UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number File No. 811-09301

TIAA-CREF FUNDS
(Exact Name of Registrant as specified in charter)

730 Third Avenue, New York, New York 10017-3206
(Address of Principal Executive Offices) (Zip code)

Jeremy D. Franklin, Esq.
TIAA-CREF Funds
8500 Andrew Carnegie Blvd.
Charlotte, N.C. 28262-8500
(Name and address of agent for service)

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

Date of fiscal year end: October 31

Date of reporting period: October 31, 2019

Item 1. Reports to Stockholders.

TIAA-CREF
Funds October 31,
2019

TIAA-CREF
Equity Funds

The annual report contains the audited financial statements.

	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	—

Annual
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
Audited financial statements
Statements of assets and liabilities	82
Statements of operations	90
Statements of changes in net assets	94
Financial highlights	100
Notes to financial statements	116
Report of independent registered public accounting firm	127
Important tax information	128
2019 special meeting	129
Trustees and officers	130
Additional information about index providers	133
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 annual report contains information about certain TIAA-CREF Funds and describes their results for the twelve months ended October 31, 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 October 31, 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 Annual Report 3

Brad Finkle

Letter to investors

Domestic and international stock markets posted double-digit returns for the twelve months ended October 31, 2019. Markets faced concerns over the economic outlook at the start of the period, but the U.S. economy expanded and the Federal Reserve shifted to a more favorable monetary policy—a combination that bolstered U.S. equity markets. Several major foreign economies encountered similar economic concerns but continued to grow throughout 2019. For the twelve months:

• The Russell 3000^® Index, which measures the performance of the broad U.S. stock market, returned 13.5%. Please see page 8 for benchmark definitions.

• The MSCI EAFE^® Index, which tracks stocks in 21 developed-markets nations outside North America, gained 11.0%.

• The MSCI Emerging Markets Index, which represents the performance of stocks in 26 developing nations, advanced 11.9%.

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

Economic growth, shifting monetary policy lifted U.S. stocks

Continued economic growth and a shift in monetary policy by the Fed helped U.S. equities to recover from early setbacks and finish the twelve-month period with solid returns. Unemployment was near a half-century low, and inflation remained moderate.

Domestic stocks declined during the first two months of the period, hurt by concerns about a potential slowdown in growth. But the Fed indicated a more cautious approach toward future interest-rate increases in January 2019, helping to spark a powerful recovery in later months. The Fed followed up by lowering short-term interest rates three times as the year progressed.

For the twelve months, large-cap stocks outperformed small caps. Growth shares surpassed value stocks across all market capitalization sizes. (Returns by investment style and capitalization size are based on the Russell indexes.)

Stocks in international developed markets rose as global growth continued

International developed equity markets were lifted by continued economic growth. The 19-nation euro area expanded, though at a slower pace than in 2018. Unemployment in the euro area fell to an eleven-year low, and the jobless rate in the broader 28-nation European Union declined to its lowest level since data was first collected in 2000. Unemployment in the United Kingdom fell to 3.8% in the three months ended September 2019—its lowest rate since 1974.

The European Central Bank responded to slowing economic growth with a plan to buy more than $20 billion in bonds per month as a stimulus measure. The Bank of England left its benchmark interest rate unchanged at 0.75%.

Emerging markets outpaced foreign developed markets but lagged U.S. stocks

Emerging-markets stocks recovered from declines early in the period to post healthy gains. The broad-based emerging-markets advance lifted equities in 19 of 26 countries as tracked by the MSCI Emerging Markets Index. Many benefited from renewed confidence in global economic growth. China, one of the largest nations, reported decelerating growth in 2019, but the country’s economy still expanded by 6.0% during the third quarter of the year.

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

All funds generated positive returns

All 17 TIAA-CREF Funds recorded gains during the reporting period, including seven that surpassed their benchmarks. The funds’ twelve-month returns ranged from 20.1% for the Emerging Markets Equity Fund to 5.3% for the Quant Small–Cap Equity Fund. (All fund returns are for the Institutional Class.)

In general, funds that invested in growth stocks produced higher returns over the period. The Mid-Cap Growth Fund returned 15.9%, while the Large-Cap Growth Fund gained 13.6%; the Quant Large-Cap Growth Fund advanced 13.4%. However, all three funds lagged their benchmarks.

Looking to funds that invested in smaller companies, the Quant Small/Mid-Cap Equity Fund and the Quant Small-Cap Equity Fund both outperformed their benchmarks, gaining 11.2% and 5.3%, respectively.

The Social Choice Low Carbon Equity Fund and the Social Choice Equity Fund were the third- and fourth-best performers for the period. Both outperformed their shared benchmark, the Russell 3000 Index, with gains of 15.5% and 14.8%, respectively.

The Growth & Income Fund returned 10.9% but trailed its benchmark.

Among value-style funds, the Large-Cap Value Fund advanced 10.2%, while the Quant Large-Cap Value Fund returned 8.1% and the Mid-Cap Value Fund gained 7.3%. All three fell short of their benchmarks.

Among foreign equity funds, the Emerging Markets Equity Fund’s gain of 20.1% was the best performer of all TIAA-CREF Equity Funds and had the largest margin of outperformance versus its benchmark. The International Opportunities Fund and the Social Choice International Equity Fund both returned 12.8%, also exceeding their respective benchmarks.

The Quant International Equity Fund and the Quant International Small-Cap Equity Fund advanced 9.6% and 7.0%, respectively, while the International Equity Fund returned 5.7%. All three underperformed their benchmarks.

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

Stay focused on long-term investment goals

While the future is always uncertain, we believe it’s possible that the year ahead—with the many twists and turns of the presidential and congressional campaigns—may cause an increase in market volatility. Economic policy, wealth and taxes could be subjects of intense debate, and interest rates and international trade relations may become campaign issues. How markets react to the media coverage is difficult to determine because volatility always ebbs and flows.

As a result, we believe the best approach in dealing with the inevitable changes in market conditions is to remain focused on your long-term financial goals. History has shown that maintaining exposure to a wide array of asset classes is a sensible approach for long-term investors. In our view, a diversified portfolio of stocks in a professionally managed mutual fund or group of funds can be a prudent way to help achieve that goal. Keep in mind that while diversification can help reduce volatility, it does not provide a 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 Annual Report 5

Market monitor

U.S., international stocks posted double-digit returns

For the twelve months ended October 31, 2019, U.S. and international equity markets recorded solid gains while global economies continued to grow. The Russell 3000^® Index, a broad measure of U.S. stock market performance, advanced 13.5%. International developed markets, as measured by the MSCI EAFE^® Index, also had solid double-digit returns but lagged the Russell 3000. Emerging markets recorded modestly higher gains than the MSCI EAFE.

Strong labor market helped drive U.S. economy

Real gross domestic product (GDP), which measures the value of all goods and services produced in the nation, grew at an annualized rate of 1.1% over the final quarter of 2018. The economy got off to a stronger start in 2019 but growth slowed later in the year. GDP grew by 3.1% during the first quarter of 2019 before slowing to 2.0% in the second quarter and 1.9% during the third (third-quarter growth was the government’s “advance” estimate). Consumer spending, which accounts for two-thirds of all economic activity, grew at a solid pace for all quarters of the period, but business investment declined in the second and third quarters of 2019.

The historically strong U.S. labor market drove the unemployment rate down to 3.5% in September—its lowest level in almost 50 years—before finishing the period at 3.6% in October. Wages grew by 3.0% over the twelve months.

Inflation remained moderate. Annualized core inflation, which includes all items except food and energy, was 2.3% in October. The price per barrel of West Texas Intermediate crude oil declined from more than $63 on November 1, 2018, to just over $54 on October 31, 2019. The value of the U.S. dollar was mixed against most major global currencies during the period.

Large-cap stocks and growth equities provided strongest returns

In the U.S. equity market, large-cap stocks outperformed small- and mid-cap shares, while growth equities outpaced value stocks in all size categories. Large-cap shares advanced 14.2%, while mid- and small-cap equities gained 13.7% and 4.9%, respectively. Among large caps, growth stocks advanced 17.1%, while value stocks returned 11.2%. In the mid-cap category, growth stocks gained 18.9% and value shares earned 10.1%. Small-cap growth equities gained 6.4%, while small-cap value stocks returned 3.2%. (Returns by investment style and capitalization size are based on Russell indexes.)

International stocks in both developed and emerging markets recovered from early losses and posted double-digit gains. The MSCI EAFE Index, which tracks stock performance in 21 developed-markets countries outside

North America, gained 11.0% for the twelve-month period. The MSCI Emerging Markets Index returned 11.9%.

U.S. stocks bounced back after early setback

U.S. equity markets fell early in the period on concerns about future economic growth, but they rebounded dramatically at the start of 2019 when the Federal Reserve signaled a shift in monetary policy. As 2019 began, the Fed, which had raised the federal funds target rate nine times since December 2015, adopted a “patient” approach toward further increases in the key short-term interest-rate measure. Later in the year, policymakers lowered the fed funds target rate three times, to 1.50%–1.75%. They cited concerns about slowing economic growth around the world, as well as continuing U.S.-China trade tensions.

The European economy continued to grow but expanded at a slower pace in the second and third quarters of 2019. The 19-nation euro area’s GDP grew by 1.1% during the third quarter of 2019, compared with the same period in the previous year, according to a preliminary estimate. China reported third-quarter GDP growth of 6.0%, the country’s slowest quarterly rate since the first quarter of 1992. The European Central Bank lowered a key benchmark interest rate in September 2019 and said it would restart a stimulative bond-buying program in November.

Global equities climbed higher

U.S. large- and mid-cap stocks outperformed as growth topped value; foreign developed and emerging markets also advanced

 

Source: U.S. large-cap growth: Russell 1000^® Growth Index; U.S. large-cap value: Russell 1000 Value Index; U.S. mid-cap growth: Russell Midcap^® Growth Index; U.S. mid-cap value: Russell Midcap Value Index; U.S. small-cap growth: Russell 2000^® Growth Index; U.S. small-cap value: Russell 2000 Value Index; Foreign developed markets: MSCI EAFE^® Index; Emerging markets: MSCI Emerging Markets Index. Twelve-month returns as of October 31, 2019.

6 2019 Annual Report  ■  TIAA-CREF Funds: Equity Funds

Information for investors

Portfolio holdings

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

You can obtain a complete list of the TIAA-CREF Funds’ 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 Annual Report 7

About the funds’ benchmarks

Broad market indexes

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

The MSCI All Country World ex USA Index measures the performance of large- and mid-cap stocks in 46 developed and emerging-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 26 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 Annual Report  ■  TIAA-CREF Funds: Equity Funds

Important information about expenses

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

The expense examples that appear 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 (May 1, 2019–October 31, 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 Annual Report 9

Growth & Income Fund

Expense example

Six months ended October 31, 2019

Growth & Income Fund	Beginning account value (5/1/19)		Ending account value (10/31/19)		Expenses paid during period* (5/1/19– 10/31/19)
Actual return
Institutional Class	$	1,000.00	$	1,018.32		$2.03
Advisor Class		1,000.00		1,018.55		2.54
Premier Class		1,000.00		1,018.11		2.80
Retirement Class		1,000.00		1,017.37		3.31
Retail Class		1,000.00		1,017.00		3.51
Class W		1,000.00		1,021.04		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,023.19		2.04
Advisor Class		1,000.00		1,022.68		2.55
Premier Class		1,000.00		1,022.43		2.80
Retirement Class		1,000.00		1,021.93		3.31
Retail Class		1,000.00		1,021.73		3.52
Class W		1,000.00		1,025.21		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 184/365. There were 184 days in the six months ended October 31, 2019. The Fund’s annualized six-month expense ratios for that period were 0.40% for the Institutional Class, 0.50% for the Advisor Class, 0.55% for the Premier Class, 0.65% for the Retirement Class, 0.69% 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 10/31/2019
Information technology		22.9
Health care		15.0
Financials		12.0
Communication services		11.3
Industrials		9.5
Consumer discretionary		9.2
Consumer staples		8.4
Materials		3.8
Energy		3.7
Utilities		2.4
Real estate		1.5
Short-term investments, other assets & liabilities, net		0.3
Total		100.0

Performance for the twelve months ended October 31, 2019

The Growth & Income Fund returned 10.94% for the Institutional Class, compared with the 14.33% return of its benchmark, the S&P 500^® Index. The performance table shows returns for all share classes of the Fund.

U.S. equities gained amid slower economic growth

The U.S. economy continued to expand over the twelve months, but its growth decelerated for most of the reporting period. Unemployment was 3.6% in October 2019, after dipping to 3.5% in September—its lowest level in nearly half a century. The price of oil decreased for the period, while core inflation, which includes all items except food and energy, rose to an annualized rate of 2.3% in October 2019.

Equity markets declined early in the period amid concerns about continued economic growth, but they recovered after the Federal Reserve indicated a shift in monetary policy. The Fed had raised the federal funds target rate in December 2018, but it adopted a “patient” approach toward further action in January 2019. The Fed then reversed course later in the period, lowering the key short-term interest-rate measure three times between July and October to 1.50%–1.75%.

For the twelve months, the large-cap-oriented S&P 500 Index outperformed the Russell 3000^® Index, a broad measure of the U.S. stock market, which gained 13.49%. A portion of the Russell 3000 Index consists of small-cap equities, which underperformed large caps for the period.

Information technology led the benchmark higher

Ten of the eleven industry sectors in the S&P 500 Index posted positive results for the twelve months. The smaller real estate and utilities sectors performed best with gains of 26.7% and 23.7%, respectively. Bond yields declined throughout much of the period, spurring demand for real estate and utilities stocks, which generally have above-average dividend yields. Information technology—the index’s largest sector—advanced 22.6%, followed by consumer discretionary and communication services, with returns of 15.8% and 15.5%, respectively. Together, these five sectors made up almost one-half of the index’s total market capitalization on October 31, 2019. Energy was the sole decliner, returning –11.0% amid a decrease in oil prices.

For the twelve-month period, four of the five largest stocks in the S&P 500 Index generated sizable returns that exceeded the overall performance of the benchmark. Microsoft advanced the most, benefiting from strength in its cloud-computing business, while Facebook experienced robust growth in advertising revenue. Alphabet (the parent company of Google) and Apple also outperformed. Amazon.com posted a double-digit gain but trailed the index.

Fund advanced but trailed its benchmark

For the period, the Fund underperformed its benchmark, as certain stocks did not perform as anticipated. An overweight position in energy firm Concho Resources was the largest detractor from the Fund’s relative performance as declining oil prices hurt earnings. Out-of-benchmark positions in Teva Pharmaceuticals and Parsley Energy also dampened relative results.

Several astute stock allocations partly offset the impact of these negative factors. Chief among these was not owning Johnson & Johnson, which declined after a baby powder recall revealed traces of asbestos. An underweight in poorly performing Exxon Mobil also boosted relative returns, as did an out-of-benchmark holding in cloud-based information security company Zscaler.

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

Performance as of October 31, 2019

Growth & Income Fund		Total return			Average annual total return						Annual operating expenses*
	Inception date	1 year			5 years			10 years			gross			net
Institutional Class	7/1/99		10.94	%		9.94	%		13.12	%		0.40	%		0.40	%
Advisor Class	12/4/15		10.83			9.87	†		13.09	†		0.49			0.49
Premier Class	9/30/09		10.74			9.79			12.96			0.55			0.55
Retirement Class	10/1/02		10.67			9.67			12.86			0.65			0.65
Retail Class	3/31/06		10.60			9.62			12.79			0.69			0.69
Class W	9/28/18		11.39			10.04	†		13.18	†		0.40			0.00
S&P 500® Index	—		14.33			10.78			13.70			—			—

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.

$10,000 over 10 years

Institutional Class

Ending amounts are as of October 31, 2019. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by company size

Market capitalization	% of equity investments as of 10/31/2019
More than $50 billion		63.0
More than $15 billion–$50 billion		23.0
More than $2 billion–$15 billion		13.6
$2 billion or less		0.4
Total		100.0

Fund profile

	as of 10/31/2019
Net assets		$6.52 billion
Portfolio turnover rate		68%
Number of holdings		182
Weighted median market capitalization		$108.55 billion
Price/earnings ratio (weighted 12-month trailing average)†		24.5

^† 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 Annual Report 11

Large-Cap Growth Fund

Expense example

Six months ended October 31, 2019

Large-Cap Growth Fund	Beginning account value (5/1/19)		Ending account value (10/31/19)		Expenses paid during period* (5/1/19– 10/31/19)
Actual return
Institutional Class	$	1,000.00	$	1,004.69		$2.07
Advisor Class		1,000.00		1,004.22		2.42
Premier Class		1,000.00		1,003.75		2.83
Retirement Class		1,000.00		1,003.78		3.33
Retail Class		1,000.00		1,003.29		3.53
Class W		1,000.00		1,007.02		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,023.14		2.09
Advisor Class		1,000.00		1,022.79		2.45
Premier Class		1,000.00		1,022.38		2.85
Retirement Class		1,000.00		1,021.88		3.36
Retail Class		1,000.00		1,021.68		3.57
Class W		1,000.00		1,025.21		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 184/365. There were 184 days in the six months ended October 31, 2019. The Fund’s annualized six-month expense ratios for that period were 0.41% for the Institutional Class, 0.48% 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

Sector	% of net assets as of 10/31/2019
Information technology		37.8
Health care		16.9
Consumer discretionary		16.0
Communication services		14.5
Industrials		5.4
Materials		3.6
Financials		3.2
Consumer staples		2.3
Short-term investments, other assets & liabilities, net		0.3
Total		100.0

Performance for the twelve months ended October 31, 2019

The Large-Cap Growth Fund returned 13.60% for the Institutional Class, compared with the 17.10% return of its benchmark, the Russell 1000^® Growth Index. The performance table shows returns for all share classes of the Fund.

U.S. equities gained amid slower economic growth

The U.S. economy continued to expand over the twelve months, but its growth decelerated for most of the reporting period. Unemployment was 3.6% in October 2019, after dipping to 3.5% in September—its lowest level in nearly half a century. The price of oil decreased for the period, while core inflation, which includes all items except food and energy, rose to an annualized rate of 2.3% in October 2019.

Equity markets declined early in the period amid concerns about continued economic growth, but they recovered after the Federal Reserve indicated a shift in monetary policy. The Fed had raised the federal funds target rate in December 2018, but it adopted a “patient” approach toward further action in January 2019. The Fed then reversed course later in the period, lowering the key short-term interest-rate measure three times between July and October to 1.50%–1.75%.

For the twelve months, the Russell 3000^® Index, a broad measure of the U.S. stock market, gained 13.49%. Large-cap stocks outperformed smaller equities, and growth shares surpassed value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

Information technology propelled the benchmark higher

Nine of the ten industry sectors in the Russell 1000 Growth Index (utilities are no longer represented) advanced for the twelve months. Information technology—the biggest sector, representing more than one-third of the index’s total market capitalization on October 31, 2019—surged 22.3% and contributed over 40.0% of the index’s return for the period. The real estate and materials sectors generated the strongest gains, climbing 27.8% and 26.6%, respectively. Energy was the sole decliner, returning –18.1% amid a decrease in oil prices. Health care rose 8.2% and was the second-worst performer, impacted by the prospect of increased government regulation.

For the twelve-month period, two of the five largest stocks in the Russell 1000 Growth Index produced returns that exceeded the overall return of the index. They were Microsoft, which benefited from strength in its cloud-computing business, and Facebook, which experienced robust growth in advertising revenue. Alphabet (the parent company of Google), Apple and Amazon.com registered double-digit returns but lagged the index.

Fund’s double-digit gain trailed its benchmark

For the period, the Fund underperformed its benchmark as certain stocks did not perform as expected. The largest detractor was an overweight position in electric car maker Tesla, which faced heightened competition and softening Chinese demand for electric cars. The next-largest detractors were overweight investments in Netflix and video game maker Activision Blizzard.

On the plus side, an underweight holding in Apple was the top contributor to relative returns. An overweight in Mastercard and a lack of exposure to Altria (the parent company of Philip Morris) were the next-largest contributors. Strong consumer spending helped push shares of Mastercard substantially higher, while Altria’s stock declined alongside stagnant revenue growth.

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

Performance as of October 31, 2019

Large-Cap Growth Fund		Total return			Average annual total return						Annual operating expenses*
	Inception date	1 year			5 years			10 years			gross			net
Institutional Class	3/31/06		13.60	%		12.76	%		15.22	%		0.41	%		0.41	%
Advisor Class	12/4/15		13.55			12.69	†		15.18	†		0.52			0.52
Premier Class	9/30/09		13.45			12.60			15.05			0.57			0.57
Retirement Class	3/31/06		13.35			12.45			14.92			0.67			0.67
Retail Class	3/31/06		13.25			12.40			14.86			0.72			0.72
Class W	9/28/18		14.11			12.87	†		15.27	†		0.41			0.00
Russell 1000® Growth Index	—		17.10			13.43			15.41			—			—

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.

$10,000 over 10 years

Institutional Class

Ending amounts are as of October 31, 2019. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by company size

Market capitalization	% of equity investments as of 10/31/2019
More than $50 billion		77.8
More than $15 billion–$50 billion		20.2
More than $2 billion–$15 billion		2.0
Total		100.0

Fund profile

	as of 10/31/2019
Net assets	$5.71 billion
Portfolio turnover rate	97%
Number of holdings	78
Weighted median market capitalization	$121.82 billion
Price/earnings ratio (weighted 12-month trailing average)†	33.9

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

TIAA-CREF Funds: Equity Funds  ■  2019 Annual Report 13

Large-Cap Value Fund

Expense example

Six months ended October 31, 2019

Large-Cap Value Fund	Beginning account value (5/1/19)	Ending  account value (10/31/19)	Expenses  paid during period*  (5/1/19– 10/31/19)
Actual return
Institutional Class	$1,000.00	$1,039.39	$2.06
Advisor Class	1,000.00	1,039.41	2.26
Premier Class	1,000.00	1,038.89	2.83
Retirement Class	1,000.00	1,038.35	3.34
Retail Class	1,000.00	1,038.22	3.60
Class W	1,000.00	1,041.69	0.00
5% annual hypothetical return
Institutional Class	1,000.00	1,023.19	2.04
Advisor Class	1,000.00	1,022.99	2.24
Premier Class	1,000.00	1,022.43	2.80
Retirement Class	1,000.00	1,021.93	3.31
Retail Class	1,000.00	1,021.68	3.57
Class W	1,000.00	1,025.21	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 184/365. There were 184 days in the six months ended October 31, 2019. The Fund’s annualized six-month expense ratios for that period were 0.40% for the Institutional Class, 0.44% for the Advisor Class, 0.55% for the Premier Class, 0.65% 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

Sector	% of net assets as of 10/31/2019
Financials		26.1
Health care		15.7
Industrials		11.5
Information technology		10.3
Communication services		8.1
Energy		7.1
Consumer staples		6.6
Utilities		4.9
Consumer discretionary		3.7
Materials		3.5
Real estate		2.2
Short-term investments, other assets & liabilities, net		0.3
Total		100.0

Performance for the twelve months ended October 31, 2019

The Large-Cap Value Fund returned 10.23% for the Institutional Class, compared with the 11.21% return of its benchmark, the Russell 1000^® Value Index. The performance table shows returns for all share classes of the Fund.

U.S. equities gained amid slower economic growth

The U.S. economy continued to expand over the twelve months, but its growth decelerated for most of the reporting period. Unemployment was 3.6% in October 2019, after dipping to 3.5% in September—its lowest level in nearly half a century. The price of oil decreased for the period, while core inflation, which includes all items except food and energy, rose to an annualized rate of 2.3% in October 2019.

Equity markets declined early in the period amid concerns about continued economic growth, but they recovered after the Federal Reserve indicated a shift in monetary policy. The Fed had raised the federal funds target rate in December 2018, but it adopted a “patient” approach toward further action in January 2019. The Fed then reversed course later in the period, lowering the key short-term interest-rate measure three times between July and October to 1.50%–1.75%.

For the twelve months, the Russell 3000^® Index, a broad measure of the U.S. stock market, gained 13.49%. Large-cap stocks outperformed smaller equities, and growth shares surpassed value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

Benchmark sectors exhibited broad strength

Ten of the eleven industry sectors in the Russell 1000 Value Index posted gains for the twelve months. Real estate and utilities were the best-performing sectors, rising 25.2% and 23.0%, respectively. Bond yields declined throughout much of the period, spurring demand for real estate and utilities stocks, which generally have above-average dividend yields. Information technology, up 22.9%, also performed exceptionally well. Financials—the largest sector in the index—climbed a relatively subdued 10.5% but was the top contributor to the index’s return. Together, these four sectors accounted for more than 40.0% of the benchmark’s total market capitalization on October 31, 2019. Energy was the worst-performing sector for the period, returning –12.5% amid a decline in oil prices.

For the twelve-month period, returns for two of the five largest stocks in the Russell 1000 Value Index surpassed the overall return of the benchmark. They were Procter & Gamble and JPMorgan Chase. Returns for the remaining three stocks were mixed. Berkshire Hathaway generated a modest gain, while Exxon Mobil and Johnson & Johnson declined.

Fund advanced but trailed its benchmark

For the period, the Fund trailed its benchmark due to certain stock selections that did not perform as anticipated. The largest detractors were overweight positions in energy firms EOG Resources and Concho Resources. The next-largest detractor was an overweight in health care insurance provider Cigna, which was impacted by uncertainty about the future direction of government health care policies.

These negative effects were partly mitigated by several successful stock allocations, led by overweight investments in packaging company Crown Holdings and Microsoft. Next in line was an out-of-benchmark position in residential homebuilder NVR, which benefited from a decline in mortgage rates.

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

Performance as of October 31, 2019

Large-Cap Value Fund		Total return			Average annual total return						Annual operating expenses*
	Inception date	1 year			5 years			10 years				gross		net
Institutional Class	10/1/02		10.23	%		6.38	%		10.80	%		0.40	%		0.40	%
Advisor Class	12/4/15		10.17			6.34	†		10.78	†		0.49			0.49
Premier Class	9/30/09		10.10			6.22			10.63			0.55			0.55
Retirement Class	10/1/02		10.03			6.12			10.52			0.65			0.65
Retail Class	10/1/02		9.92			6.06			10.46			0.71			0.71
Class W	9/28/18		10.66			6.47	†		10.85	†		0.40			0.00
Russell 1000® Value Index	—		11.21			7.61			11.96			—			—

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 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.

$10,000 over 10 years

Institutional Class

Ending amounts are as of October 31, 2019. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by company size

Market capitalization	% of equity investments  as of 10/31/2019
More than $50 billion		73.6
More than $15 billion–$50 billion		20.3
More than $2 billion–$15 billion		6.1
Total		100.0

Fund profile

	as of 10/31/2019
Net assets	$5.67 billion
Portfolio turnover rate	79%
Number of holdings	81
Weighted median market capitalization	$126.02 billion
Price/earnings ratio (weighted 12-month trailing average)†	17.5

^† 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 Annual Report 15

Mid-Cap Growth Fund

Expense example

Six months ended October 31, 2019

Mid-Cap Growth Fund	Beginning  account value (5/1/19)		Ending account value (10/31/19)		Expenses paid during period*  (5/1/19– 10/31/19)
Actual return
Institutional Class		$1,000.00	$	981.45		$2.35
Advisor Class		1,000.00		981.01		2.70
Premier Class		1,000.00		980.44		3.09
Retirement Class		1,000.00		979.92		3.59
Retail Class		1,000.00		979.44		3.84
5% annual hypothetical return
Institutional Class		1,000.00		1,022.84		2.40
Advisor Class		1,000.00		1,022.48		2.75
Premier Class		1,000.00		1,022.08		3.16
Retirement Class		1,000.00		1,021.58		3.67
Retail Class		1,000.00		1,021.32		3.92

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 2019. The Fund’s annualized six-month expense ratios for that period were 0.47% for the Institutional Class, 0.54% for the Advisor Class, 0.62% for the Premier Class, 0.72% for the Retirement Class and 0.77% for the Retail Class. The expense charges of one or more of the Fund’s share classes may 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 10/31/2019
Information technology	32.9
Industrials	16.4
Consumer discretionary	15.7
Health care	15.6
Communication services	5.1
Financials	4.8
Materials	3.2
Real estate	2.9
Consumer staples	0.7
Energy	0.7
Short-term investments, other assets & liabilities, net	2.0
Total	100.0

Performance for the twelve months ended October 31, 2019

The Mid-Cap Growth Fund returned 15.93% for the Institutional Class, compared with the 18.93% return of its benchmark, the Russell Midcap^® Growth Index. The performance table shows returns for all share classes of the Fund.

U.S. equities gained amid slower economic growth

The U.S. economy continued to expand over the twelve months, but its growth decelerated for most of the reporting period. Unemployment was 3.6% in October 2019, after dipping to 3.5% in September—its lowest level in nearly half a century. The price of oil decreased for the period, while core inflation, which includes all items except food and energy, rose to an annualized rate of 2.3% in October 2019.

Equity markets declined early in the period amid concerns about continued economic growth, but they recovered after the Federal Reserve indicated a shift in monetary policy. The Fed had raised the federal funds target rate in December 2018, but it adopted a “patient” approach toward further action in January 2019. The Fed then reversed course later in the period, lowering the key short-term interest-rate measure three times between July and October to 1.50%–1.75%.

For the twelve months, the Russell 3000^® Index, a broad measure of the U.S. stock market, gained 13.49%. Large-cap stocks outperformed smaller equities, and growth shares surpassed value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

Largest sectors drove the benchmark’s gain

Eight of the ten industry sectors in the Russell Midcap Growth Index (utilities are no longer represented) generated positive returns for the twelve months. Information technology, industrials and consumer discretionary—the index’s three largest sectors for the period—rose 26.7%, 21.7% and 15.9%, respectively, and were the top contributors to the index’s return. Together, these three sectors accounted for nearly two-thirds of the index’s total market capitalization on October 31, 2019. Real estate, up 36.1%, posted the strongest increase. Energy was the weakest performer with a return of –17.5%.

For the twelve-month period, the five largest stocks in the Russell Midcap Growth Index all registered exceptional gains that surpassed the index’s overall return by a wide margin. Semiconductor companies Lam Research and Advanced Micro Devices led the way due to an improving outlook for the semiconductor industry. Next in line were credit card processor Global Payments, retailer Dollar General and financial services technology firm Fiserv.

Fund advanced but trailed its benchmark

For the period, the Fund produced a strong gain but underperformed its benchmark, mainly because of certain stocks that did not perform as anticipated. The largest detractors were out-of-benchmark positions in ANGI Homeservices, the parent company of Angie’s List, which lowered its 2019 earnings forecast, and online retailer Farfetch, which announced operating results and an acquisition that disappointed investors. The next-largest detractor was an overweight investment in Jazz Pharmaceuticals.

On the positive side, other stock selection decisions bolstered the Fund’s performance versus the index. Chief among these was an overweight position in biopharmaceutical firm TESARO, which was acquired by drug maker GlaxoSmithKline. The next-largest contributors were an overweight holding in RingCentral, a provider of cloud-based communications services, and an out-of-benchmark investment in GDS Holdings, a Chinese data center operator.

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

Performance as of October 31, 2019

Mid-Cap Growth Fund		Total return			Average annual  total return						Annual operating  expenses*
	Inception date	1 year			5 years			10 years			gross			net
Institutional Class	10/1/02		15.93	%		8.50	%		13.21	%		0.47	%		0.47	%
Advisor Class	12/4/15		15.87			8.46	†		13.19	†		0.56			0.56
Premier Class	9/30/09		15.70			8.33			13.04			0.62			0.62
Retirement Class	10/1/02		15.61			8.22			12.92			0.72			0.72
Retail Class	10/1/02		15.56			8.16			12.87			0.77			0.77
Russell Midcap® Growth Index	—		18.93			10.92			14.76			—			—

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 the Advisor Class. If these actual expenses had been reflected, the performance of the Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Institutional Class.

$10,000 over 10 years

Institutional Class

Ending amounts are as of October 31, 2019. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by company size

Market capitalization	% of equity investments as of 10/31/2019
More than $50 billion		3.8
More than $15 billion–$50 billion		51.3
More than $2 billion–$15 billion		42.8
$2 billion or less		2.1
Total		100.0

Fund profile

	as of 10/31/2019
Net assets	$1.36 billion
Portfolio turnover rate	81%
Number of holdings	123
Weighted median market capitalization	$18.83 billion
Price/earnings ratio (weighted 12-month trailing average)†	43.1

^† 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 Annual Report 17

Mid-Cap Value Fund

Expense example

Six months ended October 31, 2019

					Expenses
					paid
	Beginning		Ending		during
	account		account		period*
Mid-Cap	value		value		(5/1/19–
Value Fund	(5/1/19)		(10/31/19)		10/31/19)
Actual return
Institutional Class	$	1,000.00	$	999.51		$2.07
Advisor Class		1,000.00		998.53		2.57
Premier Class		1,000.00		998.53		2.82
Retirement Class		1,000.00		998.03		3.32
Retail Class		1,000.00		997.48		3.57
5% annual hypothetical return
Institutional Class		1,000.00		1,023.14		2.09
Advisor Class		1,000.00		1,022.63		2.60
Premier Class		1,000.00		1,022.38		2.85
Retirement Class		1,000.00		1,021.88		3.36
Retail Class		1,000.00		1,021.63		3.62

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 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 and 0.71% 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

		% of net assets
Sector	as of 10/31/2019
Financials		19.7
Real estate		12.1
Industrials		11.5
Consumer discretionary		10.1
Utilities		9.5
Information technology		8.0
Materials		7.5
Health care		7.1
Energy		5.8
Consumer staples		4.5
Communication services		3.9
Short-term investments, other assets & liabilities, net		0.3
Total		100.0

Performance for the twelve months ended October 31, 2019

The Mid-Cap Value Fund returned 7.32% for the Institutional Class, compared with the 10.08% return of its benchmark, the Russell Midcap^® Value Index. The performance table shows returns for all share classes of the Fund.

U.S. equities gained amid slower economic growth

The U.S. economy continued to expand over the twelve months, but its growth decelerated for most of the reporting period. Unemployment was 3.6% in October 2019, after dipping to 3.5% in September—its lowest level in nearly half a century. The price of oil decreased for the period, while core inflation, which includes all items except food and energy, rose to an annualized rate of 2.3% in October 2019.

Equity markets declined early in the period amid concerns about continued economic growth, but they recovered after the Federal Reserve indicated a shift in monetary policy. The Fed had raised the federal funds target rate in December 2018, but it adopted a “patient” approach toward further action in January 2019. The Fed then reversed course later in the period, lowering the key short-term interest-rate measure three times between July and October to 1.50%–1.75%.

For the twelve months, the Russell 3000^® Index, a broad measure of the U.S. stock market, gained 13.49%. Large-cap stocks outperformed smaller equities, and growth shares surpassed value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

Most sectors helped the benchmark climb higher

Nine of the eleven industry sectors in the Russell Midcap Value Index recorded gains for the twelve months. Real estate, up 24.5%, and industrials, up 21.2%, were the best-performing sectors and the top contributors to the benchmark’s return. Financials—the index’s biggest component—rose 11.1% and was the next-largest contributor. Together, these three sectors represented more than 44.0% of the benchmark’s total market capitalization on October 31, 2019. Energy returned –28.9% amid a decline in oil prices and was the only significant detractor from performance.

For the twelve-month period, all of the five largest stocks in the Russell Midcap Value Index outperformed the overall return of the index by substantial margins. Falling interest rates were a tailwind for real estate investment trusts Welltower and Equity Residential, which delivered the strongest gains. Next came Sempra Energy, mining company Newmont Goldcorp and Xcel Energy. Shares of Sempra and Xcel surged despite the broad weakness in energy stocks, while Newmont Goldcorp rallied amid rising gold prices.

Fund advanced but trailed its benchmark

For the period, the Fund recorded a solid gain but trailed its benchmark, mainly because of several unsuccessful stock selections. The largest detractor was an out-of-benchmark holding in energy firm Matador Resources, which struggled due to the drop in energy prices. Next in line was an overweight investment in retailer Capri, which issued a disappointing sales outlook, followed by an out-of-benchmark position in Teva Pharmaceutical, which faced heightened competition and litigation risk.

By contrast, other stock selections benefited the Fund’s relative performance. The top contributor was an out-of-benchmark holding in Altice USA, a cable TV provider that benefited from strength in its broadband business. The next-largest contributors were an out-of-benchmark position in printing company Cimpress and an overweight in homebuilder Lennar.

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

Performance as of October 31, 2019

Mid-Cap Value Fund					Average annual						Annual operating
		Total return			total return						expenses*
	Inception
	date	1 year			5 years			10 years			gross			net
Institutional Class	10/1/02		7.32	%		5.34	%		11.07	%		0.42	%		0.42	%
Advisor Class	12/4/15		7.18			5.26	†		11.03	†		0.51			0.51
Premier Class	9/30/09		7.11			5.18			10.90			0.57			0.57
Retirement Class	10/1/02		7.01			5.07			10.79			0.67			0.67
Retail Class	10/1/02		6.96			5.02			10.75			0.72			0.72
Russell Midcap® Value Index	—		10.08			6.95			12.90			—			—

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

$10,000 over 10 years

Institutional Class

Ending amounts are as of October 31, 2019. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by company size

	% of equity investments
Market capitalization		as of 10/31/2019
More than $50 billion		0.4
More than $15 billion–$50 billion		37.1
More than $2 billion–$15 billion		55.8
$2 billion or less		6.7
Total		100.0

Fund profile

	as of 10/31/2019
Net assets	$2.83 billion
Portfolio turnover rate	81%
Number of holdings	198
Weighted median market capitalization	$11.34 billion
Price/earnings ratio (weighted 12-month trailing average)†	27.2

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

TIAA-CREF Funds: Equity Funds  ■  2019 Annual Report 19

Quant Large-Cap Growth Fund

Expense example

Six months ended October 31, 2019

					Expenses
					paid
	Beginning		Ending		during
	account		account		period*
Quant Large-Cap		value		value		(5/1/19–
Growth Fund		(5/1/19)		(10/31/19)		10/31/19)
Actual return
Institutional Class		$1,000.00		$1,027.12		$1.64
Advisor Class		1,000.00		1,027.08		2.09
Class W		1,000.00		1,029.19		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,023.59		1.63
Advisor Class		1,000.00		1,023.14		2.09
Class W		1,000.00		1,025.21		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 184/365. There were 184 days in the six months ended October 31, 2019. The Fund’s annualized six-month expense ratios for that period were 0.32% 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

	% of net assets
Sector	as of 10/31/2019
Information technology	39.4
Health care	12.6
Consumer discretionary	12.1
Communication services	11.4
Industrials	10.8
Financials	5.9
Consumer staples	4.7
Real estate	1.9
Materials	0.9
Short-term investments, other assets & liabilities, net	0.3
Total	100.0

Performance for the twelve months ended October 31, 2019

The Quant Large-Cap Growth Fund returned 13.40% for the Institutional Class, compared with the 17.10% return of its benchmark, the Russell 1000^® Growth Index. The performance table shows returns for all share classes of the Fund.

U.S. equities gained amid slower economic growth

The U.S. economy continued to expand over the twelve months, but its growth decelerated for most of the reporting period. Unemployment was 3.6% in October 2019, after dipping to 3.5% in September—its lowest level in nearly half a century. The price of oil decreased for the period, while core inflation, which includes all items except food and energy, rose to an annualized rate of 2.3% in October 2019.

Equity markets declined early in the period amid concerns about continued economic growth, but they recovered after the Federal Reserve indicated a shift in monetary policy. The Fed had raised the federal funds target rate in December 2018, but it adopted a “patient” approach toward further action in January 2019. The Fed then reversed course later in the period, lowering the key short-term interest-rate measure three times between July and October to 1.50%–1.75%.

For the twelve months, the Russell 3000^® Index, a broad measure of the U.S. stock market, gained 13.49%. Large-cap stocks outperformed smaller equities, and growth shares surpassed value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

Information technology propelled the benchmark higher

Nine of the ten industry sectors in the Russell 1000 Growth Index (utilities are no longer represented) advanced for the twelve months. Information technology—the biggest sector, representing more than one-third of the index’s total market capitalization on October 31, 2019—surged 22.3% and contributed over 40.0% of the index’s return for the period. The real estate and materials sectors generated the strongest gains, climbing 27.8% and 26.6%, respectively. Energy was the sole decliner, returning –18.1% amid a decrease in oil prices. Health care rose 8.2% and was the second-worst performer, impacted by the prospect of increased government regulation.

For the twelve-month period, two of the five largest stocks in the Russell 1000 Growth Index produced returns that exceeded the overall return of the index. They were Microsoft, which benefited from strength in its cloud-computing business, and Facebook, which experienced robust growth in advertising revenue. Alphabet (the parent company of Google), Apple and Amazon.com registered double-digit returns but lagged the index.

Fund advanced but trailed its benchmark

For the period, several stock choices did not perform as anticipated and detracted from the Fund’s relative performance. Chief among these were overweight positions in technology company Alliance Data Systems, retailer L Brands and financial services firm Comerica. Alliance Data Systems experienced weakness in one of its business units, then announced it would sell the unit at a lower-than-expected price. L Brands contended with increased competition and shifting consumer preferences, while worries that lower interest rates might dampen profitability hurt Comerica.

On the plus side, two of the largest contributors were overweight positions in semiconductor equipment makers KLA and Lam Research, which benefited from an improving outlook for semiconductor demand. An overweight in TransDigm Group, a provider of aerospace components, was also helpful.

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

Performance as of October 31, 2019

Quant Large-Cap Growth Fund					Average annual						Annual operating
		Total return			total return						expenses*
	Inception
	date	1 year			5 years			10 years			gross			net
Institutional Class	11/30/07		13.40	%		12.76	%		14.59	%		0.32	%		0.32	%
Advisor Class	12/4/15		13.35			12.74	†		14.58	†		0.43			0.43
Class W	9/28/18		13.81			12.85	†		14.63	†		0.32			0.00
Russell 1000® Growth Index	—		17.10			13.43			15.41			—			—

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.

$10,000 over 10 years

Institutional Class

Ending amounts are as of October 31, 2019. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by company size

	% of equity investments
Market capitalization	as of 10/31/2019
More than $50 billion		68.2
More than $15 billion–$50 billion		18.8
More than $2 billion–$15 billion		13.0
Total		100.0

Fund profile

	as of 10/31/2019
Net assets	$2.88 billion
Portfolio turnover rate	116%
Number of holdings	201
Weighted median market capitalization	$120.50 billion
Price/earnings ratio (weighted 12-month trailing average)†	24.2

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

TIAA-CREF Funds: Equity Funds  ■  2019 Annual Report 21

Quant Large-Cap Value Fund

Expense example

Six months ended October 31, 2019

Quant Large-Cap Value Fund	Beginning account value (5/1/19)		Ending account value (10/31/19)		Expenses paid during period* (5/1/19– 10/31/19)
Actual return
Institutional Class	$	1,000.00	$	1,015.73		$1.63
Advisor Class		1,000.00		1,015.78		2.13
Class W		1,000.00		1,017.68		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,023.59		1.63
Advisor Class		1,000.00		1,023.09		2.14
Class W		1,000.00		1,025.21		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 184/365. There were 184 days in the six months ended October 31, 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 10/31/2019
Financials	26.3
Health care	13.7
Industrials	11.0
Consumer staples	9.5
Energy	7.3
Consumer discretionary	7.1
Communication services	6.4
Utilities	5.5
Information technology	5.4
Real estate	4.3
Materials	3.2
Short-term investments, other assets & liabilities, net	0.3
Total	100.0

Performance for the twelve months ended October 31, 2019

The Quant Large-Cap Value Fund returned 8.05% for the Institutional Class, compared with the 11.21% return of its benchmark, the Russell 1000^® Value Index. The performance table shows returns for all share classes of the Fund.

U.S. equities gained amid slower economic growth

The U.S. economy continued to expand over the twelve months, but its growth decelerated for most of the reporting period. Unemployment was 3.6% in October 2019, after dipping to 3.5% in September—its lowest level in nearly half a century. The price of oil decreased for the period, while core inflation, which includes all items except food and energy, rose to an annualized rate of 2.3% in October 2019.

Equity markets declined early in the period amid concerns about continued economic growth, but they recovered after the Federal Reserve indicated a shift in monetary policy. The Fed had raised the federal funds target rate in December 2018, but it adopted a “patient” approach toward further action in January 2019. The Fed then reversed course later in the period, lowering the key short-term interest-rate measure three times between July and October to 1.50%–1.75%.

For the twelve months, the Russell 3000^® Index, a broad measure of the U.S. stock market, gained 13.49%. Large-cap stocks outperformed smaller equities, and growth shares surpassed value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

Benchmark sectors exhibited broad strength

Ten of the eleven industry sectors in the Russell 1000 Value Index posted gains for the twelve months. Real estate and utilities were the best-performing sectors, rising 25.2% and 23.0%, respectively. Bond yields declined throughout much of the period, spurring demand for real estate and utilities stocks, which generally have above-average dividend yields. Information technology, up 22.9%, also performed exceptionally well. Financials—the largest sector in the index—climbed a relatively subdued 10.5% but was the top contributor to the index’s return. Together, these four sectors accounted for more than 40.0% of the benchmark’s total market capitalization on October 31, 2019. Energy was the worst-performing sector for the period, returning –12.5% amid a decline in oil prices.

For the twelve-month period, returns for two of the five largest stocks in the Russell 1000 Value Index surpassed the overall return of the benchmark. They were Procter & Gamble and JPMorgan Chase. Returns for the remaining three stocks were mixed. Berkshire Hathaway generated a modest gain, while Exxon Mobil and Johnson & Johnson declined.

Fund advanced but trailed its benchmark

For the period, the Fund underperformed its benchmark primarily because of stock selections that did not perform as expected. The largest detractor was a modest overweight position in utility PG&E, which faced liabilities related to the California wildfires. The next-largest detractors were overweight investments in energy firm Antero Resources, which declined due to lower energy prices, and retailer Kohl’s, which reduced its earnings estimates.

By contrast, the Fund benefited from several stock choices. The top contributors were overweight positions in semiconductor firms Broadcom and Lam Research, which benefited from expectations for a resurgence in semiconductor demand. Next in line was an underweight in energy company Schlumberger.

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

Performance as of October 31, 2019

Quant Large-Cap Value Fund		Total return			Average annual total return						Annual operating expenses*
	Inception date	1 year			5 years			10 years			gross			net
Institutional Class	11/30/07		8.05	%		6.40	%		10.81	%		0.32	%		0.32	%
Advisor Class	12/4/15		7.93			6.31	†		10.76	†		0.41			0.41
Class W	9/28/18		8.35			6.48	†		10.85	†		0.32			0.00
Russell 1000® Value Index	—		11.21			7.61			11.96			—			—

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 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.

$10,000 over 10 years

Institutional Class

Ending amounts are as of October 31, 2019. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by company size

Market capitalization	% of equity investments as of 10/31/2019
More than $50 billion		47.9
More than $15 billion–$50 billion		28.2
More than $2 billion–$15 billion		23.7
$2 billion or less		0.2
Total		100.0

Fund profile

	as of 10/31/2019
Net assets	$2.67 billion
Portfolio turnover rate	146%
Number of holdings	314
Weighted median market capitalization	$48.79 billion
Price/earnings ratio (weighted 12-month trailing average)†	15.9

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

TIAA-CREF Funds: Equity Funds  ■  2019 Annual Report 23

Quant Small-Cap Equity Fund

Expense example

Six months ended October 31, 2019

Quant Small-Cap Equity Fund	Beginning account value (5/1/19)		Ending account value (10/31/19)		Expenses paid during period* (5/1/19– 10/31/19)
Actual return
Institutional Class	$	1,000.00	$	988.08		$1.90
Advisor Class		1,000.00		987.48		2.50
Premier Class		1,000.00		988.00		2.66
Retirement Class		1,000.00		987.11		3.16
Retail Class		1,000.00		986.94		3.21
Class W		1,000.00		989.88		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,023.29		1.94
Advisor Class		1,000.00		1,022.68		2.55
Premier Class		1,000.00		1,022.53		2.70
Retirement Class		1,000.00		1,022.03		3.21
Retail Class		1,000.00		1,021.98		3.26
Class W		1,000.00		1,025.21		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 184/365. There were 184 days in the six months ended October 31, 2019. The Fund’s annualized six-month expense ratios for that period were 0.38% for the Institutional Class, 0.50% for the Advisor Class, 0.53% for the Premier Class, 0.63% for the Retirement Class, 0.64% 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 10/31/2019
Financials	16.5
Industrials	16.2
Health care	15.5
Information technology	12.6
Consumer discretionary	10.6
Real estate	9.1
Materials	5.5
Consumer staples	3.8
Energy	3.7
Utilities	3.2
Communication services	2.4
Short-term investments, other assets & liabilities, net	0.9
Total	100.0

Performance for the twelve months ended October 31, 2019

The Quant Small-Cap Equity Fund returned 5.34% for the Institutional Class, compared with the 4.90% return of its benchmark, the Russell 2000^® Index. The performance table shows returns for all share classes of the Fund.

U.S. equities gained amid slower economic growth

The U.S. economy continued to expand over the twelve months, but its growth decelerated for most of the reporting period. Unemployment was 3.6% in October 2019, after dipping to 3.5% in September—its lowest level in nearly half a century. The price of oil decreased for the period, while core inflation, which includes all items except food and energy, rose to an annualized rate of 2.3% in October 2019.

Equity markets declined early in the period amid concerns about continued economic growth, but they recovered after the Federal Reserve indicated a shift in monetary policy. The Fed had raised the federal funds target rate in December 2018, but it adopted a “patient” approach toward further action in January 2019. The Fed then reversed course later in the period, lowering the key short-term interest-rate measure three times between July and October to 1.50%–1.75%.

For the twelve months, the Russell 3000^® Index, a broad measure of the U.S. stock market, gained 13.49%. Large-cap stocks outperformed smaller equities, and growth shares surpassed value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

Information technology led the benchmark higher

Six of the eleven industry sectors in the Russell 2000 Index posted positive results for the twelve months. Information technology—the index’s fourth-largest sector—performed best with a gain of 23.6%. Industrials advanced 10.6%, while financials, the benchmark’s largest sector, gained 6.0%. The smaller utilities and real estate sectors generated the second- and third-largest returns at 23.2% and 18.4%, respectively. Bond yields declined throughout much of the period, spurring demand for utilities and real estate stocks, which generally have above-average dividend yields. Together, these five sectors made up nearly 60.0% of the benchmark’s total market capitalization on October 31, 2019. Energy, communication services, consumer staples, health care and materials all posted losses.

For the twelve-month period, all of the five largest stocks in the Russell 2000 index generated sizable returns that exceeded the overall performance of the benchmark. Oncology company Novocure advanced the most with triple-digit returns, followed by power-generating equipment maker Generac. First Industrial Realty, hematology firm Haemonetics and virtual health care provider Teladoc Health also outperformed with double-digit gains.

Fund posted strong gains, surpassed its benchmark

For the period, overweight positions in several strong-performing stocks led the Fund to outperform its benchmark. Chief among these was an overweight to programmable logic device maker Lattice Semiconductor, which recently reported better-than-expected Q3 earnings growth. Overweight positions in electric circuitry and metal products supplier Atkore International and genetic testing firm Natera also benefited relative results.

By contrast, certain Fund positions did not perform as anticipated. The three largest detractors were overweight positions in energy companies NexTier Oilfield Solutions and ProPetro Holding, as well as biopharmaceutical firm Puma Biotechnology, all of which underperformed the benchmark.

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

Performance as of October 31, 2019

Quant Small-Cap Equity Fund		Total return			Average annual total return						Annual operating expenses*
	Inception date	1 year			5 years			10 years			gross			net
Institutional Class	10/1/02		5.34	%		7.90	%		12.82	%		0.41	%		0.41	%
Advisor Class	12/4/15		5.25			7.84	†		12.79	†		0.48			0.48
Premier Class	9/30/09		5.28			7.75			12.65			0.56			0.56
Retirement Class	10/1/02		5.14			7.64			12.54			0.66			0.66
Retail Class	10/1/02		5.06			7.59			12.47			0.71			0.71
Class W	9/28/18		5.78			7.99	†		12.87	†		0.41			0.00
Russell 2000® Index	—		4.90			7.37			12.27			—			—

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.

$10,000 over 10 years

Institutional Class

Ending amounts are as of October 31, 2019. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by company size

Market capitalization	% of equity investments as of 10/31/2019
More than $2 billion–$15 billion		48.7
$2 billion or less		51.3
Total		100.0

Fund profile

	as of 10/31/2019
Net assets	$2.94 billion
Portfolio turnover rate	98%
Number of holdings	420
Weighted median market capitalization	$1.94 billion
Price/earnings ratio (weighted 12-month trailing average)†	31.4

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

TIAA-CREF Funds: Equity Funds  ■  2019 Annual Report 25

Quant Small/Mid-Cap Equity Fund

Expense example

Six months ended October 31, 2019

Quant Small/Mid-Cap Equity Fund	Beginning account value (5/1/19)		Ending account value (10/31/19)		Expenses paid during period* (5/1/19– 10/31/19)
Actual return
Institutional Class	$	1,000.00	$	1,014.03		$2.54
Advisor Class		1,000.00		1,014.84		2.74
Premier Class		1,000.00		1,014.05		3.35
Retirement Class		1,000.00		1,013.25		3.81
Retail Class		1,000.00		1,011.60		4.41
Class W		1,000.00		1,017.31		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,022.68		2.55
Advisor Class		1,000.00		1,022.48		2.75
Premier Class		1,000.00		1,021.88		3.36
Retirement Class		1,000.00		1,021.42		3.82
Retail Class		1,000.00		1,020.82		4.43
Class W		1,000.00		1,025.21		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 184/365. There were 184 days in the six months ended October 31, 2019. The Fund’s annualized six-month expense ratios for that period were 0.50% for the Institutional Class, 0.54% for the Advisor Class, 0.66% for the Premier Class, 0.75% for the Retirement Class, 0.87% 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 10/31/2019
Financials		17.6
Industrials		17.1
Information technology		15.5
Health care		12.1
Consumer discretionary		11.6
Real estate		11.3
Materials		5.1
Energy		2.6
Utilities		2.5
Consumer staples		2.3
Communication services		2.2
Short-term investments, other assets & liabilities, net		0.1
Total		100.0

Performance for the twelve months ended October 31, 2019

The Quant Small/Mid-Cap Equity Fund returned 11.20% for the Institutional Class, compared with the 8.84% return of its benchmark, the Russell 2500^® Index. The performance table shows returns for all share classes of the Fund.

U.S. equities gained amid slower economic growth

The U.S. economy continued to expand over the twelve months, but its growth decelerated for most of the reporting period. Unemployment was 3.6% in October 2019, after dipping to 3.5% in September—its lowest level in nearly half a century. The price of oil decreased for the period, while core inflation, which includes all items except food and energy, rose to an annualized rate of 2.3% in October 2019.

Equity markets declined early in the period amid concerns about continued economic growth, but they recovered after the Federal Reserve indicated a shift in monetary policy. The Fed had raised the federal funds target rate in December 2018, but it adopted a “patient” approach toward further action in January 2019. The Fed then reversed course later in the period, lowering the key short-term interest-rate measure three times between July and October to 1.50%–1.75%.

For the twelve months, the Russell 3000^® Index, a broad measure of the U.S. stock market, gained 13.49%. Large-cap stocks outperformed smaller equities, and growth shares surpassed value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

Information technology led benchmark’s sector returns

Eight of the eleven industry sectors in the Russell 2500 Index generated positive returns for the twelve months. Information technology, the index’s largest sector, had the best performance and made the largest contribution to its return with a gain of 24.0%. Real estate, industrials and financials also made solid contributions with returns of 20.8%, 13.9% and 9.0%, respectively. Together, these four sectors accounted for nearly 60.0% of the benchmark’s total market capitalization on October 31, 2019. Energy was the worst-performing sector for the period, declining 42.9% due to the drop in oil prices.

For the twelve-month period, the five largest stocks in the Russell 2500 all posted strong gains that outperformed the index’s overall return. Higher revenues and earnings helped MarketAxess Holdings, which operates a fixed-income trading platform and was the index’s largest weighting, to post the strongest performance. Sun Communities, a real estate investment trust, Zebra Technologies, which makes printing and tracking products, and medical device maker DexCom all posted strong earnings.

Fund advanced and outperformed its benchmark

The Fund outperformed its benchmark primarily due to overweight positions in several stocks that far outpaced the index. The Fund benefited most from its holdings in Veeva Systems, a provider of cloud-based software for the health care industry that experienced strong earnings growth. Shares of Array BioPharma surged after the company agreed to be acquired by Pfizer. Twilio, a cloud-communications platform provider, rose after posting strong earnings growth.

In contrast, certain other stocks did not perform as anticipated. Chief among these was an overweight position in biodiesel producer Renewable Energy Group, which declined after a first-quarter loss. An underweight position in streaming TV device maker Roku and an overweight in nutrition company Medifast also detracted.

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

Performance as of October 31, 2019

Quant Small/Mid-Cap Equity Fund					Average annual			Annual operating
		Total return			total return			expenses*
	Inception				since
	date	1 year			inception			gross			net
Institutional Class	8/5/16		11.20	%		12.46	%		0.50	%		0.50	%
Advisor Class	8/5/16		11.18			12.47			0.59			0.59
Premier Class	8/5/16		11.04			12.29			0.66			0.66
Retirement Class	8/5/16		10.89			12.17			0.76			0.76
Retail Class	8/5/16		10.67			12.01			0.88			0.88
Class W	9/28/18		11.73			12.65	†		0.50			0.00
Russell 2500® Index	—		8.84			9.73	‡		—			—

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.

$10,000 invested at Fund’s inception

Institutional Class (inception August 5, 2016)

Ending amounts are as of October 31, 2019. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by company size

% of equity investments
Market capitalization	as of 10/31/2019
More than $15 billion–$50 billion		2.3
More than $2 billion–$15 billion		74.0
$2 billion or less		23.7
Total		100.0

Fund profile

	as of 10/31/2019
Net assets		$685.47 million
Portfolio turnover rate		81%
Number of holdings		321
Weighted median market capitalization		$4.87 billion
Price/earnings ratio (weighted 12-month trailing average)†		27.6

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

TIAA-CREF Funds: Equity Funds  ■  2019 Annual Report 27

Social Choice Equity Fund

Expense example

Six months ended October 31, 2019

Social Choice Equity Fund	Beginning account value (5/1/19)		Ending account value (10/31/19)		Expenses paid during period* (5/1/19– 10/31/19)
Actual return
Institutional Class	$	1,000.00	$	1,043.57		$0.88
Advisor Class		1,000.00		1,043.61		1.24
Premier Class		1,000.00		1,043.23		1.65
Retirement Class		1,000.00		1,042.38		2.16
Retail Class		1,000.00		1,042.70		2.27
5% annual hypothetical return
Institutional Class		1,000.00		1,024.35		0.87
Advisor Class		1,000.00		1,024.00		1.22
Premier Class		1,000.00		1,023.59		1.63
Retirement Class		1,000.00		1,023.09		2.14
Retail Class		1,000.00		1,022.99		2.24

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 2019. The Fund’s annualized six-month expense ratios for that period were 0.17% for the Institutional Class, 0.24% for the Advisor Class, 0.32% for the Premier Class, 0.42% for the Retirement Class and 0.44% 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 10/31/2019
Information technology		20.7
Financials		14.7
Health care		13.5
Consumer discretionary		11.1
Industrials		10.5
Communication services		8.0
Consumer staples		6.2
Real estate		4.2
Energy		4.1
Utilities		3.7
Materials		2.9
Short-term investments, other assets & liabilities, net		0.4
Total		100.0

Performance for the twelve months ended October 31, 2019

The Social Choice Equity Fund returned 14.83% for the Institutional Class, compared with the 13.49% return of its benchmark, the Russell 3000^® 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.

Omitting certain stocks helped 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 during the twelve-month period, but the net effect was that the Fund outperformed its benchmark, despite the effect of expenses.

In terms of excluded stocks, the Fund’s relative performance was aided most by not being invested in Exxon Mobil, Johnson & Johnson and Pfizer. Exxon Mobil was hurt by the decline in oil prices; in addition, investors favored the lower-priced stocks of other energy companies during the period. A judge ordered Johnson & Johnson to pay a significant settlement stemming from the company’s promotion and sale of opioid drugs. Finally, investors frowned upon Pfizer’s decision to combine Upjohn—its off-patent branded and generic drugs segment—with generic drug maker Mylan.

Avoiding other stocks weighed on relative performance

The most significant detractors among stocks the Fund avoided were credit card issuers Mastercard and Visa and telecom giant AT&T. Mastercard’s revenues rose, helped by increasing switched transactions and cross-border volumes. Visa also benefited from rising revenues, aided by growth in cross-border volumes and processed transactions. AT&T’s operating income improved as lower expenses helped offset revenue declines; in addition, the company’s WarnerMedia segment benefited from rising HBO revenues.

Fund outperformed its benchmark

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

Among stocks the Fund held, several overweight positions were key contributors to relative performance. Netflix contributed the most as revenue in the company’s most recent quarter grew 31% over the prior year, helped by new memberships and popular original content. Starbucks was second as the company benefited from strong same-store sales growth in the U.S. and China and reported all-time-high customer connection scores—a measure of how favorably customers regard their Starbucks experience. Copart was third as the online automotive dealer reported double-digit global sales, helped by rising auto prices in the U.S. and the availability of newer, less damaged cars.

Of the stocks that detracted from the Fund’s relative performance, the most significant were underweight positions in Facebook and Amazon.com and an overweight position in Schlumberger. Facebook’s management reported double-digit revenue growth, helped by strong gains in mobile advertising revenue. Average daily active Facebook users reached 1.62 billion. Amazon.com reported double-digit sales growth, helped by strength in its web services division AWS. Being overweight in Schlumberger detracted as energy was the weakest-performing sector in the Russell 3000 Index for the twelve-month period. Schlumberger also faced challenges including slowing activity and a weak pricing environment in North America.

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

Performance as of October 31, 2019

Social Choice Equity Fund					Average annual						Annual operating
		Total return			total return						expenses*
	Inception
	date	1 year			5 years			10 years			gross			net
Institutional Class	7/1/99		14.83	%		9.65	%		12.90	%		0.17	%		0.17	%
Advisor Class	12/4/15		14.74			9.61	†		12.88	†		0.22			0.22
Premier Class	9/30/09		14.62			9.47			12.72			0.33			0.33
Retirement Class	10/1/02		14.48			9.36			12.61			0.42			0.42
Retail Class	3/31/06		14.51			9.34			12.61			0.45			0.45
Russell 3000® Index	—		13.49			10.31			13.62			—			—

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

$10,000 over 10 years

Institutional Class

Ending amounts are as of October 31, 2019. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by company size

% of equity investments
Market capitalization	as of 10/31/2019
More than $50 billion		56.3
More than $15 billion–$50 billion		27.6
More than $2 billion–$15 billion		13.2
$2 billion or less		2.9
Total		100.0

Fund profile

	as of 10/31/2019
Net assets		$4.70 billion
Portfolio turnover rate		21%
Number of holdings		747
Weighted median market capitalization		$61.35 billion
Price/earnings ratio (weighted 12-month trailing average)†		24.2

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

TIAA-CREF Funds: Equity Funds  ■  2019 Annual Report 29

Social Choice Low Carbon Equity Fund

Expense example

Six months ended October 31, 2019

Social Choice Low Carbon Equity Fund	Beginning account value (5/1/19)	Ending account value (10/31/19)	Expenses paid during period* (5/1/19– 10/31/19)
Actual return
Institutional Class	$1,000.00	$1,056.10	$1.66
Advisor Class	1,000.00	1,055.34	2.38
Premier Class	1,000.00	1,054.42	2.43
Retirement Class	1,000.00	1,053.95	2.95
Retail Class	1,000.00	1,054.71	3.26
5% annual hypothetical return
Institutional Class	1,000.00	1,023.59	1.63
Advisor Class	1,000.00	1,022.89	2.35
Premier Class	1,000.00	1,022.84	2.40
Retirement Class	1,000.00	1,022.33	2.91
Retail Class	1,000.00	1,022.03	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 184/365. There were 184 days in the six months ended October 31, 2019. The Fund’s annualized six-month expense ratios for that period were 0.32% for the Institutional Class, 0.46% for the Advisor Class, 0.47% for the Premier Class, 0.57% for the Retirement Class and 0.63% 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 10/31/2019
Information technology	20.2
Financials	14.9
Health care	13.7
Consumer discretionary	10.7
Industrials	10.7
Communication services	8.2
Consumer staples	6.7
Real estate	4.2
Energy	3.8
Utilities	3.4
Materials	2.7
Short-term investments, other assets & liabilities, net	0.8
Total	100.0

Performance for the twelve months ended October 31, 2019

The Social Choice Low Carbon Equity Fund returned 15.52% for the Institutional Class, compared with the 13.49% return of its benchmark, the Russell 3000^® 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.

Avoiding certain stocks aided 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 twelve-month period, but the net effect was that the Fund outperformed its benchmark.

Among stocks the Fund avoided, Exxon Mobil, Johnson & Johnson and Pfizer contributed the most to the Fund’s outperformance of its benchmark. Exxon Mobil was hurt by the decline in oil prices; in addition, investors favored the lower-priced stocks of other energy companies during the period. A judge ordered Johnson & Johnson to pay a significant settlement stemming from the company’s promotion and sale of opioid drugs. Finally, investors frowned upon Pfizer’s decision to combine Upjohn—its off-patent branded and generic drugs segment—with generic drug maker Mylan.

Excluding other stocks weighed on relative performance

The most significant detractors among stocks the Fund excluded were credit-card issuers Mastercard and Visa and telecom giant AT&T. Mastercard’s revenues rose, helped by increasing switched transactions and cross-border volumes. Visa also benefited from rising revenues, aided by growth in cross-border volumes and processed transactions. AT&T’s operating income was up as lower expenses helped offset revenue declines; in addition, the company’s WarnerMedia segment benefited from rising HBO revenues.

Fund outperformed 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 stocks the Fund held, several overweight positions were key contributors to relative performance. Netflix contributed the most as revenue in the company’s most recent quarter grew 31% over the prior year, helped by new memberships and popular original content. Medical equipment manufacturer Edwards Lifesciences was second as the U.S. Food and Drug Administration approved the company’s transcatheter heart valve systems for use in patients at low risk for open-heart surgery. Starbucks was third as the company benefited from strong same-store sales growth in the U.S. and China and reported all-time-high customer connection scores—a measure of how favorably customers regard their Starbucks experience.

Of the holdings that detracted from the Fund’s relative performance, the most significant were an underweight position in Facebook, an overweight position in National Oilwell Varco and an underweight position in Amazon.com. Facebook’s management reported double-digit revenue growth, helped by strong gains in mobile advertising revenue. Average daily active Facebook users reached 1.62 billion. National Oilwell Varco continued to focus on cost cutting and managing working capital as the company’s North American oil-field services customers continued to slash spending. Amazon.com reported double-digit sales growth, helped by strength in its web services division AWS.

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

Performance as of October 31, 2019

Social Choice Low Carbon Equity Fund		Total return		Average annual total return		Annual operating expenses*
	Inception date	1 year		since inception		gross		net
Institutional Class	8/7/15	15.52	%	11.12	%	0.53	%	0.32	%
Advisor Class	12/4/15	15.33		11.05	†	0.62		0.41
Premier Class	8/7/15	15.33		10.98		0.69		0.47
Retirement Class	8/7/15	15.21		10.84		0.78		0.57
Retail Class	8/7/15	15.21		10.78		0.85		0.64
Russell 3000® Index	—	13.49		11.07	‡	—		—

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

$10,000 invested at Fund’s inception

Institutional Class (inception August 7, 2015)

Ending amounts are as of October 31, 2019. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by company size

Market capitalization	% of equity investments as of 10/31/2019
More than $50 billion		57.4
More than $15 billion–$50 billion		25.8
More than $2 billion–$15 billion		13.6
$2 billion or less		3.2
Total		100.0

Fund profile

	as of 10/31/2019
Net assets	$226.99 million
Portfolio turnover rate	27%
Number of holdings	545
Weighted median market capitalization	$61.35 billion
Price/earnings ratio (weighted 12-month trailing average)†	25.9

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

TIAA-CREF Funds: Equity Funds  ■  2019 Annual Report 31

Emerging Markets Equity Fund

Expense example

Six months ended October 31, 2019

Emerging Markets Equity Fund	Beginning account value (5/1/19)	Ending account value (10/31/19)	Expenses paid during period* (5/1/19– 10/31/19)
Actual return
Institutional Class	$1,000.00	$1,004.35	$4.50
Advisor Class	1,000.00	1,003.48	4.90
Premier Class	1,000.00	1,003.48	5.00
Retirement Class	1,000.00	1,003.49	5.00
Retail Class	1,000.00	1,001.74	6.36
Class W	1,000.00	1,007.80	0.00
5% annual hypothetical return
Institutional Class	1,000.00	1,020.72	4.53
Advisor Class	1,000.00	1,020.32	4.94
Premier Class	1,000.00	1,020.21	5.04
Retirement Class	1,000.00	1,020.21	5.04
Retail Class	1,000.00	1,018.85	6.41
Class W	1,000.00	1,025.21	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 184/365. There were 184 days in the six months ended October 31, 2019. The Fund’s annualized six-month expense ratios for that period were 0.89% for the Institutional Class, 0.97% for the Advisor Class, 0.99% for the Premier Class, 0.99% for the Retirement Class, 1.26% 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 10/31/2019
Consumer discretionary	32.9
Information technology	21.4
Financials	13.8
Communication services	10.8
Energy	8.5
Materials	5.1
Consumer staples	4.2
Industrials	2.6
Short-term investments, other assets & liabilities, net	0.7
Total	100.0

Performance for the twelve months ended October 31, 2019

The Emerging Markets Equity Fund returned 20.10% for the Institutional Class, compared with the 11.86% return of its benchmark, the MSCI Emerging Markets Index. The performance table shows returns for all share classes of the Fund.

International stocks advanced amid slower global growth

International developed- and emerging-markets equities recovered from early losses to post double-digit gains for the twelve-month period. The 19-nation euro area’s economy grew by 1.1% year-over-year in the third quarter of 2019, according to a preliminary estimate. China’s economy grew 6.0% in the third quarter, compared with growth of 6.4% and 6.2% in the first and second quarters, respectively.

Many central banks adopted more accommodative monetary policies during the twelve-month period. The U.S. Federal Reserve increased the federal funds target rate in December 2018, but it then lowered the key short-term interest-rate measure three times between July and October 2019 to 1.50%–1.75%. The European Central Bank announced an open-ended plan to purchase more than $20 billion in bonds per month to support the region’s economy, while the Bank of England left its benchmark interest rate unchanged at 0.75%.

The MSCI EAFE^® Index, which measures stock performance in 21 developed-markets nations outside North America, returned 11.04% but lagged the 13.49% gain of the Russell 3000^® Index, a broad measure of the U.S. stock market, and also trailed the MSCI Emerging Markets Index.

Most countries in the benchmark advanced

Of the 26 country components in the MSCI Emerging Markets Index, 19 posted gains in U.S.-dollar terms for the twelve-month period. China, the benchmark’s largest component, advanced 12.9%. South Korea, the second-largest index component, gained 5.2%. Taiwan, the third-largest index component, advanced 22.4%. Together, these three countries accounted for more than one-half of the index’s total market capitalization on October 31, 2019.

Fund advanced and surpassed its benchmark

For the twelve-month period, the Fund strongly outperformed its benchmark due to several astute stock selections. Chief among these were overweight positions in Latin American online retailer B2W Companhia Digital, which reported strong growth in revenues, and Taiwanese semiconductor firm MediaTek. An out-of-benchmark position in Hong Kong casino operator Melco Resorts & Entertainment was the third-largest contributor.

Those benefits were partly offset by an overweight position in E-Mart, a South Korean discount store operator that reported weak earnings, an overweight position in India-based Yes Bank and an out-of-benchmark position in Italian luxury goods maker Prada.

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 Annual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of October 31, 2019

Emerging Markets Equity Fund		Total return		Average annual total return				Annual operating expenses*
	Inception date	1 year		5 years		since inception		gross		net
Institutional Class	8/31/10	20.10	%	3.86	%	3.23	%	0.91	%	0.91	%
Advisor Class	12/4/15	20.11		3.82	†	3.21	†	1.00		1.00
Premier Class	8/31/10	19.99		3.70		3.08		1.06		1.06
Retirement Class	8/31/10	19.96		3.64		2.99		1.16		1.16
Retail Class	8/31/10	19.64		3.46		2.83		1.27		1.27
Class W	9/28/18	21.10		4.05	†	3.34	†	0.91		0.00
MSCI Emerging Markets Index	—	11.86		2.93		3.26	‡	—		—

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.

$10,000 invested at Fund’s inception

Institutional Class (inception August 31, 2010)

Ending amounts are as of October 31, 2019. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by country

	% of portfolio investments as of 10/31/2019
China	26.4
Brazil	14.4
Taiwan	11.8
Korea, Republic of	11.4
India	8.9
Russia	4.4
South Africa	3.5
Macau	2.5
Mexico	2.5
Indonesia	2.4
10 other nations	10.8
Short-term investments	1.0
Total	100.0

Holdings by company size

Market capitalization	% of equity investments as of 10/31/2019
More than $50 billion		38.2
More than $15 billion–$50 billion		22.1
More than $2 billion–$15 billion		32.4
$2 billion or less		7.3
Total		100.0

Fund profile

	as of 10/31/2019
Net assets	$1.58 billion
Portfolio turnover rate	129%
Number of holdings	81
Weighted median market capitalization	$29.87 billion
Price/earnings ratio (weighted 12-month trailing average)†	17.2

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

TIAA-CREF Funds: Equity Funds  ■  2019 Annual Report 33

International Equity Fund

Expense example

Six months ended October 31, 2019 

International Equity Fund	Beginning account value (5/1/19)		Ending account value (10/31/19)		Expenses paid during period* (5/1/19– 10/31/19)
Actual return
Institutional Class	$	1,000.00	$	1,017.48		$2.44
Advisor Class		1,000.00		1,016.20		3.20
Premier Class		1,000.00		1,016.59		3.20
Retirement Class		1,000.00		1,016.83		3.46
Retail Class		1,000.00		1,015.92		4.17
Class W		1,000.00		1,020.22		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,022.79		2.45
Advisor Class		1,000.00		1,022.03		3.21
Premier Class		1,000.00		1,022.03		3.21
Retirement Class		1,000.00		1,021.78		3.47
Retail Class		1,000.00		1,021.07		4.18
Class W		1,000.00		1,025.21		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 184/365. There were 184 days in the six months ended October 31, 2019. The Fund’s annualized six-month expense ratios for that period were 0.48% for the Institutional Class, 0.63% for the Advisor Class, 0.63% for the Premier Class, 0.68% 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
Sector	% of net assets as of 10/31/2019
Consumer discretionary	21.2
Industrials	17.1
Financials	16.4
Materials	14.1
Information technology	11.3
Consumer staples	8.0
Health care	7.7
Communication services	2.1
Energy	0.8
Real estate	0.4
Short-term investments, other assets & liabilities, net	0.9
Total	100.0

Performance for the twelve months ended October 31, 2019

The International Equity Fund returned 5.73% for the Institutional Class, compared with the 11.04% return of its benchmark, the MSCI EAFE^® Index. The performance table shows returns for all share classes of the Fund.

International stocks advanced amid slower global growth

International developed- and emerging-markets equities recovered from early losses to post double-digit gains for the twelve-month period. The 19-nation euro area’s economy grew by 1.1% year-over-year in the third quarter of 2019, according to a preliminary estimate. China’s economy grew 6.0% in the third quarter, compared with growth of 6.4% and 6.2% in the first and second quarters, respectively.

Many central banks adopted more accommodative monetary policies during the twelve-month period. The U.S. Federal Reserve increased the federal funds target rate in December 2018, but it then lowered the key short-term interest-rate measure three times between July and October 2019 to 1.50%–1.75%. The European Central Bank announced an open-ended plan to purchase more than $20 billion in bonds per month to support the region’s economy.

The MSCI EAFE Index, which measures stock performance in 21 developed-markets nations outside North America, advanced but lagged the 13.49% gain of the Russell 3000^® Index, a broad measure of the U.S. stock market. The MSCI Emerging Markets Index rose 11.86%.

Eighteen of the benchmark’s country components advanced

Of the MSCI EAFE Index’s 21 country components, 18 were positive in U.S.-dollar terms for the twelve-month period. The largest index components were Japan (24.9%), the United Kingdom (16.2%) and France (11.4%), and they gained 9.2%, 7.1% and 12.5%, respectively. Together, these three nations represented over one-half of the benchmark’s total market capitalization on October 31, 2019.

Fund advanced but trailed its benchmark

The primary detractors from the Fund’s performance relative to its benchmark were overweight positions in three companies. First was Japanese machinery and equipment manufacturer IHI, which was hurt by an aircraft engine inspection scandal. Next was Swiss banking giant Credit Suisse, followed by German tourism services provider TUI.

The performance of these holdings was partly mitigated by double-digit gains from the Fund’s three top contributors. Chief among these was an overweight position in French global energy management and automation solutions provider Schneider Electric, followed by out-of-benchmark positions in United Kingdom-based chemical producer Linde and British builders’ merchant and home improvement retailer Travis Perkins.

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 Annual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of October 31, 2019 

International Equity Fund		Total return			Average annual total return						Annual operating expenses*
	Inception date	1 year			5 years			10 years			gross			net
Institutional Class	7/1/99		5.73	%		3.27	%		5.78	%		0.48	%		0.48	%
Advisor Class	12/4/15		5.46			3.18	†		5.73	†		0.61			0.61
Premier Class	9/30/09		5.52			3.11			5.61			0.63			0.63
Retirement Class	10/1/02		5.44			3.01			5.51			0.73			0.73
Retail Class	3/31/06		5.24			2.94			5.44			0.80			0.80
Class W	9/28/18		6.16			3.37	†		5.83	†		0.48			0.00
MSCI EAFE® Index	—		11.04			4.31			5.41			—			—

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.

$10,000 over 10 years

Institutional Class

Ending amounts are as of October 31, 2019. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by country
	% of portfolio investments as of 10/31/2019
United Kingdom	20.3
Japan	19.8
France	19.4
Germany	15.1
Switzerland	5.4
Italy	3.9
Denmark	3.2
Hong Kong	2.1
Ireland	2.1
Sweden	2.0
6 other nations	5.0
Short-term investments	1.7
Total	100.0

Holdings by company size
% of equity investments
Market capitalization	as of 10/31/2019
More than $50 billion	44.6
More than $15 billion–$50 billion	32.0
More than $2 billion–$15 billion	23.4
Total	100.0

Fund profile
	as of 10/31/2019
Net assets	$4.81 billion
Portfolio turnover rate	114%
Number of holdings	69
Weighted median market capitalization	$39.00 billion
Price/earnings ratio (weighted 12-month trailing average)†	15.0

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

TIAA-CREF Funds: Equity Funds  ■  2019 Annual Report 35

International Opportunities Fund

Expense example
Six months ended October 31, 2019
International Opportunities Fund	Beginning account value (5/1/19)		Ending account value (10/31/19)		Expenses paid during period* (5/1/19– 10/31/19)
Actual return
Institutional Class	$	1,000.00	$	1,016.76		$3.15
Advisor Class		1,000.00		1,016.77		3.61
Premier Class		1,000.00		1,016.73		3.46
Retirement Class		1,000.00		1,016.82		3.46
Retail Class		1,000.00		1,015.24		5.13
Class W		1,000.00		1,020.53		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,022.08		3.16
Advisor Class		1,000.00		1,021.63		3.62
Premier Class		1,000.00		1,021.78		3.47
Retirement Class		1,000.00		1,021.78		3.47
Retail Class		1,000.00		1,020.11		5.14
Class W		1,000.00		1,025.21		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 184/365. There were 184 days in the six months ended October 31, 2019. The Fund’s annualized six-month expense ratios for that period were 0.62% for the Institutional Class, 0.71% for the Advisor Class, 0.68% for the Premier Class, 0.68% for the Retirement Class, 1.01% 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 10/31/2019
Consumer discretionary	19.4
Information technology	18.4
Industrials	15.9
Financials	9.9
Health care	8.8
Consumer staples	8.7
Materials	5.8
Energy	4.7
Communication services	3.7
Real estate	0.7
Short-term investments, other assets & liabilities, net	4.0
Total	100.0

Performance for the twelve months ended October 31, 2019

The International Opportunities Fund returned 12.84% for the Institutional Class, compared with the 11.27% return of its benchmark, the MSCI All Country World (ACWI) ex USA Index. The performance table shows returns for all share classes of the Fund. During the twelve months, the Fund participated in a securities lending program.

International stocks advanced amid slower global growth

International developed- and emerging-markets equities recovered from early losses to post double-digit gains for the twelve-month period. The 19-nation euro area’s economy grew by 1.1% year-over-year in the third quarter of 2019, according to a preliminary estimate. China’s economy grew 6.0% in the third quarter, compared with growth of 6.4% and 6.2% in the first and second quarters, respectively.

Many central banks adopted more accommodative monetary policies during the twelve-month period. The U.S. Federal Reserve increased the federal funds target rate in December 2018, but it then lowered the key short-term interest-rate measure three times between July and October 2019 to 1.50%–1.75%. The European Central Bank announced an open-ended plan to purchase more than $20 billion in bonds per month to support the region’s economy.

The MSCI EAFE^® Index, which measures stock performance in 21 developed-markets nations outside North America, returned 11.04% but lagged the 13.49% gain of the Russell 3000^® Index, a broad measure of the U.S. stock market. The MSCI Emerging Markets Index advanced 11.86%.

Most benchmark countries gained ground

Of the 48 countries in the MSCI ACWI ex USA Index, 38 produced gains in U.S.-dollar terms for the twelve-month period. The benchmark’s largest country components were Japan (up 9.2%), the United Kingdom (up 7.1%) and China (up 12.9%). These three nations made up over one-third of the index’s total market capitalization on October 31, 2019.

Fund advanced, surpassed its benchmark

While many holdings aided the Fund’s relative performance, three were substantial contributors: an overweight position in Canadian e-commerce solutions company Shopify; an out-of-benchmark investment in Australia-based Afterpay Touch Group, which facilitates payments between merchants and customers; and an overweight in Brazilian retailer Magazine Luiza.

By contrast, the Fund’s performance was limited by certain investments. Chief among these were an overweight position in Israeli drug maker Teva Pharmaceutical, an out-of-benchmark holding in litigation financier Burford Capital and an overweight in German digital-payments 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 Annual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of October 31, 2019
International Opportunities Fund		Total return			Average annual total return						Annual operating expenses*
	Inception date	1 year			5 years			since inception			gross			net
Institutional Class	4/12/13		12.84	%		6.32	%		5.55	%		0.62	%		0.62	%
Advisor Class	12/4/15		12.85			6.27	†		5.52	†		0.71			0.71
Premier Class	4/12/13		12.74			6.17			5.39			0.78			0.78
Retirement Class	4/12/13		12.77			6.07			5.30			0.87			0.87
Retail Class	4/12/13		12.50			5.89			5.14			1.02			1.02
Class W	9/28/18		13.62			6.46	†		5.66	†		0.62			0.00
MSCI All Country World Index ex USA	—		11.27			3.82			4.30	‡		—			—

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.

$10,000 invested at Fund’s inception

Institutional Class (inception April 12, 2013)

Ending amounts are as of October 31, 2019. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by country
	% of portfolio investments as of 10/31/2019
Japan	12.3
United Kingdom	11.3
Canada	9.0
Brazil	6.1
China	6.0
France	5.5
Germany	5.3
Australia	4.1
Italy	4.1
Switzerland	3.6
15 other nations	24.1
Short-term investments	8.6
Total	100.0

Holdings by company size
% of equity investments
Market capitalization	as of 10/31/2019
More than $50 billion	17.1
More than $15 billion–$50 billion	23.0
More than $2 billion–$15 billion	48.8
$2 billion or less	11.1
Total	100.0

Fund profile
	as of 10/31/2019
Net assets	$1.79 billion
Portfolio turnover rate	28%
Number of holdings	109
Weighted median market capitalization	$10.61 billion
Price/earnings ratio (weighted 12-month trailing average)†	29.3

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

TIAA-CREF Funds: Equity Funds  ■  2019 Annual Report 37

Quant International Equity Fund

Expense example

Six months ended October 31, 2019

Quant International Equity Fund	Beginning account value (5/1/19)		Ending account value (10/31/19)		Expenses paid during period* (5/1/19– 10/31/19)
Actual return
Institutional Class	$	1,000.00	$	1,026.17	$	2.04
Advisor Class		1,000.00		1,024.79		2.40
Class W		1,000.00		1,027.51		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,023.19		2.04
Advisor Class		1,000.00		1,022.84		2.40
Class W		1,000.00		1,025.21		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 184/365. There were 184 days in the six months ended October 31, 2019. The Fund’s annualized six-month expense ratios for that period were 0.40% for the Institutional Class, 0.47% 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 10/31/2019
Financials	20.0
Industrials	14.6
Health care	11.4
Consumer staples	11.2
Consumer discretionary	11.2
Materials	6.7
Information technology	6.4
Communication services	5.2
Energy	4.8
Utilities	3.7
Real estate	3.5
Short-term investments, other assets & liabilities, net	1.3
Total	100.0

Performance for the twelve months ended October 31, 2019

The Quant International Equity Fund returned 9.59% for the Institutional Class, compared with the 11.04% return of its benchmark, the MSCI EAFE^® Index. The performance table shows returns for all share classes of the Fund.

International stocks advanced amid slower global growth

International developed- and emerging-markets equities recovered from early losses to post double-digit gains for the twelve-month period. The 19-nation euro area’s economy grew by 1.1% year-over-year in the third quarter of 2019, according to a preliminary estimate. China’s economy grew 6.0% in the third quarter, compared with growth of 6.4% and 6.2% in the first and second quarters, respectively.

Many central banks adopted more accommodative monetary policies during the twelve-month period. The U.S. Federal Reserve increased the federal funds target rate in December 2018, but it then lowered the key short-term interest-rate measure three times between July and October 2019 to 1.50%–1.75%. The European Central Bank announced an open-ended plan to purchase more than $20 billion in bonds per month to support the region’s economy, while the Bank of England left its benchmark interest rate unchanged at 0.75%.

The MSCI EAFE Index, which measures stock performance in 21 developed-markets nations outside North America, advanced but lagged the 13.49% gain of the Russell 3000^® Index, a broad measure of the U.S. stock market. The MSCI Emerging Markets Index rose 11.86%.

Eighteen of the benchmark’s country components advanced

Of the MSCI EAFE Index’s 21 country components, 18 were positive in U.S.-dollar terms for the twelve-month period. The largest index components were Japan (24.9%), the United Kingdom (16.2%) and France (11.4%), and they gained 9.2%, 7.1% and 12.5%, respectively. Together, these three nations represented over one-half of the benchmark’s total market capitalization on October 31, 2019.

Fund advanced but trailed its benchmark

For the twelve-month period, the Fund trailed its benchmark due to certain holdings that did not perform as anticipated. Chief among these were overweight holdings of German chemicals producer Covestro, which declined on weaker global demand for chemicals, Japanese life insurance firm Dai-ichi Life Holdings and Spanish bank Banco Bilbao Vizcaya Argentaria.

On the positive side, other holdings aided the Fund’s relative performance. The most beneficial among these were overweight positions in Italian electric utility Enel, which saw higher revenues in its South American distribution operations, Swiss pharmaceutical company Roche Holding, which reported strong revenues, and Swiss semiconductor maker STMicroelectronics.

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 Annual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of October 31, 2019

Quant International Equity Fund		Total return			Average annual total return						Annual operating expenses*
	Inception date	1 year			5 years			10 years			gross			net
Institutional Class	11/30/07		9.59	%		3.66	%		5.77	%		0.40	%		0.40	%
Advisor Class	12/4/15		9.38			3.59	†		5.74	†		0.49			0.49
Class W	9/28/18		10.00			3.74	†		5.81	†		0.40			0.00
MSCI EAFE® Index	—		11.04			4.31			5.41			—			—

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.

$10,000 over 10 years

Institutional Class

Ending amounts are as of October 31, 2019. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by country
	% of portfolio investments as of 10/31/2019
Japan	23.2
United Kingdom	15.7
Switzerland	10.0
France	9.5
Germany	8.0
Australia	7.5
Netherlands	3.1
Sweden	3.0
Italy	2.7
Hong Kong	2.7
12 other nations	12.6
Short-term investments	2.0
Total	100.0

Holdings by company size
Market capitalization	% of equity investments as of 10/31/2019
More than $50 billion		38.5
More than $15 billion–$50 billion		36.2
More than $2 billion–$15 billion		25.3
Total		100.0

Fund profile
	as of 10/31/2019
Net assets	$1.95 billion
Portfolio turnover rate	114%
Number of holdings	240
Weighted median market capitalization	$32.42 billion
Price/earnings ratio (weighted 12-month trailing average)†	13.4

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

TIAA-CREF Funds: Equity Funds  ■  2019 Annual Report 39

Quant International Small-Cap Equity Fund

Expense example

Six months ended October 31, 2019

Quant International Small-Cap Equity Fund	Beginning account value (5/1/19)		Ending account value (10/31/19)		Expenses paid during period* (5/1/19– 10/31/19)
Actual return
Institutional Class	$	1,000.00	$	1,020.81	$	3.31
Advisor Class		1,000.00		1,020.83		3.67
Premier Class		1,000.00		1,020.57		4.28
Retirement Class		1,000.00		1,020.83		4.23
Retail Class		1,000.00		1,018.79		5.55
Class W		1,000.00		1,024.73		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,021.93		3.31
Advisor Class		1,000.00		1,021.58		3.67
Premier Class		1,000.00		1,020.97		4.28
Retirement Class		1,000.00		1,021.02		4.23
Retail Class		1,000.00		1,019.71		5.55
Class W		1,000.00		1,025.21		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 184/365. There were 184 days in the six months ended October 31, 2019. The Fund’s annualized six-month expense ratios for that period were 0.65% for the Institutional Class, 0.72% for the Advisor Class, 0.84% for the Premier Class, 0.83% 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 10/31/2019
Industrials	18.4
Real estate	11.6
Information technology	11.6
Consumer discretionary	11.3
Financials	11.0
Materials	9.4
Health care	6.4
Communication services	5.7
Consumer staples	5.4
Utilities	4.4
Energy	3.6
Short-term investments, other assets & liabilities, net	1.2
Total	100.0

Performance for the twelve months ended October 31, 2019

The Quant International Small-Cap Equity Fund returned 7.04% for the Institutional Class, compared with the 8.77% return of its benchmark, the MSCI All Country World (ACWI) ex USA Small Cap Index. The performance table shows returns for all share classes of the Fund.

International stocks advanced amid slower global growth

International developed- and emerging-markets equities recovered from early losses to post double-digit gains for the twelve-month period. The 19-nation euro area’s economy grew by 1.1% year-over-year in the third quarter of 2019, according to a preliminary estimate. China’s economy grew 6.0% in the third quarter, compared with growth of 6.4% and 6.2% in the first and second quarters, respectively.

Many central banks adopted more accommodative monetary policies during the twelve-month period. The U.S. Federal Reserve increased the federal funds target rate in December 2018, but it then lowered the key short-term interest-rate measure three times between July and October 2019 to 1.50%–1.75%. The European Central Bank announced an open-ended plan to purchase more than $20 billion in bonds per month to support the region’s economy, while the Bank of England left its benchmark interest rate unchanged at 0.75%.

The MSCI EAFE^® Index, which measures stock performance in 21 developed-markets nations outside North America, returned 11.04% but lagged the 13.49% gain of the Russell 3000^® Index, a broad measure of the U.S. stock market. The MSCI Emerging Markets Index advanced 11.86%.

Many benchmark countries had positive returns

Within the MSCI ACWI ex USA Small Cap Index, 36 of 48 country components posted gains in U.S.-dollar terms for the twelve-month period. The largest markets were Japan at 23.0%, the United Kingdom at 12.9% and Canada at 6.8%. They returned 9.3%, 9.4% and 6.5%, respectively, for the period and comprised over 40.0% of the benchmark’s total market capitalization on October 31, 2019. The index returned 8.11% in local-currency terms for the period.

Fund gained but trailed its benchmark

For the period, the Fund underperformed its benchmark as certain stocks did not perform as anticipated. The most significant of these were overweight allocations to Indonesian construction services and materials manufacturer PT Wijaya Karya, Japanese advertising technology and smartphone content provider UNITED and Japanese labor dispatching services provider UT Group.

On the plus side, the largest contributors to the Fund’s relative performance were overweight positions in Taiwanese printed circuit board manufacturer Unimicron, Israeli digital information security software developer CyberArk and South African gold and platinum producer Sibanye-Stillwater.

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 Annual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of October 31, 2019

Quant International Small-Cap Equity Fund
		Total return			Average annual total return			Annual operating expenses*
	Inception date		1 year			since inception			gross		net
Institutional Class	12/9/16		7.04	%		5.46	%		0.71	%	0.71	%
Advisor Class	12/9/16		6.96			5.39			0.80		0.80
Premier Class	12/9/16		6.85			5.38			0.87		0.87
Retirement Class	12/9/16		6.86			5.24			0.97		0.97
Retail Class	12/9/16		6.61			5.05			1.17		1.14
Class W	9/28/18		7.85			5.74	†		0.71		0.00
MSCI ACWI ex USA Small Cap Index	—		8.77			7.81	‡		—		—

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.

$10,000 invested at Fund’s inception

Institutional Class (inception December 9, 2016)

Ending amounts are as of October 31, 2019. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by country
	% of portfolio investments as of 10/31/2019
Japan	23.0
United Kingdom	12.2
Taiwan	5.4
Australia	5.2
Canada	4.9
Korea, Republic of	4.2
Italy	3.9
China	3.8
Switzerland	3.4
France	3.2
33 other nations	29.5
Short-term investments	1.3
Total	100.0

Holdings by company size
Market capitalization	% of equity investments as of 10/31/2019
More than $2 billion–$15 billion		47.1
$2 billion or less		52.9
Total		100.0

Fund profile
	as of 10/31/2019
Net assets	$986.30 million
Portfolio turnover rate	87%
Number of holdings	400
Weighted median market capitalization	$1.95 billion
Price/earnings ratio (weighted 12-month trailing average)†	12.7

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

TIAA-CREF Funds: Equity Funds  ■  2019 Annual Report 41

Social Choice International Equity Fund

Expense example

Six months ended October 31, 2019

Social Choice International Equity	Beginning account value (5/1/19)		Ending account value (10/31/19)		Expenses paid during period* (5/1/19– 10/31/19)
Actual return
Institutional Class		$1,000.00		$1,042.99		$2.06
Advisor Class		1,000.00		1,042.99		2.47
Premier Class		1,000.00		1,042.95		2.83
Retirement Class		1,000.00		1,042.17		3.35
Retail Class		1,000.00		1,042.13		3.76
5% annual hypothetical return
Institutional Class		1,000.00		1,023.19		2.04
Advisor Class		1,000.00		1,022.79		2.45
Premier Class		1,000.00		1,022.43		2.80
Retirement Class		1,000.00		1,021.93		3.31
Retail Class		1,000.00		1,021.53		3.72

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 2019. The Fund’s annualized six-month expense ratios for that period were 0.40% for the Institutional Class, 0.48% for the Advisor Class, 0.55% for the Premier Class, 0.65% for the Retirement Class and 0.73% 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 10/31/2019
Financials		18.5
Industrials		13.9
Consumer discretionary		11.7
Consumer staples		10.9
Health care		10.5
Materials		7.9
Information technology		6.2
Communication services		5.9
Utilities		4.8
Energy		4.3
Real estate		3.8
Short-term investments, other assets & liabilities, net		1.6
Total		100.0

Performance for the twelve months ended October 31, 2019

The Social Choice International Equity Fund returned 12.77% for the Institutional Class, compared with the 11.04% return of its benchmark, the MSCI EAFE^® 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 twelve-month period, but the net effect was that the Fund outperformed its benchmark.

Omitting Royal Dutch Shell, BP and British American Tobacco benefited the Fund. Royal Dutch Shell’s profits declined due to lower energy prices and weakness across the energy giant’s business segments. British oil and gas producer BP also saw profits fall. British American Tobacco’s stock price fell sharply on a proposed U.S. ban on menthol cigarettes.

Avoiding other stocks limited relative performance

Chief detractors among stocks the Fund excluded were LVMH, AIA and Daiichi Sankyo. French luxury-goods company LVMH benefited from double-digit revenue growth, while Hong Kong-based pan-Asian life insurance group AIA delivered robust profits helped by its business in China. Sales of Daiichi Sankyo’s blood thinner drug Edoxaban contributed to the Japanese pharmaceutical firm’s rising profits.

Fund outpaced 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.

The Fund’s leading contributors were overweight investments in Fortescue, Enel and London Stock Exchange Group (LSEG). Australian iron ore producer Fortescue delivered record profits, driven by strong demand and favorable ore pricing. Italian electric utility Enel’s revenues increased, helped by its South American distribution operations. LSEG benefited from record volumes of cleared stock trades.

In contrast, certain holdings detracted, including an overweight position in Japanese conglomerate SoftBank, which performed poorly due to its investment in WeWork; an overweight in German tourism services provider TUI, which experienced weak results stemming in part from a 2018 summer heatwave; and an overweight in Renault, which was hurt by a profit warning from its partner, Nissan.

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 Annual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of October 31, 2019

Social Choice International Equity Fund			Total return			Average annual total return			Annual operating expenses*
	Inception date		1 year			since inception			gross			net
Institutional Class		8/7/15		12.77	%		4.52	%		0.98	%		0.40	%
Advisor Class		12/4/15		12.71			4.49	†		1.07			0.49
Premier Class		8/7/15		12.55			4.37			1.13			0.55
Retirement Class		8/7/15		12.40			4.26			1.23			0.65
Retail Class		8/7/15		12.47			4.17			1.32			0.74
MSCI EAFE® Index		—		11.04			3.94	‡		—			—

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 the Advisor Class. If these actual expenses had been reflected, the performance of the 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.

$10,000 invested at Fund’s inception

Institutional Class (inception August 7, 2015)

Ending amounts are as of October 31, 2019. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by country

	% of portfolio investments as of 10/31/2019
Japan		24.3
United Kingdom		15.4
France		10.7
Switzerland		8.8
Germany		8.5
Australia		6.8
Hong Kong		3.8
Spain		3.2
Sweden		3.0
Netherlands		2.5
14 other nations		10.8
Short-term investments		2.2
Total		100.0

Holdings by company size

Market capitalization	% of equity investments as of 10/31/2019
More than $50 billion		32.8
More than $15 billion–$50 billion		40.5
More than $2 billion–$15 billion		26.7
Total		100.0

Fund profile

	as of 10/31/2019
Net assets		$261.79 million
Portfolio turnover rate		9%
Number of holdings		430
Weighted median market capitalization		$33.48 billion
Price/earnings ratio (weighted 12-month trailing average)†		14.7

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

TIAA-CREF Funds: Equity Funds  ■  2019 Annual Report 43

Summary portfolio of investments

Growth & Income Fund  ■  October 31, 2019

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	27,187,559		0.4	%
BANKS
	3,122,660		Bank of America Corp		97,645,578		1.5
	1,057,324		Citigroup, Inc		75,979,303		1.2
	1,118,259		JPMorgan Chase & Co		139,692,914		2.1
	879,494		US Bancorp		50,148,748		0.8
			Other		33,077,473		0.5
					396,544,016		6.1
CAPITAL GOODS
	379,668		Dover Corp		39,443,708		0.6
	448,067		Honeywell International, Inc		77,394,613		1.2
	260,526	n	L3Harris Technologies, Inc		53,749,119		0.8
			Other		283,020,489		4.4
					453,607,929		7.0
COMMERCIAL & PROFESSIONAL SERVICES
	398,869		Waste Management, Inc		44,757,090		0.7
			Other		9,979,525		0.1
					54,736,615		0.8
CONSUMER DURABLES & APPAREL					128,106,742		2.0
CONSUMER SERVICES					51,515,330		0.8
DIVERSIFIED FINANCIALS
	269,158	n	CME Group, Inc		55,379,259		0.8
	1,120,285		Morgan Stanley		51,589,124		0.8
			Other		88,266,204		1.4
					195,234,587		3.0
ENERGY
	680,309		Chevron Corp		79,011,087		1.2
			Other		161,431,677		2.5
					240,442,764		3.7
FOOD & STAPLES RETAILING
	158,508	n	Costco Wholesale Corp		47,094,312		0.7
	372,943		Walmart, Inc		43,731,296		0.7
					90,825,608		1.4
FOOD, BEVERAGE & TOBACCO
	976,257		Coca-Cola Co		53,137,669		0.8
	989,603		Mondelez International, Inc		51,904,677		0.8
	488,327		PepsiCo, Inc		66,983,815		1.0
			Other		124,760,937		2.0
					296,787,098		4.6
HEALTH CARE EQUIPMENT & SERVICES
	756,405		Abbott Laboratories		63,243,022		1.0
	181,599	n	Anthem, Inc		48,864,659		0.7
	1,251,606	*	Boston Scientific Corp		52,191,970		0.8
	357,691		Danaher Corp		49,296,973		0.7
	147,329	n	Humana, Inc		43,344,192		0.7
			Other		208,313,100		3.2
					465,253,916		7.1

Shares			Company	Value		% of net assets
HOUSEHOLD & PERSONAL PRODUCTS
	788,966		Procter & Gamble Co	$	98,234,157		1.5	%
			Other		61,006,833		0.9
					159,240,990		2.4
INSURANCE
	749,845		American International Group, Inc		39,711,791		0.6
	868,514		Hartford Financial Services Group, Inc		49,574,779		0.8
			Other		100,318,336		1.5
					189,604,906		2.9
MATERIALS
	380,196	n	Linde plc		75,411,877		1.2
			Other		171,513,598		2.6
					246,925,475		3.8
MEDIA & ENTERTAINMENT
	160,634	*	Alphabet, Inc (Class C)		202,416,510		3.1
	1,479,766		Comcast Corp (Class A)		66,323,112		1.0
	626,579	*	Facebook, Inc		120,083,865		1.9
	761,680		Walt Disney Co		98,957,466		1.5
			Other		150,273,459		2.3
					638,054,412		9.8
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	819,694		AbbVie, Inc		65,206,658		1.0
	670,725		Merck & Co, Inc		58,125,028		0.9
	1,993,923		Pfizer, Inc		76,506,826		1.2
			Other		313,838,631		4.8
					513,677,143		7.9
REAL ESTATE
	201,003		American Tower Corp		43,834,734		0.7
	489,897	n	Prologis, Inc		42,993,361		0.7
			Other		8,424,357		0.1
					95,252,452		1.5
RETAILING
	100,780	*	Amazon.com, Inc		179,051,795		2.7
	430,577	n	Home Depot, Inc		101,004,753		1.6
			Other		109,697,231		1.7
					389,753,779		6.0
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	911,163		Intel Corp		51,508,044		0.8
	220,035		NVIDIA Corp		44,231,436		0.7
			Other		204,263,525		3.1
					300,003,005		4.6
SOFTWARE & SERVICES
	380,800		MasterCard, Inc (Class A)		105,409,248		1.6
	2,070,856		Microsoft Corp		296,898,625		4.5
	440,243	*	salesforce.com, Inc		68,893,627		1.1
			Other		241,064,013		3.7
					712,265,513		10.9

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

Summary portfolio of investments	continued
Growth & Income Fund  ■  October 31, 2019

Shares			Company	Value		% of net assets
TECHNOLOGY HARDWARE & EQUIPMENT
	1,198,740	n	Apple, Inc	$	298,198,562		4.6	%
	1,097,456		Cisco Systems, Inc		52,140,135		0.8
	234,875	n	Motorola Solutions, Inc		39,064,410		0.6
			Other		97,019,111		1.4
					486,422,218		7.4
TELECOMMUNICATION SERVICES
	1,276,310		AT&T, Inc		49,125,172		0.7
	843,158		Verizon Communications, Inc		50,985,764		0.8
					100,110,936		1.5
TRANSPORTATION
	555,847		CSX Corp		39,059,369		0.6
			Other		72,423,733		1.1
					111,483,102		1.7
UTILITIES
	864,181		FirstEnergy Corp		41,757,226		0.6
	232,686		NextEra Energy, Inc		55,458,381		0.9
			Other		56,768,781		0.9
					153,984,388		2.4
		TOTAL COMMON STOCKS (Cost $4,351,750,316)			6,497,020,483		99.7
PURCHASED OPTIONS
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					972,425		0.0
		TOTAL PURCHASED OPTIONS (Cost $977,216)			972,425		0.0

Principal			Issuer	Value			% of net  assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT				$	20,527,269			0.3	%
Shares			Company
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	70,980,431	c	State Street Navigator Securities Lending Government Money Market Portfolio		70,980,431			1.1
					70,980,431			1.1
		TOTAL SHORT-TERM INVESTMENTS (Cost $91,507,578)			91,507,700			1.4
		TOTAL PORTFOLIO (Cost $4,444,235,110)			6,589,500,608			101.1
			OTHER ASSETS & LIABILITIES, NET		(73,160,735	)		(1.1	)
			NET ASSETS	$	6,516,339,873			100.0	%

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

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

At 10/31/19, the aggregate value of securities on loan is $83,147,087. See Note 5 in the Notes to financial statements for additional information about securities lending collateral.

At 10/31/19, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended, amounted to $19,103,452 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 October 31, 2019 were as follows:

Description/underlying investment	Number of contracts	Notional amount	Exercise price	Expiration date	Value
Sage Therapeutics, Inc, Put	485	$977,216	$120.00	01/17/20	$972,425

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

Summary portfolio of investments

Growth & Income Fund  ■  October 31, 2019

Written options outstanding as of October 31, 2019 were as follows:

Description/underlying investment	Number of contracts	Notional amount			Exercise price		Expiration date	Value
Anthem Inc, Call	160	$	(49,502	)	$	320.00	03/20/20	$	(49,502	)
Anthem, Inc, Put	160		(27,833	)		215.00	11/08/19		(4,000	)
Apple, Inc, Call	523		(470,413	)		270.00	06/19/20		(538,690	)
Apple, Inc, Call	149		(78,665	)		280.00	06/19/20		(113,836	)
Apple, Inc, Put	548		(343,908	)		195.00	06/19/20		(216,460	)
Apple, Inc, Put	448		(363,831	)		215.00	06/19/20		(330,624	)
Arista Networks, Inc, Put	160		(124,477	)		200.00	01/17/20		(54,400	)
Biohaven Pharmaceutical Holding Co Ltd, Put	640		(782,679	)		50.00	01/17/20		(675,200	)
Chubb Ltd, Put	320		(21,440	)		130.00	12/20/19		(8,800	)
Ciena Corp, Put	1,000		(43,999	)		30.00	12/20/19		(35,000	)
Cigna Corp, Put	235		(34,300	)		155.00	12/20/19		(24,675	)
CME Group, Inc, Call	200		(67,999	)		240.00	12/20/19		(4,500	)
CME Group, Inc, Call	200		(61,591	)		240.00	06/19/20		(58,000	)
CME Group, Inc, Put	200		(69,591	)		170.00	12/20/19		(11,500	)
CME Group, Inc, Put	200		(100,798	)		190.00	03/20/20		(122,000	)
Coherent, Inc, Put	120		(123,759	)		110.00	11/15/19		(4,500	)
ConAgra Brands, Inc, Put	553		(70,782	)		24.00	12/20/19		(14,378	)
Constellation Brands, Inc, Put	175		(15,043	)		167.50	11/29/19		(7,437	)
Costco Wholesale Corp, Call	200		(274,793	)		320.00	06/19/20		(216,000	)
Costco Wholesale Corp, Put	400		(307,186	)		260.00	06/19/20		(300,000	)
Cree, Inc, Call	600		(66,425	)		55.00	12/20/19		(28,200	)
Cree, Inc, Put	900		(336,287	)		42.50	12/20/19		(85,500	)
Crocs Inc, Put	745		(38,338	)		30.00	12/20/19		(38,338	)
CVS Health Corp, Put	1,125		(46,080	)		54.00	11/08/19		(5,625	)
Deckers Outdoor Corp, Put	300		(185,396	)		120.00	12/20/19		(12,600	)
DexCom, Inc, Put	320		(338,541	)		135.00	12/20/19		(121,600	)
DISH Network Corp, Put	510		(139,228	)		27.50	01/17/20		(35,700	)
Domino’s Pizza, Inc, Put	180		(30,733	)		220.00	11/15/19		(900	)
Enphase Energy, Inc, Put	745		(169,828	)		17.50	02/21/20		(171,350	)
FedEx Corp, Put	157		(359,368	)		190.00	01/17/20		(598,563	)
First Solar, Inc, Put	745		(10,252	)		47.50	11/01/19		(5,215	)
First Solar, Inc, Put	745		(13,291	)		48.00	11/01/19		(5,215	)
GW Pharmaceuticals plc, Put	330		(42,226	)		95.00	11/15/19		(12,375	)
Hain Celestial Group, Inc, Put	2,200		(400,306	)		20.00	02/21/20		(143,000	)
Hasbro, Inc, Put	425		(39,933	)		95.00	11/15/19		(46,750	)
Home Depot, Inc, Call	160		(17,113	)		260.00	12/20/19		(4,960	)
Home Depot, Inc, Call	160		(45,439	)		260.00	03/20/20		(41,120	)
Home Depot, Inc, Put	160		(12,474	)		195.00	12/20/19		(5,440	)
Humana Inc, Put	400		(78,403	)		255.00	12/20/19		(70,000	)
Illumina, Inc, Put	160		(23,676	)		250.00	11/15/19		(2,560	)
International Business Machines Corp, Put	322		(31,543	)		120.00	12/20/19		(18,676	)
Jazz Pharmaceuticals plc, Put	275		(252,984	)		115.00	06/19/20		(193,875	)
L3Harris Technologies, Inc, Put	240		(36,719	)		175.00	12/20/19		(16,200	)
Linde plc, Put	225		(50,858	)		170.00	11/15/19		(2,250	)
M&T Bank Corp, Put	320		(166,557	)		140.00	01/17/20		(63,680	)
Monolithic Power Systems, Inc, Put	225		(50,215	)		110.00	12/20/19		(6,975	)
Motorola Solutions, Inc, Call	320		(294,074	)		190.00	07/17/20		(173,600	)
Motorola Solutions, Inc, Put	320		(47,347	)		130.00	01/17/20		(24,480	)
Motorola Solutions, Inc, Put	480		(304,314	)		150.00	07/17/20		(405,600	)
Nektar Therapeutics, Put	1,200		(699,453	)		21.00	02/21/20		(648,000	)
Nektar Therapeutics, Put	822		(413,457	)		19.00	05/15/20		(394,560	)
NetFlix, Inc, Put	160		(145,271	)		240.00	11/15/19		(6,240	)
Northrop Grumman Corp, Call	77		(28,720	)		390.00	01/17/20		(16,747	)
Northrop Grumman Corp, Put	282		(101,732	)		315.00	11/15/19		(12,690	)
Nutanix, Inc, Put	1,000		(547,989	)		22.50	01/17/20		(90,000	)
Prologis, Inc, Put	445		(27,189	)		80.00	12/20/19		(22,250	)
Proofpoint, Inc, Put	320		(48,959	)		100.00	12/20/19		(37,600	)
PVH Corp, Put	480		(367,344	)		85.00	01/17/20		(273,600	)
PVH Corp, Put	240		(221,117	)		90.00	01/17/20		(220,800	)
Rockwell Automation, Inc, Put	225		(17,991	)		130.00	11/15/19		(2,812	)
Roku, Inc, Put	500		(92,708	)		95.00	11/08/19		(15,500	)
Sage Therapeutics, Inc, Call	485		(426,729	)		200.00	01/17/20		(358,900	)
Sage Therapeutics, Inc, Put	485		(567,415	)		100.00	01/17/20		(630,500	)
ServiceNow Inc, Put	110		(2,966	)		215.00	11/15/19		(2,966	)
ServiceNow, Inc, Put	110		(18,475	)		180.00	11/29/19		(11,770	)
ServiceNow, Inc, Put	220		(151,357	)		210.00	01/17/20		(74,800	)
ServiceNow, Inc, Put	220		(252,555	)		230.00	01/17/20		(171,600	)

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

Summary portfolio of investments	concluded
Growth & Income Fund  ■  October 31, 2019

Description/underlying investment	Number of contracts	Notional amount			Exercise price		Expiration date	Value
Strategic Education, Inc, Put	160	$	(101,228	)	$	150.00	11/15/19	$	(439,200	)
Teladoc Health, Inc, Put	315		(23,297	)		55.00	11/15/19		(1,260	)
Teradata Corp, Call	500		(35,684	)		47.50	12/20/19		(8,750	)
Teradata Corp, Put	500		(107,708	)		30.00	12/20/19		(95,000	)
Teradata Corp, Put	1,000		(233,956	)		27.50	04/17/20		(177,500	)
Tiffany & Co, Call	477		(22,504	)		140.00	11/15/19		(7,155	)
Tiffany & Co, Put	477		(243,241	)		82.50	01/17/20		(15,264	)
Twitter, Inc, Put	1,500		(31,499	)		25.00	12/20/19		(22,500	)
United Parcel Service Inc, Put	400		(9,224	)		102.00	11/29/19		(9,224	)
Universal Display Corp, Call	160		(50,873	)		230.00	12/20/19		(37,280	)
Universal Display Corp, Call	160		(78,072	)		260.00	03/20/20		(78,072	)
Universal Display Corp, Put	320		(65,586	)		135.00	11/01/19		(1,600	)
Universal Display Corp, Put	160		(115,671	)		145.00	11/15/19		(2,880	)
Universal Display Corp, Put	320		(495,337	)		155.00	03/20/20		(246,400	)
WellCare Health Plans, Inc, Put	471		(296,347	)		230.00	12/20/19		(10,597	)
WellCare Health Plans, Inc, Put	157		(166,096	)		240.00	12/20/19		(7,850	)
Wright Medical Group NV, Put	2,000		(315,916	)		17.50	05/15/20		(320,000	)
Xilinx, Inc, Put	240		(45,590	)		80.00	11/08/19		(1,920	)
Xilinx, Inc, Put	320		(289,911	)		90.00	03/20/20		(233,600	)
Yandex NV, Put	1,100		(34,099	)		25.00	11/15/19		(5,500	)
Zendesk, Inc, Put	520		(285,454	)		60.00	05/15/20		(228,800	)
Zscaler, Inc, Put	600		(380,482	)		47.00	01/17/20		(390,000	)
Zscaler, Inc, Put	600		(486,434	)		50.00	01/17/20		(504,000	)
Total	40,223	$	(15,106,173	)				$	(10,965,536	)

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

Summary portfolio of investments

Large-Cap Growth Fund  ■  October 31, 2019

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	131,665	*	Tesla, Inc	$	41,463,942		0.7	%
					41,463,942		0.7
CAPITAL GOODS
	714,019		Airbus SE		102,431,908		1.8
	148,484		Northrop Grumman Corp		52,337,641		0.9
	125,419		Roper Industries, Inc		42,261,186		0.7
			Other		53,837,893		1.0
					250,868,628		4.4
COMMERCIAL & PROFESSIONAL SERVICES
	826,465	*	IHS Markit Ltd		57,869,079		1.0
					57,869,079		1.0
CONSUMER DURABLES & APPAREL
	279,688		Essilor International S.A.		42,706,761		0.8
	1,679,065		Nike, Inc (Class B)		150,360,271		2.6
			Other		28,603,345		0.5
					221,670,377		3.9
CONSUMER SERVICES
	292,316		McDonald’s Corp		57,498,557		1.0
			Other		25,823,240		0.5
					83,321,797		1.5
DIVERSIFIED FINANCIALS
	812,985		Blackstone Group, Inc		43,218,283		0.8
	548,527		IntercontinentalExchange Group, Inc		51,737,067		0.9
	330,869		S&P Global, Inc		85,360,893		1.5
					180,316,243		3.2
FOOD & STAPLES RETAILING
	472,562		Walmart, Inc		55,412,620		1.0
					55,412,620		1.0
FOOD, BEVERAGE & TOBACCO
	1,013,754		Coca-Cola Co		55,178,630		1.0
			Other		18,626,938		0.3
					73,805,568		1.3
HEALTH CARE EQUIPMENT & SERVICES
	982,465	*	Alcon, Inc		58,230,701		1.0
	674,606		Baxter International, Inc		51,742,280		0.9
	306,743	*	Edwards Lifesciences Corp		73,121,396		1.3
	199,540	*	Intuitive Surgical, Inc		110,335,643		1.9
	229,644		Stryker Corp		49,665,108		0.9
					343,095,128		6.0
MATERIALS
	409,000		Linde plc		81,125,150		1.4
	195,945		Sherwin-Williams Co		112,143,242		2.0
			Other		15,002,860		0.2
					208,271,252		3.6

Shares			Company	Value		% of net assets
MEDIA & ENTERTAINMENT
	1,011,084		Activision Blizzard, Inc	$	56,651,036		1.0	%
	123,810	*	Alphabet, Inc (Class A)		155,852,028		2.7
	123,796	*	Alphabet, Inc (Class C)		155,996,578		2.7
	1,385,759	*	Facebook, Inc		265,580,712		4.7
	347,303	*	IAC/InterActiveCorp		78,924,607		1.4
	661,458		Walt Disney Co		85,936,623		1.5
			Other		28,895,914		0.5
					827,837,498		14.5
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	1,501,752		AstraZeneca plc		146,446,675		2.6
	653,879		Bayer AG.		50,725,426		0.9
	235,115	*	Illumina, Inc		69,481,185		1.2
	959,170		Merck & Co, Inc		83,121,672		1.4
	322,453	*	Vertex Pharmaceuticals, Inc		63,033,112		1.1
			Other		209,584,544		3.7
					622,392,614		10.9
RETAILING
	189,723	*	Amazon.com, Inc		337,073,265		5.9
	655,538		Expedia, Inc		89,585,823		1.6
	403,665		Home Depot, Inc		94,691,736		1.6
			Other		45,779,046		0.8
					567,129,870		9.9
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	221,206		Lam Research Corp		59,955,674		1.0
	426,902		NVIDIA Corp		85,815,840		1.5
	820,071		Texas Instruments, Inc		96,760,178		1.7
			Other		71,575,718		1.3
					314,107,410		5.5
SOFTWARE & SERVICES
	625,402	*	Adobe, Inc		173,817,978		3.0
	85,897	*,g	Adyen NV		60,472,790		1.1
	524,832	*	Akamai Technologies, Inc		45,397,968		0.8
	447,057		Automatic Data Processing, Inc		72,526,057		1.3
	421,516		Fidelity National Information Services, Inc		55,538,948		1.0
	425,533		Intuit, Inc		109,574,748		1.9
	771,040		MasterCard, Inc (Class A)		213,431,582		3.7
	2,255,983		Microsoft Corp		323,440,283		5.7
	800,338	*	PayPal Holdings, Inc		83,315,186		1.5
	1,114,662	*	salesforce.com, Inc		174,433,456		3.0
	222,280	*	ServiceNow, Inc		54,960,953		1.0
	717,303		Visa, Inc (Class A)		128,296,815		2.2
			Other		41,074,001		0.8
					1,536,280,765		27.0
TECHNOLOGY HARDWARE & EQUIPMENT
	916,256		Apple, Inc		227,927,843		4.0
			Other		75,929,020		1.3
					303,856,863		5.3
		TOTAL COMMON STOCKS (Cost $3,579,477,576)			5,687,699,654		99.7

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

Summary portfolio of investments concluded

Large-Cap Growth Fund  ■  October 31, 2019

Principal			Issuer	Value		% of net assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT				$	3,247,971		0.0	%
	TOTAL SHORT-TERM INVESTMENTS (Cost $3,247,822)				3,247,971		0.0
	TOTAL PORTFOLIO (Cost $3,582,725,398)				5,690,947,625		99.7
		OTHER ASSETS & LIABILITIES, NET			16,631,902		0.3
		NET ASSETS		$	5,707,579,527		100.0	%

*	Non-income producing
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/19, the aggregate value of these securities, including those in “Other,” is $75,655,722 or 1.3% 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.

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

Summary portfolio of investments

Large-Cap Value Fund  ■  October 31, 2019

Shares			Company	Value		% of net assets
COMMON STOCKS
BANKS
	7,000,000		Bank of America Corp	$	218,890,000		3.9	%
	2,575,000		Citigroup, Inc		185,039,500		3.3
	2,225,000		JPMorgan Chase & Co		277,947,000		4.9
	370,000		PNC Financial Services Group, Inc		54,279,000		0.9
	1,210,000		US Bancorp		68,994,200		1.2
	2,000,000		Wells Fargo & Co		103,260,000		1.9
					908,409,700		16.1
CAPITAL GOODS
	525,000		Deere & Co		91,423,500		1.6
	580,000		Honeywell International, Inc		100,183,400		1.8
	540,000		Ingersoll-Rand plc		68,520,600		1.2
	1,300,000		Masco Corp		60,125,000		1.0
	300,000		Parker-Hannifin Corp		55,047,000		1.0
			Other		179,934,200		3.2
					555,233,700		9.8
CONSUMER DURABLES & APPAREL
	17,500	*	NVR, Inc		63,640,325		1.1
					63,640,325		1.1
CONSUMER SERVICES					43,274,000		0.8
DIVERSIFIED FINANCIALS
	510,000		American Express Co		59,812,800		1.1
	410,000		Goldman Sachs Group, Inc		87,485,800		1.5
					147,298,600		2.6
ENERGY
	1,170,000		Chevron Corp		135,883,800		2.4
	600,000		Diamondback Energy, Inc		51,456,000		0.9
	865,000		EOG Resources, Inc		59,953,150		1.1
	1,300,000		Exxon Mobil Corp		87,841,000		1.5
	700,000		Valero Energy Corp		67,886,000		1.2
					403,019,950		7.1
FOOD & STAPLES RETAILING
	725,000		Walmart, Inc		85,013,500		1.5
					85,013,500		1.5
FOOD, BEVERAGE & TOBACCO
	1,125,000		Mondelez International, Inc		59,006,250		1.1
	1,000,000		Philip Morris International, Inc		81,440,000		1.4
					140,446,250		2.5
HEALTH CARE EQUIPMENT & SERVICES
	215,000		Anthem, Inc		57,852,200		1.0
	310,000		Cigna Corp		55,322,600		1.0
	850,000		CVS Health Corp		56,431,500		1.0
	475,000		Medtronic plc		51,727,500		0.9
	520,000		Zimmer Biomet Holdings, Inc		71,879,600		1.3
			Other		97,534,100		1.7
					390,747,500		6.9
HOUSEHOLD & PERSONAL PRODUCTS
	1,200,000		Procter & Gamble Co		149,412,000		2.6
					149,412,000		2.6

Shares			Company	Value		% of net assets
INSURANCE
	1,655,000		American International Group, Inc	$	87,648,800		1.5	%
	557,325	*	Berkshire Hathaway, Inc (Class B)		118,476,148		2.1
	545,000		Chubb Ltd		83,068,900		1.5
			Other		129,856,812		2.3
					419,050,660		7.4
MATERIALS
	850,000	*	Crown Holdings, Inc		61,914,000		1.1
			Other		136,741,000		2.4
					198,655,000		3.5
MEDIA & ENTERTAINMENT
	2,650,000		Comcast Corp (Class A)		118,773,000		2.1
	1,000,000		Walt Disney Co		129,920,000		2.3
					248,693,000		4.4
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	1,265,000		Johnson & Johnson		167,030,600		2.9
	700,000		Merck & Co, Inc		60,662,000		1.1
	3,325,000		Pfizer, Inc		127,580,250		2.3
			Other		142,356,550		2.5
					497,629,400		8.8
REAL ESTATE					125,239,800		2.2
RETAILING
	445,000		Home Depot, Inc		104,388,100		1.8
					104,388,100		1.8
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	1,240,000		Applied Materials, Inc		67,282,400		1.2
	1,850,000		Intel Corp		104,580,500		1.8
			Other		118,467,450		2.1
					290,330,350		5.1
SOFTWARE & SERVICES
	350,000		Accenture plc		64,897,000		1.1
	520,000		Microsoft Corp		74,552,400		1.3
			Other		38,143,000		0.8
					177,592,400		3.2
TECHNOLOGY HARDWARE & EQUIPMENT
	1,175,000		Cisco Systems, Inc		55,824,250		1.0
	660,000		TE Connectivity Ltd		59,070,000		1.0
					114,894,250		2.0
TELECOMMUNICATION SERVICES
	1,650,000		AT&T, Inc		63,508,500		1.1
	2,400,000		Verizon Communications, Inc		145,128,000		2.6
					208,636,500		3.7
TRANSPORTATION
	425,000		Union Pacific Corp		70,320,500		1.3
			Other		28,459,350		0.4
					98,779,850		1.7

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

Summary portfolio of investments concluded

Large-Cap Value Fund  ■  October 31, 2019

Shares			Company	Value		% of net assets
UTILITIES
	550,000		American Electric Power Co, Inc	$	51,914,500		0.9	%
	1,325,000		FirstEnergy Corp		64,024,000		1.1
	325,000		NextEra Energy, Inc		77,460,500		1.4
			Other		86,887,150		1.5
					280,286,150		4.9
		TOTAL COMMON STOCKS (Cost $4,658,587,183)			5,650,670,985		99.7
Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT					11,220,000		0.2
		TOTAL SHORT-TERM INVESTMENTS (Cost $11,220,000)			11,220,000		0.2
		TOTAL PORTFOLIO (Cost $4,669,807,183)			5,661,890,985		99.9
			OTHER ASSETS & LIABILITIES, NET		4,257,973		0.1
			NET ASSETS	$	5,666,148,958		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 Annual Report 51

Summary portfolio of investments

Mid-Cap Growth Fund  ■  October 31, 2019

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	7,067,107		0.5	%
BANKS					6,876,068		0.5
CAPITAL GOODS
	206,898		Ametek, Inc		18,962,202		1.4
	195,961	n	Fortive Corp		13,521,309		1.0
	156,912		Ingersoll-Rand plc		19,910,564		1.5
	110,925		L3Harris Technologies, Inc		22,884,937		1.7
	44,126		TransDigm Group, Inc		23,222,631		1.7
			Other		47,053,669		3.4
					145,555,312		10.7
COMMERCIAL & PROFESSIONAL SERVICES
	72,500		Cintas Corp		19,478,575		1.4
	26,731	*,n	CoStar Group, Inc		14,689,219		1.1
	86,646		Verisk Analytics, Inc		12,537,676		0.9
	126,664		Waste Connections, Inc		11,703,754		0.9
			Other		8,406,951		0.6
					66,816,175		4.9
CONSUMER DURABLES & APPAREL
	84,973	*,n	Lululemon Athletica, Inc		17,357,435		1.3
			Other		14,220,348		1.0
					31,577,783		2.3
CONSUMER SERVICES
	21,309	*,n	Chipotle Mexican Grill, Inc (Class A)		16,581,812		1.2
	144,566		Hilton Worldwide Holdings, Inc		14,017,119		1.0
			Other		15,477,812		1.2
					46,076,743		3.4
DIVERSIFIED FINANCIALS
	273,782	n	iShares Russell Midcap Growth Index Fund		39,419,133		2.9
			Other		19,509,536		1.4
					58,928,669		4.3
ENERGY					9,990,533		0.7
HEALTH CARE EQUIPMENT & SERVICES
	50,435	*	Align Technology, Inc		12,724,246		0.9
	75,000	*	DexCom, Inc		11,568,000		0.9
	80,798	*	Insulet Corp		11,741,566		0.9
			Other		53,211,162		3.8
					89,244,974		6.5
HOUSEHOLD & PERSONAL PRODUCTS					10,198,511		0.7
MATERIALS
	188,318		Ball Corp		13,176,610		1.0
	113,136		Vulcan Materials Co		16,163,740		1.2
			Other		14,271,126		1.0
					43,611,476		3.2
MEDIA & ENTERTAINMENT
	338,583		CBS Corp (Class B)		12,202,531		0.9
	72,462	*	IAC/InterActiveCorp		16,466,990		1.2
	538,067	*	Twitter, Inc		16,125,868		1.2
	2,105,272	*,n	Zynga, Inc		12,989,528		0.9
			Other		12,288,782		0.9
					70,073,699		5.1

Shares			Company	Value		% of net assets
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	172,756	*	Exact Sciences Corp	$	15,029,772		1.1	%
	400,000	*	Horizon Pharma plc		11,564,000		0.9
	93,349	*	IQVIA Holdings, Inc		13,481,463		1.0
	125,106	*	Neurocrine Biosciences, Inc		12,446,796		0.9
			Other		71,208,491		5.2
					123,730,522		9.1
REAL ESTATE
	382,834		Americold Realty Trust		15,347,815		1.1
	300,676	*	CBRE Group, Inc		16,101,200		1.2
			Other		8,580,376		0.6
					40,029,391		2.9
	RETAILING
	16,241	*	AutoZone, Inc		18,585,876		1.3
	112,568		Dollar General Corp		18,049,153		1.3
	117,247	*	Five Below, Inc		14,668,772		1.1
	55,918	*	O’Reilly Automotive, Inc		24,352,848		1.8
	169,001	n	Tractor Supply Co		16,058,475		1.2
			Other		38,178,722		2.8
					129,893,846		9.5
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	824,043	*,n	Advanced Micro Devices, Inc		27,959,779		2.1
	73,036		Kla-Tencor Corp		12,346,005		0.9
	65,700		Lam Research Corp		17,807,328		1.3
	140,952	e	Microchip Technology, Inc		13,290,364		1.0
			Other		30,179,697		2.2
					101,583,173		7.5
SOFTWARE & SERVICES
	70,319	*	EPAM Systems, Inc		12,373,331		0.9
	265,913	*	Fiserv, Inc		28,224,006		2.1
	69,940	*	FleetCor Technologies, Inc		20,577,747		1.5
	304,000	*,e	GDS Holdings Ltd (ADR)		12,670,720		0.9
	134,796		Global Payments, Inc		22,804,787		1.7
	74,884	*	RingCentral, Inc		12,095,264		0.9
	117,755	*	Splunk, Inc		14,125,890		1.0
	97,058	*	Synopsys, Inc		13,175,623		1.0
	136,935	*,e,n	Twilio, Inc		13,222,443		1.0
			Other		120,429,270		8.9
					269,699,081		19.9
TECHNOLOGY HARDWARE & EQUIPMENT
	196,218	*	Keysight Technologies, Inc		19,800,358		1.5
	225,286	*	Lumentum Holdings, Inc		14,116,421		1.0
			Other		38,404,601		2.9
					72,321,380		5.4
TRANSPORTATION					11,419,859		0.8
		TOTAL COMMON STOCKS (Cost $1,105,652,940)			1,334,694,302		97.9
PURCHASED OPTIONS
MEDIA & ENTERTAINMENT					3,012		0.0
RETAILING					16,100		0.0

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

Summary portfolio of investments concluded

Mid-Cap Growth Fund  ■  October 31, 2019

Shares			Company	Value		% of net assets
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT				$	27,248		0.0	%
SOFTWARE & SERVICES					1,704,240		0.1
		TOTAL PURCHASED OPTIONS (Cost $2,740,796)			1,750,600		0.1
Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal Home Loan Bank (FHLB)
$	38,350,000		1.500%, 11/01/19		38,350,000		2.8
			Other		3,998,693		0.3
					42,348,693		3.1

Shares			Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	32,613,068	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	32,613,068			2.4	%
					32,613,068			2.4
		TOTAL SHORT-TERM INVESTMENTS (Cost $74,961,746)			74,961,761			5.5
		TOTAL PORTFOLIO (Cost $1,183,355,482)			1,411,406,663			103.5
		OTHER ASSETS & LIABILITIES, NET			(48,110,785	)		(3.5	)
		NET ASSETS		$	1,363,295,878			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 $39,991,575. See Note 5 in the Notes to financial statements for additional information about securities lending collateral.
n	All or a portion of these securities have been segregated by the custodian to cover requirements on open written options contracts.

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

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

Purchased options outstanding as of October 31, 2019 were as follows:

Description/underlying investment	Number of contracts		Notional amount		Exercise price		Expiration date	Value
Advanced Micro Devices, Inc, Put		3,406	$	746,044	$	29.00	11/15/19	$	27,248
Anaplan, Inc, Put		1,790		812,604		44.00	12/20/19		590,700
Okta, Inc, Put		831		964,999		115.00	01/17/20		1,113,540
Tractor Supply Co, Put		1,150		197,281		90.00	11/01/19		16,100
Zynga, Inc, Put		1,004		19,868		6.00	11/01/19		3,012
Total		8,181	$	2,740,796				$	1,750,600

Written options outstanding as of October 31, 2019 were as follows:

Description/underlying investment	Number of contracts		Notional amount			Exercise price		Expiration date	Value
Advanced Micro Devices, Inc, Call		3,406	$	(384,740	)	$	33.00	11/15/19	$	(544,960	)
Advanced Micro Devices, Inc, Put		3,406		(333,651	)		26.00	11/15/19		(10,218	)
Anaplan, Inc, Call		1,790		(357,046	)		52.50	12/20/19		(513,730	)
Anaplan, Inc, Put		1,790		(349,689	)		38.00	12/20/19		(277,450	)
Chipotle Mexican Grill, Inc, Call		90		(208,612	)		860.00	11/15/19		(10,800	)
Fortive Corp, Call		1,959		(39,867	)		80.00	11/15/19		(35,262	)
Lululemon Athletica, Inc, Call		500		(285,994	)		220.00	12/20/19		(260,500	)
Lululemon Athletica, Inc, Put		500		(201,496	)		150.00	12/20/19		(20,000	)
Okta, Inc, Call		831		(480,516	)		135.00	01/17/20		(199,440	)
Okta, Inc, Put		831		(355,868	)		95.00	01/17/20		(371,457	)
Square, Inc, Put		750		(82,498	)		50.00	11/15/19		(17,250	)
Tractor Supply Co, Call		1,150		(26,681	)		105.00	11/01/19		(27,600	)
Tractor Supply Co, Put		1,150		(17,481	)		80.00	11/01/19		(17,250	)
Twilio, Inc, Call		1,000		(223,567	)		120.00	11/15/19		(10,000	)
Zynga, Inc, Call		1,004		(3,977	)		7.00	11/01/19		(1,004	)
Zynga, Inc, Put		1,004		(2,722	)		5.50	11/01/19		(1,004	)
Total		21,161	$	(3,354,405	)				$	(2,317,925	)

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

Summary portfolio of investments

Mid-Cap Value Fund  ■  October 31, 2019

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	18,252,406		0.6	%
BANKS
	1,022,373		Citizens Financial Group, Inc		35,946,635		1.3
	1,356,768		Huntington Bancshares, Inc		19,171,132		0.7
	128,130		M&T Bank Corp		20,056,189		0.7
			Other		120,098,764		4.2
					195,272,720		6.9
CAPITAL GOODS
	892,543		Arconic, Inc		24,518,156		0.9
	351,218		Crane Co		26,875,201		0.9
	189,139		Cummins, Inc		32,622,695		1.2
	101,718		L3Harris Technologies, Inc		20,985,441		0.7
			Other		121,874,855		4.3
					226,876,348		8.0
COMMERCIAL & PROFESSIONAL SERVICES					35,170,141		1.2
CONSUMER DURABLES & APPAREL
	341,851		Lennar Corp (Class A)		20,374,320		0.7
	178,319	*	Mohawk Industries, Inc		25,567,378		0.9
	1,456,803		Newell Rubbermaid, Inc		27,635,553		1.0
			Other		36,953,418		1.3
					110,530,669		3.9
CONSUMER SERVICES
	1,003,439	*	Penn National Gaming, Inc		21,388,302		0.8
			Other		62,124,230		2.2
					83,512,532		3.0
DIVERSIFIED FINANCIALS
	275,413		Ameriprise Financial, Inc		41,557,068		1.5
	210,705		Northern Trust Corp		21,003,074		0.7
	314,579		Raymond James Financial, Inc		26,264,201		0.9
	356,095		State Street Corp		23,527,197		0.8
	460,920		Voya Financial, Inc		24,871,243		0.9
			Other		58,660,054		2.1
					195,882,837		6.9
ENERGY
	924,266		Baker Hughes a GE Co		19,779,293		0.7
	360,590		Concho Resources, Inc		24,347,037		0.8
	1,249,690		Parsley Energy, Inc		19,757,599		0.7
	965,549		Williams Cos, Inc		21,541,398		0.8
			Other		78,570,045		2.8
					163,995,372		5.8
FOOD, BEVERAGE & TOBACCO
	671,482		Bunge Ltd		36,260,028		1.3
			Other		73,637,086		2.6
					109,897,114		3.9
HEALTH CARE EQUIPMENT & SERVICES
	160,840	*	Laboratory Corp of America Holdings		26,501,607		0.9
	221,017		McKesson Corp		29,395,261		1.0
	340,469		Zimmer Biomet Holdings, Inc		47,063,030		1.7
			Other		41,003,166		1.5
					143,963,064		5.1

Shares			Company	Value		% of net assets
HOUSEHOLD & PERSONAL PRODUCTS				$	18,213,678		0.6	%
INSURANCE
	394,589		Axis Capital Holdings Ltd		23,450,424		0.8
	762,841		Hartford Financial Services Group, Inc		43,542,965		1.6
	337,561		Lincoln National Corp		19,065,445		0.7
			Other		79,264,556		2.8
					165,323,390		5.9
MATERIALS
	780,675		Louisiana-Pacific Corp		22,819,130		0.8
	528,790		Newmont Goldcorp Corp		21,008,827		0.7
	289,845		Westlake Chemical Corp		18,315,305		0.7
	388,771		WR Grace and Co		25,833,833		0.9
			Other		125,094,244		4.4
					213,071,339		7.5
MEDIA & ENTERTAINMENT
	1,974,400	*	Conyers Park II Acquisition Corp		21,175,440		0.8
	779,141	*	DISH Network Corp (Class A)		26,786,868		0.9
			Other		37,668,140		1.4
					85,630,448		3.1
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					57,163,352		2.0
REAL ESTATE
	153,078		AvalonBay Communities, Inc		33,318,958		1.2
	161,902		Boston Properties, Inc		22,212,954		0.8
	149,190		Mid-America Apartment Communities, Inc		20,735,918		0.7
	318,572		Welltower, Inc		28,891,295		1.0
	1,078,178		Weyerhaeuser Co		31,493,579		1.1
			Other		205,025,586		7.3
					341,678,290		12.1
RETAILING
	762,429	*	LKQ Corp		25,914,962		0.9
			Other		46,834,013		1.7
					72,748,975		2.6
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	423,797	*	Cree, Inc		20,227,831		0.7
	259,344		NXP Semiconductors NV		29,482,226		1.0
			Other		18,984,812		0.7
					68,694,869		2.4
SOFTWARE & SERVICES					68,459,397		2.4
TECHNOLOGY HARDWARE & EQUIPMENT
	596,494		Western Digital Corp		30,808,915		1.1
			Other		58,502,250		2.1
					89,311,165		3.2
TELECOMMUNICATION SERVICES					23,464,916		0.8
TRANSPORTATION
	502,424	e	Knight-Swift Transportation Holdings, Inc		18,318,379		0.7
			Other		46,149,726		1.6
					64,468,105		2.3

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

Summary portfolio of investments concluded

Mid-Cap Value Fund  ■  October 31, 2019

Shares			Company	Value		% of net assets
UTILITIES
	542,214		Alliant Energy Corp	$	28,921,695		1.0	%
	232,163		DTE Energy Co		29,558,993		1.0
	220,200		Entergy Corp		26,749,896		1.0
	1,015,309		FirstEnergy Corp		49,059,731		1.7
	369,810		Public Service Enterprise Group, Inc		23,412,671		0.8
	208,571		Sempra Energy		30,140,595		1.1
			Other		81,621,496		2.9
					269,465,077		9.5
		TOTAL COMMON STOCKS (Cost $2,414,363,162)			2,821,046,204		99.7
Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT					5,900,000		0.2
TREASURY DEBT					2,398,154		0.1

Shares			Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	35,833,353	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	35,833,353			1.3	%
					35,833,353			1.3
		TOTAL SHORT-TERM INVESTMENTS (Cost $44,131,340)			44,131,507			1.6
		TOTAL PORTFOLIO (Cost $2,458,494,502)			2,865,177,711			101.3
		OTHER ASSETS & LIABILITIES, NET			(36,453,083	)		(1.3	)
		NET ASSETS		$	2,828,724,628			100.0	%

*	Non-income producing
c	Investments made with cash collateral received from securities on loan.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $35,893,071. See Note 5 in the Notes to financial statements for additional information about securities lending collateral.

“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 Annual Report 55

Summary portfolio of investments

Quant Large-Cap Growth Fund  ■  October 31, 2019

Shares		Company	Value		% of net assets
COMMON STOCKS
BANKS			$	20,855,098		0.7	%
CAPITAL GOODS
	71,554	Boeing Co		24,321,920		0.9
	102,512	Honeywell International, Inc		17,706,898		0.6
	78,721	L3Harris Technologies, Inc		16,240,929		0.6
	79,300	Lockheed Martin Corp		29,870,724		1.0
	64,198	Northrop Grumman Corp		22,628,511		0.8
	29,475	TransDigm Group, Inc		15,512,103		0.5
		Other		90,294,497		3.1
				216,575,582		7.5
COMMERCIAL & PROFESSIONAL SERVICES
	147,624	Waste Management, Inc		16,564,889		0.6
		Other		24,132,372		0.8
				40,697,261		1.4
CONSUMER DURABLES & APPAREL				27,641,239		1.0
CONSUMER SERVICES
	346,091	Starbucks Corp		29,265,455		1.0
		Other		23,261,657		0.8
				52,527,112		1.8
DIVERSIFIED FINANCIALS
	142,000	iShares Russell 1000 Growth Index Fund		23,307,880		0.8
		Other		99,810,106		3.5
				123,117,986		4.3
FOOD & STAPLES RETAILING
	68,899	Costco Wholesale Corp		20,470,582		0.7
	238,717	SYSCO Corp		19,066,327		0.6
		Other		10,702,822		0.4
				50,239,731		1.7
FOOD, BEVERAGE & TOBACCO
	348,441	Coca-Cola Co		18,965,644		0.7
	199,944	PepsiCo, Inc		27,426,318		0.9
		Other		34,477,060		1.2
				80,869,022		2.8
HEALTH CARE EQUIPMENT & SERVICES
	224,226	UnitedHealth Group, Inc		56,661,910		2.0
		Other		70,832,667		2.5
				127,494,577		4.5
HOUSEHOLD & PERSONAL PRODUCTS				4,834,750		0.2
INSURANCE				24,427,033		0.9
MATERIALS
	74,375	Ecolab, Inc		14,285,206		0.5
		Other		12,927,626		0.4
				27,212,832		0.9

Shares			Company	Value		% of net assets
MEDIA & ENTERTAINMENT
	57,735	*	Alphabet, Inc (Class A)	$	72,676,818		2.5	%
	58,637	*	Alphabet, Inc (Class C)		73,889,070		2.6
	519,815		Comcast Corp (Class A)		23,298,108		0.8
	422,036	*	Facebook, Inc		80,883,200		2.8
	52,694	*	NetFlix, Inc		15,144,783		0.6
	489,726	*	Twitter, Inc		14,677,088		0.5
			Other		40,109,133		1.3
					320,678,200		11.1
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	235,067		AbbVie, Inc		18,699,580		0.6
	131,558		Amgen, Inc		28,054,744		1.0
	139,374	*	Celgene Corp		15,056,573		0.5
	622,523		Merck & Co, Inc		53,947,843		1.9
	72,796		Thermo Fisher Scientific, Inc		21,982,936		0.8
	183,599		Zoetis, Inc		23,485,984		0.8
			Other		72,902,153		2.5
					234,129,813		8.1
REAL ESTATE
	66,409		American Tower Corp		14,482,474		0.5
	113,107		Simon Property Group, Inc		17,042,963		0.6
			Other		22,227,920		0.8
					53,753,357		1.9
RETAILING
	84,560	*	Amazon.com, Inc		150,234,370		5.2
	103,296		Home Depot, Inc		24,231,176		0.9
	157,260		Ross Stores, Inc		17,246,704		0.6
			Other		75,911,267		2.6
					267,623,517		9.3
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	115,599		Broadcom, Inc		33,853,167		1.2
	65,549		Lam Research Corp		17,766,401		0.6
	88,161		NVIDIA Corp		17,722,124		0.6
	231,372		Texas Instruments, Inc		27,299,582		1.0
			Other		34,712,658		1.1
					131,353,932		4.5
SOFTWARE & SERVICES
	154,360		Accenture plc		28,621,431		1.0
	58,811	*	Adobe, Inc		16,345,341		0.6
	149,260		Automatic Data Processing, Inc		24,214,450		0.8
	152,602		Fidelity National Information Services, Inc		20,106,840		0.7
	211,713	*	Fiserv, Inc		22,471,218		0.8
	143,184		International Business Machines Corp		19,147,996		0.7
	161,046		MasterCard, Inc (Class A)		44,579,143		1.5
	1,570,607		Microsoft Corp		225,177,926		7.8
	327,389	*	PayPal Holdings, Inc		34,081,195		1.2
	129,427	*	salesforce.com, Inc		20,254,031		0.7
	78,757	*	ServiceNow, Inc		19,473,456		0.7
	319,203		Visa, Inc (Class A)		57,092,649		2.0
			Other		146,018,286		5.1
					677,583,962		23.6

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

Summary portfolio of investments concluded

Quant Large-Cap Growth Fund  ■  October 31, 2019

Shares			Company	Value		% of net assets
TECHNOLOGY HARDWARE & EQUIPMENT
	895,122		Apple, Inc	$	222,670,549		7.7	%
	1,066,439		Cisco Systems, Inc		50,666,517		1.8
			Other		51,609,459		1.8
					324,946,525		11.3
TELECOMMUNICATION SERVICES					8,012,234		0.3
TRANSPORTATION					54,257,172		1.9
		TOTAL COMMON STOCKS (Cost $1,894,207,430)			2,868,830,935		99.7
Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT					380,000		0.0

Shares			Company	Value		% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	6,481,932	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	6,481,932		0.2	%
					6,481,932		0.2
		TOTAL SHORT-TERM INVESTMENTS (Cost $6,861,932)			6,861,932		0.2
		TOTAL PORTFOLIO (Cost $1,901,069,362)			2,875,692,867		99.9
		OTHER ASSETS & LIABILITIES, NET			909,065		0.1
		NET ASSETS		$	2,876,601,932		100.0	%

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

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

At 10/31/19, the aggregate value of securities on loan is $4,389,791. See Note 5 in the Notes to financial statements for additional information about securities lending collateral.

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 Annual Report 57

Summary portfolio of investments

Quant Large-Cap Value Fund  ■  October 31, 2019

Shares		Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS			$	9,703,417		0.4	%
BANKS
	1,927,615	Bank of America Corp		60,276,521		2.3
	572,136	Citigroup, Inc		41,113,693		1.5
	370,472	Citizens Financial Group, Inc		13,025,795		0.5
	509,480	JPMorgan Chase & Co		63,644,242		2.4
	639,919	Wells Fargo & Co		33,039,018		1.2
		Other		77,444,458		2.9
				288,543,727		10.8
CAPITAL GOODS
	67,816	L3Harris Technologies, Inc		13,991,119		0.5
	211,876	PACCAR, Inc		16,115,288		0.6
	114,615	United Technologies Corp		16,456,422		0.6
		Other		140,810,053		5.3
				187,372,882		7.0
COMMERCIAL & PROFESSIONAL SERVICES				22,483,137		0.8
CONSUMER DURABLES & APPAREL				27,877,253		1.0
CONSUMER SERVICES
	99,155	McDonald’s Corp		19,503,788		0.7
		Other		51,673,346		2.0
				71,177,134		2.7
DIVERSIFIED FINANCIALS
	166,897	Capital One Financial Corp		15,563,145		0.6
	66,695	Goldman Sachs Group, Inc		14,231,379		0.5
	727,000	iShares Russell 1000 Value Index Fund		94,560,890		3.6
		Other		87,827,031		3.3
				212,182,445		8.0
ENERGY
	300,295	Chevron Corp		34,876,261		1.3
	344,705	ConocoPhillips		19,027,716		0.7
	200,956	EOG Resources, Inc		13,928,261		0.5
	682,021	Exxon Mobil Corp		46,084,159		1.8
	268,897	Marathon Petroleum Corp		17,195,963		0.7
	345,730	Occidental Petroleum Corp		14,002,065		0.5
		Other		48,750,044		1.8
				193,864,469		7.3
FOOD & STAPLES RETAILING
	224,672	Walmart, Inc		26,345,039		1.0
		Other		16,619,456		0.6
				42,964,495		1.6
FOOD, BEVERAGE & TOBACCO
	403,108	Altria Group, Inc		18,055,207		0.7
	265,497	General Mills, Inc		13,503,178		0.5
	431,702	Mondelez International, Inc		22,642,770		0.8
	418,503	Philip Morris International, Inc		34,082,884		1.3
	157,599	Tyson Foods, Inc (Class A)		13,047,621		0.5
		Other		35,009,918		1.3
				136,341,578		5.1

Shares			Company	Value		% of net assets
HEALTH CARE EQUIPMENT & SERVICES
	404,016		CVS Health Corp	$	26,822,622		1.0	%
	103,704		HCA Healthcare, Inc		13,848,632		0.5
	51,228		Humana, Inc		15,071,278		0.6
	205,364		Medtronic plc		22,364,140		0.8
			Other		102,485,417		3.9
					180,592,089		6.8
HOUSEHOLD & PERSONAL PRODUCTS
	134,989		Kimberly-Clark Corp		17,937,339		0.7
	397,963		Procter & Gamble Co		49,550,373		1.8
			Other		7,712,011		0.3
					75,199,723		2.8
INSURANCE
	136,657		Allstate Corp		14,543,038		0.5
	346,944	*	Berkshire Hathaway, Inc (Class B)		73,753,355		2.8
			Other		111,479,911		4.2
					199,776,304		7.5
MATERIALS
	322,278		International Paper Co		14,077,103		0.5
	167,052		LyondellBasell Industries AF S.C.A		14,984,564		0.6
			Other		56,292,566		2.1
					85,354,233		3.2
MEDIA & ENTERTAINMENT
	359,415		Comcast Corp (Class A)		16,108,980		0.6
	265,807		Walt Disney Co		34,533,646		1.3
			Other		15,399,222		0.6
					66,041,848		2.5
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	56,916	*	Biogen Idec, Inc		17,001,378		0.6
	228,278		Gilead Sciences, Inc		14,543,591		0.5
	478,675		Johnson & Johnson		63,204,247		2.4
	817,680		Pfizer, Inc		31,374,382		1.2
			Other		57,576,125		2.2
					183,699,723		6.9
REAL ESTATE					114,776,939		4.3
RETAILING
	129,213		Home Depot, Inc		30,310,785		1.1
			Other		50,945,331		1.9
					81,256,116		3.0
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	1,033,867		Intel Corp		58,444,502		2.2
	415,797	*	Micron Technology, Inc		19,771,147		0.8
			Other		14,126,074		0.5
					92,341,723		3.5
SOFTWARE & SERVICES					30,301,438		1.1
TECHNOLOGY HARDWARE & EQUIPMENT					20,610,304		0.8
TELECOMMUNICATION SERVICES
	1,232,698		AT&T, Inc		47,446,546		1.8
	942,737		Verizon Communications, Inc		57,007,306		2.1
					104,453,852		3.9

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

Summary portfolio of investments concluded

Quant Large-Cap Value Fund  ■  October 31, 2019

Shares			Company	Value		% of net assets
TRANSPORTATION
	261,662		Delta Air Lines, Inc	$	14,412,343		0.5	%
	96,822		Norfolk Southern Corp		17,621,604		0.7
	148,925	*	United Continental Holdings, Inc		13,528,347		0.5
			Other		38,865,518		1.5
					84,427,812		3.2
UTILITIES
	231,042		Duke Energy Corp		21,778,019		0.8
	368,276		Exelon Corp		16,752,875		0.6
			Other		108,445,418		4.1
					146,976,312		5.5
		TOTAL COMMON STOCKS (Cost $2,301,791,002)			2,658,318,953		99.7
Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT					1,710,000		0.1

Shares		Company	Value		% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
6,404,821	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	6,404,821		0.2	%
				6,404,821		0.2
	TOTAL SHORT-TERM INVESTMENTS (Cost $8,114,821)			8,114,821		0.3
	TOTAL PORTFOLIO (Cost $2,309,905,823)			2,666,433,774		100.0
	OTHER ASSETS & LIABILITIES, NET			118,964		0.0
	NET ASSETS		$	2,666,552,738		100.0	%

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

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

At 10/31/19, the aggregate value of securities on loan is $6,186,206. See Note 5 in the Notes to financial statements for additional information about securities lending collateral.

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 Annual Report 59

Summary portfolio of investments

Quant Small-Cap Equity Fund  ■  October 31, 2019

Shares			Company	Value		% of net assets
COMMON STOCKS
BANKS
	507,400		Cathay General Bancorp	$	18,048,218		0.6	%
	521,400		Essent Group Ltd		27,159,726		0.9
	269,300		IBERIABANK Corp		19,763,927		0.7
	1,008,700		Radian Group, Inc		25,318,370		0.8
	746,312		United Community Banks, Inc		22,546,086		0.8
	370,700		Walker & Dunlop, Inc		23,350,393		0.8
			Other		211,721,139		7.3
					347,907,859		11.9
CAPITAL GOODS
	372,400	*	Aerojet Rocketdyne Holdings, Inc		16,098,852		0.5
	638,343	*	Atkore International Group, Inc		22,150,502		0.8
	690,100	*	Builders FirstSource, Inc		15,603,161		0.5
	452,500		Comfort Systems USA, Inc		22,810,525		0.8
	243,466		EMCOR Group, Inc		21,354,403		0.7
	303,300	*	Mastec, Inc		19,089,702		0.7
	191,440		Moog, Inc (Class A)		16,025,443		0.5
			Other		198,951,163		6.8
					332,083,751		11.3
COMMERCIAL & PROFESSIONAL SERVICES
	340,747		Exponent, Inc		21,647,657		0.7
	185,146		Insperity, Inc		19,556,972		0.7
	284,059		Tetra Tech, Inc		24,846,641		0.9
			Other		38,366,600		1.2
					104,417,870		3.5
CONSUMER DURABLES & APPAREL					83,129,929		2.8
CONSUMER SERVICES
	213,900		Jack in the Box, Inc		17,971,878		0.6
			Other		77,135,874		2.6
					95,107,752		3.2
DIVERSIFIED FINANCIALS
	350,626		Stifel Financial Corp		19,628,044		0.7
			Other		51,644,192		1.7
					71,272,236		2.4
ENERGY
	376,900		World Fuel Services Corp		15,743,113		0.5
			Other		93,516,736		3.2
					109,259,849		3.7
FOOD & STAPLES RETAILING
	412,400	*	Performance Food Group Co		17,572,364		0.6
			Other		1,262,757		0.0
					18,835,121		0.6
FOOD, BEVERAGE & TOBACCO
	60,900	*	Boston Beer Co, Inc (Class A)		22,804,614		0.8
			Other		46,595,365		1.6
					69,399,979		2.4

Shares			Company	Value		% of net assets
HEALTH CARE EQUIPMENT & SERVICES
	167,100		Conmed Corp	$	18,384,342		0.6	%
	657,000	*	HMS Holdings Corp		21,477,330		0.7
	268,100	*	Integer Holding Corp		20,761,664		0.7
	278,400	*	NuVasive, Inc		19,638,336		0.7
			Other		98,812,980		3.4
					179,074,652		6.1
HOUSEHOLD & PERSONAL PRODUCTS					23,364,189		0.8
	INSURANCE				65,597,776		2.2
	MATERIALS
	749,600	*	Summit Materials, Inc		17,188,328		0.6
			Other		143,956,557		4.9
					161,144,885		5.5
MEDIA & ENTERTAINMENT					54,130,663		1.8
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	472,500	*	Acadia Pharmaceuticals, Inc		20,038,725		0.7
	421,500	*	Natera, Inc		16,236,180		0.5
	327,463	*	Syneos Health, Inc		16,422,269		0.6
			Other		223,534,937		7.6
					276,232,111		9.4
REAL ESTATE
	215,200		EastGroup Properties, Inc		28,826,040		1.0
	147,728		PS Business Parks, Inc		26,672,290		0.9
	223,700		Ryman Hospitality Properties		18,828,829		0.6
	520,600		STAG Industrial, Inc		16,159,424		0.6
			Other		177,522,703		6.0
					268,009,286		9.1
RETAILING
	597,700	*	BJ’s Wholesale Club Holdings, Inc		15,958,590		0.6
	729,300		Rent-A-Center, Inc		18,866,991		0.6
	261,115	*	Stamps.com, Inc		22,045,940		0.8
			Other		77,081,719		2.6
					133,953,240		4.6
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	1,023,500	*	Lattice Semiconductor Corp		20,050,365		0.7
			Other		47,285,371		1.6
					67,335,736		2.3
SOFTWARE & SERVICES
	210,186		Mantech International Corp (Class A)		16,642,528		0.6
	678,400		Perspecta, Inc		18,004,736		0.6
	202,304		Science Applications International Corp		16,714,356		0.6
	411,300	*	Verint Systems, Inc		18,668,907		0.6
			Other		111,472,462		3.7
					181,502,989		6.1
TECHNOLOGY HARDWARE & EQUIPMENT
	289,600	*	Insight Enterprises, Inc		17,775,648		0.6
	194,020	*	Tech Data Corp		23,573,430		0.8
	874,700		Vishay Intertechnology, Inc		17,625,205		0.6
			Other		63,772,476		2.2
					122,746,759		4.2

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

Summary portfolio of investments concluded

Quant Small-Cap Equity Fund  ■  October 31, 2019

Shares			Company	Value		% of net assets
TELECOMMUNICATION SERVICES				$	17,713,201		0.6	%
TRANSPORTATION					41,140,774		1.4
UTILITIES
	329,300		Avista Corp		15,816,279		0.5
	503,400	d	Portland General Electric Co		28,633,392		1.0
	246,290		Southwest Gas Corp		21,501,117		0.7
	185,200		Spire, Inc		15,567,912		0.6
			Other		13,583,729		0.4
					95,102,429		3.2
		TOTAL COMMON STOCKS (Cost $2,712,293,542)			2,918,463,036		99.1
Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal Home Loan Bank (FHLB)
$	27,940,000		1.500%, 11/01/19		27,940,000		0.9
					27,940,000		0.9

Shares		Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
90,417,346	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	90,417,346			3.1	%
				90,417,346			3.1
	TOTAL SHORT-TERM INVESTMENTS (Cost $118,357,346)			118,357,346			4.0
	TOTAL PORTFOLIO (Cost $2,830,650,888)			3,036,820,382			103.1
	OTHER ASSETS & LIABILITIES, NET			(92,965,960	)		(3.1	)
	NET ASSETS		$	2,943,854,422			100.0	%

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

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

At 10/31/19, the aggregate value of securities on loan is $107,851,888. See Note 5 in the Notes to financial statements for additional information about securities lending collateral.

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

Futures contracts outstanding as of October 31, 2019 were as follows:

Description	Number of long (short) contracts		Expiration date	Notional amount		Value		Unrealized appreciation (depreciation)
Russell 2000 E Mini Index		240	12/20/19		$18,416,772		$18,760,800		$344,028

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2019 Annual Report 61

Summary portfolio of investments

Quant Small/Mid-Cap Equity Fund  ■  October 31, 2019

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	2,493,968		0.4	%
BANKS
	402,087		First Bancorp		4,229,955		0.6
			Other		52,620,676		7.7
					56,850,631		8.3
CAPITAL GOODS
	33,951		Allegion plc		3,939,674		0.6
	101,203	*	Atkore International Group, Inc		3,511,744		0.5
	149,226	*	Builders FirstSource, Inc		3,374,000		0.5
	53,744		EMCOR Group, Inc		4,713,886		0.7
	77,996		Graco, Inc		3,525,419		0.5
	71,530		ITT, Inc		4,252,459		0.6
	96,195		Universal Forest Products, Inc		4,844,380		0.7
			Other		58,131,044		8.5
					86,292,606		12.6
COMMERCIAL & PROFESSIONAL SERVICES
	41,192		Insperity, Inc		4,351,111		0.6
	60,380		Robert Half International, Inc		3,457,963		0.5
			Other		8,928,637		1.3
					16,737,711		2.4
CONSUMER DURABLES & APPAREL
	171,200		Newell Rubbermaid, Inc		3,247,664		0.5
			Other		22,192,754		3.2
					25,440,418		3.7
CONSUMER SERVICES
	22,596	*	Bright Horizons Family Solutions		3,355,958		0.5
			Other		26,558,860		3.8
					29,914,818		4.3
DIVERSIFIED FINANCIALS
	66,852		LPL Financial Holdings, Inc		5,404,315		0.8
	11,500		MarketAxess Holdings, Inc		4,238,785		0.6
			Other		20,498,873		3.1
					30,141,973		4.5
ENERGY					18,012,108		2.6
FOOD & STAPLES RETAILING
	97,395	*	US Foods Holding Corp		3,863,659		0.6
			Other		3,706,156		0.5
					7,569,815		1.1
FOOD, BEVERAGE & TOBACCO					7,559,176		1.1
HEALTH CARE EQUIPMENT & SERVICES
	60,443		Encompass Health Corp		3,869,561		0.6
	35,233		Hill-Rom Holdings, Inc		3,688,543		0.5
	30,000	*	Molina Healthcare, Inc		3,529,200		0.5
	23,055		STERIS plc		3,263,896		0.5
			Other		20,045,661		2.9
					34,396,861		5.0
HOUSEHOLD & PERSONAL PRODUCTS					648,480		0.1

Shares			Company	Value		% of net assets
INSURANCE
	31,714		American Financial Group, Inc	$	3,299,524		0.5	%
			Other		29,283,681		4.3
					32,583,205		4.8
MATERIALS
	108,230	*	Axalta Coating Systems Ltd		3,191,703		0.5
	83,100		CF Industries Holdings, Inc		3,768,585		0.5
			Other		27,762,338		4.1
					34,722,626		5.1
MEDIA & ENTERTAINMENT
	76,200	*	Liberty Media Group (Class C)		3,238,500		0.5
			Other		6,806,963		1.0
					10,045,463		1.5
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	14,311	*	Bio-Rad Laboratories, Inc (Class A)		4,745,814		0.7
	105,669		Bruker BioSciences Corp		4,702,271		0.7
	42,460	*	Seattle Genetics, Inc		4,560,204		0.6
			Other		34,729,707		5.1
					48,737,996		7.1
REAL ESTATE
	63,721		American Campus Communities, Inc		3,184,776		0.4
	47,015		Camden Property Trust		5,377,106		0.8
	116,802		Duke Realty Corp		4,104,422		0.6
	80,800		Gaming and Leisure Properties, Inc		3,261,088		0.5
	114,230		Healthcare Trust of America, Inc		3,541,130		0.5
	66,419		Liberty Property Trust		3,923,370		0.5
	48,624		Regency Centers Corp		3,269,478		0.5
	32,891		Sun Communities, Inc		5,349,721		0.8
			Other		45,778,321		6.7
					77,789,412		11.3
RETAILING					22,008,471		3.2
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	72,000		Teradyne, Inc		4,407,840		0.7
			Other		10,449,791		1.5
					14,857,631		2.2
SOFTWARE & SERVICES
	56,600		Amdocs Ltd		3,690,320		0.5
	64,663	*	Black Knight, Inc		4,151,364		0.6
	47,000		Booz Allen Hamilton Holding Co		3,307,390		0.5
	90,232		Genpact Ltd		3,534,387		0.5
	122,140		Perspecta, Inc		3,241,596		0.5
	23,788	*	RingCentral, Inc		3,842,238		0.6
	19,560	*	Trade Desk, Inc		3,927,648		0.6
			Other		37,422,327		5.4
					63,117,270		9.2
TECHNOLOGY HARDWARE & EQUIPMENT
	51,760	*	Insight Enterprises, Inc		3,177,029		0.5
	101,760		Jabil Circuit, Inc		3,746,803		0.5
			Other		21,604,036		3.1
					28,527,868		4.1

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

Summary portfolio of investments concluded

Quant Small/Mid-Cap Equity Fund  ■  October 31, 2019

Shares			Company	Value		% of net assets
TELECOMMUNICATION SERVICES
	97,427	*	Zayo Group Holdings, Inc	$	3,326,158		0.5	%
			Other		1,571,829		0.2
					4,897,987		0.7
TRANSPORTATION
	82,003	*	Hub Group, Inc (Class A)		3,755,737		0.5
	27,939		Landstar System, Inc		3,161,298		0.5
			Other		7,523,918		1.1
					14,440,953		2.1
UTILITIES
	108,600		NRG Energy, Inc		4,357,032		0.6
	199,912		Vistra Energy Corp		5,403,621		0.8
			Other		7,355,732		1.1
					17,116,385		2.5
		TOTAL COMMON STOCKS (Cost $588,579,409)			684,903,832		99.9

Shares			Company	Value			% of net assets
SHORT-TERM INVESTMENTS
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	4,308,931	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	4,308,931			0.6	%
					4,308,931			0.6
		TOTAL SHORT-TERM INVESTMENTS (Cost $4,308,931)			4,308,931			0.6
		TOTAL PORTFOLIO (Cost $592,888,340)			689,212,763			100.5
		OTHER ASSETS & LIABILITIES, NET			(3,738,261	)		(0.5	)
		NET ASSETS		$	685,474,502			100.0	%

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

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

At 10/31/19, the aggregate value of securities on loan is $8,213,932. See Note 5 in the Notes to financial statements for additional information about securities lending collateral.

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 Annual Report 63

Summary portfolio of investments

Social Choice Equity Fund  ■  October 31, 2019

Shares		Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS			$	21,494,895		0.5	%
BANKS
	674,774	Citigroup, Inc		48,489,260		1.0
	226,186	PNC Financial Services Group, Inc		33,181,486		0.7
	631,842	US Bancorp		36,027,631		0.8
		Other		121,083,643		2.6
				238,782,020		5.1
CAPITAL GOODS
	213,347	3M Co		35,200,122		0.7
	160,575	Illinois Tool Works, Inc		27,069,733		0.6
		Other		275,182,225		5.9
				337,452,080		7.2
COMMERCIAL & PROFESSIONAL SERVICES				63,011,956		1.3
CONSUMER DURABLES & APPAREL
	392,949	Nike, Inc (Class B)		35,188,583		0.8
		Other		30,473,740		0.6
				65,662,323		1.4
CONSUMER SERVICES
	448,236	Starbucks Corp		37,902,836		0.8
		Other		61,352,171		1.3
				99,255,007		2.1
DIVERSIFIED FINANCIALS
	255,222	American Express Co		29,932,436		0.6
	137,585	CME Group, Inc		28,308,114		0.6
	325,193	IntercontinentalExchange Group, Inc		30,672,204		0.6
	607,957	Morgan Stanley		27,996,420		0.6
	119,778	S&P Global, Inc		30,901,526		0.7
		Other		131,851,499		2.8
				279,662,199		5.9
ENERGY
	521,862	ConocoPhillips		28,806,782		0.6
	1,317,161	Kinder Morgan, Inc		26,316,877		0.6
		Other		136,237,910		2.9
				191,361,569		4.1
FOOD & STAPLES RETAILING				30,788,948		0.7
FOOD, BEVERAGE & TOBACCO
	1,008,477	Coca-Cola Co		54,891,403		1.2
	383,559	PepsiCo, Inc		52,612,788		1.1
		Other		44,844,939		0.9
				152,349,130		3.2
HEALTH CARE EQUIPMENT & SERVICES
	193,921	UnitedHealth Group, Inc		49,003,837		1.0
		Other		221,239,946		4.8
				270,243,783		5.8
HOUSEHOLD & PERSONAL PRODUCTS
	567,401	Procter & Gamble Co		70,647,098		1.5
		Other		37,480,133		0.8
				108,127,231		2.3

Shares			Company	Value		% of net assets
INSURANCE
	198,853		Chubb Ltd	$	30,309,174		0.6	%
			Other		143,078,932		3.1
					173,388,106		3.7
MATERIALS
	147,659		Ecolab, Inc		28,360,864		0.6
	199,577		Linde plc		39,586,098		0.9
			Other		66,671,248		1.4
					134,618,210		2.9
MEDIA & ENTERTAINMENT
	55,894	*	Alphabet, Inc (Class A)		70,359,367		1.5
	56,591	*	Alphabet, Inc (Class C)		71,310,885		1.5
	105,320	*	NetFlix, Inc		30,270,021		0.6
			Other		124,842,686		2.7
					296,782,959		6.3
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	180,747		Amgen, Inc		38,544,298		0.8
	501,909		Bristol-Myers Squibb Co		28,794,519		0.6
	327,563		Eli Lilly & Co		37,325,804		0.8
	667,342		Merck & Co, Inc		57,831,857		1.2
	248,138		Zoetis, Inc		31,741,813		0.7
			Other		168,645,818		3.6
					362,884,109		7.7
REAL ESTATE
	161,182		American Tower Corp		35,150,571		0.8
	346,453		Prologis, Inc		30,404,715		0.6
			Other		131,969,182		2.8
					197,524,468		4.2
RETAILING
	63,815	*	Amazon.com, Inc		113,377,558		2.4
	17,364	*	Booking Holdings, Inc		35,574,842		0.8
	250,264		Home Depot, Inc		58,706,929		1.2
	237,535		Lowe’s Companies, Inc		26,511,282		0.6
			Other		99,316,407		2.1
					333,487,018		7.1
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	1,096,969		Intel Corp		62,011,657		1.3
	159,451		NVIDIA Corp		32,052,840		0.7
	315,879		Texas Instruments, Inc		37,270,563		0.8
			Other		34,386,432		0.7
					165,721,492		3.5
SOFTWARE & SERVICES
	219,692		Accenture plc		40,735,291		0.9
	136,249	*	Adobe, Inc		37,867,684		0.8
	306,154		International Business Machines Corp		40,941,974		0.9
	113,870		Intuit, Inc		29,321,525		0.6
	1,342,632	d	Microsoft Corp		192,493,150		4.1
	243,620	*	salesforce.com, Inc		38,124,094		0.8
			Other		116,502,861		2.5
					495,986,579		10.6

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

Summary portfolio of investments concluded

Social Choice Equity Fund  ■  October 31, 2019

Shares			Company	Value		% of net assets
TECHNOLOGY HARDWARE & EQUIPMENT
	758,031		Apple, Inc	$	188,567,792		4.0	%
	1,027,622		Cisco Systems, Inc		48,822,321		1.0
			Other		72,978,435		1.6
					310,368,548		6.6
TELECOMMUNICATION SERVICES
	1,013,820		Verizon Communications, Inc		61,305,695		1.3
			Other		17,816,046		0.4
					79,121,741		1.7
TRANSPORTATION
	231,633		United Parcel Service, Inc (Class B)		26,677,173		0.6
			Other		65,341,659		1.4
					92,018,832		2.0
UTILITIES
	183,846		Sempra Energy		26,567,586		0.5
	518,609		Southern Co		32,496,040		0.7
			Other		115,887,788		2.5
					174,951,414		3.7
		TOTAL COMMON STOCKS (Cost $3,526,891,710)			4,675,044,617		99.6
	Principal		Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT					16,040,000		0.3

Shares			Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	23,990,193	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	23,990,193			0.5	%
					23,990,193			0.5
		TOTAL SHORT-TERM INVESTMENTS (Cost $40,030,193)			40,030,193			0.8
		TOTAL PORTFOLIO (Cost $3,566,921,903)			4,715,074,810			100.4
		OTHER ASSETS & LIABILITIES, NET			(19,070,081	)		(0.4	)
		NET ASSETS		$	4,696,004,729			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 future contracts.

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

At 10/31/19, the aggregate value of securities on loan is $30,097,707. See Note 5 in the Notes to financial statements for additional information about securities lending collateral.

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

Futures contracts outstanding as of October 31, 2019 were as follows:

	Number of					Unrealized
	long (short	)				appreciation
Description	contracts		Expiration date	Notional amount	Value	(depreciation	)
S&P 500 E Mini Index	110		12/20/19	$16,357,380	$16,696,900	$339,520

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

Summary portfolio of investments

Social Choice Low Carbon Equity Fund  ■  October 31, 2019

Shares		Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS			$	926,936		0.4	%
BANKS
	32,286	Citigroup, Inc		2,320,072		1.0
	10,816	PNC Financial Services Group, Inc		1,586,707		0.7
	30,492	US Bancorp		1,738,654		0.8
		Other		5,416,457		2.4
				11,061,890		4.9
CAPITAL GOODS
	10,933	3M Co		1,803,835		0.8
	11,431	Caterpillar, Inc		1,575,192		0.7
	8,803	Illinois Tool Works, Inc		1,484,010		0.7
		Other		12,314,433		5.3
				17,177,470		7.5
COMMERCIAL & PROFESSIONAL SERVICES				2,682,771		1.2
CONSUMER DURABLES & APPAREL
	16,630	Nike, Inc (Class B)		1,489,216		0.7
		Other		1,193,441		0.5
				2,682,657		1.2
CONSUMER SERVICES
	20,582	Starbucks Corp		1,740,414		0.7
		Other		3,339,904		1.5
				5,080,318		2.2
DIVERSIFIED FINANCIALS
	14,209	American Express Co		1,666,431		0.7
	3,348	BlackRock, Inc		1,545,772		0.7
	7,417	CME Group, Inc		1,526,048		0.7
	15,633	IntercontinentalExchange Group, Inc		1,474,505		0.6
	32,968	Morgan Stanley		1,518,176		0.7
	5,745	S&P Global, Inc		1,482,152		0.7
		Other		4,824,561		2.1
				14,037,645		6.2
ENERGY
	14,723	Valero Energy Corp		1,427,837		0.6
		Other		7,089,650		3.2
				8,517,487		3.8
FOOD & STAPLES RETAILING				1,652,002		0.8
FOOD, BEVERAGE & TOBACCO
	48,897	Coca-Cola Co		2,661,464		1.2
	18,416	PepsiCo, Inc		2,526,123		1.1
		Other		2,849,254		1.2
				8,036,841		3.5
HEALTH CARE EQUIPMENT & SERVICES
	24,782	CVS Health Corp		1,645,277		0.7
	11,550	UnitedHealth Group, Inc		2,918,685		1.3
		Other		9,650,858		4.2
				14,214,820		6.2
HOUSEHOLD & PERSONAL PRODUCTS
	27,844	Procter & Gamble Co		3,466,857		1.5
		Other		2,075,581		0.9
				5,542,438		2.4

Shares			Company	Value		% of net assets
INSURANCE
	10,227		Chubb Ltd	$	1,558,799		0.7	%
			Other		7,110,221		3.1
					8,669,020		3.8
MATERIALS					6,066,271		2.7
MEDIA & ENTERTAINMENT
	2,696	*	Alphabet, Inc (Class A)		3,393,725		1.5
	2,730	*	Alphabet, Inc (Class C)		3,440,100		1.5
			Other		7,880,024		3.5
					14,713,849		6.5
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	18,828		AbbVie, Inc		1,497,767		0.7
	9,280		Amgen, Inc		1,978,960		0.9
	32,520		Bristol-Myers Squibb Co		1,865,672		0.8
	15,644		Eli Lilly & Co		1,782,634		0.8
	26,352		Gilead Sciences, Inc		1,678,886		0.7
	32,252		Merck & Co, Inc		2,794,958		1.2
	11,842		Zoetis, Inc		1,514,829		0.7
			Other		3,870,791		1.7
					16,984,497		7.5
REAL ESTATE
	7,590		American Tower Corp		1,655,227		0.7
	16,904		Prologis, Inc		1,483,495		0.7
			Other		6,329,954		2.8
					9,468,676		4.2
RETAILING
	2,952	*	Amazon.com, Inc		5,244,700		2.3
	821	*	Booking Holdings, Inc		1,682,040		0.8
	12,838		Home Depot, Inc		3,011,538		1.3
	13,514		Target Corp		1,444,782		0.6
			Other		4,314,820		1.9
					15,697,880		6.9
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	53,112		Intel Corp		3,002,421		1.3
	9,826		NVIDIA Corp		1,975,223		0.9
	14,995		Texas Instruments, Inc		1,769,260		0.8
			Other		1,277,356		0.5
					8,024,260		3.5
SOFTWARE & SERVICES
	10,596		Accenture plc		1,964,710		0.9
	7,038	*	Adobe, Inc		1,956,071		0.8
	14,711		International Business Machines Corp		1,967,302		0.9
	64,602	d	Microsoft Corp		9,261,989		4.1
	13,550	*	salesforce.com, Inc		2,120,440		0.9
			Other		6,062,968		2.7
					23,333,480		10.3
TECHNOLOGY HARDWARE & EQUIPMENT
	38,586		Apple, Inc		9,598,653		4.2
	55,172		Cisco Systems, Inc		2,621,222		1.2
			Other		2,326,080		1.0
					14,545,955		6.4

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

Summary portfolio of investments concluded

Social Choice Low Carbon Equity Fund  ■  October 31, 2019

Shares			Company	Value		% of net assets
TELECOMMUNICATION SERVICES
	48,992		Verizon Communications, Inc	$	2,962,546		1.3	%
			Other		932,138		0.4
					3,894,684		1.7
TRANSPORTATION
	21,467		CSX Corp		1,508,486		0.7
	14,093		United Parcel Service, Inc (Class B)		1,623,091		0.7
			Other		1,363,306		0.6
					4,494,883		2.0
UTILITIES					7,760,656		3.4
		TOTAL COMMON STOCKS (Cost $194,629,394)			225,267,386		99.2
Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal Home Loan Bank (FHLB)
$	1,600,000		1.500%, 11/01/19		1,600,000		0.7
					1,600,000		0.7

Shares			Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	955,631	c	State Street Navigator Securities Lending
			Government Money Market Portfolio	$	955,631			0.4	%
					955,631			0.4
		TOTAL SHORT-TERM INVESTMENTS (Cost $2,555,631			2,555,631			1.1
		TOTAL PORTFOLIO (Cost $197,185,025)			227,823,017			100.3
		OTHER ASSETS & LIABILITIES, NET			(837,863	)		(0.3	)
		NET ASSETS		$	226,985,154			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 future contracts.

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

At 10/31/19, the aggregate value of securities on loan is $1,100,991. See Note 5 in the Notes to financial statements for additional information about securities lending collateral.

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

Futures contracts outstanding as of October 31, 2019 were as follows:

Description	Number of long (short) contracts	Expiration date	Notional amount		Value		Unrealized appreciation (depreciation)
S&P 500 E Mini Index	10	12/20/19	$	1,497,831	$	1,517,900	$	20,069

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

Summary portfolio of investments

Emerging Markets Equity Fund  ■  October 31, 2019

Shares			Company	Value		% of net assets
COMMON STOCKS
BELGIUM
	4,531,100	*,g	Budweiser Brewing Co APAC Ltd	$	16,566,723		1.0	%
					16,566,723		1.0
BRAZIL
	9,242,187	a,n	Arcos Dorados Holdings, Inc		69,039,137		4.4
	4,187,200	*	B2W Companhia Global Do Varejo		53,038,215		3.4
	1,644,200		Cia Brasileira de Distribuicao Grupo Pao de Acucar		34,023,727		2.1
	5,409,284		Lojas Americanas S.A.(Preference)		26,962,121		1.7
	1,047,900		Vale S.A.		12,332,846		0.8
			Other		31,561,521		2.0
					226,957,567		14.4
CHINA
	3,266,000		AAC Technologies Holdings, Inc		21,135,248		1.3
	598,554	*	Alibaba Group Holding Ltd (ADR)		105,746,535		6.7
	8,331,000		China Life Insurance Co Ltd		21,424,745		1.3
	2,501,242		China Merchants Bank Co Ltd (Class A)		12,605,280		0.8
	3,249,600		China Mobile Hong Kong Ltd		26,408,508		1.7
	6,118,162		Foxconn Industrial Internet Co Ltd		13,336,040		0.8
	10,553,700		Geely Automobile Holdings Ltd		19,969,830		1.3
	1,073,200		Jiangsu Yanghe Brewery Joint-Stock Co Ltd		15,337,495		1.0
	3,503,200		Ping An Insurance Group Co of China Ltd		40,433,165		2.6
	1,885,140		Ping An Insurance Group Co of China Ltd (Class A)		23,548,673		1.5
	1,506,576		Tencent Holdings Ltd		61,111,112		3.9
	3,497,546		Tianqi Lithium Corp		12,479,823		0.8
			Other		44,501,587		2.9
					418,038,041		26.6
HONG KONG
	1,953,500		Techtronic Industries Co		15,266,618		1.0
			Other		793		0.0
					15,267,411		1.0
INDIA
	10,592,517		Bharat Electronics Ltd		17,616,672		1.1
	14,222,082		Edelweiss Capital Ltd		18,468,413		1.2
	2,489,500		Reliance Industries Ltd		51,311,834		3.3
	1,177,800		Shriram Transport Finance Co Ltd		18,879,524		1.2
			Other		33,698,599		2.1
					139,975,042		8.9
INDONESIA
	33,345,400		PT Astra International Tbk		16,492,657		1.0
			Other		21,951,046		1.4
					38,443,703		2.4
ITALY
	10,595,871		Prada S.p.A		36,427,194		2.3
					36,427,194		2.3
KENYA					8,887,893		0.6

Shares			Company	Value		% of net assets
KOREA, REPUBLIC OF
	335,000		Hynix Semiconductor, Inc	$	23,555,847		1.5	%
	158,000		Hyundai Motor Co		16,549,609		1.0
	92,039		Naver Corp		12,977,171		0.8
	1,380,000		Samsung Electronics Co Ltd		59,643,388		3.8
	63,300		Samsung SDI Co Ltd		12,352,723		0.8
			Other		55,076,510		3.5
					180,155,248		11.4
MACAU
	3,106,579		Galaxy Entertainment Group Ltd		21,390,770		1.4
	3,837,900		Sands China Ltd		18,904,030		1.2
					40,294,800		2.6
MEXICO
	1,587,300		Fresnillo plc		14,664,711		0.9
	1,379,200		Grupo Televisa SAB (ADR)		15,240,160		1.0
			Other		8,886,267		0.6
					38,791,138		2.5
NETHERLANDS
	320,117	*	Prosus NV		22,074,942		1.4
					22,074,942		1.4
PHILIPPINES					8,281,734		0.5
RUSSIA
	1,670,100		Gazprom (ADR)		13,381,676		0.8
	142,300		LUKOIL PJSC (ADR)		13,100,138		0.8
	1,599,918		Sberbank of Russia (ADR)		23,522,795		1.5
	590,500	*	Yandex NV		19,716,795		1.3
					69,721,404		4.4
SAUDI ARABIA					9,977,686		0.6
SOUTH AFRICA
	1,330,400		Absa Group Ltd		13,644,687		0.9
	129,517		Naspers Ltd (N Shares)		18,327,755		1.1
			Other		24,025,021		1.5
					55,997,463		3.5
TAIWAN
	1,330,300		Globalwafers Co Ltd		15,872,159		1.0
	9,451,000		Hon Hai Precision Industry Co, Ltd		24,961,061		1.6
	148,000		Largan Precision Co Ltd		21,716,676		1.4
	1,707,600		MediaTek, Inc		22,804,744		1.4
	9,193,600		Taiwan Semiconductor Manufacturing Co Ltd		90,095,423		5.7
			Other		11,806,077		0.8
					187,256,140		11.9
THAILAND
	13,849,300		PTT PCL (ADR)		20,753,170		1.3
					20,753,170		1.3
TURKEY
	618,600		Tupras Turkiye Petrol Rafine		13,464,644		0.9
					13,464,644		0.9

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

Summary portfolio of investments concluded

Emerging Markets Equity Fund  ■  October 31, 2019

Shares			Company	Value		% of net assets
UNITED STATES
	146,500		Wynn Resorts Ltd	$	17,776,310		1.1	%
					17,776,310		1.1
		TOTAL COMMON STOCKS (Cost $1,423,581,836)			1,565,108,253		99.3
PREFERRED STOCKS
PHILIPPINES					3,393		0.0
		TOTAL PREFERRED STOCKS (Cost $4,057)			3,393		0.0
PURCHASED OPTIONS
UNITED STATES					576,000		0.0
		TOTAL PURCHASED OPTIONS (Cost $504,621)			576,000		0.0

Shares			Company	Value			% of net assets
SHORT-TERM INVESTMENTS
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	15,511,179	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	15,511,179			1.0	%
					15,511,179			1.0
		TOTAL SHORT-TERM INVESTMENTS (Cost $15,511,179)			15,511,179			1.0
		TOTAL PORTFOLIO (Cost $1,439,601,693)			1,581,198,825			100.3
		OTHER ASSETS & LIABILITIES, NET			(3,767,248	)		(0.3	)
		NET ASSETS		$	1,577,431,577			100.0	%

Abbreviation(s):

ADR American Depositary Receipt

*	Non-income producing
a	Affiliated holding
c	Investments made with cash collateral received from securities on loan.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/19, the aggregate value of these securities, including those in “Other,” is $16,566,723 or 1.1% 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.

