*	Splunk, Inc		14,197,138		0.9
	129,150	*	Synopsys, Inc		15,637,482		1.0
	78,491	*	Workday, Inc		16,140,104		1.0
	160,709	*,n	Worldpay, Inc		18,836,702		1.2
			Other		169,858,505		11.0
					386,264,724		25.0
TECHNOLOGY HARDWARE & EQUIPMENT
	263,595		Amphenol Corp (Class A)		26,243,518		1.7
	68,059	*,n	Arista Networks, Inc		21,254,145		1.4
	225,286	*,n	Lumentum Holdings, Inc		13,960,974		0.9
	102,123		Motorola Solutions, Inc		14,798,644		1.0
			Other		9,895,572		0.7
					86,152,853		5.7

52 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments(unaudited)	concluded
Mid-Cap Growth Fund  ■  April 30, 2019

Shares			Company	Value		% of net assets
TRANSPORTATION				$	9,780,966		0.6	%
		TOTAL COMMON STOCKS (Cost $1,140,240,969)			1,539,208,866		99.6
PURCHASED OPTIONS
BANKS					96,800		0.0
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					1,293,705		0.1
SOFTWARE & SERVICES					356,500		0.0
TECHNOLOGY HARDWARE & EQUIPMENT					1,416,200		0.0
		TOTAL PURCHASED OPTIONS (Cost $3,399,052)			3,163,205		0.1
Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
$	19,950,000		Federal Home Loan Bank (FHLB) 2.350%, 05/01/19		19,950,000		1.3
					19,950,000		1.3

Shares				Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	21,153,871	c		State Street Navigator Securities Lending Government Money Market Portfolio	$	21,153,871			1.4	%
						21,153,871			1.4
			TOTAL SHORT-TERM INVESTMENTS (Cost $41,103,871)			41,103,871			2.7
			TOTAL PORTFOLIO (Cost $1,184,743,892)			1,583,475,942			102.4
			OTHER ASSETS & LIABILITIES, NET			(36,237,699	)		(2.4	)
			NET ASSETS		$	1,547,238,243			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 $20,700,602.
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 April 30, 2019 were as follows (See Note 3):

Description/underlying investment	Number of contracts		Notional amount			Exercise price			Expiration date	Value
Arista Networks, Inc, Put		400	$	636,116		$	315.00		05/10/19	$	628,000
Lam Research Corp, Call		777		728,927			195.00		06/21/19		1,293,705
Lumentum Holdings, Inc, Put		2,252		992,003			60.00		06/21/19		788,200
Square, Inc, Call		750		560,250			80.00		06/21/19		151,500
SVB Financial Group, Put		440		308,897			240.00		05/17/19		96,800
Tenable Holdings, Inc, Call		1,000		172,859			35.00		05/17/19		205,000
Total		5,619	$	3,399,052						$	3,163,205
Written options outstanding as of April 30, 2019 were as follows (See Note 3):
Description/underlying investment	Number of contracts		Notional amount			Exercise price		Expiration date		Value
Arista Networks, Inc, Call		400	$	(431,050	)	$	335.00		05/10/19	$	(176,000	)
Arista Networks, Inc, Put		400		(231,149	)		285.00		05/10/19		(141,000	)
GDS Holdings Ltd, Call		1,870		(147,656	)		45.00		05/17/19		(65,450	)
HubSpot, Inc, Call		572		(407,231	)		170.00		05/17/19		(965,536	)
Lam Research Corp, Call		777		(324,960	)		210.00		06/21/19		(590,520	)
Lam Research Corp, Put		777		(445,969	)		175.00		06/21/19		(89,355	)
Lululemon Athletica, Inc, Call		500		(648,987	)		185.00		09/20/19		(648,987	)
Lululemon Athletica, Inc, Put		500		(176,496	)		140.00		09/20/19		(176,496	)
Lumentum Holdings, Inc, Call		2,252		(411,119	)		67.50		06/21/19		(484,180	)
Lumentum Holdings, Inc, Put		2,252		(354,663	)		52.50		06/21/19		(275,870	)
Planet Fitness, Inc, Call		752		(94,744	)		75.00		05/17/19		(278,240	)
Square, Inc, Call		750		(309,746	)		90.00		06/21/19		(43,500	)
Square, Inc, Put		750		(268,497	)		65.00		06/21/19		(105,750	)
SVB Financial Group, Call		440		(106,901	)		270.00		05/17/19		(33,000	)
SVB Financial Group, Put		440		(166,299	)		230.00		05/17/19		(39,600	)
Worldpay, Inc, Call		1,060		(1,206,264	)		100.00		08/16/19		(2,014,000	)
Total		14,492	$	(5,731,731	)					$	(6,127,484	)

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2019 Semiannual Report 53

Summary portfolio of investments (unaudited)

Mid-Cap Value Fund  ■  April 30, 2019

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	44,723,334		1.4	%
BANKS
	1,233,167		Citizens Financial Group, Inc		44,640,645		1.4
	482,095		East West Bancorp, Inc		24,818,251		0.7
	550,594		Zions Bancorporation		27,160,802		0.8
			Other		144,353,230		4.4
					240,972,928		7.3
CAPITAL GOODS
	247,227		Cummins, Inc		41,111,378		1.2
	210,608		Ingersoll-Rand plc		25,822,647		0.8
	516,068		ITT, Inc		31,247,917		0.9
	151,538		L3 Technologies, Inc		33,123,176		1.0
			Other		143,823,742		4.5
					275,128,860		8.4
COMMERCIAL & PROFESSIONAL SERVICES
	953,537		Nielsen NV		24,343,800		0.7
			Other		32,787,573		1.0
					57,131,373		1.7
CONSUMER DURABLES & APPAREL
	601,907	*	Capri Holdings Ltd		26,532,061		0.8
	540,728		Lennar Corp (Class A)		28,134,078		0.9
	215,066	*	Mohawk Industries, Inc		29,302,742		0.9
			Other		47,438,453		1.4
					131,407,334		4.0
CONSUMER SERVICES					66,525,008		2.0
DIVERSIFIED FINANCIALS
	193,980		Ameriprise Financial, Inc		28,470,445		0.9
	300,755		Raymond James Financial, Inc		27,540,135		0.8
	509,703		Voya Financial, Inc		27,977,598		0.9
			Other		76,884,337		2.3
					160,872,515		4.9
ENERGY
	482,066	*	Cheniere Energy, Inc		31,020,947		0.9
	241,249		Concho Resources, Inc		27,835,310		0.8
	1,425,415	*	Parsley Energy, Inc		28,451,283		0.9
	1,164,626		Williams Cos, Inc		32,993,855		1.0
	2,085,159	*	WPX Energy, Inc		28,962,858		0.9
			Other		113,633,230		3.5
					262,897,483		8.0
FOOD, BEVERAGE & TOBACCO
	800,219		Bunge Ltd		41,939,478		1.3
	965,249		ConAgra Brands, Inc		29,710,364		0.9
			Other		56,442,523		1.7
					128,092,365		3.9
HEALTH CARE EQUIPMENT & SERVICES
	498,420	*	Hologic, Inc		23,116,720		0.7
	395,715		Zimmer Biomet Holdings, Inc		48,736,259		1.5
			Other		60,081,597		1.8
					131,934,576		4.0

Shares			Company	Value		% of net assets
HOUSEHOLD & PERSONAL PRODUCTS				$	20,832,198		0.6	%
INSURANCE
	769,611		Hartford Financial Services Group, Inc		40,258,351		1.2
			Other		114,304,555		3.4
					154,562,906		4.6
MATERIALS
	1,976,592		Freeport-McMoRan Copper & Gold, Inc (Class B)		24,331,848		0.7
	424,652		WR Grace and Co		32,095,198		1.0
			Other		158,938,924		4.8
					215,365,970		6.5
MEDIA & ENTERTAINMENT
	1,168,190		Altice USA, Inc		27,522,556		0.8
	670,079	*	DISH Network Corp (Class A)		23,533,175		0.7
			Other		35,041,887		1.1
					86,097,618		2.6
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					53,118,376		1.6
REAL ESTATE
	184,617		AvalonBay Communities, Inc		37,095,094		1.1
	195,241		Boston Properties, Inc		26,869,066		0.8
	226,219		Camden Property Trust		22,768,942		0.7
	505,678		CyrusOne, Inc		28,161,208		0.9
	231,981		Mid-America Apartment Communities, Inc		25,381,041		0.8
	384,248		Welltower, Inc		28,638,004		0.9
			Other		186,443,126		5.6
					355,356,481		10.8
RETAILING
	382,196	*	Dollar Tree, Inc		42,530,771		1.3
	200,918		Expedia, Inc		26,087,193		0.8
			Other		57,055,964		1.7
					125,673,928		3.8
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	1,007,364		Marvell Technology Group Ltd		25,204,247		0.7
	215,198		NXP Semiconductors NV		22,729,213		0.7
			Other		35,101,879		1.1
					83,035,339		2.5
SOFTWARE & SERVICES
	417,531		DXC Technology Co		27,448,488		0.8
	403,972		Fidelity National Information Services, Inc		46,832,474		1.4
			Other		34,322,244		1.1
					108,603,206		3.3
TECHNOLOGY HARDWARE & EQUIPMENT
	927,959	*	CommScope Holding Co, Inc		22,994,824		0.7
			Other		85,212,348		2.6
					108,207,172		3.3
TELECOMMUNICATION SERVICES					25,032,362		0.8
TRANSPORTATION
	414,893		Alaska Air Group, Inc		25,681,877		0.8
			Other		61,291,713		1.8
					86,973,590		2.6

54 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments(unaudited)	concluded
Mid-Cap Value Fund  ■  April 30, 2019

Shares			Company	Value		% of net assets
UTILITIES
	654,011		Alliant Energy Corp	$	30,888,939		0.9	%
	292,748		DTE Energy Co		36,801,351		1.1
	339,273		Entergy Corp		32,875,554		1.0
	1,110,622		FirstEnergy Corp		46,679,443		1.4
	826,090		NiSource, Inc		22,948,780		0.7
	258,325		Pinnacle West Capital Corp		24,610,623		0.7
	446,060		Public Service Enterprise Group, Inc		26,607,479		0.8
	297,747		Sempra Energy		38,096,729		1.2
			Other		97,459,332		3.0
					356,968,230		10.8
		TOTAL COMMON STOCKS (Cost $2,685,508,240)			3,279,513,152		99.4
	Principal		Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT					21,200,000		0.6

Shares			Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	8,809,357	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	8,809,357			0.3	%
					8,809,357			0.3
		TOTAL SHORT-TERM INVESTMENTS (Cost $30,009,357)			30,009,357			0.9
		TOTAL PORTFOLIO (Cost $2,715,517,597)			3,309,522,509			100.3
		OTHER ASSETS & LIABILITIES, NET			(11,070,388	)		(0.3	)
		NET ASSETS		$	3,298,452,121			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 4/30/19, the aggregate value of securities on loan is $8,666,633.

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  ■  2019 Semiannual Report 55

Summary portfolio of investments (unaudited)

Quant Large-Cap Growth Fund  ■  April 30, 2019

Shares		Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS			$	8,652,267		0.3	%
BANKS				17,400,184		0.6
CAPITAL GOODS
	113,141	Boeing Co		42,732,224		1.5
	156,166	Honeywell International, Inc		27,115,103		1.0
	32,671	TransDigm Group, Inc		15,764,411		0.6
		Other		108,263,375		3.8
				193,875,113		6.9
COMMERCIAL & PROFESSIONAL SERVICES
	134,905	Waste Management, Inc		14,480,703		0.5
		Other		8,919,887		0.3
				23,400,590		0.8
CONSUMER DURABLES & APPAREL
	192,360	Nike, Inc (Class B)		16,894,979		0.6
		Other		16,449,126		0.7
				33,344,105		1.3
CONSUMER SERVICES
	324,654	Starbucks Corp		25,219,123		0.9
		Other		26,198,323		0.9
				51,417,446		1.8
DIVERSIFIED FINANCIALS
	172,377	American Express Co		20,207,756		0.7
	402,500	iShares Russell 1000 Growth Index Fund		63,627,200		2.3
		Other		113,148,477		4.0
				196,983,433		7.0
ENERGY				6,875,832		0.2
FOOD & STAPLES RETAILING
	107,068	Costco Wholesale Corp		26,288,406		1.0
		Other		875,895		0.0
				27,164,301		1.0
FOOD, BEVERAGE & TOBACCO
	491,368	Altria Group, Inc		26,696,023		0.9
	509,797	Coca-Cola Co		25,010,641		0.9
	191,264	PepsiCo, Inc		24,491,355		0.9
		Other		13,903,438		0.4
				90,101,457		3.1
HEALTH CARE EQUIPMENT & SERVICES
	214,900	UnitedHealth Group, Inc		50,086,743		1.8
		Other		63,436,101		2.3
				113,522,844		4.1
HOUSEHOLD & PERSONAL PRODUCTS
	188,211	Church & Dwight Co, Inc		14,106,414		0.5
	92,379	Clorox Co		14,755,698		0.5
	145,102	Kimberly-Clark Corp		18,628,195		0.7
		Other		2,389,135		0.1
				49,879,442		1.8

	Shares		Company		Value	% of net assets
INSURANCE
	257,501		Progressive Corp	$	20,123,703		0.7	%
			Other		7,773,848		0.3
					27,897,551		1.0
MATERIALS					36,972,274		1.3
MEDIA & ENTERTAINMENT
	57,273	*	Alphabet, Inc (Class A)		68,668,036		2.4
	58,400	*	Alphabet, Inc (Class C)		69,407,232		2.5
	445,890	*	Facebook, Inc		86,235,126		3.0
	66,436	*	NetFlix, Inc		24,617,196		0.9
	261,289		Walt Disney Co		35,788,754		1.3
			Other		52,970,829		1.9
					337,687,173		12.0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	216,399		AbbVie, Inc		17,179,916		0.6
	148,824		Amgen, Inc		26,687,120		1.0
	63,972	*	Biogen Idec, Inc		14,664,941		0.5
	146,730		Zoetis, Inc		14,942,983		0.5
			Other		93,657,192		3.3
					167,132,152		5.9
REAL ESTATE
	91,244		Simon Property Group, Inc		15,849,083		0.6
			Other		31,394,508		1.1
					47,243,591		1.7
RETAILING
	79,154	*	Amazon.com, Inc		152,491,764		5.4
	7,347	*	Booking Holdings, Inc		13,628,612		0.5
	207,217		Home Depot, Inc		42,210,103		1.5
	130,270		Lowe’s Companies, Inc		14,738,748		0.5
			Other		71,176,636		2.5
					294,245,863		10.4
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	83,479		Broadcom, Inc		26,579,714		0.9
	120,174		Kla-Tencor Corp		15,319,781		0.5
	86,589		Lam Research Corp		17,961,156		0.6
	86,655		NVIDIA Corp		15,684,555		0.6
	284,407		Texas Instruments, Inc		33,511,677		1.2
			Other		52,594,042		1.9
					161,650,925		5.7
SOFTWARE & SERVICES
	175,507		Accenture plc		32,059,864		1.1
	64,480	*	Adobe, Inc		18,650,840		0.7
	139,968		Automatic Data Processing, Inc		23,009,340		0.8
	187,249		International Business Machines Corp		26,265,417		0.9
	196,216		MasterCard, Inc (Class A)		49,885,956		1.8
	1,346,833		Microsoft Corp		175,896,390		6.2
	169,938		Paychex, Inc		14,327,473		0.5
	312,481	*	PayPal Holdings, Inc		35,238,482		1.3
	87,652	*	salesforce.com, Inc		14,493,258		0.5
	320,908		Visa, Inc (Class A)		52,766,902		1.9
			Other		126,353,139		4.5
					568,947,061		20.2

56 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments(unaudited)	concluded
Quant Large-Cap Growth Fund  ■  April 30, 2019

Shares			Company	Value		% of net assets
TECHNOLOGY HARDWARE & EQUIPMENT
	942,512		Apple, Inc	$	189,133,883		6.7	%
			Other		60,099,795		2.1
					249,233,678		8.8
TRANSPORTATION
	187,109		CSX Corp		14,899,490		0.5
	157,277		Union Pacific Corp		27,844,320		1.0
	174,611		United Parcel Service, Inc (Class B)		18,547,180		0.7
			Other		44,793,577		1.6
					106,084,567		3.8
		TOTAL COMMON STOCKS (Cost $1,778,328,175)			2,809,711,849		99.7
Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT					7,450,000		0.3

Shares			Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	12,625,493	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	12,625,493			0.4	%
					12,625,493			0.4
		TOTAL SHORT-TERM INVESTMENTS (Cost $20,075,493)			20,075,493			0.7
		TOTAL PORTFOLIO (Cost $1,798,403,668)			2,829,787,342			100.4
		OTHER ASSETS & LIABILITIES, NET			(12,247,470	)		(0.4	)
		NET ASSETS		$	2,817,539,872			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 4/30/19, the aggregate value of securities on loan is $12,143,045.

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  ■  2019 Semiannual Report 57

Summary portfolio of investments(unaudited)

Quant Large-Cap Value Fund  ■  April 30, 2019

Shares		Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS			$	17,602,707		0.7	%
BANKS
	2,072,953	Bank of America Corp		63,390,903		2.4
	604,641	Citigroup, Inc		42,748,119		1.6
	525,748	Fifth Third Bancorp		15,152,057		0.6
	720,363	JPMorgan Chase & Co		83,598,126		3.2
	680,742	Wells Fargo & Co		32,954,720		1.2
		Other		102,657,443		3.9
				340,501,368		12.9
CAPITAL GOODS
	79,570	Cummins, Inc		13,231,695		0.5
	204,428	Eaton Corp		16,930,727		0.6
	114,167	Honeywell International, Inc		19,822,816		0.8
		Other		98,133,007		3.7
				148,118,245		5.6
COMMERCIAL & PROFESSIONAL SERVICES				28,061,780		1.1
CONSUMER DURABLES & APPAREL				16,801,449		0.6
CONSUMER SERVICES
	97,253	McDonald’s Corp		19,214,275		0.7
		Other		54,304,293		2.1
				73,518,568		2.8
DIVERSIFIED FINANCIALS
	72,433	Goldman Sachs Group, Inc		14,915,403		0.6
	643,100	iShares Russell 1000 Value Index Fund		82,156,025		3.1
		Other		60,770,544		2.3
				157,841,972		6.0
	ENERGY
	338,552	Chevron Corp		40,646,553		1.6
	305,020	ConocoPhillips		19,252,862		0.7
	725,889	Exxon Mobil Corp		58,274,369		2.2
	231,034	Occidental Petroleum Corp		13,603,282		0.5
	141,423	Phillips 66		13,331,946		0.5
	152,153	Valero Energy Corp		13,794,191		0.5
		Other		64,445,465		2.5
				223,348,668		8.5
FOOD & STAPLES RETAILING
	275,599	Walgreens Boots Alliance, Inc		14,763,839		0.5
	229,655	Walmart, Inc		23,617,720		0.9
		Other		10,230,792		0.4
				48,612,351		1.8
FOOD, BEVERAGE & TOBACCO
	99,629	PepsiCo, Inc		12,757,493		0.5
	385,191	Philip Morris International, Inc		33,342,133		1.2
		Other		62,719,332		2.4
				108,818,958		4.1

Shares			Company	Value		% of net assets
HEALTH CARE EQUIPMENT & SERVICES
	199,023		Abbott Laboratories	$	15,834,270		0.6	%
	409,371		CVS Health Corp		22,261,595		0.8
	201,506		Medtronic plc		17,895,748		0.7
			Other		56,539,606		2.2
					112,531,219		4.3
HOUSEHOLD & PERSONAL PRODUCTS
	277,804		Colgate-Palmolive Co		20,221,353		0.8
	424,165		Procter & Gamble Co		45,165,089		1.7
			Other		17,647,235		0.7
					83,033,677		3.2
INSURANCE
	291,153	*	Berkshire Hathaway, Inc (Class B)		63,095,767		2.4
			Other		85,768,642		3.2
					148,864,409		5.6
	MATERIALS
	278,209		International Paper Co		13,022,963		0.5
	147,325		LyondellBasell Industries AF S.C.A		12,998,485		0.5
			Other		94,757,086		3.6
					120,778,534		4.6
MEDIA & ENTERTAINMENT
	910,646		Comcast Corp (Class A)		39,640,420		1.5
	102,149		Walt Disney Co		13,991,349		0.6
			Other		8,374,182		0.3
					62,005,951		2.4
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	110,716		Eli Lilly & Co		12,958,201		0.5
	397,341		Johnson & Johnson		56,104,549		2.1
	478,262		Merck & Co, Inc		37,644,002		1.4
	1,193,180		Pfizer, Inc		48,455,040		1.8
	60,686		Thermo Fisher Scientific, Inc		16,837,331		0.7
			Other		44,240,335		1.7
					216,239,458		8.2
REAL ESTATE					102,822,223		3.9
RETAILING
	339,881		eBay, Inc		13,170,389		0.5
	199,813		Target Corp		15,469,523		0.6
			Other		50,664,784		1.9
					79,304,696		3.0
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	63,520		Broadcom, Inc		20,224,768		0.8
	1,037,055		Intel Corp		52,931,287		2.0
			Other		30,280,151		1.1
					103,436,206		3.9
SOFTWARE & SERVICES
	487,621		Oracle Corp		26,980,070		1.0
			Other		29,211,762		1.1
					56,191,832		2.1

58 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments (unaudited)	concluded
Quant Large-Cap Value Fund  ■  April 30, 2019

Shares				Company	Value		% of net assets
TECHNOLOGY HARDWARE & EQUIPMENT
	800,573			Cisco Systems, Inc	$	44,792,059		1.7	%
				Other		34,562,669		1.4
						79,354,728		3.1
TELECOMMUNICATION SERVICES
	1,065,769			AT&T, Inc		32,996,208		1.3
	706,081			Verizon Communications, Inc		40,380,772		1.5
				Other		10,352,458		0.3
						83,729,438		3.1
TRANSPORTATION
	208,397			CSX Corp		16,594,653		0.6
	282,246			Delta Air Lines, Inc		16,452,119		0.6
	169,883	*		United Continental Holdings, Inc		15,095,804		0.6
				Other		33,274,156		1.3
						81,416,732		3.1
	UTILITIES
	248,812			Dominion Resources, Inc		19,374,990		0.7
	342,116			Exelon Corp		17,430,810		0.7
	288,239			Southern Co		15,340,080		0.6
				Other		83,212,468		3.1
						135,358,348		5.1
			TOTAL COMMON STOCKS (Cost $2,139,321,051)			2,628,293,517		99.7

Principal		Issuer	Value			% of net assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT			$	8,950,000			0.3	%
	TOTAL SHORT-TERM INVESTMENTS (Cost $8,950,000)			8,950,000			0.3
	TOTAL PORTFOLIO (Cost $2,148,271,051)			2,637,243,517			100.0
	OTHER ASSETS & LIABILITIES, NET			(819,117	)		(0.0	)
	NET ASSETS		$	2,636,424,400			100.0	%

* 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.

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2019 Semiannual Report 59

Summary portfolio of investments (unaudited)

Quant Small-Cap Equity Fund  ■  April 30, 2019

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	17,459,905		0.5	%
BANKS
	855,103		Cadence BanCorp		19,453,593		0.6
	519,000		Cathay General Bancorp		19,094,010		0.6
	533,400	*	Essent Group Ltd		25,309,830		0.8
	275,500		IBERIABANK Corp		21,902,250		0.7
	1,567,970	*	MGIC Investment Corp		22,955,081		0.7
	1,031,900		Radian Group, Inc		24,167,098		0.8
	763,412		United Community Banks, Inc		21,436,609		0.7
	379,300		Walker & Dunlop, Inc		20,842,535		0.6
			Other		220,618,559		7.0
					395,779,565		12.5
CAPITAL GOODS
	462,900		Comfort Systems USA, Inc		25,042,890		0.8
	249,066		EMCOR Group, Inc		20,956,413		0.7
	406,100	*	Generac Holdings, Inc		22,331,439		0.7
	724,039	*	Meritor, Inc		17,565,186		0.5
	195,840		Moog, Inc (Class A)		18,338,458		0.6
	320,092	*	Trex Co, Inc		22,172,773		0.7
			Other		170,297,121		5.4
					296,704,280		9.4
COMMERCIAL & PROFESSIONAL SERVICES
	348,547		Exponent, Inc		19,734,731		0.6
	243,146		Insperity, Inc		29,070,536		0.9
	290,659		Tetra Tech, Inc		18,811,451		0.6
			Other		51,775,105		1.7
					119,391,823		3.8
CONSUMER DURABLES & APPAREL
	145,200	*	Deckers Outdoor Corp		22,972,092		0.7
			Other		87,972,364		2.8
					110,944,456		3.5
CONSUMER SERVICES
	327,800		Texas Roadhouse, Inc (Class A)		17,704,478		0.6
			Other		73,253,699		2.3
					90,958,177		2.9
DIVERSIFIED FINANCIALS
	358,626		Stifel Financial Corp		21,399,213		0.7
			Other		101,063,119		3.2
					122,462,332		3.9
ENERGY					151,956,342		4.8
FOOD & STAPLES RETAILING					12,066,994		0.4
FOOD, BEVERAGE & TOBACCO
	62,300	*	Boston Beer Co, Inc (Class A)		19,313,623		0.6
	123,005		Lancaster Colony Corp		18,292,073		0.6
			Other		28,802,770		0.9
					66,408,466		2.1

Shares			Company	Value		% of net assets
HEALTH CARE EQUIPMENT & SERVICES
	443,200	*	Globus Medical, Inc	$	19,983,888		0.6	%
	672,000	*	HMS Holdings Corp		20,448,960		0.7
	274,200	*	Integer Holding Corp		18,944,478		0.6
			Other		95,379,925		3.0
					154,757,251		4.9
HOUSEHOLD & PERSONAL PRODUCTS
	127,300		Medifast, Inc		18,673,637		0.6
			Other		13,784,254		0.4
					32,457,891		1.0
INSURANCE					43,661,687		1.4
MATERIALS
	231,200	*	Ingevity Corp		26,590,312		0.9
			Other		121,068,101		3.8
					147,658,413		4.7
MEDIA & ENTERTAINMENT					38,788,745		1.2
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	848,000	*	Horizon Pharma plc		21,649,440		0.7
			Other		297,140,124		9.4
					318,789,564		10.1
REAL ESTATE
	2,063,190		Cousins Properties, Inc		19,744,728		0.6
	1,605,080		DiamondRock Hospitality Co		17,431,169		0.5
	220,200		EastGroup Properties, Inc		25,175,466		0.8
	157,028		PS Business Parks, Inc		24,122,641		0.8
	228,800		Ryman Hospitality Properties		18,212,480		0.6
			Other		182,343,448		5.8
					287,029,932		9.1
RETAILING
	423,300	*	Etsy, Inc		28,589,682		0.9
	746,000	*	Rent-A-Center, Inc		18,597,780		0.6
			Other		54,101,907		1.7
					101,289,369		3.2
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	161,689		Cabot Microelectronics Corp		20,413,236		0.6
	369,800	*	Semtech Corp		19,921,126		0.6
			Other		35,220,180		1.1
					75,554,542		2.3
SOFTWARE & SERVICES
	118,820	*	CACI International, Inc (Class A)		23,162,771		0.7
	392,800	*	Five9, Inc		20,845,896		0.7
	114,200	*	HubSpot, Inc		21,068,758		0.7
	260,045	*	Paylocity Holding Corp		25,107,344		0.8
	420,700	*	Verint Systems, Inc		25,406,073		0.8
			Other		123,583,829		3.9
					239,174,671		7.6
TECHNOLOGY HARDWARE & EQUIPMENT
	213,100		SYNNEX Corp		22,989,228		0.7
	1,417,200	*	Viavi Solutions, Inc		18,848,760		0.6
			Other		118,767,259		3.8
					160,605,247		5.1

60 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments (unaudited)	concluded
Quant Small-Cap Equity Fund  ■  April 30, 2019

Shares				Company	Value		% of net assets
TELECOMMUNICATION SERVICES
	1,934,590	*		Vonage Holdings Corp	$	18,804,215		0.6	%
				Other		8,430,952		0.3
						27,235,167		0.9
TRANSPORTATION						43,081,211		1.3
UTILITIES
	442,900			Avista Corp		19,106,706		0.6
	515,000			Portland General Electric Co		26,939,650		0.8
	251,990			Southwest Gas Corp		20,963,048		0.7
	240,000			Spire, Inc		20,205,600		0.6
				Other		14,801,000		0.5
						102,016,004		3.2
			TOTAL COMMON STOCKS (Cost $2,836,293,011)			3,156,232,034		99.8
	Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT						6,800,000		0.2

Shares				Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	44,841,483	c		State Street Navigator Securities Lending Government Money Market Portfolio	$	44,841,483			1.4	%
						44,841,483			1.4
			TOTAL SHORT-TERM INVESTMENTS (Cost $51,641,483)			51,641,483			1.6
			TOTAL PORTFOLIO (Cost $2,887,934,494)			3,207,873,517			101.4
			OTHER ASSETS & LIABILITIES, NET			(46,256,212	)		(1.4	)
			NET ASSETS		$	3,161,617,305			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 4/30/19, the aggregate value of securities on loan is $42,382,487.

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  ■  2019 Semiannual Report 61

Summary portfolio of investments (unaudited)

Quant Small/Mid-Cap Equity Fund  ■  April 30, 2019

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	1,737,356		0.3	%
BANKS
	412,638		First Bancorp (Puerto Rico)		4,662,809		0.7
	67,512		Zions Bancorporation		3,330,367		0.5
			Other		49,795,868		7.1
					57,789,044		8.3
CAPITAL GOODS
	55,154		EMCOR Group, Inc		4,640,658		0.7
	97,078		Graco, Inc		4,975,248		0.7
	75,209	*	HD Supply Holdings, Inc		3,436,299		0.5
	65,579		HEICO Corp (Class A)		5,864,730		0.8
	22,273		IDEX Corp		3,489,288		0.5
	73,407		ITT, Inc		4,444,794		0.6
	98,719		Universal Forest Products, Inc		3,647,667		0.5
			Other		63,109,547		9.0
					93,608,231		13.3
COMMERCIAL & PROFESSIONAL SERVICES
	42,273		Insperity, Inc		5,054,160		0.7
			Other		12,618,107		1.8
					17,672,267		2.5
CONSUMER DURABLES & APPAREL
	1,313	*	NVR, Inc		4,139,206		0.6
			Other		19,483,370		2.8
					23,622,576		3.4
CONSUMER SERVICES					25,207,021		3.6
DIVERSIFIED FINANCIALS
	68,606		LPL Financial Holdings, Inc		5,083,019		0.7
			Other		21,124,029		3.0
					26,207,048		3.7
ENERGY
	137,332	*	Renewable Energy Group, Inc		3,312,448		0.5
			Other		21,994,380		3.1
					25,306,828		3.6
FOOD & STAPLES RETAILING					7,078,968		1.0
FOOD, BEVERAGE & TOBACCO
	48,365		Lamb Weston Holdings, Inc		3,387,968		0.5
			Other		2,270,010		0.3
					5,657,978		0.8
HEALTH CARE EQUIPMENT & SERVICES
	62,029		Encompass Health Corp		3,997,769		0.6
	56,272		Hill-Rom Holdings, Inc		5,707,106		0.8
	28,894		STERIS plc		3,784,536		0.5
	54,448	*	Veeva Systems, Inc		7,615,642		1.1
			Other		15,508,493		2.2
					36,613,546		5.2
HOUSEHOLD & PERSONAL PRODUCTS					2,392,584		0.4

Shares			Company	Value		% of net assets
INSURANCE
	24,930		Reinsurance Group of America, Inc (Class A)	$	3,777,145		0.5	%
			Other		18,707,257		2.7
					22,484,402		3.2
MATERIALS
	43,978		Ashland Global Holdings, Inc		3,541,548		0.5
	71,344	*	Berry Plastics Group, Inc		4,195,027		0.6
	36,858	*	Ingevity Corp		4,239,039		0.6
	37,245		Royal Gold, Inc		3,242,550		0.5
			Other		18,146,466		2.6
					33,364,630		4.8
MEDIA & ENTERTAINMENT
	57,579	*	AMC Networks, Inc		3,363,189		0.5
			Other		14,833,653		2.0
					18,196,842		2.5
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	19,407	*	Bio-Rad Laboratories, Inc (Class A)		5,840,149		0.8
	124,349		Bruker BioSciences Corp		4,799,871		0.7
	26,380	*	Charles River Laboratories International, Inc		3,705,599		0.5
			Other		32,156,072		4.7
					46,501,691		6.7
REAL ESTATE
	48,249		Camden Property Trust		4,856,262		0.7
	152,755		Columbia Property Trust, Inc		3,469,066		0.5
	84,992		Liberty Property Trust		4,219,003		0.6
	62,420		Regency Centers Corp		4,192,751		0.6
	41,964		Sun Communities, Inc		5,164,929		0.7
	148,163		VICI Properties, Inc		3,378,116		0.5
			Other		46,444,149		6.6
					71,724,276		10.2
RETAILING
	106,405	*	Sleep Number Corp		3,702,894		0.6
	27,129	*	Wayfair, Inc		4,398,967		0.6
			Other		16,793,550		2.3
					24,895,411		3.5
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	256,056	*	Advanced Micro Devices, Inc		7,074,827		1.0
			Other		7,538,569		1.1
					14,613,396		2.1
SOFTWARE & SERVICES
	66,360	*	Black Knight, Inc		3,744,031		0.5
	90,181	*	Cadence Design Systems, Inc		6,256,758		0.9
	68,323	*	Five9, Inc		3,625,902		0.5
	92,600		Genpact Ltd		3,361,380		0.5
	20,073	*	Trade Desk, Inc		4,445,768		0.6
	26,752	*	Twilio, Inc		3,668,769		0.5
	49,061	*	Zendesk, Inc		4,306,575		0.6
			Other		39,545,579		5.7
					68,954,762		9.8

62 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments (unaudited)	concluded
Quant Small/Mid-Cap Equity Fund  ■  April 30, 2019

Shares				Company	Value		% of net assets
TECHNOLOGY HARDWARE & EQUIPMENT
	67,718			CDW Corp	$	7,151,021		1.0	%
	61,559	*		Keysight Technologies, Inc		5,357,480		0.8
	18,452	*		Zebra Technologies Corp (Class A)		3,895,955		0.6
				Other		19,598,931		2.8
						36,003,387		5.2
TELECOMMUNICATION SERVICES						7,308,803		1.1
TRANSPORTATION
	84,155	*		Hub Group, Inc (Class A)		3,498,323		0.5
				Other		13,004,413		1.8
						16,502,736		2.3
UTILITIES
	74,185			UGI Corp		4,043,824		0.6
	205,158			Vistra Energy Corp		5,590,556		0.8
				Other		7,059,886		1.0
						16,694,266		2.4
			TOTAL COMMON STOCKS (Cost $582,484,140)			700,138,049		99.9
	Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT						490,000		0.0

Shares			Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
4,037,755	c		State Street Navigator Securities Lending Government Money Market Portfolio	$	4,037,755			0.6	%
					4,037,755			0.6
		TOTAL SHORT-TERM INVESTMENTS (Cost $4,527,755)			4,527,755			0.6
		TOTAL PORTFOLIO (Cost $587,011,895)			704,665,804			100.5
		OTHER ASSETS & LIABILITIES, NET			(4,009,626	)		(0.5	)
		NET ASSETS		$	700,656,178			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 4/30/19, the aggregate value of securities on loan is $3,820,118.

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  ■  2019 Semiannual Report 63

Summary portfolio of investments (unaudited)

Social Choice Equity Fund  ■  April 30, 2019

Shares		Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS			$	17,655,738		0.4	%
BANKS
	651,247	Citigroup, Inc		46,043,163		1.0
	217,463	PNC Financial Services Group, Inc		29,777,208		0.7
	638,497	US Bancorp		34,044,660		0.8
		Other		122,860,141		2.8
				232,725,172		5.3
CAPITAL GOODS
	177,319	3M Co		33,603,724		0.7
	186,879	Caterpillar, Inc		26,054,670		0.6
	160,575	Illinois Tool Works, Inc		24,990,287		0.6
		Other		211,819,087		4.8
				296,467,768		6.7
COMMERCIAL & PROFESSIONAL SERVICES				48,635,507		1.1
CONSUMER DURABLES & APPAREL
	392,949	Nike, Inc (Class B)		34,512,711		0.8
		Other		26,207,673		0.6
				60,720,384		1.4
CONSUMER SERVICES
	433,004	Starbucks Corp		33,635,751		0.8
		Other		57,993,757		1.3
				91,629,508		2.1
DIVERSIFIED FINANCIALS
	255,222	American Express Co		29,919,675		0.7
	137,585	CME Group, Inc		24,613,957		0.6
	536,542	Morgan Stanley		25,888,152		0.6
	119,778	S&P Global, Inc		26,430,213		0.6
		Other		165,238,819		3.7
				272,090,816		6.2
ENERGY
	422,291	ConocoPhillips		26,655,008		0.6
		Other		182,717,193		4.1
				209,372,201		4.7
FOOD & STAPLES RETAILING				22,113,476		0.5
FOOD, BEVERAGE & TOBACCO
	1,016,509	Coca-Cola Co		49,869,932		1.1
	580,901	Mondelez International, Inc		29,538,816		0.7
	377,341	PepsiCo, Inc		48,318,515		1.1
		Other		29,119,310		0.6
				156,846,573		3.5
HEALTH CARE EQUIPMENT & SERVICES
	193,921	UnitedHealth Group, Inc		45,197,167		1.0
		Other		200,792,277		4.6
				245,989,444		5.6
HOUSEHOLD & PERSONAL PRODUCTS
	570,202	Procter & Gamble Co		60,715,109		1.4
		Other		37,423,396		0.9
				98,138,505		2.3

Shares			Company	Value		% of net assets
INSURANCE
	198,853		Chubb Ltd	$	28,873,456		0.7	%
	268,139		Prudential Financial, Inc		28,344,974		0.6
			Other		114,649,854		2.5
					171,868,284		3.8
MATERIALS
	147,659		Ecolab, Inc		27,181,069		0.6
	161,188		Linde plc		29,055,749		0.7
			Other		83,959,704		1.9
					140,196,522		3.2
MEDIA & ENTERTAINMENT
	53,143	*	Alphabet, Inc (Class A)		63,716,331		1.4
	54,034	*	Alphabet, Inc (Class C)		64,218,328		1.5
	111,414	*	NetFlix, Inc		41,283,344		0.9
			Other		81,996,058		1.9
					251,214,061		5.7
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	180,747		Amgen, Inc		32,411,552		0.7
	300,600		Eli Lilly & Co		35,182,224		0.8
	648,479		Merck & Co, Inc		51,041,782		1.2
	256,688		Zoetis, Inc		26,141,106		0.6
			Other		186,440,073		4.2
					331,216,737		7.5
REAL ESTATE
	164,544		American Tower Corp		32,135,443		0.7
	346,453		Prologis, Inc		26,562,552		0.6
			Other		118,136,232		2.7
					176,834,227		4.0
RETAILING
	17,364	*	Booking Holdings, Inc		32,210,046		0.7
	250,264		Home Depot, Inc		50,978,777		1.2
	237,535		Lowe’s Companies, Inc		26,874,710		0.6
			Other		122,474,613		2.7
					232,538,146		5.2
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	919,497		Intel Corp		46,931,127		1.1
	150,459		NVIDIA Corp		27,233,079		0.6
	326,290		Texas Instruments, Inc		38,446,751		0.9
			Other		32,393,561		0.7
					145,004,518		3.3
SOFTWARE & SERVICES
	214,192		Accenture plc		39,126,453		0.9
	136,249	*	Adobe, Inc		39,410,023		0.9
	286,001		International Business Machines Corp		40,117,360		0.9
	113,870		Intuit, Inc		28,588,202		0.7
	1,296,981	d	Microsoft Corp		169,385,719		3.8
	711,170		Oracle Corp		39,349,036		0.9
	240,498	*	salesforce.com, Inc		39,766,344		0.9
			Other		146,755,264		3.3
					542,498,401		12.3

64 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments (unaudited)	concluded
Social Choice Equity Fund  ■  April 30, 2019

Shares			Company	Value		% of net assets
TECHNOLOGY HARDWARE & EQUIPMENT
	758,031		Apple, Inc	$	152,114,081		3.5	%
	1,027,622		Cisco Systems, Inc		57,495,451		1.3
			Other		80,486,411		1.8
					290,095,943		6.6
TELECOMMUNICATION SERVICES
	855,889		Verizon Communications, Inc		48,948,292		1.1
			Other		29,433,347		0.7
					78,381,639		1.8
TRANSPORTATION
	187,341		Union Pacific Corp		33,166,851		0.7
	231,633		United Parcel Service, Inc (Class B)		24,604,057		0.6
			Other		50,206,838		1.2
					107,977,746		2.5
UTILITIES					149,463,836		3.4
		TOTAL COMMON STOCKS (Cost $3,272,139,482)			4,369,675,152		99.1
Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal Home Loan Bank (FHLB)
$	32,320,000		2.350%, 05/01/19		32,320,000		0.7
					32,320,000		0.7

Shares				Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	22,402,287	c		State Street Navigator Securities Lending Government Money Market Portfolio	$	22,402,287			0.5	%
						22,402,287			0.5
			TOTAL SHORT-TERM INVESTMENTS (Cost $54,722,287)			54,722,287			1.2
			TOTAL PORTFOLIO (Cost $3,326,861,769)			4,424,397,439			100.3
			OTHER ASSETS & LIABILITIES, NET			(12,822,012	)		(0.3	)
			NET ASSETS		$	4,411,575,427			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 4/30/19, the aggregate value of securities on loan is $21,475,222.

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 April 30, 2019 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	224		06/21/19		$32,742,345		$33,023,200		$280,855

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2019 Semiannual Report 65

Summary portfolio of investments (unaudited)

Social Choice Low Carbon Equity Fund  ■  April 30, 2019

Shares		Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS			$	754,014		0.4	%
BANKS
	27,414	Citigroup, Inc		1,938,170		1.0
	9,331	PNC Financial Services Group, Inc		1,277,694		0.7
	26,331	US Bancorp		1,403,969		0.8
		Other		4,593,518		2.5
				9,213,351		5.0
CAPITAL GOODS
	8,200	3M Co		1,553,982		0.8
	10,014	Caterpillar, Inc		1,396,152		0.8
	7,575	Illinois Tool Works, Inc		1,178,897		0.6
		Other		9,507,482		5.1
				13,636,513		7.3
COMMERCIAL & PROFESSIONAL SERVICES				1,930,620		1.1
CONSUMER DURABLES & APPAREL
	16,418	Nike, Inc (Class B)		1,441,993		0.8
		Other		839,989		0.4
				2,281,982		1.2
CONSUMER SERVICES
	19,179	Starbucks Corp		1,489,825		0.8
		Other		2,934,919		1.6
				4,424,744		2.4
DIVERSIFIED FINANCIALS
	11,972	American Express Co		1,403,477		0.7
	6,978	CME Group, Inc		1,248,364		0.7
	25,943	Morgan Stanley		1,251,750		0.7
		Other		6,943,070		3.7
				10,846,661		5.8
ENERGY				6,456,729		3.5
FOOD & STAPLES RETAILING				1,197,509		0.6
FOOD, BEVERAGE & TOBACCO
	42,397	Coca-Cola Co		2,079,997		1.1
	26,620	Mondelez International, Inc		1,353,627		0.7
	15,920	PepsiCo, Inc		2,038,556		1.1
		Other		1,063,797		0.6
				6,535,977		3.5
HEALTH CARE EQUIPMENT & SERVICES
	8,275	UnitedHealth Group, Inc		1,928,655		1.0
		Other		8,846,773		4.8
				10,775,428		5.8
HOUSEHOLD & PERSONAL PRODUCTS
	24,118	Procter & Gamble Co		2,568,085		1.4
		Other		1,834,256		1.0
				4,402,341		2.4
INSURANCE
	24,507	American International Group, Inc		1,165,798		0.6
	9,135	Chubb Ltd		1,326,402		0.7
		Other		5,185,959		2.8
				7,678,159		4.1

Shares			Company	Value		% of net assets
MATERIALS
	6,441		Ecolab, Inc	$	1,185,659		0.7	%
			Other		5,243,994		2.8
					6,429,653		3.5
MEDIA & ENTERTAINMENT
	2,225	*	Alphabet, Inc (Class A)		2,667,686		1.4
	2,263	*	Alphabet, Inc (Class C)		2,689,530		1.5
	5,011	*	NetFlix, Inc		1,856,776		1.0
			Other		3,599,036		1.9
					10,813,028		5.8
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	17,453		AbbVie, Inc		1,385,594		0.8
	8,746		Amgen, Inc		1,568,333		0.8
	29,373		Bristol-Myers Squibb Co		1,363,788		0.7
	12,996		Eli Lilly & Co		1,521,052		0.8
	27,928		Merck & Co, Inc		2,198,213		1.2
	11,488		Zoetis, Inc		1,169,938		0.6
			Other		4,390,252		2.4
					13,597,170		7.3
REAL ESTATE
	7,388		American Tower Corp		1,442,876		0.8
	2,453		Equinix, Inc		1,115,379		0.6
	15,646		Prologis, Inc		1,199,579		0.6
			Other		3,764,695		2.1
					7,522,529		4.1
RETAILING
	766	*	Booking Holdings, Inc		1,420,922		0.8
	29,163		eBay, Inc		1,130,066		0.6
	11,489		Home Depot, Inc		2,340,309		1.3
			Other		5,793,829		3.1
					10,685,126		5.8
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	45,661		Intel Corp		2,330,538		1.3
	8,626		NVIDIA Corp		1,561,306		0.8
	13,674		Texas Instruments, Inc		1,611,207		0.9
			Other		1,098,180		0.6
					6,601,231		3.6
SOFTWARE & SERVICES
	8,956		Accenture plc		1,635,993		0.9
	6,167	*	Adobe, Inc		1,783,805		1.0
	12,177		International Business Machines Corp		1,708,068		0.9
	54,317	d	Microsoft Corp		7,093,800		3.8
	31,328		Oracle Corp		1,733,378		0.9
	9,900	*	salesforce.com, Inc		1,636,965		0.9
			Other		6,813,680		3.6
					22,405,689		12.0
TECHNOLOGY HARDWARE & EQUIPMENT
	34,089		Apple, Inc		6,840,639		3.7
	44,303		Cisco Systems, Inc		2,478,753		1.3
			Other		2,527,451		1.3
					11,846,843		6.3

66 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments(unaudited)	concluded
Social Choice Low Carbon Equity Fund  ■  April 30, 2019

Shares			Company	Value		% of net assets
TELECOMMUNICATION SERVICES
	40,920		Verizon Communications, Inc	$	2,340,215		1.3	%
			Other		1,366,486		0.7
					3,706,701		2.0
TRANSPORTATION
	9,592		Union Pacific Corp		1,698,168		0.9
	11,532		United Parcel Service, Inc (Class B)		1,224,929		0.7
			Other		959,302		0.5
					3,882,399		2.1
UTILITIES
	8,817		Sempra Energy		1,128,135		0.6
			Other		4,949,478		2.7
					6,077,613		3.3
		TOTAL COMMON STOCKS (Cost $160,719,468)			183,702,010		98.9

Principal			Issuer	Value			% of net assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
$	4,600,000		Federal Home Loan Bank (FHLB) 2.350%, 05/01/19	$	4,600,000			2.5	%
					4,600,000			2.5
		TOTAL SHORT-TERM INVESTMENTS (Cost $4,600,000)			4,600,000			2.5
		TOTAL PORTFOLIO (Cost $165,319,468)			188,302,010			101.4
		OTHER ASSETS & LIABILITIES, NET			(2,588,567	)		(1.4	)
		NET ASSETS		$	185,713,443			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 April 30, 2019 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	7		06/21/19	$1,029,472	$1,031,975	$2,503

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2019 Semiannual Report 67

Summary portfolio of investments (unaudited)

Emerging Markets Equity Fund  ■  April 30, 2019

Shares			Company	Value		% of net assets
COMMON STOCKS
BRAZIL
	6,093,800	*	B2W Companhia Global Do Varejo	$	59,444,505		3.5	%
	945,800		Cia Brasileira de Distribuicao Grupo Pao de Acucar		23,276,555		1.4
	3,709,106		Cyrela Brazil Realty S.A.		16,818,726		1.0
	8,709,500		Lojas Americanas S.A.(Preference)		34,917,074		2.0
					134,456,860		7.9
CHINA
	545,554	*	Alibaba Group Holding Ltd (ADR)		101,238,456		5.9
	26,705,000		Bank of China Ltd (Hong Kong)		12,751,770		0.8
	3,271,593		Hangzhou Robam Appliances Co Ltd		14,209,472		0.8
	22,713,900		Industrial & Commercial Bank of China		17,084,482		1.0
	1,111,400	*	JD.com, Inc (ADR)		33,642,078		2.0
	3,503,200		Ping An Insurance Group Co of China Ltd		42,405,034		2.5
	1,473,630		Ping An Insurance Group Co of China Ltd (Class A)		18,850,562		1.1
	3,752,452		SAIC Motor Corp Ltd		15,263,142		0.9
	2,508,376		Tencent Holdings Ltd		123,631,940		7.2
			Other		65,675,240		3.8
					444,752,176		26.0
HONG KONG
	2,052,724		Melco Crown Entertainment Ltd (ADR)		51,523,372		3.0
	1,953,500		Techtronic Industries Co		14,136,502		0.8
			Other		792		0.0
					65,660,666		3.8
INDIA
	11,373,100		Bharat Electronics Ltd		14,257,965		0.8
	893,200		HCL Technologies Ltd		15,201,909		0.9
	8,840,989	*	Indiabulls Real Estate Ltd		14,628,003		0.9
	1,710,200		Mahindra & Mahindra Ltd		15,871,734		0.9
	1,016,952	*	Multi Commodity Exchange of India Ltd		12,557,072		0.7
	3,094,300		Reliance Industries Ltd		61,989,571		3.6
	2,223,200		Tata Steel Ltd		17,816,748		1.1
			Other		10,603,908		0.6
					162,926,910		9.5
INDONESIA
	40,346,500	*	PT Bank Mandiri Persero Tbk		21,980,929		1.3
	7,131,100		PT United Tractors Tbk		13,617,764		0.8
					35,598,693		2.1
ITALY
	10,595,871		Prada S.p.A		29,803,316		1.7
					29,803,316		1.7
JAPAN
	105,301	h	Nintendo Co Ltd		36,267,300		2.1
					36,267,300		2.1
KENYA					8,588,646		0.5

Shares				Company	Value		% of net assets
KOREA, REPUBLIC OF
	89,500			E-Mart Co Ltd	$	13,199,635		0.8	%
	109,900			Hyundai Motor Co		13,045,183		0.8
	435,800			KB Financial Group, Inc		17,207,724		1.0
	219,700			LG Electronics, Inc		14,274,359		0.8
	897,900			Samsung Electronics Co Ltd		35,302,927		2.1
	118,500			Samsung SDI Co Ltd		24,060,954		1.4
	48,200			Shinsegae Co Ltd		14,045,476		0.8
				Other		12,464,956		0.7
						143,601,214		8.4
MACAU
	3,106,579			Galaxy Entertainment Group Ltd		23,265,889		1.4
						23,265,889		1.4
MALAYSIA
	12,445,067			Bumiputra-Commerce Holdings BHD		15,873,103		0.9
						15,873,103		0.9
PERU						12,169,690		0.7
PHILIPPINES						10,924,719		0.6
RUSSIA
	297,200			LUKOIL PJSC (ADR)		25,410,600		1.5
	1,477,918	*		Sberbank of Russia (ADR)		21,355,915		1.2
	764,900	*		Yandex NV		28,630,207		1.7
						75,396,722		4.4
SOUTH AFRICA
	290,317			Naspers Ltd (N Shares)		74,684,137		4.4
				Other		19,388,551		1.1
						94,072,688		5.5
TAIWAN
	2,310,000			Catcher Technology Co Ltd		18,314,448		1.1
	6,115,000			Hon Hai Precision Industry Co, Ltd		17,215,732		1.0
	102,700			Largan Precision Co Ltd		15,417,573		0.9
	2,898,300			MediaTek, Inc		27,778,826		1.6
	12,108,800			Taiwan Semiconductor Manufacturing Co Ltd		101,665,854		5.9
				Other		2,678,795		0.2
						183,071,228		10.7
THAILAND
	2,894,200			Kasikornbank PCL-NVDR		17,327,910		1.0
				Other		11,683,899		0.7
						29,011,809		1.7
TURKEY
	618,600			Tupras Turkiye Petrol Rafine		12,794,432		0.8
				Other		10,227,598		0.6
						23,022,030		1.4
UNITED ARAB EMIRATES						11,971,813		0.7
URUGUAY
	9,462,787	a,n		Arcos Dorados Holdings, Inc		66,050,253		3.9
						66,050,253		3.9
			TOTAL COMMON STOCKS (Cost $1,444,246,573)			1,606,485,725		93.9

68 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments(unaudited)	concluded
Emerging Markets Equity Fund  ■  April 30, 2019

Shares			Company	Value		% of net assets
PREFERRED STOCKS
PHILIPPINES				$	3,304		0.0	%
		TOTAL PREFERRED STOCKS   (Cost $4,057)			3,304		0.0
PURCHASED OPTIONS
HONG KONG					179,478		0.0
UNITED STATES					557,047		0.0
		TOTAL PURCHASED OPTIONS (Cost $2,504,015)			736,525		0.0
Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
$	54,300,000		Federal Home Loan Bank (FHLB) 2.350%, 05/01/19		54,300,000		3.2
					54,300,000		3.2
TREASURY DEBT
	20,300,000		United States Treasury Bill   2.372%, 05/07/19		20,291,978		1.2
	32,990,000		United States Treasury Bill   2.371%–2.381%, 05/09/19		32,972,589		1.9
					53,264,567		3.1

Shares				Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	8,204,826	c		State Street Navigator Securities Lending Government Money Market Portfolio	$	8,204,826			0.5	%
						8,204,826			0.5
			TOTAL SHORT-TERM INVESTMENTS (Cost $115,769,376)			115,769,393			6.8
			TOTAL PORTFOLIO (Cost $1,562,524,021)			1,722,994,947			100.7
			OTHER ASSETS & LIABILITIES, NET			(12,186,653	)		(0.7	)
			NET ASSETS		$	1,710,808,294			100.0	%

Abbreviation(s):

ADR	American Depositary Receipt
NVDR	Non Voting Depository Receipt

*	Non-income producing
a	Affiliated holding
c	Investments made with cash collateral received from securities on loan.
h	All or a portion of these securities were purchased on a delayed delivery basis.
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 4/30/19, the aggregate value of securities on loan is $6,999,872.

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 April 30, 2019 were as follows (See Note 3):

Description/underlying investment	Number of contracts		Notional amount			Exercise price			Expiration date	Value
ChinaAMC CSI 300 Index ETF, Put		42,360	$	171,723		$	40.00		06/27/19	$	171,723
ChinaAMC CSI 300 Index ETF, Put		42,360		301,324			42.00		06/27/19		301,324
iShares China Large-Cap ETF, Put		28,000		981,086			40.00		05/17/19		28,000
iShares MSCI Emerging Markets ETF, Call		3,500		108,636			45.00		05/17/19		52,500
iShares MSCI Emerging Markets ETF, Call		3,500		21,136			47.00		05/17/19		3,500
Melco Resorts & Entertainment Ltd, Put		9,314		203,306			18.00		05/17/19		65,198
Melco Resorts & Entertainment Ltd, Put		14,285		716,804			20.00		05/17/19		114,280
Total		143,319	$	2,504,015						$	736,525
Written options outstanding as of April 30, 2019 were as follows (See Note 3):
Description/underlying investment	Number of contracts		Notional amount			Exercise price		Expiration date		Value
iShares MSCI Emerging Markets ETF, Put		3,500		$(132,862	)		$40.00		05/17/19		$(7,000	)

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2019 Semiannual Report 69

Summary of market values by sector (unaudited)

Emerging Markets Equity Fund  ■  April 30, 2019

Sector	Value			% of net assets
CONSUMER DISCRETIONARY	$	592,413,153			34.6	%
INFORMATION TECHNOLOGY		279,248,342			16.3
FINANCIALS		249,793,501			14.6
COMMUNICATION SERVICES		197,591,140			11.5
ENERGY		113,812,367			6.7
MATERIALS		63,477,314			3.7
CONSUMER STAPLES		44,845,009			2.6
INDUSTRIALS		39,430,164			2.3
REAL ESTATE		26,603,120			1.6
HEALTH CARE		11,444			0.0
SHORT-TERM INVESTMENTS		115,769,393			6.8
OTHER ASSETS & LIABILITIES, NET		(12,186,653	)		(0.7	)
NET ASSETS	$	1,710,808,294			100.0	%

70 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments (unaudited)

International Equity Fund  ■  April 30, 2019

Shares			Company	Value		% of net assets
COMMON STOCKS
AUSTRIA
	2,106,074		Wienerberger AG.	$	48,399,477		1.0	%
					48,399,477		1.0
CHINA					11,136,050		0.2
DENMARK
	773,437		DSV AS		71,672,708		1.5
	1,660,221		Novo Nordisk AS		81,341,764		1.7
			Other		32,622,204		0.6
					185,636,676		3.8
FRANCE
	2,575,393	e	Accor S.A.		108,494,398		2.3
	3,612,904		Credit Agricole S.A.		49,612,557		1.0
	2,129,549		Schneider Electric S.A.		180,236,464		3.7
	1,694,400	e	Vinci S.A.		171,128,076		3.5
			Other		101,512,298		2.1
					610,983,793		12.6
GERMANY
	1,203,272		BASF SE		98,236,255		2.0
	284,676		Continental AG.		47,225,117		1.0
	2,219,002	*	Daimler AG. (Registered)		145,646,361		3.0
	625,903		HeidelbergCement AG.		50,648,110		1.1
	1,195,180		Lanxess AG.		69,211,507		1.4
	995,576		Porsche AG.		69,210,095		1.4
			Other		3,712,069		0.1
					483,889,514		10.0
HONG KONG
	2,357,156		Hong Kong Exchanges and Clearing Ltd		81,884,782		1.7
			Other		34,096,719		0.7
					115,981,501		2.4
INDIA					47,393,119		1.0
IRELAND
	1,627,063		CRH plc		54,735,547		1.1
					54,735,547		1.1
ITALY
	9,723,999		Davide Campari-Milano S.p.A		98,095,513		2.0
	3,809,304		Mediobanca S.p.A.		40,375,975		0.9
	12,256,190	e	UniCredit S.p.A.		169,675,972		3.5
					308,147,460		6.4
JAPAN
	237,801	h	Central Japan Railway Co		51,136,570		1.0
	1,048,200	h	CyberAgent, Inc		42,016,251		0.9
	2,303,179	h	Hitachi Ltd		76,599,646		1.6
	1,793,212	h	Komatsu Ltd		46,319,378		0.9
	1,099,473	h	Konami Corp		50,065,256		1.0
	1,892,800	h	Murata Manufacturing Co Ltd		95,044,394		2.0
	359,782	h	Nintendo Co Ltd		123,914,508		2.5
	1,102,666	h	Rohm Co Ltd		81,310,949		1.7
	2,130,259	h	Sony Corp		107,297,098		2.2
	1,681,646	h	Takeda Pharmaceutical Co Ltd		62,055,639		1.3
	1,789,189	h	Toyota Motor Corp		110,769,483		2.3
			Other		33,199,525		0.7
					879,728,697		18.1

Shares				Company	Value		% of net assets
KOREA, REPUBLIC OF					$	20,044,704		0.4	%
NETHERLANDS
	70,774	*,g		Adyen NV		57,680,666		1.2
	2,210,173			Royal Dutch Shell plc (A Shares)		70,419,268		1.4
						128,099,934		2.6
NORWAY						35,004,242		0.7
SPAIN
	2,684,712			Siemens Gamesa Renewable Energy		48,218,639		1.0
						48,218,639		1.0
SWEDEN
	4,250,406	e		Electrolux AB (Series B)		104,170,319		2.1
	3,812,072	e		Hennes & Mauritz AB (B Shares)		66,516,646		1.4
						170,686,965		3.5
SWITZERLAND
	10,588,130			Credit Suisse Group		140,810,376		2.9
	370,677	e		Dufry Group		36,278,596		0.8
	325,985			Lonza Group AG.		100,673,661		2.1
	677,882			Nestle S.A.		65,264,854		1.3
	465,230			Roche Holding AG.		122,757,117		2.5
				Other		15,354,023		0.3
						481,138,627		9.9
UNITED KINGDOM
	9,166,674			CNH Industrial NV		99,658,996		2.1
	1,197,078			Linde plc (Xetra)		215,960,419		4.4
	188,255,416			Lloyds TSB Group plc		153,961,882		3.2
	1,391,102			Reckitt Benckiser Group plc		112,549,101		2.3
	1,315,971			Schroders plc		54,464,003		1.1
	56,504,452			Tesco plc		184,353,685		3.8
	6,226,247			Travis Perkins plc		113,608,647		2.3
				Other		63,452,773		1.3
						998,009,506		20.5
			TOTAL COMMON STOCKS (Cost $4,334,285,821)			4,627,234,451		95.2
Principal				Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
$	157,050,000			Federal Home Loan Bank (FHLB) 2.350%, 05/01/19		157,050,000		3.2
						157,050,000		3.2
TREASURY DEBT
	44,930,000			United States Treasury Bill 2.372%, 05/07/19		44,912,245		0.9
	41,875,000			United States Treasury Bill 2.390%, 05/14/19		41,839,011		0.9
						86,751,256		1.8

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2019 Semiannual Report 71

Summary portfolio of investments(unaudited)	concluded
International Equity Fund  ■  April 30, 2019

Shares				Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	329,147,464	c		State Street Navigator Securities Lending Government Money Market Portfolio	$	329,147,464			6.8	%
						329,147,464			6.8
			TOTAL SHORT-TERM INVESTMENTS (Cost $572,948,599)			572,948,720			11.8
			TOTAL PORTFOLIO (Cost $4,907,234,420)			5,200,183,171			107.0
			OTHER ASSETS & LIABILITIES, NET			(340,587,314	)		(7.0	)
			NET ASSETS		$	4,859,595,857			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 $311,858,318.
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 4/30/19, the aggregate value of these securities, including those in “Other,” is $85,164,379 or 1.8% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.

“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 (unaudited)

International Equity Fund  ■  April 30, 2019

Sector	Value			% of net assets
INDUSTRIALS	$	971,810,269			19.9	%
CONSUMER DISCRETIONARY		843,933,612			17.4
FINANCIALS		734,557,248			15.1
MATERIALS		576,026,108			11.9
CONSUMER STAPLES		460,263,153			9.5
HEALTH CARE		366,828,181			7.5
INFORMATION TECHNOLOGY		349,413,431			7.2
COMMUNICATION SERVICES		227,132,065			4.7
ENERGY		70,419,268			1.4
REAL ESTATE		26,851,116			0.6
SHORT-TERM INVESTMENTS		572,948,720			11.8
OTHER ASSETS & LIABILITIES, NET		(340,587,314	)		(7.0	)
NET ASSETS	$	4,859,595,857			100.0	%

72 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments(unaudited)

International Opportunities Fund  ■  April 30, 2019

Shares			Company	Value		% of net assets
COMMON STOCKS
AUSTRALIA
	1,137,633	*,e	Afterpay Touch Group Ltd	$	20,609,339		1.2	%
	934,508		BHP Billiton Ltd		24,729,272		1.4
			Other		26,621,316		1.5
					71,959,927		4.1
BRAZIL
	2,266,400		Localiza Rent A Car		20,923,639		1.2
	442,900		Magazine Luiza S.A.		21,603,390		1.2
			Other		41,899,964		2.4
					84,426,993		4.8
CANADA
	484,466		Alimentation Couche Tard, Inc		28,564,581		1.6
	230,600		Bank of Montreal		18,214,594		1.0
	861,495		Dollarama, Inc		25,876,359		1.5
	109,200	*	Shopify, Inc (Class A) (Toronto)		26,552,139		1.5
	541,721		Suncor Energy, Inc		17,864,622		1.0
			Other		34,416,624		2.0
					151,488,919		8.6
CHINA
	1,675,200		Sunny Optical Technology Group Co Ltd		20,492,888		1.2
	1,010,000		Tencent Holdings Ltd		49,780,519		2.8
	436,400		Yum China Holdings, Inc		20,746,456		1.2
			Other		52,860,420		3.0
					143,880,283		8.2
DENMARK
	510,300		Novo Nordisk AS		25,001,914		1.4
					25,001,914		1.4
FINLAND					13,598,889		0.8
FRANCE
	171,602	*	Essilor International S.A.		20,907,747		1.2
	83,512	e	L’Oreal S.A.		22,970,182		1.3
	181,739	*	Teleperformance		34,937,624		2.0
					78,815,553		4.5
GERMANY					36,980,557		2.1
HONG KONG
	2,685,000		AIA Group Ltd		27,492,885		1.6
	938,002		Melco Crown Entertainment Ltd (ADR)		23,543,850		1.3
					51,036,735		2.9
INDIA					12,033,432		0.7
INDONESIA
	68,313,000	*	Bank Rakyat Indonesia		21,003,181		1.2
					21,003,181		1.2
IRELAND
	904,286		Keywords Studios plc		18,435,508		1.1
			Other		33,777,560		1.9
					52,213,068		3.0
ISRAEL					15,673,556		0.9

Shares			Company	Value		% of net assets
ITALY
	1,806,000		Davide Campari-Milano S.p.A	$	18,218,893		1.0	%
	201,100		Ferrari NV		27,275,503		1.5
	498,689		Moncler S.p.A		20,503,232		1.2
			Other		10,373,064		0.6
					76,370,692		4.3
JAPAN
	295,400		GMO Payment Gateway, Inc		23,555,627		1.3
	1,347,700	e	Infomart Corp		19,608,090		1.1
	1,279,900		MonotaRO Co Ltd		29,472,960		1.7
	354,000		Paltac Corp		19,550,923		1.1
	349,000		TechnoPro Holdings, Inc		20,998,843		1.2
			Other		101,265,744		5.8
					214,452,187		12.2
KOREA, REPUBLIC OF					20,994,064		1.2
NETHERLANDS
	27,150	*,g	Adyen NV		22,127,195		1.3
	107,047		ASML Holding NV		22,352,567		1.3
			Other		14,874,617		0.8
					59,354,379		3.4
NORWAY
	815,986		Aker BP ASA		26,933,631		1.5
	944,257		DNB NOR Holding ASA		18,157,308		1.0
			Other		28,798,296		1.7
					73,889,235		4.2
PHILIPPINES					23,677,037		1.3
PORTUGAL
	1,204,396		Jeronimo Martins SGPS S.A.		19,614,360		1.1
					19,614,360		1.1
SPAIN
	279,399		Amadeus IT Holding S.A.		22,267,161		1.3
			Other		1,594		0.0
					22,268,755		1.3
SWEDEN
	411,035		Hexagon AB (B Shares)		22,455,739		1.3
			Other		29,004,489		1.6
					51,460,228		2.9
SWITZERLAND
	81,367		Lonza Group AG.		25,128,499		1.4
	222,935		Novartis AG.		18,267,309		1.0
			Other		15,795,830		0.9
					59,191,638		3.3
TAIWAN					14,060,542		0.8
UNITED KINGDOM
	1,377,280		Ashtead Group plc		38,243,259		2.2
	2,404,119		Beazley plc		18,115,347		1.0
	6,990,888	*	boohoo.com plc		22,481,783		1.3
	507,700		Dechra Pharmaceuticals plc		17,645,404		1.0
	2,294,186		Electrocomponents plc		19,345,335		1.1
	447,623		Fevertree Drinks plc		18,404,745		1.0
	167,485		Linde plc (Xetra)		30,215,350		1.7
			Other		54,202,740		3.1
					218,653,963		12.4

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2019 Semiannual Report 73

Summary portfolio of investments(unaudited)	concluded
International Opportunities Fund  ■  April 30, 2019

Shares			Company	Value		% of net assets
UNITED STATES
	983,770		Burford Capital Ltd	$	21,049,651		1.2	%
	112,300	*	Lululemon Athletica, Inc		19,804,105		1.1
			Other		9,072,448		0.5
					49,926,204		2.8
		TOTAL COMMON STOCKS (Cost $1,242,227,900)			1,662,026,291		94.4
RIGHTS / WARRANTS
CHINA					107,388		0.0
		TOTAL RIGHTS / WARRANTS (Cost $0)			107,388		0.0
Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal Home Loan Bank (FHLB)
$	36,900,000		2.350%, 05/01/19		36,900,000		2.1
					36,900,000		2.1
TREASURY DEBT
			United States Treasury Bill
	32,450,000		2.367%, 05/02/19		32,447,846		1.8
			United States Treasury Bill
	19,310,000		2.374%–2.402%, 05/14/19		19,293,404		1.1
			Other		13,959,482		0.8
					65,700,732		3.7

Shares			Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	110,748,905	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	110,748,905			6.3	%
					110,748,905			6.3
		TOTAL SHORT-TERM INVESTMENTS (Cost $213,349,675)			213,349,637			12.1
		TOTAL PORTFOLIO (Cost $1,455,577,575)			1,875,483,316			106.5
		OTHER ASSETS & LIABILITIES, NET			(113,926,191	)		(6.5	)
		NET ASSETS		$	1,761,557,125			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 $104,767,893.
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 4/30/19, the aggregate value of these securities, including those in “Other,” is $42,868,583 or 2.4% 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(unaudited)

International Opportunities Fund  ■  April 30, 2019

Sector	Value			% of net assets
CONSUMER DISCRETIONARY	$	321,603,995			18.3	%
INFORMATION TECHNOLOGY		295,341,141			16.8
INDUSTRIALS		270,358,650			15.3
FINANCIALS		221,246,409			12.6
CONSUMER STAPLES		142,395,783			8.1
HEALTH CARE		135,948,675			7.7
MATERIALS		101,123,918			5.7
ENERGY		83,600,323			4.7
COMMUNICATION SERVICES		82,476,172			4.7
REAL ESTATE		8,038,613			0.5
SHORT-TERM INVESTMENTS		213,349,637			12.1
OTHER ASSETS & LIABILITIES, NET		(113,926,191	)		(6.5	)
NET ASSETS	$	1,761,557,125			100.0	%

74 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments(unaudited)

Quant International Equity Fund  ■  April 30, 2019

Shares			Company	Value		% of net assets
COMMON STOCKS
AUSTRALIA
	222,311		Macquarie Group Ltd	$	21,127,122		1.1	%
	256,070		Rio Tinto plc		14,938,885		0.8
	702,641		Westpac Banking Corp		13,649,784		0.7
			Other		88,876,440		4.7
					138,592,231		7.3
AUSTRIA					12,893,191		0.7
BELGIUM					10,373,157		0.5
CHINA					1,647,458		0.1
DENMARK
	539,749		Novo Nordisk AS		26,444,754		1.4
			Other		5,190,992		0.3
					31,635,746		1.7
FINLAND
	606,506		UPM-Kymmene Oyj		17,124,583		0.9
			Other		7,554,156		0.4
					24,678,739		1.3
FRANCE
	298,847		Alstom RGPT		13,148,421		0.7
	296,286		Faurecia		15,075,476		0.8
	39,512		Kering		23,381,399		1.2
	51,355	e	L’Oreal S.A.		14,125,320		0.8
	751,307		Peugeot S.A.		19,698,426		1.0
	158,677	e	Vinci S.A.		16,025,785		0.9
			Other		98,853,013		5.2
					200,307,840		10.6
GERMANY
	130,993		Allianz AG.		31,662,857		1.7
	249,251	g	Covestro AG.		13,695,742		0.7
	762,134		Deutsche Lufthansa AG.		18,438,867		1.0
	1,028,059		Deutsche Telekom AG.		17,225,026		0.9
	75,901		Volkswagen AG.		13,608,818		0.7
			Other		59,651,277		3.2
					154,282,587		8.2
HONG KONG
	2,086,175		AIA Group Ltd		21,361,255		1.1
	1,327,840		CK Hutchison Holdings Ltd		13,960,789		0.7
			Other		40,863,507		2.2
					76,185,551		4.0
IRELAND					9,097,097		0.5
ISRAEL					6,927,234		0.4
ITALY
	3,894,209		Enel S.p.A.		24,658,762		1.3
	1,283,007	g	Poste Italiane S.p.A		13,712,025		0.7
			Other		12,657,778		0.7
					51,028,565		2.7

Shares		Company	Value		% of net assets
JAPAN
	836,500	Itochu Corp	$	15,093,345		0.8	%
	509,685	Mitsubishi Corp		14,040,637		0.8
	202,300	Shin-Etsu Chemical Co Ltd		19,162,761		1.0
	235,800	Shionogi & Co Ltd		13,773,786		0.7
	159,700	Softbank Group Corp		16,933,202		0.9
	431,300	Sony Corp		21,723,762		1.2
	340,500	Tokio Marine Holdings, Inc		17,251,526		0.9
	395,400	Toshiba Corp		13,175,330		0.7
	435,876	Toyota Motor Corp		26,985,276		1.4
		Other		281,457,064		14.9
				439,596,689		23.3
NETHERLANDS
	852,681	Koninklijke Ahold Delhaize NV		20,550,963		1.1
		Other		43,871,915		2.3
				64,422,878		3.4
NEW ZEALAND				6,140,099		0.3
NORWAY				10,973,776		0.6
SINGAPORE				21,833,787		1.2
SOUTH AFRICA
	554,315	Anglo American plc (London)		14,384,308		0.8
		Other		3,751,412		0.2
				18,135,720		1.0
SPAIN
	231,832	Amadeus IT Holding S.A.		18,476,231		1.0
	3,723,966	Banco Bilbao Vizcaya Argentaria S.A.		22,644,872		1.2
		Other		20,996,526		1.1
				62,117,629		3.3
SWEDEN
	1,854,098	Skandinaviska Enskilda Banken AB (Class A)		17,702,189		0.9
	1,322,726	Volvo AB (B Shares)		21,198,568		1.1
		Other		19,461,182		1.0
				58,361,939		3.0
SWITZERLAND
	332,088	Nestle S.A.		31,972,637		1.7
	371,474	Novartis AG.		30,438,604		1.6
	157,786	Roche Holding AG.		41,633,933		2.2
		Other		47,832,336		2.5
				151,877,510		8.0
UNITED ARAB EMIRATES				1,862,789		0.1

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2019 Semiannual Report 75

Summary portfolio of investments(unaudited)	concluded
Quant International Equity Fund  ■  April 30, 2019

Shares			Company	Value		% of net assets
UNITED KINGDOM
	966,976		3i Group plc	$	13,530,334		0.7	%
	513,387		Ashtead Group plc		14,255,338		0.7
	762,893		BP plc (ADR)		33,361,311		1.8
	317,666		Coca-Cola European Partners plc (Class A)		17,023,721		0.9
	579,246		Diageo plc		24,419,692		1.3
	1,154,169		GlaxoSmithKline plc		23,710,344		1.3
	1,562,273		HSBC Holdings plc		13,612,030		0.7
	5,193,832		Legal & General Group plc		18,887,523		1.0
	480,476		Persimmon plc		14,036,071		0.7
	307,239		Unilever plc		18,623,316		1.0
			Other		88,226,109		4.7
					279,685,789		14.8
UNITED STATES
	400,000		iShares MSCI EAFE Index Fund		26,704,000		1.4
			Other		2,629,722		0.2
					29,333,722		1.6
		TOTAL COMMON STOCKS (Cost $1,715,465,426)			1,861,991,723		98.6
Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT					10,550,000		0.5

Shares			Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	59,941,275	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	59,941,275			3.2	%
					59,941,275			3.2
		TOTAL SHORT-TERM INVESTMENTS (Cost $70,491,275)			70,491,275			3.7
		TOTAL PORTFOLIO (Cost $1,785,956,701)			1,932,482,998			102.3
		OTHER ASSETS & LIABILITIES, NET			(44,557,442	)		(2.3	)
		NET ASSETS		$	1,887,925,556			100.0	%

Abbreviation(s):

ADR American Depositary Receipt

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 $57,040,775.
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 4/30/19, the aggregate value of these securities, including those in “Other,” is $31,758,985 or 1.7% 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(unaudited)

Quant International Equity Fund  ■  April 30, 2019

Sector	Value			% of net assets
FINANCIALS	$	382,263,802			20.2	%
INDUSTRIALS		269,716,296			14.3
CONSUMER STAPLES		212,677,361			11.3
CONSUMER DISCRETIONARY		208,115,956			11.0
HEALTH CARE		197,554,210			10.5
MATERIALS		136,293,085			7.2
INFORMATION TECHNOLOGY		118,965,075			6.3
ENERGY		105,319,911			5.6
COMMUNICATION SERVICES		99,434,317			5.3
REAL ESTATE		66,879,817			3.5
UTILITIES		64,771,893			3.4
SHORT-TERM INVESTMENTS		70,491,275			3.7
OTHER ASSETS & LIABILITIES, NET		(44,557,442	)		(2.3	)
NET ASSETS	$	1,887,925,556			100.0	%

76 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments(unaudited)

Quant International Small-Cap Equity Fund  ■  April 30, 2019

Shares			Company	Value		% of net assets
COMMON STOCKS
AUSTRALIA
	904,800		Downer EDI Ltd	$	4,940,106		0.5	%
			Other		33,826,342		3.6
					38,766,448		4.1
AUSTRIA					4,634,856		0.5
BELGIUM					4,131,209		0.4
BRAZIL
	814,000		Transmissora Alianca de Energia Eletrica S.A.		5,449,364		0.6
			Other		10,850,762		1.1
					16,300,126		1.7
CANADA
	150,000		Kirkland Lake Gold Ltd		4,849,220		0.5
	150,100		Parkland Fuel Corp		4,626,132		0.5
	192,600		TFI International, Inc		6,325,595		0.7
			Other		42,069,343		4.4
					57,870,290		6.1
CHILE					1,872,147		0.2
CHINA
	502,000	*,e	JinkoSolar Holding Co Ltd (ADR)		9,768,920		1.0
			Other		33,232,982		3.5
					43,001,902		4.5
DENMARK
	176,000		GN Store Nord		9,020,929		0.9
	64,000		Royal Unibrew A.S.		4,592,468		0.5
	83,000		Topdanmark AS		4,478,262		0.5
			Other		5,188,966		0.5
					23,280,625		2.4
EGYPT					575,655		0.1
FINLAND					8,674,652		0.9
FRANCE
	716,000	*	Air France-KLM		8,262,291		0.9
	56,000		Gaztransport Et Technigaz S.A.		5,067,461		0.5
			Other		11,239,521		1.2
					24,569,273		2.6
GERMANY					22,950,864		2.4
GREECE					1,819,193		0.2
HONG KONG					9,769,615		1.0
HUNGARY					941,309		0.1
INDIA					13,665,885		1.4
INDONESIA					4,296,770		0.4
IRELAND					2,811,393		0.3
ISRAEL
	126,000	*	CyberArk Software Ltd		16,245,180		1.7
	1,134,000		Israel Discount Bank Ltd		4,426,770		0.5
			Other		6,941,655		0.7
					27,613,605		2.9

Shares			Company	Value		% of net assets
ITALY
	2,351,000		Unipol Gruppo Finanziario S.p.A	$	11,976,329		1.3	%
			Other		24,063,332		2.5
					36,039,661		3.8
JAPAN
	176,000		Hanwa Co Ltd		5,072,920		0.5
	691,000		Haseko Corp		8,356,931		0.9
	296,000		Japan Elevator Service Holdings Co Ltd		6,038,236		0.6
	319,000		Kyowa Exeo Corp		8,725,395		0.9
	738,000		Tokyo Steel Manufacturing Co Ltd		6,320,102		0.7
	451,000	e	United Technology Holdings Co Ltd		13,007,824		1.4
	111,000	*,e	UUUM, Inc		4,597,352		0.5
			Other		140,532,957		14.7
					192,651,717		20.2
JORDAN					1,015,343		0.1
KOREA, REPUBLIC OF
	810,000		Easy Bio, Inc		5,609,875		0.6
	71,000		Hyosung Corp		4,565,535		0.5
	928,000		SK Networks Co Ltd		4,656,559		0.5
			Other		33,160,075		3.4
					47,992,044		5.0
MALAYSIA					3,415,003		0.4
MEXICO					7,154,457		0.7
NETHERLANDS
	220,000		ASR Nederland NV		9,788,689		1.0
			Other		4,963,426		0.5
					14,752,115		1.5
NEW ZEALAND					2,334,027		0.2
NORWAY					18,687,657		2.0
PAKISTAN					980,862		0.1
PHILIPPINES					774,386		0.1
POLAND					1,934,506		0.2
PORTUGAL					5,586,369		0.6
QATAR					1,763,577		0.2
SINGAPORE					1,115,550		0.1
SOUTH AFRICA
	461,000		African Rainbow Minerals Ltd		5,491,382		0.6
	9,112,000	*	Sibanye Gold Ltd		8,578,751		0.9
			Other		3,889,604		0.4
					17,959,737		1.9
SPAIN
	50,000	e	Acciona S.A.		5,799,040		0.6
	905,000	e	Mediaset Espana Comunicacion S.A.		7,018,374		0.7
			Other		7,987,262		0.9
					20,804,676		2.2

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2019 Semiannual Report 77

Summary portfolio of investments(unaudited)	concluded
Quant International Small-Cap Equity Fund  ■  April 30, 2019

Shares			Company	Value		% of net assets
SWEDEN
	277,000	e	Intrum Justitia AB	$	7,053,623		0.7	%
			Other		23,875,407		2.5
					30,929,030		3.2
SWITZERLAND
	45,000		Cembra Money Bank AG.		4,179,213		0.4
	39,000		PSP Swiss Property AG.		3,979,477		0.4
			Other		9,257,445		1.0
					17,416,135		1.8
TAIWAN
	2,053,000		Chipbond Technology Corp		4,659,081		0.5
	2,772,000		Radiant Opto-Electronics Corp		9,368,637		0.9
	11,057,000		Unimicron Technology Corp		12,358,312		1.3
			Other		26,667,899		2.8
					53,053,929		5.5
THAILAND					5,379,161		0.6
TURKEY
	1,154,000		Tekfen Holding AS		5,154,421		0.5
					5,154,421		0.5
UKRAINE
	1,690,000		Ferrexpo plc		4,578,138		0.5
					4,578,138		0.5
UNITED KINGDOM
	841,000		Britvic plc		10,039,797		1.0
	2,101,000		Cineworld Group plc		8,718,523		0.9
	327,000		Dart Group plc		3,977,509		0.4
	178,000	*	Dialog Semiconductor plc		6,924,943		0.7
	558,000		Dunelm Group plc		6,221,255		0.7
	276,000		Greggs plc		6,481,821		0.7
	442,000		Pennon Group plc		4,314,692		0.5
	567,000		RPC Group plc		5,843,992		0.6
	480,337		SSP Group PLC		4,365,984		0.5
	781,000		Tate & Lyle plc		7,827,790		0.8
	392,000		Unite Group plc		4,818,040		0.5
			Other		62,433,508		6.5
					131,967,854		13.8
UNITED STATES					5,425,258		0.5
		TOTAL COMMON STOCKS (Cost $915,170,324)			936,411,430		97.9
RIGHTS / WARRANTS
MALAYSIA					21,754		0.0
		TOTAL RIGHTS / WARRANTS (Cost $0)			21,754		0.0

Principal			Issuer	Value			% of net assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
$	10,500,000		Federal Home Loan Bank (FHLB) 2.350%, 05/01/19	$	10,500,000			1.1	%
					10,500,000			1.1
Shares			Company
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	42,527,170	c	State Street Navigator Securities Lending Government Money Market Portfolio		42,527,170			4.4
					42,527,170			4.4
		TOTAL SHORT-TERM INVESTMENTS (Cost $53,027,170)			53,027,170			5.5
		TOTAL PORTFOLIO (Cost $968,197,494)			989,460,354			103.4
		OTHER ASSETS & LIABILITIES, NET			(33,382,595	)		(3.4	)
		NET ASSETS		$	956,077,759			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 $40,626,396.

“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 4/30/19, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $28,100,974 or 2.9% 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.

78 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary of market values by sector(unaudited)

Quant International Small-Cap Equity Fund  ■  April 30, 2019

Sector	Value			% of net assets
INDUSTRIALS	$	178,209,197			18.5	%
INFORMATION TECHNOLOGY		111,650,740			11.7
CONSUMER DISCRETIONARY		108,520,996			11.4
REAL ESTATE		102,559,103			10.7
MATERIALS		100,456,933			10.5
FINANCIALS		97,623,878			10.2
HEALTH CARE		59,917,263			6.3
CONSUMER STAPLES		57,989,168			6.1
COMMUNICATION SERVICES		50,081,510			5.2
UTILITIES		38,917,075			4.1
ENERGY		30,507,321			3.2
SHORT-TERM INVESTMENTS		53,027,170			5.5
OTHER ASSETS & LIABILITIES, NET		(33,382,595	)		(3.4	)
NET ASSETS	$	956,077,759			100.0	%

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2019 Semiannual Report 79

Summary portfolio of investments(unaudited)

Social Choice International Equity Fund  ■  April 30, 2019

Shares			Company	Value		% of net assets
COMMON STOCKS
AUSTRALIA
	42,725		Australia & New Zealand Banking Group Ltd	$	819,661		0.6	%
	25,571		Commonwealth Bank of Australia		1,343,890		0.9
	6,260		CSL Ltd		878,039		0.6
	52,198		National Australia Bank Ltd		931,997		0.6
	53,780		Westpac Banking Corp		1,044,752		0.7
			Other		6,463,280		4.3
					11,481,619		7.7
AUSTRIA					731,410		0.5
BELGIUM					1,250,849		0.8
DENMARK
	23,704		Novo Nordisk AS		1,161,366		0.8
			Other		1,394,003		0.9
					2,555,369		1.7
FINLAND					1,207,854		0.8
FRANCE
	6,262		Air Liquide		833,045		0.6
	29,245	e	AXA S.A.		779,863		0.5
	11,882		Danone		960,600		0.6
	4,254	e	L’Oreal S.A.		1,170,073		0.8
	16,961	e	Sanofi-Aventis		1,479,835		1.0
	9,092		Schneider Electric S.A.		769,510		0.5
	33,338		Total S.A.		1,853,285		1.3
			Other		7,660,909		5.1
					15,507,120		10.4
GERMANY
	6,287		Allianz AG.		1,519,657		1.0
	14,548		BASF SE		1,187,713		0.8
	8,919		Bayerische Motoren Werke AG.		760,866		0.5
	13,867		SAP AG.		1,787,571		1.2
	11,740		Siemens AG.		1,407,652		0.9
			Other		7,223,148		4.9
					13,886,607		9.3
HONG KONG
	24,831		Hong Kong Exchanges and Clearing Ltd		862,599		0.6
			Other		6,001,802		4.0
					6,864,401		4.6
IRELAND					779,666		0.5
ISRAEL					924,424		0.6
ITALY
	325,243		Banca Intesa S.p.A.		852,142		0.6
	136,292		Enel S.p.A.		863,023		0.6
			Other		950,768		0.6
					2,665,933		1.8

Shares			Company	Value		% of net assets
JAPAN
	31,661	h	Honda Motor Co Ltd	$	883,434		0.6	%
	1,273		Keyence Corp		795,362		0.5
	29,479	h	Mitsubishi Corp		812,078		0.6
	2,204	h	Nintendo Co Ltd		759,092		0.5
	33,512	h	NTT DoCoMo, Inc		727,732		0.5
	12,640	h	Softbank Group Corp		1,340,236		0.9
	19,715	h	Sony Corp		993,007		0.7
	25,396	h	Sumitomo Mitsui Financial Group, Inc		923,048		0.6
	30,395	h	Toyota Motor Corp		1,881,768		1.3
			Other		25,725,530		17.1
					34,841,287		23.3
LUXEMBOURG					425,763		0.3
NETHERLANDS
	5,694		ASML Holding NV		1,188,968		0.8
	75,064	e	ING Groep NV		957,819		0.6
	17,607		Koninklijke Philips Electronics NV		756,110		0.5
			Other		1,238,806		0.9
					4,141,703		2.8
NEW ZEALAND					500,559		0.3
NORWAY					2,021,777		1.5
PORTUGAL					666,965		0.4
SINGAPORE
	40,191		DBS Group Holdings Ltd		835,789		0.6
			Other		2,496,857		1.7
					3,332,646		2.3
SOUTH AFRICA					189,659		0.1
SPAIN
	9,871		Amadeus IT Holding S.A.		786,686		0.5
	141,850		Banco Bilbao Vizcaya Argentaria S.A.		862,568		0.6
	99,523		Iberdrola S.A.		904,404		0.6
			Other		2,559,101		1.7
					5,112,759		3.4
SWEDEN					5,271,674		3.5
SWITZERLAND
	36,911		Nestle S.A.		3,553,703		2.4
	9,077		Roche Holding AG.		2,395,087		1.6
	73,077		UBS AG.		979,923		0.7
	2,941		Zurich Financial Services AG.		937,496		0.6
			Other		5,573,250		3.7
					13,439,459		9.0
UNITED KINGDOM
	36,873		AstraZeneca plc (ADR)		1,388,637		0.9
	31,152		Compass Group plc		708,828		0.5
	74,844		National Grid plc		819,986		0.5
	43,050		Prudential plc		978,155		0.7
	79,668		Standard Chartered plc		728,418		0.5
	23,138	e	Unilever NV		1,399,955		0.9
	51,569	d	Vodafone Group plc (ADR)		955,058		0.6
			Other		12,162,671		8.1
					19,141,708		12.7

80 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments(unaudited)	concluded
Social Choice International Equity Fund  ■  April 30, 2019

Shares			Company	Value		% of net assets
UNITED STATES				$	605,986		0.4	%
		TOTAL COMMON STOCKS (Cost $143,545,173)			147,547,197		98.7
Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal Home Loan Bank (FHLB)
$	4,850,000		2.350%, 05/01/19		4,850,000		3.3
					4,850,000		3.3

Shares			Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	6,014,713	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	6,014,713			4.0	%
					6,014,713			4.0
		TOTAL SHORT-TERM INVESTMENTS (Cost $10,864,713)			10,864,713			7.3
		TOTAL PORTFOLIO (Cost $154,409,886)			158,411,910			106.0
		OTHER ASSETS & LIABILITIES, NET			(8,965,809	)		(6.0	)
		NET ASSETS		$	149,446,101			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.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $5,745,874.
h	All or a portion of these securities were purchased on a delayed delivery basis.

“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 4/30/19, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $725,750 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.

Futures contracts outstanding as of April 30, 2019 were as follows (See Note 3):

Description	Number of long (short contracts		)	Expiration date	Notional amount		Value		Unrealized appreciation (depreciation		)
MSCI EAFE Index		11		06/21/19		$1,050,255		$1,054,350		$4,095

Summary of market values by sector(unaudited)

Social Choice International Equity Fund  ■  April 30, 2019

Sector	Value			% of net assets
FINANCIALS	$	29,640,056			19.7	%
INDUSTRIALS		21,051,593			14.1
CONSUMER DISCRETIONARY		16,995,107			11.4
CONSUMER STAPLES		15,710,684			10.5
HEALTH CARE		14,297,845			9.6
MATERIALS		12,519,831			8.4
COMMUNICATION SERVICES		8,839,615			5.9
INFORMATION TECHNOLOGY		8,643,549			5.8
ENERGY		7,438,322			5.0
UTILITIES		6,546,092			4.4
REAL ESTATE		5,864,503			3.9
SHORT-TERM INVESTMENTS		10,864,713			7.3
OTHER ASSETS & LIABILITIES, NET		(8,965,809	)		(6.0	)
NET ASSETS	$	149,446,101			100.0	%

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2019 Semiannual Report 81

Statements of assets and liabilities (unaudited)

TIAA-CREF Funds  ■  April 30, 2019

		Growth & Income Fund			Large-Cap Growth Fund	Large-Cap Value Fund		Mid-Cap Growth Fund		Mid-Cap Value Fund		Quant Large-Cap Growth Fund		Quant Large-Cap Value Fund		Quant Small-Cap Equity Fund		Quant Small/Mid-Cap Equity Fund		Social Choice Equity Fund
ASSETS
Portfolio investments, at value *†		$	6,916,678,916	$	5,790,600,228	$	6,214,791,642	$	1,583,475,942	$	3,309,522,509	$	2,829,787,342	$	2,637,243,517	$	3,207,873,517	$	704,665,804	$	4,424,397,439
Cash			50,496		16,748		—		—		—		32,222		6,295		—		5,153		—
Receivable from securities transactions			89,524,463		14,633,225		6,006,711		825,483		16,457,766		18,968,607		12,263,266		28,480,969		4,748,152		—
Receivable from Fund shares sold			291,532		1,512,449		400,956		249,307		760,923		120,788		180,607		174,027		72,670		6,134,906
Dividends and interest receivable			6,059,793		1,371,530		6,212,448		297,336		3,251,160		1,064,875		2,680,814		726,349		122,356		4,473,041
Due from affiliates			183,764		169,970		170,656		—		20,237		114,464		110,757		48,753		44,233		—
Receivable for variation margin on open futures contracts			—		—		—		—		—		—		—		—		—		281,366
Other			406,124		271,853		418,300		151,951		366,345		143,633		149,391		211,908		11,268		190,397
Total assets			7,013,195,088		5,808,576,003		6,228,000,713		1,585,000,019		3,330,378,940		2,850,231,931		2,652,634,647		3,237,515,523		709,669,636		4,435,477,149
LIABILITIES
Management fees payable			366,445		311,608		332,945		94,001		186,643		117,705		110,578		171,639		43,657		90,038
Service agreement fees payable			18,810		13,248		22,301		13,042		23,004		164		889		17,155		491		22,028
Distribution fees payable			264,381		209,223		49,403		51,108		72,739		—		—		43,393		1,332		107,774
Due to affiliates			74,828		64,303		74,428		42,375		58,483		31,753		29,794		55,122		35,880		52,502
Overdraft payable			—		—		100,919		31,520		29,810		—		—		85,964		—		216,525
Payable for collateral for securities loaned			76,736,595		49,818,286		—		21,153,871		8,809,357		12,625,493		—		44,841,483		4,037,755		22,402,287
Payable for securities transactions			53,417,053		24,374,069		7,489,001		5,952,180		20,089,921		—		—		23,576,159		—		—
Payable for Fund shares redeemed			25,359,591		24,607,016		25,417,174		4,059,326		2,205,465		19,686,133		15,845,933		6,754,345		4,813,784		409,513
Written options ◊			9,940,383		—		—		6,127,484		—		—		—		—		—		—
Payable for trustee compensation			359,937		238,017		375,460		142,554		343,078		145,725		142,017		211,481		11,799		191,119
Accrued expenses and other payables			270,012		237,863		118,244		94,315		108,319		85,086		81,036		141,477		68,760		409,936
Total liabilities			166,808,035		99,873,633		33,979,875		37,761,776		31,926,819		32,692,059		16,210,247		75,898,218		9,013,458		23,901,722
NET ASSETS		$	6,846,387,053	$	5,708,702,370	$	6,194,020,838	$	1,547,238,243	$	3,298,452,121	$	2,817,539,872	$	2,636,424,400	$	3,161,617,305	$	700,656,178	$	4,411,575,427
NET ASSETS CONSIST OF:
Paid-in-capital		$	4,447,384,110	$	3,391,098,766	$	5,369,637,148	$	1,136,983,281	$	2,333,356,609	$	1,744,894,591	$	2,161,158,268	$	2,776,804,636	$	574,434,801	$	3,240,494,750
Total distributable earnings (loss)			2,399,002,943		2,317,603,604		824,383,690		410,254,962		965,095,512		1,072,645,281		475,266,132		384,812,669		126,221,377		1,171,080,677
NET ASSETS		$	6,846,387,053	$	5,708,702,370	$	6,194,020,838	$	1,547,238,243	$	3,298,452,121	$	2,817,539,872	$	2,636,424,400	$	3,161,617,305	$	700,656,178	$	4,411,575,427
*	Includes securities loaned of	$	73,894,848	$	48,486,034	$	—	$	20,700,602	$	8,666,633	$	12,143,045	$	—	$	42,382,487	$	3,820,118	$	21,475,222
†	Portfolio investments, cost	$	4,666,715,114	$	3,522,478,450	$	5,188,243,310	$	1,184,743,892	$	2,715,517,597	$	1,798,403,668	$	2,148,271,051	$	2,887,934,494	$	587,011,895	$	3,326,861,769
◊	Written options premiums	$	15,979,734	$	—	$	—	$	5,731,731	$	—	$	—	$	—	$	—	$	—	$	—

82 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2019 Semiannual Report 83

Statements of assets and liabilities (unaudited) continued

TIAA-CREF Funds  ■  April 30, 2019

	Growth & Income Fund		Large-Cap Growth Fund		Large-Cap Value Fund		Mid-Cap Growth Fund		Mid-Cap Value Fund		Quant Large-Cap Growth Fund		Quant Large-Cap Value Fund		Quant Small-Cap Equity Fund		Quant Small/Mid-Cap Equity Fund		Social Choice Equity Fund
INSTITUTIONAL CLASS:
Net assets	$	1,625,550,692	$	1,303,028,547	$	2,315,476,576	$	882,945,548	$	2,194,739,322	$	186,482,951	$	96,358,070	$	1,641,437,519	$	38,009,477	$	3,243,764,539
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		112,525,437		61,089,846		136,124,832		38,993,598		107,519,342		12,970,993		9,471,020		97,820,275		3,136,865		166,303,831
Net asset value per share	$	14.45	$	21.33	$	17.01	$	22.64	$	20.41	$	14.38	$	10.17	$	16.78	$	12.12	$	19.51
ADVISOR CLASS:
Net assets	$	1,817,446	$	2,328,260	$	128,985	$	205,189	$	641,188	$	1,223,088	$	5,716,453	$	1,139,148	$	1,508,746	$	20,419,600
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		125,748		109,225		7,586		9,063		31,438		84,936		563,634		67,942		124,381		1,047,523
Net asset value per share	$	14.45	$	21.32	$	17.00	$	22.64	$	20.40	$	14.40	$	10.14	$	16.77	$	12.13	$	19.49
PREMIER CLASS:
Net assets	$	137,140,282	$	21,851,862	$	185,555,267	$	73,142,471	$	188,003,643	$	—	$	—	$	148,218,600	$	1,210,268	$	118,594,434
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		9,484,619		1,025,166		10,933,617		3,251,578		9,228,762		—		—		8,890,099		100,000		6,103,387
Net asset value per share	$	14.46	$	21.32	$	16.97	$	22.49	$	20.37	$	—	$	—	$	16.67	$	12.10	$	19.43
RETIREMENT CLASS:
Net assets	$	537,298,730	$	359,411,036	$	656,090,211	$	381,656,333	$	670,504,780	$	—	$	—	$	492,862,805	$	12,309,279	$	570,242,099
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		36,511,963		16,960,595		38,712,696		17,418,402		33,059,014		—		—		30,259,159		1,018,837		28,772,458
Net asset value per share	$	14.72	$	21.19	$	16.95	$	21.91	$	20.28	$	—	$	—	$	16.29	$	12.08	$	19.82
RETAIL CLASS:
Net assets	$	1,221,680,265	$	1,018,683,125	$	132,350,782	$	209,288,702	$	244,563,188	$	—	$	—	$	140,292,663	$	5,830,761	$	458,554,755
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		61,891,634		47,890,358		8,158,270		9,562,894		12,345,266		—		—		8,723,211		483,267		26,457,139
Net asset value per share	$	19.74	$	21.27	$	16.22	$	21.89	$	19.81	$	—	$	—	$	16.08	$	12.07	$	17.33
CLASS W:
Net assets	$	3,322,899,638	$	3,003,399,540	$	2,904,419,017	$	—	$	—	$	2,629,833,833	$	2,534,349,877	$	737,666,570	$	641,787,647	$	—
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		229,956,313		140,634,377		170,547,771		—		—		182,733,801		248,836,306		43,912,410		52,892,833		—
Net asset value per share	$	14.45	$	21.36	$	17.03	$	—	$	—	$	14.39	$	10.18	$	16.80	$	12.13	$	—

84 2019 Semiannual Report   ■  TIAA-CREF Funds: Equity Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2019 Semiannual Report 85

Statements of assets and liabilities (unaudited) continued

TIAA-CREF Funds  ■  April 30, 2019

		Social Choice Low Carbon Equity Fund		Emerging Markets Equity Fund		International Equity Fund			International Opportunities Fund		Quant International Equity Fund		Quant International Small-Cap Equity Fund			Social Choice International Equity Fund
ASSETS
Portfolio investments, at value *†		$	188,302,010	$	1,656,944,694	$	5,200,183,171		$	1,875,483,316	$	1,932,482,998	$	989,460,354		$	158,411,910
Affiliated investments, at value ‡			—		66,050,253		—			—		—		—			—
Cash			57,173		8,305,876		—			18,533		48,488		40,291			13,683
Cash – foreign ^			—		2,756,070		4,561,018			681,542		1,065,692		472,840			37,468
Receivable from securities transactions			—		68,114,105		47,309,795			391,195		988,795		460,274			3,723,590
Receivable from Fund shares sold			781,472		3,632,482		2,917,074			352,714		5,444,300		4,394,502			306,797
Dividends and interest receivable			203,803		1,486,869		32,803,761			4,728,800		12,451,112		5,180,315			561,569
Due from affiliates			2,378		151,048		95,161			124,283		96,394		87,861			2,888
Receivable for variation margin on open futures contracts			2,519		—		—			—		—		—			4,118
Other			2,063		76,363		354,035			66,668		100,454		14,114			1,516
Total assets			189,351,418		1,807,517,760		5,288,224,015			1,881,847,051		1,952,678,233		1,000,110,551			163,063,539
LIABILITIES
Management fees payable			6,247		195,343		297,041			141,175		96,703		84,576			6,006
Service agreement fees payable			2,670		5,261		17,959			6,103		28		121			670
Distribution fees payable			2,972		3,250		74,205			1,046		—		199			1,182
Due to affiliates			33,126		40,605		64,044			40,958		26,289		37,639			32,797
Overdraft payable			—		—		79,685			—		—		—			—
Payable for collateral for securities loaned			—		8,204,826		329,147,464			110,748,905		59,941,275		42,527,170			6,014,713
Payable for securities transactions			3,474,382		78,855,112		73,092,196			391,904		991,587		460,649			5,975,686
Payable for delayed delivery securities			—		6,612,070		21,140,447			—		—		—			1,462,959
Payable for Fund shares redeemed			54,403		1,244,794		4,115,372			8,459,727		3,477,823		855,956			32,724
Written options ◊			—		7,000		—			—		—		—			—
Payable for trustee compensation			2,179		63,135		317,335			56,485		101,759		14,817			1,130
Accrued expenses and other payables			61,996		1,478,070		282,410			443,623		117,213		51,665			89,571
Total liabilities			3,637,975		96,709,466		428,628,158			120,289,926		64,752,677		44,032,792			13,617,438
NET ASSETS		$	185,713,443	$	1,710,808,294	$	4,859,595,857		$	1,761,557,125	$	1,887,925,556	$	956,077,759		$	149,446,101
NET ASSETS CONSIST OF:
Paid-in-capital		$	162,168,868	$	1,578,576,534	$	4,912,695,803		$	1,422,600,187	$	1,813,099,696	$	1,003,065,347		$	145,400,730
Total distributable earnings (loss)			23,544,575		132,231,760		(53,099,946	)		338,956,938		74,825,860		(46,987,588	)		4,045,371
NET ASSETS		$	185,713,443	$	1,710,808,294	$	4,859,595,857		$	1,761,557,125	$	1,887,925,556	$	956,077,759		$	149,446,101
*	Includes securities loaned of	$	—	$	6,999,872	$	311,858,318		$	104,767,893	$	57,040,775	$	40,626,396		$	5,745,874
†	Portfolio investments, cost	$	165,319,468	$	1,498,144,354	$	4,907,234,420		$	1,455,577,575	$	1,785,956,701	$	968,197,494		$	154,409,886
‡	Affiliated investments, cost	$	—	$	64,379,667	$	—		$	—	$	—	$	—		$	—
^	Foreign cash, cost	$	—	$	2,758,407	$	4,559,269		$	680,031	$	1,059,799	$	471,490		$	37,342
◊	Written options premiums	$	—	$	132,862	$	—		$	—	$	—	$	—		$	—

86 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2019 Semiannual Report 87

Statements of assets and liabilities (unaudited) concluded

TIAA-CREF Funds  ■  April 30, 2019

	Social Choice Low Carbon Equity Fund		Emerging Markets Equity Fund		International Equity Fund		International Opportunities Fund		Quant International Equity Fund		Quant International Small-Cap Equity Fund		Social Choice International Equity Fund
INSTITUTIONAL CLASS:
Net assets	$	92,307,463	$	294,289,158	$	2,455,619,152	$	100,688,082	$	118,146,630	$	45,024,862	$	124,756,271
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		6,995,803		25,580,508		225,993,849		7,669,029		16,266,397		4,464,147		11,663,288
Net asset value per share	$	13.19	$	11.50	$	10.87	$	13.13	$	7.26	$	10.09	$	10.70
ADVISOR CLASS:
Net assets	$	782,007	$	248,319	$	5,069,515	$	219,176	$	227,742	$	82,759	$	943,036
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		59,277		21,590		456,445		16,701		31,366		8,209		88,147
Net asset value per share	$	13.19	$	11.50	$	11.11	$	13.12	$	7.26	$	10.08	$	10.70
PREMIER CLASS:
Net assets	$	2,156,928	$	9,669,929	$	167,727,546	$	1,467,493	$	—	$	74,819	$	1,141,033
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		163,089		839,929		15,464,603		111,600		—		7,327		106,512
Net asset value per share	$	13.23	$	11.51	$	10.85	$	13.15	$	—	$	10.21	$	10.71
RETIREMENT CLASS:
Net assets	$	76,827,769	$	153,963,279	$	491,507,892	$	179,629,108	$	—	$	3,406,560	$	17,332,890
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		5,839,417		13,435,189		43,521,355		13,732,205		—		337,804		1,623,842
Net asset value per share	$	13.16	$	11.46	$	11.29	$	13.08	$	—	$	10.08	$	10.67
RETAIL CLASS:
Net assets	$	13,639,276	$	9,979,768	$	263,464,174	$	4,265,752	$	—	$	921,918	$	5,272,871
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		1,036,295		868,310		38,116,922		325,197		—		91,229		493,810
Net asset value per share	$	13.16	$	11.49	$	6.91	$	13.12	$	—	$	10.11	$	10.68
CLASS W:
Net assets	$	—	$	1,242,657,841	$	1,476,207,578	$	1,475,287,514	$	1,769,551,184	$	906,566,841	$	—
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		—		107,707,902		135,657,312		112,149,134		243,344,459		89,699,869		—
Net asset value per share	$	—	$	11.54	$	10.88	$	13.15	$	7.27	$	10.11	$	—

88 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2019 Semiannual Report 89

Statements of operations (unaudited)

TIAA-CREF Funds  ■  For the period ended April 30, 2019

																										Quant
		Growth &			Large-Cap			Large-Cap			Mid-Cap			Mid-Cap			Quant Large-Cap			Quant Large-Cap			Quant Small-Cap			Small/Mid-Cap			Social Choice
		Income Fund			Growth Fund			Value Fund			Growth Fund			Value Fund			Growth Fund			Value Fund			Equity Fund			Equity Fund			Equity Fund
INVESTMENT INCOME
Dividends*		$	68,862,054		$	23,502,698		$	74,495,290		$	4,278,594		$	46,299,980		$	18,729,804		$	39,050,218		$	19,843,195		$	4,162,703		$	38,636,705
Income from securities lending			193,931			29,755			3,646			166,713			11,853			82,173			34,934			240,040			165,304			381,207
Interest			513,061			642,130			530,967			236,185			443,124			90,439			100,609			69,820			17,596			533,464
Payment from affiliate			294,539			226,475			277,771			62,172			153,830			—			—			—			—			—
Total income			69,863,585			24,401,058			75,307,674			4,743,664			46,908,787			18,902,416			39,185,761			20,153,055			4,345,603			39,551,376
EXPENSES
Management fees			12,593,299			10,293,132			11,875,588			3,096,816			6,784,290			3,930,828			3,886,462			6,323,443			1,485,291			2,919,625
Shareholder servicing – Institutional Class			1,402			1,951			1,341			904			4,090			3,847			335			1,938			234			3,826
Shareholder servicing – Advisor Class			703			3,043			23			49			272			577			2,903			841			251			5,142
Shareholder servicing – Premier Class			89			35			84			49			116			—			—			80			11			2,870
Shareholder servicing – Retirement Class			642,579			415,582			845,562			434,194			835,040			—			—			614,397			13,557			609,596
Shareholder servicing – Retail Class			233,583			234,933			38,100			47,935			59,047			—			—			36,474			3,546			60,299
Shareholder servicing – Class W			2,736			2,603			2,618			—			—			2,496			2,505			1,949			1,869			—
Distribution fees – Premier Class			95,800			14,709			141,951			51,464			142,601			—			—			108,099			855			76,451
Distribution fees – Retail Class			1,414,663			1,165,150			169,484			231,318			295,954			—			—			171,145			6,732			543,882
Administrative service fees			95,196			83,316			92,835			49,329			67,333			42,657			41,560			68,996			46,443			66,511
Custody and accounting fees			50,013			40,935			60,558			19,709			24,582			16,981			17,886			21,145			10,952			23,076
Registration fees			40,538			46,468			45,795			39,560			47,232			21,897			21,768			40,420			39,941			48,779
Professional fees			56,048			49,981			54,463			33,915			42,013			29,118			28,408			38,929			29,259			40,694
Trustee fees and expenses			49,175			39,374			45,977			10,424			25,041			19,375			19,242			24,293			4,890			30,057
Other expenses			137,876			147,188			147,089			46,027			114,633			69,023			61,198			111,806			31,728			295,246
Total expenses			15,413,700			12,538,400			13,521,468			4,061,693			8,442,244			4,136,799			4,082,267			7,563,955			1,675,559			4,726,054
Less: Expenses reimbursed by the investment adviser			(6,217,630	)		(5,639,238	)		(5,300,380	)		—			—			(3,843,921	)		(3,884,681	)		(1,531,958	)		(1,508,548	)		—
Fee waiver by investment adviser and TPIS			—			—			(601,901	)		—			(735,870	)		—			—			(340,158	)		—			—
Net expenses			9,196,070			6,899,162			7,619,187			4,061,693			7,706,374			292,878			197,586			5,691,839			167,011			4,726,054
Net investment income (loss)			60,667,515			17,501,896			67,688,487			681,971			39,202,413			18,609,538			38,988,175			14,461,216			4,178,592			34,825,322
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments‡			146,203,254			74,319,489			(186,698,712	)		12,623,391			356,262,651			37,163,089			(18,845,055	)		61,908,042			7,166,774			52,844,973
Futures contracts			—			—			—			—			—			—			—			—			—			1,913,821
Purchased options			(297,549	)		(3,547,976	)		—			(3,851,391	)		(2,161,164	)		—			—			—			—			—
Written options			(880,597	)		1,120,275			—			5,872,446			628,836			—			—			—			—			—
Foreign currency transactions			(119,680	)		13,405			(15,657	)		43			(11,377	)		—			—			—			—			—
Net realized gain (loss) on total investments			144,905,428			71,905,193			(186,714,369	)		14,644,489			354,718,946			37,163,089			(18,845,055	)		61,908,042			7,166,774			54,758,794
Change in unrealized appreciation (depreciation) on:
Portfolio investments			363,834,919			584,783,610			484,354,412			221,592,658			(167,269,811	)		225,094,816			149,401,286			134,266,904			55,454,398			310,947,854
Futures contracts			—			—			—			—			—			—			—			—			—			176,169
Purchased options			180,916			—			—			(235,847	)		—			—			—			—			—			—
Written options			7,835,417			(20,689	)		—			(899,145	)		—			—			—			—			—			—
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies			(3,948	)		(17,084	)		3,870			(86	)		(474	)		—			—			—			—			—
Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments			371,847,304			584,745,837			484,358,282			220,457,580			(167,270,285	)		225,094,816			149,401,286			134,266,904			55,454,398			311,124,023
Net realized and unrealized gain (loss) on total investments			516,752,732			656,651,030			297,643,913			235,102,069			187,448,661			262,257,905			130,556,231			196,174,946			62,621,172			365,882,817
Net increase (decrease) in net assets from operations		$	577,420,247		$	674,152,926		$	365,332,400		$	235,784,040		$	226,651,074		$	280,867,443		$	169,544,406		$	210,636,162		$	66,799,764		$	400,708,139
*	Net of foreign withholding taxes of	$	252,222		$	197,601		$	26,977		$	36,404		$	70,327		$	—		$	8,435		$	21,184		$	7,131		$	2,487
‡	Includes net realized gain (loss) from securities sold to affiliates of	$	(585,506	)	$	74,500		$	(733,887	)	$	4,032,979		$	11,311,274		$	1,888,639		$	(921,291	)	$	3,206,641		$	1,338,268		$	1,433,352

90 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2019 Semiannual Report 91

Statements of operations(unaudited)	concluded
TIAA-CREF Funds  ■  For the period ended April 30, 2019

																	Quant International			Social Choice
		Social Choice Low			Emerging Markets			International			International			Quant International			Small-Cap			International
		Carbon Equity Fund			Equity Fund			Equity Fund			Opportunities Fund			Equity Fund			Equity Fund			Equity Fund
INVESTMENT INCOME
Dividends*		$	1,291,878		$	8,249,798		$	47,279,426		$	13,268,709		$	30,463,569		$	11,775,562		$	1,192,360
Dividends from affiliated investments			—			473,139			—			—			—			—			—
Income from securities lending			—			366,021			651,677			2,545,646			197,754			627,074			4,919
Interest			38,726			665,144			1,005,643			1,075,033			119,883			116,816			25,648
Payment from affiliate			—			83,671			242,900			137,636			—			—			—
Total income			1,330,604			9,837,773			49,179,646			17,027,024			30,781,206			12,519,452			1,222,927
EXPENSES
Management fees			165,333			6,502,303			9,542,773			4,735,595			3,269,346			2,938,136			107,497
Shareholder servicing – Institutional Class			139			425			4,586			287			513			236			161
Shareholder servicing – Advisor Class			185			64			14,423			47			94			14			220
Shareholder servicing – Premier Class			23			20			81			16			—			13			21
Shareholder servicing – Retirement Class			47,191			151,143			607,884			187,886			—			4,311			13,810
Shareholder servicing – Retail Class			4,227			5,581			104,543			3,249			—			1,961			2,530
Shareholder servicing – Class W			—			1,088			2,171			2,135			2,230			1,951			—
Distribution fees – Premier Class			934			6,705			118,525			1,078			—			54			442
Distribution fees – Retail Class			15,277			10,789			318,579			5,155			—			1,148			5,892
Administrative service fees			34,588			53,035			78,567			53,649			36,115			48,591			34,075
Custody and accounting fees			15,089			221,264			106,576			61,507			72,359			92,597			48,180
Registration fees			37,729			45,032			50,921			42,342			21,467			40,226			37,209
Professional fees			25,265			38,120			49,455			35,481			32,670			34,424			30,488
Trustee fees and expenses			—			11,809			31,274			12,286			13,003			6,858			(12,839	)
Other expenses			6,072			64,105			215,315			57,208			54,025			62,851			19,775
Total expenses			352,052			7,111,483			11,245,673			5,197,921			3,501,822			3,233,371			287,461
Less: Expenses reimbursed by the investment adviser			(72,299	)		(5,173,424	)		(3,315,010	)		(4,222,199	)		(3,261,722	)		(2,825,915	)		(121,173	)
Fee waiver by investment adviser and TPIS			—			—			—			—			—			(226,011	)		—
Net expenses			279,753			1,938,059			7,930,663			975,722			240,100			181,445			166,288
Net investment income (loss)			1,050,851			7,899,714			41,248,983			16,051,302			30,541,106			12,338,007			1,056,639
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments‡			201,729			(10,065,933	)		(367,462,368	)		(7,987,809	)		(92,365,729	)		(73,752,850	)		(695,081	)
Affiliated investments			—			(2,071,506	)		—			—			—			—			—
Futures contracts			276,128			—			—			—			(1,486,774	)		—			113,948
Purchased options			—			(4,764,359	)		—			—			—			—			—
Written options			—			2,329,241			—			—			—			—			—
Foreign currency transactions			—			(1,213,370	)		(690,817	)		(167,760	)		12,801			(18,849	)		29,186
Net realized gain (loss) on total investments			477,857			(15,785,927	)		(368,153,185	)		(8,155,569	)		(93,839,702	)		(73,771,699	)		(551,947	)
Change in unrealized appreciation (depreciation) on:
Portfolio investments**			12,298,977			290,255,663			488,925,324			174,751,181			176,274,959			107,108,954			5,656,352
Affiliated investments			—			1,088,781			—			—			—			—			—
Futures contracts			(9,774	)		—			—			—			1,160,481			—			(6,953	)
Purchased options			—			(778,640	)		—			—			—			—			—
Written options			—			380,287			—			—			—			—			—
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies			—			(71,242	)		(106,415	)		(21,309	)		(90,772	)		(12,755	)		(2,827	)
Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments			12,289,203			290,874,849			488,818,909			174,729,872			177,344,668			107,096,199			5,646,572
Net realized and unrealized gain (loss) on total investments			12,767,060			275,088,922			120,665,724			166,574,303			83,504,966			33,324,500			5,094,625
Net increase (decrease) in net assets from operations		$	13,817,911		$	282,988,636		$	161,914,707		$	182,625,605		$	114,046,072		$	45,662,507		$	6,151,264
*	Net of foreign withholding taxes of	$	125		$	1,147,449		$	6,028,794		$	1,353,254		$	2,794,719		$	1,558,952		$	124,866
‡	Includes net realized gain (loss) from securities sold to affiliates of	$	(167,187	)	$	(1,929,278	)	$	(10,462,440	)	$	1,289,859		$	(220,253	)	$	—		$	(18,550	)
**	Includes net change in unrealized foreign capital gains taxes of	$	—		$	(1,339,014	)	$	—		$	(374,585	)	$	—		$	—		$	—

92 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2019 Semiannual Report 93

Statements of changes in net assets

TIAA-CREF Funds  ■  For the period or year ended

		Growth & Income Fund						Large-Cap Growth Fund						Large-Cap Value Fund						Mid-Cap Growth Fund						Mid-Cap Value Fund						Quant Large-Cap Growth Fund
		April 30,			October 31,			April 30,			October 31,			April 30,			October 31,			April 30,			October 31,			April 30,			October 31,			April 30,			October 31,
		2019			2018			2019			2018			2019			2018			2019			2018			2019			2018			2019			2018
		(unaudited		)				(unaudited		)				(unaudited		)				(unaudited		)				(unaudited		)				(unaudited		)
OPERATIONS
Net investment income (loss)		$	60,667,515		$	70,923,961		$	17,501,896		$	24,516,489		$	67,688,487		$	115,692,326		$	681,971		$	4,025,100		$	39,202,413		$	62,906,250		$	18,609,538		$	29,746,410
Net realized gain (loss) on total investments			144,905,428			476,159,939			71,905,193			578,764,906			(186,714,369	)		528,280,428			14,644,489			196,747,053			354,718,946			487,491,808			37,163,089			193,092,764
Net change in unrealized appreciation (depreciation) on total investments			371,847,304			(157,870,588	)		584,745,837			(60,021,406	)		484,358,282			(730,557,285	)		220,457,580			(155,372,560	)		(167,270,285	)		(598,566,681	)		225,094,816			26,201,596
Net increase (decrease) in net assets from operations			577,420,247			389,213,312			674,152,926			543,259,989			365,332,400			(86,584,531	)		235,784,040			45,399,593			226,651,074			(48,168,623	)		280,867,443			249,040,770
DISTRIBUTIONS TO SHAREHOLDERS
Dividends to shareholders:	Institutional Class		(129,813,824	)		(226,233,982	)		(130,397,085	)		(153,133,528	)		(247,598,799	)		(360,006,794	)		(101,932,287	)		(78,830,575	)		(323,369,024	)		(230,970,039	)		(13,125,270	)		(163,917,519	)
	Advisor Class		(97,600	)		(19,940	)		(930,419	)		(87,637	)		(19,754	)		(11,654	)		(21,699	)		(15,008	)		(93,193	)		(27,056	)		(125,789	)		(60,724	)
	Premier Class		(10,292,266	)		(6,762,865	)		(2,205,073	)		(1,912,427	)		(20,780,623	)		(18,479,985	)		(9,514,805	)		(8,753,666	)		(28,793,288	)		(26,029,371	)		—			—
	Retirement Class		(40,885,710	)		(26,704,836	)		(39,209,332	)		(9,556,799	)		(73,663,714	)		(61,269,992	)		(47,065,425	)		(37,259,833	)		(99,023,544	)		(77,145,851	)		—			—
	Retail Class		(66,197,702	)		(38,771,532	)		(104,022,118	)		(35,765,830	)		(20,003,030	)		(9,303,983	)		(24,618,704	)		(18,322,880	)		(37,639,603	)		(23,207,986	)		—			—
	Class W†		(246,581,833	)		—			(309,434,285	)		—			(289,089,025	)		—			—			—			—			—			(196,129,074	)		—
Total distributions			(493,868,935	)		(298,493,155	)		(586,198,312	)		(200,456,221	)		(651,154,945	)		(449,072,408	)		(183,152,920	)		(143,181,962	)		(488,918,652	)		(357,380,303	)		(209,380,133	)		(163,978,243	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		92,704,037			467,966,625			184,648,013			536,453,711			103,810,798			523,152,438			55,861,645			76,252,146			43,454,220			287,345,193			32,905,537			214,903,846
	Advisor Class		1,577,131			58,138			3,073,858			6,930,175			22,507			5,829			32,176			12,079			493,784			129,038			58,343			11,987,359
	Premier Class		4,134,043			11,193,223			2,716,065			11,187,977			1,934,267			14,341,457			3,127,511			10,926,639			2,202,963			12,206,853			—			—
	Retirement Class		3,830,531			24,150,452			25,813,909			138,805,022			507,884			6,194,057			15,913,249			28,592,380			3,608,726			6,633,287			—			—
	Retail Class		19,960,948			54,706,670			53,215,622			250,176,836			64,985,725			7,398,428			11,288,340			106,580,767			30,350,927			8,732,897			—			—
	Class W†		235,145,625			81,319,391			223,857,345			54,383,658			211,535,323			73,055,532			—			—			—			—			199,083,537			14,967,453
Reinvestments of distributions:	Institutional Class		110,234,618			185,000,069			122,187,515			152,319,247			245,407,620			359,003,241			101,855,372			78,768,525			319,212,986			229,151,965			12,995,917			163,791,045
	Advisor Class		78,039			7,699			912,705			36,105			5,331			2,047			6,139			3,421			71,961			14,867			115,040			52,478
	Premier Class		10,292,266			6,762,865			2,205,073			1,912,427			20,780,623			18,479,985			9,514,805			8,753,665			28,793,288			26,029,371			—			—
	Retirement Class		40,885,710			26,704,836			39,086,497			9,554,971			73,657,470			61,267,242			47,065,425			37,259,832			99,016,949			77,143,365			—			—
	Retail Class		63,790,478			37,440,285			100,723,450			34,730,969			19,439,505			8,962,450			24,009,024			17,864,482			36,409,837			22,525,039			—			—
	Class W†		219,604,226			—			309,434,285			—			289,089,025			—			—			—			—			—			196,129,074			—
Transfers in connection with new class:	Institutional Class		—			(3,256,124,297	)		—			(2,921,410,508	)		—			(2,864,999,916	)		—			—			—			—			—			(2,582,632,769	)
	Class W†		—			3,256,124,297			—			2,921,410,508			—			2,864,999,916			—			—			—			—			—			2,582,632,769
Redemptions:	Institutional Class		(268,458,865	)		(862,191,749	)		(142,410,290	)		(790,986,743	)		(349,045,262	)		(940,720,657	)		(66,456,315	)		(254,146,715	)		(311,283,782	)		(866,708,142	)		(30,684,426	)		(522,401,335	)
	Advisor Class		(360,985	)		(53,317	)		(8,764,227	)		(1,552,555	)		(53,258	)		(4,264	)		(2,555	)		(3,200	)		(258,112	)		(63,870	)		(484,769	)		(10,813,206	)
	Premier Class		(10,485,862	)		(34,897,975	)		(2,650,595	)		(39,843,101	)		(35,572,701	)		(94,996,963	)		(12,741,303	)		(36,688,918	)		(34,322,650	)		(123,083,569	)		—			—
	Retirement Class		(62,512,204	)		(114,590,564	)		(49,450,579	)		(50,483,918	)		(130,459,342	)		(256,447,760	)		(45,341,436	)		(89,496,593	)		(94,858,190	)		(259,981,535	)		—			—
	Retail Class		(56,255,206	)		(119,174,738	)		(135,819,386	)		(300,799,685	)		(64,276,907	)		(21,429,227	)		(12,951,440	)		(114,126,587	)		(41,620,432	)		(46,840,337	)		—			—
	Class W†		(206,818,187	)		(6,148,663	)		(257,896,233	)		(15,364,234	)		(196,238,650	)		(3,874,846	)		—			—			—			—			(190,624,140	)		(10,703,070	)
Net increase (decrease) from shareholder transactions			197,346,343			(241,746,753	)		470,883,027			(2,539,138	)		255,529,958			(245,611,011	)		131,180,637			(129,448,077	)		81,272,475			(626,765,578	)		219,494,113			(138,215,430	)
Net increase (decrease) in net assets			280,897,655			(151,026,596	)		558,837,641			340,264,630			(30,292,587	)		(781,267,950	)		183,811,757			(227,230,446	)		(180,995,103	)		(1,032,314,504	)		290,981,423			(53,152,903	)
NET ASSETS
Beginning of period			6,565,489,398			6,716,515,994			5,149,864,729			4,809,600,099			6,224,313,425			7,005,581,375			1,363,426,486			1,590,656,932			3,479,447,224			4,511,761,728			2,526,558,449			2,579,711,352
End of period		$	6,846,387,053		$	6,565,489,398		$	5,708,702,370		$	5,149,864,729		$	6,194,020,838		$	6,224,313,425		$	1,547,238,243		$	1,363,426,486		$	3,298,452,121		$	3,479,447,224		$	2,817,539,872		$	2,526,558,449
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		7,094,628			31,843,603			9,392,676			25,183,641			6,643,426			27,427,170			2,637,952			3,218,209			2,259,430			12,002,843			2,582,099			15,101,055
	Advisor Class		115,632			3,826			155,128			306,098			1,298			307			1,648			502			24,294			5,436			4,215			839,077
	Premier Class		300,409			756,255			137,712			524,456			119,844			757,275			146,612			465,812			111,862			519,719			—			—
	Retirement Class		273,408			1,602,917			1,281,960			6,492,272			30,709			321,983			785,549			1,246,734			184,509			280,988			—			—
	Retail Class		1,098,342			2,758,706			2,663,741			11,706,736			3,746,678			401,347			561,466			4,753,372			1,440,387			376,682			—			—
	Class W†		18,385,870			5,516,782			11,991,358			2,466,091			13,449,119			4,056,278			—			—			—			—			15,761,795			1,091,619
Shares reinvested:	Institutional Class		8,626,914			13,073,045			6,706,230			7,731,941			15,873,714			19,239,188			5,487,897			3,532,221			17,282,782			9,855,998			1,041,339			12,186,834
	Advisor Class		6,091			539			50,149			1,833			345			110			331			153			3,898			640			9,203			3,907
	Premier Class		804,169			475,032			121,025			97,127			1,346,768			992,481			515,708			394,843			1,561,458			1,121,472			—			—
	Retirement Class		3,138,873			1,846,989			2,157,091			487,250			4,776,749			3,293,937			2,617,654			1,718,627			5,390,144			3,335,208			—			—
	Retail Class		3,655,446			1,975,477			5,537,298			1,765,683			1,317,040			500,137			1,336,805			824,768			2,029,534			993,168			—			—
	Class W†		17,223,861			—			16,992,547			—			18,711,264			—			—			—			—			—			15,715,471			—
Shares transferred in connection with new class:	Institutional Class		—			(204,402,027	)		—			(122,903,261	)		—			(146,622,309	)		—			—			—			—			—			(165,024,458	)
	Class W†		—			204,402,027			—			122,903,261			—			146,622,309			—			—			—			—			—			165,024,458
Shares redeemed:	Institutional Class		(20,127,404	)		(57,968,663	)		(7,402,160	)		(36,397,683	)		(21,437,954	)		(49,181,485	)		(3,191,596	)		(10,707,970	)		(15,695,998	)		(36,148,309	)		(2,324,741	)		(36,140,018	)
	Advisor Class		(26,218	)		(3,555	)		(437,403	)		(72,715	)		(3,552	)		(218	)		(116	)		(142	)		(13,440	)		(2,693	)		(37,240	)		(798,415	)
	Premier Class		(791,864	)		(2,357,470	)		(134,197	)		(1,944,015	)		(2,203,161	)		(5,053,177	)		(640,371	)		(1,594,412	)		(1,770,193	)		(5,257,615	)		—			—
	Retirement Class		(4,603,313	)		(7,590,140	)		(2,609,374	)		(2,370,804	)		(8,041,983	)		(13,431,957	)		(2,286,764	)		(3,875,439	)		(4,878,427	)		(10,983,490	)		—			—
	Retail Class		(3,086,689	)		(5,998,998	)		(6,586,792	)		(14,368,754	)		(4,489,183	)		(1,162,190	)		(660,679	)		(5,037,603	)		(2,324,719	)		(2,016,142	)		—			—
	Class W†		(15,183,643	)		(388,584	)		(13,006,442	)		(712,438	)		(12,087,755	)		(203,444	)		—			—			—			—			(14,127,140	)		(732,402	)
Net increase (decrease) from shareholder transactions			16,904,512			(14,454,239	)		27,010,547			896,719			17,753,366			(12,042,258	)		7,312,096			(5,060,325	)		5,605,521			(25,916,095	)		18,625,001			(8,448,343	)

94 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2019 Semiannual Report 95

Statements of changes in net assets continued

TIAA-CREF Funds  ■  For the period or year ended

		Quant Large-Cap Value Fund						Quant Small-Cap Equity Fund						Quant Small/Mid-Cap Equity Fund						Social Choice Equity Fund						Social Choice Low Carbon Equity Fund						Emerging Markets Equity Fund
		April 30,			October 31,			April 30,			October 31,			April 30,			October 31,			April 30,			October 31,			April 30,			October 31,			April 30,			October 31,
		2019			2018			2019			2018			2019			2018			2019			2018			2019			2018			2019			2018
		(unaudited		)				(unaudited		)				(unaudited		)				(unaudited		)				(unaudited		)				(unaudited		)
OPERATIONS
Net investment income (loss)		$	38,988,175		$	57,149,142		$	14,461,216		$	22,603,815		$	4,178,592		$	6,503,881		$	34,825,322		$	54,460,056		$	1,050,851		$	1,528,182		$	7,899,714		$	13,458,637
Net realized gain (loss) on total investments			(18,845,055	)		65,470,484			61,908,042			524,249,133			7,166,774			68,133,506			54,758,794			267,324,278			477,857			5,228,897			(15,785,927	)		45,235,479
Net change in unrealized appreciation (depreciation) on total investments			149,401,286			(87,395,444	)		134,266,904			(493,271,973	)		55,454,398			(29,711,398	)		311,124,023			(188,016,371	)		12,289,203			(2,948,911	)		290,874,849			(360,745,179	)
Net increase (decrease) in net assets from operations			169,544,406			35,224,182			210,636,162			53,580,975			66,799,764			44,925,989			400,708,139			133,767,963			13,817,911			3,808,168			282,988,636			(302,051,063	)
DISTRIBUTIONS TO SHAREHOLDERS
Dividends to shareholders:	Institutional Class		(5,228,638	)		(158,188,330	)		(262,009,468	)		(279,704,358	)		(3,611,033	)		(35,591,642	)		(225,939,894	)		(78,677,614	)		(4,275,877	)		(1,532,212	)		(10,505,537	)		(54,668,753	)
	Advisor Class		(282,091	)		(8,703	)		(414,357	)		(271,398	)		(189,230	)		(70,284	)		(1,368,674	)		(341,854	)		(24,674	)		(4,282	)		(7,201	)		(36,536	)
	Premier Class		—			—			(22,932,405	)		(18,429,112	)		(130,771	)		(65,794	)		(8,057,023	)		(2,799,998	)		(40,497	)		(11,053	)		(350,475	)		(456,301	)
	Retirement Class		—			—			(79,659,880	)		(65,316,238	)		(1,146,449	)		(277,760	)		(37,483,049	)		(14,586,849	)		(1,248,477	)		(394,003	)		(4,143,632	)		(3,314,524	)
	Retail Class		—			—			(22,530,887	)		(17,246,522	)		(570,332	)		(190,083	)		(40,185,338	)		(19,214,895	)		(620,543	)		(184,829	)		(296,395	)		(484,163	)
	Class W†		(113,943,469	)		—			(122,727,726	)		—			(64,028,043	)		—			—			—			—			—			(49,857,271	)		—
Total distributions			(119,454,198	)		(158,197,033	)		(510,274,723	)		(380,967,628	)		(69,675,858	)		(36,195,563	)		(313,033,978	)		(115,621,210	)		(6,210,068	)		(2,126,379	)		(65,160,511	)		(58,960,277	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		2,311,073			330,754,559			50,718,373			305,051,118			7,548,242			44,229,864			661,110,691			874,857,836			20,217,987			34,657,083			32,157,506			549,446,987
	Advisor Class		1,203,006			17,354,450			222,316			482,213			—			8,542,837			7,937,601			9,599,943			466,438			155,666			131,217			44,702
	Premier Class		—			—			3,964,492			15,442,602			—			—			22,870,886			46,905,333			1,379,319			229,517			894,490			4,251,090
	Retirement Class		—			—			4,471,922			21,168,995			2,438,273			11,757,351			81,686,823			116,347,823			49,984,869			7,263,052			47,767,802			57,591,373
	Retail Class		—			—			4,896,908			10,867,419			767,942			5,228,105			19,516,935			45,926,690			2,015,119			5,727,163			1,880,833			8,612,569
	Class W†		152,862,678			28,533,506			68,147,500			6,098,457			45,378,047			5,160,111			—			—			—			—			92,103,343			22,301,717
Reinvestments of distributions:	Institutional Class		5,228,637			158,188,330			260,956,851			277,648,266			3,331,076			35,590,432			214,536,651			74,948,803			2,202,929			1,016,613			10,495,964			54,668,753
	Advisor Class		276,932			1,163			396,328			251,709			57,642			2,903			734,215			65,682			17,592			1,358			1,929			14,849
	Premier Class		—			—			22,932,405			18,429,112			—			—			8,008,975			2,795,898			16,244			4,206			350,050			455,782
	Retirement Class		—			—			79,658,625			65,315,076			1,145,147			212,745			37,475,038			14,559,516			1,247,813			393,734			4,143,209			3,313,997
	Retail Class		—			—			21,451,458			16,491,957			549,467			117,148			38,675,098			18,536,352			612,120			182,624			289,422			475,536
	Class W†		113,943,469			—			122,727,726			—			64,028,043			—			—			—			—			—			49,857,271			—
Transfers in connection with new class:	Institutional Class		—			(2,539,791,361	)		—			(888,760,975	)		—			(658,978,120	)		—			—			—			—			—			(1,155,576,457	)
	Class W†		—			2,539,791,361			—			888,760,975			—			658,978,120			—			—			—			—			—			1,155,576,457
Redemptions:	Institutional Class		(30,868,053	)		(324,141,827	)		(242,190,388	)		(620,144,971	)		(6,641,964	)		(128,272,578	)		(299,169,750	)		(272,654,814	)		(11,012,692	)		(22,352,858	)		(24,041,795	)		(286,851,940	)
	Advisor Class		(1,559,290	)		(10,984,293	)		(1,839,945	)		(320,503	)		(251,566	)		(7,781,796	)		(1,243,113	)		(5,758,487	)		(89,419	)		—			(54,914	)		(736,062	)
	Premier Class		—			—			(17,459,313	)		(44,841,247	)		—			—			(6,312,779	)		(28,594,740	)		(57,732	)		(19,731	)		(850,453	)		(5,204,458	)
	Retirement Class		—			—			(69,166,598	)		(144,931,190	)		(1,804,061	)		(5,930,395	)		(36,675,455	)		(52,075,990	)		(211,565	)		(3,237,462	)		(3,347,749	)		(29,371,986	)
	Retail Class		—			—			(18,127,738	)		(35,523,240	)		(1,089,734	)		(2,801,546	)		(48,643,082	)		(86,221,314	)		(1,392,149	)		(2,119,443	)		(1,026,109	)		(11,494,757	)
	Class W†		(197,391,242	)		(12,660,086	)		(183,113,364	)		(10,770,429	)		(58,691,013	)		(5,656,581	)		—			—			—			—			(143,734,594	)		(19,238,320	)
Net increase (decrease) from shareholder transactions			46,007,210			187,045,802			108,647,558			(119,284,656	)		56,765,541			(39,601,400	)		700,508,734			759,238,531			65,396,873			21,901,522			67,017,422			348,279,832
Net increase (decrease) in net assets			96,097,418			64,072,951			(190,991,003	)		(446,671,309	)		53,889,447			(30,870,974	)		788,182,895			777,385,284			73,004,716			23,583,311			284,845,547			(12,731,508	)
NET ASSETS
Beginning of period			2,540,326,982			2,476,254,031			3,352,608,308			3,799,279,617			646,766,731			677,637,705			3,623,392,532			2,846,007,248			112,708,727			89,125,416			1,425,962,747			1,438,694,255
End of period		$	2,636,424,400		$	2,540,326,982		$	3,161,617,305		$	3,352,608,308		$	700,656,178		$	646,766,731		$	4,411,575,427		$	3,623,392,532		$	185,713,443		$	112,708,727		$	1,710,808,294		$	1,425,962,747
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		234,071			32,123,257			3,076,426			15,487,704			670,588			3,515,575			36,547,912			44,090,868			1,672,214			2,649,588			2,874,642			46,080,052
	Advisor Class		123,700			1,664,772			13,121			24,752			—			691,846			425,598			474,071			37,959			11,697			12,705			3,517
	Premier Class		—			—			243,585			790,395			—			—			1,239,946			2,373,640			110,553			17,686			82,963			333,933
	Retirement Class		—			—			287,825			1,078,728			208,593			900,269			4,328,588			5,811,796			3,990,462			556,850			4,460,174			4,797,099
	Retail Class		—			—			327,422			570,660			67,425			399,289			1,211,374			2,584,581			163,495			441,230			172,177			689,706
	Class W†		16,390,371			2,912,749			4,564,797			309,384			4,259,065			419,946			—			—			—			—			8,502,831			2,155,555
Shares reinvested:	Institutional Class		558,019			15,387,970			17,408,729			14,651,624			313,071			2,951,114			12,379,495			3,946,751			187,324			81,005			1,064,499			4,462,755
	Advisor Class		29,650			113			26,457			13,290			5,412			241			42,391			3,459			1,495			108			196			1,212
	Premier Class		—			—			1,539,088			977,672			—			—			464,288			147,619			1,377			335			35,466			37,176
	Retirement Class		—			—			5,471,059			3,532,454			107,829			17,670			2,131,686			754,770			106,287			31,423			421,486			271,194
	Retail Class		—			—			1,491,756			901,200			51,788			9,738			2,511,371			1,085,904			52,095			14,575			29,353			38,851
	Class W†		12,160,456			—			8,192,772			—			6,023,334			—			—			—			—			—			5,061,652			—
Shares transferred in connection with new class:	Institutional Class		—			(238,702,196	)		—			(42,605,991	)		—			(47,717,460	)		—			—			—			—			—			(107,295,864	)
	Class W†		—			238,702,196			—			42,605,991			—			47,717,460			—			—			—			—			—			107,295,864
Shares redeemed:	Institutional Class		(3,228,911	)		(31,125,531	)		(14,744,199	)		(30,989,790	)		(589,755	)		(9,894,818	)		(16,356,613	)		(13,761,244	)		(921,303	)		(1,692,575	)		(2,234,801	)		(23,044,450	)
	Advisor Class		(159,421	)		(1,107,932	)		(119,380	)		(16,574	)		(24,836	)		(652,581	)		(69,989	)		(282,581	)		(7,162	)		—			(5,054	)		(56,970	)
	Premier Class		—			—			(1,088,994	)		(2,328,125	)		—			—			(341,892	)		(1,478,563	)		(4,633	)		(1,586	)		(80,599	)		(427,497	)
	Retirement Class		—			—			(4,381,243	)		(7,507,341	)		(163,520	)		(452,740	)		(1,909,530	)		(2,585,221	)		(17,334	)		(251,617	)		(322,009	)		(2,402,051	)
	Retail Class		—			—			(1,193,868	)		(1,860,185	)		(96,781	)		(215,257	)		(3,000,493	)		(4,824,988	)		(113,228	)		(162,596	)		(96,504	)		(953,276	)
	Class W†		(20,090,404	)		(1,239,061	)		(11,190,586	)		(569,948	)		(5,078,366	)		(448,606	)		—			—			—			—			(13,390,412	)		(1,917,588	)
Net increase (decrease) from shareholder transactions			6,017,531			18,616,337			9,924,767			(4,934,100	)		5,753,847			(2,758,314	)		39,604,132			38,340,862			5,259,601			1,696,123			6,588,765			30,069,218

96 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2019 Semiannual Report 97

Statements of changes in net assets concluded

TIAA-CREF Funds  ■  For the period or year ended

																				Quant International						Social Choice
		International Equity Fund						International Opportunities Fund						Quant International Equity Fund						Small-Cap Equity Fund						International Equity Fund
		April 30,			October 31,			April 30,			October 31,			April 30,			October 31,			April 30,			October 31,			April 30,			October 31,
		2019			2018			2019			2018			2019			2018			2019			2018			2019			2018
		(unaudited		)				(unaudited		)				(unaudited		)				(unaudited		)				(unaudited		)
OPERATIONS
Net investment income (loss)		$	41,248,983		$	94,727,785		$	16,051,302		$	21,327,878		$	30,541,106		$	59,615,006		$	12,338,007		$	25,084,521		$	1,056,639		$	1,443,919
Net realized gain (loss) on total investments			(368,153,185	)		191,819,290			(8,155,569	)		14,006,811			(93,839,702	)		92,193,671			(73,771,699	)		30,792,197			(551,947	)		(106,809	)
Net change in unrealized appreciation (depreciation) on total investments			488,818,909			(944,474,829	)		174,729,872			(152,260,302	)		177,344,668			(322,979,794	)		107,096,199			(216,675,898	)		5,646,572			(5,972,547	)
Net increase (decrease) in net assets from operations			161,914,707			(657,927,754	)		182,625,605			(116,925,613	)		114,046,072			(171,171,117	)		45,662,507			(160,799,180	)		6,151,264			(4,635,437	)
DISTRIBUTIONS TO SHAREHOLDERS
Dividends to shareholders:	Institutional Class		(122,256,954	)		(84,439,378	)		(1,124,608	)		(17,325,353	)		(8,557,493	)		(58,361,241	)		(2,463,636	)		(58,017,529	)		(1,133,404	)		(819,355	)
	Advisor Class		(311,391	)		(5,720,305	)		(2,116	)		(1,795	)		(17,844	)		(6,281	)		(4,731	)		(77,533	)		(15,730	)		(11,079	)
	Premier Class		(10,286,139	)		(5,251,542	)		(17,333	)		(6,481	)		—			—			(3,389	)		(76,578	)		(5,964	)		(26,354	)
	Retirement Class		(30,911,753	)		(13,798,341	)		(1,530,296	)		(476,939	)		—			—			(187,207	)		(508,166	)		(199,080	)		(157,642	)
	Retail Class		(25,657,844	)		(10,930,859	)		(33,693	)		(27,813	)		—			—			(45,404	)		(118,651	)		(89,101	)		(80,624	)
	Class W†		(94,058,477	)		—			(19,434,273	)		—			(126,163,836	)		—			(50,498,431	)		—			—			—
Total distributions			(283,482,558	)		(120,140,425	)		(22,142,319	)		(17,838,381	)		(134,739,173	)		(58,367,522	)		(53,202,798	)		(58,798,457	)		(1,443,279	)		(1,095,054	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		750,444,674			758,629,276			10,065,930			234,393,710			16,222,442			275,988,844			2,578,770			186,904,063			89,464,281			43,138,040
	Advisor Class		2,042,279			29,263,633			22,894			45,700			39,502			73,160			—			1,768			309,120			172,285
	Premier Class		25,974,641			31,509,144			20,703			1,445,882			—			—			—			—			801,532			32,118
	Retirement Class		7,127,527			47,332,681			37,691,611			114,488,823			—			—			214,531			3,118,850			7,616,760			6,016,146
	Retail Class		3,900,897			16,388,360			437,904			4,188,099			—			—			99,057			936,606			1,027,143			3,140,919
	Class W†		145,960,215			45,980,882			105,784,228			57,375,849			152,818,166			36,150,364			56,984,274			17,896,022			—			—
Reinvestments of distributions:	Institutional Class		113,381,804			83,701,570			1,124,608			17,325,353			8,557,493			58,361,240			2,463,058			58,016,744			445,308			251,119
	Advisor Class		302,526			5,694,901			707			253			9,877			2,637			485			496			13,188			8,565
	Premier Class		10,285,827			5,251,411			13,982			2,900			—			—			—			—			2,692			2,687
	Retirement Class		30,910,895			13,797,216			1,530,166			476,794			—			—			187,120			431,512			198,885			136,174
	Retail Class		24,469,384			10,369,781			33,319			27,458			—			—			45,067			44,191			86,402			57,708
	Class W†		94,058,477			—			19,434,274			—			126,163,836			—			50,498,431			—			—			—
Transfers in connection with new class:	Institutional Class		—			(1,467,230,145	)		—			(1,436,476,554	)		—			(1,795,142,680	)		—			(930,612,829	)		—			—
	Class W†		—			1,467,230,145			—			1,436,476,554			—			1,795,142,680			—			930,612,829			—			—
Redemptions:	Institutional Class		(253,077,269	)		(639,435,658	)		(6,799,330	)		(185,407,477	)		(24,295,838	)		(228,625,094	)		(2,761,654	)		(83,201,490	)		(15,120,131	)		(28,705,914	)
	Advisor Class		(189,047,223	)		(52,765,526	)		(233	)		(73	)		(19,235	)		(18,057	)		—			(1,152,000	)		(2,055	)		(83,082	)
	Premier Class		(28,806,606	)		(70,299,219	)		(249,658	)		(200,211	)		—			—			—			(1,151,000	)		(1,532	)		(1,031,762	)
	Retirement Class		(57,455,962	)		(117,015,966	)		(3,205,293	)		(3,344,282	)		—			—			(584,247	)		(6,796,668	)		(562,766	)		(3,761,174	)
	Retail Class		(22,809,032	)		(41,117,617	)		(932,493	)		(2,760,194	)		—			—			(188,949	)		(2,037,923	)		(658,294	)		(2,197,012	)
	Class W†		(107,688,506	)		(6,352,180	)		(115,524,398	)		(378,093	)		(169,963,526	)		(1,617,705	)		(46,521,933	)		(1,638,888	)		—			—
Net increase (decrease) from shareholder transactions			549,974,548			120,932,689			49,448,921			237,680,491			109,532,717			140,315,389			63,014,010			171,372,283			83,620,533			17,176,817
Net increase (decrease) in net assets			428,406,697			(657,135,490	)		209,932,207			102,916,497			88,839,616			(89,223,250	)		55,473,719			(48,225,354	)		88,328,518			11,446,326
NET ASSETS
Beginning of period			4,431,189,160			5,088,324,650			1,551,624,918			1,448,708,421			1,799,085,940			1,888,309,190			900,604,040			948,829,394			61,117,583			49,671,257
End of period		$	4,859,595,857		$	4,431,189,160		$	1,761,557,125		$	1,551,624,918		$	1,887,925,556		$	1,799,085,940		$	956,077,759		$	900,604,040		$	149,446,101		$	61,117,583
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		70,387,619			58,459,593			859,257			17,457,188			2,287,623			33,925,198			258,734			15,423,365			8,584,036			3,943,215
	Advisor Class		185,357			2,309,860			1,802			3,327			5,367			8,995			—			151			29,882			15,614
	Premier Class		2,476,821			2,404,746			1,767			105,958			—			—			—			—			78,957			2,888
	Retirement Class		658,026			3,418,961			3,152,710			8,585,958			—			—			21,809			250,263			739,328			540,923
	Retail Class		595,810			1,863,199			36,020			306,118			—			—			9,998			75,510			103,105			281,274
	Class W†		14,019,236			3,920,422			8,975,241			4,740,073			21,441,852			4,726,697			5,684,387			1,723,859			—			—
Shares reinvested:	Institutional Class		11,557,778			6,399,203			99,523			1,336,833			1,316,537			7,187,345			264,845			4,806,690			46,194			22,829
	Advisor Class		30,162			435,390			63			20			1,520			325			52			41			1,368			778
	Premier Class		1,049,574			402,099			1,235			223			—			—			—			—			279			244
	Retirement Class		3,030,480			1,017,494			135,773			36,875			—			—			20,099			35,781			20,653			12,391
	Retail Class		3,915,101			1,198,819			2,946			2,120			—			—			4,825			3,664			8,972			5,251
	Class W†		9,597,804			—			1,721,371			—			19,409,821			—			5,429,939			—			—			—
Shares transferred in connection with new class:	Institutional Class		—			(119,093,356	)		—			(106,248,266	)		—			(223,276,453	)		—			(81,848,094	)		—			—
	Class W†		—			119,093,356			—			106,248,266			—			223,276,453			—			81,848,094			—			—
Shares redeemed:	Institutional Class		(24,266,325	)		(48,590,619	)		(559,519	)		(13,604,239	)		(3,560,068	)		(27,756,036	)		(285,153	)		(6,709,972	)		(1,544,702	)		(2,582,808	)
	Advisor Class		(17,232,940	)		(4,024,081	)		(21	)		(6	)		(3,021	)		(2,246	)		—			(92,679	)		(197	)		(7,603	)
	Premier Class		(2,775,997	)		(5,435,494	)		(21,581	)		(14,743	)		—			—			—			(92,673	)		(148	)		(95,253	)
	Retirement Class		(5,329,107	)		(8,703,724	)		(261,481	)		(251,891	)		—			—			(59,414	)		(553,717	)		(56,720	)		(343,247	)
	Retail Class		(3,466,447	)		(4,802,177	)		(77,350	)		(206,215	)		—			—			(19,004	)		(165,478	)		(66,160	)		(201,573	)
	Class W†		(10,402,752	)		(570,754	)		(9,507,419	)		(28,398	)		(25,291,613	)		(218,751	)		(4,826,826	)		(159,584	)		—			—
Net increase (decrease) from shareholder transactions			54,030,200			9,702,937			4,560,337			18,469,201			15,608,018			17,871,527			6,504,291			14,545,221			7,944,847			1,594,923

^† Class W commenced operations on September 28, 2018.

98 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2019 Semiannual Report 99

Financial highlights

TIAA-CREF Funds

				Selected per share data																																Ratios and supplemental data
						Gain (loss) from investment operations																																	Ratios to average net assets
	For the			Net asset		Net			Net realized & unrealized			Total gain			Less distributions from						Total			Net asset			For the						Total return															Net investment income (loss)
	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			period or year ended			Total return			excluding payment from affiliates		u	Net assets at end of period (in thousands		)	Gross expenses			Net expenses			Net investment income (loss		)	excluding payment from affiliates		u	Portfolio turnover rate
GROWTH & INCOME FUND																										GROWTH & INCOME FUND
Institutional Class:		4/30/19	#		$14.44		$0.12			$ 1.02			$1.14			$(0.09	)		$(1.04	)		$(1.13	)		$14.45	Institutional Class:		4/30/19	#		8.94	%b		8.94	%b		$1,625,551			0.41	%c		0.41	%c		1.78	%c		1.77	%c		36	%b
		10/31/18			14.34		0.17			0.62			0.79			(0.15	)		(0.54	)		(0.69	)		14.44			10/31/18			5.61			5.60			1,688,858			0.40			0.40			1.11			1.11			59
		10/31/17			11.76		0.15			2.80			2.95			(0.16	)		(0.21	)		(0.37	)		14.34			10/31/17			25.52			25.51			4,794,249			0.41			0.41			1.16			1.16			76
		10/31/16			12.50		0.16			0.08			0.24			(0.16	)		(0.82	)		(0.98	)		11.76			10/31/16			2.32			2.28			3,686,969			0.42			0.42			1.36			1.31			83
		10/31/15			12.96		0.13			0.65			0.78			(0.14	)		(1.10	)		(1.24	)		12.50			10/31/15			6.74			6.74			3,078,681			0.43			0.43			1.08			1.08			90
		10/31/14			12.64		0.13			1.64			1.77			(0.14	)		(1.31	)		(1.45	)		12.96			10/31/14			15.48			15.48			2,893,199			0.44			0.44			1.06			1.06			98
Advisor Class:		4/30/19	#		14.45		0.08			1.05			1.13			(0.09	)		(1.04	)		(1.13	)		14.45	Advisor Class:		4/30/19	#		8.81	b		8.81	b		1,817			0.51	c		0.51	c		1.21	c		1.20	c		36	b
		10/31/18			14.34		0.15			0.64			0.79			(0.14	)		(0.54	)		(0.68	)		14.45			10/31/18			5.56			5.55			437			0.50			0.50			0.98			0.97			59
		10/31/17			11.77		0.13			2.80			2.93			(0.15	)		(0.21	)		(0.36	)		14.34			10/31/17			25.32			25.31			422			0.54			0.54			1.00			0.99			76
		10/31/16	‡		12.71		0.14			(0.11	)		0.03			(0.15	)		(0.82	)		(0.97	)		11.77			10/31/16	‡		0.63	b		0.59	b		102			0.43	c		0.43	c		1.31	c		1.26	c		83
Premier Class:		4/30/19	#		14.45		0.08			1.05			1.13			(0.08	)		(1.04	)		(1.12	)		14.46	Premier Class:		4/30/19	#		8.77	b		8.77	b		137,140			0.56	c		0.56	c		1.20	c		1.19	c		36	b
		10/31/18			14.35		0.14			0.63			0.77			(0.13	)		(0.54	)		(0.67	)		14.45			10/31/18			5.52			5.51			132,573			0.55			0.55			0.94			0.93			59
		10/31/17			11.77		0.13			2.80			2.93			(0.14	)		(0.21	)		(0.35	)		14.35			10/31/17			25.31			25.30			147,754			0.56			0.56			1.03			1.02			76
		10/31/16			12.51		0.14			0.09			0.23			(0.15	)		(0.82	)		(0.97	)		11.77			10/31/16			2.16			2.12			139,939			0.57			0.57			1.22			1.18			83
		10/31/15			12.96		0.12			0.65			0.77			(0.12	)		(1.10	)		(1.22	)		12.51			10/31/15			6.65			6.65			166,799			0.58			0.58			0.94			0.94			90
		10/31/14			12.65		0.11			1.63			1.74			(0.12	)		(1.31	)		(1.43	)		12.96			10/31/14			15.30			15.30			174,273			0.59			0.59			0.92			0.92			98
Retirement Class:		4/30/19	#		14.69		0.08			1.07			1.15			(0.08	)		(1.04	)		(1.12	)		14.72	Retirement Class:		4/30/19	#		8.78	b		8.78	b		537,299			0.66	c		0.66	c		1.10	c		1.09	c		36	b
		10/31/18			14.57		0.13			0.64			0.77			(0.11	)		(0.54	)		(0.65	)		14.69			10/31/18			5.39			5.38			553,819			0.65			0.65			0.83			0.83			59
		10/31/17			11.95		0.12			2.84			2.96			(0.13	)		(0.21	)		(0.34	)		14.57			10/31/17			25.14			25.13			609,643			0.66			0.66			0.92			0.91			76
		10/31/16			12.68		0.13			0.09			0.22			(0.13	)		(0.82	)		(0.95	)		11.95			10/31/16			2.11			2.07			538,718			0.67			0.67			1.12			1.08			83
		10/31/15			13.13		0.11			0.65			0.76			(0.11	)		(1.10	)		(1.21	)		12.68			10/31/15			6.45			6.45			623,557			0.68			0.68			0.84			0.84			90
		10/31/14			12.79		0.10			1.66			1.76			(0.11	)		(1.31	)		(1.42	)		13.13			10/31/14			15.26			15.26			687,630			0.69			0.69			0.82			0.82			98
Retail Class:		4/30/19	#		19.30		0.10			1.45			1.55			(0.07	)		(1.04	)		(1.11	)		19.74	Retail Class:		4/30/19	#		8.75	b		8.75	b		1,221,680			0.70	c		0.70	c		1.06	c		1.05	c		36	b
		10/31/18			18.94		0.16			0.83			0.99			(0.09	)		(0.54	)		(0.63	)		19.30			10/31/18			5.32			5.31			1,162,488			0.69			0.69			0.79			0.79			59
		10/31/17			15.43		0.15			3.68			3.83			(0.11	)		(0.21	)		(0.32	)		18.94			10/31/17			25.11			25.10			1,164,448			0.70			0.70			0.87			0.86			76
		10/31/16			16.08		0.16			0.13			0.29			(0.12	)		(0.82	)		(0.94	)		15.43			10/31/16			2.05			2.01			969,135			0.72			0.72			1.06			1.02			83
		10/31/15			16.31		0.12			0.84			0.96			(0.09	)		(1.10	)		(1.19	)		16.08			10/31/15			6.43			6.43			997,931			0.73			0.73			0.78			0.78			90
		10/31/14			15.55		0.12			2.04			2.16			(0.09	)		(1.31	)		(1.40	)		16.31			10/31/14			15.12			15.12			960,469			0.76			0.76			0.75			0.75			98
Class W:		4/30/19	#		14.45		0.12			1.04			1.16			(0.12	)		(1.04	)		(1.16	)		14.45	Class W:		4/30/19	#		9.09	b		9.09	b		3,322,900			0.41	c		0.00	c		1.75	c		1.74	c		36	b
		10/31/18	†		15.93		0.01			(1.49	)		(1.48	)		—			—			—			14.45			10/31/18	†		(9.29	)b		(9.29	)b		3,027,314			0.41	c		0.00	c		0.95	c		0.95	c		59

100 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2019 Semiannual Report 101

Financial highlights continued

TIAA-CREF Funds

				Selected per share data																																Ratios and supplemental data
						Gain (loss) from investment operations																																	Ratios to average net assets
	For the			Net asset		Net			Net realized & unrealized			Total gain			Less distributions from						Total			Net asset			For the						Total return															Net investment income (loss)
	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			period or year ended			Total return			excluding payment from affiliates		u	Net assets at end of period (in thousands		)	Gross expenses			Net expenses			Net investment income (loss		)	excluding payment from affiliates		u	Portfolio turnover rate
LARGE-CAP GROWTH FUND																										LARGE-CAP GROWTH FUND
Institutional Class:		4/30/19	#		$21.42		$0.05			$ 2.33			$ 2.38			$(0.12	)		$(2.35	)		$(2.47	)	$	21.33	Institutional Class:		4/30/19	#		13.07	%b		13.07	%b		$1,303,029			0.42	%c		0.42	%c		0.53	%c		0.52	%c		42	%b
		10/31/18			20.08		0.12			2.08			2.20			(0.10	)		(0.76	)		(0.86	)		21.42			10/31/18			11.30			11.29			1,122,258			0.41			0.41			0.55			0.55			90
		10/31/17			15.70		0.11			4.55			4.66			(0.09	)		(0.19	)		(0.28	)		20.08			10/31/17			30.19			30.18			3,589,896			0.43			0.43			0.60			0.60			94
		10/31/16			16.37		0.08			(0.15	)		(0.07	)		(0.06	)		(0.54	)		(0.60	)		15.70			10/31/16			(0.37	)		(0.40	)		2,709,979			0.43			0.43			0.51			0.49			86
		10/31/15			16.61		0.05			1.59			1.64			(0.05	)		(1.83	)		(1.88	)		16.37			10/31/15			11.14			11.14			2,518,469			0.44			0.44			0.32			0.32			80
		10/31/14			15.11		0.06			2.54			2.60			(0.06	)		(1.04	)		(1.10	)		16.61			10/31/14			18.18			18.18			2,140,596			0.46			0.46			0.37			0.37			96
Advisor Class:		4/30/19	#		21.40		0.05			2.33			2.38			(0.11	)		(2.35	)		(2.46	)		21.32	Advisor Class:		4/30/19	#		13.07	b		13.07	b		2,328			0.51	c		0.51	c		0.49	c		0.48	c		42	b
		10/31/18			20.06		0.06			2.11			2.17			(0.07	)		(0.76	)		(0.83	)		21.40			10/31/18			11.19			11.18			7,303			0.52			0.52			0.26			0.26			90
		10/31/17			15.70		0.06			4.58			4.64			(0.09	)		(0.19	)		(0.28	)		20.06			10/31/17			30.02			30.01			2,129			0.65			0.58			0.37			0.36			94
		10/31/16	‡		16.72		0.06			(0.48	)		(0.42	)		(0.06	)		(0.54	)		(0.60	)		15.70			10/31/16	‡		(2.47	)b		(2.50	)b		122			0.46	c		0.46	c		0.45	c		0.42	c		86
Premier Class:		4/30/19	#		21.37		0.04			2.33			2.37			(0.07	)		(2.35	)		(2.42	)		21.32	Premier Class:		4/30/19	#		13.03	b		13.03	b		21,852			0.57	c		0.57	c		0.39	c		0.38	c		42	b
		10/31/18			20.04		0.08			2.08			2.16			(0.07	)		(0.76	)		(0.83	)		21.37			10/31/18			11.11			11.10			19,249			0.57			0.57			0.38			0.38			90
		10/31/17			15.67		0.08			4.55			4.63			(0.07	)		(0.19	)		(0.26	)		20.04			10/31/17			30.00			29.99			44,550			0.58			0.58			0.47			0.46			94
		10/31/16			16.35		0.06			(0.16	)		(0.10	)		(0.04	)		(0.54	)		(0.58	)		15.67			10/31/16			(0.55	)		(0.58	)		43,732			0.58			0.58			0.36			0.34			86
		10/31/15			16.58		0.02			1.61			1.63			(0.03	)		(1.83	)		(1.86	)		16.35			10/31/15			11.06			11.06			37,977			0.59			0.59			0.14			0.14			80
		10/31/14			15.10		0.03			2.53			2.56			(0.04	)		(1.04	)		(1.08	)		16.58			10/31/14			17.91			17.91			9,194			0.61			0.61			0.21			0.21			96
Retirement Class:		4/30/19	#		21.27		0.03			2.31			2.34			(0.07	)		(2.35	)		(2.42	)		21.19	Retirement Class:		4/30/19	#		12.92	b		12.92	b		359,411			0.67	c		0.67	c		0.29	c		0.28	c		42	b
		10/31/18			19.94		0.05			2.08			2.13			(0.04	)		(0.76	)		(0.80	)		21.27			10/31/18			11.03			11.02			343,094			0.67			0.67			0.25			0.25			90
		10/31/17			15.58		0.06			4.53			4.59			(0.04	)		(0.19	)		(0.23	)		19.94			10/31/17			29.83			29.82			229,758			0.72			0.72			0.34			0.33			94
		10/31/16			16.28		0.03			(0.15	)		(0.12	)		(0.04	)		(0.54	)		(0.58	)		15.58			10/31/16			(0.71	)		(0.74	)		249,606			0.78			0.77			0.17			0.14			86
		10/31/15			16.52		0.01			1.58			1.59			—			(1.83	)		(1.83	)		16.28			10/31/15			10.83			10.83			145,672			0.70			0.70			0.07			0.07			80
		10/31/14			15.04		0.02			2.53			2.55			(0.03	)		(1.04	)		(1.07	)		16.52			10/31/14			17.89			17.89			102,990			0.71			0.71			0.13			0.13			96
Retail Class:		4/30/19	#		21.33		0.02			2.32			2.34			(0.05	)		(2.35	)		(2.40	)		21.27	Retail Class:		4/30/19	#		12.87	b		12.87	b		1,018,683			0.72	c		0.72	c		0.24	c		0.23	c		42	b
		10/31/18			20.00		0.05			2.08			2.13			(0.04	)		(0.76	)		(0.80	)		21.33			10/31/18			10.97			10.96			986,875			0.72			0.72			0.22			0.21			90
		10/31/17			15.63		0.05			4.55			4.60			(0.04	)		(0.19	)		(0.23	)		20.00			10/31/17			29.84			29.83			943,267			0.75			0.75			0.26			0.26			94
		10/31/16			16.31		0.03			(0.16	)		(0.13	)		(0.01	)		(0.54	)		(0.55	)		15.63			10/31/16			(0.76	)		(0.78	)		629,391			0.76			0.76			0.19			0.16			86
		10/31/15			16.55		0.00	d		1.59			1.59			—			(1.83	)		(1.83	)		16.31			10/31/15			10.81			10.81			653,677			0.78			0.78			(0.01	)		(0.01	)		80
		10/31/14			15.06		0.00	d		2.53			2.53			0.00	d		(1.04	)		(1.04	)		16.55			10/31/14			17.75			17.75			580,569			0.81			0.81			0.02			0.02			96
Class W:		4/30/19	#		21.43		0.09			2.33			2.42			(0.14	)		(2.35	)		(2.49	)		21.36	Class W:		4/30/19	#		13.31	b		13.31	b		3,003,400			0.42	c		0.00	c		0.95	c		0.94	c		42	b
		10/31/18	†		23.77		0.01			(2.35	)		(2.34	)		—			—			—			21.43			10/31/18	†		(9.84	)b		(9.84	)b		2,671,086			0.42	c		0.00	c		0.42	c		0.41	c		90

102 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2019 Semiannual Report 103

Financial highlights continued

TIAA-CREF Funds

			Selected per share data																																Ratios and supplemental data
					Gain (loss) from investment operations																																		Ratios to average net assets
	For the		Net asset		Net			Net realized & unrealized			Total gain			Less distributions from							Total			Net asset			For the					Total return																Net investment income (loss)
	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			period or year ended		Total return			excluding payment from affiliates		u		Net assets at end of period (in thousands		)	Gross expenses			Net expenses			Net investment income (loss		)	excluding payment from affiliates		u	Portfolio turnover rate
LARGE-CAP VALUE FUND																										LARGE-CAP VALUE FUND
Institutional Class:	4/30/19	#		$17.98		$0.17			$ 0.73			$ 0.90				$(0.34	)		$(1.53	)		$(1.87	)		$17.01	Institutional Class:	4/30/19	#		6.05	%b		6.05	%b			$2,315,477			0.41	%c		0.39	%c		2.12	%c		2.11	%c		69	%b
	10/31/18			19.56		0.33			(0.64	)		(0.31	)			(0.28	)		(0.99	)		(1.27	)		17.98		10/31/18			(1.84	)		(1.85	)			2,427,959			0.40			0.40			1.73			1.73			53
	10/31/17			17.31		0.30			2.73			3.03				(0.33	)		(0.45	)		(0.78	)		19.56		10/31/17			17.77			17.76				5,558,748			0.40			0.40			1.59			1.58			53
	10/31/16			17.59		0.31			0.62			0.93				(0.24	)		(0.97	)		(1.21	)		17.31		10/31/16			6.02			5.97				4,399,435			0.41			0.39			1.86			1.81			62
	10/31/15			18.64		0.24			(0.11	)		0.13				(0.33	)		(0.85	)		(1.18	)		17.59		10/31/15			0.83			0.83				4,091,753			0.42			0.41			1.35			1.35			61
	10/31/14			18.13		0.33			1.65			1.98				(0.24	)		(1.23	)		(1.47	)		18.64		10/31/14			11.78			11.78				3,734,156			0.44			0.44			1.84			1.84			49
Advisor Class:	4/30/19	#		17.97		0.17			0.72			0.89				(0.33	)		(1.53	)		(1.86	)		17.00	Advisor Class:	4/30/19	#		5.99	b		5.99	b			129			0.44	c		0.42	c		2.09	c		2.08	c		69	b
	10/31/18			19.54		0.32			(0.63	)		(0.31	)			(0.27	)		(0.99	)		(1.26	)		17.97		10/31/18			(1.85	)		(1.86	)			171			0.46			0.45			1.66			1.65			53
	10/31/17			17.31		0.28			2.72			3.00				(0.32	)		(0.45	)		(0.77	)		19.54		10/31/17			17.64			17.63				182			0.47			0.47			1.51			1.50			53
	10/31/16	‡		17.69		0.26			0.57			0.83				(0.24	)		(0.97	)		(1.21	)		17.31		10/31/16	‡		5.41	b		5.36	b			110			0.43	c		0.41	c		1.79	c		1.74	c		62
Premier Class:	4/30/19	#		17.92		0.16			0.72			0.88				(0.30	)		(1.53	)		(1.83	)		16.97	Premier Class:	4/30/19	#		5.98	b		5.98	b			185,555			0.56	c		0.54	c		1.97	c		1.96	c		69	b
	10/31/18			19.50		0.30			(0.64	)		(0.34	)			(0.25	)		(0.99	)		(1.24	)		17.92		10/31/18			(2.01	)		(2.02	)			209,131			0.55			0.55			1.56			1.56			53
	10/31/17			17.26		0.27			2.72			2.99				(0.30	)		(0.45	)		(0.75	)		19.50		10/31/17			17.59			17.58				291,951			0.55			0.55			1.46			1.45			53
	10/31/16			17.53		0.28			0.64			0.92				(0.22	)		(0.97	)		(1.19	)		17.26		10/31/16			5.93			5.89				284,476			0.56			0.54			1.72			1.68			62
	10/31/15			18.59		0.22			(0.13	)		0.09				(0.30	)		(0.85	)		(1.15	)		17.53		10/31/15			0.62			0.62				359,857			0.57			0.56			1.20			1.20			61
	10/31/14			18.09		0.30			1.65			1.95				(0.22	)		(1.23	)		(1.45	)		18.59		10/31/14			11.59			11.59				380,387			0.59			0.59			1.70			1.70			49
Retirement Class:	4/30/19	#		17.88		0.15			0.73			0.88				(0.28	)		(1.53	)		(1.81	)		16.95	Retirement Class:	4/30/19	#		5.97	b		5.97	b			656,090			0.66	c		0.64	c		1.88	c		1.87	c		69	b
	10/31/18			19.46		0.28			(0.64	)		(0.36	)			(0.23	)		(0.99	)		(1.22	)		17.88		10/31/18			(2.11	)		(2.12	)			750,194			0.65			0.65			1.46			1.46			53
	10/31/17			17.23		0.25			2.71			2.96				(0.28	)		(0.45	)		(0.73	)		19.46		10/31/17			17.46			17.45				1,007,357			0.65			0.65			1.35			1.34			53
	10/31/16			17.50		0.26			0.64			0.90				(0.20	)		(0.97	)		(1.17	)		17.23		10/31/16			5.80			5.75				920,779			0.66			0.64			1.61			1.57			62
	10/31/15			18.55		0.20			(0.12	)		0.08				(0.28	)		(0.85	)		(1.13	)		17.50		10/31/15			0.53			0.53				970,460			0.67			0.66			1.11			1.11			61
	10/31/14			18.05		0.29			1.64			1.93				(0.20	)		(1.23	)		(1.43	)		18.55		10/31/14			11.51			11.51				1,061,428			0.69			0.69			1.62			1.62			49
Retail Class:	4/30/19	#		17.22		0.14			0.69			0.83				(0.30	)		(1.53	)		(1.83	)		16.22	Retail Class:	4/30/19	#		5.88	b		5.88	b			132,351			0.72	c		0.70	c		1.81	c		1.80	c		69	b
	10/31/18			18.78		0.26			(0.61	)		(0.35	)			(0.22	)		(0.99	)		(1.21	)		17.22		10/31/18			(2.13	)		(2.14	)			130,587			0.71			0.70			1.41			1.40			53
	10/31/17			16.66		0.23			2.61			2.84				(0.27	)		(0.45	)		(0.72	)		18.78		10/31/17			17.35			17.34				147,343			0.72			0.71			1.29			1.28			53
	10/31/16			16.96		0.25			0.61			0.86				(0.19	)		(0.97	)		(1.16	)		16.66		10/31/16			5.74			5.69				132,362			0.73			0.70			1.55			1.50			62
	10/31/15			18.01		0.18			(0.11	)		0.07				(0.27	)		(0.85	)		(1.12	)		16.96		10/31/15			0.51			0.51				133,294			0.74			0.72			1.04			1.04			61
	10/31/14			17.57		0.27			1.59			1.86				(0.19	)		(1.23	)		(1.42	)		18.01		10/31/14			11.39			11.39				138,226			0.76			0.76			1.53			1.53			49
Class W:	4/30/19	#		17.98		0.20			0.74			0.94				(0.36	)		(1.53	)		(1.89	)		17.03	Class W:	4/30/19	#		6.23	b		6.23	b			2,904,419			0.41	c		0.00	c		2.49	c		2.48	c		69	b
	10/31/18	†		19.54		0.02			(1.58	)		(1.56	)			—			—			—			17.98		10/31/18	†		(7.93	)b		(7.93	)b			2,706,272			0.41	c		0.00	c		1.56	c		1.56	c		53

104 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2019 Semiannual Report 105

Financial highlights continued

TIAA-CREF Funds

			Selected per share data																																Ratios and supplemental data
					Gain (loss) from investment operations																																		Ratios to average net assets
	For the		Net asset		Net			Net realized & unrealized			Total gain			Less distributions from							Total			Net asset			For the					Total return																Net investment income (loss)
	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			period or year ended		Total return			excluding payment from affiliates		u		Net assets at end of period (in thousands		)	Gross expenses			Net expenses			Net investment income (loss		)	excluding payment from affiliates		u	Portfolio turnover rate
MID-CAP GROWTH FUND																										MID-CAP GROWTH FUND
Institutional Class:	4/30/19	#		$22.29		$0.02			$ 3.35			$ 3.37				$(0.08	)		$(2.94	)		$(3.02	)		$22.64	Institutional Class:	4/30/19	#		18.12	%b		18.12	%b			$882,946			0.48	%c		0.48	%c		0.21	%c		0.20	%c		39	%b
	10/31/18			24.00		0.09			0.46			0.55				(0.13	)		(2.13	)		(2.26	)		22.29		10/31/18			2.29			2.28				759,278			0.47			0.47			0.37			0.37			70
	10/31/17			19.07		0.14			4.89			5.03				(0.10	)		—			(0.10	)		24.00		10/31/17			26.48			26.47				912,465			0.47			0.47			0.63			0.62			71
	10/31/16			21.47		0.08			(0.77	)		(0.69	)			(0.04	)		(1.67	)		(1.71	)		19.07		10/31/16			(3.22	)		(3.24	)			787,520			0.47			0.47			0.41			0.39			69
	10/31/15			24.31		0.05			0.67			0.72				(0.11	)		(3.45	)		(3.56	)		21.47		10/31/15			3.61			3.61				948,072			0.47			0.47			0.20			0.20			104
	10/31/14			25.18		0.10			2.24			2.34				(0.06	)		(3.15	)		(3.21	)		24.31		10/31/14			10.64			10.64				896,227			0.47			0.47			0.42			0.42			104
Advisor Class:	4/30/19	#		22.28		0.02			3.35			3.37				(0.07	)		(2.94	)		(3.01	)		22.64	Advisor Class:	4/30/19	#		18.12	b		18.12	b			205			0.54	c		0.54	c		0.15	c		0.14	c		39	b
	10/31/18			23.99		0.08			0.45			0.53				(0.11	)		(2.13	)		(2.24	)		22.28		10/31/18			2.22			2.21				160			0.52			0.52			0.32			0.31			70
	10/31/17			19.07		0.12			4.90			5.02				(0.10	)		—			(0.10	)		23.99		10/31/17			26.41			26.40				160			0.54			0.54			0.55			0.54			71
	10/31/16	‡		21.70		0.07			(0.99	)		(0.92	)			(0.04	)		(1.67	)		(1.71	)		19.07		10/31/16	‡		(4.26	)b		(4.28	)b			98			0.49	c		0.49	c		0.39	c		0.36	c		69
Premier Class:	4/30/19	#		22.14		0.01			3.33			3.34				(0.05	)		(2.94	)		(2.99	)		22.49	Premier Class:	4/30/19	#		18.01	b		18.01	b			73,142			0.63	c		0.63	c		0.07	c		0.06	c		39	b
	10/31/18			23.85		0.05			0.46			0.51				(0.09	)		(2.13	)		(2.22	)		22.14		10/31/18			2.13			2.12				71,504			0.62			0.62			0.22			0.22			70
	10/31/17			18.95		0.11			4.86			4.97				(0.07	)		—			(0.07	)		23.85		10/31/17			26.30			26.29				94,517			0.62			0.62			0.50			0.49			71
	10/31/16			21.34		0.05			(0.76	)		(0.71	)			(0.01	)		(1.67	)		(1.68	)		18.95		10/31/16			(3.35	)		(3.37	)			107,194			0.62			0.62			0.27			0.25			69
	10/31/15			24.18		0.01			0.67			0.68				(0.07	)		(3.45	)		(3.52	)		21.34		10/31/15			3.44			3.44				136,135			0.62			0.62			0.05			0.05			104
	10/31/14			25.05		0.06			2.25			2.31				(0.03	)		(3.15	)		(3.18	)		24.18		10/31/14			10.48			10.48				141,798			0.62			0.62			0.27			0.27			104
Retirement Class:	4/30/19	#		21.63		0.00	d		3.24			3.24				(0.02	)		(2.94	)		(2.96	)		21.91	Retirement Class:	4/30/19	#		17.98	b		17.98	b			381,656			0.73	c		0.73	c		(0.04	)c		(0.05	)c		39	b
	10/31/18			23.35		0.03			0.45			0.48				(0.07	)		(2.13	)		(2.20	)		21.63		10/31/18			2.04			2.03				352,638			0.72			0.72			0.12			0.11			70
	10/31/17			18.55		0.08			4.77			4.85				(0.05	)		—			(0.05	)		23.35		10/31/17			26.20			26.19				401,947			0.72			0.72			0.39			0.38			71
	10/31/16			20.94		0.03			(0.75	)		(0.72	)			—			(1.67	)		(1.67	)		18.55		10/31/16			(3.48	)		(3.50	)			367,160			0.72			0.72			0.16			0.14			69
	10/31/15			23.79		(0.01	)		0.66			0.65				(0.05	)		(3.45	)		(3.50	)		20.94		10/31/15			3.32			3.32				470,864			0.72			0.72			(0.04	)		(0.04	)		104
	10/31/14			24.70		0.04			2.20			2.24				0.00	d		(3.15	)		(3.15	)		23.79		10/31/14			10.40			10.40				510,331			0.72			0.72			0.17			0.17			104
Retail Class:	4/30/19	#		21.60		(0.01	)		3.25			3.24				(0.01	)		(2.94	)		(2.95	)		21.89	Retail Class:	4/30/19	#		17.98	b		17.98	b			209,289			0.78	c		0.78	c		(0.09	)c		(0.10	)c		39	b
	10/31/18			23.32		0.01			0.46			0.47				(0.06	)		(2.13	)		(2.19	)		21.60		10/31/18			1.99			1.98				179,846			0.77			0.77			0.06			0.05			70
	10/31/17			18.53		0.06			4.77			4.83				(0.04	)		—			(0.04	)		23.32		10/31/17			26.10			26.09				181,568			0.80			0.80			0.30			0.29			71
	10/31/16			20.93		0.02			(0.75	)		(0.73	)			—			(1.67	)		(1.67	)		18.53		10/31/16			(3.54	)		(3.56	)			154,928			0.78			0.78			0.10			0.08			69
	10/31/15			23.78		(0.02	)		0.65			0.63				(0.03	)		(3.45	)		(3.48	)		20.93		10/31/15			3.27			3.27				180,387			0.78			0.78			(0.11	)		(0.11	)		104
	10/31/14			24.71		0.02			2.20			2.22				—			(3.15	)		(3.15	)		23.78		10/31/14			10.29			10.29				181,627			0.79			0.79			0.10			0.10			104

106 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2019 Semiannual Report 107

Financial highlights continued

TIAA-CREF Funds

			Selected per share data																															Ratios and supplemental data
					Gain (loss) from investment operations																																Ratios to average net assets
								Net realized															Net								Total															Net investment
	For the		Net asset		Net			& unrealized			Total gain			Less distributions from						Total			asset			For the					return															income (loss)
	period		value,		investment			gain (loss)			(loss) from			Net			Net			dividends			value,			period					excluding			Net assets at									Net			excluding			Portfolio
	or year		beginning		income			on total			investment			investment			realized			and			end of			or year		Total			payment from			end of period			Gross			Net			investment			payment from			turnover
	ended		of period		(loss		)a	investments			operations			income			gains			distributions			period			ended		return			affiliates		u	(in thousands		)	expenses			expenses			income (loss		)	affiliates		u	rate
MID-CAP VALUE FUND																									MID-CAP VALUE FUND
Institutional Class:	4/30/19	#		$22.30		$0.24			$ 1.07			$ 1.31			$(0.41	)		$(2.79	)		$(3.20	)		$20.41	Institutional Class:	4/30/19	#		7.38	%b		7.38	%b		$2,194,739			0.43	%c		0.39	%c		2.48	%c		2.47	%c		49	%b
	10/31/18			24.81		0.39			(0.83	)		(0.44	)		(0.40	)		(1.67	)		(2.07	)		22.30		10/31/18			(2.12	)		(2.13	)		2,312,195			0.42			0.39			1.62			1.62			25
	10/31/17			22.16		0.37			3.34			3.71			(0.41	)		(0.65	)		(1.06	)		24.81		10/31/17			17.03			17.03			2,926,270			0.41			0.39			1.57			1.56			26
	10/31/16			23.57		0.37			0.61			0.98			(0.33	)		(2.06	)		(2.39	)		22.16		10/31/16			5.21			5.17			3,225,705			0.41			0.37			1.74			1.70			43
	10/31/15			24.98		0.33			(0.27	)		0.06			(0.35	)		(1.12	)		(1.47	)		23.57		10/31/15			0.27			0.27			3,357,973			0.42			0.39			1.34			1.34			39
	10/31/14			23.44		0.33			2.92			3.25			(0.29	)		(1.42	)		(1.71	)		24.98		10/31/14			14.91			14.91			3,186,049			0.44			0.43			1.37			1.37			28
Advisor Class:	4/30/19	#		22.28		0.15			1.15			1.30			(0.39	)		(2.79	)		(3.18	)		20.40	Advisor Class:	4/30/19	#		7.34	b		7.34	b		641			0.52	c		0.48	c		1.62	c		1.61	c		49	b
	10/31/18			24.77		0.36			(0.81	)		(0.45	)		(0.37	)		(1.67	)		(2.04	)		22.28		10/31/18			(2.17	)		(2.18	)		372			0.51			0.48			1.53			1.52			25
	10/31/17			22.15		0.32			3.35			3.67			(0.40	)		(0.65	)		(1.05	)		24.77		10/31/17			16.87			16.87			330			0.56			0.53			1.35			1.35			26
	10/31/16	‡		23.48		0.31			0.75			1.06			(0.33	)		(2.06	)		(2.39	)		22.15		10/31/16	‡		5.56	b		5.52	b		141			0.43	c		0.40	c		1.63	c		1.58	c		43
Premier Class:	4/30/19	#		22.24		0.15			1.13			1.28			(0.36	)		(2.79	)		(3.15	)		20.37	Premier Class:	4/30/19	#		7.27	b		7.27	b		188,004			0.58	c		0.54	c		1.57	c		1.56	c		49	b
	10/31/18			24.73		0.35			(0.81	)		(0.46	)		(0.36	)		(1.67	)		(2.03	)		22.24		10/31/18			(2.21	)		(2.22	)		207,370			0.57			0.54			1.46			1.45			25
	10/31/17			22.10		0.34			3.31			3.65			(0.37	)		(0.65	)		(1.02	)		24.73		10/31/17			16.81			16.81			320,095			0.56			0.54			1.42			1.41			26
	10/31/16			23.51		0.34			0.61			0.95			(0.30	)		(2.06	)		(2.36	)		22.10		10/31/16			5.09			5.05			368,739			0.56			0.52			1.61			1.57			43
	10/31/15			24.91		0.29			(0.26	)		0.03			(0.31	)		(1.12	)		(1.43	)		23.51		10/31/15			0.10			0.10			394,843			0.57			0.54			1.20			1.20			39
	10/31/14			23.38		0.30			2.91			3.21			(0.26	)		(1.42	)		(1.68	)		24.91		10/31/14			14.73			14.73			424,326			0.59			0.58			1.27			1.27			28
Retirement Class:	4/30/19	#		22.14		0.14			1.13			1.27			(0.34	)		(2.79	)		(3.13	)		20.28	Retirement Class:	4/30/19	#		7.22	b		7.22	b		670,505			0.68	c		0.64	c		1.47	c		1.46	c		49	b
	10/31/18			24.63		0.32			(0.81	)		(0.49	)		(0.33	)		(1.67	)		(2.00	)		22.14		10/31/18			(2.33	)		(2.34	)		716,431			0.67			0.64			1.37			1.36			25
	10/31/17			22.01		0.31			3.31			3.62			(0.35	)		(0.65	)		(1.00	)		24.63		10/31/17			16.73			16.73			978,517			0.66			0.64			1.30			1.30			26
	10/31/16			23.41		0.32			0.61			0.93			(0.27	)		(2.06	)		(2.33	)		22.01		10/31/16			4.97			4.93			1,031,502			0.66			0.62			1.49			1.46			43
	10/31/15			24.81		0.27			(0.28	)		(0.01	)		(0.27	)		(1.12	)		(1.39	)		23.41		10/31/15			0.00			0.00			1,096,242			0.67			0.64			1.10			1.10			39
	10/31/14			23.29		0.27			2.91			3.18			(0.24	)		(1.42	)		(1.66	)		24.81		10/31/14			14.62			14.62			1,244,449			0.69			0.68			1.16			1.16			28
Retail Class:	4/30/19	#		21.70		0.14			1.10			1.24			(0.34	)		(2.79	)		(3.13	)		19.81	Retail Class:	4/30/19	#		7.23	b		7.23	b		244,563			0.73	c		0.69	c		1.43	c		1.42	c		49	b
	10/31/18			24.19		0.31			(0.81	)		(0.50	)		(0.32	)		(1.67	)		(1.99	)		21.70		10/31/18			(2.40	)		(2.41	)		243,079			0.72			0.69			1.32			1.31			25
	10/31/17			21.63		0.29			3.26			3.55			(0.34	)		(0.65	)		(0.99	)		24.19		10/31/17			16.70			16.70			286,550			0.71			0.68			1.25			1.25			26
	10/31/16			23.05		0.30			0.60			0.90			(0.26	)		(2.06	)		(2.32	)		21.63		10/31/16			4.90			4.86			276,022			0.71			0.67			1.45			1.41			43
	10/31/15			24.46		0.25			(0.26	)		(0.01	)		(0.28	)		(1.12	)		(1.40	)		23.05		10/31/15			(0.02	)		(0.02	)		296,484			0.71			0.69			1.05			1.05			39
	10/31/14			22.98		0.25			2.86			3.11			(0.21	)		(1.42	)		(1.63	)		24.46		10/31/14			14.52			14.52			308,362			0.75			0.74			1.08			1.08			28
QUANT LARGE-CAP GROWTH FUND																									QUANT LARGE-CAP GROWTH FUND
Institutional Class:	4/30/19	#		14.26		0.08			1.23			1.31			(0.17	)		(1.02	)		(1.19	)		14.38	Institutional Class:	4/30/19	#		10.41	b		10.41	b		186,483			0.33	c		0.33	c		1.15	c		1.15	c		50	b
	10/31/18			13.90		0.16			1.10			1.26			(0.16	)		(0.74	)		(0.90	)		14.26		10/31/18			9.45			9.45			166,416			0.32			0.30			1.12			1.12			84
	10/31/17			11.14		0.16			3.07			3.23			(0.18	)		(0.29	)		(0.47	)		13.90		10/31/17			29.96			29.96			2,578,820			0.33			0.33			1.27			1.27			91
	10/31/16			12.12		0.16			0.10			0.26			(0.13	)		(1.11	)		(1.24	)		11.14		10/31/16			2.68			2.68			2,047,308			0.34			0.34			1.44			1.44			121
	10/31/15			12.19		0.12			0.98			1.10			(0.14	)		(1.03	)		(1.17	)		12.12		10/31/15			10.08			10.08			2,008,644			0.34			0.34			1.06			1.06			112
	10/31/14			11.53		0.14			1.44			1.58			(0.12	)		(0.80	)		(0.92	)		12.19		10/31/14			14.75			14.75			1,785,221			0.35			0.35			1.22			1.22			105
Advisor Class:	4/30/19	#		14.26		0.07			1.23			1.30			(0.14	)		(1.02	)		(1.16	)		14.40	Advisor Class:	4/30/19	#		10.36	b		10.36	b		1,223			0.41	c		0.41	c		1.13	c		1.13	c		50	b
	10/31/18			13.89		0.15			1.11			1.26			(0.15	)		(0.74	)		(0.89	)		14.26		10/31/18			9.47			9.47			1,551			0.43			0.41			1.04			1.04			84
	10/31/17			11.14		0.14			3.08			3.22			(0.18	)		(0.29	)		(0.47	)		13.89		10/31/17			29.86			29.86			891			0.43			0.42			1.10			1.10			91
	10/31/16	‡		12.28		0.14			(0.04	)		0.10			(0.13	)		(1.11	)		(1.24	)		11.14		10/31/16	‡		1.32	b		1.32	b		103			0.36	c		0.36	c		1.38	c		1.38	c		121
Class W:	4/30/19	#		14.26		0.10			1.23			1.33			(0.18	)		(1.02	)		(1.20	)		14.39	Class W:	4/30/19	#		10.58	b		10.58	b		2,629,834			0.32	c		0.00	c		1.48	c		1.48	c		50	b
	10/31/18	†		15.65		0.01			(1.40	)		(1.39	)		—			—			—			14.26		10/31/18	†		(8.88	)b		(8.88	)b		2,358,591			0.32	c		0.00	c		0.74	c		0.74	c		84

108 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2019 Semiannual Report 109