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

At 10/31/19, the aggregate value of securities on loan is $15,533,125. See Note 5 in the Notes to financial statements for additional information about securities lending collateral.

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

Purchased options outstanding as of October 31, 2019 were as follows:

Description/underlying investment	Number of contracts		Notional amount			Exercise price		Expiration date	Value
iShares MSCI Emerging Markets ETF, Call		16,000		$504,621			$44.00	12/20/19		$576,000
Written options outstanding as of October 31, 2019 were as follows:
Description/underlying investment		Number of contracts		Notional amount			Exercise price	Expiration date		Value
iShares MSCI Emerging Markets ETF, Put		8,000		$(479,679	)		$40.00	12/20/19		$(304,000	)

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

Summary of market values by sector (unaudited)

Emerging Markets Equity Fund  ■  October 31, 2019

Sector	Value			% of net assets
CONSUMER DISCRETIONARY	$	518,885,575			32.9	%
INFORMATION TECHNOLOGY		337,305,621			21.4
FINANCIALS		217,236,055			13.8
COMMUNICATION SERVICES		170,138,805			10.8
ENERGY		134,663,228			8.5
MATERIALS		80,350,543			5.1
CONSUMER STAPLES		65,927,946			4.2
INDUSTRIALS		41,165,023			2.6
REAL ESTATE		3,393			0.0
HEALTH CARE		11,457			0.0
SHORT-TERM INVESTMENTS		15,511,179			1.0
OTHER ASSETS & LIABILITIES, NET		(3,767,248	)		(0.3	)
NET ASSETS	$	1,577,431,577			100.0	%

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

Summary portfolio of investments

International Equity Fund  ■  October 31, 2019

Shares			Company	Value		% of net assets
COMMON STOCKS
AUSTRIA
	1,356,899		Wienerberger AG.	$	36,752,398		0.8	%
					36,752,398		0.8
CHINA					9,164,785		0.2
DENMARK
	593,115		DSV AS		57,644,318		1.2
	1,741,875		Novo Nordisk AS		95,783,432		2.0
					153,427,750		3.2
FRANCE
	2,492,574		Accor S.A.		107,214,542		2.2
	1,782,455		Compagnie de Saint-Gobain		72,595,715		1.5
	8,550,602		Credit Agricole S.A.		111,571,204		2.3
	806,790		Danone		66,835,462		1.4
	1,170,821		Essilor International S.A.		178,777,684		3.7
	853,895		Sanofi-Aventis		78,718,073		1.6
	1,372,022		Schneider Electric S.A.		127,516,219		2.7
	1,190,828		Vinci S.A.		133,606,412		2.8
			Other		66,638,041		1.4
					943,473,352		19.6
GERMANY
	1,563,569		BASF SE		118,861,268		2.5
	552,970		Continental AG.		74,065,235		1.5
	1,877,037	g	Covestro AG.		90,138,900		1.9
	2,729,560		Daimler AG. (Registered)		159,550,578		3.3
	720,685		HeidelbergCement AG.		53,430,162		1.1
	1,249,797		Lanxess AG.		81,210,792		1.7
	1,380,881		Porsche AG.		101,675,111		2.1
	293,501		Siemens AG.		33,870,013		0.7
			Other		18,157,684		0.4
					730,959,743		15.2
HONG KONG
	2,393,630		Hong Kong Exchanges and Clearing Ltd		74,571,223		1.6
			Other		29,260,690		0.6
					103,831,913		2.2
INDIA
	2,563,364		HDFC Bank Ltd		44,413,564		0.9
	1,439,222		Housing Development Finance Corp		43,194,000		0.9
					87,607,564		1.8
IRELAND
	2,773,126		CRH plc		100,968,849		2.1
					100,968,849		2.1
ITALY
	4,084,600		Mediobanca S.p.A.		48,571,316		1.0
	11,117,415		UniCredit S.p.A.		141,046,992		2.9
					189,618,308		3.9

Shares			Company	Value		% of net assets
JAPAN
	368,527		Central Japan Railway Co	$	75,597,427		1.6	%
	439,416		Daikin Industries Ltd		61,500,486		1.3
	3,667,379		Hitachi Ltd		136,875,533		2.8
	2,168,424		Murata Manufacturing Co Ltd		118,066,683		2.4
	168,730		Nintendo Co Ltd		61,888,032		1.3
	1,341,766		Rohm Co Ltd		106,306,477		2.2
	2,538,059		Sony Corp		154,489,476		3.2
	2,812,602		Sumco Corp		46,719,744		1.0
	1,536,789		Toyota Motor Corp		106,623,777		2.2
			Other		91,491,166		1.9
					959,558,801		19.9
KOREA, REPUBLIC OF					19,264,784		0.4
NETHERLANDS
	1,248,131		Royal Dutch Shell plc (A Shares)		36,180,923		0.8
					36,180,923		0.8
SWEDEN
	1,980,703		Electrolux AB (Series B)		52,075,325		1.1
	2,187,978	e	Hennes & Mauritz AB (B Shares)		45,858,927		0.9
					97,934,252		2.0
SWITZERLAND
	9,873,456		Credit Suisse Group		122,212,287		2.5
	228,603		Lonza Group AG.		82,395,932		1.7
	154,836		Roche Holding AG.		46,598,792		1.0
			Other		9,101,806		0.2
					260,308,817		5.4
TAIWAN
	1,012,240		Taiwan Semiconductor Manufacturing Co Ltd (ADR)		52,261,951		1.1
					52,261,951		1.1
UNITED KINGDOM
	681,264		AstraZeneca plc		66,434,969		1.4
	7,778,712		CNH Industrial NV		84,691,896		1.8
	978,250		Linde plc (Xetra)		193,102,319		4.0
	220,936,668		Lloyds TSB Group plc		162,522,354		3.4
	2,521,466		Reckitt Benckiser Group plc		195,115,112		4.1
	1,025,992		Schroders plc		41,131,409		0.8
	40,684,549		Tesco plc		124,191,716		2.6
	4,275,981		Travis Perkins plc		79,422,656		1.6
			Other		40,968,676		0.8
					987,581,107		20.5
		TOTAL COMMON STOCKS (Cost $4,376,335,416)			4,768,895,297		99.1
Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT					25,521,615		0.5
TREASURY DEBT					9,658,371		0.2

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

Summary portfolio of investments concluded

International Equity Fund  ■  October 31, 2019

Shares			Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	47,316,493	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	47,316,493			1.0	%
					47,316,493			1.0
		TOTAL SHORT-TERM INVESTMENTS (Cost $82,496,235)			82,496,479			1.7
		TOTAL PORTFOLIO (Cost $4,458,831,651)			4,851,391,776			100.8
		OTHER ASSETS & LIABILITIES, NET			(40,326,173	)		(0.8	)
		NET ASSETS		$	4,811,065,603			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 $44,475,093. See Note 5 in the Notes to financial statements for additional information about securities lending collateral.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/19, the aggregate value of these securities, including those in “Other,” is $94,586,232 or 2.0% 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 Equity Fund  ■  October 31, 2019

Sector	Value			% of net assets
CONSUMER DISCRETIONARY	$	1,023,668,833			21.2	%
INDUSTRIALS		824,259,002			17.1
FINANCIALS		789,234,349			16.4
MATERIALS		677,696,530			14.1
INFORMATION TECHNOLOGY		541,742,671			11.3
CONSUMER STAPLES		386,142,290			8.0
HEALTH CARE		369,931,198			7.7
COMMUNICATION SERVICES		100,296,483			2.1
ENERGY		36,180,923			0.8
REAL ESTATE		19,743,018			0.4
SHORT-TERM INVESTMENTS		82,496,479			1.7
OTHER ASSETS & LIABILITIES, NET		(40,326,173	)		(0.8	)
NET ASSETS	$	4,811,065,603			100.0	%

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

Summary portfolio of investments

International Opportunities Fund  ■  October 31, 2019

Shares			Company	Value		% of net assets
COMMON STOCKS
	AUSTRALIA
	1,236,696	*	Afterpay Touch Group Ltd	$	24,550,920		1.4	%
	934,508		BHP Billiton Ltd		22,907,082		1.3
			Other		29,817,242		1.6
					77,275,244		4.3
BRAZIL
	2,114,100		Magazine Luiza S.A.		23,531,586		1.3
	499,157	*	Pagseguro Digital Ltd		18,508,742		1.0
	547,900	*,e	StoneCo Ltd		20,157,241		1.1
			Other		52,950,982		3.0
					115,148,551		6.4
CANADA
	968,932		Alimentation Couche Tard, Inc		29,058,397		1.6
	861,495		Dollarama, Inc		28,982,495		1.6
	2,498,100		Entertainment One Ltd		18,041,248		1.0
	63,800	*	Shopify, Inc (Class A)		20,005,618		1.1
	738,821		Suncor Energy, Inc		21,966,616		1.2
			Other		50,259,059		2.9
					168,313,433		9.4
CHINA
	1,204,600		Sunny Optical Technology Group Co Ltd		19,362,595		1.1
	646,400		Tencent Holdings Ltd		26,219,867		1.5
	436,400		Yum China Holdings, Inc		18,547,000		1.0
			Other		49,450,193		2.8
					113,579,655		6.4
DENMARK
	510,300		Novo Nordisk AS		28,060,731		1.6
			Other		7,616,659		0.4
					35,677,390		2.0
FRANCE
	171,602		Essilor International S.A.		26,202,646		1.5
	83,512		L’Oreal S.A.		24,390,654		1.3
	164,039		Teleperformance		37,217,726		2.1
			Other		16,205,931		0.9
					104,016,957		5.8
GERMANY
	309,000		Bayer AG.		23,971,035		1.3
	179,482		Beiersdorf AG.		21,248,706		1.2
	134,400		Deutsche Boerse AG.		20,813,133		1.2
			Other		33,411,953		1.9
					99,444,827		5.6
HONG KONG
	2,685,000		AIA Group Ltd		26,737,815		1.5
			Other		15,056,503		0.8
					41,794,318		2.3
INDIA					14,081,911		0.8
INDONESIA
	68,313,000		Bank Rakyat Indonesia		20,468,980		1.1
					20,468,980		1.1

Shares			Company	Value		% of net assets
IRELAND
	587,889		Smurfit Kappa Group plc	$	19,634,031		1.1	%
			Other		30,930,194		1.7
					50,564,225		2.8
ITALY
	810,500		Amplifon S.p.A.		20,382,714		1.1
	2,002,700		Davide Campari-Milano S.p.A		18,369,368		1.0
	119,600		Ferrari NV		19,154,768		1.1
	498,689		Moncler S.p.A		19,243,784		1.1
					77,150,634		4.3
JAPAN
	749,300	e	Japan Elevator Service Holdings Co Ltd		20,266,547		1.1
	1,279,900	e	MonotaRO Co Ltd		38,666,533		2.2
	808,400		SMS Co Ltd		19,819,326		1.1
	349,000		TechnoPro Holdings, Inc		21,465,556		1.2
			Other		127,319,907		7.1
					227,537,869		12.7
KOREA, REPUBLIC OF
	390,400	e	Fila Korea Ltd		19,263,437		1.1
			Other		4,274,675		0.2
					23,538,112		1.3
NETHERLANDS
	107,047		ASML Holding NV		28,058,549		1.6
			Other		17,736,254		1.0
					45,794,803		2.6
NORWAY
	815,986	e	Aker BP ASA		22,633,311		1.3
	1,066,955	*	Equinor ASA		19,808,745		1.1
			Other		11,110,783		0.6
					53,552,839		3.0
PHILIPPINES					26,379,053		1.5
PORTUGAL
	1,204,396		Jeronimo Martins SGPS S.A.		20,238,242		1.1
					20,238,242		1.1
SPAIN
	279,399		Amadeus IT Holding S.A.		20,669,450		1.2
			Other		1,585		0.0
					20,671,035		1.2
SWEDEN
	411,035		Hexagon AB (B Shares)		21,044,130		1.2
			Other		28,815,352		1.6
					49,859,482		2.8
SWITZERLAND
	329,787	*	Alcon, Inc		19,502,984		1.1
	81,367		Lonza Group AG.		29,327,304		1.6
	222,935		Novartis AG.		19,478,990		1.1
					68,309,278		3.8
TAIWAN					16,784,279		0.9
UNITED ARAB EMIRATES					6,225,068		0.4

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

Summary portfolio of investments	concluded
International Opportunities Fund  ■  October 31, 2019

Shares			Company	Value		% of net assets
UNITED KINGDOM
	1,377,280		Ashtead Group plc	$	41,932,413		2.3	%
	2,404,119		Beazley plc		18,272,076		1.0
	6,990,888	*	boohoo.com plc		23,897,512		1.3
	1,715,400		CNH Industrial NV		18,676,675		1.1
	2,294,186		Electrocomponents plc		20,241,863		1.1
	167,485		Linde plc (Xetra)		33,060,815		1.9
			Other		57,110,851		3.2
					213,192,205		11.9
UNITED STATES
	112,300	*	Lululemon Athletica, Inc		22,939,521		1.3
			Other		5,600,192		0.3
					28,539,713		1.6
		TOTAL COMMON STOCKS (Cost $1,302,669,051)			1,718,138,103		96.0
	Principal		Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal Home Loan Bank (FHLB)
$	43,549,000		1.500%, 11/01/19		43,549,000		2.4
			Other		49,065,667		2.8
					92,614,667		5.2

	Shares		Company		Value		% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	68,725,012	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	68,725,012		3.8	%
					68,725,012		3.8
		TOTAL SHORT-TERM INVESTMENTS (Cost $161,338,010)			161,339,679		9.0
		TOTAL PORTFOLIO (Cost $1,464,007,061)			1,879,477,782		105.0
		OTHER ASSETS & LIABILITIES, NET			(89,028,132	)	(5.0	)
		NET ASSETS		$	1,790,449,650		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 $139,033,984. See Note 5 in the Notes to financial statements for additional information about securities lending collateral.

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

At 10/31/19, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended, amounted to $34,770,824 or 1.9% 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.

Summary of market values by sector (unaudited)

International Opportunities Fund  ■  October 31, 2019

Sector	Value			% of net assets
CONSUMER DISCRETIONARY	$	343,427,211			19.4	%
INFORMATION TECHNOLOGY		329,222,933			18.4
INDUSTRIALS		284,516,671			15.9
FINANCIALS		177,940,097			9.9
HEALTH CARE		158,060,394			8.8
CONSUMER STAPLES		156,375,596			8.7
MATERIALS		104,739,373			5.8
ENERGY		84,116,466			4.7
COMMUNICATION SERVICES		66,877,679			3.7
REAL ESTATE		12,861,683			0.7
SHORT-TERM INVESTMENTS		161,339,679			9.0
OTHER ASSETS & LIABILITIES, NET		(89,028,132	)		(5.0	)
NET ASSETS	$	1,790,449,650			100.0	%

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

Summary portfolio of investments

Quant International Equity Fund  ■  October 31, 2019

Shares		Company	Value		% of net assets
COMMON STOCKS
AUSTRALIA
	217,516	Macquarie Group Ltd	$	20,084,864		1.0	%
	265,386	Rio Tinto Ltd		16,595,376		0.9
		Other		110,052,437		5.6
				146,732,677		7.5
AUSTRIA				11,292,735		0.6
BELGIUM				10,229,743		0.5
DENMARK
	529,684	Novo Nordisk AS		29,126,632		1.5
		Other		13,051,581		0.7
				42,178,213		2.2
FINLAND
	541,818	UPM-Kymmene Oyj		17,646,712		0.9
		Other		1,066,341		0.0
				18,713,053		0.9
FRANCE
	315,952	Alstom RGPT		13,669,094		0.7
	1,211,687	Credit Agricole S.A.		15,810,510		0.8
	69,130	L’Oreal S.A.		20,190,223		1.1
	760,355	Peugeot S.A.		19,256,836		1.0
	89,050	Safran S.A.		14,104,619		0.7
		Other		103,519,921		5.3
				186,551,203		9.6
GERMANY
	70,884	Adidas-Salomon AG.		21,886,903		1.1
	129,553	Allianz AG.		31,639,763		1.6
	212,100	HeidelbergCement AG.		15,724,675		0.8
		Other		86,997,774		4.5
				156,249,115		8.0
HONG KONG
	2,413,775	AIA Group Ltd		24,036,897		1.2
		Other		28,431,828		1.5
				52,468,725		2.7
IRELAND				7,308,954		0.4
ISRAEL				13,095,966		0.7
ITALY
	875,527	Assicurazioni Generali S.p.A.		17,753,484		0.9
	3,548,608	Enel S.p.A.		27,502,983		1.4
		Other		8,170,481		0.4
				53,426,948		2.7

Shares			Company	Value		% of net assets
JAPAN
	303,000		Asahi Breweries Ltd	$	15,173,462		0.8	%
	875,400		Astellas Pharma, Inc		15,024,215		0.8
	992,800		Dai-ichi Mutual Life Insurance Co		16,182,049		0.8
	399,800		Daiwa House Industry Co Ltd		13,763,149		0.7
	862,300		Itochu Corp		18,028,864		0.9
	1,016,500		Mitsui & Co Ltd		17,457,332		0.9
	178,700		Shin-Etsu Chemical Co Ltd		19,925,264		1.0
	413,900		Sony Corp		25,193,738		1.3
	275,376		Toyota Motor Corp		19,105,830		1.0
			Other		304,803,977		15.6
					464,657,880		23.8
NETHERLANDS
	112,380		ASML Holding NV		29,456,404		1.5
			Other		30,530,952		1.6
					59,987,356		3.1
NEW ZEALAND					5,114,656		0.3
NORWAY					9,346,382		0.5
SINGAPORE					24,765,956		1.3
SOUTH AFRICA
	703,031		Anglo American plc		18,093,974		0.9
					18,093,974		0.9
SPAIN
	381,833		ACS Actividades Construccion y Servicios S.A.		15,494,067		0.8
			Other		30,630,529		1.6
					46,124,596		2.4
SWEDEN
	776,163	e	Hennes & Mauritz AB (B Shares)		16,267,989		0.9
	1,339,843		Volvo AB (B Shares)		20,078,571		1.0
			Other		21,863,603		1.1
					58,210,163		3.0
SWITZERLAND
	315,775		Nestle S.A.		33,782,024		1.7
	453,249		Novartis AG.		39,602,721		2.0
	154,633		Roche Holding AG.		46,537,698		2.4
	820,423		STMicroelectronics NV		18,620,575		1.0
	39,238		Swiss Life Holding		19,651,047		1.0
	40,495		Zurich Financial Services AG.		15,861,893		0.8
			Other		21,806,295		1.1
					195,862,253		10.0

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

Summary portfolio of investments	concluded
Quant International Equity Fund  ■  October 31, 2019

Shares			Company	Value		% of net assets
UNITED KINGDOM
	566,735		Ashtead Group plc	$	17,254,709		0.9	%
	739,593		BP plc (ADR)		28,037,971		1.4
	5,456,383		BT Group plc		14,480,457		0.8
	271,326		Coca-Cola European Partners plc (Class A)		14,518,654		0.8
	516,409		Diageo plc		21,137,124		1.1
	1,225,328		GlaxoSmithKline plc		28,066,059		1.4
	1,886,117		HSBC Holdings plc		14,249,818		0.7
	5,246,260		Legal & General Group plc		17,933,493		0.9
	5,329,203	*	M&G PLC		14,759,008		0.8
	573,887		RELX plc		13,816,534		0.7
	369,002	e	Unilever NV		21,810,480		1.1
	279,376		Unilever plc		16,728,739		0.9
			Other		84,160,105		4.3
					306,953,151		15.8
UNITED STATES
	510,000		iShares MSCI EAFE Index Fund		34,384,200		1.8
					34,384,200		1.8
		TOTAL COMMON STOCKS (Cost $1,725,348,936)			1,921,747,899		98.7
	Principal		Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal Home Loan Bank (FHLB)
$	17,560,000		1.400%, 11/01/19		17,560,000		0.9
					17,560,000		0.9

	Shares		Company		Value	% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	21,536,389	c	State Street Navigator Securities Lending        Government Money Market Portfolio	$	21,536,389	1.1	%
					21,536,389	1.1
		TOTAL SHORT-TERM INVESTMENTS (Cost $39,096,389)			39,096,389	2.0
		TOTAL PORTFOLIO (Cost $1,764,445,325)		$	1,960,844,288	100.7
		OTHER ASSETS & LIABILITIES, NET			(13,554,427)	(0.7	)
		NET ASSETS		$	1,947,289,861	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 $20,453,853. See Note 5 in the Notes to financial statements for additional information about securities lending collateral.

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

At 10/31/19, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended, amounted to $9,054,992 or 0.5% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.

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

Summary of market values by sector (unaudited)

Quant International Equity Fund  ■  October 31, 2019

Sector	Value			% of net assets
FINANCIALS	$	387,033,125			20.0	%
INDUSTRIALS		284,390,226			14.6
HEALTH CARE		222,697,230			11.4
CONSUMER STAPLES		218,764,259			11.2
CONSUMER DISCRETIONARY		218,001,119			11.2
MATERIALS		131,109,633			6.7
INFORMATION TECHNOLOGY		125,042,906			6.4
COMMUNICATION SERVICES		102,038,143			5.2
ENERGY		93,470,281			4.8
UTILITIES		71,461,495			3.7
REAL ESTATE		67,739,482			3.5
SHORT-TERM INVESTMENTS		39,096,389			2.0
OTHER ASSETS & LIABILITIES, NET		(13,554,427	)		(0.7	)
NET ASSETS	$	1,947,289,861			100.0	%

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

Summary portfolio of investments

Quant International Small-Cap Equity Fund  ■  October 31, 2019

Shares			Company	Value		% of net assets
COMMON STOCKS
AUSTRALIA
	440,000		Ansell Ltd	$	8,367,381		0.8	%
	1,541,000		Downer EDI Ltd		8,571,123		0.9
			Other		34,137,220		3.5
					51,075,724		5.2
AUSTRIA					9,713,069		1.0
BELGIUM					6,574,398		0.7
BRAZIL
	617,000		Cia Paranaense de Energia		8,564,615		0.8
	814,000		Transmissora Alianca de Energia Eletrica S.A.		5,861,693		0.6
			Other		11,556,580		1.2
					25,982,888		2.6
CANADA
	59,000		Cogeco Communications, Inc		5,099,954		0.5
	240,100		Parkland Fuel Corp		7,975,382		0.8
	192,600		TFI International, Inc		6,137,288		0.6
			Other		29,428,030		3.0
					48,640,654		4.9
CHILE					2,642,332		0.3
CHINA
	452,000	*,e	JinkoSolar Holding Co Ltd (ADR)		6,526,880		0.7
			Other		30,606,572		3.1
					37,133,452		3.8
COLOMBIA					1,547,557		0.2
DENMARK
	80,000		Royal Unibrew A.S.		6,563,135		0.7
			Other		7,321,075		0.7
					13,884,210		1.4
FINLAND					4,698,594		0.5
FRANCE
	716,000	*	Air France-KLM		8,535,055		0.9
	4,180,000	*	CGG S.A.		9,744,288		1.0
			Other		12,890,702		1.3
					31,170,045		3.2
GERMANY
	440,000	g	Deutsche Pfandbriefbank AG.		6,013,178		0.6
	62,000		Gerresheimer AG.		4,999,997		0.5
			Other		10,271,349		1.1
					21,284,524		2.2
HONG KONG					4,026,987		0.4
HUNGARY					174,717		0.0
INDIA					8,587,343		0.9
INDONESIA					4,243,008		0.4
IRELAND					3,598,593		0.4
ISRAEL					14,825,129		1.5

Shares			Company	Value		% of net assets
ITALY
	230,000		Banca Generali S.p.A	$	7,508,684		0.7	%
	2,351,000		Unipol Gruppo Finanziario S.p.A		13,121,080		1.3
			Other		17,406,337		1.8
					38,036,101		3.8
JAPAN
	263,000		Adastria Holdings Co Ltd		6,468,470		0.6
	549,000		Financial Products Group Co Ltd		5,564,127		0.6
	978,000		Haseko Corp		12,620,480		1.3
	83,000		Kotobuki Spirits Co Ltd		5,711,501		0.6
	397,000		Kyowa Exeo Corp		10,100,448		1.0
	1,231,000		Penta-Ocean Construction Co Ltd		7,551,483		0.8
	247,000		Showa Corp		5,160,972		0.5
	738,000		Tokyo Steel Manufacturing Co Ltd		5,941,426		0.6
			Other		170,070,435		17.2
					229,189,342		23.2
JORDAN					4,140,803		0.4
KOREA, REPUBLIC OF
	71,000		Hyosung Corp		5,043,399		0.5
			Other		36,802,281		3.7
					41,845,680		4.2
MALAYSIA					2,734,984		0.3
MEXICO					8,986,309		0.9
NETHERLANDS
	2,279,000	*	Altice NV (Class A)		13,039,997		1.3
	88,000		ASM International NV		8,872,315		0.9
	176,000	g	Signify NV		5,156,810		0.5
			Other		1,999,638		0.2
					29,068,760		2.9
NORWAY					5,857,024		0.6
PHILIPPINES					891,422		0.1
POLAND					4,526,261		0.5
PORTUGAL					4,403,114		0.4
QATAR					310,818		0.0
RUSSIA					677,100		0.1
SAUDI ARABIA					6,002,240		0.6
SINGAPORE					4,521,834		0.5
SOUTH AFRICA
	1,056,000	*	Impala Platinum Holdings Ltd		7,270,523		0.7
	7,515,000	*,e	Sibanye Gold Ltd		14,509,168		1.5
			Other		1,245,283		0.1
					23,024,974		2.3
	SPAIN
	50,000	e	Acciona S.A.		5,208,914		0.5
	905,000		Mediaset Espana Comunicacion SA		5,537,567		0.6
			Other		9,012,158		0.9
					19,758,639		2.0

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

Summary portfolio of investments concluded

Quant International Small-Cap Equity Fund  ■  October 31, 2019

Shares			Company	Value		% of net assets
SWEDEN
	277,000	e	Intrum Justitia AB	$	7,467,661		0.8	%
			Other		23,042,415		2.3
					30,510,076		3.1
SWITZERLAND
	58,000		Cembra Money Bank AG.		6,150,635		0.6
	133,000	g	Galenica AG.		7,962,338		0.8
	1,204,000		IWG plc		5,997,439		0.6
	42,000		PSP Swiss Property AG.		5,559,328		0.6
			Other		7,457,414		0.8
					33,127,154		3.4
TAIWAN
	2,772,000		Radiant Opto-Electronics Corp		11,005,608		1.1
	664,000		Simplo Technology Co Ltd		6,116,220		0.6
	3,395,000		TPK Holding Co Ltd		7,386,316		0.8
	8,224,000		Unimicron Technology Corp		12,636,884		1.3
			Other		15,987,621		1.6
					53,132,649		5.4
THAILAND					10,199,702		1.0
TURKEY					5,196,508		0.5
UNITED ARAB EMIRATES					694,303		0.1
UNITED KINGDOM
	1,600,000	g	Avast plc		8,591,047		0.9
	841,000		Britvic plc		10,747,811		1.1
	266,000	*	Dialog Semiconductor plc		11,964,757		1.2
	558,000		Dunelm Group plc		5,706,549		0.6
	442,000		Pennon Group plc		5,142,597		0.5
	800,000		Rightmove plc		6,209,748		0.6
	781,000		Tate & Lyle plc		6,812,109		0.7
	532,000		Unite Group plc		7,748,407		0.8
			Other		57,338,057		5.8
					120,261,082		12.2
UNITED STATES
	133,000		BRP, Inc		5,966,874		0.6
			Other		1,109,950		0.1
					7,076,824		0.7
		TOTAL COMMON STOCKS (Cost $902,779,722)			973,976,927		98.8

Shares				Company	Value			% of net assets
RIGHTS / WARRANTS
MALAYSIA					$	20,406			0.0	%
		TOTAL RIGHTS / WARRANTS (Cost $0)				20,406			0.0
SHORT-TERM INVESTMENTS
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	13,107,866		c	State Street Navigator Securities Lending Government Money Market Portfolio		13,107,866			1.3
						13,107,866			1.3
			TOTAL SHORT-TERM INVESTMENTS (Cost $13,107,866)			13,107,866			1.3
			TOTAL PORTFOLIO (Cost $915,887,588)			987,105,199			100.1
			OTHER ASSETS & LIABILITIES, NET			(802,705	)		(0.1	)
			NET ASSETS		$	986,302,494			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 $29,818,329. See Note 5 in the Notes to financial statements for additional information about securities lending collateral.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/19, the aggregate value of these securities, including those in “Other,” is $44,185,129 or 4.5% of net assets.

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

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

Summary of market values by sector(unaudited)

Quant International Small-Cap Equity Fund  ■  October 31, 2019

Sector	Value			% of net assets
INDUSTRIALS	$	179,153,257			18.4	%
REAL ESTATE		114,781,252			11.6
INFORMATION TECHNOLOGY		114,306,444			11.6
CONSUMER DISCRETIONARY		111,797,648			11.3
FINANCIALS		108,652,806			11.0
MATERIALS		92,606,677			9.4
HEALTH CARE		63,367,797			6.4
COMMUNICATION SERVICES		56,701,455			5.7
CONSUMER STAPLES		53,380,307			5.4
UTILITIES		43,637,277			4.4
ENERGY		35,612,413			3.6
SHORT-TERM INVESTMENTS		13,107,866			1.3
OTHER ASSETS & LIABILITIES, NET		(802,705	)		(0.1	)
NET ASSETS	$	986,302,494			100.0	%

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

Summary portfolio of investments

Social Choice International Equity Fund  ■  October 31, 2019

Shares		Company	Value		% of net assets
COMMON STOCKS
AUSTRALIA
	89,996	Australia & New Zealand Banking Group Ltd	$	1,653,866		0.6	%
	41,554	Commonwealth Bank of Australia		2,253,062		0.9
	10,210	CSL Ltd		1,800,597		0.7
	88,110	National Australia Bank Ltd		1,729,523		0.7
	93,947	Westpac Banking Corp		1,824,027		0.6
		Other		8,776,835		3.4
				18,037,910		6.9
AUSTRIA				1,231,101		0.5
BELGIUM				1,961,938		0.7
DENMARK
	36,376	Novo Nordisk AS		2,000,269		0.8
		Other		2,051,652		0.6
				4,051,921		1.4
FINLAND				1,970,249		0.8
FRANCE
	14,254	Air Liquide		1,895,227		0.7
	20,256	Danone		1,678,032		0.6
	9,593	Essilor International S.A.		1,464,796		0.6
	2,651	Kering		1,508,409		0.6
	7,325	L’Oreal S.A.		2,139,352		0.8
	28,362	Sanofi-Aventis		2,614,610		1.0
	17,827	Schneider Electric S.A.		1,656,848		0.6
	57,200	Total S.A.		3,024,060		1.2
		Other		12,275,446		4.7
				28,256,780		10.8
GERMANY
	4,254	Adidas-Salomon AG.		1,313,510		0.5
	10,686	Allianz AG.		2,609,762		1.0
	26,174	BASF SE		1,989,727		0.8
	38,584	Deutsche Post AG.		1,366,840		0.5
	23,353	SAP AG.		3,094,306		1.1
	20,198	Siemens AG.		2,330,849		0.9
		Other		9,584,199		3.7
				22,289,193		8.5
HONG KONG				9,982,192		3.9
IRELAND				1,242,370		0.5
ISRAEL				1,614,364		0.6
ITALY
	563,290	Banca Intesa S.p.A.		1,411,506		0.5
	244,638	Enel S.p.A.		1,896,032		0.7
		Other		1,607,437		0.6
				4,914,975		1.8

Shares			Company	Value		% of net assets
JAPAN
	56,961		Honda Motor Co Ltd	$	1,541,021		0.6	%
	2,673		Keyence Corp		1,690,128		0.6
	54,079		Mitsubishi Corp		1,375,467		0.5
	3,804		Nintendo Co Ltd		1,395,259		0.5
	52,712		NTT DoCoMo, Inc		1,445,105		0.6
	49,680		Softbank Group Corp		1,911,011		0.7
	33,815		Sony Corp		2,058,290		0.8
	45,096		Sumitomo Mitsui Financial Group, Inc		1,601,051		0.6
	48,100		Takeda Pharmaceutical Co Ltd		1,738,000		0.7
	52,095		Toyota Motor Corp		3,614,397		1.4
			Other		45,251,699		17.3
					63,621,428		24.3
LUXEMBOURG					723,351		0.3
NETHERLANDS
	10,348		ASML Holding NV		2,712,359		1.0
	133,599		ING Groep NV		1,512,806		0.6
			Other		2,488,059		0.9
					6,713,224		2.5
NEW ZEALAND					710,700		0.3
NORWAY					2,914,464		1.0
PORTUGAL					1,028,889		0.3
SINGAPORE
	71,991		DBS Group Holdings Ltd		1,372,211		0.5
			Other		2,911,010		1.0
					4,283,221		1.5
SOUTH AFRICA					396,833		0.2
SPAIN
	257,869		Banco Bilbao Vizcaya Argentaria S.A.		1,358,151		0.5
	147,884		Iberdrola S.A.		1,520,099		0.6
			Other		5,591,717		2.2
					8,469,967		3.3
SWEDEN					7,981,501		3.0
SWITZERLAND
	70,206		ABB Ltd		1,474,325		0.6
	62,408		Nestle S.A.		6,676,490		2.6
	15,202		Roche Holding AG.		4,575,130		1.7
	130,976		UBS AG.		1,550,122		0.6
	4,257		Zurich Financial Services AG.		1,667,467		0.6
			Other		7,362,124		3.0
					23,305,658		9.1
UNITED KINGDOM
	40,545		AstraZeneca plc (ADR)		1,987,921		0.8
	57,243		Compass Group plc		1,524,043		0.6
	125,899		National Grid plc		1,472,047		0.6
	87,846		Prudential plc		1,534,392		0.6
	66,831		RELX plc		1,608,980		0.6
	39,107	e	Unilever NV		2,311,484		0.9
			Other		30,178,159		11.6
					40,617,026		15.7

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

Summary portfolio of investments concluded

Social Choice International Equity Fund  ■  October 31, 2019

Shares			Company	Value		% of net assets
UNITED STATES				$	1,309,733		0.5	%
		TOTAL COMMON STOCKS (Cost $243,781,243)			257,628,988		98.4
Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal Home Loan Bank (FHLB)
$	3,020,000		1.400%, 11/01/19		3,020,000		1.2
					3,020,000		1.2
Shares			Company
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	2,892,839	c	State Street Navigator Securities Lending Government Money Market Portfolio		2,892,839		1.1
					2,892,839		1.1

	Value			% of net assets
TOTAL SHORT-TERM INVESTMENTS (Cost $5,912,839)	$	5,912,839			2.3	%
TOTAL PORTFOLIO (Cost $249,694,082)	$	263,541,827			100.7
OTHER ASSETS & LIABILITIES, NET		(1,751,038	)		(0.7	)
NET ASSETS	$	261,790,789			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 $3,997,315. See Note 5 in the Notes to financial statements for additional information about securities lending collateral.

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

At 10/31/19, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended, amounted to $1,902,631 or 0.7% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.

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

Futures contracts outstanding as of October 31, 2019 were as follows:

Description	Number of long (short) contracts	Expiration date	Notional amount	Value	Unrealized appreciation (depreciation	)
MSCI EAFE Index	15	12/20/19	$1,465,008	$1,467,900	$2,892

Summary of market values by sector(unaudited)

Social Choice International Equity Fund  ■  October 31, 2019

Sector	Value			% of net assets
FINANCIALS	$	49,037,814			18.5	%
INDUSTRIALS		36,349,525			13.9
CONSUMER DISCRETIONARY		30,587,879			11.7
CONSUMER STAPLES		28,535,775			10.9
HEALTH CARE		27,445,815			10.5
MATERIALS		20,646,185			7.9
INFORMATION TECHNOLOGY		16,205,839			6.2
COMMUNICATION SERVICES		15,318,365			5.9
UTILITIES		12,536,135			4.8
ENERGY		11,143,107			4.3
REAL ESTATE		9,822,549			3.8
SHORT-TERM INVESTMENTS		5,912,839			2.3
OTHER ASSETS & LIABILITIES, NET		(1,751,038	)		(0.7	)
NET ASSETS	$	261,790,789			100.0	%

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

Statements of assets and liabilities

TIAA-CREF Funds  ■  October 31, 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*†		$	6,589,500,608	$	5,690,947,625	$	5,661,890,985	$	1,411,406,663	$	2,865,177,711	$	2,875,692,867	$	2,666,433,774	$	3,036,820,382	$	689,212,763	$	4,715,074,810
Cash			4,662		—		1,620		6,177		—		8,297		7,464		—		—		—
Receivable from securities transactions			41,374,135		125,981,640		28,427,639		1,140,947		18,609,399		63,205,785		17,688,610		25,303,797		20,508,111		—
Receivable from Fund shares sold			934,568		705,881		157,284		810,848		806,006		4,309		1,358,943		616,497		850		2,853,863
Dividends and interest receivable			5,253,560		1,209,151		6,364,798		99,993		1,787,644		1,086,083		3,319,953		1,632,122		174,084		5,127,454
Due from affiliates			1,329,452		1,246,275		1,198,095		—		111,859		815,282		793,667		391,828		310,150		22,964
Receivable for variation margin on open futures contracts			—		—		—		—		—		—		—		344,575		—		339,771
Other			436,707		310,146		445,829		160,081		381,562		156,491		155,243		223,916		14,197		207,904
Total assets			6,638,833,692		5,820,400,718		5,698,486,250		1,413,624,709		2,886,874,181		2,940,969,114		2,689,757,654		3,065,333,117		710,220,155		4,723,626,766
LIABILITIES
Management fees payable			2,509,200		2,206,690		2,225,520		606,901		1,176,082		845,801		800,267		1,149,946		306,180		679,800
Service agreement fees payable			122,087		76,362		142,134		86,086		146,183		188		82		108,135		2,896		165,716
Distribution fees payable			258,225		211,622		44,848		48,494		64,756		—		—		36,960		1,217		108,335
Due to affiliates			71,850		66,106		67,611		36,820		45,938		34,826		33,523		50,889		36,849		54,700
Overdraft payable			—		747		—		—		79,664		—		—		511,507		463,557		526,579
Payable for collateral for securities loaned			70,980,431		—		—		32,613,068		35,833,353		6,481,932		6,404,821		90,417,346		4,308,931		23,990,193
Payable for securities transactions			33,426,390		83,977,536		4,210,093		13,964,619		17,900,226		56,097,193		—		23,366,387		15,262,312		—
Payable for delayed delivery securities			—		—		—		—		—		—		—		31,873		—		—
Payable for Fund shares redeemed			3,546,359		25,807,508		25,096,245		430,333		2,398,526		653,070		15,729,589		5,451,221		4,298,270		1,457,703
Written options◊			10,965,536		—		—		2,317,925		—		—		—		—		—		—
Payable for trustee compensation			380,449		254,246		394,646		147,877		354,944		153,997		149,932		221,535		13,633		203,758
Accrued expenses and other payables			233,292		220,374		156,195		76,708		149,881		100,175		86,702		132,896		51,808		435,253
Total liabilities			122,493,819		112,821,191		32,337,292		50,328,831		58,149,553		64,367,182		23,204,916		121,478,695		24,745,653		27,622,037
NET ASSETS		$	6,516,339,873	$	5,707,579,527	$	5,666,148,958	$	1,363,295,878	$	2,828,724,628	$	2,876,601,932	$	2,666,552,738	$	2,943,854,422	$	685,474,502	$	4,696,004,729
NET ASSETS CONSIST OF:
Paid-in-capital		$	4,053,231,191	$	3,362,328,016	$	4,611,483,346	$	992,991,119	$	1,954,046,599	$	1,724,822,511	$	2,145,535,093	$	2,604,472,139	$	549,717,914	$	3,336,782,726
Total distributable earnings (loss)			2,463,108,682		2,345,251,511		1,054,665,612		370,304,759		874,678,029		1,151,779,421		521,017,645		339,382,283		135,756,588		1,359,222,003
NET ASSETS		$	6,516,339,873	$	5,707,579,527	$	5,666,148,958	$	1,363,295,878	$	2,828,724,628	$	2,876,601,932	$	2,666,552,738	$	2,943,854,422	$	685,474,502	$	4,696,004,729
*	Includes securities loaned of	$	83,147,087	$	—	$	—	$	39,991,575	$	35,893,071	$	4,389,791	$	6,186,206	$	107,851,888	$	8,213,932	$	30,097,707
†	Portfolio investments, cost	$	4,444,235,110	$	3,582,725,398	$	4,669,807,183	$	1,183,355,482	$	2,458,494,502	$	1,901,069,362	$	2,309,905,823	$	2,830,650,888	$	592,888,340	$	3,566,921,903
◊	Written options premiums	$	15,106,173	$	—	$	—	$	3,354,405	$	—	$	—	$	—	$	—	$	—	$	—

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

Statements of assets and liabilities continued

TIAA-CREF Funds  ■  October 31, 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	$	1,409,853,191	$	1,333,235,277	$	1,922,604,046	$	761,181,745	$	1,881,807,921	$	203,411,113	$	128,228,502	$	1,482,548,708	$	43,317,340	$	3,440,953,545
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		96,359,609		62,204,396		108,729,113		34,265,875		92,265,293		13,767,806		12,407,323		89,390,604		3,525,367		169,001,090
Net asset value per share	$	14.63	$	21.43	$	17.68	$	22.21	$	20.40	$	14.77	$	10.33	$	16.59	$	12.29	$	20.36
ADVISOR CLASS:
Net assets	$	2,075,126	$	2,994,896	$	181,488	$	213,643	$	878,851	$	1,407,559	$	538,227	$	756,516	$	243,684	$	22,476,435
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		141,758		139,866		10,269		9,621		43,149		95,156		52,272		45,681		19,795		1,104,972
Net asset value per share	$	14.64	$	21.41	$	17.67	$	22.20	$	20.37	$	14.79	$	10.30	$	16.56	$	12.31	$	20.34
PREMIER CLASS:
Net assets	$	44,313,677	$	19,838,690	$	130,723,331	$	52,209,863	$	124,253,534	$	—	$	—	$	114,748,746	$	122,722	$	95,410,983
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		3,025,230		926,935		7,415,287		2,367,674		6,109,132		—		—		6,968,838		10,000		4,707,560
Net asset value per share	$	14.65	$	21.40	$	17.63	$	22.05	$	20.34	$	—	$	—	$	16.47	$	12.27	$	20.27
RETIREMENT CLASS:
Net assets	$	497,202,196	$	309,694,257	$	579,719,192	$	350,838,773	$	590,795,273	$	—	$	—	$	440,064,060	$	11,949,677	$	674,563,035
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		33,355,021		14,562,381		32,946,228		16,341,932		29,189,445		—		—		27,369,898		976,592		32,646,990
Net asset value per share	$	14.91	$	21.27	$	17.60	$	21.47	$	20.24	$	—	$	—	$	16.08	$	12.24	$	20.66
RETAIL CLASS:
Net assets	$	1,199,088,440	$	991,814,165	$	132,317,379	$	198,851,854	$	230,989,049	$	—	$	—	$	127,461,805	$	5,765,215	$	462,600,731
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		59,883,978		46,471,144		7,858,025		9,275,587		11,687,748		—		—		8,029,340		472,075		25,604,643
Net asset value per share	$	20.02	$	21.34	$	16.84	$	21.44	$	19.76	$	—	$	—	$	15.87	$	12.21	$	18.07
CLASS W:
Net assets	$	3,363,807,243	$	3,050,002,242	$	2,900,603,522	$	—	$	—	$	2,671,783,260	$	2,537,786,009	$	778,274,587	$	624,075,864	$	—
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		229,827,859		141,834,791		163,516,307		—		—		180,359,566		244,896,585		46,784,821		50,592,050		—
Net asset value per share	$	14.64	$	21.50	$	17.74	$	—	$	—	$	14.81	$	10.36	$	16.64	$	12.34	$	—

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

Statements of assets and liabilities continued

TIAA-CREF Funds  ■  October 31, 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*†		$	227,823,017	$	1,512,159,688	$	4,851,391,776	$	1,879,477,782	$	1,960,844,288	$	987,105,199		$	263,541,827
Affiliated investments, at value‡			—		69,039,137		—		—		—		—			—
Cash			—		—		1,531		2,109		2,916		—			—
Cash – foreign^			—		952,348		—		258,547		121,841		207,571			21,517
Receivable from securities transactions			—		77,288,870		222,415,451		—		3,574,205		84,427,697			1,367,864
Receivable from Fund shares sold			97,177		115,573		1,639,662		5,430		39,580		1,918			1,913,603
Dividends and interest receivable			255,083		1,773,578		16,315,327		2,151,443		9,705,722		2,957,519			826,769
Due from affiliates			18,331		1,061,306		726,940		932,615		696,987		605,534			36,819
Receivable for variation margin on open futures contracts			20,092		—		—		—		—		—			2,923
Other			2,866		84,690		379,594		79,383		108,984		18,119			2,137
Total assets			228,216,566		1,662,475,190		5,092,870,281		1,882,907,309		1,975,094,523		1,075,323,557			267,713,459
LIABILITIES
Management fees payable			54,366		1,301,101		2,131,767		1,025,464		710,711		622,462			71,371
Service agreement fees payable			29,016		33,403		112,261		43,644		10		779			12,787
Distribution fees payable			3,450		2,908		68,413		1,024		—		185			1,515
Due to affiliates			29,174		42,044		60,477		43,040		29,006		38,368			29,067
Overdraft payable			20,002		3,410,860		—		—		—		501,672			4,742
Payable for collateral for securities loaned			955,631		15,511,179		47,316,493		68,725,012		21,536,389		13,107,866			2,892,839
Payable for securities transactions			—		43,502,552		210,905,012		—		4,063,916		70,178,766			2,735,728
Payable for Fund shares redeemed			80,038		20,007,173		20,457,830		21,971,900		1,190,111		4,466,217			48,912
Written options◊			—		304,000		—		—		—		—			—
Payable for trustee compensation			2,656		67,855		332,175		61,252		107,290		17,284			1,434
Accrued expenses and other payables			57,079		860,538		420,250		586,323		167,229		87,464			124,275
Total liabilities			1,231,412		85,043,613		281,804,678		92,457,659		27,804,662		89,021,063			5,922,670
NET ASSETS		$	226,985,154	$	1,577,431,577	$	4,811,065,603	$	1,790,449,650	$	1,947,289,861	$	986,302,494		$	261,790,789
NET ASSETS CONSIST OF:
Paid-in-capital		$	191,337,527	$	1,437,165,305	$	4,771,081,209	$	1,415,852,835	$	1,817,364,042	$	1,008,598,089		$	245,837,816
Total distributable earnings (loss)			35,647,627		140,266,272		39,984,394		374,596,815		129,925,819		(22,295,595	)		15,952,973
NET ASSETS		$	226,985,154	$	1,577,431,577	$	4,811,065,603	$	1,790,449,650	$	1,947,289,861	$	986,302,494		$	261,790,789
*	Includes securities loaned of	$	1,100,991	$	15,533,125	$	44,475,093	$	139,033,984	$	20,453,853	$	29,818,329		$	3,997,315
†	Portfolio investments, cost	$	197,185,025	$	1,376,891,968	$	4,458,831,651	$	1,464,007,061	$	1,764,445,325	$	915,887,588		$	249,694,082
‡	Affiliated investments, cost	$	—	$	62,709,725	$	—	$	—	$	—	$	—		$	—
^	Foreign cash, cost	$	—	$	952,691	$	—	$	257,387	$	121,804	$	207,852		$	21,520
◊	Written options premiums	$	—	$	479,679	$	—	$	—	$	—	$	—		$	—

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

Statements of assets and liabilities concluded

TIAA-CREF Funds  ■  October 31, 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	$	89,165,621	$	255,775,153	$	2,484,368,011	$	117,427,664	$	130,515,103	$	55,448,805	$	192,474,740
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		6,399,661		22,157,800		224,692,063		8,793,274		17,519,968		5,383,456		17,243,049
Net asset value per share	$	13.93	$	11.54	$	11.06	$	13.35	$	7.45	$	10.30	$	11.16
ADVISOR CLASS:
Net assets	$	1,132,489	$	236,179	$	3,929,459	$	4,168,257	$	182,028	$	84,481	$	1,173,867
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		81,354		20,474		347,946		312,469		24,456		8,209		105,184
Net asset value per share	$	13.92	$	11.54	$	11.29	$	13.34	$	7.44	$	10.29	$	11.16
PREMIER CLASS:
Net assets	$	2,170,748	$	7,699,564	$	133,306,024	$	1,308,134	$	—	$	76,331	$	1,754,390
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		155,563		666,907		12,088,030		97,840		—		7,327		157,049
Net asset value per share	$	13.95	$	11.55	$	11.03	$	13.37	$	—	$	10.42	$	11.17
RETIREMENT CLASS:
Net assets	$	118,955,787	$	137,433,509	$	459,273,676	$	175,642,784	$	—	$	3,113,325	$	59,931,746
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		8,573,481		11,958,423		40,005,364		13,205,724		—		302,639		5,387,153
Net asset value per share	$	13.87	$	11.49	$	11.48	$	13.30	$	—	$	10.29	$	11.12
RETAIL CLASS:
Net assets	$	15,560,509	$	9,347,707	$	249,406,299	$	4,121,557	$	—	$	850,687	$	6,456,046
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		1,121,373		812,087		35,520,575		309,532		—		82,624		580,272
Net asset value per share	$	13.88	$	11.51	$	7.02	$	13.32	$	—	$	10.30	$	11.13
CLASS W:
Net assets	$	—	$	1,166,939,465	$	1,480,782,134	$	1,487,781,254	$	1,816,592,730	$	926,728,865	$	—
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		—		100,351,676		133,405,854		110,850,700		243,133,201		89,502,663		—
Net asset value per share	$	—	$	11.63	$	11.10	$	13.42	$	7.47	$	10.35	$	—

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

Statements of operations

TIAA-CREF Funds  ■  For the year ended October 31, 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
INVESTMENT INCOME
Dividends*		$	123,481,251		$	48,673,894		$	144,360,056		$	8,805,063		$	79,966,680		$	39,397,874		$	73,065,373		$	40,921,384		$	9,530,375		$	82,180,723
Interest			859,569			1,177,841			921,187			522,794			685,752			181,229			197,182			178,127			33,475			786,457
Income from securities lending			677,645			1,041,621			3,646			218,357			72,942			88,937			46,454			2,469,373			184,409			515,109
Payment from affiliate			593,177			480,395			548,555			129,742			296,320			—			—			—			—			—
Total income			125,611,642			51,373,751			145,833,444			9,675,956			81,021,694			39,668,040			73,309,009			43,568,884			9,748,259			83,482,289
EXPENSES
Management fees			25,598,595			21,535,365			23,566,680			6,407,914			13,149,674			8,217,614			7,916,073			12,388,264			3,043,081			6,325,877
Shareholder servicing – Institutional Class			2,495			3,719			2,338			1,865			6,106			7,110			483			3,595			393			8,762
Shareholder servicing – Advisor Class			1,657			3,918			53			122			672			1,111			3,954			1,459			359			12,574
Shareholder servicing – Premier Class			187			67			151			94			187			—			—			145			25			6,791
Shareholder servicing – Retirement Class			1,288,239			831,341			1,604,174			896,246			1,611,542			—			—			1,188,353			28,152			1,392,334
Shareholder servicing – Retail Class			469,529			464,203			76,075			99,455			127,922			—			—			72,587			6,915			121,318
Shareholder servicing – Class W			3,865			3,668			3,629			—			—			3,436			3,411			2,346			2,215			—
Distribution fees – Premier Class			170,433			30,296			263,135			98,527			260,552			—			—			205,700			1,230			157,989
Distribution fees – Retail Class			2,923,172			2,417,983			332,454			490,062			588,913			—			—			335,470			13,920			1,114,756
Administrative service fees			196,899			179,194			185,986			96,017			122,924			95,147			93,709			139,237			99,576			145,241
Professional fees			104,457			94,013			101,324			65,626			80,269			55,535			54,652			73,441			57,880			77,771
Custody and accounting fees			103,356			85,570			101,361			40,074			49,725			38,838			41,000			60,339			28,251			50,170
Registration fees			89,054			96,279			98,938			88,049			99,305			42,595			42,526			89,552			76,657			93,531
Trustee fees and expenses			78,800			64,242			72,631			17,089			39,082			31,770			30,896			37,980			7,932			49,768
Other expenses			302,295			330,547			331,958			91,120			349,503			143,554			125,249			174,568			56,391			595,565
Total expenses			31,333,033			26,140,405			26,740,887			8,392,260			16,486,376			8,636,710			8,311,953			14,773,036			3,422,977			10,152,447
Less: Expenses reimbursed by the investment adviser			(12,820,996	)		(11,745,186	)		(10,990,055	)		—			—			(8,008,903	)		(7,935,002	)		(2,981,860	)		(3,082,585	)		—
Fee waiver by investment adviser and Nuveen Securities§			(165,926	)		(141,439	)		(1,044,920	)		—			(1,344,887	)		—			—			(975,905	)		—			(113,846	)
Net expenses			18,346,111			14,253,780			14,705,912			8,392,260			15,141,489			627,807			376,951			10,815,271			340,392			10,038,601
Net investment income (loss)			107,265,531			37,119,971			131,127,532			1,283,696			65,880,205			39,040,233			72,932,058			32,753,613			9,407,867			73,443,688
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments‡			327,405,024			253,295,564			14,548,011			148,809,951			504,822,267			160,845,834			131,863,565			124,386,726			35,186,504			162,155,800
Purchased options			352,036			(3,547,976	)		—			(3,833,330	)		(2,161,164	)		—			—			—			—			—
Written options			4,487,554			1,167,791			—			8,985,237			628,836			—			—			—			—			—
Futures contracts			—			—			—			—			—			—			—			923,020			—			2,312,748
Foreign currency transactions			(154,187	)		(13,157	)		(15,656	)		24			(19,246	)		—			—			—			—			—
Net realized gain (loss) on total investments			332,090,427			250,902,222			14,532,355			153,961,882			503,270,693			160,845,834			131,863,565			125,309,746			35,186,504			164,468,548
Change in unrealized appreciation (depreciation) on:
Portfolio investments			258,956,590			424,884,059			449,889,881			51,666,138			(354,591,514	)		168,334,647			16,956,770			20,497,375			34,124,912			361,565,091
Purchased options			360,941			—			—			(990,196	)		—			—			—			—			—			—
Written options			5,936,703			(20,689	)		—			533,088			—			—			—			—			—			—
Futures contracts			—			—			—			—			—			—			—			344,028			—			234,834
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies			3,962			(11,615	)		3,508			819			2,972			—			—			—			—			—
Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments			265,258,196			424,851,755			449,893,389			51,209,849			(354,588,542	)		168,334,647			16,956,770			20,841,403			34,124,912			361,799,925
Net realized and unrealized gain (loss) on total investments			597,348,623			675,753,977			464,425,744			205,171,731			148,682,151			329,180,481			148,820,335			146,151,149			69,311,416			526,268,473
Net increase (decrease) in net assets from operations		$	704,614,154		$	712,873,948		$	595,553,276		$	206,455,427		$	214,562,356		$	368,220,714		$	221,752,393		$	178,904,762		$	78,719,283		$	599,712,161
*	Net of foreign withholding taxes of	$	651,063		$	604,354		$	62,682		$	76,109		$	66,111		$	—		$	12,708		$	31,325		$	14,030		$	5,080
‡	Includes net realized gain (loss) from securities sold to affiliates of	$	4,152,293		$	634,283		$	(339,308	)	$	7,689,999		$	11,307,770		$	1,848,893		$	79,056		$	4,441,662		$	3,119,708		$	2,939,553
§	As described in Note 1, TPIS merged into Nuveen Securities, LLC on September 30, 2019.

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

Statements of operations concluded

TIAA-CREF Funds  ■  For the year ended October 31, 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
INVESTMENT INCOME
Dividends*		$	3,313,193		$	37,231,916		$	101,174,595		$	26,729,011		$	63,457,901		$	29,886,836		$	4,458,851
Dividends from affiliated investments			—			750,405			—			—			—			—			—
Interest			68,139			1,367,194			1,702,763			2,124,363			205,703			219,147			55,842
Income from securities lending			3,300			478,242			1,312,965			3,446,088			521,335			1,204,541			40,140
Payment from affiliate			—			175,485			499,531			239,381			—			—			—
Total income			3,384,632			40,003,242			104,689,854			32,538,843			64,184,939			31,310,524			4,554,833
EXPENSES
Management fees			428,244			13,167,040			20,373,551			9,873,255			6,795,684			6,027,151			403,005
Shareholder servicing – Institutional Class			253			668			8,480			457			833			335			389
Shareholder servicing – Advisor Class			918			154			17,492			1,152			160			41			680
Shareholder servicing – Premier Class			44			45			147			34			—			26			45
Shareholder servicing – Retirement Class			179,070			329,120			1,180,708			413,680			—			8,250			53,702
Shareholder servicing – Retail Class			8,810			10,972			211,457			6,144			—			3,469			4,845
Shareholder servicing – Class W			—			1,591			2,761			2,703			2,892			2,347			—
Distribution fees – Premier Class			2,585			13,358			225,184			2,138			—			110			1,536
Distribution fees – Retail Class			33,181			22,205			628,178			10,271			—			2,213			13,100
Administrative service fees			71,385			114,925			160,163			116,828			80,183			103,700			70,590
Professional fees			50,032			74,860			92,656			69,409			63,254			67,640			60,368
Custody and accounting fees			34,415			450,104			274,124			125,378			138,715			157,204			108,979
Registration fees			78,941			89,411			180,206			86,447			42,219			80,435			90,524
Trustee fees and expenses			—			18,924			52,685			19,958			21,247			11,042			—
Other expenses			36,999			127,289			445,904			110,317			121,347			107,698			47,954
Total expenses			924,877			14,420,666			23,853,696			10,838,171			7,266,534			6,571,661			855,717
Less: Expenses reimbursed by the investment adviser			(151,881	)		(10,473,323	)		(6,968,091	)		(8,888,846	)		(6,799,807	)		(5,752,128	)		(244,506	)
Fee waiver by investment adviser and Nuveen Securities§			—			—			—			—			—			(463,627	)		—
Net expenses			772,996			3,947,343			16,885,605			1,949,325			466,727			355,906			611,211
Net investment income (loss)			2,611,636			36,055,899			87,804,249			30,589,518			63,718,212			30,954,618			3,943,622
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments‡			3,092,608			(9,083,555	)		(420,164,816	)		17,414,625			(120,510,108	)		(117,502,503	)		(1,511,935	)
Affiliated investments			—			(2,161,951	)		—			—			—			—			—
Purchased options			—			(6,827,917	)		—			—			—			—			—
Written options			—			2,776,552			—			—			—			—			—
Futures contracts			247,558			—			—			—			(1,486,774	)		—			99,762
Foreign currency transactions			—			(2,659,831	)		(1,502,761	)		12,561			40,812			(193,716	)		24,172
Net realized gain (loss) on total investments			3,340,166			(17,956,702	)		(421,667,577	)		17,427,186			(121,956,070	)		(117,696,219	)		(1,388,001	)
Change in unrealized appreciation (depreciation) on:
Portfolio investments**			19,954,427			265,695,791			588,536,698			170,247,491			226,147,625			157,063,705			15,502,073
Affiliated investments			—			5,747,606			—			—			—			—			—
Purchased options			—			1,060,229			—			—			—			—			—
Written options			—			430,104			—			—			—			—			—
Futures contracts			7,791			—			—			—			1,160,481			—			(8,156	)
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies			—			(9,779	)		325,677			1,288			75,782			32,395			9,328
Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments			19,962,218			272,923,951			588,862,375			170,248,779			227,383,888			157,096,100			15,503,245
Net realized and unrealized gain (loss) on total investments			23,302,384			254,967,249			167,194,798			187,675,965			105,427,818			39,399,881			14,115,244
Net increase (decrease) in net assets from operations		$	25,914,020		$	291,023,148		$	254,999,047		$	218,265,483		$	169,146,030		$	70,354,499		$	18,058,866
*	Net of foreign withholding taxes of	$	343		$	3,556,926		$	11,825,708		$	3,138,907		$	5,595,136		$	3,346,361		$	420,812
‡	Includes net realized gain (loss) from securities sold to affiliates of	$	(175,096	)	$	(2,019,724	)	$	(10,315,629	)	$	1,289,859		$	146,335		$	—		$	(102,285	)
**	Includes net change in unrealized foreign capital gains taxes of	$	—		$	(527,398	)	$	—		$	(443,254	)	$	—		$	—		$	—
§	As described in Note 1, TPIS merged into Nuveen Securities, LLC on September 30, 2019.

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

Statements of changes in net assets

TIAA-CREF Funds  ■  For the 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
		October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018
OPERATIONS
Net investment income (loss)		$	107,265,531		$	70,923,961		$	37,119,971		$	24,516,489		$	131,127,532		$	115,692,326		$	1,283,696		$	4,025,100		$	65,880,205		$	62,906,250		$	39,040,233		$	29,746,410
Net realized gain (loss) on total investments			332,090,427			476,159,939			250,902,222			578,764,906			14,532,355			528,280,428			153,961,882			196,747,053			503,270,693			487,491,808			160,845,834			193,092,764
Net change in unrealized appreciation (depreciation) on total investments			265,258,196			(157,870,588	)		424,851,755			(60,021,406	)		449,893,389			(730,557,285	)		51,209,849			(155,372,560	)		(354,588,542	)		(598,566,681	)		168,334,647			26,201,596
Net increase (decrease) in net assets from operations			704,614,154			389,213,312			712,873,948			543,259,989			595,553,276			(86,584,531	)		206,455,427			45,399,593			214,562,356			(48,168,623	)		368,220,714			249,040,770
DISTRIBUTIONS TO SHAREHOLDERS
	Institutional Class		(138,360,955	)		(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	)		(13,125,271	)		(163,917,519	)
	Advisor Class		(107,915	)		(19,940	)		(930,419	)		(87,637	)		(19,754	)		(11,654	)		(21,699	)		(15,008	)		(93,193	)		(27,056	)		(125,789	)		(60,724	)
	Premier Class		(10,764,573	)		(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		(43,138,705	)		(26,704,836	)		(39,209,332	)		(9,556,799	)		(73,663,714	)		(61,269,992	)		(47,065,424	)		(37,259,833	)		(99,023,544	)		(77,145,851	)		—			—
	Retail Class		(69,520,975	)		(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†		(272,252,422	)		—			(309,434,286	)		—			(289,089,025	)		—			—			—			—			—			(196,129,076	)		—
Total distributions			(534,145,545	)		(298,493,155	)		(586,198,313	)		(200,456,221	)		(651,154,945	)		(449,072,408	)		(183,152,919	)		(143,181,962	)		(488,918,652	)		(357,380,303	)		(209,380,136	)		(163,978,243	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		189,838,976			467,966,625			350,011,542			536,453,711			193,609,947			523,152,438			83,512,743			76,252,146			76,232,206			287,345,193			81,092,104			214,903,846
	Advisor Class		1,963,227			58,138			4,298,275			6,930,175			67,491			5,829			56,388			12,079			816,791			129,038			349,289			11,987,359
	Premier Class		6,230,297			11,193,223			5,519,961			11,187,977			3,019,512			14,341,457			7,076,253			10,926,639			7,772,387			12,206,853			—			—
	Retirement Class		8,383,256			24,150,452			37,360,082			138,805,022			1,278,751			6,194,057			26,425,305			28,592,380			6,850,391			6,633,287			—			—
	Retail Class		34,807,197			54,706,670			100,043,010			250,176,836			67,487,676			7,398,428			20,194,596			106,580,767			33,373,442			8,732,897			—			—
	Class W†		431,487,050			81,319,391			473,260,764			54,383,658			346,338,915			73,055,532			—			—			—			—			354,708,181			14,967,453
Reinvestments of distributions:	Institutional Class		116,548,018			185,000,069			122,187,515			152,319,247			245,407,620			359,003,241			101,855,373			78,768,525			319,212,986			229,151,965			12,995,915			163,791,045
	Advisor Class		86,096			7,699			912,705			36,105			5,332			2,047			6,140			3,421			71,961			14,867			115,040			52,478
	Premier Class		10,764,573			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		43,138,657			26,704,836			39,086,497			9,554,971			73,657,470			61,267,242			47,065,424			37,259,832			99,016,949			77,143,365			—			—
	Retail Class		66,944,622			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			—			309,434,286			—			289,089,025			—			—			—			—			—			196,129,076			—
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		(604,936,372	)		(862,191,749	)		(285,806,095	)		(790,986,743	)		(907,796,470	)		(940,720,657	)		(199,578,954	)		(254,146,715	)		(651,214,788	)		(866,708,142	)		(67,388,506	)		(522,401,335	)
	Advisor Class		(527,411	)		(53,317	)		(9,350,658	)		(1,552,555	)		(53,258	)		(4,264	)		(14,157	)		(3,200	)		(344,759	)		(63,870	)		(625,390	)		(10,813,206	)
	Premier Class		(105,700,521	)		(34,897,975	)		(7,470,278	)		(39,843,101	)		(96,534,178	)		(94,996,963	)		(36,458,232	)		(36,688,918	)		(101,722,743	)		(123,083,569	)		—			—
	Retirement Class		(115,502,476	)		(114,590,564	)		(111,670,715	)		(50,483,918	)		(228,283,502	)		(256,447,760	)		(79,034,708	)		(89,496,593	)		(174,224,873	)		(259,981,535	)		—			—
	Retail Class		(113,841,166	)		(119,174,738	)		(212,718,551	)		(300,799,685	)		(71,612,172	)		(21,429,227	)		(28,063,116	)		(114,126,587	)		(57,409,375	)		(46,840,337	)		—			—
	Class W†		(408,906,383	)		(6,148,663	)		(486,987,700	)		(15,364,234	)		(458,465,085	)		(3,874,846	)		—			—			—			—			(386,172,804	)		(10,703,070	)
Net increase (decrease) from shareholder transactions			(219,618,134	)		(241,746,753	)		431,039,163			(2,539,138	)		(502,562,798	)		(245,611,011	)		(23,433,116	)		(129,448,077	)		(376,366,300	)		(626,765,578	)		191,202,905			(138,215,430	)
Net increase (decrease) in net assets			(49,149,525	)		(151,026,596	)		557,714,798			340,264,630			(558,164,467	)		(781,267,950	)		(130,608	)		(227,230,446	)		(650,722,596	)		(1,032,314,504	)		350,043,483			(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		$	6,516,339,873		$	6,565,489,398		$	5,707,579,527		$	5,149,864,729		$	5,666,148,958		$	6,224,313,425		$	1,363,295,878		$	1,363,426,486		$	2,828,724,628		$	3,479,447,224		$	2,876,601,932		$	2,526,558,449
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		13,910,970			31,843,603			17,286,992			25,183,641			11,933,580			27,427,170			3,855,707			3,218,209			3,900,318			12,002,843			5,924,425			15,101,055
	Advisor Class		142,654			3,826			213,229			306,098			3,982			307			2,723			502			40,361			5,436			24,198			839,077
	Premier Class		446,703			756,255			270,596			524,456			184,619			757,275			323,249			465,812			387,024			519,719			—			—
	Retirement Class		585,188			1,602,917			1,835,948			6,492,272			76,277			321,983			1,264,561			1,246,734			347,452			280,988			—			—
	Retail Class		1,856,594			2,758,706			4,895,046			11,706,736			3,900,993			401,347			971,805			4,753,372			1,596,225			376,682			—			—
	Class W†		32,231,031			5,516,782			23,978,093			2,466,091			21,607,368			4,056,278			—			—			—			—			26,842,491			1,091,619
Shares reinvested:	Institutional Class		9,065,793			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			1,041,340			12,186,834
	Advisor Class		6,650			539			50,149			1,833			345			110			331			153			3,898			640			9,203			3,907
	Premier Class		837,009			475,032			121,025			97,127			1,346,768			992,481			515,707			394,843			1,561,458			1,121,472			—			—
	Retirement Class		3,292,522			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		3,815,565			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		(43,548,453	)		(57,968,663	)		(14,181,926	)		(36,397,683	)		(54,123,827	)		(49,181,485	)		(9,137,074	)		(10,707,970	)		(32,590,935	)		(36,148,309	)		(4,870,255	)		(36,140,018	)
	Advisor Class		(37,789	)		(3,555	)		(464,863	)		(72,715	)		(3,553	)		(218	)		(633	)		(142	)		(17,796	)		(2,693	)		(47,003	)		(798,415	)
	Premier Class		(7,430,387	)		(2,357,470	)		(365,312	)		(1,944,015	)		(5,786,266	)		(5,053,177	)		(1,700,911	)		(1,594,412	)		(5,164,985	)		(5,257,615	)		—			—
	Retirement Class		(8,225,684	)		(7,590,140	)		(5,561,576	)		(2,370,804	)		(13,854,019	)		(13,431,957	)		(3,842,246	)		(3,875,439	)		(8,910,939	)		(10,983,490	)		—			—
	Retail Class		(6,012,716	)		(5,998,998	)		(10,237,311	)		(14,368,754	)		(4,943,743	)		(1,162,190	)		(1,358,325	)		(5,037,603	)		(3,138,075	)		(2,016,142	)		—			—
	Class W†		(29,157,258	)		(388,584	)		(23,792,763	)		(712,438	)		(27,277,468	)		(203,444	)		—			—			—			—			(27,582,071	)		(732,402	)
Net increase (decrease) from shareholder transactions			(10,997,747	)		(14,454,239	)		25,440,493			896,719			(26,256,177	)		(12,042,258	)		337,250			(5,060,325	)		(17,283,534	)		(25,916,095	)		17,057,799			(8,448,343	)

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

Statements of changes in net assets continued

TIAA-CREF Funds  ■  For the 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
		October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018
OPERATIONS
Net investment income (loss)		$	72,932,058		$	57,149,142		$	32,753,613		$	22,603,815		$	9,407,867		$	6,503,881		$	73,443,688		$	54,460,056		$	2,611,636		$	1,528,182		$	36,055,899		$	13,458,637
Net realized gain (loss) on total investments			131,863,565			65,470,484			125,309,746			524,249,133			35,186,504			68,133,506			164,468,548			267,324,278			3,340,166			5,228,897			(17,956,702	)		45,235,479
Net change in unrealized appreciation (depreciation) on total investments			16,956,770			(87,395,444	)		20,841,403			(493,271,973	)		34,124,912			(29,711,398	)		361,799,925			(188,016,371	)		19,962,218			(2,948,911	)		272,923,951			(360,745,179	)
Net increase (decrease) in net assets from operations			221,752,393			35,224,182			178,904,762			53,580,975			78,719,283			44,925,989			599,712,161			133,767,963			25,914,020			3,808,168			291,023,148			(302,051,063	)
DISTRIBUTIONS TO SHAREHOLDERS
	Institutional Class		(5,228,638	)		(158,188,330	)		(262,009,468	)		(279,704,358	)		(3,611,032	)		(35,591,642	)		(225,939,893	)		(78,677,614	)		(4,275,876	)		(1,532,212	)		(10,505,536	)		(54,668,753	)
	Advisor Class		(282,092	)		(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		—			—			(22,932,406	)		(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	)		(37,483,050	)		(14,586,849	)		(1,248,477	)		(394,003	)		(4,143,633	)		(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†		(113,943,468	)		—			(122,727,726	)		—			(64,028,043	)		—			—			—			—			—			(49,857,271	)		—
Total distributions			(119,454,198	)		(158,197,033	)		(510,274,724	)		(380,967,628	)		(69,675,857	)		(36,195,563	)		(313,033,978	)		(115,621,210	)		(6,210,067	)		(2,126,379	)		(65,160,511	)		(58,960,277	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		42,759,968			330,754,559			110,974,479			305,051,118			18,165,064			44,229,864			953,257,380			874,857,836			33,829,984			34,657,083			59,402,085			549,446,987
	Advisor Class		1,544,898			17,354,450			329,744			482,213			75,809			8,542,837			10,767,886			9,599,943			868,742			155,666			140,355			44,702
	Premier Class		—			—			6,539,747			15,442,602			—			—			37,123,141			46,905,333			1,631,178			229,517			1,355,967			4,251,090
	Retirement Class		—			—			9,507,002			21,168,995			6,056,964			11,757,351			176,555,698			116,347,823			87,684,676			7,263,052			53,380,115			57,591,373
	Retail Class		—			—			6,238,344			10,867,419			1,448,492			5,228,105			31,386,364			45,926,690			4,516,957			5,727,163			2,515,358			8,612,569
	Class W†		303,796,176			28,533,506			214,786,913			6,098,457			76,512,987			5,160,111			—			—			—			—			200,779,831			22,301,717
Reinvestments of distributions:	Institutional Class		5,228,638			158,188,330			260,956,850			277,648,266			3,331,075			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			17,591			1,358			1,929			14,849
	Premier Class		—			—			22,932,406			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			1,145,148			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†		113,943,468			—			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		(40,732,046	)		(324,141,827	)		(441,295,146	)		(620,144,971	)		(12,530,393	)		(128,272,578	)		(540,865,430	)		(272,654,814	)		(32,422,102	)		(22,352,858	)		(89,334,943	)		(286,851,940	)
	Advisor Class		(7,038,752	)		(10,984,293	)		(2,311,732	)		(320,503	)		(1,593,468	)		(7,781,796	)		(2,943,131	)		(5,758,487	)		(212,050	)		—			(76,815	)		(736,062	)
	Premier Class		—			—			(51,500,405	)		(44,841,247	)		(1,094,400	)		—			(48,341,096	)		(28,594,740	)		(408,589	)		(19,731	)		(3,192,360	)		(5,204,458	)
	Retirement Class		—			—			(119,803,743	)		(144,931,190	)		(5,901,936	)		(5,930,395	)		(55,060,880	)		(52,075,990	)		(2,277,679	)		(3,237,462	)		(25,346,934	)		(29,371,986	)
	Retail Class		—			—			(30,294,475	)		(35,523,240	)		(1,897,318	)		(2,801,546	)		(75,375,895	)		(86,221,314	)		(2,735,340	)		(2,119,443	)		(2,274,708	)		(11,494,757	)
	Class W†		(395,851,721	)		(12,660,086	)		(288,678,045	)		(10,770,429	)		(118,688,831	)		(5,656,581	)		—			—			—			—			(336,879,603	)		(19,238,320	)
Net increase (decrease) from shareholder transactions			23,927,561			187,045,802			(77,383,924	)		(119,284,656	)		29,664,345			(39,601,400	)		785,934,014			759,238,531			94,572,474			21,901,522			(74,393,807	)		348,279,832
Net increase (decrease) in net assets			126,225,756			64,072,951			(408,753,886	)		(446,671,309	)		38,707,771			(30,870,974	)		1,072,612,197			777,385,284			114,276,427			23,583,311			151,468,830			(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			$2,666,552,738		$	2,540,326,982		$	2,943,854,422		$	3,352,608,308		$	685,474,502		$	646,766,731		$	4,696,004,729		$	3,623,392,532		$	226,985,154		$	112,708,727		$	1,577,431,577		$	1,425,962,747
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		4,150,258			32,123,257			6,804,653			15,487,704			1,546,758			3,515,575			51,619,529			44,090,868			2,690,094			2,649,588			5,372,268			46,080,052
	Advisor Class		158,622			1,664,772			19,761			24,752			6,364			691,846			570,045			474,071			68,854			11,697			13,547			3,517
	Premier Class		—			—			403,862			790,395			—			—			1,976,019			2,373,640			129,594			17,686			124,497			333,933
	Retirement Class		—			—			604,711			1,078,728			512,864			900,269			9,124,514			5,811,796			6,877,577			556,850			4,983,019			4,797,099
	Retail Class		—			—			413,741			570,660			124,234			399,289			1,894,734			2,584,581			350,043			441,230			230,049			689,706
	Class W†		31,788,749			2,912,749			13,813,101			309,384			6,884,756			419,946			—			—			—			—			18,458,439			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			—			—			464,289			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			106,288			31,423			421,486			271,194
	Retail Class		—			—			1,491,757			901,200			51,788			9,738			2,511,371			1,085,904			52,095			14,575			29,353			38,851
	Class W†		12,160,455			—			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		(4,208,795	)		(31,125,531	)		(26,902,097	)		(30,989,790	)		(1,077,423	)		(9,894,818	)		(28,730,971	)		(13,761,244	)		(2,535,325	)		(1,692,575	)		(8,155,135	)		(23,044,450	)
	Advisor Class		(705,705	)		(1,107,932	)		(148,281	)		(16,574	)		(135,786	)		(652,581	)		(156,987	)		(282,581	)		(15,980	)		—			(7,012	)		(56,970	)
	Premier Class		—			—			(3,170,532	)		(2,328,125	)		(90,000	)		—			(2,473,793	)		(1,478,563	)		(31,200	)		(1,586	)		(295,155	)		(427,497	)
	Retirement Class		—			—			(7,587,390	)		(7,507,341	)		(510,036	)		(452,740	)		(2,830,924	)		(2,585,221	)		(170,386	)		(251,617	)		(2,321,620	)		(2,402,051	)
	Retail Class		—			—			(1,974,059	)		(1,860,185	)		(164,782	)		(215,257	)		(4,536,349	)		(4,824,988	)		(214,698	)		(162,596	)		(210,599	)		(953,276	)
	Class W†		(39,428,502	)		(1,239,061	)		(17,566,479	)		(569,948	)		(10,004,840	)		(448,606	)		—			—			—			—			(30,702,246	)		(1,917,588	)
Net increase (decrease) from shareholder transactions			4,502,751			18,616,337			(1,159,147	)		(4,934,100	)		3,593,543			(2,758,314	)		43,985,049			38,340,862			7,497,152			1,696,123			(5,897,296	)		30,069,218

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

Statements of changes in net assets concluded

TIAA-CREF Funds  ■  For the year ended

		International Equity Fund						International Opportunities Fund						Quant International Equity Fund						Quant International Small-Cap Equity Fund						Social Choice International Equity Fund
		October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018
OPERATIONS
Net investment income (loss)		$	87,804,249		$	94,727,785		$	30,589,518		$	21,327,878		$	63,718,212		$	59,615,006		$	30,954,618		$	25,084,521		$	3,943,622		$	1,443,919
Net realized gain (loss) on total investments			(421,667,577	)		191,819,290			17,427,186			14,006,811			(121,956,070	)		92,193,671			(117,696,219	)		30,792,197			(1,388,001	)		(106,809	)
Net change in unrealized appreciation (depreciation) on total investments			588,862,375			(944,474,829	)		170,248,779			(152,260,302	)		227,383,888			(322,979,794	)		157,096,100			(216,675,898	)		15,503,245			(5,972,547	)
Net increase (decrease) in net assets from operations			254,999,047			(657,927,754	)		218,265,483			(116,925,613	)		169,146,030			(171,171,117	)		70,354,499			(160,799,180	)		18,058,866			(4,635,437	)
DISTRIBUTIONS TO SHAREHOLDERS
	Institutional Class		(122,256,954	)		(84,439,378	)		(1,124,608	)		(17,325,353	)		(8,557,494	)		(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	)		(17,842	)		(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	)		—			(19,434,274	)		—			(126,163,836	)		—			(50,498,430	)		—			—			—
Total distributions			(283,482,558	)		(120,140,425	)		(22,142,320	)		(17,838,381	)		(134,739,172	)		(58,367,522	)		(53,202,797	)		(58,798,457	)		(1,443,279	)		(1,095,054	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		1,036,717,475			758,629,276			32,720,733			234,393,710			54,968,776			275,988,844			15,497,299			186,904,063			155,897,436			43,138,040
	Advisor Class		2,190,242			29,263,633			4,061,092			45,700			63,480			73,160			—			1,768			756,966			172,285
	Premier Class		34,758,979			31,509,144			57,511			1,445,882			—			—			—			—			1,580,164			32,118
	Retirement Class		20,728,288			47,332,681			46,416,591			114,488,823			—			—			1,230,877			3,118,850			48,331,175			6,016,146
	Retail Class		6,236,072			16,388,360			841,806			4,188,099			—			—			180,917			936,606			2,189,632			3,140,919
	Class W†		269,548,697			45,980,882			199,502,221			57,375,849			277,947,662			36,150,364			117,099,485			17,896,022			—			—
Reinvestments of distributions:	Institutional Class		113,381,804			83,701,570			1,124,608			17,325,353			8,557,494			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			13,983			2,900			—			—			—			—			2,692			2,687
	Retirement Class		30,910,895			13,797,216			1,530,166			476,794			—			—			187,120			431,512			198,886			136,174
	Retail Class		24,469,384			10,369,781			33,319			27,458			—			—			45,068			44,191			86,402			57,708
	Class W†		94,058,477			—			19,434,274			—			126,163,836			—			50,498,430			—			—			—
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		(558,818,918	)		(639,435,658	)		(14,787,381	)		(185,407,477	)		(54,817,177	)		(228,625,094	)		(6,707,743	)		(83,201,490	)		(22,844,558	)		(28,705,914	)
	Advisor Class		(190,300,838	)		(52,765,526	)		(89,912	)		(73	)		(91,115	)		(18,057	)		—			(1,152,000	)		(271,594	)		(83,082	)
	Premier Class		(72,945,589	)		(70,299,219	)		(468,011	)		(200,211	)		—			—			—			(1,151,000	)		(242,304	)		(1,031,762	)
	Retirement Class		(109,277,149	)		(117,015,966	)		(19,138,080	)		(3,344,282	)		—			—			(1,940,473	)		(6,796,668	)		(1,184,704	)		(3,761,174	)
	Retail Class		(42,497,206	)		(41,117,617	)		(1,535,306	)		(2,760,194	)		—			—			(354,641	)		(2,037,923	)		(901,070	)		(2,197,012	)
	Class W†		(261,389,012	)		(6,352,180	)		(227,016,752	)		(378,093	)		(299,005,770	)		(1,617,705	)		(109,653,130	)		(1,638,888	)		—			—
Net increase (decrease) from shareholder transactions			408,359,954			120,932,689			42,701,569			237,680,491			113,797,063			140,315,389			68,546,752			171,372,283			184,057,619			17,176,817
Net increase (decrease) in net assets			379,876,443			(657,135,490	)		238,824,732			102,916,497			148,203,921			(89,223,250	)		85,698,454			(48,225,354	)		200,673,206			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		$	4,811,065,603		$	4,431,189,160		$	1,790,449,650		$	1,551,624,918		$	1,947,289,861		$	1,799,085,940		$	986,302,494		$	900,604,040		$	261,790,789		$	61,117,583
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		98,020,993			58,459,593			2,592,601			17,457,188			7,728,212			33,925,198			1,571,494			15,423,365			14,893,221			3,943,215
	Advisor Class		195,004			2,309,860			304,445			3,327			8,590			8,995			—			151			71,641			15,614
	Premier Class		3,317,802			2,404,746			4,554			105,958			—			—			—			—			152,563			2,888
	Retirement Class		1,902,436			3,418,961			3,839,383			8,585,958			—			—			124,466			250,263			4,562,674			540,923
	Retail Class		945,677			1,863,199			66,759			306,118			—			—			18,195			75,510			212,570			281,274
	Class W†		25,921,622			3,920,422			16,152,802			4,740,073			39,119,503			4,726,697			11,772,908			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			—			—			—			—			278			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		(53,201,485	)		(48,590,619	)		(1,168,618	)		(13,604,239	)		(7,747,086	)		(27,756,036	)		(678,604	)		(6,709,972	)		(2,274,126	)		(2,582,808	)
	Advisor Class		(17,351,086	)		(4,024,081	)		(6,896	)		(6	)		(13,154	)		(2,246	)		—			(92,679	)		(24,919	)		(7,603	)
	Premier Class		(6,993,551	)		(5,435,494	)		(38,128	)		(14,743	)		—			—			—			(92,673	)		(23,216	)		(95,253	)
	Retirement Class		(10,089,508	)		(8,703,724	)		(1,474,635	)		(251,891	)		—			—			(197,236	)		(553,717	)		(116,755	)		(343,247	)
	Retail Class		(6,412,661	)		(4,802,177	)		(123,754	)		(206,215	)		—			—			(35,806	)		(165,478	)		(89,163	)		(201,573	)
	Class W†		(24,556,596	)		(570,754	)		(17,983,414	)		(28,398	)		(43,180,522	)		(218,751	)		(11,112,553	)		(159,584	)		—			—
Net increase (decrease) from shareholder transactions			40,879,546			9,702,937			4,126,010			18,469,201			16,643,421			17,871,527			7,182,624			14,545,221			17,441,955			1,594,923

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

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

Financial highlights

TIAA-CREF Funds

				Selected per share data
						Gain (loss) from investment operations
									Net realized															Net
	For the			Net asset		Net			and unrealized			Total gain			Less distributions from						Total			asset
	period			value,		investment			gain (loss)			(loss) from			Net			Net			dividends			value,
	or year			beginning		income			on total			investment			investment			realized			and			end of
	ended			of period		(loss		)a	investments			operations			income			gains			distributions			period
GROWTH & INCOME FUND
Institutional Class:		10/31/19			$14.44		$ 0.21			$ 1.20			$ 1.41			$(0.18	)		$(1.04	)		$(1.22	)		$14.63
		10/31/18			14.34		0.17			0.62			0.79			(0.15	)		(0.54	)		(0.69	)		14.44
		10/31/17			11.76		0.15			2.80			2.95			(0.16	)		(0.21	)		(0.37	)		14.34
		10/31/16			12.50		0.16			0.08			0.24			(0.16	)		(0.82	)		(0.98	)		11.76
		10/31/15			12.96		0.13			0.65			0.78			(0.14	)		(1.10	)		(1.24	)		12.50
Advisor Class:		10/31/19			14.45		0.20			1.19			1.39			(0.16	)		(1.04	)		(1.20	)		14.64
		10/31/18			14.34		0.15			0.64			0.79			(0.14	)		(0.54	)		(0.68	)		14.45
		10/31/17			11.77		0.13			2.80			2.93			(0.15	)		(0.21	)		(0.36	)		14.34
		10/31/16	‡		12.71		0.14			(0.11	)		0.03			(0.15	)		(0.82	)		(0.97	)		11.77
Premier Class:		10/31/19			14.45		0.19			1.20			1.39			(0.15	)		(1.04	)		(1.19	)		14.65
		10/31/18			14.35		0.14			0.63			0.77			(0.13	)		(0.54	)		(0.67	)		14.45
		10/31/17			11.77		0.13			2.80			2.93			(0.14	)		(0.21	)		(0.35	)		14.35
		10/31/16			12.51		0.14			0.09			0.23			(0.15	)		(0.82	)		(0.97	)		11.77
		10/31/15			12.96		0.12			0.65			0.77			(0.12	)		(1.10	)		(1.22	)		12.51
Retirement Class:		10/31/19			14.69		0.18			1.22			1.40			(0.14	)		(1.04	)		(1.18	)		14.91
		10/31/18			14.57		0.13			0.64			0.77			(0.11	)		(0.54	)		(0.65	)		14.69
		10/31/17			11.95		0.12			2.84			2.96			(0.13	)		(0.21	)		(0.34	)		14.57
		10/31/16			12.68		0.13			0.09			0.22			(0.13	)		(0.82	)		(0.95	)		11.95
		10/31/15			13.13		0.11			0.65			0.76			(0.11	)		(1.10	)		(1.21	)		12.68
Retail Class:		10/31/19			19.30		0.23			1.65			1.88			(0.12	)		(1.04	)		(1.16	)		20.02
		10/31/18			18.94		0.16			0.83			0.99			(0.09	)		(0.54	)		(0.63	)		19.30
		10/31/17			15.43		0.15			3.68			3.83			(0.11	)		(0.21	)		(0.32	)		18.94
		10/31/16			16.08		0.16			0.13			0.29			(0.12	)		(0.82	)		(0.94	)		15.43
		10/31/15			16.31		0.12			0.84			0.96			(0.09	)		(1.10	)		(1.19	)		16.08
Class W:		10/31/19			14.45		0.27			1.19			1.46			(0.23	)		(1.04	)		(1.27	)		14.64
		10/31/18	†		15.93		0.01			(1.49	)		(1.48	)		—			—			—			14.45
LARGE-CAP GROWTH FUND
Institutional Class:		10/31/19			21.42		0.11			2.37			2.48			(0.12	)		(2.35	)		(2.47	)		21.43
		10/31/18			20.08		0.12			2.08			2.20			(0.10	)		(0.76	)		(0.86	)		21.42
		10/31/17			15.70		0.11			4.55			4.66			(0.09	)		(0.19	)		(0.28	)		20.08
		10/31/16			16.37		0.08			(0.15	)		(0.07	)		(0.06	)		(0.54	)		(0.60	)		15.70
		10/31/15			16.61		0.05			1.59			1.64			(0.05	)		(1.83	)		(1.88	)		16.37
Advisor Class:		10/31/19			21.40		0.10			2.37			2.47			(0.11	)		(2.35	)		(2.46	)		21.41
		10/31/18			20.06		0.06			2.11			2.17			(0.07	)		(0.76	)		(0.83	)		21.40
		10/31/17			15.70		0.06			4.58			4.64			(0.09	)		(0.19	)		(0.28	)		20.06
		10/31/16	‡		16.72		0.06			(0.48	)		(0.42	)		(0.06	)		(0.54	)		(0.60	)		15.70
Premier Class:		10/31/19			21.37		0.08			2.37			2.45			(0.07	)		(2.35	)		(2.42	)		21.40
		10/31/18			20.04		0.08			2.08			2.16			(0.07	)		(0.76	)		(0.83	)		21.37
		10/31/17			15.67		0.08			4.55			4.63			(0.07	)		(0.19	)		(0.26	)		20.04
		10/31/16			16.35		0.06			(0.16	)		(0.10	)		(0.04	)		(0.54	)		(0.58	)		15.67
		10/31/15			16.58		0.02			1.61			1.63			(0.03	)		(1.83	)		(1.86	)		16.35
Retirement Class:		10/31/19			21.27		0.06			2.36			2.42			(0.07	)		(2.35	)		(2.42	)		21.27
		10/31/18			19.94		0.05			2.08			2.13			(0.04	)		(0.76	)		(0.80	)		21.27
		10/31/17			15.58		0.06			4.53			4.59			(0.04	)		(0.19	)		(0.23	)		19.94
		10/31/16			16.28		0.03			(0.15	)		(0.12	)		(0.04	)		(0.54	)		(0.58	)		15.58
		10/31/15			16.52		0.01			1.58			1.59			—			(1.83	)		(1.83	)		16.28
Retail Class:		10/31/19			21.33		0.05			2.36			2.41			(0.05	)		(2.35	)		(2.40	)		21.34
		10/31/18			20.00		0.05			2.08			2.13			(0.04	)		(0.76	)		(0.80	)		21.33
		10/31/17			15.63		0.05			4.55			4.60			(0.04	)		(0.19	)		(0.23	)		20.00
		10/31/16			16.31		0.03			(0.16	)		(0.13	)		(0.01	)		(0.54	)		(0.55	)		15.63
		10/31/15			16.55		0.00	d		1.59			1.59			—			(1.83	)		(1.83	)		16.31
Class W:		10/31/19			21.43		0.19			2.37			2.56			(0.14	)		(2.35	)		(2.49	)		21.50
		10/31/18	†		23.77		0.01			(2.35	)		(2.34	)		—			—			—			21.43

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

										Ratios and supplemental data
													Ratios to average net assets
							Total															Net investment
	For the						return															income (loss)
	period						excluding			Net assets at									Net			excluding			Portfolio
	or year			Total			payment from			end of period			Gross			Net			investment			payment from			turnover
	ended			return			affiliates		u	(in thousands		)	expenses			expenses			income (loss		)	affiliates		u	rate
GROWTH & INCOME FUND
Institutional Class:		10/31/19			10.94	%		10.93	%		$1,409,853			0.41	%		0.40	%		1.51	%		1.50	%		68	%
		10/31/18			5.61			5.60			1,688,858			0.40			0.40			1.11			1.11			59
		10/31/17			25.52			25.51			4,794,249			0.41			0.41			1.16			1.16			76
		10/31/16			2.32			2.28			3,686,969			0.42			0.42			1.36			1.31			83
		10/31/15			6.74			6.74			3,078,681			0.43			0.43			1.08			1.08			90
Advisor Class:		10/31/19			10.83			10.82			2,075			0.51			0.50			1.44			1.43			68
		10/31/18			5.56			5.55			437			0.50			0.50			0.98			0.97			59
		10/31/17			25.32			25.31			422			0.54			0.54			1.00			0.99			76
		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:		10/31/19			10.74			10.73			44,314			0.56			0.55			1.34			1.33			68
		10/31/18			5.52			5.51			132,573			0.55			0.55			0.94			0.93			59
		10/31/17			25.31			25.30			147,754			0.56			0.56			1.03			1.02			76
		10/31/16			2.16			2.12			139,939			0.57			0.57			1.22			1.18			83
		10/31/15			6.65			6.65			166,799			0.58			0.58			0.94			0.94			90
Retirement Class:		10/31/19			10.67			10.66			497,202			0.66			0.65			1.27			1.26			68
		10/31/18			5.39			5.38			553,819			0.65			0.65			0.83			0.83			59
		10/31/17			25.14			25.13			609,643			0.66			0.66			0.92			0.91			76
		10/31/16			2.11			2.07			538,718			0.67			0.67			1.12			1.08			83
		10/31/15			6.45			6.45			623,557			0.68			0.68			0.84			0.84			90
Retail Class:		10/31/19			10.60			10.59			1,199,088			0.70			0.69			1.23			1.23			68
		10/31/18			5.32			5.31			1,162,488			0.69			0.69			0.79			0.79			59
		10/31/17			25.11			25.10			1,164,448			0.70			0.70			0.87			0.86			76
		10/31/16			2.05			2.01			969,135			0.72			0.72			1.06			1.02			83
		10/31/15			6.43			6.43			997,931			0.73			0.73			0.78			0.78			90
Class W:		10/31/19			11.39			11.38			3,363,807			0.41			0.00			1.93			1.92			68
		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
LARGE-CAP GROWTH FUND
Institutional Class:		10/31/19			13.60			13.59			1,333,235			0.42			0.41			0.54			0.53			97
		10/31/18			11.30			11.29			1,122,258			0.41			0.41			0.55			0.55			90
		10/31/17			30.19			30.18			3,589,896			0.43			0.43			0.60			0.60			94
		10/31/16			(0.37	)		(0.40	)		2,709,979			0.43			0.43			0.51			0.49			86
		10/31/15			11.14			11.14			2,518,469			0.44			0.44			0.32			0.32			80
Advisor Class:		10/31/19			13.55			13.54			2,995			0.50			0.50			0.48			0.47			97
		10/31/18			11.19			11.18			7,303			0.52			0.52			0.26			0.26			90
		10/31/17			30.02			30.01			2,129			0.65			0.58			0.37			0.36			94
		10/31/16	‡		(2.47	)b		(2.50	)b		122			0.46	c		0.46	c		0.45	c		0.42	c		86
Premier Class:		10/31/19			13.45			13.44			19,839			0.57			0.56			0.39			0.38			97
		10/31/18			11.11			11.10			19,249			0.57			0.57			0.38			0.38			90
		10/31/17			30.00			29.99			44,550			0.58			0.58			0.47			0.46			94
		10/31/16			(0.55	)		(0.58	)		43,732			0.58			0.58			0.36			0.34			86
		10/31/15			11.06			11.06			37,977			0.59			0.59			0.14			0.14			80
Retirement Class:		10/31/19			13.35			13.34			309,694			0.66			0.66			0.30			0.29			97
		10/31/18			11.03			11.02			343,094			0.67			0.67			0.25			0.25			90
		10/31/17			29.83			29.82			229,758			0.72			0.72			0.34			0.33			94
		10/31/16			(0.71	)		(0.74	)		249,606			0.78			0.77			0.17			0.14			86
		10/31/15			10.83			10.83			145,672			0.70			0.70			0.07			0.07			80
Retail Class:		10/31/19			13.25			13.24			991,814			0.71			0.71			0.24			0.24			97
		10/31/18			10.97			10.96			986,875			0.72			0.72			0.22			0.21			90
		10/31/17			29.84			29.83			943,267			0.75			0.75			0.26			0.26			94
		10/31/16			(0.76	)		(0.78	)		629,391			0.76			0.76			0.19			0.16			86
		10/31/15			10.81			10.81			653,677			0.78			0.78			(0.01	)		(0.01	)		80
Class W:		10/31/19			14.11			14.10			3,050,002			0.41			0.00			0.95			0.94			97
		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

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

Financial highlights

TIAA-CREF Funds

				Selected per share data
						Gain (loss) from investment operations
									Net realized															Net
	For the			Net asset		Net			and unrealized			Total gain			Less distributions from						Total			asset
	period			value,		investment			gain (loss)			(loss) from			Net			Net			dividends			value,
	or year			beginning		income			on total			investment			investment			realized			and			end of
	ended			of period		(loss		)a	investments			operations			income			gains			distributions			period
LARGE-CAP VALUE FUND
Institutional Class:		10/31/19			$17.98		$ 0.34			$ 1.23			$ 1.57			$(0.34	)		$(1.53	)		$(1.87	)		$17.68
		10/31/18			19.56		0.33			(0.64	)		(0.31	)		(0.28	)		(0.99	)		(1.27	)		17.98
		10/31/17			17.31		0.30			2.73			3.03			(0.33	)		(0.45	)		(0.78	)		19.56
		10/31/16			17.59		0.31			0.62			0.93			(0.24	)		(0.97	)		(1.21	)		17.31
		10/31/15			18.64		0.24			(0.11	)		0.13			(0.33	)		(0.85	)		(1.18	)		17.59
Advisor Class:		10/31/19			17.97		0.33			1.23			1.56			(0.33	)		(1.53	)		(1.86	)		17.67
		10/31/18			19.54		0.32			(0.63	)		(0.31	)		(0.27	)		(0.99	)		(1.26	)		17.97
		10/31/17			17.31		0.28			2.72			3.00			(0.32	)		(0.45	)		(0.77	)		19.54
		10/31/16	‡		17.69		0.26			0.57			0.83			(0.24	)		(0.97	)		(1.21	)		17.31
Premier Class:		10/31/19			17.92		0.32			1.22			1.54			(0.30	)		(1.53	)		(1.83	)		17.63
		10/31/18			19.50		0.30			(0.64	)		(0.34	)		(0.25	)		(0.99	)		(1.24	)		17.92
		10/31/17			17.26		0.27			2.72			2.99			(0.30	)		(0.45	)		(0.75	)		19.50
		10/31/16			17.53		0.28			0.64			0.92			(0.22	)		(0.97	)		(1.19	)		17.26
		10/31/15			18.59		0.22			(0.13	)		0.09			(0.30	)		(0.85	)		(1.15	)		17.53
Retirement Class:		10/31/19			17.88		0.30			1.23			1.53			(0.28	)		(1.53	)		(1.81	)		17.60
		10/31/18			19.46		0.28			(0.64	)		(0.36	)		(0.23	)		(0.99	)		(1.22	)		17.88
		10/31/17			17.23		0.25			2.71			2.96			(0.28	)		(0.45	)		(0.73	)		19.46
		10/31/16			17.50		0.26			0.64			0.90			(0.20	)		(0.97	)		(1.17	)		17.23
		10/31/15			18.55		0.20			(0.12	)		0.08			(0.28	)		(0.85	)		(1.13	)		17.50
Retail Class:		10/31/19			17.22		0.28			1.17			1.45			(0.30	)		(1.53	)		(1.83	)		16.84
		10/31/18			18.78		0.26			(0.61	)		(0.35	)		(0.22	)		(0.99	)		(1.21	)		17.22
		10/31/17			16.66		0.23			2.61			2.84			(0.27	)		(0.45	)		(0.72	)		18.78
		10/31/16			16.96		0.25			0.61			0.86			(0.19	)		(0.97	)		(1.16	)		16.66
		10/31/15			18.01		0.18			(0.11	)		0.07			(0.27	)		(0.85	)		(1.12	)		16.96
Class W:		10/31/19			17.98		0.40			1.25			1.65			(0.36	)		(1.53	)		(1.89	)		17.74
		10/31/18	†		19.54		0.02			(1.58	)		(1.56	)		—			—			—			17.98
MID-CAP GROWTH FUND
Institutional Class:		10/31/19			22.29		0.04			2.90			2.94			(0.08	)		(2.94	)		(3.02	)		22.21
		10/31/18			24.00		0.09			0.46			0.55			(0.13	)		(2.13	)		(2.26	)		22.29
		10/31/17			19.07		0.14			4.89			5.03			(0.10	)		—			(0.10	)		24.00
		10/31/16			21.47		0.08			(0.77	)		(0.69	)		(0.04	)		(1.67	)		(1.71	)		19.07
		10/31/15			24.31		0.05			0.67			0.72			(0.11	)		(3.45	)		(3.56	)		21.47
Advisor Class:		10/31/19			22.28		0.03			2.90			2.93			(0.07	)		(2.94	)		(3.01	)		22.20
		10/31/18			23.99		0.08			0.45			0.53			(0.11	)		(2.13	)		(2.24	)		22.28
		10/31/17			19.07		0.12			4.90			5.02			(0.10	)		—			(0.10	)		23.99
		10/31/16	‡		21.70		0.07			(0.99	)		(0.92	)		(0.04	)		(1.67	)		(1.71	)		19.07
Premier Class:		10/31/19			22.14		0.01			2.89			2.90			(0.05	)		(2.94	)		(2.99	)		22.05
		10/31/18			23.85		0.05			0.46			0.51			(0.09	)		(2.13	)		(2.22	)		22.14
		10/31/17			18.95		0.11			4.86			4.97			(0.07	)		—			(0.07	)		23.85
		10/31/16			21.34		0.05			(0.76	)		(0.71	)		(0.01	)		(1.67	)		(1.68	)		18.95
		10/31/15			24.18		0.01			0.67			0.68			(0.07	)		(3.45	)		(3.52	)		21.34
Retirement Class:		10/31/19			21.63		(0.01	)		2.81			2.80			(0.02	)		(2.94	)		(2.96	)		21.47
		10/31/18			23.35		0.03			0.45			0.48			(0.07	)		(2.13	)		(2.20	)		21.63
		10/31/17			18.55		0.08			4.77			4.85			(0.05	)		—			(0.05	)		23.35
		10/31/16			20.94		0.03			(0.75	)		(0.72	)		—			(1.67	)		(1.67	)		18.55
		10/31/15			23.79		(0.01	)		0.66			0.65			(0.05	)		(3.45	)		(3.50	)		20.94
Retail Class:		10/31/19			21.60		(0.02	)		2.81			2.79			(0.01	)		(2.94	)		(2.95	)		21.44
		10/31/18			23.32		0.01			0.46			0.47			(0.06	)		(2.13	)		(2.19	)		21.60
		10/31/17			18.53		0.06			4.77			4.83			(0.04	)		—			(0.04	)		23.32
		10/31/16			20.93		0.02			(0.75	)		(0.73	)		—			(1.67	)		(1.67	)		18.53
		10/31/15			23.78		(0.02	)		0.65			0.63			(0.03	)		(3.45	)		(3.48	)		20.93

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

continued

										Ratios and supplemental data
													Ratios to average net assets
							Total															Net investment
	For the						return															income (loss)
	period						excluding			Net assets at									Net			excluding			Portfolio
	or year			Total			payment from			end of period			Gross			Net			investment			payment from			turnover
	ended			return			affiliates		u	(in thousands		)	expenses			expenses			income (loss		)	affiliates		u	rate
LARGE-CAP VALUE FUND
Institutional Class:		10/31/19			10.23	%		10.22	%		$1,922,604			0.41	%		0.39	%		2.06	%		2.05	%		79	%
		10/31/18			(1.84	)		(1.85	)		2,427,959			0.40			0.39			1.73			1.73			53
		10/31/17			17.77			17.76			5,558,748			0.40			0.40			1.59			1.58			53
		10/31/16			6.02			5.97			4,399,435			0.41			0.39			1.86			1.81			62
		10/31/15			0.83			0.83			4,091,753			0.42			0.41			1.35			1.35			61
Advisor Class:		10/31/19			10.17			10.16			181			0.45			0.43			2.00			1.99			79
		10/31/18			(1.85	)		(1.86	)		171			0.46			0.45			1.66			1.65			53
		10/31/17			17.64			17.63			182			0.47			0.47			1.51			1.50			53
		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:		10/31/19			10.10			10.09			130,723			0.56			0.54			1.92			1.91			79
		10/31/18			(2.01	)		(2.02	)		209,131			0.55			0.55			1.56			1.56			53
		10/31/17			17.59			17.58			291,951			0.55			0.55			1.46			1.45			53
		10/31/16			5.93			5.89			284,476			0.56			0.54			1.72			1.68			62
		10/31/15			0.62			0.62			359,857			0.57			0.56			1.20			1.20			61
Retirement Class:		10/31/19			10.03			10.02			579,719			0.66			0.64			1.82			1.81			79
		10/31/18			(2.11	)		(2.12	)		750,194			0.65			0.65			1.46			1.46			53
		10/31/17			17.46			17.45			1,007,357			0.65			0.65			1.35			1.34			53
		10/31/16			5.80			5.75			920,779			0.66			0.64			1.61			1.57			62
		10/31/15			0.53			0.53			970,460			0.67			0.66			1.11			1.11			61
Retail Class:		10/31/19			9.92			9.91			132,317			0.72			0.70			1.75			1.74			79
		10/31/18			(2.13	)		(2.14	)		130,587			0.71			0.70			1.41			1.40			53
		10/31/17			17.35			17.34			147,343			0.72			0.71			1.29			1.28			53
		10/31/16			5.74			5.69			132,362			0.73			0.70			1.55			1.50			62
		10/31/15			0.51			0.51			133,294			0.74			0.72			1.04			1.04			61
Class W:		10/31/19			10.66			10.65			2,900,604			0.41			0.00			2.43			2.43			79
		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
MID-CAP GROWTH FUND
Institutional Class:		10/31/19			15.93			15.92			761,182			0.48			0.48			0.20			0.19			81
		10/31/18			2.29			2.28			759,278			0.47			0.47			0.37			0.37			70
		10/31/17			26.48			26.47			912,465			0.47			0.47			0.63			0.62			71
		10/31/16			(3.22	)		(3.24	)		787,520			0.47			0.47			0.41			0.39			69
		10/31/15			3.61			3.61			948,072			0.47			0.47			0.20			0.20			104
Advisor Class:		10/31/19			15.87			15.86			214			0.54			0.54			0.14			0.13			81
		10/31/18			2.22			2.21			160			0.52			0.52			0.32			0.31			70
		10/31/17			26.41			26.40			160			0.54			0.54			0.55			0.54			71
		10/31/16	‡		(4.26	)b		(4.28	)b		98			0.49	c		0.49	c		0.39	c		0.36	c		69
Premier Class:		10/31/19			15.70			15.69			52,210			0.63			0.63			0.06			0.05			81
		10/31/18			2.13			2.12			71,504			0.62			0.62			0.22			0.22			70
		10/31/17			26.30			26.29			94,517			0.62			0.62			0.50			0.49			71
		10/31/16			(3.35	)		(3.37	)		107,194			0.62			0.62			0.27			0.25			69
		10/31/15			3.44			3.44			136,135			0.62			0.62			0.05			0.05			104
Retirement Class:		10/31/19			15.61			15.60			350,839			0.73			0.73			(0.05	)		(0.06	)		81
		10/31/18			2.04			2.03			352,638			0.72			0.72			0.12			0.11			70
		10/31/17			26.20			26.19			401,947			0.72			0.72			0.39			0.38			71
		10/31/16			(3.48	)		(3.50	)		367,160			0.72			0.72			0.16			0.14			69
		10/31/15			3.32			3.32			470,864			0.72			0.72			(0.04	)		(0.04	)		104
Retail Class:		10/31/19			15.56			15.55			198,852			0.78			0.78			(0.10	)		(0.11	)		81
		10/31/18			1.99			1.98			179,846			0.77			0.77			0.06			0.05			70
		10/31/17			26.10			26.09			181,568			0.80			0.80			0.30			0.29			71
		10/31/16			(3.54	)		(3.56	)		154,928			0.78			0.78			0.10			0.08			69
		10/31/15			3.27			3.27			180,387			0.78			0.78			(0.11	)		(0.11	)		104

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

Financial highlights

TIAA-CREF Funds

				Selected per share data
						Gain (loss) from investment operations
									Net realized															Net
	For the			Net asset		Net			and unrealized			Total gain			Less distributions from						Total			asset
	period			value,		investment			gain (loss)			(loss) from			Net			Net			dividends			value,
	or year			beginning		income			on total			investment			investment			realized			and			end of
	ended			of period		(loss		)a	investments			operations			income			gains			distributions			period
MID-CAP VALUE FUND
Institutional Class:		10/31/19			$22.30		$ 0.43			$ 0.87			$ 1.30			$(0.41	)		$(2.79	)		$(3.20	)		$20.40
		10/31/18			24.81		0.39			(0.83	)		(0.44	)		(0.40	)		(1.67	)		(2.07	)		22.30
		10/31/17			22.16		0.37			3.34			3.71			(0.41	)		(0.65	)		(1.06	)		24.81
		10/31/16			23.57		0.37			0.61			0.98			(0.33	)		(2.06	)		(2.39	)		22.16
		10/31/15			24.98		0.33			(0.27	)		0.06			(0.35	)		(1.12	)		(1.47	)		23.57
Advisor Class:		10/31/19			22.28		0.43			0.84			1.27			(0.39	)		(2.79	)		(3.18	)		20.37
		10/31/18			24.77		0.36			(0.81	)		(0.45	)		(0.37	)		(1.67	)		(2.04	)		22.28
		10/31/17			22.15		0.32			3.35			3.67			(0.40	)		(0.65	)		(1.05	)		24.77
		10/31/16	‡		23.48		0.31			0.75			1.06			(0.33	)		(2.06	)		(2.39	)		22.15
Premier Class:		10/31/19			22.24		0.39			0.86			1.25			(0.36	)		(2.79	)		(3.15	)		20.34
		10/31/18			24.73		0.35			(0.81	)		(0.46	)		(0.36	)		(1.67	)		(2.03	)		22.24
		10/31/17			22.10		0.34			3.31			3.65			(0.37	)		(0.65	)		(1.02	)		24.73
		10/31/16			23.51		0.34			0.61			0.95			(0.30	)		(2.06	)		(2.36	)		22.10
		10/31/15			24.91		0.29			(0.26	)		0.03			(0.31	)		(1.12	)		(1.43	)		23.51
Retirement Class:		10/31/19			22.14		0.38			0.85			1.23			(0.34	)		(2.79	)		(3.13	)		20.24
		10/31/18			24.63		0.32			(0.81	)		(0.49	)		(0.33	)		(1.67	)		(2.00	)		22.14
		10/31/17			22.01		0.31			3.31			3.62			(0.35	)		(0.65	)		(1.00	)		24.63
		10/31/16			23.41		0.32			0.61			0.93			(0.27	)		(2.06	)		(2.33	)		22.01
		10/31/15			24.81		0.27			(0.28	)		(0.01	)		(0.27	)		(1.12	)		(1.39	)		23.41
Retail Class:		10/31/19			21.70		0.36			0.83			1.19			(0.34	)		(2.79	)		(3.13	)		19.76
		10/31/18			24.19		0.31			(0.81	)		(0.50	)		(0.32	)		(1.67	)		(1.99	)		21.70
		10/31/17			21.63		0.29			3.26			3.55			(0.34	)		(0.65	)		(0.99	)		24.19
		10/31/16			23.05		0.30			0.60			0.90			(0.26	)		(2.06	)		(2.32	)		21.63
		10/31/15			24.46		0.25			(0.26	)		(0.01	)		(0.28	)		(1.12	)		(1.40	)		23.05
QUANT LARGE-CAP GROWTH FUND
Institutional Class:		10/31/19			14.26		0.16			1.54			1.70			(0.17	)		(1.02	)		(1.19	)		14.77
		10/31/18			13.90		0.16			1.10			1.26			(0.16	)		(0.74	)		(0.90	)		14.26
		10/31/17			11.14		0.16			3.07			3.23			(0.18	)		(0.29	)		(0.47	)		13.90
		10/31/16			12.12		0.16			0.10			0.26			(0.13	)		(1.11	)		(1.24	)		11.14
		10/31/15			12.19		0.12			0.98			1.10			(0.14	)		(1.03	)		(1.17	)		12.12
Advisor Class:		10/31/19			14.26		0.15			1.54			1.69			(0.14	)		(1.02	)		(1.16	)		14.79
		10/31/18			13.89		0.15			1.11			1.26			(0.15	)		(0.74	)		(0.89	)		14.26
		10/31/17			11.14		0.14			3.08			3.22			(0.18	)		(0.29	)		(0.47	)		13.89
		10/31/16	‡		12.28		0.14			(0.04	)		0.10			(0.13	)		(1.11	)		(1.24	)		11.14
Class W:		10/31/19			14.26		0.20			1.55			1.75			(0.18	)		(1.02	)		(1.20	)		14.81
		10/31/18	†		15.65		0.01			(1.40	)		(1.39	)		—			—			—			14.26
QUANT LARGE-CAP VALUE FUND
Institutional Class:		10/31/19			10.04		0.25			0.51			0.76			(0.23	)		(0.24	)		(0.47	)		10.33
		10/31/18			10.57		0.24			(0.08	)		0.16			(0.21	)		(0.48	)		(0.69	)		10.04
		10/31/17			9.61		0.20			1.48			1.68			(0.22	)		(0.50	)		(0.72	)		10.57
		10/31/16			10.12		0.21			0.14			0.35			(0.23	)		(0.63	)		(0.86	)		9.61
		10/31/15			11.18		0.23			(0.11	)		0.12			(0.18	)		(1.00	)		(1.18	)		10.12
Advisor Class:		10/31/19			10.02		0.23			0.52			0.75			(0.23	)		(0.24	)		(0.47	)		10.30
		10/31/18			10.56		0.19			(0.05	)		0.14			(0.20	)		(0.48	)		(0.68	)		10.02
		10/31/17			9.61		0.20			1.47			1.67			(0.22	)		(0.50	)		(0.72	)		10.56
		10/31/16	‡		10.18		0.20			0.09			0.29			(0.23	)		(0.63	)		(0.86	)		9.61
Class W:		10/31/19			10.05		0.28			0.51			0.79			(0.24	)		(0.24	)		(0.48	)		10.36
		10/31/18	†		10.64		0.01			(0.60	)		(0.59	)		—			—			—			10.05

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

continued

										Ratios and supplemental data
													Ratios to average net assets
							Total															Net investment
	For the						return															income (loss)
	period						excluding			Net assets at									Net			excluding			Portfolio
	or year			Total			payment from			end of period			Gross			Net			investment			payment from			turnover
	ended			return			affiliates		u	(in thousands		)	expenses			expenses			income (loss		)	affiliates		u	rate
MID-CAP VALUE FUND
Institutional Class:		10/31/19			7.32	%		7.31	%		$1,881,808			0.44	%		0.40	%		2.17	%		2.16	%		81	%
		10/31/18			(2.12	)		(2.13	)		2,312,195			0.42			0.39			1.62			1.62			25
		10/31/17			17.03			17.03			2,926,270			0.41			0.39			1.57			1.56			26
		10/31/16			5.21			5.17			3,225,705			0.41			0.37			1.74			1.70			43
		10/31/15			0.27			0.27			3,357,973			0.42			0.39			1.34			1.34			39
Advisor Class:		10/31/19			7.18			7.17			879			0.54			0.49			2.22			2.21			81
		10/31/18			(2.17	)		(2.18	)		372			0.51			0.48			1.53			1.52			25
		10/31/17			16.87			16.87			330			0.56			0.53			1.35			1.35			26
		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:		10/31/19			7.11			7.10			124,254			0.59			0.55			1.98			1.97			81
		10/31/18			(2.21	)		(2.22	)		207,370			0.57			0.54			1.46			1.45			25
		10/31/17			16.81			16.81			320,095			0.56			0.54			1.42			1.41			26
		10/31/16			5.09			5.05			368,739			0.56			0.52			1.61			1.57			43
		10/31/15			0.10			0.10			394,843			0.57			0.54			1.20			1.20			39
Retirement Class:		10/31/19			7.01			7.00			590,795			0.69			0.65			1.92			1.91			81
		10/31/18			(2.33	)		(2.34	)		716,431			0.67			0.64			1.37			1.36			25
		10/31/17			16.73			16.73			978,517			0.66			0.64			1.30			1.30			26
		10/31/16			4.97			4.93			1,031,502			0.66			0.62			1.49			1.46			43
		10/31/15			0.00			0.00			1,096,242			0.67			0.64			1.10			1.10			39
Retail Class:		10/31/19			6.96			6.95			230,989			0.74			0.70			1.89			1.88			81
		10/31/18			(2.40	)		(2.41	)		243,079			0.72			0.69			1.32			1.31			25
		10/31/17			16.70			16.70			286,550			0.71			0.68			1.25			1.25			26
		10/31/16			4.90			4.86			276,022			0.71			0.67			1.45			1.41			43
		10/31/15			(0.02	)		(0.02	)		296,484			0.71			0.69			1.05			1.05			39
QUANT LARGE-CAP GROWTH FUND
Institutional Class:		10/31/19			13.40			13.40			203,411			0.32			0.32			1.14			1.14			116
		10/31/18			9.45			9.45			166,416			0.32			0.30			1.12			1.12			84
		10/31/17			29.96			29.96			2,578,820			0.33			0.33			1.27			1.27			91
		10/31/16			2.68			2.68			2,047,308			0.34			0.34			1.44			1.44			121
		10/31/15			10.08			10.08			2,008,644			0.34			0.34			1.06			1.06			112
Advisor Class:		10/31/19			13.35			13.35			1,408			0.41			0.41			1.10			1.10			116
		10/31/18			9.47			9.47			1,551			0.43			0.41			1.04			1.04			84
		10/31/17			29.86			29.86			891			0.43			0.42			1.10			1.10			91
		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:		10/31/19			13.81			13.81			2,671,783			0.32			0.00			1.48			1.48			116
		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
QUANT LARGE-CAP VALUE FUND
Institutional Class:		10/31/19			8.05			8.05			128,229			0.32			0.32			2.57			2.57			146
		10/31/18			1.36			1.36			119,598			0.32			0.30			2.27			2.27			84
		10/31/17			18.04			18.04			2,476,119			0.33			0.33			2.03			2.03			99
		10/31/16			4.10			4.10			2,031,032			0.34			0.34			2.24			2.24			149
		10/31/15			1.34			1.34			1,894,653			0.35			0.35			2.26			2.26			89
Advisor Class:		10/31/19			7.93			7.93			538			0.42			0.42			2.38			2.38			146
		10/31/18			1.18			1.18			5,706			0.39			0.37			1.88			1.88			84
		10/31/17			17.92			17.92			135			0.40			0.40			1.96			1.96			99
		10/31/16‡			3.47	b		3.47	b		106			0.36	c		0.36	c		2.38	c		2.38	c		149
Class W:		10/31/19			8.35			8.35			2,537,786			0.32			0.00			2.85			2.85			146
		10/31/18	†		(5.55	)b		(5.55	)b		2,415,023			0.32	c		0.00	c		1.65	c		1.65	c		84

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

Financial highlights

TIAA-CREF Funds

			Selected per share data
					Gain (loss) from investment operations
								Net realized															Net
	For the		Net asset		Net			and unrealized			Total gain			Less distributions from						Total			asset
	period		value,		investment			gain (loss)			(loss) from			Net			Net			dividends			value,
	or year		beginning		income			on total			investment			investment			realized			and			end of
	ended			of period		(loss	)a		investments			operations			income			gains			distributions			period
QUANT SMALL-CAP EQUITY FUND
Institutional Class:	10/31/19			$18.77		$0.16			$ 0.55			$ 0.71			$(0.14	)		$(2.75	)		$(2.89	)		$16.59
	10/31/18			20.69		0.14			0.06			0.20			(0.16	)		(1.96	)		(2.12	)		18.77
	10/31/17			16.64		0.16			4.53			4.69			(0.17	)		(0.47	)		(0.64	)		20.69
	10/31/16			17.62		0.16			0.22			0.38			(0.13	)		(1.23	)		(1.36	)		16.64
	10/31/15			19.70		0.13			0.55			0.68			(0.14	)		(2.62	)		(2.76	)		17.62
Advisor Class:	10/31/19			18.75		0.15			0.53			0.68			(0.12	)		(2.75	)		(2.87	)		16.56
	10/31/18			20.67		0.11			0.08			0.19			(0.15	)		(1.96	)		(2.11	)		18.75
	10/31/17			16.63		0.13			4.55			4.68			(0.17	)		(0.47	)		(0.64	)		20.67
	10/31/16	‡		18.05		0.10			(0.16	)		(0.06	)		(0.13	)		(1.23	)		(1.36	)		16.63
Premier Class:	10/31/19			18.64		0.14			0.54			0.68			(0.10	)		(2.75	)		(2.85	)		16.47
	10/31/18			20.57		0.10			0.06			0.16			(0.13	)		(1.96	)		(2.09	)		18.64
	10/31/17			16.54		0.13			4.52			4.65			(0.15	)		(0.47	)		(0.62	)		20.57
	10/31/16			17.53		0.14			0.21			0.35			(0.11	)		(1.23	)		(1.34	)		16.54
	10/31/15			19.62		0.11			0.55			0.66			(0.13	)		(2.62	)		(2.75	)		17.53
Retirement Class:	10/31/19			18.27		0.12			0.52			0.64			(0.08	)		(2.75	)		(2.83	)		16.08
	10/31/18			20.20		0.08			0.06			0.14			(0.11	)		(1.96	)		(2.07	)		18.27
	10/31/17			16.26		0.11			4.43			4.54			(0.13	)		(0.47	)		(0.60	)		20.20
	10/31/16			17.25		0.12			0.21			0.33			(0.09	)		(1.23	)		(1.32	)		16.26
	10/31/15			19.36		0.09			0.54			0.63			(0.12	)		(2.62	)		(2.74	)		17.25
Retail Class:	10/31/19			18.08		0.12			0.50			0.62			(0.08	)		(2.75	)		(2.83	)		15.87
	10/31/18			20.00		0.07			0.07			0.14			(0.10	)		(1.96	)		(2.06	)		18.08
	10/31/17			16.11		0.10			4.39			4.49			(0.13	)		(0.47	)		(0.60	)		20.00
	10/31/16			17.10		0.11			0.21			0.32			(0.08	)		(1.23	)		(1.31	)		16.11
	10/31/15			19.22		0.07			0.54			0.61			(0.11	)		(2.62	)		(2.73	)		17.10
Class W:	10/31/19			18.77		0.23			0.55			0.78			(0.16	)		(2.75	)		(2.91	)		16.64
	10/31/18	†		20.86		(0.00	)d		(2.09	)		(2.09	)		—			—			—			18.77
QUANT SMALL/MID-CAP EQUITY FUND
Institutional Class:	10/31/19			12.43		0.11			1.08			1.19			(0.10	)		(1.23	)		(1.33	)		12.29
	10/31/18			12.38		0.13			0.60			0.73			(0.13	)		(0.55	)		(0.68	)		12.43
	10/31/17			9.63		0.10			2.67			2.77			(0.02	)		—			(0.02	)		12.38
	10/31/16	§		10.00		0.00	d		(0.37	)		(0.37	)		—			—			—			9.63
Advisor Class:	10/31/19			12.44		0.11			1.08			1.19			(0.09	)		(1.23	)		(1.32	)		12.31
	10/31/18			12.37		0.07			0.68			0.75			(0.13	)		(0.55	)		(0.68	)		12.44
	10/31/17			9.62		0.10			2.67			2.77			(0.02	)		—			(0.02	)		12.37
	10/31/16	§		10.00		0.02			(0.40	)		(0.38	)		—			—			—			9.62
Premier Class:	10/31/19			12.41		0.09			1.08			1.17			(0.08	)		(1.23	)		(1.31	)		12.27
	10/31/18			12.36		0.09			0.62			0.71			(0.11	)		(0.55	)		(0.66	)		12.41
	10/31/17			9.62		0.08			2.68			2.76			(0.02	)		—			(0.02	)		12.36
	10/31/16	§		10.00		0.02			(0.40	)		(0.38	)		—			—			—			9.62
Retirement Class:	10/31/19			12.39		0.08			1.07			1.15			(0.07	)		(1.23	)		(1.30	)		12.24
	10/31/18			12.34		0.07			0.63			0.70			(0.10	)		(0.55	)		(0.65	)		12.39
	10/31/17			9.62		0.06			2.68			2.74			(0.02	)		—			(0.02	)		12.34
	10/31/16	§		10.00		0.01			(0.39	)		(0.38	)		—			—			—			9.62
Retail Class:	10/31/19			12.37		0.07			1.06			1.13			(0.06	)		(1.23	)		(1.29	)		12.21
	10/31/18			12.32		0.06			0.63			0.69			(0.09	)		(0.55	)		(0.64	)		12.37
	10/31/17			9.62		0.05			2.66			2.71			(0.01	)		—			(0.01	)		12.32
	10/31/16	§		10.00		0.01			(0.39	)		(0.38	)		—			—			—			9.62
Class W:	10/31/19			12.44		0.17			1.07			1.24			(0.11	)		(1.23	)		(1.34	)		12.34
	10/31/18	†		13.81		(0.00	)d		(1.37	)		(1.37	)		—			—			—			12.44

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

continued

						Ratios and supplemental data
									Ratios to average net assets
	For the
	period					Net assets at									Net			Portfolio
	or year		Total			end of period			Gross			Net			investment			turnover
	ended			return			(in thousands	)		expenses			expenses			income (loss	)		rate
QUANT SMALL-CAP EQUITY FUND
Institutional Class:	10/31/19			5.34	%		$1,482,549			0.42	%		0.39	%		1.01	%		98	%
	10/31/18			0.85			1,728,014			0.41			0.40			0.68			87
	10/31/17			28.64			2,804,889			0.41			0.41			0.82			81
	10/31/16			2.59			2,102,479			0.42			0.42			1.01			86
	10/31/15			4.32			2,050,241			0.42			0.42			0.73			89
Advisor Class:	10/31/19			5.25			757			0.52			0.50			0.89			98
	10/31/18			0.84			2,770			0.48			0.47			0.58			87
	10/31/17			28.51			2,611			0.48			0.48			0.70			81
	10/31/16	‡		0.07	b		508			0.47	c		0.47	c		0.67	c		86
Premier Class:	10/31/19			5.28			114,749			0.57			0.54			0.85			98
	10/31/18			0.68			152,816			0.56			0.55			0.51			87
	10/31/17			28.46			180,112			0.56			0.56			0.70			81
	10/31/16			2.38			171,546			0.57			0.57			0.91			86
	10/31/15			4.19			182,699			0.57			0.57			0.60			89
Retirement Class:	10/31/19			5.14			440,064			0.67			0.64			0.76			98
	10/31/18			0.60			527,678			0.66			0.65			0.40			87
	10/31/17			28.29			641,915			0.66			0.66			0.58			81
	10/31/16			2.30			541,420			0.67			0.67			0.77			86
	10/31/15			4.09			545,870			0.67			0.67			0.49			89
Retail Class:	10/31/19			5.06			127,462			0.72			0.65			0.74			98
	10/31/18			0.62			146,385			0.71			0.67			0.38			87
	10/31/17			28.19			169,753			0.71			0.71			0.53			81
	10/31/16			2.26			125,084			0.73			0.73			0.69			86
	10/31/15			4.01			110,670			0.75			0.75			0.42			89
Class W:	10/31/19			5.78			778,275			0.42			0.00			1.40			98
	10/31/18	†		(10.02	)b		794,946			0.41	c		0.00	c		(0.30	)c		87
QUANT SMALL/MID-CAP EQUITY FUND
Institutional Class:	10/31/19			11.20			43,317			0.50			0.50			0.95			81
	10/31/18			6.02			34,106			0.50			0.50			1.01			64
	10/31/17			28.83			666,876			0.50			0.50			0.86			84
	10/31/16	§		(3.70	)b		370,391			1.58	c		0.53	c		0.18	c		2	b
Advisor Class:	10/31/19			11.18			244			0.54			0.54			0.94			81
	10/31/18			6.19			1,789			0.57			0.57			0.54			64
	10/31/17			28.81			1,290			0.50			0.50			0.87			84
	10/31/16	§		(3.80	)b		967			2.08	c		0.68	c		0.64	c		2	b
Premier Class:	10/31/19			11.04			123			0.66			0.66			0.80			81
	10/31/18			5.89			1,241			0.66			0.66			0.74			64
	10/31/17			28.68			1,236			0.64			0.64			0.73			84
	10/31/16	§		(3.80	)b		962			2.27	c		0.68	c		0.64	c		2	b
Retirement Class:	10/31/19			10.89			11,950			0.75			0.75			0.71			81
	10/31/18			5.83			10,728			0.76			0.76			0.57			64
	10/31/17			28.47			4,945			0.75			0.75			0.57			84
	10/31/16	§		(3.80	)b		1,165			2.35	c		0.78	c		0.52	c		2	b
Retail Class:	10/31/19			10.67			5,765			0.88			0.88			0.59			81
	10/31/18			5.77			5,699			0.88			0.87			0.48			64
	10/31/17			28.21			3,291			0.88			0.88			0.44			84
	10/31/16	§		(3.80	)b		1,127			3.15	c		0.92	c		0.38	c		2	b
Class W:	10/31/19			11.73			624,076			0.50			0.00			1.46			81
	10/31/18	†		(9.92	)b		593,204			0.52	c		0.00	c		(0.12	)c		64

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

Financial highlights

TIAA-CREF Funds

			Selected per share data
					Gain (loss) from investment operations
								Net realized															Net
	For the		Net asset		Net			and unrealized			Total gain			Less distributions from						Total			asset
	period		value,		investment			gain (loss)			(loss) from			Net			Net			dividends			value,
	or year		beginning		income			on total			investment			investment			realized			and			end of
	ended		of period		(loss		)a	investments			operations			income			gains			distributions			period
SOCIAL CHOICE EQUITY FUND
Institutional Class:	10/31/19			$19.40		$0.34			$ 2.25			$ 2.59			$(0.31	)		$(1.32	)		$(1.63	)		$20.36
	10/31/18			19.19		0.33			0.65			0.98			(0.31	)		(0.46	)		(0.77	)		19.40
	10/31/17			16.55		0.33			3.44			3.77			(0.39	)		(0.74	)		(1.13	)		19.19
	10/31/16			16.71		0.33			0.36			0.69			(0.30	)		(0.55	)		(0.85	)		16.55
	10/31/15			16.91		0.30			(0.07	)		0.23			(0.24	)		(0.19	)		(0.43	)		16.71
Advisor Class:	10/31/19			19.39		0.33			2.24			2.57			(0.30	)		(1.32	)		(1.62	)		20.34
	10/31/18			19.18		0.33			0.64			0.97			(0.30	)		(0.46	)		(0.76	)		19.39
	10/31/17			16.54		0.31			3.46			3.77			(0.39	)		(0.74	)		(1.13	)		19.18
	10/31/16	‡		16.78		0.29			0.32			0.61			(0.30	)		(0.55	)		(0.85	)		16.54
Premier Class:	10/31/19			19.33		0.31			2.23			2.54			(0.28	)		(1.32	)		(1.60	)		20.27
	10/31/18			19.11		0.30			0.66			0.96			(0.28	)		(0.46	)		(0.74	)		19.33
	10/31/17			16.49		0.31			3.42			3.73			(0.37	)		(0.74	)		(1.11	)		19.11
	10/31/16			16.65		0.31			0.35			0.66			(0.27	)		(0.55	)		(0.82	)		16.49
	10/31/15			16.86		0.28			(0.08	)		0.20			(0.22	)		(0.19	)		(0.41	)		16.65
Retirement Class:	10/31/19			19.67		0.30			2.27			2.57			(0.26	)		(1.32	)		(1.58	)		20.66
	10/31/18			19.44		0.29			0.66			0.95			(0.26	)		(0.46	)		(0.72	)		19.67
	10/31/17			16.75		0.29			3.49			3.78			(0.35	)		(0.74	)		(1.09	)		19.44
	10/31/16			16.90		0.30			0.35			0.65			(0.25	)		(0.55	)		(0.80	)		16.75
	10/31/15			17.10		0.26			(0.08	)		0.18			(0.19	)		(0.19	)		(0.38	)		16.90
Retail Class:	10/31/19			17.40		0.26			1.99			2.25			(0.26	)		(1.32	)		(1.58	)		18.07
	10/31/18			17.28		0.25			0.59			0.84			(0.26	)		(0.46	)		(0.72	)		17.40
	10/31/17			14.98		0.26			3.10			3.36			(0.32	)		(0.74	)		(1.06	)		17.28
	10/31/16			15.21		0.27			0.31			0.58			(0.26	)		(0.55	)		(0.81	)		14.98
	10/31/15			15.45		0.24			(0.08	)		0.16			(0.21	)		(0.19	)		(0.40	)		15.21
SOCIAL CHOICE LOW CARBON EQUITY FUND
Institutional Class:	10/31/19			12.77		0.22			1.64			1.86			(0.19	)		(0.51	)		(0.70	)		13.93
	10/31/18			12.50		0.20			0.36			0.56			(0.17	)		(0.12	)		(0.29	)		12.77
	10/31/17			10.35		0.20			2.27			2.47			(0.24	)		(0.08	)		(0.32	)		12.50
	10/31/16			9.92		0.23			0.25			0.48			(0.05	)		(0.00	)d		(0.05	)		10.35
	10/31/15	^		10.00		0.03			(0.11	)		(0.08	)		—			—			—			9.92
Advisor Class:	10/31/19			12.77		0.20			1.64			1.84			(0.18	)		(0.51	)		(0.69	)		13.92
	10/31/18			12.49		0.18			0.38			0.56			(0.16	)		(0.12	)		(0.28	)		12.77
	10/31/17			10.35		0.19			2.27			2.46			(0.24	)		(0.08	)		(0.32	)		12.49
	10/31/16	‡		10.01		0.21			0.18			0.39			(0.05	)		(0.00	)d		(0.05	)		10.35
Premier Class:	10/31/19			12.79		0.19			1.65			1.84			(0.17	)		(0.51	)		(0.68	)		13.95
	10/31/18			12.51		0.18			0.38			0.56			(0.16	)		(0.12	)		(0.28	)		12.79
	10/31/17			10.34		0.18			2.27			2.45			(0.20	)		(0.08	)		(0.28	)		12.51
	10/31/16			9.92		0.19			0.28			0.47			(0.05	)		(0.00	)d		(0.05	)		10.34
	10/31/15	^		10.00		0.03			(0.11	)		(0.08	)		—			—			—			9.92
Retirement Class:	10/31/19			12.72		0.18			1.64			1.82			(0.16	)		(0.51	)		(0.67	)		13.87
	10/31/18			12.46		0.16			0.37			0.53			(0.15	)		(0.12	)		(0.27	)		12.72
	10/31/17			10.33		0.18			2.25			2.43			(0.22	)		(0.08	)		(0.30	)		12.46
	10/31/16			9.91		0.23			0.24			0.47			(0.05	)		(0.00	)d		(0.05	)		10.33
	10/31/15	^		10.00		0.03			(0.12	)		(0.09	)		—			—			—			9.91
Retail Class:	10/31/19			12.72		0.17			1.65			1.82			(0.15	)		(0.51	)		(0.66	)		13.88
	10/31/18			12.46		0.15			0.38			0.53			(0.15	)		(0.12	)		(0.27	)		12.72
	10/31/17			10.33		0.17			2.25			2.42			(0.21	)		(0.08	)		(0.29	)		12.46
	10/31/16			9.91		0.20			0.26			0.46			(0.04	)		(0.00	)d		(0.04	)		10.33
	10/31/15	^		10.00		0.03			(0.12	)		(0.09	)		—			—			—			9.91

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

continued

						Ratios and supplemental data
									Ratios to average net assets
	For the
	period					Net assets at									Net			Portfolio
	or year		Total			end of period			Gross			Net			investment			turnover
	ended		return			(in thousands		)	expenses			expenses			income (loss		)	rate
SOCIAL CHOICE EQUITY FUND
Institutional Class:	10/31/19			14.83	%		$3,440,954			0.17	%		0.17	%		1.81	%		21	%
	10/31/18			5.17			2,595,050			0.17			0.17			1.69			29
	10/31/17			23.79			1,908,430			0.18			0.18			1.87			14
	10/31/16			4.52			1,443,910			0.19			0.19			2.08			16
	10/31/15			1.42			1,365,668			0.18			0.18			1.80			17
Advisor Class:	10/31/19			14.74			22,476			0.24			0.24			1.73			21
	10/31/18			5.15			12,595			0.22			0.22			1.64			29
	10/31/17			23.79			8,718			0.21			0.21			1.74			14
	10/31/16	‡		4.01	b		159			0.21	c		0.21	c		2.02	c		16
Premier Class:	10/31/19			14.62			95,411			0.33			0.33			1.66			21
	10/31/18			5.07			91,623			0.33			0.33			1.54			29
	10/31/17			23.58			70,679			0.33			0.33			1.75			14
	10/31/16			4.37			80,487			0.34			0.34			1.93			16
	10/31/15			1.22			77,865			0.32			0.32			1.66			17
Retirement Class:	10/31/19			14.48			674,563			0.42			0.42			1.55			21
	10/31/18			4.96			476,339			0.42			0.42			1.44			29
	10/31/17			23.50			393,452			0.43			0.43			1.63			14
	10/31/16			4.23			329,659			0.44			0.44			1.83			16
	10/31/15			1.13			342,134			0.43			0.43			1.56			17
Retail Class:	10/31/19			14.51			462,601			0.45			0.45			1.54			21
	10/31/18			4.93			447,785			0.45			0.45			1.42			29
	10/31/17			23.46			464,729			0.46			0.46			1.60			14
	10/31/16			4.20			427,545			0.46			0.46			1.83			16
	10/31/15			1.12			915,697			0.44			0.44			1.54			17
SOCIAL CHOICE LOW CARBON EQUITY FUND
Institutional Class:	10/31/19			15.52			89,166			0.41			0.32			1.67			27
	10/31/18			4.54			77,376			0.53			0.32			1.50			45
	10/31/17			24.33			62,732			0.62			0.32			1.72			16
	10/31/16			4.92			36,694			0.65			0.32			2.31			83
	10/31/15	^		(0.80	)b		28,426			3.77	c		0.32	c		1.57	c		1	b
Advisor Class:	10/31/19			15.33			1,132			0.52			0.43			1.52			27
	10/31/18			4.54			344			0.62			0.41			1.40			45
	10/31/17			24.21			190			0.71			0.40			1.66			16
	10/31/16	‡		3.94	b		117			0.67	c		0.34	c		2.37	c		83
Premier Class:	10/31/19			15.33			2,171			0.56			0.47			1.50			27
	10/31/18			4.46			714			0.69			0.47			1.34			45
	10/31/17			24.12			492			0.79			0.47			1.60			16
	10/31/16			4.76			353			0.82			0.47			1.92			83
	10/31/15	^		(0.80	)b		992			4.52	c		0.47	c		1.47	c		1	b
Retirement Class:	10/31/19			15.21			118,956			0.66			0.57			1.38			27
	10/31/18			4.26			22,392			0.78			0.57			1.24			45
	10/31/17			23.99			17,728			0.87			0.57			1.57			16
	10/31/16			4.75			6,575			0.91			0.57			2.29			83
	10/31/15	^		(0.90	)b		2,034			4.38	c		0.57	c		1.35			1	b
Retail Class:	10/31/19			15.21			15,561			0.73			0.64			1.36			27
	10/31/18			4.23			11,882			0.85			0.64			1.17			45
	10/31/17			23.81			7,983			0.97			0.67			1.45			16
	10/31/16			4.69			2,575			0.97			0.65			2.05			83
	10/31/15	^		(0.90	)b		1,513			4.72	c		0.71	c		1.22	c		1	b

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

Financial highlights

TIAA-CREF Funds

			Selected per share data
					Gain (loss) from investment operations
								Net realized															Net
	For the		Net asset		Net			and unrealized			Total gain			Less distributions from						Total			asset
	period		value,		investment			gain (loss)			(loss) from			Net			Net			dividends			value,
	or year		beginning		income			on total			investment			investment			realized			and			end of
	ended		of period		(loss		)a	investments			operations			income			gains			distributions			period
EMERGING MARKETS EQUITY FUND
Institutional Class:	10/31/19			$10.05		$0.18			$  1.75			$  1.93			$(0.05	)		$(0.39	)		$(0.44	)		$11.54
	10/31/18			12.87		0.11			(2.38	)		(2.27	)		(0.10	)		(0.45	)		(0.55	)		10.05
	10/31/17			9.66		0.11			3.18			3.29			(0.08	)		—			(0.08	)		12.87
	10/31/16			9.07		0.10			0.58			0.68			(0.09	)		—			(0.09	)		9.66
	10/31/15			10.78		0.12			(1.70	)		(1.58	)		(0.13	)		—			(0.13	)		9.07
Advisor Class:	10/31/19			10.05		0.17			1.76			1.93			(0.05	)		(0.39	)		(0.44	)		11.54
	10/31/18			12.86		0.04			(2.31	)		(2.27	)		(0.09	)		(0.45	)		(0.54	)		10.05
	10/31/17			9.65		0.11			3.18			3.29			(0.08	)		—			(0.08	)		12.86
	10/31/16	‡		8.87		0.10			0.77			0.87			(0.09	)		—			(0.09	)		9.65
Premier Class:	10/31/19			10.04		0.17			1.77			1.94			(0.04	)		(0.39	)		(0.43	)		11.55
	10/31/18			12.85		0.09			(2.38	)		(2.29	)		(0.07	)		(0.45	)		(0.52	)		10.04
	10/31/17			9.65		0.11			3.16			3.27			(0.07	)		—			(0.07	)		12.85
	10/31/16			9.06		0.09			0.57			0.66			(0.07	)		—			(0.07	)		9.65
	10/31/15			10.77		0.12			(1.71	)		(1.59	)		(0.12	)		—			(0.12	)		9.06
Retirement Class:	10/31/19			10.00		0.17			1.74			1.91			(0.03	)		(0.39	)		(0.42	)		11.49
	10/31/18			12.82		0.08			(2.37	)		(2.29	)		(0.08	)		(0.45	)		(0.53	)		10.00
	10/31/17			9.62		0.08			3.18			3.26			(0.06	)		—			(0.06	)		12.82
	10/31/16			9.03		0.08			0.57			0.65			(0.06	)		—			(0.06	)		9.62
	10/31/15			10.73		0.11			(1.70	)		(1.59	)		(0.11	)		—			(0.11	)		9.03
Retail Class:	10/31/19			10.00		0.14			1.76			1.90			(0.00	)d		(0.39	)		(0.39	)		11.51
	10/31/18			12.83		0.06			(2.37	)		(2.31	)		(0.07	)		(0.45	)		(0.52	)		10.00
	10/31/17			9.62		0.07			3.19			3.26			(0.05	)		—			(0.05	)		12.83
	10/31/16			9.02		0.06			0.58			0.64			(0.04	)		—			(0.04	)		9.62
	10/31/15			10.72		0.08			(1.69	)		(1.61	)		(0.09	)		—			(0.09	)		9.02
Class W:	10/31/19			10.06		0.28			1.76			2.04			(0.08	)		(0.39	)		(0.47	)		11.63
	10/31/18	†		10.77		0.01			(0.72	)		(0.71	)		—			—			—			10.06
INTERNATIONAL EQUITY FUND
Institutional Class:	10/31/19			11.24		0.20			0.35			0.55			(0.24	)		(0.49	)		(0.73	)		11.06
	10/31/18			13.24		0.26			(1.94	)		(1.68	)		(0.15	)		(0.17	)		(0.32	)		11.24
	10/31/17			10.59		0.17			2.64			2.81			(0.16	)		—			(0.16	)		13.24
	10/31/16			10.97		0.16			(0.41	)		(0.25	)		(0.13	)		—			(0.13	)		10.59
	10/31/15			10.81		0.18			0.13			0.31			(0.15	)		—			(0.15	)		10.97
Advisor Class:	10/31/19			11.23		0.05			0.50			0.55			—			(0.49	)		(0.49	)		11.29
	10/31/18			13.24		0.23			(1.93	)		(1.70	)		(0.14	)		(0.17	)		(0.31	)		11.23
	10/31/17			10.59		0.03			2.77			2.80			(0.15	)		—			(0.15	)		13.24
	10/31/16	‡		10.80		0.16			(0.24	)		(0.08	)		(0.13	)		—			(0.13	)		10.59
Premier Class:	10/31/19			11.21		0.18			0.35			0.53			(0.22	)		(0.49	)		(0.71	)		11.03
	10/31/18			13.21		0.23			(1.93	)		(1.70	)		(0.13	)		(0.17	)		(0.30	)		11.21
	10/31/17			10.56		0.16			2.63			2.79			(0.14	)		—			(0.14	)		13.21
	10/31/16			10.94		0.14			(0.40	)		(0.26	)		(0.12	)		—			(0.12	)		10.56
	10/31/15			10.78		0.15			0.15			0.30			(0.14	)		—			(0.14	)		10.94
Retirement Class:	10/31/19			11.63		0.18			0.36			0.54			(0.20	)		(0.49	)		(0.69	)		11.48
	10/31/18			13.69		0.23			(2.01	)		(1.78	)		(0.11	)		(0.17	)		(0.28	)		11.63
	10/31/17			10.94		0.15			2.73			2.88			(0.13	)		—			(0.13	)		13.69
	10/31/16			11.33		0.14			(0.43	)		(0.29	)		(0.10	)		—			(0.10	)		10.94
	10/31/15			11.15		0.16			0.14			0.30			(0.12	)		—			(0.12	)		11.33
Retail Class:	10/31/19			7.42		0.10			0.20			0.30			(0.21	)		(0.49	)		(0.70	)		7.02
	10/31/18			8.84		0.14			(1.28	)		(1.14	)		(0.11	)		(0.17	)		(0.28	)		7.42
	10/31/17			7.11		0.10			1.76			1.86			(0.13	)		—			(0.13	)		8.84
	10/31/16			7.43		0.10			(0.30	)		(0.20	)		(0.12	)		—			(0.12	)		7.11
	10/31/15			7.36		0.10			0.10			0.20			(0.13	)		—			(0.13	)		7.43
Class W:	10/31/19			11.25		0.25			0.34			0.59			(0.25	)		(0.49	)		(0.74	)		11.10
	10/31/18	†		12.32		0.01			(1.08	)		(1.07	)		—			—			—			11.25

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

continued

									Ratios and supplemental data
												Ratios to average net assets
						Total															Net investment
	For the					return															income (loss)
	period					excluding			Net assets at									Net			excluding			Portfolio
	or year		Total			payment from			end of period			Gross			Net			investment			payment from			turnover
	ended		return			affiliates		u	(in thousands		)	expenses			expenses			income (loss		)	affiliates		u	rate
EMERGING MARKETS EQUITY FUND
Institutional Class:	10/31/19			20.10	%		20.09	%		$  255,775			0.90	%		0.90	%		1.66	%		1.65	%		129	%
	10/31/18			(18.47	)		(18.48	)		239,932			0.91			0.91			0.93			0.93			127
	10/31/17			34.55			34.54			1,334,540			0.92			0.92			1.03			1.01			152
	10/31/16			7.73			7.60			1,067,866			0.94			0.94			1.12			0.99			195
	10/31/15			(14.85	)		(14.85	)		918,839			0.94			0.94			1.17			1.17			114
Advisor Class:	10/31/19			20.11			20.10			236			0.97			0.97			1.59			1.58			129
	10/31/18			(18.48	)		(18.49	)		138			0.96			0.96			0.30			0.30			127
	10/31/17			34.45			34.44			848			0.99			0.99			0.97			0.96			152
	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:	10/31/19			19.99			19.98			7,700			1.05			1.02			1.54			1.52			129
	10/31/18			(18.63	)		(18.64	)		8,057			1.06			1.06			0.70			0.70			127
	10/31/17			34.32			34.31			11,035			1.07			1.07			1.03			1.01			152
	10/31/16			7.57			7.42			15,890			1.09			1.09			1.01			0.86			195
	10/31/15			(14.98	)		(14.98	)		9,408			1.09			1.09			1.21			1.21			114
Retirement Class:	10/31/19			19.96			19.95			137,434			1.15			1.04			1.58			1.57			129
	10/31/18			(18.63	)		(18.64	)		88,764			1.16			1.13			0.67			0.66			127
	10/31/17			34.14			34.13			79,596			1.17			1.17			0.73			0.72			152
	10/31/16			7.47			7.34			26,946			1.19			1.19			0.86			0.74			195
	10/31/15			(15.03	)		(15.03	)		29,332			1.19			1.19			1.07			1.07			114
Retail Class:	10/31/19			19.64			19.63			9,348			1.27			1.27			1.28			1.27			129
	10/31/18			(18.78	)		(18.79	)		7,636			1.27			1.27			0.50			0.49			127
	10/31/17			34.04			34.03			12,675			1.30			1.30			0.62			0.61			152
	10/31/16			7.21			7.08			4,460			1.36			1.34			0.72			0.59			195
	10/31/15			(15.10	)		(15.10	)		4,560			1.31			1.31			0.80			0.80			114
Class W:	10/31/19			21.10			21.09			1,166,939			0.89			0.00			2.54			2.53			129
	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
INTERNATIONAL EQUITY FUND
Institutional Class:	10/31/19			5.73			5.72			2,484,368			0.48			0.48			1.87			1.86			114
	10/31/18			(13.04	)		(13.05	)		1,892,458			0.48			0.48			1.99			1.98			73
	10/31/17			26.88			26.87			3,591,186			0.49			0.49			1.46			1.45			112
	10/31/16			(2.21	)		(2.28	)		2,808,919			0.49			0.48			1.57			1.50			95
	10/31/15			2.97			2.97			2,823,880			0.49			0.49			1.60			1.60			71
Advisor Class:	10/31/19			5.46			5.45			3,929			0.60			0.60			0.38			0.37			114
	10/31/18			(13.16	)		(13.17	)		196,238			0.61			0.61			1.79			1.79			73
	10/31/17			26.86			26.86			248,286			0.67			0.64			0.24			0.23			112
	10/31/16	‡		(0.68	)b		(0.76	)b		104			0.51	c		0.51	c		1.76	c		1.68	c		95
Premier Class:	10/31/19			5.52			5.51			133,306			0.63			0.63			1.76			1.74			114
	10/31/18			(13.20	)		(13.21	)		164,943			0.63			0.63			1.75			1.74			73
	10/31/17			26.76			26.75			229,039			0.64			0.64			1.35			1.34			112
	10/31/16			(2.37	)		(2.43	)		203,311			0.64			0.63			1.34			1.28			95
	10/31/15			2.82			2.82			256,322			0.64			0.63			1.37			1.37			71
Retirement Class:	10/31/19			5.44			5.43			459,274			0.73			0.71			1.63			1.62			114
	10/31/18			(13.25	)		(13.26	)		525,331			0.73			0.73			1.73			1.72			73
	10/31/17			26.60			26.59			676,858			0.74			0.74			1.21			1.21			112
	10/31/16			(2.51	)		(2.58	)		543,161			0.74			0.73			1.29			1.22			95
	10/31/15			2.75			2.75			661,567			0.74			0.73			1.36			1.36			71
Retail Class:	10/31/19			5.24			5.23			249,406			0.82			0.82			1.53			1.52			114
	10/31/18			(13.32	)		(13.33	)		274,948			0.80			0.80			1.65			1.65			73
	10/31/17			26.64			26.63			342,956			0.79			0.79			1.29			1.28			112
	10/31/16			(2.60	)		(2.67	)		524,715			0.78			0.78			1.42			1.35			95
	10/31/15			2.75			2.75			311,587			0.83			0.82			1.26			1.26			71
Class W:	10/31/19			6.16			6.15			1,480,782			0.48			0.00			2.35			2.34			114
	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

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

Financial highlights

TIAA-CREF Funds

			Selected per share data
					Gain (loss) from investment operations
								Net realized															Net
	For the		Net asset		Net			and unrealized			Total gain			Less distributions from						Total			asset
	period		value,		investment			gain (loss)			(loss) from			Net			Net			dividends			value,
	or year		beginning		income			on total			investment			investment			realized			and			end of
	ended		of period		(loss		)a	investments			operations			income			gains			distributions			period
INTERNATIONAL OPPORTUNITIES FUND
Institutional Class:	10/31/19			$11.99		$0.16			$ 1.35			$ 1.51			$(0.15	)		$   —			$(0.15	)		$13.35
	10/31/18			13.06		0.20			(1.11	)		(0.91	)		(0.16	)		—			(0.16	)		11.99
	10/31/17			10.17		0.16			2.86			3.02			(0.13	)		—			(0.13	)		13.06
	10/31/16			10.49		0.14			(0.33	)		(0.19	)		(0.13	)		—			(0.13	)		10.17
	10/31/15			10.45		0.14			0.00	d		0.14			(0.10	)		—			(0.10	)		10.49
Advisor Class:	10/31/19			11.97		0.11			1.40			1.51			(0.14	)		—			(0.14	)		13.34
	10/31/18			13.05		0.18			(1.10	)		(0.92	)		(0.16	)		—			(0.16	)		11.97
	10/31/17			10.17		0.16			2.85			3.01			(0.13	)		—			(0.13	)		13.05
	10/31/16	‡		10.58		0.13			(0.41	)		(0.28	)		(0.13	)		—			(0.13	)		10.17
Premier Class:	10/31/19			12.00		0.15			1.35			1.50			(0.13	)		—			(0.13	)		13.37
	10/31/18			13.07		0.18			(1.11	)		(0.93	)		(0.14	)		—			(0.14	)		12.00
	10/31/17			10.16		0.14			2.86			3.00			(0.09	)		—			(0.09	)		13.07
	10/31/16			10.47		0.13			(0.33	)		(0.20	)		(0.11	)		—			(0.11	)		10.16
	10/31/15			10.43		0.12			0.01			0.13			(0.09	)		—			(0.09	)		10.47
Retirement Class:	10/31/19			11.93		0.15			1.35			1.50			(0.13	)		—			(0.13	)		13.30
	10/31/18			13.02		0.16			(1.11	)		(0.95	)		(0.14	)		—			(0.14	)		11.93
	10/31/17			10.14		0.12			2.87			2.99			(0.11	)		—			(0.11	)		13.02
	10/31/16			10.46		0.11			(0.33	)		(0.22	)		(0.10	)		—			(0.10	)		10.14
	10/31/15			10.42		0.12			0.00	d		0.12			(0.08	)		—			(0.08	)		10.46
Retail Class:	10/31/19			11.94		0.12			1.36			1.48			(0.10	)		—			(0.10	)		13.32
	10/31/18			13.01		0.14			(1.10	)		(0.96	)		(0.11	)		—			(0.11	)		11.94
	10/31/17			10.13		0.11			2.85			2.96			(0.08	)		—			(0.08	)		13.01
	10/31/16			10.44		0.09			(0.33	)		(0.24	)		(0.07	)		—			(0.07	)		10.13
	10/31/15			10.41		0.10			0.00	d		0.10			(0.07	)		—			(0.07	)		10.44
Class W:	10/31/19			11.99		0.24			1.36			1.60			(0.17	)		—			(0.17	)		13.42
	10/31/18	†		13.52		0.01			(1.54	)		(1.53	)		—			—			—			11.99
QUANT INTERNATIONAL EQUITY FUND
Institutional Class:	10/31/19			7.37		0.22			0.41			0.63			(0.24	)		(0.31	)		(0.55	)		7.45
	10/31/18			8.35		0.27			(0.99	)		(0.72	)		(0.26	)		—			(0.26	)		7.37
	10/31/17			6.87		0.21			1.46			1.67			(0.19	)		—			(0.19	)		8.35
	10/31/16			7.30		0.22			(0.44	)		(0.22	)		(0.21	)		—			(0.21	)		6.87
	10/31/15			7.97		0.23			(0.33	)		(0.10	)		(0.28	)		(0.29	)		(0.57	)		7.30
Advisor Class:	10/31/19			7.37		0.22			0.39			0.61			(0.23	)		(0.31	)		(0.54	)		7.44
	10/31/18			8.35		0.24			(0.97	)		(0.73	)		(0.25	)		—			(0.25	)		7.37
	10/31/17			6.87		0.20			1.47			1.67			(0.19	)		—			(0.19	)		8.35
	10/31/16	‡		7.25		0.21			(0.38	)		(0.17	)		(0.21	)		—			(0.21	)		6.87
Class W:	10/31/19			7.37		0.25			0.41			0.66			(0.25	)		(0.31	)		(0.56	)		7.47
	10/31/18	†		8.04		0.01			(0.68	)		(0.67	)		—			—			—			7.37

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

continued

									Ratios and supplemental data
												Ratios to average net assets
						Total															Net investment
	For the					return															income (loss)
	period					excluding			Net assets at									Net			excluding			Portfolio
	or year		Total			payment from			end of period			Gross			Net			investment			payment from			turnover
	ended		return			affiliates		u	(in thousands		)	expenses			expenses			income (loss		)	affiliates		u	rate
INTERNATIONAL OPPORTUNITIES FUND
Institutional Class:	10/31/19			12.84	%		12.83	%	$	117,428			0.62	%		0.62	%		1.31	%		1.29	%		28	%
	10/31/18			(7.07	)		(7.08	)		87,135			0.62			0.62			1.43			1.43			21
	10/31/17			30.08			30.07			1,414,259			0.63			0.63			1.42			1.41			24
	10/31/16			(1.82	)		(1.84	)		1,298,796			0.63			0.63			1.37			1.35			31
	10/31/15			1.43			1.43			1,166,448			0.63			0.63			1.28			1.28			41
Advisor Class:	10/31/19			12.85			12.84			4,168			0.71			0.71			0.85			0.84			28
	10/31/18			(7.17	)		(7.17	)		178			0.69			0.69			1.35			1.35			21
	10/31/17			29.96			29.95			150			0.64			0.64			1.41			1.40			24
	10/31/16	‡		(2.67	)b		(2.69	)b		101			0.65	c		0.65	c		1.46	c		1.44	c		31
Premier Class:	10/31/19			12.74			12.73			1,308			0.77			0.73			1.21			1.20			28
	10/31/18			(7.17	)		(7.17	)		1,562			0.78			0.78			1.34			1.34			21
	10/31/17			29.78			29.77			506			0.80			0.80			1.22			1.21			24
	10/31/16			(1.90	)		(1.92	)		325			0.79			0.79			1.27			1.25			31
	10/31/15			1.25			1.25			1,059			0.80			0.80			1.13			1.13			41
Retirement Class:	10/31/19			12.77			12.76			175,643			0.87			0.77			1.19			1.17			28
	10/31/18			(7.34	)		(7.34	)		127,760			0.87			0.87			1.18			1.18			21
	10/31/17			29.74			29.73			30,390			0.88			0.88			1.03			1.02			24
	10/31/16			(1.98	)		(2.00	)		7,416			0.88			0.88			1.13			1.12			31
	10/31/15			1.06			1.06			8,806			0.89			0.89			1.08			1.08			41
Retail Class:	10/31/19			12.50			12.49			4,122			1.02			1.02			0.92			0.91			28
	10/31/18			(7.41	)		(7.41	)		4,341			1.02			1.02			1.04			1.04			21
	10/31/17			29.46			29.45			3,404			1.08			1.08			0.94			0.94			24
	10/31/16			(2.25	)		(2.27	)		1,619			1.10			1.09			0.88			0.87			31
	10/31/15			1.01			1.01			1,995			1.00			1.00			0.94			0.94			41
Class W:	10/31/19			13.62			13.61			1,487,781			0.62			0.00			1.94			1.92			28
	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
Institutional Class:	10/31/19			9.59			9.59			130,515			0.40			0.40			3.15			3.15			114
	10/31/18			(8.96	)		(8.96	)		119,559			0.40			0.40			3.25			3.25			106
	10/31/17			24.93			24.93			1,888,139			0.41			0.41			2.79			2.79			106
	10/31/16			(2.99	)		(2.99	)		1,521,511			0.41			0.41			3.20			3.20			100
	10/31/15			(1.01	)		(1.01	)		1,292,616			0.42			0.42			3.08			3.08			84
Advisor Class:	10/31/19			9.38			9.38			182			0.48			0.48			3.16			3.16			114
	10/31/18			(9.04	)		(9.04	)		203			0.47			0.47			3.00			3.00			106
	10/31/17			24.89			24.89			170			0.52			0.52			2.69			2.69			106
	10/31/16	‡		(2.34	)b		(2.34	)b		102			0.44	c		0.44	c		3.41	c		3.41	c		100
Class W:	10/31/19			10.00			10.00			1,816,593			0.40			0.00			3.57			3.57			114
	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

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

Financial highlights

TIAA-CREF Funds

					Selected per share data
						Gain (loss) from investment operations
									Net realized															Net
	For the		Net asset			Net			and unrealized			Total gain			Less distributions from						Total			asset
	period		value,			investment			gain (loss)			(loss) from			Net			Net			dividends			value,
	or year		beginning			income			on total			investment			investment			realized			and			end of
	ended		of period			(loss		)a	investments			operations			income			gains			distributions			period
QUANT INTERNATIONAL SMALL-CAP EQUITY FUND
Institutional Class:	10/31/19			$10.22			$0.26			$ 0.40			$ 0.66			$(0.29	)		$(0.29	)		$(0.58	)		$10.30
	10/31/18			12.90			0.33			(2.22	)		(1.89	)		(0.34	)		(0.45	)		(0.79	)		10.22
	10/31/17	**		10.00			0.27			2.64			2.91			(0.01	)		—			(0.01	)		12.90
Advisor Class:	10/31/19			10.22			0.26			0.39			0.65			(0.29	)		(0.29	)		(0.58	)		10.29
	10/31/18			12.88			0.31			(2.20	)		(1.89	)		(0.32	)		(0.45	)		(0.77	)		10.22
	10/31/17	**		10.00			0.22			2.67			2.89			(0.01	)		—			(0.01	)		12.88
Premier Class:	10/31/19			10.23			0.25			0.41			0.66			(0.18	)		(0.29	)		(0.47	)		10.42
	10/31/18			12.88			0.29			(2.17	)		(1.88	)		(0.32	)		(0.45	)		(0.77	)		10.23
	10/31/17	**		10.00			0.22			2.67			2.89			(0.01	)		—			(0.01	)		12.88
Retirement Class:	10/31/19			10.19			0.25			0.39			0.64			(0.25	)		(0.29	)		(0.54	)		10.29
	10/31/18			12.87			0.27			(2.18	)		(1.91	)		(0.32	)		(0.45	)		(0.77	)		10.19
	10/31/17	**		10.00			0.20			2.68			2.88			(0.01	)		—			(0.01	)		12.87
Retail Class:	10/31/19			10.18			0.22			0.40			0.62			(0.21	)		(0.29	)		(0.50	)		10.30
	10/31/18			12.86			0.26			(2.19	)		(1.93	)		(0.30	)		(0.45	)		(0.75	)		10.18
	10/31/17	**		10.00			0.20			2.67			2.87			(0.01	)		—			(0.01	)		12.86
Class W:	10/31/19			10.22			0.33			0.40			0.73			(0.31	)		(0.29	)		(0.60	)		10.35
	10/31/18	†		11.37			0.01			(1.16	)		(1.15	)		—			—			—			10.22
SOCIAL CHOICE INTERNATIONAL EQUITY FUND
Institutional Class:	10/31/19			10.14			0.31			0.95			1.26			(0.24	)		—			(0.24	)		11.16
	10/31/18			11.21			0.29			(1.13	)		(0.84	)		(0.23	)		(0.00	)d		(0.23	)		10.14
	10/31/17			9.31			0.28			1.86			2.14			(0.24	)		—			(0.24	)		11.21
	10/31/16			9.53			0.26			(0.42	)		(0.16	)		(0.06	)		—			(0.06	)		9.31
	10/31/15	^		10.00			0.04			(0.51	)		(0.47	)		—			—			—			9.53
Advisor Class:	10/31/19			10.14			0.30			0.95			1.25			(0.23	)		—			(0.23	)		11.16
	10/31/18			11.21			0.30			(1.14	)		(0.84	)		(0.23	)		(0.00	)d		(0.23	)		10.14
	10/31/17			9.32			0.31			1.81			2.12			(0.23	)		—			(0.23	)		11.21
	10/31/16	‡		9.51			0.26			(0.39	)		(0.13	)		(0.06	)		—			(0.06	)		9.32
Premier Class:	10/31/19			10.13			0.32			0.92			1.24			(0.20	)		—			(0.20	)		11.17
	10/31/18			11.19			0.32			(1.16	)		(0.84	)		(0.22	)		(0.00	)d		(0.22	)		10.13
	10/31/17			9.30			0.26			1.85			2.11			(0.22	)		—			(0.22	)		11.19
	10/31/16			9.53			0.25			(0.42	)		(0.17	)		(0.06	)		—			(0.06	)		9.30
	10/31/15	^		10.00			0.04			(0.51	)		(0.47	)		—			—			—			9.53
Retirement Class:	10/31/19			10.11			0.26			0.96			1.22			(0.21	)		—			(0.21	)		11.12
	10/31/18			11.17			0.29			(1.14	)		(0.85	)		(0.21	)		(0.00	)d		(0.21	)		10.11
	10/31/17			9.29			0.26			1.84			2.10			(0.22	)		—			(0.22	)		11.17
	10/31/16			9.52			0.24			(0.42	)		(0.18	)		(0.05	)		—			(0.05	)		9.29
	10/31/15	^		10.00			0.03			(0.51	)		(0.48	)		—			—			—			9.52
Retail Class:	10/31/19			10.10			0.27			0.96			1.23			(0.20	)		—			(0.20	)		11.13
	10/31/18			11.17			0.28			(1.15	)		(0.87	)		(0.20	)		(0.00	)d		(0.20	)		10.10
	10/31/17			9.29			0.26			1.82			2.08			(0.20	)		—			(0.20	)		11.17
	10/31/16			9.52			0.26			(0.44	)		(0.18	)		(0.05	)		—			(0.05	)		9.29
	10/31/15	^		10.00			0.03			(0.51	)		(0.48	)		—			—			—			9.52

^	The Fund commenced operations on August 7, 2015.
‡	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.

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

concluded

						Ratios and supplemental data
										Ratios to average net assets
	For the
	period						Net assets at									Net			Portfolio
	or year		Total				end of period			Gross			Net			investment			turnover
	ended		return				(in thousands		)	expenses			expenses			income (loss		)	rate
QUANT INTERNATIONAL SMALL-CAP EQUITY FUND
Institutional Class:	10/31/19			7.04	%		$	55,449			0.71	%		0.66	%		2.68	%		87	%
	10/31/18			(15.62	)			43,174			0.71			0.66			2.71			89
	10/31/17	**		29.14	b			935,888			0.73	c		0.68	c		2.59	c		70	b
Advisor Class:	10/31/19			6.96				84			0.76			0.71			2.66			87
	10/31/18			(15.59	)			83			0.73			0.68			2.44			89
	10/31/17	**		28.92	b			1,297			0.88	c		0.83	c		2.18	c		70	b
Premier Class:	10/31/19			6.85				76			0.89			0.84			2.53			87
	10/31/18			(15.54	)			75			0.87			0.82			2.29			89
	10/31/17	**		28.92	b			1,288			1.03	c		0.85	c		2.16	c		70	b
Retirement Class:	10/31/19			6.86				3,113			0.96			0.84			2.54			87
	10/31/18			(15.79	)			3,620			0.97			0.89			2.21			89
	10/31/17	**		28.82	b			8,020			1.03	c		0.95	c		1.93	c		70	b
Retail Class:	10/31/19			6.61				851			1.35			1.09			2.26			87
	10/31/18			(15.95	)			971			1.17			1.08			2.15			89
	10/31/17	**		28.71	b			2,336			1.42	c		1.09	c		1.91	c		70	b
Class W:	10/31/19			7.85				926,729			0.71			0.00			3.38			87
	10/31/18	†		(10.11	)b			852,681			0.72	c		0.00	c		0.80	c		89
SOCIAL CHOICE INTERNATIONAL EQUITY FUND
Institutional Class:	10/31/19			12.77				192,475			0.58			0.40			3.03			9
	10/31/18			(7.61	)			46,432			0.98			0.40			2.62			16
	10/31/17			23.49				35,797			1.20			0.40			2.76			12
	10/31/16			(1.65	)			18,833			1.35			0.40			2.87			13
	10/31/15	^		(4.70	)b			16,238			4.87	c		0.40	c		1.80	c		4	b
Advisor Class:	10/31/19			12.71				1,174			0.66			0.47			2.89			9
	10/31/18			(7.58	)			579			1.03			0.45			2.69			16
	10/31/17			23.22				541			1.26			0.46			2.98			12
	10/31/16	‡		(1.35	)b			102			1.36	c		0.42	c		3.12	c		13
Premier Class:	10/31/19			12.55				1,754			0.74			0.55			3.05			9
	10/31/18			(7.66	)			278			1.13			0.55			2.84			16
	10/31/17			23.23				1,338			1.36			0.55			2.58			12
	10/31/16			(1.72	)			938			1.52			0.55			2.75			13
	10/31/15	^		(4.80	)b			953			5.61	c		0.55	c		1.65	c		4	b
Retirement Class:	10/31/19			12.40				59,932			0.83			0.65			2.56			9
	10/31/18			(7.72	)			9,304			1.23			0.65			2.61			16
	10/31/17			23.09				7,940			1.45			0.65			2.55			12
	10/31/16			(1.84	)			3,001			1.61			0.65			2.67			13
	10/31/15	^		(4.80	)b			1,606			5.61	c		0.65	c		1.59	c		4	b
Retail Class:	10/31/19			12.47				6,456			0.92			0.74			2.62			9
	10/31/18			(7.88	)			4,525			1.32			0.74			2.53			16
	10/31/17			22.88				4,055			1.56			0.76			2.55			12
	10/31/16			(1.92	)			1,382			1.66			0.72			2.80			13
	10/31/15	^		(4.80	)b			997			5.99	c		0.79	c		1.41	c		4	b

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

Notes to financial statements

TIAA-CREF Funds

Note 1—organization and significant accounting policies

TIAA-CREF Funds (the “Trust”) is a Delaware statutory trust that is registered with the 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, Nuveen Securities, LLC (“Nuveen Securities”), which is a wholly owned indirect subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”). Prior to September 30, 2019, Teachers Personal Investor Services (“TPIS”) was the distributor of each share class. Effective September 30, 2019, TPIS merged into Nuveen Securities and Nuveen Securities became the distributor of each share class. 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. In many cases, these estimates are based on data from the prior calendar year end.

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.

116 2019 Annual Report  ■  TIAA-CREF Funds: Equity Funds

Reclassifications are made to a Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations.

For the year ended October 31, 2019, permanent book and tax differences resulting primarily from differing treatments for foreign currency transactions, certain foreign taxes paid, utilization of tax equalization credits, dividend redesignations, investments in partnerships, and gains and losses from the sale of stock in passive foreign investment companies were identified and reclassified among the components of the Funds’ net assets. Net investment income and net realized gains (losses), as disclosed on the Statements of Operations, and net assets were not affected by these reclassifications.

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

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.

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.

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 required 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 were implemented on June 1, 2019 and did 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

TIAA-CREF Funds: Equity Funds  ■  2019 Annual Report 117

Notes to financial statements

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

Investments in registered investment companies: These investments are valued at their NAV on the valuation date. These investments are categorized as Level 1 of the fair value hierarchy.

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 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.

As of October 31, 2019, 100% of the value of investments in the Quant Small/Mid-Cap Equity Fund was valued based on Level 1 inputs.

The following table summarizes the market value of the Funds’ investments as of October 31, 2019, based on the inputs used to value them:

Fund	Level 1			Level 2		Level 3		Total
Growth & Income
Equity investments:
Communication services	$	713,332,430		$	24,832,918	$	—	$	738,165,348
Consumer discretionary		577,459,958			19,103,452		—		596,563,410
Consumer staples		512,526,648			34,327,048		—		546,853,696
Health care		853,428,719			125,502,340		—		978,931,059
Industrials		603,880,760			15,946,886		—		619,827,646
Information technology		1,479,024,371			19,666,365		—		1,498,690,736
All other equity investments*		1,517,988,588			—		—		1,517,988,588
Short-term investments		70,980,431			20,527,269		—		91,507,700
Purchased options**		972,425			—		—		972,425
Written options**		(10,965,536	)		—		—		(10,965,536	)
Total	$	6,318,628,794		$	259,906,278	$	—	$	6,578,535,072
Large-Cap Growth
Equity investments:
Consumer discretionary	$	870,879,225		$	42,706,761	$	—	$	913,585,986
Health care		727,601,479			237,886,263		—		965,487,742
Industrials		206,305,799			102,431,908		—		308,737,707
Information technology		2,093,772,248			60,472,790		—		2,154,245,038
All other equity investments*		1,345,643,181			—		—		1,345,643,181
Short-term investments		—			3,247,971		—		3,247,971
Total	$	5,244,201,932		$	446,745,693	$	—	$	5,690,947,625
Large-Cap Value
Equity investments*	$	5,650,670,985		$	—	$	—	$	5,650,670,985
Short-term investments		—			11,220,000		—		11,220,000
Total	$	5,650,670,985		$	11,220,000	$	—	$	5,661,890,985
Mid-Cap Growth
Equity investments*	$	1,334,694,302		$	—	$	—	$	1,334,694,302
Short-term investments		32,613,068			42,348,693		—		74,961,761
Purchased options**		1,750,600			—		—		1,750,600
Written options**		(2,317,925	)		—		—		(2,317,925	)
Total	$	1,366,740,045		$	42,348,693	$	—	$	1,409,088,738

118 2019 Annual Report  ■  TIAA-CREF Funds: Equity Funds

continued

Fund	Level 1			Level 2		Level 3		Total
Mid-Cap Value
Equity investments:
Materials	$	207,116,751		$	5,954,588	$	—	$	213,071,339
All other equity investments*		2,607,974,865			—		—		2,607,974,865
Short-term investments		35,833,353			8,298,154		—		44,131,507
Total	$	2,850,924,969		$	14,252,742	$	—	$	2,865,177,711
Quant Large-Cap Growth
Equity investments*	$	2,868,830,935		$	—	$	—	$	2,868,830,935
Short-term investments		6,481,932			380,000		—		6,861,932
Total	$	2,875,312,867		$	380,000	$	—	$	2,875,692,867
Quant Large-Cap Value
Equity investments*	$	2,658,318,953		$	—	$	—	$	2,658,318,953
Short-term investments		6,404,821			1,710,000		—		8,114,821
Total	$	2,664,723,774		$	1,710,000	$	—	$	2,666,433,774
Quant Small-Cap Equity
Equity investments*	$	2,918,463,036		$	—	$	—	$	2,918,463,036
Short-term investments		90,417,346			27,940,000		—		118,357,346
Futures**		344,028			—		—		344,028
Total	$	3,009,224,410		$	27,940,000	$	—	$	3,037,164,410
Social Choice Equity
Equity investments:
Financials	$	691,828,943		$	—	$	3,382	$	691,832,325
All other equity investments*		3,983,212,292							3,983,212,292
Short-term investments		23,990,193			16,040,000				40,030,193
Futures contracts**		339,520			—		—		339,520
Total	$	4,699,370,948		$	16,040,000	$	3,382	$	4,715,414,330
Social Choice Low Carbon Equity
Equity investments:
Financials	$	33,768,424		$	—	$	131	$	33,768,555
All other equity investments*		191,498,831			—		—		191,498,831
Short-term investments		955,631			1,600,000		—		2,555,631
Futures contracts**		20,069			—		—		20,069
Total	$	226,242,955		$	1,600,000	$	131	$	227,843,086
Emerging Markets Equity
Equity investments:
Africa/Middle East	$	—		$	55,997,463	$	—	$	55,997,463
Asia		134,409,335			869,742,182		11,457		1,004,162,974
Europe		69,721,404			36,427,194		—		106,148,598
Latin America		101,515,980			164,232,725		—		265,748,705
All other equity investments*		17,776,309			115,273,411		4,186		133,053,906
Short-term investments		15,511,179			—		—		15,511,179
Purchased options**		576,000			—		—		576,000
Written options**		(304,000	)		—		—		(304,000	)
Total	$	339,206,207		$	1,241,672,975	$	15,643	$	1,580,894,825
International Equity
Equity investments:
Asia	$	29,260,690		$	1,034,130,024	$	—	$	1,063,390,714
Europe		—			3,464,272,178		—		3,464,272,178
All other equity investments*		52,261,951			188,970,454		—		241,232,405
Short-term investments		47,316,493			35,179,986		—		82,496,479
Total	$	128,839,134		$	4,722,552,642	$	—	$	4,851,391,776
International Opportunities
Equity investments:
Asia	$	49,107,007		$	333,786,653	$	18,182	$	382,911,842
Australasia		—			77,275,244		—		77,275,244
Europe		—			761,885,249		—		761,885,249
Latin America		51,214,296			63,934,255		—		115,148,551
North America		—			168,313,433		—		168,313,433
All other equity investments*		22,939,521			189,662,678		1,585		212,603,784
Short-term investments		68,725,012			92,614,667		—		161,339,679
Total	$	191,985,836		$	1,687,472,179	$	19,767	$	1,879,477,782

TIAA-CREF Funds: Equity Funds  ■  2019 Annual Report 119

Notes to financial statements

Fund	Level 1		Level 2		Level 3		Total
Quant International Equity
Equity investments:
Asia	$	—	$	517,126,605	$	—	$	517,126,605
Australasia		—		146,732,677		—		146,732,677
Europe		55,905,251		1,049,637,747		—		1,105,542,998
All other equity investments*		34,384,200		117,961,419		—		152,345,619
Short-term investments		21,536,389		17,560,000		—		39,096,389
Total	$	111,825,840	$	1,849,018,448	$	—	$	1,960,844,288
Quant International Small-Cap Equity
Equity investments:
Africa/Middle East	$	—	$	23,024,974	$	—	$	23,024,974
Asia		6,526,880		354,774,242		—		361,301,122
Australasia		—		51,075,724		—		51,075,724
Europe		—		323,216,380		—		323,216,380
Latin America		—		25,982,888		—		25,982,888
North America		—		48,640,654		—		48,640,654
All other equity investments*		3,498,985		137,256,606		—		140,755,591
Short-term investments		13,107,866		—		—		13,107,866
Total	$	23,133,731	$	963,971,468	$	—	$	987,105,199
Social Choice International Equity
Equity investments:
Asia	$	—	$	73,603,623	$	—	$	73,603,623
Australasia		—		18,037,906		—		18,037,906
Europe		4,132,101		133,501,250		—		137,633,351
All other equity investments*		—		28,354,108		—		28,354,108
Short-term investments		2,892,839		3,020,000		—		5,912,839
Futures contracts**		2,892		—		—		2,892
Total	$	7,027,832	$	256,516,887	$	—	$	263,544,719

*	For detailed categories, see the accompanying Summary portfolio of investments.
**	Derivative instruments, excluding purchased options, are not reflected in the market value of portfolio investments.

Note 3—derivative instruments

As defined by U.S. GAAP, a derivative is a financial instrument whose value is derived from an underlying security price, foreign exchange rate, interest rate, index of prices or rates, or other variables. Derivatives require little or no initial investment and permit or require net settlement. The Funds value derivatives at fair value.

At October 31, 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	$   972,425	Written options	$(10,965,536	)
Mid-Cap Growth Fund
Equity contracts	Portfolio investments	1,750,600	Written options	(2,317,925	)
Quant Small-Cap Equity Fund
Equity contracts	Futures contracts*	344,028
Social Choice Equity Fund
Equity contracts	Futures contracts*	339,520
Social Choice Low Carbon Equity Fund
Equity contracts	Futures contracts*	20,069
Emerging Markets Equity Fund
Equity contracts	Portfolio investments	576,000	Written options	(304,000	)
Social Choice International Equity Fund
Equity contracts	Futures contracts*	2,892

* The fair value presented includes cumulative gain (loss) on open futures contracts; however, the value reflected in the accompanying Statements of assets and liabilities is only the receivable or payable for variation margin on open futures contracts.

For the year ended October 31, 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		$    352,036			$   360,941
Equity contracts	Written options		4,487,554			5,936,703
Large-Cap Growth Fund
Equity contracts	Purchased options		(3,547,976	)		—
Equity contracts	Written options		1,167,791			(20,689	)
Mid-Cap Growth Fund
Equity contracts	Purchased options		(3,833,330	)		(990,196	)
Equity contracts	Written options		8,985,237			533,088
Mid-Cap Value Fund
Equity contracts	Purchased options		(2,161,164	)		—
Equity contracts	Written options		628,836			—
Quant Small-Cap Equity Fund
Equity contracts	Futures contracts		923,020			344,028
Social Choice Equity Fund
Equity contracts	Futures contracts		2,312,748			234,834
Social Choice Low Carbon Equity Fund
Equity contracts	Futures contracts		247,558			7,791
Emerging Markets Equity Fund
Equity contracts	Purchased options		(6,827,917	)		1,060,229
Equity contracts	Written options		2,776,552			430,104
Quant International Equity Fund
Equity contracts	Futures contracts		(1,486,774	)		1,160,481
Social Choice International Equity Fund
Equity contracts	Futures contracts		99,762			(8,156	)

120 2019 Annual Report  ■  TIAA-CREF Funds: Equity Funds

continued

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 year ended October 31, 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 October 31, 2019 are disclosed in the summary portfolio of investments and the full Schedules of Investments.

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

contracts against default. During the year ended October 31, 2019, the Quant Small-Cap Equity Fund, Social Choice Equity Fund, Social Choice Low Carbon Equity Fund and Social Choice International Equity 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 October 31, 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 Nuveen Securities 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 Nuveen Securities 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 October 31, 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 Annual Report 121

Notes to financial statements

	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*		0.300%–0.450	%a		0.390	%		0.250	%		0.150	%		0.250	%		0.515	%a		0.665	%a		0.665	%a		0.765	%a		0.905	%a		0.515	%a
Large-Cap Growth*		0.300–0.450	b		0.400			0.250			0.150			0.250			0.515	b		0.665	b		0.665	b		0.765	b		0.905	b		0.515	b
Large-Cap Value*		0.300–0.450	c		0.400			0.250			0.150			0.250			0.505	c		0.655	c		0.655	c		0.755	c		0.895	c		0.505	c
Mid-Cap Growth*		0.290–0.480			0.450			0.250			0.150			0.250			0.550			0.700			0.700			0.800			0.940			—
Mid-Cap Value*		0.290–0.480	d		0.420			0.250			0.150			0.250			0.510	d		0.660	d		0.660	d		0.760	d		0.900	d		—
Quant Large-Cap Growth*		0.150–0.350			0.310			—			—			—			0.400			0.550			—			—			—			0.400
Quant Large-Cap Value*		0.150–0.350			0.310			—			—			—			0.400			0.550			—			—			—			0.400
Quant Small-Cap Equity*		0.270–0.460	e		0.400			0.250			0.150			0.250	f		0.490	e		0.640	e		0.640	e		0.740	e		0.840	e		0.490	e
Quant Small/Mid-Cap Equity*		0.270–0.460			0.450			0.250			0.150			0.250			0.530			0.680			0.680			0.780			0.920			0.530
Social Choice Equity		0.150	g		0.150			0.250			0.150			0.250			0.215	g		0.365	g		0.365	g		0.465	g		0.605	g		—
Social Choice Low Carbon Equity*		0.200–0.250	h		0.250			0.250			0.150			0.250			0.320			0.470			0.470			0.570			0.710			—
Emerging Markets Equity*		0.700–0.850			0.840			0.250			0.150			0.250			0.950			1.100			0.990	i		0.990	i		1.340			0.950
International Equity*		0.350–0.500			0.460			0.250			0.150			0.250			0.600			0.750			0.750			0.680	j		0.990			0.600
International Opportunities*		0.450–0.600			0.590			0.250			0.150			0.250			0.700			0.850			0.680	k		0.680	k		1.090			0.700
Quant International Equity*		0.200–0.400			0.380			—			—			—			0.500			0.650			—			—			—			0.500
Quant International Small-Cap Equity*		0.500–0.650	l		0.650			0.250			0.150			0.250			0.700			0.850			0.850			0.830	l		1.090			0.700
Social Choice International Equity*		0.250–0.300	m		0.300			0.250			0.150			0.250			0.400			0.550			0.550			0.650			0.790			—

*	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 with approval of the Board of Trustees.
a	Effective May 1, 2019, Advisors agreed to voluntarily waive a portion of the investment management fee for the Growth & Income Fund. The investment management fee range after the waiver is 0.295%–0.445% 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. Prior to May 1, 2019, the expense caps were 0.520% for the Institutional Class, 0.670% for the Advisor Class and the Premier Class, 0.770% for the Retirement Class, 0.910% for the Retail Class, and 0.520% for Class W.
b	Effective May 1, 2019, Advisors agreed to voluntarily waive a portion of the investment management fee for the Large-Cap Growth Fund. The investment management fee range after the waiver is 0.295%–0.445% 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. Prior to May 1, 2019, the expense caps were 0.520% for the Institutional Class, 0.670% for the Advisor Class and the Premier Class, 0.770% for the Retirement Class 0.910% for the Retail Class, and 0.520% for Class W.
c	Effective May 1, 2019, 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 0.285%–0.435% 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. Prior to May 1, 2019, the expense caps were 0.500% for the Institutional Class, 0.650% for the Advisor Class and the Premier Class, 0.750% for the Retirement Class, 0.890% for the Retail Class, and 0.500% for Class W.
d	Effective May 1, 2019, 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 0.250%–0.440% 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. Prior to May 1, 2019, the expense caps were 0.505% for the Institutional Class, 0.655% for the Advisor Class and the Premier Class, 0.755% for the Retirement Class, and 0.895% for the Retail Class.
e	Effective May 1, 2019, 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 0.230%–0.420% 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. Prior to May 1, 2019, the expense caps were 0.510% for the Institutional Class, 0.660% for the Advisor Class and the Premier Class, 0.760% for the Retirement Class, 0.870% for the Retail Class, and 0.510% for Class W.
f	Effective May 1, 2019, Nuveen Securities agreed to voluntarily waive a portion of the distribution Rule 12b-1 fee by 0.040% 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 0.210%. Prior to May 1, 2019, the distribution fee cap was 0.220%.
g	Effective May 1, 2019, Advisors agreed to voluntarily waive a portion of the investment management fee for the Social Choice Equity Fund. The investment management fee after the waiver is 0.145% 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. Prior to May 1, 2019, the expense caps were 0.220% for the Institutional Class, 0.370% for the Advisor Class and the Premier Class, 0.470% for the Retirement Class, and 0.610% for the Retail Class. Effective October 1, 2019, Advisors agreed to voluntarily waive a portion of the investment management fee for the Social Choice Equity Fund and/or reimburse other expenses of the Social Choice Equity Fund in an amount equal to the total annual fund operating expenses paid by the Social Choice Equity Fund on investments by the Social Choice Equity Fund in Nuveen ESG Large-Cap ETF. This waiver and/or reimbursement is voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval.
h	Prior to March 1, 2019, the Social Choice Low Carbon Equity Fund investment management fee for all assets was 0.250% of daily average net assets.
I	Effective May 1, 2019, Advisors agreed to voluntarily waive a portion of the expense cap in the Emerging Markets Equity Fund Premier Class and Retirement Class. This waiver is voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval. Prior to May 1, 2019, the expense caps were 1.100% for the Premier Class and 1.200% for the Retirement Class.
j	Effective May 1, 2019, Advisors agreed to voluntarily waive a portion of the expense cap in the International 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. Prior to May 1, 2019, the expense cap was 0.850% for the Premier Class and Retirement Class.
k	Effective May 1, 2019, Advisors agreed to voluntarily waive a portion of the expense cap in the International Opportunities Fund Premier Class and Retirement Class. This waiver is voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval. Prior to May 1, 2019, the expense caps were 0.850% for the Premier Class and 0.950% for the Retirement Class.
l	Effective May 1, 2019, 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 0.450%–0.600% 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. Prior to May 1, 2019, the expense cap was 0.850% for the Retirement Class.
m	Prior to March 1, 2019, the Social Choice International Equity Fund investment management fee for all assets was 0.300% of daily average net assets.

122 2019 Annual Report  ■  TIAA-CREF Funds: Equity Funds

continued

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 year ended October 31, 2019, the Funds engaged in the following security transactions with affiliated entities:

Fund	Purchases		Sales		Realized gain (loss		)
Growth & Income	$	60,287,040	$	76,763,154	$	4,152,293
Large-Cap Growth		22,719,079		35,301,042		634,283
Large-Cap Value		96,822,202		287,624,790		(339,308	)
Mid-Cap Growth		17,788,272		30,302,954		7,689,999
Mid-Cap Value		203,706,876		56,017,628		11,307,770
Quant Large-Cap Growth		75,140,042		72,337,250		1,848,893
Quant Large-Cap Value		61,556,353		37,718,947		79,056
Quant Small-Cap Equity		38,117,324		46,847,128		4,441,662
Quant Small/Mid-Cap Equity		6,700,661		56,823,029		3,119,708
Social Choice Equity		76,986,181		19,363,462		2,939,553
Social Choice Low Carbon Equity		23,908,752		1,238,278		(175,096	)
Emerging Markets Equity		21,126,575		16,545,737		(2,019,724	)
International Equity		5,486,400		41,530,006		(10,315,629	)
International Opportunities		3,272,466		2,273,390		1,289,859
Quant International Equity		42,212,642		34,942,433		146,335
Social Choice International Equity		13,146,855		269,481		(102,285	)

During the year ended October 31, 2019, TIAA received total proceeds of $2,195,100 from redemptions from the Quant Small/Mid-Cap Equity Fund.

A registered separate account of TIAA (collectively “TIAA Access”) has various sub-accounts that invest in the Funds, and certain funds with 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 October 31, 2019:

Underlying Fund	TIAA-CREF Lifecycle Funds			TIAA-CREF Lifestyle Funds			TIAA-CREF Managed Allocation Fund			TIAA Access			Total
Growth & Income		54	%		2	%		1	%		4	%		61	%
Large-Cap Growth		53			3			1			2			59
Large-Cap Value		51			2			1			7			61
Mid-Cap Growth		—			—			—			15			15
Mid-Cap Value		—			—			—			14			14
Quant Large-Cap Growth		93			2			2			—			97
Quant Large-Cap Value		95			2			2			—			99
Quant Small-Cap Equity		26			—			—			8			34
Quant Small/Mid-Cap Equity		91			4			2			—			97
Social Choice Equity		—			—			—			4			4
Emerging Markets Equity		74			3			2			2			81
International Equity		30			1			1			8			40
International Opportunities		83			3			2			—			88
Quant International Equity		93			3			2			—			98
Quant International Small-Cap Equity		93			3			2			—			98

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 October 31, 2019		Value at October 31, 2019
Emerging Markets Equity Fund
Common stock
Uruguay
Arcos Dorados Holdings, Inc		$57,527,119		$21,126,575	$13,200,212	$(2,161,951	)		$5,747,606			$750,405		9,242,187		$69,039,137

TIAA-CREF Funds: Equity Funds  ■  2019 Annual Report 123

Notes to financial statements

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. Non-cash collateral is not disclosed in the Funds’ Statements of Assets and Liabilities as it is held by the lending agent on behalf of the Funds, and the Funds do not have the ability to sell or re-hypothecate those securities. As of October 31, 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.

At October 31, 2019, the total value of securities on loan and the total value of collateral received were as follows:

Fund	Aggregate value of securities on loan		Cash collateral received		*	Non-cash collateral received		Total collateral received
Growth & Income	$	83,147,087	$	70,980,431		$	16,949,570	$	87,930,001
Mid-Cap Growth		39,991,575		32,613,068			9,282,493		41,895,561
Mid-Cap Value		35,893,071		35,833,353			1,030,679		36,864,032
Quant Large-Cap Growth		4,389,791		6,481,932			—		6,481,932
Quant Large-Cap Value		6,186,206		6,404,821			60,741		6,465,562
Quant Small-Cap Equity		107,851,888		90,417,346			23,306,993		113,724,339
Quant Small/Mid-Cap Equity		8,213,932		4,308,931			4,271,211		8,580,142
Social Choice Equity		30,097,707		23,990,193			7,175,896		31,166,089
Social Choice Low Carbon Equity		1,100,991		955,631			216,239		1,171,870
Emerging Markets Equity		15,533,125		15,511,179			1,990,744		17,501,923
International Equity		44,475,093		47,316,493			—		47,316,493
International Opportunities		139,033,984		68,725,012			78,564,612		147,289,624
Quant International Equity		20,453,853		21,536,389			—		21,536,389
Quant International Small-Cap Equity		29,818,329		13,107,866			18,863,848		31,971,714
Social Choice International Equity		3,997,315		2,892,839			1,348,116		4,240,955

* May include cash and investment of cash collateral.

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, as amended. The risk of investing in such securities is generally greater than the risk of investing in securities that are widely held and publicly traded.

Net unrealized appreciation (depreciation): At October 31, 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		)
Growth & Income	$	4,462,012,462	$	2,224,763,389	$	(108,240,779	)	$	2,116,522,610
Large-Cap Growth		3,601,797,371		2,134,300,019		(45,149,765	)		2,089,150,254
Large-Cap Value		4,684,512,987		1,082,393,343		(105,015,345	)		977,377,998
Mid-Cap Growth		1,183,349,660		283,075,028		(57,335,950	)		225,739,078
Mid-Cap Value		2,487,497,005		571,486,466		(193,805,760	)		377,680,706
Quant Large-Cap Growth		1,904,276,995		1,004,975,845		(33,559,973	)		971,415,872
Quant Large-Cap Value		2,332,446,845		421,543,855		(87,556,926	)		333,986,929
Quant Small-Cap Equity		2,839,024,979		426,842,516		(228,703,085	)		198,139,431
Quant Small/Mid-Cap Equity		593,631,642		123,244,058		(27,662,937	)		95,581,121
Social Choice Equity		3,570,985,016		1,307,042,959		(162,613,645	)		1,144,429,314
Social Choice Low Carbon Equity		197,998,516		36,362,778		(6,518,208	)		29,844,570
Emerging Markets Equity		1,452,127,907		191,431,765		(62,664,847	)		128,766,918
International Equity		4,622,855,063		498,608,663		(270,071,950	)		228,536,713
International Opportunities		1,464,512,597		479,860,979		(64,895,794	)		414,965,185
Quant International Equity		1,775,705,848		223,008,448		(37,870,008	)		185,138,440
Quant International Small-Cap Equity		924,038,220		106,842,752		(43,775,773	)		63,066,979
Social Choice International Equity		250,629,031		19,946,063		(7,030,375	)		12,915,688

For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as up-front fees or premiums exchanged on derivatives and any amounts unrealized for income statement reporting but realized in income and/or capital gains for tax reporting.

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the year ended October 31, 2019 were as follows:

Fund	Non-U.S. government purchases		Non-U.S. government sales
Growth & Income	$	4,443,462,680	$	4,993,334,798
Large-Cap Growth		5,203,049,444		5,266,858,611
Large-Cap Value		4,661,918,424		5,628,103,809
Mid-Cap Growth		1,137,871,973		1,360,049,506
Mid-Cap Value		2,528,724,086		3,290,950,305
Quant Large-Cap Growth		3,111,899,999		3,104,346,024
Quant Large-Cap Value		3,752,024,986		3,776,800,475
Quant Small-Cap Equity		3,070,764,945		3,640,894,092
Quant Small/Mid-Cap Equity		540,708,170		569,069,143
Social Choice Equity		1,428,607,166		875,995,447
Social Choice Low Carbon Equity		136,165,884		45,461,033
Emerging Markets Equity		1,941,086,919		2,013,025,419
International Equity		5,204,772,077		4,980,030,884
International Opportunities		566,914,186		436,156,621
Quant International Equity		2,082,546,820		2,037,418,405
Quant International Small-Cap Equity		846,591,817		791,548,075
Social Choice International Equity		196,375,633		12,482,298

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

continued

Note 6—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the years ended October 31, 2019 and October 31, 2018 was as follows:

	10/31/2019						10/31/2018
	Ordinary		Long-term				Ordinary		Long-term
Fund	income		capital gains		Total		income		capital gains		Total
Growth & Income	$	122,383,514	$	411,762,031	$	534,145,545	$	129,654,461	$	168,838,694	$	298,493,155
Large-Cap Growth		84,449,185		501,749,128		586,198,313		65,745,643		134,710,578		200,456,221
Large-Cap Value		182,078,830		469,076,115		651,154,945		194,702,897		254,369,511		449,072,408
Mid-Cap Growth		93,308,944		89,843,975		183,152,919		90,483,396		52,698,566		143,181,962
Mid-Cap Value		73,242,843		415,675,809		488,918,652		63,951,788		293,428,515		357,380,303
Quant Large-Cap Growth		86,199,133		123,181,003		209,380,136		80,349,026		83,629,217		163,978,243
Quant Large-Cap Value		65,368,570		54,085,628		119,454,198		92,381,556		65,815,477		158,197,033
Quant Small-Cap Equity		160,470,259		349,804,465		510,274,724		144,925,595		236,042,033		380,967,628
Quant Small/Mid-Cap Equity		23,747,084		45,928,773		69,675,857		35,024,075		1,171,488		36,195,563
Social Choice Equity		63,821,597		249,212,381		313,033,978		53,632,226		61,988,984		115,621,210
Social Choice Low Carbon Equity		2,099,033		4,111,034		6,210,067		1,381,149		745,230		2,126,379
Emerging Markets Equity		10,068,401		55,092,110		65,160,511		10,909,222		48,051,055		58,960,277
International Equity		92,128,677		191,353,881		283,482,558		53,463,627		66,676,798		120,140,425
International Opportunities		22,142,320		—		22,142,320		17,838,381		—		17,838,381
Quant International Equity		59,549,907		75,189,265		134,739,172		58,367,522		—		58,367,522
Quant International Small-Cap Equity		27,458,794		25,744,003		53,202,797		58,798,457		—		58,798,457
Social Choice International Equity		1,443,279		—		1,443,279		1,076,225		18,829		1,095,054

As of October 31, 2019, the components of accumulated earnings on a tax basis were as follows:

Fund	Undistributed  ordinary income		Undistributed long-term capital gains		Unrealized appreciation (depreciation		)	Capital  loss carryover			Total
Growth & Income	$	30,058,967	$	316,910,785	$	2,116,513,172		$	—		$	2,463,482,924
Large-Cap Growth		29,509,794		226,841,951		2,089,146,391			—			2,345,498,136
Large-Cap Value		105,447,911		—		977,375,842			(27,771,492	)		1,055,052,261
Mid-Cap Growth		1,086,760		143,640,886		225,739,078			—			370,466,724
Mid-Cap Value		53,955,659		443,383,102		377,684,454			—			875,023,215
Quant Large-Cap Growth		31,496,506		149,023,533		971,415,872			—			1,151,935,911
Quant Large-Cap Value		59,167,576		128,003,322		333,986,929			—			521,157,827
Quant Small-Cap Equity		23,604,261		117,848,183		198,139,431			—			339,591,875
Quant Small/Mid-Cap Equity		7,141,512		33,048,151		95,581,120			—			135,770,783
Social Choice Equity		76,027,471		138,959,098		1,144,429,314			—			1,359,415,883
Social Choice Low Carbon Equity		2,469,379		3,336,541		29,844,570			—			35,650,490
Emerging Markets Equity		30,994,291		—		128,236,849			(18,895,755	)		140,335,385
International Equity		85,061,013		—		228,579,579			(273,328,275	)		40,312,317
International Opportunities		26,011,771		—		414,505,393			(65,857,536	)		374,659,628
Quant International Equity		62,230,017		—		185,136,552			(117,344,051	)		130,022,518
Quant International Small-Cap Equity		35,507,986		—		63,073,477			(120,858,939	)		(22,277,476	)
Social Choice International Equity		4,077,664		—		12,921,624			(1,044,625	)		15,954,663

The difference between book basis and tax basis net investment income, net realized gains and losses, and unrealized appreciation and depreciation is attributable primarily to the tax deferral of losses on wash sales, the tax deferral of straddle losses, the realization, for tax purposes, of unrealized gains on investments in passive foreign investment companies, and the treatment of short term gain as ordinary income for tax purposes.

In certain circumstances, a fund may distribute portfolio securities rather than cash as payment for a redemption of fund shares (in-kind redemption). A fund may also accept portfolio securities rather than cash as payment for a purchase of fund shares (in-kind purchase). During the year ended October 31, 2019, the Funds did not have any in-kind purchase or in-kind redemption transactions.

At October 31, 2019, the following Funds had capital loss carryovers, which will not expire:

Fund	Short-term		Long-term		Total
Large-Cap Value	$	27,771,492	$	—	$	27,771,492
Emerging Markets Equity		18,895,755		—		18,895,755
International Equity		155,912,112		117,416,163		273,328,275
International Opportunities		65,857,536		—		65,857,536
Quant International Equity		111,331,281		6,012,770		117,344,051
Quant International Small-Cap Equity		70,392,399		50,466,540		120,858,939
Social Choice International Equity		727,548		317,077		1,044,625

For the year ended October 31, 2019, the International Opportunities Fund utilized $17,242,748 of short-term capital loss carryover available from prior years.

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

Notes to financial statements concluded

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 year ended October 31, 2019, there were no inter-fund borrowing or lending transactions.

Note 9—line of credit

Each of the Funds participates in a $1 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 18, 2019 expiring on June 16, 2020, replacing the previous $1.25 billion facility, which expired June 2019. Certain affiliated accounts and mutual funds, each of which is managed by Advisors, or an affiliate of Advisors, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds on a pro rata basis. Interest associated with any borrowing under the facility is charged to the borrowing accounts or mutual funds at a specified rate of interest. The Funds are not liable for borrowings under the facility by other affiliated accounts or mutual funds. For the year ended October 31, 2019, there were no borrowings under this credit facility by the Funds.

Note 10—subsequent event

Advisors has agreed to implement a voluntary waiver reducing the Quant Large-Cap Value Fund management fee breakpoint schedule effective through April 30, 2020. During this period, the waiver will range from 0.01% to 0.03% of daily average net assets of the Fund based upon the total investment by certain other funds in the Trust in the Nuveen Dividend Value Fund, a series of Nuveen Investments Funds, Inc., reaching certain net asset breakpoints. This waiver is voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval.

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

Report of independent registered public accounting firm

To the Board of Trustees of TIAA-CREF Funds and Shareholders of TIAA-CREF Growth & Income Fund, TIAA-CREF Large-Cap Growth Fund, TIAA-CREF Large-Cap Value Fund, TIAA-CREF Mid-Cap Growth Fund, TIAA-CREF Mid-Cap Value Fund, TIAA-CREF Quant Large-Cap Growth Fund, TIAA-CREF Quant Large-Cap Value Fund, TIAA-CREF Quant Small-Cap Equity Fund , TIAA-CREF Quant Small/Mid-Cap Equity Fund, TIAA-CREF Social Choice Equity Fund, TIAA-CREF Social Choice Low Carbon Equity Fund, TIAA-CREF Emerging Markets Equity Fund, TIAA-CREF International Equity Fund, TIAA-CREF International Opportunities Fund, TIAA-CREF Quant International Equity Fund, TIAA-CREF Quant International Small-Cap Equity Fund and TIAA-CREF Social Choice International Equity Fund

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the summary portfolios of investments, of TIAA-CREF Growth & Income Fund, TIAA-CREF Large-Cap Growth Fund, TIAA-CREF Large-Cap Value Fund, TIAA-CREF Mid-Cap Growth Fund, TIAA-CREF Mid-Cap Value Fund, TIAA-CREF Quant Large-Cap Growth Fund, TIAA-CREF Quant Large-Cap Value Fund, TIAA-CREF Quant Small-Cap Equity Fund, TIAA-CREF Quant Small/Mid-Cap Equity Fund, TIAA-CREF Social Choice Equity Fund, TIAA-CREF Social Choice Low Carbon Equity Fund, TIAA-CREF Emerging Markets Equity Fund, TIAA-CREF International Equity Fund, TIAA-CREF International Opportunities Fund, TIAA-CREF Quant International Equity Fund, TIAA-CREF Quant International Small-Cap Equity Fund and TIAA-CREF Social Choice International Equity Fund (seventeen of the funds constituting TIAA-CREF Funds, hereafter collectively referred to as the “Funds”) as of October 31, 2019, the related statements of operations for the year ended October 31, 2019, the statements of changes in net assets for each of the two years in the period ended October 31, 2019, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2019, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2019, and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2019 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Baltimore, Maryland
December 18, 2019

We have served as the auditor of one or more investment companies in TIAA-CREF Funds’ investment company group since 2005.

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

Important tax information (unaudited)

For the fiscal year ended October 31, 2019, the TIAA-CREF Funds designate the following distribution amounts (or the maximum amount allowable) as being from net long-term capital gains.

Fund		Long-term capital gains
Growth & Income	$	434,573,027
Large-Cap Growth		512,822,242
Large-Cap Value		469,076,115
Mid-Cap Growth		100,463,978
Mid-Cap Value		494,004,574
Quant Large-Cap Growth		131,418,745
Quant Large-Cap Value		60,580,827
Quant Small-Cap Equity		363,795,858
Quant Small/Mid-Cap Equity		48,313,082
Social Choice Equity		260,172,784
Social Choice Low Carbon Equity		4,111,034
Emerging Markets Equity		55,092,110
International Equity		191,353,881
International Opportunities		—
Quant International Equity		75,189,265
Quant International Small-Cap Equity		25,744,003
Social Choice International Equity		—

For the fiscal year ended October 31, 2019, the TIAA-CREF Funds designate the following percentages (or the maximum amount allowable) of ordinary income dividends paid as qualifying for the maximum tax rate of 15% as provided by the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

Fund	Percentage
Growth & Income		100.0	%
Large-Cap Growth		51.6
Large-Cap Value		73.1
Mid-Cap Growth		10.9
Mid-Cap Value		70.6
Quant Large-Cap Growth		37.6
Quant Large-Cap Value		84.9
Quant Small-Cap Equity		17.7
Quant Small/Mid-Cap Equity		21.5
Social Choice Equity		92.6
Social Choice Low Carbon Equity		88.1
Emerging Markets Equity		92.8
International Equity		100.0
International Opportunities		80.6
Quant International Equity		83.9
Quant International Small-Cap Equity		80.4
Social Choice International Equity		100.0

For the fiscal year ended October 31, 2019, the TIAA-CREF Funds designate the following percentages (or the maximum amount allowable) of ordinary income dividends paid as qualifying for the corporate dividends received deduction.

Fund	Percentage
Growth & Income		76.6	%
Large-Cap Growth		48.0
Large-Cap Value		66.0
Mid-Cap Growth		9.2
Mid-Cap Value		61.0
Quant Large-Cap Growth		37.6
Quant Large-Cap Value		82.3
Quant Small-Cap Equity		16.4
Quant Small/Mid-Cap Equity		21.6
Social Choice Equity		88.1
Social Choice Low Carbon Equity		84.5
Emerging Markets Equity		1.3
International Equity		0.0
International Opportunities		0.8
Quant International Equity		0.0
Quant International Small-Cap Equity		0.0
Social Choice International Equity		0.0

The Emerging Markets Equity, International Equity, International Opportunities, Quant International Equity, Quant International Small-Cap Equity, and Social Choice International Equity Funds received income from foreign sources during the year ended October 31, 2019 of $35,342,478 ($0.25993 per share), $95,147,132 ($0.21331 per share), $23,581,157 ($0.17655 per share), $56,043,574 ($0.21499 per share), $30,196,313 ($0.31690 per share), and $4,263,807 ($0.18165 per share), respectively, and paid taxes to foreign countries during the year ended October 31, 2019 of $3,754,419 ($0.02761 per share), $9,224,711 ($0.02068 per share), $1,821,344 ($0.01364 per share), $3,654,153 ($0.01402 per share), $2,859,379 ($0.03001 per share), and $299,340 ($0.01275 per share), respectively.

The information and distributions reported herein may differ from the information and distributions reported to shareholders for the calendar year ending December 31, 2019, which will be reported in conjunction with your 2019 Form 1099-DIV.

By early 2020, shareholders should receive their Form 1099-DIV and a tax information letter from the Funds. For your specific situation, we recommend that you consult a professional tax advisor.

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

2019 special meeting (unaudited)

TIAA-CREF Funds

Trustees

On July 17, 2019, at a special meeting of TIAA-CREF Funds participants, the following persons were elected to serve on the Board of Trustees:

Nominee	Dollars for		Percent		Dollars against		Percent		Dollars abstain		Percent
Forrest Berkley		7,019,429,645.179		98.738		29,336,564.729		0.413		60,384,844.503		0.849
Joseph A. Boateng		7,017,678,997.349		98.713		30,608,382.947		0.431		60,863,674.115		0.856
Janice C. Eberly		7,030,450,351.958		98.893		24,897,324.187		0.350		53,803,378.266		0.757
Nancy A. Eckl		7,031,086,911.078		98.902		23,805,175.211		0.335		54,258,968.122		0.763
Michael A. Forrester		7,012,679,322.201		98.643		34,732,512.165		0.489		61,739,220.046		0.868
Howell E. Jackson		7,015,296,260.772		98.680		33,410,840.029		0.470		60,443,953.610		0.850
Thomas J. Kenny		7,014,459,180.378		98.668		32,601,855.843		0.459		62,090,018.190		0.873
James M. Poterba		7,016,956,092.704		98.703		33,014,873.896		0.464		59,180,087.811		0.832
Maceo K. Sloan		7,016,148,774.432		98.692		32,646,874.224		0.459		60,355,405.754		0.849
Laura T. Starks		7,032,899,556.712		98.927		24,219,056.061		0.341		52,032,441.638		0.732

Joseph A. Boateng was elected to office. Forrest Berkley, Janice C. Eberly, Nancy A. Eckl, Michael A. Forrester, Howell E. Jackson, Thomas J. Kenny, James M. Poterba, Maceo K. Sloan and Laura T. Starks continued in office.

The results above were certified by Computershare Fund Services, Inc., independent tabulator for the TIAA-CREF Funds.

TIAA-CREF Funds: Equity Funds  ■  2019 Annual Report 129

Trustees and officers (unaudited)

TIAA-CREF Funds  ■  October 31, 2019

Trustees

Name, Address and Year of Birth (“YOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee
Forrest Berkley c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Trustee	Indefinite term. Trustee since 2006.	Retired Partner (since 2006), Partner (1990–2005) and Head of Global Product Management (2003–2005), GMO (formerly, Grantham, Mayo, Van Otterloo & Co.) (investment management); and member of asset allocation portfolio management team, GMO (2003–2005).	89	Director, Save the Children Federation, Inc.; Investment Committee Member, Maine Community Foundation and the Elmina B. Sewall Foundation.
Joseph A. Boateng c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Trustee	Indefinite term. Trustee since 2019.	Chief Investment Officer, Casey Family Programs (since 2007). Director of U.S. Pension Plans at Johnson & Johnson (2002–2006). Manager, Financial Services Consultant, KPMG Consulting (2000–2002).	89	Board member, Year Up Puget Sound; Investment Advisory Committee Chair, Seattle City Employees’ Retirement System; Investment Committee member, The Seattle Foundation.
Janice C. Eberly c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Trustee	Indefinite term. Trustee since 2018.	James R. and Helen D. Russell Professor of Finance at the Kellogg School of Management at Northwestern University (2002–2011 and since 2013), and Chair of the Finance Department (2005–2007). Assistant Secretary for Economic Policy at the United States Department of the Treasury (2011–2013).	89	Member of the Board of the Office of Finance, Federal Home Loan Banks; Director, Avant, LLC.
Nancy A. Eckl c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Trustee	Indefinite term. Trustee since 2007.	Vice President (1990–2006), American Beacon Advisors, Inc. and certain funds advised by American Beacon Advisors, Inc.	89	Independent Director, The Lazard Funds, Inc., Lazard Retirement Series, Inc. and Lazard Global Total Return and Income Fund, Inc.
Michael A. Forrester c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1967	Trustee	Indefinite term. Trustee since 2007.	Chief Executive Officer (since 2014), and Chief Operating Officer (2007–2014), Copper Rock Capital Partners, LLC. Chief Operating Officer, DDJ Capital Management (2003–2006).	89	Director, Copper Rock Capital Partners, LLC (investment adviser); Trustee, Dexter Southfield School.
Howell E. Jackson c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Trustee	Indefinite term. Trustee since 2005.	James S. Reid, Jr. Professor of Law (since 2004), Senior Advisor to President and Provost (2010–2012), Acting Dean (2009), Vice Dean for Budget (2003–2006) and on the faculty (since 1989) of Harvard Law School.	89	Director, Commonwealth (non-profit organization).
Thomas J. Kenny c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Chairman of the Board and Trustee	Indefinite term. Trustee since 2011. Chairman for term ending July 1, 2021. Chairman since 2017.	Advisory Director (2010–2011), Partner (2004– 2010), Managing Director (1999–2004), and Co-Head of Global Cash and Fixed Income Portfolio Management Team (2002–2010), Goldman Sachs Asset Management.	89	Director and Chair of the Finance and Investment Committee, Aflac Incorporated; Director and Chair of the Finance Committee, Sansum Clinic; Director, ParentSquare; Investment Committee Member, Cottage Health System; Member, University of California at Santa Barbara Arts and Lectures Advisory Council.
James M. Poterba c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1958	Trustee	Indefinite term. Trustee since 2006.	Mitsui Professor of Economics, Massachusetts Institute of Technology (“MIT”) (since 1996); Affiliated Faculty Member of the Finance Group, Alfred P. Sloan School of Management (since 2014); and Head (2006–2008) and Associate Head (1994–2000 and 2001–2006), Economics Department of MIT. President and Chief Executive Officer (since 2008), and Program Director (1990–2008), National Bureau of Economic Research.	89	Director, National Bureau of Economic Research and the Alfred P. Sloan Foundation; Member, Congressional Budget Office Panel of Economic Advisers.

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

Trustees — concluded

Name, Address and Year of Birth (“YOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee
Maceo K. Sloan c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1949	Trustee	Indefinite term. Trustee since 1999.	Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (1991–2018); Chairman and Chief Executive Officer (1991–2016), Chief Investment Officer (1991–2013) and Chief Compliance Officer (2015–2016), NCM Capital Management Group, Inc.; Chairman, Chief Executive Officer (2003–2016), Chief Investment Officer (2003–2013) and Chief Compliance Officer (2015–2016), NCM Capital Advisers Inc.; and Chairman, President and Principal Executive Officer, NCM Capital Investment Trust (2007–2012).	89	N/A
Laura T. Starks c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1950	Trustee	Indefinite term. Trustee since 2006.	Charles E. and Sarah M. Seay Regents Chair in Finance (since 2002), Co-Executive Director, Social Innovation Initiative (since 2015), Director, AIM Investment Center (2000–2016), Associate Dean for Research (2011–2016), Chairman, Department of Finance (2002–2011) and Professor (since 1987), McCombs School of Business, University of Texas at Austin.	89	Texa$aver Product Committee Member, Employees Retirement System of Texas.

Officers

Name, Address and Year of Birth (“YOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Vijay Advani TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1960	Executive Vice President	One-year term. Executive Vice President since 2018.	Chief Executive Officer, Nuveen. Executive Vice President of the College Retirement Equities Fund (“CREF”), TIAA Separate Account VA-1, TIAA-CREF Funds and TIAA-CREF Life Funds (collectively, the “TIAA-CREF Fund Complex”). Prior to joining Nuveen, Mr. Advani served as Co-President of Franklin Resources, Inc. (Franklin Templeton Investments).
Mona Bhalla TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1969	Senior Managing Director and Corporate Secretary	One-year term. Senior Managing Director and Corporate Secretary since 2017.	Senior Managing Director, Corporate Secretary of Teachers Insurance and Annuity Association of America (“TIAA”) and the TIAA-CREF Fund Complex. Prior to joining TIAA, Ms. Bhalla served as Senior Vice President, Counsel and Corporate Secretary of AllianceBernstein L.P.
Richard S. Biegen TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Chief Compliance Officer	One-year term. Chief Compliance Officer since 2008.	Senior Managing Director, TIAA. Chief Compliance Officer of the TIAA-CREF Fund Complex.
Bradley Finkle TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1973	Principal Executive Officer and President	One-year term. Principal Executive Officer and President since 2017.	Senior Managing Director, Chief Operating Officer, Nuveen. Principal Executive Officer and President of the TIAA-CREF Funds and TIAA-CREF Life Funds. Formerly, Senior Managing Director, Co-Head of Nuveen Equities & Fixed Income and President of TIAA Investments.
Jose Minaya TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1971	Executive Vice President	One-year term. Executive Vice President since 2018.	Executive Vice President, President and Chief investment Officer, Nuveen. Executive Vice President of the TIAA-CREF Fund Complex. Formerly, Executive Vice President, Chief Investment Officer, Nuveen Global Investments and Senior Managing Director, President, Global Investments, TIAA.

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

Trustees and officers (unaudited) concluded

TIAA-CREF Funds  ■  October 31, 2019

Officers — concluded

Name, Address and Year of Birth (“YOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Phillip T. Rollock TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Executive Vice President and Chief Legal Officer	One-year term. Executive Vice President and Chief Legal Officer since 2018.	Executive Vice President, Chief Legal Officer of TIAA and the TIAA-CREF Fund Complex. Formerly, Senior Managing Director, Deputy General Counsel and Corporate Secretary of TIAA and the TIAA-CREF Fund Complex.
Christopher A. Van Buren TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Executive Vice President	One-year term. Executive Vice President since 2018.	Executive Vice President, Chief Risk Officer of TIAA. Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Van Buren served as Managing Director, Group Risk Control of UBS.
E. Scott Wickerham TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1973	Principal Financial Officer, Principal Accounting Officer and Treasurer	One-year term. Principal Financial Officer, Principal Accounting Officer and Treasurer since 2017.	Senior Managing Director, Head, Publics Investment Finance, Nuveen. Principal Financial Officer, Principal Accounting Officer and Treasurer of the TIAA-CREF Funds, TIAA-CREF Life Funds and TIAA Separate Account VA-1; Treasurer of CREF; and Vice President and Controller of the Nuveen Funds. Formerly, Managing Director, Head, TC Fund Administration, Nuveen.
Sean N. Woodroffe TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Executive Vice President	One-year term. Executive Vice President since 2018.	Senior Executive Vice President, Chief Human Resources Officer of TIAA. Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Woodroffe served as Chief People Officer at National Life Group.

Please note that the Funds’ Statement of Additional Information (SAI) includes additional information about the Funds’ trustees and is available, without charge, through our website, tiaa.org, or by calling 800 223-1200.

132 2019 Annual 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 Annual Report 133

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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. 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
978204		A12446 (12/19)

730 Third Avenue

New York, NY 10017-3206

	Printed on paper containing recycled fiber
978204		A12446 (12/19)

730 Third Avenue

New York, NY 10017-3206

978204 A12446 (12/19)

	TIAA-CREF	October 31,
	Funds	2019

TIAA-CREF

Equity Index Funds

The annual report contains the audited financial statements.

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	—	TRIWX
Large-Cap Value Index Fund	TILVX	THCVX	—	TRCVX	—	THCWX
S&P 500 Index Fund	TISPX	TISAX	—	TRSPX	—	TISWX
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

Annual
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
Audited financial statements
Statements of assets and liabilities	38
Statements of operations	40
Statements of changes in net assets	42
Financial highlights	46
Notes to financial statements	52
Report of independent registered public accounting firm	59
Important tax information	60
2019 special meeting	61
Trustees and officers	62
Additional information about index providers	65
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 annual report contains information about certain TIAA-CREF Funds and describes their results for the twelve months ended October 31, 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 October 31, 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 Annual Report 3

Brad Finkle

Letter to investors

Domestic and international stock markets posted double-digit returns for the twelve months ended October 31, 2019. Markets faced concerns over the economic outlook at the start of the period, but the U.S. economy expanded and the Federal Reserve shifted to a more favorable monetary policy—a combination that bolstered U.S. equity markets. Several major foreign economies encountered similar economic concerns but continued to grow throughout 2019. For the twelve months:

• The Russell 3000^® Index, which measures the performance of the broad U.S. stock market, returned 13.5%. Please see page 8 for benchmark definitions.

• The MSCI EAFE^® Index, which tracks stocks in 21 developed-markets nations outside North America, gained 11.0%.

• The MSCI Emerging Markets Index, which represents the performance of stocks in 26 developing nations, advanced 11.9%.

• 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.

Economic growth, shifting monetary policy lifted U.S. stocks

Continued economic growth and a shift in monetary policy by the Fed helped U.S. equities to recover from early setbacks and finish the twelve-month period with solid returns. Unemployment was near a half-century low, and inflation remained moderate.

Domestic stocks declined during the first two months of the period, hurt by concerns about a potential slowdown in growth. But the Fed indicated a more cautious approach regarding future interest-rate increases in January 2019, helping to spark a powerful recovery in later months. The Fed followed up by lowering short-term interest rates three times as the year progressed.

For the twelve months, large-cap stocks outperformed small caps. Growth shares surpassed value stocks across all market capitalization sizes. (Returns by investment style and capitalization size are based on the Russell indexes.)

Stocks in international developed markets rose as global growth continued

International developed equity markets were lifted by continued economic growth. The 19-nation euro area expanded, though at a slower pace than in 2018. Unemployment in the euro area fell to an eleven-year low, and the jobless rate in the broader 28-nation European Union declined to its lowest level since data was first collected in 2000. Unemployment in the United Kingdom fell to 3.8% in the three months ended September 2019—its lowest rate since 1974.

The European Central Bank responded to slowing economic growth with a plan to buy more than $20 billion in bonds per month as a stimulus measure. The Bank of England left its benchmark interest rate unchanged at 0.75%.

Emerging markets outpaced foreign developed markets but lagged U.S. stocks

Emerging-markets stocks recovered from declines early in the period to post healthy gains. The broad-based emerging-markets advance lifted equities in 19 of 26 countries as tracked by the MSCI Emerging Markets Index. Many benefited from renewed confidence in global economic growth. China, one of the largest nations, reported decelerating growth in 2019, but the country’s economy still expanded by 6.0% during the third quarter of the year.

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

All seven index funds gained ground

All seven TIAA-CREF Equity Index Funds advanced for the period. Each fund invests in a portfolio that attempts to match the risk and return characteristics of its benchmark index at a low cost per invested dollar. The funds’ performance includes a deduction for expenses, while the returns of their respective indexes do not. The funds’ twelve-month returns ranged from 17.0% for the Large-Cap Growth Index Fund to 5.0% for the Small-Cap Blend Index Fund. (All fund returns are for the Institutional Class.)

Large and growth-oriented stocks generally provided the biggest gains. The Large-Cap Growth Index Fund was the best performer, while its value counterpart, the Large-Cap Value Index Fund, posted a lower 11.1% return as value-oriented stocks delivered more muted results. The S&P 500 Index Fund and the Equity Index Fund rose 14.3% and 13.5%, respectively, for the twelve-month period.

In the small-cap equity space, the Small-Cap Blend Index Fund gained 5.0% and outpaced the Russell 2000^® Index.

Among TIAA-CREF’s international equity index portfolios, the Emerging Markets Equity Index Fund gained 11.6%. The International Equity Index Fund climbed 11.2%, surpassing the MSCI EAFE^® Index.

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

Stay focused on long-term investment goals

While the future is always uncertain, we believe it’s possible that the year ahead—with the many twists and turns of the presidential and congressional campaigns—may cause an increase in market volatility. Economic policy, wealth and taxes could be subjects of intense debate, and interest rates and international trade relations may become campaign issues. How markets react to the media coverage is difficult to determine because volatility always ebbs and flows.

As a result, we believe the best approach in dealing with the inevitable changes in market conditions is to remain focused on your long-term financial goals. History has shown that maintaining exposure to a wide array of asset classes is a sensible approach for long-term investors. In our view, a diversified portfolio of stocks in a professionally managed mutual fund or group of funds can be a prudent way to help achieve that goal. Keep in mind that while diversification can help reduce volatility, it does not provide a 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 Annual Report 5

Market monitor

U.S., international stocks posted double-digit returns

For the twelve months ended October 31, 2019, U.S. and international equity markets recorded solid gains while global economies continued to grow. The Russell 3000^® Index, a broad measure of U.S. stock market performance, advanced 13.5%. International developed markets, as measured by the MSCI EAFE^® Index, also had solid double-digit returns but lagged the Russell 3000. Emerging markets recorded modestly higher gains than the MSCI EAFE.

Strong labor market helped drive U.S. economy

Real gross domestic product (GDP), which measures the value of all goods and services produced in the nation, grew at an annualized rate of 1.1% over the final quarter of 2018. The economy got off to a stronger start in 2019 but growth slowed later in the year. GDP grew by 3.1% during the first quarter of 2019 before slowing to 2.0% in the second quarter and 1.9% during the third (third-quarter growth was the government’s “advance” estimate). Consumer spending, which accounts for two-thirds of all economic activity, grew at a solid pace for all quarters of the period, but business investment declined in the second and third quarters of 2019.

The historically strong U.S. labor market drove the unemployment rate down to 3.5% in September—its lowest level in almost 50 years—before finishing the period at 3.6% in October. Wages grew by 3.0% over the twelve months.

Inflation remained moderate. Annualized core inflation, which includes all items except food and energy, was 2.3% in October. The price per barrel of West Texas Intermediate crude oil declined from more than $63 on November 1, 2018, to just over $54 on October 31, 2019. The value of the U.S. dollar was mixed against most major global currencies during the period.

Large-cap stocks and growth equities provided strongest returns

In the U.S. equity market, large-cap stocks outperformed small- and mid-cap shares, while growth equities outpaced value stocks in all size categories. Large-cap shares advanced 14.2%, while mid- and small-cap equities gained 13.7% and 4.9%, respectively. Among large caps, growth stocks advanced 17.1%, while value stocks returned 11.2%. In the mid-cap category, growth stocks gained 18.9% and value shares earned 10.1%. Small-cap growth equities gained 6.4%, while small-cap value stocks returned 3.2%. (Returns by investment style and capitalization size are based on Russell indexes.)

International stocks in both developed and emerging markets recovered from early losses and posted double-digit gains. The MSCI EAFE Index, which tracks stock performance in 21 developed-markets countries outside

North America, gained 11.0% for the twelve-month period. The MSCI Emerging Markets Index returned 11.9%.

U.S. stocks bounced back after early setback

U.S. equity markets fell early in the period on concerns about future economic growth, but they rebounded dramatically at the start of 2019 when the Federal Reserve signaled a shift in monetary policy. As 2019 began, the Fed, which had raised the federal funds target rate nine times since December 2015, adopted a “patient” approach toward further increases in the key short-term interest-rate measure. Later in the year, policymakers lowered the fed funds target rate three times, to 1.50%–1.75%. They cited concerns about slowing economic growth around the world, as well as continuing U.S.-China trade tensions.

The European economy continued to grow but expanded at a slower pace in the second and third quarters of 2019. The 19-nation euro area’s GDP grew by 1.1% during the third quarter of 2019, compared with the same period in the previous year, according to a preliminary estimate. China reported third-quarter GDP growth of 6.0%, the country’s slowest quarterly rate since the first quarter of 1992. The European Central Bank lowered a key benchmark interest rate in September 2019 and said it would restart a stimulative bond-buying program in November.

Global equities climbed higher

U.S. large- and mid-cap stocks outperformed as growth topped value; foreign developed and emerging markets also advanced

Source: U.S. large-cap growth: Russell 1000^® Growth Index; U.S. large-cap value: Russell 1000 Value Index; U.S. mid-cap growth: Russell Midcap^® Growth Index; U.S. mid-cap value: Russell Midcap Value Index; U.S. small-cap growth: Russell 2000^® Growth Index; U.S. small-cap value: Russell 2000 Value Index; Foreign developed markets: MSCI EAFE^® Index; Emerging markets: MSCI Emerging Markets Index. Twelve-month returns as of October 31, 2019.

6 2019 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds

Information for investors

Portfolio holdings

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

You can obtain a complete list of the TIAA-CREF Funds’ 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 Annual Report 7

About the funds’ benchmarks

Broad market indexes

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

The MSCI EAFE^® Index measures the performance of the leading stocks in 21 developed-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 26 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 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds

Important information about expenses

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

The expense examples that appear 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 (May 1, 2019–October 31, 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 Annual Report 9

Equity Index Fund

Expense example

Six months ended October 31, 2019

Equity Index Fund	Beginning account value (5/1/19)		Ending account value (10/31/19)		Expenses paid during period* (5/1/19– 10/31/19)
Actual return
Institutional Class		$1,000.00		$1,034.31		$0.26
Advisor Class		1,000.00		1,033.38		0.97
Premier Class		1,000.00		1,032.98		1.02
Retirement Class		1,000.00		1,032.88		1.54
Retail Class		1,000.00		1,032.77		1.69
Class W		1,000.00		1,034.29		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,024.95		0.26
Advisor Class		1,000.00		1,024.25		0.97
Premier Class		1,000.00		1,024.20		1.02
Retirement Class		1,000.00		1,023.69		1.53
Retail Class		1,000.00		1,023.54		1.68
Class W		1,000.00		1,025.21		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 184/365. There were 184 days in the six months ended October 31, 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, 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 10/31/2019
Information technology		21.7
Health care		13.8
Financials		13.5
Consumer discretionary		10.2
Industrials		10.0
Communication services		9.4
Consumer staples		6.6
Real estate		4.2
Energy		4.0
Utilities		3.4
Materials		2.9
Short-term investments, other assets & liabilities, net		0.3
Total		100.0

Performance for the twelve months ended October 31, 2019

The Equity Index Fund returned 13.47% for the Institutional Class, compared with the 13.49% return of its benchmark, the Russell 3000^® Index. The performance table shows returns for all share classes of the Fund.

For the twelve-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. equities gained amid slower economic growth

The U.S. economy continued to expand over the twelve months, but its growth decelerated for most of the reporting period. Unemployment was 3.6% in October 2019, after dipping to 3.5% in September—its lowest level in nearly half a century. The price of oil decreased for the period, while core inflation, which includes all items except food and energy, rose to an annualized rate of 2.3% in October 2019.

Equity markets declined early in the period amid concerns about continued economic growth, but they recovered after the Federal Reserve indicated a shift in monetary policy. The Fed had raised the federal funds target rate in December 2018, but it adopted a “patient” approach toward further action in January 2019. The Fed then reversed course later in the period, lowering the key short-term interest-rate measure three times between July and October to 1.50%–1.75%.

For the twelve months, the Russell 3000 Index, a broad measure of the U.S. stock market, gained 13.49%. Large-cap stocks outperformed smaller equities, and growth shares surpassed value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

Information technology led the benchmark higher

Ten of the eleven industry sectors in the Russell 3000 Index advanced for the twelve months. The real estate and utilities sectors produced the strongest gains, climbing 25.0% and 23.0%, respectively. Bond yields declined throughout much of the period, spurring demand for real estate and utilities stocks, which generally have above-average dividend yields. Information technology—the benchmark’s largest sector—rose 22.7% and contributed most to the index’s return for the period. Communication services and industrials also made a sizable impact with each returning 14.8%. Together, these five sectors accounted for almost one-half of the index’s total market capitalization on October 31, 2019. Energy was the sole decliner, returning –14.8%, amid a decrease in oil prices.

Four of the benchmark’s five largest stocks outperformed

For the twelve-month period, four of the five largest stocks in the Russell 3000 Index produced gains that surpassed the overall return of the benchmark. Microsoft advanced the most, propelled by strong performance in its cloud-computing business, while Facebook experienced robust growth in advertising revenue. Alphabet (the parent company of Google) and Apple also outperformed. Amazon.com recorded a double-digit gain but trailed the index.

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

Performance as of October 31, 2019

Equity Index Fund		Total return			Average annual total return						Annual operating expenses*
	Inception date	1 year			5 years			10 years			gross			net
Institutional Class	7/1/99		13.47	%		10.30	%		13.57	%		0.05	%		0.05	%
Advisor Class	12/4/15		13.26			10.22	†		13.53	†		0.19			0.19
Premier Class	9/30/09		13.28			10.12			13.40			0.20			0.20
Retirement Class	3/31/06		13.18			10.01			13.28			0.30			0.30
Retail Class	3/31/06		13.15			9.97			13.25			0.33			0.33
Class W	9/28/18		13.48			10.31	†		13.58	†		0.05			0.00
Russell 3000® Index	—		13.49			10.31			13.62			—			—

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

$10,000 over 10 years

Institutional Class

Ending amounts are as of October 31, 2019. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by company size

Market capitalization	% of equity investments as of 10/31/2019
More than $50 billion		60.1
More than $15 billion–$50 billion		19.8
More than $2 billion–$15 billion		16.8
$2 billion or less		3.3
Total		100.0

Fund profile

	as of 10/31/2019
Net assets		$22.41 billion
Portfolio turnover rate		4%
Number of holdings		2,770
Weighted median market capitalization		$81.68 billion
Price/earnings ratio (weighted 12-month trailing average)†		24.8

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

TIAA-CREF Funds: Equity Index Funds  ■  2019 Annual Report 11

Large-Cap Growth Index Fund

Expense example

Six months ended October 31, 2019

Large-Cap Growth Index Fund	Beginning account value (5/1/19)		Ending account value (10/31/19)		Expenses paid during period* (5/1/19– 10/31/19)
Actual return
Institutional Class		$1,000.00		$1,044.33		$0.31
Advisor Class		1,000.00		1,043.47		0.93
Retirement Class		1,000.00		1,042.81		1.60
5% annual hypothetical return
Institutional Class		1,000.00		1,024.90		0.31
Advisor Class		1,000.00		1,024.30		0.92
Retirement Class		1,000.00		1,023.64		1.58

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 2019. The Fund’s annualized six-month expense ratios for that period were 0.06% for the Institutional Class, 0.18% 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 10/31/2019
Information technology		37.7
Health care		14.5
Consumer discretionary		14.1
Communication services		11.4
Industrials		9.5
Consumer staples		4.8
Financials		3.7
Real estate		2.5
Materials		1.4
Energy		0.3
Short-term investments, other assets & liabilities, net		0.1
Total		100.0

Performance for the twelve months ended October 31, 2019

The Large-Cap Growth Index Fund returned 17.03% for the Institutional Class, compared with the 17.10% return of its benchmark, the Russell 1000^® Growth Index.

For the twelve-month period, the Fund’s return underperformed that of its benchmark index due to the effect of expenses. The Fund’s return includes a deduction for expenses, while the benchmark’s does not. The Fund had a risk profile similar to that of its benchmark.

U.S. equities gained amid slower economic growth

The U.S. economy continued to expand over the twelve months, but its growth decelerated for most of the reporting period. Unemployment was 3.6% in October 2019, after dipping to 3.5% in September—its lowest level in nearly half a century. The price of oil decreased for the period, while core inflation, which includes all items except food and energy, rose to an annualized rate of 2.3% in October 2019.

Equity markets declined early in the period amid concerns about continued economic growth, but they recovered after the Federal Reserve indicated a shift in monetary policy. The Fed had raised the federal funds target rate in December 2018, but it adopted a “patient” approach toward further action in January 2019. The Fed then reversed course later in the period, lowering the key short-term interest-rate measure three times between July and October to 1.50%–1.75%.

For the twelve months, the Russell 3000^® Index, a broad measure of the U.S. stock market, gained 13.49%. Large-cap stocks outperformed smaller equities, and growth shares surpassed value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

Information technology propelled the benchmark higher

Nine of the ten industry sectors in the Russell 1000 Growth Index (utilities are no longer represented) advanced for the twelve months. Information technology—the biggest sector, representing more than one-third of the index’s total market capitalization on October 31, 2019—surged 22.3% and contributed over 40.0% of the index’s return for the period. The real estate and materials sectors generated the strongest gains, climbing 27.8% and 26.6%, respectively. Energy was the sole decliner, returning –18.1% amid a decrease in oil prices. Health care rose 8.2% and was the second-worst performer, impacted by the prospect of increased government regulation.

Two of the benchmark’s five largest stocks outperformed

For the twelve-month period, two of the five largest stocks in the Russell 1000 Growth Index produced returns that exceeded the overall return of the index. They were Microsoft, which benefited from strength in its cloud-computing business, and Facebook, which experienced robust growth in advertising revenue. Alphabet (the parent company of Google), Apple and Amazon.com registered double-digit returns but lagged the index.

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

Performance as of October 31, 2019

Large-Cap Growth Index Fund		Total return			Average annual total return						Annual operating expenses*
	Inception date	1 year			5 years			10 years			gross			net
Institutional Class	10/1/02		17.03	%		13.37	%		15.33	%		0.05	%		0.05	%
Advisor Class	12/4/15		16.90			13.27	†		15.28	†		0.19			0.19
Retirement Class	10/1/02		16.75			13.08			15.04			0.30			0.30
Russell 1000® Growth Index	—		17.10			13.43			15.41			—			—

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 the Advisor Class. If these actual expenses had been reflected, the performance of the Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Institutional Class.

$10,000 over 10 years

Institutional Class

Ending amounts are as of October 31, 2019. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by company size

Market capitalization	% of equity investments as of 10/31/2019
More than $50 billion		73.1
More than $15 billion–$50 billion		17.0
More than $2 billion–$15 billion		9.8
$2 billion or less		0.1
Total		100.0

Fund profile

	as of 10/31/2019
Net assets		$7.59 billion
Portfolio turnover rate		28%
Number of holdings		532
Weighted median market capitalization		$122.21 billion
Price/earnings ratio (weighted 12-month trailing average)†		27.8

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

TIAA-CREF Funds: Equity Index Funds  ■  2019 Annual Report 13

Large-Cap Value Index Fund

Expense example

Six months ended October 31, 2019

Large-Cap Value Index Fund	Beginning account value (5/1/19)		Ending account value (10/31/19)		Expenses paid during period* (5/1/19– 10/31/19)
Actual return
Institutional Class		$1,000.00		$1,030.09		$0.26
Advisor Class		1,000.00		1,029.65		0.97
Retirement Class		1,000.00		1,028.59		1.53
5% annual hypothetical return
Institutional Class		1,000.00		1,024.95		0.26
Advisor Class		1,000.00		1,024.25		0.97
Retirement Class		1,000.00		1,023.69		1.53

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 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 10/31/2019
Financials		24.1
Health care		12.6
Industrials		9.6
Consumer staples		8.9
Communication services		8.2
Energy		8.0
Utilities		6.8
Information technology		6.1
Consumer discretionary		5.9
Real estate		5.5
Materials		4.2
Short-term investments, other assets & liabilities, net		0.1
Total		100.0

Performance for the twelve months ended October 31, 2019

The Large-Cap Value Index Fund returned 11.13% for the Institutional Class, compared with the 11.21% return of its benchmark, the Russell 1000^® Value Index.

For the twelve-month period, the Fund’s return underperformed that of its benchmark index due to the effect of expenses. The Fund’s return includes a deduction for expenses, while the benchmark’s does not. The Fund had a risk profile similar to that of its benchmark.

U.S. equities gained amid slower economic growth

The U.S. economy continued to expand over the twelve months, but its growth decelerated for most of the reporting period. Unemployment was 3.6% in October 2019, after dipping to 3.5% in September—its lowest level in nearly half a century. The price of oil decreased for the period, while core inflation, which includes all items except food and energy, rose to an annualized rate of 2.3% in October 2019.

Equity markets declined early in the period amid concerns about continued economic growth, but they recovered after the Federal Reserve indicated a shift in monetary policy. The Fed had raised the federal funds target rate in December 2018, but it adopted a “patient” approach toward further action in January 2019. The Fed then reversed course later in the period, lowering the key short-term interest-rate measure three times between July and October to 1.50%–1.75%.

For the twelve months, the Russell 3000^® Index, a broad measure of the U.S. stock market, gained 13.49%. Large-cap stocks outperformed smaller equities, and growth shares surpassed value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

Benchmark sectors exhibited broad strength

Ten of the eleven industry sectors in the Russell 1000 Value Index posted gains for the twelve months. Real estate and utilities were the best-performing sectors, rising 25.2% and 23.0%, respectively. Bond yields declined throughout much of the period, spurring demand for real estate and utilities stocks, which generally have above-average dividend yields. Information technology, up 22.9%, also performed exceptionally well. Financials—the largest sector in the index—climbed a relatively subdued 10.5% but was the top contributor to the index’s return. Together, these four sectors accounted for more than 40.0% of the benchmark’s total market capitalization on October 31, 2019. Energy was the worst-performing sector for the period, returning –12.5% amid a decline in oil prices.

Two of the benchmark’s five largest stocks outperformed

For the twelve-month period, returns for two of the five largest stocks in the Russell 1000 Value Index surpassed the overall return of the benchmark. They were Procter & Gamble, which benefited from robust consumer spending on household products, and JPMorgan Chase, which experienced strength in its retail banking operations. Returns for the remaining three stocks were mixed. Berkshire Hathaway generated a modest gain, while Exxon Mobil and Johnson & Johnson declined.

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

Performance as of October 31, 2019

Large-Cap Value Index Fund		Total return			Average annual total return						Annual operating expenses*
	Inception date	1 year			5 years			10 years			gross			net
Institutional Class	10/1/02		11.13	%		7.55	%		11.88	%		0.05	%		0.05	%
Advisor Class	12/4/15		11.00			7.46	†		11.83	†		0.19			0.19
Retirement Class	10/1/02		10.85			7.28			11.61			0.30			0.30
Russell 1000® Value Index	—		11.21			7.61			11.96			—			—

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 the Advisor Class. If these actual expenses had been reflected, the performance of the Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Institutional Class.

$10,000 over 10 years

Institutional Class

Ending amounts are as of October 31, 2019. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by company size

Market capitalization	% of equity investments as of 10/31/2019
More than $50 billion		54.1
More than $15 billion–$50 billion		26.7
More than $2 billion–$15 billion		19.0
$2 billion or less		0.2
Total		100.0

Fund profile

	as of 10/31/2019
Net assets		$6.91 billion
Portfolio turnover rate		38%
Number of holdings		768
Weighted median market capitalization		$58.91 billion
Price/earnings ratio (weighted 12-month trailing average)†		20.0

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

TIAA-CREF Funds: Equity Index Funds  ■  2019 Annual Report 15

S&P 500 Index Fund

Expense example

Six months ended October 31, 2019

S&P 500 Index Fund	Beginning account value (5/1/19)		Ending account value (10/31/19)		Expenses paid during period* (5/1/19– 10/31/19)
Actual return
Institutional Class		$1,000.00		$1,041.18		$0.26
Advisor Class		1,000.00		1,040.62		0.98
Retirement Class		1,000.00		1,039.90		1.54
5% annual hypothetical return
Institutional Class		1,000.00		1,024.95		0.26
Advisor Class		1,000.00		1,024.25		0.97
Retirement Class		1,000.00		1,023.69		1.53

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 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
	% of net assets
Sector	as of 10/31/2019
Information technology		22.2
Health care		13.9
Financials		13.0
Communication services		10.4
Consumer discretionary		10.0
Industrials		9.1
Consumer staples		7.4
Energy		4.3
Utilities		3.5
Real estate		3.1
Materials		2.7
Short-term investments, other assets & liabilities, net		0.4
Total		100.0

Performance for the twelve months ended October 31, 2019

The S&P 500 Index Fund returned 14.27% for the Institutional Class, compared with the 14.33% return of its benchmark, the S&P 500^® Index.

For the twelve-month period, the Fund’s return underperformed that of its benchmark index due to the effect of expenses. The Fund’s return includes a deduction for expenses, while the benchmark’s does not. The Fund had a risk profile similar to that of its benchmark.

U.S. equities gained amid slower economic growth

The U.S. economy continued to expand over the twelve months, but its growth decelerated for most of the reporting period. Unemployment was 3.6% in October 2019, after dipping to 3.5% in September—its lowest level in nearly half a century. The price of oil decreased for the period, while core inflation, which includes all items except food and energy, rose to an annualized rate of 2.3% in October 2019.

Equity markets declined early in the period amid concerns about continued economic growth, but they recovered after the Federal Reserve indicated a shift in monetary policy. The Fed had raised the federal funds target rate in December 2018, but it adopted a “patient” approach toward further action in January 2019. The Fed then reversed course later in the period, lowering the key short-term interest-rate measure three times between July and October to 1.50%–1.75%.

For the twelve months, the large-cap-oriented S&P 500 Index outperformed the Russell 3000^® Index, a broad measure of the U.S. stock market, which gained 13.49%. A portion of the Russell 3000 Index consists of small-cap equities, which underperformed large caps for the period.

Information technology led the benchmark higher

Ten of the eleven industry sectors in the S&P 500 Index posted positive results for the twelve months. The smaller real estate and utilities sectors performed best with gains of 26.7% and 23.7%, respectively. Bond yields declined throughout much of the period, spurring demand for real estate and utilities stocks, which generally have above-average dividend yields. Information technology—the index’s largest sector—advanced 22.6%, followed by consumer discretionary and communication services, with returns of 15.8% and 15.5%, respectively. Together, these five sectors made up almost one-half of the index’s total market capitalization on October 31, 2019. Energy was the sole decliner, returning –11.0% amid a decrease in oil prices.

Four of the benchmark’s five largest stocks outperformed

For the twelve-month period, four of the five largest stocks in the S&P 500 Index generated sizable returns that exceeded the overall performance of the benchmark. Microsoft advanced the most, benefiting from strength in its cloud-computing business, while Facebook experienced robust growth in advertising revenue. Alphabet (the parent company of Google) and Apple also outperformed. Amazon.com posted a double-digit gain but trailed the index.

16 2019 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds

Performance as of October 31, 2019

S&P 500 Index Fund					Average annual						Annual operating
		Total return			total return						expenses*
	Inception
	date	1 year			5 years			10 years			gross			net
Institutional Class	10/1/02		14.27	%		10.71	%		13.62	%		0.05	%		0.05	%
Advisor Class	12/4/15		14.12			10.62	†		13.57	†		0.20			0.20
Retirement Class	10/1/02		14.01			10.44			13.33			0.30			0.30
S&P 500® Index	—		14.33			10.78			13.70			—			—

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 the Advisor Class. If these actual expenses had been reflected, the performance of the Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Institutional Class.

$10,000 over 10 years

Institutional Class

Ending amounts are as of October 31, 2019. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by company size

	% of equity investments
Market capitalization	as of 10/31/2019
More than $50 billion		71.1
More than $15 billion–$50 billion		22.3
More than $2 billion–$15 billion		6.6
Total		100.0

Fund profile

	as of 10/31/2019
Net assets		$5.51 billion
Portfolio turnover rate		5%
Number of holdings		507
Weighted median market capitalization		$119.97 billion
Price/earnings ratio (weighted 12-month trailing average)†		22.3

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

TIAA-CREF Funds: Equity Index Funds  ■  2019 Annual Report 17

Small-Cap Blend Index Fund

Expense example

Six months ended October 31, 2019

					Expenses
					paid
	Beginning		Ending		during
	account		account		period*
Small-Cap Blend	value		value		(5/1/19–
Index Fund	(5/1/19)		(10/31/19)		10/31/19)
Actual return
Institutional Class		$1,000.00		$989.36		$0.30
Advisor Class		1,000.00		988.87		1.05
Retirement Class		1,000.00		987.96		1.55
5% annual hypothetical return
Institutional Class		1,000.00		1,024.90		0.31
Advisor Class		1,000.00		1,024.15		1.07
Retirement Class		1,000.00		1,023.64		1.58

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 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

	% of net assets
Sector	as of 10/31/2019
Financials		18.8
Health care		16.4
Industrials		16.0
Information technology		13.5
Consumer discretionary		11.1
Real estate		8.2
Utilities		4.0
Materials		3.8
Energy		3.0
Consumer staples		2.7
Communication services		2.4
Short-term investments, other assets & liabilities, net		0.1
Total		100.0

Performance for the twelve months ended October 31, 2019

The Small-Cap Blend Index Fund returned 4.98% for the Institutional Class, compared with the 4.90% return of its benchmark, the Russell 2000^® Index. The performance table shows returns for all share classes of the Fund.

For the twelve-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 twelve months, the Fund participated in a securities lending program.

U.S. equities gained amid slower economic growth

The U.S. economy continued to expand over the twelve months, but its growth decelerated for most of the reporting period. Unemployment was 3.6% in October 2019, after dipping to 3.5% in September—its lowest level in nearly half a century. The price of oil decreased for the period, while core inflation, which includes all items except food and energy, rose to an annualized rate of 2.3% in October 2019.

Equity markets declined early in the period amid concerns about continued economic growth, but they recovered after the Federal Reserve indicated a shift in monetary policy. The Fed had raised the federal funds target rate in December 2018, but it adopted a “patient” approach toward further action in January 2019. The Fed then reversed course later in the period, lowering the key short-term interest-rate measure three times between July and October to 1.50%–1.75%.

For the twelve months, the Russell 3000^® Index, a broad measure of the U.S. stock market, gained 13.49%. Large-cap stocks outperformed smaller equities, and growth shares surpassed value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

Information technology led the benchmark higher

Six of the eleven industry sectors in the Russell 2000 Index posted positive results for the twelve months. Information technology—the index’s fourth-largest sector—performed best with a gain of 23.5%. Industrials advanced 10.6%, while financials, the benchmark’s largest sector, gained 6.0%. The smaller utilities and real estate sectors generated the second- and third-largest returns at 23.2% and 18.4%, respectively. Bond yields declined throughout much of the period, spurring demand for utilities and real estate stocks, which generally have above-average dividend yields. Together, these five sectors made up nearly 60.0% of the benchmark’s total market capitalization on October 31, 2019. Energy, communication services, consumer staples, health care and materials all posted losses for the period.

All of the benchmark’s five largest stocks outperformed

For the twelve-month period, all of the five largest stocks in the Russell 2000 index generated sizable returns that exceeded the overall performance of the benchmark. Oncology company Novocure advanced the most with triple-digit returns, followed by power-generating equipment maker Generac. First Industrial Realty, hematology firm Haemonetics and virtual health care provider Teladoc Health also outperformed with double-digit gains.

18 2019 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds

Performance as of October 31, 2019

Small-Cap Blend Index Fund					Average annual						Annual operating
		Total return			total return						expenses*
	Inception
	date	1 year			5 years			10 years			gross			net
Institutional Class	10/1/02		4.98	%		7.56	%		12.43	%		0.06	%		0.06	%
Advisor Class	12/4/15		4.83			7.48	†		12.39	†		0.42			0.21
Retirement Class	10/1/02		4.72			7.29			12.14			0.31			0.31
Russell 2000® Index	—		4.90			7.37			12.27			—			—

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 the Advisor Class. If these actual expenses had been reflected, the performance of the Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Institutional Class.

$10,000 over 10 years

Institutional Class

Ending amounts are as of October 31, 2019. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by company size
	% of equity investments
Market capitalization	as of 10/31/2019
More than $15 billion–$50 billion		0.9
More than $2 billion–$15 billion		51.8
$2 billion or less		47.3
Total		100.0
Fund profile
		as of 10/31/2019
Net assets		$3.11 billion
Portfolio turnover rate		32%
Number of holdings		1,988
Weighted median market capitalization		$2.07 billion
Price/earnings ratio (weighted 12-month trailing average)†		90.2

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

TIAA-CREF Funds: Equity Index Funds  ■  2019 Annual Report 19

Emerging Markets Equity Index Fund

Expense example    

Six months ended October 31, 2019

					Expenses
					paid
	Beginning		Ending		during
Emerging	account		account		period*
Markets Equity	value		value		(5/1/19–
Index Fund	(5/1/19)		(10/31/19)		10/31/19)
Actual return
Institutional Class		$1,000.00		$981.35		$1.00
Advisor Class		1,000.00		981.37		1.70
Premier Class		1,000.00		981.30		1.75
Retirement Class		1,000.00		980.39		2.25
Retail Class		1,000.00		979.52		2.84
Class W		1,000.00		982.25		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,024.20		1.02
Advisor Class		1,000.00		1,023.49		1.73
Premier Class		1,000.00		1,023.44		1.79
Retirement Class		1,000.00		1,022.94		2.29
Retail Class		1,000.00		1,022.33		2.91
Class W		1,000.00		1,025.21		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 184/365. There were 184 days in the six months ended October 31, 2019. The Fund’s annualized six-month expense ratios for that period were 0.20% for the Institutional Class, 0.34% 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
	% of net assets
Sector	as of 10/31/2019
Financials	25.7
Information technology	15.3
Consumer discretionary	12.8
Communication services	11.0
Energy	7.7
Materials	6.9
Consumer staples	6.7
Industrials	5.6
Real estate	2.8
Utilities	2.7
Health care	2.7
Short-term investments, other assets & liabilities, net	0.1
Total	100.0

Performance for the twelve months ended October 31, 2019

The Emerging Markets Equity Index Fund returned 11.60% for the Institutional Class, compared with the 11.86% return of its benchmark, the MSCI Emerging Markets Index. The performance table shows returns for all share classes of the Fund.

For the twelve-month period, the Fund’s return underperformed that of its benchmark index due to the effect of expenses. The Fund’s return includes a deduction for expenses, while the benchmark’s does not. The Fund had a risk profile similar to that of its benchmark. During the twelve months, the Fund participated in a securities lending program.

International stocks advanced amid slower global growth

International developed- and emerging-markets equities recovered from early losses to post double-digit gains for the twelve-month period. The 19-nation euro area’s economy grew by 1.1% year-over-year in the third quarter of 2019, according to a preliminary estimate. China’s economy grew 6.0% in the third quarter, compared with growth of 6.4% and 6.2% in the first and second quarters, respectively.

Many central banks adopted more accommodative monetary policies during the twelve-month period. The U.S. Federal Reserve increased the federal funds target rate in December 2018, but it then lowered the key short-term interest-rate measure three times between July and October 2019 to 1.50%–1.75%. The European Central Bank announced an open-ended plan to purchase more than $20 billion in bonds per month to support the region’s economy.

The MSCI EAFE^® Index, which measures stock performance in 21 developed-markets nations outside North America, returned 11.04% but lagged the 13.49% gain of the Russell 3000^® Index, a broad measure of the U.S. stock market, and also trailed the MSCI Emerging Markets Index.

Most countries in the benchmark advanced

Of the 26 country components in the MSCI Emerging Markets Index, 19 posted gains in U.S.-dollar terms for the twelve-month period. China, the benchmark’s largest component, advanced 12.9%. South Korea, the second-largest index component, gained 5.2%. Taiwan, the third-largest index component, advanced 22.4%. Together, these three countries accounted for more than one-half of the index’s total market capitalization on October 31, 2019.

Four of the benchmark’s five largest stocks outperformed

Of the five largest stocks in the MSCI Emerging Markets Index, four gained more than the benchmark’s overall return. Taiwan Semiconductor Manufacturing performed best as it benefited from strong revenue growth. Alibaba Group Holding, Internet company Tencent Holdings and Samsung Electronics also outpaced the benchmark. China Construction Bank gained but trailed 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 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds

Performance as of October 31, 2019

Emerging Markets Equity Index Fund					Average annual						Annual operating
		Total return			total return						expenses*
	Inception							since
	date	1 year			5 years			inception			gross			net
Institutional Class	8/31/10		11.60	%		2.89	%		2.93	%		0.20	%		0.20	%
Advisor Class	12/4/15		11.52			2.83	†		2.89	†		0.34			0.34
Premier Class	8/31/10		11.52			2.76			2.78			0.35			0.35
Retirement Class	8/31/10		11.43			2.65			2.68			0.45			0.45
Retail Class	8/31/10		11.16			2.51			2.53			0.57			0.57
Class W	9/28/18		11.86			2.94	†		2.96	†		0.20			0.00
MSCI Emerging Markets Index	—		11.86			2.93			3.26	‡		—			—

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.

$10,000 invested at Fund’s inception

Institutional Class (inception August 31, 2010)

Ending amounts are as of October 31, 2019. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by country
	% of portfolio investments
	as of 10/31/2019
China	30.2
Korea, Republic of	12.0
Taiwan	11.7
India	8.8
Brazil	7.5
South Africa	4.3
Russia	4.0
Thailand	2.7
Mexico	2.5
Saudi Arabia	2.4
23 other nations	13.0
Short-term investments	0.9
Total	100.0
Holdings by company size
	% of equity investments
Market capitalization	as of 10/31/2019
More than $50 billion	33.0
More than $15 billion–$50 billion	28.5
More than $2 billion–$15 billion	36.2
$2 billion or less	2.3
Total	100.0

Fund profile
	as of 10/31/2019
Net assets	$2.60 billion
Portfolio turnover rate	53%
Number of holdings	1,181
Weighted median market capitalization	$24.49 billion
Price/earnings ratio (weighted 12-month trailing average)†	14.3

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

TIAA-CREF Funds: Equity Index Funds  ■  2019 Annual Report 21

International Equity Index Fund

Expense example

Six months ended October 31, 2019

					Expenses
					paid
	Beginning		Ending		during
International	account		account		period*
Equity Index	value		value		(5/1/19–
Fund	(5/1/19)		(10/31/19)		10/31/19)
Actual return
Institutional Class		$1,000.00		$1,030.22		$0.31
Advisor Class		1,000.00		1,030.26		0.92
Premier Class		1,000.00		1,029.24		1.07
Retirement Class		1,000.00		1,029.56		1.59
Class W		1,000.00		1,030.75		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,024.90		0.31
Advisor Class		1,000.00		1,024.30		0.92
Premier Class		1,000.00		1,024.15		1.07
Retirement Class		1,000.00		1,023.64		1.58
Class W		1,000.00		1,025.21		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 184/365. There were 184 days in the six months ended October 31, 2019. The Fund’s annualized six-month expense ratios for that period were 0.06% for the Institutional Class, 0.18% 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
	% of net assets
Sector	as of 10/31/2019
Financials	18.1
Industrials	14.6
Health care	11.5
Consumer discretionary	11.5
Consumer staples	11.3
Materials	6.9
Information technology	6.6
Communication services	5.2
Energy	4.9
Utilities	3.7
Real estate	3.5
Short-term investments, other assets & liabilities, net	2.2
Total	100.0

Performance for the twelve months ended October 31, 2019

The International Equity Index Fund returned 11.23% for the Institutional Class, compared with the 11.04% return of its benchmark, the MSCI EAFE^® Index. The performance table shows returns for all share classes of the Fund.

For the twelve-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 twelve months, the Fund participated in a securities lending program.

International stocks advanced amid slower global growth

International developed- and emerging-markets equities recovered from early losses to post double-digit gains for the twelve-month period. The 19-nation euro area’s economy grew by 1.1% year-over-year in the third quarter of 2019, according to a preliminary estimate. China’s economy grew 6.0% in the third quarter, compared with growth of 6.4% and 6.2% in the first and second quarters, respectively.

Many central banks adopted more accommodative monetary policies during the twelve-month period. The U.S. Federal Reserve increased the federal funds target rate in December 2018, but it then lowered the key short-term interest-rate measure three times between July and October 2019 to 1.50%–1.75%. The European Central Bank announced an open-ended plan to purchase more than $20 billion in bonds per month to support the region’s economy, while the Bank of England left its benchmark interest rate unchanged at 0.75%.

The MSCI EAFE Index, which measures stock performance in 21 developed-markets nations outside North America, advanced but lagged the 13.49% gain of the Russell 3000^® Index, a broad measure of the U.S. stock market. The MSCI Emerging Markets Index rose 11.86%.

Eighteen of the benchmark’s country components advanced

Of the MSCI EAFE Index’s 21 country components, 18 were positive in U.S.-dollar terms for the twelve-month period. The largest index components were Japan (24.9%), the United Kingdom (16.2%) and France (11.4%), and they gained 9.2%, 7.1% and 12.5%, respectively. Together, these three nations represented over one-half of the benchmark’s total market capitalization on October 31, 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 largest index holding—had the best return, benefiting from strong sales growth. Roche Holding, Toyota and Novartis also outperformed with solid double-digit gains. Royal Dutch Shell, the second-largest company, posted losses amid a decline in oil prices.

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 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds

Performance as of October 31, 2019

International Equity Index Fund					Average annual						Annual operating
		Total return			total return						expenses*
	Inception
	date	1 year			5 years			10 years			gross			net
Institutional Class	10/1/02		11.23	%		4.30	%		5.66	%		0.06	%		0.06	%
Advisor Class	12/4/15		11.15			4.21	†		5.62	†		0.20			0.20
Premier Class	9/30/09		11.06			4.14			5.51			0.21			0.21
Retirement Class	10/1/02		11.01			4.04			5.40			0.31			0.31
Class W	9/28/18		11.30			4.31	†		5.67	†		0.06			0.00
MSCI EAFE® Index	—		11.04			4.31			5.41			—			—

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.

$10,000 over 10 years

Institutional Class

Ending amounts are as of October 31, 2019. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by country
	% of portfolio investments
	as of 10/31/2019
Japan	24.3
United Kingdom	13.7
France	10.8
Switzerland	9.4
Germany	8.5
Australia	7.4
Netherlands	4.7
Hong Kong	3.0
Spain	2.8
Sweden	2.4
20 other nations	10.1
Short-term investments	2.9
Total	100.0
Holdings by company size
	% of equity investments
Market capitalization	as of 10/31/2019
More than $50 billion	39.3
More than $15 billion–$50 billion	36.9
More than $2 billion–$15 billion	23.8
Total	100.0
Fund profile
	as of 10/31/2019
Net assets	$12.99 billion
Portfolio turnover rate	10%
Number of holdings	949
Weighted median market capitalization	$39.00 billion
Price/earnings ratio (weighted 12-month trailing average)†	15.5

^† 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 Annual Report 23

Summary portfolio of investments

Equity Index Fund  ■  October 31, 2019

Shares			Company		Value	% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	153,738,247		0.7	%
BANKS
	6,270,900		Bank of America Corp		196,091,043		0.9
	1,676,426		Citigroup, Inc		120,467,972		0.5
	2,369,541		JPMorgan Chase & Co		296,003,062		1.3
	2,956,093		Wells Fargo & Co		152,623,082		0.7
			Other		553,562,191		2.5
					1,318,747,350		5.9
CAPITAL GOODS
	393,318		Boeing Co		133,692,721		0.6
	541,486		Honeywell International, Inc		93,530,877		0.4
	606,277		United Technologies Corp		87,049,252		0.4
			Other		1,248,104,684		5.6
					1,562,377,534		7.0
COMMERCIAL & PROFESSIONAL SERVICES					249,544,151		1.1
CONSUMER DURABLES & APPAREL					313,274,652		1.4
CONSUMER SERVICES
	571,622		McDonald’s Corp		112,438,047		0.5
			Other		388,509,307		1.7
					500,947,354		2.2
DIVERSIFIED FINANCIALS					801,135,423		3.6
ENERGY
	1,421,513		Chevron Corp		165,094,520		0.7
	3,161,302	d	Exxon Mobil Corp		213,609,176		1.0
			Other		518,387,443		2.3
					897,091,139		4.0
FOOD & STAPLES RETAILING
	329,057		Costco Wholesale Corp		97,766,125		0.4
	1,048,788		Walmart, Inc		122,980,881		0.6
			Other		93,362,688		0.4
					314,109,694		1.4
FOOD, BEVERAGE & TOBACCO
	2,855,078		Coca-Cola Co		155,401,896		0.7
	1,043,933		PepsiCo, Inc		143,196,290		0.7
	1,156,737		Philip Morris International, Inc		94,204,661		0.4
			Other		384,564,290		1.7
					777,367,137		3.5
HEALTH CARE EQUIPMENT & SERVICES
	1,295,582		Abbott Laboratories		108,323,611		0.5
	1,003,253		Medtronic plc		109,254,252		0.5
	704,742		UnitedHealth Group, Inc		178,088,303		0.8
			Other		984,756,067		4.4
					1,380,422,233		6.2
HOUSEHOLD & PERSONAL PRODUCTS
	1,841,656		Procter & Gamble Co		229,304,588		1.0
			Other		152,616,054		0.7
					381,920,642		1.7

Shares			Company		Value	% of net assets
INSURANCE
	1,460,308	*	Berkshire Hathaway, Inc (Class B)	$	310,432,274		1.4	%
			Other		592,236,060		2.6
					902,668,334		4.0
MATERIALS					638,522,266		2.9
MEDIA & ENTERTAINMENT
	223,618	*	Alphabet, Inc (Class A)		281,490,338		1.3
	227,056	*	Alphabet, Inc (Class C)		286,115,536		1.3
	3,357,964		Comcast Corp (Class A)		150,503,947		0.7
	1,781,558	*	Facebook, Inc		341,435,591		1.5
	312,881	*	NetFlix, Inc		89,925,128		0.4
	1,301,268		Walt Disney Co		169,060,739		0.7
			Other		343,979,214		1.5
					1,662,510,493		7.4
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	1,107,580		AbbVie, Inc		88,107,989		0.4
	447,190		Amgen, Inc		95,363,267		0.4
	1,982,720		Johnson & Johnson		261,798,349		1.2
	1,916,278		Merck & Co, Inc		166,064,651		0.7
	4,143,636		Pfizer, Inc		158,991,313		0.7
	296,072		Thermo Fisher Scientific, Inc		89,407,823		0.4
			Other		852,230,245		3.8
					1,711,963,637		7.6
REAL ESTATE					948,647,284		4.2
RETAILING
	308,312	*	Amazon.com, Inc		547,765,598		2.4
	821,216		Home Depot, Inc		192,640,849		0.9
			Other		583,469,455		2.6
					1,323,875,902		5.9
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	3,301,287		Intel Corp		186,621,754		0.8
			Other		669,937,628		3.0
					856,559,382		3.8
SOFTWARE & SERVICES
	477,184		Accenture plc		88,479,457		0.4
	363,117	*	Adobe, Inc		100,921,108		0.5
	660,833		International Business Machines Corp		88,373,197		0.4
	671,179		MasterCard, Inc (Class A)		185,789,059		0.8
	5,641,169		Microsoft Corp		808,774,400		3.6
	1,672,662		Oracle Corp		91,143,352		0.4
	873,361	*	PayPal Holdings, Inc		90,916,880		0.4
	610,179	*	salesforce.com, Inc		95,486,912		0.4
	1,302,432		Visa, Inc (Class A)		232,952,988		1.1
			Other		925,652,439		4.1
					2,708,489,792		12.1
TECHNOLOGY HARDWARE & EQUIPMENT
	3,370,047		Apple, Inc		838,332,892		3.7
	3,197,199		Cisco Systems, Inc		151,898,924		0.7
			Other		312,294,676		1.4
					1,302,526,492		5.8

24 2019 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements

Summary portfolio of investments concluded

Equity Index Fund  ■  October 31, 2019

Shares			Company		Value	% of net assets
TELECOMMUNICATION SERVICES
	5,450,166		AT&T, Inc	$	209,776,889		1.0	%
	3,089,154		Verizon Communications, Inc		186,801,143		0.8
			Other		50,745,734		0.2
					447,323,766		2.0
TRANSPORTATION
	530,146		Union Pacific Corp		87,717,957		0.4
			Other		341,365,436		1.5
					429,083,393		1.9
UTILITIES					759,589,975		3.4
		TOTAL COMMON STOCKS (Cost $14,030,944,165)			22,342,436,272		99.7
RIGHTS / WARRANTS
MATERIALS					54,153		0.0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					1,469		0.0
		TOTAL RIGHTS / WARRANTS (Cost $156,621)			55,622		0.0	%
Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT					111,817,678		0.5

Shares			Company		Value		% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	229,829,272	c	State Street Navigator Securities Lending
			Government Money Market Portfolio	$	229,829,272			1.0	%
					229,829,272			1.0
		TOTAL SHORT-TERM INVESTMENTS (Cost $341,645,948)			341,646,950			1.5
		TOTAL PORTFOLIO (Cost $14,372,746,734)			22,684,138,844			101.2
		OTHER ASSETS & LIABILITIES, NET			(278,659,898	)		(1.2	)
		NET ASSETS		$	22,405,478,946			100.0	%

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

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

At 10/31/19, the aggregate value of securities on loan is $251,573,258. See Note 5 in the Notes to financial statements for additional information about securities lending collateral.

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

Futures contracts outstanding as of October 31, 2019 were as follows:

Description	Number of long (short) contracts		Expiration date	Notional amount		Value		Unrealized appreciation (depreciation)
Russell 2000 E Mini Index		65	12/20/19		$    5,075,928		$  5,081,050		$    5,122
S&P 500 E Mini Index		291	12/20/19		43,892,315		44,170,890		278,575
S&P Mid-Cap 400 E Mini Index		18	12/20/19		3,525,511		3,519,000		(6,511	)
Total		374			$52,493,754		$52,770,940		$277,186

See notes to financial statements TIAA-CREF Funds: Equity Index Funds  ■  2019 Annual Report 25

Summary portfolio of investments

Large-Cap Growth Index Fund  ■  October 31, 2019

Shares			Company		Value	% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	24,051,798		0.3	%
BANKS					6,393,872		0.1
CAPITAL GOODS
	224,936		3M Co		37,112,191		0.5
	278,421		Boeing Co		94,638,082		1.3
	129,671		Lockheed Martin Corp		48,844,472		0.6
			Other		291,159,883		3.8
					471,754,628		6.2
COMMERCIAL & PROFESSIONAL SERVICES					98,466,716		1.3
CONSUMER DURABLES & APPAREL
	649,226		Nike, Inc (Class B)		58,138,188		0.8
			Other		63,661,777		0.8
					121,799,965		1.6
CONSUMER SERVICES
	630,038		Starbucks Corp		53,276,013		0.7
			Other		123,678,979		1.6
					176,954,992		2.3
DIVERSIFIED FINANCIALS
	290,928		iShares Russell 1000 Growth Index Fund		47,752,922		0.6
	128,967		S&P Global, Inc		33,272,196		0.4
			Other		124,593,825		1.7
					205,618,943		2.7
ENERGY					19,150,127		0.3
FOOD & STAPLES RETAILING
	231,132		Costco Wholesale Corp		68,671,628		0.9
			Other		21,339,686		0.3
					90,011,314		1.2
FOOD, BEVERAGE & TOBACCO
	1,375,337		Coca-Cola Co		74,859,593		1.0
	618,905		PepsiCo, Inc		84,895,199		1.1
			Other		65,443,787		0.9
					225,198,579		3.0
HEALTH CARE EQUIPMENT & SERVICES
	391,048		Abbott Laboratories		32,695,523		0.4
	60,388	*	Intuitive Surgical, Inc		33,391,544		0.4
	179,836		Stryker Corp		38,893,132		0.5
	497,031		UnitedHealth Group, Inc		125,599,734		1.7
			Other		254,725,101		3.4
					485,305,034		6.4
HOUSEHOLD & PERSONAL PRODUCTS					47,768,260		0.6
INSURANCE					71,587,483		0.9
MATERIALS					106,170,732		1.4

Shares			Company		Value	% of net assets
MEDIA & ENTERTAINMENT
	157,560	*	Alphabet, Inc (Class A)	$	198,336,528		2.6	%
	159,948	*	Alphabet, Inc (Class C)		201,552,075		2.6
	1,115,032		Comcast Corp (Class A)		49,975,734		0.7
	1,257,351	*	Facebook, Inc		240,971,319		3.2
	221,714	*	NetFlix, Inc		63,722,821		0.8
			Other		107,229,076		1.4
					861,787,553		11.3
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	777,699		AbbVie, Inc		61,865,955		0.8
	290,403		Amgen, Inc		61,928,440		0.8
	369,789	*	Celgene Corp		39,948,306		0.5
	451,032		Eli Lilly & Co		51,395,096		0.7
	1,284,956		Merck & Co, Inc		111,354,287		1.5
	142,393		Thermo Fisher Scientific, Inc		42,999,838		0.5
			Other		249,086,668		3.3
					618,578,590		8.1
REAL ESTATE
	231,319		American Tower Corp		50,446,047		0.7
			Other		135,802,208		1.8
					186,248,255		2.5
RETAILING
	217,609	*	Amazon.com, Inc		386,617,206		5.1
	22,356	*	Booking Holdings, Inc		45,802,302		0.6
	330,325		Home Depot, Inc		77,487,639		1.0
	412,903		Lowe’s Companies, Inc		46,084,104		0.6
	636,595		TJX Companies, Inc		36,699,702		0.5
			Other		155,919,872		2.1
					748,610,825		9.9
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	203,193		Broadcom, Inc		59,505,070		0.8
	307,049		NVIDIA Corp		61,722,990		0.8
	640,543		QUALCOMM, Inc		51,525,279		0.7
	493,234		Texas Instruments, Inc		58,196,680		0.8
			Other		102,910,814		1.3
					333,860,833		4.4
SOFTWARE & SERVICES
	335,321		Accenture plc		62,175,220		0.8
	255,599	*	Adobe, Inc		71,038,630		0.9
	228,145		Automatic Data Processing, Inc		37,011,963		0.5
	282,933		International Business Machines Corp		37,836,630		0.5
	131,076		Intuit, Inc		33,752,070		0.4
	472,823		MasterCard, Inc (Class A)		130,882,135		1.7
	3,980,713		Microsoft Corp		570,714,823		7.5
	1,179,808		Oracle Corp		64,287,738		0.9
	618,322	*	PayPal Holdings, Inc		64,367,320		0.9
	431,305	*	salesforce.com, Inc		67,494,919		0.9
	916,324		Visa, Inc (Class A)		163,893,711		2.2
			Other		431,496,224		5.7
					1,734,951,383		22.9

26 2019 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements

Summary portfolio of investments	concluded
Large-Cap Growth Index Fund  ■  October 31, 2019

Shares			Company		Value	% of net assets
TECHNOLOGY HARDWARE & EQUIPMENT
	2,379,056		Apple, Inc	$	591,813,971		7.8	%
	2,254,393		Cisco Systems, Inc		107,106,211		1.4
			Other		90,497,181		1.2
					789,417,363		10.4
TELECOMMUNICATION SERVICES					11,237,681		0.1
TRANSPORTATION
	372,667		Union Pacific Corp		61,661,482		0.8
	366,180		United Parcel Service, Inc (Class B)		42,172,950		0.6
			Other		49,271,490		0.6
					153,105,922		2.0
		TOTAL COMMON STOCKS (Cost $4,638,429,806)			7,588,030,848		99.9

Shares			Company		Value		% of net assets
SHORT-TERM INVESTMENTS
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	30,392,962	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	30,392,962			0.4	%
					30,392,962			0.4
		TOTAL SHORT-TERM INVESTMENTS (Cost $30,392,962)			30,392,962			0.4
		TOTAL PORTFOLIO (Cost $4,668,822,768)			7,618,423,810			100.3
		OTHER ASSETS & LIABILITIES, NET			(25,968,201	)		(0.3	)
		NET ASSETS		$	7,592,455,609			100.0	%

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

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

At 10/31/19, the aggregate value of securities on loan is $36,225,135. See Note 5 in the Notes to financial statements for additional information about securities lending collateral.

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 Annual Report 27

Summary portfolio of investments

Large-Cap Value Index Fund   ■  October 31, 2019

Shares		Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS			$	68,770,051		1.0	%
BANKS
	4,215,984	Bank of America Corp		131,833,820		1.9
	1,130,189	Citigroup, Inc		81,215,382		1.2
	1,591,713	JPMorgan Chase & Co		198,836,788		2.9
	222,976	PNC Financial Services Group, Inc		32,710,579		0.4
	716,859	US Bancorp		40,875,300		0.6
	1,987,553	Wells Fargo & Co		102,617,361		1.5
		Other		173,191,437		2.5
				761,280,667		11.0
CAPITAL GOODS
	252,280	Caterpillar, Inc		34,764,184		0.5
	4,337,701	General Electric Co		43,290,256		0.6
	184,723	Honeywell International, Inc		31,907,204		0.5
	405,872	United Technologies Corp		58,275,102		0.8
		Other		330,889,863		4.8
				499,126,609		7.2
COMMERCIAL & PROFESSIONAL SERVICES				31,332,973		0.5
CONSUMER DURABLES & APPAREL				63,634,942		0.9
CONSUMER SERVICES
	322,265	McDonald’s Corp		63,389,526		0.9
		Other		71,380,323		1.0
				134,769,849		1.9
DIVERSIFIED FINANCIALS
	59,463	BlackRock, Inc		27,454,067		0.4
	177,414	CME Group, Inc		36,502,931		0.5
	162,206	Goldman Sachs Group, Inc		34,611,516		0.5
	317,330	iShares Russell 1000 Value Index Fund		41,275,113		0.6
	592,006	Morgan Stanley		27,261,876		0.4
		Other		226,857,512		3.3
				393,963,015		5.7
ENERGY
	954,391	Chevron Corp		110,842,971		1.6
	557,458	ConocoPhillips		30,771,681		0.4
	2,119,329	Exxon Mobil Corp		143,203,060		2.1
		Other		269,314,741		3.9
				554,132,453		8.0
FOOD & STAPLES RETAILING
	703,090	Walmart, Inc		82,444,333		1.2
		Other		37,885,562		0.5
				120,329,895		1.7
FOOD, BEVERAGE & TOBACCO
	611,567	Coca-Cola Co		33,287,592		0.5
	712,064	Mondelez International, Inc		37,347,757		0.5
	777,942	Philip Morris International, Inc		63,355,596		0.9
		Other		156,567,371		2.3
				290,558,316		4.2

Shares			Company	Value		% of net assets
HEALTH CARE EQUIPMENT & SERVICES
	489,298		Abbott Laboratories	$	40,910,206		0.6	%
	122,889		Becton Dickinson & Co		31,459,584		0.4
	650,401		CVS Health Corp		43,180,122		0.6
	300,485		Danaher Corp		41,412,843		0.6
	671,712		Medtronic plc		73,149,437		1.1
			Other		169,779,347		2.5
					399,891,539		5.8
HOUSEHOLD & PERSONAL PRODUCTS
	421,683		Colgate-Palmolive Co		28,927,454		0.4
	1,165,852		Procter & Gamble Co		145,160,232		2.1
			Other		31,511,810		0.5
					205,599,496		3.0
INSURANCE
	979,370	*	Berkshire Hathaway, Inc (Class B)		208,194,475		3.0
	228,113		Chubb Ltd		34,768,983		0.5
			Other		271,513,609		3.9
					514,477,067		7.4
MATERIALS
	271,612		Linde plc		53,874,240		0.8
			Other		237,613,912		3.4
					291,488,152		4.2
MEDIA & ENTERTAINMENT
	1,195,009		Comcast Corp (Class A)		53,560,303		0.8
	874,055		Walt Disney Co		113,557,226		1.7
			Other		113,043,631		1.6
					280,161,160		4.1
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	164,679		Allergan plc		29,001,619		0.4
	485,045		Bristol-Myers Squibb Co		27,827,032		0.4
	547,410		Gilead Sciences, Inc		34,875,491		0.5
	1,129,146		Johnson & Johnson		149,092,438		2.2
	2,785,165		Pfizer, Inc		106,866,781		1.6
			Other		119,586,764		1.7
					467,250,125		6.8
REAL ESTATE
	312,583		Prologis, Inc		27,432,284		0.4
			Other		352,109,009		5.1
					379,541,293		5.5
RETAILING
	237,315		Home Depot, Inc		55,669,353		0.8
			Other		88,461,652		1.3
					144,131,005		2.1
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	2,219,471		Intel Corp		125,466,696		1.8
			Other		106,265,650		1.6
					231,732,346		3.4
SOFTWARE & SERVICES					102,484,661		1.5
TECHNOLOGY HARDWARE & EQUIPMENT					85,595,941		1.2

28 2019 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements

Summary portfolio of investments concluded

Large-Cap Value Index Fund   ■  October 31, 2019

Shares			Company	Value		% of net assets
TELECOMMUNICATION SERVICES
	3,655,224		AT&T, Inc	$	140,689,572		2.0	%
	2,072,043		Verizon Communications, Inc		125,296,440		1.8
			Other		16,446,273		0.3
					282,432,285		4.1
TRANSPORTATION					129,422,104		1.9
UTILITIES
	401,695		Dominion Resources, Inc		33,159,922		0.5
	364,872		Duke Energy Corp		34,392,835		0.5
	239,388		NextEra Energy, Inc		57,055,736		0.8
	521,538		Southern Co		32,679,571		0.5
			Other		312,486,087		4.5
					469,774,151		6.8
		TOTAL COMMON STOCKS (Cost $5,738,253,255)			6,901,880,095		99.9
Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT					970,000		0.0

Shares			Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	28,337,685	c	State Street Navigator Securities Lending
			Government Money Market Portfolio	$	28,337,685			0.4	%
					28,337,685			0.4
		TOTAL SHORT-TERM INVESTMENTS (Cost $29,307,685)			29,307,685			0.4
		TOTAL PORTFOLIO (Cost $5,767,560,940)			6,931,187,780			100.3
		OTHER ASSETS & LIABILITIES, NET			(21,035,696	)		(0.3	)
		NET ASSETS		$	6,910,152,084			100.0	%

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

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

At 10/31/19, the aggregate value of securities on loan is $35,240,782. See Note 5 in the Notes to financial statements for additional information about securities lending collateral.

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 Annual Report 29

Summary portfolio of investments

S&P 500 Index Fund   ■  October 31, 2019

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	25,665,123		0.5	%
BANKS
	1,823,604		Bank of America Corp		57,024,097		1.0
	491,636		Citigroup, Inc		35,328,963		0.7
	696,205		JPMorgan Chase & Co		86,969,929		1.6
	872,709		Wells Fargo & Co		45,057,966		0.8
			Other		82,344,534		1.5
					306,725,489		5.6
CAPITAL GOODS
	116,333		Boeing Co		39,542,750		0.7
	156,699		Honeywell International, Inc		27,066,618		0.5
			Other		294,111,068		5.3
					360,720,436		6.5
COMMERCIAL & PROFESSIONAL SERVICES					41,115,332		0.7
CONSUMER DURABLES & APPAREL					63,412,283		1.1
CONSUMER SERVICES
	164,967		McDonald’s Corp		32,449,009		0.6
			Other		71,421,112		1.3
					103,870,121		1.9
DIVERSIFIED FINANCIALS					185,976,776		3.4
ENERGY
	413,455		Chevron Corp		48,018,664		0.9
	921,376	d	Exxon Mobil Corp		62,257,376		1.1
			Other		127,197,886		2.3
					237,473,926		4.3
FOOD & STAPLES RETAILING
	95,511		Costco Wholesale Corp		28,377,273		0.5
	309,754		Walmart, Inc		36,321,754		0.7
			Other		22,178,610		0.4
					86,877,637		1.6
FOOD, BEVERAGE & TOBACCO
	838,054		Coca-Cola Co		45,615,279		0.8
	304,527		PepsiCo, Inc		41,771,969		0.7
	337,767		Philip Morris International, Inc		27,507,744		0.5
			Other		97,164,871		1.8
					212,059,863		3.8
HEALTH CARE EQUIPMENT & SERVICES
	384,681		Abbott Laboratories		32,163,178		0.6
	292,135		Medtronic plc		31,813,501		0.6
	206,194		UnitedHealth Group, Inc		52,105,224		0.9
			Other		233,174,079		4.2
					349,255,982		6.3
HOUSEHOLD & PERSONAL PRODUCTS
	545,178		Procter & Gamble Co		67,880,113		1.3
			Other		40,219,283		0.7
					108,099,396		2.0

Shares			Company	Value		% of net assets
INSURANCE
	427,007	*	Berkshire Hathaway, Inc (Class B)	$	90,773,148		1.7	%
			Other		127,964,085		2.3
					218,737,233		4.0
MATERIALS					146,660,441		2.7
MEDIA & ENTERTAINMENT
	65,202	*	Alphabet, Inc (Class A)		82,076,278		1.5
	65,782	*	Alphabet, Inc (Class C)		82,892,556		1.5
	987,553		Comcast Corp (Class A)		44,262,125		0.8
	523,589	*	Facebook, Inc		100,345,832		1.8
	95,245	*	NetFlix, Inc		27,374,365		0.5
	392,167		Walt Disney Co		50,950,337		0.9
			Other		60,115,972		1.1
					448,017,465		8.1
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	321,722		AbbVie, Inc		25,592,985		0.4
	130,091		Amgen, Inc		27,741,906		0.5
	574,359		Johnson & Johnson		75,838,363		1.4
	557,241		Merck & Co, Inc		48,290,505		0.9
	1,203,328		Pfizer, Inc		46,171,695		0.8
	86,943		Thermo Fisher Scientific, Inc		26,255,047		0.5
			Other		171,265,272		3.1
					421,155,773		7.6
REAL ESTATE					172,834,799		3.1
RETAILING
	90,438	*	Amazon.com, Inc		160,677,577		2.9
	238,505		Home Depot, Inc		55,948,503		1.0
			Other		140,449,877		2.6
					357,075,957		6.5
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	964,159		Intel Corp		54,503,909		1.0
	132,358		NVIDIA Corp		26,606,605		0.5
			Other		142,802,806		2.6
					223,913,320		4.1
SOFTWARE & SERVICES
	138,438		Accenture plc		25,669,174		0.5
	105,500	*	Adobe, Inc		29,321,615		0.5
	192,450		International Business Machines Corp		25,736,339		0.5
	194,446		MasterCard, Inc (Class A)		53,824,597		1.0
	1,662,077		Microsoft Corp		238,291,980		4.3
	478,273		Oracle Corp		26,061,096		0.5
	256,023	*	PayPal Holdings, Inc		26,651,994		0.5
	190,825	*	salesforce.com, Inc		29,862,204		0.5
	376,198		Visa, Inc (Class A)		67,286,774		1.2
			Other		141,243,103		2.5
					663,948,876		12.0
TECHNOLOGY HARDWARE & EQUIPMENT
	924,600		Apple, Inc		230,003,496		4.2
	923,921		Cisco Systems, Inc		43,895,487		0.8
			Other		62,112,733		1.1
					336,011,716		6.1

30 2019 Annual Report   ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements

Summary portfolio of investments concluded

S&P 500 Index Fund   ■  October 31, 2019

Shares			Company		Value	% of net assets
TELECOMMUNICATION SERVICES
	1,590,864		AT&T, Inc	$	61,232,355	1.1	%
	900,540		Verizon Communications, Inc		54,455,654	1.0
			Other		8,458,608	0.2
					124,146,617	2.3
TRANSPORTATION
	153,192		Union Pacific Corp		25,347,148	0.5
			Other		80,000,149	1.4
					105,347,297	1.9
UTILITIES					191,644,748	3.5
		TOTAL COMMON STOCKS (Cost $3,092,698,716)			5,490,746,606	99.6
Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal Home Loan Bank (FHLB)
$	63,045,000		1.400%, 11/01/19		63,045,000	1.2
					63,045,000	1.2

Shares			Company		Value		% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	7,526,819	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	7,526,819		0.1	%
					7,526,819		0.1
		TOTAL SHORT-TERM INVESTMENTS (Cost $70,571,819)			70,571,819		1.3
		TOTAL PORTFOLIO (Cost $3,163,270,535)			5,561,318,425		100.9
		OTHER ASSETS & LIABILITIES, NET			(49,593,082	)	(0.9	)
		NET ASSETS		$	5,511,725,343		100.0	%

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

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

At 10/31/19, the aggregate value of securities on loan is $9,835,749. See Note 5 in the Notes to financial statements for additional information about securities lending collateral.

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

Futures contracts outstanding as of October 31, 2019 were as follows:

Description	Number of long (short contracts	)	Expiration date	Notional amount	Value	Unrealized appreciation (depreciation	)
S&P 500 E Mini Index	91		12/20/19	$13,769,970	$13,812,890	$42,920

See notes to financial statements TIAA-CREF Funds: Equity Index Funds   ■  2019 Annual Report 31

Summary portfolio of investments

Small-Cap Blend Index Fund   ■  October 31, 2019

Shares			Company		Value	% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	36,375,075		1.2	%
BANKS
	150,229		Essent Group Ltd		7,825,429		0.2
	203,826		First Financial Bankshares, Inc		6,783,329		0.2
	318,902		Radian Group, Inc		8,004,440		0.3
			Other		351,722,316		11.3
					374,335,514		12.0
CAPITAL GOODS
	86,987		EMCOR Group, Inc		7,629,630		0.2
	95,651	*	Generac Holdings, Inc		9,237,973		0.3
	85,353	*	Mercury Systems, Inc		6,287,102		0.2
	91,876	*	Trex Co, Inc		8,074,982		0.3
			Other		286,909,236		9.2
					318,138,923		10.2
COMMERCIAL & PROFESSIONAL SERVICES
	78,363		Brink’s Co		6,657,721		0.2
	58,212	*	FTI Consulting, Inc		6,337,540		0.2
	60,810		Insperity, Inc		6,423,360		0.2
	55,551		MSA Safety, Inc		6,670,009		0.2
	85,496		Tetra Tech, Inc		7,478,335		0.3
			Other		102,151,356		3.3
					135,718,321		4.4
CONSUMER DURABLES & APPAREL
	45,961	*	Deckers Outdoor Corp		7,027,437		0.2
			Other		90,970,052		3.0
					97,997,489		3.2
CONSUMER SERVICES
	55,091		Churchill Downs, Inc		7,161,279		0.2
	66,964		Marriott Vacations Worldwide Corp		7,361,352		0.2
			Other		92,086,971		3.0
					106,609,602		3.4
DIVERSIFIED FINANCIALS
	196,893		Blackstone Mortgage Trust, Inc		7,147,216		0.2
	170,352	e	iShares Russell 2000 Index Fund		26,481,218		0.9
			Other		104,877,492		3.4
					138,505,926		4.5
ENERGY					94,641,989		3.0
FOOD & STAPLES RETAILING
	160,929	*	Performance Food Group Co		6,857,185		0.2
			Other		9,077,832		0.3
					15,935,017		0.5
FOOD, BEVERAGE & TOBACCO					53,092,555		1.7
HEALTH CARE EQUIPMENT & SERVICES
	49,273	*	Amedisys, Inc		6,332,566		0.2
	119,645	*	Globus Medical, Inc		6,265,809		0.2
	79,971	*	Haemonetics Corp		9,654,899		0.3
	135,053	*	Novocure Ltd		9,675,197		0.3
	111,695	*,e	Teladoc, Inc		8,555,837		0.3
			Other		170,454,375		5.5
					210,938,683		6.8

Shares			Company		Value	% of net assets
HOUSEHOLD & PERSONAL PRODUCTS				$	16,810,128		0.5	%
INSURANCE
	91,370		Selective Insurance Group, Inc		6,315,495		0.2
			Other		65,354,514		2.1
					71,670,009		2.3
MATERIALS					117,917,461		3.8
MEDIA & ENTERTAINMENT					52,504,989		1.7
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	164,436	*,e	Acadia Pharmaceuticals, Inc		6,973,731		0.3
	31,642	*	Reata Pharmaceuticals, Inc		6,520,783		0.2
	80,817	*	Repligen Corp		6,424,143		0.2
			Other		277,270,918		8.9
					297,189,575		9.6
REAL ESTATE
	58,317		EastGroup Properties, Inc		7,811,562		0.2
	195,934		First Industrial Realty Trust, Inc		8,250,781		0.3
	199,973		Healthcare Realty Trust, Inc		6,953,061		0.2
	170,602		Rexford Industrial Realty, Inc		8,204,250		0.3
	295,051		Sabra Healthcare REIT, Inc		7,258,255		0.2
			Other		217,201,973		7.0
					255,679,882		8.2
RETAILING
	105,890		Aaron’s, Inc		7,934,338		0.3
			Other		93,958,488		3.0
					101,892,826		3.3
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	45,123		Cabot Microelectronics Corp		6,818,988		0.2
	91,401	*	Cirrus Logic, Inc		6,211,612		0.2
	67,281	*	Silicon Laboratories, Inc		7,147,933		0.2
			Other		63,307,643		2.1
					83,486,176		2.7
SOFTWARE & SERVICES
	76,532		Blackbaud, Inc		6,424,862		0.2
	73,075		j2 Global, Inc		6,939,202		0.2
	99,234		MAXIMUS, Inc		7,615,217		0.3
	92,647		Science Applications International Corp		7,654,495		0.3
			Other		184,375,012		5.9
					213,008,788		6.9
TECHNOLOGY HARDWARE & EQUIPMENT
	119,896	*	Lumentum Holdings, Inc		7,512,683		0.3
	56,902	*	Tech Data Corp		6,913,593		0.2
			Other		105,847,551		3.4
					120,273,827		3.9
TELECOMMUNICATION SERVICES					22,727,971		0.7
TRANSPORTATION					44,937,210		1.4

32 2019 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements

Summary portfolio of investments concluded

Small-Cap Blend Index Fund  ■   October 31, 2019

Shares			Company		Value	% of net assets
UTILITIES
	80,853		Allete, Inc	$	6,958,209	0.2	%
	95,933		Black Hills Corp		7,562,398	0.3
	81,219		ONE Gas, Inc		7,540,372	0.3
	124,674		PNM Resources, Inc		6,501,749	0.2
	139,450		Portland General Electric Co		7,931,916	0.3
	84,679		Southwest Gas Corp		7,392,477	0.2
	77,718		Spire, Inc		6,532,975	0.2
			Other		72,613,131	2.3
					123,033,227	4.0
		TOTAL COMMON STOCKS (Cost $2,620,052,036)			3,103,421,163	99.9
RIGHTS / WARRANTS
MATERIALS					114,018	0.0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					3,650	0.0
		TOTAL RIGHTS / WARRANTS (Cost $146,711)			117,668	0.0
Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT					110,000	0.0

Shares			Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	196,288,502	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	196,288,502			6.3	%
					196,288,502			6.3
		TOTAL SHORT-TERM INVESTMENTS (Cost $196,398,502)			196,398,502			6.3
		TOTAL PORTFOLIO (Cost $2,816,597,249)			3,299,937,333			106.2
		OTHER ASSETS & LIABILITIES, NET			(192,595,564	)		(6.2	)
		NET ASSETS		$	3,107,341,769			100.0	%

Abbreviation(s):
REIT Real Estate Investment Trust
*	Non-income producing
c	Investments made with cash collateral received from securities on loan.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $233,830,109. See Note 5 in the Notes to financial statements for additional information about securities lending collateral.

“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 Index Funds  ■  2019 Annual Report 33

Summary portfolio of investments

Emerging Markets Equity Index Fund  ■  October 31, 2019

Principal			Issuer	Value		% of net assets
BONDS
CORPORATE BOND
INDIA				$	11,134		0.0	%
		TOTAL CORPORATE BONDS (Cost $11,059)			11,134		0.0
		TOTAL BONDS (Cost $11,059)			11,134		0.0
	Shares		Company
COMMON STOCKS
ARGENTINA					4,505,765		0.2
AUSTRALIA					256,789		0.0
BRAZIL
	2,197,497		AMBEV S.A.		9,523,126		0.4
	949,282		B3 S.A.-Brasil Bolsa Balcao		11,451,506		0.4
	1,863,414	*	Banco Bradesco S.A. (Preference)		16,341,172		0.6
	2,247,953	*	Banco Itau Holding Financeira S.A.		20,307,527		0.8
	1,374,516		Petroleo Brasileiro S.A.		11,207,249		0.4
	2,018,768		Petroleo Brasileiro S.A. (Preference)		15,297,434		0.6
	1,473,059		Vale S.A.		17,336,588		0.7
			Other		96,190,158		3.7
					197,654,760		7.6
CHILE					22,001,785		0.8
CHINA
	657,265	*	Alibaba Group Holding Ltd (ADR)		116,119,007		4.5
	130,389	*	Baidu, Inc (ADR)		13,280,120		0.5
	37,803,953		Bank of China Ltd (Hong Kong)		15,415,876		0.6
	44,856,641		China Construction Bank Corp (Hong Kong)		35,942,300		1.4
	3,515,880		China Life Insurance Co Ltd		9,041,751		0.3
	1,842,368		China Merchants Bank Co Ltd		8,786,677		0.3
	2,857,165		China Mobile Hong Kong Ltd		23,219,308		0.9
	8,549,674		CNOOC Ltd		12,724,051		0.5
	30,555,777		Industrial & Commercial Bank of China Ltd (Hong Kong)		21,889,950		0.8
	342,524	*	JD.com, Inc (ADR)		10,669,623		0.4
	32,501		Netease.com (ADR)		9,290,736		0.4
	65,684	*	New Oriental Education & Technology Group (ADR)		8,017,389		0.3
	2,594,026		Ping An Insurance Group Co of China Ltd		29,939,678		1.2
	179,132	*	TAL Education Group (ADR)		7,668,641		0.3
	2,638,804		Tencent Holdings Ltd		107,037,578		4.1
			Other		367,533,322		14.1
					796,576,007		30.6
COLOMBIA					11,147,888		0.4
CZECH REPUBLIC					3,845,023		0.1
EGYPT					3,997,447		0.2
GREECE					7,855,830		0.3
HONG KONG					18,170,945		0.7
HUNGARY					7,793,079		0.3

Shares		Company	Value		% of net assets
INDIA
	970,811	Axis Bank Ltd	$	10,058,714		0.4	%
	302,507	Hindustan Lever Ltd		9,271,906		0.3
	756,584	Housing Development Finance Corp		22,706,635		0.9
	1,603,176	Infosys Technologies Ltd		15,415,919		0.6
	1,326,393	Reliance Industries Ltd		27,338,685		1.0
	419,540	Tata Consultancy Services Ltd		13,424,866		0.5
		Other		132,036,354		5.1
				230,253,079		8.8
INDONESIA
	25,605,282	Bank Rakyat Indonesia		7,672,244		0.3
	4,554,675	PT Bank Central Asia Tbk		10,194,853		0.4
		Other		34,783,893		1.3
				52,650,990		2.0
KOREA, REPUBLIC OF
	252,601	Hynix Semiconductor, Inc		17,761,882		0.7
	64,976	Naver Corp		9,161,385		0.3
	2,205,291	Samsung Electronics Co Ltd		95,312,338		3.7
	381,964	Samsung Electronics Co Ltd (Preference)		13,445,446		0.5
		Other		178,412,437		6.9
				314,093,488		12.1
LUXEMBOURG				1,337,990		0.1
MALAYSIA				51,240,110		2.0
MEXICO
	15,546,641	America Movil S.A. de C.V. (Series L)		12,316,732		0.5
	918,511	Fomento Economico Mexicano S.A. de C.V.		8,150,642		0.3
		Other		43,882,747		1.7
				64,350,121		2.5
PAKISTAN				705,525		0.0
PERU				9,801,928		0.4
PHILIPPINES				28,487,770		1.1
POLAND				25,618,735		1.0
QATAR
	2,097,791	Qatar National Bank		11,059,201		0.4
		Other		13,592,372		0.5
				24,651,573		0.9
ROMANIA				1,572,544		0.1
RUSSIA
	2,534,650	Gazprom (ADR)		20,308,883		0.8
	192,041	LUKOIL PJSC (ADR)		17,679,295		0.7
	38,648	NovaTek OAO (GDR)		8,291,299		0.3
	1,133,188	Sberbank of Russian Federation (ADR)		16,687,664		0.6
		Other		42,439,263		1.6
				105,406,404		4.0
SAUDI ARABIA
	576,475	Al Rajhi Bank		9,286,223		0.4
	357,570	Saudi Basic Industries Corp		8,361,869		0.3
		Other		44,038,154		1.7
				61,686,246		2.4
SINGAPORE				869,968		0.0

34 2019 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements

Summary portfolio of investments concluded

Emerging Markets Equity Index Fund  ■  October 31, 2019

Shares			Company	Value		% of net assets
SOUTH AFRICA
	202,750		Naspers Ltd (N Shares)	$	28,690,847		1.1	%
			Other		85,326,871		3.3
					114,017,718		4.4
TAIWAN
	5,787,002		Hon Hai Precision Industry Co, Ltd		15,284,066		0.6
	700,170		MediaTek, Inc		9,350,666		0.3
	11,374,848		Taiwan Semiconductor Manufacturing Co Ltd		111,471,213		4.3
			Other		170,782,868		6.6
					306,888,813		11.8
THAILAND
	5,766,400		PTT PCL (Foreign)		8,644,664		0.3
			Other		62,306,028		2.4
					70,950,692		2.7
TURKEY					13,038,119		0.5
UNITED ARAB EMIRATES					17,719,587		0.7
UNITED KINGDOM					2,960,708		0.1
UNITED STATES
	584,826		Vanguard Emerging Markets ETF		24,474,968		0.9
			Other		4,591,146		0.2
					29,066,114		1.1
		TOTAL COMMON STOCKS (Cost $2,213,740,742)			2,601,173,540		99.9
PREFERRED STOCKS
PHILIPPINES					606		0.0
		TOTAL PREFERRED STOCKS (Cost $725)			606		0.0
RIGHTS / WARRANTS
CHINA					2,144		0.0

Shares			Company	Value			% of net assets
THAILAND				$	3,907			0.0	%
		TOTAL RIGHTS / WARRANTS (Cost $0)			6,051			0.0
	Principal		Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT					5,830,000			0.2
	Shares		Company
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	17,044,926	c	State Street Navigator Securities Lending  Government Money Market Portfolio		17,044,926			0.7
					17,044,926			0.7
		TOTAL SHORT-TERM INVESTMENTS (Cost $22,874,926)			22,874,926			0.9
		TOTAL PORTFOLIO (Cost $2,236,627,452)			2,624,066,257			100.8
		OTHER ASSETS & LIABILITIES, NET			(21,564,530	)		(0.8	)
		NET ASSETS		$	2,602,501,727			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 10/31/19, the aggregate value of securities on loan is $38,903,004. See Note 5 in the Notes to financial statements for additional information about securities lending collateral.

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  ■  October 31, 2019

Sector	Value			% of net assets
FINANCIALS	$	664,905,168			25.7	%
INFORMATION TECHNOLOGY		397,740,972			15.3
CONSUMER DISCRETIONARY		333,151,317			12.8
COMMUNICATION SERVICES		286,305,080			11.0
ENERGY		201,607,683			7.7
MATERIALS		180,323,723			6.9
CONSUMER STAPLES		175,012,882			6.7
INDUSTRIALS		146,552,568			5.6
REAL ESTATE		73,948,871			2.8
UTILITIES		71,270,048			2.7
HEALTH CARE		70,373,019			2.7
SHORT-TERM INVESTMENTS		22,874,926			0.9
OTHER ASSETS & LIABILITIES, NET		(21,564,530	)		(0.8	)
NET ASSETS	$	2,602,501,727			100.0	%

See notes to financial statements TIAA-CREF Funds: Equity Index Funds  ■  2019 Annual Report 35

Summary portfolio of investments

International Equity Index Fund  ■  October 31, 2019

Shares			Company	Value		% of net assets
COMMON STOCKS
AUSTRALIA
	2,601,541		BHP Billiton Ltd	$	63,770,148		0.5	%
	1,572,617		Commonwealth Bank of Australia		85,267,439		0.6
	406,611		CSL Ltd		71,708,391		0.5
	2,484,932		National Australia Bank Ltd		48,777,063		0.4
	1,006,577		Rio Tinto plc		52,404,217		0.4
	3,061,127		Westpac Banking Corp		59,433,269		0.5
			Other		582,962,144		4.5
					964,322,671		7.4
AUSTRIA					29,251,345		0.2
BELGIUM
	676,880		Anheuser-Busch InBev S.A.		54,635,986		0.4
			Other		67,919,106		0.6
					122,555,092		1.0
CHILE					4,141,050		0.0
CHINA					5,752,381		0.1
DENMARK
	1,574,342		Novo Nordisk AS		86,571,012		0.7
			Other		138,051,606		1.0
					224,622,618		1.7
FINLAND					142,501,155		1.1
FRANCE
	419,788		Air Liquide		55,815,449		0.4
	519,474		Airbus SE		74,522,825		0.6
	1,009,017		BNP Paribas S.A.		52,730,766		0.4
	225,789		L’Oreal S.A.		65,944,311		0.5
	247,129		LVMH Moet Hennessy Louis Vuitton S.A.		105,537,825		0.8
	1,000,248		Sanofi-Aventis		92,209,926		0.7
	2,132,626	*	Total S.A.		112,748,082		0.9
	450,978		Vinci S.A.		50,598,031		0.4
			Other		802,536,236		6.2
					1,412,643,451		10.9
GERMANY
	160,415		Adidas-Salomon AG.		49,531,454		0.4
	378,123		Allianz AG.		92,346,160		0.7
	817,784		BASF SE		62,167,287		0.5
	830,512		Bayer AG.		64,427,937		0.5
	2,946,031		Deutsche Telekom AG.		51,837,062		0.4
	873,874		SAP AG.		115,789,567		0.9
	680,387		Siemens AG.		78,516,654		0.6
			Other		594,282,544		4.5
					1,108,898,665		8.5
HONG KONG
	10,753,138		AIA Group Ltd		107,082,089		0.8
			Other		291,779,081		2.3
					398,861,170		3.1
IRELAND					77,168,707		0.6
ISRAEL					68,703,885		0.5
ITALY
	7,242,014		Enel S.p.A.		56,128,201		0.5
			Other		208,691,960		1.6
					264,820,161		2.1

Shares			Company	Value		% of net assets
JAPAN
	80,811		Keyence Corp	$	51,096,506		0.4	%
	10,903,292		Mitsubishi UFJ Financial Group, Inc		56,525,809		0.4
	1,471,272		Softbank Group Corp		56,594,543		0.5
	1,130,945		Sony Corp		68,839,653		0.5
	2,030,086		Toyota Motor Corp		140,849,158		1.1
			Other		2,770,029,197		21.3
					3,143,934,866		24.2
LUXEMBOURG					29,360,165		0.2
MACAU					28,463,211		0.2
MEXICO					1,808,130		0.0
NETHERLANDS
	379,545		ASML Holding NV		99,484,170		0.8
	3,871,247		Royal Dutch Shell plc (A Shares)		112,220,024		0.9
	3,332,341		Royal Dutch Shell plc (B Shares)		95,970,633		0.7
			Other		306,711,843		2.3
					614,386,670		4.7
NEW ZEALAND					30,581,850		0.2
NORWAY					79,950,309		0.6
PORTUGAL					20,377,314		0.2
RUSSIA					2,174,847		0.0
SINGAPORE					162,511,918		1.3
SOUTH AFRICA					27,464,659		0.2
SPAIN
	15,001,543	e	Banco Santander S.A.		60,235,657		0.5
	5,380,350		Iberdrola S.A.		55,304,582		0.4
			Other		249,163,651		1.9
					364,703,890		2.8
SWEDEN					311,332,216		2.4
SWITZERLAND
	2,721,967		Nestle S.A.		291,199,600		2.2
	1,910,298		Novartis AG.		166,912,664		1.3
	624,406		Roche Holding AG.		187,918,608		1.5
	134,638		Zurich Financial Services AG.		52,737,711		0.4
			Other		528,905,545		4.1
					1,227,674,128		9.5
UNITED ARAB EMIRATES					2,343,674		0.0
UNITED KINGDOM
	1,172,548		AstraZeneca plc		114,343,617		0.9
	18,092,674		BP plc		114,732,178		0.9
	2,037,848		British American Tobacco plc		71,275,491		0.5
	2,128,765		Diageo plc		87,132,429		0.7
	4,471,339		GlaxoSmithKline plc		102,415,732		0.8
	17,973,869		HSBC Holdings plc		135,794,523		1.0
	628,979		Reckitt Benckiser Group plc		48,671,411		0.4
	1,294,547	e	Unilever NV		76,516,366		0.6
	989,163		Unilever plc		59,230,033		0.4
	23,847,612		Vodafone Group plc		48,666,283		0.4
			Other		938,156,096		7.2
					1,796,934,159		13.8

36 2019 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements

Summary portfolio of investments concluded

International Equity Index Fund  ■  October 31, 2019

Shares				Company	Value			% of net assets
UNITED STATES					$	39,518,596			0.3	%
			TOTAL COMMON STOCKS (Cost $10,972,108,746)			12,707,762,953			97.8
Principal				Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT						152,945,761			1.2
TREASURY DEBT						83,996,889			0.6
Shares				Company
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	136,978,002	c		State Street Navigator Securities Lending
				Government Money Market Portfolio		136,978,002			1.1
						136,978,002			1.1
			TOTAL SHORT-TERM INVESTMENTS (Cost $373,916,881)			373,920,652			2.9
			TOTAL PORTFOLIO (Cost $11,346,025,627)			13,081,683,605			100.7
			OTHER ASSETS & LIABILITIES, NET			(92,034,432	)		(0.7	)
			NET ASSETS		$	12,989,649,173			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 $254,915,787. See Note 5 in the Notes to financial statements for additional information about securities lending collateral.

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

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

Futures contracts outstanding as of October 31, 2019 were as follows:

	Number of								Unrealized
	long (short		)						appreciation
Description	contracts			Expiration date	Notional amount		Value		(depreciation		)
MSCI EAFE Index		2,159		12/20/19		$207,392,621		$211,279,740		$3,887,119

Summary of market values by sector(unaudited)

International Equity Index Fund  ■  October 31, 2019

Sector	Value			% of net assets
FINANCIALS	$	2,352,217,358			18.1	%
INDUSTRIALS		1,902,889,593			14.6
CONSUMER DISCRETIONARY		1,488,339,183			11.5
HEALTH CARE		1,496,563,529			11.5
CONSUMER STAPLES		1,471,588,455			11.3
MATERIALS		889,953,731			6.9
INFORMATION TECHNOLOGY		862,570,131			6.6
COMMUNICATION SERVICES		671,826,877			5.2
ENERGY		632,702,038			4.9
UTILITIES		479,882,231			3.7
REAL ESTATE		459,229,827			3.5
SHORT-TERM INVESTMENTS		373,920,652			2.9
OTHER ASSETS & LIABILITIES, NET		(92,034,432	)		(0.7	)
NET ASSETS	$	12,989,649,173			100.0	%

See notes to financial statements TIAA-CREF Funds: Equity Index Funds  ■  2019 Annual Report 37

Statements of assets and liabilities

TIAA-CREF Funds  ■  October 31, 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 *†		$	22,684,138,844	$	7,618,423,810	$	6,931,187,780	$	5,561,318,425	$	3,299,937,333	$	2,624,066,257	$	13,081,683,605
Cash #			—		—		7,672		—		3,916		1,669		6,029,995
Cash – foreign ^			—		—		—		—		—		505,669		1,351,433
Receivable from securities transactions			28,662		2,900,790		5,017,523		—		6,918,503		20,538,594		1,584,345
Receivable from Fund shares sold			1,891,244		4,851,464		5,268,312		5,348,367		2,458,351		1,443,108		7,222,483
Dividends and interest receivable			18,579,656		3,309,903		8,867,014		4,904,212		1,624,015		2,333,677		57,285,054
Due from affiliates			532,169		2,589		2,885		2,276		—		263,783		182,819
Receivable for variation margin on open futures contracts			278,039		—		—		43,128		—		—		3,891,588
Other			774,761		237,785		275,081		248,794		155,614		88,579		541,705
Total assets			22,706,223,375		7,629,726,341		6,950,626,267		5,571,865,202		3,311,097,732		2,649,241,336		13,159,773,027
LIABILITIES
Management fees payable			854,423		291,998		265,917		211,259		119,141		351,569		492,632
Service agreement fees payable			173,142		176,817		217,725		348,446		194,751		79,621		305,769
Distribution fees payable			222,021		—		—		—		—		6,333		34,736
Due to affiliates			156,837		61,028		56,670		48,816		35,788		47,124		98,111
Overdraft payable			655,543		823,220		—		749,387		—		—		—
Payable for collateral for securities loaned			229,829,272		30,392,962		28,337,685		7,526,819		196,288,502		17,044,926		136,978,002
Payable for securities transactions			40,382,152		1,883,979		9,115,669		49,928,124		6,512,765		6,070,356		3,169,192
Payable for delayed delivery securities			2,987		—		—		—		10,194		—		90,424
Payable for Fund shares redeemed			27,109,837		3,204,904		2,066,685		977,287		311,339		20,781,529		27,661,425
Payable for trustee compensation			755,749		231,029		269,243		244,097		152,934		86,472		530,893
Accrued expenses and other payables			602,466		204,795		144,589		105,624		130,549		2,271,679		762,670
Total liabilities			300,744,429		37,270,732		40,474,183		60,139,859		203,755,963		46,739,609		170,123,854
NET ASSETS		$	22,405,478,946	$	7,592,455,609	$	6,910,152,084	$	5,511,725,343	$	3,107,341,769	$	2,602,501,727	$	12,989,649,173
NET ASSETS CONSIST OF:
Paid-in-capital		$	13,821,134,716	$	4,503,721,157	$	5,408,486,760	$	3,074,962,403	$	2,499,892,160	$	2,359,184,318	$	11,309,319,864
Total distributable earnings (loss)			8,584,344,230		3,088,734,452		1,501,665,324		2,436,762,940		607,449,609		243,317,409		1,680,329,309
NET ASSETS		$	22,405,478,946	$	7,592,455,609	$	6,910,152,084	$	5,511,725,343	$	3,107,341,769	$	2,602,501,727	$	12,989,649,173
INSTITUTIONAL CLASS:
Net assets		$	9,034,343,579	$	6,833,845,547	$	5,973,386,310	$	4,038,595,601	$	2,308,295,559	$	824,508,531	$	7,842,042,360
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			404,960,389		197,363,599		290,773,380		119,205,717		112,805,776		74,602,061		396,613,306
Net asset value per share		$	22.31	$	34.63	$	20.54	$	33.88	$	20.46	$	11.05	$	19.77
ADVISOR CLASS:
Net assets		$	49,888,469	$	49,157,569	$	31,050,635	$	88,734,685	$	7,979,875	$	12,105,363	$	118,307,490
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			2,238,092		1,421,955		1,515,138		2,624,031		390,597		1,094,509		5,991,670
Net asset value per share		$	22.29	$	34.57	$	20.49	$	33.82	$	20.43	$	11.06	$	19.75
PREMIER CLASS:
Net assets		$	63,211,129	$	—	$	—	$	—	$	—	$	26,772,052	$	240,884,247
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			2,842,132		—		—		—		—		2,429,478		12,218,767
Net asset value per share		$	22.24	$	—	$	—	$	—	$	—	$	11.02	$	19.71
RETIREMENT CLASS:
Net assets		$	662,899,616	$	688,062,826	$	877,422,559	$	1,366,910,870	$	791,066,335	$	325,179,483	$	1,175,682,496
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			29,311,242		19,753,491		42,036,545		40,660,807		38,542,744		29,570,452		58,211,899
Net asset value per share		$	22.62	$	34.83	$	20.87	$	33.62	$	20.52	$	11.00	$	20.20
RETAIL CLASS:
Net assets		$	1,028,244,482	$	—	$	—	$	—	$	—	$	14,224,798	$	—
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			45,322,887		—		—		—		—		1,292,696		—
Net asset value per share		$	22.69	$	—	$	—	$	—	$	—	$	11.00	$	—
CLASS W:
Net assets		$	11,566,891,671	$	21,389,667	$	28,292,580	$	17,484,187	$	—	$	1,399,711,500	$	3,612,732,580
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			518,259,763		617,668		1,377,341		516,101		—		126,438,601		182,632,196
Net asset value per share		$	22.32	$	34.63	$	20.54	$	33.88	$	—	$	11.07	$	19.78
*	Includes securities loaned of	$	251,573,258	$	36,225,135	$	35,240,782	$	9,835,749	$	233,830,109	$	38,903,004	$	254,915,787
†	Portfolio investments, cost	$	14,372,746,734	$	4,668,822,768	$	5,767,560,940	$	3,163,270,535	$	2,816,597,249	$	2,236,627,452	$	11,346,025,627
#	Includes cash collateral for open futures contracts of	$	—	$	—	$	—	$	—	$	—	$	—	$	10,615,500
^	Foreign cash, cost	$	—	$	—	$	—	$	—	$	—	$	505,645	$	1,344,672

38 2019 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Index Funds   ■  2019 Annual Report 39

Statements of operations

TIAA-CREF Funds  ■  For the year ended October 31, 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 *		$	416,298,225		$	89,224,646		$	193,469,210		$	110,538,352		$	42,628,400		$	80,002,854		$	385,966,299
Income from securities lending			3,401,934			340,698			483,498			140,613			3,869,321			795,842			3,421,720
Interest			1,927,479			131,642			116,861			586,403			265,036			71,890			3,911,082
Total income			421,627,638			89,696,986			194,069,569			111,265,368			46,762,757			80,870,586			393,299,101
EXPENSES
Management fees			7,919,030			2,679,657			2,569,434			1,998,249			1,143,602			3,447,058			4,675,591
Shareholder servicing – Institutional Class			51,989			21,562			19,423			4,763			8,775			3,774			24,760
Shareholder servicing – Advisor Class			59,462			53,128			29,496			90,430			65,470			13,733			76,787
Shareholder servicing – Premier Class			103			—			—			—			—			50			283
Shareholder servicing – Retirement Class			1,539,690			1,699,317			2,079,632			3,132,857			1,819,720			660,244			2,562,795
Shareholder servicing – Retail Class			302,291			—			—			—			—			16,636			—
Shareholder servicing – Class W			7,984			1,530			1,530			1,530			—			2,657			3,805
Distribution fees – Premier Class			103,827			—			—			—			—			38,564			369,270
Distribution fees – Retail Class			2,454,013			—			—			—			—			35,718			—
Administrative service fees			422,839			160,935			154,117			130,781			95,827			129,149			268,449
Trustee fees and expenses			232,657			79,043			77,364			59,628			33,890			29,474			138,352
Other expenses			1,417,473			717,065			610,311			412,698			409,867			1,376,049			1,502,227
Total expenses			14,511,358			5,412,237			5,541,307			5,830,936			3,577,151			5,753,106			9,622,319
Less: Expenses reimbursed by the investment adviser			(4,712,563	)		(2,589	)		(2,885	)		(2,276	)		(52,822	)		(2,288,588	)		(1,630,037	)
Net expenses			9,798,795			5,409,648			5,538,422			5,828,660			3,524,329			3,464,518			7,992,282
Net investment income (loss)			411,828,843			84,287,338			188,531,147			105,436,708			43,238,428			77,406,068			385,306,819
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments‡			38,348,968			105,883,967			304,749,925			17,276,834			114,216,557			(110,118,896	)		(217,632,292	)
Purchased options			—			—			—			—			—			—			—
Futures contracts			7,677,356			—			—			4,872,652			(2,710,808	)		—			13,399,963
Forward foreign currency contracts			—			—			—			—			—			—			—
Foreign currency transactions			(268	)		—			—			—			(397	)		(655,155	)		111,729
Net realized gain (loss) on total investments			46,026,056			105,883,967			304,749,925			22,149,486			111,505,352			(110,774,051	)		(204,120,600	)
Change in unrealized appreciation (depreciation) on:
Portfolio investments**			2,154,149,592			865,565,779			201,196,485			547,963,221			(13,724,720	)		322,820,961			1,093,943,158
Futures contracts			302,971			—			—			6,912			1,617,337			—			6,193,504
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies			—			—			—			—			—			32,505			354,691
Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments			2,154,452,563			865,565,779			201,196,485			547,970,133			(12,107,383	)		322,853,466			1,100,491,353
Net realized and unrealized gain (loss) on total investments			2,200,478,619			971,449,746			505,946,410			570,119,619			99,397,969			212,079,415			896,370,753
Net increase (decrease) in net assets from operations		$	2,612,307,462		$	1,055,737,084		$	694,477,557		$	675,556,327		$	142,636,397		$	289,485,483		$	1,281,677,572
*	Net of foreign withholding taxes of	$	44,120		$	1,093		$	24,744		$	—		$	12,401		$	8,103,110		$	33,992,373
‡	Includes net realized gain (loss) from securities sold to affiliates of	$	90,336		$	1,145,404		$	1,871,188		$	143,119		$	600,484		$	(3,422,527	)	$	(20,799,593	)
**	Includes net change in unrealized foreign capital gains of	$	—		$	—		$	—		$	—		$	—		$	471,159		$	—

40 2019 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Index Funds  ■  2019 Annual Report 41

Statements of changes in net assets

TIAA-CREF Funds  ■  For the year ended

		Equity Index Fund						Large-Cap Growth Index Fund						Large-Cap Value Index Fund						S&P 500 Index Fund						Small-Cap Blend Index Fund						Emerging Markets Equity Index Fund
		October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018			October 31, 2019			October 31, 2018
OPERATIONS
Net investment income (loss)		$	411,828,843		$	316,922,796		$	84,287,338		$	74,706,142		$	188,531,147		$	159,543,881		$	105,436,708		$	88,338,322		$	43,238,428		$	34,644,805		$	77,406,068		$	60,038,746
Net realized gain (loss) on total investments			46,026,056			496,957,415			105,883,967			148,273,263			304,749,925			115,818,870			22,149,486			41,190,857			111,505,352			176,142,135			(110,774,051	)		(34,711,507	)
Net change in unrealized appreciation (depreciation) on total investments			2,154,452,563			275,110,036			865,565,779			334,902,392			201,196,485			(90,481,899	)		547,970,133			197,790,891			(12,107,383	)		(185,788,842	)		322,853,466			(384,912,373	)
Net increase (decrease) in net assets from operations			2,612,307,462			1,088,990,247			1,055,737,084			557,881,797			694,477,557			184,880,852			675,556,327			327,320,070			142,636,397			24,998,098			289,485,483			(359,585,134	)
DISTRIBUTIONS 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	)		(1,195,293	)		(537,437	)		(1,046,983	)		(288,261	)		(36,554	)		(20,783	)
	Premier Class		(1,553,539	)		(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	)		(29,010,318	)		(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			(390,573,823	)		(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		1,036,591,655			3,230,115,769			1,869,986,849			1,320,419,505			1,300,150,256			1,002,140,083			495,180,551			410,333,481			472,916,553			428,823,059			223,335,744			753,805,498
	Advisor Class		23,855,063			51,340,748			30,218,835			33,751,576			31,264,624			8,444,496			52,735,409			31,644,438			5,875,729			11,943,158			11,726,035			8,887,891
	Premier Class		11,901,680			17,507,666			—			—			—			—			—			—			—			—			11,617,472			9,881,458
	Retirement Class		89,944,946			76,163,872			70,167,828			128,776,783			78,593,006			72,450,327			183,305,632			172,177,977			120,096,911			165,459,428			92,288,079			58,342,162
	Retail Class		58,114,144			104,505,179			—			—			—			—			—			—			—			—			10,006,644			13,303,194
	Class W†		3,072,554,450			255,621,867			20,999,878			—			28,310,288			—			17,239,862			—			—			—			479,766,255			43,329,392
Reinvestments of distributions:	Institutional Class		179,681,674			322,120,566			161,822,934			80,293,095			196,283,798			205,013,810			91,787,302			73,073,990			150,273,982			100,761,785			29,368,779			40,880,771
	Advisor Class		785,298			41,409			1,414,964			219,216			446,164			100,674			1,191,871			534,689			1,037,424			280,768			32,881			13,629
	Premier Class		1,553,298			2,443,603			—			—			—			—			—			—			—			—			497,572			646,904
	Retirement Class		10,960,429			10,779,320			23,057,082			11,294,616			32,734,326			39,644,623			29,010,317			23,230,490			51,436,568			33,440,614			4,861,271			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		(1,200,060,075	)		(2,504,762,914	)		(1,328,934,423	)		(1,188,338,453	)		(1,381,347,212	)		(1,152,435,032	)		(488,550,226	)		(622,516,790	)		(235,876,898	)		(299,350,522	)		(789,728,568	)		(395,076,773	)
	Advisor Class		(14,589,340	)		(24,077,170	)		(28,548,540	)		(9,818,373	)		(11,896,318	)		(2,295,037	)		(18,800,650	)		(17,067,042	)		(10,687,803	)		(3,372,596	)		(2,375,680	)		(7,546,251	)
	Premier Class		(44,085,529	)		(50,510,684	)		—			—			—			—			—			—			—			—			(12,452,575	)		(18,260,670	)
	Retirement Class		(72,924,275	)		(87,506,313	)		(188,430,667	)		(157,947,341	)		(151,691,844	)		(192,929,464	)		(178,542,345	)		(191,178,101	)		(53,437,564	)		(73,290,574	)		(27,903,786	)		(59,757,963	)
	Retail Class		(105,902,545	)		(150,401,426	)		—			—			—			—			—			—			—			—			(10,663,279	)		(12,469,294	)
	Class W†		(685,550,927	)		(9,644,207	)		(206,260	)		—			(420,407	)		—			(133,792	)		—			—			—			(90,044,026	)		(2,391,677	)
Net increase (decrease) from shareholder transactions			2,558,952,303			1,261,425,703			631,548,480			218,650,624			122,426,681			(19,865,520	)		184,423,931			(119,766,868	)		501,634,902			364,695,120			(46,915,897	)		438,890,894
Net increase (decrease) in net assets			4,780,685,942			1,995,966,283			1,470,355,332			673,227,208			554,124,368			(116,306,010	)		736,638,049			109,678,193			438,817,175			254,404,087			184,188,334			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		$	22,405,478,946		$	17,624,793,004		$	7,592,455,609		$	6,122,100,277		$	6,910,152,084		$	6,356,027,716		$	5,511,725,343		$	4,775,087,294		$	3,107,341,769		$	2,668,524,594		$	2,602,501,727		$	2,418,313,393
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		50,637,562			160,307,418			59,104,380			42,573,541			67,641,216			50,811,984			15,621,668			13,461,385			23,822,106			19,006,295			21,030,045			64,233,411
	Advisor Class		1,171,049			2,502,044			960,315			1,068,690			1,681,049			433,615			1,704,422			1,027,139			292,940			540,146			1,165,417			734,525
	Premier Class		578,761			871,946			—			—			—			—			—			—			—			—			1,087,721			840,329
	Retirement Class		4,321,086			3,701,968			2,199,671			4,207,307			3,914,966			3,620,819			5,850,402			5,707,738			6,013,113			7,338,854			8,571,585			4,821,510
	Retail Class		2,790,732			5,118,931			—			—			—			—			—			—			—			—			939,503			1,117,657
	Class W†		150,375,335			12,289,065			623,719			—			1,398,043			—			520,113			—			—			—			44,892,239			4,130,948
Shares reinvested:	Institutional Class		9,387,757			16,544,457			5,681,985			2,807,451			10,772,985			10,573,173			3,179,331			2,490,593			8,036,042			4,784,510			2,916,463			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			484,191			440,537
	Retail Class		882,782			891,553			—			—			—			—			—			—			—			—			23,955			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		(57,905,860	)		(120,753,086	)		(42,373,721	)		(38,857,007	)		(71,727,491	)		(58,722,106	)		(15,527,466	)		(20,580,214	)		(11,874,177	)		(13,483,819	)		(73,239,254	)		(34,012,131	)
	Advisor Class		(716,003	)		(1,196,908	)		(903,698	)		(329,853	)		(631,983	)		(117,244	)		(599,523	)		(574,392	)		(582,585	)		(149,113	)		(223,263	)		(672,627	)
	Premier Class		(2,126,089	)		(2,503,769	)		—			—			—			—			—			—			—			—			(1,167,151	)		(1,532,255	)
	Retirement Class		(3,439,387	)		(4,229,246	)		(6,100,131	)		(5,134,943	)		(7,824,548	)		(9,733,259	)		(5,774,792	)		(6,319,330	)		(2,665,457	)		(3,314,245	)		(2,637,941	)		(5,194,107	)
	Retail Class		(5,023,261	)		(7,373,454	)		—			—			—			—			—			—			—			—			(994,848	)		(1,059,442	)
	Class W†		(32,691,539	)		(479,279	)		(6,051	)		—			(20,702	)		—			(4,012	)		—			—			—			(8,359,386	)		(234,092	)
Net increase (decrease) from shareholder transactions			128,275,903			66,364,766			20,039,289			6,734,753			6,992,717			(1,117,447	)		6,021,916			(3,972,741	)		25,833,446			16,316,329			(3,220,324	)		37,234,652

† Class W commenced operations on September 28, 2018 for the Equity Index Fund, the Emerging Markets Equity Index Fund and the International Equity Index Fund; and commenced operations on September 30, 2019 for the Large-Cap Growth Index Fund, the Large-Cap Value Index Fund and the S&P 500 Index Fund.

42 2019 Annual Report   ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Index Funds   ■  2019 Annual Report 43

Statements of changes in net assets concluded

TIAA-CREF Funds  ■  For the year ended  

		International Equity Index Fund
		October 31, 2019			October 31, 2018
OPERATIONS
Net investment income (loss)		$	385,306,819		$	364,382,688
Net realized gain (loss) on total investments			(204,120,600	)		62,093,481
Net change in unrealized appreciation (depreciation) on total investments			1,100,491,353			(1,312,114,383	)
Net increase (decrease) in net assets from operations			1,281,677,572			(885,638,214	)
DISTRIBUTIONS 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		1,752,153,146			2,429,596,132
	Advisor Class		98,132,980			26,270,152
	Premier Class		112,652,548			40,024,515
	Retirement Class		203,905,393			135,035,988
	Retail Class		—			—
	Class W†		973,226,643			103,789,907
Reinvestments of distributions:	Institutional Class		237,169,410			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		(2,409,638,043	)		(1,772,562,771	)
	Advisor Class		(17,508,515	)		(20,370,867	)
	Premier Class		(115,214,861	)		(128,190,284	)
	Retirement Class		(101,909,971	)		(101,094,057	)
	Retail Class		—			—
	Class W†		(171,217,675	)		(2,717,932	)
Net increase (decrease) from shareholder transactions			676,739,948			1,021,662,675
Net increase (decrease) in net assets			1,598,959,848			(183,303,662	)
NET ASSETS
Beginning of period			11,390,689,325			11,573,992,987
End of period		$	12,989,649,173		$	11,390,689,325
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		94,735,677			120,900,275
	Advisor Class		5,360,250			1,292,940
	Premier Class		6,191,244			2,018,571
	Retirement Class		10,625,397			6,554,195
	Retail Class		—			—
	Class W†		52,249,718			5,473,850
Shares reinvested:	Institutional Class		13,740,985			13,959,175
	Advisor Class		53,532			23,298
	Premier Class		377,278			442,379
	Retirement Class		1,533,670			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		(131,202,913	)		(89,016,609	)
	Advisor Class		(959,322	)		(1,020,145	)
	Premier Class		(6,128,956	)		(6,435,105	)
	Retirement Class		(5,477,552	)		(4,962,386	)
	Retail Class		—			—
	Class W†		(9,202,351	)		(148,664	)
Net increase (decrease) from shareholder transactions			36,558,592			50,356,664

† Class W commenced operations on September 28, 2018 for the Equity Index Fund, the Emerging Markets Equity Index Fund and the International Equity Index Fund; and commenced operations on September 30, 2019 for the Large-Cap Growth Index Fund, the Large-Cap Value Index Fund and the S&P 500 Index Fund.

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

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TIAA-CREF Funds: Equity Index Funds   ■  2019 Annual Report 45

Financial highlights

TIAA-CREF Funds

			Selected per share data
					Gain (loss) from investment operations
	For the		Net asset		Net			Net realized &			Total gain			Less distributions from						Total			Net asset
	period		value,		investment			unrealized gain			(loss) from			Net			Net			dividends			value,
	or year		beginning		income			(loss) on total			investment			investment			realized			and			end of
	ended		of period		(loss		)a	investments			operations			income			gains			distributions			period
EQUITY INDEX FUND
Institutional Class:	10/31/19		$	20.12	$	0.43		$	2.20		$	2.63		$	(0.37	)	$	(0.07	)	$	(0.44	)	$	22.31
	10/31/18			19.31		0.38			0.86			1.24			(0.33	)		(0.10	)		(0.43	)		20.12
	10/31/17			15.95		0.35			3.42			3.77			(0.33	)		(0.08	)		(0.41	)		19.31
	10/31/16			15.82		0.33			0.30			0.63			(0.31	)		(0.19	)		(0.50	)		15.95
	10/31/15			15.51		0.31			0.36			0.67			(0.28	)		(0.08	)		(0.36	)		15.82
Advisor Class:	10/31/19			20.12		0.40			2.19			2.59			(0.35	)		(0.07	)		(0.42	)		22.29
	10/31/18			19.30		0.33			0.90			1.23			(0.31	)		(0.10	)		(0.41	)		20.12
	10/31/17			15.96		0.31			3.44			3.75			(0.33	)		(0.08	)		(0.41	)		19.30
	10/31/16	‡		15.96		0.25			0.25			0.50			(0.31	)		(0.19	)		(0.50	)		15.96
Premier Class:	10/31/19			20.05		0.40			2.19			2.59			(0.33	)		(0.07	)		(0.40	)		22.24
	10/31/18			19.25		0.34			0.87			1.21			(0.31	)		(0.10	)		(0.41	)		20.05
	10/31/17			15.91		0.32			3.41			3.73			(0.31	)		(0.08	)		(0.39	)		19.25
	10/31/16			15.77		0.32			0.29			0.61			(0.28	)		(0.19	)		(0.47	)		15.91
	10/31/15			15.46		0.29			0.36			0.65			(0.26	)		(0.08	)		(0.34	)		15.77
Retirement Class:	10/31/19			20.39		0.38			2.24			2.62			(0.32	)		(0.07	)		(0.39	)		22.62
	10/31/18			19.56		0.32			0.90			1.22			(0.29	)		(0.10	)		(0.39	)		20.39
	10/31/17			16.16		0.31			3.46			3.77			(0.29	)		(0.08	)		(0.37	)		19.56
	10/31/16			16.02		0.29			0.31			0.60			(0.27	)		(0.19	)		(0.46	)		16.16
	10/31/15			15.71		0.28			0.36			0.64			(0.25	)		(0.08	)		(0.33	)		16.02
Retail Class:	10/31/19			20.45		0.38			2.24			2.62			(0.31	)		(0.07	)		(0.38	)		22.69
	10/31/18			19.62		0.32			0.89			1.21			(0.28	)		(0.10	)		(0.38	)		20.45
	10/31/17			16.21		0.30			3.47			3.77			(0.28	)		(0.08	)		(0.36	)		19.62
	10/31/16			16.06		0.29			0.32			0.61			(0.27	)		(0.19	)		(0.46	)		16.21
	10/31/15			15.75		0.27			0.36			0.63			(0.24	)		(0.08	)		(0.32	)		16.06
Class W:	10/31/19			20.13		0.44			2.19			2.63			(0.37	)		(0.07	)		(0.44	)		22.32
	10/31/18	†		21.72		0.01			(1.60	)		(1.59	)		—			—			—			20.13
LARGE-CAP GROWTH INDEX FUND
Institutional Class:	10/31/19			30.73		0.41			4.59			5.00			(0.39	)		(0.71	)		(1.10	)		34.63
	10/31/18			28.30		0.39			2.59			2.98			(0.35	)		(0.20	)		(0.55	)		30.73
	10/31/17			22.13		0.36			6.11			6.47			(0.30	)		—			(0.30	)		28.30
	10/31/16			22.25		0.35			0.13			0.48			(0.32	)		(0.28	)		(0.60	)		22.13
	10/31/15			21.03		0.33			1.52			1.85			(0.29	)		(0.34	)		(0.63	)		22.25
Advisor Class:	10/31/19			30.68		0.37			4.59			4.96			(0.36	)		(0.71	)		(1.07	)		34.57
	10/31/18			28.27		0.35			2.58			2.93			(0.32	)		(0.20	)		(0.52	)		30.68
	10/31/17			22.12		0.31			6.13			6.44			(0.29	)		—			(0.29	)		28.27
	10/31/16	‡		22.50		0.24			(0.02	)		0.22			(0.32	)		(0.28	)		(0.60	)		22.12
Retirement Class:	10/31/19			30.89		0.33			4.63			4.96			(0.31	)		(0.71	)		(1.02	)		34.83
	10/31/18			28.46		0.32			2.60			2.92			(0.29	)		(0.20	)		(0.49	)		30.89
	10/31/17			22.26		0.30			6.15			6.45			(0.25	)		—			(0.25	)		28.46
	10/31/16			22.38		0.30			0.12			0.42			(0.26	)		(0.28	)		(0.54	)		22.26
	10/31/15			21.15		0.28			1.53			1.81			(0.24	)		(0.34	)		(0.58	)		22.38
Class W:	10/31/19	†		33.68		0.02			0.93			0.95			—			—			—			34.63

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

						Ratios and supplemental data
	For the
	period					Net assets at			Ratios to average net assets									Portfolio
	or year					end of period			Gross			Net			Net investment			turnover
	ended		Total return			(in thousands		)	expenses			expenses			income (loss		)	rate
EQUITY INDEX FUND
Institutional Class:	10/31/19			13.47	%	$	9,034,344			0.05	%		0.05	%		2.08	%		4	%
	10/31/18			6.52			8,106,985			0.05			0.05			1.87			5	f
	10/31/17			24.00			14,021,233			0.05			0.05			1.96			11
	10/31/16			4.24			10,010,647			0.05			0.05			2.11			9
	10/31/15			4.48			8,759,567			0.05			0.05			1.99			8
Advisor Class:	10/31/19			13.26			49,888			0.19			0.19			1.93			4
	10/31/18			6.44			35,041			0.19			0.19			1.61			5	f
	10/31/17			23.85			8,389			0.15			0.15			1.76			11
	10/31/16	‡		3.38	b		123			0.07	c		0.07	c		1.77	c		9
Premier Class:	10/31/19			13.28			63,211			0.20			0.20			1.92			4
	10/31/18			6.36			86,396			0.20			0.20			1.68			5	f
	10/31/17			23.78			111,915			0.20			0.20			1.81			11
	10/31/16			4.07			70,911			0.20			0.20			2.08			9
	10/31/15			4.36			94,864			0.20			0.20			1.83			8
Retirement Class:	10/31/19			13.18			662,900			0.30			0.30			1.83			4
	10/31/18			6.29			568,207			0.30			0.30			1.56			5	f
	10/31/17			23.66			544,772			0.30			0.30			1.72			11
	10/31/16			3.99			431,405			0.30			0.30			1.87			9
	10/31/15			4.17			394,683			0.30			0.30			1.73			8
Retail Class:	10/31/19			13.15			1,028,244			0.33			0.33			1.80			4
	10/31/18			6.24			954,571			0.33			0.33			1.53			5	f
	10/31/17			23.59			942,518			0.33			0.33			1.69			11
	10/31/16			3.99			763,597			0.34			0.34			1.84			9
	10/31/15			4.12			740,691			0.35			0.35			1.70			8
Class W:	10/31/19			13.48			11,566,892			0.05			0.00			2.13			4
	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
Institutional Class:	10/31/19			17.03			6,833,846			0.05			0.05			1.28			28
	10/31/18			10.67			5,375,762			0.05			0.05			1.28			28
	10/31/17			29.56			4,767,108			0.06			0.06			1.45			18
	10/31/16			2.29			3,044,925			0.06			0.06			1.61			22
	10/31/15			9.09			2,472,946			0.06			0.06			1.55			24
Advisor Class:	10/31/19			16.90			49,158			0.18			0.18			1.16			28
	10/31/18			10.49			40,368			0.19			0.19			1.13			28
	10/31/17			29.45			16,090			0.19			0.19			1.22			18
	10/31/16	‡		1.09	b		2,868			0.14	c		0.14	c		1.26	c		22
Retirement Class:	10/31/19			16.75			688,063			0.30			0.30			1.05			28
	10/31/18			10.37			705,970			0.30			0.30			1.03			28
	10/31/17			29.23			665,674			0.31			0.31			1.20			18
	10/31/16			2.02			396,654			0.31			0.31			1.36			22
	10/31/15			8.83			365,090			0.31			0.31			1.31			24
Class W:	10/31/19	†		2.82	b		21,390			0.15	c		0.00	c		0.79	c		28

See notes to financial statements TIAA-CREF Funds: Equity Index Funds  ■  2018 Annual Report 47

Financial highlights

TIAA-CREF Funds

				Selected per share data
						Gain (loss) from investment operations
	For the			Net asset		Net			Net realized &			Total gain		Less distributions from						Total			Net asset
	period			value,		investment			unrealized gain			(loss) from		Net			Net			dividends			value,
	or year ended			beginning of period		income (loss		)a	(loss) on total investments			investment operations		investment income			realized gains			and distributions			end of period
LARGE-CAP VALUE INDEX FUND
Institutional Class:		10/31/19		$	19.30	$	0.57		$	1.47		$	2.04	$	(0.49	)	$	(0.31	)	$	(0.80	)	$	20.54
		10/31/18			19.58		0.49			0.09			0.58		(0.47	)		(0.39	)		(0.86	)		19.30
		10/31/17			17.16		0.45			2.53			2.98		(0.38	)		(0.18	)		(0.56	)		19.58
		10/31/16			17.26		0.44			0.54			0.98		(0.41	)		(0.67	)		(1.08	)		17.16
		10/31/15			17.97		0.43			(0.35	)		0.08		(0.33	)		(0.46	)		(0.79	)		17.26
Advisor Class:		10/31/19			19.26		0.55			1.46			2.01		(0.47	)		(0.31	)		(0.78	)		20.49
		10/31/18			19.56		0.46			0.08			0.54		(0.45	)		(0.39	)		(0.84	)		19.26
		10/31/17			17.15		0.41			2.56			2.97		(0.38	)		(0.18	)		(0.56	)		19.56
		10/31/16	‡		17.33		0.31			0.59			0.90		(0.41	)		(0.67	)		(1.08	)		17.15
Retirement Class:		10/31/19			19.59		0.53			1.50			2.03		(0.44	)		(0.31	)		(0.75	)		20.87
		10/31/18			19.87		0.45			0.09			0.54		(0.43	)		(0.39	)		(0.82	)		19.59
		10/31/17			17.41		0.41			2.58			2.99		(0.35	)		(0.18	)		(0.53	)		19.87
		10/31/16			17.50		0.41			0.54			0.95		(0.37	)		(0.67	)		(1.04	)		17.41
		10/31/15			18.21		0.40			(0.36	)		0.04		(0.29	)		(0.46	)		(0.75	)		17.50
Class W:		10/31/19	†		20.26		0.08			0.20			0.28		—			—			—			20.54
S&P 500 INDEX FUND
Institutional Class:		10/31/19			30.48		0.68			3.53			4.21		(0.59	)		(0.22	)		(0.81	)		33.88
		10/31/18			29.04		0.57			1.52			2.09		(0.54	)		(0.11	)		(0.65	)		30.48
		10/31/17			24.06		0.53			5.04			5.57		(0.48	)		(0.11	)		(0.59	)		29.04
		10/31/16			23.66		0.51			0.50			1.01		(0.46	)		(0.15	)		(0.61	)		24.06
		10/31/15			22.92		0.47			0.68			1.15		(0.41	)		—			(0.41	)		23.66
Advisor Class:		10/31/19			30.43		0.64			3.52			4.16		(0.55	)		(0.22	)		(0.77	)		33.82
		10/31/18			29.01		0.52			1.52			2.04		(0.51	)		(0.11	)		(0.62	)		30.43
		10/31/17			24.06		0.45			5.09			5.54		(0.48	)		(0.11	)		(0.59	)		29.01
		10/31/16	‡		23.87		0.33			0.47			0.80		(0.46	)		(0.15	)		(0.61	)		24.06
Retirement Class:		10/31/19			30.24		0.60			3.51			4.11		(0.51	)		(0.22	)		(0.73	)		33.62
		10/31/18			28.83		0.49			1.50			1.99		(0.47	)		(0.11	)		(0.58	)		30.24
		10/31/17			23.90		0.46			5.01			5.47		(0.43	)		(0.11	)		(0.54	)		28.83
		10/31/16			23.51		0.45			0.50			0.95		(0.41	)		(0.15	)		(0.56	)		23.90
		10/31/15			22.77		0.41			0.69			1.10		(0.36	)		—			(0.36	)		23.51
Class W:		10/31/19	†		33.16		0.10			0.62			0.72		—			—			—			33.88
SMALL-CAP BLEND INDEX FUND
Institutional Class:		10/31/19			21.18		0.31			0.59			0.90		(0.28	)		(1.34	)		(1.62	)		20.46
		10/31/18			22.02		0.31			0.12			0.43		(0.31	)		(0.96	)		(1.27	)		21.18
		10/31/17			17.88		0.29			4.64			4.93		(0.31	)		(0.48	)		(0.79	)		22.02
		10/31/16			18.25		0.31			0.42			0.73		(0.30	)		(0.80	)		(1.10	)		17.88
		10/31/15			19.22		0.30			(0.22	)		0.08		(0.31	)		(0.74	)		(1.05	)		18.25
Advisor Class:		10/31/19			21.15		0.30			0.57			0.87		(0.25	)		(1.34	)		(1.59	)		20.43
		10/31/18			22.00		0.26			0.14			0.40		(0.29	)		(0.96	)		(1.25	)		21.15
		10/31/17			17.88		0.24			4.67			4.91		(0.31	)		(0.48	)		(0.79	)		22.00
		10/31/16	‡		18.63		0.27			0.08			0.35		(0.30	)		(0.80	)		(1.10	)		17.88
Retirement Class:		10/31/19			21.23		0.26			0.60			0.86		(0.23	)		(1.34	)		(1.57	)		20.52
		10/31/18			22.07		0.25			0.14			0.39		(0.27	)		(0.96	)		(1.23	)		21.23
		10/31/17			17.93		0.24			4.65			4.89		(0.27	)		(0.48	)		(0.75	)		22.07
		10/31/16			18.29		0.27			0.42			0.69		(0.25	)		(0.80	)		(1.05	)		17.93
		10/31/15			19.25		0.25			(0.21	)		0.04		(0.26	)		(0.74	)		(1.00	)		18.29

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

continued

						Ratios and supplemental data
	For the
	period					Net assets at			Ratios to average net assets									Portfolio
	or year ended		Total return			end of period (in thousands		)	Gross expenses			Net expenses			Net investment income (loss		)	turnover rate
LARGE-CAP VALUE INDEX FUND
Institutional Class:	10/31/19			11.13	%	$	5,973,386			0.05	%		0.05	%		2.97	%		38	%
	10/31/18			2.97			5,482,154			0.05			0.05			2.49			27
	10/31/17			17.66			5,510,818			0.06			0.06			2.42			27
	10/31/16			6.37			4,134,073			0.06			0.06			2.66			23
	10/31/15			0.49			2,958,189			0.06			0.06			2.48			24
Advisor Class:	10/31/19			11.00			31,051			0.19			0.19			2.85			38
	10/31/18			2.77			8,505			0.19			0.19			2.34			27
	10/31/17			17.58			2,346			0.20			0.20			2.21			27
	10/31/16	‡		5.87	b		141			0.08	c		0.08	c		2.08	c		23
Retirement Class:	10/31/19			10.85			877,423			0.30			0.30			2.71			38
	10/31/18			2.68			865,369			0.30			0.30			2.25			27
	10/31/17			17.41			959,169			0.30			0.30			2.17			27
	10/31/16			6.06			686,313			0.31			0.31			2.43			23
	10/31/15			0.26			448,665			0.31			0.31			2.24			24
Class W:	10/31/19	†		1.38	b		28,293			0.12	c		0.00	c		4.13	c		38
S&P 500 INDEX FUND
Institutional Class:	10/31/19			14.27			4,038,596			0.05			0.05			2.17			5
	10/31/18			7.26			3,533,305			0.05			0.05			1.87			8
	10/31/17			23.56			3,500,746			0.06			0.06			1.99			9
	10/31/16			4.47			2,527,279			0.05			0.05			2.18			8
	10/31/15			5.11			2,186,465			0.06			0.06			2.04			8
Advisor Class:	10/31/19			14.12			88,735			0.19			0.19			2.05			5
	10/31/18			7.12			44,964			0.20			0.20			1.70			8
	10/31/17			23.40			29,207			0.19			0.19			1.68			9
	10/31/16	‡		3.54	b		482			0.09	c		0.09	c		1.59	c		8
Retirement Class:	10/31/19			14.01			1,366,911			0.30			0.30			1.92			5
	10/31/18			6.97			1,196,818			0.30			0.30			1.62			8
	10/31/17			23.24			1,135,456			0.31			0.31			1.74			9
	10/31/16			4.19			787,632			0.30			0.30			1.95			8
	10/31/15			4.91			716,541			0.31			0.31			1.79			8
Class W:	10/31/19	†		2.17	b		17,484			0.16	c		0.00	c		3.34	c		5
SMALL-CAP BLEND INDEX FUND
Institutional Class:	10/31/19			4.98			2,308,296			0.06			0.06			1.58			32
	10/31/18			1.99			1,966,064			0.06			0.06			1.38			20
	10/31/17			28.01			1,816,567			0.06			0.06			1.43			22
	10/31/16			4.48			1,364,443			0.06			0.06			1.80			22
	10/31/15			0.54			1,296,895			0.06			0.06			1.56			22
Advisor Class:	10/31/19			4.83			7,980			0.84			0.21			1.52			32
	10/31/18			1.84			13,215			0.42			0.21			1.13			20
	10/31/17			27.88			4,848			1.17			0.21			1.18			22
	10/31/16	‡		2.33	b		107			0.08	c		0.08	c		1.74	c		22
Retirement Class:	10/31/19			4.72			791,066			0.31			0.31			1.33			32
	10/31/18			1.75			689,246			0.31			0.31			1.12			20
	10/31/17			27.66			592,706			0.31			0.31			1.18			22
	10/31/16			4.22			412,202			0.31			0.31			1.56			22
	10/31/15			0.31			427,901			0.31			0.31			1.33			22

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

Financial highlights

TIAA-CREF Funds

			Selected per share data
					Gain (loss) from investment operations
	For the		Net asset		Net			Net realized &			Total gain			Less distributions from						Total			Net asset
	period		value,		investment			unrealized gain			(loss) from			Net			Net			dividends			value,
	or year		beginning		income			(loss) on total			investment			investment			realized			and			end of
	ended		of period		(loss		)a	investments			operations			income			gains			distributions			period
EMERGING MARKETS EQUITY INDEX FUND
Institutional Class:	10/31/19		$	10.14	$	0.30		$	0.85		$	1.15		$	(0.24	)	$	—		$	(0.24	)	$	11.05
	10/31/18			11.86		0.28			(1.76	)		(1.48	)		(0.24	)		—			(0.24	)		10.14
	10/31/17			9.52		0.22			2.29			2.51			(0.17	)		—			(0.17	)		11.86
	10/31/16			8.93		0.20			0.59			0.79			(0.20	)		—			(0.20	)		9.52
	10/31/15			10.68		0.23			(1.77	)		(1.54	)		(0.21	)		—			(0.21	)		8.93
Advisor Class:	10/31/19			10.13		0.35			0.80			1.15			(0.22	)		—			(0.22	)		11.06
	10/31/18			11.85		0.37			(1.87	)		(1.50	)		(0.22	)		—			(0.22	)		10.13
	10/31/17			9.52		0.25			2.24			2.49			(0.16	)		—			(0.16	)		11.85
	10/31/16	‡		8.64		0.18			0.90			1.08			(0.20	)		—			(0.20	)		9.52
Premier Class:	10/31/19			10.10		0.32			0.82			1.14			(0.22	)		—			(0.22	)		11.02
	10/31/18			11.82		0.23			(1.73	)		(1.50	)		(0.22	)		—			(0.22	)		10.10
	10/31/17			9.50		0.22			2.26			2.48			(0.16	)		—			(0.16	)		11.82
	10/31/16			8.91		0.19			0.59			0.78			(0.19	)		—			(0.19	)		9.50
	10/31/15			10.65		0.23			(1.77	)		(1.54	)		(0.20	)		—			(0.20	)		8.91
Retirement Class:	10/31/19			10.08		0.32			0.81			1.13			(0.21	)		—			(0.21	)		11.00
	10/31/18			11.80		0.24			(1.75	)		(1.51	)		(0.21	)		—			(0.21	)		10.08
	10/31/17			9.48		0.20			2.27			2.47			(0.15	)		—			(0.15	)		11.80
	10/31/16			8.90		0.18			0.58			0.76			(0.18	)		—			(0.18	)		9.48
	10/31/15			10.64		0.21			(1.76	)		(1.55	)		(0.19	)		—			(0.19	)		8.90
Retail Class:	10/31/19			10.09		0.29			0.82			1.11			(0.20	)		—			(0.20	)		11.00
	10/31/18			11.81		0.23			(1.75	)		(1.52	)		(0.20	)		—			(0.20	)		10.09
	10/31/17			9.48		0.18			2.29			2.47			(0.14	)		—			(0.14	)		11.81
	10/31/16			8.89		0.16			0.59			0.75			(0.16	)		—			(0.16	)		9.48
	10/31/15			10.63		0.19			(1.76	)		(1.57	)		(0.17	)		—			(0.17	)		8.89
Class W:	10/31/19			10.14		0.37			0.81			1.18			(0.25	)		—			(0.25	)		11.07
	10/31/18	†		11.06		0.02			(0.94	)		(0.92	)		—			—			—			10.14
INTERNATIONAL EQUITY INDEX FUND
Institutional Class:	10/31/19			18.37		0.61			1.37			1.98			(0.58	)		—			(0.58	)		19.77
	10/31/18			20.32		0.61			(2.00	)		(1.39	)		(0.56	)		—			(0.56	)		18.37
	10/31/17			16.89		0.55			3.37			3.92			(0.49	)		—			(0.49	)		20.32
	10/31/16			17.86		0.54			(1.00	)		(0.46	)		(0.51	)		—			(0.51	)		16.89
	10/31/15			18.82		0.57			(0.81	)		(0.24	)		(0.69	)		(0.03	)		(0.72	)		17.86
Advisor Class:	10/31/19			18.34		0.58			1.38			1.96			(0.55	)		—			(0.55	)		19.75
	10/31/18			20.29		0.60			(2.01	)		(1.41	)		(0.54	)		—			(0.54	)		18.34
	10/31/17			16.88		0.49			3.40			3.89			(0.48	)		—			(0.48	)		20.29
	10/31/16	‡		17.70		0.37			(0.68	)		(0.31	)		(0.51	)		—			(0.51	)		16.88
Premier Class:	10/31/19			18.31		0.59			1.36			1.95			(0.55	)		—			(0.55	)		19.71
	10/31/18			20.26		0.56			(1.98	)		(1.42	)		(0.53	)		—			(0.53	)		18.31
	10/31/17			16.84		0.52			3.36			3.88			(0.46	)		—			(0.46	)		20.26
	10/31/16			17.81		0.51			(0.99	)		(0.48	)		(0.49	)		—			(0.49	)		16.84
	10/31/15			18.77		0.54			(0.81	)		(0.27	)		(0.66	)		(0.03	)		(0.69	)		17.81
Retirement Class:	10/31/19			18.74		0.59			1.40			1.99			(0.53	)		—			(0.53	)		20.20
	10/31/18			20.73		0.57			(2.04	)		(1.47	)		(0.52	)		—			(0.52	)		18.74
	10/31/17			17.22		0.52			3.44			3.96			(0.45	)		—			(0.45	)		20.73
	10/31/16			18.20		0.50			(1.01	)		(0.51	)		(0.47	)		—			(0.47	)		17.22
	10/31/15			19.15		0.53			(0.81	)		(0.28	)		(0.64	)		(0.03	)		(0.67	)		18.20
Class W:	10/31/19			18.37		0.63			1.36			1.99			(0.58	)		—			(0.58	)		19.78
	10/31/18	†		19.95		0.02			(1.60	)		(1.58	)		—			—			—			18.37

‡	Advisor Class commenced operations on December 4, 2015.
†	Class W commenced operations on September 28, 2018 for the Equity Index Fund, the Emerging Markets Equity Index Fund and the International Equity Index Fund; and commenced operations on September 30, 2019 for the Large-Cap Growth Index Fund, the Large-Cap Value Index Fund and the S&P 500 Index Fund.
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.
f	Does not include in-kind transactions.

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

concluded

							Ratios and supplemental data
	For the
	period						Net assets at		Ratios to average net assets									Portfolio
	or year						end of period		Gross			Net			Net investment			turnover
	ended			Total return			(in thousands)		expenses			expenses			income (loss		)	rate
EMERGING MARKETS EQUITY INDEX FUND
Institutional Class:		10/31/19			11.60	%	$	824,509		0.20	%		0.20	%		2.80	%		53	%
		10/31/18			(12.75	)		1,256,129		0.20			0.20			2.34			27
		10/31/17			26.87			2,062,554		0.21			0.21			2.17			29
		10/31/16			9.25			1,476,857		0.22			0.22			2.32			30
		10/31/15			(14.54	)		1,051,171		0.22			0.22			2.36			42
Advisor Class:		10/31/19			11.52			12,105		0.34			0.34			3.34			53
		10/31/18			(12.86	)		1,511		0.34			0.34			3.19			27
		10/31/17			26.73			1,019		0.37			0.36			2.34			29
		10/31/16	‡		12.90	b		193		0.24	c		0.24	c		2.35	c		30
Premier Class:		10/31/19			11.52			26,772		0.35			0.35			3.00			53
		10/31/18			(12.89	)		24,852		0.35			0.35			1.99			27
		10/31/17			26.55			36,599		0.36			0.36			2.10			29
		10/31/16			9.12			17,476		0.37			0.37			2.18			30
		10/31/15			(14.60	)		9,624		0.38			0.38			2.40			42
Retirement Class:		10/31/19			11.43			325,179		0.45			0.45			2.97			53
		10/31/18			(12.99	)		233,463		0.45			0.45			2.03			27
		10/31/17			26.51			272,466		0.46			0.46			1.98			29
		10/31/16			8.92			140,457		0.47			0.47			2.08			30
		10/31/15			(14.69	)		84,960		0.47			0.47			2.21			42
Retail Class:		10/31/19			11.16			14,225		0.57			0.57			2.74			53
		10/31/18			(13.07	)		13,357		0.57			0.57			1.92			27
		10/31/17			26.44			14,704		0.58			0.58			1.79			29
		10/31/16			8.81			9,124		0.61			0.61			1.91			30
		10/31/15			(14.85	)		7,847		0.60			0.60			1.98			42
Class W:		10/31/19			11.86			1,399,712		0.20			0.00			3.50			53
		10/31/18	†		(8.32	)b		889,002		0.22	c		0.00	c		2.27	c		27
INTERNATIONAL EQUITY INDEX FUND
Institutional Class:		10/31/19			11.23			7,842,042		0.06			0.06			3.28			10
		10/31/18			(7.04	)		7,702,594		0.06			0.06			3.06			4	f
		10/31/17			23.84			10,221,016		0.06			0.06			3.01			11
		10/31/16			(2.48	)		6,655,871		0.06			0.06			3.25			11
		10/31/15			(1.18	)		5,549,083		0.06			0.06			3.10			5
Advisor Class:		10/31/19			11.15			118,307		0.19			0.19			3.15			10
		10/31/18			(7.16	)		28,194		0.20			0.20			3.00			4	f
		10/31/17			23.68			25,184		0.21			0.21			2.63			11
		10/31/16	‡		(1.67	)b		4,108		0.14	c		0.14	c		2.49	c		11
Premier Class:		10/31/19			11.06			240,884		0.21			0.21			3.18			10
		10/31/18			(7.18	)		215,656		0.21			0.21			2.80			4	f
		10/31/17			23.67			319,116		0.21			0.21			2.83			11
		10/31/16			(2.64	)		242,345		0.21			0.21			3.09			11
		10/31/15			(1.33	)		242,384		0.21			0.21			2.95			5
Retirement Class:		10/31/19			11.01			1,175,682		0.31			0.31			3.09			10
		10/31/18			(7.29	)		965,816		0.31			0.31			2.78			4	f
		10/31/17			23.55			1,008,677		0.31			0.31			2.75			11
		10/31/16			(2.77	)		667,204		0.31			0.31			2.97			11
		10/31/15			(1.38	)		673,860		0.31			0.31			2.84			5
Class W:		10/31/19			11.30			3,612,733		0.06			0.00			3.42			10
		10/31/18	†		(7.92	)b		2,478,430		0.06	c		0.00	c		1.15	c		4	f

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

Notes to financial statements

TIAA-CREF Funds

Note 1—organization and significant accounting policies

TIAA-CREF Funds (the “Trust”) is a Delaware statutory trust that is registered with the 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, Nuveen Securities, LLC (“Nuveen Securities”), which is a wholly owned indirect subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”). Prior to September 30, 2019, Teachers Personal Investors Services (“TPIS”) was the distributor of each share class. Effective September 30, 2019, TPIS merged into Nuveen Securities and Nuveen Securities became the distributor of each share class. 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 on September 28, 2018 for the Equity Index Fund, the Emerging Markets Equity Index Fund and the International Equity Index Fund; and on September 30, 2019 for the Large-Cap Growth Index Fund, the Large-Cap Value Index Fund and the S&P 500 Index Fund.

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. In many cases, these estimates are based on data from the prior calendar year end.

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

Foreign currency transactions and translation: Assets, including investments, and liabilities denominated in foreign currencies are translated into U.S. dollar values each day using exchange rates obtained from an independent third party. Purchases and sales of securities, income, and expenses are translated into U.S. dollars at the prevailing exchange rate on the date of the transaction. The effect of changes in foreign currency exchange rates on realized and unrealized security gains and losses is reflected as a component of security gains and losses.

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

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

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

For the year ended October 31, 2019, permanent book and tax differences resulting primarily from differing treatments for foreign currency transactions, certain foreign taxes paid,

52 2019 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds

utilization of tax equalization credits, dividend redesignations, deemed dividend due to corporate actions, investments in partnerships, and gains and losses from the sale of stock in passive foreign investment companies were identified and reclassified among the components of the Funds’ net assets. Net investment income and net realized gains (losses), as disclosed on the Statement of Operations, and net assets were not affected by these reclassifications.

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

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

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.

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 required 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 were

implemented on June 1, 2019 and did 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.

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,

TIAA-CREF Funds: Equity Index Funds  ■  2019 Annual Report 53

Notes to financial statements

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.

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 Lev]el 3.

As of October 31, 2019, 100% of the value of investments in the Large-Cap Growth Index Fund was valued based on Level 1 inputs.

The following table summarizes the market value of the Funds’ investments as of October 31, 2019, based on the inputs used to value them:

Fund	Level 1		Level 2		Level 3		Total
Equity Index
Equity investments:
Financials	$	3,022,546,931	$	—	$	4,176	$	3,022,551,107
Health care		3,092,319,574		—		67,765		3,092,387,339
Materials		638,522,266		—		54,153		638,576,419
All other equity investments*		15,588,977,029		—		—		15,588,977,029
Short-term investments		229,829,272		111,817,678		—		341,646,950
Futures contracts**		277,186		—		—		277,186
Total	$	22,572,472,258	$	111,817,678	$	126,094	$	22,684,416,030
Large-Cap Value Index
Equity investments*	$	6,901,880,095	$	—	$	—	$	6,901,880,095
Short-term investments		28,337,685		970,000		—		29,307,685
Total	$	6,930,217,780	$	970,000	$	—	$	6,931,187,780
S&P 500 Index
Equity investments*	$	5,490,746,606	$	—	$	—	$	5,490,746,606
Short-term investments		7,526,819		63,045,000		—		70,571,819
Futures contracts**		42,920		—		—		42,920
Total	$	5,498,316,345	$	63,045,000	$	—	$	5,561,361,345
Small-Cap Blend Index
Equity investments:
Financials	$	584,502,809	$	—	$	8,640	$	584,511,449
Health care		508,018,527		—		113,381		508,131,908
Materials		117,917,461		—		114,018		118,031,479
All other equity investments*		1,892,863,995		—		—		1,892,863,995
Short-term investments		196,288,502		110,000		—		196,398,502
Total	$	3,299,591,294	$	110,000	$	236,039	$	3,299,937,333
Emerging Markets Equity Index
Equity investments:
Africa/Middle East	$	—	$	175,703,964	$	—	$	175,703,964
Asia		207,990,257		1,563,423,874		4,990		1,771,419,121
Europe		78,194,668		27,211,736		—		105,406,404
Latin America		—		262,004,881		—		262,004,881
All other equity investments*		42,628,020		243,095,222		922,585		286,645,827
Corporate bonds		—		11,134		—		11,134
Short-term investments		17,044,926		5,830,000		—		22,874,926
Total	$	345,857,871	$	2,277,280,811	$	927,575	$	2,624,066,257
International Equity Index
Equity investments:
Asia	$	4,231,425	$	3,538,564,610	$	—	$	3,542,796,035
Australasia		—		964,319,944		2,727		964,322,671
Europe		39,784,150		7,061,609,191		—		7,101,393,341
All other equity investments*		39,342,105		1,059,908,801		—		1,099,250,906
Short-term investments		136,978,002		236,942,650		—		373,920,652
Futures contracts**		3,887,119		—		—		3,887,119
Total	$	224,222,801	$	12,861,345,196	$	2,727	$	13,085,570,724

*	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.