Financial highlights continued

TIAA-CREF Funds

		Selected per share data
					Gain (loss) from investment operations																										Ratios and supplemental data
								Net realized															Net
	For the		Net asset		Net			& unrealized			Total gain			Less distributions from						Total			asset			For the
	period		value,		investment			gain (loss)			(loss) from			Net			Net			dividends			value,			period					Net assets at		Ratios to average net assets									Portfolio
	or year		beginning		income			on total			investment			investment			realized			and			end of			or year					end of period		Gross			Net			Net investment			turnover
	ended		of period		(loss		)a	investments			operations			income			gains			distributions			period			ended		Total return			(in thousands)		expenses			expenses			income (loss)			rate
QUANT LARGE-CAP VALUE FUND																									QUANT LARGE-CAP VALUE FUND
Institutional Class:	4/30/19	#		$10.04		$0.14			$ 0.46			$ 0.60			$(0.23	)		$(0.24	)		$(0.47	)		$10.17	Institutional Class:	4/30/19	#		6.37	%b		$     96,358		0.32	%c		0.32	%c		2.81	%c		62	%b
	10/31/18			10.57		0.24			(0.08	)		0.16			(0.21	)		(0.48	)		(0.69	)		10.04		10/31/18			1.36			119,598		0.32			0.30			2.28			84
	10/31/17			9.61		0.20			1.48			1.68			(0.22	)		(0.50	)		(0.72	)		10.57		10/31/17			18.04			2,476,119		0.33			0.33			2.03			99
	10/31/16			10.12		0.21			0.14			0.35			(0.23	)		(0.63	)		(0.86	)		9.61		10/31/16			4.10			2,031,032		0.34			0.34			2.24			149
	10/31/15			11.18		0.23			(0.11	)		0.12			(0.18	)		(1.00	)		(1.18	)		10.12		10/31/15			1.34			1,894,653		0.35			0.35			2.26			89
	10/31/14			10.64		0.17			1.23			1.40			(0.16	)		(0.70	)		(0.86	)		11.18		10/31/14			14.29			1,723,933		0.35			0.35			1.63			91
Advisor Class:	4/30/19	#		10.02		0.11			0.48			0.59			(0.23	)		(0.24	)		(0.47	)		10.14	Advisor Class:	4/30/19	#		6.25	b		5,716		0.42	c		0.42	c		2.32	c		62	b
	10/31/18			10.56		0.19			(0.05	)		0.14			(0.20	)		(0.48	)		(0.68	)		10.02		10/31/18			1.18			5,706		0.39			0.37			1.88			84
	10/31/17			9.61		0.20			1.47			1.67			(0.22	)		(0.50	)		(0.72	)		10.56		10/31/17			17.92			135		0.40			0.40			1.96			99
	10/31/16	‡		10.18		0.20			0.09			0.29			(0.23	)		(0.63	)		(0.86	)		9.61		10/31/16	‡		3.47	b		106		0.36	c		0.36	c		2.38	c		149
Class W:	4/30/19	#		10.05		0.13			0.48			0.61			(0.24	)		(0.24	)		(0.48	)		10.18	Class W:	4/30/19	#		6.46	b		2,534,350		0.32	c		0.00	c		2.73	c		62	b
	10/31/18	†		10.64		0.01			(0.60	)		(0.59	)		—			—			—			10.05		10/31/18	†		(5.55	)b		2,415,023		0.32	c		0.00	c		1.65	c		84
QUANT SMALL-CAP EQUITY FUND																									QUANT SMALL-CAP EQUITY FUND
Institutional Class:	4/30/19	#		18.77		0.07			0.83			0.90			(0.14	)		(2.75	)		(2.89	)		16.78	Institutional Class:	4/30/19	#		6.61	b		1,641,438		0.42	c		0.40	c		0.87	c		40	b
	10/31/18			20.69		0.14			0.06			0.20			(0.16	)		(1.96	)		(2.12	)		18.77		10/31/18			0.85			1,728,014		0.41			0.40			0.69			87
	10/31/17			16.64		0.16			4.53			4.69			(0.17	)		(0.47	)		(0.64	)		20.69		10/31/17			28.64			2,804,889		0.41			0.41			0.82			81
	10/31/16			17.62		0.16			0.22			0.38			(0.13	)		(1.23	)		(1.36	)		16.64		10/31/16			2.59			2,102,479		0.42			0.42			1.01			86
	10/31/15			19.70		0.13			0.55			0.68			(0.14	)		(2.62	)		(2.76	)		17.62		10/31/15			4.32			2,050,241		0.42			0.42			0.73			89
	10/31/14			19.79		0.15			1.53			1.68			(0.16	)		(1.61	)		(1.77	)		19.70		10/31/14			9.40			1,831,047		0.45			0.44			0.81			94
Advisor Class:	4/30/19	#		18.75		0.07			0.82			0.89			(0.12	)		(2.75	)		(2.87	)		16.77	Advisor Class:	4/30/19	#		6.58	b		1,139		0.51	c		0.49	c		0.81	c		40	b
	10/31/18			20.67		0.11			0.08			0.19			(0.15	)		(1.96	)		(2.11	)		18.75		10/31/18			0.84			2,770		0.48			0.47			0.58			87
	10/31/17			16.63		0.13			4.55			4.68			(0.17	)		(0.47	)		(0.64	)		20.67		10/31/17			28.51			2,611		0.48			0.48			0.70			81
	10/31/16	‡		18.05		0.10			(0.16	)		(0.06	)		(0.13	)		(1.23	)		(1.36	)		16.63		10/31/16	‡		0.07	b		508		0.47	c		0.47	c		0.67	c		86
Premier Class:	4/30/19	#		18.64		0.06			0.82			0.88			(0.10	)		(2.75	)		(2.85	)		16.67	Premier Class:	4/30/19	#		6.56	b		148,219		0.57	c		0.55	c		0.71	c		40	b
	10/31/18			20.57		0.10			0.06			0.16			(0.13	)		(1.96	)		(2.09	)		18.64		10/31/18			0.68			152,816		0.56			0.55			0.51			87
	10/31/17			16.54		0.13			4.52			4.65			(0.15	)		(0.47	)		(0.62	)		20.57		10/31/17			28.46			180,112		0.56			0.56			0.70			81
	10/31/16			17.53		0.14			0.21			0.35			(0.11	)		(1.23	)		(1.34	)		16.54		10/31/16			2.38			171,546		0.57			0.57			0.91			86
	10/31/15			19.62		0.11			0.55			0.66			(0.13	)		(2.62	)		(2.75	)		17.53		10/31/15			4.19			182,699		0.57			0.57			0.60			89
	10/31/14			19.74		0.13			1.51			1.64			(0.15	)		(1.61	)		(1.76	)		19.62		10/31/14			9.19			188,209		0.60			0.59			0.69			94
Retirement Class:	4/30/19	#		18.27		0.05			0.80			0.85			(0.08	)		(2.75	)		(2.83	)		16.29	Retirement Class:	4/30/19	#		6.51	b		492,863		0.67	c		0.65	c		0.62	c		40	b
	10/31/18			20.20		0.08			0.06			0.14			(0.11	)		(1.96	)		(2.07	)		18.27		10/31/18			0.60			527,678		0.66			0.65			0.40			87
	10/31/17			16.26		0.11			4.43			4.54			(0.13	)		(0.47	)		(0.60	)		20.20		10/31/17			28.29			641,915		0.66			0.66			0.58			81
	10/31/16			17.25		0.12			0.21			0.33			(0.09	)		(1.23	)		(1.32	)		16.26		10/31/16			2.30			541,420		0.67			0.67			0.77			86
	10/31/15			19.36		0.09			0.54			0.63			(0.12	)		(2.62	)		(2.74	)		17.25		10/31/15			4.09			545,870		0.67			0.67			0.49			89
	10/31/14			19.51		0.11			1.49			1.60			(0.14	)		(1.61	)		(1.75	)		19.36		10/31/14			9.08			527,052		0.70			0.69			0.57			94
Retail Class:	4/30/19	#		18.08		0.05			0.78			0.83			(0.08	)		(2.75	)		(2.83	)		16.08	Retail Class:	4/30/19	#		6.45	b		140,293		0.72	c		0.67	c		0.59	c		40	b
	10/31/18			20.00		0.07			0.07			0.14			(0.10	)		(1.96	)		(2.06	)		18.08		10/31/18			0.62			146,385		0.71			0.67			0.38			87
	10/31/17			16.11		0.10			4.39			4.49			(0.13	)		(0.47	)		(0.60	)		20.00		10/31/17			28.19			169,753		0.71			0.71			0.53			81
	10/31/16			17.10		0.11			0.21			0.32			(0.08	)		(1.23	)		(1.31	)		16.11		10/31/16			2.26			125,084		0.73			0.73			0.69			86
	10/31/15			19.22		0.07			0.54			0.61			(0.11	)		(2.62	)		(2.73	)		17.10		10/31/15			4.01			110,670		0.75			0.75			0.42			89
	10/31/14			19.39		0.09			1.48			1.57			(0.13	)		(1.61	)		(1.74	)		19.22		10/31/14			8.98			104,321		0.79			0.78			0.48			94
Class W:	4/30/19	#		18.77		0.10			0.84			0.94			(0.16	)		(2.75	)		(2.91	)		16.80	Class W:	4/30/19	#		6.86	b		737,667		0.42	c		0.00	c		1.26	c		40	b
	10/31/18	†		20.86		(0.00	)d		(2.09	)		(2.09	)		—			—			—			18.77		10/31/18	†		(10.02	)b		794,946		0.41	c		0.00	c		(0.30	)c		87

110 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2019 Semiannual Report 111

Financial highlights continued

TIAA-CREF Funds

			Selected per share data
					Gain (loss) from investment operations																										Ratios and supplemental data
								Net realized															Net
	For the		Net asset		Net			& unrealized			Total gain			Less distributions from						Total			asset			For the
	period		value,		investment			gain (loss)			(loss) from			Net			Net			dividends			value,			period					Net assets at			Ratios to average net assets									Portfolio
	or year		beginning		income			on total			investment			investment			realized			and			end of			or year					end of period			Gross			Net			Net investment			turnover
	ended		of period		(loss		)a	investments			operations			income			gains			distributions			period			ended		Total return			(in thousands		)	expenses			expenses			income (loss)			rate
QUANT SMALL/MID-CAP EQUITY FUND																									QUANT SMALL/MID-CAP EQUITY FUND
Institutional Class:	4/30/19	#		$12.43		$0.05			$0.97			$1.02			$(0.10	)		$(1.23	)		$(1.33	)		$12.12	Institutional Class:	4/30/19	#		9.67	%b		$    38,009			0.51	%c		0.51	%c		0.82	%c		36	%b
	10/31/18			12.38		0.13			0.60			0.73			(0.13	)		(0.55	)		(0.68	)		12.43		10/31/18			6.02			34,106			0.50			0.50			1.01			64
	10/31/17			9.63		0.10			2.67			2.77			(0.02	)		—			(0.02	)		12.38		10/31/17			28.83			666,876			0.50			0.50			0.86			84
	10/31/16	§		10.00		0.00	d		(0.37	)		(0.37	)		—			—			—			9.63		10/31/16	§		(3.70	)b		370,391			1.58	c		0.53	c		0.18	c		2	b
Advisor Class:	4/30/19	#		12.44		0.05			0.96			1.01			(0.09	)		(1.23	)		(1.32	)		12.13	Advisor Class:	4/30/19	#		9.56	b		1,509			0.54	c		0.54	c		0.86	c		36	b
	10/31/18			12.37		0.07			0.68			0.75			(0.13	)		(0.55	)		(0.68	)		12.44		10/31/18			6.19			1,789			0.57			0.57			0.54			64
	10/31/17			9.62		0.10			2.67			2.77			(0.02	)		—			(0.02	)		12.37		10/31/17			28.81			1,290			0.50			0.50			0.87			84
	10/31/16	§		10.00		0.02			(0.40	)		(0.38	)		—			—			—			9.62		10/31/16	§		(3.80	)b		967			2.08	c		0.68	c		0.64	c		2	b
Premier Class:	4/30/19	#		12.41		0.04			0.96			1.00			(0.08	)		(1.23	)		(1.31	)		12.10	Premier Class:	4/30/19	#		9.50	b		1,210			0.66	c		0.66	c		0.69	c		36	b
	10/31/18			12.36		0.09			0.62			0.71			(0.11	)		(0.55	)		(0.66	)		12.41		10/31/18			5.89			1,241			0.66			0.66			0.74			64
	10/31/17			9.62		0.08			2.68			2.76			(0.02	)		—			(0.02	)		12.36		10/31/17			28.68			1,236			0.64			0.64			0.73			84
	10/31/16	§		10.00		0.02			(0.40	)		(0.38	)		—			—			—			9.62		10/31/16	§		(3.80	)b		962			2.27	c		0.68	c		0.64	c		2	b
Retirement Class:	4/30/19	#		12.39		0.03			0.96			0.99			(0.07	)		(1.23	)		(1.30	)		12.08	Retirement Class:	4/30/19	#		9.44	b		12,309			0.76	c		0.76	c		0.58	c		36	b
	10/31/18			12.34		0.07			0.63			0.70			(0.10	)		(0.55	)		(0.65	)		12.39		10/31/18			5.83			10,728			0.76			0.76			0.57			64
	10/31/17			9.62		0.06			2.68			2.74			(0.02	)		—			(0.02	)		12.34		10/31/17			28.47			4,945			0.75			0.75			0.57			84
	10/31/16	§		10.00		0.01			(0.39	)		(0.38	)		—			—			—			9.62		10/31/16	§		(3.80	)b		1,165			2.35	c		0.78	c		0.52	c		2	b
Retail Class:	4/30/19	#		12.37		0.03			0.96			0.99			(0.06	)		(1.23	)		(1.29	)		12.07	Retail Class:	4/30/19	#		9.40	b		5,831			0.89	c		0.89	c		0.46	c		36	b
	10/31/18			12.32		0.06			0.63			0.69			(0.09	)		(0.55	)		(0.64	)		12.37		10/31/18			5.77			5,699			0.88			0.87			0.48			64
	10/31/17			9.62		0.05			2.66			2.71			(0.01	)		—			(0.01	)		12.32		10/31/17			28.21			3,291			0.88			0.88			0.44			84
	10/31/16	§		10.00		0.01			(0.39	)		(0.38	)		—			—			—			9.62		10/31/16	§		(3.80	)b		1,127			3.15	c		0.92	c		0.38	c		2	b
Class W:	4/30/19	#		12.44		0.08			0.95			1.03			(0.11	)		(1.23	)		(1.34	)		12.13	Class W:	4/30/19	#		9.83	b		641,788			0.51	c		0.00	c		1.33	c		36	b
	10/31/18	†		13.81		(0.00	)d		(1.37	)		(1.37	)		—			—			—			12.44		10/31/18	†		(9.92	)b		593,204			0.52	c		0.00	c		(0.12	)c		64
SOCIAL CHOICE EQUITY FUND																									SOCIAL CHOICE EQUITY FUND
Institutional Class:	4/30/19	#		19.40		0.17			1.57			1.74			(0.31	)		(1.32	)		(1.63	)		19.51	Institutional Class:	4/30/19	#		10.04	b		3,243,765			0.18	c		0.18	c		1.85	c		9	b
	10/31/18			19.19		0.33			0.65			0.98			(0.31	)		(0.46	)		(0.77	)		19.40		10/31/18			5.17			2,595,050			0.17			0.17			1.69			29
	10/31/17			16.55		0.33			3.44			3.77			(0.39	)		(0.74	)		(1.13	)		19.19		10/31/17			23.79			1,908,430			0.18			0.18			1.87			14
	10/31/16			16.71		0.33			0.36			0.69			(0.30	)		(0.55	)		(0.85	)		16.55		10/31/16			4.52			1,443,910			0.19			0.19			2.08			16
	10/31/15			16.91		0.30			(0.07	)		0.23			(0.24	)		(0.19	)		(0.43	)		16.71		10/31/15			1.42			1,365,668			0.18			0.18			1.80			17
	10/31/14			15.08		0.27			1.92			2.19			(0.22	)		(0.14	)		(0.36	)		16.91		10/31/14			14.82			1,284,871			0.18			0.18			1.72			7
Advisor Class:	4/30/19	#		19.39		0.16			1.56			1.72			(0.30	)		(1.32	)		(1.62	)		19.49	Advisor Class:	4/30/19	#		9.94	b		20,420			0.24	c		0.24	c		1.77	c		9	b
	10/31/18			19.18		0.33			0.64			0.97			(0.30	)		(0.46	)		(0.76	)		19.39		10/31/18			5.15			12,595			0.22			0.22			1.64			29
	10/31/17			16.54		0.31			3.46			3.77			(0.39	)		(0.74	)		(1.13	)		19.18		10/31/17			23.79			8,718			0.21			0.21			1.74			14
	10/31/16	‡		16.78		0.29			0.32			0.61			(0.30	)		(0.55	)		(0.85	)		16.54		10/31/16	‡		4.01	b		159			0.21	c		0.21	c		2.02	c		16
Premier Class:	4/30/19	#		19.33		0.15			1.55			1.70			(0.28	)		(1.32	)		(1.60	)		19.43	Premier Class:	4/30/19	#		9.87	b		118,594			0.33	c		0.33	c		1.70	c		9	b
	10/31/18			19.11		0.30			0.66			0.96			(0.28	)		(0.46	)		(0.74	)		19.33		10/31/18			5.07			91,623			0.33			0.33			1.54			29
	10/31/17			16.49		0.31			3.42			3.73			(0.37	)		(0.74	)		(1.11	)		19.11		10/31/17			23.58			70,679			0.33			0.33			1.75			14
	10/31/16			16.65		0.31			0.35			0.66			(0.27	)		(0.55	)		(0.82	)		16.49		10/31/16			4.37			80,487			0.34			0.34			1.93			16
	10/31/15			16.86		0.28			(0.08	)		0.20			(0.22	)		(0.19	)		(0.41	)		16.65		10/31/15			1.22			77,865			0.32			0.32			1.66			17
	10/31/14			15.03		0.25			1.91			2.16			(0.19	)		(0.14	)		(0.33	)		16.86		10/31/14			14.70			95,987			0.33			0.33			1.58			7
Retirement Class:	4/30/19	#		19.67		0.15			1.58			1.73			(0.26	)		(1.32	)		(1.58	)		19.82	Retirement Class:	4/30/19	#		9.83	b		570,242			0.43	c		0.43	c		1.60	c		9	b
	10/31/18			19.44		0.29			0.66			0.95			(0.26	)		(0.46	)		(0.72	)		19.67		10/31/18			4.96			476,339			0.42			0.42			1.44			29
	10/31/17			16.75		0.29			3.49			3.78			(0.35	)		(0.74	)		(1.09	)		19.44		10/31/17			23.50			393,452			0.43			0.43			1.63			14
	10/31/16			16.90		0.30			0.35			0.65			(0.25	)		(0.55	)		(0.80	)		16.75		10/31/16			4.23			329,659			0.44			0.44			1.83			16
	10/31/15			17.10		0.26			(0.08	)		0.18			(0.19	)		(0.19	)		(0.38	)		16.90		10/31/15			1.13			342,134			0.43			0.43			1.56			17
	10/31/14			15.24		0.24			1.94			2.18			(0.18	)		(0.14	)		(0.32	)		17.10		10/31/14			14.59			387,327			0.43			0.43			1.48			7
Retail Class:	4/30/19	#		17.40		0.13			1.38			1.51			(0.26	)		(1.32	)		(1.58	)		17.33	Retail Class:	4/30/19	#		9.82	b		458,555			0.45	c		0.45	c		1.59	c		9	b
	10/31/18			17.28		0.25			0.59			0.84			(0.26	)		(0.46	)		(0.72	)		17.40		10/31/18			4.93			447,785			0.45			0.45			1.42			29
	10/31/17			14.98		0.26			3.10			3.36			(0.32	)		(0.74	)		(1.06	)		17.28		10/31/17			23.46			464,729			0.46			0.46			1.60			14
	10/31/16			15.21		0.27			0.31			0.58			(0.26	)		(0.55	)		(0.81	)		14.98		10/31/16			4.20			427,545			0.46			0.46			1.83			16
	10/31/15			15.45		0.24			(0.08	)		0.16			(0.21	)		(0.19	)		(0.40	)		15.21		10/31/15			1.12			915,697			0.44			0.44			1.54			17
	10/31/14			13.80		0.21			1.76			1.97			(0.18	)		(0.14	)		(0.32	)		15.45		10/31/14			14.58			917,583			0.46			0.46			1.42			7

112 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2019 Semiannual Report 113

Financial highlights continued

TIAA-CREF Funds

			Selected per share data
					Gain (loss) from investment operations																										Ratios and supplemental data
								Net realized															Net
	For the		Net asset		Net			& unrealized			Total gain			Less distributions from						Total			asset			For the
	period		value,		investment			gain (loss)			(loss) from			Net			Net			dividends			value,			period					Net assets at			Ratios to average net assets									Portfolio
	or year		beginning		income			on total			investment			investment			realized			and			end of			or year					end of period			Gross			Net			Net investment			turnover
	ended		of period		(loss		)a	investments			operations			income			gains			distributions			period			ended		Total return			(in thousands		)	expenses			expenses			income (loss)			rate
SOCIAL CHOICE LOW CARBON EQUITY FUND																									SOCIAL CHOICE LOW CARBON EQUITY FUND
Institutional Class:	4/30/19	#		$12.77		$0.11			$1.01			$1.12			$(0.19	)		$(0.51	)		$(0.70	)	$	13.19	Institutional Class:	4/30/19	#		9.39	%b		$  92,307			0.43	%c		0.32	%c		1.71	%c		10	%b
	10/31/18			12.50		0.20			0.36			0.56			(0.17	)		(0.12	)		(0.29	)		12.77		10/31/18			4.54			77,376			0.53			0.32			1.50			45
	10/31/17			10.35		0.20			2.27			2.47			(0.24	)		(0.08	)		(0.32	)		12.50		10/31/17			24.33			62,732			0.62			0.32			1.72			16
	10/31/16			9.92		0.23			0.25			0.48			(0.05	)		(0.00	)d		(0.05	)		10.35		10/31/16			4.92			36,694			0.65			0.32			2.31			83
	10/31/15	^		10.00		0.03			(0.11	)		(0.08	)		—			—			—			9.92		10/31/15	^		(0.80	)b		28,426			3.77	c		0.32	c		1.57	c		1	b
Advisor Class:	4/30/19	#		12.77		0.10			1.01			1.11			(0.18	)		(0.51	)		(0.69	)		13.19	Advisor Class:	4/30/19	#		9.29	b		782			0.50	c		0.39	c		1.61	c		10	b
	10/31/18			12.49		0.18			0.38			0.56			(0.16	)		(0.12	)		(0.28	)		12.77		10/31/18			4.54			344			0.62			0.41			1.40			45
	10/31/17			10.35		0.19			2.27			2.46			(0.24	)		(0.08	)		(0.32	)		12.49		10/31/17			24.21			190			0.71			0.40			1.66			16
	10/31/16	‡		10.01		0.21			0.18			0.39			(0.05	)		(0.00	)d		(0.05	)		10.35		10/31/16	‡		3.94	b		117			0.67	c		0.34	c		2.37	c		83
Premier Class:	4/30/19	#		12.79		0.09			1.03			1.12			(0.17	)		(0.51	)		(0.68	)		13.23	Premier Class:	4/30/19	#		9.38	b		2,157			0.58	c		0.47	c		1.52	c		10	b
	10/31/18			12.51		0.18			0.38			0.56			(0.16	)		(0.12	)		(0.28	)		12.79		10/31/18			4.46			714			0.69			0.47			1.34			45
	10/31/17			10.34		0.18			2.27			2.45			(0.20	)		(0.08	)		(0.28	)		12.51		10/31/17			24.12			492			0.79			0.47			1.60			16
	10/31/16			9.92		0.19			0.28			0.47			(0.05	)		(0.00	)d		(0.05	)		10.34		10/31/16			4.76			353			0.82			0.47			1.92			83
	10/31/15	^		10.00		0.03			(0.11	)		(0.08	)		—			—			—			9.92		10/31/15	^		(0.80	)b		992			4.52	c		0.47	c		1.47	c		1	b
Retirement Class:	4/30/19	#		12.72		0.08			1.03			1.11			(0.16	)		(0.51	)		(0.67	)		13.16	Retirement Class:	4/30/19	#		9.31	b		76,828			0.68	c		0.57	c		1.39	c		10	b
	10/31/18			12.46		0.16			0.37			0.53			(0.15	)		(0.12	)		(0.27	)		12.72		10/31/18			4.26			22,392			0.78			0.57			1.24			45
	10/31/17			10.33		0.18			2.25			2.43			(0.22	)		(0.08	)		(0.30	)		12.46		10/31/17			23.99			17,728			0.87			0.57			1.57			16
	10/31/16			9.91		0.23			0.24			0.47			(0.05	)		(0.00	)d		(0.05	)		10.33		10/31/16			4.75			6,575			0.91			0.57			2.29			83
	10/31/15	^		10.00		0.03			(0.12	)		(0.09	)		—			—			—			9.91		10/31/15	^		(0.90	)b		2,034			4.38	c		0.57	c		1.35	c		1	b
Retail Class:	4/30/19	#		12.72		0.09			1.01			1.10			(0.15	)		(0.51	)		(0.66	)		13.16	Retail Class:	4/30/19	#		9.24	b		13,639			0.75	c		0.64	c		1.40	c		10	b
	10/31/18			12.46		0.15			0.38			0.53			(0.15	)		(0.12	)		(0.27	)		12.72		10/31/18			4.23			11,882			0.85			0.64			1.17			45
	10/31/17			10.33		0.17			2.25			2.42			(0.21	)		(0.08	)		(0.29	)		12.46		10/31/17			23.81			7,983			0.97			0.67			1.45			16
	10/31/16			9.91		0.20			0.26			0.46			(0.04	)		(0.00	)d		(0.04	)		10.33		10/31/16			4.69			2,575			0.97			0.65			2.05			83
	10/31/15	^		10.00		0.03			(0.12	)		(0.09	)		—			—			—			9.91		10/31/15	^		(0.90	)b		1,513			4.72	c		0.71	c		1.22	c		1	b

114 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2019 Semiannual Report 115

Financial highlights continued

TIAA-CREF Funds

				Selected per share data																																Ratios and supplemental data
						Gain (loss) from investment operations																																	Ratios to average net assets
	For the			Net asset		Net			Net realized & unrealized			Total gain			Less distributions from						Total			Net asset			For the						Total return															Net investment income (loss		)
	period			value,		investment			gain (loss)			(loss) from			Net			Net			dividends			value,			period						excluding			Net assets at									Net			excluding			Portfolio
	or year			beginning		income			on total			investment			investment			realized			and			end of			or year			Total			payment from			end of period			Gross			Net			investment			payment from			turnover
	ended			of period		(loss		)a	investments			operations			income			gains			distributions			period			ended			return			affiliates		u	(in thousands		)	expenses			expenses			income (loss		)	affiliates		u	rate
EMERGING MARKETS EQUITY FUND																										EMERGING MARKETS EQUITY FUND
Institutional Class:		4/30/19	#		$10.05		$0.02			$ 1.87			$ 1.89			$(0.05	)		$(0.39	)		$(0.44	)		$11.50	Institutional Class:		4/30/19	#		19.58	%b		19.57	%b		$  294,289			0.90	%c		0.90	%c		0.37	%c		0.36	%c		65	%b
		10/31/18			12.87		0.11			(2.38	)		(2.27	)		(0.10	)		(0.45	)		(0.55	)		10.05			10/31/18			(18.47	)		(18.48	)		239,932			0.91			0.91			0.93			0.93			127
		10/31/17			9.66		0.11			3.18			3.29			(0.08	)		—			(0.08	)		12.87			10/31/17			34.55			34.54			1,334,540			0.92			0.92			1.03			1.01			152
		10/31/16			9.07		0.10			0.58			0.68			(0.09	)		—			(0.09	)		9.66			10/31/16			7.73			7.60			1,067,866			0.94			0.94			1.12			0.99			195
		10/31/15			10.78		0.12			(1.70	)		(1.58	)		(0.13	)		—			(0.13	)		9.07			10/31/15			(14.85	)		(14.85	)		918,839			0.94			0.94			1.17			1.17			114
		10/31/14			11.17		0.12			(0.43	)		(0.31	)		(0.08	)		—			(0.08	)		10.78			10/31/14			(2.79	)		(2.79	)		850,536			0.95			0.95			1.10			1.10			104
Advisor Class:		4/30/19	#		10.05		0.02			1.87			1.89			(0.05	)		(0.39	)		(0.44	)		11.50	Advisor Class:		4/30/19	#		19.69	b		19.68	b		248			0.96	c		0.96	c		0.31	c		0.30	c		65	b
		10/31/18			12.86		0.04			(2.31	)		(2.27	)		(0.09	)		(0.45	)		(0.54	)		10.05			10/31/18			(18.48	)		(18.49	)		138			0.96			0.96			0.30			0.30			127
		10/31/17			9.65		0.11			3.18			3.29			(0.08	)		—			(0.08	)		12.86			10/31/17			34.45			34.44			848			0.99			0.99			0.97			0.96			152
		10/31/16	‡		8.87		0.10			0.77			0.87			(0.09	)		—			(0.09	)		9.65			10/31/16	‡		9.91	b		9.77	b		115			0.96	c		0.96	c		1.30	c		1.14	c		195
Premier Class:		4/30/19	#		10.04		0.01			1.89			1.90			(0.04	)		(0.39	)		(0.43	)		11.51	Premier Class:		4/30/19	#		19.58	b		19.57	b		9,670			1.05	c		1.05	c		0.22	c		0.21	c		65	b
		10/31/18			12.85		0.09			(2.38	)		(2.29	)		(0.07	)		(0.45	)		(0.52	)		10.04			10/31/18			(18.63	)		(18.64	)		8,057			1.06			1.06			0.70			0.70			127
		10/31/17			9.65		0.11			3.16			3.27			(0.07	)		—			(0.07	)		12.85			10/31/17			34.32			34.31			11,035			1.07			1.07			1.03			1.01			152
		10/31/16			9.06		0.09			0.57			0.66			(0.07	)		—			(0.07	)		9.65			10/31/16			7.57			7.42			15,890			1.09			1.09			1.01			0.86			195
		10/31/15			10.77		0.12			(1.71	)		(1.59	)		(0.12	)		—			(0.12	)		9.06			10/31/15			(14.98	)		(14.98	)		9,408			1.09			1.09			1.21			1.21			114
		10/31/14			11.16		0.10			(0.43	)		(0.33	)		(0.06	)		—			(0.06	)		10.77			10/31/14			(2.91	)		(2.91	)		4,906			1.10			1.10			0.95			0.95			104
Retirement Class:		4/30/19	#		10.00		0.01			1.87			1.88			(0.03	)		(0.39	)		(0.42	)		11.46	Retirement Class:		4/30/19	#		19.54	b		19.53	b		153,963			1.15	c		1.10	c		0.19	c		0.18	c		65	b
		10/31/18			12.82		0.08			(2.37	)		(2.29	)		(0.08	)		(0.45	)		(0.53	)		10.00			10/31/18			(18.63	)		(18.64	)		88,764			1.16			1.13			0.67			0.66			127
		10/31/17			9.62		0.08			3.18			3.26			(0.06	)		—			(0.06	)		12.82			10/31/17			34.14			34.13			79,596			1.17			1.17			0.73			0.72			152
		10/31/16			9.03		0.08			0.57			0.65			(0.06	)		—			(0.06	)		9.62			10/31/16			7.47			7.34			26,946			1.19			1.19			0.86			0.74			195
		10/31/15			10.73		0.11			(1.70	)		(1.59	)		(0.11	)		—			(0.11	)		9.03			10/31/15			(15.03	)		(15.03	)		29,332			1.19			1.19			1.07			1.07			114
		10/31/14			11.12		0.09			(0.43	)		(0.34	)		(0.05	)		—			(0.05	)		10.73			10/31/14			(3.05	)		(3.05	)		17,678			1.20			1.20			0.84			0.84			104
Retail Class:		4/30/19	#		10.00		(0.00	)d		1.88			1.88			(0.00	)d		(0.39	)		(0.39	)		11.49	Retail Class:		4/30/19	#		19.44	b		19.43	b		9,980			1.28	c		1.28	c		0.00	c		(0.01	)c		65	b
		10/31/18			12.83		0.06			(2.37	)		(2.31	)		(0.07	)		(0.45	)		(0.52	)		10.00			10/31/18			(18.78	)		(18.79	)		7,636			1.27			1.27			0.50			0.49			127
		10/31/17			9.62		0.07			3.19			3.26			(0.05	)		—			(0.05	)		12.83			10/31/17			34.04			34.03			12,675			1.30			1.30			0.62			0.61			152
		10/31/16			9.02		0.06			0.58			0.64			(0.04	)		—			(0.04	)		9.62			10/31/16			7.21			7.08			4,460			1.36			1.34			0.72			0.59			195
		10/31/15			10.72		0.08			(1.69	)		(1.61	)		(0.09	)		—			(0.09	)		9.02			10/31/15			(15.10	)		(15.10	)		4,560			1.31			1.31			0.80			0.80			114
		10/31/14			11.11		0.08			(0.43	)		(0.35	)		(0.04	)		—			(0.04	)		10.72			10/31/14			(3.19	)		(3.19	)		6,352			1.33			1.33			0.70			0.70			104
Class W:		4/30/19	#		10.06		0.07			1.88			1.95			(0.08	)		(0.39	)		(0.47	)		11.54	Class W:		4/30/19	#		20.16	b		20.15	b		1,242,658			0.90	c		0.00	c		1.27	c		1.25	c		65	b
		10/31/18	†		10.77		0.01			(0.72	)		(0.71	)		—			—			—			10.06			10/31/18	†		(6.59	)b		(6.59	)b		1,081,436			0.91	c		0.00	c		0.91	c		0.90	c		127

116 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2019 Semiannual Report 117

Financial highlights continued

TIAA-CREF Funds

				Selected per share data																																Ratios and supplemental data
						Gain (loss) from investment operations																																	Ratios to average net assets
	For the			Net asset		Net			Net realized & unrealized			Total gain			Less distributions from						Total			Net asset			For the						Total return															Net investment income (loss)
	period			value,		investment			gain (loss		)	(loss) from			Net			Net			dividends			value,			period						excluding			Net assets at									Net			excluding			Portfolio
	or year			beginning		income			on total			investment			investment			realized			and			end of			or year			Total			payment from			end of period			Gross			Net			investment			payment from			turnover
	ended			of period		(loss		)a	investments			operations			income			gains			distributions			period			ended			return			affiliates		u	(in thousands		)	expenses			expenses			income (loss		)	affiliates		u	rate
INTERNATIONAL EQUITY FUND																										INTERNATIONAL EQUITY FUND
Institutional Class:		4/30/19	#		$11.24		$0.10			$ 0.26			$ 0.36			$(0.24	)		$(0.49	)		$(0.73	)		$10.87	Institutional Class:		4/30/19	#		3.91	%b		3.90	%b		$2,455,619			0.49	%c		0.49	%c		1.93	%c		1.91	%c		62	%b
		10/31/18			13.24		0.26			(1.94	)		(1.68	)		(0.15	)		(0.17	)		(0.32	)		11.24			10/31/18			(13.04	)		(13.05	)		1,892,458			0.48			0.48			1.99			1.98			73
		10/31/17			10.59		0.17			2.64			2.81			(0.16	)		—			(0.16	)		13.24			10/31/17			26.88			26.87			3,591,186			0.49			0.49			1.46			1.45			112
		10/31/16			10.97		0.16			(0.41	)		(0.25	)		(0.13	)		—			(0.13	)		10.59			10/31/16			(2.21	)		(2.28	)		2,808,919			0.49			0.48			1.57			1.50			95
		10/31/15			10.81		0.18			0.13			0.31			(0.15	)		—			(0.15	)		10.97			10/31/15			2.97			2.97			2,823,880			0.49			0.49			1.60			1.60			71
		10/31/14			11.50		0.17			(0.67	)		(0.50	)		(0.19	)		—			(0.19	)		10.81			10/31/14			(4.43	)		(4.43	)		2,398,855			0.51			0.51			1.51			1.51			85
Advisor Class:		4/30/19	#		11.23		0.01			0.36			0.37			(0.00	)d		(0.49	)		(0.49	)		11.11	Advisor Class:		4/30/19	#		3.77	b		3.77	b		5,070			0.60	c		0.60	c		0.13	c		0.12	c		62	b
		10/31/18			13.24		0.23			(1.93	)		(1.70	)		(0.14	)		(0.17	)		(0.31	)		11.23			10/31/18			(13.16	)		(13.17	)		196,238			0.61			0.61			1.79			1.79			73
		10/31/17			10.59		0.03			2.77			2.80			(0.15	)		—			(0.15	)		13.24			10/31/17			26.86			26.86			248,286			0.67			0.64			0.24			0.23			112
		10/31/16	‡		10.80		0.16			(0.24	)		(0.08	)		(0.13	)		—			(0.13	)		10.59			10/31/16	‡		(0.68	)b		(0.76	)b		104			0.51	c		0.51	c		1.76	c		1.68	c		95
Premier Class:		4/30/19	#		11.21		0.09			0.26			0.35			(0.22	)		(0.49	)		(0.71	)		10.85	Premier Class:		4/30/19	#		3.80	b		3.79	b		167,728			0.64	c		0.64	c		1.72	c		1.71	c		62	b
		10/31/18			13.21		0.23			(1.93	)		(1.70	)		(0.13	)		(0.17	)		(0.30	)		11.21			10/31/18			(13.20	)		(13.21	)		164,943			0.63			0.63			1.75			1.74			73
		10/31/17			10.56		0.16			2.63			2.79			(0.14	)		—			(0.14	)		13.21			10/31/17			26.76			26.75			229,039			0.64			0.64			1.35			1.34			112
		10/31/16			10.94		0.14			(0.40	)		(0.26	)		(0.12	)		—			(0.12	)		10.56			10/31/16			(2.37	)		(2.43	)		203,311			0.64			0.63			1.34			1.28			95
		10/31/15			10.78		0.15			0.15			0.30			(0.14	)		—			(0.14	)		10.94			10/31/15			2.82			2.82			256,322			0.64			0.63			1.37			1.37			71
		10/31/14			11.46		0.16			(0.67	)		(0.51	)		(0.17	)		—			(0.17	)		10.78			10/31/14			(4.50	)		(4.50	)		282,958			0.66			0.66			1.37			1.37			85
Retirement Class:		4/30/19	#		11.63		0.08			0.27			0.35			(0.20	)		(0.49	)		(0.69	)		11.29	Retirement Class:		4/30/19	#		3.70	b		3.69	b		491,508			0.74	c		0.74	c		1.57	c		1.56	c		62	b
		10/31/18			13.69		0.23			(2.01	)		(1.78	)		(0.11	)		(0.17	)		(0.28	)		11.63			10/31/18			(13.25	)		(13.26	)		525,331			0.73			0.73			1.73			1.72			73
		10/31/17			10.94		0.15			2.73			2.88			(0.13	)		—			(0.13	)		13.69			10/31/17			26.60			26.59			676,858			0.74			0.74			1.21			1.21			112
		10/31/16			11.33		0.14			(0.43	)		(0.29	)		(0.10	)		—			(0.10	)		10.94			10/31/16			(2.51	)		(2.58	)		543,161			0.74			0.73			1.29			1.22			95
		10/31/15			11.15		0.16			0.14			0.30			(0.12	)		—			(0.12	)		11.33			10/31/15			2.75			2.75			661,567			0.74			0.73			1.36			1.36			71
		10/31/14			11.85		0.15			(0.69	)		(0.54	)		(0.16	)		—			(0.16	)		11.15			10/31/14			(4.62	)		(4.62	)		702,668			0.76			0.76			1.29			1.29			85
Retail Class:		4/30/19	#		7.42		0.05			0.14			0.19			(0.21	)		(0.49	)		(0.70	)		6.91	Retail Class:		4/30/19	#		3.59	b		3.58	b		263,464			0.82	c		0.82	c		1.51	c		1.50	c		62	b
		10/31/18			8.84		0.14			(1.28	)		(1.14	)		(0.11	)		(0.17	)		(0.28	)		7.42			10/31/18			(13.32	)		(13.33	)		274,948			0.80			0.80			1.65			1.65			73
		10/31/17			7.11		0.10			1.76			1.86			(0.13	)		—			(0.13	)		8.84			10/31/17			26.64			26.63			342,956			0.79			0.79			1.29			1.28			112
		10/31/16			7.43		0.10			(0.30	)		(0.20	)		(0.12	)		—			(0.12	)		7.11			10/31/16			(2.60	)		(2.67	)		524,715			0.78			0.78			1.42			1.35			95
		10/31/15			7.36		0.10			0.10			0.20			(0.13	)		—			(0.13	)		7.43			10/31/15			2.75			2.75			311,587			0.83			0.82			1.26			1.26			71
		10/31/14			7.89		0.09			(0.46	)		(0.37	)		(0.16	)		—			(0.16	)		7.36			10/31/14			(4.77	)		(4.77	)		309,488			0.85			0.85			1.18			1.18			85
Class W:		4/30/19	#		11.25		0.12			0.25			0.37			(0.25	)		(0.49	)		(0.74	)		10.88	Class W:		4/30/19	#		4.06	b		4.05	b		1,476,208			0.49	c		0.00	c		2.37	c		2.36	c		62	b
		10/31/18	†		12.32		0.01			(1.08	)		(1.07	)		—			—			—			11.25			10/31/18	†		(8.69	)b		(8.69	)b		1,377,271			0.48	c		0.00	c		1.08	c		1.07	c		73

118 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2019 Semiannual Report 119

Financial highlights continued

TIAA-CREF Funds

				Selected per share data																																Ratios and supplemental data
						Gain (loss) from investment operations																																	Ratios to average net assets
	For the			Net asset		Net			Net realized & unrealized			Total gain			Less distributions from						Total			Net asset			For the						Total return															Net investment income (loss)
	period			value,		investment			gain (loss		)	(loss) from			Net			Net			dividends			value,			period						excluding			Net assets at									Net			excluding			Portfolio
	or year			beginning		income			on total			investment			investment			realized			and			end of			or year			Total			payment from			end of period			Gross			Net			investment			payment from			turnover
	ended			of period		(loss		)a	investments			operations			income			gains			distributions			period			ended			return			affiliates		u	(in thousands		)	expenses			expenses			income (loss		)	affiliates		u	rate
INTERNATIONAL OPPORTUNITIES FUND																										INTERNATIONAL OPPORTUNITIES FUND
Institutional Class:		4/30/19	#		$11.99		$0.09			$ 1.20			$ 1.29			$(0.15	)		$    —			$(0.15	)		$13.13	Institutional Class:		4/30/19	#		10.98	%b		10.97	%b		$  100,688			0.62	%c		0.62	%c		1.50	%c		1.48	%c		15	%b
		10/31/18			13.06		0.20			(1.11	)		(0.91	)		(0.16	)		—			(0.16	)		11.99			10/31/18			(7.07	)		(7.08	)		87,135			0.62			0.62			1.43			1.43			21
		10/31/17			10.17		0.16			2.86			3.02			(0.13	)		—			(0.13	)		13.06			10/31/17			30.08			30.07			1,414,259			0.63			0.63			1.42			1.41			24
		10/31/16			10.49		0.14			(0.33	)		(0.19	)		(0.13	)		—			(0.13	)		10.17			10/31/16			(1.82	)		(1.84	)		1,298,796			0.63			0.63			1.37			1.35			31
		10/31/15			10.45		0.14			0.00	d		0.14			(0.10	)		—			(0.10	)		10.49			10/31/15			1.43			1.43			1,166,448			0.63			0.63			1.28			1.28			41
		10/31/14			10.89		0.13			(0.53	)		(0.40	)		(0.04	)		—			(0.04	)		10.45			10/31/14			(3.59	)		(3.59	)		1,041,194			0.64			0.64			1.23			1.23			46
Advisor Class:		4/30/19	#		11.97		0.09			1.20			1.29			(0.14	)		—			(0.14	)		13.12	Advisor Class:		4/30/19	#		10.99	b		10.98	b		219			0.67	c		0.67	c		1.46	c		1.44	c		15	b
		10/31/18			13.05		0.18			(1.10	)		(0.92	)		(0.16	)		—			(0.16	)		11.97			10/31/18			(7.17	)		(7.17	)		178			0.69			0.69			1.35			1.35			21
		10/31/17			10.17		0.16			2.85			3.01			(0.13	)		—			(0.13	)		13.05			10/31/17			29.96			29.95			150			0.64			0.64			1.41			1.40			24
		10/31/16	‡		10.58		0.13			(0.41	)		(0.28	)		(0.13	)		—			(0.13	)		10.17			10/31/16	‡		(2.67	)b		(2.69	)b		101			0.65	c		0.65	c		1.46	c		1.44	c		31
Premier Class:		4/30/19	#		12.00		0.08			1.20			1.28			(0.13	)		—			(0.13	)		13.15	Premier Class:		4/30/19	#		10.88	b		10.87	b		1,467			0.77	c		0.77	c		1.31	c		1.29	c		15	b
		10/31/18			13.07		0.18			(1.11	)		(0.93	)		(0.14	)		—			(0.14	)		12.00			10/31/18			(7.17	)		(7.17	)		1,562			0.78			0.78			1.34			1.34			21
		10/31/17			10.16		0.14			2.86			3.00			(0.09	)		—			(0.09	)		13.07			10/31/17			29.78			29.77			506			0.80			0.80			1.22			1.21			24
		10/31/16			10.47		0.13			(0.33	)		(0.20	)		(0.11	)		—			(0.11	)		10.16			10/31/16			(1.90	)		(1.92	)		325			0.79			0.79			1.27			1.25			31
		10/31/15			10.43		0.12			0.01			0.13			(0.09	)		—			(0.09	)		10.47			10/31/15			1.25			1.25			1,059			0.80			0.80			1.13			1.13			41
		10/31/14			10.87		0.11			(0.52	)		(0.41	)		(0.03	)		—			(0.03	)		10.43			10/31/14			(3.77	)		(3.77	)		1,046			0.81			0.81			1.05			1.05			46
Retirement Class:		4/30/19	#		11.93		0.08			1.20			1.28			(0.13	)		—			(0.13	)		13.08	Retirement Class:		4/30/19	#		10.90	b		10.89	b		179,629			0.87	c		0.87	c		1.29	c		1.27	c		15	b
		10/31/18			13.02		0.16			(1.11	)		(0.95	)		(0.14	)		—			(0.14	)		11.93			10/31/18			(7.34	)		(7.34	)		127,760			0.87			0.87			1.18			1.18			21
		10/31/17			10.14		0.12			2.87			2.99			(0.11	)		—			(0.11	)		13.02			10/31/17			29.74			29.73			30,390			0.88			0.88			1.03			1.02			24
		10/31/16			10.46		0.11			(0.33	)		(0.22	)		(0.10	)		—			(0.10	)		10.14			10/31/16			(1.98	)		(2.00	)		7,416			0.88			0.88			1.13			1.12			31
		10/31/15			10.42		0.12			0.00	d		0.12			(0.08	)		—			(0.08	)		10.46			10/31/15			1.06			1.06			8,806			0.89			0.89			1.08			1.08			41
		10/31/14			10.87		0.10			(0.52	)		(0.42	)		(0.03	)		—			(0.03	)		10.42			10/31/14			(3.88	)		(3.88	)		4,128			0.90			0.90			0.97			0.97			46
Retail Class:		4/30/19	#		11.94		0.06			1.22			1.28			(0.10	)		—			(0.10	)		13.12	Retail Class:		4/30/19	#		10.81	b		10.80	b		4,266			1.03	c		1.03	c		1.06	c		1.04	c		15	b
		10/31/18			13.01		0.14			(1.10	)		(0.96	)		(0.11	)		—			(0.11	)		11.94			10/31/18			(7.41	)		(7.41	)		4,341			1.02			1.02			1.04			1.04			21
		10/31/17			10.13		0.11			2.85			2.96			(0.08	)		—			(0.08	)		13.01			10/31/17			29.46			29.45			3,404			1.08			1.08			0.94			0.94			24
		10/31/16			10.44		0.09			(0.33	)		(0.24	)		(0.07	)		—			(0.07	)		10.13			10/31/16			(2.25	)		(2.27	)		1,619			1.10			1.09			0.88			0.87			31
		10/31/15			10.41		0.10			0.00	d		0.10			(0.07	)		—			(0.07	)		10.44			10/31/15			1.01			1.01			1,995			1.00			1.00			0.94			0.94			41
		10/31/14			10.86		0.10			(0.53	)		(0.43	)		(0.02	)		—			(0.02	)		10.41			10/31/14			(3.96	)		(3.96	)		2,517			0.97			0.97			0.95			0.95			46
Class W:		4/30/19	#		11.99		0.13			1.20			1.33			(0.17	)		—			(0.17	)		13.15	Class W:		4/30/19	#		11.33	b		11.32	b		1,475,288			0.62	c		0.00	c		2.11	c		2.09	c		15	b
		10/31/18	†		13.52		0.01			(1.54	)		(1.53	)		—			—			—			11.99			10/31/18	†		(11.32	)b		(11.32	)b		1,330,650			0.63	c		0.00	c		0.76	c		0.82	c		21
QUANT INTERNATIONAL EQUITY FUND																										QUANT INTERNATIONAL EQUITY FUND
Institutional Class:		4/30/19	#		7.37		0.11			0.33			0.44			(0.24	)		(0.31	)		(0.55	)		7.26	Institutional Class:		4/30/19	#		6.80	b		6.80	b		118,147			0.41	c		0.41	c		3.14	c		3.14	c		57	b
		10/31/18			8.35		0.27			(0.99	)		(0.72	)		(0.26	)		—			(0.26	)		7.37			10/31/18			(8.96	)		(8.96	)		119,559			0.40			0.40			3.25			3.25			106
		10/31/17			6.87		0.21			1.46			1.67			(0.19	)		—			(0.19	)		8.35			10/31/17			24.93			24.93			1,888,139			0.41			0.41			2.79			2.79			106
		10/31/16			7.30		0.22			(0.44	)		(0.22	)		(0.21	)		—			(0.21	)		6.87			10/31/16			(2.99	)		(2.99	)		1,521,511			0.41			0.41			3.20			3.20			100
		10/31/15			7.97		0.23			(0.33	)		(0.10	)		(0.28	)		(0.29	)		(0.57	)		7.30			10/31/15			(1.01	)		(1.01	)		1,292,616			0.42			0.42			3.08			3.08			84
		10/31/14			8.44		0.30			(0.21	)		0.09			(0.27	)		(0.29	)		(0.56	)		7.97			10/31/14			1.28			1.28			1,030,084			0.46			0.43			3.70			3.70			71
Advisor Class:		4/30/19	#		7.37		0.11			0.32			0.43			(0.23	)		(0.31	)		(0.54	)		7.26	Advisor Class:		4/30/19	#		6.74	b		6.74	b		228			0.49	c		0.49	c		3.07	c		3.07	c		57	b
		10/31/18			8.35		0.24			(0.97	)		(0.73	)		(0.25	)		—			(0.25	)		7.37			10/31/18			(9.04	)		(9.04	)		203			0.47			0.47			3.00			3.00			106
		10/31/17			6.87		0.20			1.47			1.67			(0.19	)		—			(0.19	)		8.35			10/31/17			24.89			24.89			170			0.52			0.52			2.69			2.69			106
		10/31/16	‡		7.25		0.21			(0.38	)		(0.17	)		(0.21	)		—			(0.21	)		6.87			10/31/16	‡		(2.34	)b		(2.34	)b		102			0.44	c		0.44	c		3.41	c		3.41	c		100
Class W:		4/30/19	#		7.37		0.12			0.34			0.46			(0.25	)		(0.31	)		(0.56	)		7.27	Class W:		4/30/19	#		7.06	b		7.06	b		1,769,551			0.41	c		0.00	c		3.57	c		3.57	c		57	b
		10/31/18	†		8.04		0.01			(0.68	)		(0.67	)		—			—			—			7.37			10/31/18	†		(8.33	)b		(8.33	)b		1,679,324			0.41	c		0.00	c		1.14	c		1.14	c		106

120 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2019 Semiannual Report 121

Financial highlights concluded

TIAA-CREF Funds

				Selected per share data																											Ratios and supplemental data
						Gain (loss) from investment operations																												Ratios to average net assets
	For the			Net asset		Net			Net realized & unrealized			Total gain			Less distributions from						Total			Net asset			For the													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			period or year ended		Total return		Net assets at end of period (in thousands		)	Gross expenses			Net expenses			investment income (loss		)	Portfolio turnover rate
QUANT INTERNATIONAL SMALL-CAP EQUITY FUND																										QUANT INTERNATIONAL SMALL-CAP EQUITY FUND
Institutional Class:		4/30/19	#		$10.22		$0.10			$ 0.35			$ 0.45			$(0.29	)		$(0.29	)		$(0.58	)		$10.09	Institutional Class:	4/30/19	#	4.86	%b		$  45,025			0.71	%c		0.66	%c		2.10	%c		39	%b
		10/31/18			12.90		0.33			(2.22	)		(1.89	)		(0.34	)		(0.45	)		(0.79	)		10.22		10/31/18		(15.62	)		43,174			0.71			0.66			2.71			89
		10/31/17	**		10.00		0.27			2.64			2.91			(0.01	)		—			(0.01	)		12.90		10/31/17	**	29.14	b		935,888			0.73	c		0.68	c		2.59	c		70	b
Advisor Class:		4/30/19	#		10.22		0.10			0.34			0.44			(0.29	)		(0.29	)		(0.58	)		10.08	Advisor Class:	4/30/19	#	4.78	b		83			0.75	c		0.70	c		2.06	c		39	b
		10/31/18			12.88		0.31			(2.20	)		(1.89	)		(0.32	)		(0.45	)		(0.77	)		10.22		10/31/18		(15.59	)		83			0.73			0.68			2.44			89
		10/31/17	**		10.00		0.22			2.67			2.89			(0.01	)		—			(0.01	)		12.88		10/31/17	**	28.92	b		1,297			0.88	c		0.83	c		2.18	c		70	b
Premier Class:		4/30/19	#		10.23		0.09			0.36			0.45			(0.18	)		(0.29	)		(0.47	)		10.21	Premier Class:	4/30/19	#	4.70	b		75			0.90	c		0.85	c		1.91	c		39	b
		10/31/18			12.88		0.29			(2.17	)		(1.88	)		(0.32	)		(0.45	)		(0.77	)		10.23		10/31/18		(15.54	)		75			0.87			0.82			2.29			89
		10/31/17	**		10.00		0.22			2.67			2.89			(0.01	)		—			(0.01	)		12.88		10/31/17	**	28.92	b		1,288			1.03	c		0.85	c		2.16	c		70	b
Retirement Class:		4/30/19	#		10.19		0.09			0.34			0.43			(0.25	)		(0.29	)		(0.54	)		10.08	Retirement Class:	4/30/19	#	4.68	b		3,407			0.96	c		0.85	c		1.87	c		39	b
		10/31/18			12.87		0.27			(2.18	)		(1.91	)		(0.32	)		(0.45	)		(0.77	)		10.19		10/31/18		(15.79	)		3,620			0.97			0.89			2.21			89
		10/31/17	**		10.00		0.20			2.68			2.88			(0.01	)		—			(0.01	)		12.87		10/31/17	**	28.82	b		8,020			1.03	c		0.95	c		1.93	c		70	b
Retail Class:		4/30/19	#		10.18		0.08			0.35			0.43			(0.21	)		(0.29	)		(0.50	)		10.11	Retail Class:	4/30/19	#	4.64	b		922			1.39	c		1.09	c		1.63	c		39	b
		10/31/18			12.86		0.26			(2.19	)		(1.93	)		(0.30	)		(0.45	)		(0.75	)		10.18		10/31/18		(15.95	)		971			1.17			1.08			2.15			89
		10/31/17	**		10.00		0.20			2.67			2.87			(0.01	)		—			(0.01	)		12.86		10/31/17	**	28.71	b		2,336			1.42	c		1.09	c		1.91	c		70	b
Class W:		4/30/19	#		10.22		0.14			0.35			0.49			(0.31	)		(0.29	)		(0.60	)		10.11	Class W:	4/30/19	#	5.25	b		906,567			0.71	c		0.00	c		2.77	c		39	b
		10/31/18	†		11.37		0.01			(1.16	)		(1.15	)		—			—			—			10.22		10/31/18	†	(10.11	)b		852,681			0.72	c		0.00	c		0.80	c		89
SOCIAL CHOICE INTERNATIONAL EQUITY FUND																										SOCIAL CHOICE INTERNATIONAL EQUITY FUND
Institutional Class:		4/30/19	#		10.14		0.15			0.65			0.80			(0.24	)		—			(0.24	)		10.70	Institutional Class:	4/30/19	#	8.12	b		124,756			0.74	c		0.40	c		3.01	c		9	b
		10/31/18			11.21		0.29			(1.13	)		(0.84	)		(0.23	)		(0.00	)d		(0.23	)		10.14		10/31/18		(7.61	)		46,432			0.98			0.40			2.62			16
		10/31/17			9.31		0.28			1.86			2.14			(0.24	)		—			(0.24	)		11.21		10/31/17		23.49			35,797			1.20			0.40			2.76			12
		10/31/16			9.53		0.26			(0.42	)		(0.16	)		(0.06	)		—			(0.06	)		9.31		10/31/16		(1.65	)		18,833			1.35			0.40			2.87			13
		10/31/15	^		10.00		0.04			(0.51	)		(0.47	)		—			—			—			9.53		10/31/15	^	(4.70	)b		16,238			4.87	c		0.40	c		1.80	c		4	b
Advisor Class:		4/30/19	#		10.14		0.14			0.65			0.79			(0.23	)		—			(0.23	)		10.70	Advisor Class:	4/30/19	#	8.06	b		943			0.80	c		0.46	c		2.73	c		9	b
		10/31/18			11.21		0.30			(1.14	)		(0.84	)		(0.23	)		(0.00	)d		(0.23	)		10.14		10/31/18		(7.58	)		579			1.03			0.45			2.69			16
		10/31/17			9.32		0.31			1.81			2.12			(0.23	)		—			(0.23	)		11.21		10/31/17		23.22			541			1.26			0.46			2.98			12
		10/31/16	‡		9.51		0.26			(0.39	)		(0.13	)		(0.06	)		—			(0.06	)		9.32		10/31/16	‡	(1.35	)b		102			1.36	c		0.42	c		3.12	c		13
Premier Class:		4/30/19	#		10.13		0.17			0.61			0.78			(0.20	)		—			(0.20	)		10.71	Premier Class:	4/30/19	#	7.91	b		1,141			0.89	c		0.55	c		3.36	c		9	b
		10/31/18			11.19		0.32			(1.16	)		(0.84	)		(0.22	)		(0.00	)d		(0.22	)		10.13		10/31/18		(7.66	)		278			1.13			0.55			2.84			16
		10/31/17			9.30		0.26			1.85			2.11			(0.22	)		—			(0.22	)		11.19		10/31/17		23.23			1,338			1.36			0.55			2.58			12
		10/31/16			9.53		0.25			(0.42	)		(0.17	)		(0.06	)		—			(0.06	)		9.30		10/31/16		(1.72	)		938			1.52			0.55			2.75			13
		10/31/15	^		10.00		0.04			(0.51	)		(0.47	)		—			—			—			9.53		10/31/15	^	(4.80	)b		953			5.61	c		0.55	c		1.65	c		4	b
Retirement Class:		4/30/19	#		10.11		0.14			0.63			0.77			(0.21	)		—			(0.21	)		10.67	Retirement Class:	4/30/19	#	7.85	b		17,333			0.99	c		0.65	c		2.90	c		9	b
		10/31/18			11.17		0.29			(1.14	)		(0.85	)		(0.21	)		(0.00	)d		(0.21	)		10.11		10/31/18		(7.72	)		9,304			1.23			0.65			2.61			16
		10/31/17			9.29		0.26			1.84			2.10			(0.22	)		—			(0.22	)		11.17		10/31/17		23.09			7,940			1.45			0.65			2.55			12
		10/31/16			9.52		0.24			(0.42	)		(0.18	)		(0.05	)		—			(0.05	)		9.29		10/31/16		(1.84	)		3,001			1.61			0.65			2.67			13
		10/31/15	^		10.00		0.03			(0.51	)		(0.48	)		—			—			—			9.52		10/31/15	^	(4.80	)b		1,606			5.61	c		0.65	c		1.59	c		4	b
Retail Class:		4/30/19	#		10.10		0.12			0.66			0.78			(0.20	)		—			(0.20	)		10.68	Retail Class:	4/30/19	#	7.92	b		5,273			1.10	c		0.76	c		2.38	c		9	b
		10/31/18			11.17		0.28			(1.15	)		(0.87	)		(0.20	)		(0.00	)d		(0.20	)		10.10		10/31/18		(7.88	)		4,525			1.32			0.74			2.53			16
		10/31/17			9.29		0.26			1.82			2.08			(0.20	)		—			(0.20	)		11.17		10/31/17		22.88			4,055			1.56			0.76			2.55			12
		10/31/16			9.52		0.26			(0.44	)		(0.18	)		(0.05	)		—			(0.05	)		9.29		10/31/16		(1.92	)		1,382			1.66			0.72			2.80			13
		10/31/15	^		10.00		0.03			(0.51	)		(0.48	)		—			—			—			9.52		10/31/15	^	(4.80	)b		997			5.99	c		0.79	c		1.41	c		4	b

#	Unaudited
^	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.
†	Class W commenced operations on September 28, 2018.
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.
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.

122 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2019 Semiannual Report 123

Notes to financial statements (unaudited)

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 U.S. 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: Growth & Income Fund, Large-Cap Growth Fund, Large-Cap Value Fund, Mid-Cap Growth Fund, Mid-Cap Value Fund, Quant Large-Cap Growth Fund, Quant Large-Cap Value Fund, Quant Small-Cap Equity Fund, Quant Small/Mid-Cap Equity Fund, Social Choice Equity Fund, Social Choice Low Carbon Equity Fund, Emerging Markets Equity Fund, International Equity Fund, International Opportunities Fund, Quant International Equity Fund, Quant International Small-Cap Equity Fund and the Social Choice International Equity 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 six share classes, although any one Fund may not necessarily offer all six classes. The Funds may offer Institutional Class, Advisor Class, Premier Class, Retirement Class, Retail Class and Class W shares. Each class differs by the allocation of class-specific expenses and voting rights in matters affecting a single class. Class W was made available for sale by certain Funds on September 28, 2018 pursuant to an amendment to the Trust’s registration statement filed with the Commission.

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.

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

124 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

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 separately 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-CEN and N-PORT, and amends Regulation S-X disclosures related to derivatives and other disclosures in the financial statements and various 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 2019, but still requires the Funds to maintain the data that would have been filed on Form N-PORT during the deferral period. Form N-CEN and the data requirements of Form N-PORT were implemented on June 1, 2018 and did not have an impact on net assets or results of operations.

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, in relation to the establishment of the liquidity risk management program and the 15% illiquid investment limit, were implemented by the December 1, 2018 compliance date. This portion of the implementation did not have a material impact on the Funds’ financial statements and various filings. In February 2018, the Commission issued Release No. IC-33142, which delayed certain compliance requirements related to liquidity classification, highly liquid investment minimums, and board approval of the liquidity risk management programs from December 1, 2018 to June 1, 2019. The Funds will implement the second portion of the rule before the required adoption date, however, this last part of the implementation will not have a material impact on the Funds’ financial statements and various 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.

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 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 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 traded over the counter and listed 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

TIAA-CREF Funds: Equity Funds  ■  2019 Semiannual Report 125

Notes to financial statements (unaudited)

adjustments are not applied, they 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.

The following table summarizes the market value of the Funds’ investments as of April 30, 2019, based on the inputs used to value them:

Fund	Level 1			Level 2		Level 3		Total
Growth & Income
Equity investments:
Communication services	$	752,012,896		$	16,290,495	$	—	$	768,303,391
Consumer discretionary		638,519,078			23,767,925		—		662,287,003
Consumer staples		511,551,164			37,030,411		—		548,581,575
Health care		901,009,344			119,209,925		—		1,020,219,269
Industrials		639,957,518			11,188,989		—		651,146,507
Information technology		1,604,180,553			22,105,728		—		1,626,286,281
Materials		239,286,020			13,657,821		—		252,943,841
All other equity investments*		1,293,110,531			—		—		1,293,110,531
Short-term investments		76,736,595			16,385,203		—		93,121,798
Purchased options**		678,720			—		—		678,720
Written options**		(9,940,383	)		—		—		(9,940,383	)
Total	$	6,647,102,036		$	259,636,497	$	—	$	6,906,738,533
Large-Cap Growth
Equity investments:
Communication services	$	1,019,554,885		$	122,661,220	$	—	$	1,142,216,105
Consumer discretionary		790,609,678			91,215,813		—		881,825,491
Health care		634,371,743			107,088,650		—		741,460,393
Industrials		339,413,098			64,324,484		—		403,737,582
Information technology		2,210,291,173			42,294,320		—		2,252,585,493
All other equity investments*		238,397,553			—		—		238,397,553
Short-term investments		49,818,286			80,559,325		—		130,377,611
Total	$	5,282,456,416		$	508,143,812	$	—	$	5,790,600,228
Large-Cap Value
Equity investments*	$	6,157,353,275		$	—	$	—	$	6,157,353,275
Short-term investments		—			57,438,367		—		57,438,367
Total	$	6,157,353,275		$	57,438,367	$	—	$	6,214,791,642
Mid-Cap Growth
Equity investments*	$	1,539,208,866		$	—	$	—	$	1,539,208,866
Short-term investments		21,153,871			19,950,000		—		41,103,871
Purchased options**		3,163,205			—		—		3,163,205
Written options**		(6,127,484	)		—		—		(6,127,484	)
Total	$	1,557,398,458		$	19,950,000	$	—	$	1,577,348,458
Mid-Cap Value
Equity investments:
Materials	$	206,351,574		$	9,014,396	$	—	$	215,365,970
Real estate		347,236,751			8,119,730		—		355,356,481
All other equity investments*		2,708,790,701			—		—		2,708,790,701
Short-term investments		8,809,357			21,200,000		—		30,009,357
Total	$	3,271,188,383		$	38,334,126	$	—	$	3,309,522,509
Quant Large-Cap Growth
Equity investments*	$	2,809,711,849		$	—	$	—	$	2,809,711,849
Short-term investments		12,625,493			7,450,000		—		20,075,493
Total	$	2,822,337,342		$	7,450,000	$	—	$	2,829,787,342
Quant Large-Cap Value
Equity investments*	$	2,628,293,517		$	—	$	—	$	2,628,293,517
Short-term investments		—			8,950,000		—		8,950,000
Total	$	2,628,293,517		$	8,950,000	$	—	$	2,637,243,517
Quant Small-Cap Equity
Equity investments*	$	3,156,232,034		$	—	$	—	$	3,156,232,034
Short-term investments		44,841,483			6,800,000		—		51,641,483
Total	$	3,201,073,517		$	6,800,000	$	—	$	3,207,873,517

126 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

continued

Fund	Level 1			Level 2		Level 3		Total
Quant Small/Mid-Cap Equity
Equity investments*	$	700,138,049		$	—	$	—	$	700,138,049
Short-term investments		4,037,755			490,000		—		4,527,755
Total	$	704,175,804		$	490,000	$	—	$	704,665,804
Social Choice Equity
Equity investments:
Financials	$	676,680,637		$	3,635	$	—	$	676,684,272
All other equity investments*		3,692,990,880							3,692,990,880
Short-term investments		22,402,287			32,320,000				54,722,287
Futures contracts**		280,855			—				280,855
Total	$	4,392,354,659		$	32,323,635	$	—	$	4,424,678,294
Social Choice Low Carbon Equity
Equity investments:
Financials	$	27,738,030		$	141	$	—	$	27,738,171
All other equity investments*		155,963,839							155,963,839
Short-term investments		—			4,600,000		—		4,600,000
Futures contracts**		2,503			—		—		2,503
Total	$	183,704,372		$	4,600,141	$	—	$	188,304,513
Emerging Markets Equity
Equity investments:
Africa/Middle East	$	—		$	94,072,688	$	—	$	94,072,688
Asia		186,403,906			885,462,044		12,237		1,071,878,187
Europe		75,396,722			—		—		75,396,722
Latin America		66,050,253			134,456,860		—		200,507,113
All other equity investments*		12,169,690			152,461,325		3,304		164,634,319
Short-term investments		8,204,826			107,564,567		—		115,769,393
Purchased options**		736,525			—		—		736,525
Written options**		(7,000	)		—		—		(7,000	)
Total	$	348,954,922		$	1,374,017,484	$	15,541	$	1,722,987,947
International Equity
Equity investments:
Asia	$	34,096,719		$	961,613,479	$	—	$	995,710,198
Europe		—			3,366,592,475				3,366,592,475
All other equity investments*		—			264,931,778		—		264,931,778
Short-term investments		329,147,464			243,801,256		—		572,948,720
Total	$	363,244,183		$	4,836,938,988	$	—	$	5,200,183,171
International Opportunities
Equity investments:
Asia	$	58,504,856		$	350,953,576	$	18,161	$	409,476,593
Australasia		—			71,959,927		—		71,959,927
Europe		—			706,929,313		—		706,929,313
Latin America		16,599,099			67,827,894		—		84,426,993
North America		28,876,553			172,538,570		—		201,415,123
All other equity investments*		15,673,556			172,250,580		1,594		187,925,730
Short-term investments		110,748,905			102,600,732		—		213,349,637
Total	$	230,402,969		$	1,645,060,592	$	19,755	$	1,875,483,316
Quant International Equity
Equity investments:
Asia	$	—		$	515,782,240	$	—	$	515,782,240
Australasia		—			138,592,231		—		138,592,231
Europe		54,417,062			967,667,675		—		1,022,084,737
All other equity investments*		28,431,593			157,100,922		—		185,532,515
Short-term investments		59,941,275			10,550,000		—		70,491,275
Total	$	142,789,930		$	1,789,693,068	$	—	$	1,932,482,998
Quant International Small-Cap Equity
Equity investments:
Africa/Middle East	$	16,245,180		$	11,368,425	$	—	$	27,613,605
Asia		11,188,770			325,510,822		—		336,699,592
Australasia		—			38,766,448		—		38,766,448
Europe		—			290,541,983		—		290,541,983
North America		—			57,870,290		—		57,870,290
All other equity investments*		1,584,185			183,357,081		—		184,941,266
Short-term investments		42,527,170			10,500,000		—		53,027,170
Total	$	71,545,305		$	917,915,049	$	—	$	989,460,354

TIAA-CREF Funds: Equity Funds  ■  2019 Semiannual Report 127

Notes to financial statements (unaudited)

Fund	Level 1		Level 2		Level 3		Total
Social Choice International Equity
Equity investments:
Asia	$	—	$	41,705,688	$	—	$	41,705,688
Australasia		—		11,481,619		—		11,481,619
Europe		2,904,407		73,596,623		—		76,501,030
All other equity investments*		—		17,858,860		—		17,858,860
Short-term investments		6,014,713		4,850,000		—		10,864,713
Futures contracts**		4,095		—		—		4,095
Total	$	8,923,215	$	149,492,790	$	—	$	158,416,005

*	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 April 30, 2019, 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		$  678,720	Written options		$(9,940,383	)
Mid-Cap Growth Fund
Equity contracts	Portfolio investments		3,163,205	Written options		(6,127,484	)
Social Choice Equity Fund
Equity contracts	Futures contracts*		280,855
Social Choice Low Carbon Equity Fund
Equity contracts	Futures contracts*		2,503
Emerging Markets Equity Fund
Equity contracts	Portfolio investments		736,525	Written options		(7,000	)
Social Choice International Equity Fund
Equity contracts	Futures contracts*		4,095

* 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 period ended April 30, 2019, 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	$	(297,549	)	$	180,916
Equity contracts	Written options		(880,597	)		7,835,417
Large-Cap Growth Fund
Equity contracts	Purchased options		(3,547,976	)		—
Equity contracts	Written options		1,120,275			(20,689	)
Mid-Cap Growth Fund
Equity contracts	Purchased options		(3,851,391	)		(235,847	)
Equity contracts	Written options		5,872,446			(899,145	)
Mid-Cap Value Fund
Equity contracts	Purchased options		(2,161,164	)		—
Equity contracts	Written options		628,836			—
Social Choice Equity Fund
Equity contracts	Futures contracts		1,913,821			176,169
Social Choice Low Carbon Equity Fund
Equity contracts	Futures contracts		276,128			(9,774	)
Emerging Markets Equity Fund
Equity contracts	Purchased options		(4,764,359	)		(778,640	)
Equity contracts	Written options		2,329,241			380,287
Quant International Equity Fund
Equity contracts	Futures contracts		(1,486,774	)		1,160,481
Social Choice International Equity Fund
Equity contracts	Futures contracts		113,948			(6,953	)

128 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

continued

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 period ended April 30, 2019, the Social Choice Equity Fund, Social Choice Low Carbon Fund, Quant International Equity Fund and Social Choice International Fund had exposure to futures contracts, based on underlying notional values, generally between 0% and 4% of net assets. The futures contracts outstanding as of April 30, 2019 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. Options can be settled either directly with the counterparty (over the counter) or through a central clearing house (exchange traded). To manage the risk, the Funds may invest in both equity and index options. The Funds use options contracts for hedging and cash management purposes and to seek to increase total return. Call and put equity options give the holder the right, in return for a premium paid, to purchase or sell, respectively, a security at a specified exercise price at any time during the period of the option. Index options are written or purchased options in which the underlying investment is a specified index. The exercise of an index option will not result in the physical delivery of the underlier, but a cash transfer of the difference between the settlement price of the underlier and the strike price of the option. Purchased options are included in the summary portfolio of investments, 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 may arise upon entering into over the counter options from the potential of default by counterparty. Also, 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 period ended April 30, 2019, the Growth & Income Fund, Large-Cap Growth Fund, Mid-Cap Growth Fund, Mid-Cap Value Fund and Emerging Markets Equity Fund had exposure to options, based on underlying notional values, generally between 0% and 129% of net assets. The purchased and written options outstanding as of April 30, 2019 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 contractually agreed to waive and/or reimburse Class W’s Management fees and Other expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses, Trustee expenses and extraordinary expenses) in their entirety. Advisors expects this waiver and/or reimbursement to remain in effect indefinitely, unless changed or terminated with approval of the Board of Trustees.

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 April 30, 2019, 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 Funds  ■  2019 Semiannual Report 129

Notes to financial statements (unaudited)

	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		Class W	§
Growth & Income*	0.30%–0.45	%	0.39	%	0.25	%	0.15	%	0.25	%	0.52	%	0.67	%	0.67	%	0.77	%	0.91	%	0.52	%
Large-Cap Growth*	0.30–0.45		0.40		0.25		0.15		0.25		0.52		0.67		0.67		0.77		0.91		0.52
Large-Cap Value*	0.30–0.45	a	0.39		0.25		0.15		0.25		0.50		0.65		0.65		0.75		0.89		0.50
Mid-Cap Growth*	0.29–0.48		0.45		0.25		0.15		0.25		0.55		0.70		0.70		0.80		0.94		—
Mid-Cap Value*	0.29–0.48	b	0.41		0.25		0.15		0.25		0.51		0.66		0.66		0.76		0.90		—
Quant Large-Cap Growth*	0.15–0.35		0.31		—		—		—		0.40		0.55		—		—		—		0.40
Quant Large-Cap Value*	0.15–0.35		0.31		—		—		—		0.40		0.55		—		—		—		0.40
Quant Small-Cap Equity*	0.27–0.46	c	0.40		0.25		0.15		0.25	d	0.51		0.66		0.66		0.76		0.87		0.51
Quant Small/Mid Cap Equity*	0.27–0.46		0.46		0.25		0.15		0.25		0.53		0.68		0.68		0.78		0.92		0.53
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*	0.20–0.25	e	0.25		0.25		0.15		0.25		0.32		0.47		0.47		0.57		0.71		—
Emerging Markets Equity*	0.70–0.85		0.84		0.25		0.15		0.25		0.95		1.10		1.10		1.10	f	1.34		0.95
International Equity*	0.35–0.50		0.46		0.25		0.15		0.25		0.60		0.75		0.75		0.85		0.99		0.60
International Opportunities*	0.45–0.60		0.59		0.25		0.15		0.25		0.70		0.85		0.85		0.95		1.09		0.70
Quant International Equity*	0.20–0.40		0.38		—		—		—		0.50		0.65		—		—		—		0.50
Quant International Small-Cap Equity*	0.50–0.65	g	0.65		0.25		0.15		0.25		0.70		0.85		0.85		0.85	h	1.09		0.70
Social Choice International Equity*	0.25–0.30	i	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.
‡	Maximum expense amounts reflect all expenses excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses and extraordinary expenses. The expense reimbursement arrangements will continue through at least February 29, 2020. The reimbursement arrangements can only be changed with the approval of the Board of Trustees.
§	Advisors has contractually agreed to waive and/or reimburse Class W’s Management fees and Other expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses, Trustee expenses and extraordinary expenses) in their entirety. Advisors expects this waiver and/or reimbursement to remain in effect indefinitely, unless changed or terminated with approval of the Board of Trustees.
a	Effective May 1, 2018, Advisors agreed to voluntarily waive a portion of the investment management fee for the Large-Cap Value Fund. The investment management fee range after the waiver is 0.28%–0.43% of daily average net assets. This waiver is voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval.
b	Effective May 1, 2018, 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 0.25%–0.44% of daily average net assets. This waiver is voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval.
c	Effective May 1, 2018, Advisors agreed to voluntarily waive a portion of the investment management fee for the Quant Small-Cap Equity Fund. The investment management fee range after the waiver is 0.25%–0.44% of daily average net assets. This waiver is voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval.
d	Effective October 2, 2017, TPIS agreed to voluntarily waive a portion of the distribution Rule 12b-1 fee for the Quant Small-Cap Equity Retail Class. This waiver is voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval. The distribution fee after the waiver is 0.22% of average daily net assets of the Retail Class.
e	Effective March 1, 2019, there is a new breakpoint schedule for the Social Choice Low Carbon Equity Fund. Prior to March 1, 2019, the investment management fee was 0.25%.
f	Effective May 1, 2018, Advisors agreed to voluntarily waive a portion of the expense cap in the Emerging Markets Equity Fund Retirement Class. This waiver is voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval.
g	Effective April 1, 2018, Advisors agreed to voluntarily waive a portion of the investment management fee for the Quant International Small-Cap Equity Fund. The investment management fee range after the waiver is 0.45%–0.60% of daily average net assets. This waiver is voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval.
h	Effective May 1, 2018, Advisors agreed to voluntarily waive a portion of the expense cap for the Quant International Small-Cap Equity Fund Retirement Class. This waiver is voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval.
i	Effective March 1, 2019, there is a new breakpoint schedule for the Social Choice International Equity Fund. Prior to March 1, 2019, the investment management fee was 0.30%.

Income, reflected in Payment from affiliate on the Statement of Operations, 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 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 period ended April 30, 2019, the Funds engaged in the following security transactions with affiliated entities:

Fund		Purchases		Sales		Realized gain (loss)
Growth & Income	$	45,955,781	$	35,912,976	$	(585,506	)
Large-Cap Growth		14,456,678		29,827,727		74,500
Large-Cap Value		95,704,417		286,185,799		(733,887	)
Mid-Cap Growth		17,788,272		8,459,800		4,032,979
Mid-Cap Value		195,332,847		37,550,304		11,311,274
Quant Large-Cap Growth		45,211,996		63,981,528		1,888,639
Quant Large-Cap Value		12,703,152		24,658,572		(921,291	)
Quant Small-Cap Equity		9,291,735		27,290,940		3,206,641
Quant Small/Mid-Cap Equity		4,429,109		37,836,120		1,338,268
Social Choice Equity		45,350,573		15,880,596		1,433,352
Social Choice Low Carbon Equity		15,241,250		1,084,706		(167,187	)
Emerging Markets Equity		21,126,575		14,966,241		(1,929,278	)
International Equity		5,486,400		40,116,068		(10,462,440	)
International Opportunities		3,272,466		2,273,390		1,289,859
Quant International Equity		33,503,521		10,647,334		(220,253	)
Social Choice International Equity		2,791,461		40,867		(18,550	)

130 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

continued

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 and other funds within the Trust as of April 30, 2019:

Underlying Fund	TIAA-CREF Lifecycle Funds			TIAA-CREF Lifestyle Funds			TIAA-CREF Managed Allocation Fund			TIAA Access			Total
Growth & Income		51	%		1	%		1	%		4	%		57	%
Large-Cap Growth		53			2			1			2			58
Large-Cap Value		47			2			1			7			57
Mid-Cap Growth		—			—			—			13			13
Mid-Cap Value		—			—			—			13			13
Quant Large-Cap Growth		93			2			2			—			97
Quant Large-Cap Value		96			1			2			—			99
Quant Small-Cap Equity		23			—			—			8			31
Quant Small/Mid-Cap Equity		92			3			2			—			97
Social Choice Equity		—			—			—			4			4
Emerging Markets Equity		73			2			2			2			79
International Equity		30			1			1			7			39
International Opportunities		84			2			2			—			88
Quant International Equity		94			2			2			—			98
Quant International Small-Cap Equity		95			2			2			—			99

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 April 30, 2019, one 529 Plan owned 5% 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:

Issue	Value at October 31, 2018		Purchases cost		Sales proceeds		Realized gain (loss		)	Change in unrealized appreciation (depreciation		)	Dividend income		Shares at April 30, 2019	Value at April 30, 2019
Emerging Markets Equity Fund
Common stock
Uruguay
Arcos Dorados Holdings, Inc		$57,527,119		$21,126,575		$11,620,716		$(2,071,506	)		$1,088,781			$473,139	9,462,787		$66,050,253

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 April 30, 2019, 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.

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 April 30, 2019, 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:

TIAA-CREF Funds: Equity Funds  ■  2019 Semiannual Report 131

Notes to financial statements (unaudited)

Fund	Tax cost		Gross unrealized appreciation		Gross unrealized depreciation			Net unrealized appreciation (depreciation		)
Growth & Income		$4,675,252,072		$2,292,452,433		$ (60,965,971	)		$2,231,486,462
Large-Cap Growth		3,553,615,541		2,268,677,582		(31,692,895	)		2,236,984,687
Large-Cap Value		5,207,151,575		1,061,587,212		(53,947,145	)		1,007,640,067
Mid-Cap Growth		1,183,277,677		416,331,980		(22,261,199	)		394,070,781
Mid-Cap Value		2,736,176,170		682,715,437		(109,369,098	)		573,346,339
Quant Large-Cap Growth		1,806,487,643		1,044,835,974		(21,536,275	)		1,023,299,699
Quant Large-Cap Value		2,179,770,224		498,243,252		(40,769,959	)		457,473,293
Quant Small-Cap Equity		2,896,913,069		497,047,883		(186,087,435	)		310,960,448
Quant Small/Mid-Cap Equity		588,365,454		142,179,793		(25,879,443	)		116,300,350
Social Choice Equity		3,332,181,593		1,220,704,095		(128,207,394	)		1,092,496,701
Social Choice Low Carbon		165,988,679		26,686,465		(4,370,631	)		22,315,834
Emerging Markets Equity		1,573,885,881		210,231,013		(61,128,947	)		149,102,066
International Equity		5,077,213,073		206,662,689		(83,692,591	)		122,970,098
International Opportunities		1,456,038,204		476,849,048		(57,403,936	)		419,445,112
Quant International Equity		1,796,796,427		171,411,946		(35,725,375	)		135,686,571
Quant International Small-Cap Equity		968,583,043		91,208,497		(70,331,186	)		20,877,311
Social Choice International Equity		154,814,624		7,453,838		(3,852,457	)		3,601,381

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 period ended April 30, 2019 were as follows:

Fund	Non-U.S. government purchases		Non-U.S. government sales
Growth & Income	$	2,361,892,333	$	2,515,081,726
Large-Cap Growth		2,168,643,613		2,240,926,335
Large-Cap Value		4,152,924,508		4,445,579,954
Mid-Cap Growth		540,689,588		591,386,058
Mid-Cap Value		1,617,633,450		1,963,449,381
Quant Large-Cap Growth		1,302,240,559		1,286,582,411
Quant Large-Cap Value		1,565,223,592		1,604,619,410
Quant Small-Cap Equity		1,286,304,922		1,669,244,594
Quant Small/Mid Cap Equity		235,930,595		242,189,336
Social Choice Equity		762,930,975		355,347,763
Social Choice Low Carbon		73,610,187		13,911,368
Emerging Markets Equity		984,133,290		1,034,071,599
International Equity		2,709,348,991		2,579,361,049
International Opportunities		318,968,194		223,251,900
Quant International Equity		991,996,838		984,896,311
Quant International Small-Cap Equity		375,611,726		351,927,035
Social Choice International Equity		89,915,828		7,075,422

Note 6—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the year ended October 31, 2018 was as follows:

	10/31/2018
Fund	Ordinary income		Long-term capital gains		Total
Growth & Income	$	129,654,461	$	168,838,694	$	298,493,155
Large-Cap Growth		65,745,643		134,710,578		200,456,221
Large-Cap Value		194,702,897		254,369,511		449,072,408
Mid-Cap Growth		90,483,396		52,698,566		143,181,962
Mid-Cap Value		63,951,788		293,428,515		357,380,303
Quant Large-Cap Growth		80,349,026		83,629,217		163,978,243
Quant Large-Cap Value		92,381,556		65,815,477		158,197,033
Quant Small-Cap Equity		144,925,595		236,042,033		380,967,628
Quant Small/Mid Cap Equity		35,024,075		1,171,488		36,195,563
Social Choice Equity		53,632,226		61,988,984		115,621,210
Social Choice Low Carbon		1,381,149		745,230		2,126,379
Emerging Markets Equity		10,909,222		48,051,055		58,960,277
International Equity		53,463,627		66,676,798		120,140,425
International Opportunities		17,838,381		—		17,838,381
Quant International Equity		58,367,522		—		58,367,522
Quant International Small-Cap Equity		58,798,457		—		58,798,457
Social Choice International Equity		1,076,225		18,829		1,095,054

The tax character of the fiscal year 2019 distributions will be determined at the end of the fiscal year.

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—inter-fund lending program

Pursuant to an exemptive order issued by the Commission, the Funds may participate in an inter-fund lending program. This program allows the Funds to lend cash to and/or borrow cash from certain other affiliated Funds for temporary purposes, (e.g., to satisfy redemption requests or to cover unanticipated cash shortfalls). The program is subject to a number of conditions, including the requirement that no Fund may borrow or lend money under the program unless it receives a more favorable interest rate than is available from a bank or other financial institution for a comparable transaction. In addition, a Fund may participate in the program only if its participation is consistent with the Fund’s investment policies and limitations and authorized by its portfolio manager(s). During the period ended April 30, 2019, there were no inter-fund borrowing or lending transactions.

132 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

concluded

Note 9—line of credit

Each of the Funds participates in a $1.25 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 19, 2018 expiring on June 18, 2019, replacing the previous $1.5 billion facility, which expired June 2018. 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 period ended April 30, 2019, there were no borrowings under this credit facility by the Funds.

Note 10—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 11—subsequent events

Effective June 18, 2019, the line of credit that each fund participates in will be reduced to $1 billion of an unsecured revolving credit facility that can be used for temporary purposes, including, without limitation, the funding of shareholder redemptions. This facility will expire on June 16, 2020.

Advisors has agreed to implement voluntary waivers reducing the management fee breakpoint schedules for several Funds for one year effective May 1, 2019. These waivers are voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval. During this one-year period the range paid to Advisors for each Fund is as follows:

Fund	Waiver				Investment management fee range
Growth & Income		0.005	%	0.295–0.445			%
Large-Cap Growth		0.005				0.295–0.445
Large-Cap Value		0.015				0.285–0.435
Mid-Cap Value		0.040				0.250–0.440
Quant Small-Cap Equity		0.040				0.230–0.420
Social Choice Equity		0.005				0.145
Quant International Small-Cap Equity		0.050				0.450–0.600

Also, Advisors has agreed to implement voluntary waivers reducing the expense cap for several Funds for one year effective May 1, 2019. These waivers are voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval. During this one-year period, the expense cap after the waiver for each Fund is as follows:

Fund	Waiver			Maximum expense amounts
Emerging Markets Equity – Premier Class		0.11	%		0.99	%
Emerging Markets Equity – Retirement Class		0.21			0.99
International Equity – Retirement Class		0.17			0.68
International Opportunities – Premier Class		0.17			0.68
International Opportunities – Retirement Class		0.27			0.68
Quant International Small-Cap Equity – Retirement Class		0.12			0.83

In addition, effective May 1, 2019 TPIS has agreed to voluntarily waive a portion of the distribution Rule 12b-1 fee by 0.04% for the Retail Class of the Quant Small-Cap Equity Fund. This waiver is voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval. The distribution fee after the waiver is 0.21%.

TIAA-CREF Funds: Equity Funds  ■  2019 Semiannual Report 133

Approval of investment management agreement (unaudited)

Board renewal of the investment management agreement for certain series of the TIAA-CREF Funds

The Board of Trustees (the “Board” or the “Trustees”) of the TIAA-CREF Funds (the “Trust”) determines whether to initially approve and periodically renew the investment management agreement (the “Agreement”) between Teachers Advisors, LLC (“Advisors”) and the Trust on behalf of each of its series. Under the Agreement, Advisors is responsible for providing investment advisory services to each series of the Trust and overseeing the everyday operations and other service providers of the Trust. Below is a summary of the process the Board undertook related to its most recent renewal of the Agreement with respect to each series covered by this Report (the “Funds”).

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that, after an initial period of up to two years, the Agreement for each Fund will remain in effect only if the Board, including a majority of those Trustees who have no direct or indirect interest in the Agreement, and who are independent Trustees because they are not “interested persons” of the Trust, as that term is defined in the 1940 Act, annually renews that Agreement. None of the Trustees are interested persons of the Trust under the 1940 Act. Rather, they are all deemed to be independent Trustees.

Overview of the renewal process

The Board held a meeting on March 28, 2019, at which it considered the annual renewal of the Agreement with respect to each Fund using the process established by the Board. As part of this process, the Board delegated certain tasks to its Operations Committee. Among these tasks, the Operations Committee or certain of its designated members worked with Advisors, other Board members and legal counsel to the Trustees to develop guidance and specific requests relating to the types of information to be provided to the Board in connection with the proposed contract renewals.

Among other matters, the Operations Committee or certain of its designated members, following its consultations with Advisors’ representatives, the Trustees, legal counsel to the Trustees and legal counsel to Advisors and the Trust, confirmed or established certain guidance regarding the preparation of reports to be provided to the Board with respect to each Fund by the Board Reporting and Compliance unit of Broadridge Financial Solutions, Inc. (“Broadridge”), using data from Lipper, Inc., which is an independent provider of investment company data. Broadridge is widely recognized as a leading provider of comparative analyses used by independent directors and trustees of investment companies during their advisory contract review processes.

Based on guidance provided by the Operations Committee or certain of its designated members on behalf of the Board, Broadridge produced, among other information, comparative performance and expense data regarding each Fund, including data relating to each Fund’s management fee rate, total expense ratio, short-term and long-term investment performance, brokerage commission costs and portfolio turnover rate (as applicable). Broadridge compared this data, as relevant, for each Fund against a universe of investment companies (except for brokerage commission costs) and against a more selective peer group of mutual funds with similar investment objectives and strategies, each of which was selected by Broadridge, and also

compared the performance of each Fund against one or more appropriate broad-based indices. In each case, Broadridge summarized, and the Board reviewed, the methodologies Broadridge employed to provide the data contained in its reports. In addition, Broadridge represented to the Board that its reports were designed specifically to provide the Board with the fee, expense and performance information that is necessary to help the Board satisfy its duties under Section 15(c) of the 1940 Act. Broadridge also represented that the purpose of its materials is to provide an objective view of each Fund’s relative position regarding the level of fees, expenses and total return performance against a competitive peer group and universe (as applicable) selected by Broadridge (and not Advisors or the Board). The Board considered the propriety of each Fund’s applicable peer group as selected by Broadridge and use of the Institutional Class as the base class for comparison purposes.

Among other matters, the Board also requested and received additional information from Advisors to facilitate the Trustees’ evaluation of the reasonableness of any profits earned by Advisors with respect to its services to each Fund pursuant to the Agreement.

Prior to the March 28, 2019 meeting, the Board met informally to review and discuss Advisors’ materials, following which counsel to the Trustees, on the Trustees’ behalf, requested certain additional information from Advisors. Subsequently, at the March 28, 2019 meeting, the Trustees reviewed responses from Advisors to the Board’s follow-up questions and were given the opportunity to, and did, ask additional questions, to which management provided responses.

In advance of the Board meeting held on March 28, 2019, legal counsel for the Trustees requested on behalf of the Board, and Advisors provided, information that was designed to assist the Board in its consideration of whether to renew the Agreement for each Fund. In addition to the data provided by Broadridge as described above, this information included, but was not limited to, the following: (1) further information relating to each Fund’s investment performance and a narrative analysis of the performance of each Fund that had underperformed certain Board-specified criteria, together with an explanation of any events that had a material impact on the Fund’s performance during that period; (2) a description of any fee waiver or expense reimbursement arrangements that were proposed or were in place during the prior year and the extent to which such arrangements would be continued or modified in the coming year; (3) a comparison of each Fund’s management fee rate and performance to other accounts with comparable strategies managed by Advisors or certain of its affiliates, if any; (4) any “fall-out” benefits that accrued or were identified as reasonably likely to accrue to Advisors or its affiliates due to their relationship with the Funds in addition to the Funds’ direct fee payments to Advisors pursuant to the Agreement; (5) information regarding Advisors’ financial resources, senior professional personnel, overall staffing levels, portfolio manager compensation arrangements, capacity to manage the Funds at current and foreseeable asset levels, insurance coverage, portfolio trading, soft dollar usage and best execution practices, and any actual and potential conflicts of interest identified by

134 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Advisors in connection with rendering services to the Funds; (6) information as to any profits earned by Advisors in connection with its services pursuant to the Agreement; (7) a copy of the Agreement and certain related agreements between the Funds and affiliates of Advisors; (8) a copy of Advisors’ Form ADV as filed with the Securities and Exchange Commission (which was presented only to legal counsel for the Trustees); and (9) proposed narrative explanations of reasons why the Board should renew the Agreement. The Trustees were also provided with performance ratings of Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service.

In considering whether to renew the Agreement with respect to each Fund, the Board reviewed various factors with respect to each Fund, including: (1) the nature, extent and quality of services provided or to be provided by Advisors to the Fund; (2) the Fund’s investment performance; (3) the costs of the services provided to the Fund and the profits realized or potential profits to be realized (if any) by Advisors and its affiliates from their relationship with the Fund; (4) fees charged to comparable mutual funds by other advisers; (5) the extent to which economies of scale have been realized or are anticipated to be realized as the Fund grows; (6) how such economies of scale are shared with the Fund for the benefit of its investors, such as through management fee breakpoints; (7) comparisons of the services provided by Advisors to, and the fee rates and performance of, the Fund to other clients to whom Advisors provides comparable services, if any; and (8) any other benefits derived or anticipated to be derived by Advisors or its affiliates from their relationship with the Fund. As a general matter, the Board viewed these factors, and any other factors deemed relevant by the Trustees, in their totality, and no single factor was identified as being the determining factor in deciding whether to renew the Agreement.

In addition to the general session meeting that included Advisors personnel, the Trustees met in private sessions, at which no Advisors representatives were present, to discuss the proposed renewal of the Agreement for each Fund. The Board also received and considered information from its legal counsel as to certain relevant guidance that relates to the renewal process under Section 15(c) of the 1940 Act and certain other legal authorities.

While the contract renewal process included a series of meetings leading up to the March 28, 2019 meeting, the oversight and evaluation of Advisors’ services to the Funds by the Board and its Committees is ongoing. The Board, as well as its Committees, reviewed reports on various investment and operational topics that had been identified by the Board or its Committees for review in the year since the last annual renewal process. Further, at regularly scheduled meetings of the Board, the Board and the Investment Committee receive and review, among other matters, information regarding the performance of the Funds. Thus, in reaching its decisions regarding the renewal of the Agreement for each Fund, the Board took into account the information described herein and other information provided to the Board and its Committees throughout the year.

The Board received and considered both Trust-level and Fund-specific information, but made its renewal determinations on a Fund-by-Fund basis. In deciding whether to renew the Agreement

for each Fund, each Trustee may have accorded different weight to different factors and, thus, each Trustee may have had a different basis for his or her ultimate decision to vote to renew the Agreement for each Fund. At its meeting on March 28, 2019, all Board members voted unanimously to renew the Agreement for each Fund. Set forth below is a summary of the primary factors the Board considered with respect to each Fund.

The nature, extent and quality of services

The Board considered the level and depth of knowledge of Advisors, including the professional experience and qualifications of its personnel. The Board also considered that Advisors is an experienced investment adviser that has managed the Funds since their operations commenced. Investment professionals at Advisors also manage various funds and accounts of the College Retirement Equities Fund, the TIAA-CREF Life Funds and TIAA Separate Account VA-1, as well as advise and sub-advise other investment companies and vehicles. Under the Agreement, Advisors is responsible for, among other duties: managing the assets of the Funds, including conducting research, identifying investments and placing orders to buy and sell securities for the Funds’ investment portfolios; active daily monitoring of the Funds’ investment portfolios; reporting on the investment performance and other metrics of the Funds to the Board on a regular basis; responding to Fund flows; compliance and risk monitoring and management; coordinating the activities of each Fund’s service providers; and overseeing the provision of various administrative services to the Funds. The Board considered that Advisors has carried out these responsibilities in a competent and professional manner. The Board also considered that Advisors has committed significant resources to supporting the series of the Trust, including the Funds. It also considered Advisors’ compliance program and resources and its compliance record with respect to the Funds.

The Board also considered, among other factors, the performance of each Fund, as discussed below. In addition, the Board considered the nature and quality of non-portfolio management services provided by Advisors and its affiliates. In this regard, the Board considered its ongoing review of the performance of certain affiliated and unaffiliated service providers, including the quality of services provided by those firms and Advisors’ oversight of those service providers and the outsourcing of certain services to other firms.

During its review, the Board noted its ongoing efforts to examine the level of personnel and other resources available to Advisors to provide portfolio management and other services to the Funds, including the impact of recent and anticipated operational changes on such resources, so as to assess the adequacy of the resources devoted to these services.

Investment performance

The Board considered the investment performance of each Fund, over the periods indicated in the Fund-by-Fund synopsis below. The Board considered each Fund’s performance as compared to its peer group and peer universe (as applicable) and its benchmark index. For details regarding each Fund’s performance, see the Fund-by-Fund synopsis below.

TIAA-CREF Funds: Equity Funds  ■  2019 Semiannual Report 135

Approval of investment management agreement (unaudited)

The Board considered, in those cases in which a Fund had performed materially differently from its Broadridge peers based on a Board-established threshold, the factors identified by Advisors that contributed to such difference and any remedial measures being undertaken by Advisors. Thus, the Board concluded that, under the totality of circumstances considered, the investment performance of each Fund was reasonable or that appropriate actions had been or were being implemented.

Cost and profitability

The Board considered financial and profitability data relating to Advisors’ services to the Funds for the calendar year 2018. The Board considered Advisors’ profit calculations with respect to its services to each Fund both before and after taking into account the costs incurred directly or indirectly by Advisors in connection with the distribution of shares of the Fund. The Board acknowledged the reasonableness of having management fee rates which permit Advisors to maintain and improve the quality of services provided to the Funds and recognized the entrepreneurial and other risks assumed by Advisors in managing the Funds. The Board considered that Advisors had calculated that it earned profits with respect to most of the Funds under the Agreement for the one-year period ended December 31, 2018. However, with respect to the more recently-launched Social Choice Low Carbon Equity Fund and Social Choice International Equity Fund, Advisors had calculated that it had incurred losses.

The Board recognized the effect on Advisors’ profitability of the breakpoints that are included in most of the Funds’ management fee rates, including whether and to what extent each such Fund had reached one or more breakpoints. (Management fee rate “breakpoints” result in a Fund paying a lower management fee rate above the designated asset breakpoint levels.) The Board also noted Advisors’ addition of contractual breakpoint schedules to the management fee rates of the Social Choice International Equity and Social Choice Low Carbon Equity Funds under the Agreement as of March 1, 2019. The Board also considered Advisors’ voluntary reductions of certain Funds’ management fee rates for the one-year ended April 30, 2019: 0.020% for the Large-Cap Value and Quant Small-Cap Equity Funds; 0.045% for the Mid-Cap Value Fund; and 0.050% for the Quant International Small-Cap Equity Fund. Additionally, the Board considered that, for the one-year period ending April 30, 2020, Advisors had agreed to: (1) continue the 0.050% voluntary management fee rate waiver for the Quant International Small-Cap Equity Fund; (2) decrease the voluntary management fee rate waiver for the Mid-Cap Value and Large-Cap Value Funds to 0.040% and 0.015%, respectively; (3) increase the voluntary management fee rate waiver for the Quant Small-Cap Equity Fund to 0.040%; and (4) add a voluntary management fee rate waiver of 0.005% for the Growth & Income, Large-Cap Growth and Social Choice Equity Funds. The Board also acknowledged Advisors’ commitment to reimburse Fund expenses to the extent that total annual operating expenses exceeded certain specified amounts. With respect to those Funds for which Advisors’ services under the terms of the Agreement were calculated by Advisors to have been profitable in 2018, the Board concluded that those profits were reasonable in light of various relevant factors.

Fees charged by other advisers

The Board considered comparative information regarding each Fund’s contractual and effective management fee rates and the contractual and effective management fee rates paid by similar mutual funds to other advisers, as analyzed by Broadridge and reflected in the Fund-by-Fund synopsis below. The Board determined that the management fee rate charged to a Fund under the Agreement typically was lower than the management fee rates charged to many or most other comparable mutual funds. In this connection, the Board also considered the inherent limitations of such comparisons in light of uncertainty as to how the fees of such similar mutual funds are set and potentially material differences between a Fund and its comparable mutual funds. The Board considered Broadridge’s treatment of all fund fee waivers, regardless of their type, as management fee waivers, which could materially impact how the Funds’ actual management fee rates compare to those of peer mutual funds. Additionally, the Board considered the potential limitations of such comparisons due to, among other factors, the fact that, in many instances, Broadridge based its comparisons on financial data relating to fiscal periods that differed from the period for which the Funds’ data were derived. Based on all factors considered, the Board concluded that the management fee rates under the Agreement with respect to each Fund were reasonable in relation to those charged by appropriate groups of comparable mutual funds.

Economies of scale

The Board considered whether Advisors has experienced or is anticipated to experience economies of scale in connection with the operation of each Fund, and whether any such economies are shared with the Funds. The Board also considered the extent to which the current fee rate schedule breakpoints for many Funds affected Advisors’ fees. The Board considered, in connection with the supporting Broadridge reports, Advisors’ position that the maximum fee rate that could be charged to each Fund based on its level of assets under the Agreement is comparatively low in relation to peer groups of mutual funds. The Board also considered the one-year voluntary advisory fee waivers agreed to by Advisors noted above, the new contractual management fee breakpoint schedules for the Social Choice International Equity and Social Choice Low Carbon Equity Funds and Advisor’ agreement to pay for a portion of the Funds’ soft dollar costs. Based on all factors considered, the Board concluded that the Funds’ management fee rate schedules were reasonable in light of current economies of scale considerations and current asset levels.

Fee and performance comparisons with other Advisors clients

The Board considered that Advisors and its affiliate, TIAA-CREF Investment Management, LLC, provide investment management services to other investment companies, including foreign funds (UCITS), and separately managed accounts that may have similar investment strategies as certain of the Funds. In particular, the Board reviewed the management fee rates Advisors charges to a separately managed account that has a

136 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

continued

similar mandate to the Mid-Cap Value Fund and the performance of such account. The Board also considered Advisors’ comments that, in the future, Advisors may manage client assets through additional funds and accounts with similar investment strategies. The Board also considered Advisors’ representation that, while the management fee rates charged to the Funds may differ from the management fee rates chargeable to these other funds and other accounts, this may be due in part to the fact that these other funds and accounts: (1) may involve less entrepreneurial and other risks on the part of Advisors; (2) may be offered in different types of markets; (3) may be provided with different types or levels of services; (4) may have different regulatory burdens; and/or (5) may target different investors.

Other benefits

The Board also considered additional benefits to Advisors and its affiliates arising from the Agreement. For example, Advisors and its affiliates may benefit from their relationship with the Funds to the extent that this relationship results in potential investors viewing Teachers Insurance and Annuity Association of America (“TIAA”), of which Advisors is an indirect, wholly-owned subsidiary, as a leading retirement plan provider in the academic and nonprofit markets and as a single source for all their financial service needs. Both Advisors and certain funds managed by Advisors or its affiliates may benefit from economies of scale to the extent they share resources and/or personnel. Advisors may also benefit from the ability to acquire investment research related to the commission arrangements made on behalf of the Funds (i.e., soft dollars). Additionally, the Funds may be utilized as investment options for other products and businesses of Advisors and its affiliates, such as variable products, funds of funds and 529 education savings plans.

Fund-by-fund factors

The Board considered the following specific factors (among others) in connection with its determination to renew the Agreement with respect to each Fund. If a Fund is described in the following discussions as being in the “1st” quintile, it is in the best of five groups (that is, the group has the best performance or the lowest expenses, as the case may be). References below to quintiles are based on data provided to the Board in the reports prepared by Broadridge. The specific management fee, expense and performance factors outlined below are based on the Institutional Class shares of each Fund. Because the Institutional Class generally has lower non-management expenses than the other classes of these Funds, the expenses and performance of these other classes will differ from the expenses and performance shown for the Institutional Class. All time periods referenced below are ended December 31, 2018. Under the Morningstar rating system, 5 stars is the highest (best) rating category and 1 star is the lowest (worst) rating category. The Morningstar data is as of December 31, 2018. Statements below regarding a Fund’s “effective management fee rate” refer to the overall effective blended fee rate that applied to that Fund after taking into account any breakpoints in the management fee rate schedule for the Fund and any applicable fee waivers and/or expense reimbursements.

Statements below regarding “net profit” or “net loss” refer to whether Advisors calculated that it earned a profit or incurred a loss for the services that it rendered to a Fund during 2018 under the Agreement.

Quant Large-Cap Growth Fund

• The Fund’s annual contractual management fee rate starts at 0.35% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2018 asset level was 0.285% of average daily net assets.

• The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 1st quintile of both the group of comparable funds selected by Broadridge for expense comparison purposes (“Expense Group”) and the universe of comparable funds selected by Broadridge for expense comparison purposes (“Expense Universe”).

• The Fund was in the 3rd, 2nd, 2nd and 3rd quintiles of the group of comparable funds selected by Broadridge for performance comparison purposes (“Performance Group”) for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 3rd, 1st, 1st and 2nd quintiles of the universe of comparable funds selected by Broadridge for performance comparison purposes (“Performance Universe”) for the one-, three-, five- and ten-year periods, respectively.

• The Fund received an Overall Morningstar Rating of 4 stars.

• Advisors earned a net profit with respect to its services to the Fund for the one-year period.

Quant Large-Cap Value Fund

• The Fund’s annual contractual management fee rate starts at 0.35% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2018 asset level was 0.287% of average daily net assets.

• The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 1st quintile of its Expense Group and Expense Universe.

• The Fund was in the 1st, 4th, 2nd and 5th quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 3rd, 3rd, 2nd and 4th quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.

• The Fund received an Overall Morningstar Rating of 2 stars.

• Advisors earned a net profit with respect to its services to the Fund for the one-year period.

Growth & Income Fund

• The Fund’s annual contractual management fee rate starts at 0.45% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2018 asset level was 0.389% of average daily net assets. Effective May 1, 2019, Advisors has voluntarily agreed to reduce its management fee rate by 0.005% through April 30, 2020.

TIAA-CREF Funds: Equity Funds  ■  2019 Semiannual Report 137

Approval of investment management agreement (unaudited)

• The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 1st quintile of both its Expense Group and Expense Universe.

• The Fund was in the 3rd, 3rd, 1st and 1st quintiles of its Performance Group for the one-, three- five- and ten-year periods, respectively. The Fund was in the 3rd, 2nd, 1st and 2nd quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.

• The Fund received an Overall Morningstar Rating of 3 stars.

• Advisors earned a net profit with respect to its services to the Fund for the one-year period.

Large-Cap Growth Fund

• The Fund’s annual contractual management fee rate starts at 0.45% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2018 asset level was 0.399% of average daily net assets. Effective May 1, 2019, Advisors has voluntarily agreed to reduce its management fee rate by 0.005% through April 30, 2020.

• The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 1st quintile of both its Expense Group and Expense Universe.

• The Fund was in the 3rd, 4th, 3rd and 4th quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 3rd, 2nd, 1st and 2nd quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.

• The Fund received an Overall Morningstar Rating of 4 stars.

• Advisors earned a net profit with respect to its services to the Fund for the one-year period.

Large-Cap Value Fund

• The Fund’s annual contractual management fee rate starts at 0.45% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2018 asset level was 0.379% of average daily net assets, which includes the effect of a voluntary management fee rate waiver of 0.02% for the year ended April 30, 2019. This voluntary management fee rate waiver has been decreased to 0.015% of average daily net assets for the year ending April 30, 2020.

• The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 1st quintile of both its Expense Group and Expense Universe.

• The Fund was in the 4th, 5th, 5th and 4th quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 4th, 4th, 4th and 3rd quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.

• The Board considered that the Fund underwent a portfolio manager change in November 2018.

• The Fund received an Overall Morningstar Rating of 2 stars.

• Advisors earned a net profit with respect to its services to the Fund for the one-year period.

Mid-Cap Growth Fund

• The Fund’s annual contractual management fee rate starts at 0.48% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2018 asset level was 0.440% of average daily net assets.

• The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 1st quintile of both its Expense Group and Expense Universe.

• The Fund was in the 5th, 5th, 5th and 4th quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 5th, 5th, 5th and 3rd quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively. The Board considered that a dedicated mid-cap growth analyst was added to support the Fund in 2017 to seek to strengthen the Fund’s investment process going forward.

• The Fund received an Overall Morningstar Rating of 3 stars.

• Advisors earned a net profit with respect to its services to the Fund for the one-year period.

Mid-Cap Value Fund

• The Fund’s annual contractual management fee rate starts at 0.48% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2018 asset level was 0.375% of average daily net assets, which includes the effect of a voluntary management fee rate waiver of 0.045% for the year ended April 30, 2019. This voluntary management fee rate waiver has been decreased to 0.040% of average daily net assets for the year ending April 30, 2020.

• The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 1st quintile of both its Expense Group and Expense Universe.

• The Fund was in the 3rd, 3rd, 2nd and 3rd quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 3rd, 3rd, 2nd and 3rd quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.

• The Fund received an Overall Morningstar Rating of 3 stars.

• Advisors earned a net profit with respect to its services to the Fund for the one-year period.

Quant Small-Cap Equity Fund

• The Fund’s annual contractual management fee rate starts at 0.46% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2018 asset level was 0.382% of average daily net assets, which includes the effect of a voluntary management fee rate waiver of 0.02% for the year ended April 30, 2019. This voluntary management fee rate waiver has been increased to 0.040% of average daily net assets for the year ending April 30, 2020.

• The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 1st quintile of both its Expense Group and Expense Universe.

138 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

continued

• The Fund was in the 1st, 3rd, 1st and 4th quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 3rd, 2nd, 1st and 2nd quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.

• The Fund received an Overall Morningstar Rating of 2 stars.

• Advisors earned a net profit with respect to its services to the Fund for the one-year period.

Quant Small/Mid-Cap Equity Fund

• The Fund’s annual contractual management fee rate starts at 0.46% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2018 asset level was 0.451% of average daily net assets.

• The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 1st quintile of both its Expense Group and Expense Universe.

• The Fund was in the 1st quintile of both its Performance Group and Performance Universe for each of the one-year and since-inception periods.

• The Fund does not yet have a sufficient track record for a Morningstar rating.

• Advisors earned a net profit with respect to its services to the Fund for the one-year period.

Social Choice Equity Fund

• The Fund’s annual contractual management fee rate is 0.15% of average daily net assets.

• The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 1st quintile of both its Expense Group and Expense Universe. Effective May 1, 2019, Advisors has voluntarily agreed to waive 0.005% of the Fund’s management fee rate through April 30, 2020.

• The Fund was in the 1st quintile of its Performance Group for each of the one-, three-, five- and ten-year periods. The Fund was in the 2nd, 1st, 2nd and 2nd quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.

• The Fund received an Overall Morningstar Rating of 3 stars.

• Advisors earned a net profit with respect to its services to the Fund for the one-year period.

Social Choice Low Carbon Equity Fund

• The Fund’s annual contractual management fee rate starts at 0.25% of average daily net assets, and includes new breakpoints effective March 1, 2019 that reduce the rate paid on assets above certain thresholds. At its December 31, 2018 asset level, the Fund had not reached any of its management fee rate breakpoints.

• The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 1st quintile of both its Expense Group and Expense Universe.

• The Fund was in the 1st quintile of its Performance Group for both the one- and three-year periods. The Fund was in the 2nd and 1st quintiles of its Performance Universe for the one- and three-year periods, respectively.

• The Fund received an Overall Morningstar Rating of 3 stars.

• Advisors incurred a net loss with respect to its services to the Fund for the one-year period.

Emerging Markets Equity Fund

• The Fund’s annual contractual management fee rate starts at 0.85% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2018 asset level was 0.840% of average daily net assets.

• The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 1st quintile of its Expense Group. The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were in the 1st, 3rd and 2nd quintiles of its Expense Universe, respectively.

• The Fund was in the 4th quintile of its Performance Group for each of the one-, three- and five-year periods. The Fund was in the 4th, 2nd and 4th quintiles of its Performance Universe for the one-, three- and five-year periods, respectively.

• The Fund received an Overall Morningstar Rating of 3 stars.

• Advisors earned a net profit with respect to its services to the Fund for the one-year period.

Quant International Equity Fund

• The Fund’s annual contractual management fee rate starts at 0.40% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2018 asset level was 0.374% of average daily net assets.

• The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 1st quintile of both its Expense Group and Expense Universe.

• The Fund was in the 4th, 3rd, 3rd, and 3rd quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 4th, 4th, 3rd and 2nd quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively. The Board considered Advisors’ representation that it was researching options to strengthen stock selection for the Fund.

• The Fund received an Overall Morningstar Rating of 3 stars.

• Advisors earned a net profit with respect to its services to the Fund for the one-year period.

International Equity Fund

• The Fund’s annual contractual management fee rate starts at 0.50% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2018 asset level was 0.450% of average daily net assets.

• The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 1st quintile of both its Expense Group and Expense Universe.

• The Fund was in the 5th, 5th, 5th and 4th quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 5th, 5th, 5th and 3rd quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.

TIAA-CREF Funds: Equity Funds  ■  2019 Semiannual Report 139

Approval of investment management agreement (unaudited) concluded

• The Board considered Advisors’ representation that Advisors had implemented tactical changes in its management of the Fund to seek to mitigate risk while maintaining the ability to take advantage of buying opportunities that could lead to positive relative returns.

• The Fund received an Overall Morningstar Rating of 2 stars.

• Advisors earned a net profit with respect to its services to the Fund for the one-year period.

International Opportunities Fund

• The Fund’s annual contractual management fee rate starts at 0.60% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2018 asset level was 0.586% of average daily net assets.

• The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 1st quintile of its Expense Group. The Fund’s total expense ratio and contractual management fee rate were each in the 1st quintile of its Expense Universe, while the Fund’s actual management fee rate was in the 2nd quintile of its Expense Universe.

• The Fund was in the 5th, 2nd and 3rd quintiles of its Performance Group for the one-, three-, and five-year periods, respectively. The Fund was in the 4th, 2nd, 3rd quintiles of its Performance Universe for the one-, three-, and five-year periods, respectively.

• The Fund received an Overall Morningstar Rating of 3 stars.

• Advisors earned a net profit with respect to its services to the Fund for the one-year period.

Quant International Small-Cap Equity Fund

• The Fund’s annual contractual management fee rate starts at 0.65% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2018 asset level was 0.598% of average daily net assets, which includes the effect of a voluntary management fee rate waiver of 0.05% for the year ended April 30, 2019. This voluntary management fee rate waiver has been extended by Advisors through April 30, 2020.

• The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 1st quintile of both its Expense Group and Expense Universe.

• The Fund was in the 5th and 4th quintiles of both its Performance Group and Performance Universe for the one-year and since-inception periods, respectively. The Board considered Advisors’ representation that the Fund’s portfolio management team has incorporated enhancements to its quantitative stock selection model for the Fund.

• The Fund does not yet have a sufficient track record for a Morningstar rating.

• Advisors earned a net profit with respect to its services to the Fund for the one-year period.

Social Choice International Equity Fund

• The Fund’s annual contractual management fee rate starts at 0.25% of average daily net assets, and includes new breakpoints effective March 1, 2019 that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate as of December 31, 2018 was 0.30% of average daily net assets.

• The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 1st quintile of both its Expense Group and Expense Universe.

• The Fund was in the 2nd and 1st quintiles of its Performance Group for the one- and three-year periods, respectively. The Fund was in the 2nd and 3rd quintiles of its Performance Universe for the one- and three-year periods, respectively.

• The Fund received an Overall Morningstar Rating of 3 stars.

• Advisors incurred a net loss with respect to its services to the Fund for the one-year period.

Based primarily on the foregoing factors and considerations, the Board renewed the Agreement for each Fund.

140 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Additional information about index providers (unaudited)

Russell Indexes

Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication.

Standard & Poor’s Index

The S&P 500^® Index is a product of S&P Dow Jones Indices LLC, a division of S&P Global, or its affiliates (“SPDJI”), and has been licensed for use by the Growth & Income Fund. Standard & Poor’s^® and S&P^® are registered trademarks of Standard & Poor’s Financial Services LLC, a division of S&P Global (“S&P”); Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). It is not possible to invest directly in an index. The fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, any of their respective affiliates (collectively, “S&P Dow Jones Indices”). S&P Dow Jones Indices does not make any representation or warranty, express or implied, to the owners of the fund or any member of the public regarding the advisability of investing in securities generally or in the fund particularly or the ability of the S&P 500 Index to track general market performance. Past performance of an index is not an indication or guarantee of future results. S&P Dow Jones Indices’ only relationship to the fund with respect to the S&P 500 Index is the licensing of the Index and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The S&P 500 Index is determined, composed and calculated by S&P Dow Jones Indices without regard to the fund. S&P Dow Jones Indices has no obligation to take the needs of the fund or the owners of the fund into consideration in determining, composing or calculating the S&P 500 Index. S&P Dow Jones Indices is not responsible for and has not participated in the determination of the prices, and amount of the fund or the timing of the issuance or sale of fund shares or in the determination or calculation of the equation by which fund shares are to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices has no obligation or liability in connection with the administration, marketing or trading of the fund. There is no assurance that investment products based on the S&P 500 Index will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment or tax advisor. A tax advisor should be consulted to evaluate the impact of any tax-exempt securities on portfolios and the tax consequences of making any particular investment decision. Inclusion of a security within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, nor is it considered to be investment advice.

S&P DOW JONES INDICES DOES NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE S&P 500 INDEX OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY THE FUND, OWNERS OF THE FUND, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE S&P 500 INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND THE FUND, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.

MSCI Indexes

Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)

TIAA-CREF Funds: Equity Funds  ■  2019 Semiannual Report 141

[This page intentionally left blank.]

[This page intentionally left blank.]

[This page intentionally left blank.]

[This page intentionally left blank.]

[This page intentionally left blank.]

How to reach us

Websites

TIAA.org

nuveen.com

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 Federal Deposit Insurance Corporation (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, sell or hold a security or an investment strategy, 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.

©2019 Teachers Insurance and Annuity Association of America—College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017-3206

PRESORTED STANDARD U.S. POSTAGE PAID 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

832542 A12454 (6/19)

730 Third Avenue
New York, NY 10017-3206

Printed on paper containing recycled fiber

832542 A12454 (6/19)

730 Third Avenue
New York, NY 10017-3206

832542 A12454 (6/19)

TIAA-CREF
Funds April 30,
2019

TIAA-CREF
Equity Index Funds

The semiannual report contains the financial statements (unaudited).

Fund name	Institutional Class	Advisor Class	Premier Class	Retirement Class	Retail Class	Class W
Equity Index Fund	TIEIX	TEIHX	TCEPX	TIQRX	TINRX	TEQWX
Large-Cap Growth Index Fund	TILIX	TRIHX	—	TRIRX	—	—
Large-Cap Value Index Fund	TILVX	THCVX	—	TRCVX	—	—
S&P 500 Index Fund	TISPX	TISAX	—	TRSPX	—	—
Small-Cap Blend Index Fund	TISBX	TRHBX	—	TRBIX	—	—
Emerging Markets Equity Index Fund	TEQLX	TEQHX	TEQPX	TEQSX	TEQKX	TENWX
International Equity Index Fund	TCIEX	TCIHX	TRIPX	TRIEX	—	TCIWX

Semiannual
Report

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the TIAA-CREF Funds’ (the “Funds”) annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, they will be made available on TIAA’s website, TIAA.org, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically anytime by either updating your account settings at TIAA.org/eDelivery, if you invest in the Funds directly or hold your Fund shares through a TIAA-affiliated financial intermediary, account or retirement plan (each, a “TIAA Account”), or by contacting your financial intermediary (such as a broker/dealer or bank) through which you hold Fund shares.

If you invest directly with the Funds or through a TIAA Account, you may elect to continue to receive all future shareholder reports in paper free of charge by updating your account settings at TIAA.org/eDelivery or by calling 800-842-2252 during regular business hours. If you invest through another financial intermediary, you can contact your financial intermediary to request that you continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with the fund complex if you invest directly with the Funds or through a TIAA Account, or to all funds held through your financial intermediary.

Contents

Understanding this report	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
Financial statements (unaudited)
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
Approval of investment management agreement	59
Additional information about index providers	64
How to reach us	Inside back cover

Understanding this report

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 semiannual report contains information about certain TIAA-CREF Funds and describes their results for the six months ended April 30, 2019. The report contains four main sections:

• A letter from Brad Finkle, Chief Operating Officer, Nuveen; President of the TIAA-CREF Funds and TIAA-CREF Life Funds.

• 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 April 30, 2019.

• 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. To see the risks of investing in any fund, please read the 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  ■  2019 Semiannual Report 3

Brad Finkle	Letter to investors
	Global equity markets recorded positive results during the six months ended April 30, 2019. Despite concerns about slower growth early in the period, the U.S. economic expansion continued and led domestic stocks higher. Overseas, similar concerns about slowing growth in certain foreign economies were even more pronounced at the end of 2018, but equities in both developed- and emerging-markets countries closed the reporting period with gains. For the six months:
	•	The Russell 3000® Index, which measures the performance of the broad U.S. stock market, gained 9.7%. Please see page 8 for benchmark definitions.
	•	The MSCI EAFE Index, which tracks stocks in 21 developed-markets nations outside North America, advanced 7.5%.
	•	The MSCI Emerging Markets Index, a performance measure of stocks in 24 developing nations, returned 13.8%.
	•	Institutional Class returns for all seven of the TIAA-CREF Equity Index Funds were positive. Two of the funds outperformed their respective benchmarks for the period.
	Growing economy overcame early concerns, lifting U.S. stocks Renewed confidence in U.S. economic growth in the first four months of 2019 helped domestic stocks to overcome steep declines in the final two months of 2018 and finish the six-month period with solid gains. Unemployment fell to its lowest level in nearly half a century, while inflation remained stable. Worries about a global economic slowdown pulled stocks lower in the first two months of the reporting period. But equities staged a powerful recovery in the New Year, after the Federal Reserve took a more cautious approach toward future interest-rate increases. Accelerating economic growth and easing trade tensions in the first quarter of 2019 also bolstered investor confidence. During the period, mid-cap stocks outperformed large- and small-cap equities, while growth-oriented shares outgained value stocks across all market capitalizations. (Returns by investment style and capitalization size are based on the Russell indexes.) Global economic growth led international stocks higher An improving outlook for the global economy and strong labor markets supported solid returns in international-developed stock markets. Growth in the euro area economy accelerated year-on-year during the first quarter of 2019. The unemployment rate in the area fell to its lowest level in more than a decade. Unemployment in the United Kingdom declined to its lowest reading since 1974. Reacting to concerns about the potential for slowing economic growth earlier in the period, the European Central Bank decided against any increases in benchmark interest rates in 2019 and planned a new round of low-cost bank financing. The Bank of England left its benchmark rate unchanged. Emerging markets outperformed developed markets and U.S. stocks Recovering from a challenging environment over the previous six months, emerging-markets stocks recorded broad-based gains and outperformed developed-markets equities during the period. Many emerging markets benefited from improving confidence in global growth. In particular, easing global trade tensions during the period lifted stocks in China and several other emerging-markets nations. Economies of emerging-markets countries that rely on oil exports also improved with the more upbeat outlook. China’s economy, which benefited from government stimulus plans, expanded by 6.4% year-on-year in the first quarter of 2019.

4 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds

All seven index funds posted gains

All seven TIAA-CREF Equity Index Funds advanced during the reporting 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’ six-month returns ranged from 13.7% for the Emerging Markets Equity Index Fund to 6.1% for the Small-Cap Blend Index Fund. (All fund returns are for the Institutional Class.)

Growth-oriented equities generally had the biggest gains. Domestically, the Large-Cap Growth Index Fund was the best performer at 12.1% for the six months. Its value counterpart, the Large-Cap Value Index Fund, posted a lower 7.9% return as value-oriented stocks delivered more muted gains. The S&P 500 Index Fund and the Equity Index Fund advanced 9.8% and 9.7%, respectively, for the period.

In the small-cap equity space, the Small-Cap Blend Index Fund rose 6.1% and surpassed the Russell 2000^® Index.

Among TIAA-CREF’s international equity index portfolios, the Emerging Markets Equity Index Fund posted a gain of 13.7% and was the best-performing index fund at period-end. The International Equity Index Fund returned 8.0% and outpaced the MSCI EAFE Index.

A detailed overview of the financial markets during the six-month period appears on page 6, and a discussion of how each fund performed in relation to its benchmark begins on page 10.

A steady hand amid market fluctuations

The recent volatility in the world’s financial markets serves as a good reminder of an important lesson: markets can pivot at any time, such as during the first four months of 2019, when gloom about a stalling global economy evaporated and stock prices seemed to turn on a dime.

The lesson from this rally is that while market attitudes can change in a hurry, your investment goals should not. We believe a diversified portfolio of stocks in a professionally managed mutual fund or group of funds can be a prudent approach to weathering the inevitable ups and downs of financial markets, helping investors to stay focused on their long-term goals. Of course, diversification does not guarantee against market losses.

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

Chief Operating Officer, Nuveen

President of the TIAA-CREF Funds and TIAA-CREF Life Funds

TIAA-CREF Funds: Equity Index Funds  ■  2019 Semiannual Report 5

Market monitor

Domestic and foreign equities advanced after early setback

For the six months ended April 30, 2019, U.S. and international stock markets recorded solid returns while the global economy continued to grow. The Russell 3000^® Index, a broad-based measure of the U.S. stock market, returned 9.7% for the period. International developed- and emerging-markets equities also posted gains, with the latter performing best.

U.S. economy expanded while inflation remained moderate

Real gross domestic product (GDP), which measures the value of all goods and services produced in the nation, grew at an annualized rate of 2.2% over the final three months of 2018. However, in the first quarter of 2019, the economy reversed two consecutive quarters of decelerating growth, and GDP expanded at an annualized rate of 3.2%, according to the government’s “advance” estimate. Rising exports and falling imports helped the economy grow faster during this period. Consumer spending, which accounts for two-thirds of all economic activity, grew at an annualized rate of just 1.2% in the first quarter of 2019 after climbing 2.5% in the fourth quarter of 2018.

The U.S. unemployment rate fell to 3.6% in April 2019, its lowest level in nearly 50 years. Core inflation, which includes all items except food and energy, rose 2.1% for the twelve-month period ended in April. The price of West Texas Intermediate crude oil (WTI) ended the six-month reporting period nearly unchanged at almost $64 per barrel. Oil prices fell sharply in late 2018 on prospects of a slower global economy before recovering later in the period.

Global equities posted strong gains

U.S. large- and mid-cap stocks outperformed; emerging markets soared

Source: U.S. large cap: Russell 1000^® Index; U.S. mid cap: Russell Midcap^® Index; U.S. small cap: Russell 2000^® Index; Foreign developed markets: MSCI EAFE Index; Emerging markets: MSCI Emerging Markets Index. Six-month returns as of April 30, 2019.

Mid-cap stocks, growth shares posted strongest gains

In the U.S. equity markets, mid-cap stocks outperformed large- and small-cap shares, while growth equities of all sizes outpaced value stocks during the period. Mid-cap stocks gained 11.7%, while large- and small-cap equities returned 10.0% and 6.1%, respectively. Among mid-cap stocks, growth shares advanced 16.6%, while value stocks gained 8.3%. In the large-cap category, growth equities returned 12.1%, while value shares gained 7.9%. Small-cap growth stocks advanced 8.3%, while small-cap value equities earned 3.8%. (Returns by investment style and capitalization size are based on the Russell indexes.)

Internationally, stocks in both developed and emerging markets posted gains, despite suffering losses at the end of 2018. The MSCI EAFE Index, which tracks stock performance in 21 developed-markets countries outside North America, gained 7.5% for the six-month period. The MSCI Emerging Markets Index returned 13.8%.

Stock markets fell before staging a strong recovery

At the end of 2018, equity markets lost ground amid concerns over slower economic growth and prospects of further U.S. interest-rate increases. The Federal Reserve raised the federal funds target rate in December 2018 to 2.25%–2.50% and had indicated that further increases were likely for the key short-term interest-rate measure. Slowing economies in Europe and China and a looming federal government shutdown also weighed on stocks.

But equities dramatically reversed course in January 2019, when Fed policymakers adopted a “patient” approach toward further interest-rate increases. A month-long government shutdown—the longest in U.S. history—also ended in late January, bolstering equities. Bond markets remained stable, with yields on most U.S. government securities declining during the six months. Only yields on short-term securities ended the period higher (bond prices move in the opposite direction of yields).

Despite concerns about the pace of global economic growth at the start of 2019, performance over the first three months of the year was encouraging. The 19-nation euro area grew by 1.2% year-on-year during the first quarter of 2019, according to a preliminary estimate. China’s economy grew by 6.4% for the same period. The European Central Bank shelved plans to raise key interest rates in 2019 and said it would offer banks a new round of low-cost financing later in the year. The Bank of England left its benchmark rate unchanged at 0.75%.

6 2019 Semiannual 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’ 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-PORT or Form N-Q filings. Form N-CSR filings are as of October 31 or April 30; Form N-PORT or 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  ■  2019 Semiannual 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-markets 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-markets 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. For additional details about the benchmark indexes, please read the funds’ latest prospectus.

Russell 1000, Russell 2000 and Russell 3000 are trademarks and service marks of Frank Russell Company. TIAA products are not promoted or sponsored by, or affiliated with, Frank Russell Company. 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 Standard & Poor’s Financial Services, LLC, a division of S&P Global.

8 2019 Semiannual 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 in this report are intended to help you understand your ongoing costs only (in U.S. dollars) and do not reflect transactional costs. 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 (November 1, 2018–April 30, 2019).

Actual expenses

The first section in 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 section in each table shows hypothetical account values and expenses based on the Fund’s actual expense ratio for each share class 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  ■  2019 Semiannual Report 9

Equity Index Fund

Expense example

Six months ended April 30, 2019

Equity Index Fund	Beginning account value (11/1/18)		Ending account value (4/30/19)		Expenses paid during period* (11/1/18– 4/30/19)
Actual return
Institutional Class	$	1,000.00	$	1,097.04		$0.26
Advisor Class		1,000.00		1,095.97		0.94
Premier Class		1,000.00		1,096.64		1.04
Retirement Class		1,000.00		1,095.79		1.56
Retail Class		1,000.00		1,095.59		1.71
Class W		1,000.00		1,097.14		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,024.55		0.25
Advisor Class		1,000.00		1,023.90		0.90
Premier Class		1,000.00		1,023.80		1.00
Retirement Class		1,000.00		1,023.31		1.51
Retail Class		1,000.00		1,023.16		1.66
Class W		1,000.00		1,024.79		0.00

* “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 181/365. There were 181 days in the six months ended April 30, 2019. The Fund’s annualized six-month expense ratios for that period were 0.05% for the Institutional Class, 0.18% for the Advisor Class, 0.20% for the Premier Class, 0.30% for the Retirement Class, 0.33% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 4/30/2019
Information technology		21.5
Financials		13.7
Health care		13.4
Consumer discretionary		10.5
Industrials		10.2
Communication services		9.3
Consumer staples		6.4
Energy		4.9
Real estate		3.9
Utilities		3.1
Materials		2.9
Short-term investments, other assets & liabilities, net		0.2
Total		100.0

Performance for the six months ended April 30, 2019

The Equity Index Fund returned 9.70% for the Institutional Class, compared with the 9.71% return of its benchmark, the Russell 3000^® Index. For the one-year period ended April 30, 2019, the Fund returned 12.61% versus 12.68% for the index. The performance table shows returns for all share classes of the Fund.

For the six-month period, the Fund’s return slightly 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.

U.S. markets dipped in late 2018, only to surge in 2019 as growth continued

The U.S. economy continued to grow during the six-month period, while the labor market remained remarkably strong and inflation maintained a moderate pace. The unemployment rate fell to 3.6% in April 2019, its lowest level in nearly a half century. Inflation was just above the 2.0% level, while the price of crude oil ended the period nearly unchanged.

Concerns about the potential for slower growth in the global economy led equity markets lower early in the period. But the Federal Reserve’s shift to a more cautious approach toward future interest-rate increases at the end of 2018 propelled stocks higher in the first four months of 2019. The Federal Reserve raised the federal funds target rate only once during the six months, boosting the key short-term interest-rate measure to 2.25%–2.50% in December 2018.

For the six months, the Russell 3000 Index, a broad measure of the U.S. stock market, returned 9.71%. Mid-cap equities outperformed both large- and small-cap stocks, and growth shares outpaced value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

Information technology, consumer discretionary drove the benchmark higher

Ten of the eleven industry sectors in the Russell 3000 Index generated positive returns for the six months. Information technology—the benchmark’s largest sector—performed best with a gain of 16.2% and was the top contributor to the index’s overall return. Consumer discretionary, which advanced 13.0%, was the benchmark’s second-largest contributor amid solid economic growth and steady consumer spending. Industrials and communication services, which gained 12.7% and 11.4%, respectively, also made significant performance contributions. Together, these four sectors made up almost one-half of the index’s total market capitalization on April 30, 2019. Energy was the only segment to lose ground, returning –2.0% for the period. Health care, consumer staples, financials and materials all recorded gains that lagged the benchmark’s return.

Four of the benchmark’s five largest stocks outperformed

For the six-month period, four of the five largest stocks in the Russell 3000 Index generated returns that surpassed the overall return of the benchmark. Facebook advanced the most, while Microsoft, Amazon.com and Alphabet (Google’s parent company) also outperformed with double-digit gains. Shares of Apple declined, in part due to slowing iPhone sales.

10 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds

Performance as of April 30, 2019

Equity Index Fund			Total return						Average annual total return						Annual operating expenses*
	Inception date		6 months			1 year			5 years			10 years			gross			net
Institutional Class		7/1/99		9.70	%		12.61	%		11.16	%		15.25	%		0.05	%		0.05	%
Advisor Class		12/4/15		9.60			12.50			11.11	†		15.22	†		0.19			0.19
Premier Class		9/30/09		9.66			12.53			11.01			15.09	†		0.20			0.20
Retirement Class		3/31/06		9.58			12.39			10.90			14.96			0.30			0.30
Retail Class		3/31/06		9.56			12.30			10.86			14.93			0.33			0.33
Class W		9/28/18		9.71			12.68	†		11.18	†		15.26	†		0.05			0.00
Russell 3000® Index		—		9.71			12.68			11.20			15.29			—			—

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 would 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 will continue through at least February 29, 2020, 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 and Class W that is prior to their respective inception dates is based on performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor and Premier classes and Class W. If these actual expenses had been reflected, the performance of these three classes shown for these periods would have been different because the Advisor and Premier classes and Class W have different expenses than the Institutional Class.

Holdings by company size

Market capitalization	% of equity investments as of 4/30/2019
More than $50 billion		58.1
More than $15 billion–$50 billion		21.7
More than $2 billion–$15 billion		16.9
$2 billion or less		3.3
Total		100.0

Fund profile

	as of 4/30/2019
Net assets	$20.68 billion
Portfolio turnover rate*	2%
Number of holdings	2,803
Weighted median market capitalization	$76.45 billion
Price/earnings ratio (weighted 12-month trailing average)†	23.3

*	The portfolio turnover rate covers the six-month period from November 1, 2018–April 30, 2019, and is not annualized.
†	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  ■  2019 Semiannual Report 11

Large-Cap Growth Index Fund

Expense example

Six months ended April 30, 2019

Large-Cap Growth Index Fund	Beginning account value (11/1/18)		Ending account value (4/30/19)		Expenses paid during period* (11/1/18– 4/30/19)
Actual return
Institutional Class	$	1,000.00	$	1,120.64		$0.26
Advisor Class		1,000.00		1,120.27		0.95
Retirement Class		1,000.00		1,119.53		1.58
5% annual hypothetical return
Institutional Class		1,000.00		1,024.55		0.25
Advisor Class		1,000.00		1,023.90		0.90
Retirement Class		1,000.00		1,023.31		1.51

* “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 181/365. There were 181 days in the six months ended April 30, 2019. The Fund’s annualized six-month expense ratios for that period were 0.05% for the Institutional Class, 0.18% 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 reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 4/30/2019
Information technology		33.4
Consumer discretionary		15.2
Communication services		12.3
Health care		12.1
Industrials		11.5
Consumer staples		5.6
Financials		5.1
Real estate		2.3
Materials		1.8
Energy		0.7
Total		100.0

Performance for the six months ended April 30, 2019

The Large-Cap Growth Index Fund returned 12.06% for the Institutional Class, compared with the 12.09% return of its benchmark, the Russell 1000^® Growth Index. For the one-year period ended April 30, 2019, the Fund returned 17.37% versus 17.43% for the index. The performance table shows returns for all share classes of the Fund.

For the six-month period, the Fund’s return slightly 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.

U.S. markets dipped in late 2018, only to surge in 2019 as growth continued

The U.S. economy continued to grow during the six-month period, while the labor market remained remarkably strong and inflation maintained a moderate pace. The unemployment rate fell to 3.6% in April 2019, its lowest level in nearly a half century. Inflation was just above the 2.0% level, while the price of crude oil ended the period nearly unchanged.

Concerns about the potential for slower growth in the global economy led equity markets lower early in the period. But the Federal Reserve’s shift to a more cautious approach toward future interest-rate increases at the end of 2018 propelled stocks higher in the first four months of 2019. The Federal Reserve raised the federal funds target rate only once during the six months, boosting the key short-term interest-rate measure to 2.25%–2.50% in December 2018.

For the six months, the Russell 3000^® Index, a broad measure of the U.S. stock market, returned 9.71%. Mid-cap equities outperformed both large- and small-cap stocks, and growth shares outpaced value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

Cyclical sectors helped drive the benchmark higher

Nine of the ten industry sectors in the Russell 1000 Growth Index (utilities are no longer represented) advanced for the six months. Cyclical sectors that are tied to the health of the U.S. economy performed especially well, including consumer discretionary, information technology and industrials, which rose 15.7%, 14.9% and 12.4%, respectively. Together, these three sectors accounted for nearly 60.0% of the index’s total market capitalization on April 30, 2019, and contributed more than two-thirds of its return for the period. Energy was the sole detractor, returning –1.6%. Health care was the second-worst performer, rising just 0.9% amid concerns about the potential for tighter government regulation.

Three of the benchmark’s five largest stocks outperformed

For the six-month period, three of the five largest stocks in the Russell 1000 Growth Index generated returns that surpassed the overall return of the index. They were Facebook, Microsoft and Amazon.com. Alphabet, the parent company of Google, posted a double-digit gain but underperformed the benchmark. Shares of Apple declined, in part due to slowing iPhone sales.

12 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds

Performance as of April 30, 2019

Large-Cap Growth Index Fund			Total return						Average annual total return						Annual operating expenses*
	Inception date		6 months			1 year			5 years			10 years			gross			net
Institutional Class		10/1/02		12.06	%		17.37	%		14.44	%		16.88	%		0.05	%		0.05	%
Advisor Class		12/4/15		12.03			17.22			14.36	†		16.84	†		0.19			0.19
Retirement Class		10/1/02		11.95			17.07			14.15			16.59			0.30			0.30
Russell 1000® Growth Index		—		12.09			17.43			14.50			16.96			—			—

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 would 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 will continue through at least February 29, 2020, 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 respective inception date is based on performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of Advisor Class. If these actual expenses had been reflected, the performance of Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Institutional Class.

Holdings by company size

Market capitalization	% of equity investments as of 4/30/2019
More than $50 billion		67.6
More than $15 billion–$50 billion		22.0
More than $2 billion–$15 billion		10.4
Total		100.0

Fund profile

	as of 4/30/2019
Net assets	$7.09 billion
Portfolio turnover rate*	9%
Number of holdings	548
Weighted median market capitalization	$116.73 billion
Price/earnings ratio (weighted 12-month trailing average)†	25.2

*	The portfolio turnover rate covers the six-month period from November 1, 2018–April 30, 2019, and is not annualized.
†	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  ■  2019 Semiannual Report 13

Large-Cap Value Index Fund

Expense example

Six months ended April 30, 2019

Large-Cap Value Index Fund	Beginning account value (11/1/18)		Ending account value (4/30/19)		Expenses paid during period* (11/1/18– 4/30/19)
Actual return
Institutional Class	$	1,000.00	$	1,078.81		$0.26
Advisor Class		1,000.00		1,078.02		0.98
Retirement Class		1,000.00		1,077.68		1.55
5% annual hypothetical return
Institutional Class		1,000.00		1,024.55		0.25
Advisor Class		1,000.00		1,023.85		0.95
Retirement Class		1,000.00		1,023.31		1.51

* “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 181/365. There were 181 days in the six months ended April 30, 2019. The Fund’s annualized six-month expense ratios for that period were 0.05% for the Institutional Class, 0.19% 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 reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 4/30/2019
Financials		23.2
Health care		14.4
Information technology		9.9
Energy		9.3
Industrials		7.9
Consumer staples		7.7
Communication services		6.9
Utilities		6.3
Consumer discretionary		5.3
Real estate		5.0
Materials		4.0
Short-term investments, other assets & liabilities, net		0.1
Total		100.0

Performance for the six months ended April 30, 2019

The Large-Cap Value Index Fund returned 7.88% for the Institutional Class, compared with the 7.90% return of its benchmark, the Russell 1000^® Value Index. For the one-year period ended April 30, 2019, the Fund returned 9.01% versus 9.06% for the index. The performance table shows returns for all share classes of the Fund.

For the six-month period, the Fund’s return slightly 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.

U.S. markets dipped in late 2018, only to surge in 2019 as growth continued

The U.S. economy continued to grow during the six-month period, while the labor market remained remarkably strong and inflation maintained a moderate pace. The unemployment rate fell to 3.6% in April 2019, its lowest level in nearly a half century. Inflation was just above the 2.0% level, while the price of crude oil ended the period nearly unchanged.

Concerns about the potential for slower growth in the global economy led equity markets lower early in the period. But the Federal Reserve’s shift to a more cautious approach toward future interest-rate increases at the end of 2018 propelled stocks higher in the first four months of 2019. The Federal Reserve raised the federal funds target rate only once during the six months, boosting the key short-term interest-rate measure to 2.25%–2.50% in December 2018.

For the six months, the Russell 3000^® Index, a broad measure of the U.S. stock market, returned 9.71%. Mid-cap equities outperformed both large- and small-cap stocks, and growth shares outpaced value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

Most sectors helped the benchmark climb higher

Ten of the eleven industry sectors in the Russell 1000 Value Index advanced for the six months. They included information technology and industrials, which climbed 18.8% and 14.7%, respectively, and made sizeable contributions to the index’s return. Financials—the benchmark’s largest sector—was the top contributor but rose a more modest 7.3%, weighed down by concerns about banks’ profitability. Together, these three sectors represented almost 40.0% of the index’s total market capitalization on April 30, 2019. Energy, the only detractor for the period, returned –1.1%. Health care—the index’s second-largest component—rose just 2.9% amid the threat of tighter government regulation.

Only two of the benchmark’s largest stocks outperformed

For the six-month period, all of the five largest stocks in the Russell 1000 Value Index posted gains; however, only two generated returns that exceeded the overall return of the benchmark. They were Bank of America and JPMorgan Chase, both of which benefited from strong earnings growth in their consumer banking businesses. The three underperformers were Berkshire Hathaway, Exxon Mobil and Johnson & Johnson.

14 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds

Performance as of April 30, 2019

Large-Cap Value Index Fund			Total return						Average annual total return						Annual operating expenses*
	Inception date		6 months			1 year			5 years			10 years			gross			net
Institutional Class		10/1/02		7.88	%		9.01	%		8.21	%		13.68	%		0.05	%		0.05	%
Advisor Class		12/4/15		7.80			8.82			8.12	†		13.63	†		0.19			0.19
Retirement Class		10/1/02		7.77			8.77			7.95			13.39			0.30			0.30
Russell 1000® Value Index		—		7.90			9.06			8.27			13.76			—			—

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 would 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 will continue through at least February 29, 2020, 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 respective inception date is based on performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of Advisor Class. If these actual expenses had been reflected, the performance of Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Institutional Class.

Holdings by company size

Market capitalization	% of equity investments as of 4/30/2019
More than $50 billion		56.0
More than $15 billion–$50 billion		26.3
More than $2 billion–$15 billion		17.6
$2 billion or less		0.1
Total		100.0

Fund profile

	as of 4/30/2019
Net assets	$6.44 billion
Portfolio turnover rate*	11%
Number of holdings	720
Weighted median market capitalization	$66.68 billion
Price/earnings ratio (weighted 12-month trailing average)†	19.6

*	The portfolio turnover rate covers the six-month period from November 1, 2018–April 30, 2019, and is not annualized.
†	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  ■  2019 Semiannual Report 15

S&P 500 Index Fund

Expense example

Six months ended April 30, 2019

S&P 500 Index Fund	Beginning account value (11/1/18)		Ending account value (4/30/19)		Expenses paid during period* (11/1/18– 4/30/19)
Actual return
Institutional Class	$	1,000.00	$	1,097.50		$0.26
Advisor Class		1,000.00		1,096.66		0.99
Retirement Class		1,000.00		1,096.34		1.56
5% annual hypothetical return
Institutional Class		1,000.00		1,024.55		0.25
Advisor Class		1,000.00		1,023.85		0.95
Retirement Class		1,000.00		1,023.31		1.51

* “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 181/365. There were 181 days in the six months ended April 30, 2019. The Fund’s annualized six-month expense ratios for that period were 0.05% for the Institutional Class, 0.19% 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 reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 4/30/2019
Information technology		21.6
Health care		13.6
Financials		13.2
Communication services		10.3
Consumer discretionary		10.3
Industrials		9.5
Consumer staples		7.2
Energy		5.2
Utilities		3.2
Real estate		3.0
Materials		2.7
Short-term investments, other assets & liabilities, net		0.2
Total		100.0

Performance for the six months ended April 30, 2019

The S&P 500 Index Fund returned 9.75% for the Institutional Class, compared with the 9.76% return of its benchmark, the S&P 500^® Index. For the one-year period ended April 30, 2019, the Fund returned 13.43% versus 13.49% for the index. The performance table shows returns for all share classes of the Fund.

For the six-month period, the Fund’s return slightly 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.

U.S. markets dipped in late 2018, only to surge in 2019 as growth continued

The U.S. economy continued to grow during the six-month period, while the labor market remained remarkably strong and inflation maintained a moderate pace. The unemployment rate fell to 3.6% in April 2019, its lowest level in nearly a half century. Inflation was just above the 2.0% level, while the price of crude oil ended the period nearly unchanged.

Concerns about the potential for slower growth in the global economy led equity markets lower early in the period. But the Federal Reserve’s shift to a more cautious approach toward future interest-rate increases at the end of 2018 propelled stocks higher in the first four months of 2019. The Federal Reserve raised the federal funds target rate only once during the six months, boosting the key short-term interest-rate measure to 2.25%–2.50% in December 2018.

For the six months, the large-cap-oriented S&P 500 Index slightly outperformed the Russell 3000^® Index, a broad measure of the U.S. stock market, which gained 9.71%. A portion of the Russell 3000 Index consists of small-cap equities, which underperformed large caps for the period.

Consumer discretionary, information technology led the benchmark higher

All eleven industry sectors in the S&P 500 Index posted positive results for the six-months. Consumer discretionary—the index’s fifth-largest sector—performed best with a gain of 15.2% amid solid economic growth and steady consumer spending. The benchmark’s largest sector, information technology, had the second-largest return at 14.6%. The relatively small real estate sector had the third-largest gain of 14.4%, followed by industrials and communication services at 13.1% and 11.8%, respectively. Together, these five sectors made up more than one-half of the index’s total market capitalization on April 30, 2019. Among other large sectors, health care rose 1.5% and financials added 7.9%.

Four of the benchmark’s five largest stocks outperformed

For the six-month period, four of the five largest stocks in the S&P 500 Index generated returns that surpassed the overall performance of the benchmark. Facebook advanced the most, while Microsoft, Amazon.com and Alphabet (Google’s parent company) also outperformed with double-digit gains. Shares of Apple declined, in part due to slowing iPhone sales.

16 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds

Performance as of April 30, 2019

S&P 500 Index Fund			Total return						Average annual total return						Annual operating expenses*
	Inception date		6 months			1 year			5 years			10 years			gross			net
Institutional Class		10/1/02		9.75	%		13.43	%		11.57	%		15.24	%		0.05	%		0.05	%
Advisor Class		12/4/15		9.67			13.28			11.49	†		15.20	†		0.20			0.20
Retirement Class		10/1/02		9.63			13.15			11.28			14.95			0.30			0.30
S&P 500® Index		—		9.76			13.49			11.63			15.32			—			—

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 would 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 will continue through at least February 29, 2020, 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 respective inception date is based on performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of Advisor Class. If these actual expenses had been reflected, the performance of Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Institutional Class.

Holdings by company size

Market capitalization	% of equity investments as of 4/30/2019
More than $50 billion		69.2
More than $15 billion–$50 billion		24.3
More than $2 billion–$15 billion		6.5
Total		100.0

Fund profile

	as of 4/30/2019
Net assets	$5.19 billion
Portfolio turnover rate*	3%
Number of holdings	507
Weighted median market capitalization	$117.40 billion
Price/earnings ratio (weighted 12-month trailing average)†	21.3

*	The portfolio turnover rate covers the six-month period from November 1, 2018–April 30, 2019, and is not annualized.
†	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  ■  2019 Semiannual Report 17

Small-Cap Blend Index Fund

Expense example

Six months ended April 30, 2019

Small-Cap Blend Index Fund	Beginning account value (11/1/18)		Ending account value (4/30/19)		Expenses paid during period* (11/1/18– 4/30/19)
Actual return
Institutional Class	$	1,000.00	$	1,061.07		$0.31
Advisor Class		1,000.00		1,060.13		1.07
Retirement Class		1,000.00		1,059.99		1.58
5% annual hypothetical return
Institutional Class		1,000.00		1,024.50		0.30
Advisor Class		1,000.00		1,023.75		1.05
Retirement Class		1,000.00		1,023.26		1.56

* “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 181/365. There were 181 days in the six months ended April 30, 2019. The Fund’s annualized six-month expense ratios for that period were 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 reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 4/30/2019
Financials		18.2
Information technology		15.5
Industrials		14.9
Health care		14.9
Consumer discretionary		12.2
Real estate		7.4
Materials		3.8
Utilities		3.6
Energy		3.5
Communication services		3.3
Consumer staples		2.6
Short-term investments, other assets & liabilities, net		0.1
Total		100.0

Performance for the six months ended April 30, 2019

The Small-Cap Blend Index Fund returned 6.11% for the Institutional Class, compared with the 6.06% return of its benchmark, the Russell 2000^® Index. For the one-year period ended April 30, 2019, the Fund returned 4.72% versus 4.61% for the index. The performance table shows returns for all share classes of the Fund.

For the six-month period, the Fund’s return outperformed that of its benchmark index. 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 six months, the Fund participated in a securities lending program.

U.S. markets dipped in late 2018, only to surge in 2019 as growth continued

The U.S. economy continued to grow during the six-month period, while the labor market remained remarkably strong and inflation maintained a moderate pace. The unemployment rate fell to 3.6% in April 2019, its lowest level in nearly a half century. Inflation was just above the 2.0% level, while the price of crude oil ended the period nearly unchanged.

Concerns about the potential for slower growth in the global economy led equity markets lower early in the period. But the Federal Reserve’s shift to a more cautious approach toward future interest-rate increases at the end of 2018 propelled stocks higher in the first four months of 2019. The Federal Reserve raised the federal funds target rate only once during the six months, boosting the key short-term interest-rate measure to 2.25%–2.50% in December 2018.

For the six months, the Russell 3000^® Index, a broad measure of the U.S. stock market, returned 9.71%. Mid-cap equities outperformed both large- and small-cap stocks, and growth shares outpaced value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

Information technology led the benchmark higher

Eight of the eleven industry sectors in the Russell 2000 Index posted positive results for the six months. Information technology—the index’s third-largest sector—performed best with a gain of 22.1%. The benchmark’s fourth-largest sector, industrials, delivered a solid gain of 7.1%, while the largest sector, financials, advanced 5.3%. The smaller utilities and real estate sectors generated the second- and third-largest returns at 12.1% and 9.3%, respectively. Together, these five sectors made up almost 60.0% of the index’s total market capitalization on April 30, 2019. Energy, health care—the second-largest index sector—and consumer staples all had negative returns.

All of the benchmark’s five largest stocks outperformed

For the six-month period, all of the five largest stocks in the Russell 2000 Index generated sizable returns that exceeded the overall performance of the benchmark. Online advertising firm The Trade Desk advanced the most, while lighting manufacturer Cree, e-commerce website Etsy, software developer Hubspot and discount store chain Five Below also outperformed with double-digit gains.

18 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds

Performance as of April 30, 2019

Small-Cap Blend Index Fund			Total return						Average annual total return						Annual operating expenses*
	Inception date		6 months			1 year			5 years			10 years			gross			net
Institutional Class		10/1/02		6.11	%		4.72	%		8.84	%		14.23	%		0.06	%		0.06	%
Advisor Class		12/4/15		6.01			4.58			8.77	†		14.19	†		0.42			0.21
Retirement Class		10/1/02		6.00			4.47			8.58			13.95			0.31			0.31
Russell 2000® Index		—		6.06			4.61			8.63			14.10			—			—

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 would 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 will continue through at least February 29, 2020, 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 respective inception date is based on performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of Advisor Class. If these actual expenses had been reflected, the performance of Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Institutional Class.

Holdings by company size

Market capitalization	% of equity investments as of 4/30/2019
More than $15 billion–$50 billion		0.6
More than $2 billion–$15 billion		54.4
$2 billion or less		45.0
Total		100.0

Fund profile

	as of 4/30/2019
Net assets	$2.99 billion
Portfolio turnover rate*	10%
Number of holdings	1,986
Weighted median market capitalization	$2.19 billion
Price/earnings ratio (weighted 12-month trailing average)†	66.8

*	The portfolio turnover rate covers the six-month period from November 1, 2018–April 30, 2019, and is not annualized.
†	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  ■  2019 Semiannual Report 19

Emerging Markets Equity Index Fund

Expense example

Six months ended April 30, 2019

Emerging Markets Equity Index Fund	Beginning account value (11/1/18)		Ending account value (4/30/19)		Expenses paid during period* (11/1/18– 4/30/19)
Actual return
Institutional Class	$	1,000.00	$	1,137.23		$1.06
Advisor Class		1,000.00		1,136.41		1.85
Premier Class		1,000.00		1,136.49		1.85
Retirement Class		1,000.00		1,136.60		2.38
Retail Class		1,000.00		1,134.88		3.02
Class W		1,000.00		1,138.86		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,023.80		1.00
Advisor Class		1,000.00		1,023.06		1.76
Premier Class		1,000.00		1,023.06		1.76
Retirement Class		1,000.00		1,022.56		2.26
Retail Class		1,000.00		1,021.97		2.86
Class W		1,000.00		1,024.79		0.00

* “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 181/365. There were 181 days in the six months ended April 30, 2019. The Fund’s annualized six-month expense ratios for that period were 0.20% for the Institutional Class, 0.35% for the Advisor Class, 0.35% for the Premier Class, 0.45% for the Retirement Class, 0.57% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 4/30/2019
Financials		25.7
Information technology		14.5
Consumer discretionary		13.4
Communication services		12.3
Energy		7.8
Materials		6.6
Consumer staples		6.3
Industrials		5.3
Real estate		3.1
Health care		2.5
Utilities		2.5
Total		100.0

Performance for the six months ended April 30, 2019

The Emerging Markets Equity Index Fund returned 13.72% for the Institutional Class, compared with the 13.76% return of its benchmark, the MSCI Emerging Markets Index. For the one-year period ended April 30, 2019, the Fund returned –4.62% versus –5.04% for the index. The performance table shows returns for all share classes of the Fund.

For the six-month period, the Fund’s return slightly 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.

International equities rose as growth continued, but caution persisted

International developed-markets equities advanced for the period but trailed the performance of U.S. stocks. Most economies around the world continued to expand despite concerns about the future pace of growth. The 19-nation euro area grew by 1.2% year-on-year during the first quarter of 2019, according to a preliminary estimate. China’s economy grew by 6.4% for the same period.

The U.S. Federal Reserve raised the federal funds target rate only once during the six months, boosting the key short-term interest-rate measure to 2.25%–2.50% in December 2018, but soon thereafter the Fed adopted a more “patient” view concerning further increases. The European Central Bank delayed plans to raise its key interest rates in 2019, leaving them at record low levels. The Bank of England kept its benchmark rate unchanged at 0.75%.

The MSCI EAFE Index, which measures stock performance in 21 developed-markets nations outside North America, advanced 7.45%, but trailed the 9.71% return of the Russell 3000^® Index, a broad measure of the U.S. stock market. The MSCI Emerging Markets Index surpassed both for the period.

Most countries in the benchmark advanced

Of the 24 country components in the MSCI Emerging Markets Index, 22 posted gains in U.S.-dollar terms for the six months. China, the benchmark’s largest component, advanced 21.3%. South Korea, the second-largest index component, gained 6.8%, and Taiwan, the third-largest segment, rose 10.9%. Together, these three countries accounted for more than 57.0% of the index’s total market capitalization on April 30, 2019.

Three of the benchmark’s five largest stocks outperformed

Of the five largest stocks in the MSCI Emerging Markets Index, all posted gains; however, only three exceeded the benchmark’s overall return. Naspers, Tencent Holdings—the largest stock in the index—and Alibaba Group all outperformed the benchmark by wide margins. Samsung Electronics trailed the most after the company posted its weakest profit in more than two years. Taiwan Semiconductor Manufacturing also underperformed the index.

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.

20 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds

Performance as of April 30, 2019

Emerging Markets Equity Index Fund			Total return						Average annual total return						Annual operating expenses*
	Inception date		6 months			1 year			5 years			since inception			gross			net
Institutional Class		8/31/10		13.72	%		–4.62	%		3.97	%		3.33	%		0.20	%		0.20	%
Advisor Class		12/4/15		13.64			–4.78			3.90	†		3.29	†		0.34			0.34
Premier Class		8/31/10		13.65			–4.82			3.80			3.17			0.35			0.35
Retirement Class		8/31/10		13.66			–4.84			3.71			3.07			0.45			0.45
Retail Class		8/31/10		13.49			–4.97			3.57			2.93			0.57			0.57
Class W		9/28/18		13.89			–4.48	†		4.00	†		3.34	†		0.20			0.00
MSCI Emerging Markets Index		—		13.76			–5.04			4.04			3.65	‡		—			—

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 would 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 will continue through at least February 29, 2020, 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 and Class W that is prior to their respective inception dates is based on performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of Advisor Class and Class W. If these actual expenses had been reflected, the performance of these two classes shown for these periods would have been different because the Advisor Class and Class W have different expenses than the Institutional Class.
‡	Performance is calculated from the inception date of the Institutional Class.

Holdings by country

	% of portfolio investments as of 4/30/2019
China		31.4
Korea, Republic of		12.3
Taiwan		11.2
India		8.8
Brazil		6.8
South Africa		5.8
Russia		3.7
Mexico		2.7
Thailand		2.2
Indonesia		2.1
21 other nations		11.6
Short-term investments		1.4
Total		100.0

Holdings by company size

Market capitalization	% of equity investments as of 4/30/2019
More than $50 billion		37.0
More than $15 billion–$50 billion		25.6
More than $2 billion–$15 billion		36.3
$2 billion or less		1.1
Total		100.0

Fund profile

	as of 4/30/2019
Net assets	$2.39 billion
Portfolio turnover rate*	19%
Number of holdings	1,057
Weighted median market capitalization	$25.05 billion
Price/earnings ratio (weighted 12-month trailing average)†	13.5

*	The portfolio turnover rate covers the six-month period from November 1, 2018–April 30, 2019, and is not annualized.
†	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  ■  2019 Semiannual Report 21

International Equity Index Fund

Expense example

Six months ended April 30, 2019

International Equity Index Fund	Beginning account value (11/1/18)		Ending account value (4/30/19)		Expenses paid during period* (11/1/18– 4/30/19)
Actual return
Institutional Class	$	1,000.00	$	1,079.67		$0.31
Advisor Class		1,000.00		1,078.86		1.03
Premier Class		1,000.00		1,079.00		1.08
Retirement Class		1,000.00		1,078.22		1.60
Class W		1,000.00		1,079.82		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,024.50		0.30
Advisor Class		1,000.00		1,023.80		1.00
Premier Class		1,000.00		1,023.75		1.05
Retirement Class		1,000.00		1,023.26		1.56
Class W		1,000.00		1,024.79		0.00

* “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 181/365. There were 181 days in the six months ended April 30, 2019. The Fund’s annualized six-month expense ratios for that period were 0.06% for the Institutional Class, 0.20% for the Advisor Class, 0.21% for the Premier Class, 0.31% for the Retirement Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 4/30/2019
Financials		18.9
Industrials		14.3
Consumer staples		11.3
Consumer discretionary		11.0
Health care		10.4
Materials		7.2
Information technology		6.4
Energy		5.6
Communication services		5.3
Real estate		3.6
Utilities		3.5
Short-term investments, other assets & liabilities, net		2.5
Total		100.0

Performance for the six months ended April 30, 2019

The International Equity Index Fund returned 7.97% for the Institutional Class, compared with the 7.45% return of its benchmark, the MSCI EAFE Index. For the one-year period ended April 30, 2019, the Fund returned –2.44% versus –3.22% for the index. The performance table shows returns for all share classes of the Fund.

For the six-month period, the Fund’s return outperformed that of its benchmark index. 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.

International equities rose as growth continued, but caution persisted

International developed-markets equities advanced for the period but trailed the performance of U.S. stocks. Most economies around the world continued to expand despite concerns about the future pace of growth. The 19-nation euro area grew by 1.2% year-on-year during the first quarter of 2019, according to a preliminary estimate. China’s economy grew by 6.4% for the same period.

The U.S. Federal Reserve raised the federal funds target rate only once during the six months, boosting the key short-term interest-rate measure to 2.25%–2.50% in December 2018, but soon thereafter the Fed adopted a more “patient” view concerning further increases. The European Central Bank delayed plans to raise its key interest rates in 2019, leaving them at record low levels. The Bank of England kept its benchmark rate unchanged at 0.75%

The MSCI EAFE Index, which measures stock performance in 21 developed-markets nations outside North America, advanced for the period but trailed the 9.71% return of the Russell 3000^® Index, a broad measure of the U.S. stock market. The MSCI Emerging Markets Index surpassed both for the period.

Most country components in the benchmark gained ground

Of the 21 country components in the MSCI EAFE Index, 19 ended the six-month period higher. The largest index components were Japan (23.7%), the United Kingdom (17.0%), and France (11.5%), and they gained 1.4%, 8.1% and 8.6%, respectively, in U.S.-dollar terms. Together, these three countries represented over one-half of the benchmark’s total market capitalization on April 30, 2019.

Four of the benchmark’s five largest stocks outperformed

Of the five largest stocks in the MSCI EAFE Index, four gained more than the benchmark’s overall return. Nestlé—the benchmark’s largest holding—advanced the most, benefiting from increased sales. Roche Holding, HSBC and Novartis also outperformed with solid gains. BP rose but trailed the benchmark’s return.

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.

22 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds

Performance as of April 30, 2019

International Equity Index Fund			Total return						Average annual total return						Annual operating expenses*
	Inception date		6 months			1 year			5 years			10 years			gross			net
Institutional Class		10/1/02		7.97	%		–2.44	%		2.77	%		8.17	%		0.06	%		0.06	%
Advisor Class		12/4/15		7.89			–2.58			2.69	†		8.13	†		0.20			0.20
Premier Class		9/30/09		7.90			–2.58			2.61			8.02	†		0.21			0.21
Retirement Class		10/1/02		7.82			–2.72			2.50			7.90			0.31			0.31
Class W		9/28/18		7.98			–2.43	†		2.78	†		8.17	†		0.06			0.00
MSCI EAFE® Index		—		7.45			–3.22			2.60			7.95			—			—

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 would 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 will continue through at least February 29, 2020, 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 and Class W that is prior to their respective inception dates is based on performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor and Premier classes and Class W. If these actual expenses had been reflected, the performance of these three classes shown for these periods would have been different because the Advisor and Premier classes and Class W have different expenses than the Institutional Class.

Holdings by country

	% of portfolio investments as of 4/30/2019
Japan		22.3
United Kingdom		13.3
France		10.4
Switzerland		8.5
Germany		8.3
Australia		7.1
Netherlands		4.5
Hong Kong		3.5
Spain		2.8
Sweden		2.3
19 other nations		10.1
Short-term investments		6.9
Total		100.0

Holdings by company size

Market capitalization	% of equity investments as of 4/30/2019
More than $50 billion		40.1
More than $15 billion–$50 billion		36.6
More than $2 billion–$15 billion		23.2
$2 billion or less		0.1
Total		100.0

Fund profile

	as of 4/30/2019
Net assets	$11.74 billion
Portfolio turnover rate*	5%
Number of holdings	933
Weighted median market capitalization	$36.57 billion
Price/earnings ratio (weighted 12-month trailing average)†	13.4

*	The portfolio turnover rate covers the six-month period from November 1, 2018–April 30, 2019, and is not annualized.
†	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  ■  2019 Semiannual Report 23

Summary portfolio of investments (unaudited)

Equity Index Fund  ■  April 30, 2019

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	149,118,992		0.7	%
BANKS
	6,319,665		Bank of America Corp		193,255,356		0.9
	1,658,750		Citigroup, Inc		117,273,625		0.6
	2,321,252		JPMorgan Chase & Co		269,381,295		1.3
	2,901,232		Wells Fargo & Co		140,448,641		0.7
			Other		522,928,043		2.5
					1,243,286,960		6.0
CAPITAL GOODS
	375,245		Boeing Co		141,726,284		0.7
	514,019		Honeywell International, Inc		89,249,119		0.4
	566,727		United Technologies Corp		80,820,937		0.4
			Other		1,148,286,191		5.6
					1,460,082,531		7.1
COMMERCIAL & PROFESSIONAL SERVICES					222,257,665		1.1
CONSUMER DURABLES & APPAREL					275,767,436		1.3
CONSUMER SERVICES
	548,831		McDonald’s Corp		108,432,540		0.5
			Other		369,586,140		1.8
					478,018,680		2.3
DIVERSIFIED FINANCIALS					758,239,904		3.7
ENERGY
	1,334,003		Chevron Corp		160,160,400		0.8
	2,977,949	d	Exxon Mobil Corp		239,069,746		1.2
			Other		605,151,437		2.9
					1,004,381,583		4.9
FOOD & STAPLES RETAILING
	988,224		Walmart, Inc		101,628,956		0.5
			Other		160,354,331		0.8
					261,983,287		1.3
FOOD, BEVERAGE & TOBACCO
	2,701,614		Coca-Cola Co		132,541,183		0.6
	992,576		PepsiCo, Inc		127,099,357		0.6
	1,090,538		Philip Morris International, Inc		94,396,969		0.5
			Other		375,691,328		1.8
					729,728,837		3.5
HEALTH CARE EQUIPMENT & SERVICES
	1,197,964		Abbott Laboratories		95,310,016		0.5
	950,235		Medtronic plc		84,390,370		0.4
	672,124		UnitedHealth Group, Inc		156,651,941		0.7
			Other		851,324,582		4.1
					1,187,676,909		5.7
HOUSEHOLD & PERSONAL PRODUCTS
	1,746,601		Procter & Gamble Co		185,978,075		0.9
			Other		148,046,480		0.7
					334,024,555		1.6

Shares			Company	Value		% of net assets
INSURANCE
	1,361,729	*	Berkshire Hathaway, Inc (Class B)	$	295,100,291		1.4	%
			Other		544,297,586		2.7
					839,397,877		4.1
MATERIALS					609,510,510		2.9
MEDIA & ENTERTAINMENT
	209,822	*	Alphabet, Inc (Class A)		251,568,185		1.2
	213,881	*	Alphabet, Inc (Class C)		254,193,291		1.2
	3,155,692		Comcast Corp (Class A)		137,367,273		0.7
	1,666,476	*	Facebook, Inc		322,296,458		1.6
	291,588	*	NetFlix, Inc		108,045,018		0.5
	1,227,718		Walt Disney Co		168,160,534		0.8
			Other		307,000,823		1.5
					1,548,631,582		7.5
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	1,062,560		AbbVie, Inc		84,356,638		0.4
	441,178		Amgen, Inc		79,112,039		0.3
	1,888,275		Johnson & Johnson		266,624,430		1.3
	1,821,035		Merck & Co, Inc		143,333,665		0.7
	4,013,977		Pfizer, Inc		163,007,606		0.8
			Other		845,535,726		4.1
					1,581,970,104		7.6
REAL ESTATE					801,462,595		3.9
RETAILING
	288,142	*	Amazon.com, Inc		555,111,326		2.7
	792,994		Home Depot, Inc		161,532,878		0.8
			Other		553,378,515		2.6
					1,270,022,719		6.1
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	284,348		Broadcom, Inc		90,536,403		0.4
	3,161,009		Intel Corp		161,337,899		0.8
	679,709		Texas Instruments, Inc		80,090,112		0.4
			Other		471,384,137		2.3
					803,348,551		3.9
SOFTWARE & SERVICES
	454,967		Accenture plc		83,108,822		0.4
	345,355	*	Adobe, Inc		99,893,934		0.5
	642,773		International Business Machines Corp		90,161,769		0.4
	640,878		MasterCard, Inc (Class A)		162,936,823		0.8
	5,318,479		Microsoft Corp		694,593,357		3.4
	1,698,499		Oracle Corp		93,977,949		0.5
	822,486	*	PayPal Holdings, Inc		92,751,746		0.4
	507,540	*	salesforce.com, Inc		83,921,739		0.4
	1,240,472		Visa, Inc (Class A)		203,970,811		1.0
			Other		887,420,306		4.3
					2,492,737,256		12.1
TECHNOLOGY HARDWARE & EQUIPMENT
	3,329,165		Apple, Inc		668,063,541		3.2
	3,189,709		Cisco Systems, Inc		178,464,219		0.9
			Other		307,933,096		1.5
					1,154,460,856		5.6

24 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements

Summary portfolio of investments (unaudited) concluded

Equity Index Fund  ■  April 30, 2019

Shares			Company	Value		% of net assets
TELECOMMUNICATION SERVICES
	5,099,712		AT&T, Inc	$	157,887,084		0.8	%
	2,900,300		Verizon Communications, Inc		165,868,157		0.8
			Other		44,227,452		0.2
					367,982,693		1.8
TRANSPORTATION
	506,205		Union Pacific Corp		89,618,533		0.4
			Other		331,121,201		1.6
					420,739,734		2.0
	UTILITIES				648,829,342		3.1
		TOTAL COMMON STOCKS (Cost $12,895,277,656)			20,643,661,158		99.8
RIGHTS / WARRANTS
MATERIALS					54,153		0.0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					2,700		0.0
		TOTAL RIGHTS / WARRANTS (Cost $156,620)			56,853		0.0
	Principal		Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT					37,050,000		0.2
TREASURY DEBT					40,271,651		0.2

Shares			Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	152,699,052	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	152,699,052			0.7	%
					152,699,052			0.7
		TOTAL SHORT-TERM INVESTMENTS (Cost $230,020,748)			230,020,703			1.1
		TOTAL PORTFOLIO (Cost $13,125,455,024)			20,873,738,714			100.9
		OTHER ASSETS & LIABILITIES, NET			(194,150,914	)		(0.9	)
		NET ASSETS		$	20,679,587,800			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 4/30/19, the aggregate value of securities on loan is $146,724,642.

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 April 30, 2019 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		31		06/21/19	$	2,470,936	$	2,471,010	$	74
S&P 500 E Mini Index		111		06/21/19		16,312,348		16,364,175		51,827
S&P Mid-Cap 400 E Mini Index		9		06/21/19		1,774,997		1,776,060		1,063
Total		151			$	20,558,281	$	20,611,245	$	52,964

See notes to financial statements TIAA-CREF Funds: Equity Index Funds  ■  2019 Semiannual Report 25

Summary portfolio of investments (unaudited)

Large-Cap Growth Index Fund  ■  April 30, 2019

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	31,291,357		0.4	%
BANKS					12,779,926		0.2
CAPITAL GOODS
	236,291		3M Co		44,779,507		0.6
	270,378		Boeing Co		102,119,067		1.4
	265,479		Caterpillar, Inc		37,013,082		0.5
	227,993		Honeywell International, Inc		39,586,425		0.6
	113,091		Lockheed Martin Corp		37,696,623		0.5
			Other		302,725,052		4.3
					563,919,756		7.9
COMMERCIAL & PROFESSIONAL SERVICES					75,133,965		1.1
CONSUMER DURABLES & APPAREL
	622,018		Nike, Inc (Class B)		54,631,841		0.8
			Other		58,764,559		0.8
					113,396,400		1.6
CONSUMER SERVICES
	608,560		Starbucks Corp		47,272,941		0.6
			Other		118,794,788		1.7
					166,067,729		2.3
DIVERSIFIED FINANCIALS
	350,401		iShares Russell 1000 Growth Index Fund		55,391,390		0.8
			Other		199,971,426		2.8
					255,362,816		3.6
ENERGY					52,174,152		0.7
FOOD & STAPLES RETAILING
	220,852		Costco Wholesale Corp		54,225,791		0.8
			Other		18,251,467		0.2
					72,477,258		1.0
FOOD, BEVERAGE & TOBACCO
	956,390		Altria Group, Inc		51,960,669		0.7
	1,500,868		Coca-Cola Co		73,632,584		1.0
	634,632		PepsiCo, Inc		81,264,628		1.2
			Other		57,881,057		0.8
					264,738,938		3.7
HEALTH CARE EQUIPMENT & SERVICES
	57,299	*	Intuitive Surgical, Inc		29,258,588		0.4
	172,421		Stryker Corp		32,572,051		0.4
	482,981		UnitedHealth Group, Inc		112,568,382		1.6
			Other		197,922,972		2.8
					372,321,993		5.2
HOUSEHOLD & PERSONAL PRODUCTS					62,819,404		0.9
INSURANCE					96,507,165		1.4
MATERIALS
	164,596		Linde plc		29,670,075		0.4
			Other		96,759,841		1.4
					126,429,916		1.8

Shares			Company	Value		% of net assets
MEDIA & ENTERTAINMENT
	150,991	*	Alphabet, Inc (Class A)	$	181,032,169		2.6	%
	153,887	*	Alphabet, Inc (Class C)		182,891,622		2.6
	1,200,276	*	Facebook, Inc		232,133,378		3.3
	210,316	*	NetFlix, Inc		77,930,491		1.1
	537,600		Walt Disney Co		73,635,072		1.0
			Other		116,022,139		1.6
					863,644,871		12.2
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	765,528		AbbVie, Inc		60,775,268		0.9
	298,681		Amgen, Inc		53,559,477		0.8
	354,021	*	Celgene Corp		33,511,628		0.5
	272,401		Eli Lilly & Co		31,881,813		0.4
	479,587		Gilead Sciences, Inc		31,192,338		0.4
	244,145		Johnson & Johnson		34,473,274		0.5
			Other		237,747,822		3.3
					483,141,620		6.8
REAL ESTATE
	221,046		American Tower Corp		43,170,284		0.6
			Other		116,724,447		1.7
					159,894,731		2.3
RETAILING
	207,733	*	Amazon.com, Inc		400,201,779		5.6
	23,303	*	Booking Holdings, Inc		43,226,832		0.6
	569,967		Home Depot, Inc		116,102,278		1.6
	404,542		Lowe’s Companies, Inc		45,769,882		0.7
	624,254		TJX Companies, Inc		34,259,059		0.5
			Other		124,548,224		1.8
					764,108,054		10.8
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	122,534		Broadcom, Inc		39,014,826		0.5
	294,060		NVIDIA Corp		53,224,860		0.8
	484,728		Texas Instruments, Inc		57,115,500		0.8
			Other		146,129,737		2.1
					295,484,923		4.2
SOFTWARE & SERVICES
	325,280		Accenture plc		59,418,898		0.8
	248,458	*	Adobe, Inc		71,866,476		1.0
	219,780		Automatic Data Processing, Inc		36,129,634		0.5
	332,613		International Business Machines Corp		46,655,626		0.7
	124,706		Intuit, Inc		31,308,688		0.4
	460,021		MasterCard, Inc (Class A)		116,955,739		1.6
	3,624,832		Microsoft Corp		473,403,059		6.7
	593,338	*	PayPal Holdings, Inc		66,910,726		0.9
	366,325	*	salesforce.com, Inc		60,571,839		0.9
	891,358		Visa, Inc (Class A)		146,565,996		2.1
			Other		409,039,705		5.8
					1,518,826,386		21.4
TECHNOLOGY HARDWARE & EQUIPMENT
	2,397,932		Apple, Inc		481,193,015		6.8
			Other		70,023,745		1.0
					551,216,760		7.8

26 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements

Summary portfolio of investments (unaudited) concluded

Large-Cap Growth Index Fund  ■  April 30, 2019

Shares			Company	Value		% of net assets
TELECOMMUNICATION SERVICES				$	10,793,856		0.2	%
TRANSPORTATION
	334,559		Union Pacific Corp		59,230,325		0.8
	348,161		United Parcel Service, Inc (Class B)		36,981,662		0.5
			Other		81,387,345		1.2
					177,599,332		2.5
		TOTAL COMMON STOCKS (Cost $4,312,233,331)			7,090,131,308		100.0
	Principal		Issuer
SHORT-TERM INVESTMENTS
TREASURY DEBT					4,096,476		0.0

Shares			Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	34,326,682	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	34,326,682			0.5	%
					34,326,682			0.5
		TOTAL SHORT-TERM INVESTMENTS (Cost $38,423,173)			38,423,158			0.5
		TOTAL PORTFOLIO (Cost $4,350,656,504)			7,128,554,466			100.5
		OTHER ASSETS & LIABILITIES, NET			(35,352,667	)		(0.5	)
		NET ASSETS		$	7,093,201,799			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 4/30/19, the aggregate value of securities on loan is $34,032,985.

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  ■  2019 Semiannual Report 27

Summary portfolio of investments (unaudited)

Large-Cap Value Index Fund  ■  April 30, 2019

Shares		Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS			$	60,668,995		0.9	%
BANKS
	4,281,597	Bank of America Corp		130,931,236		2.0
	1,125,777	Citigroup, Inc		79,592,434		1.2
	1,572,037	JPMorgan Chase & Co		182,434,894		2.8
	216,908	PNC Financial Services Group, Inc		29,701,212		0.5
	718,592	US Bancorp		38,315,325		0.6
	1,961,654	Wells Fargo & Co		94,963,670		1.5
		Other		161,346,129		2.5
				717,284,900		11.1
CAPITAL GOODS
	4,094,893	General Electric Co		41,645,062		0.6
	384,940	United Technologies Corp		54,896,294		0.9
		Other		269,250,750		4.2
				365,792,106		5.7
COMMERCIAL & PROFESSIONAL SERVICES				38,896,445		0.6
CONSUMER DURABLES & APPAREL				52,407,521		0.8
CONSUMER SERVICES
	297,365	McDonald’s Corp		58,750,403		0.9
		Other		72,637,349		1.1
				131,387,752		2.0
DIVERSIFIED FINANCIALS
	57,602	BlackRock, Inc		27,950,794		0.5
	148,327	CME Group, Inc		26,535,700		0.4
	165,540	Goldman Sachs Group, Inc		34,087,997		0.5
	337,606	iShares Russell 1000 Value Index Fund		43,129,167		0.7
	575,892	Morgan Stanley		27,786,789		0.4
		Other		175,240,118		2.7
				334,730,565		5.2
ENERGY
	904,908	Chevron Corp		108,643,254		1.7
	541,149	ConocoPhillips		34,157,325		0.5
	2,012,668	Exxon Mobil Corp		161,576,987		2.5
	658,463	Schlumberger Ltd		28,103,201		0.5
		Other		264,268,027		4.1
				596,748,794		9.3
FOOD & STAPLES RETAILING
	666,925	Walmart, Inc		68,586,567		1.1
		Other		36,096,261		0.5
				104,682,828		1.6
FOOD, BEVERAGE & TOBACCO
	678,035	Mondelez International, Inc		34,478,080		0.5
	737,927	Philip Morris International, Inc		63,874,961		1.0
		Other		131,327,817		2.1
				229,680,858		3.6

Shares			Company	Value		% of net assets
HEALTH CARE EQUIPMENT & SERVICES
	812,804		Abbott Laboratories	$	64,666,686		1.0	%
	123,584		Anthem, Inc		32,506,300		0.5
	114,375		Becton Dickinson & Co		27,534,637		0.4
	563,655		CVS Health Corp		30,651,559		0.5
	298,207		Danaher Corp		39,494,535		0.6
	642,797		Medtronic plc		57,086,802		0.9
			Other		143,126,079		2.2
					395,066,598		6.1
HOUSEHOLD & PERSONAL PRODUCTS
	1,183,336		Procter & Gamble Co		126,001,617		1.9
			Other		35,949,194		0.6
					161,950,811		2.5
INSURANCE
	804,349	*	Berkshire Hathaway, Inc (Class B)		174,310,472		2.7
	217,748		Chubb Ltd		31,617,009		0.5
			Other		244,945,661		3.8
					450,873,142		7.0
MATERIALS
	1,078,369		DowDuPont, Inc		41,463,288		0.6
			Other		216,988,837		3.4
					258,452,125		4.0
MEDIA & ENTERTAINMENT
	2,134,610		Comcast Corp (Class A)		92,919,573		1.4
	322,614		Walt Disney Co		44,188,439		0.7
			Other		74,314,162		1.2
					211,422,174		3.3
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	1,045,871		Johnson & Johnson		147,676,985		2.3
	1,153,606		Merck & Co, Inc		90,800,328		1.4
	2,723,773		Pfizer, Inc		110,612,422		1.7
	179,233		Thermo Fisher Scientific, Inc		49,728,196		0.8
			Other		132,583,535		2.1
					531,401,466		8.3
REAL ESTATE					320,035,108		5.0
RETAILING					97,132,480		1.5
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	77,276		Broadcom, Inc		24,604,678		0.4
	2,138,767		Intel Corp		109,162,668		1.7
	575,813		QUALCOMM, Inc		49,594,774		0.7
			Other		56,243,011		0.9
					239,605,131		3.7
SOFTWARE & SERVICES
	190,868		Microsoft Corp		24,927,360		0.4
	1,035,148		Oracle Corp		57,274,739		0.9
			Other		100,055,714		1.5
					182,257,813		2.8
TECHNOLOGY HARDWARE & EQUIPMENT
	2,154,422		Cisco Systems, Inc		120,539,911		1.9
			Other		96,676,116		1.5
					217,216,027		3.4

28 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements

Summary portfolio of investments (unaudited) concluded

Large-Cap Value Index Fund  ■  April 30, 2019

Shares			Company	Value		% of net assets
TELECOMMUNICATION SERVICES
	3,453,133		AT&T, Inc	$	106,908,998		1.7	%
	1,965,213		Verizon Communications, Inc		112,390,532		1.7
			Other		12,441,439		0.2
					231,740,969		3.6
TRANSPORTATION
	126,940		Norfolk Southern Corp		25,898,299		0.4
			Other		78,619,063		1.2
					104,517,362		1.6
UTILITIES
	360,425		Dominion Resources, Inc		28,066,295		0.4
	338,736		Duke Energy Corp		30,865,624		0.5
	226,810		NextEra Energy, Inc		44,100,936		0.7
	489,134		Southern Co		26,031,712		0.4
			Other		274,644,686		4.3
					403,709,253		6.3
		TOTAL COMMON STOCKS (Cost $5,117,962,079)			6,437,661,223		99.9

Shares			Company	Value			% of net assets
SHORT-TERM INVESTMENTS
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	10,202,631	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	10,202,631			0.2	%
					10,202,631			0.2
		TOTAL SHORT-TERM INVESTMENTS (Cost $10,202,631)			10,202,631			0.2
		TOTAL PORTFOLIO (Cost $5,128,164,710)			6,447,863,854			100.1
		OTHER ASSETS & LIABILITIES, NET			(6,931,114	)		(0.1	)
		NET ASSETS		$	6,440,932,740			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 4/30/19, the aggregate value of securities on loan is $9,647,166.

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  ■  2019 Semiannual Report 29

Summary portfolio of investments (unaudited)

S&P 500 Index Fund  ■  April 30, 2019

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	27,060,985		0.5	%
BANKS
	1,892,984		Bank of America Corp		57,887,451		1.1
	495,283		Citigroup, Inc		35,016,508		0.7
	690,147		JPMorgan Chase & Co		80,091,559		1.5
	863,222		Wells Fargo & Co		41,788,577		0.8
			Other		80,225,837		1.6
					295,009,932		5.7
CAPITAL GOODS
	110,770		Boeing Co		41,836,721		0.8
	153,938		Honeywell International, Inc		26,728,255		0.5
	170,822		United Technologies Corp		24,360,925		0.5
			Other		253,297,592		4.9
					346,223,493		6.7
COMMERCIAL & PROFESSIONAL SERVICES					36,254,841		0.7
CONSUMER DURABLES & APPAREL					59,176,675		1.1
CONSUMER SERVICES
	161,382		McDonald’s Corp		31,884,242		0.6
			Other		65,645,608		1.3
					97,529,850		1.9
DIVERSIFIED FINANCIALS					179,269,244		3.5
ENERGY
	400,532		Chevron Corp		48,087,872		0.9
	893,431	d	Exxon Mobil Corp		71,724,641		1.4
			Other		150,312,830		2.9
					270,125,343		5.2
FOOD & STAPLES RETAILING
	300,380		Walmart, Inc		30,891,079		0.6
			Other		43,136,357		0.8
					74,027,436		1.4
FOOD, BEVERAGE & TOBACCO
	812,066		Coca-Cola Co		39,839,958		0.8
	296,411		PepsiCo, Inc		37,955,429		0.7
	327,799		Philip Morris International, Inc		28,374,281		0.5
			Other		97,370,871		1.9
					203,540,539		3.9
HEALTH CARE EQUIPMENT & SERVICES
	370,312		Abbott Laboratories		29,462,023		0.5
	282,781		Medtronic plc		25,113,781		0.5
	202,535		UnitedHealth Group, Inc		47,204,832		0.9
			Other		206,043,485		4.0
					307,824,121		5.9
HOUSEHOLD & PERSONAL PRODUCTS
	527,917		Procter & Gamble Co		56,212,602		1.1
			Other		39,572,060		0.7
					95,784,662		1.8

Shares			Company	Value		% of net assets
INSURANCE
	410,158	*	Berkshire Hathaway, Inc (Class B)	$	88,885,340		1.7	%
			Other		123,938,721		2.4
					212,824,061		4.1
MATERIALS					138,064,311		2.7
MEDIA & ENTERTAINMENT
	63,116	*	Alphabet, Inc (Class A)		75,673,559		1.5
	64,810	*	Alphabet, Inc (Class C)		77,025,389		1.5
	952,376		Comcast Corp (Class A)		41,456,927		0.8
	502,980	*	Facebook, Inc		97,276,332		1.9
	92,038	*	NetFlix, Inc		34,103,761		0.6
	370,273		Walt Disney Co		50,716,293		1.0
			Other		58,856,305		1.1
					435,108,566		8.4
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	310,972		AbbVie, Inc		24,688,067		0.5
	131,187		Amgen, Inc		23,524,453		0.5
	561,678		Johnson & Johnson		79,308,933		1.5
	544,280		Merck & Co, Inc		42,840,279		0.8
	1,170,148		Pfizer, Inc		47,519,710		0.9
	84,900		Thermo Fisher Scientific, Inc		23,555,505		0.5
			Other		156,685,498		3.0
					398,122,445		7.7
REAL ESTATE					153,096,374		3.0
RETAILING
	86,983	*	Amazon.com, Inc		167,574,489		3.2
	238,222		Home Depot, Inc		48,525,821		0.9
			Other		133,866,423		2.6
					349,966,733		6.7
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	83,507		Broadcom, Inc		26,588,629		0.5
	948,373		Intel Corp		48,404,958		0.9
	197,949		Texas Instruments, Inc		23,324,331		0.5
			Other		109,219,163		2.1
					207,537,081		4.0
SOFTWARE & SERVICES
	134,396		Accenture plc		24,550,117		0.5
	102,830	*	Adobe, Inc		29,743,577		0.6
	187,503		International Business Machines Corp		26,301,046		0.5
	190,353		MasterCard, Inc (Class A)		48,395,347		0.9
	1,618,038		Microsoft Corp		211,315,763		4.1
	537,376		Oracle Corp		29,733,014		0.6
	247,284	*	PayPal Holdings, Inc		27,886,217		0.5
	161,250	*	salesforce.com, Inc		26,662,687		0.5
	368,982		Visa, Inc (Class A)		60,671,710		1.1
			Other		129,174,185		2.5
					614,433,663		11.8
TECHNOLOGY HARDWARE & EQUIPMENT
	944,491		Apple, Inc		189,531,009		3.7
	928,348		Cisco Systems, Inc		51,941,071		1.0
			Other		59,486,678		1.1
					300,958,758		5.8

30 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements

Summary portfolio of investments (unaudited) concluded

S&P 500 Index Fund  ■  April 30, 2019

Shares			Company	Value		% of net assets
TELECOMMUNICATION SERVICES
	1,536,383		AT&T, Inc	$	47,566,418		0.9	%
	871,355		Verizon Communications, Inc		49,832,792		1.0
			Other		2,330,422		0.1
					99,729,632		2.0
TRANSPORTATION
	152,416		Union Pacific Corp		26,983,729		0.5
			Other		81,377,691		1.6
					108,361,420		2.1
UTILITIES					167,418,183		3.2
		TOTAL COMMON STOCKS (Cost $2,934,264,438)			5,177,448,348		99.8
	Principal		Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT					6,300,000		0.1

Shares			Company	Value		% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	2,758,356	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	2,758,356		0.1	%
					2,758,356		0.1
		TOTAL SHORT-TERM INVESTMENTS (Cost $9,058,356)			9,058,356		0.2
		TOTAL PORTFOLIO (Cost $2,943,322,794)			5,186,506,704		100.0
		OTHER ASSETS & LIABILITIES, NET			2,910,915		0.0
		NET ASSETS		$	5,189,417,619		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 4/30/19, the aggregate value of securities on loan is $2,651,422.