54 2019 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds

continued

Note 3—derivative instruments

As defined by U.S. GAAP, a derivative is a financial instrument whose value is derived from an underlying security price, foreign exchange rate, interest rate, index of prices or rates, or other variables. Derivatives require little or no initial investment and permit or require net settlement. The Funds value derivatives at fair value.

At October 31, 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*	$	277,186
S&P 500 Index Fund
Equity contracts	Futures contracts*		42,920
International Equity Index Fund
Equity contracts	Futures contracts*		3,887,119

* The fair value presented includes cumulative gain (loss) on open futures contracts; however, the value reflected in the accompanying Statements of assets and liabilities is only the receivable or payable for variation margin on open futures contracts.

For the year ended October 31, 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	$	7,677,356		$	302,971
S&P 500 Index Fund
Equity contracts	Futures transactions		4,872,652			6,912
Small-Cap Blend Index Fund
Equity contracts	Futures transactions		(2,710,808	)		1,617,337
International Equity Index Fund
Equity contracts	Futures transactions		13,399,963			6,193,504

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

clearinghouse, as counterparty to all exchange-traded funds, guarantees the futures contracts against default. During the year ended October 31, 2019, the Equity Index Fund, the S&P 500 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 October 31, 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 Nuveen Securities 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 Nuveen Securities 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 October 31, 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 Annual Report 55

Notes to financial statements

	Investment management fee— effective rate			Service agreement fee			Distribution fee						Maximum expense amounts‡
				Retirement			Premier			Retail			Institutional			Advisor			Premier			Retirement			Retail			Class
Fund				Class			Class			Class			Class			Class			Class			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			—			0.09
Large-Cap Value Index		0.04			0.25			—			—			0.09			0.24			—			0.34			—			0.09
S&P 500 Index		0.04			0.25			—			—			0.09			0.24			—			0.34			—			0.09
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 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 year ended October 31, 2019, the Funds engaged in the following security transactions with affiliated entities:

Fund	Purchases		Sales		Realized gain (loss		)
Equity Index	$	521,614,769	$	1,520,603	$	90,336
Large-Cap Growth Index		184,536,007		68,007,847		1,145,404
Large-Cap Value Index		151,528,882		96,329,092		1,871,188
S&P 500 Index		145,208,293		2,386,143		143,119
Small-Cap Blend Index		34,503,061		21,995,669		600,484
Emerging Markets Equity Index		27,071,078		7,818,470		(3,422,527	)
International Equity Index		297,559,407		58,023,355		(20,799,593	)

A registered separate account of TIAA (collectively “TIAA Access”) has various sub-accounts that invest in the Funds, and certain funds within the Trust also make investments in the Funds.

The following is the percentage of the Funds’ shares owned by TIAA Access and other funds within the Trust as of October 31, 2019:

Fund	TIAA-CREF Lifecycle Index Funds			TIAA Access			Total
Equity Index		52	%		1	%		53	%
Large-Cap Growth Index		—			4			4
Large-Cap Value Index		—			7			7
S&P 500 Index		—			11			11
Small-Cap Blend Index		—			17			17
Emerging Markets Equity Index		54			1			55
International Equity Index		28			6			34

TIAA-CREF Tuition Financing, Inc. (“TFI”), a wholly owned direct subsidiary of TIAA, is a registered investment adviser that provides program management services to multiple qualified tuition programs formed under Section 529 of the Internal Revenue Code (“529 Plans”). These 529 Plans, each of which operates independently, invest a portion of their assets in the Funds. As of October 31, 2019, two 529 Plans owned 9%, and 9%, respectively, of the Equity Index Fund; one 529 Plan owned 5% of the Large-Cap Growth Index Fund; one 529 Plan owned 6% of the Large-Cap Value Index Fund and two 529 Plans owned 9% and 8% of the S&P 500 Index Fund.

Companies in which a Fund holds 5% or more of the outstanding voting shares are considered “affiliated companies” of the Fund, pursuant to the 1940 Act. As of October 31, 2019, there were no affiliated investments.

														Change in
														unrealized
	Value at			Purchase		Sales		Realized						appreciation			Dividend		Shares at		Value at
Issue	10/31/18			cost		proceeds		gain (loss		)	Exchanges			(depreciation		)	income		10/31/19		10/31/19
International Equity Index Fund
Short-term investments
Investments in registered investment companies
State Street Navigator Securities Lending Government Money Market Portfolioc	$	170,140,365	‡	$	644,094,604	$	677,256,967	$	—		$	—		$	—		$	—		136,978,002	$	136,978,002	**
Common stock
United Kingdom
Rolls-Royce Holdings plc	$	—	‡	$	126,450	$	—	$	—		$	(122,535	)	$	(3,915	)	$	—		—	$	—	**

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.
**	At October 31, 2019, the issuer was not an affiliated company of the Fund, but it was affiliated during the year.

56 2019 Annual 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. Non-cash collateral is not disclosed in the Funds’ Statements of Assets and Liabilities as it is held by the lending agent on behalf of the Funds, and the Funds do not have the ability to sell or re-hypothecate those securities. As of October 31, 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.

At October 31, 2019, the total value of securities on loan and the total value of collateral received were as follows:

	Aggregate value		Cash		Non-cash		Total
	of securities		collateral		collateral		collateral
Fund	on loan		received*		received		received
Equity Index	$	251,573,258	$	229,829,272	$	33,869,319	$	263,698,591
Large-Cap Growth Index		36,225,135		30,392,962		7,399,056		37,792,018
Large-Cap Value Index		35,240,782		28,337,685		8,865,436		37,203,121
S&P 500 Index		9,835,749		7,526,819		2,608,669		10,135,488
Small-Cap Blend Index		233,830,109		196,288,502		46,344,434		242,632,936
Emerging Markets Equity Index		38,903,004		17,044,926		24,449,315		41,494,241
International Equity Index		254,915,787		136,978,002		133,733,040		270,711,042

* May include cash and investment of cash collateral.

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, as amended. The risk of investing in such securities is generally greater than the risk of investing in securities that are widely held and publicly traded.

Net unrealized appreciation (depreciation): At October 31, 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:

			Gross		Gross			Net unrealized
	Tax		unrealized		unrealized			appreciation
Fund	cost		appreciation		(depreciation		)	(depreciation		)
Equity Index	$	14,486,917,554	$	9,012,632,830	$	(815,134,354	)	$	8,197,498,476
Large-Cap Growth Index		4,700,113,203		3,017,970,635		(99,660,028	)		2,918,310,607
Large-Cap Value Index		5,873,386,813		1,597,441,904		(539,640,937	)		1,057,800,967
S&P 500 Index		3,226,440,325		2,540,954,574		(206,033,554	)		2,334,921,020
Small-Cap Blend Index		2,843,216,742		827,157,261		(370,436,670	)		456,720,591
Emerging Markets Equity Index		2,265,077,371		619,697,201		(260,708,315	)		358,988,886
International Equity Index		11,520,267,046		2,716,549,219		(1,151,245,541	)		1,565,303,678

For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as up-front fees or premiums exchanged on derivatives and any amounts unrealized for income statement reporting but realized in income and/or capital gains for tax reporting.

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the year ended October 31, 2019 were as follows:

	Non-U.S.		Non-U.S.
	government		government
Fund	purchases		sales
Equity Index	$	3,295,694,350	$	732,361,231
Large-Cap Growth Index		2,412,852,157		1,914,445,005
Large-Cap Value Index		2,455,878,671		2,415,217,218
S&P 500 Index		414,325,258		264,148,237
Small-Cap Blend Index		1,298,659,994		914,125,567
Emerging Markets Equity Index		1,312,298,768		1,340,199,146
International Equity Index		1,776,391,591		1,156,612,260

TIAA-CREF Funds: Equity Index Funds  ■  2019 Annual Report 57

Notes to financial statements concluded

Note 6—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the years ended October 31, 2019 and October 31, 2018 was as follows:

	10/31/2019						10/31/2018
Fund	Ordinary income		Long-term capital gains		Total		Ordinary income		Long-term capital gains		Total
Equity Index	$	340,529,815	$	50,044,008	$	390,573,823	$	276,393,456	$	78,056,211	$	354,449,667
Large-Cap Growth Index		83,832,620		133,097,612		216,930,232		65,506,265		37,798,948		103,305,213
Large-Cap Value Index		177,000,174		85,779,696		262,779,870		187,722,171		93,599,171		281,321,342
S&P 500 Index		88,433,514		34,908,695		123,342,209		82,388,707		15,486,302		97,875,009
Small-Cap Blend Index		49,075,639		156,378,485		205,454,124		43,523,785		91,765,346		135,289,131
Emerging Markets Equity Index		58,381,252		—		58,381,252		48,334,175		—		48,334,175
International Equity Index		359,457,672		—		359,457,672		319,328,123		—		319,328,123

As of October 31, 2019, the components of accumulated earnings on a tax basis were as follows:

	Undistributed		Undistributed		Unrealized			Capital
	ordinary		long-term		appreciation			loss
Fund	income		capital gains		(depreciation		)	carryover			Total
Equity Index	$	353,046,156	$	34,562,969	$	8,197,498,478		$	—		$	8,585,107,603
Large-Cap Growth Index		67,331,971		103,314,704		2,918,310,607			—			3,088,957,282
Large-Cap Value Index		155,285,555		288,839,135		1,057,800,967			—			1,501,925,657
S&P 500 Index		86,383,838		15,695,068		2,334,921,019			—			2,436,999,925
Small-Cap Blend Index		45,086,903		105,782,453		456,720,591			—			607,589,947
Emerging Markets Equity Index		72,415,603		—		357,534,241			(186,543,855	)		243,405,989
International Equity Index		371,169,713		—		1,565,126,616			(255,437,736	)		1,680,858,593

The difference between book basis and tax basis net investment income, net realized gains and losses, and unrealized appreciation and depreciation is attributable primarily to the tax deferral of losses on wash sales, the realization, for tax purposes, of unrealized gains on investments in passive foreign investment companies, and the treatment of short-term gain as ordinary income for tax purposes.

In certain circumstances, a fund may distribute portfolio securities rather than cash as payment for a redemption of fund shares (in-kind redemption). A fund may also accept portfolio securities rather than cash as payment for a purchase of fund shares (in-kind purchase). During the year ended October 31, 2019, the Funds did not have any in-kind purchase or in-kind redemption transactions.

At October 31, 2019, the following Funds had capital loss carryovers, which will not expire:

Fund	Short-term		Long-term		Total
Emerging Markets Equity Index	$	40,427,661	$	146,116,194	$	186,543,855
International Equity Index		94,861,502		160,576,234		255,437,736

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 year ended October 31, 2019, there were no inter-fund borrowing or lending transactions.

Note 9—line of credit

Each of the Funds participates in a $1 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 18, 2019 expiring on June 16, 2020, replacing the previous $1.25 billion facility, which expired June 2019. Certain affiliated accounts and mutual funds, each of which is managed by Advisors, or an affiliate of Advisors, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds on a pro rata basis. Interest associated with any borrowing under the facility is charged to the borrowing accounts or mutual funds at a specified rate of interest. The Funds are not liable for borrowings under the facility by other affiliated accounts or mutual funds. For the year ended October 31, 2019, there were no borrowings under this credit facility by the Funds.

58 2019 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds

Report of independent registered public accounting firm

To the Board of Trustees of TIAA-CREF Funds and Shareholders of TIAA-CREF Equity Index Fund, TIAA-CREF Large-Cap Growth Index Fund, TIAA-CREF Large-Cap Value Index Fund, TIAA-CREF S&P 500 Index Fund, TIAA-CREF Small-Cap Blend Index Fund, TIAA-CREF Emerging Markets Equity Index Fund and TIAA-CREF International Equity Index Fund

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the summary portfolios of investments, of TIAA-CREF Equity Index Fund, TIAA-CREF Large-Cap Growth Index Fund, TIAA-CREF Large-Cap Value Index Fund, TIAA-CREF S&P 500 Index Fund, TIAA-CREF Small-Cap Blend Index Fund, TIAA-CREF Emerging Markets Equity Index Fund, and TIAA-CREF International Equity Index Fund (seven of the funds constituting TIAA-CREF Funds, hereafter collectively referred to as the “Funds”) as of October 31, 2019, the related statements of operations for the year ended October 31, 2019, the statements of changes in net assets for each of the two years in the period ended October 31, 2019, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2019, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2019, and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2019 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Baltimore, Maryland
December 18, 2019

We have served as the auditor of one or more investment companies in TIAA-CREF Funds’ investment company group since 2005.

TIAA-CREF Funds: Equity Index Funds  ■  2019 Annual Report 59

Important tax information (unaudited)

For the fiscal year ended October 31, 2019, the TIAA-CREF Funds designate the following distribution amounts (or the maximum amount allowable) as being from net long-term capital gains.

	Long-term
Fund	capital gains
Equity Index	$	63,757,106
Large-Cap Growth Index		140,853,183
Large-Cap Value Index		104,364,514
S&P 500 Index		38,851,011
Small-Cap Blend Index		159,918,648
Emerging Markets Equity Index		—
International Equity Index		—

For the fiscal year ended October 31, 2019, the TIAA-CREF Funds designate the following percentages (or the maximum amount allowable) of ordinary income dividends paid as qualifying for the maximum tax rate of 15% as provided by the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

Fund	Percentage
Equity Index		86.6	%
Large-Cap Growth Index		88.9
Large-Cap Value Index		80.2
S&P 500 Index		100.0
Small-Cap Blend Index		45.0
Emerging Markets Equity Index		68.1
International Equity Index		82.6

For the fiscal year ended October 31, 2019, the TIAA-CREF Funds designate the following percentages (or the maximum amount allowable) of ordinary income dividends paid as qualifying for the corporate dividends received deduction.

Fund	Percentage
Equity Index		81.8	%
Large-Cap Growth Index		85.5
Large-Cap Value Index		74.3
S&P 500 Index		94.9
Small-Cap Blend Index		39.2
Emerging Markets Equity Index		0.3
International Equity Index		—

The Emerging Markets Equity Index and International Equity Index Funds received income from foreign sources during the year ended October 31, 2019 of $84,626,995 ($0.35946 per share), and $347,346,062 ($0.52976 per share) respectively, and paid taxes to foreign countries during the year ended October 31, 2019 of $7,729,228 ($0.03283 per share), and $23,857,889 ($0.03639 per share), respectively.

The information and distributions reported herein may differ from the information and distributions reported to shareholders for the calendar year ending December 31, 2019, which will be reported in conjunction with your 2019 Form 1099-DIV.

By early 2020, shareholders should receive their Form 1099-DIV and a tax information letter from the Funds. For your specific situation, we recommend that you consult a professional tax advisor.

60 2019 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds

2019 special meeting (unaudited)

TIAA-CREF Funds

Trustees

On July 17, 2019, at a special meeting of TIAA-CREF Funds participants, the following persons were elected to serve on the Board of Trustees:

Nominee	Dollars for	Percent	Dollars against	Percent	Dollars abstain	Percent
Forrest Berkley	7,019,429,645.179	98.738	29,336,564.729	0.413	60,384,844.503	0.849
Joseph A. Boateng	7,017,678,997.349	98.713	30,608,382.947	0.431	60,863,674.115	0.856
Janice C. Eberly	7,030,450,351.958	98.893	24,897,324.187	0.350	53,803,378.266	0.757
Nancy A. Eckl	7,031,086,911.078	98.902	23,805,175.211	0.335	54,258,968.122	0.763
Michael A. Forrester	7,012,679,322.201	98.643	34,732,512.165	0.489	61,739,220.046	0.868
Howell E. Jackson	7,015,296,260.772	98.680	33,410,840.029	0.470	60,443,953.610	0.850
Thomas J. Kenny	7,014,459,180.378	98.668	32,601,855.843	0.459	62,090,018.190	0.873
James M. Poterba	7,016,956,092.704	98.703	33,014,873.896	0.464	59,180,087.811	0.832
Maceo K. Sloan	7,016,148,774.432	98.692	32,646,874.224	0.459	60,355,405.754	0.849
Laura T. Starks	7,032,899,556.712	98.927	24,219,056.061	0.341	52,032,441.638	0.732

Joseph A. Boateng was elected to office. Forrest Berkley, Janice C. Eberly, Nancy A. Eckl, Michael A. Forrester, Howell E. Jackson, Thomas J. Kenny, James M. Poterba, Maceo K. Sloan and Laura T. Starks continued in office.

The results above were certified by Computershare Fund Services, Inc., independent tabulator for the TIAA-CREF Funds.

TIAA-CREF Funds: Equity Index Funds  ■  2019 Annual Report 61

Trustees and officers(unaudited)

TIAA-CREF Funds  ■  October 31, 2019

Trustees

Name, Address and Year of Birth (“YOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee
Forrest Berkley c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Trustee	Indefinite term. Trustee since 2006.	Retired Partner (since 2006), Partner (1990–2005) and Head of Global Product Management (2003–2005), GMO (formerly, Grantham, Mayo, Van Otterloo & Co.) (investment management); and member of asset allocation portfolio management team, GMO (2003–2005).	89	Director, Save the Children Federation, Inc.; Investment Committee Member, Maine Community Foundation and the Elmina B. Sewall Foundation.
Joseph A. Boateng c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Trustee	Indefinite term. Trustee since 2019.	Chief Investment Officer, Casey Family Programs (since 2007). Director of U.S. Pension Plans at Johnson & Johnson (2002–2006). Manager, Financial Services Consultant, KPMG Consulting (2000–2002).	89	Board member, Year Up Puget Sound; Investment Advisory Committee Chair, Seattle City Employees’ Retirement System; Investment Committee member, The Seattle Foundation.
Janice C. Eberly c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Trustee	Indefinite term. Trustee since 2018.	James R. and Helen D. Russell Professor of Finance at the Kellogg School of Management at Northwestern University (2002–2011 and since 2013), and Chair of the Finance Department (2005–2007). Assistant Secretary for Economic Policy at the United States Department of the Treasury (2011–2013).	89	Member of the Board of the Office of Finance, Federal Home Loan Banks; Director, Avant, LLC.
Nancy A. Eckl c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Trustee	Indefinite term. Trustee since 2007.	Vice President (1990–2006), American Beacon Advisors, Inc. and certain funds advised by American Beacon Advisors, Inc.	89	Independent Director, The Lazard Funds, Inc., Lazard Retirement Series, Inc. and Lazard Global Total Return and Income Fund, Inc.
Michael A. Forrester c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1967	Trustee	Indefinite term. Trustee since 2007.	Chief Executive Officer (since 2014), and Chief Operating Officer (2007–2014), Copper Rock Capital Partners, LLC. Chief Operating Officer, DDJ Capital Management (2003–2006).	89	Director, Copper Rock Capital Partners, LLC (investment adviser); Trustee, Dexter Southfield School.
Howell E. Jackson c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Trustee	Indefinite term. Trustee since 2005.	James S. Reid, Jr. Professor of Law (since 2004), Senior Advisor to President and Provost (2010–2012), Acting Dean (2009), Vice Dean for Budget (2003–2006) and on the faculty (since 1989) of Harvard Law School.	89	Director, Commonwealth (non-profit organization).
Thomas J. Kenny c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Chairman of the Board and Trustee	Indefinite term. Trustee since 2011. Chairman for term ending July 1, 2021. Chairman since 2017.	Advisory Director (2010–2011), Partner (2004– 2010), Managing Director (1999–2004), and Co-Head of Global Cash and Fixed Income Portfolio Management Team (2002–2010), Goldman Sachs Asset Management.	89	Director and Chair of the Finance and Investment Committee, Aflac Incorporated; Director and Chair of the Finance Committee, Sansum Clinic; Director, ParentSquare; Investment Committee Member, Cottage Health System; Member, University of California at Santa Barbara Arts and Lectures Advisory Council.
James M. Poterba c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1958	Trustee	Indefinite term. Trustee since 2006.	Mitsui Professor of Economics, Massachusetts Institute of Technology (“MIT”) (since 1996); Affiliated Faculty Member of the Finance Group, Alfred P. Sloan School of Management (since 2014); and Head (2006–2008) and Associate Head (1994–2000 and 2001–2006), Economics Department of MIT. President and Chief Executive Officer (since 2008), and Program Director (1990–2008), National Bureau of Economic Research.	89	Director, National Bureau of Economic Research and the Alfred P. Sloan Foundation; Member, Congressional Budget Office Panel of Economic Advisers.

62 2019 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds

Trustees — concluded

Name, Address and Year of Birth (“YOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee
Maceo K. Sloan c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1949	Trustee	Indefinite term. Trustee since 1999.	Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (1991–2018); Chairman and Chief Executive Officer (1991–2016), Chief Investment Officer (1991–2013) and Chief Compliance Officer (2015–2016), NCM Capital Management Group, Inc.; Chairman, Chief Executive Officer (2003–2016), Chief Investment Officer (2003–2013) and Chief Compliance Officer (2015–2016), NCM Capital Advisers Inc.; and Chairman, President and Principal Executive Officer, NCM Capital Investment Trust (2007–2012).	89	N/A
Laura T. Starks c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1950	Trustee	Indefinite term. Trustee since 2006.	Charles E. and Sarah M. Seay Regents Chair in Finance (since 2002), Co-Executive Director, Social Innovation Initiative (since 2015), Director, AIM Investment Center (2000–2016), Associate Dean for Research (2011–2016), Chairman, Department of Finance (2002–2011) and Professor (since 1987), McCombs School of Business, University of Texas at Austin.	89	Texa$aver Product Committee Member, Employees Retirement System of Texas.

Officers

Name, Address and Year of Birth (“YOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Vijay Advani TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1960	Executive Vice President	One-year term. Executive Vice President since 2018.	Chief Executive Officer, Nuveen. Executive Vice President of the College Retirement Equities Fund (“CREF”), TIAA Separate Account VA-1, TIAA-CREF Funds and TIAA-CREF Life Funds (collectively, the “TIAA-CREF Fund Complex”). Prior to joining Nuveen, Mr. Advani served as Co-President of Franklin Resources, Inc. (Franklin Templeton Investments).
Mona Bhalla TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1969	Senior Managing Director and Corporate Secretary	One-year term. Senior Managing Director and Corporate Secretary since 2017.	Senior Managing Director, Corporate Secretary of Teachers Insurance and Annuity Association of America (“TIAA”) and the TIAA-CREF Fund Complex. Prior to joining TIAA, Ms. Bhalla served as Senior Vice President, Counsel and Corporate Secretary of AllianceBernstein L.P.
Richard S. Biegen TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Chief Compliance Officer	One-year term. Chief Compliance Officer since 2008.	Senior Managing Director, TIAA. Chief Compliance Officer of the TIAA-CREF Fund Complex.
Bradley Finkle TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1973	Principal Executive Officer and President	One-year term. Principal Executive Officer and President since 2017.	Senior Managing Director, Chief Operating Officer, Nuveen. Principal Executive Officer and President of the TIAA-CREF Funds and TIAA-CREF Life Funds. Formerly, Senior Managing Director, Co-Head of Nuveen Equities & Fixed Income and President of TIAA Investments.
Jose Minaya TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1971	Executive Vice President	One-year term. Executive Vice President since 2018.	Executive Vice President, President and Chief investment Officer, Nuveen. Executive Vice President of the TIAA-CREF Fund Complex. Formerly, Executive Vice President, Chief Investment Officer, Nuveen Global Investments and Senior Managing Director, President, Global Investments, TIAA.

TIAA-CREF Funds: Equity Index Funds  ■  2019 Annual Report 63

Trustees and officers(unaudited) concluded

TIAA-CREF Funds  ■  October 31, 2019

Officers — concluded

Name, Address and Year of Birth (“YOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Phillip T. Rollock TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Executive Vice President and Chief Legal Officer	One-year term. Executive Vice President and Chief Legal Officer since 2018.	Executive Vice President, Chief Legal Officer of TIAA and the TIAA-CREF Fund Complex. Formerly, Senior Managing Director, Deputy General Counsel and Corporate Secretary of TIAA and the TIAA-CREF Fund Complex.
Christopher A. Van Buren TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Executive Vice President	One-year term. Executive Vice President since 2018.	Executive Vice President, Chief Risk Officer of TIAA. Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Van Buren served as Managing Director, Group Risk Control of UBS.
E. Scott Wickerham TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1973	Principal Financial Officer, Principal Accounting Officer and Treasurer	One-year term. Principal Financial Officer, Principal Accounting Officer and Treasurer since 2017.	Senior Managing Director, Head, Publics Investment Finance, Nuveen. Principal Financial Officer, Principal Accounting Officer and Treasurer of the TIAA-CREF Funds, TIAA-CREF Life Funds and TIAA Separate Account VA-1; Treasurer of CREF; and Vice President and Controller of the Nuveen Funds. Formerly, Managing Director, Head, TC Fund Administration, Nuveen.
Sean N. Woodroffe TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Executive Vice President	One-year term. Executive Vice President since 2018.	Senior Executive Vice President, Chief Human Resources Officer of TIAA. Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Woodroffe served as Chief People Officer at National Life Group.

Please note that the Funds’ Statement of Additional Information (SAI) includes additional information about the Funds’ trustees and is available, without charge, through our website, tiaa.org, or by calling 800 223-1200.

64 2019 Annual Report  ■  TIAA-CREF Funds: Equity Index 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 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)

TIAA-CREF Funds: Equity Index Funds  ■  2019 Annual Report 65

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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. 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
978205		A12447 (12/19)

730 Third Avenue
New York, NY 10017-3206

	Printed on paper containing recycled fiber
978205		A12447 (12/19)

730 Third Avenue
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978205 A12447 (12/19)

TIAA-CREF
Funds October 31,
2019

TIAA-CREF

International Fixed-Income Funds

The annual report contains the audited financial statements.

	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

Annual
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	Report of independent registered public accounting firm	59
Letter to investors	4	Important tax information	61
Information for investors	6	2019 special meeting	62
About the funds’ benchmarks	7	Trustees and officers	63
Important information about expenses	8	How to reach us	Inside back cover
Fund performance
Emerging Markets Debt Fund	9
International Bond Fund	14
Summary portfolios of investments	19
Audited financial statements
Statements of assets and liabilities	35
Statements of operations	37
Statements of changes in net assets	38
Financial highlights	42
Notes to financial statements	46

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 annual report contains information about certain TIAA-CREF Funds and describes their results for the twelve months ended October 31, 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 October 31, 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 Annual Report 3

Letter to investors

International fixed-income securities produced solid gains for the twelve months ended October 31, 2019. Emerging-markets debt generated double-digit gains, benefiting from lower global yields. International investment-grade fixed-rate bonds posted strong but more moderate returns. For the twelve months:

• Emerging-markets debt securities, as measured by the JP Morgan Emerging Markets Bond Index (EMBI) Global Diversified, advanced 14.4%. 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), returned 9.9%.

• The TIAA-CREF Emerging Markets Debt Fund (Institutional Class) gained 16.0%, while the TIAA-CREF International Bond Fund (Institutional Class) earned 11.6%. Both outperformed their respective benchmarks.

Emerging-markets debt securities overcame the impact of ongoing U.S. trade tensions with China and Mexico, as well as political and economic uncertainty in Argentina, and posted strong results. Low global yields were a benefit, driving investors seeking higher income to the asset class.

International investment-grade fixed-rate bonds advanced for the twelve months, despite struggling at the end of 2018. Most global economies continued to expand even with concerns about the future pace of growth. The European Central Bank announced an open-ended plan to buy more than $20 billion in bonds monthly in an effort to support the region’s economy.

Foreign bonds produced mixed results versus U.S. bonds

International bonds posted mixed results when compared with U.S. bonds for the twelve months. International investment-grade securities trailed the 11.5% gain of U.S. investment-grade fixed-rate bonds, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index. The Federal Reserve raised the federal funds target rate in December 2018 but later reduced the key interest-rate measure three times, to 1.50%–1.75%. Emerging-markets debt easily outpaced the 9.8% gain of U.S. high-yield bonds, as measured by the ICE BofAML BB-B U.S. Cash Pay High Yield Constrained Index.

Diversification never goes out of style

The past year offered a positive environment for international fixed-income investors, but as we all know, the financial markets are subject to change at a moment’s notice. As political uncertainty may present some bumps in the road in the upcoming year, it is easy to grow concerned about your investments when market volatility rises. That’s why we believe—and history has shown—that

4 2019 Annual Report  ■  TIAA-CREF International Fixed-Income Funds

maintaining exposure to a wide array of asset classes is a prudent strategy for long-term investors. In our view, asset class diversification, including international fixed-income securities, remains a time-tested approach in helping investors manage shifts in market conditions more effectively. With the many complexities involved in choosing international debt securities, both in developed and emerging markets, we believe that a diversified portfolio of bonds in a professionally managed mutual fund or group of funds offers investors a sensible way to gain exposure to this dynamic asset class. Keep in mind that, while diversification can help reduce volatility, it does not provide a guarantee against market losses. 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 Annual Report 5

Information for investors

Portfolio holdings

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

You can obtain a complete list of the TIAA-CREF Funds’ 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 Annual Report  ■  TIAA-CREF International Fixed-Income Funds

About the funds’ benchmarks

Emerging Markets Debt Fund

The JP Morgan Emerging Markets Bond Index Global Diversified (EMBI-GD Index) is an unmanaged, market-capitalization-weighted, total-return index tracking the traded market for U.S.-dollar-denominated Brady bonds, Eurobonds and other debt instruments issued by sovereign and quasi-sovereign entities. The index limits the weights of those index countries with larger debt stocks by only including a specified portion of these countries’ eligible current face amounts of debt outstanding.

International Bond Fund

The Bloomberg Barclays Global Aggregate Ex-USD Index (Hedged) is an unmanaged, global, investment-grade fixed-rate bond market index, including treasury, government-related, corporate and securitized fixed-rate bonds from both developed- and emerging-markets issuers, in 24 local currencies. Securities are SEC-registered, taxable, non-dollar denominated and must have a minimum maturity of one year. Securities must be rated investment grade 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 Annual Report 7

Important information about expenses

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

The expense examples that appear 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 (May 1, 2019–October 31, 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 Annual Report  ■  TIAA-CREF International Fixed-Income Funds

Emerging Markets Debt Fund

Performance for the twelve months ended October 31, 2019

The Emerging Markets Debt Fund returned 16.00% for the Institutional Class, compared with the 14.35% return of its benchmark, the JP Morgan Emerging Markets Bond Index (EMBI) Global Diversified (“JP Morgan index”). The performance table shows returns for all share classes of the Fund.

Emerging-markets debt soared amid economic headwinds and lower yields

During the twelve-month period, emerging-markets (EM) debt posted sizable gains despite ongoing market headwinds, including continued U.S. trade tensions with China and Mexico, a “do-over” in disputed Turkish municipal elections, and political and economic uncertainty in Argentina.

On the positive side, after increasing the federal funds target rate in December 2018, the U.S. Federal Reserve reversed course later in the period, lowering the key short-term interest-rate measure three times between July and October 2019 to 1.50%–1.75%. Furthermore, synchronized global central bank easing amid a weakening global growth outlook served as a tailwind for EM debt, as flows into the asset class increased.

Fund produced strong gains, surpassed its benchmark

For the period, the Fund outperformed its benchmark largely due to favorable allocation and selection results within U.S.-currency corporates. Further, allocation decisions to corporates and local currency contributed nicely. Out-of-benchmark local-currency selections (sovereign and corporate) also helped.

U.S.-currency corporates were strong contributors. A substantial underweight position in Venezuela proved beneficial—particularly having no exposure to PDVSA, the state-owned energy company. Allocations to Turkey, Russia and South Africa also had a positive impact. In China, high-yield issuers in the property and retail sectors continued to rebound from a sell-off earlier in the period. Similarly, investment-grade banks and a high-yield renewable issuer in India helped, as did bank selections in Turkey. As it relates to U.S.-currency sovereigns, an overweight position and favorable selections in Ukraine made a meaningful contribution, as did exiting all Venezuela exposure prior to the 2019 calendar year. In local currency, allocations to Ukraine (sovereign and corporate), the Philippines and Egypt were noteworthy contributors to outperformance.

By contrast, the Fund’s performance was limited by two high-yield holdings: Digicel, a struggling pan-Caribbean cellular network provider, and Teva, an Israeli pharmaceutical company. Overall, exposure to Argentina, which was held across sovereigns, corporates and local-currency debt, was a drag on performance as political uncertainty and the potential for a default was priced in. Within hard-currency sovereigns, Ecuador selections also detracted.

TIAA-CREF International Fixed-Income Funds  ■  2019 Annual Report 9

Emerging Markets Debt Fund

Performance as of October 31, 2019

Emerging Markets Debt Fund		Total return			Average annual total return						Annual operating expenses*
	Inception date	1 year			5 years			since inception			gross			net
Institutional Class	9/26/14		16.00	%		5.80	%		5.77	%		0.65	%		0.65	%
Advisor Class	12/4/15		16.00			5.80	†		5.77	†		0.71			0.71
Premier Class	9/26/14		15.84			5.62			5.59			0.80			0.80
Retirement Class	9/26/14		15.61			5.52			5.50			0.90			0.90
Retail Class	9/26/14		15.55			5.43			5.41			0.99			0.99
Class W	9/28/18		16.72			5.95	†		5.92	†		0.65			0.00
J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified	—		14.35			5.44			5.56	‡		—			—

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 and 30-day SEC yield 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 Annual Report  ■  TIAA-CREF International Fixed-Income Funds

Emerging Markets Debt Fund

$10,000 invested at Fund’s inception

Institutional Class (inception September 26, 2014)

Ending amounts are as of October 31, 2019. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Expense example

Six months ended October 31, 2019

Emerging Markets Debt Fund	Beginning account value (5/1/19		)	Ending account value (10/31/19		)	Expenses paid during period (5/1/19–10/31/19		* )
Actual return
Institutional Class		$1,000.00			$1,066.77			$3.28
Advisor Class		1,000.00			1,067.34			3.70
Premier Class		1,000.00			1,067.13			4.06
Retirement Class		1,000.00			1,065.58			4.58
Retail Class		1,000.00			1,065.23			4.74
Class W		1,000.00			1,071.26			0.00
5% annual hypothetical return
Institutional Class		1,000.00			1,022.03			3.21
Advisor Class		1,000.00			1,021.63			3.62
Premier Class		1,000.00			1,021.27			3.97
Retirement Class		1,000.00			1,020.77			4.48
Retail Class		1,000.00			1,020.62			4.63
Class W		1,000.00			1,025.21			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 184/365. There were 184 days in the six months ended October 31, 2019. The Fund’s annualized six-month expense ratios for that

TIAA-CREF International Fixed-Income Funds  ■  2019 Annual Report 11

Emerging Markets Debt Fund

period were 0.63% for the Institutional Class, 0.71% for the Advisor Class, 0.78% for the Premier Class, 0.88% for the Retirement Class, 0.91% 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 10/31/2019
Net assets	$535.43 million
Portfolio turnover rate	78%
Number of issues	256
Option-adjusted duration‡	6.68 years
Average maturity§	11.59 years

‡	Option-adjusted duration estimates how much the value of a bond portfolio would be affected by a change in prevailing interest rates, taking into account the options embedded in the individual securities. The longer a portfolio’s duration, the more sensitive it is to changes in interest rates.
§	Average maturity is a simple average of the maturities of all the bonds in a fund’s portfolio. The maturity of a bond is the amount of time until the bond’s principal becomes due or payable.

12 2019 Annual Report  ■  TIAA-CREF International Fixed-Income Funds

Emerging Markets Debt Fund

Portfolio composition

Sector	% of net assets as of 10/31/2019
Corporate bonds	49.4
Foreign government securities	46.4
Short-term investments, other assets & liabilities, net	4.2
Total	100.0

Holdings by country

% of portfolio investments as of 10/31/2019
Brazil	7.0
Mexico	6.1
Indonesia	6.0
Ukraine	4.4
South Africa	4.3
Russia	3.8
India	3.5
Turkey	3.0
57 other nations	58.5
Short-term investments	3.4
Total	100.0

Holdings by maturity

% of fixed-income investments (excluding short-term investments) as of 10/31/2019
Less than 1 year	1.7
1–3 years	3.8
3–5 years	13.1
5–10 years	46.5
Over 10 years	34.9
Total	100.0

Holdings by credit quality

% of fixed-income investments (excluding short-term investments) as of 10/31/2019
U.S. Treasury & U.S. agency securities*	0.3
Aa/AA	1.3
A/A	4.8
Baa/BBB	31.5
Ba/BB	27.0
B/B	25.6
Below B/B	3.4
Non-rated	6.1
Total	100.0

* These securities are guaranteed by the full faith and credit of the U.S. government.

Credit quality ratings are based on the J.P. Morgan methodology, which uses the middle rating of the S&P, Moody’s and Fitch ratings to determine an instrument’s rating category. When a rating from only two agencies is available, the lower is used; when only one agency rates a bond, that rating is used.

TIAA-CREF International Fixed-Income Funds  ■  2019 Annual Report 13

International Bond Fund

Performance for the twelve months ended October 31, 2019

The International Bond Fund returned 11.63% for the Institutional Class, compared with the 9.88% return of its benchmark, the Bloomberg Barclays Global Aggregate Ex-USD Index (Hedged) (“Global Aggregate index”). The performance table shows returns for all share classes of the Fund.

International bonds advanced as global central banks turned dovish

After a sluggish start in the final two months of 2018, driven by a significant risk-off sentiment, international developed-markets (DM) and emerging-markets (EM) bonds recovered strongly to post solid returns for the twelve-month period. DM and EM bonds, as measured by the Global Aggregate index, advanced 9.54% and 12.73%, respectively, for the year. Most economies around the world continued to expand during the period, despite concerns about the future pace of growth. Credit markets generally rallied in 2019, with DM and EM Treasuries and certain government agency bonds seeing particularly strong gains.

Most central banks took a more deliberate and dovish approach toward near-term interest-rate movements during the period. The U.S. Federal Reserve increased the federal funds target rate in December 2018, but it then lowered the key short-term interest-rate measure three times between July and October 2019 to 1.50%–1.75%. The European Central Bank announced an open-ended plan to purchase more than $20 billion in bonds per month to support the region’s economy.

Fund posted double-digit gains, outperformed its benchmark

For the twelve-month period, the Fund earned solid returns and outpaced its benchmark. Amid a persistent decline in interest rates, exposure to U.S. rates significantly added to the Fund’s performance. Duration and yield curve gains from Treasuries in Australia and New Zealand also contributed. Security selection was particularly strong and was concentrated primarily in Treasuries. Within DM, Treasuries in Greece, Italy and Spain drove performance. Within EM, Serbia and Nigeria were outperformers. Security selection was also strong within corporates. The Fund’s unhedged foreign exchange exposure to EM was positive and driven primarily by positioning in the Egyptian pound, with additional benefits gained from Indonesian rupiah and Nigerian naira exposure.

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 unhedged exposure to DM currencies, most notably euros, detracted from returns.

14 2019 Annual Report  ■  TIAA-CREF International Fixed-Income Funds

International Bond Fund

Performance as of October 31, 2019

International Bond Fund		Total return			Average annual total return			Annual operating expenses*
	Inception date	1 year			since inception			gross			net
Institutional Class	8/5/16		11.63	%		3.98	%		0.70	%		0.65	%
Advisor Class	8/5/16		11.60			3.95			0.80			0.75
Premier Class	8/5/16		11.48			3.87			0.86			0.80
Retirement Class	8/5/16		11.36			3.75			0.95			0.90
Retail Class	8/5/16		11.36			3.67			1.13			1.00
Class W	9/28/18		12.44			4.21	†		0.70			0.00
Bloomberg Barclays Global Aggregate ex-USD Index (Hedged)	—		9.88			3.69	‡		—			—

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 and 30-day SEC yield 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.

TIAA-CREF International Fixed-Income Funds  ■  2019 Annual Report 15

International Bond Fund

$10,000 invested at Fund’s inception

Institutional Class (inception August 5, 2016)

Ending amounts are as of October 31, 2019. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Expense example

Six months ended October 31, 2019

International Bond Fund	Beginning account value (5/1/19		)	Ending account value (10/31/19		)	Expenses paid during period (5/1/19–10/31/19		* )
Actual return
Institutional Class		$1,000.00			$1,058.67			$3.11
Advisor Class		1,000.00			1,059.53			3.11
Premier Class		1,000.00			1,058.06			4.05
Retirement Class		1,000.00			1,057.85			4.41
Retail Class		1,000.00			1,057.10			5.08
Class W		1,000.00			1,062.55			0.00
5% annual hypothetical return
Institutional Class		1,000.00			1,022.18			3.06
Advisor Class		1,000.00			1,022.18			3.06
Premier Class		1,000.00			1,021.27			3.97
Retirement Class		1,000.00			1,020.92			4.33
Retail Class		1,000.00			1,020.27			4.99
Class W		1,000.00			1,025.21			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 184/365. There were

16 2019 Annual Report  ■  TIAA-CREF International Fixed-Income Funds

International Bond Fund

184 days in the six months ended October 31, 2019. The Fund’s annualized six-month expense ratios for that period were 0.60% for the Institutional Class, 0.60% for the Advisor Class, 0.78% for the Premier Class, 0.85% for the Retirement Class, 0.98% 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 10/31/2019
Net assets	$412.18 million
Portfolio turnover rate	51%
Number of issues	321
Option-adjusted duration‡	8.09 years
Average maturity§	9.72 years

‡	Option-adjusted duration estimates how much the value of a bond portfolio would be affected by a change in prevailing interest rates, taking into account the options embedded in the individual securities. The longer a portfolio’s duration, the more sensitive it is to changes in interest rates.
§	Average maturity is a simple average of the maturities of all the bonds in a fund’s portfolio. The maturity of a bond is the amount of time until the bond’s principal becomes due or payable.

TIAA-CREF International Fixed-Income Funds  ■  2019 Annual Report 17

International Bond Fund

Portfolio composition

Sector	% of net assets as of 10/31/2019
Foreign government securities	72.8
Corporate bonds	20.0
Bank loan obligations	1.5
Short-term investments, other assets & liabilities, net	5.7
Total	100.0

Holdings by country

% of portfolio investments as of 10/31/2019
Japan	16.4
United States	12.9
United Kingdom	7.8
Italy	5.4
Spain	4.4
Canada	4.2
Korea, Republic of	4.2
France	3.9
60 other nations	37.9
Short-term investments	2.9
Total	100.0

Holdings by maturity

% of fixed-income investments (excluding short-term investments) as of 10/31/2019
Less than 1 year	3.7
1–3 years	9.2
3–5 years	17.4
5–10 years	41.2
Over 10 years	28.5
Total	100.0

Holdings by credit quality

% of fixed-income investments (excluding short-term investments) as of 10/31/2019
Aaa/AAA	8.9
Aa/AA	19.4
A/A	31.0
Baa/BBB	25.1
Ba/BB	8.3
B/B	5.5
Below B/B	0.6
Non-rated	1.2
Total	100.0

Credit quality ratings are based on the Bloomberg Barclays methodology, which uses the median rating of those compiled by the Moody’s, Standard & Poor’s and Fitch ratings agencies. If ratings are available from only two of these agencies, the lower rating is used. When only one rating is available, that one is used. These ratings are subject to change without notice.

18 2019 Annual Report  ■  TIAA-CREF International Fixed-Income Funds

Summary portfolio of investments

Emerging Markets Debt Fund  ■  October 31, 2019

Principal			Issuer			Value		% of net assets
BONDS
CORPORATE BONDS
ARGENTINA						$	3,036,345		0.6	%
BRAZIL
$	2,875,000	g	Cosan Ltd		5.500%, 09/20/29		2,990,000		0.6
			Other				22,325,427		4.1
							25,315,427		4.7
CHILE
	2,600,000	g	Latam Finance Ltd		7.000%, 03/01/26		2,800,200		0.5
			Other				12,636,760		2.4
							15,436,960		2.9
CHINA							11,143,471		2.1
COLOMBIA
	2,300,000		Ecopetrol S.A.		5.875%, 05/28/45		2,655,810		0.5
	2,735,000	g	Empresas Publicas de Medellin ESP		4.250%, 07/18/29		2,862,998		0.5
			Other				7,430,246		1.4
							12,949,054		2.4
COSTA RICA							961,520		0.2
DOMINICAN REPUBLIC
	2,500,000	g	Aeropuertos Dominicanos Siglo XXI S.A.		6.750%, 03/30/29		2,656,250		0.5
							2,656,250		0.5
GHANA							2,787,406		0.5
INDIA
	2,825,000	g	Adani Green Energy UP Ltd		6.250%, 12/10/24		3,007,004		0.6
	2,800,000	g	Muthoot Finance Ltd		6.125%, 10/31/22		2,839,200		0.5
			Other				13,016,393		2.4
							18,862,597		3.5
INDONESIA
	5,400,000	g	Perusahaan Listrik Negara PT	3.875%–6.150%, 07/17/29–05/21/48			6,172,700		1.2
			Other				18,764,172		3.5
							24,936,872		4.7
IRELAND							2,829,781		0.5
ISRAEL							4,822,977		0.9
JAMAICA							465,573		0.1
KAZAKHSTAN
	3,000,000	g	KazMunayGas National Co JSC		5.375%, 04/24/30		3,456,244		0.6
			Other				11,337,941		2.2
							14,794,185		2.8
MACAU							2,962,347		0.6

See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2019 Annual Report 19

Summary portfolio of investments	continued
Emerging Markets Debt Fund  ■  October 31, 2019

Principal			Issuer			Value		% of net assets
MALAYSIA
$	3,000,000		1MDB Global Investments Ltd		4.400%, 03/09/23	$	2,900,978		0.5	%
							2,900,978		0.5
MEXICO
	2,691,000	g	Mexico City Airport Trust		4.250%, 10/31/26		2,751,548		0.5
	4,647,000	g	Petroleos Mexicanos		6.840%, 01/23/30		4,962,531		0.9
	6,175,000		Petroleos Mexicanos	4.875%–6.350%, 01/18/24–02/12/48			6,152,469		1.2
			Other				13,978,205		2.6
							27,844,753		5.2
MOROCCO
	2,800,000	g	OCP S.A.		6.875%, 04/25/44		3,484,615		0.6
							3,484,615		0.6
NIGERIA							2,581,435		0.5
OMAN							2,370,062		0.4
PANAMA
	2,300,000	g	Empresa de Transmision Electrica S.A.		5.125%, 05/02/49		2,630,625		0.5
			Other				3,806,092		0.7
							6,436,717		1.2
PERU
PEN	9,000,000	g	Alicorp SAA		6.875%, 04/17/27		2,899,363		0.5
			Other				9,213,261		1.7
							12,112,624		2.2
RUSSIA
$	2,800,000	g	Gazprom OAO Via Gaz Capital S.A.		5.150%, 02/11/26		3,060,561		0.6
			Other				8,195,201		1.5
							11,255,762		2.1
SAUDI ARABIA							2,519,095		0.5
SINGAPORE							2,474,903		0.5
SOUTH AFRICA
	5,600,000	g	Eskom Holdings SOC Ltd	5.750%–8.450%, 01/26/21–08/10/28			5,814,936		1.1
	2,800,000	g	Transnet SOC Ltd		4.000%, 07/26/22		2,830,028		0.5
			Other				4,916,977		0.9
							13,561,941		2.5
SPAIN
	2,500,000	g	International Airport Finance S.A.	12.000%, 03/15/33			2,696,250		0.5
							2,696,250		0.5
THAILAND							2,533,446		0.5
TRINIDAD AND TOBAGO							1,465,100		0.3
TURKEY							9,636,164		1.8
UKRAINE							9,469,492		1.8

20 2019 Annual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements

Summary portfolio of investments continued

Emerging Markets Debt Fund  ■  October 31, 2019

Principal			Issuer			Value		% of net assets
UNITED ARAB EMIRATES						$	7,214,391		1.3	%
			TOTAL CORPORATE BONDS (Cost $254,221,132)				264,518,493		49.4
GOVERNMENT BONDS
ANGOLA
$	2,500,000	g	Angolan Government International Bond		9.375%, 05/08/48		2,645,763		0.5
			Other				2,352,280		0.4
							4,998,043		0.9
ARGENTINA							4,654,548		0.9
ARMENIA							1,901,741		0.4
AZERBAIJAN
	3,250,000	g	Southern Gas Corridor CJSC		6.875%, 03/24/26		3,786,250		0.7
							3,786,250		0.7
BAHRAIN
	3,000,000	g	Bahrain Government International Bond		5.625%, 09/30/31		3,155,153		0.6
			Other				2,290,544		0.4
							5,445,697		1.0
BARBADOS							109,500		0.0
BERMUDA
	3,500,000	g	Bermuda Government International Bond		4.750%, 02/15/29		3,955,000		0.8
							3,955,000		0.8
BRAZIL
	2,150,000		Brazilian Government International Bond		7.125%, 01/20/37		2,760,084		0.5
	3,625,000		Brazilian Government International Bond		5.625%, 02/21/47		4,076,349		0.8
			Other				4,297,383		0.8
							11,133,816		2.1
COLOMBIA							925,349		0.2
COSTA RICA
	3,500,000	g	Costa Rica Government International Bond		5.625%, 04/30/43		3,027,535		0.6
							3,027,535		0.6
DOMINICAN REPUBLIC
	3,600,000	g	Dominican Republic Government International Bond	6.875%, 01/29/26			4,113,036		0.8
	3,160,000	g	Dominican Republic Government International Bond	7.450%, 04/30/44			3,784,132		0.7
			Other				1,597,758		0.3
							9,494,926		1.8
ECUADOR
	3,500,000	g	Ecuador Government International Bond		10.750%, 01/31/29		3,535,035		0.7
	9,900,000	g	Ecuador Government International Bond	7.875%–9.650%, 03/27/25–01/23/28			9,322,719		1.7
			Other				1,114,212		0.2
							13,971,966		2.6

See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2019 Annual Report 21

Summary portfolio of investments continued

Emerging Markets Debt Fund  ■  October 31, 2019

Principal			Issuer			Value		% of net assets
EGYPT
$	3,875,000	g	Egypt Government International Bond		5.577%, 02/21/23	$	3,974,424		0.7	%
	4,050,000	g	Egypt Government International Bond		8.500%, 01/31/47		4,265,099		0.8
			Other				4,576,236		0.9
							12,815,759		2.4
EL SALVADOR
	3,100,000	g	El Salvador Government International Bond		7.625%, 02/01/41		3,359,656		0.6
			Other				2,827,716		0.5
							6,187,372		1.1
GHANA
	2,825,000	g	Ghana Government International Bond		8.125%, 03/26/32		2,859,801		0.5
			Other				2,577,332		0.5
							5,437,133		1.0
GREECE
EUR	2,225,000	g	Hellenic Republic Government International Bond		1.875%, 07/23/26		2,658,194		0.5
							2,658,194		0.5
GUATEMALA
$	5,125,000	g	Guatemala Government International Bond	4.375%–6.125%, 05/03/26–06/01/50			5,587,570		1.0
							5,587,570		1.0
HONDURAS							2,193,521		0.4
INDONESIA
IDR	35,300,000,000		Indonesia Treasury Bond		8.375%, 03/15/34		2,718,791		0.5
			Other				4,311,618		0.8
							7,030,409		1.3
IRAQ
$	3,350,000	g	Iraq Government International Bond		6.752%, 03/09/23		3,377,416		0.6
			Other				1,536,320		0.3
							4,913,736		0.9
ITALY
	3,000,000		Republic of Italy Government International Bond		4.000%, 10/17/49		3,008,935		0.6
							3,008,935		0.6
JAMAICA
	3,950,000		Jamaica Government International Bond		8.000%, 03/15/39		5,248,602		1.0
	3,550,000		Jamaica Government International Bond		7.875%, 07/28/45		4,686,036		0.9
							9,934,638		1.9
JORDAN							2,110,111		0.4
KENYA
	5,025,000	g	Kenya Government International Bond	6.875%–8.250%, 06/24/24–02/28/48			5,330,722		1.0
			Other				1,205,155		0.2
							6,535,877		1.2

22 2019 Annual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements

Summary portfolio of investments	continued
Emerging Markets Debt Fund  ■  October 31, 2019

Principal			Issuer		Value		% of net assets
LEBANON					$	3,895,044		0.7	%
MEXICO
MXN	51,100,000		Mexican Bonos	7.500%, 06/03/27		2,775,787		0.5
			Other			1,667,814		0.3
						4,443,601		0.8
MONGOLIA						1,581,522		0.3
MOROCCO
$	2,300,000	g	Morocco Government International Bond	5.500%, 12/11/42		2,764,693		0.5
						2,764,693		0.5
NAMIBIA						1,422,698		0.3
NIGERIA
	4,475,000	g	Nigeria Government International Bond	6.500%, 11/28/27		4,489,186		0.9
			Other			4,903,203		0.9
						9,392,389		1.8
OMAN						3,304,293		0.6
PAKISTAN
	3,200,000	g	Pakistan Government International Bond	6.875%, 12/05/27		3,203,182		0.6
						3,203,182		0.6
PANAMA						2,499,600		0.5
PARAGUAY
	2,525,000	g	Paraguay Government International Bond	4.700%, 03/27/27		2,761,744		0.5
						2,761,744		0.5
PERU						2,144,707		0.4
PHILIPPINES						1,257,764		0.2
POLAND						1,836,339		0.3
QATAR						2,577,750		0.5
REPUBLIC OF SERBIA						3,765,340		0.7
ROMANIA						1,515,068		0.3
RUSSIA
RUB	170,300,000		Russian Federal Bond-OFZ	7.100%, 10/16/24		2,765,063		0.5
			Other			5,978,805		1.1
						8,743,868		1.6
RWANDA
$	2,500,000	g	Rwanda Government International Bond	6.625%, 05/02/23		2,656,203		0.5
						2,656,203		0.5
SENEGAL						3,926,749		0.7

See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2019 Annual Report 23

Summary portfolio of investments	continued
Emerging Markets Debt Fund  ■  October 31, 2019

Principal			Issuer		Value		% of net assets
SOUTH AFRICA
$	3,500,000		Republic of South Africa Government International Bond	5.875%, 06/22/30	$	3,728,870		0.7	%
ZAR	59,300,000		South Africa Government International Bond	7.000%, 02/28/31		3,270,785		0.6
			Other			2,170,202		0.4
						9,169,857		1.7
SRI LANKA
$	6,850,000	g	Sri Lanka Government International Bond	6.825%–7.550%, 11/03/25–03/28/30		6,901,336		1.3
						6,901,336		1.3
SUPRANATIONAL						2,013,551		0.4
THAILAND						2,274,514		0.4
TURKEY
	4,125,000		Turkey Government International Bond	4.875%, 10/09/26		3,862,444		0.7
			Other			2,372,430		0.5
						6,234,874		1.2
UKRAINE
	5,000,000	g	Ukraine Government International Bond	7.750%, 09/01/25		5,362,500		1.0
	2,900,000	g	Ukraine Government International Bond	9.750%, 11/01/28		3,452,776		0.6
			Other			5,297,078		1.0
						14,112,354		2.6
UNITED ARAB EMIRATES						1,989,171		0.4
URUGUAY						2,235,254		0.4
UZBEKISTAN						4,730,184		0.9
ZAMBIA						3,251,896		0.6
			TOTAL GOVERNMENT BONDS (Cost $247,939,937)			248,423,171		46.4
			TOTAL BONDS (Cost $502,161,069)			512,941,664		95.8

24 2019 Annual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements

Summary portfolio of investments	concluded
Emerging Markets Debt Fund  ■  October 31, 2019

Shares		Company			Value		% of net assets
COMMON STOCKS
BRAZIL					$	163,255		0.0	%
			TOTAL COMMON STOCKS (Cost $1,044,573)			163,255		0.0
Principal		Issuer
SHORT-TERM INVESTMENTS
ARGENTINA						508,421		0.1
EGYPT						4,248,236		0.8
NIGERIA						3,612,920		0.7
UNITED STATES
$	9,890,000	Federal Home Loan Bank (FHLB)		1.500%, 11/01/19		9,890,000		1.8
						9,890,000		1.8
			TOTAL SHORT-TERM INVESTMENTS (Cost $19,115,087)			18,259,577		3.4
			TOTAL PORTFOLIO (Cost $522,320,729)			531,364,496		99.2
			OTHER ASSETS & LIABILITIES, NET			4,061,651		0.8
			NET ASSETS		$	535,426,147		100.0	%

Abbreviation(s):

EUR	Euro
IDR	Indonesian Rupiah
MXN	Mexican Peso
PEN	Peruvian Sol
RUB	Russian Ruble
ZAR	South African Rand

g Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/19, the aggregate value of these securities is $402,052,337 or 75.1% 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.

Forward foreign currency contracts outstanding as of October 31, 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	$	14,349
CNY	10,301,850	$	1,500,000	Citibank, N.A.	11/19/19		(37,763	)
Total						$	(23,414	)

Abbreviation(s):

CNY Chinese Yuan

See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2019 Annual Report 25

Summary of market values by sector (unaudited)

Emerging Markets Debt Fund  ■  October 31, 2019

Sector	Value		% of net assets
GOVERNMENT	$	248,423,171		46.4	%
UTILITIES		48,251,317		9.0
ENERGY		45,261,574		8.5
FINANCIALS		39,293,775		7.3
COMMUNICATION SERVICES		37,273,137		7.0
MATERIALS		32,685,491		6.1
INDUSTRIALS		28,055,931		5.2
CONSUMER STAPLES		14,748,515		2.8
REAL ESTATE		8,310,800		1.5
CONSUMER DISCRETIONARY		5,284,147		1.0
INFORMATION TECHNOLOGY		2,862,998		0.5
HEALTH CARE		2,654,063		0.5
SHORT-TERM INVESTMENTS		18,259,577		3.4
OTHER ASSETS & LIABILITIES, NET		4,061,651		0.8
NET ASSETS	$	535,426,147		100.0	%

26 2019 Annual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements

Consolidated summary portfolio of investments

International Bond Fund  ■  October 31, 2019

Principal	Issuer	Value		% of net assets
BANK LOAN OBLIGATIONS
AUSTRALIA		$	394,737		0.1	%
CANADA			418,033		0.1
IRELAND			472,439		0.1
LUXEMBOURG			621,929		0.2
UNITED STATES			4,088,423		1.0
	TOTAL BANK LOAN OBLIGATIONS (Cost $6,213,695)		5,995,561		1.5
BONDS
CORPORATE BONDS
CANADA			304,213		0.1
CHILE			2,246,866		0.5
CHINA			1,336,166		0.3
COLOMBIA			1,212,823		0.3
CZECH REPUBLIC			454,482		0.1
FRANCE			1,045,042		0.3
GERMANY			847,098		0.2
INDIA			1,596,087		0.4
INDONESIA			1,200,893		0.3
ISRAEL			677,786		0.2
JAPAN			4,559,777		1.1
KAZAKHSTAN			1,022,832		0.2
KOREA, REPUBLIC OF			634,825		0.2
LUXEMBOURG			1,026,234		0.2
MEXICO			2,187,458		0.5
NETHERLANDS			919,625		0.2
PANAMA			575,410		0.1
PERU			802,685		0.2
PORTUGAL			1,158,873		0.3
QATAR			310,478		0.1
RUSSIA			477,400		0.1
SAUDI ARABIA			263,034		0.1
SINGAPORE			207,794		0.1
SWEDEN			607,500		0.1
SWITZERLAND			1,985,607		0.5

See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2019 Annual Report 27

Consolidated summary portfolio of investments	continued
International Bond Fund  ■  October 31, 2019

Principal			Issuer		Value		% of net assets
THAILAND					$	506,689		0.1	%
UNITED ARAB EMIRATES						866,813		0.2
UNITED KINGDOM						5,960,329		1.4
UNITED STATES						47,615,098		11.6
			TOTAL CORPORATE BONDS (Cost $80,702,670)			82,609,917		20.0
GOVERNMENT BONDS
ARGENTINA						402,810		0.1
AUSTRALIA
AUD	3,300,000		Australia Government International Bond	3.000%, 03/21/47		2,932,562		0.7
			Other			2,844,753		0.7
						5,777,315		1.4
AUSTRIA
EUR	1,725,000	g	Republic of Austria Government International Bond	0.750%, 02/20/28		2,085,968		0.5
						2,085,968		0.5
BELGIUM
	1,950,000	g	Kingdom of Belgium Government International Bond	0.900%, 06/22/29		2,387,884		0.6
			Other			2,016,407		0.5
						4,404,291		1.1
BERMUDA						1,073,500		0.3
BRAZIL						2,049,722		0.5
CANADA
CAD	6,160,000		Canadian Government International Bond	1.750%, 08/01/20		4,679,514		1.1
	4,500,000		Canadian Government International Bond	2.250%–5.000%, 06/01/29–12/01/48		4,369,587		1.1
			Other			6,912,976		1.7
						15,962,077		3.9
CHINA						1,413,484		0.3
COTE D’IVOIRE						2,230,249		0.5
CROATIA						1,288,483		0.3
CYPRUS						3,596,633		0.9
DOMINICAN REPUBLIC						921,265		0.2
ECUADOR						1,178,125		0.3
EGYPT						3,377,345		0.8
FRANCE
EUR	4,500,000		French Republic Government Bond OAT	0.500%, 05/25/25		5,288,966		1.3
	3,775,000		French Republic Government Bond OAT	0.750%, 11/25/28		4,573,188		1.1
	1,850,000	g	French Republic Government Bond OAT	2.000%, 05/25/48		2,801,524		0.7
			Other			2,100,785		0.5
						14,764,463		3.6

28 2019 Annual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements

Consolidated summary portfolio of investments	continued
International Bond Fund  ■  October 31, 2019

Principal			Issuer		Value		% of net assets
GERMANY
EUR	1,975,000	j	Bundesrepublik Deutschland Bundesanleihe	0.000%, 08/15/29	$	2,293,526		0.6	%
						2,293,526		0.6
GHANA						1,834,539		0.4
GREECE
$	2,525,000	g	Hellenic Republic Government International Bond	4.375%, 08/01/22		3,132,643		0.8
	2,900,000	g	Hellenic Republic Government International Bond	1.875%, 07/23/26		3,464,613		0.8
			Other			3,312,472		0.8
						9,909,728		2.4
GUATEMALA						910,633		0.2
HONDURAS						1,471,264		0.4
HUNGARY
HUF	745,000,000		Hungary Government International Bond	1.750%, 10/26/22		2,620,536		0.6
						2,620,536		0.6
INDIA						418,687		0.1
INDONESIA						4,396,857		1.0
ISRAEL
ILS	5,250,000		Israel Government International Bond	5.500%, 01/31/42		2,514,451		0.6
			Other			1,231,539		0.3
						3,745,990		0.9
ITALY
EUR	3,300,000		Italy Buoni Poliennali Del Tesoro	0.050%, 04/15/21		3,694,176		0.9
	4,275,000		Italy Buoni Poliennali Del Tesoro	2.450%, 10/01/23		5,188,033		1.3
	3,950,000		Italy Buoni Poliennali Del Tesoro	1.250%, 12/01/26		4,599,581		1.1
	1,575,000	g	Italy Buoni Poliennali Del Tesoro	2.950%, 09/01/38		2,121,723		0.5
	3,025,000	g	Italy Buoni Poliennali
			Del Tesoro	0.350%–3.850%, 06/15/20–09/01/49		4,186,731		1.0
			Other			1,995,930		0.5
						21,786,174		5.3
JAPAN
JPY	628,000,000		Japan Government Five Year Bond	0.100%, 06/20/23		5,893,180		1.4
	650,450,000		Japan Government Ten Year Bond	0.100%, 09/20/26		6,182,860		1.5
	557,000,000		Japan Government Ten Year Bond	0.100%, 06/20/28		5,310,253		1.3
	335,000,000		Japan Government Ten Year Bond	0.100%, 06/20/29		3,182,966		0.8
	525,950,000		Japan Government Thirty Year Bond	2.500%, 09/20/34		6,632,922		1.6
	457,700,000		Japan Government Thirty Year Bond	0.500%, 09/20/46		4,415,586		1.1
	249,600,000		Japan Government Twenty Year Bond	1.900%, 03/22/21		2,379,023		0.6
	340,000,000		Japan Government Twenty Year Bond	2.100%, 03/20/26		3,630,022		0.9
	229,000,000		Japan Government Twenty Year Bond	1.800%, 09/20/31		2,590,695		0.6
	278,000,000		Japan Government Twenty Year Bond	0.600%, 12/20/36		2,774,334		0.7
	256,000,000		Japan Government Twenty Year Bond	0.500%, 06/20/38		2,506,755		0.6
	660,000,000		Japan Government Twenty Year Bond	0.700%, 09/20/38		6,679,683		1.6
	510,000,000		Japan Government Twenty Year Bond	0.300%, 06/20/39		4,799,907		1.2
			Other			3,162,677		0.7
						60,140,863		14.6

See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2019 Annual Report 29

Consolidated summary portfolio of investments	continued
International Bond Fund  ■  October 31, 2019

Principal			Issuer		Value		% of net assets
KAZAKHSTAN					$	1,390,230		0.3	%
KENYA						786,829		0.2
KOREA, REPUBLIC OF
KRW	5,764,500,000		Korea Treasury Bond	1.375%, 09/10/21		4,946,920		1.2
	2,655,000,000		Korea Treasury Bond	2.625%, 06/10/28		2,441,226		0.6
	2,815,000,000		Korea Treasury Bond	2.375%, 09/10/38		2,679,558		0.7
	5,620,000,000		Korea Treasury Bond	1.500%–2.375%, 09/10/23–12/10/28		4,932,102		1.2
			Other			1,012,386		0.2
						16,012,192		3.9
LATVIA						1,540,687		0.4
LEBANON						771,086		0.2
LITHUANIA						1,274,800		0.3
MALAYSIA
MYR	8,200,000		Malaysia Government International Bond	4.893%, 06/08/38		2,253,603		0.6
						2,253,603		0.6
MEXICO						3,210,893		0.8
NETHERLANDS						2,539,685		0.6
NEW ZEALAND						2,070,337		0.5
NIGERIA						1,329,200		0.3
NORWAY						3,389,446		0.8
PANAMA						1,041,500		0.3
PARAGUAY						1,047,572		0.3
PERU						1,696,421		0.4
PHILIPPINES						3,719,657		0.9
POLAND
PLN	8,810,000		Republic of Poland Government International Bond	2.500%, 04/25/24		2,383,391		0.6
	7,745,000		Republic of Poland Government International Bond	2.750%, 04/25/28		2,153,450		0.5
			Other			1,264,399		0.3
						5,801,240		1.4
PORTUGAL
EUR	1,800,000	g	Portugal Obrigacoes do Tesouro OT	1.950%, 06/15/29		2,349,825		0.6
						2,349,825		0.6
QATAR						1,288,875		0.3
REPUBLIC OF SERBIA						2,065,042		0.5
SAUDI ARABIA
$	2,000,000	g	Saudi Government International Bond	4.500%, 04/17/30		2,268,136		0.6
						2,268,136		0.6
SENEGAL						1,153,802		0.3

30 2019 Annual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements

Consolidated summary portfolio of investments	continued
International Bond Fund  ■  October 31, 2019

Principal			Issuer		Value		% of net assets
SINGAPORE					$	1,023,021		0.2	%
SOUTH AFRICA						2,139,466		0.5
SPAIN
EUR	2,985,000		Spain Government International Bond	0.400%, 04/30/22		3,396,331		0.8
	4,600,000	g	Spain Government International Bond	2.750%, 10/31/24		5,889,203		1.4
	1,425,000	g	Spain Government International Bond	2.700%, 10/31/48		2,212,439		0.5
	3,720,000	g	Spain Government International Bond	0.600%–1.850%, 07/30/28–07/30/35		4,565,828		1.1
			Other			1,365,156		0.3
						17,428,957		4.1
SRI LANKA						1,029,920		0.2
SUPRANATIONAL
AUD	4,100,000		International Bank for Reconstruction & Development	2.200%, 02/27/24		2,934,202		0.7
			Other			6,807,152		1.7
						9,741,354		2.4
SWEDEN						2,268,752		0.6
THAILAND
THB	60,500,000		Thailand Government International Bond	2.400%, 12/17/23		2,083,063		0.5
	79,700,000		Thailand Government International Bond	3.300%, 06/17/38		3,330,391		0.8
			Other			1,004,986		0.2
						6,418,440		1.5
UKRAINE						2,516,474		0.6
UNITED ARAB EMIRATES						1,243,232		0.3
UNITED KINGDOM
GBP	4,950,000		United Kingdom Gilt	0.500%, 07/22/22		6,425,669		1.6
	2,425,000		United Kingdom Gilt	1.625%, 10/22/28		3,443,368		0.8
	1,230,000		United Kingdom Gilt	4.750%, 12/07/30		2,297,833		0.6
	3,350,000		United Kingdom Gilt	1.750%, 09/07/37		4,857,976		1.2
	3,035,000		United Kingdom Gilt	1.500%, 07/22/47		4,283,381		1.0
	1,600,000		United Kingdom Gilt	1.750%, 07/22/57		2,529,880		0.6
			Other			1,460,765		0.4
						25,298,872		6.2
URUGUAY						483,333		0.1
UZBEKISTAN						1,522,371		0.4
			TOTAL GOVERNMENT BONDS (Cost $286,836,283)			300,169,777		72.8
			TOTAL BONDS (Cost $367,538,953)			382,779,694		92.8
SHORT-TERM INVESTMENTS
EGP	71,075,000	j	Egypt Treasury Bill	0.000%, 03/3/20–05/12/20		4,131,723		1.0
						4,131,723		1.0
NIGERIA						3,328,275		0.8

See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2019 Annual Report 31

Consolidated summary portfolio of investments	continued
International Bond Fund  ■  October 31, 2019

Principal		Issuer		Value		% of net assets
UNITED STATES
$	4,080,000	Federal Home Loan Bank (FHLB)	1.500%, 11/01/19	$	4,080,000		1.0	%
					4,080,000		1.0
		TOTAL SHORT-TERM INVESTMENTS (Cost $11,292,279)			11,539,998		2.8
		TOTAL PORTFOLIO (Cost $385,044,927)			400,315,253		97.1
			OTHER ASSETS & LIABILITIES, NET		11,860,004		2.9
			NET ASSETS	$	412,175,257		100.0	%

Abbreviation(s):

AUD	Australian Dollar
CAD	Canadian Dollar
EGP	Egyptian Pound
EUR	Euro
GBP	Pound Sterling
HUF	Hungarian Forint
ILS	Israeli New Shekel
JPY	Japanese Yen
KRW	South Korean Won
MYR	Malaysian Ringgit
PLN	Polish Zloty
THB	Thai Baht

g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/19, the aggregate value of these securities is $100,354,646 or 24.3% of net assets.
j	Zero coupon

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

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

32 2019 Annual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements

Consolidated summary portfolio of investments	concluded
International Bond Fund  ■  October 31, 2019

Forward foreign currency contracts outstanding as of October 31, 2019 were as follows:

Currency to be purchased	Receive	Currency to be sold	Deliver	Counterparty	Settlement date	Unrealized appreciation (depreciation		)
$	634,005	EUR	571,017	Australia and New Zealand Banking Group	11/12/19	$	(3,378	)
$	148,161,895	EUR	132,677,621	Australia and New Zealand Banking Group	01/31/20		(756,751	)
$	3,144,816	NZD	4,945,806	Australia and New Zealand Banking Group	01/31/20		(31,382	)
$	1,024,403	SGD	1,394,760	Australia and New Zealand Banking Group	01/31/20		(1,873	)
AUD	3,043,792	$	2,101,972	Australia and New Zealand Banking Group	01/31/20		1,044
EUR	571,017	$	628,106	Australia and New Zealand Banking Group	11/12/19		9,277
EUR	4,019,790	$	4,509,573	Australia and New Zealand Banking Group	01/31/20		2,278
Total						$	(780,785	)
$	3,807,960	ILS	13,358,004	Bank of America	01/31/20	$	(615	)
$	4,347,161	NOK	40,099,526	Bank of America	01/31/20		(15,395	)
Total						$	(16,010	)
$	10,430,432	AUD	15,176,483	Citibank, N.A.	01/31/20	$	(55,302	)
$	29,374,049	GBP	22,702,124	Citibank, N.A.	01/31/20		(120,782	)
$	1,303,649	HUF	384,226,915	Citibank, N.A.	01/31/20		(7,196	)
$	4,366,410	PLN	16,792,021	Citibank, N.A.	01/31/20		(31,284	)
$	3,226,461	THB	97,430,095	Citibank, N.A.	01/31/20		(3,765	)
Total						$	(218,329	)
$	581,945	ZAR	8,587,532	Morgan Stanley	01/31/20	$	20,569
$	15,960,229	CAD	20,861,424	Toronto Dominion Bank	01/31/20	$	113,863
$	51,748,923	JPY	5,599,373,214	Toronto Dominion Bank	01/31/20		(422,131	)
$	14,974,040	KRW	17,540,590,348	Toronto Dominion Bank	01/31/20		(48,090	)
$	2,246,807	SEK	21,702,565	Toronto Dominion Bank	01/31/20		(12,574	)
Total						$	(368,932	)
Total						$	(1,363,487	)

Abbreviation(s):

AUD	Australian Dollar
CAD	Canadian Dollar
EUR	Euro
GBP	Pound Sterling
HUF	Hungarian Forint
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

See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2019 Annual Report 33

Consolidated summary of market values by sector (unaudited)

International Bond Fund  ■  October 31, 2019

Sector	Value			% of net assets
GOVERNMENT		$	300,169,777		72.8	%
FINANCIALS			20,444,850		5.0
HEALTH CARE			12,148,650		3.0
INDUSTRIALS			11,127,000		2.7
COMMUNICATION SERVICES			7,469,982		1.8
CONSUMER DISCRETIONARY			7,068,820		1.7
MATERIALS			6,941,013		1.7
INFORMATION TECHNOLOGY			5,481,470		1.3
ENERGY			4,966,196		1.2
REAL ESTATE			4,711,448		1.1
CONSUMER STAPLES			4,182,200		1.0
UTILITIES			4,063,849		1.0
SHORT-TERM INVESTMENTS			11,539,998		2.8
OTHER ASSETS & LIABILITIES, NET			11,860,004		2.9
NET ASSETS		$	412,175,257		100.0	%

34 2019 Annual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements

Statements of assets and liabilities

TIAA-CREF Funds  ■  October 31, 2019

	Emerging Markets			International
		Debt Fund		Bond Fund		§
ASSETS
Portfolio investments, at value†		$	531,364,496	$	400,315,253
Cash			7,102		124,181
Cash – foreign^			93,565		—
Receivable from securities transactions			87,400		—
Receivable from Fund shares sold			122,991		10,651,424
Dividends and interest receivable			7,609,401		2,708,291
Due from affiliates			262,990		253,422
Unrealized appreciation on forward foreign currency contracts			14,349		147,031
Other			12,855		6,775
Total assets			539,575,149		414,206,377
LIABILITIES
Management fees payable			288,521		218,901
Service agreement fees payable			8,005		1,519
Distribution fees payable			4,640		285
Due to affiliates			35,871		35,366
Overdraft payable			—		143,859
Payable for securities transactions			1,163,191		—
Payable for delayed delivery securities			2,500,000		—
Payable for Fund shares redeemed			1,345		—
Unrealized depreciation on forward foreign currency contracts			37,763		1,510,518
Payable for trustee compensation			12,075		6,388
Accrued expenses and other payables			97,591		114,284
Total liabilities			4,149,002		2,031,120
NET ASSETS		$	535,426,147	$	412,175,257
NET ASSETS CONSIST OF:
Paid-in-capital		$	523,576,396	$	396,728,906
Total distributable earnings (loss)			11,849,751		15,446,351
NET ASSETS		$	535,426,147	$	412,175,257

See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2019 Annual Report 35

Statements of assets and liabilities concluded

TIAA-CREF Funds  ■  October 31, 2019

		Emerging Markets		International
		Debt Fund		Bond Fund		§
INSTITUTIONAL CLASS:
Net assets		$	40,886,467	$	717,105
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			4,046,801		69,795
Net asset value per share			$10.10		$10.27
ADVISOR CLASS:
Net assets		$	18,115,982	$	105,512
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			1,788,129		10,275
Net asset value per share			$10.13		$10.27
PREMIER CLASS:
Net assets		$	881,882	$	106,307
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			87,415		10,285
Net asset value per share			$10.09		$10.34
RETIREMENT CLASS:
Net assets		$	19,204,431	$	5,903,263
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			1,902,495		574,890
Net asset value per share			$10.09		$10.27
RETAIL CLASS:
Net assets		$	22,566,688	$	1,296,640
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			2,235,547		126,183
Net asset value per share			$10.09		$10.28
CLASS W:
Net assets		$	433,770,697	$	404,046,430
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			42,912,110		39,315,217
Net asset value per share			$10.11		$10.28
§	Consolidated statement of assets and liabilities (see Note 1)
†	Portfolio investments, cost	$	522,320,729	$	385,044,927
^	Foreign cash, cost	$	94,141	$	—

36 2019 Annual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements

Statements of operations

TIAA-CREF Funds  ■  For the year ended October 31, 2019

		Emerging Markets				International
			Debt Fund			Bond Fund		§
INVESTMENT INCOME
Interest*			$	32,679,925		$	9,567,089
Total income				32,679,925			9,567,089
EXPENSES
Management fees				2,691,623			2,108,506
Shareholder servicing – Institutional Class				825			92
Shareholder servicing – Advisor Class				8,429			52
Shareholder servicing – Premier Class				38			24
Shareholder servicing – Retirement Class				41,272			13,608
Shareholder servicing – Retail Class				6,996			2,934
Shareholder servicing – Class W				1,083			2,088
Distribution fees – Premier Class				1,398			155
Distribution fees – Retail Class				49,669			2,825
Administrative service fees				96,996			95,382
Trustee fees and expenses				5,761			4,733
Other expenses				296,540			307,640
Total expenses				3,200,630			2,538,039
Less: Expenses reimbursed by the investment adviser				(2,631,279	)		(2,466,558	)
Net expenses				569,351			71,481
Net investment income (loss)				32,110,574			9,495,608
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments				471,062			3,696,927
Forward foreign currency contracts				(13,984	)		7,186,985
Swap contracts				(8,062	)		—
Foreign currency transactions				(2,837,246	)		(1,214,228	)
Net realized gain (loss) on total investments				(2,388,230	)		9,669,684
Change in unrealized appreciation (depreciation) on:
Portfolio investments‡				43,323,775			27,619,938
Forward foreign currency contracts				(15,622	)		(2,318,013	)
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies				7,274			57,032
Net change in unrealized appreciation (depreciation) on total investments				43,315,427			25,358,957
Net realized and unrealized gain (loss) on total investments				40,927,197			35,028,641
Net increase (decrease) in net assets from operations			$	73,037,771		$	44,524,249
*	Net of foreign withholding taxes of		$	158,574		$	180,374
§	Consolidated statement of operations (see Note 1)
‡	Includes net change in unrealized foreign capital gains taxes of		$	(8,304	)	$	—

See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2019 Annual Report 37

Statements of changes in net assets

TIAA-CREF Funds  ■  For the period or year ended

		Emerging Markets Debt Fund
		October 31, 2019			October 31, 2018
OPERATIONS
Net investment income (loss)		$	32,110,574		$	24,001,998
Net realized gain (loss) on total investments			(2,388,230	)		(4,036,739	)
Net change in unrealized appreciation (depreciation) on total investments			43,315,427			(42,746,516	)
Net increase (decrease) in net assets from operations			73,037,771			(22,781,257	)
DISTRIBUTIONS TO SHAREHOLDERS
	Institutional Class		(1,251,544	)		(26,939,465	)
	Advisor Class		(532,985	)		(181,036	)
	Premier Class		(48,151	)		(44,435	)
	Retirement Class		(834,603	)		(1,243,094	)
	Retail Class		(886,053	)		(341,382	)
	Class W†		(24,507,058	)		—
Total distributions			(28,060,394	)		(28,749,412	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		30,002,711			201,512,736
	Advisor Class		26,981,571			14,927,035
	Premier Class		47,111			890,370
	Retirement Class		6,412,464			10,057,694
	Retail Class		36,481,366			14,310,576
	Class W†		90,409,139			1,691,394
Reinvestments of distributions:	Institutional Class		1,130,955			7,628,108
	Advisor Class		527,332			172,891
	Premier Class		35,725			26,332
	Retirement Class		834,115			1,242,381
	Retail Class		882,372			333,619
Transfers in connection with new class:	Institutional Class		—			(421,998,381	)
	Class W†		—			421,998,381
Redemptions:	Institutional Class		(9,235,425	)		(68,822,662	)
	Advisor Class		(12,370,882	)		(12,166,729	)
	Premier Class		(330,559	)		(163,393	)
	Retirement Class		(4,200,215	)		(7,760,638	)
	Retail Class		(22,848,080	)		(9,020,526	)
	Class W†		(96,717,063	)		(14,137,642	)
Net increase (decrease) from shareholder transactions			48,042,637			140,721,546
Net increase (decrease) in net assets			93,020,014			89,190,877
NET ASSETS
Beginning of period			442,406,133			353,215,256
End of period		$	535,426,147		$	442,406,133

38 2019 Annual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements

		Emerging Markets Debt Fund
		October 31, 2019			October 31, 2018
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		3,035,816			20,889,020
	Advisor Class		2,723,869			1,478,253
	Premier Class		4,842			92,091
	Retirement Class		654,412			989,664
	Retail Class		3,800,331			1,440,863
	Class W†		9,260,812			170,939
Shares reinvested:	Institutional Class		116,657			757,281
	Advisor Class		53,526			17,679
	Premier Class		3,747			2,763
	Retirement Class		86,617			126,149
	Retail Class		90,531			34,526
Shares transferred in connection with new class:	Institutional Class		—			(45,037,181	)
	Class W†		—			45,037,181
Shares redeemed:	Institutional Class		(939,019	)		(7,049,854	)
	Advisor Class		(1,242,542	)		(1,256,093	)
	Premier Class		(34,561	)		(17,183	)
	Retirement Class		(432,637	)		(796,406	)
	Retail Class		(2,344,678	)		(937,455	)
	Class W†		(10,022,700	)		(1,534,122	)
Net increase (decrease) from shareholder transactions			4,815,023			14,408,115

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

See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2019 Annual Report 39

Statements of changes in net assets

TIAA-CREF Funds  ■  For the period or year ended

		International Bond Fund§
		October 31, 2019			October 31, 2018
OPERATIONS
Net investment income (loss)		$	9,495,608		$	5,475,152
Net realized gain (loss) on total investments			9,669,684			9,640,145
Net change in unrealized appreciation (depreciation) on total investments			25,358,957			(15,186,244	)
Net increase (decrease) in net assets from operations			44,524,249			(70,947	)
DISTRIBUTIONS TO SHAREHOLDERS
	Institutional Class		(30,596	)		(5,821,836	)
	Advisor Class		(5,826	)		(9,010	)
	Premier Class		(5,357	)		(7,343	)
	Retirement Class		(260,380	)		(56,301	)
	Retail Class		(55,261	)		(19,119	)
	Class W†		(22,269,503	)		—
Total distributions			(22,626,923	)		(5,913,609	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		268,307			172,727,623
	Advisor Class		25,566			247
	Premier Class		—			—
	Retirement Class		2,414,542			3,869,271
	Retail Class		271,607			609,113
	Class W†		154,582,901			4,937,270
Reinvestments of distributions:	Institutional Class		30,059			7,348
	Advisor Class		340			43
	Premier Class		—			—
	Retirement Class		259,805			49,877
	Retail Class		53,017			12,220
Transfers in connection with new class:	Institutional Class		—			(348,913,039	)
	Class W†		—			348,913,039
Redemptions:	Institutional Class		(48,500	)		(62,452,417	)
	Advisor Class		(29,753	)		(882,000	)
	Premier Class		—			(881,000	)
	Retirement Class		(1,420,851	)		(2,385,799	)
	Retail Class		(168,448	)		(1,209,533	)
	Class W†		(108,371,486	)		(16,610,566	)
Net increase (decrease) from shareholder transactions			47,867,106			97,791,697
Net increase (decrease) in net assets			69,764,432			91,807,141
NET ASSETS
Beginning of period			342,410,825			250,603,684
End of period			412,175,257			342,410,825

40 2019 Annual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements

concluded

		International Bond Fund§
		October 31, 2019			October 31, 2018
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		21,655			17,505,164
	Advisor Class		2,581			—
	Premier Class		—			—
	Retirement Class		243,042			391,431
	Retail Class		27,021			61,596
	Class W†		15,553,141			520,000
Shares reinvested:	Institutional Class		3,031			750
	Advisor Class		34			4
	Premier Class		—			—
	Retirement Class		26,261			5,099
	Retail Class		5,366			1,246
Shares transferred in connection with new class:	Institutional Class		—			(35,817,067	)
	Class W†		—			35,817,067
Shares redeemed:	Institutional Class		(4,988	)		(6,308,778	)
	Advisor Class		(2,849	)		(89,725	)
	Premier Class		—			(89,715	)
	Retirement Class		(140,094	)		(242,670	)
	Retail Class		(17,088	)		(123,208	)
	Class W†		(10,863,846	)		(1,711,144	)
Net increase (decrease) from shareholder transactions			4,853,267			9,920,050

†	Class W commenced operations on September 28, 2018.
§	Consolidated statement of changes in net assets (see Note 1)

See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2019 Annual Report 41

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 ended		beginning of period		income (loss		)a	on total investments			investment operations			investment income			realized gains			and distributions			end of period		Total return			period (in thousands)		Gross expenses			Net expenses			income (loss)			turnover rate
EMERGING MARKETS DEBT FUND
Institutional Class:
	10/31/19			$  9.18		$ 0.58			$  0.85			$  1.43			$ (0.51	)		$     —			$ (0.51	)		$ 10.10		16.00	%		$   40,886		0.63	%		0.63	%		6.01	%	78	%
	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
Advisor Class:
	10/31/19			9.20		0.57			0.87			1.44			(0.51	)		—			(0.51	)		10.13		16.00			18,116		0.71			0.71			5.82		78
	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:
	10/31/19			9.17		0.57			0.85			1.42			(0.50	)		—			(0.50	)		10.09		15.84			882		0.79			0.79			5.91		78
	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
Retirement Class:
	10/31/19			9.18		0.56			0.84			1.40			(0.49	)		—			(0.49	)		10.09		15.61			19,204		0.88			0.88			5.79		78
	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
Retail Class:
	10/31/19			9.18		0.56			0.83			1.39			(0.48	)		—			(0.48	)		10.09		15.55			22,567		0.92			0.92			5.77		78
	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
Class W:
	10/31/19			9.19		0.65			0.84			1.49			(0.57	)		—			(0.57	)		10.11		16.72			433,771		0.63			0.00			6.68		78
	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

42 2019 Annual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2019 Annual Report 43

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 ended		beginning of period		income (loss		)a	on total investments			investment operations			investment income			realized gains			and distributions			end of period		Total return			period (in thousands)		Gross expenses			Net expenses			income (loss)			turnover rate
INTERNATIONAL BOND FUND§
Institutional Class:
	10/31/19			$  9.71		$ 0.19			$  0.91			$  1.10			$ (0.54	)		$     —			$ (0.54	)		$ 10.27		11.63	%		$       717		0.67	%		0.62	%		1.87	%	51	%
	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:
	10/31/19			9.71		0.18			0.91			1.09			(0.53	)		—			(0.53	)		10.27		11.60			106		0.70			0.65			1.85		51
	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:
	10/31/19			9.77		0.17			0.92			1.09			(0.52	)		—			(0.52	)		10.34		11.48			106		0.83			0.79			1.71		51
	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:
	10/31/19			9.71		0.16			0.91			1.07			(0.51	)		—			(0.51	)		10.27		11.36			5,903		0.91			0.87			1.62		51
	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:
	10/31/19			9.71		0.15			0.92			1.07			(0.50	)		—			(0.50	)		10.28		11.36			1,297		1.17			0.99			1.50		51
	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:
	10/31/19			9.71		0.25			0.92			1.17			(0.60	)		—			(0.60	)		10.28		12.44			404,046		0.66			0.00			2.49		51
	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

§	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.

44 2019 Annual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2019 Annual Report 45

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: 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, Nuveen Securities, LLC (“Nuveen Securities”), which is a wholly owned indirect subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”). Prior to September 30, 2019, Teachers Personal Investors Services, Inc. (“TPIS”) was the distributor of each share class. Effective September 30, 2019, TPIS merged into Nuveen Securities and Nuveen Securities became the distributor of each share class. 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

46 2019 Annual Report  ■  TIAA-CREF International Fixed-Income Funds

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. In many cases, these estimates are based on data from the prior calendar year end.

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

Foreign currency transactions and translation: Assets, including investments, and liabilities denominated in foreign currencies are translated into U.S. dollar values each day using exchange rates obtained from an independent third party. Purchases and sales of securities, income, and expenses are translated into U.S. dollars at the prevailing exchange rate on the date of the transaction. The effect of changes in foreign currency exchange rates on realized and unrealized security gains and losses is reflected as a component of security gains and losses.

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

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

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

For the year ended October 31, 2019, permanent book and tax differences resulting primarily from differing treatments for foreign currency transactions and certain foreign taxes paid were reclassified among the components of certain Funds’ net

TIAA-CREF International Fixed-Income Funds  ■  2019 Annual Report 47

Notes to financial statements

assets. Net investment income and net realized gains (losses), as disclosed on the Statements of Operations, and net assets were not affected by these reclassifications.

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

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.

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.

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, as amended.The Subsidiary is advised by Advisors and has the same investment objective as the Fund, but unlike the Fund, it may invest in Regulation S securities without limitation. As of October 31, 2019, the net assets of the Subsidiary were $32,177,972 representing 8% 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	$31,888,585
Net assets	32,177,972
Net investment income (loss)	598,975
Net realized gain (loss)	(153,782	)
Net change in unrealized appreciation (depreciation)	2,084,195

48 2019 Annual Report  ■  TIAA-CREF International Fixed-Income Funds

continued

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 required 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 were implemented on June 1, 2019 and did 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

TIAA-CREF International Fixed-Income Funds  ■  2019 Annual Report 49

Notes to financial statements

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.

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.

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.

Any portfolio security for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued at fair value, as determined in good faith using procedures approved by the Board. To the extent the inputs are observable and timely, the values would be categorized as Level 2 of the fair value hierarchy; otherwise they would be categorized as Level 3.

Transfers between levels are recognized at the end of the reporting period. For the year ended October 31, 2019, the Emerging Markets Debt Fund had material transfers from Level 2 to Level 3 as a result of various market related factors. Please refer to the Level 3 reconciliation below.

The following table summarizes the market value of the Funds’ investments as of October 31, 2019, based on the inputs used to value them:

Fund	Level 1		Level 2			Level 3		Total
Emerging Markets Debt
Africa/Middle East	$	—	$	125,949,027		$	—	$	125,949,027
Asia		—		113,275,698			—		113,275,698
Europe		—		77,762,422			—		77,762,422
Latin America		163,255		188,064,776			5,876,190		194,104,221
All other debt investments*		—		2,013,551			—		2,013,551
Short-term investments		—		17,751,156			508,421		18,259,577
Forward foreign currency contracts**		—		(23,414	)		—		(23,414	)
Total	$	163,255	$	524,793,216		$	6,384,611	$	531,341,082

50 2019 Annual Report  ■  TIAA-CREF International Fixed-Income Funds

continued

Fund	Level 1		Level 2			Level 3		Total
International Bond
Africa/Middle East	$	—	$	24,286,860		$	—	$	24,286,860
Asia		—		119,046,777			—		119,046,777
Europe		—		144,800,142			—		144,800,142
Latin America		—		22,109,468			402,810		22,512,278
North America		—		68,387,843			—		68,387,843
All other debt investments*		—		9,741,355			—		9,741,355
Short-term investments		—		11,539,998			—		11,539,998
Forward foreign currency contracts**		—		(1,363,487	)		—		(1,363,487	)
Total	$	—	$	398,548,956		$	402,810	$	398,951,766

*	For detailed categories, see the accompanying Summary portfolio of investments.
**	Derivative instruments are not reflected in the market value of portfolio investments.

The following table is a reconciliation of the Emerging Markets Debt Fund’s investments in which significant unobservable inputs (Level 3) were used in determining value:

	Investments
Balance as of October 31, 2018	$	4,750,714
Purchases		2,605,295
Sales		(2,753,025	)
Gains (losses)		(2,189,697	)
Change in unrealized appreciation (depreciation)		1,790,019
Transfers out of Level 3		(2,175,056	)
Transfers into Level 3		4,356,361
Balance as of October 31, 2019	$	6,384,611

The following table summarizes the significant unobservable inputs used to value Level 3 investments in the Emerging Markets Debt Fund as of October 31, 2019:

	Fair value		Valuation technique	Unobservable input	Range (weighted average		)§
Corporate bonds	$	1,410,329	Recent market transaction	Discount		74.5%–99.1% (77.1%	)
Government bonds		4,465,861	Recent market transaction	Discount		27.0%–65.5% (59.4%	)
Short-term investments		508,421	Recent market transaction	Discount		33.9%–47.0% (39.5%	)
Total	$	6,384,611

§ Unobservable inputs were weighted by the relative fair value of the instruments.

TIAA-CREF International Fixed-Income Funds  ■  2019 Annual Report 51

Notes to financial statements

Note 3—derivative instruments

As defined by U.S. GAAP, a derivative is a financial instrument whose value is derived from an underlying security price, foreign exchange rate, interest rate, index of prices or rates, or other variables. Derivatives require little or no initial investment and permit or require net settlement. The Funds value derivatives at fair value.

At October 31, 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
Emerging Markets Debt Fund
Foreign-exchange contracts	Forward foreign currency contracts	$	14,349	Forward foreign currency contracts	$	(37,763	)
International Bond Fund
Foreign-exchange contracts	Forward foreign currency contracts		147,031	Forward foreign currency contracts		(1,510,518	)

For the year ended October 31, 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
Foreign-exchange contracts	Forward foreign currency contracts	$	(13,984	)	$	(15,622	)
Credit contracts	Swap contracts		(8,062	)		—
International Bond Fund
Foreign-exchange contracts	Forward foreign currency contracts		7,186,985			(2,318,013	)

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

52 2019 Annual Report  ■  TIAA-CREF International Fixed-Income Funds

continued

Statements of Assets and Liabilities. During the year ended October 31, 2019, the Emerging Markets Debt Fund and the International Bond Fund had exposure to forwards contracts, based on underlying notional values, generally between 0% and 1%, and 69% and 75% of net assets, respectively. The forward contracts outstanding as of October 31, 2019 are disclosed in the Summary portfolio of investments and the full Schedules of Investments.

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.

TIAA-CREF International Fixed-Income Funds  ■  2019 Annual Report 53

Notes to financial statements

The Funds invest in credit default swaps to hedge or manage the risks associated with assets held in the Funds and/or to facilitate the implementation of portfolio strategies to seek to increase the total return. During the year ended October 31, 2019, the Emerging Markets Debt Fund had exposure to credit default swap contracts, based on underlying notional values, generally between 0% and 1% of net assets. There were no open credit default swap contracts outstanding as of October 31, 2019.

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 Nuveen Securities 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 Nuveen Securities 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 October 31,

54 2019 Annual Report  ■  TIAA-CREF International Fixed-Income Funds

continued

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:

	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	%b		1.00	%		0.65	%
International Bond		0.65	c		0.80	c		0.80			0.90	c		1.00	c		0.65	c

‡	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 with 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.
b	Effective May 1, 2019, Advisors agreed to voluntarily waive a portion of the expense cap for the Emerging Markets Debt Fund Retirement Class. The expense cap is 0.88% for the Retirement Class. 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, 2019, Advisors agreed to voluntarily waive a portion of the expense cap for the International Bond Fund Institutional Class, Advisor Class, Retirement Class, Retail Class, and Class W. The expense caps are 0.60%, 0.60%, 0.87%, 0.98%, and 0.60%, respectively. This waiver is voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval.

The Funds may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Board, pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions. For the year ended October 31, 2019, the Funds did not have any security transactions with affiliated entities.

The following is the percentage of the Fund’s shares owned by affiliates as of October 31, 2019:

Underlying Fund	TIAA-CREF Lifecycle Funds
Emerging Markets Debt		81	%
International Bond		98

TIAA-CREF International Fixed-Income Funds  ■  2019 Annual Report 55

Notes to financial statements

Note 5—investments

Securities purchased on a when-issued or delayed-delivery basis: The Funds may purchase securities on a when-issued or delayed-delivery basis. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after trade date; interest income is not accrued until settlement date. At the time a Fund enters into such transactions, it is required to have segregated assets with a current value at least equal to the amount of its when-issued or delayed-delivery purchase commitments. 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, as amended. The risk of investing in such securities is generally greater than the risk of investing in securities that are widely held and publicly traded.

Net unrealized appreciation (depreciation): At October 31, 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		$522,389,587		$27,877,809		$(18,926,314	)		$8,951,495
International Bond		393,453,628		19,814,771		(14,316,633	)		5,498,138

For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as up-front fees or premiums exchanged on derivatives and any amounts unrealized for income statement reporting but realized in income and/or capital gains for tax reporting.

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the year ended October 31, 2019 were as follows:

Fund	Non-U.S. government purchases		Non-U.S. government sales
Emerging Markets Debt		$405,401,106		$362,943,571
International Bond		221,843,250		185,205,454

56 2019 Annual Report  ■  TIAA-CREF International Fixed-Income Funds

continued

Note 6—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the years ended October 31, 2019 and October 31, 2018 was as follows:

	10/31/2019
Fund	Ordinary income		Long-term capital gains		Total
Emerging Markets Debt		$28,060,394	$	—		$28,060,394
International Bond		22,626,923		—		22,626,923
	10/31/2018
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

As of October 31, 2019, the components of accumulated earnings on a tax basis were as follows:

Fund	Undistributed ordinary income		Undistributed long-term capital gains		Unrealized appreciation (depreciation		)	Capital loss carryover			Total
Emerging Markets Debt		$4,769,499		$       —		$8,917,903			$(1,825,042	)		$11,862,360
International Bond		9,939,195		1,187		5,512,745			—			15,453,127

The difference between book basis and tax basis net investment income, net realized gains and losses, and unrealized appreciation and depreciation is attributable primarily to the tax deferral of losses on wash sales, the tax deferral of straddle losses, and the treatment of short-term gain as ordinary income for tax purposes.

For the year ended October 31, 2019, the Emerging Markets Debt Fund had $1,825,042 in long-term capital loss carryovers, which will not expire.

For the year ended October 31, 2019, the International Bond Fund utilized $1,636,165 of short-term and $178,403 of long-term capital loss carryover available from prior years. The capital loss carryover for the International Bond Fund was reduced to zero as a result of this utilization.

Note 7—emerging markets risks

The Emerging Markets Debt Fund holds a large portion of its assets in emerging market securities. Emerging market securities are often subject to greater price volatility, less liquidity and higher rates of inflation and deflation than U.S. securities. In addition, emerging markets may be subject to greater political, economic and social uncertainty, and differing regulatory environments that may potentially impact the Fund’s ability to buy or sell certain securities or repatriate proceeds to U.S. dollars.

TIAA-CREF International Fixed-Income Funds  ■  2019 Annual Report 57

Notes to financial statements concluded

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 year ended October 31, 2019, there were no inter-fund borrowing or lending transactions.

Note 9—line of credit

Each of the Funds participates in a $1 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 18, 2019 expiring on June 16, 2020, replacing the previous $1.25 billion facility, which expired June 2019. Certain affiliated accounts and mutual funds, each of which is managed by Advisors, or an affiliate of Advisors, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds on a pro rata basis. Interest associated with any borrowing under the facility is charged to the borrowing accounts or mutual funds at a specified rate of interest. The Funds are not liable for borrowings under the facility by other affiliated accounts or mutual funds. For the year ended October 31, 2019, there were no borrowings under this credit facility by the Funds.

58 2019 Annual Report  ■  TIAA-CREF International Fixed-Income Funds

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of TIAA-CREF Funds and Shareholders of TIAA-CREF Emerging Markets Debt Fund and TIAA-CREF International Bond Fund

Opinions on the Financial Statements

We have audited the (i) accompanying statement of assets and liabilities, including the summary portfolio of investments, of TIAA-CREF Emerging Markets Debt Fund as of October 31, 2019, the related statement of operations for the year ended October 31, 2019, the statement of changes in net assets for each of the two years in the period ended October 31, 2019, including the related notes, and the financial highlights for each of the periods indicated therein, and (ii) the accompanying consolidated statement of assets and liabilities, including the consolidated summary portfolio of investments, of TIAA-CREF International Bond Fund as of October 31, 2019, the related consolidated statement of operations for the year ended October 31, 2019, the consolidated statement of changes in net assets for each of the two years in the period ended October 31, 2019, including the related notes, and the consolidated financial highlights for each of the periods indicated therein (two of the funds constituting TIAA-CREF Funds, hereafter collectively referred to as the “Funds”) (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2019, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2019, and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles

TIAA-CREF International Fixed-Income Funds  ■  2019 Annual Report 59

Report of Independent Registered Public Accounting Firm concluded

used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2019 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Baltimore, Maryland

December 18, 2019

We have served as the auditor of one or more investment companies in TIAA-CREF Funds’ investment company group since 2005.

60 2019 Annual Report  ■  TIAA-CREF International Fixed-Income Funds

Important tax information (unaudited)

For the fiscal year ended October 31, 2019, the TIAA-CREF Funds designate the following distribution amounts (or the maximum amount allowable) as being from net long-term capital gains.

Fund	Long-term capital gains
Emerging Markets Debt	$—
International Bond	—

The information and distributions reported herein may differ from the information and distributions reported to shareholders for the calendar year ending December 31, 2019, which will be reported in conjunction with your 2019 Form 1099-DIV.

By early 2020, shareholders should receive their Form 1099-DIV and a tax information letter from the Funds. For your specific situation, we recommend that you consult a professional tax advisor.

TIAA-CREF International Fixed-Income Funds  ■  2019 Annual Report 61

2019 special meeting (unaudited)

TIAA-CREF Funds

Trustees

On July 17, 2019, at a special meeting of TIAA-CREF Funds participants, the following persons were elected to serve on the Board of Trustees:

Nominee	Dollars for		Percent		Dollars against		Percent		Dollars abstain		Percent
Forrest Berkley		7,019,429,645.179		98.738		29,336,564.729		0.413		60,384,844.503		0.849
Joseph A. Boateng		7,017,678,997.349		98.713		30,608,382.947		0.431		60,863,674.115		0.856
Janice C. Eberly		7,030,450,351.958		98.893		24,897,324.187		0.350		53,803,378.266		0.757
Nancy A. Eckl		7,031,086,911.078		98.902		23,805,175.211		0.335		54,258,968.122		0.763
Michael A. Forrester		7,012,679,322.201		98.643		34,732,512.165		0.489		61,739,220.046		0.868
Howell E. Jackson		7,015,296,260.772		98.680		33,410,840.029		0.470		60,443,953.610		0.850
Thomas J. Kenny		7,014,459,180.378		98.668		32,601,855.843		0.459		62,090,018.190		0.873
James M. Poterba		7,016,956,092.704		98.703		33,014,873.896		0.464		59,180,087.811		0.832
Maceo K. Sloan		7,016,148,774.432		98.692		32,646,874.224		0.459		60,355,405.754		0.849
Laura T. Starks		7,032,899,556.712		98.927		24,219,056.061		0.341		52,032,441.638		0.732

Joseph A. Boateng was elected to office. Forrest Berkley, Janice C. Eberly, Nancy A. Eckl, Michael A. Forrester, Howell E. Jackson, Thomas J. Kenny, James M. Poterba, Maceo K. Sloan and Laura T. Starks continued in office.

The results above were certified by Computershare Fund Services, Inc., independent tabulator for the TIAA-CREF Funds.

62 2019 Annual Report  ■  TIAA-CREF International Fixed-Income Funds

Trustees and officers(unaudited)

TIAA-CREF Funds  ■  October 31, 2019

Trustees

Name, Address and Year of Birth (“YOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee
Forrest Berkley c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Trustee	Indefinite term. Trustee since 2006.	Retired Partner (since 2006), Partner (1990–2005) and Head of Global Product Management (2003–2005), GMO (formerly, Grantham, Mayo, Van Otterloo & Co.) (investment management); and member of asset allocation portfolio management team, GMO (2003–2005).	89	Director, Save the Children Federation, Inc.; Investment Committee Member, Maine Community Foundation and the Elmina B. Sewall Foundation.
Joseph A. Boateng c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Trustee	Indefinite term. Trustee since 2019.	Chief Investment Officer, Casey Family Programs (since 2007). Director of U.S. Pension Plans at Johnson & Johnson (2002–2006). Manager, Financial Services Consultant, KPMG Consulting (2000–2002).	89	Board member, Year Up Puget Sound; Investment Advisory Committee Chair, Seattle City Employees’ Retirement System; Investment Committee member, The Seattle Foundation.
Janice C. Eberly c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Trustee	Indefinite term. Trustee since 2018.	James R. and Helen D. Russell Professor of Finance at the Kellogg School of Management at Northwestern University (2002–2011 and since 2013), and Chair of the Finance Department (2005–2007). Assistant Secretary for Economic Policy at the United States Department of the Treasury (2011–2013).	89	Member of the Board of the Office of Finance, Federal Home Loan Banks; Director, Avant, LLC.
Nancy A. Eckl c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Trustee	Indefinite term. Trustee since 2007.	Vice President (1990–2006), American Beacon Advisors, Inc. and certain funds advised by American Beacon Advisors, Inc.	89	Independent Director, The Lazard Funds, Inc., Lazard Retirement Series, Inc. and Lazard Global Total Return and Income Fund, Inc.

TIAA-CREF International Fixed-Income Funds  ■  2019 Annual Report 63

Trustees and officers(unaudited) continued

TIAA-CREF Funds  ■  October 31, 2019

Trustees — concluded

Name, Address and Year of Birth (“YOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee
Michael A. Forrester c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1967	Trustee	Indefinite term. Trustee since 2007.	Chief Executive Officer (since 2014), and Chief Operating Officer (2007–2014), Copper Rock Capital Partners, LLC. Chief Operating Officer, DDJ Capital Management (2003–2006).	89	Director, Copper Rock Capital Partners, LLC (investment adviser); Trustee, Dexter Southfield School.
Howell E. Jackson c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Trustee	Indefinite term. Trustee since 2005.	James S. Reid, Jr. Professor of Law (since 2004), Senior Advisor to President and Provost (2010–2012), Acting Dean (2009), Vice Dean for Budget (2003–2006) and on the faculty (since 1989) of Harvard Law School.	89	Director, Commonwealth (non-profit organization).
Thomas J. Kenny c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Chairman of the Board and Trustee	Indefinite term. Trustee since 2011. Chairman for term ending July 1, 2021. Chairman since 2017.	Advisory Director (2010–2011), Partner (2004–2010), Managing Director (1999–2004), and Co-Head of Global Cash and Fixed Income Portfolio Management Team (2002–2010), Goldman Sachs Asset Management.	89	Director and Chair of the Finance and Investment Committee, Aflac Incorporated; Director and Chair of the Finance Committee, Sansum Clinic; Director, ParentSquare; Investment Committee Member, Cottage Health System; Member, University of California at Santa Barbara Arts and Lectures Advisory Council.

64 2019 Annual Report  ■  TIAA-CREF International Fixed-Income Funds

James M. Poterba c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1958	Trustee	Indefinite term. Trustee since 2006.	Mitsui Professor of Economics, Massachusetts Institute of Technology (“MIT”) (since 1996); Affiliated Faculty Member of the Finance Group, Alfred P. Sloan School of Management (since 2014); and Head (2006–2008) and Associate Head (1994–2000 and 2001–2006), Economics Department of MIT. President and Chief Executive Officer (since 2008), and Program Director (1990–2008), National Bureau of Economic Research.	89	Director, National Bureau of Economic Research and the Alfred P. Sloan Foundation; Member, Congressional Budget Office Panel of Economic Advisers.
Maceo K. Sloan c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1949	Trustee	Indefinite term. Trustee since 1999.	Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (1991–2018); Chairman and Chief Executive Officer (1991–2016), Chief Investment Officer (1991–2013) and Chief Compliance Officer (2015–2016), NCM Capital Management Group, Inc.; Chairman, Chief Executive Officer (2003–2016), Chief Investment Officer (2003–2013) and Chief Compliance Officer (2015–2016), NCM Capital Advisers Inc.; and Chairman, President and Principal Executive Officer, NCM Capital Investment Trust (2007–2012).	89	N/A
Laura T. Starks c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1950	Trustee	Indefinite term. Trustee since 2006.	Charles E. and Sarah M. Seay Regents Chair in Finance (since 2002), Co-Executive Director, Social Innovation Initiative (since 2015), Director, AIM Investment Center (2000–2016), Associate Dean for Research (2011–2016), Chairman, Department of Finance (2002–2011) and Professor (since 1987), McCombs School of Business, University of Texas at Austin.	89	Texa$aver Product Committee Member, Employees Retirement System of Texas.

TIAA-CREF International Fixed-Income Funds  ■  2019 Annual Report 65

Trustees and officers (unaudited) concluded

TIAA-CREF Funds  ■  October 31, 2019

Officers

Name, Address and Year of Birth (“YOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Vijay Advani TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1960	Executive Vice President	One-year term. Executive Vice President since 2018.	Chief Executive Officer, Nuveen. Executive Vice President of the College Retirement Equities Fund (“CREF”), TIAA Separate Account VA-1, TIAA-CREF Funds and TIAA-CREF Life Funds (collectively, the “TIAA-CREF Fund Complex”). Prior to joining Nuveen, Mr. Advani served as Co-President of Franklin Resources, Inc. (Franklin Templeton Investments).
Mona Bhalla TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1969	Senior Managing Director and Corporate Secretary	One-year term. Senior Managing Director and Corporate Secretary since 2017.	Senior Managing Director, Corporate Secretary of Teachers Insurance and Annuity Association of America (“TIAA”) and the TIAA-CREF Fund Complex. Prior to joining TIAA, Ms. Bhalla served as Senior Vice President, Counsel and Corporate Secretary of AllianceBernstein L.P.
Richard S. Biegen TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Chief Compliance Officer	One-year term. Chief Compliance Officer since 2008.	Senior Managing Director, TIAA. Chief Compliance Officer of the TIAA-CREF Fund Complex.
Bradley Finkle TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1973	Principal Executive Officer and President	One-year term. Principal Executive Officer and President since 2017.	Senior Managing Director, Chief Operating Officer, Nuveen. Principal Executive Officer and President of the TIAA-CREF Funds and TIAA-CREF Life Funds. Formerly, Senior Managing Director, Co-Head of Nuveen Equities & Fixed Income and President of TIAA Investments.

66 2019 Annual Report  ■  TIAA-CREF International Fixed-Income Funds

Jose Minaya TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1971	Executive Vice President	One-year term. Executive Vice President since 2018.	Executive Vice President, President and Chief investment Officer, Nuveen. Executive Vice President of the TIAA-CREF Fund Complex. Formerly, Executive Vice President, Chief Investment Officer, Nuveen Global Investments and Senior Managing Director, President, Global Investments, TIAA.
Phillip T. Rollock TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Executive Vice President and Chief Legal Officer	One-year term. Executive Vice President and Chief Legal Officer since 2018.	Executive Vice President, Chief Legal Officer of TIAA and the TIAA-CREF Fund Complex. Formerly, Senior Managing Director, Deputy General Counsel and Corporate Secretary of TIAA and the TIAA-CREF Fund Complex.
Christopher A. Van Buren TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Executive Vice President	One-year term. Executive Vice President since 2018.	Executive Vice President, Chief Risk Officer of TIAA. Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Van Buren served as Managing Director, Group Risk Control of UBS.
E. Scott Wickerham TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1973	Principal Financial Officer, Principal Accounting Officer and Treasurer	One-year term. Principal Financial Officer, Principal Accounting Officer and Treasurer since 2017.	Senior Managing Director, Head, Publics Investment Finance, Nuveen. Principal Financial Officer, Principal Accounting Officer and Treasurer of the TIAA-CREF Funds, TIAA-CREF Life Funds and TIAA Separate Account VA-1; Treasurer of CREF; and Vice President and Controller of the Nuveen Funds. Formerly, Managing Director, Head, TC Fund Administration, Nuveen.
Sean N. Woodroffe TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Executive Vice President	One-year term. Executive Vice President since 2018.	Senior Executive Vice President, Chief Human Resources Officer of TIAA. Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Woodroffe served as Chief People Officer at National Life Group.

Please note that the Funds’ Statement of Additional Information (SAI) includes additional information about the Funds’ trustees and is available, without charge, through our website, tiaa.org, or by calling 800 223-1200.

TIAA-CREF International Fixed-Income Funds  ■  2019 Annual Report 67

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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. 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

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Item 2. Code of Ethics.

2(a) The Board of Trustees of the TIAA-CREF Funds (the “Registrant”) has adopted a code of ethics for senior financial officers, including the Registrant’s principal executive officer, principal financial officer, principal accounting officer, or controller, and persons performing similar functions, in conformity with rules promulgated under the Sarbanes-Oxley Act of 2002.

2(b) No response required.

2(c) During the reporting period, there were no amendments to the code of ethics.

2(d) During the reporting period, there were no implicit or explicit waivers granted by the Registrant from any provision of the code of ethics.

2(e) Not applicable.

2(f) A copy of the current code of ethics is filed as an exhibit to this Form N-CSR.

Item 3. Audit Committee Financial Expert.

3(a)(1) The Registrant’s Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its Audit and Compliance Committee.

3(a)(2) Maceo K. Sloan is the Registrant’s audit committee financial expert and is “independent” for purposes of Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

PricewaterhouseCoopers LLP (“PwC”) performs independent audits of the Registrant’s financial statements. To maintain auditor independence and avoid even the appearance of conflicts of interest, the Registrant, as a policy, does not engage PwC for management advisory or consulting services.

4(a) Audit Fees.

For the fiscal years ended October 31, 2019 and October 31, 2018, PwC’s aggregate fees for the audit of the Registrant’s annual financial statements were $1,082,894 and $1,104,995, respectively.

4(b) Audit Related Fees.

For the fiscal years ended October 31, 2019 and October 31, 2018, PwC’s aggregate fees for services related to the performance of the audit of the Registrant’s annual financial statements were $0 and $0, respectively.

For the fiscal years ended October 31, 2019 and October 31, 2018, the Audit-Related Fees billed by PwC to Teachers Advisors, LLC (“Advisors”) or to any entity controlling, controlled by or under common control with Advisors that provides ongoing services to the Registrant (collectively, “Fund Service Providers”) were $0 and $0, respectively.

4(c) Tax Fees.

For the fiscal years ended October 31, 2019 and October 31, 2018, PwC’s aggregate fees for tax services billed to the Registrant were $0 and $347,230, respectively.

For the fiscal years ended October 31, 2019 and October 31, 2018, the Tax Fees billed by PwC to the Fund Service Providers were $0 and $0, respectively.

4(d) All Other Fees.

For the fiscal years ended October 31, 2019 and October 31, 2018, PwC’s aggregate fees for all other services billed to the Registrant were $12,995 and $12,995, respectively.

For the fiscal years ended October 31, 2019 and October 31, 2018, PwC’s aggregate fees for all other services billed to the Fund Service Providers were $0 and $0, respectively.

4(e)(1) Preapproval Policy.

The Registrant’s audit and compliance committee (“Audit Committee”) has adopted a Preapproval Policy for External Audit Firm Services (the “Policy”). The Policy describes the types of services that may be provided by the independent auditor to the Registrant and certain of its affiliates without impairing the auditor’s independence. Under the Policy, the

Audit Committee is required to preapprove all services to be performed by the Registrant’s independent auditor in order to ensure that such services do not impair the auditor’s independence.

The Policy requires the Audit Committee to: (i) appoint the independent auditor to perform the financial statements audit for the Registrant and certain of its affiliates, including approving the terms of the engagement, and (ii) preapprove the audit, audit-related, tax and other services to be provided by the independent auditor to the Registrant and certain of its affiliates and the fees to be charged for provision of such services from year to year.

4(e)(2) Services provided pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (the “de minimis exception”):

Audit-Related Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended October 31, 2019 and October 31, 2018 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended October 31, 2019 and October 31, 2018 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

Tax Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended October 31, 2019 and October 31, 2018 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended October 31, 2019 and October 31, 2018 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

All Other Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended October 31, 2019 and October 31, 2018 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended October 31, 2019 and October 31, 2018 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

4(f) The percentage of hours expended by PwC’s engagement to audit the Registrant’s financial statements for the most recent fiscal year attributable to work performed by persons other than PwC’s full-time, permanent employees was less than 50%.

4(g) Non-Audit Fees for Related Entities.

For the fiscal years ended October 31, 2019 and October 31, 2018, aggregate non-audit fees billed to the Registrant and to its Fund Service Providers by PwC were $217,667 and $302,167, respectively.

4(h) The Registrant’s Audit Committee has considered whether the non-audit services that were rendered by PwC to the Registrant’s Fund Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X are compatible with maintaining PwC’s independence.

Item 5. Audit Committee of Listed Registrants.

Not Applicable.

Item 6. Schedule of Investments.

TIAA-CREF FUNDS - Growth & Income Fund

TIAA-CREF FUNDS
GROWTH & INCOME FUND
SCHEDULE OF INVESTMENTS
October 31, 2019

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.7%
AUTOMOBILES & COMPONENTS - 0.4%
	303,602		Aptiv plc	$	27,187,559
			TOTAL AUTOMOBILES & COMPONENTS		27,187,559
BANKS - 6.1%
	3,122,660		Bank of America Corp		97,645,578
	1,057,324		Citigroup, Inc		75,979,303
	940,770		Citizens Financial Group, Inc		33,077,473
	1,118,259		JPMorgan Chase & Co		139,692,914
	879,494		US Bancorp		50,148,748
			TOTAL BANKS		396,544,016
CAPITAL GOODS - 7.0%
	89,145		Boeing Co		30,301,277
	124,476		Carlisle Cos, Inc		18,953,960
	212,154		Deere & Co		36,944,498
	379,668		Dover Corp		39,443,708
	515,855	*,e,n	Enphase Energy, Inc		10,023,063
	698,242		General Electric Co		6,968,455
	448,067		Honeywell International, Inc		77,394,613
	281,885		Ingersoll-Rand plc		35,768,388
	523,950		ITT, Inc		31,148,827
	260,526	n	L3Harris Technologies, Inc		53,749,119
	96,647	n	Northrop Grumman Corp		34,066,135
	203,827		Owens Corning, Inc		12,490,519
	29,503	*	Teledyne Technologies, Inc		9,724,189
	268,873		United Technologies Corp		38,604,785
	169,008		Woodward Governor Co		18,026,393
			TOTAL CAPITAL GOODS		453,607,929
COMMERCIAL & PROFESSIONAL SERVICES - 0.8%
	68,967		Verisk Analytics, Inc		9,979,525
	398,869		Waste Management, Inc		44,757,090
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		54,736,615
CONSUMER DURABLES & APPAREL - 2.0%
	391,958	*,n	CROCS, Inc		13,714,610
	92,094	*,n	Deckers Outdoor Corp		14,081,173
	484,480		KB Home		17,291,091
	557,264	e	Levi Strauss & Co		9,930,444
	107,168	*	Lululemon Athletica, Inc		21,891,207
	1,871,432	*,e	Mattel, Inc		22,344,898
	675,286	*,g	Spin Master Corp		19,103,452
	377,025		Tapestry, Inc		9,749,867
			TOTAL CONSUMER DURABLES & APPAREL		128,106,742

1

TIAA-CREF FUNDS - Growth & Income Fund

SHARES			COMPANY	VALUE
CONSUMER SERVICES - 0.8%
	10,741	*	Chipotle Mexican Grill, Inc (Class A)	$	8,358,217
	295,980		Royal Caribbean Cruises Ltd		32,211,503
	88,967	n	Strategic Education, Inc		10,945,610
			TOTAL CONSUMER SERVICES		51,515,330
DIVERSIFIED FINANCIALS - 3.0%
	442,753		Blackstone Group, Inc		23,536,749
	269,158	n	CME Group, Inc		55,379,259
	320,611		Discover Financial Services		25,732,239
	1,120,285		Morgan Stanley		51,589,124
	722,706		Voya Financial, Inc		38,997,216
			TOTAL DIVERSIFIED FINANCIALS		195,234,587
ENERGY - 3.7%
	450,832		Cabot Oil & Gas Corp		8,403,509
	680,309		Chevron Corp		79,011,087
	519,772		ConocoPhillips		28,691,414
	185,993		Diamondback Energy, Inc		15,950,760
	352,926		EOG Resources, Inc		24,461,301
	270,664		Hess Corp		17,796,158
	403,956		ONEOK, Inc		28,208,248
	1,343,240		Parsley Energy, Inc		21,236,624
	172,032		Valero Energy Corp		16,683,663
			TOTAL ENERGY		240,442,764
FOOD & STAPLES RETAILING - 1.4%
	158,508	n	Costco Wholesale Corp		47,094,312
	372,943		Walmart, Inc		43,731,296
			TOTAL FOOD & STAPLES RETAILING		90,825,608
FOOD, BEVERAGE & TOBACCO - 4.6%
	554,182		Campbell Soup Co		25,664,168
	976,257		Coca-Cola Co		53,137,669
	364,968		Coca-Cola European Partners plc (Class A)		19,529,438
	591,797	n	ConAgra Brands, Inc		16,008,109
	535,889		Diageo plc		21,934,460
	138,218		Hershey Co		20,300,077
	989,603		Mondelez International, Inc		51,904,677
	379,916	*	Monster Beverage Corp		21,324,685
	488,327		PepsiCo, Inc		66,983,815
			TOTAL FOOD, BEVERAGE & TOBACCO		296,787,098
HEALTH CARE EQUIPMENT & SERVICES - 7.1%
	756,405		Abbott Laboratories		63,243,022
	181,599	n	Anthem, Inc		48,864,659
	1,251,606	*	Boston Scientific Corp		52,191,970
	400,343	n	CVS Health Corp		26,578,772
	357,691		Danaher Corp		49,296,973
	131,345	*,n	DexCom, Inc		20,258,653
	145,320	*	Edwards Lifesciences Corp		34,641,382

2

TIAA-CREF FUNDS - Growth & Income Fund

SHARES			COMPANY	VALUE
	258,018	*	Envista Holdings Corp	$	7,567,668
	127,667	*	Guardant Health, Inc		8,872,856
	225,038		HCA Healthcare, Inc		30,051,574
	147,329	n	Humana, Inc		43,344,192
	106,254	*	IDEXX Laboratories, Inc		30,283,453
	171,120	*	Neogen Corp		11,133,067
	100,435		STERIS plc		14,218,583
	178,739		Zimmer Biomet Holdings, Inc		24,707,092
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		465,253,916
HOUSEHOLD & PERSONAL PRODUCTS - 2.4%
	245,939		Colgate-Palmolive Co		16,871,415
	170,413		Estee Lauder Cos (Class A)		31,742,830
	788,966		Procter & Gamble Co		98,234,157
	160,149		Reckitt Benckiser Group plc		12,392,588
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		159,240,990
INSURANCE - 2.9%
	749,845		American International Group, Inc		39,711,791
	78,944	n	Chubb Ltd		12,032,645
	184,778		Cincinnati Financial Corp		20,918,717
	868,514		Hartford Financial Services Group, Inc		49,574,779
	577,600		Metlife, Inc		27,025,904
	180,352		W.R. Berkley Corp		12,606,605
	148,392		Willis Towers Watson plc		27,734,465
			TOTAL INSURANCE		189,604,906
MATERIALS - 3.8%
	292,388		CF Industries Holdings, Inc		13,259,796
	529,808		Dow, Inc		26,750,006
	443,233		DuPont de Nemours, Inc		29,213,487
	255,782		FMC Corp		23,404,053
	380,196	n	Linde plc		75,411,877
	642,392		Newmont Goldcorp Corp		25,522,234
	338,779		Nutrien Ltd		16,190,248
	260,193		Vulcan Materials Co		37,173,774
			TOTAL MATERIALS		246,925,475
MEDIA & ENTERTAINMENT - 9.8%
	401,780		Activision Blizzard, Inc		22,511,733
	160,634	*	Alphabet, Inc (Class C)		202,416,510
	1,479,766		Comcast Corp (Class A)		66,323,112
	626,579	*	Facebook, Inc		120,083,865
	133,739	*,n	NetFlix, Inc		38,437,926
	28,000		Nintendo Co Ltd		10,270,046
	709,376	*,e	Snap, Inc		10,683,202
	181,294	*	Take-Two Interactive Software, Inc		21,818,733
	897,985		Viacom, Inc (Class B)		19,360,557
	522,949		Vivendi Universal S.A.		14,562,872
	761,680		Walt Disney Co		98,957,466
	225,346	e	World Wrestling Entertainment, Inc (Class A)		12,628,390
			TOTAL MEDIA & ENTERTAINMENT		638,054,412

3

TIAA-CREF FUNDS - Growth & Income Fund

SHARES			COMPANY	VALUE
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.9%
	819,694		AbbVie, Inc	$	65,206,658
	447,696	*	Acadia Pharmaceuticals, Inc		18,986,787
	240,971	*,e	Allogene Therapeutics, Inc		6,939,965
	277,681		AstraZeneca plc		27,078,678
	1,309,512	*	Avantor, Inc		18,608,166
	225,834	*,n	Biohaven Pharmaceutical Holding Co Ltd		10,370,297
	107,868	*,e	Bluebird Bio, Inc		8,737,308
	268,607		Daiichi Sankyo Co Ltd		17,661,928
	162,278		Eli Lilly & Co		18,491,578
	188,480	*	Exact Sciences Corp		16,397,760
	108,954	*,e,n	GW Pharmaceuticals plc (ADR)		14,580,224
	203,030	*	IQVIA Holdings, Inc		29,321,593
	144,618	*,n	Jazz Pharmaceuticals plc		18,168,359
	60,906		Lonza Group AG.		21,952,497
	670,725		Merck & Co, Inc		58,125,028
	140,780	*	Neurocrine Biosciences, Inc		14,006,202
	326,197		Novo Nordisk AS		17,937,147
	1,993,923		Pfizer, Inc		76,506,826
	101,202	*,e,n	Sage Therapeutics, Inc		13,728,051
	285,420		Sanofi-Aventis		26,312,032
	92,457		Vifor Pharma AG.		14,560,059
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		513,677,143
REAL ESTATE - 1.5%
	201,003		American Tower Corp		43,834,734
	320,196		Outfront Media, Inc		8,424,357
	489,897	n	Prologis, Inc		42,993,361
			TOTAL REAL ESTATE		95,252,452
RETAILING - 6.0%
	100,780	*	Amazon.com, Inc		179,051,795
	418,682		Best Buy Co, Inc		30,073,928
	816,711	*	BJ’s Wholesale Club Holdings, Inc		21,806,184
	430,577	n	Home Depot, Inc		101,004,753
	344,792		Target Corp		36,861,713
	168,303	n	Tiffany & Co		20,955,406
			TOTAL RETAILING		389,753,779
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.6%
	673,148	*	Advanced Micro Devices, Inc		22,839,912
	473,273	*,n	Cree, Inc		22,589,320
	285,793	*,n	First Solar, Inc		14,801,220
	163,969	*	Inphi Corp		11,786,092
	911,163		Intel Corp		51,508,044
	1,286,569		Marvell Technology Group Ltd		31,379,418
	161,462	n	Monolithic Power Systems, Inc		24,206,383
	220,035		NVIDIA Corp		44,231,436
	119,302		NXP Semiconductors NV		13,562,251
	303,727		QUALCOMM, Inc		24,431,800
	329,988		Taiwan Semiconductor Manufacturing Co Ltd (ADR)		17,037,280
	108,052	n	Universal Display Corp		21,629,849
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		300,003,005

4

TIAA-CREF FUNDS - Growth & Income Fund

SHARES			COMPANY	VALUE
SOFTWARE & SERVICES - 10.9%
	54,456	*	CACI International, Inc (Class A)	$	12,184,530
	129,489		Dassault Systemes S.A.		19,666,365
	293,950		Fidelity National Information Services, Inc		38,730,852
	270,620	*	Fiserv, Inc		28,723,607
	380,800		MasterCard, Inc (Class A)		105,409,248
	142,159	*,e	Medallia, Inc		4,133,984
	2,070,856		Microsoft Corp		296,898,625
	699,669		Oracle Corp		38,124,964
	302,649	*	PayPal Holdings, Inc		31,505,761
	122,422	*,n	Proofpoint, Inc		14,123,826
	440,243	*	salesforce.com, Inc		68,893,627
	187,618	*	Synopsys, Inc		25,469,144
	641,894	*,n	Teradata Corp		19,211,887
	208,938	*,n	Zscaler, Inc		9,189,093
			TOTAL SOFTWARE & SERVICES		712,265,513
TECHNOLOGY HARDWARE & EQUIPMENT - 7.4%
	1,198,740	n	Apple, Inc		298,198,562
	1,097,456		Cisco Systems, Inc		52,140,135
	1,099,854	*	CommScope Holding Co, Inc		12,318,365
	376,381	*	Keysight Technologies, Inc		37,980,607
	234,875	n	Motorola Solutions, Inc		39,064,410
	1,089,490	*	Pure Storage, Inc		21,201,475
	494,069		Western Digital Corp		25,518,664
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		486,422,218
TELECOMMUNICATION SERVICES - 1.5%
	1,276,310		AT&T, Inc		49,125,172
	843,158		Verizon Communications, Inc		50,985,764
			TOTAL TELECOMMUNICATION SERVICES		100,110,936
TRANSPORTATION - 1.7%
	555,847		CSX Corp		39,059,369
	415,940		Delta Air Lines, Inc		22,909,975
	164,081		DSV AS		15,946,886
	291,455	n	United Parcel Service, Inc (Class B)		33,566,872
			TOTAL TRANSPORTATION		111,483,102
UTILITIES - 2.4%
	618,761		Alliant Energy Corp		33,004,712
	864,181		FirstEnergy Corp		41,757,226
	232,686		NextEra Energy, Inc		55,458,381
	709,587		PPL Corp		23,764,069
			TOTAL UTILITIES		153,984,388
			TOTAL COMMON STOCKS		6,497,020,483
			(Cost $4,351,750,316)

5

TIAA-CREF FUNDS - Growth & Income Fund

SHARES			COMPANY					VALUE
PURCHASED OPTIONS - 0.0%
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
	48,500		Sage Therapeutics, Inc					$	972,425
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						972,425
			TOTAL PURCHASED OPTIONS						972,425
			(Cost $977,216)
PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 1.4%
GOVERNMENT AGENCY DEBT - 0.3%
$	10,550,000		Federal Home Loan Bank (FHLB)		1.500	%	11/01/19		10,550,000
	10,000,000		FHLB		1.683		12/20/19		9,977,269
			TOTAL GOVERNMENT AGENCY DEBT						20,527,269
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.1%
	70,980,431	c	State Street Navigator Securities Lending Government Money Market Portfolio						70,980,431
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						70,980,431
			TOTAL SHORT-TERM INVESTMENTS						91,507,700
			(Cost $91,507,578)
			TOTAL INVESTMENTS - 101.1%						6,589,500,608
			(Cost $4,444,235,110)
			OTHER ASSETS & LIABILITIES, NET - (1.1)%						(73,160,735	)
			NET ASSETS - 100.0%					$	6,516,339,873

Abbreviation(s):

ADR      American Depositary Receipt

*	Non-income producing
c	Investments made with cash collateral received from securities on loan.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $83,147,087.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/2019, the aggregate value of these securities was $19,103,452 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.

Purchased options outstanding as of October 31, 2019 were as follows:

Description/underlying investment	Number of contracts	Notional amount		Exercise price		Expiration date	Value
Sage Therapeutics, Inc, Put	485	$	977,216	$	120.00	01/17/20	$	972,425

6

TIAA-CREF FUNDS - Growth & Income Fund

Written options outstanding as of October 31, 2019 were as follows:

Description/underlying investment	Number of contracts		Notional amount			Exercise price		Expiration date	Value
Anthem Inc, Call		160	$	(49,502	)	$	320.00	03/20/20	$	(49,502	)
Anthem, Inc, Put		160		(27,833	)		215.00	11/08/19		(4,000	)
Apple, Inc, Call		523		(470,413	)		270.00	06/19/20		(538,690	)
Apple, Inc, Call		149		(78,665	)		280.00	06/19/20		(113,836	)
Apple, Inc, Put		548		(343,908	)		195.00	06/19/20		(216,460	)
Apple, Inc, Put		448		(363,831	)		215.00	06/19/20		(330,624	)
Arista Networks, Inc, Put		160		(124,477	)		200.00	01/17/20		(54,400	)
Biohaven Pharmaceutical Holding Co Ltd, Put		640		(782,679	)		50.00	01/17/20		(675,200	)
Chubb Ltd, Put		320		(21,440	)		130.00	12/20/19		(8,800	)
Ciena Corp, Put		1,000		(43,999	)		30.00	12/20/19		(35,000	)
Cigna Corp, Put		235		(34,300	)		155.00	12/20/19		(24,675	)
CME Group, Inc, Call		200		(67,999	)		240.00	12/20/19		(4,500	)
CME Group, Inc, Call		200		(61,591	)		240.00	06/19/20		(58,000	)
CME Group, Inc, Put		200		(69,591	)		170.00	12/20/19		(11,500	)
CME Group, Inc, Put		200		(100,798	)		190.00	03/20/20		(122,000	)
Coherent, Inc, Put		120		(123,759	)		110.00	11/15/19		(4,500	)
ConAgra Brands, Inc, Put		553		(70,782	)		24.00	12/20/19		(14,378	)
Constellation Brands, Inc, Put		175		(15,043	)		167.50	11/29/19		(7,437	)
Costco Wholesale Corp, Call		200		(274,793	)		320.00	06/19/20		(216,000	)
Costco Wholesale Corp, Put		400		(307,186	)		260.00	06/19/20		(300,000	)
Cree, Inc, Call		600		(66,425	)		55.00	12/20/19		(28,200	)
Cree, Inc, Put		900		(336,287	)		42.50	12/20/19		(85,500	)
Crocs Inc, Put		745		(38,338	)		30.00	12/20/19		(38,338	)
CVS Health Corp, Put		1,125		(46,080	)		54.00	11/08/19		(5,625	)
Deckers Outdoor Corp, Put		300		(185,396	)		120.00	12/20/19		(12,600	)
DexCom, Inc, Put		320		(338,541	)		135.00	12/20/19		(121,600	)
DISH Network Corp, Put		510		(139,228	)		27.50	01/17/20		(35,700	)
Domino’s Pizza, Inc, Put		180		(30,733	)		220.00	11/15/19		(900	)
Enphase Energy, Inc, Put		745		(169,828	)		17.50	02/21/20		(171,350	)
FedEx Corp, Put		157		(359,368	)		190.00	01/17/20		(598,563	)
First Solar, Inc, Put		745		(10,252	)		47.50	11/01/19		(5,215	)
First Solar, Inc, Put		745		(13,291	)		48.00	11/01/19		(5,215	)
GW Pharmaceuticals plc, Put		330		(42,226	)		95.00	11/15/19		(12,375	)
Hain Celestial Group, Inc, Put		2,200		(400,306	)		20.00	02/21/20		(143,000	)
Hasbro, Inc, Put		425		(39,933	)		95.00	11/15/19		(46,750	)
Home Depot, Inc, Call		160		(17,113	)		260.00	12/20/19		(4,960	)
Home Depot, Inc, Call		160		(45,439	)		260.00	03/20/20		(41,120	)
Home Depot, Inc, Put		160		(12,474	)		195.00	12/20/19		(5,440	)
Humana Inc, Put		400		(78,403	)		255.00	12/20/19		(70,000	)
Illumina, Inc, Put		160		(23,676	)		250.00	11/15/19		(2,560	)
International Business Machines Corp, Put		322		(31,543	)		120.00	12/20/19		(18,676	)
Jazz Pharmaceuticals plc, Put		275		(252,984	)		115.00	06/19/20		(193,875	)
L3Harris Technologies, Inc, Put		240		(36,719	)		175.00	12/20/19		(16,200	)
Linde plc, Put		225		(50,858	)		170.00	11/15/19		(2,250	)
M&T Bank Corp, Put		320		(166,557	)		140.00	01/17/20		(63,680	)
Monolithic Power Systems, Inc, Put		225		(50,215	)		110.00	12/20/19		(6,975	)

7

TIAA-CREF FUNDS - Growth & Income Fund

Description/underlying investment	Number of contracts		Notional amount			Exercise price		Expiration date	Value
Motorola Solutions, Inc, Call		320	$	(294,074	)	$	190.00	07/17/20	$	(173,600	)
Motorola Solutions, Inc, Put		320		(47,347	)		130.00	01/17/20		(24,480	)
Motorola Solutions, Inc, Put		480		(304,314	)		150.00	07/17/20		(405,600	)
Nektar Therapeutics, Put		1,200		(699,453	)		21.00	02/21/20		(648,000	)
Nektar Therapeutics, Put		822		(413,457	)		19.00	05/15/20		(394,560	)
NetFlix, Inc, Put		160		(145,271	)		240.00	11/15/19		(6,240	)
Northrop Grumman Corp, Call		77		(28,720	)		390.00	01/17/20		(16,747	)
Northrop Grumman Corp, Put		282		(101,732	)		315.00	11/15/19		(12,690	)
Nutanix, Inc, Put		1,000		(547,989	)		22.50	01/17/20		(90,000	)
Prologis, Inc, Put		445		(27,189	)		80.00	12/20/19		(22,250	)
Proofpoint, Inc, Put		320		(48,959	)		100.00	12/20/19		(37,600	)
PVH Corp, Put		480		(367,344	)		85.00	01/17/20		(273,600	)
PVH Corp, Put		240		(221,117	)		90.00	01/17/20		(220,800	)
Rockwell Automation, Inc, Put		225		(17,991	)		130.00	11/15/19		(2,812	)
Roku, Inc, Put		500		(92,708	)		95.00	11/08/19		(15,500	)
Sage Therapeutics, Inc, Call		485		(426,729	)		200.00	01/17/20		(358,900	)
Sage Therapeutics, Inc, Put		485		(567,415	)		100.00	01/17/20		(630,500	)
ServiceNow Inc, Put		110		(2,966	)		215.00	11/15/19		(2,966	)
ServiceNow, Inc, Put		110		(18,475	)		180.00	11/29/19		(11,770	)
ServiceNow, Inc, Put		220		(151,357	)		210.00	01/17/20		(74,800	)
ServiceNow, Inc, Put		220		(252,555	)		230.00	01/17/20		(171,600	)
Strategic Education, Inc, Put		160		(101,228	)		150.00	11/15/19		(439,200	)
Teladoc Health, Inc, Put		315		(23,297	)		55.00	11/15/19		(1,260	)
Teradata Corp, Call		500		(35,684	)		47.50	12/20/19		(8,750	)
Teradata Corp, Put		500		(107,708	)		30.00	12/20/19		(95,000	)
Teradata Corp, Put		1,000		(233,956	)		27.50	04/17/20		(177,500	)
Tiffany & Co, Call		477		(22,504	)		140.00	11/15/19		(7,155	)
Tiffany & Co, Put		477		(243,241	)		82.50	01/17/20		(15,264	)
Twitter, Inc, Put		1,500		(31,499	)		25.00	12/20/19		(22,500	)
United Parcel Service Inc, Put		400		(9,224	)		102.00	11/29/19		(9,224	)
Universal Display Corp, Call		160		(50,873	)		230.00	12/20/19		(37,280	)
Universal Display Corp, Call		160		(78,072	)		260.00	03/20/20		(78,072	)
Universal Display Corp, Put		320		(65,586	)		135.00	11/01/19		(1,600	)
Universal Display Corp, Put		160		(115,671	)		145.00	11/15/19		(2,880	)
Universal Display Corp, Put		320		(495,337	)		155.00	03/20/20		(246,400	)
WellCare Health Plans, Inc, Put		471		(296,347	)		230.00	12/20/19		(10,597	)
WellCare Health Plans, Inc, Put		157		(166,096	)		240.00	12/20/19		(7,850	)
Wright Medical Group NV, Put		2,000		(315,916	)		17.50	05/15/20		(320,000	)
Xilinx, Inc, Put		240		(45,590	)		80.00	11/08/19		(1,920	)
Xilinx, Inc, Put		320		(289,911	)		90.00	03/20/20		(233,600	)
Yandex NV, Put		1,100		(34,099	)		25.00	11/15/19		(5,500	)
Zendesk, Inc, Put		520		(285,454	)		60.00	05/15/20		(228,800	)
Zscaler, Inc, Put		600		(380,482	)		47.00	01/17/20		(390,000	)
Zscaler, Inc, Put		600		(486,434	)		50.00	01/17/20		(504,000	)
Total		40,223	$	(15,106,173	)				$	(10,965,536	)

8

TIAA-CREF FUNDS - Large-Cap Growth Fund

TIAA-CREF FUNDS
LARGE-CAP GROWTH FUND
SCHEDULE OF INVESTMENTS
October 31, 2019

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.7%
AUTOMOBILES & COMPONENTS - 0.7%
	131,665	*	Tesla, Inc	$	41,463,942
			TOTAL AUTOMOBILES & COMPONENTS		41,463,942
CAPITAL GOODS - 4.4%
	714,019		Airbus SE		102,431,908
	33,245		Boeing Co		11,300,308
	153,563		L3Harris Technologies, Inc		31,681,583
	148,484		Northrop Grumman Corp		52,337,641
	59,164		Parker-Hannifin Corp		10,856,002
	125,419		Roper Industries, Inc		42,261,186
			TOTAL CAPITAL GOODS		250,868,628
COMMERCIAL & PROFESSIONAL SERVICES - 1.0%
	826,465	*	IHS Markit Ltd		57,869,079
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		57,869,079
CONSUMER DURABLES & APPAREL - 3.9%
	279,688		Essilor International S.A.		42,706,761
	1,679,065		Nike, Inc (Class B)		150,360,271
	347,592		VF Corp		28,603,345
			TOTAL CONSUMER DURABLES & APPAREL		221,670,377
CONSUMER SERVICES - 1.5%
	33,185	*	Chipotle Mexican Grill, Inc (Class A)		25,823,240
	292,316		McDonald’s Corp		57,498,557
			TOTAL CONSUMER SERVICES		83,321,797
DIVERSIFIED FINANCIALS - 3.2%
	812,985		Blackstone Group, Inc		43,218,283
	548,527		IntercontinentalExchange Group, Inc		51,737,067
	330,869		S&P Global, Inc		85,360,893
			TOTAL DIVERSIFIED FINANCIALS		180,316,243
FOOD & STAPLES RETAILING - 1.0%
	472,562		Walmart, Inc		55,412,620
			TOTAL FOOD & STAPLES RETAILING		55,412,620
FOOD, BEVERAGE & TOBACCO - 1.3%
	1,013,754		Coca-Cola Co		55,178,630
	348,102		Coca-Cola European Partners plc (Class A)		18,626,938
			TOTAL FOOD, BEVERAGE & TOBACCO		73,805,568
HEALTH CARE EQUIPMENT & SERVICES - 6.0%
	982,465	*	Alcon, Inc		58,230,701

9

TIAA-CREF FUNDS - Large-Cap Growth Fund

SHARES			COMPANY	VALUE
	674,606		Baxter International, Inc	$	51,742,280
	306,743	*	Edwards Lifesciences Corp		73,121,396
	199,540	*	Intuitive Surgical, Inc		110,335,643
	229,644		Stryker Corp		49,665,108
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		343,095,128
MATERIALS - 3.6%
	568,721		Corteva, Inc		15,002,860
	409,000		Linde plc		81,125,150
	195,945		Sherwin-Williams Co		112,143,242
			TOTAL MATERIALS		208,271,252
MEDIA & ENTERTAINMENT - 14.5%
	1,011,084		Activision Blizzard, Inc		56,651,036
	123,810	*	Alphabet, Inc (Class A)		155,852,028
	123,796	*	Alphabet, Inc (Class C)		155,996,578
	1,385,759	*	Facebook, Inc		265,580,712
	347,303	*	IAC/InterActiveCorp		78,924,607
	100,539	*	NetFlix, Inc		28,895,914
	661,458		Walt Disney Co		85,936,623
			TOTAL MEDIA & ENTERTAINMENT		827,837,498
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 10.9%
	1,501,752		AstraZeneca plc		146,446,675
	1,705,635	*	Avantor, Inc		24,237,073
	653,879		Bayer AG.		50,725,426
	511,643		Bristol-Myers Squibb Co		29,352,959
	253,541		Eli Lilly & Co		28,890,997
	235,115	*	Illumina, Inc		69,481,185
	112,947	*	IQVIA Holdings, Inc		16,311,806
	70,835		Lonza Group AG.		25,531,230
	959,170		Merck & Co, Inc		83,121,672
	130,340	*	Regeneron Pharmaceuticals, Inc		39,920,535
	322,453	*	Vertex Pharmaceuticals, Inc		63,033,112
	1,292,004	*,g	Wuxi Biologics Cayman, Inc		15,182,932
	235,749		Zoetis, Inc		30,157,012
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		622,392,614
RETAILING - 9.9%
	189,723	*	Amazon.com, Inc		337,073,265
	19,561	*	Booking Holdings, Inc		40,075,990
	655,538		Expedia, Inc		89,585,823
	403,665		Home Depot, Inc		94,691,736
	45,804		Tiffany & Co		5,703,056
			TOTAL RETAILING		567,129,870
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.5%
	604,373	*	Advanced Micro Devices, Inc		20,506,376
	434,112		Applied Materials, Inc		23,554,917
	221,206		Lam Research Corp		59,955,674
	426,902		NVIDIA Corp		85,815,840

10

TIAA-CREF FUNDS - Large-Cap Growth Fund

SHARES			COMPANY	VALUE
	242,034		NXP Semiconductors NV	$	27,514,425
	820,071		Texas Instruments, Inc		96,760,178
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		314,107,410
SOFTWARE & SERVICES - 27.0%
	625,402	*	Adobe, Inc		173,817,978
	85,897	*,g	Adyen NV		60,472,790
	524,832	*	Akamai Technologies, Inc		45,397,968
	447,057		Automatic Data Processing, Inc		72,526,057
	421,516		Fidelity National Information Services, Inc		55,538,948
	436,338	*	GoDaddy, Inc		28,375,060
	425,533		Intuit, Inc		109,574,748
	771,040		MasterCard, Inc (Class A)		213,431,582
	2,255,983		Microsoft Corp		323,440,283
	800,338	*	PayPal Holdings, Inc		83,315,186
	1,114,662	*	salesforce.com, Inc		174,433,456
	222,280	*	ServiceNow, Inc		54,960,953
	40,496	*	Shopify, Inc (Class A)		12,698,331
	75		TiVo Corp		610
	717,303		Visa, Inc (Class A)		128,296,815
			TOTAL SOFTWARE & SERVICES		1,536,280,765
TECHNOLOGY HARDWARE & EQUIPMENT - 5.3%
	916,256		Apple, Inc		227,927,843
	351,279	*	Keysight Technologies, Inc		35,447,564
	243,395		Motorola Solutions, Inc		40,481,456
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		303,856,863
			TOTAL COMMON STOCKS		5,687,699,654
			(Cost $3,579,477,576)

PRINCIPAL		ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 0.0%
GOVERNMENT AGENCY DEBT - 0.0%
$	3,260,000	Federal Home Loan Bank (FHLB)		1.646	%	01/22/20		3,247,971
		TOTAL GOVERNMENT AGENCY DEBT						3,247,971
		TOTAL SHORT-TERM INVESTMENTS						3,247,971
		(Cost $3,247,822)
		TOTAL INVESTMENTS - 99.7%						5,690,947,625
		(Cost $3,582,725,398)
		OTHER ASSETS & LIABILITIES, NET - 0.3%						16,631,902
		NET ASSETS - 100.0%					$	5,707,579,527

*	Non-income producing
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/2019, the aggregate value of these securities was $75,655,722 or 1.3% of net assets.

11

TIAA-CREF FUNDS - Large-Cap Value Fund

TIAA-CREF FUNDS
LARGE-CAP VALUE FUND
SCHEDULE OF INVESTMENTS
October 31, 2019

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.7%
BANKS - 16.1%
	7,000,000		Bank of America Corp	$	218,890,000
	2,575,000		Citigroup, Inc		185,039,500
	2,225,000		JPMorgan Chase & Co		277,947,000
	370,000		PNC Financial Services Group, Inc		54,279,000
	1,210,000		US Bancorp		68,994,200
	2,000,000		Wells Fargo & Co		103,260,000
			TOTAL BANKS		908,409,700
CAPITAL GOODS - 9.8%
	365,000		Allegion plc		42,354,600
	525,000		Deere & Co		91,423,500
	480,000		Dover Corp		49,867,200
	420,000		Eaton Corp		36,586,200
	3,000,000		General Electric Co		29,940,000
	580,000		Honeywell International, Inc		100,183,400
	540,000		Ingersoll-Rand plc		68,520,600
	1,300,000		Masco Corp		60,125,000
	300,000		Parker-Hannifin Corp		55,047,000
	140,000		Stanley Black & Decker, Inc		21,186,200
			TOTAL CAPITAL GOODS		555,233,700
CONSUMER DURABLES & APPAREL - 1.1%
	17,500	*	NVR, Inc		63,640,325
			TOTAL CONSUMER DURABLES & APPAREL		63,640,325
CONSUMER SERVICES - 0.8%
	220,000		McDonald’s Corp		43,274,000
			TOTAL CONSUMER SERVICES		43,274,000
DIVERSIFIED FINANCIALS - 2.6%
	510,000		American Express Co		59,812,800
	410,000		Goldman Sachs Group, Inc		87,485,800
			TOTAL DIVERSIFIED FINANCIALS		147,298,600
ENERGY - 7.1%
	1,170,000		Chevron Corp		135,883,800
	600,000		Diamondback Energy, Inc		51,456,000
	865,000		EOG Resources, Inc		59,953,150
	1,300,000		Exxon Mobil Corp		87,841,000
	700,000		Valero Energy Corp		67,886,000
			TOTAL ENERGY		403,019,950
FOOD & STAPLES RETAILING - 1.5%
	725,000		Walmart, Inc		85,013,500
			TOTAL FOOD & STAPLES RETAILING		85,013,500

12

TIAA-CREF FUNDS - Large-Cap Value Fund

SHARES			COMPANY	VALUE
FOOD, BEVERAGE & TOBACCO - 2.5%
	1,125,000		Mondelez International, Inc	$	59,006,250
	1,000,000		Philip Morris International, Inc		81,440,000
			TOTAL FOOD, BEVERAGE & TOBACCO		140,446,250
HEALTH CARE EQUIPMENT & SERVICES - 6.9%
	250,000		Abbott Laboratories		20,902,500
	215,000		Anthem, Inc		57,852,200
	310,000		Cigna Corp		55,322,600
	850,000		CVS Health Corp		56,431,500
	290,000		HCA Healthcare, Inc		38,726,600
	475,000		Medtronic plc		51,727,500
	150,000		UnitedHealth Group, Inc		37,905,000
	520,000		Zimmer Biomet Holdings, Inc		71,879,600
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		390,747,500
HOUSEHOLD & PERSONAL PRODUCTS - 2.6%
	1,200,000		Procter & Gamble Co		149,412,000
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		149,412,000
INSURANCE - 7.4%
	1,655,000		American International Group, Inc		87,648,800
	557,325	*	Berkshire Hathaway, Inc (Class B)		118,476,148
	545,000		Chubb Ltd		83,068,900
	875,000		Lincoln National Corp		49,420,000
	395,000		Marsh & McLennan Cos, Inc		40,929,900
	433,475		Prudential Financial, Inc		39,506,912
			TOTAL INSURANCE		419,050,660
MATERIALS - 3.5%
	570,000		Ball Corp		39,882,900
	875,000		Corteva, Inc		23,082,500
	850,000	*	Crown Holdings, Inc		61,914,000
	360,000		DuPont de Nemours, Inc		23,727,600
	400,000		PPG Industries, Inc		50,048,000
			TOTAL MATERIALS		198,655,000
MEDIA & ENTERTAINMENT - 4.4%
	2,650,000		Comcast Corp (Class A)		118,773,000
	1,000,000		Walt Disney Co		129,920,000
			TOTAL MEDIA & ENTERTAINMENT		248,693,000
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.8%
	165,000		Amgen, Inc		35,186,250
	800,000		Bristol-Myers Squibb Co		45,896,000
	735,000		Gilead Sciences, Inc		46,826,850
	115,000	*	Jazz Pharmaceuticals plc		14,447,450
	1,265,000		Johnson & Johnson		167,030,600
	700,000		Merck & Co, Inc		60,662,000
	3,325,000		Pfizer, Inc		127,580,250
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		497,629,400

13

TIAA-CREF FUNDS - Large-Cap Value Fund

SHARES			COMPANY	VALUE
REAL ESTATE - 2.2%
	190,000		AvalonBay Communities, Inc	$	41,355,400
	250,000		Boston Properties, Inc		34,300,000
	565,000		Prologis, Inc		49,584,400
			TOTAL REAL ESTATE		125,239,800
RETAILING - 1.8%
	445,000		Home Depot, Inc		104,388,100
			TOTAL RETAILING		104,388,100
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.1%
	325,000		Analog Devices, Inc		34,654,750
	1,240,000		Applied Materials, Inc		67,282,400
	1,850,000		Intel Corp		104,580,500
	890,000	*	Micron Technology, Inc		42,319,500
	365,000		NXP Semiconductors NV		41,493,200
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		290,330,350
SOFTWARE & SERVICES - 3.2%
	350,000		Accenture plc		64,897,000
	520,000		Microsoft Corp		74,552,400
	700,000		Oracle Corp		38,143,000
			TOTAL SOFTWARE & SERVICES		177,592,400
TECHNOLOGY HARDWARE & EQUIPMENT - 2.0%
	1,175,000		Cisco Systems, Inc		55,824,250
	660,000		TE Connectivity Ltd		59,070,000
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		114,894,250
TELECOMMUNICATION SERVICES - 3.7%
	1,650,000		AT&T, Inc		63,508,500
	2,400,000		Verizon Communications, Inc		145,128,000
			TOTAL TELECOMMUNICATION SERVICES		208,636,500
TRANSPORTATION - 1.7%
	405,000		CSX Corp		28,459,350
	425,000		Union Pacific Corp		70,320,500
			TOTAL TRANSPORTATION		98,779,850
UTILITIES - 4.9%
	550,000		American Electric Power Co, Inc		51,914,500
	400,000		Entergy Corp		48,592,000
	1,325,000		FirstEnergy Corp		64,024,000
	325,000		NextEra Energy, Inc		77,460,500
	265,000		Sempra Energy		38,295,150
			TOTAL UTILITIES		280,286,150
			TOTAL COMMON STOCKS		5,650,670,985
			(Cost $4,658,587,183)

14

TIAA-CREF FUNDS - Large-Cap Value Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
SHORT-TERM INVESTMENTS - 0.2%
GOVERNMENT AGENCY DEBT - 0.2%
$	11,220,000	Federal Home Loan Bank (FHLB)		1.500	%	11/01/19	$	11,220,000
		TOTAL GOVERNMENT AGENCY DEBT						11,220,000
		TOTAL SHORT-TERM INVESTMENTS						11,220,000
		(Cost $11,220,000)
		TOTAL INVESTMENTS - 99.9%						5,661,890,985
		(Cost $4,669,807,183)
		OTHER ASSETS & LIABILITIES, NET - 0.1%						4,257,973
		NET ASSETS - 100.0%					$	5,666,148,958

* Non-income producing

15

TIAA-CREF FUNDS - Mid-Cap Growth Fund

TIAA-CREF FUNDS

MID-CAP GROWTH FUND

SCHEDULE OF INVESTMENTS

October 31, 2019

SHARES			COMPANY	VALUE
COMMON STOCKS - 97.9%
AUTOMOBILES & COMPONENTS - 0.5%
	78,918		Aptiv plc	$	7,067,107
			TOTAL AUTOMOBILES & COMPONENTS		7,067,107
BANKS - 0.5%
	64,649		First Republic Bank		6,876,068
			TOTAL BANKS		6,876,068
CAPITAL GOODS - 10.7%
	206,898		Ametek, Inc		18,962,202
	145,181	*	Axon Enterprise, Inc		7,423,104
	195,961	n	Fortive Corp		13,521,309
	156,912		Ingersoll-Rand plc		19,910,564
	190,396		ITT, Inc		11,319,042
	110,925		L3Harris Technologies, Inc		22,884,937
	165,306		Masco Corp		7,645,402
	58,328		Rockwell Automation, Inc		10,031,833
	44,126		TransDigm Group, Inc		23,222,631
	34,433		W.W. Grainger, Inc		10,634,288
			TOTAL CAPITAL GOODS		145,555,312
COMMERCIAL & PROFESSIONAL SERVICES - 4.9%
	72,500		Cintas Corp		19,478,575
	26,731	*,n	CoStar Group, Inc		14,689,219
	120,065	*	IHS Markit Ltd		8,406,951
	86,646		Verisk Analytics, Inc		12,537,676
	126,664		Waste Connections, Inc		11,703,754
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		66,816,175
CONSUMER DURABLES & APPAREL - 2.3%
	172,316		DR Horton, Inc		9,024,189
	53,398		Hasbro, Inc		5,196,159
	84,973	*,n	Lululemon Athletica, Inc		17,357,435
			TOTAL CONSUMER DURABLES & APPAREL		31,577,783
CONSUMER SERVICES - 3.4%
	21,309	*,n	Chipotle Mexican Grill, Inc (Class A)		16,581,812
	144,566		Hilton Worldwide Holdings, Inc		14,017,119
	172,308	*	Planet Fitness, Inc		10,969,127
	68,898		Restaurant Brands International, Inc		4,508,685
			TOTAL CONSUMER SERVICES		46,076,743
DIVERSIFIED FINANCIALS - 4.3%
	233,164		Apollo Global Management, Inc		9,597,030
	273,782	n	iShares Russell Midcap Growth Index Fund		39,419,133

16

TIAA-CREF FUNDS - Mid-Cap Growth Fund

SHARES			COMPANY	VALUE
	183,701		Voya Financial, Inc	$	9,912,506
			TOTAL DIVERSIFIED FINANCIALS		58,928,669
ENERGY - 0.7%
	54,928		Diamondback Energy, Inc		4,710,625
	333,960		Parsley Energy, Inc		5,279,908
			TOTAL ENERGY		9,990,533
HEALTH CARE EQUIPMENT & SERVICES - 6.5%
	50,435	*	Align Technology, Inc		12,724,246
	159,968		Cerner Corp		10,737,052
	75,000	*	DexCom, Inc		11,568,000
	64,103	*	Guardant Health, Inc		4,455,159
	57,340	*	Haemonetics Corp		6,922,658
	80,798	*	Insulet Corp		11,741,566
	103,993	*	iRhythm Technologies, Inc		6,948,812
	24,515		Teleflex, Inc		8,516,756
	43,840	*	Veeva Systems, Inc		6,217,827
	31,736	*	WellCare Health Plans, Inc		9,412,898
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		89,244,974
HOUSEHOLD & PERSONAL PRODUCTS - 0.7%
	145,818		Church & Dwight Co, Inc		10,198,511
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		10,198,511
MATERIALS - 3.2%
	188,318		Ball Corp		13,176,610
	130,000	*	Berry Global Group, Inc		5,396,300
	121,840	*	Crown Holdings, Inc		8,874,826
	113,136		Vulcan Materials Co		16,163,740
			TOTAL MATERIALS		43,611,476
MEDIA & ENTERTAINMENT - 5.1%
	188,240	*	Altice USA, Inc		5,826,028
	338,583		CBS Corp (Class B)		12,202,531
	72,462	*	IAC/InterActiveCorp		16,466,990
	88,543	e	Match Group, Inc		6,462,754
	538,067	*	Twitter, Inc		16,125,868
	2,105,272	*,n	Zynga, Inc		12,989,528
			TOTAL MEDIA & ENTERTAINMENT		70,073,699
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 9.1%
	571,428	*	Avantor, Inc		8,119,992
	153,391	*	Biohaven Pharmaceutical Holding Co Ltd		7,043,715
	90,175	*	BioMarin Pharmaceutical, Inc		6,601,712
	655,296	*	Coherus Biosciences, Inc		11,382,491
	172,756	*	Exact Sciences Corp		15,029,772
	81,101	*,e	GW Pharmaceuticals plc (ADR)		10,852,936
	400,000	*	Horizon Pharma plc		11,564,000
	88,035	*	Incyte Corp		7,387,897
	93,349	*	IQVIA Holdings, Inc		13,481,463
	83,428	*	Jazz Pharmaceuticals plc		10,481,060
	125,106	*	Neurocrine Biosciences, Inc		12,446,796

17

TIAA-CREF FUNDS - Mid-Cap Growth Fund

SHARES			COMPANY	VALUE
	68,844	*	Sage Therapeutics, Inc	$	9,338,688
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		123,730,522
REAL ESTATE - 2.9%
	382,834		Americold Realty Trust		15,347,815
	300,676	*	CBRE Group, Inc		16,101,200
	35,655		SBA Communications Corp		8,580,376
			TOTAL REAL ESTATE		40,029,391
RETAILING - 9.5%
	16,241	*	AutoZone, Inc		18,585,876
	39,558	*	Burlington Stores, Inc		7,601,861
	112,568		Dollar General Corp		18,049,153
	57,822	*	Dollar Tree, Inc		6,383,548
	175,955	*	Etsy, Inc		7,828,238
	83,847		Expedia, Inc		11,458,531
	549,445	*	Farfetch Ltd		4,906,544
	117,247	*	Five Below, Inc		14,668,772
	55,918	*	O’Reilly Automotive, Inc		24,352,848
	169,001	n	Tractor Supply Co		16,058,475
			TOTAL RETAILING		129,893,846
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 7.5%
	824,043	*,n	Advanced Micro Devices, Inc		27,959,779
	225,487	*	Cree, Inc		10,762,495
	73,036		Kla-Tencor Corp		12,346,005
	65,700		Lam Research Corp		17,807,328
	322,286		Marvell Technology Group Ltd		7,860,556
	140,952	e	Microchip Technology, Inc		13,290,364
	127,360		Xilinx, Inc		11,556,646
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		101,583,173
SOFTWARE & SERVICES - 19.9%
	73,571	*	Akamai Technologies, Inc		6,363,891
	54,000	*,e	Alteryx, Inc		4,941,000
	179,441	*,n	Anaplan, Inc		8,469,615
	81,023	*,e	Datadog, Inc		2,721,563
	70,319	*	EPAM Systems, Inc		12,373,331
	69,854	*	Euronet Worldwide, Inc		9,784,450
	107,461	*	Everbridge, Inc		7,469,614
	265,913	*	Fiserv, Inc		28,224,006
	69,940	*	FleetCor Technologies, Inc		20,577,747
	304,000	*,e	GDS Holdings Ltd (ADR)		12,670,720
	134,796		Global Payments, Inc		22,804,787
	138,601	*	GoDaddy, Inc		9,013,223
	59,416	*	HubSpot, Inc		9,215,422
	192,113	*	LiveRamp Holdings, Inc		7,509,697
	212,992	*	Medallia, Inc		6,193,807
	83,150	*,n	Okta, Inc		9,069,171
	390,325	*,e	Pluralsight, Inc		7,057,076
	81,603	*	Proofpoint, Inc		9,414,538
	148,423	*	RealPage, Inc		8,987,013

18

TIAA-CREF FUNDS - Mid-Cap Growth Fund

SHARES			COMPANY				VALUE
	74,884	*	RingCentral, Inc				$	12,095,264
	194,380	*	Smartsheet, Inc					7,658,572
	117,755	*	Splunk, Inc					14,125,890
	97,058	*	Synopsys, Inc					13,175,623
	16,934	*	Trade Desk, Inc					3,400,347
	136,935	*,e,n	Twilio, Inc					13,222,443
	71,857	*	Zscaler, Inc					3,160,271
			TOTAL SOFTWARE & SERVICES					269,699,081
TECHNOLOGY HARDWARE & EQUIPMENT - 5.4%
	111,317		Amphenol Corp (Class A)					11,168,434
	70,347		CDW Corp					8,998,085
	241,301	*	Ciena Corp					8,957,093
	196,218	*	Keysight Technologies, Inc					19,800,358
	225,286	*	Lumentum Holdings, Inc					14,116,421
	55,802		Motorola Solutions, Inc					9,280,989
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT					72,321,380
TRANSPORTATION - 0.8%
	144,263	*	Kirby Corp					11,419,859
			TOTAL TRANSPORTATION					11,419,859
			TOTAL COMMON STOCKS					1,334,694,302
			(Cost $1,105,652,940)
PURCHASED OPTIONS - 0.1%
MEDIA & ENTERTAINMENT - 0.0%
	100,400		Zynga, Inc					3,012
			TOTAL MEDIA & ENTERTAINMENT					3,012
RETAILING - 0.0%
	115,000		Tractor Supply Co					16,100
			TOTAL RETAILING					16,100
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.0%
	340,600		Advanced Micro Devices, Inc					27,248
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					27,248
SOFTWARE & SERVICES - 0.1%
	179,000		Anaplan, Inc					590,700
	83,100		Okta, Inc					1,113,540
			TOTAL SOFTWARE & SERVICES					1,704,240
			TOTAL PURCHASED OPTIONS					1,750,600
			(Cost $2,740,796)
PRINCIPAL			ISSUER	RATE		MATURITY DATE
SHORT-TERM INVESTMENTS - 5.5%
GOVERNMENT AGENCY DEBT - 3.1%
$	38,350,000		Federal Home Loan Bank (FHLB)	1.500	%	11/01/19		38,350,000
	4,000,000		FHLB	1.701		11/08/19		3,998,693
			TOTAL GOVERNMENT AGENCY DEBT					42,348,693

19

TIAA-CREF FUNDS - Mid-Cap Growth Fund

SHARES			COMPANY	VALUE
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 2.4%
	32,613,068	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	32,613,068
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		32,613,068
			TOTAL SHORT-TERM INVESTMENTS		74,961,761
			(Cost $74,961,746)
			TOTAL INVESTMENTS - 103.5%		1,411,406,663
			(Cost $1,183,355,482)
			OTHER ASSETS & LIABILITIES, NET - (3.5)%		(48,110,785	)
			NET ASSETS - 100.0%	$	1,363,295,878

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 $39,991,575.
n	All or a portion of these securities have been segregated by the custodian to cover requirements on open written options contracts.

Purchased options outstanding as of October 31, 2019 were as follows:

Description/underlying investment	Number of contracts		Notional amount		Exercise price		Expiration date	Value
Advanced Micro Devices, Inc, Put		3,406	$	746,044	$	29.00	11/15/19	$	27,248
Anaplan, Inc, Put		1,790		812,604		44.00	12/20/19		590,700
Okta, Inc, Put		831		964,999		115.00	01/17/20		1,113,540
Tractor Supply Co, Put		1,150		197,281		90.00	11/01/19		16,100
Zynga, Inc, Put		1,004		19,868		6.00	11/01/19		3,012
Total		8,181	$	2,740,796				$	1,750,600

Written options outstanding as of October 31, 2019 were as follows:

Description/underlying investment	Number of contracts		Notional amount			Exercise price		Expiration date	Value
Advanced Micro Devices, Inc, Call		3,406	$	(384,740	)	$	33.00	11/15/19	$	(544,960	)
Advanced Micro Devices, Inc, Put		3,406		(333,651	)		26.00	11/15/19		(10,218	)
Anaplan, Inc, Call		1,790		(357,046	)		52.50	12/20/19		(513,730	)
Anaplan, Inc, Put		1,790		(349,689	)		38.00	12/20/19		(277,450	)
Chipotle Mexican Grill, Inc, Call		90		(208,612	)		860.00	11/15/19		(10,800	)
Fortive Corp, Call		1,959		(39,867	)		80.00	11/15/19		(35,262	)
Lululemon Athletica, Inc, Call		500		(285,994	)		220.00	12/20/19		(260,500	)
Lululemon Athletica, Inc, Put		500		(201,496	)		150.00	12/20/19		(20,000	)
Okta, Inc, Call		831		(480,516	)		135.00	01/17/20		(199,440	)
Okta, Inc, Put		831		(355,868	)		95.00	01/17/20		(371,457	)
Square, Inc, Put		750		(82,498	)		50.00	11/15/19		(17,250	)
Tractor Supply Co, Call		1,150		(26,681	)		105.00	11/01/19		(27,600	)
Tractor Supply Co, Put		1,150		(17,481	)		80.00	11/01/19		(17,250	)
Twilio, Inc, Call		1,000		(223,567	)		120.00	11/15/19		(10,000	)
Zynga, Inc, Call		1,004		(3,977	)		7.00	11/01/19		(1,004	)
Zynga, Inc, Put		1,004		(2,722	)		5.50	11/01/19		(1,004	)
Total		21,161	$	(3,354,405	)				$	(2,317,925	)

20

TIAA-CREF FUNDS - Mid-Cap Value Fund

TIAA-CREF FUNDS

MID-CAP VALUE FUND

SCHEDULE OF INVESTMENTS

October 31, 2019

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.7%
AUTOMOBILES & COMPONENTS - 0.6%
	90,182		Aptiv plc	$	8,075,798
	833,465		Delphi Technologies plc		10,176,608
			TOTAL AUTOMOBILES & COMPONENTS		18,252,406
BANKS - 6.9%
	119,405		CIT Group, Inc		5,121,280
	1,022,373		Citizens Financial Group, Inc		35,946,635
	217,940		Comerica, Inc		14,257,635
	399,685		East West Bancorp, Inc		17,154,480
	202,718		Fifth Third Bancorp		5,895,039
	129,416		First Republic Bank		13,764,686
	430,100		Hilltop Holdings, Inc		10,047,136
	1,356,768		Huntington Bancshares, Inc		19,171,132
	503,311		Keycorp		9,044,499
	128,130		M&T Bank Corp		20,056,189
	947,215		Regions Financial Corp		15,250,161
	253,047		Synovus Financial Corp		8,570,702
	158,050		TCF Financial Corp		6,257,200
	304,022		Zions Bancorporation		14,735,946
			TOTAL BANKS		195,272,720
CAPITAL GOODS - 8.0%
	892,543		Arconic, Inc		24,518,156
	1,014,514		CNH Industrial NV		11,068,348
	351,218		Crane Co		26,875,201
	189,139		Cummins, Inc		32,622,695
	400,991	*	Evoqua Water Technologies Corp		6,965,214
	96,635		Ingersoll-Rand plc		12,262,015
	101,718		L3Harris Technologies, Inc		20,985,441
	192,535		Masco Corp		8,904,744
	508,644	*	Parsons Corp		18,107,726
	181,030	*	SPX FLOW, Inc		8,197,038
	51,426		Stanley Black & Decker, Inc		7,782,297
	592,759		Terex Corp		16,330,510
	735,382		Triumph Group, Inc		15,273,884
	895,732	*	Welbilt, Inc		16,983,079
			TOTAL CAPITAL GOODS		226,876,348
COMMERCIAL & PROFESSIONAL SERVICES - 1.2%
	119,588	*	Cimpress NV		15,799,967
	386,565		Nielsen NV		7,793,150
	200,990	*,e	Stericycle, Inc		11,577,024
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		35,170,141

21

TIAA-CREF FUNDS - Mid-Cap Value Fund

SHARES			COMPANY	VALUE
CONSUMER DURABLES & APPAREL - 3.9%
	568,918	*	Capri Holdings Ltd	$	17,676,282
	622,192		Hanesbrands, Inc		9,463,540
	341,851		Lennar Corp (Class A)		20,374,320
	178,319	*	Mohawk Industries, Inc		25,567,378
	1,456,803		Newell Rubbermaid, Inc		27,635,553
	107,901	*	Tempur Sealy International, Inc		9,813,596
			TOTAL CONSUMER DURABLES & APPAREL		110,530,669
CONSUMER SERVICES - 3.0%
	132,955		ARAMARK Holdings Corp		5,818,111
	1,003,439	*	Penn National Gaming, Inc		21,388,302
	546,184		Red Rock Resorts, Inc		11,895,887
	144,075		Royal Caribbean Cruises Ltd		15,679,682
	99,943		Wyndham Destinations, Inc		4,638,355
	175,198		Wyndham Hotels & Resorts, Inc		9,455,436
	120,626		Wynn Resorts Ltd		14,636,759
			TOTAL CONSUMER SERVICES		83,512,532
DIVERSIFIED FINANCIALS - 6.9%
	275,413		Ameriprise Financial, Inc		41,557,068
	354,092		Apollo Global Management, Inc		14,574,427
	371,851		AXA Equitable Holdings, Inc		8,031,981
	158,716		Blackstone Mortgage Trust, Inc		5,761,391
	274,830		E*TRADE Financial Corp		11,485,146
	503,954		MFA Mortgage Investments, Inc		3,825,011
	210,705		Northern Trust Corp		21,003,074
	314,579		Raymond James Financial, Inc		26,264,201
	267,645		Sculptor Capital Management, Inc		4,809,580
	356,095		State Street Corp		23,527,197
	287,603		Synchrony Financial		10,172,518
	460,920		Voya Financial, Inc		24,871,243
			TOTAL DIVERSIFIED FINANCIALS		195,882,837
ENERGY - 5.8%
	90,483	e	Arch Coal, Inc		7,138,204
	924,266		Baker Hughes a GE Co		19,779,293
	36,047		Cimarex Energy Co		1,521,904
	360,590		Concho Resources, Inc		24,347,037
	79,326		EQT Corp		851,961
	63,489		Equitrans Midstream Corp		883,767
	1,061,299		Marathon Oil Corp		12,236,778
	952,788	*,e	Matador Resources Co		13,253,281
	1,249,690		Parsley Energy, Inc		19,757,599
	350,877		Patterson-UTI Energy, Inc		2,919,297
	442,440		Targa Resources Investments, Inc		17,202,067
	1,117,895	*	Transocean Ltd		5,310,001
	965,549		Williams Cos, Inc		21,541,398
	1,728,736	*	WPX Energy, Inc		17,252,785
			TOTAL ENERGY		163,995,372
FOOD, BEVERAGE & TOBACCO - 3.9%
	671,482		Bunge Ltd		36,260,028

22

TIAA-CREF FUNDS - Mid-Cap Value Fund

SHARES			COMPANY	VALUE
	522,110		ConAgra Brands, Inc	$	14,123,076
	1,180,298		Cott Corp		15,166,829
	713,375	*,e	Hain Celestial Group, Inc		16,864,185
	213,324		Kellogg Co		13,552,474
	51,749		Molson Coors Brewing Co (Class B)		2,728,207
	135,310		Tyson Foods, Inc (Class A)		11,202,315
			TOTAL FOOD, BEVERAGE & TOBACCO		109,897,114
HEALTH CARE EQUIPMENT & SERVICES - 5.1%
	122,215		Cardinal Health, Inc		6,043,532
	234,107	*	Envista Holdings Corp		6,866,358
	304,905	*	Hologic, Inc		14,729,960
	160,840	*	Laboratory Corp of America Holdings		26,501,607
	221,017		McKesson Corp		29,395,261
	113,595	*	Molina Healthcare, Inc		13,363,316
	340,469		Zimmer Biomet Holdings, Inc		47,063,030
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		143,963,064
HOUSEHOLD & PERSONAL PRODUCTS - 0.6%
	428,658	e	Energizer Holdings, Inc		18,213,678
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		18,213,678
INSURANCE - 5.9%
	13,972	*	Alleghany Corp		10,874,268
	178,923	*	Arch Capital Group Ltd		7,471,824
	236,686		Argo Group International Holdings Ltd		14,643,763
	258,685	*	Athene Holding Ltd		11,213,995
	394,589		Axis Capital Holdings Ltd		23,450,424
	1,004,547	*	BRP Group, Inc		16,273,661
	46,953		Everest Re Group Ltd		12,071,147
	762,841		Hartford Financial Services Group, Inc		43,542,965
	337,561		Lincoln National Corp		19,065,445
	125,813		Principal Financial Group		6,715,898
			TOTAL INSURANCE		165,323,390
MATERIALS - 7.5%
	190,359		Ashland Global Holdings, Inc		14,728,076
	618,635	*	Axalta Coating Systems Ltd		18,243,546
	410,558	*	Berry Global Group, Inc		17,042,263
	232		CF Industries Holdings, Inc		10,521
	307,974		Corteva, Inc		8,124,354
	704,653		First Quantum Minerals Ltd		5,954,588
	1,598,009		Freeport-McMoRan, Inc (Class B)		15,692,448
	780,675		Louisiana-Pacific Corp		22,819,130
	826,953		Mosaic Co		16,439,826
	528,790		Newmont Goldcorp Corp		21,008,827
	133,396		Nutrien Ltd		6,374,995
	789,551		Olin Corp		14,480,365
	733,318		Tronox Holdings plc		6,225,870
	289,845		Westlake Chemical Corp		18,315,305
	47,562		WestRock Co		1,777,392
	388,771		WR Grace and Co		25,833,833
			TOTAL MATERIALS		213,071,339

23

TIAA-CREF FUNDS - Mid-Cap Value Fund

SHARES			COMPANY	VALUE
MEDIA & ENTERTAINMENT - 3.1%
	184,188		Activision Blizzard, Inc	$	10,320,054
	474,275	*	Altice USA, Inc		14,678,811
	1,974,400	*	Conyers Park II Acquisition Corp		21,175,440
	779,141	*	DISH Network Corp (Class A)		26,786,868
	36,224	*	IAC/InterActiveCorp		8,231,904
	205,815		Viacom, Inc (Class B)		4,437,371
			TOTAL MEDIA & ENTERTAINMENT		85,630,448
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 2.0%
	377,443	*	Exelixis, Inc		5,831,494
	127,288	*	Jazz Pharmaceuticals plc		15,991,192
	541,860	*	Mylan NV		10,376,619
	108,099	*	PerkinElmer, Inc		9,292,190
	170,644	*	Prestige Consumer Healthcare, Inc.		6,051,036
	217,693	*	QIAGEN NV		6,489,428
	384,220	*	Teva Pharmaceutical Industries Ltd (ADR)		3,131,393
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		57,163,352
REAL ESTATE - 12.1%
	193,932		American Assets Trust, Inc		9,494,911
	199,830		American Campus Communities, Inc		9,987,503
	153,078		AvalonBay Communities, Inc		33,318,958
	161,902		Boston Properties, Inc		22,212,954
	135,509		Camden Property Trust		15,498,164
	254,806		CyrusOne, Inc		18,162,572
	309,345		Equity Commonwealth		9,954,722
	175,362		Gaming and Leisure Properties, Inc		7,077,610
	465,953	*	Healthpeak Properties Inc		17,529,152
	743,728		Host Hotels and Resorts, Inc		12,189,702
	252,065		Kennedy-Wilson Holdings, Inc		5,800,016
	202,046		Kimco Realty Corp		4,356,112
	226,486		MGM Growth Properties LLC		7,068,628
	149,190		Mid-America Apartment Communities, Inc		20,735,918
	429,799		Monmouth Real Estate Investment Corp (Class A)		6,481,369
	287,046		Park Hotels & Resorts, Inc		6,673,819
	327,787		QTS Realty Trust, Inc		17,566,105
	245,951		Rexford Industrial Realty, Inc		11,827,784
	101,138		SL Green Realty Corp		8,455,137
	179,969		Ventas, Inc		11,715,982
	1,510,036		VEREIT, Inc		14,858,754
	325,482		Weingarten Realty Investors		10,327,544
	318,572		Welltower, Inc		28,891,295
	1,078,178		Weyerhaeuser Co		31,493,579
			TOTAL REAL ESTATE		341,678,290
RETAILING - 2.6%
	98,087	*	Dollar Tree, Inc		10,828,805
	330,908		eBay, Inc		11,664,507
	103,613		Expedia, Inc		14,159,752
	917,785	*	Groupon, Inc		2,551,442

24

TIAA-CREF FUNDS - Mid-Cap Value Fund

SHARES			COMPANY	VALUE
	447,741		L Brands, Inc	$	7,629,507
	762,429	*	LKQ Corp		25,914,962
			TOTAL RETAILING		72,748,975
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.4%
	83,766	*	Advanced Micro Devices, Inc		2,842,180
	423,797	*	Cree, Inc		20,227,831
	311,694	*	First Solar, Inc		16,142,632
	259,344		NXP Semiconductors NV		29,482,226
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		68,694,869
SOFTWARE & SERVICES - 2.4%
	248,897		DXC Technology Co		6,886,980
	105,652	*	Proofpoint, Inc		12,189,071
	191,761	*	PTC, Inc		12,830,729
	333,944	*	Teradata Corp		9,994,944
	723,141		Western Union Co		18,121,913
	191,809	*,e	Zscaler, Inc		8,435,760
			TOTAL SOFTWARE & SERVICES		68,459,397
TECHNOLOGY HARDWARE & EQUIPMENT - 3.2%
	314,516	*	Ciena Corp		11,674,834
	660,677	*	CommScope Holding Co, Inc		7,399,582
	400,114		Corning, Inc		11,855,378
	616,080	*	Extreme Networks, Inc		3,967,555
	380,219		Juniper Networks, Inc		9,437,036
	226,107	*	Lumentum Holdings, Inc		14,167,865
	596,494		Western Digital Corp		30,808,915
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		89,311,165
TELECOMMUNICATION SERVICES - 0.8%
	538,443		CenturyLink, Inc		6,967,452
	632,329		Telephone & Data Systems, Inc		16,497,464
			TOTAL TELECOMMUNICATION SERVICES		23,464,916
TRANSPORTATION - 2.3%
	162,101		Alaska Air Group, Inc		11,254,673
	306,168		American Airlines Group, Inc		9,203,410
	64,730		Kansas City Southern Industries, Inc		9,112,689
	209,436	*	Kirby Corp		16,578,954
	502,424	e	Knight-Swift Transportation Holdings, Inc		18,318,379
			TOTAL TRANSPORTATION		64,468,105
UTILITIES - 9.5%
	542,214		Alliant Energy Corp		28,921,695
	78,784		Ameren Corp		6,121,517
	232,163		DTE Energy Co		29,558,993
	95,933		Duke Energy Corp		9,042,644
	193,533		Edison International		12,173,226
	220,200		Entergy Corp		26,749,896
	85,330		Evergy, Inc		5,453,440
	1,015,309		FirstEnergy Corp		49,059,731
	236,863		OGE Energy Corp		10,199,321

25

TIAA-CREF FUNDS - Mid-Cap Value Fund

SHARES		COMPANY	VALUE
	178,900	PPL Corp	$	5,991,361
	369,810	Public Service Enterprise Group, Inc		23,412,671
	208,571	Sempra Energy		30,140,595
	99,909	Southwest Gas Corp		8,722,056
	390,771	Vistra Energy Corp		10,562,540
	210,288	Xcel Energy, Inc		13,355,391
		TOTAL UTILITIES		269,465,077
		TOTAL COMMON STOCKS		2,821,046,204
		(Cost $2,414,363,162)

PRINCIPAL			ISSUER	RATE		MATURITY DATE
SHORT-TERM INVESTMENTS - 1.6%
GOVERNMENT AGENCY DEBT - 0.2%
$	5,900,000		Federal Home Loan Bank (FHLB)	1.500	%	11/01/19		5,900,000
			TOTAL GOVERNMENT AGENCY DEBT					5,900,000
TREASURY DEBT - 0.1%
	2,400,000		United States Treasury Bill	1.679		11/19/19		2,398,154
			TOTAL TREASURY DEBT					2,398,154
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.3%
	35,833,353	c	State Street Navigator Securities Lending Government Money Market Portfolio					35,833,353
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES					35,833,353
			TOTAL SHORT-TERM INVESTMENTS					44,131,507
			(Cost $44,131,340)
			TOTAL INVESTMENTS - 101.3%					2,865,177,711
			(Cost $2,458,494,502)
			OTHER ASSETS & LIABILITIES, NET - (1.3)%					(36,453,083	)
			NET ASSETS - 100.0%				$	2,828,724,628

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 $35,893,071.