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 April 30, 2019 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		49		06/21/19	$	7,175,882	$	7,223,825	$	47,943

See notes to financial statements TIAA-CREF Funds: Equity Index Funds  ■  2019 Semiannual Report 31

Summary portfolio of investments (unaudited)

Small-Cap Blend Index Fund  ■  April 30, 2019

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	31,322,444		1.1	%
BANKS
	135,925	*	Essent Group Ltd		6,449,641		0.2
	79,399		IBERIABANK Corp		6,312,221		0.2
	505,883	*	MGIC Investment Corp		7,406,127		0.3
	308,097		Radian Group, Inc		7,215,632		0.2
			Other		314,953,824		10.5
					342,337,445		11.4
CAPITAL GOODS
	81,490		EMCOR Group, Inc		6,856,569		0.2
	76,231		Woodward Governor Co		8,301,556		0.3
			Other		264,973,189		8.9
					280,131,314		9.4
COMMERCIAL & PROFESSIONAL SERVICES
	54,391		Insperity, Inc		6,502,988		0.2
			Other		117,456,238		3.9
					123,959,226		4.1
CONSUMER DURABLES & APPAREL
	41,487	*	Deckers Outdoor Corp		6,563,658		0.2
			Other		79,901,914		2.7
					86,465,572		2.9
CONSUMER SERVICES
	124,624	*	Planet Fitness, Inc		9,434,037		0.3
			Other		101,856,886		3.4
					111,290,923		3.7
DIVERSIFIED FINANCIALS
	61,223		FirstCash, Inc		5,980,263		0.2
	121,174		iShares Russell 2000 Index Fund		19,180,632		0.6
			Other		95,488,355		3.2
					120,649,250		4.0
ENERGY					105,883,369		3.5
FOOD & STAPLES RETAILING
	145,993	*	Performance Food Group Co		5,978,414		0.2
			Other		8,634,348		0.3
					14,612,762		0.5
FOOD, BEVERAGE & TOBACCO					47,362,329		1.6
HEALTH CARE EQUIPMENT & SERVICES
	72,121	*	Haemonetics Corp		6,294,721		0.2
	81,408	*	Medidata Solutions, Inc		7,354,399		0.2
			Other		169,819,136		5.7
					183,468,256		6.1
HOUSEHOLD & PERSONAL PRODUCTS					15,231,177		0.5
INSURANCE
	75,382		Kemper Corp		6,775,334		0.2
	61,051		Primerica, Inc		7,954,335		0.3
	83,341		Selective Insurance Group, Inc		5,943,047		0.2
			Other		59,866,065		2.0
					80,538,781		2.7

Shares			Company		Value	% of net assets
MATERIALS
	59,668	*	Ingevity Corp	$	6,862,417	0.2	%
			Other		106,307,125	3.6
					113,169,542	3.8
MEDIA & ENTERTAINMENT
	185,401		New York Times Co (Class A)		6,146,043	0.2
	63,024		Nexstar Broadcasting Group, Inc (Class A)		7,376,959	0.3
			Other		63,070,973	2.1
					76,593,975	2.6
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	300,230	*	Array Biopharma, Inc		6,788,200	0.3
	254,052	*	Horizon Pharma plc		6,485,948	0.2
			Other		248,892,764	8.3
					262,166,912	8.8
REAL ESTATE
	224,573		Americold Realty Trust		7,188,581	0.2
	176,756		First Industrial Realty Trust, Inc		6,234,184	0.2
	183,421		Pebblebrook Hotel Trust		5,972,188	0.2
			Other		202,417,065	6.8
					221,812,018	7.4
RETAILING
	170,000	*	Etsy, Inc		11,481,800	0.4
	77,693	*	Five Below, Inc		11,373,478	0.4
	70,509	*	Ollie’s Bargain Outlet Holdings, Inc		6,743,481	0.2
			Other		105,477,758	3.5
					135,076,517	4.5
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	146,974	*	Cree, Inc		9,713,512	0.3
	199,529		Entegris, Inc		8,152,755	0.3
	60,052	*	Silicon Laboratories, Inc		6,465,198	0.2
			Other		58,451,703	2.0
					82,783,168	2.8
SOFTWARE & SERVICES
	35,122	*	CACI International, Inc (Class A)		6,846,683	0.2
	78,681	*	Coupa Software, Inc		8,130,108	0.3
	52,114	*	HubSpot, Inc		9,614,512	0.3
	90,894		MAXIMUS, Inc		6,694,343	0.2
	63,986	*	New Relic, Inc		6,733,887	0.2
	47,402	*	Trade Desk, Inc		10,498,595	0.4
	86,088	*	Zscaler, Inc		5,880,671	0.2
			Other		187,612,209	6.3
					242,011,008	8.1
TECHNOLOGY HARDWARE & EQUIPMENT
	201,805	*	Ciena Corp		7,741,240	0.3
	108,176	*	Lumentum Holdings, Inc		6,703,667	0.2
	58,921		SYNNEX Corp		6,356,397	0.2
	78,307	*	Viasat, Inc		7,111,842	0.3
			Other		111,675,379	3.7
					139,588,525	4.7
TELECOMMUNICATION SERVICES					21,077,307	0.7
TRANSPORTATION					43,275,413	1.4

32 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements

Summary portfolio of investments(unaudited)	concluded
Small-Cap Blend Index Fund  ■  April 30, 2019

Shares			Company	Value		% of net assets
UTILITIES
	73,826		Allete, Inc	$	6,013,128		0.2	%
	71,650		Idacorp, Inc		7,094,783		0.2
	124,546		New Jersey Resources Corp		6,237,263		0.2
	74,544		ONE Gas, Inc		6,598,635		0.2
	127,396		Portland General Electric Co		6,664,085		0.2
	75,522		Southwest Gas Corp		6,282,675		0.2
	69,780		Spire, Inc		5,874,778		0.2
			Other		64,394,362		2.2
					109,159,709		3.6
		TOTAL COMMON STOCKS (Cost $2,360,398,021)			2,989,966,942		99.9
RIGHTS / WARRANTS
MATERIALS					114,018		0.0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					11,559		0.0
		TOTAL RIGHTS / WARRANTS (Cost $146,711)			125,577		0.0
Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT					3,300,000		0.1

Shares			Company		Value		% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	161,247,304	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	161,247,304		5.4	%
					161,247,304		5.4
		TOTAL SHORT-TERM INVESTMENTS (Cost $164,547,304)			164,547,304		5.5
		TOTAL PORTFOLIO (Cost $2,525,092,036)			3,154,639,823		105.4
		OTHER ASSETS & LIABILITIES, NET			(160,451,850	)	(5.4	)
		NET ASSETS		$	2,994,187,973		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 4/30/19, the aggregate value of securities on loan is $153,828,582.

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  ■  2019 Semiannual Report 33

Summary portfolio of investments (unaudited)

Emerging Markets Equity Index Fund  ■  April 30, 2019

Shares			Company	Value		% of net assets
COMMON STOCKS
AUSTRALIA				$	534,016		0.0	%
BRAZIL
	2,054,397		AMBEV S.A.		9,677,058		0.4
	874,982		B3 S.A.-Brasil Bolsa Balcao		7,687,417		0.3
	1,710,814	*	Banco Bradesco S.A. (Preference)		15,523,899		0.7
	2,068,253	*	Banco Itau Holding Financeira S.A.		17,844,227		0.8
	1,359,416		Petroleo Brasileiro S.A.		10,386,908		0.4
	1,784,668		Petroleo Brasileiro S.A. (Preference)		12,338,974		0.5
	1,370,959		Vale S.A.		17,516,780		0.7
			Other		74,636,177		3.1
					165,611,440		6.9
CHILE					23,148,640		1.0
CHINA
	561,765	*	Alibaba Group Holding Ltd (ADR)		104,246,731		4.4
	120,189	*	Baidu, Inc (ADR)		19,979,018		0.8
	35,773,953		Bank of China Ltd (Hong Kong)		17,082,240		0.7
	42,136,641		China Construction Bank		37,146,198		1.6
	3,362,880		China Life Insurance Co Ltd		9,555,994		0.4
	1,658,868		China Merchants Bank Co Ltd		8,209,741		0.3
	2,688,165		China Mobile Hong Kong Ltd		25,648,862		1.1
	8,034,674		CNOOC Ltd		14,593,648		0.6
	178,696	*	Ctrip.com International Ltd (ADR)		7,871,559		0.3
	30,661,777		Industrial & Commercial Bank of China		23,062,555		1.0
	319,824	*	JD.com, Inc (ADR)		9,681,073		0.4
	33,701		Netease.com (ADR)		9,588,946		0.4
	2,278,026		Ping An Insurance Group Co of China Ltd		27,574,723		1.2
	2,474,904		Tencent Holdings Ltd		121,982,184		5.1
	157,543		Yum China Holdings, Inc		7,489,594		0.3
			Other		310,360,738		13.0
					754,073,804		31.6
COLOMBIA					10,486,683		0.4
CZECH REPUBLIC					3,599,678		0.2
EGYPT					3,248,767		0.1
GREECE					5,496,964		0.2
HONG KONG					15,064,354		0.6
HUNGARY					7,350,942		0.3
INDIA
	824,378	*	Axis Bank Ltd		9,087,813		0.4
	282,811		Hindustan Lever Ltd		7,143,165		0.3
	710,026		Housing Development Finance Corp		20,369,850		0.9
	1,507,880		Infosys Technologies Ltd		16,241,329		0.7
	1,242,061		Reliance Industries Ltd		24,882,794		1.0
	387,931		Tata Consultancy Services Ltd		12,609,485		0.5
			Other		122,990,601		5.1
					213,325,037		8.9
INDONESIA
	23,685,882		Bank Rakyat Indonesia		7,282,345		0.3
	4,154,875		PT Bank Central Asia Tbk		8,393,155		0.3
			Other		34,855,318		1.5
					50,530,818		2.1

Shares		Company		Value	% of net assets
KOREA, REPUBLIC OF
	252,033	Hynix Semiconductor, Inc	$	17,055,267	0.7	%
	34,412	POSCO		7,532,219	0.3
	2,066,828	Samsung Electronics Co Ltd		81,261,919	3.4
	357,192	Samsung Electronics Co Ltd (Preference)		11,394,857	0.5
		Other		181,268,956	7.6
				298,513,218	12.5
LUXEMBOURG				1,075,311	0.0
MALAYSIA				49,909,035	2.1
MEXICO
	14,655,641	America Movil S.A. de C.V. (Series L)		10,915,728	0.5
	851,611	Fomento Economico Mexicano S.A. de C.V.		8,307,337	0.3
		Other		45,179,499	1.9
				64,402,564	2.7
PAKISTAN				829,618	0.0
PERU				9,806,947	0.4
PHILIPPINES				25,527,855	1.1
POLAND				26,364,158	1.1
QATAR
	196,317	Qatar National Bank		10,559,617	0.4
		Other		11,699,768	0.5
				22,259,385	0.9
ROMANIA				1,369,399	0.1
RUSSIA
	2,448,964	Gazprom (ADR)		12,293,799	0.5
	221,158	LUKOIL PJSC (ADR)		18,909,009	0.8
	38,648	NovaTek OAO (GDR)		7,456,265	0.3
	1,150,731	Sberbank of Russian Federation (ADR)		16,494,475	0.7
	107,678	Tatneft PAO (ADR)		7,582,395	0.3
		Other		26,597,618	1.1
				89,333,561	3.7
SINGAPORE				795,942	0.0
SOUTH AFRICA
	189,868	Naspers Ltd (N Shares)		48,843,601	2.1
	247,298	Sasol Ltd		8,204,463	0.4
	561,978	Standard Bank Group Ltd		7,848,500	0.3
		Other		74,936,283	3.1
				139,832,847	5.9
TAIWAN
	5,696,002	Hon Hai Precision Industry Co, Ltd		16,036,116	0.7
	10,661,848	Taiwan Semiconductor Manufacturing Co Ltd		89,517,201	3.8
		Other		165,851,904	6.9
				271,405,221	11.4
THAILAND
	4,722,300	PTT PCL (Foreign)		7,209,804	0.3
		Other		47,227,565	2.0
				54,437,369	2.3
TURKEY				11,989,555	0.5
UNITED ARAB EMIRATES				18,178,274	0.8

34 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements

Summary portfolio of investments(unaudited)	concluded
Emerging Markets Equity Index Fund  ■  April 30, 2019

Shares			Company	Value		% of net assets
UNITED KINGDOM				$	3,485,697		0.2	%
UNITED STATES
	923,314		Vanguard Emerging Markets ETF		40,081,060		1.7
			Other		6,956,060		0.3
					47,037,120		2.0
		TOTAL COMMON STOCKS (Cost $1,928,244,024)			2,389,024,219		100.0
PREFERRED STOCKS
PHILIPPINES					590		0.0
		TOTAL PREFERRED STOCKS (Cost $725)			590		0.0
RIGHTS / WARRANTS
CHINA					14,203		0.0
INDIA					239,210		0.0
		TOTAL RIGHTS / WARRANTS (Cost $0)			253,413		0.0
Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT					3,100,000		0.1

Shares			Company		Value		% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	31,769,815	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	31,769,815		1.4	%
					31,769,815		1.4
		TOTAL SHORT-TERM INVESTMENTS (Cost $34,869,815)			34,869,815		1.5
		TOTAL PORTFOLIO (Cost $1,963,114,564)			2,424,148,037		101.5
		OTHER ASSETS & LIABILITIES, NET			(35,435,497	)	(1.5	)
		NET ASSETS		$	2,388,712,540		100.0	%

Abbreviation(s):
ADR	American Depositary Receipt
ETF	Exchange Traded Fund
GDR	Global Depositary Receipt
*	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 4/30/19, the aggregate value of securities on loan is $29,735,998.

At 4/30/19, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $31,028,197 or 1.3% 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(unaudited)

Emerging Markets Equity Index Fund  ■  April 30, 2019

Sector	Value			% of net assets
FINANCIALS	$	613,710,550			25.7	%
INFORMATION TECHNOLOGY		347,149,536			14.5
CONSUMER DISCRETIONARY		319,372,315			13.4
COMMUNICATION SERVICES		293,749,230			12.3
ENERGY		185,516,676			7.8
MATERIALS		158,670,620			6.6
CONSUMER STAPLES		151,367,203			6.3
INDUSTRIALS		127,122,145			5.3
REAL ESTATE		73,023,772			3.1
HEALTH CARE		60,805,922			2.5
UTILITIES		58,790,253			2.5
SHORT-TERM INVESTMENTS		34,869,815			1.5
OTHER ASSETS & LIABILITIES, NET		(35,435,497	)		(1.5	)
NET ASSETS	$	2,388,712,540			100.0	%

See notes to financial statements TIAA-CREF Funds: Equity Index Funds  ■  2019 Semiannual Report 35

Summary portfolio of investments (unaudited)

International Equity Index Fund  ■  April 30, 2019

Shares			Company	Value		% of net assets
COMMON STOCKS
AUSTRALIA
	2,338,935		Australia & New Zealand Banking Group Ltd	$	44,871,477		0.4	%
	2,404,868		BHP Billiton Ltd		63,638,443		0.5
	1,444,223		Commonwealth Bank of Australia		75,901,446		0.7
	370,732		CSL Ltd		51,999,529		0.4
	943,737		Rio Tinto plc		55,056,738		0.5
	2,803,709		Westpac Banking Corp		54,465,970		0.5
			Other		528,952,792		4.5
					874,886,395		7.5
AUSTRIA					28,295,554		0.2
BELGIUM
	621,794	e	Anheuser-Busch InBev S.A.		55,281,919		0.5
			Other		60,781,629		0.5
					116,063,548		1.0
CHILE					3,952,016		0.0
CHINA					7,759,166		0.1
DENMARK
	1,483,816		Novo Nordisk AS		72,698,882		0.6
			Other		124,638,854		1.1
					197,337,736		1.7
FINLAND					131,523,266		1.1
FRANCE
	349,210		Air Liquide		46,456,046		0.4
	475,855		Airbus SE		65,158,659		0.5
	920,723		BNP Paribas		49,012,932		0.4
	206,743	e	L’Oreal S.A.		56,865,173		0.5
	226,837		LVMH Moet Hennessy Louis Vuitton S.A.		89,060,084		0.8
	920,145	e	Sanofi-Aventis		80,281,977		0.7
	1,973,132	*	Total S.A.		109,687,908		0.9
			Other		781,500,451		6.7
					1,278,023,230		10.9
GERMANY
	347,576		Allianz AG.		84,014,025		0.7
	750,171		BASF SE		61,244,665		0.5
	761,766		Bayer AG.		50,699,929		0.4
	743,661		Daimler AG. (Registered)		48,810,915		0.4
	2,716,856		Deutsche Telekom AG.		45,520,650		0.4
	803,100		SAP AG.		103,526,255		0.9
	625,191		Siemens AG.		74,961,787		0.7
			Other		546,699,701		4.7
					1,015,477,927		8.7
HONG KONG
	9,862,138		AIA Group Ltd		100,982,727		0.9
			Other		327,490,284		2.8
					428,473,011		3.7
IRELAND					74,778,969		0.6
ISRAEL					62,352,602		0.5
ITALY					233,903,103		2.0

Shares			Company		Value	% of net assets
JAPAN
	79,511	h	Keyence Corp	$	49,677,950	0.4	%
	9,615,692	h	Mitsubishi UFJ Financial Group, Inc		47,708,498	0.4
	674,636	h	Softbank Group Corp		71,532,548	0.6
	1,037,545	h	Sony Corp		52,259,170	0.5
	1,211,473	h	Takeda Pharmaceutical Co Ltd		44,705,444	0.4
	1,866,586	h	Toyota Motor Corp		115,561,165	1.0
			Other		2,338,647,867	19.9
					2,720,092,642	23.2
LUXEMBOURG					31,435,768	0.3
MACAU					30,266,847	0.3
MEXICO					1,838,661	0.0
NETHERLANDS
	335,199		ASML Holding NV		69,993,162	0.6
	3,680,466		Royal Dutch Shell plc (A Shares)		117,264,902	1.0
	3,058,621		Royal Dutch Shell plc (B Shares)		98,711,937	0.9
			Other		262,464,241	2.2
					548,434,242	4.7
NEW ZEALAND					28,096,020	0.2
NORWAY					80,947,413	0.7
PORTUGAL					18,024,985	0.2
SINGAPORE					155,617,953	1.3
SOUTH AFRICA					25,986,382	0.2
SPAIN
	13,291,384	e	Banco Santander S.A.		67,379,016	0.5
	5,067,845		Iberdrola S.A.		46,053,482	0.4
			Other		231,759,404	2.0
					345,191,902	2.9
SWEDEN					285,171,699	2.4
SWITZERLAND
	2,501,083		Nestle S.A.		240,798,277	2.1
	1,771,610		Novartis AG.		145,165,840	1.2
	574,025		Roche Holding AG.		151,464,123	1.3
			Other		513,094,647	4.4
					1,050,522,887	9.0
UNITED ARAB EMIRATES					3,152,089	0.0
UNITED KINGDOM
	1,036,869		AstraZeneca plc		77,246,534	0.7
	16,380,381		BP plc		119,113,198	1.0
	1,872,483		British American Tobacco plc		73,305,686	0.6
	1,987,431		Diageo plc		83,785,565	0.7
	4,061,363		GlaxoSmithKline plc		83,433,460	0.7
	16,364,831		HSBC Holdings plc		142,586,196	1.2
	58,152,301		Lloyds TSB Group plc		47,558,991	0.4
	2,119,162		Prudential plc		48,150,270	0.4
	549,422		Reckitt Benckiser Group plc		44,451,774	0.4
	1,263,854	e	Unilever NV		76,468,930	0.7
	908,458		Unilever plc		55,066,252	0.5
			Other		781,760,187	6.6
					1,632,927,043	13.9

36 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements

Summary portfolio of investments (unaudited)	concluded
International Equity Index Fund  ■  April 30, 2019

Shares			Company	Value			% of net assets
UNITED STATES				$	28,160,564			0.2	%
		TOTAL COMMON STOCKS (Cost $9,925,528,223)			11,438,693,620			97.5
Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal Home Loan Bank (FHLB)
$	103,500,000		2.350%, 05/01/19		103,500,000			0.9
					103,500,000			0.9
TREASURY DEBT					119,653,837			1.0
Shares			Company
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	627,595,004	a,c	State Street Navigator Securities Lending Government Money Market Portfolio		627,595,004			5.3
					627,595,004			5.3
		TOTAL SHORT-TERM INVESTMENTS (Cost $850,748,885)			850,748,841			7.2
		TOTAL PORTFOLIO (Cost $10,776,277,108)			12,289,442,461			104.7
		OTHER ASSETS & LIABILITIES, NET			(553,741,356	)		(4.7	)
		NET ASSETS		$	11,735,701,105			100.0	%

*	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 $599,798,006.
h	All or a portion of these securities were purchased on a delayed delivery basis.

“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 4/30/19, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $94,123,530 or 0.8% 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.

Futures contracts outstanding as of April 30, 2019 were as follows (see Note 3):

Description	Number of long (short contracts		)	Expiration date	Notional amount		Value		Unrealized appreciation (depreciation		)
MSCI EAFE Index		2,112		06/21/19	$	201,681,053	$	202,435,200		$754,147

Summary of market values by sector (unaudited)

International Equity Index Fund  ■  April 30, 2019

Sector	Value			% of net assets
FINANCIALS	$	2,216,933,247			18.9	%
INDUSTRIALS		1,678,605,898			14.3
CONSUMER STAPLES		1,328,201,889			11.3
CONSUMER DISCRETIONARY		1,290,916,136			11.0
HEALTH CARE		1,225,457,875			10.4
MATERIALS		847,038,757			7.2
INFORMATION TECHNOLOGY		750,031,763			6.4
ENERGY		653,189,881			5.6
COMMUNICATION SERVICES		621,343,170			5.3
REAL ESTATE		417,445,357			3.6
UTILITIES		409,529,647			3.5
SHORT-TERM INVESTMENTS		850,748,841			7.2
OTHER ASSETS & LIABILITIES, NET		(553,741,356	)		(4.7	)
NET ASSETS	$	11,735,701,105			100.0	%

See notes to financial statements TIAA-CREF Funds: Equity Index Funds  ■  2019 Semiannual Report 37

Statements of assets and liabilities(unaudited)

TIAA-CREF Funds  ■  April 30, 2019

		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*†		$	20,873,738,714	$	7,128,554,466	$	6,447,863,854	$	5,186,506,704	$	3,154,639,823	$	2,424,148,037	$	11,661,847,457
Affiliated investments, at valueŧ			—		—		—		—		—		—		627,595,004
Cash#			—		30,862		—		—		41,509		—		8,625,174
Cash – foreign^			—		—		—		—		—		1,097,817		4,189,202
Receivable from securities transactions			—		3,991,785		1,283,577		—		—		1,205,387		27,571,678
Receivable from Fund shares sold			7,109,341		4,650,341		3,681,307		2,300,642		3,193,688		4,007,954		16,073,350
Dividends and interest receivable			16,053,960		3,059,005		7,845,967		4,484,489		1,084,009		2,372,891		74,695,022
Due from affiliates			64,537		—		—		—		—		32,285		22,442
Receivable for variation margin on futures contracts			53,308		—		—		48,055		—		—		758,519
Other			691,570		208,814		247,351		227,052		150,236		77,949		488,693
Total assets			20,897,711,430		7,140,495,273		6,460,922,056		5,193,566,942		3,159,109,265		2,432,942,320		12,421,866,541
LIABILITIES
Management fees payable			112,977		38,603		34,940		28,286		16,287		45,563		63,568
Service agreement fees payable			32,567		33,754		34,589		59,876		34,355		11,796		46,365
Distribution fees payable			217,081		—		—		—		—		6,594		30,963
Due to affiliates			139,473		56,648		60,036		50,617		36,635		48,132		102,673
Overdraft payable			91,070		—		510,643		120,949		—		257,854		—
Payable for collateral for securities loaned			152,699,052		34,326,682		10,202,631		2,758,356		161,247,304		31,769,815		627,595,004
Payable for securities transactions			—		3,639,274		3,759,353		—		3,005,986		7,597,202		30,087,674
Payable for delayed delivery securities			—		—		—		—		—		—		21,140,447
Payable for Fund shares redeemed			63,737,296		8,850,813		4,965,751		808,393		335,667		1,120,460		6,194,343
Payable for trustee compensation			698,450		211,926		250,936		229,261		144,286		79,815		497,347
Accrued expenses and other payables			395,664		135,774		170,437		93,585		100,772		3,292,549		407,052
Total liabilities			218,123,630		47,293,474		19,989,316		4,149,323		164,921,292		44,229,780		686,165,436
NET ASSETS		$	20,679,587,800	$	7,093,201,799	$	6,440,932,740	$	5,189,417,619	$	2,994,187,973	$	2,388,712,540	$	11,735,701,105
NET ASSETS CONSIST OF:
Paid-in-capital		$	12,841,134,930	$	4,321,386,096	$	5,121,731,915	$	2,965,163,342	$	2,355,353,482	$	2,114,667,427	$	10,453,080,825
Total distributable earnings (loss)			7,838,452,870		2,771,815,703		1,319,200,825		2,224,254,277		638,834,491		274,045,113		1,282,620,280
NET ASSETS		$	20,679,587,800	$	7,093,201,799	$	6,440,932,740	$	5,189,417,619	$	2,994,187,973	$	2,388,712,540	$	11,735,701,105
INSTITUTIONAL CLASS:
Net assets		$	8,950,641,677	$	6,325,303,267	$	5,560,394,576	$	3,813,575,711	$	2,221,800,469	$	886,847,898	$	7,328,546,522
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			414,879,368		190,767,683		278,840,600		117,204,105		107,434,465		78,768,386		381,936,665
Net asset value per share		$	21.57	$	33.16	$	19.94	$	32.54	$	20.68	$	11.26	$	19.19
ADVISOR CLASS:
Net assets		$	45,889,460	$	45,981,964	$	26,275,437	$	70,091,997	$	7,766,965	$	11,267,876	$	48,337,176
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			2,127,348		1,388,117		1,320,047		2,156,717		375,878		999,404		2,521,201
Net asset value per share		$	21.57	$	33.13	$	19.90	$	32.50	$	20.66	$	11.27	$	19.17
PREMIER CLASS:
Net assets		$	78,696,730	$	—	$	—	$	—	$	—	$	27,641,486	$	256,012,940
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			3,656,048		—		—		—		—		2,460,547		13,372,169
Net asset value per share		$	21.53	$	—	$	—	$	—	$	—	$	11.23	$	19.15
RETIREMENT CLASS:
Net assets		$	648,832,899	$	721,916,568	$	854,262,727	$	1,305,749,911	$	764,620,539	$	264,290,999	$	1,051,843,452
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			29,629,637		21,616,142		42,109,619		40,391,825		36,815,199		23,562,772		53,599,536
Net asset value per share		$	21.90	$	33.40	$	20.29	$	32.33	$	20.77	$	11.22	$	19.62
RETAIL CLASS:
Net assets		$	1,024,209,518	$	—	$	—	$	—	$	—	$	15,295,019	$	—
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			46,617,935		—		—		—		—		1,361,956		—
Net asset value per share		$	21.97	$	—	$	—	$	—	$	—	$	11.23	$	—
CLASS W:
Net assets		$	9,931,317,516	$	—	$	—	$	—	$	—	$	1,183,369,262	$	3,050,961,015
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			460,256,333		—		—		—		—		105,039,923		158,977,018
Net asset value per share		$	21.58	$	—	$	—	$	—	$	—	$	11.27	$	19.19
*	Includes securities loaned of	$	146,724,642	$	34,032,985	$	9,647,166	$	2,651,422	$	153,828,582	$	29,735,998	$	599,798,006
†	Portfolio investments, cost	$	13,125,455,024	$	4,350,656,504	$	5,128,164,710	$	2,943,322,794	$	2,525,092,036	$	1,963,114,564	$	10,148,682,104
ŧ	Affiliated investments, cost	$	—	$	—	$	—	$	—	$	—	$	—	$	627,595,004
#	Includes cash collateral for open futures contracts of	$	—	$	—	$	—	$	—	$	—	$	—	$	9,252,000
^	Foreign cash, cost	$	—	$	—	$	—	$	—	$	—	$	1,101,065	$	4,169,780

38 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Index Funds  ■  2019 Semiannual Report 39

Statements of operations(unaudited)

TIAA-CREF Funds  ■  For the period ended April 30, 2019

		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*		$	211,741,027		$	41,618,357		$	105,999,266	$	58,495,769	$	19,086,652		$	19,255,574		$	185,722,628
Income from securities lending			1,400,993			242,299			129,562		118,747		1,530,229			396,381			1,381,781
Interest			1,190,603			81,062			60,506		235,801		225,138			35,526			2,143,811
Total income			214,332,623			41,941,718			106,189,334		58,850,317		20,842,019			19,687,481			189,248,220
EXPENSES
Management fees			3,672,312			1,221,108			1,256,894		950,527		543,231			1,732,806			2,259,960
Shareholder servicing – Institutional Class			20,942			10,195			9,971		2,463		4,483			1,975			13,066
Shareholder servicing – Advisor Class			25,994			24,797			12,778		37,038		29,664			5,838			27,043
Shareholder servicing – Premier Class			54			—			—		—		—			25			157
Shareholder servicing – Retirement Class			722,318			831,833			1,032,567		1,497,075		873,468			303,980			1,196,060
Shareholder servicing – Retail Class			151,738			—			—		—		—			8,184			—
Shareholder servicing – Class W			4,600			—			—		—		—			2,059			2,613
Distribution fees – Premier Class			56,939			—			—		—		—			18,704			174,921
Distribution fees – Retail Class			1,185,931			—			—		—		—			17,645			—
Administrative service fees			185,060			72,866			75,238		63,077		45,717			62,196			131,071
Trustee fees and expenses			139,742			47,386			48,793		36,774		20,806			18,645			85,392
Custody and accounting fees			100,237			32,666			30,637		26,955		24,778			446,965			303,879
Other expenses			551,037			256,350			295,418		158,997		168,219			259,400			421,169
Total expenses			6,816,904			2,497,201			2,762,296		2,772,906		1,710,366			2,878,422			4,615,331
Less: Expenses reimbursed by the investment adviser			(2,103,305	)		—			—		—		(22,750	)		(1,027,326	)		(736,255	)
Net expenses			4,713,599			2,497,201			2,762,296		2,772,906		1,687,616			1,851,096			3,879,076
Net investment income (loss)			209,619,024			39,444,517			103,427,038		56,077,411		19,154,403			17,836,385			185,369,144
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments‡			47,635,149			(2,185,000	)		32,768,165		7,386,130		20,044,224			(92,465,744	)		(189,834,161	)
Futures contracts			4,565,325			—			—		2,590,509		(2,710,808	)		—			14,496,789
Foreign currency transactions			(268	)		—			—		—		(397	)		(133,565	)		(129,554	)
Net realized gain (loss) on total investments			52,200,206			(2,185,000	)		32,768,165		9,976,639		17,333,019			(92,599,309	)		(175,466,926	)
Change in unrealized appreciation (depreciation) on:
Portfolio investments**			1,591,041,172			693,862,699			357,268,789		393,099,241		132,482,983			394,973,199			871,450,533
Futures contracts			78,749			—			—		11,936		1,617,337			—			3,060,532
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies			—			—			—		—		—			2,912			(444,740	)
Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments			1,591,119,921			693,862,699			357,268,789		393,111,177		134,100,320			394,976,111			874,066,325
Net realized and unrealized gain (loss) on total investments			1,643,320,127			691,677,699			390,036,954		403,087,816		151,433,339			302,376,802			698,599,399
Net increase (decrease) in net assets from operations		$	1,852,939,151		$	731,122,216		$	493,463,992	$	459,165,227	$	170,587,742		$	320,213,187		$	883,968,543
*	Net of foreign withholding taxes of	$	26,798		$	729		$	15,803	$	—	$	6,734		$	2,509,641		$	16,662,321
‡	Includes net realized gain (loss) from securities sold to affiliates of	$	(2,636	)	$	919,817		$	2,643,429	$	129,226	$	(2,643	)	$	(3,025,325	)	$	(11,351,744	)
**	Includes net change in unrealized foreign capital gains of	$	—		$	—		$	—	$	—	$	—		$	(971,272	)	$	—

40 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Index Funds  ■  2019 Semiannual Report 41

Statements of changes in net assets

TIAA-CREF Funds  ■  For the period or 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
		April 30,			October 31,			April 30,			October 31,			April 30,			October 31,			April 30,			October 31,			April 30,			October 31,			April 30,			October 31,
		2019			2018			2019			2018			2019			2018			2019			2018			2019			2018			2019			2018
		(unaudited		)				(unaudited		)				(unaudited		)				(unaudited		)				(unaudited		)				(unaudited		)
OPERATIONS
Net investment income (loss)		$	209,619,024		$	316,922,796		$	39,444,517		$	74,706,142		$	103,427,038		$	159,543,881		$	56,077,411		$	88,338,322		$	19,154,403		$	34,644,805		$	17,836,385		$	60,038,746
Net realized gain (loss) on total investments			52,200,206			496,957,415			(2,185,000	)		148,273,263			32,768,165			115,818,870			9,976,639			41,190,857			17,333,019			176,142,135			(92,599,309	)		(34,711,507	)
Net change in unrealized appreciation (depreciation) on total investments			1,591,119,921			275,110,036			693,862,699			334,902,392			357,268,789			(90,481,899	)		393,111,177			197,790,891			134,100,320			(185,788,842	)		394,976,111			(384,912,373	)
Net increase (decrease) in net assets from operations			1,852,939,151			1,088,990,247			731,122,216			557,881,797			493,463,992			184,880,852			459,165,227			327,320,070			170,587,742			24,998,098			320,213,187			(359,585,134	)
DISTRIBUTIONS TO SHAREHOLDERS
Dividends to shareholders:	Institutional Class		(180,381,188	)		(322,726,759	)		(192,446,619	)		(91,785,812	)		(229,594,367	)		(241,570,582	)		(93,136,598	)		(74,107,082	)		(152,970,573	)		(101,560,256	)		(30,219,932	)		(42,286,152	)
	Advisor Class		(789,676	)		(82,404	)		(1,419,956	)		(221,644	)		(451,177	)		(106,054	)		(1,195,294	)		(537,437	)		(1,046,983	)		(288,261	)		(36,554	)		(20,783	)
	Premier Class		(1,553,540	)		(2,443,603	)		—			—			—			—			—			—			—			—			(497,572	)		(711,937	)
	Retirement Class		(10,960,448	)		(10,779,320	)		(23,063,657	)		(11,297,757	)		(32,734,326	)		(39,644,706	)		(29,010,317	)		(23,230,490	)		(51,436,568	)		(33,440,614	)		(4,861,272	)		(5,066,259	)
	Retail Class		(17,989,684	)		(18,417,581	)		—			—			—			—			—			—			—			—			(255,388	)		(249,044	)
	Class W†		(178,899,288	)		—			—			—			—			—			—			—			—			—			(22,510,534	)		—
Total distributions			(390,573,824	)		(354,449,667	)		(216,930,232	)		(103,305,213	)		(262,779,870	)		(281,321,342	)		(123,342,209	)		(97,875,009	)		(205,454,124	)		(135,289,131	)		(58,381,252	)		(48,334,175	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		593,677,040			3,230,115,769			1,097,435,605			1,320,419,505			639,747,516			1,002,140,083			180,129,863			410,333,481			231,770,728			428,823,059			151,594,259			753,805,498
	Advisor Class		16,563,016			51,340,748			12,121,290			33,751,576			18,077,264			8,444,496			25,368,973			31,644,438			2,859,175			11,943,158			9,767,517			8,887,891
	Premier Class		7,069,986			17,507,666			—			—			—			—			—			—			—			—			6,357,532			9,881,458
	Retirement Class		54,439,557			76,163,872			40,036,348			128,776,783			17,750,633			72,450,327			77,093,510			172,177,977			55,568,068			165,459,428			20,506,074			58,342,162
	Retail Class		34,144,252			104,505,179			—			—			—			—			—			—			—			—			5,757,368			13,303,194
	Class W†		1,494,443,364			255,621,867			—			—			—			—			—			—			—			—			192,106,837			43,329,392
Reinvestments of distributions:	Institutional Class		179,681,673			322,120,566			161,822,580			80,293,095			196,283,377			205,013,810			91,787,302			73,073,990			150,273,982			100,761,785			29,368,569			40,880,771
	Advisor Class		785,298			41,409			1,414,964			219,216			446,164			100,674			1,191,872			534,689			1,037,424			280,768			32,881			13,629
	Premier Class		1,553,299			2,443,603			—			—			—			—			—			—			—			—			497,572			646,904
	Retirement Class		10,960,429			10,779,320			23,057,083			11,294,616			32,734,326			39,644,623			29,010,317			23,230,490			51,436,568			33,440,614			4,861,272			5,066,180
	Retail Class		17,223,069			17,688,418			—			—			—			—			—			—			—			—			240,751			236,443
	Class W†		178,899,288			—			—			—			—			—			—			—			—			—			22,510,534			—
Transfers in connection with new class:	Institutional Class		—			(8,240,987,216	)		—			—			—			—			—			—			—			—			—			(926,510,185	)
	Class W†		—			8,240,987,216			—			—			—			—			—			—			—			—			—			926,510,185
Redemptions:	Institutional Class		(539,239,365	)		(2,504,762,914	)		(771,417,981	)		(1,188,338,453	)		(958,027,736	)		(1,152,435,032	)		(237,657,442	)		(622,516,790	)		(101,192,822	)		(299,350,522	)		(671,467,648	)		(395,076,773	)
	Advisor Class		(9,676,685	)		(24,077,170	)		(11,415,340	)		(9,818,373	)		(2,944,947	)		(2,295,037	)		(6,640,790	)		(17,067,042	)		(8,026,148	)		(3,372,596	)		(1,441,903	)		(7,546,251	)
	Premier Class		(21,737,940	)		(50,510,684	)		—			—			—			—			—			—			—			—			(6,837,259	)		(18,260,670	)
	Retirement Class		(30,094,734	)		(87,506,313	)		(96,145,011	)		(157,947,341	)		(89,845,695	)		(192,929,464	)		(81,776,298	)		(191,178,101	)		(23,197,214	)		(73,290,574	)		(20,577,362	)		(59,757,963	)
	Retail Class		(53,529,409	)		(150,401,426	)		—			—			—			—			—			—			—			—			(5,626,094	)		(12,469,294	)
	Class W†		(342,732,669	)		(9,644,207	)		—			—			—			—			—			—			—			—			(29,083,688	)		(2,391,677	)
Net increase (decrease) from shareholder transactions			1,592,429,469			1,261,425,703			456,909,538			218,650,624			(145,779,098	)		(19,865,520	)		78,507,307			(119,766,868	)		360,529,761			364,695,120			(291,432,788	)		438,890,894
Net increase (decrease) in net assets			3,054,794,796			1,995,966,283			971,101,522			673,227,208			84,905,024			(116,306,010	)		414,330,325			109,678,193			325,663,379			254,404,087			(29,600,853	)		30,971,585
NET ASSETS
Beginning of period			17,624,793,004			15,628,826,721			6,122,100,277			5,448,873,069			6,356,027,716			6,472,333,726			4,775,087,294			4,665,409,101			2,668,524,594			2,414,120,507			2,418,313,393			2,387,341,808
End of period		$	20,679,587,800		$	17,624,793,004		$	7,093,201,799		$	6,122,100,277		$	6,440,932,740		$	6,356,027,716		$	5,189,417,619		$	4,775,087,294		$	2,994,187,973		$	2,668,524,594		$	2,388,712,540		$	2,418,313,393
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		30,082,355			160,307,418			35,810,811			42,573,541			34,356,180			50,811,984			5,970,211			13,461,385			11,743,782			19,006,295			14,346,698			64,233,411
	Advisor Class		831,149			2,502,044			413,481			1,068,690			1,012,488			433,615			857,926			1,027,139			142,543			540,146			983,222			734,525
	Premier Class		351,884			871,946			—			—			—			—			—			—			—			—			597,856			840,329
	Retirement Class		2,683,654			3,701,968			1,304,098			4,207,307			917,051			3,620,819			2,589,715			5,707,738			2,800,746			7,338,854			1,878,403			4,821,510
	Retail Class		1,694,191			5,118,931			—			—			—			—			—			—			—			—			539,064			1,117,657
	Class W†		76,600,682			12,289,065			—			—			—			—			—			—			—			—			17,898,456			4,130,948
Shares reinvested:	Institutional Class		9,387,757			16,544,457			5,681,973			2,807,451			10,772,962			10,573,173			3,179,331			2,490,593			8,036,042			4,784,510			2,916,442			3,542,528
	Advisor Class		41,008			2,126			49,717			7,665			24,528			5,195			41,313			18,230			55,477			13,332			3,262			1,181
	Premier Class		81,282			125,764			—			—			—			—			—			—			—			—			49,510			56,155
	Retirement Class		563,808			545,236			803,103			391,902			1,764,654			2,010,376			1,010,460			796,110			2,735,987			1,580,369			484,190			440,537
	Retail Class		882,782			891,553			—			—			—			—			—			—			—			—			23,956			20,525
	Class W†		9,346,880			—			—			—			—			—			—			—			—			—			2,237,628			—
Shares transferred in connection with new class:	Institutional Class		—			(379,419,301	)		—			—			—			—			—			—			—			—			—			(83,771,264	)
	Class W†		—			379,419,301			—			—			—			—			—			—			—			—			—			83,771,264
Shares redeemed:	Institutional Class		(27,431,674	)		(120,753,086	)		(25,676,056	)		(38,857,007	)		(50,375,212	)		(58,722,106	)		(7,877,621	)		(20,580,214	)		(5,167,164	)		(13,483,819	)		(62,389,561	)		(34,012,131	)
	Advisor Class		(486,847	)		(1,196,908	)		(390,702	)		(329,853	)		(158,513	)		(117,244	)		(220,341	)		(574,392	)		(446,907	)		(149,113	)		(136,173	)		(672,627	)
	Premier Class		(1,085,296	)		(2,503,769	)		—			—			—			—			—			—			—			—			(646,217	)		(1,532,255	)
	Retirement Class		(1,483,560	)		(4,229,246	)		(3,341,907	)		(5,134,943	)		(4,753,559	)		(9,733,259	)		(2,783,087	)		(6,319,330	)		(1,180,635	)		(3,314,245	)		(1,952,438	)		(5,194,107	)
	Retail Class		(2,631,672	)		(7,373,454	)		—			—			—			—			—			—			—			—			(525,150	)		(1,059,442	)
	Class W†		(16,920,316	)		(479,279	)		—			—			—			—			—			—			—			—			(2,764,281	)		(234,092	)
Net increase (decrease) from shareholder transactions			82,508,067			66,364,766			14,654,518			6,734,753			(6,439,421	)		(1,117,447	)		2,767,907			(3,972,741	)		18,719,871			16,316,329			(26,455,133	)		37,234,652

^† Class W commenced operations on September 28, 2018.

42 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Index Funds  ■  2019 Semiannual Report 43

Statements of changes in net assets	concluded
TIAA-CREF Funds  ■  For the period or year ended

		International Equity Index Fund
		April 30,			October 31,
		2019			2018
		(unaudited		)
OPERATIONS
Net investment income (loss)		$	185,369,144		$	364,382,688
Net realized gain (loss) on total investments			(175,466,926	)		62,093,481
Net change in unrealized appreciation (depreciation) on total investments			874,066,325			(1,312,114,383	)
Net increase (decrease) in net assets from operations			883,968,543			(885,638,214	)
DISTRIBUTIONS TO SHAREHOLDERS
Dividends to shareholders:	Institutional Class		(244,465,355	)		(284,241,049	)
	Advisor Class		(926,861	)		(477,629	)
	Premier Class		(6,500,507	)		(8,754,675	)
	Retirement Class		(27,099,954	)		(25,854,770	)
	Retail Class		—			—
	Class W†		(80,464,995	)		—
Total distributions			(359,457,672	)		(319,328,123	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		973,900,764			2,429,596,132
	Advisor Class		26,977,309			26,270,152
	Premier Class		57,959,209			40,024,515
	Retirement Class		76,202,847			135,035,988
	Retail Class		—			—
	Class W†		427,556,603			103,789,907
Reinvestments of distributions:	Institutional Class		237,169,181			276,810,438
	Advisor Class		923,437			462,009
	Premier Class		6,500,507			8,754,675
	Retirement Class		27,099,954			25,854,770
	Retail Class		—			—
	Class W†		80,464,995			—
Transfers in connection with new class:	Institutional Class		—			(2,585,474,266	)
	Class W†		—			2,585,474,266
Redemptions:	Institutional Class		(1,909,998,772	)		(1,772,562,771	)
	Advisor Class		(10,796,718	)		(20,370,867	)
	Premier Class		(36,713,647	)		(128,190,284	)
	Retirement Class		(63,409,053	)		(101,094,057	)
	Retail Class		—			—
	Class W†		(73,335,707	)		(2,717,932	)
Net increase (decrease) from shareholder transactions			(179,499,091	)		1,021,662,675
Net increase (decrease) in net assets			345,011,780			(183,303,662	)
NET ASSETS
Beginning of period			11,390,689,325			11,573,992,987
End of period		$	11,735,701,105		$	11,390,689,325
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		53,762,037			120,900,275
	Advisor Class		1,531,924			1,292,940
	Premier Class		3,289,807			2,018,571
	Retirement Class		4,032,144			6,554,195
	Retail Class		—			—
	Class W†		23,520,244			5,473,850
Shares reinvested:	Institutional Class		13,740,972			13,959,175
	Advisor Class		53,533			23,298
	Premier Class		377,278			442,379
	Retirement Class		1,533,671			1,274,890
	Retail Class		—			—
	Class W†		4,661,935			—
Shares transferred in connection with new class:	Institutional Class		—			(129,597,708	)
	Class W†		—			129,597,708
Shares redeemed:	Institutional Class		(104,905,901	)		(89,016,609	)
	Advisor Class		(601,466	)		(1,020,145	)
	Premier Class		(2,074,117	)		(6,435,105	)
	Retirement Class		(3,496,663	)		(4,962,386	)
	Retail Class		—			—
	Class W†		(4,128,055	)		(148,664	)
Net increase (decrease) from shareholder transactions			(8,702,657	)		50,356,664

^† Class W commenced operations on September 28, 2018.

44 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements

[This page intentionally left blank.]

TIAA-CREF Funds: Equity Index Funds  ■  2019 Semiannual Report 45

Financial highlights

TIAA-CREF Funds

			Selected per share data																												Ratios and supplemental data
					Gain (loss) from investment operations
	For the		Net asset		Net			Net realized &			Total gain			Less distributions from						Total			Net asset			For the
	period		value,		investment			unrealized gain			(loss) from			Net			Net			dividends			value,			period						Net assets at			Ratios to average net assets									Portfolio
	or year		beginning		income			(loss) on total			investment			investment			realized			and			end of			or year						end of period			Gross			Net			Net investment			turnover
	ended		of period		(loss		)a	investments			operations			income			gains			distributions			period			ended		Total return				(in thousands		)	expenses			expenses			income (loss		)	rate
EQUITY INDEX FUND																									EQUITY INDEX FUND
Institutional Class:	4/30/19	#	$	20.12	$	0.23		$	1.66		$	1.89		$	(0.37	)	$	(0.07	)	$	(0.44	)	$	21.57	Institutional Class:	4/30/19	#		9.70	%b		$	8,950,642			0.05	%c		0.05	%c		2.29	%c		2	%
	10/31/18			19.31		0.38			0.86			1.24			(0.33	)		(0.10	)		(0.43	)		20.12		10/31/18			6.52				8,106,985			0.05			0.05			1.87			5	f
	10/31/17			15.95		0.35			3.42			3.77			(0.33	)		(0.08	)		(0.41	)		19.31		10/31/17			24.00				14,021,233			0.05			0.05			1.96			11
	10/31/16			15.82		0.33			0.30			0.63			(0.31	)		(0.19	)		(0.50	)		15.95		10/31/16			4.24				10,010,647			0.05			0.05			2.11			9
	10/31/15			15.51		0.31			0.36			0.67			(0.28	)		(0.08	)		(0.36	)		15.82		10/31/15			4.48				8,759,567			0.05			0.05			1.99			8
	10/31/14			13.65		0.27			1.88			2.15			(0.24	)		(0.05	)		(0.29	)		15.51		10/31/14			16.00				7,998,323			0.05			0.05			1.88			6
Advisor Class:	4/30/19	#		20.12		0.21			1.66			1.87			(0.35	)		(0.07	)		(0.42	)		21.57	Advisor Class:	4/30/19	#		9.60	b			45,889			0.18	c		0.18	c		2.12	c		2
	10/31/18			19.30		0.33			0.90			1.23			(0.31	)		(0.10	)		(0.41	)		20.12		10/31/18			6.44				35,041			0.19			0.19			1.61			5	f
	10/31/17			15.96		0.31			3.44			3.75			(0.33	)		(0.08	)		(0.41	)		19.30		10/31/17			23.85				8,389			0.15			0.15			1.76			11
	10/31/16	‡		15.96		0.25			0.25			0.50			(0.31	)		(0.19	)		(0.50	)		15.96		10/31/16	‡		3.38	b			123			0.07	c		0.07	c		1.77	c		9
Premier Class:	4/30/19	#		20.05		0.21			1.67			1.88			(0.33	)		(0.07	)		(0.40	)		21.53	Premier Class:	4/30/19	#		9.66	b			78,697			0.20	c		0.20	c		2.16	c		2
	10/31/18			19.25		0.34			0.87			1.21			(0.31	)		(0.10	)		(0.41	)		20.05		10/31/18			6.36				86,396			0.20			0.20			1.68			5	f
	10/31/17			15.91		0.32			3.41			3.73			(0.31	)		(0.08	)		(0.39	)		19.25		10/31/17			23.78				111,915			0.20			0.20			1.81			11
	10/31/16			15.77		0.32			0.29			0.61			(0.28	)		(0.19	)		(0.47	)		15.91		10/31/16			4.07				70,911			0.20			0.20			2.08			9
	10/31/15			15.46		0.29			0.36			0.65			(0.26	)		(0.08	)		(0.34	)		15.77		10/31/15			4.36				94,864			0.20			0.20			1.83			8
	10/31/14			13.61		0.25			1.87			2.12			(0.22	)		(0.05	)		(0.27	)		15.46		10/31/14			15.81				70,236			0.20			0.20			1.73			6
Retirement Class:	4/30/19	#		20.39		0.20			1.70			1.90			(0.32	)		(0.07	)		(0.39	)		21.90	Retirement Class:	4/30/19	#		9.58	b			648,833			0.30	c		0.30	c		2.04	c		2
	10/31/18			19.56		0.32			0.90			1.22			(0.29	)		(0.10	)		(0.39	)		20.39		10/31/18			6.29				568,207			0.30			0.30			1.56			5	f
	10/31/17			16.16		0.31			3.46			3.77			(0.29	)		(0.08	)		(0.37	)		19.56		10/31/17			23.66				544,772			0.30			0.30			1.72			11
	10/31/16			16.02		0.29			0.31			0.60			(0.27	)		(0.19	)		(0.46	)		16.16		10/31/16			3.99				431,405			0.30			0.30			1.87			9
	10/31/15			15.71		0.28			0.36			0.64			(0.25	)		(0.08	)		(0.33	)		16.02		10/31/15			4.17				394,683			0.30			0.30			1.73			8
	10/31/14			13.82		0.24			1.91			2.15			(0.21	)		(0.05	)		(0.26	)		15.71		10/31/14			15.76				314,958			0.30			0.30			1.63			6
Retail Class:	4/30/19	#		20.45		0.20			1.70			1.90			(0.31	)		(0.07	)		(0.38	)		21.97	Retail Class:	4/30/19	#		9.56	b			1,024,210			0.33	c		0.33	c		2.01	c		2
	10/31/18			19.62		0.32			0.89			1.21			(0.28	)		(0.10	)		(0.38	)		20.45		10/31/18			6.24				954,571			0.33			0.33			1.53			5	f
	10/31/17			16.21		0.30			3.47			3.77			(0.28	)		(0.08	)		(0.36	)		19.62		10/31/17			23.59				942,518			0.33			0.33			1.69			11
	10/31/16			16.06		0.29			0.32			0.61			(0.27	)		(0.19	)		(0.46	)		16.21		10/31/16			3.99				763,597			0.34			0.34			1.84			9
	10/31/15			15.75		0.27			0.36			0.63			(0.24	)		(0.08	)		(0.32	)		16.06		10/31/15			4.12				740,691			0.35			0.35			1.70			8
	10/31/14			13.85		0.23			1.92			2.15			(0.20	)		(0.05	)		(0.25	)		15.75		10/31/14			15.73				645,889			0.36			0.36			1.58			6
Class W:	4/30/19	#		20.13		0.23			1.66			1.89			(0.37	)		(0.07	)		(0.44	)		21.58	Class W:	4/30/19	#		9.71	b			9,931,318			0.05	c		0.00	c		2.32	c		2
	10/31/18	†		21.72		0.01			(1.60	)		(1.59	)		—			—			—			20.13		10/31/18	†		(7.32	)b			7,873,593			0.04	c		0.00	c		0.55	c		5	f
LARGE-CAP GROWTH INDEX FUND																									LARGE-CAP GROWTH INDEX FUND
Institutional Class:	4/30/19	#		30.73		0.20			3.33			3.53			(0.39	)		(0.71	)		(1.10	)		33.16	Institutional Class:	4/30/19	#		12.06	b			6,325,303			0.05	c		0.05	c		1.32	c		9
	10/31/18			28.30		0.39			2.59			2.98			(0.35	)		(0.20	)		(0.55	)		30.73		10/31/18			10.67				5,375,762			0.05			0.05			1.28			28
	10/31/17			22.13		0.36			6.11			6.47			(0.30	)		—			(0.30	)		28.30		10/31/17			29.56				4,767,108			0.06			0.06			1.45			18
	10/31/16			22.25		0.35			0.13			0.48			(0.32	)		(0.28	)		(0.60	)		22.13		10/31/16			2.29				3,044,925			0.06			0.06			1.61			22
	10/31/15			21.03		0.33			1.52			1.85			(0.29	)		(0.34	)		(0.63	)		22.25		10/31/15			9.09				2,472,946			0.06			0.06			1.55			24
	10/31/14			18.29		0.30			2.76			3.06			(0.26	)		(0.06	)		(0.32	)		21.03		10/31/14			17.00				1,750,638			0.06			0.06			1.56			21
Advisor Class:	4/30/19	#		30.68		0.18			3.34			3.52			(0.36	)		(0.71	)		(1.07	)		33.13	Advisor Class:	4/30/19	#		12.03	b			45,982			0.18	c		0.18	c		1.20	c		9
	10/31/18			28.27		0.35			2.58			2.93			(0.32	)		(0.20	)		(0.52	)		30.68		10/31/18			10.49				40,368			0.19			0.19			1.13			28
	10/31/17			22.12		0.31			6.13			6.44			(0.29	)		—			(0.29	)		28.27		10/31/17			29.45				16,090			0.19			0.19			1.22			18
	10/31/16	‡		22.50		0.24			(0.02	)		0.22			(0.32	)		(0.28	)		(0.60	)		22.12		10/31/16	‡		1.09	b			2,868			0.14	c		0.14	c		1.26	c		22
Retirement Class:	4/30/19	#		30.89		0.16			3.37			3.53			(0.31	)		(0.71	)		(1.02	)		33.40	Retirement Class:	4/30/19	#		11.95	b			721,917			0.30	c		0.30	c		1.08	c		9
	10/31/18			28.46		0.32			2.60			2.92			(0.29	)		(0.20	)		(0.49	)		30.89		10/31/18			10.37				705,970			0.30			0.30			1.03			28
	10/31/17			22.26		0.30			6.15			6.45			(0.25	)		—			(0.25	)		28.46		10/31/17			29.23				665,674			0.31			0.31			1.20			18
	10/31/16			22.38		0.30			0.12			0.42			(0.26	)		(0.28	)		(0.54	)		22.26		10/31/16			2.02				396,654			0.31			0.31			1.36			22
	10/31/15			21.15		0.28			1.53			1.81			(0.24	)		(0.34	)		(0.58	)		22.38		10/31/15			8.83				365,090			0.31			0.31			1.31			24
	10/31/14			18.39		0.26			2.77			3.03			(0.21	)		(0.06	)		(0.27	)		21.15		10/31/14			16.72				298,976			0.31			0.31			1.31			21

46 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Index Funds  ■  2019 Semiannual Report 47

Financial highlights	continued
TIAA-CREF Funds

			Selected per share data																											Ratios and supplemental data
					Gain (loss) from investment operations
	For the		Net asset		Net			Net realized &			Total gain		Less distributions from						Total			Net asset			For the
	period		value,		investment			unrealized gain			(loss) from		Net			Net			dividends			value,			period						Net assets at			Ratios to average net assets									Portfolio
	or year		beginning		income			(loss) on total			investment		investment			realized			and			end of			or year						end of period			Gross			Net			Net investment			turnover
	ended		of period		(loss		)a	investments			operations		income			gains			distributions			period			ended		Total return				(in thousands		)	expenses			expenses			income (loss		)	rate
LARGE-CAP VALUE INDEX FUND																								LARGE-CAP VALUE INDEX FUND
Institutional Class:	4/30/19	#	$	19.30	$	0.31		$	1.13		$	1.44	$	(0.49	)	$	(0.31	)	$	(0.80	)	$	19.94	Institutional Class:	4/30/19	#		7.88	%b		$	5,560,395			0.05	%c		0.05	%c		3.33	%c		11	%
	10/31/18			19.58		0.49			0.09			0.58		(0.47	)		(0.39	)		(0.86	)		19.30		10/31/18			2.97				5,482,154			0.05			0.05			2.49			27
	10/31/17			17.16		0.45			2.53			2.98		(0.38	)		(0.18	)		(0.56	)		19.58		10/31/17			17.66				5,510,818			0.06			0.06			2.42			27
	10/31/16			17.26		0.44			0.54			0.98		(0.41	)		(0.67	)		(1.08	)		17.16		10/31/16			6.37				4,134,073			0.06			0.06			2.66			23
	10/31/15			17.97		0.43			(0.35	)		0.08		(0.33	)		(0.46	)		(0.79	)		17.26		10/31/15			0.49				2,958,189			0.06			0.06			2.48			24
	10/31/14			16.19		0.38			2.16			2.54		(0.33	)		(0.43	)		(0.76	)		17.97		10/31/14			16.38				2,362,546			0.06			0.06			2.23			21
Advisor Class:	4/30/19	#		19.26		0.28			1.14			1.42		(0.47	)		(0.31	)		(0.78	)		19.90	Advisor Class:	4/30/19	#		7.80	b			26,275			0.19	c		0.19	c		3.10	c		11
	10/31/18			19.56		0.46			0.08			0.54		(0.45	)		(0.39	)		(0.84	)		19.26		10/31/18			2.77				8,505			0.19			0.19			2.34			27
	10/31/17			17.15		0.41			2.56			2.97		(0.38	)		(0.18	)		(0.56	)		19.56		10/31/17			17.58				2,346			0.20			0.20			2.21			27
	10/31/16	‡		17.33		0.31			0.59			0.90		(0.41	)		(0.67	)		(1.08	)		17.15		10/31/16	‡		5.87	b			141			0.08	c		0.08	c		2.08	c		23
Retirement Class:	4/30/19	#		19.59		0.29			1.16			1.45		(0.44	)		(0.31	)		(0.75	)		20.29	Retirement Class:	4/30/19	#		7.77	b			854,263			0.30	c		0.30	c		3.07	c		11
	10/31/18			19.87		0.45			0.09			0.54		(0.43	)		(0.39	)		(0.82	)		19.59		10/31/18			2.68				865,369			0.30			0.30			2.25			27
	10/31/17			17.41		0.41			2.58			2.99		(0.35	)		(0.18	)		(0.53	)		19.87		10/31/17			17.41				959,169			0.30			0.30			2.17			27
	10/31/16			17.50		0.41			0.54			0.95		(0.37	)		(0.67	)		(1.04	)		17.41		10/31/16			6.06				686,313			0.31			0.31			2.43			23
	10/31/15			18.21		0.40			(0.36	)		0.04		(0.29	)		(0.46	)		(0.75	)		17.50		10/31/15			0.26				448,665			0.31			0.31			2.24			24
	10/31/14			16.40		0.34			2.19			2.53		(0.29	)		(0.43	)		(0.72	)		18.21		10/31/14			16.07				384,292			0.31			0.31			2.00			21
S&P 500 INDEX FUND																								S&P 500 INDEX FUND
Institutional Class:	4/30/19	#		30.48		0.36			2.51			2.87		(0.59	)		(0.22	)		(0.81	)		32.54	Institutional Class:	4/30/19	#		9.75	b			3,813,576			0.05	c		0.05	c		2.42	c		3
	10/31/18			29.04		0.57			1.52			2.09		(0.54	)		(0.11	)		(0.65	)		30.48		10/31/18			7.26				3,533,305			0.05			0.05			1.87			8
	10/31/17			24.06		0.53			5.04			5.57		(0.48	)		(0.11	)		(0.59	)		29.04		10/31/17			23.56				3,500,746			0.06			0.06			1.99			9
	10/31/16			23.66		0.51			0.50			1.01		(0.46	)		(0.15	)		(0.61	)		24.06		10/31/16			4.47				2,527,279			0.05			0.05			2.18			8
	10/31/15			22.92		0.47			0.68			1.15		(0.41	)		—			(0.41	)		23.66		10/31/15			5.11				2,186,465			0.06			0.06			2.04			8
	10/31/14			19.91		0.42			2.94			3.36		(0.35	)		—			(0.35	)		22.92		10/31/14			17.16				1,808,921			0.06			0.06			1.97			9
Advisor Class:	4/30/19	#		30.43		0.33			2.51			2.84		(0.55	)		(0.22	)		(0.77	)		32.50	Advisor Class:	4/30/19	#		9.67	b			70,092			0.19	c		0.19	c		2.25	c		3
	10/31/18			29.01		0.52			1.52			2.04		(0.51	)		(0.11	)		(0.62	)		30.43		10/31/18			7.12				44,964			0.20			0.20			1.70			8
	10/31/17			24.06		0.45			5.09			5.54		(0.48	)		(0.11	)		(0.59	)		29.01		10/31/17			23.40				29,207			0.19			0.19			1.68			9
	10/31/16	‡		23.87		0.33			0.47			0.80		(0.46	)		(0.15	)		(0.61	)		24.06		10/31/16	‡		3.54	b			482			0.09	c		0.09	c		1.59	c		8
Retirement Class:	4/30/19	#		30.24		0.32			2.50			2.82		(0.51	)		(0.22	)		(0.73	)		32.33	Retirement Class:	4/30/19	#		9.63	b			1,305,750			0.30	c		0.30	c		2.18	c		3
	10/31/18			28.83		0.49			1.50			1.99		(0.47	)		(0.11	)		(0.58	)		30.24		10/31/18			6.97				1,196,818			0.30			0.30			1.62			8
	10/31/17			23.90		0.46			5.01			5.47		(0.43	)		(0.11	)		(0.54	)		28.83		10/31/17			23.24				1,135,456			0.31			0.31			1.74			9
	10/31/16			23.51		0.45			0.50			0.95		(0.41	)		(0.15	)		(0.56	)		23.90		10/31/16			4.19				787,632			0.30			0.30			1.95			8
	10/31/15			22.77		0.41			0.69			1.10		(0.36	)		—			(0.36	)		23.51		10/31/15			4.91				716,541			0.31			0.31			1.79			8
	10/31/14			19.79		0.36			2.93			3.29		(0.31	)		—			(0.31	)		22.77		10/31/14			16.84				653,216			0.31			0.31			1.72			9
SMALL-CAP BLEND INDEX FUND																								SMALL-CAP BLEND INDEX FUND
Institutional Class:	4/30/19	#		21.18		0.14			0.98			1.12		(0.28	)		(1.34	)		(1.62	)		20.68	Institutional Class:	4/30/19	#		6.11	b			2,221,800			0.06	c		0.06	c		1.47	c		10
	10/31/18			22.02		0.31			0.12			0.43		(0.31	)		(0.96	)		(1.27	)		21.18		10/31/18			1.99				1,966,064			0.06			0.06			1.38			20
	10/31/17			17.88		0.29			4.64			4.93		(0.31	)		(0.48	)		(0.79	)		22.02		10/31/17			28.01				1,816,567			0.06			0.06			1.43			22
	10/31/16			18.25		0.31			0.42			0.73		(0.30	)		(0.80	)		(1.10	)		17.88		10/31/16			4.48				1,364,443			0.06			0.06			1.80			22
	10/31/15			19.22		0.30			(0.22	)		0.08		(0.31	)		(0.74	)		(1.05	)		18.25		10/31/15			0.54				1,296,895			0.06			0.06			1.56			22
	10/31/14			18.58		0.28			1.20			1.48		(0.26	)		(0.58	)		(0.84	)		19.22		10/31/14			8.32				1,154,539			0.06			0.06			1.50			24
Advisor Class:	4/30/19	#		21.15		0.15			0.95			1.10		(0.25	)		(1.34	)		(1.59	)		20.66	Advisor Class:	4/30/19	#		6.01	b			7,767			0.70	c		0.21	c		1.53	c		10
	10/31/18			22.00		0.26			0.14			0.40		(0.29	)		(0.96	)		(1.25	)		21.15		10/31/18			1.84				13,215			0.42			0.21			1.13			20
	10/31/17			17.88		0.24			4.67			4.91		(0.31	)		(0.48	)		(0.79	)		22.00		10/31/17			27.88				4,848			1.17			0.21			1.18			22
	10/31/16	‡		18.63		0.27			0.08			0.35		(0.30	)		(0.80	)		(1.10	)		17.88		10/31/16	‡		2.33	b			107			0.08	c		0.08	c		1.74	c		22
Retirement Class:	4/30/19	#		21.23		0.12			0.99			1.11		(0.23	)		(1.34	)		(1.57	)		20.77	Retirement Class:	4/30/19	#		6.00	b			764,621			0.31	c		0.31	c		1.23	c		10
	10/31/18			22.07		0.25			0.14			0.39		(0.27	)		(0.96	)		(1.23	)		21.23		10/31/18			1.75				689,246			0.31			0.31			1.12			20
	10/31/17			17.93		0.24			4.65			4.89		(0.27	)		(0.48	)		(0.75	)		22.07		10/31/17			27.66				592,706			0.31			0.31			1.18			22
	10/31/16			18.29		0.27			0.42			0.69		(0.25	)		(0.80	)		(1.05	)		17.93		10/31/16			4.22				412,202			0.31			0.31			1.56			22
	10/31/15			19.25		0.25			(0.21	)		0.04		(0.26	)		(0.74	)		(1.00	)		18.29		10/31/15			0.31				427,901			0.31			0.31			1.33			22
	10/31/14			18.62		0.23			1.20			1.43		(0.22	)		(0.58	)		(0.80	)		19.25		10/31/14			8.01				475,533			0.31			0.31			1.25			24

48 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Index Funds  ■  2019 Semiannual Report 49

Financial highlights	concluded
TIAA-CREF Funds

			Selected per share data																												Ratios and supplemental data
					Gain (loss) from investment operations
	For the		Net asset		Net			Net realized &			Total gain			Less distributions from						Total			Net asset			For the
	period		value,		investment			unrealized gain			(loss) from			Net			Net			dividends			value,			period						Net assets at			Ratios to average net assets									Portfolio
	or year		beginning		income			(loss) on total			investment			investment			realized			and			end of			or year						end of period			Gross			Net			Net investment			turnover
	ended		of period		(loss		)a	investments			operations			income			gains			distributions			period			ended		Total return				(in thousands		)	expenses			expenses			income (loss		)	rate
EMERGING MARKETS EQUITY INDEX FUND																									EMERGING MARKETS EQUITY INDEX FUND
Institutional Class:	4/30/19	#	$	10.14	$	0.07		$	1.29		$	1.36		$	(0.24	)	$	—		$	(0.24	)	$	11.26	Institutional Class:	4/30/19	#		13.72	%b		$	886,848			0.20	%c		0.20	%c		1.35	%c		19	%
	10/31/18			11.86		0.28			(1.76	)		(1.48	)		(0.24	)		—			(0.24	)		10.14		10/31/18			(12.75	)			1,256,129			0.20			0.20			2.34			27
	10/31/17			9.52		0.22			2.29			2.51			(0.17	)		—			(0.17	)		11.86		10/31/17			26.87				2,062,554			0.21			0.21			2.17			29
	10/31/16			8.93		0.20			0.59			0.79			(0.20	)		—			(0.20	)		9.52		10/31/16			9.25				1,476,857			0.22			0.22			2.32			30
	10/31/15			10.68		0.23			(1.77	)		(1.54	)		(0.21	)		—			(0.21	)		8.93		10/31/15			(14.54	)			1,051,171			0.22			0.22			2.36			42
	10/31/14			10.84		0.24			(0.20	)		0.04			(0.20	)		—			(0.20	)		10.68		10/31/14			0.42				942,827			0.23			0.23			2.29			13
Advisor Class:	4/30/19	#		10.13		0.08			1.28			1.36			(0.22	)		—			(0.22	)		11.27	Advisor Class:	4/30/19	#		13.64	b			11,268			0.35	c		0.35	c		1.46	c		19
	10/31/18			11.85		0.37			(1.87	)		(1.50	)		(0.22	)		—			(0.22	)		10.13		10/31/18			(12.86	)			1,511			0.34			0.34			3.19			27
	10/31/17			9.52		0.25			2.24			2.49			(0.16	)		—			(0.16	)		11.85		10/31/17			26.73				1,019			0.37			0.36			2.34			29
	10/31/16	‡		8.64		0.18			0.90			1.08			(0.20	)		—			(0.20	)		9.52		10/31/16	‡		12.90	b			193			0.24	c		0.24	c		2.35	c		30
Premier Class:	4/30/19	#		10.10		0.07			1.28			1.35			(0.22	)		—			(0.22	)		11.23	Premier Class:	4/30/19	#		13.65	b			27,641			0.35	c		0.35	c		1.24	c		19
	10/31/18			11.82		0.23			(1.73	)		(1.50	)		(0.22	)		—			(0.22	)		10.10		10/31/18			(12.89	)			24,852			0.35			0.35			1.99			27
	10/31/17			9.50		0.22			2.26			2.48			(0.16	)		—			(0.16	)		11.82		10/31/17			26.55				36,599			0.36			0.36			2.10			29
	10/31/16			8.91		0.19			0.59			0.78			(0.19	)		—			(0.19	)		9.50		10/31/16			9.12				17,476			0.37			0.37			2.18			30
	10/31/15			10.65		0.23			(1.77	)		(1.54	)		(0.20	)		—			(0.20	)		8.91		10/31/15			(14.60	)			9,624			0.38			0.38			2.40			42
	10/31/14			10.82		0.21			(0.19	)		0.02			(0.19	)		—			(0.19	)		10.65		10/31/14			0.23				4,475			0.39			0.39			1.95			13
Retirement Class:	4/30/19	#		10.08		0.06			1.29			1.35			(0.21	)		—			(0.21	)		11.22	Retirement Class:	4/30/19	#		13.66	b			264,291			0.45	c		0.45	c		1.14	c		19
	10/31/18			11.80		0.24			(1.75	)		(1.51	)		(0.21	)		—			(0.21	)		10.08		10/31/18			(12.99	)			233,463			0.45			0.45			2.03			27
	10/31/17			9.48		0.20			2.27			2.47			(0.15	)		—			(0.15	)		11.80		10/31/17			26.51				272,466			0.46			0.46			1.98			29
	10/31/16			8.90		0.18			0.58			0.76			(0.18	)		—			(0.18	)		9.48		10/31/16			8.92				140,457			0.47			0.47			2.08			30
	10/31/15			10.64		0.21			(1.76	)		(1.55	)		(0.19	)		—			(0.19	)		8.90		10/31/15			(14.69	)			84,960			0.47			0.47			2.21			42
	10/31/14			10.80		0.21			(0.20	)		0.01			(0.17	)		—			(0.17	)		10.64		10/31/14			0.17				50,771			0.48			0.48			2.01			13
Retail Class:	4/30/19	#		10.09		0.05			1.29			1.34			(0.20	)		—			(0.20	)		11.23	Retail Class:	4/30/19	#		13.49	b			15,295			0.57	c		0.57	c		1.04	c		19
	10/31/18			11.81		0.23			(1.75	)		(1.52	)		(0.20	)		—			(0.20	)		10.09		10/31/18			(13.07	)			13,357			0.57			0.57			1.92			27
	10/31/17			9.48		0.18			2.29			2.47			(0.14	)		—			(0.14	)		11.81		10/31/17			26.44				14,704			0.58			0.58			1.79			29
	10/31/16			8.89		0.16			0.59			0.75			(0.16	)		—			(0.16	)		9.48		10/31/16			8.81				9,124			0.61			0.61			1.91			30
	10/31/15			10.63		0.19			(1.76	)		(1.57	)		(0.17	)		—			(0.17	)		8.89		10/31/15			(14.85	)			7,847			0.60			0.60			1.98			42
	10/31/14			10.79		0.19			(0.19	)		0.00	d		(0.16	)		—			(0.16	)		10.63		10/31/14			0.04				8,885			0.64			0.64			1.83			13
Class W:	4/30/19	#		10.14		0.09			1.29			1.38			(0.25	)		—			(0.25	)		11.27	Class W:	4/30/19	#		13.89	b			1,183,369			0.20	c		0.00	c		1.62	c		19
	10/31/18	†		11.06		0.02			(0.94	)		(0.92	)		—			—			—			10.14		10/31/18	†		(8.32	)b			889,002			0.22	c		0.00	c		2.27	c		27
INTERNATIONAL EQUITY INDEX FUND																									INTERNATIONAL EQUITY INDEX FUND
Institutional Class:	4/30/19	#		18.37		0.29			1.11			1.40			(0.58	)		—			(0.58	)		19.19	Institutional Class:	4/30/19	#		7.97	b			7,328,547			0.06	c		0.06	c		3.23	c		5
	10/31/18			20.32		0.61			(2.00	)		(1.39	)		(0.56	)		—			(0.56	)		18.37		10/31/18			(7.04	)			7,702,594			0.06			0.06			3.06			4	f
	10/31/17			16.89		0.55			3.37			3.92			(0.49	)		—			(0.49	)		20.32		10/31/17			23.84				10,221,016			0.06			0.06			3.01			11
	10/31/16			17.86		0.54			(1.00	)		(0.46	)		(0.51	)		—			(0.51	)		16.89		10/31/16			(2.48	)			6,655,871			0.06			0.06			3.25			11
	10/31/15			18.82		0.57			(0.81	)		(0.24	)		(0.69	)		(0.03	)		(0.72	)		17.86		10/31/15			(1.18	)			5,549,083			0.06			0.06			3.10			5
	10/31/14			19.31		0.72			(0.67	)		0.05			(0.54	)		—			(0.54	)		18.82		10/31/14			0.37				4,949,536			0.06			0.06			3.73			5
Advisor Class:	4/30/19	#		18.34		0.30			1.08			1.38			(0.55	)		—			(0.55	)		19.17	Advisor Class:	4/30/19	#		7.89	b			48,337			0.20	c		0.20	c		3.40	c		5
	10/31/18			20.29		0.60			(2.01	)		(1.41	)		(0.54	)		—			(0.54	)		18.34		10/31/18			(7.16	)			28,194			0.20			0.20			3.00			4	f
	10/31/17			16.88		0.49			3.40			3.89			(0.48	)		—			(0.48	)		20.29		10/31/17			23.68				25,184			0.21			0.21			2.63			11
	10/31/16	‡		17.70		0.37			(0.68	)		(0.31	)		(0.51	)		—			(0.51	)		16.88		10/31/16	‡		(1.67	)b			4,108			0.14	c		0.14	c		2.49	c		11
Premier Class:	4/30/19	#		18.31		0.29			1.10			1.39			(0.55	)		—			(0.55	)		19.15	Premier Class:	4/30/19	#		7.90	b			256,013			0.21	c		0.21	c		3.24	c		5
	10/31/18			20.26		0.56			(1.98	)		(1.42	)		(0.53	)		—			(0.53	)		18.31		10/31/18			(7.18	)			215,656			0.21			0.21			2.80			4	f
	10/31/17			16.84		0.52			3.36			3.88			(0.46	)		—			(0.46	)		20.26		10/31/17			23.67				319,116			0.21			0.21			2.83			11
	10/31/16			17.81		0.51			(0.99	)		(0.48	)		(0.49	)		—			(0.49	)		16.84		10/31/16			(2.64	)			242,345			0.21			0.21			3.09			11
	10/31/15			18.77		0.54			(0.81	)		(0.27	)		(0.66	)		(0.03	)		(0.69	)		17.81		10/31/15			(1.33	)			242,384			0.21			0.21			2.95			5
	10/31/14			19.26		0.68			(0.65	)		0.03			(0.52	)		—			(0.52	)		18.77		10/31/14			0.23				191,665			0.21			0.21			3.55			5
Retirement Class:	4/30/19	#		18.74		0.29			1.12			1.41			(0.53	)		—			(0.53	)		19.62	Retirement Class:	4/30/19	#		7.82	b			1,051,843			0.31	c		0.31	c		3.12	c		5
	10/31/18			20.73		0.57			(2.04	)		(1.47	)		(0.52	)		—			(0.52	)		18.74		10/31/18			(7.29	)			965,816			0.31			0.31			2.78			4	f
	10/31/17			17.22		0.52			3.44			3.96			(0.45	)		—			(0.45	)		20.73		10/31/17			23.55				1,008,677			0.31			0.31			2.75			11
	10/31/16			18.20		0.50			(1.01	)		(0.51	)		(0.47	)		—			(0.47	)		17.22		10/31/16			(2.77	)			667,204			0.31			0.31			2.97			11
	10/31/15			19.15		0.53			(0.81	)		(0.28	)		(0.64	)		(0.03	)		(0.67	)		18.20		10/31/15			(1.38	)			673,860			0.31			0.31			2.84			5
	10/31/14			19.64		0.69			(0.68	)		0.01			(0.50	)		—			(0.50	)		19.15		10/31/14			0.11				746,134			0.31			0.31			3.51			5
Class W:	4/30/19	#		18.37		0.31			1.09			1.40			(0.58	)		—			(0.58	)		19.19	Class W:	4/30/19	#		7.98	b			3,050,961			0.06	c		0.00	c		3.49	c		5
	10/31/18	†		19.95		0.02			(1.60	)		(1.58	)		—			—			—			18.37		10/31/18	†		(7.92	)b			2,478,430			0.06	c		0.00	c		1.15	c		4	f

#	Unaudited	b	The percentages shown for this period are not annualized.
‡	Advisor Class commenced operations on December 4, 2015.	c	The percentages shown for this period are annualized.
†	Class W commenced operations on September 28, 2018.	d	Amount represents less than $0.01 per share.
a	Based on average shares outstanding.	f	Does not include in-kind transactions.

50 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Index Funds  ■  2019 Semiannual 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 U.S. 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 six share classes, although any one Fund may not necessarily offer all six classes. The Funds may offer Institutional Class, Advisor Class, Premier Class, Retirement Class, Retail Class and Class W shares. Each class differs by the allocation of class-specific expenses and voting rights in matters affecting a single class. Class W was made available for sale by certain Funds on September 28, 2018 pursuant to an amendment to the Trust’s registration statement filed with the Commission.

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.

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.

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,

52 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds

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 separately 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-CEN and N-PORT, and amends Regulation S-X disclosures related to derivatives and other disclosures in the financial statements and various 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 2019, but still requires the Funds to maintain the data that would have been filed on Form N-PORT during the deferral period. Form N-CEN and the data requirements of Form N-PORT were implemented on June 1, 2018 and did not have an impact on net assets or results of operations.

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, in relation to the establishment of the liquidity risk management program and the 15% illiquid investment limit, were implemented by the December 1, 2018 compliance date. This portion of the implementation did not have a material impact on the Funds’ financial statements and various filings. In February 2018, the Commission issued Release No. IC-33142, which delayed certain compliance requirements related to liquidity classification, highly liquid investment minimums, and board approval of the liquidity risk management programs from December 1, 2018 to June 1, 2019. The Funds will implement the second portion of the rule before the required adoption date, however, this last part of the implementation will not have a material impact on the Funds’ financial statements and various 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.

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 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.

As of April 30, 2019, 100% of the value of investments in the Large-Cap Value Index Fund was valued based on Level 1 inputs.

TIAA-CREF Funds: Equity Index Funds  ■  2019 Semiannual Report 53

Notes to financial statements

The following table summarizes the market value of the Funds’ investments as of April 30, 2019, based on the inputs used to value them:

Fund	Level 1		Level 2		Level 3		Total
Equity Index
Equity investments:
Financials	$	2,840,920,251	$	4,489	$	—	$	2,840,924,740
Health care		2,769,644,956		2,333		2,424		2,769,649,713
Materials		609,510,510		—		54,153		609,564,663
All other equity investments*		14,423,578,895		—		—		14,423,578,895
Short-term investments		152,699,052		77,321,651		—		230,020,703
Futures contracts**		52,964		—		—		52,964
Total	$	20,796,406,628	$	77,328,473	$	56,577	$	20,873,791,678
Large-Cap Growth Index
Equity investments*	$	7,090,131,308	$	—	$	—	$	7,090,131,308
Short-term investments		34,326,682		4,096,476		—		38,423,158
Total	$	7,124,457,990	$	4,096,476	$	—	$	7,128,554,466
S&P 500 Index
Equity investments*	$	5,177,448,348	$	—	$	—	$	5,177,448,348
Short-term investments		2,758,356		6,300,000		—		9,058,356
Futures contracts**		47,943		—		—		47,943
Total	$	5,180,254,647	$	6,300,000	$	—	$	5,186,554,647
Small-Cap Blend Index
Equity investments:
Financials	$	543,516,188	$	9,288	$	—	$	543,525,476
Health care		445,628,182		7,548		10,998		445,646,728
Materials		113,169,542		—		114,018		113,283,560
All other equity investments*		1,887,636,755		—		—		1,887,636,755
Short-term investments		161,247,304		3,300,000		—		164,547,304
Total	$	3,151,197,971	$	3,316,836	$	125,016	$	3,154,639,823
Emerging Markets Equity Index
Equity investments:
Africa/Middle East	$	—	$	139,832,847	$	—	$	139,832,847
Asia		198,791,108		1,493,653,964		2,843		1,692,447,915
Europe		41,587,145		47,746,416		—		89,333,561
Latin America		—		230,014,004		—		230,014,004
All other equity investments*		56,224,688		180,505,750		919,457		237,649,895
Short-term investments		31,769,815		3,100,000		—		34,869,815
Total	$	328,372,756	$	2,094,852,981	$	922,300	$	2,424,148,037
International Equity Index
Equity investments:
Asia	$	5,136,590	$	3,143,429,063	$	—	$	3,148,565,653
Australasia		—		874,886,395		—		874,886,395
Europe		51,442,713		6,104,306,217		—		6,155,748,930
All other equity investments*		39,001,380		1,220,491,262		—		1,259,492,642
Short-term investments		627,595,004		223,153,837		—		850,748,841
Futures contracts**		754,147		—		—		754,147
Total	$	723,929,834	$	11,566,266,774	$	—	$	12,290,196,608

*	For detailed categories, see the accompanying Summary portfolio of investments.
**	Derivative instruments are not reflected in the market value of portfolio investments.

54 2019 Semiannual 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 April 30, 2019, the following Funds have invested in derivative contracts which are reflected in the Statements of Assets and Liabilities as follows:

	Asset derivatives
Derivative contracts	Location	Fair value amount
Equity Index Fund
Equity contracts	Futures contracts*	$	52,964
S&P 500 Index Fund
Equity contracts	Futures contracts*		47,943
International Equity Index Fund
Equity contracts	Futures contracts*		754,147

* 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 period ended April 30, 2019, 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		)
Equity Index Fund
Equity contracts	Futures transactions	$	4,565,325		$	78,749
S&P 500 Index Fund
Equity contracts	Futures transactions		2,590,509			11,936
Small-Cap Blend Index Fund
Equity contracts	Futures transactions		(2,710,808	)		1,617,337
International Equity Index Fund
Equity contracts	Futures transactions		14,496,789			3,060,532

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 period ended April 30, 2019, the Equity 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 3% of net assets. The futures contracts outstanding as of April 30, 2019 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 contractually agreed to waive and/or reimburse Class W’s Management fees and Other expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses, Trustee expenses and extraordinary expenses) in their entirety. Advisors expects this waiver and/or reimbursement to remain in effect indefinitely, unless changed or terminated with approval of the Board of Trustees.

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 April 30, 2019, 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  ■  2019 Semiannual Report 55

Notes to financial statements

	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		Class W§
Equity Index	0.04	%	0.25	%	0.15	%	0.25	%	0.09	%	0.24	%	0.24	%	0.34	%	0.48	%	0.09	%
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		0.25
International Equity Index	0.04		0.25		0.15		—		0.15		0.30		0.30		0.40		—		0.15

‡

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 29, 2020. The reimbursement arrangements can only be changed with the approval of the Board of Trustees.

§

Advisors has contractually agreed to waive and/or reimburse Class W’s Management fees and Other expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses, Trustee expenses and extraordinary expenses) in their entirety. Advisors expects this waiver and/or reimbursement to remain in effect indefinitely, unless changed or terminated with 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 period ended April 30, 2019, the Funds engaged in the following security transactions with affiliated entities:

Fund	Purchases		Sales		Realized gain (loss		)
Equity Index	$	271,854,966	$	946,489	$	(2,636	)
Large-Cap Growth Index		103,384,534		58,167,037		919,817
Large-Cap Value Index		33,759,540		49,566,567		2,643,429
S&P 500 Index		43,930,338		1,980,497		129,226
Small-Cap Blend Index		21,366,096		930,311		(2,643	)
Emerging Markets Equity Index		15,181,230		5,558,951		(3,025,325	)
International Equity Index		34,238,207		45,121,442		(11,351,744	)

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 April 30, 2019:

Fund	TIAA-CREF Lifecycle Index Funds			TIAA Access			Total
Equity Index		48	%		1	%		49	%
Large-Cap Growth Index		—			4			4
Large-Cap Value Index		—			7			7
S&P 500 Index		—			10			10
Small-Cap Blend Index		—			17			17
Emerging Markets Equity Index		50			1			51
International Equity Index		26			6			32

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 April 30, 2019, two 529 Plans owned 10% and 9%, respectively, of the Equity Index Fund; one 529 Plan owned 6% of the Large-Cap Growth Index Fund; one 529 Plan owned 6% of the Large-Cap Value Index Fund; one 529 Plan owned 8% of the S&P 500 Index Fund; two 529 Plans owned 6% and 6%, respectively, of the Emerging Markets Equity Index Fund; and two 529 Plans owned 6% and 5%, respectively, 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. Information regarding transactions with affiliate companies is as follows:

Issue	Value at October 31, 2018		Purchases cost		Sales proceeds		Realized gain (loss)		Change in unrealized appreciation (depreciation)		Dividend income		Shares at April 30, 2019	Value at April 30, 2019
International Equity Index
Short-term investments
Investments in registered investment companies
State Street Navigator Securities Lending Government Money Market Portfolioc	$	170,140,365‡	$	538,836,928	$	81,382,289		$       —		$                  —		$      —	627,595,004		$627,595,004

c	Investments made with cash collateral received from securities on loan.
‡	At October 31, 2018, the issuer was not an affiliated company of the Fund.

56 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds

continued

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 April 30, 2019, 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. Amounts receivable and/or payable for these transactions are reflected separately in the Statements of Assets and Liabilities.

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 April 30, 2019, 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:

Fund	Tax cost		Gross unrealized appreciation		Gross unrealized (depreciation		)	Net unrealized appreciation (depreciation		)
Equity Index	$	13,236,956,818	$	8,156,139,164	$	(519,304,304	)	$	7,636,834,860
Large-Cap Growth Index		4,385,691,841		2,785,735,802		(42,873,177	)		2,742,862,625
Large-Cap Value Index		5,243,847,263		1,543,065,698		(339,049,107	)		1,204,016,591
S&P 500 Index		3,007,753,067		2,294,551,554		(115,749,974	)		2,178,801,580
Small-Cap Blend Index		2,546,806,600		860,373,462		(252,540,239	)		607,833,223
Emerging Markets Equity Index		1,987,920,156		597,292,950		(161,065,069	)		436,227,881
International Equity Index		10,885,273,736		2,217,091,038		(812,168,166	)		1,404,922,872

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 period ended April 30, 2019 were as follows:

Fund	Non-U.S. government purchases		Non-U.S. government sales
Equity Index	$	1,690,353,117	$	283,050,013
Large-Cap Growth Index		846,040,550		565,068,704
Large-Cap Value Index		703,776,501		1,024,953,842
S&P 500 Index		126,366,927		127,726,418
Small-Cap Blend Index		489,048,829		268,396,543
Emerging Markets Equity Index		474,311,090		805,372,416
International Equity Index		575,042,627		1,029,645,339

Note 6—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the year ended October 31, 2018 was as follows:

	10/31/2018
Fund	Ordinary income		Long-term capital gains		Total
Equity Index	$	276,393,456	$	78,056,211	$	354,449,667
Large-Cap Growth Index		65,506,265		37,798,948		103,305,213
Large-Cap Value Index		187,722,171		93,599,171		281,321,342
S&P 500 Index		82,388,707		15,486,302		97,875,009
Small-Cap Blend Index		43,523,785		91,765,346		135,289,131
Emerging Markets Equity Index		48,334,175		—		48,334,175
International Equity Index		319,328,123		—		319,328,123

The tax character of the fiscal year 2019 distributions will be determined at the end of the fiscal year.

TIAA-CREF Funds: Equity Index Funds  ■  2019 Semiannual 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—inter-fund lending program

Pursuant to an exemptive order issued by the Commission, the Funds may participate in an inter-fund lending program. This program allows the Funds to lend cash to and/or borrow cash from certain other affiliated Funds for temporary purposes, (e.g., to satisfy redemption requests or to cover unanticipated cash shortfalls). The program is subject to a number of conditions, including the requirement that no Fund may borrow or lend money under the program unless it receives a more favorable interest rate than is available from a bank or other financial institution for a comparable transaction. In addition, a Fund may participate in the program only if its participation is consistent with the Fund’s investment policies and limitations and authorized by its portfolio manager(s). During the period ended April 30, 2019, there were no inter-fund borrowing or lending transactions.

Note 9—line of credit

Each of the Funds participates in a $1.25 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 19,

2018 expiring on June 18, 2019, replacing the previous $1.5 billion facility, which expired June 2018. 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 period ended April 30, 2019, there were no borrowings under this credit facility by the Funds.

Note 10—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 11—subsequent event

Effective June 18, 2019, the line of credit that each fund participates in will be reduced to $1 billion of an unsecured revolving credit facility that can be used for temporary purposes, including, without limitation, the funding of shareholder redemptions. This facility will expire on June 16, 2020.

58 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds

Approval of investment management agreement (unaudited)

Board renewal of the investment management agreement for certain series of the TIAA-CREF Funds

The Board of Trustees (the “Board” or the “Trustees”) of the TIAA-CREF Funds (the “Trust”) determines whether to initially approve and periodically renew the investment management agreement (the “Agreement”) between Teachers Advisors, LLC (“Advisors”) and the Trust on behalf of each of its series. Under the Agreement, Advisors is responsible for providing investment advisory services to each series of the Trust and overseeing the everyday operations and other service providers of the Trust. Below is a summary of the process the Board undertook related to its most recent renewal of the Agreement with respect to each series covered by this Report (the “Funds”).

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that, after an initial period of up to two years, the Agreement for each Fund will remain in effect only if the Board, including a majority of those Trustees who have no direct or indirect interest in the Agreement, and who are independent Trustees because they are not “interested persons” of the Trust, as that term is defined in the 1940 Act, annually renews that Agreement. None of the Trustees are interested persons of the Trust under the 1940 Act. Rather, they are all deemed to be independent Trustees.

Overview of the renewal process

The Board held a meeting on March 28, 2019, at which it considered the annual renewal of the Agreement with respect to each Fund using the process established by the Board. As part of this process, the Board delegated certain tasks to its Operations Committee. Among these tasks, the Operations Committee or certain of its designated members worked with Advisors, other Board members and legal counsel to the Trustees to develop guidance and specific requests relating to the types of information to be provided to the Board in connection with the proposed contract renewals.

Among other matters, the Operations Committee or certain of its designated members, following its consultations with Advisors’ representatives, the Trustees, legal counsel to the Trustees and legal counsel to Advisors and the Trust, confirmed or established certain guidance regarding the preparation of reports to be provided to the Board with respect to each Fund by the Board Reporting and Compliance unit of Broadridge Financial Solutions, Inc. (“Broadridge”), using data from Lipper, Inc., which is an independent provider of investment company data. Broadridge is widely recognized as a leading provider of comparative analyses used by independent directors and trustees of investment companies during their advisory contract review processes.

Based on guidance provided by the Operations Committee or certain of its designated members on behalf of the Board, Broadridge produced, among other information, comparative performance and expense data regarding each Fund, including data relating to each Fund’s management fee rate, total expense ratio, short-term and long-term investment performance, brokerage commission costs and portfolio turnover rate (as applicable). Broadridge compared this data, as relevant, for each Fund against a universe of investment companies (except for brokerage commission costs) and against a more selective peer group of mutual funds with similar investment objectives and strategies, each of which was

selected by Broadridge, and also compared the performance of each Fund against one or more appropriate broad-based indices. In each case, Broadridge summarized, and the Board reviewed, the methodologies Broadridge employed to provide the data contained in its reports. In addition, Broadridge represented to the Board that its reports were designed specifically to provide the Board with the fee, expense and performance information that is necessary to help the Board satisfy its duties under Section 15(c) of the 1940 Act. Broadridge also represented that the purpose of its materials is to provide an objective view of each Fund’s relative position regarding the level of fees, expenses and total return performance against a competitive peer group and universe (as applicable) selected by Broadridge (and not Advisors or the Board). The Board considered the propriety of each Fund’s applicable peer group as selected by Broadridge and use of the Institutional Class as the base class for comparison purposes.

Among other matters, the Board also requested and received additional information from Advisors to facilitate the Trustees’ evaluation of the reasonableness of any profits earned by Advisors with respect to its services to each Fund pursuant to the Agreement.

Prior to the March 28, 2019 meeting, the Board met informally to review and discuss Advisors’ materials, following which counsel to the Trustees, on the Trustees’ behalf, requested certain additional information from Advisors. Subsequently, at the March 28, 2019 meeting, the Trustees reviewed responses from Advisors to the Board’s follow-up questions and were given the opportunity to, and did, ask additional questions, to which management provided responses.

In advance of the Board meeting held on March 28, 2019, legal counsel for the Trustees requested on behalf of the Board, and Advisors provided, information that was designed to assist the Board in its consideration of whether to renew the Agreement for each Fund. In addition to the data provided by Broadridge as described above, this information included, but was not limited to, the following: (1) further information relating to each Fund’s investment performance and a narrative analysis of the performance of each Fund that had underperformed certain Board-specified criteria, together with an explanation of any events that had a material impact on the Fund’s performance during that period; (2) a description of any fee waiver or expense reimbursement arrangements that were proposed or were in place during the prior year and the extent to which such arrangements would be continued or modified in the coming year; (3) a comparison of each Fund’s management fee rate and performance to other accounts with comparable strategies managed by Advisors or certain of its affiliates, if any; (4) any “fall-out” benefits that accrued or were identified as reasonably likely to accrue to Advisors or its affiliates due to their relationship with the Funds in addition to the Funds’ direct fee payments to Advisors pursuant to the Agreement; (5) information regarding Advisors’ financial resources, senior professional personnel, overall staffing levels, portfolio manager compensation arrangements, capacity to manage the Funds at current and foreseeable asset levels, insurance coverage, portfolio trading and best execution practices, and any actual and potential conflicts of interest identified by Advisors in

TIAA-CREF Funds: Equity Index Funds  ■  2019 Semiannual Report 59

Approval of investment management agreement (unaudited)

connection with rendering services to the Funds; (6) information as to any profits earned by Advisors in connection with its services pursuant to the Agreement; (7) a copy of the Agreement and certain related agreements between the Funds and affiliates of Advisors; (8) a copy of Advisors’ Form ADV as filed with the Securities and Exchange Commission (which was presented only to legal counsel for the Trustees); and (9) proposed narrative explanations of reasons why the Board should renew the Agreement. The Trustees were also provided with performance ratings of Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service.

In considering whether to renew the Agreement with respect to each Fund, the Board reviewed various factors with respect to each Fund, including: (1) the nature, extent and quality of services provided or to be provided by Advisors to the Fund; (2) the Fund’s investment performance; (3) the costs of the services provided to the Fund and the profits realized or potential profits to be realized (if any) by Advisors and its affiliates from their relationship with the Fund; (4) fees charged to comparable mutual funds by other advisers; (5) the extent to which economies of scale have been realized or are anticipated to be realized as the Fund grows; (6) how such economies of scale are shared with the Fund for the benefit of its investors; (7) comparisons of the services provided by Advisors to, and the fee rates and performance of, the Fund to other clients to whom Advisors provides comparable services, if any; and (8) any other benefits derived or anticipated to be derived by Advisors or its affiliates from their relationship with the Fund. As a general matter, the Board viewed these factors, and any other factors deemed relevant by the Trustees, in their totality, and no single factor was identified as being the determining factor in deciding whether to renew the Agreement.

In addition to the general session meeting that included Advisors’ personnel, the Trustees met in private sessions, at which no Advisors representatives were present, to discuss the proposed renewal of the Agreement for each Fund. The Board also received and considered information from its legal counsel as to certain relevant guidance that relates to the renewal process under Section 15(c) of the 1940 Act and certain other legal authorities.

While the contract renewal process included a series of meetings leading up to the March 28, 2019 meeting, the oversight and evaluation of Advisors’ services to the Funds by the Board and its Committees is ongoing. The Board, as well as its Committees, reviewed reports on various investment and operational topics that had been identified by the Board or its Committees for review in the year since the last annual renewal process. Further, at regularly scheduled meetings of the Board, the Board and the Investment Committee receive and review, among other matters, information regarding the performance of the Funds. Thus, in reaching its decisions regarding the renewal of the Agreement for each Fund, the Board took into account the information described herein and other information provided to the Board and its Committees throughout the year.

The Board received and considered both Trust-level and Fund-specific information, but made its renewal determinations on a Fund-by-Fund basis. In deciding whether to renew the Agreement

for each Fund, each Trustee may have accorded different weight to different factors and, thus, each Trustee may have had a different basis for his or her ultimate decision to vote to renew the Agreement for each Fund. At its meeting on March 28, 2019, all Board members voted unanimously to renew the Agreement for each Fund. Set forth below is a summary of the primary factors the Board considered with respect to each Fund.

The nature, extent and quality of services

The Board considered the level and depth of knowledge of Advisors, including the professional experience and qualifications of its personnel. The Board also considered that Advisors is an experienced investment adviser that has managed the Funds since their operations commenced. Investment professionals at Advisors also manage various funds and accounts of the College Retirement Equities Fund, the TIAA-CREF Life Funds and TIAA Separate Account VA-1, as well as advise and sub-advise other investment companies and vehicles. Under the Agreement, Advisors is responsible for, among other duties: managing the assets of the Funds, including conducting research, identifying investments and placing orders to buy and sell securities for the Funds’ investment portfolios; active daily monitoring of the Funds’ investment portfolios; reporting on the investment performance and other metrics of the Funds to the Board on a regular basis; responding to Fund flows; compliance and risk monitoring and management; coordinating the activities of each Fund’s service providers; and overseeing the provision of various administrative services to the Funds. The Board considered that Advisors has carried out these responsibilities in a competent and professional manner. The Board also considered that Advisors has committed significant resources to supporting the series of the Trust, including the Funds. It also considered Advisors’ compliance program and resources and its compliance record with respect to the Funds.

The Board also considered, among other factors, the performance of each Fund, as discussed below. In addition, the Board considered the nature and quality of non-portfolio management services provided by Advisors and its affiliates. In this regard, the Board considered its ongoing review of the performance of certain affiliated and unaffiliated service providers, including the quality of services provided by those firms and Advisors’ oversight of those service providers and the outsourcing of certain services to other firms.

During its review, the Board noted its ongoing efforts to examine the level of personnel and other resources available to Advisors to provide portfolio management and other services to the Funds, including the impact of recent and anticipated operational changes on such resources, so as to assess the adequacy of the resources devoted to these services.

Investment performance

The Board considered the investment performance of each Fund, over the periods indicated in the Fund-by-Fund synopsis below. The Board considered each Fund’s performance as compared to its peer group and peer universe (as applicable) and its benchmark index. The Board reviewed the performance of each Fund before any reductions for fees and expenses against its

60 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds

continued

benchmark index. In this analysis, the Board considered the impact of net asset value rounding and the effects of fair valuation, foreign exchange rates, effective tax rates, securities lending and class action litigation, as applicable, on each Fund’s performance as compared to the performance of its benchmark index. For details regarding each Fund’s performance, see the Fund-by-Fund synopsis below. Thus, the Board concluded that, under the totality of circumstances considered, the investment performance of each Fund was reasonable.

Cost and profitability

The Board considered financial and profitability data relating to Advisors’ services to the Funds for the calendar year 2018. The Board considered Advisors’ profit calculations with respect to its services to each Fund both before and after taking into account the costs incurred directly or indirectly by Advisors in connection with the distribution of shares of the Fund. The Board acknowledged the reasonableness of having management fee rates which permit Advisors to maintain and improve the quality of services provided to the Funds and recognized the entrepreneurial and other risks assumed by Advisors in managing the Funds. The Board considered that Advisors had calculated that it earned profits with respect to each Fund under the Agreement for the one-year period ended December 31, 2018. The Board also acknowledged Advisors’ commitment to reimburse Fund expenses to the extent that total annual operating expenses exceeded certain specified amounts. Based on the information provided by Advisors with respect to Advisors’ profitability under the Agreement for each Fund, the Board concluded that those profits were reasonable in light of various relevant factors.

Fees charged by other advisers

The Board considered comparative information regarding each Fund’s contractual and effective management fee rates and the contractual and effective management fee rates paid by similar mutual funds to other advisers, as analyzed by Broadridge and reflected in the Fund-by-Fund synopsis below. The Board determined that the management fee rate charged to a Fund under the Agreement typically was lower than the management fee rates charged to many or most other comparable mutual funds. In this connection, the Board also considered the inherent limitations of such comparisons in light of uncertainty as to how the fees of such similar mutual funds are set and potentially material differences between a Fund and its comparable mutual funds. The Board considered Broadridge’s treatment of all fund fee waivers, regardless of their type, as management fee waivers, which could materially impact how the Funds’ actual management fee rates compare to those of peer mutual funds. Additionally, the Board considered the potential limitations of such comparisons due to, among other factors, the fact that, in many instances, Broadridge based its comparisons on financial data relating to fiscal periods that differed from the period for which the Funds’ data were derived. Based on all factors considered, the Board concluded that the management fee rates under the Agreement with respect to each Fund were reasonable in relation to those charged by appropriate groups of comparable mutual funds.

Economies of scale

The Board considered whether Advisors has experienced or is anticipated to experience economies of scale in connection with the operation of each Fund, and whether any such economies are shared with the Funds. The Board considered, in connection with the supporting Broadridge reports, Advisors’ position that the maximum fee rate that could be charged to each Fund under the Agreement is comparatively low in relation to peer groups of mutual funds. Based on all factors considered, the Board concluded that the Funds’ management fee rate schedules were reasonable in light of current economies of scale considerations and current asset levels.

Fee and performance comparisons with other Advisors clients

The Board considered that Advisors and its affiliate, TIAA-CREF Investment Management, LLC, provide investment management services to other investment companies that may have similar investment strategies as certain of the Funds. The Board considered the management fee rates and the performance of such companies. The Board also considered Advisors’ comments that, in the future, Advisors may manage client assets through additional funds and accounts with similar investment strategies. The Board also considered Advisors’ representation that, while the management fee rates charged to the Funds may differ from the management fee rates chargeable to these other funds and other accounts, this may be due in part to the fact that these other funds and accounts: (1) may involve less entrepreneurial and other risks on the part of Advisors; (2) may be offered in different types of markets; (3) may be provided with different types or levels of services; (4) may have different regulatory burdens; and/or (5) may target different investors.

Other benefits

The Board also considered additional benefits to Advisors and its affiliates arising from the Agreement. For example, Advisors and its affiliates may benefit from their relationship with the Funds to the extent that this relationship results in potential investors viewing Teachers Insurance and Annuity Association of America (“TIAA”), of which Advisors is an indirect, wholly-owned subsidiary, as a leading retirement plan provider in the academic and nonprofit markets and as a single source for all their financial service needs. Both Advisors and certain funds managed by Advisors or its affiliates may benefit from economies of scale to the extent they share resources and/or personnel. Additionally, the Funds may be utilized as investment options for other products and businesses of Advisors and its affiliates, such as variable products, funds of funds and 529 education savings plans.

Fund-by-fund factors

The Board considered the following specific factors (among others) in connection with its determination to renew the Agreement with respect to each Fund. If a Fund is described in the following discussions as being in the “1st” quintile, it is in

TIAA-CREF Funds: Equity Index Funds  ■  2019 Semiannual Report 61

Approval of investment management agreement (unaudited)

the best of five groups (that is, the group has the lowest expenses). References below to quintiles are based on data provided to the Board in the reports prepared by Broadridge. The specific management fee, expense and performance factors outlined below are based on the Institutional Class shares of each Fund. Because the Institutional Class generally has lower non-management expenses than the other classes of these Funds, the expenses and performance of these other classes will differ from the expenses and performance shown for the Institutional Class. References to “adjusted” relative gross performance means the performance of a Fund minus the impact of net asset value rounding and the effects of fair valuation, foreign exchange rates, effective tax rates, securities lending and class action litigation, as applicable. All time periods referenced below are ended December 31, 2018. Under the Morningstar rating system, 5 stars is the highest (best) rating category and 1 star is the lowest (worst) rating category. The Morningstar data is as of December 31, 2018. For reference, one basis point equals 0.01%. Statements below regarding “net profit” refer to Advisors’ calculation that it earned a profit for the services that it rendered to a Fund during 2018 under the Agreement.

Equity Index Fund

• The Fund’s annual contractual management fee rate is 0.04% of average daily net assets.

• The Fund’s total expense ratio and actual management fee rate were each in the 2nd quintile of the group of comparable funds selected by Broadridge for expense comparison purposes (“Expense Group”), while the Fund’s contractual management fee rate was in the 1st quintile of its Expense Group. The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 1st quintile of the universe of comparable funds selected by Broadridge for expense comparison purposes (“Expense Universe”).

• For the three-year period, the Fund’s adjusted relative gross performance as compared to its benchmark, the Russell 3000^® Index, differed by +3 basis points.

• The Fund received an Overall Morningstar Rating of 4 stars.

• Advisors earned a net profit with respect to its services to the Fund for the one-year period.

Large-Cap Growth Index Fund

• The Fund’s annual contractual management fee rate is 0.04% of average daily net assets.

• The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 1st quintile of both its Expense Group and Expense Universe.

• For the three-year period, the Fund’s adjusted relative gross performance as compared to its benchmark, the Russell 1000^® Growth Index, differed by -1 basis points.

• The Fund received an Overall Morningstar Rating of 4 stars.

• Advisors earned a net profit with respect to its services to the Fund for the one-year period.

Large-Cap Value Index Fund

• The Fund’s annual contractual management fee rate is 0.04% of average daily net assets.

• The Fund’s total expense ratio and actual management fee rate were each in the 2nd quintile of its Expense Group, while the

	Fund’s contractual management fee rate was in the 1st quintile of its Expense Group. The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 1st quintile of its Expense Universe.
•	For the three-year period, the Fund’s adjusted relative gross performance equaled the performance of its benchmark, the Russell 1000® Value Index.
•	The Fund received an Overall Morningstar Rating of 3 stars.
•	Advisors earned a net profit with respect to its services to the Fund for the one-year period.

S&P 500 Index Fund

• The Fund’s annual contractual management fee rate is 0.04% of average daily net assets.

• The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 1st quintile of its Expense Group and Expense Universe.

• For the three-year period, the Fund’s adjusted relative gross performance as compared to its benchmark, the S&P 500^® Index, differed by -1 basis points.

• The Fund received an Overall Morningstar Rating of 4 stars.

• Advisors earned a net profit with respect to its services to the Fund for the one-year period.

Small-Cap Blend Index Fund

• The Fund’s annual contractual management fee rate is 0.04% of average daily net assets.

• The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 1st quintile of its Expense Group and Expense Universe.

• For the three-year period, the Fund’s adjusted relative gross performance as compared to its benchmark, the Russell 2000^® Index, differed by +4 basis points.

• The Fund received an Overall Morningstar Rating of 4 stars.

• Advisors earned a net profit with respect to its services to the Fund for the one-year period.

Emerging Markets Equity Index Fund

• The Fund’s annual contractual management fee rate is 0.14% of average daily net assets.

• The Fund’s total expense ratio and contractual management fee rate were each in the 2nd quintile of both its Expense Group and Expense Universe. The Fund’s actual management fee rate was in the 3rd quintile of both its Expense Group and Expense Universe.

• For the three-year period, the Fund’s adjusted relative gross performance as compared to its benchmark, the MSCI Emerging Markets Index, differed by -2 basis points.

• The Fund received an Overall Morningstar Rating of 3 stars.

• Advisors earned a net profit with respect to its services to the Fund for the one-year period.

International Equity Index Fund

• The Fund’s annual contractual management fee rate is 0.04% of average daily net assets.

• The Fund’s total expense ratio and contractual management fee rate were each in the 1st quintile of its Expense Group, while the Fund’s actual management fee rate was in the 2nd quintile of its Expense Group. The Fund’s total expense ratio,

62 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds

concluded

	actual management fee rate and contractual management fee rate were each in the 1st quintile of its Expense Universe.
•	For the three-year period, the Fund’s adjusted relative gross performance as compared to its benchmark, the MSCI EAFE Index, differed by -4 basis points.
•	The Fund received an Overall Morningstar Rating of 3 stars.
•	Advisors earned a net profit with respect to its services to the Fund for the one-year period.

Based primarily on the foregoing factors and considerations, the Board renewed the Agreement for each Fund.

TIAA-CREF Funds: Equity Index Funds  ■  2019 Semiannual Report 63

Additional information about index providers (unaudited)

Russell Indexes

Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication.

Standard & Poor’s Index

The S&P 500^® Index is a product of S&P Dow Jones Indices LLC, a division of S&P Global, or its affiliates (“SPDJI”), and has been licensed for use by the S&P 500 Index Fund. Standard & Poor’s^® and S&P^® are registered trademarks of Standard & Poor’s Financial Services LLC, a division of S&P Global (“S&P”); Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). It is not possible to invest directly in an index. The fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, any of their respective affiliates (collectively, “S&P Dow Jones Indices”). S&P Dow Jones Indices does not make any representation or warranty, express or implied, to the owners of the fund or any member of the public regarding the advisability of investing in securities generally or in the fund particularly or the ability of the S&P 500 Index to track general market performance. Past performance of an index is not an indication or guarantee of future results. S&P Dow Jones Indices’ only relationship to the fund with respect to the S&P 500 Index is the licensing of the Index and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The S&P 500 Index is determined, composed and calculated by S&P Dow Jones Indices without regard to the fund. S&P Dow Jones Indices has no obligation to take the needs of the fund or the owners of the fund into consideration in determining, composing or calculating the S&P 500 Index. S&P Dow Jones Indices is not responsible for and has not participated in the determination of the prices, and amount of the fund or the timing of the issuance or sale of fund shares or in the determination or calculation of the equation by which fund shares are to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices has no obligation or liability in connection with the administration, marketing or trading of the fund. There is no assurance that investment products based on the S&P 500 Index will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment or tax advisor. A tax advisor should be consulted to evaluate the impact of any tax-exempt securities on portfolios and the tax consequences of making any particular investment decision. Inclusion of a security within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, nor is it considered to be investment advice.

S&P DOW JONES INDICES DOES NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE S&P 500 INDEX OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY THE FUND, OWNERS OF THE FUND, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE S&P 500 INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND THE FUND, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.

MSCI Indexes

Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)

64 2019 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds

[This page intentionally left blank.]

[This page intentionally left blank.]

How to reach us

Websites

TIAA.org

nuveen.com

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 Federal Deposit Insurance Corporation (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, sell or hold a security or an investment strategy, 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.

©2019 Teachers Insurance and Annuity Association of America—College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017-3206

PRESORTED STANDARD U.S. POSTAGE PAID 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

832543 A12455 (6/19)

730 Third Avenue
New York, NY 10017-3206

Printed on paper containing recycled fiber

832543 A12455 (6/19)

 

730 Third Avenue
New York, NY 10017-3206

832543 A12455 (6/19)

TIAA-CREF
Funds April 30,
2019

TIAA-CREF
International Fixed-Income Funds

The semiannual report contains the financial statements (unaudited).

	Institutional	Advisor	Premier	Retirement	Retail	Class
Fund name	Class	Class	Class	Class	Class	W
Emerging Markets Debt Fund	TEDNX	TEDHX	TEDPX	TEDTX	TEDLX	TEDVX
International Bond Fund	TIBWX	TIBNX	TIBLX	TIBVX	TIBEX	TIBUX

Semiannual
Report

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the TIAA-CREF Funds’ (the “Funds”) annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, they will be made available on TIAA’s website, TIAA.org, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically anytime by either updating your account settings at TIAA.org/eDelivery, if you invest in the Funds directly or hold your Fund shares through a TIAA-affiliated financial intermediary, account or retirement plan (each, a “TIAA Account”), or by contacting your financial intermediary (such as a broker/dealer or bank) through which you hold Fund shares.

If you invest directly with the Funds or through a TIAA Account, you may elect to continue to receive all future shareholder reports in paper free of charge by updating your account settings at TIAA.org/eDelivery or by calling 800-842-2252 during regular business hours. If you invest through another financial intermediary, you can contact your financial intermediary to request that you continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with the fund complex if you invest directly with the Funds or through a TIAA Account, or to all funds held through your financial intermediary.

Contents

Understanding this report	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
Financial statements (unaudited)
Statement of assets and liabilities	33
Statement of operations	35
Statements of changes in net assets	36
Financial highlights	40
Notes to financial statements	44
Approval of investment management agreement	56
How to reach us	Inside back cover

Understanding this report

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 semiannual report contains information about certain TIAA-CREF Funds and describes their results for the six months ended April 30, 2019. The report contains four main sections:

• A letter from Brad Finkle, Chief Operating Officer, Nuveen; President of the TIAA-CREF Funds and TIAA-CREF Life Funds.

• 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 April 30, 2019.

• 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. To see the risks of investing in any fund, please read the 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  ■  2019 Semiannual Report 3

Letter to investors

International fixed-income securities posted steady gains for the six months ended April 30, 2019. Emerging-markets debt generated strong returns as global trade tensions eased and concerns about the pace of economic growth receded. International investment-grade fixed-rate bonds advanced at a solid but more moderate pace. For the six months:

• Emerging-markets debt securities, as measured by the JP Morgan Emerging Markets Bond Index (EMBI) Global Diversified, gained 8.2%. 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 4.7%.

• The TIAA-CREF Emerging Markets Debt Fund (Institutional Class) returned 8.7%, while the TIAA-CREF International Bond Fund (Institutional Class) gained 5.5%. Both outperformed their respective benchmarks.

Emerging-markets debt securities advanced in step with the global equity rally that began in 2019 as concerns about the pace of future economic growth faded. Most emerging-markets currencies grew stronger versus the U.S. dollar as the Federal Reserve adopted a more cautious approach toward further interest-rate increases in 2019.

International investment-grade fixed-rate bonds also benefited from the more optimistic view toward economic growth and the easing of trade tensions during the period. The European Central Bank decided not to increase benchmark interest rates in 2019 and planned to issue new low-cost bank financing later in the year.

International bonds posted mixed results versus U.S. fixed income

Foreign bonds posted mixed results when compared with U.S. fixed-income securities for the six months. International investment-grade debt trailed the 5.5% gain of U.S. investment-grade fixed-rate bonds, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index. The Fed raised the federal funds target rate only once during the reporting period, increasing the key interest-rate measure to 2.25%–2.50% in December 2018. Emerging-markets debt surpassed the 6.1% gain of U.S. high-yield bonds, as measured by the ICE BofAML BB-B U.S. Cash Pay High Yield Constrained Index.

A diversified approach to a global market

It can be easy to think of the global economy as a single force moving in a unified direction, and broad-based market swings can sometimes reinforce that perspective. But economies around the world are indeed very different, with individual strengths and weaknesses. Each may respond differently to circumstances such as varying central bank monetary policies and geopolitical

4 2019 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds

events; and, in turn, influence fixed-income markets in different ways. In addition, it remains unclear what impact ongoing U.S.-China trade discussions may have on the global economy.

As a result, it can be a challenge for investors to deal with these types of uncertainties. We believe diversification by geography and asset class can be a prudent way for fixed-income investors to better navigate shifts in global bond markets. Furthermore, we believe that a professionally managed portfolio of fixed-income securities within a mutual fund has the potential to help investors achieve their long-term goals. Of course, diversification does not guarantee against market loss.

If you have any 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.

Brad Finkle

/s/ Brad Finkle

Brad Finkle

Chief Operating Officer, Nuveen

President of the TIAA-CREF Funds and TIAA-CREF Life Funds

TIAA-CREF International Fixed-Income Funds  ■  2019 Semiannual 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’ 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-PORT or Form N-Q filings. Form N-CSR filings are as of October 31 or April 30; Form N-PORT or 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 2019 Semiannual 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 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. For additional details about the benchmark indexes, please read the funds’ latest prospectus.

Information has been obtained from sources believed to be reliable but J.P. Morgan does not guarantee its completeness or accuracy. The J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified (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 2019, J.P. Morgan Chase & Co. All rights reserved.

Source: Bloomberg Index Services Limited. BLOOMBERG^® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). BARCLAYS^® is a trademark and service mark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Bloomberg or Bloomberg’s licensors, including Barclays, own all proprietary rights in the Bloomberg Barclays Indices. Neither Bloomberg nor Barclays approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

TIAA-CREF International Fixed-Income Funds  ■  2019 Semiannual 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 in this report are intended to help you understand your ongoing costs only (in U.S. dollars) and do not reflect transactional costs. 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 (November 1, 2018–April 30, 2019).

Actual expenses

The first section in 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 section in each table shows hypothetical account values and expenses based on the Fund’s actual expense ratio for each share class 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 2019 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds

Emerging Markets Debt Fund

Performance for the six months ended April 30, 2019

The Emerging Markets Debt Fund returned 8.74% for the Institutional Class, compared with the 8.20% return of its benchmark, the JP Morgan Emerging Markets Bond Index (EMBI) Global Diversified (“JP Morgan index”). For the one-year period ended April 30, 2019, the Fund returned 3.57% versus 6.01% for the index. The performance table shows returns for all share classes of the Fund.

Emerging-markets debt advanced as economic headwinds subsided

The six-month period can be segmented into two distinct phases. As 2019 began, global economic headwinds facing the asset class abated. U.S. trade tensions with China eased, Italy and the European Union reached a positive budget resolution and the U.S. dollar weakened against most emerging-markets currencies amid a more dovish stance from the U.S. Federal Reserve.

Emerging-markets debt, as measured by the JP Morgan index, advanced only 0.92% during the final two months of 2018, but rebounded substantially during the first four months of 2019 at 7.21%, after a sharp sell-off in December.

Fund produced strong gains and surpassed its benchmark

During the six-month period, the Fund outperformed its benchmark largely due to favorable selection and allocation results within U.S.-currency corporates. Further, selections within U.S.-currency sovereign debt contributed nicely, while allocations within the sector were modestly positive. Out-of-benchmark local-currency selections also benefited during the period.

U.S.-currency corporates were strong contributors. In China, high-yield issuers in the property and retail sectors rebounded from an earlier sell-off. Similarly, high-yield energy and utility issuers in Indonesia also recovered and contributed. Underweight allocations to low-beta China and Malaysia, and an overweight to South Africa, also benefited performance. As it relates to U.S.–currency sovereigns, overweights and selections in Ecuador and Sri Lanka, and underweights to low-beta Oman and high-beta Turkey, helped performance. The Fund’s allocation to local-currency sovereign debt further boosted its relative return, in particular allocations to the Philippines, Ukraine and Mexico.

By contrast, the Fund’s performance was limited by exposure to Digicel, a struggling pan-Caribbean cellular network provider. Allocations to Argentina, both U.S. dollar and local currency, also hurt. While an underweight to Venezuela and PDVSA negatively impacted performance (the Fund exited completely in December); due to the recent imposition of U.S. sanctions, U.S. investors have been barred from transacting in Venezuelan securities since January 28, 2019.

TIAA-CREF International Fixed-Income Funds  ■  2019 Semiannual Report 9

Emerging Markets Debt Fund

Performance as of April 30, 2019

Emerging Markets Debt Fund		Total return						Average annual total return			Annual operating expenses*
	Inception date	6 months			1 year			since inception			gross			net
Institutional Class	9/26/14		8.74	%		3.57	%		4.93	%		0.65	%		0.65	%
Advisor Class	12/4/15		8.68			3.59			4.92	†		0.71			0.71
Premier Class	9/26/14		8.55			3.33			4.73			0.80			0.80
Retirement Class	9/26/14		8.49			3.31			4.66			0.90			0.90
Retail Class	9/26/14		8.47			3.25			4.57			0.99			0.99
Class W	9/28/18		8.96			3.90	†		5.01	†		0.65			0.00
J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified	—		8.20			6.01			4.91	‡		—			—

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 would 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 will continue through at least February 29, 2020, 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 and Class W that is prior to their respective inception dates is based on performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class and Class W. If these actual expenses had been reflected, the performance of these two classes shown for these periods would have been different because the Advisor Class and Class W have different expenses than the Institutional Class.
‡	Performance is calculated from the inception date of the Institutional Class.

10 2019 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds

Emerging Markets Debt Fund

Expense example

Six months ended April 30, 2019

Emerging Markets Debt Fund	Beginning account value (11/1/18		)	Ending account value (4/30/19		)	Expenses paid during period (11/1/18–4/30/19		* )
Actual return
Institutional Class		$1,000.00			$1,087.35			$3.31
Advisor Class		1,000.00			1,086.81			3.73
Premier Class		1,000.00			1,085.52			4.09
Retirement Class		1,000.00			1,084.93			4.60
Retail Class		1,000.00			1,084.72			4.76
Class W		1,000.00			1,089.58			0.00
5% annual hypothetical return
Institutional Class		1,000.00			1,021.62			3.21
Advisor Class		1,000.00			1,021.22			3.61
Premier Class		1,000.00			1,020.88			3.96
Retirement Class		1,000.00			1,020.38			4.46
Retail Class		1,000.00			1,020.23			4.61
Class W		1,000.00			1,024.79			0.00

* “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 181/365. There were 181 days in the six months ended April 30, 2019. The Fund’s annualized six-month expense ratios for that period were 0.64% for the Institutional Class, 0.72% for the Advisor Class, 0.79% for the Premier Class, 0.89% for the Retirement Class, 0.92% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

Fund profile

	as of 4/30/2019
Net assets		$510.46 million
Portfolio turnover rate*		36%
Number of issues		257
Option-adjusted duration‡		6.44 years
Average maturity§		11.56 years

*	The portfolio turnover rate covers the six-month period from November 1, 2018–April 30, 2019, and is not annualized.
‡	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.

TIAA-CREF International Fixed-Income Funds  ■  2019 Semiannual Report 11

Emerging Markets Debt Fund

Portfolio composition
Sector	% of net assets as of 4/30/2019
Corporate bonds	50.0
Foreign government securities	45.1
Short-term investments, other assets & liabilities, net	4.9
Total	100.0
Holdings by country
	% of portfolio investments as of 4/30/2019
Brazil	6.9
Indonesia	5.6
Mexico	5.2
South Africa	4.5
Ukraine	3.5
Russia	3.5
Turkey	3.5
Peru	3.3
59 other nations	61.2
Short-term investments	2.8
Total	100.0

Holdings by maturity
% of fixed-income investments (excluding short-term investments) as of 4/30/2019
Less than 1 year	0.3
1–3 years	5.4
3–5 years	18.4
5–10 years	46.4
Over 10 years	29.5
Total	100.0
Holdings by credit quality
% of fixed-income investments (excluding short-term investments) as of 4/30/2019
Aa/AA	1.7
A/A	5.6
Baa/BBB	32.0
Ba/BB	25.9
B/B	31.1
Below B/B	0.7
Non-rated	3.0
Total	100.0

12 2019 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds

International Bond Fund

Performance for the six months ended April 30, 2019

The International Bond Fund returned 5.45% for the Institutional Class, compared with the 4.65% return of its benchmark, the Bloomberg Barclays Global Aggregate Ex-USD Index (Hedged) (“Global Aggregate index”). For the one-year period ended April 30, 2019, the Fund returned 4.27% versus 5.38% for the index. The performance table shows returns for all share classes of the Fund.

A tale of two periods

The six-month period can be segmented into the significant risk-off sentiment during the final two months of 2018 and the resulting rebound through the beginning of 2019. For the final two months of 2018 and first four months of 2019, international developed-markets (DM) and emerging-markets (EM) bonds, as measured by the Global Aggregate index, advanced 1.60% and 3.00%, respectively. Most economies around the world continued to expand despite concerns about the future pace of growth. Credit markets rallied in 2019, with U.S. and euro high-yield bonds and certain EM sovereign credits seeing particularly strong gains.

Most central banks took a more deliberate and dovish approach toward near-term interest-rate movements. The U.S. Federal Reserve raised the federal funds target rate only once during the six months, boosting the key short-term interest-rate measure to 2.25%–2.50% in December 2018 before shifting to a “patient” approach toward future rate increases in 2019. The European Central Bank left its key interest rates at record low levels, while the Bank of England kept its benchmark rate unchanged at 0.75%.

Fund posted solid gains and outperformed its benchmark

For the six-month period, the Fund earned solid returns and outpaced its benchmark. The Fund’s performance was driven primarily by overweight allocations to euro high-yield corporate bonds, as well as strong security selection in DM peripheral Treasuries like Italy and Greece, along with EM sovereigns, especially Nigeria, Ukraine and Egypt. EM corporate sectors and the investment-grade euro sector also contributed. Duration and yield curve positioning was beneficial, driven by U.S.-dollar duration and complemented by Australian and New Zealand Treasuries.

By contrast, certain positions detracted from the Fund’s performance relative to its benchmark, most notably duration and yield curve positioning in select DM Treasuries—specifically, Japan, the United Kingdom and the eurozone. Overall, hedging costs and some select DM currency exposure also detracted.

TIAA-CREF International Fixed-Income Funds  ■  2019 Semiannual Report 13

International Bond Fund

Performance as of April 30, 2019

International Bond Fund			Total return						Average annual total return			Annual operating expenses*
	Inception date		6 months			1 year			since inception			gross			net
Institutional Class		8/5/16		5.45	%		4.27	%		2.57	%		0.70	%		0.65	%
Advisor Class		8/5/16		5.33			4.12			2.50			0.80			0.75
Premier Class		8/5/16		5.37			4.17			2.46			0.86			0.80
Retirement Class		8/5/16		5.27			3.99			2.33			0.95			0.90
Retail Class		8/5/16		5.34			3.88			2.27			1.13			1.00
Class W		9/28/18		5.82			4.64	†		2.70	†		0.70			0.00
Bloomberg Barclays Global Aggregate ex-USD Index (Hedged)		—		4.65			5.38			2.54	‡		—			—

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 would 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 will continue through at least February 29, 2020, 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 Class W that is prior to its respective inception date is based on performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of Class W. If these actual expenses had been reflected, the performance of Class W shown for these periods would have been different because the Class W has different expenses than the Institutional Class.
‡	Performance is calculated from the inception date of the Institutional Class.

14 2019 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds

International Bond Fund

Expense example

Six months ended April 30, 2019

International Bond Fund	Beginning account value (11/1/18		)	Ending account value (4/30/19		)	Expenses paid during period (11/1/18–4/30/19		* )
Actual return
Institutional Class		$1,000.00			$1,054.48			$3.31
Advisor Class		1,000.00			1,053.26			3.61
Premier Class		1,000.00			1,053.67			4.07
Retirement Class		1,000.00			1,052.69			4.58
Retail Class		1,000.00			1,053.41			5.09
Class W		1,000.00			1,058.19			0.00
5% annual hypothetical return
Institutional Class		1,000.00			1,021.57			3.26
Advisor Class		1,000.00			1,021.27			3.56
Premier Class		1,000.00			1,020.83			4.01
Retirement Class		1,000.00			1,020.33			4.51
Retail Class		1,000.00			1,019.84			5.01
Class W		1,000.00			1,024.79			0.00

* “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 181/365. There were 181 days in the six months ended April 30, 2019. The Fund’s annualized six-month expense ratios for that period were 0.65% for the Institutional Class, 0.71% for the Advisor Class, 0.80% for the Premier Class, 0.90% for the Retirement Class, 1.00% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

Fund profile

	as of 4/30/2019
Net assets	$394.74 million
Portfolio turnover rate*	23%
Number of issues	318
Option-adjusted duration‡	7.27 years
Average maturity§	8.84 years

*	The portfolio turnover rate covers the six-month period from November 1, 2018–April 30, 2019, and is not annualized.
‡	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.

TIAA-CREF International Fixed-Income Funds  ■  2019 Semiannual Report 15

International Bond Fund

Portfolio composition
Sector	% of net assets as of 4/30/2019
Foreign government securities		69.8
Corporate bonds		21.6
Bank loan obligations		2.6
Short-term investments, other assets & liabilities, net		6.0
Total		100.0
Holdings by country
% of portfolio investments as of 4/30/2019
Japan		16.2
United States		13.2
United Kingdom		7.1
Italy		4.9
France		4.6
Korea, Republic of		4.1
Spain		4.0
Canada		3.8
56 other nations		37.6
Short-term investments		4.5
Total		100.0

Holdings by maturity
% of fixed-income investments (excluding short-term investments) as of 4/30/2019
Less than 1 year	4.7
1–3 years	13.7
3–5 years	17.8
5–10 years	38.0
Over 10 years	25.8
Total	100.0
Holdings by credit quality
% of fixed-income investments (excluding short-term investments) as of 4/30/2019
Aaa/AAA	11.8
Aa/AA	20.0
A/A	28.7
Baa/BBB	23.6
Ba/BB	7.2
B/B	8.0
Below B/B	0.4
Non-rated	0.3
Total	100.0

16 2019 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds

Summary portfolio of investments (unaudited)

Emerging Markets Debt Fund  ■  April 30, 2019

							% of net
Principal			Issuer		Value		assets
BONDS
CORPORATE BONDS
ARGENTINA					$	5,445,628		1.0	%
AZERBAIJAN						2,300,616		0.5
BAHRAIN
$	2,300,000	g	Oil and Gas Holding Co BSCC	7.625%, 11/07/24		2,502,172		0.5
						2,502,172		0.5
BRAZIL						19,843,157		3.8
CHILE
	2,850,000	g	Banco del Estado de Chile	2.668%, 01/08/21		2,822,384		0.5
	2,600,000	g	Latam Finance Ltd	7.000%, 03/01/26		2,661,750		0.5
			Other			10,250,246		2.0
						15,734,380		3.0
CHINA						12,713,306		2.5
COLOMBIA						8,040,896		1.6
COSTA RICA						959,140		0.2
DOMINICAN REPUBLIC
	2,500,000	g	Aeropuertos Dominicanos Siglo XXI S.A.	6.750%, 03/30/29		2,610,250		0.5
						2,610,250		0.5
GHANA						2,766,138		0.5
GUATEMALA						2,277,000		0.4
INDIA
	2,650,000	g	Azure Power Energy Ltd	5.500%, 11/03/22		2,623,717		0.5
	3,000,000	g	Bharti Airtel Ltd	4.375%, 06/10/25		2,972,477		0.6
	2,500,000	g	GMR Hyderabad International Airport Ltd	5.375%, 04/10/24		2,487,970		0.5
	2,900,000	g	ICICI Bank Ltd	3.800%, 12/14/27		2,811,805		0.5
	2,800,000	g	Vedanta Resources Finance II plc	9.250%, 04/23/26		2,814,078		0.5
			Other			2,243,926		0.5
						15,953,973		3.1
INDONESIA						21,161,583		4.1
IRELAND						2,702,292		0.5
ISRAEL						5,023,722		1.0
JAMAICA						819,491		0.2
KAZAKHSTAN
	3,000,000	g	KazMunayGas National Co JSC	5.375%, 04/24/30		3,192,765		0.6
			Other			8,293,019		1.6
						11,485,784		2.2
MACAU						3,911,291		0.8

See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2019 Semiannual Report 17

Summary portfolio of investments (unaudited) continued

Emerging Markets Debt Fund  ■  April 30, 2019

							% of net
Principal			Issuer		Value		assets
MALAYSIA
$	3,000,000		1MDB Global Investments Ltd	4.400%, 03/09/23	$	2,816,013		0.6	%
						2,816,013		0.6
MEXICO
	2,625,000	g	BBVA Bancomer S.A.	5.125%, 01/18/33		2,487,188		0.5
	2,691,000	g	Mexico City Airport Trust	4.250%, 10/31/26		2,620,361		0.5
	7,000,000		Petroleos Mexicanos	4.875%, 01/18/24		6,964,300		1.4
			Other			11,104,864		2.3
						23,176,713		4.7
MOROCCO
	2,800,000	g	OCP S.A.	6.875%, 04/25/44		3,045,400		0.6
						3,045,400		0.6
NETHERLANDS
	2,300,000	g	GTH Finance BV	7.250%, 04/26/23		2,492,105		0.5
						2,492,105		0.5
NIGERIA						2,385,459		0.5
PANAMA						7,052,185		1.4
PERU
PEN	9,000,000	g	Alicorp SAA	6.875%, 04/17/27		2,762,740		0.5
			Other			11,497,799		2.3
						14,260,539		2.8
RUSSIA
$	2,800,000	g	Gazprom OAO Via Gaz Capital S.A.	5.150%, 02/11/26		2,900,696		0.6
			Other			7,233,961		1.4
						10,134,657		2.0
SAUDI ARABIA						2,401,108		0.5
SINGAPORE
	2,500,000	g	BOC Aviation Ltd	3.500%, 10/10/24		2,488,480		0.5
						2,488,480		0.5
SOUTH AFRICA
	6,925,000	g	Eskom Holdings SOC Ltd	5.750%–8.450%, 01/26/21–08/10/28		7,093,281		1.4
	2,800,000	g	Transnet SOC Ltd	4.000%, 07/26/22		2,751,434		0.6
			Other			2,761,531		0.5
						12,606,246		2.5
SPAIN
	2,500,000	g	International Airport Finance S.A.	12.000%, 03/15/33		2,683,750		0.5
						2,683,750		0.5
SWITZERLAND						2,059,861		0.4
THAILAND						2,269,922		0.4
TOGO						2,049,992		0.4
TRINIDAD AND TOBAGO						335,475		0.1

18 2019 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements

Summary portfolio of investments (unaudited) continued

Emerging Markets Debt Fund  ■  April 30, 2019

							% of net
Principal			Issuer		Value		assets
TURKEY					$	11,362,653		2.2	%
UKRAINE						6,361,773		1.3
UNITED ARAB EMIRATES						6,773,327		1.3
UNITED STATES						2,106,011		0.4
			TOTAL CORPORATE BONDS (Cost $255,628,925)			255,112,488		50.0
GOVERNMENT BONDS
ANGOLA
$	2,500,000	g	Angolan Government International Bond	9.375%, 05/08/48		2,684,485		0.5
			Other			2,353,133		0.5
						5,037,618		1.0
ARGENTINA
	4,000,000		Argentine Republic Government
			International Bond	7.125%, 06/28/17		2,670,000		0.5
			Other			6,567,507		1.2
						9,237,507		1.7
AZERBAIJAN						3,089,324		0.6
BAHRAIN						2,153,420		0.4
BARBADOS						87,000		0.0
BERMUDA
	2,500,000	g	Bermuda Government International Bond	4.750%, 02/15/29		2,671,750		0.5
						2,671,750		0.5
BRAZIL
	2,150,000		Brazilian Government International Bond	7.125%, 01/20/37		2,515,500		0.5
	3,625,000		Brazilian Government International Bond	5.625%, 02/21/47		3,552,500		0.7
			Other			5,420,646		1.1
						11,488,646		2.3
COLOMBIA						2,568,413		0.5
COSTA RICA						2,910,625		0.6
COTE D’IVOIRE
	3,280,625	g	Ivory Coast Government International Bond (Step Bond)	5.750%, 12/31/32		3,090,349		0.6
						3,090,349		0.6
CROATIA						2,117,126		0.4
DOMINICAN REPUBLIC
	3,160,000	g	Dominican Republic Government International Bond	7.450%, 04/30/44		3,574,750		0.7
	85,850,000	g	Dominican Republic Government International Bond	5.875%–11.250%, 04/18/24–02/15/48		7,858,669		1.5
						11,433,419		2.2

See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2019 Semiannual Report 19

Summary portfolio of investments (unaudited)	continued
Emerging Markets Debt Fund  ■  April 30, 2019

							% of net
Principal			Issuer		Value		assets
ECUADOR
$	3,500,000	g	Ecuador Government International Bond	10.750%, 01/31/29	$	3,902,500		0.8	%
	7,400,000	g	Ecuador Government International Bond	7.875%–9.650%, 12/13/26–01/23/28		7,544,750		1.5
			Other			1,856,317		0.3
						13,303,567		2.6
EGYPT
	3,875,000	g	Egypt Government International Bond	5.577%, 02/21/23		3,837,226		0.8
	2,550,000	g	Egypt Government International Bond	8.500%, 01/31/47		2,593,720		0.5
	5,650,000	g	Egypt Government International Bond	6.588%–8.700%, 02/21/28–03/01/49		5,648,078		1.1
						12,079,024		2.4
EL SALVADOR
	3,100,000	g	El Salvador Government International Bond	7.625%, 02/01/41		3,177,500		0.6
						3,177,500		0.6
GHANA
	3,325,000	g	Ghana Government International Bond	8.125%, 03/26/32		3,296,408		0.7
			Other			2,549,079		0.5
						5,845,487		1.2
GREECE
EUR	2,545,000	g	Hellenic Republic Government
			International Bond	3.375%, 02/15/25		2,959,863		0.6
						2,959,863		0.6
GUATEMALA
$	2,650,000	g	Guatemala Government International Bond	4.375%, 06/05/27		2,595,940		0.5
			Other			1,513,125		0.3
						4,109,065		0.8
HONDURAS						3,503,750		0.7
INDONESIA						6,897,088		1.4
IRAQ
	3,350,000	g	Iraq Government International Bond	6.752%, 03/09/23		3,402,025		0.7
			Other			1,550,902		0.3
						4,952,927		1.0
JAMAICA
	2,950,000		Jamaica Government International Bond	8.000%, 03/15/39		3,565,813		0.7
	2,200,000		Jamaica Government International Bond	7.875%, 07/28/45		2,659,250		0.5
						6,225,063		1.2
JORDAN						1,945,320		0.4
KENYA						2,745,967		0.6
KUWAIT						1,530,330		0.3

20 2019 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements

Summary portfolio of investments (unaudited)	continued
Emerging Markets Debt Fund  ■  April 30, 2019

							% of net
Principal			Issuer		Value		assets
LEBANON
$	3,200,000		Lebanon Government International Bond	6.250%, 11/04/24	$	2,667,571		0.5	%
			Other			1,582,500		0.3
						4,250,071		0.8
MEXICO
MXN	51,100,000		Mexican Bonos	7.500%, 06/03/27		2,599,185		0.5
						2,599,185		0.5
MONGOLIA						1,546,580		0.3
MOROCCO						2,138,974		0.4
NIGERIA
$	2,725,000	g	Nigeria Government International Bond	6.500%, 11/28/27		2,680,136		0.5
			Other			3,801,146		0.8
						6,481,282		1.3
OMAN						3,161,284		0.6
PAKISTAN
	3,450,000	g	Pakistan Government International Bond	6.875%, 12/05/27		3,418,988		0.7
						3,418,988		0.7
PANAMA						2,406,000		0.5
PARAGUAY
	2,525,000	g	Paraguay Government International Bond	4.700%, 03/27/27		2,630,040		0.5
			Other			1,595,150		0.3
						4,225,190		0.8
PERU						2,157,775		0.4
PHILIPPINES						2,200,240		0.4
POLAND						1,695,856		0.3
QATAR						2,254,657		0.4
REPUBLIC OF SERBIA						5,584,504		1.1
RUSSIA
	6,000,000	g	Russian Foreign Bond-Eurobond
				4.375%–5.250%, 03/21/29–06/23/47		6,155,758		1.2
			Other			1,410,448		0.3
						7,566,206		1.5
RWANDA
	2,500,000	g	Rwanda Government International Bond	6.625%, 05/02/23		2,595,558		0.5
						2,595,558		0.5
SENEGAL						2,729,512		0.6

See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2019 Semiannual Report 21

Summary portfolio of investments (unaudited)	continued
Emerging Markets Debt Fund  ■  April 30, 2019

							% of net
Principal			Issuer		Value		assets
SOUTH AFRICA
$	2,350,000		South Africa Government International Bond	5.875%, 09/16/25	$	2,476,524		0.5	%
ZAR	59,300,000		South Africa Government International Bond	7.000%, 02/28/31		3,482,761		0.7
			Other			4,090,117		0.7
						10,049,402		1.9
SRI LANKA
$	4,000,000	g	Sri Lanka Government International Bond	7.850%, 03/14/29		4,117,736		0.8
			Other			4,315,323		0.9
						8,433,059		1.7
THAILAND						2,351,109		0.4
TURKEY
	2,850,000		Turkey Government International Bond	6.000%, 03/25/27		2,565,932		0.5
			Other			3,611,639		0.7
						6,177,571		1.2
UKRAINE
	5,950,000	g	Ukraine Government International Bond	7.750%, 09/01/25		5,596,689		1.1
			Other			5,744,605		1.1
						11,341,294		2.2
URUGUAY						3,109,908		0.6
UZBEKISTAN						3,446,469		0.7
ZAMBIA						3,223,743		0.7
			TOTAL GOVERNMENT BONDS (Cost $234,680,627)			230,304,565		45.1
			TOTAL BONDS (Cost $490,309,552)			485,417,053		95.1
	Shares		Company
COMMON STOCKS
BRAZIL						314,417		0.0
			TOTAL COMMON STOCKS (Cost $1,044,573)			314,417		0.0
	Principal		Issuer
SHORT-TERM INVESTMENTS
EGYPT						3,679,481		0.7
						3,679,481		0.7
NIGERIA						3,419,130		0.7
						3,419,130		0.7
UNITED STATES
$	7,100,000		Federal Home Loan Bank (FHLB)	2.350%, 05/01/19		7,100,000		1.4
						7,100,000		1.4
			TOTAL SHORT-TERM INVESTMENTS (Cost $14,093,349)			14,198,611		2.8
			TOTAL PORTFOLIO (Cost $505,447,474)			499,930,081		97.9
			OTHER ASSETS & LIABILITIES, NET			10,534,780		2.1
				NET ASSETS	$	510,464,861		100.0	%

22 2019 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements

Summary portfolio of investments (unaudited)	concluded
Emerging Markets Debt Fund  ■  April 30, 2019

Abbreviation(s):
EUR	Euro
MXN	Mexican Peso
PEN	Peruvian Sol
ZAR	South African Rand
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 4/30/19, the aggregate value of these securities is $371,172,412 or 72.7% 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 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.

Bilateral credit default swap contracts outstanding as of April 30, 2019 were as follows (see Note 3):

Purchased

								Upfront
	Terms of	Terms of						premiums		Unrealized
Reference	payments	payments		Maturity	Notional			paid		appreciation
entity	to be paid	to be received	Counterparty	date	amount	(1)	Value	(received	)	(depreciation	)
Petroleos Mexicanos, SA	1.000%	Credit event as specified in contract	Goldman Sachs & Co.	12/20/23	$2,000,000		$115,296	$142,387		$(27,091)

(1) The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs is defined under the terms of that particular swap agreement. This amount may be reduced by any recoverable assets, if applicable.

Forward foreign currency contracts outstanding as of April 30, 2019 were as follows (see Note 3):

Currency		Currency				Unrealized
to be		to be				appreciation
purchased	Receive	sold	Deliver	Counterparty	Settlement date	(depreciation	)
$	1,500,000	CNY	10,466,805	Australia and New Zealand Banking Group	11/19/19	$(51,111)

Abbreviation(s):
CNY	Chinese Yuan

See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2019 Semiannual Report 23

Summary of market values by sector (unaudited)

Emerging Markets Debt Fund  ■  April 30, 2019

			% of net
Sector	Value		assets
GOVERNMENT	$	230,304,565		45.1	%
FINANCIALS		56,048,093		11.0
UTILITIES		49,763,238		9.8
ENERGY		44,853,506		8.8
COMMUNICATION SERVICES		35,758,455		7.0
MATERIALS		19,925,591		3.9
INDUSTRIALS		18,864,894		3.7
CONSUMER DISCRETIONARY		10,477,357		2.0
CONSUMER STAPLES		6,585,002		1.3
REAL ESTATE		6,230,240		1.2
INFORMATION TECHNOLOGY		3,917,279		0.7
HEALTH CARE		3,003,250		0.6
SHORT-TERM INVESTMENTS		14,198,611		2.8
OTHER ASSETS & LIABILITIES, NET		10,534,780		2.1
NET ASSETS	$	510,464,861		100.0	%

24 2019 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements

Consolidated summary portfolio of investments (unaudited)

International Bond Fund  ■  April 30, 2019

Principal			Issuer		Value		% of net assets
BANK LOAN OBLIGATIONS
AUSTRALIA					$	745,308		0.2	%
CANADA						732,552		0.2
IRELAND						529,798		0.1
LUXEMBOURG						962,292		0.3
UNITED KINGDOM						43,216		0.0
UNITED STATES						6,889,936		1.8
			TOTAL BANK LOAN OBLIGATIONS (Cost $10,028,494)			9,903,102		2.6
BONDS
CORPORATE BONDS
BRAZIL						1,306,946		0.3
CANADA						1,238,679		0.3
CHILE						1,991,168		0.5
CHINA						2,370,352		0.6
COLOMBIA						321,015		0.1
CZECH REPUBLIC						455,758		0.1
FRANCE						1,010,720		0.3
GERMANY						866,159		0.2
INDIA						1,089,947		0.3
INDONESIA						932,400		0.2
IRELAND						852,125		0.2
ISRAEL						1,134,647		0.3
JAPAN
EUR	1,800,000	z	Takeda Pharmaceutical Co Ltd	1.125%, 11/21/22		2,084,816		0.5
			Other			3,932,130		1.0
						6,016,946		1.5
KAZAKHSTAN						469,796		0.1
LUXEMBOURG						998,542		0.3
MACAU						527,570		0.1
MEXICO						2,164,531		0.5
NETHERLANDS						503,088		0.1
PANAMA						541,750		0.1
PERU						543,680		0.1
PORTUGAL						1,154,162		0.3
QATAR						297,483		0.1

See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2019 Semiannual Report 25

Consolidated summary portfolio of investments (unaudited) continued

International Bond Fund  ■  April 30, 2019

Principal			Issuer		Value		% of net assets
RUSSIA					$	458,909		0.1	%
SAUDI ARABIA						257,212		0.1
SINGAPORE						202,915		0.1
SOUTH AFRICA						892,384		0.2
SUPRANATIONAL						1,769,628		0.4
SWEDEN						574,500		0.2
SWITZERLAND						2,233,179		0.6
THAILAND						309,535		0.1
TURKEY						773,705		0.2
UNITED ARAB EMIRATES						927,763		0.2
UNITED KINGDOM						6,194,727		1.6
UNITED STATES						44,266,420		11.2
			TOTAL CORPORATE BONDS (Cost $84,871,468)			85,648,341		21.6
GOVERNMENT BONDS
ARGENTINA						918,850		0.2
AUSTRALIA
AUD	3,300,000		Australia Government International Bond	3.000%, 03/21/47		2,586,022		0.6
			Other			4,269,257		1.1
						6,855,279		1.7
AUSTRIA						2,028,922		0.5
BELGIUM
EUR	1,950,000	g	Kingdom of Belgium Government
			International Bond	0.900%, 06/22/29		2,285,308		0.6
			Other			3,711,568		0.9
						5,996,876		1.5
BERMUDA						1,015,265		0.3
BRAZIL						1,939,700		0.5
CANADA
CAD	8,860,000		Canadian Government International Bond	1.750%, 08/01/20		6,619,836		1.7
			Other			6,231,788		1.6
						12,851,624		3.3
CHINA						1,456,592		0.4
COTE D’IVOIRE						1,055,948		0.3
CYPRUS						3,209,337		0.8
DOMINICAN REPUBLIC						958,672		0.2
ECUADOR						616,317		0.2
EGYPT						3,132,623		0.8
FINLAND						1,254,192		0.3

26 2019 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements

Consolidated summary portfolio of investments (unaudited) continued

International Bond Fund  ■  April 30, 2019

Principal			Issuer		Value		% of net assets
FRANCE
EUR	2,340,000		French Republic Government Bond OAT	1.000%, 05/25/21	$	2,654,082		0.7	%
	4,500,000		French Republic Government Bond OAT	0.500%, 05/25/25		5,239,193		1.3
	3,775,000		French Republic Government Bond OAT	0.750%, 11/25/28		4,411,559		1.1
	1,850,000	g	French Republic Government Bond OAT	2.000%, 05/25/48		2,403,122		0.6
			Other			1,980,598		0.5
						16,688,554		4.2
GERMANY
$	5,000,000		Kreditanstalt fuer Wiederaufbau	1.875%, 12/15/20		4,961,342		1.2
			Other			1,850,879		0.5
						6,812,221		1.7
GHANA						1,779,077		0.4
GREECE
EUR	2,525,000	g	Hellenic Republic Government International Bond	4.375%, 08/01/22		3,069,205		0.8
	2,800,000	g	Hellenic Republic Government International Bond	3.375%, 02/15/25		3,256,431		0.8
			Other			1,554,343		0.4
						7,879,979		2.0
HONDURAS						1,471,500		0.4
INDIA						403,633		0.1
INDONESIA						3,523,034		0.9
ISRAEL
ILS	5,250,000		Israel Government International Bond	5.500%, 01/31/42		2,147,362		0.5
			Other			1,010,278		0.3
						3,157,640		0.8
ITALY
EUR	2,075,000		Italy Buoni Poliennali Del Tesoro	0.350%, 06/15/20		2,332,869		0.6
	3,300,000		Italy Buoni Poliennali Del Tesoro	0.050%, 04/15/21		3,668,426		0.9
	4,275,000		Italy Buoni Poliennali Del Tesoro	2.450%, 10/01/23		4,995,372		1.3
	3,950,000		Italy Buoni Poliennali Del Tesoro	1.250%, 12/01/26		4,196,778		1.1
	3,525,000	g	Italy Buoni Poliennali Del Tesoro
			2.950%–3.850%, 09/01/38–09/01/49			3,994,411		1.0
						19,187,856		4.9
JAPAN
JPY	738,150,000		Japan Government Five Year Bond	0.200%, 06/20/19		6,629,713		1.7
	628,000,000		Japan Government Five Year Bond	0.100%, 06/20/23		5,701,323		1.4
	650,450,000		Japan Government Ten Year Bond	0.100%, 09/20/26		5,948,720		1.5
	557,000,000		Japan Government Ten Year Bond	0.100%, 06/20/28		5,086,998		1.3
	289,950,000		Japan Government Thirty Year Bond	2.500%, 09/20/34		3,513,389		0.9
	457,700,000		Japan Government Thirty Year Bond	0.500%, 09/20/46		4,094,922		1.0
	313,000,000		Japan Government Thirty Year Bond	0.700%, 06/20/48		2,927,367		0.7
	249,600,000		Japan Government Twenty Year Bond	1.900%, 03/22/21		2,328,297		0.6
	340,000,000		Japan Government Twenty Year Bond	2.100%, 03/20/26		3,531,187		0.9
	229,000,000		Japan Government Twenty Year Bond	1.800%, 09/20/31		2,496,169		0.6

See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2019 Semiannual Report 27

Consolidated summary portfolio of investments (unaudited) continued

International Bond Fund  ■  April 30, 2019

Principal			Issuer		Value		% of net assets
JAPAN—continued
JPY	278,000,000		Japan Government Twenty Year Bond	0.600%, 12/20/36	$	2,629,025		0.7	%
	256,000,000		Japan Government Twenty Year Bond	0.500%, 06/20/38		2,362,471		0.6
	660,000,000		Japan Government Twenty Year Bond	0.700%, 09/20/38		6,302,637		1.6
			Other			3,054,520		0.8
						56,606,738		14.3
KAZAKHSTAN						702,144		0.2
KOREA, REPUBLIC OF
KRW	3,210,000,000		Korea Treasury Bond	2.000%, 03/10/21		2,760,781		0.7
	5,764,500,000		Korea Treasury Bond	1.375%, 09/10/21		4,893,876		1.2
	2,655,000,000		Korea Treasury Bond	2.625%, 06/10/28		2,414,585		0.6
	5,620,000,000		Korea Treasury Bond	1.500%–2.375%, 09/10/23–12/10/28		4,870,110		1.2
			Other			991,949		0.3
						15,931,301		4.0
LEBANON						1,155,298		0.3
MALAYSIA						2,281,485		0.6
MEXICO						3,065,336		0.8
NETHERLANDS						2,512,609		0.6
NEW ZEALAND						2,034,276		0.5
NIGERIA						1,303,185		0.3
NORWAY
NOK	29,500,000	g	Norway Government International Bond	2.000%, 04/26/28		3,504,778		0.9
						3,504,778		0.9
PANAMA						1,002,500		0.3
PARAGUAY						967,550		0.2
PERU						1,630,864		0.4
PHILIPPINES						2,910,162		0.7
POLAND
PLN	8,165,000		Poland Government International Bond	4.000%, 10/25/23		2,295,749		0.6
			Other			2,805,094		0.7
						5,100,843		1.3
PORTUGAL
EUR	1,800,000	g	Portugal Obrigacoes do Tesouro OT	1.950%, 06/15/29		2,177,589		0.6
						2,177,589		0.6
QATAR						1,127,328		0.3
REPUBLIC OF SERBIA						1,224,672		0.3
SAUDI ARABIA
$	2,000,000	g	Saudi Government International Bond	4.500%, 04/17/30		2,108,418		0.5
						2,108,418		0.5
SENEGAL						1,108,071		0.3

28 2019 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements

Consolidated summary portfolio of investments (unaudited) continued

International Bond Fund  ■  April 30, 2019

Principal			Issuer		Value		% of net assets
SINGAPORE
SGD	5,520,000		Singapore Government International Bond
				1.750%–2.625%, 07/01/20–05/01/28	$	4,088,311		1.0	%
						4,088,311		1.0
SOUTH AFRICA						2,288,081		0.6
SPAIN
EUR	2,985,000		Spain Government International Bond	0.400%, 04/30/22		3,408,998		0.9
	4,600,000	g	Spain Government International Bond	2.750%, 10/31/24		5,881,168		1.5
	2,025,000	g	Spain Government International Bond	2.700%, 10/31/48		2,535,752		0.6
			Other			3,836,226		1.0
						15,662,144		4.0
SRI LANKA						1,010,100		0.3
SUPRANATIONAL
NZD	3,177,000		International Bank for Reconstruction & Development
				3.375%, 01/25/22		2,199,606		0.6
			Other			4,555,850		1.1
						6,755,456		1.7
SWEDEN						3,200,789		0.8
THAILAND
THB	104,500,000		Thailand Government International Bond	2.400%, 12/17/23		3,315,509		0.8
			Other			2,616,939		0.7
						5,932,448		1.5
UNITED KINGDOM
GBP	2,000,000		United Kingdom Gilt	1.750%, 07/22/19		2,613,629		0.7
	2,310,000		United Kingdom Gilt	1.500%, 01/22/21		3,050,472		0.8
	1,600,000		United Kingdom Gilt	0.500%, 07/22/22		2,067,671		0.5
	1,275,000		United Kingdom Gilt	4.250%, 12/07/27		2,097,078		0.5
	1,230,000		United Kingdom Gilt	4.750%, 12/07/30		2,202,561		0.6
	1,775,000		United Kingdom Gilt	4.250%, 03/07/36		3,241,218		0.8
	3,035,000		United Kingdom Gilt	1.500%, 07/22/47		3,792,401		0.9
	1,600,000		United Kingdom Gilt	1.750%, 07/22/57		2,172,731		0.6
						21,237,761		5.4
URUGUAY						1,128,512		0.3
UZBEKISTAN						1,470,758		0.4
			TOTAL GOVERNMENT BONDS (Cost $275,280,500)			275,423,198		69.8
			TOTAL BONDS (Cost $360,151,968)			361,071,539		91.4
SHORT-TERM INVESTMENTS
EGYPT
EGP	85,650,000	j	Egypt Treasury Bill	0.000%, 06/11/19–03/3/20		4,612,899		1.2
						4,612,899		1.2
NIGERIA						3,143,275		0.8

See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2019 Semiannual Report 29

Consolidated summary portfolio of investments (unaudited) continued

International Bond Fund  ■  April 30, 2019

Principal			Issuer		Value		% of net assets
UNITED STATES
$	9,600,000		Federal Home Loan Bank (FHLB)	2.300%, 05/01/19	$	9,600,000		2.4	%
						9,600,000		2.4
			TOTAL SHORT-TERM INVESTMENTS (Cost $17,169,275)			17,356,174		4.4
			TOTAL PORTFOLIO (Cost $387,349,737)			388,330,815		98.4
		OTHER ASSETS & LIABILITIES, NET				6,407,830		1.6
				NET ASSETS	$	394,738,645		100.0	%

Abbreviation(s):

AUD	Australian Dollar
CAD	Canadian Dollar
EGP	Egyptian Pound
EUR	Euro
GBP	Pound Sterling
ILS	New Israeli Shekel
JPY	Japanese Yen
KRW	South Korean Won
NOK	Norwegian Krone
NZD	New Zealand Dollar
PLN	Polish Zloty
SGD	Singapore Dollar
THB	Thai Baht

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 4/30/19, the aggregate value of these securities is $93,328,195 or 23.6% of net assets.
j	Zero coupon
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 (see Note 1).

“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

30 2019 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements

Consolidated summary portfolio of investments (unaudited) concluded

International Bond Fund  ■  April 30, 2019

Forward foreign currency contracts outstanding as of April 30, 2019 were as follows (see Note 3):

Currency to be purchased	Receive	Currency to be sold	Deliver	Counterparty	Settlement date	Unrealized appreciation (depreciation		)
$	5,959,066	THB	190,738,373	Australia and New Zealand Banking Group	05/31/19	$	(19,631	)
$	6,242	AUD	8,854	Australia and New Zealand Banking Group	06/28/19		(8	)
$	529,083	EUR	471,666	Australia and New Zealand Banking Group	06/28/19		(2,656	)
$	1,198,630	EUR	1,069,839	Australia and New Zealand Banking Group	06/28/19		(7,468	)
$	26,016,143	GBP	20,034,826	Australia and New Zealand Banking Group	06/28/19		(191,334	)
$	4,789,864	NZD	7,239,009	Australia and New Zealand Banking Group	06/28/19		(50,326	)
EUR	496,490	$	554,315	Australia and New Zealand Banking Group	05/03/19		2,696
Total						$	(268,727	)
$	3,174,726	ILS	11,453,029	Bank of America	05/31/19	$	(15,089	)
$	15,201,659	KRW	17,484,036,073	Bank of America	05/31/19		171,325
Total						$	156,236
$	5,218,394	PLN	19,956,944	Citibank, N.A.	05/31/19	$	(8,783	)
$	4,113,110	SGD	5,587,804	Citibank, N.A.	05/31/19		2,617
$	587,810	ZAR	8,482,718	Citibank, N.A.	05/31/19		(3,009	)
$	9,953,307	AUD	14,139,004	Citibank, N.A.	06/28/19		(27,964	)
$	47,831,898	JPY	5,324,268,073	Citibank, N.A.	06/28/19		(196,111	)
$	1,788,588	NOK	15,333,823	Citibank, N.A.	06/28/19		7,093
$	3,229,461	SEK	30,192,134	Citibank, N.A.	06/28/19		35,206
Total						$	(190,951	)
$	133,098,897	EUR	118,271,338	Morgan Stanley	06/28/19	$	(235,883	)
Total						$	(235,883	)
$	12,801,572	CAD	17,191,922	Toronto Dominion Bank	06/28/19	$	(50,780	)
Total						$	(50,780	)
Total						$	(590,105	)

Abbreviation(s):		SEK	Swedish Krona
AUD	Australian Dollar	SGD	Singapore Dollar
CAD	Canadian Dollar	THB	Thai Baht
EUR	Euro	ZAR	South African Rand
GBP	Pound Sterling
ILS	New Israeli Shekel
JPY	Japanese Yen
KRW	South Korean Won
NOK	Norwegian Krone
NZD	New Zealand Dollar
PLN	Polish Zloty

See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2019 Semiannual Report 31

Consolidated summary of market values by sector (unaudited)

International Bond Fund  ■  April 30, 2019

Sector	Value		% of net assets
GOVERNMENT	$	275,423,198		69.8	%
FINANCIALS		22,400,442		5.7
HEALTH CARE		14,109,333		3.6
INDUSTRIALS		12,279,992		3.0
MATERIALS		8,396,945		2.1
COMMUNICATION SERVICES		7,476,560		1.9
CONSUMER DISCRETIONARY		7,374,557		1.9
INFORMATION TECHNOLOGY		6,333,032		1.6
ENERGY		5,618,992		1.4
CONSUMER STAPLES		4,637,923		1.2
REAL ESTATE		3,813,687		1.0
UTILITIES		3,109,980		0.8
SHORT-TERM INVESTMENTS		17,356,174		4.4
OTHER ASSETS & LIABILITIES, NET		6,407,830		1.6
NET ASSETS	$	394,738,645		100.0	%

32 2019 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements

Statements of assets and liabilities (unaudited)

TIAA-CREF Funds  ■  April 30, 2019

	Emerging Markets			International
	Debt Fund			Bond Fund		§
ASSETS
Portfolio investments, at value†	$	499,930,081		$	388,330,815
Cash		26,250			197,044
Cash – foreign^		—			13,392
Receivable from securities transactions		—			2,592,776
Receivable from Fund shares sold		5,817,243			6,026,345
Dividends and interest receivable		7,136,459			2,715,690
Unrealized appreciation on forward foreign currency contracts		—			218,937
Due from affiliates		36,354			34,475
Swap premiums paid		142,387			—
Other		10,667			5,094
Total assets		513,099,441			400,134,568
LIABILITIES
Management fees payable		37,771			29,216
Service agreement fees payable		1,622			206
Distribution fees payable		6,755			241
Due to affiliates		33,719			32,866
Payable for securities transactions		2,327,630			3,856,328
Payable for delayed delivery securities		—			553,909
Payable for Fund shares redeemed		41,575			1,096
Unrealized depreciation on swap agreements		27,091			—
Payable for trustee compensation		10,796			5,388
Unrealized depreciation on forward foreign currency contracts		51,111			809,042
Accrued expenses and other payables		96,510			107,631
Total liabilities		2,634,580			5,395,923
NET ASSETS	$	510,464,861		$	394,738,645
NET ASSETS CONSIST OF:
Paid-in-capital	$	517,000,535		$	391,006,219
Total distributable earnings (loss)		(6,535,674	)		3,732,426
NET ASSETS	$	510,464,861		$	394,738,645
§ Consolidated statement of assets and liabilities (see Note 1)
† Portfolio investments, cost	$	505,447,474		$	387,349,737
^ Foreign cash, cost	$	—		$	13,381

See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2019 Semiannual Report 33

Statements of assets and liabilities (unaudited)	concluded
TIAA-CREF Funds  ■  April 30, 2019

	Emerging Markets		International
	Debt Fund		Bond Fund		§
INSTITUTIONAL CLASS:
Net assets	$	26,403,380	$	646,679
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		2,711,579		64,915
Net asset value per share		$9.74		$9.96
ADVISOR CLASS:
Net assets	$	7,789,870	$	130,372
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		798,268		13,097
Net asset value per share		$9.76		$9.95
PREMIER CLASS:
Net assets	$	907,707	$	103,025
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		93,354		10,285
Net asset value per share		$9.72		$10.02
RETIREMENT CLASS:
Net assets	$	15,827,827	$	5,460,244
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		1,626,789		548,703
Net asset value per share		$9.73		$9.95
RETAIL CLASS:
Net assets	$	32,033,469	$	1,112,477
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		3,292,113		111,722
Net asset value per share		$9.73		$9.96
CLASS W:
Net assets	$	427,502,608	$	387,285,848
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		43,879,777		38,801,670
Net asset value per share		$9.74		$9.98

34 2019 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements

Statements of operations (unaudited)

TIAA-CREF Funds  ■  For the period ended April 30, 2019

Emerging Markets				International
	Debt Fund			Bond Fund		§
INVESTMENT INCOME
Interest*	$	15,975,084		$	4,683,574
Total income		15,975,084			4,683,574
EXPENSES
Management fees		1,265,890			1,002,411
Shareholder servicing — Institutional Class		386			91
Shareholder servicing — Advisor Class		2,107			34
Shareholder servicing — Premier Class		14			10
Shareholder servicing — Retirement Class		18,858			6,099
Shareholder servicing — Retail Class		3,219			1,652
Shareholder servicing — Class W		814			1,807
Distribution fees — Premier Class		720			75
Distribution fees — Retail Class		22,624			1,311
Administrative service fees		44,394			43,499
Trustee fees and expenses		3,603			3,033
Other expenses		152,561			156,080
Total expenses		1,515,190			1,216,102
Less: Expenses reimbursed by the investment adviser		(1,274,148	)		(1,180,655	)
Net expenses		241,042			35,447
Net investment income (loss)		15,734,042			4,648,127
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments		(3,653,704	)		153,607
Forward foreign currency contracts		(9,565	)		4,972,567
Swap contracts		(3,362	)		—
Foreign currency transactions		(1,702,106	)		(761,945	)
Net realized gain (loss) on total investments		(5,368,737	)		4,364,229
Change in unrealized appreciation (depreciation) on:
Portfolio investments‡		28,770,599			13,330,690
Forward foreign currency contracts		(43,319	)		(1,537,160	)
Swap contracts		(27,091	)		—
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		17,394			13,930
Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments		28,717,583			11,807,460
Net realized and unrealized gain (loss) on total investments		23,348,846			16,171,689
Net increase (decrease) in net assets from operations	$	39,082,888		$	20,819,816
*   Net of foreign withholding taxes of	$	102,346		$	73,319
§  Consolidated statement of operations (see Note 1)
‡  Includes net change in unrealized foreign capital gains taxes of	$	(320	)	$	—

See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2019 Semiannual Report 35

Statements of changes in net assets

TIAA-CREF Funds  ■  For the period or year ended April 30, 2019

		Emerging Markets Debt Fund						International Bond Fund§
		April 30, 2019			October 31, 2018			April 30, 2019			October 31, 2018
		(unaudited		)				(unaudited		)
OPERATIONS
Net investment income (loss)		$	15,734,042		$	24,001,998		$	4,648,127		$	5,475,152
Net realized gain (loss) on total investments			(5,368,737	)		(4,036,739	)		4,364,229			9,640,145
Net change in unrealized appreciation (depreciation) on total investments			28,717,583			(42,746,516	)		11,807,460			(15,186,244	)
Net increase (decrease) in net assets from operations			39,082,888			(22,781,257	)		20,819,816			(70,947	)
DISTRIBUTIONS TO SHAREHOLDERS
Dividends to shareholders:	Institutional Class		(470,972	)		(26,939,465	)		(12,316	)		(5,821,836	)
	Advisor Class		(114,715	)		(181,036	)		(2,784	)		(9,010	)
	Premier Class		(23,701	)		(44,435	)		(2,695	)		(7,343	)
	Retirement Class		(348,507	)		(1,243,094	)		(113,934	)		(56,301	)
	Retail Class		(336,703	)		(341,382	)		(26,070	)		(19,119	)
	Class W†		(11,196,338	)		—			(10,478,616	)		—
Total distributions			(12,490,936	)		(28,749,412	)		(10,636,415	)		(5,913,609	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		10,041,128			201,512,736			181,851			172,727,623
	Advisor Class		6,795,081			14,927,035			25,319			247
	Premier Class		17,346			890,370			—			—
	Retirement Class		2,344,328			10,057,694			1,211,546			3,869,271
	Retail Class		29,852,189			14,310,576			102,611			609,113
	Class W†		46,228,718			1,691,394			89,001,290			4,937,270
Reinvestments of distributions:	Institutional Class		410,319			7,628,108			12,050			7,348
	Advisor Class		112,195			172,891			62			43
	Premier Class		18,165			26,332			—			—
	Retirement Class		348,290			1,242,381			113,643			49,877
	Retail Class		335,781			333,619			24,937			12,220
Transfers in connection with new class:	Institutional Class		—			(421,998,381	)		—			(348,913,039	)
	Class W†		—			421,998,381			—			348,913,039
Redemptions:	Institutional Class		(2,146,144	)		(68,822,662	)		(48,500	)		(62,452,417	)
	Advisor Class		(1,851,258	)		(12,166,729	)		—			(882,000	)
	Premier Class		(223,032	)		(163,393	)		—			(881,000	)
	Retirement Class		(2,387,303	)		(7,760,638	)		(335,309	)		(2,385,799	)
	Retail Class		(5,351,519	)		(9,020,526	)		(120,475	)		(1,209,533	)
	Class W†		(43,077,508	)		(14,137,642	)		(48,024,606	)		(16,610,566	)
Net increase (decrease) from shareholder transactions			41,466,776			140,721,546			42,144,419			97,791,697
Net increase (decrease) in net assets			68,058,728			89,190,877			52,327,820			91,807,141
NET ASSETS
Beginning of period			442,406,133			353,215,256			342,410,825			250,603,684
End of period		$	510,464,861		$	442,406,133		$	394,738,645		$	342,410,825

36    2019 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds    See notes to financial statements    See notes to financial statements    TIAA-CREF International Fixed-Income Funds  ■  2019 Semiannual Report    37

Statements of changes in net assets	concluded
TIAA-CREF Funds  ■  For the period or year ended April 30, 2019

		Emerging Markets Debt Fund						International Bond Fund§
		April 30, 2019			October 31, 2018			April 30, 2019			October 31, 2018
		(unaudited		)				(unaudited		)
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		1,052,392			20,889,020			18,539			17,505,164
	Advisor Class		726,789			1,478,253			2,581			—
	Premier Class		1,861			92,091			—			—
	Retirement Class		246,179			989,664			125,467			391,431
	Retail Class		3,136,172			1,440,863			10,620			61,596
	Class W†		4,851,413			170,939			9,145,771			520,000
Shares reinvested:	Institutional Class		44,234			757,281			1,267			750
	Advisor Class		12,043			17,679			7			4
	Premier Class		1,974			2,763			—			—
	Retirement Class		37,659			126,149			11,950			5,099
	Retail Class		35,394			34,526			2,620			1,246
Shares transferred in connection with new class:	Institutional Class		—			(45,037,181	)		—			(35,817,067	)
	Class W†		—			45,037,181			—			35,817,067
Shares redeemed:	Institutional Class		(218,394	)		(7,049,854	)		(4,988	)		(6,308,778	)
	Advisor Class		(193,840	)		(1,256,093	)		—			(89,725	)
	Premier Class		(23,868	)		(17,183	)		—			(89,715	)
	Retirement Class		(251,152	)		(796,406	)		(34,395	)		(242,670	)
	Retail Class		(568,816	)		(937,455	)		(12,402	)		(123,208	)
	Class W†		(4,645,634	)		(1,534,122	)		(4,970,023	)		(1,711,144	)
Net increase (decrease) from shareholder transactions			4,244,406			14,408,115			4,297,014			9,920,050

†	Class W commenced operations on September 28, 2018.
§	Consolidated statement of changes in net assets (see Note 1)

38    2019 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds    See notes to financial statements    See notes to financial statements    TIAA-CREF International Fixed-Income Funds  ■  2019 Semiannual Report    39

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		value,		investment			gain (loss)			(loss) from			Net			Net			dividends			value,					at end of									investment			Portfolio
	or year		beginning		income			on total			investment			investment			realized			and			end of		Total			period (in			Gross			Net			income			turnover
	ended		of period		(loss		)a	investments			operations			income			gains			distributions			period		return			thousands		)	expenses			expenses			(loss		)	rate
EMERGING MARKETS DEBT FUND
Institutional Class:
	4/30/19	#	$	9.18	$	0.29		$	0.50		$	0.79		$	(0.23	)	$	—		$	(0.23	)	$	9.74		8.74	%b	$	26,403			0.64	%c		0.64	%c		6.31	%c	36	%b
	10/31/18			10.47		0.58			(1.13	)		(0.55	)		(0.53	)		(0.21	)		(0.74	)		9.18		(5.58	)		16,835			0.65			0.65			5.82		75
	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			0.00	d		0.04			—			—			—			10.04		0.40	b		53,371			8.89	c		0.65	c		4.07	c	3	b
Advisor Class:
	4/30/19	#		9.20		0.29			0.50			0.79			(0.23	)		—			(0.23	)		9.76		8.68	b		7,790			0.72	c		0.72	c		6.23	c	36	b
	10/31/18			10.48		0.59			(1.14	)		(0.55	)		(0.52	)		(0.21	)		(0.73	)		9.20		(5.56	)		2,330			0.71			0.71			5.94		75
	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		15.05	b		113			0.70	c		0.67	c		6.00	c	125
Premier Class:
	4/30/19	#		9.17		0.29			0.48			0.77			(0.22	)		—			(0.22	)		9.72		8.55	b		908			0.79	c		0.79	c		6.14	c	36	b
	10/31/18			10.46		0.55			(1.11	)		(0.56	)		(0.52	)		(0.21	)		(0.73	)		9.17		(5.72	)		1,040			0.80			0.80			5.74		75
	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			0.00	d		0.04			—			—			—			10.04		0.40	b		1,004			10.26	c		0.80	c		3.70	c	3	b
Retirement Class:
	4/30/19	#		9.18		0.28			0.49			0.77			(0.22	)		—			(0.22	)		9.73		8.49	b		15,828			0.89	c		0.89	c		6.05	c	36	b
	10/31/18			10.46		0.55			(1.11	)		(0.56	)		(0.51	)		(0.21	)		(0.72	)		9.18		(5.73	)		14,626			0.90			0.90			5.55		75
	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			0.00	d		0.04			—			—			—			10.04		0.40	b		1,218			10.22	c		0.90	c		3.70	c	3	b
Retail Class:
	4/30/19	#		9.18		0.28			0.49			0.77			(0.22	)		—			(0.22	)		9.73		8.47	b		32,033			0.92	c		0.92	c		6.05	c	36	b
	10/31/18			10.46		0.55			(1.12	)		(0.57	)		(0.50	)		(0.21	)		(0.71	)		9.18		(5.79	)		6,326			0.99			0.99			5.63		75
	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		0.40	b		1,114			10.33	c		1.00	c		3.53	c	3	b
Class W:
	4/30/19	#		9.19		0.32			0.49			0.81			(0.26	)		—			(0.26	)		9.74		8.96	b		427,503			0.64	c		0.00	c		6.94	c	36	b
	10/31/18	††		9.37		0.05			(0.23	)		(0.18	)		—			—			—			9.19		(1.92	)b		401,249			0.64	c		0.00	c		6.37	c	75

40    2019 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds    See notes to financial statements    See notes to financial statements    TIAA-CREF International Fixed-Income Funds  ■  2019 Semiannual Report    41

Financial highlights	concluded
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		value,		investment			gain (loss)			(loss) from			Net			Net			dividends			value,					at end of									investment			Portfolio
	or year		beginning		income			on total			investment			investment			realized			and			end of		Total			period (in			Gross			Net			income			turnover
	ended		of period		(loss		)a	investments			operations			income			gains			distributions			period		return			thousands		)	expenses			expenses			(loss		)	rate
INTERNATIONAL BOND FUND§
Institutional Class:
	4/30/19	#	$	9.71	$	0.09		$	0.43		$	0.52		$	(0.27	)	$	—		$	(0.27	)	$	9.96		5.45	%b	$	647			0.70	%c		0.65	%c		1.93	%c	23	%b
	10/31/18			9.89		0.19			(0.18	)		0.01			(0.19	)		—			(0.19	)		9.71		0.07			487			0.70			0.65			1.87		62
	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			1.82	c		0.65	c		1.28	c	18	b
Advisor Class:
	4/30/19	#		9.71		0.09			0.41			0.50			(0.26	)		—			(0.26	)		9.95		5.33	b		130			0.72	c		0.71	c		1.86	c	23	b
	10/31/18			9.90		0.18			(0.18	)		0.00	d		(0.19	)		—			(0.19	)		9.71		(0.06	)		102			0.71			0.66			1.83		62
	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			1.96	c		0.80	c		0.94	c	18	b
Premier Class:
	4/30/19	#		9.77		0.09			0.42			0.51			(0.26	)		—			(0.26	)		10.02		5.37	b		103			0.83	c		0.80	c		1.77	c	23	b
	10/31/18			9.89		0.17			(0.17	)		0.00	d		(0.12	)		—			(0.12	)		9.77		(0.04	)		100			0.86			0.80			1.69		62
	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			2.50	c		0.80	c		0.94	c	18	b
Retirement Class:
	4/30/19	#		9.71		0.08			0.42			0.50			(0.26	)		—			(0.26	)		9.95		5.27	b		5,460			0.91	c		0.90	c		1.67	c	23	b
	10/31/18			9.88		0.16			(0.18	)		(0.02	)		(0.15	)		—			(0.15	)		9.71		(0.18	)		4,326			0.95			0.90			1.61		62
	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			2.53	c		0.90	c		0.84	c	18	b
Retail Class:
	4/30/19	#		9.71		0.08			0.43			0.51			(0.26	)		—			(0.26	)		9.96		5.34	b		1,112			1.23	c		1.00	c		1.57	c	23	b
	10/31/18			9.88		0.15			(0.18	)		(0.03	)		(0.14	)		—			(0.14	)		9.71		(0.36	)		1,077			1.13			1.00			1.50		62
	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			4.29	c		1.00	c		0.75	c	18	b
Class W:
	4/30/19	#		9.71		0.12			0.43			0.55			(0.28	)		—			(0.28	)		9.98		5.82	b		387,286			0.66	c		0.00	c		2.57	c	23	b
	10/31/18	††		9.74		0.02			(0.05	)		(0.03	)		—			—			—			9.71		(0.31	)b		336,319			0.67	c		0.00	c		2.98	c	62

#	Unaudited
*	The Fund commenced operations on September 26, 2014.
§	Consolidated financial highlights (see Note 1)
†	The Fund commenced operations on August 5, 2016.
††	Class W commenced operations on September 28, 2018.
‡	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.

42    2019 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds    See notes to financial statements    See notes to financial statements    TIAA-CREF International Fixed-Income Funds  ■  2019 Semiannual Report    43

Notes to financial statements(unaudited)

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 U.S. 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 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 six share classes: Institutional Class, Advisor Class, Premier Class, Retirement Class, Retail Class and Class W shares. Each class differs by the allocation of class-specific expenses and voting rights in matters affecting a single class. Class W was made available for sale by certain Funds on September 28, 2018 pursuant to an amendment to the Trust’s registration statement filed with the Commission.

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

44 2019 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds

a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain.

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.

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

TIAA-CREF International Fixed-Income Funds  ■  2019 Semiannual Report 45

Notes to financial statements(unaudited)

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 separately 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 April 30, 2019, the net assets of the Subsidiary were $28,179,830 representing 7% 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	$	28,440,963
Net assets	$	28,179,830
Net investment income (loss)	$	288,561
Net realized gain (loss)	$	(149,515	)
Net change in unrealized appreciation (depreciation)	$	1,096,561

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-CEN and N-PORT, and amends Regulation S-X disclosures related to derivatives and other disclosures in the financial statements and various 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 2019, but still requires the Funds to maintain the data that would have been filed on Form N-PORT during the deferral period. Form N-CEN and the data requirements of Form N-PORT were implemented on June 1, 2018 and did not have an impact on net assets or results of operations.

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, in relation to the implementation of the liquidity risk management program and the 15% illiquid investment limit, were implemented by the December 1, 2018 compliance date. This portion of the implementation did not have a material impact on the Funds’ financial

46 2019 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds

continued

statements and various filings. In February 2018, the Commission issued Release No. IC-33142, which delayed certain compliance requirements related to liquidity classification, highly liquid investment minimums, and board approval of the liquidity risk management programs from December 1, 2018 to June 1, 2019. The Funds will implement the second portion of the rule before the required adoption date, however, this last part of the implementation will not have a material impact on the Funds’ financial statements and various 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.

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 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.

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.

TIAA-CREF International Fixed-Income Funds  ■  2019 Semiannual Report 47

Notes to financial statements (unaudited)

Credit default swap contracts: Credit default swap contracts are marked-to-market daily based upon a price supplied by a pricing service. Credit default swaps are generally categorized as Level 2 in the fair value hierarchy.

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.

The following table summarizes the market value of the Funds’ investments as of April 30, 2019, based on the inputs used to value them:

Fund	Level 1		Level 2			Level 3		Total
Emerging Markets Debt
Africa/Middle East	$	—	$	115,191,755		$	626,737	$	115,818,492
Asia		—		106,483,826			—		106,483,826
Europe		—		75,239,511			—		75,239,511
Latin America		314,417		183,968,742			1,800,471		186,083,630
North America		—		2,106,011			—		2,106,011
Short-term investments		—		14,198,611			—		14,198,611
Swap contracts**		—		(27,091	)		—		(27,091	)
Forward foreign currency contracts**		—		(51,111	)		—		(51,111	)
Total	$	314,417	$	497,110,254		$	2,427,208	$	499,851,879
International Bond
Africa/Middle East	$	—	$	21,725,157		$	—	$	21,725,157
Asia		—		117,125,722			745,308		117,871,030
Europe		—		135,246,787			43,216		135,290,003
Latin America		—		21,584,156			—		21,584,156
North America		—		65,687,360			291,851		65,979,211
All other debt investments*		—		8,525,084			—		8,525,084
Short-term investments		—		17,356,174			—		17,356,174
Forward foreign currency contracts**		—		(590,105	)		—		(590,105	)
Total	$	—	$	386,660,335		$	1,080,375	$	387,740,710

*	For detailed categories, see the accompanying Consolidated summary portfolio of investments.
**	Derivative instruments 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 April 30, 2019, the following Funds have invested in derivative contracts which are reflected in the Statements of Assets and Liabilities as follows:

48 2019 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds

continued

	Asset derivatives			Liability derivatives
Derivative contract	Location	Fair value amount		Location	Fair value amount
Emerging Markets Debt Fund
Credit contracts				Swap contracts	$	(27,091	)
Foreign-exchange contracts				Forward foreign currency contracts		(51,111	)
International Bond Fund
Foreign-exchange contracts	Forward foreign currency contracts	$	218,937	Forward foreign currency contracts		(809,042	)

For the period ended April 30, 2019, 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
Forward contracts	Forward foreign currency contracts	$	(9,565	)	$	(43,319	)
Credit contracts	Swap contracts		(3,362	)		(27,091	)
International Bond Fund
Forward contracts	Forward foreign currency contracts		4,972,567			(1,537,160	)

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 period ended April 30, 2019, the Emerging Markets Debt and International Bond Funds had exposure to forwards, based on underlying notional values, generally between 0% and 1% and 69% and 75%, respectively. The forward contracts outstanding as of April 30, 2019 are disclosed in the summary portfolio of investments and the full schedules of investments.

TIAA-CREF International Fixed-Income Funds  ■  2019 Semiannual Report 49

Notes to financial statements(unaudited)

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 predefined 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 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 (other than the Money Market Fund) 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 period ended April 30, 2019, the Emerging Markets Debt Fund had exposure to credit default swap contracts, based on underlying notional values, generally between 0%

50 2019 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds

continued

and 1% of net assets. The credit default swap contracts outstanding as of April 30, 2019 are disclosed in the summary portfolio of investments and the full schedule 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.

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 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 contractually agreed to waive and/or reimburse Class W’s Management fees and Other expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses, Trustee expenses and extraordinary expenses) in their entirety. Advisors expects this waiver and/or reimbursement to remain in effect indefinitely, unless changed or terminated with approval of the Board of Trustees.

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 April 30, 2019, 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 International Fixed-Income Funds  ■  2019 Semiannual Report 51

Notes to financial statements(unaudited)

	Investment management fee range			Investment management fee–effective rate			Service agreement fee			Distribution fee
							Retirement Class			Premier Class			Retail Class
Emerging Markets Debt		0.45%–0.55	%		0.55	%		0.25	%		0.15	%		0.25	%
International Bond		0.45–0.55	a		0.55			0.25			0.15			0.25

	Maximum expense amounts‡
	Institutional Class			Advisor Class			Premier Class			Retirement Class			Retail Class			Class W§
Emerging Markets Debt		0.65	%		0.80	%		0.80	%		0.90	%		1.00	%		0.65	%
International Bond		0.65			0.80			0.80			0.90			1.00			0.65

‡	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 29, 2020. The reimbursement arrangements can only be changed with the approval of the Board of Trustees.
a	Prior to March 1, 2019, the investment management fee range for the International Bond Fund was 0.50%-0.55% of average daily net assets.
§	Advisors has contractually agreed to waive and/or reimburse Class W’s Management fees and Other expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses, Trustee expenses and extraordinary expenses) in their entirety. Advisors expects this waiver and/or reimbursement to remain in effect permanently, unless changed with 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 period ended April 30, 2019, the Funds did not have any security transactions with affiliated entities.

At the commencement of operations of the International Bond Fund, TIAA, an affiliate, invested in the Fund. During the period ended April 30, 2019, TIAA received total proceeds of $3,703,000 from redemptions. The following is the percentage of the Fund’s shares owned by affiliates as of April 30, 2019:

Underlying Fund	TIAA-CREF Lifecycle Funds
Emerging Markets Debt		84	%
International Bond		98	%

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

52 2019 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds

continued

purchase commitments. Amounts receivable and/or payable for these transactions are reflected separately in the Statements of Assets and Liabilities.

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 April 30, 2019, 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:

Fund	Tax cost		Gross unrealized appreciation		Gross unrealized (depreciation		)	Net unrealized appreciation (depreciation		)
Emerging Markets Debt	$	505,616,322		$12,137,965		$(17,732,930	)		$(5,594,965	)
International Bond		386,778,291		7,015,131		(6,052,712	)		962,419

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 period ended April 30, 2019 were as follows:

Fund	Non-U.S. government purchases		Non-U.S. government sales
Emerging Markets Debt	$	192,050,809	$	160,625,562
International Bond		113,229,751		79,156,331

Note 6—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the year ended October 31, 2018 was as follows:

Fund	Ordinary income		Long-term capital gains		Total
Emerging Markets Debt		$26,504,045		$2,245,367		$28,749,412
International Bond		5,913,609		—		5,913,609

The tax character of the fiscal year 2019 distributions will be determined at the end of the fiscal year.

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

TIAA-CREF International Fixed-Income Funds  ■  2019 Semiannual Report 53

Notes to financial statements(unaudited)

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—inter-fund lending program

Pursuant to an exemptive order issued by the Commission, the Funds may participate in an inter-fund lending program. This program allows the Funds to lend cash to and/or borrow cash from certain other affiliated Funds for temporary purposes, (e.g., to satisfy redemption requests or to cover unanticipated cash shortfalls). The program is subject to a number of conditions, including the requirement that no Fund may borrow or lend money under the program unless it receives a more favorable interest rate than is available from a bank or other financial institution for a comparable transaction. In addition, a Fund may participate in the program only if its participation is consistent with the Fund’s investment policies and limitations and authorized by its portfolio manager(s). During the period ended April 30, 2019, there were no inter-fund borrowing or lending transactions.

Note 9—line of credit

Each of the Funds participates in a $1.25 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 19, 2018 expiring on June 18, 2019, replacing the previous $1.5 billion facility, which expired June 2018. 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 period ended April 30, 2019, there were no borrowings under this credit facility by the Funds.

Note 10—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.

54 2019 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds

concluded

Note 11—subsequent events

Effective June 18, 2019, the line of credit that each fund participates in will be reduced to $1 billion of an unsecured revolving credit facility that can be used for temporary purposes, including, without limitation, the funding of shareholder redemptions. This facility will expire on June 16, 2020.

Advisors has agreed to implement voluntary waivers reducing the expense cap for the Funds for one year effective May 1, 2019. These waivers are voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval. During this one-year period, the expense cap after the waiver for each fund is as follows:

Fund	Waiver			Maximum expense amounts
Emerging Markets Debt – Retirement Class		0.02	%		0.88	%
International Bond – Institutional Class		0.05	%		0.60	%
International Bond – Advisor Class		0.20	%		0.60	%
International Bond – Retirement Class		0.03	%		0.87	%
International Bond – Retail Class		0.02	%		0.98	%
International Bond – Class W		0.05	%		0.60	%

TIAA-CREF International Fixed-Income Funds  ■  2019 Semiannual Report 55

Approval of investment management agreement (unaudited)

Board renewal of the investment management agreement for the TIAA-CREF Emerging Markets Debt Fund and the TIAA-CREF International Bond Fund

The Board of Trustees (the “Board” or the “Trustees”) of the TIAA-CREF Funds (the “Trust”) determines whether to initially approve and periodically renew the investment management agreement (the “Agreement”) between Teachers Advisors, LLC (“Advisors”) and the Trust on behalf of each of its series. Under the Agreement, Advisors is responsible for providing investment advisory services to each series of the Trust and overseeing the everyday operations and other service providers of the Trust. Below is a summary of the process the Board undertook related to its most recent renewal of the Agreement with respect to the TIAA-CREF Emerging Markets Debt Fund and the TIAA-CREF International Bond Fund (the “Funds”).