26

TIAA-CREF FUNDS - Quant Large-Cap Growth Fund

TIAA-CREF FUNDS

QUANT LARGE-CAP GROWTH FUND

SCHEDULE OF INVESTMENTS

October 31, 2019

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.7%
BANKS - 0.7%
	123,668		CIT Group, Inc	$	5,304,120
	64,934		Signature Bank		7,682,991
	159,497		Western Alliance Bancorp		7,867,987
			TOTAL BANKS		20,855,098
CAPITAL GOODS - 7.5%
	16,169		3M Co		2,667,723
	198,653		Allison Transmission Holdings, Inc		8,663,257
	71,554		Boeing Co		24,321,920
	65,277		Carlisle Cos, Inc		9,939,729
	101,580		Fortune Brands Home & Security, Inc		6,099,879
	32,647		General Dynamics Corp		5,771,990
	30,167		HEICO Corp (Class A)		2,874,010
	70,332		Hexcel Corp		5,248,174
	102,512		Honeywell International, Inc		17,706,898
	63,673		Hubbell, Inc		9,022,464
	30,828		Illinois Tool Works, Inc		5,196,984
	78,721		L3Harris Technologies, Inc		16,240,929
	79,300		Lockheed Martin Corp		29,870,724
	64,198		Northrop Grumman Corp		22,628,511
	34,387		Raytheon Co		7,297,265
	164,367		Spirit Aerosystems Holdings, Inc (Class A)		13,448,508
	29,475		TransDigm Group, Inc		15,512,103
	94,462	*	United Rentals, Inc		12,617,290
	4,686		W.W. Grainger, Inc		1,447,224
			TOTAL CAPITAL GOODS		216,575,582
COMMERCIAL & PROFESSIONAL SERVICES - 1.4%
	48,010		Cintas Corp		12,898,847
	74,810		Republic Services, Inc		6,546,623
	54,315		TransUnion		4,487,505
	1,378		Verisk Analytics, Inc		199,397
	147,624		Waste Management, Inc		16,564,889
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		40,697,261
CONSUMER DURABLES & APPAREL - 1.0%
	18,451		Hanesbrands, Inc		280,640
	131,828		Nike, Inc (Class B)		11,805,197
	96,849		Polaris Industries, Inc		9,554,154
	160,590	*	Skechers U.S.A., Inc (Class A)		6,001,248
			TOTAL CONSUMER DURABLES & APPAREL		27,641,239
CONSUMER SERVICES - 1.8%
	57,712		Darden Restaurants, Inc		6,479,326

27

TIAA-CREF FUNDS - Quant Large-Cap Growth Fund

SHARES			COMPANY	VALUE
	34,469		Dunkin Brands Group, Inc	$	2,709,953
	8,852		Hilton Worldwide Holdings, Inc		858,290
	346,091		Starbucks Corp		29,265,455
	13,113		Vail Resorts, Inc		3,047,068
	239,224		Yum China Holdings, Inc		10,167,020
			TOTAL CONSUMER SERVICES		52,527,112
DIVERSIFIED FINANCIALS - 4.3%
	35,841		American Express Co		4,203,432
	33,725		Ameriprise Financial, Inc		5,088,765
	68,407		CBOE Global Markets, Inc		7,877,066
	14,976		Charles Schwab Corp		609,673
	20,676	*	Credit Acceptance Corp		9,052,160
	144,882		Discover Financial Services		11,628,229
	142,000		iShares Russell 1000 Growth Index Fund		23,307,880
	125,431		LPL Financial Holdings, Inc		10,139,842
	9,101		Moody’s Corp		2,008,500
	58,620		MSCI, Inc (Class A)		13,749,907
	29,285		S&P Global, Inc		7,555,237
	297,648		Synchrony Financial		10,527,810
	44,443		T Rowe Price Group, Inc		5,146,499
	263,665		TD Ameritrade Holding Corp		10,119,463
	38,983		Voya Financial, Inc		2,103,523
			TOTAL DIVERSIFIED FINANCIALS		123,117,986
FOOD & STAPLES RETAILING - 1.7%
	48,867		Casey’s General Stores, Inc		8,346,972
	68,899		Costco Wholesale Corp		20,470,582
	121,373	*	Sprouts Farmers Market, Inc		2,355,850
	238,717		SYSCO Corp		19,066,327
			TOTAL FOOD & STAPLES RETAILING		50,239,731
FOOD, BEVERAGE & TOBACCO - 2.8%
	58,210		Campbell Soup Co		2,695,705
	348,441		Coca-Cola Co		18,965,644
	89,444		Hershey Co		13,136,641
	138,872		Kellogg Co		8,822,538
	61,125		McCormick & Co, Inc		9,822,176
	199,944		PepsiCo, Inc		27,426,318
			TOTAL FOOD, BEVERAGE & TOBACCO		80,869,022
HEALTH CARE EQUIPMENT & SERVICES - 4.5%
	44,290		Abbott Laboratories		3,703,087
	122,938		AmerisourceBergen Corp		10,496,446
	66,104	*	Boston Scientific Corp		2,756,537
	1,277	*	Edwards Lifesciences Corp		304,411
	31,586		Encompass Health Corp		2,022,136
	103,659		HCA Healthcare, Inc		13,842,623
	27,481		Hill-Rom Holdings, Inc		2,876,986
	59,653	*	Hologic, Inc		2,881,836
	5,948	*	Intuitive Surgical, Inc		3,288,947
	9,844	*	Laboratory Corp of America Holdings		1,621,996
	17,753		STERIS plc		2,513,292

28

TIAA-CREF FUNDS - Quant Large-Cap Growth Fund

SHARES			COMPANY	VALUE
	46,602		Stryker Corp	$	10,078,614
	224,226		UnitedHealth Group, Inc		56,661,910
	77,120	*	Veeva Systems, Inc		10,937,930
	24,387		West Pharmaceutical Services, Inc		3,507,826
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		127,494,577
HOUSEHOLD & PERSONAL PRODUCTS - 0.2%
	12,916		Estee Lauder Cos (Class A)		2,405,863
	54,374	*	Herbalife Ltd		2,428,887
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		4,834,750
INSURANCE - 0.9%
	16,084		Aon plc		3,106,786
	257,153	*	Arch Capital Group Ltd		10,738,709
	15,736		Everest Re Group Ltd		4,045,568
	32,931		Marsh & McLennan Cos, Inc		3,412,310
	16,688		RenaissanceRe Holdings Ltd		3,123,660
			TOTAL INSURANCE		24,427,033
MATERIALS - 0.9%
	182,534		CF Industries Holdings, Inc		8,277,917
	74,375		Ecolab, Inc		14,285,206
	28,634		Scotts Miracle-Gro Co (Class A)		2,874,567
	42,498		Sealed Air Corp		1,775,142
			TOTAL MATERIALS		27,212,832
MEDIA & ENTERTAINMENT - 11.1%
	57,735	*	Alphabet, Inc (Class A)		72,676,818
	58,637	*	Alphabet, Inc (Class C)		73,889,070
	253,572	*	Altice USA, Inc		7,848,053
	31,609	*	AMC Networks, Inc		1,376,572
	519,815		Comcast Corp (Class A)		23,298,108
	422,036	*	Facebook, Inc		80,883,200
	425,148		Interpublic Group of Cos, Inc		9,246,969
	52,694	*	NetFlix, Inc		15,144,783
	147,263		Omnicom Group, Inc		11,367,231
	85,337	*	Take-Two Interactive Software, Inc		10,270,308
	489,726	*	Twitter, Inc		14,677,088
			TOTAL MEDIA & ENTERTAINMENT		320,678,200
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.1%
	235,067		AbbVie, Inc		18,699,580
	117,758	*	Alexion Pharmaceuticals, Inc		12,411,693
	131,558		Amgen, Inc		28,054,744
	30,646		Bristol-Myers Squibb Co		1,758,161
	11,226		Bruker BioSciences Corp		499,557
	139,374	*	Celgene Corp		15,056,573
	120,168		Eli Lilly & Co		13,693,143
	91,476	*	Exelixis, Inc		1,413,304
	277,825	*	Horizon Pharma plc		8,031,921
	92,186	*	IQVIA Holdings, Inc		13,313,502
	27,784	*	Jazz Pharmaceuticals plc		3,490,504

29

TIAA-CREF FUNDS - Quant Large-Cap Growth Fund

SHARES			COMPANY	VALUE
	38,023		Johnson & Johnson	$	5,020,557
	622,523		Merck & Co, Inc		53,947,843
	83,322	*	PRA Health Sciences, Inc		8,141,393
	72,796		Thermo Fisher Scientific, Inc		21,982,936
	26,235	*	Vertex Pharmaceuticals, Inc		5,128,418
	183,599		Zoetis, Inc		23,485,984
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		234,129,813
REAL ESTATE - 1.9%
	66,409		American Tower Corp		14,482,474
	57,216	*	CBRE Group, Inc		3,063,917
	49,459		Crown Castle International Corp		6,864,415
	8,510		Equinix, Inc		4,823,298
	32,461		Extra Space Storage, Inc		3,644,396
	33,676		Lamar Advertising Co		2,694,417
	5,104		Public Storage, Inc		1,137,477
	113,107		Simon Property Group, Inc		17,042,963
			TOTAL REAL ESTATE		53,753,357
RETAILING - 9.3%
	84,560	*	Amazon.com, Inc		150,234,370
	1,952	*	AutoZone, Inc		2,233,830
	119,432		Best Buy Co, Inc		8,578,800
	6,197	*	Booking Holdings, Inc		12,696,228
	20,494		Dollar General Corp		3,286,008
	84,530		eBay, Inc		2,979,682
	89,676		Expedia, Inc		12,255,122
	103,296		Home Depot, Inc		24,231,176
	223,550		L Brands, Inc		3,809,292
	119,296		Lowe’s Companies, Inc		13,314,627
	4,631	*	O’Reilly Automotive, Inc		2,016,847
	157,260		Ross Stores, Inc		17,246,704
	79,509		Target Corp		8,500,307
	80,411		TJX Companies, Inc		4,635,694
	24,028	e	Williams-Sonoma, Inc		1,604,830
			TOTAL RETAILING		267,623,517
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.5%
	103,907		Analog Devices, Inc		11,079,603
	115,599		Broadcom, Inc		33,853,167
	2,939		Kla-Tencor Corp		496,809
	65,549		Lam Research Corp		17,766,401
	88,161		NVIDIA Corp		17,722,124
	172,565		QUALCOMM, Inc		13,881,129
	151,178		Teradyne, Inc		9,255,117
	231,372		Texas Instruments, Inc		27,299,582
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		131,353,932
SOFTWARE & SERVICES - 23.6%
	154,360		Accenture plc		28,621,431
	58,811	*	Adobe, Inc		16,345,341
	63,078	*	Akamai Technologies, Inc		5,456,247
	149,260		Automatic Data Processing, Inc		24,214,450

30

TIAA-CREF FUNDS - Quant Large-Cap Growth Fund

SHARES			COMPANY	VALUE
	167,356		Booz Allen Hamilton Holding Co	$	11,776,842
	76,672	*	Cadence Design Systems, Inc		5,010,515
	10,955		CDK Global, Inc		553,666
	301,407	*	Dropbox, Inc		5,973,887
	3,902	*	EPAM Systems, Inc		686,596
	75,150	*	Euronet Worldwide, Inc		10,526,260
	12,771	*	Fair Isaac Corp		3,882,895
	152,602		Fidelity National Information Services, Inc		20,106,840
	36,485	*	First American Corp		1,477,278
	211,713	*	Fiserv, Inc		22,471,218
	149,774	*	Fortinet, Inc		12,215,567
	48,239	*	Gartner, Inc		7,432,665
	208,486		Genpact Ltd		8,166,397
	28,057		Global Payments, Inc		4,746,683
	16,935	*	HubSpot, Inc		2,626,618
	143,184		International Business Machines Corp		19,147,996
	32,213		Intuit, Inc		8,294,847
	161,046		MasterCard, Inc (Class A)		44,579,143
	1,570,607		Microsoft Corp		225,177,926
	257,085		Oracle Corp		14,008,562
	27,975	*	Paycom Software, Inc		5,917,552
	41,016	*	Paylocity Holding Corp		4,208,242
	327,389	*	PayPal Holdings, Inc		34,081,195
	14,854	*	Proofpoint, Inc		1,713,706
	129,427	*	salesforce.com, Inc		20,254,031
	78,757	*	ServiceNow, Inc		19,473,456
	136,454	*	Square, Inc		8,382,369
	39,858	*	Synopsys, Inc		5,410,723
	67,043	*	VeriSign, Inc		12,739,511
	319,203		Visa, Inc (Class A)		57,092,649
	25,429	*	WEX, Inc		4,810,658
			TOTAL SOFTWARE & SERVICES		677,583,962
TECHNOLOGY HARDWARE & EQUIPMENT - 11.3%
	7,139		Amphenol Corp (Class A)		716,256
	895,122		Apple, Inc		222,670,549
	109,936		CDW Corp		14,061,914
	1,066,439		Cisco Systems, Inc		50,666,517
	94,951	*	Dell Technologies, Inc		5,021,958
	679	*	F5 Networks, Inc		97,830
	104,108		Jabil Circuit, Inc		3,833,256
	87,103	*	Keysight Technologies, Inc		8,789,564
	83,904		Motorola Solutions, Inc		13,954,913
	79,860	*	NCR Corp		2,332,711
	22,127	e	Ubiquiti, Inc		2,801,057
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		324,946,525
TELECOMMUNICATION SERVICES - 0.3%
	96,930	*	T-Mobile US, Inc		8,012,234
			TOTAL TELECOMMUNICATION SERVICES		8,012,234

31

TIAA-CREF FUNDS - Quant Large-Cap Growth Fund

SHARES			COMPANY				VALUE
TRANSPORTATION - 1.9%
	95,688		Alaska Air Group, Inc				$	6,643,618
	181,558		Delta Air Lines, Inc					10,000,215
	234,576		Southwest Airlines Co					13,166,751
	80,402		Union Pacific Corp					13,303,315
	96,755		United Parcel Service, Inc (Class B)					11,143,273
			TOTAL TRANSPORTATION					54,257,172
			TOTAL COMMON STOCKS					2,868,830,935
			(Cost $1,894,207,430)
PRINCIPAL			ISSUER	RATE		MATURITY DATE
SHORT-TERM INVESTMENTS - 0.2%
GOVERNMENT AGENCY DEBT - 0.0%
$	380,000		Federal Home Loan Bank (FHLB)	1.500	%	11/01/19		380,000
			TOTAL GOVERNMENT AGENCY DEBT					380,000
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.2%
	6,481,932	c	State Street Navigator Securities Lending Government Money Market Portfolio					6,481,932
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES					6,481,932
			TOTAL SHORT-TERM INVESTMENTS					6,861,932
			(Cost $6,861,932)
			TOTAL INVESTMENTS – 99.9%					2,875,692,867
			(Cost $1,901,069,362)
			OTHER ASSETS & LIABILITIES, NET - 0.1%					909,065
			NET ASSETS - 100.0%				$	2,876,601,932

*	Non-income producing
c	Investments made with cash collateral received from securities on loan.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $4,389,791.

32

TIAA-CREF FUNDS - Quant Large-Cap Value Fund

TIAA-CREF FUNDS

QUANT LARGE-CAP VALUE FUND

SCHEDULE OF INVESTMENTS

October 31, 2019

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.7%
AUTOMOBILES & COMPONENTS - 0.4%
	287,972		Ford Motor Co	$	2,473,679
	122,329		General Motors Co		4,545,746
	95,686		Gentex Corp		2,683,992
			TOTAL AUTOMOBILES & COMPONENTS		9,703,417
BANKS - 10.8%
	1,927,615		Bank of America Corp		60,276,521
	120,149		Bank OZK		3,371,381
	47,809		BankUnited		1,639,849
	45,988		BB&T Corp		2,439,663
	58,346		CIT Group, Inc		2,502,460
	572,136		Citigroup, Inc		41,113,693
	370,472		Citizens Financial Group, Inc		13,025,795
	70,082		East West Bancorp, Inc		3,007,919
	235,761		Fifth Third Bancorp		6,855,930
	496,054		First Horizon National Corp		7,921,982
	509,480		JPMorgan Chase & Co		63,644,242
	605,648		Keycorp		10,883,494
	501,880		MGIC Investment Corp		6,880,775
	108,510		PacWest Bancorp		4,013,785
	11,164		PNC Financial Services Group, Inc		1,637,759
	70,532		Popular, Inc		3,841,173
	83,010		SunTrust Banks, Inc		5,672,903
	148,156		TCF Financial Corp		5,865,496
	154,635		Umpqua Holdings Corp		2,446,326
	85,181		US Bancorp		4,857,021
	81,781		Webster Financial Corp		3,606,542
	639,919		Wells Fargo & Co		33,039,018
			TOTAL BANKS		288,543,727
CAPITAL GOODS - 7.0%
	71,761		3M Co		11,839,847
	267,880	*	Aecom Technology Corp		10,717,879
	121,312		Ametek, Inc		11,118,245
	26,312		BWX Technologies, Inc		1,528,727
	35,726		Carlisle Cos, Inc		5,439,998
	54,094		Caterpillar, Inc		7,454,153
	26,593		Crane Co		2,034,896
	1,724		Cummins, Inc		297,356
	33,758		Curtiss-Wright Corp		4,565,769
	22,561		Deere & Co		3,928,773
	29,170		Dover Corp		3,030,471
	17,640		Eaton Corp		1,536,620
	492,992		General Electric Co		4,920,060
	109,855	e	GrafTech International Ltd		1,327,048

33

TIAA-CREF FUNDS - Quant Large-Cap Value Fund

SHARES			COMPANY	VALUE
	61,271		Hexcel Corp	$	4,572,042
	38,460		Honeywell International, Inc		6,643,196
	13,249		Ingersoll-Rand plc		1,681,166
	81,729		ITT, Inc		4,858,789
	53,384		Johnson Controls International plc		2,313,129
	67,816		L3Harris Technologies, Inc		13,991,119
	111,157		Masco Corp		5,141,011
	157,643		Owens Corning, Inc		9,660,363
	211,876		PACCAR, Inc		16,115,288
	19,914		Raytheon Co		4,225,950
	117,152	*	Resideo Technologies, Inc		1,116,459
	2,008		Roper Industries, Inc		676,616
	68,982		Spirit Aerosystems Holdings, Inc (Class A)		5,644,107
	37,206		Timken Co		1,823,094
	83,519	*	United Rentals, Inc		11,155,633
	114,615		United Technologies Corp		16,456,422
	8,609		Valmont Industries, Inc		1,181,069
	77,088	*	WABCO Holdings, Inc		10,377,587
			TOTAL CAPITAL GOODS		187,372,882
COMMERCIAL & PROFESSIONAL SERVICES - 0.8%
	15,284	e	ADT, Inc		118,298
	18,813	*	Clean Harbors, Inc		1,551,320
	76,589	*	IAA, Inc		2,921,870
	350,639		Nielsen NV		7,068,882
	96,451		Waste Management, Inc		10,822,767
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		22,483,137
CONSUMER DURABLES & APPAREL - 1.0%
	219,515		DR Horton, Inc		11,496,000
	43,461	*	Garmin Ltd		4,074,469
	6,839		Lennar Corp (B Shares)		321,570
	16,361		Polaris Industries, Inc		1,614,013
	210,620		Pulte Homes, Inc		8,264,729
	56,368	*	Skechers U.S.A., Inc (Class A)		2,106,472
			TOTAL CONSUMER DURABLES & APPAREL		27,877,253
CONSUMER SERVICES - 2.7%
	77,570		ARAMARK Holdings Corp		3,394,463
	48,244		Dunkin Brands Group, Inc		3,792,943
	121,467		Extended Stay America, Inc		1,726,046
	104,949	*	frontdoor, Inc		5,061,690
	97,365		H&R Block, Inc		2,433,152
	196,815		Las Vegas Sands Corp		12,171,040
	99,155		McDonald’s Corp		19,503,788
	115,919		Royal Caribbean Cruises Ltd		12,615,465
	38,043		Six Flags Entertainment Corp		1,605,034
	38,187		Vail Resorts, Inc		8,873,513
			TOTAL CONSUMER SERVICES		71,177,134
DIVERSIFIED FINANCIALS - 8.0%
	313,042		Ally Financial, Inc		9,588,476
	68,714		American Express Co		8,058,778

34

TIAA-CREF FUNDS - Quant Large-Cap Value Fund

SHARES			COMPANY	VALUE
	184,390		Bank of New York Mellon Corp	$	8,620,233
	3,874		BlackRock, Inc		1,788,626
	166,897		Capital One Financial Corp		15,563,145
	28,303		CME Group, Inc		5,823,342
	57,598		Discover Financial Services		4,622,815
	68,940		E*TRADE Financial Corp		2,881,003
	20,714		Evercore Partners, Inc (Class A)		1,525,379
	66,695		Goldman Sachs Group, Inc		14,231,379
	19,144		IntercontinentalExchange Group, Inc		1,805,662
	727,000		iShares Russell 1000 Value Index Fund		94,560,890
	48,948		Lazard Ltd (Class A)		1,827,229
	108,104		Legg Mason, Inc		4,027,955
	264,684		Morgan Stanley		12,188,698
	56,234		OneMain Holdings, Inc		2,249,360
	207,673		Santander Consumer USA Holdings, Inc		5,208,439
	242,556		SLM Corp		2,047,173
	95,357		State Street Corp		6,300,237
	145,677		Synchrony Financial		5,152,596
	35,245		TD Ameritrade Holding Corp		1,352,703
	51,118		Voya Financial, Inc		2,758,327
			TOTAL DIVERSIFIED FINANCIALS		212,182,445
ENERGY - 7.3%
	40,818	*	Apergy Corp		1,027,389
	480,018		Cabot Oil & Gas Corp		8,947,536
	651,746	*	Centennial Resource Development, Inc		2,215,936
	300,295		Chevron Corp		34,876,261
	1,979		Cimarex Energy Co		83,553
	344,705		ConocoPhillips		19,027,716
	270,718	*	Continental Resources, Inc		7,978,060
	402,910	*	Devon Energy Corp		8,171,015
	200,956		EOG Resources, Inc		13,928,261
	682,021		Exxon Mobil Corp		46,084,159
	67,204		HollyFrontier Corp		3,692,188
	484,804		Kosmos Energy Ltd		3,005,785
	268,897		Marathon Petroleum Corp		17,195,963
	345,730		Occidental Petroleum Corp		14,002,065
	79,710		ONEOK, Inc		5,566,149
	175,240		PBF Energy, Inc		5,656,747
	5,884		Phillips 66		687,369
	52,564		Schlumberger Ltd		1,718,317
			TOTAL ENERGY		193,864,469
FOOD & STAPLES RETAILING - 1.6%
	163,307	*	Sprouts Farmers Market, Inc		3,169,789
	255,608	*	US Foods Holding Corp		10,139,969
	60,418		Walgreens Boots Alliance, Inc		3,309,698
	224,672		Walmart, Inc		26,345,039
			TOTAL FOOD & STAPLES RETAILING		42,964,495
FOOD, BEVERAGE & TOBACCO - 5.1%
	403,108		Altria Group, Inc		18,055,207

35

TIAA-CREF FUNDS - Quant Large-Cap Value Fund

SHARES			COMPANY	VALUE
	144,568		Coca-Cola Co	$	7,868,837
	265,497		General Mills, Inc		13,503,178
	61,937		Hershey Co		9,096,687
	124,542		Ingredion, Inc		9,838,818
	377		Lamb Weston Holdings, Inc		29,421
	431,702		Mondelez International, Inc		22,642,770
	59,606		PepsiCo, Inc		8,176,155
	418,503		Philip Morris International, Inc		34,082,884
	157,599		Tyson Foods, Inc (Class A)		13,047,621
			TOTAL FOOD, BEVERAGE & TOBACCO		136,341,578
HEALTH CARE EQUIPMENT & SERVICES - 6.8%
	121,581		Abbott Laboratories		10,165,387
	43,787		Anthem, Inc		11,782,206
	25,740		Becton Dickinson & Co		6,589,440
	233,586	*	Centene Corp		12,398,745
	16,373		Cigna Corp		2,921,926
	9,945		Cooper Cos, Inc		2,893,995
	404,016		CVS Health Corp		26,822,622
	42,931		Danaher Corp		5,916,750
	165,872		Encompass Health Corp		10,619,126
	103,704		HCA Healthcare, Inc		13,848,632
	212,739	*	Hologic, Inc		10,277,421
	51,228		Humana, Inc		15,071,278
	28,190	*	Integra LifeSciences Holdings Corp		1,636,711
	76,638	*	Laboratory Corp of America Holdings		12,627,643
	205,364		Medtronic plc		22,364,140
	69,571		Quest Diagnostics, Inc		7,044,064
	50,750		West Pharmaceutical Services, Inc		7,299,880
	2,258		Zimmer Biomet Holdings, Inc		312,123
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		180,592,089
HOUSEHOLD & PERSONAL PRODUCTS - 2.8%
	91,186		Colgate-Palmolive Co		6,255,360
	134,989		Kimberly-Clark Corp		17,937,339
	32,675		Nu Skin Enterprises, Inc (Class A)		1,456,651
	397,963		Procter & Gamble Co		49,550,373
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		75,199,723
INSURANCE - 7.5%
	60,905		Aflac, Inc		3,237,710
	136,657		Allstate Corp		14,543,038
	89,579		American Financial Group, Inc		9,319,799
	92,006		American International Group, Inc		4,872,638
	2,022		American National Insurance Co		242,600
	93,745	*	Arch Capital Group Ltd		3,914,791
	5,162		Assurant, Inc		650,773
	142,362	*	Athene Holding Ltd		6,171,393
	346,944	*	Berkshire Hathaway, Inc (Class B)		73,753,355
	62,021	*	Brighthouse Financial, Inc		2,341,913
	69,420		Brown & Brown, Inc		2,615,746
	59,805		Chubb Ltd		9,115,478
	78,998		Cincinnati Financial Corp		8,943,364

36

TIAA-CREF FUNDS - Quant Large-Cap Value Fund

SHARES			COMPANY	VALUE
	4,891		CNA Financial Corp	$	219,312
	14,484		Everest Re Group Ltd		3,723,691
	157,370		First American Financial Corp		9,722,319
	543		Hartford Financial Services Group, Inc		30,994
	25,834		Kemper Corp		1,856,948
	61,290		Lincoln National Corp		3,461,659
	51,598		Mercury General Corp		2,479,800
	277,637		Metlife, Inc		12,990,635
	12,826		Primerica, Inc		1,618,385
	75,673		Principal Financial Group		4,039,425
	23,486		Progressive Corp		1,636,974
	30,580		Prudential Financial, Inc		2,787,061
	43,617		Reinsurance Group of America, Inc (Class A)		7,086,454
	13,481		Travelers Cos, Inc		1,766,820
	240,858		UnumProvident Corp		6,633,229
			TOTAL INSURANCE		199,776,304
MATERIALS - 3.2%
	6,965		Ardagh Group S.A.		130,037
	17,604	*	Berry Global Group, Inc		730,742
	243,770		CF Industries Holdings, Inc		11,054,970
	32,470		Domtar Corp		1,181,583
	68,462		DuPont de Nemours, Inc		4,512,330
	322,278		International Paper Co		14,077,103
	48,848		Linde plc		9,689,001
	167,052		LyondellBasell Industries AF S.C.A		14,984,564
	113,871		Silgan Holdings, Inc		3,503,811
	324,801		Steel Dynamics, Inc		9,860,958
	155,318		Valvoline, Inc		3,314,486
	329,533		WestRock Co		12,314,648
			TOTAL MATERIALS		85,354,233
MEDIA & ENTERTAINMENT - 2.5%
	59,214		Activision Blizzard, Inc		3,317,760
	36,744		CBS Corp (Class B)		1,324,254
	359,415		Comcast Corp (Class A)		16,108,980
	78,223	*	Discovery, Inc (Class C)		1,974,349
	9,590	*	DISH Network Corp (Class A)		329,704
	19,206	*	Electronic Arts, Inc		1,851,458
	130,481		Interpublic Group of Cos, Inc		2,837,962
	690	*	Liberty Broadband Corp (Class C)		81,468
	4,348	*	Liberty SiriusXM Group (Class C)		196,486
	66,228		Viacom, Inc (Class B)		1,427,876
	265,807		Walt Disney Co		34,533,646
	333,534	*	Zynga, Inc		2,057,905
			TOTAL MEDIA & ENTERTAINMENT		66,041,848
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 6.9%
	22,418	*	Alexion Pharmaceuticals, Inc		2,362,857
	61,436		Allergan plc		10,819,494
	50,172		Amgen, Inc		10,699,179
	95,490	*	Avantor, Inc		1,356,913

37

TIAA-CREF FUNDS - Quant Large-Cap Value Fund

SHARES			COMPANY	VALUE
	56,916	*	Biogen Idec, Inc	$	17,001,378
	7,672	*	Bio-Rad Laboratories, Inc (Class A)		2,544,189
	99,908		Bristol-Myers Squibb Co		5,731,722
	101,302	*	Exelixis, Inc		1,565,116
	228,278		Gilead Sciences, Inc		14,543,591
	76,485	*	Horizon Pharma plc		2,211,181
	478,675		Johnson & Johnson		63,204,247
	121,922		Merck & Co, Inc		10,565,761
	817,680		Pfizer, Inc		31,374,382
	22,235	*	Regeneron Pharmaceuticals, Inc		6,810,136
	9,635		Thermo Fisher Scientific, Inc		2,909,577
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		183,699,723
REAL ESTATE - 4.3%
	80,347		Alexandria Real Estate Equities, Inc		12,755,086
	50,492		Coresite Realty		5,932,810
	85,618		Corporate Office Properties Trust		2,537,717
	93,456		Cousins Properties, Inc		3,750,389
	53,550		CubeSmart		1,697,535
	35,088		CyrusOne, Inc		2,501,073
	7,263		Digital Realty Trust, Inc		922,692
	219,447		Douglas Emmett, Inc		9,506,444
	244,750		Duke Realty Corp		8,600,515
	35,904		Equity Residential		3,183,249
	16,357		Essex Property Trust, Inc		5,350,865
	73,977		Extra Space Storage, Inc		8,305,398
	29,578		Federal Realty Investment Trust		4,022,904
	132,714		Invitation Homes, Inc		4,086,264
	35,789		Kilroy Realty Corp		3,003,771
	299,380		Paramount Group, Inc		4,032,649
	9,432		Prologis, Inc		827,752
	6,383		Realty Income Corp		522,066
	93,381		Retail Properties of America, Inc		1,284,923
	59,122		Simon Property Group, Inc		8,908,503
	128,583		SL Green Realty Corp		10,749,539
	186,579		Spirit Realty Capital, Inc		9,299,097
	71,275		Taubman Centers, Inc		2,550,219
	6,843		Ventas, Inc		445,479
			TOTAL REAL ESTATE		114,776,939
RETAILING - 3.0%
	248,133		Dick’s Sporting Goods, Inc		9,659,818
	60,263		Dollar General Corp		9,662,569
	72,098		Expedia, Inc		9,852,913
	129,213		Home Depot, Inc		30,310,785
	77,585		Kohl’s Corp		3,977,007
	115,738		Target Corp		12,373,550
	81,142	e	Williams-Sonoma, Inc		5,419,474
			TOTAL RETAILING		81,256,116
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.5%
	68,966		Cypress Semiconductor Corp		1,604,839
	1,033,867		Intel Corp		58,444,502

38

TIAA-CREF FUNDS - Quant Large-Cap Value Fund

SHARES			COMPANY	VALUE
	46,197		Lam Research Corp	$	12,521,235
	415,797	*	Micron Technology, Inc		19,771,147
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		92,341,723
SOFTWARE & SERVICES - 1.1%
	16,866	*	Akamai Technologies, Inc		1,458,909
	17,318		Alliance Data Systems Corp		1,731,800
	19,092		Amdocs Ltd		1,244,799
	10,632	*	CACI International, Inc (Class A)		2,378,910
	16,456	*	Cerence Inc		255,068
	89,924		DXC Technology Co		2,488,197
	39,215		Fidelity National Information Services, Inc		5,166,968
	37,069		International Business Machines Corp		4,957,237
	42,798		Leidos Holdings, Inc		3,690,472
	548		LogMeIn, Inc		35,993
	131,651	*	Nuance Communications, Inc		2,148,544
	40,057	*,e	SolarWinds Corp		759,080
	29,469		SS&C Technologies Holdings, Inc		1,532,683
	12,908	*	VeriSign, Inc		2,452,778
			TOTAL SOFTWARE & SERVICES		30,301,438
TECHNOLOGY HARDWARE & EQUIPMENT - 0.8%
	48,466		Avnet, Inc		1,917,315
	32,083	*	Dell Technologies, Inc		1,696,870
	4,165	*	EchoStar Corp (Class A)		162,435
	10,163	*	F5 Networks, Inc		1,464,285
	44,742		HP, Inc		777,168
	62,254		Jabil Circuit, Inc		2,292,192
	55,880		Motorola Solutions, Inc		9,293,962
	14,310		National Instruments Corp		592,291
	60,587	*	Trimble Navigation Ltd		2,413,786
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		20,610,304
TELECOMMUNICATION SERVICES - 3.9%
	1,232,698		AT&T, Inc		47,446,546
	942,737		Verizon Communications, Inc		57,007,306
			TOTAL TELECOMMUNICATION SERVICES		104,453,852
TRANSPORTATION - 3.2%
	138,674		Alaska Air Group, Inc		9,628,136
	17,963		Copa Holdings S.A. (Class A)		1,827,556
	261,662		Delta Air Lines, Inc		14,412,343
	9,837		FedEx Corp		1,501,716
	58,218	*	Genesee & Wyoming, Inc (Class A)		6,463,945
	190,396	*	JetBlue Airways Corp		3,674,643
	12,171		Landstar System, Inc		1,377,149
	96,822		Norfolk Southern Corp		17,621,604
	221,504		Southwest Airlines Co		12,433,019
	148,925	*	United Continental Holdings, Inc		13,528,347
	25,646	*	XPO Logistics, Inc		1,959,354
			TOTAL TRANSPORTATION		84,427,812

39

TIAA-CREF FUNDS - Quant Large-Cap Value Fund

SHARES			COMPANY				VALUE
UTILITIES - 5.5%
	124,066		AES Corp				$	2,115,325
	160,292		Ameren Corp					12,454,688
	116,609		American Electric Power Co, Inc					11,006,724
	52,139		Atmos Energy Corp					5,864,595
	11,182		Consolidated Edison, Inc					1,031,204
	37,459		Dominion Resources, Inc					3,092,240
	231,042		Duke Energy Corp					21,778,019
	186,429		Edison International					11,726,384
	37,205		Entergy Corp					4,519,663
	78,109		Evergy, Inc					4,991,946
	368,276		Exelon Corp					16,752,875
	42,101		Idacorp, Inc					4,530,910
	248,821		MDU Resources Group, Inc					7,188,439
	141,213		National Fuel Gas Co					6,398,361
	49,797		NextEra Energy, Inc					11,868,617
	373,732		NiSource, Inc					10,479,445
	175,701		NRG Energy, Inc					7,049,124
	99,064	*,b	PG&E Corp					611,225
	47,960		Southern Co					3,005,174
	18,918		Vistra Energy Corp					511,354
			TOTAL UTILITIES					146,976,312
			TOTAL COMMON STOCKS					2,658,318,953
			(Cost $2,301,791,002)
PRINCIPAL			ISSUER	RATE		MATURITY DATE
SHORT-TERM INVESTMENTS - 0.3%
GOVERNMENT AGENCY DEBT - 0.1%
$	1,710,000		Federal Home Loan Bank (FHLB)	1.500	%	11/01/19		1,710,000
			TOTAL GOVERNMENT AGENCY DEBT					1,710,000
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.2%
	6,404,821	c	State Street Navigator Securities Lending Government Money Market Portfolio					6,404,821
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES					6,404,821
			TOTAL SHORT-TERM INVESTMENTS					8,114,821
			(Cost $8,114,821)
			TOTAL INVESTMENTS - 100.0%					2,666,433,774
			(Cost $2,309,905,823)
			OTHER ASSETS & LIABILITIES, NET - 0.0%					118,964
			NET ASSETS - 100.0%				$	2,666,552,738

*	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 $6,186,206.

40

TIAA-CREF FUNDS - Quant Small-Cap Equity Fund

TIAA-CREF FUNDS

QUANT SMALL-CAP EQUITY FUND

SCHEDULE OF INVESTMENTS

October 31, 2019

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.1%
BANKS - 11.9%
	209,900	*	Axos Financial, Inc	$	6,097,595
	412,400		Bank of NT Butterfield & Son Ltd		13,588,580
	17,321		Bryn Mawr Bank Corp		660,103
	835,903		Cadence BanCorp		12,856,188
	507,400		Cathay General Bancorp		18,048,218
	37,400		Civista Bancshares, Inc		840,752
	134,423		ConnectOne Bancorp, Inc		3,263,791
	256,200	*	Customers Bancorp, Inc		6,041,196
	223,668		Eagle Bancorp, Inc		10,096,374
	23,503		Enterprise Financial Services Corp		1,029,431
	521,400		Essent Group Ltd		27,159,726
	128,500		Federal Agricultural Mortgage Corp (Class C)		10,882,665
	96,600		First Bancorp		3,646,650
	549,400		First Commonwealth Financial Corp		7,741,046
	20,600		First Defiance Financial Corp		636,952
	48,279		First Merchants Corp		1,909,435
	547,900		First Midwest Bancorp, Inc		11,253,866
	69,419		First of Long Island Corp		1,627,181
	235,524		Great Western Bancorp, Inc		8,212,722
	173,971		Hancock Holding Co		6,784,869
	161,715		Heritage Commerce Corp		1,943,814
	135,447		Hilltop Holdings, Inc		3,164,042
	96,000		Horizon Bancorp		1,752,480
	269,300		IBERIABANK Corp		19,763,927
	103,659		Independent Bank Corp		2,333,364
	164,900		Lakeland Bancorp, Inc		2,729,095
	44,522		LegacyTexas Financial Group, Inc		1,893,966
	322,982		Meta Financial Group, Inc		10,225,610
	478		Midland States Bancorp, Inc		12,810
	619,000	*	Mr Cooper Group, Inc		7,923,200
	452,400	*	NMI Holdings, Inc		13,232,700
	135,600		OceanFirst Financial Corp		3,244,908
	719,400		OFG Bancorp		14,611,014
	69,400		Old Second Bancorp, Inc		837,658
	19,407		Peapack Gladstone Financial Corp		566,684
	281,800		PennyMac Financial Services, Inc		8,772,434
	59,600		Peoples Bancorp, Inc		1,949,516
	44,105		QCR Holdings, Inc		1,789,781
	1,008,700		Radian Group, Inc		25,318,370
	143,859		Sandy Spring Bancorp, Inc		4,963,136
	243,767		Simmons First National Corp (Class A)		5,830,907
	192,800	*	The Bancorp, Inc		2,101,520
	20,603	*	Tristate Capital Holdings, Inc		476,341
	746,312		United Community Banks, Inc		22,546,086
	45,800		United Community Financial Corp		521,662

41

TIAA-CREF FUNDS - Quant Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	129,679		Univest Corp of Pennsylvania	$	3,339,234
	370,700		Walker & Dunlop, Inc		23,350,393
	245,100		WSFS Financial Corp		10,335,867
			TOTAL BANKS		347,907,859
CAPITAL GOODS - 11.3%
	60,463		AAR Corp		2,524,330
	193,604		Advanced Drainage Systems, Inc		7,167,220
	372,400	*	Aerojet Rocketdyne Holdings, Inc		16,098,852
	58,075		Albany International Corp (Class A)		4,877,139
	326,300		Arcosa, Inc		12,533,183
	638,343	*	Atkore International Group, Inc		22,150,502
	139,100		AZZ, Inc		5,395,689
	425,883	*	BMC Stock Holdings, Inc		11,494,582
	690,100	*	Builders FirstSource, Inc		15,603,161
	95,500		Columbus McKinnon Corp		3,583,160
	452,500		Comfort Systems USA, Inc		22,810,525
	244,500	*	Continental Building Products, Inc		7,312,995
	73,579		CSW Industrials, Inc		5,093,138
	91,500		Douglas Dynamics, Inc		4,284,945
	48,700	*	Ducommun, Inc		2,414,546
	70,513	*	DXP Enterprises, Inc		2,434,109
	243,466		EMCOR Group, Inc		21,354,403
	82,200		Encore Wire Corp		4,619,640
	560,972	*,e	Enphase Energy, Inc		10,899,686
	114,800		EnPro Industries, Inc		7,984,340
	76,400		ESCO Technologies, Inc		6,455,036
	237,700		Federal Signal Corp		7,710,988
	250,300	*	Foundation Building Materials, Inc		4,653,077
	56,058	*	Gibraltar Industries, Inc		2,983,967
	507,557	*	GMS, Inc		15,206,408
	488,300	*	Great Lakes Dredge & Dock Corp		5,249,225
	67,628	*	Herc Holdings, Inc		2,993,215
	119,250		Kadant, Inc		10,827,900
	303,300	*	Mastec, Inc		19,089,702
	191,440		Moog, Inc (Class A)		16,025,443
	230,013		Mueller Industries, Inc		7,077,500
	289,170	*	Parsons Corp		10,294,452
	490,100	*	PGT, Inc		8,655,166
	47,600		Powell Industries, Inc		1,864,016
	306,900	*	Rexnord Corp		8,682,201
	137,500	*	Titan Machinery, Inc		2,282,500
	177,088	*	Trimas Corp		5,723,484
	77,539	*	Vectrus, Inc		3,544,308
	149,300		Wabash National Corp		2,129,018
			TOTAL CAPITAL GOODS		332,083,751
COMMERCIAL & PROFESSIONAL SERVICES - 3.5%
	28,370		Barrett Business Services, Inc		2,488,900
	203,100	*	CBIZ, Inc		5,558,847
	56,629		CRA International, Inc		2,788,978
	74,800		Ennis, Inc		1,465,332
	340,747		Exponent, Inc		21,647,657
	34,141	*	Franklin Covey Co		1,304,186

42

TIAA-CREF FUNDS - Quant Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	136,500		Heidrick & Struggles International, Inc	$	3,884,790
	185,146		Insperity, Inc		19,556,972
	62,976		Kforce, Inc		2,576,348
	118,000		Kimball International, Inc (Class B)		2,402,480
	23,100		McGrath RentCorp		1,762,761
	89,328	*	Mistras Group, Inc		1,384,584
	284,059		Tetra Tech, Inc		24,846,641
	240,600	*	TriNet Group, Inc		12,749,394
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		104,417,870
CONSUMER DURABLES & APPAREL - 2.8%
	58,300		Acushnet Holdings Corp		1,658,635
	254,900	*	Century Communities, Inc		7,690,333
	18,614	*	Deckers Outdoor Corp		2,846,081
	163,126	*	G-III Apparel Group Ltd		4,096,094
	69,345	*	Installed Building Products, Inc		4,522,681
	31,000		Johnson Outdoors, Inc		1,815,050
	302,900		La-Z-Boy, Inc		10,755,979
	213,650	*	Malibu Boats, Inc		6,969,263
	64,415	*	MasterCraft Boat Holdings, Inc		1,014,536
	156,862	*	Skyline Corp		4,428,214
	768,100	*	Sonos, Inc		10,046,748
	560,500	*	Taylor Morrison Home Corp		14,040,525
	126,700	*	TopBuild Corp		13,167,931
	7,236	*	Vera Bradley, Inc		77,859
			TOTAL CONSUMER DURABLES & APPAREL		83,129,929
CONSUMER SERVICES - 3.2%
	351,700	*	Adtalem Global Education, Inc		10,473,626
	77,894	*	American Public Education, Inc		1,691,858
	230,200		BBX Capital Corp		1,028,994
	511,871	*	Career Education Corp		7,248,093
	85,800		Carriage Services, Inc		2,210,208
	161,400	*	Chegg, Inc		4,948,524
	47,779	*	Chuy’s Holdings, Inc		1,164,374
	68,944		Collectors Universe		1,975,935
	228,300	*	Denny’s Corp		4,593,396
	237,300	*	Houghton Mifflin Harcourt Co		1,532,958
	213,900		Jack in the Box, Inc		17,971,878
	260,100	*	K12, Inc		5,147,379
	44,810	*	Laureate Education, Inc		692,538
	146,000	*	Lindblad Expeditions Holdings, Inc		2,298,040
	107,412	*,e	OneSpaWorld Holdings Ltd		1,670,257
	163,600	*	PlayAGS, Inc		1,887,944
	135,100	*	Select Interior Concepts Inc		1,548,246
	108,500		Strategic Education, Inc		13,348,755
	119,700	*,e	Target Hospitality Corp		663,138
	230,294		Texas Roadhouse, Inc (Class A)		13,011,611
			TOTAL CONSUMER SERVICES		95,107,752
DIVERSIFIED FINANCIALS - 2.4%
	341,971	e	Arlington Asset Investment Corp (Class A)		1,976,593

43

TIAA-CREF FUNDS - Quant Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	1,507	*,h	Ashford, Inc	$	36,032
	357,200	*	Blucora, Inc		7,726,236
	613,300		Brightsphere Investment Group, Inc		6,022,606
	79,400		Cherry Hill Mortgage Investment Corp		1,073,488
	278,800	*	Cowen Group, Inc		4,173,636
	177,500	*	Curo Group Holdings Corp		2,483,225
	252,300	*,e	Encore Capital Group, Inc		8,373,837
	243,833	*	Enova International, Inc		5,727,637
	364,700	*	Ezcorp, Inc (Class A)		1,918,322
	839,500		FGL Holdings		7,580,685
	162,700		Sculptor Capital Management, Inc		2,923,719
	350,626		Stifel Financial Corp		19,628,044
	15,009		Virtus Investment Partners, Inc		1,628,176
			TOTAL DIVERSIFIED FINANCIALS		71,272,236
ENERGY - 3.7%
	217,600		Amplify Energy Corp		1,577,600
	380,546		Berry Petroleum Co LLC		3,573,327
	175,100	*	Bonanza Creek Energy, Inc		3,120,282
	10,141		CVR Energy, Inc		480,886
	292,212		Delek US Holdings, Inc		11,673,869
	302,700	*	Dorian LPG Ltd		3,768,615
	137,420		Evolution Petroleum Corp		772,300
	294,348	*	Exterran Corp		3,729,389
	122,900	e	Falcon Minerals Corp		757,064
	600,900		Green Plains Renewable Energy, Inc		7,409,097
	225,000	e	Liberty Oilfield Services, Inc		2,072,250
	90,900		Mammoth Energy Services, Inc		145,440
	137,953	*	Matrix Service Co		2,587,998
	59,746	*	Natural Gas Services Group, Inc		710,380
	2,429,215	*	NexTier Oilfield Solutions, Inc		10,494,211
	370,149	*	Par Pacific Holdings, Inc		8,383,875
	266,465		Peabody Energy Corp		2,805,877
	896,100	*	ProPetro Holding Corp		6,944,775
	593,869	*,e	Renewable Energy Group, Inc		9,703,820
	401,934	*	Roan Resources, Inc		602,901
	540,335	*	SandRidge Energy, Inc		2,366,667
	217,902	*	Talos Energy, Inc		4,691,430
	645,506	*,e	Tellurian, Inc		5,144,683
	376,900		World Fuel Services Corp		15,743,113
			TOTAL ENERGY		109,259,849
FOOD & STAPLES RETAILING - 0.6%
	4,635		Ingles Markets, Inc (Class A)		182,758
	123,147	*	Natural Grocers by Vitamin C		1,079,999
	412,400	*	Performance Food Group Co		17,572,364
			TOTAL FOOD & STAPLES RETAILING		18,835,121
FOOD, BEVERAGE & TOBACCO - 2.4%
	60,900	*	Boston Beer Co, Inc (Class A)		22,804,614
	108,300	e	Calavo Growers, Inc		9,392,859
	22,200		Coca-Cola Bottling Co Consolidated		6,090,792
	112,800	*	Craft Brewers Alliance, Inc		822,312

44

TIAA-CREF FUNDS - Quant Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	2,122,147	e	Dean Foods Co	$	2,079,704
	454,000	*	Hostess Brands, Inc		5,802,120
	59,305		Lancaster Colony Corp		8,254,070
	128,400	*,e	Pyxus International, Inc		1,466,328
	517,000	*	Simply Good Foods Co		12,687,180
			TOTAL FOOD, BEVERAGE & TOBACCO		69,399,979
HEALTH CARE EQUIPMENT & SERVICES - 6.1%
	192,612	*	Angiodynamics, Inc		2,946,964
	167,100		Conmed Corp		18,384,342
	248,950	*,e	Envista Holdings Corp		7,301,704
	210,170	*	Hanger Orthopedic Group, Inc		4,751,944
	130,500	*	HealthStream, Inc		3,661,830
	657,000	*	HMS Holdings Corp		21,477,330
	151,242	*,e	Inovalon Holdings, Inc		2,363,912
	268,100	*	Integer Holding Corp		20,761,664
	42,929	*,e	iRadimed Corp		1,083,957
	474,300	*	Lantheus Holdings, Inc		9,889,155
	89,274	*	LivaNova plc		6,314,350
	150,900		Meridian Bioscience, Inc		1,477,311
	424,200	*	Merit Medical Systems, Inc		8,761,851
	50,283	*	Natus Medical, Inc		1,693,531
	278,400	*	NuVasive, Inc		19,638,336
	720,276	*	OraSure Technologies, Inc		6,151,157
	228,500	*	Orthofix International NV		9,603,855
	337,748	*	Pennant Group, Inc		6,076,087
	623,700	*	Select Medical Holdings Corp		11,363,814
	105,700	*	Staar Surgical Co		3,464,846
	104,044	*	SurModics, Inc		4,943,130
	38,800	*	Tandem Diabetes Care, Inc		2,389,304
	210,100	*,e	Triple-S Management Corp (Class B)		3,178,813
	46,500	*	Varex Imaging Corp		1,395,465
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		179,074,652
HOUSEHOLD & PERSONAL PRODUCTS - 0.8%
	61,700	*	Lifevantage Corp		836,652
	124,400	e	Medifast, Inc		13,800,936
	117,752	*	USANA Health Sciences, Inc		8,726,601
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		23,364,189
INSURANCE - 2.2%
	381,515		American Equity Investment Life Holding Co		9,415,790
	157,000		Amerisafe, Inc		9,974,210
	126,800		Employers Holdings, Inc		5,368,712
	2,787,189	*	Genworth Financial, Inc (Class A)		11,929,169
	365,533	*,e	Health Insurance Innovations, Inc		9,679,314
	125,559		Heritage Insurance Holdings, Inc		1,672,446
	134,100		James River Group Holdings Ltd		4,802,121
	458,918	*	Third Point Reinsurance Ltd		4,355,132
	92,000		United Insurance Holdings Corp		1,127,920
	268,276		Universal Insurance Holdings, Inc		7,272,962
			TOTAL INSURANCE		65,597,776

45

TIAA-CREF FUNDS - Quant Small-Cap Equity Fund

SHARES			COMPANY	VALUE
MATERIALS - 5.5%
	3,670,300	*,e	AK Steel Holding Corp	$	8,661,908
	365,600		Boise Cascade Co		13,077,512
	802,600		Commercial Metals Co		15,514,258
	673,900	*,†	Ferroglobe plc		0
	76,500	*,e	Forterra, Inc		628,065
	691,100	*	Gold Resource Corp		3,027,018
	187,400		Greif, Inc (Class A)		7,340,458
	115,400		Innospec, Inc		10,542,944
	101,307	*	Koppers Holdings, Inc		3,251,955
	174,600		Materion Corp		9,924,264
	54,334		Olympic Steel, Inc		813,923
	158,300	*	Omnova Solutions, Inc		1,600,413
	193,800		PH Glatfelter Co		3,488,400
	479,700		PolyOne Corp		15,374,385
	125,100	*	Ryerson Holding Corp		1,087,119
	538,952		Schnitzer Steel Industries, Inc (Class A)		11,501,236
	114,546		Stepan Co		11,193,435
	749,600	*	Summit Materials, Inc		17,188,328
	306,500		Trinseo S.A.		13,026,250
	59,792	*	US Concrete, Inc		3,124,730
	553,300		Warrior Met Coal, Inc		10,778,284
			TOTAL MATERIALS		161,144,885
MEDIA & ENTERTAINMENT - 1.8%
	46,800	*,e	Boston Omaha Corp		1,051,128
	276,129	*,e	Cargurus, Inc		9,275,173
	235,000	*	Central European Media Enterprises Ltd (Class A)		1,053,975
	106,391	*	Clear Channel		247,891
	52,246		Emerald Expositions Events, Inc		507,831
	271,013		Entravision Communications Corp (Class A)		769,677
	390,500	*	Imax Corp		8,337,175
	40,763	*	Liberty Braves Group (Class A)		1,203,324
	166,700	*	Liberty Braves Group (Class C)		4,902,647
	189,122	*	Liberty Latin America Ltd (Class A)		3,534,690
	295,258	*	Liberty TripAdvisor Holdings, Inc		2,849,240
	11,386	*	Loral Space & Communications, Inc		455,326
	164,800	*	TechTarget, Inc		4,021,120
	114,443	*	WideOpenWest, Inc		726,713
	440,300	*	Yelp, Inc		15,194,753
			TOTAL MEDIA & ENTERTAINMENT		54,130,663
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 9.4%
	472,500	*	Acadia Pharmaceuticals, Inc		20,038,725
	1,343,158	*	Achillion Pharmaceuticals, Inc		8,609,643
	31,300	*,e	Adamas Pharmaceuticals, Inc		128,643
	452,600	*,e	Affimed NV		1,330,644

46

TIAA-CREF FUNDS - Quant Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	949,100	*,e	Akebia Therapeutics, Inc	$	3,540,143
	839,389	*	Akorn, Inc		4,188,551
	1,645,933	*	Amicus Therapeutics, Inc		13,875,215
	100,938	*	Amphastar Pharmaceuticals, Inc		1,949,617
	90,580	*	AnaptysBio, Inc		3,416,678
	139,300	*	Anika Therapeutics, Inc		9,805,327
	4,917	*	Aprea Therapeutics, Inc		118,746
	18,599	*	Ardelyx, Inc		92,995
	41,930	*,e	Arvinas, Inc		866,274
	88,900	*	Audentes Therapeutics, Inc		2,391,410
	705,400	*	BioDelivery Sciences International, Inc		4,077,212
	14,915	*	Biospecifics Technologies Corp		722,333
	272,127	*	Calithera Biosciences, Inc		783,726
	261,932	*	CareDx, Inc		6,865,238
	100,010	*	Castle Biosciences, Inc		2,354,235
	266,100	*,e	Chiasma, Inc		1,394,364
	356,000	*	Chimerix, Inc		509,080
	200,600	*	Coherus Biosciences, Inc		3,484,422
	240,079	*	Concert Pharmaceuticals, Inc		1,495,692
	359,497	*	Cymabay Therapeutics, Inc		1,614,142
	231,837	*	Cytokinetics, Inc		2,700,901
	380,405	*	CytomX Therapeutics, Inc		2,331,883
	89,238	*	Enanta Pharmaceuticals, Inc		5,432,809
	202,900	*	FibroGen, Inc		7,943,535
	306,060	*	Five Prime Therapeutics, Inc		1,208,937
	696,621	*	Fluidigm Corp		3,427,375
	56,500	*	Forty Seven, Inc		390,415
	208,900	*	Genomic Health, Inc		13,929,452
	228,728	*	Halozyme Therapeutics, Inc		3,504,113
	288,987	*	Intersect ENT, Inc		5,149,748
	8,048	*	KalVista Pharmaceuticals Inc		85,309
	194,627	*	Kura Oncology, Inc		2,915,512
	261,000		Luminex Corp		5,349,195
	381,189	*	MacroGenics, Inc		3,240,107
	113,200	*,e	Medicines Co		5,941,868
	194,400	*	Medpace Holdings, Inc		14,313,672
	421,500	*	Natera, Inc		16,236,180
	392,400	*	NeoGenomics, Inc		8,997,732
	39,324	*	Oyster Point Pharma, Inc		738,505
	101,252	*	Personalis, Inc		1,048,971
	283,050		Phibro Animal Health Corp		6,781,878
	147,571	*	Pieris Pharmaceuticals, Inc		488,460
	105,982	*,e	Principia Biopharma, Inc		3,742,224
	58,100	*	Protagonist Therapeutics, Inc		781,445
	1,047,627	*,e	Puma Biotechnology, Inc		7,123,864
	42,871	*	Quanterix Corp		893,860
	171,022	*	Recro Pharma, Inc		2,697,017
	410,889	*	Retrophin, Inc		4,930,668
	161,789	*	SIGA Technologies, Inc		897,929
	268,640	*	Supernus Pharmaceuticals, Inc		7,465,506
	327,463	*	Syneos Health, Inc		16,422,269
	576,400	*	Vanda Pharmaceuticals, Inc		7,787,164
	428,300	*	Veracyte, Inc		9,820,919
	243,082	*	Vericel Corp		3,857,711
	4,917	*	Viela Bio, Inc		106,945

47

TIAA-CREF FUNDS - Quant Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	253,085	*	Voyager Therapeutics, Inc	$	3,894,978
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		276,232,111
REAL ESTATE - 9.1%
	305,800		Alexander & Baldwin, Inc		7,189,358
	270,700		American Assets Trust, Inc		13,253,472
	897,776		Ashford Hospitality Trust, Inc		2,450,929
	151,359		Bluerock Residential Growth REIT, Inc		1,819,335
	628,280		CareTrust REIT, Inc		15,229,507
	720,500		CoreCivic, Inc		10,994,830
	1,363,380		DiamondRock Hospitality Co		13,606,532
	215,200		EastGroup Properties, Inc		28,826,040
	290,442		First Industrial Realty Trust, Inc		12,230,513
	833,800		Geo Group, Inc		12,690,436
	327,200		Global Net Lease, Inc		6,373,856
	441,700		National Storage Affiliates Trust		15,092,889
	917,448		Newmark Group, Inc		9,743,298
	646,200		Piedmont Office Realty Trust, Inc		14,500,728
	597,955		Preferred Apartment Communities, Inc		8,562,716
	147,728		PS Business Parks, Inc		26,672,290
	122,900		RMR Group, Inc		5,948,360
	223,700		Ryman Hospitality Properties		18,828,829
	131,699		Saul Centers, Inc		7,051,164
	520,600		STAG Industrial, Inc		16,159,424
	671,200		Summit Hotel Properties, Inc		8,228,912
	778,900		Tanger Factory Outlet Centers, Inc		12,555,868
			TOTAL REAL ESTATE		268,009,286
RETAILING - 4.6%
	270,800	*	1-800-FLOWERS.COM, Inc (Class A)		3,861,608
	140,896		Aaron’s, Inc		10,557,337
	597,700	*	BJ’s Wholesale Club Holdings, Inc		15,958,590
	357,200	*,e	Conn’s, Inc		8,640,668
	77,531		Core-Mark Holding Co, Inc		2,366,246
	2,958,500	*	Groupon, Inc		8,224,630
	483,700	*,e	Hibbett Sports, Inc		11,541,082
	169,353	*	Hudson Ltd		2,103,364
	729,300		Rent-A-Center, Inc		18,866,991
	275,600	e	Shoe Carnival, Inc		9,147,164
	267,700	*	Sleep Number Corp		12,881,724
	261,115	*	Stamps.com, Inc		22,045,940
	243,118	*	Zumiez, Inc		7,757,896
			TOTAL RETAILING		133,953,240
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.3%
	14,971	*,e	Adesto Technologies Corp		137,135
	7,803	*	Alpha & Omega Semiconductor Ltd		101,907
	317,800	*	Formfactor, Inc		6,937,574
	103,600	*,e	Impinj, Inc		3,407,922
	204,100	*	Inphi Corp		14,670,708
	1,023,500	*	Lattice Semiconductor Corp		20,050,365
	642,600	*	NeoPhotonics Corp Ltd		4,228,308

48

TIAA-CREF FUNDS - Quant Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	24,400		NVE Corp	$	1,518,900
	853,800	*	Rambus, Inc		11,820,861
	208,800	*	Ultra Clean Holdings		4,462,056
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		67,335,736
SOFTWARE & SERVICES - 6.1%
	229,200	*	Bottomline Technologies, Inc		9,385,740
	13,359	*	Cloudflare, Inc		224,966
	9,486	*,e	Datadog, Inc		318,635
	40,319	*	eGain Corp		303,400
	144,814	*	Envestnet, Inc		9,049,427
	307,954	*	Everi Holdings, Inc		3,098,017
	94,900		Hackett Group, Inc		1,604,759
	91,105	*	I3 Verticals, Inc		1,863,097
	210,186		Mantech International Corp (Class A)		16,642,528
	73,011	*	Model N, Inc		2,174,998
	373,600		NIC, Inc		8,787,072
	678,400		Perspecta, Inc		18,004,736
	9,834	*,e	Ping Identity Holding Corp		164,326
	257,016		Progress Software Corp		10,249,798
	60,700	*	Rapid7, Inc		3,040,463
	202,304		Science Applications International Corp		16,714,356
	283,000	*	SPS Commerce, Inc		14,933,910
	769,200	*	SVMK, Inc		14,153,280
	750,267	*	Telaria, Inc		5,679,521
	208,500	*	Tenable Holdings, Inc		5,254,200
	283,000	*	Upland Software, Inc		10,606,840
	411,300	*	Verint Systems, Inc		18,668,907
	253,900	*	Workiva, Inc		10,580,013
			TOTAL SOFTWARE & SERVICES		181,502,989
TECHNOLOGY HARDWARE & EQUIPMENT - 4.2%
	124,101	*	Agilysys, Inc		3,126,104
	73,300	*	Anixter International, Inc		6,065,575
	106,148		AVX Corp		1,626,188
	130,800		Comtech Telecommunications Corp		4,571,460
	1,086,000	*	Extreme Networks, Inc		6,993,840
	289,600	*	Insight Enterprises, Inc		17,775,648
	626,196	e	Kemet Corp		13,613,501
	47,900	*	OSI Systems, Inc		4,753,596
	276,300	*	Ribbon Communications, Inc		1,185,327
	450,200	*	Sanmina Corp		13,834,646
	194,020	*	Tech Data Corp		23,573,430
	543,100	*	TTM Technologies, Inc		6,359,701
	874,700		Vishay Intertechnology, Inc		17,625,205
	48,239	*	Vishay Precision Group, Inc		1,642,538
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		122,746,759
TELECOMMUNICATION SERVICES - 0.6%
	418,332	*,e	Intelsat S.A.		10,621,449
	180,700		Shenandoah Telecom Co		5,811,312
	107,600		Spok Holdings, Inc		1,280,440
			TOTAL TELECOMMUNICATION SERVICES		17,713,201

49

TIAA-CREF FUNDS - Quant Small-Cap Equity Fund

SHARES			COMPANY				VALUE
TRANSPORTATION - 1.4%
	237,550		Arkansas Best Corp				$	6,862,819
	302,266	*,e	Daseke, Inc					813,096
	130,607		Forward Air Corp					9,034,086
	330,088		Heartland Express, Inc					6,898,839
	238,700	*	Hub Group, Inc (Class A)					10,932,460
	197,000		Marten Transport Ltd					4,267,020
	304,100	*	Radiant Logistics, Inc					1,639,099
	36,773		Universal Truckload Services, Inc					693,355
			TOTAL TRANSPORTATION					41,140,774
UTILITIES - 3.2%
	329,300		Avista Corp					15,816,279
	82,103		Black Hills Corp					6,472,180
	208,991		Clearway Energy, Inc (Class A)					3,588,375
	503,400	d	Portland General Electric Co					28,633,392
	246,290		Southwest Gas Corp					21,501,117
	185,200		Spire, Inc					15,567,912
	56,579		Unitil Corp					3,523,174
			TOTAL UTILITIES					95,102,429
			TOTAL COMMON STOCKS					2,918,463,036
			(Cost $2,712,293,542)
PRINCIPAL			ISSUER	RATE		MATURITY DATE
SHORT-TERM INVESTMENTS - 4.0%
GOVERNMENT AGENCY DEBT - 0.9%
$	27,940,000		Federal Home Loan Bank (FHLB)	1.500	%	11/01/19		27,940,000
			TOTAL GOVERNMENT AGENCY DEBT					27,940,000
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 3.1%
	90,417,346	c	State Street Navigator Securities Lending Government Money Market Portfolio					90,417,346
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES					90,417,346
			TOTAL SHORT-TERM INVESTMENTS					118,357,346
			(Cost $118,357,346)
			TOTAL INVESTMENTS - 103.1%					3,036,820,382
			(Cost $2,830,650,888)
			OTHER ASSETS & LIABILITIES, NET - (3.1)%					(92,965,960	)
			NET ASSETS - 100.0%				$	2,943,854,422

50

TIAA-CREF FUNDS - Quant Small-Cap Equity Fund

	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 $107,851,888.
h	All or a portion of these securities were purchased on a delayed delivery basis.

Futures contracts outstanding as of October 31, 2019 were as follows:

Description	Number of long (short) contracts		Expiration date	Notional amount		Value		Unrealized appreciation (depreciation)
Russell 2000 E Mini Index		240	12/20/19	$	18,416,772	$	18,760,800	$	344,028

51

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

TIAA-CREF FUNDS

QUANT SMALL/MID-CAP EQUITY FUND

SCHEDULE OF INVESTMENTS

October 31, 2019

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.9%
AUTOMOBILES & COMPONENTS - 0.4%
	39,200		Adient plc	$	830,648
	53,864	*	Stoneridge, Inc		1,663,320
			TOTAL AUTOMOBILES & COMPONENTS		2,493,968
BANKS - 8.3%
	65,452		Bank of NT Butterfield & Son Ltd		2,156,643
	41,900		BankUnited		1,437,170
	53,300		Berkshire Hills Bancorp, Inc		1,653,899
	33,871		Cathay General Bancorp		1,204,792
	65,538		Central Pacific Financial Corp		1,895,359
	38,785		ConnectOne Bancorp, Inc		941,700
	61,271		East West Bancorp, Inc		2,629,751
	35,180		Essent Group Ltd		1,832,526
	402,087		First Bancorp		4,229,955
	2,100		First Citizens Bancshares, Inc (Class A)		1,033,032
	96,149		First Hawaiian, Inc		2,627,752
	150,700		First Horizon National Corp		2,406,679
	51,029		Great Western Bancorp, Inc		1,779,381
	33,461		Hancock Holding Co		1,304,979
	56,081		Heritage Commerce Corp		674,094
	82,500		Hilltop Holdings, Inc		1,927,200
	14,958		HomeTrust Bancshares, Inc		399,379
	149,800		MGIC Investment Corp		2,053,758
	80,685		National Bank Holdings Corp		2,775,564
	207,000		New York Community Bancorp, Inc		2,411,550
	82,700	*	NMI Holdings, Inc		2,418,975
	99,867		OFG Bancorp		2,028,299
	14,959		Peoples Bancorp, Inc		489,309
	144,500		People’s United Financial, Inc		2,336,565
	51,704		Popular, Inc		2,815,800
	94,599		TFS Financial Corp		1,821,977
	68,605	*	The Bancorp, Inc		747,795
	23,740		Trico Bancshares		893,336
	45,318		United Financial Bancorp, Inc		639,890
	13,142		Wintrust Financial Corp		838,722
	38,983		WSFS Financial Corp		1,643,913
	57,786		Zions Bancorporation		2,800,887
			TOTAL BANKS		56,850,631
CAPITAL GOODS - 12.6%
	64,949		Advanced Drainage Systems, Inc		2,404,412
	56,800	*	Aecom Technology Corp		2,272,568
	16,663		Albany International Corp (Class A)		1,399,359
	33,951		Allegion plc		3,939,674
	63,048		Allison Transmission Holdings, Inc		2,749,523

52

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

	SHARES		COMPANY	VALUE
	33,000	*	Astronics Corp	$	955,020
	101,203	*	Atkore International Group, Inc		3,511,744
	36,977		AZZ, Inc		1,434,338
	108,300	*	BMC Stock Holdings, Inc		2,923,017
	149,226	*	Builders FirstSource, Inc		3,374,000
	20,500		Carlisle Cos, Inc		3,121,535
	19,952		Comfort Systems USA, Inc		1,005,780
	22,658		Curtiss-Wright Corp		3,064,495
	53,744		EMCOR Group, Inc		4,713,886
	27,600		EnPro Industries, Inc		1,919,580
	63,562		Federal Signal Corp		2,061,951
	37,100		Flowserve Corp		1,811,964
	86,825	*	Foundation Building Materials, Inc		1,614,077
	64,300	*	GMS, Inc		1,926,428
	77,996		Graco, Inc		3,525,419
	132,580	*	Harsco Corp		2,687,397
	19,702		HEICO Corp (Class A)		1,877,010
	17,503		IDEX Corp		2,722,242
	71,530		ITT, Inc		4,252,459
	35,100	*	Mastec, Inc		2,209,194
	69,079	*	Meritor, Inc		1,521,810
	20,868		Moog, Inc (Class A)		1,746,860
	67,760	*	MRC Global, Inc		769,754
	40,941	*	MYR Group, Inc		1,408,780
	35,051		Primoris Services Corp		716,442
	66,228		Quanta Services, Inc		2,784,887
	28,556		Spirit Aerosystems Holdings, Inc (Class A)		2,336,452
	45,533	*	SPX Corp		2,073,573
	47,134	*	Thermon Group Holdings		1,123,203
	96,195		Universal Forest Products, Inc		4,844,380
	36,865	*	Vectrus, Inc		1,685,099
	19,349		Watts Water Technologies, Inc (Class A)		1,804,294
			TOTAL CAPITAL GOODS		86,292,606
COMMERCIAL & PROFESSIONAL SERVICES - 2.4%
	21,215		Brady Corp (Class A)		1,195,253
	41,192		Insperity, Inc		4,351,111
	75,834		Kforce, Inc		3,102,369
	28,843		Kimball International, Inc (Class B)		587,243
	60,380		Robert Half International, Inc		3,457,963
	38,563	*	SP Plus Corp		1,703,328
	29,342		Systemax, Inc		634,961
	32,185	*	TriNet Group, Inc		1,705,483
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		16,737,711
CONSUMER DURABLES & APPAREL - 3.7%
	9,636	*	Cavco Industries, Inc		1,846,739
	284,500	*,e	GoPro, Inc		1,183,520
	63,600		Kontoor Brands, Inc		2,416,800
	8,143	*	Lululemon Athletica, Inc		1,663,371
	47,904	*	Malibu Boats, Inc		1,562,628
	10,259	*	Meritage Homes Corp		739,571
	171,200		Newell Rubbermaid, Inc		3,247,664
	779	*	NVR, Inc		2,832,904

53

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

SHARES			COMPANY	VALUE
	26,400		Polaris Industries, Inc	$	2,604,360
	40,813		Pulte Homes, Inc		1,601,502
	74,800	*	Skechers U.S.A., Inc (Class A)		2,795,276
	104,360	*	Skyline Corp		2,946,083
			TOTAL CONSUMER DURABLES & APPAREL		25,440,418
CONSUMER SERVICES - 4.3%
	60,400		ARAMARK Holdings Corp		2,643,104
	22,596	*	Bright Horizons Family Solutions		3,355,958
	82,548	*	Career Education Corp		1,168,880
	36,900		Dunkin Brands Group, Inc		2,901,078
	114,536		Extended Stay America, Inc		1,627,557
	53,546	*	frontdoor, Inc		2,582,524
	26,400		Jack in the Box, Inc		2,218,128
	57,007	*	K12, Inc		1,128,168
	43,200	*	Planet Fitness, Inc		2,750,112
	51,259	*	Regis Corp		1,055,935
	79,657	*	Scientific Games Corp (Class A)		1,910,971
	45,155	*	ServiceMaster Global Holdings, Inc		1,823,359
	13,885		Strategic Education, Inc		1,708,272
	15,800		Wingstop, Inc		1,318,194
	49,400	*	WW International Inc		1,722,578
			TOTAL CONSUMER SERVICES		29,914,818
DIVERSIFIED FINANCIALS - 4.5%
	79,460		Artisan Partners Asset Management, Inc		2,173,231
	152,759		Brightsphere Investment Group, Inc		1,500,093
	87,127	*	Cannae Holdings, Inc		2,544,108
	20,900		Cohen & Steers, Inc		1,367,696
	23,000		Evercore Partners, Inc (Class A)		1,693,720
	33,800		Federated Investors, Inc (Class B)		1,079,572
	22,437		FirstCash, Inc		1,893,459
	28,007	*	INTL FCStone, Inc		1,120,280
	89,372		Ladder Capital Corp		1,543,455
	137,485		Ladenburg Thalmann Financial Services, Inc		310,716
	66,852		LPL Financial Holdings, Inc		5,404,315
	11,500		MarketAxess Holdings, Inc		4,238,785
	15,219		Morningstar, Inc		2,463,043
	62,416		OneMain Holdings, Inc		2,496,640
	2,000		Vanguard Small-Cap ETF		312,860
			TOTAL DIVERSIFIED FINANCIALS		30,141,973
ENERGY - 2.6%
	106,729		Archrock, Inc		1,028,867
	32,240	*	Bonanza Creek Energy, Inc		574,517
	31,500		Brigham Minerals, Inc		601,335
	485,911	*	Clean Energy Fuels Corp		1,093,300
	60,846	*	Exterran Corp		770,919
	341,382		Kosmos Energy Ltd		2,116,568
	264,608	*	NexTier Oilfield Solutions, Inc		1,143,107
	142,135		Parsley Energy, Inc		2,247,154
	66,700		PBF Energy, Inc		2,153,076

54

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

SHARES			COMPANY	VALUE
	105,820	*	Renewable Energy Group, Inc	$	1,729,099
	57,100		Scorpio Tankers, Inc		1,816,351
	65,545		World Fuel Services Corp		2,737,815
			TOTAL ENERGY		18,012,108
FOOD & STAPLES RETAILING - 1.1%
	60,090	*	Performance Food Group Co		2,560,435
	87,493		Spartan Stores, Inc		1,145,721
	97,395	*	US Foods Holding Corp		3,863,659
			TOTAL FOOD & STAPLES RETAILING		7,569,815
FOOD, BEVERAGE & TOBACCO - 1.1%
	37,600	*	Freshpet, Inc		1,964,976
	115,100	*	Hostess Brands, Inc		1,470,978
	21,600		Ingredion, Inc		1,706,400
	98,485	*	Simply Good Foods Co		2,416,822
			TOTAL FOOD, BEVERAGE & TOBACCO		7,559,176
HEALTH CARE EQUIPMENT & SERVICES - 5.0%
	9,191	*	DexCom, Inc		1,417,620
	60,443		Encompass Health Corp		3,869,561
	35,233		Hill-Rom Holdings, Inc		3,688,543
	16,500	*	Insulet Corp		2,397,780
	18,452	*	Integer Holding Corp		1,428,923
	34,200	*	Integra LifeSciences Holdings Corp		1,985,652
	20,771	*	iRhythm Technologies, Inc		1,387,918
	30,000	*	Molina Healthcare, Inc		3,529,200
	26,574	*	Orthofix International NV		1,116,905
	41,160	*	Providence Service Corp		2,628,889
	81,700	*	Select Medical Holdings Corp		1,488,574
	28,700	*,e	Silk Road Medical Inc		950,544
	23,055		STERIS plc		3,263,896
	34,600	*	Tactile Systems Technology, Inc		1,571,532
	30,700	*	Tandem Diabetes Care, Inc		1,890,506
	12,556	*	Veeva Systems, Inc		1,780,818
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		34,396,861
HOUSEHOLD & PERSONAL PRODUCTS - 0.1%
	38,600	*	elf Beauty, Inc		648,480
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		648,480
INSURANCE - 4.8%
	85,561		American Equity Investment Life Holding Co		2,111,646
	31,714		American Financial Group, Inc		3,299,524
	26,200		Argo Group International Holdings Ltd		1,620,994
	22,831		Assurant, Inc		2,878,304
	50,400		Assured Guaranty Ltd		2,364,768
	49,596		Axis Capital Holdings Ltd		2,947,490
	7,260		Erie Indemnity Co (Class A)		1,337,800
	41,000		First American Financial Corp		2,532,980
	31,600		Kemper Corp		2,271,408
	34,397		Mercury General Corp		1,653,120
	50,864		ProAssurance Corp		1,994,886

55

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

SHARES			COMPANY	VALUE
	17,593		Reinsurance Group of America, Inc (Class A)	$	2,858,335
	31,200		Selective Insurance Group, Inc		2,156,544
	2,386		White Mountains Insurance Group Ltd		2,555,406
			TOTAL INSURANCE		32,583,205
MATERIALS - 5.1%
	87,000	*	Alcoa Corp		1,808,730
	27,465		American Vanguard Corp		383,961
	17,763		Avery Dennison Corp		2,271,177
	108,230	*	Axalta Coating Systems Ltd		3,191,703
	66,741		Boise Cascade Co		2,387,325
	37,541		Carpenter Technology Corp		1,840,260
	83,100		CF Industries Holdings, Inc		3,768,585
	158,700		Graphic Packaging Holding Co		2,485,242
	6,500		Innospec, Inc		593,840
	32,100		Materion Corp		1,824,564
	77,000		PolyOne Corp		2,467,850
	17,570		Reliance Steel & Aluminum Co		2,038,823
	9,893		Royal Gold, Inc		1,142,048
	22,000		Scotts Miracle-Gro Co (Class A)		2,208,580
	80,200		Silgan Holdings, Inc		2,467,754
	74,900		Steel Dynamics, Inc		2,273,964
	23,600		WR Grace and Co		1,568,220
			TOTAL MATERIALS		34,722,626
MEDIA & ENTERTAINMENT - 1.5%
	31,607	*	AMC Networks, Inc		1,376,485
	4,723	*	IAC/InterActiveCorp		1,073,301
	77,797	*	Liberty Latin America Ltd (Class A)		1,454,026
	76,200	*	Liberty Media Group (Class C)		3,238,500
	130,189	*	Liberty TripAdvisor Holdings, Inc		1,256,324
	41,100		Lions Gate Entertainment Corp (Class B)		307,839
	38,800	*	Yelp, Inc		1,338,988
			TOTAL MEDIA & ENTERTAINMENT		10,045,463
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.1%
	49,200	*	Acadia Pharmaceuticals, Inc		2,086,572
	147,312	*	Akebia Therapeutics, Inc		549,474
	7,825	*	Alnylam Pharmaceuticals, Inc		678,741
	121,056	*,e	AMAG Pharmaceuticals, Inc		1,174,848
	167,563	*	Amicus Therapeutics, Inc		1,412,556
	11,121	*	ANI Pharmaceuticals, Inc		868,661
	14,311	*	Bio-Rad Laboratories, Inc (Class A)		4,745,814
	10,796		Bio-Techne Corp		2,247,403
	2,219	*	Bluebird Bio, Inc		179,739
	105,669		Bruker BioSciences Corp		4,702,271
	20,505	*	Charles River Laboratories International, Inc		2,665,240
	141,373	*	Halozyme Therapeutics, Inc		2,165,834
	94,257	*	Horizon Pharma plc		2,724,970
	16,800	*	Jazz Pharmaceuticals plc		2,110,584
	41,200	*	Natera, Inc		1,587,024
	30,468	*	Neurocrine Biosciences, Inc		3,031,261

56

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

SHARES			COMPANY	VALUE
	39,585	*	Pacira Pharmaceuticals, Inc	$	1,602,797
	25,978		Phibro Animal Health Corp		622,433
	29,200	*	PRA Health Sciences, Inc		2,853,132
	69,500	*	Radius Health, Inc		1,976,580
	13,989	*,e	Sarepta Therapeutics, Inc		1,161,926
	42,460	*	Seattle Genetics, Inc		4,560,204
	22,853	*	United Therapeutics Corp		2,053,114
	42,600	*	Veracyte, Inc		976,818
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		48,737,996
REAL ESTATE - 11.3%
	51,300		Acadia Realty Trust		1,435,374
	77,900		Alexander & Baldwin, Inc		1,831,429
	3,177		American Assets Trust, Inc		155,546
	63,721		American Campus Communities, Inc		3,184,776
	57,500		Apartment Investment & Management Co		3,155,600
	47,015		Camden Property Trust		5,377,106
	122,349		Columbia Property Trust, Inc		2,510,602
	97,200		CoreCivic, Inc		1,483,272
	70,584		Douglas Emmett, Inc		3,057,699
	116,802		Duke Realty Corp		4,104,422
	72,866		Equity Commonwealth		2,344,828
	44,712		First Industrial Realty Trust, Inc		1,882,822
	80,800		Gaming and Leisure Properties, Inc		3,261,088
	50,438		Getty Realty Corp		1,691,691
	114,230		Healthcare Trust of America, Inc		3,541,130
	63,400		Hudson Pacific Properties		2,277,328
	86,733		Kennedy-Wilson Holdings, Inc		1,995,726
	66,419		Liberty Property Trust		3,923,370
	74,514		Mack-Cali Realty Corp		1,596,090
	142,000		Medical Properties Trust, Inc		2,943,660
	32,012		NexPoint Residential Trust, Inc		1,561,225
	70,714		Omega Healthcare Investors, Inc		3,114,245
	106,610		Outfront Media, Inc		2,804,909
	9,666		PS Business Parks, Inc		1,745,196
	48,624		Regency Centers Corp		3,269,478
	216,008		Retail Properties of America, Inc		2,972,270
	15,651		RMR Group, Inc		757,508
	74,727		STAG Industrial, Inc		2,319,526
	32,891		Sun Communities, Inc		5,349,721
	67,500		Weingarten Realty Investors		2,141,775
			TOTAL REAL ESTATE		77,789,412
RETAILING - 3.2%
	29,200	*	Autonation, Inc		1,484,820
	13,600	*	Burlington Stores, Inc		2,613,512
	15,500	*,e	Carvana Co		1,256,740
	51,148		Citi Trends, Inc		912,992
	85,467		Core-Mark Holding Co, Inc		2,608,453
	50,151	*	Etsy, Inc		2,231,218
	65,147	*	Lands’ End, Inc		786,324
	49,800	*	RealReal, Inc		1,150,878
	16,900	*,e	RH		3,070,730
	46,184	*	Sleep Number Corp		2,222,374

57

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

SHARES			COMPANY	VALUE
	51,400		Sonic Automotive, Inc (Class A)	$	1,656,622
	63,109	*	Zumiez, Inc		2,013,808
			TOTAL RETAILING		22,008,471
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.2%
	71,109	*	Advanced Micro Devices, Inc		2,412,728
	40,100	*,e	Impinj, Inc		1,319,090
	115,120	*	Lattice Semiconductor Corp		2,255,201
	104,070		Marvell Technology Group Ltd		2,538,267
	292,478	*	NeoPhotonics Corp Ltd		1,924,505
	72,000		Teradyne, Inc		4,407,840
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		14,857,631
SOFTWARE & SERVICES - 9.2%
	62,403	*	A10 Networks, Inc		463,654
	56,600		Amdocs Ltd		3,690,320
	41,500	*	Anaplan, Inc		1,958,800
	34,200	*	Avalara, Inc		2,428,200
	64,663	*	Black Knight, Inc		4,151,364
	47,000		Booz Allen Hamilton Holding Co		3,307,390
	12,716	*	CACI International, Inc (Class A)		2,845,205
	26,700	*	Elastic NV		1,922,667
	205,091	*	Everi Holdings, Inc		2,063,216
	59,293		EVERTEC, Inc		1,813,773
	40,383	*	Five9, Inc		2,241,660
	90,232		Genpact Ltd		3,534,387
	40,875		Hackett Group, Inc		691,196
	215,421	*	Limelight Networks, Inc		909,077
	76,494	*	Model N, Inc		2,278,756
	26,581	*	Paylocity Holding Corp		2,727,211
	39,697		Pegasystems, Inc		2,985,612
	122,140		Perspecta, Inc		3,241,596
	58,182		Progress Software Corp		2,320,298
	20,906	*	Proofpoint, Inc		2,411,925
	23,788	*	RingCentral, Inc		3,842,238
	129,693		Sabre Corp		3,045,192
	49,468	*	SPS Commerce, Inc		2,610,426
	92,688	*	SVMK, Inc		1,705,459
	19,560	*	Trade Desk, Inc		3,927,648
			TOTAL SOFTWARE & SERVICES		63,117,270
TECHNOLOGY HARDWARE & EQUIPMENT - 4.1%
	65,655		Avnet, Inc		2,597,312
	77,100	*	Ciena Corp		2,861,952
	158,954	*	Harmonic, Inc		1,236,662
	51,760	*	Insight Enterprises, Inc		3,177,029
	38,800	*	Itron, Inc		2,958,888
	101,760		Jabil Circuit, Inc		3,746,803
	14,685	*	Keysight Technologies, Inc		1,481,863
	74,200	*	Knowles Corp		1,601,236
	27,100		MTS Systems Corp		1,530,608
	58,100		National Instruments Corp		2,404,759

58

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

SHARES			COMPANY	VALUE
	69,266	*	Sanmina Corp	$	2,128,544
	23,800		Synnex Corp		2,802,212
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		28,527,868
TELECOMMUNICATION SERVICES - 0.7%
	23,945		Telephone & Data Systems, Inc		624,725
	96,940	*	Vonage Holdings Corp		947,104
	97,427	*	Zayo Group Holdings, Inc		3,326,158
			TOTAL TELECOMMUNICATION SERVICES		4,897,987
TRANSPORTATION - 2.1%
	63,442	*	Echo Global Logistics, Inc		1,263,130
	27,182		Forward Air Corp		1,880,179
	82,003	*	Hub Group, Inc (Class A)		3,755,737
	27,939		Landstar System, Inc		3,161,298
	69,449		Marten Transport Ltd		1,504,266
	126,329	*	Radiant Logistics, Inc		680,913
	36,867		Skywest, Inc		2,195,430
			TOTAL TRANSPORTATION		14,440,953
UTILITIES - 2.5%
	75,492		Clearway Energy, Inc (Class A)		1,296,198
	108,600		NRG Energy, Inc		4,357,032
	26,960		ONE Gas, Inc		2,502,966
	7,091		Pinnacle West Capital Corp		667,405
	50,794		Portland General Electric Co		2,889,163
	199,912		Vistra Energy Corp		5,403,621
			TOTAL UTILITIES		17,116,385
			TOTAL COMMON STOCKS		684,903,832
			(Cost $588,579,409)
SHORT-TERM INVESTMENTS - 0.6%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.6%
	4,308,931	c	State Street Navigator Securities Lending Government Money Market Portfolio		4,308,931
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		4,308,931
			TOTAL SHORT-TERM INVESTMENTS		4,308,931
			(Cost $4,308,931)
			TOTAL INVESTMENTS - 100.5%		689,212,763
			(Cost $592,888,340)
			OTHER ASSETS & LIABILITIES, NET - (0.5)%		(3,738,261	)
			NET ASSETS - 100.0%	$	685,474,502

	Abbreviation(s):
	ETF    Exchange Traded Fund
*	Non-income producing
c	Investments made with cash collateral received from securities on loan.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $8,213,932.

59

TIAA-CREF FUNDS - Social Choice Equity Fund

TIAA-CREF FUNDS

SOCIAL CHOICE EQUITY FUND

SCHEDULE OF INVESTMENTS

October 31, 2019

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.6%
AUTOMOBILES & COMPONENTS - 0.5%
	55,976		Aptiv plc	$	5,012,651
	12,746		BorgWarner, Inc		531,253
	17,274	*	Cooper-Standard Holding, Inc		550,350
	66,583		Harley-Davidson, Inc		2,590,745
	22,556	*	Modine Manufacturing Co		257,815
	39,858	*	Tesla, Inc		12,552,081
			TOTAL AUTOMOBILES & COMPONENTS		21,494,895
BANKS - 5.1%
	1,694		Ameris Bancorp		72,588
	26,689		Associated Banc-Corp		536,716
	47,422		Bank OZK		1,330,661
	3,518		Banner Corp		189,902
	339,486		BB&T Corp		18,009,732
	17,500		Berkshire Hills Bancorp, Inc		543,025
	6,267		Brookline Bancorp, Inc		98,392
	8,221		Bryn Mawr Bank Corp		313,302
	1,799		Cadence BanCorp		27,669
	3,985		Camden National Corp		176,575
	674,774		Citigroup, Inc		48,489,260
	402,083		Citizens Financial Group, Inc		14,137,238
	440		Columbia Banking System, Inc		17,292
	108,335		Comerica, Inc		7,087,276
	321		Commerce Bancshares, Inc		20,660
	1,572		Community Trust Bancorp, Inc		68,869
	3,270		Cullen/Frost Bankers, Inc		294,562
	46,110	*	Customers Bancorp, Inc		1,087,274
	5,222	*	Equity Bancshares, Inc		144,963
	12,542		Federal Agricultural Mortgage Corp (Class C)		1,062,182
	288,180		Fifth Third Bancorp		8,380,274
	10,587		First Busey Corp		279,179
	2,352		First Financial Corp		103,182
	44,108		First Republic Bank		4,691,327
	1,130		FNB Corp		13,628
	540		Glacier Bancorp, Inc		22,853
	1,279		Hancock Holding Co		49,881
	37,292		Hanmi Financial Corp		717,871
	8,920		Heartland Financial USA, Inc		417,278
	3,902		Heritage Financial Corp		107,422
	19,184	*	HomeStreet, Inc		575,712
	13,122		HomeTrust Bancshares, Inc		350,357
	285,811		Huntington Bancshares, Inc		4,038,509
	5,708		Investors Bancorp, Inc		68,781
	15,606		Kearny Financial Corp		218,952
	613,332		Keycorp		11,021,576
	24,031		Live Oak Bancshares, Inc		436,163

60

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE
	90,129		M&T Bank Corp	$	14,107,892
	17,553		MGIC Investment Corp		240,652
	15,374	*	Mr Cooper Group, Inc		196,787
	11,344		National Bank Holdings Corp		390,234
	310		NBT Bancorp, Inc		12,322
	69,768		New York Community Bancorp, Inc		812,797
	22,664		Northfield Bancorp, Inc		385,515
	29,937		OFG Bancorp		608,020
	5,748		Old Line Bancshares, Inc		168,301
	7,838		Old National Bancorp		141,045
	21,559		Opus Bank		534,448
	16,485		PacWest Bancorp		609,780
	982		People’s United Financial, Inc		15,879
	53,702		Pinnacle Financial Partners, Inc		3,158,752
	226,186		PNC Financial Services Group, Inc		33,181,486
	36,221		Popular, Inc		1,972,596
	682,855		Regions Financial Corp		10,993,966
	5,811		Signature Bank		687,558
	6,239		Sterling Bancorp/DE		122,596
	12,826		Stock Yards Bancorp, Inc		512,270
	14,234	*	SVB Financial Group		3,152,546
	1,879	*	Texas Capital Bancshares, Inc		101,579
	10,055		TFS Financial Corp		193,659
	17,614	*	The Bancorp, Inc		191,993
	3,796		Trico Bancshares		142,843
	31,975	*	Tristate Capital Holdings, Inc		739,262
	350		Trustmark Corp		12,012
	2,167		UMB Financial Corp		141,418
	650		Umpqua Holdings Corp		10,283
	3,046		United Bankshares, Inc		120,439
	10,303		Univest Corp of Pennsylvania		265,302
	631,842		US Bancorp		36,027,631
	3,230		Webster Financial Corp		142,443
	1,553	e	Westamerica Bancorporation		102,529
	13,557		Western Alliance Bancorp		668,767
	230		Wintrust Financial Corp		14,679
	684		WSFS Financial Corp		28,844
	55,123		Zions Bancorporation		2,671,812
			TOTAL BANKS		238,782,020
CAPITAL GOODS - 7.2%
	213,347		3M Co		35,200,122
	954		Acuity Brands, Inc		119,050
	16,472	*	Aegion Corp		356,948
	3,315		Air Lease Corp		145,794
	32,009		Aircastle Ltd		871,285
	23,720		Argan, Inc		897,802
	33,949	*	Armstrong Flooring, Inc		208,447
	40,971	*	Astronics Corp		1,185,701
	52,363	*	Axon Enterprise, Inc		2,677,320
	46,198		Barnes Group, Inc		2,700,273
	419	*	Beacon Roofing Supply, Inc		13,006
	68,472		Briggs & Stratton Corp		504,639
	46,759	*	Builders FirstSource, Inc		1,057,221

61

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE
	17,565		Carlisle Cos, Inc	$	2,674,623
	186,879		Caterpillar, Inc		25,751,926
	1,817		Cubic Corp		133,986
	35,835		Cummins, Inc		6,180,821
	72,422		Curtiss-Wright Corp		9,795,075
	99,550		Deere & Co		17,335,637
	16,298		Dover Corp		1,693,199
	198,642		Eaton Corp		17,303,705
	1,365		EMCOR Group, Inc		119,724
	119,034		Fastenal Co		4,278,082
	99,730		Fortive Corp		6,881,370
	300		GATX Corp		23,865
	245		Granite Construction, Inc		5,767
	66,678		HEICO Corp		8,224,065
	130,506		HEICO Corp (Class A)		12,433,307
	28,146	*	Herc Holdings, Inc		1,245,742
	84,923		Hexcel Corp		6,336,954
	1,801		IDEX Corp		280,110
	160,575		Illinois Tool Works, Inc		27,069,733
	69,059		Ingersoll-Rand plc		8,762,896
	317,614		Johnson Controls International plc		13,762,215
	25,825	*	Lydall, Inc		505,395
	171,085		Masco Corp		7,912,681
	55,712	*	Mercury Systems, Inc		4,103,746
	23,535		Moog, Inc (Class A)		1,970,115
	3,829	*	MYR Group, Inc		131,756
	6,412		Owens Corning, Inc		392,927
	116,288		PACCAR, Inc		8,844,865
	47,521		Parker-Hannifin Corp		8,719,628
	96,651	*,e	Plug Power, Inc		256,125
	46,206		Quanta Services, Inc		1,942,962
	37,955		Rockwell Automation, Inc		6,527,880
	36,980		Roper Industries, Inc		12,460,781
	2,611		Rush Enterprises, Inc (Class A)		114,075
	33,429	*	Sensata Technologies Holding plc		1,711,230
	9,292		Snap-On, Inc		1,511,530
	160,593		Spirit Aerosystems Holdings, Inc (Class A)		13,139,719
	18,065		Stanley Black & Decker, Inc		2,733,776
	45,543	*	Teledyne Technologies, Inc		15,010,973
	10,913	*	Titan Machinery, Inc		181,156
	30,585		TransDigm Group, Inc		16,096,274
	19,636	*	Trimas Corp		634,636
	30,230	*	United Rentals, Inc		4,037,821
	19,303	*	Veritiv Corp		263,293
	13,236		W.W. Grainger, Inc		4,087,806
	1,174		Wabash National Corp		16,741
	1,565	*	WABCO Holdings, Inc		210,680
	83,851	*	Wesco Aircraft Holdings, Inc		924,038
	1,355	*	WESCO International, Inc		67,953
	36,655		Woodward Governor Co		3,909,622
	36,530		Xylem, Inc		2,801,486
			TOTAL CAPITAL GOODS		337,452,080

62

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE
COMMERCIAL & PROFESSIONAL SERVICES - 1.3%
	540		ABM Industries, Inc	$	19,688
	9,872		ACCO Brands Corp		90,329
	3,342		Cintas Corp		897,895
	76,551	*	Copart, Inc		6,326,175
	650		Covanta Holding Corp		9,386
	4,232		Exponent, Inc		268,859
	4,282		Heidrick & Struggles International, Inc		121,866
	8,866	*	Huron Consulting Group, Inc		586,397
	4,156		ICF International, Inc		356,128
	262,982	*	IHS Markit Ltd		18,414,000
	12,692		Insperity, Inc		1,340,656
	12,845		Kelly Services, Inc (Class A)		308,408
	5,758		Kimball International, Inc (Class B)		117,233
	590		Knoll, Inc		15,776
	10,228		Manpower, Inc		929,930
	22,070	*	Mistras Group, Inc		342,085
	430		Mobile Mini, Inc		16,177
	4,735		Nielsen NV		95,457
	970	*	On Assignment, Inc		61,682
	39,339		Quad Graphics, Inc		178,206
	19,611		Resources Connection, Inc		287,301
	52,605		Robert Half International, Inc		3,012,688
	1,210		Steelcase, Inc (Class A)		21,139
	33,675	*	Team, Inc		611,538
	120,100		TransUnion		9,922,662
	2,825	*	TriNet Group, Inc		149,697
	14,026		Verisk Analytics, Inc		2,029,562
	2,208		Viad Corp		134,732
	145,676		Waste Management, Inc		16,346,304
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		63,011,956
CONSUMER DURABLES & APPAREL - 1.4%
	13,930		Callaway Golf Co		281,665
	595	*	Capri Holdings Ltd		18,487
	22,010	*	Century Communities, Inc		664,042
	396		Columbia Sportswear Co		35,818
	490		Ethan Allen Interiors, Inc		9,658
	17,067	*	Fossil Group, Inc		185,689
	9,306	*	Green Brick Partners, Inc		93,711
	53,158		Hanesbrands, Inc		808,533
	258		Hasbro, Inc		25,106
	2,202	*	Helen of Troy Ltd		329,772
	8,726		Hooker Furniture Corp		206,544
	12,394	*,e	iRobot Corp		595,656
	103,005		Lennar Corp (Class A)		6,139,098
	10,411	*,e	LGI Homes, Inc		817,055
	12,186	*	Lululemon Athletica, Inc		2,489,234
	7,028	*	Meritage Homes Corp		506,649
	17,259	*	Mohawk Industries, Inc		2,474,595
	1,458		Movado Group, Inc		37,981
	82,480		Newell Rubbermaid, Inc		1,564,646
	392,949		Nike, Inc (Class B)		35,188,583
	642	*	NVR, Inc		2,334,691

63

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE
	15,981		Pulte Homes, Inc	$	627,094
	1,614		PVH Corp		140,676
	80,428	*	Under Armour, Inc (Class A)		1,660,838
	43,299	*	Under Armour, Inc (Class C)		801,031
	4,706	*	Unifi, Inc		128,474
	74,386		VF Corp		6,121,224
	9,044		Whirlpool Corp		1,375,773
			TOTAL CONSUMER DURABLES & APPAREL		65,662,323
CONSUMER SERVICES - 2.1%
	22,013	*	American Public Education, Inc		478,122
	43,236		ARAMARK Holdings Corp		1,892,007
	93,565		BBX Capital Corp		418,236
	30,288	*	Bright Horizons Family Solutions		4,498,374
	27,978		Carriage Services, Inc		720,713
	5,410	*	Chipotle Mexican Grill, Inc (Class A)		4,209,846
	34,975		Choice Hotels International, Inc		3,094,588
	33,819		Darden Restaurants, Inc		3,796,859
	320		Dine Brands Global Inc.		23,408
	3,953		Domino’s Pizza, Inc		1,073,714
	36,071	*	El Pollo Loco Holdings, Inc		419,145
	12,999	*	frontdoor, Inc		626,942
	1,438		Graham Holdings Co		905,451
	36,675		H&R Block, Inc		916,508
	151,991		Hilton Worldwide Holdings, Inc		14,737,047
	124,035	*	Houghton Mifflin Harcourt Co		801,266
	17,475		Marriott Vacations Worldwide Corp		1,921,027
	48,569	*,e	Noodles & Co		258,873
	81,138	*	Norwegian Cruise Line Holdings Ltd		4,118,565
	22,069	*	Red Robin Gourmet Burgers, Inc		673,104
	76,543		Royal Caribbean Cruises Ltd		8,330,175
	79,942		Service Corp International		3,635,762
	25,999	*	ServiceMaster Global Holdings, Inc		1,049,840
	3,350		Six Flags Entertainment Corp		141,337
	448,236		Starbucks Corp		37,902,836
	9,266		Vail Resorts, Inc		2,153,140
	13,138	*	WW International Inc		458,122
			TOTAL CONSUMER SERVICES		99,255,007
DIVERSIFIED FINANCIALS - 5.9%
	58,449		Ally Financial, Inc		1,790,293
	255,222		American Express Co		29,932,436
	26,292		Ameriprise Financial, Inc		3,967,200
	359,835		Bank of New York Mellon Corp		16,822,286
	49,759		BlackRock, Inc		22,973,730
	105,054		Capstead Mortgage Corp		812,067
	426,206		Charles Schwab Corp		17,350,846
	90,791		Chimera Investment Corp		1,839,426
	137,585		CME Group, Inc		28,308,114
	280		Cohen & Steers, Inc		18,323
	182,870		Discover Financial Services		14,677,146
	38,425		Dynex Capital, Inc		620,948
	26,410		E*TRADE Financial Corp		1,103,674

64

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE
	8,872		Factset Research Systems, Inc	$	2,249,229
	77,683		Franklin Resources, Inc		2,140,167
	9,333	*	Green Dot Corp		269,164
	325,193		IntercontinentalExchange Group, Inc		30,672,204
	165,102		Invesco Ltd		2,777,016
	4,700		Invesco Mortgage Capital, Inc		73,978
	24,238		Legg Mason, Inc		903,108
	42,240		Moody’s Corp		9,321,946
	607,957		Morgan Stanley		27,996,420
	22,879		NASDAQ OMX Group, Inc		2,282,638
	14,006	*,†	NewStar Financial, Inc		3,382
	119,931		Northern Trust Corp		11,954,722
	86,595	*	On Deck Capital, Inc		386,214
	5,668	*	PRA Group, Inc		192,315
	31,561		Redwood Trust, Inc		515,707
	119,778		S&P Global, Inc		30,901,526
	47,592		Starwood Property Trust, Inc		1,170,763
	123,600		State Street Corp		8,166,252
	52,574		T Rowe Price Group, Inc		6,088,069
	25,591		Voya Financial, Inc		1,380,890
			TOTAL DIVERSIFIED FINANCIALS		279,662,199
ENERGY - 4.1%
	147,313		Apache Corp		3,190,800
	191,531		Baker Hughes a GE Co		4,098,763
	43,112	*,e	California Resources Corp		240,996
	293,856	*,e	Callon Petroleum Co		1,116,653
	83,614	*	Cheniere Energy, Inc		5,146,442
	25,722		Cimarex Energy Co		1,085,983
	521,862		ConocoPhillips		28,806,782
	49,198	*,e	Covia Holdings Corp		67,893
	18,082		Delek US Holdings, Inc		722,376
	788,659	*,e	Denbury Resources, Inc		787,161
	150,700	*	Devon Energy Corp		3,056,196
	99,802		EQT Corp		1,071,873
	17,193		Equitrans Midstream Corp		239,327
	16,785	*	Exterran Corp		212,666
	127,354	*	Forum Energy Technologies, Inc		147,731
	67,171		Green Plains Renewable Energy, Inc		828,218
	163,726	*,e	Gulfport Energy Corp		455,977
	32,275	*	Helix Energy Solutions Group, Inc		277,242
	75,067		Hess Corp		4,935,655
	1,317,161		Kinder Morgan, Inc		26,316,877
	24,707		Kosmos Energy Ltd		153,183
	302,913	*	Laredo Petroleum Holdings, Inc		714,875
	363,636		Marathon Oil Corp		4,192,723
	14,654	*	Matrix Service Co		274,909
	182,488		National Oilwell Varco, Inc		4,127,879
	58,596	*	Newpark Resources, Inc		351,576
	39,082	*	NexTier Oilfield Solutions, Inc		168,835
	215,508		Noble Energy, Inc		4,150,684
	539,989	*	Oasis Petroleum, Inc		1,409,371
	340,807		Occidental Petroleum Corp		13,802,684
	12,097	*	Oceaneering International, Inc		171,294

65

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE
	422	*	Oil States International, Inc	$	6,022
	159,210		ONEOK, Inc		11,117,634
	57,267		Parsley Energy, Inc		905,391
	25,647		PBF Energy, Inc		827,885
	35,259	*	PDC Energy, Inc		703,417
	63,027		Pioneer Natural Resources Co		7,753,582
	217,224		Questar Market Resources, Inc		723,356
	171,421	e	Range Resources Corp		690,827
	45,154	*,e	Renewable Energy Group, Inc		737,816
	689,644		Schlumberger Ltd		22,544,462
	13,165	*	Select Energy Services, Inc		100,054
	187,821		SM Energy Co		1,472,517
	169,358	*	Southwestern Energy Co		347,184
	13,397		Targa Resources Investments, Inc		520,875
	16,527	*,e	Tellurian, Inc		131,720
	188,556	*	Tetra Technologies, Inc		320,545
	17,909	*	Tidewater, Inc		290,663
	22,379	e	US Silica Holdings, Inc		99,810
	217,050		Valero Energy Corp		21,049,509
	389,721		Williams Cos, Inc		8,694,676
			TOTAL ENERGY		191,361,569
FOOD & STAPLES RETAILING - 0.7%
	35,243		Casey’s General Stores, Inc		6,019,857
	40,533	*	Chefs’ Warehouse Holdings, Inc		1,342,656
	37,095		Pricesmart, Inc		2,748,739
	59,184		Spartan Stores, Inc		775,014
	201,369	*	Sprouts Farmers Market, Inc		3,908,572
	82,492	*	United Natural Foods, Inc		618,690
	373,950	*	US Foods Holding Corp		14,834,597
	14,051		Weis Markets, Inc		540,823
			TOTAL FOOD & STAPLES RETAILING		30,788,948
FOOD, BEVERAGE & TOBACCO - 3.2%
	43,780		Bunge Ltd		2,364,120
	75,680	e	Campbell Soup Co		3,504,741
	1,008,477		Coca-Cola Co		54,891,403
	8,656	*	Farmer Bros Co		111,057
	35,985		Fresh Del Monte Produce, Inc		1,147,922
	293,327		General Mills, Inc		14,918,611
	3,800	*	Hain Celestial Group, Inc		89,832
	206,505		Hormel Foods Corp		8,443,989
	130,364		Kellogg Co		8,282,025
	35,028		McCormick & Co, Inc		5,628,649
	383,559		PepsiCo, Inc		52,612,788
	6,553	*	TreeHouse Foods, Inc		353,993
			TOTAL FOOD, BEVERAGE & TOBACCO		152,349,130
HEALTH CARE EQUIPMENT & SERVICES - 5.8%
	18,978	*	Abiomed, Inc		3,939,453
	138,493	*	Accuray, Inc		360,082
	42,465	*	Align Technology, Inc		10,713,495

66

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE
	14,008	*	Allscripts Healthcare Solutions, Inc	$	153,247
	59,123	*	Angiodynamics, Inc		904,582
	64,288	*	Antares Pharma, Inc		216,008
	18,911	*	AtriCure, Inc		502,843
	27,413	*	BioTelemetry, Inc		1,078,976
	142,328		Cardinal Health, Inc		7,038,120
	21,971	*	Cardiovascular Systems, Inc		978,149
	20,606	*	Centene Corp		1,093,766
	262,965		Cerner Corp		17,650,211
	59,065	*	Cerus Corp		256,933
	68,573		Cigna Corp		12,237,538
	19,097		Computer Programs & Systems, Inc		440,568
	31,508		Cooper Cos, Inc		9,168,828
	129,702	*	Covetrus, Inc		1,285,995
	17,829	*	Cross Country Healthcare, Inc		192,731
	281,785		CVS Health Corp		18,707,706
	107,931		Dentsply Sirona, Inc		5,912,460
	26,380	*	Diplomat Pharmacy, Inc		143,507
	76,386	*	Edwards Lifesciences Corp		18,208,895
	66,519	*	GenMark Diagnostics, Inc		373,172
	12,520	*,e	Glaukos Corp		799,152
	33,400	*	Globus Medical, Inc		1,749,158
	7,898	*	Haemonetics Corp		953,526
	111,678		HCA Healthcare, Inc		14,913,480
	22,037	*	Henry Schein, Inc		1,379,186
	8,585	*,e	Heska Corp		695,557
	24,212		Hill-Rom Holdings, Inc		2,534,754
	10,757	*	HMS Holdings Corp		351,646
	92,217	*	Hologic, Inc		4,455,003
	64,194		Humana, Inc		18,885,875
	43,591	*	IDEXX Laboratories, Inc		12,423,871
	18,829	*	Integer Holding Corp		1,458,118
	41,902	*	Laboratory Corp of America Holdings		6,904,193
	25,670		LeMaitre Vascular, Inc		888,182
	2,380	*	LHC Group, Inc		264,109
	7,921	*	LivaNova plc		560,252
	1,635	*	Magellan Health Services, Inc		106,111
	71,174		Meridian Bioscience, Inc		696,793
	78,634	*	Merit Medical Systems, Inc		1,624,185
	30,594	*	NextGen Healthcare, Inc		517,192
	25,565	*	Omnicell, Inc		1,799,520
	98,521	*	OraSure Technologies, Inc		841,369
	11,935	*	Orthofix International NV		501,628
	10,147	*,e	Penumbra, Inc		1,582,628
	1,887	*	Premier, Inc		61,478
	11,279	*	Providence Service Corp		720,390
	22,904		Quest Diagnostics, Inc		2,319,030
	15,451	*	Quidel Corp		879,162
	59,523		Resmed, Inc		8,804,642
	14,148	*	Select Medical Holdings Corp		257,777
	179,113	*,e	Senseonics Holdings, Inc		209,562
	41,276	*	Staar Surgical Co		1,353,027
	27,192		STERIS plc		3,849,571
	17,725	*,e	Surgery Partners, Inc		140,914

67

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE
	20,553	*	Tactile Systems Technology, Inc	$	933,517
	10,927	*	Tandem Diabetes Care, Inc		672,885
	50,858	*,e	Teladoc, Inc		3,895,723
	36,079	*	Tivity Health, Inc		584,841
	255,274	*,e	TransEnterix, Inc		58,253
	15,438	*,e	Triple-S Management Corp (Class B)		233,577
	193,921		UnitedHealth Group, Inc		49,003,837
	31,883	*	Varian Medical Systems, Inc		3,851,785
	23,984	*	Vocera Communications, Inc		477,761
	24,286		West Pharmaceutical Services, Inc		3,493,298
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		270,243,783
HOUSEHOLD & PERSONAL PRODUCTS - 2.3%
	2,378		Clorox Co		351,207
	260,833		Colgate-Palmolive Co		17,893,144
	64,627		Estee Lauder Cos (Class A)		12,038,071
	54,167		Kimberly-Clark Corp		7,197,711
	567,401		Procter & Gamble Co		70,647,098
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		108,127,231
INSURANCE - 3.7%
	96,775		Allstate Corp		10,298,796
	458,996		American International Group, Inc		24,308,428
	39,042		Aon plc		7,541,353
	198,853		Chubb Ltd		30,309,174
	103,412	*	Genworth Financial, Inc (Class A)		442,603
	27,314		Lincoln National Corp		1,542,695
	178,033		Loews Corp		8,723,617
	237,157		Marsh & McLennan Cos, Inc		24,574,208
	46,413		Principal Financial Group		2,477,526
	291,868		Progressive Corp		20,343,200
	268,139		Prudential Financial, Inc		24,438,188
	128,444		Travelers Cos, Inc		16,833,871
	8,317		Willis Towers Watson plc		1,554,447
			TOTAL INSURANCE		173,388,106
MATERIALS - 2.9%
	10,332		Aptargroup, Inc		1,220,726
	161,238		Ball Corp		11,281,823
	78,491	*	Century Aluminum Co		457,603
	21,368	*	Clearwater Paper Corp		396,163
	46,693		Commercial Metals Co		902,576
	1,709		Compass Minerals International, Inc		96,524
	237,085		DuPont de Nemours, Inc		15,626,272
	147,659		Ecolab, Inc		28,360,864
	945		H.B. Fuller Co		46,116
	13,047	e	International Flavors & Fragrances, Inc		1,591,864
	142,736		International Paper Co		6,234,708
	42,638	*	Kraton Polymers LLC		955,944
	199,577		Linde plc		39,586,098
	22,260		Louisiana-Pacific Corp		650,660
	10,187		Minerals Technologies, Inc		503,747

68

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE
	121,472		Mosaic Co	$	2,414,863
	137,664		Newmont Goldcorp Corp		5,469,391
	205,346		Nucor Corp		11,057,882
	2,337		Reliance Steel & Aluminum Co		271,185
	16,420		Royal Gold, Inc		1,895,525
	32,986		RPM International, Inc		2,389,176
	4,126		Schnitzer Steel Industries, Inc (Class A)		88,049
	68,238	*	Summit Materials, Inc		1,564,697
	16,409		Trinseo S.A.		697,383
	16,425	*	US Concrete, Inc		858,371
			TOTAL MATERIALS		134,618,210
MEDIA & ENTERTAINMENT - 6.3%
	128,840		Activision Blizzard, Inc		7,218,905
	55,894	*	Alphabet, Inc (Class A)		70,359,367
	56,591	*	Alphabet, Inc (Class C)		71,310,885
	6,980		Cable One, Inc		9,251,083
	104,629		Cinemark Holdings, Inc		3,829,421
	40,660	*	Clear Channel		94,738
	77,596	*	comScore, Inc		179,247
	251,707	*,e	Discovery, Inc (Class A)		6,784,762
	380,411	*	Discovery, Inc (Class C)		9,601,574
	47,117	*	Electronic Arts, Inc		4,542,079
	99,663		Entravision Communications Corp (Class A)		283,043
	184,241		Gannett Co, Inc		1,999,015
	87,726	*	GCI Liberty, Inc		6,139,065
	106,087	*	Gray Television, Inc		1,740,888
	75,715	*	Imax Corp		1,616,515
	48,734		John Wiley & Sons, Inc (Class A)		2,245,175
	170,308	*	Liberty Broadband Corp (Class C)		20,108,265
	8,163	*	Loral Space & Communications, Inc		326,438
	37,805		Marcus Corp		1,364,760
	105,320	*	NetFlix, Inc		30,270,021
	58,591		New York Times Co (Class A)		1,810,462
	88,000	*	Nuveen ESG Large-Cap ETF		2,463,226
	294,588		Omnicom Group, Inc		22,739,248
	22,635		Scholastic Corp		871,447
	23,476		Sinclair Broadcast Group, Inc (Class A)		935,284
	165,148	e	Sirius XM Holdings, Inc		1,109,795
	12,997	*	Take-Two Interactive Software, Inc		1,564,189
	64,122		TEGNA, Inc		963,754
	79,880	*	TripAdvisor, Inc		3,227,152
	338,971	*	Twitter, Inc		10,158,961
	29,875	e	World Wrestling Entertainment, Inc (Class A)		1,674,195
			TOTAL MEDIA & ENTERTAINMENT		296,782,959
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.7%
	296,794		AbbVie, Inc		23,609,963
	54,132	*	Acadia Pharmaceuticals, Inc		2,295,738
	11,304	*	Acceleron Pharma, Inc		507,211
	215,271	*	Achillion Pharmaceuticals, Inc		1,379,887
	2,546	*	Aerie Pharmaceuticals, Inc		56,496
	150,551		Agilent Technologies, Inc		11,404,238
	15,764	*,e	Agios Pharmaceuticals, Inc		474,181

69

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE
	4,706	*,e	Akcea Therapeutics, Inc	$	86,261
	144,481	*	Akorn, Inc		720,960
	180,747		Amgen, Inc		38,544,298
	29,931	*	Assembly Biosciences, Inc		494,161
	13,962	*	Atara Biotherapeutics, Inc		152,465
	7,618	*	Avrobio, Inc		110,613
	85,758	*	BioCryst Pharmaceuticals, Inc		171,516
	56,305	*	Biogen Idec, Inc		16,818,867
	47,040	*	BioMarin Pharmaceutical, Inc		3,443,798
	9,691	*	Bluebird Bio, Inc		784,971
	501,909		Bristol-Myers Squibb Co		28,794,519
	7,837	*	Catalent, Inc		381,270
	196,371	*	Celgene Corp		21,213,959
	54,314	*	Collegium Pharmaceutical, Inc		651,768
	89,155	*	Cymabay Therapeutics, Inc		400,306
	327,563		Eli Lilly & Co		37,325,804
	4,990	*,e	Esperion Thereapeutics, Inc		198,452
	28,683	*	FibroGen, Inc		1,122,940
	4,680	*,e	Flexion Therapeutics, Inc		80,356
	335,255		Gilead Sciences, Inc		21,359,096
	16,242	*	Halozyme Therapeutics, Inc		248,827
	45,560	*	Illumina, Inc		13,463,891
	120,181	*,e	Inovio Pharmaceuticals, Inc		255,986
	7,450	*	Insmed, Inc		138,496
	18,561	*	Intersect ENT, Inc		330,757
	75,745	*,e	Intra-Cellular Therapies, Inc		700,641
	26,118	*	Iovance Biotherapeutics, Inc		551,873
	56,297	*	IQVIA Holdings, Inc		8,130,413
	27,862	*	Jazz Pharmaceuticals plc		3,500,303
	77,399	*,e	Karyopharm Therapeutics, Inc		905,568
	667,342		Merck & Co, Inc		57,831,857
	5,838	*	Mettler-Toledo International, Inc		4,115,440
	2,895	*	Mirati Therapeutics, Inc		272,651
	42,726	*,e	Nektar Therapeutics		731,683
	196,260	*,e	Opko Health, Inc		278,689
	16,842	*,e	Optinose, Inc		131,704
	42,303		Perrigo Co plc		2,242,905
	133,970	*	Progenics Pharmaceuticals, Inc		711,381
	31,084	*	Prothena Corp plc		282,864
	7,238	*	Reata Pharmaceuticals, Inc		1,491,607
	74,418	*	Revance Therapeutics, Inc		1,165,386
	5,837	*	Sage Therapeutics, Inc		791,789
	37,874	*	Sangamo Biosciences, Inc		342,760
	4,385	*	Spark Therapeutics, Inc		478,711
	52,041	*,e	TherapeuticsMD, Inc		138,429
	25,761	*,e	Theravance Biopharma, Inc		415,267
	5,640	*	Tricida, Inc		210,992
	17,724	*	Ultragenyx Pharmaceutical, Inc		711,441
	71,046	*	Vertex Pharmaceuticals, Inc		13,888,072
	18,425	*	Waters Corp		3,899,099
	47,090	*,e	ZIOPHARM Oncology, Inc		198,720
	248,138		Zoetis, Inc		31,741,813
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		362,884,109

70

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE
REAL ESTATE - 4.2%
	48,046		Alexandria Real Estate Equities, Inc	$	7,627,302
	11,117	*,e	Altisource Portfolio Solutions S.A.		197,883
	23,462		American Campus Communities, Inc		1,172,631
	161,182		American Tower Corp		35,150,571
	72,632		Boston Properties, Inc		9,965,110
	36,800		Brixmor Property Group, Inc		810,336
	70,724		CatchMark Timber Trust, Inc		811,204
	79,390	*	CBRE Group, Inc		4,251,334
	42,246		Chatham Lodging Trust		762,540
	62,954		CorePoint Lodging, Inc		620,097
	17,160		Coresite Realty		2,016,300
	23,373		Cousins Properties, Inc		937,958
	6,932		CyrusOne, Inc		494,113
	53,519		Digital Realty Trust, Inc		6,799,054
	8,358		Douglas Emmett, Inc		362,069
	58,576		Duke Realty Corp		2,058,361
	19,598		Easterly Government Properties, Inc		437,427
	36,148		Equinix, Inc		20,487,963
	3,961		Federal Realty Investment Trust		538,736
	33,420		First Industrial Realty Trust, Inc		1,407,316
	52,368		Franklin Street Properties Corp		450,365
	204,267	*	Healthpeak Properties Inc		7,684,525
	154,979		Host Hotels and Resorts, Inc		2,540,106
	32,022	*	Howard Hughes Corp		3,580,700
	24,076		Hudson Pacific Properties		864,810
	100,069		Iron Mountain, Inc		3,282,263
	95,797	e	iStar Financial, Inc		1,246,319
	5,945		Jones Lang LaSalle, Inc		871,061
	4,739		Kilroy Realty Corp		397,744
	88,542		Kimco Realty Corp		1,908,966
	15,135		Liberty Property Trust		894,024
	24,547		Office Properties Income Trust		782,558
	4,166		Paramount Group, Inc		56,116
	57,124		Park Hotels & Resorts, Inc		1,328,133
	540		Piedmont Office Realty Trust, Inc		12,118
	346,453		Prologis, Inc		30,404,715
	22,163		QTS Realty Trust, Inc		1,187,715
	24,711	e	Realogy Holdings Corp		194,723
	15,022		Regency Centers Corp		1,010,079
	2,009		RMR Group, Inc		97,236
	37,701		Sabra Healthcare REIT, Inc		927,445
	45,216		SBA Communications Corp		10,881,230
	46,797		Senior Housing Properties Trust		464,460
	30,349		UDR, Inc		1,525,037
	31,258		VICI Properties, Inc		736,126
	297		Washington REIT		9,213
	205,082		Welltower, Inc		18,598,887
	297,141		Weyerhaeuser Co		8,679,489
			TOTAL REAL ESTATE		197,524,468

71

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE
RETAILING - 7.1%
	42,491	*	1-800-FLOWERS.COM, Inc (Class A)	$	605,922
	2,432		Aaron’s, Inc		182,230
	24,346		Advance Auto Parts, Inc		3,955,738
	63,815	*	Amazon.com, Inc		113,377,558
	56,825		Best Buy Co, Inc		4,081,740
	66,235		Big Lots, Inc		1,435,312
	39,658	*	BJ’s Wholesale Club Holdings, Inc		1,058,869
	17,364	*	Booking Holdings, Inc		35,574,842
	250	e	Buckle, Inc		5,230
	43,488	*	CarMax, Inc		4,051,777
	27,056	*	Container Store Group, Inc		114,176
	256,191		eBay, Inc		9,030,733
	90,213		Expedia, Inc		12,328,508
	6,360	*	Five Below, Inc		795,700
	81,198		Gap, Inc		1,320,279
	14,294	*	Genesco, Inc		555,322
	21,058		Genuine Parts Co		2,160,130
	18,815		Haverty Furniture Cos, Inc		341,304
	29,239	*	Hibbett Sports, Inc		697,642
	250,264		Home Depot, Inc		58,706,929
	17,745	*	Lands’ End, Inc		214,182
	77,025	*	LKQ Corp		2,618,080
	237,535		Lowe’s Companies, Inc		26,511,282
	166,315		Macy’s, Inc		2,521,335
	12,615	*	MarineMax, Inc		194,902
	26,766	e	Nordstrom, Inc		960,899
	397		Pool Corp		82,338
	123,411	*	Quotient Technology, Inc		1,062,569
	137,098		Ross Stores, Inc		15,035,538
	5,448	*	Sally Beauty Holdings, Inc		84,444
	12,547	e	Shoe Carnival, Inc		416,435
	21,472	e	Signet Jewelers Ltd		344,411
	171,967		Target Corp		18,384,992
	14,544		Tiffany & Co		1,810,873
	121,046		TJX Companies, Inc		6,978,302
	15,754		Tractor Supply Co		1,496,945
	17,401	*	Ulta Beauty, Inc		4,057,043
	860		Winmark Corp		154,800
	5,569	*	Zumiez, Inc		177,707
			TOTAL RETAILING		333,487,018
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.5%
	349,407		Applied Materials, Inc		18,958,824
	22,180	*	Cirrus Logic, Inc		1,507,353
	40,921	*	Cree, Inc		1,953,159
	20,532	*	First Solar, Inc		1,063,352
	1,096,969		Intel Corp		62,011,657
	32,145		Lam Research Corp		8,712,581
	3,481		NVE Corp		216,692
	159,451		NVIDIA Corp		32,052,840
	18,585	*	Silicon Laboratories, Inc		1,974,471
	315,879		Texas Instruments, Inc		37,270,563
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		165,721,492

72

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE
SOFTWARE & SERVICES - 10.6%
	219,692		Accenture plc	$	40,735,291
	136,249	*	Adobe, Inc		37,867,684
	102,486	*	Autodesk, Inc		15,102,337
	188,672	*	Avaya Holdings Corp		2,281,044
	33,427	*	Benefitfocus, Inc		759,963
	231,978	*	Black Knight, Inc		14,892,988
	12,432		Blackbaud, Inc		1,043,666
	223,569		Booz Allen Hamilton Holding Co		15,732,551
	110,902	*	Cadence Design Systems, Inc		7,247,446
	13,209	*	ChannelAdvisor Corp		124,297
	296,557	*	Conduent, Inc		1,832,722
	55,469		CSG Systems International, Inc		3,197,233
	57,024	*	ExlService Holdings, Inc		3,970,581
	2,334	*	Fair Isaac Corp		709,629
	306,154		International Business Machines Corp		40,941,974
	113,870		Intuit, Inc		29,321,525
	216,899	*	Limelight Networks, Inc		915,314
	54,815		LogMeIn, Inc		3,600,249
	1,342,632	d	Microsoft Corp		192,493,150
	61,195	*	New Relic, Inc		3,920,152
	54,403	*	Nutanix, Inc		1,589,656
	5,290	*	OneSpan, Inc		98,976
	1,449	*	Paylocity Holding Corp		148,667
	54,901	*	Perficient, Inc		2,152,119
	21,141	*	Qualys, Inc		1,803,962
	22,069	*	RingCentral, Inc		3,564,585
	243,620	*	salesforce.com, Inc		38,124,094
	58,908		Science Applications International Corp		4,866,979
	61,226	*	SPS Commerce, Inc		3,230,896
	67,259	*	Sykes Enterprises, Inc		2,077,967
	139,395	*	Teradata Corp		4,172,092
	64,472		TiVo Corp		524,802
	23,245		TTEC Holdings, Inc		1,101,116
	47,472	*	Virtusa Corp		1,769,756
	27,316		VMware, Inc (Class A)		4,323,303
	40,273	*	WEX, Inc		7,618,846
	30,134	*	Zendesk, Inc		2,128,967
			TOTAL SOFTWARE & SERVICES		495,986,579
TECHNOLOGY HARDWARE & EQUIPMENT - 6.6%
	2,919	*	Anixter International, Inc		241,547
	758,031		Apple, Inc		188,567,792
	40,047		AVX Corp		613,520
	8,124		Badger Meter, Inc		469,567
	1,070		Belden CDT, Inc		54,870
	71,768		Benchmark Electronics, Inc		2,432,935
	1,027,622		Cisco Systems, Inc		48,822,321
	2,689	*	Coherent, Inc		400,446
	34,326		CTS Corp		915,818
	22,592		Daktronics, Inc		154,981
	99,736		Dolby Laboratories, Inc (Class A)		6,416,017
	1,447	*	Fabrinet		81,365

73

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE
	18,340	*	FARO Technologies, Inc	$	874,451
	758,600		Hewlett Packard Enterprise Co		12,448,626
	722,608		HP, Inc		12,551,701
	11,733	*	Insight Enterprises, Inc		720,171
	182		InterDigital, Inc		9,761
	3,493	*	Itron, Inc		266,376
	70,176		Kemet Corp		1,525,626
	25,860	*	Keysight Technologies, Inc		2,609,533
	17,293	*	Kimball Electronics, Inc		256,974
	15,821		Littelfuse, Inc		2,777,693
	4,509	*	Lumentum Holdings, Inc		282,534
	6,814		Methode Electronics, Inc		234,402
	49,310		Motorola Solutions, Inc		8,201,239
	120,617		National Instruments Corp		4,992,338
	19,428	*	Novanta, Inc		1,730,063
	500	*	OSI Systems, Inc		49,620
	12,626	*	Plexus Corp		933,566
	13,761	*	Ribbon Communications, Inc		59,035
	11,038	*	Rogers Corp		1,495,428
	13,734		Synnex Corp		1,617,041
	42,266	*	Tech Data Corp		5,135,319
	81,317	*	TTM Technologies, Inc		952,222
	73,134		Vishay Intertechnology, Inc		1,473,650
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		310,368,548
TELECOMMUNICATION SERVICES - 1.7%
	23,657	*	Boingo Wireless, Inc		224,032
	930,085		CenturyLink, Inc		12,035,300
	84,519	*	Cincinnati Bell, Inc		431,892
	24,512		Cogent Communications Group, Inc		1,437,384
	130,742	*	Iridium Communications, Inc		3,199,257
	121,741	*	Orbcomm, Inc		488,181
	1,013,820		Verizon Communications, Inc		61,305,695
			TOTAL TELECOMMUNICATION SERVICES		79,121,741
TRANSPORTATION - 2.0%
	3,997		Amerco, Inc		1,618,945
	8,189		Arkansas Best Corp		236,580
	2,385	*	Avis Budget Group, Inc		70,858
	19,553		CH Robinson Worldwide, Inc		1,478,989
	352,407		CSX Corp		24,763,640
	197,594		Delta Air Lines, Inc		10,883,477
	8		Expeditors International of Washington, Inc		584
	29,951	*	Hertz Global Holdings, Inc		404,638
	5,175		Kansas City Southern Industries, Inc		728,536
	180		Landstar System, Inc		20,367
	82,734		Norfolk Southern Corp		15,057,588
	9		Ryder System, Inc		438
	179,530		Southwest Airlines Co		10,077,019
	231,633		United Parcel Service, Inc (Class B)		26,677,173
			TOTAL TRANSPORTATION		92,018,832

74

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY					VALUE
UTILITIES - 3.7%
	258,499		American Electric Power Co, Inc					$	24,399,721
	22,387		American Water Works Co, Inc						2,759,645
	126,378		Centerpoint Energy, Inc						3,673,808
	19,183		Clearway Energy, Inc (Class A)						329,372
	29,648		Clearway Energy, Inc (Class C)						537,518
	180,018		Consolidated Edison, Inc						16,601,260
	110,209		Dominion Resources, Inc						9,097,753
	19,802		DTE Energy Co						2,521,191
	134,706		Eversource Energy						11,280,280
	74,411		FirstEnergy Corp						3,595,540
	42,852		New Jersey Resources Corp						1,868,347
	10,059		ONE Gas, Inc						933,878
	290		Ormat Technologies, Inc						22,202
	322		Pattern Energy Group, Inc						9,026
	206,735		Public Service Enterprise Group, Inc						13,088,393
	183,846		Sempra Energy						26,567,586
	73,934		South Jersey Industries, Inc						2,377,717
	518,609		Southern Co						32,496,040
	30,558		UGI Corp						1,456,700
	104,830		WEC Energy Group, Inc						9,895,952
	180,121		Xcel Energy, Inc						11,439,485
			TOTAL UTILITIES						174,951,414
			TOTAL COMMON STOCKS						4,675,044,617
			(Cost $3,526,891,710)
RIGHTS / WARRANTS - 0.0%
MEDIA & ENTERTAINMENT - 0.0%
	21,053	†	Media General, Inc						0
			TOTAL MEDIA & ENTERTAINMENT						0
			TOTAL RIGHTS / WARRANTS						0
			(Cost $0)
PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 0.8%
GOVERNMENT AGENCY DEBT - 0.3%
$	16,040,000		Federal Home Loan Bank (FHLB)		1.400	%	11/01/19		16,040,000
			TOTAL GOVERNMENT AGENCY DEBT						16,040,000
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.5%
	23,990,193	c	State Street Navigator Securities Lending Government Money Market Portfolio						23,990,193
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						23,990,193
			TOTAL SHORT-TERM INVESTMENTS						40,030,193
			(Cost $40,030,193)
			TOTAL INVESTMENTS - 100.4%						4,715,074,810
			(Cost $3,566,921,903)
			OTHER ASSETS & LIABILITIES, NET - (0.4)%						(19,070,081	)
			NET ASSETS - 100.0%					$	4,696,004,729

75

TIAA-CREF FUNDS - Social Choice Equity Fund

	Abbreviation(s):
	ETF      Exchange Traded Fund
	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 future contracts.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $30,097,707.

Futures contracts outstanding as of October 31, 2019 were as follows:

Description	Number of long (short) contracts	Expiration date	Notional amount		Value		Unrealized appreciation (depreciation)
S&P 500 E Mini Index	110	12/20/19	$	16,357,380	$	16,696,900	$	339,520

76

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

TIAA-CREF FUNDS

SOCIAL CHOICE LOW CARBON EQUITY FUND

SCHEDULE OF INVESTMENTS

October 31, 2019

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.2%
AUTOMOBILES & COMPONENTS - 0.4%
	1,891		Aptiv plc	$	169,339
	669	*	Cooper-Standard Holding, Inc		21,314
	2,338	*	Tesla, Inc		736,283
			TOTAL AUTOMOBILES & COMPONENTS		926,936
BANKS - 4.9%
	1,105		Amalgamated Bank		20,122
	944		Arrow Financial Corp		33,153
	25,697		BB&T Corp		1,363,226
	1,224		Bridge Bancorp, Inc		39,658
	339		Camden National Corp		15,021
	32,286		Citigroup, Inc		2,320,072
	19,508		Citizens Financial Group, Inc		685,901
	3,253		Comerica, Inc		212,811
	950		Community Trust Bancorp, Inc		41,619
	497	*	Customers Bancorp, Inc		11,719
	944	*	Equity Bancshares, Inc		26,205
	129		Federal Agricultural Mortgage Corp (Class C)		10,925
	17,193		Fifth Third Bancorp		499,972
	119		First Commonwealth Financial Corp		1,677
	1,527		First Defiance Financial Corp		47,215
	909		First Financial Corp		39,878
	1,038		First Mid-Illinois Bancshares, Inc		36,226
	997		First of Long Island Corp		23,370
	1,760		First Republic Bank		187,194
	2,418		Hanmi Financial Corp		46,546
	414	*	HomeStreet, Inc		12,424
	1,285		HomeTrust Bancshares, Inc		34,310
	16,834		Huntington Bancshares, Inc		237,864
	14,226		Keycorp		255,641
	262		Live Oak Bancshares, Inc		4,755
	4,237		M&T Bank Corp		663,218
	940		MGIC Investment Corp		12,887
	2,863		New York Community Bancorp, Inc		33,354
	1,534		OFG Bancorp		31,156
	1,216		Old Line Bancshares, Inc		35,604
	1,738		Opus Bank		43,085
	10,816		PNC Financial Services Group, Inc		1,586,707
	22,455		Regions Financial Corp		361,526
	1,072	*	SVB Financial Group		237,427
	2,221	*	The Bancorp, Inc		24,209
	356	*	Tristate Capital Holdings, Inc		8,231
	30,492		US Bancorp		1,738,654
	1,616		Zions Bancorporation		78,328
			TOTAL BANKS		11,061,890

77

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE
CAPITAL GOODS - 7.5%
	10,933		3M Co	$	1,803,835
	2,447	*	Aegion Corp		53,027
	1,659		Air Lease Corp		72,963
	2,577		Aircastle Ltd		70,146
	1,188		Argan, Inc		44,966
	1,252	*	Armstrong Flooring, Inc		7,687
	1,858	*	Astronics Corp		53,771
	3,287	*	Axon Enterprise, Inc		168,064
	3,124		Briggs & Stratton Corp		23,024
	430		Carlisle Cos, Inc		65,476
	11,431		Caterpillar, Inc		1,575,192
	1,023	*	Chart Industries, Inc		59,979
	552		Comfort Systems USA, Inc		27,826
	945		Cummins, Inc		162,994
	3,395		Curtiss-Wright Corp		459,174
	6,245		Deere & Co		1,087,504
	653		Dover Corp		67,840
	14,619		Eaton Corp		1,273,461
	271		EMCOR Group, Inc		23,769
	3,836		Fastenal Co		137,866
	13,348		Fortive Corp		921,012
	1,313		Granite Construction, Inc		30,908
	3,112		HEICO Corp		383,834
	5,880		HEICO Corp (Class A)		560,188
	1,522	*	Herc Holdings, Inc		67,364
	2,528		Hexcel Corp		188,639
	8,803		Illinois Tool Works, Inc		1,484,010
	2,387		Ingersoll-Rand plc		302,886
	15,498		Johnson Controls International plc		671,528
	1,091	*	Lydall, Inc		21,351
	3,304	*	Mercury Systems, Inc		243,373
	385		Moog, Inc (Class A)		32,228
	1,007	*	MYR Group, Inc		34,651
	2,762		PACCAR, Inc		210,078
	2,868		Parker-Hannifin Corp		526,249
	3,941	*,e	Plug Power, Inc		10,444
	5,962		Quanta Services, Inc		250,702
	1,214		Rockwell Automation, Inc		208,796
	1,294		Roper Industries, Inc		436,026
	8,353		Spirit Aerosystems Holdings, Inc (Class A)		683,442
	1,574		Stanley Black & Decker, Inc		238,193
	1,424	*	Teledyne Technologies, Inc		469,350
	1,022	*	Titan Machinery, Inc		16,965
	2,240		TransDigm Group, Inc		1,178,867
	1,593	*	United Rentals, Inc		212,777
	883		Valmont Industries, Inc		121,139
	729	*	Veritiv Corp		9,944
	537		W.W. Grainger, Inc		165,847
	3,433	*	Wesco Aircraft Holdings, Inc		37,832
	21	*	WESCO International, Inc		1,053
	777		Woodward Governor Co		82,875

78

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE
	1,778		Xylem, Inc	$	136,355
			TOTAL CAPITAL GOODS		17,177,470
COMMERCIAL & PROFESSIONAL SERVICES - 1.2%
	3,382	*	Copart, Inc		279,488
	1,243		Heidrick & Struggles International, Inc		35,376
	526	*	Huron Consulting Group, Inc		34,790
	278		ICF International, Inc		23,822
	12,382	*	IHS Markit Ltd		866,988
	162		Insperity, Inc		17,112
	7		Kforce, Inc		286
	876		Kimball International, Inc (Class B)		17,835
	1,129	*	Mistras Group, Inc		17,499
	14,385		Pitney Bowes, Inc		63,294
	728		Resources Connection, Inc		10,665
	1,685		RR Donnelley & Sons Co		7,347
	418	*	SP Plus Corp		18,463
	1,049	*,e	Team, Inc		19,050
	5,558		TransUnion		459,202
	40	*	TrueBlue, Inc		916
	486		Viad Corp		29,656
	6,960		Waste Management, Inc		780,982
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		2,682,771
CONSUMER DURABLES & APPAREL - 1.2%
	733	*	Century Communities, Inc		22,115
	1,937		Ethan Allen Interiors, Inc		38,178
	702	*	Garmin Ltd		65,812
	1,554	*	Green Brick Partners, Inc		15,649
	408		Hamilton Beach Brands Holding Co		7,609
	5		Hasbro, Inc		487
	927		Hooker Furniture Corp		21,942
	9,969		Lennar Corp (Class A)		594,152
	670	*,e	Mattel, Inc		8,000
	3,349		Newell Rubbermaid, Inc		63,531
	16,630		Nike, Inc (Class B)		1,489,216
	370	*	Unifi, Inc		10,101
	4,203		VF Corp		345,865
			TOTAL CONSUMER DURABLES & APPAREL		2,682,657
CONSUMER SERVICES - 2.2%
	897	*	American Public Education, Inc		19,483
	3,007		ARAMARK Holdings Corp		131,586
	3,793		BBX Capital Corp		16,955
	595	*	Bright Horizons Family Solutions		88,369
	1,115		Carriage Services, Inc		28,722
	644	*	Chipotle Mexican Grill, Inc (Class A)		501,135
	3,080		Darden Restaurants, Inc		345,792
	1,397	*	El Pollo Loco Holdings, Inc		16,233
	128	*	frontdoor, Inc		6,173
	11,967		Hilton Worldwide Holdings, Inc		1,160,320
	6,671	*	Houghton Mifflin Harcourt Co		43,095
	465		Marriott Vacations Worldwide Corp		51,117

79

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE
	2,304	*	Noodles & Co	$	12,280
	823	*	Red Robin Gourmet Burgers, Inc		25,102
	1,841	*	Regis Corp		37,925
	5,414		Royal Caribbean Cruises Ltd		589,206
	1,399		Service Corp International		63,627
	1,636	*	ServiceMaster Global Holdings, Inc		66,062
	26		Six Flags Entertainment Corp		1,097
	20,582		Starbucks Corp		1,740,414
	555		Vail Resorts, Inc		128,965
	191	*	WW International Inc		6,660
			TOTAL CONSUMER SERVICES		5,080,318
DIVERSIFIED FINANCIALS - 6.2%
	14,209		American Express Co		1,666,431
	29,913		Bank of New York Mellon Corp		1,398,433
	3,348		BlackRock, Inc		1,545,772
	7,607		Capstead Mortgage Corp		58,802
	24,254		Charles Schwab Corp		987,380
	7,417		CME Group, Inc		1,526,048
	10,839		Discover Financial Services		869,938
	805	*	Donnelley Financial Solutions, Inc		9,097
	1,805		Dynex Capital, Inc		29,169
	860		Franklin Resources, Inc		23,693
	15,633		IntercontinentalExchange Group, Inc		1,474,505
	1,149		Moody’s Corp		253,573
	32,968		Morgan Stanley		1,518,176
	544	*,†	NewStar Financial, Inc		131
	1,455		Northern Trust Corp		145,034
	1,767	*	On Deck Capital, Inc		7,881
	5,745		S&P Global, Inc		1,482,152
	12,974		State Street Corp		857,192
	1,591		T Rowe Price Group, Inc		184,238
			TOTAL DIVERSIFIED FINANCIALS		14,037,645
ENERGY - 3.8%
	17,378	e	Antero Midstream Corp		111,914
	6,194	*	Apergy Corp		155,903
	10,278		Archrock, Inc		99,080
	51,601		Baker Hughes a GE Co		1,104,261
	3,549	*	Cactus, Inc		105,476
	16,119	*	Cheniere Energy, Inc		992,124
	7,929	*	Clean Energy Fuels Corp		17,840
	1,969	*,e	Covia Holdings Corp		2,717
	6,217		Delek US Holdings, Inc		248,369
	2,887	*	Dril-Quip, Inc		118,425
	15,457		Equitrans Midstream Corp		215,161
	2,053	*	Exterran Corp		26,012
	5,134	*	Forum Energy Technologies, Inc		5,955
	8,171	*	Frank’s International NV		40,038
	2,061	*	FTS International, Inc		3,133
	2,431		Green Plains Renewable Energy, Inc		29,974
	11,451	*	Helix Energy Solutions Group, Inc		98,364
	3,510		HollyFrontier Corp		192,839

80

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE
	1,258	*	KLX Energy Services Holdings, Inc	$	9,989
	1,677	*	Matrix Service Co		31,461
	30,951		National Oilwell Varco, Inc		700,112
	6,800	*	Newpark Resources, Inc		40,800
	11,716	*	NexTier Oilfield Solutions, Inc		50,613
	7,543	*	Oceaneering International, Inc		106,809
	4,548	*	Oil States International, Inc		64,900
	17,920		ONEOK, Inc		1,251,354
	9,139		PBF Energy, Inc		295,007
	2,174	*	Renewable Energy Group, Inc		35,523
	3,532	e	RPC, Inc		14,622
	4,726	*	Select Energy Services, Inc		35,918
	17,341		Targa Resources Investments, Inc		674,218
	7,714	*	Tetra Technologies, Inc		13,114
	3,007	*	Tidewater, Inc		48,804
	5,974		US Silica Holdings, Inc		26,644
	14,723		Valero Energy Corp		1,427,837
	2,925		World Fuel Services Corp		122,177
			TOTAL ENERGY		8,517,487
FOOD & STAPLES RETAILING - 0.8%
	2,819		Casey’s General Stores, Inc		481,513
	1,926	*	Chefs’ Warehouse Holdings, Inc		63,799
	1,792		Pricesmart, Inc		132,787
	2,228		Spartan Stores, Inc		29,176
	9,127	*	Sprouts Farmers Market, Inc		177,155
	4,054	*	United Natural Foods, Inc		30,405
	18,011	*	US Foods Holding Corp		714,496
	589		Weis Markets, Inc		22,671
			TOTAL FOOD & STAPLES RETAILING		1,652,002
FOOD, BEVERAGE & TOBACCO - 3.5%
	3,229		Bunge Ltd		174,366
	48,897		Coca-Cola Co		2,661,464
	647	*	Farmer Bros Co		8,301
	1,236		Fresh Del Monte Produce, Inc		39,428
	309	*	Freshpet, Inc		16,148
	16,749		General Mills, Inc		851,854
	87	*	Hain Celestial Group, Inc		2,057
	17,500		Hormel Foods Corp		715,575
	5,174		Kellogg Co		328,704
	4,436		McCormick & Co, Inc		712,821
	18,416		PepsiCo, Inc		2,526,123
			TOTAL FOOD, BEVERAGE & TOBACCO		8,036,841
HEALTH CARE EQUIPMENT & SERVICES - 6.2%
	1,099	*	Abiomed, Inc		228,130
	126	*	Acadia Healthcare Co, Inc		3,779
	5,053	*	Accuray, Inc		13,138
	3,289	*	Align Technology, Inc		829,782
	2,208	*	Allscripts Healthcare Solutions, Inc		24,156
	43	*	AMN Healthcare Services, Inc		2,527
	2,779	*	Angiodynamics, Inc		42,519

81

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE
	9,859	*	Antares Pharma, Inc	$	33,126
	731	*	BioTelemetry, Inc		28,772
	2,394	*	Brookdale Senior Living, Inc		17,596
	3,486		Cardinal Health, Inc		172,383
	14,569		Cerner Corp		977,871
	10,266	*	Cerus Corp		44,657
	2,920		Cigna Corp		521,103
	711		Computer Programs & Systems, Inc		16,403
	2,118		Cooper Cos, Inc		616,338
	7,927	*	Covetrus, Inc		78,596
	2,248	*	Cross Country Healthcare, Inc		24,301
	24,782		CVS Health Corp		1,645,277
	6,537		Dentsply Sirona, Inc		358,097
	3,935	*	Diplomat Pharmacy, Inc		21,406
	5,988	*	Edwards Lifesciences Corp		1,427,419
	295		Encompass Health Corp		18,886
	3,285	*	GenMark Diagnostics, Inc		18,429
	4,734		HCA Healthcare, Inc		632,178
	737	*	Henry Schein, Inc		46,125
	523	*,e	Heska Corp		42,373
	5,206	*	Hologic, Inc		251,502
	2,218		Humana, Inc		652,536
	1,893	*	IDEXX Laboratories, Inc		539,524
	90	*	Integer Holding Corp		6,970
	900	*	Laboratory Corp of America Holdings		148,293
	1,072		LeMaitre Vascular, Inc		37,091
	62	*	LivaNova plc		4,385
	3,174		Meridian Bioscience, Inc		31,073
	2,606	*	Merit Medical Systems, Inc		53,827
	2,340	*	NextGen Healthcare, Inc		39,558
	479	*	Omnicell, Inc		33,717
	4,963	*	OraSure Technologies, Inc		42,384
	1,385	*	Orthofix International NV		58,212
	69	*	Penumbra, Inc		10,762
	638		Quest Diagnostics, Inc		64,598
	30	*	Quidel Corp		1,707
	586	*	RadNet, Inc		9,153
	4,766		Resmed, Inc		704,987
	5,017	*,e	Senseonics Holdings, Inc		5,870
	2,949	*	Staar Surgical Co		96,668
	315	*,e	Surgery Partners, Inc		2,504
	2,055	*,e	Teladoc, Inc		157,413
	272	*	Tivity Health, Inc		4,409
	9,550	*,e	TransEnterix, Inc		2,179
	577	*	Triple-S Management Corp (Class B)		8,730
	11,550		UnitedHealth Group, Inc		2,918,685
	2,785	*	Varian Medical Systems, Inc		336,456
	1,334	*	Vocera Communications, Inc		26,573
	554		West Pharmaceutical Services, Inc		79,687
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		14,214,820
HOUSEHOLD & PERSONAL PRODUCTS - 2.4%
	17,300		Colgate-Palmolive Co		1,186,780

82

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE
	3,434		Estee Lauder Cos (Class A)	$	639,651
	1,875		Kimberly-Clark Corp		249,150
	27,844		Procter & Gamble Co		3,466,857
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		5,542,438
INSURANCE - 3.8%
	5,460		Allstate Corp		581,053
	24,257		American International Group, Inc		1,284,651
	1,963		Aon plc		379,173
	10,227		Chubb Ltd		1,558,799
	20,962		Loews Corp		1,027,138
	13,048		Marsh & McLennan Cos, Inc		1,352,034
	737		Principal Financial Group		39,341
	7,474		Progressive Corp		520,938
	15,017		Prudential Financial, Inc		1,368,649
	3,824		Travelers Cos, Inc		501,174
	300		Willis Towers Watson plc		56,070
			TOTAL INSURANCE		8,669,020
MATERIALS - 2.7%
	13,913		Ball Corp		973,493
	3,810	*	Century Aluminum Co		22,212
	1,024	*	Clearwater Paper Corp		18,985
	4,534		Commercial Metals Co		87,642
	81		Compass Minerals International, Inc		4,575
	6,646		Ecolab, Inc		1,276,497
	3,863		H.B. Fuller Co		188,514
	984		Innospec, Inc		89,898
	3,155		International Flavors & Fragrances, Inc		384,942
	1,964	*	Kraton Polymers LLC		44,033
	562		Minerals Technologies, Inc		27,791
	28,560		Mosaic Co		567,773
	898		Myers Industries, Inc		15,203
	17,636		Newmont Goldcorp Corp		700,678
	418		PPG Industries, Inc		52,300
	2,796		Reliance Steel & Aluminum Co		324,448
	5,282		RPM International, Inc		382,575
	644	*	Ryerson Holding Corp		5,596
	1,689		Schnitzer Steel Industries, Inc (Class A)		36,043
	3,204		Scotts Miracle-Gro Co (Class A)		321,650
	309		Stepan Co		30,196
	3,268		Trinseo S.A.		138,890
	1,227	*	US Concrete, Inc		64,123
	14,443		Valvoline, Inc		308,214
			TOTAL MATERIALS		6,066,271
MEDIA & ENTERTAINMENT - 6.5%
	5,207		Activision Blizzard, Inc		291,748
	2,696	*	Alphabet, Inc (Class A)		3,393,725
	2,730	*	Alphabet, Inc (Class C)		3,440,100
	336		Cable One, Inc		445,324
	8,099		Cinemark Holdings, Inc		296,423
	506	*	Clear Channel		1,179

83

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE
	11,781	*,e	Discovery, Inc (Class A)	$	317,557
	17,717	*	Discovery, Inc (Class C)		447,177
	2,112	*	Electronic Arts, Inc		203,597
	2,764		Entravision Communications Corp (Class A)		7,850
	8,642		Gannett Co, Inc		93,766
	5,052	*	GCI Liberty, Inc		353,539
	3,245	*	Gray Television, Inc		53,250
	768	*	Hemisphere Media Group, Inc		9,915
	3,943	*	Imax Corp		84,183
	3,400		John Wiley & Sons, Inc (Class A)		156,638
	8,424	*	Liberty Broadband Corp (Class C)		994,622
	980	*	Loral Space & Communications, Inc		39,190
	1,686		Marcus Corp		60,865
	5,885		National CineMedia, Inc		49,405
	4,568	*	NetFlix, Inc		1,312,889
	6,405		New York Times Co (Class A)		197,914
	14,535		Omnicom Group, Inc		1,121,957
	2,171		Scholastic Corp		83,583
	2,746		Sinclair Broadcast Group, Inc (Class A)		109,401
	5,449		TEGNA, Inc		81,898
	4,484	*	TripAdvisor, Inc		181,154
	26,261	*	Twitter, Inc		787,042
	1,748	e	World Wrestling Entertainment, Inc (Class A)		97,958
			TOTAL MEDIA & ENTERTAINMENT		14,713,849
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.5%
	18,828		AbbVie, Inc		1,497,767
	7,858	*	Achillion Pharmaceuticals, Inc		50,370
	1,340		Agilent Technologies, Inc		101,505
	4,711	*	Akorn, Inc		23,508
	9,280		Amgen, Inc		1,978,960
	1,705	*	Assembly Biosciences, Inc		28,150
	1,627	*	Atara Biotherapeutics, Inc		17,767
	2,351	*	Biogen Idec, Inc		702,267
	1,272	*	BioMarin Pharmaceutical, Inc		93,123
	224	*	Bluebird Bio, Inc		18,144
	32,520		Bristol-Myers Squibb Co		1,865,672
	7,855	*	Celgene Corp		848,576
	1,765	*	Collegium Pharmaceutical, Inc		21,180
	4,650	*	Cymabay Therapeutics, Inc		20,879
	15,644		Eli Lilly & Co		1,782,634
	2,615	*,e	Flexion Therapeutics, Inc		44,900
	26,352		Gilead Sciences, Inc		1,678,886
	1,337	*	Illumina, Inc		395,110
	7,033	*,e	Inovio Pharmaceuticals, Inc		14,980
	1,134	*	Intersect ENT, Inc		20,208
	2,588	*	Intra-Cellular Therapies, Inc		23,939
	1,219	*	Iovance Biotherapeutics, Inc		25,757
	1,077	*	IQVIA Holdings, Inc		155,540
	746	*	Jazz Pharmaceuticals plc		93,720
	2,839	*	Karyopharm Therapeutics, Inc		33,216
	32,252		Merck & Co, Inc		2,794,958
	1,644	*	Nektar Therapeutics		28,154

84

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE
	22,300	*,e	Opko Health, Inc	$	31,666
	1,130	*,e	Optinose, Inc		8,837
	752		Perrigo Co plc		39,871
	5,559	*	Progenics Pharmaceuticals, Inc		29,518
	2,785	*	Prothena Corp plc		25,343
	890	*	Radius Health, Inc		25,312
	417	*	Reata Pharmaceuticals, Inc		85,935
	2,210	*	Revance Therapeutics, Inc		34,609
	27	*	Sage Therapeutics, Inc		3,663
	15,249	*,e	TherapeuticsMD, Inc		40,562
	3,815	*	Vertex Pharmaceuticals, Inc		745,756
	183	*	Waters Corp		38,726
	11,842		Zoetis, Inc		1,514,829
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		16,984,497
REAL ESTATE - 4.2%
	2,875		Alexandria Real Estate Equities, Inc		456,406
	164	*	Altisource Portfolio Solutions S.A.		2,919
	349		American Campus Communities, Inc		17,443
	7,590		American Tower Corp		1,655,227
	3,087		Boston Properties, Inc		423,537
	2,532		Brixmor Property Group, Inc		55,755
	2,839		CatchMark Timber Trust, Inc		32,563
	1,428	*	CBRE Group, Inc		76,469
	3,517		Chatham Lodging Trust		63,482
	2,328		CorePoint Lodging, Inc		22,931
	37		CyrusOne, Inc		2,637
	3,441		Digital Realty Trust, Inc		437,145
	1,520		Duke Realty Corp		53,413
	2,453		Equinix, Inc		1,390,311
	514		Federal Realty Investment Trust		69,909
	3,115		Franklin Street Properties Corp		26,789
	4,263	*	Healthpeak Properties Inc		160,374
	35,593		Host Hotels and Resorts, Inc		583,369
	80	*	Howard Hughes Corp		8,946
	973		Hudson Pacific Properties		34,950
	6,811		Iron Mountain, Inc		223,401
	4,196	e	iStar Financial, Inc		54,590
	2,460		Kimco Realty Corp		53,038
	1,859		Office Properties Income Trust		59,265
	1,740		Park Hotels & Resorts, Inc		40,455
	16,904		Prologis, Inc		1,483,495
	6,773	e	Realogy Holdings Corp		53,371
	1,297		Regency Centers Corp		87,210
	2,038		SBA Communications Corp		490,445
	5,458		Senior Housing Properties Trust		54,171
	1,117		UDR, Inc		56,129
	1,521		VICI Properties, Inc		35,820
	7,646	e	Washington Prime Group, Inc		32,266
	12,906		Welltower, Inc		1,170,445
			TOTAL REAL ESTATE		9,468,676
RETAILING - 6.9%
	2,952	*	Amazon.com, Inc		5,244,700

85

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE
	712		Best Buy Co, Inc	$	51,143
	9,077	*	BJ’s Wholesale Club Holdings, Inc		242,356
	821	*	Booking Holdings, Inc		1,682,040
	523	*	CarMax, Inc		48,728
	1,011	*	Container Store Group, Inc		4,266
	22,231		eBay, Inc		783,643
	4,270		Expedia, Inc		583,538
	850		Genuine Parts Co		87,193
	1,452		Haverty Furniture Cos, Inc		26,339
	703	*	Hibbett Sports, Inc		16,774
	12,838		Home Depot, Inc		3,011,538
	519	*	Lands’ End, Inc		6,264
	11	*	LKQ Corp		374
	9,162		Lowe’s Companies, Inc		1,022,571
	1,466		Macy’s, Inc		22,225
	1,747	*	MarineMax, Inc		26,991
	5,684	*	Quotient Technology, Inc		48,939
	2,578		Ross Stores, Inc		282,729
	13,514		Target Corp		1,444,782
	420		Tiffany & Co		52,294
	13,758		TJX Companies, Inc		793,149
	161		Tractor Supply Co		15,298
	518	*	Ulta Beauty, Inc		120,772
	616	*,e	Wayfair, Inc		50,654
	104		Winmark Corp		18,720
	309	*	Zumiez, Inc		9,860
			TOTAL RETAILING		15,697,880
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.5%
	14,129		Applied Materials, Inc		766,640
	67		Brooks Automation, Inc		2,845
	3,083	*	Cree, Inc		147,152
	472	*	First Solar, Inc		24,445
	53,112		Intel Corp		3,002,421
	1,158		Lam Research Corp		313,864
	360		NVE Corp		22,410
	9,826		NVIDIA Corp		1,975,223
	14,995		Texas Instruments, Inc		1,769,260
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		8,024,260
SOFTWARE & SERVICES - 10.3%
	10,596		Accenture plc		1,964,710
	7,038	*	Adobe, Inc		1,956,071
	4,391	*	Autodesk, Inc		647,058
	4,526	*	Avaya Holdings Corp		54,719
	845	*	Benefitfocus, Inc		19,211
	9,758	*	Black Knight, Inc		626,464
	9,978		Booz Allen Hamilton Holding Co		702,152
	1,156	*	ChannelAdvisor Corp		10,878
	13,287	*	Conduent, Inc		82,114
	2,302		CSG Systems International, Inc		132,687
	2,727	*	ExlService Holdings, Inc		189,881
	14,711		International Business Machines Corp		1,967,302

86

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE
	5,257		Intuit, Inc	$	1,353,677
	7,021	*	Limelight Networks, Inc		29,629
	4,013		LogMeIn, Inc		263,574
	64,602	d	Microsoft Corp		9,261,989
	3,081	*	New Relic, Inc		197,369
	3,929	*	Nutanix, Inc		114,805
	1,335	*	OneSpan, Inc		24,978
	2,084	*	Perficient, Inc		81,693
	13,550	*	salesforce.com, Inc		2,120,440
	3,393		Science Applications International Corp		280,330
	1,434	*	SPS Commerce, Inc		75,672
	3,121	*	Sykes Enterprises, Inc		96,423
	5,149	*	Teradata Corp		154,109
	2,879		TiVo Corp		23,435
	873		TTEC Holdings, Inc		41,354
	1,971	*	Virtusa Corp		73,479
	1,380		VMware, Inc (Class A)		218,413
	3,007	*	WEX, Inc		568,864
			TOTAL SOFTWARE & SERVICES		23,333,480
TECHNOLOGY HARDWARE & EQUIPMENT - 6.4%
	3,877		Adtran, Inc		34,156
	512	*	Anixter International, Inc		42,368
	38,586		Apple, Inc		9,598,653
	4,261	*	Arlo Technologies, Inc		14,530
	1,244		AVX Corp		19,058
	246		Badger Meter, Inc		14,219
	2,113		Benchmark Electronics, Inc		71,631
	2,385	*	CalAmp Corp		26,760
	55,172		Cisco Systems, Inc		2,621,222
	1,242		CTS Corp		33,136
	2,923		Daktronics, Inc		20,052
	2,290		Dolby Laboratories, Inc (Class A)		147,316
	214	*	Fabrinet		12,033
	594	*	FARO Technologies, Inc		28,322
	59,722		Hewlett Packard Enterprise Co		980,038
	25,414		HP, Inc		441,441
	565	*	Insight Enterprises, Inc		34,680
	681	*	Keysight Technologies, Inc		68,720
	1,980	*	Kimball Electronics, Inc		29,423
	172	*	Lumentum Holdings, Inc		10,777
	600		Methode Electronics, Inc		20,640
	737		Motorola Solutions, Inc		122,578
	720		National Instruments Corp		29,801
	461	*	Novanta, Inc		41,052
	147	*	OSI Systems, Inc		14,588
	644	*	Ribbon Communications, Inc		2,763
	393		Synnex Corp		46,272
	1,602	*	TTM Technologies, Inc		18,759
	48		Vishay Intertechnology, Inc		967
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		14,545,955
TELECOMMUNICATION SERVICES - 1.7%
	54,669		CenturyLink, Inc		707,417

87

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE
	4,002	*	Cincinnati Bell, Inc	$	20,450
	1,009		Cogent Communications Group, Inc		59,168
	2,574	*,e	Gogo, Inc		15,830
	4,299	*	Iridium Communications, Inc		105,197
	6,004	*	Orbcomm, Inc		24,076
	48,992		Verizon Communications, Inc		2,962,546
			TOTAL TELECOMMUNICATION SERVICES		3,894,684
TRANSPORTATION - 2.0%
	286		Amerco, Inc		115,841
	1,958		Arkansas Best Corp		56,567
	21,467		CSX Corp		1,508,486
	1,114	*	Genesee & Wyoming, Inc (Class A)		123,687
	4,483		Kansas City Southern Industries, Inc		631,117
	2,512		Ryder System, Inc		122,159
	5,593		Southwest Airlines Co		313,935
	14,093		United Parcel Service, Inc (Class B)		1,623,091
			TOTAL TRANSPORTATION		4,494,883
UTILITIES - 3.4%
	9,528		American Water Works Co, Inc		1,174,516
	8,490		Aqua America, Inc		384,852
	3,283		Atmos Energy Corp		369,272
	2,207		Clearway Energy, Inc (Class A)		37,894
	5,559		Clearway Energy, Inc (Class C)		100,785
	14,326		Consolidated Edison, Inc		1,321,144
	14,957		Eversource Energy		1,252,499
	4,155		New Jersey Resources Corp		181,158
	1,237		ONE Gas, Inc		114,843
	1,189		Ormat Technologies, Inc		91,030
	6,169		Pattern Energy Group, Inc		172,917
	9,203		Sempra Energy		1,329,925
	4,383		Southwest Gas Corp		382,636
	5,213		TerraForm Power, Inc		88,517
	15,915		UGI Corp		758,668
			TOTAL UTILITIES		7,760,656
			TOTAL COMMON STOCKS		225,267,386
			(Cost $194,629,394)
RIGHTS / WARRANTS - 0.0%
MEDIA & ENTERTAINMENT - 0.0%
	1,550	†	Media General, Inc		0
			TOTAL MEDIA & ENTERTAINMENT		0
			TOTAL RIGHTS / WARRANTS		0
			(Cost $0)

88

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
SHORT-TERM INVESTMENTS - 1.1%
GOVERNMENT AGENCY DEBT - 0.7%
$	1,600,000		Federal Home Loan Bank (FHLB)		1.500	%	11/01/19	$	1,600,000
			TOTAL GOVERNMENT AGENCY DEBT						1,600,000
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.4%
	955,631	c	State Street Navigator Securities Lending Government Money Market Portfolio						955,631
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						955,631
			TOTAL SHORT-TERM INVESTMENTS						2,555,631
			(Cost $2,555,631)
			TOTAL INVESTMENTS - 100.3%						227,823,017
			(Cost $197,185,025)
			OTHER ASSETS & LIABILITIES, NET - (0.3)%						(837,863	)
			NET ASSETS - 100.0%					$	226,985,154

*	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 future contracts.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $1,100,991.

Futures contracts outstanding as of October 31, 2019 were as follows:

Description	Number of long (short) contracts	Expiration date	Notional amount		Value		Unrealized appreciation (depreciation)
S&P 500 E Mini Index	10	12/20/19	$	1,497,831	$	1,517,900	$	20,069

89

TIAA-CREF FUNDS - Emerging Markets Equity Fund

TIAA-CREF FUNDS
EMERGING MARKETS EQUITY FUND
SCHEDULE OF INVESTMENTS
October 31, 2019

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.3%
BELGIUM - 1.0%
	4,531,100	*,g	Budweiser Brewing Co APAC Ltd	$	16,566,723
			TOTAL BELGIUM		16,566,723
BRAZIL - 14.4%
	9,242,187	a,n	Arcos Dorados Holdings, Inc		69,039,137
	4,187,200	*	B2W Companhia Global Do Varejo		53,038,215
	1,017,650		Banco do Brasil S.A.		12,217,890
	1,216,900	*	Banco Itau Holding Financeira S.A.		10,993,215
	1,644,200		Cia Brasileira de Distribuicao Grupo Pao de Acucar		34,023,727
	5,409,284		Lojas Americanas S.A.(Preference)		26,962,121
	225,200	*	Pagseguro Digital Ltd		8,350,416
	1,047,900		Vale S.A.		12,332,846
			TOTAL BRAZIL		226,957,567
CHINA - 26.6%
	163,838	*	58.COM, Inc (ADR)		8,652,285
	3,266,000		AAC Technologies Holdings, Inc		21,135,248
	598,554	*	Alibaba Group Holding Ltd (ADR)		105,746,535
	97,500	*	Baidu, Inc (ADR)		9,930,375
	8,978,000	*,†	China Animal Healthcare Ltd		11,457
	8,331,000		China Life Insurance Co Ltd		21,424,745
	2,501,242		China Merchants Bank Co Ltd (Class A)		12,605,280
	3,249,600		China Mobile Hong Kong Ltd		26,408,508
	27,330,500	e	China Molybdenum Co Ltd		8,612,825
	7,328,100		China Unicom Ltd		7,214,505
	6,118,162		Foxconn Industrial Internet Co Ltd		13,336,040
	10,553,700		Geely Automobile Holdings Ltd		19,969,830
	323,600	*	JD.com, Inc (ADR)		10,080,140
	1,073,200		Jiangsu Yanghe Brewery Joint-Stock Co Ltd		15,337,495
	3,503,200		Ping An Insurance Group Co of China Ltd		40,433,165
	1,885,140		Ping An Insurance Group Co of China Ltd (Class A)		23,548,673
	1,506,576		Tencent Holdings Ltd		61,111,112
	3,497,546		Tianqi Lithium Corp		12,479,823
			TOTAL CHINA		418,038,041
HONG KONG - 1.0%
	621,536	*,†,e	China Metal Recycling Holdings Ltd		793
	22,290	*,†	Mongolian Metals Corporation		0
	1,953,500		Techtronic Industries Co		15,266,618
			TOTAL HONG KONG		15,267,411
INDIA - 8.9%
	10,592,517		Bharat Electronics Ltd		17,616,672
	14,222,082		Edelweiss Capital Ltd		18,468,413

90

TIAA-CREF FUNDS - Emerging Markets Equity Fund

SHARES			COMPANY	VALUE
	1,134,418		Mahindra & Mahindra Ltd	$	9,688,509
	2,489,500		Reliance Industries Ltd		51,311,834
	1,177,800		Shriram Transport Finance Co Ltd		18,879,524
	4,963,100	*	Tata Motors Ltd		12,272,377
	1,396,843		United Phosphorus Ltd		11,737,713
			TOTAL INDIA		139,975,042
INDONESIA - 2.4%
	33,345,400		PT Astra International Tbk		16,492,657
	21,893,700		PT Bank Mandiri Persero Tbk		10,943,982
	7,131,100		PT United Tractors Tbk		11,007,064
			TOTAL INDONESIA		38,443,703
ITALY - 2.3%
	10,595,871		Prada S.p.A		36,427,194
			TOTAL ITALY		36,427,194
KENYA - 0.6%
	30,861,156		Safaricom plc		8,887,893
			TOTAL KENYA		8,887,893
KOREA, REPUBLIC OF - 11.4%
	209,800		Fila Korea Ltd		10,352,124
	335,000		Hynix Semiconductor, Inc		23,555,847
	158,000		Hyundai Motor Co		16,549,609
	44,100		LG Chem Ltd		11,635,565
	92,039		Naver Corp		12,977,171
	120,600	e	Samsung Electro-Mechanics Co Ltd		11,675,819
	1,380,000		Samsung Electronics Co Ltd		59,643,388
	63,300		Samsung SDI Co Ltd		12,352,723
	48,200		Shinsegae Co Ltd		9,768,300
	85,100		SK Energy Co Ltd		11,644,702
			TOTAL KOREA, REPUBLIC OF		180,155,248
MACAU - 2.6%
	3,106,579		Galaxy Entertainment Group Ltd		21,390,770
	3,837,900		Sands China Ltd		18,904,030
			TOTAL MACAU		40,294,800
MEXICO - 2.5%
	2,357,100		Cemex SAB de C.V. (ADR)		8,886,267
	1,587,300		Fresnillo plc		14,664,711
	1,379,200		Grupo Televisa SAB (ADR)		15,240,160
			TOTAL MEXICO		38,791,138
NETHERLANDS - 1.4%
	320,117	*	Prosus NV		22,074,942
			TOTAL NETHERLANDS		22,074,942
PHILIPPINES - 0.5%
	36,649,500		Alliance Global Group, Inc		8,281,734
			TOTAL PHILIPPINES		8,281,734

91

TIAA-CREF FUNDS - Emerging Markets Equity Fund

SHARES			COMPANY	VALUE
RUSSIA - 4.4%
	1,670,100		Gazprom (ADR)	$	13,381,676
	142,300		LUKOIL PJSC (ADR)		13,100,138
	1,599,918		Sberbank of Russia (ADR)		23,522,795
	590,500	*	Yandex NV		19,716,795
			TOTAL RUSSIA		69,721,404
SAUDI ARABIA - 0.6%
	619,400		Al Rajhi Bank		9,977,686
			TOTAL SAUDI ARABIA		9,977,686
SOUTH AFRICA - 3.5%
	1,330,400		Absa Group Ltd		13,644,687
	700,200	e	Foschini Ltd		8,075,300
	748,600		Mr Price Group Ltd		7,915,569
	129,517		Naspers Ltd (N Shares)		18,327,755
	2,266,800		Truworths International Ltd		8,034,152
			TOTAL SOUTH AFRICA		55,997,463
TAIWAN - 11.9%
	1,330,300		Globalwafers Co Ltd		15,872,159
	9,451,000		Hon Hai Precision Industry Co, Ltd		24,961,061
	148,000		Largan Precision Co Ltd		21,716,676
	1,707,600		MediaTek, Inc		22,804,744
	9,193,600		Taiwan Semiconductor Manufacturing Co Ltd		90,095,423
	1,972,000		Walsin Technology Corp		11,806,077
			TOTAL TAIWAN		187,256,140
THAILAND - 1.3%
	13,849,300		PTT PCL (ADR)		20,753,170
			TOTAL THAILAND		20,753,170
TURKEY - 0.9%
	618,600		Tupras Turkiye Petrol Rafine		13,464,644
			TOTAL TURKEY		13,464,644
UNITED STATES - 1.1%
	146,500		Wynn Resorts Ltd		17,776,310
			TOTAL UNITED STATES		17,776,310
			TOTAL COMMON STOCKS		1,565,108,253
			(Cost $1,423,581,836)
PREFERRED STOCKS - 0.0%
PHILIPPINES - 0.0%
	1,721,900	*,†	Ayala Land, Inc		3,393
			TOTAL PHILIPPINES		3,393
			TOTAL PREFERRED STOCKS		3,393
			(Cost $4,057)

92

TIAA-CREF FUNDS - Emerging Markets Equity Fund

SHARES			COMPANY	VALUE
PURCHASED OPTIONS - 0.0%
UNITED STATES - 0.0%
	1,600,000		iShares MSCI Emerging Markets ETF	$	576,000
			TOTAL UNITED STATES		576,000
			TOTAL PURCHASED OPTIONS		576,000
			(Cost $504,621)
SHORT-TERM INVESTMENTS - 1.0%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.0%
	15,511,179	c	State Street Navigator Securities Lending Government Money Market Portfolio		15,511,179
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		15,511,179
			TOTAL SHORT-TERM INVESTMENTS		15,511,179
			(Cost $15,511,179)
			TOTAL INVESTMENTS - 100.3%		1,581,198,825
			(Cost $1,439,601,693)
			OTHER ASSETS & LIABILITIES, NET - (0.3)%		(3,767,248	)
			NET ASSETS - 100.0%	$	1,577,431,577

Abbreviation(s):
ADR	American Depositary Receipt
ETF	Exchange Traded Fund

*	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 $15,533,125.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/19, the aggregate value of these securities is $16,566,723 or 1.1% 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.

Purchased options outstanding as of October 31, 2019 were as follows:

Description/underlying investment	Number of contracts		Notional amount		Exercise price		Expiration date	Value
iShares MSCI Emerging Markets ETF, Call		16,000	$	504,621	$	44.00	12/20/19	$	576,000

Written options outstanding as of October 31, 2019 were as follows:

Description/underlying investment	Number of contracts		Notional amount			Exercise price		Expiration date	Value
iShares MSCI Emerging Markets ETF, Put		8,000	$	(479,679	)	$	40.00	12/20/19	$	(304,000	)

93

TIAA-CREF FUNDS - Emerging Markets Equity Fund

TIAA-CREF FUNDS
EMERGING MARKETS EQUITY FUND
SUMMARY OF MARKET VALUES BY SECTOR (unaudited)
October 31, 2019

SECTOR	VALUE			% OF NET ASSETS
CONSUMER DISCRETIONARY	$	518,885,575			32.9	%
INFORMATION TECHNOLOGY		337,305,621			21.4
FINANCIALS		217,236,055			13.8
COMMUNICATION SERVICES		170,138,805			10.8
ENERGY		134,663,228			8.5
MATERIALS		80,350,543			5.1
CONSUMER STAPLES		65,927,946			4.2
INDUSTRIALS		41,165,023			2.6
REAL ESTATE		3,393			0.0
HEALTH CARE		11,457			0.0
SHORT-TERM INVESTMENTS		15,511,179			1.0
OTHER ASSETS & LIABILITIES, NET		(3,767,248	)		(0.3	)
NET ASSETS	$	1,577,431,577			100.0	%

94

TIAA-CREF FUNDS - International Equity Fund

TIAA-CREF FUNDS
INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS
October 31, 2019

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.1%
AUSTRIA - 0.8%
	1,356,899		Wienerberger AG.	$	36,752,398
			TOTAL AUSTRIA		36,752,398
CHINA - 0.2%
	225,940		Tencent Holdings Ltd		9,164,785
			TOTAL CHINA		9,164,785
DENMARK - 3.2%
	593,115		DSV AS		57,644,318
	1,741,875		Novo Nordisk AS		95,783,432
			TOTAL DENMARK		153,427,750
FRANCE - 19.6%
	2,492,574		Accor S.A.		107,214,542
	139,432		Airbus SE		20,002,669
	313,569	g	ALD S.A.		4,447,332
	1,782,455		Compagnie de Saint-Gobain		72,595,715
	8,550,602		Credit Agricole S.A.		111,571,204
	806,790		Danone		66,835,462
	1,170,821		Essilor International S.A.		178,777,684
	287,300		Legrand S.A.		22,445,022
	381,447		Nexity		19,743,018
	853,895		Sanofi-Aventis		78,718,073
	1,372,022		Schneider Electric S.A.		127,516,219
	1,190,828		Vinci S.A.		133,606,412
			TOTAL FRANCE		943,473,352
GERMANY - 15.2%
	1,563,569		BASF SE		118,861,268
	552,970		Continental AG.		74,065,235
	1,877,037	g	Covestro AG.		90,138,900
	2,729,560		Daimler AG. (Registered)		159,550,578
	720,685		HeidelbergCement AG.		53,430,162
	1,249,797		Lanxess AG.		81,210,792
	1,380,881		Porsche AG.		101,675,111
	150,553		Rheinmetall AG.		18,157,684
	293,501		Siemens AG.		33,870,013
			TOTAL GERMANY		730,959,743
HONG KONG - 2.2%
	2,393,630		Hong Kong Exchanges and Clearing Ltd		74,571,223
	1,358,435		Melco Crown Entertainment Ltd (ADR)		29,260,690
			TOTAL HONG KONG		103,831,913

95

TIAA-CREF FUNDS - International Equity Fund

SHARES			COMPANY	VALUE
INDIA - 1.8%
	2,563,364		HDFC Bank Ltd	$	44,413,564
	1,439,222		Housing Development Finance Corp		43,194,000
			TOTAL INDIA		87,607,564
IRELAND - 2.1%
	2,773,126		CRH plc		100,968,849
			TOTAL IRELAND		100,968,849
ITALY - 3.9%
	4,084,600		Mediobanca S.p.A.		48,571,316
	11,117,415		UniCredit S.p.A.		141,046,992
			TOTAL ITALY		189,618,308
JAPAN - 19.9%
	368,527		Central Japan Railway Co		75,597,427
	439,416		Daikin Industries Ltd		61,500,486
	532,300		Hitachi High-Technologies Corp		33,117,430
	3,667,379		Hitachi Ltd		136,875,533
	666,161		Konami Corp		29,243,667
	2,168,424		Murata Manufacturing Co Ltd		118,066,683
	168,730		Nintendo Co Ltd		61,888,032
	1,341,766		Rohm Co Ltd		106,306,477
	2,538,059		Sony Corp		154,489,476
	2,812,602		Sumco Corp		46,719,744
	295,216		TDK Corp		29,130,069
	1,536,789		Toyota Motor Corp		106,623,777
			TOTAL JAPAN		959,558,801
KOREA, REPUBLIC OF - 0.4%
	98,720		Samsung SDI Co Ltd		19,264,784
			TOTAL KOREA, REPUBLIC OF		19,264,784
NETHERLANDS - 0.8%
	1,248,131		Royal Dutch Shell plc (A Shares)		36,180,923
			TOTAL NETHERLANDS		36,180,923
SWEDEN - 2.0%
	1,980,703		Electrolux AB (Series B)		52,075,325
	2,187,978	e	Hennes & Mauritz AB (B Shares)		45,858,927
			TOTAL SWEDEN		97,934,252
SWITZERLAND - 5.4%
	9,873,456		Credit Suisse Group		122,212,287
	11,553		Geberit AG.		5,869,964
	228,603		Lonza Group AG.		82,395,932
	154,836		Roche Holding AG.		46,598,792
	18,800		Sika AG.		3,231,842
			TOTAL SWITZERLAND		260,308,817
TAIWAN - 1.1%
	1,012,240		Taiwan Semiconductor Manufacturing Co Ltd (ADR)		52,261,951
			TOTAL TAIWAN		52,261,951

96

TIAA-CREF FUNDS - International Equity Fund

SHARES			COMPANY					VALUE
UNITED KINGDOM - 20.5%
	681,264		AstraZeneca plc					$	66,434,969
	2,752,590		BAE Systems plc						20,561,051
	7,778,712		CNH Industrial NV						84,691,896
	528,750		Compass Group plc						14,077,488
	978,250		Linde plc (Xetra)						193,102,319
	220,936,668		Lloyds TSB Group plc						162,522,354
	2,521,466		Reckitt Benckiser Group plc						195,115,112
	1,025,992		Schroders plc						41,131,409
	40,684,549		Tesco plc						124,191,716
	4,275,981		Travis Perkins plc						79,422,656
	362,405		Weir Group plc						6,330,137
			TOTAL UNITED KINGDOM						987,581,107
			TOTAL COMMON STOCKS						4,768,895,297
			(Cost $4,376,335,416)
PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 1.7%
GOVERNMENT AGENCY DEBT - 0.5%
$	23,403,000		Federal Home Loan Bank (FHLB)		1.400	%	11/01/19		23,403,000
	2,120,000		FHLB		1.736		11/15/19		2,118,615
			TOTAL GOVERNMENT AGENCY DEBT						25,521,615
TREASURY DEBT - 0.2%
	9,660,000		United States Treasury Bill		1.702		11/05/19		9,658,371
			TOTAL TREASURY DEBT						9,658,371
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.0%
	47,316,493	c	State Street Navigator Securities Lending Government Money Market Portfolio						47,316,493
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						47,316,493
			TOTAL SHORT-TERM INVESTMENTS						82,496,479
			(Cost $82,496,235)
			TOTAL INVESTMENTS - 100.8%						4,851,391,776
			(Cost $4,458,831,651)
			OTHER ASSETS & LIABILITIES, NET - (0.8)%						(40,326,173	)
			NET ASSETS - 100.0%					$	4,811,065,603

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 $44,475,093.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/19, the aggregate value of these securities is $94,586,232 or 2.0% of net assets.