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that, after an initial period of up to two years, the Agreement for each Fund will remain in effect only if the Board, including a majority of those Trustees who have no direct or indirect interest in the Agreement, and who are independent Trustees because they are not “interested persons” of the Trust, as that term is defined in the 1940 Act, annually renews that Agreement. None of the Trustees are interested persons of the Trust under the 1940 Act. Rather, they are all deemed to be independent Trustees.

Overview of the renewal process

The Board held a meeting on March 28, 2019, at which it considered the annual renewal of the Agreement with respect to each Fund using the process established by the Board. As part of this process, the Board delegated certain tasks to its Operations Committee. Among these tasks, the Operations Committee or certain of its designated members worked with Advisors, other Board members and legal counsel to the Trustees to develop guidance and specific requests relating to the types of information to be provided to the Board in connection with the proposed contract renewals.

Among other matters, the Operations Committee or certain of its designated members, following its consultations with Advisors’ representatives, the Trustees, legal counsel to the Trustees and legal counsel to Advisors and the Trust, confirmed or established certain guidance regarding the preparation of reports to be provided to the Board with respect to each Fund by the Board Reporting and Compliance unit of Broadridge Financial Solutions, Inc. (“Broadridge”), using data from Lipper, Inc., which is an independent provider of investment company data. Broadridge is widely recognized as a leading provider of comparative analyses used by independent directors and trustees of investment companies during their advisory contract review processes.

Based on guidance provided by the Operations Committee or certain of its designated members on behalf of the Board, Broadridge produced, among other information, comparative performance and expense data regarding each Fund, including data

56 2019 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds

continued

relating to each Fund’s management fee rate, total expense ratio, short-term and long-term investment performance and portfolio turnover rate (as applicable). Broadridge compared this data, as relevant, for each Fund against a universe of investment companies and against a more selective peer group of mutual funds with similar investment objectives and strategies, each of which was selected by Broadridge, and also compared the performance of each Fund against one or more appropriate broad-based indices. In each case, Broadridge summarized, and the Board reviewed, the methodologies Broadridge employed to provide the data contained in its reports. In addition, Broadridge represented to the Board that its reports were designed specifically to provide the Board with the fee, expense and performance information that is necessary to help the Board satisfy its duties under Section 15(c) of the 1940 Act. Broadridge also represented that the purpose of its materials is to provide an objective view of each Fund’s relative position regarding the level of fees, expenses and total return performance against a competitive peer group and universe (as applicable) selected by Broadridge (and not Advisors or the Board). The Board considered the propriety of each Fund’s applicable peer group as selected by Broadridge and use of the Institutional Class as the base class for comparison purposes.

Among other matters, the Board also requested and received additional information from Advisors to facilitate the Trustees’ evaluation of the reasonableness of any profits earned by Advisors with respect to its services to each Fund pursuant to the Agreement.

Prior to the March 28, 2019 meeting, the Board met informally to review and discuss Advisors’ materials, which led to the Trustees providing additional questions to, and requesting additional information from, Advisors. Subsequently, at the March 2019 meeting, the Trustees were given the opportunity to and did ask additional questions and they reviewed responses from Advisors to the Board’s follow-up questions and requests presented by the Board after its initial review of the information described above.

In advance of the Board meeting held on March 28, 2019, legal counsel for the Trustees requested on behalf of the Board, and Advisors provided, information that was designed to assist the Board in its consideration of whether to renew the Agreement for each Fund. In addition to the data provided by Broadridge as described above, this information included, but was not limited to, the following: (1) further information relating to each Fund’s investment performance and a narrative analysis of the performance of each Fund that had underperformed certain Board-specified criteria, together with an explanation of any events that had a material impact on the Fund’s performance during that period; (2) a description of any fee waiver or expense reimbursement arrangements that were proposed or were in place during the prior year and the extent to which such arrangements would be continued or modified in the coming year; (3) a comparison of each Fund’s management fee rate and performance to other accounts with comparable strategies managed by Advisors or certain of its affiliates, if any; (4) any “fall-out” benefits that accrued or were identified as reasonably likely to accrue to Advisors or its affiliates due to their relationship with the Funds in addition to the Funds’ direct fee

TIAA-CREF International Fixed-Income Funds  ■  2019 Semiannual Report 57

Approval of investment management agreement(unaudited)

payments to Advisors pursuant to the Agreement; (5) information regarding Advisors’ financial resources, senior professional personnel, overall staffing levels, portfolio manager compensation arrangements, capacity to manage the Funds at current and foreseeable asset levels, insurance coverage, portfolio trading and best execution practices, and any actual and potential conflicts of interest identified by Advisors in connection with rendering services to the Funds; (6) information as to any profits earned by Advisors in connection with its services pursuant to the Agreement; (7) a copy of the Agreement and certain related agreements between the Funds and affiliates of Advisors; (8) a copy of Advisors’ Form ADV as filed with the Securities and Exchange Commission (which was presented only to legal counsel for the Trustees); and (9) proposed narrative explanations of reasons why the Board should renew the Agreement. The Trustees were also provided with performance ratings of Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service.

In considering whether to renew the Agreement with respect to each Fund, the Board reviewed various factors with respect to each Fund, including: (1) the nature, extent and quality of services provided or to be provided by Advisors to the Fund; (2) the Fund’s investment performance; (3) the costs of the services provided to the Fund and the profits realized or potential profits to be realized (if any) by Advisors and its affiliates from their relationship with the Fund; (4) fees charged to comparable mutual funds by other advisers, if any; (5) the extent to which economies of scale have been realized or are anticipated to be realized as the Fund grows; (6) how such economies of scale are shared with the Fund for the benefit of its investors, such as through management fee breakpoints; (7) comparisons of the services provided by Advisors to, and the fee rates and performance of, the Fund to other clients to whom Advisors provides comparable services; and (8) any other benefits derived or anticipated to be derived by Advisors or its affiliates from their relationship with the Fund. As a general matter, the Board viewed these factors, and any other factors deemed relevant by the Trustees, in their totality, and no single factor was identified as being the determining factor in deciding whether to renew the Agreement.

In addition to the general session meeting that included Advisors’ personnel, the Trustees met in private sessions, at which no Advisors representatives were present, to discuss the proposed renewal of the Agreement for each Fund. The Board also received and considered information from its legal counsel as to certain relevant guidance that relates to the renewal process under Section 15(c) of the 1940 Act and certain other legal authorities.

While the contract renewal process included a series of meetings leading up to the March 28, 2019 meeting, the oversight and evaluation of Advisors’ services to the Funds by the Board and its Committees is ongoing. The Board, as well as its Committees, reviewed reports on various investment and operational topics that had been identified by the Board or its Committees for review in the year since the last annual renewal process. Further, at regularly scheduled meetings of the Board, the Board and the Investment Committee receive and review, among other matters, information regarding the performance of the Funds. Thus, in reaching its decisions

58 2019 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds

continued

regarding the renewal of the Agreement for each Fund, the Board took into account the information described herein and other information provided to the Board and its Committees throughout the year.

The Board received and considered both Trust-level and Fund-specific information, but made its renewal determinations on a Fund-by-Fund basis. In deciding whether to renew the Agreement for each Fund, each Trustee may have accorded different weight to different factors and, thus, each Trustee may have had a different basis for his or her ultimate decision to vote to renew the Agreement for each Fund. At its meeting on March 28, 2019, all Board members voted unanimously to renew the Agreement for each Fund. Set forth below is a summary of the primary factors the Board considered with respect to each Fund.

The nature, extent and quality of services

The Board considered the level and depth of knowledge of Advisors, including the professional experience and qualifications of its personnel. The Board also considered that Advisors is an experienced investment adviser that has managed the Funds since their operations commenced. Investment professionals at Advisors also manage various funds and accounts of the College Retirement Equities Fund, the TIAA-CREF Life Funds and TIAA Separate Account VA-1, as well as advise and sub-advise other investment companies and vehicles. Under the Agreement, Advisors is responsible for, among other duties: managing the assets of the Funds, including conducting research, identifying investments and placing orders to buy and sell securities for the Funds’ investment portfolios; active daily monitoring of the Funds’ investment portfolios; reporting on the investment performance and other metrics of the Funds to the Board on a regular basis; responding to Fund flows; compliance and risk monitoring and management; coordinating the activities of each Fund’s service providers; and overseeing the provision of various administrative services to the Funds. The Board considered that Advisors has carried out these responsibilities in a competent and professional manner. The Board also considered that Advisors has committed significant resources to supporting the series of the Trust, including the Funds. It also considered Advisors’ compliance program and resources and its compliance record with respect to the Funds.

The Board also considered, among other factors, the performance of each Fund, as discussed below. In addition, the Board considered the nature and quality of non-portfolio management services provided by Advisors and its affiliates. In this regard, the Board considered its ongoing review of the performance of certain affiliated and unaffiliated service providers, including the quality of services provided by those firms and Advisors’ oversight of those service providers and the outsourcing of certain services to other firms.

During its review, the Board noted its ongoing efforts to examine the level of personnel and other resources available to Advisors to provide portfolio management and other services to the Funds, including the impact of recent and anticipated

TIAA-CREF International Fixed-Income Funds  ■  2019 Semiannual Report 59

Approval of investment management agreement (unaudited)

operational changes on such resources, so as to assess the adequacy of the resources devoted to these services.

Investment performance

The Board considered the investment performance of each Fund over the periods indicated in the Fund-by-Fund synopsis below. The Board considered each Fund’s performance as compared to its peer group and peer universe (as applicable) and its benchmark index. For details regarding each Fund’s performance, see the Fund-by-Fund synopsis below. Thus, the Board concluded that, under the totality of circumstances considered, the investment performance of each Fund was reasonable.

Cost and profitability

The Board considered financial and profitability data relating to Advisors’ services to the Funds for the calendar year 2018. The Board also noted the contractual reduction of the management fee rate at each breakpoint in the breakpoint schedule of each Fund effective March 1, 2019. The Board considered Advisors’ profit calculations with respect to its services to each Fund both before and after taking into account the costs incurred directly or indirectly by Advisors in connection with the distribution of shares of the Fund. The Board considered that Advisors had calculated that it had incurred losses with respect to each Fund under the Agreement for the one-year period ended December 31, 2018. The Board recognized the entrepreneurial and other risks assumed by Advisors in managing the Funds. The Board also acknowledged Advisors’ commitment to reimburse Fund expenses to the extent that total annual operating expenses exceeded certain specified amounts. The Board considered that Advisors had calculated that it had incurred losses with respect to each Fund under the Agreement for the one-year period ended December 31, 2018.

Fees charged by other advisers

The Board considered comparative information regarding each Fund’s contractual and effective management fee rates and the contractual and effective management fee rates paid by similar mutual funds to other advisers, as analyzed by Broadridge and reflected in the Fund-by-Fund synopsis below. The Board determined that the management fee rate charged to a Fund under the Agreement typically was lower than the management fee rates charged to many or most other comparable mutual funds. In this connection, the Board also considered the inherent limitations of such comparisons in light of uncertainty as to how the fees of such similar mutual funds are set and potentially material differences between a Fund and its comparable mutual funds. The Board considered Broadridge’s treatment of all fund fee waivers, regardless of their type, as management fee waivers, which could materially impact how the Funds’ actual management fee rates compare to those of peer mutual funds. Additionally, the Board considered the potential limitations of such comparisons due to, among other factors, the fact that, in many instances,

60 2019 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds

continued

Broadridge based its comparisons on financial data relating to fiscal periods that differed from the period for which the Funds’ data were derived.

Based on all factors considered, the Board concluded that the management fee rates under the Agreement with respect to each Fund were reasonable in relation to those charged by appropriate groups of comparable mutual funds.

Economies of scale

The Board considered whether Advisors has experienced or is anticipated to experience economies of scale in connection with the operation of each Fund, and whether any such economies are shared with the Funds. In this regard, the Board recognized that Advisors calculated that it incurred losses with respect to each Fund under the Agreement for the one-year period ended December 31, 2018. The Board also considered that while each Fund’s management fee rate schedule included breakpoints (which, as noted above, were reduced for each Fund effective March 1, 2019), neither Fund had yet reached the asset level for the first breakpoint. (Management fee rate “breakpoints” result in a Fund paying a lower management fee rate above the designated breakpoint levels.) The Board considered, in connection with the supporting Broadridge reports, Advisors’ position that the maximum fee rate that could be charged to each Fund based on its level of assets under the Agreement is comparatively low in relation to peer groups of mutual funds. Based on all factors considered, the Board concluded that the Funds’ management fee rate schedules were reasonable in light of current economies of scale considerations and current asset levels.

Fee and performance comparisons with other Advisors clients

The Board considered that Advisors and its affiliate, TIAA-CREF Investment Management, LLC, provide investment management services to other investment companies, including foreign funds (UCITS), and separately managed accounts that may have similar investment strategies as certain of the Funds. In particular, the Board reviewed the management fee rates Advisors charges to a UCITS series that has a similar mandate to the Emerging Markets Debt Fund and the performance of this series. The Board also considered Advisors’ comments that, in the future, Advisors may manage client assets through additional funds and accounts with similar investment strategies. The Board also considered Advisors’ representation that, while the management fee rates charged to the Funds may differ from the management fee rates chargeable to these other funds and other accounts, this may be due in part to the fact that these other funds and accounts: (1) may involve less entrepreneurial and other risks on the part of Advisors; (2) may be offered in different types of markets; (3) may be provided with different types or levels of services; (4) may have different regulatory burdens; and/or (5) may target different investors.

TIAA-CREF International Fixed-Income Funds  ■  2019 Semiannual Report 61

Approval of investment management agreement(unaudited)

Other benefits

The Board also considered additional benefits to Advisors and its affiliates arising from the Agreement. For example, Advisors and its affiliates may benefit from their relationship with the Funds to the extent that this relationship results in potential investors viewing Teachers Insurance and Annuity Association of America (“TIAA”), of which Advisors is an indirect, wholly-owned subsidiary, as a leading retirement plan provider in the academic and nonprofit markets and as a single source for all their financial service needs. Both Advisors and certain funds managed by Advisors or its affiliates may benefit from economies of scale to the extent they share resources and/or personnel. Additionally, the Funds may be utilized as investment options for other products and businesses of Advisors and its affiliates, such as variable products, funds of funds and 529 education savings plans.

Fund-by-fund factors

The Board considered the following specific factors (among others) in connection with its determination to renew the Agreement with respect to each Fund. If a Fund is described in the following discussions as being in the “1st” quintile, it is in the best of five groups (that is, the group has the best performance or the lowest expenses, as the case may be). References below to quintiles are based on data provided to the Board in the reports prepared by Broadridge. The specific management fee, expense and performance factors outlined below are based on the Institutional Class shares of each Fund. Because the Institutional Class generally has lower non-management expenses than the other classes of these Funds, the expenses and performance of these other classes will differ from the expenses and performance shown for the Institutional Class. All time periods referenced below are ended December 31, 2018. Under the Morningstar rating system, 5 stars is the highest (best) rating category and 1 star is the lowest (worst) rating category. The Morningstar data is as of December 31, 2018. Statements below regarding “net loss” refer to Advisors’ calculations indicating that it incurred a loss for the services that it rendered to a Fund during 2018 under the Agreement.

Emerging Markets Debt Fund

• The Fund’s annual contractual management fee rate starts at 0.55% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The rates at each breakpoint were contractually reduced effective March 1, 2019. At its December 31, 2018 asset level, the Fund had not reached any of its management fee rate breakpoints.

• The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 1st quintile of the group of comparable funds selected by Broadridge for expense comparison purposes (“Expense Group”). The Fund’s total expense ratio and contractual management fee rate were each in the 1st quintile of the universe of comparable funds identified by

62 2019 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds

concluded

	Broadridge for expense comparison purposes (“Expense Universe”). The Fund’s actual management fee rate was in the 3rd quintile of its Expense Universe.
•	The Fund was in the 3rd and 1st quintiles of both the group of comparable funds selected by Broadridge for performance comparison purposes (“Performance Group”) and the universe of comparable funds selected by Broadridge for performance comparison purposes (“Performance Universe”) for the one- and three-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 5 stars.
•	Advisors incurred a net loss with respect to its services to the Fund for the one-year period.

International Bond Fund

• The Fund’s annual contractual management fee rate starts at 0.55% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The rates at each breakpoint were contractually reduced effective March 1, 2019. At its December 31, 2018 asset level, the Fund had not reached any of its management fee rate breakpoints.

• The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were in the 1st, 1st and 2nd quintiles of its Expense Group, respectively. The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 2nd quintile of its Expense Universe.

• The Fund was in the 2nd and 3rd quintiles of its Performance Group for the one-year and since-inception periods, respectively. The Fund was in the 2nd quintile of its Performance Universe for both the one-year and since-inception periods.

• The Fund does not yet have a sufficient track record for a Morningstar rating.

• Advisors incurred a net loss with respect to its services to the Fund for the one-year period.

Based primarily on the foregoing factors and considerations, the Board renewed the Agreement for each Fund.

TIAA-CREF International Fixed-Income Funds  ■  2019 Semiannual Report 63

[This page intentionally left blank.]

[This page intentionally left blank.]

[This page intentionally left blank.]

How to reach us

Websites

TIAA.org

nuveen.com

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 Federal Deposit Insurance Corporation (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, sell or hold a security or an investment strategy, 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.

©2019 Teachers Insurance and Annuity Association of America—College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017-3206

  730 Third Avenue
New York, NY 10017-3206 PRESORTED STANDARD U.S. POSTAGE PAID TIAA

  Printed on paper containing recycled fiber

	We’re fond of paper…in its original form.
	Switch to eDelivery at
	TIAA.org/eDelivery

832550 A15652 (6/19)

  730 Third Avenue
New York, NY 10017-3206

  Printed on paper containing recycled fiber

832550 A15652 (6/19)

  730 Third Avenue
New York, NY 10017-3206

832550 A15652 (6/19)

Item 2. Code of Ethics.

Not Applicable.

Item 3. Audit Committee Financial Expert.

Not Applicable.

Item 4. Principal Accountant Fees and Services.

Not Applicable.

Item 5. Audit Committee of Listed Registrants.

Not Applicable.

Item 6. Schedule of Investments.

TIAA-CREF FUNDS - Growth & Income Fund

TIAA-CREF FUNDS

GROWTH & INCOME FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2019

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.7%
AUTOMOBILES & COMPONENTS - 0.6%
	274,568		Aptiv plc	$	23,530,477
	434,087		General Motors Co		16,907,689
			TOTAL AUTOMOBILES & COMPONENTS		40,438,166
BANKS - 5.7%
	3,898,771		Bank of America Corp		119,224,417
	1,008,970		Citizens Financial Group, Inc		36,524,714
	1,253,972		JPMorgan Chase & Co		145,523,451
	225,462		M&T Bank Corp		38,344,322
	943,394		US Bancorp		50,301,768
			TOTAL BANKS		389,918,672
CAPITAL GOODS - 7.1%
	188,327	n	Boeing Co		71,129,225
	134,176		Carlisle Cos, Inc		18,975,170
	247,310		Deere & Co		40,961,955
	376,331		Dover Corp		36,895,491
	233,672		Fortive Corp		20,175,241
	1,123,632		General Electric Co		11,427,338
	297,530		Harris Corp		50,133,805
	520,315		Honeywell International, Inc		90,342,293
	358,883		Ingersoll-Rand plc		44,002,645
	552,653		ITT, Inc		33,463,139
	99,119	n	Northrop Grumman Corp		28,735,589
	191,134	n	Rockwell Automation, Inc		34,539,825
	14,192		TransDigm Group, Inc		6,847,924
			TOTAL CAPITAL GOODS		487,629,640
COMMERCIAL & PROFESSIONAL SERVICES - 1.2%
	220,749		Verisk Analytics, Inc		31,156,514
	485,466		Waste Management, Inc		52,109,920
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		83,266,434
CONSUMER DURABLES & APPAREL - 2.3%
	583,016	*	Capri Holdings Ltd		25,699,345
	480,558		DR Horton, Inc		21,293,525
	191,381	*	Levi Strauss & Co		4,288,848
	116,068	*	Lululemon Athletica, Inc		20,468,592
	1,595,305	*,e	Mattel, Inc		19,446,768
	715,066	*,g	Spin Master Corp		23,767,925
	712,177		Tapestry, Inc		22,981,952
	518,725		Wolverine World Wide, Inc		19,094,267
			TOTAL CONSUMER DURABLES & APPAREL		157,041,222

1

TIAA-CREF FUNDS - Growth & Income Fund

SHARES			COMPANY	VALUE
CONSUMER SERVICES - 0.5%
	318,080	n	Royal Caribbean Cruises Ltd	$	38,468,595
			TOTAL CONSUMER SERVICES		38,468,595
DIVERSIFIED FINANCIALS - 2.8%
	834,825		Blackstone Group LP		32,942,195
	322,882	n	CME Group, Inc		57,763,590
	1,286,150		Morgan Stanley		62,056,737
	775,206		Voya Financial, Inc		42,551,057
			TOTAL DIVERSIFIED FINANCIALS		195,313,579
ENERGY - 5.1%
	329,117	*	Apergy Corp		13,062,654
	1,107,617		Cabot Oil & Gas Corp		28,676,204
	573,506		Chevron Corp		68,855,130
	375,205		Concho Resources, Inc		43,291,153
	280,004	*	Continental Resources, Inc		12,877,384
	441,577		Delek US Holdings, Inc		16,364,844
	161,573		Diamondback Energy, Inc		17,189,752
	319,045		EOG Resources, Inc		30,644,272
	589,124		Exxon Mobil Corp		47,294,875
	345,168		Hess Corp		22,132,172
	335,771		ONEOK, Inc		22,808,924
	1,439,740	*	Parsley Energy, Inc		28,737,210
			TOTAL ENERGY		351,934,574
FOOD & STAPLES RETAILING - 1.2%
	170,708	n	Costco Wholesale Corp		41,913,935
	372,059		Walmart, Inc		38,262,548
			TOTAL FOOD & STAPLES RETAILING		80,176,483
FOOD, BEVERAGE & TOBACCO - 5.1%
	1,046,757		Coca-Cola Co		51,353,899
	391,868		Coca-Cola European Partners plc (Class A)		21,000,206
	970,496	n	ConAgra Brands, Inc		29,871,867
	158,053		Danone		12,777,790
	575,283		Diageo plc		24,252,621
	324,212		General Mills, Inc		16,687,192
	777,157	*,n	Hain Celestial Group, Inc		16,957,566
	149,318		Hershey Co		18,642,352
	139,671		J.M. Smucker Co		17,127,855
	1,061,403		Mondelez International, Inc		53,972,343
	292,026	*	Monster Beverage Corp		17,404,749
	524,127		PepsiCo, Inc		67,114,462
			TOTAL FOOD, BEVERAGE & TOBACCO		347,162,902
HEALTH CARE EQUIPMENT & SERVICES - 6.7%
	884,236		Abbott Laboratories		70,349,816
	40,435	*	Alcon, Inc		2,353,317
	169,609	n	Anthem, Inc		44,612,255
	1,167,324	*,n	Boston Scientific Corp		43,331,067
	104,807	*,n	DexCom, Inc		12,688,984

2

TIAA-CREF FUNDS - Growth & Income Fund

SHARES			COMPANY	VALUE
	212,844	*,n	Edwards Lifesciences Corp	$	37,475,443
	118,326	*,e	Guardant Health, Inc		7,751,536
	262,797		HCA Holdings, Inc		33,435,663
	390,458	*	Hologic, Inc		18,109,442
	115,054	*	IDEXX Laboratories, Inc		26,692,528
	84,937	*,n	Intuitive Surgical, Inc		43,371,380
	108,435		STERIS plc		14,202,816
	285,068		Stryker Corp		53,852,196
	117,704		UnitedHealth Group, Inc		27,433,271
	761,479	*	Wright Medical Group NV		22,516,934
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		458,176,648
HOUSEHOLD & PERSONAL PRODUCTS - 1.7%
	181,013		Estee Lauder Cos (Class A)		31,099,843
	846,566		Procter & Gamble Co		90,142,348
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		121,242,191
INSURANCE - 2.2%
	800,011	*	Athene Holding Ltd		36,128,497
	241,506		Chubb Ltd		35,066,671
	931,414		Hartford Financial Services Group, Inc		48,722,266
	198,615	*	Palomar Holdings, Inc		3,968,328
	130,959		Willis Towers Watson plc		24,140,982
			TOTAL INSURANCE		148,026,744
MATERIALS - 3.7%
	133,663		Christian Hansen Holding		13,657,821
	496,000	*	Dow, Inc		28,138,080
	1,119,547		DowDuPont, Inc		43,046,582
	132,101		Ecolab, Inc		24,317,152
	408,696	n	Linde plc		73,671,541
	689,192		Newmont Mining Corp		21,406,304
	428,735	e,n	Nutrien Ltd		23,228,862
	202,026		Vulcan Materials Co		25,477,499
			TOTAL MATERIALS		252,943,841
MEDIA & ENTERTAINMENT - 10.1%
	167,967	*	Alphabet, Inc (Class C)		199,625,420
	1,295,991		Comcast Corp (Class A)		56,414,488
	668,773	*	Facebook, Inc		129,340,698
	59,466	*,n	IAC/InterActiveCorp		13,370,335
	182,097	*	NetFlix, Inc		67,474,223
	340,111	*,n	Take-Two Interactive Software, Inc		32,932,948
	448,975	*	Twitter, Inc		17,918,592
	926,038		Viacom, Inc (Class B)		26,771,759
	561,241	e	Vivendi Universal S.A.		16,290,495
	763,471	n	Walt Disney Co		104,572,623
	330,717	n	World Wrestling Entertainment, Inc (Class A)		27,730,621
			TOTAL MEDIA & ENTERTAINMENT		692,442,202

3

TIAA-CREF FUNDS - Growth & Income Fund

SHARES			COMPANY	VALUE
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.2%
	698,469	n	AbbVie, Inc	$	55,451,454
	480,396	*	Acadia Pharmaceuticals, Inc		11,553,524
	259,271	*,e	Allogene Therapeutics, Inc		7,765,167
	285,883		AstraZeneca plc		21,298,227
	205,330	*	BioMarin Pharmaceutical, Inc		17,561,875
	116,768	*	Bluebird Bio, Inc		16,561,205
	223,159		Bristol-Myers Squibb Co		10,361,272
	288,604		Daiichi Sankyo Co Ltd		14,269,861
	405,970		Eli Lilly & Co		47,514,729
	191,649	*,n	Exact Sciences Corp		18,913,840
	80,101	*	GW Pharmaceuticals plc (ADR)		13,561,900
	132,472	*,n	Jazz Pharmaceuticals plc		17,190,891
	75,186		Lonza Group AG.		23,219,626
	1,031,583		Merck & Co, Inc		81,195,898
	254,191	*,n	Nektar Therapeutics		8,139,196
	166,443	*,n	Neurocrine Biosciences, Inc		12,023,842
	210,955		Novo Nordisk AS		10,335,643
	149,237	*,n	PerkinElmer, Inc		14,302,874
	1,705,548		Pfizer, Inc		69,262,304
	39,073		Roche Holding AG.		10,309,930
	119,474	*	Sage Therapeutics, Inc		20,099,111
	305,988	e	Sanofi-Aventis		26,697,229
	1,404,311	*	Teva Pharmaceutical Industries Ltd (ADR)		21,373,613
	100,157		Vifor Pharma AG.		13,079,410
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		562,042,621
REAL ESTATE - 1.0%
	245,910	n	American Tower Corp		48,026,223
	229,796		Prologis, Inc		17,618,459
			TOTAL REAL ESTATE		65,644,682
RETAILING - 6.3%
	101,744	*	Amazon.com, Inc		196,011,851
	373,159		Best Buy Co, Inc		27,766,761
	876,011	*	BJ’s Wholesale Club Holdings, Inc		24,834,912
	223,477	*	Ctrip.com International Ltd (ADR)		9,844,162
	462,477		Home Depot, Inc		94,206,565
	223,682	n	Kohl’s Corp		15,903,790
	305,137	n	Tiffany & Co		32,899,871
	71,268	*,n	Ulta Beauty, Inc		24,871,107
			TOTAL RETAILING		426,339,019
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.8%
	1,342,759	*	Advanced Micro Devices, Inc		37,100,431
	109,797		Broadcom, Inc		34,959,365
	299,406	*	Cree, Inc		19,787,743
	884,428		Intel Corp		45,141,205
	86,770		Lam Research Corp		17,998,701
	1,379,369		Marvell Technology Group Ltd		34,511,812
	191,008		Monolithic Power Systems, Inc		29,741,856
	176,107	n	NVIDIA Corp		31,875,367
	671,461	n	QUALCOMM, Inc		57,832,936
	116,952	e,n	Universal Display Corp		18,665,539
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		327,614,955

4

TIAA-CREF FUNDS - Growth & Income Fund

SHARES			COMPANY	VALUE
SOFTWARE & SERVICES - 11.7%
	139,321	*	Adobe, Inc	$	40,298,599
	139,589		Dassault Systemes S.A.		22,105,728
	209,497	n	Fidelity National Information Services, Inc		24,286,987
	959,222	*	First Data Corp		24,805,481
	243,960	n	International Business Machines Corp		34,220,269
	141,474	*	LiveRamp Holdings, Inc		8,252,179
	423,983		MasterCard, Inc (Class A)		107,793,438
	2,219,856		Microsoft Corp		289,913,194
	355,690	*	Nutanix, Inc		15,362,251
	572,474	*	PayPal Holdings, Inc		64,557,893
	135,999	*,n	Proofpoint, Inc		17,056,995
	370,124	*	salesforce.com, Inc		61,200,003
	105,015	*,n	ServiceNow, Inc		28,512,623
	244,466	*	Synopsys, Inc		29,599,943
	688,594	*,n	Teradata Corp		31,310,369
			TOTAL SOFTWARE & SERVICES		799,275,952
TECHNOLOGY HARDWARE & EQUIPMENT - 7.3%
	1,170,766	n	Apple, Inc		234,937,613
	2,081,194		Cisco Systems, Inc		116,442,804
	432,076		Cognex Corp		21,789,593
	690,277		Corning, Inc		21,985,323
	272,580	*	Keysight Technologies, Inc		23,722,637
	272,843	n	Motorola Solutions, Inc		39,537,679
	3,120,580	e	Nokia Corp		16,476,662
	1,071,875	*	Pure Storage, Inc		24,503,063
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		499,395,374
TELECOMMUNICATION SERVICES - 1.1%
	1,089,112		AT&T, Inc		33,718,907
	736,882		Verizon Communications, Inc		42,142,282
			TOTAL TELECOMMUNICATION SERVICES		75,861,189
TRANSPORTATION - 1.2%
	775,484		CSX Corp		61,751,791
	120,743		DSV AS		11,188,989
	122,235	*,e	Lyft Inc (Class A)		7,309,653
			TOTAL TRANSPORTATION		80,250,433
UTILITIES - 2.1%
	265,691		Alliant Energy Corp		12,548,586
	238,675		Ameren Corp		17,368,380
	224,420		Entergy Corp		21,746,298
	926,881		FirstEnergy Corp		38,956,808
	265,646		NextEra Energy, Inc		51,652,208
			TOTAL UTILITIES		142,272,280
			TOTAL COMMON STOCKS		6,822,878,398
			(Cost $4,572,729,572)

5

TIAA-CREF FUNDS - Growth & Income Fund

SHARES			COMPANY					VALUE
PURCHASED OPTIONS - 0.0%
HEALTH CARE EQUIPMENT & SERVICES - 0.0%
	40,000		Humana, Inc					$	568,000
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						568,000
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.0%
	32,000		Universal Display Corp						110,720
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						110,720
			TOTAL PURCHASED OPTIONS						678,720
			(Cost $863,535)
PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 1.4%
GOVERNMENT AGENCY DEBT - 0.1%
$	5,250,000		Federal Home Loan Bank (FHLB)		2.350	%	05/01/19		5,250,000
			TOTAL GOVERNMENT AGENCY DEBT						5,250,000
TREASURY DEBT - 0.2%
	11,150,000		United States Treasury Bill		2.358		05/21/19		11,135,203
			TOTAL TREASURY DEBT						11,135,203
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.1%
	76,736,595	c	State Street Navigator Securities Lending Government Money Market Portfolio						76,736,595
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						76,736,595
			TOTAL SHORT-TERM INVESTMENTS						93,121,798
			(Cost $93,122,007)
			TOTAL INVESTMENTS - 101.1%						6,916,678,916
			(Cost $4,666,715,114)
			OTHER ASSETS & LIABILITIES, NET - (1.1)%						(70,291,863	)
			NET ASSETS - 100.0%					$	6,846,387,053

	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 $73,894,848.
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 4/30/19, the aggregate value of these securities was $23,767,925 or 0.3% 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.

6

TIAA-CREF FUNDS - Growth & Income Fund

Purchased options outstanding as of April 30, 2019 were as follows:

Description/underlying investment	Number of contracts	Notional amount		Exercise price		Expiration date	Value
Humana, Inc, Call	400	$	752,815	$	275.00	11/15/19	$	568,000
Universal Display Corp, Put	320		110,720		140.00	05/10/19		110,720
Total	720	$	863,535				$	678,720

Written options outstanding as of April 30, 2019 were as follows:

Description/underlying investment	Number of contracts	Notional amount			Exercise price		Expiration date	Value
AbbVie, Inc, Put	400	$	(45,184	)	$	70.00	06/21/19	$	(14,000	)
Activision Blizzard, Inc, Put	920		(256,677	)		42.50	11/15/19		(256,680	)
American Tower Corp, Put	230		(51,289	)		175.00	07/19/19		(36,800	)
Anthem, Inc, Call	160		(23,040	)		300.00	06/21/19		(15,680	)
Anthem, Inc, Put	160		(223,675	)		240.00	09/20/19		(126,240	)
Apple, Inc, Call	224		(213,461	)		190.00	01/17/20		(496,160	)
Apple, Inc, Call	448		(500,409	)		210.00	01/17/20		(540,288	)
Apple, Inc, Put	448		(89,096	)		175.00	08/16/19		(116,480	)
Apple, Inc, Put	224		(128,574	)		170.00	10/18/19		(64,288	)
Apple, Inc, Put	224		(599,199	)		160.00	01/17/20		(70,336	)
Apple, Inc, Put	224		(828,196	)		175.00	01/17/20		(131,040	)
Arista Networks, Inc, Put	160		(18,073	)		260.00	05/17/19		(19,200	)
Boeing Co, Put	127		(84,576	)		310.00	06/21/19		(10,541	)
Boston Scientific Corp, Put	455		(11,812	)		33.00	05/17/19		(2,730	)
Boston Scientific Corp, Put	455		(21,367	)		34.00	05/17/19		(5,460	)
Cigna Corp, Put	235		(233,352	)		155.00	10/18/19		(263,200	)
CME Group, Inc, Call	200		(19,442	)		200.00	09/20/19		(30,500	)
CME Group, Inc, Put	200		(44,460	)		145.00	09/20/19		(20,000	)
Coherent, Inc, Put	235		(450,716	)		115.00	08/16/19		(97,525	)
ConAgra Brands, Inc, Put	277		(42,380	)		22.00	09/20/19		(3,878	)
ConAgra Brands, Inc, Put	829		(119,326	)		23.00	09/20/19		(16,580	)
ConAgra Brands, Inc, Put	553		(56,937	)		25.00	09/20/19		(20,737	)
ConAgra Brands, Inc, Put	28		(10,584	)		26.00	09/20/19		(1,400	)
Constellation Brands, Inc, Put	175		(344,395	)		165.00	01/17/20		(56,000	)
Costco Wholesale Corp, Call	200		(131,991	)		260.00	10/18/19		(136,200	)
CVS Health Corp, Put	500		(241,477	)		55.00	08/16/19		(190,000	)
CVS Health Corp, Put	500		(278,977	)		55.00	10/18/19		(220,000	)
CVS Health Corp, Put	500		(191,483	)		52.50	11/15/19		(195,000	)
DexCom, Inc, Put	160		(18,080	)		90.00	05/17/19		(4,400	)
DexCom, Inc, Put	320		(133,963	)		100.00	09/20/19		(148,800	)
DISH Network Corp, Put	510		(49,979	)		27.50	06/21/19		(15,300	)
DISH Network Corp, Put	510		(139,228	)		27.50	01/17/20		(94,350	)
Edwards Lifesciences Corp, Put	225		(22,041	)		165.00	05/03/19		(3,825	)
Exact Sciences Corp, Call	795		(104,112	)		120.00	07/19/19		(174,900	)
Exact Sciences Corp, Put	795		(86,622	)		78.00	05/03/19		(27,825	)
FedEx Corp, Put	157		(359,368	)		190.00	01/17/20		(251,200	)
Fidelity National Information Services, Inc, Put	480		(74,537	)		95.00	07/19/19		(14,880	)
Hain Celestial Group, Inc, Put	1,100		(602,792	)		23.00	01/17/20		(338,250	)
Humana, Inc, Call	400		(291,181	)		310.00	11/15/19		(238,000	)
Humana, Inc, Put	400		(507,178	)		245.00	11/15/19		(660,000	)
IAC/InterActiveCorp, Call	240		(45,282	)		240.00	05/17/19		(69,120	)
IAC/InterActiveCorp, Put	240		(37,943	)		180.00	06/21/19		(26,400	)
International Business Machines Corp, Put	322		(395,224	)		120.00	01/17/20		(106,260	)
Intuitive Surgical, Inc, Put	91		(25,749	)		440.00	05/17/19		(5,460	)
Jazz Pharmaceuticals plc, Put	275		(394,621	)		130.00	09/20/19		(259,875	)
Kohl’s Corp, Call	400		(22,000	)		82.00	05/24/19		(21,600	)

7

TIAA-CREF FUNDS - Growth & Income Fund

Description/underlying investment	Number of contracts	Notional amount			Exercise price		Expiration date	Value
Linde plc, Put	200	$	(19,718	)	$	165.00	05/17/19	$	(11,000	)
Micron Technology, Inc, Put	630		(261,302	)		36.00	10/18/19		(138,600	)
Motorola Solutions, Inc, Call	320		(36,159	)		160.00	07/19/19		(36,960	)
Motorola Solutions, Inc, Call	320		(210,556	)		150.00	10/18/19		(203,200	)
Motorola Solutions, Inc, Put	320		(79,359	)		120.00	07/19/19		(38,240	)
Motorola Solutions, Inc, Put	320		(122,557	)		130.00	10/18/19		(116,800	)
Nektar Therapeutics, Put	400		(303,181	)		36.00	11/15/19		(334,000	)
Neurocrine Biosciences, Inc, Call	300		(32,388	)		95.00	06/21/19		(30,000	)
Neurocrine Biosciences, Inc, Put	300		(16,188	)		60.00	06/21/19		(20,700	)
Nevro Corp, Put	500		(44,499	)		40.00	08/16/19		(23,750	)
Northrop Grumman Corp, Call	77		(17,021	)		315.00	08/16/19		(31,955	)
Northrop Grumman Corp, Put	77		(9,702	)		240.00	05/17/19		(770	)
Northrop Grumman Corp, Put	51		(89,047	)		270.00	11/15/19		(52,020	)
Northrop Grumman Corp, Put	77		(148,608	)		275.00	11/15/19		(94,017	)
Nutrien Ltd, Put	610		(82,325	)		45.00	09/20/19		(33,550	)
NVIDIA Corp, Call	235		(78,383	)		225.00	06/21/19		(19,505	)
Parker-Hannifin Corp, Put	209		(20,265	)		125.00	08/16/19		(6,793	)
PerkinElmer, Inc, Put	400		(30,455	)		85.00	05/17/19		(6,000	)
PNC Financial Services Group, Inc, Put	320		(63,881	)		105.00	08/16/19		(12,480	)
PNC Financial Services Group, Inc, Put	320		(116,146	)		105.00	11/15/19		(33,280	)
Proofpoint, Inc, Put	320		(24,479	)		110.00	05/17/19		(6,400	)
PVH Corp, Put	240		(23,618	)		110.00	06/21/19		(25,200	)
PVH Corp, Put	240		(111,119	)		95.00	06/21/19		(5,280	)
QUALCOMM, Inc, Put	375		(178,108	)		57.50	10/18/19		(15,000	)
Rockwell Automation, Inc, Put	225		(13,275	)		155.00	06/21/19		(7,312	)
Roku, Inc, Put	475		(38,047	)		45.00	05/10/19		(10,450	)
Royal Caribbean Cruises Ltd, Put	305		(30,499	)		110.00	05/17/19		(19,825	)
ServiceNow, Inc, Call	220		(255,463	)		290.00	11/15/19		(440,000	)
ServiceNow, Inc, Put	160		(15,094	)		180.00	05/17/19		(800	)
ServiceNow, Inc, Put	220		(185,559	)		200.00	05/17/19		(1,980	)
ServiceNow, Inc, Put	220		(98,596	)		190.00	08/16/19		(34,100	)
Take-Two Interactive Software, Inc, Put	320		(20,160	)		80.00	05/10/19		(3,200	)
Teladoc Health, Inc, Put	315		(154,660	)		45.00	10/18/19		(99,225	)
Teladoc Health, Inc, Put	315		(187,228	)		45.00	12/20/19		(127,575	)
Teradata Corp, Put	500		(30,500	)		40.00	05/17/19		(10,000	)
Tiffany & Co, Put	477		(267,585	)		90.00	08/16/19		(59,387	)
Tiffany & Co, Put	477		(1,110,442	)		105.00	01/17/20		(431,685	)
Tiffany & Co, Put	477		(1,289,314	)		110.00	01/17/20		(534,240	)
Ulta Beauty, Inc, Call	84		(117,264	)		390.00	09/20/19		(97,440	)
Ulta Beauty, Inc, Put	84		(14,952	)		295.00	06/21/19		(18,270	)
Universal Display Corp, Call	320		(74,238	)		185.00	05/10/19		(74,238	)
Universal Display Corp, Call	320		(227,539	)		210.00	09/20/19		(169,600	)
Universal Display Corp, Put	320		(35,222	)		125.00	05/10/19		(31,360	)
Walt Disney Co, Put	300		(17,400	)		120.00	05/17/19		(2,400	)
WellCare Health Plans, Inc, Put	157		(92,960	)		210.00	06/21/19		(22,373	)
WellCare Health Plans, Inc, Put	160		(84,479	)		220.00	09/20/19		(64,000	)
WellCare Health Plans, Inc, Put	471		(486,987	)		240.00	09/20/19		(381,510	)
WellCare Health Plans, Inc, Put	157		(166,096	)		240.00	12/20/19		(181,335	)
World Wrestling Entertainment, Inc, Put	235		(23,491	)		70.00	05/17/19		(4,700	)
Xilinx, Inc, Put	160		(42,879	)		92.50	09/20/19		(29,760	)
Xilinx, Inc, Put	160		(49,279	)		95.00	09/20/19		(34,880	)
Xilinx, Inc, Put	320		(123,309	)		95.00	12/20/19		(126,400	)
Zscaler, Inc, Put	315		(10,288	)		50.00	05/17/19		(3,150	)
Zscaler, Inc, Put	315		(27,817	)		55.00	05/17/19		(6,300	)
Total	32,456	$	(15,979,734	)				$	(9,940,383	)

8

TIAA-CREF FUNDS - Large-Cap Growth Fund

TIAA-CREF FUNDS

LARGE-CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2019

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.2%
AUTOMOBILES & COMPONENTS - 0.6%
	145,097	*,e	Tesla, Inc	$	34,633,203
			TOTAL AUTOMOBILES & COMPONENTS		34,633,203
CAPITAL GOODS - 4.9%
	469,763		Airbus SE		64,324,484
	216,524		Boeing Co		81,778,950
	203,075	*	Middleby Corp		26,832,300
	77,282		Parker-Hannifin Corp		13,994,224
	144,015		Roper Industries, Inc		51,802,195
	138,363		W.W. Grainger, Inc		39,018,366
			TOTAL CAPITAL GOODS		277,750,519
COMMERCIAL & PROFESSIONAL SERVICES - 1.4%
	65,066	*	CoStar Group, Inc		32,289,003
	652,714	*	IHS Markit Ltd		37,374,404
	453,514		Nielsen NV		11,578,212
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		81,241,619
CONSUMER DURABLES & APPAREL - 3.2%
	335,861	*	Essilor International S.A.		40,920,834
	1,639,186		Nike, Inc (Class B)		143,969,706
			TOTAL CONSUMER DURABLES & APPAREL		184,890,540
CONSUMER SERVICES - 0.4%
	31,769	*	Chipotle Mexican Grill, Inc (Class A)		21,858,343
			TOTAL CONSUMER SERVICES		21,858,343
DIVERSIFIED FINANCIALS - 0.7%
	465,272		IntercontinentalExchange Group, Inc		37,849,877
			TOTAL DIVERSIFIED FINANCIALS		37,849,877
ENERGY - 0.2%
	684,312	*	Parsley Energy, Inc		13,658,867
			TOTAL ENERGY		13,658,867
FOOD, BEVERAGE & TOBACCO - 0.4%
	108,247		Constellation Brands, Inc (Class A)		22,912,642
			TOTAL FOOD, BEVERAGE & TOBACCO		22,912,642
HEALTH CARE EQUIPMENT & SERVICES - 4.2%
	458,168	*,e	Alcon, Inc		26,665,378
	289,133	*	Edwards Lifesciences Corp		50,907,647
	197,371	*	Intuitive Surgical, Inc		100,783,554
	311,475		Stryker Corp		58,840,742
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		237,197,321

9

TIAA-CREF FUNDS - Large-Cap Growth Fund

SHARES			COMPANY	VALUE
MATERIALS - 2.9%
	181,323		Albemarle Corp	$	13,610,104
	440,580		Linde plc		79,418,951
	155,986		Sherwin-Williams Co		70,947,113
			TOTAL MATERIALS		163,976,168
MEDIA & ENTERTAINMENT - 18.7%
	1,160,725		Activision Blizzard, Inc		55,958,552
	142,182	*	Alphabet, Inc (Class A)		170,470,531
	164,988	*	Alphabet, Inc (Class C)		196,084,938
	1,314,634	*	Facebook, Inc		254,250,216
	399,085	*	IAC/InterActiveCorp		89,730,271
	321,543	*	NetFlix, Inc		119,144,543
	1,005,800		Tencent Holdings Ltd		49,573,511
	1,142,565	*	Twitter, Inc		45,599,769
	644,784		Walt Disney Co		88,316,065
			TOTAL MEDIA & ENTERTAINMENT		1,069,128,396
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.8%
	442,484	*	Alexion Pharmaceuticals, Inc		60,235,347
	823,925		AstraZeneca plc		61,382,248
	95,140	*	BioMarin Pharmaceutical, Inc		8,137,324
	424,079		Eli Lilly & Co		49,634,206
	169,060	*	Illumina, Inc		52,746,720
	291,122	*	Incyte Corp		22,358,170
	185,889	*	Jazz Pharmaceuticals plc		24,122,815
	364,729		Johnson & Johnson		51,499,735
	147,999		Lonza Group AG.		45,706,401
	579,048		Merck & Co, Inc		45,576,868
	261,006	*	QIAGEN NV		10,168,794
	49,685	*	Sage Therapeutics, Inc		8,358,508
	1,362,921		Takeda Pharmaceutical Co Ltd (ADR)		24,914,196
	70,047	*	Vertex Pharmaceuticals, Inc		11,836,542
	270,868		Zoetis, Inc		27,585,197
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		504,263,071
RETAILING - 11.2%
	170,402	*	Amazon.com, Inc		328,282,861
	1,054,684	*	Ctrip.com International Ltd (ADR)		46,458,830
	684,378		Expedia, Inc		88,859,640
	325,164		Home Depot, Inc		66,235,907
	84,993		Kering		50,294,980
	110,831		Kohl’s Corp		7,880,084
	150,241	*	Ulta Beauty, Inc		52,431,104
			TOTAL RETAILING		640,443,406
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.6%
	587,257	*	Advanced Micro Devices, Inc		16,225,911
	148,579		Lam Research Corp		30,819,742
	202,881		NVIDIA Corp		36,721,461

10

TIAA-CREF FUNDS - Large-Cap Growth Fund

SHARES			COMPANY	VALUE
	758,311		QUALCOMM, Inc	$	65,313,326
	44,078		Skyworks Solutions, Inc		3,886,798
	458,782		Xilinx, Inc		55,118,070
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		208,085,308
SOFTWARE & SERVICES - 28.5%
	407,006	*	Adobe, Inc		117,726,486
	51,895	*,g	Adyen NV		42,294,320
	746,932	*	Akamai Technologies, Inc		59,799,376
	711,572		Automatic Data Processing, Inc		116,975,321
	154,725		Broadridge Financial Solutions, Inc		18,277,664
	588,028	*	GoDaddy, Inc		47,924,282
	579,193		Intuit, Inc		145,412,195
	794,252		MasterCard, Inc (Class A)		201,930,628
	2,795,685		Microsoft Corp		365,116,461
	87,286	*	Palo Alto Networks, Inc		21,719,375
	1,144,208	*	PayPal Holdings, Inc		129,032,336
	979,747	*	salesforce.com, Inc		162,001,166
	242,385	*	ServiceNow, Inc		65,809,951
	75		TiVo Corp		703
	824,297		Visa, Inc (Class A)		135,539,156
			TOTAL SOFTWARE & SERVICES		1,629,559,420
TECHNOLOGY HARDWARE & EQUIPMENT - 7.4%
	932,072		Apple, Inc		187,038,888
	197,372	*	Arista Networks, Inc		61,637,302
	1,543,602		Cisco Systems, Inc		86,364,532
	371,316		Motorola Solutions, Inc		53,807,401
	4,941,788		Nokia Corp		26,092,641
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		414,940,764
TELECOMMUNICATION SERVICES - 1.3%
	689,303		Softbank Group Corp		73,087,709
			TOTAL TELECOMMUNICATION SERVICES		73,087,709
TRANSPORTATION - 0.8%
	252,742		Union Pacific Corp		44,745,444
			TOTAL TRANSPORTATION		44,745,444
			TOTAL COMMON STOCKS		5,660,222,617
			(Cost $3,392,100,733)

PRINCIPAL		ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 2.3%
GOVERNMENT AGENCY DEBT - 0.4%
$	25,200,000	Federal Home Loan Bank (FHLB)		2.350	%	05/01/19	25,200,000
		TOTAL GOVERNMENT AGENCY DEBT					25,200,000
TREASURY DEBT - 1.0%
	10,400,000	United States Treasury Bill		2.350		05/02/19	10,399,310
	18,700,000	United States Treasury Bill		2.372		05/07/19	18,692,610

11

TIAA-CREF FUNDS - Large-Cap Growth Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	26,290,000		United States Treasury Bill		2.372	%	05/14/19	$	26,267,405
			TOTAL TREASURY DEBT						55,359,325
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.9%
	49,818,286	c	State Street Navigator Securities Lending Government Money Market Portfolio						49,818,286
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						49,818,286
			TOTAL SHORT-TERM INVESTMENTS						130,377,611
			(Cost $130,377,717)
			TOTAL INVESTMENTS - 101.5%						5,790,600,228
			(Cost $3,522,478,450)
			OTHER ASSETS & LIABILITIES, NET - (1.5)%						(81,897,858	)
			NET ASSETS - 100.0%					$	5,708,702,370

	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 $48,486,034.
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 4/30/19, the aggregate value of these securities is $42,294,320 or 0.7% of net assets.

12

TIAA-CREF FUNDS - Large-Cap Value Fund

TIAA-CREF FUNDS

LARGE-CAP VALUE FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2019

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.4%
BANKS - 15.5%
	7,835,000		Bank of America Corp	$	239,594,300
	2,830,000		Citigroup, Inc		200,081,000
	2,575,000		JPMorgan Chase & Co		298,828,750
	370,000		PNC Financial Services Group, Inc		50,664,100
	1,100,000		US Bancorp		58,652,000
	2,300,000		Wells Fargo & Co		111,343,000
			TOTAL BANKS		959,163,150
CAPITAL GOODS - 9.0%
	465,000		Allegion plc		46,141,950
	475,000		Deere & Co		78,674,250
	515,000		Dover Corp		50,490,600
	3,000,000		General Electric Co		30,510,000
	640,000		Honeywell International, Inc		111,123,200
	785,000		Ingersoll-Rand plc		96,248,850
	1,425,000		Masco Corp		55,660,500
	340,000		Parker-Hannifin Corp		61,567,200
	180,000		Stanley Black & Decker, Inc		26,388,000
			TOTAL CAPITAL GOODS		556,804,550
CONSUMER DURABLES & APPAREL - 1.0%
	19,751	*	NVR, Inc		62,264,632
			TOTAL CONSUMER DURABLES & APPAREL		62,264,632
CONSUMER SERVICES - 0.8%
	250,000		McDonald’s Corp		49,392,500
			TOTAL CONSUMER SERVICES		49,392,500
DIVERSIFIED FINANCIALS - 2.1%
	408,705		American Express Co		47,912,487
	410,000		Goldman Sachs Group, Inc		84,427,200
			TOTAL DIVERSIFIED FINANCIALS		132,339,687
ENERGY - 9.0%
	340,000	*	Apergy Corp		13,494,600
	1,170,000		Chevron Corp		140,470,200
	590,000		Concho Resources, Inc		68,074,200
	550,000		Diamondback Energy, Inc		58,514,500
	1,150,000		EOG Resources, Inc		110,457,500
	1,370,000		Exxon Mobil Corp		109,983,600
	600,000		Valero Energy Corp		54,396,000
			TOTAL ENERGY		555,390,600

13

TIAA-CREF FUNDS - Large-Cap Value Fund

SHARES			COMPANY	VALUE
FOOD & STAPLES RETAILING - 1.1%
	660,000		Walmart, Inc	$	67,874,400
			TOTAL FOOD & STAPLES RETAILING		67,874,400
FOOD, BEVERAGE & TOBACCO - 2.5%
	1,300,000		Mondelez International, Inc		66,105,000
	1,025,000		Philip Morris International, Inc		88,724,000
			TOTAL FOOD, BEVERAGE & TOBACCO		154,829,000
HEALTH CARE EQUIPMENT & SERVICES - 6.7%
	720,000		Abbott Laboratories		57,283,200
	240,000		Anthem, Inc		63,127,200
	300,000		Cigna Corp		47,652,000
	950,000		CVS Health Corp		51,661,000
	272,470		HCA Holdings, Inc		34,666,358
	560,000		Medtronic plc		49,733,600
	175,000		UnitedHealth Group, Inc		40,787,250
	544,940		Zimmer Biomet Holdings, Inc		67,114,811
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		412,025,419
HOUSEHOLD & PERSONAL PRODUCTS - 2.5%
	1,455,000		Procter & Gamble Co		154,928,400
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		154,928,400
INSURANCE - 6.8%
	1,733,900		American International Group, Inc		82,481,623
	557,325	*	Berkshire Hathaway, Inc (Class B)		120,777,901
	545,000		Chubb Ltd		79,134,000
	800,000		Lincoln National Corp		53,376,000
	433,475		Marsh & McLennan Cos, Inc		40,872,358
	433,475		Prudential Financial, Inc		45,822,642
			TOTAL INSURANCE		422,464,524
MATERIALS - 4.6%
	1,025,000		Ball Corp		61,438,500
	950,000	*	Crown Holdings, Inc		55,223,500
	681,175	*	Dow, Inc		38,643,058
	2,043,525		DowDuPont, Inc		78,573,536
	700,000		Freeport-McMoRan Copper & Gold, Inc (Class B)		8,617,000
	360,000		PPG Industries, Inc		42,300,000
			TOTAL MATERIALS		284,795,594
MEDIA & ENTERTAINMENT - 3.6%
	4,065,000		Comcast Corp (Class A)		176,949,450
	370,000		Walt Disney Co		50,678,900
			TOTAL MEDIA & ENTERTAINMENT		227,628,350
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.6%
	185,775		Amgen, Inc		33,313,173
	410,000		Gilead Sciences, Inc		26,666,400
	125,000	*	Jazz Pharmaceuticals plc		16,221,250
	1,375,000		Johnson & Johnson		194,150,000

14

TIAA-CREF FUNDS - Large-Cap Value Fund

SHARES		COMPANY	VALUE
	1,600,000	Merck & Co, Inc	$	125,936,000
	3,410,000	Pfizer, Inc		138,480,100
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		534,766,923
REAL ESTATE - 1.6%
	150,000	AvalonBay Communities, Inc		30,139,500
	200,000	Boston Properties, Inc		27,524,000
	535,000	Prologis, Inc		41,018,450
		TOTAL REAL ESTATE		98,681,950
RETAILING - 0.9%
	280,000	Home Depot, Inc		57,036,000
		TOTAL RETAILING		57,036,000
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.4%
	710,000	Applied Materials, Inc		31,289,700
	155,000	Broadcom, Inc		49,352,000
	2,100,000	Intel Corp		107,184,000
	300,000	NXP Semiconductors NV		31,686,000
	590,000	QUALCOMM, Inc		50,816,700
		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		270,328,400
SOFTWARE & SERVICES - 4.9%
	383,935	Accenture plc		70,133,406
	650,000	DXC Technology Co		42,731,000
	825,000	Microsoft Corp		107,745,000
	1,450,000	Oracle Corp		80,228,500
		TOTAL SOFTWARE & SERVICES		300,837,906
TECHNOLOGY HARDWARE & EQUIPMENT - 4.1%
	3,520,000	Cisco Systems, Inc		196,944,000
	630,000	TE Connectivity Ltd		60,259,500
		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		257,203,500
TELECOMMUNICATION SERVICES - 3.0%
	1,486,200	AT&T, Inc		46,012,752
	2,400,000	Verizon Communications, Inc		137,256,000
		TOTAL TELECOMMUNICATION SERVICES		183,268,752
TRANSPORTATION - 2.0%
	480,000	CSX Corp		38,222,400
	500,000	Union Pacific Corp		88,520,000
		TOTAL TRANSPORTATION		126,742,400
UTILITIES - 4.7%
	619,250	American Electric Power Co, Inc		52,976,838
	520,000	Entergy Corp		50,388,000
	1,620,000	FirstEnergy Corp		68,088,600
	405,000	NextEra Energy, Inc		78,748,200
	300,000	Sempra Energy		38,385,000
		TOTAL UTILITIES		288,586,638
		TOTAL COMMON STOCKS		6,157,353,275
		(Cost $5,130,804,958)

15

TIAA-CREF FUNDS - Large-Cap Value Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
SHORT-TERM INVESTMENTS - 0.9%
GOVERNMENT AGENCY DEBT - 0.5%
$	32,800,000	Federal Home Loan Bank (FHLB)		2.350	%	05/01/19	$	32,800,000
		TOTAL GOVERNMENT AGENCY DEBT						32,800,000
TREASURY DEBT - 0.4%
	10,385,000	United States Treasury Bill		2.372		05/07/19		10,380,896
	14,265,000	United States Treasury Bill		2.381		05/09/19		14,257,471
		TOTAL TREASURY DEBT						24,638,367
		TOTAL SHORT-TERM INVESTMENTS						57,438,367
		(Cost $57,438,352)
		TOTAL INVESTMENTS - 100.3%						6,214,791,642
		(Cost $5,188,243,310)
		OTHER ASSETS & LIABILITIES, NET - (0.3)%						(20,770,804	)
		NET ASSETS - 100.0%					$	6,194,020,838

* Non-income producing

16

TIAA-CREF FUNDS - Mid-Cap Growth Fund

TIAA-CREF FUNDS
MID-CAP GROWTH FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2019

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.6%
AUTOMOBILES & COMPONENTS - 1.4%
	261,867		Aptiv plc	$	22,442,002
			TOTAL AUTOMOBILES & COMPONENTS		22,442,002
BANKS - 1.6%
	66,780		Signature Bank		8,819,634
	63,887	*,n	SVB Financial Group		16,081,636
			TOTAL BANKS		24,901,270
CAPITAL GOODS - 11.7%
	167,068		Fastenal Co		11,786,647
	272,097		Fortive Corp		23,492,855
	122,933		Harris Corp		20,714,210
	179,322		Ingersoll-Rand plc		21,986,670
	240,463		ITT, Inc		14,560,035
	421,652		Masco Corp		16,469,727
	110,363		Rockwell Automation, Inc		19,943,698
	35,155		Roper Industries, Inc		12,645,254
	50,238		TransDigm Group, Inc		24,240,840
	53,433		W.W. Grainger, Inc		15,068,106
			TOTAL CAPITAL GOODS		180,908,042
COMMERCIAL & PROFESSIONAL SERVICES - 3.7%
	72,500		Cintas Corp		15,742,650
	26,731	*	CoStar Group, Inc		13,265,259
	86,646		Verisk Analytics, Inc		12,229,216
	174,268		Waste Connections, Inc		16,166,843
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		57,403,968
CONSUMER DURABLES & APPAREL - 2.7%
	356,738		DR Horton, Inc		15,807,061
	42,800	*	Levi Strauss & Co		959,148
	84,973	*,n	Lululemon Athletica, Inc		14,984,989
	108,494		VF Corp		10,242,918
			TOTAL CONSUMER DURABLES & APPAREL		41,994,116
CONSUMER SERVICES - 2.1%
	125,236	*,n	Planet Fitness, Inc		9,480,365
	162,306		Restaurant Brands International, Inc		10,588,844
	101,064		Royal Caribbean Cruises Ltd		12,222,680
			TOTAL CONSUMER SERVICES		32,291,889
DIVERSIFIED FINANCIALS - 3.1%
	273,782	e,n	iShares Russell Midcap Growth Index Fund		38,767,531
	183,701		Voya Financial, Inc		10,083,348
			TOTAL DIVERSIFIED FINANCIALS		48,850,879

17

TIAA-CREF FUNDS - Mid-Cap Growth Fund

SHARES			COMPANY	VALUE
ENERGY - 1.0%
	75,836		Diamondback Energy, Inc	$	8,068,192
	333,960	*	Parsley Energy, Inc		6,665,842
			TOTAL ENERGY		14,734,034
FOOD & STAPLES RETAILING - 0.7%
	310,315	*	US Foods Holding Corp		11,342,013
			TOTAL FOOD & STAPLES RETAILING		11,342,013
HEALTH CARE EQUIPMENT & SERVICES - 5.7%
	35,213	*	Abiomed, Inc		9,768,438
	28,478	*	Align Technology, Inc		9,246,237
	75,000	*	DexCom, Inc		9,080,250
	165,938	*	Edwards Lifesciences Corp		29,216,703
	94,078	*	Insulet Corp		8,114,228
	103,993	*	iRhythm Technologies, Inc		7,935,706
	99,772	*	Teladoc, Inc		5,675,031
	31,736	*	WellCare Health Plans, Inc		8,198,996
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		87,235,589
HOUSEHOLD & PERSONAL PRODUCTS - 0.7%
	145,818		Church & Dwight Co, Inc		10,929,059
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		10,929,059
INSURANCE - 0.6%
	193,506	*	Athene Holding Ltd		8,738,731
			TOTAL INSURANCE		8,738,731
MATERIALS - 3.5%
	241,128	*	Crown Holdings, Inc		14,016,771
	372,642		Olin Corp		8,082,605
	631,878		Tronox Holdings plc		8,934,755
	177,442		Vulcan Materials Co		22,377,210
			TOTAL MATERIALS		53,411,341
MEDIA & ENTERTAINMENT - 5.3%
	596,359	*,e	ANGI Homeservices, Inc		10,364,719
	338,583		CBS Corp (Class B)		17,359,150
	99,701	*	IAC/InterActiveCorp		22,416,773
	201,278	*	Twitter, Inc		8,033,005
	135,199		World Wrestling Entertainment, Inc (Class A)		11,336,436
	2,207,392	*	Zynga, Inc		12,493,839
			TOTAL MEDIA & ENTERTAINMENT		82,003,922
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.6%
	199,655	*	Biohaven Pharmaceutical Holding Co Ltd		11,949,352
	155,279	*	BioMarin Pharmaceutical, Inc		13,281,013
	640,089	*	Coherus Biosciences, Inc		10,190,217
	172,756	*	Exact Sciences Corp		17,049,290
	65,337	*	GW Pharmaceuticals plc (ADR)		11,062,208

18

TIAA-CREF FUNDS - Mid-Cap Growth Fund

SHARES			COMPANY	VALUE
	88,035	*	Incyte Corp	$	6,761,088
	71,108	*	IQVIA Holdings, Inc		9,876,901
	131,999	*	Jazz Pharmaceuticals plc		17,129,510
	125,106	*	Neurocrine Biosciences, Inc		9,037,657
	68,844	*	Sage Therapeutics, Inc		11,581,626
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		117,918,862
REAL ESTATE - 2.5%
	382,834		Americold Realty Trust		12,254,517
	300,676	*	CBRE Group, Inc		15,656,199
	55,536	*	SBA Communications Corp		11,314,349
			TOTAL REAL ESTATE		39,225,065
RETAILING - 10.9%
	10,901	*	AutoZone, Inc		11,209,607
	79,387	*	Burlington Stores, Inc		13,409,258
	71,641		Dollar General Corp		9,033,214
	107,822	*	Dollar Tree, Inc		11,998,432
	130,046		Expedia, Inc		16,885,173
	425,426	*	Farfetch Ltd		10,542,056
	63,361	*	Five Below, Inc		9,275,417
	71,236	*	O’Reilly Automotive, Inc		26,967,813
	281,863		Ross Stores, Inc		27,526,741
	181,581		Tractor Supply Co		18,793,633
	35,152	*	Ulta Beauty, Inc		12,267,345
			TOTAL RETAILING		167,908,689
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.5%
	709,152	*	Advanced Micro Devices, Inc		19,593,870
	81,840	*	Cree, Inc		5,408,805
	140,952	e	Microchip Technology, Inc		14,079,695
	130,585		Xilinx, Inc		15,688,482
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		54,770,852
SOFTWARE & SERVICES - 25.0%
	251,366	*	Anaplan, Inc		9,896,279
	66,240	*	Autodesk, Inc		11,804,630
	70,319	*	EPAM Systems, Inc		12,612,416
	106,390		Fidelity National Information Services, Inc		12,333,793
	242,353	*	Fiserv, Inc		21,142,876
	80,991	*	FleetCor Technologies, Inc		21,134,601
	389,676	*,e,n	GDS Holdings Ltd (ADR)		15,248,022
	99,046		Global Payments, Inc		14,467,649
	179,111	*	GoDaddy, Inc		14,597,547
	58,660	*,n	HubSpot, Inc		10,822,183
	51,856	*	LiveRamp Holdings, Inc		3,024,761
	80,335	*	New Relic, Inc		8,454,455
	117,095	*	Nutanix, Inc		5,057,333
	52,338	*	Palo Alto Networks, Inc		13,023,265
	182,535	*	Pluralsight, Inc		6,478,167
	108,931	*	Proofpoint, Inc		13,662,126
	151,637	*	RealPage, Inc		9,888,249

19

TIAA-CREF FUNDS - Mid-Cap Growth Fund

SHARES			COMPANY	VALUE
	110,310	*	Red Hat, Inc	$	20,134,884
	100,057	*	RingCentral, Inc		11,643,633
	114,939	*	ServiceNow, Inc		31,207,088
	205,914	*	Smartsheet, Inc		8,716,340
	102,848	*	Splunk, Inc		14,197,138
	62,626	*,n	Square, Inc		4,560,425
	129,150	*	Synopsys, Inc		15,637,482
	52,904	*	Tableau Software, Inc		6,444,236
	116,961		Total System Services, Inc		11,958,093
	85,997	*	Twilio, Inc		11,793,629
	78,491	*	Workday, Inc		16,140,104
	160,709	*,n	Worldpay, Inc		18,836,702
	129,262	*	Zendesk, Inc		11,346,618
			TOTAL SOFTWARE & SERVICES		386,264,724
TECHNOLOGY HARDWARE & EQUIPMENT - 5.7%
	263,595		Amphenol Corp (Class A)		26,243,518
	68,059	*,n	Arista Networks, Inc		21,254,145
	113,703	*	Keysight Technologies, Inc		9,895,572
	225,286	*,n	Lumentum Holdings, Inc		13,960,974
	102,123		Motorola Solutions, Inc		14,798,644
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		86,152,853
TRANSPORTATION - 0.6%
	104,629	*	Kirby Corp		8,550,282
	20,580	*,e	Lyft Inc (Class A)		1,230,684
			TOTAL TRANSPORTATION		9,780,966
			TOTAL COMMON STOCKS		1,539,208,866
			(Cost $1,140,240,969)
PURCHASED OPTIONS - 0.1%
BANKS - 0.0%
	44,000		SVB Financial Group		96,800
			TOTAL BANKS		96,800
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1%
	77,700		Lam Research Corp		1,293,705
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		1,293,705
SOFTWARE & SERVICES - 0.0%
	75,000		Square, Inc		151,500
	100,000		Tenable Holdings, Inc		205,000
			TOTAL SOFTWARE & SERVICES		356,500
TECHNOLOGY HARDWARE & EQUIPMENT - 0.0%
	40,000		Arista Networks, Inc		628,000
	225,200		Lumentum Holdings, Inc		788,200
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		1,416,200
			TOTAL PURCHASED OPTIONS		3,163,205
			(Cost $3,399,052)

20

TIAA-CREF FUNDS - Mid-Cap Growth Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
SHORT-TERM INVESTMENTS - 2.7%
GOVERNMENT AGENCY DEBT - 1.3%
$	19,950,000		Federal Home Loan Bank (FHLB)		2.350	%	05/01/19	$	19,950,000
			TOTAL GOVERNMENT AGENCY DEBT						19,950,000
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.4%
	21,153,871	c	State Street Navigator Securities Lending Government Money Market Portfolio						21,153,871
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						21,153,871
			TOTAL SHORT-TERM INVESTMENTS						41,103,871
			(Cost $41,103,871)
			TOTAL INVESTMENTS - 102.4%						1,583,475,942
			(Cost $1,184,743,892)
			OTHER ASSETS & LIABILITIES, NET - (2.4)%						(36,237,699	)
			NET ASSETS - 100.0%					$	1,547,238,243

	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 $20,700,602.
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 April 30, 2019 were as follows:

Description/underlying investment	Number of contracts		Notional amount		Exercise price		Expiration date		Value
Arista Networks, Inc, Put		400	$	636,116	$	315.00		05/10/19	$	628,000
Lam Research Corp, Call		777		728,927		195.00		06/21/19		1,293,705
Lumentum Holdings, Inc, Put		2,252		992,003		60.00		06/21/19		788,200
Square, Inc, Call		750		560,250		80.00		06/21/19		151,500
SVB Financial Group, Put		440		308,897		240.00		05/17/19		96,800
Tenable Holdings, Inc, Call		1,000		172,859		35.00		05/17/19		205,000
Total		5,619	$	3,399,052					$	3,163,205

21

TIAA-CREF FUNDS - Mid-Cap Growth Fund

Written options outstanding as of April 30, 2019 were as follows:

Description/underlying investment	Number of contracts		Notional amount			Exercise price		Expiration date		Value
Arista Networks, Inc, Call		400	$	(431,050	)	$	335.00		05/10/19	$	(176,000	)
Arista Networks, Inc, Put		400		(231,149	)		285.00		05/10/19		(141,000	)
GDS Holdings Ltd, Call		1,870		(147,656	)		45.00		05/17/19		(65,450	)
HubSpot, Inc, Call		572		(407,231	)		170.00		05/17/19		(965,536	)
Lam Research Corp, Call		777		(324,960	)		210.00		06/21/19		(590,520	)
Lam Research Corp, Put		777		(445,969	)		175.00		06/21/19		(89,355	)
Lululemon Athletica, Inc, Call		500		(648,987	)		185.00		09/20/19		(648,987	)
Lululemon Athletica, Inc, Put		500		(176,496	)		140.00		09/20/19		(176,496	)
Lumentum Holdings, Inc, Call		2,252		(411,119	)		67 .50		06/21/19		(484,180	)
Lumentum Holdings, Inc, Put		2,252		(354,663	)		52 .50		06/21/19		(275,870	)
Planet Fitness, Inc, Call		752		(94,744	)		75.00		05/17/19		(278,240	)
Square, Inc, Call		750		(309,746	)		90.00		06/21/19		(43,500	)
Square, Inc, Put		750		(268,497	)		65.00		06/21/19		(105,750	)
SVB Financial Group, Call		440		(106,901	)		270.00		05/17/19		(33,000	)
SVB Financial Group, Put		440		(166,299	)		230.00		05/17/19		(39,600	)
Worldpay, Inc, Call		1,060		(1,206,264	)		100.00		08/16/19		(2,014,000	)
Total		14,492	$	(5,731,731	)					$	(6,127,484	)

22

TIAA-CREF FUNDS - Mid-Cap Value Fund

TIAA-CREF FUNDS
MID-CAP VALUE FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2019

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.4%
AUTOMOBILES & COMPONENTS - 1.4%
	126,527		Aptiv plc	$	10,843,364
	678,981		Delphi Technologies plc		15,025,849
	131,847		Lear Corp		18,854,121
			TOTAL AUTOMOBILES & COMPONENTS		44,723,334
BANKS - 7.3%
	160,901		Chemical Financial Corp		7,068,381
	143,969		CIT Group, Inc		7,669,229
	1,233,167		Citizens Financial Group, Inc		44,640,645
	262,858		Comerica, Inc		20,658,010
	482,095		East West Bancorp, Inc		24,818,251
	156,040		First Republic Bank		16,480,945
	519,030		Hilltop Holdings, Inc		10,915,201
	1,605,531		Huntington Bancshares, Inc		22,348,992
	607,087		Keycorp		10,654,377
	107,130		M&T Bank Corp		18,219,599
	1,142,511		Regions Financial Corp		17,743,196
	305,225		Synovus Financial Corp		11,250,593
	60,764		TCF Financial Corp		1,344,707
	550,594		Zions Bancorporation		27,160,802
			TOTAL BANKS		240,972,928
CAPITAL GOODS - 8.4%
	465,473		Arconic, Inc		9,998,360
	917,727		CNH Industrial NV (NYSE)		10,003,224
	128,624		Crane Co		10,939,471
	247,227		Cummins, Inc		41,111,378
	484,546	*	Evoqua Water Technologies Corp		6,599,517
	248,151		Hexcel Corp		17,546,757
	210,608		Ingersoll-Rand plc		25,822,647
	516,068		ITT, Inc		31,247,917
	362,809		Johnson Controls International plc		13,605,337
	151,538		L3 Technologies, Inc		33,123,176
	356,832		Masco Corp		13,937,858
	216,006	*	SPX FLOW, Inc		7,763,256
	61,933		Stanley Black & Decker, Inc		9,079,378
	92,232		Textron, Inc		4,888,296
	790,675		Triumph Group, Inc		18,762,718
	1,229,921	*	Welbilt, Inc		20,699,570
			TOTAL CAPITAL GOODS		275,128,860
COMMERCIAL & PROFESSIONAL SERVICES - 1.7%
	137,900	*	Cimpress NV		12,466,160
	953,537		Nielsen NV		24,343,800
	348,029	*	Stericycle, Inc		20,321,413
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		57,131,373

23

TIAA-CREF FUNDS - Mid-Cap Value Fund

SHARES			COMPANY	VALUE
CONSUMER DURABLES & APPAREL - 4.0%
	601,907	*	Capri Holdings Ltd	$	26,532,061
	750,477		Hanesbrands, Inc		13,561,120
	540,728		Lennar Corp (Class A)		28,134,078
	215,066	*	Mohawk Industries, Inc		29,302,742
	1,503,724		Newell Rubbermaid, Inc		21,623,551
	199,573	*	Tempur Sealy International, Inc		12,253,782
			TOTAL CONSUMER DURABLES & APPAREL		131,407,334
CONSUMER SERVICES - 2.0%
	160,329		ARAMARK Holdings Corp		4,983,025
	586,712	*	Penn National Gaming, Inc		12,714,049
	587,578		Red Rock Resorts, Inc		15,852,854
	173,741		Royal Caribbean Cruises Ltd		21,012,237
	120,496		Wyndham Destinations, Inc		5,248,806
	120,496		Wyndham Hotels & Resorts, Inc		6,714,037
			TOTAL CONSUMER SERVICES		66,525,008
DIVERSIFIED FINANCIALS - 4.9%
	193,980		Ameriprise Financial, Inc		28,470,445
	360,053		Apollo Management LP		11,770,132
	448,523		AXA Equitable Holdings, Inc		10,176,987
	372,739		Blackstone Group LP		14,708,281
	192,281		Blackstone Mortgage Trust, Inc		6,843,281
	331,500		E*TRADE Financial Corp		16,793,790
	607,863		MFA Mortgage Investments, Inc		4,565,051
	300,755		Raymond James Financial, Inc		27,540,135
	346,894		Synchrony Financial		12,026,815
	509,703		Voya Financial, Inc		27,977,598
			TOTAL DIVERSIFIED FINANCIALS		160,872,515
ENERGY - 8.0%
	109,572		Arch Coal, Inc		10,626,292
	482,066	*	Cheniere Energy, Inc		31,020,947
	43,419		Cimarex Energy Co		2,981,148
	241,249		Concho Resources, Inc		27,835,310
	95,635		EQT Corp		1,955,736
	76,514		Equitrans Midstream Corp		1,593,787
	253,290		Magellan Midstream Partners LP		15,706,513
	1,031,072		Marathon Oil Corp		17,569,467
	1,150,317	*	Matador Resources Co		22,649,742
	1,425,415	*	Parsley Energy, Inc		28,451,283
	423,223		Patterson-UTI Energy, Inc		5,751,601
	119,826		Plains All American Pipeline LP		2,773,972
	533,666		Targa Resources Investments, Inc		21,426,690
	1,348,382	*	Transocean Ltd (NYSE)		10,598,282
	1,164,626		Williams Cos, Inc		32,993,855
	2,085,159	*	WPX Energy, Inc		28,962,858
			TOTAL ENERGY		262,897,483

24

TIAA-CREF FUNDS - Mid-Cap Value Fund

SHARES			COMPANY	VALUE
FOOD, BEVERAGE & TOBACCO - 3.9%
	800,219		Bunge Ltd	$	41,939,478
	965,249		ConAgra Brands, Inc		29,710,364
	1,202,975		Cott Corp		18,658,142
	435,233	*	Hain Celestial Group, Inc		9,496,784
	189,406		Molson Coors Brewing Co (Class B)		12,157,971
	215,033		Tyson Foods, Inc (Class A)		16,129,626
			TOTAL FOOD, BEVERAGE & TOBACCO		128,092,365
HEALTH CARE EQUIPMENT & SERVICES - 4.0%
	147,377		Cardinal Health, Inc		7,178,734
	498,420	*	Hologic, Inc		23,116,720
	137,499	*	Laboratory Corp of America Holdings		21,988,840
	141,445		McKesson Corp		16,867,316
	108,360	*	Molina Healthcare, Inc		14,046,707
	395,715		Zimmer Biomet Holdings, Inc		48,736,259
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		131,934,576
HOUSEHOLD & PERSONAL PRODUCTS - 0.6%
	435,001		Energizer Holdings, Inc		20,832,198
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		20,832,198
INSURANCE - 4.6%
	16,766		Alleghany Corp		11,013,250
	335,237	*	Arch Capital Group Ltd		11,324,306
	216,672		Argo Group International Holdings Ltd		16,915,583
	311,991	*	Athene Holding Ltd		14,089,514
	268,571		Axis Capital Holdings Ltd		15,268,261
	100,313		Chubb Ltd		14,565,448
	43,094		Everest Re Group Ltd		10,148,637
	769,611		Hartford Financial Services Group, Inc		40,258,351
	66,536		Lincoln National Corp		4,439,282
	151,721		Principal Financial Group		8,672,372
	209,643		ProAssurance Corp		7,867,902
			TOTAL INSURANCE		154,562,906
MATERIALS - 6.5%
	229,584		Ashland Global Holdings, Inc		18,488,399
	23,457		CF Industries Holdings, Inc		1,050,404
	153,716	*	Clearwater Paper Corp		3,100,452
	255,957	*	Ferro Corp		4,573,952
	853,469		First Quantum Minerals Ltd		9,014,396
	1,976,592		Freeport-McMoRan Copper & Gold, Inc (Class B)		24,331,848
	275,265	*	GCP Applied Technologies, Inc		7,924,879
	399,346		Louisiana-Pacific Corp		10,003,617
	239,568		LyondellBasell Industries AF S.C.A		21,137,085
	637,820		Newmont Mining Corp		19,810,689
	161,576	e	Nutrien Ltd		8,754,188
	869,573		Olin Corp		18,861,038
	884,908		Tronox Holdings plc		12,512,599

25

TIAA-CREF FUNDS - Mid-Cap Value Fund

SHARES			COMPANY	VALUE
	277,110		Valvoline, Inc	$	5,126,535
	234,861		Westlake Chemical Corp		16,381,555
	57,299		WestRock Co		2,199,136
	424,652		WR Grace and Co		32,095,198
			TOTAL MATERIALS		215,365,970
MEDIA & ENTERTAINMENT - 2.6%
	243,884		Activision Blizzard, Inc		11,757,647
	1,168,190		Altice USA, Inc		27,522,556
	670,079	*	DISH Network Corp (Class A)		23,533,175
	71,645	*	IAC/InterActiveCorp		16,108,662
	248,204		Viacom, Inc (Class B)		7,175,578
			TOTAL MEDIA & ENTERTAINMENT		86,097,618
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.6%
	90,420	*	Jazz Pharmaceuticals plc		11,733,803
	287,841	*	Mylan NV		7,768,829
	130,336	*	PerkinElmer, Inc		12,491,402
	206,602	*	Prestige Brands Holdings, Inc		6,078,231
	988,575	*	Teva Pharmaceutical Industries Ltd (ADR)		15,046,111
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		53,118,376
REAL ESTATE - 10.8%
	234,450		American Assets Trust, Inc		10,829,245
	241,005		American Campus Communities, Inc		11,375,436
	184,617		AvalonBay Communities, Inc		37,095,094
	195,241		Boston Properties, Inc		26,869,066
	1,046,536		British Land Co plc		8,119,730
	226,219		Camden Property Trust		22,768,942
	505,678		CyrusOne, Inc		28,161,208
	373,130		Equity Commonwealth		11,865,534
	562,026		HCP, Inc		16,737,134
	897,071		Host Marriott Corp		17,259,646
	149,003		iShares Dow Jones US Real Estate Index Fund		12,963,261
	304,573		Kennedy-Wilson Holdings, Inc		6,560,502
	243,676		Kimco Realty Corp		4,237,526
	231,981		Mid-America Apartment Communities, Inc		25,381,041
	519,317		Monmouth Real Estate Investment Corp (Class A)		7,135,416
	346,221		Park Hotels & Resorts, Inc		11,106,770
	109,080		Prologis, Inc		8,363,164
	228,816		QTS Realty Trust, Inc		10,376,806
	372,518		Rexford Industrial Realty, Inc		14,114,707
	121,945		SL Green Realty Corp		10,772,621
	217,051		Ventas, Inc		13,263,987
	392,593		Weingarten Realty Investors		11,361,641
	384,248		Welltower, Inc		28,638,004
			TOTAL REAL ESTATE		355,356,481
RETAILING - 3.8%
	341,543		American Eagle Outfitters, Inc		8,121,893
	382,196	*	Dollar Tree, Inc		42,530,771
	318,460		eBay, Inc		12,340,325

26

TIAA-CREF FUNDS - Mid-Cap Value Fund

SHARES			COMPANY	VALUE
	200,918		Expedia, Inc	$	26,087,193
	1,107,883	*	Groupon, Inc		3,899,748
	669,770		L Brands, Inc		17,172,903
	515,651	*	LKQ Corp		15,521,095
			TOTAL RETAILING		125,673,928
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.5%
	382,872	*	Advanced Micro Devices, Inc		10,578,753
	158,201	*	Cree, Inc		10,455,504
	532,622		Cypress Semiconductor Corp		9,150,446
	1,007,364		Marvell Technology Group Ltd		25,204,247
	215,198		NXP Semiconductors NV		22,729,213
	213,234	*	ON Semiconductor Corp		4,917,176
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		83,035,339
SOFTWARE & SERVICES - 3.3%
	417,531		DXC Technology Co		27,448,488
	403,972		Fidelity National Information Services, Inc		46,832,474
	126,953	*	Proofpoint, Inc		15,922,445
	404,658	*	Teradata Corp		18,399,799
			TOTAL SOFTWARE & SERVICES		108,603,206
TECHNOLOGY HARDWARE & EQUIPMENT - 3.3%
	499,255	*	Ciena Corp		19,151,422
	927,959	*	CommScope Holding Co, Inc		22,994,824
	482,614		Corning, Inc		15,371,256
	141,253	*	Dell Technologies, Inc		9,521,865
	744,044	*	Extreme Networks, Inc		5,952,352
	458,616		Juniper Networks, Inc		12,735,766
	208,238	*	Lumentum Holdings, Inc		12,904,509
	173,556		Western Digital Corp		8,872,183
	21,073		Xerox Corp		702,995
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		108,207,172
TELECOMMUNICATION SERVICES - 0.8%
	649,461		CenturyLink, Inc		7,416,845
	552,557		Telephone & Data Systems, Inc		17,615,517
			TOTAL TELECOMMUNICATION SERVICES		25,032,362
TRANSPORTATION - 2.6%
	414,893		Alaska Air Group, Inc		25,681,877
	369,285		American Airlines Group, Inc		12,622,161
	78,017		Kansas City Southern Industries, Inc		9,607,013
	230,689	*	Kirby Corp		18,851,905
	606,016		Knight-Swift Transportation Holdings, Inc		20,210,634
			TOTAL TRANSPORTATION		86,973,590
UTILITIES - 10.8%
	654,011		Alliant Energy Corp		30,888,939
	95,002		Ameren Corp		6,913,296
	96,085		American Water Works Co, Inc		10,395,436

27

TIAA-CREF FUNDS - Mid-Cap Value Fund

SHARES			COMPANY					VALUE
	292,748		DTE Energy Co					$	36,801,351
	233,432		Edison International						14,885,959
	339,273		Entergy Corp						32,875,554
	102,838		Evergy, Inc						5,946,093
	1,110,622		FirstEnergy Corp						46,679,443
	826,090		NiSource, Inc						22,948,780
	285,672		OGE Energy Corp						12,095,352
	245,329	*,b	PG&E Corp						5,524,809
	258,325		Pinnacle West Capital Corp						24,610,623
	446,060		Public Service Enterprise Group, Inc						26,607,479
	297,747		Sempra Energy						38,096,729
	174,592		Southwest Gas Corp						14,524,308
	471,343		Vistra Energy Corp						12,844,097
	253,628		Xcel Energy, Inc						14,329,982
			TOTAL UTILITIES						356,968,230
			TOTAL COMMON STOCKS						3,279,513,152
			(Cost $2,685,508,240)
PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 0.9%
GOVERNMENT AGENCY DEBT - 0.6%
$	21,200,000		Federal Home Loan Bank (FHLB)		2.350	%	05/01/19		21,200,000
			TOTAL GOVERNMENT AGENCY DEBT						21,200,000
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.3%
	8,809,357	c	State Street Navigator Securities Lending Government Money Market Portfolio						8,809,357
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						8,809,357
			TOTAL SHORT-TERM INVESTMENTS						30,009,357
			(Cost $30,009,357)
			TOTAL INVESTMENTS - 100.3%						3,309,522,509
			(Cost $2,715,517,597)
			OTHER ASSETS & LIABILITIES, NET - (0.3)%						(11,070,388	)
			NET ASSETS - 100.0%					$	3,298,452,121

	Abbreviation(s):
ADR	American Depositary Receipt
*	Non-income producing
b	In bankruptcy
c	Investments made with cash collateral received from securities on loan.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $8,666,633.

28

TIAA-CREF FUNDS - Quant Large-Cap Growth Fund

TIAA-CREF FUNDS
QUANT LARGE-CAP GROWTH FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2019

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.7%
AUTOMOBILES & COMPONENTS - 0.3%
	52,233		Lear Corp	$	7,469,319
	4,956	*,e	Tesla, Inc		1,182,948
			TOTAL AUTOMOBILES & COMPONENTS		8,652,267
BANKS - 0.6%
	6,867		BOK Financial Corp		598,390
	127,319		Comerica, Inc		10,006,000
	51,456		Signature Bank		6,795,794
			TOTAL BANKS		17,400,184
CAPITAL GOODS - 6.9%
	41,605		3M Co		7,884,563
	220,858		Allison Transmission Holdings, Inc		10,349,406
	113,141		Boeing Co		42,732,224
	25,816		Caterpillar, Inc		3,599,267
	12,810		Emerson Electric Co		909,382
	228,869	*	HD Supply Holdings, Inc		10,457,025
	16,022		HEICO Corp		1,690,802
	13,700		HEICO Corp (Class A)		1,225,191
	156,166		Honeywell International, Inc		27,115,103
	20,861		Hubbell, Inc		2,661,863
	57,704		Huntington Ingalls		12,843,756
	26,541		Lockheed Martin Corp		8,846,911
	11,453		Northrop Grumman Corp		3,320,339
	27,576		Raytheon Co		4,897,222
	111,767	*	Sensata Technologies Holding plc		5,581,644
	120,220		Spirit Aerosystems Holdings, Inc (Class A)		10,447,118
	32,671		TransDigm Group, Inc		15,764,411
	78,654	*	United Rentals, Inc		11,083,922
	44,202		W.W. Grainger, Inc		12,464,964
			TOTAL CAPITAL GOODS		193,875,113
COMMERCIAL & PROFESSIONAL SERVICES - 0.8%
	1,216		Cintas Corp		264,042
	121,682		Robert Half International, Inc		7,555,235
	7,798		Verisk Analytics, Inc		1,100,610
	134,905		Waste Management, Inc		14,480,703
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		23,400,590
CONSUMER DURABLES & APPAREL - 1.3%
	253,754		Hanesbrands, Inc		4,585,335
	192,360		Nike, Inc (Class B)		16,894,979
	81,866		Polaris Industries, Inc		7,891,882
	30,907		Pulte Homes, Inc		972,334
	78,729		Toll Brothers, Inc		2,999,575
			TOTAL CONSUMER DURABLES & APPAREL		33,344,105

29

TIAA-CREF FUNDS - Quant Large-Cap Growth Fund

SHARES			COMPANY	VALUE
CONSUMER SERVICES - 1.8%
	47,489		Darden Restaurants, Inc	$	5,584,706
	175,722		Extended Stay America, Inc		3,147,181
	29,855		Marriott International, Inc (Class A)		4,072,819
	12,815		McDonald’s Corp		2,531,860
	324,654		Starbucks Corp		25,219,123
	97,670		Wyndham Destinations, Inc		4,254,505
	138,983		Yum China Holdings, Inc		6,607,252
			TOTAL CONSUMER SERVICES		51,417,446
DIVERSIFIED FINANCIALS - 7.0%
	172,377		American Express Co		20,207,756
	33,978		Ameriprise Financial, Inc		4,986,951
	140,628		Charles Schwab Corp		6,437,950
	15,911	*	Credit Acceptance Corp		7,895,356
	145,865		Discover Financial Services		11,886,539
	172,385		E*TRADE Financial Corp		8,733,024
	53,762		Evercore Partners, Inc (Class A)		5,238,032
	1,105		IntercontinentalExchange Group, Inc		89,892
	402,500		iShares Russell 1000 Growth Index Fund		63,627,200
	108,413		LPL Financial Holdings, Inc		8,032,319
	55,369		MSCI, Inc (Class A)		12,479,065
	128,790		OneMain Holdings, Inc		4,374,996
	64,647		Raymond James Financial, Inc		5,919,726
	9,024		S&P Global, Inc		1,991,236
	108,418		State Street Corp		7,335,562
	316,097		Synchrony Financial		10,959,083
	112,918		T Rowe Price Group, Inc		12,138,685
	84,716		Voya Financial, Inc		4,650,061
			TOTAL DIVERSIFIED FINANCIALS		196,983,433
ENERGY - 0.2%
	33,483		Anadarko Petroleum Corp		2,439,237
	4,779		Apache Corp		157,277
	635,115	*,e	Chesapeake Energy Corp		1,848,185
	8,210	*	Continental Resources, Inc		377,578
	70,407		Halliburton Co		1,994,630
	8,808		Kosmos Energy Ltd		58,925
			TOTAL ENERGY		6,875,832
FOOD & STAPLES RETAILING - 1.0%
	107,068		Costco Wholesale Corp		26,288,406
	12,447		Sysco Corp		875,895
			TOTAL FOOD & STAPLES RETAILING		27,164,301
FOOD, BEVERAGE & TOBACCO - 3.1%
	491,368		Altria Group, Inc		26,696,023
	26,102		Brown-Forman Corp (Class B)		1,390,976
	58,210		Campbell Soup Co		2,252,145

30

TIAA-CREF FUNDS - Quant Large-Cap Growth Fund

SHARES			COMPANY	VALUE
	509,797		Coca-Cola Co	$	25,010,641
	33,011		General Mills, Inc		1,699,076
	36,271		Hershey Co		4,528,434
	44,065		Kellogg Co		2,657,120
	23,082	*	Monster Beverage Corp		1,375,687
	191,264		PepsiCo, Inc		24,491,355
			TOTAL FOOD, BEVERAGE & TOBACCO		90,101,457
HEALTH CARE EQUIPMENT & SERVICES - 4.1%
	113,682		AmerisourceBergen Corp		8,498,866
	40,529	*	Boston Scientific Corp		1,504,437
	26		Chemed Corp		8,496
	127,372		CVS Health Corp		6,926,489
	6,425	*	Edwards Lifesciences Corp		1,131,250
	87,234		HCA Holdings, Inc		11,098,782
	40,964		Hill-Rom Holdings, Inc		4,154,569
	37,152		Humana, Inc		9,488,992
	11,299	*	Intuitive Surgical, Inc		5,769,609
	45,417	*	Premier, Inc		1,509,207
	34,297		Stryker Corp		6,479,046
	214,900		UnitedHealth Group, Inc		50,086,743
	49,091	*	Veeva Systems, Inc		6,866,358
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		113,522,844
HOUSEHOLD & PERSONAL PRODUCTS - 1.8%
	188,211		Church & Dwight Co, Inc		14,106,414
	92,379		Clorox Co		14,755,698
	16,039		Energizer Holdings, Inc		768,108
	9,435		Estee Lauder Cos (Class A)		1,621,027
	145,102		Kimberly-Clark Corp		18,628,195
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		49,879,442
INSURANCE - 1.0%
	16,225		Aon plc		2,922,772
	7,290	*	Berkshire Hathaway, Inc (Class B)		1,579,816
	257,501		Progressive Corp		20,123,703
	21,056		RenaissanceRe Holdings Ltd		3,271,260
			TOTAL INSURANCE		27,897,551
MATERIALS - 1.3%
	187,044	*	Berry Plastics Group, Inc		10,998,187
	118,958		Chemours Co		4,283,678
	105,879		International Paper Co		4,956,196
	4,588		Linde plc		827,033
	71,781		Packaging Corp of America		7,117,804
	27,342		Silgan Holdings, Inc		818,619
	243,894		Steel Dynamics, Inc		7,726,562
	3,501		Westlake Chemical Corp		244,195
			TOTAL MATERIALS		36,972,274

31

TIAA-CREF FUNDS - Quant Large-Cap Growth Fund

SHARES			COMPANY	VALUE
MEDIA & ENTERTAINMENT - 12.0%
	57,273	*	Alphabet, Inc (Class A)	$	68,668,036
	58,400	*	Alphabet, Inc (Class C)		69,407,232
	94,499	*	AMC Networks, Inc		5,519,687
	2,204		Cable One, Inc		2,337,408
	1,052		CBS Corp (Class B)		53,936
	32,758	*	Charter Communications, Inc		12,159,442
	14,804	*	Electronic Arts, Inc		1,401,199
	445,890	*	Facebook, Inc		86,235,126
	123,518	*	Live Nation, Inc		8,070,666
	54,195	e	Match Group, Inc		3,273,378
	66,436	*	NetFlix, Inc		24,617,196
	129,444		Omnicom Group, Inc		10,359,403
	245,445	*	Twitter, Inc		9,795,710
	261,289		Walt Disney Co		35,788,754
			TOTAL MEDIA & ENTERTAINMENT		337,687,173
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 5.9%
	216,399		AbbVie, Inc		17,179,916
	11,848	*	Alexion Pharmaceuticals, Inc		1,612,868
	62,635	*	Alkermes plc		1,899,093
	148,824		Amgen, Inc		26,687,120
	63,972	*	Biogen Idec, Inc		14,664,941
	72,865		Bristol-Myers Squibb Co		3,383,122
	104,411	*	Celgene Corp		9,883,545
	40,279	*	Charles River Laboratories International, Inc		5,657,991
	22,947		Eli Lilly & Co		2,685,717
	35,013	*	Exact Sciences Corp		3,455,433
	142,428	*	Exelixis, Inc		2,800,135
	139,127		Gilead Sciences, Inc		9,048,820
	78,583	*	Ionis Pharmaceuticals, Inc		5,841,075
	39,986	*	Jazz Pharmaceuticals plc		5,188,983
	58,785		Johnson & Johnson		8,300,442
	167,570		Merck & Co, Inc		13,189,435
	10,240	*	PRA Health Sciences, Inc		991,437
	32,258	*	Regeneron Pharmaceuticals, Inc		11,069,010
	51,190	*	Vertex Pharmaceuticals, Inc		8,650,086
	146,730		Zoetis, Inc		14,942,983
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		167,132,152
REAL ESTATE - 1.7%
	68,381		American Tower Corp		13,354,809
	17,908		Coresite Realty		1,959,314
	10,430		Crown Castle International Corp		1,311,885
	2,074		Equinix, Inc		943,048
	12,196		Equity Lifestyle Properties, Inc		1,423,273
	33,587		Extra Space Storage, Inc		3,482,636
	35,668		Omega Healthcare Investors, Inc		1,262,291
	34,620		Public Storage, Inc		7,657,252
	91,244		Simon Property Group, Inc		15,849,083
			TOTAL REAL ESTATE		47,243,591

32

TIAA-CREF FUNDS - Quant Large-Cap Growth Fund

SHARES			COMPANY	VALUE
RETAILING - 10.4%
	79,154	*	Amazon.com, Inc	$	152,491,764
	5,706	*	AutoZone, Inc		5,867,537
	88,626		Best Buy Co, Inc		6,594,661
	7,347	*	Booking Holdings, Inc		13,628,612
	207,217		Home Depot, Inc		42,210,103
	223,550		L Brands, Inc		5,731,822
	130,270		Lowe’s Companies, Inc		14,738,748
	6,515	*	Michaels Cos, Inc		73,228
	31,450	*	O’Reilly Automotive, Inc		11,906,026
	135,248		Ross Stores, Inc		13,208,320
	181,777		TJX Companies, Inc		9,975,922
	29,696	*	Ulta Beauty, Inc		10,363,310
	54,785	*	Urban Outfitters, Inc		1,628,758
	101,925	e	Williams-Sonoma, Inc		5,827,052
			TOTAL RETAILING		294,245,863
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.7%
	96,448		Analog Devices, Inc		11,211,115
	83,479		Broadcom, Inc		26,579,714
	270,515		Cypress Semiconductor Corp		4,647,448
	120,174		Kla-Tencor Corp		15,319,781
	86,589		Lam Research Corp		17,961,156
	301,981	*	Micron Technology, Inc		12,701,321
	41,387		MKS Instruments, Inc		3,766,631
	86,655		NVIDIA Corp		15,684,555
	470,332	*	ON Semiconductor Corp		10,845,856
	192,279		Teradyne, Inc		9,421,671
	284,407		Texas Instruments, Inc		33,511,677
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		161,650,925
SOFTWARE & SERVICES - 20.2%
	175,507		Accenture plc		32,059,864
	64,480	*	Adobe, Inc		18,650,840
	141,236	*	Akamai Technologies, Inc		11,307,354
	57,345		Alliance Data Systems Corp		9,180,934
	139,968		Automatic Data Processing, Inc		23,009,340
	99,618		Booz Allen Hamilton Holding Co		5,906,351
	48,444		CDK Global, Inc		2,922,142
	19,711	*	EPAM Systems, Inc		3,535,365
	42,086	*	Euronet Worldwide, Inc		6,308,271
	13,916	*	Fair Isaac Corp		3,893,001
	105,936	*	First Data Corp		2,739,505
	29,985	*	Fiserv, Inc		2,615,891
	125,005	*	Fortinet, Inc		11,677,967
	187,249		International Business Machines Corp		26,265,417
	32,213		Intuit, Inc		8,087,396
	22,215		LogMeIn, Inc		1,830,516
	45,745	*	Manhattan Associates, Inc		3,085,500
	196,216		MasterCard, Inc (Class A)		49,885,956
	1,346,833		Microsoft Corp		175,896,390
	169,938		Paychex, Inc		14,327,473

33

TIAA-CREF FUNDS - Quant Large-Cap Growth Fund

SHARES			COMPANY					VALUE
	312,481	*	PayPal Holdings, Inc					$	35,238,482
	39,702	*	RingCentral, Inc						4,620,122
	310,204		Sabre Corp						6,439,835
	87,652	*	salesforce.com, Inc						14,493,258
	32,633	*	ServiceNow, Inc						8,860,186
	98,136	*	Square, Inc						7,146,263
	123,295		Total System Services, Inc						12,605,681
	320,908		Visa, Inc (Class A)						52,766,902
	60,489		VMware, Inc (Class A)						12,347,620
	6,046	*	Workday, Inc						1,243,239
			TOTAL SOFTWARE & SERVICES						568,947,061
TECHNOLOGY HARDWARE & EQUIPMENT - 8.8%
	15,877		Amphenol Corp (Class A)						1,580,714
	942,512		Apple, Inc						189,133,883
	22,911	*	Arista Networks, Inc						7,154,876
	113,270		CDW Corp						11,961,312
	127,569	*	Dell Technologies, Inc						8,599,427
	63,668	*	F5 Networks, Inc						9,989,509
	107,497	*	NCR Corp						3,112,038
	43,947	e	Ubiquiti Networks, Inc						7,490,766
	48,362	*	Zebra Technologies Corp (Class A)						10,211,153
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						249,233,678
TRANSPORTATION - 3.8%
	123,386		CH Robinson Worldwide, Inc						9,994,266
	187,109		CSX Corp						14,899,490
	107,071		Delta Air Lines, Inc						6,241,169
	139,763		Expeditors International of Washington, Inc						11,099,977
	25,515		FedEx Corp						4,834,072
	232,788		Southwest Airlines Co						12,624,093
	157,277		Union Pacific Corp						27,844,320
	174,611		United Parcel Service, Inc (Class B)						18,547,180
			TOTAL TRANSPORTATION						106,084,567
			TOTAL COMMON STOCKS						2,809,711,849
			(Cost $1,778,328,175)
PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 0.7%
GOVERNMENT AGENCY DEBT - 0.3%
$	7,450,000		Federal Home Loan Bank (FHLB)		2.350	%	05/01/19		7,450,000
			TOTAL GOVERNMENT AGENCY DEBT						7,450,000

34

TIAA-CREF FUNDS - Quant Large-Cap Growth Fund

SHARES			COMPANY	VALUE
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.4%
	12,625,493	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	12,625,493
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		12,625,493
			TOTAL SHORT-TERM INVESTMENTS		20,075,493
			(Cost $20,075,493)
			TOTAL INVESTMENTS - 100.4%		2,829,787,342
			(Cost $1,798,403,668)
			OTHER ASSETS & LIABILITIES, NET - (0.4)%		(12,247,470	)
			NET ASSETS - 100.0%	$	2,817,539,872

*	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 $12,143,045.

35

TIAA-CREF FUNDS - Quant Large-Cap Value Fund

TIAA-CREF FUNDS
QUANT LARGE-CAP VALUE FUND

SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2019

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.7%
AUTOMOBILES & COMPONENTS - 0.7%
	879,070		Ford Motor Co	$	9,186,282
	174,316		General Motors Co		6,789,608
	2,375		Lear Corp		339,625
	19,497	*	Visteon Corp		1,287,192
			TOTAL AUTOMOBILES & COMPONENTS		17,602,707
BANKS - 12.9%
	2,072,953		Bank of America Corp		63,390,903
	37,586		Bank OZK		1,227,183
	41,874		BB&T Corp		2,143,949
	604,641		Citigroup, Inc		42,748,119
	345,670		Citizens Financial Group, Inc		12,513,254
	160,091		Comerica, Inc		12,581,552
	84,452		East West Bancorp, Inc		4,347,589
	525,748		Fifth Third Bancorp		15,152,057
	720,363		JPMorgan Chase & Co		83,598,126
	55,595		PacWest Bancorp		2,198,782
	7,853		PNC Financial Services Group, Inc		1,075,311
	170,546		Popular, Inc		9,842,210
	62,318		Signature Bank		8,230,338
	104,863		Sterling Bancorp/DE		2,246,165
	84,931		SunTrust Banks, Inc		5,561,282
	243,387		Synovus Financial Corp		8,971,245
	28,090		TFS Financial Corp		467,418
	507,283		Umpqua Holdings Corp		8,806,433
	190,638		US Bancorp		10,164,818
	680,742		Wells Fargo & Co		32,954,720
	248,934		Zions Bancorporation		12,279,914
			TOTAL BANKS		340,501,368
CAPITAL GOODS - 5.6%
	105,972	*	Aecom Technology Corp		3,592,451
	21,264		AGCO Corp		1,505,066
	90,671		Arcosa, Inc		2,822,588
	17,723		Caterpillar, Inc		2,470,941
	10,047		Crane Co		854,497
	79,570		Cummins, Inc		13,231,695
	11,951		Curtiss-Wright Corp		1,361,697
	204,428		Eaton Corp		16,930,727
	59,238	*	Gardner Denver Holdings, Inc		1,999,283
	690,037		General Electric Co		7,017,676
	85,973		Hexcel Corp		6,079,151
	114,167		Honeywell International, Inc		19,822,816
	48,142		Huntington Ingalls		10,715,446

36

TIAA-CREF FUNDS - Quant Large-Cap Value Fund

SHARES			COMPANY	VALUE
	50,059		ITT, Inc	$	3,031,072
	41,987		Johnson Controls International plc		1,574,513
	21,996		Lennox International, Inc		5,970,814
	193,402		Masco Corp		7,554,282
	35,142		nVent Electric plc		982,219
	29,259		Oshkosh Truck Corp		2,416,501
	225,266		Owens Corning, Inc		11,549,388
	169,930		PACCAR, Inc		12,178,883
	61,172		Textron, Inc		3,242,116
	78,637		United Technologies Corp		11,214,423
			TOTAL CAPITAL GOODS		148,118,245
COMMERCIAL & PROFESSIONAL SERVICES - 1.1%
	48,951	*	Clean Harbors, Inc		3,720,276
	115,231		Nielsen NV		2,941,847
	138,026		Republic Services, Inc		11,431,313
	92,867		Waste Management, Inc		9,968,344
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		28,061,780
CONSUMER DURABLES & APPAREL - 0.6%
	39,692	*	Capri Holdings Ltd		1,749,623
	210,620		Pulte Homes, Inc		6,626,105
	81,243		Tapestry, Inc		2,621,712
	81,774		Toll Brothers, Inc		3,115,590
	28,476		VF Corp		2,688,419
			TOTAL CONSUMER DURABLES & APPAREL		16,801,449
CONSUMER SERVICES - 2.8%
	159,045		ARAMARK Holdings Corp		4,943,118
	8,880	*	Bright Horizons Family Solutions		1,137,972
	210,460		Carnival Corp		11,545,836
	77,976		Darden Restaurants, Inc		9,169,978
	213,557		Extended Stay America, Inc		3,824,806
	362,720		H&R Block, Inc		9,869,611
	47,906		Las Vegas Sands Corp		3,212,097
	97,253		McDonald’s Corp		19,214,275
	87,654		Royal Caribbean Cruises Ltd		10,600,875
			TOTAL CONSUMER SERVICES		73,518,568
DIVERSIFIED FINANCIALS - 6.0%
	46,997		AGNC Investment Corp		836,077
	304,792		Ally Financial, Inc		9,055,370
	14,622		American Express Co		1,714,137
	156,940		Annaly Capital Management, Inc		1,583,525
	59,439		Bank of New York Mellon Corp		2,951,741
	9,134		BlackRock, Inc		4,432,182
	46,037		Capital One Financial Corp		4,273,615
	23,217		CME Group, Inc		4,153,521
	52,313		Discover Financial Services		4,262,986
	62,904		E*TRADE Financial Corp		3,186,717
	72,433		Goldman Sachs Group, Inc		14,915,403
	15,825		IntercontinentalExchange Group, Inc		1,287,364

37

TIAA-CREF FUNDS - Quant Large-Cap Value Fund

SHARES			COMPANY	VALUE
	643,100		iShares Russell 1000 Value Index Fund	$	82,156,025
	34,701		Lazard Ltd (Class A)		1,349,175
	11,972		Legg Mason, Inc		400,463
	158,827		Morgan Stanley		7,663,403
	5,681		New Residential Investment Corp		95,498
	51,432		OneMain Holdings, Inc		1,747,145
	239,910		Santander Consumer USA Holdings, Inc		5,122,078
	5,466		Starwood Property Trust, Inc		125,991
	25,023		State Street Corp		1,693,056
	139,501		Synchrony Financial		4,836,500
			TOTAL DIVERSIFIED FINANCIALS		157,841,972
ENERGY - 8.5%
	271,264	*	Antero Resources Corp		1,966,664
	12,190	*	Apergy Corp		483,821
	262,391		Cabot Oil & Gas Corp		6,793,303
	338,552		Chevron Corp		40,646,553
	102,076		Cimarex Energy Co		7,008,538
	129,417	*	CNX Resources Corp		1,159,576
	305,020		ConocoPhillips		19,252,862
	87,232	*	Continental Resources, Inc		4,011,800
	137,333	*	Devon Energy Corp		4,413,883
	66,551		EOG Resources, Inc		6,392,224
	296,134		Equitrans Midstream Corp		6,168,471
	725,889		Exxon Mobil Corp		58,274,369
	152,152		HollyFrontier Corp		7,262,215
	219,376		Kinder Morgan, Inc		4,359,001
	28,845		Marathon Petroleum Corp		1,755,795
	231,034		Occidental Petroleum Corp		13,603,282
	70,908		PBF Energy, Inc		2,381,091
	141,423		Phillips 66		13,331,946
	24,335		Pioneer Natural Resources Co		4,050,804
	133,375		Schlumberger Ltd		5,692,445
	152,153		Valero Energy Corp		13,794,191
	19,267		Williams Cos, Inc		545,834
			TOTAL ENERGY		223,348,668
FOOD & STAPLES RETAILING - 1.8%
	10,747		Kroger Co		277,058
	272,332	*	US Foods Holding Corp		9,953,734
	275,599		Walgreens Boots Alliance, Inc		14,763,839
	229,655		Walmart, Inc		23,617,720
			TOTAL FOOD & STAPLES RETAILING		48,612,351
FOOD, BEVERAGE & TOBACCO - 4.1%
	194,593		General Mills, Inc		10,015,702
	73,957		Hershey Co		9,233,531
	77,299		Ingredion, Inc		7,324,080
	105,685		Kellogg Co		6,372,805
	58,175		Lamb Weston Holdings, Inc		4,075,159
	185,982		Mondelez International, Inc		9,457,185

38

TIAA-CREF FUNDS - Quant Large-Cap Value Fund

SHARES			COMPANY	VALUE
	99,629		PepsiCo, Inc	$	12,757,493
	385,191		Philip Morris International, Inc		33,342,133
	52,357	*	TreeHouse Foods, Inc		3,506,872
	169,764		Tyson Foods, Inc (Class A)		12,733,998
			TOTAL FOOD, BEVERAGE & TOBACCO		108,818,958
HEALTH CARE EQUIPMENT & SERVICES - 4.3%
	199,023		Abbott Laboratories		15,834,270
	33,559		Anthem, Inc		8,827,024
	5,968		Becton Dickinson & Co		1,436,736
	257,454		Cardinal Health, Inc		12,540,584
	409,371		CVS Health Corp		22,261,595
	40,233		Danaher Corp		5,328,458
	86,866		HCA Holdings, Inc		11,051,961
	20,641		Hill-Rom Holdings, Inc		2,093,410
	257,720	*	Hologic, Inc		11,953,054
	201,506		Medtronic plc		17,895,748
	99,560	*	Premier, Inc		3,308,379
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		112,531,219
HOUSEHOLD & PERSONAL PRODUCTS - 3.2%
	277,804		Colgate-Palmolive Co		20,221,353
	115,656	*	Herbalife Ltd		6,112,420
	89,849		Kimberly-Clark Corp		11,534,815
	424,165		Procter & Gamble Co		45,165,089
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		83,033,677
INSURANCE - 5.6%
	81,227		Aflac, Inc		4,092,216
	128,077		Allstate Corp		12,687,308
	59,480		American Financial Group, Inc		6,157,964
	8,195		American International Group, Inc		389,836
	138,118	*	Athene Holding Ltd		6,237,409
	291,153	*	Berkshire Hathaway, Inc (Class B)		63,095,767
	45,453		Chubb Ltd		6,599,776
	108,307		First American Financial Corp		6,179,997
	61,697		FNF Group		2,464,795
	7,367		Hartford Financial Services Group, Inc		385,368
	61,254		Lincoln National Corp		4,086,867
	19,126		Marsh & McLennan Cos, Inc		1,803,390
	40,424		Mercury General Corp		2,174,003
	254,798		Metlife, Inc		11,753,832
	157,830		Principal Financial Group		9,021,563
	47,003		Prudential Financial, Inc		4,968,687
	25,797		Reinsurance Group of America, Inc (Class A)		3,908,503
	77,387		UnumProvident Corp		2,857,128
			TOTAL INSURANCE		148,864,409
MATERIALS - 4.6%
	17,143		Bemis Co, Inc		984,351
	199,526	*	Berry Plastics Group, Inc		11,732,129
	167,327		Domtar Corp		8,182,290

39

TIAA-CREF FUNDS - Quant Large-Cap Value Fund

SHARES			COMPANY	VALUE
	85,251	*	Dow, Inc	$	4,836,289
	255,753		DowDuPont, Inc		9,833,703
	99,135		Eastman Chemical Co		7,819,769
	445,903		Huntsman Corp		9,916,883
	278,209		International Paper Co		13,022,963
	147,325		LyondellBasell Industries AF S.C.A		12,998,485
	363,208		Owens-Illinois, Inc		7,176,990
	17,097		Sealed Air Corp		797,062
	17,367		Silgan Holdings, Inc		519,968
	315,406		Steel Dynamics, Inc		9,992,062
	112,948		Valvoline, Inc		2,089,538
	89,936		Westlake Chemical Corp		6,273,036
	298,310		WestRock Co		11,449,138
	41,729		WR Grace and Co		3,153,878
			TOTAL MATERIALS		120,778,534
MEDIA & ENTERTAINMENT - 2.4%
	910,646		Comcast Corp (Class A)		39,640,420
	36,309	*	Discovery, Inc (Class C)		1,044,247
	119,766		Interpublic Group of Cos, Inc		2,754,618
	1,097	*	Liberty Broadband Corp (Class C)		108,285
	62,712	*	Liberty SiriusXM Group (Class C)		2,518,514
	16,591		Tribune Co		766,504
	40,886		Viacom, Inc (Class B)		1,182,014
	102,149		Walt Disney Co		13,991,349
			TOTAL MEDIA & ENTERTAINMENT		62,005,951
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.2%
	23,613		Agilent Technologies, Inc		1,853,621
	44,227		Allergan plc		6,501,369
	34,773		Amgen, Inc		6,235,494
	17,160	*	Biogen Idec, Inc		3,933,758
	168,235		Bristol-Myers Squibb Co		7,811,151
	43,442		Bruker BioSciences Corp		1,676,861
	11,285	*	Charles River Laboratories International, Inc		1,585,204
	110,716		Eli Lilly & Co		12,958,201
	144,169		Gilead Sciences, Inc		9,376,752
	9,828	*	IQVIA Holdings, Inc		1,365,109
	30,061	*	Jazz Pharmaceuticals plc		3,901,016
	397,341		Johnson & Johnson		56,104,549
	478,262		Merck & Co, Inc		37,644,002
	1,193,180		Pfizer, Inc		48,455,040
	60,686		Thermo Fisher Scientific, Inc		16,837,331
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		216,239,458
REAL ESTATE - 3.9%
	15,291		American Campus Communities, Inc		721,735
	3,846		American Homes 4 Rent		92,227
	8,893		Apartment Investment & Management Co		438,959
	21,065		AvalonBay Communities, Inc		4,232,591
	89,060		Boston Properties, Inc		12,256,437

40

TIAA-CREF FUNDS - Quant Large-Cap Value Fund

SHARES			COMPANY	VALUE
	227,676		Brandywine Realty Trust	$	3,503,934
	389,749		Brixmor Property Group, Inc		6,968,712
	11,774		Camden Property Trust		1,185,053
	81,834		CubeSmart		2,611,323
	202,759		Douglas Emmett, Inc		8,351,643
	48,026		Entertainment Properties Trust		3,787,330
	54,540		Equity Residential		4,167,947
	10,677		Essex Property Trust, Inc		3,016,253
	20,862		Extra Space Storage, Inc		2,163,181
	36,690		Gaming and Leisure Properties, Inc		1,481,542
	538,351		Host Marriott Corp		10,357,873
	35,119		Invitation Homes, Inc		873,058
	63,669		Kilroy Realty Corp		4,896,783
	59,635		Lamar Advertising Co		4,930,025
	135,020		Medical Properties Trust, Inc		2,357,449
	16,893		Mid-America Apartment Communities, Inc		1,848,263
	52,967		Outfront Media, Inc		1,262,204
	62,192		Prologis, Inc		4,768,261
	36,802		Simon Property Group, Inc		6,392,507
	170,590		STORE Capital Corp		5,684,059
	11,575		Sun Communities, Inc		1,424,651
	39,091		UDR, Inc		1,757,140
	17,323		Welltower, Inc		1,291,083
			TOTAL REAL ESTATE		102,822,223
RETAILING - 3.0%
	8,362	*	AutoZone, Inc		8,598,728
	135,970		Best Buy Co, Inc		10,117,528
	181,502		Dick’s Sporting Goods, Inc		6,715,574
	339,881		eBay, Inc		13,170,389
	146,584		Foot Locker, Inc		8,386,071
	150,722		Kohl’s Corp		10,716,334
	133,505		Penske Auto Group, Inc		6,130,549
	199,813		Target Corp		15,469,523
			TOTAL RETAILING		79,304,696
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.9%
	12,780		Analog Devices, Inc		1,485,547
	63,520		Broadcom, Inc		20,224,768
	1,037,055		Intel Corp		52,931,287
	76,652	*	Micron Technology, Inc		3,223,983
	7,160		NXP Semiconductors NV		756,239
	143,453		QUALCOMM, Inc		12,355,607
	107,063		Skyworks Solutions, Inc		9,440,816
	61,591		Teradyne, Inc		3,017,959
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		103,436,206
SOFTWARE & SERVICES - 2.1%
	18,991	*	Akamai Technologies, Inc		1,520,420
	28,523		Cognizant Technology Solutions Corp (Class A)		2,081,038
	2,738		DXC Technology Co		179,996
	29,675		Fidelity National Information Services, Inc		3,440,223

41

TIAA-CREF FUNDS - Quant Large-Cap Value Fund

SHARES			COMPANY	VALUE
	29,600		Genpact Ltd	$	1,074,480
	57,823		International Business Machines Corp		8,110,832
	16,976		LogMeIn, Inc		1,398,822
	87,335		Microsoft Corp		11,405,951
	487,621		Oracle Corp		26,980,070
			TOTAL SOFTWARE & SERVICES		56,191,832
TECHNOLOGY HARDWARE & EQUIPMENT - 3.1%
	800,573		Cisco Systems, Inc		44,792,059
	186,633		Corning, Inc		5,944,261
	125,494	*	Dell Technologies, Inc		8,459,551
	31,287	*	EchoStar Corp (Class A)		1,246,787
	48,731		Flir Systems, Inc		2,579,819
	364,071		Hewlett Packard Enterprise Co		5,755,963
	363,102		HP, Inc		7,243,885
	6,273		Motorola Solutions, Inc		909,020
	19,176		National Instruments Corp		903,190
	52,511	*	NCR Corp		1,520,193
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		79,354,728
TELECOMMUNICATION SERVICES - 3.1%
	1,065,769		AT&T, Inc		32,996,208
	592,608		CenturyLink, Inc		6,767,584
	112,449		Telephone & Data Systems, Inc		3,584,874
	706,081		Verizon Communications, Inc		40,380,772
			TOTAL TELECOMMUNICATION SERVICES		83,729,438
TRANSPORTATION - 3.1%
	208,397		CSX Corp		16,594,653
	282,246		Delta Air Lines, Inc		16,452,119
	24,858		Norfolk Southern Corp		5,071,529
	60,171		Ryder System, Inc		3,790,773
	28,457		Schneider National, Inc		594,751
	212,084		Southwest Airlines Co		11,501,315
	69,565		Union Pacific Corp		12,315,788
	169,883	*	United Continental Holdings, Inc		15,095,804
			TOTAL TRANSPORTATION		81,416,732
UTILITIES - 5.1%
	478,278		AES Corp		8,188,119
	110,810		Centerpoint Energy, Inc		3,435,110
	11,613		Consolidated Edison, Inc		1,000,576
	248,812		Dominion Resources, Inc		19,374,990
	50,690		DTE Energy Co		6,372,240
	45,660		Duke Energy Corp		4,160,539
	187,681		Edison International		11,968,417
	55,555		Entergy Corp		5,383,280
	342,116		Exelon Corp		17,430,810
	284,923		FirstEnergy Corp		11,975,314
	95,918		MDU Resources Group, Inc		2,508,256
	48,295		National Fuel Gas Co		2,859,547

42

TIAA-CREF FUNDS - Quant Large-Cap Value Fund

SHARES			COMPANY					VALUE
	49,441		NextEra Energy, Inc					$	9,613,308
	147,286		OGE Energy Corp						6,236,089
	98,090	*,b	PG&E Corp						2,208,987
	27,309		Public Service Enterprise Group, Inc						1,628,982
	288,239		Southern Co						15,340,080
	82,653		UGI Corp						4,505,415
	42,873		Vistra Energy Corp						1,168,289
			TOTAL UTILITIES						135,358,348
			TOTAL COMMON STOCKS						2,628,293,517
			(Cost $2,139,321,051)
PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 0.3%
GOVERNMENT AGENCY DEBT - 0.3%
$	8,950,000		Federal Home Loan Bank (FHLB)		2.350	%	05/01/19		8,950,000
			TOTAL GOVERNMENT AGENCY DEBT						8,950,000
			TOTAL SHORT-TERM INVESTMENTS						8,950,000
			(Cost $8,950,000)
			TOTAL INVESTMENTS - 100.0%						2,637,243,517
			(Cost $2,148,271,051)
			OTHER ASSETS & LIABILITIES, NET - 0.0%						(819,117	)
			NET ASSETS - 100.0%					$	2,636,424,400

*	Non-income producing
b	In bankruptcy

43

TIAA-CREF FUNDS - Quant Small-Cap Equity Fund

TIAA-CREF FUNDS
QUANT SMALL-CAP EQUITY FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2019

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.8%
AUTOMOBILES & COMPONENTS - 0.5%
	244,175	*	Modine Manufacturing Co	$	3,611,348
	412,642	*	Stoneridge, Inc		12,969,338
	177,620		Superior Industries International, Inc		879,219
			TOTAL AUTOMOBILES & COMPONENTS		17,459,905
BANKS - 12.5%
	33,799		Ameris Bancorp		1,232,312
	421,800		Bank of NT Butterfield & Son Ltd		16,880,436
	855,103		Cadence BanCorp		19,453,593
	519,000		Cathay General Bancorp		19,094,010
	38,300		Civista Bancshares, Inc		842,600
	137,523		ConnectOne Bancorp, Inc		3,002,127
	336,500	*	Customers Bancorp, Inc		7,621,725
	217,490	*	Eagle Bancorp, Inc		12,018,498
	44,460		Enterprise Financial Services Corp		1,891,329
	533,400	*	Essent Group Ltd		25,309,830
	131,500		Federal Agricultural Mortgage Corp (Class C)		10,057,120
	11,520		First Bancorp		436,723
	685,700		First Commonwealth Financial Corp		9,332,377
	288,560		First Merchants Corp		10,581,495
	518,500		First Midwest Bancorp, Inc		11,132,195
	70,519		First of Long Island Corp		1,640,977
	416,302		Flagstar Bancorp, Inc		14,882,797
	826,500		Fulton Financial Corp		14,257,125
	49,000		Great Western Bancorp, Inc		1,723,330
	288,173		Hancock Holding Co		12,604,687
	119,300		Hanmi Financial Corp		2,829,796
	275,500		IBERIABANK Corp		21,902,250
	106,059		Independent Bank Corp		2,283,450
	121,100		Independent Bank Group, Inc		6,902,700
	257,630		LegacyTexas Financial Group, Inc		10,325,810
	330,382		Meta Financial Group, Inc		8,510,640
	1,567,970	*	MGIC Investment Corp		22,955,081
	318,100	*	NMI Holdings, Inc		8,932,248
	736,000		OFG Bancorp		14,852,480
	71,000		Old Second Bancorp, Inc		940,750
	43,000		Peoples Bancorp, Inc		1,405,240
	34,200		QCR Holdings, Inc		1,169,982
	1,031,900		Radian Group, Inc		24,167,098
	134,419		Sandy Spring Bancorp, Inc		4,689,879
	763,412		United Community Banks, Inc		21,436,609
	132,679		Univest Corp of Pennsylvania		3,346,164
	379,300		Walker & Dunlop, Inc		20,842,535
	204,410		Washington Federal, Inc		6,774,147
	193,500		WesBanco, Inc		7,801,920
	225,000		WSFS Financial Corp		9,715,500
			TOTAL BANKS		395,779,565

44

TIAA-CREF FUNDS - Quant Small-Cap Equity Fund

SHARES			COMPANY	VALUE
CAPITAL GOODS - 9.4%
	252,640		Applied Industrial Technologies, Inc	$	15,143,242
	653,043	*	Atkore International Group, Inc		16,169,345
	100,200		AZZ, Inc		4,758,498
	405,583	*	BMC Stock Holdings, Inc		8,346,898
	462,900		Comfort Systems USA, Inc		25,042,890
	169,200	*	Continental Building Products Inc		4,339,980
	59,379	*	CSW Industrials, Inc		3,559,771
	93,600		Douglas Dynamics, Inc		3,534,336
	72,113	*	DXP Enterprises, Inc		3,092,927
	249,066		EMCOR Group, Inc		20,956,413
	59,500		ESCO Technologies, Inc		4,462,500
	406,100	*	Generac Holdings, Inc		22,331,439
	98,200		Global Brass & Copper Holdings, Inc		4,260,898
	519,257	*	GMS, Inc		9,149,308
	343,200	*	Great Lakes Dredge & Dock Corp		3,510,936
	506,000	*	Harsco Corp		11,455,840
	176,800	*	Herc Holdings, Inc		8,514,688
	191,300		Hillenbrand, Inc		8,229,726
	121,950		Kadant, Inc		11,962,076
	724,039	*	Meritor, Inc		17,565,186
	7,980		Miller Industries, Inc		263,978
	195,840		Moog, Inc (Class A)		18,338,458
	223,953		Mueller Industries, Inc		6,532,709
	228,385	*	Patrick Industries, Inc		11,389,560
	128,500		Quanex Building Products Corp		2,148,520
	12,545		Raven Industries, Inc		488,126
	464,400	*	Rexnord Corp		13,281,840
	43,560	*	Thermon Group Holdings		1,123,412
	140,600	*	Titan Machinery, Inc		2,418,320
	320,092	*	Trex Co, Inc		22,172,773
	163,888	*	Trimas Corp		5,069,056
	58,039	*	Vectrus, Inc		2,353,481
	43,500		Woodward Governor Co		4,737,150
			TOTAL CAPITAL GOODS		296,704,280
COMMERCIAL & PROFESSIONAL SERVICES - 3.8%
	29,070		Barrett Business Services, Inc		2,118,040
	78,480	*	CBIZ, Inc		1,515,449
	38,829		CRA International, Inc		2,022,214
	348,547		Exponent, Inc		19,734,731
	115,800		Heidrick & Struggles International, Inc		4,143,324
	95,600		ICF International, Inc		7,444,372
	243,146		Insperity, Inc		29,070,536
	45,540		Kimball International, Inc (Class B)		713,157
	112,900		MSA Safety, Inc		12,408,839
	17,077	*	On Assignment, Inc		1,076,534
	290,659		Tetra Tech, Inc		18,811,451
	82,700	*	TriNet Group, Inc		5,155,518
	247,556		Viad Corp		15,177,658
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		119,391,823

45

TIAA-CREF FUNDS - Quant Small-Cap Equity Fund

SHARES			COMPANY	VALUE
CONSUMER DURABLES & APPAREL - 3.5%
	649,780		Callaway Golf Co	$	11,410,137
	79,759	*	Cavco Industries, Inc		9,951,530
	117,700		Clarus Corp		1,579,534
	145,200	*	Deckers Outdoor Corp		22,972,092
	37,384		Johnson Outdoors, Inc		2,866,231
	433,600		KB Home		11,234,576
	260,700		La-Z-Boy, Inc		8,550,960
	180,050	*	Malibu Boats, Inc		7,493,681
	168,015	*	MasterCraft Boat Holdings, Inc		4,156,691
	82,830		Movado Group, Inc		2,952,890
	136,308	*	Roku, Inc		8,667,826
	422,262		Skyline Corp		8,913,951
	280,450		Steven Madden Ltd		10,194,357
			TOTAL CONSUMER DURABLES & APPAREL		110,944,456
CONSUMER SERVICES - 2.9%
	235,500		BBX Capital Corp		1,304,670
	4,200	*	Biglari Holdings, Inc (B Shares)		585,186
	774,800		Bloomin’ Brands, Inc		15,488,252
	311,471	*	Career Education Corp		5,653,199
	120,900		Carriage Services, Inc		2,121,795
	147,300	*	El Pollo Loco Holdings, Inc		1,882,494
	266,100	*	K12, Inc		8,014,932
	660,600	*	Laureate Education, Inc		10,397,844
	91,100	*	Planet Fitness, Inc		6,896,270
	192,900		Ruth’s Chris Steak House, Inc		5,011,542
	110,900		Strategic Education, Inc		15,897,515
	327,800		Texas Roadhouse, Inc (Class A)		17,704,478
			TOTAL CONSUMER SERVICES		90,958,177
DIVERSIFIED FINANCIALS - 3.9%
	349,871	e	Arlington Asset Investment Corp (Class A)		2,746,487
	463,363		Artisan Partners Asset Management, Inc		13,131,708
	285,200	*	Cowen Group, Inc		4,777,100
	258,100	*,e	Encore Capital Group, Inc		7,293,906
	249,433	*	Enova International, Inc		6,841,947
	858,800	*	FGL Holdings		7,325,564
	239,700	*	Green Dot Corp		15,285,669
	275,500		Houlihan Lokey, Inc		13,587,660
	110,000	e	iShares Russell 2000 Index Fund		17,411,900
	627,300		OM Asset Management plc		9,196,218
	389,780		Orchid Island Capital, Inc		2,560,855
	36,500	*	Regional Management Corp		904,105
	358,626		Stifel Financial Corp		21,399,213
			TOTAL DIVERSIFIED FINANCIALS		122,462,332

46

TIAA-CREF FUNDS - Quant Small-Cap Equity Fund

SHARES			COMPANY	VALUE
ENERGY - 4.8%
	1,026,400	*	Abraxas Petroleum Corp	$	1,416,432
	9,840		Arch Coal, Inc		954,283
	212,655	*	Basic Energy Services, Inc		535,891
	124,400	*	Bonanza Creek Energy, Inc		2,994,308
	702,800	*	C&J Energy Services, Inc		9,874,340
	313,800		CVR Energy, Inc		14,312,418
	463,312		Delek US Holdings, Inc		17,170,343
	14,779		DMC Global, Inc		1,024,185
	140,520		Evolution Petroleum Corp		987,856
	301,048	*	Exterran Corp		4,280,902
	610,500		Green Plains Renewable Energy, Inc		10,604,385
	982,300	*	Keane Group, Inc		10,304,327
	248,600		Mammoth Energy Services, Inc		3,875,674
	141,153	*	Matrix Service Co		2,768,010
	163,700	*	Midstates Petroleum Co, Inc		2,090,449
	22,680	*	Nine Energy Service, Inc		456,548
	2,344,300	*	Oasis Petroleum, Inc		14,300,230
	533,639	*	Par Pacific Holdings, Inc		10,427,306
	289,800		Peabody Energy Corp		8,337,546
	715,700	*	ProPetro Holding Corp		15,838,441
	552,735	*	SandRidge Energy, Inc		4,620,865
	141,042	*	Talos Energy, Inc		4,188,947
	343,360		World Fuel Services Corp		10,592,656
			TOTAL ENERGY		151,956,342
FOOD & STAPLES RETAILING - 0.4%
	125,947	*	Natural Grocers by Vitamin C		1,559,224
	256,600	*	Performance Food Group Co		10,507,770
			TOTAL FOOD & STAPLES RETAILING		12,066,994
FOOD, BEVERAGE & TOBACCO - 2.1%
	62,300	*	Boston Beer Co, Inc (Class A)		19,313,623
	59,860	e	Calavo Growers, Inc		5,735,187
	123,005		Lancaster Colony Corp		18,292,073
	188,600	e	National Beverage Corp		10,561,600
	197,852	*,e	Pyxus International, Inc		4,516,961
	355,700	*	Simply Good Foods Co		7,989,022
			TOTAL FOOD, BEVERAGE & TOBACCO		66,408,466
HEALTH CARE EQUIPMENT & SERVICES - 4.9%
	120,800	*	Cardiovascular Systems, Inc		4,293,232
	171,000		Conmed Corp		13,685,130
	510	*	Cutera, Inc		9,048
	443,200	*	Globus Medical, Inc		19,983,888
	672,000	*	HMS Holdings Corp		20,448,960
	274,200	*	Integer Holding Corp		18,944,478
	694,200	*	Lantheus Holdings, Inc		16,771,872
	95,400	*	LivaNova plc		6,572,106
	151,000	*	Magellan Health Services, Inc		10,570,000
	63,600	*	NuVasive, Inc		3,854,160
	736,876	*	OraSure Technologies, Inc		6,970,847

47

TIAA-CREF FUNDS - Quant Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	277,200	*	Orthofix International NV	$	15,187,788
	471,500	*	Select Medical Holdings Corp		6,775,455
	206,700	*	Staar Surgical Co		6,713,616
	91,544	*	SurModics, Inc		3,976,671
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		154,757,251
HOUSEHOLD & PERSONAL PRODUCTS - 1.0%
	127,300		Medifast, Inc		18,673,637
	165,160	*	USANA Health Sciences, Inc		13,784,254
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		32,457,891
INSURANCE - 1.4%
	390,215		American Equity Investment Life Holding Co		11,476,223
	160,600		Amerisafe, Inc		9,510,732
	376,500	*,e	Health Insurance Innovations, Inc		8,779,980
	99,859		Heritage Insurance Holdings, Inc		1,362,077
	69,100		James River Group Holdings Ltd		2,917,402
	94,100		United Insurance Holdings Corp		1,441,612
	274,376		Universal Insurance Holdings, Inc		8,173,661
			TOTAL INSURANCE		43,661,687
MATERIALS - 4.7%
	374,000		Boise Cascade Co		10,356,060
	371,400	*	Ferro Corp		6,636,918
	673,900	*	Ferroglobe plc		0
	421,400	*	Gold Resource Corp		1,542,324
	231,200	*	Ingevity Corp		26,590,312
	94,800		Innospec, Inc		8,040,936
	119,800		Kaiser Aluminum Corp		11,788,320
	132,407	*	Koppers Holdings, Inc		3,540,563
	176,700		Kronos Worldwide, Inc		2,403,120
	178,600		Materion Corp		10,364,158
	60,834		Olympic Steel, Inc		986,728
	161,900	*	Omnova Solutions, Inc		1,198,060
	85,700	*	Ryerson Holding Corp		741,305
	585,815		Schnitzer Steel Industries, Inc (Class A)		13,895,532
	140,100		Stepan Co		12,964,854
	415,340	*	SunCoke Energy, Inc		3,576,077
	190,700		Trinseo S.A.		8,571,965
	576,192		Tronox Holdings plc		8,147,355
	300,120	*	Verso Corp		6,698,678
	239,600	*	Worthington Industries, Inc		9,615,148
			TOTAL MATERIALS		147,658,413
MEDIA & ENTERTAINMENT - 1.2%
	390,113		Entravision Communications Corp (Class A)		1,119,625
	1,038,100	*	Glu Mobile, Inc		11,356,814
	121,240	*	Gray Television, Inc		2,840,653
	492,500	*	Imax Corp		12,007,150
	170,500	*	Liberty Braves Group (Class C)		4,799,575
	318,439	*	Liberty Latin America Ltd (Class A)		6,664,928
			TOTAL MEDIA & ENTERTAINMENT		38,788,745

48

TIAA-CREF FUNDS - Quant Small-Cap Equity Fund

SHARES			COMPANY	VALUE
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 10.1%
	1,718,558	*	Achillion Pharmaceuticals, Inc	$	5,086,932
	86,984	*	Aclaris Therapeutics, Inc		547,999
	60,900	*	Acorda Therapeutics, Inc		636,405
	509,379	*	Aduro Biotech, Inc		2,083,360
	805,680	*	Akebia Therapeutics, Inc		4,866,307
	1,910,100	*	Akorn, Inc		5,157,270
	375,455	*	AMAG Pharmaceuticals, Inc		4,190,078
	325,100	*,e	Amicus Therapeutics, Inc		4,336,834
	479,800	*	Amphastar Pharmaceuticals, Inc		10,358,882
	264,722	*	Ardelyx, Inc		900,055
	167,739	*	Array Biopharma, Inc		3,792,579
	72,300	*,e	Arvinas, Inc		1,508,901
	165,800	*	Assembly Biosciences, Inc		2,616,324
	40,500	*	Biospecifics Technologies Corp		2,713,500
	278,427	*	Calithera Biosciences, Inc		1,715,110
	336,720	*	CareDx, Inc		9,162,151
	229,400	*	ChemoCentryx, Inc		3,044,138
	305,351	*	Concert Pharmaceuticals, Inc		3,139,008
	348,105	*	CytomX Therapeutics, Inc		3,310,479
	68,100	*	Enanta Pharmaceuticals, Inc		5,937,639
	621,800	*	Endo International plc		4,663,500
	268,760	*	Five Prime Therapeutics, Inc		2,977,861
	628,221	*	Fluidigm Corp		8,631,757
	187,000	*	Genomic Health, Inc		12,029,710
	395,600	*	Halozyme Therapeutics, Inc		6,381,028
	102,700	*	Heron Therapeutics, Inc		2,226,536
	848,000	*	Horizon Pharma plc		21,649,440
	976,900	*	Immunogen, Inc		2,334,791
	280,987	*	Intersect ENT, Inc		9,129,268
	324,824	*	Intra-Cellular Therapies, Inc		4,277,932
	668,900	*	Invitae Corp		15,799,418
	158,078	*	Kala Pharmaceuticals, Inc		1,226,685
	231,300		Luminex Corp		5,275,953
	389,889	*	MacroGenics, Inc		6,538,439
	511,932	*,e	Marinus Pharmaceuticals, Inc		2,528,944
	115,800	*,e	Medicines Co		3,699,810
	235,300	*	Medpace Holdings, Inc		13,216,801
	105,350	*	Momenta Pharmaceuticals, Inc		1,473,846
	83,100	*	MyoKardia, Inc		3,987,138
	451,200	*	Natera, Inc		8,622,432
	72,000	*	NeoGenomics, Inc		1,499,760
	331,800	*	Pacira Pharmaceuticals, Inc		13,212,276
	289,550		Phibro Animal Health Corp		10,050,280
	398,300	*	Pieris Pharmaceuticals, Inc		1,190,917
	187,900	*	PTC Therapeutics, Inc		7,031,218
	147,800	*,e	Puma Biotechnology, Inc		4,747,336
	257,740	*	Radius Health, Inc		5,675,435
	177,980	*	Recro Pharma, Inc		1,553,765
	164,500	*	REGENXBIO, Inc		8,290,800
	286,389	*	Retrophin, Inc		5,464,302

49

TIAA-CREF FUNDS - Quant Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	8,549	*	Savara, Inc	$	91,303
	118,389	*	SIGA Technologies, Inc		620,358
	321,630	*	Spectrum Pharmaceuticals, Inc		3,013,673
	282,563	*	Syneos Health, Inc		13,260,682
	42,460	*	Tocagen, Inc		419,505
	589,700	*	Vanda Pharmaceuticals, Inc		9,606,213
	438,200	*	Veracyte, Inc		10,021,634
	406,800	*	Vericel Corp		6,911,532
	87,500	*	Voyager Therapeutics, Inc		1,846,250
	94,500	*,e	WaVe Life Sciences Pte Ltd		2,507,085
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		318,789,564
REAL ESTATE - 9.1%
	293,020		Americold Realty Trust		9,379,570
	462,900		Ashford Hospitality Trust, Inc		2,550,579
	154,759		Bluerock Residential Growth REIT, Inc		1,734,849
	177,980		CareTrust REIT, Inc		4,316,015
	625,200		CoreCivic, Inc		13,010,412
	2,063,190		Cousins Properties, Inc		19,744,728
	1,605,080		DiamondRock Hospitality Co		17,431,169
	220,200		EastGroup Properties, Inc		25,175,466
	407,150		First Industrial Realty Trust, Inc		14,360,181
	852,900		Geo Group, Inc		17,075,058
	358,400		Hersha Hospitality Trust		6,655,488
	488,319		Mack-Cali Realty Corp		11,368,066
	460,300		Monmouth Real Estate Investment Corp (Class A)		6,324,522
	451,800		National Storage Affiliates Trust		13,219,668
	388,212		Newmark Group, Inc		3,307,566
	696,900		Piedmont Office Realty Trust, Inc		14,509,458
	611,655		Preferred Apartment Communities, Inc		9,566,284
	157,028		PS Business Parks, Inc		24,122,641
	228,800		Ryman Hospitality Properties		18,212,480
	134,699		Saul Centers, Inc		7,186,192
	532,600		STAG Industrial, Inc		15,328,228
	635,000		Summit Hotel Properties, Inc		7,372,350
	695,100		Tanger Factory Outlet Centers, Inc		12,553,506
	578,543		Xenia Hotels & Resorts, Inc		12,525,456
			TOTAL REAL ESTATE		287,029,932
RETAILING - 3.2%
	277,000	*	1-800-FLOWERS.COM, Inc (Class A)		5,897,330
	346,900		Abercrombie & Fitch Co (Class A)		10,368,841
	111,700		American Eagle Outfitters, Inc		2,656,226
	423,300	*	Etsy, Inc		28,589,682
	3,026,400	*	Groupon, Inc		10,652,928
	98,600	*	Liberty Expedia Holdings, Inc		4,577,012
	2,308,669		Office Depot, Inc		5,540,806
	746,000	*	Rent-A-Center, Inc		18,597,780
	71,680	*	Sleep Number Corp		2,494,464
	107,315	*	Stamps.com, Inc		9,207,627
	101,640	*	Zumiez, Inc		2,706,673
			TOTAL RETAILING		101,289,369

50

TIAA-CREF FUNDS - Quant Small-Cap Equity Fund

SHARES			COMPANY	VALUE
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.3%
	161,689		Cabot Microelectronics Corp	$	20,413,236
	304,370	*	Diodes, Inc		11,085,156
	1,090,800	*	Lattice Semiconductor Corp		14,125,860
	873,400	*	Rambus, Inc		10,009,164
	369,800	*	Semtech Corp		19,921,126
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		75,554,542
SOFTWARE & SERVICES - 7.6%
	242,900	*	Bottomline Technologies, Inc		12,283,453
	118,820	*	CACI International, Inc (Class A)		23,162,771
	270,400	*	Commvault Systems, Inc		14,223,040
	164,600	*	eGain Corp		1,644,354
	329,984		EVERTEC, Inc		10,331,799
	392,800	*	Five9, Inc		20,845,896
	114,200	*	HubSpot, Inc		21,068,758
	60,400	*	I3 Verticals, Inc		1,458,056
	214,986		Mantech International Corp (Class A)		13,326,982
	132,500	*	New Relic, Inc		13,944,300
	260,045	*	Paylocity Holding Corp		25,107,344
	144,800	*	SPS Commerce, Inc		15,021,552
	215,000	*	Varonis Systems, Inc		15,297,250
	420,700	*	Verint Systems, Inc		25,406,073
	228,500	*	Virtusa Corp		12,693,175
	206,100	*	Workiva, Inc		10,952,154
	295,425	*	Zix Corp		2,407,714
			TOTAL SOFTWARE & SERVICES		239,174,671
TECHNOLOGY HARDWARE & EQUIPMENT - 5.1%
	87,800	*	Agilysys, Inc		1,679,614
	205,548		AVX Corp		3,352,488
	61,860		Comtech Telecommunications Corp		1,455,566
	416,600	*	Control4 Corp		7,253,006
	1,537,400	*	Extreme Networks, Inc		12,299,200
	296,300	*	Insight Enterprises, Inc		16,764,654
	640,596		Kemet Corp		11,447,450
	59,700	*	OSI Systems, Inc		5,380,761
	282,600	*	Ribbon Communications, Inc		1,514,736
	460,500	*	Sanmina Corp		15,620,160
	213,100		SYNNEX Corp		22,989,228
	138,320	*	Tech Data Corp		14,746,295
	782,400	*	TTM Technologies, Inc		10,358,976
	1,417,200	*	Viavi Solutions, Inc		18,848,760
	758,500		Vishay Intertechnology, Inc		15,025,885
	49,339	*	Vishay Precision Group, Inc		1,868,468
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		160,605,247
TELECOMMUNICATION SERVICES - 0.9%
	89,120	*	Cincinnati Bell, Inc		793,168
	184,800		Shenandoah Telecom Co		7,637,784
	1,934,590	*	Vonage Holdings Corp		18,804,215
			TOTAL TELECOMMUNICATION SERVICES		27,235,167

51

TIAA-CREF FUNDS - Quant Small-Cap Equity Fund

SHARES			COMPANY					VALUE
TRANSPORTATION - 1.3%
	242,950		Arkansas Best Corp					$	7,424,552
	97,900	*	Covenant Transportation Group, Inc						1,911,987
	309,266	*	Daseke, Inc						1,595,812
	396,340	*	Echo Global Logistics, Inc						9,092,040
	23,440		Forward Air Corp						1,484,221
	297,388		Heartland Express, Inc						5,852,596
	107,342		Marten Transport Ltd						2,123,225
	62,680	*	Radiant Logistics, Inc						409,927
	51,500	*	USA Truck, Inc						733,360
	371,746		Werner Enterprises, Inc						12,453,491
			TOTAL TRANSPORTATION						43,081,211
UTILITIES - 3.2%
	442,900		Avista Corp						19,106,706
	230,368		Clearway Energy, Inc (Class A)						3,540,756
	62,178		NorthWestern Corp						4,343,133
	82,720		Otter Tail Corp						4,243,536
	515,000		Portland General Electric Co						26,939,650
	251,990		Southwest Gas Corp						20,963,048
	240,000		Spire, Inc						20,205,600
	46,979		Unitil Corp						2,673,575
			TOTAL UTILITIES						102,016,004
			TOTAL COMMON STOCKS						3,156,232,034
			(Cost $2,836,293,011)
PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 1.6%
GOVERNMENT AGENCY DEBT - 0.2%
$	6,800,000		Federal Home Loan Bank (FHLB)		2.350	%	05/01/19		6,800,000
			TOTAL GOVERNMENT AGENCY DEBT						6,800,000
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.4%
	44,841,483	c	State Street Navigator Securities Lending Government Money Market Portfolio						44,841,483
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						44,841,483
			TOTAL SHORT-TERM INVESTMENTS						51,641,483
			(Cost $51,641,483)
			TOTAL INVESTMENTS - 101.4%						3,207,873,517
			(Cost $2,887,934,494)
			OTHER ASSETS & LIABILITIES, NET - (1.4)%						(46,256,212	)
			NET ASSETS - 100.0%					$	3,161,617,305

	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 $42,382,487.

52

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

TIAA-CREF FUNDS
QUANT SMALL/MID-CAP EQUITY FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2019

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.9%
AUTOMOBILES & COMPONENTS - 0.3%
	55,277	*	Stoneridge, Inc	$	1,737,356
			TOTAL AUTOMOBILES & COMPONENTS		1,737,356
BANKS - 8.3%
	117,655		Associated Banc-Corp		2,669,592
	67,169		Bank of NT Butterfield & Son Ltd		2,688,103
	71,132		BankUnited		2,602,009
	51,795		Cathay General Bancorp		1,905,538
	67,258		Central Pacific Financial Corp		2,018,413
	39,803		ConnectOne Bancorp, Inc		868,900
	58,671		East West Bancorp, Inc		3,020,383
	62,375	*	Essent Group Ltd		2,959,694
	412,638		First Bancorp (Puerto Rico)		4,662,809
	7,042		First Financial Corp		289,919
	70,040		First Hawaiian, Inc		1,936,606
	23,700		Great Western Bancorp, Inc		833,529
	50,861		Hancock Holding Co		2,224,660
	57,553		Heritage Commerce Corp		720,564
	15,351		HomeTrust Bancshares, Inc		389,301
	40,528		LegacyTexas Financial Group, Inc		1,624,362
	82,802		National Bank Holdings Corp		3,166,349
	121,678		OFG Bancorp		2,455,462
	15,352		Peoples Bancorp, Inc		501,703
	48,340		Popular, Inc		2,789,701
	14,904		Preferred Bank		733,128
	3,585	*	SVB Financial Group		902,416
	71,097		TCF Financial Corp		1,573,377
	97,081		TFS Financial Corp		1,615,428
	70,405	*	The Bancorp, Inc		718,835
	24,363		Trico Bancshares		972,327
	29,238	*	Triumph Bancorp, Inc		906,670
	34,295		United Financial Bancorp, Inc (New)		452,351
	19,800		Veritex Holdings, Inc		524,898
	49,842	*	Western Alliance Bancorp		2,381,451
	32,985		Wintrust Financial Corp		2,513,457
	19,378		WSFS Financial Corp		836,742
	67,512		Zions Bancorporation		3,330,367
			TOTAL BANKS		57,789,044
CAPITAL GOODS - 13.3%
	55,775		Advanced Drainage Systems, Inc		1,564,489
	22,950		Albany International Corp (Class A)		1,697,611
	7,269		Allegion plc		721,303
	56,800		Allison Transmission Holdings, Inc		2,661,648

53

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

SHARES			COMPANY	VALUE
	32,077		Altra Holdings, Inc	$	1,202,567
	103,859	*	Atkore International Group, Inc		2,571,549
	32,406		AZZ, Inc		1,538,961
	125,023	*	Builders FirstSource, Inc		1,722,817
	44,490		Comfort Systems USA, Inc		2,406,909
	17,300		Curtiss-Wright Corp		1,971,162
	55,154		EMCOR Group, Inc		4,640,658
	65,230		Federal Signal Corp		1,876,667
	33,892	*	Foundation Building Materials, Inc		460,592
	72,624		Global Brass & Copper Holdings, Inc		3,151,155
	97,078		Graco, Inc		4,975,248
	136,059	*	Harsco Corp		3,080,376
	75,209	*	HD Supply Holdings, Inc		3,436,299
	65,579		HEICO Corp (Class A)		5,864,730
	22,273		IDEX Corp		3,489,288
	73,407		ITT, Inc		4,444,794
	72,500	*	JELD-WEN Holding, Inc		1,431,875
	8,386		Kadant, Inc		822,583
	102,808	*	Meritor, Inc		2,494,122
	92,946	*	Milacron Holdings Corp		1,357,941
	21,416		Moog, Inc (Class A)		2,005,394
	121,774	*	MRC Global, Inc		2,110,343
	58,470	*	MYR Group, Inc		2,113,691
	84,689	*	NCI Building Systems, Inc		484,421
	99,498		nVent Electric plc		2,780,969
	38,156		Oshkosh Truck Corp		3,151,304
	63,295		Pentair plc		2,467,872
	23,758		Primoris Services Corp		520,775
	39,642		Quanta Services, Inc		1,609,465
	36,489		Spirit Aerosystems Holdings, Inc (Class A)		3,170,894
	46,728	*	SPX Corp		1,705,572
	42,182	*	SPX FLOW, Inc		1,516,021
	48,371	*	Thermon Group Holdings		1,247,488
	101,091	*	Univar, Inc		2,257,362
	98,719		Universal Forest Products, Inc		3,647,667
	37,832	*	Vectrus, Inc		1,534,088
	19,857		Watts Water Technologies, Inc (Class A)		1,699,561
			TOTAL CAPITAL GOODS		93,608,231
COMMERCIAL & PROFESSIONAL SERVICES - 2.5%
	36,857		Brady Corp (Class A)		1,798,253
	42,273		Insperity, Inc		5,054,160
	84,494		Kforce, Inc		3,043,474
	29,600		Kimball International, Inc (Class B)		463,536
	51,599		Robert Half International, Inc		3,203,782
	39,575	*	SP Plus Corp		1,366,129
	30,112		Systemax, Inc		683,843
	33,030	*	TriNet Group, Inc		2,059,090
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		17,672,267

54

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

SHARES			COMPANY	VALUE
CONSUMER DURABLES & APPAREL - 3.4%
	7,836	*	Cavco Industries, Inc	$	977,698
	22,655		Columbia Sportswear Co		2,264,820
	28,983	*	CROCS, Inc		807,177
	22,525		Hooker Furniture Corp		671,470
	8,357	*	Lululemon Athletica, Inc		1,473,757
	35,307	*	Malibu Boats, Inc		1,469,477
	66,800	*	MasterCraft Boat Holdings, Inc		1,652,632
	19,456	*	Meritage Homes Corp		995,174
	28,764		Movado Group, Inc		1,025,437
	1,313	*	NVR, Inc		4,139,206
	83,960		Pulte Homes, Inc		2,641,382
	18,600		Ralph Lauren Corp		2,447,388
	107,098		Skyline Corp		2,260,839
	77,746	*,e	Turtle Beach Corp		796,119
			TOTAL CONSUMER DURABLES & APPAREL		23,622,576
CONSUMER SERVICES - 3.6%
	133,183		Bloomin’ Brands, Inc		2,662,328
	14,710	*	Bright Horizons Family Solutions		1,885,087
	39,000		Brinker International, Inc		1,668,030
	103,905	*	Career Education Corp		1,885,876
	9,815	e	Cracker Barrel Old Country Store, Inc		1,656,183
	117,541		Extended Stay America, Inc		2,105,159
	44,586	*	frontdoor, Inc		1,571,211
	33,669		Hyatt Hotels Corp		2,583,422
	55,116	*	K12, Inc		1,660,094
	71,590	*	Regis Corp		1,340,165
	67,585	*	Scientific Games Corp (Class A)		1,563,241
	56,294	*	ServiceMaster Global Holdings, Inc		2,760,095
	13,018		Strategic Education, Inc		1,866,130
			TOTAL CONSUMER SERVICES		25,207,021
DIVERSIFIED FINANCIALS - 3.7%
	81,545		Artisan Partners Asset Management, Inc		2,310,985
	101,728	*	Cannae Holdings, Inc		2,611,358
	29,696		FirstCash, Inc		2,900,705
	23,898	*	Green Dot Corp		1,523,976
	32,436	*	INTL FCStone, Inc		1,315,604
	91,717		Ladder Capital Corp		1,595,876
	141,093		Ladenburg Thalmann Financial Services, Inc		517,811
	68,606		LPL Financial Holdings, Inc		5,083,019
	15,618		Morningstar, Inc		2,240,402
	156,767		OM Asset Management plc		2,298,204
	64,054		OneMain Holdings, Inc		2,175,914
	66,444		Virtu Financial, Inc		1,633,194
			TOTAL DIVERSIFIED FINANCIALS		26,207,048
ENERGY - 3.6%
	161,150		Archrock, Inc		1,629,226
	33,086	*	Bonanza Creek Energy, Inc		796,380
	498,661	*	Clean Energy Fuels Corp		1,565,796
	28,722	*	CONSOL Energy, Inc		973,676

55

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

SHARES			COMPANY	VALUE
	41,869		CVR Energy, Inc	$	1,909,645
	50,846	*	Exterran Corp		723,030
	79,560	*	FTS International, Inc		823,446
	28,268		Helmerich & Payne, Inc		1,654,243
	264,107	*	HighPoint Resources Corp		723,653
	129,622	*	Keane Group, Inc		1,359,735
	290,100		Kosmos Energy Ltd		1,940,769
	74,142	e	Liberty Oilfield Services, Inc		1,105,457
	83,024		Murphy Oil Corp		2,261,574
	122,877	*	Parsley Energy, Inc		2,452,625
	137,332	*	Renewable Energy Group, Inc		3,312,448
	67,265		World Fuel Services Corp		2,075,125
			TOTAL ENERGY		25,306,828
FOOD & STAPLES RETAILING - 1.0%
	61,667	*	Performance Food Group Co		2,525,264
	89,789		Spartan Stores, Inc		1,451,888
	84,865	*	US Foods Holding Corp		3,101,816
			TOTAL FOOD & STAPLES RETAILING		7,078,968
FOOD, BEVERAGE & TOBACCO - 0.8%
	48,365		Lamb Weston Holdings, Inc		3,387,968
	101,069	*	Simply Good Foods Co		2,270,010
			TOTAL FOOD, BEVERAGE & TOBACCO		5,657,978
HEALTH CARE EQUIPMENT & SERVICES - 5.2%
	21,644	*	DexCom, Inc		2,620,439
	62,029		Encompass Health Corp		3,997,769
	56,272		Hill-Rom Holdings, Inc		5,707,106
	26,120	*	Integer Holding Corp		1,804,631
	21,316	*	iRhythm Technologies, Inc		1,626,624
	20,698	*	LivaNova plc		1,425,885
	31,274	*	Orthofix International NV		1,713,503
	32,505	*	Oxford Immunotec Global plc		527,556
	42,240	*	Providence Service Corp		2,801,779
	28,894		STERIS plc		3,784,536
	54,448	*	Veeva Systems, Inc		7,615,642
	11,566	*	WellCare Health Plans, Inc		2,988,076
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		36,613,546
HOUSEHOLD & PERSONAL PRODUCTS - 0.4%
	49,960		Energizer Holdings, Inc		2,392,584
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		2,392,584
INSURANCE - 3.2%
	62,663		American Equity Investment Life Holding Co		1,842,919
	28,646		American Financial Group, Inc		2,965,720
	16,452		Assurant, Inc		1,562,940
	50,897		Axis Capital Holdings Ltd		2,893,494
	19,873		Crawford & Co (Class B)		175,280
	13,403		Erie Indemnity Co (Class A)		2,537,456
	22,100		Mercury General Corp		1,188,538

56

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

SHARES			COMPANY	VALUE
	79,162		Old Republic International Corp	$	1,770,062
	39,199		ProAssurance Corp		1,471,139
	24,930		Reinsurance Group of America, Inc (Class A)		3,777,145
	2,449		White Mountains Insurance Group Ltd		2,299,709
			TOTAL INSURANCE		22,484,402
MATERIALS - 4.8%
	32,599		American Vanguard Corp		513,108
	43,978		Ashland Global Holdings, Inc		3,541,548
	25,185		Avery Dennison Corp		2,786,720
	81,800	*	Axalta Coating Systems Ltd		2,206,964
	8,591		Balchem Corp		872,072
	71,344	*	Berry Plastics Group, Inc		4,195,027
	55,664		Boise Cascade Co		1,541,336
	42,516		Cabot Corp		1,929,376
	38,526		Carpenter Technology Corp		1,913,587
	30,048		Domtar Corp		1,469,347
	36,858	*	Ingevity Corp		4,239,039
	44,520	*	Omnova Solutions, Inc		329,448
	18,031		Reliance Steel & Aluminum Co		1,658,131
	37,245		Royal Gold, Inc		3,242,550
	92,373		Steel Dynamics, Inc		2,926,377
			TOTAL MATERIALS		33,364,630
MEDIA & ENTERTAINMENT - 2.5%
	57,579	*	AMC Networks, Inc		3,363,189
	76,595	*	Care.com, Inc		1,282,966
	55,296	*	Cargurus, Inc		2,252,759
	80,371	*	Gray Television, Inc		1,883,093
	4,436	*	IAC/InterActiveCorp		997,390
	72,142	*	Liberty Latin America Ltd (Class A)		1,509,932
	78,200	*	Liberty Media Group (Class C)		3,034,942
	133,605	*	Liberty TripAdvisor Holdings, Inc		1,969,338
	16,260		Nexstar Broadcasting Group, Inc (Class A)		1,903,233
			TOTAL MEDIA & ENTERTAINMENT		18,196,842
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 6.7%
	151,178	*	Akebia Therapeutics, Inc		913,115
	8,030	*	Alnylam Pharmaceuticals, Inc		717,400
	68,405	*	AMAG Pharmaceuticals, Inc		763,400
	98,789	*	Amicus Therapeutics, Inc		1,317,845
	23,933	*	ANI Pharmaceuticals, Inc		1,698,764
	96,296	*	Array Biopharma, Inc		2,177,253
	19,407	*	Bio-Rad Laboratories, Inc (Class A)		5,840,149
	12,413		Bio-Techne Corp		2,539,576
	2,277	*	Bluebird Bio, Inc		322,947
	124,349		Bruker BioSciences Corp		4,799,871
	26,380	*	Charles River Laboratories International, Inc		3,705,599
	33,000	*	Clovis Oncology, Inc		602,910
	79,991	*	Enzo Biochem, Inc		277,569
	25,532	*	Genomic Health, Inc		1,642,474

57

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

SHARES			COMPANY	VALUE
	53,132	*	Halozyme Therapeutics, Inc	$	857,019
	61,120	*	Horizon Pharma plc		1,560,394
	108,502	*	Invitae Corp		2,562,817
	83,000	*	Ironwood Pharmaceuticals, Inc		986,870
	10,640	*	Neurocrine Biosciences, Inc		768,634
	40,316	*	Pacira Pharmaceuticals, Inc		1,605,383
	34,562		Phibro Animal Health Corp		1,199,647
	66,843	*	QIAGEN NV		2,604,203
	31,000	*	Radius Health, Inc		682,620
	23,851	*	Retrophin, Inc		455,077
	38,338	*	Sangamo Biosciences, Inc		448,171
	3,991	*	Sarepta Therapeutics, Inc		466,707
	25,512	*	Seattle Genetics, Inc		1,729,203
	41,483	*,e	Theravance Biopharma, Inc		989,370
	11,548	*	United Therapeutics Corp		1,184,478
	66,435	*	Vanda Pharmaceuticals, Inc		1,082,226
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		46,501,691
REAL ESTATE - 10.2%
	49,954		American Assets Trust, Inc		2,307,375
	65,393		American Campus Communities, Inc		3,086,550
	67,872		BraeMar Hotels & Resorts, Inc		943,421
	48,249		Camden Property Trust		4,856,262
	46,332		CareTrust REIT, Inc		1,123,551
	79,170		CatchMark Timber Trust, Inc		791,700
	152,755		Columbia Property Trust, Inc		3,469,066
	72,436		Douglas Emmett, Inc		2,983,639
	97,367		Duke Realty Corp		3,030,061
	74,778		Equity Commonwealth		2,377,940
	52,021	e	Farmland Partners, Inc		341,258
	67,949		First Industrial Realty Trust, Inc		2,396,561
	51,761		Getty Realty Corp		1,678,609
	117,227		Healthcare Trust of America, Inc		3,233,121
	89,009		Kennedy-Wilson Holdings, Inc		1,917,254
	84,992		Liberty Property Trust		4,219,003
	76,469		Mack-Cali Realty Corp		1,780,198
	60,328		MedEquities Realty Trust, Inc		646,113
	32,852		NexPoint Residential Trust, Inc		1,231,621
	18,952		One Liberty Properties, Inc		536,342
	109,407		Outfront Media, Inc		2,607,169
	11,664		PS Business Parks, Inc		1,791,824
	62,420		Regency Centers Corp		4,192,751
	221,676		Retail Properties of America, Inc		2,724,398
	154,665		RLJ Lodging Trust		2,847,383
	10,007		RMR Group, Inc		578,805
	57,600		STAG Industrial, Inc		1,657,728
	41,964		Sun Communities, Inc		5,164,929
	53,035		Taubman Centers, Inc		2,614,625
	148,163		VICI Properties, Inc		3,378,116
	56,208		Xenia Hotels & Resorts, Inc		1,216,903
			TOTAL REAL ESTATE		71,724,276

58

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

SHARES			COMPANY	VALUE
RETAILING - 3.5%
	91,936	*	Barnes & Noble Education, Inc	$	395,325
	76,476	*	BJ’s Wholesale Club Holdings, Inc		2,168,095
	52,490		Citi Trends, Inc		971,590
	87,710		Core-Mark Holding Co, Inc		3,188,258
	60,175		Designer Brands, Inc		1,338,894
	32,379	*	Etsy, Inc		2,186,878
	7,092	*	Five Below, Inc		1,038,198
	66,856	*	Lands’ End, Inc		1,170,648
	27,300	*	Ollie’s Bargain Outlet Holdings, Inc		2,610,972
	106,405	*	Sleep Number Corp		3,702,894
	27,129	*	Wayfair, Inc		4,398,967
	64,765	*	Zumiez, Inc		1,724,692
			TOTAL RETAILING		24,895,411
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.1%
	256,056	*	Advanced Micro Devices, Inc		7,074,827
	33,230		Brooks Automation, Inc		1,246,457
	24,602	*	First Solar, Inc		1,513,761
	65,700	*	Lattice Semiconductor Corp		850,815
	108,853		Marvell Technology Group Ltd		2,723,502
	176,286	*	NeoPhotonics Corp Ltd		1,204,034
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		14,613,396
SOFTWARE & SERVICES - 9.8%
	198,478	*	A10 Networks, Inc		1,282,168
	66,360	*	Black Knight, Inc		3,744,031
	9,663	*	CACI International, Inc (Class A)		1,883,705
	90,181	*	Cadence Design Systems, Inc		6,256,758
	27,109	*	Everbridge, Inc		2,003,084
	210,473	*	Everi Holdings, Inc		2,165,767
	60,849		EVERTEC, Inc		1,905,182
	68,323	*	Five9, Inc		3,625,902
	49,311	*	ForeScout Technologies, Inc		2,073,034
	92,600		Genpact Ltd		3,361,380
	41,948		Hackett Group, Inc		643,902
	221,074	*	Limelight Networks, Inc		656,590
	78,501	*	Model N, Inc		1,455,409
	13,116	*	Paylocity Holding Corp		1,266,350
	40,739		Pegasystems, Inc		3,055,832
	125,345		Perspecta, Inc		2,892,963
	59,709		Progress Software Corp		2,723,327
	23,097	*	Proofpoint, Inc		2,896,826
	22,360	*	RingCentral, Inc		2,602,033
	146,027		Sabre Corp		3,031,521
	25,383	*	SPS Commerce, Inc		2,633,232
	86,500	*	SVMK, Inc		1,548,350
	20,073	*	Trade Desk, Inc		4,445,768
	26,752	*	Twilio, Inc		3,668,769
	53,186	*	Workiva, Inc		2,826,304
	49,061	*	Zendesk, Inc		4,306,575
			TOTAL SOFTWARE & SERVICES		68,954,762

59

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

SHARES			COMPANY					VALUE
TECHNOLOGY HARDWARE & EQUIPMENT - 5.2%
	152,213	*	Aerohive Networks, Inc					$	514,480
	34,700	*	Arrow Electronics, Inc						2,932,497
	62,144		Avnet, Inc						3,020,820
	67,718		CDW Corp						7,151,021
	40,998	*	Cray, Inc						1,076,608
	18,956		Flir Systems, Inc						1,003,531
	137,572	*	Harmonic, Inc						778,658
	53,118	*	Insight Enterprises, Inc						3,005,416
	34,583		InterDigital, Inc						2,261,382
	104,430		Jabil Circuit, Inc						3,154,830
	61,559	*	Keysight Technologies, Inc						5,357,480
	54,561	*	Sanmina Corp						1,850,709
	18,452	*	Zebra Technologies Corp (Class A)						3,895,955
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						36,003,387
TELECOMMUNICATION SERVICES - 1.1%
	71,883		Telephone & Data Systems, Inc						2,291,630
	194,308	*	Vonage Holdings Corp						1,888,674
	99,984	*	Zayo Group Holdings, Inc						3,128,499
			TOTAL TELECOMMUNICATION SERVICES						7,308,803
TRANSPORTATION - 2.3%
	57,205	*	Echo Global Logistics, Inc						1,312,283
	27,895		Forward Air Corp						1,766,312
	84,155	*	Hub Group, Inc (Class A)						3,498,323
	28,672		Landstar System, Inc						3,124,101
	71,271		Marten Transport Ltd						1,409,740
	108,298	*	Radiant Logistics, Inc						708,269
	37,834		Skywest, Inc						2,330,196
	43,279	*	Spirit Airlines, Inc						2,353,512
			TOTAL TRANSPORTATION						16,502,736
UTILITIES - 2.4%
	77,473		Clearway Energy, Inc (Class A)						1,190,760
	27,667		ONE Gas, Inc						2,449,083
	7,277		Pinnacle West Capital Corp						693,280
	52,127		Portland General Electric Co						2,726,763
	74,185		UGI Corp						4,043,824
	205,158		Vistra Energy Corp						5,590,556
			TOTAL UTILITIES						16,694,266
			TOTAL COMMON STOCKS						700,138,049
			(Cost $582,484,140)
PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 0.6%
GOVERNMENT AGENCY DEBT - 0.0%
$	490,000		Federal Home Loan Bank (FHLB)		2.350	%	05/01/19		490,000
			TOTAL GOVERNMENT AGENCY DEBT						490,000

60

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

SHARES			COMPANY	VALUE
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.6%
	4,037,755	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	4,037,755
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		4,037,755
			TOTAL SHORT-TERM INVESTMENTS		4,527,755
			(Cost $4,527,755)
			TOTAL INVESTMENTS - 100.5%		704,665,804
			(Cost $587,011,895)
			OTHER ASSETS & LIABILITIES, NET - (0.5)%		(4,009,626	)
			NET ASSETS - 100.0%	$	700,656,178

	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 $3,820,118.

61

TIAA-CREF FUNDS - Social Choice Equity Fund

TIAA-CREF FUNDS

SOCIAL CHOICE EQUITY FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2019

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.1%
AUTOMOBILES & COMPONENTS - 0.4%
	55,976		Aptiv plc	$	4,797,143
	12,746		BorgWarner, Inc		532,401
	66,583		Harley-Davidson, Inc		2,478,885
	22,556	*	Modine Manufacturing Co		333,603
	39,858	*,e	Tesla, Inc		9,513,706
			TOTAL AUTOMOBILES & COMPONENTS		17,655,738
BANKS - 5.3%
	1,694		Ameris Bancorp		61,763
	26,689		Associated Banc-Corp		605,573
	47,422		Bank OZK		1,548,328
	3,518		Banner Corp		186,524
	339,486		BB&T Corp		17,381,683
	17,500		Berkshire Hills Bancorp, Inc		524,825
	6,267		Brookline Bancorp, Inc		94,318
	8,221		Bryn Mawr Bank Corp		313,138
	1,799		Cadence BanCorp		40,927
	3,985		Camden National Corp		175,260
	651,247		Citigroup, Inc		46,043,163
	402,083		Citizens Financial Group, Inc		14,555,405
	440		Columbia Banking System, Inc		16,518
	108,335		Comerica, Inc		8,514,048
	321		Commerce Bancshares, Inc		19,398
	1,572		Community Trust Bancorp, Inc		66,417
	3,270		Cullen/Frost Bankers, Inc		332,526
	46,110	*	Customers Bancorp, Inc		1,044,391
	12,542		Federal Agricultural Mortgage Corp (Class C)		959,212
	288,180		Fifth Third Bancorp		8,305,348
	10,587		First Busey Corp		273,568
	2,352		First Financial Corp		96,832
	44,108		First Republic Bank		4,658,687
	1,130		FNB Corp		13,707
	540		Glacier Bancorp, Inc		22,999
	1,279		Hancock Holding Co		55,943
	22,377		Hanmi Financial Corp		530,782
	8,920		Heartland Financial USA, Inc		400,508
	3,902		Heritage Financial Corp		118,114
	19,184	*	HomeStreet, Inc		539,838
	13,122		HomeTrust Bancshares, Inc		332,774
	285,811		Huntington Bancshares, Inc		3,978,489
	5,708		Investors Bancorp, Inc		67,069
	15,606		Kearny Financial Corp		218,484
	613,332		Keycorp		10,763,977
	24,031	e	Live Oak Bancshares, Inc		419,822

62

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE
	90,129		M&T Bank Corp	$	15,328,239
	17,553	*	MGIC Investment Corp		256,976
	11,344		National Bank Holdings Corp		433,795
	310		NBT Bancorp, Inc		11,786
	69,768		New York Community Bancorp, Inc		811,402
	22,664		Northfield Bancorp, Inc		339,960
	29,937		OFG Bancorp		604,129
	7,838		Old National Bancorp		133,873
	21,559		Opus Bank		471,495
	16,485		PacWest Bancorp		651,982
	982		People’s United Financial, Inc		16,979
	53,702		Pinnacle Financial Partners, Inc		3,118,475
	217,463		PNC Financial Services Group, Inc		29,777,208
	36,221		Popular, Inc		2,090,314
	682,855		Regions Financial Corp		10,604,738
	5,811		Signature Bank		767,459
	6,239		Sterling Bancorp/DE		133,639
	12,826		Stock Yards Bancorp, Inc		440,573
	14,234	*	SVB Financial Group		3,582,982
	1,879	*	Texas Capital Bancshares, Inc		121,628
	10,055		TFS Financial Corp		167,315
	17,614	*	The Bancorp, Inc		179,839
	3,796		Trico Bancshares		151,498
	31,975	*	Tristate Capital Holdings, Inc		743,738
	350		Trustmark Corp		12,586
	2,167		UMB Financial Corp		151,387
	650		Umpqua Holdings Corp		11,284
	6,031		Union Bankshares Corp		220,132
	3,046		United Bankshares, Inc		119,525
	10,303		Univest Corp of Pennsylvania		259,842
	638,497		US Bancorp		34,044,660
	3,230		Webster Financial Corp		171,610
	1,553		Westamerica Bancorporation		99,734
	13,557	*	Western Alliance Bancorp		647,753
	230		Wintrust Financial Corp		17,526
	684		WSFS Financial Corp		29,535
	55,123		Zions Bancorporation		2,719,218
			TOTAL BANKS		232,725,172
CAPITAL GOODS - 6.7%
	177,319		3M Co		33,603,724
	954		Acuity Brands, Inc		139,599
	3,315		Air Lease Corp		127,826
	12,786		Albany International Corp (Class A)		945,780
	11,569		Argan, Inc		553,230
	33,949	*	Armstrong Flooring, Inc		491,921
	32,466	*	Astronics Corp		1,082,416
	52,363	*	Axon Enterprise, Inc		3,325,050
	46,198		Barnes Group, Inc		2,569,533
	419	*	Beacon Roofing Supply, Inc		15,780
	46,759	*	Builders FirstSource, Inc		644,339
	11,825		Carlisle Cos, Inc		1,672,291
	186,879		Caterpillar, Inc		26,054,670

63

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE
	1,817		Cubic Corp	$	103,169
	35,835		Cummins, Inc		5,959,002
	72,422		Curtiss-Wright Corp		8,251,763
	99,550		Deere & Co		16,488,467
	5,217		Dover Corp		511,475
	179,597		Eaton Corp		14,874,224
	1,365		EMCOR Group, Inc		114,851
	59,517		Fastenal Co		4,198,924
	97,331		Fortive Corp		8,403,559
	300		GATX Corp		23,139
	22,437		Graco, Inc		1,149,896
	245		Granite Construction, Inc		10,998
	28,146	*	Herc Holdings, Inc		1,355,511
	84,923		Hexcel Corp		6,004,905
	160,575		Illinois Tool Works, Inc		24,990,287
	69,059		Ingersoll-Rand plc		8,467,324
	317,614		Johnson Controls International plc		11,910,525
	71,811	*,e	KEYW Holding Corp, The		814,337
	75,498		L3 Technologies, Inc		16,502,353
	25,825	*	Lydall, Inc		635,553
	171,085		Masco Corp		6,682,580
	55,712	*	Mercury Systems, Inc		4,068,090
	23,535		Moog, Inc (Class A)		2,203,817
	3,829	*	MYR Group, Inc		138,418
	6,412		Owens Corning, Inc		328,743
	84,023		PACCAR, Inc		6,021,928
	47,521		Parker-Hannifin Corp		8,605,103
	96,651	*,e	Plug Power, Inc		240,661
	46,206		Quanta Services, Inc		1,875,964
	37,955		Rockwell Automation, Inc		6,858,848
	36,980		Roper Industries, Inc		13,301,706
	2,611		Rush Enterprises, Inc (Class A)		110,733
	33,429	*	Sensata Technologies Holding plc		1,669,444
	9,292		Snap-On, Inc		1,563,658
	115,622		Spirit Aerosystems Holdings, Inc (Class A)		10,047,552
	18,065		Stanley Black & Decker, Inc		2,648,329
	45,543	*	Teledyne Technologies, Inc		11,317,891
	10,913	*	Titan Machinery, Inc		187,704
	12,875	*	Trimas Corp		398,224
	30,230	*	United Rentals, Inc		4,260,012
	13,198	*	Veritiv Corp		368,092
	13,236		W.W. Grainger, Inc		3,732,552
	1,174		Wabash National Corp		17,704
	83,851	*	Wesco Aircraft Holdings, Inc		707,702
	1,355	*	WESCO International, Inc		77,560
	36,655		Woodward Governor Co		3,991,730
	36,530		Xylem, Inc		3,046,602
			TOTAL CAPITAL GOODS		296,467,768
COMMERCIAL & PROFESSIONAL SERVICES - 1.1%
	540		ABM Industries, Inc		20,504
	9,872		ACCO Brands Corp		90,230

64

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE
	4,684	*	Cimpress NV	$	423,434
	215,453	*	Copart, Inc		14,504,296
	650		Covanta Holding Corp		11,745
	26,099		Deluxe Corp		1,167,147
	4,232		Exponent, Inc		239,616
	4,282		Heidrick & Struggles International, Inc		153,210
	8,866	*	Huron Consulting Group, Inc		428,494
	4,156		ICF International, Inc		323,628
	262,982	*	IHS Markit Ltd		15,058,349
	12,692		Insperity, Inc		1,517,456
	12,845		Kelly Services, Inc (Class A)		285,930
	5,758		Kimball International, Inc (Class B)		90,170
	590		Knoll, Inc		12,886
	10,228		Manpower, Inc		982,297
	14,602	*	Mistras Group, Inc		200,193
	430		Mobile Mini, Inc		15,489
	8,831		Navigant Consulting, Inc		201,612
	970	*	On Assignment, Inc		61,149
	19,611		Resources Connection, Inc		314,953
	52,605		Robert Half International, Inc		3,266,244
	1,210		Steelcase, Inc (Class A)		20,921
	33,675	*	Team, Inc		569,107
	120,100		TransUnion		8,364,965
	2,825	*	TriNet Group, Inc		176,110
	2,208		Viad Corp		135,372
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		48,635,507
CONSUMER DURABLES & APPAREL - 1.4%
	13,930		Callaway Golf Co		244,611
	595	*	Capri Holdings Ltd		26,228
	22,010	*	Century Communities, Inc		559,714
	396		Columbia Sportswear Co		39,588
	490		Ethan Allen Interiors, Inc		10,829
	17,067	*,e	Fossil Group, Inc		223,066
	9,306	*	Green Brick Partners, Inc		83,196
	53,158		Hanesbrands, Inc		960,565
	258		Hasbro, Inc		26,280
	2,202	*	Helen of Troy Ltd		317,088
	12,394	*,e	iRobot Corp		1,283,275
	61,472		Lennar Corp (Class A)		3,198,388
	10,411	*,e	LGI Homes, Inc		721,586
	12,186	*	Lululemon Athletica, Inc		2,149,001
	50,101	*	Mattel, Inc		610,731
	7,028	*	Meritage Homes Corp		359,482
	17,259	*	Mohawk Industries, Inc		2,351,539
	1,458		Movado Group, Inc		51,978
	82,480		Newell Rubbermaid, Inc		1,186,062
	392,949		Nike, Inc (Class B)		34,512,711
	1,614		PVH Corp		208,190
	80,428	*	Under Armour, Inc (Class A)		1,857,083
	65,920	*	Under Armour, Inc (Class C)		1,365,862
	4,706	*	Unifi, Inc		95,061
	74,386		VF Corp		7,022,782
	9,044		Whirlpool Corp		1,255,488
			TOTAL CONSUMER DURABLES & APPAREL		60,720,384

65

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE
CONSUMER SERVICES - 2.1%
	11,105	*	American Public Education, Inc	$	355,360
	43,236		ARAMARK Holdings Corp		1,343,775
	93,565		BBX Capital Corp		518,350
	30,288	*	Bright Horizons Family Solutions		3,881,407
	27,978		Carriage Services, Inc		491,014
	5,410	*	Chipotle Mexican Grill, Inc (Class A)		3,722,296
	34,975		Choice Hotels International, Inc		2,904,324
	33,819		Darden Restaurants, Inc		3,977,114
	320		DineEquity, Inc		28,371
	26,826	*	El Pollo Loco Holdings, Inc		342,836
	12,999	*	frontdoor, Inc		458,085
	1,438		Graham Holdings Co		1,069,052
	36,675		H&R Block, Inc		997,927
	151,991		Hilton Worldwide Holdings, Inc		13,221,697
	72,801	*	Houghton Mifflin Harcourt Co		519,071
	11,280		International Speedway Corp (Class A)		497,674
	17,475		Marriott Vacations Worldwide Corp		1,845,884
	81,138	*	Norwegian Cruise Line Holdings Ltd		4,575,372
	18,056	*	Red Robin Gourmet Burgers, Inc		578,334
	76,543		Royal Caribbean Cruises Ltd		9,257,110
	79,942		Service Corp International		3,326,387
	25,999	*	ServiceMaster Global Holdings, Inc		1,274,731
	3,350		Six Flags Entertainment Corp		177,852
	5,712	*	Sotheby’s (Class A)		240,932
	433,004		Starbucks Corp		33,635,751
	9,266		Vail Resorts, Inc		2,120,524
	13,138	*	Weight Watchers International, Inc		268,278
			TOTAL CONSUMER SERVICES		91,629,508
DIVERSIFIED FINANCIALS - 6.2%
	58,449		Ally Financial, Inc		1,736,520
	255,222		American Express Co		29,919,675
	26,292		Ameriprise Financial, Inc		3,858,877
	359,835		Bank of New York Mellon Corp		17,869,406
	49,759		BlackRock, Inc		24,145,057
	194,338		Capital One Financial Corp		18,040,396
	426,206		Charles Schwab Corp		19,511,711
	137,585		CME Group, Inc		24,613,957
	280		Cohen & Steers, Inc		14,042
	182,870		Discover Financial Services		14,902,076
	26,410		E*TRADE Financial Corp		1,337,931
	8,872		Factset Research Systems, Inc		2,447,519
	77,683		Franklin Resources, Inc		2,687,055
	9,333	*	Green Dot Corp		595,165
	159,408		IntercontinentalExchange Group, Inc		12,967,841
	165,102		Invesco Ltd		3,627,291
	4,700		Invesco Mortgage Capital, Inc		76,704

66

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE
	24,238		Legg Mason, Inc	$	810,761
	42,240		Moody’s Corp		8,305,229
	536,542		Morgan Stanley		25,888,152
	14,006	*	NewStar Financial, Inc		3,635
	119,931		Northern Trust Corp		11,819,200
	55,811	*	On Deck Capital, Inc		304,728
	5,668	*	PRA Group, Inc		159,384
	119,778		S&P Global, Inc		26,430,213
	123,600		State Street Corp		8,362,776
	52,574		T Rowe Price Group, Inc		5,651,705
	87,469		TD Ameritrade Holding Corp		4,599,120
	25,591		Voya Financial, Inc		1,404,690
			TOTAL DIVERSIFIED FINANCIALS		272,090,816
ENERGY - 4.7%
	88,873		Apache Corp		2,924,810
	181,521		Baker Hughes a GE Co		4,360,134
	43,112	*	California Resources Corp		908,801
	293,856	*	Callon Petroleum Co		2,206,859
	83,614	*	Cheniere Energy, Inc		5,380,561
	18,391		Cimarex Energy Co		1,262,726
	422,291		ConocoPhillips		26,655,008
	49,198	*,e	Covia Holdings Corp		236,642
	18,082		Delek US Holdings, Inc		670,119
	671,026	*	Denbury Resources, Inc		1,496,388
	150,700	*	Devon Energy Corp		4,843,498
	58,484		EQT Corp		1,195,998
	16,785	*	Exterran Corp		238,683
	127,354	*	Forum Energy Technologies, Inc		761,577
	20,460		Green Plains Renewable Energy, Inc		355,390
	99,438	*	Gulfport Energy Corp		651,319
	32,275	*	Helix Energy Solutions Group, Inc		252,391
	75,067		Hess Corp		4,813,296
	1,203,650		Kinder Morgan, Inc		23,916,526
	24,707		Kosmos Energy Ltd		165,290
	244,510	*	Laredo Petroleum Holdings, Inc		738,420
	307,867		Marathon Oil Corp		5,246,054
	14,654	*	Matrix Service Co		287,365
	78,097	*	McDermott International, Inc		631,805
	182,488		National Oilwell Varco, Inc		4,770,236
	10,506	*	Natural Gas Services Group, Inc		168,831
	58,596	*	Newpark Resources, Inc		427,751
	215,508		Noble Energy, Inc		5,831,646
	338,432	*	Oasis Petroleum, Inc		2,064,435
	340,807		Occidental Petroleum Corp		20,066,716
	12,097	*	Oceaneering International, Inc		232,262
	422	*	Oil States International, Inc		8,153
	159,210		ONEOK, Inc		10,815,135
	25,647		PBF Energy, Inc		861,226
	35,259	*	PDC Energy, Inc		1,533,414
	63,027		Pioneer Natural Resources Co		10,491,474
	52,225	*	Questar Market Resources, Inc		392,732
	141,216		Range Resources Corp		1,276,593

67

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE
	45,154	*	Renewable Energy Group, Inc	$	1,089,114
	556,538		Schlumberger Ltd		23,753,042
	13,165	*	Select Energy Services, Inc		151,661
	116,799		SM Energy Co		1,860,608
	169,358	*	Southwestern Energy Co		668,964
	241,087	*	Superior Energy Services		865,502
	13,397		Targa Resources Investments, Inc		537,890
	188,556	*	Tetra Technologies, Inc		448,763
	17,909	*	Tidewater, Inc		402,953
	81,725	*	Unit Corp		1,108,191
	22,379	e	US Silica Holdings, Inc		354,036
	217,050		Valero Energy Corp		19,677,753
	294,067		Williams Cos, Inc		8,330,918
	31,849		World Fuel Services Corp		982,542
			TOTAL ENERGY		209,372,201
FOOD & STAPLES RETAILING - 0.5%
	13,813		Andersons, Inc		451,685
	35,243		Casey’s General Stores, Inc		4,664,411
	32,171	*	Chefs’ Warehouse Holdings, Inc		1,051,348
	25,051		Pricesmart, Inc		1,498,300
	26,371	*	Smart & Final Stores, Inc		172,203
	47,751		Spartan Stores, Inc		772,134
	120,401	*	Sprouts Farmers Market, Inc		2,578,989
	82,492	*	United Natural Foods, Inc		1,065,797
	253,564	*	US Foods Holding Corp		9,267,764
	14,051		Weis Markets, Inc		590,845
			TOTAL FOOD & STAPLES RETAILING		22,113,476
FOOD, BEVERAGE & TOBACCO - 3.5%
	26,746		Bunge Ltd		1,401,758
	75,680		Campbell Soup Co		2,928,059
	1,016,509		Coca-Cola Co		49,869,932
	117,267		Dean Foods Co		199,354
	229,108		General Mills, Inc		11,792,189
	3,800	*	Hain Celestial Group, Inc		82,916
	70,402	e	Hormel Foods Corp		2,811,856
	118,265		Kellogg Co		7,131,379
	17,709		McCormick & Co, Inc		2,726,655
	580,901		Mondelez International, Inc		29,538,816
	377,341		PepsiCo, Inc		48,318,515
	674	*	TreeHouse Foods, Inc		45,144
			TOTAL FOOD, BEVERAGE & TOBACCO		156,846,573
HEALTH CARE EQUIPMENT & SERVICES - 5.6%
	18,978	*	Abiomed, Inc		5,264,687
	14,457	*	Acadia Healthcare Co, Inc		462,913
	111,124	*	Accuray, Inc		460,053
	42,465	*	Align Technology, Inc		13,787,536
	14,008	*	Allscripts Healthcare Solutions, Inc		138,259
	16,236	*	Amedisys, Inc		2,075,286

68

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE
	21,087	*	AMN Healthcare Services, Inc	$	1,097,789
	50,424	*	Angiodynamics, Inc		1,035,709
	64,288	*	Antares Pharma, Inc		172,935
	18,911	*	AtriCure, Inc		567,708
	27,413	*	BioTelemetry, Inc		1,491,267
	60,590	*	Brookdale Senior Living, Inc		374,446
	20,471	*	Capital Senior Living Corp		85,978
	142,328		Cardinal Health, Inc		6,932,797
	21,971	*	Cardiovascular Systems, Inc		780,849
	104,919	*	Centene Corp		5,409,624
	171,692	*	Cerner Corp		11,408,933
	59,065	*	Cerus Corp		362,068
	62,811		Cigna Corp		9,976,899
	19,097		Computer Programs & Systems, Inc		580,358
	31,508		Cooper Cos, Inc		9,134,799
	4,329	*	Corvel Corp		310,822
	17,829	*	Cross Country Healthcare, Inc		125,694
	281,785		CVS Health Corp		15,323,468
	85,998		Dentsply Sirona, Inc		4,397,078
	1,590	*	Diplomat Pharmacy, Inc		8,872
	76,386	*	Edwards Lifesciences Corp		13,449,283
	44,005	*	GenMark Diagnostics, Inc		318,596
	12,520	*	Glaukos Corp		903,068
	21,720	*	Globus Medical, Inc		979,355
	7,898	*	Haemonetics Corp		689,337
	111,678		HCA Holdings, Inc		14,208,792
	22,037	*	Henry Schein, Inc		1,411,690
	8,585	*	Heska Corp		666,711
	2,640	*	HMS Holdings Corp		80,335
	92,217	*	Hologic, Inc		4,277,024
	64,194		Humana, Inc		16,395,790
	43,591	*	IDEXX Laboratories, Inc		10,113,112
	18,829	*	Integer Holding Corp		1,300,896
	41,902	*	Laboratory Corp of America Holdings		6,700,968
	25,670		LeMaitre Vascular, Inc		741,350
	15,190	*	LHC Group, Inc		1,687,761
	7,921	*	LivaNova plc		545,678
	1,635	*	Magellan Health Services, Inc		114,450
	9,720	*	Medidata Solutions, Inc		878,105
	12,294		Meridian Bioscience, Inc		141,504
	26,417	*	Merit Medical Systems, Inc		1,484,107
	1,816	*	NextGen Healthcare, Inc		34,123
	25,565	*	Omnicell, Inc		2,054,403
	98,521	*	OraSure Technologies, Inc		932,009
	5,709	*	Orthofix International NV		312,796
	10,147	*	Penumbra, Inc		1,364,772
	1,887	*	Premier, Inc		62,705
	11,279	*	Providence Service Corp		748,136
	22,904		Quest Diagnostics, Inc		2,207,488
	15,451	*	Quidel Corp		987,937
	57,796		Resmed, Inc		6,040,260
	14,148	*	Select Medical Holdings Corp		203,307
	118,823	*,e	Senseonics Holdings, Inc		276,858

69

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE
	41,276	*	Staar Surgical Co	$	1,340,645
	4,564		STERIS plc		597,793
	17,725	*,e	Surgery Partners, Inc		191,962
	20,553	*	Tactile Systems Technology, Inc		1,022,717
	10,927	*	Tandem Diabetes Care, Inc		671,027
	50,858	*	Teladoc, Inc		2,892,803
	36,079	*,e	Tivity Health, Inc		780,028
	255,274	*,e	TransEnterix, Inc		510,548
	14,688	*	Triple-S Management Corp (Class B)		333,711
	193,921		UnitedHealth Group, Inc		45,197,167
	3,727		US Physical Therapy, Inc		434,158
	31,883	*	Varian Medical Systems, Inc		4,341,508
	18,508	*	Vocera Communications, Inc		589,480
	24,286		West Pharmaceutical Services, Inc		3,006,364
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		245,989,444
HOUSEHOLD & PERSONAL PRODUCTS - 2.3%
	2,378		Clorox Co		379,838
	260,833		Colgate-Palmolive Co		18,986,034
	64,627		Estee Lauder Cos (Class A)		11,103,565
	54,167		Kimberly-Clark Corp		6,953,959
	570,202		Procter & Gamble Co		60,715,109
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		98,138,505
INSURANCE - 3.8%
	83,461		Allstate Corp		8,267,647
	458,996		American International Group, Inc		21,834,440
	37,371		Aon plc		6,732,012
	198,853		Chubb Ltd		28,873,456
	103,412	*	Genworth Financial, Inc (Class A)		391,931
	27,314		Lincoln National Corp		1,822,390
	178,033		Loews Corp		9,131,313
	237,157		Marsh & McLennan Cos, Inc		22,361,533
	46,413		Principal Financial Group		2,652,967
	291,868		Progressive Corp		22,809,484
	268,139		Prudential Financial, Inc		28,344,974
	128,444		Travelers Cos, Inc		18,463,825
	989		Willis Towers Watson plc		182,312
			TOTAL INSURANCE		171,868,284
MATERIALS - 3.2%
	99,743		Air Products & Chemicals, Inc		20,526,112
	7,701		Aptargroup, Inc		856,659
	161,238		Ball Corp		9,664,606
	791		Bemis Co, Inc		45,419
	17,130		Celanese Corp (Series A)		1,848,156
	78,491	*	Century Aluminum Co		660,109
	21,368	*	Clearwater Paper Corp		430,993
	46,693		Commercial Metals Co		807,322
	1,709		Compass Minerals International, Inc		98,079
	147,659		Ecolab, Inc		27,181,069

70

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE
	21,827		FMC Corp	$	1,725,643
	945		H.B. Fuller Co		46,277
	13,047		International Flavors & Fragrances, Inc		1,797,746
	142,736		International Paper Co		6,681,472
	36,854	*	Kraton Polymers LLC		1,209,548
	161,188		Linde plc		29,055,749
	22,260		Louisiana-Pacific Corp		557,613
	15,592		Martin Marietta Materials, Inc		3,459,865
	10,187		Minerals Technologies, Inc		639,438
	121,472		Mosaic Co		3,171,634
	137,664		Newmont Mining Corp		4,275,844
	205,346		Nucor Corp		11,719,096
	48,971		PH Glatfelter Co		772,762
	2,337		Reliance Steel & Aluminum Co		214,910
	55,648		Royal Gold, Inc		4,844,715
	4,126		Schnitzer Steel Industries, Inc (Class A)		97,869
	6,530		Sealed Air Corp		304,429
	26,220	*	Summit Materials, Inc		459,374
	16,409		Trinseo S.A.		737,584
	16,425	*,e	US Concrete, Inc		774,110
	43,869		Vulcan Materials Co		5,532,320
			TOTAL MATERIALS		140,196,522
MEDIA & ENTERTAINMENT - 5.7%
	133,452		Activision Blizzard, Inc		6,433,721
	53,143	*	Alphabet, Inc (Class A)		63,716,331
	54,034	*	Alphabet, Inc (Class C)		64,218,328
	711		Cable One, Inc		754,037
	14,361		Cinemark Holdings, Inc		603,880
	40,660	*	Clear Channel Outdoor Holdings, Inc (Class A)		198,827
	181,655	*	Discovery, Inc (Class A)		5,613,139
	197,556	*	Discovery, Inc (Class C)		5,681,711
	47,117	*	Electronic Arts, Inc		4,459,624
	99,663		Entravision Communications Corp (Class A)		286,033
	120,599		Gannett Co, Inc		1,125,189
	48,437	*	GCI Liberty, Inc		2,887,814
	106,087	*	Gray Television, Inc		2,485,618
	15,284	*	Imax Corp		372,624
	65,175		Interpublic Group of Cos, Inc		1,499,025
	2,205		John Wiley & Sons, Inc (Class A)		101,827
	123,847	*	Liberty Broadband Corp (Class C)		12,224,937
	46,566	*	Live Nation, Inc		3,042,622
	8,163	*	Loral Space & Communications, Inc		300,562
	7,778		Marcus Corp		292,608
	10,901		Meredith Corp		643,159
	111,414	*	NetFlix, Inc		41,283,344
	58,591		New York Times Co (Class A)		1,942,292
	113,293		Omnicom Group, Inc		9,066,839
	320		Scholastic Corp		12,762
	23,476		Sinclair Broadcast Group, Inc (Class A)		1,074,966
	2,142,948		Sirius XM Holdings, Inc		12,450,528
	36,465		Tribune Co		1,684,683
	79,880	*	TripAdvisor, Inc		4,252,012
	29,875		World Wrestling Entertainment, Inc (Class A)		2,505,019
			TOTAL MEDIA & ENTERTAINMENT		251,214,061

71

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.5%
	296,794		AbbVie, Inc	$	23,562,476
	54,132	*	Acadia Pharmaceuticals, Inc		1,301,875
	11,304	*	Acceleron Pharma, Inc		460,412
	215,271	*	Achillion Pharmaceuticals, Inc		637,202
	42,044	*	Aclaris Therapeutics, Inc		264,877
	9,986	*	Acorda Therapeutics, Inc		104,354
	71,812	*	Aduro Biotech, Inc		293,711
	2,546	*	Aerie Pharmaceuticals, Inc		97,130
	150,551		Agilent Technologies, Inc		11,818,253
	15,764	*	Agios Pharmaceuticals, Inc		881,523
	4,706	*,e	Akcea Therapeutics, Inc		118,074
	144,481	*	Akorn, Inc		390,099
	180,747		Amgen, Inc		32,411,552
	13,962	*	Atara Biotherapeutics, Inc		469,123
	7,618	*	Avrobio, Inc		143,295
	60,354	*	Bellicum Pharmaceuticals, Inc		184,080
	85,758	*	BioCryst Pharmaceuticals, Inc		637,182
	56,305	*	Biogen Idec, Inc		12,907,358
	47,040	*	BioMarin Pharmaceutical, Inc		4,023,331
	9,691	*	Bluebird Bio, Inc		1,374,475
	445,448		Bristol-Myers Squibb Co		20,682,151
	5,167	*	Catalent, Inc		231,585
	196,371	*	Celgene Corp		18,588,479
	40,045	*	Coherus Biosciences, Inc		637,516
	26,486	*	Collegium Pharmaceutical, Inc		368,950
	300,600		Eli Lilly & Co		35,182,224
	4,990	*	Esperion Thereapeutics, Inc		215,069
	28,683	*	FibroGen, Inc		1,340,357
	4,680	*,e	Flexion Therapeutics, Inc		49,608
	335,255		Gilead Sciences, Inc		21,804,985
	16,242	*	Halozyme Therapeutics, Inc		261,983
	45,560	*	Illumina, Inc		14,214,720
	68,890	*,e	Inovio Pharmaceuticals, Inc		259,026
	7,450	*	Insmed, Inc		226,778
	18,561	*	Intersect ENT, Inc		603,047
	39,800	*	Intra-Cellular Therapies, Inc		524,166
	75,604	*	Iovance Biotherapeutics, Inc		861,886
	56,297	*	IQVIA Holdings, Inc		7,819,653
	27,862	*	Jazz Pharmaceuticals plc		3,615,652
	77,399	*	Karyopharm Therapeutics, Inc		361,453
	648,479		Merck & Co, Inc		51,041,782
	5,838	*	Mettler-Toledo International, Inc		4,350,828
	2,895	*	Mirati Therapeutics, Inc		172,224
	42,726	*	Nektar Therapeutics		1,368,086
	196,260	*,e	Opko Health, Inc		469,061
	35,677	*,e	Paratek Pharmaceuticals, Inc		196,580
	5,870	*	PerkinElmer, Inc		562,581
	42,303		Perrigo Co plc		2,027,160

72

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE
	133,970	*	Progenics Pharmaceuticals, Inc	$	688,606
	16,217	*	Prothena Corp plc		168,657
	36,025	*	Radius Health, Inc		793,270
	11,502	*	Reata Pharmaceuticals, Inc		902,447
	42,476	*	Revance Therapeutics, Inc		562,382
	5,837	*	Sage Therapeutics, Inc		981,958
	37,874	*	Sangamo Biosciences, Inc		442,747
	15,601	*	Sarepta Therapeutics, Inc		1,824,381
	4,385	*	Spark Therapeutics, Inc		467,836
	25,761	*,e	Theravance Biopharma, Inc		614,400
	5,640	*	Tricida, Inc		193,226
	17,724	*	Ultragenyx Pharmaceutical, Inc		1,169,784
	71,046	*	Vertex Pharmaceuticals, Inc		12,005,353
	18,425	*	Waters Corp		3,934,474
	47,090	*,e	ZIOPHARM Oncology, Inc		208,138
	256,688		Zoetis, Inc		26,141,106
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		331,216,737
REAL ESTATE - 4.0%
	48,046		Alexandria Real Estate Equities, Inc		6,841,270
	11,117	*,e	Altisource Portfolio Solutions S.A.		263,139
	23,462		American Campus Communities, Inc		1,107,406
	164,544		American Tower Corp		32,135,443
	72,632		Boston Properties, Inc		9,995,616
	36,800		Brixmor Property Group, Inc		657,984
	60,268		CatchMark Timber Trust, Inc		602,680
	262,086	e	CBL & Associates Properties, Inc		264,707
	79,390	*	CBRE Group, Inc		4,133,837
	42,246		Chatham Lodging Trust		831,824
	62,954		CorePoint Lodging, Inc		786,925
	17,160		Coresite Realty		1,877,476
	6,932		CyrusOne, Inc		386,043
	53,519		Digital Realty Trust, Inc		6,299,722
	8,358		Douglas Emmett, Inc		344,266
	58,576		Duke Realty Corp		1,822,885
	19,598		Easterly Government Properties, Inc		352,764
	36,148		Equinix, Inc		16,436,496
	3,961		Federal Realty Investment Trust		530,180
	33,420		First Industrial Realty Trust, Inc		1,178,723
	52,368		Franklin Street Properties Corp		411,612
	204,267		HCP, Inc		6,083,071
	154,979		Host Marriott Corp		2,981,796
	32,022	*	Howard Hughes Corp		3,554,442
	24,076		Hudson Pacific Properties		839,289
	100,069		Iron Mountain, Inc		3,250,241
	95,797	e	iStar Financial, Inc		830,560
	5,945		Jones Lang LaSalle, Inc		918,919
	4,739		Kilroy Realty Corp		364,477
	88,542		Kimco Realty Corp		1,539,745
	15,135		Liberty Property Trust		751,301
	35,800		NorthStar Realty Europe Corp		638,314
	24,547		Office Properties Income Trust		666,206
	4,166		Paramount Group, Inc		60,365

73

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE
	57,124		Park Hotels & Resorts, Inc	$	1,832,538
	540		Piedmont Office Realty Trust, Inc		11,243
	346,453		Prologis, Inc		26,562,552
	22,163		QTS Realty Trust, Inc		1,005,092
	24,711	e	Realogy Holdings Corp		321,737
	15,022		Regency Centers Corp		1,009,028
	2,009		RMR Group, Inc		116,201
	37,701		Sabra Healthcare REIT, Inc		737,432
	45,216	*	SBA Communications Corp		9,211,856
	8,006		Senior Housing Properties Trust		64,288
	31,374		Tier REIT, Inc		889,139
	30,349		UDR, Inc		1,364,188
	31,258		VICI Properties, Inc		712,682
	297		Washington REIT		8,387
	205,082		Welltower, Inc		15,284,761
	297,141		Weyerhaeuser Co		7,963,379
			TOTAL REAL ESTATE		176,834,227
RETAILING - 5.2%
	42,491	*	1-800-FLOWERS.COM, Inc (Class A)		904,633
	2,432		Aaron’s, Inc		135,438
	24,346		Advance Auto Parts, Inc		4,049,227
	39,903	*	Barnes & Noble Education, Inc		171,583
	56,825		Best Buy Co, Inc		4,228,348
	17,364	*	Booking Holdings, Inc		32,210,046
	250	e	Buckle, Inc		4,620
	43,488	*	CarMax, Inc		3,385,976
	390,531		eBay, Inc		15,133,076
	116,606	*	Etsy, Inc		7,875,569
	146,592		Expedia, Inc		19,033,505
	6,360	*	Five Below, Inc		931,040
	81,198		Gap, Inc		2,117,644
	14,294	*	Genesco, Inc		640,514
	1,512		Genuine Parts Co		155,041
	48,349	*,e	GNC Holdings, Inc		107,335
	593,289	*	Groupon, Inc		2,088,377
	18,815		Haverty Furniture Cos, Inc		448,173
	29,239	*	Hibbett Sports, Inc		605,247
	250,264		Home Depot, Inc		50,978,777
	93,965		Kohl’s Corp		6,680,912
	17,745	*	Lands’ End, Inc		310,715
	77,025	*	LKQ Corp		2,318,453
	237,535		Lowe’s Companies, Inc		26,874,710
	16,316		Macy’s, Inc		384,079
	4,455	*	MarineMax, Inc		77,027
	26,766		Nordstrom, Inc		1,097,941
	5,216		Office Depot, Inc		12,518
	397		Pool Corp		72,945
	123,411	*	Quotient Technology, Inc		1,146,488
	137,098		Ross Stores, Inc		13,388,991
	5,448	*	Sally Beauty Holdings, Inc		96,430
	12,547	e	Shoe Carnival, Inc		447,426

74

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE
	54,349	*	Shutterfly, Inc	$	2,382,117
	125,225		Target Corp		9,694,920
	14,544		Tiffany & Co		1,568,134
	121,046		TJX Companies, Inc		6,643,005
	15,754		Tractor Supply Co		1,630,539
	17,401	*	Ulta Beauty, Inc		6,072,601
	25,856	*	Wayfair, Inc		4,192,550
	33,837	e	Williams-Sonoma, Inc		1,934,461
	860		Winmark Corp		158,713
	5,569	*	Zumiez, Inc		148,302
			TOTAL RETAILING		232,538,146
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.3%
	349,407		Applied Materials, Inc		15,398,367
	8,887		Brooks Automation, Inc		333,351
	22,180	*	Cirrus Logic, Inc		1,055,324
	40,921	*	Cree, Inc		2,704,469
	20,532	*	First Solar, Inc		1,263,334
	919,497		Intel Corp		46,931,127
	49,979		Lam Research Corp		10,367,144
	150,459		NVIDIA Corp		27,233,079
	11,811	*	Silicon Laboratories, Inc		1,271,572
	326,290		Texas Instruments, Inc		38,446,751
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		145,004,518
SOFTWARE & SERVICES - 12.3%
	214,192		Accenture plc		39,126,453
	136,249	*	Adobe, Inc		39,410,023
	102,486	*	Autodesk, Inc		18,264,030
	41,069	*	Avaya Holdings Corp		783,596
	33,427	*	Benefitfocus, Inc		1,361,482
	231,978	*	Black Knight, Inc		13,088,199
	12,432		Blackbaud, Inc		985,733
	223,569		Booz Allen Hamilton Holding Co		13,255,406
	110,902	*	Cadence Design Systems, Inc		7,694,381
	296,557	*	Conduent, Inc		3,804,826
	55,469		CSG Systems International, Inc		2,476,691
	53,651	*	ExlService Holdings, Inc		3,186,869
	2,334	*	Fair Isaac Corp		652,936
	286,001		International Business Machines Corp		40,117,360
	113,870		Intuit, Inc		28,588,202
	216,899	*	Limelight Networks, Inc		644,190
	54,815		LogMeIn, Inc		4,516,756
	1,296,981	d	Microsoft Corp		169,385,719
	61,195	*	New Relic, Inc		6,440,162
	54,403	*	Nutanix, Inc		2,349,666
	5,290	*	OneSpan, Inc		98,077
	711,170		Oracle Corp		39,349,036
	15,813	*	Paycom Software, Inc		3,202,607
	8,400	*	Paylocity Holding Corp		811,020
	51,178	*	Perficient, Inc		1,506,680
	21,141	*	Qualys, Inc		1,908,187

75

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE
	40,387	*	Rapid7, Inc	$	2,194,630
	67,172	*	RingCentral, Inc		7,816,806
	240,498	*	salesforce.com, Inc		39,766,344
	44,694		Science Applications International Corp		3,349,815
	40,700	*	SPS Commerce, Inc		4,222,218
	67,259	*	Sykes Enterprises, Inc		1,866,437
	139,395	*	Teradata Corp		6,338,291
	64,472		TiVo Corp		604,103
	163,822		Travelport Worldwide Ltd		2,568,729
	15,317		TTEC Holdings, Inc		558,458
	59,225	*	Twilio, Inc		8,122,116
	9,913	*	Ultimate Software Group, Inc		3,277,733
	38,053	*	Virtusa Corp		2,113,844
	27,316		VMware, Inc (Class A)		5,576,015
	40,273	*	WEX, Inc		8,469,412
	30,134	*	Zendesk, Inc		2,645,163
			TOTAL SOFTWARE & SERVICES		542,498,401
TECHNOLOGY HARDWARE & EQUIPMENT - 6.6%
	2,919	*	Anixter International, Inc		183,517
	758,031		Apple, Inc		152,114,081
	40,047		AVX Corp		653,167
	8,124		Badger Meter, Inc		450,719
	1,070		Belden CDT, Inc		59,438
	87,305		Benchmark Electronics, Inc		2,359,854
	1,027,622		Cisco Systems, Inc		57,495,451
	2,689	*	Coherent, Inc		397,999
	34,511	*	Cray, Inc		906,259
	34,326		CTS Corp		1,028,064
	22,592		Daktronics, Inc		171,247
	99,736		Dolby Laboratories, Inc (Class A)		6,451,922
	30,369	*	Fabrinet		1,837,932
	18,340	*	FARO Technologies, Inc		1,031,625
	40,091	*	Finisar Corp		966,594
	758,600		Hewlett Packard Enterprise Co		11,993,466
	722,608		HP, Inc		14,416,030
	11,733	*	Insight Enterprises, Inc		663,853
	182		InterDigital, Inc		11,901
	28,977	*	Itron, Inc		1,554,906
	70,176		Kemet Corp		1,254,045
	25,860	*	Keysight Technologies, Inc		2,250,596
	17,293	*	Kimball Electronics, Inc		261,643
	15,821		Littelfuse, Inc		3,180,812
	24,692	*	Lumentum Holdings, Inc		1,530,163
	6,814		Methode Electronics, Inc		201,081
	49,310		Motorola Solutions, Inc		7,145,512
	120,617		National Instruments Corp		5,681,061
	19,428	*	Novanta, Inc		1,690,625
	500	*	OSI Systems, Inc		45,065
	23,378	*	Plexus Corp		1,406,888
	13,761	*	Ribbon Communications, Inc		73,759
	11,038	*	Rogers Corp		1,849,086

76

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE
	13,734		SYNNEX Corp	$	1,481,624
	42,266	*	Tech Data Corp		4,505,978
	81,317	*	TTM Technologies, Inc		1,076,637
	73,134		Vishay Intertechnology, Inc		1,448,785
	1,253	*	Zebra Technologies Corp (Class A)		264,558
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		290,095,943
TELECOMMUNICATION SERVICES - 1.8%
	23,657	*	Boingo Wireless, Inc		537,960
	555,917		CenturyLink, Inc		6,348,572
	65,553	*	Cincinnati Bell, Inc		583,422
	24,512		Cogent Communications Group, Inc		1,353,798
	82,226	e	Consolidated Communications Holdings, Inc		424,286
	130,742	*	Iridium Communications, Inc		3,590,175
	105,877	*	Orbcomm, Inc		766,549
	1,069,688	*	Sprint Corp		5,968,859
	855,889		Verizon Communications, Inc		48,948,292
	320,030	*	Vonage Holdings Corp		3,110,692
	215,693	*	Zayo Group Holdings, Inc		6,749,034
			TOTAL TELECOMMUNICATION SERVICES		78,381,639
TRANSPORTATION - 2.5%
	310		Arkansas Best Corp		9,474
	2,385	*	Avis Budget Group, Inc		84,787
	200,629		CSX Corp		15,976,087
	197,594		Delta Air Lines, Inc		11,517,754
	8		Expeditors International of Washington, Inc		635
	17,741	*	Hertz Global Holdings, Inc		322,532
	180		Landstar System, Inc		19,613
	61,462		Norfolk Southern Corp		12,539,477
	9		Ryder System, Inc		567
	179,530		Southwest Airlines Co		9,735,912
	187,341		Union Pacific Corp		33,166,851
	231,633		United Parcel Service, Inc (Class B)		24,604,057
			TOTAL TRANSPORTATION		107,977,746
UTILITIES - 3.4%
	258,499		American Electric Power Co, Inc		22,114,589
	22,387		American Water Works Co, Inc		2,422,050
	13,548		Clearway Energy, Inc (Class C)		215,007
	180,018		Consolidated Edison, Inc		15,510,351
	295,308		Dominion Resources, Inc		22,995,634
	13,916		DTE Energy Co		1,749,380
	134,706		Eversource Energy		9,653,032
	42,852		New Jersey Resources Corp		2,146,028
	10,059		ONE Gas, Inc		890,423
	290		Ormat Technologies, Inc		16,924
	206,735		Public Service Enterprise Group, Inc		12,331,743
	116,533		Sempra Energy		14,910,397
	73,934		South Jersey Industries, Inc		2,374,760
	442,367		Southern Co		23,542,771
	3,524		UGI Corp		192,093

77

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE
	104,830		WEC Energy Group, Inc	$	8,221,817
	180,121		Xcel Energy, Inc		10,176,837
			TOTAL UTILITIES		149,463,836
			TOTAL COMMON STOCKS		4,369,675,152
			(Cost $3,272,139,482)
RIGHTS / WARRANTS - 0.0%
COMMERCIAL & PROFESSIONAL SERVICES - 0.0%
	21,053	†	Media General, Inc		0
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		0
			TOTAL RIGHTS / WARRANTS		0
			(Cost $0)

PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 1.2%
GOVERNMENT AGENCY DEBT - 0.7%
$	32,320,000		Federal Home Loan Bank (FHLB)		2.350	%	05/01/19		32,320,000
			TOTAL GOVERNMENT AGENCY DEBT						32,320,000
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.5%
	22,402,287	c	State Street Navigator Securities Lending Government Money Market Portfolio						22,402,287
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						22,402,287
			TOTAL SHORT-TERM INVESTMENTS						54,722,287
			(Cost $54,722,287)
			TOTAL INVESTMENTS - 100.3%						4,424,397,439
			(Cost $3,326,861,769)
			OTHER ASSETS & LIABILITIES, NET - (0.3)%						(12,822,012	)
			NET ASSETS - 100.0%					$	4,411,575,427

	Abbreviation(s):
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 $21,475,222.

78

TIAA-CREF FUNDS - Social Choice Equity Fund

Futures contracts outstanding as of April 30, 2019 were as follows:

Description	Number of long (short) contracts	Expiration date	Notional amount		Value		Unrealized appreciation (depreciation)
S&P 500 E Mini Index	224	06/21/19		$32,742,345		$33,023,200		$280,855

79

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

TIAA-CREF FUNDS
SOCIAL CHOICE LOW CARBON EQUITY FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2019

SHARES			COMPANY	VALUE
COMMON STOCKS - 98.9%
AUTOMOBILES & COMPONENTS - 0.4%
	1,891		Aptiv plc	$	162,059
	669	*	Cooper-Standard Holding, Inc		33,898
	2,338	*	Tesla, Inc		558,057
			TOTAL AUTOMOBILES & COMPONENTS		754,014
BANKS - 5.0%
	292		Arrow Financial Corp		9,826
	15,958		BB&T Corp		817,050
	339		Camden National Corp		14,909
	27,414		Citigroup, Inc		1,938,170
	19,508		Citizens Financial Group, Inc		706,190
	3,253		Comerica, Inc		255,653
	497	*	Customers Bancorp, Inc		11,257
	129		Federal Agricultural Mortgage Corp (Class C)		9,866
	17,193		Fifth Third Bancorp		495,502
	119		First Commonwealth Financial Corp		1,620
	340		First Financial Corp		13,998
	1,760		First Republic Bank		185,891
	31		Hanmi Financial Corp		735
	414	*	HomeStreet, Inc		11,650
	648		HomeTrust Bancshares, Inc		16,433
	16,834		Huntington Bancshares, Inc		234,329
	14,226		Keycorp		249,666
	262		Live Oak Bancshares, Inc		4,577
	4,237		M&T Bank Corp		720,587
	940	*	MGIC Investment Corp		13,762
	2,863		New York Community Bancorp, Inc		33,297
	1,534		OFG Bancorp		30,956
	791		Old Line Bancshares, Inc		19,775
	230		Opus Bank		5,030
	9,331		PNC Financial Services Group, Inc		1,277,694
	22,455		Regions Financial Corp		348,726
	1,072	*	SVB Financial Group		269,844
	2,221	*	The Bancorp, Inc		22,676
	356	*	Tristate Capital Holdings, Inc		8,281
	47		Union Bankshares Corp		1,715
	26,331		US Bancorp		1,403,969
	1,616		Zions Bancorporation		79,717
			TOTAL BANKS		9,213,351
CAPITAL GOODS - 7.3%
	8,200		3M Co		1,553,982
	1,659		Air Lease Corp		63,971
	2,577		Aircastle Ltd		51,334

80

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE
	881		Argan, Inc	$	42,129
	1,252	*	Armstrong Flooring, Inc		18,141
	1,318	*	Astronics Corp		43,942
	3,859	*	Axon Enterprise, Inc		245,046
	430		Carlisle Cos, Inc		60,811
	10,014		Caterpillar, Inc		1,396,152
	945		Cummins, Inc		157,144
	2,969		Curtiss-Wright Corp		338,288
	5,901		Deere & Co		977,383
	653		Dover Corp		64,020
	9,107		Eaton Corp		754,242
	271		EMCOR Group, Inc		22,802
	1,918		Fastenal Co		135,315
	5,992		Fortive Corp		517,349
	1,313		Granite Construction, Inc		58,941
	1,522	*	Herc Holdings, Inc		73,300
	2,528		Hexcel Corp		178,755
	7,575		Illinois Tool Works, Inc		1,178,897
	2,387		Ingersoll-Rand plc		292,670
	15,498		Johnson Controls International plc		581,175
	3,083	*	KEYW Holding Corp, The		34,961
	4,663		L3 Technologies, Inc		1,019,239
	1,091	*	Lydall, Inc		26,850
	3,155	*	Mercury Systems, Inc		230,378
	385		Moog, Inc (Class A)		36,051
	1,007	*	MYR Group, Inc		36,403
	2,762		PACCAR, Inc		197,953
	2,868		Parker-Hannifin Corp		519,337
	3,941	*	Plug Power, Inc		9,813
	2,387		Quanta Services, Inc		96,912
	1,214		Rockwell Automation, Inc		219,382
	1,453		Roper Industries, Inc		522,644
	7,280		Spirit Aerosystems Holdings, Inc (Class A)		632,632
	1,574		Stanley Black & Decker, Inc		230,748
	1,424	*	Teledyne Technologies, Inc		353,878
	245	*	Titan Machinery, Inc		4,214
	1,593	*	United Rentals, Inc		224,486
	729	*	Veritiv Corp		20,332
	537		W.W. Grainger, Inc		151,434
	3,433	*	Wesco Aircraft Holdings, Inc		28,975
	21	*	WESCO International, Inc		1,202
	777		Woodward Governor Co		84,615
	1,778		Xylem, Inc		148,285
			TOTAL CAPITAL GOODS		13,636,513
COMMERCIAL & PROFESSIONAL SERVICES - 1.1%
	428	*	Cimpress NV		38,691
	8,474	*	Copart, Inc		570,470
	641		Deluxe Corp		28,665
	260		Heidrick & Struggles International, Inc		9,303
	526	*	Huron Consulting Group, Inc		25,421
	278		ICF International, Inc		21,648
	12,382	*	IHS Markit Ltd		708,993

81

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE
	2,692	*	Innerworkings, Inc	$	9,099
	162		Insperity, Inc		19,369
	7		Kforce, Inc		252
	876		Kimball International, Inc (Class B)		13,718
	1,129	*	Mistras Group, Inc		15,479
	728		Resources Connection, Inc		11,692
	1,685		RR Donnelley & Sons Co		7,785
	418	*	SP Plus Corp		14,429
	1,049	*	Team, Inc		17,728
	5,558		TransUnion		387,115
	40	*	TrueBlue, Inc		966
	486		Viad Corp		29,797
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		1,930,620
CONSUMER DURABLES & APPAREL - 1.2%
	733	*	Century Communities, Inc		18,640
	1,554	*	Green Brick Partners, Inc		13,893
	408		Hamilton Beach Brands Holding Co		7,385
	5		Hasbro, Inc		509
	277		Hooker Furniture Corp		8,257
	4,868		Lennar Corp (Class A)		253,282
	439	*	Lululemon Athletica, Inc		77,418
	670	*	Mattel, Inc		8,167
	3,349		Newell Rubbermaid, Inc		48,159
	16,418		Nike, Inc (Class B)		1,441,993
	370	*	Unifi, Inc		7,474
	4,203		VF Corp		396,805
			TOTAL CONSUMER DURABLES & APPAREL		2,281,982
CONSUMER SERVICES - 2.4%
	214	*	American Public Education, Inc		6,848
	3,007		ARAMARK Holdings Corp		93,458
	3,793		BBX Capital Corp		21,013
	595	*	Bright Horizons Family Solutions		76,249
	1,115		Carriage Services, Inc		19,568
	644	*	Chipotle Mexican Grill, Inc (Class A)		443,098
	1,110		Darden Restaurants, Inc		130,536
	1,397	*	El Pollo Loco Holdings, Inc		17,854
	818	*	frontdoor, Inc		28,826
	11,967		Hilton Worldwide Holdings, Inc		1,041,009
	6,671	*	Houghton Mifflin Harcourt Co		47,564
	465		Marriott Vacations Worldwide Corp		49,118
	823	*	Red Robin Gourmet Burgers, Inc		26,361
	5,414		Royal Caribbean Cruises Ltd		654,769
	1,399		Service Corp International		58,213
	1,636	*	ServiceMaster Global Holdings, Inc		80,213
	26		Six Flags Entertainment Corp		1,380
	188	*	Sotheby’s (Class A)		7,930
	19,179		Starbucks Corp		1,489,825
	555		Vail Resorts, Inc		127,012
	191	*	Weight Watchers International, Inc		3,900
			TOTAL CONSUMER SERVICES		4,424,744

82

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE
DIVERSIFIED FINANCIALS - 5.8%
	3,269		Ally Financial, Inc	$	97,122
	11,972		American Express Co		1,403,477
	523		Ameriprise Financial, Inc		76,761
	18,599		Bank of New York Mellon Corp		923,626
	2,265		BlackRock, Inc		1,099,069
	8,237		Capital One Financial Corp		764,641
	19,645		Charles Schwab Corp		899,348
	6,978		CME Group, Inc		1,248,364
	3,787		Discover Financial Services		308,603
	805	*	Donnelley Financial Solutions, Inc		12,324
	520		Dynex Capital, Inc		3,172
	8,691		IntercontinentalExchange Group, Inc		707,013
	1,149		Moody’s Corp		225,916
	25,943		Morgan Stanley		1,251,750
	544	*	NewStar Financial, Inc		141
	1,455		Northern Trust Corp		143,390
	1,767	*	On Deck Capital, Inc		9,648
	3,798		S&P Global, Inc		838,067
	6,001		State Street Corp		406,028
	1,591		T Rowe Price Group, Inc		171,032
	4,891		TD Ameritrade Holding Corp		257,169
			TOTAL DIVERSIFIED FINANCIALS		10,846,661
ENERGY - 3.5%
	5,333	*	Apergy Corp		211,667
	8,058		Archrock, Inc		81,466
	35,319		Baker Hughes a GE Co		848,362
	4,093	*	C&J Energy Services, Inc		57,507
	2,407	*	Cactus, Inc		87,374
	15,196	*	Cheniere Energy, Inc		977,863
	7,929	*	Clean Energy Fuels Corp		24,897
	1,969	*	Covia Holdings Corp		9,471
	5,472		Delek US Holdings, Inc		202,792
	2,263	*	Dril-Quip, Inc		98,576
	14,318		Equitrans Midstream Corp		298,244
	2,053	*	Exterran Corp		29,194
	5,134	*	Forum Energy Technologies, Inc		30,701
	4,639	*	Frank’s International NV		27,092
	2,061	*	FTS International, Inc		21,331
	2,431		Green Plains Renewable Energy, Inc		42,227
	8,916	*	Helix Energy Solutions Group, Inc		69,723
	3,241	*	Keane Group, Inc		33,998
	1,258	*	KLX Energy Services Holdings, Inc		35,287
	1,677	*	Matrix Service Co		32,886
	11,369	*	McDermott International, Inc		91,975
	26,268		National Oilwell Varco, Inc		686,646
	791	*	Natural Gas Services Group, Inc		12,711
	420	*	NCS Multistage Holdings, Inc		1,667
	5,249	*	Newpark Resources, Inc		38,318

83

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE
	6,265	*	Oceaneering International, Inc	$	120,288
	3,844	*	Oil States International, Inc		74,266
	15,588		ONEOK, Inc		1,058,893
	8,043		PBF Energy, Inc		270,084
	2,174	*	Renewable Energy Group, Inc		52,437
	3,532		RPC, Inc		36,344
	2,832	*	Select Energy Services, Inc		32,625
	15,528		Targa Resources Investments, Inc		623,449
	7,714	*	Tetra Technologies, Inc		18,359
	1,756	*	Tidewater, Inc		39,510
	4,962		US Silica Holdings, Inc		78,499
			TOTAL ENERGY		6,456,729
FOOD & STAPLES RETAILING - 0.6%
	1,754		Andersons, Inc		57,356
	1,352		Casey’s General Stores, Inc		178,937
	1,308	*	Chefs’ Warehouse Holdings, Inc		42,745
	1,401		Pricesmart, Inc		83,794
	1,460	*	Smart & Final Stores, Inc		9,534
	2,228		Spartan Stores, Inc		36,027
	8,602	*	Sprouts Farmers Market, Inc		184,255
	3,022	*	United Natural Foods, Inc		39,044
	14,803	*	US Foods Holding Corp		541,050
	589		Weis Markets, Inc		24,767
			TOTAL FOOD & STAPLES RETAILING		1,197,509
FOOD, BEVERAGE & TOBACCO - 3.5%
	1,666		Bunge Ltd		87,315
	42,397		Coca-Cola Co		2,079,997
	5,273		Dean Foods Co		8,964
	647	*	Farmer Bros Co		13,044
	309	*	Freshpet, Inc		13,800
	8,694		General Mills, Inc		447,480
	87	*	Hain Celestial Group, Inc		1,898
	4,277		Hormel Foods Corp		170,824
	2,774		Kellogg Co		167,272
	995		McCormick & Co, Inc		153,200
	26,620		Mondelez International, Inc		1,353,627
	15,920		PepsiCo, Inc		2,038,556
			TOTAL FOOD, BEVERAGE & TOBACCO		6,535,977
HEALTH CARE EQUIPMENT & SERVICES - 5.8%
	1,099	*	Abiomed, Inc		304,874
	1,028	*	Acadia Healthcare Co, Inc		32,917
	5,053	*	Accuray, Inc		20,919
	3,289	*	Align Technology, Inc		1,067,873
	2,208	*	Allscripts Healthcare Solutions, Inc		21,793
	171	*	American Renal Associates Holdings, Inc		1,177
	43	*	AMN Healthcare Services, Inc		2,239
	877	*	Angiodynamics, Inc		18,014
	9,859	*	Antares Pharma, Inc		26,521
	731	*	BioTelemetry, Inc		39,766

84

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE
	2,394	*	Brookdale Senior Living, Inc	$	14,795
	433	*	Capital Senior Living Corp		1,819
	3,486		Cardinal Health, Inc		169,803
	6,726	*	Centene Corp		346,793
	12,023	*	Cerner Corp		798,928
	3,696	*	Cerus Corp		22,656
	2,755		Cigna Corp		437,604
	711		Computer Programs & Systems, Inc		21,607
	1,613		Cooper Cos, Inc		467,641
	2,248	*	Cross Country Healthcare, Inc		15,848
	19,833		CVS Health Corp		1,078,519
	2,424		Dentsply Sirona, Inc		123,939
	331	*	Diplomat Pharmacy, Inc		1,847
	5,303	*	Edwards Lifesciences Corp		933,699
	295		Encompass Health Corp		19,013
	3,285	*	GenMark Diagnostics, Inc		23,783
	4,734		HCA Holdings, Inc		602,307
	737	*	Henry Schein, Inc		47,212
	3,700	*	Hologic, Inc		171,606
	2,218		Humana, Inc		566,499
	1,398	*	IDEXX Laboratories, Inc		324,336
	90	*	Integer Holding Corp		6,218
	900	*	Laboratory Corp of America Holdings		143,928
	1,072		LeMaitre Vascular, Inc		30,959
	198	*	LHC Group, Inc		22,000
	62	*	LivaNova plc		4,271
	1,000		Meridian Bioscience, Inc		11,510
	20	*	Merit Medical Systems, Inc		1,124
	118	*	NextGen Healthcare, Inc		2,217
	479	*	Omnicell, Inc		38,492
	3,620	*	OraSure Technologies, Inc		34,245
	2,691		Owens & Minor, Inc		9,176
	69	*	Penumbra, Inc		9,281
	638		Quest Diagnostics, Inc		61,490
	30	*	Quidel Corp		1,918
	586	*	RadNet, Inc		7,096
	2,186		Resmed, Inc		228,459
	5,017	*	Senseonics Holdings, Inc		11,690
	2,167	*	Staar Surgical Co		70,384
	315	*	Surgery Partners, Inc		3,411
	371	*	Tandem Diabetes Care, Inc		22,783
	2,992	*	Teladoc, Inc		170,185
	272	*	Tivity Health, Inc		5,881
	9,550	*	TransEnterix, Inc		19,100
	549	*	Triple-S Management Corp (Class B)		12,473
	8,275		UnitedHealth Group, Inc		1,928,655
	829	*	Varian Medical Systems, Inc		112,885
	335	*	Vocera Communications, Inc		10,670
	554		West Pharmaceutical Services, Inc		68,580
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		10,775,428

85

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE
HOUSEHOLD & PERSONAL PRODUCTS - 2.4%
	203		Clorox Co	$	32,425
	11,516		Colgate-Palmolive Co		838,250
	3,434		Estee Lauder Cos (Class A)		589,995
	2,910		Kimberly-Clark Corp		373,586
	24,118		Procter & Gamble Co		2,568,085
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		4,402,341
INSURANCE - 4.1%
	5,460		Allstate Corp		540,868
	24,507		American International Group, Inc		1,165,798
	1,963		Aon plc		353,615
	9,135		Chubb Ltd		1,326,402
	856		Lincoln National Corp		57,112
	19,131		Loews Corp		981,229
	9,812		Marsh & McLennan Cos, Inc		925,173
	737		Principal Financial Group		42,127
	9,039		Progressive Corp		706,398
	9,218		Prudential Financial, Inc		974,435
	3,824		Travelers Cos, Inc		549,700
	300		Willis Towers Watson plc		55,302
			TOTAL INSURANCE		7,678,159
MATERIALS - 3.5%
	2,283	*	Axalta Coating Systems Ltd		61,595
	8,599		Ball Corp		515,424
	2,218		Celanese Corp (Series A)		239,300
	1,024	*	Clearwater Paper Corp		20,654
	4,534		Commercial Metals Co		78,393
	944		Compass Minerals International, Inc		54,176
	6,441		Ecolab, Inc		1,185,659
	9,216		FMC Corp		728,617
	3,400		H.B. Fuller Co		166,498
	2,084		International Flavors & Fragrances, Inc		287,154
	5,717		International Paper Co		267,613
	1,964	*	Kraton Polymers LLC		64,459
	898		Martin Marietta Materials, Inc		199,266
	780		Materion Corp		45,264
	562		Minerals Technologies, Inc		35,277
	24,136		Mosaic Co		630,191
	898		Myers Industries, Inc		16,065
	13,540		Newmont Mining Corp		420,552
	1,969		PH Glatfelter Co		31,071
	2,796		Reliance Steel & Aluminum Co		257,120
	1,046		Royal Gold, Inc		91,065
	711		RPM International, Inc		43,122
	644	*	Ryerson Holding Corp		5,571
	1,689		Schnitzer Steel Industries, Inc (Class A)		40,063
	2,715		Scotts Miracle-Gro Co (Class A)		230,829
	2,927		Trinseo S.A.		131,569
	670	*	US Concrete, Inc		31,577
	12,933		Valvoline, Inc		239,261
	2,476		Vulcan Materials Co		312,248
			TOTAL MATERIALS		6,429,653

86

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE
MEDIA & ENTERTAINMENT - 5.8%
	5,662		Activision Blizzard, Inc	$	272,965
	2,225	*	Alphabet, Inc (Class A)		2,667,686
	2,263	*	Alphabet, Inc (Class C)		2,689,530
	1,165		Cinemark Holdings, Inc		48,988
	506	*	Clear Channel Outdoor Holdings, Inc (Class A)		2,474
	10,572	*	Discovery, Inc (Class A)		326,675
	8,615	*	Discovery, Inc (Class C)		247,768
	2,112	*	Electronic Arts, Inc		199,901
	2,764		Entravision Communications Corp (Class A)		7,933
	5,395		Gannett Co, Inc		50,335
	1,778	*	GCI Liberty, Inc		106,004
	1,931	*	Gray Television, Inc		45,243
	768	*	Hemisphere Media Group, Inc		11,221
	143	*	Imax Corp		3,486
	4,162		Interpublic Group of Cos, Inc		95,726
	4,053	*	Liberty Broadband Corp (Class C)		400,072
	1,838	*	Live Nation, Inc		120,095
	309	*	Loral Space & Communications, Inc		11,378
	449		Marcus Corp		16,891
	786		Meredith Corp		46,374
	1,486		National CineMedia, Inc		10,372
	5,011	*	NetFlix, Inc		1,856,776
	6,444		Omnicom Group, Inc		515,713
	362		Scholastic Corp		14,437
	1,087		Sinclair Broadcast Group, Inc (Class A)		49,774
	95,688		Sirius XM Holdings, Inc		555,947
	2,935		Tribune Co		135,597
	4,484	*	TripAdvisor, Inc		238,683
	775		World Wrestling Entertainment, Inc (Class A)		64,984
			TOTAL MEDIA & ENTERTAINMENT		10,813,028
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.3%
	17,453		AbbVie, Inc		1,385,594
	7,858	*	Achillion Pharmaceuticals, Inc		23,260
	2,084	*	Aclaris Therapeutics, Inc		13,129
	3,777	*	Aduro Biotech, Inc		15,448
	1,340		Agilent Technologies, Inc		105,190
	4,711	*	Akorn, Inc		12,720
	8,746		Amgen, Inc		1,568,333
	436	*	Bellicum Pharmaceuticals, Inc		1,330
	2,351	*	Biogen Idec, Inc		538,943
	1,272	*	BioMarin Pharmaceutical, Inc		108,794
	224	*	Bluebird Bio, Inc		31,770
	29,373		Bristol-Myers Squibb Co		1,363,788
	7,456	*	Celgene Corp		705,785
	1,765	*	Collegium Pharmaceutical, Inc		24,586
	746	*	Dova Pharmaceuticals, Inc		6,863
	12,996		Eli Lilly & Co		1,521,052
	15,072		Gilead Sciences, Inc		980,283

87

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE
	1,337	*	Illumina, Inc	$	417,144
	347	*	Inovio Pharmaceuticals, Inc		1,305
	2,588	*	Intra-Cellular Therapies, Inc		34,084
	3,162	*	Iovance Biotherapeutics, Inc		36,047
	1,077	*	IQVIA Holdings, Inc		149,595
	746	*	Jazz Pharmaceuticals plc		96,808
	2,839	*	Karyopharm Therapeutics, Inc		13,258
	27,928		Merck & Co, Inc		2,198,213
	1,644	*	Nektar Therapeutics		52,641
	16,220	*	Opko Health, Inc		38,766
	1,130	*	Optinose, Inc		11,255
	1,725	*	Paratek Pharmaceuticals, Inc		9,505
	752		Perrigo Co plc		36,036
	5,559	*	Progenics Pharmaceuticals, Inc		28,573
	31	*	Prothena Corp plc		322
	2,338	*	Radius Health, Inc		51,483
	417	*	Reata Pharmaceuticals, Inc		32,718
	2,210	*	Revance Therapeutics, Inc		29,260
	198	*	Sage Therapeutics, Inc		33,309
	567	*	Sarepta Therapeutics, Inc		66,305
	3,815	*	Vertex Pharmaceuticals, Inc		644,659
	183	*	Waters Corp		39,078
	11,488		Zoetis, Inc		1,169,938
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		13,597,170
REAL ESTATE - 4.1%
	2,875		Alexandria Real Estate Equities, Inc		409,371
	164	*	Altisource Portfolio Solutions S.A.		3,882
	349		American Campus Communities, Inc		16,473
	7,388		American Tower Corp		1,442,876
	3,087		Boston Properties, Inc		424,833
	2,532		Brixmor Property Group, Inc		45,272
	2,839		CatchMark Timber Trust, Inc		28,390
	9,972		CBL & Associates Properties, Inc		10,072
	1,428	*	CBRE Group, Inc		74,356
	2,185		Chatham Lodging Trust		43,023
	2,328		CorePoint Lodging, Inc		29,100
	37		CyrusOne, Inc		2,061
	2,897		Digital Realty Trust, Inc		341,006
	1,520		Duke Realty Corp		47,302
	2,453		Equinix, Inc		1,115,379
	514		Federal Realty Investment Trust		68,799
	3,115		Franklin Street Properties Corp		24,484
	4,263		HCP, Inc		126,952
	7,710		Host Marriott Corp		148,340
	80	*	Howard Hughes Corp		8,880
	973		Hudson Pacific Properties		33,919
	6,811		Iron Mountain, Inc		221,221
	4,196		iStar Financial, Inc		36,379
	2,460		Kimco Realty Corp		42,779
	1,859		Office Properties Income Trust		50,453
	15,646		Prologis, Inc		1,199,579
	1,297		Regency Centers Corp		87,120

88

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE
	2,176	*	SBA Communications Corp	$	443,316
	1,117		UDR, Inc		50,209
	1,521		VICI Properties, Inc		34,679
	12,237		Welltower, Inc		912,024
			TOTAL REAL ESTATE		7,522,529
RETAILING - 5.8%
	893	*	1-800-FLOWERS.COM, Inc (Class A)		19,012
	2,466	*	Barnes & Noble Education, Inc		10,604
	712		Best Buy Co, Inc		52,980
	766	*	Booking Holdings, Inc		1,420,922
	523	*	CarMax, Inc		40,721
	1,011	*	Container Store Group, Inc		8,735
	29,163		eBay, Inc		1,130,066
	6,030	*	Etsy, Inc		407,266
	7,644		Expedia, Inc		992,497
	850		Genuine Parts Co		87,159
	989	*	GNC Holdings, Inc		2,196
	18,678	*	Groupon, Inc		65,747
	703	*	Hibbett Sports, Inc		14,552
	11,489		Home Depot, Inc		2,340,309
	1,910		Kohl’s Corp		135,801
	519	*	Lands’ End, Inc		9,088
	2,701	*	LKQ Corp		81,300
	9,162		Lowe’s Companies, Inc		1,036,589
	1,466		Macy’s, Inc		34,510
	307	*	MarineMax, Inc		5,308
	4,919		Office Depot, Inc		11,806
	4,696	*	Quotient Technology, Inc		43,626
	2,578		Ross Stores, Inc		251,767
	2,158	*	Shutterfly, Inc		94,585
	12,113		Target Corp		937,788
	420		Tiffany & Co		45,284
	10,858		TJX Companies, Inc		595,887
	161		Tractor Supply Co		16,663
	518	*	Ulta Beauty, Inc		180,772
	3,121	*	Wayfair, Inc		506,070
	1,366		Williams-Sonoma, Inc		78,094
	104		Winmark Corp		19,193
	309	*	Zumiez, Inc		8,229
			TOTAL RETAILING		10,685,126
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.6%
	14,129		Applied Materials, Inc		622,665
	67		Brooks Automation, Inc		2,513
	3,083	*	Cree, Inc		203,756
	472	*	First Solar, Inc		29,042
	45,661		Intel Corp		2,330,538
	1,158		Lam Research Corp		240,204
	8,626		NVIDIA Corp		1,561,306
	13,674		Texas Instruments, Inc		1,611,207
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		6,601,231

89

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE
SOFTWARE & SERVICES - 12.0%
	8,956		Accenture plc	$	1,635,993
	6,167	*	Adobe, Inc		1,783,805
	4,391	*	Autodesk, Inc		782,520
	845	*	Benefitfocus, Inc		34,417
	9,758	*	Black Knight, Inc		550,546
	9,405		Booz Allen Hamilton Holding Co		557,622
	1,156	*	ChannelAdvisor Corp		13,583
	12,354	*	Conduent, Inc		158,502
	2,075		CSG Systems International, Inc		92,649
	2,280	*	ExlService Holdings, Inc		135,432
	12,177		International Business Machines Corp		1,708,068
	3,589		Intuit, Inc		901,054
	7,021	*	Limelight Networks, Inc		20,852
	2,190		LogMeIn, Inc		180,456
	54,317	d	Microsoft Corp		7,093,800
	3,081	*	New Relic, Inc		324,244
	3,929	*	Nutanix, Inc		169,694
	1,335	*	OneSpan, Inc		24,751
	31,328		Oracle Corp		1,733,378
	2,084	*	Perficient, Inc		61,353
	1,566	*	RingCentral, Inc		182,235
	9,900	*	salesforce.com, Inc		1,636,965
	3,393		Science Applications International Corp		254,305
	717	*	SPS Commerce, Inc		74,382
	2,506	*	Sykes Enterprises, Inc		69,542
	5,149	*	Teradata Corp		234,125
	2,879		TiVo Corp		26,976
	8,091		Travelport Worldwide Ltd		126,867
	873		TTEC Holdings, Inc		31,830
	6,047	*	Twilio, Inc		829,286
	1,778	*	Virtusa Corp		98,768
	1,380		VMware, Inc (Class A)		281,699
	2,834	*	WEX, Inc		595,990
			TOTAL SOFTWARE & SERVICES		22,405,689
TECHNOLOGY HARDWARE & EQUIPMENT - 6.3%
	512	*	Anixter International, Inc		32,189
	34,089		Apple, Inc		6,840,639
	4,261	*	Arlo Technologies, Inc		16,916
	1,244		AVX Corp		20,290
	246		Badger Meter, Inc		13,648
	595		Belden CDT, Inc		33,052
	2,113		Benchmark Electronics, Inc		57,114
	44,303		Cisco Systems, Inc		2,478,753
	1,372	*	Cray, Inc		36,029
	1,242		CTS Corp		37,198
	1,259		Daktronics, Inc		9,543
	2,290		Dolby Laboratories, Inc (Class A)		148,140
	1,476	*	Fabrinet		89,328

90

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE
	594	*	FARO Technologies, Inc	$	33,413
	44,195		Hewlett Packard Enterprise Co		698,723
	25,414		HP, Inc		507,009
	565	*	Insight Enterprises, Inc		31,968
	550	*	Itron, Inc		29,513
	681	*	Keysight Technologies, Inc		59,267
	934	*	Kimball Electronics, Inc		14,131
	290		Littelfuse, Inc		58,305
	172	*	Lumentum Holdings, Inc		10,659
	600		Methode Electronics, Inc		17,706
	737		Motorola Solutions, Inc		106,799
	4,381		National Instruments Corp		206,345
	461	*	Novanta, Inc		40,116
	147	*	OSI Systems, Inc		13,249
	556	*	Plexus Corp		33,460
	644	*	Ribbon Communications, Inc		3,452
	393		SYNNEX Corp		42,397
	988	*	Tech Data Corp		105,331
	1,602	*	TTM Technologies, Inc		21,210
	48		Vishay Intertechnology, Inc		951
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		11,846,843
TELECOMMUNICATION SERVICES - 2.0%
	1,503	*	Boingo Wireless, Inc		34,178
	54,669		CenturyLink, Inc		624,320
	1,924	*	Cincinnati Bell, Inc		17,124
	1,009		Cogent Communications Group, Inc		55,727
	1,570		Consolidated Communications Holdings, Inc		8,101
	2,574	*	Gogo, Inc		13,539
	4,299	*	Iridium Communications, Inc		118,051
	3,098	*	Orbcomm, Inc		22,429
	28,946	*	Sprint Corp		161,519
	40,920		Verizon Communications, Inc		2,340,215
	9,716	*	Vonage Holdings Corp		94,439
	6,937	*	Zayo Group Holdings, Inc		217,059
			TOTAL TELECOMMUNICATION SERVICES		3,706,701
TRANSPORTATION - 2.1%
	12,047		CSX Corp		959,302
	9,592		Union Pacific Corp		1,698,168
	11,532		United Parcel Service, Inc (Class B)		1,224,929
			TOTAL TRANSPORTATION		3,882,399
UTILITIES - 3.3%
	9,528		American Water Works Co, Inc		1,030,834
	6,207		Aqua America, Inc		242,446
	2,207		Clearway Energy, Inc (Class A)		33,922
	12,527		Consolidated Edison, Inc		1,079,326
	14,643		Eversource Energy		1,049,317
	4,155		New Jersey Resources Corp		208,082
	1,237		ONE Gas, Inc		109,499
	1,189		Ormat Technologies, Inc		69,390

91

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

SHARES			COMPANY					VALUE
	5,430		Pattern Energy Group, Inc					$	125,542
	8,817		Sempra Energy						1,128,135
	3,553		Southwest Gas Corp						295,574
	4,307		TerraForm Power, Inc						58,403
	11,872		UGI Corp						647,143
			TOTAL UTILITIES						6,077,613
			TOTAL COMMON STOCKS						183,702,010
			(Cost $160,719,468)
RIGHTS / WARRANTS - 0.0%
COMMERCIAL & PROFESSIONAL SERVICES - 0.0%
	1,550	†	Media General, Inc						0
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						0
			TOTAL RIGHTS / WARRANTS						0
			(Cost $0)
PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 2.5%
GOVERNMENT AGENCY DEBT - 2.5%
$	4,600,000		Federal Home Loan Bank (FHLB)		2.350	%	05/01/19		4,600,000
			TOTAL GOVERNMENT AGENCY DEBT						4,600,000
			TOTAL SHORT-TERM INVESTMENTS						4,600,000
			(Cost $4,600,000)
			TOTAL INVESTMENTS - 101.4%						188,302,010
			(Cost $165,319,468)
			OTHER ASSETS & LIABILITIES, NET - (1.4)%						(2,588,567	)
			NET ASSETS - 100.0%					$	185,713,443

*	Non-income producing
†	Security is categorized as Level 3 in the fair value hierarchy.
d	All or a portion of these securities have been segregated to cover margin requirements on open futures contracts.

92

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

Futures contracts outstanding as of April 30, 2019 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		7	06/21/19		$1,029,472		$1,031,975		$2,503

93

TIAA-CREF FUNDS - Emerging Markets Equity Fund

TIAA-CREF FUNDS
EMERGING MARKETS EQUITY FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2019

SHARES			COMPANY	VALUE
COMMON STOCKS - 93.9%
BRAZIL - 7.9%
	6,093,800	*	B2W Companhia Global Do Varejo	$	59,444,505
	945,800		Cia Brasileira de Distribuicao Grupo Pao de Acucar		23,276,555
	3,709,106		Cyrela Brazil Realty S.A.		16,818,726
	8,709,500		Lojas Americanas S.A.(Preference)		34,917,074
			TOTAL BRAZIL		134,456,860
CHINA - 26.0%
	545,554	*	Alibaba Group Holding Ltd (ADR)		101,238,456
	26,705,000		Bank of China Ltd (Hong Kong)		12,751,770
	10,789,323		Baoshan Iron & Steel Co Ltd		11,495,331
	8,978,000	*,†	China Animal Healthcare Ltd		11,445
	27,330,500	e	China Molybdenum Co Ltd		10,310,853
	5,554,500		CITIC Securities Co Ltd		12,039,547
	5,166,262	*	Foxconn Industrial Internet Co Ltd		11,825,163
	3,271,593		Hangzhou Robam Appliances Co Ltd		14,209,472
	1,986,676		Han’s Laser Technology Industry Group Co Ltd		11,568,685
	22,713,900		Industrial & Commercial Bank of China		17,084,482
	1,111,400	*	JD.com, Inc (ADR)		33,642,078
	4,089,392		Ping An Bank Co Ltd		8,424,216
	3,503,200		Ping An Insurance Group Co of China Ltd		42,405,034
	1,473,630		Ping An Insurance Group Co of China Ltd (Class A)		18,850,562
	3,752,452		SAIC Motor Corp Ltd		15,263,142
	2,508,376		Tencent Holdings Ltd		123,631,940
			TOTAL CHINA		444,752,176
HONG KONG - 3.8%
	621,536	*,†,e	China Metal Recycling Holdings Ltd		792
	2,052,724		Melco Crown Entertainment Ltd (ADR)		51,523,372
	22,290	*,†	Mongolian Metals Corporation		0
	1,953,500		Techtronic Industries Co		14,136,502
			TOTAL HONG KONG		65,660,666
INDIA - 9.5%
	11,373,100		Bharat Electronics Ltd		14,257,965
	4,958,000		Edelweiss Capital Ltd		10,603,908
	893,200		HCL Technologies Ltd		15,201,909
	8,840,989	*	Indiabulls Real Estate Ltd		14,628,003
	1,710,200		Mahindra & Mahindra Ltd		15,871,734
	1,016,952	*	Multi Commodity Exchange of India Ltd		12,557,072
	3,094,300		Reliance Industries Ltd		61,989,571
	2,223,200		Tata Steel Ltd		17,816,748
			TOTAL INDIA		162,926,910

94

TIAA-CREF FUNDS - Emerging Markets Equity Fund

SHARES			COMPANY	VALUE
INDONESIA - 2.1%
	40,346,500	*	PT Bank Mandiri Persero Tbk	$	21,980,929
	7,131,100		PT United Tractors Tbk		13,617,764
			TOTAL INDONESIA		35,598,693
ITALY - 1.7%
	10,595,871		Prada S.p.A		29,803,316
			TOTAL ITALY		29,803,316
JAPAN - 2.1%
	105,301	h	Nintendo Co Ltd		36,267,300
			TOTAL JAPAN		36,267,300
KENYA - 0.5%
	30,861,156		Safaricom plc		8,588,646
			TOTAL KENYA		8,588,646
KOREA, REPUBLIC OF - 8.4%
	89,500		E-Mart Co Ltd		13,199,635
	184,200		Hynix Semiconductor, Inc		12,464,956
	109,900		Hyundai Motor Co		13,045,183
	435,800		KB Financial Group, Inc		17,207,724
	219,700		LG Electronics, Inc		14,274,359
	897,900		Samsung Electronics Co Ltd		35,302,927
	118,500		Samsung SDI Co Ltd		24,060,954
	48,200		Shinsegae Co Ltd		14,045,476
			TOTAL KOREA, REPUBLIC OF		143,601,214
MACAU - 1.4%
	3,106,579		Galaxy Entertainment Group Ltd		23,265,889
			TOTAL MACAU		23,265,889
MALAYSIA - 0.9%
	12,445,067		Bumiputra-Commerce Holdings BHD		15,873,103
			TOTAL MALAYSIA		15,873,103
PERU - 0.7%
	750,752		Cia de Minas Buenaventura S.A. (ADR) (Series B)		12,169,690
			TOTAL PERU		12,169,690
PHILIPPINES - 0.6%
	38,049,500		Alliance Global Group, Inc		10,924,719
			TOTAL PHILIPPINES		10,924,719
RUSSIA - 4.4%
	297,200		LUKOIL PJSC (ADR)		25,410,600
	1,477,918	*	Sberbank of Russia (ADR)		21,355,915
	764,900	*	Yandex NV		28,630,207
			TOTAL RUSSIA		75,396,722
SOUTH AFRICA - 5.5%
	290,317		Naspers Ltd (N Shares)		74,684,137

95

TIAA-CREF FUNDS - Emerging Markets Equity Fund

SHARES			COMPANY	VALUE
	2,058,000		Sanlam Ltd	$	11,019,732
	693,300		Shoprite Holdings Ltd		8,368,819
			TOTAL SOUTH AFRICA		94,072,688
TAIWAN - 10.7%
	413,000		Bizlink Holdings Inc		2,678,795
	2,310,000		Catcher Technology Co Ltd		18,314,448
	6,115,000		Hon Hai Precision Industry Co, Ltd		17,215,732
	102,700		Largan Precision Co Ltd		15,417,573
	2,898,300		MediaTek, Inc		27,778,826
	12,108,800		Taiwan Semiconductor Manufacturing Co Ltd		101,665,854
			TOTAL TAIWAN		183,071,228
THAILAND - 1.7%
	2,894,200		Kasikornbank PCL - NVDR		17,327,910
	807,100		Siam Cement PCL (ADR)		11,683,899
			TOTAL THAILAND		29,011,809
TURKEY - 1.4%
	618,600		Tupras Turkiye Petrol Rafine		12,794,432
	7,449,100	*	Turkiye Garanti Bankasi AS		10,227,598
			TOTAL TURKEY		23,022,030
UNITED ARAB EMIRATES - 0.7%
	9,136,200		Emaar Properties PJSC		11,971,813
			TOTAL UNITED ARAB EMIRATES		11,971,813
URUGUAY - 3.9%
	9,462,787	a,n	Arcos Dorados Holdings, Inc		66,050,253
			TOTAL URUGUAY		66,050,253
			TOTAL COMMON STOCKS		1,606,485,725
			(Cost $1,444,246,573)
PREFERRED STOCKS - 0.0%
PHILIPPINES - 0.0%
	1,721,900	*,†	Ayala Land, Inc		3,304
			TOTAL PHILIPPINES		3,304
			TOTAL PREFERRED STOCKS		3,304
			(Cost $4,057)
PURCHASED OPTIONS - 0.0%
HONG KONG - 0.0%
	1,428,500		Melco Resorts & Entertainment Ltd		114,280
	931,400		Melco Resorts & Entertainment Ltd		65,198
			TOTAL HONG KONG		179,478

96

TIAA-CREF FUNDS - Emerging Markets Equity Fund

SHARES			COMPANY					VALUE
UNITED STATES - 0.0%
	4,236,000		ChinaAMC CSI 300 Index ETF					$	301,324
	4,236,000		ChinaAMC CSI 300 Index ETF						171,723
	2,800,000		iShares China Large-Cap ETF						28,000
	350,000		iShares MSCI Emerging Markets ETF						3,500
	350,000		iShares MSCI Emerging Markets ETF						52,500
			TOTAL UNITED STATES						557,047
			TOTAL PURCHASED OPTIONS						736,525
			(Cost $2,504,015)
PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 6.8%
GOVERNMENT AGENCY DEBT - 3.2%
$	54,300,000		Federal Home Loan Bank (FHLB)		2.350	%	05/01/19		54,300,000
			TOTAL GOVERNMENT AGENCY DEBT						54,300,000
TREASURY DEBT - 3.1%
	20,300,000		United States Treasury Bill		2.372		05/07/19		20,291,978
	32,990,000		United States Treasury Bill		2.371-2.381		05/09/19		32,972,589
			TOTAL TREASURY DEBT						53,264,567
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.5%
	8,204,826	c	State Street Navigator Securities Lending Government Money Market Portfolio						8,204,826
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						8,204,826
			TOTAL SHORT-TERM INVESTMENTS						115,769,393
			(Cost $115,769,376)
			TOTAL INVESTMENTS - 100.7%						1,722,994,947
			(Cost $1,562,524,021)
			OTHER ASSETS & LIABILITIES, NET - (0.7)%						(12,186,653	)
			NET ASSETS - 100.0%					$	1,710,808,294

	Abbreviation(s):
ADR	American Depositary Receipt
ETF	Exchange Traded Fund
NVDR	Non Voting Depositary 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 $6,999,872.
h	All or a portion of these securities were purchased on a delayed delivery basis.
n	All or a portion of these securities have been segregated by the custodian to cover requirements on open written options contracts.

97

TIAA-CREF FUNDS - Emerging Markets Equity Fund

Purchased options outstanding as of April 30, 2019 were as follows:

Description/underlying investment	Number of contracts		Notional amount			Exercise price			Expiration date	Value
ChinaAMC CSI 300 Index ETF, Put		42,360	$	171,723		$	40.00		06/27/19	$	171,723
ChinaAMC CSI 300 Index ETF, Put		42,360		301,324			42.00		06/27/19		301,324
iShares China Large-Cap ETF, Put		28,000		981,086			40.00		05/17/19		28,000
iShares MSCI Emerging Markets ETF, Call		3,500		108,636			45.00		05/17/19		52,500
iShares MSCI Emerging Markets ETF, Call		3,500		21,136			47.00		05/17/19		3,500
Melco Resorts & Entertainment Ltd, Put		9,314		203,306			18.00		05/17/19		65,198
Melco Resorts & Entertainment Ltd, Put		14,285		716,804			20.00		05/17/19		114,280
Total		143,319	$	2,504,015						$	736,525
Written options outstanding as of April 30, 2019 were as follows:
Description/underlying investment	Number of contracts		Notional amount			Exercise price		Expiration date		Value
iShares MSCI Emerging Markets ETF, Put		3,500	$	(132,862	)	$	40.00		05/17/19	$	(7,000	)

98

TIAA-CREF FUNDS - Emerging Markets Equity Fund

TIAA-CREF FUNDS
EMERGING MARKETS EQUITY FUND
SUMMARY OF MARKET VALUES BY SECTOR (unaudited)
April 30, 2019

SECTOR	VALUE			% OF NET ASSETS
CONSUMER DISCRETIONARY	$	592,413,153			34.6	%
INFORMATION TECHNOLOGY		279,248,342			16.3
FINANCIALS		249,793,501			14.6
COMMUNICATION SERVICES		197,591,140			11.5
ENERGY		113,812,367			6.7
MATERIALS		63,477,314			3.7
CONSUMER STAPLES		44,845,009			2.6
INDUSTRIALS		39,430,164			2.3
REAL ESTATE		26,603,120			1.6
HEALTH CARE		11,444			0.0
SHORT-TERM INVESTMENTS		115,769,393			6.8
OTHER ASSETS & LIABILITIES, NET		(12,186,653	)		(0.7	)
NET ASSETS	$	1,710,808,294			100.0	%

99

TIAA-CREF FUNDS - International Equity Fund

TIAA-CREF FUNDS
INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2019

SHARES			COMPANY	VALUE
COMMON STOCKS - 95.2%
AUSTRIA - 1.0%
	2,106,074		Wienerberger AG.	$	48,399,477
			TOTAL AUSTRIA		48,399,477
CHINA - 0.2%
	225,940		Tencent Holdings Ltd		11,136,050
			TOTAL CHINA		11,136,050
DENMARK - 3.8%
	773,437		DSV AS		71,672,708
	1,660,221		Novo Nordisk AS		81,341,764
	121,930		Rockwool International AS (B Shares)		32,622,204
			TOTAL DENMARK		185,636,676
FRANCE - 12.6%
	2,575,393	e	Accor S.A.		108,494,398
	207,730		Airbus SE		28,444,396
	1,869,509	g	ALD S.A.		27,483,713
	3,612,904		Credit Agricole S.A.		49,612,557
	118,292		Dassault Systemes S.A.		18,733,072
	574,057		Nexity		26,851,117
	2,129,549		Schneider Electric S.A.		180,236,464
	1,694,400	e	Vinci S.A.		171,128,076
			TOTAL FRANCE		610,983,793
GERMANY - 10.0%
	1,203,272		BASF SE		98,236,255
	284,676		Continental AG.		47,225,117
	2,219,002	*	Daimler AG. (Registered)		145,646,361
	625,903		HeidelbergCement AG.		50,648,110
	1,195,180		Lanxess AG.		69,211,507
	995,576		Porsche AG.		69,210,095
	32,215		Rheinmetall AG.		3,712,069
			TOTAL GERMANY		483,889,514
HONG KONG - 2.4%
	2,357,156		Hong Kong Exchanges and Clearing Ltd		81,884,782
	1,358,435		Melco Crown Entertainment Ltd (ADR)		34,096,719
			TOTAL HONG KONG		115,981,501
INDIA - 1.0%
	505,414		HDFC Bank Ltd		16,789,927
	940,496		Housing Development Finance Corp		26,981,775
	1,717,918		Motherson Sumi Systems Ltd		3,621,417
			TOTAL INDIA		47,393,119

100

TIAA-CREF FUNDS - International Equity Fund

SHARES			COMPANY	VALUE
IRELAND - 1.1%
	1,627,063		CRH plc	$	54,735,547
			TOTAL IRELAND		54,735,547
ITALY - 6.4%
	9,723,999		Davide Campari-Milano S.p.A		98,095,513
	3,809,304		Mediobanca S.p.A.		40,375,975
	12,256,190	e	UniCredit S.p.A.		169,675,972
			TOTAL ITALY		308,147,460
JAPAN - 18.1%
	274,199	h	Aisin Seiki Co Ltd		10,607,362
	237,801	h	Central Japan Railway Co		51,136,570
	1,048,200	h	CyberAgent, Inc		42,016,251
	2,303,179	h	Hitachi Ltd		76,599,646
	946,331		Ishikawajima-Harima Heavy Industries Co Ltd		22,592,163
	1,793,212	h	Komatsu Ltd		46,319,378
	1,099,473	h	Konami Corp		50,065,256
	1,892,800	h	Murata Manufacturing Co Ltd		95,044,394
	359,782	h	Nintendo Co Ltd		123,914,508
	1,102,666	h	Rohm Co Ltd		81,310,949
	2,130,259	h	Sony Corp		107,297,098
	1,681,646	h	Takeda Pharmaceutical Co Ltd		62,055,639
	1,789,189	h	Toyota Motor Corp		110,769,483
			TOTAL JAPAN		879,728,697
KOREA, REPUBLIC OF - 0.4%
	98,720		Samsung SDI Co Ltd		20,044,704
			TOTAL KOREA, REPUBLIC OF		20,044,704
NETHERLANDS - 2.6%
	70,774	*,g	Adyen NV		57,680,666
	2,210,173		Royal Dutch Shell plc (A Shares)		70,419,268
			TOTAL NETHERLANDS		128,099,934
NORWAY - 0.7%
	774,190		Yara International ASA		35,004,242
			TOTAL NORWAY		35,004,242
SPAIN - 1.0%
	2,684,712		Siemens Gamesa Renewable Energy		48,218,639
			TOTAL SPAIN		48,218,639
SWEDEN - 3.5%
	4,250,406	e	Electrolux AB (Series B)		104,170,319
	3,812,072	e	Hennes & Mauritz AB (B Shares)		66,516,646
			TOTAL SWEDEN		170,686,965
SWITZERLAND - 9.9%
	18,402		Burckhardt Compression Holding AG.		5,554,611

101

TIAA-CREF FUNDS - International Equity Fund

SHARES			COMPANY					VALUE
	10,588,130		Credit Suisse Group					$	140,810,376
	370,677	e	Dufry Group						36,278,596
	14,235		Geberit AG.						5,968,861
	325,985		Lonza Group AG.						100,673,661
	677,882		Nestle S.A.						65,264,854
	465,230		Roche Holding AG.						122,757,117
	25,000		Sika AG.						3,830,551
			TOTAL SWITZERLAND						481,138,627
UNITED KINGDOM - 20.5%
	4,272,352		BAE Systems plc						27,459,599
	9,166,674		CNH Industrial NV						99,658,996
	816,554		Experian Group Ltd						23,768,997
	1,197,078		Linde plc (Xetra)						215,960,419
	188,255,416		Lloyds TSB Group plc						153,961,882
	1,391,102		Reckitt Benckiser Group plc						112,549,101
	1,315,971		Schroders plc						54,464,003
	56,504,452		Tesco plc						184,353,685
	6,226,247		Travis Perkins plc						113,608,647
	562,422		Weir Group plc						12,224,177
			TOTAL UNITED KINGDOM						998,009,506
			TOTAL COMMON STOCKS						4,627,234,451
			(Cost $4,334,285,821)
PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 11.8%
GOVERNMENT AGENCY DEBT - 3.2%
$	157,050,000		Federal Home Loan Bank (FHLB)		2.350	%	05/01/19		157,050,000
			TOTAL GOVERNMENT AGENCY DEBT						157,050,000
TREASURY DEBT - 1.8%
	44,930,000		United States Treasury Bill		2.372		05/07/19		44,912,245
	41,875,000		United States Treasury Bill		2.390		05/14/19		41,839,011
			TOTAL TREASURY DEBT						86,751,256
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 6.8%
	329,147,464	c	State Street Navigator Securities Lending Government Money Market Portfolio						329,147,464
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						329,147,464
			TOTAL SHORT-TERM INVESTMENTS						572,948,720
			(Cost $572,948,599)
			TOTAL INVESTMENTS - 107.0%						5,200,183,171
			(Cost $4,907,234,420)
			OTHER ASSETS & LIABILITIES, NET - (7.0)%						(340,587,314	)
			NET ASSETS - 100.0%					$	4,859,595,857

102

TIAA-CREF FUNDS - International Equity Fund

	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 $311,858,318.
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 4/30/19, the aggregate value of these securities is $85,164,379 or 1.8% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.

103

TIAA-CREF FUNDS - International Equity Fund

TIAA-CREF FUNDS
INTERNATIONAL EQUITY FUND
SUMMARY OF MARKET VALUES BY SECTOR (unaudited)
April 30, 2019

SECTOR	VALUE			% OF NET ASSETS
INDUSTRIALS	$	971,810,269			19.9	%
CONSUMER DISCRETIONARY		843,933,612			17.4
FINANCIALS		734,557,248			15.1
MATERIALS		576,026,108			11.9
CONSUMER STAPLES		460,263,153			9.5
HEALTH CARE		366,828,181			7.5
INFORMATION TECHNOLOGY		349,413,431			7.2
COMMUNICATION SERVICES		227,132,065			4.7
ENERGY		70,419,268			1.4
REAL ESTATE		26,851,116			0.6
SHORT-TERM INVESTMENTS		572,948,720			11.8
OTHER ASSETS & LIABILITIES, NET		(340,587,314	)		(7.0	)
NET ASSETS	$	4,859,595,857			100.0	%

104

TIAA-CREF FUNDS - International Opportunities Fund

TIAA-CREF FUNDS
INTERNATIONAL OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2019

SHARES			COMPANY	VALUE
COMMON STOCKS - 94.4%
AUSTRALIA - 4.1%
	1,137,633	*,e	Afterpay Touch Group Ltd	$	20,609,339
	785,401		Australia & New Zealand Banking Group Ltd		15,067,585
	934,508		BHP Billiton Ltd		24,729,272
	1,049,900		IDP Education Ltd		11,553,731
			TOTAL AUSTRALIA		71,959,927
BRAZIL - 4.8%
	486,100	g	Banco Inter S.A.		8,040,715
	2,000,555		Banco Itau Holding Financeira S.A.		17,260,150
	2,266,400		Localiza Rent A Car		20,923,639
	442,900		Magazine Luiza S.A.		21,603,390
	636,957	*	Pagseguro Digital Ltd		16,599,099
			TOTAL BRAZIL		84,426,993
CANADA - 8.6%
	484,466		Alimentation Couche Tard, Inc		28,564,581
	230,600		Bank of Montreal		18,214,594
	1,009,191		Cenovus Energy, Inc (Toronto)		10,003,774
	861,495		Dollarama, Inc		25,876,359
	1,880,400		Entertainment One Ltd		11,712,177
	109,200	*	Shopify, Inc (Class A) (Toronto)		26,552,139
	382,104	*,g	Spin Master Corp		12,700,673
	541,721		Suncor Energy, Inc		17,864,622
			TOTAL CANADA		151,488,919
CHINA - 8.2%
	1,022,834		Anhui Kouzi Distillery Co Ltd		9,863,386
	14,247,400	*,†,e	China Animal Healthcare Ltd		18,161
	15,484,500		China Everbright International Ltd		15,183,189
	10,530,508		Haitong Securities Co Ltd		13,581,134
	595,000	*,e	HUYA, Inc (ADR)		14,214,550
	1,675,200		Sunny Optical Technology Group Co Ltd		20,492,888
	1,010,000		Tencent Holdings Ltd		49,780,519
	436,400		Yum China Holdings, Inc		20,746,456
			TOTAL CHINA		143,880,283
DENMARK - 1.4%
	510,300		Novo Nordisk AS		25,001,914
			TOTAL DENMARK		25,001,914
FINLAND - 0.8%
	296,996		Sampo Oyj (A Shares)		13,598,889
			TOTAL FINLAND		13,598,889

105

TIAA-CREF FUNDS - International Opportunities Fund

SHARES			COMPANY	VALUE
FRANCE - 4.5%
	171,602	*	Essilor International S.A.	$	20,907,747
	83,512	e	L’Oreal S.A.		22,970,182
	181,739	*	Teleperformance		34,937,624
			TOTAL FRANCE		78,815,553
GERMANY - 2.1%
	144,082		Beiersdorf AG.		15,765,565
	95,451		Fresenius Medical Care AG.		8,044,938
	87,180		Wirecard AG.		13,170,054
			TOTAL GERMANY		36,980,557
HONG KONG - 2.9%
	2,685,000		AIA Group Ltd		27,492,885
	938,002		Melco Crown Entertainment Ltd (ADR)		23,543,850
			TOTAL HONG KONG		51,036,735
INDIA - 0.7%
	1,697,650	*	Container Corp Of India Ltd		12,033,432
			TOTAL INDIA		12,033,432
INDONESIA - 1.2%
	68,313,000	*	Bank Rakyat Indonesia		21,003,181
			TOTAL INDONESIA		21,003,181
IRELAND - 3.0%
	491,610		CRH plc		16,538,107
	904,286		Keywords Studios plc		18,435,508
	587,889		Smurfit Kappa Group plc		17,239,453
			TOTAL IRELAND		52,213,068
ISRAEL - 0.9%
	1,029,800	*	Teva Pharmaceutical Industries Ltd (ADR)		15,673,556
			TOTAL ISRAEL		15,673,556
ITALY - 4.3%
	539,200		Amplifon S.p.A.		10,373,064
	1,806,000		Davide Campari-Milano S.p.A		18,218,893
	201,100		Ferrari NV		27,275,503
	498,689		Moncler S.p.A		20,503,232
			TOTAL ITALY		76,370,692
JAPAN - 12.2%
	639,100	e	Benefit One, Inc		13,365,458
	296,700		en-japan, Inc		9,661,991
	295,400		GMO Payment Gateway, Inc		23,555,627
	1,347,700	e	Infomart Corp		19,608,090
	616,800		Japan Elevator Service Holdings Co Ltd		12,582,377
	517,200	e	Kamakura Shinsho Ltd		6,767,331
	1,279,900		MonotaRO Co Ltd		29,472,960
	354,000		Paltac Corp		19,550,923

106

TIAA-CREF FUNDS - International Opportunities Fund

SHARES			COMPANY	VALUE
	365,802	e	Seria Co Ltd	$	10,880,195
	275,799	*	SHIFT, Inc		15,193,336
	808,400		SMS Co Ltd		15,689,229
	349,000		TechnoPro Holdings, Inc		20,998,843
	736,500	*,e	Tokyo Base Co Ltd		7,073,845
	670,000	e	Yume No Machi Souzou Iinkai Co Ltd		10,051,982
			TOTAL JAPAN		214,452,187
KOREA, REPUBLIC OF - 1.2%
	42,600	*	Cafe24 Corp		3,504,617
	247,300		Fila Korea Ltd		17,489,447
			TOTAL KOREA, REPUBLIC OF		20,994,064
NETHERLANDS - 3.4%
	27,150	*,g	Adyen NV		22,127,195
	107,047		ASML Holding NV		22,352,567
	1,165,720	e	ING Groep NV		14,874,617
			TOTAL NETHERLANDS		59,354,379
NORWAY - 4.2%
	815,986		Aker BP ASA		26,933,631
	944,257		DNB NOR Holding ASA		18,157,308
	790,055	e	Statoil ASA		17,611,612
	427,810		TGS Nopec Geophysical Co ASA		11,186,684
			TOTAL NORWAY		73,889,235
PHILIPPINES - 1.3%
	5,703,054		Banco de Oro Universal Bank		14,682,965
	6,009,020		Robinsons Retail Holdings, Inc		8,994,072
			TOTAL PHILIPPINES		23,677,037
PORTUGAL - 1.1%
	1,204,396		Jeronimo Martins SGPS S.A.		19,614,360
			TOTAL PORTUGAL		19,614,360
SPAIN - 1.3%
	279,399		Amadeus IT Holding S.A.		22,267,161
	142,139	*,†,e	Let’s GOWEX S.A.		1,594
			TOTAL SPAIN		22,268,755
SWEDEN - 2.9%
	416,726	e	Boliden AB		12,401,736
	411,035		Hexagon AB (B Shares)		22,455,739
	652,000	e	Intrum Justitia AB		16,602,753
			TOTAL SWEDEN		51,460,228
SWITZERLAND - 3.3%
	274,287	*	Alcon, Inc		15,795,830
	81,367		Lonza Group AG.		25,128,499
	222,935		Novartis AG.		18,267,309
			TOTAL SWITZERLAND		59,191,638

107

TIAA-CREF FUNDS - International Opportunities Fund

SHARES			COMPANY					VALUE
TAIWAN - 0.8%
	958,032		Dadi Early-Childhood Education Group Ltd					$	7,568,746
	1,781,949		Hota Industrial Manufacturing Co Ltd						6,491,796
			TOTAL TAIWAN						14,060,542
UNITED KINGDOM - 12.4%
	1,377,280		Ashtead Group plc						38,243,259
	2,404,119		Beazley plc						18,115,347
	6,990,888	*	boohoo.com plc						22,481,783
	1,270,400		CNH Industrial NV						13,811,639
	507,700		Dechra Pharmaceuticals plc						17,645,404
	2,294,186		Electrocomponents plc						19,345,335
	447,623		Fevertree Drinks plc						18,404,745
	1,695,494	*	Just Eat plc						15,500,231
	167,485		Linde plc (Xetra)						30,215,350
	4,144,400		Tritax Big Box REIT plc						8,038,613
	2,088,815		Vesuvius plc						16,852,257
			TOTAL UNITED KINGDOM						218,653,963
UNITED STATES - 2.8%
	983,770		Burford Capital Ltd						21,049,651
	112,300	*	Lululemon Athletica, Inc						19,804,105
	578,600		Travelport Worldwide Ltd						9,072,448
			TOTAL UNITED STATES						49,926,204
			TOTAL COMMON STOCKS						1,662,026,291
			(Cost $1,242,227,900)
RIGHTS / WARRANTS - 0.0%
CHINA - 0.0%
	376,089		Haitong Securities Co Ltd						107,388
			TOTAL CHINA						107,388
			TOTAL RIGHTS / WARRANTS						107,388
			(Cost $0)
PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 12.1%
GOVERNMENT AGENCY DEBT - 2.1%
$	36,900,000		Federal Home Loan Bank (FHLB)		2.350	%	05/01/19		36,900,000
			TOTAL GOVERNMENT AGENCY DEBT						36,900,000
TREASURY DEBT - 3.7%
	32,450,000		United States Treasury Bill		2.367		05/02/19		32,447,846
	13,965,000		United States Treasury Bill		2.372		05/07/19		13,959,482
	19,310,000		United States Treasury Bill		2.374-2.402		05/14/19		19,293,404
			TOTAL TREASURY DEBT						65,700,732

108

TIAA-CREF FUNDS - International Opportunities Fund

SHARES			COMPANY	VALUE
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 6.3%
	110,748,905	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	110,748,905
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		110,748,905
			TOTAL SHORT-TERM INVESTMENTS		213,349,637
			(Cost $213,349,675)
			TOTAL INVESTMENTS - 106.5%		1,875,483,316
			(Cost $1,455,577,575)
			OTHER ASSETS & LIABILITIES, NET - (6.5)%		(113,926,191	)
			NET ASSETS - 100.0%	$	1,761,557,125

	Abbreviation(s):
ADR	American 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 $104,767,893.
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 4/30/19, the aggregate value of these securities is $42,868,583 or 2.4% of net assets.

109

TIAA-CREF FUNDS - International Opportunities Fund

TIAA-CREF FUNDS
INTERNATIONAL OPPORTUNITIES FUND
SUMMARY OF MARKET VALUES BY SECTOR (unaudited)
April 30, 2019

SECTOR	VALUE			% OF NET ASSETS
CONSUMER DISCRETIONARY	$	321,603,995			18.3	%
INFORMATION TECHNOLOGY		295,341,141			16.8
INDUSTRIALS		270,358,650			15.3
FINANCIALS		221,246,409			12.6
CONSUMER STAPLES		142,395,783			8.1
HEALTH CARE		135,948,675			7.7
MATERIALS		101,123,918			5.7
ENERGY		83,600,323			4.7
COMMUNICATION SERVICES		82,476,172			4.7
REAL ESTATE		8,038,613			0.5
SHORT-TERM INVESTMENTS		213,349,637			12.1
OTHER ASSETS & LIABILITIES, NET		(113,926,191	)		(6.5	)
NET ASSETS	$	1,761,557,125			100.0	%

110

TIAA-CREF FUNDS - Quant International Equity Fund

TIAA-CREF FUNDS
QUANT INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2019

SHARES			COMPANY	VALUE
COMMON STOCKS - 98.6%
AUSTRALIA - 7.3%
	513,084		AGL Energy Ltd	$	8,049,437
	65,139		Aristocrat Leisure Ltd		1,199,116
	76,620		Australia & New Zealand Banking Group Ltd		1,469,922
	60,869		BHP Billiton Ltd		1,610,736
	675,854		BlueScope Steel Ltd		6,422,498
	83,328		CIMIC Group Ltd		2,972,618
	101,535		Coca-Cola Amatil Ltd		629,831
	3,650		Cochlear Ltd		482,475
	139,522	*	Coles Group Ltd		1,240,518
	69,859		Commonwealth Bank of Australia		3,671,455
	107,339		Computershare Ltd		1,350,351
	55,559		CSL Ltd		7,792,804
	110,691		Flight Centre Travel Group Ltd		2,998,521
	1,575,576	e	Harvey Norman Holdings Ltd		4,632,398
	222,311		Macquarie Group Ltd		21,127,122
	287,808		Mirvac Group		576,160
	54,515		Origin Energy Ltd		283,291
	173,678		Rio Tinto Ltd		11,706,303
	256,070		Rio Tinto plc		14,938,885
	1,232,634		Santos Ltd		6,237,878
	1,736,272		South32 Ltd		4,100,763
	2,585,433		Telstra Corp Ltd		6,158,095
	28		TPG Telecom Ltd		133
	275,565		Wesfarmers Ltd		6,994,469
	702,641		Westpac Banking Corp		13,649,784
	64,365		Woodside Petroleum Ltd		1,604,602
	298,054		Woolworths Ltd		6,692,066
			TOTAL AUSTRALIA		138,592,231
AUSTRIA - 0.7%
	173,316		OMV AG.		9,296,517
	134,847		Raiffeisen International Bank Holding AG.		3,596,674
			TOTAL AUSTRIA		12,893,191
BELGIUM - 0.5%
	42,894		Solvay S.A.		5,171,975
	65,441		UCB S.A.		5,201,182
			TOTAL BELGIUM		10,373,157
CHINA - 0.1%
	1,424,900		Yangzijiang Shipbuilding		1,647,458
			TOTAL CHINA		1,647,458

111

TIAA-CREF FUNDS - Quant International Equity Fund

SHARES			COMPANY	VALUE
DENMARK - 1.7%
	2,941		AP Moller - Maersk AS (Class A)	$	3,597,499
	5,218		Carlsberg AS (Class B)		674,692
	9,915		DSV AS		918,801
	539,749		Novo Nordisk AS		26,444,754
			TOTAL DENMARK		31,635,746
FINLAND - 1.3%
	228,549		Neste Oil Oyj		7,554,156
	606,506		UPM-Kymmene Oyj		17,124,583
			TOTAL FINLAND		24,678,739
FRANCE - 10.6%
	8,372		Airbus SE		1,146,375
	298,847		Alstom RGPT		13,148,421
	284,109	e	AXA S.A.		7,576,206
	13,508		Cap Gemini S.A.		1,639,253
	164,597	e	CNP Assurances		3,887,905
	517,407		Credit Agricole S.A.		7,105,056
	38,294		Dassault Systemes S.A.		6,064,352
	234,522		Edenred		11,057,184
	124,953		Eiffage S.A.		13,046,492
	346,066		Eutelsat Communications		6,254,392
	296,286		Faurecia		15,075,476
	2,029		Hermes International		1,427,536
	39,512		Kering		23,381,399
	51,355	e	L’Oreal S.A.		14,125,320
	29,803		LVMH Moet Hennessy Louis Vuitton S.A.		11,701,167
	6,616		Michelin (C.G.D.E.) (Class B)		855,518
	751,307		Peugeot S.A.		19,698,426
	191,644		Publicis Groupe S.A.		11,390,616
	39,779	e	Sanofi-Aventis		3,470,689
	48,604		SCOR SE		1,984,238
	175,394		Total S.A.		9,750,286
	5,189	*	Ubisoft Entertainment		495,748
	158,677	e	Vinci S.A.		16,025,785
			TOTAL FRANCE		200,307,840
GERMANY - 8.2%
	7,643		Adidas-Salomon AG.		1,968,745
	130,993		Allianz AG.		31,662,857
	9,155		BASF SE		747,423
	249,251	g	Covestro AG.		13,695,742
	249,059		Deutsche Annington Immobilien SE		12,447,093
	762,134		Deutsche Lufthansa AG.		18,438,867
	1,028,059		Deutsche Telekom AG.		17,225,026
	5,066		Deutsche Wohnen AG.		228,200
	17,719		E.ON AG.		190,510
	19,930		Hochtief AG.		2,979,710
	300,877		Infineon Technologies AG.		7,132,469
	62,791		Merck KGaA		6,692,924
	29,367		MTU Aero Engines Holding AG.		6,928,547
	50,253		SAP AG.		6,478,029

112

TIAA-CREF FUNDS - Quant International Equity Fund

SHARES			COMPANY	VALUE
	22,727		Siemens AG.	$	2,725,018
	75,901		Volkswagen AG.		13,608,818
	73,693		Wirecard AG.		11,132,609
			TOTAL GERMANY		154,282,587
HONG KONG - 4.0%
	2,086,175		AIA Group Ltd		21,361,255
	699,000		BOC Hong Kong Holdings Ltd		3,133,063
	954,500		CK Asset Holdings Ltd		7,674,694
	1,327,840		CK Hutchison Holdings Ltd		13,960,789
	221,000		CLP Holdings Ltd		2,508,276
	382,300		Hang Seng Bank Ltd		10,044,402
	288,000		Link REIT		3,364,979
	816,500		Swire Pacific Ltd (Class A)		10,339,714
	533,000		Wheelock & Co Ltd		3,798,379
			TOTAL HONG KONG		76,185,551
IRELAND - 0.5%
	685,442		AIB Group plc		3,184,475
	79,316		Bank of Ireland Group plc		507,028
	131,386		CRH plc		4,419,918
	18,746		Kingspan Group plc		985,676
			TOTAL IRELAND		9,097,097
ISRAEL - 0.4%
	759,300		Bank Leumi Le-Israel		5,199,641
	14,306	*	Check Point Software Technologies		1,727,593
			TOTAL ISRAEL		6,927,234
ITALY - 2.7%
	82,919		Assicurazioni Generali S.p.A.		1,608,798
	3,894,209		Enel S.p.A.		24,658,762
	648,371		ENI S.p.A.		11,048,980
	1,283,007	g	Poste Italiane S.p.A		13,712,025
			TOTAL ITALY		51,028,565
JAPAN - 23.3%
	666,400		Acom Co Ltd		2,341,791
	227,900		Alfresa Holdings Corp		6,359,305
	287,300		Asahi Breweries Ltd		12,527,221
	118,800		Asahi Intecc Co Ltd		6,018,285
	166,400		Asahi Kasei Corp		1,714,979
	478,700		Astellas Pharma, Inc		6,483,450
	32,700		Bridgestone Corp		1,297,221
	236,400		Brother Industries Ltd		4,667,710
	18,200		Central Japan Railway Co		3,913,716
	107,300		Chubu Electric Power Co, Inc		1,560,307
	57,700		Daifuku Co Ltd		3,549,743
	679,700		Dai-ichi Mutual Life Insurance Co		9,811,341
	442,100		Daiwa House Industry Co Ltd		12,391,841
	4,000		Don Quijote Co Ltd		257,777
	62,200		Fujifilm Holdings Corp		2,905,752

113

TIAA-CREF FUNDS - Quant International Equity Fund

SHARES			COMPANY	VALUE
	206,000		Hakuhodo DY Holdings, Inc	$	3,483,030
	150,400		Hitachi Ltd		5,002,037
	225,800		Honda Motor Co Ltd		6,300,482
	14,200		Hoya Corp		1,002,912
	364,200		Hulic Co Ltd		3,142,012
	101,870		Idemitsu Kosan Co Ltd		3,309,959
	525,200		Isuzu Motors Ltd		7,564,319
	836,500		Itochu Corp		15,093,345
	120,900		Japan Airport Terminal Co Ltd		5,112,672
	103,500		JX Holdings, Inc		503,547
	125,300		Kakaku.com, Inc		2,581,494
	494,100		Kansai Electric Power Co, Inc		5,977,748
	7,600		Kao Corp		586,701
	244,500		KDDI Corp		5,635,124
	5,500		Keyence Corp		3,436,364
	279,600		Kirin Brewery Co Ltd		6,360,471
	26,500		Koito Manufacturing Co Ltd		1,586,839
	77,600		Komatsu Ltd		2,004,439
	477,800		Konica Minolta Holdings, Inc		4,797,891
	13,400		Kose Corp		2,510,166
	142,600		Kyushu Railway Co		4,646,510
	847,100		Marubeni Corp		6,069,968
	231,300		Mediceo Paltac Holdings Co Ltd		5,201,084
	137,900		MEIJI Holdings Co Ltd		10,870,099
	509,685		Mitsubishi Corp		14,040,637
	1,224,000		Mitsubishi UFJ Financial Group, Inc		6,072,907
	630,500		Mitsubishi UFJ Lease & Finance Co Ltd		3,214,873
	545,600		Mitsui & Co Ltd		8,824,854
	46,100		Mitsui Chemicals, Inc		1,133,226
	89,900		Mitsui Fudosan Co Ltd		2,082,257
	119,400		Mitsui Sumitomo Insurance Group Holdings, Inc		3,711,393
	76,800		Murata Manufacturing Co Ltd		3,856,408
	101,200		Namco Bandai Holdings, Inc		4,851,613
	30,300		Nikon Corp		422,557
	144,000		Nippon Telegraph & Telephone Corp		5,991,609
	139,900		NTT Data Corp		1,631,373
	34,900		Obic Co Ltd		4,051,727
	34,100		Oracle Corp Japan		2,338,158
	147,700		Otsuka Corp		5,809,487
	259,500		Rakuten, Inc		2,903,158
	13,100		Recruit Holdings Co Ltd		394,492
	66,200		Ricoh Co Ltd		669,742
	344,100		Sekisui House Ltd		5,548,017
	29,400		Seven & I Holdings Co Ltd		1,017,454
	20,900		Sharp Corp		233,150
	1,018,200		Shimizu Corp		8,721,159
	202,300		Shin-Etsu Chemical Co Ltd		19,162,761
	235,800		Shionogi & Co Ltd		13,773,786
	17,600		Showa Denko KK		600,865
	278,000	e	Softbank Corp		3,272,700
	159,700		Softbank Group Corp		16,933,202
	431,300		Sony Corp		21,723,762
	190,700		Sony Financial Holdings, Inc		3,920,991

114

TIAA-CREF FUNDS - Quant International Equity Fund

SHARES			COMPANY	VALUE
	333,500		Sumco Corp	$	4,399,482
	75,000		Sumitomo Heavy Industries Ltd		2,666,798
	35,400		Suntory Beverage & Food Ltd		1,565,358
	78,991		Suzuki Motor Corp		3,604,648
	138,000		T&D Holdings, Inc		1,494,690
	78,900		Taiheiyo Cement Corp		2,544,431
	77,100		Taisei Corp		3,392,406
	21,300		TDK Corp		1,866,179
	340,500		Tokio Marine Holdings, Inc		17,251,526
	5,700		Tokyo Electron Ltd		904,780
	395,400		Toshiba Corp		13,175,330
	435,876		Toyota Motor Corp		26,985,276
	70,500		Toyota Tsusho Corp		2,341,709
	91,500		Yokogawa Electric Corp		1,916,106
			TOTAL JAPAN		439,596,689
NETHERLANDS - 3.4%
	2,469	*,g	Adyen NV		2,012,230
	32,256		ASML Holding NV		6,735,400
	111,863		DSM NV		12,793,955
	73,571	e	ING Groep NV		938,768
	852,681		Koninklijke Ahold Delhaize NV		20,550,963
	386,699		Royal Dutch Shell plc (A Shares)		12,320,783
	281,061		Royal Dutch Shell plc (B Shares)		9,070,779
			TOTAL NETHERLANDS		64,422,878
NEW ZEALAND - 0.3%
	173,912	*	a2 Milk Co Ltd		1,955,049
	296,283		Fisher & Paykel Healthcare Corp		3,134,335
	106,395		Ryman Healthcare Ltd		864,015
	76,090		Telecom Corp of New Zealand Ltd		186,700
			TOTAL NEW ZEALAND		6,140,099
NORWAY - 0.6%
	519,832	e	DNB NOR Holding ASA		9,995,954
	43,865		Statoil ASA		977,822
			TOTAL NORWAY		10,973,776
SINGAPORE - 1.2%
	2,674,300		CapitaLand Ltd		6,949,470
	681,000		Singapore Technologies Engineering Ltd		1,984,437
	623,800		United Overseas Bank Ltd		12,774,468
	10,000		Venture Corp Ltd		125,412
			TOTAL SINGAPORE		21,833,787
SOUTH AFRICA - 1.0%
	554,315		Anglo American plc (London)		14,384,308
	591,099		Investec plc		3,751,412
			TOTAL SOUTH AFRICA		18,135,720
SPAIN - 3.3%
	77,912		ACS Actividades Construccion y Servicios S.A.		3,582,877

115

TIAA-CREF FUNDS - Quant International Equity Fund

SHARES			COMPANY	VALUE
	231,832		Amadeus IT Holding S.A.	$	18,476,231
	3,723,966		Banco Bilbao Vizcaya Argentaria S.A.		22,644,872
	354,370	e	Banco Santander S.A.		1,796,435
	288,095		Endesa S.A.		7,187,499
	15,425		Gas Natural SDG S.A.		439,123
	204,333		Red Electrica Corp S.A.		4,240,701
	449,770		Telefonica S.A.		3,749,891
			TOTAL SPAIN		62,117,629
SWEDEN - 3.0%
	71,734	e	Boliden AB		2,134,799
	497,893		Ericsson (LM) (B Shares)		4,925,244
	29,456	e	ICA Gruppen AB		1,065,386
	2,972		Investor AB (B Shares)		141,740
	579,678	e	Sandvik AB		10,734,698
	1,854,098		Skandinaviska Enskilda Banken AB (Class A)		17,702,189
	9,420		Swedish Match AB		459,315
	1,322,726		Volvo AB (B Shares)		21,198,568
			TOTAL SWEDEN		58,361,939
SWITZERLAND - 8.0%
	57,027	*	Alcon, Inc		3,284,110
	3,838		Barry Callebaut AG.		7,037,142
	1,416		Lindt & Spruengli AG.		9,410,392
	332,088		Nestle S.A.		31,972,637
	371,474		Novartis AG.		30,438,604
	6,952		Partners Group		5,243,648
	157,786		Roche Holding AG.		41,633,933
	12,302		Sika AG.		1,884,937
	20,758	*	Swiss Life Holding		9,758,923
	5,775		Temenos Group AG.		960,658
	32,163		Zurich Financial Services AG.		10,252,526
			TOTAL SWITZERLAND		151,877,510
UNITED ARAB EMIRATES - 0.1%
	50,444	e	NMC Health plc		1,862,789
			TOTAL UNITED ARAB EMIRATES		1,862,789
UNITED KINGDOM - 14.8%
	966,976		3i Group plc		13,530,334
	513,387		Ashtead Group plc		14,255,338
	98,312		AstraZeneca plc (ADR)		3,702,430
	316,406	g	Auto Trader Group plc		2,338,988
	231,728		Aviva plc		1,301,414
	703,649		Barratt Developments plc		5,535,495
	762,893		BP plc (ADR)		33,361,311
	297,064		British American Tobacco plc		11,629,735
	2,339,638		BT Group plc		6,981,510
	41,283		Bunzl plc		1,245,140
	317,666		Coca-Cola European Partners plc (Class A)		17,023,721
	579,246		Diageo plc		24,419,692
	111,864		Fiat DaimlerChrysler Automobiles NV		1,723,980
	1,154,169		GlaxoSmithKline plc		23,710,344

116

TIAA-CREF FUNDS - Quant International Equity Fund

SHARES			COMPANY					VALUE
	1,562,273		HSBC Holdings plc					$	13,612,030
	65,445		Imperial Tobacco Group plc						2,082,341
	5,193,832		Legal & General Group plc						18,887,523
	13,359,843		Lloyds TSB Group plc						10,926,148
	77,007		Micro Focus International plc						1,952,048
	909,054		National Grid plc						9,959,531
	593,236		Pearson plc						6,426,460
	480,476		Persimmon plc						14,036,071
	459,552		RELX plc (London)						10,558,494
	438,461		Segro plc						3,885,019
	126,400	e	Unilever NV						7,647,776
	307,239		Unilever plc						18,623,316
	17,797		Vodafone Group plc (ADR)						329,600
			TOTAL UNITED KINGDOM						279,685,789
UNITED STATES - 1.6%
	36,952		Ferguson plc						2,629,722
	400,000		iShares MSCI EAFE Index Fund						26,704,000
			TOTAL UNITED STATES						29,333,722
			TOTAL COMMON STOCKS						1,861,991,723
			(Cost $1,715,465,426)
PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 3.7%
GOVERNMENT AGENCY DEBT - 0.5%
$	10,550,000		Federal Home Loan Bank (FHLB)		2.350	%	05/01/19		10,550,000
			TOTAL GOVERNMENT AGENCY DEBT						10,550,000
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 3.2%
	59,941,275	c	State Street Navigator Securities Lending Government Money Market Portfolio						59,941,275
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						59,941,275
			TOTAL SHORT-TERM INVESTMENTS						70,491,275
			(Cost $70,491,275)
			TOTAL INVESTMENTS - 102.3%						1,932,482,998
			(Cost $1,785,956,701)
			OTHER ASSETS & LIABILITIES, NET - (2.3)%						(44,557,442	)
			NET ASSETS - 100.0%					$	1,887,925,556

	Abbreviation(s):
ADR	American Depositary Receipt
REIT	Real Estate Investment Trust

*	Non-income producing
c	Investments made with cash collateral received from securities on loan.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $57,040,775.
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 4/30/19, the aggregate value of these securities is $31,758,985 or 1.7% of net assets.

117

TIAA-CREF FUNDS - Quant International Equity Fund

TIAA-CREF FUNDS
QUANT INTERNATIONAL EQUITY FUND
SUMMARY OF MARKET VALUES BY SECTOR (unaudited)
April 30, 2019

SECTOR	VALUE			% OF NET ASSETS
FINANCIALS	$	382,263,802			20.2	%
INDUSTRIALS		269,716,296			14.3
CONSUMER STAPLES		212,677,361			11.3
CONSUMER DISCRETIONARY		208,115,956			11.0
HEALTH CARE		197,554,210			10.5
MATERIALS		136,293,085			7.2
INFORMATION TECHNOLOGY		118,965,075			6.3
ENERGY		105,319,911			5.6
COMMUNICATION SERVICES		99,434,317			5.3
REAL ESTATE		66,879,817			3.5
UTILITIES		64,771,893			3.4
SHORT-TERM INVESTMENTS		70,491,275			3.7
OTHER ASSETS & LIABILITIES, NET		(44,557,442	)		(2.3	)
NET ASSETS	$	1,887,925,556			100.0	%

118

TIAA-CREF FUNDS - Quant International Small-Cap Equity Fund

TIAA-CREF FUNDS

QUANT INTERNATIONAL SMALL-CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2019

SHARES			COMPANY	VALUE
COMMON STOCKS - 97.9%
AUSTRALIA - 4.1%
	886,644		Abacus Property Group	$	2,359,202
	201,000		Ansell Ltd		3,826,690
	1,839,000		Australian Pharmaceutical Industries Ltd		1,868,143
	1,266,714		Beach Petroleum Ltd		1,899,499
	185,000		Bunnings Warehouse Property Trust		482,795
	333,000		Charter Hall Group		2,306,592
	510,000		Cleanaway Waste Management Ltd		809,876
	904,800		Downer EDI Ltd		4,940,106
	1,351,000		Evolution Mining Ltd		3,045,393
	561,000		GDI Property Group		550,206
	359,000		Inghams Group Ltd		1,126,534
	164,000	e	JB Hi-Fi Ltd		2,980,777
	400,000		Northern Star Resources Ltd		2,316,220
	1,207,667		Shopping Centres Australasia Property Group		2,181,932
	856,982		St Barbara Ltd		1,935,915
	300,000		Super Cheap Auto Group Ltd		1,832,389
	629,585		Tassal Group Ltd		2,273,616
	285,000	*	Village Roadshow Ltd		723,279
	110,000		Webjet Ltd		1,307,284
			TOTAL AUSTRALIA		38,766,448
AUSTRIA - 0.5%
	52,000		CA Immobilien Anlagen AG.		1,822,601
	72,000		Sparkassen Immobilien AG.		1,576,251
	116,000		Uniqa Versicherungen AG.		1,236,004
			TOTAL AUSTRIA		4,634,856
BELGIUM - 0.4%
	63,000		Mobistar S.A.		1,319,945
	18,733		Warehouses De Pauw SCA		2,811,264
			TOTAL BELGIUM		4,131,209
BRAZIL - 1.7%
	476,000		Aliansce Shopping Centers S.A.		2,306,495
	289,990		Banco ABC Brasil S.A.		1,438,450
	367,000		Banco do Estado do Rio Grande do Sul		2,285,619
	82,000		CVC Brasil Operadora e Agencia de Viagens S.A.		1,187,621
	288,000		Randon Participacoes S.A.		624,314
	287,000		SLC Agricola S.A.		3,008,263
	814,000		Transmissora Alianca de Energia Eletrica S.A.		5,449,364
			TOTAL BRAZIL		16,300,126

119

TIAA-CREF FUNDS - Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
CANADA - 6.1%
	60,000		Aecon Group, Inc	$	857,655
	43,000	e	Alaris Royalty Corp		581,914
	154,000		Canaccord Financial, Inc		656,371
	52,000		Canadian Apartment Properties REIT		1,860,387
	65,000		Capital Power Corp		1,465,253
	46,000		Cineplex Galaxy Income Fund		879,689
	59,000		Cogeco Communications, Inc		3,918,213
	284,000		Dream Global REIT		2,923,311
	109,000		Entertainment One Ltd		678,913
	14,000	e	Exchange Income Corp		370,979
	71,000		Gibson Energy, Inc		1,170,702
	65,000		Granite REIT		2,959,133
	180,000	*	Interfor Corp		2,243,786
	170,000		InterRent Real Estate Investment Trust		1,724,491
	3,000		iShares S&P/TSX SmallCap Index ETF		33,299
	150,000		Kirkland Lake Gold Ltd		4,849,220
	69,000		Labrador Iron Ore Royalty Corp		1,596,626
	86,000	e	Medical Facilities Corp		1,052,773
	175,000	*	MEG Energy Corp		778,533
	50,000		Norbord, Inc		1,273,419
	115,000		Northview Apartment Real Estate Investment Trust		2,418,974
	102,000	*	Parex Resources, Inc		1,737,434
	150,100		Parkland Fuel Corp		4,626,132
	156,000		Quebecor, Inc		3,890,393
	197,900		Russel Metals, Inc		3,486,183
	192,600		TFI International, Inc		6,325,595
	100,000	e	Timbercreek Financial Corp		697,171
	103,000		Transcontinental, Inc		1,237,814
	191,000	*	Uranium Participation Corp		618,750
	49,000		Valener, Inc		957,177
			TOTAL CANADA		57,870,290
CHILE - 0.2%
	20,318,000	*	Compania SudAmericana de Vapores S.A.		648,568
	70,000		Inversiones La Construccion S.A.		1,223,579
			TOTAL CHILE		1,872,147
CHINA - 4.5%
	1,127,000		Asia Cement China Holdings Corp		1,338,080
	1,794,000		Beijing North Star Co		712,001
	806,000		Catic Shenzhen Holdings Ltd		509,266
	2,660,000		CGN New Energy Holdings Co Ltd		398,874
	73,000		Changyou.com Ltd (ADR)		1,419,850
	1,314,000		China Aoyuan Property Group Ltd		1,594,972
	4,750,000		China Overseas Grand Oceans Group Ltd		2,533,081
	5,885,000		China SCE Property Holdings Ltd		2,781,611
	1,389,000		China Shineway Pharmaceutical Group Ltd		1,389,124
	7,997,000		China Suntien Green Energy Cor		2,303,358
	4,514,000		Citic 1616 Holdings Ltd		1,870,565
	3,128,000		Fushan International Energy Group Ltd		758,236
	3,721,000	g	Genertec Universal Medical Group Company Limited		2,966,894
	502,000	*,e	JinkoSolar Holding Co Ltd (ADR)		9,768,920
	1,100,000	*	Li Ning Co Ltd		1,998,387

120

TIAA-CREF FUNDS - Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	1,834,000		Powerlong Real Estate Holdings Ltd	$	893,240
	689,000		SITC International Co Ltd		733,486
	1,989,000		TCL Multimedia Technology Holdings Ltd		1,065,737
	2,940,000		Tiangong International Co Ltd		776,051
	2,626,000		Tianneng Power International Ltd		2,466,000
	2,064,000		Xingda International Holdings Ltd		655,129
	1,574,000		XTEP International Holdings		897,381
	639,000	g	YiChang HEC ChangJiang Pharmaceutical Co Ltd		3,171,659
			TOTAL CHINA		43,001,902
DENMARK - 2.4%
	201,000		Alm Brand AS		1,920,034
	51,000		Dfds A.S.		2,424,844
	176,000		GN Store Nord		9,020,929
	85,000		Matas A.S.		844,088
	64,000		Royal Unibrew A.S.		4,592,468
	83,000		Topdanmark AS		4,478,262
			TOTAL DENMARK		23,280,625
EGYPT - 0.1%
	700,000		Telecom Egypt		575,655
			TOTAL EGYPT		575,655
FINLAND - 0.9%
	75,000		DNA Oyj		1,786,832
	249,000		Finnair Oyj		2,082,527
	168,000		Kemira Oyj		2,381,157
	88,000		Valmet Corp		2,424,136
			TOTAL FINLAND		8,674,652
FRANCE - 2.6%
	716,000	*	Air France-KLM		8,262,291
	7,000		Alten		764,483
	1,180,000	*	CGG S.A.		2,133,143
	60,000	e	Compagnie Plastic-Omnium S.A.		1,817,844
	12,000		Eramet		840,348
	56,000		Gaztransport Et Technigaz S.A.		5,067,461
	40,000		Kaufman & Broad S.A.		1,595,982
	39,000		Nexity		1,824,198
	31,000		Sechilienne-Sidec		729,426
	16,000		Trigano S.A.		1,534,097
			TOTAL FRANCE		24,569,273
GERMANY - 2.4%
	134,000	*	ADVA AG. Optical Networking		1,150,134
	28,000		Bechtle AG.		2,882,499
	280,000		Borussia Dortmund GmbH & Co KGaA		2,689,823
	264,000	g	Deutsche Pfandbriefbank AG.		3,686,204
	323,000		Deutz AG.		3,191,883
	16,000		Duerr AG.		723,583
	67,000	*	Evotec AG.		1,672,268
	20,000		LEG Immobilien AG.		2,333,591

121

TIAA-CREF FUNDS - Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	7,000		Pfeiffer Vacuum Technology AG.	$	1,175,325
	153,000		TAG Tegernsee Immobilien und Beteiligungs AG.		3,445,554
			TOTAL GERMANY		22,950,864
GREECE - 0.2%
	168,000		Mytilineos Holdings S.A.		1,819,193
			TOTAL GREECE		1,819,193
HONG KONG - 1.0%
	1,168,000		Champion Real Estate Investment Trust		989,117
	10,260,000		Concord New Energy Group Ltd		503,471
	2,440,000		CSI Properties Ltd		136,904
	990,113		Far East Consortium		468,757
	168,000		Johnson Electric Holdings Ltd		395,509
	3,103,734		K Wah International Holdings Ltd		1,947,984
	623,000	e	PAX Global Technology Ltd		290,987
	662,000		Road King Infrastructure		1,503,300
	4,802,000		Shun TAK Holdings Ltd		2,139,316
	560,000		Texhong Textile Group Ltd		758,729
	1,158,000		VST Holdings Ltd		635,541
			TOTAL HONG KONG		9,769,615
HUNGARY - 0.1%
	597,000		Magyar Telekom		941,309
			TOTAL HUNGARY		941,309
INDIA - 1.4%
	236,000	*	Adani Enterprises Ltd		431,022
	150,000	*	Apollo Tyres Ltd		444,343
	263,000	*	Canara Bank		985,167
	114,000	*	Development Credit Bank Ltd		348,033
	700,000		Federal Bank Ltd		933,792
	260,000	*	Granules India Ltd		419,446
	160,000		Gujarat Narmada Valley Fertilizers Co Ltd		721,218
	155,000		IRB Infrastructure Developers Ltd		271,924
	349,000	*	Karnataka Bank Ltd		636,401
	229,000		KPIT Cummins Infosystems Ltd		308,298
	229,000	*	KPIT Engineering Ltd		339,942
	27,000	*	Mahanagar Gas Ltd		374,738
	400,000		Manappuram General Finance & Leasing Ltd		678,792
	29,001		Mphasis Ltd		404,401
	67,000	*	Muthoot Finance Ltd		575,184
	615,000	*	Nagarjuna Construction Co		877,502
	42,000		Natco Pharma Ltd		329,403
	35,000	*	NIIT Technologies Ltd		651,062
	703,000	*	Power Finance Corp Ltd		1,168,863
	261,000	*	PTC India Ltd		260,459
	98,000	*	Rajesh Exports Ltd		950,536
	15,585		Rhi Magnesita NV		1,010,037
	150,000	*	Torrent Power Ltd		545,322
			TOTAL INDIA		13,665,885

122

TIAA-CREF FUNDS - Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
INDONESIA - 0.4%
	24,057,000	*	PT Panin Life Tbk	$	682,751
	21,242,000		PT Wijaya Karya		3,614,019
			TOTAL INDONESIA		4,296,770
IRELAND - 0.3%
	111,000		Glanbia plc		2,040,517
	435,000		Irish Residential Properties REIT plc		770,876
			TOTAL IRELAND		2,811,393
ISRAEL - 2.9%
	94,000	*	Airport City Ltd		1,560,973
	126,000	*	CyberArk Software Ltd		16,245,180
	76,000		First International Bank Of Israel Ltd		1,909,947
	1,134,000		Israel Discount Bank Ltd		4,426,770
	75,000		Matrix IT Ltd		1,000,275
	5,029,000	*	Oil Refineries Ltd		2,470,460
			TOTAL ISRAEL		27,613,605
ITALY - 3.8%
	120,000		ACEA S.p.A.		2,182,251
	578,000		Actelios S.p.A.		2,068,175
	108,000		Amplifon S.p.A.		2,077,691
	683,000		Banca Popolare dell’Emilia Romagna Scrl		3,283,784
	52,000		Biesse S.p.A.		1,158,768
	214,000		Cairo Communication S.p.A.		883,322
	80,000		Cementir S.p.A.		580,939
	127,000		ERG S.p.A.		2,346,102
	624,000		Italgas S.p.A		3,897,817
	678,000		Maire Tecnimont S.p.A		2,426,037
	934,000		Saras S.p.A.		1,668,686
	39,000		Societa Iniziative Autostradali e Servizi S.p.A.		643,049
	69,000	g	Technogym S.p.A		846,711
	2,351,000		Unipol Gruppo Finanziario S.p.A		11,976,329
			TOTAL ITALY		36,039,661
JAPAN - 20.2%
	54,000		Adastria Holdings Co Ltd		1,327,759
	76,000		ADEKA Corp		1,141,784
	33,000	e	Akatsuki, Inc		1,503,116
	86,000		Arcs Co Ltd		1,743,446
	28,000		Asahi Holdings, Inc		545,038
	168,000		Bunka Shutter Co Ltd		1,239,402
	116,000		Central Glass Co Ltd		2,710,925
	9,000		Chori Co Ltd		134,364
	25,000		Comture Corp		861,869
	37,000		Daikyonishikawa Corp		373,176
	52,000		Daishi Hokuetsu Financial Group, Inc		1,530,445
	72,800		Daiwabo Co Ltd		3,725,597
	162,000	e	DCM Japan Holdings Co Ltd		1,605,774
	14,000		Digital Arts, Inc		1,208,845
	97,000		Eagle Industry Co Ltd		1,111,566
	11,000		Fukuda Corp		434,707

123

TIAA-CREF FUNDS - Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	38,000		Giken Seisakusho Co, Inc	$	1,191,419
	51,000		G-Tekt Corp		727,568
	647,000		GungHo Online Entertainment Inc		2,018,568
	67,000	*,e	Gunosy, Inc		1,004,740
	176,000		Hanwa Co Ltd		5,072,920
	691,000		Haseko Corp		8,356,931
	48,000		Heiwado Co Ltd		884,420
	28,000		Hosokawa Micron Corp		1,321,865
	10,000		Inaba Denki Sangyo Co Ltd		407,382
	29,000		Inabata & Co Ltd		398,590
	6,000		Invincible Investment Corp		3,036,070
	238,000		Ishihara Sangyo Kaisha Ltd		2,674,903
	127,000		Itochu Enex Co Ltd		1,039,876
	9,800		Jaccs Co Ltd		170,272
	48,000		Jafco Co Ltd		1,817,079
	296,000		Japan Elevator Service Holdings Co Ltd		6,038,236
	14,600		Japan Pulp & Paper Co Ltd		559,033
	201,000		JVC KENWOOD Holdings, Inc		534,327
	39,000		Kaken Pharmaceutical Co Ltd		1,670,615
	137,000		Kandenko Co Ltd		1,154,951
	187,800		Kanematsu Corp		2,084,457
	124,000		Kasai Kogyo Co Ltd		1,028,980
	30,000	e	Katitas Co Ltd		999,747
	71,000		Konoike Transport Co Ltd		1,147,902
	99,000		Koshidaka Holdings Co Ltd		1,388,282
	68,200		Kumagai Gumi Co Ltd		2,001,104
	36,000		Kureha CORP		2,155,060
	319,000		Kyowa Exeo Corp		8,725,395
	81,000		Maeda Corp		806,666
	110,000		Maeda Road Construction Co Ltd		2,182,855
	75,000		Maruha Nichiro Corp		2,383,598
	8,000		Maruzen Showa Unyu Co Ltd		212,116
	217,000		Marvelous, Inc		1,673,626
	60,000		Mitsui Sugar Co Ltd		1,448,653
	88,000		NET One Systems Co Ltd		2,284,821
	95,000		Nichii Gakkan Co		1,164,914
	84,000		Nichi-iko Pharmaceutical Co Ltd		1,006,840
	87,000		Nippo Corp		1,768,813
	77,000		Nippon Konpo Unyu Soko Co Ltd		1,817,040
	425,000		Nippon Suisan Kaisha Ltd		2,981,992
	92,200		Nishimatsu Construction Co Ltd		2,000,010
	110,000		Nojima Corp		1,892,508
	29,000		Open House Co Ltd		1,065,412
	55,000		Paramount Bed Holdings Co Ltd		2,584,542
	250,000		Pressance Corp		3,062,362
	193,000		Raito Kogyo Co Ltd		2,491,957
	151,000		Sanki Engineering Co Ltd		1,652,393
	33,000		Sanyo Chemical Industries Ltd		1,670,252
	269,000		Senko Co Ltd		2,163,480
	123,000		Shinnihon Corp		1,057,400
	247,000		Showa Corp		3,627,978
	36,000		Sumitomo Densetsu Co Ltd		618,554
	108,000		Sumitomo Forestry Co Ltd		1,485,841

124

TIAA-CREF FUNDS - Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	349,200		Sumitomo Mitsui Construction C	$	2,278,989
	145,000		Sun Frontier Fudousan Co Ltd		1,483,520
	49,000		Sushiro Global Holdings Ltd		3,207,854
	39,000		Systena Corp		469,506
	44,500		Taihei Dengyo Kaisha Ltd		981,441
	733,000	e	Takara Leben Co Ltd		2,279,534
	32,000		Takeuchi Manufacturing Co Ltd		606,829
	69,000		Tamron Co Ltd		1,351,051
	80,000		Toho Pharmaceutical Co Ltd		1,874,478
	738,000		Tokyo Steel Manufacturing Co Ltd		6,320,102
	200,000		Tomy Co Ltd		2,144,534
	197,000		Tosei Corp		1,638,319
	117,000		Towa Pharmaceutical Co Ltd		2,880,918
	468,000		Toyo Construction Co Ltd		1,724,079
	9,000		Trancom Co Ltd		523,498
	19,000		TS Tech Co Ltd		570,618
	149,000		Tsubaki Nakashima Co Ltd		2,784,156
	77,000		UBE Industries Ltd		1,647,469
	33,000		United Arrows Ltd		1,042,368
	451,000	e	United Technology Holdings Co Ltd		13,007,824
	281,000	e	UNITED, Inc		3,614,109
	97,000		Unizo Holdings Co Ltd		1,719,632
	111,000	*,e	UUUM, Inc		4,597,352
	13,000		V Technology Co Ltd		1,747,499
	50,000		Valor Co Ltd		1,219,716
	47,000		VITAL KSK Holdings, Inc		448,460
	87,000		Yorozu Corp		1,267,095
	98,000		Yurtec Corp		691,575
	58,000		Zenkoku Hosho Co Ltd		2,036,595
	111,000	*	ZIGExN Co Ltd		579,469
			TOTAL JAPAN		192,651,717
JORDAN - 0.1%
	44,000		Hikma Pharmaceuticals plc		1,015,343
			TOTAL JORDAN		1,015,343
KOREA, REPUBLIC OF - 5.0%
	223,000		CJ Hellovision Co Ltd		1,652,172
	142,000		Daeduck Electronics Co		1,289,110
	41,000		Daewoong Co Ltd		760,690
	202,000		Dongwon Development Co Ltd		822,230
	810,000		Easy Bio, Inc		5,609,875
	642,000		Eugene Corp		3,392,549
	30,000		Global & Yuasa Battery Co Ltd		1,226,298
	2,000		GS Home Shopping, Inc		293,403
	51,000		Hansol Paper Co Ltd		652,836
	71,000		Hyosung Corp		4,565,535
	189,000		Jeil Holdings Co Ltd		2,173,340
	54,000		Kyobo Securities Co		480,764
	5,000		LG Fashion Corp		106,777
	237,000	*	Lotte Non-Life Insurance Co Ltd		559,089
	71,000		Meritz finance Holdings Co Ltd		803,704
	174,000		Meritz Fire & Marine Insurance Co Ltd		3,545,093

125

TIAA-CREF FUNDS - Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	36,000		NICE Holdings Co Ltd	$	689,116
	76,000		Poongsan Corp		1,812,627
	6,000		Samchully Co Ltd		478,283
	58,000		Samjin Pharmaceutical Co Ltd		1,943,659
	78,000	*	Samsung Techwin Co Ltd		2,064,698
	40,000		Seah Besteel Corp		672,798
	18,371		SK Gas Co Ltd		1,349,255
	928,000		SK Networks Co Ltd		4,656,559
	39,000		SL Corp		811,603
	129,000	*	Ssangyong Motor Co		584,101
	1,000		Taekwang Industrial Co Ltd		1,283,226
	292,000		Taeyoung Engineering & Construction		3,195,753
	12,000		Unid Co Ltd		516,901
			TOTAL KOREA, REPUBLIC OF		47,992,044
MALAYSIA - 0.4%
	118,500		Aeon Credit Service M BHD		467,310
	1,207,000		Berjaya Auto BHD		700,641
	1,048,662		Sunway BHD		423,860
	4,261,000		Supermax Corp BHD		1,558,027
	485,100		UOA Development BHD		265,165
			TOTAL MALAYSIA		3,415,003
MEXICO - 0.7%
	900,000		Corp Inmobiliaria Vesta SAB de C.V.		1,418,998
	963,000	g	Mexico Real Estate Management S.A. de C.V.		1,144,968
	660,000		Regional SAB de C.V.		3,596,661
	443,000		Unifin Financiera SAPI de C.V. SOFOM ENR		993,830
			TOTAL MEXICO		7,154,457
NETHERLANDS - 1.5%
	70,000	e	Advanced Metallurgical Group NV		2,128,214
	220,000		ASR Nederland NV		9,788,689
	328,000	*	TomTom NV		2,835,212
			TOTAL NETHERLANDS		14,752,115
NEW ZEALAND - 0.2%
	569,882		Genesis Energy Ltd		1,163,096
	404,000		Infratil Ltd		1,170,931
			TOTAL NEW ZEALAND		2,334,027
NORWAY - 2.0%
	21,000		Aker ASA (A Shares)		1,438,842
	145,000	g	Entra ASA		2,104,609
	440,000	g	Europris ASA		1,374,999
	127,000		Golden Ocean Group Ltd		788,359
	584,000	*	Petroleum Geo-Services ASA		1,296,364
	65,000		Salmar ASA		2,956,509
	221,000		SpareBank SR-Bank ASA		2,555,252
	151,000		Sparebanken Midt-Norge		1,638,060
	130,000		Sparebanken Nord-Norge		990,808
	277,000		Storebrand ASA		2,341,014

126

TIAA-CREF FUNDS - Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	46,000		TGS Nopec Geophysical Co ASA	$	1,202,841
			TOTAL NORWAY		18,687,657
PAKISTAN - 0.1%
	1,998,000		Engro Fertilizers Ltd		980,862
			TOTAL PAKISTAN		980,862
PHILIPPINES - 0.1%
	1,824,000		First Gen Corp		774,386
			TOTAL PHILIPPINES		774,386
POLAND - 0.2%
	77,000		Asseco Poland S.A.		1,069,340
	69,000		Ciech S.A.		865,166
			TOTAL POLAND		1,934,506
PORTUGAL - 0.6%
	166,000		Altri SGPS S.A.		1,301,489
	641,000	*	Mota Engil SGPS S.A.		1,708,791
	2,309,000		Sonae SPGS S.A.		2,576,089
			TOTAL PORTUGAL		5,586,369
QATAR - 0.2%
	300,000	*	Qatar Gas Transport Co Ltd		1,763,577
			TOTAL QATAR		1,763,577
SINGAPORE - 0.1%
	67,000		China Yuchai International Ltd		1,115,550
			TOTAL SINGAPORE		1,115,550
SOUTH AFRICA - 1.9%
	461,000		African Rainbow Minerals Ltd		5,491,382
	72,000		Barloworld Ltd		643,138
	524,000	*	DataTec Ltd		1,196,354
	300,000	*	Impala Platinum Holdings Ltd		1,206,508
	9,112,000	*	Sibanye Gold Ltd		8,578,751
	587,239		Vukile Property Fund Ltd		843,604
			TOTAL SOUTH AFRICA		17,959,737
SPAIN - 2.2%
	50,000	e	Acciona S.A.		5,799,040
	50,000		Applus Services S.A.		628,345
	72,000		Cie Automotive S.A.		2,012,209
	27,000		Construcciones y Auxiliar de Ferrocarriles S.A.		1,273,369
	79,000	g	Euskaltel S.A.		742,522
	170,247	*,g	Global Dominion Access S.A.		910,241
	150,000		Laboratorios Almirall S.A.		2,420,576
	905,000	e	Mediaset Espana Comunicacion S.A.		7,018,374
			TOTAL SPAIN		20,804,676
SWEDEN - 3.2%
	26,000		Biogaia AB (B Shares)		1,261,275

127

TIAA-CREF FUNDS - Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	138,000		Biotage AB	$	1,872,736
	96,000		Castellum AB		1,726,026
	44,000	*	Fastighets AB Balder		1,391,848
	214,000		Getinge AB (B Shares)		3,015,087
	111,000		Granges AB		1,205,180
	152,000		Hemfosa Fastigheter AB		1,257,858
	56,000		Humana AB		353,791
	277,000	e	Intrum Justitia AB		7,053,623
	1,426,000		Klovern AB (B Shares)		1,929,954
	116,000		Lindab International AB		1,308,476
	135,000		New Wave Group AB (B Shares)		972,219
	324,000	g	Nobina AB		2,080,298
	152,000	*	Nyfosa AB		904,271
	572,000	*	SAS AB		1,043,232
	54,000		SkiStar AB		652,743
	218,000		Wihlborgs Fastigheter AB		2,900,413
			TOTAL SWEDEN		30,929,030
SWITZERLAND - 1.8%
	5,000		Allreal Holding AG.		797,864
	45,000		Cembra Money Bank AG.		4,179,213
	1,000		Emmi AG.		882,249
	54,000	g	Galenica AG.		2,755,124
	43,000		Logitech International S.A.		1,684,996
	190,000		OC Oerlikon Corp AG.		2,483,131
	39,000		PSP Swiss Property AG.		3,979,477
	19,000		Zehnder Group AG.		654,081
			TOTAL SWITZERLAND		17,416,135
TAIWAN - 5.5%
	1,315,000		Arcadyan Technology Corp		3,646,999
	3,135,000		Benq Corp		1,996,730
	1,491,000		Cheng Loong Corp		953,595
	2,114,025		China Manmade Fibers Corp		666,275
	833,000	*	China Motor Corp		748,033
	2,053,000		Chipbond Technology Corp		4,659,081
	5,935,000	*	Chung Hung Steel Corp		2,364,764
	781,000		Continental Engineering Corp		389,427
	400,000		Huaku Development Co Ltd		1,011,564
	376,000		ITEQ Corp		1,241,693
	1,399,242		Mitac Holdings Corp		1,450,848
	1,037,000		Nan Ya Printed Circuit Board Corp		1,561,598
	2,772,000		Radiant Opto-Electronics Corp		9,368,637
	86,000		Senao International Co Ltd		99,078
	2,627,000		Shinkong Synthetic Fibers Corp		1,156,107
	341,000		Simplo Technology Co Ltd		2,896,079
	1,014,000		Supreme Electronics Co Ltd		1,012,456
	545,000		Systex Corp		1,198,280
	1,129,000		Taiwan Styrene Monomer		914,846
	707,000		Tripod Technology Corp		2,270,027
	11,057,000		Unimicron Technology Corp		12,358,312
	1,414,944		USI Corp		543,106
	112,000		Zeng Hsing Industrial Co Ltd		546,394
			TOTAL TAIWAN		53,053,929

128

TIAA-CREF FUNDS - Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
THAILAND - 0.6%
	1,100,000		Com7 PCL (Foreign)	$	679,742
	2,282,000		Thanachart Capital PCL		3,788,442
	347,000		Tisco Bank PCL		910,977
			TOTAL THAILAND		5,379,161
TURKEY - 0.5%
	1,154,000		Tekfen Holding AS		5,154,421
			TOTAL TURKEY		5,154,421
UKRAINE - 0.5%
	1,690,000		Ferrexpo plc		4,578,138
			TOTAL UKRAINE		4,578,138
UNITED KINGDOM - 13.8%
	240,000		Advanced Medical Solutions Group plc		1,032,768
	55,000		Bellway plc		2,233,409
	278,000		Brewin Dolphin Holdings plc		1,189,274
	841,000		Britvic plc		10,039,797
	2,101,000		Cineworld Group plc		8,718,523
	147,000		Close Brothers Group plc		2,980,407
	327,000		Dart Group plc		3,977,509
	72,000		Dechra Pharmaceuticals plc		2,502,401
	93,000		Derwent London plc		3,849,075
	178,000	*	Dialog Semiconductor plc		6,924,943
	794,000		Drax Group plc		3,536,285
	558,000		Dunelm Group plc		6,221,255
	1,245,000	*	Enterprise Inns plc		3,461,260
	54,000		Fevertree Drinks plc		2,220,298
	323,000	g	Forterra plc		1,315,101
	276,000		Greggs plc		6,481,821
	81,000		Halma plc		1,905,903
	146,000		HomeServe plc		2,069,292
	409,000		Howden Joinery Group plc		2,716,124
	909,000	g	Ibstock plc		3,098,160
	149,000	*	Just Eat plc		1,362,160
	416,000		National Express Group plc		2,229,528
	107,000	*	Ocado Ltd		1,904,852
	319,000	g	On the Beach Group plc		1,903,484
	442,000		Pennon Group plc		4,314,692
	221,000		QinetiQ plc		870,614
	382,857		Redrow plc		3,081,716
	356,000		Rentokil Initial plc		1,814,250
	567,000		RPC Group plc		5,843,992
	402,000		Safestore Holdings plc		3,375,900
	485,000		Saga plc		372,507
	265,000		Softcat plc		3,141,138
	20,000		Spirax-Sarco Engineering plc		2,156,353
	480,337		SSP Group PLC		4,365,984
	781,000		Tate & Lyle plc		7,827,790
	1,840,347		Tritax Big Box REIT plc		3,569,597

129

TIAA-CREF FUNDS - Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	392,000		Unite Group plc	$	4,818,040
	95,000		WH Smith plc		2,541,652
			TOTAL UNITED KINGDOM		131,967,854
UNITED STATES - 0.5%
	61,000		BRP, Inc (Toronto)		1,895,977
	109,000		Burford Capital Ltd		2,332,265
	6,000	e	iShares MSCI EAFE Small-Cap ETF		355,860
	2,500		iShares MSCI Emerging Markets Small-Cap ETF		112,775
	100,000		Sims Group Ltd		728,381
			TOTAL UNITED STATES		5,425,258
			TOTAL COMMON STOCKS		936,411,430
			(Cost $915,170,324)
RIGHTS / WARRANTS - 0.0%
MALAYSIA - 0.0%
	233,613		Sunway BHD		21,754
			TOTAL MALAYSIA		21,754
			TOTAL RIGHTS / WARRANTS		21,754
			(Cost $0)

PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 5.5%
GOVERNMENT AGENCY DEBT - 1.1%
$	10,500,000		Federal Home Loan Bank (FHLB)		2.350	%	05/01/19		10,500,000
			TOTAL GOVERNMENT AGENCY DEBT						10,500,000
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 4.4%
	42,527,170	c	State Street Navigator Securities Lending Government Money Market Portfolio						42,527,170
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						42,527,170
			TOTAL SHORT-TERM INVESTMENTS						53,027,170
			(Cost $53,027,170)
			TOTAL INVESTMENTS - 103.4%						989,460,354
			(Cost $968,197,494)
			OTHER ASSETS & LIABILITIES, NET - (3.4)%						(33,382,595	)
			NET ASSETS - 100.0%					$	956,077,759

	Abbreviation(s):
ADR	American Depositary Receipt
ETF	Exchange Traded Fund

130

TIAA-CREF FUNDS - Quant International Small-Cap Equity 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 $40,626,396.
	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 4/30/19, the aggregate value of these securities is $28,100,974 or 2.9% of net assets.

131

TIAA-CREF FUNDS - Quant International Small-Cap Equity Fund

TIAA-CREF FUNDS

QUANT INTERNATIONAL SMALL-CAP EQUITY FUND

SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

April 30, 2019

SECTOR	VALUE			% OF NET ASSETS
INDUSTRIALS	$	178,209,197			18.5	%
INFORMATION TECHNOLOGY		111,650,740			11.7
CONSUMER DISCRETIONARY		108,520,996			11.4
REAL ESTATE		102,559,103			10.7
MATERIALS		100,456,933			10.5
FINANCIALS		97,623,878			10.2
HEALTH CARE		59,917,263			6.3
CONSUMER STAPLES		57,989,168			6.1
COMMUNICATION SERVICES		50,081,510			5.2
UTILITIES		38,917,075			4.1
ENERGY		30,507,321			3.2
SHORT-TERM INVESTMENTS		53,027,170			5.5
OTHER ASSETS & LIABILITIES, NET		(33,382,595	)		(3.4	)
NET ASSETS	$	956,077,759			100.0	%

132

TIAA-CREF FUNDS - Social Choice International Equity Fund

TIAA-CREF FUNDS

SOCIAL CHOICE INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2019

SHARES			COMPANY	VALUE
COMMON STOCKS - 98.7%
AUSTRALIA - 7.7%
	155,563		Alumina Ltd	$	246,160
	15,574		Amcor Ltd		176,046
	87,526		AMP Ltd		140,298
	31,951		APA Group (ASE)		216,889
	15,433		AusNet Services		19,322
	42,725		Australia & New Zealand Banking Group Ltd		819,661
	1,358		Australian Stock Exchange Ltd		71,347
	3,456		Bendigo Bank Ltd		25,102
	21,967		BlueScope Steel Ltd		208,748
	19,513		Boral Ltd		66,805
	20,841		Brambles Ltd		177,100
	8,425		Caltex Australia Ltd		161,552
	15,230		Coca-Cola Amatil Ltd		94,473
	528		Cochlear Ltd		69,794
	16,036	*	Coles Group Ltd		142,579
	25,571		Commonwealth Bank of Australia		1,343,890
	7,280		Computershare Ltd		91,584
	6,260		CSL Ltd		878,039
	714		Dexus Property Group		6,304
	92,600		Fortescue Metals Group Ltd		467,927
	1,343		GPT Group (ASE)		5,432
	21,795		Insurance Australia Group Ltd		121,103
	12,102		Lend Lease Corp Ltd		113,485
	15,530		Macquarie Goodman Group		144,516
	5,847		Macquarie Group Ltd		555,664
	8,807		Mirvac Group		17,631
	52,198		National Australia Bank Ltd		931,997
	31,744		Newcrest Mining Ltd		560,765
	1,895		Orica Ltd		24,846
	10,912		QR National Ltd		36,615
	2,828		Ramsay Health Care Ltd		130,235
	19,893		Santos Ltd		100,671
	49,743		Scentre Group		134,182
	2,888		Seek Ltd		37,094
	7,423		Sonic Healthcare Ltd		134,237
	13,104		Stockland Trust Group		34,885
	18,073		Sydney Airport		97,145
	76,149		Telstra Corp Ltd		181,375
	55,015		Transurban Group (ASE)		520,961
	13,912		Wesfarmers Ltd		353,118
	53,780		Westpac Banking Corp		1,044,752
	12,618		Woodside Petroleum Ltd		314,563
	16,271		Woolworths Ltd		365,325
	9,666		WorleyParsons Ltd		97,402
			TOTAL AUSTRALIA		11,481,619

133

TIAA-CREF FUNDS - Social Choice International Equity Fund

SHARES			COMPANY	VALUE
AUSTRIA - 0.5%
	9,359		OMV AG.	$	502,009
	7,130		Voestalpine AG.		229,401
			TOTAL AUSTRIA		731,410
BELGIUM - 0.8%
	7,268		KBC Groep NV		539,546
	1,996		Solvay S.A.		240,669
	4,172		UCB S.A.		331,586
	3,583	e	Umicore S.A.		139,048
			TOTAL BELGIUM		1,250,849
DENMARK - 1.7%
	1,837		Christian Hansen Holding		187,707
	2,128		Coloplast AS		229,870
	864	*	Genmab AS		143,431
	2,230		H Lundbeck AS		94,013
	1,462		ISS A.S.		45,529
	23,704		Novo Nordisk AS		1,161,366
	1,687		Novozymes AS		78,741
	3,789	g	Orsted AS		290,082
	1,872		Pandora AS		78,522
	798		Tryg A.S.		24,423
	2,450		Vestas Wind Systems AS		221,685
			TOTAL DENMARK		2,555,369
FINLAND - 0.8%
	2,130		Metso Oyj		79,699
	15,348		Neste Oil Oyj		507,292
	1,105		Nokian Renkaat Oyj		37,039
	1,887		Orion Oyj (Class B)		62,921
	10,460		Stora Enso Oyj (R Shares)		130,264
	9,430		UPM-Kymmene Oyj		266,254
	7,768		Wartsila Oyj (B Shares)		124,385
			TOTAL FINLAND		1,207,854
FRANCE - 10.4%
	5,483		Accor S.A.		230,984
	927		Aeroports de Paris		188,842
	6,262		Air Liquide		833,045
	2,129		Atos Origin S.A.		219,523
	29,245	e	AXA S.A.		779,863
	5,633	e	Bouygues S.A.		212,039
	3,561		Cap Gemini S.A.		432,142
	3,413	e	Casino Guichard Perrachon S.A.		139,723
	10,088		CNP Assurances		238,286
	10,231		Compagnie de Saint-Gobain		419,471
	11,882		Danone		960,600
	1,767		Eiffage S.A.		184,495
	4,223	*	Essilor International S.A.		514,524

134

TIAA-CREF FUNDS - Social Choice International Equity Fund

SHARES			COMPANY	VALUE
	1,366		Eurazeo	$	107,210
	999		Gecina S.A.		149,264
	8,217		Groupe Eurotunnel S.A.		132,260
	2,137		Imerys S.A.		113,803
	2,507		JC Decaux S.A.		82,106
	1,059		Kering		626,668
	4,845		Legrand S.A.		356,364
	4,254	e	L’Oreal S.A.		1,170,073
	2,979		Michelin (C.G.D.E.) (Class B)		385,216
	60,061		Natixis		353,924
	30,045		Orange S. A.		469,560
	12,629		Peugeot S.A.		331,118
	7,964		Renault S.A.		543,355
	9,655		Rexel S.A.		129,801
	16,961	e	Sanofi-Aventis		1,479,835
	9,092		Schneider Electric S.A.		769,510
	760		SEB S.A.		139,241
	210		Societe BIC S.A.		18,091
	1,147	*	Teleperformance		220,500
	33,338		Total S.A.		1,853,285
	863		Unibail-Rodamco-Westfield		148,337
	1,187		Unibail-Rodamco-Westfield (Paris)		204,028
	5,836		Valeo S.A.		212,271
	1,139		Wendel		157,763
			TOTAL FRANCE		15,507,120
GERMANY - 9.3%
	2,247		Adidas-Salomon AG.		578,800
	6,287		Allianz AG.		1,519,657
	14,548		BASF SE		1,187,713
	8,919		Bayerische Motoren Werke AG.		760,866
	2,154		Beiersdorf AG.		235,692
	3,628		Brenntag AG.		195,564
	57,795	*	Commerzbank AG.		520,929
	2,829		Deutsche Boerse AG.		378,018
	16,633	*	Deutsche Post AG.		578,170
	7,622		Deutsche Wohnen AG.		343,336
	2,094		Fraport AG. Frankfurt Airport Services Worldwide		174,315
	4,384		HeidelbergCement AG.		354,754
	5,574		Henkel KGaA		531,530
	3,803		Henkel KGaA (Preference)		384,914
	1,097		Hochtief AG.		164,011
	774		Hugo Boss AG.		54,083
	5,049		Merck KGaA		538,176
	5,504		Metro Wholesale & Food Specialist AG.		93,521
	2,351		MTU Aero Engines Holding AG.		554,671
	2,329	*	Muenchener Rueckver AG.		579,581
	2,958		Osram Licht AG.		101,740
	6,295		ProSiebenSat. Media AG.		99,515
	172		Puma AG. Rudolf Dassler Sport		106,393
	13,867		SAP AG.		1,787,571
	1,051		Sartorius AG.		192,968
	11,740		Siemens AG.		1,407,652

135

TIAA-CREF FUNDS - Social Choice International Equity Fund

SHARES			COMPANY	VALUE
	27,426		TUI AG. (DI)	$	305,401
	3,339	*,g	Zalando SE		157,066
			TOTAL GERMANY		13,886,607
HONG KONG - 4.6%
	132,017		BOC Hong Kong Holdings Ltd		591,728
	128,893		Hang Lung Properties Ltd		303,379
	24,381		Hang Seng Bank Ltd		640,577
	240,485		HKT Trust and HKT Ltd		372,769
	277,269		Hong Kong & China Gas Ltd		661,913
	74,744		Hong Kong Electric Holdings Ltd		521,352
	24,831		Hong Kong Exchanges and Clearing Ltd		862,599
	39,056		Hysan Development Co Ltd		218,898
	58,330		Link REIT		681,525
	87,731		MTR Corp		522,651
	264,093		PCCW Ltd		159,243
	78,058		Shangri-La Asia Ltd		110,669
	31,468		Swire Pacific Ltd (Class A)		398,494
	74,400		Swire Properties Ltd		302,757
	71,284		Techtronic Industries Co		515,847
			TOTAL HONG KONG		6,864,401
IRELAND - 0.5%
	13,620		CRH plc		458,186
	2,872		Kerry Group plc (Class A)		321,480
			TOTAL IRELAND		779,666
ISRAEL - 0.6%
	56,391		Bank Hapoalim Ltd		415,140
	47,972		Bank Leumi Le-Israel		328,509
	8,351		Mizrahi Tefahot Bank Ltd		180,775
			TOTAL ISRAEL		924,424
ITALY - 1.8%
	21,102		Assicurazioni Generali S.p.A.		409,422
	325,243		Banca Intesa S.p.A.		852,142
	136,292		Enel S.p.A.		863,023
	80,859		Snam Rete Gas S.p.A.		411,644
	21,620		Terna Rete Elettrica Nazionale S.p.A.		129,702
			TOTAL ITALY		2,665,933
JAPAN - 23.3%
	13,100		Aeon Co Ltd		242,174
	3,024		AEON Financial Service Co Ltd		62,783
	11,800		Ajinomoto Co, Inc		190,918
	6,537		Alfresa Holdings Corp		182,408
	2,214		All Nippon Airways Co Ltd		77,483
	24,300		Asahi Kasei Corp		250,445
	2,800		Asics Corp		34,495
	40,200	h	Astellas Pharma, Inc		544,464
	2,700		Benesse Holdings Inc		74,649
	9,717		Bridgestone Corp		385,477

136

TIAA-CREF FUNDS - Social Choice International Equity Fund

SHARES			COMPANY	VALUE
	1,200		Calbee, Inc	$	33,228
	2,900		Casio Computer Co Ltd		36,529
	2,581		Central Japan Railway Co		555,017
	26,856	h	Chubu Electric Power Co, Inc		390,528
	6,355	h	Chugai Pharmaceutical Co Ltd		403,011
	2,000		CyberAgent, Inc		80,169
	4,427		Dai Nippon Printing Co Ltd		105,088
	1,800		Daifuku Co Ltd		110,737
	3,775		Daikin Industries Ltd		480,631
	10,449		Daiwa House Industry Co Ltd		292,880
	7,859		Denso Corp		343,399
	5,432		East Japan Railway Co		511,922
	6,148	h	Eisai Co Ltd		358,002
	6,000		FamilyMart Co Ltd		159,999
	700		Fast Retailing Co Ltd		405,013
	3,972		Fujitsu Ltd		291,603
	6,616		Hankyu Hanshin Holdings, Inc		247,353
	6,011		Hino Motors Ltd		56,987
	3,200		Hitachi Chemical Co Ltd		85,350
	5,200		Hitachi Construction Machinery Co Ltd		139,639
	2,300		Hitachi High-Technologies Corp		102,515
	13,363	h	Hitachi Metals Ltd		154,460
	31,661	h	Honda Motor Co Ltd		883,434
	4,741		Hulic Co Ltd		40,901
	53,650	h	Inpex Holdings, Inc		521,951
	3,000		J Front Retailing Co Ltd		36,657
	9,800		Kajima Corp		145,453
	1,100		Kaneka Corp		42,476
	2,300		Kansai Paint Co Ltd		43,853
	6,900		Kao Corp		532,662
	8,500		Kawasaki Heavy Industries Ltd		198,585
	24,296		KDDI Corp		559,963
	1,100		Keio Corp		66,417
	1,273		Keyence Corp		795,362
	3,700		Kikkoman Corp		172,291
	865		Kintetsu Corp		38,448
	17,200		Komatsu Ltd		444,283
	8,900		Konica Minolta Holdings, Inc		89,371
	17,172		Kubota Corp		261,448
	3,300		Kuraray Co Ltd		44,338
	6,200		Kyocera Corp		402,904
	9,221		Kyowa Hakko Kogyo Co Ltd		179,379
	6,810		Kyushu Electric Power Co, Inc		65,949
	2,400		Kyushu Railway Co		78,202
	800		Lawson, Inc		37,352
	3,100		Lion Corp		63,811
	1,000		Marui Co Ltd		20,341
	34,679		Mitsubishi Chemical Holdings Corp		247,249
	29,479	h	Mitsubishi Corp		812,078
	18,626		Mitsubishi Estate Co Ltd		314,965
	18,500		Mitsubishi UFJ Lease & Finance Co Ltd		94,330
	32,620		Mitsui & Co Ltd		527,615
	3,900		Mitsui Chemicals, Inc		95,869

137

TIAA-CREF FUNDS - Social Choice International Equity Fund

SHARES			COMPANY	VALUE
	13,100		Mitsui Fudosan Co Ltd	$	303,421
	12,200		Mitsui Trust Holdings, Inc		425,672
	7,400		Murata Manufacturing Co Ltd		371,581
	3,200		Nabtesco Corp		98,124
	6,901		NEC Corp		233,068
	5,600		NGK Insulators Ltd		83,181
	4,000		NGK Spark Plug Co Ltd		77,992
	8,800		Nikon Corp		122,723
	2,204	h	Nintendo Co Ltd		759,092
	1,800		Nippon Express Co Ltd		98,988
	31,454	h	Nippon Steel Corp		562,611
	7,600		Nippon Yusen Kabushiki Kaisha		129,868
	5,736		Nisshin Seifun Group, Inc		133,751
	2,413		Nissin Food Products Co Ltd		159,696
	1,162		Nitori Co Ltd		138,630
	3,000		Nitto Denko Corp		162,202
	5,200		NKSJ Holdings, Inc		196,264
	2,500		Nomura Real Estate Holdings, Inc		53,163
	3,300		Nomura Research Institute Ltd		161,531
	33,512	h	NTT DoCoMo, Inc		727,732
	10,585		Obayashi Corp		104,057
	2,121		Odakyu Electric Railway Co Ltd		49,960
	4,200		Omron Corp		225,599
	3,882		Oriental Land Co Ltd		429,384
	12,200		Osaka Gas Co Ltd		225,687
	3,500		Otsuka Corp		137,666
	41,806		Panasonic Corp		384,958
	20,770	h	Rakuten, Inc		232,365
	16,829		Recruit Holdings Co Ltd		506,786
	58,100		Resona Holdings, Inc		246,642
	123		Rinnai Corp		8,298
	9,000		Santen Pharmaceutical Co Ltd		137,481
	3,401		Secom Co Ltd		286,131
	6,224		Sekisui Chemical Co Ltd		99,917
	9,863		Sekisui House Ltd		159,024
	12,608		Sharp Corp		140,648
	4,700		Shimadzu Corp		126,069
	10,568		Shimizu Corp		90,518
	5,100		Shin-Etsu Chemical Co Ltd		483,095
	5,900		Shionogi & Co Ltd		344,637
	5,200		Shiseido Co Ltd		409,022
	3,200		Showa Denko KK		109,248
	12,640	h	Softbank Group Corp		1,340,236
	400		Sohgo Security Services Co Ltd		17,873
	19,715	h	Sony Corp		993,007
	1,314		Stanley Electric Co Ltd		35,627
	42,800		Sumitomo Chemical Co Ltd		213,529
	9,908	h	Sumitomo Dainippon Pharma Co Ltd		218,898
	14,471	h	Sumitomo Metal Mining Co Ltd		455,169
	25,396	h	Sumitomo Mitsui Financial Group, Inc		923,048
	4,745		Sumitomo Rubber Industries, Inc		58,346
	7,000	h	Suntory Beverage & Food Ltd		309,534
	3,600		Sysmex Corp		206,287

138

TIAA-CREF FUNDS - Social Choice International Equity Fund

SHARES			COMPANY	VALUE
	7,700		T&D Holdings, Inc	$	83,399
	2,900		Teijin Ltd		49,886
	4,300		THK Co Ltd		113,708
	1,100		Toho Gas Co Ltd		45,353
	8,526		Tokio Marine Holdings, Inc		431,972
	2,600		Tokyo Electron Ltd		412,707
	7,200		Tokyo Gas Co Ltd		183,183
	7,700		Tokyu Corp		125,707
	26,100		Toray Industries, Inc		178,604
	1,824		Toto Ltd		77,315
	1,700		Toyo Suisan Kaisha Ltd		64,913
	1,114		Toyoda Gosei Co Ltd		23,191
	30,395	h	Toyota Motor Corp		1,881,768
	7,600		Uni-Charm Corp		250,814
	4,169		USS Co Ltd		80,027
	2,200		West Japan Railway Co		163,622
	2,800		Yakult Honsha Co Ltd		191,172
	13,800		Yamada Denki Co Ltd		65,418
	2,470		Yamaha Corp		128,248
	7,200		Yamazaki Baking Co Ltd		107,260
	4,486		Yaskawa Electric Corp		167,004
	2,898		Yokogawa Electric Corp		60,687
			TOTAL JAPAN		34,841,287
LUXEMBOURG - 0.3%
	7,104		SES Global S.A.		120,872
	21,995		Tenaris S.A.		304,891
			TOTAL LUXEMBOURG		425,763
NETHERLANDS - 2.8%
	44,792		Aegon NV		233,821
	3,491		Akzo Nobel NV		296,615
	5,694		ASML Holding NV		1,188,968
	4,411		DSM NV		504,493
	75,064	e	ING Groep NV		957,819
	17,607		Koninklijke Philips Electronics NV		756,110
	1,766		Koninklijke Vopak NV		78,857
	2,186		Randstad Holdings NV		125,020
			TOTAL NETHERLANDS		4,141,703
NEW ZEALAND - 0.3%
	16,130		Auckland International Airport Ltd		85,871
	5,669		Fisher & Paykel Healthcare Corp		59,971
	18,282		Fletcher Building Ltd		62,987
	43,147		Meridian Energy Ltd		117,204
	12,999		Ryman Healthcare Ltd		105,563
	28,106		Telecom Corp of New Zealand Ltd		68,963
			TOTAL NEW ZEALAND		500,559
NORWAY - 1.5%
	3,380		Aker BP ASA		111,565
	85,466		Norsk Hydro ASA		368,109
	22,874	e	Orkla ASA		179,527

139

TIAA-CREF FUNDS - Social Choice International Equity Fund

SHARES			COMPANY	VALUE
	12,542		PAN Fish ASA	$	272,105
	4,269		Schibsted ASA (B Shares)		102,130
	31,447		Statoil ASA		701,005
	14,294		Telenor ASA		287,336
			TOTAL NORWAY		2,021,777
PORTUGAL - 0.4%
	29,601		Energias de Portugal S.A.		112,326
	30,867		Galp Energia SGPS S.A.		517,524
	2,279		Jeronimo Martins SGPS S.A.		37,115
			TOTAL PORTUGAL		666,965
SINGAPORE - 2.3%
	37,160		Ascendas REIT		82,085
	34,400		CapitaCommercial Trust		49,147
	159,523		CapitaLand Ltd		414,538
	52,700		CapitaMall Trust		93,837
	26,000		City Developments Ltd		171,137
	40,191		DBS Group Holdings Ltd		835,789
	6,146		Jardine Cycle & Carriage Ltd		160,597
	90,500		Keppel Corp Ltd		450,998
	34,318		Singapore Airlines Ltd		244,527
	83,900		Singapore Press Holdings Ltd		155,064
	214,525		Singapore Telecommunications Ltd		495,769
	32,100		UOL Group Ltd		179,158
			TOTAL SINGAPORE		3,332,646
SOUTH AFRICA - 0.1%
	29,884		Investec plc		189,659
			TOTAL SOUTH AFRICA		189,659
SPAIN - 3.4%
	9,871		Amadeus IT Holding S.A.		786,686
	141,850		Banco Bilbao Vizcaya Argentaria S.A.		862,568
	16,854		Bankinter S.A.		134,717
	123,744		CaixaBank S.A.		394,433
	5,020		Enagas		143,197
	13,694		Ferrovial S.A.		337,689
	12,435		Gas Natural SDG S.A.		354,003
	99,523		Iberdrola S.A.		904,404
	15,934		Industria De Diseno Textil S.A.		482,459
	1,014		Red Electrica Corp S.A.		21,044
	40,755		Repsol YPF S.A.		691,559
			TOTAL SPAIN		5,112,759
SWEDEN - 3.5%
	13,853		Assa Abloy AB		296,143
	11,830		Atlas Copco AB (A Shares)		369,265
	8,858	e	Atlas Copco AB (B Shares)		252,295
	17,054	e	Boliden AB		507,526
	3,728		Electrolux AB (Series B)		91,367
	10,809		Essity AB		320,497

140

TIAA-CREF FUNDS - Social Choice International Equity Fund

SHARES			COMPANY	VALUE
	13,379		Hennes & Mauritz AB (B Shares)	$	233,449
	2,372	e	Husqvarna AB (B Shares)		21,657
	2,585		ICA Gruppen AB		93,496
	5,764		Investment AB Kinnevik (B Shares)		167,971
	10,878		Investor AB (B Shares)		518,790
	6,033		Lundin Petroleum AB		196,472
	46,032		Skandinaviska Enskilda Banken AB (Class A)		439,495
	3,114		Skanska AB (B Shares)		54,228
	6,548		SKF AB (B Shares)		121,544
	36,781		Svenska Handelsbanken AB		401,762
	28,507		Swedbank AB (A Shares)		465,782
	7,200		Tele2 AB (B Shares)		96,189
	34,057		TeliaSonera AB		145,101
	29,866		Volvo AB (B Shares)		478,645
			TOTAL SWEDEN		5,271,674
SWITZERLAND - 9.0%
	31,594	*	ABB Ltd		649,848
	3,348		Adecco S.A.		192,353
	137		Barry Callebaut AG.		251,196
	5,996		Clariant AG.		123,364
	12,720		Coca-Cola HBC AG.		455,570
	184		Givaudan S.A.		476,432
	1,245		Kuehne & Nagel International AG.		180,967
	2,108		Lonza Group AG.		651,012
	36,911		Nestle S.A.		3,553,703
	1,201		Phonak Holding AG.		242,580
	9,077		Roche Holding AG.		2,395,087
	120		SGS S.A.		316,626
	2,451		Sika AG.		375,547
	30,461		STMicroelectronics NV		559,408
	6,719		Swiss Re Ltd		646,891
	405	e	Swisscom AG.		188,711
	73,077		UBS AG.		979,923
	2,012		Vifor Pharma AG.		262,745
	2,941		Zurich Financial Services AG.		937,496
			TOTAL SWITZERLAND		13,439,459
UNITED KINGDOM - 12.7%
	23,977		3i Group plc		335,496
	16,640		Associated British Foods plc		555,816
	36,873		AstraZeneca plc (ADR)		1,388,637
	119,177		Aviva plc		669,313
	28,024		Barratt Developments plc		220,460
	2,472		Berkeley Group Holdings plc		121,268
	32,085		British Land Co plc		248,937
	139,615		BT Group plc		416,613
	6,535		Burberry Group plc		172,243
	35,353		CNH Industrial NV		384,354
	10,463		Coca-Cola European Partners plc (Class A)		560,712
	31,152		Compass Group plc		708,828
	85,608	g	ConvaTec Group plc		155,052
	3,843		Croda International plc		260,339

141

TIAA-CREF FUNDS - Social Choice International Equity Fund

SHARES			COMPANY	VALUE
	3,102		DCC plc	$	277,661
	4,188		easyJet plc		63,456
	37,508		Hammerson plc		157,810
	34,076		Informa plc		346,486
	6,427		InterContinental Hotels Group plc		416,278
	3,853		Intertek Group plc		269,493
	66,077		ITV plc		117,989
	109,558		J Sainsbury plc		318,292
	36,355		John Wood Group plc		222,883
	4,736		Johnson Matthey plc		206,605
	53,164		Kingfisher plc		183,319
	161,937		Legal & General Group plc		588,889
	6,242		London Stock Exchange Group plc		409,246
	47,347		Marks & Spencer Group plc		176,617
	48,320		Meggitt plc		343,837
	25,836	g	Merlin Entertainments plc		123,550
	8,580		Mondi plc		188,548
	74,844		National Grid plc		819,986
	1,987		Next plc		149,609
	14,331		Pearson plc		155,246
	43,050		Prudential plc		978,155
	3,475		RELX plc		79,621
	28,623		RELX plc (London)		657,631
	35,331		RSA Insurance Group plc		250,465
	6,186		Schroders plc		256,020
	22,899		Scottish & Southern Energy plc		342,629
	28,900		Segro plc		256,071
	79,668		Standard Chartered plc		728,418
	71,119		Standard Life Aberdeen plc		259,123
	78,386		Taylor Wimpey plc		185,838
	23,138	e	Unilever NV		1,399,955
	24,107		United Utilities Group plc		261,513
	51,569	d	Vodafone Group plc (ADR)		955,058
	3,896		Whitbread plc		226,822
	75,992		WM Morrison Supermarkets plc		214,193
	28,557		WPP plc		356,328
			TOTAL UNITED KINGDOM		19,141,708
UNITED STATES - 0.4%
	4,861		Ferguson plc		345,937
	6,716	*	QIAGEN NV (Turquoise)		260,049
			TOTAL UNITED STATES		605,986
			TOTAL COMMON STOCKS		147,547,197
			(Cost $143,545,173)

PRINCIPAL		ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 7.3%
GOVERNMENT AGENCY DEBT - 3.3%
$	4,850,000	Federal Home Loan Bank (FHLB)		2.350	%	05/01/19	4,850,000
		TOTAL GOVERNMENT AGENCY DEBT					4,850,000

142

TIAA-CREF FUNDS - Social Choice International Equity Fund

SHARES			COMPANY	VALUE
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 4.0%
	6,014,713	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	6,014,713
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		6,014,713
			TOTAL SHORT-TERM INVESTMENTS		10,864,713
			(Cost $10,864,713)
			TOTAL INVESTMENTS - 106.0%		158,411,910
			(Cost $154,409,886)
			OTHER ASSETS & LIABILITIES, NET - (6.0)%		(8,965,809	)
			NET ASSETS - 100.0%	$	149,446,101

	Abbreviation(s):
ADR	American Depositary Receipt
REIT	Real Estate Investment Trust
*	Non-income producing
c	Investments made with cash collateral received from securities on loan.
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 $5,745,874.
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 4/30/19, the aggregate value of these securities is $725,750 or 0.5% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.