97

TIAA-CREF FUNDS - International Equity Fund

TIAA-CREF FUNDS
INTERNATIONAL EQUITY FUND
SUMMARY OF MARKET VALUES BY SECTOR (unaudited)
October 31, 2019

SECTOR	VALUE			% OF NET ASSETS
CONSUMER DISCRETIONARY	$	1,023,668,833			21.2	%
INDUSTRIALS		824,259,002			17.1
FINANCIALS		789,234,349			16.4
MATERIALS		677,696,530			14.1
INFORMATION TECHNOLOGY		541,742,671			11.3
CONSUMER STAPLES		386,142,290			8.0
HEALTH CARE		369,931,198			7.7
COMMUNICATION SERVICES		100,296,483			2.1
ENERGY		36,180,923			0.8
REAL ESTATE		19,743,018			0.4
SHORT-TERM INVESTMENTS		82,496,479			1.7
OTHER ASSETS & LIABILITIES, NET		(40,326,173	)		(0.8	)
NET ASSETS	$	4,811,065,603			100.0	%

98

TIAA-CREF FUNDS - International Opportunities Fund

TIAA-CREF FUNDS
INTERNATIONAL OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS
October 31, 2019

SHARES			COMPANY	VALUE
COMMON STOCKS - 96.0%
AUSTRALIA - 4.3%
	1,236,696	*	Afterpay Touch Group Ltd	$	24,550,920
	785,401		Australia & New Zealand Banking Group Ltd		14,433,398
	934,508		BHP Billiton Ltd		22,907,082
	1,255,100		IDP Education Ltd		15,383,844
			TOTAL AUSTRALIA		77,275,244
BRAZIL - 6.4%
	302,369	*	Arco Platform Ltd		12,548,313
	1,115,000		Banco Inter SA		14,401,446
	969,600		Linx S.A.		8,386,841
	1,636,000		Localiza Rent A Car		17,614,382
	2,114,100		Magazine Luiza S.A.		23,531,586
	499,157	*	Pagseguro Digital Ltd		18,508,742
	547,900	*,e	StoneCo Ltd		20,157,241
			TOTAL BRAZIL		115,148,551
CANADA - 9.4%
	968,932		Alimentation Couche Tard, Inc		29,058,397
	230,600	e	Bank of Montreal		17,070,458
	1,009,191		Cenovus Energy, Inc		8,597,011
	861,495		Dollarama, Inc		28,982,495
	2,498,100		Entertainment One Ltd		18,041,248
	528,300	*,e	Lightspeed POS, Inc		13,782,088
	63,800	*	Shopify, Inc (Class A)		20,005,618
	382,104	*,g	Spin Master Corp		10,809,502
	738,821		Suncor Energy, Inc		21,966,616
			TOTAL CANADA		168,313,433
CHINA - 6.4%
	1,022,834		Anhui Kouzi Distillery Co Ltd		7,096,491
	14,247,400	*,†	China Animal Healthcare Ltd		18,182
	15,484,500		China Everbright International Ltd		11,703,276
	14,818,908		Haitong Securities Co Ltd		15,128,740
	697,100	*	HUYA, Inc (ADR)		15,503,504
	1,204,600		Sunny Optical Technology Group Co Ltd		19,362,595
	646,400		Tencent Holdings Ltd		26,219,867
	436,400		Yum China Holdings, Inc		18,547,000
			TOTAL CHINA		113,579,655
DENMARK - 2.0%
	510,300		Novo Nordisk AS		28,060,731
	272,500		Tryg A.S.		7,616,659
			TOTAL DENMARK		35,677,390

99

TIAA-CREF FUNDS - International Opportunities Fund

SHARES			COMPANY	VALUE
FRANCE - 5.8%
	171,602		Essilor International S.A.	$	26,202,646
	83,512		L’Oreal S.A.		24,390,654
	121,100	e	Remy Cointreau S.A.		16,205,931
	164,039		Teleperformance		37,217,726
			TOTAL FRANCE		104,016,957
GERMANY - 5.6%
	309,000		Bayer AG.		23,971,035
	81,100		Bechtle AG.		8,782,691
	179,482		Beiersdorf AG.		21,248,706
	134,400		Deutsche Boerse AG.		20,813,133
	591,100	*	HelloFresh SE		10,297,542
	113,280	e	Wirecard AG.		14,331,720
			TOTAL GERMANY		99,444,827
HONG KONG - 2.3%
	2,685,000		AIA Group Ltd		26,737,815
	699,002		Melco Crown Entertainment Ltd (ADR)		15,056,503
			TOTAL HONG KONG		41,794,318
INDIA - 0.8%
	1,697,650		Container Corp Of India Ltd		14,081,911
			TOTAL INDIA		14,081,911
INDONESIA - 1.1%
	68,313,000		Bank Rakyat Indonesia		20,468,980
			TOTAL INDONESIA		20,468,980
IRELAND - 2.8%
	491,610		CRH plc		17,899,402
	904,286	e	Keywords Studios plc		13,030,792
	587,889		Smurfit Kappa Group plc		19,634,031
			TOTAL IRELAND		50,564,225
ITALY - 4.3%
	810,500		Amplifon S.p.A.		20,382,714
	2,002,700		Davide Campari-Milano S.p.A		18,369,368
	119,600		Ferrari NV		19,154,768
	498,689		Moncler S.p.A		19,243,784
			TOTAL ITALY		77,150,634
JAPAN - 12.7%
	639,100	e	Benefit One, Inc		12,936,964
	296,700		en-japan, Inc		12,558,054
	230,800	e	GMO Payment Gateway, Inc		17,009,755
	1,151,200	e	Infomart Corp		17,332,067
	749,300	e	Japan Elevator Service Holdings Co Ltd		20,266,547
	517,200	*,e	Kamakura Shinsho Ltd		7,111,474
	1,279,900	e	MonotaRO Co Ltd		38,666,533
	354,000		Paltac Corp		17,071,815
	365,802	e	Seria Co Ltd		9,194,742
	275,799	*,e	SHIFT, Inc		15,731,874

100

TIAA-CREF FUNDS - International Opportunities Fund

SHARES			COMPANY	VALUE
	808,400		SMS Co Ltd	$	19,819,326
	349,000		TechnoPro Holdings, Inc		21,465,556
	736,500	*	Tokyo Base Co Ltd		4,992,420
	102,000	*,e	Workman Co Ltd		7,219,491
	670,000	e	Yume No Machi Souzou Iinkai Co Ltd		6,161,251
			TOTAL JAPAN		227,537,869
KOREA, REPUBLIC OF - 1.3%
	81,700	*	Cafe24 Corp		4,274,675
	390,400	e	Fila Korea Ltd		19,263,437
			TOTAL KOREA, REPUBLIC OF		23,538,112
NETHERLANDS - 2.6%
	25,193	*,g	Adyen NV		17,736,254
	107,047		ASML Holding NV		28,058,549
			TOTAL NETHERLANDS		45,794,803
NORWAY - 3.0%
	815,986	e	Aker BP ASA		22,633,311
	1,066,955	*	Equinor ASA		19,808,745
	427,810		TGS Nopec Geophysical Co ASA		11,110,783
			TOTAL NORWAY		53,552,839
PHILIPPINES - 1.5%
	5,703,054		Banco de Oro Universal Bank		17,397,199
	6,009,020		Robinsons Retail Holdings, Inc		8,981,854
			TOTAL PHILIPPINES		26,379,053
PORTUGAL - 1.1%
	1,204,396		Jeronimo Martins SGPS S.A.		20,238,242
			TOTAL PORTUGAL		20,238,242
SPAIN - 1.2%
	279,399		Amadeus IT Holding S.A.		20,669,450
	142,139	*,†,e	Let’s GOWEX S.A.		1,585
			TOTAL SPAIN		20,671,035
SWEDEN - 2.8%
	416,726		Boliden AB		11,238,043
	411,035		Hexagon AB (B Shares)		21,044,130
	652,000	e	Intrum Justitia AB		17,577,309
			TOTAL SWEDEN		49,859,482
SWITZERLAND - 3.8%
	329,787	*	Alcon, Inc		19,502,984
	81,367		Lonza Group AG.		29,327,304
	222,935		Novartis AG.		19,478,990
			TOTAL SWITZERLAND		68,309,278
TAIWAN - 0.9%
	1,197,540		Dadi Early-Childhood Education Group Ltd		10,189,151
	1,781,949		Hota Industrial Manufacturing Co Ltd		6,595,128
			TOTAL TAIWAN		16,784,279

101

TIAA-CREF FUNDS - International Opportunities Fund

SHARES			COMPANY					VALUE
UNITED ARAB EMIRATES - 0.4%
	888,300	*,g	Network International Holdings plc					$	6,225,068
			TOTAL UNITED ARAB EMIRATES						6,225,068
UNITED KINGDOM - 11.9%
	1,377,280		Ashtead Group plc						41,932,413
	2,404,119		Beazley plc						18,272,076
	6,990,888	*	boohoo.com plc						23,897,512
	1,715,400		CNH Industrial NV						18,676,675
	507,700		Dechra Pharmaceuticals plc						17,318,454
	2,294,186		Electrocomponents plc						20,241,863
	447,623		Fevertree Drinks plc						10,785,954
	1,695,494	*	Just Eat plc						16,144,760
	167,485		Linde plc (Xetra)						33,060,815
	6,603,400		Tritax Big Box REIT plc						12,861,683
			TOTAL UNITED KINGDOM						213,192,205
UNITED STATES - 1.6%
	491,885	e	Burford Capital Ltd						5,600,192
	112,300	*	Lululemon Athletica, Inc						22,939,521
			TOTAL UNITED STATES						28,539,713
			TOTAL COMMON STOCKS						1,718,138,103
			(Cost $1,302,669,051)
PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 9.0%
GOVERNMENT AGENCY DEBT - 5.2%
$	43,549,000		Federal Home Loan Bank (FHLB)		1.500	%	11/01/19		43,549,000
	7,380,000		FHLB		1.930		11/05/19		7,378,622
	9,290,000		FHLB		1.712		11/29/19		9,277,861
	14,000,000		FHLB		1.698		12/03/19		13,979,218
	870,000		FHLB		1.728		12/06/19		868,587
	10,000,000		FHLB		1.683		12/20/19		9,977,269
	900,000		FHLB		1.665		01/03/20		897,449
	5,000,000		FHLB		1.686		01/15/20		4,983,125
	1,710,000		FHLB		1.646		01/24/20		1,703,536
			TOTAL GOVERNMENT AGENCY DEBT						92,614,667
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 3.8%
	68,725,012	c	State Street Navigator Securities Lending Government Money Market Portfolio						68,725,012
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						68,725,012
			TOTAL SHORT-TERM INVESTMENTS						161,339,679
			(Cost $161,338,010)
			TOTAL INVESTMENTS - 105.0%						1,879,477,782
			(Cost $1,464,007,061)
			OTHER ASSETS & LIABILITIES, NET - (5.0)%						(89,028,132	)
			NET ASSETS - 100.0%					$	1,790,449,650

102

TIAA-CREF FUNDS - International Opportunities 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.
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 $139,033,984.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/19, the aggregate value of these securities is $34,770,824 or 1.9% of net assets.

103

TIAA-CREF FUNDS - International Opportunities Fund

TIAA-CREF FUNDS
INTERNATIONAL OPPORTUNITIES FUND
SUMMARY OF MARKET VALUES BY SECTOR (unaudited)
October 31, 2019

SECTOR	VALUE			% OF NET ASSETS
CONSUMER DISCRETIONARY	$	343,427,211			19.4	%
INFORMATION TECHNOLOGY		329,222,933			18.4
INDUSTRIALS		284,516,671			15.9
FINANCIALS		177,940,097			9.9
HEALTH CARE		158,060,394			8.8
CONSUMER STAPLES		156,375,596			8.7
MATERIALS		104,739,373			5.8
ENERGY		84,116,466			4.7
COMMUNICATION SERVICES		66,877,679			3.7
REAL ESTATE		12,861,683			0.7
SHORT-TERM INVESTMENTS		161,339,679			9.0
OTHER ASSETS & LIABILITIES, NET		(89,028,132	)		(5.0	)
NET ASSETS	$	1,790,449,650			100.0	%

104

TIAA-CREF FUNDS - Quant International Equity Fund

TIAA-CREF FUNDS

QUANT INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS

October 31, 2019

SHARES			COMPANY	VALUE
COMMON STOCKS - 98.7%
AUSTRALIA - 7.5%
	788,725		AGL Energy Ltd	$	10,766,580
	402,688		Australia & New Zealand Banking Group Ltd		7,400,240
	9,557		BHP Billiton Ltd		234,266
	50,256		CIMIC Group Ltd		1,145,279
	17,036		Cochlear Ltd		2,485,382
	63,379		Commonwealth Bank of Australia		3,436,415
	120,220		Computershare Ltd		1,312,257
	65,262		CSL Ltd		11,509,362
	812,967		Fortescue Metals Group Ltd		4,975,864
	369,421	e	Harvey Norman Holdings Ltd		1,042,327
	326,821		Macquarie Goodman Group		3,245,090
	217,516		Macquarie Group Ltd		20,084,864
	1,701,174		Mirvac Group		3,769,593
	265,386		Rio Tinto Ltd		16,595,376
	254,434		Rio Tinto plc		13,246,294
	1,391,289		Santos Ltd		7,782,194
	1,451,853		Suncorp-Metway Ltd		13,479,724
	28		TPG Telecom Ltd		126
	454,588		Wesfarmers Ltd		12,489,764
	454,961		Woolworths Ltd		11,731,680
			TOTAL AUSTRALIA		146,732,677
AUSTRIA - 0.6%
	193,165		OMV AG.		11,292,735
			TOTAL AUSTRIA		11,292,735
BELGIUM - 0.5%
	98,493		Ageas		5,680,158
	37,126		Solvay S.A.		4,036,559
	10,442		Telenet Group Holding NV		513,026
			TOTAL BELGIUM		10,229,743
DENMARK - 2.2%
	92,680		Carlsberg AS (Class B)		13,051,581
	529,684		Novo Nordisk AS		29,126,632
			TOTAL DENMARK		42,178,213
FINLAND - 0.9%
	29,512		Neste Oil Oyj		1,066,341
	541,818		UPM-Kymmene Oyj		17,646,712
			TOTAL FINLAND		18,713,053
FRANCE - 9.6%
	9,217		Airbus SE		1,322,255

105

TIAA-CREF FUNDS - Quant International Equity Fund

SHARES			COMPANY	VALUE
	315,952		Alstom RGPT	$	13,669,094
	10,944		Arkema		1,119,986
	207,052		CNP Assurances		4,109,825
	1,211,687		Credit Agricole S.A.		15,810,510
	54,194		Dassault Systemes S.A.		8,230,807
	112,407		Edenred		5,924,719
	124,602		Eiffage S.A.		13,383,016
	138,420		Faurecia		6,459,804
	46,541		Gaz de France		779,318
	57,227		Gecina S.A.		9,824,099
	2,029		Hermes International		1,461,595
	11,036		Kering		6,279,443
	65,086		Klepierre		2,426,096
	69,130		L’Oreal S.A.		20,190,223
	30,644		LVMH Moet Hennessy Louis Vuitton S.A.		13,086,692
	760,355		Peugeot S.A.		19,256,836
	292,068		Publicis Groupe S.A.		12,570,177
	89,050		Safran S.A.		14,104,619
	47,213		Sanofi-Aventis		4,352,428
	230,567	*	Total S.A.		12,189,661
			TOTAL FRANCE		186,551,203
GERMANY - 8.0%
	70,884		Adidas-Salomon AG.		21,886,903
	129,553		Allianz AG.		31,639,763
	463,587		Deutsche Telekom AG.		8,157,072
	62,246		Hannover Rueckversicherung AG.		11,030,228
	212,100		HeidelbergCement AG.		15,724,675
	128,154		KION Group AG.		8,527,077
	162,005		Lanxess AG.		10,526,953
	43,047		Merck KGaA		5,134,062
	43,356		MTU Aero Engines Holding AG.		11,594,739
	69,014		SAP AG.		9,144,455
	12,635		Sartorius AG.		2,455,258
	20,576		Siemens AG.		2,374,470
	226,198		Uniper SE		7,049,812
	58,208		Volkswagen AG.		11,003,648
			TOTAL GERMANY		156,249,115
HONG KONG - 2.7%
	2,413,775		AIA Group Ltd		24,036,897
	712,500		CK Asset Holdings Ltd		4,957,367
	2,548,000		Henderson Land Development Co Ltd		12,726,188
	1,920,000		HKT Trust and HKT Ltd		2,986,866
	132,700		Jardine Matheson Holdings Ltd		7,565,362
	18,000		Link REIT		196,045
			TOTAL HONG KONG		52,468,725
IRELAND - 0.4%
	430,847		AIB Group plc		1,380,064
	672,497		Bank of Ireland Group plc		3,241,459
	13,416		Kerry Group plc (Class A)		1,621,974
	20,562		Kingspan Group plc		1,065,457
			TOTAL IRELAND		7,308,954

106

TIAA-CREF FUNDS - Quant International Equity Fund

SHARES			COMPANY	VALUE
ISRAEL - 0.7%
	8,980		Azrieli Group	$	692,162
	163,168		Israel Chemicals Ltd		725,291
	1,625,513		Israel Discount Bank Ltd		7,428,309
	171,306		Mizrahi Tefahot Bank Ltd		4,250,204
			TOTAL ISRAEL		13,095,966
ITALY - 2.7%
	875,527		Assicurazioni Generali S.p.A.		17,753,484
	3,548,608		Enel S.p.A.		27,502,983
	354,176		ENI S.p.A.		5,373,199
	46,098	g	Poste Italiane S.p.A		559,925
	3,865,485		Telecom Italia RSP		2,237,357
			TOTAL ITALY		53,426,948
JAPAN - 23.8%
	196,400		Advantest Corp		8,937,863
	25,100		Aeon Mall Co Ltd		401,576
	206,700		Air Water, Inc		3,869,625
	303,000		Asahi Breweries Ltd		15,173,462
	875,400		Astellas Pharma, Inc		15,024,215
	362,900		Brother Industries Ltd		6,820,354
	57,500		Central Japan Railway Co		11,795,206
	385,100		Chubu Electric Power Co, Inc		5,777,363
	130,600		Chugai Pharmaceutical Co Ltd		10,990,743
	67,900		Dai Nippon Printing Co Ltd		1,813,507
	992,800		Dai-ichi Mutual Life Insurance Co		16,182,049
	2,100		Daikin Industries Ltd		293,915
	399,800		Daiwa House Industry Co Ltd		13,763,149
	24,400		East Japan Railway Co		2,215,056
	13,200		Eisai Co Ltd		955,535
	234,100		FamilyMart Co Ltd		5,807,130
	1,600		Fast Retailing Co Ltd		986,707
	56,600		Fuji Heavy Industries Ltd		1,622,015
	20,000		Fukuoka Financial Group, Inc		385,547
	6,100		Hikari Tsushin, Inc		1,337,100
	31,100	*	Hitachi Construction Machinery Co Ltd		802,759
	28,500		Hitachi High-Technologies Corp		1,773,148
	166,200		Hitachi Ltd		6,202,990
	14,200	*	Hoya Corp		1,254,956
	83,000		Hulic Co Ltd		901,110
	407,600		Inpex Holdings, Inc		3,768,049
	340,400		Isuzu Motors Ltd		3,955,417
	862,300		Itochu Corp		18,028,864
	12,500		Itochu Techno-Science Corp		336,635
	117,000		Japan Tobacco, Inc		2,644,516
	131,000		Kansai Electric Power Co, Inc		1,528,263
	7,600		Kao Corp		611,030
	459,400		KDDI Corp		12,712,123
	26,500	*	Koito Manufacturing Co Ltd		1,386,299
	32,700		Komatsu Ltd		765,668
	141,100		Kubota Corp		2,241,127
	35,700		Kyowa Hakko Kogyo Co Ltd		656,881

107

TIAA-CREF FUNDS - Quant International Equity Fund

SHARES			COMPANY	VALUE
	48,200		Kyushu Railway Co	$	1,592,409
	216,800		Mediceo Paltac Holdings Co Ltd		4,953,343
	19,900		MEIJI Holdings Co Ltd		1,434,349
	25,000		Mitsubishi Estate Co Ltd		485,384
	108,400		Mitsubishi Heavy Industries Ltd		4,386,876
	250,400		Mitsubishi UFJ Financial Group, Inc		1,298,146
	722,100		Mitsubishi UFJ Lease & Finance Co Ltd		4,432,960
	1,016,500		Mitsui & Co Ltd		17,457,332
	57,100		Mitsui Fudosan Co Ltd		1,460,780
	84,600		Mitsui OSK Lines Ltd		2,304,378
	307,500		Mitsui Sumitomo Insurance Group Holdings, Inc		9,929,549
	67,100		Murata Manufacturing Co Ltd		3,653,471
	91,100		Namco Bandai Holdings, Inc		5,601,662
	4,700		Nintendo Co Ltd		1,723,901
	48,500		Nippon Meat Packers, Inc		2,037,769
	82,300		Nippon Steel Corp		1,201,212
	196,500		Nippon Telegraph & Telephone Corp		9,754,829
	139,900		NTT Data Corp		1,837,004
	37,800		NTT DoCoMo, Inc		1,036,291
	1,061,500		Obayashi Corp		10,924,309
	44,800		Obic Co Ltd		5,609,194
	33,000	*	Oracle Corp Japan		2,900,572
	144,000		Otsuka Corp		5,805,786
	822,000	*	Rakuten, Inc		7,836,474
	13,100		Recruit Holdings Co Ltd		435,366
	301,000		Seibu Holdings, Inc		5,312,649
	260,300		Sekisui House Ltd		5,613,208
	35,800		Seven & I Holdings Co Ltd		1,352,534
	93,200	e	Sharp Corp		1,069,112
	1,148,400		Shimizu Corp		10,705,387
	178,700		Shin-Etsu Chemical Co Ltd		19,925,264
	186,400		Shionogi & Co Ltd		11,188,265
	28,200		Shiseido Co Ltd		2,325,030
	236,900		Softbank Corp		3,249,630
	248,500		Softbank Group Corp		9,558,901
	413,900		Sony Corp		25,193,738
	278,700		Sony Financial Holdings, Inc		5,995,792
	72,600		Sumitomo Realty & Development Co Ltd		2,635,252
	71,100		Sundrug Co Ltd		2,352,750
	69,300		T&D Holdings, Inc		771,845
	77,700		TDK Corp		7,666,950
	197,100		Tokio Marine Holdings, Inc		10,656,327
	57,800	*	Tokyo Electric Power Co, Inc		267,680
	2,400		Tokyo Electron Ltd		486,237
	110,300		Toppan Printing Co Ltd		2,040,033
	40,900		Toshiba Corp		1,398,623
	150,200		Toyota Industries Corp		9,012,370
	275,376		Toyota Motor Corp		19,105,830
	129,100		Toyota Tsusho Corp		4,453,759
	65,500		Welcia Holdings Co Ltd		3,763,646
	212,300		Yokohama Rubber Co Ltd		4,741,770
			TOTAL JAPAN		464,657,880

108

TIAA-CREF FUNDS - Quant International Equity Fund

SHARES			COMPANY	VALUE
NETHERLANDS - 3.1%
	112,380		ASML Holding NV	$	29,456,404
	29,339		NXP Semiconductors NV		3,335,258
	26,693		Randstad Holdings NV		1,481,377
	383,900		Royal Dutch Shell plc (A Shares)		11,128,525
	329,569		Royal Dutch Shell plc (B Shares)		9,491,509
	69,166		Wolters Kluwer NV		5,094,283
			TOTAL NETHERLANDS		59,987,356
NEW ZEALAND - 0.3%
	29,680		Fisher & Paykel Healthcare Corp		364,031
	81,642		Ryman Healthcare Ltd		674,767
	1,420,821		Telecom Corp of New Zealand Ltd		4,075,858
			TOTAL NEW ZEALAND		5,114,656
NORWAY - 0.5%
	355,900		DNB NOR Holding ASA		6,479,971
	154,393	*	Equinor ASA		2,866,411
			TOTAL NORWAY		9,346,382
SINGAPORE - 1.3%
	2,348,700		CapitaLand Ltd		6,208,135
	221,400		Oversea-Chinese Banking Corp		1,779,881
	1,439,100		Singapore Exchange Ltd		9,448,468
	366,400		United Overseas Bank Ltd		7,213,476
	10,000		Venture Corp Ltd		115,996
			TOTAL SINGAPORE		24,765,956
SOUTH AFRICA - 0.9%
	703,031		Anglo American plc		18,093,974
			TOTAL SOUTH AFRICA		18,093,974
SPAIN - 2.4%
	381,833		ACS Actividades Construccion y Servicios S.A.		15,494,067
	46,279	g	Aena S.A.		8,495,067
	2,018,445		Banco Bilbao Vizcaya Argentaria S.A.		10,630,802
	78,568	e	Banco Santander S.A.		315,474
	289,328		Endesa S.A.		7,879,801
	430,950		Telefonica S.A.		3,309,385
			TOTAL SPAIN		46,124,596
SWEDEN - 3.0%
	118,201		Boliden AB		3,187,581
	62,060		Essity AB		1,938,799
	776,163	e	Hennes & Mauritz AB (B Shares)		16,267,989
	18,713		Investor AB (B Shares)		960,060
	52,740		Lundbergs AB (B Shares)		1,987,760
	14,303		Lundin Petroleum AB		473,688
	579,678		Sandvik AB		10,241,358
	65,442		Swedish Match AB		3,074,357
	1,339,843		Volvo AB (B Shares)		20,078,571
			TOTAL SWEDEN		58,210,163

109

TIAA-CREF FUNDS - Quant International Equity Fund

SHARES			COMPANY	VALUE
SWITZERLAND - 10.0%
	1,182		Lindt & Spruengli AG.	$	8,782,626
	315,775		Nestle S.A.		33,782,024
	453,249		Novartis AG.		39,602,721
	154,633		Roche Holding AG.		46,537,698
	820,423		STMicroelectronics NV		18,620,575
	39,238		Swiss Life Holding		19,651,047
	25,462		Swisscom AG.		13,023,669
	40,495		Zurich Financial Services AG.		15,861,893
			TOTAL SWITZERLAND		195,862,253
UNITED KINGDOM - 15.8%
	566,735		Ashtead Group plc		17,254,709
	150,212		AstraZeneca plc (ADR)		7,364,894
	739,593		BP plc (ADR)		28,037,971
	368,648		British American Tobacco plc		12,893,782
	5,456,383		BT Group plc		14,480,457
	1,385,340		CK Hutchison Holdings Ltd		12,790,950
	271,326		Coca-Cola European Partners plc (Class A)		14,518,654
	334,977		Compass Group plc		8,918,458
	516,409		Diageo plc		21,137,124
	1,856,714		Direct Line Insurance Group plc		6,546,310
	1,225,328		GlaxoSmithKline plc		28,066,059
	1,886,117		HSBC Holdings plc		14,249,818
	5,246,260		Legal & General Group plc		17,933,493
	5,329,203	*	M&G PLC		14,759,008
	203,782		Micro Focus International plc		2,796,950
	291,379		National Grid plc		3,406,885
	32,917		Next plc		2,807,372
	190,096		Prudential plc		3,320,376
	573,887		RELX plc		13,816,534
	369,992		Segro plc		4,047,455
	23,027		Severn Trent plc		672,622
	59,159		Standard Chartered plc		536,805
	4,466,160		Taylor Wimpey plc		9,578,583
	369,002	e	Unilever NV		21,810,480
	279,376		Unilever plc		16,728,739
	516,329		United Utilities Group plc		5,830,189
	129,700		Vodafone Group plc (ADR)		2,648,474
			TOTAL UNITED KINGDOM		306,953,151
UNITED STATES - 1.8%
	510,000		iShares MSCI EAFE Index Fund		34,384,200
			TOTAL UNITED STATES		34,384,200
			TOTAL COMMON STOCKS		1,921,747,899
			(Cost $1,725,348,936)

110

TIAA-CREF FUNDS - Quant International Equity Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
SHORT-TERM INVESTMENTS - 2.0%
GOVERNMENT AGENCY DEBT - 0.9%
$	17,560,000		Federal Home Loan Bank (FHLB)		1.400	%	11/01/19	$	17,560,000
			TOTAL GOVERNMENT AGENCY DEBT						17,560,000
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.1%
	21,536,389	c	State Street Navigator Securities Lending Government Money Market Portfolio						21,536,389
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						21,536,389
			TOTAL SHORT-TERM INVESTMENTS						39,096,389
			(Cost $39,096,389)
			TOTAL INVESTMENTS - 100.7%						1,960,844,288
			(Cost $1,764,445,325)
			OTHER ASSETS & LIABILITIES, NET - (0.7)%						(13,554,427	)
			NET ASSETS - 100.0%					$	1,947,289,861

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 $20,453,853.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/19, the aggregate value of these securities is $9,054,992 or 0.5% of net assets.

111

TIAA-CREF FUNDS - Quant International Equity Fund

TIAA-CREF FUNDS

QUANT INTERNATIONAL EQUITY FUND

SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

October 31, 2019

SECTOR	VALUE			% OF NET ASSETS
FINANCIALS	$	387,033,125			20.0	%
INDUSTRIALS		284,390,226			14.6
HEALTH CARE		222,697,230			11.4
CONSUMER STAPLES		218,764,259			11.2
CONSUMER DISCRETIONARY		218,001,119			11.2
MATERIALS		131,109,633			6.7
INFORMATION TECHNOLOGY		125,042,906			6.4
COMMUNICATION SERVICES		102,038,143			5.2
ENERGY		93,470,281			4.8
UTILITIES		71,461,495			3.7
REAL ESTATE		67,739,482			3.5
SHORT-TERM INVESTMENTS		39,096,389			2.0
OTHER ASSETS & LIABILITIES, NET		(13,554,427	)		(0.7	)
NET ASSETS	$	1,947,289,861			100.0	%

112

TIAA-CREF FUNDS - Quant International Small-Cap Equity Fund

TIAA-CREF FUNDS

QUANT INTERNATIONAL SMALL-CAP EQUITY FUND

SCHEDULE OF INVESTMENTS

October 31, 2019

SHARES			COMPANY	VALUE
COMMON STOCKS - 98.8%
AUSTRALIA - 5.2%
	886,644		Abacus Property Group	$	2,383,620
	440,000		Ansell Ltd		8,367,381
	1,839,000	e	Australian Pharmaceutical Industries Ltd		1,680,313
	1,016,714		Beach Petroleum Ltd		1,599,269
	455,000		Bunnings Warehouse Property Trust		1,300,864
	463,000		Charter Hall Group		3,607,649
	554,000	g	Coronado Global Resources, Inc (ADR)		914,770
	1,541,000		Downer EDI Ltd		8,571,123
	1,528,000	e	Evolution Mining Ltd		4,358,444
	561,000		GDI Property Group		603,292
	750,000		Genworth Mortgage Insurance Australia Ltd		2,016,681
	2,395,000		Metcash Ltd		4,655,660
	2,155,000		Perenti Global Ltd		3,394,769
	110,000		Select Harvests Ltd		546,265
	1,148,614		St Barbara Ltd		2,215,913
	644,000		Super Cheap Auto Group Ltd		4,230,774
	285,000		Village Roadshow Ltd		628,937
			TOTAL AUSTRALIA		51,075,724
AUSTRIA - 1.0%
	40,000		ams AG.		1,797,306
	89,000		Sparkassen Immobilien AG.		2,254,067
	50,000		Wiener Staedtische Allgemeine Versicherung AG.		1,355,089
	159,000		Wienerberger AG.		4,306,607
			TOTAL AUSTRIA		9,713,069
BELGIUM - 0.7%
	36,000		KBC Ancora		1,716,393
	63,000		Mobistar S.A.		1,385,604
	18,733		Warehouses De Pauw SCA		3,472,401
			TOTAL BELGIUM		6,574,398
BRAZIL - 2.6%
	1		Aliansce Sonae Shopping Centers sa		8
	265,000		Alupar Investimento S.A.		1,603,678
	100,000	*	Azul S.A.		1,309,563
	289,990		Banco ABC Brasil S.A.		1,304,431
	809,000		Banco do Estado do Rio Grande do Sul		4,510,470
	317,000		Cia de Saneamento do Parana (Preference)		1,435,412
	617,000		Cia Paranaense de Energia		8,564,615
	103,000		LOG Commercial Properties e Participacoes S.A.		649,769
	288,000		Randon Participacoes S.A.		743,249
	814,000		Transmissora Alianca de Energia Eletrica S.A.		5,861,693
			TOTAL BRAZIL		25,982,888

113

TIAA-CREF FUNDS - Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
CANADA - 4.9%
	212,000		Aecon Group, Inc	$	2,929,466
	77,000	e	Alaris Royalty Corp		1,144,682
	154,000	e	Canaccord Financial, Inc		626,710
	65,000		Capital Power Corp		1,558,006
	121,000		Cascades, Inc		1,145,600
	59,000		Cogeco Communications, Inc		5,099,954
	11,000		Cogeco, Inc		851,287
	14,000		Exchange Income Corp		414,653
	107,000	e	Extendicare, Inc		723,840
	69,000	e	Genworth MI Canada, Inc		2,787,032
	71,000		Gibson Energy, Inc		1,237,689
	65,000		Granite REIT		3,218,662
	3,000		iShares S&P/TSX SmallCap Index ETF		32,139
	179,000		Labrador Iron Ore Royalty Corp		3,032,033
	120,000		Martinrea International, Inc		978,513
	50,000		North West Co, Inc		1,069,775
	115,000		Northview Apartment REIT		2,519,854
	240,100		Parkland Fuel Corp		7,975,382
	197,900		Russel Metals, Inc		3,248,499
	192,600		TFI International, Inc		6,137,288
	100,000	e	Timbercreek Financial Corp		733,430
	103,000		Transcontinental, Inc		1,176,160
			TOTAL CANADA		48,640,654
CHILE - 0.3%
	20,318,000	*	Compania SudAmericana de Vapores S.A.		667,983
	750,000		Parque Arauco S.A.		1,974,349
			TOTAL CHILE		2,642,332
CHINA - 3.8%
	1,527,000		Asia Cement China Holdings Corp		1,851,792
	806,000	e	AVIC International Holdings Ltd		759,291
	1,794,000		Beijing North Star Co		550,554
	490,000		China Meidong Auto Holdings Ltd		487,828
	4,750,000		China Overseas Grand Oceans Group Ltd		2,457,404
	5,885,000		China SCE Group Holdings Ltd		2,696,584
	1,389,000		China Shineway Pharmaceutical Group Ltd		1,336,645
	7,997,000		China Suntien Green Energy Cor		2,319,469
	4,514,000		Citic 1616 Holdings Ltd		1,713,428
	946,000		Cofco International Ltd		388,797
	1,768,000		Fufeng Group Ltd		814,840
	3,128,000		Fushan International Energy Group Ltd		645,457
	1,320,500	e,g	Genertec Universal Medical Group Company Limited		902,115
	1,803,000		Jingrui Holdings Ltd		631,578
	452,000	*,e	JinkoSolar Holding Co Ltd (ADR)		6,526,880
	3,029,000		Powerlong Real Estate Holdings Ltd		2,007,544
	662,000		Road King Infrastructure		1,211,069
	1,989,000		TCL Multimedia Technology Holdings Ltd		942,682
	2,940,000		Tiangong International Co Ltd		1,049,822
	2,626,000	e	Tianneng Power International Ltd		1,715,351
	13,760,000		West China Cement Ltd		2,204,822
	639,000	e,g	YiChang HEC ChangJiang Pharmaceutical Co Ltd		3,919,500
			TOTAL CHINA		37,133,452

114

TIAA-CREF FUNDS - Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
COLOMBIA - 0.2%
	68,000	*	Corp Financiera Colombiana S.A.	$	585,444
	120,000		Frontera Energy Corp		962,113
			TOTAL COLOMBIA		1,547,557
DENMARK - 1.4%
	201,000		Alm Brand AS		1,637,273
	21,000		PER Aarsleff A.S.		655,192
	80,000		Royal Unibrew A.S.		6,563,135
	111,000	g	Scandinavian Tobacco Group A.S.		1,311,526
	83,000		Topdanmark AS		3,717,084
			TOTAL DENMARK		13,884,210
FINLAND - 0.5%
	168,000		Kemira Oyj		2,729,109
	88,000		Valmet Corp		1,969,485
			TOTAL FINLAND		4,698,594
FRANCE - 3.2%
	716,000	*	Air France-KLM		8,535,055
	7,000		Alten		770,014
	4,180,000	*	CGG S.A.		9,744,288
	167,000		Coface S.A.		1,825,299
	52,000		Gaztransport Et Technigaz S.A.		4,744,398
	4,528		Kaufman & Broad S.A.		172,740
	39,000		Nexity		2,018,571
	31,000		Sechilienne-Sidec		804,626
	1,085,000	*	Solocal Group		849,203
	7,000	*	Virbac S.A.		1,705,851
			TOTAL FRANCE		31,170,045
GERMANY - 2.2%
	6,000		Amadeus Fire AG		755,825
	280,000		Borussia Dortmund GmbH & Co KGaA		2,646,606
	30,000		Cancom SE		1,604,456
	7,000		Cewe Color Holding AG.		673,249
	440,000	g	Deutsche Pfandbriefbank AG.		6,013,178
	5,000		Eckert & Ziegler Strahlen- und Medizintechnik AG.		876,370
	62,000		Gerresheimer AG.		4,999,997
	10,000		Hornbach Holding AG. & Co KGaA		604,492
	455,000		Metro AG.		2,289,656
	862,000		Sirius Real Estate Ltd		820,695
			TOTAL GERMANY		21,284,524
HONG KONG - 0.4%
	1,903,734		K Wah International Holdings Ltd		1,040,331
	2,004,000		Pou Sheng International Holdings Ltd		756,564
	4,000,000		Shun TAK Holdings Ltd		1,639,965
	1,158,000		VST Holdings Ltd		590,127
			TOTAL HONG KONG		4,026,987

115

TIAA-CREF FUNDS - Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
HUNGARY - 0.0%
	117,200		Magyar Telekom	$	174,717
			TOTAL HUNGARY		174,717
INDIA - 0.9%
	329,000	*	Adani Enterprises Ltd		923,880
	33,000	g	AU Small Finance Bank Ltd		318,536
	600,000	*	Indiabulls Real Estate Ltd		465,285
	400,000		Manappuram General Finance & Leasing Ltd		953,692
	29,001		Mphasis Ltd		388,534
	615,000		Nagarjuna Construction Co		500,285
	703,000	*	Power Finance Corp Ltd		1,080,505
	59,000		Rajesh Exports Ltd		564,349
	15,585		Rhi Magnesita NV		702,396
	1,296,000	*	SpiceJet Ltd		2,098,104
	150,000		Torrent Power Ltd		591,777
			TOTAL INDIA		8,587,343
INDONESIA - 0.4%
	10,531,000		PT Mitra Adiperkasa Tbk		750,123
	24,057,000	*	PT Panin Life Tbk		497,067
	21,242,000		PT Wijaya Karya		2,995,818
			TOTAL INDONESIA		4,243,008
IRELAND - 0.4%
	558,000	*	C&C Group plc		2,746,660
	435,000		Irish Residential Properties REIT plc		851,933
			TOTAL IRELAND		3,598,593
ISRAEL - 1.5%
	124,000	*	Airport City Ltd		2,341,486
	250,000		Amot Investments Ltd		1,759,819
	41,000		Ashtrom Group Ltd		461,291
	2,700		Bayside Land Corp		1,811,955
	76,000		First International Bank Of Israel Ltd		2,086,463
	350,000	*	Jerusalem Economy Ltd		1,494,534
	42,000	*,e	Kornit Digital Ltd		1,427,580
	75,000		Matrix IT Ltd		1,378,457
	520,000		Shikun & Binui Ltd		2,063,544
			TOTAL ISRAEL		14,825,129
ITALY - 3.8%
	120,000		ACEA S.p.A.		2,388,228
	578,000		Actelios S.p.A.		2,576,254
	108,000		Amplifon S.p.A.		2,716,019
	230,000		Banca Generali S.p.A		7,508,684
	110,000		Banca IFIS S.p.A.		1,866,185
	80,000		Cementir Holding NV		538,110
	624,000		Italgas S.p.A		4,017,124
	1,050,000		Piaggio & C S.p.A.		3,304,417
	2,351,000		Unipol Gruppo Finanziario S.p.A		13,121,080
			TOTAL ITALY		38,036,101

116

TIAA-CREF FUNDS - Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
JAPAN - 23.2%
	263,000		Adastria Holdings Co Ltd	$	6,468,470
	83,000	e	Akatsuki, Inc		4,625,500
	49,000		Amuse, Inc		1,304,341
	30,000		Arata Corp		1,124,680
	28,000		Asahi Holdings, Inc		651,850
	45,000		BayCurrent Consulting, Inc		2,268,708
	168,000		Bunka Shutter Co Ltd		1,458,243
	50,000		Comture Corp		950,395
	44,000		Daiho Corp		1,243,117
	52,000		Daishi Hokuetsu Financial Group, Inc		1,317,786
	110,800		Daiwabo Co Ltd		4,841,528
	40,000		Dip Corp		1,085,772
	97,000		Eagle Industry Co Ltd		974,135
	131,000		Eiken Chemical Co Ltd		2,113,981
	188,000		eRex Co Ltd		2,558,117
	549,000		Financial Products Group Co Ltd		5,564,127
	18,000		Fujimori Kogyo Co Ltd		636,410
	91,000		Fullcast Co Ltd		1,894,970
	123,000		Goldcrest Co Ltd		2,540,800
	51,000		G-Tekt Corp		879,255
	215,000		Gulliver International Co Ltd		909,110
	978,000		Haseko Corp		12,620,480
	23,000		Hochiki Corp		321,233
	10,000		Inaba Denki Sangyo Co Ltd		459,387
	3,000	*	Invincible Investment Corp		1,894,360
	127,000		Itochu Enex Co Ltd		1,061,208
	48,000	e	Iwatani International Corp		1,664,490
	91,000		Japan Elevator Service Holdings Co Ltd		2,461,305
	142,000		Japan Petroleum Exploration Co		3,630,602
	1,506,000		JVC KENWOOD Holdings, Inc		4,389,556
	40,000		Kaga Electronics Co Ltd		775,350
	39,000		Kaken Pharmaceutical Co Ltd		1,912,121
	27,000		Kanamoto Co Ltd		721,821
	250,000		Kandenko Co Ltd		2,363,841
	187,800		Kanematsu Corp		2,287,936
	30,000	e	Katitas Co Ltd		1,294,496
	24,000		Kenko Mayonnaise Co Ltd		566,512
	91,000		Komori Corp		968,987
	99,000		Koshidaka Holdings Co Ltd		1,437,579
	83,000		Kotobuki Spirits Co Ltd		5,711,501
	159,200		Kumagai Gumi Co Ltd		4,908,153
	75,000		Kureha CORP		4,793,532
	82,000		Kyoei Steel Ltd		1,493,272
	397,000		Kyowa Exeo Corp		10,100,448
	13,000	*	M&A Capital Partners Co Ltd		866,541
	81,000		Maeda Corp		751,746
	110,000		Maeda Road Construction Co Ltd		2,366,466
	18,000		Maruzen Showa Unyu Co Ltd		505,899
	60,000		Mitsui Sugar Co Ltd		1,304,645
	47,000		Mitsui-Soko Co Ltd		762,089
	53,000		Mizuno Corp		1,386,239
	70,000		Morinaga & Co Ltd		3,457,964
	17,000		NEC Capital Solutions Ltd		360,244

117

TIAA-CREF FUNDS - Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	88,000		NET One Systems Co Ltd	$	2,372,529
	145,000		Nichii Gakkan Co		2,458,397
	87,000		Nippo Corp		1,787,626
	77,000		Nippon Konpo Unyu Soko Co Ltd		1,871,699
	7,000		Nippon Road Co Ltd		427,712
	64,000		Nisshin Oillio Group Ltd		2,241,070
	274,000		Nissin Electric Co Ltd		3,207,655
	110,000		Nojima Corp		1,951,318
	118,000		Nomura Co Ltd		1,456,336
	19,000		Nuflare Technology, Inc		1,415,554
	70,000		Oki Electric Industry Co Ltd		939,432
	58,000		Open House Co Ltd		1,482,164
	2,173,000		Orient Corp		3,174,588
	1,231,000		Penta-Ocean Construction Co Ltd		7,551,483
	193,000		Raito Kogyo Co Ltd		3,067,330
	43,000		RS Technologies Co Ltd		1,754,569
	243,000		SAMTY Co Ltd		4,578,457
	151,000		Sanki Engineering Co Ltd		1,839,132
	100,000		SBS Holdings, Inc		1,643,521
	269,000		Senko Co Ltd		2,163,722
	123,000		Shinnihon Corp		966,191
	23,000		Shinwa Kaiun Kaisha Ltd		520,830
	247,000		Showa Corp		5,160,972
	30,000		Sinko Industries Ltd		508,074
	36,000		Sumitomo Densetsu Co Ltd		751,773
	108,000		Sumitomo Forestry Co Ltd		1,567,569
	722,200		Sumitomo Mitsui Construction C		4,098,594
	157,000		Sun Frontier Fudousan Co Ltd		1,910,216
	49,000		Sushiro Global Holdings Ltd		3,368,893
	39,000		Systena Corp		560,403
	147,000		Takasago Thermal Engineering Co Ltd		2,659,423
	69,000		Tamron Co Ltd		1,506,755
	163,000		Toho Pharmaceutical Co Ltd		4,134,073
	738,000		Tokyo Steel Manufacturing Co Ltd		5,941,426
	200,000		Tomy Co Ltd		2,168,855
	30,000		Torii Pharmaceutical Co Ltd		800,555
	197,000		Tosei Corp		2,484,913
	117,000		Towa Pharmaceutical Co Ltd		3,000,203
	468,000		Toyo Construction Co Ltd		2,199,037
	9,000		Trancom Co Ltd		593,957
	103,000		TS Tech Co Ltd		3,298,828
	47,000		VITAL KSK Holdings, Inc		479,893
	225,000		VT Holdings Co Ltd		1,005,477
	90,000	*	World Co Ltd		2,072,093
	50,000		YAMABIKO Corp		567,607
	107,000		Zenkoku Hosho Co Ltd		4,467,140
			TOTAL JAPAN		229,189,342
JORDAN - 0.4%
	159,000		Hikma Pharmaceuticals plc		4,140,803
			TOTAL JORDAN		4,140,803
KOREA, REPUBLIC OF - 4.2%
	41,000		Daewoong Co Ltd		501,567

118

TIAA-CREF FUNDS - Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	66,000		Dongbu HiTek Co Ltd	$	962,821
	202,000		Dongwon Development Co Ltd		764,147
	810,000		Easy Bio, Inc		3,685,681
	642,000		Eugene Corp		2,562,619
	30,000		Global & Yuasa Battery Co Ltd		982,423
	51,000		Hansol Paper Co Ltd		641,777
	8,000		Hyosung Chemical Corp		1,136,057
	71,000		Hyosung Corp		5,043,399
	70,000		Hyundai Wia Corp		3,076,168
	221,000		JB Financial Group Co Ltd		1,014,064
	60,000		Kginicis Co Ltd		841,556
	77,000		LG International Corp		1,026,446
	30,000		Lotte Data Communication Co		1,141,220
	10,000		Maeil Dairies Co Ltd		758,458
	71,000		Meritz finance Holdings Co Ltd		758,840
	36,000		NICE Holdings Co Ltd		600,322
	52,000		S&T Daewoo Co Ltd		2,030,666
	6,000		Samchully Co Ltd		434,813
	39,000		Samsung Fine Chemicals Co Ltd		1,478,730
	78,000	*	Samsung Techwin Co Ltd		2,533,688
	40,000		Seah Besteel Corp		550,377
	928,000		SK Networks Co Ltd		4,628,791
	53,000		SL Corp		955,465
	292,000		Taeyoung Engineering & Construction		3,254,991
	12,000		Unid Co Ltd		480,594
			TOTAL KOREA, REPUBLIC OF		41,845,680
MALAYSIA - 0.3%
	3,183,000		Drb-Hicom BHD		1,923,861
	1,059,148		Sunway BHD		430,539
	1,083,900		Supermax Corp BHD		380,584
			TOTAL MALAYSIA		2,734,984
MEXICO - 0.9%
	453,000		Concentradora Fibra Danhos S.A. de C.V.		683,391
	900,000		Corp Inmobiliaria Vesta SAB de C.V.		1,501,365
	3,500,000		Gentera SAB de C.V.		3,467,886
	773,000		Qualitas Controladora SAB de C.V.		3,333,667
			TOTAL MEXICO		8,986,309
NETHERLANDS - 2.9%
	2,279,000	*	Altice NV (Class A)		13,039,997
	88,000		ASM International NV		8,872,315
	86,000		Koninklijke Volkerwessels NV		1,999,638
	176,000	g	Signify NV		5,156,810
			TOTAL NETHERLANDS		29,068,760
NORWAY - 0.6%
	109,000	*	BW Offshore Ltd		832,496
	59,631	g	Europris ASA		161,831
	127,000		Golden Ocean Group Ltd		734,196
	27,997		SpareBank SR-Bank ASA		298,354
	151,000		Sparebanken Midt-Norge		1,626,966
	130,000		Sparebanken Nord-Norge		1,008,501

119

TIAA-CREF FUNDS - Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	46,000		TGS Nopec Geophysical Co ASA	$	1,194,680
			TOTAL NORWAY		5,857,024
PHILIPPINES - 0.1%
	1,824,000		First Gen Corp		891,422
			TOTAL PHILIPPINES		891,422
POLAND - 0.5%
	77,000		Asseco Poland S.A.		1,035,373
	440,000	g	PLAY Communications S.A.		3,490,888
			TOTAL POLAND		4,526,261
PORTUGAL - 0.4%
	941,000		Mota Engil SGPS S.A.		2,084,468
	390,000		PT Multimedia Servicos de Telecomunicacoes e Multimedia SGPS S.A.		2,318,646
			TOTAL PORTUGAL		4,403,114
QATAR - 0.0%
	458,173		Qatar Gas Transport Co Ltd		310,818
			TOTAL QATAR		310,818
RUSSIA - 0.1%
	150,000		AFK Sistema		677,100
			TOTAL RUSSIA		677,100
SAUDI ARABIA - 0.6%
	138,000		Arabian Cement Co		1,188,545
	360,000		City Cement Co		1,391,889
	64,000		Eastern Province Cement Co		568,274
	24,000		Saudia Dairy & Foodstuff Co		812,735
	360,000	*	Yamama Cement Co		2,040,797
			TOTAL SAUDI ARABIA		6,002,240
SINGAPORE - 0.5%
	3,546,000		Ascott Residence Trust		3,593,884
	67,000		China Yuchai International Ltd		927,950
			TOTAL SINGAPORE		4,521,834
SOUTH AFRICA - 2.3%
	524,000		DataTec Ltd		1,245,283
	1,056,000	*	Impala Platinum Holdings Ltd		7,270,523
	7,515,000	*,e	Sibanye Gold Ltd		14,509,168
			TOTAL SOUTH AFRICA		23,024,974
SPAIN - 2.0%
	50,000	e	Acciona S.A.		5,208,914
	50,000		Applus Services S.A.		604,220
	72,000		Cie Automotive S.A.		1,793,328
	79,000	g	Euskaltel S.A.		734,826
	303,000		Faes Farma S.A. (Sigma)		1,741,212
	152,027		Laboratorios Almirall S.A.		2,855,380
	905,000		Mediaset Espana Comunicacion SA		5,537,567
	1,113,000	e	Obrascon Huarte Lain S.A.		1,283,192
			TOTAL SPAIN		19,758,639

120

TIAA-CREF FUNDS - Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
SWEDEN - 3.1%
	96,000		Castellum AB	$	1,961,822
	111,000		Clas Ohlson AB (B Shares)		1,067,385
	44,000	*	Fastighets AB Balder		1,706,514
	214,000		Getinge AB (B Shares)		3,658,661
	319,000		Hemfosa Fastigheter AB		3,285,577
	277,000	e	Intrum Justitia AB		7,467,661
	149,000		Lindab International AB		1,666,618
	86,933		New Wave Group AB (B Shares)		505,795
	324,000	g	Nobina AB		2,052,375
	38,000		Nolato AB (B Shares)		2,129,131
	152,000	*	Nyfosa AB		1,015,359
	27,000	*,e	Stillfront Group AB		694,776
	218,000		Wihlborgs Fastigheter AB		3,298,402
			TOTAL SWEDEN		30,510,076
SWITZERLAND - 3.4%
	5,000		Allreal Holding AG.		974,151
	58,000		Cembra Money Bank AG.		6,150,635
	133,000	g	Galenica AG.		7,962,338
	1,000		Gurit Holding AG.		1,428,336
	1,204,000		IWG plc		5,997,439
	29,000		Landis&Gyr Group AG.		2,692,744
	91,000		Mobilezone Holding AG.		989,315
	42,000		PSP Swiss Property AG.		5,559,328
	200		Vetropack Holding AG.		542,321
	19,000		Zehnder Group AG.		830,547
			TOTAL SWITZERLAND		33,127,154
TAIWAN - 5.4%
	1,315,000		Arcadyan Technology Corp		4,055,610
	3,135,000		Benq Corp		2,350,882
	1,491,000		Cheng Loong Corp		888,832
	507,000		Farglory Land Development Co Ltd		644,321
	126,000		ITEQ Corp		638,177
	2,772,000		Radiant Opto-Electronics Corp		11,005,608
	2,627,000		Shinkong Synthetic Fibers Corp		963,365
	664,000		Simplo Technology Co Ltd		6,116,220
	1,014,000		Supreme Electronics Co Ltd		965,934
	545,000		Systex Corp		1,325,210
	1,129,000		Taiwan Styrene Monomer		800,764
	3,395,000		TPK Holding Co Ltd		7,386,316
	707,000		Tripod Technology Corp		2,732,431
	8,224,000		Unimicron Technology Corp		12,636,884
	1,414,944		USI Corp		622,095
			TOTAL TAIWAN		53,132,649
THAILAND - 1.0%
	1,758,000		Com7 PCL		1,675,263
	1,842,000		Pruksa Holding PCL		964,010
	3,415,000		Supalai PCL		1,832,538
	2,282,000		Thanachart Capital PCL		4,007,096

121

TIAA-CREF FUNDS - Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	347,000		Tisco Bank PCL	$	1,120,199
	775,000		Vinythai PCL		600,596
			TOTAL THAILAND		10,199,702
TURKEY - 0.5%
	1,776,000	*	Koza Anadolu Metal Madencilik Isletmeleri AS		2,713,835
	15,780,000		Turkiye Sinai Kalkinma Bankasi AS		2,482,673
			TOTAL TURKEY		5,196,508
UNITED ARAB EMIRATES - 0.1%
	1,875,000		Air Arabia PJSC		694,303
			TOTAL UNITED ARAB EMIRATES		694,303
UNITED KINGDOM - 12.2%
	218,000		Arrow Global Group plc		671,515
	3,361,000		Assura Group Ltd		3,256,547
	1,600,000	g	Avast plc		8,591,047
	55,000		Bellway plc		2,251,118
	278,000		Brewin Dolphin Holdings plc		1,198,424
	841,000		Britvic plc		10,747,811
	319,000		Daily Mail & General Trust plc		3,632,557
	266,000	*	Dialog Semiconductor plc		11,964,757
	558,000		Dunelm Group plc		5,706,549
	1,245,000	*	Enterprise Inns plc		4,541,394
	323,000	g	Forterra plc		1,119,215
	805,000		GCP Student Living plc		1,824,825
	55,000		Go-Ahead Group plc		1,455,749
	146,000		HomeServe plc		2,191,914
	409,000		Howden Joinery Group plc		3,061,071
	197,000		Intermediate Capital Group plc		3,791,405
	1,538,000		London & Stamford Property plc		4,618,032
	1,159,386		Marston’s plc		1,851,733
	416,000		National Express Group plc		2,405,496
	532,000		Paragon Group of Cos plc		3,467,932
	442,000		Pennon Group plc		5,142,597
	382,857		Redrow plc		2,984,686
	1,125,000	g	Regional REIT Ltd		1,536,174
	800,000		Rightmove plc		6,209,748
	402,000		Safestore Holdings plc		3,647,719
	781,000		Tate & Lyle plc		6,812,109
	1,840,347		Tritax Big Box REIT plc		3,584,511
	532,000		Unite Group plc		7,748,407
	82,000		Wetherspoon (J.D.) plc		1,553,980
	95,000		WH Smith plc		2,692,060
			TOTAL UNITED KINGDOM		120,261,082
UNITED STATES - 0.7%
	133,000		BRP, Inc		5,966,874
	6,000	e	iShares MSCI EAFE Small-Cap ETF		357,480
	2,500	e	iShares MSCI Emerging Markets Small-Cap ETF		108,875
	100,000		Sims Group Ltd		643,595
			TOTAL UNITED STATES		7,076,824
			TOTAL COMMON STOCKS		973,976,927
			(Cost $902,779,722)

122

TIAA-CREF FUNDS - Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
RIGHTS / WARRANTS - 0.0%
MALAYSIA - 0.0%
	233,613		Sunway BHD	$	20,406
			TOTAL MALAYSIA		20,406
			TOTAL RIGHTS / WARRANTS		20,406
			(Cost $0)
SHORT-TERM INVESTMENTS - 1.3%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.3%
	13,107,866	c	State Street Navigator Securities Lending Government Money Market Portfolio		13,107,866
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		13,107,866
			TOTAL SHORT-TERM INVESTMENTS		13,107,866
			(Cost $13,107,866)
			TOTAL INVESTMENTS - 100.1%		987,105,199
			(Cost $915,887,588)
			OTHER ASSETS & LIABILITIES, NET - (0.1)%		(802,705	)
			NET ASSETS - 100.0%	$	986,302,494

Abbreviation(s):

ADR     American Depositary Receipt

ETF       Exchange Traded Fund

REIT     Real Estate Investment Trust

*	Non-income producing
c	Investments made with cash collateral received from securities on loan.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $29,818,329.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/19, the aggregate value of these securities is $44,185,129 or 4.5% of net assets.

123

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)

October 31, 2019

SECTOR	VALUE			% OF NET ASSETS
INDUSTRIALS	$	179,153,257			18.4	%
REAL ESTATE		114,781,252			11.6
INFORMATION TECHNOLOGY		114,306,444			11.6
CONSUMER DISCRETIONARY		111,797,648			11.3
FINANCIALS		108,652,806			11.0
MATERIALS		92,606,677			9.4
HEALTH CARE		63,367,797			6.4
COMMUNICATION SERVICES		56,701,455			5.7
CONSUMER STAPLES		53,380,307			5.4
UTILITIES		43,637,277			4.4
ENERGY		35,612,413			3.6
SHORT-TERM INVESTMENTS		13,107,866			1.3
OTHER ASSETS & LIABILITIES, NET		(802,705	)		(0.1	)
NET ASSETS	$	986,302,494			100.0	%

124

TIAA-CREF FUNDS - Social Choice International Equity Fund

TIAA-CREF FUNDS

SOCIAL CHOICE INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS

October 31, 2019

SHARES		COMPANY	VALUE
COMMON STOCKS - 98.4%
AUSTRALIA - 6.9%
	265,211	Alumina Ltd	$	414,024
	87,526	AMP Ltd		110,593
	31,951	APA Group (ASE)		256,639
	15,433	AusNet Services		19,714
	89,996	Australia & New Zealand Banking Group Ltd		1,653,866
	1,358	Australian Stock Exchange Ltd		77,083
	3,456	Bendigo Bank Ltd		25,364
	45,321	BlueScope Steel Ltd		414,877
	19,513	Boral Ltd		67,747
	22,518	Brambles Ltd		186,157
	8,425	Caltex Australia Ltd		158,378
	15,230	Coca-Cola Amatil Ltd		106,879
	619	Cochlear Ltd		90,306
	16,036	Coles Group Ltd		165,954
	41,554	Commonwealth Bank of Australia		2,253,062
	7,280	Computershare Ltd		79,465
	10,210	CSL Ltd		1,800,597
	714	Dexus Property Group		5,888
	148,039	Fortescue Metals Group Ltd		906,091
	1,343	GPT Group (ASE)		5,513
	24,681	Insurance Australia Group Ltd		135,229
	12,102	Lend Lease Corp Ltd		156,427
	17,632	Macquarie Goodman Group		175,073
	6,433	Macquarie Group Ltd		594,007
	8,807	Mirvac Group		19,515
	88,110	National Australia Bank Ltd		1,729,523
	47,725	Newcrest Mining Ltd		1,041,757
	2,654	Orica Ltd		41,943
	10,912	QR National Ltd		44,393
	2,828	Ramsay Health Care Ltd		133,625
	19,893	Santos Ltd		111,272
	2,888	Seek Ltd		45,197
	7,423	Sonic Healthcare Ltd		146,196
	13,104	Stockland Trust Group		44,239
	24,047	Sydney Airport		145,639
	76,149	Telstra Corp Ltd		183,400
	121,466	Transurban Group (ASE)		1,244,048
	17,075	Wesfarmers Ltd		469,134
	93,947	Westpac Banking Corp		1,824,027
	13,897	Woodside Petroleum Ltd		308,006
	21,575	Woolworths Ltd		556,336
	9,666	WorleyParsons Ltd		90,727
		TOTAL AUSTRALIA		18,037,910

125

TIAA-CREF FUNDS - Social Choice International Equity Fund

SHARES			COMPANY	VALUE
AUSTRIA - 0.5%
	15,736		OMV AG.	$	919,952
	12,400		Voestalpine AG.		311,149
			TOTAL AUSTRIA		1,231,101
BELGIUM - 0.7%
	14,674		KBC Groep NV		1,031,792
	3,149		Solvay S.A.		342,378
	4,808		UCB S.A.		387,519
	4,851	e	Umicore S.A.		200,249
			TOTAL BELGIUM		1,961,938
DENMARK - 1.4%
	1,979		Christian Hansen Holding		151,939
	2,887		Coloplast AS		347,583
	2,230		H Lundbeck AS		76,200
	1,890		ISS AS		49,483
	36,376		Novo Nordisk AS		2,000,269
	2,296		Novozymes AS		108,232
	10,197	g	Orsted AS		895,008
	2,101		Pandora AS		103,382
	798		Tryg A.S.		22,305
	3,652		Vestas Wind Systems AS		297,520
			TOTAL DENMARK		4,051,921
FINLAND - 0.8%
	2,457		Metso Oyj		93,014
	30,004		Neste Oil Oyj		1,084,118
	1,105		Nokian Renkaat Oyj		31,580
	1,887		Orion Oyj (Class B)		83,716
	14,408		Stora Enso Oyj (R Shares)		187,185
	11,587		UPM-Kymmene Oyj		377,382
	10,720		Wartsila Oyj (B Shares)		113,254
			TOTAL FINLAND		1,970,249
FRANCE - 10.8%
	7,616		Accor S.A.		327,591
	2,061		Aeroports de Paris		391,980
	14,254		Air Liquide		1,895,227
	5,300		Atos Origin S.A.		411,315
	42,751		AXA S.A.		1,131,671
	8,569		Bouygues S.A.		363,480
	6,184		Cap Gemini S.A.		697,123
	5,786	e	Casino Guichard Perrachon S.A.		312,138
	18,341		CNP Assurances		364,055
	25,277		Compagnie de Saint-Gobain		1,029,480
	20,256		Danone		1,678,032
	2,916		Eiffage S.A.		313,196
	9,593		Essilor International S.A.		1,464,796
	1,603		Eurazeo		111,855
	999		Gecina S.A.		171,497
	10,865		Groupe Eurotunnel S.A.		181,998
	3,822		Imerys S.A.		147,639
	2,507		JC Decaux S.A.		68,530
	2,651		Kering		1,508,409

126

TIAA-CREF FUNDS - Social Choice International Equity Fund

SHARES			COMPANY	VALUE
	6,845		Legrand S.A.	$	534,759
	7,325		L’Oreal S.A.		2,139,352
	4,514		Michelin (C.G.D.E.) (Class B)		549,612
	97,064		Natixis		445,943
	40,539		Orange S. A.		652,454
	37,981		Peugeot S.A.		961,911
	16,978		Renault S.A.		866,878
	28,362		Sanofi-Aventis		2,614,610
	17,827		Schneider Electric S.A.		1,656,848
	844		SEB S.A.		128,248
	210		Societe BIC S.A.		14,580
	1,672		Teleperformance		379,349
	57,200		Total S.A.		3,024,060
	863		Unibail-Rodamco-Westfield		133,451
	2,571		Unibail-Rodamco-Westfield		397,713
	10,101		Valeo S.A.		376,168
	2,808		Wendel		398,166
	6,782	*,g	Worldline S.A.		412,666
			TOTAL FRANCE		28,256,780
GERMANY - 8.5%
	4,254		Adidas-Salomon AG.		1,313,510
	10,686		Allianz AG.		2,609,762
	26,174		BASF SE		1,989,727
	16,386		Bayerische Motoren Werke AG.		1,254,753
	2,154		Beiersdorf AG.		255,010
	3,862		Brenntag AG.		193,564
	3,507		Deutsche Boerse AG.		543,093
	38,584		Deutsche Post AG.		1,366,840
	21,497		Deutsche Wohnen AG.		810,489
	2,094		Fraport AG. Frankfurt Airport Services Worldwide		175,022
	7,112		HeidelbergCement AG.		527,270
	9,928		Henkel KGaA		955,251
	5,900		Henkel KGaA (Preference)		612,849
	1,435		Hochtief AG.		179,293
	774		Hugo Boss AG.		32,634
	7,407		Merck KGaA		883,406
	7,204		Metro Wholesale & Food Specialist AG.		117,637
	3,781		MTU Aero Engines Holding AG.		1,011,157
	2,799		Muenchener Rueckver AG.		777,673
	2,162		Puma AG. Rudolf Dassler Sport		162,641
	23,353		SAP AG.		3,094,306
	3,650		Sartorius AG.		709,275
	20,198		Siemens AG.		2,330,849
	47,194		Telefonica Deutschland Holding AG.		149,748
	5,384	*,g	Zalando SE		233,434
			TOTAL GERMANY		22,289,193
HONG KONG - 3.9%
	281,517		BOC Hong Kong Holdings Ltd		967,186
	218,893		Hang Lung Properties Ltd		481,171
	48,981		Hang Seng Bank Ltd		1,021,993
	240,485		HKT Trust and HKT Ltd		374,113
	562,895		Hong Kong & China Gas Ltd		1,092,523

127

TIAA-CREF FUNDS - Social Choice International Equity Fund

SHARES			COMPANY	VALUE
	74,744		Hong Kong Electric Holdings Ltd	$	533,383
	41,880		Hong Kong Exchanges and Clearing Ltd		1,304,731
	67,056		Hysan Development Co Ltd		264,284
	91,830		Link REIT		1,000,157
	156,731		MTR Corp		898,661
	264,093		PCCW Ltd		156,849
	126,058		Shangri-La Asia Ltd		129,388
	52,968		Swire Pacific Ltd (Class A)		504,906
	126,800		Swire Properties Ltd		398,792
	109,284		Techtronic Industries Co		854,055
			TOTAL HONG KONG		9,982,192
IRELAND - 0.5%
	17,795		CRH plc		647,912
	4,917		Kerry Group plc (Class A)		594,458
			TOTAL IRELAND		1,242,370
ISRAEL - 0.6%
	115,155		Bank Hapoalim Ltd		921,661
	66,652		Bank Leumi Le-Israel		485,510
	8,351		Mizrahi Tefahot Bank Ltd		207,193
			TOTAL ISRAEL		1,614,364
ITALY - 1.8%
	29,102		Assicurazioni Generali S.p.A.		590,115
	563,290		Banca Intesa S.p.A.		1,411,506
	244,638		Enel S.p.A.		1,896,032
	170,324		Snam Rete Gas S.p.A.		874,427
	21,620		Terna Rete Elettrica Nazionale S.p.A.		142,895
			TOTAL ITALY		4,914,975
JAPAN - 24.3%
	20,700		Aeon Co Ltd		416,491
	3,024		AEON Financial Service Co Ltd		46,087
	37,200		Ajinomoto Co, Inc		707,253
	6,537		Alfresa Holdings Corp		145,964
	2,214		All Nippon Airways Co Ltd		76,025
	51,600		Asahi Kasei Corp		572,829
	61,600		Astellas Pharma, Inc		1,057,221
	2,700		Benesse Holdings, Inc		72,278
	1,200		Calbee, Inc		40,111
	2,900	*	Casio Computer Co Ltd		47,077
	5,881		Central Japan Railway Co		1,206,393
	55,856		Chubu Electric Power Co, Inc		837,965
	11,655		Chugai Pharmaceutical Co Ltd		980,836
	2,000		CyberAgent, Inc		65,003
	8,427		Dai Nippon Printing Co Ltd		225,073
	2,000		Daifuku Co Ltd		106,123
	5,675		Daikin Industries Ltd		794,271
	24,349		Daiwa House Industry Co Ltd		838,216
	21,559		Denso Corp		1,000,983
	7,432		East Japan Railway Co		674,684
	9,748		Eisai Co Ltd		705,648
	1,200		Fast Retailing Co Ltd		740,030

128

TIAA-CREF FUNDS - Social Choice International Equity Fund

SHARES			COMPANY	VALUE
	7,572		Fujitsu Ltd	$	671,099
	6,616		Hankyu Hanshin Holdings, Inc		264,752
	6,011		Hino Motors Ltd		56,830
	3,200		Hitachi Chemical Co Ltd		105,343
	5,200	*	Hitachi Construction Machinery Co Ltd		134,223
	2,300		Hitachi High-Technologies Corp		143,096
	23,263		Hitachi Metals Ltd		291,958
	56,961		Honda Motor Co Ltd		1,541,021
	4,741		Hulic Co Ltd		51,472
	100,250		Inpex Holdings, Inc		926,759
	11,900		Kajima Corp		163,537
	1,100		Kaneka Corp		36,617
	2,900		Kansai Paint Co Ltd		69,846
	12,800		Kao Corp		1,029,103
	15,000		Kawasaki Heavy Industries Ltd		359,975
	43,896		KDDI Corp		1,214,652
	1,500		Keio Corp		92,795
	2,673		Keyence Corp		1,690,128
	14,900		Kikkoman Corp		716,729
	1,465		Kintetsu Corp		79,851
	33,400		Komatsu Ltd		782,058
	31,000		Konica Minolta Holdings, Inc		227,534
	29,172		Kubota Corp		463,346
	5,300		Kuraray Co Ltd		63,056
	15,900		Kyocera Corp		1,043,149
	9,221		Kyowa Hakko Kogyo Co Ltd		169,667
	30,610		Kyushu Electric Power Co, Inc		305,900
	2,400		Kyushu Railway Co		79,290
	2,500		Lawson, Inc		137,916
	3,100		Lion Corp		64,875
	1,600		Marui Co Ltd		35,569
	84,079		Mitsubishi Chemical Holdings Corp		640,785
	54,079		Mitsubishi Corp		1,375,467
	26,926		Mitsubishi Estate Co Ltd		522,778
	18,500		Mitsubishi UFJ Lease & Finance Co Ltd		113,571
	3,900		Mitsui Chemicals, Inc		92,748
	22,000		Mitsui Fudosan Co Ltd		562,822
	26,200		Mitsui Trust Holdings, Inc		954,870
	15,400		Murata Manufacturing Co Ltd		838,502
	3,200		Nabtesco Corp		101,871
	15,501		NEC Corp		614,314
	5,600		NGK Insulators Ltd		86,031
	5,900		NGK Spark Plug Co Ltd		119,615
	8,800		Nikon Corp		112,203
	3,804		Nintendo Co Ltd		1,395,259
	1,800		Nippon Express Co Ltd		102,700
	66,454		Nippon Steel Corp		969,931
	10,600		Nippon Yusen Kabushiki Kaisha		190,430
	16,336		Nisshin Seifun Group, Inc		323,848
	3,813		Nissin Food Products Co Ltd		288,020
	1,162		Nitori Co Ltd		176,869
	4,100		Nitto Denko Corp		226,835
	6,900		NKSJ Holdings, Inc		271,212
	2,500		Nomura Real Estate Holdings, Inc		59,249

129

TIAA-CREF FUNDS - Social Choice International Equity Fund

SHARES			COMPANY	VALUE
	21,200		Nomura Research Institute Ltd	$	450,091
	52,712		NTT DoCoMo, Inc		1,445,105
	12,285		Obayashi Corp		126,430
	2,121		Odakyu Electric Railway Co Ltd		51,630
	4,200		Omron Corp		245,707
	15,300		Ono Pharmaceutical Co Ltd		288,204
	7,782		Oriental Land Co Ltd		1,140,849
	12,200		Osaka Gas Co Ltd		238,567
	3,500		Otsuka Corp		141,113
	101,106		Panasonic Corp		849,733
	52,370	*	Rakuten, Inc		499,265
	36,229		Recruit Holdings Co Ltd		1,204,036
	126,700		Resona Holdings, Inc		550,963
	9,000		Santen Pharmaceutical Co Ltd		159,420
	3,801		Secom Co Ltd		352,214
	6,224		Sekisui Chemical Co Ltd		108,520
	12,663		Sekisui House Ltd		273,070
	22,708		Sharp Corp		260,487
	4,700		Shimadzu Corp		125,519
	13,068		Shimizu Corp		121,820
	9,800		Shin-Etsu Chemical Co Ltd		1,092,712
	5,900		Shionogi & Co Ltd		354,135
	11,400		Shiseido Co Ltd		939,906
	10,600		Showa Denko KK		297,403
	49,680		Softbank Group Corp		1,911,011
	400		Sohgo Security Services Co Ltd		21,727
	33,815		Sony Corp		2,058,290
	1,314		Stanley Electric Co Ltd		36,363
	70,000		Sumitomo Chemical Co Ltd		320,206
	13,908		Sumitomo Dainippon Pharma Co Ltd		242,738
	25,171		Sumitomo Metal Mining Co Ltd		841,962
	45,096		Sumitomo Mitsui Financial Group, Inc		1,601,051
	15,100		Suntory Beverage & Food Ltd		645,537
	7,400		Sysmex Corp		482,835
	7,700		T&D Holdings, Inc		85,761
	48,100		Takeda Pharmaceutical Co Ltd		1,738,000
	2,900		Teijin Ltd		58,111
	1,100		Toho Gas Co Ltd		42,843
	10,826		Tokio Marine Holdings, Inc		585,314
	5,200		Tokyo Electron Ltd		1,053,512
	7,200		Tokyo Gas Co Ltd		175,759
	8,300		Tokyu Corp		156,983
	26,100		Toray Industries, Inc		184,452
	1,824		Toto Ltd		74,466
	1,700		Toyo Suisan Kaisha Ltd		71,579
	1,114		Toyoda Gosei Co Ltd		26,062
	52,095		Toyota Motor Corp		3,614,397
	8,100		Uni-Charm Corp		274,516
	4,169		USS Co Ltd		80,746
	2,700		West Japan Railway Co		234,604
	12,800		Yakult Honsha Co Ltd		733,564
	13,800		Yamada Denki Co Ltd		66,702
	2,470		Yamaha Corp		115,026
	5,486		Yaskawa Electric Corp		208,675

130

TIAA-CREF FUNDS - Social Choice International Equity Fund

SHARES			COMPANY	VALUE
	2,898		Yokogawa Electric Corp	$	53,100
			TOTAL JAPAN		63,621,428
LUXEMBOURG - 0.3%
	1,644		Millicom International Cellular S.A.		74,947
	7,104		SES Global S.A.		137,710
	50,340		Tenaris S.A.		510,694
			TOTAL LUXEMBOURG		723,351
NETHERLANDS - 2.5%
	69,169		Aegon NV		300,078
	3,491		Akzo Nobel NV		321,847
	10,348		ASML Holding NV		2,712,359
	4,850		DSM NV		575,636
	133,599		ING Groep NV		1,512,806
	52,551		Koninklijke KPN NV		163,138
	20,719		Koninklijke Philips Electronics NV		909,027
	1,766		Koninklijke Vopak NV		97,017
	2,186		Randstad Holdings NV		121,316
			TOTAL NETHERLANDS		6,713,224
NEW ZEALAND - 0.3%
	22,331		Auckland International Airport Ltd		133,089
	7,428		Fisher & Paykel Healthcare Corp		91,106
	52,541		Fletcher Building Ltd		154,373
	43,147		Meridian Energy Ltd		127,184
	15,042		Ryman Healthcare Ltd		124,321
	28,106		Telecom Corp of New Zealand Ltd		80,627
			TOTAL NEW ZEALAND		710,700
NORWAY - 1.0%
	3,380	e	Aker BP ASA		93,752
	145,706		Norsk Hydro ASA		514,861
	22,874		Orkla ASA		219,861
	24,794		PAN Fish ASA		605,270
	4,269		Schibsted ASA (B Shares)		119,109
	57,595		Equinor ASA		1,069,290
	15,619		Telenor ASA		292,321
			TOTAL NORWAY		2,914,464
PORTUGAL - 0.3%
	29,601		Energias de Portugal S.A.		121,933
	54,309		Galp Energia SGPS S.A.		868,660
	2,279		Jeronimo Martins SGPS S.A.		38,296
			TOTAL PORTUGAL		1,028,889
SINGAPORE - 1.5%
	37,160		Ascendas REIT		86,548
	34,400		CapitaCommercial Trust		51,806
	218,723		CapitaLand Ltd		578,133
	52,700		CapitaMall Trust		98,330
	26,000		City Developments Ltd		205,899
	71,991		DBS Group Holdings Ltd		1,372,211

131

TIAA-CREF FUNDS - Social Choice International Equity Fund

SHARES			COMPANY	VALUE
	6,846		Jardine Cycle & Carriage Ltd	$	164,593
	101,200	e	Keppel Corp Ltd		509,581
	34,318		Singapore Airlines Ltd		237,198
	83,900	e	Singapore Press Holdings Ltd		136,538
	272,125		Singapore Telecommunications Ltd		658,583
	32,100		UOL Group Ltd		183,801
			TOTAL SINGAPORE		4,283,221
SOUTH AFRICA - 0.2%
	69,995		Investec plc		396,833
			TOTAL SOUTH AFRICA		396,833
SPAIN - 3.3%
	17,479		Amadeus IT Holding S.A.		1,293,066
	257,869		Banco Bilbao Vizcaya Argentaria S.A.		1,358,151
	25,781		Bankinter S.A.		178,556
	328,916		CaixaBank S.A.		943,199
	5,020		Enagas		124,218
	17,906		Ferrovial S.A.		528,284
	21,064		Gas Natural SDG S.A.		573,890
	147,884		Iberdrola S.A.		1,520,099
	24,552	e	Industria De Diseno Textil S.A.		765,060
	1,014		Red Electrica Corp S.A.		20,379
	70,697		Repsol YPF S.A.		1,165,065
			TOTAL SPAIN		8,469,967
SWEDEN - 3.0%
	17,579		Assa Abloy AB		417,473
	13,594		Atlas Copco AB (A Shares)		479,821
	9,807		Atlas Copco AB (B Shares)		304,295
	29,633		Boliden AB		799,127
	3,728		Electrolux AB (Series B)		98,014
	14,058		Essity AB		439,182
	15,222	e	Hennes & Mauritz AB (B Shares)		319,046
	2,372		Husqvarna AB (B Shares)		18,172
	2,585		ICA Gruppen AB		114,391
	5,764		Investment AB Kinnevik (B Shares)		157,747
	11,718		Investor AB (B Shares)		601,185
	12,071		Lundin Petroleum AB		399,768
	37,923		Sandvik AB		669,998
	46,032		Skandinaviska Enskilda Banken AB (Class A)		441,508
	3,114		Skanska AB (B Shares)		66,349
	6,548		SKF AB (B Shares)		118,559
	82,272		Svenska Handelsbanken AB		825,666
	41,538		Swedbank AB (A Shares)		582,084
	7,200		Tele2 AB (B Shares)		103,069
	34,057	e	TeliaSonera AB		149,814
	58,471		Volvo AB (B Shares)		876,233
			TOTAL SWEDEN		7,981,501
SWITZERLAND - 9.1%
	70,206		ABB Ltd		1,474,325
	3,348		Adecco S.A.		199,026
	17,146	*	Alcon, Inc		1,013,982

132

TIAA-CREF FUNDS - Social Choice International Equity Fund

SHARES			COMPANY	VALUE
	238		Barry Callebaut AG.	$	502,965
	5,996		Clariant AG.		122,993
	21,604		Coca-Cola HBC AG.		657,813
	193		Givaudan S.A.		567,021
	1,245		Kuehne & Nagel International AG.		201,139
	2,761		Lonza Group AG.		995,154
	62,408		Nestle S.A.		6,676,490
	1,334		Phonak Holding AG.		306,124
	15,202		Roche Holding AG.		4,575,130
	120		SGS S.A.		312,972
	2,601		Sika AG.		447,129
	12,370		Swiss Re Ltd		1,297,473
	405		Swisscom AG.		207,155
	130,976		UBS AG.		1,550,122
	3,373		Vifor Pharma AG.		531,178
	4,257		Zurich Financial Services AG.		1,667,467
			TOTAL SWITZERLAND		23,305,658
UNITED KINGDOM - 15.7%
	68,600		3i Group plc		1,002,443
	32,573		Associated British Foods plc		940,212
	11,402		AstraZeneca plc		1,111,891
	40,545		AstraZeneca plc (ADR)		1,987,921
	207,216		Aviva plc		1,116,904
	73,304		Barratt Developments plc		599,466
	4,806		Berkeley Group Holdings plc		273,939
	92,302		British Land Co plc		742,120
	437,262		BT Group plc		1,160,431
	9,892		Burberry Group plc		262,306
	83,030		CNH Industrial NV		904,002
	18,178		Coca-Cola European Partners plc (Class A)		972,705
	57,243		Compass Group plc		1,524,043
	5,589		Croda International plc		348,707
	6,950		DCC plc		651,767
	5,304		easyJet plc		85,087
	92,260		Informa plc		927,329
	15,550		InterContinental Hotels Group plc		941,004
	11,650		Intertek Group plc		807,762
	110,713		ITV plc		192,061
	191,319		J Sainsbury plc		504,178
	71,878		John Wood Group plc		315,589
	13,198		Johnson Matthey plc		524,315
	171,018		Kingfisher plc		458,774
	73,052		Land Securities Group plc		889,811
	320,194		Legal & General Group plc		1,094,531
	13,387		London Stock Exchange Group plc		1,206,421
	81,520	*	M&G PLC		225,766
	202,236		Marks & Spencer Group plc		476,426
	84,176		Meggitt plc		681,096
	61,364	g	Merlin Entertainments plc		361,523
	30,513		Mondi plc		632,654
	125,899		National Grid plc		1,472,047
	3,172		Next plc		270,528
	66,603		Pearson plc		588,211

133

TIAA-CREF FUNDS - Social Choice International Equity Fund

SHARES			COMPANY					VALUE
	87,846		Prudential plc					$	1,534,392
	66,831		RELX plc						1,608,980
	47,967		RSA Insurance Group plc						324,511
	9,500		Schroders plc						380,849
	59,661		Scottish & Southern Energy plc						992,523
	34,961		Segro plc						382,449
	135,649		Standard Chartered plc						1,230,869
	197,944		Standard Life Aberdeen plc						778,249
	340,120		Taylor Wimpey plc						729,456
	39,107	e	Unilever NV						2,311,484
	24,107		United Utilities Group plc						272,207
	270,984		Vodafone Group plc						553,002
	57,369	d	Vodafone Group plc (ADR)						1,171,475
	8,289		Whitbread plc						436,305
	259,192		WM Morrison Supermarkets plc						669,584
	79,067		WPP plc						986,721
			TOTAL UNITED KINGDOM						40,617,026
UNITED STATES - 0.5%
	12,972		Ferguson plc						1,107,722
	6,716	*	QIAGEN NV (Turquoise)						202,011
			TOTAL UNITED STATES						1,309,733
			TOTAL COMMON STOCKS						257,628,988
			(Cost $243,781,243)
PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 2.3%
GOVERNMENT AGENCY DEBT - 1.2%
$	3,020,000		Federal Home Loan Bank (FHLB)		1.400	%	11/01/19		3,020,000
			TOTAL GOVERNMENT AGENCY DEBT						3,020,000
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.1%
	2,892,839	c	State Street Navigator Securities Lending Government Money Market Portfolio						2,892,839
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						2,892,839
			TOTAL SHORT-TERM INVESTMENTS						5,912,839
			(Cost $5,912,839)
			TOTAL INVESTMENTS - 100.7%						263,541,827
			(Cost $249,694,082)
			OTHER ASSETS & LIABILITIES, NET - (0.7)%						(1,751,038	)
			NET ASSETS - 100.0%					$	261,790,789

Abbreviation(s):

ADR      American Depositary Receipt

REIT      Real Estate Investment Trust

134

TIAA-CREF FUNDS - Social Choice International Equity Fund

*	Non-income producing
c	Investments made with cash collateral received from securities on loan.
d	All or a portion of these securities have been segregated to cover margin requirements on open futures contracts.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $3,997,315.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/19, the aggregate value of these securities is $1,902,631 or 0.7% of net assets.

Futures contracts outstanding as of October 31, 2019 were as follows:

Description	Number of long (short) contracts	Expiration date	Notional amount		Value		Unrealized appreciation (depreciation)
MSCI EAFE Index	15	12/20/19	$	1,465,008	$	1,467,900	$	2,892

135

TIAA-CREF FUNDS - Social Choice International Equity Fund

TIAA-CREF FUNDS

SOCIAL CHOICE INTERNATIONAL EQUITY FUND

SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

October 31, 2019

SECTOR	VALUE			% OF NET ASSETS
FINANCIALS	$	49,037,814			18.5	%
INDUSTRIALS		36,349,525			13.9
CONSUMER DISCRETIONARY		30,587,879			11.7
CONSUMER STAPLES		28,535,775			10.9
HEALTH CARE		27,445,815			10.5
MATERIALS		20,646,185			7.9
INFORMATION TECHNOLOGY		16,205,839			6.2
COMMUNICATION SERVICES		15,318,365			5.9
UTILITIES		12,536,135			4.8
ENERGY		11,143,107			4.3
REAL ESTATE		9,822,549			3.8
SHORT-TERM INVESTMENTS		5,912,839			2.3
OTHER ASSETS & LIABILITIES, NET		(1,751,038	)		(0.7	)
NET ASSETS	$	261,790,789			100.0	%

136

TIAA-CREF FUNDS - Equity Index Fund

TIAA-CREF FUNDS
EQUITY INDEX FUND
SCHEDULE OF INVESTMENTS
October 31, 2019

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.7%
AUTOMOBILES & COMPONENTS - 0.7%
	84,383		Adient plc	$	1,788,076
	119,334	*	American Axle & Manufacturing Holdings, Inc		997,632
	191,545		Aptiv plc		17,152,855
	132,692		BorgWarner, Inc		5,530,602
	51,044		Cooper Tire & Rubber Co		1,441,482
	21,867	*	Cooper-Standard Holding, Inc		696,683
	102,449		Dana Holding Corp		1,662,747
	21,558	*	Dorman Products, Inc		1,551,098
	2,859,990		Ford Motor Co		24,567,314
	32,053	*	Fox Factory Holding Corp		1,953,310
	923,668		General Motors Co		34,323,503
	186,983		Gentex Corp		5,244,873
	33,579	*	Gentherm, Inc		1,402,595
	200,242		Goodyear Tire & Rubber Co		3,177,840
	118,461		Harley-Davidson, Inc		4,609,317
	19,616		LCI Industries, Inc		1,905,106
	42,756		Lear Corp		5,035,374
	28,052	*	Modine Manufacturing Co		320,634
	11,927	*,e	Motorcar Parts of America, Inc		227,329
	19,417		Spartan Motors, Inc		339,215
	11,685		Standard Motor Products, Inc		611,827
	30,894	*	Stoneridge, Inc		954,007
	48,457		Tenneco, Inc		610,074
	103,336	*	Tesla, Inc		32,542,573
	37,172		Thor Industries, Inc		2,351,501
	17,990	*	Visteon Corp		1,673,430
	22,202		Winnebago Industries, Inc		1,067,250
			TOTAL AUTOMOBILES & COMPONENTS		153,738,247
BANKS - 5.9%
	9,053		1st Source Corp		463,333
	2,914		ACNB Corp		103,126
	6,304	*	Allegiance Bancshares, Inc		209,671
	13,760	*,e	Amerant Bancorp Inc		270,384
	4,388		American National Bankshares, Inc		158,846
	42,299		Ameris Bancorp		1,812,512
	3,366	*	Ames National Corp		93,238
	6,554		Arrow Financial Corp		230,176
	141,772		Associated Banc-Corp		2,851,035
	48,106	*	Atlantic Capital Bancshares, Inc		897,177
	65,534		Atlantic Union Bankshares Corp		2,415,583
	58,558	*	Axos Financial, Inc		1,701,110
	52,790		Banc of California, Inc		726,918
	21,345		Bancfirst Corp		1,235,662
	74,325		BancorpSouth Bank		2,279,548
	4,160	e	Bank First Corp		291,200

137

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	6,270,900		Bank of America Corp	$	196,091,043
	8,806		Bank of Commerce Holdings		98,803
	36,335		Bank of Hawaii Corp		3,172,409
	6,504		Bank of Marin Bancorp		285,330
	50,103		Bank of NT Butterfield & Son Ltd		1,650,894
	99,378		Bank OZK		2,788,547
	7,113		BankFinancial Corp		91,615
	78,805		BankUnited		2,703,011
	2,485		Bankwell Financial Group, Inc		71,121
	27,463		Banner Corp		1,482,453
	7,764		Bar Harbor Bankshares		194,488
	6,303	*	Baycom Corp		133,245
	565,472		BB&T Corp		29,998,290
	5,274		BCB Bancorp, Inc		68,035
	37,638		Berkshire Hills Bancorp, Inc		1,167,907
	25,223		BOK Financial Corp		1,945,954
	47,039		Boston Private Financial Holdings, Inc		529,189
	9,958		Bridge Bancorp, Inc		322,639
	40,134		Brookline Bancorp, Inc		630,104
	9,826		Bryn Mawr Bank Corp		374,469
	5,835		Business First Bancshares, Inc		142,607
	42,420	*	Byline Bancorp, Inc		735,563
	1,500		C&F Financial Corp		76,290
	111,048		Cadence BanCorp		1,707,918
	2,224	e	Cambridge Bancorp		172,382
	21,731		Camden National Corp		962,901
	4,137		Capital City Bank Group, Inc		117,698
	85,879		Capitol Federal Financial		1,225,493
	4,450		Capstar Financial Holdings, Inc		75,249
	10,786		Carolina Financial Corp		409,329
	16,128	*	Carter Bank & Trust		316,915
	56,443		Cathay General Bancorp		2,007,678
	11,032		CBTX, Inc		316,067
	109,613		Centerstate Banks of Florida, Inc		2,779,786
	16,071		Central Pacific Financial Corp		464,773
	5,526		Central Valley Community Bancorp		115,107
	1,597		Century Bancorp, Inc		138,955
	1,397		Chemung Financial Corp		59,470
	74,696		CIT Group, Inc		3,203,711
	1,676,426		Citigroup, Inc		120,467,972
	4,874		Citizens & Northern Corp		125,311
	332,312		Citizens Financial Group, Inc		11,684,090
	8,184		City Holding Co		649,319
	5,425		Civista Bancshares, Inc		121,954
	7,829		CNB Financial Corp		244,813
	4,322		Codorus Valley Bancorp, Inc		93,567
	53,818		Columbia Banking System, Inc		2,115,047
	69,918	*	Columbia Financial, Inc		1,152,948
	115,801		Comerica, Inc		7,575,701
	79,439		Commerce Bancshares, Inc		5,112,694
	3,521		Commerce Union Bancshares, Inc		80,138
	46,799		Community Bank System, Inc		3,172,036
	11,706		Community Bankers Trust Corp		101,374
	2,126		Community Financial Corp		70,838

138

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	8,262		Community Trust Bancorp, Inc	$	361,958
	16,938		ConnectOne Bancorp, Inc		411,255
	43,370		Cullen/Frost Bankers, Inc		3,906,770
	42,835	*	Customers Bancorp, Inc		1,010,049
	85,857		CVB Financial Corp		1,784,108
	17,313		Dime Community Bancshares		333,968
	28,606		Eagle Bancorp, Inc		1,291,275
	103,806		East West Bancorp, Inc		4,455,354
	3,450	*	Entegra Financial Corp		103,845
	5,087		Enterprise Bancorp, Inc		151,643
	12,541		Enterprise Financial Services Corp		549,296
	30,454	*	Equity Bancshares, Inc		845,403
	3,904		ESSA Bancorp, Inc		63,830
	72,925		Essent Group Ltd		3,798,663
	2,367		Evans Bancorp, Inc		89,922
	4,971	e	Farmers & Merchants Bancorp, Inc		127,258
	11,577		Farmers National Banc Corp		172,729
	7,286		FB Financial Corp		274,464
	5,114		Federal Agricultural Mortgage Corp (Class C)		433,105
	547,147		Fifth Third Bancorp		15,911,035
	8,822		Financial Institutions, Inc		277,275
	16,068		First Bancorp (NC)		606,567
	194,221		First Bancorp (Puerto Rico)		2,043,205
	5,552		First Bancorp, Inc		156,955
	4,496		First Bancshares, Inc		148,188
	22,785		First Busey Corp		600,840
	3,142		First Business Financial Services, Inc		76,413
	6,136		First Citizens Bancshares, Inc (Class A)		3,018,421
	87,439		First Commonwealth Financial Corp		1,232,016
	9,068		First Community Bancshares, Inc		288,634
	10,819		First Defiance Financial Corp		334,523
	70,718		First Financial Bancorp		1,657,630
	96,480		First Financial Bankshares, Inc		3,210,854
	5,725		First Financial Corp		251,156
	3,992		First Financial Northwest, Inc		56,487
	15,407		First Foundation, Inc		246,666
	2,257		First Guaranty Bancshares, Inc		47,397
	99,512		First Hawaiian, Inc		2,719,663
	231,164		First Horizon National Corp		3,691,689
	2,608		First Internet Bancorp		59,306
	30,796		First Interstate Bancsystem, Inc		1,292,200
	28,163		First Merchants Corp		1,113,847
	5,319		First Mid-Illinois Bancshares, Inc		185,633
	79,039		First Midwest Bancorp, Inc		1,623,461
	4,850		First Northwest Bancorp		85,214
	12,443		First of Long Island Corp		291,664
	122,359		First Republic Bank		13,014,103
	31,141		Flagstar Bancorp, Inc		1,131,664
	15,021		Flushing Financial Corp		325,054
	277,902		FNB Corp		3,351,498
	7,225		Franklin Financial Network, Inc		240,376
	124,697		Fulton Financial Corp		2,127,331
	11,282		German American Bancorp, Inc		372,870

139

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	72,085		Glacier Bancorp, Inc	$	3,050,637
	5,718		Great Southern Bancorp, Inc		345,482
	46,439		Great Western Bancorp, Inc		1,619,328
	1,561		Greene County Bancorp, Inc		43,427
	4,475		Guaranty Bancshares, Inc		141,678
	76,655		Hancock Holding Co		2,989,545
	17,111		Hanmi Financial Corp		329,387
	12,453	*	HarborOne Northeast Bancorp, Inc		127,145
	13,818		Heartland Financial USA, Inc		646,406
	19,171		Heritage Commerce Corp		230,435
	16,582		Heritage Financial Corp		456,502
	65,867		Hilltop Holdings, Inc		1,538,653
	667		Hingham Institution for Savings		126,723
	2,720		Home Bancorp, Inc		103,795
	120,128		Home Bancshares, Inc		2,219,965
	15,343	*	HomeStreet, Inc		460,443
	8,155		HomeTrust Bancshares, Inc		217,738
	109,452		Hope Bancorp, Inc		1,561,880
	18,388		Horizon Bancorp		335,673
	4,484	*	Howard Bancorp, Inc		75,242
	774,092		Huntington Bancshares, Inc		10,937,920
	46,494		IBERIABANK Corp		3,412,195
	26,956		Independent Bank Corp (MA)		2,212,548
	42,274		Independent Bank Corp (MI)		951,588
	24,309		Independent Bank Group, Inc		1,299,802
	31,262		International Bancshares Corp		1,280,492
	4,146		Investar Holding Corp		102,862
	200,987		Investors Bancorp, Inc		2,421,893
	2,369,541		JPMorgan Chase & Co		296,003,062
	63,418		Kearny Financial Corp		889,755
	743,523		Keycorp		13,361,108
	25,883		Lakeland Bancorp, Inc		428,364
	14,003		Lakeland Financial Corp		651,840
	4,325		LCNB Corp		78,196
	30,857		LegacyTexas Financial Group, Inc		1,312,657
	6,707	*,e	LendingTree, Inc		2,413,514
	12,400		Live Oak Bancshares, Inc		225,060
	97,412		M&T Bank Corp		15,247,900
	12,254		Macatawa Bank Corp		128,116
	3,486	*	Malvern Bancorp, Inc		78,017
	8,871		Mercantile Bank Corp		312,348
	9,591		Merchants Bancorp		156,621
	32,710		Meridian Bancorp, Inc		639,808
	35,241		Meta Financial Group, Inc		1,115,730
	5,377	*	Metropolitan Bank Holding Corp		230,888
	283,943		MGIC Investment Corp		3,892,859
	9,191		Midland States Bancorp, Inc		246,319
	5,843		MidWestOne Financial Group, Inc		190,453
	69,956	*	Mr Cooper Group, Inc		895,437
	2,434		MutualFirst Financial, Inc		97,092
	29,891		National Bank Holdings Corp		1,028,250
	2,722		National Bankshares, Inc		114,542
	41,906		NBT Bancorp, Inc		1,665,763
	346,276		New York Community Bancorp, Inc		4,034,115

140

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	4,841	*,e	Nicolet Bankshares, Inc	$	333,932
	55,426	*	NMI Holdings, Inc		1,621,210
	3,985		Northeast Bank		85,319
	23,045		Northfield Bancorp, Inc		391,995
	3,202		Northrim BanCorp, Inc		124,718
	60,117		Northwest Bancshares, Inc		1,014,174
	3,306		Norwood Financial Corp		103,147
	53,420		OceanFirst Financial Corp		1,278,341
	56,581		OFG Bancorp		1,149,160
	2,358		Ohio Valley Banc Corp		86,633
	4,121		Old Line Bancshares, Inc		120,663
	141,697		Old National Bancorp		2,549,838
	15,107		Old Second Bancorp, Inc		182,341
	12,072		Opus Bank		299,265
	9,484		Origin Bancorp, Inc		333,742
	36,206		Oritani Financial Corp		675,604
	3,392		Orrstown Financial Services, Inc		73,572
	8,412	*	Pacific Mercantile Bancorp		60,230
	36,587		Pacific Premier Bancorp, Inc		1,234,994
	100,415		PacWest Bancorp		3,714,351
	8,096		Park National Corp		819,720
	3,491		Parke Bancorp, Inc		83,924
	10,060		PCSB Financial Corp		203,816
	10,228		Peapack Gladstone Financial Corp		298,658
	2,782		Penns Woods Bancorp, Inc		85,046
	33,152		PennyMac Financial Services, Inc		1,032,022
	2,432		Peoples Bancorp of North Carolina, Inc		72,328
	7,608		Peoples Bancorp, Inc		248,858
	2,907		Peoples Financial Services Corp		142,966
	288,677		People’s United Financial, Inc		4,667,907
	5,959		People’s Utah Bancorp		173,407
	59,836		Pinnacle Financial Partners, Inc		3,519,554
	332,372		PNC Financial Services Group, Inc		48,758,972
	73,202		Popular, Inc		3,986,581
	7,341		Preferred Bank		391,349
	5,393		Premier Financial Bancorp, Inc		95,726
	54,911		Prosperity Bancshares, Inc		3,789,957
	4,863	*	Provident Bancorp Inc		55,438
	59,575		Provident Financial Services, Inc		1,486,396
	4,558		Prudential Bancorp, Inc		79,537
	6,598		QCR Holdings, Inc		267,747
	159,228		Radian Group, Inc		3,996,623
	8,182		RBB Bancorp		164,785
	735,694		Regions Financial Corp		11,844,673
	24,810		Renasant Corp		860,907
	4,080		Republic Bancorp, Inc (Class A)		181,438
	28,579	*	Republic First Bancorp, Inc		115,745
	10,113		Riverview Bancorp, Inc		72,712
	19,161		S&T Bancorp, Inc		721,507
	17,948		Sandy Spring Bancorp, Inc		619,206
	24,974	*	Seacoast Banking Corp of Florida		699,272
	28,852		ServisFirst Bancshares, Inc		1,009,820
	6,457		Shore Bancshares, Inc		100,794

141

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	4,948		Sierra Bancorp	$	134,784
	42,386		Signature Bank		5,015,112
	51,339		Simmons First National Corp (Class A)		1,228,029
	4,022	*	SmartFinancial, Inc		84,663
	30,627		South State Corp		2,415,245
	2,602	*	Southern First Bancshares, Inc		104,887
	2,640		Southern Missouri Bancorp, Inc		96,122
	5,193		Southern National Bancorp of Virginia, Inc		82,257
	14,973		Southside Bancshares, Inc		515,820
	172,833		Sterling Bancorp/DE		3,396,168
	12,468		Stock Yards Bancorp, Inc		497,972
	5,685		Summit Financial Group, Inc		144,740
	331,665		SunTrust Banks, Inc		22,665,986
	37,652	*	SVB Financial Group		8,339,165
	120,502		Synovus Financial Corp		4,081,403
	116,408		TCF Financial Corp		4,608,593
	3,551		Territorial Bancorp, Inc		104,968
	39,697	*	Texas Capital Bancshares, Inc		2,146,020
	42,933		TFS Financial Corp		826,890
	30,786	*	The Bancorp, Inc		335,567
	3,470		Timberland Bancorp, Inc		91,955
	8,586		Tompkins Trustco, Inc		751,361
	59,093		TowneBank		1,659,922
	30,847		Trico Bancshares		1,160,773
	11,899	*	Tristate Capital Holdings, Inc		275,105
	9,917	*	Triumph Bancorp, Inc		321,807
	138,031		Trustco Bank Corp NY		1,192,588
	55,241		Trustmark Corp		1,895,871
	34,695		UMB Financial Corp		2,264,196
	196,207		Umpqua Holdings Corp		3,103,995
	1,840	e	Union Bankshares, Inc		61,162
	75,942		United Bankshares, Inc		3,002,747
	59,222		United Community Banks, Inc		1,789,097
	25,631		United Community Financial Corp		291,937
	29,189		United Financial Bancorp, Inc		412,149
	7,069		United Security Bancshares		71,892
	4,117		Unity Bancorp, Inc		89,915
	14,041		Univest Corp of Pennsylvania		361,556
	1,071,113		US Bancorp		61,074,863
	241,571		Valley National Bancorp		2,797,392
	46,527		Veritex Holdings, Inc		1,145,495
	29,173		Walker & Dunlop, Inc		1,837,607
	64,136		Washington Federal, Inc		2,338,399
	8,058		Washington Trust Bancorp, Inc		411,683
	13,159		Waterstone Financial, Inc		245,152
	72,662		Webster Financial Corp		3,204,394
	2,956,093		Wells Fargo & Co		152,623,082
	46,037		WesBanco, Inc		1,730,531
	8,275		West Bancorporation, Inc		194,297
	15,693	e	Westamerica Bancorporation		1,036,052
	82,993		Western Alliance Bancorp		4,094,045
	14,297		Western New England Bancorp, Inc		136,679
	41,464		Wintrust Financial Corp		2,646,232
	30,988		WSFS Financial Corp		1,306,764

142

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	129,048		Zions Bancorporation	$	6,254,957
			TOTAL BANKS		1,318,747,350
CAPITAL GOODS - 7.0%
	416,758		3M Co		68,760,902
	92,122		A.O. Smith Corp		4,576,621
	27,127	e	Aaon, Inc		1,320,000
	29,134		AAR Corp		1,216,344
	55,008		Actuant Corp (Class A)		1,362,548
	27,596		Acuity Brands, Inc		3,443,705
	25,625		Advanced Drainage Systems, Inc		948,637
	120,893	*	Aecom Technology Corp		4,836,929
	19,957	*	Aegion Corp		432,468
	55,409	*	Aerojet Rocketdyne Holdings, Inc		2,395,331
	17,124	*	Aerovironment, Inc		992,850
	47,272		AGCO Corp		3,625,290
	74,590		Air Lease Corp		3,280,468
	59,494		Aircastle Ltd		1,619,427
	11,318		Alamo Group, Inc		1,211,705
	24,183		Albany International Corp (Class A)		2,030,888
	67,229		Allegion plc		7,801,253
	4,154		Allied Motion Technologies, Inc		157,270
	77,131		Allison Transmission Holdings, Inc		3,363,683
	37,736		Altra Holdings, Inc		1,162,269
	12,897	*	Ameresco, Inc		190,102
	15,949	*	American Woodmark Corp		1,581,503
	168,444		Ametek, Inc		15,437,893
	16,001		Apogee Enterprises, Inc		600,678
	30,024		Applied Industrial Technologies, Inc		1,796,636
	301,257		Arconic, Inc		8,275,530
	48,088		Arcosa, Inc		1,847,060
	21,150		Argan, Inc		800,527
	12,841	*	Armstrong Flooring, Inc		78,844
	35,004		Armstrong World Industries, Inc		3,273,924
	12,100		Astec Industries, Inc		424,589
	12,205	*	Astronics Corp		353,213
	43,228	*	Atkore International Group, Inc		1,500,012
	42,179	*,e	Axon Enterprise, Inc		2,156,612
	24,471		AZZ, Inc		949,230
	41,380		Barnes Group, Inc		2,418,661
	47,463	*	Beacon Roofing Supply, Inc		1,473,252
	39,286	*,e	Bloom Energy Corp		120,215
	8,167	*	Blue Bird Corp		159,583
	26,752	*,e	BlueLinx Holdings, Inc		836,268
	36,729	*	BMC Stock Holdings, Inc		991,316
	393,318		Boeing Co		133,692,721
	24,054		Briggs & Stratton Corp		177,278
	113,750	*	Builders FirstSource, Inc		2,571,887
	74,862		BWX Technologies, Inc		4,349,482
	13,421	e	Caesarstone Sdot-Yam Ltd		226,681
	12,384	*	CAI International, Inc		294,368
	41,262		Carlisle Cos, Inc		6,282,965
	407,357		Caterpillar, Inc		56,133,795

143

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	25,000	*	Chart Industries, Inc	$	1,465,750
	9,071	*	CIRCOR International, Inc		347,329
	51,341	*	Colfax Corp		1,725,058
	12,284		Columbus McKinnon Corp		460,896
	24,677		Comfort Systems USA, Inc		1,243,968
	13,460	*	Commercial Vehicle Group, Inc		98,123
	41,484	*	Continental Building Products, Inc		1,240,786
	58,134	*	Cornerstone Building Brands, Inc		363,337
	34,362		Crane Co		2,629,380
	8,509		CSW Industrials, Inc		588,993
	24,760		Cubic Corp		1,825,802
	113,914		Cummins, Inc		19,647,887
	30,380		Curtiss-Wright Corp		4,108,895
	235,949		Deere & Co		41,088,159
	100,760		Donaldson Co, Inc		5,314,082
	27,155		Douglas Dynamics, Inc		1,271,669
	102,821		Dover Corp		10,682,074
	6,486	*	Ducommun, Inc		321,576
	9,722	*	DXP Enterprises, Inc		335,603
	18,597	*	Dycom Industries, Inc		847,837
	2,789		Eastern Co		76,949
	310,096		Eaton Corp		27,012,463
	40,791		EMCOR Group, Inc		3,577,779
	450,998		Emerson Electric Co		31,637,510
	11,910		Encore Wire Corp		669,342
	16,323	*,e	Energous Corp		44,725
	22,221	*,e	Energy Recovery, Inc		206,878
	31,998		EnerSys		2,139,386
	87,541	*,e	Enphase Energy, Inc		1,700,922
	12,073		EnPro Industries, Inc		839,677
	22,121		ESCO Technologies, Inc		1,869,003
	1,925	e	EVI Industries, Inc		66,201
	69,617	*	Evoqua Water Technologies Corp		1,209,247
	414,428		Fastenal Co		14,894,542
	57,306		Federal Signal Corp		1,859,007
	85,924		Flowserve Corp		4,196,528
	89,075		Fluor Corp		1,434,998
	216,244		Fortive Corp		14,920,836
	99,566		Fortune Brands Home & Security, Inc		5,978,938
	6,686	*	Foundation Building Materials, Inc		124,293
	40,482		Franklin Electric Co, Inc		2,179,956
	106,958	*	Gardner Denver Holdings, Inc		3,404,473
	47,078	*,e	Gates Industrial Corp plc		470,780
	29,558	e	GATX Corp		2,351,339
	3,177	*	Gencor Industries, Inc		39,712
	45,924	*	Generac Holdings, Inc		4,435,340
	190,521		General Dynamics Corp		33,684,113
	6,453,782		General Electric Co		64,408,744
	17,715	*	Gibraltar Industries, Inc		942,969
	22,899	*	GMS, Inc		686,054
	30,567		Gorman-Rupp Co		1,129,145
	133,414		Graco, Inc		6,030,313
	61,615	e	GrafTech International Ltd		744,309
	4,289		Graham Corp		97,189

144

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	39,572		Granite Construction, Inc	$	931,525
	40,660	*	Great Lakes Dredge & Dock Corp		437,095
	25,581		Greenbrier Cos, Inc		749,267
	16,682		Griffon Corp		355,493
	22,515		H&E Equipment Services, Inc		764,159
	54,147	*	Harsco Corp		1,097,560
	123,215	*	HD Supply Holdings, Inc		4,871,921
	28,889		HEICO Corp		3,563,169
	53,961		HEICO Corp (Class A)		5,140,864
	16,107		Helios Technologies, Inc		638,320
	16,705	*	Herc Holdings, Inc		739,363
	62,218		Hexcel Corp		4,642,707
	47,052		Hillenbrand, Inc		1,448,731
	541,486		Honeywell International, Inc		93,530,877
	41,467		Hubbell, Inc		5,875,874
	30,676		Huntington Ingalls		6,922,346
	2,644		Hurco Cos, Inc		91,985
	6,113		Hyster-Yale Materials Handling, Inc		310,051
	56,373		IDEX Corp		8,767,693
	5,855	*	IES Holdings, Inc		113,587
	240,823		Illinois Tool Works, Inc		40,597,941
	178,901		Ingersoll-Rand plc		22,700,748
	11,105		Insteel Industries, Inc		211,772
	60,695		ITT, Inc		3,608,318
	101,247		Jacobs Engineering Group, Inc		9,474,694
	72,150	*	JELD-WEN Holding, Inc		1,233,043
	23,161		John Bean Technologies Corp		2,380,256
	606,594		Johnson Controls International plc		26,283,718
	6,195		Kadant, Inc		562,506
	23,443		Kaman Corp		1,375,401
	49,400		Kennametal, Inc		1,528,930
	87,155	*	Kratos Defense & Security Solutions, Inc		1,645,486
	162,286		L3Harris Technologies, Inc		33,481,225
	1,917	*	Lawson Products, Inc		88,086
	5,409	*	LB Foster Co (Class A)		98,444
	24,395		Lennox International, Inc		6,034,347
	44,382		Lincoln Electric Holdings, Inc		3,975,296
	11,290		Lindsay Corp		1,065,889
	184,910		Lockheed Martin Corp		69,651,899
	19,317		Luxfer Holdings PLC		325,685
	9,749	*	Lydall, Inc		190,788
	53,388	*	Manitowoc Co, Inc		681,231
	197,471		Masco Corp		9,133,034
	17,650	*	Masonite International Corp		1,083,887
	51,564	*	Mastec, Inc		3,245,438
	52,007	e	Maxar Technologies, Inc		441,539
	38,083	*	Mercury Systems, Inc		2,805,194
	54,856	*	Meritor, Inc		1,208,478
	43,483	*	Middleby Corp		5,259,269
	78,353	*	Milacron Holdings Corp		1,310,062
	6,122		Miller Industries, Inc		220,086
	24,373		Moog, Inc (Class A)		2,040,264
	51,629	*	MRC Global, Inc		586,505

145

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	31,831		MSC Industrial Direct Co (Class A)	$	2,330,348
	56,321		Mueller Industries, Inc		1,732,997
	102,742		Mueller Water Products, Inc (Class A)		1,202,081
	8,810	*	MYR Group, Inc		303,152
	3,530	e	National Presto Industries, Inc		303,898
	28,629	*	Navistar International Corp		895,515
	15,855	e	NN, Inc		114,473
	42,164		Nordson Corp		6,611,737
	116,750		Northrop Grumman Corp		41,152,040
	5,149	*	Northwest Pipe Co		157,045
	104,096	*	NOW, Inc		1,097,172
	4,455	*	NV5 Holdings, Inc		322,676
	124,065		nVent Electric plc		2,860,939
	1,285	e	Omega Flex, Inc		119,312
	48,448		Oshkosh Truck Corp		4,136,490
	79,055		Owens Corning, Inc		4,844,490
	247,369		PACCAR, Inc		18,814,886
	92,537		Parker-Hannifin Corp		16,979,614
	13,220	*	Parsons Corp		470,632
	14,219	*	Patrick Industries, Inc		702,561
	122,395		Pentair plc		5,075,721
	53,663	*	PGT, Inc		947,689
	202,866	*,e	Plug Power, Inc		537,595
	6,290		Powell Industries, Inc		246,316
	1,077		Preformed Line Products Co		58,804
	22,124		Primoris Services Corp		452,215
	16,647	*	Proto Labs, Inc		1,614,260
	19,158		Quanex Building Products Corp		369,558
	107,199		Quanta Services, Inc		4,507,718
	20,497		Raven Industries, Inc		714,935
	208,633		Raytheon Co		44,274,009
	17,248	*	RBC Bearings, Inc		2,767,269
	33,248		Regal-Beloit Corp		2,462,014
	153,454	*	Resideo Technologies, Inc		1,462,417
	36,879	e	REV Group, Inc		458,775
	82,974	*	Rexnord Corp		2,347,334
	83,406		Rockwell Automation, Inc		14,344,998
	77,089		Roper Industries, Inc		25,975,909
	17,334		Rush Enterprises, Inc (Class A)		757,322
	2,932		Rush Enterprises, Inc (Class B)		125,841
	120,707	*	Sensata Technologies Holding plc		6,178,991
	32,276		Simpson Manufacturing Co, Inc		2,667,289
	33,622	*,e	SiteOne Landscape Supply, Inc		2,960,753
	40,142		Snap-On, Inc		6,529,899
	74,157		Spirit Aerosystems Holdings, Inc (Class A)		6,067,526
	38,672	*	SPX Corp		1,761,123
	23,861	*	SPX FLOW, Inc		1,080,426
	7,239		Standex International Corp		548,571
	112,424		Stanley Black & Decker, Inc		17,013,124
	16,087	*	Sterling Construction Co, Inc		261,333
	73,469	*	Sunrun, Inc		1,141,708
	26,050	*	Teledyne Technologies, Inc		8,586,080
	12,035		Tennant Co		931,870
	47,632		Terex Corp		1,312,262

146

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	16,855	*	Textainer Group Holdings Ltd	$	174,449
	167,303		Textron, Inc		7,710,995
	22,888	*	Thermon Group Holdings		545,421
	52,367		Timken Co		2,565,983
	29,909		Titan International, Inc		79,857
	10,075	*	Titan Machinery, Inc		167,245
	79,203		Toro Co		6,108,927
	43,174	*,e	TPI Composites, Inc		886,362
	35,717		TransDigm Group, Inc		18,797,143
	45,624	*	Trex Co, Inc		4,009,893
	47,340	*	Trimas Corp		1,530,029
	86,801		Trinity Industries, Inc		1,716,924
	46,220		Triton International Ltd		1,696,274
	58,488		Triumph Group, Inc		1,214,796
	28,202	*,e	Tutor Perini Corp		436,285
	4,906	*	Twin Disc, Inc		52,789
	57,713	*	United Rentals, Inc		7,708,725
	606,277		United Technologies Corp		87,049,252
	112,892	*	Univar, Inc		2,422,662
	47,273		Universal Forest Products, Inc		2,380,668
	16,779		Valmont Industries, Inc		2,301,911
	7,781	*	Vectrus, Inc		355,670
	7,165	*	Veritiv Corp		97,731
	10,008	*	Vicor Corp		363,791
	19,540	*,e	Vivint Solar, Inc		136,975
	32,593		W.W. Grainger, Inc		10,066,022
	39,948		Wabash National Corp		569,658
	38,967	*	WABCO Holdings, Inc		5,245,738
	129,382		Wabtec Corp		8,975,229
	23,425		Watsco, Inc		4,129,828
	22,424		Watts Water Technologies, Inc (Class A)		2,091,038
	118,218	*	Welbilt, Inc		2,241,413
	37,375	*	Wesco Aircraft Holdings, Inc		411,873
	28,126	*	WESCO International, Inc		1,410,519
	2,164	*	Willis Lease Finance Corp		117,960
	18,162	*	Willscot Corp		286,233
	43,457		Woodward Governor Co		4,635,124
	133,865	e	Xylem, Inc		10,266,107
			TOTAL CAPITAL GOODS		1,562,377,534
COMMERCIAL & PROFESSIONAL SERVICES - 1.1%
	55,778		ABM Industries, Inc		2,033,666
	33,778	*	Acacia Research (Acacia Technologies)		85,796
	99,433		ACCO Brands Corp		909,812
	129,255	e	ADT, Inc		1,000,434
	67,593	*	Advanced Disposal Services, Inc		2,215,699
	4,343		Barrett Business Services, Inc		381,011
	3,767		BG Staffing, Inc		72,063
	42,167		Brady Corp (Class A)		2,375,689
	49,226	*	BrightView Holdings, Inc		876,223
	40,427		Brink’s Co		3,434,678
	36,837	*	Casella Waste Systems, Inc (Class A)		1,605,725
	32,525	*	CBIZ, Inc		890,209

147

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	15,922	*	Ceco Environmental Corp	$	109,225
	15,071	*	Cimpress NV		1,991,181
	61,854		Cintas Corp		16,618,314
	37,804	*	Clean Harbors, Inc		3,117,318
	147,226	*	Copart, Inc		12,166,757
	26,704	*	CoStar Group, Inc		14,674,382
	66,196		Covanta Holding Corp		955,870
	4,475		CRA International, Inc		220,394
	27,013		Deluxe Corp		1,400,084
	18,634		Ennis, Inc		365,040
	88,974		Equifax, Inc		12,163,636
	41,740		Exponent, Inc		2,651,742
	4,961	*	Forrester Research, Inc		171,055
	6,551	*	Franklin Covey Co		250,248
	29,740	*	FTI Consulting, Inc		3,237,794
	5,601	*	GP Strategies Corp		62,171
	49,548	e	Healthcare Services Group		1,206,989
	10,919		Heidrick & Struggles International, Inc		310,755
	8,242	*	Heritage-Crystal Clean, Inc		218,743
	38,812		Herman Miller, Inc		1,804,758
	38,514		HNI Corp		1,463,532
	12,082	*	Huron Consulting Group, Inc		799,103
	106,045	*	IAA, Inc		4,045,617
	10,407		ICF International, Inc		891,776
	297,270	*	IHS Markit Ltd		20,814,845
	27,397	*	Innerworkings, Inc		132,875
	28,270		Insperity, Inc		2,986,160
	35,215		Interface, Inc		585,625
	88,348		KAR Auction Services, Inc		2,196,331
	18,569		Kelly Services, Inc (Class A)		445,842
	12,856		Kforce, Inc		525,939
	17,697		Kimball International, Inc (Class B)		360,311
	26,680		Knoll, Inc		713,423
	34,446		Korn/Ferry International		1,263,824
	39,816		Manpower, Inc		3,620,071
	17,511	e	Matthews International Corp (Class A)		647,557
	13,638		McGrath RentCorp		1,040,716
	15,128	*	Mistras Group, Inc		234,484
	25,633		Mobile Mini, Inc		964,313
	29,516		MSA Safety, Inc		3,543,986
	246,437		Nielsen NV		4,968,170
	8,365	*	NL Industries, Inc		34,547
	37,946	*	On Assignment, Inc		2,412,986
	182,036		Pitney Bowes, Inc		800,958
	59,629		Quad Graphics, Inc		270,119
	163,780		Republic Services, Inc		14,332,388
	15,209		Resources Connection, Inc		222,812
	78,997		Robert Half International, Inc		4,524,158
	103,788		Rollins, Inc		3,955,361
	41,455		RR Donnelley & Sons Co		180,744
	9,805	*	SP Plus Corp		433,087
	82,937		Steelcase, Inc (Class A)		1,448,909
	63,542	*,e	Stericycle, Inc		3,660,019
	6,434		Systemax, Inc		139,232

148

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	40,398	*,e	Team, Inc	$	733,628
	42,001		Tetra Tech, Inc		3,673,827
	140,754		TransUnion		11,629,095
	33,491	*	TriNet Group, Inc		1,774,688
	27,821	*	TrueBlue, Inc		637,101
	12,296		Unifirst Corp		2,469,529
	12,067		US Ecology, Inc		750,929
	116,378		Verisk Analytics, Inc		16,839,897
	14,492		Viad Corp		884,302
	4,765		VSE Corp		183,071
	317,097		Waste Management, Inc		35,581,454
	4,929	*	Willdan Group, Inc		149,349
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		249,544,151
CONSUMER DURABLES & APPAREL - 1.4%
	18,049		Acushnet Holdings Corp		513,494
	70,259	*	American Outdoor Brands Corp		497,434
	6,475		Bassett Furniture Industries, Inc		98,744
	54,502	*	Beazer Homes USA, Inc		818,075
	61,550		Brunswick Corp		3,584,672
	81,438		Callaway Golf Co		1,646,676
	98,149	*	Capri Holdings Ltd		3,049,489
	33,939		Carter’s, Inc		3,402,045
	8,835	*	Cavco Industries, Inc		1,693,228
	27,424	*	Century Communities, Inc		827,382
	10,630		Clarus Corp		135,532
	22,670		Columbia Sportswear Co		2,050,501
	47,319	*,e	CROCS, Inc		1,655,692
	5,513		Culp, Inc		85,286
	22,691	*	Deckers Outdoor Corp		3,469,454
	239,356		DR Horton, Inc		12,535,074
	3,637		Escalade, Inc		41,680
	39,428		Ethan Allen Interiors, Inc		777,126
	4,787		Flexsteel Industries, Inc		79,321
	57,082	*	Fossil Group, Inc		621,052
	111,222	*	Garmin Ltd		10,427,062
	40,146	*	G-III Apparel Group Ltd		1,008,066
	74,505	*,e	GoPro, Inc		309,941
	10,917	*	Green Brick Partners, Inc		109,934
	7,083	e	Hamilton Beach Brands Holding Co		132,098
	231,250		Hanesbrands, Inc		3,517,312
	83,133		Hasbro, Inc		8,089,672
	19,259	*	Helen of Troy Ltd		2,884,228
	6,640		Hooker Furniture Corp		157,169
	14,684	*	Installed Building Products, Inc		957,690
	17,311	*,e	iRobot Corp		831,967
	3,431		Johnson Outdoors, Inc		200,885
	52,472		KB Home		1,872,726
	32,082		Kontoor Brands, Inc		1,219,116
	45,145		La-Z-Boy, Inc		1,603,099
	89,232		Leggett & Platt, Inc		4,577,602
	9,796		Lennar Corp (B Shares)		460,608
	201,036		Lennar Corp (Class A)		11,981,746

149

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	22,441	*,e	LGI Homes, Inc	$	1,761,170
	3,744		Lifetime Brands, Inc		29,915
	87,768	*	Lululemon Athletica, Inc		17,928,369
	27,958	*	M/I Homes, Inc		1,235,184
	11,731	*	Malibu Boats, Inc		382,665
	6,686		Marine Products Corp		89,726
	11,236	*	MasterCraft Boat Holdings, Inc		176,967
	261,109	*,e	Mattel, Inc		3,117,641
	47,716		MDC Holdings, Inc		1,847,086
	24,411	*	Meritage Homes Corp		1,759,789
	44,397	*	Mohawk Industries, Inc		6,365,642
	20,975		Movado Group, Inc		546,399
	2,520		Nacco Industries, Inc (Class A)		127,260
	271,513		Newell Rubbermaid, Inc		5,150,602
	918,541		Nike, Inc (Class B)		82,255,347
	2,169	*	NVR, Inc		7,887,764
	16,346		Oxford Industries, Inc		1,125,586
	44,050		Polaris Industries, Inc		4,345,533
	184,285		Pulte Homes, Inc		7,231,343
	48,150		PVH Corp		4,196,754
	35,866		Ralph Lauren Corp		3,445,288
	64,912	*	Roku, Inc		9,555,046
	96,885	*	Skechers U.S.A., Inc (Class A)		3,620,592
	54,039		Skyline Corp		1,525,521
	50,941	*	Sonos, Inc		666,308
	70,267		Steven Madden Ltd		2,893,595
	19,029		Sturm Ruger & Co, Inc		870,767
	2,932		Superior Uniform Group, Inc		42,426
	213,080		Tapestry, Inc		5,510,249
	96,173	*	Taylor Morrison Home Corp		2,409,134
	35,239	*	Tempur Sealy International, Inc		3,204,987
	87,468		Toll Brothers, Inc		3,478,602
	21,170	*	TopBuild Corp		2,200,198
	133,679	*	TRI Pointe Homes, Inc		2,104,107
	31,231		Tupperware Corp		300,755
	127,929	*	Under Armour, Inc (Class A)		2,641,734
	146,854	*	Under Armour, Inc (Class C)		2,716,799
	14,239	*	Unifi, Inc		388,725
	8,554	*	Universal Electronics, Inc		445,834
	10,709	*	Vera Bradley, Inc		115,229
	227,751		VF Corp		18,741,630
	79,959	*	Vista Outdoor, Inc		535,725
	42,863		Whirlpool Corp		6,520,320
	22,600	*	William Lyon Homes, Inc		437,310
	74,976		Wolverine World Wide, Inc		2,225,288
	32,234	*,e	YETI Holdings, Inc		1,073,715
	16,438	*,e	Zagg, Inc		121,148
			TOTAL CONSUMER DURABLES & APPAREL		313,274,652
CONSUMER SERVICES - 2.2%
	46,822	*	Adtalem Global Education, Inc		1,394,359
	8,703	*	American Public Education, Inc		189,029
	174,278		ARAMARK Holdings Corp		7,626,405
	39,159		BBX Capital Corp		175,041

150

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	605	*	Biglari Holdings, Inc (B Shares)	$	50,505
	23,159		BJ’s Restaurants, Inc		916,865
	54,808		Bloomin’ Brands, Inc		1,085,747
	47,511		Boyd Gaming Corp		1,294,675
	41,433	*	Bright Horizons Family Solutions		6,153,629
	28,632		Brinker International, Inc		1,272,692
	424,601	*	Caesars Entertainment Corp		5,214,100
	40,625	*	Career Education Corp		575,250
	298,000		Carnival Corp		12,781,220
	14,241		Carriage Services, Inc		366,848
	33,199	*	Carrols Restaurant Group, Inc		236,709
	10,670	*	Century Casinos, Inc		78,851
	36,491	e	Cheesecake Factory		1,524,959
	76,949	*	Chegg, Inc		2,359,256
	19,063	*	Chipotle Mexican Grill, Inc (Class A)		14,834,064
	24,733		Choice Hotels International, Inc		2,188,376
	27,797		Churchill Downs, Inc		3,613,332
	9,242	*	Chuy’s Holdings, Inc		225,228
	15,982	e	Cracker Barrel Old Country Store, Inc		2,485,201
	88,274		Darden Restaurants, Inc		9,910,522
	23,509		Dave & Buster’s Entertainment, Inc		935,188
	17,977	*	Del Taco Restaurants, Inc		137,254
	51,012	*	Denny’s Corp		1,026,361
	9,874		Dine Brands Global Inc.		722,283
	30,931		Domino’s Pizza, Inc		8,401,478
	39,635	*	Drive Shack, Inc		158,144
	53,455		Dunkin Brands Group, Inc		4,202,632
	12,324	*	El Pollo Loco Holdings, Inc		143,205
	52,335	*,e	Eldorado Resorts, Inc		2,343,038
	1,317	*,e	Empire Resorts, Inc		12,788
	138,810		Extended Stay America, Inc		1,972,490
	13,720	*	Fiesta Restaurant Group, Inc		117,923
	72,964	*	frontdoor, Inc		3,519,054
	10,687	*,e	Golden Entertainment, Inc		154,748
	3,415		Graham Holdings Co		2,150,289
	36,841	*	Grand Canyon Education, Inc		3,387,898
	144,126		H&R Block, Inc		3,601,709
	11,282	*,e	Habit Restaurants, Inc		118,574
	58,810	*	Hilton Grand Vacations, Inc		2,042,471
	212,326		Hilton Worldwide Holdings, Inc		20,587,129
	58,302	*	Houghton Mifflin Harcourt Co		376,631
	27,534		Hyatt Hotels Corp		2,057,891
	68,087	e	International Game Technology plc		901,472
	6,138	*	J Alexander’s Holdings, Inc		59,232
	24,202		Jack in the Box, Inc		2,033,452
	42,184	*	K12, Inc		834,821
	246,921		Las Vegas Sands Corp		15,269,595
	79,053	*	Laureate Education, Inc		1,221,764
	11,160	*	Lindblad Expeditions Holdings, Inc		175,658
	207,995		Marriott International, Inc (Class A)		26,321,767
	28,808		Marriott Vacations Worldwide Corp		3,166,863
	571,622		McDonald’s Corp		112,438,047
	371,963		MGM Resorts International		10,600,946

151

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	5,998	*	Monarch Casino & Resort, Inc	$	259,054
	1,517		Nathan’s Famous, Inc		115,444
	10,030	*,e	Noodles & Co		53,460
	165,719	*	Norwegian Cruise Line Holdings Ltd		8,411,896
	32,278	*,e	OneSpaWorld Holdings Ltd		501,923
	15,209	e	Papa John’s International, Inc		890,487
	84,521	*	Penn National Gaming, Inc		1,801,565
	62,826	*	Planet Fitness, Inc		3,999,503
	12,084	*	PlayAGS, Inc		139,449
	17,426	*,e	Potbelly Corp		74,061
	4,928		RCI Hospitality Holdings, Inc		92,400
	7,293	*	Red Lion Hotels Corp		43,758
	17,963	*	Red Robin Gourmet Burgers, Inc		547,872
	42,685		Red Rock Resorts, Inc		929,679
	27,918	*	Regis Corp		575,111
	126,589		Royal Caribbean Cruises Ltd		13,776,681
	16,648		Ruth’s Chris Steak House, Inc		342,616
	62,348	*,e	Scientific Games Corp (Class A)		1,495,729
	38,900	*	SeaWorld Entertainment, Inc		1,027,738
	56,119	*	Select Interior Concepts Inc		643,124
	131,584		Service Corp International		5,984,440
	98,902	*	ServiceMaster Global Holdings, Inc		3,993,663
	21,242	*	Shake Shack, Inc		1,747,792
	52,487		Six Flags Entertainment Corp		2,214,427
	890,486		Starbucks Corp		75,299,496
	15,916		Strategic Education, Inc		1,958,146
	23,473	*,e	Target Hospitality Corp		130,040
	45,694		Texas Roadhouse, Inc (Class A)		2,581,711
	14,842	e	Twin River Worldwide Holdings Inc		372,534
	28,660		Vail Resorts, Inc		6,659,724
	136,278		Wendy’s		2,886,368
	23,960		Wingstop, Inc		1,998,983
	45,831	*	WW International Inc		1,598,127
	58,946		Wyndham Destinations, Inc		2,735,684
	70,289		Wyndham Hotels & Resorts, Inc		3,793,497
	68,819		Wynn Resorts Ltd		8,350,497
	273,730		Yum China Holdings, Inc		11,633,525
	231,457		Yum! Brands, Inc		23,541,492
			TOTAL CONSUMER SERVICES		500,947,354
DIVERSIFIED FINANCIALS - 3.6%
	35,099		Affiliated Managers Group, Inc		2,803,708
	19,156		AG Mortgage Investment Trust		299,600
	433,261		AGNC Investment Corp		7,387,100
	285,187		Ally Financial, Inc		8,735,278
	511,548		American Express Co		59,994,349
	97,743		Ameriprise Financial, Inc		14,748,441
	1,059,144		Annaly Capital Management, Inc		9,511,113
	92,233		Anworth Mortgage Asset Corp		315,437
	128,059		Apollo Commercial Real Estate Finance, Inc		2,343,480
	18,424		Ares Commercial Real Estate Corp		285,572
	45,717		Ares Management Corp		1,351,852
	25,578	e	Arlington Asset Investment Corp (Class A)		147,841
	59,834	*	ARMOUR Residential REIT, Inc		1,001,023

152

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	25,768		Artisan Partners Asset Management, Inc	$	704,755
	141	*,h	Ashford, Inc		3,377
	2,450	e	Associated Capital Group, Inc		99,470
	210,308		AXA Equitable Holdings, Inc		4,542,653
	12,562		B. Riley Financial, Inc		353,620
	16,791		Banco Latinoamericano de Exportaciones S.A. (Class E)		346,398
	625,040		Bank of New York Mellon Corp		29,220,620
	160,055		BGC Partners, Inc (Class A)		832,286
	88,289		BlackRock, Inc		40,763,031
	93,554		Blackstone Mortgage Trust, Inc		3,396,010
	39,851	*	Blucora, Inc		861,977
	76,771		Brightsphere Investment Group, Inc		753,891
	63,923	*	Cannae Holdings, Inc		1,866,552
	348,414		Capital One Financial Corp		32,489,605
	51,594		Capstead Mortgage Corp		398,822
	80,399		CBOE Global Markets, Inc		9,257,945
	875,754		Charles Schwab Corp		35,651,945
	47,113		Cherry Hill Mortgage Investment Corp		636,968
	138,953		Chimera Investment Corp		2,815,188
	264,578		CME Group, Inc		54,436,923
	25,360		Cohen & Steers, Inc		1,659,558
	79,651		Colony Credit Real Estate, Inc		1,141,399
	15,293	*	Cowen Group, Inc		228,936
	7,887	*	Credit Acceptance Corp		3,453,007
	6,319	*	Curo Group Holdings Corp		88,403
	2,676		Diamond Hill Investment Group, Inc		376,941
	236,354		Discover Financial Services		18,969,772
	18,466	*	Donnelley Financial Solutions, Inc		208,666
	16,169		Dynex Capital, Inc		261,291
	166,609		E*TRADE Financial Corp		6,962,590
	78,465		Eaton Vance Corp		3,578,004
	26,365	*	Elevate Credit, Inc		107,833
	19,385		Ellington Financial Inc		357,072
	30,693	*,e	Encore Capital Group, Inc		1,018,701
	20,051	*	Enova International, Inc		470,998
	24,561		Evercore Partners, Inc (Class A)		1,808,672
	25,385		Exantas Capital Corp		298,528
	27,938	*,e	Ezcorp, Inc (Class A)		146,954
	25,551		Factset Research Systems, Inc		6,477,690
	76,506		Federated Investors, Inc (Class B)		2,443,602
	152,235		FGL Holdings		1,374,682
	32,718		FirstCash, Inc		2,761,072
	39,114	*	Focus Financial Partners, Inc		855,814
	217,001		Franklin Resources, Inc		5,978,378
	20,991	e	Gain Capital Holdings, Inc		88,582
	2,450		GAMCO Investors, Inc (Class A)		38,612
	238,992		Goldman Sachs Group, Inc		50,996,113
	53,217		Granite Point Mortgage Trust, Inc		989,836
	51,405		Great Ajax Corp		804,488
	35,493	*	Green Dot Corp		1,023,618
	22,909		Greenhill & Co, Inc		371,126
	17,627		Hamilton Lane, Inc		1,050,922
	27,890		Houlihan Lokey, Inc		1,318,081

153

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	52,337		Interactive Brokers Group, Inc (Class A)	$	2,489,671
	415,021		IntercontinentalExchange Group, Inc		39,144,781
	10,594	*	INTL FCStone, Inc		423,760
	282,214		Invesco Ltd		4,746,839
	98,104		Invesco Mortgage Capital, Inc		1,544,157
	117,106		Janus Henderson Group plc		2,708,662
	185,369		Jefferies Financial Group, Inc		3,460,839
	32,622		KKR Real Estate Finance Trust, Inc		654,071
	77,355		Ladder Capital Corp		1,335,921
	67,587		Ladenburg Thalmann Financial Services, Inc		152,747
	77,803		Lazard Ltd (Class A)		2,904,386
	48,355		Legg Mason, Inc		1,801,707
	43,832	*,e	LendingClub Corp		554,036
	61,306		LPL Financial Holdings, Inc		4,955,977
	25,594		MarketAxess Holdings, Inc		9,433,692
	3,189		Marlin Business Services Corp		75,707
	363,947		MFA Mortgage Investments, Inc		2,762,358
	36,381		Moelis & Co		1,298,074
	121,249		Moody’s Corp		26,758,442
	886,677		Morgan Stanley		40,831,476
	17,048		Morningstar, Inc		2,759,048
	58,626		MSCI, Inc (Class A)		13,751,315
	84,190		NASDAQ OMX Group, Inc		8,399,636
	158,729		Navient Corp		2,185,698
	11,109		Nelnet, Inc (Class A)		680,648
	316,340		New Residential Investment Corp		5,010,826
	162,195		New York Mortgage Trust, Inc		1,015,341
	17,297	*,†	NewStar Financial, Inc		4,176
	144,401		Northern Trust Corp		14,393,892
	32,979	*	On Deck Capital, Inc		147,086
	59,602		OneMain Holdings, Inc		2,384,080
	5,009		Oppenheimer Holdings, Inc		136,245
	41,882		Orchid Island Capital, Inc		233,283
	66,957		PennyMac Mortgage Investment Trust		1,532,646
	12,064	*	Pico Holdings, Inc		130,050
	15,025		Piper Jaffray Cos		1,180,064
	20,764		PJT Partners, Inc		862,329
	26,014	*	PRA Group, Inc		882,655
	8,894		Pzena Investment Management, Inc (Class A)		73,820
	87,432		Raymond James Financial, Inc		7,299,698
	11,425		Ready Capital Corp		180,858
	91,419		Redwood Trust, Inc		1,493,786
	5,910	*	Regional Management Corp		170,976
	183,631		S&P Global, Inc		47,374,962
	15,419	*	Safeguard Scientifics, Inc		174,389
	101,353		Santander Consumer USA Holdings, Inc		2,541,933
	11,965		Sculptor Capital Management, Inc		215,011
	97,370		SEI Investments Co		5,834,410
	3,406		Silvercrest Asset Management Group, Inc		40,940
	291,155		SLM Corp		2,457,348
	202,486		Starwood Property Trust, Inc		4,981,156
	271,991		State Street Corp		17,970,445
	52,897		Stifel Financial Corp		2,961,174
	492,725		Synchrony Financial		17,427,683

154

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	174,318		T Rowe Price Group, Inc	$	20,186,024
	197,912		TD Ameritrade Holding Corp		7,595,863
	46,510		TPG RE Finance Trust, Inc		940,897
	183,272		Two Harbors Investment Corp		2,541,983
	46,547	e	Virtu Financial, Inc		789,437
	3,892		Virtus Investment Partners, Inc		422,204
	107,581		Voya Financial, Inc		5,805,071
	46,753	e	Waddell & Reed Financial, Inc (Class A)		774,230
	24,220		Western Asset Mortgage Capital Corp		243,169
	5,515		Westwood Holdings Group, Inc		166,718
	65,487		WisdomTree Investments, Inc		334,639
	3,309	*	World Acceptance Corp		343,507
			TOTAL DIVERSIFIED FINANCIALS		801,135,423
ENERGY - 4.0%
	98,619	*	Abraxas Petroleum Corp		28,600
	5,842		Amplify Energy Corp		42,354
	161,291	e	Antero Midstream Corp		1,038,714
	159,817	*,e	Antero Resources Corp		399,542
	256,837		Apache Corp		5,563,089
	62,566	*	Apergy Corp		1,574,786
	12,389	e	Arch Coal, Inc		977,368
	86,405		Archrock, Inc		832,944
	17,293	*	Ardmore Shipping Corp		138,171
	458,871		Baker Hughes a GE Co		9,819,839
	35,807		Berry Petroleum Co LLC		336,228
	12,844	*	Bonanza Creek Energy, Inc		228,880
	11,462		Brigham Minerals, Inc		218,810
	312,867		Cabot Oil & Gas Corp		5,831,841
	30,783	*	Cactus, Inc		914,871
	19,775	*,e	California Resources Corp		110,542
	291,061	*,e	Callon Petroleum Co		1,106,032
	80,848	*	Carrizo Oil & Gas, Inc		595,041
	158,201	*	Centennial Resource Development, Inc		537,883
	170,312	*	Cheniere Energy, Inc		10,482,704
	1,129,264	*,e	Chesapeake Energy Corp		1,513,214
	1,421,513		Chevron Corp		165,094,520
	68,600		Cimarex Energy Co		2,896,292
	70,718	*	Clean Energy Fuels Corp		159,115
	131,805	*	CNX Resources Corp		1,111,116
	142,267		Concho Resources, Inc		9,605,868
	832,362		ConocoPhillips		45,946,382
	29,581	*,e	CONSOL Energy, Inc		391,357
	63,518	*	Continental Resources, Inc		1,871,875
	13,475	*	Contura Energy Inc		309,117
	18,547	*,e	Covia Holdings Corp		25,595
	25,220		CVR Energy, Inc		1,195,932
	52,925		Delek US Holdings, Inc		2,114,354
	471,080	*,e	Denbury Resources, Inc		470,185
	296,118	*	Devon Energy Corp		6,005,273
	51,733		DHT Holdings, Inc		399,896
	38,426	*,e	Diamond Offshore Drilling, Inc		203,274
	40,328	*,e	Diamond S Shipping Inc		588,789

155

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	125,209		Diamondback Energy, Inc	$	10,737,924
	14,449	e	DMC Global, Inc		646,448
	14,063	*	Dorian LPG Ltd		175,084
	21,805	*	Dril-Quip, Inc		894,441
	10,934	*	Earthstone Energy, Inc		42,424
	61,062	*,e	Energy Fuels, Inc		122,735
	421,985		EOG Resources, Inc		29,247,780
	199,464		EQT Corp		2,142,243
	160,200		Equitrans Midstream Corp		2,229,984
	14,195	*	Era Group, Inc		137,266
	18,488		Evolution Petroleum Corp		103,903
	18,645	*	Exterran Corp		236,232
	137,437	*,e	Extraction Oil & Gas, Inc		233,643
	3,161,302	d	Exxon Mobil Corp		213,609,176
	27,602	e	Falcon Minerals Corp		170,028
	152,912	*	Forum Energy Technologies, Inc		177,378
	159,691	*	Frank’s International NV		782,486
	58,721	*	FTS International, Inc		89,256
	30,698		GasLog Ltd		420,870
	55,223		Golar LNG Ltd		760,421
	53,948		Green Plains Renewable Energy, Inc		665,179
	151,931	*	Gulfport Energy Corp		423,128
	7,725		Hallador Energy Co		25,995
	632,132		Halliburton Co		12,168,541
	91,452	*	Helix Energy Solutions Group, Inc		785,573
	81,175		Helmerich & Payne, Inc		3,044,063
	192,190		Hess Corp		12,636,493
	71,409	*	HighPoint Resources Corp		75,694
	116,065		HollyFrontier Corp		6,376,611
	25,299	*	Independence Contract Drilling, Inc		22,516
	15,991	*	International Seaways, Inc		402,014
	71,467	*,e	Jagged Peak Energy, Inc		506,701
	1,447,460		Kinder Morgan, Inc		28,920,251
	29,441	*	KLX Energy Services Holdings, Inc		233,762
	290,467		Kosmos Energy Ltd		1,800,895
	290,729	*	Laredo Petroleum Holdings, Inc		686,120
	25,902	e	Liberty Oilfield Services, Inc		238,557
	72,043	*,e	Magnolia Oil & Gas Corp		707,462
	4,924		Mammoth Energy Services, Inc		7,878
	552,031		Marathon Oil Corp		6,364,917
	481,650		Marathon Petroleum Corp		30,801,518
	62,707	*,e	Matador Resources Co		872,254
	14,345	*	Matrix Service Co		269,112
	3,782	*	Montage Resources Corp		17,095
	101,158		Murphy Oil Corp		2,086,890
	287,438		Nabors Industries Ltd		531,760
	256,310		National Oilwell Varco, Inc		5,797,732
	6,426	*	Natural Gas Services Group, Inc		76,405
	6,147	*,e	NCS Multistage Holdings, Inc		13,831
	136,214	*	Newpark Resources, Inc		817,284
	103,969	*	NexTier Oilfield Solutions, Inc		449,145
	19,146	*,e	Nine Energy Service, Inc		108,175
	468,553	*,e	Noble Corp plc		576,320
	348,282		Noble Energy, Inc		6,707,911

156

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	267,130		Nordic American Tanker Shipping	$	956,325
	443,778	*,e	Northern Oil And Gas, Inc		869,805
	285,503	*	Oasis Petroleum, Inc		745,163
	665,904		Occidental Petroleum Corp		26,969,112
	56,126	*	Oceaneering International, Inc		794,744
	37,144	*	Oil States International, Inc		530,045
	307,174		ONEOK, Inc		21,449,960
	25,842	*	Overseas Shipholding Group, Inc		42,122
	21,255	*	Pacific Drilling SA		53,137
	9,875		Panhandle Oil and Gas, Inc (Class A)		140,126
	47,820	*	Par Pacific Holdings, Inc		1,083,123
	190,516		Parsley Energy, Inc		3,012,058
	134,449		Patterson-UTI Energy, Inc		1,118,616
	84,347		PBF Energy, Inc		2,722,721
	40,863	*	PDC Energy, Inc		815,217
	49,634		Peabody Energy Corp		522,646
	8,042	*	Penn Virginia Corp		191,400
	331,300		Phillips 66		38,702,466
	123,790		Pioneer Natural Resources Co		15,228,646
	113,450	*	ProPetro Holding Corp		879,238
	229,802		Questar Market Resources, Inc		765,241
	210,113	e	Range Resources Corp		846,755
	23,028	*,e	Renewable Energy Group, Inc		376,278
	3,133	*	Rex American Resources Corp		253,522
	9,218	*	RigNet, Inc		48,302
	61,419	*,e	Ring Energy, Inc		101,956
	34,279	e	RPC, Inc		141,915
	21,991	*	SandRidge Energy, Inc		96,321
	1,032,827		Schlumberger Ltd		33,763,115
	45,437		Scorpio Tankers, Inc		1,445,351
	19,352	*	SEACOR Holdings, Inc		830,394
	8,251	*	SEACOR Marine Holdings, Inc		107,346
	258,879	*,e	Seadrill Ltd		455,627
	51,332	*	Select Energy Services, Inc		390,123
	84,693		SemGroup Corp		1,363,557
	89,233		Ship Finance International Ltd		1,291,202
	3,507	*	SilverBow Resources, Inc		27,705
	70,325		SM Energy Co		551,348
	15,317	*,e	Smart Sand, Inc		35,689
	51,656	e	Solaris Oilfield Infrastructure, Inc		549,620
	372,511	*	Southwestern Energy Co		763,648
	269,860	*	SRC Energy, Inc		841,963
	11,179	*	Talos Energy, Inc		240,684
	150,350		Targa Resources Investments, Inc		5,845,608
	32,401	e	Teekay Corp		165,569
	105,010		Teekay Tankers Ltd (Class A)		214,220
	110,593	*,e	Tellurian, Inc		881,426
	393,353	*	Tetra Technologies, Inc		668,700
	14,809	*	Tidewater, Inc		240,350
	330,316	*	Transocean Ltd (NYSE)		1,569,001
	36,658	*	Unit Corp		74,782
	75,588	*,e	Uranium Energy Corp		71,589
	84,372	e	US Silica Holdings, Inc		376,299

157

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	308,759		Valero Energy Corp	$	29,943,448
	62,041	*	W&T Offshore, Inc		250,025
	91,912	*,e	Whiting Petroleum Corp		582,722
	880,067		Williams Cos, Inc		19,634,295
	62,394		World Fuel Services Corp		2,606,197
	300,068	*	WPX Energy, Inc		2,994,679
			TOTAL ENERGY		897,091,139
FOOD & STAPLES RETAILING - 1.4%
	15,325		Andersons, Inc		282,287
	26,715		Casey’s General Stores, Inc		4,563,189
	10,609	*	Chefs’ Warehouse Holdings, Inc		351,423
	329,057		Costco Wholesale Corp		97,766,125
	8,756		Ingles Markets, Inc (Class A)		345,249
	592,629		Kroger Co		14,602,379
	10,727	*	Natural Grocers by Vitamin C		94,076
	71,924	*	Performance Food Group Co		3,064,682
	14,066		Pricesmart, Inc		1,042,291
	91,332	*,e	Rite Aid Corp		840,254
	22,179		Spartan Stores, Inc		290,434
	94,195	*	Sprouts Farmers Market, Inc		1,828,325
	355,703		SYSCO Corp		28,409,999
	58,226	*	United Natural Foods, Inc		436,695
	146,623	*	US Foods Holding Corp		5,816,534
	4,388		Village Super Market (Class A)		116,282
	565,139		Walgreens Boots Alliance, Inc		30,958,314
	1,048,788		Walmart, Inc		122,980,881
	8,321		Weis Markets, Inc		320,275
			TOTAL FOOD & STAPLES RETAILING		314,109,694
FOOD, BEVERAGE & TOBACCO - 3.5%
	72,443	*,e	22nd Century Group, Inc		136,917
	1,515		Alico, Inc		49,768
	1,393,582		Altria Group, Inc		62,418,538
	411,482		Archer-Daniels-Midland Co		17,298,703
	58,108	e	B&G Foods, Inc (Class A)		903,579
	10,787	*,e	Beyond Meat, Inc		910,962
	5,117	*	Boston Beer Co, Inc (Class A)		1,916,112
	46,211		Brown-Forman Corp (Class A)		2,872,014
	133,260		Brown-Forman Corp (Class B)		8,731,195
	100,045		Bunge Ltd		5,402,430
	14,630	e	Calavo Growers, Inc		1,268,860
	29,725		Cal-Maine Foods, Inc		1,185,730
	124,432	e	Campbell Soup Co		5,762,446
	4,574		Coca-Cola Bottling Co Consolidated		1,254,923
	2,855,078		Coca-Cola Co		155,401,896
	342,509		ConAgra Brands, Inc		9,264,868
	116,832		Constellation Brands, Inc (Class A)		22,236,635
	8,095	*	Craft Brewers Alliance, Inc		59,013
	119,696	*	Darling International, Inc		2,310,133
	99,683	e	Dean Foods Co		97,689
	6,646	*	Farmer Bros Co		85,268
	151,081		Flowers Foods, Inc		3,281,479
	21,115		Fresh Del Monte Produce, Inc		673,568

158

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	26,401	*	Freshpet, Inc	$	1,379,716
	446,439		General Mills, Inc		22,705,887
	62,127	*,e	Hain Celestial Group, Inc		1,468,682
	108,065		Hershey Co		15,871,507
	214,121	e	Hormel Foods Corp		8,755,408
	106,867	*	Hostess Brands, Inc		1,365,760
	54,289		Ingredion, Inc		4,288,831
	13,534		J&J Snack Foods Corp		2,581,746
	77,746		J.M. Smucker Co		8,216,197
	5,079		John B. Sanfilippo & Son, Inc		538,983
	178,974		Kellogg Co		11,370,218
	147,512		Keurig Dr Pepper, Inc		4,153,938
	446,752		Kraft Heinz Co		14,443,492
	110,310		Lamb Weston Holdings, Inc		8,608,592
	16,159		Lancaster Colony Corp		2,249,010
	14,640	*	Landec Corp		144,204
	10,216		Limoneira Co		193,287
	90,462		McCormick & Co, Inc		14,536,339
	7,667	e	MGP Ingredients, Inc		328,838
	116,597		Molson Coors Brewing Co (Class B)		6,146,994
	1,062,268		Mondelez International, Inc		55,715,957
	291,887	*	Monster Beverage Corp		16,383,617
	13,534	e	National Beverage Corp		594,955
	51,590	*,e	New Age Beverages Corp		138,777
	1,043,933		PepsiCo, Inc		143,196,290
	1,156,737		Philip Morris International, Inc		94,204,661
	57,747	*	Pilgrim’s Pride Corp		1,753,199
	45,933	*	Post Holdings, Inc		4,726,506
	24,294	*,e	Primo Water Corp		293,836
	21,673	*,e	Pyxus International, Inc		247,506
	12,701		Sanderson Farms, Inc		1,966,242
	208		Seaboard Corp		877,571
	4,092	*	Seneca Foods Corp		144,775
	62,229	*	Simply Good Foods Co		1,527,100
	17,191	e	Tootsie Roll Industries, Inc		589,307
	41,423	*	TreeHouse Foods, Inc		2,237,670
	2,699		Turning Point Brands, Inc		56,328
	206,538		Tyson Foods, Inc (Class A)		17,099,281
	25,766		Universal Corp		1,411,977
	109,117		Vector Group Ltd		1,331,227
			TOTAL FOOD, BEVERAGE & TOBACCO		777,367,137
HEALTH CARE EQUIPMENT & SERVICES - 6.2%
	1,295,582		Abbott Laboratories		108,323,611
	31,724	*	Abiomed, Inc		6,585,268
	61,947	*,e	Acadia Healthcare Co, Inc		1,857,791
	77,257	*	Accuray, Inc		200,868
	4,902	*	Addus HomeCare Corp		412,797
	59,228	*	Align Technology, Inc		14,942,632
	103,626	*	Allscripts Healthcare Solutions, Inc		1,133,668
	71,010	*	Alphatec Holdings Inc		488,549
	21,812	*	Amedisys, Inc		2,803,278
	7,363	*,e	American Renal Associates Holdings, Inc		61,260

159

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	113,139		AmerisourceBergen Corp	$	9,659,808
	42,001	*	AMN Healthcare Services, Inc		2,467,979
	21,854	*	Angiodynamics, Inc		334,366
	77,964	*,e	Antares Pharma, Inc		261,959
	190,936		Anthem, Inc		51,377,059
	15,363	*,e	Apollo Medical Holdings, Inc		229,984
	18,566	*	AtriCure, Inc		493,670
	895		Atrion Corp		754,870
	42,404	*	Avanos Medical, Inc		1,867,472
	24,969	*	Avedro Inc		580,280
	48,972	*	AxoGen, Inc		608,967
	10,982	*	Axonics Modulation Technologies, Inc		271,475
	352,566		Baxter International, Inc		27,041,812
	199,630		Becton Dickinson & Co		51,105,280
	74,283	*,e	BioSig Technologies Inc		492,496
	23,156	*	BioTelemetry, Inc		911,420
	1,032,915	*	Boston Scientific Corp		43,072,555
	119,686	*	Brookdale Senior Living, Inc		879,692
	26,893	e	Cantel Medical Corp		1,960,231
	222,525		Cardinal Health, Inc		11,003,861
	33,385	*	Cardiovascular Systems, Inc		1,486,300
	40,860	*	Castlight Health, Inc		61,699
	303,551	*	Centene Corp		16,112,487
	241,641		Cerner Corp		16,218,944
	65,503	*	Cerus Corp		284,938
	28,921	*	Change Healthcare, Inc		382,336
	10,737		Chemed Corp		4,229,412
	274,352		Cigna Corp		48,960,858
	6,695		Computer Programs & Systems, Inc		154,454
	168,061	*,e	ConforMIS, Inc		320,997
	22,398		Conmed Corp		2,464,228
	36,146		Cooper Cos, Inc		10,518,486
	6,367	*	Corvel Corp		503,757
	69,303	*	Covetrus, Inc		687,139
	21,782	*	Cross Country Healthcare, Inc		235,463
	17,940	*	CryoLife, Inc		402,753
	15,737	*,e	CryoPort, Inc		220,790
	7,473	*	Cutera, Inc		235,399
	963,563		CVS Health Corp		63,970,948
	18,074	*,e	CytoSorbents Corp		85,851
	473,741		Danaher Corp		65,290,985
	85,619	*	DaVita, Inc		5,017,273
	166,014		Dentsply Sirona, Inc		9,094,247
	65,035	*	DexCom, Inc		10,030,998
	34,395	*	Diplomat Pharmacy, Inc		187,109
	153,259	*	Edwards Lifesciences Corp		36,533,880
	67,146		Encompass Health Corp		4,298,687
	44,051		Ensign Group, Inc		1,861,155
	25,112	*	Enzo Biochem, Inc		79,354
	84,675	*,e	Evolent Health, Inc		645,224
	27,674	*	Genesis Health Care, Inc		35,423
	28,490	*	GenMark Diagnostics, Inc		159,829
	29,323	*,e	Glaukos Corp		1,871,687
	56,139	*	Globus Medical, Inc		2,939,999

160

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	24,506	*	Guardant Health, Inc	$	1,703,167
	38,594	*	Haemonetics Corp		4,659,454
	25,810	*	Hanger Orthopedic Group, Inc		583,564
	199,147		HCA Healthcare, Inc		26,594,090
	48,565	*	HealthEquity, Inc		2,758,006
	15,201	*	HealthStream, Inc		426,540
	114,987	*,e	Henry Schein, Inc		7,196,461
	3,685	*,e	Heska Corp		298,559
	45,033		Hill-Rom Holdings, Inc		4,714,505
	62,465	*	HMS Holdings Corp		2,041,981
	191,608	*	Hologic, Inc		9,256,582
	99,254		Humana, Inc		29,200,527
	13,743	*	ICU Medical, Inc		2,221,006
	61,578	*	IDEXX Laboratories, Inc		17,550,346
	10,894	*	Inogen, Inc		593,015
	36,039	*,e	Inovalon Holdings, Inc		563,290
	16,460	*	Inspire Medical Systems, Inc		1,003,731
	44,244	*	Insulet Corp		6,429,538
	27,315	*	Integer Holding Corp		2,115,274
	55,133	*	Integra LifeSciences Holdings Corp		3,201,022
	13,407	*	IntriCon Corp		277,257
	85,428	*	Intuitive Surgical, Inc		47,237,413
	22,488	e	Invacare Corp		173,607
	14,733	*	iRhythm Technologies, Inc		984,459
	33,790	*	Joint Corp		644,375
	73,547	*	Laboratory Corp of America Holdings		12,118,339
	18,561	*	Lantheus Holdings, Inc		386,997
	8,165		LeMaitre Vascular, Inc		282,509
	24,160	*	LHC Group, Inc		2,681,035
	35,125	*	LivaNova plc		2,484,391
	15,248	*	Magellan Health Services, Inc		989,595
	32,368	*	Masimo Corp		4,718,931
	136,612		McKesson Corp		18,169,396
	63,563	*	MEDNAX, Inc		1,395,843
	1,003,253		Medtronic plc		109,254,252
	23,233		Meridian Bioscience, Inc		227,451
	37,595	*	Merit Medical Systems, Inc		776,525
	1,906	e	Mesa Laboratories, Inc		434,092
	46,383	*	Molina Healthcare, Inc		5,456,496
	14,768		National Healthcare Corp		1,213,634
	5,812		National Research Corp		333,783
	18,296	*	Natus Medical, Inc		616,209
	35,686	*	Neogen Corp		2,321,731
	21,357	*	Nevro Corp		1,840,973
	29,806	*	NextGen Healthcare, Inc		503,870
	67,125	*	Novocure Ltd		4,808,835
	37,042	*	NuVasive, Inc		2,612,943
	28,911	*	Omnicell, Inc		2,035,045
	66,882	*	Option Care Health, Inc		236,762
	32,080	*	OraSure Technologies, Inc		273,963
	10,157	*	Orthofix International NV		426,899
	6,251	*	OrthoPediatrics Corp		241,789
	66,635		Owens & Minor, Inc		448,454

161

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	76,141		Patterson Cos, Inc	$	1,304,295
	22,025	*	Pennant Group, Inc		396,230
	25,151	*,e	Penumbra, Inc		3,922,801
	18,443	*,e	PetIQ, Inc		455,911
	47,341	*	Premier, Inc		1,542,370
	7,425	*	Providence Service Corp		474,235
	6,289	*	Pulse Biosciences, Inc		88,549
	97,436		Quest Diagnostics, Inc		9,865,395
	30,342	*	Quidel Corp		1,726,460
	53,906	*	R1 RCM, Inc		573,021
	19,979	*	RadNet, Inc		312,072
	106,439		Resmed, Inc		15,744,457
	28,831	*,e	Rockwell Medical, Inc		63,717
	21,979	*	RTI Biologics, Inc		48,354
	90,758	*	Select Medical Holdings Corp		1,653,611
	157,592	*,e	Senseonics Holdings, Inc		184,383
	4,698	*,e	Shockwave Medical Inc		159,826
	7,713	*,e	SI-BONE, Inc		128,421
	15,116	*,e	Sientra, Inc		97,196
	4,954	*	Silk Road Medical Inc		164,076
	5,738		Simulations Plus, Inc		203,183
	26,702	*	Staar Surgical Co		875,292
	58,868		STERIS plc		8,333,943
	257,313		Stryker Corp		55,649,083
	22,774	*,e	Surgery Partners, Inc		181,053
	7,753	*	SurModics, Inc		368,345
	11,232	*,e	Tabula Rasa HealthCare, Inc		572,158
	16,440	*,e	Tactile Systems Technology, Inc		746,705
	45,377	*	Tandem Diabetes Care, Inc		2,794,316
	51,591	*,e	Teladoc, Inc		3,951,871
	34,467		Teleflex, Inc		11,974,180
	85,870	*	Tenet Healthcare Corp		2,175,946
	42,675	*,e	Tivity Health, Inc		691,762
	296,193	*,e	TransEnterix, Inc		67,591
	61,267	*,e	Triple-S Management Corp (Class B)		926,970
	704,742		UnitedHealth Group, Inc		178,088,303
	58,722		Universal Health Services, Inc (Class B)		8,071,926
	11,772		US Physical Therapy, Inc		1,665,385
	1,407		Utah Medical Products, Inc		144,175
	21,473	*	Varex Imaging Corp		644,405
	68,814	*	Varian Medical Systems, Inc		8,313,419
	96,231	*	Veeva Systems, Inc		13,648,443
	37,597	*,e	ViewRay, Inc		97,752
	37,161	*,e	Vocera Communications, Inc		740,247
	38,024	*	WellCare Health Plans, Inc		11,277,918
	54,180		West Pharmaceutical Services, Inc		7,793,251
	92,225	*	Wright Medical Group NV		1,918,280
	155,315		Zimmer Biomet Holdings, Inc		21,469,192
	69,827	e	Zynex Inc		645,201
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		1,380,422,233
HOUSEHOLD & PERSONAL PRODUCTS - 1.7%
	5,838	*	Central Garden & Pet Co		175,257
	20,082	*	Central Garden and Pet Co (Class A)		567,919

162

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	179,675		Church & Dwight Co, Inc	$	12,566,470
	94,941		Clorox Co		14,021,836
	629,023		Colgate-Palmolive Co		43,150,978
	220,412		Coty, Inc		2,576,616
	46,791	*	Edgewell Personal Care Co		1,637,685
	43,716	*	elf Beauty, Inc		734,429
	45,649	e	Energizer Holdings, Inc		1,939,626
	160,574		Estee Lauder Cos (Class A)		29,910,119
	81,475	*	Herbalife Ltd		3,639,488
	10,188		Inter Parfums, Inc		788,857
	253,030		Kimberly-Clark Corp		33,622,626
	7,034		Medifast, Inc		780,352
	3,667	*	Nature’s Sunshine Products, Inc		34,616
	36,581		Nu Skin Enterprises, Inc (Class A)		1,630,781
	2,427		Oil-Dri Corp of America		84,969
	1,841,656		Procter & Gamble Co		229,304,588
	7,650	*,e	Revlon, Inc (Class A)		201,119
	41,136		Spectrum Brands Holdings, Inc		2,065,439
	10,892	*	USANA Health Sciences, Inc		807,206
	8,963		WD-40 Co		1,679,666
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		381,920,642
INSURANCE - 4.0%
	550,940		Aflac, Inc		29,287,970
	10,446		Alleghany Corp		8,130,017
	247,283		Allstate Corp		26,315,857
	25,630	*	AMBAC Financial Group, Inc		525,415
	64,678		American Equity Investment Life Holding Co		1,596,253
	56,006		American Financial Group, Inc		5,826,864
	634,104		American International Group, Inc		33,582,148
	5,833		American National Insurance Co		699,843
	10,952		Amerisafe, Inc		695,781
	175,217		Aon plc		33,844,916
	273,578	*	Arch Capital Group Ltd		11,424,617
	27,532		Argo Group International Holdings Ltd		1,703,405
	134,983		Arthur J. Gallagher & Co		12,313,149
	42,728		Assurant, Inc		5,386,719
	67,712		Assured Guaranty Ltd		3,177,047
	123,147	*	Athene Holding Ltd		5,338,422
	66,089		Axis Capital Holdings Ltd		3,927,669
	1,460,308	*	Berkshire Hathaway, Inc (Class B)		310,432,274
	89,614	*	Brighthouse Financial, Inc		3,383,825
	177,069		Brown & Brown, Inc		6,671,960
	339,456		Chubb Ltd		51,739,884
	108,302		Cincinnati Financial Corp		12,260,869
	30,580	*,e	Citizens, Inc (Class A)		203,663
	29,299		CNA Financial Corp		1,313,767
	95,976		Conseco, Inc		1,502,024
	3,298		Donegal Group, Inc (Class A)		48,547
	20,991	*	eHealth, Inc		1,449,219
	29,800		Employers Holdings, Inc		1,261,732
	7,413	*	Enstar Group Ltd		1,489,272
	18,500		Erie Indemnity Co (Class A)		3,408,995

163

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	30,409		Everest Re Group Ltd	$	7,817,850
	6,784		FBL Financial Group, Inc (Class A)		389,266
	5,573		FedNat Holding Co		79,973
	85,975		First American Financial Corp		5,311,536
	194,405		FNF Group		8,911,525
	422,628	*	Genworth Financial, Inc (Class A)		1,808,848
	4,548		Global Indemnity Ltd		112,609
	83,846		Globe Life, Inc		8,160,731
	5,733	e	Goosehead Insurance, Inc		293,415
	25,461	*	Greenlight Capital Re Ltd (Class A)		274,979
	5,450	*	Hallmark Financial Services		97,119
	29,697		Hanover Insurance Group, Inc		3,911,392
	265,491		Hartford Financial Services Group, Inc		15,154,226
	4,292		HCI Group, Inc		180,479
	8,315	*	Health Insurance Innovations, Inc		220,181
	16,420		Heritage Insurance Holdings, Inc		218,714
	36,897		Horace Mann Educators Corp		1,607,233
	2,693		Independence Holding Co		105,296
	714		Investors Title Co		108,314
	27,470		James River Group Holdings Ltd		983,701
	45,989		Kemper Corp		3,305,689
	11,675		Kinsale Capital Group, Inc		1,234,281
	145,689		Lincoln National Corp		8,228,515
	196,929		Loews Corp		9,649,521
	10,445	*	Markel Corp		12,231,095
	379,736		Marsh & McLennan Cos, Inc		39,348,244
	109,955	*	MBIA, Inc		1,021,482
	25,085		Mercury General Corp		1,205,585
	593,733		Metlife, Inc		27,780,767
	62,747		National General Holdings Corp		1,337,766
	1,316		National Western Life Group, Inc		358,742
	5,460	*	NI Holdings, Inc		95,550
	199,216		Old Republic International Corp		4,450,485
	33,021		Primerica, Inc		4,166,590
	206,196		Principal Financial Group		11,006,743
	43,085		ProAssurance Corp		1,689,794
	436,876		Progressive Corp		30,450,257
	3,561		Protective Insurance Corp		56,656
	295,375		Prudential Financial, Inc		26,920,478
	47,669		Reinsurance Group of America, Inc (Class A)		7,744,782
	33,178		RenaissanceRe Holdings Ltd		6,210,258
	29,104		RLI Corp		2,832,401
	8,764		Safety Insurance Group, Inc		851,861
	42,986		Selective Insurance Group, Inc		2,971,192
	26,389		State Auto Financial Corp		873,212
	23,986		Stewart Information Services Corp		981,507
	62,056	*	Third Point Reinsurance Ltd		588,911
	13,470		Tiptree Financial, Inc		99,005
	191,120		Travelers Cos, Inc		25,048,187
	26,523	*,e	Trupanion, Inc		628,595
	12,504		United Fire & Casualty Co		569,182
	11,214		United Insurance Holdings Corp		137,484
	40,068		Universal Insurance Holdings, Inc		1,086,243
	157,956		UnumProvident Corp		4,350,108

164

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	105,117		W.R. Berkley Corp	$	7,347,678
	14,534	*,e	Watford Holdings Ltd		391,546
	2,757		White Mountains Insurance Group Ltd		2,952,747
	95,108		Willis Towers Watson plc		17,775,685
			TOTAL INSURANCE		902,668,334
MATERIALS - 2.9%
	13,762	e	Advanced Emissions Solutions, Inc		190,328
	30,986	*	AdvanSix, Inc		705,241
	163,593		Air Products & Chemicals, Inc		34,887,843
	462,601	*,e	AK Steel Holding Corp		1,091,738
	81,242	e	Albemarle Corp		4,934,639
	134,964	*	Alcoa Corp		2,805,902
	77,659	*	Allegheny Technologies, Inc		1,631,616
	16,190		American Vanguard Corp		226,336
	22,879	*,e	Amyris, Inc		75,844
	50,729		Aptargroup, Inc		5,993,631
	15,791		Ardagh Group S.A.		294,818
	43,525		Ashland Global Holdings, Inc		3,367,529
	62,209		Avery Dennison Corp		7,954,043
	139,288	*	Axalta Coating Systems Ltd		4,107,603
	19,658		Balchem Corp		1,989,586
	235,670		Ball Corp		16,489,830
	99,377	*	Berry Global Group, Inc		4,125,139
	21,980		Boise Cascade Co		786,225
	46,783		Cabot Corp		2,039,271
	36,129		Carpenter Technology Corp		1,771,044
	91,245		Celanese Corp (Series A)		11,054,332
	36,542	*	Century Aluminum Co		213,040
	164,742		CF Industries Holdings, Inc		7,471,050
	4,273		Chase Corp		500,582
	138,175	e	Chemours Co		2,267,452
	8,677	*	Clearwater Paper Corp		160,872
	191,026	e	Cleveland-Cliffs, Inc		1,381,118
	167,855	*	Coeur Mining, Inc		926,560
	66,633		Commercial Metals Co		1,288,016
	31,429		Compass Minerals International, Inc		1,775,110
	557,300		Corteva, Inc		14,701,574
	88,762	*	Crown Holdings, Inc		6,465,424
	49,660		Domtar Corp		1,807,127
	553,463		Dow, Inc		27,944,347
	561,522		DuPont de Nemours, Inc		37,009,915
	32,598		Eagle Materials, Inc		2,977,501
	94,831		Eastman Chemical Co		7,210,949
	188,477		Ecolab, Inc		36,200,777
	191,101	*	Element Solutions, Inc		2,075,357
	72,672	*	Ferro Corp		808,839
	48,283	*,†	Ferroglobe plc		0
	36,699	*,e	Flotek Industries, Inc		70,095
	99,877		FMC Corp		9,138,746
	1,067,879		Freeport-McMoRan, Inc (Class B)		10,486,572
	15,859		FutureFuel Corp		195,541
	64,820	*	GCP Applied Technologies, Inc		1,339,181

165

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	32,953	*	Gold Resource Corp	$	144,334
	187,144		Graphic Packaging Holding Co		2,930,675
	14,789		Greif, Inc (Class A)		579,285
	3,341		Greif, Inc (Class B)		157,127
	28,896		H.B. Fuller Co		1,410,125
	5,224		Hawkins, Inc		223,326
	6,888		Haynes International, Inc		237,360
	310,426		Hecla Mining Co		713,980
	135,308		Huntsman Corp		2,994,366
	30,404	*	Ingevity Corp		2,560,321
	10,724		Innophos Holdings, Inc		349,817
	13,629		Innospec, Inc		1,245,145
	76,333	e	International Flavors & Fragrances, Inc		9,313,389
	299,270		International Paper Co		13,072,114
	58,154	*	Intrepid Potash, Inc		179,696
	14,606		Kaiser Aluminum Corp		1,564,010
	11,753	*	Koppers Holdings, Inc		377,271
	17,111	*	Kraton Polymers LLC		383,629
	17,013	e	Kronos Worldwide, Inc		215,725
	405,510		Linde plc		80,432,909
	120,495	*	Livent Corp		826,596
	107,639		Louisiana-Pacific Corp		3,146,288
	28,845	*	LSB Industries, Inc		122,014
	202,952		LyondellBasell Industries AF S.C.A		18,204,794
	43,269		Martin Marietta Materials, Inc		11,332,584
	20,875		Materion Corp		1,186,535
	30,127		Minerals Technologies, Inc		1,489,780
	265,522		Mosaic Co		5,278,577
	23,197		Myers Industries, Inc		392,725
	14,710		Neenah Paper, Inc		948,795
	5,902		NewMarket Corp		2,865,362
	592,779		Newmont Goldcorp Corp		23,551,110
	164,712	*	Novagold Resources Inc		1,199,103
	227,263		Nucor Corp		12,238,113
	110,834		Olin Corp		2,032,696
	5,433		Olympic Steel, Inc		81,386
	22,913	*	Omnova Solutions, Inc		231,650
	42,311	*	Orion Engineered Carbons SA		700,670
	127,602		Owens-Illinois, Inc		1,084,617
	66,685		Packaging Corp of America		7,299,340
	23,735		PH Glatfelter Co		427,230
	63,916		PolyOne Corp		2,048,508
	176,302		PPG Industries, Inc		22,058,906
	16,888	*	PQ Group Holdings, Inc		278,145
	9,480		Quaker Chemical Corp		1,449,302
	6,364	*,e	Ramaco Resources, Inc		22,592
	47,440		Rayonier Advanced Materials, Inc		197,825
	46,436		Reliance Steel & Aluminum Co		5,388,433
	45,224		Royal Gold, Inc		5,220,659
	93,745		RPM International, Inc		6,789,950
	10,810	*	Ryerson Holding Corp		93,939
	14,837		Schnitzer Steel Industries, Inc (Class A)		316,622
	21,442		Schweitzer-Mauduit International, Inc		868,187
	31,630		Scotts Miracle-Gro Co (Class A)		3,175,336

166

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	119,631		Sealed Air Corp	$	4,996,987
	33,065		Sensient Technologies Corp		2,068,546
	60,807		Sherwin-Williams Co		34,801,062
	62,594		Silgan Holdings, Inc		1,926,017
	78,030		Sonoco Products Co		4,502,331
	74,147		Southern Copper Corp (NY)		2,638,150
	138,708		Steel Dynamics, Inc		4,211,175
	18,001		Stepan Co		1,759,058
	104,994	*	Summit Materials, Inc		2,407,512
	35,638	*	SunCoke Energy, Inc		188,525
	27,146	*	TimkenSteel Corp		152,561
	8,363	*	Trecora Resources		73,344
	14,895		Tredegar Corp		296,113
	27,387		Trinseo S.A.		1,163,948
	59,635		Tronox Holdings plc		506,301
	2,989	*	UFP Technologies, Inc		124,372
	765		United States Lime & Minerals, Inc		67,703
	160,719	e	United States Steel Corp		1,849,876
	10,690	*	US Concrete, Inc		558,659
	19,740		Valhi, Inc		37,309
	139,656		Valvoline, Inc		2,980,259
	27,564	*	Verso Corp		403,537
	96,663		Vulcan Materials Co		13,810,243
	53,086		Warrior Met Coal, Inc		1,034,115
	28,248		Westlake Chemical Corp		1,784,991
	184,046		WestRock Co		6,877,799
	42,569	*	Worthington Industries, Inc		1,566,965
	47,608		WR Grace and Co		3,163,552
			TOTAL MATERIALS		638,522,266
MEDIA & ENTERTAINMENT - 7.4%
	569,887		Activision Blizzard, Inc		31,930,769
	223,618	*	Alphabet, Inc (Class A)		281,490,338
	227,056	*	Alphabet, Inc (Class C)		286,115,536
	235,207		Altice USA, Inc		7,279,657
	32,802	e	AMC Entertainment Holdings, Inc		307,355
	31,079	*	AMC Networks, Inc		1,353,490
	3,243		Cable One, Inc		4,298,175
	9,685	*,e	Cardlytics, Inc		405,898
	8,556	*	Care.com, Inc		99,934
	65,331	*,e	Cargurus, Inc		2,194,468
	40,872	*	Cars.com, Inc		462,262
	241,456		CBS Corp (Class B)		8,702,074
	42,955	*	Central European Media Enterprises Ltd (Class A) (NASDAQ)		192,653
	118,928	*	Charter Communications, Inc		55,641,654
	73,668		Cinemark Holdings, Inc		2,696,249
	41,313	*	Clear Channel		96,259
	3,357,964		Comcast Corp (Class A)		150,503,947
	35,099	*,e	comScore, Inc		81,079
	430	*,e	Daily Journal Corp		120,834
	164,183	*	DHI Group, Inc		594,342
	117,217	*,e	Discovery, Inc (Class A)		3,159,584
	258,658	*	Discovery, Inc (Class C)		6,528,528

167

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	163,060	*	DISH Network Corp (Class A)	$	5,606,003
	218,213	*	Electronic Arts, Inc		21,035,733
	10,428		Emerald Expositions Events, Inc		101,360
	147,439	e	Entercom Communications Corp (Class A)		513,088
	39,200		Entravision Communications Corp (Class A)		111,328
	15,307	*,e	Eros International plc		34,288
	25,967	*,e	Eventbrite Inc		466,887
	33,061		EW Scripps Co (Class A)		444,175
	1,781,558	*	Facebook, Inc		341,435,591
	12,801	*	Fluent, Inc		29,826
	259,419		Fox Corp (Class A)		8,311,785
	111,991		Fox Corp (Class B)		3,498,599
	121,803		Gannett Co, Inc		1,321,563
	75,502	*	GCI Liberty, Inc		5,283,630
	118,416	*	Glu Mobile, Inc		702,207
	49,363	*	Gray Television, Inc		810,047
	29,926	*	Grocery Outlet Holding Corp		954,639
	8,609	*	Hemisphere Media Group, Inc		111,142
	54,322	*	IAC/InterActiveCorp		12,344,674
	58,238	*	Imax Corp		1,243,381
	273,233		Interpublic Group of Cos, Inc		5,942,818
	37,914		John Wiley & Sons, Inc (Class A)		1,746,698
	6,199	*	Liberty Braves Group (Class A)		182,994
	25,562	*	Liberty Braves Group (Class C)		751,778
	20,617	*	Liberty Broadband Corp (Class A)		2,432,600
	78,344	*	Liberty Broadband Corp (Class C)		9,250,076
	26,301	*	Liberty Latin America Ltd (Class A)		491,566
	69,901	*	Liberty Latin America Ltd (Class C)		1,286,877
	14,697	*	Liberty Media Group (Class A)		594,200
	142,448	*	Liberty Media Group (Class C)		6,054,040
	69,739	*	Liberty SiriusXM Group (Class A)		3,131,978
	123,283	*	Liberty SiriusXM Group (Class C)		5,571,159
	39,543	*	Liberty TripAdvisor Holdings, Inc		381,590
	29,548		Lions Gate Entertainment Corp (Class A)		236,088
	104,280		Lions Gate Entertainment Corp (Class B)		781,057
	98,001	*	Live Nation, Inc		6,909,070
	16,831	*,e	LiveXLive Media, Inc		28,613
	24,725	*	Loral Space & Communications, Inc		988,753
	13,618	*	Madison Square Garden Co		3,634,917
	25,417		Marcus Corp		917,554
	41,021	e	Match Group, Inc		2,994,123
	31,081	*,e	MDC Partners, Inc		97,283
	35,850	*,e	Meet Group, Inc		152,721
	22,587		Meredith Corp		851,530
	37,843	*,e	MSG Networks, Inc		613,435
	42,675		National CineMedia, Inc		358,257
	312,881	*	NetFlix, Inc		89,925,128
	56,663	e	New Media Investment Group, Inc		499,201
	115,742		New York Times Co (Class A)		3,576,428
	272,145		News Corp (Class A)		3,731,108
	69,125		News Corp (Class B)		976,045
	31,228		Nexstar Broadcasting Group, Inc (Class A)		3,038,172
	156,551		Omnicom Group, Inc		12,084,172
	51,008	*,e	QuinStreet, Inc		654,433

168

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	6,859	*	Reading International, Inc	$	77,987
	12,372	*	Rosetta Stone, Inc		237,047
	1,398		Saga Communications, Inc		42,178
	15,698		Scholastic Corp		604,373
	44,983		Sinclair Broadcast Group, Inc (Class A)		1,792,123
	1,117,866	e	Sirius XM Holdings, Inc		7,512,059
	89,169	*	Spotify Technology S.A.		12,867,087
	81,120	*	Take-Two Interactive Software, Inc		9,762,792
	8,199	*	TechTarget, Inc		200,056
	161,572		TEGNA, Inc		2,428,427
	12,348		Tribune Publishing Co		110,638
	74,790	*	TripAdvisor, Inc		3,021,516
	87,124	*	TrueCar, Inc		285,767
	553,609	*	Twitter, Inc		16,591,662
	8,711	e	Viacom, Inc (Class A)		208,106
	262,004		Viacom, Inc (Class B)		5,648,806
	1,301,268		Walt Disney Co		169,060,739
	19,514	*	WideOpenWest, Inc		123,914
	34,948	e	World Wrestling Entertainment, Inc (Class A)		1,958,486
	57,350	*	Yelp, Inc		1,979,148
	48,258	*	Zillow Group, Inc (Class A)		1,563,077
	86,550	*,e	Zillow Group, Inc (Class C)		2,818,933
	670,029	*	Zynga, Inc		4,134,079
			TOTAL MEDIA & ENTERTAINMENT		1,662,510,493
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.6%
	1,107,580		AbbVie, Inc		88,107,989
	53,224	*	Abeona Therapeutics, Inc		126,141
	81,984	*,e	Acadia Pharmaceuticals, Inc		3,476,941
	15,310	*,e	Accelerate Diagnostics, Inc		235,774
	32,735	*	Acceleron Pharma, Inc		1,468,819
	227,571	*,e	AcelRx Pharmaceuticals, Inc		455,142
	172,166	*	Achillion Pharmaceuticals, Inc		1,103,584
	24,842	*	Acorda Therapeutics, Inc		40,989
	29,270	*,e	Adamas Pharmaceuticals, Inc		120,300
	9,134	*	Adaptive Biotechnologies Corp		238,078
	144,913	*,e	ADMA Biologics, Inc		708,625
	34,109	*	Adverum Biotechnologies, Inc		247,972
	46,253	*,e	Aerie Pharmaceuticals, Inc		1,026,354
	48,384	*,e	Agenus, Inc		125,315
	5,663	*,e	AgeX Therapeutics, Inc		8,834
	227,114		Agilent Technologies, Inc		17,203,885
	45,032	*,e	Agios Pharmaceuticals, Inc		1,354,563
	45,447	*,e	Aimmune Therapeutics, Inc		1,264,336
	8,200	*,e	Akcea Therapeutics, Inc		150,306
	44,506	*	Akebia Therapeutics, Inc		166,007
	56,071	*	Akorn, Inc		279,794
	5,626	*	Albireo Pharma, Inc		103,350
	71,596	*,†	Alder Biopharmaceuticals Inc		63,004
	20,382	*,e	Alector, Inc		343,233
	156,613	*	Alexion Pharmaceuticals, Inc		16,507,010
	112,466	*	Alkermes plc		2,196,461
	19,451	*,e	Allakos, Inc		1,334,339