Futures contracts outstanding as of April 30, 2019 were as follows:

Description	Number of long (short) contracts	Expiration date	Notional amount	Value	Unrealized appreciation (depreciation)
MSCI EAFE Index	11	06/21/19	$1,050,255	$1,054,350	$4,095

143

TIAA-CREF FUNDS - Social Choice International Equity Fund

TIAA-CREF FUNDS

SOCIAL CHOICE INTERNATIONAL EQUITY FUND

SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

April 30, 2019

SECTOR	VALUE			% OF NET ASSETS
FINANCIALS	$	29,640,056			19.7	%
INDUSTRIALS		21,051,593			14.1
CONSUMER DISCRETIONARY		16,995,107			11.4
CONSUMER STAPLES		15,710,684			10.5
HEALTH CARE		14,297,845			9.6
MATERIALS		12,519,831			8.4
COMMUNICATION SERVICES		8,839,615			5.9
INFORMATION TECHNOLOGY		8,643,549			5.8
ENERGY		7,438,322			5.0
UTILITIES		6,546,092			4.4
REAL ESTATE		5,864,503			3.9
SHORT-TERM INVESTMENTS		10,864,713			7.3
OTHER ASSETS & LIABILITIES, NET		(8,965,809	)		(6.0	)
NET ASSETS	$	149,446,101			100.0	%

144

TIAA-CREF FUNDS - Equity Index Fund

TIAA-CREF FUNDS
EQUITY INDEX FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2019

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.8%
AUTOMOBILES & COMPONENTS - 0.7%
	81,377		Adient plc	$	1,879,809
	64,553	*	American Axle & Manufacturing Holdings, Inc		952,157
	175,790		Aptiv plc		15,065,203
	132,692		BorgWarner, Inc		5,542,545
	30,278		Cooper Tire & Rubber Co		904,101
	21,867	*	Cooper-Standard Holding, Inc		1,108,001
	102,449		Dana Holding Corp		1,997,755
	21,558	*	Dorman Products, Inc		1,889,990
	2,730,497		Ford Motor Co		28,533,694
	32,053	*	Fox Factory Holding Corp		2,487,313
	82,337	*,e	Garrett Motion, Inc		1,547,936
	904,813		General Motors Co		35,242,466
	186,983		Gentex Corp		4,306,218
	33,579	*	Gentherm, Inc		1,422,406
	145,260		Goodyear Tire & Rubber Co		2,790,445
	100,636		Harley-Davidson, Inc		3,746,678
	19,616		LCI Industries, Inc		1,723,266
	42,756		Lear Corp		6,114,108
	28,052	*	Modine Manufacturing Co		414,889
	11,927	*	Motorcar Parts of America, Inc		246,412
	8,173	*	Shiloh Industries, Inc		46,750
	19,417		Spartan Motors, Inc		180,578
	11,685		Standard Motor Products, Inc		583,899
	30,894	*	Stoneridge, Inc		970,998
	13,855		Superior Industries International, Inc		68,582
	48,457		Tenneco, Inc		1,062,177
	96,348	*,e	Tesla, Inc		22,997,304
	37,172		Thor Industries, Inc		2,448,520
	12,151		Tower International, Inc		283,604
	17,990	*	Visteon Corp		1,187,700
	38,832		Winnebago Industries, Inc		1,373,488
			TOTAL AUTOMOBILES & COMPONENTS		149,118,992
BANKS - 6.0%
	9,053		1st Source Corp		423,952
	2,914		ACNB Corp		110,353
	6,304	*	Allegiance Bancshares, Inc		217,929
	4,388		American National Bankshares, Inc		165,954
	32,756		Ameris Bancorp		1,194,284
	3,366	*	Ames National Corp		95,089
	6,364		Arrow Financial Corp		214,149
	141,772		Associated Banc-Corp		3,216,807
	11,029	*	Atlantic Capital Bancshares, Inc		192,346
	58,558	*	Axos Financial, Inc		1,916,018

145

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	52,790		Banc of California, Inc	$	765,983
	9,601		Bancfirst Corp		541,496
	74,325		BancorpSouth Bank		2,265,426
	6,319,665		Bank of America Corp		193,255,356
	8,806		Bank of Commerce Holdings		95,281
	28,786		Bank of Hawaii Corp		2,371,391
	6,504		Bank of Marin Bancorp		275,444
	50,103		Bank of NT Butterfield & Son Ltd		2,005,122
	99,378		Bank OZK		3,244,692
	7,113		BankFinancial Corp		106,766
	78,805		BankUnited		2,882,687
	2,485		Bankwell Financial Group, Inc		75,768
	27,463		Banner Corp		1,456,088
	7,764		Bar Harbor Bankshares		204,038
	6,303	*	Baycom Corp		145,284
	538,090		BB&T Corp		27,550,208
	5,274		BCB Bancorp, Inc		69,722
	35,033		Berkshire Hills Bancorp, Inc		1,050,640
	25,223		BOK Financial Corp		2,197,932
	47,039		Boston Private Financial Holdings, Inc		538,597
	9,958		Bridge Bancorp, Inc		308,598
	40,134		Brookline Bancorp, Inc		604,017
	9,826		Bryn Mawr Bank Corp		374,272
	5,835		Business First Bancshares, Inc		148,501
	8,772	*	Byline Bancorp, Inc		175,615
	1,500		C&F Financial Corp		72,750
	111,048		Cadence BanCorp		2,526,342
	2,224		Cambridge Bancorp		186,482
	7,294		Camden National Corp		320,790
	4,137		Capital City Bank Group, Inc		94,903
	85,879		Capitol Federal Financial		1,185,130
	4,450		Capstar Financial Holdings, Inc		68,930
	10,786		Carolina Financial Corp		389,267
	56,443		Cathay General Bancorp		2,076,538
	11,032		CBTX, Inc		349,714
	83,531		Centerstate Banks of Florida, Inc		2,061,545
	16,071		Central Pacific Financial Corp		482,291
	5,526		Central Valley Community Bancorp		113,062
	1,597		Century Bancorp, Inc		146,397
	53,052		Chemical Financial Corp		2,330,574
	1,397		Chemung Financial Corp		66,190
	74,696		CIT Group, Inc		3,979,056
	1,658,750		Citigroup, Inc		117,273,625
	4,874		Citizens & Northern Corp		138,178
	332,312		Citizens Financial Group, Inc		12,029,694
	8,184		City Holding Co		649,646
	5,425		Civista Bancshares, Inc		119,350
	7,829		CNB Financial Corp		222,970
	4,116		Codorus Valley Bancorp, Inc		87,095
	53,818		Columbia Banking System, Inc		2,020,328
	27,819	*	Columbia Financial, Inc		441,209
	107,471		Comerica, Inc		8,446,146
	79,439		Commerce Bancshares, Inc		4,800,499

146

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	3,521	e	Commerce Union Bancshares, Inc	$	80,631
	37,110		Community Bank System, Inc		2,466,331
	11,706		Community Bankers Trust Corp		92,243
	2,126		Community Financial Corp		65,098
	8,262		Community Trust Bancorp, Inc		349,069
	16,938		ConnectOne Bancorp, Inc		369,757
	2,360		County Bancorp, Inc		42,315
	43,370		Cullen/Frost Bankers, Inc		4,410,295
	42,835	*	Customers Bancorp, Inc		970,213
	85,857		CVB Financial Corp		1,863,097
	17,313		Dime Community Bancshares		348,857
	28,606	*	Eagle Bancorp, Inc		1,580,768
	103,806		East West Bancorp, Inc		5,343,933
	3,450	*	Entegra Financial Corp		101,775
	5,087		Enterprise Bancorp, Inc		161,411
	12,541		Enterprise Financial Services Corp		533,494
	5,587	*	Equity Bancshares, Inc		146,715
	3,904		ESSA Bancorp, Inc		59,770
	72,925	*	Essent Group Ltd		3,460,291
	2,367		Evans Bancorp, Inc		86,964
	4,971		Farmers & Merchants Bancorp, Inc		157,780
	11,577		Farmers National Banc Corp		166,593
	7,286		FB Financial Corp		267,688
	5,114		Federal Agricultural Mortgage Corp (Class C)		391,119
	11,929		Fidelity Southern Corp		347,253
	525,138		Fifth Third Bancorp		15,134,477
	8,822		Financial Institutions, Inc		242,605
	16,068		First Bancorp (NC)		609,138
	194,221		First Bancorp (Puerto Rico)		2,194,697
	5,552		First Bancorp, Inc		148,849
	4,496		First Bancshares, Inc		138,836
	22,785		First Busey Corp		588,764
	3,142		First Business Financial Services, Inc		72,360
	6,136		First Citizens Bancshares, Inc (Class A)		2,750,462
	87,439		First Commonwealth Financial Corp		1,190,045
	9,068		First Community Bancshares, Inc		315,204
	10,819		First Defiance Financial Corp		319,269
	70,718		First Financial Bancorp		1,775,022
	48,240		First Financial Bankshares, Inc		2,967,725
	5,725		First Financial Corp		235,698
	3,992		First Financial Northwest, Inc		66,786
	15,407		First Foundation, Inc		218,933
	2,257	e	First Guaranty Bancshares, Inc		48,413
	99,512		First Hawaiian, Inc		2,751,507
	231,164		First Horizon National Corp		3,488,265
	2,608		First Internet Bancorp		57,089
	15,115		First Interstate Bancsystem, Inc		638,760
	28,163		First Merchants Corp		1,032,737
	5,319		First Mid-Illinois Bancshares, Inc		183,452
	79,039		First Midwest Bancorp, Inc		1,696,967
	4,850		First Northwest Bancorp		78,958
	12,443		First of Long Island Corp		289,549

147

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	116,238		First Republic Bank	$	12,277,058
	31,141		Flagstar Bancorp, Inc		1,113,291
	15,021		Flushing Financial Corp		339,475
	225,515		FNB Corp		2,735,497
	7,225		Franklin Financial Network, Inc		199,771
	124,697		Fulton Financial Corp		2,151,023
	11,282		German American Bancorp, Inc		336,768
	72,085		Glacier Bancorp, Inc		3,070,100
	5,718		Great Southern Bancorp, Inc		331,358
	46,439		Great Western Bancorp, Inc		1,633,260
	1,561		Greene County Bancorp, Inc		48,266
	4,475		Guaranty Bancshares, Inc		125,613
	59,146		Hancock Holding Co		2,587,046
	17,111		Hanmi Financial Corp		405,873
	6,936	*	HarborOne Bancorp, Inc		129,842
	13,818		Heartland Financial USA, Inc		620,428
	19,171		Heritage Commerce Corp		240,021
	16,582		Heritage Financial Corp		501,937
	65,867		Hilltop Holdings, Inc		1,385,183
	667		Hingham Institution for Savings		123,402
	2,720		Home Bancorp, Inc		99,661
	120,128		Home Bancshares, Inc		2,305,256
	15,343	*	HomeStreet, Inc		431,752
	8,155		HomeTrust Bancshares, Inc		206,811
	109,452		Hope Bancorp, Inc		1,538,895
	18,388		Horizon Bancorp		299,173
	4,484	*	Howard Bancorp, Inc		67,395
	709,035		Huntington Bancshares, Inc		9,869,767
	38,217		IBERIABANK Corp		3,038,251
	6,935	*,e	Impac Mortgage Holdings, Inc		23,856
	17,628		Independent Bank Corp (MA)		1,414,294
	12,616		Independent Bank Corp (MI)		271,622
	24,309		Independent Bank Group, Inc		1,385,613
	31,262		International Bancshares Corp		1,296,435
	4,146		Investar Holding Corp		96,519
	200,987		Investors Bancorp, Inc		2,361,597
	2,321,252		JPMorgan Chase & Co		269,381,295
	63,418		Kearny Financial Corp		887,852
	689,639		Keycorp		12,103,164
	25,883		Lakeland Bancorp, Inc		428,622
	14,003		Lakeland Financial Corp		668,643
	4,325		LCNB Corp		73,525
	30,857		LegacyTexas Financial Group, Inc		1,236,749
	6,707	*,e	LendingTree, Inc		2,580,988
	12,400		Live Oak Bancshares, Inc		216,628
	98,745		M&T Bank Corp		16,793,562
	12,254		Macatawa Bank Corp		126,461
	3,486	*	Malvern Bancorp, Inc		73,868
	8,871		Mercantile Bank Corp		299,840
	9,591		Merchants Bancorp		231,910
	32,710		Meridian Bancorp, Inc		563,266
	15,144		Meta Financial Group, Inc		390,109
	5,377	*	Metropolitan Bank Holding Corp		214,596

148

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	283,943	*	MGIC Investment Corp	$	4,156,926
	1,329		Middlefield Banc Corp		53,891
	9,191		Midland States Bancorp, Inc		246,503
	8,841		Midsouth Bancorp, Inc		104,943
	5,843		MidWestOne Financial Group, Inc		164,656
	69,956	*	Mr Cooper Group, Inc		601,622
	2,434		MutualFirst Financial, Inc		72,752
	29,891		National Bank Holdings Corp		1,143,032
	2,722		National Bankshares, Inc		115,113
	24,023		NBT Bancorp, Inc		913,354
	346,276		New York Community Bancorp, Inc		4,027,190
	4,841	*	Nicolet Bankshares, Inc		295,543
	33,493	*	NMI Holdings, Inc		940,483
	3,985		Northeast Bancorp		87,351
	23,045		Northfield Bancorp, Inc		345,675
	3,202		Northrim BanCorp, Inc		113,639
	60,117		Northwest Bancshares, Inc		1,047,839
	3,306	e	Norwood Financial Corp		106,387
	22,996		OceanFirst Financial Corp		579,039
	56,581		OFG Bancorp		1,141,805
	2,358	e	Ohio Valley Banc Corp		88,614
	4,121		Old Line Bancshares, Inc		103,025
	105,479		Old National Bancorp		1,801,581
	15,107		Old Second Bancorp, Inc		200,168
	12,072		Opus Bank		264,015
	9,484		Origin Bancorp, Inc		330,423
	36,206		Oritani Financial Corp		628,174
	3,392		Orrstown Financial Services, Inc		70,350
	8,412	*	Pacific Mercantile Bancorp		65,866
	36,587		Pacific Premier Bancorp, Inc		1,063,584
	100,415		PacWest Bancorp		3,971,413
	8,096		Park National Corp		790,817
	3,491		Parke Bancorp, Inc		79,874
	10,060		PCSB Financial Corp		191,643
	10,228		Peapack Gladstone Financial Corp		295,896
	1,855		Penns Woods Bancorp, Inc		80,989
	33,152		PennyMac Financial Services, Inc		739,290
	2,432		Peoples Bancorp of North Carolina, Inc		68,023
	7,608		Peoples Bancorp, Inc		248,629
	2,907		Peoples Financial Services Corp		126,455
	288,677		People’s United Financial, Inc		4,991,225
	5,959		People’s Utah Bancorp		169,534
	59,836		Pinnacle Financial Partners, Inc		3,474,677
	323,684		PNC Financial Services Group, Inc		44,322,050
	73,202		Popular, Inc		4,224,487
	7,341		Preferred Bank		361,104
	5,393		Premier Financial Bancorp, Inc		89,416
	54,911		Prosperity Bancshares, Inc		4,043,646
	2,406	*	Provident Bancorp, Inc		58,947
	33,418		Provident Financial Services, Inc		886,245
	4,558		Prudential Bancorp, Inc		79,583
	6,598		QCR Holdings, Inc		225,718

149

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	159,228		Radian Group, Inc	$	3,729,120
	8,182		RBB Bancorp		158,404
	690,859		Regions Financial Corp		10,729,040
	24,810		Renasant Corp		899,611
	4,080		Republic Bancorp, Inc (Class A)		192,821
	28,579	*	Republic First Bancorp, Inc		146,324
	10,113		Riverview Bancorp, Inc		75,038
	19,161		S&T Bancorp, Inc		767,973
	17,948		Sandy Spring Bancorp, Inc		626,206
	24,974	*	Seacoast Banking Corp of Florida		708,263
	28,852		ServisFirst Bancshares, Inc		979,237
	6,457		Shore Bancshares, Inc		102,214
	5,429		SI Financial Group, Inc		77,743
	4,948		Sierra Bancorp		130,924
	36,987		Signature Bank		4,884,873
	51,339		Simmons First National Corp (Class A)		1,303,497
	4,022	*	SmartFinancial, Inc		83,617
	30,627		South State Corp		2,317,239
	2,602	*	Southern First Bancshares, Inc		95,780
	2,640		Southern Missouri Bancorp, Inc		88,572
	5,193		Southern National Bancorp of Virginia, Inc		77,480
	14,973		Southside Bancshares, Inc		526,001
	142,706		Sterling Bancorp/DE		3,056,763
	12,468		Stock Yards Bancorp, Inc		428,276
	5,685		Summit Financial Group, Inc		148,094
	312,399		SunTrust Banks, Inc		20,455,887
	37,652	*	SVB Financial Group		9,477,761
	103,038		Synovus Financial Corp		3,797,981
	124,693		TCF Financial Corp		2,759,456
	3,551		Territorial Bancorp, Inc		102,801
	39,697	*	Texas Capital Bancshares, Inc		2,569,587
	42,933		TFS Financial Corp		714,405
	30,786	*	The Bancorp, Inc		314,325
	3,470		Timberland Bancorp, Inc		108,264
	8,586		Tompkins Trustco, Inc		692,633
	35,509		TowneBank		926,075
	13,867		Trico Bancshares		553,432
	11,899	*	Tristate Capital Holdings, Inc		276,771
	9,917	*	Triumph Bancorp, Inc		307,526
	58,191		Trustco Bank Corp NY		465,528
	55,241		Trustmark Corp		1,986,466
	34,695		UMB Financial Corp		2,423,793
	155,071		Umpqua Holdings Corp		2,692,033
	65,534		Union Bankshares Corp		2,391,991
	1,840		Union Bankshares, Inc		72,698
	75,942		United Bankshares, Inc		2,979,964
	59,222		United Community Banks, Inc		1,662,954
	25,631		United Community Financial Corp		236,062
	29,189		United Financial Bancorp, Inc (New)		385,003
	7,069		United Security Bancshares		74,225
	4,117		Unity Bancorp, Inc		88,927
	14,041		Univest Corp of Pennsylvania		354,114
	1,058,495		US Bancorp		56,438,953

150

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	241,571		Valley National Bancorp	$	2,531,664
	20,169		Veritex Holdings, Inc		534,680
	29,173		Walker & Dunlop, Inc		1,603,056
	64,136		Washington Federal, Inc		2,125,467
	8,058		Washington Trust Bancorp, Inc		417,485
	13,159		Waterstone Financial, Inc		217,913
	72,662		Webster Financial Corp		3,860,532
	2,901,232		Wells Fargo & Co		140,448,641
	27,389		WesBanco, Inc		1,104,324
	8,275		West Bancorporation, Inc		173,527
	15,693		Westamerica Bancorporation		1,007,804
	69,140	*	Western Alliance Bancorp		3,303,509
	14,297		Western New England Bancorp, Inc		138,109
	33,000		Wintrust Financial Corp		2,514,600
	30,988		WSFS Financial Corp		1,338,062
	129,048		Zions Bancorporation		6,365,938
			TOTAL BANKS		1,243,286,960
CAPITAL GOODS - 7.1%
	394,170		3M Co		74,699,157
	92,122		A.O. Smith Corp		4,842,854
	27,127		Aaon, Inc		1,362,047
	29,134		AAR Corp		983,855
	55,008		Actuant Corp (Class A)		1,407,105
	27,596		Acuity Brands, Inc		4,038,123
	25,625		Advanced Drainage Systems, Inc		718,781
	103,118	*	Aecom Technology Corp		3,495,700
	19,957	*	Aegion Corp		397,344
	55,409	*	Aerojet Rocketdyne Holdings, Inc		1,876,149
	17,124	*	Aerovironment, Inc		1,174,021
	47,272		AGCO Corp		3,345,912
	74,590		Air Lease Corp		2,876,190
	59,494		Aircastle Ltd		1,185,120
	11,318		Alamo Group, Inc		1,172,997
	24,183		Albany International Corp (Class A)		1,788,816
	67,229		Allegion plc		6,671,134
	4,154		Allied Motion Technologies, Inc		152,078
	77,131		Allison Transmission Holdings, Inc		3,614,359
	37,736		Altra Holdings, Inc		1,414,723
	12,897	*	Ameresco, Inc		194,229
	15,949	*	American Woodmark Corp		1,434,294
	153,474		Ametek, Inc		13,531,803
	16,001		Apogee Enterprises, Inc		644,840
	30,024		Applied Industrial Technologies, Inc		1,799,639
	301,257		Arconic, Inc		6,471,000
	46,916		Arcosa, Inc		1,460,495
	21,150		Argan, Inc		1,011,393
	12,841	*	Armstrong Flooring, Inc		186,066
	25,012		Armstrong World Industries, Inc		2,167,790
	12,100		Astec Industries, Inc		407,891
	12,205	*	Astronics Corp		406,915
	43,228	*	Atkore International Group, Inc		1,070,325

151

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	42,179	*	Axon Enterprise, Inc	$	2,678,366
	24,471		AZZ, Inc		1,162,128
	41,380		Barnes Group, Inc		2,301,556
	47,463	*	Beacon Roofing Supply, Inc		1,787,457
	8,167	*	Blue Bird Corp		141,371
	26,752	*,e	BlueLinx Holdings, Inc		688,061
	36,729	*	BMC Stock Holdings, Inc		755,883
	375,245		Boeing Co		141,726,284
	24,054		Briggs & Stratton Corp		293,459
	113,750	*	Builders FirstSource, Inc		1,567,475
	62,321		BWX Technologies, Inc		3,184,603
	13,421	e	Caesarstone Sdot-Yam Ltd		203,060
	12,384	*	CAI International, Inc		307,495
	41,262		Carlisle Cos, Inc		5,835,272
	399,647		Caterpillar, Inc		55,718,785
	25,000	*	Chart Industries, Inc		2,206,750
	9,071	*	CIRCOR International, Inc		305,874
	51,341	*	Colfax Corp		1,548,958
	12,284		Columbus McKinnon Corp		483,498
	24,677		Comfort Systems USA, Inc		1,335,026
	13,460	*	Commercial Vehicle Group, Inc		120,063
	41,484	*	Continental Building Products Inc		1,064,065
	34,362		Crane Co		2,922,488
	8,509	*	CSW Industrials, Inc		510,115
	24,760		Cubic Corp		1,405,873
	103,715		Cummins, Inc		17,246,767
	30,380		Curtiss-Wright Corp		3,461,497
	223,825		Deere & Co		37,072,135
	88,468		Donaldson Co, Inc		4,736,577
	12,144		Douglas Dynamics, Inc		458,557
	102,821		Dover Corp		10,080,571
	6,486	*	Ducommun, Inc		263,202
	9,722	*	DXP Enterprises, Inc		416,977
	18,597	*	Dycom Industries, Inc		922,225
	2,789		Eastern Co		79,933
	304,618		Eaton Corp		25,228,463
	40,791		EMCOR Group, Inc		3,432,155
	430,570		Emerson Electric Co		30,566,164
	11,910		Encore Wire Corp		706,144
	16,323	*,e	Energous Corp		82,758
	22,221	*,e	Energy Recovery, Inc		216,210
	31,998		EnerSys		2,213,942
	54,245	*,e	Enphase Energy, Inc		544,620
	12,073		EnPro Industries, Inc		897,265
	22,121		ESCO Technologies, Inc		1,659,075
	1,925	e	EVI Industries, Inc		70,262
	69,617	*	Evoqua Water Technologies Corp		948,184
	195,091		Fastenal Co		13,763,670
	57,306		Federal Signal Corp		1,648,694
	85,924		Flowserve Corp		4,212,854
	89,075		Fluor Corp		3,538,950
	207,359		Fortive Corp		17,903,376
	88,165		Fortune Brands Home & Security, Inc		4,653,349

152

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	6,686	*	Foundation Building Materials, Inc	$	90,863
	26,548		Franklin Electric Co, Inc		1,297,135
	8,585	*	Freightcar America, Inc		59,408
	86,403	*	Gardner Denver Holdings, Inc		2,916,101
	47,078	*	Gates Industrial Corp plc		757,014
	29,558		GATX Corp		2,279,809
	3,177	*	Gencor Industries, Inc		38,346
	45,924	*	Generac Holdings, Inc		2,525,361
	176,570		General Dynamics Corp		31,556,590
	6,026,853		General Electric Co		61,293,095
	17,715	*	Gibraltar Industries, Inc		702,754
	12,051		Global Brass & Copper Holdings, Inc		522,893
	22,899	*	GMS, Inc		403,480
	9,682		Gorman-Rupp Co		322,411
	119,062		Graco, Inc		6,101,927
	61,615		GrafTech International Ltd		705,492
	4,289		Graham Corp		88,782
	39,572		Granite Construction, Inc		1,776,387
	40,660	*	Great Lakes Dredge & Dock Corp		415,952
	25,581		Greenbrier Cos, Inc		908,893
	16,682		Griffon Corp		327,301
	22,515		H&E Equipment Services, Inc		684,681
	82,332		Harris Corp		13,872,942
	54,147	*	Harsco Corp		1,225,888
	24,514	*,e	HC2 Holdings, Inc		52,460
	123,215	*	HD Supply Holdings, Inc		5,629,693
	28,889		HEICO Corp		3,048,656
	53,961		HEICO Corp (Class A)		4,825,732
	16,705	*	Herc Holdings, Inc		804,513
	54,205		Hexcel Corp		3,832,836
	47,052		Hillenbrand, Inc		2,024,177
	514,019		Honeywell International, Inc		89,249,119
	36,728		Hubbell, Inc		4,686,493
	27,792		Huntington Ingalls		6,185,943
	2,644		Hurco Cos, Inc		103,988
	6,113		Hyster-Yale Materials Handling, Inc		407,248
	52,515		IDEX Corp		8,227,000
	5,855	*	IES Holdings, Inc		102,521
	228,727		Illinois Tool Works, Inc		35,596,783
	168,395		Ingersoll-Rand plc		20,646,911
	11,105		Insteel Industries, Inc		232,539
	60,695		ITT, Inc		3,675,082
	85,734		Jacobs Engineering Group, Inc		6,682,108
	72,150	*	JELD-WEN Holding, Inc		1,424,962
	23,161		John Bean Technologies Corp		2,542,846
	641,725		Johnson Controls International plc		24,064,687
	6,195		Kadant, Inc		607,668
	23,443		Kaman Corp		1,451,356
	81,836		KBR, Inc		1,818,396
	49,400		Kennametal, Inc		2,010,580
	25,042	*,e	KEYW Holding Corp, The		283,976
	52,012	*	Kratos Defense & Security Solutions, Inc		825,951

153

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	54,316		L3 Technologies, Inc	$	11,872,391
	1,917	*	Lawson Products, Inc		62,954
	5,409	*	LB Foster Co (Class A)		116,239
	24,395		Lennox International, Inc		6,622,023
	44,382		Lincoln Electric Holdings, Inc		3,873,217
	11,290		Lindsay Corp		959,650
	173,812		Lockheed Martin Corp		57,936,754
	9,749	*	Lydall, Inc		239,923
	53,388	*	Manitowoc Co, Inc		953,510
	197,471		Masco Corp		7,713,217
	29,825	*	Masonite International Corp		1,535,689
	41,165	*	Mastec, Inc		2,085,007
	52,007	e	Maxar Technologies, Inc		256,394
	38,083	*	Mercury Systems, Inc		2,780,821
	54,856	*	Meritor, Inc		1,330,807
	37,781	*	Middleby Corp		4,992,004
	38,926	*	Milacron Holdings Corp		568,709
	6,122		Miller Industries, Inc		202,516
	24,373		Moog, Inc (Class A)		2,282,288
	51,629	*	MRC Global, Inc		894,731
	31,831		MSC Industrial Direct Co (Class A)		2,662,663
	56,321		Mueller Industries, Inc		1,642,884
	102,742		Mueller Water Products, Inc (Class A)		1,102,422
	8,810	*	MYR Group, Inc		318,481
	3,530		National Presto Industries, Inc		375,945
	28,629	*	Navistar International Corp		977,394
	58,134	*	NCI Building Systems, Inc		332,526
	15,855		NN, Inc		143,329
	42,164		Nordson Corp		6,153,836
	110,877		Northrop Grumman Corp		32,144,351
	5,149	*	Northwest Pipe Co		123,422
	104,096	*	NOW, Inc		1,521,883
	4,455	*	NV5 Holdings, Inc		282,180
	124,065		nVent Electric plc		3,467,617
	1,285		Omega Flex, Inc		108,788
	16,060	*	Orion Marine Group, Inc		41,595
	48,448		Oshkosh Truck Corp		4,001,320
	79,055		Owens Corning, Inc		4,053,150
	237,749		PACCAR, Inc		17,039,471
	88,659		Parker-Hannifin Corp		16,054,372
	14,219	*	Patrick Industries, Inc		709,102
	102,378		Pentair plc		3,991,718
	53,663	*	PGT, Inc		786,700
	202,866	*,e	Plug Power, Inc		505,136
	6,290		Powell Industries, Inc		183,982
	1,077		Preformed Line Products Co		60,732
	22,124		Primoris Services Corp		484,958
	16,647	*	Proto Labs, Inc		1,827,674
	19,158		Quanex Building Products Corp		320,322
	107,199		Quanta Services, Inc		4,352,279
	20,497		Raven Industries, Inc		797,538
	198,845		Raytheon Co		35,312,884
	17,248	*	RBC Bearings, Inc		2,372,462

154

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	33,248		Regal-Beloit Corp	$	2,828,740
	108,235	*	Resideo Technologies, Inc		2,456,934
	36,879	e	REV Group, Inc		467,994
	82,974	*	Rexnord Corp		2,373,056
	83,406		Rockwell Automation, Inc		15,072,298
	71,644		Roper Industries, Inc		25,770,347
	2,932		Rush Enterprises, Inc		123,144
	17,334		Rush Enterprises, Inc (Class A)		735,135
	106,535	*	Sensata Technologies Holding plc		5,320,358
	32,276		Simpson Manufacturing Co, Inc		2,055,336
	24,631	*	SiteOne Landscape Supply, Inc		1,657,666
	36,399		Snap-On, Inc		6,125,224
	74,157		Spirit Aerosystems Holdings, Inc (Class A)		6,444,243
	38,672	*	SPX Corp		1,411,528
	23,861	*	SPX FLOW, Inc		857,564
	7,239		Standex International Corp		478,281
	101,705		Stanley Black & Decker, Inc		14,909,953
	16,087	*	Sterling Construction Co, Inc		218,140
	16,107		Sun Hydraulics Corp		843,040
	73,469	*,e	Sunrun, Inc		1,117,463
	23,975	*	Teledyne Technologies, Inc		5,958,027
	12,035		Tennant Co		798,883
	47,632		Terex Corp		1,587,575
	16,855	*	Textainer Group Holdings Ltd		161,639
	167,303		Textron, Inc		8,867,059
	22,888	*	Thermon Group Holdings		590,281
	52,367		Timken Co		2,510,998
	29,909		Titan International, Inc		207,269
	10,075	*	Titan Machinery, Inc		173,290
	79,203		Toro Co		5,793,699
	7,869	*	TPI Composites, Inc		243,546
	33,205		TransDigm Group, Inc		16,022,077
	36,463	*	Trex Co, Inc		2,525,792
	25,928	*	Trimas Corp		801,953
	86,801		Trinity Industries, Inc		1,871,430
	46,220		Triton International Ltd		1,522,949
	28,408		Triumph Group, Inc		674,122
	28,202	*	Tutor Perini Corp		563,194
	4,906	*	Twin Disc, Inc		92,920
	52,679	*	United Rentals, Inc		7,423,525
	566,727		United Technologies Corp		80,820,937
	70,612	*	Univar, Inc		1,576,766
	34,221		Universal Forest Products, Inc		1,264,466
	16,779		Valmont Industries, Inc		2,262,480
	7,781	*	Vectrus, Inc		315,520
	7,165	*	Veritiv Corp		199,832
	10,008	*	Vicor Corp		375,400
	19,540	*,e	Vivint Solar, Inc		105,711
	30,371		W.W. Grainger, Inc		8,564,622
	39,948		Wabash National Corp		602,416
	34,459	*	WABCO Holdings, Inc		4,563,750
	89,187		Wabtec Corp		6,606,081

155

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	23,425		Watsco, Inc	$	3,712,160
	22,424		Watts Water Technologies, Inc (Class A)		1,919,270
	118,218	*	Welbilt, Inc		1,989,609
	37,375	*	Wesco Aircraft Holdings, Inc		315,445
	28,126	*	WESCO International, Inc		1,609,932
	2,164	*	Willis Lease Finance Corp		107,594
	18,162	*	Willscot Corp		244,642
	37,297		Woodward Governor Co		4,061,643
	125,614		Xylem, Inc		10,476,208
			TOTAL CAPITAL GOODS		1,460,082,531
COMMERCIAL & PROFESSIONAL SERVICES - 1.1%
	39,648		ABM Industries, Inc		1,505,435
	33,778	*	Acacia Research (Acacia Technologies)		107,414
	99,433		ACCO Brands Corp		908,818
	129,255	e	ADT, Inc		851,790
	48,256	*	Advanced Disposal Services, Inc		1,560,599
	4,343		Barrett Business Services, Inc		316,431
	3,767		BG Staffing, Inc		88,035
	42,167		Brady Corp (Class A)		2,057,328
	49,226	*	BrightView Holdings, Inc		789,585
	32,950		Brink’s Co		2,633,693
	21,586	*	Casella Waste Systems, Inc (Class A)		805,589
	32,525	*	CBIZ, Inc		628,058
	15,922	*	Ceco Environmental Corp		123,555
	15,071	*	Cimpress NV		1,362,418
	59,225		Cintas Corp		12,860,116
	37,804	*	Clean Harbors, Inc		2,873,104
	138,177	*	Copart, Inc		9,302,076
	25,191	*	CoStar Group, Inc		12,501,034
	66,196		Covanta Holding Corp		1,196,162
	4,475		CRA International, Inc		233,058
	27,013		Deluxe Corp		1,208,021
	18,634		Ennis, Inc		376,034
	84,665		Equifax, Inc		10,663,557
	41,740		Exponent, Inc		2,363,319
	4,961		Forrester Research, Inc		252,316
	6,551	*	Franklin Covey Co		186,769
	29,740	*	FTI Consulting, Inc		2,527,305
	5,601	*	GP Strategies Corp		71,301
	49,548		Healthcare Services Group		1,677,200
	10,919		Heidrick & Struggles International, Inc		390,682
	8,242	*	Heritage-Crystal Clean, Inc		236,793
	38,812		Herman Miller, Inc		1,506,682
	38,514		HNI Corp		1,413,849
	12,082	*	Huron Consulting Group, Inc		583,923
	10,407		ICF International, Inc		810,393
	278,019	*	IHS Markit Ltd		15,919,368
	27,397	*	Innerworkings, Inc		92,602
	28,270		Insperity, Inc		3,379,961
	35,215		Interface, Inc		564,849
	88,348		KAR Auction Services, Inc		4,989,895
	18,569		Kelly Services, Inc (Class A)		413,346

156

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	12,856		Kforce, Inc	$	463,073
	17,697		Kimball International, Inc (Class B)		277,135
	26,680		Knoll, Inc		582,691
	34,446		Korn/Ferry International		1,619,651
	29,966		LSC Communications, Inc		209,462
	39,816		Manpower, Inc		3,823,929
	17,511		Matthews International Corp (Class A)		701,491
	13,638		McGrath RentCorp		845,556
	15,128	*	Mistras Group, Inc		207,405
	25,633		Mobile Mini, Inc		923,301
	23,679		MSA Safety, Inc		2,602,559
	7,443		Multi-Color Corp		371,406
	50,568		Navigant Consulting, Inc		1,154,467
	246,437		Nielsen NV		6,291,537
	8,365	*	NL Industries, Inc		29,696
	37,946	*	On Assignment, Inc		2,392,116
	182,036		Pitney Bowes, Inc		1,294,276
	59,629		Quad Graphics, Inc		728,070
	156,286		Republic Services, Inc		12,943,606
	15,209		Resources Connection, Inc		244,256
	78,997		Robert Half International, Inc		4,904,924
	103,788		Rollins, Inc		4,013,482
	41,455		RR Donnelley & Sons Co		191,522
	9,805	*	SP Plus Corp		338,469
	48,359		Steelcase, Inc (Class A)		836,127
	50,966	*	Stericycle, Inc		2,975,905
	6,434		Systemax, Inc		146,116
	40,398	*	Team, Inc		682,726
	42,001		Tetra Tech, Inc		2,718,305
	123,774		TransUnion		8,620,859
	33,491	*	TriNet Group, Inc		2,087,829
	27,821	*	TrueBlue, Inc		672,155
	12,296		Unifirst Corp		1,944,366
	12,067		US Ecology, Inc		736,208
	112,195		Verisk Analytics, Inc		15,835,202
	14,492		Viad Corp		888,504
	4,765		VSE Corp		145,666
	40,652	*	WageWorks, Inc		1,983,411
	300,940		Waste Management, Inc		32,302,900
	4,929	*	Willdan Group, Inc		194,843
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		222,257,665
CONSUMER DURABLES & APPAREL - 1.3%
	18,049		Acushnet Holdings Corp		455,015
	70,259	*	American Outdoor Brands Corp		692,051
	6,475		Bassett Furniture Industries, Inc		114,996
	54,502	*	Beazer Homes USA, Inc		724,332
	61,550		Brunswick Corp		3,151,975
	81,438		Callaway Golf Co		1,430,051
	98,149	*	Capri Holdings Ltd		4,326,408
	27,293		Carter’s, Inc		2,890,602
	4,773	*	Cavco Industries, Inc		595,527

157

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	27,424	*	Century Communities, Inc	$	697,392
	10,630		Clarus Corp		142,655
	22,670		Columbia Sportswear Co		2,266,320
	47,319	*	CROCS, Inc		1,317,834
	5,513		Culp, Inc		113,127
	18,257	*	Deckers Outdoor Corp		2,888,440
	212,139		DR Horton, Inc		9,399,879
	3,637		Escalade, Inc		43,789
	39,428		Ethan Allen Interiors, Inc		871,359
	4,787		Flexsteel Industries, Inc		103,686
	57,082	*,e	Fossil Group, Inc		746,062
	79,141	*	Garmin Ltd		6,785,549
	40,146	*	G-III Apparel Group Ltd		1,732,300
	74,505	*,e	GoPro, Inc		440,325
	10,917	*	Green Brick Partners, Inc		97,598
	7,083		Hamilton Beach Brands Holding Co		128,202
	231,250		Hanesbrands, Inc		4,178,687
	77,123		Hasbro, Inc		7,855,749
	19,259	*	Helen of Troy Ltd		2,773,296
	6,640		Hooker Furniture Corp		197,938
	2,897	*,e	Hovnanian Enterprises, Inc		44,092
	14,684	*	Installed Building Products, Inc		705,272
	17,311	*,e	iRobot Corp		1,792,381
	3,431		Johnson Outdoors, Inc		263,055
	52,472		KB Home		1,359,549
	45,145		La-Z-Boy, Inc		1,480,756
	89,232		Leggett & Platt, Inc		3,512,171
	9,796		Lennar Corp (B Shares)		408,689
	175,024		Lennar Corp (Class A)		9,106,499
	22,441	*,e	LGI Homes, Inc		1,555,386
	3,744		Lifetime Brands, Inc		35,418
	65,353	*	Lululemon Athletica, Inc		11,525,002
	27,958	*	M/I Homes, Inc		787,577
	11,731	*	Malibu Boats, Inc		488,244
	6,686		Marine Products Corp		101,427
	11,236	*	MasterCraft Boat Holdings, Inc		277,979
	261,109	*,e	Mattel, Inc		3,182,919
	47,716		MDC Holdings, Inc		1,458,201
	24,411	*	Meritage Homes Corp		1,248,623
	38,640	*	Mohawk Industries, Inc		5,264,700
	20,975		Movado Group, Inc		747,759
	2,520		Nacco Industries, Inc (Class A)		103,043
	17,228	*	Nautilus, Inc		92,170
	9,445	*	New Home Co, Inc		43,541
	284,152		Newell Rubbermaid, Inc		4,086,106
	866,381		Nike, Inc (Class B)		76,094,243
	2,169	*	NVR, Inc		6,837,729
	16,346		Oxford Industries, Inc		1,357,699
	37,469		Polaris Industries, Inc		3,612,012
	161,098		Pulte Homes, Inc		5,068,143
	48,150		PVH Corp		6,210,868
	35,866		Ralph Lauren Corp		4,719,248
	26,835	*	Roku, Inc		1,706,438

158

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	96,885	*	Skechers U.S.A., Inc (Class A)	$	3,067,379
	31,138		Skyline Corp		657,323
	50,941	*,e	Sonos, Inc		556,276
	51,046		Steven Madden Ltd		1,855,522
	19,029		Sturm Ruger & Co, Inc		1,065,434
	2,932		Superior Uniform Group, Inc		49,082
	187,525		Tapestry, Inc		6,051,432
	96,173	*	Taylor Morrison Home Corp		1,861,909
	26,704	*	Tempur Sealy International, Inc		1,639,626
	87,468		Toll Brothers, Inc		3,332,531
	21,170	*	TopBuild Corp		1,507,939
	133,679	*	TRI Pointe Homes, Inc		1,744,511
	31,231		Tupperware Corp		743,298
	23,147	*,e	Turtle Beach Corp		237,025
	127,929	*	Under Armour, Inc (Class A)		2,953,881
	146,854	*	Under Armour, Inc (Class C)		3,042,815
	14,239	*	Unifi, Inc		287,628
	8,554	*	Universal Electronics, Inc		325,480
	10,709	*	Vera Bradley, Inc		131,506
	224,579		VF Corp		21,202,503
	79,959	*	Vista Outdoor, Inc		690,046
	42,863		Whirlpool Corp		5,950,242
	63,964	*	William Lyon Homes, Inc		1,078,433
	54,101		Wolverine World Wide, Inc		1,991,458
	32,809	*,e	YETI Holdings, Inc		1,170,625
	16,438	*	Zagg, Inc		135,449
			TOTAL CONSUMER DURABLES & APPAREL		275,767,436
CONSUMER SERVICES - 2.3%
	46,822	*	Adtalem Global Education, Inc		2,309,261
	8,703	*	American Public Education, Inc		278,496
	174,278		ARAMARK Holdings Corp		5,416,560
	39,159		BBX Capital Corp		216,941
	60	*	Biglari Holdings, Inc (A Shares)		44,220
	605	*	Biglari Holdings, Inc (B Shares)		84,295
	10,929		BJ’s Restaurants, Inc		545,466
	54,808		Bloomin’ Brands, Inc		1,095,612
	47,511		Boyd Gaming Corp		1,367,367
	41,433	*	Bright Horizons Family Solutions		5,309,639
	28,632		Brinker International, Inc		1,224,591
	368,611	*	Caesars Entertainment Corp		3,450,199
	40,625	*	Career Education Corp		737,344
	272,581		Carnival Corp		14,953,794
	14,241		Carriage Services, Inc		249,930
	33,199	*	Carrols Restaurant Group, Inc		325,682
	10,670	*	Century Casinos, Inc		97,097
	36,491	e	Cheesecake Factory		1,810,683
	76,949	*	Chegg, Inc		2,743,232
	17,116	*	Chipotle Mexican Grill, Inc (Class A)		11,776,493
	24,733		Choice Hotels International, Inc		2,053,828
	22,830		Churchill Downs, Inc		2,302,405
	9,242	*	Chuy’s Holdings, Inc		183,823

159

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	15,982	e	Cracker Barrel Old Country Store, Inc	$	2,696,803
	83,259		Darden Restaurants, Inc		9,791,258
	23,509		Dave & Buster’s Entertainment, Inc		1,336,252
	11,085	*,e	Del Frisco’s Restaurant Group, Inc		74,269
	17,977	*	Del Taco Restaurants, Inc		180,669
	51,012	*	Denny’s Corp		949,843
	9,874		DineEquity, Inc		875,429
	28,465		Domino’s Pizza, Inc		7,702,060
	39,635	*	Drive Shack, Inc		203,724
	53,455		Dunkin Brands Group, Inc		3,989,347
	12,324	*	El Pollo Loco Holdings, Inc		157,501
	40,475	*	Eldorado Resorts, Inc		1,998,251
	1,317	*,e	Empire Resorts, Inc		18,346
	138,810		Extended Stay America, Inc		2,486,087
	13,720	*	Fiesta Restaurant Group, Inc		173,695
	59,263	*	frontdoor, Inc		2,088,428
	10,687	*,e	Golden Entertainment, Inc		168,106
	3,415		Graham Holdings Co		2,538,813
	31,975	*	Grand Canyon Education, Inc		3,705,583
	144,126		H&R Block, Inc		3,921,668
	11,282	*	Habit Restaurants, Inc		120,266
	58,810	*	Hilton Grand Vacations, Inc		1,884,272
	193,095		Hilton Worldwide Holdings, Inc		16,797,334
	58,302	*	Houghton Mifflin Harcourt Co		415,693
	27,534		Hyatt Hotels Corp		2,112,684
	68,087		International Game Technology plc		996,113
	13,482		International Speedway Corp (Class A)		594,826
	6,138	*	J Alexander’s Holdings, Inc		67,457
	17,060		Jack in the Box, Inc		1,315,326
	42,184	*	K12, Inc		1,270,582
	246,921		Las Vegas Sands Corp		16,556,053
	79,053	*	Laureate Education, Inc		1,244,294
	11,160	*	Lindblad Expeditions Holdings, Inc		180,904
	198,031		Marriott International, Inc (Class A)		27,015,389
	28,808		Marriott Vacations Worldwide Corp		3,042,989
	548,831		McDonald’s Corp		108,432,540
	347,547		MGM Resorts International		9,255,177
	5,998	*	Monarch Casino & Resort, Inc		256,055
	1,517		Nathan’s Famous, Inc		104,749
	10,030	*	Noodles & Co		71,714
	152,992	*	Norwegian Cruise Line Holdings Ltd		8,627,219
	15,209	e	Papa John’s International, Inc		778,092
	84,521	*	Penn National Gaming, Inc		1,831,570
	62,826	*	Planet Fitness, Inc		4,755,928
	12,084	*	PlayAGS, Inc		291,466
	17,426	*	Potbelly Corp		155,091
	4,928		RCI Hospitality Holdings, Inc		112,211
	7,293	*	Red Lion Hotels Corp		57,761
	17,963	*	Red Robin Gourmet Burgers, Inc		575,355
	42,685		Red Rock Resorts, Inc		1,151,641
	27,918	*	Regis Corp		522,625
	115,750		Royal Caribbean Cruises Ltd		13,998,805
	16,648		Ruth’s Chris Steak House, Inc		432,515

160

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	62,348	*	Scientific Games Corp (Class A)	$	1,442,109
	38,900	*	SeaWorld Entertainment, Inc		1,035,518
	118,252		Service Corp International		4,920,466
	98,902	*	ServiceMaster Global Holdings, Inc		4,849,165
	12,161	*	Shake Shack, Inc		745,469
	52,487		Six Flags Entertainment Corp		2,786,535
	21,560	*	Sotheby’s (Class A)		909,401
	9,924		Speedway Motorsports, Inc		182,105
	847,065		Starbucks Corp		65,800,009
	15,916		Strategic Education, Inc		2,281,559
	45,694		Texas Roadhouse, Inc (Class A)		2,467,933
	28,660		Vail Resorts, Inc		6,558,841
	24,802	*	Weight Watchers International, Inc		506,457
	105,194		Wendy’s		1,957,660
	23,960		Wingstop, Inc		1,803,469
	58,946		Wyndham Destinations, Inc		2,567,688
	70,289		Wyndham Hotels & Resorts, Inc		3,916,503
	68,819		Wynn Resorts Ltd		9,940,905
	259,093		Yum China Holdings, Inc		12,317,281
	214,310		Yum! Brands, Inc		22,371,821
			TOTAL CONSUMER SERVICES		478,018,680
DIVERSIFIED FINANCIALS - 3.7%
	35,099		Affiliated Managers Group, Inc		3,893,181
	19,156		AG Mortgage Investment Trust		327,759
	394,434		AGNC Investment Corp		7,016,981
	285,187		Ally Financial, Inc		8,472,906
	494,247		American Express Co		57,940,576
	93,579		Ameriprise Financial, Inc		13,734,590
	975,749		Annaly Capital Management, Inc		9,845,307
	92,233		Anworth Mortgage Asset Corp		386,456
	91,476		Apollo Commercial Real Estate Finance, Inc		1,714,260
	78,437		Arbor Realty Trust, Inc		1,071,449
	18,424		Ares Commercial Real Estate Corp		280,045
	25,578		Arlington Asset Investment Corp (Class A)		200,787
	59,834	*	ARMOUR Residential REIT, Inc		1,141,633
	25,768		Artisan Partners Asset Management, Inc		730,265
	2,450	e	Associated Capital Group, Inc		101,210
	159,943		AXA Equitable Holdings, Inc		3,629,107
	12,562		B. Riley Financial, Inc		227,749
	16,791		Banco Latinoamericano de Exportaciones S.A. (Class E)		363,189
	629,273		Bank of New York Mellon Corp		31,249,697
	160,055		BGC Partners, Inc (Class A)		864,297
	85,365		BlackRock, Inc		41,422,513
	75,537		Blackstone Mortgage Trust, Inc		2,688,362
	39,851	*	Blucora, Inc		1,394,785
	63,923	*	Cannae Holdings, Inc		1,640,903
	320,631		Capital One Financial Corp		29,764,176
	51,594		Capstead Mortgage Corp		443,192
	80,399		CBOE Holdings, Inc		8,169,342
	845,399		Charles Schwab Corp		38,702,366
	6,561		Cherry Hill Mortgage Investment Corp		113,243

161

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	138,953		Chimera Investment Corp	$	2,663,729
	249,117		CME Group, Inc		44,567,031
	25,360		Cohen & Steers, Inc		1,271,804
	79,651		Colony Credit Real Estate, Inc		1,237,777
	15,293	*	Cowen Group, Inc		256,158
	7,887	*	Credit Acceptance Corp		3,913,687
	6,319	*	Curo Group Holdings Corp		84,169
	2,676		Diamond Hill Investment Group, Inc		386,628
	228,508		Discover Financial Services		18,621,117
	18,466	*	Donnelley Financial Solutions, Inc		282,714
	48,507		Dynex Capital, Inc		295,893
	166,609		E*TRADE Financial Corp		8,440,412
	78,465		Eaton Vance Corp		3,261,790
	26,365	*	Elevate Credit, Inc		118,115
	13,602	*,e	Encore Capital Group, Inc		384,393
	20,051	*	Enova International, Inc		549,999
	24,561		Evercore Partners, Inc (Class A)		2,392,978
	25,385		Exantas Capital Corp		277,966
	27,938	*	Ezcorp, Inc (Class A)		303,686
	25,551		Factset Research Systems, Inc		7,048,754
	76,506		Federated Investors, Inc (Class B)		2,351,029
	152,235	*	FGL Holdings		1,298,565
	26,330		FirstCash, Inc		2,571,914
	10,557	*	Focus Financial Partners, Inc		395,888
	198,945		Franklin Resources, Inc		6,881,508
	20,991	e	Gain Capital Holdings, Inc		110,623
	2,450		GAMCO Investors, Inc (Class A)		53,116
	241,310		Goldman Sachs Group, Inc		49,690,555
	53,217		Granite Point Mortgage Trust, Inc		1,023,363
	8,685		Great Ajax Corp		124,369
	35,493	*	Green Dot Corp		2,263,389
	22,909		Greenhill & Co, Inc		474,445
	7,544		Hamilton Lane, Inc		368,600
	27,890		Houlihan Lokey, Inc		1,375,535
	52,337		Interactive Brokers Group, Inc (Class A)		2,838,759
	393,806		IntercontinentalExchange Group, Inc		32,036,118
	10,594	*	INTL FCStone, Inc		429,693
	282,214		Invesco Ltd		6,200,242
	98,104		Invesco Mortgage Capital, Inc		1,601,057
	185,369		Jefferies Financial Group, Inc		3,813,040
	32,622		KKR Real Estate Finance Trust, Inc		657,986
	77,355		Ladder Capital Corp		1,345,977
	67,587		Ladenburg Thalmann Financial Services, Inc		248,044
	77,803		Lazard Ltd (Class A)		3,024,981
	48,355		Legg Mason, Inc		1,617,475
	219,162	*	LendingClub Corp		696,935
	61,306		LPL Financial Holdings, Inc		4,542,162
	25,594		MarketAxess Holdings, Inc		7,123,578
	3,189		Marlin Business Services Corp		69,488
	363,947		MFA Mortgage Investments, Inc		2,733,242
	36,381		Moelis & Co		1,489,802
	115,038		Moody’s Corp		22,618,772
	829,003		Morgan Stanley		39,999,395

162

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	13,003		Morningstar, Inc	$	1,865,280
	58,626		MSCI, Inc (Class A)		13,213,128
	84,190		NASDAQ OMX Group, Inc		7,762,318
	158,729		Navient Corp		2,144,429
	11,109		Nelnet, Inc (Class A)		644,877
	273,971		New Residential Investment Corp		4,605,453
	60,343		New York Mortgage Trust, Inc		380,161
	17,297	*	NewStar Financial, Inc		4,489
	137,695		Northern Trust Corp		13,569,842
	76,771		OM Asset Management plc		1,125,463
	32,979	*	On Deck Capital, Inc		180,065
	59,602		OneMain Holdings, Inc		2,024,680
	5,009		Oppenheimer Holdings, Inc		131,486
	41,882		Orchid Island Capital, Inc		275,165
	37,535		PennyMac Mortgage Investment Trust		788,235
	12,064		Pico Holdings, Inc		137,892
	15,025		Piper Jaffray Cos		1,211,015
	20,764		PJT Partners, Inc		895,344
	26,014	*	PRA Group, Inc		731,514
	8,894		Pzena Investment Management, Inc (Class A)		88,495
	87,432		Raymond James Financial, Inc		8,006,148
	11,425		Ready Capital Corp		172,632
	91,419		Redwood Trust, Inc		1,495,615
	5,910	*	Regional Management Corp		146,391
	175,215		S&P Global, Inc		38,662,942
	15,419	*	Safeguard Scientifics, Inc		176,393
	74,904		Santander Consumer USA Holdings, Inc		1,599,200
	85,763		SEI Investments Co		4,669,795
	3,406		Silvercrest Asset Management Group, Inc		49,523
	291,155		SLM Corp		2,958,135
	175,214		Starwood Property Trust, Inc		4,038,683
	261,577		State Street Corp		17,698,300
	42,021		Stifel Financial Corp		2,507,393
	513,521		Synchrony Financial		17,803,773
	162,876		T Rowe Price Group, Inc		17,509,170
	197,912		TD Ameritrade Holding Corp		10,406,213
	14,837		TPG RE Finance Trust, Inc		292,437
	183,272		Two Harbors Investment Corp		2,540,150
	48,084		Virtu Financial, Inc		1,181,905
	3,892		Virtus Investment Partners, Inc		477,198
	107,581		Voya Financial, Inc		5,905,121
	46,753		Waddell & Reed Financial, Inc (Class A)		875,684
	24,220		Western Asset Mortgage Capital Corp		254,794
	5,515		Westwood Holdings Group, Inc		172,564
	65,487		WisdomTree Investments, Inc		471,506
	3,309	*	World Acceptance Corp		430,137
			TOTAL DIVERSIFIED FINANCIALS		758,239,904
ENERGY - 4.9%
	98,619	*	Abraxas Petroleum Corp		136,094
	969		Adams Resources & Energy, Inc		35,029
	351,148		Anadarko Petroleum Corp		25,581,132

163

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	159,817	*	Antero Resources Corp	$	1,158,673
	256,837		Apache Corp		8,452,506
	62,566	*	Apergy Corp		2,483,245
	30,605	*,e	Approach Resources, Inc		10,461
	12,389		Arch Coal, Inc		1,201,485
	86,405		Archrock, Inc		873,555
	17,293	*	Ardmore Shipping Corp		120,705
	355,241		Baker Hughes a GE Co		8,532,889
	56,023	*	Basic Energy Services, Inc		141,178
	35,807		Berry Petroleum Co LLC		406,768
	12,844	*	Bonanza Creek Energy, Inc		309,155
	44,701	*	C&J Energy Services, Inc		628,049
	289,557		Cabot Oil & Gas Corp		7,496,631
	30,783	*	Cactus, Inc		1,117,423
	55,404	*	California Resources Corp		1,167,916
	129,423	*	Callon Petroleum Co		971,967
	18,060	*,e	CARBO Ceramics, Inc		49,123
	80,848	*	Carrizo Oil & Gas, Inc		1,036,471
	158,201	*	Centennial Resource Development, Inc		1,665,857
	159,895	*	Cheniere Energy, Inc		10,289,243
	946,409	*,e	Chesapeake Energy Corp		2,754,050
	1,334,003		Chevron Corp		160,160,400
	68,600		Cimarex Energy Co		4,710,076
	70,718	*	Clean Energy Fuels Corp		222,055
	131,805	*	CNX Resources Corp		1,180,973
	134,790		Concho Resources, Inc		15,552,070
	800,607		ConocoPhillips		50,534,314
	29,581	*	CONSOL Energy, Inc		1,002,796
	63,518	*	Continental Resources, Inc		2,921,193
	18,547	*,e	Covia Holdings Corp		89,211
	9,366		CVR Energy, Inc		427,183
	52,925		Delek US Holdings, Inc		1,961,400
	471,080	*	Denbury Resources, Inc		1,050,508
	325,066	*	Devon Energy Corp		10,447,621
	51,733		DHT Holdings, Inc		275,737
	38,426	*,e	Diamond Offshore Drilling, Inc		373,116
	108,617		Diamondback Energy, Inc		11,555,763
	6,115		DMC Global, Inc		423,769
	14,063	*	Dorian LPG Ltd		112,785
	21,805	*	Dril-Quip, Inc		949,826
	10,934	*	Earthstone Energy, Inc		73,258
	61,062	*,e	Energy Fuels, Inc		183,186
	399,651		EOG Resources, Inc		38,386,479
	164,687		EQT Corp		3,367,849
	160,200		Equitrans Midstream Corp		3,336,966
	14,195	*	Era Group, Inc		136,840
	18,488		Evolution Petroleum Corp		129,971
	18,645	*	Exterran Corp		265,132
	137,437	*,e	Extraction Oil & Gas, Inc		645,954
	2,977,949	d	Exxon Mobil Corp		239,069,746
	152,912	*	Forum Energy Technologies, Inc		914,414
	29,896	*,e	Frank’s International NV		174,593
	46,501	*	Frontline Ltd		380,843

164

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	58,721	*	FTS International, Inc	$	607,762
	30,698		GasLog Ltd		479,810
	55,223		Golar LNG Ltd		1,079,057
	53,948		Green Plains Renewable Energy, Inc		937,077
	151,931	*	Gulfport Energy Corp		995,148
	109,060	*,e	Halcon Resources Corp		141,778
	7,725		Hallador Energy Co		39,861
	596,672		Halliburton Co		16,903,718
	91,452	*	Helix Energy Solutions Group, Inc		715,155
	81,422		Helmerich & Payne, Inc		4,764,815
	174,482		Hess Corp		11,187,786
	71,409	*	HighPoint Resources Corp		195,661
	102,198		HollyFrontier Corp		4,877,911
	25,299	*	Independence Contract Drilling, Inc		71,596
	15,991	*	International Seaways, Inc		284,960
	6,641	*	ION Geophysical Corp		84,938
	330	*	Isramco, Inc		38,263
	71,467	*,e	Jagged Peak Energy, Inc		755,406
	31,781	*	Keane Group, Inc		333,383
	8,052	*,e	Key Energy Services, Inc		33,657
	1,347,468		Kinder Morgan, Inc		26,774,189
	29,441	*	KLX Energy Services Holdings, Inc		825,820
	192,581		Kosmos Energy Ltd		1,288,367
	290,729	*	Laredo Petroleum Holdings, Inc		878,002
	25,902	e	Liberty Oilfield Services, Inc		386,199
	49,733	*,e	Lilis Energy, Inc		63,658
	4,924		Mammoth Energy Services, Inc		76,765
	552,031		Marathon Oil Corp		9,406,608
	467,326		Marathon Petroleum Corp		28,446,134
	62,707	*	Matador Resources Co		1,234,701
	14,345	*	Matrix Service Co		281,305
	176,366	*	McDermott International, Inc		1,426,801
	5,842	*	Midstates Petroleum Co, Inc		74,602
	3,782	*,e	Montage Resources Corp		42,056
	101,158		Murphy Oil Corp		2,755,544
	287,438		Nabors Industries Ltd		1,006,033
	256,310		National Oilwell Varco, Inc		6,699,943
	6,426	*	Natural Gas Services Group, Inc		103,266
	6,147	*	NCS Multistage Holdings, Inc		24,404
	50,833	*	Newpark Resources, Inc		371,081
	19,146	*	Nine Energy Service, Inc		385,409
	172,789	*	Noble Corp plc		454,435
	316,714		Noble Energy, Inc		8,570,281
	59,980	e	Nordic American Tanker Shipping		128,357
	119,373	*	Northern Oil And Gas, Inc		316,338
	173,342	*	Oasis Petroleum, Inc		1,057,386
	526,228		Occidental Petroleum Corp		30,984,305
	56,126	*	Oceaneering International, Inc		1,077,619
	37,144	*	Oil States International, Inc		717,622
	288,650		ONEOK, Inc		19,607,994
	25,842	*	Overseas Shipholding Group, Inc		47,032
	9,875		Panhandle Oil and Gas, Inc (Class A)		148,125

165

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	18,063	*	Par Pacific Holdings, Inc	$	352,951
	190,516	*	Parsley Energy, Inc		3,802,699
	134,449		Patterson-UTI Energy, Inc		1,827,162
	84,347		PBF Energy, Inc		2,832,372
	40,863	*	PDC Energy, Inc		1,777,132
	49,634		Peabody Energy Corp		1,427,970
	8,042	*	Penn Virginia Corp		361,086
	289,817		Phillips 66		27,321,049
	50,977	*	Pioneer Energy Services Corp		88,700
	118,662		Pioneer Natural Resources Co		19,752,477
	41,906	*	ProPetro Holding Corp		927,380
	229,802	*	Questar Market Resources, Inc		1,728,111
	134,853		Range Resources Corp		1,219,071
	23,028	*	Renewable Energy Group, Inc		555,435
	3,133	*	Rex American Resources Corp		264,770
	9,218	*	RigNet, Inc		86,557
	61,419	*	Ring Energy, Inc		318,150
	34,279	e	RPC, Inc		352,731
	21,991	*	SandRidge Energy, Inc		183,845
	955,728		Schlumberger Ltd		40,790,471
	45,437		Scorpio Tankers, Inc		1,171,366
	19,352	*	SEACOR Holdings, Inc		861,938
	8,251	*	SEACOR Marine Holdings, Inc		112,049
	51,332	*	Select Energy Services, Inc		591,345
	84,693		SemGroup Corp		1,106,091
	89,233	e	Ship Finance International Ltd		1,138,613
	3,507	*	SilverBow Resources, Inc		63,617
	70,325		SM Energy Co		1,120,277
	15,317	*,e	Smart Sand, Inc		60,196
	51,656	e	Solaris Oilfield Infrastructure, Inc		877,635
	372,511	*	Southwestern Energy Co		1,471,418
	269,860	*	SRC Energy, Inc		1,659,639
	101,192	*	Superior Energy Services		363,279
	11,179	*	Talos Energy, Inc		332,016
	150,350		Targa Resources Investments, Inc		6,036,552
	32,401	e	Teekay Corp		134,788
	105,010		Teekay Tankers Ltd (Class A)		114,461
	110,593	*,e	Tellurian, Inc		1,050,633
	74,342	*	Tetra Technologies, Inc		176,934
	14,809	*	Tidewater, Inc		333,203
	330,316	*	Transocean Ltd (NYSE)		2,596,284
	36,658	*	Unit Corp		497,082
	75,588	*,e	Uranium Energy Corp		106,579
	84,372	e	US Silica Holdings, Inc		1,334,765
	292,974		Valero Energy Corp		26,561,023
	62,041	*	W&T Offshore, Inc		395,822
	57,408	*,e	Whiting Petroleum Corp		1,572,405
	828,911		Williams Cos, Inc		23,483,049
	62,394		World Fuel Services Corp		1,924,855
	240,446	*	WPX Energy, Inc		3,339,795
			TOTAL ENERGY		1,004,381,583

166

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
FOOD & STAPLES RETAILING - 1.3%
	15,325		Andersons, Inc	$	501,128
	23,087		Casey’s General Stores, Inc		3,055,564
	10,609	*	Chefs’ Warehouse Holdings, Inc		346,702
	307,737		Costco Wholesale Corp		75,558,666
	8,756		Ingles Markets, Inc (Class A)		240,352
	540,598		Kroger Co		13,936,616
	10,727	*	Natural Grocers by Vitamin C		132,800
	71,924	*	Performance Food Group Co		2,945,288
	14,066		Pricesmart, Inc		841,288
	34,916	*,e	Rite Aid Corp		319,832
	16,561	*	Smart & Final Stores, Inc		108,143
	22,179		Spartan Stores, Inc		358,634
	94,195	*	Sprouts Farmers Market, Inc		2,017,657
	330,573		Sysco Corp		23,262,422
	58,226	*	United Natural Foods, Inc		752,280
	146,623	*	US Foods Holding Corp		5,359,071
	4,388		Village Super Market (Class A)		128,919
	562,611		Walgreens Boots Alliance, Inc		30,139,071
	988,224		Walmart, Inc		101,628,956
	8,321		Weis Markets, Inc		349,898
			TOTAL FOOD & STAPLES RETAILING		261,983,287
FOOD, BEVERAGE & TOBACCO - 3.5%
	72,443	*,e	22nd Century Group, Inc		158,650
	1,515		Alico, Inc		42,087
	1,325,068		Altria Group, Inc		71,990,944
	395,431		Archer Daniels Midland Co		17,636,223
	58,108	e	B&G Foods, Inc (Class A)		1,510,808
	5,117	*	Boston Beer Co, Inc (Class A)		1,586,321
	35,445		Brown-Forman Corp (Class A)		1,853,774
	196,792		Brown-Forman Corp (Class B)		10,487,046
	100,045		Bunge Ltd		5,243,358
	14,630		Calavo Growers, Inc		1,401,700
	29,725		Cal-Maine Foods, Inc		1,221,995
	124,432		Campbell Soup Co		4,814,274
	46,222	*,e	Castle Brands, Inc		29,564
	2,543		Coca-Cola Bottling Co Consolidated		826,551
	2,701,614		Coca-Cola Co		132,541,183
	321,439		ConAgra Brands, Inc		9,893,892
	108,549		Constellation Brands, Inc (Class A)		22,976,567
	8,095	*	Craft Brewers Alliance, Inc		114,220
	119,696	*	Darling International, Inc		2,610,570
	99,683		Dean Foods Co		169,461
	6,646	*	Farmer Bros Co		133,983
	124,029		Flowers Foods, Inc		2,696,391
	21,115		Fresh Del Monte Produce, Inc		623,104
	13,444	*	Freshpet, Inc		600,409
	407,947		General Mills, Inc		20,997,032
	62,127	*	Hain Celestial Group, Inc		1,355,611
	98,742		Hershey Co		12,327,939
	184,393		Hormel Foods Corp		7,364,656
	60,532	*	Hostess Brands, Inc		811,129

167

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	46,039		Ingredion, Inc	$	4,362,195
	13,534		J&J Snack Foods Corp		2,127,274
	72,977		J.M. Smucker Co		8,949,170
	5,079		John B. Sanfilippo & Son, Inc		366,247
	166,958		Kellogg Co		10,067,567
	125,943		Keurig Dr Pepper, Inc		3,661,163
	416,788		Kraft Heinz Co		13,854,033
	101,802		Lamb Weston Holdings, Inc		7,131,230
	16,159		Lancaster Colony Corp		2,403,005
	14,640	*	Landec Corp		153,866
	10,216		Limoneira Co		233,333
	82,694		McCormick & Co, Inc		12,732,395
	7,667	e	MGP Ingredients, Inc		673,699
	116,597		Molson Coors Brewing Co (Class B)		7,484,361
	1,003,931		Mondelez International, Inc		51,049,891
	270,412	*	Monster Beverage Corp		16,116,555
	13,534	e	National Beverage Corp		757,904
	992,576		PepsiCo, Inc		127,099,357
	1,090,538		Philip Morris International, Inc		94,396,969
	57,747	*	Pilgrim’s Pride Corp		1,553,972
	40,253	*	Post Holdings, Inc		4,539,733
	24,294	*	Primo Water Corp		382,631
	21,673	*,e	Pyxus International, Inc		494,795
	12,701		Sanderson Farms, Inc		1,925,853
	208		Seaboard Corp		935,081
	4,092	*	Seneca Foods Corp		101,277
	62,229	*	Simply Good Foods Co		1,397,663
	17,191	e	Tootsie Roll Industries, Inc		667,527
	41,423	*	TreeHouse Foods, Inc		2,774,513
	2,699		Turning Point Brands, Inc		115,436
	197,608		Tyson Foods, Inc (Class A)		14,822,576
	25,766		Universal Corp		1,387,757
	103,921		Vector Group Ltd		990,367
			TOTAL FOOD, BEVERAGE & TOBACCO		729,728,837
HEALTH CARE EQUIPMENT & SERVICES - 5.7%
	1,197,964		Abbott Laboratories		95,310,016
	29,187	*	Abiomed, Inc		8,096,766
	61,947	*	Acadia Healthcare Co, Inc		1,983,543
	77,257	*	Accuray, Inc		319,844
	4,902	*	Addus HomeCare Corp		332,846
	53,890	*	Align Technology, Inc		17,497,005
	103,626	*	Allscripts Healthcare Solutions, Inc		1,022,789
	16,618	*	Amedisys, Inc		2,124,113
	7,363	*	American Renal Associates Holdings, Inc		50,657
	105,839		AmerisourceBergen Corp		7,912,524
	29,960	*	AMN Healthcare Services, Inc		1,559,718
	21,854	*	Angiodynamics, Inc		448,881
	77,964	*,e	Antares Pharma, Inc		209,723
	181,510		Anthem, Inc		47,742,575
	15,363	*,e	Apollo Medical Holdings, Inc		297,274
	18,566	*	AtriCure, Inc		557,351
	895		Atrion Corp		787,600

168

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	26,925	*	Avanos Medical, Inc	$	1,129,504
	48,972	*	AxoGen, Inc		1,149,863
	353,723		Baxter International, Inc		26,989,065
	184,495		Becton Dickinson & Co		44,415,326
	66,882	*	BioScrip, Inc		128,413
	23,156	*	BioTelemetry, Inc		1,259,686
	972,282	*	Boston Scientific Corp		36,091,108
	119,686	*	Brookdale Senior Living, Inc		739,659
	26,893		Cantel Medical Corp		1,854,003
	20,362	*	Capital Senior Living Corp		85,520
	209,453		Cardinal Health, Inc		10,202,456
	18,177	*	Cardiovascular Systems, Inc		646,011
	40,860	*	Castlight Health, Inc		152,408
	276,978	*	Centene Corp		14,280,986
	214,881	*	Cerner Corp		14,278,842
	65,503	*	Cerus Corp		401,533
	10,737		Chemed Corp		3,508,637
	261,382		Cigna Corp		41,517,917
	6,695		Computer Programs & Systems, Inc		203,461
	22,398		Conmed Corp		1,792,512
	33,940		Cooper Cos, Inc		9,839,885
	6,367	*	Corvel Corp		457,151
	41,716	*	Covetrus, Inc		1,371,205
	21,782	*	Cross Country Healthcare, Inc		153,563
	17,940	*	CryoLife, Inc		550,040
	15,737	*,e	CryoPort, Inc		221,420
	7,473	*	Cutera, Inc		132,571
	900,181		CVS Health Corp		48,951,843
	18,074	*,e	CytoSorbents Corp		130,133
	439,031		Danaher Corp		58,145,266
	85,619	*	DaVita, Inc		4,729,594
	153,876		Dentsply Sirona, Inc		7,867,680
	60,482	*	DexCom, Inc		7,322,556
	34,395	*	Diplomat Pharmacy, Inc		191,924
	146,868	*	Edwards Lifesciences Corp		25,859,049
	67,146		Encompass Health Corp		4,327,560
	33,005		Ensign Group, Inc		1,700,418
	84,675	*	Evolent Health, Inc		1,147,346
	3,368	*	FONAR Corp		66,821
	27,674	*	Genesis Health Care, Inc		35,976
	28,490	*	GenMark Diagnostics, Inc		206,268
	29,323	*	Glaukos Corp		2,115,068
	56,139	*	Globus Medical, Inc		2,531,308
	15,365	*,e	Guardant Health, Inc		1,006,561
	32,599	*	Haemonetics Corp		2,845,241
	188,952		HCA Holdings, Inc		24,040,363
	37,490	*	HealthEquity, Inc		2,539,948
	15,201		HealthStream, Inc		397,962
	104,292	*	Henry Schein, Inc		6,680,946
	3,685	*	Heska Corp		286,177
	45,033		Hill-Rom Holdings, Inc		4,567,247
	62,465	*	HMS Holdings Corp		1,900,810

169

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	191,608	*	Hologic, Inc	$	8,886,779
	94,352		Humana, Inc		24,098,444
	9,614	*	ICU Medical, Inc		2,187,185
	59,242	*	IDEXX Laboratories, Inc		13,744,144
	10,894	*	Inogen, Inc		951,046
	36,039	*,e	Inovalon Holdings, Inc		487,608
	16,460	*	Inspire Medical Systems, Inc		850,817
	38,908	*	Insulet Corp		3,355,815
	18,994	*	Integer Holding Corp		1,312,295
	55,133	*	Integra LifeSciences Holdings Corp		2,877,391
	13,407	*	IntriCon Corp		313,322
	79,332	*	Intuitive Surgical, Inc		40,509,299
	22,488		Invacare Corp		166,411
	14,733	*	iRhythm Technologies, Inc		1,124,275
	69,490	*	Laboratory Corp of America Holdings		11,112,841
	18,561	*	Lantheus Holdings, Inc		448,434
	8,165		LeMaitre Vascular, Inc		235,805
	18,883	*	LHC Group, Inc		2,098,090
	35,125	*	LivaNova plc		2,419,761
	24,626	*	Magellan Health Services, Inc		1,723,820
	32,368	*	Masimo Corp		4,212,695
	131,987		McKesson Corp		15,739,450
	43,182	*	Medidata Solutions, Inc		3,901,062
	63,563	*	MEDNAX, Inc		1,777,857
	950,235		Medtronic plc		84,390,370
	23,233		Meridian Bioscience, Inc		267,412
	37,595	*	Merit Medical Systems, Inc		2,112,087
	42,449	*	Molina Healthcare, Inc		5,502,664
	6,667		National Healthcare Corp		502,892
	5,812		National Research Corp		230,039
	18,296	*	Natus Medical, Inc		489,601
	35,686	*	Neogen Corp		2,164,713
	21,357	*	Nevro Corp		1,317,940
	29,806	*	NextGen Healthcare, Inc		560,055
	57,177	*	Novocure Ltd		2,519,790
	37,042	*	NuVasive, Inc		2,244,745
	8,820	*	Nuvectra Corp		83,261
	28,911	*	Omnicell, Inc		2,323,288
	32,080	*	OraSure Technologies, Inc		303,477
	10,157	*	Orthofix International NV		556,502
	66,635		Owens & Minor, Inc		227,225
	12,005	*	Oxford Immunotec Global plc		194,841
	76,141		Patterson Cos, Inc		1,662,919
	20,942	*,e	Penumbra, Inc		2,816,699
	18,443	*	PetIQ, Inc		506,629
	47,341	*	Premier, Inc		1,573,141
	7,425	*	Providence Service Corp		492,500
	6,289	*,e	Pulse Biosciences, Inc		100,750
	91,361		Quest Diagnostics, Inc		8,805,373
	30,342	*	Quidel Corp		1,940,067
	53,906	*	R1 RCM, Inc		564,396
	19,979	*	RadNet, Inc		241,946
	96,685		Resmed, Inc		10,104,549

170

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	28,831	*,e	Rockwell Medical, Inc	$	138,677
	21,979	*	RTI Biologics, Inc		118,906
	90,758	*	Select Medical Holdings Corp		1,304,192
	157,592	*,e	Senseonics Holdings, Inc		367,189
	7,713	*,e	SI-BONE, Inc		131,121
	15,116	*	Sientra, Inc		127,277
	5,738		Simulations Plus, Inc		129,277
	26,702	*	Staar Surgical Co		867,281
	58,868		STERIS plc		7,710,531
	240,191		Stryker Corp		45,374,482
	22,774	*,e	Surgery Partners, Inc		246,642
	7,753	*	SurModics, Inc		336,790
	11,232	*	Tabula Rasa HealthCare, Inc		598,216
	16,440	*,e	Tactile Systems Technology, Inc		818,054
	44,575	*	Tandem Diabetes Care, Inc		2,737,351
	40,695	*,e	Teladoc, Inc		2,314,732
	32,437		Teleflex, Inc		9,282,821
	55,845	*	Tenet Healthcare Corp		1,223,006
	42,675	*,e	Tivity Health, Inc		922,634
	296,193	*,e	TransEnterix, Inc		592,386
	13,217	*	Triple-S Management Corp (Class B)		300,290
	672,124		UnitedHealth Group, Inc		156,651,941
	58,722		Universal Health Services, Inc (Class B)		7,450,060
	11,772		US Physical Therapy, Inc		1,371,320
	1,407		Utah Medical Products, Inc		118,751
	21,473	*	Varex Imaging Corp		705,173
	62,851	*	Varian Medical Systems, Inc		8,558,421
	87,177	*	Veeva Systems, Inc		12,193,447
	37,597	*,e	ViewRay, Inc		261,675
	37,161	*	Vocera Communications, Inc		1,183,578
	33,522	*	WellCare Health Plans, Inc		8,660,409
	49,079		West Pharmaceutical Services, Inc		6,075,489
	92,225	*	Wright Medical Group NV		2,727,093
	140,818		Zimmer Biomet Holdings, Inc		17,343,145
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		1,187,676,909
HOUSEHOLD & PERSONAL PRODUCTS - 1.6%
	5,838	*,e	Central Garden & Pet Co		157,509
	20,082	*	Central Garden and Pet Co (Class A)		491,607
	163,664		Church & Dwight Co, Inc		12,266,617
	84,623		Clorox Co		13,516,832
	607,232		Colgate-Palmolive Co		44,200,417
	302,795	e	Coty, Inc		3,276,242
	46,791	*	Edgewell Personal Care Co		1,929,193
	43,716	*	elf Beauty, Inc		559,128
	45,649		Energizer Holdings, Inc		2,186,131
	150,339		Estee Lauder Cos (Class A)		25,829,744
	81,475	*	Herbalife Ltd		4,305,954
	10,188		Inter Parfums, Inc		738,528
	239,269		Kimberly-Clark Corp		30,717,354
	7,034		Medifast, Inc		1,031,817
	3,562	e	Natural Health Trends Corp		41,177

171

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	3,667	*	Nature’s Sunshine Products, Inc	$	33,003
	36,581		Nu Skin Enterprises, Inc (Class A)		1,860,875
	2,427		Oil-Dri Corp of America		77,203
	1,746,601		Procter & Gamble Co		185,978,075
	7,650	*,e	Revlon, Inc (Class A)		163,327
	36,491		Spectrum Brands Holdings, Inc		2,246,751
	10,892	*	USANA Health Sciences, Inc		909,046
	8,963		WD-40 Co		1,508,025
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		334,024,555
INSURANCE - 4.1%
	527,831		Aflac, Inc		26,592,126
	9,633		Alleghany Corp		6,327,725
	235,170		Allstate Corp		23,295,940
	25,630	*	AMBAC Financial Group, Inc		479,281
	64,678		American Equity Investment Life Holding Co		1,902,180
	50,048		American Financial Group, Inc		5,181,469
	622,683		American International Group, Inc		29,621,030
	5,833		American National Insurance Co		660,821
	10,952		Amerisafe, Inc		648,577
	168,741		Aon plc		30,397,004
	273,578	*	Arch Capital Group Ltd		9,241,465
	27,532		Argo Group International Holdings Ltd		2,149,423
	118,037		Arthur J. Gallagher & Co		9,870,254
	36,896		Assurant, Inc		3,505,120
	67,712		Assured Guaranty Ltd		3,229,862
	108,799	*	Athene Holding Ltd		4,913,363
	56,271		Axis Capital Holdings Ltd		3,199,006
	1,361,729	*	Berkshire Hathaway, Inc (Class B)		295,100,291
	89,614	*	Brighthouse Financial, Inc		3,744,969
	158,594		Brown & Brown, Inc		5,035,360
	323,227		Chubb Ltd		46,932,560
	102,334		Cincinnati Financial Corp		9,842,484
	30,580	*,e	Citizens, Inc (Class A)		206,721
	29,299		CNA Financial Corp		1,357,423
	95,976		Conseco, Inc		1,588,403
	5,206		Crawford & Co (Class B)		45,917
	3,298		Donegal Group, Inc (Class A)		44,523
	21,546	*	eHealth, Inc		1,308,704
	4,497		EMC Insurance Group, Inc		144,399
	29,800		Employers Holdings, Inc		1,279,016
	7,413	*	Enstar Group Ltd		1,314,028
	18,500		Erie Indemnity Co (Class A)		3,502,420
	27,789		Everest Re Group Ltd		6,544,310
	6,784		FBL Financial Group, Inc (Class A)		423,797
	5,573		FedNat Holding Co		90,673
	75,141		First American Financial Corp		4,287,545
	179,551		FNF Group		7,173,062
	422,628	*	Genworth Financial, Inc (Class A)		1,601,760
	4,548		Global Indemnity Ltd		140,078
	5,733	e	Goosehead Insurance, Inc		174,685
	25,461	*	Greenlight Capital Re Ltd (Class A)		305,023
	5,450	*	Hallmark Financial Services		62,566

172

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	29,697		Hanover Insurance Group, Inc	$	3,581,755
	243,702		Hartford Financial Services Group, Inc		12,748,052
	4,292		HCI Group, Inc		182,925
	8,315	*,e	Health Insurance Innovations, Inc		193,906
	16,420		Heritage Insurance Holdings, Inc		223,969
	36,897		Horace Mann Educators Corp		1,423,486
	2,693		Independence Holding Co		103,088
	714		Investors Title Co		120,609
	14,513		James River Group Holdings Ltd		612,739
	36,977		Kemper Corp		3,323,493
	5,257		Kingstone Cos, Inc		61,034
	11,675		Kinsale Capital Group, Inc		847,605
	145,689		Lincoln National Corp		9,720,370
	196,929		Loews Corp		10,100,488
	42,125		Maiden Holdings Ltd		27,529
	9,299	*	Markel Corp		9,963,972
	360,723		Marsh & McLennan Cos, Inc		34,012,572
	109,955	*	MBIA, Inc		1,063,265
	25,085		Mercury General Corp		1,349,071
	579,497		Metlife, Inc		26,732,197
	36,305		National General Holdings Corp		894,918
	1,316		National Western Life Group, Inc		351,004
	20,715		Navigators Group, Inc		1,448,807
	5,460	*	NI Holdings, Inc		87,524
	199,216		Old Republic International Corp		4,454,470
	27,823		Primerica, Inc		3,625,059
	183,183		Principal Financial Group		10,470,740
	43,085		ProAssurance Corp		1,616,980
	403,882		Progressive Corp		31,563,378
	3,561		Protective Insurance Corp		57,866
	282,596		Prudential Financial, Inc		29,873,223
	43,499		Reinsurance Group of America, Inc (Class A)		6,590,534
	26,199		RenaissanceRe Holdings Ltd		4,070,277
	29,104		RLI Corp		2,367,028
	8,764		Safety Insurance Group, Inc		814,351
	42,986		Selective Insurance Group, Inc		3,065,332
	8,438		State Auto Financial Corp		283,770
	23,986		Stewart Information Services Corp		1,019,645
	62,056	*	Third Point Reinsurance Ltd		720,470
	13,470		Tiptree Financial, Inc		76,779
	76,985		Torchmark Corp		6,748,505
	187,044		Travelers Cos, Inc		26,887,575
	26,523	*,e	Trupanion, Inc		869,954
	12,504		United Fire & Casualty Co		545,299
	11,214		United Insurance Holdings Corp		171,798
	19,741		Universal Insurance Holdings, Inc		588,084
	132,877		UnumProvident Corp		4,905,819
	105,117		W.R. Berkley Corp		6,443,672
	2,161		White Mountains Insurance Group Ltd		2,029,265
	91,669		Willis Towers Watson plc		16,898,263
			TOTAL INSURANCE		839,397,877

173

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
MATERIALS - 2.9%
	13,762	e	Advanced Emissions Solutions, Inc	$	155,511
	30,986	*	AdvanSix, Inc		936,707
	15,502	*,e	AgroFresh Solutions, Inc		49,451
	154,786		Air Products & Chemicals, Inc		31,853,411
	205,145	*,e	AK Steel Holding Corp		496,451
	70,819		Albemarle Corp		5,315,674
	134,964	*	Alcoa Corp		3,600,840
	77,659	*	Allegheny Technologies, Inc		1,935,262
	16,190		American Vanguard Corp		254,831
	22,879	*,e	Amyris, Inc		102,498
	45,569		Aptargroup, Inc		5,069,096
	15,791		Ardagh Group S.A.		219,179
	43,525		Ashland Global Holdings, Inc		3,505,068
	62,209		Avery Dennison Corp		6,883,426
	139,288	*	Axalta Coating Systems Ltd		3,757,990
	19,658		Balchem Corp		1,995,484
	235,670		Ball Corp		14,126,060
	65,745		Bemis Co, Inc		3,775,078
	83,308	*	Berry Plastics Group, Inc		4,898,510
	21,980		Boise Cascade Co		608,626
	46,783		Cabot Corp		2,123,013
	36,129		Carpenter Technology Corp		1,794,527
	91,245		Celanese Corp (Series A)		9,844,423
	36,542	*	Century Aluminum Co		307,318
	164,742		CF Industries Holdings, Inc		7,377,147
	4,273		Chase Corp		400,252
	112,161		Chemours Co		4,038,918
	8,677	*	Clearwater Paper Corp		175,015
	191,026	e	Cleveland-Cliffs, Inc		1,908,350
	167,855	*	Coeur Mining, Inc		605,957
	66,633		Commercial Metals Co		1,152,085
	31,429		Compass Minerals International, Inc		1,803,710
	88,762	*	Crown Holdings, Inc		5,159,735
	35,790		Domtar Corp		1,750,131
	526,403	*	Dow, Inc		29,862,842
	1,579,210		DowDuPont, Inc		60,720,624
	32,598		Eagle Materials, Inc		2,963,484
	94,831		Eastman Chemical Co		7,480,269
	178,873		Ecolab, Inc		32,926,942
	128,955	*	Element Solutions, Inc		1,400,451
	72,672	*	Ferro Corp		1,298,649
	48,283	*	Ferroglobe plc		0
	36,699	*,e	Flotek Industries, Inc		131,015
	91,936		FMC Corp		7,268,460
	998,655		Freeport-McMoRan Copper & Gold, Inc (Class B)		12,293,443
	15,859	*	FutureFuel Corp		232,969
	42,525	*	GCP Applied Technologies, Inc		1,224,295
	32,953	*	Gold Resource Corp		120,608
	187,144		Graphic Packaging Holding Co		2,597,559
	14,789		Greif, Inc (Class A)		584,461
	3,341		Greif, Inc (Class B)		162,540
	28,896		H.B. Fuller Co		1,415,037

174

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	5,224		Hawkins, Inc	$	192,818
	6,888		Haynes International, Inc		222,551
	310,426		Hecla Mining Co		651,895
	135,308		Huntsman Corp		3,009,250
	30,404	*	Ingevity Corp		3,496,764
	10,724		Innophos Holdings, Inc		345,206
	13,629		Innospec, Inc		1,156,012
	71,725		International Flavors & Fragrances, Inc		9,882,988
	283,891		International Paper Co		13,288,938
	58,154	*	Intrepid Potash, Inc		216,333
	14,606		Kaiser Aluminum Corp		1,437,230
	11,753	*	Koppers Holdings, Inc		314,275
	17,111	*	Kraton Polymers LLC		561,583
	17,013		Kronos Worldwide, Inc		231,377
	387,143		Linde plc		69,786,397
	120,495	*	Livent Corp		1,298,936
	107,639		Louisiana-Pacific Corp		2,696,357
	28,845	*	LSB Industries, Inc		168,743
	216,810		LyondellBasell Industries AF S.C.A		19,129,146
	43,269		Martin Marietta Materials, Inc		9,601,391
	20,875		Materion Corp		1,211,376
	30,127		Minerals Technologies, Inc		1,891,072
	233,241		Mosaic Co		6,089,923
	23,197		Myers Industries, Inc		414,994
	14,710		Neenah Paper, Inc		998,073
	5,902		NewMarket Corp		2,476,361
	574,178		Newmont Mining Corp		17,833,969
	215,124		Nucor Corp		12,277,127
	110,834		Olin Corp		2,403,989
	5,433		Olympic Steel, Inc		88,123
	22,913	*	Omnova Solutions, Inc		169,556
	127,602		Owens-Illinois, Inc		2,521,416
	59,515		Packaging Corp of America		5,901,507
	23,735		PH Glatfelter Co		374,538
	63,916		PolyOne Corp		1,766,638
	164,435		PPG Industries, Inc		19,321,112
	16,888	*	PQ Group Holdings, Inc		266,999
	9,480		Quaker Chemical Corp		2,121,814
	6,364	*,e	Ramaco Resources, Inc		42,766
	47,440		Rayonier Advanced Materials, Inc		704,010
	46,436		Reliance Steel & Aluminum Co		4,270,255
	45,224		Royal Gold, Inc		3,937,201
	93,745		RPM International, Inc		5,685,634
	10,810	*	Ryerson Holding Corp		93,506
	14,837		Schnitzer Steel Industries, Inc (Class A)		351,934
	21,442		Schweitzer-Mauduit International, Inc		762,692
	25,115		Scotts Miracle-Gro Co (Class A)		2,135,277
	103,828		Sealed Air Corp		4,840,461
	33,065		Sensient Technologies Corp		2,318,518
	58,119		Sherwin-Williams Co		26,434,265
	62,594		Silgan Holdings, Inc		1,874,064
	68,597		Sonoco Products Co		4,325,727

175

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	56,425		Southern Copper Corp (NY)	$	2,167,848
	138,708		Steel Dynamics, Inc		4,394,269
	18,001		Stepan Co		1,665,813
	104,994	*	Summit Materials, Inc		1,839,495
	35,638	*	SunCoke Energy, Inc		306,843
	27,146	*	TimkenSteel Corp		275,260
	8,363	*	Trecora Resources		78,194
	14,895		Tredegar Corp		268,408
	27,387		Trinseo S.A.		1,231,046
	59,635		Tronox Holdings plc		843,239
	2,989	*	UFP Technologies, Inc		108,800
	765		United States Lime & Minerals, Inc		61,904
	111,376		United States Steel Corp		1,737,466
	10,690	*,e	US Concrete, Inc		503,820
	19,740		Valhi, Inc		49,547
	139,656		Valvoline, Inc		2,583,636
	27,564	*	Verso Corp		615,228
	85,308		Vulcan Materials Co		10,758,192
	45,953		Warrior Met Coal, Inc		1,424,543
	28,248		Westlake Chemical Corp		1,970,298
	184,046		WestRock Co		7,063,685
	42,569	*	Worthington Industries, Inc		1,708,294
	47,608		WR Grace and Co		3,598,213
			TOTAL MATERIALS		609,510,510
MEDIA & ENTERTAINMENT - 7.5%
	520,723		Activision Blizzard, Inc		25,104,056
	209,822	*	Alphabet, Inc (Class A)		251,568,185
	213,881	*	Alphabet, Inc (Class C)		254,193,291
	32,802	e	AMC Entertainment Holdings, Inc		497,278
	31,079	*	AMC Networks, Inc		1,815,324
	2,685		Cable One, Inc		2,847,523
	8,556	*	Care.com, Inc		143,313
	45,599	*	Cargurus, Inc		1,857,703
	40,872	*	Cars.com, Inc		850,546
	226,620		CBS Corp (Class B)		11,618,807
	42,955	*	Central European Media Enterprises Ltd (Class A) (NASDAQ)		170,102
	118,788	*	Charter Communications, Inc		44,092,918
	73,668		Cinemark Holdings, Inc		3,097,739
	41,313	*	Clear Channel Outdoor Holdings, Inc (Class A)		202,021
	3,155,692		Comcast Corp (Class A)		137,367,273
	430	*,e	Daily Journal Corp		95,890
	95,570	*,e	Discovery, Inc (Class A)		2,953,113
	235,870	*	Discovery, Inc (Class C)		6,783,621
	155,886	*	DISH Network Corp (Class A)		5,474,716
	205,078	*	Electronic Arts, Inc		19,410,633
	10,428		Emerald Expositions Events, Inc		146,513
	147,439		Entercom Communications Corp (Class A)		1,014,380
	39,200		Entravision Communications Corp (Class A)		112,504
	15,307	*,e	Eros International plc		132,865
	33,061		EW Scripps Co (Class A)		753,460
	1,666,476	*	Facebook, Inc		322,296,458
	12,801	*,e	Fluent, Inc		89,991

176

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	240,603	*	Fox Corp (Class A)	$	9,381,111
	111,991	*	Fox Corp (Class B)		4,311,654
	121,803		Gannett Co, Inc		1,136,422
	75,502	*	GCI Liberty, Inc		4,501,429
	118,416	*	Glu Mobile, Inc		1,295,471
	76,684	*	Gray Television, Inc		1,796,706
	8,609	*	Hemisphere Media Group, Inc		125,778
	51,592	*	IAC/InterActiveCorp		11,599,945
	58,238	*	Imax Corp		1,419,842
	273,233		Interpublic Group of Cos, Inc		6,284,359
	37,914		John Wiley & Sons, Inc (Class A)		1,750,869
	6,199	*	Liberty Braves Group (Class A)		175,804
	25,562	*	Liberty Braves Group (Class C)		719,570
	14,538	*	Liberty Broadband Corp (Class A)		1,430,394
	72,401	*	Liberty Broadband Corp (Class C)		7,146,703
	26,301	*	Liberty Latin America Ltd (Class A)		550,480
	69,901	*	Liberty Latin America Ltd (Class C)		1,456,737
	14,697	*	Liberty Media Group (Class A)		554,959
	142,448	*	Liberty Media Group (Class C)		5,528,407
	54,500	*	Liberty SiriusXM Group (Class A)		2,176,730
	108,064	*	Liberty SiriusXM Group (Class C)		4,339,850
	39,543	*	Liberty TripAdvisor Holdings, Inc		582,864
	29,548	e	Lions Gate Entertainment Corp (Class A)		431,105
	62,025	e	Lions Gate Entertainment Corp (Class B)		843,540
	98,001	*	Live Nation, Inc		6,403,385
	16,831	*,e	LiveXLive Media, Inc		83,650
	8,869	*	Loral Space & Communications, Inc		326,557
	13,618	*	Madison Square Garden Co		4,254,808
	25,417		Marcus Corp		956,188
	32,025	e	Match Group, Inc		1,934,310
	31,081	*	MDC Partners, Inc		65,270
	35,850	*	Meet Group, Inc		199,326
	22,587	e	Meredith Corp		1,332,633
	37,843	*	MSG Networks, Inc		871,524
	42,675		National CineMedia, Inc		297,872
	291,588	*	NetFlix, Inc		108,045,018
	56,663		New Media Investment Group, Inc		605,727
	94,480		New York Times Co (Class A)		3,132,012
	272,145		News Corp (Class A)		3,380,041
	69,125		News Corp (Class B)		863,371
	31,228		Nexstar Broadcasting Group, Inc (Class A)		3,655,237
	156,551		Omnicom Group, Inc		12,528,777
	51,008	*	QuinStreet, Inc		727,884
	6,859	*	Reading International, Inc		104,668
	12,372	*	Rosetta Stone, Inc		312,022
	1,398		Saga Communications, Inc		44,848
	15,698		Scholastic Corp		626,036
	44,983		Sinclair Broadcast Group, Inc (Class A)		2,059,772
	1,198,999	e	Sirius XM Holdings, Inc		6,966,184
	75,538	*	Take-Two Interactive Software, Inc		7,314,345
	8,199	*	TechTarget, Inc		136,841
	161,572		TEGNA, Inc		2,572,226

177

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	59,934		Tribune Co	$	2,768,951
	12,348	*	Tribune Publishing Co		132,864
	74,790	*	TripAdvisor, Inc		3,981,072
	87,124	*	TrueCar, Inc		561,079
	494,861	*	Twitter, Inc		19,749,903
	8,711		Viacom, Inc (Class A)		301,836
	241,563		Viacom, Inc (Class B)		6,983,586
	1,227,718		Walt Disney Co		168,160,534
	19,514	*	WideOpenWest, Inc		155,917
	26,840		World Wrestling Entertainment, Inc (Class A)		2,250,534
	57,350	*	Yelp, Inc		2,297,441
	34,479	*	Zillow Group, Inc (Class A)		1,145,048
	86,550	*,e	Zillow Group, Inc (Class C)		2,890,770
	569,004	*	Zynga, Inc		3,220,563
			TOTAL MEDIA & ENTERTAINMENT		1,548,631,582
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.6%
	1,062,560		AbbVie, Inc		84,356,638
	53,224	*,e	Abeona Therapeutics, Inc		409,825
	81,984	*	Acadia Pharmaceuticals, Inc		1,971,715
	15,310	*,e	Accelerate Diagnostics, Inc		298,545
	32,735	*	Acceleron Pharma, Inc		1,333,297
	66,376	*	Achillion Pharmaceuticals, Inc		196,473
	12,522	*	Aclaris Therapeutics, Inc		78,889
	24,842	*	Acorda Therapeutics, Inc		259,599
	29,270	*,e	Adamas Pharmaceuticals, Inc		184,986
	24,099	*	Aduro Biotech, Inc		98,565
	34,109	*	Adverum Biotechnologies, Inc		220,003
	22,444	*	Aerie Pharmaceuticals, Inc		856,239
	48,384	*	Agenus, Inc		124,347
	5,663	*,e	AgeX Therapeutics, Inc		25,823
	217,788		Agilent Technologies, Inc		17,096,358
	31,569	*	Agios Pharmaceuticals, Inc		1,765,338
	45,447	*,e	Aimmune Therapeutics, Inc		915,303
	8,200	*,e	Akcea Therapeutics, Inc		205,738
	44,506	*	Akebia Therapeutics, Inc		268,816
	56,071	*	Akorn, Inc		151,392
	5,626	*	Albireo Pharma, Inc		193,647
	37,404	*	Alder Biopharmaceuticals, Inc		508,320
	150,354	*	Alexion Pharmaceuticals, Inc		20,467,690
	112,466	*	Alkermes plc		3,409,969
	19,451	*,e	Allakos, Inc		762,674
	239,861		Allergan plc		35,259,567
	13,161	*,e	Allogene Therapeutics, Inc		394,172
	67,856	*	Alnylam Pharmaceuticals, Inc		6,062,255
	22,367	*	AMAG Pharmaceuticals, Inc		249,616
	441,178		Amgen, Inc		79,112,039
	128,940	*	Amicus Therapeutics, Inc		1,720,060
	53,564	*	Amneal Pharmaceuticals, Inc		689,369
	20,326	*	Amphastar Pharmaceuticals, Inc		438,838
	19,342	*	AnaptysBio, Inc		1,406,550
	4,747	*	ANI Pharmaceuticals, Inc		336,942
	8,514	*	Anika Therapeutics, Inc		271,171

178

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	22,306	*	Apellis Pharmaceuticals, Inc	$	441,882
	21,703	*	Aratana Therapeutics, Inc		102,004
	21,858	*	Arbutus Biopharma Corp		58,798
	20,369	*,e	Arcus Biosciences, Inc		197,987
	20,670	*	Ardelyx, Inc		70,278
	34,420	*	Arena Pharmaceuticals, Inc		1,574,715
	54,090	*	Arqule, Inc		322,917
	140,332	*	Array Biopharma, Inc		3,172,907
	86,447	*,e	Arrowhead Research Corp		1,554,317
	9,360	*	Assembly Biosciences, Inc		147,701
	36,183	*	Assertio Therapeutics, Inc		150,883
	28,032	*	Atara Biotherapeutics, Inc		941,875
	25,792	*,e	Athenex, Inc		254,825
	56,949	*,e	Athersys, Inc		88,271
	38,341	*	Audentes Therapeutics, Inc		1,448,906
	72,779	*,e	AVEO Pharmaceuticals, Inc		67,168
	21,522	*	Avid Bioservices, Inc		103,090
	3,474	*	Avrobio, Inc		65,346
	16,908	*	Bellicum Pharmaceuticals, Inc		51,569
	57,028	*	BioCryst Pharmaceuticals, Inc		423,718
	137,637	*	Biogen Idec, Inc		31,551,906
	30,347	*	Biohaven Pharmaceutical Holding Co Ltd		1,816,268
	120,874	*	BioMarin Pharmaceutical, Inc		10,338,353
	14,788	*	Bio-Rad Laboratories, Inc (Class A)		4,450,153
	3,096	*	Biospecifics Technologies Corp		207,432
	24,911		Bio-Techne Corp		5,096,541
	56,636	*,e	BioTime, Inc		70,229
	38,726	*,e	Bluebird Bio, Inc		5,492,509
	31,931	*	Blueprint Medicines Corp		2,414,303
	1,147,652		Bristol-Myers Squibb Co		53,285,482
	76,798		Bruker BioSciences Corp		2,964,403
	18,171	*	Calithera Biosciences, Inc		111,933
	4,536	*,e	Calyxt, Inc		72,349
	28,630	*	Cambrex Corp		1,231,663
	20,185	*,e	Cara Therapeutics, Inc		385,130
	40,172	*	CareDx, Inc		1,093,080
	31,091	*,e	CASI Pharmaceuticals, Inc		101,357
	98,799	*	Catalent, Inc		4,428,171
	75,099	*	Catalyst Pharmaceuticals, Inc		431,068
	490,199	*	Celgene Corp		46,402,237
	32,761	*	Charles River Laboratories International, Inc		4,601,938
	15,298	*	ChemoCentryx, Inc		203,004
	21,278	*	Chimerix, Inc		57,451
	14,257	*,e	Clearside Biomedical, Inc		17,679
	34,312	*	Clovis Oncology, Inc		626,880
	24,762	*	Codexis, Inc		487,811
	32,551	*	Coherus Biosciences, Inc		518,212
	14,552	*	Collegium Pharmaceutical, Inc		202,709
	11,969	*	Concert Pharmaceuticals, Inc		123,041
	28,930	*,e	Corbus Pharmaceuticals Holdings, Inc		206,560
	60,315	*	Corcept Therapeutics, Inc		746,700
	11,427	*,e	Corium International, Inc		2,057

179

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	5,018	*	Corvus Pharmaceuticals, Inc	$	21,226
	31,469	*,e	CTI BioPharma Corp		30,833
	10,892	*	Cyclerion Therapeutics, Inc		165,885
	36,556	*	Cymabay Therapeutics, Inc		468,282
	24,798	*	Cytokinetics, Inc		218,718
	28,418	*	CytomX Therapeutics, Inc		270,255
	5,013	*,e	Deciphera Pharmaceuticals, Inc		115,299
	27,144	*,e	Denali Therapeutics, Inc		664,214
	21,699	*,e	Dermira, Inc		240,642
	27,581	*	Dicerna Pharmaceuticals, Inc		357,450
	2,826	*,e	Dova Pharmaceuticals, Inc		25,999
	46,488	*	Durect Corp		25,638
	42,801	*,e	Dynavax Technologies Corp		284,627
	11,242	*	Eagle Pharmaceuticals, Inc		577,951
	28,276	*	Editas Medicine, Inc		699,831
	222,168	*	Elanco Animal Health, Inc		6,998,292
	618,724		Eli Lilly & Co		72,415,457
	13,367	*,e	Eloxx Pharmaceuticals, Inc		159,602
	39,051	*	Emergent Biosolutions, Inc		2,018,156
	13,523	*	Enanta Pharmaceuticals, Inc		1,179,070
	146,720	*	Endo International plc		1,100,400
	25,112	*	Enzo Biochem, Inc		87,139
	28,439	*	Epizyme, Inc		352,928
	24,015	*,e	Esperion Thereapeutics, Inc		1,035,046
	21,747	*,e	Evolus, Inc		530,192
	82,027	*	Exact Sciences Corp		8,095,245
	193,217	*	Exelixis, Inc		3,798,646
	55,910	*	Fate Therapeutics, Inc		939,288
	56,867	*	FibroGen, Inc		2,657,395
	15,829	*	Five Prime Therapeutics, Inc		175,385
	39,018	*,e	Flexion Therapeutics, Inc		413,591
	19,596	*	Fluidigm Corp		269,249
	12,649	*	G1 Therapeutics, Inc		270,689
	14,710	*	Genomic Health, Inc		946,294
	99,875	*,e	Geron Corp		181,772
	886,442		Gilead Sciences, Inc		57,654,188
	43,400	*	Global Blood Therapeutics, Inc		2,404,360
	20,830	*	GlycoMimetics Inc		253,501
	79,010	*	Halozyme Therapeutics, Inc		1,274,431
	58,607	*	Heron Therapeutics, Inc		1,270,600
	10,856	*	Homology Medicines, Inc		233,621
	129,280	*	Horizon Pharma plc		3,300,518
	10,451	*,e	Idera Pharmaceuticals, Inc		31,457
	101,864	*	Illumina, Inc		31,781,568
	143,627	*	Immunogen, Inc		343,269
	109,280	*,e	Immunomedics, Inc		1,750,666
	123,772	*	Incyte Corp		9,505,690
	43,339	*	Innoviva, Inc		608,046
	45,252	*,e	Inovio Pharmaceuticals, Inc		170,148
	65,711	*	Insmed, Inc		2,000,243
	14,395	*,e	Insys Therapeutics, Inc		61,898
	35,962	*,e	Intellia Therapeutics, Inc		553,096
	13,549	*,e	Intercept Pharmaceuticals, Inc		1,167,653

180

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	14,781	*	Intersect ENT, Inc	$	480,235
	24,570	*	Intra-Cellular Therapies, Inc		323,587
	67,570	*,e	Intrexon Corp		292,578
	69,391	*	Invitae Corp		1,639,015
	86,418	*	Ionis Pharmaceuticals, Inc		6,423,450
	101,631	*	Iovance Biotherapeutics, Inc		1,158,593
	119,818	*	IQVIA Holdings, Inc		16,642,720
	108,922	*	Ironwood Pharmaceuticals, Inc		1,295,083
	40,491	*	Jazz Pharmaceuticals plc		5,254,517
	1,888,275		Johnson & Johnson		266,624,430
	8,024	*	Jounce Therapeutics, Inc		45,576
	43,056	*,e	Kadmon Holdings, Inc		101,182
	10,732	*	Kala Pharmaceuticals, Inc		83,280
	30,034	*	Karyopharm Therapeutics, Inc		140,259
	11,670	*	Kindred Biosciences, Inc		103,746
	10,817	*	Kura Oncology, Inc		163,769
	9,941	*,e	La Jolla Pharmaceutical Co		80,025
	54,719	*,e	Lannett Co, Inc		420,789
	23,392	*,e	Lexicon Pharmaceuticals, Inc		135,674
	12,831	*,e	Ligand Pharmaceuticals, Inc (Class B)		1,614,781
	24,097		Luminex Corp		549,653
	24,962	*	MacroGenics, Inc		418,613
	8,652	*	Madrigal Pharmaceuticals, Inc		917,804
	74,469	*	Mallinckrodt plc		1,151,291
	87,668	*,e	MannKind Corp		135,009
	22,791	*	Marinus Pharmaceuticals, Inc		112,588
	42,327	*,e	Medicines Co		1,352,348
	14,055	*,e	MediciNova, Inc		157,416
	12,580	*	Medpace Holdings, Inc		706,619
	1,239	*,e	Melinta Therapeutics, Inc		5,427
	4,587	*	Menlo Therapeutics, Inc		33,026
	1,821,035		Merck & Co, Inc		143,333,665
	16,680	*	Mettler-Toledo International, Inc		12,430,937
	17,960	*	Minerva Neurosciences, Inc		132,365
	7,485	*,e	Miragen Therapeutics, Inc		21,931
	19,884	*	Mirati Therapeutics, Inc		1,182,899
	14,892	*,e	Moderna, Inc		387,639
	63,221	*	Momenta Pharmaceuticals, Inc		884,462
	364,527	*	Mylan NV		9,838,584
	27,515	*	MyoKardia, Inc		1,320,170
	50,516	*	Myriad Genetics, Inc		1,590,244
	16,889	*	NanoString Technologies, Inc		438,607
	17,925	*,e	NantKwest, Inc		20,076
	41,701	*	Natera, Inc		796,906
	105,902	*	Nektar Therapeutics		3,390,982
	66,492	*	NeoGenomics, Inc		1,385,028
	12,513	*,e	Neos Therapeutics, Inc		30,156
	64,918	*	Neurocrine Biosciences, Inc		4,689,676
	17,155	*,e	NewLink Genetics Corp		29,335
	268,970	*,e	Novavax, Inc		142,904
	14,434	*,e	Nymox Pharmaceutical Corp		26,414
	14,594	*,e	Ocular Therapeutix, Inc		54,727

181

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	53,171	*,e	Omeros Corp	$	1,001,742
	344,433	*,e	Opko Health, Inc		823,195
	3,379	*,e	Optinose, Inc		33,655
	60,397	*,e	Organovo Holdings, Inc		60,397
	128,534	*	Pacific Biosciences of California, Inc		949,866
	33,924	*	Pacira Pharmaceuticals, Inc		1,350,854
	12,933	*,e	Paratek Pharmaceuticals, Inc		71,261
	102,482	*	PDL BioPharma, Inc		335,116
	71,364	*	PerkinElmer, Inc		6,839,526
	81,397		Perrigo Co plc		3,900,544
	4,013,977		Pfizer, Inc		163,007,606
	11,429		Phibro Animal Health Corp		396,701
	18,324	*	Pieris Pharmaceuticals, Inc		54,789
	5,383	*,e	PolarityTE, Inc		48,662
	68,719	*,e	Portola Pharmaceuticals, Inc		2,425,781
	39,580	*	PRA Health Sciences, Inc		3,832,136
	50,206	*	Prestige Brands Holdings, Inc		1,477,061
	43,814	*	Progenics Pharmaceuticals, Inc		225,204
	25,653	*	Prothena Corp plc		266,791
	36,903	*	PTC Therapeutics, Inc		1,380,910
	18,291	*	Puma Biotechnology, Inc		587,507
	162,577	*	QIAGEN NV		6,334,000
	6,130	*	Ra Pharmaceuticals, Inc		136,086
	40,171	*	Radius Health, Inc		884,565
	11,386	*	Reata Pharmaceuticals, Inc		893,346
	6,329	*	Recro Pharma, Inc		55,252
	55,571	*	Regeneron Pharmaceuticals, Inc		19,068,633
	31,576	*	REGENXBIO, Inc		1,591,430
	32,976	*	Repligen Corp		2,221,923
	21,376	*	Retrophin, Inc		407,854
	16,889	*	Revance Therapeutics, Inc		223,610
	9,577	*	Rhythm Pharmaceuticals, Inc		242,107
	86,156	*	Rigel Pharmaceuticals, Inc		192,128
	12,963	*,e	Rocket Pharmaceuticals, Inc		240,593
	7,605	*,e	Rubius Therapeutics, Inc		133,011
	32,719	*	Sage Therapeutics, Inc		5,504,317
	124,306	*	Sangamo Biosciences, Inc		1,453,137
	48,825	*	Sarepta Therapeutics, Inc		5,709,595
	15,543	*	Savara, Inc		165,999
	76,378	*	Seattle Genetics, Inc		5,176,901
	6,597	*,e	Selecta Biosciences, Inc		14,184
	13,358	*,e	Seres Therapeutics, Inc		87,361
	2,750	*,e	Sienna Biopharmaceuticals, Inc		5,115
	31,728	*	SIGA Technologies, Inc		166,255
	5,595	*,e	Solid Biosciences, Inc		50,803
	53,979	*,e	Sorrento Therapeutics, Inc		197,023
	23,021	*	Spark Therapeutics, Inc		2,456,110
	115,826	*	Spectrum Pharmaceuticals, Inc		1,085,290
	14,585	*	Stemline Therapeutics, Inc		218,775
	30,987	*	Supernus Pharmaceuticals, Inc		1,138,153
	6,892	*	Syndax Pharmaceuticals, Inc		49,278
	43,295	*	Syneos Health, Inc		2,031,834
	7,073	*	Syros Pharmaceuticals, Inc		51,138

182

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	23,512	*,e	T2 Biosystems, Inc	$	60,426
	21,815	*,e	Teligent, Inc		21,377
	28,326	*	Tetraphase Pharmaceuticals, Inc		30,026
	45,895	*,e	TG Therapeutics, Inc		364,865
	222,623	*,e	TherapeuticsMD, Inc		957,279
	23,811	*	Theravance Biopharma, Inc		567,892
	280,150		Thermo Fisher Scientific, Inc		77,727,617
	10,529	*,e	Tocagen, Inc		104,027
	6,260	*	Tricida, Inc		214,468
	37,779	*	Ultragenyx Pharmaceutical, Inc		2,493,414
	30,384	*	United Therapeutics Corp		3,116,487
	11,976	*,e	UNITY Biotechnology, Inc		98,562
	43,287	*	Vanda Pharmaceuticals, Inc		705,145
	35,705	*	Veracyte, Inc		816,573
	111,752	*,e	Verastem, Inc		238,032
	54,342	*	Vericel Corp		923,271
	177,393	*	Vertex Pharmaceuticals, Inc		29,975,869
	58,489	*,e	Viking Therapeutics, Inc		457,969
	18,311	*	Voyager Therapeutics, Inc		386,362
	53,272	*	Waters Corp		11,375,703
	11,082	*,e	WaVe Life Sciences Pte Ltd		294,005
	28,502	*	Xencor, Inc		875,296
	13,274	*	Zafgen, Inc		33,981
	109,983	*,e	ZIOPHARM Oncology, Inc		486,125
	344,072		Zoetis, Inc		35,040,292
	36,547	*,e	Zogenix, Inc		1,424,968
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		1,581,970,104
REAL ESTATE - 3.9%
	47,916		Acadia Realty Trust		1,353,148
	26,419		Agree Realty Corp		1,729,652
	58,662		Alexander & Baldwin, Inc		1,385,596
	2,407		Alexander’s, Inc		913,769
	72,571		Alexandria Real Estate Equities, Inc		10,333,385
	6,851	*,e	Altisource Portfolio Solutions S.A.		162,163
	37,614		American Assets Trust, Inc		1,737,391
	95,665		American Campus Communities, Inc		4,515,388
	182,809		American Homes 4 Rent		4,383,760
	309,570		American Tower Corp		60,459,021
	86,678		Americold Realty Trust		2,774,563
	89,740		Apartment Investment & Management Co		4,429,566
	157,000		Apple Hospitality REIT, Inc		2,582,650
	26,867		Armada Hoffler Properties, Inc		433,902
	44,053		Ashford Hospitality Trust, Inc		242,732
	98,102		AvalonBay Communities, Inc		19,711,635
	24,630		Bluerock Residential Growth REIT, Inc		276,102
	103,788		Boston Properties, Inc		14,283,305
	14,516		BraeMar Hotels & Resorts, Inc		201,772
	98,959		Brandywine Realty Trust		1,522,979
	175,869		Brixmor Property Group, Inc		3,144,538
	109,076		Brookfield Property REIT, Inc		2,272,053
	60,296		Camden Property Trust		6,068,792

183

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	69,365		CareTrust REIT, Inc	$	1,682,101
	38,283		CatchMark Timber Trust, Inc		382,830
	122,504		CBL & Associates Properties, Inc		123,729
	222,780	*	CBRE Group, Inc		11,600,155
	53,871		Cedar Realty Trust, Inc		165,384
	26,156		Chatham Lodging Trust		515,012
	50,988		Chesapeake Lodging Trust		1,453,158
	46,803		City Office REIT, Inc		542,915
	7,816		Clipper Realty, Inc		101,999
	425,482		Colony Capital, Inc		2,186,978
	94,085		Columbia Property Trust, Inc		2,136,670
	11,013		Community Healthcare Trust, Inc		401,754
	1,787		Consolidated-Tomoka Land Co		110,794
	91,344		CoreCivic, Inc		1,900,869
	7,274		CorEnergy Infrastructure Trust, Inc		274,884
	22,840		CorePoint Lodging, Inc		285,500
	26,493		Coresite Realty		2,898,599
	79,819		Corporate Office Properties Trust		2,225,354
	238,290		Cousins Properties, Inc		2,280,435
	293,009		Crown Castle International Corp		36,854,672
	141,160		CubeSmart		4,504,416
	55,454	*	Cushman & Wakefield plc		1,089,117
	70,039		CyrusOne, Inc		3,900,472
	113,305		DiamondRock Hospitality Co		1,230,492
	142,658		Digital Realty Trust, Inc		16,792,273
	97,747		Douglas Emmett, Inc		4,026,199
	246,233		Duke Realty Corp		7,662,771
	49,400		Easterly Government Properties, Inc		889,200
	24,286		EastGroup Properties, Inc		2,776,618
	104,720		Empire State Realty Trust, Inc		1,618,971
	51,942		Entertainment Properties Trust		4,096,146
	57,726		Equinix, Inc		26,248,012
	92,704		Equity Commonwealth		2,947,987
	63,609		Equity Lifestyle Properties, Inc		7,423,170
	248,379		Equity Residential		18,981,123
	27,314		Essential Properties Realty Trust, Inc		564,854
	46,611		Essex Property Trust, Inc		13,167,608
	83,372		Extra Space Storage, Inc		8,644,843
	21,321		Farmland Partners, Inc		139,866
	46,996		Federal Realty Investment Trust		6,290,415
	84,088		First Industrial Realty Trust, Inc		2,965,784
	8,997	*,e	Forestar Group, Inc		173,372
	58,607		Four Corners Property Trust, Inc		1,666,783
	61,023		Franklin Street Properties Corp		479,641
	88,257		Front Yard Residential Corp		874,627
	3,673	*	FRP Holdings, Inc		186,184
	149,013		Gaming and Leisure Properties, Inc		6,017,145
	102,709		Geo Group, Inc		2,056,234
	18,727		Getty Realty Corp		607,317
	16,590		Gladstone Commercial Corp		360,833
	10,797		Global Medical REIT, Inc		110,129
	80,903		Global Net Lease, Inc		1,542,820
	56,257		Hannon Armstrong Sustainable Infrastructure Capital, Inc		1,495,874

184

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	313,556		HCP, Inc	$	9,337,698
	87,882		Healthcare Realty Trust, Inc		2,713,796
	136,695		Healthcare Trust of America, Inc		3,770,048
	56,274		Hersha Hospitality Trust		1,045,008
	38,705		HFF, Inc (Class A)		1,841,971
	70,987		Highwoods Properties, Inc		3,164,600
	111,881		Hospitality Properties Trust		2,908,906
	485,498		Host Marriott Corp		9,340,982
	29,312	*	Howard Hughes Corp		3,253,632
	104,156		Hudson Pacific Properties		3,630,878
	49,316		Independence Realty Trust, Inc		522,256
	46,851		Industrial Logistics Properties Trust		929,992
	16,015		Innovative Industrial Properties, Inc		1,363,517
	10,916		Investors Real Estate Trust		658,017
	239,828		Invitation Homes, Inc		5,962,124
	196,935		Iron Mountain, Inc		6,396,449
	92,360		iStar Financial, Inc		800,761
	76,650		JBG SMITH Properties		3,261,458
	16,318		Jernigan Capital, Inc		343,820
	29,425		Jones Lang LaSalle, Inc		4,548,222
	96,450		Kennedy-Wilson Holdings, Inc		2,077,533
	66,709		Kilroy Realty Corp		5,130,589
	251,517		Kimco Realty Corp		4,373,881
	60,963		Kite Realty Group Trust		962,606
	57,037		Lamar Advertising Co		4,715,249
	184,776		Lexington Realty Trust		1,675,918
	96,399		Liberty Property Trust		4,785,246
	34,541		Life Storage, Inc		3,291,412
	35,739		LTC Properties, Inc		1,610,399
	91,730		Macerich Co		3,682,042
	77,091		Mack-Cali Realty Corp		1,794,679
	24,749	*	Marcus & Millichap, Inc		1,066,682
	7,087	*	Maui Land & Pineapple Co, Inc		84,831
	19,339		MedEquities Realty Trust, Inc		207,121
	217,980		Medical Properties Trust, Inc		3,805,931
	77,405		Mid-America Apartment Communities, Inc		8,468,881
	80,044		Monmouth Real Estate Investment Corp (Class A)		1,099,805
	32,229		National Health Investors, Inc		2,431,033
	98,075		National Retail Properties, Inc		5,160,707
	42,965		National Storage Affiliates Trust		1,257,156
	57,756		New Senior Investment Group, Inc		322,856
	89,029		Newmark Group, Inc		758,527
	14,802		NexPoint Residential Trust, Inc		554,927
	40,723		NorthStar Realty Europe Corp		726,091
	47,345		Office Properties Income Trust		1,284,943
	132,053		Omega Healthcare Investors, Inc		4,673,356
	10,117		One Liberty Properties, Inc		286,311
	111,264		Outfront Media, Inc		2,651,421
	117,210		Paramount Group, Inc		1,698,373
	137,551		Park Hotels & Resorts, Inc		4,412,636
	79,729		Pebblebrook Hotel Trust		2,595,976
	49,406		Pennsylvania REIT		297,424

185

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	132,603		Physicians Realty Trust	$	2,394,810
	89,709		Piedmont Office Realty Trust, Inc		1,867,741
	50,818		Potlatch Corp		1,964,624
	30,956		Preferred Apartment Communities, Inc		484,152
	441,122		Prologis, Inc		33,820,824
	15,469		PS Business Parks, Inc		2,376,348
	104,540		Public Storage, Inc		23,122,157
	41,639		QTS Realty Trust, Inc		1,888,329
	97,923		Rayonier, Inc		3,112,972
	10,920		Re/Max Holdings, Inc		473,164
	82,223	e	Realogy Holdings Corp		1,070,543
	199,213		Realty Income Corp		13,946,902
	76,738	*,e	Redfin Corp		1,586,942
	102,779		Regency Centers Corp		6,903,665
	95,856		Retail Opportunities Investment Corp		1,682,273
	131,127		Retail Properties of America, Inc		1,611,551
	10,206		Retail Value, Inc		341,901
	62,098		Rexford Industrial Realty, Inc		2,352,893
	106,354		RLJ Lodging Trust		1,957,977
	4,669		RMR Group, Inc		270,055
	62,294		RPT Realty		755,626
	27,079		Ryman Hospitality Properties		2,155,488
	108,112		Sabra Healthcare REIT, Inc		2,114,671
	8,645		Safehold, Inc		218,113
	9,881		Saul Centers, Inc		527,151
	77,882	*	SBA Communications Corp		15,866,900
	165,930		Senior Housing Properties Trust		1,332,418
	19,802		Seritage Growth Properties		882,971
	213,329		Simon Property Group, Inc		37,055,247
	144,383		SITE Centers Corp		1,911,631
	56,895		SL Green Realty Corp		5,026,104
	27,628		Spirit MTA REIT		186,213
	55,255		Spirit Realty Capital, Inc		2,235,617
	29,309	*	St. Joe Co		499,425
	54,001		STAG Industrial, Inc		1,554,149
	123,055		STORE Capital Corp		4,100,193
	2,867	*	Stratus Properties, Inc		76,778
	95,676		Summit Hotel Properties, Inc		1,110,798
	57,754		Sun Communities, Inc		7,108,362
	161,576		Sunstone Hotel Investors, Inc		2,326,694
	53,470		Tanger Factory Outlet Centers, Inc		965,668
	36,609		Taubman Centers, Inc		1,804,824
	11,544	*	Tejon Ranch Co		199,134
	45,258		Terreno Realty Corp		2,020,770
	51,658		Tier REIT, Inc		1,463,988
	8,703	*	Trinity Place Holdings, Inc		34,116
	187,829		UDR, Inc		8,442,914
	29,663		UMH Properties, Inc		416,765
	134,012		Uniti Group, Inc		1,472,792
	7,479		Universal Health Realty Income Trust		605,949
	84,805		Urban Edge Properties		1,574,829
	25,939		Urstadt Biddle Properties, Inc (Class A)		568,842
	249,014		Ventas, Inc		15,217,246

186

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	584,223		VEREIT, Inc	$	4,825,682
	297,744		VICI Properties, Inc		6,788,563
	119,965		Vornado Realty Trust		8,294,380
	124,944		Washington Prime Group, Inc		556,001
	62,434		Washington REIT		1,763,136
	88,530		Weingarten Realty Investors		2,562,058
	252,017		Welltower, Inc		18,782,827
	503,739		Weyerhaeuser Co		13,500,205
	22,948	*	Whitestone REIT		294,423
	112,483		WP Carey, Inc		8,922,152
	83,110		Xenia Hotels & Resorts, Inc		1,799,332
			TOTAL REAL ESTATE		801,462,595
RETAILING - 6.1%
	15,888	*	1-800-FLOWERS.COM, Inc (Class A)		338,256
	54,562		Aaron’s, Inc		3,038,558
	48,761		Abercrombie & Fitch Co (Class A)		1,457,466
	48,847		Advance Auto Parts, Inc		8,124,233
	288,142	*	Amazon.com, Inc		555,111,326
	103,945		American Eagle Outfitters, Inc		2,471,812
	4,482	*	America’s Car-Mart, Inc		443,942
	10,925	*	Asbury Automotive Group, Inc		875,966
	83,824	*,e	Ascena Retail Group, Inc		99,751
	25,965	*,e	At Home Group, Inc		609,918
	49,168	*	Autonation, Inc		2,061,614
	17,399	*	AutoZone, Inc		17,891,566
	22,973	*	Barnes & Noble Education, Inc		98,784
	42,052		Barnes & Noble, Inc		211,522
	86,549	e	Bed Bath & Beyond, Inc		1,446,234
	160,926		Best Buy Co, Inc		11,974,504
	14,002	e	Big 5 Sporting Goods Corp		36,825
	25,783		Big Lots, Inc		958,096
	90,864	*	BJ’s Wholesale Club Holdings, Inc		2,575,994
	32,329	*	Booking Holdings, Inc		59,969,972
	32,807	*	Boot Barn Holdings, Inc		944,514
	20,052	e	Buckle, Inc		370,561
	43,906	*	Burlington Stores, Inc		7,416,162
	42,483		Caleres, Inc		1,114,329
	59,924	e	Camping World Holdings, Inc		894,066
	117,481	*	CarMax, Inc		9,147,071
	28,331	*,e	Carvana Co		2,027,366
	14,638		Cato Corp (Class A)		221,912
	90,009		Chico’s FAS, Inc		315,031
	10,893	e	Children’s Place Retail Stores, Inc		1,228,948
	9,236		Citi Trends, Inc		170,958
	14,808	*	Conn’s, Inc		383,083
	9,713	*	Container Store Group, Inc		83,920
	30,828		Core-Mark Holding Co, Inc		1,120,598
	45,022		Designer Brands, Inc		1,001,740
	49,667		Dick’s Sporting Goods, Inc		1,837,679
	8,843	e	Dillard’s, Inc (Class A)		605,303
	185,862		Dollar General Corp		23,435,340

187

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	162,972	*	Dollar Tree, Inc	$	18,135,524
	5,673	*,e	Duluth Holdings, Inc		90,314
	622,500		eBay, Inc		24,121,875
	82,184	*	Etsy, Inc		5,550,707
	83,174		Expedia, Inc		10,799,312
	140,131	*	Express Parent LLC		515,682
	38,459	*	Five Below, Inc		5,630,013
	47,306	*	Floor & Decor Holdings, Inc		2,271,634
	81,537		Foot Locker, Inc		4,664,732
	6,374	*,e	Funko, Inc		126,396
	4,919	*,e	Gaia, Inc		52,043
	64,186	e	GameStop Corp (Class A)		555,209
	142,651		Gap, Inc		3,720,338
	16,380	*	Genesco, Inc		733,988
	100,382		Genuine Parts Co		10,293,170
	55,208	*,e	GNC Holdings, Inc		122,562
	21,392		Group 1 Automotive, Inc		1,675,208
	271,727	*	Groupon, Inc		956,479
	62,706	*	GrubHub, Inc		4,188,134
	34,631		Guess?, Inc		705,433
	9,919		Haverty Furniture Cos, Inc		236,271
	15,548	*	Hibbett Sports, Inc		321,844
	792,994		Home Depot, Inc		161,532,878
	21,193	*	Hudson Ltd		325,101
	8,559		J. Jill, Inc		48,016
	555,733	*,e	JC Penney Co, Inc		761,354
	9,351	*	Kirkland’s, Inc		54,984
	106,848		Kohl’s Corp		7,596,893
	156,181		L Brands, Inc		4,004,481
	8,312	*	Lands’ End, Inc		145,543
	6,857	*	Leaf Group Ltd		57,530
	34,146	*	Liberty Expedia Holdings, Inc		1,585,057
	10,204	*	Liquidity Services, Inc		69,285
	14,730		Lithia Motors, Inc (Class A)		1,672,150
	215,970	*	LKQ Corp		6,500,697
	560,458		Lowe’s Companies, Inc		63,410,218
	64,637	*,e	Lumber Liquidators, Inc		854,501
	203,762		Macy’s, Inc		4,796,557
	15,024	*	MarineMax, Inc		259,765
	67,268	*	Michaels Cos, Inc		756,092
	18,048		Monro Muffler, Inc		1,512,964
	19,492	*	Murphy USA, Inc		1,665,981
	37,310	*	National Vision Holdings, Inc		1,007,370
	77,380		Nordstrom, Inc		3,174,128
	347,385		Office Depot, Inc		833,724
	35,943	*	Ollie’s Bargain Outlet Holdings, Inc		3,437,589
	52,781	*	O’Reilly Automotive, Inc		19,981,303
	16,960	*,e	Overstock.com, Inc		223,533
	76,470	*	Party City Holdco, Inc		512,349
	23,554		Penske Auto Group, Inc		1,081,600
	11,452	e	PetMed Express, Inc		250,226
	30,130		Pool Corp		5,536,086
	52,342	*	Quotient Technology, Inc		486,257

188

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	279,428	*	Qurate Retail Group, Inc QVC Group	$	4,764,247
	26,745	*	Rent-A-Center, Inc		666,753
	15,814	*,e	RH		1,687,512
	252,374		Ross Stores, Inc		24,646,845
	74,929	*	Sally Beauty Holdings, Inc		1,326,243
	8,376	e	Shoe Carnival, Inc		298,688
	20,933	*	Shutterfly, Inc		917,493
	21,178		Shutterstock, Inc		856,650
	38,052		Signet Jewelers Ltd		882,045
	23,483	*	Sleep Number Corp		817,208
	15,333		Sonic Automotive, Inc (Class A)		310,187
	23,407	*	Sportsman’s Warehouse Holdings, Inc		104,395
	11,411	*	Stamps.com, Inc		979,064
	103,207		Tailored Brands, Inc		841,137
	367,939		Target Corp		28,485,837
	82,690		Tiffany & Co		8,915,636
	21,738		Tile Shop Holdings, Inc		105,647
	9,156		Tilly’s, Inc		107,675
	869,370		TJX Companies, Inc		47,711,026
	85,931		Tractor Supply Co		8,893,859
	38,437	*	Ulta Beauty, Inc		13,413,744
	50,531	*	Urban Outfitters, Inc		1,502,287
	39,670	*,e	Wayfair, Inc		6,432,491
	2,435		Weyco Group, Inc		83,545
	49,891	e	Williams-Sonoma, Inc		2,852,268
	1,299		Winmark Corp		239,730
	17,443	*	Zumiez, Inc		464,507
			TOTAL RETAILING		1,270,022,719
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.9%
	16,936	*	Acacia Communications, Inc		980,256
	30,553	*	Advanced Energy Industries, Inc		1,764,741
	649,183	*	Advanced Micro Devices, Inc		17,936,926
	9,141	*	Alpha & Omega Semiconductor Ltd		113,348
	18,560	*	Ambarella, Inc		930,227
	59,444	*	Amkor Technology, Inc		538,563
	257,127		Analog Devices, Inc		29,888,442
	665,456		Applied Materials, Inc		29,326,646
	15,750	*	Aquantia Corp		149,782
	17,700	*	Axcelis Technologies, Inc		376,833
	23,342	*	AXT, Inc		133,049
	284,348		Broadcom, Inc		90,536,403
	56,349		Brooks Automation, Inc		2,113,651
	23,382		Cabot Microelectronics Corp		2,951,977
	12,815	*	Ceva, Inc		322,810
	37,057	*	Cirrus Logic, Inc		1,763,172
	22,179		Cohu, Inc		328,915
	68,378	*	Cree, Inc		4,519,102
	221,843		Cypress Semiconductor Corp		3,811,263
	22,673	*	Diodes, Inc		825,751
	101,674		Entegris, Inc		4,154,400
	61,203	*	First Solar, Inc		3,765,821

189

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	40,922	*	Formfactor, Inc	$	775,472
	16,831	*,e	Ichor Holdings Ltd		423,805
	10,555	*,e	Impinj, Inc		308,945
	39,278	*	Inphi Corp		1,793,433
	3,161,009		Intel Corp		161,337,899
	112,522		Kla-Tencor Corp		14,344,304
	34,341	*,e	Kopin Corp		42,926
	105,435		Lam Research Corp		21,870,382
	76,242	*	Lattice Semiconductor Corp		987,334
	45,361	*	MA-COM Technology Solutions		630,064
	388,636		Marvell Technology Group Ltd		9,723,673
	186,383		Maxim Integrated Products, Inc		11,182,980
	66,980	*	MaxLinear, Inc		1,802,432
	158,019	e	Microchip Technology, Inc		15,784,518
	778,783	*	Micron Technology, Inc		32,755,613
	35,526		MKS Instruments, Inc		3,233,221
	29,070		Monolithic Power Systems, Inc		4,526,490
	14,183	*	Nanometrics, Inc		422,512
	21,044	*	NeoPhotonics Corp Ltd		143,730
	2,727		NVE Corp		261,274
	405,808		NVIDIA Corp		73,451,248
	234,582		NXP Semiconductors NV		24,776,551
	289,886	*	ON Semiconductor Corp		6,684,771
	15,059	*	PDF Solutions, Inc		195,466
	38,535	*	Photronics, Inc		359,917
	24,260		Power Integrations, Inc		1,917,025
	85,195	*	Qorvo, Inc		6,441,594
	854,475		QUALCOMM, Inc		73,595,932
	61,082	*	Rambus, Inc		700,000
	42,611	*	Rudolph Technologies, Inc		1,030,760
	41,605	*	Semtech Corp		2,241,261
	32,357	*	Silicon Laboratories, Inc		3,483,555
	120,207		Skyworks Solutions, Inc		10,599,853
	12,865	*	SMART Global Holdings, Inc		279,685
	38,260	*,e	SunPower Corp		276,237
	128,511		Teradyne, Inc		6,297,039
	679,709		Texas Instruments, Inc		80,090,112
	25,939	*	Ultra Clean Holdings		310,490
	31,041		Universal Display Corp		4,954,144
	26,815	*	Veeco Instruments, Inc		326,607
	75,196		Versum Materials, Inc		3,923,727
	175,949		Xilinx, Inc		21,138,513
	27,806		Xperi Corp		690,979
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		803,348,551
SOFTWARE & SERVICES - 12.1%
	33,444	*	2U, Inc		2,023,362
	76,541	*	8x8, Inc		1,830,861
	40,700	*	A10 Networks, Inc		262,922
	454,967		Accenture plc		83,108,822
	84,722	*	ACI Worldwide, Inc		3,009,325
	345,355	*	Adobe, Inc		99,893,934
	112,348	*	Akamai Technologies, Inc		8,994,581

190

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	18,826	*	Alarm.com Holdings, Inc	$	1,334,387
	30,887		Alliance Data Systems Corp		4,945,009
	28,629	*	Altair Engineering, Inc		1,129,128
	17,421	*,e	Alteryx, Inc		1,544,197
	14,309	*	Amber Road, Inc		129,353
	102,488		Amdocs Ltd		5,645,039
	14,904	*	American Software, Inc (Class A)		193,007
	13,212	*	Anaplan, Inc		520,156
	57,411	*	Ansys, Inc		11,241,074
	9,050	*	Appfolio, Inc		878,845
	49,808	*	Aspen Technology, Inc		6,072,093
	68,678	*	Atlassian Corp plc		7,564,882
	154,833	*	Autodesk, Inc		27,592,789
	306,566		Automatic Data Processing, Inc		50,396,385
	18,100	*	Avalara, Inc		1,065,547
	64,333	*	Avaya Holdings Corp		1,227,474
	25,085	*	Benefitfocus, Inc		1,021,712
	98,423	*	Black Knight, Inc		5,553,026
	36,980		Blackbaud, Inc		2,932,144
	20,958	*	Blackline, Inc		1,070,535
	94,144		Booz Allen Hamilton Holding Co		5,581,798
	23,476	*	Bottomline Technologies, Inc		1,187,181
	78,650	*	Box, Inc		1,621,763
	13,536	*	Brightcove, Inc		135,766
	79,040		Broadridge Financial Solutions, Inc		9,336,995
	17,412	*	CACI International, Inc (Class A)		3,394,295
	195,827	*	Cadence Design Systems, Inc		13,586,477
	25,448	*	Carbon Black, Inc		349,656
	19,220	*	Carbonite, Inc		471,467
	25,453	*	Cardtronics plc		910,199
	8,563		Cass Information Systems, Inc		422,413
	94,005		CDK Global, Inc		5,670,382
	39,097	*	Ceridian HCM Holding, Inc		2,078,006
	17,671	*	ChannelAdvisor Corp		207,634
	75,672	*	Cision Ltd		912,604
	90,690		Citrix Systems, Inc		9,156,062
	140,706	*	Cloudera, Inc		1,566,058
	401,619		Cognizant Technology Solutions Corp (Class A)		29,302,122
	25,341	*	Commvault Systems, Inc		1,332,937
	133,288	*	Conduent, Inc		1,710,085
	41,169	*	Cornerstone OnDemand, Inc		2,249,886
	37,085	*	Coupa Software, Inc		3,831,993
	19,069		CSG Systems International, Inc		851,431
	5,864	*,e	Digimarc Corp		174,689
	58,052	*	DocuSign, Inc		3,289,807
	20,558	*	Domo, Inc		787,577
	191,130		DXC Technology Co		12,564,886
	13,427	e	Ebix, Inc		677,795
	5,684	*	Elastic NV		486,266
	34,278	*	Endurance International Group Holdings, Inc		189,557
	33,748	*	Envestnet, Inc		2,395,771
	32,994	*	EPAM Systems, Inc		5,917,804

191

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	33,385	*	Euronet Worldwide, Inc	$	5,004,078
	16,195	*	Everbridge, Inc		1,196,649
	34,281	*	Everi Holdings, Inc		352,751
	57,131		EVERTEC, Inc		1,788,772
	8,619	*	Evo Payments, Inc		256,070
	29,433	*	Exela Technologies, Inc		96,835
	24,176	*	ExlService Holdings, Inc		1,436,054
	20,093	*	Fair Isaac Corp		5,621,017
	222,605		Fidelity National Information Services, Inc		25,806,598
	116,894	*	FireEye, Inc		1,872,642
	63,661	*	First American Corp		2,585,273
	388,246	*	First Data Corp		10,040,042
	272,479	*	Fiserv, Inc		23,771,068
	34,525	*	Five9, Inc		1,832,242
	60,882	*	FleetCor Technologies, Inc		15,887,158
	36,158	*	ForeScout Technologies, Inc		1,520,082
	95,945	*	Fortinet, Inc		8,963,182
	61,636	*	Gartner, Inc		9,798,275
	105,845		Genpact Ltd		3,842,173
	107,813		Global Payments, Inc		15,748,245
	116,646	*	GoDaddy, Inc		9,506,649
	26,025	*,e	GTT Communications, Inc		1,091,749
	56,446	*	Guidewire Software, Inc		6,011,499
	15,357		Hackett Group, Inc		235,730
	22,426	*	HubSpot, Inc		4,137,373
	15,736	*	Information Services Group, Inc		56,020
	19,196	*	Instructure, Inc		826,964
	11,058	*,e	Internap Corp		43,569
	642,773		International Business Machines Corp		90,161,769
	173,957		Intuit, Inc		43,673,644
	35,144		j2 Global, Inc		3,079,317
	51,746		Jack Henry & Associates, Inc		7,713,259
	97,588		Leidos Holdings, Inc		7,170,766
	74,415	*	Limelight Networks, Inc		221,013
	32,150	*	Liveperson, Inc		942,959
	55,670	*	LiveRamp Holdings, Inc		3,247,231
	34,160		LogMeIn, Inc		2,814,784
	51,717	*	Manhattan Associates, Inc		3,488,312
	14,447		Mantech International Corp (Class A)		895,570
	640,878		MasterCard, Inc (Class A)		162,936,823
	44,074		MAXIMUS, Inc		3,246,050
	5,318,479		Microsoft Corp		694,593,357
	8,153	*	MicroStrategy, Inc (Class A)		1,220,504
	17,383	*	Mitek Systems, Inc		206,858
	31,573	*	MobileIron, Inc		187,228
	16,849	*	Model N, Inc		312,380
	18,561	*	MoneyGram International, Inc		61,437
	24,124		Monotype Imaging Holdings, Inc		415,898
	27,386	*	New Relic, Inc		2,882,103
	36,835		NIC, Inc		635,772
	207,856	*	Nuance Communications, Inc		3,498,216
	100,757	*	Nutanix, Inc		4,351,695
	60,376	*	Okta, Inc		6,280,915

192

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	16,134	*	OneSpan, Inc	$	299,124
	1,698,499		Oracle Corp		93,977,949
	63,971	*	Palo Alto Networks, Inc		15,917,904
	3,662	*	Park City Group, Inc		28,307
	225,124		Paychex, Inc		18,980,204
	32,953	*	Paycom Software, Inc		6,673,971
	23,446	*	Paylocity Holding Corp		2,263,711
	822,486	*	PayPal Holdings, Inc		92,751,746
	30,123		Pegasystems, Inc		2,259,526
	20,483	*	Perficient, Inc		603,020
	115,944		Perspecta, Inc		2,675,988
	34,087	*	Pluralsight, Inc		1,209,748
	12,502		Presidio, Inc		187,780
	28,372		Progress Software Corp		1,294,047
	35,990	*	Proofpoint, Inc		4,513,866
	20,975	*	PROS Holdings, Inc		1,074,759
	78,080	*	PTC, Inc		7,063,898
	22,429	*	Q2 Holdings, Inc		1,691,595
	5,378		QAD, Inc (Class A)		252,067
	20,782	*	Qualys, Inc		1,875,783
	22,181	*	Rapid7, Inc		1,205,316
	43,130	*	RealPage, Inc		2,812,507
	123,789	*	Red Hat, Inc		22,595,206
	47,466	*	RingCentral, Inc		5,523,618
	183,807		Sabre Corp		3,815,833
	42,569	*	SailPoint Technologies Holding, Inc		1,203,000
	507,540	*	salesforce.com, Inc		83,921,739
	37,583		Science Applications International Corp		2,816,846
	2,934	*,e	SecureWorks Corp		56,978
	123,570	*	ServiceNow, Inc		33,550,491
	42,610	*	ServiceSource International LLC		45,167
	4,538	*,e	ShotSpotter, Inc		239,153
	44,684	*	SolarWinds Corp		873,572
	98,933	*	Splunk, Inc		13,656,711
	15,071	*	SPS Commerce, Inc		1,563,466
	203,141	*	Square, Inc		14,792,728
	147,937		SS&C Technologies Holdings, Inc		10,009,417
	35,498	*	SVMK, Inc		635,414
	14,772		Switch, Inc		160,572
	22,488	*	Sykes Enterprises, Inc		624,042
	433,525		Symantec Corp		10,495,640
	100,842	*	Synopsys, Inc		12,209,949
	49,404	*	Tableau Software, Inc		6,017,901
	16,825	*	TeleNav, Inc		104,820
	18,948	*	Tenable Holdings, Inc		680,233
	85,362	*	Teradata Corp		3,881,410
	68,861		TiVo Corp		645,228
	122,825		Total System Services, Inc		12,557,628
	24,689	*	Trade Desk, Inc		5,468,120
	105,311		Travelport Worldwide Ltd		1,651,276
	7,628		TTEC Holdings, Inc		278,117
	4,944	*,e	Tucows, Inc		436,011

193

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	60,303	*	Twilio, Inc	$	8,269,953
	24,839	*	Tyler Technologies, Inc		5,760,412
	20,442	*	Ultimate Software Group, Inc		6,759,147
	31,505	*,e	Unisys Corp		353,171
	9,654	*	Upland Software, Inc		448,814
	17,050	*	Varonis Systems, Inc		1,213,107
	47,704	*	Verint Systems, Inc		2,880,845
	70,211	*	VeriSign, Inc		13,863,162
	1,559	*,e	Veritone, Inc		9,650
	29,371	*,e	VirnetX Holding Corp		187,387
	15,336	*	Virtusa Corp		851,915
	1,240,472		Visa, Inc (Class A)		203,970,811
	49,648		VMware, Inc (Class A)		10,134,646
	312,197		Western Union Co		6,069,110
	28,556	*	WEX, Inc		6,005,327
	101,584	*	Workday, Inc		20,888,718
	29,314	*	Workiva, Inc		1,557,746
	209,804	*	Worldpay, Inc		24,591,127
	77,806	*	Yext, Inc		1,704,729
	72,298	*	Zendesk, Inc		6,346,318
	22,508	*	Zix Corp		183,440
	50,740	*	Zscaler, Inc		3,466,049
			TOTAL SOFTWARE & SERVICES		2,492,737,256
TECHNOLOGY HARDWARE & EQUIPMENT - 5.6%
	92,051	*,e	3D Systems Corp		979,423
	27,636		Adtran, Inc		473,681
	25,139	*	Aerohive Networks, Inc		84,970
	5,425	*	Agilysys, Inc		103,780
	211,114		Amphenol Corp (Class A)		21,018,510
	16,589	*	Anixter International, Inc		1,042,950
	3,329,165		Apple, Inc		668,063,541
	28,619	*,e	Applied Optoelectronics, Inc		358,310
	39,736	*	Arista Networks, Inc		12,409,155
	166,136	*	Arlo Technologies, Inc		659,560
	60,939	*	Arrow Electronics, Inc		5,149,955
	22,479	*	Avid Technology, Inc		170,840
	71,222		Avnet, Inc		3,462,101
	37,633		AVX Corp		613,794
	24,060		Badger Meter, Inc		1,334,849
	5,805		Bel Fuse, Inc (Class B)		137,578
	23,710		Belden CDT, Inc		1,317,091
	47,299		Benchmark Electronics, Inc		1,278,492
	21,160	*	CalAmp Corp		309,148
	29,260	*	Calix, Inc		200,431
	33,788	*	Casa Systems, Inc		324,027
	101,315		CDW Corp		10,698,864
	97,225	*	Ciena Corp		3,729,551
	3,189,709		Cisco Systems, Inc		178,464,219
	4,561	*	Clearfield, Inc		67,229
	115,009		Cognex Corp		5,799,904
	18,086	*	Coherent, Inc		2,676,909
	122,253	*	CommScope Holding Co, Inc		3,029,429

194

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	13,332		Comtech Telecommunications Corp	$	313,702
	13,838	*	Control4 Corp		240,920
	552,600		Corning, Inc		17,600,310
	22,839	*	Cray, Inc		599,752
	19,009		CTS Corp		569,320
	19,750		Daktronics, Inc		149,705
	109,862	*	Dell Technologies, Inc		7,405,797
	59,746	*	Diebold, Inc		602,837
	10,072	*	Digi International, Inc		129,627
	43,923		Dolby Laboratories, Inc (Class A)		2,841,379
	11,797	*,e	Eastman Kodak Co		29,021
	30,498	*	EchoStar Corp (Class A)		1,215,345
	26,334	*	Electronics for Imaging, Inc		979,361
	7,496	*	ePlus, Inc		706,798
	75,046	*	Extreme Networks, Inc		600,368
	42,152	*	F5 Networks, Inc		6,613,649
	22,258	*	Fabrinet		1,347,054
	9,437	*	FARO Technologies, Inc		530,831
	88,061	*	Finisar Corp		2,123,151
	203,198	*	Fitbit, Inc		1,072,885
	89,130		Flir Systems, Inc		4,718,542
	46,648	*	Harmonic, Inc		264,028
	1,011,650		Hewlett Packard Enterprise Co		15,994,187
	1,093,445		HP, Inc		21,814,228
	46,524	*	II-VI, Inc		1,853,516
	19,344	*	Immersion Corp		182,801
	208,469	*	Infinera Corp		904,755
	20,624	*	Insight Enterprises, Inc		1,166,906
	27,167		InterDigital, Inc		1,776,450
	23,238	*	IPG Photonics Corp		4,060,376
	13,759	*	Iteris, Inc		59,714
	19,770	*	Itron, Inc		1,060,858
	99,082		Jabil Circuit, Inc		2,993,267
	241,115		Juniper Networks, Inc		6,695,764
	32,515		Kemet Corp		581,043
	127,678	*	Keysight Technologies, Inc		11,111,816
	14,394	*	Kimball Electronics, Inc		217,781
	49,539	*	Knowles Corp		935,296
	5,791	*	KVH Industries, Inc		56,752
	14,714		Littelfuse, Inc		2,958,250
	57,764	*	Lumentum Holdings, Inc		3,579,635
	15,617	*,e	Maxwell Technologies, Inc		68,559
	1,906		Mesa Laboratories, Inc		451,131
	20,788		Methode Electronics, Inc		613,454
	113,168		Motorola Solutions, Inc		16,399,175
	9,718		MTS Systems Corp		534,296
	5,930	*	Napco Security Technologies, Inc		146,945
	74,233		National Instruments Corp		3,496,374
	84,339	*	NCR Corp		2,441,614
	176,129		NetApp, Inc		12,830,998
	18,154	*	Netgear, Inc		563,319
	49,960	*	Netscout Systems, Inc		1,468,824

195

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	12,070	*	nLight, Inc	$	315,389
	26,217	*	Novanta, Inc		2,281,403
	9,709	*	OSI Systems, Inc		875,072
	8,426	*,e	PAR Technology Corp		199,780
	17,810		Park Electrochemical Corp		292,975
	5,105		PC Connection, Inc		189,702
	19,541		Plantronics, Inc		1,005,971
	26,786	*	Plexus Corp		1,611,981
	102,101	*	Pure Storage, Inc		2,334,029
	20,813	*	Quantenna Communications, Inc		506,797
	26,337	*	Ribbon Communications, Inc		141,166
	14,957	*	Rogers Corp		2,505,597
	43,947	*	Sanmina Corp		1,490,682
	14,787	*	Scansource, Inc		556,731
	29,338	*	Stratasys Ltd		682,108
	33,660	*	Synaptics, Inc		1,267,972
	30,708		SYNNEX Corp		3,312,779
	23,188	*	Tech Data Corp		2,472,073
	177,848	*	Trimble Navigation Ltd		7,259,755
	52,051	*	TTM Technologies, Inc		689,155
	12,448		Ubiquiti Networks, Inc		2,121,762
	26,214	*,e	USA Technologies, Inc		148,633
	39,316	*	Viasat, Inc		3,570,679
	179,207	*	Viavi Solutions, Inc		2,383,453
	80,519		Vishay Intertechnology, Inc		1,595,081
	6,505	*	Vishay Precision Group, Inc		246,344
	197,265		Western Digital Corp		10,084,187
	149,088		Xerox Corp		4,973,576
	36,541	*	Zebra Technologies Corp (Class A)		7,715,267
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		1,154,460,856
TELECOMMUNICATION SERVICES - 1.8%
	5,099,712		AT&T, Inc		157,887,084
	5,617		ATN International, Inc		342,918
	47,700	*	Boingo Wireless, Inc		1,084,698
	653,110		CenturyLink, Inc		7,458,516
	31,358	*	Cincinnati Bell, Inc		279,086
	27,208		Cogent Communications Group, Inc		1,502,698
	38,093	e	Consolidated Communications Holdings, Inc		196,560
	66,952	*,e	Frontier Communications Corp		190,813
	45,025	*,e	Gogo, Inc		236,832
	52,496	*,e	Intelsat S.A.		1,062,519
	80,615	*	Iridium Communications, Inc		2,213,688
	57,099	*	NII Holdings, Inc		111,914
	9,912	*	Ooma, Inc		133,713
	50,663	*	Orbcomm, Inc		366,800
	5,260	*	pdvWireless, Inc		209,348
	26,204		Shenandoah Telecom Co		1,083,011
	13,824		Spok Holdings, Inc		191,462
	402,004	*	Sprint Corp		2,243,182
	72,628		Telephone & Data Systems, Inc		2,315,381
	214,512	*	T-Mobile US, Inc		15,657,231
	8,691	*	US Cellular Corp		418,037

196

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	2,900,300		Verizon Communications, Inc	$	165,868,157
	194,410	*	Vonage Holdings Corp		1,889,665
	161,054	*	Zayo Group Holdings, Inc		5,039,380
			TOTAL TELECOMMUNICATION SERVICES		367,982,693
TRANSPORTATION - 2.0%
	33,348	*	Air Transport Services Group, Inc		784,678
	80,158		Alaska Air Group, Inc		4,961,780
	12,997		Allegiant Travel Co		1,908,999
	5,941		Amerco, Inc		2,217,003
	286,641		American Airlines Group, Inc		9,797,389
	19,628		Arkansas Best Corp		599,832
	24,854	*	Atlas Air Worldwide Holdings, Inc		1,200,200
	43,060	*	Avis Budget Group, Inc		1,530,783
	94,450		CH Robinson Worldwide, Inc		7,650,450
	26,011		Copa Holdings S.A. (Class A)		2,165,676
	32,803		Costamare, Inc		198,130
	7,137	*	Covenant Transportation Group, Inc		139,386
	544,628		CSX Corp		43,368,728
	14,049	*	Daseke, Inc		72,493
	450,611		Delta Air Lines, Inc		26,266,115
	22,066	*	Eagle Bulk Shipping, Inc		120,260
	15,234	*	Echo Global Logistics, Inc		349,468
	120,860		Expeditors International of Washington, Inc		9,598,701
	168,898		FedEx Corp		31,999,415
	16,557		Forward Air Corp		1,048,389
	5,547	*	Genco Shipping & Trading Ltd		56,025
	41,770	*	Genesee & Wyoming, Inc (Class A)		3,702,910
	30,733		Hawaiian Holdings, Inc		866,978
	32,998		Heartland Express, Inc		649,401
	37,917	*	Hertz Global Holdings, Inc		689,331
	18,642	*	Hub Group, Inc (Class A)		774,948
	59,730		JB Hunt Transport Services, Inc		5,643,290
	224,244	*	JetBlue Airways Corp		4,159,726
	70,861		Kansas City Southern Industries, Inc		8,725,824
	37,362	*	Kirby Corp		3,053,223
	83,181		Knight-Swift Transportation Holdings, Inc		2,774,086
	25,429		Landstar System, Inc		2,770,744
	45,827		Macquarie Infrastructure Co LLC		1,856,452
	21,744		Marten Transport Ltd		430,096
	38,795		Matson, Inc		1,536,670
	185,331		Norfolk Southern Corp		37,811,231
	44,310		Old Dominion Freight Line		6,614,597
	4,793		Park-Ohio Holdings Corp		175,568
	26,098	*	Radiant Logistics, Inc		170,681
	41,932		Ryder System, Inc		2,641,716
	33,901	*	Safe Bulkers, Inc		60,683
	23,550	*	Saia, Inc		1,516,384
	22,987		Schneider National, Inc		480,428
	34,522		Scorpio Bulkers, Inc		185,728
	31,683		Skywest, Inc		1,951,356
	354,602		Southwest Airlines Co		19,230,066

197

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	49,971	*	Spirit Airlines, Inc	$	2,717,423
	506,205		Union Pacific Corp		89,618,533
	168,204	*	United Continental Holdings, Inc		14,946,607
	485,514		United Parcel Service, Inc (Class B)		51,571,297
	2,477		Universal Truckload Services, Inc		60,488
	10,589	*	US Xpress Enterprises, Inc		71,370
	27,497		Werner Enterprises, Inc		921,150
	90,020	*,e	XPO Logistics, Inc		6,128,562
	29,117	*	YRC Worldwide, Inc		198,287
			TOTAL TRANSPORTATION		420,739,734
UTILITIES - 3.1%
	425,946		AES Corp		7,292,195
	36,048		Allete, Inc		2,936,110
	163,512		Alliant Energy Corp		7,722,672
	171,104		Ameren Corp		12,451,238
	347,993		American Electric Power Co, Inc		29,770,801
	29,906		American States Water Co		2,128,410
	121,979		American Water Works Co, Inc		13,196,908
	134,950		Aqua America, Inc		5,271,147
	8,406	*	AquaVenture Holdings Ltd		163,497
	4,175		Artesian Resources Corp		151,469
	78,190	*,e	Atlantic Power Corp		180,619
	79,109		Atmos Energy Corp		8,096,015
	46,455		Avangrid, Inc		2,378,960
	52,011		Avista Corp		2,243,754
	39,974		Black Hills Corp		2,908,508
	11,214	*,e	Cadiz, Inc		114,831
	38,876		California Water Service Group		1,958,962
	329,966		Centerpoint Energy, Inc		10,228,946
	9,211		Chesapeake Utilities Corp		853,307
	19,052		Clearway Energy, Inc (Class A)		292,829
	37,582		Clearway Energy, Inc (Class C)		596,426
	196,883		CMS Energy Corp		10,936,851
	7,251		Connecticut Water Service, Inc		497,201
	218,750		Consolidated Edison, Inc		18,847,500
	5,918		Consolidated Water Co, Inc		74,922
	534,129		Dominion Resources, Inc		41,592,625
	126,464		DTE Energy Co		15,897,789
	505,606		Duke Energy Corp		46,070,819
	223,045		Edison International		14,223,580
	32,103		El Paso Electric Co		1,961,814
	125,893		Entergy Corp		12,199,032
	187,105		Evergy, Inc		10,818,411
	224,644		Eversource Energy		16,097,989
	676,862		Exelon Corp		34,486,119
	328,400		FirstEnergy Corp		13,802,652
	5,614		Global Water Resources, Inc		54,736
	79,271		Hawaiian Electric Industries, Inc		3,288,161
	35,770		Idacorp, Inc		3,541,945
	150,466		MDU Resources Group, Inc		3,934,686
	25,821		MGE Energy, Inc		1,750,406
	9,879		Middlesex Water Co		572,883

198

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	56,119		National Fuel Gas Co	$	3,322,806
	59,775		New Jersey Resources Corp		2,993,532
	338,406		NextEra Energy, Inc		65,799,663
	260,888		NiSource, Inc		7,247,469
	24,233		Northwest Natural Holding Co		1,620,945
	38,146		NorthWestern Corp		2,664,498
	193,923		NRG Energy, Inc		7,983,810
	144,852		OGE Energy Corp		6,133,034
	37,812		ONE Gas, Inc		3,347,118
	33,124		Ormat Technologies, Inc		1,933,117
	27,175		Otter Tail Corp		1,394,077
	72,047		Pattern Energy Group, Inc		1,665,727
	253,928	*,b	PG&E Corp		5,718,459
	79,196		Pinnacle West Capital Corp		7,545,003
	57,247		PNM Resources, Inc		2,658,551
	61,884		Portland General Electric Co		3,237,152
	500,422		PPL Corp		15,618,171
	353,093		Public Service Enterprise Group, Inc		21,061,997
	8,678	*	Pure Cycle Corp		87,214
	3,652		RGC Resources, Inc		101,160
	189,987		Sempra Energy		24,308,837
	17,630		SJW Corp		1,094,118
	68,657		South Jersey Industries, Inc		2,205,263
	725,179		Southern Co		38,594,026
	40,004		Southwest Gas Corp		3,327,933
	7,128	e	Spark Energy, Inc		67,431
	35,088		Spire, Inc		2,954,059
	43,814		TerraForm Power, Inc		594,118
	119,271		UGI Corp		6,501,462
	11,971		Unitil Corp		681,270
	276,044		Vistra Energy Corp		7,522,199
	218,056		WEC Energy Group, Inc		17,102,132
	352,495		Xcel Energy, Inc		19,915,967
	7,032		York Water Co		239,299
			TOTAL UTILITIES		648,829,342
			TOTAL COMMON STOCKS		20,643,661,158
			(Cost $12,895,277,656)
RIGHTS / WARRANTS - 0.0%
COMMERCIAL & PROFESSIONAL SERVICES - 0.0%
	57,537	†	Media General, Inc		0
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		0
MATERIALS - 0.0%
	16,652	†	A Schulman, Inc		7,210
	208,358	†	Pan American Silver Corp		46,943
			TOTAL MATERIALS		54,153
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
	1,296	†	Forest Laboratories, Inc CVR		1,231

199

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY					VALUE
	1,988	†	Omthera Pharmaceuticals, Inc					$	1,193
	4,598		Tobira Therapeutics, Inc						276
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						2,700
			TOTAL RIGHTS / WARRANTS						56,853
			(Cost $156,620)
PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 1.1%
GOVERNMENT AGENCY DEBT - 0.2%
$	37,050,000		Federal Home Loan Bank (FHLB)		2.350	%	05/01/19		37,050,000
			TOTAL GOVERNMENT AGENCY DEBT						37,050,000
TREASURY DEBT - 0.2%
	7,090,000		United States Treasury Bill		2.350		05/02/19		7,089,529
	22,950,000		United States Treasury Bill		2.372		05/07/19		22,940,931
	10,250,000		United States Treasury Bill		2.372		05/14/19		10,241,191
			TOTAL TREASURY DEBT						40,271,651
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.7%
	152,699,052	c	State Street Navigator Securities Lending Government Money Market Portfolio						152,699,052
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						152,699,052
			TOTAL SHORT-TERM INVESTMENTS						230,020,703
			(Cost $230,020,748)
			TOTAL INVESTMENTS - 100.9%						20,873,738,714
			(Cost $13,125,455,024)
			OTHER ASSETS & LIABILITIES, NET - (0.9)%						(194,150,914	)
			NET ASSETS - 100.0%					$	20,679,587,800

	Abbreviation(s):
CVR	Contingent Value Right
REIT	Real Estate Investment Trust

*	Non-income producing
†	Security is categorized as Level 3 in the fair value hierarchy.
b	In bankruptcy
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 $146,724,642.

200

TIAA-CREF FUNDS - Equity Index Fund

Futures contracts outstanding as of April 30, 2019 were as follows:

Description	Number of long (short) contracts	Expiration date	Notional amount		Value		Unrealized appreciation (depreciation)
Russell 2000 E Mini Index	31	06/21/19	$	2,470,936	$	2,471,010	$	74
S&P 500 E Mini Index	111	06/21/19		16,312,348		16,364,175		51,827
S&P Mid-Cap 400 E Mini Index	9	06/21/19		1,774,997		1,776,060		1,063
Total	151		$	20,558,281	$	20,611,245	$	52,964

201

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

TIAA-CREF FUNDS

LARGE-CAP GROWTH INDEX FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2019

SHARES			COMPANY	VALUE
COMMON STOCKS - 100.0%
AUTOMOBILES & COMPONENTS - 0.4%
	110,615		Aptiv plc	$	9,479,706
	32,763	*,e	Garrett Motion, Inc		615,945
	86,877		Gentex Corp		2,000,777
	3,219		Lear Corp		460,317
	69,415	*,e	Tesla, Inc		16,568,666
	21,820		Thor Industries, Inc		1,437,283
	11,037	*	Visteon Corp		728,663
			TOTAL AUTOMOBILES & COMPONENTS		31,291,357
BANKS - 0.2%
	5,389		BOK Financial Corp		469,597
	4,603		Comerica, Inc		361,750
	6,531		East West Bancorp, Inc		336,216
	14,569		Pinnacle Financial Partners, Inc		846,022
	15,761		Signature Bank		2,081,555
	20,085	*	SVB Financial Group		5,055,796
	25,644		Synovus Financial Corp		945,238
	17,739	*	Texas Capital Bancshares, Inc		1,148,246
	32,137	*	Western Alliance Bancorp		1,535,506
			TOTAL BANKS		12,779,926
CAPITAL GOODS - 7.9%
	236,291		3M Co		44,779,507
	69,905		A.O. Smith Corp		3,674,906
	7,965		Air Lease Corp		307,130
	38,563		Allegion plc		3,826,606
	59,357		Allison Transmission Holdings, Inc		2,781,469
	22,590		Ametek, Inc		1,991,760
	21,484		Armstrong World Industries, Inc		1,862,018
	270,378		Boeing Co		102,119,067
	49,411		BWX Technologies, Inc		2,524,902
	265,479		Caterpillar, Inc		37,013,082
	26,868		Cummins, Inc		4,467,880
	1,587		Curtiss-Wright Corp		180,823
	161,441		Deere & Co		26,739,473
	60,116		Donaldson Co, Inc		3,218,611
	217,572		Emerson Electric Co		15,445,436
	145,101		Fastenal Co		10,236,875
	135,710		Fortive Corp		11,717,201
	31,504		Fortune Brands Home & Security, Inc		1,662,781
	24,017	*	Gardner Denver Holdings, Inc		810,574
	57,083		General Dynamics Corp		10,201,874
	85,567		Graco, Inc		4,385,309
	59,934		Harris Corp		10,098,879

202

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
	25,672	*	HD Supply Holdings, Inc	$	1,172,954
	19,619		HEICO Corp		2,070,393
	38,254		HEICO Corp (Class A)		3,421,055
	8,727		Hexcel Corp		617,086
	227,993		Honeywell International, Inc		39,586,425
	18,626		Hubbell, Inc		2,376,678
	18,122		Huntington Ingalls		4,033,595
	35,909		IDEX Corp		5,625,504
	166,833		Illinois Tool Works, Inc		25,964,220
	66,260		Ingersoll-Rand plc		8,124,139
	17,057		Lennox International, Inc		4,630,123
	31,283		Lincoln Electric Holdings, Inc		2,730,067
	113,091		Lockheed Martin Corp		37,696,623
	97,880		Masco Corp		3,823,193
	16,068	*	Middleby Corp		2,123,065
	10,031		MSC Industrial Direct Co (Class A)		839,093
	27,086		Nordson Corp		3,953,202
	79,618		Northrop Grumman Corp		23,082,054
	11,056		Parker-Hannifin Corp		2,002,020
	21,023		Quanta Services, Inc		853,534
	145,151		Raytheon Co		25,777,366
	47,071	*	Resideo Technologies, Inc		1,068,512
	60,613		Rockwell Automation, Inc		10,953,375
	9,301		Roper Industries, Inc		3,345,570
	42,702	*	Sensata Technologies Holding plc		2,132,538
	53,735		Spirit Aerosystems Holdings, Inc (Class A)		4,669,571
	19,820		Textron, Inc		1,050,460
	54,112		Toro Co		3,958,293
	24,424		TransDigm Group, Inc		11,785,068
	40,005	*	United Rentals, Inc		5,637,505
	8,000	*	Univar, Inc		178,640
	22,606		W.W. Grainger, Inc		6,374,892
	26,241	*	WABCO Holdings, Inc		3,475,358
	17,046		Wabtec Corp		1,262,597
	13,064		Watsco, Inc		2,070,252
	65,714	*	Welbilt, Inc		1,105,967
	51,590		Xylem, Inc		4,302,606
			TOTAL CAPITAL GOODS		563,919,756
COMMERCIAL & PROFESSIONAL SERVICES - 1.1%
	43,059		Cintas Corp		9,349,831
	103,351	*	Copart, Inc		6,957,589
	17,690	*	CoStar Group, Inc		8,778,662
	16,552		Equifax, Inc		2,084,724
	62,750		KAR Auction Services, Inc		3,544,120
	6,617		Republic Services, Inc		548,020
	58,341		Robert Half International, Inc		3,622,393
	75,777		Rollins, Inc		2,930,297
	92,748		TransUnion		6,459,898
	80,918		Verisk Analytics, Inc		11,420,767
	181,085		Waste Management, Inc		19,437,664
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		75,133,965

203

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
CONSUMER DURABLES & APPAREL - 1.6%
	3,893		Brunswick Corp	$	199,361
	40,002	*	Capri Holdings Ltd		1,763,288
	23,661		Carter’s, Inc		2,505,937
	1,756		Columbia Sportswear Co		175,547
	98,375		DR Horton, Inc		4,358,996
	177,914		Hanesbrands, Inc		3,214,906
	45,253		Hasbro, Inc		4,609,471
	4,039		Lennar Corp (B Shares)		168,507
	78,048		Lennar Corp (Class A)		4,060,837
	48,420	*	Lululemon Athletica, Inc		8,538,867
	43,482	*,e	Mattel, Inc		530,046
	622,018		Nike, Inc (Class B)		54,631,841
	1,570	*	NVR, Inc		4,949,394
	28,925		Polaris Industries, Inc		2,788,370
	41,055		Pulte Homes, Inc		1,291,590
	30,946	*	Skechers U.S.A., Inc (Class A)		979,750
	26,287		Tapestry, Inc		848,281
	24,679	*	Tempur Sealy International, Inc		1,515,291
	34,957		Toll Brothers, Inc		1,331,862
	69,480	*	Under Armour, Inc (Class A)		1,604,293
	71,506	*	Under Armour, Inc (Class C)		1,481,604
	125,499		VF Corp		11,848,361
			TOTAL CONSUMER DURABLES & APPAREL		113,396,400
CONSUMER SERVICES - 2.3%
	24,091	*	Bright Horizons Family Solutions		3,087,262
	12,349	*	Chipotle Mexican Grill, Inc (Class A)		8,496,606
	16,508		Choice Hotels International, Inc		1,370,824
	32,332		Darden Restaurants, Inc		3,802,243
	20,501		Domino’s Pizza, Inc		5,547,160
	41,779		Dunkin Brands Group, Inc		3,117,967
	55,072		Extended Stay America, Inc		986,339
	46,189	*	frontdoor, Inc		1,627,700
	23,448	*	Grand Canyon Education, Inc		2,717,389
	21,137		H&R Block, Inc		575,138
	44,767	*	Hilton Grand Vacations, Inc		1,434,335
	138,236		Hilton Worldwide Holdings, Inc		12,025,150
	16,607		International Game Technology plc		242,960
	107,882		Las Vegas Sands Corp		7,233,488
	143,234		Marriott International, Inc (Class A)		19,539,982
	76,833		McDonald’s Corp		15,179,896
	22,905		MGM Resorts International		609,960
	43,511		Service Corp International		1,810,493
	69,312	*	ServiceMaster Global Holdings, Inc		3,398,367
	35,940		Six Flags Entertainment Corp		1,908,055
	608,560		Starbucks Corp		47,272,941
	20,159		Vail Resorts, Inc		4,613,387
	91,003		Wendy’s		1,693,566
	46,309		Wyndham Destinations, Inc		2,017,220
	49,818		Wyndham Hotels & Resorts, Inc		2,775,859

204

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
	52,311		Wynn Resorts Ltd	$	7,556,324
	14,400		Yum China Holdings, Inc		684,576
	45,431		Yum! Brands, Inc		4,742,542
			TOTAL CONSUMER SERVICES		166,067,729
DIVERSIFIED FINANCIALS - 3.6%
	240,852		American Express Co		28,235,080
	10,843		Ameriprise Financial, Inc		1,591,427
	17,282		Capital One Financial Corp		1,604,288
	53,185		CBOE Holdings, Inc		5,404,128
	606,459		Charles Schwab Corp		27,763,693
	21,374		CME Group, Inc		3,823,809
	5,231	*	Credit Acceptance Corp		2,595,727
	75,959		Discover Financial Services		6,189,899
	27,659		E*TRADE Financial Corp		1,401,205
	56,387		Eaton Vance Corp		2,344,008
	20,754		Evercore Partners, Inc (Class A)		2,022,062
	18,486		Factset Research Systems, Inc		5,099,733
	31,664		Interactive Brokers Group, Inc (Class A)		1,717,455
	146,203		IntercontinentalExchange Group, Inc		11,893,614
	350,401		iShares Russell 1000 Growth Index Fund		55,391,390
	54,150		Lazard Ltd (Class A)		2,105,352
	40,897		LPL Financial Holdings, Inc		3,030,059
	18,496		MarketAxess Holdings, Inc		5,147,992
	83,573		Moody’s Corp		16,432,123
	9,202		Morningstar, Inc		1,320,027
	41,632		MSCI, Inc (Class A)		9,383,020
	28,914		Northern Trust Corp		2,849,475
	2,509		OneMain Holdings, Inc		85,231
	17,927		Raymond James Financial, Inc		1,641,575
	125,570		S&P Global, Inc		27,708,276
	6,899		Santander Consumer USA Holdings, Inc		147,294
	64,918		SEI Investments Co		3,534,785
	10,576		State Street Corp		715,572
	128,273		Synchrony Financial		4,447,225
	106,944		T Rowe Price Group, Inc		11,496,480
	140,464		TD Ameritrade Holding Corp		7,385,597
	24,992		Virtu Financial, Inc		614,303
	4,389		Voya Financial, Inc		240,912
			TOTAL DIVERSIFIED FINANCIALS		255,362,816
ENERGY - 0.7%
	85,418		Anadarko Petroleum Corp		6,222,701
	72,796	*	Antero Resources Corp		527,771
	12,320		Apache Corp		405,451
	160,976		Cabot Oil & Gas Corp		4,167,669
	79,399	*	Cheniere Energy, Inc		5,109,326
	132,016	*,e	Chesapeake Energy Corp		384,167
	7,366		Cimarex Energy Co		505,750
	11,754		Concho Resources, Inc		1,356,176
	19,748	*	Continental Resources, Inc		908,210
	11,882		Diamondback Energy, Inc		1,264,126

205

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
	30,281		EOG Resources, Inc	$	2,908,490
	439,958		Halliburton Co		12,464,010
	51,194		Kosmos Energy Ltd		342,488
	83,911		ONEOK, Inc		5,700,074
	99,069	*	Parsley Energy, Inc		1,977,417
	46,089		Pioneer Natural Resources Co		7,671,975
	25,107	e	RPC, Inc		258,351
			TOTAL ENERGY		52,174,152
FOOD & STAPLES RETAILING - 1.0%
	220,852		Costco Wholesale Corp		54,225,791
	68,457	*	Sprouts Farmers Market, Inc		1,466,349
	235,471		Sysco Corp		16,570,094
	5,883	*	US Foods Holding Corp		215,024
			TOTAL FOOD & STAPLES RETAILING		72,477,258
FOOD, BEVERAGE & TOBACCO - 3.7%
	956,390		Altria Group, Inc		51,960,669
	25,439		Brown-Forman Corp (Class A)		1,330,460
	141,933		Brown-Forman Corp (Class B)		7,563,609
	61,492		Campbell Soup Co		2,379,125
	1,500,868		Coca-Cola Co		73,632,584
	77,819		Constellation Brands, Inc (Class A)		16,471,948
	14,009		General Mills, Inc		721,043
	65,708		Hershey Co		8,203,644
	63,916		Kellogg Co		3,854,135
	92,203		Keurig Dr Pepper, Inc		2,680,341
	3,264		McCormick & Co, Inc		502,558
	201,301	*	Monster Beverage Corp		11,997,540
	634,632		PepsiCo, Inc		81,264,628
	19,300	*	Post Holdings, Inc		2,176,654
			TOTAL FOOD, BEVERAGE & TOBACCO		264,738,938
HEALTH CARE EQUIPMENT & SERVICES - 5.2%
	21,285	*	Abiomed, Inc		5,904,672
	39,928	*	Align Technology, Inc		12,963,823
	76,861		AmerisourceBergen Corp		5,746,128
	28,707		Baxter International, Inc		2,190,344
	11,934		Becton Dickinson & Co		2,872,991
	531,193	*	Boston Scientific Corp		19,717,884
	20,188		Cantel Medical Corp		1,391,761
	181,705	*	Centene Corp		9,368,710
	68,710	*	Cerner Corp		4,565,779
	7,848		Chemed Corp		2,564,569
	52,099		Cigna Corp		8,275,405
	3,561		Cooper Cos, Inc		1,032,405
	4,174	*	Covetrus, Inc		137,199
	50,619		CVS Health Corp		2,752,661
	32,629	*	DaVita, Inc		1,802,426
	43,234	*	DexCom, Inc		5,234,340
	106,322	*	Edwards Lifesciences Corp		18,720,115

206

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
	50,640		Encompass Health Corp	$	3,263,748
	98,147		HCA Holdings, Inc		12,487,243
	10,436	*	Henry Schein, Inc		668,530
	22,041		Hill-Rom Holdings, Inc		2,235,398
	64,517		Humana, Inc		16,478,287
	8,109	*	ICU Medical, Inc		1,844,798
	43,415	*	IDEXX Laboratories, Inc		10,072,280
	28,949	*	Insulet Corp		2,496,851
	29,901	*	Integra LifeSciences Holdings Corp		1,560,533
	57,299	*	Intuitive Surgical, Inc		29,258,588
	2,787	*	Laboratory Corp of America Holdings		445,697
	22,512	*	Masimo Corp		2,929,937
	11,840		McKesson Corp		1,411,920
	26,852	*	Molina Healthcare, Inc		3,480,825
	15,845	*,e	Penumbra, Inc		2,131,153
	13,056	*	Premier, Inc		433,851
	70,205		Resmed, Inc		7,337,125
	172,421		Stryker Corp		32,572,051
	4,777		Teleflex, Inc		1,367,082
	482,981		UnitedHealth Group, Inc		112,568,382
	45,562	*	Varian Medical Systems, Inc		6,204,178
	63,263	*	Veeva Systems, Inc		8,848,596
	23,286	*	WellCare Health Plans, Inc		6,015,938
	7,818		West Pharmaceutical Services, Inc		967,790
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		372,321,993
HOUSEHOLD & PERSONAL PRODUCTS - 0.9%
	102,490		Church & Dwight Co, Inc		7,681,625
	55,230		Clorox Co		8,821,888
	81,583		Colgate-Palmolive Co		5,938,427
	19,775		Energizer Holdings, Inc		947,025
	108,432		Estee Lauder Cos (Class A)		18,629,702
	9,893	*	Herbalife Ltd		522,845
	149,561		Kimberly-Clark Corp		19,200,641
	8,330		Nu Skin Enterprises, Inc (Class A)		423,747
	10,614		Spectrum Brands Holdings, Inc		653,504
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		62,819,404
INSURANCE - 1.4%
	783		Alleghany Corp		514,337
	64,285		American International Group, Inc		3,058,037
	120,367		Aon plc		21,682,911
	34,711	*	Arch Capital Group Ltd		1,172,538
	7,751		Axis Capital Holdings Ltd		440,644
	123,992	*	Berkshire Hathaway, Inc (Class B)		26,870,306
	6,060		Brown & Brown, Inc		192,405
	10,071		Erie Indemnity Co (Class A)		1,906,642
	8,365		Everest Re Group Ltd		1,969,958
	550	*	Markel Corp		589,331
	119,526		Marsh & McLennan Cos, Inc		11,270,107
	293,089		Progressive Corp		22,904,905
	1,439		RenaissanceRe Holdings Ltd		223,563

207

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
	25,819		Travelers Cos, Inc	$	3,711,481
			TOTAL INSURANCE		96,507,165
MATERIALS - 1.8%
	42,787		Avery Dennison Corp		4,734,382
	39,797	*	Axalta Coating Systems Ltd		1,073,723
	34,460	*	Berry Plastics Group, Inc		2,026,248
	41,493		Celanese Corp (Series A)		4,476,680
	84,560		Chemours Co		3,045,006
	67,074	*	Crown Holdings, Inc		3,899,012
	20,339		Eagle Materials, Inc		1,849,018
	58,130		Ecolab, Inc		10,700,570
	48,886	*	Element Solutions, Inc		530,902
	27,793		FMC Corp		2,197,315
	24,340		Graphic Packaging Holding Co		337,839
	24,635		International Flavors & Fragrances, Inc		3,394,457
	21,673		International Paper Co		1,014,513
	164,596		Linde plc		29,670,075
	74,098		LyondellBasell Industries AF S.C.A		6,537,667
	28,551		Martin Marietta Materials, Inc		6,335,467
	3,764		NewMarket Corp		1,579,299
	47,080		Packaging Corp of America		4,668,453
	7,506		PPG Industries, Inc		881,955
	14,662		Royal Gold, Inc		1,276,474
	15,677		RPM International, Inc		950,810
	9,154		Scotts Miracle-Gro Co (Class A)		778,273
	44,424		Sealed Air Corp		2,071,047
	41,705		Sherwin-Williams Co		18,968,685
	17,517		Silgan Holdings, Inc		524,459
	42,953		Southern Copper Corp (NY)		1,650,254
	16,974		Steel Dynamics, Inc		537,736
	61,157		Vulcan Materials Co		7,712,509
	15,546		Westlake Chemical Corp		1,084,333
	25,440		WR Grace and Co		1,922,755
			TOTAL MATERIALS		126,429,916
MEDIA & ENTERTAINMENT - 12.2%
	381,917		Activision Blizzard, Inc		18,412,218
	150,991	*	Alphabet, Inc (Class A)		181,032,169
	153,887	*	Alphabet, Inc (Class C)		182,891,622
	22,432	*	AMC Networks, Inc		1,310,253
	2,223		Cable One, Inc		2,357,558
	164,884		CBS Corp (Class B)		8,453,603
	60,614	*	Charter Communications, Inc		22,499,311
	149,018	*	Electronic Arts, Inc		14,104,554
	1,200,276	*	Facebook, Inc		232,133,378
	37,998	*	IAC/InterActiveCorp		8,543,470
	18,139		Interpublic Group of Cos, Inc		417,197
	1,663	e	Lions Gate Entertainment Corp (Class A)		24,263
	3,246	e	Lions Gate Entertainment Corp (Class B)		44,145
	70,652	*	Live Nation, Inc		4,616,402

208

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
	1,258	*	Madison Square Garden Co	$	393,049
	27,624	e	Match Group, Inc		1,668,490
	210,316	*	NetFlix, Inc		77,930,491
	72,676		Omnicom Group, Inc		5,816,260
	818,711		Sirius XM Holdings, Inc		4,756,711
	34,413	*	Take-Two Interactive Software, Inc		3,332,211
	52,873	*	TripAdvisor, Inc		2,814,430
	360,225	*	Twitter, Inc		14,376,580
	537,600		Walt Disney Co		73,635,072
	20,676	*	Zillow Group, Inc (Class A)		686,650
	41,760	*,e	Zillow Group, Inc (Class C)		1,394,784
			TOTAL MEDIA & ENTERTAINMENT		863,644,871
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 6.8%
	765,528		AbbVie, Inc		60,775,268
	24,989	*	Agios Pharmaceuticals, Inc		1,397,385
	89,495	*	Alexion Pharmaceuticals, Inc		12,182,954
	75,667	*	Alkermes plc		2,294,223
	42,751	*	Alnylam Pharmaceuticals, Inc		3,819,374
	298,681		Amgen, Inc		53,559,477
	94,265	*	Biogen Idec, Inc		21,609,309
	88,059	*	BioMarin Pharmaceutical, Inc		7,531,686
	18,382		Bio-Techne Corp		3,760,773
	18,209	*	Bluebird Bio, Inc		2,582,583
	440,658		Bristol-Myers Squibb Co		20,459,751
	21,411		Bruker BioSciences Corp		826,465
	18,748	*	Catalent, Inc		840,285
	354,021	*	Celgene Corp		33,511,628
	17,218	*	Charles River Laboratories International, Inc		2,418,612
	80,929	*	Elanco Animal Health, Inc		2,549,264
	272,401		Eli Lilly & Co		31,881,813
	60,431	*	Exact Sciences Corp		5,963,935
	145,264	*	Exelixis, Inc		2,855,890
	479,587		Gilead Sciences, Inc		31,192,338
	74,155	*	Illumina, Inc		23,136,360
	89,542	*	Incyte Corp		6,876,826
	63,652	*	Ionis Pharmaceuticals, Inc		4,731,253
	27,610	*	Jazz Pharmaceuticals plc		3,582,950
	244,145		Johnson & Johnson		34,473,274
	86,584		Merck & Co, Inc		6,815,027
	12,424	*	Mettler-Toledo International, Inc		9,259,110
	12,563	*,e	Moderna, Inc		327,015
	82,329	*	Nektar Therapeutics		2,636,175
	45,388	*	Neurocrine Biosciences, Inc		3,278,829
	28,351	*	PRA Health Sciences, Inc		2,744,944
	40,583	*	Regeneron Pharmaceuticals, Inc		13,925,651
	24,541	*	Sage Therapeutics, Inc		4,128,532
	33,051	*	Sarepta Therapeutics, Inc		3,864,984
	54,941	*	Seattle Genetics, Inc		3,723,901
	11,831		Thermo Fisher Scientific, Inc		3,282,511
	129,056	*	Vertex Pharmaceuticals, Inc		21,807,883
	35,508	*	Waters Corp		7,582,378
	245,002		Zoetis, Inc		24,951,004
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		483,141,620

209

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
REAL ESTATE - 2.3%
	3,724		Alexandria Real Estate Equities, Inc	$	530,260
	221,046		American Tower Corp		43,170,284
	78,037	*	CBRE Group, Inc		4,063,386
	12,378		Colony Capital, Inc		63,623
	18,846		Coresite Realty		2,061,941
	158,265		Crown Castle International Corp		19,906,572
	41,448		Equinix, Inc		18,846,406
	42,877		Equity Lifestyle Properties, Inc		5,003,746
	53,300		Extra Space Storage, Inc		5,526,677
	37,627		Gaming and Leisure Properties, Inc		1,519,378
	7,275	*	Howard Hughes Corp		807,525
	11,502		Hudson Pacific Properties		400,960
	37,503		Lamar Advertising Co		3,100,373
	3,289		Life Storage, Inc		313,409
	7,527		Omega Healthcare Investors, Inc		266,380
	75,413		Public Storage, Inc		16,679,847
	56,501	*	SBA Communications Corp		11,510,949
	141,538		Simon Property Group, Inc		24,585,151
	31,194		Taubman Centers, Inc		1,537,864
			TOTAL REAL ESTATE		159,894,731
RETAILING - 10.8%
	9,984		Advance Auto Parts, Inc		1,660,539
	207,733	*	Amazon.com, Inc		400,201,779
	11,125	*	AutoZone, Inc		11,439,949
	30,787		Best Buy Co, Inc		2,290,861
	23,303	*	Booking Holdings, Inc		43,226,832
	32,983	*	Burlington Stores, Inc		5,571,158
	52,153	*	CarMax, Inc		4,060,633
	133,332		Dollar General Corp		16,811,832
	20,301	*	Dollar Tree, Inc		2,259,095
	94,793		eBay, Inc		3,673,229
	59,802		Expedia, Inc		7,764,692
	32,551	*	Floor & Decor Holdings, Inc		1,563,099
	11,852		Gap, Inc		309,100
	46,044	*	GrubHub, Inc		3,075,279
	569,967		Home Depot, Inc		116,102,278
	29,084		L Brands, Inc		745,714
	24,395	*	LKQ Corp		734,289
	404,542		Lowe’s Companies, Inc		45,769,882
	7,904	*	Michaels Cos, Inc		88,841
	60,208		Nordstrom, Inc		2,469,732
	38,898	*	O’Reilly Automotive, Inc		14,725,616
	19,389		Pool Corp		3,562,535
	183,436		Ross Stores, Inc		17,914,360
	10,025		Tiffany & Co		1,080,895
	624,254		TJX Companies, Inc		34,259,059
	61,046		Tractor Supply Co		6,318,261
	28,578	*	Ulta Beauty, Inc		9,973,150

210

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
	40,572	*	Urban Outfitters, Inc	$	1,206,205
	28,758	*,e	Wayfair, Inc		4,663,110
	10,251	e	Williams-Sonoma, Inc		586,050
			TOTAL RETAILING		764,108,054
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.2%
	470,699	*	Advanced Micro Devices, Inc		13,005,413
	29,088		Analog Devices, Inc		3,381,189
	482,540		Applied Materials, Inc		21,265,538
	122,534		Broadcom, Inc		39,014,826
	127,095		Cypress Semiconductor Corp		2,183,492
	82,364		Kla-Tencor Corp		10,499,763
	76,559		Lam Research Corp		15,880,633
	76,421		Marvell Technology Group Ltd		1,912,054
	135,459		Maxim Integrated Products, Inc		8,127,540
	117,149	e	Microchip Technology, Inc		11,702,014
	443,502	*	Micron Technology, Inc		18,653,694
	26,434		MKS Instruments, Inc		2,405,758
	20,113		Monolithic Power Systems, Inc		3,131,795
	294,060		NVIDIA Corp		53,224,860
	9,708		NXP Semiconductors NV		1,025,359
	205,880	*	ON Semiconductor Corp		4,747,593
	61,203		Skyworks Solutions, Inc		5,396,881
	14,159		Teradyne, Inc		693,791
	484,728		Texas Instruments, Inc		57,115,500
	22,330		Universal Display Corp		3,563,868
	58,141		Versum Materials, Inc		3,033,797
	129,179		Xilinx, Inc		15,519,565
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		295,484,923
SOFTWARE & SERVICES - 21.4%
	28,342	*	2U, Inc		1,714,691
	325,280		Accenture plc		59,418,898
	248,458	*	Adobe, Inc		71,866,476
	74,476	*	Akamai Technologies, Inc		5,962,549
	23,145		Alliance Data Systems Corp		3,705,514
	42,291	*	Ansys, Inc		8,280,578
	33,049	*	Aspen Technology, Inc		4,029,004
	51,599	*	Atlassian Corp plc		5,683,630
	92,366	*	Autodesk, Inc		16,460,545
	219,780		Automatic Data Processing, Inc		36,129,634
	69,448	*	Black Knight, Inc		3,918,256
	65,811		Booz Allen Hamilton Holding Co		3,901,934
	57,527		Broadridge Financial Solutions, Inc		6,795,665
	141,301	*	Cadence Design Systems, Inc		9,803,463
	64,301		CDK Global, Inc		3,878,636
	23,087	*	Ceridian HCM Holding, Inc		1,227,074
	69,011		Citrix Systems, Inc		6,967,351
	259,687		Cognizant Technology Solutions Corp (Class A)		18,946,764
	38,833	*	DocuSign, Inc		2,200,666
	3,062	*,e	Elastic NV		261,954
	25,055	*	EPAM Systems, Inc		4,493,865

211

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
	12,804	*	Euronet Worldwide, Inc	$	1,919,192
	14,312	*	Fair Isaac Corp		4,003,782
	13,161		Fidelity National Information Services, Inc		1,525,755
	71,017	*	FireEye, Inc		1,137,692
	25,355	*	First American Corp		1,029,667
	277,410	*	First Data Corp		7,173,823
	199,692	*	Fiserv, Inc		17,421,130
	42,759	*	FleetCor Technologies, Inc		11,157,961
	70,829	*	Fortinet, Inc		6,616,845
	45,093	*	Gartner, Inc		7,168,434
	29,599		Genpact Ltd		1,074,444
	80,047		Global Payments, Inc		11,692,465
	83,456	*	GoDaddy, Inc		6,801,664
	39,119	*	Guidewire Software, Inc		4,166,173
	332,613		International Business Machines Corp		46,655,626
	124,706		Intuit, Inc		31,308,688
	38,015		Jack Henry & Associates, Inc		5,666,516
	15,726		LogMeIn, Inc		1,295,822
	33,436	*	Manhattan Associates, Inc		2,255,258
	460,021		MasterCard, Inc (Class A)		116,955,739
	3,624,832		Microsoft Corp		473,403,059
	71,560	*	Nutanix, Inc		3,090,676
	44,320	*	Okta, Inc		4,610,610
	120,462		Oracle Corp		6,665,162
	45,871	*	Palo Alto Networks, Inc		11,414,081
	161,379		Paychex, Inc		13,605,863
	24,219	*	Paycom Software, Inc		4,905,074
	593,338	*	PayPal Holdings, Inc		66,910,726
	20,231		Pegasystems, Inc		1,517,527
	25,962	*	Pluralsight, Inc		921,391
	24,907	*	Proofpoint, Inc		3,123,836
	58,960	*	PTC, Inc		5,334,111
	35,653	*	RealPage, Inc		2,324,932
	89,967	*	Red Hat, Inc		16,421,677
	34,814	*	RingCentral, Inc		4,051,305
	107,766		Sabre Corp		2,237,222
	366,325	*	salesforce.com, Inc		60,571,839
	89,886	*	ServiceNow, Inc		24,404,948
	9,269	*	SolarWinds Corp		181,209
	74,026	*	Splunk, Inc		10,218,549
	147,535	*	Square, Inc		10,743,499
	99,160		SS&C Technologies Holdings, Inc		6,709,166
	23,226		Switch, Inc		252,467
	7,074	*	Synopsys, Inc		856,520
	35,927	*	Tableau Software, Inc		4,376,268
	44,193	*	Teradata Corp		2,009,456
	89,334		Total System Services, Inc		9,133,508
	44,309	*	Twilio, Inc		6,076,536
	18,762	*	Tyler Technologies, Inc		4,351,095
	15,019	*	Ultimate Software Group, Inc		4,966,032
	52,150	*	VeriSign, Inc		10,297,017
	891,358		Visa, Inc (Class A)		146,565,996

212

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
	36,059		VMware, Inc (Class A)	$	7,360,724
	58,882		Western Union Co		1,144,666
	20,090	*	WEX, Inc		4,224,927
	72,912	*	Workday, Inc		14,992,895
	13,817	*	Worldpay, Inc		1,619,491
	51,931	*	Zendesk, Inc		4,558,503
			TOTAL SOFTWARE & SERVICES		1,518,826,386
TECHNOLOGY HARDWARE & EQUIPMENT - 7.8%
	148,028		Amphenol Corp (Class A)		14,737,668
	2,397,932		Apple, Inc		481,193,015
	29,147	*	Arista Networks, Inc		9,102,317
	74,384		CDW Corp		7,854,950
	83,805		Cognex Corp		4,226,286
	8,212	*	Coherent, Inc		1,215,458
	4,480	*	Dell Technologies, Inc		301,997
	29,326	*	F5 Networks, Inc		4,601,249
	5,601		Flir Systems, Inc		296,517
	17,813	*	IPG Photonics Corp		3,112,465
	9,267		Littelfuse, Inc		1,863,130
	9,917		Motorola Solutions, Inc		1,437,072
	43,117		National Instruments Corp		2,030,811
	44,885	*	NCR Corp		1,299,421
	126,606		NetApp, Inc		9,223,247
	82,938	*	Pure Storage, Inc		1,895,963
	7,309		Ubiquiti Networks, Inc		1,245,819
	26,425	*	Zebra Technologies Corp (Class A)		5,579,375
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		551,216,760
TELECOMMUNICATION SERVICES - 0.2%
	99,310	*	T-Mobile US, Inc		7,248,637
	113,302	*	Zayo Group Holdings, Inc		3,545,219
			TOTAL TELECOMMUNICATION SERVICES		10,793,856
TRANSPORTATION - 2.5%
	69,862		CH Robinson Worldwide, Inc		5,658,822
	183,665		CSX Corp		14,625,244
	79,103		Delta Air Lines, Inc		4,610,914
	88,057		Expeditors International of Washington, Inc		6,993,487
	122,263		FedEx Corp		23,163,948
	5,812	*	Genesee & Wyoming, Inc (Class A)		515,234
	43,943		JB Hunt Transport Services, Inc		4,151,734
	21,683		Landstar System, Inc		2,362,580
	33,121		Old Dominion Freight Line		4,944,303
	12,756		Schneider National, Inc		266,600
	182,773		Southwest Airlines Co		9,911,780
	334,559		Union Pacific Corp		59,230,325
	348,161		United Parcel Service, Inc (Class B)		36,981,662
	61,438	*,e	XPO Logistics, Inc		4,182,699
			TOTAL TRANSPORTATION		177,599,332
			TOTAL COMMON STOCKS		7,090,131,308
			(Cost $4,312,233,331)

213

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
SHORT-TERM INVESTMENTS - 0.5%
TREASURY DEBT - 0.0%
$	4,100,000		United States Treasury Bill		2.372	%	05/14/19	$	4,096,476
			TOTAL TREASURY DEBT						4,096,476
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.5%
	34,326,682	c	State Street Navigator Securities Lending Government Money Market Portfolio						34,326,682
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						34,326,682
			TOTAL SHORT-TERM INVESTMENTS						38,423,158
			(Cost $38,423,173)
			TOTAL INVESTMENTS - 100.5%						7,128,554,466
			(Cost $4,350,656,504)
			OTHER ASSETS & LIABILITIES, NET - (0.5)%						(35,352,667	)
			NET ASSETS - 100.0%					$	7,093,201,799

*	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 $34,032,985.

214

TIAA-CREF FUNDS - Large-Cap Value Index Fund

TIAA-CREF FUNDS
LARGE-CAP VALUE INDEX FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2019

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.9%
AUTOMOBILES & COMPONENTS - 0.9%
	43,811		Adient plc	$	1,012,034
	16,655		Aptiv plc		1,427,333
	101,510		BorgWarner, Inc		4,240,073
	1,853,090		Ford Motor Co		19,364,791
	6,113	*,e	Garrett Motion, Inc		114,924
	621,957		General Motors Co		24,225,225
	41,963		Gentex Corp		966,408
	114,732		Goodyear Tire & Rubber Co		2,204,002
	79,398		Harley-Davidson, Inc		2,955,988
	26,509		Lear Corp		3,790,787
	2,004		Thor Industries, Inc		132,003
	3,566	*	Visteon Corp		235,427
			TOTAL AUTOMOBILES & COMPONENTS		60,668,995
BANKS - 11.1%
	75,521		Associated Banc-Corp		1,713,571
	4,281,597		Bank of America Corp		130,931,236
	18,005		Bank of Hawaii Corp		1,483,252
	52,989		Bank OZK		1,730,091
	45,310		BankUnited		1,657,440
	365,470		BB&T Corp		18,712,064
	13,031		BOK Financial Corp		1,135,521
	47,865		CIT Group, Inc		2,549,769
	1,125,777		Citigroup, Inc		79,592,434
	222,071		Citizens Financial Group, Inc		8,038,970
	72,050		Comerica, Inc		5,662,409
	47,168		Commerce Bancshares, Inc		2,850,362
	28,105		Cullen/Frost Bankers, Inc		2,857,997
	63,393		East West Bancorp, Inc		3,263,472
	363,552		Fifth Third Bancorp		10,477,569
	3,766		First Citizens Bancshares, Inc (Class A)		1,688,109
	65,206		First Hawaiian, Inc		1,802,946
	155,445		First Horizon National Corp		2,345,665
	77,568		First Republic Bank		8,192,732
	153,851		FNB Corp		1,866,213
	493,811		Huntington Bancshares, Inc		6,873,849
	1,572,037		JPMorgan Chase & Co		182,434,894
	481,490		Keycorp		8,450,150
	65,621		M&T Bank Corp		11,160,163
	229,158		New York Community Bancorp, Inc		2,665,108
	55,890		PacWest Bancorp		2,210,450
	180,850		People’s United Financial, Inc		3,126,897
	20,289		Pinnacle Financial Partners, Inc		1,178,182
	216,908		PNC Financial Services Group, Inc		29,701,212

215

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	46,805		Popular, Inc	$	2,701,117
	31,129		Prosperity Bancshares, Inc		2,292,340
	490,516		Regions Financial Corp		7,617,713
	9,619		Signature Bank		1,270,381
	98,805		Sterling Bancorp/DE		2,116,403
	213,095		SunTrust Banks, Inc		13,953,461
	5,801	*	SVB Financial Group		1,460,228
	56,777		Synovus Financial Corp		2,092,800
	78,542		TCF Financial Corp		1,738,134
	8,628	*	Texas Capital Bancshares, Inc		558,490
	28,690		TFS Financial Corp		477,402
	104,464		Umpqua Holdings Corp		1,813,495
	718,592		US Bancorp		38,315,325
	43,546		Webster Financial Corp		2,313,599
	1,961,654		Wells Fargo & Co		94,963,670
	18,588	*	Western Alliance Bancorp		888,135
	26,591		Wintrust Financial Corp		2,026,234
	87,842		Zions Bancorporation		4,333,246
			TOTAL BANKS		717,284,900
CAPITAL GOODS - 5.7%
	43,860		3M Co		8,311,909
	18,336		Acuity Brands, Inc		2,683,107
	73,886	*	Aecom Technology Corp		2,504,736
	30,445		AGCO Corp		2,154,897
	40,490		Air Lease Corp		1,561,294
	7,782		Allegion plc		772,208
	87,602		Ametek, Inc		7,723,868
	205,267		Arconic, Inc		4,409,135
	18,425		Arcosa, Inc		573,570
	27,220		Carlisle Cos, Inc		3,849,452
	22,058		Caterpillar, Inc		3,075,326
	40,080	*	Colfax Corp		1,209,214
	22,345		Crane Co		1,900,442
	45,139		Cummins, Inc		7,506,164
	19,397		Curtiss-Wright Corp		2,210,094
	4,556		Donaldson Co, Inc		243,928
	68,733		Dover Corp		6,738,583
	207,520		Eaton Corp		17,186,807
	84,361		Emerson Electric Co		5,988,787
	62,849		Flowserve Corp		3,081,487
	66,562		Fluor Corp		2,644,508
	11,468		Fortive Corp		990,147
	40,547		Fortune Brands Home & Security, Inc		2,140,071
	42,455	*	Gardner Denver Holdings, Inc		1,432,856
	21,166	*	Gates Industrial Corp plc		340,349
	65,805		General Dynamics Corp		11,760,670
	4,094,893		General Electric Co		41,645,062
	18,331		GrafTech International Ltd		209,890
	58,120	*	HD Supply Holdings, Inc		2,655,503
	31,410		Hexcel Corp		2,221,001
	130,999		Honeywell International, Inc		22,745,356
	8,409		Hubbell, Inc		1,072,988

216

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	2,997		Huntington Ingalls	$	667,072
	1,582		IDEX Corp		247,836
	53,386		Ingersoll-Rand plc		6,545,658
	40,828		ITT, Inc		2,472,135
	59,533		Jacobs Engineering Group, Inc		4,640,002
	432,369		Johnson Controls International plc		16,213,838
	37,145		L3 Technologies, Inc		8,119,154
	894		Lennox International, Inc		242,676
	10,155		Lockheed Martin Corp		3,384,966
	46,775		Masco Corp		1,827,032
	10,817	*	Middleby Corp		1,429,250
	10,939		MSC Industrial Direct Co (Class A)		915,047
	1,821		Nordson Corp		265,775
	77,178		nVent Electric plc		2,157,125
	32,511		Oshkosh Truck Corp		2,685,084
	52,229		Owens Corning, Inc		2,677,781
	160,532		PACCAR, Inc		11,505,329
	50,233		Parker-Hannifin Corp		9,096,192
	76,698		Pentair plc		2,990,455
	48,024		Quanta Services, Inc		1,949,774
	20,839		Regal-Beloit Corp		1,772,982
	15,919	*	Resideo Technologies, Inc		361,361
	39,146		Roper Industries, Inc		14,080,816
	36,706	*	Sensata Technologies Holding plc		1,833,098
	26,202		Snap-On, Inc		4,409,273
	71,806		Stanley Black & Decker, Inc		10,526,760
	16,762	*	Teledyne Technologies, Inc		4,165,525
	32,422		Terex Corp		1,080,625
	96,155		Textron, Inc		5,096,215
	32,939		Timken Co		1,579,425
	70,091		Trinity Industries, Inc		1,511,162
	384,940		United Technologies Corp		54,896,294
	49,822	*	Univar, Inc		1,112,525
	9,490		Valmont Industries, Inc		1,279,632
	48,072		Wabtec Corp		3,560,693
	2,993		Watsco, Inc		474,301
	23,292	*	WESCO International, Inc		1,333,234
	37,681		Xylem, Inc		3,142,595
			TOTAL CAPITAL GOODS		365,792,106
COMMERCIAL & PROFESSIONAL SERVICES - 0.6%
	50,297	e	ADT, Inc		331,457
	24,532	*	Clean Harbors, Inc		1,864,432
	41,358		Equifax, Inc		5,209,040
	183,748	*	IHS Markit Ltd		10,521,410
	4,104		KAR Auction Services, Inc		231,794
	29,266		Manpower, Inc		2,810,707
	169,179		Nielsen NV		4,319,140
	96,568		Republic Services, Inc		7,997,762
	39,488	*	Stericycle, Inc		2,305,704
	30,790		Waste Management, Inc		3,304,999
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		38,896,445

217

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
CONSUMER DURABLES & APPAREL - 0.8%
	37,317		Brunswick Corp	$	1,911,004
	31,487	*	Capri Holdings Ltd		1,387,947
	12,775		Columbia Sportswear Co		1,277,117
	67,878		DR Horton, Inc		3,007,674
	54,042	*	Garmin Ltd		4,633,561
	11,767		Hasbro, Inc		1,198,587
	62,443		Leggett & Platt, Inc		2,457,757
	2,777		Lennar Corp (B Shares)		115,857
	62,637		Lennar Corp (Class A)		3,259,003
	124,041	*,e	Mattel, Inc		1,512,060
	30,112	*	Mohawk Industries, Inc		4,102,760
	202,493		Newell Rubbermaid, Inc		2,911,849
	83,827		Pulte Homes, Inc		2,637,197
	35,713		PVH Corp		4,606,620
	25,768		Ralph Lauren Corp		3,390,553
	31,083	*	Skechers U.S.A., Inc (Class A)		984,088
	109,597		Tapestry, Inc		3,536,695
	31,601		Toll Brothers, Inc		1,203,998
	19,392	*	Under Armour, Inc (Class A)		447,761
	17,346	*	Under Armour, Inc (Class C)		359,409
	35,491		VF Corp		3,350,705
	29,645		Whirlpool Corp		4,115,319
			TOTAL CONSUMER DURABLES & APPAREL		52,407,521
CONSUMER SERVICES - 2.0%
	115,928		ARAMARK Holdings Corp		3,603,042
	4,294	*	Bright Horizons Family Solutions		550,276
	267,404	*	Caesars Entertainment Corp		2,502,901
	189,816		Carnival Corp		10,413,306
	29,176		Darden Restaurants, Inc		3,431,098
	36,063		Extended Stay America, Inc		645,888
	1,998		Graham Holdings Co		1,485,373
	79,907		H&R Block, Inc		2,174,270
	18,848		Hyatt Hotels Corp		1,446,207
	44,125		International Game Technology plc		645,549
	65,998		Las Vegas Sands Corp		4,425,166
	297,365		McDonald’s Corp		58,750,403
	216,527		MGM Resorts International		5,766,114
	104,137	*	Norwegian Cruise Line Holdings Ltd		5,872,285
	79,024		Royal Caribbean Cruises Ltd		9,557,163
	44,658		Service Corp International		1,858,219
	158,005		Yum China Holdings, Inc		7,511,558
	102,969		Yum! Brands, Inc		10,748,934
			TOTAL CONSUMER SERVICES		131,387,752
DIVERSIFIED FINANCIALS - 5.2%
	25,809		Affiliated Managers Group, Inc		2,862,734
	254,269		AGNC Investment Corp		4,523,446
	192,408		Ally Financial, Inc		5,716,442

218

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	105,409		American Express Co	$	12,357,097
	54,185		Ameriprise Financial, Inc		7,952,732
	656,329		Annaly Capital Management, Inc		6,622,360
	110,037		AXA Equitable Holdings, Inc		2,496,740
	421,884		Bank of New York Mellon Corp		20,950,759
	124,805		BGC Partners, Inc (Class A)		673,947
	57,602		BlackRock, Inc		27,950,794
	204,179		Capital One Financial Corp		18,953,937
	3,891		CBOE Holdings, Inc		395,365
	89,998		Chimera Investment Corp		1,725,262
	148,327		CME Group, Inc		26,535,700
	274	*	Credit Acceptance Corp		135,964
	84,997		Discover Financial Services		6,926,406
	90,688		E*TRADE Financial Corp		4,594,254
	142,777		Franklin Resources, Inc		4,938,656
	165,540		Goldman Sachs Group, Inc		34,087,997
	3,014		Interactive Brokers Group, Inc (Class A)		163,479
	128,829		IntercontinentalExchange Group, Inc		10,480,239
	192,422		Invesco Ltd		4,227,511
	337,606		iShares Russell 1000 Value Index Fund		43,129,167
	135,664		Jefferies Financial Group, Inc		2,790,609
	6,589		Lazard Ltd (Class A)		256,180
	40,133		Legg Mason, Inc		1,342,449
	201,272		MFA Mortgage Investments, Inc		1,511,553
	575,892		Morgan Stanley		27,786,789
	54,145		NASDAQ OMX Group, Inc		4,992,169
	115,678		Navient Corp		1,562,810
	189,325		New Residential Investment Corp		3,182,553
	68,916		Northern Trust Corp		6,791,672
	33,765		OneMain Holdings, Inc		1,146,997
	42,471		Raymond James Financial, Inc		3,889,069
	47,967		Santander Consumer USA Holdings, Inc		1,024,095
	201,539		SLM Corp		2,047,636
	125,309		Starwood Property Trust, Inc		2,888,372
	167,021		State Street Corp		11,300,641
	222,753		Synchrony Financial		7,722,847
	7,882		T Rowe Price Group, Inc		847,315
	115,050		Two Harbors Investment Corp		1,594,593
	66,519		Voya Financial, Inc		3,651,228
			TOTAL DIVERSIFIED FINANCIALS		334,730,565
ENERGY - 9.3%
	158,949		Anadarko Petroleum Corp		11,579,435
	52,338	*	Antero Resources Corp		379,450
	169,935		Apache Corp		5,592,561
	36,843	*	Apergy Corp		1,462,299
	243,764		Baker Hughes a GE Co		5,855,211
	50,362		Cabot Oil & Gas Corp		1,303,872
	87,218	*	Centennial Resource Development, Inc		918,406
	34,469	*	Cheniere Energy, Inc		2,218,080
	431,745	*,e	Chesapeake Energy Corp		1,256,378
	904,908		Chevron Corp		108,643,254
	41,732		Cimarex Energy Co		2,865,319

219

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	94,575	*	CNX Resources Corp	$	847,392
	80,337		Concho Resources, Inc		9,269,283
	541,149		ConocoPhillips		34,157,325
	23,919	*	Continental Resources, Inc		1,100,035
	221,829	*	Devon Energy Corp		7,129,584
	62,184		Diamondback Energy, Inc		6,615,756
	243,567		EOG Resources, Inc		23,394,610
	120,447		EQT Corp		2,463,141
	97,290		Equitrans Midstream Corp		2,026,551
	39,755	*,e	Extraction Oil & Gas, Inc		186,849
	2,012,668		Exxon Mobil Corp		161,576,987
	50,369		Helmerich & Payne, Inc		2,947,594
	124,174		Hess Corp		7,962,037
	75,417		HollyFrontier Corp		3,599,653
	924,390		Kinder Morgan, Inc		18,367,629
	97,572		Kosmos Energy Ltd		652,757
	393,558		Marathon Oil Corp		6,706,228
	318,296		Marathon Petroleum Corp		19,374,678
	78,186		Murphy Oil Corp		2,129,787
	137,618		Nabors Industries Ltd		481,663
	181,358		National Oilwell Varco, Inc		4,740,698
	227,757		Noble Energy, Inc		6,163,104
	358,843		Occidental Petroleum Corp		21,128,676
	114,019		ONEOK, Inc		7,745,311
	42,742	*	Parsley Energy, Inc		853,130
	104,987		Patterson-UTI Energy, Inc		1,426,773
	56,497		PBF Energy, Inc		1,897,169
	195,436		Phillips 66		18,423,752
	36,104		Pioneer Natural Resources Co		6,009,872
	106,921	*	Questar Market Resources, Inc		804,046
	100,495		Range Resources Corp		908,475
	17,141	e	RPC, Inc		176,381
	658,463		Schlumberger Ltd		28,103,201
	52,610		SM Energy Co		838,077
	106,807		Targa Resources Investments, Inc		4,288,301
	251,342	*	Transocean Ltd (NYSE)		1,975,548
	201,241		Valero Energy Corp		18,244,509
	43,081	*,e	Whiting Petroleum Corp		1,179,989
	565,886		Williams Cos, Inc		16,031,550
	197,727	*	WPX Energy, Inc		2,746,428
			TOTAL ENERGY		596,748,794
FOOD & STAPLES RETAILING - 1.6%
	17,141		Casey’s General Stores, Inc		2,268,611
	376,564		Kroger Co		9,707,820
	96,159	*	US Foods Holding Corp		3,514,612
	384,641		Walgreens Boots Alliance, Inc		20,605,218
	666,925		Walmart, Inc		68,586,567
			TOTAL FOOD & STAPLES RETAILING		104,682,828

220

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
FOOD, BEVERAGE & TOBACCO - 3.6%
	265,074		Archer Daniels Midland Co	$	11,822,300
	66,798		Bunge Ltd		3,500,883
	26,103		Campbell Soup Co		1,009,925
	407,116		Coca-Cola Co		19,973,111
	228,883		ConAgra Brands, Inc		7,045,019
	85,262		Flowers Foods, Inc		1,853,596
	267,114		General Mills, Inc		13,748,358
	43,423	*	Hain Celestial Group, Inc		947,490
	4,901		Hershey Co		611,890
	128,978		Hormel Foods Corp		5,151,381
	31,447		Ingredion, Inc		2,979,603
	52,233		J.M. Smucker Co		6,405,333
	58,965		Kellogg Co		3,555,590
	286,101		Kraft Heinz Co		9,509,997
	69,507		Lamb Weston Holdings, Inc		4,868,965
	54,930		McCormick & Co, Inc		8,457,572
	82,323		Molson Coors Brewing Co (Class B)		5,284,313
	678,035		Mondelez International, Inc		34,478,080
	76,064		PepsiCo, Inc		9,739,995
	737,927		Philip Morris International, Inc		63,874,961
	25,218	*	Pilgrim’s Pride Corp		678,616
	13,166	*	Post Holdings, Inc		1,484,862
	137		Seaboard Corp		615,895
	25,830	*	TreeHouse Foods, Inc		1,730,093
	138,022		Tyson Foods, Inc (Class A)		10,353,030
			TOTAL FOOD, BEVERAGE & TOBACCO		229,680,858
HEALTH CARE EQUIPMENT & SERVICES - 6.1%
	812,804		Abbott Laboratories		64,666,686
	41,737	*	Acadia Healthcare Co, Inc		1,336,419
	123,584		Anthem, Inc		32,506,300
	210,956		Baxter International, Inc		16,095,943
	114,375		Becton Dickinson & Co		27,534,637
	151,245	*	Boston Scientific Corp		5,614,214
	141,442		Cardinal Health, Inc		6,889,640
	22,450	*	Centene Corp		1,157,522
	81,336	*	Cerner Corp		5,404,777
	127,083		Cigna Corp		20,185,864
	19,311		Cooper Cos, Inc		5,598,645
	25,937	*	Covetrus, Inc		852,549
	563,655		CVS Health Corp		30,651,559
	298,207		Danaher Corp		39,494,535
	31,011	*	DaVita, Inc		1,713,048
	103,767		Dentsply Sirona, Inc		5,305,607
	36,829		HCA Holdings, Inc		4,685,754
	61,445	*	Henry Schein, Inc		3,936,167
	11,061		Hill-Rom Holdings, Inc		1,121,807
	126,319	*	Hologic, Inc		5,858,675
	3,268		Humana, Inc		834,680
	7,801	*	Integra LifeSciences Holdings Corp		407,134
	44,936	*	Laboratory Corp of America Holdings		7,186,165
	79,678		McKesson Corp		9,501,601
	44,744	*	MEDNAX, Inc		1,251,490

221

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	642,797		Medtronic plc	$	57,086,802
	4,541	*	Molina Healthcare, Inc		588,650
	13,691	*	Premier, Inc		454,952
	64,409		Quest Diagnostics, Inc		6,207,739
	39,737		STERIS plc		5,204,752
	17,491		Teleflex, Inc		5,005,574
	39,678		Universal Health Services, Inc (Class B)		5,033,948
	1,875	*	WellCare Health Plans, Inc		484,406
	26,695		West Pharmaceutical Services, Inc		3,304,574
	96,653		Zimmer Biomet Holdings, Inc		11,903,783
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		395,066,598
HOUSEHOLD & PERSONAL PRODUCTS - 2.5%
	17,714		Church & Dwight Co, Inc		1,327,664
	8,046		Clorox Co		1,285,188
	329,545		Colgate-Palmolive Co		23,987,581
	220,960	e	Coty, Inc		2,390,787
	12,717		Energizer Holdings, Inc		609,017
	41,526	*	Herbalife Ltd		2,194,649
	20,355		Kimberly-Clark Corp		2,613,175
	16,914		Nu Skin Enterprises, Inc (Class A)		860,415
	1,183,336		Procter & Gamble Co		126,001,617
	11,056		Spectrum Brands Holdings, Inc		680,718
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		161,950,811
INSURANCE - 7.0%
	354,034		Aflac, Inc		17,836,233
	5,975		Alleghany Corp		3,924,858
	157,433		Allstate Corp		15,595,313
	34,113		American Financial Group, Inc		3,531,719
	361,582		American International Group, Inc		17,200,456
	3,746		American National Insurance Co		424,384
	154,537	*	Arch Capital Group Ltd		5,220,260
	85,633		Arthur J. Gallagher & Co		7,160,631
	28,125		Assurant, Inc		2,671,875
	48,567		Assured Guaranty Ltd		2,316,646
	75,340	*	Athene Holding Ltd		3,402,354
	34,898		Axis Capital Holdings Ltd		1,983,951
	804,349	*	Berkshire Hathaway, Inc (Class B)		174,310,472
	56,957	*	Brighthouse Financial, Inc		2,380,233
	103,999		Brown & Brown, Inc		3,301,968
	217,748		Chubb Ltd		31,617,009
	72,935		Cincinnati Financial Corp		7,014,888
	11,011		CNA Financial Corp		510,140
	2,445		Erie Indemnity Co (Class A)		462,887
	11,617		Everest Re Group Ltd		2,735,804
	52,798		First American Financial Corp		3,012,654
	125,305		FNF Group		5,005,935
	19,237		Hanover Insurance Group, Inc		2,320,175
	169,684		Hartford Financial Services Group, Inc		8,876,170
	101,208		Lincoln National Corp		6,752,598

222

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	132,005		Loews Corp	$	6,770,536
	5,883	*	Markel Corp		6,303,693
	128,412		Marsh & McLennan Cos, Inc		12,107,967
	12,280		Mercury General Corp		660,418
	386,620		Metlife, Inc		17,834,781
	134,981		Old Republic International Corp		3,018,175
	131,005		Principal Financial Group		7,488,246
	196,060		Prudential Financial, Inc		20,725,503
	29,750		Reinsurance Group of America, Inc (Class A)		4,507,423
	17,222		RenaissanceRe Holdings Ltd		2,675,610
	48,558		Torchmark Corp		4,256,594
	101,138		Travelers Cos, Inc		14,538,588
	96,336		UnumProvident Corp		3,556,725
	67,659		W.R. Berkley Corp		4,147,497
	1,449		White Mountains Insurance Group Ltd		1,360,669
	61,577		Willis Towers Watson plc		11,351,104
			TOTAL INSURANCE		450,873,142
MATERIALS - 4.0%
	104,110		Air Products & Chemicals, Inc		21,424,797
	50,133		Albemarle Corp		3,762,983
	88,005	*	Alcoa Corp		2,347,973
	29,530		Aptargroup, Inc		3,284,917
	2,610		Ardagh Group S.A.		36,227
	29,581		Ashland Global Holdings, Inc		2,382,158
	61,723	*	Axalta Coating Systems Ltd		1,665,286
	158,502		Ball Corp		9,500,610
	42,992		Bemis Co, Inc		2,468,601
	31,317	*	Berry Plastics Group, Inc		1,841,440
	28,903		Cabot Corp		1,311,618
	22,244		Celanese Corp (Series A)		2,399,905
	109,441		CF Industries Holdings, Inc		4,900,768
	29,752		Domtar Corp		1,454,873
	359,472	*	Dow, Inc		20,392,846
	1,078,369		DowDuPont, Inc		41,463,288
	1,055		Eagle Materials, Inc		95,910
	67,953		Eastman Chemical Co		5,360,133
	66,323		Ecolab, Inc		12,208,738
	48,627	*	Element Solutions, Inc		528,089
	37,737		FMC Corp		2,983,487
	686,862		Freeport-McMoRan Copper & Gold, Inc (Class B)		8,455,271
	122,353		Graphic Packaging Holding Co		1,698,260
	103,975		Huntsman Corp		2,312,404
	25,094		International Flavors & Fragrances, Inc		3,457,702
	172,136		International Paper Co		8,057,686
	107,089		Linde plc		19,303,863
	76,325		LyondellBasell Industries AF S.C.A		6,734,155
	2,486		Martin Marietta Materials, Inc		551,643
	166,589		Mosaic Co		4,349,639
	346		NewMarket Corp		145,175
	388,437		Newmont Mining Corp		12,064,853
	145,093		Nucor Corp		8,280,457
	80,924		Olin Corp		1,755,242

223

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	77,063		Owens-Illinois, Inc	$	1,522,765
	107,421		PPG Industries, Inc		12,621,967
	31,772		Reliance Steel & Aluminum Co		2,921,753
	17,278		Royal Gold, Inc		1,504,223
	49,880		RPM International, Inc		3,025,222
	9,733		Scotts Miracle-Gro Co (Class A)		827,500
	34,453		Sealed Air Corp		1,606,199
	24,074		Silgan Holdings, Inc		720,776
	46,711		Sonoco Products Co		2,945,596
	91,343		Steel Dynamics, Inc		2,893,746
	82,145		United States Steel Corp		1,281,462
	91,578		Valvoline, Inc		1,694,193
	4,954		Vulcan Materials Co		624,749
	1,335		Westlake Chemical Corp		93,116
	119,218		WestRock Co		4,575,587
	8,101		WR Grace and Co		612,274
			TOTAL MATERIALS		258,452,125
MEDIA & ENTERTAINMENT - 3.3%
	23,678	*	Charter Communications, Inc		8,789,037
	51,613		Cinemark Holdings, Inc		2,170,327
	2,134,610		Comcast Corp (Class A)		92,919,573
	75,586	*	Discovery, Inc (Class A)		2,335,607
	163,705	*	Discovery, Inc (Class C)		4,708,156
	105,331	*	DISH Network Corp (Class A)		3,699,225
	165,239	*	Fox Corp (Class A)		6,442,669
	77,360	*	Fox Corp (Class B)		2,978,360
	47,829	*	GCI Liberty, Inc		2,851,565
	163,690		Interpublic Group of Cos, Inc		3,764,870
	19,787		John Wiley & Sons, Inc (Class A)		913,764
	11,807	*	Liberty Broadband Corp (Class A)		1,161,691
	49,383	*	Liberty Broadband Corp (Class C)		4,874,596
	13,075	*	Liberty Media Group (Class A)		493,712
	93,620	*	Liberty Media Group (Class C)		3,633,392
	40,163	*	Liberty SiriusXM Group (Class A)		1,604,110
	77,319	*	Liberty SiriusXM Group (Class C)		3,105,131
	21,744	e	Lions Gate Entertainment Corp (Class A)		317,245
	43,140	e	Lions Gate Entertainment Corp (Class B)		586,704
	7,579	*	Madison Square Garden Co		2,367,983
	179,394		News Corp (Class A)		2,228,073
	54,335		News Corp (Class B)		678,644
	36,438		Omnicom Group, Inc		2,916,133
	21,579	*	Take-Two Interactive Software, Inc		2,089,495
	41,551		Tribune Co		1,919,656
	5,513		Viacom, Inc (Class A)		191,025
	167,621		Viacom, Inc (Class B)		4,845,923
	322,614		Walt Disney Co		44,188,439
	4,772	*	Zillow Group, Inc (Class A)		158,478
	13,742	*	Zillow Group, Inc (Class C)		458,983
	358,588	*	Zynga, Inc		2,029,608
			TOTAL MEDIA & ENTERTAINMENT		211,422,174

224

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.3%
	151,298		Agilent Technologies, Inc	$	11,876,893
	2,359	*	Agios Pharmaceuticals, Inc		131,915
	17,280	*	Alexion Pharmaceuticals, Inc		2,352,326
	160,927		Allergan plc		23,656,269
	5,483	*	Alnylam Pharmaceuticals, Inc		489,851
	17,672		Amgen, Inc		3,168,943
	5,219	*	Biogen Idec, Inc		1,196,404
	9,844	*	Bio-Rad Laboratories, Inc (Class A)		2,962,355
	8,555	*	Bluebird Bio, Inc		1,213,356
	363,603		Bristol-Myers Squibb Co		16,882,087
	28,524		Bruker BioSciences Corp		1,101,026
	52,523	*	Catalent, Inc		2,354,081
	6,376	*	Charles River Laboratories International, Inc		895,637
	82,533	*	Elanco Animal Health, Inc		2,599,790
	161,005		Eli Lilly & Co		18,844,025
	154,605		Gilead Sciences, Inc		10,055,509
	82,311	*	IQVIA Holdings, Inc		11,432,998
	2,269	*	Jazz Pharmaceuticals plc		294,448
	1,045,871		Johnson & Johnson		147,676,985
	1,153,606		Merck & Co, Inc		90,800,328
	243,611	*	Mylan NV		6,575,061
	52,203	*	PerkinElmer, Inc		5,003,136
	61,167		Perrigo Co plc		2,931,123
	2,723,773		Pfizer, Inc		110,612,422
	105,196	*	QIAGEN NV		4,098,436
	179,233		Thermo Fisher Scientific, Inc		49,728,196
	19,807	*	United Therapeutics Corp		2,031,604
	2,043	*	Waters Corp		436,262
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		531,401,466
REAL ESTATE - 5.0%
	48,726		Alexandria Real Estate Equities, Inc		6,938,095
	64,691		American Campus Communities, Inc		3,053,415
	123,702		American Homes 4 Rent		2,966,374
	71,345		Apartment Investment & Management Co		3,521,589
	106,601		Apple Hospitality REIT, Inc		1,753,586
	65,547		AvalonBay Communities, Inc		13,170,359
	73,317		Boston Properties, Inc		10,089,886
	92,998		Brandywine Realty Trust		1,431,239
	143,073		Brixmor Property Group, Inc		2,558,145
	54,006		Brookfield Property REIT, Inc		1,124,945
	42,316		Camden Property Trust		4,259,105
	78,298	*	CBRE Group, Inc		4,076,977
	197,187		Colony Capital, Inc		1,013,541
	55,300		Columbia Property Trust, Inc		1,255,863
	52,043		Corporate Office Properties Trust		1,450,959
	48,385		Crown Castle International Corp		6,085,865
	87,363		CubeSmart		2,787,753
	48,639		CyrusOne, Inc		2,708,706
	97,568		Digital Realty Trust, Inc		11,484,729

225

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	76,534		Douglas Emmett, Inc	$	3,152,436
	169,353		Duke Realty Corp		5,270,265
	67,499		Empire State Realty Trust, Inc		1,043,535
	34,998		Entertainment Properties Trust		2,759,942
	55,769		Equity Commonwealth		1,773,454
	170,402		Equity Residential		13,022,121
	31,207		Essex Property Trust, Inc		8,815,978
	7,735		Extra Space Storage, Inc		802,042
	34,604		Federal Realty Investment Trust		4,631,745
	57,690		Gaming and Leisure Properties, Inc		2,329,522
	226,896		HCP, Inc		6,756,963
	97,905		Healthcare Trust of America, Inc		2,700,220
	49,753		Highwoods Properties, Inc		2,217,989
	75,699		Hospitality Properties Trust		1,968,174
	347,548		Host Marriott Corp		6,686,824
	11,083	*	Howard Hughes Corp		1,230,213
	64,165		Hudson Pacific Properties		2,236,792
	162,183		Invitation Homes, Inc		4,031,869
	134,789		Iron Mountain, Inc		4,377,947
	47,834		JBG SMITH Properties		2,035,337
	21,456		Jones Lang LaSalle, Inc		3,316,454
	46,887		Kilroy Realty Corp		3,606,079
	192,875		Kimco Realty Corp		3,354,096
	2,946		Lamar Advertising Co		243,546
	69,992		Liberty Property Trust		3,474,403
	20,576		Life Storage, Inc		1,960,687
	64,545		Macerich Co		2,590,836
	175,456		Medical Properties Trust, Inc		3,063,462
	53,867		Mid-America Apartment Communities, Inc		5,893,589
	75,179		National Retail Properties, Inc		3,955,919
	86,129		Omega Healthcare Investors, Inc		3,048,105
	66,531		Outfront Media, Inc		1,585,434
	107,631		Paramount Group, Inc		1,559,573
	96,493		Park Hotels & Resorts, Inc		3,095,495
	297,273		Prologis, Inc		22,791,921
	60,568		Rayonier, Inc		1,925,457
	54,363	e	Realogy Holdings Corp		707,806
	140,116		Realty Income Corp		9,809,521
	72,100		Regency Centers Corp		4,842,957
	108,149		Retail Properties of America, Inc		1,329,151
	3,392		Retail Value, Inc		113,632
	116,190		Senior Housing Properties Trust		933,006
	12,007		Simon Property Group, Inc		2,085,616
	67,320		SITE Centers Corp		891,317
	38,369		SL Green Realty Corp		3,389,518
	40,840		Spirit Realty Capital, Inc		1,652,386
	90,968		STORE Capital Corp		3,031,054
	39,930		Sun Communities, Inc		4,914,584
	129,769		UDR, Inc		5,833,117
	79,690		Uniti Group, Inc		875,793
	168,985		Ventas, Inc		10,326,673
	462,226		VEREIT, Inc		3,817,987
	192,322		VICI Properties, Inc		4,384,942

226

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	81,851		Vornado Realty Trust	$	5,659,178
	58,879		Weingarten Realty Investors		1,703,958
	176,700		Welltower, Inc		13,169,451
	355,849		Weyerhaeuser Co		9,536,753
	75,481		WP Carey, Inc		5,987,153
			TOTAL REAL ESTATE		320,035,108
RETAILING - 1.5%
	23,519		Advance Auto Parts, Inc		3,911,680
	25,719	*	Autonation, Inc		1,078,398
	1,467	*	AutoZone, Inc		1,508,531
	81,638		Best Buy Co, Inc		6,074,684
	31,496	*	CarMax, Inc		2,452,279
	33,037		Dick’s Sporting Goods, Inc		1,222,369
	92,458	*	Dollar Tree, Inc		10,288,726
	320,053		eBay, Inc		12,402,054
	53,221		Foot Locker, Inc		3,044,773
	97,749		Gap, Inc		2,549,294
	67,873		Genuine Parts Co		6,959,697
	77,839		Kohl’s Corp		5,534,353
	85,360		L Brands, Inc		2,188,630
	128,396	*	LKQ Corp		3,864,720
	144,743		Macy’s, Inc		3,407,250
	32,086	*	Michaels Cos, Inc		360,647
	14,724		Penske Auto Group, Inc		676,126
	196,837	*	Qurate Retail Group, Inc QVC Group		3,356,071
	250,175		Target Corp		19,368,548
	47,624		Tiffany & Co		5,134,820
	30,590	e	Williams-Sonoma, Inc		1,748,830
			TOTAL RETAILING		97,132,480
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.7%
	147,629		Analog Devices, Inc		17,160,395
	77,276		Broadcom, Inc		24,604,678
	52,935		Cypress Semiconductor Corp		909,423
	37,315	*	First Solar, Inc		2,295,992
	2,138,767		Intel Corp		109,162,668
	191,769		Marvell Technology Group Ltd		4,798,060
	115,289	*	Micron Technology, Inc		4,849,055
	152,431		NXP Semiconductors NV		16,099,762
	58,178	*	Qorvo, Inc		4,398,839
	575,813		QUALCOMM, Inc		49,594,774
	25,303		Skyworks Solutions, Inc		2,231,219
	71,434		Teradyne, Inc		3,500,266
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		239,605,131
SOFTWARE & SERVICES - 2.8%
	4,983	*	Akamai Technologies, Inc		398,939
	65,590		Amdocs Ltd		3,612,697
	1,657	*	Aspen Technology, Inc		202,005
	16,736	*	Autodesk, Inc		2,982,523

227

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	2,283		Booz Allen Hamilton Holding Co	$	135,359
	27,293		Cognizant Technology Solutions Corp (Class A)		1,991,297
	91,039	*	Conduent, Inc		1,168,031
	127,222		DXC Technology Co		8,363,574
	181	*,e	Elastic NV		15,485
	11,660	*	Euronet Worldwide, Inc		1,747,718
	141,698		Fidelity National Information Services, Inc		16,427,049
	30,161	*	FireEye, Inc		483,179
	14,508	*	First American Corp		589,170
	45,284		Genpact Ltd		1,643,809
	122,642		International Business Machines Corp		17,202,993
	68,188		Leidos Holdings, Inc		5,010,454
	8,304		LogMeIn, Inc		684,250
	190,868		Microsoft Corp		24,927,360
	136,587	*	Nuance Communications, Inc		2,298,759
	1,035,148		Oracle Corp		57,274,739
	4,016	*	Pluralsight, Inc		142,528
	24,757		Sabre Corp		513,955
	8,198		SS&C Technologies Holdings, Inc		554,677
	301,835		Symantec Corp		7,307,425
	63,654	*	Synopsys, Inc		7,707,226
	16,760	*	Teradata Corp		762,077
	151,267		Western Union Co		2,940,631
	129,425	*	Worldpay, Inc		15,169,904
			TOTAL SOFTWARE & SERVICES		182,257,813
TECHNOLOGY HARDWARE & EQUIPMENT - 3.4%
	41,462	*	Arrow Electronics, Inc		3,503,954
	51,078		Avnet, Inc		2,482,902
	2,154,422		Cisco Systems, Inc		120,539,911
	3,421	*	Coherent, Inc		506,342
	90,467	*	CommScope Holding Co, Inc		2,241,772
	374,125		Corning, Inc		11,915,881
	65,911	*	Dell Technologies, Inc		4,443,060
	29,295		Dolby Laboratories, Inc (Class A)		1,895,093
	25,728	*	EchoStar Corp (Class A)		1,025,261
	58,315		Flir Systems, Inc		3,087,196
	663,807		Hewlett Packard Enterprise Co		10,494,789
	738,460		HP, Inc		14,732,277
	71,751		Jabil Circuit, Inc		2,167,598
	158,648		Juniper Networks, Inc		4,405,655
	88,833	*	Keysight Technologies, Inc		7,731,136
	1,940		Littelfuse, Inc		390,037
	68,243		Motorola Solutions, Inc		9,889,093
	9,044		National Instruments Corp		425,972
	10,007	*	NCR Corp		289,703
	118,366	*	Trimble Navigation Ltd		4,831,700
	137,574		Western Digital Corp		7,032,783
	95,441		Xerox Corp		3,183,912
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		217,216,027

228

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
TELECOMMUNICATION SERVICES - 3.6%
	3,453,133		AT&T, Inc	$	106,908,998
	453,749		CenturyLink, Inc		5,181,814
	307,064	*	Sprint Corp		1,713,417
	46,537		Telephone & Data Systems, Inc		1,483,599
	50,604	*	T-Mobile US, Inc		3,693,586
	7,672	*	US Cellular Corp		369,023
	1,965,213		Verizon Communications, Inc		112,390,532
			TOTAL TELECOMMUNICATION SERVICES		231,740,969
TRANSPORTATION - 1.6%
	57,036		Alaska Air Group, Inc		3,530,528
	3,344		Amerco, Inc		1,247,880
	196,199		American Airlines Group, Inc		6,706,082
	14,110		Copa Holdings S.A. (Class A)		1,174,798
	195,717		CSX Corp		15,584,945
	227,396		Delta Air Lines, Inc		13,254,913
	20,655	*	Genesee & Wyoming, Inc (Class A)		1,831,066
	141,359	*	JetBlue Airways Corp		2,622,209
	47,791		Kansas City Southern Industries, Inc		5,884,984
	28,253	*	Kirby Corp		2,308,835
	61,417		Knight-Swift Transportation Holdings, Inc		2,048,257
	37,747		Macquarie Infrastructure Co LLC		1,529,131
	126,940		Norfolk Southern Corp		25,898,299
	23,284		Ryder System, Inc		1,466,892
	19,596		Schneider National, Inc		409,556
	69,612		Southwest Airlines Co		3,775,059
	27,842		Union Pacific Corp		4,929,148
	116,079	*	United Continental Holdings, Inc		10,314,780
			TOTAL TRANSPORTATION		104,517,362
UTILITIES - 6.3%
	313,647		AES Corp		5,369,637
	112,212		Alliant Energy Corp		5,299,773
	115,545		Ameren Corp		8,408,210
	234,337		American Electric Power Co, Inc		20,047,530
	85,769		American Water Works Co, Inc		9,279,348
	99,085		Aqua America, Inc		3,870,260
	54,461		Atmos Energy Corp		5,573,539
	26,698		Avangrid, Inc		1,367,205
	237,987		Centerpoint Energy, Inc		7,377,597
	133,867		CMS Energy Corp		7,436,312
	147,928		Consolidated Edison, Inc		12,745,476
	360,425		Dominion Resources, Inc		28,066,295
	85,935		DTE Energy Co		10,802,889
	338,736		Duke Energy Corp		30,865,624
	150,811		Edison International		9,617,217
	85,908		Entergy Corp		8,324,485
	124,799		Evergy, Inc		7,215,878
	150,412		Eversource Energy		10,778,524
	458,167		Exelon Corp		23,343,609
	230,790		FirstEnergy Corp		9,700,104

229

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	51,378		Hawaiian Electric Industries, Inc	$	2,131,159
	92,459		MDU Resources Group, Inc		2,417,803
	37,044		National Fuel Gas Co		2,193,375
	226,810		NextEra Energy, Inc		44,100,936
	176,600		NiSource, Inc		4,905,948
	137,408		NRG Energy, Inc		5,657,087
	94,797		OGE Energy Corp		4,013,705
	226,787	*,b	PG&E Corp		5,107,243
	53,086		Pinnacle West Capital Corp		5,057,503
	342,642		PPL Corp		10,693,857
	239,586		Public Service Enterprise Group, Inc		14,291,305
	129,937		Sempra Energy		16,625,439
	489,134		Southern Co		26,031,712
	82,024		UGI Corp		4,471,128
	187,559		Vistra Energy Corp		5,110,983
	149,954		WEC Energy Group, Inc		11,760,892
	241,587		Xcel Energy, Inc		13,649,666
			TOTAL UTILITIES		403,709,253
			TOTAL COMMON STOCKS		6,437,661,223
			(Cost $5,117,962,079)
SHORT-TERM INVESTMENTS - 0.2%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.2%
	10,202,631	c	State Street Navigator Securities Lending Government Money Market Portfolio		10,202,631
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		10,202,631
			TOTAL SHORT-TERM INVESTMENTS		10,202,631
			(Cost $10,202,631)
			TOTAL INVESTMENTS - 100.1%		6,447,863,854
			(Cost $5,128,164,710)
			OTHER ASSETS & LIABILITIES, NET - (0.1)%		(6,931,114	)
			NET ASSETS - 100.0%	$	6,440,932,740

	Abbreviation(s):
REIT	Real Estate Investment Trust
*	Non-income producing
b	In bankruptcy
c	Investments made with cash collateral received from securities on loan.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $9,647,166.

230

TIAA-CREF FUNDS - S&P 500 Index Fund

TIAA-CREF FUNDS

S&P 500 INDEX FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2019

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.8%
AUTOMOBILES & COMPONENTS - 0.5%
	54,811		Aptiv plc	$	4,697,303
	43,722		BorgWarner, Inc		1,826,268
	811,445		Ford Motor Co		8,479,600
	276,489		General Motors Co		10,769,247
	34,611		Harley-Davidson, Inc		1,288,567
			TOTAL AUTOMOBILES & COMPONENTS		27,060,985
BANKS - 5.7%
	1,892,984		Bank of America Corp		57,887,451
	159,553		BB&T Corp		8,169,114
	495,283		Citigroup, Inc		35,016,508
	97,540		Citizens Financial Group, Inc		3,530,948
	33,640		Comerica, Inc		2,643,768
	162,730		Fifth Third Bancorp		4,689,879
	34,087		First Republic Bank		3,600,269
	221,297		Huntington Bancshares, Inc		3,080,454
	690,147		JPMorgan Chase & Co		80,091,559
	216,481		Keycorp		3,799,242
	29,601		M&T Bank Corp		5,034,242
	82,856		People’s United Financial, Inc		1,432,580
	96,287		PNC Financial Services Group, Inc		13,184,579
	216,313		Regions Financial Corp		3,359,341
	94,228		SunTrust Banks, Inc		6,170,049
	10,920	*	SVB Financial Group		2,748,782
	316,836		US Bancorp		16,893,695
	863,222		Wells Fargo & Co		41,788,577
	38,291		Zions Bancorporation		1,888,895
			TOTAL BANKS		295,009,932
CAPITAL GOODS - 6.7%
	121,463		3M Co		23,018,453
	30,303		A.O. Smith Corp		1,593,029
	19,715		Allegion plc		1,956,319
	47,865		Ametek, Inc		4,220,257
	87,149		Arconic, Inc		1,871,960
	110,770		Boeing Co		41,836,721
	121,530		Caterpillar, Inc		16,943,713
	30,891		Cummins, Inc		5,136,864
	66,883		Deere & Co		11,077,831
	30,513		Dover Corp		2,991,494
	90,854		Eaton Corp		7,524,528
	129,203		Emerson Electric Co		9,172,121
	59,208		Fastenal Co		4,177,124
	27,320		Flowserve Corp		1,339,500

231

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE
	29,072		Fluor Corp	$	1,155,031
	61,914		Fortive Corp		5,345,655
	29,762		Fortune Brands Home & Security, Inc		1,570,838
	57,492		General Dynamics Corp		10,274,970
	1,837,715		General Electric Co		18,689,562
	24,508		Harris Corp		4,129,598
	153,938		Honeywell International, Inc		26,728,255
	8,371		Huntington Ingalls		1,863,217
	63,165		Illinois Tool Works, Inc		9,830,369
	51,485		Ingersoll-Rand plc		6,312,576
	24,955		Jacobs Engineering Group, Inc		1,944,993
	193,447		Johnson Controls International plc		7,254,262
	16,804		L3 Technologies, Inc		3,673,018
	51,388		Lockheed Martin Corp		17,129,162
	61,521		Masco Corp		2,403,010
	35,877		Northrop Grumman Corp		10,401,101
	73,336		PACCAR, Inc		5,255,991
	27,451		Parker-Hannifin Corp		4,970,827
	32,646		Pentair plc		1,272,868
	30,421		Quanta Services, Inc		1,235,093
	59,698		Raytheon Co		10,601,768
	25,444		Rockwell Automation, Inc		4,597,985
	21,618		Roper Industries, Inc		7,775,995
	11,918		Snap-On, Inc		2,005,561
	31,611		Stanley Black & Decker, Inc		4,634,173
	49,343		Textron, Inc		2,615,179
	10,509		TransDigm Group, Inc		5,070,803
	16,418	*	United Rentals, Inc		2,313,625
	170,822		United Technologies Corp		24,360,925
	9,519		W.W. Grainger, Inc		2,684,358
	29,380		Wabtec Corp		2,176,177
	37,010		Xylem, Inc		3,086,634
			TOTAL CAPITAL GOODS		346,223,493
COMMERCIAL & PROFESSIONAL SERVICES - 0.7%
	17,737		Cintas Corp		3,851,412
	41,552	*	Copart, Inc		2,797,281
	25,987		Equifax, Inc		3,273,063
	74,897	*	IHS Markit Ltd		4,288,602
	74,569		Nielsen NV		1,903,746
	45,638		Republic Services, Inc		3,779,739
	23,957		Robert Half International, Inc		1,487,490
	31,255		Rollins, Inc		1,208,631
	34,500		Verisk Analytics, Inc		4,869,330
	81,941		Waste Management, Inc		8,795,547
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		36,254,841
CONSUMER DURABLES & APPAREL - 1.1%
	31,341	*	Capri Holdings Ltd		1,381,511
	70,539		DR Horton, Inc		3,125,583
	25,295	*	Garmin Ltd		2,168,793
	75,653		Hanesbrands, Inc		1,367,050

232

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE
	24,444		Hasbro, Inc	$	2,489,866
	27,507		Leggett & Platt, Inc		1,082,676
	61,097		Lennar Corp (Class A)		3,178,877
	71,698	*,e	Mattel, Inc		873,999
	13,275	*	Mohawk Industries, Inc		1,808,719
	83,700		Newell Rubbermaid, Inc		1,203,606
	265,427		Nike, Inc (Class B)		23,312,453
	53,918		Pulte Homes, Inc		1,696,260
	15,986		PVH Corp		2,062,034
	11,568		Ralph Lauren Corp		1,522,117
	60,277		Tapestry, Inc		1,945,139
	39,270	*	Under Armour, Inc (Class A)		906,744
	38,984	*	Under Armour, Inc (Class C)		807,749
	67,695		VF Corp		6,391,085
	13,344		Whirlpool Corp		1,852,414
			TOTAL CONSUMER DURABLES & APPAREL		59,176,675
CONSUMER SERVICES - 1.9%
	84,083		Carnival Corp		4,612,793
	5,292	*	Chipotle Mexican Grill, Inc (Class A)		3,641,108
	25,532		Darden Restaurants, Inc		3,002,563
	43,808		H&R Block, Inc		1,192,016
	60,706		Hilton Worldwide Holdings, Inc		5,280,815
	59,307		Marriott International, Inc (Class A)		8,090,661
	161,382		McDonald’s Corp		31,884,242
	105,033		MGM Resorts International		2,797,029
	45,115	*	Norwegian Cruise Line Holdings Ltd		2,544,035
	35,865		Royal Caribbean Cruises Ltd		4,337,513
	262,268		Starbucks Corp		20,372,978
	20,460		Wynn Resorts Ltd		2,955,447
	65,319		Yum! Brands, Inc		6,818,650
			TOTAL CONSUMER SERVICES		97,529,850
DIVERSIFIED FINANCIALS - 3.5%
	9,953		Affiliated Managers Group, Inc		1,103,987
	145,903		American Express Co		17,104,209
	29,222		Ameriprise Financial, Inc		4,288,913
	187,557		Bank of New York Mellon Corp		9,314,081
	25,598		BlackRock, Inc		12,421,173
	98,838		Capital One Financial Corp		9,175,132
	23,475		CBOE Holdings, Inc		2,385,295
	248,554		Charles Schwab Corp		11,378,802
	75,379		CME Group, Inc		13,485,303
	70,789		Discover Financial Services		5,768,596
	53,043		E*TRADE Financial Corp		2,687,158
	59,583		Franklin Resources, Inc		2,060,976
	72,179		Goldman Sachs Group, Inc		14,863,100
	119,566		IntercontinentalExchange Group, Inc		9,726,694
	83,923		Invesco Ltd		1,843,788
	56,934		Jefferies Financial Group, Inc		1,171,132
	35,046		Moody’s Corp		6,890,745

233

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE
	272,550		Morgan Stanley	$	13,150,537
	18,422		MSCI, Inc (Class A)		4,151,950
	24,170		NASDAQ OMX Group, Inc		2,228,474
	46,725		Northern Trust Corp		4,604,749
	26,241		Raymond James Financial, Inc		2,402,888
	52,560		S&P Global, Inc		11,597,890
	79,417		State Street Corp		5,373,354
	137,770		Synchrony Financial		4,776,486
	49,431		T Rowe Price Group, Inc		5,313,832
			TOTAL DIVERSIFIED FINANCIALS		179,269,244
ENERGY - 5.2%
	105,963		Anadarko Petroleum Corp		7,719,405
	76,491		Apache Corp		2,517,319
	105,680		Baker Hughes a GE Co		2,538,434
	89,690		Cabot Oil & Gas Corp		2,322,074
	400,532		Chevron Corp		48,087,872
	21,249		Cimarex Energy Co		1,458,956
	42,301		Concho Resources, Inc		4,880,689
	238,370		ConocoPhillips		15,045,914
	97,188	*	Devon Energy Corp		3,123,622
	33,075		Diamondback Energy, Inc		3,518,849
	121,798		EOG Resources, Inc		11,698,698
	893,431	d	Exxon Mobil Corp		71,724,641
	184,152		Halliburton Co		5,217,026
	24,813		Helmerich & Payne, Inc		1,452,057
	52,725		Hess Corp		3,380,727
	33,934		HollyFrontier Corp		1,619,670
	407,406		Kinder Morgan, Inc		8,095,157
	174,601		Marathon Oil Corp		2,975,201
	143,037		Marathon Petroleum Corp		8,706,662
	83,991		National Oilwell Varco, Inc		2,195,525
	102,535		Noble Energy, Inc		2,774,597
	157,771		Occidental Petroleum Corp		9,289,556
	85,535		ONEOK, Inc		5,810,393
	88,874		Phillips 66		8,378,152
	35,729		Pioneer Natural Resources Co		5,947,449
	288,295		Schlumberger Ltd		12,304,431
	90,684		TechnipFMC plc (Euro OTC)		2,229,920
	87,202		Valero Energy Corp		7,905,733
	254,381		Williams Cos, Inc		7,206,614
			TOTAL ENERGY		270,125,343
FOOD & STAPLES RETAILING - 1.4%
	92,898		Costco Wholesale Corp		22,809,246
	165,684		Kroger Co		4,271,334
	99,662		Sysco Corp		7,013,215
	168,799		Walgreens Boots Alliance, Inc		9,042,562
	300,380		Walmart, Inc		30,891,079
			TOTAL FOOD & STAPLES RETAILING		74,027,436

234

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE
FOOD, BEVERAGE & TOBACCO - 3.9%
	395,530		Altria Group, Inc	$	21,489,145
	116,103		Archer Daniels Midland Co		5,178,194
	35,302		Brown-Forman Corp (Class B)		1,881,244
	40,118		Campbell Soup Co		1,552,165
	812,066		Coca-Cola Co		39,839,958
	103,561		ConAgra Brands, Inc		3,187,608
	35,017		Constellation Brands, Inc (Class A)		7,412,048
	124,713		General Mills, Inc		6,418,978
	29,622		Hershey Co		3,698,307
	59,240		Hormel Foods Corp		2,366,046
	24,600		J.M. Smucker Co		3,016,698
	52,945		Kellogg Co		3,192,583
	129,347		Kraft Heinz Co		4,299,494
	30,561		Lamb Weston Holdings, Inc		2,140,798
	25,969		McCormick & Co, Inc		3,998,447
	39,161		Molson Coors Brewing Co (Class B)		2,513,745
	304,492		Mondelez International, Inc		15,483,418
	82,165	*	Monster Beverage Corp		4,897,034
	296,411		PepsiCo, Inc		37,955,429
	327,799		Philip Morris International, Inc		28,374,281
	61,924		Tyson Foods, Inc (Class A)		4,644,919
			TOTAL FOOD, BEVERAGE & TOBACCO		203,540,539
HEALTH CARE EQUIPMENT & SERVICES - 5.9%
	370,312		Abbott Laboratories		29,462,023
	9,391	*	Abiomed, Inc		2,605,157
	15,343	*	Align Technology, Inc		4,981,565
	33,504		AmerisourceBergen Corp		2,504,759
	54,195		Anthem, Inc		14,254,911
	102,047		Baxter International, Inc		7,786,186
	56,673		Becton Dickinson & Co		13,643,458
	294,043	*	Boston Scientific Corp		10,914,876
	62,523		Cardinal Health, Inc		3,045,495
	85,912	*	Centene Corp		4,429,623
	68,872	*	Cerner Corp		4,576,544
	79,513		Cigna Corp		12,629,845
	10,086		Cooper Cos, Inc		2,924,133
	273,976		CVS Health Corp		14,898,815
	132,635		Danaher Corp		17,566,179
	26,595	*	DaVita, Inc		1,469,108
	48,073		Dentsply Sirona, Inc		2,457,972
	43,637	*	Edwards Lifesciences Corp		7,683,167
	55,473		HCA Holdings, Inc		7,057,830
	32,307	*	Henry Schein, Inc		2,069,586
	57,112	*	Hologic, Inc		2,648,855
	28,417		Humana, Inc		7,257,986
	17,963	*	IDEXX Laboratories, Inc		4,167,416
	24,131	*	Intuitive Surgical, Inc		12,322,013
	20,963	*	Laboratory Corp of America Holdings		3,352,403
	41,067		McKesson Corp		4,897,240
	282,781		Medtronic plc		25,113,781
	27,994		Quest Diagnostics, Inc		2,698,062

235

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE
	30,872		Resmed, Inc	$	3,226,433
	65,488		Stryker Corp		12,371,338
	9,568		Teleflex, Inc		2,738,170
	202,535		UnitedHealth Group, Inc		47,204,832
	18,223		Universal Health Services, Inc (Class B)		2,311,952
	18,964	*	Varian Medical Systems, Inc		2,582,328
	10,455	*	WellCare Health Plans, Inc		2,701,049
	42,782		Zimmer Biomet Holdings, Inc		5,269,031
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		307,824,121
HOUSEHOLD & PERSONAL PRODUCTS - 1.8%
	51,521		Church & Dwight Co, Inc		3,861,499
	26,586		Clorox Co		4,246,582
	181,803		Colgate-Palmolive Co		13,233,440
	97,697	e	Coty, Inc		1,057,082
	45,740		Estee Lauder Cos (Class A)		7,858,589
	72,557		Kimberly-Clark Corp		9,314,868
	527,917		Procter & Gamble Co		56,212,602
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		95,784,662
INSURANCE - 4.1%
	159,017		Aflac, Inc		8,011,276
	71,360		Allstate Corp		7,068,922
	183,107		American International Group, Inc		8,710,400
	50,575		Aon plc		9,110,581
	39,671		Arthur J. Gallagher & Co		3,317,289
	12,710		Assurant, Inc		1,207,450
	410,158	*	Berkshire Hathaway, Inc (Class B)		88,885,340
	96,697		Chubb Ltd		14,040,404
	31,730		Cincinnati Financial Corp		3,051,791
	8,419		Everest Re Group Ltd		1,982,675
	73,549		Hartford Financial Services Group, Inc		3,847,348
	45,110		Lincoln National Corp		3,009,739
	58,005		Loews Corp		2,975,076
	107,327		Marsh & McLennan Cos, Inc		10,119,863
	200,336		Metlife, Inc		9,241,500
	54,952		Principal Financial Group		3,141,056
	123,384		Progressive Corp		9,642,460
	85,512		Prudential Financial, Inc		9,039,474
	20,667		Torchmark Corp		1,811,669
	54,805		Travelers Cos, Inc		7,878,219
	46,504		UnumProvident Corp		1,716,928
	27,203		Willis Towers Watson plc		5,014,601
			TOTAL INSURANCE		212,824,061
MATERIALS - 2.7%
	46,156		Air Products & Chemicals, Inc		9,498,443
	22,878		Albemarle Corp		1,717,223
	18,260		Avery Dennison Corp		2,020,469
	70,872		Ball Corp		4,248,068
	27,238		Celanese Corp (Series A)		2,938,708
	47,781		CF Industries Holdings, Inc		2,139,633

236

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE
	158,234	*	Dow, Inc	$	8,976,615
	474,703		DowDuPont, Inc		18,252,330
	29,825		Eastman Chemical Co		2,352,596
	53,441		Ecolab, Inc		9,837,419
	27,653		FMC Corp		2,186,246
	303,454		Freeport-McMoRan Copper & Gold, Inc (Class B)		3,735,519
	21,107		International Flavors & Fragrances, Inc		2,908,333
	82,471		International Paper Co		3,860,467
	116,146		Linde plc		20,936,478
	64,833		LyondellBasell Industries AF S.C.A		5,720,216
	12,940		Martin Marietta Materials, Inc		2,871,386
	77,796		Mosaic Co		2,031,254
	173,709		Newmont Mining Corp		5,395,402
	65,508		Nucor Corp		3,738,542
	19,463		Packaging Corp of America		1,929,951
	49,595		PPG Industries, Inc		5,827,412
	33,441		Sealed Air Corp		1,559,019
	17,223		Sherwin-Williams Co		7,833,537
	27,792		Vulcan Materials Co		3,504,849
	53,262		WestRock Co		2,044,196
			TOTAL MATERIALS		138,064,311
MEDIA & ENTERTAINMENT - 8.4%
	160,350		Activision Blizzard, Inc		7,730,473
	63,116	*	Alphabet, Inc (Class A)		75,673,559
	64,810	*	Alphabet, Inc (Class C)		77,025,389
	72,922		CBS Corp (Class B)		3,738,711
	36,879	*	Charter Communications, Inc		13,689,116
	952,376		Comcast Corp (Class A)		41,456,927
	32,619	*	Discovery, Inc (Class A)		1,007,927
	75,310	*	Discovery, Inc (Class C)		2,165,916
	47,021	*	DISH Network Corp (Class A)		1,651,378
	62,491	*	Electronic Arts, Inc		5,914,773
	502,980	*	Facebook, Inc		97,276,332
	74,154	*	Fox Corp (Class A)		2,891,264
	34,115	*	Fox Corp (Class B)		1,313,427
	80,080		Interpublic Group of Cos, Inc		1,841,840
	92,038	*	NetFlix, Inc		34,103,761
	79,664		News Corp (Class A)		989,427
	25,832		News Corp (Class B)		322,642
	47,631		Omnicom Group, Inc		3,811,909
	23,629	*	Take-Two Interactive Software, Inc		2,287,996
	22,805	*	TripAdvisor, Inc		1,213,910
	155,322	*	Twitter, Inc		6,198,901
	72,179		Viacom, Inc (Class B)		2,086,695
	370,273		Walt Disney Co		50,716,293
			TOTAL MEDIA & ENTERTAINMENT		435,108,566
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.7%
	310,972		AbbVie, Inc		24,688,067
	65,358		Agilent Technologies, Inc		5,130,603

237

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE
	46,704	*	Alexion Pharmaceuticals, Inc	$	6,357,815
	66,420		Allergan plc		9,763,740
	131,187		Amgen, Inc		23,524,453
	41,166	*	Biogen Idec, Inc		9,436,894
	344,915		Bristol-Myers Squibb Co		16,014,403
	148,580	*	Celgene Corp		14,064,583
	181,192		Eli Lilly & Co		21,206,712
	269,377		Gilead Sciences, Inc		17,520,280
	31,069	*	Illumina, Inc		9,693,528
	38,613	*	Incyte Corp		2,965,478
	33,333	*	IQVIA Holdings, Inc		4,629,954
	561,678		Johnson & Johnson		79,308,933
	544,280		Merck & Co, Inc		42,840,279
	5,272	*	Mettler-Toledo International, Inc		3,929,011
	107,298	*	Mylan NV		2,895,973
	40,238	*	Nektar Therapeutics		1,288,421
	23,205	*	PerkinElmer, Inc		2,223,967
	27,511		Perrigo Co plc		1,318,327
	1,170,148		Pfizer, Inc		47,519,710
	16,528	*	Regeneron Pharmaceuticals, Inc		5,671,418
	84,900		Thermo Fisher Scientific, Inc		23,555,505
	53,446	*	Vertex Pharmaceuticals, Inc		9,031,305
	15,637	*	Waters Corp		3,339,125
	100,196		Zoetis, Inc		10,203,961
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		398,122,445
REAL ESTATE - 3.0%
	23,587		Alexandria Real Estate Equities, Inc		3,358,553
	93,091		American Tower Corp		18,180,672
	32,580		Apartment Investment & Management Co		1,608,149
	28,985		AvalonBay Communities, Inc		5,823,956
	31,777		Boston Properties, Inc		4,373,151
	66,156	*	CBRE Group, Inc		3,444,743
	88,147		Crown Castle International Corp		11,087,130
	43,127		Digital Realty Trust, Inc		5,076,479
	77,569		Duke Realty Corp		2,413,947
	17,436		Equinix, Inc		7,928,149
	76,562		Equity Residential		5,850,868
	14,121		Essex Property Trust, Inc		3,989,182
	27,485		Extra Space Storage, Inc		2,849,920
	16,205		Federal Realty Investment Trust		2,169,039
	101,193		HCP, Inc		3,013,527
	152,269		Host Marriott Corp		2,929,656
	62,370		Iron Mountain, Inc		2,025,778
	92,778		Kimco Realty Corp		1,613,409
	22,630		Macerich Co		908,368
	24,821		Mid-America Apartment Communities, Inc		2,715,666
	131,096		Prologis, Inc		10,051,130
	31,456		Public Storage, Inc		6,957,438
	63,470		Realty Income Corp		4,443,535
	35,553		Regency Centers Corp		2,388,095
	24,149	*	SBA Communications Corp		4,919,876
	65,158		Simon Property Group, Inc		11,317,945

238

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE
	18,157		SL Green Realty Corp	$	1,603,989
	58,578		UDR, Inc		2,633,081
	75,380		Ventas, Inc		4,606,472
	37,506		Vornado Realty Trust		2,593,165
	80,852		Welltower, Inc		6,025,900
	156,545		Weyerhaeuser Co		4,195,406
			TOTAL REAL ESTATE		153,096,374
RETAILING - 6.7%
	15,336		Advance Auto Parts, Inc		2,550,684
	86,983	*	Amazon.com, Inc		167,574,489
	5,269	*	AutoZone, Inc		5,418,165
	48,896		Best Buy Co, Inc		3,638,351
	9,505	*	Booking Holdings, Inc		17,631,680
	35,760	*	CarMax, Inc		2,784,274
	55,093		Dollar General Corp		6,946,676
	50,201	*	Dollar Tree, Inc		5,586,367
	185,403		eBay, Inc		7,184,366
	24,182		Expedia, Inc		3,139,791
	24,553		Foot Locker, Inc		1,404,677
	45,798		Gap, Inc		1,194,412
	30,214		Genuine Parts Co		3,098,144
	238,222		Home Depot, Inc		48,525,821
	34,856		Kohl’s Corp		2,478,262
	51,344		L Brands, Inc		1,316,460
	66,660	*	LKQ Corp		2,006,466
	168,787		Lowe’s Companies, Inc		19,096,561
	64,570		Macy’s, Inc		1,519,978
	24,542		Nordstrom, Inc		1,006,713
	16,350	*	O’Reilly Automotive, Inc		6,189,620
	78,285		Ross Stores, Inc		7,645,313
	109,515		Target Corp		8,478,651
	22,799		Tiffany & Co		2,458,188
	258,921		TJX Companies, Inc		14,209,584
	26,011		Tractor Supply Co		2,692,139
	12,009	*	Ulta Beauty, Inc		4,190,901
			TOTAL RETAILING		349,966,733
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.0%
	188,299	*	Advanced Micro Devices, Inc		5,202,701
	76,947		Analog Devices, Inc		8,944,319
	198,683		Applied Materials, Inc		8,755,960
	83,507		Broadcom, Inc		26,588,629
	948,373		Intel Corp		48,404,958
	34,601		Kla-Tencor Corp		4,410,935
	32,502		Lam Research Corp		6,741,890
	57,946		Maxim Integrated Products, Inc		3,476,760
	49,794	e	Microchip Technology, Inc		4,973,923
	237,996	*	Micron Technology, Inc		10,010,112
	127,740		NVIDIA Corp		23,120,940
	26,371	*	Qorvo, Inc		1,993,911

239

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE
	255,914		QUALCOMM, Inc	$	22,041,873
	35,982		Skyworks Solutions, Inc		3,172,893
	197,949		Texas Instruments, Inc		23,324,331
	53,046		Xilinx, Inc		6,372,946
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		207,537,081
SOFTWARE & SERVICES - 11.8%
	134,396		Accenture plc		24,550,117
	102,830	*	Adobe, Inc		29,743,577
	34,035	*	Akamai Technologies, Inc		2,724,842
	9,660		Alliance Data Systems Corp		1,546,566
	17,494	*	Ansys, Inc		3,425,325
	45,649	*	Autodesk, Inc		8,135,108
	91,796		Automatic Data Processing, Inc		15,090,344
	24,393		Broadridge Financial Solutions, Inc		2,881,545
	60,565	*	Cadence Design Systems, Inc		4,202,000
	27,114		Citrix Systems, Inc		2,737,429
	121,224		Cognizant Technology Solutions Corp (Class A)		8,844,503
	58,823		DXC Technology Co		3,867,024
	67,310		Fidelity National Information Services, Inc		7,803,248
	82,092	*	Fiserv, Inc		7,161,706
	18,528	*	FleetCor Technologies, Inc		4,834,882
	30,185	*	Fortinet, Inc		2,819,883
	18,905	*	Gartner, Inc		3,005,328
	32,839		Global Payments, Inc		4,796,793
	187,503		International Business Machines Corp		26,301,046
	54,795		Intuit, Inc		13,756,833
	15,854		Jack Henry & Associates, Inc		2,363,197
	190,353		MasterCard, Inc (Class A)		48,395,347
	1,618,038		Microsoft Corp		211,315,763
	537,376		Oracle Corp		29,733,014
	66,860		Paychex, Inc		5,636,967
	247,284	*	PayPal Holdings, Inc		27,886,217
	37,186	*	Red Hat, Inc		6,787,561
	161,250	*	salesforce.com, Inc		26,662,687
	134,372		Symantec Corp		3,253,146
	31,005	*	Synopsys, Inc		3,754,085
	34,521		Total System Services, Inc		3,529,427
	22,441	*	VeriSign, Inc		4,430,976
	368,982		Visa, Inc (Class A)		60,671,710
	91,845		Western Union Co		1,785,467
			TOTAL SOFTWARE & SERVICES		614,433,663
TECHNOLOGY HARDWARE & EQUIPMENT - 5.8%
	63,008		Amphenol Corp (Class A)		6,273,077
	944,491		Apple, Inc		189,531,009
	11,273	*	Arista Networks, Inc		3,520,445
	928,348		Cisco Systems, Inc		51,941,071
	167,476		Corning, Inc		5,334,111
	12,940	*	F5 Networks, Inc		2,030,286
	28,578		Flir Systems, Inc		1,512,919
	296,978		Hewlett Packard Enterprise Co		4,695,222

240

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE
	324,059		HP, Inc	$	6,464,977
	7,740	*	IPG Photonics Corp		1,352,410
	72,375		Juniper Networks, Inc		2,009,854
	39,373	*	Keysight Technologies, Inc		3,426,632
	34,530		Motorola Solutions, Inc		5,003,742
	52,643		NetApp, Inc		3,835,043
	54,701		Seagate Technology, Inc		2,643,152
	72,434		TE Connectivity Ltd		6,928,312
	60,944		Western Digital Corp		3,115,457
	40,199		Xerox Corp		1,341,039
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		300,958,758
TELECOMMUNICATION SERVICES - 2.0%
	1,536,383		AT&T, Inc		47,566,418
	204,065		CenturyLink, Inc		2,330,422
	871,355		Verizon Communications, Inc		49,832,792
			TOTAL TELECOMMUNICATION SERVICES		99,729,632
TRANSPORTATION - 2.1%
	28,151		Alaska Air Group, Inc		1,742,547
	85,902		American Airlines Group, Inc		2,936,130
	28,913		CH Robinson Worldwide, Inc		2,341,953
	164,160		CSX Corp		13,072,061
	129,085		Delta Air Lines, Inc		7,524,365
	36,600		Expeditors International of Washington, Inc		2,906,772
	50,146		FedEx Corp		9,500,661
	18,448		JB Hunt Transport Services, Inc		1,742,967
	21,239		Kansas City Southern Industries, Inc		2,615,370
	56,751		Norfolk Southern Corp		11,578,339
	105,033		Southwest Airlines Co		5,695,940
	152,416		Union Pacific Corp		26,983,729
	46,233	*	United Continental Holdings, Inc		4,108,264
	146,981		United Parcel Service, Inc (Class B)		15,612,322
			TOTAL TRANSPORTATION		108,361,420
UTILITIES - 3.2%
	137,268		AES Corp		2,350,028
	50,841		Alliant Energy Corp		2,401,220
	51,283		Ameren Corp		3,731,864
	103,162		American Electric Power Co, Inc		8,825,509
	37,874		American Water Works Co, Inc		4,097,588
	24,428		Atmos Energy Corp		2,499,962
	107,578		Centerpoint Energy, Inc		3,334,918
	59,354		CMS Energy Corp		3,297,115
	67,338		Consolidated Edison, Inc		5,801,842
	169,253		Dominion Resources, Inc		13,179,731
	37,986		DTE Energy Co		4,775,220
	152,146		Duke Energy Corp		13,863,544
	69,441		Edison International		4,428,253
	39,676		Entergy Corp		3,844,604
	55,817		Evergy, Inc		3,227,339

241

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY					VALUE
	67,414		Eversource Energy					$	4,830,887
	204,271		Exelon Corp						10,407,607
	105,413		FirstEnergy Corp						4,430,508
	100,989		NextEra Energy, Inc						19,636,301
	79,806		NiSource, Inc						2,217,011
	60,250		NRG Energy, Inc						2,480,493
	24,226		Pinnacle West Capital Corp						2,308,011
	150,871		PPL Corp						4,708,684
	106,036		Public Service Enterprise Group, Inc						6,325,047
	57,210		Sempra Energy						7,320,020
	219,343		Southern Co						11,673,434
	67,005		WEC Energy Group, Inc						5,255,202
	109,137		Xcel Energy, Inc						6,166,241
			TOTAL UTILITIES						167,418,183
			TOTAL COMMON STOCKS						5,177,448,348
			(Cost $2,934,264,438)
PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 0.2%
GOVERNMENT AGENCY DEBT - 0.1%
$	6,300,000		Federal Home Loan Bank (FHLB)		2.350	%	05/01/19		6,300,000
			TOTAL GOVERNMENT AGENCY DEBT						6,300,000
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.1%
	2,758,356	c	State Street Navigator Securities Lending Government Money Market Portfolio						2,758,356
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						2,758,356
			TOTAL SHORT-TERM INVESTMENTS						9,058,356
			(Cost $9,058,356)
			TOTAL INVESTMENTS - 100.0%						5,186,506,704
			(Cost $2,943,322,794)
			OTHER ASSETS & LIABILITIES, NET - 0.0%						2,910,915
			NET ASSETS - 100.0%					$	5,189,417,619

	Abbreviation(s):
OTC	Over The Counter
*	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 $2,651,422.

242

TIAA-CREF FUNDS - S&P 500 Index Fund

Futures contracts outstanding as of April 30, 2019 were as follows:

Description	Number of long (short) contracts	Expiration date	Notional amount		Value		Unrealized appreciation (depreciation)
S&P 500 E Mini Index	49	06/21/19		$7,175,882		$7,223,825		$47,943

243

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

TIAA-CREF FUNDS
SMALL-CAP BLEND INDEX FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2019

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.9%
AUTOMOBILES & COMPONENTS - 1.1%
	153,363	*	American Axle & Manufacturing Holdings, Inc	$	2,262,104
	72,261		Cooper Tire & Rubber Co		2,157,713
	25,923	*	Cooper-Standard Holding, Inc		1,313,518
	206,662		Dana Holding Corp		4,029,909
	38,052	*	Dorman Products, Inc		3,336,019
	51,756	*	Fox Factory Holding Corp		4,016,266
	50,613	*	Gentherm, Inc		2,143,967
	34,607		LCI Industries, Inc		3,040,225
	72,580	*	Modine Manufacturing Co		1,073,458
	30,356	*	Motorcar Parts of America, Inc		627,155
	18,693	*	Shiloh Industries, Inc		106,924
	55,386		Spartan Motors, Inc		515,090
	30,215		Standard Motor Products, Inc		1,509,844
	40,363	*	Stoneridge, Inc		1,268,609
	33,340		Superior Industries International, Inc		165,033
	68,699		Tenneco, Inc		1,505,882
	29,699		Tower International, Inc		693,175
	44,036		Winnebago Industries, Inc		1,557,553
			TOTAL AUTOMOBILES & COMPONENTS		31,322,444
BANKS - 11.4%
	8,952		1st Constitution Bancorp		168,119
	22,294		1st Source Corp		1,044,028
	9,148		ACNB Corp		346,435
	17,995	*	Allegiance Bancshares, Inc		622,087
	16,359		Amalgamated Bank		277,285
	14,397		American National Bankshares, Inc		544,495
	61,417		Ameris Bancorp		2,239,264
	10,037	*	Ames National Corp		283,545
	16,408		Arrow Financial Corp		552,129
	35,580	*	Atlantic Capital Bancshares, Inc		620,515
	2,885	e	Auburn National Bancorporation, Inc		103,196
	83,895	*	Axos Financial, Inc		2,745,044
	65,845		Banc of California, Inc		955,411
	26,091		Bancfirst Corp		1,471,532
	134,960		BancorpSouth Bank		4,113,581
	18,187		Bank of Commerce Holdings		196,783
	16,598		Bank of Marin Bancorp		702,925
	80,846		Bank of NT Butterfield & Son Ltd		3,235,457
	7,049		Bank of Princeton		212,175
	4,650	*	Bank7 Corp		80,538
	16,749		BankFinancial Corp		251,402
	7,434		Bankwell Financial Group, Inc		226,663
	45,689		Banner Corp		2,422,431

244

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	20,655		Bar Harbor Bankshares	$	542,813
	12,487	*	Baycom Corp		287,825
	16,533		BCB Bancorp, Inc		218,566
	58,039		Berkshire Hills Bancorp, Inc		1,740,590
	120,169		Boston Private Financial Holdings, Inc		1,375,935
	20,472		Bridge Bancorp, Inc		634,427
	31,082	*	Bridgewater Bancshares, Inc		332,267
	117,077		Brookline Bancorp, Inc		1,762,009
	27,792		Bryn Mawr Bank Corp		1,058,597
	11,585		Business First Bancshares, Inc		294,838
	27,531	*	Byline Bancorp, Inc		551,171
	3,938		C&F Financial Corp		190,993
	170,621		Cadence BanCorp		3,881,628
	4,505		Cambridge Bancorp		377,744
	20,660		Camden National Corp		908,627
	8,590	*	Capital Bancorp, Inc		97,668
	13,244		Capital City Bank Group, Inc		303,817
	190,080		Capitol Federal Financial		2,623,104
	9,818		Capstar Financial Holdings, Inc		152,081
	30,342		Carolina Financial Corp		1,095,043
	110,407		Cathay General Bancorp		4,061,874
	5,700		CB Financial Services, Inc		135,318
	25,212		CBTX, Inc		799,220
	173,250		Centerstate Banks of Florida, Inc		4,275,810
	41,009		Central Pacific Financial Corp		1,230,680
	14,062		Central Valley Community Bancorp		287,709
	3,444		Century Bancorp, Inc		315,711
	102,307		Chemical Financial Corp		4,494,347
	3,740		Chemung Financial Corp		177,201
	13,599		Citizens & Northern Corp		385,532
	22,853		City Holding Co		1,814,071
	18,467		Civista Bancshares, Inc		406,274
	18,179		CNB Financial Corp		517,738
	8,214	*	Coastal Financial Corp		131,013
	11,174		Codorus Valley Bancorp, Inc		236,442
	104,030		Columbia Banking System, Inc		3,905,286
	70,584	*	Columbia Financial, Inc		1,119,462
	12,325	e	Commerce Union Bancshares, Inc		282,243
	71,211		Community Bank System, Inc		4,732,683
	25,274		Community Bankers Trust Corp		199,159
	4,657		Community Financial Corp		142,597
	19,694		Community Trust Bancorp, Inc		832,071
	42,629		ConnectOne Bancorp, Inc		930,591
	6,318		County Bancorp, Inc		113,282
	44,542	*	Customers Bancorp, Inc		1,008,876
	160,582		CVB Financial Corp		3,484,629
	46,495		Dime Community Bancshares		936,874
	46,337	*	Eagle Bancorp, Inc		2,560,583
	7,391	*	Entegra Financial Corp		218,034
	11,122		Enterprise Bancorp, Inc		352,901
	31,970		Enterprise Financial Services Corp		1,360,004
	20,774	*	Equity Bancshares, Inc		545,525
	7,285	*	Esquire Financial Holdings, Inc		183,145

245

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	11,519		ESSA Bancorp, Inc	$	176,356
	135,925	*	Essent Group Ltd		6,449,641
	5,436		Evans Bancorp, Inc		199,719
	10,436		Farmers & Merchants Bancorp, Inc		331,239
	29,118		Farmers National Banc Corp		419,008
	23,382		FB Financial Corp		859,055
	13,151		Federal Agricultural Mortgage Corp (Class C)		1,005,788
	3,409	e	Fidelity D&D Bancorp, Inc		204,540
	31,910		Fidelity Southern Corp		928,900
	18,738		Financial Institutions, Inc		515,295
	43,273		First Bancorp (NC)		1,640,479
	305,427		First Bancorp (Puerto Rico)		3,451,325
	12,679		First Bancorp, Inc		339,924
	15,111		First Bancshares, Inc		466,628
	19,916		First Bank		227,242
	64,808		First Busey Corp		1,674,639
	9,757		First Business Financial Services, Inc		224,704
	12,032		First Choice Bancorp		255,800
	144,734		First Commonwealth Financial Corp		1,969,830
	19,531		First Community Bancshares, Inc		678,898
	8,752		First Community Corp		164,450
	25,822		First Defiance Financial Corp		762,007
	137,759		First Financial Bancorp		3,457,751
	92,410		First Financial Bankshares, Inc		5,685,063
	14,536		First Financial Corp		598,447
	10,818		First Financial Northwest, Inc		180,985
	56,383		First Foundation, Inc		801,202
	5,815	e	First Guaranty Bancshares, Inc		124,732
	12,694		First Internet Bancorp		277,872
	48,251		First Interstate Bancsystem, Inc		2,039,087
	77,750		First Merchants Corp		2,851,092
	17,030		First Mid-Illinois Bancshares, Inc		587,365
	152,640		First Midwest Bancorp, Inc		3,277,181
	11,534		First Northwest Bancorp		187,774
	29,949		First of Long Island Corp		696,913
	2,224		First Savings Financial Group, Inc		129,214
	8,342		First United Corp		157,831
	43,396		Flagstar Bancorp, Inc		1,551,407
	33,981		Flushing Financial Corp		767,971
	19,540		Franklin Financial Network, Inc		540,281
	3,856		FS Bancorp, Inc		199,317
	238,871		Fulton Financial Corp		4,120,525
	2,529	*	FVCBankcorp, Inc		41,476
	26,969		German American Bancorp, Inc		805,025
	121,881		Glacier Bancorp, Inc		5,190,912
	14,831		Great Southern Bancorp, Inc		859,456
	82,815		Great Western Bancorp, Inc		2,912,604
	3,193	e	Greene County Bancorp, Inc		98,728
	9,124		Guaranty Bancshares, Inc		256,111
	121,078		Hancock Holding Co		5,295,952
	45,743		Hanmi Financial Corp		1,085,024
	15,383	*	HarborOne Bancorp, Inc		287,970

246

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	42,744		Heartland Financial USA, Inc	$	1,919,206
	57,021		Heritage Commerce Corp		713,903
	53,708		Heritage Financial Corp		1,625,741
	104,154		Hilltop Holdings, Inc		2,190,359
	1,568		Hingham Institution for Savings		290,096
	9,547		Home Bancorp, Inc		349,802
	225,173		Home Bancshares, Inc		4,321,070
	37,355	*	HomeStreet, Inc		1,051,170
	23,489		HomeTrust Bancshares, Inc		595,681
	177,317		Hope Bancorp, Inc		2,493,077
	48,787		Horizon Bancorp		793,764
	15,950	*	Howard Bancorp, Inc		239,728
	79,399		IBERIABANK Corp		6,312,221
	11,749	*,e	Impac Mortgage Holdings, Inc		40,417
	46,894		Independent Bank Corp (MA)		3,762,306
	33,564		Independent Bank Corp (MI)		722,633
	47,529		Independent Bank Group, Inc		2,709,153
	79,251		International Bancshares Corp		3,286,539
	9,633		Investar Holding Corp		224,256
	337,123		Investors Bancorp, Inc		3,961,195
	128,193		Kearny Financial Corp		1,794,702
	66,762		Lakeland Bancorp, Inc		1,105,579
	35,215		Lakeland Financial Corp		1,681,516
	11,358		LCNB Corp		193,086
	68,236		LegacyTexas Financial Group, Inc		2,734,899
	11,407	*,e	LendingTree, Inc		4,389,642
	6,940		Level One Bancorp, Inc		171,904
	41,134	e	Live Oak Bancshares, Inc		718,611
	27,357		Luther Burbank Corp		288,069
	30,089		Macatawa Bank Corp		310,518
	7,526	*	Malvern Bancorp, Inc		159,476
	21,785		Mercantile Bank Corp		736,333
	22,693		Merchants Bancorp		548,717
	70,987		Meridian Bancorp, Inc		1,222,396
	43,161		Meta Financial Group, Inc		1,111,827
	9,563	*	Metropolitan Bank Holding Corp		381,659
	505,883	*	MGIC Investment Corp		7,406,127
	5,737	e	Mid Penn Bancorp, Inc		139,868
	3,056		Middlefield Banc Corp		123,921
	28,123		Midland States Bancorp, Inc		754,259
	16,830		Midsouth Bancorp, Inc		199,772
	13,094		MidWestOne Financial Group, Inc		368,989
	115,019	*	Mr Cooper Group, Inc		989,163
	7,189		MutualFirst Financial, Inc		214,879
	10,265		MVB Financial Corp		170,296
	41,897		National Bank Holdings Corp		1,602,141
	8,191		National Bankshares, Inc		346,397
	62,253		NBT Bancorp, Inc		2,366,859
	10,506	*	Nicolet Bankshares, Inc		641,391
	91,376	*	NMI Holdings, Inc		2,565,838
	8,497		Northeast Bancorp		186,254
	58,262		Northfield Bancorp, Inc		873,930
	8,023		Northrim BanCorp, Inc		284,736

247

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	136,119		Northwest Bancshares, Inc	$	2,372,554
	6,749	e	Norwood Financial Corp		217,183
	8,461	e	Oak Valley Bancorp		162,197
	70,647		OceanFirst Financial Corp		1,778,891
	1,445	e	Oconee Federal Financial Corp		37,888
	116,891	*	Ocwen Financial Corp		197,546
	62,509		OFG Bancorp		1,261,432
	4,776	e	Ohio Valley Banc Corp		179,482
	21,287		Old Line Bancshares, Inc		532,175
	217,607		Old National Bancorp		3,716,728
	33,981		Old Second Bancorp, Inc		450,248
	15,149		OP Bancorp		142,704
	30,908		Opus Bank		675,958
	24,341		Origin Bancorp, Inc		848,040
	56,313		Oritani Financial Corp		977,031
	8,694		Orrstown Financial Services, Inc		180,314
	15,271		Pacific City Financial Corp		279,765
	18,242	*	Pacific Mercantile Bancorp		142,835
	65,878		Pacific Premier Bancorp, Inc		1,915,073
	19,437		Park National Corp		1,898,606
	7,252		Parke Bancorp, Inc		165,926
	21,230		PCSB Financial Corp		404,431
	10,723	*	PDL Community Bancorp		155,162
	27,148		Peapack Gladstone Financial Corp		785,392
	5,474		Penns Woods Bancorp, Inc		238,995
	28,580		PennyMac Financial Services, Inc		637,334
	5,435		Peoples Bancorp of North Carolina, Inc		152,017
	21,566		Peoples Bancorp, Inc		704,777
	8,250		Peoples Financial Services Corp		358,875
	18,765		People’s Utah Bancorp		533,864
	21,178		Preferred Bank		1,041,746
	15,076		Premier Financial Bancorp, Inc		249,960
	5,138	*	Provident Bancorp, Inc		125,881
	89,474		Provident Financial Services, Inc		2,372,850
	9,485		Prudential Bancorp, Inc		165,608
	17,436		QCR Holdings, Inc		596,486
	308,097		Radian Group, Inc		7,215,632
	18,989		RBB Bancorp		367,627
	68,783		Renasant Corp		2,494,072
	11,527		Republic Bancorp, Inc (Class A)		544,766
	57,345	*	Republic First Bancorp, Inc		293,606
	22,593		Riverview Bancorp, Inc		167,640
	48,760		S&T Bancorp, Inc		1,954,301
	51,389		Sandy Spring Bancorp, Inc		1,792,962
	8,722		SB One Bancorp		207,148
	67,444	*	Seacoast Banking Corp of Florida		1,912,712
	20,799	*	Select Bancorp, Inc		255,412
	67,211		ServisFirst Bancshares, Inc		2,281,141
	14,849		Shore Bancshares, Inc		235,060
	13,457		SI Financial Group, Inc		192,704
	17,208		Sierra Bancorp		455,324
	131,291		Simmons First National Corp (Class A)		3,333,478

248

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	13,867	*	SmartFinancial, Inc	$	288,295
	50,968		South State Corp		3,856,239
	7,594	*	Southern First Bancshares, Inc		279,535
	8,658		Southern Missouri Bancorp, Inc		290,476
	24,766		Southern National Bancorp of Virginia, Inc		369,509
	47,832		Southside Bancshares, Inc		1,680,338
	12,297	*	Spirit of Texas Bancshares, Inc		276,314
	20,142		Sterling Bancorp, Inc		197,190
	30,057		Stock Yards Bancorp, Inc		1,032,458
	12,499		Summit Financial Group, Inc		325,599
	8,884		Territorial Bancorp, Inc		257,192
	72,514	*	The Bancorp, Inc		740,368
	7,315		Timberland Bancorp, Inc		228,228
	21,165		Tompkins Trustco, Inc		1,707,381
	94,244		TowneBank		2,457,884
	36,317		Trico Bancshares		1,449,411
	36,086	*	Tristate Capital Holdings, Inc		839,360
	36,151	*	Triumph Bancorp, Inc		1,121,043
	134,231		Trustco Bank Corp NY		1,073,848
	94,264		Trustmark Corp		3,389,733
	64,755		UMB Financial Corp		4,523,784
	109,760		Union Bankshares Corp		4,006,240
	4,553		Union Bankshares, Inc		179,889
	140,180		United Bankshares, Inc		5,500,663
	113,617		United Community Banks, Inc		3,190,365
	64,491		United Community Financial Corp		593,962
	70,284		United Financial Bancorp, Inc (New)		927,046
	15,327		United Security Bancshares		160,934
	8,990		Unity Bancorp, Inc		194,184
	42,338		Univest Corp of Pennsylvania		1,067,764
	461,027		Valley National Bancorp		4,831,563
	65,637		Veritex Holdings, Inc		1,740,037
	39,672		Walker & Dunlop, Inc		2,179,976
	116,067		Washington Federal, Inc		3,846,460
	18,923		Washington Trust Bancorp, Inc		980,401
	34,218		Waterstone Financial, Inc		566,650
	75,212		WesBanco, Inc		3,032,548
	18,958		West Bancorporation, Inc		397,549
	36,637		Westamerica Bancorporation		2,352,828
	32,455		Western New England Bancorp, Inc		313,515
	72,086		WSFS Financial Corp		3,112,673
			TOTAL BANKS		342,337,445
CAPITAL GOODS - 9.4%
	59,662		Aaon, Inc		2,995,629
	47,485		AAR Corp		1,603,568
	87,133		Actuant Corp (Class A)		2,228,862
	52,531		Advanced Drainage Systems, Inc		1,473,495
	46,804	*	Aegion Corp		931,868
	101,385	*	Aerojet Rocketdyne Holdings, Inc		3,432,896
	30,033	*	Aerovironment, Inc		2,059,062
	79,459		Aircastle Ltd		1,582,823
	13,649		Alamo Group, Inc		1,414,582

249

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	40,773		Albany International Corp (Class A)	$	3,015,979
	11,164		Allied Motion Technologies, Inc		408,714
	83,747		Altra Holdings, Inc		3,139,675
	27,632	*	Ameresco, Inc		416,138
	19,362	*	American Woodmark Corp		1,741,225
	39,047		Apogee Enterprises, Inc		1,573,594
	55,202		Applied Industrial Technologies, Inc		3,308,808
	20,769		Argan, Inc		993,174
	31,669	*	Armstrong Flooring, Inc		458,884
	33,403		Astec Industries, Inc		1,126,015
	32,298	*	Astronics Corp		1,076,815
	54,987	*	Atkore International Group, Inc		1,361,478
	81,384	*	Axon Enterprise, Inc		5,167,884
	36,663		AZZ, Inc		1,741,126
	69,035		Barnes Group, Inc		3,839,727
	94,928	*	Beacon Roofing Supply, Inc		3,574,988
	21,230	*,e	Blue Bird Corp		367,491
	13,308	*,e	BlueLinx Holdings, Inc		342,282
	97,301	*	BMC Stock Holdings, Inc		2,002,455
	60,635		Briggs & Stratton Corp		739,747
	154,850	*	Builders FirstSource, Inc		2,133,833
	36,566	e	Caesarstone Sdot-Yam Ltd		553,244
	24,964	*	CAI International, Inc		619,856
	42,952	*	Chart Industries, Inc		3,791,373
	24,088	*	CIRCOR International, Inc		812,247
	31,903		Columbus McKinnon Corp		1,255,702
	53,002		Comfort Systems USA, Inc		2,867,408
	36,898	*	Commercial Vehicle Group, Inc		329,130
	52,110	*	Continental Building Products Inc		1,336,621
	22,411	*	CSW Industrials, Inc		1,343,539
	44,315		Cubic Corp		2,516,206
	31,430		Douglas Dynamics, Inc		1,186,797
	17,193	*	Ducommun, Inc		697,692
	23,100	*	DXP Enterprises, Inc		990,759
	42,553	*	Dycom Industries, Inc		2,110,203
	6,567		Eastern Co		188,210
	81,490		EMCOR Group, Inc		6,856,569
	29,491		Encore Wire Corp		1,748,521
	39,451	*,e	Energous Corp		200,017
	52,778	*,e	Energy Recovery, Inc		513,530
	61,536		EnerSys		4,257,676
	129,291	*,e	Enphase Energy, Inc		1,298,082
	29,390		EnPro Industries, Inc		2,184,265
	36,442		ESCO Technologies, Inc		2,733,150
	4,110	e	EVI Industries, Inc		150,015
	108,120	*	Evoqua Water Technologies Corp		1,472,594
	85,389		Federal Signal Corp		2,456,642
	27,202	*	Foundation Building Materials, Inc		369,675
	66,812		Franklin Electric Co, Inc		3,264,434
	14,079	*	Freightcar America, Inc		97,427
	52,228		GATX Corp		4,028,346
	9,606	*	Gencor Industries, Inc		115,944

250

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	86,645	*	Generac Holdings, Inc	$	4,764,609
	16,974	*	General Finance Corp		157,858
	45,482	*	Gibraltar Industries, Inc		1,804,271
	32,016		Global Brass & Copper Holdings, Inc		1,389,174
	48,504	*	GMS, Inc		854,640
	25,268		Gorman-Rupp Co		841,424
	11,311		Graham Corp		234,138
	63,694		Granite Construction, Inc		2,859,224
	82,178	*	Great Lakes Dredge & Dock Corp		840,681
	43,690		Greenbrier Cos, Inc		1,552,306
	52,180		Griffon Corp		1,023,772
	47,192		H&E Equipment Services, Inc		1,435,109
	114,470	*	Harsco Corp		2,591,601
	61,751	*,e	HC2 Holdings, Inc		132,147
	33,651	*	Herc Holdings, Inc		1,620,632
	88,867		Hillenbrand, Inc		3,823,058
	7,214		Hurco Cos, Inc		283,727
	15,780		Hyster-Yale Materials Handling, Inc		1,051,264
	10,618	*	IES Holdings, Inc		185,921
	20,916	*,e	Infrastructure and Energy Alternatives, Inc		94,959
	26,224		Insteel Industries, Inc		549,131
	96,387	*	JELD-WEN Holding, Inc		1,903,643
	44,377		John Bean Technologies Corp		4,872,151
	15,925		Kadant, Inc		1,562,083
	39,140		Kaman Corp		2,423,157
	197,200		KBR, Inc		4,381,784
	113,121		Kennametal, Inc		4,604,025
	76,791	*,e	KEYW Holding Corp, The		870,810
	123,856	*	Kratos Defense & Security Solutions, Inc		1,966,833
	7,652	*	Lawson Products, Inc		251,292
	11,932	*	LB Foster Co (Class A)		256,419
	14,949		Lindsay Corp		1,270,665
	24,697	*	Lydall, Inc		607,793
	17,733	*	Manitex International, Inc		135,480
	51,341	*	Manitowoc Co, Inc		916,950
	38,433	*	Masonite International Corp		1,978,915
	89,652	*	Mastec, Inc		4,540,874
	94,530	e	Maxar Technologies, Inc		466,033
	66,790	*	Mercury Systems, Inc		4,877,006
	113,438	*	Meritor, Inc		2,752,006
	101,809	*	Milacron Holdings Corp		1,487,429
	17,459		Miller Industries, Inc		577,544
	46,232		Moog, Inc (Class A)		4,329,164
	116,503	*	MRC Global, Inc		2,018,997
	82,177		Mueller Industries, Inc		2,397,103
	224,349		Mueller Water Products, Inc (Class A)		2,407,265
	23,109	*	MYR Group, Inc		835,390
	7,210		National Presto Industries, Inc		767,865
	69,173	*	Navistar International Corp		2,361,566
	68,960	*	NCI Building Systems, Inc		394,451
	65,754		NN, Inc		594,416
	11,136	*	Northwest Pipe Co		266,930
	154,807	*	NOW, Inc		2,263,278

251

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	14,472	*	NV5 Holdings, Inc	$	916,656
	3,308		Omega Flex, Inc		280,055
	41,471	*	Orion Marine Group, Inc		107,410
	32,679	*	Patrick Industries, Inc		1,629,702
	80,544	*	PGT, Inc		1,180,775
	300,537	*,e	Plug Power, Inc		748,337
	11,025		Powell Industries, Inc		322,481
	3,590		Preformed Line Products Co		202,440
	61,195		Primoris Services Corp		1,341,394
	38,736	*	Proto Labs, Inc		4,252,825
	49,507		Quanex Building Products Corp		827,757
	52,592		Raven Industries, Inc		2,046,355
	34,026	*	RBC Bearings, Inc		4,680,276
	47,442	e	REV Group, Inc		602,039
	148,815	*	Rexnord Corp		4,256,109
	6,213		Rush Enterprises, Inc		260,946
	42,880		Rush Enterprises, Inc (Class A)		1,818,541
	59,475		Simpson Manufacturing Co, Inc		3,787,368
	56,642	*	SiteOne Landscape Supply, Inc		3,812,007
	62,479	*	SPX Corp		2,280,484
	59,534	*	SPX FLOW, Inc		2,139,652
	18,245		Standex International Corp		1,205,447
	42,425	*	Sterling Construction Co, Inc		575,283
	41,014		Sun Hydraulics Corp		2,146,673
	134,976	*	Sunrun, Inc		2,052,985
	26,427		Tennant Co		1,754,224
	43,266	*	Textainer Group Holdings Ltd		414,921
	47,980	*	Thermon Group Holdings		1,237,404
	80,213		Titan International, Inc		555,876
	27,422	*	Titan Machinery, Inc		471,658
	23,580	*	TPI Composites, Inc		729,801
	83,840	*	Trex Co, Inc		5,807,597
	65,645	*	Trimas Corp		2,030,400
	73,546		Triton International Ltd		2,423,341
	68,734		Triumph Group, Inc		1,631,058
	54,904	*	Tutor Perini Corp		1,096,433
	9,908	*	Twin Disc, Inc		187,658
	85,865		Universal Forest Products, Inc		3,172,712
	15,852	*	Vectrus, Inc		642,799
	17,758	*	Veritiv Corp		495,271
	27,195	*	Vicor Corp		1,020,084
	63,946	*,e	Vivint Solar, Inc		345,948
	81,739		Wabash National Corp		1,232,624
	39,959		Watts Water Technologies, Inc (Class A)		3,420,091
	82,531	*	Wesco Aircraft Holdings, Inc		696,562
	3,809	*	Willis Lease Finance Corp		189,383
	57,332	*	Willscot Corp		772,262
	76,231		Woodward Governor Co		8,301,556
			TOTAL CAPITAL GOODS		280,131,314

252

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
COMMERCIAL & PROFESSIONAL SERVICES - 4.1%
	95,178		ABM Industries, Inc	$	3,613,909
	57,359	*	Acacia Research (Acacia Technologies)		182,402
	150,252		ACCO Brands Corp		1,373,303
	103,924	*	Advanced Disposal Services, Inc		3,360,902
	10,666		Barrett Business Services, Inc		777,125
	14,801		BG Staffing, Inc		345,899
	68,445		Brady Corp (Class A)		3,339,432
	42,819	*	BrightView Holdings, Inc		686,817
	71,032		Brink’s Co		5,677,588
	63,066	*	Casella Waste Systems, Inc (Class A)		2,353,623
	75,054	*	CBIZ, Inc		1,449,293
	34,683	*	Ceco Environmental Corp		269,140
	9,534	*	Charah Solutions, Inc		67,119
	32,016	*	Cimpress NV		2,894,246
	1,670		Compx International, Inc		26,002
	170,295		Covanta Holding Corp		3,077,231
	11,364		CRA International, Inc		591,837
	65,706		Deluxe Corp		2,938,372
	37,869		Ennis, Inc		764,196
	74,240		Exponent, Inc		4,203,469
	15,466		Forrester Research, Inc		786,601
	11,828	*	Franklin Covey Co		337,216
	53,914	*	FTI Consulting, Inc		4,581,612
	14,730	*	GP Strategies Corp		187,513
	106,850		Healthcare Services Group		3,616,872
	28,504		Heidrick & Struggles International, Inc		1,019,873
	20,563	*	Heritage-Crystal Clean, Inc		590,775
	83,614		Herman Miller, Inc		3,245,895
	61,840		HNI Corp		2,270,146
	31,475	*	Huron Consulting Group, Inc		1,521,187
	25,636		ICF International, Inc		1,996,275
	53,029	*	Innerworkings, Inc		179,238
	54,391		Insperity, Inc		6,502,988
	83,712		Interface, Inc		1,342,740
	47,834		Kelly Services, Inc (Class A)		1,064,785
	34,544		Kforce, Inc		1,244,275
	48,452		Kimball International, Inc (Class B)		758,758
	69,203		Knoll, Inc		1,511,393
	80,554		Korn/Ferry International		3,787,649
	49,594		LSC Communications, Inc		346,662
	46,161		Matthews International Corp (Class A)		1,849,210
	35,340		McGrath RentCorp		2,191,080
	30,646	*	Mistras Group, Inc		420,157
	64,182		Mobile Mini, Inc		2,311,836
	48,303		MSA Safety, Inc		5,308,983
	20,224		Multi-Color Corp		1,009,178
	63,856		Navigant Consulting, Inc		1,457,832
	9,268	*	NL Industries, Inc		32,901
	72,429	*	On Assignment, Inc		4,565,924
	260,558		Pitney Bowes, Inc		1,852,567
	45,808		Quad Graphics, Inc		559,316
	43,007		Resources Connection, Inc		690,692
	114,081		RR Donnelley & Sons Co		527,054
	32,526	*	SP Plus Corp		1,122,798

253

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	124,235		Steelcase, Inc (Class A)	$	2,148,023
	19,807		Systemax, Inc		449,817
	46,195	*	Team, Inc		780,695
	79,222		Tetra Tech, Inc		5,127,248
	62,821	*	TriNet Group, Inc		3,916,261
	59,874	*	TrueBlue, Inc		1,446,556
	22,151		Unifirst Corp		3,502,738
	21,215	*	Upwork, Inc		424,088
	31,978		US Ecology, Inc		1,950,978
	28,841		Viad Corp		1,768,242
	10,321		VSE Corp		315,513
	55,892	*	WageWorks, Inc		2,726,971
	15,639	*	Willdan Group, Inc		618,210
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		123,959,226
CONSUMER DURABLES & APPAREL - 2.9%
	49,147		Acushnet Holdings Corp		1,238,996
	83,006	*	American Outdoor Brands Corp		817,609
	12,138		Bassett Furniture Industries, Inc		215,571
	45,377	*	Beazer Homes USA, Inc		603,060
	131,920		Callaway Golf Co		2,316,515
	12,763	*	Cavco Industries, Inc		1,592,439
	37,529	*	Century Communities, Inc		954,362
	24,098		Clarus Corp		323,395
	94,201	*	CROCS, Inc		2,623,498
	12,782		Culp, Inc		262,287
	41,487	*	Deckers Outdoor Corp		6,563,658
	12,451		Escalade, Inc		149,910
	37,258		Ethan Allen Interiors, Inc		823,402
	8,919		Flexsteel Industries, Inc		193,186
	68,067	*,e	Fossil Group, Inc		889,636
	62,474	*	G-III Apparel Group Ltd		2,695,753
	166,181	*,e	GoPro, Inc		982,130
	27,060	*	Green Brick Partners, Inc		241,916
	10,698		Hamilton Beach Brands Holding Co		193,634
	36,357	*	Helen of Troy Ltd		5,235,408
	14,989		Hooker Furniture Corp		446,822
	8,088	*,e	Hovnanian Enterprises, Inc		123,099
	31,433	*	Installed Building Products, Inc		1,509,727
	38,311	*,e	iRobot Corp		3,966,721
	7,752		Johnson Outdoors, Inc		594,346
	117,935		KB Home		3,055,696
	67,332		La-Z-Boy, Inc		2,208,490
	4,908	*	Legacy Housing Corp		59,534
	25,436	*,e	LGI Homes, Inc		1,762,969
	11,479		Lifetime Brands, Inc		108,591
	7,912	*	Lovesac Co		311,693
	39,485	*	M/I Homes, Inc		1,112,292
	29,853	*	Malibu Boats, Inc		1,242,482
	9,223		Marine Products Corp		139,913
	28,055	*	MasterCraft Boat Holdings, Inc		694,081
	69,836		MDC Holdings, Inc		2,134,188

254

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	54,267	*	Meritage Homes Corp	$	2,775,757
	23,252		Movado Group, Inc		828,934
	4,690		Nacco Industries, Inc (Class A)		191,774
	54,237	*	Nautilus, Inc		290,168
	16,885	*	New Home Co, Inc		77,840
	23,761		Oxford Industries, Inc		1,973,589
	5,620	*	Purple Innovation, Inc		32,371
	8,337		Rocky Brands, Inc		212,677
	60,411	*	Roku, Inc		3,841,535
	50,770		Skyline Corp		1,071,755
	28,930	*,e	Sonos, Inc		315,916
	125,322		Steven Madden Ltd		4,555,455
	24,091		Sturm Ruger & Co, Inc		1,348,855
	10,648		Superior Uniform Group, Inc		178,248
	161,524	*	Taylor Morrison Home Corp		3,127,105
	50,524	*	TopBuild Corp		3,598,825
	196,546	*	TRI Pointe Homes, Inc		2,564,925
	68,296		Tupperware Corp		1,625,445
	16,191	*,e	Turtle Beach Corp		165,796
	23,912	*	Unifi, Inc		483,022
	21,188	*	Universal Electronics, Inc		806,203
	33,254	*	Vera Bradley, Inc		408,359
	82,637	*	Vista Outdoor, Inc		713,157
	28,735	*,e	Vuzix Corp		68,102
	47,320	*	William Lyon Homes, Inc		797,815
	131,724		Wolverine World Wide, Inc		4,848,760
	22,868	*,e	YETI Holdings, Inc		815,930
	43,719	*	Zagg, Inc		360,245
			TOTAL CONSUMER DURABLES & APPAREL		86,465,572
CONSUMER SERVICES - 3.7%
	81,626	*	Adtalem Global Education, Inc		4,025,794
	22,763	*	American Public Education, Inc		728,416
	103,108		BBX Capital Corp		571,218
	117	*	Biglari Holdings, Inc (A Shares)		86,229
	1,723	*	Biglari Holdings, Inc (B Shares)		240,066
	30,665		BJ’s Restaurants, Inc		1,530,490
	119,949		Bloomin’ Brands, Inc		2,397,781
	12,062	e	Bluegreen Vacations Corp		183,342
	116,213		Boyd Gaming Corp		3,344,610
	51,671		Brinker International, Inc		2,209,969
	100,167	*	Career Education Corp		1,818,031
	25,532		Carriage Services, Inc		448,087
	53,205	*	Carrols Restaurant Group, Inc		521,941
	32,974	*	Century Casinos, Inc		300,063
	60,925		Cheesecake Factory		3,023,098
	153,902	*	Chegg, Inc		5,486,606
	50,283		Churchill Downs, Inc		5,071,041
	25,593	*	Chuy’s Holdings, Inc		509,045
	27,211	e	Cracker Barrel Old Country Store, Inc		4,591,584
	55,655		Dave & Buster’s Entertainment, Inc		3,163,430
	50,045	*,e	Del Frisco’s Restaurant Group, Inc		335,301
	45,597	*	Del Taco Restaurants, Inc		458,250

255

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	91,202	*	Denny’s Corp	$	1,698,181
	23,318		DineEquity, Inc		2,067,374
	90,362	*	Drive Shack, Inc		464,461
	36,431	*	El Pollo Loco Holdings, Inc		465,588
	91,961	*	Eldorado Resorts, Inc		4,540,115
	3,992	*,e	Empire Resorts, Inc		55,609
	34,136	*	Fiesta Restaurant Group, Inc		432,162
	27,659	*,e	Golden Entertainment, Inc		435,076
	29,227	*	Habit Restaurants, Inc		311,560
	148,716	*	Houghton Mifflin Harcourt Co		1,060,345
	34,648		International Speedway Corp (Class A)		1,528,670
	16,109	*	J Alexander’s Holdings, Inc		177,038
	35,817		Jack in the Box, Inc		2,761,491
	55,193	*	K12, Inc		1,662,413
	131,990	*	Laureate Education, Inc		2,077,523
	30,165	*	Lindblad Expeditions Holdings, Inc		488,975
	54,928		Marriott Vacations Worldwide Corp		5,802,045
	16,198	*	Monarch Casino & Resort, Inc		691,493
	3,345		Nathan’s Famous, Inc		230,972
	20,119	*	Noodles & Co		143,851
	31,126	e	Papa John’s International, Inc		1,592,406
	154,589	*	Penn National Gaming, Inc		3,349,944
	124,624	*	Planet Fitness, Inc		9,434,037
	31,687	*	PlayAGS, Inc		764,290
	33,767	*	Potbelly Corp		300,526
	10,626		RCI Hospitality Holdings, Inc		241,954
	29,170	*	Red Lion Hotels Corp		231,026
	19,335	*	Red Robin Gourmet Burgers, Inc		619,300
	97,882		Red Rock Resorts, Inc		2,640,856
	49,532	*	Regis Corp		927,239
	41,210		Ruth’s Chris Steak House, Inc		1,070,636
	79,402	*	Scientific Games Corp (Class A)		1,836,568
	77,157	*	SeaWorld Entertainment, Inc		2,053,919
	34,462	*	Shake Shack, Inc		2,112,521
	49,243	*	Sotheby’s (Class A)		2,077,070
	13,226		Speedway Motorsports, Inc		242,697
	29,575		Strategic Education, Inc		4,239,576
	96,221		Texas Roadhouse, Inc (Class A)		5,196,896
	17,676	*	Town Sports International Holdings, Inc		64,164
	53,386	*	Weight Watchers International, Inc		1,090,142
	40,731		Wingstop, Inc		3,065,822
			TOTAL CONSUMER SERVICES		111,290,923
DIVERSIFIED FINANCIALS - 4.0%
	40,765		AG Mortgage Investment Trust		697,489
	144,139		Anworth Mortgage Asset Corp		603,942
	176,233		Apollo Commercial Real Estate Finance, Inc		3,302,606
	108,548		Arbor Realty Trust, Inc		1,482,766
	37,997		Ares Commercial Real Estate Corp		577,554
	51,927	e	Arlington Asset Investment Corp (Class A)		407,627
	73,849	*	ARMOUR Residential REIT, Inc		1,409,039
	70,300		Artisan Partners Asset Management, Inc		1,992,302

256

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	931	*	Ashford, Inc	$	51,577
	3,336	e	Associated Capital Group, Inc		137,810
	23,987		B. Riley Financial, Inc		434,884
	45,413		Banco Latinoamericano de Exportaciones S.A. (Class E)		982,283
	162,643		Blackstone Mortgage Trust, Inc		5,788,464
	69,308	*	Blucora, Inc		2,425,780
	99,602	*	Cannae Holdings, Inc		2,556,783
	127,516		Capstead Mortgage Corp		1,095,362
	23,166		Cherry Hill Mortgage Investment Corp		399,845
	32,911		Cohen & Steers, Inc		1,650,487
	120,177		Colony Credit Real Estate, Inc		1,867,551
	40,181	*	Cowen Group, Inc		673,032
	19,878	*	Curo Group Holdings Corp		264,775
	5,031		Diamond Hill Investment Group, Inc		726,879
	47,935	*	Donnelley Financial Solutions, Inc		733,885
	104,413		Dynex Capital, Inc		636,919
	27,627	*	Elevate Credit, Inc		123,769
	36,902	*,e	Encore Capital Group, Inc		1,042,851
	49,601	*	Enova International, Inc		1,360,555
	43,510		Exantas Capital Corp		476,434
	78,778	*	Ezcorp, Inc (Class A)		856,317
	137,484		Federated Investors, Inc (Class B)		4,224,883
	213,122	*	FGL Holdings		1,817,931
	61,223		FirstCash, Inc		5,980,263
	38,585	*	Focus Financial Partners, Inc		1,446,938
	42,779	e	Gain Capital Holdings, Inc		225,445
	3,706		GAMCO Investors, Inc (Class A)		80,346
	72,445		Granite Point Mortgage Trust, Inc		1,393,117
	17,588		Great Ajax Corp		251,860
	68,451	*	Green Dot Corp		4,365,120
	26,235		Greenhill & Co, Inc		543,327
	24,533		Hamilton Lane, Inc		1,198,682
	47,990		Houlihan Lokey, Inc		2,366,867
	23,051	*	INTL FCStone, Inc		934,949
	187,190		Invesco Mortgage Capital, Inc		3,054,941
	121,174		iShares Russell 2000 Index Fund		19,180,632
	33,921		KKR Real Estate Finance Trust, Inc		684,187
	134,350		Ladder Capital Corp		2,337,690
	127,467		Ladenburg Thalmann Financial Services, Inc		467,804
	477,254	*	LendingClub Corp		1,517,668
	11,119		Marlin Business Services Corp		242,283
	65,280		Moelis & Co		2,673,216
	27,710		Nelnet, Inc (Class A)		1,608,566
	251,570		New York Mortgage Trust, Inc		1,584,891
	35,784	*	NewStar Financial, Inc		9,288
	119,013		OM Asset Management plc		1,744,731
	73,550	*	On Deck Capital, Inc		401,583
	14,277		Oppenheimer Holdings, Inc		374,771
	82,577		Orchid Island Capital, Inc		542,531
	85,208		PennyMac Mortgage Investment Trust		1,789,368
	27,062		Pico Holdings, Inc		309,319
	21,201		Piper Jaffray Cos		1,708,801
	29,255		PJT Partners, Inc		1,261,476

257

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	64,559	*	PRA Group, Inc	$	1,815,399
	19,726		Pzena Investment Management, Inc (Class A)		196,274
	47,214		Ready Capital Corp		713,404
	135,343		Redwood Trust, Inc		2,214,211
	14,569	*	Regional Management Corp		360,874
	31,121	*	Safeguard Scientifics, Inc		356,024
	9,050	*,e	Siebert Financial Corp		94,754
	8,405		Silvercrest Asset Management Group, Inc		122,209
	98,297		Stifel Financial Corp		5,865,382
	50,304		TPG RE Finance Trust, Inc		991,492
	1,276		Value Line, Inc		29,539
	10,066		Virtus Investment Partners, Inc		1,234,192
	108,381		Waddell & Reed Financial, Inc (Class A)		2,029,976
	67,116		Western Asset Mortgage Capital Corp		706,060
	13,237		Westwood Holdings Group, Inc		414,186
	172,020		WisdomTree Investments, Inc		1,238,544
	9,106	*	World Acceptance Corp		1,183,689
			TOTAL DIVERSIFIED FINANCIALS		120,649,250
ENERGY - 3.5%
	244,708	*	Abraxas Petroleum Corp		337,697
	2,617		Adams Resources & Energy, Inc		94,605
	50,922	*,e	Approach Resources, Inc		17,405
	25,237		Arch Coal, Inc		2,447,484
	179,140		Archrock, Inc		1,811,105
	54,093	*	Ardmore Shipping Corp		377,569
	27,059	*	Basic Energy Services, Inc		68,189
	82,606		Berry Petroleum Co LLC		938,404
	26,832	*	Bonanza Creek Energy, Inc		645,846
	87,328	*	C&J Energy Services, Inc		1,226,958
	52,787	*	Cactus, Inc		1,916,168
	62,601	*	California Resources Corp		1,319,629
	315,933	*	Callon Petroleum Co		2,372,657
	46,979	*,e	CARBO Ceramics, Inc		127,783
	118,041	*	Carrizo Oil & Gas, Inc		1,513,286
	217,570	*	Clean Energy Fuels Corp		683,170
	40,810	*	CONSOL Energy, Inc		1,383,459
	53,748	*,e	Covia Holdings Corp		258,528
	26,459		CVR Energy, Inc		1,206,795
	25,756	*	Dawson Geophysical Co		72,117
	113,448		Delek US Holdings, Inc		4,204,383
	655,990	*	Denbury Resources, Inc		1,462,858
	143,520		DHT Holdings, Inc		764,962
	89,246	*,e	Diamond Offshore Drilling, Inc		866,579
	20,231		DMC Global, Inc		1,402,008
	42,831	*	Dorian LPG Ltd		343,505
	50,097	*	Dril-Quip, Inc		2,182,225
	33,623	*	Earthstone Energy, Inc		225,274
	139,519	*,e	Energy Fuels, Inc		418,557
	23,812	*	Era Group, Inc		229,548
	40,260		Evolution Petroleum Corp		283,028
	48,747	*	Exterran Corp		693,182

258

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	117,521	*	Forum Energy Technologies, Inc	$	702,776
	112,729	*	Frank’s International NV		658,337
	119,623	*	Frontline Ltd		979,712
	45,029	*	FTS International, Inc		466,050
	56,818		GasLog Ltd		888,065
	130,152		Golar LNG Ltd		2,543,170
	10,568	*	Goodrich Petroleum Corp		144,676
	52,409		Green Plains Renewable Energy, Inc		910,344
	244,979	*	Gulfport Energy Corp		1,604,612
	183,375	*,e	Halcon Resources Corp		238,388
	17,984		Hallador Energy Co		92,797
	206,558	*	Helix Energy Solutions Group, Inc		1,615,284
	155,233	*	HighPoint Resources Corp		425,338
	65,271	*	Independence Contract Drilling, Inc		184,717
	35,115	*	International Seaways, Inc		625,749
	19,876	*	ION Geophysical Corp		254,214
	815	*	Isramco, Inc		94,499
	91,839	*,e	Jagged Peak Energy, Inc		970,738
	74,382	*	Keane Group, Inc		780,267
	17,646	*,e	Key Energy Services, Inc		73,760
	29,221	*	KLX Energy Services Holdings, Inc		819,649
	226,273	*	Laredo Petroleum Holdings, Inc		683,345
	65,599	e	Liberty Oilfield Services, Inc		978,081
	64,350	*,e	Lilis Energy, Inc		82,368
	18,482		Mammoth Energy Services, Inc		288,134
	148,905	*	Matador Resources Co		2,931,939
	39,292	*	Matrix Service Co		770,516
	253,461	*	McDermott International, Inc		2,050,500
	30,658	*	Midstates Petroleum Co, Inc		391,503
	10,203	*,e	Montage Resources Corp		113,457
	14,645	*	Natural Gas Services Group, Inc		235,345
	12,987	*,e	NCS Multistage Holdings, Inc		51,558
	134,162	*	Newpark Resources, Inc		979,383
	9,330	*	NextDecade Corp		51,782
	24,363	*	Nine Energy Service, Inc		490,427
	337,415	*	Noble Corp plc		887,402
	234,731	e	Nordic American Tanker Shipping		502,324
	280,712	*	Northern Oil And Gas, Inc		743,887
	378,279	*	Oasis Petroleum, Inc		2,307,502
	139,743	*	Oceaneering International, Inc		2,683,066
	83,798	*	Oil States International, Inc		1,618,977
	95,875	*	Overseas Shipholding Group, Inc		174,493
	18,403		Panhandle Oil and Gas, Inc (Class A)		276,045
	47,225	*	Par Pacific Holdings, Inc		922,777
	93,261	*	PDC Energy, Inc		4,055,921
	108,812		Peabody Energy Corp		3,130,521
	17,385	*	Penn Virginia Corp		780,587
	147,889	*	Pioneer Energy Services Corp		257,327
	28,861	*	Profire Energy, Inc		45,600
	99,292	*	ProPetro Holding Corp		2,197,332
	7,077	*,e	Quintana Energy Services, Inc		33,687
	53,117	*	Renewable Energy Group, Inc		1,281,182
	8,964	*	Rex American Resources Corp		757,548

259

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	15,435	*	RigNet, Inc	$	144,935
	91,109	*	Ring Energy, Inc		471,945
	2,865	*,e	Rosehill Resources, Inc		13,494
	49,886	*	SandRidge Energy, Inc		417,047
	65,351		Scorpio Tankers, Inc		1,684,749
	25,372	*	SEACOR Holdings, Inc		1,130,069
	22,140	*	SEACOR Marine Holdings, Inc		300,661
	67,818	*	Select Energy Services, Inc		781,263
	109,048		SemGroup Corp		1,424,167
	120,120	e	Ship Finance International Ltd		1,532,731
	8,148	*	SilverBow Resources, Inc		147,805
	29,965	*,e	Smart Sand, Inc		117,762
	42,171		Solaris Oilfield Infrastructure, Inc		716,485
	819,037	*	Southwestern Energy Co		3,235,196
	340,926	*	SRC Energy, Inc		2,096,695
	202,855	*	Superior Energy Services		728,249
	30,883	*	Talos Energy, Inc		917,225
	94,347	e	Teekay Corp		392,484
	294,434		Teekay Tankers Ltd (Class A)		320,933
	118,118	*,e	Tellurian, Inc		1,122,121
	203,947	*	Tetra Technologies, Inc		485,394
	43,893	*	Tidewater, Inc		987,593
	194,970	*,e	Ultra Petroleum Corp		81,965
	74,530	*	Unit Corp		1,010,627
	270,509	*,e	Uranium Energy Corp		381,418
	106,817	e	US Silica Holdings, Inc		1,689,845
	134,777	*	W&T Offshore, Inc		859,877
	95,031		World Fuel Services Corp		2,931,706
	65,032	*,e	Zion Oil & Gas, Inc		36,307
			TOTAL ENERGY		105,883,369
FOOD & STAPLES RETAILING - 0.5%
	38,519		Andersons, Inc		1,259,571
	32,428	*	Chefs’ Warehouse Holdings, Inc		1,059,747
	19,314		Ingles Markets, Inc (Class A)		530,169
	15,774	*	Natural Grocers by Vitamin C		195,282
	145,993	*	Performance Food Group Co		5,978,414
	32,683		Pricesmart, Inc		1,954,770
	69,498	*,e	Rite Aid Corp		636,598
	42,171	*	Smart & Final Stores, Inc		275,377
	55,376		Spartan Stores, Inc		895,430
	74,285	*	United Natural Foods, Inc		959,762
	9,198		Village Super Market (Class A)		270,237
	14,207		Weis Markets, Inc		597,405
			TOTAL FOOD & STAPLES RETAILING		14,612,762
FOOD, BEVERAGE & TOBACCO - 1.6%
	175,658	*,e	22nd Century Group, Inc		384,691
	3,776		Alico, Inc		104,897
	90,838	e	B&G Foods, Inc (Class A)		2,361,788
	11,764	*	Boston Beer Co, Inc (Class A)		3,646,958

260

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	22,777	e	Calavo Growers, Inc	$	2,182,264
	44,943		Cal-Maine Foods, Inc		1,847,607
	102,357	*,e	Castle Brands, Inc		65,468
	27,868	*,e	Celsius Holdings, Inc		115,374
	6,774		Coca-Cola Bottling Co Consolidated		2,201,753
	19,135	*	Craft Brewers Alliance, Inc		269,995
	232,122	*	Darling International, Inc		5,062,581
	126,408		Dean Foods Co		214,894
	12,253	*	Farmer Bros Co		247,020
	43,689		Fresh Del Monte Produce, Inc		1,289,262
	36,959	*	Freshpet, Inc		1,650,589
	139,557	*	Hostess Brands, Inc		1,870,064
	21,492		J&J Snack Foods Corp		3,378,113
	12,321		John B. Sanfilippo & Son, Inc		888,467
	26,950		Lancaster Colony Corp		4,007,735
	31,585	*	Landec Corp		331,958
	20,803		Limoneira Co		475,141
	18,884	e	MGP Ingredients, Inc		1,659,337
	16,255		National Beverage Corp		910,280
	47,679	*	Primo Water Corp		750,944
	12,412	*,e	Pyxus International, Inc		283,366
	27,522		Sanderson Farms, Inc		4,173,161
	8,108	*	Seneca Foods Corp		200,673
	86,851	*	Simply Good Foods Co		1,950,673
	26,021	e	Tootsie Roll Industries, Inc		1,010,395
	13,030		Turning Point Brands, Inc		557,293
	35,744		Universal Corp		1,925,172
	141,072		Vector Group Ltd		1,344,416
			TOTAL FOOD, BEVERAGE & TOBACCO		47,362,329
HEALTH CARE EQUIPMENT & SERVICES - 6.1%
	131,440	*	Accuray, Inc		544,162
	14,279	*	Addus HomeCare Corp		969,544
	239,750	*	Allscripts Healthcare Solutions, Inc		2,366,332
	37,307	*	Amedisys, Inc		4,768,581
	19,603	*	American Renal Associates Holdings, Inc		134,869
	66,241	*	AMN Healthcare Services, Inc		3,448,506
	54,209	*	Angiodynamics, Inc		1,113,453
	228,563	*,e	Antares Pharma, Inc		614,834
	4,283	*,e	Apollo Medical Holdings, Inc		82,876
	51,963	*	AtriCure, Inc		1,559,929
	2,072		Atrion Corp		1,823,360
	66,534	*	Avanos Medical, Inc		2,791,101
	49,636	*	AxoGen, Inc		1,165,453
	9,294	*,e	Axonics Modulation Technologies, Inc		187,739
	173,329	*	BioScrip, Inc		332,792
	46,199	*	BioTelemetry, Inc		2,513,226
	256,152	*	Brookdale Senior Living, Inc		1,583,019
	38,117	*	Capital Senior Living Corp		160,091
	47,766	*	Cardiovascular Systems, Inc		1,697,604
	124,336	*	Castlight Health, Inc		463,773
	201,765	*	Cerus Corp		1,236,819
	113,135	*,e	Community Health Systems, Inc		389,184

261

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	18,622		Computer Programs & Systems, Inc	$	565,923
	35,585		Conmed Corp		2,847,868
	13,614	*	Corvel Corp		977,485
	56,469	*	Cross Country Healthcare, Inc		398,106
	51,801	*	CryoLife, Inc		1,588,219
	42,343	*,e	CryoPort, Inc		595,766
	21,998	*	Cutera, Inc		390,245
	41,296	*,e	CytoSorbents Corp		297,331
	77,539	*	Diplomat Pharmacy, Inc		432,668
	7,775	*,e	ElectroCore LLC		48,594
	71,771		Ensign Group, Inc		3,697,642
	99,659	*	Evolent Health, Inc		1,350,379
	7,193	*	FONAR Corp		142,709
	83,287	*	Genesis Health Care, Inc		108,273
	76,602	*	GenMark Diagnostics, Inc		554,598
	47,925	*	Glaukos Corp		3,456,830
	105,663	*	Globus Medical, Inc		4,764,345
	20,954	*,e	Guardant Health, Inc		1,372,697
	72,121	*	Haemonetics Corp		6,294,721
	76,398	*	HealthEquity, Inc		5,175,964
	39,664		HealthStream, Inc		1,038,404
	19,882	*,e	Helius Medical Technologies, Inc		48,711
	9,759	*	Heska Corp		757,884
	118,918	*	HMS Holdings Corp		3,618,675
	24,369	*	Inogen, Inc		2,127,414
	103,231	*,e	Inovalon Holdings, Inc		1,396,715
	20,351	*	Inspire Medical Systems, Inc		1,051,943
	44,331	*	Integer Holding Corp		3,062,829
	13,673	*	IntriCon Corp		319,538
	44,929		Invacare Corp		332,475
	7,027	*,e	iRadimed Corp		175,745
	32,993	*	iRhythm Technologies, Inc		2,517,696
	55,089	*	Lantheus Holdings, Inc		1,330,950
	25,161		LeMaitre Vascular, Inc		726,650
	41,797	*	LHC Group, Inc		4,644,065
	68,983	*	LivaNova plc		4,752,239
	34,584	*	Magellan Health Services, Inc		2,420,880
	81,408	*	Medidata Solutions, Inc		7,354,399
	65,618		Meridian Bioscience, Inc		755,263
	74,885	*	Merit Medical Systems, Inc		4,207,039
	18,098		National Healthcare Corp		1,365,132
	13,460		National Research Corp		532,747
	47,357	*	Natus Medical, Inc		1,267,273
	71,971	*	Neogen Corp		4,365,761
	12,986	*	Neuronetics, Inc		216,477
	41,060	*	Nevro Corp		2,533,813
	78,060	*	NextGen Healthcare, Inc		1,466,747
	104,151	*	Novocure Ltd		4,589,935
	72,375	*	NuVasive, Inc		4,385,925
	26,519	*	Nuvectra Corp		250,339
	54,997	*	Omnicell, Inc		4,419,559
	88,809	*	OraSure Technologies, Inc		840,133

262

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	25,422	*	Orthofix International NV	$	1,392,871
	12,817	*	OrthoPediatrics Corp		522,165
	90,063		Owens & Minor, Inc		307,115
	37,661	*	Oxford Immunotec Global plc		611,238
	116,919		Patterson Cos, Inc		2,553,511
	23,804	*	PetIQ, Inc		653,896
	16,896	*	Providence Service Corp		1,120,712
	10,716	*,e	Pulse Biosciences, Inc		171,670
	48,229	*	Quidel Corp		3,083,762
	152,219	*	R1 RCM, Inc		1,593,733
	60,497	*	RadNet, Inc		732,619
	56,389	*,e	Rockwell Medical, Inc		271,231
	65,561	*	RTI Biologics, Inc		354,685
	19,818	*	SeaSpine Holdings Corp		291,919
	153,986	*	Select Medical Holdings Corp		2,212,779
	136,614	*,e	Senseonics Holdings, Inc		318,311
	11,198	*,e	SI-BONE, Inc		190,366
	31,788	*	Sientra, Inc		267,655
	12,818		Simulations Plus, Inc		288,790
	61,509	*	Staar Surgical Co		1,997,812
	28,263	*,e	Surgery Partners, Inc		306,088
	19,960	*	SurModics, Inc		867,062
	24,503	*	Tabula Rasa HealthCare, Inc		1,305,030
	25,785	*	Tactile Systems Technology, Inc		1,283,062
	73,196	*	Tandem Diabetes Care, Inc		4,494,966
	95,196	*,e	Teladoc, Inc		5,414,748
	119,055	*	Tenet Healthcare Corp		2,607,304
	65,279	*,e	Tivity Health, Inc		1,411,332
	236,321	*,e	TransEnterix, Inc		472,642
	33,470	*	Triple-S Management Corp (Class B)		760,438
	18,066		US Physical Therapy, Inc		2,104,508
	4,059		Utah Medical Products, Inc		342,580
	11,111	*	Vapotherm, Inc		188,109
	56,013	*	Varex Imaging Corp		1,839,467
	96,207	*,e	ViewRay, Inc		669,601
	43,287	*	Vocera Communications, Inc		1,378,691
	176,017	*	Wright Medical Group NV		5,204,823
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		183,468,256
HOUSEHOLD & PERSONAL PRODUCTS - 0.5%
	14,833	*,e	Central Garden & Pet Co		400,194
	59,092	*	Central Garden and Pet Co (Class A)		1,446,572
	76,149	*	Edgewell Personal Care Co		3,139,623
	32,764	*	elf Beauty, Inc		419,052
	25,637		Inter Parfums, Inc		1,858,426
	16,439		Medifast, Inc		2,411,437
	11,372	e	Natural Health Trends Corp		131,460
	12,223	*	Nature’s Sunshine Products, Inc		110,007
	5,962		Oil-Dri Corp of America		189,651
	13,484	*,e	Revlon, Inc (Class A)		287,884
	18,567	*	USANA Health Sciences, Inc		1,549,602
	19,538		WD-40 Co		3,287,269
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		15,231,177

263

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
INSURANCE - 2.7%
	67,482	*	AMBAC Financial Group, Inc	$	1,261,913
	129,634		American Equity Investment Life Holding Co		3,812,536
	27,304		Amerisafe, Inc		1,616,943
	46,652		Argo Group International Holdings Ltd		3,642,122
	66,254	*,e	Citizens, Inc (Class A)		447,877
	236,452		Conseco, Inc		3,913,281
	14,063		Crawford & Co (Class B)		124,036
	9,879		Donegal Group, Inc (Class A)		133,366
	31,565	*	eHealth, Inc		1,917,258
	10,262		EMC Insurance Group, Inc		329,513
	47,063		Employers Holdings, Inc		2,019,944
	17,258	*	Enstar Group Ltd		3,059,153
	14,381		FBL Financial Group, Inc (Class A)		898,381
	14,809		FedNat Holding Co		240,942
	726,574	*	Genworth Financial, Inc (Class A)		2,753,715
	9,538		Global Indemnity Ltd		293,770
	16,774	e	Goosehead Insurance, Inc		511,104
	41,579	*	Greenlight Capital Re Ltd (Class A)		498,116
	17,649	*	Hallmark Financial Services		202,611
	10,907		HCI Group, Inc		464,856
	20,670	*,e	Health Insurance Innovations, Inc		482,024
	30,423		Heritage Insurance Holdings, Inc		414,970
	59,581		Horace Mann Educators Corp		2,298,635
	7,770		Independence Holding Co		297,436
	1,658		Investors Title Co		280,069
	37,804		James River Group Holdings Ltd		1,596,085
	75,382		Kemper Corp		6,775,334
	10,652		Kingstone Cos, Inc		123,670
	27,951		Kinsale Capital Group, Inc		2,029,243
	105,407		Maiden Holdings Ltd		68,883
	127,379	*	MBIA, Inc		1,231,755
	92,038		National General Holdings Corp		2,268,737
	3,312		National Western Life Group, Inc		883,377
	30,172		Navigators Group, Inc		2,110,230
	12,045	*	NI Holdings, Inc		193,081
	61,051		Primerica, Inc		7,954,335
	76,730		ProAssurance Corp		2,879,677
	11,413		Protective Insurance Corp		185,461
	56,050		RLI Corp		4,558,546
	20,837		Safety Insurance Group, Inc		1,936,174
	83,341		Selective Insurance Group, Inc		5,943,047
	20,382		State Auto Financial Corp		685,447
	34,199		Stewart Information Services Corp		1,453,799
	105,283	*	Third Point Reinsurance Ltd		1,222,336
	29,168		Tiptree Financial, Inc		166,258
	37,052	*,e	Trupanion, Inc		1,215,306
	29,800		United Fire & Casualty Co		1,299,578
	27,826		United Insurance Holdings Corp		426,294
	47,585		Universal Insurance Holdings, Inc		1,417,557
			TOTAL INSURANCE		80,538,781

264

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
MATERIALS - 3.8%
	24,291	e	Advanced Emissions Solutions, Inc	$	274,488
	45,147	*	AdvanSix, Inc		1,364,794
	38,475	*,e	AgroFresh Solutions, Inc		122,735
	429,890	*,e	AK Steel Holding Corp		1,040,334
	174,292	*	Allegheny Technologies, Inc		4,343,357
	41,664		American Vanguard Corp		655,791
	61,334	*,e	Amyris, Inc		274,776
	46,143		Balchem Corp		4,683,976
	52,737		Boise Cascade Co		1,460,288
	66,868		Carpenter Technology Corp		3,321,334
	72,626	*	Century Aluminum Co		610,785
	10,652		Chase Corp		997,773
	25,144	*	Clearwater Paper Corp		507,154
	408,838	e	Cleveland-Cliffs, Inc		4,084,292
	267,261	*	Coeur Mining, Inc		964,812
	164,210		Commercial Metals Co		2,839,191
	47,317		Compass Minerals International, Inc		2,715,523
	115,744	*	Ferro Corp		2,068,345
	69,112	*	Ferroglobe plc		0
	95,983	*,e	Flotek Industries, Inc		342,659
	30,751	*,e	Forterra, Inc		142,685
	40,163	*	FutureFuel Corp		589,994
	101,143	*	GCP Applied Technologies, Inc		2,911,907
	95,287	*	Gold Resource Corp		348,750
	36,642		Greif, Inc (Class A)		1,448,092
	6,597		Greif, Inc (Class B)		320,944
	70,947		H.B. Fuller Co		3,474,275
	11,299		Hawkins, Inc		417,046
	19,140		Haynes International, Inc		618,413
	613,105		Hecla Mining Co		1,287,521
	59,668	*	Ingevity Corp		6,862,417
	28,868		Innophos Holdings, Inc		929,261
	34,949		Innospec, Inc		2,964,374
	154,641	*	Intrepid Potash, Inc		575,265
	23,168		Kaiser Aluminum Corp		2,279,731
	29,341	*	Koppers Holdings, Inc		784,578
	42,826	*	Kraton Polymers LLC		1,405,549
	36,085		Kronos Worldwide, Inc		490,756
	208,912	*	Livent Corp		2,252,071
	199,279		Louisiana-Pacific Corp		4,991,939
	39,524	*	LSB Industries, Inc		231,215
	66,564	*	Marrone Bio Innovations, Inc		107,168
	28,855		Materion Corp		1,674,456
	50,910		Minerals Technologies, Inc		3,195,621
	51,017		Myers Industries, Inc		912,694
	24,676		Neenah Paper, Inc		1,674,267
	10,497		Olympic Steel, Inc		170,261
	70,217	*	Omnova Solutions, Inc		519,606
	65,455		PH Glatfelter Co		1,032,880
	111,524		PolyOne Corp		3,082,523

265

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	54,650	*	PQ Group Holdings, Inc	$	864,017
	18,545		Quaker Chemical Corp		4,150,742
	7,201	*,e	Ramaco Resources, Inc		48,391
	71,779		Rayonier Advanced Materials, Inc		1,065,200
	25,988	*	Ryerson Holding Corp		224,796
	40,003		Schnitzer Steel Industries, Inc (Class A)		948,871
	44,799		Schweitzer-Mauduit International, Inc		1,593,500
	60,357		Sensient Technologies Corp		4,232,233
	28,679		Stepan Co		2,653,955
	157,944	*	Summit Materials, Inc		2,767,179
	94,093	*	SunCoke Energy, Inc		810,141
	10,086		Synalloy Corp		178,018
	64,558	*	TimkenSteel Corp		654,618
	23,980	*	Trecora Resources		224,213
	37,554		Tredegar Corp		676,723
	61,014		Trinseo S.A.		2,742,579
	127,580		Tronox Holdings plc		1,803,981
	7,781	*	UFP Technologies, Inc		283,228
	2,097		United States Lime & Minerals, Inc		169,689
	8,561	*	Universal Stainless & Alloy		123,193
	23,427	*,e	US Concrete, Inc		1,104,115
	47,510		Valhi, Inc		119,250
	49,848	*	Verso Corp		1,112,607
	60,829		Warrior Met Coal, Inc		1,885,699
	58,907	*	Worthington Industries, Inc		2,363,938
			TOTAL MATERIALS		113,169,542
MEDIA & ENTERTAINMENT - 2.6%
	70,644	e	AMC Entertainment Holdings, Inc		1,070,963
	5,375		Beasley Broadcasting Group, Inc		19,726
	6,160	*,e	Boston Omaha Corp		145,068
	10,519	*	Cardlytics, Inc		164,096
	28,412	*	Care.com, Inc		475,901
	70,216	*	Cargurus, Inc		2,860,600
	97,125	*	Cars.com, Inc		2,021,171
	99,404	*	Central European Media Enterprises Ltd (Class A) (NASDAQ)		393,640
	41,972	*	Clear Channel Outdoor Holdings, Inc (Class A)		205,243
	1,313	*,e	Daily Journal Corp		292,799
	41,047		Emerald Expositions Events, Inc		576,710
	182,533		Entercom Communications Corp (Class A)		1,255,827
	94,262		Entravision Communications Corp (Class A)		270,532
	56,957	*,e	Eros International plc		494,387
	65,659		EW Scripps Co (Class A)		1,496,369
	53,422	*	Fluent, Inc		375,557
	165,085		Gannett Co, Inc		1,540,243
	162,868	*	Glu Mobile, Inc		1,781,776
	115,382	*	Gray Television, Inc		2,703,400
	22,106	*	Hemisphere Media Group, Inc		322,969
	76,869	*	Imax Corp		1,874,066
	11,678	*	Liberty Braves Group (Class A)		331,188
	52,904	*	Liberty Braves Group (Class C)		1,489,248
	61,874	*	Liberty Latin America Ltd (Class A)		1,295,023
	160,586	*	Liberty Latin America Ltd (Class C)		3,346,612

266

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	107,392	*	Liberty TripAdvisor Holdings, Inc	$	1,582,958
	39,406	*,e	LiveXLive Media, Inc		195,848
	19,242	*	Loral Space & Communications, Inc		708,490
	30,012		Marcus Corp		1,129,051
	82,233	*	MDC Partners, Inc		172,689
	113,025	*	Meet Group, Inc		628,419
	55,601	e	Meredith Corp		3,280,459
	84,921	*	MSG Networks, Inc		1,955,731
	116,372		National CineMedia, Inc		812,277
	91,052		New Media Investment Group, Inc		973,346
	185,401		New York Times Co (Class A)		6,146,043
	63,024		Nexstar Broadcasting Group, Inc (Class A)		7,376,959
	63,703	*	QuinStreet, Inc		909,042
	20,451	*	Reading International, Inc		312,082
	28,402	*	Rosetta Stone, Inc		716,298
	4,295		Saga Communications, Inc		137,784
	42,320		Scholastic Corp		1,687,722
	95,831		Sinclair Broadcast Group, Inc (Class A)		4,388,101
	33,688	*	TechTarget, Inc		562,253
	305,271		TEGNA, Inc		4,859,914
	5,847	*	Travelzoo, Inc		102,732
	22,998	*	Tribune Publishing Co		247,458
	139,884	*	TrueCar, Inc		900,853
	43,015	*	WideOpenWest, Inc		343,690
	61,119		World Wrestling Entertainment, Inc (Class A)		5,124,828
	113,226	*	Yelp, Inc		4,535,834
			TOTAL MEDIA & ENTERTAINMENT		76,593,975
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.8%
	43,563	*,e	Abeona Therapeutics, Inc		335,435
	159,657	*	Acadia Pharmaceuticals, Inc		3,839,751
	38,392	*,e	Accelerate Diagnostics, Inc		748,644
	61,840	*	Acceleron Pharma, Inc		2,518,743
	213,179	*	Achillion Pharmaceuticals, Inc		631,010
	51,324	*	Aclaris Therapeutics, Inc		323,341
	61,558	*	Acorda Therapeutics, Inc		643,281
	30,778	*,e	Adamas Pharmaceuticals, Inc		194,517
	40,048	*,e	ADMA Biologics, Inc		185,422
	90,961	*	Aduro Biotech, Inc		372,030
	80,821	*	Adverum Biotechnologies, Inc		521,295
	28,151	*	Aeglea BioTherapeutics, Inc		192,834
	49,552	*	Aerie Pharmaceuticals, Inc		1,890,409
	130,448	*	Agenus, Inc		335,251
	12,495	*,e	AgeX Therapeutics, Inc		56,977
	61,489	*,e	Aimmune Therapeutics, Inc		1,238,388
	20,944	*,e	Akcea Therapeutics, Inc		525,485
	123,311	*	Akebia Therapeutics, Inc		744,798
	139,984	*	Akorn, Inc		377,957
	13,593	*	Albireo Pharma, Inc		467,871
	82,333	*	Alder Biopharmaceuticals, Inc		1,118,905
	35,286	*	Aldeyra Therapeutics, Inc		291,815
	11,258	*,e	Alector, Inc		223,584

267

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	21,571	*,e	Allakos, Inc	$	845,799
	14,146	*	Allena Pharmaceuticals, Inc		87,281
	31,294	*,e	Allogene Therapeutics, Inc		937,255
	51,103	*	AMAG Pharmaceuticals, Inc		570,309
	264,396	*,e	Amicus Therapeutics, Inc		3,527,043
	125,097	*	Amneal Pharmaceuticals, Inc		1,609,998
	51,051	*	Amphastar Pharmaceuticals, Inc		1,102,191
	96,781	*,e	Ampio Pharmaceuticals, Inc		55,146
	29,329	*	AnaptysBio, Inc		2,132,805
	11,936	*	ANI Pharmaceuticals, Inc		847,217
	20,833	*	Anika Therapeutics, Inc		663,531
	54,331	*	Apellis Pharmaceuticals, Inc		1,076,297
	17,152	*,e	Aptinyx, Inc		66,035
	6,730	*	Aquestive Therapeutics, Inc		38,428
	72,186	*	Aratana Therapeutics, Inc		339,274
	52,216	*	Arbutus Biopharma Corp		140,461
	49,135	*,e	Arcus Biosciences, Inc		477,592
	38,816	*	Ardelyx, Inc		131,974
	70,277	*	Arena Pharmaceuticals, Inc		3,215,173
	160,901	*	Arqule, Inc		960,579
	300,230	*	Array Biopharma, Inc		6,788,200
	135,633	*,e	Arrowhead Research Corp		2,438,681
	14,625	*	Arvinas, Inc		305,224
	30,156	*	Assembly Biosciences, Inc		475,862
	97,548	*	Assertio Therapeutics, Inc		406,775
	60,275	*	Atara Biotherapeutics, Inc		2,025,240
	69,517	*,e	Athenex, Inc		686,828
	138,360	*,e	Athersys, Inc		214,458
	53,274	*	Audentes Therapeutics, Inc		2,013,224
	149,235	*,e	AVEO Pharmaceuticals, Inc		137,729
	74,635	*	Avid Bioservices, Inc		357,502
	22,047	*	Avrobio, Inc		414,704
	64,941	*	Bellicum Pharmaceuticals, Inc		198,070
	157,944	*	BioCryst Pharmaceuticals, Inc		1,173,524
	44,865	*	Biohaven Pharmaceutical Holding Co Ltd		2,685,170
	8,989	*	Biospecifics Technologies Corp		602,263
	188,236	*,e	BioTime, Inc		233,413
	63,118	*	Blueprint Medicines Corp		4,772,352
	35,916	*	Calithera Biosciences, Inc		221,243
	9,448	*,e	Calyxt, Inc		150,696
	48,484	*	Cambrex Corp		2,085,782
	45,409	*,e	Cara Therapeutics, Inc		866,404
	51,551	*	CareDx, Inc		1,402,703
	73,710	*,e	CASI Pharmaceuticals, Inc		240,295
	21,450	*	Catalyst Biosciences, Inc		187,044
	139,214	*	Catalyst Pharmaceuticals, Inc		799,088
	7,093	*	Celcuity, Inc		159,592
	14,157	*,e	Cellular Biomedicine Group, Inc		244,633
	34,873	*	ChemoCentryx, Inc		462,765
	54,689	*	Chimerix, Inc		147,660
	46,955	*,e	ChromaDex Corp		208,950
	34,113	*,e	Clearside Biomedical, Inc		42,300
	65,527	*	Clovis Oncology, Inc		1,197,178

268

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	76,381	*	Codexis, Inc	$	1,504,706
	27,226	*,e	Cohbar, Inc		66,704
	74,877	*	Coherus Biosciences, Inc		1,192,042
	45,490	*	Collegium Pharmaceutical, Inc		633,676
	30,717	*	Concert Pharmaceuticals, Inc		315,771
	21,894	*,e	Constellation Pharmaceuticals, Inc		287,906
	85,728	*,e	Corbus Pharmaceuticals Holdings, Inc		612,098
	142,312	*	Corcept Therapeutics, Inc		1,761,823
	38,815	*,e	Corium International, Inc		6,987
	16,921	*	Corvus Pharmaceuticals, Inc		71,576
	11,729	*,e	Crinetics Pharmaceuticals, Inc		304,368
	62,328	*,e	CTI BioPharma Corp		61,069
	21,569	*,e	Cue Biopharma, Inc		183,121
	19,806	*	Cyclerion Therapeutics, Inc		301,645
	85,738	*	Cymabay Therapeutics, Inc		1,098,304
	66,985	*	Cytokinetics, Inc		590,808
	69,831	*	CytomX Therapeutics, Inc		664,093
	15,320	*,e	Deciphera Pharmaceuticals, Inc		352,360
	66,153	*,e	Denali Therapeutics, Inc		1,618,764
	55,962	*,e	Dermira, Inc		620,619
	79,653	*	Dicerna Pharmaceuticals, Inc		1,032,303
	18,020	*,e	Dova Pharmaceuticals, Inc		165,784
	192,015	*	Durect Corp		105,896
	87,372	*,e	Dynavax Technologies Corp		581,024
	15,532	*	Eagle Pharmaceuticals, Inc		798,500
	63,826	*	Editas Medicine, Inc		1,579,693
	26,064	*,e	Eidos Therapeutics, Inc		683,137
	26,241	*,e	Eloxx Pharmaceuticals, Inc		313,317
	63,585	*	Emergent Biosolutions, Inc		3,286,073
	24,176	*	Enanta Pharmaceuticals, Inc		2,107,905
	320,269	*	Endo International plc		2,402,017
	48,178	*	Enzo Biochem, Inc		167,178
	86,271	*	Epizyme, Inc		1,070,623
	6,936	*,e	Equillium, Inc		43,281
	31,371	*,e	Esperion Thereapeutics, Inc		1,352,090
	18,447	*,e	Evelo Biosciences, Inc		154,678
	13,561	*,e	Evolus, Inc		330,617
	86,049	*	Fate Therapeutics, Inc		1,445,623
	13,825	*	Fennec Pharmaceuticals, Inc		61,521
	106,649	*	FibroGen, Inc		4,983,708
	49,519	*	Five Prime Therapeutics, Inc		548,670
	43,960	*,e	Flexion Therapeutics, Inc		465,976
	45,663	*	Fluidigm Corp		627,410
	24,267	*	Forty Seven, Inc		460,830
	32,437	*	G1 Therapeutics, Inc		694,152
	28,789	*	Genomic Health, Inc		1,851,996
	290,699	*,e	Geron Corp		529,072
	75,493	*	Global Blood Therapeutics, Inc		4,182,312
	53,355	*	GlycoMimetics Inc		649,330
	20,304	*	Gossamer Bio, Inc		344,356
	9,264	*,e	Gritstone Oncology, Inc		97,365
	176,166	*	Halozyme Therapeutics, Inc		2,841,558

269

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	3,327	*,e	Harpoon Therapeutics, Inc	$	39,059
	42,864	*	Harvard Bioscience, Inc		165,884
	97,819	*	Heron Therapeutics, Inc		2,120,716
	26,509	*	Homology Medicines, Inc		570,474
	254,052	*	Horizon Pharma plc		6,485,948
	29,494	*,e	Idera Pharmaceuticals, Inc		88,777
	196,810	*	Immunogen, Inc		470,376
	214,990	*,e	Immunomedics, Inc		3,444,140
	22,571	*,e	Innovate Biopharmaceuticals, Inc		36,339
	99,165	*	Innoviva, Inc		1,391,285
	141,230	*,e	Inovio Pharmaceuticals, Inc		531,025
	109,597	*	Insmed, Inc		3,336,133
	40,017	*,e	Insys Therapeutics, Inc		172,073
	48,532	*,e	Intellia Therapeutics, Inc		746,422
	30,620	*,e	Intercept Pharmaceuticals, Inc		2,638,832
	43,632	*	Intersect ENT, Inc		1,417,604
	68,008	*	Intra-Cellular Therapies, Inc		895,665
	106,429	*,e	Intrexon Corp		460,838
	101,443	*	Invitae Corp		2,396,084
	150,369	*	Iovance Biotherapeutics, Inc		1,714,207
	198,069	*	Ironwood Pharmaceuticals, Inc		2,355,040
	27,816	*	Jounce Therapeutics, Inc		157,995
	153,200	*,e	Kadmon Holdings, Inc		360,020
	26,396	*	Kala Pharmaceuticals, Inc		204,833
	78,672	*	Karyopharm Therapeutics, Inc		367,398
	17,355	*,e	Kezar Life Sciences, Inc		327,489
	44,759	*	Kindred Biosciences, Inc		397,907
	16,466	*,e	Kiniksa Pharmaceuticals Ltd		245,837
	12,726	*	Kodiak Sciences, Inc		94,427
	44,459	*	Kura Oncology, Inc		673,109
	28,734	*,e	La Jolla Pharmaceutical Co		231,309
	38,981	*,e	Lannett Co, Inc		299,764
	71,355	*,e	Lexicon Pharmaceuticals, Inc		413,859
	29,216	*,e	Ligand Pharmaceuticals, Inc (Class B)		3,676,834
	6,286	*	Liquidia Technologies, Inc		59,780
	10,888	*	LogicBio Therapeutics, Inc		148,186
	58,697		Luminex Corp		1,338,879
	52,203	*	MacroGenics, Inc		875,444
	9,914	*	Madrigal Pharmaceuticals, Inc		1,051,677
	24,815	*,e	Magenta Therapeutics, Inc		357,584
	116,858	*	Mallinckrodt plc		1,806,625
	255,715	*,e	MannKind Corp		393,801
	79,933	*	Marinus Pharmaceuticals, Inc		394,869
	96,842	*,e	Medicines Co		3,094,102
	44,814	*,e	MediciNova, Inc		501,917
	29,354	*	Medpace Holdings, Inc		1,648,814
	21,208	*,e	MeiraGTx Holdings plc		414,192
	4,743	*,e	Melinta Therapeutics, Inc		20,774
	7,433	*	Menlo Therapeutics, Inc		53,518
	17,161	*	Mersana Therapeutics, Inc		84,432
	45,243	*	Minerva Neurosciences, Inc		333,441
	25,120	*,e	Miragen Therapeutics, Inc		73,602
	29,946	*	Mirati Therapeutics, Inc		1,781,488

270

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	11,020	*	Molecular Templates, Inc	$	80,997
	140,483	*	Momenta Pharmaceuticals, Inc		1,965,357
	20,327	*,e	Mustang Bio, Inc		84,357
	48,190	*	MyoKardia, Inc		2,312,156
	99,309	*	Myriad Genetics, Inc		3,126,247
	36,924	*	NanoString Technologies, Inc		958,916
	35,776	*,e	NantKwest, Inc		40,069
	48,379	*	Natera, Inc		924,523
	117,246	*	NeoGenomics, Inc		2,442,234
	20,227	*	Neon Therapeutics, Inc		124,598
	30,628	*,e	Neos Therapeutics, Inc		73,813
	34,728	*,e	NewLink Genetics Corp		59,385
	523,857	*,e	Novavax, Inc		278,325
	33,197	*,e	Nymox Pharmaceutical Corp		60,750
	51,352	*,e	Ocular Therapeutix, Inc		192,570
	7,813	*,e	Odonate Therapeutics, Inc		153,604
	66,932	*,e	Omeros Corp		1,260,999
	479,409	*,e	Opko Health, Inc		1,145,787
	26,559	*,e	Optinose, Inc		264,528
	119,432	*,e	Organovo Holdings, Inc		119,432
	14,346	*	Ovid therapeutics, Inc		29,266
	205,763	*	Pacific Biosciences of California, Inc		1,520,589
	57,045	*	Pacira Pharmaceuticals, Inc		2,271,532
	239,339	*,e	Palatin Technologies, Inc		296,780
	50,229	*,e	Paratek Pharmaceuticals, Inc		276,762
	212,948	*	PDL BioPharma, Inc		696,340
	26,062	*	Pfenex, Inc		150,899
	30,377		Phibro Animal Health Corp		1,054,386
	63,351	*	Pieris Pharmaceuticals, Inc		189,419
	15,198	*,e	PolarityTE, Inc		137,390
	90,518	*,e	Portola Pharmaceuticals, Inc		3,195,285
	70,879	*	Prestige Brands Holdings, Inc		2,085,260
	7,648	*	Principia Biopharma, Inc		228,752
	123,957	*	Progenics Pharmaceuticals, Inc		637,139
	46,147	*,e	Proteostasis Therapeutics, Inc		50,762
	58,664	*	Prothena Corp plc		610,106
	73,339	*	PTC Therapeutics, Inc		2,744,345
	40,754	*	Puma Biotechnology, Inc		1,309,018
	10,223	*	Quanterix Corp		232,267
	26,217	*	Ra Pharmaceuticals, Inc		582,017
	56,634	*	Radius Health, Inc		1,247,081
	27,098	*	Reata Pharmaceuticals, Inc		2,126,109
	26,519	*	Recro Pharma, Inc		231,511
	45,154	*	REGENXBIO, Inc		2,275,762
	54,871	*	Repligen Corp		3,697,208
	16,270	*,e	Replimune Group, Inc		272,848
	14,765	*,e	resTORbio, Inc		118,858
	57,656	*	Retrophin, Inc		1,100,076
	59,613	*	Revance Therapeutics, Inc		789,276
	23,941	*	Rhythm Pharmaceuticals, Inc		605,228
	262,827	*	Rigel Pharmaceuticals, Inc		586,104
	34,301	*,e	Rocket Pharmaceuticals, Inc		636,627

271

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	51,630	*,e	Rubius Therapeutics, Inc	$	903,009
	141,940	*	Sangamo Biosciences, Inc		1,659,279
	38,195	*	Savara, Inc		407,923
	20,587	*,e	Scholar Rock Holding Corp		438,091
	8,518	*,e	scPharmaceuticals, Inc		27,683
	27,592	*,e	Selecta Biosciences, Inc		59,323
	23,913	*,e	Seres Therapeutics, Inc		156,391
	17,452	*,e	Sienna Biopharmaceuticals, Inc		32,461
	63,337	*	SIGA Technologies, Inc		331,886
	17,966	*,e	Solid Biosciences, Inc		163,131
	172,015	*,e	Sorrento Therapeutics, Inc		627,855
	44,696	*,e	Spark Therapeutics, Inc		4,768,616
	141,204	*	Spectrum Pharmaceuticals, Inc		1,323,081
	6,931	*	Spero Therapeutics, Inc		77,489
	13,545	*,e	Spring Bank Pharmaceuticals, Inc		100,368
	52,693	*	Stemline Therapeutics, Inc		790,395
	68,697	*	Supernus Pharmaceuticals, Inc		2,523,241
	8,867	*	Surface Oncology, Inc		41,498
	8,574	*	Sutro Biopharma, Inc		85,526
	17,941	*	Syndax Pharmaceuticals, Inc		128,278
	88,492	*	Syneos Health, Inc		4,152,930
	18,794	*	Synlogic, Inc		161,252
	9,916	*,e	Synthorx, Inc		151,715
	29,878	*	Syros Pharmaceuticals, Inc		216,018
	42,755	*,e	T2 Biosystems, Inc		109,880
	48,439	*,e	Teligent, Inc		47,465
	93,487	*	Tetraphase Pharmaceuticals, Inc		99,096
	93,961	*,e	TG Therapeutics, Inc		746,990
	273,360	*,e	TherapeuticsMD, Inc		1,175,448
	61,822	*,e	Theravance Biopharma, Inc		1,474,455
	30,657	*	Tocagen, Inc		302,891
	40,865	*,e	Translate Bio, Inc		396,390
	26,830	*	Tricida, Inc		919,196
	10,695	*,e	Twist Bioscience Corp		253,044
	171,958	*,e	Tyme Technologies, Inc		259,657
	74,082	*	Ultragenyx Pharmaceutical, Inc		4,889,412
	40,583	*,e	UNITY Biotechnology, Inc		333,998
	25,481	*,e	Unum Therapeutics, Inc		82,558
	74,937	*	Vanda Pharmaceuticals, Inc		1,220,724
	41,563	*	Veracyte, Inc		950,546
	110,482	*,e	Verastem, Inc		235,327
	63,284	*	Vericel Corp		1,075,195
	7,478	*	Verrica Pharmaceuticals, Inc		74,780
	90,088	*,e	Viking Therapeutics, Inc		705,389
	30,388	*	Voyager Therapeutics, Inc		641,187
	28,211	*,e	WaVe Life Sciences Pte Ltd		748,438
	895	*,e	X4 Pharmaceuticals, Inc		18,258
	67,275	*	Xencor, Inc		2,066,015
	28,196	*	Xeris Pharmaceuticals, Inc		287,599
	7,765	*,e	XOMA Corp		92,093
	9,329	*	Y-mAbs Therapeutics, Inc		214,754
	46,597	*	Zafgen, Inc		119,288
	188,549	*,e	ZIOPHARM Oncology, Inc		833,387

272

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	58,404	*	Zogenix, Inc	$	2,277,172
	48,150	*	Zomedica Pharmaceuticals Corp		20,247
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		262,166,912
REAL ESTATE - 7.4%
	114,622		Acadia Realty Trust		3,236,925
	47,460		Agree Realty Corp		3,107,206
	98,116		Alexander & Baldwin, Inc		2,317,500
	3,045		Alexander’s, Inc		1,155,973
	16,385	*,e	Altisource Portfolio Solutions S.A.		387,833
	55,458		American Assets Trust, Inc		2,561,605
	2,523	*,e	American Realty Investors, Inc		34,590
	224,573		Americold Realty Trust		7,188,581
	70,733		Armada Hoffler Properties, Inc		1,142,338
	130,562		Ashford Hospitality Trust, Inc		719,397
	37,356		Bluerock Residential Growth REIT, Inc		418,761
	46,809		BraeMar Hotels & Resorts, Inc		650,645
	10,076		Brt Realty Trust		141,366
	117,488		CareTrust REIT, Inc		2,849,084
	75,750		CatchMark Timber Trust, Inc		757,500
	260,852		CBL & Associates Properties, Inc		263,461
	133,565		Cedar Realty Trust, Inc		410,045
	66,599		Chatham Lodging Trust		1,311,334
	85,942		Chesapeake Lodging Trust		2,449,347
	62,844		City Office REIT, Inc		728,990
	19,188		Clipper Realty, Inc		250,403
	25,259		Community Healthcare Trust, Inc		921,448
	4,973		Consolidated-Tomoka Land Co		308,326
	170,185		CoreCivic, Inc		3,541,550
	18,349		CorEnergy Infrastructure Trust, Inc		693,409
	56,954		CorePoint Lodging, Inc		711,925
	584,715		Cousins Properties, Inc		5,595,723
	92,505	*	Cushman & Wakefield plc		1,816,798
	294,731		DiamondRock Hospitality Co		3,200,779
	86,862		Easterly Government Properties, Inc		1,563,516
	50,052		EastGroup Properties, Inc		5,722,445
	51,176		Essential Properties Realty Trust, Inc		1,058,320
	39,521		Farmland Partners, Inc		259,258
	176,756		First Industrial Realty Trust, Inc		6,234,184
	16,136	*	Forestar Group, Inc		310,941
	97,919		Four Corners Property Trust, Inc		2,784,816
	151,914		Franklin Street Properties Corp		1,194,044
	73,892		Front Yard Residential Corp		732,270
	8,123	*	FRP Holdings, Inc		411,755
	169,408		Geo Group, Inc		3,391,548
	47,680		Getty Realty Corp		1,546,262
	42,441		Gladstone Commercial Corp		923,092
	15,944		Gladstone Land Corp		202,011
	38,260		Global Medical REIT, Inc		390,252
	105,681		Global Net Lease, Inc		2,015,337
	765		Griffin Land & Nurseries, Inc (Class A)		27,930
	87,002		Hannon Armstrong Sustainable Infrastructure Capital, Inc		2,313,383

273

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	174,807		Healthcare Realty Trust, Inc	$	5,398,040
	50,765		Hersha Hospitality Trust		942,706
	53,550		HFF, Inc (Class A)		2,548,445
	128,998		Independence Realty Trust, Inc		1,366,089
	94,402		Industrial Logistics Properties Trust		1,873,880
	62,653		InfraREIT, Inc		1,318,846
	13,422		Innovative Industrial Properties, Inc		1,142,749
	18,419		Investors Real Estate Trust		1,110,297
	101,529		iStar Financial, Inc		880,256
	27,773		Jernigan Capital, Inc		585,177
	177,395		Kennedy-Wilson Holdings, Inc		3,821,088
	115,498		Kite Realty Group Trust		1,823,713
	298,662		Lexington Realty Trust		2,708,864
	56,920		LTC Properties, Inc		2,564,815
	127,353		Mack-Cali Realty Corp		2,964,778
	27,843	*	Marcus & Millichap, Inc		1,200,033
	7,422	*	Maui Land & Pineapple Co, Inc		88,841
	48,934		MedEquities Realty Trust, Inc		524,083
	129,147		Monmouth Real Estate Investment Corp (Class A)		1,774,480
	58,939		National Health Investors, Inc		4,445,769
	80,158		National Storage Affiliates Trust		2,345,423
	114,961		New Senior Investment Group, Inc		642,632
	215,466		Newmark Group, Inc		1,835,770
	28,485		NexPoint Residential Trust, Inc		1,067,903
	63,693		NorthStar Realty Europe Corp		1,135,646
	67,967		Office Properties Income Trust		1,844,624
	23,702		One Liberty Properties, Inc		670,767
	183,421		Pebblebrook Hotel Trust		5,972,188
	89,374		Pennsylvania REIT		538,032
	259,926		Physicians Realty Trust		4,694,264
	182,189		Piedmont Office Realty Trust, Inc		3,793,175
	94,246		Potlatch Corp		3,643,550
	62,822		Preferred Apartment Communities, Inc		982,536
	28,344		PS Business Parks, Inc		4,354,205
	72,323		QTS Realty Trust, Inc		3,279,848
	26,019		Re/Max Holdings, Inc		1,127,403
	112,032	*,e	Redfin Corp		2,316,822
	154,847		Retail Opportunities Investment Corp		2,717,565
	130,163		Rexford Industrial Realty, Inc		4,931,876
	244,520		RLJ Lodging Trust		4,501,613
	10,401		RMR Group, Inc		601,594
	111,797		RPT Realty		1,356,098
	63,556		Ryman Hospitality Properties		5,059,058
	250,968		Sabra Healthcare REIT, Inc		4,908,934
	9,855		Safehold, Inc		248,642
	17,829		Saul Centers, Inc		951,177
	47,055		Seritage Growth Properties		2,098,182
	61,234		Spirit MTA REIT		412,717
	50,737	*	St. Joe Co		864,559
	134,152		STAG Industrial, Inc		3,860,895
	6,939	*	Stratus Properties, Inc		185,826
	152,719		Summit Hotel Properties, Inc		1,773,068
	320,235		Sunstone Hotel Investors, Inc		4,611,384

274

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	127,650		Tanger Factory Outlet Centers, Inc	$	2,305,359
	33,992	*	Tejon Ranch Co		586,362
	85,709		Terreno Realty Corp		3,826,907
	76,886		Tier REIT, Inc		2,178,949
	1,971	*	Transcontinental Realty Investors, Inc		64,058
	21,521	*	Trinity Place Holdings, Inc		84,362
	50,986		UMH Properties, Inc		716,353
	18,420		Universal Health Realty Income Trust		1,492,388
	153,295		Urban Edge Properties		2,846,688
	42,845		Urstadt Biddle Properties, Inc (Class A)		939,591
	253,441		Washington Prime Group, Inc		1,127,812
	110,548		Washington REIT		3,121,876
	56,716	*	Whitestone REIT		727,666
	158,361		Xenia Hotels & Resorts, Inc		3,428,516
			TOTAL REAL ESTATE		221,812,018
RETAILING - 4.5%
	41,541	*	1-800-FLOWERS.COM, Inc (Class A)		884,408
	98,303		Aaron’s, Inc		5,474,494
	93,182		Abercrombie & Fitch Co (Class A)		2,785,210
	228,538		American Eagle Outfitters, Inc		5,434,634
	8,579	*	America’s Car-Mart, Inc		849,750
	28,237	*	Asbury Automotive Group, Inc		2,264,043
	253,800	*,e	Ascena Retail Group, Inc		302,022
	60,885	*,e	At Home Group, Inc		1,430,189
	59,875	*	Barnes & Noble Education, Inc		257,462
	101,844		Barnes & Noble, Inc		512,275
	187,026	e	Bed Bath & Beyond, Inc		3,125,204
	23,495	e	Big 5 Sporting Goods Corp		61,792
	56,324		Big Lots, Inc		2,093,000
	181,342	*	BJ’s Wholesale Club Holdings, Inc		5,141,046
	39,932	*	Boot Barn Holdings, Inc		1,149,642
	41,080	e	Buckle, Inc		759,158
	58,515		Caleres, Inc		1,534,848
	46,088	e	Camping World Holdings, Inc		687,633
	45,713	*,e	Carvana Co		3,271,222
	34,827		Cato Corp (Class A)		527,977
	172,703		Chico’s FAS, Inc		604,460
	22,246	e	Children’s Place Retail Stores, Inc		2,509,794
	19,470		Citi Trends, Inc		360,390
	26,753	*	Conn’s, Inc		692,100
	25,906	*	Container Store Group, Inc		223,828
	65,340		Core-Mark Holding Co, Inc		2,375,109
	96,870		Designer Brands, Inc		2,155,357
	15,464	e	Dillard’s, Inc (Class A)		1,058,511
	14,643	*,e	Duluth Holdings, Inc		233,117
	170,000	*	Etsy, Inc		11,481,800
	98,715	*	Express Parent LLC		363,271
	77,693	*	Five Below, Inc		11,373,478
	17,430	*,e	Funko, Inc		345,637
	13,734	*,e	Gaia, Inc		145,306
	137,982	e	GameStop Corp (Class A)		1,193,544

275

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	29,104	*	Genesco, Inc	$	1,304,150
	124,364	*,e	GNC Holdings, Inc		276,088
	25,989		Group 1 Automotive, Inc		2,035,199
	647,632	*	Groupon, Inc		2,279,665
	81,993		Guess?, Inc		1,670,197
	29,621		Haverty Furniture Cos, Inc		705,572
	29,748	*	Hibbett Sports, Inc		615,784
	60,141	*	Hudson Ltd		922,563
	28,393		J. Jill, Inc		159,285
	465,443	*,e	JC Penney Co, Inc		637,657
	23,099	*	Kirkland’s, Inc		135,822
	15,574	*	Lands’ End, Inc		272,701
	19,936	*	Leaf Group Ltd		167,263
	75,796	*	Liberty Expedia Holdings, Inc		3,518,450
	30,035	*	Liquidity Services, Inc		203,938
	31,367		Lithia Motors, Inc (Class A)		3,560,782
	42,818	*,e	Lumber Liquidators, Inc		566,054
	35,468	*	MarineMax, Inc		613,242
	45,227		Monro Muffler, Inc		3,791,379
	42,906	*	Murphy USA, Inc		3,667,176
	88,324	*	National Vision Holdings, Inc		2,384,748
	789,030		Office Depot, Inc		1,893,672
	70,509	*	Ollie’s Bargain Outlet Holdings, Inc		6,743,481
	32,665	*,e	Overstock.com, Inc		430,525
	79,734	*	Party City Holdco, Inc		534,218
	31,037	e	PetMed Express, Inc		678,158
	117,429	*	Quotient Technology, Inc		1,090,915
	64,155	*	Rent-A-Center, Inc		1,599,384
	27,155	*,e	RH		2,897,710
	55,783	*	RTW RetailWinds, Inc		129,417
	169,234	*	Sally Beauty Holdings, Inc		2,995,442
	15,430	e	Shoe Carnival, Inc		550,234
	45,509	*	Shutterfly, Inc		1,994,659
	26,617		Shutterstock, Inc		1,076,658
	72,784		Signet Jewelers Ltd		1,687,133
	46,022	*	Sleep Number Corp		1,601,566
	38,707		Sonic Automotive, Inc (Class A)		783,043
	58,150	*	Sportsman’s Warehouse Holdings, Inc		259,349
	24,096	*	Stamps.com, Inc		2,067,437
	71,190		Tailored Brands, Inc		580,198
	65,158		Tile Shop Holdings, Inc		316,668
	34,679		Tilly’s, Inc		407,825
	7,194		Weyco Group, Inc		246,826
	3,338		Winmark Corp		616,028
	28,034	*	Zumiez, Inc		746,545
			TOTAL RETAILING		135,076,517
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.8%
	39,123	*	Acacia Communications, Inc		2,264,439
	9,896	*,e	ACM Research, Inc		170,508
	38,423	*,e	Adesto Technologies Corp		244,755
	54,496	*	Advanced Energy Industries, Inc		3,147,689
	22,516	*	Alpha & Omega Semiconductor Ltd		279,198

276

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	43,221	*	Ambarella, Inc	$	2,166,237
	149,901	*	Amkor Technology, Inc		1,358,103
	32,929	*	Aquantia Corp		313,155
	47,929	*	Axcelis Technologies, Inc		1,020,408
	54,840	*	AXT, Inc		312,588
	97,691		Brooks Automation, Inc		3,664,389
	40,124		Cabot Microelectronics Corp		5,065,655
	31,819	*	Ceva, Inc		801,521
	16	*,†	China Energy Savings Technology, Inc		0
	83,535	*	Cirrus Logic, Inc		3,974,595
	58,160		Cohu, Inc		862,513
	146,974	*	Cree, Inc		9,713,512
	59,099	*	Diodes, Inc		2,152,386
	199,529		Entegris, Inc		8,152,755
	104,875	*	Formfactor, Inc		1,987,381
	30,165	*,e	Ichor Holdings Ltd		759,555
	25,358	*,e	Impinj, Inc		742,229
	60,883	*	Inphi Corp		2,779,918
	71,986	*,e	Kopin Corp		89,983
	165,992	*	Lattice Semiconductor Corp		2,149,596
	68,762	*	MA-COM Technology Solutions		955,104
	90,410	*	MaxLinear, Inc		2,432,933
	33,956	*	Nanometrics, Inc		1,011,549
	50,866	*	NeoPhotonics Corp Ltd		347,415
	7,226		NVE Corp		692,323
	40,347	*	PDF Solutions, Inc		523,704
	94,883	*	Photronics, Inc		886,207
	41,439		Power Integrations, Inc		3,274,510
	150,306	*	Rambus, Inc		1,722,507
	45,034	*	Rudolph Technologies, Inc		1,089,372
	90,998	*	Semtech Corp		4,902,062
	60,052	*	Silicon Laboratories, Inc		6,465,198
	18,696	*	SMART Global Holdings, Inc		406,451
	92,064	*,e	SunPower Corp		664,702
	55,292	*	Ultra Clean Holdings		661,845
	67,828	*	Veeco Instruments, Inc		826,145
	70,345		Xperi Corp		1,748,073
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		82,783,168
SOFTWARE & SERVICES - 8.1%
	133,720	*	8x8, Inc		3,198,582
	82,381	*	A10 Networks, Inc		532,181
	162,489	*	ACI Worldwide, Inc		5,771,609
	44,111	*	Alarm.com Holdings, Inc		3,126,588
	35,850	*	Altair Engineering, Inc		1,413,924
	41,526	*,e	Alteryx, Inc		3,680,865
	32,777	*	Amber Road, Inc		296,304
	31,219	*	American Software, Inc (Class A)		404,286
	26,219	*	Anaplan, Inc		1,032,242
	21,633	*	Appfolio, Inc		2,100,781
	19,623	*,e	Asure Software, Inc		136,576
	39,738	*	Avalara, Inc		2,339,376

277

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	150,160	*	Avaya Holdings Corp	$	2,865,053
	39,454	*	Benefitfocus, Inc		1,606,961
	68,099		Blackbaud, Inc		5,399,570
	52,012	*	Blackline, Inc		2,656,773
	60,064	*	Bottomline Technologies, Inc		3,037,436
	175,813	*	Box, Inc		3,625,264
	47,989	*	Brightcove, Inc		481,330
	35,122	*	CACI International, Inc (Class A)		6,846,683
	57,722	*,e	Carbon Black, Inc		793,100
	45,012	*	Carbonite, Inc		1,104,144
	56,611	*	Cardtronics plc		2,024,409
	21,448		Cass Information Systems, Inc		1,058,030
	42,871	*	ChannelAdvisor Corp		503,734
	96,133	*	Cision Ltd		1,159,364
	278,721	*	Cloudera, Inc		3,102,165
	55,312	*	Commvault Systems, Inc		2,909,411
	76,650	*	Cornerstone OnDemand, Inc		4,188,922
	78,681	*	Coupa Software, Inc		8,130,108
	47,163		CSG Systems International, Inc		2,105,828
	16,533	*,e	Digimarc Corp		492,518
	23,147	*	Domo, Inc		886,762
	34,692	e	Ebix, Inc		1,751,252
	27,460	*	eGain Corp		274,325
	107,739	*	Endurance International Group Holdings, Inc		595,797
	63,920	*	Envestnet, Inc		4,537,681
	40,073	*	Everbridge, Inc		2,960,994
	96,754	*	Everi Holdings, Inc		995,599
	86,892		EVERTEC, Inc		2,720,589
	35,009	*	Evo Payments, Inc		1,040,117
	57,838	*	Exela Technologies, Inc		190,287
	47,602	*	ExlService Holdings, Inc		2,827,559
	80,759	*	Five9, Inc		4,285,880
	44,732	*	ForeScout Technologies, Inc		1,880,533
	59,949	*,e	GTT Communications, Inc		2,514,861
	36,521		Hackett Group, Inc		560,597
	52,114	*	HubSpot, Inc		9,614,512
	14,058	*	I3 Verticals, Inc		339,360
	40,842	*	Information Services Group, Inc		145,398
	44,515	*	Instructure, Inc		1,917,706
	43,778	*,e	Internap Corp		172,485
	66,568		j2 Global, Inc		5,832,688
	177,886	*	Limelight Networks, Inc		528,321
	82,785	*	Liveperson, Inc		2,428,084
	95,580	*	LiveRamp Holdings, Inc		5,575,181
	7,084	*	Majesco		55,255
	38,489		Mantech International Corp (Class A)		2,385,933
	90,894		MAXIMUS, Inc		6,694,343
	12,551	*	MicroStrategy, Inc (Class A)		1,878,885
	53,395	*	Mitek Systems, Inc		635,400
	113,887	*	MobileIron, Inc		675,350
	38,200	*	Model N, Inc		708,228
	50,176	*	MoneyGram International, Inc		166,083
	61,119		Monotype Imaging Holdings, Inc		1,053,692

278

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	63,986	*	New Relic, Inc	$	6,733,887
	92,545		NIC, Inc		1,597,327
	48,588	*	OneSpan, Inc		900,822
	15,163	*	Park City Group, Inc		117,210
	41,091	*	Paylocity Holding Corp		3,967,336
	46,460	*	Perficient, Inc		1,367,782
	201,419		Perspecta, Inc		4,648,751
	18,545	*	PFSweb, Inc		85,678
	60,013		Presidio, Inc		901,395
	25,179	*	PRGX Global, Inc		201,936
	63,914		Progress Software Corp		2,915,118
	45,995	*	PROS Holdings, Inc		2,356,784
	52,298	*	Q2 Holdings, Inc		3,944,315
	16,107		QAD, Inc (Class A)		754,935
	47,522	*	Qualys, Inc		4,289,336
	50,894	*	Rapid7, Inc		2,765,580
	11,929	*,e	Rimini Street, Inc		60,599
	99,312	*	SailPoint Technologies Holding, Inc		2,806,557
	71,566		Science Applications International Corp		5,363,872
	13,818	*,e	SecureWorks Corp		268,346
	89,088	*	ServiceSource International LLC		94,433
	10,429	*,e	ShotSpotter, Inc		549,608
	24,249	*	SPS Commerce, Inc		2,515,591
	23,685	*	SVMK, Inc		423,961
	58,252	*	Sykes Enterprises, Inc		1,616,493
	67,155	*	Telaria, Inc		484,188
	37,092	*	TeleNav, Inc		231,083
	43,626	*	Tenable Holdings, Inc		1,566,173
	174,804		TiVo Corp		1,637,913
	47,402	*	Trade Desk, Inc		10,498,595
	179,693		Travelport Worldwide Ltd		2,817,586
	21,333		TTEC Holdings, Inc		777,801
	14,182	*,e	Tucows, Inc		1,250,711
	72,367	*,e	Unisys Corp		811,234
	23,892	*	Upland Software, Inc		1,110,739
	40,084	*	Varonis Systems, Inc		2,851,977
	89,965	*	Verint Systems, Inc		5,432,986
	23,247	*,e	Veritone, Inc		143,899
	84,850	*,e	VirnetX Holding Corp		541,343
	40,970	*	Virtusa Corp		2,275,884
	41,698	*	Workiva, Inc		2,215,832
	121,901	*	Yext, Inc		2,670,851
	74,851	*	Zix Corp		610,036
	86,088	*	Zscaler, Inc		5,880,671
			TOTAL SOFTWARE & SERVICES		242,011,008
TECHNOLOGY HARDWARE & EQUIPMENT - 4.7%
	157,063	*,e	3D Systems Corp		1,671,150
	71,769		Adtran, Inc		1,230,121
	57,058	*	Aerohive Networks, Inc		192,856
	21,536	*	Agilysys, Inc		411,984
	42,345	*	Anixter International, Inc		2,662,230

279

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	29,029	*,e	Applied Optoelectronics, Inc	$	363,443
	108,604	*	Arlo Technologies, Inc		431,158
	39,275	*	Avid Technology, Inc		298,490
	69,884		AVX Corp		1,139,808
	40,624		Badger Meter, Inc		2,253,820
	11,452		Bel Fuse, Inc (Class B)		271,412
	57,120		Belden CDT, Inc		3,173,016
	62,036		Benchmark Electronics, Inc		1,676,833
	48,216	*	CalAmp Corp		704,436
	72,040	*	Calix, Inc		493,474
	39,015	*	Casa Systems, Inc		374,154
	201,805	*	Ciena Corp		7,741,240
	13,438	*	Clearfield, Inc		198,076
	34,683		Comtech Telecommunications Corp		816,091
	39,773	*	Control4 Corp		692,448
	59,059	*	Cray, Inc		1,550,889
	47,685		CTS Corp		1,428,166
	42,437		Daktronics, Inc		321,672
	7,169	*	DASAN Zhone Solutions, Inc		82,157
	106,345	*	Diebold, Inc		1,073,021
	44,282	*	Digi International, Inc		569,909
	21,458	*,e	Eastman Kodak Co		52,787
	61,882	*	Electronics for Imaging, Inc		2,301,392
	19,077	*	ePlus, Inc		1,798,770
	162,217	*	Extreme Networks, Inc		1,297,736
	51,382	*	Fabrinet		3,109,639
	25,622	*	FARO Technologies, Inc		1,441,237
	167,526	*	Finisar Corp		4,039,052
	292,287	*	Fitbit, Inc		1,543,275
	126,603	*	Harmonic, Inc		716,573
	87,776	*	II-VI, Inc		3,496,996
	39,997	*	Immersion Corp		377,972
	209,119	*	Infinera Corp		907,576
	50,246	*	Insight Enterprises, Inc		2,842,919
	47,557		InterDigital, Inc		3,109,752
	27,499	*	Iteris, Inc		119,346
	47,872	*	Itron, Inc		2,568,812
	80,500		Kemet Corp		1,438,535
	31,224	*	Kimball Electronics, Inc		472,419
	121,783	*	Knowles Corp		2,299,263
	19,212	*	KVH Industries, Inc		188,278
	108,176	*	Lumentum Holdings, Inc		6,703,667
	60,891	*,e	Maxwell Technologies, Inc		267,311
	4,822		Mesa Laboratories, Inc		1,141,319
	51,370		Methode Electronics, Inc		1,515,929
	25,843		MTS Systems Corp		1,420,848
	17,629	*	Napco Security Technologies, Inc		436,847
	46,453	*	Netgear, Inc		1,441,437
	106,368	*	Netscout Systems, Inc		3,127,219
	34,215	*	nLight, Inc		894,038
	46,715	*	Novanta, Inc		4,065,139
	24,455	*	OSI Systems, Inc		2,204,129
	17,408	*,e	PAR Technology Corp		412,744

280

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	29,390		Park Electrochemical Corp	$	483,465
	18,531		PC Connection, Inc		688,612
	46,825		Plantronics, Inc		2,410,551
	44,524	*	Plexus Corp		2,679,454
	47,431	*	Quantenna Communications, Inc		1,154,945
	64,315	*	Ribbon Communications, Inc		344,728
	25,571	*	Rogers Corp		4,283,654
	96,424	*	Sanmina Corp		3,270,702
	36,483	*	Scansource, Inc		1,373,585
	72,876	*	Stratasys Ltd		1,694,367
	48,024	*	Synaptics, Inc		1,809,064
	58,921		SYNNEX Corp		6,356,397
	52,336	*	Tech Data Corp		5,579,541
	128,874	*	TTM Technologies, Inc		1,706,292
	79,615	*,e	USA Technologies, Inc		451,417
	78,307	*	Viasat, Inc		7,111,842
	324,135	*	Viavi Solutions, Inc		4,310,995
	185,430		Vishay Intertechnology, Inc		3,673,368
	16,650	*	Vishay Precision Group, Inc		630,536
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		139,588,525
TELECOMMUNICATION SERVICES - 0.7%
	16,213		ATN International, Inc		989,803
	58,478	*	Boingo Wireless, Inc		1,329,790
	72,212	*	Cincinnati Bell, Inc		642,687
	60,624		Cogent Communications Group, Inc		3,348,263
	100,736	e	Consolidated Communications Holdings, Inc		519,798
	163,549	*,e	Frontier Communications Corp		466,115
	83,795	*,e	Gogo, Inc		440,762
	77,755	*,e	Intelsat S.A.		1,573,761
	137,024	*	Iridium Communications, Inc		3,762,679
	122,086	*	NII Holdings, Inc		239,288
	25,028	*	Ooma, Inc		337,628
	112,232	*	Orbcomm, Inc		812,560
	12,900	*	pdvWireless, Inc		513,420
	66,168		Shenandoah Telecom Co		2,734,723
	24,468		Spok Holdings, Inc		338,882
	311,435	*	Vonage Holdings Corp		3,027,148
			TOTAL TELECOMMUNICATION SERVICES		21,077,307
TRANSPORTATION - 1.4%
	81,974	*	Air Transport Services Group, Inc		1,928,848
	18,821		Allegiant Travel Co		2,764,429
	38,699		Arkansas Best Corp		1,182,641
	33,370	*	Atlas Air Worldwide Holdings, Inc		1,611,437
	91,380	*	Avis Budget Group, Inc		3,248,559
	85,494		Costamare, Inc		516,384
	20,146	*	Covenant Transportation Group, Inc		393,451
	64,143	*	Daseke, Inc		330,978
	73,053	*	Eagle Bulk Shipping, Inc		398,139
	40,217	*	Echo Global Logistics, Inc		922,578

281

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	40,953		Forward Air Corp	$	2,593,144
	23,712	*	Genco Shipping & Trading Ltd		239,491
	70,261		Hawaiian Holdings, Inc		1,982,063
	66,983		Heartland Express, Inc		1,318,225
	79,256	*	Hertz Global Holdings, Inc		1,440,874
	46,635	*	Hub Group, Inc (Class A)		1,938,617
	58,092		Marten Transport Ltd		1,149,060
	60,215		Matson, Inc		2,385,116
	17,838	*	Mesa Air Group, Inc		163,039
	2,702	*	PAM Transportation Services, Inc		135,154
	10,288		Park-Ohio Holdings Corp		376,849
	58,270	*	Radiant Logistics, Inc		381,086
	76,800	*	Safe Bulkers, Inc		137,472
	35,964	*	Saia, Inc		2,315,722
	87,732		Scorpio Bulkers, Inc		471,998
	72,465		Skywest, Inc		4,463,119
	96,765	*	Spirit Airlines, Inc		5,262,081
	12,236		Universal Truckload Services, Inc		298,803
	38,752	*	US Xpress Enterprises, Inc		261,189
	9,659	*	USA Truck, Inc		137,544
	66,215		Werner Enterprises, Inc		2,218,203
	45,392	*	YRC Worldwide, Inc		309,120
			TOTAL TRANSPORTATION		43,275,413
UTILITIES - 3.6%
	73,826		Allete, Inc		6,013,128
	52,206		American States Water Co		3,715,501
	18,418	*	AquaVenture Holdings Ltd		358,230
	9,200		Artesian Resources Corp		333,776
	170,342	*,e	Atlantic Power Corp		393,490
	94,647		Avista Corp		4,083,072
	75,990		Black Hills Corp		5,529,032
	30,223	*,e	Cadiz, Inc		309,484
	68,501		California Water Service Group		3,451,765
	22,390		Chesapeake Utilities Corp		2,074,210
	49,250		Clearway Energy, Inc (Class A)		756,972
	98,474		Clearway Energy, Inc (Class C)		1,562,782
	17,949		Connecticut Water Service, Inc		1,230,763
	16,592		Consolidated Water Co, Inc		210,055
	57,977		El Paso Electric Co		3,542,974
	11,990		Global Water Resources, Inc		116,903
	71,650		Idacorp, Inc		7,094,783
	49,493		MGE Energy, Inc		3,355,130
	23,612		Middlesex Water Co		1,369,260
	124,546		New Jersey Resources Corp		6,237,263
	40,828		Northwest Natural Holding Co		2,730,985
	72,076		NorthWestern Corp		5,034,509
	74,544		ONE Gas, Inc		6,598,635
	56,759		Ormat Technologies, Inc		3,312,455
	56,048		Otter Tail Corp		2,875,262
	116,291		Pattern Energy Group, Inc		2,688,648
	112,759		PNM Resources, Inc		5,236,528
	127,396		Portland General Electric Co		6,664,085
	19,960	*	Pure Cycle Corp		200,598
	7,883		RGC Resources, Inc		218,359

282

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY					VALUE
	34,882		SJW Corp					$	2,164,777
	131,211		South Jersey Industries, Inc						4,214,497
	75,522		Southwest Gas Corp						6,282,675
	13,545	e	Spark Energy, Inc						128,136
	69,780		Spire, Inc						5,874,778
	103,491		TerraForm Power, Inc						1,403,338
	21,181		Unitil Corp						1,205,411
	17,263		York Water Co						587,460
			TOTAL UTILITIES						109,159,709
			TOTAL COMMON STOCKS						2,989,966,942
			(Cost $2,360,398,021)
RIGHTS / WARRANTS - 0.0%
COMMERCIAL & PROFESSIONAL SERVICES - 0.0%
	122,474	†	Media General, Inc						0
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						0
MATERIALS - 0.0%
	33,879	†	A Schulman, Inc						14,670
	440,958	†	Pan American Silver Corp						99,348
			TOTAL MATERIALS						114,018
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
	8,325	†	Forest Laboratories, Inc CVR						7,909
	5,149	†	Omthera Pharmaceuticals, Inc						3,089
	9,351		Tobira Therapeutics, Inc						561
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						11,559
			TOTAL RIGHTS / WARRANTS						125,577
			(Cost $146,711)
PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 5.5%
GOVERNMENT AGENCY DEBT - 0.1%
$	3,300,000		Federal Home Loan Bank (FHLB)		2.350	%	05/01/19		3,300,000
			TOTAL GOVERNMENT AGENCY DEBT						3,300,000
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 5.4%
	161,247,304	c	State Street Navigator Securities Lending Government Money Market Portfolio						161,247,304
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						161,247,304
			TOTAL SHORT-TERM INVESTMENTS						164,547,304
			(Cost $164,547,304)
			TOTAL INVESTMENTS - 105.4%						3,154,639,823
			(Cost $2,525,092,036)
			OTHER ASSETS & LIABILITIES, NET - (5.4)%						(160,451,850	)
			NET ASSETS - 100.0%					$	2,994,187,973

283

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

	Abbreviation(s):
CVR	Contingent Value Right
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 $153,828,582.