169

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	242,669		Allergan plc	$	42,736,438
	36,291	*,e	Allogene Therapeutics, Inc		1,045,181
	76,565	*	Alnylam Pharmaceuticals, Inc		6,641,248
	22,367	*,e	AMAG Pharmaceuticals, Inc		217,072
	447,190		Amgen, Inc		95,363,267
	180,813	*	Amicus Therapeutics, Inc		1,524,254
	53,564	*	Amneal Pharmaceuticals, Inc		164,977
	20,326	*	Amphastar Pharmaceuticals, Inc		392,597
	19,342	*	AnaptysBio, Inc		729,580
	4,747	*	ANI Pharmaceuticals, Inc		370,788
	8,514	*	Anika Therapeutics, Inc		599,300
	43,480	*	Apellis Pharmaceuticals, Inc		1,277,877
	21,703	*,†	Aratana Therapeutics, Inc		1,235
	20,369	*	Arcus Biosciences, Inc		159,897
	20,670	*	Ardelyx, Inc		103,350
	34,420	*	Arena Pharmaceuticals, Inc		1,676,770
	109,636	*	Arqule, Inc		1,108,420
	87,714	*	Arrowhead Research Corp		3,512,946
	12,521	*	Arvinas, Inc		258,684
	9,360	*	Assembly Biosciences, Inc		154,534
	36,183	*	Assertio Therapeutics, Inc		28,588
	28,032	*	Atara Biotherapeutics, Inc		306,109
	78,802	*,e	Athenex, Inc		869,974
	56,949	*,e	Athersys, Inc		72,895
	38,341	*	Audentes Therapeutics, Inc		1,031,373
	162,424	*	Avantor, Inc		2,308,045
	21,522	*	Avid Bioservices, Inc		115,143
	34,728	*	Avrobio, Inc		504,251
	17,336	*,e	Axsome Therapeutics, Inc		417,451
	57,028	*	BioCryst Pharmaceuticals, Inc		114,056
	58,068	*	BioDelivery Sciences International, Inc		335,633
	137,166	*	Biogen Idec, Inc		40,972,856
	29,114	*	Biohaven Pharmaceutical Holding Co Ltd		1,336,915
	128,038	*	BioMarin Pharmaceutical, Inc		9,373,662
	14,788	*	Bio-Rad Laboratories, Inc (Class A)		4,903,997
	3,096	*	Biospecifics Technologies Corp		149,939
	27,927		Bio-Techne Corp		5,813,564
	38,726	*,e	Bluebird Bio, Inc		3,136,806
	38,467	*	Blueprint Medicines Corp		2,648,068
	13,810	*	Bridgebio Pharma, Inc		312,244
	1,223,844		Bristol-Myers Squibb Co		70,211,930
	76,798		Bruker BioSciences Corp		3,417,511
	18,171	*	Calithera Biosciences, Inc		52,332
	4,536	*,e	Calyxt, Inc		20,775
	28,630	*	Cambrex Corp		1,710,070
	48,745	*,e	Cara Therapeutics, Inc		1,011,946
	40,282	*	CareDx, Inc		1,055,791
	31,091	*,e	CASI Pharmaceuticals, Inc		101,978
	98,799	*	Catalent, Inc		4,806,571
	75,099	*	Catalyst Pharmaceuticals, Inc		355,218
	522,501	*	Celgene Corp		56,445,783
	77,969	*,e	CEL-SCI Corp		534,867
	32,761	*	Charles River Laboratories International, Inc		4,258,275
	15,298	*	ChemoCentryx, Inc		131,563

170

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	21,278	*	Chimerix, Inc	$	30,428
	78,349	*,e	Clovis Oncology, Inc		248,366
	24,762	*	Codexis, Inc		334,782
	60,228	*	Coherus Biosciences, Inc		1,046,160
	14,552	*	Collegium Pharmaceutical, Inc		174,624
	11,969	*	Concert Pharmaceuticals, Inc		74,567
	28,930	*,e	Corbus Pharmaceuticals Holdings, Inc		149,568
	60,315	*	Corcept Therapeutics, Inc		879,996
	11,427	*,†,e	Corium International, Inc		2,057
	101,076	*,e	CorMedix Inc		564,004
	36,556	*	Cymabay Therapeutics, Inc		164,136
	68,490	*	Cytokinetics, Inc		797,909
	28,418	*	CytomX Therapeutics, Inc		174,202
	24,013	*	Deciphera Pharmaceuticals, Inc		1,064,736
	27,144	*,e	Denali Therapeutics, Inc		425,346
	21,699	*,e	Dermira, Inc		145,166
	27,581	*	Dicerna Pharmaceuticals, Inc		454,811
	2,826	*	Dova Pharmaceuticals, Inc		80,569
	42,801	*,e	Dynavax Technologies Corp		217,857
	11,242	*	Eagle Pharmaceuticals, Inc		704,873
	54,831	*,e	Editas Medicine, Inc		1,142,678
	16,020	*,e	Eidos Therapeutics, Inc		776,970
	265,301	*	Elanco Animal Health, Inc		7,168,433
	640,137		Eli Lilly & Co		72,943,611
	13,367	*,e	Eloxx Pharmaceuticals, Inc		81,405
	39,051	*	Emergent Biosolutions, Inc		2,232,155
	13,523	*	Enanta Pharmaceuticals, Inc		823,280
	146,720	*	Endo International plc		673,445
	75,024	*	Epizyme, Inc		863,526
	24,015	*,e	Esperion Thereapeutics, Inc		955,077
	21,747	*,e	Evolus, Inc		346,865
	92,806	*	Exact Sciences Corp		8,074,122
	223,840	*	Exelixis, Inc		3,458,328
	55,910	*	Fate Therapeutics, Inc		835,855
	56,867	*	FibroGen, Inc		2,226,343
	15,829	*	Five Prime Therapeutics, Inc		62,525
	39,018	*,e	Flexion Therapeutics, Inc		669,939
	19,596	*	Fluidigm Corp		96,412
	32,278	*,e	G1 Therapeutics, Inc		684,939
	23,960	*	Genomic Health, Inc		1,597,653
	99,875	*,e	Geron Corp		142,821
	947,174		Gilead Sciences, Inc		60,344,456
	43,400	*	Global Blood Therapeutics, Inc		2,081,030
	20,830	*	GlycoMimetics, Inc		109,982
	52,640	*	Gossamer Bio, Inc		1,083,068
	52,701	*,e	Gritstone Oncology, Inc		427,405
	79,010	*	Halozyme Therapeutics, Inc		1,210,433
	58,607	*,e	Heron Therapeutics, Inc		1,245,399
	10,856	*	Homology Medicines, Inc		142,539
	129,280	*	Horizon Pharma plc		3,737,485
	108,189	*	Illumina, Inc		31,972,013
	143,627	*	Immunogen, Inc		341,832
	154,061	*,e	Immunomedics, Inc		2,464,976

171

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	132,103	*	Incyte Corp	$	11,086,084
	84,899	*	Innoviva, Inc		986,526
	45,252	*,e	Inovio Pharmaceuticals, Inc		96,387
	65,711	*,e	Insmed, Inc		1,221,567
	35,962	*,e	Intellia Therapeutics, Inc		448,986
	21,628	*,e	Intercept Pharmaceuticals, Inc		1,574,086
	14,781	*	Intersect ENT, Inc		263,397
	24,570	*,e	Intra-Cellular Therapies, Inc		227,273
	67,570	*,e	Intrexon Corp		343,256
	69,391	*,e	Invitae Corp		1,117,889
	96,045	*	Ionis Pharmaceuticals, Inc		5,351,627
	100,089	*	Iovance Biotherapeutics, Inc		2,114,881
	133,504	*	IQVIA Holdings, Inc		19,280,648
	108,922	*	Ironwood Pharmaceuticals, Inc		1,093,577
	40,491	*	Jazz Pharmaceuticals plc		5,086,884
	1,982,720		Johnson & Johnson		261,798,349
	8,024	*	Jounce Therapeutics, Inc		29,007
	43,056	*,e	Kadmon Holdings, Inc		124,432
	10,732	*,e	Kala Pharmaceuticals, Inc		38,957
	30,034	*,e	Karyopharm Therapeutics, Inc		351,398
	11,670	*	Kindred Biosciences, Inc		95,344
	48,583	*	Kodiak Sciences, Inc		1,006,154
	6,230	*,e	Krystal Biotech Inc		255,866
	10,817	*	Kura Oncology, Inc		162,039
	9,941	*,e	La Jolla Pharmaceutical Co		69,736
	54,719	*,e	Lannett Co, Inc		650,609
	23,392	*,e	Lexicon Pharmaceuticals, Inc		86,784
	12,831	*,e	Ligand Pharmaceuticals, Inc (Class B)		1,396,141
	56,636	*,e	Lineage Cell Therapeutics, Inc		44,176
	24,097		Luminex Corp		493,868
	56,764	*	MacroGenics, Inc		482,494
	8,652	*	Madrigal Pharmaceuticals, Inc		799,704
	203,783	*,e	Mallinckrodt plc		643,954
	87,668	*,e	MannKind Corp		114,407
	22,791	*	Marinus Pharmaceuticals, Inc		26,665
	59,502	*,e	Medicines Co		3,123,260
	14,055	*,e	MediciNova, Inc		113,283
	22,437	*	Medpace Holdings, Inc		1,652,036
	11,119	*	MeiraGTx Holdings plc		160,670
	4,587	*	Menlo Therapeutics, Inc		23,256
	1,916,278		Merck & Co, Inc		166,064,651
	17,487	*	Mettler-Toledo International, Inc		12,327,286
	17,960	*	Minerva Neurosciences, Inc		85,130
	19,651	*	Mirati Therapeutics, Inc		1,850,731
	146,546	*,e	Moderna, Inc		2,454,646
	63,221	*	Momenta Pharmaceuticals, Inc		978,661
	364,527	*	Mylan NV		6,980,692
	40,288	*	MyoKardia, Inc		2,309,711
	50,516	*	Myriad Genetics, Inc		1,700,874
	37,762	*	NanoString Technologies, Inc		853,421
	40,900	*	Natera, Inc		1,575,468
	124,326	*,e	Nektar Therapeutics		2,129,083
	66,492	*	NeoGenomics, Inc		1,524,662
	64,918	*	Neurocrine Biosciences, Inc		6,458,692

172

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	13,448	*,e	Novavax, Inc	$	56,078
	14,594	*,e	Ocular Therapeutix, Inc		47,285
	8,176	*	Odonate Therapeutics, Inc		259,670
	53,171	*,e	Omeros Corp		842,229
	344,433	*,e	Opko Health, Inc		489,095
	3,379	*,e	Optinose, Inc		26,424
	128,534	*	Pacific Biosciences of California, Inc		622,105
	33,924	*	Pacira Pharmaceuticals, Inc		1,373,583
	12,933	*,e	Paratek Pharmaceuticals, Inc		39,898
	102,482	*	PDL BioPharma, Inc		288,999
	78,120	*	PerkinElmer, Inc		6,715,195
	93,702		Perrigo Co plc		4,968,080
	30,407	*	Pfenex, Inc		280,353
	4,143,636		Pfizer, Inc		158,991,313
	11,429		Phibro Animal Health Corp		273,839
	18,324	*	Pieris Pharmaceuticals, Inc		60,652
	5,383	*,e	PolarityTE, Inc		14,588
	69,524	*,e	Portola Pharmaceuticals, Inc		2,009,939
	46,330	*	PRA Health Sciences, Inc		4,526,904
	50,206	*	Prestige Consumer Healthcare, Inc.		1,780,305
	9,523	*	Principia Biopharma, Inc		336,257
	43,814	*	Progenics Pharmaceuticals, Inc		232,652
	47,642	*	Protagonist Therapeutics, Inc		640,785
	25,653	*	Prothena Corp plc		233,442
	51,050	*	PTC Therapeutics, Inc		2,087,435
	18,291	*	Puma Biotechnology, Inc		124,379
	162,577	*	QIAGEN NV		4,846,420
	6,779	*	Quanterix Corp		141,342
	25,522	*	Ra Pharmaceuticals, Inc		1,201,321
	40,171	*	Radius Health, Inc		1,142,463
	18,102	*	Reata Pharmaceuticals, Inc		3,730,460
	47,673	*	Recro Pharma, Inc		751,803
	59,708	*	Regeneron Pharmaceuticals, Inc		18,287,366
	31,576	*	REGENXBIO, Inc		1,126,947
	32,976	*	Repligen Corp		2,621,262
	21,376	*	Retrophin, Inc		256,512
	16,889	*	Revance Therapeutics, Inc		264,482
	9,577	*	Rhythm Pharmaceuticals, Inc		204,182
	86,156	*,e	Rigel Pharmaceuticals, Inc		176,620
	12,963	*,e	Rocket Pharmaceuticals, Inc		188,482
	83,924	*,e	Rubius Therapeutics, Inc		741,888
	36,310	*,e	Sage Therapeutics, Inc		4,925,452
	127,347	*	Sangamo Biosciences, Inc		1,152,490
	48,825	*,e	Sarepta Therapeutics, Inc		4,055,405
	83,930	*	Seattle Genetics, Inc		9,014,082
	13,358	*	Seres Therapeutics, Inc		46,753
	31,728	*	SIGA Technologies, Inc		176,090
	5,595	*,e	Solid Biosciences, Inc		61,825
	53,979	*,e	Sorrento Therapeutics, Inc		82,048
	23,021	*	Spark Therapeutics, Inc		2,513,203
	115,826	*	Spectrum Pharmaceuticals, Inc		898,810
	14,585	*,e	Stemline Therapeutics, Inc		145,850
	30,987	*	Supernus Pharmaceuticals, Inc		861,129

173

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	6,892	*	Syndax Pharmaceuticals, Inc	$	46,314
	43,295	*	Syneos Health, Inc		2,171,244
	7,073	*	Syros Pharmaceuticals, Inc		36,603
	45,895	*,e	TG Therapeutics, Inc		313,463
	222,623	*,e	TherapeuticsMD, Inc		592,177
	23,811	*,e	Theravance Biopharma, Inc		383,833
	296,072		Thermo Fisher Scientific, Inc		89,407,823
	20,924	*,e	Translate Bio, Inc		191,350
	24,278	*	Tricida, Inc		908,240
	15,124	*	Twist Bioscience Corp		360,254
	37,779	*	Ultragenyx Pharmaceutical, Inc		1,516,449
	30,384	*	United Therapeutics Corp		2,729,699
	11,976	*,e	UNITY Biotechnology, Inc		74,730
	13,354	*,e	UroGen Pharma Ltd		302,201
	43,287	*	Vanda Pharmaceuticals, Inc		584,807
	35,705	*	Veracyte, Inc		818,716
	54,342	*	Vericel Corp		862,408
	190,013	*	Vertex Pharmaceuticals, Inc		37,143,741
	58,489	*,e	Viking Therapeutics, Inc		378,424
	18,311	*	Voyager Therapeutics, Inc		281,806
	49,253	*	Waters Corp		10,422,920
	11,082	*,e	WaVe Life Sciences Pte Ltd		280,264
	28,502	*,e	Xencor, Inc		975,053
	50,940	*,e	Xeris Pharmaceuticals, Inc		416,689
	14,546	*	Y-mAbs Therapeutics, Inc		453,108
	109,983	*,e	ZIOPHARM Oncology, Inc		464,128
	355,618		Zoetis, Inc		45,490,655
	36,547	*,e	Zogenix, Inc		1,631,824
	44,624	*,e	Zynerba Pharmaceuticals, Inc		346,282
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		1,711,963,637
REAL ESTATE - 4.2%
	69,241		Acadia Realty Trust		1,937,363
	34,962		Agree Realty Corp		2,753,957
	58,662		Alexander & Baldwin, Inc		1,379,144
	2,407		Alexander’s, Inc		831,378
	79,603		Alexandria Real Estate Equities, Inc		12,636,976
	6,851	*,e	Altisource Portfolio Solutions S.A.		121,948
	37,614		American Assets Trust, Inc		1,841,581
	108,984		American Campus Communities, Inc		5,447,020
	76,012		American Finance Trust, Inc		1,124,978
	182,809		American Homes 4 Rent		4,838,954
	327,420		American Tower Corp		71,403,754
	136,907		Americold Realty Trust		5,488,602
	105,679		Apartment Investment & Management Co		5,799,663
	157,000		Apple Hospitality REIT, Inc		2,587,360
	26,867		Armada Hoffler Properties, Inc		503,488
	44,053		Ashford Hospitality Trust, Inc		120,265
	103,973		AvalonBay Communities, Inc		22,630,763
	24,630		Bluerock Residential Growth REIT, Inc		296,053
	113,863		Boston Properties, Inc		15,622,004
	14,516		BraeMar Hotels & Resorts, Inc		133,983
	98,959		Brandywine Realty Trust		1,512,093
	212,171		Brixmor Property Group, Inc		4,672,005

174

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	79,501		Brookfield Property REIT, Inc	$	1,502,569
	72,688		Camden Property Trust		8,313,327
	69,365		CareTrust REIT, Inc		1,681,408
	38,283		CatchMark Timber Trust, Inc		439,106
	122,504		CBL & Associates Properties, Inc		176,406
	251,589	*	CBRE Group, Inc		13,472,591
	53,871		Cedar Realty Trust, Inc		179,929
	26,156		Chatham Lodging Trust		472,116
	46,803		City Office REIT, Inc		633,713
	7,816		Clipper Realty, Inc		75,346
	425,482		Colony Capital, Inc		2,382,699
	94,085		Columbia Property Trust, Inc		1,930,624
	11,013		Community Healthcare Trust, Inc		533,249
	12,558		Consolidated-Tomoka Land Co		803,335
	91,344		CoreCivic, Inc		1,393,909
	7,274		CorEnergy Infrastructure Trust, Inc		350,389
	22,840		CorePoint Lodging, Inc		224,974
	26,493		Coresite Realty		3,112,927
	79,819		Corporate Office Properties Trust		2,365,835
	98,057		Cousins Properties, Inc		3,935,027
	306,360		Crown Castle International Corp		42,519,704
	141,160		CubeSmart		4,474,772
	92,091	*	Cushman & Wakefield plc		1,717,497
	80,454		CyrusOne, Inc		5,734,761
	113,305		DiamondRock Hospitality Co		1,130,784
	152,701		Digital Realty Trust, Inc		19,399,135
	115,334		Douglas Emmett, Inc		4,996,269
	246,233		Duke Realty Corp		8,652,628
	49,400		Easterly Government Properties, Inc		1,102,608
	24,286		EastGroup Properties, Inc		3,253,110
	104,720		Empire State Realty Trust, Inc		1,515,298
	60,428		Entertainment Properties Trust		4,700,694
	62,593		Equinix, Inc		35,476,460
	112,198		Equity Commonwealth		3,610,532
	127,218		Equity Lifestyle Properties, Inc		8,897,627
	272,426		Equity Residential		24,153,289
	58,648		Essential Properties Realty Trust, Inc		1,504,908
	48,586		Essex Property Trust, Inc		15,893,938
	94,336		Extra Space Storage, Inc		10,591,103
	21,321		Farmland Partners, Inc		142,851
	58,222		Federal Realty Investment Trust		7,918,774
	84,088		First Industrial Realty Trust, Inc		3,540,946
	8,997	*	Forestar Group, Inc		168,964
	58,607		Four Corners Property Trust, Inc		1,679,091
	61,023		Franklin Street Properties Corp		524,798
	88,257		Front Yard Residential Corp		1,091,739
	3,673	*	FRP Holdings, Inc		190,188
	165,877		Gaming and Leisure Properties, Inc		6,694,796
	102,709		Geo Group, Inc		1,563,231
	39,263		Getty Realty Corp		1,316,881
	16,590		Gladstone Commercial Corp		390,860
	10,797		Global Medical REIT, Inc		130,644
	80,903		Global Net Lease, Inc		1,575,990

175

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	56,257		Hannon Armstrong Sustainable Infrastructure Capital, Inc	$	1,679,834
	87,882		Healthcare Realty Trust, Inc		3,055,657
	136,695		Healthcare Trust of America, Inc		4,237,545
	361,792	*	Healthpeak Properties Inc		13,610,615
	56,274		Hersha Hospitality Trust		776,581
	70,987		Highwoods Properties, Inc		3,322,192
	519,907		Host Hotels and Resorts, Inc		8,521,276
	29,312	*	Howard Hughes Corp		3,277,668
	104,156		Hudson Pacific Properties		3,741,283
	49,316		Independence Realty Trust, Inc		759,466
	46,851		Industrial Logistics Properties Trust		995,115
	11,699		Innovative Industrial Properties, Inc		889,124
	10,916		Investors Real Estate Trust		826,014
	332,054		Invitation Homes, Inc		10,223,943
	196,935		Iron Mountain, Inc		6,459,468
	40,754		iStar Financial, Inc		530,210
	93,197		JBG SMITH Properties		3,752,111
	16,318		Jernigan Capital, Inc		309,879
	37,645		Jones Lang LaSalle, Inc		5,515,745
	96,450		Kennedy-Wilson Holdings, Inc		2,219,314
	66,709		Kilroy Realty Corp		5,598,886
	288,636		Kimco Realty Corp		6,222,992
	60,963		Kite Realty Group Trust		1,086,361
	65,265		Lamar Advertising Co		5,221,853
	184,776		Lexington Realty Trust		2,010,363
	114,230		Liberty Property Trust		6,747,566
	34,541		Life Storage, Inc		3,762,206
	35,739		LTC Properties, Inc		1,853,067
	91,730		Macerich Co		2,522,575
	77,091		Mack-Cali Realty Corp		1,651,289
	24,749	*	Marcus & Millichap, Inc		884,034
	7,087	*	Maui Land & Pineapple Co, Inc		72,925
	300,197		Medical Properties Trust, Inc		6,223,084
	83,198		Mid-America Apartment Communities, Inc		11,563,690
	80,044		Monmouth Real Estate Investment Corp (Class A)		1,207,063
	32,229		National Health Investors, Inc		2,764,926
	124,827		National Retail Properties, Inc		7,353,559
	42,965		National Storage Affiliates Trust		1,468,114
	57,756		New Senior Investment Group, Inc		406,602
	162,017		Newmark Group, Inc		1,720,621
	14,802		NexPoint Residential Trust, Inc		721,894
	47,345		Office Properties Income Trust		1,509,359
	154,574		Omega Healthcare Investors, Inc		6,807,439
	32,197		One Liberty Properties, Inc		914,717
	111,264		Outfront Media, Inc		2,927,356
	117,210		Paramount Group, Inc		1,578,819
	169,571		Park Hotels & Resorts, Inc		3,942,526
	79,729		Pebblebrook Hotel Trust		2,049,833
	49,406		Pennsylvania REIT		272,721
	132,603		Physicians Realty Trust		2,475,698
	89,709		Piedmont Office Realty Trust, Inc		2,013,070
	50,818		Potlatch Corp		2,158,240
	30,956		Preferred Apartment Communities, Inc		443,290
	464,077		Prologis, Inc		40,727,397

176

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	15,469		PS Business Parks, Inc	$	2,792,928
	112,648		Public Storage, Inc		25,104,733
	41,639		QTS Realty Trust, Inc		2,231,434
	10,225	*	Rafael Holdings, Inc		177,608
	97,923		Rayonier, Inc		2,641,963
	10,920		Re/Max Holdings, Inc		365,274
	82,223	e	Realogy Holdings Corp		647,917
	233,960		Realty Income Corp		19,135,588
	76,738	*,e	Redfin Corp		1,334,474
	118,696		Regency Centers Corp		7,981,119
	95,856		Retail Opportunities Investment Corp		1,789,152
	180,631		Retail Properties of America, Inc		2,485,483
	10,206		Retail Value, Inc		373,642
	79,824		Rexford Industrial Realty, Inc		3,838,736
	146,326		RLJ Lodging Trust		2,401,210
	18,921		RMR Group, Inc		915,776
	62,294		RPT Realty		903,263
	34,957		Ryman Hospitality Properties		2,942,331
	108,112		Sabra Healthcare REIT, Inc		2,659,555
	8,645		Safehold, Inc		298,944
	9,881		Saul Centers, Inc		529,029
	83,661		SBA Communications Corp		20,133,020
	239,945		Senior Housing Properties Trust		2,381,454
	33,749		Seritage Growth Properties		1,467,744
	135,178		Service Properties Trust		3,420,003
	229,082		Simon Property Group, Inc		34,518,076
	144,383		SITE Centers Corp		2,242,268
	56,895		SL Green Realty Corp		4,756,422
	55,255		Spirit Realty Capital, Inc		2,753,909
	29,309	*,e	St. Joe Co		543,682
	89,961		STAG Industrial, Inc		2,792,389
	148,247		STORE Capital Corp		6,004,003
	2,867	*	Stratus Properties, Inc		79,072
	95,676		Summit Hotel Properties, Inc		1,172,988
	66,350		Sun Communities, Inc		10,791,827
	161,576		Sunstone Hotel Investors, Inc		2,182,892
	88,312		Tanger Factory Outlet Centers, Inc		1,423,589
	36,609		Taubman Centers, Inc		1,309,870
	11,544	*	Tejon Ranch Co		185,627
	45,258		Terreno Realty Corp		2,553,004
	213,367		UDR, Inc		10,721,692
	29,663		UMH Properties, Inc		442,869
	134,012		Uniti Group, Inc		927,363
	7,479		Universal Health Realty Income Trust		891,721
	84,805		Urban Edge Properties		1,790,234
	25,939		Urstadt Biddle Properties, Inc (Class A)		631,096
	268,318		Ventas, Inc		17,467,502
	696,547		VEREIT, Inc		6,854,022
	326,206		VICI Properties, Inc		7,682,151
	130,223		Vornado Realty Trust		8,546,535
	267,196		Washington Prime Group, Inc		1,127,567
	62,434		Washington REIT		1,936,703
	88,530		Weingarten Realty Investors		2,809,057

177

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	296,987		Welltower, Inc	$	26,933,751
	556,775		Weyerhaeuser Co		16,263,398
	22,948		Whitestone REIT		326,779
	127,944		WP Carey, Inc		11,778,525
	83,110		Xenia Hotels & Resorts, Inc		1,749,465
			TOTAL REAL ESTATE		948,647,284
RETAILING - 5.9%
	15,888	*	1-800-FLOWERS.COM, Inc (Class A)		226,563
	54,562		Aaron’s, Inc		4,088,331
	48,761		Abercrombie & Fitch Co (Class A)		789,441
	48,847		Advance Auto Parts, Inc		7,936,660
	308,312	*	Amazon.com, Inc		547,765,598
	103,945		American Eagle Outfitters, Inc		1,598,674
	4,482	*	America’s Car-Mart, Inc		407,817
	10,925	*	Asbury Automotive Group, Inc		1,126,695
	25,965	*,e	At Home Group, Inc		221,222
	49,168	*	Autonation, Inc		2,500,193
	17,978	*	AutoZone, Inc		20,573,664
	22,973	*	Barnes & Noble Education, Inc		94,419
	86,549	e	Bed Bath & Beyond, Inc		1,185,721
	169,929		Best Buy Co, Inc		12,206,000
	25,783		Big Lots, Inc		558,718
	90,864	*	BJ’s Wholesale Club Holdings, Inc		2,426,069
	31,583	*	Booking Holdings, Inc		64,706,303
	32,807	*	Boot Barn Holdings, Inc		1,149,885
	20,435	e	Buckle, Inc		427,500
	47,236	*	Burlington Stores, Inc		9,077,342
	42,483		Caleres, Inc		914,234
	59,924	e	Camping World Holdings, Inc		566,282
	117,481	*	CarMax, Inc		10,945,705
	37,231	*,e	Carvana Co		3,018,689
	14,638		Cato Corp (Class A)		256,019
	90,009	e	Chico’s FAS, Inc		309,631
	10,893	e	Children’s Place Retail Stores, Inc		892,246
	9,236		Citi Trends, Inc		164,863
	14,808	*	Conn’s, Inc		358,205
	9,713	*,e	Container Store Group, Inc		40,989
	30,828		Core-Mark Holding Co, Inc		940,871
	45,022		Designer Brands, Inc		742,863
	49,667		Dick’s Sporting Goods, Inc		1,933,536
	8,843	e	Dillard’s, Inc (Class A)		609,990
	190,249		Dollar General Corp		30,504,525
	174,791	*	Dollar Tree, Inc		19,296,926
	5,673	*,e	Duluth Holdings, Inc		52,418
	606,335		eBay, Inc		21,373,309
	82,184	*	Etsy, Inc		3,656,366
	105,099		Expedia, Inc		14,362,829
	140,131	*,e	Express Parent LLC		451,222
	38,459	*	Five Below, Inc		4,811,605
	47,306	*	Floor & Decor Holdings, Inc		2,168,034
	81,537		Foot Locker, Inc		3,547,675
	6,374	*,e	Funko, Inc		114,732
	4,919	*,e	Gaia, Inc		34,089

178

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	141,525	e	GameStop Corp (Class A)	$	769,896
	142,651		Gap, Inc		2,319,505
	16,380	*	Genesco, Inc		636,363
	106,791		Genuine Parts Co		10,954,621
	55,208	*,e	GNC Holdings, Inc		145,749
	12,522		Group 1 Automotive, Inc		1,245,188
	438,715	*	Groupon, Inc		1,219,628
	62,706	*,e	GrubHub, Inc		2,135,766
	34,631	e	Guess?, Inc		580,069
	9,919	e	Haverty Furniture Cos, Inc		179,931
	15,548	*	Hibbett Sports, Inc		370,975
	821,216		Home Depot, Inc		192,640,849
	21,193	*	Hudson Ltd		263,217
	688,825	*,e	JC Penney Co, Inc		688,825
	118,390		Kohl’s Corp		6,068,671
	193,192		L Brands, Inc		3,291,992
	8,312	*	Lands’ End, Inc		100,326
	6,857	*	Leaf Group Ltd		20,365
	10,204	*	Liquidity Services, Inc		66,224
	14,730		Lithia Motors, Inc (Class A)		2,319,680
	239,977	*	LKQ Corp		8,156,818
	585,129		Lowe’s Companies, Inc		65,306,248
	64,637	*,e	Lumber Liquidators, Inc		596,599
	245,855		Macy’s, Inc		3,727,162
	15,024	*	MarineMax, Inc		232,121
	67,268	*,e	Michaels Cos, Inc		587,250
	25,365		Monro Muffler, Inc		1,778,340
	19,492	*	Murphy USA, Inc		2,298,692
	58,729	*	National Vision Holdings, Inc		1,397,750
	77,380	e	Nordstrom, Inc		2,777,942
	645,748		Office Depot, Inc		1,330,241
	35,943	*,e	Ollie’s Bargain Outlet Holdings, Inc		2,296,039
	56,070	*	O’Reilly Automotive, Inc		24,419,046
	61,335	*	Overstock.com, Inc		645,857
	76,470	*,e	Party City Holdco, Inc		429,761
	23,554	e	Penske Auto Group, Inc		1,147,551
	11,452	e	PetMed Express, Inc		268,149
	30,130		Pool Corp		6,248,962
	52,342	*	Quotient Technology, Inc		450,665
	279,428	*	Qurate Retail Group, Inc QVC Group		2,665,743
	28,574	*	RealReal, Inc		660,345
	49,836		Rent-A-Center, Inc		1,289,257
	14,781	*,e	RH		2,685,708
	267,189		Ross Stores, Inc		29,302,618
	34,150	*	Rubicon Project, Inc		290,275
	74,929	*	Sally Beauty Holdings, Inc		1,161,399
	8,376	e	Shoe Carnival, Inc		277,999
	21,178	*	Shutterstock, Inc		859,403
	38,052	e	Signet Jewelers Ltd		610,354
	23,483	*	Sleep Number Corp		1,130,002
	15,333		Sonic Automotive, Inc (Class A)		494,183
	23,407	*	Sportsman’s Warehouse Holdings, Inc		159,402
	11,411	*	Stamps.com, Inc		963,431

179

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	29,827	*,e	Stitch Fix Inc	$	681,845
	103,746	e	Tailored Brands, Inc		481,381
	368,556		Target Corp		39,402,322
	89,782		Tiffany & Co		11,178,757
	9,156		Tilly’s, Inc		93,941
	892,417		TJX Companies, Inc		51,447,840
	85,931		Tractor Supply Co		8,165,164
	40,200	*	Ulta Beauty, Inc		9,372,630
	50,531	*	Urban Outfitters, Inc		1,450,240
	44,038	*,e	Wayfair, Inc		3,621,245
	2,435		Weyco Group, Inc		60,071
	49,891	e	Williams-Sonoma, Inc		3,332,220
	1,299		Winmark Corp		233,820
	17,443	*	Zumiez, Inc		556,606
			TOTAL RETAILING		1,323,875,902
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.8%
	26,703	*	Acacia Communications, Inc		1,753,319
	61,424	*,e	Adesto Technologies Corp		562,644
	30,553	*	Advanced Energy Industries, Inc		1,805,682
	737,504	*	Advanced Micro Devices, Inc		25,023,511
	9,141	*	Alpha & Omega Semiconductor Ltd		119,381
	18,560	*	Ambarella, Inc		976,813
	59,444	*	Amkor Technology, Inc		738,889
	268,864		Analog Devices, Inc		28,668,968
	695,473		Applied Materials, Inc		37,736,365
	17,700	*	Axcelis Technologies, Inc		339,309
	23,342	*	AXT, Inc		72,827
	287,952		Broadcom, Inc		84,326,743
	56,349		Brooks Automation, Inc		2,393,142
	23,382		Cabot Microelectronics Corp		3,533,488
	12,815	*	Ceva, Inc		348,824
	37,057	*	Cirrus Logic, Inc		2,518,394
	22,179		Cohu, Inc		368,615
	81,281	*	Cree, Inc		3,879,542
	282,222		Cypress Semiconductor Corp		6,567,306
	38,957	*	Diodes, Inc		1,817,344
	15,561	*	DSP Group, Inc		232,015
	101,674		Entegris, Inc		4,880,352
	61,203	*	First Solar, Inc		3,169,703
	40,922	*	Formfactor, Inc		893,327
	16,831	*	Ichor Holdings Ltd		489,950
	10,555	*,e	Impinj, Inc		347,207
	39,278	*	Inphi Corp		2,823,303
	3,301,287		Intel Corp		186,621,754
	118,147		Kla-Tencor Corp		19,971,569
	108,776		Lam Research Corp		29,482,647
	110,879	*	Lattice Semiconductor Corp		2,172,120
	45,361	*,e	MA-COM Technology Solutions		1,031,509
	468,835		Marvell Technology Group Ltd		11,434,886
	198,111		Maxim Integrated Products, Inc		11,621,191
	66,980	*	MaxLinear, Inc		1,269,941
	172,489	e	Microchip Technology, Inc		16,263,988
	813,230	*	Micron Technology, Inc		38,669,087

180

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	35,526		MKS Instruments, Inc	$	3,844,624
	29,070		Monolithic Power Systems, Inc		4,358,174
	48,451	*	Nanometrics, Inc		1,560,115
	21,044	*	NeoPhotonics Corp Ltd		138,470
	2,727		NVE Corp		169,756
	432,773		NVIDIA Corp		86,996,028
	289,886	*	ON Semiconductor Corp		5,913,674
	15,059	*,e	PDF Solutions, Inc		243,353
	38,535	*	Photronics, Inc		454,713
	24,260		Power Integrations, Inc		2,210,329
	94,024	*	Qorvo, Inc		7,602,781
	905,652		QUALCOMM, Inc		72,850,647
	61,082	*	Rambus, Inc		845,680
	54,601	*	Semtech Corp		2,755,166
	32,357	*	Silicon Laboratories, Inc		3,437,608
	128,586		Skyworks Solutions, Inc		11,709,041
	12,865	*	SMART Global Holdings, Inc		382,090
	38,260	*,e	SunPower Corp		335,158
	128,511		Teradyne, Inc		7,867,443
	698,769		Texas Instruments, Inc		82,447,754
	25,939	*	Ultra Clean Holdings		554,316
	31,041		Universal Display Corp		6,213,787
	26,815	*	Veeco Instruments, Inc		365,757
	188,766		Xilinx, Inc		17,128,627
	61,494		Xperi Corp		1,248,636
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		856,559,382
SOFTWARE & SERVICES - 12.1%
	33,444	*	2U, Inc		599,484
	76,541	*	8x8, Inc		1,478,772
	40,700	*	A10 Networks, Inc		302,401
	477,184		Accenture plc		88,479,457
	84,722	*	ACI Worldwide, Inc		2,659,424
	363,117	*	Adobe, Inc		100,921,108
	119,773	*	Akamai Technologies, Inc		10,360,364
	31,014	*	Alarm.com Holdings, Inc		1,532,092
	30,887		Alliance Data Systems Corp		3,088,700
	28,629	*	Altair Engineering, Inc		1,055,551
	32,489	*,e	Alteryx, Inc		2,972,744
	102,488		Amdocs Ltd		6,682,218
	14,904	*	American Software, Inc (Class A)		241,594
	58,611	*	Anaplan, Inc		2,766,439
	60,661	*	Ansys, Inc		13,354,519
	15,829	*	Appfolio, Inc		1,539,054
	35,761	*,e	Appian Corp		1,596,371
	49,808	*	Aspen Technology, Inc		5,733,399
	78,974	*	Atlassian Corp plc		9,539,269
	164,305	*	Autodesk, Inc		24,211,985
	326,740		Automatic Data Processing, Inc		53,007,030
	30,478	*	Avalara, Inc		2,163,938
	64,333	*	Avaya Holdings Corp		777,786
	25,085	*	Benefitfocus, Inc		570,307
	108,985	*	Black Knight, Inc		6,996,837

181

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	36,980		Blackbaud, Inc	$	3,104,471
	32,086	*	Blackline, Inc		1,499,700
	94,144		Booz Allen Hamilton Holding Co		6,624,913
	23,476	*	Bottomline Technologies, Inc		961,342
	116,757	*	Box, Inc		1,975,528
	13,536	*	Brightcove, Inc		128,727
	83,711		Broadridge Financial Solutions, Inc		10,482,291
	17,412	*	CACI International, Inc (Class A)		3,895,935
	206,278	*	Cadence Design Systems, Inc		13,480,267
	19,220	*	Carbonite, Inc		330,007
	25,453	*	Cardtronics plc		872,020
	21,931		Cass Information Systems, Inc		1,256,866
	94,005		CDK Global, Inc		4,751,013
	25,982	*	Cerence Inc		402,721
	64,922	*	Ceridian HCM Holding, Inc		3,132,487
	17,671	*	ChannelAdvisor Corp		166,284
	75,672	*	Cision Ltd		762,017
	96,406		Citrix Systems, Inc		10,494,757
	213,490	*,e	Cloudera, Inc		1,810,395
	411,037		Cognizant Technology Solutions Corp (Class A)		25,048,595
	24,295	*	Commvault Systems, Inc		1,206,733
	133,288	*	Conduent, Inc		823,720
	41,169	*	Cornerstone OnDemand, Inc		2,411,268
	43,728	*	Coupa Software, Inc		6,012,163
	19,069		CSG Systems International, Inc		1,099,137
	5,864	*,e	Digimarc Corp		208,758
	55,211	*	Digital Turbine, Inc		385,925
	109,204	*	DocuSign, Inc		7,228,213
	20,166	*	Domo, Inc		324,269
	151,299	*	Dropbox, Inc		2,998,746
	191,130		DXC Technology Co		5,288,567
	19,804	*	Dynatrace, Inc		400,635
	13,427	e	Ebix, Inc		572,393
	34,490	*	Elastic NV		2,483,625
	34,278	*	Endurance International Group Holdings, Inc		134,370
	33,748	*	Envestnet, Inc		2,108,913
	36,530	*	EPAM Systems, Inc		6,427,819
	37,504	*	Euronet Worldwide, Inc		5,253,185
	23,181	*	Everbridge, Inc		1,611,311
	87,635	*	Everi Holdings, Inc		881,608
	57,131		EVERTEC, Inc		1,747,637
	29,867	*	Evo Payments, Inc		849,119
	29,433	*,e	Exela Technologies, Inc		17,987
	24,176	*	ExlService Holdings, Inc		1,683,375
	20,093	*	Fair Isaac Corp		6,109,076
	453,133		Fidelity National Information Services, Inc		59,704,804
	158,538	*	FireEye, Inc		2,511,242
	63,661	*	First American Corp		2,577,634
	415,042	*	Fiserv, Inc		44,052,558
	44,399	*	Five9, Inc		2,464,588
	63,190	*	FleetCor Technologies, Inc		18,591,762
	39,476	*	ForeScout Technologies, Inc		1,214,282
	104,005	*	Fortinet, Inc		8,482,648
	66,225	*	Gartner, Inc		10,203,948

182

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	122,150		Genpact Ltd	$	4,784,615
	221,486		Global Payments, Inc		37,471,001
	125,773	*	GoDaddy, Inc		8,179,018
	56,446	*	Guidewire Software, Inc		6,363,722
	54,164		Hackett Group, Inc		915,913
	25,945	*	HubSpot, Inc		4,024,070
	15,736	*	Information Services Group, Inc		33,990
	34,169	*,e	Instructure, Inc		1,596,717
	17,080	*	Intelligent Systems Corp		771,504
	660,833		International Business Machines Corp		88,373,197
	186,993		Intuit, Inc		48,150,698
	35,144	e	j2 Global, Inc		3,337,274
	56,192		Jack Henry & Associates, Inc		7,954,540
	81,836		KBR, Inc		2,304,502
	97,588		Leidos Holdings, Inc		8,415,013
	74,415	*	Limelight Networks, Inc		314,031
	52,966	*,e	Liveperson, Inc		2,174,254
	55,670	*	LiveRamp Holdings, Inc		2,176,140
	34,160		LogMeIn, Inc		2,243,629
	51,717	*	Manhattan Associates, Inc		3,876,189
	14,447		Mantech International Corp (Class A)		1,143,913
	671,179		MasterCard, Inc (Class A)		185,789,059
	52,260		MAXIMUS, Inc		4,010,432
	5,641,169		Microsoft Corp		808,774,400
	8,153	*	MicroStrategy, Inc (Class A)		1,249,447
	81,479	*	Mitek Systems, Inc		785,458
	31,573	*	MobileIron, Inc		197,647
	40,079	*	Model N, Inc		1,193,953
	30,041	*,e	MongoDB, Inc		3,838,339
	33,161	*	New Relic, Inc		2,124,294
	36,835		NIC, Inc		866,359
	428,222		NortonLifelock, Inc		9,797,719
	207,856	*	Nuance Communications, Inc		3,392,210
	100,757	*	Nutanix, Inc		2,944,120
	73,017	*	Okta, Inc		7,963,964
	16,134	*	OneSpan, Inc		301,867
	1,672,662		Oracle Corp		91,143,352
	7,146	*	Pagerduty, Inc		164,287
	70,026	*	Palo Alto Networks, Inc		15,923,212
	239,731		Paychex, Inc		20,051,101
	35,707	*	Paycom Software, Inc		7,553,102
	23,446	*	Paylocity Holding Corp		2,405,560
	873,361	*	PayPal Holdings, Inc		90,916,880
	21,182	*,e	Paysign Inc		228,342
	30,123		Pegasystems, Inc		2,265,551
	20,483	*	Perficient, Inc		802,934
	115,944		Perspecta, Inc		3,077,154
	34,087	*	Pluralsight, Inc		616,293
	12,502		Presidio, Inc		207,533
	28,372		Progress Software Corp		1,131,475
	40,968	*	Proofpoint, Inc		4,726,478
	30,746	*	PROS Holdings, Inc		1,575,425
	74,335	*	PTC, Inc		4,973,755

183

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	30,668	*	Q2 Holdings, Inc	$	2,192,455
	5,378		QAD, Inc (Class A)		249,969
	20,782	*	Qualys, Inc		1,773,328
	34,220	*	Rapid7, Inc		1,714,080
	53,633	*	RealPage, Inc		3,247,478
	52,268	*	RingCentral, Inc		8,442,327
	214,044		Sabre Corp		5,025,753
	74,373	*	SailPoint Technologies Holding, Inc		1,439,861
	610,179	*	salesforce.com, Inc		95,486,912
	44,823		Science Applications International Corp		3,703,276
	2,934	*,e	SecureWorks Corp		35,677
	136,390	*	ServiceNow, Inc		33,723,791
	4,538	*,e	ShotSpotter, Inc		91,668
	60,902	*	Smartsheet, Inc		2,399,539
	44,684	*,e	SolarWinds Corp		846,762
	109,112	*	Splunk, Inc		13,089,076
	30,142	*	SPS Commerce, Inc		1,590,593
	248,592	*	Square, Inc		15,271,007
	161,509		SS&C Technologies Holdings, Inc		8,400,083
	75,308	*	SVMK, Inc		1,385,667
	62,478		Switch, Inc		922,800
	22,488	*	Sykes Enterprises, Inc		694,767
	79,247	*,e	Synchronoss Technologies, Inc		475,482
	105,851	*	Synopsys, Inc		14,369,273
	73,826	*	Telaria, Inc		558,863
	16,825	*	TeleNav, Inc		79,246
	41,120	*	Tenable Holdings, Inc		1,036,224
	85,362	*	Teradata Corp		2,554,885
	68,861		TiVo Corp		560,529
	27,223	*	Trade Desk, Inc		5,466,378
	7,628		TTEC Holdings, Inc		361,338
	4,944	*,e	Tucows, Inc		274,590
	88,065	*,e	Twilio, Inc		8,503,556
	27,573	*	Tyler Technologies, Inc		7,403,902
	31,505	*	Unisys Corp		323,241
	23,456	*	Upland Software, Inc		879,131
	39,116	*,e	Upwork, Inc		588,305
	27,353	*	Varonis Systems, Inc		1,957,107
	47,704	*	Verint Systems, Inc		2,165,285
	80,863	*	VeriSign, Inc		15,365,587
	69,990	*	Verra Mobility Corp		1,004,357
	29,371	*,e	VirnetX Holding Corp		171,820
	15,336	*	Virtusa Corp		571,726
	1,302,432		Visa, Inc (Class A)		232,952,988
	55,582		VMware, Inc (Class A)		8,796,963
	312,197		Western Union Co		7,823,657
	28,556	*	WEX, Inc		5,402,224
	118,331	*	Workday, Inc		19,188,555
	29,314	*	Workiva, Inc		1,221,514
	77,806	*	Yext, Inc		1,280,687
	72,298	*,e	Zendesk, Inc		5,107,854
	22,508	*	Zix Corp		148,778
	41,538	*,e	Zscaler, Inc		1,826,841
	60,576	*	Zuora Inc		863,208
			TOTAL SOFTWARE & SERVICES		2,708,489,792

184

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
TECHNOLOGY HARDWARE & EQUIPMENT - 5.8%
	92,051	*,e	3D Systems Corp	$	873,564
	27,636		Adtran, Inc		243,473
	33,387	*	Agilysys, Inc		841,019
	218,319		Amphenol Corp (Class A)		21,903,945
	27,285	*	Anixter International, Inc		2,257,834
	3,370,047		Apple, Inc		838,332,892
	28,619	*,e	Applied Optoelectronics, Inc		267,874
	44,884	*	Arista Networks, Inc		10,977,280
	166,136	*,e	Arlo Technologies, Inc		566,524
	60,939	*	Arrow Electronics, Inc		4,831,244
	22,479	*	Avid Technology, Inc		151,846
	71,222		Avnet, Inc		2,817,542
	37,633		AVX Corp		576,538
	24,060		Badger Meter, Inc		1,390,668
	5,805		Bel Fuse, Inc (Class B)		85,392
	23,710		Belden CDT, Inc		1,215,849
	47,299		Benchmark Electronics, Inc		1,603,436
	21,160	*	CalAmp Corp		237,415
	29,260	*	Calix, Inc		223,839
	33,788	*	Casa Systems, Inc		227,055
	107,049		CDW Corp		13,692,638
	112,693	*	Ciena Corp		4,183,164
	3,197,199		Cisco Systems, Inc		151,898,924
	4,561	*	Clearfield, Inc		56,237
	115,009		Cognex Corp		5,921,813
	18,086	*	Coherent, Inc		2,693,367
	122,253	*	CommScope Holding Co, Inc		1,369,234
	13,332		Comtech Telecommunications Corp		465,953
	574,304		Corning, Inc		17,016,628
	19,009		CTS Corp		507,160
	19,750	e	Daktronics, Inc		135,485
	109,862	*	Dell Technologies, Inc		5,810,601
	59,746	*	Diebold, Inc		418,222
	10,072	*	Digi International, Inc		145,238
	43,923		Dolby Laboratories, Inc (Class A)		2,825,567
	30,498	*	EchoStar Corp (Class A)		1,189,422
	7,496	*	ePlus, Inc		585,663
	75,046	*	Extreme Networks, Inc		483,296
	42,152	*	F5 Networks, Inc		6,073,260
	32,555	*	Fabrinet		1,830,568
	9,437	*	FARO Technologies, Inc		449,956
	203,198	*,e	Fitbit, Inc		1,255,764
	101,323		FLIR Systems, Inc		5,224,214
	46,648	*	Harmonic, Inc		362,921
	1,011,650		Hewlett Packard Enterprise Co		16,601,177
	1,126,970		HP, Inc		19,575,469
	65,421	*	II-VI, Inc		2,168,706
	19,344	*	Immersion Corp		159,008
	208,469	*,e	Infinera Corp		1,165,342
	31,492	*	Insight Enterprises, Inc		1,932,979
	27,167		InterDigital, Inc		1,456,966

185

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	23,238	*	IPG Photonics Corp	$	3,120,399
	13,759	*	Iteris, Inc		73,748
	28,386	*	Itron, Inc		2,164,716
	116,887		Jabil Circuit, Inc		4,303,779
	268,503		Juniper Networks, Inc		6,664,244
	33,541		Kemet Corp		729,181
	135,073	*	Keysight Technologies, Inc		13,630,216
	14,394	*	Kimball Electronics, Inc		213,895
	49,539	*	Knowles Corp		1,069,052
	5,791	*	KVH Industries, Inc		59,184
	18,187		Littelfuse, Inc		3,193,092
	57,764	*,e	Lumentum Holdings, Inc		3,619,492
	20,788		Methode Electronics, Inc		715,107
	124,640		Motorola Solutions, Inc		20,730,125
	9,718		MTS Systems Corp		548,873
	5,930	*,e	Napco Security Technologies, Inc		180,035
	105,303		National Instruments Corp		4,358,491
	84,339	*	NCR Corp		2,463,542
	176,129		NetApp, Inc		9,842,089
	18,154	*	Netgear, Inc		493,244
	49,960	*	Netscout Systems, Inc		1,210,031
	12,070	*	nLight, Inc		161,255
	26,217	*	Novanta, Inc		2,334,624
	15,364	*	OSI Systems, Inc		1,524,723
	8,426	*,e	PAR Technology Corp		211,156
	17,810		Park Aerospace Corp		302,592
	5,105		PC Connection, Inc		249,328
	19,541		Plantronics, Inc		770,306
	26,786	*	Plexus Corp		1,980,557
	163,453	*	Pure Storage, Inc		3,180,795
	26,337	*	Ribbon Communications, Inc		112,986
	14,957	*	Rogers Corp		2,026,374
	43,947	*	Sanmina Corp		1,350,491
	14,787	*	Scansource, Inc		477,620
	29,338	*	Stratasys Ltd		606,710
	33,660	*	Synaptics, Inc		1,417,423
	30,708		Synnex Corp		3,615,560
	23,188	*	Tech Data Corp		2,817,342
	194,918	*	Trimble Navigation Ltd		7,765,533
	52,051	*	TTM Technologies, Inc		609,517
	12,448	e	Ubiquiti, Inc		1,575,792
	39,316	*	Viasat, Inc		2,706,513
	179,207	*	Viavi Solutions, Inc		2,860,144
	80,519		Vishay Intertechnology, Inc		1,622,458
	6,505	*	Vishay Precision Group, Inc		221,495
	210,773		Western Digital Corp		10,886,425
	149,088		Xerox Holdings Corp		5,058,556
	39,591	*	Zebra Technologies Corp (Class A)		9,417,511
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		1,302,526,492
TELECOMMUNICATION SERVICES - 2.0%
	5,260	*	Anterix, Inc		213,345
	5,450,166		AT&T, Inc		209,776,889
	5,617		ATN International, Inc		332,695

186

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	11,426	*	Bandwidth Inc	$	641,570
	47,700	*	Boingo Wireless, Inc		451,719
	779,204		CenturyLink, Inc		10,082,900
	31,358	*	Cincinnati Bell, Inc		160,239
	27,208		Cogent Communications Group, Inc		1,595,477
	38,093	e	Consolidated Communications Holdings, Inc		152,372
	45,025	*,e	Gogo, Inc		276,904
	56,168	*	IDT Corp (Class B)		382,504
	52,280	*	Intelsat S.A.		1,327,389
	80,615	*	Iridium Communications, Inc		1,972,649
	9,912	*	Ooma, Inc		112,501
	50,663	*	Orbcomm, Inc		203,159
	26,204		Shenandoah Telecom Co		842,721
	13,824		Spok Holdings, Inc		164,506
	402,004	*	Sprint Corp		2,496,445
	72,628		Telephone & Data Systems, Inc		1,894,864
	238,574	*	T-Mobile US, Inc		19,720,527
	8,691	*	US Cellular Corp		323,479
	3,089,154		Verizon Communications, Inc		186,801,143
	194,410	*	Vonage Holdings Corp		1,899,386
	161,054	*	Zayo Group Holdings, Inc		5,498,383
			TOTAL TELECOMMUNICATION SERVICES		447,323,766
TRANSPORTATION - 1.9%
	33,348	*	Air Transport Services Group, Inc		697,307
	90,035		Alaska Air Group, Inc		6,251,130
	8,785	e	Allegiant Travel Co		1,469,994
	7,735		Amerco, Inc		3,132,984
	286,641		American Airlines Group, Inc		8,616,428
	19,628		Arkansas Best Corp		567,053
	24,854	*	Atlas Air Worldwide Holdings, Inc		545,048
	43,060	*	Avis Budget Group, Inc		1,279,313
	102,013		CH Robinson Worldwide, Inc		7,716,263
	26,011		Copa Holdings S.A. (Class A)		2,646,359
	32,803		Costamare, Inc		257,832
	7,137	*	Covenant Transportation Group, Inc		109,696
	562,215		CSX Corp		39,506,848
	14,049	*	Daseke, Inc		37,792
	440,028		Delta Air Lines, Inc		24,236,742
	22,066	*,e	Eagle Bulk Shipping, Inc		95,766
	15,234	*	Echo Global Logistics, Inc		303,309
	129,216		Expeditors International of Washington, Inc		9,425,015
	177,937		FedEx Corp		27,163,862
	16,557		Forward Air Corp		1,145,248
	5,547	*,e	Genco Shipping & Trading Ltd		54,804
	41,770	*	Genesee & Wyoming, Inc (Class A)		4,637,723
	29,329		Hawaiian Holdings, Inc		839,103
	32,998		Heartland Express, Inc		689,658
	104,773	*	Hertz Global Holdings, Inc		1,415,483
	18,642	*	Hub Group, Inc (Class A)		853,804
	59,730		JB Hunt Transport Services, Inc		7,021,859
	224,244	*	JetBlue Airways Corp		4,327,909
	70,861		Kansas City Southern Industries, Inc		9,975,812

187

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	45,192	*	Kirby Corp	$	3,577,399
	83,181	e	Knight-Swift Transportation Holdings, Inc		3,032,779
	25,429		Landstar System, Inc		2,877,291
	23,377	*,e	Lyft, Inc (Class A)		968,743
	45,827		Macquarie Infrastructure Co LLC		1,976,977
	21,744		Marten Transport Ltd		470,975
	38,795		Matson, Inc		1,481,193
	195,849		Norfolk Southern Corp		35,644,518
	48,224		Old Dominion Freight Line		8,780,626
	4,793		Park-Ohio Holdings Corp		147,433
	26,098	*	Radiant Logistics, Inc		140,668
	41,932		Ryder System, Inc		2,039,153
	33,901	*	Safe Bulkers, Inc		55,259
	23,550	*	Saia, Inc		2,100,660
	57,200		Schneider National, Inc		1,308,164
	34,522		Scorpio Bulkers, Inc		224,393
	31,683		Skywest, Inc		1,886,723
	361,427		Southwest Airlines Co		20,286,898
	49,971	*	Spirit Airlines, Inc		1,876,911
	129,289	*,e	Uber Technologies, Inc		4,072,603
	530,146		Union Pacific Corp		87,717,957
	175,716	*	United Continental Holdings, Inc		15,962,041
	525,008		United Parcel Service, Inc (Class B)		60,465,171
	2,477		Universal Truckload Services, Inc		46,704
	10,589	*	US Xpress Enterprises, Inc		54,957
	48,417	e	Werner Enterprises, Inc		1,767,221
	65,475	*	XPO Logistics, Inc		5,002,290
	29,117	*,e	YRC Worldwide, Inc		97,542
			TOTAL TRANSPORTATION		429,083,393
UTILITIES - 3.4%
	474,310		AES Corp		8,086,985
	43,324		Allete, Inc		3,728,463
	176,067		Alliant Energy Corp		9,391,414
	181,400		Ameren Corp		14,094,780
	369,473		American Electric Power Co, Inc		34,874,556
	29,906		American States Water Co		2,844,958
	132,879		American Water Works Co, Inc		16,379,994
	164,210		Aqua America, Inc		7,443,639
	8,406	*	AquaVenture Holdings Ltd		164,926
	4,175		Artesian Resources Corp		154,892
	78,190	*,e	Atlantic Power Corp		182,183
	91,008		Atmos Energy Corp		10,236,580
	46,455		Avangrid, Inc		2,325,073
	52,011		Avista Corp		2,498,088
	47,990		Black Hills Corp		3,783,052
	11,214	*,e	Cadiz, Inc		132,774
	38,876		California Water Service Group		2,175,890
	357,210		Centerpoint Energy, Inc		10,384,095
	9,211		Chesapeake Utilities Corp		873,203
	19,052		Clearway Energy, Inc (Class A)		327,123
	37,582		Clearway Energy, Inc (Class C)		681,362
	206,967		CMS Energy Corp		13,229,331
	248,458		Consolidated Edison, Inc		22,912,797

188

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	5,918		Consolidated Water Co, Inc	$	103,802
	598,469		Dominion Resources, Inc		49,403,616
	136,437		DTE Energy Co		17,371,159
	542,355		Duke Energy Corp		51,122,382
	257,139		Edison International		16,174,043
	32,103		El Paso Electric Co		2,141,591
	145,218		Entergy Corp		17,641,083
	184,167		Evergy, Inc		11,770,113
	240,022		Eversource Energy		20,099,442
	720,123		Exelon Corp		32,758,395
	380,202		FirstEnergy Corp		18,371,361
	57,069	e	Genie Energy Ltd		425,164
	5,614		Global Water Resources, Inc		68,771
	94,157		Hawaiian Electric Industries, Inc		4,251,189
	41,991		Idacorp, Inc		4,519,071
	150,466		MDU Resources Group, Inc		4,346,963
	25,821		MGE Energy, Inc		1,989,250
	9,879		Middlesex Water Co		664,363
	56,119		National Fuel Gas Co		2,542,752
	72,067		New Jersey Resources Corp		3,142,121
	361,255		NextEra Energy, Inc		86,101,517
	260,888		NiSource, Inc		7,315,299
	24,233		Northwest Natural Holding Co		1,680,801
	38,146		NorthWestern Corp		2,766,348
	190,466		NRG Energy, Inc		7,641,496
	144,852		OGE Energy Corp		6,237,327
	37,812		ONE Gas, Inc		3,510,466
	33,124		Ormat Technologies, Inc		2,535,973
	39,135		Otter Tail Corp		2,218,172
	72,047		Pattern Energy Group, Inc		2,019,477
	379,110	*,b	PG&E Corp		2,339,109
	79,196		Pinnacle West Capital Corp		7,453,928
	57,247		PNM Resources, Inc		2,985,431
	72,918		Portland General Electric Co		4,147,576
	521,633		PPL Corp		17,469,489
	384,169		Public Service Enterprise Group, Inc		24,321,739
	8,678	*	Pure Cycle Corp		97,020
	3,652		RGC Resources, Inc		106,529
	203,515		Sempra Energy		29,409,953
	26,781		SJW Corp		1,937,605
	68,657		South Jersey Industries, Inc		2,208,009
	780,581		Southern Co		48,911,205
	40,004		Southwest Gas Corp		3,492,349
	7,128	e	Spark Energy, Inc		68,215
	42,596		Spire, Inc		3,580,620
	43,814		TerraForm Power, Inc		743,962
	149,226		UGI Corp		7,113,603
	11,971		Unitil Corp		745,434
	301,799		Vistra Energy Corp		8,157,627
	235,839		WEC Energy Group, Inc		22,263,202
	376,130		Xcel Energy, Inc		23,888,016
	7,032		York Water Co		309,689
			TOTAL UTILITIES		759,589,975
			TOTAL COMMON STOCKS		22,342,436,272
			(Cost $14,030,944,165)

189

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY				VALUE
RIGHTS / WARRANTS - 0.0%
MATERIALS - 0.0%
	16,652	†	A Schulman, Inc				$	7,210
	208,358	†	Pan American Silver Corp					46,943
			TOTAL MATERIALS					54,153
MEDIA & ENTERTAINMENT - 0.0%
	57,537	†	Media General, Inc					0
			TOTAL MEDIA & ENTERTAINMENT					0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
	1,988	†	Omthera Pharmaceuticals, Inc					1,193
	4,598	†	Tobira Therapeutics, Inc					276
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					1,469
			TOTAL RIGHTS / WARRANTS					55,622
			(Cost $156,621)
PRINCIPAL			ISSUER	RATE		MATURITY DATE
SHORT-TERM INVESTMENTS - 1.5%
GOVERNMENT AGENCY DEBT - 0.5%
$	66,671,000		Federal Home Loan Bank (FHLB)	1.500	%	11/01/19		66,671,000
	4,980,000		Federal Home Loan Bank (FHLB)	1.681 - 1.831		11/12/19		4,977,444
	10,000,000		Federal Home Loan Bank (FHLB)	1.654		12/17/19		9,978,661
	10,000,000		Federal Home Loan Bank (FHLB)	1.683		12/20/19		9,977,269
	20,290,000		Federal Home Loan Bank (FHLB)	1.646		01/24/20		20,213,304
			TOTAL GOVERNMENT AGENCY DEBT					111,817,678
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.0%
	229,829,272	c	State Street Navigator Securities Lending Government Money Market Portfolio					229,829,272
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES					229,829,272
			TOTAL SHORT-TERM INVESTMENTS					341,646,950
			(Cost $341,645,948)
			TOTAL INVESTMENTS - 101.2%					22,684,138,844
			(Cost $14,372,746,734)
			OTHER ASSETS & LIABILITIES, NET - (1.2)%					(278,659,898	)
			NET ASSETS - 100.0%				$	22,405,478,946

190

TIAA-CREF FUNDS - Equity Index Fund

Abbreviation(s):

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 $251,573,258.
h	All or a portion of these securities were purchased on a delayed delivery basis.

Futures contracts outstanding as of October 31, 2019 were as follows:

Description	Number of long (short) contracts		Expiration date	Notional amount		Value		Unrealized appreciation (depreciation)
Russell 2000 E Mini Index	65		12/20/19	$	5,075,928	$	5,081,050	$	5,122
S&P 500 E Mini Index	291		12/20/19		43,892,315		44,170,890		278,575
S&P Mid-Cap 400 E Mini Index	18		12/20/19		3,525,511		3,519,000		(6,511	)
Total		374		$	52,493,754	$	52,770,940	$	277,186

191

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

TIAA-CREF FUNDS

LARGE-CAP GROWTH INDEX FUND

SCHEDULE OF INVESTMENTS

October 31, 2019

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.9%
AUTOMOBILES & COMPONENTS - 0.3%
	8,828		Aptiv plc	$	790,547
	73,864	*	Tesla, Inc		23,261,251
			TOTAL AUTOMOBILES & COMPONENTS		24,051,798
BANKS - 0.1%
	4,036		CIT Group, Inc		173,104
	4,603		Comerica, Inc		301,128
	15,396		First Republic Bank		1,637,519
	3,943	*,e	LendingTree, Inc		1,418,889
	5,271		Prosperity Bancshares, Inc		363,804
	13,607		Signature Bank		1,609,980
	1,966	*	SVB Financial Group		435,430
	5,770		Synovus Financial Corp		195,430
	5,242		Western Alliance Bancorp		258,588
			TOTAL BANKS		6,393,872
CAPITAL GOODS - 6.2%
	224,936		3M Co		37,112,191
	11,618		A.O. Smith Corp		577,182
	5,344		Acuity Brands, Inc		666,878
	7,965		Air Lease Corp		350,301
	36,210		Allegion plc		4,201,808
	59,357		Allison Transmission Holdings, Inc		2,588,559
	94,964		Ametek, Inc		8,703,451
	27,294		Armstrong World Industries, Inc		2,552,808
	278,421		Boeing Co		94,638,082
	40,386		BWX Technologies, Inc		2,346,427
	26,511		Carlisle Cos, Inc		4,036,830
	22,169		Caterpillar, Inc		3,054,888
	17,931		Deere & Co		3,122,504
	69,875		Donaldson Co, Inc		3,685,207
	32,477		Dover Corp		3,374,035
	27,293		Emerson Electric Co		1,914,604
	264,828		Fastenal Co		9,517,918
	14,482		Flowserve Corp		707,301
	33,862		Fortive Corp		2,336,478
	22,752		Fortune Brands Home & Security, Inc		1,366,258
	8,749		General Dynamics Corp		1,546,823
	85,567		Graco, Inc		3,867,628
	21,210		HEICO Corp		2,616,041
	40,330		HEICO Corp (Class A)		3,842,239
	40,440		Hexcel Corp		3,017,633
	185,321		Honeywell International, Inc		32,010,496
	15,288		Hubbell, Inc		2,166,310
	17,530		Huntington Ingalls		3,955,820

192

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
	19,331		IDEX Corp	$	3,006,550
	170,093		Illinois Tool Works, Inc		28,674,278
	119,526		Ingersoll-Rand plc		15,166,654
	58,044		L3Harris Technologies, Inc		11,975,058
	17,057		Lennox International, Inc		4,219,219
	31,283		Lincoln Electric Holdings, Inc		2,802,018
	129,671		Lockheed Martin Corp		48,844,472
	30,207	*	Middleby Corp		3,653,537
	27,086		Nordson Corp		4,247,356
	83,166		Northrop Grumman Corp		29,314,352
	21,023		Quanta Services, Inc		884,017
	90,394		Raytheon Co		19,182,511
	60,613		Rockwell Automation, Inc		10,424,830
	8,128		Roper Industries, Inc		2,738,811
	34,238	*	Sensata Technologies Holding plc		1,752,643
	50,029		Spirit Aerosystems Holdings, Inc (Class A)		4,093,373
	54,112		Toro Co		4,173,659
	20,893		TransDigm Group, Inc		10,995,568
	28,612	*	United Rentals, Inc		3,821,705
	23,354		W.W. Grainger, Inc		7,212,649
	23,567	*	WABCO Holdings, Inc		3,172,589
	26,338		Wabtec Corp		1,827,067
	23,051		Woodward Governor Co		2,458,620
	94,359		Xylem, Inc		7,236,392
			TOTAL CAPITAL GOODS		471,754,628
COMMERCIAL & PROFESSIONAL SERVICES - 1.3%
	43,967		Cintas Corp		11,812,614
	103,351	*	Copart, Inc		8,540,927
	18,907	*	CoStar Group, Inc		10,389,775
	53,780		Equifax, Inc		7,352,264
	62,750	*	IAA, Inc		2,393,912
	130,785	*	IHS Markit Ltd		9,157,566
	62,750		KAR Auction Services, Inc		1,559,965
	22,733		Nielsen NV		458,297
	9,014		Republic Services, Inc		788,815
	58,341		Robert Half International, Inc		3,341,189
	75,777		Rollins, Inc		2,887,861
	98,376		TransUnion		8,127,825
	83,725		Verisk Analytics, Inc		12,115,008
	174,144		Waste Management, Inc		19,540,698
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		98,466,716
CONSUMER DURABLES & APPAREL - 1.6%
	30,215	*	Capri Holdings Ltd		938,780
	10,174		Carter’s, Inc		1,019,842
	9,987		Columbia Sportswear Co		903,324
	142,683		Hanesbrands, Inc		2,170,208
	61,266		Hasbro, Inc		5,961,794
	4,039		Lennar Corp (B Shares)		189,914
	59,380		Lennar Corp (Class A)		3,539,048
	61,573	*	Lululemon Athletica, Inc		12,577,517
	120,982	*,e	Mattel, Inc		1,444,525
	649,226		Nike, Inc (Class B)		58,138,188

193

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
	1,697	*	NVR, Inc	$	6,171,293
	26,350		Polaris Industries, Inc		2,599,428
	46,208	*	Roku, Inc		6,801,818
	30,946	*	Skechers U.S.A., Inc (Class A)		1,156,452
	24,679	*	Tempur Sealy International, Inc		2,244,555
	69,480	*	Under Armour, Inc (Class A)		1,434,762
	71,506	*	Under Armour, Inc (Class C)		1,322,861
	160,234		VF Corp		13,185,656
			TOTAL CONSUMER DURABLES & APPAREL		121,799,965
CONSUMER SERVICES - 2.3%
	29,390	*	Bright Horizons Family Solutions		4,365,003
	13,388	*	Chipotle Mexican Grill, Inc (Class A)		10,418,006
	7,423		Choice Hotels International, Inc		656,787
	64,859		Darden Restaurants, Inc		7,281,720
	21,247	e	Domino’s Pizza, Inc		5,771,110
	41,779		Dunkin Brands Group, Inc		3,284,665
	2,257	*	Grand Canyon Education, Inc		207,554
	21,137		H&R Block, Inc		528,214
	6,393	*	Hilton Grand Vacations, Inc		222,029
	149,292		Hilton Worldwide Holdings, Inc		14,475,352
	83,521		Las Vegas Sands Corp		5,164,939
	143,622		Marriott International, Inc (Class A)		18,175,364
	64,353		McDonald’s Corp		12,658,235
	22,905		MGM Resorts International		652,792
	22,292	*	Norwegian Cruise Line Holdings Ltd		1,131,542
	43,320	*	Planet Fitness, Inc		2,757,751
	32,646		Service Corp International		1,484,740
	11,017	*	ServiceMaster Global Holdings, Inc		444,866
	3,781		Six Flags Entertainment Corp		159,520
	630,038		Starbucks Corp		53,276,013
	19,273		Vail Resorts, Inc		4,478,467
	102,259		Wendy’s		2,165,846
	14,542		Wyndham Hotels & Resorts, Inc		784,832
	43,443		Wynn Resorts Ltd		5,271,374
	154,527		Yum China Holdings, Inc		6,567,398
	143,259		Yum! Brands, Inc		14,570,873
			TOTAL CONSUMER SERVICES		176,954,992
DIVERSIFIED FINANCIALS - 2.7%
	200,920		American Express Co		23,563,898
	10,843		Ameriprise Financial, Inc		1,636,100
	13,997		CBOE Global Markets, Inc		1,611,755
	372,443		Charles Schwab Corp		15,162,154
	4,730	*	Credit Acceptance Corp		2,070,841
	58,073		Discover Financial Services		4,660,939
	27,659		E*TRADE Financial Corp		1,155,870
	7,428		Evercore Partners, Inc (Class A)		546,998
	19,210		Factset Research Systems, Inc		4,870,119
	10,068		Interactive Brokers Group, Inc (Class A)		478,935
	115,838		IntercontinentalExchange Group, Inc		10,925,840
	290,928		iShares Russell 1000 Growth Index Fund		47,752,922
	20,422		Lazard Ltd (Class A)		762,353

194

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
	43,350		LPL Financial Holdings, Inc	$	3,504,414
	19,151		MarketAxess Holdings, Inc		7,058,867
	86,414		Moody’s Corp		19,070,706
	10,690		Morningstar, Inc		1,730,070
	42,558		MSCI, Inc (Class A)		9,982,404
	15,028		Raymond James Financial, Inc		1,254,688
	128,967		S&P Global, Inc		33,272,196
	31,435		SEI Investments Co		1,883,585
	95,538		Synchrony Financial		3,379,179
	34,789		T Rowe Price Group, Inc		4,028,566
	121,647		TD Ameritrade Holding Corp		4,668,812
	20,631	e	Virtu Financial, Inc		349,902
	4,389		Voya Financial, Inc		236,830
			TOTAL DIVERSIFIED FINANCIALS		205,618,943
ENERGY - 0.3%
	143,126		Cabot Oil & Gas Corp		2,667,869
	68,514	*	Cheniere Energy, Inc		4,217,037
	17,491		Diamondback Energy, Inc		1,500,028
	10,633		Equitrans Midstream Corp		148,011
	67,150		ONEOK, Inc		4,689,085
	90,830		Parsley Energy, Inc		1,436,022
	36,515		Pioneer Natural Resources Co		4,492,075
			TOTAL ENERGY		19,150,127
FOOD & STAPLES RETAILING - 1.2%
	4,714		Casey’s General Stores, Inc		805,199
	231,132		Costco Wholesale Corp		68,671,628
	40,490	*	Sprouts Farmers Market, Inc		785,911
	247,259		SYSCO Corp		19,748,576
			TOTAL FOOD & STAPLES RETAILING		90,011,314
FOOD, BEVERAGE & TOBACCO - 3.0%
	477,052		Altria Group, Inc		21,367,159
	25,439		Brown-Forman Corp (Class A)		1,581,034
	86,061		Brown-Forman Corp (Class B)		5,638,717
	53,921	e	Campbell Soup Co		2,497,081
	1,375,337		Coca-Cola Co		74,859,593
	65,708		Hershey Co		9,650,534
	48,257		Kellogg Co		3,065,767
	19,370		Lamb Weston Holdings, Inc		1,511,635
	42,027		McCormick & Co, Inc		6,753,319
	201,190	*	Monster Beverage Corp		11,292,795
	618,905		PepsiCo, Inc		84,895,199
	9,637	*	Pilgrim’s Pride Corp		292,579
	14,908	*	Post Holdings, Inc		1,534,033
	4,797	*	TreeHouse Foods, Inc		259,134
			TOTAL FOOD, BEVERAGE & TOBACCO		225,198,579
HEALTH CARE EQUIPMENT & SERVICES - 6.4%
	391,048		Abbott Laboratories		32,695,523
	22,848	*	Abiomed, Inc		4,742,788
	41,346	*	Align Technology, Inc		10,431,182

195

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
	79,373		AmerisourceBergen Corp	$	6,776,867
	39,265		Anthem, Inc		10,565,426
	118,804		Baxter International, Inc		9,112,267
	11,934		Becton Dickinson & Co		3,055,104
	727,923	*	Boston Scientific Corp		30,354,389
	10,747	e	Cantel Medical Corp		783,349
	179,777	*	Centene Corp		9,542,563
	168,607		Cerner Corp		11,316,902
	13,031	*	Change Healthcare, Inc		172,270
	8,376		Chemed Corp		3,299,390
	59,740		Cigna Corp		10,661,200
	3,561		Cooper Cos, Inc		1,036,251
	17,691		Danaher Corp		2,438,174
	47,842	*	DexCom, Inc		7,379,150
	109,482	*	Edwards Lifesciences Corp		26,098,319
	28,863		Encompass Health Corp		1,847,809
	19,702	*	Guardant Health, Inc		1,369,289
	84,077		HCA Healthcare, Inc		11,227,642
	10,436	*	Henry Schein, Inc		653,137
	17,674		Hill-Rom Holdings, Inc		1,850,291
	109,583	*	Hologic, Inc		5,293,955
	30,431		Humana, Inc		8,952,800
	2,997	*	ICU Medical, Inc		484,345
	45,205	*	IDEXX Laboratories, Inc		12,883,877
	32,096	*	Insulet Corp		4,664,191
	60,388	*	Intuitive Surgical, Inc		33,391,544
	2,787	*	Laboratory Corp of America Holdings		459,214
	24,090	*	Masimo Corp		3,512,081
	11,840		McKesson Corp		1,574,720
	26,397	*	Molina Healthcare, Inc		3,105,343
	17,171	*,e	Penumbra, Inc		2,678,161
	73,741		Resmed, Inc		10,907,769
	2,487		STERIS plc		352,085
	179,836		Stryker Corp		38,893,132
	24,207		Teleflex, Inc		8,409,754
	497,031		UnitedHealth Group, Inc		125,599,734
	47,105	*	Varian Medical Systems, Inc		5,690,755
	67,904	*	Veeva Systems, Inc		9,630,824
	23,986	*	WellCare Health Plans, Inc		7,114,248
	29,875		West Pharmaceutical Services, Inc		4,297,220
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		485,305,034
HOUSEHOLD & PERSONAL PRODUCTS - 0.6%
	128,723		Church & Dwight Co, Inc		9,002,886
	53,204		Clorox Co		7,857,699
	113,140		Estee Lauder Cos (Class A)		21,074,588
	9,893	*	Herbalife Ltd		441,920
	75,425		Procter & Gamble Co		9,391,167
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		47,768,260
INSURANCE - 0.9%
	783		Alleghany Corp		609,401
	123,797		Aon plc		23,912,629

196

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
	31,845	*	Arch Capital Group Ltd	$	1,329,847
	19,945		Arthur J. Gallagher & Co		1,819,383
	31,671	*	Athene Holding Ltd		1,372,938
	4,274		Axis Capital Holdings Ltd		254,004
	6,060		Brown & Brown, Inc		228,341
	9,184		Erie Indemnity Co (Class A)		1,692,336
	6,250		Everest Re Group Ltd		1,606,812
	5,832		Kemper Corp		419,204
	550	*	Markel Corp		644,050
	234,523		Marsh & McLennan Cos, Inc		24,301,273
	15,553		Primerica, Inc		1,962,478
	100,356		Progressive Corp		6,994,813
	8,518		RenaissanceRe Holdings Ltd		1,594,399
	21,712		Travelers Cos, Inc		2,845,575
			TOTAL INSURANCE		71,587,483
MATERIALS - 1.4%
	16,007		Air Products & Chemicals, Inc		3,413,653
	14,708		Aptargroup, Inc		1,737,750
	40,299		Avery Dennison Corp		5,152,630
	32,513	*	Axalta Coating Systems Ltd		958,808
	171,916		Ball Corp		12,028,963
	25,887	*	Berry Global Group, Inc		1,074,569
	11,183		CF Industries Holdings, Inc		507,149
	38,411	*	Crown Holdings, Inc		2,797,857
	20,339		Eagle Materials, Inc		1,857,764
	132,549		Ecolab, Inc		25,458,687
	44,256	*	Element Solutions, Inc		480,620
	9,807		Martin Marietta Materials, Inc		2,568,551
	3,749		NewMarket Corp		1,820,102
	39,257		PPG Industries, Inc		4,911,836
	12,470		Royal Gold, Inc		1,439,537
	11,024		RPM International, Inc		798,468
	20,199		Scotts Miracle-Gro Co (Class A)		2,027,778
	5,802		Sealed Air Corp		242,350
	43,457		Sherwin-Williams Co		24,871,310
	30,486		Southern Copper Corp (NY)		1,084,692
	62,963		Vulcan Materials Co		8,995,524
	29,227		WR Grace and Co		1,942,134
			TOTAL MATERIALS		106,170,732
MEDIA & ENTERTAINMENT - 11.3%
	20,959		Activision Blizzard, Inc		1,174,333
	157,560	*	Alphabet, Inc (Class A)		198,336,528
	159,948	*	Alphabet, Inc (Class C)		201,552,075
	164,106		Altice USA, Inc		5,079,081
	22,117	*	AMC Networks, Inc		963,195
	2,223		Cable One, Inc		2,946,298
	156,706		CBS Corp (Class B)		5,647,684
	49,209	*	Charter Communications, Inc		23,022,923
	1,115,032		Comcast Corp (Class A)		49,975,734
	138,518	*	Electronic Arts, Inc		13,353,135
	1,257,351	*	Facebook, Inc		240,971,319
	17,416		Fox Corp (Class A)		558,009

197

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
	8,089		Fox Corp (Class B)	$	252,700
	6,338	*	Grocery Outlet Holding Corp		202,182
	23,086	*	IAC/InterActiveCorp		5,246,294
	18,139		Interpublic Group of Cos, Inc		394,523
	69,142	*	Live Nation, Inc		4,874,511
	1,258	*	Madison Square Garden Co		335,785
	30,221	e	Match Group, Inc		2,205,831
	221,714	*	NetFlix, Inc		63,722,821
	15,570		New York Times Co (Class A)		481,113
	17,710		Nexstar Broadcasting Group, Inc (Class A)		1,723,006
	59,413		Omnicom Group, Inc		4,586,089
	28,869		Sinclair Broadcast Group, Inc (Class A)		1,150,141
	724,956	e	Sirius XM Holdings, Inc		4,871,704
	61,910	*	Spotify Technology S.A.		8,933,613
	26,591	*	Take-Two Interactive Software, Inc		3,200,227
	52,873	*	TripAdvisor, Inc		2,136,069
	396,720	*	Twitter, Inc		11,889,698
	25,298	e	World Wrestling Entertainment, Inc (Class A)		1,417,700
	94,527	*	Zynga, Inc		583,232
			TOTAL MEDIA & ENTERTAINMENT		861,787,553
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.1%
	777,699		AbbVie, Inc		61,865,955
	6,109	*	Adaptive Biotechnologies Corp		159,231
	15,607		Agilent Technologies, Inc		1,182,230
	2,823	*,e	Agios Pharmaceuticals, Inc		84,916
	85,426	*	Alexion Pharmaceuticals, Inc		9,003,900
	48,428	*	Alnylam Pharmaceuticals, Inc		4,200,645
	290,403		Amgen, Inc		61,928,440
	86,869	*	Avantor, Inc		1,234,408
	33,088	*	Biogen Idec, Inc		9,883,716
	92,917	*	BioMarin Pharmaceutical, Inc		6,802,454
	19,409		Bio-Techne Corp		4,040,372
	352,896		Bristol-Myers Squibb Co		20,245,644
	52,961		Bruker BioSciences Corp		2,356,764
	369,789	*	Celgene Corp		39,948,306
	24,639	*	Charles River Laboratories International, Inc		3,202,577
	451,032		Eli Lilly & Co		51,395,096
	67,244	*	Exact Sciences Corp		5,850,228
	62,450	*	Exelixis, Inc		964,852
	97,593		Gilead Sciences, Inc		6,217,650
	10,796	*	Horizon Pharma plc		312,112
	77,479	*	Illumina, Inc		22,896,594
	95,055	*	Incyte Corp		7,977,016
	66,976	*	Ionis Pharmaceuticals, Inc		3,731,903
	40,717	*	IQVIA Holdings, Inc		5,880,349
	25,148	*	Jazz Pharmaceuticals plc		3,159,343
	212,068		Johnson & Johnson		28,001,459
	1,284,956		Merck & Co, Inc		111,354,287
	12,678	*	Mettler-Toledo International, Inc		8,937,229
	96,371	*,e	Moderna, Inc		1,614,214
	13,133	*,e	Nektar Therapeutics		224,903
	47,973	*	Neurocrine Biosciences, Inc		4,772,834

198

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
	12,411	*	PerkinElmer, Inc	$	1,066,850
	32,779	*	PRA Health Sciences, Inc		3,202,836
	8,625	*	Regeneron Pharmaceuticals, Inc		2,641,665
	27,015	*	Sage Therapeutics, Inc		3,664,585
	37,592	*,e	Sarepta Therapeutics, Inc		3,122,392
	60,956	*	Seattle Genetics, Inc		6,546,674
	142,393		Thermo Fisher Scientific, Inc		42,999,838
	134,406	*	Vertex Pharmaceuticals, Inc		26,273,685
	35,508	*	Waters Corp		7,514,203
	251,065		Zoetis, Inc		32,116,235
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		618,578,590
REAL ESTATE - 2.5%
	56,391		American Homes 4 Rent		1,492,670
	231,319		American Tower Corp		50,446,047
	103,863		Americold Realty Trust		4,163,868
	48,172		Brookfield Property REIT, Inc		910,451
	63,198	*	CBRE Group, Inc		3,384,253
	13,745		Colony Capital, Inc		76,972
	14,626		Coresite Realty		1,718,555
	217,778		Crown Castle International Corp		30,225,409
	44,117		Equinix, Inc		25,004,633
	89,270		Equity Lifestyle Properties, Inc		6,243,544
	53,197		Extra Space Storage, Inc		5,972,427
	7,275	*	Howard Hughes Corp		813,490
	23,218		Iron Mountain, Inc		761,550
	3,033		Jones Lang LaSalle, Inc		444,395
	43,503		Lamar Advertising Co		3,480,675
	11,183		Outfront Media, Inc		294,225
	59,149		Public Storage, Inc		13,181,946
	58,445		SBA Communications Corp		14,064,789
	142,695		Simon Property Group, Inc		21,501,283
	10,370		Sun Communities, Inc		1,686,680
	7,570		UDR, Inc		380,393
			TOTAL REAL ESTATE		186,248,255
RETAILING - 9.9%
	8,391		Advance Auto Parts, Inc		1,363,370
	217,609	*	Amazon.com, Inc		386,617,206
	12,876	*	AutoZone, Inc		14,735,037
	24,033		Best Buy Co, Inc		1,726,290
	22,356	*	Booking Holdings, Inc		45,802,302
	34,216	*	Burlington Stores, Inc		6,575,289
	40,184	*	CarMax, Inc		3,743,943
	23,358	*,e	Carvana Co		1,893,867
	127,989		Dollar General Corp		20,521,756
	67,759	*	Dollar Tree, Inc		7,480,594
	416,115		eBay, Inc		14,668,054
	61,055	*	Etsy, Inc		2,716,337
	63,095		Expedia, Inc		8,622,563
	27,988	*	Five Below, Inc		3,501,579
	37,712	*	Floor & Decor Holdings, Inc		1,728,341
	46,044	*,e	GrubHub, Inc		1,568,259
	330,325		Home Depot, Inc		77,487,639

199

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
	18,302		L Brands, Inc	$	311,866
	24,395	*	LKQ Corp		829,186
	412,903		Lowe’s Companies, Inc		46,084,104
	60,208	e	Nordstrom, Inc		2,161,467
	26,914	*,e	Ollie’s Bargain Outlet Holdings, Inc		1,719,266
	40,024	*	O’Reilly Automotive, Inc		17,430,852
	20,521		Pool Corp		4,256,055
	188,471		Ross Stores, Inc		20,669,614
	13,534		Target Corp		1,446,920
	636,595		TJX Companies, Inc		36,699,702
	63,050		Tractor Supply Co		5,991,011
	29,213	*	Ulta Beauty, Inc		6,811,011
	33,597	*,e	Wayfair, Inc		2,762,681
	10,251	e	Williams-Sonoma, Inc		684,664
			TOTAL RETAILING		748,610,825
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.4%
	526,538	*	Advanced Micro Devices, Inc		17,865,434
	27,389		Analog Devices, Inc		2,920,489
	265,177		Applied Materials, Inc		14,388,504
	203,193		Broadcom, Inc		59,505,070
	4,088	*	Cree, Inc		195,120
	68,837		Entegris, Inc		3,304,176
	84,175		Kla-Tencor Corp		14,228,942
	66,406		Lam Research Corp		17,998,682
	52,216		Maxim Integrated Products, Inc		3,062,991
	33,436		Microchip Technology, Inc		3,152,680
	21,701		Monolithic Power Systems, Inc		3,253,414
	307,049		NVIDIA Corp		61,722,990
	640,543		QUALCOMM, Inc		51,525,279
	4,412		Skyworks Solutions, Inc		401,757
	91,177		Teradyne, Inc		5,581,856
	493,234		Texas Instruments, Inc		58,196,680
	22,330		Universal Display Corp		4,470,019
	133,202		Xilinx, Inc		12,086,750
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		333,860,833
SOFTWARE & SERVICES - 22.9%
	10,520	*	2U, Inc		188,571
	335,321		Accenture plc		62,175,220
	255,599	*	Adobe, Inc		71,038,630
	77,126	*	Akamai Technologies, Inc		6,671,399
	2,438		Alliance Data Systems Corp		243,800
	25,296	*	Alteryx, Inc		2,314,584
	46,584	*	Anaplan, Inc		2,198,765
	43,771	*	Ansys, Inc		9,636,186
	35,268	*	Aspen Technology, Inc		4,059,699
	55,423	*	Atlassian Corp plc		6,694,544
	88,375	*	Autodesk, Inc		13,022,940
	228,145		Automatic Data Processing, Inc		37,011,963
	25,002	*	Avalara, Inc		1,775,142
	76,616	*	Black Knight, Inc		4,918,747
	69,750		Booz Allen Hamilton Holding Co		4,908,308

200

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
	59,163		Broadridge Financial Solutions, Inc	$	7,408,391
	144,460	*	Cadence Design Systems, Inc		9,440,461
	64,301		CDK Global, Inc		3,249,773
	34,941	*	Ceridian HCM Holding, Inc		1,685,903
	59,317		Citrix Systems, Inc		6,457,249
	22,662		Cognizant Technology Solutions Corp (Class A)		1,381,022
	31,286	*	Coupa Software, Inc		4,301,512
	82,988	*	DocuSign, Inc		5,492,976
	108,204	*	Dropbox, Inc		2,144,603
	15,536	*	Dynatrace, Inc		314,293
	23,196	*,e	Elastic NV		1,670,344
	27,477	*	EPAM Systems, Inc		4,834,853
	25,564	*	Euronet Worldwide, Inc		3,580,749
	14,912	*	Fair Isaac Corp		4,533,844
	196,326		Fidelity National Information Services, Inc		25,867,914
	101,937	*	FireEye, Inc		1,614,682
	2,302	*	First American Corp		93,208
	296,650	*	Fiserv, Inc		31,486,431
	44,343	*	FleetCor Technologies, Inc		13,046,597
	76,478	*	Fortinet, Inc		6,237,546
	45,093	*	Gartner, Inc		6,947,929
	91,063		Genpact Ltd		3,566,938
	156,647		Global Payments, Inc		26,501,539
	89,955	*	GoDaddy, Inc		5,849,774
	41,138	*	Guidewire Software, Inc		4,637,898
	20,357	*	HubSpot, Inc		3,157,371
	282,933		International Business Machines Corp		37,836,630
	131,076		Intuit, Inc		33,752,070
	34,696		Jack Henry & Associates, Inc		4,911,566
	33,436	*	Manhattan Associates, Inc		2,506,028
	472,823		MasterCard, Inc (Class A)		130,882,135
	6,641	*	Medallia, Inc		193,120
	3,980,713		Microsoft Corp		570,714,823
	21,882	*,e	MongoDB, Inc		2,795,863
	27,482	*	New Relic, Inc		1,760,497
	71,560	*	Nutanix, Inc		2,090,983
	53,834	*	Okta, Inc		5,871,674
	1,179,808		Oracle Corp		64,287,738
	5,133	*	Pagerduty, Inc		118,008
	49,113	*	Palo Alto Networks, Inc		11,167,805
	168,198		Paychex, Inc		14,068,081
	26,086	*	Paycom Software, Inc		5,517,972
	16,576	*	Paylocity Holding Corp		1,700,698
	618,322	*	PayPal Holdings, Inc		64,367,320
	20,231		Pegasystems, Inc		1,521,574
	32,914	*,e	Pluralsight, Inc		595,085
	28,080	*	Proofpoint, Inc		3,239,590
	53,172	*	PTC, Inc		3,557,739
	40,599	*	RealPage, Inc		2,458,269
	36,674	*	RingCentral, Inc		5,923,584
	24,607		Sabre Corp		577,772
	431,305	*	salesforce.com, Inc		67,494,919
	97,661	*	ServiceNow, Inc		24,147,659
	49,573	*	Smartsheet, Inc		1,953,176

201

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
	6,588	*,e	SolarWinds Corp	$	124,843
	78,442	*	Splunk, Inc		9,409,902
	177,666	*	Square, Inc		10,914,022
	107,023		SS&C Technologies Holdings, Inc		5,566,266
	39,579		Switch, Inc		584,582
	77,901	*	Synopsys, Inc		10,575,061
	59,610	*	Teradata Corp		1,784,127
	20,305	*	Trade Desk, Inc		4,077,244
	62,613	*	Twilio, Inc		6,045,911
	19,738	*	Tyler Technologies, Inc		5,300,048
	37,864	*	VeriSign, Inc		7,194,917
	916,324		Visa, Inc (Class A)		163,893,711
	41,080		VMware, Inc (Class A)		6,501,732
	48,225		Western Union Co		1,208,519
	22,158	*	WEX, Inc		4,191,850
	83,979	*	Workday, Inc		13,618,035
	56,618	*	Zendesk, Inc		4,000,062
	36,059	*	Zscaler, Inc		1,585,875
			TOTAL SOFTWARE & SERVICES		1,734,951,383
TECHNOLOGY HARDWARE & EQUIPMENT - 10.4%
	152,748		Amphenol Corp (Class A)		15,325,207
	2,379,056		Apple, Inc		591,813,971
	31,157	*	Arista Networks, Inc		7,620,067
	76,172		CDW Corp		9,743,161
	2,254,393		Cisco Systems, Inc		107,106,211
	88,321		Cognex Corp		4,547,648
	124,925		Corning, Inc		3,701,528
	56,167	*	Dell Technologies, Inc		2,970,673
	4,271		Dolby Laboratories, Inc (Class A)		274,753
	28,314	*	F5 Networks, Inc		4,079,481
	5,601		FLIR Systems, Inc		288,788
	40,220		HP, Inc		698,621
	1,288	*	IPG Photonics Corp		172,953
	16,374		Jabil Circuit, Inc		602,891
	98,468	*	Keysight Technologies, Inc		9,936,406
	63,570		Motorola Solutions, Inc		10,572,962
	3,657		National Instruments Corp		151,363
	61,321	*	NCR Corp		1,791,186
	125,258		NetApp, Inc		6,999,417
	116,909	*	Pure Storage, Inc		2,275,049
	21,996	*	Trimble Navigation Ltd		876,321
	8,572	e	Ubiquiti, Inc		1,085,129
	28,518	*	Zebra Technologies Corp (Class A)		6,783,577
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		789,417,363
TELECOMMUNICATION SERVICES - 0.1%
	86,446	*	T-Mobile US, Inc		7,145,626
	119,861	*	Zayo Group Holdings, Inc		4,092,055
			TOTAL TELECOMMUNICATION SERVICES		11,237,681

202

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
TRANSPORTATION - 2.0%
	28,287		Alaska Air Group, Inc	$	1,963,967
	20,605		American Airlines Group, Inc		619,386
	55,388		CH Robinson Worldwide, Inc		4,189,548
	145,139		CSX Corp		10,198,918
	63,726		Delta Air Lines, Inc		3,510,028
	65,439		Expeditors International of Washington, Inc		4,773,121
	5,812	*	Genesee & Wyoming, Inc (Class A)		645,306
	13,575		JB Hunt Transport Services, Inc		1,595,877
	13,518	*	JetBlue Airways Corp		260,897
	18,476		Landstar System, Inc		2,090,559
	1,800	*,e	Lyft, Inc (Class A)		74,592
	18,259		Norfolk Southern Corp		3,323,138
	14,205		Old Dominion Freight Line		2,586,446
	152,898		Southwest Airlines Co		8,582,165
	9,974	*,e	Uber Technologies, Inc		314,181
	372,667		Union Pacific Corp		61,661,482
	27,116	*	United Continental Holdings, Inc		2,463,218
	366,180		United Parcel Service, Inc (Class B)		42,172,950
	27,227	*	XPO Logistics, Inc		2,080,143
			TOTAL TRANSPORTATION		153,105,922
			TOTAL COMMON STOCKS		7,588,030,848
			(Cost $4,638,429,806)
SHORT-TERM INVESTMENTS - 0.4%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.4%
	30,392,962	c	State Street Navigator Securities Lending Government Money Market Portfolio		30,392,962
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		30,392,962
			TOTAL SHORT-TERM INVESTMENTS		30,392,962
			(Cost $30,392,962)
			TOTAL INVESTMENTS - 100.3%		7,618,423,810
			(Cost $4,668,822,768)
			OTHER ASSETS & LIABILITIES, NET - (0.3)%		(25,968,201	)
			NET ASSETS - 100.0%	$	7,592,455,609

	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 $36,225,135.

203

TIAA-CREF FUNDS - Large-Cap Value Index Fund

TIAA-CREF FUNDS

LARGE-CAP VALUE INDEX FUND

SCHEDULE OF INVESTMENTS

October 31, 2019

SHARES		COMPANY	VALUE
COMMON STOCKS - 99.9%
AUTOMOBILES & COMPONENTS - 1.0%
	119,879	Aptiv plc	$	10,735,164
	101,510	BorgWarner, Inc		4,230,937
	1,948,228	Ford Motor Co		16,735,279
	623,939	General Motors Co		23,185,573
	129,218	Gentex Corp		3,624,565
	117,634	Goodyear Tire & Rubber Co		1,866,852
	79,398	Harley-Davidson, Inc		3,089,376
	29,666	Lear Corp		3,493,765
	28,589	Thor Industries, Inc		1,808,540
		TOTAL AUTOMOBILES & COMPONENTS		68,770,051
BANKS - 11.0%
	75,521	Associated Banc-Corp		1,518,727
	4,215,984	Bank of America Corp		131,833,820
	20,343	Bank of Hawaii Corp		1,776,147
	59,015	Bank OZK		1,655,961
	45,310	BankUnited		1,554,133
	381,195	BB&T Corp		20,222,395
	15,588	BOK Financial Corp		1,202,614
	42,125	CIT Group, Inc		1,806,741
	1,130,189	Citigroup, Inc		81,215,382
	222,071	Citizens Financial Group, Inc		7,808,016
	68,901	Comerica, Inc		4,507,503
	50,495	Commerce Bancshares, Inc		3,249,858
	28,382	Cullen/Frost Bankers, Inc		2,556,651
	69,181	East West Bancorp, Inc		2,969,248
	364,074	Fifth Third Bancorp		10,587,272
	3,766	First Citizens Bancshares, Inc (Class A)		1,852,571
	65,206	First Hawaiian, Inc		1,782,080
	155,445	First Horizon National Corp		2,482,457
	68,947	First Republic Bank		7,333,203
	153,851	FNB Corp		1,855,443
	521,692	Huntington Bancshares, Inc		7,371,508
	1,591,713	JPMorgan Chase & Co		198,836,788
	504,510	Keycorp		9,066,045
	66,880	M&T Bank Corp		10,468,726
	183,255	MGIC Investment Corp		2,512,426
	229,495	New York Community Bancorp, Inc		2,673,617
	61,397	PacWest Bancorp		2,271,075
	219,945	People’s United Financial, Inc		3,556,511
	35,717	Pinnacle Financial Partners, Inc		2,100,874
	222,976	PNC Financial Services Group, Inc		32,710,579
	50,473	Popular, Inc		2,748,760
	40,521	Prosperity Bancshares, Inc		2,796,759
	490,516	Regions Financial Corp		7,897,308
	13,044	Signature Bank		1,543,366

204

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	98,805		Sterling Bancorp/DE	$	1,941,518
	223,619		SunTrust Banks, Inc		15,282,122
	23,852	*	SVB Financial Group		5,282,741
	66,348		Synovus Financial Corp		2,247,207
	73,360		TCF Financial Corp		2,904,322
	23,912	*	Texas Capital Bancshares, Inc		1,292,683
	28,690		TFS Financial Corp		552,569
	104,464		Umpqua Holdings Corp		1,652,620
	716,859		US Bancorp		40,875,300
	47,766		Webster Financial Corp		2,106,481
	1,987,553		Wells Fargo & Co		102,617,361
	45,539		Western Alliance Bancorp		2,246,439
	26,591		Wintrust Financial Corp		1,697,038
	87,842		Zions Bancorporation		4,257,702
			TOTAL BANKS		761,280,667
CAPITAL GOODS - 7.2%
	66,330		3M Co		10,943,787
	55,206		A.O. Smith Corp		2,742,634
	15,527		Acuity Brands, Inc		1,937,614
	73,886	*	Aecom Technology Corp		2,956,179
	30,445		AGCO Corp		2,334,827
	50,118		Air Lease Corp		2,204,190
	11,012		Allegion plc		1,277,832
	22,227		Ametek, Inc		2,037,105
	197,607		Arconic, Inc		5,428,264
	11,597		BWX Technologies, Inc		673,786
	3,589		Carlisle Cos, Inc		546,497
	252,280		Caterpillar, Inc		34,764,184
	47,126	*,e	Colfax Corp		1,583,434
	24,669		Crane Co		1,887,672
	77,029		Cummins, Inc		13,285,962
	20,925		Curtiss-Wright Corp		2,830,106
	142,275		Deere & Co		24,775,768
	40,837		Dover Corp		4,242,556
	210,149		Eaton Corp		18,306,079
	278,286		Emerson Electric Co		19,521,763
	25,913		Fastenal Co		931,313
	53,257		Flowserve Corp		2,601,072
	77,308		Fluor Corp		1,245,432
	114,611		Fortive Corp		7,908,159
	48,936		Fortune Brands Home & Security, Inc		2,938,607
	68,859	*	Gardner Denver Holdings, Inc		2,191,782
	21,166	*,e	Gates Industrial Corp plc		211,660
	119,571		General Dynamics Corp		21,140,153
	4,337,701		General Electric Co		43,290,256
	35,972	e	GrafTech International Ltd		434,542
	86,291	*	HD Supply Holdings, Inc		3,411,946
	2,707		Hexcel Corp		201,996
	184,723		Honeywell International, Inc		31,907,204
	11,612		Hubbell, Inc		1,645,420
	3,992		Huntington Ingalls		900,835
	19,291		IDEX Corp		3,000,329
	6,779		Ingersoll-Rand plc		860,187

205

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	43,797		ITT, Inc	$	2,603,732
	65,214		Jacobs Engineering Group, Inc		6,102,726
	396,605		Johnson Controls International plc		17,184,895
	54,630		L3Harris Technologies, Inc		11,270,715
	1,582		Lennox International, Inc		391,323
	1,637		Lincoln Electric Holdings, Inc		146,626
	144,455		Masco Corp		6,681,044
	20,810		MSC Industrial Direct Co (Class A)		1,523,500
	3,195		Nordson Corp		501,008
	77,178		nVent Electric plc		1,779,725
	34,841		Oshkosh Truck Corp		2,974,725
	52,229		Owens Corning, Inc		3,200,593
	168,900		PACCAR, Inc		12,846,534
	63,613		Parker-Hannifin Corp		11,672,349
	82,397		Pentair plc		3,417,004
	53,002		Quanta Services, Inc		2,228,734
	52,903		Raytheon Co		11,226,546
	20,839		Regal-Beloit Corp		1,543,128
	67,572	*	Resideo Technologies, Inc		643,961
	43,055		Roper Industries, Inc		14,507,813
	43,893	*	Sensata Technologies Holding plc		2,246,883
	27,493		Snap-On, Inc		4,472,286
	4,908		Spirit Aerosystems Holdings, Inc (Class A)		401,573
	74,566		Stanley Black & Decker, Inc		11,284,073
	17,468	*	Teledyne Technologies, Inc		5,757,453
	115,383		Textron, Inc		5,318,002
	32,939		Timken Co		1,614,011
	4,776		TransDigm Group, Inc		2,513,513
	50,750		Trinity Industries, Inc		1,003,835
	10,900	*	United Rentals, Inc		1,455,913
	405,872		United Technologies Corp		58,275,102
	84,939	*	Univar, Inc		1,822,791
	11,005		Valmont Industries, Inc		1,509,776
	5,433	*	WABCO Holdings, Inc		731,390
	66,203		Wabtec Corp		4,592,502
	16,478		Watsco, Inc		2,905,071
	23,292	*	WESCO International, Inc		1,168,094
	4,749		Woodward Governor Co		506,528
			TOTAL CAPITAL GOODS		499,126,609
COMMERCIAL & PROFESSIONAL SERVICES - 0.5%
	50,297	e	ADT, Inc		389,299
	24,532	*	Clean Harbors, Inc		2,022,909
	8,782		Equifax, Inc		1,200,587
	4,104	*	IAA, Inc		156,568
	73,119	*	IHS Markit Ltd		5,119,792
	4,104		KAR Auction Services, Inc		102,025
	29,266		Manpower, Inc		2,660,865
	157,495		Nielsen NV		3,175,099
	101,026		Republic Services, Inc		8,840,785
	43,631	*	Stericycle, Inc		2,513,146
	45,913		Waste Management, Inc		5,151,898
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		31,332,973

206

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
CONSUMER DURABLES & APPAREL - 0.9%
	41,628		Brunswick Corp	$	2,424,415
	39,702	*	Capri Holdings Ltd		1,233,541
	11,733		Carter’s, Inc		1,176,116
	4,947		Columbia Sportswear Co		447,456
	169,994		DR Horton, Inc		8,902,586
	71,741	*	Garmin Ltd		6,725,719
	38,392		Hanesbrands, Inc		583,942
	62,443		Leggett & Platt, Inc		3,203,326
	2,777		Lennar Corp (B Shares)		130,575
	82,260		Lennar Corp (Class A)		4,902,696
	67,948	*,e	Mattel, Inc		811,299
	30,017	*	Mohawk Industries, Inc		4,303,837
	192,623		Newell Rubbermaid, Inc		3,654,058
	2,851		Polaris Industries, Inc		281,251
	128,940		Pulte Homes, Inc		5,059,606
	38,235		PVH Corp		3,332,563
	26,086		Ralph Lauren Corp		2,505,821
	43,377	*	Skechers U.S.A., Inc (Class A)		1,620,998
	138,565		Tapestry, Inc		3,583,291
	69,443		Toll Brothers, Inc		2,761,748
	30,616	*	Under Armour, Inc (Class A)		632,220
	34,999	*	Under Armour, Inc (Class C)		647,482
	30,965		Whirlpool Corp		4,710,396
			TOTAL CONSUMER DURABLES & APPAREL		63,634,942
CONSUMER SERVICES - 1.9%
	121,403		ARAMARK Holdings Corp		5,312,595
	283,630	*	Caesars Entertainment Corp		3,482,976
	197,703		Carnival Corp		8,479,482
	9,061		Choice Hotels International, Inc		801,717
	2,598		Dunkin Brands Group, Inc		204,255
	89,479		Extended Stay America, Inc		1,271,497
	44,900	*	frontdoor, Inc		2,165,527
	1,998		Graham Holdings Co		1,258,061
	22,529	*	Grand Canyon Education, Inc		2,071,767
	86,625		H&R Block, Inc		2,164,759
	37,222	*	Hilton Grand Vacations, Inc		1,292,720
	18,848		Hyatt Hotels Corp		1,408,700
	59,056	e	International Game Technology plc		781,901
	88,191		Las Vegas Sands Corp		5,453,731
	322,265		McDonald’s Corp		63,389,526
	233,758		MGM Resorts International		6,662,103
	85,397	*	Norwegian Cruise Line Holdings Ltd		4,334,752
	85,447		Royal Caribbean Cruises Ltd		9,299,197
	58,401		Service Corp International		2,656,077
	58,316	*	ServiceMaster Global Holdings, Inc		2,354,800
	34,379		Six Flags Entertainment Corp		1,450,450
	2,050		Vail Resorts, Inc		476,358
	44,050		Wyndham Destinations, Inc		2,044,360
	32,085		Wyndham Hotels & Resorts, Inc		1,731,627
	8,023		Wynn Resorts Ltd		973,511

207

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	33,337		Yum China Holdings, Inc	$	1,416,823
	17,998		Yum! Brands, Inc		1,830,577
			TOTAL CONSUMER SERVICES		134,769,849
DIVERSIFIED FINANCIALS - 5.7%
	25,809		Affiliated Managers Group, Inc		2,061,623
	279,227		AGNC Investment Corp		4,760,820
	192,408		Ally Financial, Inc		5,893,457
	152,688		American Express Co		17,907,249
	55,647		Ameriprise Financial, Inc		8,396,576
	715,437		Annaly Capital Management, Inc		6,424,624
	145,417		AXA Equitable Holdings, Inc		3,141,007
	417,685		Bank of New York Mellon Corp		19,526,774
	159,824		BGC Partners, Inc (Class A)		831,085
	59,463		BlackRock, Inc		27,454,067
	234,983		Capital One Financial Corp		21,912,165
	41,601		CBOE Global Markets, Inc		4,790,355
	233,855		Charles Schwab Corp		9,520,237
	89,998		Chimera Investment Corp		1,823,359
	177,414		CME Group, Inc		36,502,931
	665	*	Credit Acceptance Corp		291,144
	102,275		Discover Financial Services		8,208,592
	99,939		E*TRADE Financial Corp		4,176,451
	53,244		Eaton Vance Corp		2,427,926
	12,472		Evercore Partners, Inc (Class A)		918,438
	141,528		Franklin Resources, Inc		3,899,096
	162,206		Goldman Sachs Group, Inc		34,611,516
	25,374		Interactive Brokers Group, Inc (Class A)		1,207,041
	166,675		IntercontinentalExchange Group, Inc		15,720,786
	192,422		Invesco Ltd		3,236,538
	317,330		iShares Russell 1000 Value Index Fund		41,275,113
	78,065		Janus Henderson Group plc		1,805,643
	133,792		Jefferies Financial Group, Inc		2,497,897
	32,000		Lazard Ltd (Class A)		1,194,560
	40,133		Legg Mason, Inc		1,495,356
	226,750		MFA Mortgage Investments, Inc		1,721,033
	592,006		Morgan Stanley		27,261,876
	58,131		NASDAQ OMX Group, Inc		5,799,730
	100,313		Navient Corp		1,381,310
	214,954		New Residential Investment Corp		3,404,871
	97,667		Northern Trust Corp		9,735,447
	33,765		OneMain Holdings, Inc		1,350,600
	48,562		Raymond James Financial, Inc		4,054,441
	55,809		Santander Consumer USA Holdings, Inc		1,399,690
	35,658		SEI Investments Co		2,136,627
	201,539		SLM Corp		1,700,989
	142,103		Starwood Property Trust, Inc		3,495,734
	185,337		State Street Corp		12,245,216
	243,797		Synchrony Financial		8,623,100
	81,876		T Rowe Price Group, Inc		9,481,241
	16,794		TD Ameritrade Holding Corp		644,554
	130,467		Two Harbors Investment Corp		1,809,577
	12,688	e	Virtu Financial, Inc		215,188
	66,519		Voya Financial, Inc		3,589,365
			TOTAL DIVERSIFIED FINANCIALS		393,963,015

208

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
ENERGY - 8.0%
	107,499	e	Antero Midstream Corp	$	692,294
	125,849	*,e	Antero Resources Corp		314,622
	187,936		Apache Corp		4,070,694
	42,596	*	Apergy Corp		1,072,141
	317,624		Baker Hughes a GE Co		6,797,154
	82,938		Cabot Oil & Gas Corp		1,545,964
	126,651	*	Centennial Resource Development, Inc		430,613
	50,363	*	Cheniere Energy, Inc		3,099,843
	720,650	*,e	Chesapeake Energy Corp		965,671
	954,391		Chevron Corp		110,842,971
	47,679		Cimarex Energy Co		2,013,007
	99,645		Concho Resources, Inc		6,728,030
	557,458		ConocoPhillips		30,771,681
	41,421	*	Continental Resources, Inc		1,220,677
	205,957	*	Devon Energy Corp		4,176,808
	63,964		Diamondback Energy, Inc		5,485,553
	289,024		EOG Resources, Inc		20,032,253
	120,447		EQT Corp		1,293,601
	87,262		Equitrans Midstream Corp		1,214,687
	2,119,329		Exxon Mobil Corp		143,203,060
	424,446		Halliburton Co		8,170,585
	54,153		Helmerich & Payne, Inc		2,030,737
	134,810		Hess Corp		8,863,758
	75,417		HollyFrontier Corp		4,143,410
	981,474		Kinder Morgan, Inc		19,609,851
	172,474		Kosmos Energy Ltd		1,069,339
	393,558		Marathon Oil Corp		4,537,724
	327,184		Marathon Petroleum Corp		20,923,417
	78,186		Murphy Oil Corp		1,612,977
	190,893		National Oilwell Varco, Inc		4,318,000
	236,637		Noble Energy, Inc		4,557,629
	446,063		Occidental Petroleum Corp		18,065,552
	139,127		ONEOK, Inc		9,715,238
	54,873		Parsley Energy, Inc		867,542
	104,987		Patterson-UTI Energy, Inc		873,492
	63,701		PBF Energy, Inc		2,056,268
	225,340		Phillips 66		26,324,219
	48,688		Pioneer Natural Resources Co		5,989,598
	100,495	e	Range Resources Corp		404,995
	690,072		Schlumberger Ltd		22,558,454
	111,673		Targa Resources Investments, Inc		4,341,846
	328,256	*,e	Transocean Ltd (NYSE)		1,559,216
	207,485		Valero Energy Corp		20,121,895
	603,858		Williams Cos, Inc		13,472,072
	197,727	*	WPX Energy, Inc		1,973,315
			TOTAL ENERGY		554,132,453
FOOD & STAPLES RETAILING - 1.7%
	14,285		Casey’s General Stores, Inc		2,440,021
	395,480		Kroger Co		9,744,627
	29,582	*	Sprouts Farmers Market, Inc		574,187

209

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	108,783	*	US Foods Holding Corp	$	4,315,422
	379,907		Walgreens Boots Alliance, Inc		20,811,305
	703,090		Walmart, Inc		82,444,333
			TOTAL FOOD & STAPLES RETAILING		120,329,895
FOOD, BEVERAGE & TOBACCO - 4.2%
	477,521		Altria Group, Inc		21,388,165
	279,725		Archer-Daniels-Midland Co		11,759,639
	7,520	*,e	Beyond Meat, Inc		635,064
	1,592		Brown-Forman Corp (Class A)		98,943
	5,411		Brown-Forman Corp (Class B)		354,529
	66,798		Bunge Ltd		3,607,092
	34,464		Campbell Soup Co		1,596,028
	611,567		Coca-Cola Co		33,287,592
	242,702		ConAgra Brands, Inc		6,565,089
	78,936		Constellation Brands, Inc (Class A)		15,023,889
	102,493		Flowers Foods, Inc		2,226,148
	298,305		General Mills, Inc		15,171,792
	43,423	*	Hain Celestial Group, Inc		1,026,520
	10,200		Hershey Co		1,498,074
	138,508	e	Hormel Foods Corp		5,663,592
	33,925		Ingredion, Inc		2,680,075
	53,903		J.M. Smucker Co		5,696,469
	75,576		Kellogg Co		4,801,343
	104,359		Keurig Dr Pepper, Inc		2,938,749
	311,496		Kraft Heinz Co		10,070,666
	54,397		Lamb Weston Holdings, Inc		4,245,142
	21,901		McCormick & Co, Inc		3,519,272
	85,949		Molson Coors Brewing Co (Class B)		4,531,231
	712,064		Mondelez International, Inc		37,347,757
	113,136		PepsiCo, Inc		15,518,865
	777,942		Philip Morris International, Inc		63,355,596
	16,394	*	Pilgrim’s Pride Corp		497,722
	17,054	*	Post Holdings, Inc		1,754,857
	137		Seaboard Corp		578,015
	21,985	*	TreeHouse Foods, Inc		1,187,630
	144,133		Tyson Foods, Inc (Class A)		11,932,771
			TOTAL FOOD, BEVERAGE & TOBACCO		290,558,316
HEALTH CARE EQUIPMENT & SERVICES - 5.8%
	489,298		Abbott Laboratories		40,910,206
	41,737	*,e	Acadia Healthcare Co, Inc		1,251,693
	91,608		Anthem, Inc		24,649,881
	126,662		Baxter International, Inc		9,714,975
	122,889		Becton Dickinson & Co		31,459,584
	7,619	e	Cantel Medical Corp		555,349
	150,002		Cardinal Health, Inc		7,417,599
	32,008	*	Centene Corp		1,698,985
	11,580	*	Change Healthcare, Inc		153,088
	128,773		Cigna Corp		22,980,830
	20,644		Cooper Cos, Inc		6,007,404
	46,195	*	Covetrus, Inc		458,023
	650,401		CVS Health Corp		43,180,122
	300,485		Danaher Corp		41,412,843

210

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	60,252	*	DaVita, Inc	$	3,530,767
	111,300		Dentsply Sirona, Inc		6,097,014
	23,059		Encompass Health Corp		1,476,237
	54,825		HCA Healthcare, Inc		7,321,330
	64,384	*,e	Henry Schein, Inc		4,029,473
	15,391		Hill-Rom Holdings, Inc		1,611,284
	24,900	*	Hologic, Inc		1,202,919
	38,317		Humana, Inc		11,272,861
	6,367	*	ICU Medical, Inc		1,028,971
	37,078	*	Integra LifeSciences Holdings Corp		2,152,749
	46,142	*	Laboratory Corp of America Holdings		7,602,817
	82,494		McKesson Corp		10,971,702
	45,251	*	MEDNAX, Inc		993,712
	671,712		Medtronic plc		73,149,437
	7,997	*	Molina Healthcare, Inc		940,767
	24,702	*	Premier, Inc		804,791
	66,282		Quest Diagnostics, Inc		6,711,052
	39,071		STERIS plc		5,531,281
	39,678		Universal Health Services, Inc (Class B)		5,454,138
	2,489	*	WellCare Health Plans, Inc		738,237
	8,476		West Pharmaceutical Services, Inc		1,219,188
	102,729		Zimmer Biomet Holdings, Inc		14,200,230
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		399,891,539
HOUSEHOLD & PERSONAL PRODUCTS - 3.0%
	11,258		Clorox Co		1,662,694
	421,683		Colgate-Palmolive Co		28,927,454
	149,391		Coty, Inc		1,746,381
	30,341	e	Energizer Holdings, Inc		1,289,189
	41,526	*	Herbalife Ltd		1,854,966
	171,544		Kimberly-Clark Corp		22,794,767
	26,164		Nu Skin Enterprises, Inc (Class A)		1,166,391
	1,165,852		Procter & Gamble Co		145,160,232
	19,865		Spectrum Brands Holdings, Inc		997,422
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		205,599,496
INSURANCE - 7.4%
	367,529		Aflac, Inc		19,537,842
	6,250		Alleghany Corp		4,864,313
	164,926		Allstate Corp		17,551,425
	35,998		American Financial Group, Inc		3,745,232
	433,565		American International Group, Inc		22,961,602
	3,746		American National Insurance Co		449,445
	164,502	*	Arch Capital Group Ltd		6,869,604
	71,283		Arthur J. Gallagher & Co		6,502,435
	31,500		Assurant, Inc		3,971,205
	48,567		Assured Guaranty Ltd		2,278,764
	47,918	*	Athene Holding Ltd		2,077,245
	38,127		Axis Capital Holdings Ltd		2,265,888
	979,370	*	Berkshire Hathaway, Inc (Class B)		208,194,475
	56,957	*	Brighthouse Financial, Inc		2,150,696
	109,718		Brown & Brown, Inc		4,134,174
	228,113		Chubb Ltd		34,768,983

211

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	76,359		Cincinnati Financial Corp	$	8,644,602
	15,029		CNA Financial Corp		673,900
	4,075		Erie Indemnity Co (Class A)		750,900
	14,138		Everest Re Group Ltd		3,634,738
	56,157		First American Financial Corp		3,469,380
	129,907		FNF Group		5,954,937
	53,834		Globe Life, Inc		5,239,663
	20,725		Hanover Insurance Group, Inc		2,729,690
	180,332		Hartford Financial Services Group, Inc		10,293,351
	26,506		Kemper Corp		1,905,251
	99,470		Lincoln National Corp		5,618,066
	129,153		Loews Corp		6,328,497
	6,233	*	Markel Corp		7,298,843
	31,466		Marsh & McLennan Cos, Inc		3,260,507
	15,352		Mercury General Corp		737,817
	398,714		Metlife, Inc		18,655,828
	143,501		Old Republic International Corp		3,205,812
	7,148		Primerica, Inc		901,935
	137,795		Principal Financial Group		7,355,497
	195,353		Progressive Corp		13,616,104
	201,764		Prudential Financial, Inc		18,388,771
	31,014		Reinsurance Group of America, Inc (Class A)		5,038,845
	13,888		RenaissanceRe Holdings Ltd		2,599,556
	109,005		Travelers Cos, Inc		14,286,195
	102,028		UnumProvident Corp		2,809,851
	70,588		W.R. Berkley Corp		4,934,101
	1,631		White Mountains Insurance Group Ltd		1,746,801
	64,603		Willis Towers Watson plc		12,074,301
			TOTAL INSURANCE		514,477,067
MATERIALS - 4.2%
	94,017		Air Products & Chemicals, Inc		20,050,065
	52,843	e	Albemarle Corp		3,209,684
	88,005	*	Alcoa Corp		1,829,624
	19,718		Aptargroup, Inc		2,329,682
	13,686		Ardagh Group S.A.		255,518
	29,581		Ashland Global Holdings, Inc		2,288,682
	2,611		Avery Dennison Corp		333,842
	68,094	*	Axalta Coating Systems Ltd		2,008,092
	38,711	*	Berry Global Group, Inc		1,606,894
	28,903		Cabot Corp		1,259,882
	62,002		Celanese Corp (Series A)		7,511,542
	99,057		CF Industries Holdings, Inc		4,492,235
	91,723		Chemours Co		1,505,174
	373,593		Corteva, Inc		9,855,383
	26,247	*	Crown Holdings, Inc		1,911,831
	29,752		Domtar Corp		1,082,675
	377,408		Dow, Inc		19,055,330
	373,605		DuPont de Nemours, Inc		24,624,306
	3,737		Eagle Materials, Inc		341,338
	68,313		Eastman Chemical Co		5,194,521
	67,155	*	Element Solutions, Inc		729,303
	64,943		FMC Corp		5,942,285
	724,520		Freeport-McMoRan, Inc (Class B)		7,114,786

212

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	153,798		Graphic Packaging Holding Co	$	2,408,477
	112,785		Huntsman Corp		2,495,932
	53,922	e	International Flavors & Fragrances, Inc		6,579,023
	193,972		International Paper Co		8,472,697
	271,612		Linde plc		53,874,240
	133,193		LyondellBasell Industries AF S.C.A		11,947,412
	21,498		Martin Marietta Materials, Inc		5,630,541
	174,288		Mosaic Co		3,464,845
	346		NewMarket Corp		167,980
	406,779		Newmont Goldcorp Corp		16,161,330
	153,024		Nucor Corp		8,240,342
	80,924		Olin Corp		1,484,146
	77,063		Owens-Illinois, Inc		655,036
	46,541		Packaging Corp of America		5,094,378
	79,620		PPG Industries, Inc		9,962,054
	33,002		Reliance Steel & Aluminum Co		3,829,552
	22,904		Royal Gold, Inc		2,644,038
	53,048		RPM International, Inc		3,842,267
	68,680		Sealed Air Corp		2,868,764
	43,331		Silgan Holdings, Inc		1,333,295
	49,582		Sonoco Products Co		2,860,881
	10,887		Southern Copper Corp (NY)		387,359
	101,254		Steel Dynamics, Inc		3,074,071
	94,902	e	United States Steel Corp		1,092,322
	91,578		Valvoline, Inc		1,954,275
	4,954		Vulcan Materials Co		707,778
	16,830		Westlake Chemical Corp		1,063,488
	124,671		WestRock Co		4,658,955
			TOTAL MATERIALS		291,488,152
MEDIA & ENTERTAINMENT - 4.1%
	357,167		Activision Blizzard, Inc		20,012,067
	15,622		CBS Corp (Class B)		563,017
	32,861	*	Charter Communications, Inc		15,374,347
	51,613		Cinemark Holdings, Inc		1,889,036
	1,195,009		Comcast Corp (Class A)		53,560,303
	75,719	*,e	Discovery, Inc (Class A)		2,041,006
	178,643	*	Discovery, Inc (Class C)		4,508,949
	116,100	*	DISH Network Corp (Class A)		3,991,518
	13,658	*	Electronic Arts, Inc		1,316,631
	156,478		Fox Corp (Class A)		5,013,555
	76,529		Fox Corp (Class B)		2,390,766
	50,955	*	GCI Liberty, Inc		3,565,831
	13,823	*	Grocery Outlet Holding Corp		440,954
	15,607	*	IAC/InterActiveCorp		3,546,691
	172,325		Interpublic Group of Cos, Inc		3,748,069
	19,787		John Wiley & Sons, Inc (Class A)		911,587
	11,807	*	Liberty Broadband Corp (Class A)		1,393,108
	53,161	*	Liberty Broadband Corp (Class C)		6,276,719
	13,075	*	Liberty Media Group (Class A)		528,622
	98,507	*	Liberty Media Group (Class C)		4,186,547
	40,163	*	Liberty SiriusXM Group (Class A)		1,803,720
	77,319	*	Liberty SiriusXM Group (Class C)		3,494,046

213

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	21,744		Lions Gate Entertainment Corp (Class A)	$	173,735
	59,366		Lions Gate Entertainment Corp (Class B)		444,651
	8,191	*	Madison Square Garden Co		2,186,342
	69,582		New York Times Co (Class A)		2,150,084
	193,784		News Corp (Class A)		2,656,779
	54,335		News Corp (Class B)		767,210
	4,820		Nexstar Broadcasting Group, Inc (Class A)		468,938
	51,255		Omnicom Group, Inc		3,956,373
	1,748		Sinclair Broadcast Group, Inc (Class A)		69,640
	30,370	*	Take-Two Interactive Software, Inc		3,655,029
	4,925	*	TripAdvisor, Inc		198,970
	5,513	e	Viacom, Inc (Class A)		131,706
	182,760		Viacom, Inc (Class B)		3,940,306
	874,055		Walt Disney Co		113,557,226
	32,547	*	Zillow Group, Inc (Class A)		1,054,197
	62,959	*,e	Zillow Group, Inc (Class C)		2,050,575
	347,214	*	Zynga, Inc		2,142,310
			TOTAL MEDIA & ENTERTAINMENT		280,161,160
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 6.8%
	2,345	*	Adaptive Biotechnologies Corp		61,122
	139,829		Agilent Technologies, Inc		10,592,047
	25,880	*,e	Agios Pharmaceuticals, Inc		778,470
	26,998	*	Alexion Pharmaceuticals, Inc		2,845,589
	83,462	*	Alkermes plc		1,630,013
	164,679		Allergan plc		29,001,619
	8,234	*	Alnylam Pharmaceuticals, Inc		714,217
	24,232		Amgen, Inc		5,167,474
	33,346	*	Avantor, Inc		473,847
	60,430	*	Biogen Idec, Inc		18,051,045
	10,461	*	Bio-Rad Laboratories, Inc (Class A)		3,469,077
	27,772	*,e	Bluebird Bio, Inc		2,249,532
	485,045		Bristol-Myers Squibb Co		27,827,032
	72,754	*	Catalent, Inc		3,539,482
	181,108	*	Elanco Animal Health, Inc		4,893,538
	95,200	*	Exelixis, Inc		1,470,840
	547,410		Gilead Sciences, Inc		34,875,491
	84,675	*	Horizon Pharma plc		2,447,954
	50,355	*	IQVIA Holdings, Inc		7,272,269
	2,269	*	Jazz Pharmaceuticals plc		285,055
	1,129,146		Johnson & Johnson		149,092,438
	68,694		Merck & Co, Inc		5,953,022
	9,839	*,e	Moderna, Inc		164,803
	253,619	*	Mylan NV		4,856,804
	78,910	*,e	Nektar Therapeutics		1,351,334
	43,462	*	PerkinElmer, Inc		3,735,994
	61,167		Perrigo Co plc		3,243,074
	2,785,165		Pfizer, Inc		106,866,781
	110,735	*	QIAGEN NV		3,301,010
	32,335	*	Regeneron Pharmaceuticals, Inc		9,903,564
	63,392		Thermo Fisher Scientific, Inc		19,143,116
	22,178	*	United Therapeutics Corp		1,992,472
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		467,250,125

214

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
REAL ESTATE - 5.5%
	54,632		Alexandria Real Estate Equities, Inc	$	8,672,830
	68,810		American Campus Communities, Inc		3,439,124
	77,698		American Homes 4 Rent		2,056,666
	75,194		Apartment Investment & Management Co		4,126,647
	106,601		Apple Hospitality REIT, Inc		1,756,785
	69,065		AvalonBay Communities, Inc		15,032,688
	76,693		Boston Properties, Inc		10,522,280
	92,998		Brandywine Realty Trust		1,421,009
	143,073		Brixmor Property Group, Inc		3,150,467
	46,346		Camden Property Trust		5,300,592
	104,523	*	CBRE Group, Inc		5,597,207
	233,084		Colony Capital, Inc		1,305,270
	55,300		Columbia Property Trust, Inc		1,134,756
	5,538		Coresite Realty		650,715
	59,376		Corporate Office Properties Trust		1,759,905
	69,400		Cousins Properties, Inc		2,785,022
	98,911		CubeSmart		3,135,479
	57,731		CyrusOne, Inc		4,115,066
	103,399		Digital Realty Trust, Inc		13,135,809
	81,550		Douglas Emmett, Inc		3,532,746
	175,338		Duke Realty Corp		6,161,377
	81,524		Empire State Realty Trust, Inc		1,179,652
	37,628		Entertainment Properties Trust		2,927,082
	62,457		Equity Commonwealth		2,009,866
	183,797		Equity Residential		16,295,442
	32,557		Essex Property Trust, Inc		10,650,371
	12,936		Extra Space Storage, Inc		1,452,325
	36,123		Federal Realty Investment Trust		4,913,089
	101,376		Gaming and Leisure Properties, Inc		4,091,535
	104,650		Healthcare Trust of America, Inc		3,244,150
	247,445	*	Healthpeak Properties Inc		9,308,881
	49,753		Highwoods Properties, Inc		2,328,440
	358,255		Host Hotels and Resorts, Inc		5,871,799
	14,666	*	Howard Hughes Corp		1,639,952
	78,344		Hudson Pacific Properties		2,814,116
	230,548		Invitation Homes, Inc		7,098,573
	126,850		Iron Mountain, Inc		4,160,680
	59,307		JBG SMITH Properties		2,387,700
	22,835		Jones Lang LaSalle, Inc		3,345,784
	49,459		Kilroy Realty Corp		4,151,094
	202,441		Kimco Realty Corp		4,364,628
	77,547		Liberty Property Trust		4,580,701
	24,445		Life Storage, Inc		2,662,549
	70,542		Macerich Co		1,939,905
	222,334		Medical Properties Trust, Inc		4,608,984
	55,549		Mid-America Apartment Communities, Inc		7,720,756
	80,051		National Retail Properties, Inc		4,715,804
	106,636		Omega Healthcare Investors, Inc		4,696,249
	64,404		Outfront Media, Inc		1,694,469
	107,631		Paramount Group, Inc		1,449,790
	117,115		Park Hotels & Resorts, Inc		2,722,924
	312,583		Prologis, Inc		27,432,284

215

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	17,992		Public Storage, Inc	$	4,009,697
	67,776		Rayonier, Inc		1,828,596
	159,229		Realty Income Corp		13,023,340
	82,672		Regency Centers Corp		5,558,865
	108,149		Retail Properties of America, Inc		1,488,130
	83,455		Service Properties Trust		2,111,412
	16,726		Simon Property Group, Inc		2,520,274
	80,484		SITE Centers Corp		1,249,917
	40,841		SL Green Realty Corp		3,414,308
	45,434		Spirit Realty Capital, Inc		2,264,431
	104,413		STORE Capital Corp		4,228,727
	33,364		Sun Communities, Inc		5,426,655
	32,753		Taubman Centers, Inc		1,171,902
	135,156		UDR, Inc		6,791,589
	185,982		Ventas, Inc		12,107,428
	524,025		VEREIT, Inc		5,156,406
	235,816		VICI Properties, Inc		5,553,467
	84,877		Vornado Realty Trust		5,570,478
	58,879		Weingarten Realty Investors		1,868,231
	201,515		Welltower, Inc		18,275,395
	370,805		Weyerhaeuser Co		10,831,214
	85,149		WP Carey, Inc		7,838,817
			TOTAL REAL ESTATE		379,541,293
RETAILING - 2.1%
	26,138		Advance Auto Parts, Inc		4,246,902
	25,719	*	Autonation, Inc		1,307,811
	89,567		Best Buy Co, Inc		6,433,598
	44,014	*	CarMax, Inc		4,100,784
	33,037		Dick’s Sporting Goods, Inc		1,286,130
	8,675		Dollar General Corp		1,390,949
	53,269	*	Dollar Tree, Inc		5,880,898
	8,664		Expedia, Inc		1,184,022
	58,569		Foot Locker, Inc		2,548,337
	108,581		Gap, Inc		1,765,527
	69,889		Genuine Parts Co		7,169,214
	237,315		Home Depot, Inc		55,669,353
	81,899		Kohl’s Corp		4,198,143
	93,252		L Brands, Inc		1,589,014
	128,737	*	LKQ Corp		4,375,771
	153,838		Macy’s, Inc		2,332,184
	19,001		Penske Auto Group, Inc		925,729
	196,837	*	Qurate Retail Group, Inc QVC Group		1,877,825
	237,048		Target Corp		25,342,802
	59,959		Tiffany & Co		7,465,495
	34,753	*	Urban Outfitters, Inc		997,411
	30,590	e	Williams-Sonoma, Inc		2,043,106
			TOTAL RETAILING		144,131,005
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.4%
	158,349		Analog Devices, Inc		16,884,754
	218,123		Applied Materials, Inc		11,835,354
	49,608	*	Cree, Inc		2,367,790
	182,532		Cypress Semiconductor Corp		4,247,520

216

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	43,756	*	First Solar, Inc	$	2,266,123
	2,219,471		Intel Corp		125,466,696
	8,719		Lam Research Corp		2,363,198
	328,316		Marvell Technology Group Ltd		8,007,627
	84,263		Maxim Integrated Products, Inc		4,942,867
	84,008		Microchip Technology, Inc		7,921,114
	551,291	*	Micron Technology, Inc		26,213,887
	27,934		MKS Instruments, Inc		3,023,017
	204,149	*	ON Semiconductor Corp		4,164,640
	57,867	*	Qorvo, Inc		4,679,126
	80,701		Skyworks Solutions, Inc		7,348,633
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		231,732,346
SOFTWARE & SERVICES - 1.5%
	21,804	*	2U, Inc		390,837
	7,404	*	Akamai Technologies, Inc		640,446
	18,963		Alliance Data Systems Corp		1,896,300
	68,566		Amdocs Ltd		4,470,503
	23,979	*	Autodesk, Inc		3,533,545
	11,714	*	CACI International, Inc (Class A)		2,621,007
	18,491	*	Cerence Inc		286,610
	8,911	*	Ceridian HCM Holding, Inc		429,956
	6,583		Citrix Systems, Inc		716,625
	253,303		Cognizant Technology Solutions Corp (Class A)		15,436,285
	130,700		DXC Technology Co		3,616,469
	3,293	*	Dynatrace, Inc		66,617
	117,838		Fidelity National Information Services, Inc		15,526,335
	36,186	*	First American Corp		1,465,171
	176,064		International Business Machines Corp		23,545,039
	4,285		Jack Henry & Associates, Inc		606,585
	67,117		Leidos Holdings, Inc		5,787,499
	23,387		LogMeIn, Inc		1,536,058
	293,461		NortonLifelock, Inc		6,714,388
	147,934	*	Nuance Communications, Inc		2,414,283
	117,497		Sabre Corp		2,758,829
	20,968	*,e	SolarWinds Corp		397,344
	11,517		SS&C Technologies Holdings, Inc		598,999
	15,642	*	VeriSign, Inc		2,972,293
	161,877		Western Union Co		4,056,638
			TOTAL SOFTWARE & SERVICES		102,484,661
TECHNOLOGY HARDWARE & EQUIPMENT - 1.2%
	41,717	*	Arrow Electronics, Inc		3,307,324
	51,078		Avnet, Inc		2,020,646
	78,494	*	Ciena Corp		2,913,697
	12,855	*	Coherent, Inc		1,914,367
	90,467	*	CommScope Holding Co, Inc		1,013,230
	264,656		Corning, Inc		7,841,757
	19,958	*	Dell Technologies, Inc		1,055,579
	25,954		Dolby Laboratories, Inc (Class A)		1,669,621
	25,298	*	EchoStar Corp (Class A)		986,622
	2,109	*	F5 Networks, Inc		303,865
	62,093		FLIR Systems, Inc		3,201,515

217

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	673,346		Hewlett Packard Enterprise Co	$	11,049,608
	715,020		HP, Inc		12,419,897
	17,277	*	IPG Photonics Corp		2,319,956
	61,390		Jabil Circuit, Inc		2,260,380
	165,800		Juniper Networks, Inc		4,115,156
	11,406		Littelfuse, Inc		2,002,551
	21,676		Motorola Solutions, Inc		3,605,152
	58,581		National Instruments Corp		2,424,668
	19,680		Synnex Corp		2,317,123
	104,617	*	Trimble Navigation Ltd		4,167,941
	29,166	*	Viasat, Inc		2,007,787
	148,415		Western Digital Corp		7,665,635
	88,767		Xerox Holdings Corp		3,011,864
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		85,595,941
TELECOMMUNICATION SERVICES - 4.1%
	3,655,224		AT&T, Inc		140,689,572
	536,187		CenturyLink, Inc		6,938,260
	270,163	*	Sprint Corp		1,677,712
	46,537		Telephone & Data Systems, Inc		1,214,150
	76,586	*	T-Mobile US, Inc		6,330,599
	7,672	*	US Cellular Corp		285,552
	2,072,043		Verizon Communications, Inc		125,296,440
			TOTAL TELECOMMUNICATION SERVICES		282,432,285
TRANSPORTATION - 1.9%
	31,204		Alaska Air Group, Inc		2,166,494
	4,222		Amerco, Inc		1,710,079
	178,240		American Airlines Group, Inc		5,357,894
	15,094		CH Robinson Worldwide, Inc		1,141,710
	16,106		Copa Holdings S.A. (Class A)		1,638,624
	242,810		CSX Corp		17,062,259
	232,738		Delta Air Lines, Inc		12,819,209
	23,553		Expeditors International of Washington, Inc		1,717,956
	120,029		FedEx Corp		18,323,627
	24,356	*	Genesee & Wyoming, Inc (Class A)		2,704,247
	30,491		JB Hunt Transport Services, Inc		3,584,522
	141,053	*	JetBlue Airways Corp		2,722,323
	49,477		Kansas City Southern Industries, Inc		6,965,372
	30,686	*	Kirby Corp		2,429,104
	61,417	e	Knight-Swift Transportation Holdings, Inc		2,239,264
	3,561		Landstar System, Inc		402,927
	13,864	*,e	Lyft, Inc (Class A)		574,524
	37,747		Macquarie Infrastructure Co LLC		1,628,406
	114,704		Norfolk Southern Corp		20,876,128
	18,063		Old Dominion Freight Line		3,288,911
	26,714		Ryder System, Inc		1,299,102
	30,244		Schneider National, Inc		691,680
	98,127		Southwest Airlines Co		5,507,869
	83,214	*,e	Uber Technologies, Inc		2,621,241
	91,816	*	United Continental Holdings, Inc		8,340,565
	21,048	*	XPO Logistics, Inc		1,608,067
			TOTAL TRANSPORTATION		129,422,104

218

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
UTILITIES - 6.8%
	326,322		AES Corp	$	5,563,790
	119,875		Alliant Energy Corp		6,394,132
	120,644		Ameren Corp		9,374,039
	247,927		American Electric Power Co, Inc		23,401,830
	90,567		American Water Works Co, Inc		11,164,194
	108,200		Aqua America, Inc		4,904,706
	59,848		Atmos Energy Corp		6,731,703
	30,737		Avangrid, Inc		1,538,387
	251,464		Centerpoint Energy, Inc		7,310,058
	140,540		CMS Energy Corp		8,983,317
	165,950		Consolidated Edison, Inc		15,303,909
	401,695		Dominion Resources, Inc		33,159,922
	91,066		DTE Energy Co		11,594,523
	364,872		Duke Energy Corp		34,392,835
	174,991		Edison International		11,006,934
	99,554		Entergy Corp		12,093,820
	118,729		Evergy, Inc		7,587,970
	161,801		Eversource Energy		13,549,216
	482,797		Exelon Corp		21,962,436
	266,284		FirstEnergy Corp		12,866,843
	55,740		Hawaiian Electric Industries, Inc		2,516,661
	25,894		Idacorp, Inc		2,786,712
	99,492		MDU Resources Group, Inc		2,874,324
	40,422		National Fuel Gas Co		1,831,521
	239,388		NextEra Energy, Inc		57,055,736
	183,405		NiSource, Inc		5,142,676
	124,125		NRG Energy, Inc		4,979,895
	99,128		OGE Energy Corp		4,268,452
	280,161	*,b	PG&E Corp		1,728,593
	57,065		Pinnacle West Capital Corp		5,370,958
	361,855		PPL Corp		12,118,524
	252,879		Public Service Enterprise Group, Inc		16,009,769
	136,603		Sempra Energy		19,740,500
	521,538		Southern Co		32,679,571
	101,668		UGI Corp		4,846,514
	211,279		Vistra Energy Corp		5,710,871
	158,923		WEC Energy Group, Inc		15,002,331
	255,487		Xcel Energy, Inc		16,225,979
			TOTAL UTILITIES		469,774,151
			TOTAL COMMON STOCKS		6,901,880,095
			(Cost $5,738,253,255)

219

TIAA-CREF FUNDS - Large-Cap Value Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
SHORT-TERM INVESTMENTS - 0.4%
GOVERNMENT AGENCY DEBT - 0.0%
$	970,000		Federal Home Loan Bank (FHLB)	1.500	%	11/01/19	$	970,000
			TOTAL GOVERNMENT AGENCY DEBT					970,000
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.4%
	28,337,685	c	State Street Navigator Securities Lending Government Money Market Portfolio					28,337,685
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES					28,337,685
			TOTAL SHORT-TERM INVESTMENTS					29,307,685
			(Cost $29,307,685)
			TOTAL INVESTMENTS - 100.3%					6,931,187,780
			(Cost $5,767,560,940)
			OTHER ASSETS & LIABILITIES, NET - (0.3)%					(21,035,696	)
			NET ASSETS - 100.0%				$	6,910,152,084

	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 $35,240,782.

220

TIAA-CREF FUNDS - S&P 500 Index Fund

TIAA-CREF FUNDS

S&P 500 INDEX FUND

SCHEDULE OF INVESTMENTS

October 31, 2019

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.6%
AUTOMOBILES & COMPONENTS - 0.5%
	56,583		Aptiv plc	$	5,067,008
	43,722		BorgWarner, Inc		1,822,333
	844,538		Ford Motor Co		7,254,581
	273,688		General Motors Co		10,170,246
	34,720		Harley-Davidson, Inc		1,350,955
			TOTAL AUTOMOBILES & COMPONENTS		25,665,123
BANKS - 5.6%
	1,823,604		Bank of America Corp		57,024,097
	166,269		BB&T Corp		8,820,570
	491,636		Citigroup, Inc		35,328,963
	97,540		Citizens Financial Group, Inc		3,429,506
	33,640		Comerica, Inc		2,200,729
	158,982		Fifth Third Bancorp		4,623,196
	35,722		First Republic Bank		3,799,392
	221,297		Huntington Bancshares, Inc		3,126,927
	696,205		JPMorgan Chase & Co		86,969,929
	216,481		Keycorp		3,890,164
	28,658		M&T Bank Corp		4,485,837
	93,332		People’s United Financial, Inc		1,509,178
	96,966		PNC Financial Services Group, Inc		14,224,912
	216,313		Regions Financial Corp		3,482,639
	96,746		SunTrust Banks, Inc		6,611,622
	10,920	*	SVB Financial Group		2,418,562
	313,317		US Bancorp		17,865,335
	872,709		Wells Fargo & Co		45,057,966
	38,291		Zions Bancorporation		1,855,965
			TOTAL BANKS		306,725,489
CAPITAL GOODS - 6.5%
	124,799		3M Co		20,590,587
	30,778		A.O. Smith Corp		1,529,051
	21,121		Allegion plc		2,450,881
	49,658		Ametek, Inc		4,551,156
	86,820		Arconic, Inc		2,384,945
	116,333		Boeing Co		39,542,750
	122,210		Caterpillar, Inc		16,840,538
	33,844		Cummins, Inc		5,837,413
	68,845		Deere & Co		11,988,668
	32,089		Dover Corp		3,333,726
	90,251		Eaton Corp		7,861,765
	134,281		Emerson Electric Co		9,419,812
	123,486		Fastenal Co		4,438,087
	30,687		Flowserve Corp		1,498,753
	64,273		Fortive Corp		4,434,837

221

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE
	29,762		Fortune Brands Home & Security, Inc	$	1,787,208
	51,052		General Dynamics Corp		9,025,994
	1,892,735		General Electric Co		18,889,495
	156,699		Honeywell International, Inc		27,066,618
	9,090		Huntington Ingalls		2,051,249
	17,050		IDEX Corp		2,651,786
	64,210		Illinois Tool Works, Inc		10,824,522
	51,485		Ingersoll-Rand plc		6,532,932
	30,789		Jacobs Engineering Group, Inc		2,881,235
	171,127		Johnson Controls International plc		7,414,933
	48,601		L3Harris Technologies, Inc		10,026,872
	53,885		Lockheed Martin Corp		20,297,402
	61,521		Masco Corp		2,845,346
	34,179		Northrop Grumman Corp		12,047,414
	75,622		PACCAR, Inc		5,751,809
	27,528		Parker-Hannifin Corp		5,051,113
	36,634		Pentair plc		1,519,212
	30,451		Quanta Services, Inc		1,280,465
	60,496		Raytheon Co		12,837,856
	25,444		Rockwell Automation, Inc		4,376,114
	22,959		Roper Industries, Inc		7,736,265
	11,937		Snap-On, Inc		1,941,792
	32,714		Stanley Black & Decker, Inc		4,950,610
	49,343		Textron, Inc		2,274,219
	11,015		TransDigm Group, Inc		5,796,974
	16,418	*	United Rentals, Inc		2,192,952
	176,087		United Technologies Corp		25,282,571
	9,519		W.W. Grainger, Inc		2,939,848
	39,660		Wabtec Corp		2,751,214
	39,007		Xylem, Inc		2,991,447
			TOTAL CAPITAL GOODS		360,720,436
COMMERCIAL & PROFESSIONAL SERVICES - 0.7%
	18,330		Cintas Corp		4,924,721
	43,592	*	Copart, Inc		3,602,443
	25,905		Equifax, Inc		3,541,473
	86,054	*	IHS Markit Ltd		6,025,501
	82,061		Nielsen NV		1,654,350
	45,638		Republic Services, Inc		3,993,781
	26,845		Robert Half International, Inc		1,537,413
	31,255		Rollins, Inc		1,191,128
	35,514		Verisk Analytics, Inc		5,138,876
	84,713		Waste Management, Inc		9,505,646
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		41,115,332
CONSUMER DURABLES & APPAREL - 1.1%
	36,514	*	Capri Holdings Ltd		1,134,490
	73,682		DR Horton, Inc		3,858,726
	30,997	*	Garmin Ltd		2,905,969
	85,867		Hanesbrands, Inc		1,306,037
	25,685		Hasbro, Inc		2,499,407
	27,507		Leggett & Platt, Inc		1,411,109
	60,999		Lennar Corp (Class A)		3,635,540
	13,275	*	Mohawk Industries, Inc		1,903,370

222

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE
	84,465		Newell Rubbermaid, Inc	$	1,602,301
	272,139		Nike, Inc (Class B)		24,370,048
	780	*	NVR, Inc		2,836,540
	58,046		Pulte Homes, Inc		2,277,725
	15,986		PVH Corp		1,393,340
	11,568		Ralph Lauren Corp		1,111,222
	60,277		Tapestry, Inc		1,558,763
	39,270	*	Under Armour, Inc (Class A)		810,926
	47,694	*	Under Armour, Inc (Class C)		882,339
	69,554		VF Corp		5,723,599
	14,402		Whirlpool Corp		2,190,832
			TOTAL CONSUMER DURABLES & APPAREL		63,412,283
CONSUMER SERVICES - 1.9%
	87,702		Carnival Corp		3,761,539
	5,677	*	Chipotle Mexican Grill, Inc (Class A)		4,417,614
	26,888		Darden Restaurants, Inc		3,018,716
	43,808		H&R Block, Inc		1,094,762
	62,331		Hilton Worldwide Holdings, Inc		6,043,614
	73,044		Las Vegas Sands Corp		4,517,041
	59,316		Marriott International, Inc (Class A)		7,506,440
	164,967		McDonald’s Corp		32,449,009
	110,533		MGM Resorts International		3,150,190
	48,314	*	Norwegian Cruise Line Holdings Ltd		2,452,419
	37,339		Royal Caribbean Cruises Ltd		4,063,603
	259,683		Starbucks Corp		21,958,794
	21,784		Wynn Resorts Ltd		2,643,271
	66,789		Yum! Brands, Inc		6,793,109
			TOTAL CONSUMER SERVICES		103,870,121
DIVERSIFIED FINANCIALS - 3.4%
	11,623		Affiliated Managers Group, Inc		928,445
	147,967		American Express Co		17,353,570
	28,171		Ameriprise Financial, Inc		4,250,722
	186,687		Bank of New York Mellon Corp		8,727,617
	25,791		BlackRock, Inc		11,907,705
	102,614		Capital One Financial Corp		9,568,756
	24,842		CBOE Global Markets, Inc		2,860,556
	252,659		Charles Schwab Corp		10,285,748
	77,750		CME Group, Inc		15,997,063
	68,486		Discover Financial Services		5,496,686
	49,973		E*TRADE Financial Corp		2,088,372
	58,516		Franklin Resources, Inc		1,612,116
	70,257		Goldman Sachs Group, Inc		14,991,439
	122,814		IntercontinentalExchange Group, Inc		11,583,816
	83,923		Invesco Ltd		1,411,585
	8,412		MarketAxess Holdings, Inc		3,100,579
	35,798		Moody’s Corp		7,900,261
	273,142		Morgan Stanley		12,578,189
	18,267		MSCI, Inc (Class A)		4,284,708
	25,746		NASDAQ OMX Group, Inc		2,568,678
	46,937		Northern Trust Corp		4,678,680
	26,241		Raymond James Financial, Inc		2,190,861

223

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE
	53,669		S&P Global, Inc	$	13,846,065
	79,417		State Street Corp		5,247,081
	130,911		Synchrony Financial		4,630,322
	50,839		T Rowe Price Group, Inc		5,887,156
			TOTAL DIVERSIFIED FINANCIALS		185,976,776
ENERGY - 4.3%
	83,935		Apache Corp		1,818,032
	139,253		Baker Hughes a GE Co		2,980,014
	89,832		Cabot Oil & Gas Corp		1,674,468
	413,455		Chevron Corp		48,018,664
	25,464		Cimarex Energy Co		1,075,090
	44,751		Concho Resources, Inc		3,021,588
	241,116		ConocoPhillips		13,309,603
	93,156	*	Devon Energy Corp		1,889,204
	34,971		Diamondback Energy, Inc		2,999,113
	124,503		EOG Resources, Inc		8,629,303
	921,376	d	Exxon Mobil Corp		62,257,376
	192,574		Halliburton Co		3,707,049
	25,043		Helmerich & Payne, Inc		939,113
	55,517		Hess Corp		3,650,243
	33,846		HollyFrontier Corp		1,859,499
	423,181		Kinder Morgan, Inc		8,455,156
	174,601		Marathon Oil Corp		2,013,150
	142,867		Marathon Petroleum Corp		9,136,345
	85,855		National Oilwell Varco, Inc		1,942,040
	102,535		Noble Energy, Inc		1,974,824
	192,683		Occidental Petroleum Corp		7,803,662
	90,083		ONEOK, Inc		6,290,496
	97,628		Phillips 66		11,404,903
	35,729		Pioneer Natural Resources Co		4,395,382
	300,588		Schlumberger Ltd		9,826,222
	90,684		TechnipFMC plc (Euro OTC)		1,789,195
	90,826		Valero Energy Corp		8,808,305
	260,237		Williams Cos, Inc		5,805,887
			TOTAL ENERGY		237,473,926
FOOD & STAPLES RETAILING - 1.6%
	95,511		Costco Wholesale Corp		28,377,273
	172,445		Kroger Co		4,249,045
	112,137		SYSCO Corp		8,956,382
	163,804		Walgreens Boots Alliance, Inc		8,973,183
	309,754		Walmart, Inc		36,321,754
			TOTAL FOOD & STAPLES RETAILING		86,877,637
FOOD, BEVERAGE & TOBACCO - 3.8%
	405,146		Altria Group, Inc		18,146,489
	120,207		Archer-Daniels-Midland Co		5,053,502
	39,045		Brown-Forman Corp (Class B)		2,558,228
	36,177		Campbell Soup Co		1,675,357
	838,054		Coca-Cola Co		45,615,279
	109,321		ConAgra Brands, Inc		2,957,133
	36,646		Constellation Brands, Inc (Class A)		6,974,833

224

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE
	130,251		General Mills, Inc	$	6,624,566
	33,076		Hershey Co		4,857,872
	58,918	e	Hormel Foods Corp		2,409,157
	24,661		J.M. Smucker Co		2,606,175
	52,945		Kellogg Co		3,363,596
	135,205		Kraft Heinz Co		4,371,178
	32,711		Lamb Weston Holdings, Inc		2,552,767
	26,860		McCormick & Co, Inc		4,316,133
	42,250		Molson Coors Brewing Co (Class B)		2,227,420
	313,432		Mondelez International, Inc		16,439,508
	84,863	*	Monster Beverage Corp		4,763,360
	304,527		PepsiCo, Inc		41,771,969
	337,767		Philip Morris International, Inc		27,507,744
	63,626		Tyson Foods, Inc (Class A)		5,267,597
			TOTAL FOOD, BEVERAGE & TOBACCO		212,059,863
HEALTH CARE EQUIPMENT & SERVICES - 6.3%
	384,681		Abbott Laboratories		32,163,178
	10,208	*	Abiomed, Inc		2,118,977
	16,257	*	Align Technology, Inc		4,101,479
	33,315		AmerisourceBergen Corp		2,844,435
	55,828		Anthem, Inc		15,022,198
	111,630		Baxter International, Inc		8,562,021
	58,619		Becton Dickinson & Co		15,006,464
	303,785	*	Boston Scientific Corp		12,667,834
	65,838		Cardinal Health, Inc		3,255,689
	89,255	*	Centene Corp		4,737,655
	68,700		Cerner Corp		4,611,144
	81,873		Cigna Corp		14,611,056
	10,545		Cooper Cos, Inc		3,068,595
	283,934		CVS Health Corp		18,850,378
	139,240		Danaher Corp		19,190,057
	20,772	*	DaVita, Inc		1,217,239
	48,887		Dentsply Sirona, Inc		2,678,030
	45,678	*	Edwards Lifesciences Corp		10,888,722
	58,012		HCA Healthcare, Inc		7,746,922
	32,307	*,e	Henry Schein, Inc		2,021,934
	57,112	*	Hologic, Inc		2,759,081
	29,569		Humana, Inc		8,699,200
	18,518	*	IDEXX Laboratories, Inc		5,277,815
	25,007	*	Intuitive Surgical, Inc		13,827,621
	20,963	*	Laboratory Corp of America Holdings		3,454,073
	39,664		McKesson Corp		5,275,312
	292,135		Medtronic plc		31,813,501
	29,489		Quest Diagnostics, Inc		2,985,761
	31,877		Resmed, Inc		4,715,246
	69,568		Stryker Corp		15,045,471
	9,978		Teleflex, Inc		3,466,457
	206,194		UnitedHealth Group, Inc		52,105,224
	18,293		Universal Health Services, Inc (Class B)		2,514,556
	20,299	*	Varian Medical Systems, Inc		2,452,322
	11,019	*	WellCare Health Plans, Inc		3,268,235
	45,085		Zimmer Biomet Holdings, Inc		6,232,100
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		349,255,982

225

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE
HOUSEHOLD & PERSONAL PRODUCTS - 2.0%
	53,458		Church & Dwight Co, Inc	$	3,738,852
	27,672		Clorox Co		4,086,878
	185,897		Colgate-Palmolive Co		12,752,534
	63,153		Coty, Inc		738,259
	48,220		Estee Lauder Cos (Class A)		8,981,939
	74,660		Kimberly-Clark Corp		9,920,821
	545,178		Procter & Gamble Co		67,880,113
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		108,099,396
INSURANCE - 4.0%
	161,761		Aflac, Inc		8,599,215
	72,218		Allstate Corp		7,685,440
	188,250		American International Group, Inc		9,969,720
	51,292		Aon plc		9,907,563
	41,315		Arthur J. Gallagher & Co		3,768,754
	14,162		Assurant, Inc		1,785,403
	427,007	*	Berkshire Hathaway, Inc (Class B)		90,773,148
	99,515		Chubb Ltd		15,168,076
	33,093		Cincinnati Financial Corp		3,746,458
	9,023		Everest Re Group Ltd		2,319,723
	22,307		Globe Life, Inc		2,171,140
	78,973		Hartford Financial Services Group, Inc		4,507,779
	42,631		Lincoln National Corp		2,407,799
	58,005		Loews Corp		2,842,245
	109,350		Marsh & McLennan Cos, Inc		11,330,847
	174,257		Metlife, Inc		8,153,485
	57,966		Principal Financial Group		3,094,225
	127,207		Progressive Corp		8,866,328
	85,512		Prudential Financial, Inc		7,793,564
	55,859		Travelers Cos, Inc		7,320,881
	46,773		UnumProvident Corp		1,288,128
	28,022		Willis Towers Watson plc		5,237,312
			TOTAL INSURANCE		218,737,233
MATERIALS - 2.7%
	48,204		Air Products & Chemicals, Inc		10,279,985
	22,909	e	Albemarle Corp		1,391,493
	363,009		Amcor plc		3,455,846
	18,205		Avery Dennison Corp		2,327,691
	70,872		Ball Corp		4,958,914
	27,238		Celanese Corp (Series A)		3,299,884
	47,840		CF Industries Holdings, Inc		2,169,544
	161,748		Corteva, Inc		4,266,912
	161,585		Dow, Inc		8,158,427
	161,615		DuPont de Nemours, Inc		10,652,045
	29,825		Eastman Chemical Co		2,267,893
	54,935		Ecolab, Inc		10,551,365
	29,484		FMC Corp		2,697,786
	317,809		Freeport-McMoRan, Inc (Class B)		3,120,884
	22,899	e	International Flavors & Fragrances, Inc		2,793,907

226

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE
	86,480		International Paper Co	$	3,777,446
	117,231		Linde plc		23,252,769
	55,370		LyondellBasell Industries AF S.C.A		4,966,689
	13,541		Martin Marietta Materials, Inc		3,546,523
	79,517		Mosaic Co		1,580,798
	176,985		Newmont Goldcorp Corp		7,031,614
	65,718		Nucor Corp		3,538,914
	19,463		Packaging Corp of America		2,130,420
	50,929		PPG Industries, Inc		6,372,237
	37,285		Sealed Air Corp		1,557,394
	17,889		Sherwin-Williams Co		10,238,233
	28,851		Vulcan Materials Co		4,121,942
	57,610		WestRock Co		2,152,886
			TOTAL MATERIALS		146,660,441
MEDIA & ENTERTAINMENT - 8.1%
	166,667		Activision Blizzard, Inc		9,338,352
	65,202	*	Alphabet, Inc (Class A)		82,076,278
	65,782	*	Alphabet, Inc (Class C)		82,892,556
	72,922		CBS Corp (Class B)		2,628,109
	35,069	*	Charter Communications, Inc		16,407,382
	987,553		Comcast Corp (Class A)		44,262,125
	32,619	*,e	Discovery, Inc (Class A)		879,245
	75,310	*	Discovery, Inc (Class C)		1,900,824
	51,735	*	DISH Network Corp (Class A)		1,778,649
	64,140	*	Electronic Arts, Inc		6,183,096
	523,589	*	Facebook, Inc		100,345,832
	74,154		Fox Corp (Class A)		2,375,894
	34,115		Fox Corp (Class B)		1,065,753
	80,080		Interpublic Group of Cos, Inc		1,741,740
	95,245	*	NetFlix, Inc		27,374,365
	79,664		News Corp (Class A)		1,092,194
	25,832		News Corp (Class B)		364,748
	47,631		Omnicom Group, Inc		3,676,637
	24,784	*	Take-Two Interactive Software, Inc		2,982,754
	23,266	*	TripAdvisor, Inc		939,946
	169,631	*	Twitter, Inc		5,083,841
	77,774		Viacom, Inc (Class B)		1,676,808
	392,167		Walt Disney Co		50,950,337
			TOTAL MEDIA & ENTERTAINMENT		448,017,465
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.6%
	321,722		AbbVie, Inc		25,592,985
	67,548		Agilent Technologies, Inc		5,116,761
	48,093	*	Alexion Pharmaceuticals, Inc		5,069,002
	71,298		Allergan plc		12,556,291
	130,091		Amgen, Inc		27,741,906
	40,111	*	Biogen Idec, Inc		11,981,557
	356,907		Bristol-Myers Squibb Co		20,475,754
	153,991	*	Celgene Corp		16,635,648
	185,104		Eli Lilly & Co		21,092,601
	275,387		Gilead Sciences, Inc		17,544,906
	32,136	*	Illumina, Inc		9,496,831
	38,476	*	Incyte Corp		3,228,906

227

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE
	40,205	*	IQVIA Holdings, Inc	$	5,806,406
	574,359		Johnson & Johnson		75,838,363
	557,241		Merck & Co, Inc		48,290,505
	5,255	*	Mettler-Toledo International, Inc		3,704,460
	115,473	*	Mylan NV		2,211,308
	25,057	*	PerkinElmer, Inc		2,153,900
	30,274		Perrigo Co plc		1,605,127
	1,203,328		Pfizer, Inc		46,171,695
	17,126	*	Regeneron Pharmaceuticals, Inc		5,245,351
	86,943		Thermo Fisher Scientific, Inc		26,255,047
	55,953	*	Vertex Pharmaceuticals, Inc		10,937,692
	14,644	*	Waters Corp		3,098,963
	104,001		Zoetis, Inc		13,303,808
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		421,155,773
REAL ESTATE - 3.1%
	23,587		Alexandria Real Estate Equities, Inc		3,744,436
	96,436		American Tower Corp		21,030,763
	32,580		Apartment Investment & Management Co		1,787,990
	29,716		AvalonBay Communities, Inc		6,467,985
	30,841		Boston Properties, Inc		4,231,385
	72,129	*	CBRE Group, Inc		3,862,508
	89,830		Crown Castle International Corp		12,467,506
	45,595		Digital Realty Trust, Inc		5,792,389
	77,569		Duke Realty Corp		2,725,775
	18,561		Equinix, Inc		10,520,004
	74,803		Equity Residential		6,632,034
	14,087		Essex Property Trust, Inc		4,608,280
	28,675		Extra Space Storage, Inc		3,219,342
	16,185		Federal Realty Investment Trust		2,201,322
	109,906	*	Healthpeak Properties Inc		4,134,664
	161,718		Host Hotels and Resorts, Inc		2,650,558
	62,199		Iron Mountain, Inc		2,040,127
	92,363		Kimco Realty Corp		1,991,346
	28,124		Macerich Co		773,410
	25,815		Mid-America Apartment Communities, Inc		3,588,027
	137,189		Prologis, Inc		12,039,707
	32,679		Public Storage, Inc		7,282,842
	68,434		Realty Income Corp		5,597,217
	35,553		Regency Centers Corp		2,390,584
	24,714		SBA Communications Corp		5,947,424
	66,725		Simon Property Group, Inc		10,054,123
	18,074		SL Green Realty Corp		1,510,986
	62,822		UDR, Inc		3,156,805
	82,375		Ventas, Inc		5,362,613
	36,437		Vornado Realty Trust		2,391,360
	87,031		Welltower, Inc		7,892,841
	162,220		Weyerhaeuser Co		4,738,446
			TOTAL REAL ESTATE		172,834,799
RETAILING - 6.5%
	15,336		Advance Auto Parts, Inc		2,491,793
	90,438	*	Amazon.com, Inc		160,677,577

228

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE
	5,256	*	AutoZone, Inc	$	6,014,861
	51,148		Best Buy Co, Inc		3,673,961
	9,270	*	Booking Holdings, Inc		18,992,098
	35,760	*	CarMax, Inc		3,331,759
	56,106		Dollar General Corp		8,996,036
	51,564	*	Dollar Tree, Inc		5,692,666
	173,231		eBay, Inc		6,106,393
	30,318		Expedia, Inc		4,143,258
	48,037		Gap, Inc		781,082
	31,808		Genuine Parts Co		3,262,865
	238,505		Home Depot, Inc		55,948,503
	34,856		Kohl’s Corp		1,786,719
	51,859		L Brands, Inc		883,677
	66,660	*	LKQ Corp		2,265,773
	167,866		Lowe’s Companies, Inc		18,735,524
	74,884		Macy’s, Inc		1,135,241
	25,481	e	Nordstrom, Inc		914,768
	16,725	*	O’Reilly Automotive, Inc		7,283,905
	78,285		Ross Stores, Inc		8,585,516
	111,032		Target Corp		11,870,431
	24,121		Tiffany & Co		3,003,306
	261,798		TJX Companies, Inc		15,092,655
	25,916		Tractor Supply Co		2,462,538
	12,623	*	Ulta Beauty, Inc		2,943,052
			TOTAL RETAILING		357,075,957
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.1%
	238,331	*	Advanced Micro Devices, Inc		8,086,571
	81,237		Analog Devices, Inc		8,662,301
	201,649		Applied Materials, Inc		10,941,475
	86,530		Broadcom, Inc		25,340,310
	964,159		Intel Corp		54,503,909
	34,691		Kla-Tencor Corp		5,864,167
	31,564		Lam Research Corp		8,555,107
	57,946		Maxim Integrated Products, Inc		3,399,112
	51,522		Microchip Technology, Inc		4,858,009
	240,424	*	Micron Technology, Inc		11,432,161
	132,358		NVIDIA Corp		26,606,605
	26,731	*	Qorvo, Inc		2,161,469
	263,437		QUALCOMM, Inc		21,190,872
	38,018		Skyworks Solutions, Inc		3,461,919
	202,595		Texas Instruments, Inc		23,904,184
	54,498		Xilinx, Inc		4,945,149
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		223,913,320
SOFTWARE & SERVICES - 12.0%
	138,438		Accenture plc		25,669,174
	105,500	*	Adobe, Inc		29,321,615
	35,792	*	Akamai Technologies, Inc		3,096,008
	8,410		Alliance Data Systems Corp		841,000
	18,179	*	Ansys, Inc		4,002,107
	47,693	*	Autodesk, Inc		7,028,040
	94,531		Automatic Data Processing, Inc		15,335,764
	24,393		Broadridge Financial Solutions, Inc		3,054,491

229

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE
	60,558	*	Cadence Design Systems, Inc	$	3,957,465
	27,185		Citrix Systems, Inc		2,959,359
	121,064		Cognizant Technology Solutions Corp (Class A)		7,377,640
	55,958		DXC Technology Co		1,548,358
	134,034		Fidelity National Information Services, Inc		17,660,320
	124,301	*	Fiserv, Inc		13,193,308
	18,959	*	FleetCor Technologies, Inc		5,578,117
	30,185	*	Fortinet, Inc		2,461,889
	20,022	*	Gartner, Inc		3,084,990
	65,348		Global Payments, Inc		11,055,575
	192,450		International Business Machines Corp		25,736,339
	56,385		Intuit, Inc		14,519,137
	17,012		Jack Henry & Associates, Inc		2,408,219
	28,305		Leidos Holdings, Inc		2,440,740
	194,446		MasterCard, Inc (Class A)		53,824,597
	1,662,077		Microsoft Corp		238,291,980
	129,094		NortonLifelock, Inc		2,953,671
	478,273		Oracle Corp		26,061,096
	68,705		Paychex, Inc		5,746,486
	256,023	*	PayPal Holdings, Inc		26,651,994
	190,825	*	salesforce.com, Inc		29,862,204
	32,225	*	Synopsys, Inc		4,374,544
	22,441	*	VeriSign, Inc		4,264,239
	376,198		Visa, Inc (Class A)		67,286,774
	91,845		Western Union Co		2,301,636
			TOTAL SOFTWARE & SERVICES		663,948,876
TECHNOLOGY HARDWARE & EQUIPMENT - 6.1%
	64,938		Amphenol Corp (Class A)		6,515,230
	924,600		Apple, Inc		230,003,496
	11,949	*	Arista Networks, Inc		2,922,367
	31,043		CDW Corp		3,970,710
	923,921		Cisco Systems, Inc		43,895,487
	167,476		Corning, Inc		4,962,314
	13,062	*	F5 Networks, Inc		1,881,973
	28,578		FLIR Systems, Inc		1,473,482
	287,040		Hewlett Packard Enterprise Co		4,710,326
	323,756		HP, Inc		5,623,642
	7,740	*	IPG Photonics Corp		1,039,327
	72,375		Juniper Networks, Inc		1,796,348
	41,011	*	Keysight Technologies, Inc		4,138,420
	36,395		Motorola Solutions, Inc		6,053,216
	50,490		NetApp, Inc		2,821,381
	50,782		Seagate Technology, Inc		2,946,879
	72,371		TE Connectivity Ltd		6,477,205
	63,691		Western Digital Corp		3,289,640
	43,922		Xerox Holdings Corp		1,490,273
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		336,011,716
TELECOMMUNICATION SERVICES - 2.3%
	1,590,864		AT&T, Inc		61,232,355
	217,555		CenturyLink, Inc		2,815,162
	68,273	*	T-Mobile US, Inc		5,643,446
	900,540		Verizon Communications, Inc		54,455,654
			TOTAL TELECOMMUNICATION SERVICES		124,146,617

230

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE
TRANSPORTATION - 1.9%
	28,147		Alaska Air Group, Inc	$	1,954,246
	87,276		American Airlines Group, Inc		2,623,516
	31,037		CH Robinson Worldwide, Inc		2,347,639
	173,521		CSX Corp		12,193,321
	124,108		Delta Air Lines, Inc		6,835,869
	36,696		Expeditors International of Washington, Inc		2,676,606
	51,474		FedEx Corp		7,858,021
	19,839		JB Hunt Transport Services, Inc		2,332,273
	22,429		Kansas City Southern Industries, Inc		3,157,555
	56,568		Norfolk Southern Corp		10,295,376
	105,033		Southwest Airlines Co		5,895,502
	153,192		Union Pacific Corp		25,347,148
	48,019	*	United Continental Holdings, Inc		4,362,046
	151,673		United Parcel Service, Inc (Class B)		17,468,179
			TOTAL TRANSPORTATION		105,347,297
UTILITIES - 3.5%
	146,937		AES Corp		2,505,276
	53,588		Alliant Energy Corp		2,858,384
	53,255		Ameren Corp		4,137,913
	108,163		American Electric Power Co, Inc		10,209,505
	39,144		American Water Works Co, Inc		4,825,281
	25,809		Atmos Energy Corp		2,902,996
	107,578		Centerpoint Energy, Inc		3,127,292
	61,741		CMS Energy Corp		3,946,485
	71,258		Consolidated Edison, Inc		6,571,413
	178,260		Dominion Resources, Inc		14,715,363
	39,130		DTE Energy Co		4,982,032
	158,884		Duke Energy Corp		14,976,406
	79,397		Edison International		4,994,071
	44,003		Entergy Corp		5,345,484
	51,451		Evergy, Inc		3,288,233
	71,490		Eversource Energy		5,986,573
	208,414		Exelon Corp		9,480,753
	115,828		FirstEnergy Corp		5,596,809
	106,285		NextEra Energy, Inc		25,331,967
	79,567		NiSource, Inc		2,231,059
	54,252		NRG Energy, Inc		2,176,590
	25,880		Pinnacle West Capital Corp		2,435,826
	155,994		PPL Corp		5,224,239
	111,235		Public Service Enterprise Group, Inc		7,042,288
	60,528		Sempra Energy		8,746,901
	227,358		Southern Co		14,246,252
	68,454		WEC Energy Group, Inc		6,462,058
	114,900		Xcel Energy, Inc		7,297,299
			TOTAL UTILITIES		191,644,748
			TOTAL COMMON STOCKS		5,490,746,606
			(Cost $3,092,698,716)

231

TIAA-CREF FUNDS - S&P 500 Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
SHORT-TERM INVESTMENTS - 1.3%
GOVERNMENT AGENCY DEBT - 1.2%
$	63,045,000		Federal Home Loan Bank (FHLB)	1.400	%	11/01/19	$	63,045,000
			TOTAL GOVERNMENT AGENCY DEBT					63,045,000
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.1%
	7,526,819	c	State Street Navigator Securities Lending Government Money Market Portfolio					7,526,819
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES					7,526,819
			TOTAL SHORT-TERM INVESTMENTS					70,571,819
			(Cost $70,571,819)
			TOTAL INVESTMENTS - 100.9%					5,561,318,425
			(Cost $3,163,270,535)
			OTHER ASSETS & LIABILITIES, NET - (0.9)%					(49,593,082	)
			NET ASSETS - 100.0%				$	5,511,725,343

	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 $9,835,749.