284

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

TIAA-CREF FUNDS

EMERGING MARKETS EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2019

SHARES			COMPANY	VALUE
COMMON STOCKS - 100.0%
AUSTRALIA - 0.0%
	1,233,485	*	MMG Ltd	$	534,016
			TOTAL AUSTRALIA		534,016
BRAZIL - 6.9%
	2,054,397		AMBEV S.A.		9,677,058
	173,700		Atacadao Distribuicao Comercio e Industria Ltd		939,134
	80,075	*	B2W Companhia Global Do Varejo		781,125
	874,982		B3 S.A.-Brasil Bolsa Balcao		7,687,417
	522,496		Banco Bradesco S.A.		4,130,821
	1,710,814		Banco Bradesco S.A. (Preference)		15,523,899
	365,883		Banco do Brasil S.A.		4,635,706
	2,068,253		Banco Itau Holding Financeira S.A.		17,844,227
	177,074		Banco Santander Brasil S.A.		2,032,619
	305,448		BB Seguridade Participacoes S.A.		2,201,413
	350,639		BR Malls Participacoes S.A.		1,099,911
	73,715		Braskem S.A.		898,244
	239,305	*	BRF S.A.		1,894,984
	85,700	*	Centrais Eletricas Brasileiras S.A.		714,695
	97,192	*	Centrais Eletricas Brasileiras S.A. (Preference)		858,867
	69,757		Cia Brasileira de Distribuicao Grupo Pao de Acucar		1,716,751
	530,456		Cia de Concessoes Rodoviarias		1,581,452
	148,958		Cia de Saneamento Basico do Estado de Sao Paulo		1,785,475
	385,191		Cia Energetica de Minas Gerais		1,447,990
	271,630	*	Cia Siderurgica Nacional S.A.		1,007,243
	558,894		Cielo S.A.		1,094,669
	72,036		Cosan SA Industria e Comercio		861,066
	288,679		Empresa Brasileira de Aeronautica S.A.		1,445,935
	92,925		Engie Brasil Energia S.A.		1,054,355
	75,100		Equatorial Energia S.A.		1,572,444
	461,075		Gerdau S.A. (Preference)		1,663,873
	153,082		Hypermarcas S.A.		1,096,259
	1,892,532		Investimentos Itau S.A. - PR		5,748,401
	56,581		IRB Brasil Resseguros S		1,354,966
	405,664		JBS S.A.		2,045,339
	299,033		Klabin S.A.		1,265,958
	615,049		Kroton Educacional S.A.		1,529,348
	254,435		Localiza Rent A Car		2,348,970
	325,171		Lojas Americanas S.A.(Preference)		1,303,636
	303,945		Lojas Renner S.A.		3,633,914
	41,800		M Dias Branco S.A.		443,361
	31,180		Magazine Luiza S.A.		1,520,871
	116,907		Multiplan Empreendimentos Imobiliarios S.A.		714,364
	74,692		Natura Cosmeticos S.A.		995,106
	135,327		Petrobras Distribuidora S.A.		817,946

285

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	1,359,416		Petroleo Brasileiro S.A.	$	10,386,908
	1,784,668		Petroleo Brasileiro S.A. (Preference)		12,338,974
	34,912		Porto Seguro S.A.		481,864
	101,183		Raia Drogasil S.A.		1,784,140
	479,327	*	Rumo S.A.		2,212,598
	87,636		Sul America SA		697,315
	231,184		Suzano Papel e Celulose S.A.		2,401,399
	194,621		Telefonica Brasil S.A.		2,311,469
	373,066		Tim Participacoes S.A.		1,112,224
	310,360		Ultrapar Participacoes S.A.		1,662,176
	1,370,959		Vale S.A.		17,516,780
	366,317		Weg S.A.		1,735,781
			TOTAL BRAZIL		165,611,440
CHILE - 1.0%
	1,207,642		Aguas Andinas S.A.		695,361
	10,717,453		Banco de Chile		1,572,410
	18,670		Banco de Credito e Inversiones		1,243,086
	28,494,537		Banco Santander Chile S.A.		2,002,569
	612,340		Centros Comerciales Sudamericanos S.A.		1,161,755
	62,485		Cia Cervecerias Unidas S.A.		863,516
	3,490,151		Colbun S.A.		780,170
	52,127,263		Corpbanca S.A.		465,628
	155,914		Embotelladora Andina S.A.		556,622
	62,852		Empresa Nacional de Telecomunicaciones S.A.		658,197
	551,236		Empresas CMPC S.A.		1,855,467
	172,703		Empresas COPEC S.A.		2,167,393
	13,069,567		Enersis Chile S.A.		1,316,991
	12,980,963		Enersis S.A.		2,277,850
	123,015		Lan Airlines S.A.		1,219,979
	331,565		SACI Falabella		2,447,648
	52,279		Sociedad Quimica y Minera de Chile S.A. (Class B)		1,863,998
			TOTAL CHILE		23,148,640
CHINA - 31.6%
	559,000	g	3SBio, Inc		1,033,543
	11,233	*	51job, Inc (ADR)		1,037,255
	40,087	*	58.COM, Inc (ADR)		2,877,846
	322,000		AAC Technologies Holdings, Inc		2,091,763
	10,700		AECC Aviation Power Co Ltd		38,639
	690,000		Agile Property Holdings Ltd		1,042,433
	12,520,064		Agricultural Bank of China		5,786,596
	682,000		Agricultural Bank of China Ltd		381,048
	26,990		Air China Ltd		40,714
	668,000		Air China Ltd (H shares)		796,711
	9,700		Aisino Corp		36,719
	561,765	*	Alibaba Group Holding Ltd (ADR)		104,246,731
	1,542,284	*,e	Alibaba Health Information Technology Ltd		1,847,292
	1,736,000	*	Aluminum Corp of China Ltd		675,245
	506,000	e	Angang New Steel Co Ltd		340,469
	49,900		Angang Steel Co Ltd		39,746
	527,282		Anhui Conch Cement Co Ltd		3,218,432
	37,600		Anhui Conch Cement Co Ltd (Class A)		223,286

286

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	469,651		Anta Sports Products Ltd	$	3,303,118
	71,280		Anxin Trust Co Ltd		58,749
	25,800	*,e	Autohome, Inc (ADR)		2,979,642
	13,500		AVIC Aircraft Co Ltd		31,935
	32,058		Avic Capital Co Ltd		27,543
	18,500	*	AVIC Shenyang Aircraft Co Ltd		84,370
	1,054,861		AviChina Industry & Technology Co		620,734
	874,000	g	BAIC Motor Corp Ltd		613,520
	120,189	*	Baidu, Inc (ADR)		19,979,018
	239,000		Bank of Beijing Co Ltd		226,250
	478,700		Bank of China Ltd		276,620
	35,773,953		Bank of China Ltd (Hong Kong)		17,082,240
	289,600		Bank of Communications Co Ltd		269,388
	4,095,934		Bank of Communications Co Ltd (Hong Kong)		3,454,618
	109,000		Bank of Jiangsu Co Ltd		118,893
	95,200		Bank of Nanjing Co Ltd		122,669
	35,471		Bank of Ningbo Co Ltd		120,699
	63,200		Bank of Shanghai Co Ltd		118,969
	196,000		Baoshan Iron & Steel Co Ltd		208,825
	16,847	*,e	Baozun, Inc (ADR)		817,080
	1,164,000		BBMG Corp (Class H)		409,988
	772,830		Beijing Capital International Airport Co Ltd		687,961
	47,000		Beijing Dabeinong Technology Group Co Ltd		53,196
	236,000		Beijing Enterprises Holdings Ltd		1,257,483
	2,445,583		Beijing Enterprises Water Group Ltd		1,517,468
	20,300		Beijing Shiji Information Technology Co Ltd		93,991
	13,609		Beijing Tongrentang Co Ltd		63,000
	69,600		BOE Technology Group Co Ltd		37,325
	1,383,945		Brilliance China Automotive Holdings Ltd		1,524,479
	15,200		BYD Co Ltd		128,594
	281,500	e	BYD Co Ltd (H shares)		1,920,862
	297,000		BYD Electronic International Co Ltd		532,460
	416,000	*	CAR, Inc		336,942
	4,700,200	g	CGN Power Co Ltd		1,240,074
	42,600		Changjiang Securities Co Ltd		49,894
	1,197,000		China Agri-Industries Holdings Ltd		385,829
	3,912,000		China Cinda Asset Management Co Ltd		1,043,290
	3,902,530		China Citic Bank		2,504,109
	119,400		China CITIC Bank Corp Ltd		111,593
	1,193,000		China Coal Energy Co		526,662
	1,945,000		China Communications Construction Co Ltd (Hong Kong)		1,873,387
	1,032,400		China Communications Services Corp Ltd		832,666
	698,500		China Conch Venture Holdings Ltd		2,361,100
	42,136,641		China Construction Bank		37,146,198
	102,600		China Construction Bank Corp		113,434
	1,177,500	*	China COSCO Holdings Co Ltd		547,758
	98,200		China Eastern Airlines Corp Ltd		99,795
	768,000		China Eastern Airlines Corp Ltd (H Shares)		545,746
	410,900		China Everbright Bank Co Ltd		254,558
	1,437,000		China Everbright Bank Co Ltd (Hong Kong)		709,762
	1,524,888		China Everbright International Ltd		1,495,215
	492,000		China Everbright Ltd		896,944
	1,109,000	e	China Evergrande Group		3,556,520

287

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	10,500		China Film Co Ltd	$	28,120
	23,000		China Fortune Land Development Co Ltd		107,403
	1,525,245		China Galaxy Securities Co Ltd		999,409
	29,700		China Gezhouba Group Co Ltd		30,054
	49,200		China Grand Automotive Services Co Ltd		36,205
	932,500		China Hongqiao Group Ltd		768,706
	4,374,000	g	China Huarong Asset Management Co Ltd		938,041
	2,230,000	*,†	China Huishan Dairy Holdings Co Ltd		2,843
	736,624		China Insurance International Holdings Co Ltd		2,240,162
	472,206	g	China International Capital Corp Ltd		1,015,651
	22,300		China International Travel Service Corp Ltd		256,858
	3,362,880		China Life Insurance Co Ltd		9,555,994
	32,400		China Life Insurance Co Ltd (Class A)		145,885
	106,200	*,e,g	China Literature Ltd		483,286
	1,381,341		China Longyuan Power Group Corp		952,572
	683,000		China Medical System Holdings Ltd		606,731
	1,222,000		China Mengniu Dairy Co Ltd		4,514,550
	1,658,868		China Merchants Bank Co Ltd		8,209,741
	144,495		China Merchants Bank Co Ltd (Class A)		740,609
	716,274		China Merchants Holdings International Co Ltd		1,448,762
	41,300		China Merchants Shekou Industrial Zone Holdings Co Ltd		135,047
	213,500		China Minsheng Banking Corp Ltd		203,011
	2,752,602		China Minsheng Banking Corp Ltd (Hong Kong)		2,068,722
	2,688,165		China Mobile Hong Kong Ltd		25,648,862
	1,632,000	e	China Molybdenum Co Ltd		615,697
	114,800		China Molybdenum Co Ltd (Class A)		71,844
	1,659,913		China National Building Material Co Ltd		1,544,907
	33,800		China National Chemical Engineering Co Ltd		31,189
	103,100		China National Nuclear Power Co Ltd		90,796
	924,773		China Oilfield Services Ltd		990,357
	595,953		China Oriental Group Co Ltd		365,958
	1,663,794		China Overseas Land & Investment Ltd		6,233,657
	49,000		China Pacific Insurance Group Co Ltd		263,495
	1,127,600		China Pacific Insurance Group Co Ltd (Hong Kong)		4,627,543
	2,871,000		China Power International Development Ltd		764,955
	864,000		China Railway Construction Corp		1,020,920
	74,400		China Railway Construction Corp Ltd		119,864
	1,648,454		China Railway Group Ltd		1,300,258
	783,000	g	China Railway Signal & Communication Corp Ltd		574,966
	3,042,000		China Reinsurance Group Corp		620,690
	648,677		China Resources Beer Holdings Company Ltd		2,967,986
	390,000		China Resources Gas Group Ltd		1,810,264
	1,207,555		China Resources Land Ltd		5,259,091
	726,000	g	China Resources Pharmaceutical Group Ltd		1,033,110
	927,372		China Resources Power Holdings Co		1,297,684
	19,700		China Resources Sanjiu Medical & Pharmaceutical Co Ltd		86,292
	31,200		China Shenhua Energy Co Ltd		91,326
	1,590,000		China Shenhua Energy Co Ltd (Hong Kong)		3,519,402
	147,700		China Shipbuilding Industry Co Ltd		124,417
	13,972		China Shipbuilding Industry Group Power Co Ltd		49,451
	592,000		China Shipping Development Co Ltd		382,761
	802,000		China Southern Airlines Co Ltd		697,244
	20,400		China Southern Airlines Co Ltd (Class A)		25,702

288

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	310,020		China State Construction Engineering Corp Ltd	$	282,401
	922,744		China State Construction International Holdings Ltd		957,675
	5,949,336		China Telecom Corp Ltd		3,083,429
	16,806,778	g	China Tower Corp Ltd		4,550,215
	1,152,000		China Travel International Inv HK		266,255
	2,873,716		China Unicom Ltd		3,412,172
	208,400		China United Network Communications Ltd		206,527
	536,700		China Vanke Co Ltd		2,076,599
	62,800		China Vanke Co Ltd (Class A)		269,775
	35,400		China Yangtze Power Co Ltd		88,711
	771,200		China Zhongwang Holdings Ltd		421,124
	1,342,000		Chongqing Rural Commercial Bank		785,024
	1,504,000		CIFI Holdings Group Co Ltd		999,415
	2,639,738		Citic Pacific Ltd		3,844,128
	998,000		CITIC Securities Co Ltd		2,163,195
	77,200		CITIC Securities Co Ltd (Class A)		264,468
	8,034,674		CNOOC Ltd		14,593,648
	781,629		COSCO Pacific Ltd		779,583
	3,277,416		Country Garden Holdings Co Ltd		5,281,413
	538,000	*	Country Garden Services Holdings Co Ltd		993,705
	1,816,050		CRRC Corp Ltd		1,586,440
	154,700		CRRC Corp Ltd (Class A)		198,556
	2,067,401		CSPC Pharmaceutical Group Ltd		3,990,560
	178,696	*	Ctrip.com International Ltd (ADR)		7,871,559
	913,500	g	Dali Foods Group Co Ltd		648,781
	165,500		Daqin Railway Co Ltd		209,467
	1,708,000		Datang International Power Generation Co Ltd		442,195
	17,000		DHC Software Co Ltd		19,890
	8,900		Dong-E-E-Jiao Co Ltd		57,873
	1,169,917		Dongfeng Motor Group Co Ltd		1,136,595
	345,300		ENN Energy Holdings Ltd		3,263,424
	12,244		Fangda Carbon New Material Co Ltd		38,186
	864,000		Far East Horizon Ltd		959,290
	120,940		Focus Media Information Technology Co Ltd		109,721
	14,525	*	Foshan Haitian Flavouring & Food Co Ltd		192,616
	1,220,452		Fosun International		1,895,853
	126,200		Founder Securities Co Ltd		130,950
	2,242,000		Franshion Properties China Ltd		1,453,647
	762,000		Future Land Development Holdings Ltd		908,725
	22,400		Future Land Holdings Co Ltd		131,970
	9,300		Fuyao Glass Industry Group Co Ltd		34,728
	230,098	g	Fuyao Glass Industry Group Co Ltd (Hong Kong)		809,328
	23,700	*,e	GDS Holdings Ltd (ADR)		927,381
	2,175,828		Geely Automobile Holdings Ltd		4,382,949
	398,000	*	Genscript Biotech Corp		1,015,942
	685,200		GF Securities Co Ltd		927,621
	51,500		GF Securities Co Ltd (Class A)		119,097
	5,601,968	*,e	GOME Electrical Appliances Holdings Ltd		643,363
	1,341,266	e	Great Wall Motor Co Ltd		1,092,194
	28,400		Gree Electric Appliances, Inc of Zhuhai		234,295
	483,000		Greentown China Holdings Ltd		437,880
	515,305		Greentown Service Group Co Ltd		444,762
	1,270,000		Guangdong Investments Ltd		2,375,747

289

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	205,800		Guanghui Energy Co Ltd	$	123,780
	48,600		Guangshen Railway Co Ltd		24,689
	1,294,851		Guangzhou Automobile Group Co Ltd		1,394,589
	9,300		Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd		62,883
	41,100		Guangzhou Haige Communications Group, Inc Co		56,717
	440,000		Guangzhou R&F Properties Co Ltd		875,330
	44,600		Guotai Junan Securities Co Ltd		124,860
	261,400	g	Guotai Junan Securities Co Ltd (Hong Kong)		558,448
	281,000		Haitian International Holdings Ltd		704,636
	1,392,800		Haitong Securities Co Ltd		1,796,286
	76,600		Hangzhou Hikvision Digital Technology Co Ltd		372,529
	14,800		Heilan Home Co Ltd		19,933
	37,800		Henan Shuanghui Investment & Development Co Ltd		156,187
	324,500		Hengan International Group Co Ltd		2,853,011
	43,800		Hengli Petrochemical Co Ltd		115,695
	9,776,000	*,e	HengTen Networks Group Ltd		280,119
	19,180		Hengtong Optic-electric Co Ltd		57,289
	88,900		Hesteel Co Ltd		42,276
	205,051	g	Hua Hong Semiconductor Ltd		486,039
	924,000		Huadian Power International Corp Ltd		394,782
	167,000		Huadian Power International Corp Ltd (Class A)		102,698
	13,500		Huadong Medicine Co Ltd		69,994
	90,000		Huaneng Power International, Inc		90,208
	1,843,110		Huaneng Power International, Inc (Hong Kong)		1,179,877
	2,358,000		Huaneng Renewables Corp Ltd		679,716
	715,000	g	Huatai Securities Co Ltd		1,347,504
	44,700		Huatai Securities Co Ltd (Class A)		135,580
	71,100		Huaxia Bank Co Ltd		84,725
	13,973		Huayu Automotive Systems Co Ltd		48,865
	57,700		Huazhu Group Ltd (ADR)		2,446,480
	3,300		Hundsun Technologies, Inc		40,743
	23,300	*	Hutchison China MediTech Ltd (ADR)		700,864
	31,300		Iflytek Co Ltd		150,368
	30,661,777		Industrial & Commercial Bank of China		23,062,555
	362,100		Industrial & Commercial Bank of China Ltd		312,585
	134,500		Industrial Bank Co Ltd		398,302
	56,600		Inner Mongolia Yili Industrial Group Co Ltd		260,869
	577,700		Inner Mongolia Yitai Coal Co		691,888
	54,700	*,e	IQIYI, Inc (ADR)		1,209,417
	319,824	*	JD.com, Inc (ADR)		9,681,073
	564,000		Jiangsu Express		803,154
	22,960		Jiangsu Hengrui Medicine Co Ltd		224,335
	13,100		Jiangsu Yanghe Brewery Joint-Stock Co Ltd		228,913
	547,000		Jiangxi Copper Co Ltd		725,579
	5,600		Jiangxi Ganfeng Lithium Co Ltd		20,530
	505,194		Jiayuan International Group Ltd		226,105
	23,362		Jointown Pharmaceutical Group Co Ltd		54,454
	920,000		Kaisa Group Holdings Ltd		390,667
	64,996		Kangmei Pharmaceutical Co Ltd		92,198
	320,381		Kingboard Chemical Holdings Ltd		1,044,593
	1,055,000		Kingdee International Software Group Co Ltd		1,294,978
	362,000		Kingsoft Corp Ltd		927,232
	8,000		Kweichow Moutai Co Ltd		1,156,875

290

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	559,429		KWG Property Holding Ltd	$	656,134
	168,000	g	Legend Holdings Corp		458,247
	3,175,856		Lenovo Group Ltd		2,942,977
	28,800		Liaoning Cheng Da Co Ltd		60,623
	580,000		Logan Property Holdings Co Ltd		922,994
	636,500		Longfor Properties Co Ltd		2,353,473
	39,910		Luxshare Precision Industry Co Ltd		154,849
	587,500	e,g	Luye Pharma Group Ltd		532,878
	6,900		Luzhou Laojiao Co Ltd		79,859
	968,000		Maanshan Iron & Steel Co Ltd		446,207
	96,024		Maanshan Iron & Steel Co Ltd (Class A)		49,646
	20,440		Meinian Onehealth Healthcare Holdings Co Ltd		46,363
	720,500	*,e,g	Meitu, Inc		265,140
	148,000	*	Meituan Dianping (Class B)		1,077,890
	1,533,000		Metallurgical Corp of China Ltd (Hong Kong)		424,333
	68,800		Midea Group Co Ltd		535,634
	63,464		Momo, Inc (ADR)		2,225,682
	9,180		Muyuan Foodstuff Co Ltd		87,178
	41,200		NARI Technology Co Ltd		121,966
	33,701		Netease.com (ADR)		9,588,946
	26,200		New China Life Insurance Co Ltd		223,696
	355,900		New China Life insurance Co Ltd (Hong Kong)		1,973,822
	48,800		New Hope Liuhe Co Ltd		125,390
	62,284	*	New Oriental Education & Technology Group (ADR)		5,945,631
	12,752	*,e	Noah Holdings Ltd (ADR)		692,944
	64,326		Offshore Oil Engineering Co Ltd		54,608
	13,500		O-film Tech Co Ltd		24,417
	3,755,220		People’s Insurance Co Group of China Ltd		1,537,720
	5,500		Perfect World Co Ltd		23,057
	2,942,306		PICC Property & Casualty Co Ltd		3,305,769
	80,700	*,e	Pinduoduo, Inc (ADR)		1,793,961
	131,000		Ping An Bank Co Ltd		269,862
	2,278,026		Ping An Insurance Group Co of China Ltd		27,574,723
	70,200		Ping An Insurance Group Co of China Ltd (Class A)		897,993
	89,700		Poly Real Estate Group Co Ltd		179,868
	3,232,000	g	Postal Savings Bank of China Co Ltd		1,966,769
	34,700		Power Construction Corp of China Ltd		27,530
	62,100		Qingdao Haier Co Ltd		158,644
	40,200		Rongsheng Petro Chemical Co Ltd		78,871
	51,400		SAIC Motor Corp Ltd		209,070
	38,400		Sanan Optoelectronics Co Ltd		74,531
	57,100		Sany Heavy Industry Co Ltd		103,961
	92,100		SDIC Power Holdings Co Ltd		110,628
	1,305,265	*,e	Semiconductor Manufacturing International Corp		1,397,559
	65,700		Shaanxi Coal Industry Co Ltd		88,069
	20,568		Shandong Gold Mining Co Ltd		89,164
	887,390		Shandong Weigao Group Medical Polymer Co Ltd		872,305
	1,328,623		Shanghai Electric Group Co Ltd (Hong Kong)		518,618
	34,600		Shanghai Fosun Pharmaceutical Group Co Ltd		149,647
	241,985		Shanghai Fosun Pharmaceutical Group Co Ltd (Hong Kong)		832,326
	289,000		Shanghai Industrial Holdings Ltd		679,744
	9,400		Shanghai International Airport Co Ltd		98,692
	162,300		Shanghai International Port Group Co Ltd		194,731

291

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	496,399		Shanghai Lujiazui Finance & Trade Zone Development Co Ltd	$	751,654
	16,700		Shanghai Pharmaceuticals Holding Co Ltd		48,841
	396,541		Shanghai Pharmaceuticals Holding Co Ltd (Hong Kong)		830,440
	184,400		Shanghai Pudong Development Bank Co Ltd		328,154
	77,500		Shanxi Lu’an Environmental Energy Development Co Ltd		95,063
	5,900		Shanxi Xinghuacun Fen Wine Factory Co Ltd		50,368
	110,900		Shanxi Xishan Coal & Electricity Power Co Ltd		113,402
	151,900		Shenwan Hongyuan Group Co Ltd		115,992
	418,000		Shenzhen International Holdings Ltd		903,552
	1,696,000		Shenzhen Investment Ltd		674,879
	31,000		Shenzhen Overseas Chinese Town Co Ltd		36,626
	13,200		Shenzhen Salubris Pharmaceuticals Co Ltd		47,189
	320,400		Shenzhou International Group Holdings Ltd		4,306,440
	498,500		Shimao Property Holdings Ltd		1,519,429
	1,698,000		Shui On Land Ltd		413,741
	85,300		Sichuan Chuantou Energy Co Ltd		112,201
	12,200		Sichuan Kelun Pharmaceutical Co Ltd		52,020
	1,689,000		Sihuan Pharmaceutical Holdings		455,101
	28,179	*	Sina Corp		1,773,586
	1,546,471		Sino-Ocean Land Holdings Ltd		694,738
	589,000		Sinopec Engineering Group Co Ltd		569,578
	1,518,000		Sinopec Shanghai Petrochemical Co Ltd		687,546
	58,883		Sinopec Shanghai Petrochemical Co Ltd (Class A)		44,864
	523,600		Sinopharm Group Co		2,057,904
	1,097,000		Sinotrans Ltd		450,733
	300,245	e	Sinotruk Hong Kong Ltd		651,784
	1,016,000	*	Soho China Ltd		368,519
	2,439		Spring Airlines Co Ltd		15,218
	1,025,031		Sunac China Holdings Ltd		5,282,600
	102,200		Suning.com Co Ltd		191,716
	301,917		Sunny Optical Technology Group Co Ltd		3,693,381
	25,700		Suzhou Gold Mantis Construction Decoration Co Ltd		40,788
	154,132	*	TAL Education Group (ADR)		5,929,458
	12,931		Tasly Pharmaceutical Group Co Ltd		42,108
	49,700		TBEA Co Ltd		57,119
	2,474,904		Tencent Holdings Ltd		121,982,184
	36,300	*,e	Tencent Music Entertainment (ADR)		624,360
	13,200		Tianqi Lithium Corp		58,171
	896,000		Tingyi Cayman Islands Holding Corp		1,475,468
	249,000		Tong Ren Tang Technologies Co Ltd		345,699
	20,700		Tonghua Dongbao Pharmaceutical Co Ltd		48,589
	14,800		Tongwei Co Ltd		31,347
	407,661		Travelsky Technology Ltd		1,048,532
	144,000		Tsingtao Brewery Co Ltd		918,582
	5,200		Tsingtao Brewery Co Ltd (Class A)		39,379
	19,600		Tus-Sound Environmental Resources Co Ltd		32,734
	637,000		Uni-President China Holdings Ltd		583,325
	189,724	*	Vipshop Holdings Ltd (ADR)		1,633,524
	2,304,252		Want Want China Holdings Ltd		1,829,422
	23,872	*,e	Weibo Corp (ADR)		1,635,232
	853,800		Weichai Power Co Ltd		1,397,958
	45,500		Weichai Power Co Ltd (Class A)		83,526
	10,200		Weifu High-Technology Group Co Ltd		31,136

292

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	996,000		Winteam Pharmaceutical Group Ltd	$	565,359
	31,600		Wuliangye Yibin Co Ltd		479,981
	214,767	*,g	Wuxi Biologics Cayman, Inc		2,163,777
	1,509,600	*,e,g	Xiaomi Corp		2,320,153
	24,200		Xinjiang Goldwind Science & Technology Co Ltd		41,629
	332,400	e	Xinjiang Goldwind Science & Technology Co Ltd (Hong Kong)		363,042
	1,391,490		Xinyi Solar Holdings Ltd		793,491
	802,464		Yanzhou Coal Mining Co Ltd		856,723
	202,000		Yihai International Holding Ltd		997,762
	76,700		Yonghui Superstores Co Ltd		111,332
	26,100		Yonyou Network Technology Co Ltd		122,525
	3,236,000		Yuexiul Property Co Ltd		751,143
	157,543		Yum China Holdings, Inc		7,489,594
	5,900		Yunnan Baiyao Group Co Ltd		77,573
	837,893		Yuzhou Properties Co		442,866
	22,004	*	YY, Inc (ADR)		1,861,758
	5,395		Zhangzhou Pientzehuang Pharmaceutical Co Ltd		92,427
	509,500		Zhaojin Mining Industry Co Ltd		438,937
	9,916		Zhejiang Chint Electrics Co Ltd		37,402
	10,200		Zhejiang Dahua Technology Co Ltd		25,054
	652,414		Zhejiang Expressway Co Ltd		699,776
	5,520		Zhejiang Huayou Cobalt Co Ltd		23,866
	34,700		Zhejiang Longsheng Group Co Ltd		104,763
	25,600		Zhengzhou Yutong Bus Co Ltd		54,417
	101,300	*,e,g	ZhongAn Online P&C Insurance Co Ltd		365,956
	80,240		Zhongjin Gold Corp Ltd		94,650
	250,000		Zhongsheng Group Holdings Ltd		657,688
	244,200		Zhuzhou CSR Times Electric Co Ltd		1,240,580
	2,485,299		Zijin Mining Group Co Ltd		970,863
	176,800		Zijin Mining Group Co Ltd (Class A)		87,294
	37,200	*	ZTE Corp		177,907
	310,064	*	ZTE Corp (Class H)		988,459
	141,600		ZTO Express Cayman, Inc (ADR)		2,822,088
			TOTAL CHINA		754,073,804
COLOMBIA - 0.4%
	97,796		BanColombia S.A.		1,191,730
	198,595		BanColombia S.A. (Preference)		2,512,189
	198,544		Cementos Argos S.A.		495,554
	2,586,416		Ecopetrol S.A.		2,387,830
	119,312		Grupo Argos S.A.		678,989
	1,603,675		Grupo Aval Acciones y Valores		617,514
	97,687		Grupo de Inversiones Suramericana S.A.		1,087,677
	58,915		Grupo de Inversiones Suramericana S.A. (Preference)		635,205
	179,851		Interconexion Electrica S.A.		879,995
			TOTAL COLOMBIA		10,486,683
CZECH REPUBLIC - 0.2%
	72,676		CEZ AS		1,692,816
	32,987		Komercni Banka AS		1,251,395
	204,494	g	Moneta Money Bank AS		655,467
			TOTAL CZECH REPUBLIC		3,599,678

293

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
EGYPT - 0.1%
	565,801		Commercial International Bank	$	2,514,593
	374,507		Eastern Tobacco		396,319
	371,381		ElSwedy Cables Holding Co		337,855
			TOTAL EGYPT		3,248,767
GREECE - 0.2%
	615,924	*	Alpha Bank AE		958,917
	12,741	*,†	Hellenic Duty Free Shops S.A.		143
	109,533		Hellenic Telecommunications Organization S.A.		1,521,293
	43,852		JUMBO S.A.		800,344
	27,197		Motor Oil Hellas Corinth Refineries S.A.		693,665
	105,470		OPAP S.A.		1,135,634
	17,821		Titan Cement Co S.A.		386,968
			TOTAL GREECE		5,496,964
HONG KONG - 0.6%
	6,051,652	*,e	Alibaba Pictures Group Ltd		1,360,188
	416,000	*,†	China Ding Yi Feng Holdings Ltd		918,723
	1,568,000	*	China First Capital Group Ltd		659,964
	778,668		China Gas Holdings Ltd		2,511,767
	1,113,226		China Resources Cement Holdings Ltd		1,116,186
	3,430,000	e	Fullshare Holdings Ltd		384,817
	553,000		Haier Electronics Group Co Ltd		1,580,990
	491,651		Kingboard Laminates Holdings Ltd		517,065
	693,000		Lee & Man Paper Manufacturing Ltd		562,502
	721,000		Nine Dragons Paper Holdings Ltd		667,313
	2,948,221		Sino Biopharmaceutical		2,838,508
	654,000		SSY Group Ltd		619,485
	1,094,000		Sun Art Retail Group Ltd		956,084
	466,000		Towngas China Co Ltd		370,762
			TOTAL HONG KONG		15,064,354
HUNGARY - 0.3%
	176,599		MOL Hungarian Oil & Gas plc		2,033,655
	92,766		OTP Bank		4,125,395
	60,070		Richter Gedeon Rt		1,191,892
			TOTAL HUNGARY		7,350,942
INDIA - 8.9%
	266,943		Ambuja Cements Ltd		846,397
	563,494		Ashok Leyland Ltd		704,617
	120,758		Asian Paints Ltd		2,540,316
	105,000		Aurobindo Pharma Ltd		1,236,759
	52,302	*,g	Avenue Supermarts Ltd		974,175
	824,378	*	Axis Bank Ltd		9,087,813
	73,570		Bajaj Finance Ltd		3,275,643
	15,719		Bajaj Finserv Ltd		1,700,365
	38,169		Bajaj Holdings and Investment Ltd		1,637,862
	98,254		Bharat Forge Ltd		667,265
	358,222		Bharat Petroleum Corp Ltd		1,961,778
	611,978		Bharti Airtel Ltd		2,818,259
	146,400		Bharti Infratel Ltd		552,767

294

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	3,399	*	Bosch Ltd	$	880,613
	25,852		Britannia Industries Ltd		1,076,131
	83,969		Cadila Healthcare Ltd		393,059
	155,398	*	Cipla Ltd		1,262,271
	522,511		Coal India Ltd		1,894,406
	90,433	*	Container Corp Of India Ltd		641,015
	234,013		Dabur India Ltd		1,339,076
	38,254		Divi S Laboratories Ltd		960,854
	49,786		Dr Reddy’s Laboratories Ltd		2,095,504
	5,560		Eicher Motors Ltd		1,628,770
	355,172	*	GAIL India Ltd		1,819,215
	70,923		Glenmark Pharmaceuticals Ltd		651,304
	158,842		Godrej Consumer Products Ltd		1,487,714
	146,466	*	Grasim Industries Ltd		1,898,041
	116,808	*	Havells India Ltd		1,300,705
	240,479		HCL Technologies Ltd		4,092,857
	22,378		Hero Honda Motors Ltd		808,400
	555,474		Hindalco Industries Ltd		1,646,259
	282,811		Hindustan Lever Ltd		7,143,165
	261,658		Hindustan Petroleum Corp Ltd		1,100,085
	710,026		Housing Development Finance Corp		20,369,850
	1,036,054		ICICI Bank Ltd		6,038,683
	1,022,088	*	Idea Cellular Ltd		227,021
	120,289		Indiabulls Housing Finance Ltd		1,203,103
	866,121		Indian Oil Corp Ltd		1,972,033
	1,507,880		Infosys Technologies Ltd		16,241,329
	40,239	g	InterGlobe Aviation Ltd		877,149
	1,485,985		ITC Ltd		6,440,784
	337,306		JSW Steel Ltd		1,496,012
	207,858		Larsen & Toubro Ltd		4,031,301
	131,693		LIC Housing Finance Ltd		940,993
	100,581	*	Lupin Ltd		1,260,739
	136,862	*	Mahindra & Mahindra Financial Services Ltd		788,756
	324,751		Mahindra & Mahindra Ltd		3,013,894
	212,692		Marico Ltd		1,098,384
	45,851		Maruti Suzuki India Ltd		4,393,416
	414,776		Motherson Sumi Systems Ltd		874,359
	218,745	*	Mundra Port and Special Economic Zone Ltd		1,235,661
	10,302		Nestle India Ltd		1,614,031
	1,122,289		NTPC Ltd		2,160,913
	2,526		Page Industries Ltd		839,309
	375,820		Petronet LNG Ltd		1,304,401
	55,497		Pidilite Industries Ltd		985,065
	35,657		Piramal Healthcare Ltd		1,211,820
	767,480		Power Grid Corp of India Ltd		2,058,295
	1,242,061		Reliance Industries Ltd		24,882,794
	288,791		Rural Electrification Corp Ltd		611,845
	587,132		Sesa Sterlite Ltd		1,409,608
	3,466		Shree Cement Ltd		986,058
	62,793		Shriram Transport Finance Co Ltd		1,003,106
	781,524	*	State Bank of India		3,483,086
	364,574		Sun Pharmaceutical Industries Ltd		2,400,253
	387,931		Tata Consultancy Services Ltd		12,609,485

295

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	714,818	*	Tata Motors Ltd	$	2,203,860
	495,756		Tata Power Co Ltd		483,165
	155,310		Tata Steel Ltd		1,244,656
	202,834	*	Tech Mahindra Ltd		2,439,716
	130,399		Titan Industries Ltd		2,171,618
	41,490	*	Ultra Tech Cement Ltd		2,754,482
	144,453	*	United Phosphorus Ltd		2,013,454
	130,924	*	United Spirits Ltd		1,055,765
	2,340,043	*	Vodafone Idea Ltd		519,759
	725,284		Wipro Ltd		3,116,822
	748,006		Yes Bank Ltd		1,807,502
	213,348		ZEE Telefilms Ltd		1,327,242
			TOTAL INDIA		213,325,037
INDONESIA - 2.1%
	6,322,454		Adaro Energy Tbk		580,009
	23,685,882	*	Bank Rakyat Indonesia		7,282,345
	1,045,160		Indofood CBP Sukses Makmur Tbk		714,129
	667,100		Pabrik Kertas Tjiwi Kimia Tbk PT		472,156
	8,765,272		PT Astra International Tbk		4,692,211
	4,154,875		PT Bank Central Asia Tbk		8,393,155
	1,304,166		PT Bank Danamon Indonesia Tbk		809,956
	8,144,939	*	PT Bank Mandiri Persero Tbk		4,437,394
	3,350,859	*	PT Bank Negara Indonesia		2,261,353
	1,708,200	*	PT Bank Tabungan Negara Tbk		304,182
	3,227,400	*	PT Bumi Serpong Damai		325,333
	3,215,000		PT Charoen Pokphand Indonesia Tbk		1,190,050
	202,700		PT Gudang Garam Tbk		1,202,782
	4,259,009		PT Hanjaya Mandala Sampoerna Tbk		1,047,113
	1,241,205		PT Indah Kiat Pulp and Paper Corp Tbk		645,240
	769,917		PT Indocement Tunggal Prakarsa Tbk		1,190,569
	2,046,900		PT Indofood Sukses Makmur Tbk		999,426
	972,082		PT Jasa Marga Tbk		416,546
	9,861,300		PT Kalbe Farma Tbk		1,069,897
	8,991,000		PT Pakuwon Jati Tbk		451,013
	4,720,400		PT Perusahaan Gas Negara Persero Tbk		769,368
	1,267,800		PT Semen Gresik Persero Tbk		1,203,507
	2,670,800		PT Surya Citra Media Tbk		348,698
	1,299,000		PT Tambang Batubara Bukit Asam Tbk		361,386
	21,059,683		PT Telekomunikasi Indonesia Persero Tbk		5,607,925
	635,669		PT Unilever Indonesia Tbk		2,030,173
	740,300		PT United Tractors Tbk		1,413,699
	1,121,400		Tower Bersama Infrastructure		311,203
			TOTAL INDONESIA		50,530,818
KOREA, REPUBLIC OF - 12.5%
	13,969		Amorepacific Corp		2,487,500
	4,703		Amorepacific Corp (Preference)		471,272
	3,348		BGF retail Co Ltd		626,236
	106,080		BS Financial Group, Inc		636,592
	10,438	*,e	Celltrion Healthcare Co Ltd		677,301
	28,740	*,e	Celltrion, Inc		5,227,208
	27,723		Cheil Communications, Inc		604,829

296

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	32,562		Cheil Industries, Inc	$	2,862,100
	3,636		CJ CheilJedang Corp		980,908
	6,595		CJ Corp		674,522
	989	*	CJ Corp (Preference)		31,043
	4,741		CJ O Shopping Co Ltd		889,642
	12,270		Daelim Industrial Co		1,018,100
	77,101	*	Daewoo Engineering & Construction Co Ltd		333,212
	26,134		Daewoo International Corp		409,735
	187,589		Daewoo Securities Co Ltd		1,255,418
	16,379	*	Daewoo Shipbuilding & Marine Engineering Co Ltd		408,232
	59,902		DGB Financial Group Co Ltd		431,816
	19,499		Dongbu Insurance Co Ltd		1,141,747
	20,898		Doosan Bobcat, Inc		573,041
	9,476		E-Mart Co Ltd		1,397,539
	20,094		Fila Korea Ltd		1,421,079
	8,455		GLOVIS Co Ltd		1,156,638
	27,195		GS Engineering & Construction Corp		946,202
	22,313		GS Holdings Corp		994,375
	11,386		GS Retail Co Ltd		382,093
	129,241		Hana Financial Group, Inc		4,076,356
	32,104		Hankook Tire Co Ltd		1,092,440
	2,843		Hanmi Pharm Co Ltd		1,059,416
	6,104		Hanmi Science Co Ltd		393,671
	78,654		Hanon Systems		845,754
	48,671		Hanwha Chemical Corp		860,141
	17,523		Hanwha Corp		444,598
	11,931		HDC Hyundai Development Co-Engineering & Construction		476,897
	14,814	*	HLB, Inc		1,065,629
	7,507		Honam Petrochemical Corp		1,729,687
	14,060		Hotel Shilla Co Ltd		1,387,218
	252,033		Hynix Semiconductor, Inc		17,055,267
	6,199		Hyundai Department Store Co Ltd		539,051
	33,763		Hyundai Engineering & Construction Co Ltd		1,519,110
	16,755	*	Hyundai Heavy Industries		1,789,094
	25,145		Hyundai Marine & Fire Insurance Co Ltd		822,998
	29,396		Hyundai Mobis		5,863,770
	60,167		Hyundai Motor Co		7,141,852
	16,207		Hyundai Motor Co Ltd (2nd Preference)		1,215,510
	9,968		Hyundai Motor Co Ltd (Preference)		692,185
	4,503		Hyundai Robotics Co Ltd		1,319,005
	35,255		Hyundai Steel Co		1,400,082
	106,504		Industrial Bank of Korea		1,291,484
	13,836	g	ING Life Insurance Korea Ltd		421,904
	21,933		Kakao Corp		2,258,283
	48,975		Kangwon Land, Inc		1,426,681
	171,742		KB Financial Group, Inc		6,781,296
	2,605		KCC Corp		791,696
	114,071		Kia Motors Corp		4,421,836
	31,740		Korea Aerospace Industries Ltd		950,821
	113,835	*	Korea Electric Power Corp		2,755,779
	3,065	*	Korea Express Co Ltd		413,858
	12,065		Korea Gas Corp		476,475
	18,312		Korea Investment Holdings Co Ltd		1,075,014

297

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	7,749		Korea Kumho Petrochemical	$	610,134
	123,414		Korea Life Insurance Co Ltd		421,926
	3,726		Korea Zinc Co Ltd		1,445,210
	19,228		Korean Air Lines Co Ltd		546,083
	13,003		KT Corp		304,339
	49,846		KT&G Corp		4,360,139
	19,887		LG Chem Ltd		6,169,017
	3,496		LG Chem Ltd (Preference)		601,088
	41,874		LG Corp		2,618,513
	46,770		LG Electronics, Inc		3,038,743
	4,039		LG Household & Health Care Ltd		4,921,629
	792		LG Household & Health Care Ltd (Preference)		549,804
	6,086		LG Innotek Co Ltd		638,403
	48,284		LG Telecom Ltd		591,439
	102,217	*	LG.Philips LCD Co Ltd		1,738,176
	12,552		Lotte Corp		527,453
	4,896		Lotte Shopping Co Ltd		747,510
	1,919		Medy-Tox, Inc		920,298
	60,533		Naver Corp		6,199,334
	7,471		NCsoft		3,364,467
	10,975	*,e,g	Netmarble Corp		1,199,395
	7,748		OCI Co Ltd		618,104
	9,578		Orion Corp/Republic of Korea		794,569
	427		Ottogi Corp		265,296
	12,698		Pacific Corp		818,140
	2,567	*	Pearl Abyss Corp		383,521
	34,412		POSCO		7,532,219
	10,674		POSCO Refractories & Environment Co Ltd		525,869
	6,975		S1 Corp (Korea)		585,156
	6,973	*,g	Samsung Biologics Co Ltd		2,032,307
	10,109		Samsung Card Co		321,058
	24,834		Samsung Electro-Mechanics Co Ltd		2,314,735
	2,066,828		Samsung Electronics Co Ltd		81,261,919
	357,192		Samsung Electronics Co Ltd (Preference)		11,394,857
	67,891	*	Samsung Engineering Co Ltd		991,774
	13,034		Samsung Fire & Marine Insurance Co Ltd		3,391,975
	193,620	*	Samsung Heavy Industries Co Ltd		1,365,627
	31,402		Samsung Life Insurance Co Ltd		2,284,131
	23,817		Samsung SDI Co Ltd		4,835,947
	14,867		Samsung SDS Co Ltd		2,764,573
	27,434		Samsung Securities Co Ltd		838,386
	183,987		Shinhan Financial Group Co Ltd		6,953,768
	3,314		Shinsegae Co Ltd		965,699
	25,751	*,e	SillaJen, Inc		1,446,738
	13,892		SK C&C Co Ltd		3,055,005
	29,118		SK Energy Co Ltd		4,552,856
	8,924		SK Telecom Co Ltd		1,892,831
	21,209		S-Oil Corp		1,672,301
	103,788	*	STX Pan Ocean Co Ltd		423,831
	5,497	*	ViroMed Co Ltd		1,226,097
	22,251		Woongjin Coway Co Ltd		1,672,420
	197,303	*	Woori Financial Group, Inc		2,339,294
	64,107		Woori Investment & Securities Co Ltd		756,361
	3,943		Yuhan Corp		829,516
			TOTAL KOREA, REPUBLIC OF		298,513,218

298

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES		COMPANY	VALUE
LUXEMBOURG - 0.0%
	63,835	Reinet Investments S.C.A	$	1,075,311
		TOTAL LUXEMBOURG		1,075,311
MALAYSIA - 2.1%
	624,700	AirAsia BHD		412,680
	449,500	Alliance Financial Group BHD		441,682
	673,733	AMMB Holdings BHD		728,369
	71,099	British American Tobacco Malaysia BHD		599,869
	2,145,220	Bumiputra-Commerce Holdings BHD		2,736,128
	1,589,277	Dialog Group BHD		1,237,121
	1,374,425	Digi.Com BHD		1,529,152
	54,600	Fraser & Neave Holdings BHD		461,005
	930,300	Gamuda BHD		787,486
	930,775	Genting BHD		1,585,616
	90,100	Genting Plantations BHD		228,655
	230,200	HAP Seng Consolidated BHD		550,384
	523,700	Hartalega Holdings BHD		637,406
	272,087	Hong Leong Bank BHD		1,315,922
	79,406	Hong Leong Credit BHD		369,114
	998,912	IHH Healthcare BHD		1,343,636
	1,287,000	IJM Corp BHD		728,643
	835,020	IOI Corp BHD		910,105
	797,741	IOI Properties Group BHD		264,459
	180,300	Kuala Lumpur Kepong BHD		1,078,878
	1,726,267	Malayan Banking BHD		3,862,700
	393,776	Malaysia Airports Holdings BHD		727,248
	984,500	Maxis BHD		1,276,614
	527,200	MISC BHD		880,751
	23,500	Nestle Malaysia BHD		829,834
	1,045,000	Petronas Chemicals Group BHD		2,275,073
	114,500	Petronas Dagangan BHD		670,074
	306,500	Petronas Gas BHD		1,311,469
	227,840	PPB Group BHD		1,031,772
	564,712	Press Metal BHD		649,341
	1,263,723	Public Bank BHD		6,879,631
	184,100	QL Resources BHD		303,545
	1,336,200	Resorts World BHD		1,028,433
	386,070	RHB Capital BHD		556,932
	1,068,165	Sime Darby BHD		599,972
	977,065	Sime Darby Plantation BHD		1,217,950
	1,068,165	Sime Darby Property BHD		286,831
	743,579	SP Setia BHD		408,124
	573,565	Telekom Malaysia BHD		404,077
	1,372,963	Tenaga Nasional BHD		4,086,119
	1,210,403	TM International BHD		1,162,909
	583,200	Top Glove Corp BHD		687,329
	452,000	Westports Holdings BHD		416,297
	1,501,166	YTL Corp BHD		409,700
		TOTAL MALAYSIA		49,909,035

299

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
MEXICO - 2.7%
	1,294,350		Alfa S.A. de C.V. (Class A)	$	1,308,159
	216,100	*,e	Alsea SAB de C.V.		483,091
	14,655,641		America Movil S.A. de C.V. (Series L)		10,915,728
	819,925		Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santand		1,377,084
	6,693,397	*	Cemex S.A. de C.V.		3,096,417
	230,160		Coca-Cola Femsa SAB de C.V.		1,468,173
	72,651		El Puerto de Liverpool SAB de C.V.		470,295
	168,125		Embotelladoras Arca SAB de C.V.		954,329
	1,489,100		Fibra Uno Administracion S.A. de C.V.		2,219,776
	851,611		Fomento Economico Mexicano S.A. de C.V.		8,307,337
	93,880		Gruma SAB de C.V.		938,367
	156,930		Grupo Aeroportuario del Pacifico S.A. de C.V. (B Shares)		1,595,644
	90,896		Grupo Aeroportuario del Sureste S.A. de C.V. (Class B)		1,497,133
	680,320		Grupo Bimbo S.A. de C.V. (Series A)		1,515,112
	198,598		Grupo Carso S.A. de C.V. (Series A1)		770,078
	1,114,528		Grupo Financiero Banorte S.A. de C.V.		7,044,817
	942,544		Grupo Financiero Inbursa S.A.		1,442,820
	1,550,832		Grupo Mexico S.A. de C.V. (Series B)		4,547,520
	1,077,090		Grupo Televisa S.A.		2,190,797
	63,509		Industrias Penoles S.A. de C.V.		728,866
	220,700		Infraestructura Energetica ,NV SAB de C.V.		964,746
	664,742		Kimberly-Clark de Mexico S.A. de C.V. (Class A)		1,149,060
	146,600		Megacable Holdings SAB de C.V.		645,782
	491,423		Mexichem SAB de C.V.		1,140,828
	96,450		Promotora y Operadora de Infraestructura SAB de C.V.		981,098
	2,262,784		Wal-Mart de Mexico SAB de C.V.		6,649,507
			TOTAL MEXICO		64,402,564
PAKISTAN - 0.0%
	221,358		Habib Bank Ltd		199,457
	84,400		MCB Bank Ltd		113,471
	519,317		Oil & Gas Development Co Ltd		516,690
			TOTAL PAKISTAN		829,618
PERU - 0.4%
	78,322		Cia de Minas Buenaventura S.A. (ADR) (Series B)		1,269,600
	29,610		Credicorp Ltd (NY)		7,014,609
	39,634		Southern Copper Corp (NY)		1,522,738
			TOTAL PERU		9,806,947
PHILIPPINES - 1.1%
	763,524		Aboitiz Equity Ventures, Inc		815,111
	750,800		Aboitiz Power Corp		543,155
	1,882,300		Alliance Global Group, Inc		540,443
	109,043		Ayala Corp		1,891,444
	3,183,733		Ayala Land, Inc		2,995,298
	866,616		Banco de Oro Universal Bank		2,231,172
	399,469		Bank of the Philippine Islands		650,855
	1,716,400		DMCI Holdings, Inc		367,571
	13,091		Globe Telecom, Inc		447,447

300

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	37,386		GT Capital Holdings, Inc	$	621,110
	392,670		International Container Term Services, Inc		953,183
	1,234,176		JG Summit Holdings (Series B)		1,562,719
	188,330		Jollibee Foods Corp		1,100,798
	96,496		Manila Electric Co		713,905
	4,426,900		Megaworld Corp		475,714
	6,294,000		Metro Pacific Investments Corp		552,097
	685,903		Metropolitan Bank & Trust		977,792
	39,795		PLDT, Inc		938,811
	1,053,143		Robinsons Land Corp		495,121
	65,443		Security Bank Corp		226,044
	100,575		SM Investments Corp		1,834,893
	4,357,449		SM Prime Holdings		3,468,584
	384,987		Universal Robina		1,124,588
			TOTAL PHILIPPINES		25,527,855
POLAND - 1.1%
	36,257	*	Alior Bank S.A.		558,425
	14,692		Bank Handlowy w Warszawie S.A.		239,183
	242,521	*	Bank Millennium S.A.		612,750
	76,120		Bank Pekao S.A.		2,271,882
	14,586		Bank Zachodni WBK S.A.		1,516,949
	5,549		BRE Bank S.A.		643,805
	12,581		CCC S.A.		684,246
	29,442	*	CD Projekt Red S.A.		1,656,839
	103,900	*	Cyfrowy Polsat S.A.		721,314
	20,071	*,g	Dino Polska S.A.		666,432
	40,664		Grupa Lotos S.A.		885,986
	28,530	*	Jastrzebska Spolka Weglowa S.A.		434,327
	61,735	*	KGHM Polska Miedz S.A.		1,666,871
	519		LPP S.A.		1,163,705
	838,668		Polish Oil & Gas Co		1,275,337
	376,763	*	Polska Grupa Energetyczna S.A.		937,964
	132,409		Polski Koncern Naftowy Orlen S.A.		3,399,530
	370,044		Powszechna Kasa Oszczednosci Bank Polski S.A.		3,808,813
	261,452		Powszechny Zaklad Ubezpieczen S.A.		2,877,886
	264,409	*	Telekomunikacja Polska S.A.		341,914
			TOTAL POLAND		26,364,158
QATAR - 0.9%
	70,651	*	Barwa Real Estate Co		673,569
	75,703	*	Commercial Bank of Qatar QSC		1,057,937
	343,244	*	Ezdan Holding Group QSC		1,008,775
	79,897	*	Industries Qatar QSC		2,654,270
	161,444	*	Masraf Al Rayan		1,609,422
	38,765	*	Ooredoo QSC		692,089
	22,035	*	Qatar Electricity & Water Co		1,010,678
	75,142	*	Qatar Insurance Co SAQ		790,745
	48,044	*	Qatar Islamic Bank SAQ		2,202,283
	196,317	*	Qatar National Bank		10,559,617
			TOTAL QATAR		22,259,385

301

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
ROMANIA - 0.1%
	164,298		NEPI Rockcastle plc	$	1,369,399
			TOTAL ROMANIA		1,369,399
RUSSIA - 3.7%
	2,448,964		Gazprom (ADR)		12,293,799
	221,158		LUKOIL PJSC (ADR)		18,909,009
	150,105		Magnit OAO (GDR)		2,145,829
	7,479		Magnit PJSC (GDR)		106,651
	272,296		MMC Norilsk Nickel PJSC (ADR)		6,054,129
	218,649		Mobile TeleSystems (ADR)		1,722,954
	38,648		NovaTek OAO (GDR)		7,456,265
	2,337		Novatek PJSC (GDR)		450,340
	54,442		Novolipetsk Steel PJSC (GDR)		1,434,002
	54,326		PhosAgro OAO (GDR)		685,564
	80,724		Polymetal International plc (ADR)		851,071
	23,352		Polyus PJSC (GDR)		918,633
	623,905	*	Rosneft Oil Co PJSC (GDR)		4,150,216
	1,150,731		Sberbank of Russian Federation (ADR)		16,494,475
	95,228		Severstal (GDR) (Equiduct)		1,541,741
	922,817		Surgutneftegaz (ADR) (London)		3,495,815
	107,678		Tatneft PAO (ADR)		7,582,395
	8,040		Tatneft PJSC (ADR)		565,011
	785,086		VTB Bank OJSC (GDR)		876,156
	52,702		X5 Retail Group NV (GDR)		1,599,506
			TOTAL RUSSIA		89,333,561
SINGAPORE - 0.0%
	92,600	g	BOC Aviation Ltd		795,942
			TOTAL SINGAPORE		795,942
SOUTH AFRICA - 5.9%
	313,561		Absa Group Ltd		3,612,120
	23,799		Anglo American Platinum Ltd		1,203,930
	176,388		AngloGold Ashanti Ltd		2,098,639
	173,490		Aspen Pharmacare Holdings Ltd		1,250,149
	146,771		Bid Corp Ltd		3,102,882
	148,172		Bidvest Group Ltd		2,253,710
	16,966		Capitec Bank Holdings Ltd		1,585,340
	107,517		Clicks Group Ltd		1,470,589
	158,065		Discovery Holdings Ltd		1,592,845
	108,989		Exxaro Resources Ltd		1,247,183
	1,433,114		FirstRand Ltd		6,820,241
	419,504		Fortress REIT Ltd		319,633
	469,174		Fortress REIT Ltd (Class A)		632,016
	98,797		Foschini Ltd		1,280,112
	372,913		Gold Fields Ltd		1,405,402
	1,282,471		Growthpoint Properties Ltd		2,229,320
	121,458		Hyprop Investments Ltd		594,342
	125,256		Investec Ltd		801,505
	27,754	e	Kumba Iron Ore Ltd		834,671
	46,416		Liberty Holdings Ltd		335,831
	548,946		Life Healthcare Group Holdings Pte Ltd		1,001,267
	347,098		Metropolitan Holdings Ltd		433,114

302

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	50,249		Mondi Ltd	$	1,107,515
	106,965		Mr Price Group Ltd		1,621,069
	742,177		MTN Group Ltd		5,377,167
	196,073	*	MultiChoice Group Ltd		1,760,614
	189,868		Naspers Ltd (N Shares)		48,843,601
	169,356		Nedbank Group Ltd		3,159,116
	521,794		Network Healthcare Holdings Ltd		878,312
	161,976		Pick’n Pay Stores Ltd		785,479
	60,176		PSG Group Ltd		1,115,096
	287,912		Rand Merchant Investment Holdings Ltd		698,841
	2,473,760		Redefine Properties Ltd		1,703,358
	223,348		Remgro Ltd		3,036,011
	128,738		Resilient REIT Ltd		510,992
	291,313		RMB Holdings Ltd		1,702,645
	754,830		Sanlam Ltd		4,041,800
	240,358		Sappi Ltd		1,145,586
	247,298		Sasol Ltd		8,204,463
	198,259		Shoprite Holdings Ltd		2,393,183
	77,172		Spar Group Ltd		1,047,801
	561,978		Standard Bank Group Ltd		7,848,500
	116,042		Telkom S.A. Ltd		690,653
	71,101		Tiger Brands Ltd		1,234,886
	194,519		Truworths International Ltd		1,031,381
	284,549		Vodacom Group Pty Ltd		2,296,298
	447,364		Woolworths Holdings Ltd		1,493,639
			TOTAL SOUTH AFRICA		139,832,847
TAIWAN - 11.4%
	1,366,380		Acer, Inc		928,796
	144,030		Advantech Co Ltd		1,166,976
	54,000		Airtac International Group		723,417
	1,503,011		ASE Industrial Holding Co Ltd		3,491,383
	948,512		Asia Cement Corp		1,283,826
	310,500		Asustek Computer, Inc		2,373,820
	3,796,000		AU Optronics Corp		1,357,596
	287,389		Catcher Technology Co Ltd		2,278,516
	3,539,932		Cathay Financial Holding Co Ltd		5,126,053
	511,828		Chailease Holding Co Ltd		2,182,092
	2,450,719		Chang Hwa Commercial Bank		1,468,073
	851,922		Cheng Shin Rubber Industry Co Ltd		1,138,124
	224,079		Chicony Electronics Co Ltd		552,385
	957,000		China Airlines		303,594
	5,914,754		China Development Financial Holding Corp		1,906,559
	1,223,637		China Life Insurance Co Ltd (Taiwan)		1,018,805
	5,620,151		China Steel Corp		4,541,115
	7,765,282		Chinatrust Financial Holding Co		5,319,619
	1,678,763		Chunghwa Telecom Co Ltd		6,047,270
	1,827,000		Compal Electronics, Inc		1,180,997
	896,768		Delta Electronics, Inc		4,733,215
	4,309,167		E.Sun Financial Holding Co Ltd		3,538,289
	76,316		Eclat Textile Co Ltd		1,090,978
	834,651		Eva Airways Corp		409,337
	853,587		Evergreen Marine Corp Tawain Ltd		374,740

303

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	1,481,071		Far Eastern Textile Co Ltd	$	1,617,322
	708,000		Far EasTone Telecommunications Co Ltd		1,737,389
	145,662		Feng TAY Enterprise Co Ltd		1,181,107
	4,340,349		First Financial Holding Co Ltd		3,098,743
	1,518,173		Formosa Chemicals & Fibre Corp		5,462,906
	570,064		Formosa Petrochemical Corp		2,115,528
	1,919,453		Formosa Plastics Corp		6,965,920
	234,000		Formosa Taffeta Co Ltd		282,226
	378,512		Foxconn Technology Co Ltd		849,200
	2,807,646		Fubon Financial Holding Co Ltd		4,149,109
	4,385,124		Fuhwa Financial Holdings Co Ltd		2,543,409
	138,000		Giant Manufacturing Co Ltd		1,052,476
	91,509		Globalwafers Co Ltd		1,003,096
	324,420		Highwealth Construction Corp		519,650
	102,714		Hiwin Technologies Corp		978,187
	5,696,002		Hon Hai Precision Industry Co, Ltd		16,036,116
	110,608		Hotai Motor Co Ltd		1,673,945
	3,357,747		Hua Nan Financial Holdings Co Ltd		2,195,819
	4,190,487		InnoLux Display Corp		1,344,656
	1,171,060		Inventec Co Ltd		940,883
	43,125		Largan Precision Co Ltd		6,474,030
	922,778		Lite-On Technology Corp		1,302,000
	650,170		MediaTek, Inc		6,231,570
	4,814,125		Mega Financial Holding Co Ltd		4,621,839
	291,000		Micro-Star International Co Ltd		808,303
	2,244,860		Nan Ya Plastics Corp		5,679,273
	453,000		Nanya Technology Corp		962,054
	73,000		Nien Made Enterprise Co Ltd		572,801
	244,474		Novatek Microelectronics Corp Ltd		1,599,265
	867,000		Pegatron Technology Corp		1,639,036
	59,000		Phison Electronics Corp		555,661
	893,512		Pou Chen Corp		1,087,000
	301,000		Powertech Technology, Inc		751,523
	250,000		President Chain Store Corp		2,332,540
	1,127,000		Quanta Computer, Inc		2,161,209
	198,085		Realtek Semiconductor Corp		1,343,080
	201,048		Ruentex Development Co Ltd		276,157
	117,975		Ruentex Industries Ltd		281,974
	1,280,000		Shanghai Commercial & Savings Bank Ltd		2,064,329
	4,596,466		Shin Kong Financial Holding Co Ltd		1,302,348
	4,755,717		SinoPac Financial Holdings Co Ltd		1,833,196
	171,777		Standard Foods Corp		303,984
	581,050		Synnex Technology International Corp		725,056
	72,236	*	TaiMed Biologics, Inc		367,448
	4,481,598		Taishin Financial Holdings Co Ltd		2,032,176
	1,388,527		Taiwan Business Bank		573,325
	1,996,005		Taiwan Cement Corp		2,714,860
	3,812,050		Taiwan Cooperative Financial Holding		2,530,149
	820,000		Taiwan High Speed Rail Corp		998,570
	718,859		Taiwan Mobile Co Ltd		2,628,752
	10,661,848		Taiwan Semiconductor Manufacturing Co Ltd		89,517,201
	832,000	*	Tatung Co Ltd		642,115
	2,075,908		Uni-President Enterprises Corp		4,933,762

304

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	5,091,452		United Microelectronics Corp	$	2,220,117
	357,000		Vanguard International Semiconductor Corp		793,263
	133,000		Walsin Technology Corp		822,376
	141,878		Win Semiconductors Corp		954,907
	1,409,000		Winbond Electronics Corp		733,827
	1,397,560		Wistron Corp		1,160,212
	630,660		WPG Holdings Co Ltd		832,366
	113,009		Yageo Corp		1,121,027
	178,127		Zhen Ding Technology Holding Ltd		637,278
			TOTAL TAIWAN		271,405,221
THAILAND - 2.3%
	429,500		Advanced Info Service PCL (Foreign)		2,558,083
	1,887,000		Airports of Thailand PCL (Foreign)		4,033,330
	84,948		Bangkok Bank PCL (Foreign)		556,557
	1,807,400		Bangkok Dusit Medical Services PCL (Foreign)		1,443,655
	3,345,300		Bangkok Expressway & Metro PCL		1,142,337
	1,500,800		Banpu PCL (Foreign)		771,811
	536,900		Berli Jucker PCL		866,688
	2,674,600		BTS Group Holdings PCL		988,576
	161,600		Bumrungrad Hospital PCL (Foreign)		895,950
	592,300		Central Pattana PCL (Foreign)		1,401,904
	1,525,280		Charoen Pokphand Foods PCL		1,278,034
	2,097,255		CP Seven Eleven PCL (Foreign)		5,080,330
	112,600		Delta Electronics Thai PCL		263,644
	52,000		Electricity Generating PCL		482,177
	509,100		Energy Absolute PCL (Foreign)		889,298
	192,400		Glow Energy PCL (Foreign)		551,436
	194,000		Gulf Energy Development PCL		635,377
	1,731,126		Home Product Center PCL (Foreign)		851,837
	742,978		Indorama Ventures PCL (Foreign)		1,065,540
	4,606,200		IRPC PCL (Foreign)		815,163
	760,149		Kasikornbank PCL (Foreign)		4,541,137
	1,253,560		Krung Thai Bank PCL (Foreign)		742,547
	829,800		Land and Houses PCL Co Reg		289,103
	1,022,670		Minor International PCL (Foreign)		1,202,404
	151,500		Muangthai Capital PCL		244,791
	718,598		PTT Exploration & Production PCL (Foreign)		3,002,409
	973,929		PTT Global Chemical PCL (Foreign)		2,099,765
	4,722,300		PTT PCL (Foreign)		7,209,804
	203,000		Robinson PCL		370,695
	158,158		Siam Cement PCL (Foreign)		2,277,680
	797,600		Siam Commercial Bank PCL (Foreign)		3,239,881
	535,800		Thai Oil PCL (Foreign)		1,162,320
	843,800		Thai Union Group PCL		499,671
	4,334,800		TMB Bank PCL (Foreign)		274,189
	4,393,148		True Corp PCL (Foreign)		709,246
			TOTAL THAILAND		54,437,369
TURKEY - 0.5%
	1,294,394	*	Akbank TAS		1,330,768
	90,802		Anadolu Efes Biracilik Ve Malt Sanayii AS		301,715
	70,521	*	Arcelik AS		217,070

305

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	143,019		Aselsan Elektronik Sanayi Ve Ticaret AS	$	490,767
	94,832		BIM Birlesik Magazalar AS		1,319,915
	618,256		Eregli Demir ve Celik Fabrikalari TAS		950,603
	23,073		Ford Otomotiv Sanayi AS		203,952
	334,438		Haci Omer Sabanci Holding AS		432,352
	305,218		KOC Holding AS		828,660
	394,114		Petkim Petrokimya Holding		295,662
	67,697		TAV Havalimanlari Holding AS		287,362
	54,813		Tupras Turkiye Petrol Rafine		1,133,691
	206,559	*	Turk Hava Yollari		496,145
	306,502		Turk Sise ve Cam Fabrikalari AS		313,607
	483,253		Turkcell Iletisim Hizmet AS		1,013,519
	1,044,070	*	Turkiye Garanti Bankasi AS		1,433,506
	341,766		Turkiye Halk Bankasi AS		335,873
	671,173	*	Turkiye Is Bankasi (Series C)		604,388
			TOTAL TURKEY		11,989,555
UNITED ARAB EMIRATES - 0.8%
	1,202,866		Abu Dhabi Commercial Bank PJSC		3,235,032
	1,740,643	*	Aldar Properties PJSC		844,304
	758,668		DAMAC Properties Dubai Co PJSC		255,561
	71,963		DP World Ltd		1,439,260
	692,270	*	Dubai Islamic Bank PJSC		973,755
	321,457	*	Emaar Development PJSC		343,060
	905,813	*	Emaar Malls Group PJSC		429,867
	1,541,491		Emaar Properties PJSC		2,019,926
	783,710		Emirates Telecommunications Group Co PJSC		3,563,912
	1,164,902	*	National Bank of Abu Dhabi PJSC		5,073,597
			TOTAL UNITED ARAB EMIRATES		18,178,274
UNITED KINGDOM - 0.2%
	2,167,055		Old Mutual Ltd		3,485,697
			TOTAL UNITED KINGDOM		3,485,697
UNITED STATES - 2.0%
	103,069		iShares MSCI South Korea Index Fund		6,336,682
	395,000		Nexteer Automotive Group Ltd		619,378
	923,314		Vanguard Emerging Markets ETF		40,081,060
			TOTAL UNITED STATES		47,037,120
			TOTAL COMMON STOCKS		2,389,024,219
			(Cost $1,928,244,024)
PREFERRED STOCKS - 0.0%
PHILIPPINES - 0.0%
	307,700	*,†	Ayala Land, Inc		590
			TOTAL PHILIPPINES		590
			TOTAL PREFERRED STOCKS		590
			(Cost $725)

306

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES		COMPANY	VALUE
RIGHTS / WARRANTS - 0.0%
CHINA - 0.0%
	49,742	Haitong Securities Co Ltd	$	14,203
		TOTAL CHINA		14,203
INDIA - 0.0%
	165,871	Bharti Airtel Ltd		239,210
		TOTAL INDIA		239,210
THAILAND - 0.0%
	51,134	Minor International PCL		0
		TOTAL THAILAND		0
		TOTAL RIGHTS / WARRANTS		253,413
		(Cost $0)

PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 1.5%
GOVERNMENT AGENCY DEBT - 0.1%
$	3,100,000		Federal Home Loan Bank (FHLB)		2.300	%	05/01/19		3,100,000
			TOTAL GOVERNMENT AGENCY DEBT						3,100,000
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.4%
	31,769,815	c	State Street Navigator Securities Lending Government Money Market Portfolio						31,769,815
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						31,769,815
			TOTAL SHORT-TERM INVESTMENTS						34,869,815
			(Cost $34,869,815)
			TOTAL INVESTMENTS - 101.5%						2,424,148,037
			(Cost $1,963,114,564)
			OTHER ASSETS & LIABILITIES, NET - (1.5)%						(35,435,497	)
			NET ASSETS - 100.0%					$	2,388,712,540

	Abbreviation(s):
ADR	American Depositary Receipt
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 $29,735,998.
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 4/30/19, the aggregate value of these securities is $31,028,197 or 1.3% of net assets.

307

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

TIAA-CREF FUNDS

EMERGING MARKETS EQUITY INDEX FUND

SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

April 30, 2019

SECTOR	VALUE			% OF NET ASSETS
FINANCIALS	$	613,710,550			25.7	%
INFORMATION TECHNOLOGY		347,149,536			14.5
CONSUMER DISCRETIONARY		319,372,315			13.4
COMMUNICATION SERVICES		293,749,230			12.3
ENERGY		185,516,676			7.8
MATERIALS		158,670,620			6.6
CONSUMER STAPLES		151,367,203			6.3
INDUSTRIALS		127,122,145			5.3
REAL ESTATE		73,023,772			3.1
HEALTH CARE		60,805,922			2.5
UTILITIES		58,790,253			2.5
SHORT-TERM INVESTMENTS		34,869,815			1.5
OTHER ASSETS & LIABILITIES, NET		(35,435,497	)		(1.5	)
NET ASSETS	$	2,388,712,540			100.0	%

308

TIAA-CREF FUNDS - International Equity Index Fund

TIAA-CREF FUNDS
INTERNATIONAL EQUITY INDEX FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2019

SHARES			COMPANY	VALUE
COMMON STOCKS - 97.5%
AUSTRALIA - 7.5%
	527,205		AGL Energy Ltd	$	8,270,972
	1,933,519		Alumina Ltd		3,059,563
	958,871		Amcor Ltd		10,838,927
	2,397,806		AMP Ltd		3,843,526
	968,926		APA Group (ASE)		6,577,235
	459,162		Aristocrat Leisure Ltd		8,452,519
	1,965,305		AusNet Services		2,460,534
	2,338,935		Australia & New Zealand Banking Group Ltd		44,871,477
	160,274		Australian Stock Exchange Ltd		8,420,519
	989,098	*	AZ BGP Holdings		2,789
	325,327	e	Bank of Queensland Ltd		2,126,211
	418,666		Bendigo Bank Ltd		3,040,901
	2,404,868		BHP Billiton Ltd		63,638,443
	1,723,620		BHP Group plc		40,685,293
	433,319		BlueScope Steel Ltd		4,117,739
	920,082		Boral Ltd		3,150,030
	1,294,272		Brambles Ltd		10,998,322
	216,671		Caltex Australia Ltd		4,154,724
	440,072		Challenger Financial Services Group Ltd		2,547,556
	79,034		CIMIC Group Ltd		2,819,435
	391,350		Coca-Cola Amatil Ltd		2,427,582
	48,269		Cochlear Ltd		6,380,436
	945,532	*	Coles Group Ltd		8,406,914
	1,444,223		Commonwealth Bank of Australia		75,901,446
	368,702		Computershare Ltd		4,638,362
	332,703		Crown Resorts Ltd		3,118,760
	370,732		CSL Ltd		51,999,529
	812,942		Dexus Property Group		7,177,249
	48,818		Domino’s Pizza Enterprises Ltd		1,479,837
	49,011		Flight Centre Travel Group Ltd		1,327,665
	1,285,980		Fortescue Metals Group Ltd		6,498,322
	1,471,362		GPT Group (ASE)		5,951,741
	465,431	e	Harvey Norman Holdings Ltd		1,368,428
	1,380,732		Incitec Pivot Ltd		3,281,177
	1,864,631		Insurance Australia Group Ltd		10,360,741
	453,222		Lend Lease Corp Ltd		4,250,033
	1,327,627		Macquarie Goodman Group		12,354,349
	264,123		Macquarie Group Ltd		25,100,687
	2,273,634		Medibank Pvt Ltd		4,582,198
	2,928,500		Mirvac Group		5,862,533
	2,229,358		National Australia Bank Ltd		39,805,250
	635,354		Newcrest Mining Ltd		11,223,667
	1,137,762		Oil Search Ltd		6,230,872
	315,235		Orica Ltd		4,133,136

309

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
	1,457,954		Origin Energy Ltd	$	7,576,358
	1,071,910		QBE Insurance Group Ltd		9,776,943
	1,628,673		QR National Ltd		5,465,021
	112,042		Ramsay Health Care Ltd		5,159,747
	41,685		REA Group Ltd		2,349,138
	301,404		Rio Tinto Ltd		20,315,333
	943,737		Rio Tinto plc		55,056,738
	1,463,772		Santos Ltd		7,407,576
	4,286,198		Scentre Group		11,562,011
	271,415		Seek Ltd		3,486,064
	341,478		Sonic Healthcare Ltd		6,175,244
	4,239,021		South32 Ltd		10,011,807
	2,053,345		Stockland Trust Group		5,466,270
	1,052,108		Suncorp-Metway Ltd		9,845,892
	873,117		Sydney Airport		4,693,132
	1,584,273		Tabcorp Holdings Ltd		5,349,595
	3,399,587		Telstra Corp Ltd		8,097,281
	293,144		TPG Telecom Ltd		1,392,930
	2,191,805		Transurban Group (ASE)		20,755,150
	595,389		Treasury Wine Estates Ltd		7,221,891
	2,601,550		Vicinity Centres		4,665,448
	88,192		Washington H Soul Pattinson & Co Ltd		1,430,392
	921,947		Wesfarmers Ltd		23,401,121
	2,803,709		Westpac Banking Corp		54,465,970
	765,131		Woodside Petroleum Ltd		19,074,505
	1,069,630		Woolworths Ltd		24,015,897
	271,051		WorleyParsons Ltd		2,731,312
			TOTAL AUSTRALIA		874,886,395
AUSTRIA - 0.2%
	59,071		Andritz AG.		2,820,996
	249,873		Erste Bank der Oesterreichischen Sparkassen AG.		10,005,200
	57,173	e	Oest Elektrizitatswirts AG. (Class A)		2,839,045
	117,277		OMV AG.		6,290,635
	119,916		Raiffeisen International Bank Holding AG.		3,198,430
	97,633		Voestalpine AG.		3,141,248
			TOTAL AUSTRIA		28,295,554
BELGIUM - 1.0%
	152,180		Ageas		8,042,018
	621,794	e	Anheuser-Busch InBev S.A.		55,281,919
	47,700		Colruyt S.A.		3,443,419
	64,524		Groupe Bruxelles Lambert S.A.		6,178,831
	203,588		KBC Groep NV		15,113,529
	125,633	e	Proximus plc		3,518,617
	59,009		Solvay S.A.		7,115,053
	44,161		Telenet Group Holding NV		2,345,513
	104,335		UCB S.A.		8,292,436
	173,476	e	Umicore S.A.		6,732,213
			TOTAL BELGIUM		116,063,548
CHILE - 0.0%
	332,444		Antofagasta plc		3,952,016
			TOTAL CHILE		3,952,016

310

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
CHINA - 0.1%
	27,300	*	BeiGene Ltd (ADR)	$	3,391,479
	652,983	e	Minth Group Ltd		2,064,393
	1,992,138		Yangzijiang Shipbuilding		2,303,294
			TOTAL CHINA		7,759,166
DENMARK - 1.7%
	2,958		AP Moller - Maersk AS (Class A)		3,618,294
	5,234	e	AP Moller - Maersk AS (Class B)		6,747,119
	86,495		Carlsberg AS (Class B)		11,183,873
	81,185		Christian Hansen Holding		8,295,566
	95,918		Coloplast AS		10,361,200
	588,475		Danske Bank AS		10,459,412
	153,777		DSV AS		14,250,177
	49,892	*	Genmab AS		8,282,478
	59,125		H Lundbeck AS		2,492,619
	139,834		ISS A.S.		4,354,657
	1,483,816		Novo Nordisk AS		72,698,882
	175,720		Novozymes AS		8,201,785
	156,717	g	Orsted AS		11,998,105
	95,498		Pandora AS		4,005,685
	97,866		Tryg A.S.		2,995,156
	161,481		Vestas Wind Systems AS		14,611,425
	88,026	*	William Demant Holding A.S.		2,781,303
			TOTAL DENMARK		197,337,736
FINLAND - 1.1%
	119,960		Elisa Oyj (Series A)		5,089,921
	357,507		Fortum Oyj		7,582,906
	277,426		Kone Oyj (Class B)		15,244,064
	86,649		Metso Oyj		3,242,166
	312,171		Neste Oil Oyj		10,318,087
	4,623,445		Nokia Oyj (Turquoise)		24,294,411
	95,975		Nokian Renkaat Oyj		3,217,061
	2,506,981		Nordea Bank Abp		19,723,298
	83,240		Orion Oyj (Class B)		2,775,595
	359,377		Sampo Oyj (A Shares)		16,455,198
	445,731		Stora Enso Oyj (R Shares)		5,550,917
	437,378		UPM-Kymmene Oyj		12,349,285
	354,746		Wartsila Oyj (B Shares)		5,680,357
			TOTAL FINLAND		131,523,266
FRANCE - 10.9%
	150,249		Accor S.A.		6,329,587
	23,519		Aeroports de Paris		4,791,117
	349,210		Air Liquide		46,456,046
	475,855		Airbus SE		65,158,659
	130,570		Alstom RGPT		5,744,710
	49,981	g	Amundi S.A.		3,595,993
	57,982		Arkema		5,953,393
	76,944	e	Atos Origin S.A.		7,933,755

311

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
	1,588,167	e	AXA S.A.	$	42,350,932
	34,804		BioMerieux		2,764,279
	920,723		BNP Paribas		49,012,932
	720,376		Bollore		3,426,675
	173,081	e	Bouygues S.A.		6,515,179
	215,629		Bureau Veritas S.A.		5,465,912
	131,321		Cap Gemini S.A.		15,936,363
	490,619		Carrefour S.A.		9,558,338
	45,877	e	Casino Guichard Perrachon S.A.		1,878,132
	138,933	e	CNP Assurances		3,281,702
	405,386		Compagnie de Saint-Gobain		16,620,806
	927,884		Credit Agricole S.A.		12,741,744
	501,170		Danone		40,517,073
	2,089		Dassault Aviation S.A.		3,160,739
	107,177		Dassault Systemes S.A.		16,972,868
	192,680		Edenred		9,084,428
	63,672		Eiffage S.A.		6,648,070
	483,280		Electricite de France		6,979,498
	236,210	*	Essilor International S.A.		28,779,495
	37,069		Eurazeo		2,909,351
	142,842		Eutelsat Communications		2,581,559
	62,072		Faurecia		3,158,317
	38,923		Fonciere Des Regions		4,212,810
	1,502,010		Gaz de France		22,293,589
	38,288		Gecina S.A.		5,720,758
	389,080		Groupe Eurotunnel S.A.		6,262,606
	25,851		Hermes International		18,187,894
	26,522		Icade		2,266,728
	22,906		Iliad S.A.		2,333,596
	27,603		Imerys S.A.		1,469,959
	50,082		Ingenico		4,226,928
	31,095		Ipsen		3,631,582
	61,244		JC Decaux S.A.		2,005,786
	61,881		Kering		36,618,353
	167,090		Klepierre		5,937,379
	214,336		Legrand S.A.		15,765,033
	206,743	e	L’Oreal S.A.		56,865,173
	226,837		LVMH Moet Hennessy Louis Vuitton S.A.		89,060,084
	139,316		Michelin (C.G.D.E.) (Class B)		18,015,024
	808,773		Natixis		4,765,889
	1,621,884		Orange S. A.		25,347,698
	174,387		Pernod-Ricard S.A.		30,407,333
	478,548		Peugeot S.A.		12,546,991
	174,497		Publicis Groupe S.A.		10,371,461
	19,020		Remy Cointreau S.A.		2,534,342
	156,155		Renault S.A.		10,653,891
	256,312		Rexel S.A.		3,445,832
	270,768		Safran S.A.		39,467,465
	920,145	e	Sanofi-Aventis		80,281,977
	22,817		Sartorius Stedim Biotech		3,099,112
	449,382		Schneider Electric S.A.		38,033,885
	134,368		SCOR SE		5,485,518
	19,514		SEB S.A.		3,575,184

312

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
	22,183		Societe BIC S.A.	$	1,910,985
	623,827		Societe Generale		19,782,499
	72,169		Sodexho Alliance S.A.		8,276,605
	303,236	e	Suez Environnement S.A.		4,259,874
	46,697	*	Teleperformance		8,977,062
	86,420		Thales S.A.		10,325,244
	1,973,132		Total S.A.		109,687,908
	69,805	*	Ubisoft Entertainment		6,669,044
	110,950		Unibail-Rodamco-Westfield		19,070,673
	1,948		Unibail-Rodamco-Westfield (Paris)		334,833
	195,405	e	Valeo S.A.		7,107,412
	436,923	e	Veolia Environnement		10,334,306
	414,768	e	Vinci S.A.		41,890,020
	856,962	e	Vivendi Universal S.A.		24,874,047
	24,007		Wendel		3,325,206
			TOTAL FRANCE		1,278,023,230
GERMANY - 8.7%
	147,700		Adidas-Salomon AG.		38,045,745
	347,576		Allianz AG.		84,014,025
	643,801		Aroundtown S.A.		5,230,578
	39,195	e	Axel Springer AG.		2,219,988
	750,171		BASF SE		61,244,665
	761,766		Bayer AG.		50,699,929
	269,802		Bayerische Motoren Werke AG.		23,016,384
	46,342		Bayerische Motoren Werke AG. (Preference)		3,426,561
	80,248		Beiersdorf AG.		8,780,799
	123,279		Brenntag AG.		6,645,246
	826,698	*	Commerzbank AG.		7,451,354
	88,672		Continental AG.		14,709,865
	158,486	g	Covestro AG.		8,708,424
	743,661	*	Daimler AG. (Registered)		48,810,915
	74,666	*,g	Delivery Hero AG.		3,441,100
	401,031		Deutsche Annington Immobilien SE		20,042,120
	1,605,977		Deutsche Bank AG. (Registered)		13,317,521
	154,808		Deutsche Boerse AG.		20,685,810
	201,732		Deutsche Lufthansa AG.		4,880,650
	808,299	*	Deutsche Post AG.		28,096,816
	2,716,856		Deutsche Telekom AG.		45,520,650
	294,629		Deutsche Wohnen AG.		13,271,697
	45,638	e	Drillisch AG.		1,701,476
	1,819,599		E.ON AG.		19,563,826
	136,649		Evonik Industries AG.		4,079,336
	34,500		Fraport AG. Frankfurt Airport Services Worldwide		2,871,956
	175,433		Fresenius Medical Care AG.		14,786,095
	341,249		Fresenius SE		19,405,088
	56,680		Fuchs Petrolub AG. (Preference)		2,471,407
	129,519	e	GEA Group AG.		3,628,821
	47,970		Hannover Rueckversicherung AG.		7,243,939
	119,877		HeidelbergCement AG.		9,700,454
	85,540		Henkel KGaA		8,156,997
	145,277		Henkel KGaA (Preference)		14,703,955
	20,393		Hochtief AG.		3,048,933

313

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
	52,623		Hugo Boss AG.	$	3,676,988
	927,760		Infineon Technologies AG.		21,993,104
	112,332	*,g	Innogy SE		5,214,794
	57,213		KION Group AG.		3,935,832
	69,086		Lanxess AG.		4,000,691
	104,552		Merck KGaA		11,144,249
	156,351		Metro Wholesale & Food Specialist AG.		2,656,640
	43,322		MTU Aero Engines Holding AG.		10,220,946
	122,355	*	Muenchener Rueckver AG.		30,448,511
	85,857	e	Osram Licht AG.		2,953,051
	127,686		Porsche AG.		8,876,429
	181,757		ProSiebenSat. Media AG.		2,873,315
	6,790		Puma AG. Rudolf Dassler Sport		4,200,041
	426,105		RWE AG.		10,929,610
	803,100		SAP AG.		103,526,255
	29,436		Sartorius AG.		5,404,569
	625,191		Siemens AG.		74,961,787
	122,194	g	Siemens Healthineers AG.		5,230,420
	98,559		Symrise AG.		9,473,606
	633,408		Telefonica Deutschland Holding AG.		2,057,407
	349,093	e	ThyssenKrupp AG.		4,921,733
	364,675		TUI AG. (DI)		4,060,815
	164,482		Uniper SE		4,990,946
	101,361		United Internet AG.		4,075,206
	27,245		Volkswagen AG.		4,884,945
	151,205		Volkswagen AG. (Preference)		26,400,709
	95,104		Wirecard AG.		14,367,113
	93,008	*,g	Zalando SE		4,375,090
			TOTAL GERMANY		1,015,477,927
HONG KONG - 3.7%
	9,862,138		AIA Group Ltd		100,982,727
	256,912		ASM Pacific Technology		2,979,928
	1,164,821		Bank of East Asia Ltd		3,676,764
	3,002,544		BOC Hong Kong Holdings Ltd		13,458,025
	2,121,303		CK Asset Holdings Ltd		17,056,419
	2,204,099		CK Hutchison Holdings Ltd		23,173,697
	516,869		CK Infrastructure Holdings Ltd		4,191,560
	1,347,959		CLP Holdings Ltd		15,298,880
	268,815		Dairy Farm International Holdings Ltd		2,105,789
	653,832		Hang Lung Group Ltd		1,949,992
	1,672,971		Hang Lung Properties Ltd		3,937,715
	621,468		Hang Seng Bank Ltd		16,328,210
	1,106,462		Henderson Land Development Co Ltd		6,819,292
	2,034,127		HK Electric Investments & HK Electric Investments Ltd		1,993,315
	2,960,931		HKT Trust and HKT Ltd		4,589,654
	7,515,269		Hong Kong & China Gas Ltd		17,940,886
	1,109,985		Hong Kong Electric Holdings Ltd		7,742,334
	966,231		Hong Kong Exchanges and Clearing Ltd		33,565,710
	931,255		Hongkong Land Holdings Ltd		6,501,927
	530,727		Hysan Development Co Ltd		2,974,583
	179,261		Jardine Matheson Holdings Ltd		11,800,764
	183,750		Jardine Strategic Holdings Ltd		6,951,107

314

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
	563,448		Kerry Properties Ltd	$	2,411,764
	1,714,107		Link REIT		20,027,550
	204,645		Melco Crown Entertainment Ltd (ADR)		5,136,590
	1,229,897		MTR Corp		7,327,024
	5,146,049		New World Development Co Ltd		8,525,513
	1,243,078		NWS Holdings Ltd		2,585,015
	3,698,780		PCCW Ltd		2,230,289
	929,834		Shangri-La Asia Ltd		1,318,303
	2,638,781		Sino Land Co		4,641,761
	1,733,375		SJM Holdings Ltd		2,095,988
	1,300,019		Sun Hung Kai Properties Ltd		22,436,169
	412,946		Swire Pacific Ltd (Class A)		5,229,325
	972,454		Swire Properties Ltd		3,957,218
	1,122,431		Techtronic Industries Co		8,122,471
	7,450,186	g	WH Group Ltd		8,815,157
	1,037,048		Wharf Holdings Ltd		2,980,441
	1,006,914		Wharf Real Estate Investment Co Ltd		7,717,273
	691,194		Wheelock & Co Ltd		4,925,734
	609,957		Yue Yuen Industrial Holdings		1,970,148
			TOTAL HONG KONG		428,473,011
IRELAND - 0.6%
	105,158	*	AerCap Holdings NV		5,220,043
	714,627		AIB Group plc		3,320,064
	784,470		Bank of Ireland Group plc		5,014,735
	670,199		CRH plc		22,545,967
	67,097	*,†	Irish Bank Resolution Corp Ltd		0
	368,158		James Hardie Industries NV		5,008,896
	129,453		Kerry Group plc (Class A)		14,490,417
	128,581		Kingspan Group plc		6,760,870
	64,307		Paddy Power plc		5,386,427
	39,474	*	Ryanair Holdings plc		528,411
	14,431	*	Ryanair Holdings plc (ADR)		1,120,423
	183,558		Smurfit Kappa Group plc		5,382,716
			TOTAL IRELAND		74,778,969
ISRAEL - 0.5%
	36,426		Azrieli Group		2,075,288
	871,237		Bank Hapoalim Ltd		6,413,882
	1,246,297		Bank Leumi Le-Israel		8,534,568
	1,759,846		Bezeq Israeli Telecommunication Corp Ltd		1,203,861
	100,461	*	Check Point Software Technologies		12,131,670
	18,335		Elbit Systems Ltd		2,555,891
	557,883		Israel Chemicals Ltd		2,962,240
	118,986		Mizrahi Tefahot Bank Ltd		2,575,700
	49,085	*	Nice Systems Ltd		6,761,737
	802,970	*	Teva Pharmaceutical Industries Ltd (ADR)		12,221,203
	36,647	*	Wix.com Ltd		4,916,562
			TOTAL ISRAEL		62,352,602
ITALY - 2.0%
	968,569		Assicurazioni Generali S.p.A.		18,792,215
	402,551		Autostrade S.p.A.		10,989,936

315

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
	12,153,075		Banca Intesa S.p.A.	$	31,841,255
	483,772		Davide Campari-Milano S.p.A		4,880,283
	6,676,168		Enel S.p.A.		42,274,577
	2,074,065		ENI S.p.A.		35,344,430
	101,090		Ferrari NV		13,710,993
	344,134		Finmeccanica S.p.A.		3,979,844
	510,132		Mediobanca S.p.A.		5,407,045
	145,775		Moncler S.p.A		5,993,432
	320,062	*,g	Pirelli & C S.p.A		2,339,771
	425,282	g	Poste Italiane S.p.A		4,545,164
	202,791	*	Prysmian S.p.A.		3,915,586
	88,137		Recordati S.p.A.		3,561,417
	1,809,080		Snam Rete Gas S.p.A.		9,209,817
	5,218,227		Telecom Italia RSP		2,724,814
	9,247,679	*	Telecom Italia S.p.A.		5,176,621
	1,121,312		Terna Rete Elettrica Nazionale S.p.A.		6,726,931
	1,624,444		UniCredit S.p.A.		22,488,972
			TOTAL ITALY		233,903,103
JAPAN - 23.2%
	26,383		ABC-Mart, Inc		1,639,700
	341,074		Acom Co Ltd		1,198,566
	493,945		Aeon Co Ltd		9,131,340
	100,873		AEON Financial Service Co Ltd		2,094,277
	78,514		Aeon Mall Co Ltd		1,205,420
	128,173		Air Water, Inc		1,955,105
	127,021		Aisin Seiki Co Ltd		4,913,795
	357,088		Ajinomoto Co, Inc		5,777,512
	146,861		Alfresa Holdings Corp		4,097,999
	91,380		All Nippon Airways Co Ltd		3,198,000
	181,480	h	Alps Electric Co Ltd		3,838,078
	275,396		Amada Co Ltd		3,087,214
	94,388		Aozora Bank Ltd		2,306,232
	291,821		Asahi Breweries Ltd		12,724,351
	146,773		Asahi Glass Co Ltd		5,007,572
	82,100		Asahi Intecc Co Ltd		4,159,101
	1,028,065		Asahi Kasei Corp		10,595,610
	690,899		Ashikaga Holdings Co Ltd		1,761,508
	135,191		Asics Corp		1,665,523
	1,532,161	h	Astellas Pharma, Inc		20,751,388
	46,899		Bank of Kyoto Ltd		2,032,346
	62,434		Benesse Holdings Inc		1,726,165
	1,509		BLife Investment Corp		3,465,083
	495,112		Bridgestone Corp		19,641,279
	183,761		Brother Industries Ltd		3,628,355
	70,889		Calbee, Inc		1,962,941
	810,077		Canon, Inc		22,478,068
	167,243		Casio Computer Co Ltd		2,106,626
	117,971	h	Central Japan Railway Co		25,368,406
	40,016		Century Leasing System, Inc		1,850,742
	506,843		Chiba Bank Ltd		2,662,154
	487,772		Chubu Electric Power Co, Inc		7,092,953
	181,348		Chugai Pharmaceutical Co Ltd		11,500,432

316

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
	234,003	e	Chugoku Electric Power Co, Inc	$	2,793,903
	109,164		Coca-Cola West Japan Co Ltd		2,695,479
	906,123		Concordia Financial Group Ltd		3,537,593
	126,221		Credit Saison Co Ltd		1,614,943
	80,400		CyberAgent, Inc		3,222,769
	205,533		Dai Nippon Printing Co Ltd		4,878,949
	208,931		Daicel Chemical Industries Ltd		2,343,924
	81,489		Daifuku Co Ltd		5,013,258
	877,146		Dai-ichi Mutual Life Insurance Co		12,661,437
	460,430		Daiichi Sankyo Co Ltd		22,765,699
	202,680		Daikin Industries Ltd		25,805,111
	59,159		Daito Trust Construction Co Ltd		7,921,589
	457,094		Daiwa House Industry Co Ltd		12,812,115
	1,306,872		Daiwa Securities Group, Inc		6,083,268
	98,517		Dena Co Ltd		1,538,519
	354,453	h	Denso Corp		15,487,821
	180,447	h	Dentsu, Inc		7,383,927
	22,985		Disco Corp		3,977,480
	100,293	h	Don Quijote Co Ltd		6,463,309
	248,681	h	East Japan Railway Co		23,436,154
	205,896		Eisai Co Ltd		11,989,462
	117,149		Electric Power Development Co		2,723,179
	202,744		FamilyMart Co Ltd		5,406,488
	158,329	h	Fanuc Ltd		29,746,127
	47,960	h	Fast Retailing Co Ltd		27,749,194
	97,499		Fuji Electric Holdings Co Ltd		3,456,437
	500,096		Fuji Heavy Industries Ltd		12,254,823
	314,386		Fujifilm Holdings Corp		14,686,940
	159,812		Fujitsu Ltd		11,732,532
	134,993		Fukuoka Financial Group, Inc		3,151,043
	38,600		Growell Holdings Co Ltd		1,521,527
	201,981		Hakuhodo DY Holdings, Inc		3,415,077
	119,066		Hamamatsu Photonics KK		4,846,156
	191,037		Hankyu Hanshin Holdings, Inc		7,142,306
	16,983		Hikari Tsushin, Inc		3,148,797
	214,437		Hino Motors Ltd		2,032,966
	24,967		Hirose Electric Co Ltd		2,893,670
	50,045		Hisamitsu Pharmaceutical Co, Inc		2,128,661
	81,182		Hitachi Chemical Co Ltd		2,165,274
	86,737		Hitachi Construction Machinery Co Ltd		2,329,198
	58,796		Hitachi High-Technologies Corp		2,620,652
	785,055		Hitachi Ltd		26,109,536
	187,846	h	Hitachi Metals Ltd		2,171,278
	1,333,025	h	Honda Motor Co Ltd		37,195,305
	43,592		Hoshizaki Electric Co Ltd		2,826,179
	311,596	h	Hoya Corp		22,007,284
	242,655		Hulic Co Ltd		2,093,424
	179,892		Idemitsu Kosan Co Ltd		5,845,049
	119,263		Iida Group Holdings Co Ltd		2,020,967
	814,917		Inpex Holdings, Inc		7,928,177
	268,651		Isetan Mitsukoshi Holdings Ltd		2,560,942
	118,338		Ishikawajima-Harima Heavy Industries Co Ltd		2,825,133
	441,364		Isuzu Motors Ltd		6,356,851

317

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
	1,107,032	h	Itochu Corp	$	19,974,675
	202,540		J Front Retailing Co Ltd		2,474,812
	92,757		Japan Airlines Co Ltd		3,025,119
	38,345		Japan Airport Terminal Co Ltd		1,621,550
	315,832	h	Japan Post Bank Co Ltd		3,477,413
	1,302,064		Japan Post Holdings Co Ltd		14,582,651
	666		Japan Prime Realty Investment Corp		2,662,770
	1,073		Japan Real Estate Investment Corp		5,947,808
	2,114		Japan Retail Fund Investment Corp		4,039,494
	905,870	h	Japan Tobacco, Inc		20,932,498
	406,507	h	JFE Holdings, Inc		6,995,110
	167,407		JGC Corp		2,412,076
	158,198		JSR Corp		2,413,865
	179,632		JTEKT Corp		2,317,199
	2,617,900		JX Holdings, Inc		12,736,577
	375,610	h	Kajima Corp		5,574,839
	114,445		Kakaku.com, Inc		2,357,854
	91,755		Kamigumi Co Ltd		2,191,900
	41,294		Kaneka Corp		1,594,553
	586,048	h	Kansai Electric Power Co, Inc		7,090,158
	147,383		Kansai Paint Co Ltd		2,810,058
	399,510	h	Kao Corp		30,841,148
	117,100		Kawasaki Heavy Industries Ltd		2,735,805
	1,452,732	h	KDDI Corp		33,481,903
	79,738		Keihan Electric Railway Co Ltd		3,395,725
	171,534		Keihin Electric Express Railway Co Ltd		2,930,811
	85,146		Keio Corp		5,141,048
	104,416		Keisei Electric Railway Co Ltd		3,662,459
	79,511	h	Keyence Corp		49,677,950
	119,960		Kikkoman Corp		5,585,957
	141,862	h	Kintetsu Corp		6,305,558
	673,578	h	Kirin Brewery Co Ltd		15,322,865
	38,064		Kobayashi Pharmaceutical Co Ltd		3,035,575
	236,705		Kobe Steel Ltd		1,812,681
	87,897	h	Koito Manufacturing Co Ltd		5,263,334
	748,134		Komatsu Ltd		19,324,598
	78,656		Konami Corp		3,581,655
	381,484		Konica Minolta Holdings, Inc		3,830,721
	23,963		Kose Corp		4,488,889
	806,875		Kubota Corp		12,284,871
	271,856		Kuraray Co Ltd		3,652,587
	82,786		Kurita Water Industries Ltd		2,155,015
	261,650	h	Kyocera Corp		17,003,180
	212,094		Kyowa Hakko Kogyo Co Ltd		4,125,923
	314,233		Kyushu Electric Power Co, Inc		3,043,096
	133,421		Kyushu Railway Co		4,347,420
	43,458		Lawson, Inc		2,029,059
	58,526	*,e	LINE Corp		1,960,880
	186,809		Lion Corp		3,845,332
	208,746		LIXIL Group Corp		2,727,157
	345,962		M3, Inc		6,176,002
	177,646		Makita Corp		6,481,132
	1,268,319		Marubeni Corp		9,088,249

318

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
	148,742		Marui Co Ltd	$	3,025,567
	48,180		Maruichi Steel Tube Ltd		1,332,023
	454,157		Mazda Motor Corp		5,374,927
	57,911		McDonald’s Holdings Co Japan Ltd		2,681,773
	143,548		Mediceo Paltac Holdings Co Ltd		3,227,865
	100,477		MEIJI Holdings Co Ltd		7,920,196
	317,672		Minebea Co Ltd		5,665,555
	234,506		MISUMI Group, Inc		6,123,207
	1,056,995	h	Mitsubishi Chemical Holdings Corp		7,536,001
	1,103,355	h	Mitsubishi Corp		30,394,865
	1,489,111	h	Mitsubishi Electric Corp		21,309,077
	952,900		Mitsubishi Estate Co Ltd		16,113,482
	134,404		Mitsubishi Gas Chemical Co, Inc		2,017,786
	251,048	h	Mitsubishi Heavy Industries Ltd		10,462,434
	85,717		Mitsubishi Materials Corp		2,229,426
	563,278		Mitsubishi Motors Corp		3,163,110
	9,615,692	h	Mitsubishi UFJ Financial Group, Inc		47,708,498
	317,137		Mitsubishi UFJ Lease & Finance Co Ltd		1,617,058
	1,344,677		Mitsui & Co Ltd		21,749,594
	157,510		Mitsui Chemicals, Inc		3,871,895
	725,796	h	Mitsui Fudosan Co Ltd		16,810,832
	98,321		Mitsui OSK Lines Ltd		2,502,605
	383,009		Mitsui Sumitomo Insurance Group Holdings, Inc		11,905,334
	267,309		Mitsui Trust Holdings, Inc		9,326,722
	19,720,426	h	Mizuho Financial Group, Inc		30,797,930
	100,700		MonotaRO Co Ltd		2,318,874
	439,038		Murata Manufacturing Co Ltd		22,045,700
	89,577		Nabtesco Corp		2,746,780
	149,821		Nagoya Railroad Co Ltd		4,060,894
	162,998		Namco Bandai Holdings, Inc		7,814,261
	210,025		NEC Corp		7,093,184
	361,989	*	Nexon Co Ltd		5,152,985
	215,638		NGK Insulators Ltd		3,203,042
	123,775		NGK Spark Plug Co Ltd		2,413,368
	182,391	h	Nidec Corp		26,052,467
	273,626		Nikon Corp		3,815,929
	92,578	h	Nintendo Co Ltd		31,885,301
	1,102	h	Nippon Building Fund, Inc		7,096,225
	75,395	h	Nippon Electric Glass Co Ltd		2,071,779
	59,290		Nippon Express Co Ltd		3,260,563
	75,805		Nippon Meat Packers, Inc		3,055,041
	120,339		Nippon Paint Co Ltd		4,583,260
	1,413		Nippon ProLogis REIT, Inc		3,034,382
	658,646		Nippon Steel Corp		11,781,056
	527,313	h	Nippon Telegraph & Telephone Corp		21,940,648
	129,390		Nippon Yusen Kabushiki Kaisha		2,211,003
	106,174	h	Nissan Chemical Industries Ltd		4,730,211
	1,892,888	h	Nissan Motor Co Ltd		15,196,181
	169,210		Nisshin Seifun Group, Inc		3,945,604
	54,660		Nissin Food Products Co Ltd		3,617,480
	64,071		Nitori Co Ltd		7,643,835
	131,257		Nitto Denko Corp		7,096,703
	258,675		NKSJ Holdings, Inc		9,763,212

319

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
	2,793,352		Nomura Holdings, Inc	$	10,576,240
	106,874		Nomura Real Estate Holdings, Inc		2,272,702
	3,177		Nomura Real Estate Master Fund, Inc		4,655,043
	94,191		Nomura Research Institute Ltd		4,610,548
	297,027		NSK Ltd		3,087,197
	503,808		NTT Data Corp		5,874,903
	1,089,397	h	NTT DoCoMo, Inc		23,656,884
	518,782		Obayashi Corp		5,099,939
	53,786		Obic Co Ltd		6,244,304
	241,660		Odakyu Electric Railway Co Ltd		5,692,302
	701,443		OJI Paper Co Ltd		4,208,987
	943,968		Olympus Corp		10,594,725
	154,299		Omron Corp		8,288,022
	313,080		Ono Pharmaceutical Co Ltd		5,881,278
	33,089		Oracle Corp Japan		2,268,836
	163,180		Oriental Land Co Ltd		18,049,157
	1,085,230	h	ORIX Corp		15,373,186
	299,295		Osaka Gas Co Ltd		5,536,632
	425,663	h	Osaka Securities Exchange Co Ltd		6,950,907
	88,973	h	Otsuka Corp		3,499,577
	317,985		Otsuka Holdings KK		11,367,829
	1,806,398	h	Panasonic Corp		16,633,661
	98,034		Park24 Co Ltd		2,062,586
	97,300		Pigeon Corp		4,165,962
	78,656		Pola Orbis Holdings, Inc		2,482,841
	695,097		Rakuten, Inc		7,776,402
	899,073	h	Recruit Holdings Co Ltd		27,074,558
	695,599	*	Renesas Electronics Corp		3,725,409
	1,668,834		Resona Holdings, Inc		7,084,399
	535,780		Ricoh Co Ltd		5,420,460
	28,218		Rinnai Corp		1,903,698
	76,214		Rohm Co Ltd		5,620,045
	19,469		Ryohin Keikaku Co Ltd		3,713,594
	37,853		Sankyo Co Ltd		1,494,941
	292,643		Santen Pharmaceutical Co Ltd		4,470,327
	197,618		SBI Holdings, Inc		4,237,203
	171,465		Secom Co Ltd		14,425,569
	147,383		Sega Sammy Holdings, Inc		1,866,808
	182,975		Seibu Holdings, Inc		2,978,551
	220,057		Seiko Epson Corp		3,529,497
	316,887		Sekisui Chemical Co Ltd		5,087,144
	495,872		Sekisui House Ltd		7,995,078
	610,288		Seven & I Holdings Co Ltd		21,120,415
	478,776		Seven Bank Ltd		1,302,475
	76,802		SG Holdings Co Ltd		2,056,677
	164,815		Sharp Corp		1,838,592
	183,365		Shimadzu Corp		4,918,448
	18,878		Shimamura Co Ltd		1,407,619
	59,910		Shimano, Inc		8,805,772
	441,050		Shimizu Corp		3,777,713
	295,601		Shin-Etsu Chemical Co Ltd		28,000,649
	134,896		Shinsei Bank Ltd		1,881,031
	225,280	h	Shionogi & Co Ltd		13,159,281

320

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
	310,830	h	Shiseido Co Ltd	$	24,449,256
	356,548		Shizuoka Bank Ltd		2,739,664
	107,492		Showa Denko KK		3,669,782
	46,691		SMC Corp		19,501,182
	1,360,500	e	Softbank Corp		16,016,216
	674,636	h	Softbank Group Corp		71,532,548
	58,206		Sohgo Security Services Co Ltd		2,600,712
	1,037,545	h	Sony Corp		52,259,170
	147,579		Sony Financial Holdings, Inc		3,034,379
	109,529		Stanley Electric Co Ltd		2,969,665
	176,833	h	Start Today Co Ltd		3,141,163
	185,799		Sumco Corp		2,451,032
	1,188,494		Sumitomo Chemical Co Ltd		5,929,397
	901,726		Sumitomo Corp		12,924,281
	130,965		Sumitomo Dainippon Pharma Co Ltd		2,893,421
	602,283		Sumitomo Electric Industries Ltd		8,013,787
	91,117		Sumitomo Heavy Industries Ltd		3,239,875
	186,245		Sumitomo Metal Mining Co Ltd		5,858,123
	1,087,462	h	Sumitomo Mitsui Financial Group, Inc		39,525,113
	289,845		Sumitomo Realty & Development Co Ltd		10,715,586
	148,933		Sumitomo Rubber Industries, Inc		1,831,330
	61,057		Sundrug Co Ltd		1,636,969
	117,150	h	Suntory Beverage & Food Ltd		5,180,275
	61,352		Suzuken Co Ltd		3,537,580
	280,440		Suzuki Motor Corp		12,797,501
	139,625	h	Sysmex Corp		8,000,800
	444,649		T&D Holdings, Inc		4,816,033
	95,298		Taiheiyo Cement Corp		3,073,246
	170,197		Taisei Corp		7,488,681
	28,358		Taisho Pharmaceutical Holdings Co Ltd		2,623,120
	117,058	h	Taiyo Nippon Sanso Corp		1,950,383
	110,119		Takashimaya Co Ltd		1,238,200
	1,211,473	h	Takeda Pharmaceutical Co Ltd		44,705,444
	207,155		Tanabe Seiyaku Co Ltd		2,607,480
	104,549		TDK Corp		9,159,962
	154,560		Teijin Ltd		2,658,759
	141,972		Temp Holdings Co Ltd		2,676,088
	493,054		Terumo Corp		14,879,702
	104,285		THK Co Ltd		2,757,695
	152,190		Tobu Railway Co Ltd		4,309,448
	87,942		Toho Co Ltd		3,693,062
	63,220		Toho Gas Co Ltd		2,606,544
	334,737		Tohoku Electric Power Co, Inc		3,831,859
	530,243	h	Tokio Marine Holdings, Inc		26,864,907
	1,218,318	*,h	Tokyo Electric Power Co, Inc		6,881,517
	127,643		Tokyo Electron Ltd		20,261,208
	318,405	h	Tokyo Gas Co Ltd		8,100,904
	398,144		Tokyu Corp		6,499,933
	505,824	h	Tokyu Fudosan Holdings Corp		2,853,781
	205,490		Toppan Printing Co Ltd		3,335,319
	1,115,461		Toray Industries, Inc		7,633,182
	533,187		Toshiba Corp		17,766,603
	214,830		Tosoh Corp		3,463,840

321

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
	116,232		Toto Ltd	$	4,926,819
	118,024		Toyo Seikan Kaisha Ltd		2,366,525
	72,799		Toyo Suisan Kaisha Ltd		2,779,782
	58,599		Toyoda Gosei Co Ltd		1,219,868
	121,033		Toyota Industries Corp		6,860,600
	1,866,586	h	Toyota Motor Corp		115,561,165
	169,344		Toyota Tsusho Corp		5,624,886
	95,331		Trend Micro, Inc		4,765,776
	31,659		Tsuruha Holdings, Inc		2,698,165
	325,422		Uni-Charm Corp		10,739,514
	2,324		United Urban Investment Corp		3,710,374
	186,023		USS Co Ltd		3,570,863
	132,877		West Japan Railway Co		9,882,577
	2,277,319		Yahoo! Japan Corp		6,079,231
	95,711		Yakult Honsha Co Ltd		6,534,719
	514,040	e	Yamada Denki Co Ltd		2,436,769
	166,162		Yamaguchi Financial Group, Inc		1,229,384
	112,860	h	Yamaha Corp		5,859,963
	229,879		Yamaha Motor Co Ltd		4,740,567
	255,574		Yamato Transport Co Ltd		5,552,007
	100,877		Yamazaki Baking Co Ltd		1,502,788
	196,565		Yaskawa Electric Corp		7,317,681
	194,573	h	Yokogawa Electric Corp		4,074,563
	98,432	h	Yokohama Rubber Co Ltd		1,854,730
			TOTAL JAPAN		2,720,092,642
LUXEMBOURG - 0.3%
	539,687		ArcelorMittal		11,741,472
	9,177	e	Eurofins Scientific		4,202,404
	55,050	e	Millicom International Cellular S.A.		3,219,984
	30,422		RTL Group		1,714,223
	300,455		SES Global S.A.		5,112,146
	392,844		Tenaris S.A.		5,445,539
			TOTAL LUXEMBOURG		31,435,768
MACAU - 0.3%
	1,938,361		Galaxy Entertainment Group Ltd		14,516,834
	712,629		MGM China Holdings Ltd		1,471,127
	1,959,267		Sands China Ltd		10,784,122
	1,214,653		Wynn Macau Ltd		3,494,764
			TOTAL MACAU		30,266,847
MEXICO - 0.0%
	187,728		Fresnillo plc		1,838,661
			TOTAL MEXICO		1,838,661
NETHERLANDS - 4.7%
	340,443	e,g	ABN AMRO Group NV (ADR)		8,018,209
	8,518	*,g	Adyen NV		6,942,153
	1,483,933		Aegon NV		7,746,354
	181,957		Akzo Nobel NV		15,460,073
	335,199		ASML Holding NV		69,993,162
	145,743		DSM NV		16,668,866

322

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
	86,460		EXOR NV	$	5,765,384
	92,293		Heineken Holding NV		9,395,793
	211,700	e	Heineken NV		22,886,324
	3,182,825		ING Groep NV		40,612,929
	970,391		Koninklijke Ahold Delhaize NV		23,387,961
	2,680,865		Koninklijke KPN NV		8,239,247
	758,160		Koninklijke Philips Electronics NV		32,558,212
	57,697		Koninklijke Vopak NV		2,576,346
	253,395		NN Group NV		11,058,064
	280,857		NXP Semiconductors NV		29,664,116
	96,999		Randstad Holdings NV		5,547,492
	3,680,466		Royal Dutch Shell plc (A Shares)		117,264,902
	3,058,621		Royal Dutch Shell plc (B Shares)		98,711,937
	228,328		Wolters Kluwer NV		15,936,718
			TOTAL NETHERLANDS		548,434,242
NEW ZEALAND - 0.2%
	601,236	*	a2 Milk Co Ltd		6,758,854
	823,135		Auckland International Airport Ltd		4,382,098
	482,472		Fisher & Paykel Healthcare Corp		5,104,001
	763,101	e	Fletcher Building Ltd		2,629,127
	1,002,289		Meridian Energy Ltd		2,722,600
	334,633		Ryman Healthcare Ltd		2,717,497
	1,541,298		Telecom Corp of New Zealand Ltd		3,781,843
			TOTAL NEW ZEALAND		28,096,020
NORWAY - 0.7%
	88,296		Aker BP ASA		2,914,427
	773,893		DNB NOR Holding ASA		14,881,344
	170,460		Gjensidige Forsikring BA		3,314,747
	1,090,394		Norsk Hydro ASA		4,696,417
	666,059	e	Orkla ASA		5,227,588
	363,933		PAN Fish ASA		7,895,707
	84,663		Schibsted ASA (B Shares)		2,025,447
	953,982		Statoil ASA		21,265,812
	606,446		Telenor ASA		12,190,690
	144,540		Yara International ASA		6,535,234
			TOTAL NORWAY		80,947,413
PORTUGAL - 0.2%
	2,082,627		Energias de Portugal S.A.		7,902,875
	406,337		Galp Energia SGPS S.A.		6,812,754
	203,207		Jeronimo Martins SGPS S.A.		3,309,356
			TOTAL PORTUGAL		18,024,985
SINGAPORE - 1.3%
	2,269,542		Ascendas REIT		5,013,353
	2,298,237		CapitaCommercial Trust		3,283,481
	2,041,926		CapitaLand Ltd		5,306,175
	2,106,745		CapitaMall Trust		3,751,245
	331,045		City Developments Ltd		2,178,996
	1,725,829		ComfortDelgro Corp Ltd		3,418,320
	1,464,505		DBS Group Holdings Ltd		30,455,018

323

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
	4,895,284		Genting Singapore Ltd	$	3,549,655
	5,706,672		Golden Agri-Resources Ltd		1,213,363
	85,744		Jardine Cycle & Carriage Ltd		2,240,523
	1,204,965		Keppel Corp Ltd		6,004,827
	2,617,203		Oversea-Chinese Banking Corp		23,314,688
	877,845		SembCorp Industries Ltd		1,716,753
	434,886		Singapore Airlines Ltd		3,098,706
	538,325		Singapore Airport Terminal Services Ltd		2,070,417
	682,560		Singapore Exchange Ltd		3,706,079
	1,281,216	e	Singapore Press Holdings Ltd		2,367,939
	1,211,271		Singapore Technologies Engineering Ltd		3,529,650
	6,672,999		Singapore Telecommunications Ltd		15,421,369
	1,875,564		Suntec Real Estate Investment Trust		2,551,135
	1,089,188		United Overseas Bank Ltd		22,304,901
	391,097		UOL Group Ltd		2,182,813
	221,713		Venture Corp Ltd		2,780,537
	1,554,756		Wilmar International Ltd		4,158,010
			TOTAL SINGAPORE		155,617,953
SOUTH AFRICA - 0.2%
	864,891		Anglo American plc (London)		22,443,662
	558,216		Investec plc		3,542,720
			TOTAL SOUTH AFRICA		25,986,382
SPAIN - 2.9%
	207,190		ACS Actividades Construccion y Servicios S.A.		9,527,883
	55,636	g	Aena S.A.		10,329,808
	359,352		Amadeus IT Holding S.A.		28,639,146
	5,455,166		Banco Bilbao Vizcaya Argentaria S.A.		33,172,037
	4,508,640		Banco de Sabadell S.A.		5,249,566
	13,291,384	e	Banco Santander S.A.		67,379,016
	1,018,256		Bankia S.A.		2,820,227
	525,672		Bankinter S.A.		4,201,800
	2,940,301		CaixaBank S.A.		9,372,190
	887,216		Corp Mapfre S.A.		2,665,363
	190,859		Enagas		5,444,319
	265,004		Endesa S.A.		6,611,416
	405,853		Ferrovial S.A.		10,008,186
	280,180		Gas Natural SDG S.A.		7,976,249
	238,126		Grifols S.A.		6,617,830
	5,067,845		Iberdrola S.A.		46,053,482
	890,954	e	Industria De Diseno Textil S.A.		26,976,846
	360,194		Red Electrica Corp S.A.		7,475,420
	1,135,652		Repsol YPF S.A.		19,270,534
	198,746		Siemens Gamesa Renewable Energy		3,569,568
	3,817,881		Telefonica S.A.		31,831,016
			TOTAL SPAIN		345,191,902
SWEDEN - 2.4%
	240,976	e	Alfa Laval AB		5,593,451
	813,680		Assa Abloy AB		17,394,491
	546,908	e	Atlas Copco AB (A Shares)		17,071,352
	325,431	e	Atlas Copco AB (B Shares)		9,268,982

324

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
	225,768	e	Boliden AB	$	6,718,839
	199,153		Electrolux AB (Series B)		4,880,906
	312,077	*	Epiroc AB		3,088,241
	536,653	*	Epiroc AB (Class A)		5,547,702
	2,518,833		Ericsson (LM) (B Shares)		24,916,733
	493,067		Essity AB		14,619,882
	718,430	e	Hennes & Mauritz AB (B Shares)		12,535,848
	215,249		Hexagon AB (B Shares)		11,759,523
	340,839	e	Husqvarna AB (B Shares)		3,111,990
	63,627	e	ICA Gruppen AB		2,301,309
	138,768	e	Industrivarden AB		3,122,926
	191,776	e	Investment AB Kinnevik (B Shares)		5,588,609
	367,966		Investor AB (B Shares)		17,548,913
	58,062		Lundbergs AB (B Shares)		1,985,842
	149,003		Lundin Petroleum AB		4,852,462
	918,048	e	Sandvik AB		17,000,763
	249,851	e	Securitas AB (B Shares)		4,369,027
	1,328,290		Skandinaviska Enskilda Banken AB (Class A)		12,681,984
	288,780		Skanska AB (B Shares)		5,028,863
	315,240		SKF AB (B Shares)		5,851,477
	1,239,582		Svenska Handelsbanken AB		13,540,063
	738,449		Swedbank AB (A Shares)		12,065,675
	145,860		Swedish Match AB		7,112,071
	417,923	e	Tele2 AB (B Shares)		5,583,257
	2,264,630		TeliaSonera AB		9,648,513
	1,271,775		Volvo AB (B Shares)		20,382,005
			TOTAL SWEDEN		285,171,699
SWITZERLAND - 9.0%
	1,510,299	*	ABB Ltd		31,064,902
	128,976		Adecco S.A.		7,410,055
	357,294	*	Alcon, Inc		20,576,095
	38,616		Baloise Holding AG.		6,620,376
	1,765		Barry Callebaut AG.		3,236,205
	422,551		Cie Financiere Richemont S.A.		30,889,468
	152,323		Clariant AG.		3,133,958
	163,018		Coca-Cola HBC AG.		5,838,535
	2,092,727		Credit Suisse Group		27,830,946
	28,436		Dufry Group		2,783,065
	7,045		EMS-Chemie Holding AG.		4,266,374
	30,011		Geberit AG.		12,583,877
	7,525		Givaudan S.A.		19,484,517
	9,194,163		Glencore Xstrata plc		36,478,373
	395,696		Holcim Ltd		20,314,019
	182,225		Julius Baer Group Ltd		8,802,356
	44,338		Kuehne & Nagel International AG.		6,444,739
	906		Lindt & Spruengli AG.		6,021,056
	84		Lindt & Spruengli AG. (Registered)		6,372,442
	60,158		Lonza Group AG.		18,578,542
	2,501,083		Nestle S.A.		240,798,277
	1,771,610		Novartis AG.		145,165,840
	32,113		Pargesa Holding S.A.		2,523,726
	14,027		Partners Group		10,580,070

325

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
	44,569		Phonak Holding AG.	$	9,002,141
	574,025		Roche Holding AG.		151,464,123
	33,431		Schindler Holding AG.		7,225,272
	17,236		Schindler Holding AG. (Registered)		3,664,439
	4,304		SGS S.A.		11,356,321
	104,709		Sika AG.		16,043,725
	556,210		STMicroelectronics NV		10,214,641
	8,551		Straumann Holding AG.		6,910,664
	24,598		Swatch Group AG.		7,507,036
	45,059		Swatch Group AG. (Registered)		2,644,001
	27,952	*	Swiss Life Holding		13,141,026
	60,427		Swiss Prime Site AG.		4,852,550
	247,667		Swiss Re Ltd		23,844,834
	20,762	e	Swisscom AG.		9,674,141
	50,496		Temenos Group AG.		8,399,891
	3,154,014		UBS AG.		42,293,611
	38,085		Vifor Pharma AG.		4,973,485
	123,956		Zurich Financial Services AG.		39,513,173
			TOTAL SWITZERLAND		1,050,522,887
UNITED ARAB EMIRATES - 0.0%
	85,358	e	NMC Health plc		3,152,089
			TOTAL UNITED ARAB EMIRATES		3,152,089
UNITED KINGDOM - 13.9%
	793,179		3i Group plc		11,098,494
	167,302		Admiral Group plc		4,819,015
	394,571		Ashtead Group plc		10,956,146
	289,060		Associated British Foods plc		9,655,289
	1,036,869		AstraZeneca plc		77,246,534
	787,351	g	Auto Trader Group plc		5,820,384
	3,182,019		Aviva plc		17,870,623
	231,691		Babcock International Group		1,590,478
	2,627,154		BAE Systems plc		16,885,452
	14,000,941		Barclays plc		30,046,089
	812,271		Barratt Developments plc		6,390,007
	97,660		Berkeley Group Holdings plc		4,790,869
	16,380,381		BP plc		119,113,198
	1,872,483		British American Tobacco plc		73,305,686
	763,115		British Land Co plc		5,920,759
	6,889,110		BT Group plc		20,557,194
	270,462		Bunzl plc		8,157,430
	329,421		Burberry Group plc		8,682,548
	4,671,867		Centrica plc		6,494,677
	843,326		CNH Industrial NV		9,168,541
	174,468		Coca-Cola European Partners plc (Class A)		9,349,740
	1,292,310		Compass Group plc		29,405,044
	1,095,414	g	ConvaTec Group plc		1,984,006
	102,760		Croda International plc		6,960,839
	78,135		DCC plc		6,993,886
	1,987,431		Diageo plc		83,785,565
	1,095,101		Direct Line Insurance Group plc		4,712,273
	133,559		easyJet plc		2,023,676

326

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
	742,923		Experian Group Ltd	$	21,625,679
	897,054		Fiat DaimlerChrysler Automobiles NV		13,824,853
	4,061,363		GlaxoSmithKline plc		83,433,460
	1,285,333		Group 4 Securicor plc		3,632,749
	457,648		GVC Holdings plc		3,905,318
	609,450		Hammerson plc		2,564,176
	227,065		Hargreaves Lansdown plc		6,707,247
	16,364,831		HSBC Holdings plc		142,586,196
	780,635		Imperial Tobacco Group plc		24,838,382
	1,010,219		Informa plc		10,271,942
	139,769		InterContinental Hotels Group plc		9,052,852
	130,154		Intertek Group plc		9,103,465
	3,009,053		ITV plc		5,373,068
	1,390,044		J Sainsbury plc		4,038,405
	579,249		John Wood Group plc		3,551,231
	159,817		Johnson Matthey plc		6,971,922
	1,696,006		Kingfisher plc		5,848,144
	603,309		Land Securities Group plc		7,271,037
	4,851,076		Legal & General Group plc		17,641,081
	58,152,301		Lloyds TSB Group plc		47,558,991
	255,588		London Stock Exchange Group plc		16,757,190
	1,373,557		Marks & Spencer Group plc		5,123,721
	638,490		Meggitt plc		4,543,382
	3,977,130		Melrose Industries plc		10,523,280
	578,189	g	Merlin Entertainments plc		2,764,952
	284,113		Micro Focus International plc		7,201,996
	292,311		Mondi plc		6,423,610
	2,766,157		National Grid plc		30,305,819
	115,355		Next plc		8,685,504
	644,339		Pearson plc		6,980,053
	262,897		Persimmon plc		7,679,969
	2,119,162		Prudential plc		48,150,270
	549,422		Reckitt Benckiser Group plc		44,451,774
	814,303		RELX plc		18,657,767
	801,709		RELX plc (London)		18,419,765
	1,380,290		Rolls-Royce Group plc		16,529,710
	98,000,590	*,h	Rolls-Royce Holdings plc		127,793
	3,969,191		Royal Bank of Scotland Group plc		12,428,856
	720,041		Royal Mail plc		2,375,843
	844,797		RSA Insurance Group plc		5,988,859
	873,133		Sage Group plc		8,276,557
	106,624		Schroders plc		4,412,840
	842,870		Scottish & Southern Energy plc		12,611,546
	859,037		Segro plc		7,611,566
	189,194		Severn Trent plc		5,036,061
	710,949		Smith & Nephew plc		13,744,408
	329,970		Smiths Group plc		6,569,554
	440,094		St. James’s Place plc		6,458,524
	2,284,122		Standard Chartered plc		20,884,122
	2,080,849		Standard Life Aberdeen plc		7,581,613
	2,694,299		Taylor Wimpey plc		6,387,662
	8,027,534		Tesco plc		26,190,954
	1,263,854	e	Unilever NV		76,468,930

327

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY					VALUE
	908,458		Unilever plc					$	55,066,252
	569,231		United Utilities Group plc						6,175,034
	21,858,501		Vodafone Group plc						40,544,763
	207,188		Weir Group plc						4,503,207
	152,970		Whitbread plc						8,905,789
	1,793,887		WM Morrison Supermarkets plc						5,056,288
	1,020,743		WPP plc						12,736,620
			TOTAL UNITED KINGDOM						1,632,927,043
UNITED STATES - 0.2%
	137,002		Carnival plc						7,263,108
	190,296		Ferguson plc						13,542,584
	189,946	*	QIAGEN NV (Turquoise)						7,354,872
			TOTAL UNITED STATES						28,160,564
			TOTAL COMMON STOCKS						11,438,693,620
			(Cost $9,925,528,223)
PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 7.2%
GOVERNMENT AGENCY DEBT - 0.9%
$	103,500,000		Federal Home Loan Bank (FHLB)		2.350	%	05/01/19		103,500,000
			TOTAL GOVERNMENT AGENCY DEBT						103,500,000
TREASURY DEBT - 1.0%
	42,370,000		United States Treasury Bill		2.350-2.363		05/02/19		42,367,187
	37,270,000		United States Treasury Bill		2.341-2.372		05/07/19		37,255,272
	17,510,000		United States Treasury Bill		2.381		05/09/19		17,500,758
	22,550,000		United States Treasury Bill		2.357-2.390		05/14/19		22,530,620
			TOTAL TREASURY DEBT						119,653,837
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 5.3%
	627,595,004	a,c	State Street Navigator Securities Lending Government Money Market Portfolio						627,595,004
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						627,595,004
			TOTAL SHORT-TERM INVESTMENTS						850,748,841
			(Cost $850,748,885)
			TOTAL INVESTMENTS - 104.7%						12,289,442,461
			(Cost $10,776,277,108)
			OTHER ASSETS & LIABILITIES, NET - (4.7)%						(553,741,356	)
			NET ASSETS - 100.0%					$	11,735,701,105

328

TIAA-CREF FUNDS - International Equity Index Fund

	Abbreviation(s):
ADR	American Depositary Receipt
REIT	Real Estate Investment Trust

*	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 $599,798,006.
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 4/30/19, the aggregate value of these securities is $94,123,530 or 0.8% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.

Futures contracts outstanding as of April 30, 2019 were as follows:

Description	Number of long (short) contracts		Expiration date	Notional amount		Value		Unrealized appreciation (depreciation)
MSCI EAFE Index		2,112	06/21/19		$201,681,053		$202,435,200		$754,147

329

TIAA-CREF FUNDS - International Equity Index Fund

TIAA-CREF FUNDS
INTERNATIONAL EQUITY INDEX FUND
SUMMARY OF MARKET VALUES BY SECTOR (unaudited)
April 30, 2019

SECTOR	VALUE			% OF NET ASSETS
FINANCIALS	$	2,216,933,247			18.9	%
INDUSTRIALS		1,678,605,898			14.3
CONSUMER STAPLES		1,328,201,889			11.3
CONSUMER DISCRETIONARY		1,290,916,136			11.0
HEALTH CARE		1,225,457,875			10.4
MATERIALS		847,038,757			7.2
INFORMATION TECHNOLOGY		750,031,763			6.4
ENERGY		653,189,881			5.6
COMMUNICATION SERVICES		621,343,170			5.3
REAL ESTATE		417,445,357			3.6
UTILITIES		409,529,647			3.5
SHORT-TERM INVESTMENTS		850,748,841			7.2
OTHER ASSETS & LIABILITIES, NET		(553,741,356	)		(4.7	)
NET ASSETS	$	11,735,701,105			100.0	%

330

TIAA-CREF FUNDS - Emerging Markets Debt Fund

TIAA-CREF FUNDS

EMERGING MARKETS DEBT FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2019

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
BONDS - 95.1%
CORPORATE BONDS - 50.0%
ARGENTINA - 1.0%
$	2,020,000	g	AES Argentina Generacion S.A.			7.750	%	02/02/24	$	1,608,425
ARS	2,000,000	g,i	YPF S.A.	Argentina Deposit Rates Badlar + 4.000%		48.750		07/07/20		631,813
$	1,950,000	g	YPF S.A.			6.950		07/21/27		1,657,890
	2,000,000	g	YPF S.A.			7.000		12/15/47		1,547,500
			TOTAL ARGENTINA							5,445,628
AZERBAIJAN - 0.5%
	2,250,000		State Oil Co of the Azerbaijan Republic			4.750		03/13/23		2,300,616
			TOTAL AZERBAIJAN							2,300,616
BAHRAIN - 0.5%
	2,300,000	g	Oil and Gas Holding Co BSCC			7.625		11/07/24		2,502,172
			TOTAL BAHRAIN							2,502,172
BRAZIL - 3.8%
	2,200,000	g	Banco BTG Pactual S.A.			7.750		02/15/29		2,244,000
	1,450,000	g	Banco Votorantim S.A.			8.250		N/A‡		1,464,500
	2,325,000	g	Klabin Finance S.A.			4.875		09/19/27		2,266,317
	1,800,000	g	MARB BondCo plc			6.875		01/19/25		1,794,600
	914,108	g	Odebrecht Offshore Drilling Finance Ltd			6.720		12/01/22		870,688
	3,565,380	†,g,o	Odebrecht Offshore Drilling Finance Ltd			7.720		12/01/26		891,345
	527,012	†,g,j	Odebrecht Oil & Gas Finance Ltd			0.000		N/A‡		2,635
	714,000	o	Oi S.A.			10.000		07/27/25		749,700
	1,500,000		Petrobras Global Finance BV			7.375		01/17/27		1,671,000
	1,625,000		Petrobras Global Finance BV			5.750		02/01/29		1,629,062
	1,700,000		Petrobras Global Finance BV			5.625		05/20/43		1,542,750
	2,000,000	g	Rio Oil Finance Trust			8.200		04/06/28		2,193,020
	775,000	g	Suzano Austria GmbH			6.000		01/15/29		829,250
	1,525,000	g	Suzano Austria GmbH			7.000		03/16/47		1,694,290
			TOTAL BRAZIL							19,843,157
CHILE - 3.0%
	2,350,000	g	AES Gener S.A.			7.125		03/26/79		2,461,038
	2,850,000	g	Banco del Estado de Chile			2.668		01/08/21		2,822,384
	1,600,000	g	Celulosa Arauco y Constitucion S.A.			5.500		04/30/49		1,605,600
	1,800,000	g	Corp Nacional del Cobre de Chile-CODELCO			3.625		08/01/27		1,806,588

331

TIAA-CREF FUNDS - Emerging Markets Debt Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	2,150,000	g	Corp Nacional del Cobre de Chile-CODELCO		4.375	%	02/05/49	$	2,153,225
	2,100,000		Enel Chile S.A.		4.875		06/12/28		2,223,795
	2,600,000	g	Latam Finance Ltd		7.000		03/01/26		2,661,750
			TOTAL CHILE						15,734,380
CHINA - 2.5%
	2,100,000		China Evergrande Group		8.250		03/23/22		2,014,064
	2,300,000		Country Garden Holdings Co Ltd		4.750		07/25/22		2,257,544
	2,350,000	g	Golden Eagle Retail Group Ltd		4.625		05/21/23		2,200,305
	2,000,000		Shimao Property Holdings Ltd		5.200		01/30/25		1,958,632
	2,200,000	g	Tencent Holdings Ltd		3.975		04/11/29		2,217,779
	2,000,000		Vigorous Champion International Ltd		4.375		09/10/23		2,064,982
			TOTAL CHINA						12,713,306
COLOMBIA - 1.6%
	2,000,000	g	Colombia Telecomunicaciones S.A. ESP		5.375		09/27/22		2,030,020
	2,300,000		Ecopetrol S.A.		5.875		05/28/45		2,381,420
	1,650,000	g	Millicom International Cellular S.A.		6.250		03/25/29		1,699,500
	1,825,000	g	Termocandelaria Power Ltd		7.875		01/30/29		1,929,956
			TOTAL COLOMBIA						8,040,896
COSTA RICA - 0.2%
	952,000	g	Banco Nacional de Costa Rica		5.875		04/25/21		959,140
			TOTAL COSTA RICA						959,140
DOMINICAN REPUBLIC - 0.5%
	2,500,000	g	Aeropuertos Dominicanos Siglo XXI S.A.		6.750		03/30/29		2,610,250
			TOTAL DOMINICAN REPUBLIC						2,610,250
GHANA - 0.5%
	1,000,000	g	Tullow Oil plc		6.250		04/15/22		1,007,500
	1,725,000	g	Tullow Oil plc		7.000		03/01/25		1,758,638
			TOTAL GHANA						2,766,138
GUATEMALA - 0.4%
	2,200,000	g	Comcel Trust		6.875		02/06/24		2,277,000
			TOTAL GUATEMALA						2,277,000
INDIA - 3.1%
	2,650,000	g	Azure Power Energy Ltd		5.500		11/03/22		2,623,717
	3,000,000	g	Bharti Airtel Ltd		4.375		06/10/25		2,972,477
	2,500,000	g	GMR Hyderabad International Airport Ltd		5.375		04/10/24		2,487,970
	2,900,000	g	ICICI Bank Ltd		3.800		12/14/27		2,811,805
	2,300,000		Indian Railway Finance Corp Ltd		3.835		12/13/27		2,243,926
	2,800,000	g	Vedanta Resources Finance II plc		9.250		04/23/26		2,814,078
			TOTAL INDIA						15,953,973

332

TIAA-CREF FUNDS - Emerging Markets Debt Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
INDONESIA - 4.1%
$	1,875,000	g	Indonesia Asahan Aluminium Persero PT		5.710	%	11/15/23	$	2,012,430
IDR	12,280,000,000	g	Jasa Marga Persero Tbk PT		7.500		12/11/20		836,098
$	2,000,000	g	Listrindo Capital BV		4.950		09/14/26		1,928,000
	1,625,000	g	LLPL Capital Pte Ltd		6.875		02/04/39		1,754,392
	2,200,000	g	Medco Platinum Road Pte Ltd		6.750		01/30/25		2,147,803
	2,300,000	g	Minejesa Capital BV		5.625		08/10/37		2,278,263
	1,700,000	g	Pelabuhan Indonesia II PT		4.250		05/05/25		1,717,000
	2,050,000	g	Pelabuhan Indonesia III Persero PT		4.500		05/02/23		2,104,699
	2,000,000	g	Perusahaan Listrik Negara PT		5.250		10/24/42		1,977,500
	2,000,000	g	Perusahaan Listrik Negara PT		6.150		05/21/48		2,209,882
	2,203,400	g	Star Energy Geothermal Wayang Windu Ltd		6.750		04/24/33		2,195,516
			TOTAL INDONESIA						21,161,583
IRELAND - 0.5%
	675,000	g	C&W Senior Financing Designated Activity Co		7.500		10/15/26		700,312
	2,000,000	g	C&W Senior Financing Designated Activity Co		6.875		09/15/27		2,001,980
			TOTAL IRELAND						2,702,292
ISRAEL - 1.0%
	2,000,000	g	Israel Electric Corp Ltd		4.250		08/14/28		2,020,472
	1,800,000		Teva Pharmaceutical Finance Netherlands III BV		3.150		10/01/26		1,509,750
	1,450,000		Teva Pharmaceutical Finance Netherlands III BV		6.750		03/01/28		1,493,500
			TOTAL ISRAEL						5,023,722
JAMAICA - 0.2%
	2,560,908	†,g,o	Digicel Group Two Ltd		9.125		04/01/24		819,491
			TOTAL JAMAICA						819,491
KAZAKHSTAN - 2.2%
KZT	453,000,000	g	Development Bank of Kazakhstan JSC		8.950		05/04/23		1,160,838
$	1,098,937	g	Kazkommertsbank JSC		5.500		12/21/22		1,100,605
	1,800,000	g	KazMunayGas National Co JSC		4.750		04/19/27		1,865,322
	3,000,000	g	KazMunayGas National Co JSC		5.375		04/24/30		3,192,765
	1,550,000	g	KazMunayGas National Co JSC		6.375		10/24/48		1,718,370
	2,475,000	g	KazTransGas JSC		4.375		09/26/27		2,447,884
			TOTAL KAZAKHSTAN						11,485,784
MACAU - 0.8%
	2,250,000		Sands China Ltd		5.400		08/08/28		2,380,666
	1,550,000	g	Wynn Macau Ltd		4.875		10/01/24		1,530,625
			TOTAL MACAU						3,911,291
MALAYSIA - 0.6%
	3,000,000		1MDB Global Investments Ltd		4.400		03/09/23		2,816,013
			TOTAL MALAYSIA						2,816,013

333

TIAA-CREF FUNDS - Emerging Markets Debt Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
MEXICO - 4.7%
$	800,000	g	BBVA Bancomer S.A.		5.350	%	11/12/29	$	782,008
	2,625,000	g	BBVA Bancomer S.A.		5.125		01/18/33		2,487,188
	2,161,501	g	Cometa Energia S.A. de C.V.		6.375		04/24/35		2,161,501
	2,000,000		Grupo Financiero Santander Mexico SAB de C.V.		8.500		N/A‡		2,099,000
	2,691,000	g	Mexico City Airport Trust		4.250		10/31/26		2,620,361
	2,300,000	g	Nemak SAB de C.V.		4.750		01/23/25		2,259,750
	7,000,000		Petroleos Mexicanos		4.875		01/18/24		6,964,300
	2,100,000		Petroleos Mexicanos		5.350		02/12/28		1,966,230
	2,075,000		Petroleos Mexicanos		6.350		02/12/48		1,836,375
			TOTAL MEXICO						23,176,713
MOROCCO - 0.6%
	2,800,000	g	OCP S.A.		6.875		04/25/44		3,045,400
			TOTAL MOROCCO						3,045,400
NETHERLANDS - 0.5%
	2,300,000	g	GTH Finance BV		7.250		04/26/23		2,492,105
			TOTAL NETHERLANDS						2,492,105
NIGERIA - 0.5%
	2,300,000	g	IHS Netherlands Holdco BV		9.500		10/27/21		2,385,459
			TOTAL NIGERIA						2,385,459
PANAMA - 1.4%
	2,500,000	g	Banco General S.A.		4.125		08/07/27		2,462,500
	2,300,000	g	Empresa de Transmision Electrica S.A.		5.125		05/02/49		2,353,935
	2,200,000	g	Global Bank Corp		5.250		04/16/29		2,235,750
			TOTAL PANAMA						7,052,185
PERU - 2.8%
PEN	9,000,000	g	Alicorp SAA		6.875		04/17/27		2,762,740
$	1,050,000	g	Consorcio Transmantaro SA		4.700		04/16/34		1,072,313
	1,575,000	g	Hunt Oil Co of Peru LLC Sucursal Del Peru		6.375		06/01/28		1,720,688
	2,300,000	g	Inkia Energy Ltd		5.875		11/09/27		2,305,198
	2,000,000	g	Intercorp Financial Services, Inc		4.125		10/19/27		1,960,000
	2,200,000	g	Peru LNG Srl		5.375		03/22/30		2,327,600
	2,000,000	g	Petroleos del Peru S.A.		5.625		06/19/47		2,112,000
			TOTAL PERU						14,260,539
RUSSIA - 2.0%
	2,000,000	g	Credit Bank of Moscow Via CBOM Finance plc		5.550		02/14/23		1,929,980
	1,800,000	g	Credit Bank of Moscow Via CBOM Finance plc		7.500		10/05/27		1,480,118
	2,225,000	g	Evraz plc		5.250		04/02/24		2,251,211
	2,800,000	g	Gazprom OAO Via Gaz Capital S.A.		5.150		02/11/26		2,900,696

334

TIAA-CREF FUNDS - Emerging Markets Debt Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	1,550,000	g	Gazprom OAO Via Gaz Capital S.A.		4.950	%	02/06/28	$	1,572,652
			TOTAL RUSSIA						10,134,657
SAUDI ARABIA - 0.5%
	2,275,000	g	SABIC Capital II BV		4.500		10/10/28		2,401,108
			TOTAL SAUDI ARABIA						2,401,108
SINGAPORE - 0.5%
	2,500,000	g	BOC Aviation Ltd		3.500		10/10/24		2,488,480
			TOTAL SINGAPORE						2,488,480
SOUTH AFRICA - 2.5%
	2,000,000	g	Eskom Holdings SOC Ltd		5.750		01/26/21		1,981,822
	2,000,000	g	Eskom Holdings SOC Ltd		6.750		08/06/23		2,004,810
	1,325,000	g	Eskom Holdings SOC Ltd		6.350		08/10/28		1,376,454
	1,600,000	g	Eskom Holdings SOC Ltd		8.450		08/10/28		1,730,195
	2,100,000	g	MTN Mauritius Investment Ltd		6.500		10/13/26		2,155,259
EUR	525,000	g	Sappi Papier Holding GmbH		3.125		04/15/26		606,272
$	2,800,000	g	Transnet SOC Ltd		4.000		07/26/22		2,751,434
			TOTAL SOUTH AFRICA						12,606,246
SPAIN - 0.5%
	2,500,000	g	International Airport Finance S.A.		12.000		03/15/33		2,683,750
			TOTAL SPAIN						2,683,750
SWITZERLAND - 0.4%
	2,000,000	g	Syngenta Finance NV		4.892		04/24/25		2,059,861
			TOTAL SWITZERLAND						2,059,861
THAILAND - 0.4%
	2,200,000	g	Bangkok Bank PCL		4.050		03/19/24		2,269,922
			TOTAL THAILAND						2,269,922
TOGO - 0.4%
	2,000,000	g	Ecobank Transnational, Inc		9.500		04/18/24		2,049,992
			TOTAL TOGO						2,049,992
TRINIDAD AND TOBAGO - 0.1%
	350,000	g	Petroleum Co of Trinidad & Tobago Ltd		6.000		05/08/22		335,475
			TOTAL TRINIDAD AND TOBAGO						335,475
TURKEY - 2.2%
	1,900,000	g	Akbank TAS		7.200		03/16/27		1,547,162

335

TIAA-CREF FUNDS - Emerging Markets Debt Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	2,000,000	g	Akbank TAS		6.797	%	04/27/28	$	1,550,000
	1,800,000	g	Export Credit Bank of Turkey		5.375		10/24/23		1,610,608
	2,000,000	g	Turkiye Garanti Bankasi AS.		6.125		05/24/27		1,589,860
	2,050,000	g	Turkiye Is Bankasi		6.125		04/25/24		1,773,258
	1,800,000	g	Turkiye Sise ve Cam Fabrikalari AS.		6.950		03/14/26		1,730,009
	1,800,000	g	Yapi ve Kredi Bankasi AS.		5.850		06/21/24		1,561,756
			TOTAL TURKEY						11,362,653
UKRAINE - 1.3%
	2,125,000	g	MHP Lux S.A.		6.950		04/03/26		2,027,662
UAH	54,050,000		Ukreximbank Via Biz Finance plc		16.500		03/02/21		1,924,981
$	2,400,000	g	Ukreximbank Via Biz Finance plc		9.750		01/22/25		2,409,130
			TOTAL UKRAINE						6,361,773
UNITED ARAB EMIRATES - 1.3%
	1,975,000	g	Abu Dhabi Crude Oil Pipeline LLC		4.600		11/02/47		2,083,710
	2,100,000	g	DP World Ltd		5.625		09/25/48		2,219,093
	2,300,000	g	MDC-GMTN BV		4.500		11/07/28		2,470,524
			TOTAL UNITED ARAB EMIRATES						6,773,327
UNITED STATES - 0.4%
	2,300,000	g	Hyundai Capital America		2.750		09/27/26		2,106,011
			TOTAL UNITED STATES						2,106,011
			TOTAL CORPORATE BONDS						255,112,488
			(Cost $255,628,925)
GOVERNMENT BONDS - 45.1%
ANGOLA - 1.0%
	2,250,000	g	Angolan Government International Bond		8.250		05/09/28		2,353,133
	2,500,000	g	Angolan Government International Bond		9.375		05/08/48		2,684,485
			TOTAL ANGOLA						5,037,618
ARGENTINA - 1.7%
	2,850,000		Argentina Republic Government International Bond		5.625		01/26/22		2,228,700
ARS	26,000,000	j	Argentina Treasury Bill		0.000		04/30/20		593,645
	24,700,000	j	Argentina Treasury Bill		0.000		07/31/20		480,412
$	2,000,000		Argentine Republic Government International Bond		7.500		04/22/26		1,502,500
	4,000,000		Argentine Republic Government International Bond		7.125		06/28/17		2,670,000
	2,650,000	g	Provincia de Buenos Aires		7.875		06/15/27		1,762,250
			TOTAL ARGENTINA						9,237,507

336

TIAA-CREF FUNDS - Emerging Markets Debt Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
AZERBAIJAN - 0.6%
$	1,500,000	g	Republic of Azerbaijan Government International Bond		5.125	%	09/01/29	$	1,509,166
	1,400,000	g	Southern Gas Corridor CJSC		6.875		03/24/26		1,580,158
			TOTAL AZERBAIJAN						3,089,324
BAHRAIN - 0.4%
	2,000,000	g	Bahrain Government International Bond		7.000		01/26/26		2,153,420
			TOTAL BAHRAIN						2,153,420
BARBADOS - 0.0%
	150,000	†,g,q	Barbados Government International Bond		7.000		08/04/22		87,000
			TOTAL BARBADOS						87,000
BERMUDA - 0.5%
	2,500,000	g	Bermuda Government International Bond		4.750		02/15/29		2,671,750
			TOTAL BERMUDA						2,671,750
BRAZIL - 2.3%
	1,350,000	g	Brazil Minas SPE via State of Minas Gerais		5.333		02/15/28		1,393,875
BRL	7,715,000		Brazil Notas do Tesouro Nacional Serie F		10.000		01/01/23		2,078,443
	7,200,000		Brazil Notas do Tesouro Nacional Serie F		10.000		01/01/25		1,948,328
$	2,150,000		Brazilian Government International Bond		7.125		01/20/37		2,515,500
	3,625,000		Brazilian Government International Bond		5.625		02/21/47		3,552,500
			TOTAL BRAZIL						11,488,646
COLOMBIA - 0.5%
COP	5,065,000,000		Colombian TES		7.000		05/04/22		1,637,584
	2,825,000,000		Colombian TES		7.500		08/26/26		930,829
			TOTAL COLOMBIA						2,568,413
COSTA RICA - 0.6%
$	500,000	g	Costa Rica Government International Bond		7.000		04/04/44		479,375
	2,500,000	g	Costa Rica Government International Bond		7.158		03/12/45		2,431,250
			TOTAL COSTA RICA						2,910,625
COTE D’IVOIRE - 0.6%
	3,280,625	g	Ivory Coast Government International Bond (Step Bond)		5.750		12/31/32		3,090,349
			TOTAL COTE D’IVOIRE						3,090,349
CROATIA - 0.4%
	2,000,000	g	Croatia Government International Bond		6.375		03/24/21		2,117,126
			TOTAL CROATIA						2,117,126

337

TIAA-CREF FUNDS - Emerging Markets Debt Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
DOMINICAN REPUBLIC - 2.2%
$	2,100,000	g	Dominican Republic Government International Bond		5.875	%	04/18/24	$	2,189,250
	1,750,000	g	Dominican Republic Government International Bond		5.950		01/25/27		1,844,062
DOP	80,000,000	g	Dominican Republic Government International Bond		11.250		02/05/27		1,748,337
$	3,160,000	g	Dominican Republic Government International Bond		7.450		04/30/44		3,574,750
	2,000,000	g	Dominican Republic Government International Bond		6.500		02/15/48		2,077,020
			TOTAL DOMINICAN REPUBLIC						11,433,419
ECUADOR - 2.6%
	2,000,000	g	Ecuador Government International Bond		9.650		12/13/26		2,130,000
	1,150,000	g	Ecuador Government International Bond		9.650		12/13/26		1,224,750
	1,750,000	g	Ecuador Government International Bond		8.875		10/23/27		1,780,625
	2,500,000	g	Ecuador Government International Bond		7.875		01/23/28		2,409,375
	3,500,000	g	Ecuador Government International Bond		10.750		01/31/29		3,902,500
	1,250,000	g	Petroamazonas EP		4.625		02/16/20		1,240,000
	625,000	g	Petroamazonas EP		4.625		11/06/20		616,317
			TOTAL ECUADOR						13,303,567
EGYPT - 2.4%
	3,875,000	g	Egypt Government International Bond		5.577		02/21/23		3,837,226
	2,200,000	g	Egypt Government International Bond		6.588		02/21/28		2,124,230
	1,450,000	g	Egypt Government International Bond		7.600		03/01/29		1,461,642
	2,550,000	g	Egypt Government International Bond		8.500		01/31/47		2,593,720
	2,000,000	g	Egypt Government International Bond		8.700		03/01/49		2,062,206
			TOTAL EGYPT						12,079,024
EL SALVADOR - 0.6%
	3,100,000	g	El Salvador Government International Bond		7.625		02/01/41		3,177,500
			TOTAL EL SALVADOR						3,177,500
GHANA - 1.2%
GHS	2,965,000	†,g	Citigroup Global Markets Holdings, Inc		24.500		06/28/21		626,737
$	3,325,000	g	Ghana Government International Bond		8.125		03/26/32		3,296,408
	2,000,000	g	Ghana Government International Bond		8.627		06/16/49		1,922,342
			TOTAL GHANA						5,845,487
GREECE - 0.6%
EUR	2,545,000	g	Hellenic Republic Government International Bond		3.375		02/15/25		2,959,863
			TOTAL GREECE						2,959,863
GUATEMALA - 0.8%
$	2,650,000	g	Guatemala Government International Bond		4.375		06/05/27		2,595,940
	1,500,000	g	Guatemala Government International Bond		4.875		02/13/28		1,513,125
			TOTAL GUATEMALA						4,109,065
HONDURAS - 0.7%
	2,250,000	g	Honduras Government International Bond		7.500		03/15/24		2,452,500
	1,000,000	g	Honduras Government International Bond		6.250		01/19/27		1,051,250
			TOTAL HONDURAS						3,503,750

338

TIAA-CREF FUNDS - Emerging Markets Debt Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
INDONESIA - 1.4%
$	1,150,000	g	Indonesia Government International Bond		4.625	%	04/15/43	$	1,166,942
IDR	13,400,000,000		Indonesia Treasury Bond		8.250		07/15/21		966,148
	18,200,000,000		Indonesia Treasury Bond		8.375		09/15/26		1,334,455
	19,700,000,000		Indonesia Treasury Bond		8.375		03/15/34		1,396,281
$	1,975,000	g	Perusahaan Penerbit SBSN Indonesia III		4.400		03/01/28		2,033,262
			TOTAL INDONESIA						6,897,088
IRAQ - 1.0%
	3,350,000	g	Iraq Government International Bond		6.752		03/09/23		3,402,025
	1,600,000	g	Iraq Government International Bond		5.800		01/15/28		1,550,902
			TOTAL IRAQ						4,952,927
JAMAICA - 1.2%
	2,950,000		Jamaica Government International Bond		8.000		03/15/39		3,565,813
	2,200,000		Jamaica Government International Bond		7.875		07/28/45		2,659,250
			TOTAL JAMAICA						6,225,063
JORDAN - 0.4%
	2,000,000	g	Jordan Government International Bond		7.375		10/10/47		1,945,320
			TOTAL JORDAN						1,945,320
KENYA - 0.6%
	1,450,000	g	Kenya Government International Bond		7.250		02/28/28		1,438,008
	1,325,000	g	Kenya Government International Bond		8.250		02/28/48		1,307,959
			TOTAL KENYA						2,745,967
KUWAIT - 0.3%
	1,500,000	g	Kuwait International Government Bond		3.500		03/20/27		1,530,330
			TOTAL KUWAIT						1,530,330
LEBANON - 0.8%
	3,200,000		Lebanon Government International Bond		6.250		11/04/24		2,667,571
	2,000,000		Lebanon Government International Bond		6.650		02/26/30		1,582,500
			TOTAL LEBANON						4,250,071
MEXICO - 0.5%
MXN	51,100,000		Mexican Bonos		7.500		06/03/27		2,599,185
			TOTAL MEXICO						2,599,185
MONGOLIA - 0.3%
$	1,400,000	g	Mongolia Government International Bond		8.750		03/09/24		1,546,580
			TOTAL MONGOLIA						1,546,580

339

TIAA-CREF FUNDS - Emerging Markets Debt Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
MOROCCO - 0.4%
$	2,000,000	g	Morocco Government International Bond		5.500	%	12/11/42	$	2,138,974
			TOTAL MOROCCO						2,138,974
NIGERIA - 1.3%
	1,250,000	g	Nigeria Government International Bond		7.625		11/21/25		1,334,541
	2,725,000	g	Nigeria Government International Bond		6.500		11/28/27		2,680,136
	2,500,000	g	Nigeria Government International Bond		7.696		02/23/38		2,466,605
			TOTAL NIGERIA						6,481,282
OMAN - 0.6%
	1,500,000	g	Oman Government International Bond		5.375		03/08/27		1,410,370
	1,200,000	g	Oman Government International Bond		6.500		03/08/47		1,070,760
	750,000	g	Oman Government International Bond		6.750		01/17/48		680,154
			TOTAL OMAN						3,161,284
PAKISTAN - 0.7%
	3,450,000	g	Pakistan Government International Bond		6.875		12/05/27		3,418,988
			TOTAL PAKISTAN						3,418,988
PANAMA - 0.5%
	2,400,000	g	Panama Notas del Tesora		3.750		04/17/26		2,406,000
			TOTAL PANAMA						2,406,000
PARAGUAY - 0.8%
	2,525,000	g	Paraguay Government International Bond		4.700		03/27/27		2,630,040
	1,525,000	g	Paraguay Government International Bond		5.400		03/30/50		1,595,150
			TOTAL PARAGUAY						4,225,190
PERU - 0.4%
PEN	6,325,000	g	Peruvian Government International Bond		6.950		08/12/31		2,157,775
			TOTAL PERU						2,157,775
PHILIPPINES - 0.4%
PHP	105,000,000		Philippine Government International Bond		6.250		01/14/36		2,200,240
			TOTAL PHILIPPINES						2,200,240
POLAND - 0.3%
PLN	1,530,000		Republic of Poland Government International Bond		5.750		10/25/21		439,016
	4,900,000		Republic of Poland Government International Bond		2.750		10/25/29		1,256,840
			TOTAL POLAND						1,695,856
QATAR - 0.4%
$	2,100,000	g	Qatar Government International Bond		4.817		03/14/49		2,254,657
			TOTAL QATAR						2,254,657

340

TIAA-CREF FUNDS - Emerging Markets Debt Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
REPUBLIC OF SERBIA - 1.1%
$	1,950,000	g	Serbia Government International Bond		7.250	%	09/28/21	$	2,120,783
RSD	158,000,000		Serbia Treasury Bonds		5.750		07/21/23		1,606,302
	182,000,000		Serbia Treasury Bonds		5.875		02/08/28		1,857,419
			TOTAL REPUBLIC OF SERBIA						5,584,504
RUSSIA - 1.5%
RUB	93,500,000		Russian Federal Bond - Federal Loan Obligation		7.000		08/16/23		1,410,448
$	2,000,000	g	Russian Foreign Bond - Eurobond		4.375		03/21/29		2,011,364
	2,000,000	g	Russian Foreign Bond - Eurobond		5.100		03/28/35		2,071,174
	2,000,000	g	Russian Foreign Bond - Eurobond		5.250		06/23/47		2,073,220
			TOTAL RUSSIA						7,566,206
RWANDA - 0.5%
	2,500,000	g	Rwanda Government International Bond		6.625		05/02/23		2,595,558
			TOTAL RWANDA						2,595,558
SENEGAL - 0.6%
	1,400,000	g	Senegal Government International Bond		6.250		05/23/33		1,348,449
	1,500,000	g	Senegal Government International Bond		6.750		03/13/48		1,381,063
			TOTAL SENEGAL						2,729,512
SOUTH AFRICA - 1.9%
	1,150,000		Republic of South Africa Government International Bond		5.875		06/22/30		1,174,933
	2,350,000		South Africa Government International Bond		5.875		09/16/25		2,476,524
ZAR	59,300,000		South Africa Government International Bond		7.000		02/28/31		3,482,761
$	1,715,000		South Africa Government International Bond		6.250		03/08/41		1,765,606
	1,250,000		South Africa Government International Bond		5.375		07/24/44		1,149,578
			TOTAL SOUTH AFRICA						10,049,402
SRI LANKA - 1.7%
	1,850,000	g	Sri Lanka Government International Bond		6.850		11/03/25		1,848,960
	2,500,000	g	Sri Lanka Government International Bond		6.825		07/18/26		2,466,363
	4,000,000	g	Sri Lanka Government International Bond		7.850		03/14/29		4,117,736
			TOTAL SRI LANKA						8,433,059
THAILAND - 0.4%
THB	14,000,000		Thailand Government International Bond		2.000		12/17/22		438,797
	23,000,000		Thailand Government International Bond		2.400		12/17/23		729,729
	35,700,000		Thailand Government International Bond		3.400		06/17/36		1,182,583
			TOTAL THAILAND						2,351,109

341

TIAA-CREF FUNDS - Emerging Markets Debt Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
TURKEY - 1.2%
$	2,300,000		Turkey Government International Bond		3.250	%	03/23/23	$	2,014,547
	750,000		Turkey Government International Bond		5.750		03/22/24		701,631
	2,850,000		Turkey Government International Bond		6.000		03/25/27		2,565,932
	1,000,000		Turkey Government International Bond		6.875		03/17/36		895,461
			TOTAL TURKEY						6,177,571
UKRAINE - 2.2%
UAH	38,000,000		Citigroup Global Markets Holdings, Inc		14.700		01/25/21		1,342,752
$	5,950,000	g	Ukraine Government International Bond		7.750		09/01/25		5,596,689
	2,000,000	g	Ukraine Government International Bond		9.750		11/01/28		2,043,114
	2,300,000	g	Ukraine Government International Bond		7.375		09/25/32		2,027,324
	520,000	g,i,j	Ukraine Government International Bond		0.000		05/31/40		331,415
			TOTAL UKRAINE						11,341,294
URUGUAY - 0.6%
UYU	17,300,000	g	Uruguay Government International Bond		9.875		06/20/22		494,316
$	2,000,000		Uruguay Government International Bond		4.375		10/27/27		2,085,000
UYU	17,600,000		Uruguay Notas del Tesoro		13.900		07/29/20		530,592
			TOTAL URUGUAY						3,109,908
UZBEKISTAN - 0.7%
$	2,150,000	g	Republic of Uzbekistan Government International Bond		4.750		02/20/24		2,180,779
	1,250,000	g	Republic of Uzbekistan Government International Bond		5.375		02/20/29		1,265,690
			TOTAL UZBEKISTAN						3,446,469
ZAMBIA - 0.7%
	400,000	g	Zambia Government International Bond		5.375		09/20/22		274,000
	3,500,000	g	Zambia Government International Bond		8.500		04/14/24		2,430,218
	750,000	g	Zambia Government International Bond		8.970		07/30/27		519,525
			TOTAL ZAMBIA						3,223,743
			TOTAL GOVERNMENT BONDS						230,304,565
			(Cost $234,680,627)
			TOTAL BONDS						485,417,053
			(Cost $490,309,552)
SHARES			COMPANY
COMMON STOCKS - 0.0%
BRAZIL – 0.0%
	151,162	*	Oi S.A. (ADR)						314,417
			TOTAL BRAZIL						314,417
			TOTAL COMMON STOCKS						314,417
			(Cost $1,044,573)

342

TIAA-CREF FUNDS - Emerging Markets Debt Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
SHORT-TERM INVESTMENTS - 2.8%
EGYPT - 0.7%
EGP	8,600,000	j	Egypt Treasury Bills		0.000	%	09/24/19	$	468,899
	21,000,000	j	Egypt Treasury Bills		0.000		11/12/19		1,120,977
	39,500,000	j	Egypt Treasury Bills		0.000		12/03/19		2,089,605
			TOTAL EGYPT						3,679,481
NIGERIA - 0.7%
NGN	510,000,000	j	Nigeria OMO Bill		0.000		01/09/20		1,288,607
	778,000,000	j	Nigeria Treasury Bill		0.000		06/13/19		2,130,523
			TOTAL NIGERIA						3,419,130
UNITED STATES - 1.4%
$	7,100,000		Federal Home Loan Bank (FHLB)		2.350		05/01/19		7,100,000
			TOTAL UNITED STATES						7,100,000
			TOTAL SHORT-TERM INVESTMENTS						14,198,611
			(Cost $14,093,349)
			TOTAL INVESTMENTS - 97.9%						499,930,081
			(Cost $505,447,474)
			OTHER ASSETS & LIABILITIES, NET - 2.1%						10,534,780
			NET ASSETS - 100.0%					$	510,464,861
			Abbreviation(s):
	ADR		American Depositary Receipt
	ARS		Argentine Peso
	BRL		Brazilian Real
	COP		Colombian Peso
	DOP		Dominican Republic Peso
	EGP		Egyptian Pound
	EUR		Euro
	GHS		Ghanaian Cedi
	IDR		Indonesian Rupiah
	KZT		Kazakhstani Tenge
	MXN		Mexican Peso
	NGN		Nigerian Naira
	PEN		Peruvian Sol
	PHP		Philippine Peso
	PLN		Polish Zloty
	RSD		Serbian Dinar
	RUB		Russian Ruble
	THB		Thai Baht
	UAH		Ukrainian Hryvnia
	UYU		Uruguayan Peso
	ZAR		South African Rand

343

TIAA-CREF FUNDS - Emerging Markets Debt Fund

*	Non-income producing
†	Security is categorized as Level 3 in the fair value hierarchy.
‡	Perpetual security
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 4/30/19, the aggregate value of these securities is $371,172,412 or 72.7% 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
q	In default

Bilateral credit default swap contracts outstanding as of April 30, 2019 were as follows:

Purchased

Reference entity	Terms of payments to be paid		Terms of payments to be received	Counterparty	Maturity date	Notional amount(1)	Value		Upfront premiums paid (received)		Unrealized appreciation (depreciation)
Petroleos Mexicanos	1.000	%	Credit event as specified in contract	Goldman Sachs	12/20/23	$2,000,000	$	115,296	$	142,387	$	(27,091)

⁽¹⁾ The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs is defined under the terms of that particular swap agreement. This amount may be reduced by any recoverable assets, if applicable.

Forward foreign currency contracts outstanding as of April 30, 2019 were as follows:

Currency to be purchased	Receive	Currency to be sold	Deliver	Counterparty	Settlement date	Unrealized appreciation (depreciation)
$	1,500,000	CNY	10,466,805	Australia and New Zealand Banking Group	11/19/19	$	(51,111)

	Abbreviation(s):
CNY	Chinese Yuan

344

TIAA-CREF FUNDS - Emerging Markets Debt Fund

TIAA-CREF FUNDS

EMERGING MARKETS DEBT FUND

SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

April 30, 2019

SECTOR	VALUE		% OF NET ASSETS
GOVERNMENT	$	230,304,565		45.1	%
FINANCIALS		56,048,093		11.0
UTILITIES		49,763,238		9.8
ENERGY		44,853,506		8.8
COMMUNICATION SERVICES		35,758,455		7.0
MATERIALS		19,925,591		3.9
INDUSTRIALS		18,864,894		3.7
CONSUMER DISCRETIONARY		10,477,357		2.0
CONSUMER STAPLES		6,585,002		1.3
REAL ESTATE		6,230,240		1.2
INFORMATION TECHNOLOGY		3,917,279		0.7
HEALTH CARE		3,003,250		0.6
SHORT-TERM INVESTMENTS		14,198,611		2.8
OTHER ASSETS & LIABILITIES, NET		10,534,780		2.1
NET ASSETS	$	510,464,861		100.0	%

345

TIAA-CREF FUNDS - International Bond Fund

TIAA-CREF FUNDS

INTERNATIONAL BOND FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2019

				REFERENCE				MATURITY
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	VALUE
BANK LOAN OBLIGATIONS - 2.6%
AUSTRALIA - 0.2%
$	746,241	†,i	Hamilton Holdco LLC	LIBOR 3 M + 2.000%		4.610	%	07/02/25	$	745,308
			TOTAL AUSTRALIA							745,308
CANADA - 0.2%
	735,000	i	1011778 BC / New Red Finance, Inc	LIBOR 1 M + 2.250%		4.733		02/16/24		732,552
			TOTAL CANADA							732,552
IRELAND - 0.1%
	530,110	i	Avolon TLB Borrower  US LLC	LIBOR 1 M + 2.000%		4.487		01/15/25		529,798
			TOTAL IRELAND							529,798
LUXEMBOURG - 0.3%
	740,625	i	Ineos US Finance LLC	LIBOR 1 M + 2.000%		4.483		03/31/24		736,463
	245,000	i	Vouvray US Finance, LLC	LIBOR 1 M + 3.000%		5.483		03/11/24		225,829
			TOTAL LUXEMBOURG							962,292
UNITED KINGDOM - 0.0%
	43,379	†,i	MA FinanceCo LLC	LIBOR 1 M + 2.500%		4.999		06/21/24		43,216
			TOTAL UNITED KINGDOM							43,216
UNITED STATES - 1.8%
	643,434	i	American Airlines, Inc	LIBOR 1 M + 2.000%		4.473		12/14/23		638,879
	720,000	i	Change Healthcare Holdings LLC	LIBOR 1 M + 2.750%		5.233		03/01/24		719,611
	496,222	i	Dell International LLC	LIBOR 1 M + 2.000%		4.490		09/07/23		496,222
	122,813	i	Endo Luxembourg Finance I Co Sarl	LIBOR 1 M + 4.250%		6.750		04/29/24		121,277
	459,201	i	First Data Corp	LIBOR 1 M + 2.000%		4.481		07/08/22		459,174
	248,750	i	HD Supply, Inc	LIBOR 1 M + 1.750%		4.233		10/17/23		249,061
	496,241	i	Las Vegas Sands LLC	LIBOR 1 M + 1.750%		4.233		03/27/25		495,491
	245,884	i	Mallinckrodt International Finance S.A.	LIBOR 3 M + 2.750%		5.351		09/24/24		220,110
	496,203	i	Nielsen Finance LLC	LIBOR 1 M + 2.000%		4.472		10/04/23		493,910
	459,534	i	Plantronics, Inc	LIBOR 1 M + 2.500%		4.983		07/02/25		457,430
	595,246	i	Sabre GLBL, Inc	LIBOR 1 M + 2.000%		4.483		02/22/24		593,865
	496,250	i	Samsonite IP Holdings Sarl	LIBOR 1 M + 1.750%		4.233		04/25/25		494,702
	292,950	†,i	Seattle SpinCo, Inc	LIBOR 1 M + 2.500%		4.999		06/21/24		291,851
	735,000	i	Team Health Holdings, Inc	LIBOR 1 M + 2.750%		5.233		02/06/24		688,144
	468,354	i	Valeant Pharmaceuticals International, Inc	LIBOR 1 M + 3.000%		5.474		06/02/25		470,209
			TOTAL UNITED STATES							6,889,936
			TOTAL BANK LOAN OBLIGATIONS							9,903,102
			(Cost $10,028,494)

346

TIAA-CREF FUNDS - International Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
BONDS - 91.4%
CORPORATE BONDS - 21.6%
BRAZIL - 0.3%
$	500,000	g	Banco do Brasil S.A.		4.625	%	01/15/25	$	505,750
	400,000		Petrobras Global Finance BV		5.750		02/01/29		401,000
	400,000		Petrobras Global Finance BV		6.900		03/19/49		400,196
			TOTAL BRAZIL						1,306,946
CANADA - 0.3%
	950,000	g	Eldorado Gold Corp		6.125		12/15/20		945,250
EUR	250,000	g	Fairfax Financial Holdings Ltd		2.750		03/29/28		293,429
			TOTAL CANADA						1,238,679
CHILE - 0.5%
$	550,000	g	Banco del Estado de Chile		2.668		01/08/21		544,670
	300,000		Celulosa Arauco y Constitucion S.A.		3.875		11/02/27		294,030
	250,000	g	Celulosa Arauco y Constitucion S.A.		4.250		04/30/29		249,385
	425,000	g	Corp Nacional del Cobre de Chile-CODELCO		3.625		08/01/27		426,555
	450,000		Enel Chile S.A.		4.875		06/12/28		476,528
			TOTAL CHILE						1,991,168
CHINA - 0.6%
	200,000		Baidu, Inc		2.875		07/06/22		198,130
	500,000	z	Shimao Property Holdings Ltd		5.200		01/30/25		489,658
	250,000	g	Tencent Holdings Ltd		3.975		04/11/29		252,020
EUR	800,000	z	Three Gorges Finance II Cayman Islands Ltd		1.300		06/21/24		914,298
$	500,000	z	Vigorous Champion International Ltd		4.375		09/10/23		516,246
			TOTAL CHINA						2,370,352
COLOMBIA - 0.1%
	300,000		Ecopetrol S.A.		5.375		06/26/26		321,015
			TOTAL COLOMBIA						321,015
CZECH REPUBLIC - 0.1%
EUR	400,000	z	CEZ AS.		0.875		11/21/22		455,758
			TOTAL CZECH REPUBLIC						455,758
FRANCE - 0.3%
	850,000	g	Altice France S.A.		5.875		02/01/27		1,010,720
			TOTAL FRANCE						1,010,720

347

TIAA-CREF FUNDS - International Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
GERMANY - 0.2%
EUR	750,000	g,o	IHO Verwaltungs GmbH		3.750	%	09/15/26	$	866,159
			TOTAL GERMANY						866,159
INDIA - 0.3%
$	675,000	g	ICICI Bank Ltd		3.800		12/14/27		654,472
	200,000	z	Indian Railway Finance Corp Ltd		3.730		03/29/24		200,137
EUR	200,000		NTPC Ltd		2.750		02/01/27		235,338
			TOTAL INDIA						1,089,947
INDONESIA - 0.2%
	500,000	z	Bank Mandiri Persero Tbk PT		3.750		04/11/24		496,060
	425,000	g	Pelabuhan Indonesia III Persero PT		4.500		05/02/23		436,340
			TOTAL INDONESIA						932,400
IRELAND - 0.2%
	850,000	g	James Hardie International Finance DAC		4.750		01/15/25		852,125
			TOTAL IRELAND						852,125
ISRAEL - 0.3%
	625,000	g	Israel Electric Corp Ltd		4.250		08/14/28		631,397
	600,000		Teva Pharmaceutical Finance Netherlands III BV		3.150		10/01/26		503,250
			TOTAL ISRAEL						1,134,647
JAPAN - 1.5%
EUR	225,000	z	Mitsubishi UFJ Financial Group, Inc		0.680		01/26/23		255,846
	750,000	z	Mitsubishi UFJ Financial Group, Inc		0.980		10/09/23		864,099
	500,000	z	Mitsubishi UFJ Financial Group, Inc		0.872		09/07/24		571,629
	500,000	z	Sumitomo Mitsui Financial Group, Inc		0.819		07/23/23		572,589
	210,000	z	Sumitomo Mitsui Financial Group, Inc		0.934		10/11/24		240,943
	600,000	z	Takeda Pharmaceutical Co Ltd		0.375		11/21/20		672,574
	1,800,000	z	Takeda Pharmaceutical Co Ltd		1.125		11/21/22		2,084,816
	600,000	z	Takeda Pharmaceutical Co Ltd		3.000		11/21/30		754,450
			TOTAL JAPAN						6,016,946
KAZAKHSTAN - 0.1%
$	475,000	g	KazTransGas JSC		4.375		09/26/27		469,796
			TOTAL KAZAKHSTAN						469,796
LUXEMBOURG - 0.3%
EUR	350,000	g	INEOS Finance plc		2.875		05/01/26		390,569
	500,000	z	ProLogis International Funding II S.A.		2.375		11/14/30		607,973
			TOTAL LUXEMBOURG						998,542
MACAU - 0.1%
$	500,000		Sands China Ltd		5.125		08/08/25		527,570
			TOTAL MACAU						527,570

348

TIAA-CREF FUNDS - International Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
MEXICO - 0.5%
$	375,000	g	BBVA Bancomer S.A.		5.125	%	01/18/33	$	355,312
EUR	300,000	g	Cemex SAB de C.V.		3.125		03/19/26		346,216
$	200,000	g	Grupo Bimbo SAB de C.V.		4.700		11/10/47		190,916
EUR	200,000		Petroleos Mexicanos		1.875		04/21/22		223,228
	400,000	z	Petroleos Mexicanos		3.625		11/24/25		440,264
$	650,000		Petroleos Mexicanos		5.350		02/12/28		608,595
			TOTAL MEXICO						2,164,531
NETHERLANDS - 0.1%
EUR	425,000	g	OCI NV		5.000		04/15/23		503,088
			TOTAL NETHERLANDS						503,088
PANAMA - 0.1%
$	550,000	g	Banco General S.A.		4.125		08/07/27		541,750
			TOTAL PANAMA						541,750
PERU - 0.1%
	550,000	g	Cerro del Aguila S.A.		4.125		08/16/27		543,680
			TOTAL PERU						543,680
PORTUGAL - 0.3%
EUR	1,000,000		EDP Finance BV		1.125		02/12/24		1,154,162
			TOTAL PORTUGAL						1,154,162
QATAR - 0.1%
$	300,000	z	QNB Finance Ltd		3.500		03/28/24		297,483
			TOTAL QATAR						297,483
RUSSIA - 0.1%
EUR	400,000	z	Gazprom OAO Via Gaz Capital S.A.		2.500		03/21/26		458,909
			TOTAL RUSSIA						458,909
SAUDI ARABIA - 0.1%
$	250,000	g	SABIC Capital II BV		4.000		10/10/23		257,212
			TOTAL SAUDI ARABIA						257,212
SINGAPORE - 0.1%
	200,000	g	United Overseas Bank Ltd		3.750		04/15/29		202,915
			TOTAL SINGAPORE						202,915
SOUTH AFRICA - 0.2%
EUR	100,000	g	Sappi Papier Holding GmbH		3.125		04/15/26		115,480

349

TIAA-CREF FUNDS - International Bond Fund

				REFERENCE				MATURITY
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	VALUE
$	350,000		SASOL Financing USA LLC			6.500	%	09/27/28	$	383,842
	400,000	g	Transnet SOC Ltd			4.000		07/26/22		393,062
			TOTAL SOUTH AFRICA							892,384
SUPRANATIONAL - 0.4%
	750,000	z	African Export-Import Bank			5.250		10/11/23		785,755
EUR	825,000		European Stability Mechanism			1.000		09/23/25		983,873
			TOTAL SUPRANATIONAL							1,769,628
SWEDEN - 0.2%
$	600,000	g	Stena AB			7.000		02/01/24		574,500
			TOTAL SWEDEN							574,500
SWITZERLAND - 0.6%
EUR	1,000,000	z	Cloverie plc for Zurich Insurance Co Ltd			1.500		12/15/28		1,170,365
	600,000	g,z	Credit Suisse Group AG.			1.250		07/17/25		688,763
	325,000		Tyco Electronics Group S.A.			1.100		03/01/23		374,051
			TOTAL SWITZERLAND							2,233,179
THAILAND - 0.1%
$	300,000	g	Bangkok Bank PCL			4.050		03/19/24		309,535
			TOTAL THAILAND							309,535
TURKEY - 0.2%
	500,000	g	Export Credit Bank of Turkey			5.375		10/24/23		447,391
	375,000	g	Turkcell Iletisim Hizmetleri AS.			5.800		04/11/28		326,314
			TOTAL TURKEY							773,705
UNITED ARAB EMIRATES - 0.2%
	200,000	g	ADCB Finance Cayman Ltd			4.000		03/29/23		203,953
	400,000	g	DP World Ltd			5.625		09/25/48		422,684
	300,000	i,z	First Abu Dhabi Bank PJSC	LIBOR 3 M + 0.950%		3.551		04/16/22		301,126
			TOTAL UNITED ARAB EMIRATES							927,763
UNITED KINGDOM - 1.6%
GBP	1,250,000		BAE Systems plc			4.125		06/08/22		1,730,886
EUR	500,000	z	Barclays plc			0.625		11/14/23		557,878
	1,000,000	z	Coca-Cola European Partners plc			1.500		11/08/27		1,177,378
GBP	750,000		HSBC Holdings plc			2.175		06/27/23		982,368
EUR	750,000		RELX Capital, Inc			1.300		05/12/25		874,892
	750,000	g	Virgin Media Finance plc			4.500		01/15/25		871,325
			TOTAL UNITED KINGDOM							6,194,727

350

TIAA-CREF FUNDS - International Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
UNITED STATES - 11.2%
EUR	200,000	z	Abbott Ireland Financing DAC		0.010	%	09/27/20	$	224,513
	500,000	z	Abbott Ireland Financing DAC		0.875		09/27/23		576,686
	500,000	z	Abbott Ireland Financing DAC		1.500		09/27/26		590,672
	950,000	g	Adient Global Holdings Ltd		3.500		08/15/24		918,939
	1,200,000		Allergan Funding SCS		1.250		06/01/24		1,370,006
	150,000		Allergan Funding SCS		2.625		11/15/28		181,044
GBP	575,000		AMC Entertainment Holdings, Inc		6.375		11/15/24		748,993
EUR	500,000		American International Group, Inc		1.500		06/08/23		580,282
	300,000		American Tower Corp		1.375		04/04/25		343,407
	600,000		American Tower Corp		1.950		05/22/26		704,826
	1,000,000	z	Amphenol Technologies Holding GmbH		2.000		10/08/28		1,204,249
$	1,000,000		Andeavor Logistics LP		4.250		12/01/27		1,017,796
EUR	1,125,000		Apple, Inc		1.375		05/24/29		1,342,900
	570,000	g	Aramark International Finance Sarl		3.125		04/01/25		666,143
	700,000		AT&T, Inc		1.300		09/05/23		816,915
	500,000		AT&T, Inc		2.350		09/05/29		603,486
$	500,000		AXA Equitable Holdings, Inc		5.000		04/20/48		496,155
EUR	700,000	g	Axalta Coating Systems Dutch Holding B BV		3.750		01/15/25		808,417
	350,000		Ball Corp		4.375		12/15/23		448,932
	500,000		Bank of America Corp		1.375		03/26/25		586,496
	500,000	z	Bank of America Corp		1.662		04/25/28		585,373
	430,000		Becton Dickinson and Co		1.401		05/24/23		497,887
	570,000		Becton Dickinson and Co		1.401		05/24/23		659,989
	670,000		Becton Dickinson and Co		1.900		12/15/26		792,600
	750,000		Chubb INA Holdings, Inc		1.550		03/15/28		875,753
	500,000	z	Citigroup, Inc		1.500		07/24/26		581,131
$	1,200,000		Continental Resources, Inc		4.375		01/15/28		1,230,489
EUR	900,000		DH Europe Finance S.A.		1.200		06/30/27		1,025,502
	250,000		Digital Euro Finco LLC		2.625		04/15/24		303,303
GBP	100,000	z	Digital Stout Holding LLC		2.750		07/19/24		131,692
	200,000		Discovery Communications LLC		2.500		09/20/24		258,263
$	600,000		Ensco plc		7.750		02/01/26		517,500
EUR	600,000		FedEx Corp		1.000		01/11/23		691,468
	500,000		FedEx Corp		1.625		01/11/27		589,591
GBP	150,000		Fidelity National Information Services, Inc		1.700		06/30/22		193,980
EUR	375,000		Fidelity National Information Services, Inc		1.100		07/15/24		425,943
	775,000	z	Goldman Sachs Group, Inc		1.375		05/15/24		892,118
$	150,000	g	Hyundai Capital America		3.250		09/20/22		149,248
	500,000	g	Hyundai Capital America		2.750		09/27/26		457,828
EUR	750,000		Illinois Tool Works, Inc		1.250		05/22/23		880,184
	550,000	g	International Game Technology plc		4.750		02/15/23		672,326
	800,000	g	Iron Mountain, Inc		3.000		01/15/25		905,603
	500,000	z	JPMorgan Chase & Co		1.638		05/18/28		587,649
	650,000		Liberty Mutual Group, Inc		2.750		05/04/26		793,375
	450,000	g	Liberty Mutual Group, Inc		2.750		05/04/26		549,259
$	850,000		MGM Resorts International		4.625		09/01/26		841,245

351

TIAA-CREF FUNDS - International Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
EUR	800,000		Morgan Stanley		1.342	%	10/23/26	$	917,084
	500,000	z	Mylan, Inc		2.125		05/23/25		569,494
GBP	600,000	z	New York Life Global Funding		1.750		12/15/22		790,846
EUR	650,000	g	OI European Group BV		3.125		11/15/24		775,071
	800,000		Parker-Hannifin Corp		1.125		03/01/25		916,643
	500,000		ProLogis LP		3.000		06/02/26		650,706
	500,000	g	Scientific Games International, Inc		3.375		02/15/26		552,354
	750,000		Silgan Holdings, Inc		3.250		03/15/25		864,310
	500,000		Simon International Finance S.C.A		1.250		05/13/25		582,122
	500,000		Stryker Corp		2.125		11/30/27		618,581
	450,000		Stryker Corp		2.625		11/30/30		577,007
	1,300,000		SYSCO Corp		1.250		06/23/23		1,500,557
	900,000		The Procter & Gamble Company		0.625		10/30/24		1,032,168
	600,000		The Procter & Gamble Company		1.875		10/30/38		736,904
	150,000		Thermo Fisher Scientific, Inc		1.400		01/23/26		176,152
	200,000		Thermo Fisher Scientific, Inc		1.400		01/23/26		234,869
	1,100,000		United Technologies Corp		1.150		05/18/24		1,275,127
	200,000		Verizon Communications, Inc		0.500		06/02/22		227,643
	400,000		Verizon Communications, Inc		1.375		10/27/26		468,240
	400,000		Verizon Communications, Inc		1.875		10/26/29		480,386
			TOTAL UNITED STATES						44,266,420
			TOTAL CORPORATE BONDS						85,648,341
			(Cost $84,871,468)
GOVERNMENT BONDS -  69.8%
ARGENTINA - 0.2%
$	1,175,000		Argentina Republic Government International Bond		5.625		01/26/22		918,850
			TOTAL ARGENTINA						918,850
AUSTRALIA - 1.7%
AUD	1,000,000		Australia Government International Bond		2.250		05/21/28		733,377
	3,300,000		Australia Government International Bond		3.000		03/21/47		2,586,022
	1,675,000		Treasury Corp of Victoria		3.000		10/20/28		1,257,408
	1,050,000	z	Treasury Corp of Victoria		2.500		10/22/29		749,879
	2,100,000		Western Australian Treasury Corp		2.500		07/23/24		1,528,593
			TOTAL AUSTRALIA						6,855,279
AUSTRIA - 0.5%
EUR	1,725,000	g	Republic of Austria Government International Bond		0.750		02/20/28		2,028,922
			TOTAL AUSTRIA						2,028,922
BELGIUM - 1.5%
	1,950,000	g	Kingdom of Belgium Government International Bond		0.900		06/22/29		2,285,308

352

TIAA-CREF FUNDS - International Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
EUR	875,000		Kingdom of Belgium Government International Bond		1.250	%	04/22/33	$	1,041,630
	1,650,000	g	Kingdom of Belgium Government International Bond		1.600		06/22/47		1,929,225
	630,000	g,z	Kingdom of Belgium Government International Bond		1.700		06/22/50		740,713
			TOTAL BELGIUM						5,996,876
BERMUDA - 0.3%
$	950,000	g	Bermuda Government International Bond		4.750		02/15/29		1,015,265
			TOTAL BERMUDA						1,015,265
BRAZIL - 0.5%
BRL	7,200,000		Brazil Notas do Tesouro Nacional Serie F		10.000		01/01/23		1,939,700
			TOTAL BRAZIL						1,939,700
CANADA - 3.3%
CAD	1,700,000	g	Canada Housing Trust No 1		2.550		12/15/23		1,310,283
	8,860,000		Canadian Government International Bond		1.750		08/01/20		6,619,836
	1,300,000		Canadian Government International Bond		5.000		06/01/37		1,426,021
	1,650,000		Canadian Government International Bond		2.750		12/01/48		1,439,011
	1,350,000		Hydro-Quebec		4.000		02/15/55		1,285,024
	1,000,000		Province of Quebec Canada		2.750		09/01/27		771,449
			TOTAL CANADA						12,851,624
CHINA - 0.4%
CNY	9,500,000		China Government Bond		4.000		05/22/24		1,456,592
			TOTAL CHINA						1,456,592
COTE D’IVOIRE - 0.3%
EUR	1,000,000	g	Ivory Coast Government International Bond		6.625		03/22/48		1,055,948
			TOTAL COTE D’IVOIRE						1,055,948
CYPRUS - 0.8%
EUR	300,000		Cyprus Government International Bond		2.750		06/27/24		372,883
	1,300,000	z	Cyprus Government International Bond		2.375		09/25/28		1,576,927
	575,000	z	Cyprus Government International Bond		2.750		02/26/34		698,241
	500,000	h,z	Cyprus Government International Bond		2.750		05/03/49		561,286
			TOTAL CYPRUS						3,209,337
DOMINICAN REPUBLIC - 0.2%
DOP	48,650,000	g	Dominican Republic Government International Bond		8.900		02/15/23		958,672
			TOTAL DOMINICAN REPUBLIC						958,672
ECUADOR - 0.2%
$	625,000	g	Petroamazonas EP		4.625		11/06/20		616,317
			TOTAL ECUADOR						616,317

353

TIAA-CREF FUNDS - International Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
EGYPT - 0.8%
$	550,000	g	Egypt Government International Bond		5.577	%	02/21/23	$	544,639
	900,000	g	Egypt Government International Bond		7.600		03/01/29		907,226
EUR	900,000	g	Egypt Government International Bond		6.375		04/11/31		994,185
$	675,000	g	Egypt Government International Bond		8.500		01/31/47		686,573
			TOTAL EGYPT						3,132,623
FINLAND - 0.3%
EUR	1,100,000	g	Finland Government International Bond		0.500		09/15/29		1,254,192
			TOTAL FINLAND						1,254,192
FRANCE - 4.2%
	400,000		Caisse d’Amortissement de la Dette Sociale		1.375		11/25/24		484,330
	2,340,000		French Republic Government Bond OAT		1.000		05/25/21		2,654,082
	4,500,000		French Republic Government Bond OAT		0.500		05/25/25		5,239,193
	3,775,000		French Republic Government Bond OAT		0.750		11/25/28		4,411,559
	1,250,000		French Republic Government Bond OAT		1.250		05/25/34		1,496,268
	1,850,000	g	French Republic Government Bond OAT		2.000		05/25/48		2,403,122
			TOTAL FRANCE						16,688,554
GERMANY - 1.7%
	1,425,000		Bundesrepublik Deutschland		1.250		08/15/48		1,850,879
$	5,000,000		Kreditanstalt fuer Wiederaufbau		1.875		12/15/20		4,961,342
			TOTAL GERMANY						6,812,221
GHANA - 0.4%
	825,000	g	Ghana Government International Bond		8.125		03/26/32		817,906
	1,000,000	g	Ghana Government International Bond		8.627		06/16/49		961,171
			TOTAL GHANA						1,779,077
GREECE - 2.0%
EUR	2,525,000	g	Hellenic Republic Government International Bond		4.375		08/01/22		3,069,205
	425,000	g	Hellenic Republic Government International Bond		3.450		04/02/24		502,502
	2,800,000	g	Hellenic Republic Government International Bond		3.375		02/15/25		3,256,431
	900,000	g	Hellenic Republic Government International Bond		3.875		03/12/29		1,051,841
			TOTAL GREECE						7,879,979
HONDURAS - 0.4%
$	1,350,000	g	Honduras Government International Bond		7.500		03/15/24		1,471,500
			TOTAL HONDURAS						1,471,500
INDIA - 0.1%
	400,000		Export-Import Bank of India		3.875		03/12/24		403,633
			TOTAL INDIA						403,633

354

TIAA-CREF FUNDS - International Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
INDONESIA - 0.9%
IDR	13,820,000,000		Indonesia Treasury Bond		8.250	%	07/15/21	$	996,431
	12,500,000,000		Indonesia Treasury Bond		7.500		05/15/38		799,913
$	1,700,000	g	Perusahaan Penerbit SBSN Indonesia III		3.900		08/20/24		1,726,690
			TOTAL INDONESIA						3,523,034
ISRAEL - 0.8%
ILS	3,200,000		Israel Government Bond-Fixed		3.750		03/31/47		1,010,278
	5,250,000		Israel Government International Bond		5.500		01/31/42		2,147,362
			TOTAL ISRAEL						3,157,640
ITALY - 4.9%
EUR	2,075,000		Italy Buoni Poliennali Del Tesoro		0.350		06/15/20		2,332,869
	3,300,000		Italy Buoni Poliennali Del Tesoro		0.050		04/15/21		3,668,426
	4,275,000		Italy Buoni Poliennali Del Tesoro		2.450		10/01/23		4,995,372
	3,950,000		Italy Buoni Poliennali Del Tesoro		1.250		12/01/26		4,196,778
	1,575,000	g	Italy Buoni Poliennali Del Tesoro		2.950		09/01/38		1,717,018
	900,000	g	Italy Buoni Poliennali Del Tesoro		3.450		03/01/48		1,024,242
	1,050,000	g	Italy Buoni Poliennali Del Tesoro		3.850		09/01/49		1,253,151
			TOTAL ITALY						19,187,856
JAPAN - 14.3%
JPY	13,000,000		Japan Finance Organization for Municipalities		0.440		08/15/25		119,939
	21,000,000		Japan Finance Organization for Municipalities		0.320		01/19/26		192,513
	30,000,000		Japan Finance Organization for Municipalities		0.145		02/16/26		271,883
	14,000,000		Japan Finance Organization for Municipalities		0.020		05/22/26		125,772
	738,150,000		Japan Government Five Year Bond		0.200		06/20/19		6,629,713
	119,600,000		Japan Government Five Year Bond		0.100		06/20/20		1,076,809
	628,000,000		Japan Government Five Year Bond		0.100		06/20/23		5,701,323
	650,450,000		Japan Government Ten Year Bond		0.100		09/20/26		5,948,720
	557,000,000		Japan Government Ten Year Bond		0.100		06/20/28		5,086,998
	289,950,000		Japan Government Thirty Year Bond		2.500		09/20/34		3,513,389
	457,700,000		Japan Government Thirty Year Bond		0.500		09/20/46		4,094,922
	313,000,000		Japan Government Thirty Year Bond		0.700		06/20/48		2,927,367
	249,600,000		Japan Government Twenty Year Bond		1.900		03/22/21		2,328,297
	340,000,000		Japan Government Twenty Year Bond		2.100		03/20/26		3,531,187
	229,000,000		Japan Government Twenty Year Bond		1.800		09/20/31		2,496,169
	117,000,000		Japan Government Twenty Year Bond		1.700		03/20/32		1,267,604
	278,000,000		Japan Government Twenty Year Bond		0.600		12/20/36		2,629,025
	256,000,000		Japan Government Twenty Year Bond		0.500		06/20/38		2,362,471
	660,000,000		Japan Government Twenty Year Bond		0.700		09/20/38		6,302,637
			TOTAL JAPAN						56,606,738
KAZAKHSTAN - 0.2%
EUR	600,000	g	Kazakhstan Government International Bond		2.375		11/09/28		702,144
			TOTAL KAZAKHSTAN						702,144

355

TIAA-CREF FUNDS - International Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
KOREA, REPUBLIC OF - 4.0%
$	500,000		Export-Import Bank of Korea		3.000	%	11/01/22	$	502,707
	500,000	g	Korea Housing Finance Corp		2.000		10/11/21		489,242
KRW	3,210,000,000		Korea Treasury Bond		2.000		03/10/21		2,760,781
	5,764,500,000		Korea Treasury Bond		1.375		09/10/21		4,893,876
	2,220,000,000		Korea Treasury Bond		2.250		09/10/23		1,937,882
	1,800,000,000		Korea Treasury Bond		1.500		12/10/26		1,502,910
	2,655,000,000		Korea Treasury Bond		2.625		06/10/28		2,414,585
	1,600,000,000		Korea Treasury Bond		2.375		12/10/28		1,429,318
			TOTAL KOREA, REPUBLIC OF						15,931,301
LEBANON - 0.3%
$	1,400,000	z	Lebanon Government International Bond		6.850		03/23/27		1,155,298
			TOTAL LEBANON						1,155,298
MALAYSIA - 0.6%
MYR	5,000,000		Malaysia Government International Bond		3.757		04/20/23		1,215,941
	4,375,000		Malaysia Government International Bond		3.885		08/15/29		1,065,544
			TOTAL MALAYSIA						2,281,485
MEXICO - 0.8%
MXN	14,000,000		Mexican Bonos		8.000		12/07/23		739,688
	23,500,000		Mexican Bonos		5.750		03/05/26		1,090,091
EUR	1,100,000		Mexico Government International Bond		1.625		04/08/26		1,235,557
			TOTAL MEXICO						3,065,336
NETHERLANDS - 0.6%
	1,075,000	g	Netherlands Government International Bond		2.000		07/15/24		1,352,062
	975,000	g	Netherlands Government International Bond		0.750		07/15/28		1,160,547
			TOTAL NETHERLANDS						2,512,609
NEW ZEALAND - 0.5%
NZD	1,700,000		New Zealand Government International Bond		3.000		04/20/29		1,247,267
	1,100,000		New Zealand Government International Bond		2.750		04/15/37		787,009
			TOTAL NEW ZEALAND						2,034,276
NIGERIA - 0.3%
$	1,325,000	g	Nigeria Government International Bond		6.500		11/28/27		1,303,185
			TOTAL NIGERIA						1,303,185
NORWAY - 0.9%
NOK	29,500,000	g	Norway Government International Bond		2.000		04/26/28		3,504,778
			TOTAL NORWAY						3,504,778
PANAMA - 0.3%
$	1,000,000	g	Panama Notas del Tesora		3.750		04/17/26		1,002,500
			TOTAL PANAMA						1,002,500

356

TIAA-CREF FUNDS - International Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
PARAGUAY - 0.2%
$	925,000	g	Paraguay Government International Bond		5.400	%	03/30/50	$	967,550
			TOTAL PARAGUAY						967,550
PERU - 0.4%
PEN	4,480,000	g	Peruvian Government International Bond		8.200		08/12/26		1,630,864
			TOTAL PERU						1,630,864
PHILIPPINES - 0.7%
PHP	45,000,000		Philippine Government International Bond		4.950		01/15/21		859,199
	40,000,000		Philippine Government International Bond		3.900		11/26/22		737,362
$	1,250,000		Philippine Government International Bond		3.750		01/14/29		1,313,601
			TOTAL PHILIPPINES						2,910,162
POLAND - 1.3%
PLN	8,165,000		Poland Government International Bond		4.000		10/25/23		2,295,749
	3,300,000		Republic of Poland Government International Bond		2.500		07/25/26		854,427
	7,605,000		Republic of Poland Government International Bond		2.750		10/25/29		1,950,667
			TOTAL POLAND						5,100,843
PORTUGAL - 0.6%
EUR	1,800,000	g	Portugal Obrigacoes do Tesouro OT		1.950		06/15/29		2,177,589
			TOTAL PORTUGAL						2,177,589
QATAR - 0.3%
$	1,050,000	g	Qatar Government International Bond		4.817		03/14/49		1,127,328
			TOTAL QATAR						1,127,328
REPUBLIC OF SERBIA - 0.3%
RSD	120,000,000		Serbia Treasury Bonds		5.875		02/08/28		1,224,672
			TOTAL REPUBLIC OF SERBIA						1,224,672
SAUDI ARABIA - 0.5%
$	2,000,000	g	Saudi Government International Bond		4.500		04/17/30		2,108,418
			TOTAL SAUDI ARABIA						2,108,418
SENEGAL - 0.3%
EUR	1,000,000	g	Senegal Government International Bond		4.750		03/13/28		1,108,071
			TOTAL SENEGAL						1,108,071
SINGAPORE - 1.0%
SGD	2,020,000		Singapore Government International Bond		2.000		07/01/20		1,487,128
	2,200,000		Singapore Government International Bond		1.750		04/01/22		1,609,626

357

TIAA-CREF FUNDS - International Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
SGD	1,300,000		Singapore Government International Bond		2.625	%	05/01/28	$	991,557
			TOTAL SINGAPORE						4,088,311
SOUTH AFRICA - 0.6%
ZAR	10,700,000		South Africa Government International Bond		10.500		12/21/26		826,934
	16,500,000		South Africa Government International Bond		7.000		02/28/31		969,065
	7,800,000		South Africa Government International Bond		8.750		01/31/44		492,082
			TOTAL SOUTH AFRICA						2,288,081
SPAIN - 4.0%
EUR	1,100,000	z	Autonomous Community of Madrid Spain		1.571		04/30/29		1,280,494
	2,985,000		Spain Government International Bond		0.400		04/30/22		3,408,998
	4,600,000	g	Spain Government International Bond		2.750		10/31/24		5,881,168
	1,095,000	g	Spain Government International Bond		1.400		07/30/28		1,283,609
	1,100,000	g	Spain Government International Bond		1.850		07/30/35		1,272,123
	2,025,000	g	Spain Government International Bond		2.700		10/31/48		2,535,752
			TOTAL SPAIN						15,662,144
SRI LANKA - 0.3%
$	1,000,000	g	Sri Lanka Government International Bond		6.850		03/14/24		1,010,100
			TOTAL SRI LANKA						1,010,100
SUPRANATIONAL - 1.7%
IDR	11,300,000,000	g	European Investment Bank		7.200		07/09/19		786,575
NZD	850,000		Inter-American Development Bank		3.500		05/15/21		585,189
AUD	2,150,000		Inter-American Development Bank		4.750		08/27/24		1,733,366
	2,000,000		International Bank for Reconstruction & Development		2.800		01/12/22		1,450,720
NZD	3,177,000		International Bank for Reconstruction & Development		3.375		01/25/22		2,199,606
			TOTAL SUPRANATIONAL						6,755,456
SWEDEN - 0.8%
SEK	6,750,000		Kommuninvest I Sverige AB		1.000		05/12/25		730,947
	13,300,000	g	Sweden Government International Bond		0.750		11/12/29		1,465,152
	7,805,000		Sweden Government International Bond		2.250		06/01/32		1,004,690
			TOTAL SWEDEN						3,200,789
THAILAND - 1.5%
THB	33,000,000		Thailand Government International Bond		2.000		12/17/22		1,034,306
	104,500,000		Thailand Government International Bond		2.400		12/17/23		3,315,509
	48,800,000		Thailand Government International Bond		3.300		06/17/38		1,582,633
			TOTAL THAILAND						5,932,448
UNITED KINGDOM - 5.4%
GBP	2,000,000		United Kingdom Gilt		1.750		07/22/19		2,613,629
	2,310,000		United Kingdom Gilt		1.500		01/22/21		3,050,472

358

TIAA-CREF FUNDS - International Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
GBP	1,600,000		United Kingdom Gilt		0.500	%	07/22/22	$	2,067,671
	1,275,000		United Kingdom Gilt		4.250		12/07/27		2,097,078
	1,230,000		United Kingdom Gilt		4.750		12/07/30		2,202,561
	1,775,000		United Kingdom Gilt		4.250		03/07/36		3,241,218
	3,035,000		United Kingdom Gilt		1.500		07/22/47		3,792,401
	1,600,000		United Kingdom Gilt		1.750		07/22/57		2,172,731
			TOTAL UNITED KINGDOM						21,237,761
URUGUAY - 0.3%
UYU	20,760,000	g	Uruguay Government International Bond		9.875		06/20/22		593,179
	21,800,000	g	Uruguay Government International Bond		8.500		03/15/28		535,333
			TOTAL URUGUAY						1,128,512
UZBEKISTAN - 0.4%
$	1,450,000	g	Republic of Uzbekistan Government International Bond		4.750		02/20/24		1,470,758
			TOTAL UZBEKISTAN						1,470,758
			TOTAL GOVERNMENT BONDS						275,423,198
			(Cost $275,280,500)
			TOTAL BONDS						361,071,539
			(Cost $360,151,968)
SHORT-TERM INVESTMENTS - 4.4%
EGYPT - 1.2%
EGP	15,300,000	j	Egypt Treasury Bill		0.000		06/11/19		875,606
	36,000,000	j	Egypt Treasury Bill		0.000		08/27/19		1,987,231
	34,350,000	j	Egypt Treasury Bill		0.000		03/03/20		1,750,062
			TOTAL EGYPT						4,612,899
NIGERIA - 0.8%
NGN	610,000,000	j	Nigeria OMO Bill		0.000		01/09/20		1,541,275
	585,000,000	j	Nigeria Treasury Bill		0.000		06/13/19		1,602,000
			TOTAL NIGERIA						3,143,275
UNITED STATES - 2.4%
$	9,600,000		Federal Home Loan Bank (FHLB)		2.300		05/01/19		9,600,000
			TOTAL UNITED STATES						9,600,000
			TOTAL SHORT-TERM INVESTMENTS						17,356,174
			(Cost $17,169,275)
			TOTAL INVESTMENTS - 98.4%						388,330,815
			(Cost $387,349,737)
			OTHER ASSETS & LIABILITIES, NET - 1.6%						6,407,830
			NET ASSETS - 100.0%					$	394,738,645

359

TIAA-CREF FUNDS - International Bond Fund

	Abbreviation(s):
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CNY	Chinese Yuan
DOP	Dominican Republic Peso
EGP	Egyptian Pound
EUR	Euro
GBP	Pound Sterling
IDR	Indonesian Rupiah
ILS	Israeli New Shekel
JPY	Japanese Yen
KRW	South Korean Won
LIBOR	London Interbank Offered Rate
M	Month
MXN	Mexican Peso
MYR	Malaysian Ringgit
NGN	Nigerian Naira
NOK	Norwegian Krone
NZD	New Zealand Dollar
PEN	Peruvian Sol
PHP	Philippine Peso
PLN	Polish Zloty
RSD	Serbian Dinar
SEK	Swedish Krona
SGD	Singapore Dollar
THB	Thai Baht
UYU	Uruguayan Peso
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. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 4/30/19, the aggregate value of these securities is $93,328,195 or 23.6% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.
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 (see Note 1).

360

TIAA-CREF FUNDS - International Bond Fund

Forward foreign currency contracts outstanding as of April 30, 2019 were as follows:

Currency to be purchased	Receive	Currency to be sold	Deliver	Counterparty	Settlement date	Unrealized appreciation (depreciation)
$	5,959,066	THB	190,738,373	Australia and New Zealand Banking Group	05/31/19	$	(19,631	)
$	6,242	AUD	8,854	Australia and New Zealand Banking Group	06/28/19		(8	)
$	529,083	EUR	471,666	Australia and New Zealand Banking Group	06/28/19		(2,656	)
$	1,198,630	EUR	1,069,839	Australia and New Zealand Banking Group	06/28/19		(7,468	)
$	26,016,143	GBP	20,034,826	Australia and New Zealand Banking Group	06/28/19		(191,334	)
$	4,789,864	NZD	7,239,009	Australia and New Zealand Banking Group	06/28/19		(50,326	)
EUR	496,490	$	554,315	Australia and New Zealand Banking Group	05/03/19		2,696
Total						$	(268,727	)
$	3,174,726	ILS	11,453,029	Bank of America	05/31/19	$	(15,089	)
$	15,201,659	KRW	17,484,036,073	Bank of America	05/31/19		171,325
Total						$	156,236
$	5,218,394	PLN	19,956,944	Citibank, N.A.	05/31/19	$	(8,783	)
$	4,113,110	SGD	5,587,804	Citibank, N.A.	05/31/19		2,617
$	587,810	ZAR	8,482,718	Citibank, N.A.	05/31/19		(3,009	)
$	9,953,307	AUD	14,139,004	Citibank, N.A.	06/28/19		(27,964	)
$	47,831,898	JPY	5,324,268,073	Citibank, N.A.	06/28/19		(196,111	)
$	1,788,588	NOK	15,333,823	Citibank, N.A.	06/28/19		7,093
$	3,229,461	SEK	30,192,134	Citibank, N.A.	06/28/19		35,206
Total						$	(190,951	)
$	133,098,897	EUR	118,271,338	Morgan Stanley	06/28/19	$	(235,883	)
Total						$	(235,883	)
$	12,801,572	CAD	17,191,922	Toronto Dominion Bank	06/28/19	$	(50,780	)
Total						$	(50,780	)
Total						$	(590,105	)

	Abbreviation(s):
AUD	Australian Dollar
CAD	Canadian Dollar
EUR	Euro
GBP	Pound Sterling
ILS	Israeli New Shekel
JPY	Japanese Yen
KRW	South Korean Won
NOK	Norwegian Krone
NZD	New Zealand Dollar
PLN	Polish Zloty
SEK	Swedish Krona
SGD	Singapore Dollar
THB	Thai Baht
ZAR	South African Rand

361

TIAA-CREF FUNDS - International Bond Fund

TIAA-CREF FUNDS

INTERNATIONAL BOND FUND

CONSOLIDATED SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

April 30, 2019

SECTOR	VALUE		% OF NET ASSETS
GOVERNMENT	$	275,423,198		69.8	%
FINANCIALS		22,400,442		5.7
HEALTH CARE		14,109,333		3.6
INDUSTRIALS		12,279,992		3.0
MATERIALS		8,396,945		2.1
COMMUNICATION SERVICES		7,476,560		1.9
CONSUMER DISCRETIONARY		7,374,557		1.9
INFORMATION TECHNOLOGY		6,333,032		1.6
ENERGY		5,618,992		1.4
CONSUMER STAPLES		4,637,923		1.2
REAL ESTATE		3,813,687		1.0
UTILITIES		3,109,980		0.8
SHORT-TERM INVESTMENTS		17,356,174		4.4
OTHER ASSETS & LIABILITIES, NET		6,407,830		1.6
NET ASSETS	$	394,738,645		100.0	%

362

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 semi-annual reporting period.

(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s semi-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)(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: June 14, 2019	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: June 14, 2019	By:	/s/Bradley Finkle
		Bradley Finkle
		Principal Executive Officer and President (principal executive officer)

Dated: June 14, 2019	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)(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