Futures contracts outstanding as of October 31, 2019 were as follows: 

Description	Number of long (short) contracts	Expiration date	Notional amount		Value		Unrealized appreciation (depreciation)
S&P 500 E Mini Index	91	12/20/19	$	13,769,970	$	13,812,890	$	42,920

232

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

TIAA-CREF FUNDS
SMALL-CAP BLEND INDEX FUND
SCHEDULE OF INVESTMENTS
October 31, 2019

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.9%
AUTOMOBILES & COMPONENTS - 1.2%
	136,406		Adient plc	$	2,890,443
	173,124	*	American Axle & Manufacturing Holdings, Inc		1,447,317
	77,895		Cooper Tire & Rubber Co		2,199,755
	25,923	*	Cooper-Standard Holding, Inc		825,907
	221,947		Dana Holding Corp		3,602,200
	42,050	*	Dorman Products, Inc		3,025,498
	58,975	*	Fox Factory Holding Corp		3,593,937
	52,912	*	Gentherm, Inc		2,210,134
	38,678		LCI Industries, Inc		3,756,407
	72,580	*	Modine Manufacturing Co		829,589
	30,356	*,e	Motorcar Parts of America, Inc		578,585
	55,386		Spartan Motors, Inc		967,594
	32,223		Standard Motor Products, Inc		1,687,196
	42,751	*	Stoneridge, Inc		1,320,151
	83,424		Tenneco, Inc		1,050,308
	43,120	*	Visteon Corp		4,011,022
	49,491		Winnebago Industries, Inc		2,379,032
			TOTAL AUTOMOBILES & COMPONENTS		36,375,075
BANKS - 12.0%
	8,952		1st Constitution Bancorp		169,998
	22,445		1st Source Corp		1,148,735
	11,249		ACNB Corp		398,102
	31,042	*	Allegiance Bancshares, Inc		1,032,457
	20,878		Amalgamated Bank		380,188
	33,796	*,e	Amerant Bancorp Inc		664,091
	16,502		American National Bankshares, Inc		597,372
	96,417		Ameris Bancorp		4,131,468
	13,659	*	Ames National Corp		378,354
	19,228		Arrow Financial Corp		675,287
	35,580	*	Atlantic Capital Bancshares, Inc		663,567
	126,986		Atlantic Union Bankshares Corp		4,680,704
	90,042	*	Axos Financial, Inc		2,615,720
	71,300		Banc of California, Inc		981,801
	30,409		Bancfirst Corp		1,760,377
	150,009		BancorpSouth Bank		4,600,776
	8,554	e	Bank First Corp		598,780
	25,413		Bank of Commerce Holdings		285,134
	21,825		Bank of Marin Bancorp		957,463
	86,276		Bank of NT Butterfield & Son Ltd		2,842,794
	7,049		Bank of Princeton		202,729
	4,650		Bank7 Corp		84,630
	22,248		BankFinancial Corp		286,554
	10,156		Bankwell Financial Group, Inc		290,665
	52,458		Banner Corp		2,831,683
	23,689		Bar Harbor Bankshares		593,409

233

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	15,892	*	Baycom Corp	$	335,957
	22,676		BCB Bancorp, Inc		292,520
	72,770		Berkshire Hills Bancorp, Inc		2,258,053
	126,483		Boston Private Financial Holdings, Inc		1,422,934
	27,210		Bridge Bancorp, Inc		881,604
	37,702	*	Bridgewater Bancshares, Inc		474,668
	123,282		Brookline Bancorp, Inc		1,935,527
	32,360		Bryn Mawr Bank Corp		1,233,240
	18,448		Business First Bancshares, Inc		450,869
	38,336	*	Byline Bancorp, Inc		664,746
	5,430		C&F Financial Corp		276,170
	194,750		Cadence BanCorp		2,995,255
	7,508	e	Cambridge Bancorp		581,945
	24,618		Camden National Corp		1,090,824
	8,590	*	Capital Bancorp, Inc		124,469
	23,382		Capital City Bank Group, Inc		665,218
	207,669		Capitol Federal Financial		2,963,437
	21,659		Capstar Financial Holdings, Inc		366,254
	32,888		Carolina Financial Corp		1,248,100
	38,112	*	Carter Bank & Trust		748,901
	119,934		Cathay General Bancorp		4,266,052
	27,893		CBTX, Inc		799,134
	195,261		Centerstate Banks of Florida, Inc		4,951,819
	43,524		Central Pacific Financial Corp		1,258,714
	17,848		Central Valley Community Bancorp		371,774
	4,339		Century Bancorp, Inc		377,536
	5,329		Chemung Financial Corp		226,856
	21,395		Citizens & Northern Corp		550,065
	24,852		City Holding Co		1,971,758
	22,628		Civista Bancshares, Inc		508,677
	24,424		CNB Financial Corp		763,738
	13,853	*	Coastal Financial Corp		208,488
	15,442		Codorus Valley Bancorp, Inc		334,327
	11,060	e	Colony Bankcorp Inc		171,872
	115,608		Columbia Banking System, Inc		4,543,394
	83,109	*	Columbia Financial, Inc		1,370,467
	15,911		Commerce Union Bancshares, Inc		362,134
	79,033		Community Bank System, Inc		5,356,857
	25,274		Community Bankers Trust Corp		218,873
	7,210		Community Financial Corp		240,237
	24,977		Community Trust Bancorp, Inc		1,094,242
	49,894		ConnectOne Bancorp, Inc		1,211,426
	10,644	*	CrossFirst Bankshares, Inc		142,310
	44,542	*	Customers Bancorp, Inc		1,050,300
	209,445		CVB Financial Corp		4,352,267
	50,504		Dime Community Bancshares		974,222
	5,168		DNB Financial Corp		235,041
	53,316		Eagle Bancorp, Inc		2,406,684
	12,847	*	Entegra Financial Corp		386,695
	14,141		Enterprise Bancorp, Inc		421,543
	38,200		Enterprise Financial Services Corp		1,673,160
	23,528	*	Equity Bancshares, Inc		653,137
	10,985	*	Esquire Financial Holdings, Inc		266,935
	11,519		ESSA Bancorp, Inc		188,336

234

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	150,229		Essent Group Ltd	$	7,825,429
	7,624		Evans Bancorp, Inc		289,636
	18,109	e	Farmers & Merchants Bancorp, Inc		463,590
	43,915		Farmers National Banc Corp		655,212
	28,040		FB Financial Corp		1,056,267
	14,205		Federal Agricultural Mortgage Corp (Class C)		1,203,021
	4,854	e	Fidelity D&D Bancorp, Inc		320,121
	22,763		Financial Institutions, Inc		715,441
	45,340		First Bancorp (NC)		1,711,585
	339,776		First Bancorp (Puerto Rico)		3,574,444
	15,985		First Bancorp, Inc		451,896
	27,274		First Bancshares, Inc		898,951
	26,438		First Bank		279,185
	82,894		First Busey Corp		2,185,915
	12,965		First Business Financial Services, Inc		315,309
	4,803	e	First Capital Inc		281,936
	15,550		First Choice Bancorp		347,698
	150,332		First Commonwealth Financial Corp		2,118,178
	25,373		First Community Bancshares, Inc		807,623
	31,731		First Defiance Financial Corp		981,123
	150,651		First Financial Bancorp		3,531,259
	203,826		First Financial Bankshares, Inc		6,783,329
	19,489		First Financial Corp		854,982
	10,818		First Financial Northwest, Inc		153,075
	62,437		First Foundation, Inc		999,616
	5,815		First Guaranty Bancshares, Inc		122,115
	17,083		First Internet Bancorp		388,467
	59,338		First Interstate Bancsystem, Inc		2,489,822
	84,962		First Merchants Corp		3,360,247
	21,453		First Mid-Illinois Bancshares, Inc		748,710
	165,443		First Midwest Bancorp, Inc		3,398,199
	11,534		First Northwest Bancorp		202,652
	39,429		First of Long Island Corp		924,216
	45,799		Flagstar Bancorp, Inc		1,664,336
	44,507		Flushing Financial Corp		963,131
	25,298	e	FNCB Bancorp Inc		187,964
	19,540		Franklin Financial Network, Inc		650,096
	6,225	e	Franklin Financial Services Corp		222,793
	5,911		FS Bancorp, Inc		338,405
	255,762		Fulton Financial Corp		4,363,300
	18,000	*,e	FVCBankcorp, Inc		309,960
	40,182		German American Bancorp, Inc		1,328,015
	136,711		Glacier Bancorp, Inc		5,785,610
	17,815		Great Southern Bancorp, Inc		1,076,382
	88,458		Great Western Bancorp, Inc		3,084,530
	3,193		Greene County Bancorp, Inc		88,829
	12,174		Guaranty Bancshares, Inc		385,429
	140,135		Hancock Holding Co		5,465,265
	45,743		Hanmi Financial Corp		880,553
	47,537	*	HarborOne Northeast Bancorp, Inc		485,353
	8,413		Hawthorn Bancshares Inc		201,912
	53,619		Heartland Financial USA, Inc		2,508,297
	64,420		Heritage Commerce Corp		774,328

235

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	56,254		Heritage Financial Corp	$	1,548,673
	112,889		Hilltop Holdings, Inc		2,637,087
	2,051		Hingham Institution for Savings		389,669
	11,632		Home Bancorp, Inc		443,877
	242,763		Home Bancshares, Inc		4,486,260
	37,355	*	HomeStreet, Inc		1,121,024
	26,549		HomeTrust Bancshares, Inc		708,858
	188,957		Hope Bancorp, Inc		2,696,416
	60,357		Horizon Bancorp		1,101,817
	21,351	*	Howard Bancorp, Inc		358,270
	81,630		IBERIABANK Corp		5,990,826
	52,491		Independent Bank Corp (MA)		4,308,461
	37,008		Independent Bank Corp (MI)		833,050
	54,932		Independent Bank Group, Inc		2,937,214
	85,906		International Bancshares Corp		3,518,710
	13,794		Investar Holding Corp		342,229
	360,553		Investors Bancorp, Inc		4,344,664
	128,193		Kearny Financial Corp		1,798,548
	76,810		Lakeland Bancorp, Inc		1,271,205
	38,893		Lakeland Financial Corp		1,810,469
	23,515		LCNB Corp		425,151
	6,940		Level One Bancorp, Inc		169,336
	41,134		Live Oak Bancshares, Inc		746,582
	34,514		Luther Burbank Corp		399,327
	38,166		Macatawa Bank Corp		399,026
	13,709		Mackinac Financial Corp		214,409
	10,592	*	MainStreet Bancshares Inc		219,678
	7,526	*	Malvern Bancorp, Inc		168,432
	24,154		Mercantile Bank Corp		850,462
	12,740		Merchants Bancorp		208,044
	75,053		Meridian Bancorp, Inc		1,468,037
	54,365		Meta Financial Group, Inc		1,721,196
	11,268	*	Metropolitan Bank Holding Corp		483,848
	10,212		Mid Penn Bancorp, Inc		260,406
	35,348		Midland States Bancorp, Inc		947,326
	17,500		MidWestOne Financial Group, Inc		570,412
	7,250	*	MMA Capital Holdings Inc		230,767
	124,517	*	Mr Cooper Group, Inc		1,593,818
	9,578		MutualFirst Financial, Inc		382,066
	14,740		MVB Financial Corp		297,011
	46,728		National Bank Holdings Corp		1,607,443
	10,194		National Bankshares, Inc		428,964
	66,688		NBT Bancorp, Inc		2,650,848
	12,110	*	Nicolet Bankshares, Inc		835,348
	101,963	*	NMI Holdings, Inc		2,982,418
	12,348		Northeast Bank		264,371
	71,072		Northfield Bancorp, Inc		1,208,935
	10,242		Northrim BanCorp, Inc		398,926
	157,729		Northwest Bancshares, Inc		2,660,888
	6,749		Norwood Financial Corp		210,569
	8,461	e	Oak Valley Bancorp		141,299
	77,604		OceanFirst Financial Corp		1,857,064
	116,891	*	Ocwen Financial Corp		197,546
	77,884		OFG Bancorp		1,581,824

236

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	4,776		Ohio Valley Banc Corp	$	175,470
	24,170		Old Line Bancshares, Inc		707,698
	269,221		Old National Bancorp		4,844,632
	42,817		Old Second Bancorp, Inc		516,801
	22,725		OP Bancorp		222,705
	34,466		Opus Bank		854,412
	31,189		Origin Bancorp, Inc		1,097,541
	60,592		Oritani Financial Corp		1,130,647
	15,145		Orrstown Financial Services, Inc		328,495
	18,242	*	Pacific Mercantile Bancorp		130,613
	91,181		Pacific Premier Bancorp, Inc		3,077,815
	21,249		Park National Corp		2,151,461
	13,310		Parke Bancorp, Inc		319,972
	19,650		PCB Bancorp		328,745
	25,015		PCSB Financial Corp		506,804
	16,081	*	PDL Community Bancorp		225,616
	30,316		Peapack Gladstone Financial Corp		885,227
	10,978		Penns Woods Bancorp, Inc		335,597
	40,164		PennyMac Financial Services, Inc		1,250,305
	5,435		Peoples Bancorp of North Carolina, Inc		161,637
	29,347		Peoples Bancorp, Inc		959,940
	12,054		Peoples Financial Services Corp		592,816
	23,166		People’s Utah Bancorp		674,131
	17,353	*	Pioneer Bancorp, Inc		234,266
	21,178		Preferred Bank		1,128,999
	20,727		Premier Financial Bancorp, Inc		367,904
	10,384	*	Provident Bancorp Inc		118,378
	8,741		Provident Financial Holdings, Inc		175,344
	96,404		Provident Financial Services, Inc		2,405,280
	9,485		Prudential Bancorp, Inc		165,513
	21,818		QCR Holdings, Inc		885,374
	318,902		Radian Group, Inc		8,004,440
	23,990		RBB Bancorp		483,159
	1,047	*	Red River Bancshares Inc		46,068
	88,958		Renasant Corp		3,086,843
	14,312		Republic Bancorp, Inc (Class A)		636,455
	73,269	*	Republic First Bancorp, Inc		296,739
	20,626	*,e	Richmond Mutual Bancorporation, Inc		287,733
	31,933		Riverview Bancorp, Inc		229,598
	53,338		S&T Bancorp, Inc		2,008,442
	53,609		Sandy Spring Bancorp, Inc		1,849,511
	12,089		SB One Bancorp		266,925
	81,023	*	Seacoast Banking Corp of Florida		2,268,644
	20,799	*	Select Bancorp, Inc		235,029
	75,317		ServisFirst Bancshares, Inc		2,636,095
	20,593		Shore Bancshares, Inc		321,457
	20,869		Sierra Bancorp		568,472
	143,686		Simmons First National Corp (Class A)		3,436,969
	18,802	*	SmartFinancial, Inc		395,782
	5,094		South Plains Financial Inc		85,325
	53,353		South State Corp		4,207,418
	10,325	*	Southern First Bancshares, Inc		416,201
	11,627		Southern Missouri Bancorp, Inc		423,339

237

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	29,911		Southern National Bancorp of Virginia, Inc	$	473,790
	50,498		Southside Bancshares, Inc		1,739,656
	21,491	*	Spirit of Texas Bancshares, Inc		449,162
	27,866		Sterling Bancorp, Inc		270,022
	32,479		Stock Yards Bancorp, Inc		1,297,211
	16,315		Summit Financial Group, Inc		415,380
	14,617		Territorial Bancorp, Inc		432,079
	81,722	*	The Bancorp, Inc		890,770
	10,965		Timberland Bancorp, Inc		290,573
	23,276		Tompkins Trustco, Inc		2,036,883
	106,585		TowneBank		2,993,973
	42,957		Trico Bancshares		1,616,472
	39,629	*	Tristate Capital Holdings, Inc		916,222
	38,749	*	Triumph Bancorp, Inc		1,257,405
	144,152		Trustco Bank Corp NY		1,245,473
	99,273		Trustmark Corp		3,407,049
	68,784		UMB Financial Corp		4,488,844
	4,553		Union Bankshares, Inc		151,342
	151,475		United Bankshares, Inc		5,989,322
	121,269		United Community Banks, Inc		3,663,536
	81,265		United Community Financial Corp		925,608
	15,327		United Security Bancshares		155,876
	8,990		Unity Bancorp, Inc		196,342
	45,222		Univest Corp of Pennsylvania		1,164,467
	503,674		Valley National Bancorp		5,832,545
	80,588		Veritex Holdings, Inc		1,984,077
	44,167		Walker & Dunlop, Inc		2,782,079
	123,175		Washington Federal, Inc		4,490,961
	24,034		Washington Trust Bancorp, Inc		1,227,897
	38,677		Waterstone Financial, Inc		720,553
	82,479		WesBanco, Inc		3,100,386
	27,797		West Bancorporation, Inc		652,674
	40,710	e	Westamerica Bancorporation		2,687,674
	40,969		Western New England Bancorp, Inc		391,664
	81,606		WSFS Financial Corp		3,441,325
			TOTAL BANKS		374,335,514
CAPITAL GOODS - 10.2%
	63,527		Aaon, Inc		3,091,224
	52,196		AAR Corp		2,179,183
	85,449		Actuant Corp (Class A)		2,116,572
	57,586		Advanced Drainage Systems, Inc		2,131,834
	46,804	*	Aegion Corp		1,014,243
	113,647	*	Aerojet Rocketdyne Holdings, Inc		4,912,960
	34,218	*	Aerovironment, Inc		1,983,960
	79,773		Aircastle Ltd		2,171,421
	15,322		Alamo Group, Inc		1,640,373
	48,170		Albany International Corp (Class A)		4,045,317
	11,164		Allied Motion Technologies, Inc		422,669
	100,899		Altra Holdings, Inc		3,107,689
	32,892	*	Ameresco, Inc		484,828
	31,070	*	American Superconductor Corp		243,278
	25,983	*	American Woodmark Corp		2,576,474
	41,434		Apogee Enterprises, Inc		1,555,432

238

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	59,074		Applied Industrial Technologies, Inc	$	3,534,988
	76,525		Arcosa, Inc		2,939,325
	22,541		Argan, Inc		853,177
	31,669	*	Armstrong Flooring, Inc		194,448
	33,403		Astec Industries, Inc		1,172,111
	38,247	*	Astronics Corp		1,106,868
	74,116	*	Atkore International Group, Inc		2,571,825
	90,790	*	Axon Enterprise, Inc		4,642,093
	40,190		AZZ, Inc		1,558,970
	73,669		Barnes Group, Inc		4,305,953
	104,779	*	Beacon Roofing Supply, Inc		3,252,340
	88,378	*,e	Bloom Energy Corp		270,437
	25,623	*	Blue Bird Corp		500,673
	13,308	*,e	BlueLinx Holdings, Inc		416,008
	104,194	*	BMC Stock Holdings, Inc		2,812,196
	60,635		Briggs & Stratton Corp		446,880
	178,155	*	Builders FirstSource, Inc		4,028,085
	36,566	e	Caesarstone Sdot-Yam Ltd		617,600
	24,964	*	CAI International, Inc		593,394
	55,969	*	Chart Industries, Inc		3,281,463
	31,248	*	CIRCOR International, Inc		1,196,486
	36,720		Columbus McKinnon Corp		1,377,734
	56,756		Comfort Systems USA, Inc		2,861,070
	49,713	*	Commercial Vehicle Group, Inc		362,408
	39,950	*,e	Concrete Pumping Holdings Inc		137,428
	17,803	*,e	Construction Partners Inc		304,787
	54,899	*	Continental Building Products, Inc		1,642,029
	68,960	*	Cornerstone Building Brands, Inc		431,000
	22,411		CSW Industrials, Inc		1,551,289
	48,399		Cubic Corp		3,568,942
	35,879		Douglas Dynamics, Inc		1,680,214
	17,193	*	Ducommun, Inc		852,429
	25,440	*	DXP Enterprises, Inc		878,189
	46,519	*	Dycom Industries, Inc		2,120,801
	6,567		Eastern Co		181,184
	86,987		EMCOR Group, Inc		7,629,630
	30,819		Encore Wire Corp		1,732,028
	66,324	*,e	Energous Corp		181,728
	59,962	*,e	Energy Recovery, Inc		558,246
	66,357		EnerSys		4,436,629
	143,126	*,e	Enphase Energy, Inc		2,780,938
	32,105		EnPro Industries, Inc		2,232,903
	40,613		ESCO Technologies, Inc		3,431,392
	6,720	e	EVI Industries, Inc		231,101
	119,330	*	Evoqua Water Technologies Corp		2,072,762
	94,070		Federal Signal Corp		3,051,631
	27,202	*	Foundation Building Materials, Inc		505,685
	71,999		Franklin Electric Co, Inc		3,877,146
	55,759		GATX Corp		4,435,628
	9,606	*	Gencor Industries, Inc		120,075
	95,651	*	Generac Holdings, Inc		9,237,973
	16,974	*	General Finance Corp		166,006
	51,649	*	Gibraltar Industries, Inc		2,749,276

239

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	51,598	*	GMS, Inc	$	1,545,876
	27,897		Gorman-Rupp Co		1,030,515
	15,454		Graham Corp		350,188
	73,578		Granite Construction, Inc		1,732,026
	98,525	*	Great Lakes Dredge & Dock Corp		1,059,144
	49,605		Greenbrier Cos, Inc		1,452,930
	56,848		Griffon Corp		1,211,431
	50,102		H&E Equipment Services, Inc		1,700,462
	124,075	*	Harsco Corp		2,515,000
	46,673		Helios Technologies, Inc		1,849,651
	38,148	*	Herc Holdings, Inc		1,688,431
	96,096		Hillenbrand, Inc		2,958,796
	9,801		Hurco Cos, Inc		340,977
	15,780		Hyster-Yale Materials Handling, Inc		800,362
	15,169	*	IES Holdings, Inc		294,279
	29,771		Insteel Industries, Inc		567,733
	104,575	*	JELD-WEN Holding, Inc		1,787,187
	48,539		John Bean Technologies Corp		4,988,353
	16,754		Kadant, Inc		1,521,263
	43,320		Kaman Corp		2,541,584
	125,992		Kennametal, Inc		3,899,452
	139,917	*	Kratos Defense & Security Solutions, Inc		2,641,633
	7,652	*	Lawson Products, Inc		351,609
	14,955	*	LB Foster Co (Class A)		272,181
	16,899		Lindsay Corp		1,595,435
	43,089		Luxfer Holdings PLC		726,481
	24,697	*	Lydall, Inc		483,320
	55,657	*	Manitowoc Co, Inc		710,183
	38,433	*	Masonite International Corp		2,360,171
	93,353	*	Mastec, Inc		5,875,638
	94,530	e	Maxar Technologies, Inc		802,560
	85,353	*	Mercury Systems, Inc		6,287,102
	126,355	*	Meritor, Inc		2,783,601
	107,243	*	Milacron Holdings Corp		1,793,103
	17,459		Miller Industries, Inc		627,651
	50,537		Moog, Inc (Class A)		4,230,452
	121,632	*	MRC Global, Inc		1,381,740
	88,077		Mueller Industries, Inc		2,710,129
	247,680		Mueller Water Products, Inc (Class A)		2,897,856
	25,498	*	MYR Group, Inc		877,386
	7,210	e	National Presto Industries, Inc		620,709
	78,550	*	Navistar International Corp		2,457,044
	65,754		NN, Inc		474,744
	14,086	*	Northwest Pipe Co		429,623
	167,386	*	NOW, Inc		1,764,248
	16,719	*	NV5 Holdings, Inc		1,210,957
	4,307		Omega Flex, Inc		399,905
	30,133	*	Parsons Corp		1,072,735
	34,287	*	Patrick Industries, Inc		1,694,121
	85,576	*	PGT, Inc		1,511,272
	379,993	*,e	Plug Power, Inc		1,006,981
	13,125		Powell Industries, Inc		513,975
	5,197		Preformed Line Products Co		283,756
	70,684		Primoris Services Corp		1,444,781

240

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	41,557	*	Proto Labs, Inc	$	4,029,782
	49,507		Quanex Building Products Corp		954,990
	54,676		Raven Industries, Inc		1,907,099
	38,127	*	RBC Bearings, Inc		6,117,096
	46,684	e	REV Group, Inc		580,749
	164,808	*	Rexnord Corp		4,662,418
	42,928		Rush Enterprises, Inc (Class A)		1,875,524
	8,409		Rush Enterprises, Inc (Class B)		360,914
	69,977		Simpson Manufacturing Co, Inc		5,782,899
	63,988	*,e	SiteOne Landscape Supply, Inc		5,634,783
	67,989	*	SPX Corp		3,096,219
	65,937	*	SPX FLOW, Inc		2,985,627
	19,275		Standex International Corp		1,460,660
	42,425	*	Sterling Construction Co, Inc		689,194
	177,318	*	Sunrun, Inc		2,755,522
	27,701		Tennant Co		2,144,888
	96,457		Terex Corp		2,657,390
	43,266	*	Textainer Group Holdings Ltd		447,803
	50,899	*	Thermon Group Holdings		1,212,923
	80,213		Titan International, Inc		214,169
	31,094	*	Titan Machinery, Inc		516,160
	46,165	*,e	TPI Composites, Inc		947,767
	10,107	*	Transcat Inc		316,753
	91,876	*	Trex Co, Inc		8,074,982
	71,413	*	Trimas Corp		2,308,068
	87,777		Triton International Ltd		3,221,416
	76,926		Triumph Group, Inc		1,597,753
	60,197	*,e	Tutor Perini Corp		931,248
	15,363	*	Twin Disc, Inc		165,306
	94,494		Universal Forest Products, Inc		4,758,718
	18,165	*	Vectrus, Inc		830,322
	21,830	*	Veritiv Corp		297,761
	29,991	*	Vicor Corp		1,090,173
	63,946	*,e	Vivint Solar, Inc		448,262
	81,739		Wabash National Corp		1,165,598
	43,663		Watts Water Technologies, Inc (Class A)		4,071,575
	202,825	*	Welbilt, Inc		3,845,562
	82,531	*	Wesco Aircraft Holdings, Inc		909,492
	5,431	*	Willis Lease Finance Corp		296,044
	82,077	*	Willscot Corp		1,293,534
			TOTAL CAPITAL GOODS		318,138,923
COMMERCIAL & PROFESSIONAL SERVICES - 4.4%
	104,620		ABM Industries, Inc		3,814,445
	83,311	*	Acacia Research (Acacia Technologies)		211,610
	148,648		ACCO Brands Corp		1,360,129
	114,653	*	Advanced Disposal Services, Inc		3,758,325
	11,667		Barrett Business Services, Inc		1,023,546
	14,801		BG Staffing, Inc		283,143
	75,096		Brady Corp (Class A)		4,230,909
	52,422	*	BrightView Holdings, Inc		933,112
	78,363		Brink’s Co		6,657,721
	69,519	*	Casella Waste Systems, Inc (Class A)		3,030,333

241

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	78,856	*	CBIZ, Inc	$	2,158,289
	45,390	*	Ceco Environmental Corp		311,375
	33,934	*	Cimpress NV		4,483,360
	1,670		Compx International, Inc		24,482
	182,477		Covanta Holding Corp		2,634,968
	11,364		CRA International, Inc		559,677
	66,308		Deluxe Corp		3,436,744
	41,579		Ennis, Inc		814,533
	80,838		Exponent, Inc		5,135,638
	17,056	*	Forrester Research, Inc		588,091
	16,520	*	Franklin Covey Co		631,064
	58,212	*	FTI Consulting, Inc		6,337,540
	20,419	*	GP Strategies Corp		226,651
	115,563	e	Healthcare Services Group		2,815,115
	28,504		Heidrick & Struggles International, Inc		811,224
	23,484	*	Heritage-Crystal Clean, Inc		623,265
	92,506		Herman Miller, Inc		4,301,529
	66,407		HNI Corp		2,523,466
	34,612	*	Huron Consulting Group, Inc		2,289,238
	27,732		ICF International, Inc		2,376,355
	76,117	*	Innerworkings, Inc		369,167
	60,810		Insperity, Inc		6,423,360
	89,266		Interface, Inc		1,484,494
	50,715		Kelly Services, Inc (Class A)		1,217,667
	34,544		Kforce, Inc		1,413,195
	53,929		Kimball International, Inc (Class B)		1,097,994
	76,811		Knoll, Inc		2,053,926
	89,377		Korn/Ferry International		3,279,242
	46,161		Matthews International Corp (Class A)		1,707,034
	37,888		McGrath RentCorp		2,891,233
	30,646	*	Mistras Group, Inc		475,013
	70,026		Mobile Mini, Inc		2,634,378
	55,551		MSA Safety, Inc		6,670,009
	9,268	*	NL Industries, Inc		38,277
	15,002	*,e	NRC Group Holdings Corp		183,624
	79,741	*	On Assignment, Inc		5,070,730
	279,976		Pitney Bowes, Inc		1,231,894
	54,428		Quad Graphics, Inc		246,559
	47,724		Resources Connection, Inc		699,157
	114,081		RR Donnelley & Sons Co		497,393
	34,993	*	SP Plus Corp		1,545,641
	134,328		Steelcase, Inc (Class A)		2,346,710
	19,807		Systemax, Inc		428,623
	46,195	*,e	Team, Inc		838,901
	85,496		Tetra Tech, Inc		7,478,335
	69,840	*	TriNet Group, Inc		3,700,822
	64,298	*	TrueBlue, Inc		1,472,424
	23,662		Unifirst Corp		4,752,276
	34,725		US Ecology, Inc		2,160,937
	31,451		Viad Corp		1,919,140
	13,806		VSE Corp		530,427
	15,639	*	Willdan Group, Inc		473,862
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		135,718,321

242

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
CONSUMER DURABLES & APPAREL - 3.2%
	56,066		Acushnet Holdings Corp	$	1,595,078
	83,006	*	American Outdoor Brands Corp		587,682
	12,138		Bassett Furniture Industries, Inc		185,105
	45,377	*	Beazer Homes USA, Inc		681,109
	146,168		Callaway Golf Co		2,955,517
	13,736	*	Cavco Industries, Inc		2,632,504
	40,838	*	Century Communities, Inc		1,232,082
	39,749		Clarus Corp		506,800
	97,932	*	CROCS, Inc		3,426,641
	17,842		Culp, Inc		276,016
	45,961	*	Deckers Outdoor Corp		7,027,437
	9,151	*	Delta Apparel, Inc		228,317
	12,451		Escalade, Inc		142,688
	37,258		Ethan Allen Interiors, Inc		734,355
	14,191		Flexsteel Industries, Inc		235,145
	76,432	*,e	Fossil Group, Inc		831,580
	69,925	*	G-III Apparel Group Ltd		1,755,817
	197,229	*,e	GoPro, Inc		820,473
	35,947	*	Green Brick Partners, Inc		361,986
	10,698		Hamilton Beach Brands Holding Co		199,518
	39,538	*	Helen of Troy Ltd		5,921,211
	19,698		Hooker Furniture Corp		466,252
	36,319	*	Installed Building Products, Inc		2,368,725
	42,579	*,e	iRobot Corp		2,046,347
	7,752		Johnson Outdoors, Inc		453,880
	133,167		KB Home		4,752,730
	70,307		Kontoor Brands, Inc		2,671,666
	70,046		La-Z-Boy, Inc		2,487,333
	11,965	*	Legacy Housing Corp		189,645
	31,692	*,e	LGI Homes, Inc		2,487,188
	20,611		Lifetime Brands, Inc		164,682
	14,853	*,e	Lovesac Co		242,549
	41,905	*	M/I Homes, Inc		1,851,363
	31,774	*	Malibu Boats, Inc		1,036,468
	14,127		Marine Products Corp		189,584
	28,055	*	MasterCraft Boat Holdings, Inc		441,866
	77,084		MDC Holdings, Inc		2,983,922
	56,977	*	Meritage Homes Corp		4,107,472
	23,252		Movado Group, Inc		605,715
	6,361		Nacco Industries, Inc (Class A)		321,231
	24,935		Oxford Industries, Inc		1,717,024
	5,620	*,e	Purple Innovation, Inc		40,633
	11,498		Rocky Brands, Inc		319,759
	80,132		Skyline Corp		2,262,126
	109,652	*	Sonos, Inc		1,434,248
	130,947		Steven Madden Ltd		5,392,397
	25,663		Sturm Ruger & Co, Inc		1,174,339
	15,461		Superior Uniform Group, Inc		223,721
	162,519	*	Taylor Morrison Home Corp		4,071,101
	52,560	*	TopBuild Corp		5,462,561
	218,408	*	TRI Pointe Homes, Inc		3,437,742
	77,996		Tupperware Corp		751,101

243

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	23,912	*	Unifi, Inc	$	652,798
	21,188	*	Universal Electronics, Inc		1,104,319
	33,254	*	Vera Bradley, Inc		357,813
	4,582	*,e	Vince Holding Corp		96,772
	90,916	*	Vista Outdoor, Inc		609,137
	47,320	*	William Lyon Homes, Inc		915,642
	129,418		Wolverine World Wide, Inc		3,841,126
	48,191	*,e	YETI Holdings, Inc		1,605,242
	43,719	*,e	Zagg, Inc		322,209
			TOTAL CONSUMER DURABLES & APPAREL		97,997,489
CONSUMER SERVICES - 3.4%
	89,487	*	Adtalem Global Education, Inc		2,664,923
	25,676	*	American Public Education, Inc		557,683
	103,108		BBX Capital Corp		460,893
	1,723	*	Biglari Holdings, Inc (B Shares)		143,836
	30,665		BJ’s Restaurants, Inc		1,214,027
	134,198		Bloomin’ Brands, Inc		2,658,462
	12,062	e	Bluegreen Vacations Corp		115,916
	124,940		Boyd Gaming Corp		3,404,615
	58,428		Brinker International, Inc		2,597,125
	108,031	*	Career Education Corp		1,529,719
	25,532		Carriage Services, Inc		657,704
	53,205	*	Carrols Restaurant Group, Inc		379,352
	42,809	*	Century Casinos, Inc		316,359
	63,256	e	Cheesecake Factory		2,643,468
	182,330	*	Chegg, Inc		5,590,238
	55,091		Churchill Downs, Inc		7,161,279
	25,593	*	Chuy’s Holdings, Inc		623,701
	11,857		Collectors Universe		339,822
	30,018	e	Cracker Barrel Old Country Store, Inc		4,667,799
	57,803		Dave & Buster’s Entertainment, Inc		2,299,403
	45,597	*	Del Taco Restaurants, Inc		348,133
	91,360	*	Denny’s Corp		1,838,163
	26,125	e	Dine Brands Global Inc.		1,911,044
	90,362	*	Drive Shack, Inc		360,544
	36,431	*	El Pollo Loco Holdings, Inc		423,328
	103,187	*,e	Eldorado Resorts, Inc		4,619,682
	3,992	*,e	Empire Resorts, Inc		38,762
	40,041	*	Fiesta Restaurant Group, Inc		344,152
	27,659	*	Golden Entertainment, Inc		400,502
	36,890	*,e	Habit Restaurants, Inc		387,714
	162,328	*	Houghton Mifflin Harcourt Co		1,048,639
	23,634	*	J Alexander’s Holdings, Inc		228,068
	40,193		Jack in the Box, Inc		3,377,016
	61,253	*	K12, Inc		1,212,197
	5,261	*	Kura Sushi USA, Inc		97,065
	161,430	*	Laureate Education, Inc		2,494,901
	35,052	*	Lindblad Expeditions Holdings, Inc		551,718
	66,964		Marriott Vacations Worldwide Corp		7,361,352
	18,061	*	Monarch Casino & Resort, Inc		780,055
	4,525		Nathan’s Famous, Inc		344,352
	42,388	*,e	Noodles & Co		225,928
	72,790	*,e	OneSpaWorld Holdings Ltd		1,131,884

244

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	35,114	e	Papa John’s International, Inc	$	2,055,925
	172,802	*	Penn National Gaming, Inc		3,683,275
	39,315	*	PlayAGS, Inc		453,695
	33,767	*	Potbelly Corp		143,510
	16,089		RCI Hospitality Holdings, Inc		301,669
	42,335	*	Red Lion Hotels Corp		254,010
	19,335	*	Red Robin Gourmet Burgers, Inc		589,718
	107,327		Red Rock Resorts, Inc		2,337,582
	42,055	*	Regis Corp		866,333
	44,698		Ruth’s Chris Steak House, Inc		919,885
	89,044	*,e	Scientific Games Corp (Class A)		2,136,166
	72,695	*	SeaWorld Entertainment, Inc		1,920,602
	31,595	*	Select Interior Concepts Inc		362,079
	44,965	*	Shake Shack, Inc		3,699,720
	33,179		Strategic Education, Inc		4,082,012
	48,787	*,e	Target Hospitality Corp		270,280
	103,491		Texas Roadhouse, Inc (Class A)		5,847,242
	33,452	e	Twin River Worldwide Holdings Inc		839,645
	45,066		Wingstop, Inc		3,759,856
	72,695	*	WW International Inc		2,534,875
			TOTAL CONSUMER SERVICES		106,609,602
DIVERSIFIED FINANCIALS - 4.5%
	50,736		AG Mortgage Investment Trust		793,511
	164,465		Anworth Mortgage Asset Corp		562,470
	242,839		Apollo Commercial Real Estate Finance, Inc		4,443,954
	43,503		Ares Commercial Real Estate Corp		674,296
	103,251		Ares Management Corp		3,053,132
	63,039	e	Arlington Asset Investment Corp (Class A)		364,365
	93,240	*	ARMOUR Residential REIT, Inc		1,559,905
	77,032		Artisan Partners Asset Management, Inc		2,106,825
	482	*,h	Ashford, Inc		11,525
	21,259	*	Assetmark Financial Holdings, Inc		583,347
	3,336	e	Associated Capital Group, Inc		135,442
	33,565		B. Riley Financial, Inc		944,855
	49,099		Banco Latinoamericano de Exportaciones S.A. (Class E)		1,012,912
	196,893		Blackstone Mortgage Trust, Inc		7,147,216
	74,899	*	Blucora, Inc		1,620,065
	109,797		Brightsphere Investment Group, Inc		1,078,207
	105,094	*	Cannae Holdings, Inc		3,068,745
	144,647		Capstead Mortgage Corp		1,118,121
	28,027		Cherry Hill Mortgage Investment Corp		378,925
	34,354		Cohen & Steers, Inc		2,248,126
	124,272		Colony Credit Real Estate, Inc		1,780,818
	44,627	*	Cowen Group, Inc		668,066
	27,634	*	Curo Group Holdings Corp		386,600
	5,031		Diamond Hill Investment Group, Inc		708,667
	46,023	*	Donnelley Financial Solutions, Inc		520,060
	34,804		Dynex Capital, Inc		562,433
	27,627	*	Elevate Credit, Inc		112,994
	48,878		Ellington Financial Inc		900,333
	48,231	*,e	Encore Capital Group, Inc		1,600,787
	53,002	*	Enova International, Inc		1,245,017

245

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	50,790		Exantas Capital Corp	$	597,290
	78,778	*,e	Ezcorp, Inc (Class A)		414,372
	150,417		Federated Investors, Inc (Class B)		4,804,319
	233,072		FGL Holdings		2,104,640
	65,543		FirstCash, Inc		5,531,174
	47,435	*	Focus Financial Partners, Inc		1,037,878
	42,779	e	Gain Capital Holdings, Inc		180,527
	8,193		GAMCO Investors, Inc (Class A)		129,122
	85,458		Granite Point Mortgage Trust, Inc		1,589,519
	24,464		Great Ajax Corp		382,862
	76,976	*	Green Dot Corp		2,219,988
	26,235		Greenhill & Co, Inc		425,007
	6,768	e	GWG Holdings Inc		69,372
	33,465		Hamilton Lane, Inc		1,995,183
	63,448		Houlihan Lokey, Inc		2,998,552
	24,954	*	INTL FCStone, Inc		998,160
	221,204		Invesco Mortgage Capital, Inc		3,481,751
	170,352	e	iShares Russell 2000 Index Fund		26,481,218
	42,243		KKR Real Estate Finance Trust, Inc		846,972
	162,499		Ladder Capital Corp		2,806,358
	213,938		Ladenburg Thalmann Financial Services, Inc		483,500
	100,336	*	LendingClub Corp		1,268,247
	14,409		Marlin Business Services Corp		342,070
	30,544	*,e	Medallion Financial Corp		208,921
	72,299		Moelis & Co		2,579,628
	27,710		Nelnet, Inc (Class A)		1,697,792
	360,914		New York Mortgage Trust, Inc		2,259,322
	35,784	*,†	NewStar Financial, Inc		8,640
	112,017	*	On Deck Capital, Inc		499,596
	17,010		Oppenheimer Holdings, Inc		462,672
	98,542		Orchid Island Capital, Inc		548,879
	137,122		PennyMac Mortgage Investment Trust		3,138,723
	27,062	*	Pico Holdings, Inc		291,728
	21,201		Piper Jaffray Cos		1,665,127
	36,436		PJT Partners, Inc		1,513,187
	70,250	*	PRA Group, Inc		2,383,582
	31,033		Pzena Investment Management, Inc (Class A)		257,574
	47,214		Ready Capital Corp		747,398
	150,007		Redwood Trust, Inc		2,451,114
	14,569	*	Regional Management Corp		421,481
	31,121	*	Safeguard Scientifics, Inc		351,978
	29,361		Sculptor Capital Management, Inc		527,617
	9,050	*,e	Siebert Financial Corp		81,178
	8,405		Silvercrest Asset Management Group, Inc		101,028
	105,847		Stifel Financial Corp		5,925,315
	77,030		TPG RE Finance Trust, Inc		1,558,317
	1,276		Value Line, Inc		25,813
	10,066		Virtus Investment Partners, Inc		1,091,960
	112,930	e	Waddell & Reed Financial, Inc (Class A)		1,870,121
	75,407		Western Asset Mortgage Capital Corp		757,086
	13,237		Westwood Holdings Group, Inc		400,155
	215,119		WisdomTree Investments, Inc		1,099,258
	9,642	*	World Acceptance Corp		1,000,936
			TOTAL DIVERSIFIED FINANCIALS		138,505,926

246

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
ENERGY - 3.0%
	244,708	*	Abraxas Petroleum Corp	$	70,965
	74,423	*,e	Altus Midstream Co		163,731
	29,691		Amplify Energy Corp		215,260
	25,056	e	Arch Coal, Inc		1,976,668
	196,232		Archrock, Inc		1,891,676
	54,093	*	Ardmore Shipping Corp		432,203
	93,491		Berry Petroleum Co LLC		877,880
	30,979	*	Bonanza Creek Energy, Inc		552,046
	23,774		Brigham Minerals, Inc		453,846
	74,999	*	Cactus, Inc		2,228,970
	75,939	*,e	California Resources Corp		424,499
	357,905	*,e	Callon Petroleum Co		1,360,039
	133,520	*	Carrizo Oil & Gas, Inc		982,707
	61,905	*,e	Chaparral Energy Inc		58,024
	217,570	*	Clean Energy Fuels Corp		489,532
	299,139	*	CNX Resources Corp		2,521,742
	22,205	*	Comstock Resources Inc		151,882
	40,810	*	CONSOL Energy, Inc		539,916
	29,547	*	Contura Energy Inc		677,808
	94,509	*,e	Covia Holdings Corp		130,422
	45,388		CVR Energy, Inc		2,152,299
	117,382		Delek US Holdings, Inc		4,689,411
	790,595	*,e	Denbury Resources, Inc		789,093
	143,520		DHT Holdings, Inc		1,109,410
	97,887	*,e	Diamond Offshore Drilling, Inc		517,822
	38,324	*,e	Diamond S Shipping Inc		559,530
	23,217		DMC Global, Inc		1,038,729
	42,831	*	Dorian LPG Ltd		533,246
	56,236	*	Dril-Quip, Inc		2,306,801
	33,623	*,e	Earthstone Energy, Inc		130,457
	139,519	*,e	Energy Fuels, Inc		280,433
	32,657	*	Era Group, Inc		315,793
	40,260		Evolution Petroleum Corp		226,261
	48,747	*	Exterran Corp		617,624
	147,875	*,e	Extraction Oil & Gas, Inc		251,387
	56,962	e	Falcon Minerals Corp		350,886
	141,872	*	Forum Energy Technologies, Inc		164,571
	157,452	*	Frank’s International NV		771,515
	58,518	*	FTS International, Inc		88,947
	62,599		GasLog Ltd		858,232
	19,584	*	Geospace Technologies Corp		285,731
	148,544		Golar LNG Ltd		2,045,451
	10,568	*	Goodrich Petroleum Corp		101,770
	58,738		Green Plains Renewable Energy, Inc		724,240
	244,979	*	Gulfport Energy Corp		682,267
	33,512		Hallador Energy Co		112,768
	215,269	*	Helix Energy Solutions Group, Inc		1,849,161
	198,949	*	HighPoint Resources Corp		210,886
	75,910	*	Independence Contract Drilling, Inc		67,560
	39,063	*	International Seaways, Inc		982,044
	100,715	*,e	Jagged Peak Energy, Inc		714,069

247

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	33,152	*	KLX Energy Services Holdings, Inc	$	263,227
	266,188	*	Laredo Petroleum Holdings, Inc		628,204
	82,563	e	Liberty Oilfield Services, Inc		760,405
	157,575	*,e	Magnolia Oil & Gas Corp		1,547,386
	28,914		Mammoth Energy Services, Inc		46,262
	169,331	*	Matador Resources Co		2,355,394
	43,973	*	Matrix Service Co		824,933
	152,128	*,e	McDermott International, Inc		247,969
	31,688	*,e	Montage Resources Corp		143,230
	554,674		Nabors Industries Ltd		1,026,147
	48,752	*,e	National Energy Services Reunited Corp		336,876
	20,410	*	Natural Gas Services Group, Inc		242,675
	12,987	*	NCS Multistage Holdings, Inc		29,221
	134,162	*	Newpark Resources, Inc		804,972
	9,330	*,e	NextDecade Corp		55,234
	240,458	*	NexTier Oilfield Solutions, Inc		1,038,780
	24,363	*,e	Nine Energy Service, Inc		137,651
	444,880	*,e	Noble Corp plc		547,202
	234,731	e	Nordic American Tanker Shipping		840,337
	464,998	*,e	Northern Oil And Gas, Inc		911,396
	490,355	*	Oasis Petroleum, Inc		1,279,827
	156,800	*	Oceaneering International, Inc		2,220,288
	95,405	*	Oil States International, Inc		1,361,429
	95,875	*	Overseas Shipholding Group, Inc		156,276
	52,258	*	Pacific Drilling SA		130,645
	24,068		Panhandle Oil and Gas, Inc (Class A)		341,525
	51,541	*	Par Pacific Holdings, Inc		1,167,404
	13,834	*	Parker Drilling Co		255,514
	96,736	*	PDC Energy, Inc		1,929,883
	108,607		Peabody Energy Corp		1,143,632
	19,905	*	Penn Virginia Corp		473,739
	768	*	PrimeEnergy Corp		121,667
	131,013	*	ProPetro Holding Corp		1,015,351
	371,547		Questar Market Resources, Inc		1,237,251
	57,873	*,e	Renewable Energy Group, Inc		945,645
	8,964	*	Rex American Resources Corp		725,367
	23,949	*	RigNet, Inc		125,493
	91,109	*,e	Ring Energy, Inc		151,241
	44,853	*,e	Roan Resources, Inc		67,279
	23,757	*,e	Rosehill Resources, Inc		36,586
	85,718	e	RPC, Inc		354,873
	49,886	*	SandRidge Energy, Inc		218,501
	68,910		Scorpio Tankers, Inc		2,192,027
	26,978	*	SEACOR Holdings, Inc		1,157,626
	28,281	*	SEACOR Marine Holdings, Inc		367,936
	132,745	*,e	Seadrill Ltd		233,631
	98,442	*	Select Energy Services, Inc		748,159
	123,352		SemGroup Corp		1,985,967
	126,898		Ship Finance International Ltd		1,836,214
	16,984	*	SilverBow Resources, Inc		134,174
	174,917		SM Energy Co		1,371,349
	33,590	*,e	Smart Sand, Inc		78,265
	47,476		Solaris Oilfield Infrastructure, Inc		505,145
	835,821	*	Southwestern Energy Co		1,713,433

248

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	381,041	*	SRC Energy, Inc	$	1,188,848
	30,883	*	Talos Energy, Inc		664,911
	120,508	e	Teekay Corp		615,796
	294,434		Teekay Tankers Ltd (Class A)		600,645
	149,981	*,e	Tellurian, Inc		1,195,349
	203,947	*	Tetra Technologies, Inc		346,710
	61,550	*	Tidewater, Inc		998,956
	83,708	*	Unit Corp		170,764
	270,509	*,e	Uranium Energy Corp		256,199
	114,007	e	US Silica Holdings, Inc		508,471
	29,571	*	US Well Services Inc		56,481
	151,370	*	W&T Offshore, Inc		610,021
	139,648	*,e	Whiting Petroleum Corp		885,368
	101,614		World Fuel Services Corp		4,244,417
			TOTAL ENERGY		94,641,989
FOOD & STAPLES RETAILING - 0.5%
	49,275		Andersons, Inc		907,645
	38,192	*	Chefs’ Warehouse Holdings, Inc		1,265,110
	15,499	*	HF Foods Group Inc		301,146
	21,713		Ingles Markets, Inc (Class A)		856,144
	15,774	*	Natural Grocers by Vitamin C		138,338
	160,929	*	Performance Food Group Co		6,857,185
	34,158		Pricesmart, Inc		2,531,108
	89,952	*,e	Rite Aid Corp		827,558
	55,376		Spartan Stores, Inc		725,149
	85,023	*	United Natural Foods, Inc		637,672
	12,873		Village Super Market (Class A)		341,135
	14,207		Weis Markets, Inc		546,827
			TOTAL FOOD & STAPLES RETAILING		15,935,017
FOOD, BEVERAGE & TOBACCO - 1.7%
	175,658	*,e	22nd Century Group, Inc		331,994
	6,265		Alico, Inc		205,805
	98,289	e	B&G Foods, Inc (Class A)		1,528,394
	13,007	*	Boston Beer Co, Inc (Class A)		4,870,601
	2,556	*,e	Bridgford Foods Corp		63,056
	25,398	e	Calavo Growers, Inc		2,202,769
	49,356		Cal-Maine Foods, Inc		1,968,811
	47,762	*,e	Celsius Holdings, Inc		168,122
	7,311		Coca-Cola Bottling Co Consolidated		2,005,846
	19,135	*	Craft Brewers Alliance, Inc		139,494
	256,053	*	Darling International, Inc		4,941,823
	126,408	e	Dean Foods Co		123,880
	16,534	*	Farmer Bros Co		212,131
	49,340		Fresh Del Monte Produce, Inc		1,573,946
	53,036	*	Freshpet, Inc		2,771,661
	190,668	*	Hostess Brands, Inc		2,436,737
	23,863		J&J Snack Foods Corp		4,552,106
	13,321		John B. Sanfilippo & Son, Inc		1,413,625
	29,765		Lancaster Colony Corp		4,142,693
	40,070	*	Landec Corp		394,689
	25,431		Limoneira Co		481,155

249

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	20,132	e	MGP Ingredients, Inc	$	863,461
	17,909	e	National Beverage Corp		787,280
	138,626	*,e	New Age Beverages Corp		372,904
	55,014	*,e	Primo Water Corp		665,394
	12,412	*,e	Pyxus International, Inc		141,745
	31,180		Sanderson Farms, Inc		4,826,976
	11,015	*	Seneca Foods Corp		389,711
	128,099	*	Simply Good Foods Co		3,143,549
	26,021	e	Tootsie Roll Industries, Inc		892,000
	13,030	e	Turning Point Brands, Inc		271,936
	38,500		Universal Corp		2,109,800
	172,005		Vector Group Ltd		2,098,461
			TOTAL FOOD, BEVERAGE & TOBACCO		53,092,555
HEALTH CARE EQUIPMENT & SERVICES - 6.8%
	131,440	*	Accuray, Inc		341,744
	16,589	*	Addus HomeCare Corp		1,396,960
	257,053	*	Allscripts Healthcare Solutions, Inc		2,812,160
	61,624	*	Alphatec Holdings Inc		423,973
	49,273	*	Amedisys, Inc		6,332,566
	30,348	*,e	American Renal Associates Holdings, Inc		252,495
	72,396	*	AMN Healthcare Services, Inc		4,253,989
	54,209	*	Angiodynamics, Inc		829,398
	250,753	*,e	Antares Pharma, Inc		842,530
	9,651	*,e	Apollo Medical Holdings, Inc		144,475
	62,798	*	Apyx Medical Corp		414,467
	57,608	*	AtriCure, Inc		1,531,797
	2,278		Atrion Corp		1,921,334
	32,121	*,e	Avalon GloboCare Corp		46,897
	73,284	*	Avanos Medical, Inc		3,227,427
	12,034	*	Avedro Inc		279,670
	53,438	*	AxoGen, Inc		664,502
	24,641	*,e	Axonics Modulation Technologies, Inc		609,126
	9,868	*,e	BioLife Solutions Inc		167,855
	23,247	*	BioSig Technologies Inc		154,128
	51,987	*	BioTelemetry, Inc		2,046,208
	289,821	*	Brookdale Senior Living, Inc		2,130,184
	53,348	*	Cardiovascular Systems, Inc		2,375,053
	149,336	*	Castlight Health, Inc		225,497
	10,467	*,e	Catasys Inc		163,390
	216,953	*	Cerus Corp		943,746
	113,135	*,e	Community Health Systems, Inc		400,498
	18,622		Computer Programs & Systems, Inc		429,610
	94,450	*,e	ConforMIS, Inc		180,399
	42,229		Conmed Corp		4,646,035
	13,614	*	Corvel Corp		1,077,140
	56,469	*	Cross Country Healthcare, Inc		610,430
	54,721	*	CryoLife, Inc		1,228,486
	48,562	*,e	CryoPort, Inc		681,325
	21,998	*	Cutera, Inc		692,937
	41,296	*,e	CytoSorbents Corp		196,156
	95,753	*	Diplomat Pharmacy, Inc		520,896
	20,440	*,e	ElectroCore LLC		32,295
	79,530		Ensign Group, Inc		3,360,142

250

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	68,286	*	Enzo Biochem, Inc	$	215,784
	122,531	*	Evolent Health, Inc		933,686
	145,787	*	Genesis Health Care, Inc		186,607
	90,683	*	GenMark Diagnostics, Inc		508,732
	56,106	*,e	Glaukos Corp		3,581,246
	119,645	*	Globus Medical, Inc		6,265,809
	79,971	*	Haemonetics Corp		9,654,899
	57,838	*	Hanger Orthopedic Group, Inc		1,307,717
	12,622	*,e	Health Catalyst, Inc		405,924
	107,472	*	HealthEquity, Inc		6,103,335
	39,664	*	HealthStream, Inc		1,112,972
	10,667	*,e	Heska Corp		864,240
	135,563	*	HMS Holdings Corp		4,431,554
	28,397	*	Inogen, Inc		1,545,791
	114,329	*,e	Inovalon Holdings, Inc		1,786,962
	21,022	*	Inspire Medical Systems, Inc		1,281,922
	51,119	*	Integer Holding Corp		3,958,655
	13,673	*	IntriCon Corp		282,758
	59,772		Invacare Corp		461,440
	7,027	*,e	iRadimed Corp		177,432
	38,618	*	iRhythm Technologies, Inc		2,580,455
	19,316	*	Joint Corp		368,356
	61,773	*	Lantheus Holdings, Inc		1,287,967
	25,161		LeMaitre Vascular, Inc		870,571
	46,850	*	LHC Group, Inc		5,198,945
	75,367	*	LivaNova plc		5,330,708
	22,407	*,e	Livongo Health, Inc		483,767
	34,200	*	Magellan Health Services, Inc		2,219,580
	65,618		Meridian Bioscience, Inc		642,400
	82,859	*	Merit Medical Systems, Inc		1,711,453
	5,915	e	Mesa Laboratories, Inc		1,347,141
	10,884	*	Misonix Inc		188,837
	19,023		National Healthcare Corp		1,563,310
	19,130		National Research Corp		1,098,636
	53,349	*	Natus Medical, Inc		1,796,794
	79,561	*	Neogen Corp		5,176,239
	19,273	*,e	Neuronetics, Inc		171,722
	46,919	*	Nevro Corp		4,044,418
	87,625	*	NextGen Healthcare, Inc		1,481,301
	135,053	*	Novocure Ltd		9,675,197
	81,021	*	NuVasive, Inc		5,715,221
	65,403	*	Omnicell, Inc		4,603,717
	23,835	*,e	OptimizeRx Corp		309,855
	213,194	*	Option Care Health, Inc		754,707
	88,809	*	OraSure Technologies, Inc		758,429
	28,813	*	Orthofix International NV		1,211,010
	15,359	*,e	OrthoPediatrics Corp		594,086
	105,865		Owens & Minor, Inc		712,471
	130,837	e	Patterson Cos, Inc		2,241,238
	39,765	*	Pennant Group, Inc		715,372
	30,588	*,e	PetIQ, Inc		756,135
	15,802	*,e	Phreesia, Inc		468,213
	18,390	*	Providence Service Corp		1,174,569

251

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	16,512	*,e	Pulse Biosciences, Inc	$	232,489
	55,101	*	Quidel Corp		3,135,247
	159,184	*	R1 RCM, Inc		1,692,126
	65,813	*	RadNet, Inc		1,027,999
	111,582	*,e	Rockwell Medical, Inc		246,596
	83,566	*	RTI Biologics, Inc		183,845
	26,698	*	SeaSpine Holdings Corp		369,500
	170,642	*	Select Medical Holdings Corp		3,109,097
	175,475	*,e	Senseonics Holdings, Inc		205,306
	12,137	*,e	Shockwave Medical Inc		412,901
	23,791	*	SI-BONE, Inc		396,120
	59,883	*,e	Sientra, Inc		385,048
	18,052	*	Silk Road Medical Inc		597,882
	17,627		Simulations Plus, Inc		624,172
	11,378	*,e	Soliton Inc		126,523
	70,258	*	Staar Surgical Co		2,303,057
	37,523	*,e	Surgery Partners, Inc		298,308
	19,960	*	SurModics, Inc		948,300
	30,334	*,e	Tabula Rasa HealthCare, Inc		1,545,214
	28,821	*	Tactile Systems Technology, Inc		1,309,050
	87,897	*	Tandem Diabetes Care, Inc		5,412,697
	111,695	*,e	Teladoc, Inc		8,555,837
	159,581	*	Tenet Healthcare Corp		4,043,783
	75,044	*	Tivity Health, Inc		1,216,463
	298,305	*,e	TransEnterix, Inc		68,073
	9,771	*,e	Transmedics Group, Inc		175,292
	35,180	*,e	Triple-S Management Corp (Class B)		532,273
	19,580		US Physical Therapy, Inc		2,769,983
	5,133		Utah Medical Products, Inc		525,979
	22,768	*	Vapotherm, Inc		234,510
	59,325	*	Varex Imaging Corp		1,780,343
	104,990	*,e	ViewRay, Inc		272,974
	49,523	*	Vocera Communications, Inc		986,498
	196,851	*	Wright Medical Group NV		4,094,501
	22,997	e	Zynex Inc		212,492
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		210,938,683
HOUSEHOLD & PERSONAL PRODUCTS - 0.5%
	17,940	*	Central Garden & Pet Co		538,559
	65,097	*	Central Garden and Pet Co (Class A)		1,840,943
	83,040	*	Edgewell Personal Care Co		2,906,400
	43,603	*	elf Beauty, Inc		732,530
	28,066		Inter Parfums, Inc		2,173,150
	20,649	*	Lifevantage Corp		280,001
	17,873		Medifast, Inc		1,982,831
	12,223	*	Nature’s Sunshine Products, Inc		115,385
	8,691		Oil-Dri Corp of America		304,272
	13,484	*,e	Revlon, Inc (Class A)		354,494
	19,891	*	USANA Health Sciences, Inc		1,474,122
	21,612		WD-40 Co		4,050,089
	12,281	*,e	Youngevity International Inc		57,352
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		16,810,128

252

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
INSURANCE - 2.3%
	72,148	*	AMBAC Financial Group, Inc	$	1,479,034
	139,362		American Equity Investment Life Holding Co		3,439,454
	30,019		Amerisafe, Inc		1,907,107
	51,879		Argo Group International Holdings Ltd		3,209,754
	76,788	*,e	Citizens, Inc (Class A)		511,408
	247,210		Conseco, Inc		3,868,837
	24,529		Crawford & Co		259,762
	15,160		Donegal Group, Inc (Class A)		223,155
	34,734	*	eHealth, Inc		2,398,035
	49,147		Employers Holdings, Inc		2,080,884
	17,916	*	Enstar Group Ltd		3,599,324
	15,569		FBL Financial Group, Inc (Class A)		893,349
	14,809		FedNat Holding Co		212,509
	787,623	*	Genworth Financial, Inc (Class A)		3,371,027
	12,215		Global Indemnity Ltd		302,443
	18,604	e	Goosehead Insurance, Inc		952,153
	41,579	*	Greenlight Capital Re Ltd (Class A)		449,053
	17,649	*	Hallmark Financial Services		314,505
	10,907		HCI Group, Inc		458,639
	14,397	*,e	Health Insurance Innovations, Inc		381,233
	44,083		Heritage Insurance Holdings, Inc		587,186
	65,238		Horace Mann Educators Corp		2,841,767
	7,770		Independence Holding Co		303,807
	2,119		Investors Title Co		321,452
	45,296		James River Group Holdings Ltd		1,622,050
	31,502		Kinsale Capital Group, Inc		3,330,391
	123,462	*	MBIA, Inc		1,146,962
	107,088		National General Holdings Corp		2,283,116
	3,625		National Western Life Group, Inc		988,175
	12,045	*	NI Holdings, Inc		210,788
	10,662	*,e	Palomar Holdings, Inc		481,389
	83,136		ProAssurance Corp		3,260,594
	14,145	*	ProSight Global, Inc		224,340
	15,779		Protective Insurance Corp		251,044
	62,119		RLI Corp		6,045,421
	23,414		Safety Insurance Group, Inc		2,275,841
	91,370		Selective Insurance Group, Inc		6,315,495
	27,501		State Auto Financial Corp		910,008
	36,075		Stewart Information Services Corp		1,476,189
	122,243	*	Third Point Reinsurance Ltd		1,160,086
	29,168		Tiptree Financial, Inc		214,385
	44,821	*,e	Trupanion, Inc		1,062,258
	33,339		United Fire & Casualty Co		1,517,591
	27,826		United Insurance Holdings Corp		341,147
	47,585		Universal Insurance Holdings, Inc		1,290,029
	33,290	*,e	Watford Holdings Ltd		896,833
			TOTAL INSURANCE		71,670,009
MATERIALS - 3.8%
	24,757	e	Advanced Emissions Solutions, Inc		342,389
	45,147	*	AdvanSix, Inc		1,027,546
	512,691	*,e	AK Steel Holding Corp		1,209,951
	197,467	*	Allegheny Technologies, Inc		4,148,782

253

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	47,693		American Vanguard Corp	$	666,748
	61,334	*,e	Amyris, Inc		203,322
	50,188		Balchem Corp		5,079,527
	59,569		Boise Cascade Co		2,130,783
	72,749		Carpenter Technology Corp		3,566,156
	85,982	*	Century Aluminum Co		501,275
	11,345		Chase Corp		1,329,067
	25,144	*	Clearwater Paper Corp		466,170
	414,395	e	Cleveland-Cliffs, Inc		2,996,076
	339,526	*	Coeur Mining, Inc		1,874,184
	179,817		Commercial Metals Co		3,475,863
	53,615		Compass Minerals International, Inc		3,028,175
	122,593	*	Ferro Corp		1,364,460
	69,112	*,†	Ferroglobe plc		0
	95,983	*,e	Flotek Industries, Inc		183,328
	30,751	*,e	Forterra, Inc		252,466
	40,163		FutureFuel Corp		495,210
	84,020	*	GCP Applied Technologies, Inc		1,735,853
	95,287	*	Gold Resource Corp		417,357
	41,307		Greif, Inc (Class A)		1,617,995
	11,216		Greif, Inc (Class B)		527,488
	79,470		H.B. Fuller Co		3,878,136
	14,420		Hawkins, Inc		616,455
	19,140		Haynes International, Inc		659,564
	762,358		Hecla Mining Co		1,753,423
	65,227	*	Ingevity Corp		5,492,766
	28,868		Innophos Holdings, Inc		941,674
	37,667		Innospec, Inc		3,441,257
	154,641	*	Intrepid Potash, Inc		477,841
	24,946		Kaiser Aluminum Corp		2,671,218
	29,341	*	Koppers Holdings, Inc		941,846
	49,395	*	Kraton Polymers LLC		1,107,436
	36,085	e	Kronos Worldwide, Inc		457,558
	235,095	*	Livent Corp		1,612,752
	193,815		Louisiana-Pacific Corp		5,665,212
	39,524	*	LSB Industries, Inc		167,187
	66,564	*	Marrone Bio Innovations, Inc		87,864
	31,415		Materion Corp		1,785,629
	9,337	*	Mayville Engineering Co Inc		79,831
	54,573		Minerals Technologies, Inc		2,698,635
	54,965		Myers Industries, Inc		930,557
	25,983		Neenah Paper, Inc		1,675,903
	369,070	*	Novagold Resources Inc		2,686,830
	18,593		Olympic Steel, Inc		278,523
	70,217	*	Omnova Solutions, Inc		709,894
	92,520	*	Orion Engineered Carbons SA		1,532,131
	71,238		PH Glatfelter Co		1,282,284
	121,073		PolyOne Corp		3,880,390
	59,329	*	PQ Group Holdings, Inc		977,149
	20,249		Quaker Chemical Corp		3,095,667
	24,375	*,e	Ramaco Resources, Inc		86,531
	83,684		Rayonier Advanced Materials, Inc		348,962
	25,988	*	Ryerson Holding Corp		225,836
	40,003		Schnitzer Steel Industries, Inc (Class A)		853,664

254

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	47,103		Schweitzer-Mauduit International, Inc	$	1,907,200
	66,212		Sensient Technologies Corp		4,142,223
	32,591		Stepan Co		3,184,793
	175,477	*	Summit Materials, Inc		4,023,688
	131,580	*	SunCoke Energy, Inc		696,058
	15,787		Synalloy Corp		247,224
	64,558	*	TimkenSteel Corp		362,816
	33,536	*	Trecora Resources		294,111
	42,018		Tredegar Corp		835,318
	63,527		Trinseo S.A.		2,699,897
	140,975		Tronox Holdings plc		1,196,878
	9,972	*	UFP Technologies, Inc		414,935
	3,011		United States Lime & Minerals, Inc		266,474
	25,258	*	US Concrete, Inc		1,319,983
	47,510		Valhi, Inc		89,794
	53,863	*	Verso Corp		788,554
	79,176		Warrior Met Coal, Inc		1,542,348
	58,799	*	Worthington Industries, Inc		2,164,391
			TOTAL MATERIALS		117,917,461
MEDIA & ENTERTAINMENT - 1.7%
	78,788	e	AMC Entertainment Holdings, Inc		738,244
	14,815	*,e	Boston Omaha Corp		332,745
	23,112	*,e	Cardlytics, Inc		968,624
	34,214	*	Care.com, Inc		399,620
	117,156	*,e	Cargurus, Inc		3,935,270
	109,483	*	Cars.com, Inc		1,238,253
	149,516	*	Central European Media Enterprises Ltd (Class A) (NASDAQ)		670,579
	94,062	*	Clear Channel		219,164
	72,522	*	comScore, Inc		167,526
	20,914	*	Cumulus Media Inc		286,313
	1,761	*,e	Daily Journal Corp		494,859
	75,575	*	DHI Group, Inc		273,581
	41,047		Emerald Expositions Events, Inc		398,977
	196,995	e	Entercom Communications Corp (Class A)		685,543
	94,262		Entravision Communications Corp (Class A)		267,704
	112,649	*,e	Eros International plc		252,334
	59,090	*,e	Eventbrite Inc		1,062,438
	16,691	*	EverQuote Inc		338,827
	86,728		EW Scripps Co (Class A)		1,165,191
	68,333	*	Fluent, Inc		159,216
	165,085		Gannett Co, Inc		1,791,172
	173,432	*	Glu Mobile, Inc		1,028,452
	144,964	*	Gray Television, Inc		2,378,859
	29,344	*	Hemisphere Media Group, Inc		378,831
	80,824	*	Imax Corp		1,725,592
	79,097	*	Lee Enterprises, Inc		143,166
	14,652	*	Liberty Braves Group (Class A)		432,527
	55,642	*	Liberty Braves Group (Class C)		1,636,431
	73,798	*	Liberty Latin America Ltd (Class A)		1,379,285
	176,639	*	Liberty Latin America Ltd (Class C)		3,251,924
	113,373	*	Liberty TripAdvisor Holdings, Inc		1,094,049
	56,648	*,e	LiveXLive Media, Inc		96,302

255

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	21,398	*	Loral Space & Communications, Inc	$	855,706
	51,428	*	Marchex, Inc (Class B)		170,227
	33,014		Marcus Corp		1,191,805
	82,233	*	MDC Partners, Inc		257,389
	113,025	*	Meet Group, Inc		481,486
	61,705		Meredith Corp		2,326,278
	88,623	*,e	MSG Networks, Inc		1,436,579
	102,836		National CineMedia, Inc		863,308
	91,052	e	New Media Investment Group, Inc		802,168
	75,667	*,e	QuinStreet, Inc		970,808
	26,334	*	Reading International, Inc		299,418
	31,852	*	Rosetta Stone, Inc		610,284
	6,926		Saga Communications, Inc		208,957
	44,905		Scholastic Corp		1,728,842
	37,457	*	TechTarget, Inc		913,951
	339,161		TEGNA, Inc		5,097,590
	12,306	*	Travelzoo, Inc		124,537
	22,998		Tribune Publishing Co		206,062
	155,467	*	TrueCar, Inc		509,932
	43,015	*	WideOpenWest, Inc		273,145
	109,676	*	Yelp, Inc		3,784,919
			TOTAL MEDIA & ENTERTAINMENT		52,504,989
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 9.6%
	59,391	*	Abeona Therapeutics, Inc		140,757
	164,436	*,e	Acadia Pharmaceuticals, Inc		6,973,731
	41,594	*,e	Accelerate Diagnostics, Inc		640,548
	68,746	*	Acceleron Pharma, Inc		3,084,633
	116,095	*,e	AcelRx Pharmaceuticals, Inc		232,190
	7,665	*,e	Acer Therapeutics Inc		23,991
	213,179	*	Achillion Pharmaceuticals, Inc		1,366,477
	51,324	*,e	Aclaris Therapeutics, Inc		89,817
	71,388	*	Acorda Therapeutics, Inc		117,790
	30,778	*,e	Adamas Pharmaceuticals, Inc		126,498
	77,727	*,e	ADMA Biologics, Inc		380,085
	80,821	*	Adverum Biotechnologies, Inc		587,569
	40,056	*	Aeglea BioTherapeutics, Inc		304,826
	65,929	*,e	Aerie Pharmaceuticals, Inc		1,462,964
	89,223	*,e	Affimed NV		262,316
	160,078	*,e	Agenus, Inc		414,602
	31,726	*,e	AgeX Therapeutics, Inc		49,493
	70,102	*,e	Aimmune Therapeutics, Inc		1,950,238
	20,944	*,e	Akcea Therapeutics, Inc		383,904
	174,623	*	Akebia Therapeutics, Inc		651,344
	7,420	*,e	Akero Therapeutics, Inc		172,218
	139,984	*	Akorn, Inc		698,520
	16,872	*	Albireo Pharma, Inc		309,939
	116,754	*,†	Alder Biopharmaceuticals Inc		102,744
	35,286	*	Aldeyra Therapeutics, Inc		197,249
	46,696	*,e	Alector, Inc		786,361
	31,334	*,e	Allakos, Inc		2,149,512
	60,724	*,e	Allogene Therapeutics, Inc		1,748,851
	51,103	*,e	AMAG Pharmaceuticals, Inc		495,955
	394,614	*	Amicus Therapeutics, Inc		3,326,596

256

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	165,717	*	Amneal Pharmaceuticals, Inc	$	510,408
	54,609	*	Amphastar Pharmaceuticals, Inc		1,054,773
	37,940	*	AnaptysBio, Inc		1,431,097
	63,628	*,e	Anavex Life Sciences Corp		173,068
	14,742	*	ANI Pharmaceuticals, Inc		1,151,498
	20,833	*	Anika Therapeutics, Inc		1,466,435
	74,313	*	Apellis Pharmaceuticals, Inc		2,184,059
	3,235	*	Applied Therapeutics, Inc		53,410
	49,135	*	Arcus Biosciences, Inc		385,710
	69,190	*	Ardelyx, Inc		345,950
	78,257	*	Arena Pharmaceuticals, Inc		3,812,290
	172,911	*	Arqule, Inc		1,748,130
	147,050	*,e	Arrowhead Research Corp		5,889,352
	29,474	*	Arvinas, Inc		608,933
	35,566	*	Assembly Biosciences, Inc		587,195
	97,548	*	Assertio Therapeutics, Inc		77,073
	79,539	*	Atara Biotherapeutics, Inc		868,566
	105,306	*	Athenex, Inc		1,162,578
	187,892	*,e	Athersys, Inc		240,502
	10,109	*,e	Atreca, Inc		113,726
	69,535	*	Audentes Therapeutics, Inc		1,870,491
	89,525	*	Avid Bioservices, Inc		478,959
	32,836	*	Avrobio, Inc		476,779
	39,465	*,e	Axsome Therapeutics, Inc		950,317
	21,077	*	Beyondspring Inc		249,341
	157,944	*	BioCryst Pharmaceuticals, Inc		315,888
	139,369	*	BioDelivery Sciences International, Inc		805,553
	62,357	*	Biohaven Pharmaceutical Holding Co Ltd		2,863,433
	8,989	*	Biospecifics Technologies Corp		435,337
	8,977	*,e	Bioxcel Therapeutics Inc		37,344
	75,703	*	Blueprint Medicines Corp		5,211,395
	34,824	*	Bridgebio Pharma, Inc		787,371
	83,395	*	Calithera Biosciences, Inc		240,178
	15,410	*,e	Calyxt, Inc		70,578
	53,510	*	Cambrex Corp		3,196,152
	61,401	*,e	Cara Therapeutics, Inc		1,274,685
	66,886	*	CareDx, Inc		1,753,082
	73,710	*,e	CASI Pharmaceuticals, Inc		241,769
	5,717	*	Castle Biosciences, Inc		134,578
	161,726	*	Catalyst Pharmaceuticals, Inc		764,964
	14,057	*,e	cbdMD Inc		49,481
	7,093	*	Celcuity, Inc		111,715
	19,312	*,e	Cellular Biomedicine Group, Inc		353,216
	48,921	*,e	CEL-SCI Corp		335,598
	31,823	*,e	Cerecor Inc		109,471
	34,284	*,e	Checkpoint Therapeutics Inc		66,854
	60,250	*	ChemoCentryx, Inc		518,150
	56,870	*	Chiasma, Inc		297,999
	79,263	*	Chimerix, Inc		113,346
	67,801	*,e	ChromaDex Corp		195,945
	71,841	*,e	Clovis Oncology, Inc		227,736
	80,358	*	Codexis, Inc		1,086,440
	99,461	*	Coherus Biosciences, Inc		1,727,638

257

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	51,138	*	Collegium Pharmaceutical, Inc	$	613,656
	30,717	*	Concert Pharmaceuticals, Inc		191,367
	21,894	*	Constellation Pharmaceuticals, Inc		302,356
	85,728	*,e	Corbus Pharmaceuticals Holdings, Inc		443,214
	149,315	*	Corcept Therapeutics, Inc		2,178,506
	38,815	*,†,e	Corium International, Inc		6,987
	34,898	*	CorMedix Inc		194,731
	4,280	*,e	Cortexyme Inc		88,896
	16,334	*,e	Crinetics Pharmaceuticals, Inc		287,642
	31,003	*,e	Cue Biopharma, Inc		266,006
	101,842	*	Cymabay Therapeutics, Inc		457,271
	88,330	*	Cytokinetics, Inc		1,029,044
	69,831	*	CytomX Therapeutics, Inc		428,064
	29,255	*	Deciphera Pharmaceuticals, Inc		1,297,167
	74,463	*,e	Denali Therapeutics, Inc		1,166,835
	69,004	*,e	Dermira, Inc		461,637
	79,653	*	Dicerna Pharmaceuticals, Inc		1,313,478
	12,405	*	Dova Pharmaceuticals, Inc		353,667
	131,659	*,e	Dynavax Technologies Corp		670,144
	13,702	*	Eagle Pharmaceuticals, Inc		859,115
	76,710	*,e	Editas Medicine, Inc		1,598,636
	18,965	*,e	Eidos Therapeutics, Inc		919,802
	34,704	*	Eiger BioPharmaceuticals, Inc		378,274
	53,896	*,e	Eloxx Pharmaceuticals, Inc		328,227
	70,603	*	Emergent Biosolutions, Inc		4,035,667
	26,401	*	Enanta Pharmaceuticals, Inc		1,607,293
	362,197	*	Endo International plc		1,662,484
	120,407	*	Epizyme, Inc		1,385,885
	38,810	*,e	Esperion Thereapeutics, Inc		1,543,474
	18,447	*,e	Evelo Biosciences, Inc		120,459
	21,041	*,e	Evofem Biosciences Inc		107,099
	24,622	*,e	Evolus, Inc		392,721
	91,958	*,e	EyePoint Pharmaceuticals Inc		207,825
	80,888	*	Fate Therapeutics, Inc		1,209,276
	120,659	*	FibroGen, Inc		4,723,800
	49,519	*	Five Prime Therapeutics, Inc		195,600
	51,341	*,e	Flexion Therapeutics, Inc		881,525
	109,756	*	Fluidigm Corp		540,000
	37,643	*	Forty Seven, Inc		260,113
	7,201	*	Fulcrum Therapeutics, Inc		45,150
	52,454	*,e	G1 Therapeutics, Inc		1,113,074
	72,382	*,e	Galectin Therapeutics, Inc		288,080
	42,458	*	Genomic Health, Inc		2,831,099
	290,699	*,e	Geron Corp		415,700
	91,191	*	Global Blood Therapeutics, Inc		4,372,608
	53,355	*	GlycoMimetics, Inc		281,714
	66,106	*	Gossamer Bio, Inc		1,360,131
	36,846	*,e	Gritstone Oncology, Inc		298,821
	222,230	*	Halozyme Therapeutics, Inc		3,404,564
	15,106	*,e	Harpoon Therapeutics, Inc		200,910
	113,917	*,e	Heron Therapeutics, Inc		2,420,736
	40,892	*	Homology Medicines, Inc		536,912
	10,993	*,e	Hookipa Pharma, Inc		89,923
	240,973	*	Immunogen, Inc		573,516

258

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	275,982	*,e	Immunomedics, Inc	$	4,415,712
	101,903	*	Innoviva, Inc		1,184,113
	141,230	*,e	Inovio Pharmaceuticals, Inc		300,820
	137,401	*,e	Insmed, Inc		2,554,285
	58,690	*,e	Intellia Therapeutics, Inc		732,745
	38,817	*,e	Intercept Pharmaceuticals, Inc		2,825,101
	47,082	*	Intersect ENT, Inc		839,001
	68,008	*,e	Intra-Cellular Therapies, Inc		629,074
	106,429	*,e	Intrexon Corp		540,659
	134,538	*,e	Invitae Corp		2,167,407
	180,392	*	Iovance Biotherapeutics, Inc		3,811,683
	244,119	*	Ironwood Pharmaceuticals, Inc		2,450,955
	27,816	*	Jounce Therapeutics, Inc		100,555
	198,655	*,e	Kadmon Holdings, Inc		574,113
	41,971	*,e	Kala Pharmaceuticals, Inc		152,355
	7,550	*,e	Kaleido Biosciences Inc		44,243
	17,257	*	KalVista Pharmaceuticals Inc		182,924
	7,096	*	Karuna Therapeutics, Inc		98,776
	89,965	*,e	Karyopharm Therapeutics, Inc		1,052,590
	27,185	*,e	Kezar Life Sciences, Inc		88,351
	55,463	*	Kindred Biosciences, Inc		453,133
	21,759	*	Kiniksa Pharmaceuticals Ltd		153,401
	39,753	*	Kodiak Sciences, Inc		823,285
	17,511	*,e	Krystal Biotech Inc		719,177
	52,915	*	Kura Oncology, Inc		792,667
	34,955	*,e	La Jolla Pharmaceutical Co		245,209
	54,608	*,e	Lannett Co, Inc		649,289
	71,355	*,e	Lexicon Pharmaceuticals, Inc		264,727
	28,985	*,e	Ligand Pharmaceuticals, Inc (Class B)		3,153,858
	188,236	*,e	Lineage Cell Therapeutics, Inc		146,824
	19,940	*	Liquidia Technologies, Inc		87,337
	17,202	*,e	LogicBio Therapeutics, Inc		171,160
	62,607		Luminex Corp		1,283,130
	70,493	*	MacroGenics, Inc		599,190
	12,568	*	Madrigal Pharmaceuticals, Inc		1,161,660
	29,883	*	Magenta Therapeutics, Inc		311,082
	100,000	*,e	Mallinckrodt plc		316,000
	320,933	*,e	MannKind Corp		418,818
	79,933	*,e	Marinus Pharmaceuticals, Inc		93,522
	40,098	*,e	Marker Therapeutics Inc		153,976
	118,170	*,e	Medicines Co		6,202,743
	60,863	*,e	MediciNova, Inc		490,556
	43,265	*	Medpace Holdings, Inc		3,185,602
	101,175	*	MEI Pharma, Inc		183,127
	30,666	*	MeiraGTx Holdings plc		443,124
	23,021	*	Menlo Therapeutics, Inc		116,716
	53,187	*	Mersana Therapeutics, Inc		99,992
	14,011	*,e	Millendo Therapeutics Inc		101,019
	45,243	*	Minerva Neurosciences, Inc		214,452
	43,123	*	Mirati Therapeutics, Inc		4,061,324
	4,219	*	Mirum Pharmaceuticals, Inc		30,292
	25,240	*	Molecular Templates, Inc		213,530
	154,848	*	Momenta Pharmaceuticals, Inc		2,397,047

259

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	7,671	*,e	Morphic Holding, Inc	$	107,394
	42,193	*,e	Mustang Bio, Inc		111,811
	68,789	*,e	MyoKardia, Inc		3,943,673
	109,595	*	Myriad Genetics, Inc		3,690,064
	51,619	*	NanoString Technologies, Inc		1,166,589
	88,482	*	Natera, Inc		3,408,327
	146,791	*	NeoGenomics, Inc		3,365,918
	20,227	*,e	Neon Therapeutics, Inc		42,679
	4,309	*,e	NextCure Inc		107,725
	10,016	*,e	NGM Biopharmaceuticals Inc		129,908
	39,537	*,e	Novavax, Inc		164,869
	67,276	*,e	Ocular Therapeutix, Inc		217,974
	18,111	*	Odonate Therapeutics, Inc		575,205
	71,828	*,e	Omeros Corp		1,137,756
	31,968	*,e	Oncocyte Corp		54,346
	559,117	*,e	Opko Health, Inc		793,946
	37,078	*,e	Optinose, Inc		289,950
	15,648	*,e	Organogenesis Holdings Inc		109,692
	218,099	*	Pacific Biosciences of California, Inc		1,055,599
	63,820	*	Pacira Pharmaceuticals, Inc		2,584,072
	300,640	*,e	Palatin Technologies, Inc		242,917
	50,229	*,e	Paratek Pharmaceuticals, Inc		154,956
	175,964	*	PDL BioPharma, Inc		496,218
	13,758	*	Personalis, Inc		142,533
	52,259	*	Pfenex, Inc		481,828
	20,302	*	PhaseBio Pharmaceuticals Inc		83,441
	30,377		Phibro Animal Health Corp		727,833
	79,763	*	Pieris Pharmaceuticals, Inc		264,016
	28,785	*,e	PolarityTE, Inc		78,007
	115,198	*,e	Portola Pharmaceuticals, Inc		3,330,374
	13,584	*	Precision BioSciences Inc		88,160
	79,521	*	Prestige Consumer Healthcare, Inc.		2,819,815
	11,505	*,e	Prevail Therapeutics, Inc		126,785
	22,048	*	Principia Biopharma, Inc		778,515
	140,951	*	Progenics Pharmaceuticals, Inc		748,450
	29,237	*	Protagonist Therapeutics, Inc		393,238
	58,664	*	Prothena Corp plc		533,842
	90,658	*	PTC Therapeutics, Inc		3,707,006
	46,623	*	Puma Biotechnology, Inc		317,036
	20,044	*	Quanterix Corp		417,917
	55,541	*	Ra Pharmaceuticals, Inc		2,614,315
	70,335	*	Radius Health, Inc		2,000,327
	31,642	*	Reata Pharmaceuticals, Inc		6,520,783
	33,909	*	Recro Pharma, Inc		534,745
	53,142	*	REGENXBIO, Inc		1,896,638
	80,817	*	Repligen Corp		6,424,143
	16,270	*	Replimune Group, Inc		276,590
	22,281	*,e	resTORbio, Inc		161,537
	62,181	*	Retrophin, Inc		746,172
	65,781	*	Revance Therapeutics, Inc		1,030,130
	33,971	*	Rhythm Pharmaceuticals, Inc		724,262
	262,827	*	Rigel Pharmaceuticals, Inc		538,795
	43,952	*,e	Rocket Pharmaceuticals, Inc		639,062
	62,825	*,e	Rubius Therapeutics, Inc		555,373

260

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	176,327	*	Sangamo Biosciences, Inc	$	1,595,759
	34,927	*	Scholar Rock Holding Corp		323,075
	69,281	*,e	Seres Therapeutics, Inc		242,483
	98,556	*	SIGA Technologies, Inc		546,986
	31,959	*,e	Solid Biosciences, Inc		353,147
	212,919	*,e	Sorrento Therapeutics, Inc		323,637
	53,426	*	Spark Therapeutics, Inc		5,832,516
	176,688	*	Spectrum Pharmaceuticals, Inc		1,371,099
	15,205	*	Spero Therapeutics, Inc		166,799
	72,140	*,e	Stemline Therapeutics, Inc		721,400
	14,115	*,e	Stoke Therapeutics, Inc		400,019
	53,894	*,e	Strongbridge Biopharma plc		114,255
	76,912	*	Supernus Pharmaceuticals, Inc		2,137,384
	15,955	*,e	Sutro Biopharma, Inc		160,029
	29,781	*	Syndax Pharmaceuticals, Inc		200,128
	97,110	*	Syneos Health, Inc		4,870,066
	27,221	*,e	Synlogic, Inc		58,253
	15,482	*,e	Synthorx, Inc		212,723
	51,275	*	Syros Pharmaceuticals, Inc		265,348
	18,096	*,e	TCR2 Therapeutics Inc		224,933
	128,514	*,e	TG Therapeutics, Inc		877,751
	302,657	*,e	TherapeuticsMD, Inc		805,068
	70,263	*,e	Theravance Biopharma, Inc		1,132,640
	46,899	*,e	Translate Bio, Inc		428,891
	34,996	*	Tricida, Inc		1,309,200
	9,818	*,e	Turning Point Therapeutics Inc		376,618
	33,969	*	Twist Bioscience Corp		809,142
	91,734	*,e	Tyme Technologies, Inc		122,006
	85,616	*	Ultragenyx Pharmaceutical, Inc		3,436,626
	40,583	*,e	UNITY Biotechnology, Inc		253,238
	30,333	*,e	UroGen Pharma Ltd		686,436
	80,440	*	Vanda Pharmaceuticals, Inc		1,086,744
	124,762	*,e	VBI Vaccines, Inc		72,986
	75,766	*	Veracyte, Inc		1,737,314
	67,268	*	Vericel Corp		1,067,543
	26,272	*	Verrica Pharmaceuticals, Inc		355,197
	99,463	*,e	Viking Therapeutics, Inc		643,526
	39,696	*	Voyager Therapeutics, Inc		610,921
	34,617	*,e	WaVe Life Sciences Pte Ltd		875,464
	18,379	*	X4 Pharmaceuticals, Inc		225,143
	33,435	*,e	XBiotech, Inc		363,438
	73,791	*	Xencor, Inc		2,524,390
	42,253	*	Xeris Pharmaceuticals, Inc		345,630
	33,342	*	Y-mAbs Therapeutics, Inc		1,038,603
	252,928	*,e	ZIOPHARM Oncology, Inc		1,067,356
	66,397	*,e	Zogenix, Inc		2,964,626
	42,296	*,e	Zynerba Pharmaceuticals, Inc		328,217
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		297,189,575
REAL ESTATE - 8.2%
	131,730		Acadia Realty Trust		3,685,805
	64,300		Agree Realty Corp		5,064,911
	108,583		Alexander & Baldwin, Inc		2,552,786

261

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	3,258		Alexander’s, Inc	$	1,125,313
	8,715	*,e	Altisource Portfolio Solutions S.A.		155,127
	76,333		American Assets Trust, Inc		3,737,264
	165,861		American Finance Trust, Inc		2,454,743
	2,523	*	American Realty Investors, Inc		40,242
	79,968		Armada Hoffler Properties, Inc		1,498,600
	156,348		Ashford Hospitality Trust, Inc		426,830
	37,356		Bluerock Residential Growth REIT, Inc		449,019
	46,809		BraeMar Hotels & Resorts, Inc		432,047
	15,931		Brt Realty Trust		266,048
	147,831		CareTrust REIT, Inc		3,583,423
	75,750		CatchMark Timber Trust, Inc		868,853
	260,852		CBL & Associates Properties, Inc		375,627
	133,565		Cedar Realty Trust, Inc		446,107
	70,647		Chatham Lodging Trust		1,275,178
	1,977		CIM Commercial Trust Corp		28,765
	62,844		City Office REIT, Inc		850,908
	25,117		Clipper Realty, Inc		242,128
	27,366		Community Healthcare Trust, Inc		1,325,062
	7,619		Consolidated-Tomoka Land Co		487,387
	184,667		CoreCivic, Inc		2,818,018
	20,231		CorEnergy Infrastructure Trust, Inc		974,527
	62,746		CorePoint Lodging, Inc		618,048
	159,871	*	Cushman & Wakefield plc		2,981,594
	312,029		DiamondRock Hospitality Co		3,114,049
	121,208		Easterly Government Properties, Inc		2,705,363
	58,317		EastGroup Properties, Inc		7,811,562
	117,021		Essential Properties Realty Trust, Inc		3,002,759
	34,485	*,e	eXp World Holdings Inc		309,330
	39,521		Farmland Partners, Inc		264,791
	195,934		First Industrial Realty Trust, Inc		8,250,781
	16,136	*	Forestar Group, Inc		303,034
	107,009		Four Corners Property Trust, Inc		3,065,808
	161,809		Franklin Street Properties Corp		1,391,557
	81,844		Front Yard Residential Corp		1,012,410
	12,258	*	FRP Holdings, Inc		634,719
	184,383		Geo Group, Inc		2,806,309
	53,159		Getty Realty Corp		1,782,953
	45,919		Gladstone Commercial Corp		1,081,852
	24,288		Gladstone Land Corp		290,485
	45,824		Global Medical REIT, Inc		554,470
	134,013		Global Net Lease, Inc		2,610,573
	765		Griffin Land & Nurseries, Inc (Class A)		30,126
	97,542		Hannon Armstrong Sustainable Infrastructure Capital, Inc		2,912,604
	199,973		Healthcare Realty Trust, Inc		6,953,061
	55,488		Hersha Hospitality Trust		765,734
	135,354		Independence Realty Trust, Inc		2,084,452
	102,090		Industrial Logistics Properties Trust		2,168,392
	17,588		Innovative Industrial Properties, Inc		1,336,688
	18,419		Investors Real Estate Trust		1,393,766
	91,415		iStar Financial, Inc		1,189,309
	31,352		Jernigan Capital, Inc		595,375
	193,434		Kennedy-Wilson Holdings, Inc		4,450,916
	126,663		Kite Realty Group Trust		2,257,135

262

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	356,034		Lexington Realty Trust	$	3,873,650
	61,939		LTC Properties, Inc		3,211,537
	137,613		Mack-Cali Realty Corp		2,947,670
	36,275	*	Marcus & Millichap, Inc		1,295,743
	7,422	*	Maui Land & Pineapple Co, Inc		76,372
	143,041		Monmouth Real Estate Investment Corp (Class A)		2,157,058
	65,022		National Health Investors, Inc		5,578,237
	91,414		National Storage Affiliates Trust		3,123,616
	125,991		New Senior Investment Group, Inc		886,977
	225,008		Newmark Group, Inc		2,389,585
	30,380		NexPoint Residential Trust, Inc		1,481,633
	74,907		Office Properties Income Trust		2,388,035
	23,702		One Liberty Properties, Inc		673,374
	204,891		Pebblebrook Hotel Trust		5,267,748
	104,176		Pennsylvania REIT		575,052
	289,690		Physicians Realty Trust		5,408,512
	198,425		Piedmont Office Realty Trust, Inc		4,452,657
	103,912		Potlatch Corp		4,413,143
	68,917		Preferred Apartment Communities, Inc		986,891
	31,534		PS Business Parks, Inc		5,693,464
	86,180		QTS Realty Trust, Inc		4,618,386
	15,577	*	Rafael Holdings, Inc		270,573
	29,328		Re/Max Holdings, Inc		981,022
	182,581	e	Realogy Holdings Corp		1,438,738
	139,326	*,e	Redfin Corp		2,422,879
	175,497		Retail Opportunities Investment Corp		3,275,652
	22,132		Retail Value, Inc		810,253
	170,602		Rexford Industrial Realty, Inc		8,204,250
	269,306		RLJ Lodging Trust		4,419,311
	24,737		RMR Group, Inc		1,197,271
	118,498		RPT Realty		1,718,221
	72,283		Ryman Hospitality Properties		6,084,060
	295,051		Sabra Healthcare REIT, Inc		7,258,255
	16,398		Safehold, Inc		567,043
	19,476		Saul Centers, Inc		1,042,745
	370,125		Senior Housing Properties Trust		3,673,491
	53,389		Seritage Growth Properties		2,321,888
	55,736	*	St. Joe Co		1,033,903
	199,153		STAG Industrial, Inc		6,181,709
	6,939	*	Stratus Properties, Inc		191,378
	159,241		Summit Hotel Properties, Inc		1,952,295
	352,645		Sunstone Hotel Investors, Inc		4,764,234
	140,639		Tanger Factory Outlet Centers, Inc		2,267,101
	33,992	*	Tejon Ranch Co		546,591
	100,829		Terreno Realty Corp		5,687,764
	1,971	*	Transcontinental Realty Investors, Inc		62,165
	57,015		UMH Properties, Inc		851,234
	291,410		Uniti Group, Inc		2,016,557
	20,258		Universal Health Realty Income Trust		2,415,361
	180,497		Urban Edge Properties		3,810,292
	46,353		Urstadt Biddle Properties, Inc (Class A)		1,127,769
	280,415		Washington Prime Group, Inc		1,183,351
	126,621		Washington REIT		3,927,783

263

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	56,716		Whitestone REIT	$	807,636
	179,242		Xenia Hotels & Resorts, Inc		3,773,044
			TOTAL REAL ESTATE		255,679,882
RETAILING - 3.3%
	36,596	*	1-800-FLOWERS.COM, Inc (Class A)		521,859
	105,890		Aaron’s, Inc		7,934,338
	103,442		Abercrombie & Fitch Co (Class A)		1,674,726
	249,574		American Eagle Outfitters, Inc		3,838,448
	9,444	*	America’s Car-Mart, Inc		859,310
	30,111	*	Asbury Automotive Group, Inc		3,105,347
	71,585	*,e	At Home Group, Inc		609,904
	59,875	*	Barnes & Noble Education, Inc		246,086
	187,802	e	Bed Bath & Beyond, Inc		2,572,887
	59,852		Big Lots, Inc		1,296,993
	175,511	*	BJ’s Wholesale Club Holdings, Inc		4,686,144
	44,730	*	Boot Barn Holdings, Inc		1,567,786
	46,481	e	Buckle, Inc		972,383
	62,752		Caleres, Inc		1,350,423
	52,455	e	Camping World Holdings, Inc		495,700
	34,827		Cato Corp (Class A)		609,124
	196,173		Chico’s FAS, Inc		674,835
	24,114	e	Children’s Place Retail Stores, Inc		1,975,178
	19,470		Citi Trends, Inc		347,539
	31,774	*	Conn’s, Inc		768,613
	25,906	*,e	Container Store Group, Inc		109,323
	72,132		Core-Mark Holding Co, Inc		2,201,469
	100,938		Designer Brands, Inc		1,665,477
	16,875	e	Dillard’s, Inc (Class A)		1,164,037
	14,643	*,e	Duluth Holdings, Inc		135,301
	98,715	*	Express Parent LLC		317,862
	28,730	*,e	Funko, Inc		517,140
	13,734	*,e	Gaia, Inc		95,177
	139,214	e	GameStop Corp (Class A)		757,324
	26,150	*	Genesco, Inc		1,015,927
	124,364	*,e	GNC Holdings, Inc		328,321
	9,200	*,e	Greenlane Holdings Inc		36,156
	27,053		Group 1 Automotive, Inc		2,690,150
	706,365	*	Groupon, Inc		1,963,695
	77,511	e	Guess?, Inc		1,298,309
	29,621		Haverty Furniture Cos, Inc		537,325
	29,748	*	Hibbett Sports, Inc		709,787
	60,141	*	Hudson Ltd		746,951
	28,393	e	J. Jill, Inc		49,120
	465,443	*,e	JC Penney Co, Inc		465,443
	15,574	*	Lands’ End, Inc		187,978
	19,936	*	Leaf Group Ltd		59,210
	42,662	*	Liquidity Services, Inc		276,876
	34,696		Lithia Motors, Inc (Class A)		5,463,926
	42,818	*,e	Lumber Liquidators, Inc		395,210
	35,468	*	MarineMax, Inc		547,981
	135,241	*,e	Michaels Cos, Inc		1,180,654
	51,265		Monro Muffler, Inc		3,594,189
	47,989	*	Murphy USA, Inc		5,659,343

264

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	122,291	*	National Vision Holdings, Inc	$	2,910,526
	880,143		Office Depot, Inc		1,813,095
	43,653	*	Overstock.com, Inc		459,666
	90,017	*,e	Party City Holdco, Inc		505,896
	31,037	e	PetMed Express, Inc		726,731
	117,429	*	Quotient Technology, Inc		1,011,064
	27,028	*,e	RealReal, Inc		624,617
	75,174		Rent-A-Center, Inc		1,944,751
	26,017	*,e	RH		4,727,289
	55,783	*,e	RTW RetailWinds, Inc		82,559
	79,776	*	Rubicon Project, Inc		678,096
	185,541	*	Sally Beauty Holdings, Inc		2,875,885
	15,430	e	Shoe Carnival, Inc		512,122
	28,767	*	Shutterstock, Inc		1,167,365
	83,053		Signet Jewelers Ltd		1,332,170
	45,842	*	Sleep Number Corp		2,205,917
	38,707		Sonic Automotive, Inc (Class A)		1,247,527
	58,150	*	Sportsman’s Warehouse Holdings, Inc		396,002
	25,732	*	Stamps.com, Inc		2,172,553
	68,374	*,e	Stitch Fix Inc		1,563,030
	71,190	e	Tailored Brands, Inc		330,322
	34,679		Tilly’s, Inc		355,807
	10,612		Weyco Group, Inc		261,798
	3,882		Winmark Corp		698,760
	31,714	*	Zumiez, Inc		1,011,994
			TOTAL RETAILING		101,892,826
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.7%
	59,596	*	Acacia Communications, Inc		3,913,073
	46,830	*,e	Adesto Technologies Corp		428,963
	59,430	*	Advanced Energy Industries, Inc		3,512,313
	31,310	*	Alpha & Omega Semiconductor Ltd		408,909
	50,244	*	Ambarella, Inc		2,644,342
	159,017	*	Amkor Technology, Inc		1,976,581
	47,929	*	Axcelis Technologies, Inc		918,799
	54,840	*	AXT, Inc		171,101
	111,371		Brooks Automation, Inc		4,729,926
	45,123		Cabot Microelectronics Corp		6,818,988
	34,851	*	Ceva, Inc		948,644
	16	*,†	China Energy Savings Technology, Inc		0
	91,401	*	Cirrus Logic, Inc		6,211,612
	64,006		Cohu, Inc		1,063,780
	64,081	*	Diodes, Inc		2,989,379
	32,154	*	DSP Group, Inc		479,416
	116,091	*	Formfactor, Inc		2,534,267
	22,634	*	GSI Technology, Inc		176,998
	33,890	*	Ichor Holdings Ltd		986,538
	24,348	*,e	Impinj, Inc		800,927
	70,670	*	Inphi Corp		5,079,760
	193,816	*	Lattice Semiconductor Corp		3,796,855
	73,211	*,e	MA-COM Technology Solutions		1,664,818
	101,568	*	MaxLinear, Inc		1,925,729
	75,859	*	Nanometrics, Inc		2,442,653

265

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	69,549	*	NeoPhotonics Corp Ltd	$	457,632
	7,226		NVE Corp		449,818
	45,883	*	PDF Solutions, Inc		741,469
	103,759	*	Photronics, Inc		1,224,356
	43,552		Power Integrations, Inc		3,968,023
	165,748	*	Rambus, Inc		2,294,781
	102,796	*	Semtech Corp		5,187,086
	67,281	*	Silicon Laboratories, Inc		7,147,933
	20,204	*	SMART Global Holdings, Inc		600,059
	101,668	*,e	SunPower Corp		890,612
	60,634	*	Ultra Clean Holdings		1,295,749
	73,828	*	Veeco Instruments, Inc		1,007,014
	78,664		Xperi Corp		1,597,273
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		83,486,176
SOFTWARE & SERVICES - 6.9%
	144,895	*,e	8x8, Inc		2,799,371
	93,220	*	A10 Networks, Inc		692,625
	177,523	*	ACI Worldwide, Inc		5,572,447
	57,519	*	Alarm.com Holdings, Inc		2,841,439
	61,266	*	Altair Engineering, Inc		2,258,877
	42,559	*	American Software, Inc (Class A)		689,881
	24,218	*	Appfolio, Inc		2,354,716
	48,413	*,e	Appian Corp		2,161,156
	177,468	*	Avaya Holdings Corp		2,145,588
	47,267	*,e	Benefitfocus, Inc		1,074,615
	76,532		Blackbaud, Inc		6,424,862
	66,335	*	Blackline, Inc		3,100,498
	66,479	*	Bottomline Technologies, Inc		2,722,315
	221,307	*	Box, Inc		3,744,514
	55,769	*	Brightcove, Inc		530,363
	48,574	*	Carbonite, Inc		834,016
	59,297	*	Cardtronics plc		2,031,515
	21,448		Cass Information Systems, Inc		1,229,185
	42,871	*	ChannelAdvisor Corp		403,416
	143,842	*	Cision Ltd		1,448,489
	365,792	*,e	Cloudera, Inc		3,101,916
	62,320	*	Commvault Systems, Inc		3,095,434
	265,681	*	Conduent, Inc		1,641,909
	87,825	*	Cornerstone OnDemand, Inc		5,143,910
	51,075		CSG Systems International, Inc		2,943,963
	18,172	*,e	Digimarc Corp		646,923
	127,701	*	Digital Turbine, Inc		892,630
	25,785	*	Domo, Inc		414,623
	36,837	e	Ebix, Inc		1,570,361
	38,682	*	eGain Corp		291,082
	107,739	*	Endurance International Group Holdings, Inc		422,337
	74,645	*	Envestnet, Inc		4,664,566
	51,499	*	Everbridge, Inc		3,579,696
	103,052	*	Everi Holdings, Inc		1,036,703
	94,604		EVERTEC, Inc		2,893,936
	54,706	*	Evo Payments, Inc		1,555,292
	57,838	*,e	Exela Technologies, Inc		35,345
	51,667	*	ExlService Holdings, Inc		3,597,573

266

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	93,430	*	Five9, Inc	$	5,186,299
	64,517	*	ForeScout Technologies, Inc		1,984,543
	24,131	*,e	GTT Communications, Inc		181,706
	61,435	*,e	GTY Technology Holdings Inc		320,076
	36,521		Hackett Group, Inc		617,570
	22,360	*	I3 Verticals, Inc		457,262
	75,869	*,e	Ideanomics Inc		87,249
	40,842	*	Information Services Group, Inc		88,219
	13,185	*,e	Inspired Entertainment, Inc		96,910
	51,767	*,e	Instructure, Inc		2,419,072
	12,225	*,e	Intelligent Systems Corp		552,203
	19,147	*	International Money Express Inc		293,332
	73,075		j2 Global, Inc		6,939,202
	219,786		KBR, Inc		6,189,174
	177,886	*	Limelight Networks, Inc		750,679
	94,931	*,e	Liveperson, Inc		3,896,918
	105,572	*	LiveRamp Holdings, Inc		4,126,810
	7,084	*	Majesco		60,993
	42,047		Mantech International Corp (Class A)		3,329,281
	99,234		MAXIMUS, Inc		7,615,217
	12,551	*	MicroStrategy, Inc (Class A)		1,923,441
	60,888	*	Mitek Systems, Inc		586,960
	154,210	*	MobileIron, Inc		965,355
	51,300	*	Model N, Inc		1,528,227
	102,055		NIC, Inc		2,400,334
	55,031	*	OneSpan, Inc		1,029,630
	50,403	*,e	Paysign Inc		543,344
	48,995	*	Perficient, Inc		1,920,604
	220,588		Perspecta, Inc		5,854,406
	73,581		Presidio, Inc		1,221,445
	25,179	*	PRGX Global, Inc		125,895
	9,815	*	Priority Technology Holdings Inc		33,960
	68,026		Progress Software Corp		2,712,877
	50,986	*	PROS Holdings, Inc		2,612,523
	66,551	*	Q2 Holdings, Inc		4,757,731
	17,894		QAD, Inc (Class A)		831,713
	53,369	*	Qualys, Inc		4,553,977
	76,192	*	Rapid7, Inc		3,816,457
	28,934	*	Rimini Street, Inc		113,132
	134,249	*	SailPoint Technologies Holding, Inc		2,599,061
	92,647		Science Applications International Corp		7,654,495
	13,818	*,e	SecureWorks Corp		168,027
	12,703	*,e	SharpSpring Inc		129,444
	12,193	*,e	ShotSpotter, Inc		246,299
	53,938	*	SPS Commerce, Inc		2,846,308
	24,068	*	StarTek, Inc		156,442
	133,677	*	SVMK, Inc		2,459,657
	61,401	*	Sykes Enterprises, Inc		1,896,984
	66,902	*,e	Synchronoss Technologies, Inc		401,412
	67,155	*	Telaria, Inc		508,363
	46,568	*	TeleNav, Inc		219,335
	57,630	*	Tenable Holdings, Inc		1,452,276
	185,353		TiVo Corp		1,508,773

267

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	23,201		TTEC Holdings, Inc	$	1,099,031
	14,182	*,e	Tucows, Inc		787,668
	80,649	*	Unisys Corp		827,459
	35,236	*	Upland Software, Inc		1,320,645
	92,184	*	Upwork, Inc		1,386,447
	46,220	*	Varonis Systems, Inc		3,307,041
	101,444	*	Verint Systems, Inc		4,604,543
	178,722	*	Verra Mobility Corp		2,564,661
	97,268	*,e	VirnetX Holding Corp		569,018
	45,827	*	Virtusa Corp		1,708,431
	57,140	*	Workiva, Inc		2,381,024
	145,344	*	Yext, Inc		2,392,362
	84,143	*	Zix Corp		556,185
	136,462	*,e	Zuora Inc		1,944,584
			TOTAL SOFTWARE & SERVICES		213,008,788
TECHNOLOGY HARDWARE & EQUIPMENT - 3.9%
	187,423	*,e	3D Systems Corp		1,778,644
	71,769		Adtran, Inc		632,285
	29,500	*	Agilysys, Inc		743,105
	13,711	*	Airgain Inc		155,894
	37,236	*,e	Akoustis Technologies, Inc		304,218
	47,157	*	Anixter International, Inc		3,902,242
	29,029	*,e	Applied Optoelectronics, Inc		271,711
	108,604	*	Arlo Technologies, Inc		370,340
	10,126		AstroNova Inc		160,598
	49,454	*	Avid Technology, Inc		334,062
	74,449		AVX Corp		1,140,559
	45,131		Badger Meter, Inc		2,608,572
	16,948		Bel Fuse, Inc (Class B)		249,305
	60,671		Belden CDT, Inc		3,111,209
	56,929		Benchmark Electronics, Inc		1,929,893
	48,216	*	CalAmp Corp		540,984
	72,040	*	Calix, Inc		551,106
	6,912	*	Cambium Networks Corp		60,549
	51,230	*	Casa Systems, Inc		344,266
	13,438	*	Clearfield, Inc		165,691
	6,864	*,e	Coda Octopus Group Inc		50,382
	37,774		Comtech Telecommunications Corp		1,320,201
	50,378		CTS Corp		1,344,085
	57,046	e	Daktronics, Inc		391,336
	14,435	*	DASAN Zhone Solutions, Inc		108,768
	122,868	*	Diebold, Inc		860,076
	44,282	*	Digi International, Inc		638,546
	20,255	*	ePlus, Inc		1,582,523
	189,547	*	Extreme Networks, Inc		1,220,683
	56,943	*	Fabrinet		3,201,905
	27,379	*	FARO Technologies, Inc		1,305,431
	348,333	*,e	Fitbit, Inc		2,152,698
	139,670	*	Harmonic, Inc		1,086,633
	139,678	*	II-VI, Inc		4,630,326
	49,931	*	Immersion Corp		410,433
	277,779	*,e	Infinera Corp		1,552,785
	65,838	*,e	Inseego Corp		377,252

268

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	54,942	*	Insight Enterprises, Inc	$	3,372,340
	48,386		InterDigital, Inc		2,594,941
	62,078	*	Iteris, Inc		332,738
	53,103	*	Itron, Inc		4,049,635
	90,074		Kemet Corp		1,958,209
	37,128	*	Kimball Electronics, Inc		551,722
	129,415	*	Knowles Corp		2,792,776
	26,501	*	KVH Industries, Inc		270,840
	119,896	*	Lumentum Holdings, Inc		7,512,683
	57,408		Methode Electronics, Inc		1,974,835
	27,138		MTS Systems Corp		1,532,754
	17,629	*,e	Napco Security Technologies, Inc		535,216
	49,043	*	Netgear, Inc		1,332,498
	112,199	*	Netscout Systems, Inc		2,717,460
	53,955	*	nLight, Inc		720,839
	52,802	*	Novanta, Inc		4,702,018
	25,920	*	OSI Systems, Inc		2,572,301
	17,408	*,e	PAR Technology Corp		436,244
	29,390		Park Aerospace Corp		499,336
	18,531		PC Connection, Inc		905,054
	52,622		Plantronics, Inc		2,074,359
	44,620	*	Plexus Corp		3,299,203
	88,050	*	Ribbon Communications, Inc		377,734
	29,063	*	Rogers Corp		3,937,455
	104,821	*	Sanmina Corp		3,221,149
	38,814	*	Scansource, Inc		1,253,692
	5,356	*,e	Sonim Technologies Inc		12,801
	79,049	*	Stratasys Ltd		1,634,733
	51,918	*	Synaptics, Inc		2,186,267
	56,902	*	Tech Data Corp		6,913,593
	9,148		Tessco Technologies, Inc		121,577
	154,676	*	TTM Technologies, Inc		1,811,256
	358,164	*	Viavi Solutions, Inc		5,716,297
	205,895		Vishay Intertechnology, Inc		4,148,784
	16,650	*	Vishay Precision Group, Inc		566,932
	11,262	*,e	Wrap Technologies Inc		44,260
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		120,273,827
TELECOMMUNICATION SERVICES - 0.7%
	17,114	*	Anterix, Inc		694,144
	17,492		ATN International, Inc		1,036,051
	24,889	*	Bandwidth Inc		1,397,517
	67,313	*	Boingo Wireless, Inc		637,454
	72,212	*	Cincinnati Bell, Inc		369,003
	66,280		Cogent Communications Group, Inc		3,886,659
	119,921	e	Consolidated Communications Holdings, Inc		479,684
	83,795	*,e	Gogo, Inc		515,339
	24,570	*	IDT Corp (Class B)		167,322
	106,937	*	Intelsat S.A.		2,715,131
	156,754	*	Iridium Communications, Inc		3,835,771
	32,439	*	Ooma, Inc		368,183
	112,232	*	Orbcomm, Inc		450,050
	75,244		Shenandoah Telecom Co		2,419,847

269

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	24,468		Spok Holdings, Inc	$	291,169
	354,621	*	Vonage Holdings Corp		3,464,647
			TOTAL TELECOMMUNICATION SERVICES		22,727,971
TRANSPORTATION - 1.4%
	89,057	*	Air Transport Services Group, Inc		1,862,182
	20,155	e	Allegiant Travel Co		3,372,536
	38,699		Arkansas Best Corp		1,118,014
	35,356	*	Atlas Air Worldwide Holdings, Inc		775,357
	92,215	*	Avis Budget Group, Inc		2,739,708
	71,185		Costamare, Inc		559,514
	20,146	*	Covenant Transportation Group, Inc		309,644
	98,196	*,e	Daseke, Inc		264,147
	73,053	*,e	Eagle Bulk Shipping, Inc		317,050
	44,266	*	Echo Global Logistics, Inc		881,336
	42,462		Forward Air Corp		2,937,096
	23,712	*	Genco Shipping & Trading Ltd		234,275
	73,390		Hawaiian Holdings, Inc		2,099,688
	71,317		Heartland Express, Inc		1,490,525
	157,615	*	Hertz Global Holdings, Inc		2,129,379
	50,765	*	Hub Group, Inc (Class A)		2,325,037
	62,660		Marten Transport Ltd		1,357,216
	66,927		Matson, Inc		2,555,273
	43,803	*	Mesa Air Group, Inc		333,779
	2,702	*	PAM Transportation Services, Inc		154,825
	13,273		Park-Ohio Holdings Corp		408,277
	58,270	*	Radiant Logistics, Inc		314,075
	14,220	*,e	Roadrunner Transportation Systems Inc		159,833
	126,922	*,e	Safe Bulkers, Inc		206,883
	39,994	*	Saia, Inc		3,567,465
	87,732		Scorpio Bulkers, Inc		570,258
	78,309		Skywest, Inc		4,663,301
	107,331	*	Spirit Airlines, Inc		4,031,352
	12,236		Universal Truckload Services, Inc		230,710
	38,752	*	US Xpress Enterprises, Inc		201,123
	68,967	e	Werner Enterprises, Inc		2,517,295
	74,644	*,e	YRC Worldwide, Inc		250,057
			TOTAL TRANSPORTATION		44,937,210
UTILITIES - 4.0%
	80,853		Allete, Inc		6,958,209
	57,428		American States Water Co		5,463,126
	23,117	*	AquaVenture Holdings Ltd		453,556
	11,791		Artesian Resources Corp		437,446
	170,342	*,e	Atlantic Power Corp		396,897
	102,412		Avista Corp		4,918,848
	95,933		Black Hills Corp		7,562,398
	19,008	*,e	Cadiz, Inc		225,055
	74,965		California Water Service Group		4,195,791
	25,047		Chesapeake Utilities Corp		2,374,456
	53,852		Clearway Energy, Inc (Class A)		924,639
	118,556		Clearway Energy, Inc (Class C)		2,149,420
	21,845		Consolidated Water Co, Inc		383,161
	63,785		El Paso Electric Co		4,255,097

270

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	27,792		Genie Energy Ltd	$	207,050
	18,149		Global Water Resources, Inc		222,325
	55,085		MGE Energy, Inc		4,243,748
	24,844		Middlesex Water Co		1,670,759
	138,967		New Jersey Resources Corp		6,058,961
	47,827		Northwest Natural Holding Co		3,317,281
	79,627		NorthWestern Corp		5,774,550
	81,219		ONE Gas, Inc		7,540,372
	61,925		Ormat Technologies, Inc		4,740,978
	62,497		Otter Tail Corp		3,542,330
	136,866		Pattern Energy Group, Inc		3,836,354
	124,674		PNM Resources, Inc		6,501,749
	139,450		Portland General Electric Co		7,931,916
	19,960	*	Pure Cycle Corp		223,153
	11,106		RGC Resources, Inc		323,962
	41,372		SJW Corp		2,993,264
	144,658		South Jersey Industries, Inc		4,652,201
	84,679		Southwest Gas Corp		7,392,477
	20,675	e	Spark Energy, Inc		197,860
	77,718		Spire, Inc		6,532,975
	21,010	*	Sunnova Energy International, Inc		223,126
	115,316		TerraForm Power, Inc		1,958,066
	22,410		Unitil Corp		1,395,471
	19,396		York Water Co		854,200
			TOTAL UTILITIES		123,033,227
			TOTAL COMMON STOCKS		3,103,421,163
			(Cost $2,620,052,036)
RIGHTS / WARRANTS - 0.0%
MATERIALS - 0.0%
	33,879	†	A Schulman, Inc		14,670
	440,958	†	Pan American Silver Corp		99,348
			TOTAL MATERIALS		114,018
MEDIA & ENTERTAINMENT - 0.0%
	122,474	†	Media General, Inc		0
			TOTAL MEDIA & ENTERTAINMENT		0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
	5,149	†	Omthera Pharmaceuticals, Inc		3,089
	9,351	†	Tobira Therapeutics, Inc		561
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		3,650
			TOTAL RIGHTS / WARRANTS		117,668
			(Cost $146,711)
SHORT-TERM INVESTMENTS - 6.3%
GOVERNMENT AGENCY DEBT - 0.0%
	110,000		Federal Agricultural Mortgage Corp (FAMC)		110,000
			TOTAL SHORT-TERM INVESTMENTS		110,000

271

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 6.3%
	196,288,502	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	196,288,502
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		196,288,502
			TOTAL SHORT-TERM INVESTMENTS		196,398,502
			(Cost $196,398,502)
			TOTAL INVESTMENTS - 106.2%		3,299,937,333
			(Cost $2,816,597,249)
			OTHER ASSETS & LIABILITIES, NET - (6.2)%		(192,595,564	)
			NET ASSETS - 100.0%	$	3,107,341,769

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.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $233,830,109.
h	All or a portion of these securities were purchased on a delayed delivery basis.

272

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

TIAA-CREF FUNDS

EMERGING MARKETS EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS

October 31, 2019

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
BONDS - 0.0%
CORPORATE BONDS - 0.0%
INDIA - 0.0%
INR	775,560		Britannia Industries Ltd		8.000	%	08/28/22	$	11,134
			TOTAL INDIA						11,134
			TOTAL CORPORATE BONDS						11,134
			(Cost $11,059)
			TOTAL BONDS						11,134
			(Cost $11,059)
SHARES			COMPANY
COMMON STOCKS - 99.9%
ARGENTINA - 0.2%
	19,200		Banco Macro S.A. (ADR) (Class B)						439,680
	25,200		BBVA Banco Frances S.A. (ADR)						88,200
	15,937	*	Globant S.A.						1,486,285
	43,300		Grupo Financiero Galicia S.A. (ADR) (Class B)						500,548
	31,200	*,e	Pampa Energia S.A. (ADR)						485,784
	47,900		Telecom Argentina S.A. (ADR) (Class B)						431,100
	36,600		Transportadora de Gas del Sur S.A. (ADR) (Class B)						276,696
	85,200	e	YPF S.A. (ADR) (Class D)						797,472
			TOTAL ARGENTINA						4,505,765
AUSTRALIA - 0.0%
	1,233,485	*	MMG Ltd						256,789
			TOTAL AUSTRALIA						256,789
BRAZIL - 7.6%
	2,197,497		AMBEV S.A.						9,523,126
	173,700		Atacadao Distribuicao Comercio e Industria Ltd						827,679
	95,075	*	B2W Companhia Global Do Varejo						1,204,291
	949,282		B3 S.A.-Brasil Bolsa Balcao						11,451,506
	553,395	*	Banco Bradesco S.A.						4,532,858
	1,863,414	*	Banco Bradesco S.A. (Preference)						16,341,172
	92,100		Banco BTG Pactual S.A.						1,491,788
	394,183		Banco do Brasil S.A.						4,732,555
	2,247,953	*	Banco Itau Holding Financeira S.A.						20,307,527
	191,274		Banco Santander Brasil S.A.						2,244,447
	324,448		BB Seguridade Participacoes S.A.						2,748,161
	332,039		BR Malls Participacoes S.A.						1,270,864

273

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	87,815		Braskem S.A.	$	606,527
	266,405	*	BRF S.A.		2,358,818
	94,400		Centrais Eletricas Brasileiras S.A.		931,172
	110,592		Centrais Eletricas Brasileiras S.A. (Preference)		1,130,324
	76,957		Cia Brasileira de Distribuicao Grupo Pao de Acucar		1,592,485
	566,456		Cia de Concessoes Rodoviarias		2,322,039
	154,958		Cia de Saneamento Basico do Estado de Sao Paulo		2,110,412
	427,791		Cia Energetica de Minas Gerais		1,456,015
	285,130		Cia Siderurgica Nacional S.A.		838,931
	558,894		Cielo S.A.		1,053,544
	691,449		Cogna Educacao		1,667,202
	72,036		Cosan SA Industria e Comercio		1,038,015
	330,179		Empresa Brasileira de Aeronautica S.A.		1,443,221
	63,200		Energisa S.A.		755,154
	92,925		Engie Brasil Energia S.A.		1,048,694
	75,100		Equatorial Energia S.A.		1,907,789
	515,875		Gerdau S.A. (Preference)		1,727,516
	179,982		Hypermarcas S.A.		1,540,202
	2,063,332		Investimentos Itau S.A. - PR		7,053,555
	320,543		IRB Brasil Resseguros S		3,020,401
	491,564		JBS S.A.		3,467,484
	339,333		Klabin S.A.		1,338,548
	254,435		Localiza Rent A Car		2,739,435
	325,171		Lojas Americanas S.A.(Preference)		1,620,787
	347,039		Lojas Renner S.A.		4,391,530
	41,800		M Dias Branco S.A.		393,455
	274,740		Magazine Luiza S.A.		3,058,071
	116,907		Multiplan Empreendimentos Imobiliarios S.A.		851,478
	176,784		Natura Cosmeticos S.A.		1,373,542
	162,100		Notre Dame Intermedica Participacoes S.A.		2,425,134
	318,027		Petrobras Distribuidora S.A.		2,242,564
	1,374,516		Petroleo Brasileiro S.A.		11,207,249
	2,018,768		Petroleo Brasileiro S.A. (Preference)		15,297,434
	41,312		Porto Seguro S.A.		591,275
	107,683		Raia Drogasil S.A.		2,953,529
	479,327	*	Rumo S.A.		2,725,011
	105,136		Sul America SA		1,265,931
	254,884		Suzano Papel e Celulose S.A.		2,074,408
	210,421		Telefonica Brasil S.A.		2,784,976
	391,566		Tim Participacoes S.A.		1,114,994
	346,460		Ultrapar Participacoes S.A.		1,630,146
	1,473,059		Vale S.A.		17,336,588
	392,117		Weg S.A.		2,493,201
			TOTAL BRAZIL		197,654,760
CHILE - 0.8%
	1,519,194		Aguas Andinas S.A.		696,502
	19,707,567		Banco de Chile		2,535,367
	18,919		Banco de Credito e Inversiones		1,053,352
	28,494,537		Banco Santander Chile S.A.		1,767,845
	715,438		Centros Comerciales Sudamericanos S.A.		970,606
	69,719		Cia Cervecerias Unidas S.A.		695,676
	3,490,151		Colbun S.A.		603,118
	57,650,745		Corpbanca S.A.		349,823

274

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	203,413		Embotelladora Andina S.A.	$	586,979
	62,852		Empresa Nacional de Telecomunicaciones S.A.		491,629
	538,915		Empresas CMPC S.A.		1,231,734
	187,488		Empresas COPEC S.A.		1,678,145
	13,069,567		Enersis Chile S.A.		1,075,794
	18,200,583		Enersis S.A.		3,409,791
	137,427		Lan Airlines S.A.		1,519,756
	353,762		SACI Falabella		1,799,283
	57,578		Sociedad Quimica y Minera de Chile S.A. (Class B)		1,536,385
			TOTAL CHILE		22,001,785
CHINA - 30.6%
	42,600		360 Security Technology, Inc		136,638
	651,500	g	3SBio, Inc		1,213,586
	11,533	*	51job, Inc (ADR)		908,454
	43,487	*	58.COM, Inc (ADR)		2,296,548
	351,000		AAC Technologies Holdings, Inc		2,271,424
	49,300		AECC Aviation Power Co Ltd		148,012
	632,000		Agile Property Holdings Ltd		851,852
	14,432,064		Agricultural Bank of China Ltd		5,938,845
	1,635,800		Agricultural Bank of China Ltd (Class A)		845,781
	66,960		Aier Eye Hospital Group Co Ltd		376,054
	26,990		Air China Ltd		31,814
	940,000		Air China Ltd (H shares)		829,928
	9,700		Aisino Corp		28,364
	657,265	*	Alibaba Group Holding Ltd (ADR)		116,119,007
	1,712,284	*,e	Alibaba Health Information Technology Ltd		1,723,404
	1,736,000	*	Aluminum Corp of China Ltd		514,319
	164,400	*	Aluminum Corp of China Ltd (Class A)		79,103
	657,800	e	Angang New Steel Co Ltd		220,050
	64,870		Angang Steel Co Ltd		27,540
	585,782		Anhui Conch Cement Co Ltd		3,501,059
	87,100		Anhui Conch Cement Co Ltd (Class A)		521,652
	489,651		Anta Sports Products Ltd		4,789,822
	114,380		Anxin Trust Co Ltd		68,162
	27,400	e	Autohome, Inc (ADR)		2,316,944
	70,700		AVIC Aircraft Co Ltd		150,626
	294,858		Avic Capital Co Ltd		191,297
	47,400	*	AVIC Shenyang Aircraft Co Ltd		197,906
	1,054,861		AviChina Industry & Technology Co		498,266
	874,000	g	BAIC Motor Corp Ltd		542,148
	130,389	*	Baidu, Inc (ADR)		13,280,120
	477,000		Bank of Beijing Co Ltd		375,252
	155,305		Bank of Chengdu Co Ltd		185,888
	769,900		Bank of China Ltd		404,622
	37,803,953		Bank of China Ltd (Hong Kong)		15,415,876
	910,900		Bank of Communications Co Ltd		725,929
	4,095,934		Bank of Communications Co Ltd (Hong Kong)		2,797,307
	195,500		Bank of Hangzhou Co Ltd		249,893
	109,000		Bank of Jiangsu Co Ltd		109,492
	95,200		Bank of Nanjing Co Ltd		116,678
	103,171		Bank of Ningbo Co Ltd		395,707
	297,090		Bank of Shanghai Co Ltd		393,605
	311,100		Baoshan Iron & Steel Co Ltd		256,206

275

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	18,770	*,e	Baozun, Inc (ADR)	$	816,870
	1,164,000		BBMG Corp (Class H)		333,127
	780,830		Beijing Capital International Airport Co Ltd		739,540
	251,200		Beijing Dabeinong Technology Group Co Ltd		172,337
	236,000		Beijing Enterprises Holdings Ltd		1,111,182
	2,715,583		Beijing Enterprises Water Group Ltd		1,415,438
	20,300		Beijing Shiji Information Technology Co Ltd		104,852
	44,409		Beijing Tongrentang Co Ltd		173,429
	516,700		BOE Technology Group Co Ltd		261,711
	1,383,945		Brilliance China Automotive Holdings Ltd		1,526,178
	36,800		BYD Co Ltd		223,842
	309,500	e	BYD Co Ltd (H shares)		1,451,715
	333,000	e	BYD Electronic International Co Ltd		571,819
	150,500		Caitong Securities Co Ltd		212,514
	5,279,200	g	CGN Power Co Ltd		1,371,123
	42,600		Changjiang Securities Co Ltd		41,168
	69,900		Chaozhou Three-Circle Group Co Ltd		186,232
	1,197,000		China Agri-Industries Holdings Ltd		394,360
	475,000		China Aoyuan Group Ltd		607,017
	17,100		China Avionics Systems Co Ltd		34,117
	4,246,000		China Cinda Asset Management Co Ltd		880,819
	4,138,530		China Citic Bank		2,398,943
	119,400		China CITIC Bank Corp Ltd		103,945
	1,193,000		China Coal Energy Co		475,746
	65,500		China Communications Construction Co Ltd		87,544
	2,148,000		China Communications Construction Co Ltd (Hong Kong)		1,635,148
	1,292,400		China Communications Services Corp Ltd		798,093
	744,000		China Conch Venture Holdings Ltd		2,911,186
	237,700		China Construction Bank Corp		246,133
	44,856,641		China Construction Bank Corp (Hong Kong)		35,942,300
	1,177,500	*	China COSCO Holdings Co Ltd		440,523
	98,200		China Eastern Airlines Corp Ltd		72,217
	768,000		China Eastern Airlines Corp Ltd (H Shares)		383,035
	255,000		China Education Group Holdings Ltd		380,914
	896,700		China Everbright Bank Co Ltd		552,694
	1,437,000		China Everbright Bank Co Ltd (Hong Kong)		661,261
	1,740,888		China Everbright International Ltd		1,315,773
	474,000		China Everbright Ltd		702,280
	852,000	e	China Evergrande Group		2,073,985
	72,100		China Film Co Ltd		136,300
	69,297		China Fortune Land Development Co Ltd		281,117
	1,794,745		China Galaxy Securities Co Ltd		915,117
	29,700		China Gezhouba Group Co Ltd		24,181
	49,200		China Grand Automotive Services Co Ltd		25,220
	932,500		China Hongqiao Group Ltd		517,901
	4,374,000	g	China Huarong Asset Management Co Ltd		645,754
	2,230,000	*,†	China Huishan Dairy Holdings Co Ltd		2,846
	726,224		China Insurance International Holdings Co Ltd		1,632,624
	543,006	e,g	China International Capital Corp Ltd		990,142
	47,200		China International Travel Service Corp Ltd		605,600
	3,515,880		China Life Insurance Co Ltd		9,041,751
	62,500		China Life Insurance Co Ltd (Class A)		296,711
	117,800	*,e,g	China Literature Ltd		461,488
	1,638,341		China Longyuan Power Group Corp		885,088

276

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	683,000		China Medical System Holdings Ltd	$	926,232
	1,283,000		China Mengniu Dairy Co Ltd		5,114,993
	1,842,368		China Merchants Bank Co Ltd		8,786,677
	426,195		China Merchants Bank Co Ltd (Class A)		2,147,856
	662,998		China Merchants Holdings International Co Ltd		1,036,617
	135,400		China Merchants Securities Co Ltd		316,050
	133,100		China Merchants Shekou Industrial Zone Holdings Co Ltd		353,713
	846,800		China Minsheng Banking Corp Ltd		739,592
	3,431,602		China Minsheng Banking Corp Ltd (Hong Kong)		2,400,305
	2,857,165		China Mobile Hong Kong Ltd		23,219,308
	1,632,000	e	China Molybdenum Co Ltd		514,302
	265,200		China Molybdenum Co Ltd (Class A)		127,981
	1,821,913		China National Building Material Co Ltd		1,535,551
	33,800		China National Chemical Engineering Co Ltd		28,704
	296,400		China National Nuclear Power Co Ltd		212,926
	144,400		China Northern Rare Earth Group High-Tech Co Ltd		206,263
	924,773		China Oilfield Services Ltd		1,287,539
	595,953		China Oriental Group Co Ltd		207,986
	1,785,794		China Overseas Land & Investment Ltd		5,635,057
	132,200		China Pacific Insurance Group Co Ltd		647,181
	1,240,400		China Pacific Insurance Group Co Ltd (Hong Kong)		4,500,529
	2,274,000		China Power International Development Ltd		474,889
	991,500		China Railway Construction Corp		1,084,490
	265,100		China Railway Construction Corp Ltd		353,369
	428,700		China Railway Group Ltd		350,853
	1,760,454		China Railway Group Ltd (Hong Kong)		1,061,052
	783,000	g	China Railway Signal & Communication Corp Ltd		467,438
	3,042,000		China Reinsurance Group Corp		496,279
	676,677		China Resources Beer Holdings Company Ltd		3,469,337
	418,000		China Resources Gas Group Ltd		2,520,249
	1,287,555		China Resources Land Ltd		5,475,813
	726,000	g	China Resources Pharmaceutical Group Ltd		670,466
	927,372		China Resources Power Holdings Co		1,165,460
	19,700		China Resources Sanjiu Medical & Pharmaceutical Co Ltd		82,433
	119,900		China Shenhua Energy Co Ltd		313,926
	1,671,500		China Shenhua Energy Co Ltd (Hong Kong)		3,394,714
	468,000		China Shipbuilding Industry Co Ltd		352,017
	592,000		China Shipping Development Co Ltd		254,667
	802,000	e	China Southern Airlines Co Ltd		493,582
	110,600		China Southern Airlines Co Ltd (Class A)		104,591
	20,700		China Spacesat Co Ltd		61,440
	879,020		China State Construction Engineering Corp Ltd		654,592
	922,744		China State Construction International Holdings Ltd		849,804
	6,637,336		China Telecom Corp Ltd		2,823,579
	19,616,778	g	China Tower Corp Ltd		4,317,509
	2,873,716		China Unicom Ltd		2,829,170
	676,500		China United Network Communications Ltd		589,284
	719,500		China Vanke Co Ltd		2,623,691
	203,000		China Vanke Co Ltd (Class A)		764,250
	459,600		China Yangtze Power Co Ltd		1,166,089
	771,200		China Zhongwang Holdings Ltd		320,173
	88,000		Chinese Universe Publishing and Media Group Co Ltd		148,583
	69,800		Chongqing Changan Automobile Co Ltd		70,999
	1,342,000		Chongqing Rural Commercial Bank		716,289

277

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	19,500		Chongqing Zhifei Biological Products Co Ltd	$	134,513
	1,184,939		CIFI Holdings Group Co Ltd		790,326
	273,500	*	CITIC Guoan Information Industry Co Ltd		134,246
	2,804,738		Citic Pacific Ltd		3,689,587
	998,000		CITIC Securities Co Ltd		1,831,046
	209,500		CITIC Securities Co Ltd (Class A)		645,047
	8,549,674		CNOOC Ltd		12,724,051
	22,300		Contemporary Amperex Technology Co Ltd		217,647
	798,196		COSCO Pacific Ltd		627,533
	3,537,416		Country Garden Holdings Co Ltd		4,910,742
	538,000		Country Garden Services Holdings Co Ltd		1,822,943
	2,019,050		CRRC Corp Ltd		1,350,410
	529,800		CRRC Corp Ltd (Class A)		541,644
	2,205,401		CSPC Pharmaceutical Group Ltd		5,648,299
	218,996	*	Ctrip.com International Ltd (ADR)		7,224,678
	913,500	g	Dali Foods Group Co Ltd		624,542
	290,400		Daqin Railway Co Ltd		314,740
	1,708,000		Datang International Power Generation Co Ltd		336,897
	17,000		DHC Software Co Ltd		17,220
	8,900		Dong-E-E-Jiao Co Ltd		44,623
	1,253,917		Dongfeng Motor Group Co Ltd		1,257,820
	150,100		East Money Information Co Ltd		317,503
	370,700		ENN Energy Holdings Ltd		4,229,148
	47,900		Everbright Securities Co Ltd		77,910
	102,043		Fangda Carbon New Material Co Ltd		154,935
	864,000		Far East Horizon Ltd		817,986
	116,500		Financial Street Holdings Co Ltd		130,020
	69,400		First Capital Securities Co Ltd		65,664
	322,040		Focus Media Information Technology Co Ltd		274,116
	46,225		Foshan Haitian Flavouring & Food Co Ltd		733,538
	1,216,952		Fosun International		1,591,258
	126,200		Founder Securities Co Ltd		120,548
	122,500		Foxconn Industrial Internet Co Ltd		267,019
	2,494,000		Franshion Properties China Ltd		1,658,062
	830,000	e	Future Land Development Holdings Ltd		874,668
	62,700		Future Land Holdings Co Ltd		283,227
	37,300		Fuyao Glass Industry Group Co Ltd		112,612
	230,098	g	Fuyao Glass Industry Group Co Ltd (Hong Kong)		650,164
	537,900		GD Power Development Co Ltd		177,966
	27,300	*	GDS Holdings Ltd (ADR)		1,137,864
	2,320,828		Geely Automobile Holdings Ltd		4,391,497
	127,600		Gemdale Corp		215,620
	452,000	*	Genscript Biotech Corp		1,082,966
	685,200		GF Securities Co Ltd		713,620
	132,000		GF Securities Co Ltd (Class A)		256,998
	59,500		GoerTek, Inc		156,889
	5,601,968	*,e	GOME Electrical Appliances Holdings Ltd		506,393
	1,553,266	e	Great Wall Motor Co Ltd		1,258,536
	65,000		Gree Electric Appliances, Inc of Zhuhai		542,249
	207,300		Greenland Holdings Corp Ltd		200,706
	515,305	e	Greentown Service Group Co Ltd		584,650
	1,404,000		Guangdong Investments Ltd		3,038,672
	397,700		Guanghui Energy Co Ltd		185,828
	399,500		Guangshen Railway Co Ltd		175,333

278

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	81,100		Guangzhou Automobile Group Co Ltd	$	132,353
	1,358,851		Guangzhou Automobile Group Co Ltd (Hong Kong)		1,357,133
	9,300		Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd		44,596
	41,100		Guangzhou Haige Communications Group, Inc Co		56,076
	488,800		Guangzhou R&F Properties Co Ltd		757,373
	134,800		Guosen Securities Co Ltd		234,006
	128,500		Guotai Junan Securities Co Ltd		311,188
	389,000	g	Guotai Junan Securities Co Ltd (Hong Kong)		594,430
	101,100		Guoyuan Securities Co Ltd		121,249
	169,000	e,g	Haidilao International Holding Ltd		818,144
	347,000		Haitian International Holdings Ltd		818,819
	1,392,800		Haitong Securities Co Ltd		1,421,920
	126,400		Haitong Securities Co Ltd (Class A)		253,001
	195,600		Hangzhou Hikvision Digital Technology Co Ltd		896,474
	19,700		Hangzhou Robam Appliances Co Ltd		88,115
	15,600		Hangzhou Tigermed Consulting Co Ltd		151,352
	14,800		Heilan Home Co Ltd		16,149
	81,400		Henan Shuanghui Investment & Development Co Ltd		344,524
	347,000		Hengan International Group Co Ltd		2,422,752
	127,320		Hengli Petrochemical Co Ltd		291,321
	9,776,000	*,e	HengTen Networks Group Ltd		140,669
	19,180		Hengtong Optic-electric Co Ltd		40,022
	59,200		Hengyi Petrochemical Co Ltd		120,518
	88,900		Hesteel Co Ltd		31,312
	11,100		Hithink RoyalFlush Information Network Co Ltd		153,007
	205,051	e,g	Hua Hong Semiconductor Ltd		412,327
	52,110		Huaan Securities Co Ltd		46,612
	924,000		Huadian Power International Corp Ltd		346,230
	167,000		Huadian Power International Corp Ltd (Class A)		83,473
	45,800		Huadong Medicine Co Ltd		169,628
	90,000		Huaneng Power International, Inc		72,873
	1,843,110		Huaneng Power International, Inc (Hong Kong)		875,431
	2,358,000		Huaneng Renewables Corp Ltd		900,226
	808,000	g	Huatai Securities Co Ltd		1,201,024
	141,600		Huatai Securities Co Ltd (Class A)		350,575
	41,900		Huaxi Securities Co Ltd		56,676
	373,900		Huaxia Bank Co Ltd		397,739
	62,373		Huayu Automotive Systems Co Ltd		222,415
	61,700		Huazhu Group Ltd (ADR)		2,335,962
	16,690		Hundsun Technologies, Inc		180,532
	29,300	*	Hutchison China MediTech Ltd (ADR)		553,770
	58,900		Iflytek Co Ltd		276,841
	1,139,600		Industrial & Commercial Bank of China Ltd		956,519
	30,555,777		Industrial & Commercial Bank of China Ltd (Hong Kong)		21,889,950
	433,100		Industrial Bank Co Ltd		1,151,163
	96,600		Industrial Securities Co Ltd		87,481
	495,800		Inner Mongolia BaoTou Steel Union Co Ltd		96,463
	158,600	*	Inner Mongolia Junzheng Energy & Chemical Industry Group Co Ltd		66,610
	134,200		Inner Mongolia Yili Industrial Group Co Ltd		552,663
	577,700		Inner Mongolia Yitai Coal Co		503,890
	61,800	*,e	IQIYI, Inc (ADR)		1,077,174
	342,524	*	JD.com, Inc (ADR)		10,669,623
	638,000		Jiangsu Express		847,613
	91,960		Jiangsu Hengrui Medicine Co Ltd		1,186,393

279

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	33,600		Jiangsu Yanghe Brewery Joint-Stock Co Ltd	$	480,190
	547,000		Jiangxi Copper Co Ltd		640,388
	100,300		Jiangxi Copper Co Ltd (Class A)		201,361
	53,000		Jiangxi Ganfeng Lithium Co Ltd		163,824
	84,800		Jinke Properties Group Co Ltd		83,468
	64,500		Jointown Pharmaceutical Group Co Ltd		118,391
	920,000		Kaisa Group Holdings Ltd		402,325
	320,381		Kingboard Chemical Holdings Ltd		853,784
	1,055,000	e	Kingdee International Software Group Co Ltd		1,156,015
	381,000	e	Kingsoft Corp Ltd		876,849
	26,500		Kweichow Moutai Co Ltd		4,437,876
	727,429		KWG Property Holding Ltd		732,507
	175,200	g	Legend Holdings Corp		385,125
	3,389,856		Lenovo Group Ltd		2,363,214
	102,600		Lens Technology Co Ltd		192,254
	26,200		Lepu Medical Technology Beijing Co Ltd		112,307
	904,000		Li Ning Co Ltd		3,065,300
	28,800		Liaoning Cheng Da Co Ltd		57,357
	580,000		Logan Property Holdings Co Ltd		883,328
	795,500	g	Longfor Properties Co Ltd		3,301,443
	36,500		LONGi Green Energy Technology Co Ltd		118,238
	99,783		Luxshare Precision Industry Co Ltd		449,967
	587,500	e,g	Luye Pharma Group Ltd		434,250
	21,700		Luzhou Laojiao Co Ltd		268,497
	968,000	e	Maanshan Iron & Steel Co Ltd		366,120
	96,024		Maanshan Iron & Steel Co Ltd (Class A)		36,259
	35,870	*	Mango Excellent Media Co Ltd		137,519
	93,728		Meinian Onehealth Healthcare Holdings Co Ltd		198,459
	720,500	*,e,g	Meitu, Inc		159,456
	463,600	*	Meituan Dianping (Class B)		5,529,886
	225,300		Metallurgical Corp of China Ltd		87,689
	1,533,000		Metallurgical Corp of China Ltd (Hong Kong)		324,534
	74,100		Midea Group Co Ltd		583,938
	69,464		Momo, Inc (ADR)		2,328,433
	36,180		Muyuan Foodstuff Co Ltd		505,797
	92,400		NARI Technology Co Ltd		287,936
	32,501		Netease.com (ADR)		9,290,736
	45,200		New China Life Insurance Co Ltd		305,769
	383,500		New China Life insurance Co Ltd (Hong Kong)		1,488,431
	107,300		New Hope Liuhe Co Ltd		336,115
	65,684	*	New Oriental Education & Technology Group (ADR)		8,017,389
	210,100		Ningbo Zhoushan Port Co Ltd		109,784
	302,300	*,e	NIO, Inc (ADR)		438,335
	17,852	*,e	Noah Holdings Ltd (ADR)		540,737
	207,326		Offshore Oil Engineering Co Ltd		177,512
	13,500		O-film Tech Co Ltd		21,402
	5,600		Oppein Home Group, Inc		87,793
	144,900		Orient Securities Co Ltd		205,672
	3,755,220		People’s Insurance Co Group of China Ltd		1,581,597
	30,500		Perfect World Co Ltd		127,816
	3,256,306		PICC Property & Casualty Co Ltd		4,120,915
	90,400	*	Pinduoduo, Inc (ADR)		3,695,552
	354,800		Ping An Bank Co Ltd		819,202
	2,594,026		Ping An Insurance Group Co of China Ltd		29,939,678

280

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	220,500		Ping An Insurance Group Co of China Ltd (Class A)	$	2,754,428
	245,400		Poly Real Estate Group Co Ltd		501,883
	3,876,000	g	Postal Savings Bank of China Co Ltd		2,485,147
	265,800		Power Construction Corp of China Ltd		168,405
	147,900		Qingdao Haier Co Ltd		336,116
	162,500		RiseSun Real Estate Development Co Ltd		200,699
	122,600		Rongsheng Petro Chemical Co Ltd		191,848
	164,700		SAIC Motor Corp Ltd		549,623
	38,400		Sanan Optoelectronics Co Ltd		82,835
	109,900		Sany Heavy Industry Co Ltd		210,138
	56,100		SDIC Capital Co Ltd		97,621
	187,300		SDIC Power Holdings Co Ltd		221,842
	1,415,265	*,e	Semiconductor Manufacturing International Corp		1,797,737
	45,900		SF Holding Co Ltd		258,278
	141,200		Shaanxi Coal Industry Co Ltd		167,990
	30,290		Shandong Buchang Pharmaceuticals Co Ltd		88,083
	53,375		Shandong Gold Mining Co Ltd		242,607
	44,800		Shandong Linglong Tyre Co Ltd		133,389
	1,027,390		Shandong Weigao Group Medical Polymer Co Ltd		1,179,485
	168,400		Shanghai Electric Group Co Ltd		116,685
	1,328,623		Shanghai Electric Group Co Ltd (Hong Kong)		406,395
	34,600		Shanghai Fosun Pharmaceutical Group Co Ltd		125,057
	241,985		Shanghai Fosun Pharmaceutical Group Co Ltd (Hong Kong)		682,969
	289,000		Shanghai Industrial Holdings Ltd		537,965
	20,700		Shanghai International Airport Co Ltd		224,187
	162,300		Shanghai International Port Group Co Ltd		133,792
	595,679		Shanghai Lujiazui Finance & Trade Zone Development Co Ltd		656,082
	88,000		Shanghai Oriental Pearl Group Co Ltd		112,497
	16,700		Shanghai Pharmaceuticals Holding Co Ltd		43,992
	396,541		Shanghai Pharmaceuticals Holding Co Ltd (Hong Kong)		716,517
	606,800		Shanghai Pudong Development Bank Co Ltd		1,077,733
	33,500		Shanghai Zhangjiang High-Tech Park Development Co Ltd		76,844
	77,500		Shanxi Lu’an Environmental Energy Development Co Ltd		77,138
	16,500		Shanxi Securities Co Ltd		18,246
	5,900		Shanxi Xinghuacun Fen Wine Factory Co Ltd		74,501
	110,900		Shanxi Xishan Coal & Electricity Power Co Ltd		89,271
	97,500		Shenergy Co Ltd		80,188
	432,400		Shenwan Hongyuan Group Co Ltd		294,082
	234,700		Shenzhen Energy Group Co Ltd		203,624
	71,300		Shenzhen Inovance Technology Co Ltd		252,403
	451,238		Shenzhen International Holdings Ltd		917,381
	1,076,000		Shenzhen Investment Ltd		423,508
	13,400		Shenzhen Kangtai Biological Products Co Ltd		164,733
	9,300		Shenzhen Mindray Bio-Medical Electronics Co Ltd		234,957
	31,000		Shenzhen Overseas Chinese Town Co Ltd		30,990
	13,200		Shenzhen Salubris Pharmaceuticals Co Ltd		35,092
	251,500		Shenzhen Zhongjin Lingnan Nonfemet Co Ltd		143,513
	349,000		Shenzhou International Group Holdings Ltd		4,822,708
	543,500		Shimao Property Holdings Ltd		1,820,770
	1,698,000		Shui On Land Ltd		341,711
	177,200		Sichuan Chuantou Energy Co Ltd		243,079
	12,200		Sichuan Kelun Pharmaceutical Co Ltd		41,376
	1,689,000		Sihuan Pharmaceutical Holdings		221,293
	28,179	*	Sina Corp		1,115,888

281

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	1,546,471		Sino-Ocean Land Holdings Ltd	$	568,562
	708,000		Sinopec Engineering Group Co Ltd		404,449
	2,140,000		Sinopec Shanghai Petrochemical Co Ltd		591,045
	228,783		Sinopec Shanghai Petrochemical Co Ltd (Class A)		128,678
	557,200		Sinopharm Group Co		1,995,471
	1,097,000		Sinotrans Ltd		322,545
	319,245		Sinotruk Hong Kong Ltd		482,401
	1,016,000		Soho China Ltd		346,701
	30,200		Songcheng Performance Development Co Ltd		126,956
	2,439		Spring Airlines Co Ltd		14,965
	1,124,031		Sunac China Holdings Ltd		5,098,366
	102,200		Suning.com Co Ltd		153,096
	324,717		Sunny Optical Technology Group Co Ltd		5,219,462
	43,100		Suzhou Dongshan Precision Manufacturing Co Ltd		126,016
	25,700		Suzhou Gold Mantis Construction Decoration Co Ltd		29,182
	179,132	*	TAL Education Group (ADR)		7,668,641
	12,931		Tasly Pharmaceutical Group Co Ltd		26,854
	49,700		TBEA Co Ltd		45,313
	185,200		TCL Corp		86,566
	2,638,804		Tencent Holdings Ltd		107,037,578
	42,500	*	Tencent Music Entertainment (ADR)		588,200
	72,100		Tianma Microelectronics Co Ltd		140,973
	51,200		Tianqi Lithium Corp		182,690
	896,000		Tingyi Cayman Islands Holding Corp		1,191,945
	359,000		Tong Ren Tang Technologies Co Ltd		357,421
	20,700		Tonghua Dongbao Pharmaceutical Co Ltd		46,977
	116,892		Tongwei Co Ltd		210,715
	469,661		Travelsky Technology Ltd		1,070,571
	182,000		Tsingtao Brewery Co Ltd		1,054,692
	5,200		Tsingtao Brewery Co Ltd (Class A)		34,675
	19,600		Tus-Sound Environmental Resources Co Ltd		24,109
	637,000		Uni-President China Holdings Ltd		657,977
	25,800		Unisplendour Corp Ltd		107,596
	204,924	*	Vipshop Holdings Ltd (ADR)		2,364,823
	51,400		Walvax Biotechnology Co Ltd		220,151
	88,500		Wangsu Science & Technology Co Ltd		119,720
	68,500		Wanhua Chemical Group Co Ltd		443,266
	2,304,252		Want Want China Holdings Ltd		1,941,122
	239,560		Wanxiang Qianchao Co Ltd		172,178
	27,072	*,e	Weibo Corp (ADR)		1,331,672
	949,800		Weichai Power Co Ltd		1,495,003
	126,900		Weichai Power Co Ltd (Class A)		208,185
	10,200		Weifu High-Technology Group Co Ltd		24,303
	128,000		Wens Foodstuffs Group Co Ltd		731,598
	140,000		Western Securities Co Ltd		175,871
	996,000		Winteam Pharmaceutical Group Ltd		444,740
	55,400		Wuhu Shunrong Sanqi Interactive Entertainment Network Technology Co Ltd		143,610
	79,300		Wuliangye Yibin Co Ltd		1,484,323
	30,400		WuXi AppTec Co Ltd		406,039
	71,260	e,g	WuXi AppTec Co Ltd (Hong Kong)		859,162
	263,267	*,g	Wuxi Biologics Cayman, Inc		3,093,771
	26,600		Wuxi Lead Intelligent Equipment Co Ltd		123,636
	143,900		XCMG Construction Machinery Co Ltd		92,312

282

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	107,700		Xiamen C & D, Inc	$	129,831
	3,640,600	*,e,g	Xiaomi Corp		4,124,788
	105,500		Xinjiang Goldwind Science & Technology Co Ltd		188,216
	357,800		Xinjiang Goldwind Science & Technology Co Ltd (Hong Kong)		426,715
	1,423,780		Xinyi Solar Holdings Ltd		804,487
	938,464		Yanzhou Coal Mining Co Ltd		952,140
	55,500		Yanzhou Coal Mining Co Ltd (Class A)		81,861
	216,000		Yihai International Holding Ltd		1,468,960
	227,500		Yonghui Superstores Co Ltd		269,478
	62,230		Yonyou Network Technology Co Ltd		260,936
	3,236,000		Yuexiul Property Co Ltd		712,769
	168,506		Yum China Holdings, Inc		7,161,505
	23,300		Yunda Holding Co Ltd		108,879
	15,900		Yunnan Baiyao Group Co Ltd		195,505
	884,849		Yuzhou Properties Co		373,780
	25,604	*	YY, Inc (ADR)		1,455,331
	14,195		Zhangzhou Pientzehuang Pharmaceutical Co Ltd		218,698
	509,500	e	Zhaojin Mining Industry Co Ltd		569,813
	56,916		Zhejiang Chint Electrics Co Ltd		184,376
	10,200		Zhejiang Dahua Technology Co Ltd		23,312
	822,414		Zhejiang Expressway Co Ltd		673,450
	22,476		Zhejiang Huayou Cobalt Co Ltd		78,266
	34,700		Zhejiang Longsheng Group Co Ltd		68,151
	73,800		Zhejiang Semir Garment Co Ltd		116,591
	91,800		Zhengzhou Yutong Bus Co Ltd		186,369
	137,200	*,e,g	ZhongAn Online P&C Insurance Co Ltd		456,720
	80,240		Zhongjin Gold Corp Ltd		94,266
	250,000		Zhongsheng Group Holdings Ltd		828,804
	278,600		Zhuzhou CSR Times Electric Co Ltd		1,033,764
	2,485,299		Zijin Mining Group Co Ltd		860,882
	176,800		Zijin Mining Group Co Ltd (Class A)		85,179
	163,900		Zoomlion Heavy Industry Science and Technology Co Ltd		136,135
	71,200	*	ZTE Corp		337,097
	337,064		ZTE Corp (Class H)		940,373
	148,000		ZTO Express Cayman, Inc (ADR)		3,256,000
			TOTAL CHINA		796,576,007
COLOMBIA - 0.4%
	97,796		BanColombia S.A.		1,189,176
	208,796		BanColombia S.A. (Preference)		2,725,467
	239,488		Cementos Argos S.A.		540,620
	2,811,999		Ecopetrol S.A.		2,529,135
	119,312		Grupo Argos S.A.		645,979
	1,603,675		Grupo Aval Acciones y Valores		657,127
	110,945		Grupo de Inversiones Suramericana S.A.		1,122,580
	58,915		Grupo de Inversiones Suramericana S.A. (Preference)		539,996
	207,620		Interconexion Electrica S.A.		1,197,808
			TOTAL COLOMBIA		11,147,888
CZECH REPUBLIC - 0.1%
	79,380		CEZ AS		1,810,692
	32,987		Komercni Banka AS		1,114,860
	276,939	g	Moneta Money Bank AS		919,471
			TOTAL CZECH REPUBLIC		3,845,023

283

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
EGYPT - 0.2%
	631,728		Commercial International Bank	$	3,170,382
	518,867		Eastern Tobacco		517,581
	371,381		ElSwedy Cables Holding Co		309,484
			TOTAL EGYPT		3,997,447
GREECE - 0.3%
	615,924	*	Alpha Bank AE		1,314,251
	1,246,145	*	Eurobank Ergasias S.A.		1,263,255
	12,741	*,†	Hellenic Duty Free Shops S.A.		142
	109,533		Hellenic Telecommunications Organization S.A.		1,661,220
	50,364		JUMBO S.A.		981,212
	27,197		Motor Oil Hellas Corinth Refineries S.A.		672,642
	248,428	*	National Bank of Greece S.A.		842,518
	103,039		OPAP S.A.		1,120,590
			TOTAL GREECE		7,855,830
HONG KONG - 0.7%
	6,051,652	*	Alibaba Pictures Group Ltd		992,572
	1,394,000		Bosideng International Holdings Ltd		720,851
	416,000	†	China Ding Yi Feng Holdings Ltd		919,761
	1,568,000	*	China First Capital Group Ltd		445,850
	862,068		China Gas Holdings Ltd		3,672,356
	1,113,226		China Resources Cement Holdings Ltd		1,219,083
	610,000		Haier Electronics Group Co Ltd		1,741,603
	491,651		Kingboard Laminates Holdings Ltd		450,098
	693,000		Lee & Man Paper Manufacturing Ltd		385,353
	889,000		Nine Dragons Paper Holdings Ltd		771,175
	3,196,221		Sino Biopharmaceutical		4,758,828
	654,000		SSY Group Ltd		545,430
	1,165,000		Sun Art Retail Group Ltd		1,188,757
	466,000		Towngas China Co Ltd		359,228
			TOTAL HONG KONG		18,170,945
HUNGARY - 0.3%
	205,025		MOL Hungarian Oil & Gas plc		2,027,544
	100,158		OTP Bank		4,618,980
	61,865		Richter Gedeon Rt		1,146,555
			TOTAL HUNGARY		7,793,079
INDIA - 8.8%
	266,943		Ambuja Cements Ltd		760,652
	563,494		Ashok Leyland Ltd		609,040
	132,947		Asian Paints Ltd		3,388,896
	130,843		Aurobindo Pharma Ltd		866,737
	58,403	*,g	Avenue Supermarts Ltd		1,639,901
	970,811		Axis Bank Ltd		10,058,714
	79,480		Bajaj Finance Ltd		4,507,141
	17,038		Bajaj Finserv Ltd		1,952,731
	38,169		Bajaj Holdings and Investment Ltd		1,745,815
	174,814	g	Bandhan Bank Ltd		1,506,354
	98,254		Bharat Forge Ltd		627,711
	300,774		Bharat Petroleum Corp Ltd		2,227,539

284

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	956,751		Bharti Airtel Ltd	$	5,048,222
	182,660		Bharti Infratel Ltd		488,177
	3,399		Bosch Ltd		732,536
	25,852		Britannia Industries Ltd		1,189,291
	178,785		Cipla Ltd		1,176,194
	578,793		Coal India Ltd		1,690,832
	90,433		Container Corp Of India Ltd		750,137
	255,118		Dabur India Ltd		1,659,780
	38,254		Divi S Laboratories Ltd		945,820
	54,494		Dr Reddy’s Laboratories Ltd		2,139,525
	6,142		Eicher Motors Ltd		1,947,313
	791,975		GAIL India Ltd		1,531,728
	70,923		Glenmark Pharmaceuticals Ltd		315,179
	165,430		Godrej Consumer Products Ltd		1,726,880
	138,611		Grasim Industries Ltd		1,501,718
	116,808		Havells India Ltd		1,138,089
	253,335		HCL Technologies Ltd		4,152,974
	224,870	g	HDFC Life Insurance Co Ltd		1,983,095
	44,343		Hero Honda Motors Ltd		1,688,679
	544,824		Hindalco Industries Ltd		1,440,231
	302,507		Hindustan Lever Ltd		9,271,906
	282,075		Hindustan Petroleum Corp Ltd		1,289,459
	756,584		Housing Development Finance Corp		22,706,635
	1,112,392		ICICI Bank Ltd		7,257,182
	63,738	g	ICICI Lombard General Insurance Co Ltd		1,206,667
	3,362,131	*	Idea Cellular Ltd		184,386
	141,626		Indiabulls Housing Finance Ltd		410,970
	866,121		Indian Oil Corp Ltd		1,789,003
	1,603,176		Infosys Technologies Ltd		15,415,919
	40,239	g	InterGlobe Aviation Ltd		824,640
	1,583,425		ITC Ltd		5,746,552
	383,700		JSW Steel Ltd		1,231,176
	224,939		Larsen & Toubro Ltd		4,667,045
	137,711		LIC Housing Finance Ltd		799,881
	114,780		Lupin Ltd		1,205,753
	136,862		Mahindra & Mahindra Financial Services Ltd		679,689
	351,303		Mahindra & Mahindra Ltd		3,000,307
	212,692		Marico Ltd		1,096,935
	48,799		Maruti Suzuki India Ltd		5,199,470
	437,560		Motherson Sumi Systems Ltd		757,742
	287,886		Mundra Port and Special Economic Zone Ltd		1,604,221
	11,146		Nestle India Ltd		2,345,763
	1,122,289		NTPC Ltd		1,936,706
	2,526		Page Industries Ltd		915,809
	269,413		Petronet LNG Ltd		1,087,133
	55,497		Pidilite Industries Ltd		1,095,863
	41,162		Piramal Healthcare Ltd		975,616
	855,183		Power Grid Corp of India Ltd		2,391,492
	1,326,393		Reliance Industries Ltd		27,338,685
	351,919		Rural Electrification Corp Ltd		692,311
	864,135		Sesa Sterlite Ltd		1,803,561
	3,466		Shree Cement Ltd		971,629
	78,212		Shriram Transport Finance Co Ltd		1,253,698
	853,877	*	State Bank of India		3,755,248

285

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	398,608		Sun Pharmaceutical Industries Ltd	$	2,434,982
	419,540		Tata Consultancy Services Ltd		13,424,866
	803,109	*	Tata Motors Ltd		1,985,867
	664,122		Tata Power Co Ltd		554,715
	186,569		Tata Steel Ltd		998,958
	215,946		Tech Mahindra Ltd		2,248,580
	143,009		Titan Industries Ltd		2,683,032
	43,811		Ultra Tech Cement Ltd		2,558,473
	249,795		United Phosphorus Ltd		2,099,035
	130,924	*	United Spirits Ltd		1,151,735
	527,108		Wipro Ltd		1,930,256
	913,271		Yes Bank Ltd		906,463
	334,621		ZEE Telefilms Ltd		1,229,434
			TOTAL INDIA		230,253,079
INDONESIA - 2.0%
	7,213,054		Adaro Energy Tbk		672,498
	25,605,282		Bank Rakyat Indonesia		7,672,244
	1,045,160		Indofood CBP Sukses Makmur Tbk		865,317
	9,493,572		PT Astra International Tbk		4,695,527
	4,554,675		PT Bank Central Asia Tbk		10,194,853
	8,641,739		PT Bank Mandiri Persero Tbk		4,319,738
	3,635,859		PT Bank Negara Indonesia		1,984,751
	1,708,200		PT Bank Tabungan Negara Tbk		226,085
	10,268,000		PT Barito Pacific Tbk		694,899
	3,227,400	*	PT Bumi Serpong Damai		324,995
	3,215,000		PT Charoen Pokphand Indonesia Tbk		1,441,860
	240,100		PT Gudang Garam Tbk		958,892
	4,259,009		PT Hanjaya Mandala Sampoerna Tbk		645,760
	1,241,205		PT Indah Kiat Pulp and Paper Corp Tbk		642,518
	846,717		PT Indocement Tunggal Prakarsa Tbk		1,206,291
	2,046,900		PT Indofood Sukses Makmur Tbk		1,121,708
	972,082		PT Jasa Marga Tbk		377,195
	9,861,300		PT Kalbe Farma Tbk		1,119,836
	667,100		PT Pabrik Kertas Tjiwi Kimia Tbk		502,156
	8,991,000		PT Pakuwon Jati Tbk		400,127
	4,720,400		PT Perusahaan Gas Negara Persero Tbk		708,386
	1,434,000		PT Semen Gresik Persero Tbk		1,293,304
	2,670,800		PT Surya Citra Media Tbk		232,029
	1,299,000		PT Tambang Batubara Bukit Asam Tbk		208,004
	23,067,483		PT Telekomunikasi Indonesia Persero Tbk		6,731,572
	682,469		PT Unilever Indonesia Tbk		2,124,994
	832,800		PT United Tractors Tbk		1,285,451
			TOTAL INDONESIA		52,650,990
KOREA, REPUBLIC OF - 12.1%
	15,365		Amorepacific Corp		2,527,743
	4,703		Amorepacific Corp (Preference)		388,711
	3,727		BGF retail Co Ltd		570,819
	138,454		BS Financial Group, Inc		826,899
	10,438	*	Celltrion Healthcare Co Ltd		491,396
	28,740	*,e	Celltrion, Inc		4,918,849
	27,723		Cheil Communications, Inc		589,266
	40,009		Cheil Industries, Inc		3,426,011

286

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	4,382		CJ CheilJedang Corp	$	861,275
	6,595		CJ Corp		466,153
	5,693		CJ O Shopping Co Ltd		805,721
	12,270		Daelim Industrial Co		953,741
	86,377	*	Daewoo Engineering & Construction Co Ltd		322,102
	26,134		Daewoo International Corp		408,443
	160,948		Daewoo Securities Co Ltd		986,761
	16,379	*	Daewoo Shipbuilding & Marine Engineering Co Ltd		395,011
	23,333		Dongbu Insurance Co Ltd		1,011,616
	22,655		Doosan Bobcat, Inc		610,837
	11,023		E-Mart Co Ltd		1,054,390
	22,913		Fila Korea Ltd		1,130,592
	8,455		GLOVIS Co Ltd		1,095,193
	27,195		GS Engineering & Construction Corp		720,008
	25,877		GS Holdings Corp		1,102,805
	12,051		GS Retail Co Ltd		396,061
	141,185		Hana Financial Group, Inc		4,087,665
	37,332		Hankook Tire Co Ltd		995,462
	3,436		Hanmi Pharm Co Ltd		982,828
	6,104		Hanmi Science Co Ltd		228,299
	78,654		Hanon Systems		782,798
	48,671		Hanwha Chemical Corp		681,018
	17,523		Hanwha Corp		357,233
	13,973		HDC Hyundai Development Co-Engineering & Construction		370,718
	15,575	*,e	HLB, Inc		2,221,979
	8,173		Honam Petrochemical Corp		1,590,089
	14,771		Hotel Shilla Co Ltd		981,929
	252,601		Hynix Semiconductor, Inc		17,761,882
	6,199		Hyundai Department Store Co Ltd		393,579
	38,126		Hyundai Engineering & Construction Co Ltd		1,404,678
	18,758	*	Hyundai Heavy Industries		1,960,446
	33,069		Hyundai Marine & Fire Insurance Co Ltd		718,151
	30,829		Hyundai Mobis		6,287,067
	69,463		Hyundai Motor Co		7,275,857
	16,847		Hyundai Motor Co Ltd (2nd Preference)		1,145,992
	10,713		Hyundai Motor Co Ltd (Preference)		671,838
	4,503		Hyundai Robotics Co Ltd		1,318,722
	39,665		Hyundai Steel Co		1,080,272
	123,576		Industrial Bank of Korea		1,251,500
	15,164	g	ING Life Insurance Korea Ltd		364,582
	23,071		Kakao Corp		2,799,718
	56,718		Kangwon Land, Inc		1,527,082
	186,212		KB Financial Group, Inc		6,703,521
	3,377		KCC Corp		655,469
	120,865		Kia Motors Corp		4,417,296
	36,145		Korea Aerospace Industries Ltd		1,179,824
	119,747		Korea Electric Power Corp		2,617,744
	3,902	*	Korea Express Co Ltd		528,081
	16,318		Korea Gas Corp		551,311
	18,312		Korea Investment Holdings Co Ltd		1,063,826
	7,749		Korea Kumho Petrochemical		463,965
	196,655		Korea Life Insurance Co Ltd		376,341
	3,726		Korea Zinc Co Ltd		1,388,429
	21,877		Korean Air Lines Co Ltd		468,246

287

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	54,728		KT&G Corp	$	4,697,939
	21,503		LG Chem Ltd		5,673,459
	3,496		LG Chem Ltd (Preference)		515,634
	44,030		LG Corp		2,624,916
	50,467		LG Electronics, Inc		2,892,225
	4,392		LG Household & Health Care Ltd		4,752,571
	1,009		LG Household & Health Care Ltd (Preference)		639,074
	6,086		LG Innotek Co Ltd		632,151
	52,208		LG Telecom Ltd		603,141
	114,367		LG.Philips LCD Co Ltd		1,340,614
	12,552		Lotte Corp		392,918
	6,195		Lotte Shopping Co Ltd		662,135
	2,328		Medy-Tox, Inc		658,801
	109,082		Meritz Securities Co Ltd		421,708
	64,976		Naver Corp		9,161,385
	7,465		NCsoft		3,312,933
	11,783	e,g	Netmarble Corp		909,304
	10,268		OCI Co Ltd		553,284
	11,281		Orion Corp/Republic of Korea		1,024,929
	732		Ottogi Corp		355,636
	14,104		Pacific Corp		1,022,155
	2,567	*	Pearl Abyss Corp		477,511
	37,115		POSCO		6,734,351
	11,274	e	POSCO Refractories & Environment Co Ltd		463,757
	6,975		S1 Corp (Korea)		561,741
	7,741	*,g	Samsung Biologics Co Ltd		2,644,468
	16,354		Samsung Card Co		471,743
	26,681	e	Samsung Electro-Mechanics Co Ltd		2,583,106
	2,205,291		Samsung Electronics Co Ltd		95,312,338
	381,964		Samsung Electronics Co Ltd (Preference)		13,445,446
	77,880	*	Samsung Engineering Co Ltd		1,188,923
	14,669		Samsung Fire & Marine Insurance Co Ltd		2,728,781
	214,806	*	Samsung Heavy Industries Co Ltd		1,333,772
	34,319		Samsung Life Insurance Co Ltd		2,084,104
	25,585		Samsung SDI Co Ltd		4,992,803
	15,976		Samsung SDS Co Ltd		2,759,314
	31,771		Samsung Securities Co Ltd		915,308
	209,748		Shinhan Financial Group Co Ltd		7,642,185
	3,314		Shinsegae Co Ltd		671,621
	29,937	*,e	SillaJen, Inc		492,983
	16,474		SK C&C Co Ltd		3,654,828
	25,984		SK Energy Co Ltd		3,555,534
	9,670		SK Telecom Co Ltd		1,976,512
	21,209		S-Oil Corp		1,811,908
	125,021	*	STX Pan Ocean Co Ltd		471,246
	9,380	*,e	ViroMed Co Ltd		775,661
	24,124		Woongjin Coway Co Ltd		1,903,462
	228,364		Woori Financial Group, Inc		2,302,325
	64,107		Woori Investment & Securities Co Ltd		664,767
	4,722		Yuhan Corp		910,238
			TOTAL KOREA, REPUBLIC OF		314,093,488
LUXEMBOURG - 0.1%
	71,297		Reinet Investments S.C.A		1,337,990
			TOTAL LUXEMBOURG		1,337,990

288

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
MALAYSIA - 2.0%
	624,700	*	AirAsia BHD	$	285,216
	449,500		Alliance Financial Group BHD		309,345
	673,733		AMMB Holdings BHD		642,650
	71,099		British American Tobacco Malaysia BHD		320,085
	2,270,720		Bumiputra-Commerce Holdings BHD		2,849,801
	1,847,177		Dialog Group BHD		1,537,022
	1,374,425		Digi.Com BHD		1,543,548
	72,100		Fraser & Neave Holdings BHD		596,253
	753,900		Gamuda BHD		674,134
	1,017,975		Genting BHD		1,414,080
	90,100		Genting Plantations BHD		213,551
	230,200		HAP Seng Consolidated BHD		549,814
	685,400		Hartalega Holdings BHD		862,233
	272,087		Hong Leong Bank BHD		1,120,339
	79,406		Hong Leong Credit BHD		331,040
	998,912		IHH Healthcare BHD		1,361,404
	1,287,000		IJM Corp BHD		661,702
	835,020		IOI Corp BHD		871,522
	214,300		Kuala Lumpur Kepong BHD		1,111,114
	1,812,350		Malayan Banking BHD		3,726,974
	459,076		Malaysia Airports Holdings BHD		868,891
	1,094,600		Maxis BHD		1,409,446
	527,200		MISC BHD		1,050,076
	31,900		Nestle Malaysia BHD		1,103,993
	1,123,100		Petronas Chemicals Group BHD		2,006,547
	114,500		Petronas Dagangan BHD		645,595
	306,500		Petronas Gas BHD		1,220,572
	258,940		PPB Group BHD		1,120,197
	564,712		Press Metal BHD		642,522
	1,463,123		Public Bank BHD		7,101,054
	299,800		QL Resources BHD		521,352
	1,532,300		Resorts World BHD		1,175,255
	728,870		RHB Capital BHD		1,002,992
	1,434,665		Sime Darby BHD		777,891
	977,065		Sime Darby Plantation BHD		1,145,814
	1,068,165		Sime Darby Property BHD		185,212
	743,579		SP Setia BHD		215,079
	573,565		Telekom Malaysia BHD		515,427
	1,470,763		Tenaga Nasional BHD		4,870,793
	1,224,812		TM International BHD		1,258,938
	693,500		Top Glove Corp BHD		721,494
	378,300		Westports Holdings BHD		386,999
	1,501,166		YTL Corp BHD		312,144
			TOTAL MALAYSIA		51,240,110
MEXICO - 2.5%
	1,294,350		Alfa S.A. de C.V. (Class A)		1,122,333
	248,000		Alsea SAB de C.V.		661,626
	15,546,641		America Movil S.A. de C.V. (Series L)		12,316,732
	7,119,697		Cemex S.A. de C.V.		2,675,924
	254,860		Coca-Cola Femsa SAB de C.V.		1,400,528

289

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	85,451	e	El Puerto de Liverpool SAB de C.V.	$	435,417
	205,425		Embotelladoras Arca SAB de C.V.		1,147,663
	1,437,100		Fibra Uno Administracion S.A. de C.V.		2,182,937
	918,511		Fomento Economico Mexicano S.A. de C.V.		8,150,642
	93,880		Gruma SAB de C.V.		985,090
	156,930		Grupo Aeroportuario del Pacifico S.A. de C.V. (B Shares)		1,645,291
	100,501		Grupo Aeroportuario del Sureste S.A. de C.V. (Class B)		1,648,015
	776,520		Grupo Bimbo S.A. de C.V. (Series A)		1,442,717
	198,598		Grupo Carso S.A. de C.V. (Series A1)		664,867
	1,194,828		Grupo Financiero Banorte S.A. de C.V.		6,521,817
	942,544		Grupo Financiero Inbursa S.A.		1,171,045
	1,660,932		Grupo Mexico S.A. de C.V. (Series B)		4,374,986
	1,150,290		Grupo Televisa S.A.		2,540,188
	63,509		Industrias Penoles S.A. de C.V.		762,115
	248,100		Infraestructura Energetica ,NV SAB de C.V.		1,096,662
	664,742		Kimberly-Clark de Mexico S.A. de C.V. (Class A)		1,340,438
	146,600		Megacable Holdings SAB de C.V.		602,282
	491,423		Orbia Advance Corp SAB de C.V.		1,060,430
	116,520		Promotora y Operadora de Infraestructura SAB de C.V.		1,077,824
	2,439,984		Wal-Mart de Mexico SAB de C.V.		7,322,552
			TOTAL MEXICO		64,350,121
PAKISTAN - 0.0%
	221,358		Habib Bank Ltd		182,268
	84,400		MCB Bank Ltd		93,692
	519,317		Oil & Gas Development Co Ltd		429,565
			TOTAL PAKISTAN		705,525
PERU - 0.4%
	97,622		Cia de Minas Buenaventura S.A. (ADR) (Series B)		1,497,522
	32,210		Credicorp Ltd (NY)		6,894,228
	39,634		Southern Copper Corp (NY)		1,410,178
			TOTAL PERU		9,801,928
PHILIPPINES - 1.1%
	907,384		Aboitiz Equity Ventures, Inc		998,792
	750,800		Aboitiz Power Corp		591,082
	1,882,300		Alliance Global Group, Inc		425,346
	130,893		Ayala Corp		2,216,182
	3,390,293		Ayala Land, Inc		3,239,859
	866,616		Banco de Oro Universal Bank		2,643,617
	399,469		Bank of the Philippine Islands		763,178
	1,716,400		DMCI Holdings, Inc		277,305
	14,991		Globe Telecom, Inc		538,843
	44,386		GT Capital Holdings, Inc		781,295
	487,330		International Container Term Services, Inc		1,139,267
	1,329,166		JG Summit Holdings (Series B)		1,994,986
	222,320		Jollibee Foods Corp		1,015,856
	114,546		Manila Electric Co		763,866
	4,426,900		Megaworld Corp		421,085
	6,294,000		Metro Pacific Investments Corp		594,654
	812,190		Metropolitan Bank & Trust		1,081,196
	39,795		PLDT, Inc		856,368
	1,053,143		Robinsons Land Corp		528,180

290

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	20,277	*,†	Robinsons Land Corp	$	2,075
	106,663		Security Bank Corp		418,500
	111,615		SM Investments Corp		2,262,706
	4,851,249		SM Prime Holdings		3,724,834
	406,857		Universal Robina		1,208,698
			TOTAL PHILIPPINES		28,487,770
POLAND - 1.0%
	48,025	*	Alior Bank S.A.		339,296
	242,521	*	Bank Millennium S.A.		390,409
	81,735		Bank Pekao S.A.		2,308,255
	14,586		Bank Zachodni WBK S.A.		1,196,544
	5,549		BRE Bank S.A.		554,515
	13,321		CCC S.A.		389,169
	31,798		CD Projekt Red S.A.		2,099,103
	103,900		Cyfrowy Polsat S.A.		753,635
	20,071	*,g	Dino Polska S.A.		782,166
	40,664		Grupa Lotos S.A.		1,015,505
	28,530		Jastrzebska Spolka Weglowa S.A.		144,964
	68,220	*	KGHM Polska Miedz S.A.		1,495,630
	586		LPP S.A.		1,251,790
	838,668		Polish Oil & Gas Co		1,033,253
	388,698	*	Polska Grupa Energetyczna S.A.		833,430
	141,812		Polski Koncern Naftowy Orlen S.A.		3,877,579
	402,571		Powszechna Kasa Oszczednosci Bank Polski S.A.		4,019,628
	279,074		Powszechny Zaklad Ubezpieczen S.A.		2,700,626
	264,409	*	Telekomunikacja Polska S.A.		433,238
			TOTAL POLAND		25,618,735
QATAR - 0.9%
	826,330		Barwa Real Estate Co		775,884
	873,055		Commercial Bank of Qatar QSC		1,029,940
	842,570		Industries Qatar QSC		2,429,967
	1,704,560		Masraf Al Rayan		1,754,981
	1,967,578		Mesaieed Petrochemical Holding Co		1,350,987
	349,419		Ooredoo QSC		701,258
	283,224		Qatar Electricity & Water Co		1,229,041
	239,020		Qatar Fuel QSC		1,452,154
	751,420		Qatar Insurance Co SAQ		633,579
	534,567		Qatar Islamic Bank SAQ		2,234,581
	2,097,791		Qatar National Bank		11,059,201
			TOTAL QATAR		24,651,573
ROMANIA - 0.1%
	180,699		NEPI Rockcastle plc		1,572,544
			TOTAL ROMANIA		1,572,544
RUSSIA - 4.0%
	2,534,650		Gazprom (ADR)		20,308,883
	192,041		LUKOIL PJSC (ADR)		17,679,295
	150,105		Magnit OAO (GDR)		1,708,803
	22,324		Magnit PJSC (GDR)		253,601
	26,980		MMC Norilsk Nickel PJSC (ADR)		748,290
	272,296		MMC Norilsk Nickel PJSC (ADR)		7,554,328

291

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	230,749		Mobile TeleSystems (ADR)	$	2,065,204
	38,648		NovaTek OAO (GDR)		8,291,299
	4,683		Novatek PJSC (GDR)		1,002,162
	61,380		Novolipetsk Steel PJSC (GDR)		1,200,593
	54,326		PhosAgro OAO (GDR)		683,421
	95,641		Polymetal International plc (ADR)		1,573,055
	23,352		Polyus PJSC (GDR)		1,377,750
	635,864	*	Rosneft Oil Co PJSC (GDR)		4,210,691
	115,167		Sberbank of Russia (ADR)		1,693,243
	1,133,188		Sberbank of Russian Federation (ADR)		16,687,664
	11,875		Severstal (GDR)		162,213
	95,228		Severstal (GDR) (Equiduct)		1,300,814
	750,662		Surgutneftegaz (ADR) (London)		4,969,382
	107,678		Tatneft PAO (ADR)		7,550,696
	16,017		Tatneft PJSC (ADR)		1,116,946
	785,086		VTB Bank PJSC (GDR)		1,043,379
	190,214		VTB Bank PJSC (GDR)		252,794
	58,933		X5 Retail Group NV (GDR)		1,971,898
			TOTAL RUSSIA		105,406,404
SAUDI ARABIA - 2.4%
	48,207		Advanced Petrochemical Co		597,370
	576,475		Al Rajhi Bank		9,286,223
	329,729		Alinma Bank		1,843,266
	113,033		Almarai Co JSC		1,503,482
	153,141		Bank AlBilad		1,012,784
	207,159		Bank Al-Jazira		720,180
	250,578		Banque Saudi Fransi		2,252,892
	12,192		Bupa Arabia for Cooperative Insurance Co		349,285
	26,430	*	Co for Cooperative Insurance		496,894
	238,428	*	Dar Al Arkan Real Estate Development Co		765,605
	171,456	*	Emaar Economic City		428,458
	167,163	*	Etihad Etisalat Co		1,002,631
	26,024		Jarir Marketing Co		1,099,352
	559,451		National Commercial Bank		6,492,428
	147,972	*	National Industrialization Co		482,488
	102,955	*	Rabigh Refining & Petrochemical Co		551,786
	543,541		Riyad Bank		3,216,910
	165,777		Sahara International Petrochemical Co		726,988
	462,510		Samba Financial Group		3,417,688
	19,234		Saudi Airlines Catering Co		443,971
	77,039		Saudi Arabian Fertilizer Co		1,604,910
	179,946	*	Saudi Arabian Mining Co		2,033,387
	357,570		Saudi Basic Industries Corp		8,361,869
	164,066		Saudi British Bank		1,427,200
	33,158		Saudi Cement Co		606,522
	404,895		Saudi Electricity Co		2,243,479
	103,754		Saudi Industrial Investment Group		583,217
	333,676	*	Saudi Kayan Petrochemical Co		909,556
	186,231		Saudi Telecom Co		4,760,374
	124,762	*	Savola Group		1,027,957
	108,297		Yanbu National Petrochemical Co		1,437,094
			TOTAL SAUDI ARABIA		61,686,246

292

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
SINGAPORE - 0.0%
	92,600	g	BOC Aviation Ltd	$	869,968
			TOTAL SINGAPORE		869,968
SOUTH AFRICA - 4.4%
	326,074		Absa Group Ltd		3,344,241
	23,799		Anglo American Platinum Ltd		1,776,093
	196,457		AngloGold Ashanti Ltd		4,345,295
	179,557		Aspen Pharmacare Holdings Ltd		1,253,468
	156,025		Bid Corp Ltd		3,639,940
	135,916		Bidvest Group Ltd		1,855,367
	21,107	e	Capitec Bank Holdings Ltd		1,918,624
	121,769		Clicks Group Ltd		1,979,462
	177,938		Discovery Holdings Ltd		1,416,486
	126,179		Exxaro Resources Ltd		1,031,586
	1,556,272		FirstRand Ltd		6,727,734
	543,321		Fortress REIT Ltd (Class A)		755,446
	112,062	e	Foschini Ltd		1,292,394
	383,566		Gold Fields Ltd		2,382,091
	1,366,309		Growthpoint Properties Ltd		2,000,763
	149,620		Investec Ltd		850,157
	29,569	e	Kumba Iron Ore Ltd		720,478
	64,116		Liberty Holdings Ltd		493,774
	678,817		Life Healthcare Group Holdings Pte Ltd		1,072,049
	384,525		Momentum Metropolitan Holdings		514,040
	121,611		Mr Price Group Ltd		1,285,894
	787,402		MTN Group Ltd		4,873,689
	196,073	*	MultiChoice Group Ltd		1,632,979
	202,750		Naspers Ltd (N Shares)		28,690,847
	167,404		Nedbank Group Ltd		2,539,567
	536,327		Network Healthcare Holdings Ltd		607,331
	161,976		Pick’n Pay Stores Ltd		708,555
	70,305	e	PSG Group Ltd		1,099,366
	287,912	e	Rand Merchant Investment Holdings Ltd		568,756
	2,473,760		Redefine Properties Ltd		1,234,383
	239,223		Remgro Ltd		2,742,923
	352,871		RMB Holdings Ltd		1,857,567
	865,768		Sanlam Ltd		4,556,400
	240,358		Sappi Ltd		617,225
	265,743	e	Sasol Ltd		4,817,571
	216,123		Shoprite Holdings Ltd		1,936,567
	88,900		Spar Group Ltd		1,196,080
	603,898		Standard Bank Group Ltd		6,932,897
	116,042		Telkom S.A. Ltd		530,480
	74,567		Tiger Brands Ltd		1,058,837
	231,206		Truworths International Ltd		819,457
	302,188		Vodacom Group Pty Ltd		2,640,012
	447,364	e	Woolworths Holdings Ltd		1,700,847
			TOTAL SOUTH AFRICA		114,017,718
TAIWAN - 11.8%
	1,366,380		Acer, Inc		797,273
	162,030		Advantech Co Ltd		1,600,832
	60,000		Airtac International Group		815,440

293

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES		COMPANY	VALUE
	1,610,011	ASE Industrial Holding Co Ltd	$	4,177,062
	1,040,512	Asia Cement Corp		1,468,813
	336,500	Asustek Computer, Inc		2,282,792
	4,100,000	AU Optronics Corp		1,045,337
	307,389	Catcher Technology Co Ltd		2,605,463
	3,566,932	Cathay Financial Holding Co Ltd		4,721,400
	530,272	Chailease Holding Co Ltd		2,389,416
	2,278,773	Chang Hwa Commercial Bank		1,778,095
	943,922	Cheng Shin Rubber Industry Co Ltd		1,483,490
	224,079	Chicony Electronics Co Ltd		696,155
	957,000	China Airlines		285,005
	5,914,754	China Development Financial Holding Corp		1,844,598
	1,338,133	China Life Insurance Co Ltd (Taiwan)		1,102,846
	5,602,151	China Steel Corp		4,313,571
	8,674,282	Chinatrust Financial Holding Co		6,030,472
	1,823,763	Chunghwa Telecom Co Ltd		6,715,945
	1,827,000	Compal Electronics, Inc		1,090,660
	903,768	Delta Electronics, Inc		3,967,979
	4,775,848	E.Sun Financial Holding Co Ltd		4,315,265
	86,316	Eclat Textile Co Ltd		1,157,379
	859,554	Eva Airways Corp		402,759
	853,587	Evergreen Marine Corp Tawain Ltd		349,523
	1,481,071	Far Eastern Textile Co Ltd		1,440,410
	771,000	Far EasTone Telecommunications Co Ltd		1,849,961
	153,928	Feng TAY Enterprise Co Ltd		1,039,835
	4,633,112	First Financial Holding Co Ltd		3,397,219
	1,682,173	Formosa Chemicals & Fibre Corp		4,889,531
	611,064	Formosa Petrochemical Corp		1,946,303
	2,102,453	Formosa Plastics Corp		6,748,653
	336,000	Formosa Taffeta Co Ltd		382,204
	439,512	Foxconn Technology Co Ltd		939,890
	3,112,646	Fubon Financial Holding Co Ltd		4,553,910
	4,412,124	Fuhwa Financial Holdings Co Ltd		2,757,445
	138,000	Giant Manufacturing Co Ltd		1,020,432
	101,509	Globalwafers Co Ltd		1,211,131
	400,420	Highwealth Construction Corp		614,598
	106,795	Hiwin Technologies Corp		916,155
	5,787,002	Hon Hai Precision Industry Co, Ltd		15,284,066
	137,608	Hotai Motor Co Ltd		2,434,319
	3,356,706	Hua Nan Financial Holdings Co Ltd		2,412,212
	4,190,487	InnoLux Display Corp		928,890
	1,171,060	Inventec Co Ltd		848,522
	46,125	Largan Precision Co Ltd		6,768,119
	922,778	Lite-On Technology Corp		1,520,574
	700,170	MediaTek, Inc		9,350,666
	5,124,125	Mega Financial Holding Co Ltd		5,029,205
	291,000	Micro-Star International Co Ltd		859,394
	2,448,860	Nan Ya Plastics Corp		5,786,834
	558,000	Nanya Technology Corp		1,276,316
	73,000	Nien Made Enterprise Co Ltd		662,193
	269,474	Novatek Microelectronics Corp Ltd		1,726,153
	904,000	Pegatron Technology Corp		1,755,362
	75,000	Phison Electronics Corp		681,965
	955,512	Pou Chen Corp		1,277,457

294

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	379,000		Powertech Technology, Inc	$	1,194,626
	264,000		President Chain Store Corp		2,633,693
	1,234,000		Quanta Computer, Inc		2,367,158
	216,085		Realtek Semiconductor Corp		1,602,909
	201,048		Ruentex Development Co Ltd		306,645
	155,975		Ruentex Industries Ltd		374,503
	1,545,421		Shanghai Commercial & Savings Bank Ltd		2,657,400
	4,692,335		Shin Kong Financial Holding Co Ltd		1,482,344
	4,755,717		SinoPac Financial Holdings Co Ltd		1,951,767
	171,777		Standard Foods Corp		346,857
	581,050		Synnex Technology International Corp		693,038
	84,236	*	TaiMed Biologics, Inc		368,676
	4,010,297		Taishin Financial Holdings Co Ltd		1,862,421
	2,482,953		Taiwan Business Bank		1,046,710
	2,286,827		Taiwan Cement Corp		3,036,090
	3,978,941		Taiwan Cooperative Financial Holding		2,737,495
	946,000		Taiwan High Speed Rail Corp		1,119,484
	783,859		Taiwan Mobile Co Ltd		2,922,682
	11,374,848		Taiwan Semiconductor Manufacturing Co Ltd		111,471,213
	1,092,000	*	Tatung Co Ltd		656,315
	2,278,908		Uni-President Enterprises Corp		5,629,770
	5,091,452		United Microelectronics Corp		2,344,717
	420,000		Vanguard International Semiconductor Corp		897,365
	147,000		Walsin Technology Corp		880,068
	150,878		Win Semiconductors Corp		1,570,461
	1,409,000		Winbond Electronics Corp		793,149
	1,151,560		Wistron Corp		1,055,750
	630,660		WPG Holdings Co Ltd		799,509
	120,009		Yageo Corp		1,231,459
	234,127		Zhen Ding Technology Holding Ltd		1,107,045
			TOTAL TAIWAN		306,888,813
THAILAND - 2.7%
	559,500		Advanced Info Service PCL (Foreign)		4,244,385
	1,934,000		Airports of Thailand PCL (Foreign)		5,029,485
	244,748		Bangkok Bank PCL (Foreign)		1,414,308
	4,199,700		Bangkok Dusit Medical Services PCL (Foreign)		3,338,584
	3,279,100		Bangkok Expressway & Metro PCL		1,172,864
	2,166,600		Banpu PCL (Foreign)		832,469
	502,500		Berli Jucker PCL		811,400
	2,674,600		BTS Group Holdings PCL		1,186,939
	161,600		Bumrungrad Hospital PCL (Foreign)		644,972
	979,800		Central Pattana PCL (Foreign)		2,077,082
	1,710,380		Charoen Pokphand Foods PCL		1,430,814
	2,745,455		CP Seven Eleven PCL (Foreign)		7,121,930
	113,300		Electricity Generating PCL		1,302,118
	697,100		Energy Absolute PCL (Foreign)		946,560
	194,000		Gulf Energy Development PCL		1,042,052
	2,368,326		Home Product Center PCL (Foreign)		1,342,688
	742,978		Indorama Ventures PCL (Foreign)		689,375
	1,094,700		Intouch Holdings PCL (Class F)		2,394,952
	7,471,500		IRPC PCL (Foreign)		841,322
	954,449		Kasikornbank PCL (Foreign)		4,402,532
	1,871,560		Krung Thai Bank PCL (Foreign)		1,028,909

295

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	3,752,000		Land and Houses PCL Co Reg	$	1,205,480
	1,116,870		Minor International PCL (Foreign)		1,331,704
	211,600		Muangthai Capital PCL		434,712
	787,298		PTT Exploration & Production PCL (Foreign)		3,140,926
	1,205,529		PTT Global Chemical PCL (Foreign)		2,036,345
	5,766,400		PTT PCL (Foreign)		8,644,664
	305,200		Ratch Group PCL		743,444
	203,000		Robinson PCL		438,704
	378,858		Siam Cement PCL (Foreign)		4,642,406
	364,700		Siam Commercial Bank PCL (Foreign)		1,361,091
	639,300		Thai Oil PCL (Foreign)		1,450,155
	1,393,400		Thai Union Group PCL		673,796
	4,334,800		TMB Bank PCL (Foreign)		206,628
	300,700		Total Access Communication PCL (Foreign)		617,219
	4,393,148		True Corp PCL (Foreign)		727,678
			TOTAL THAILAND		70,950,692
TURKEY - 0.5%
	1,294,394		Akbank TAS		1,563,841
	90,802		Anadolu Efes Biracilik Ve Malt Sanayii AS		305,488
	112,555		Arcelik AS		348,700
	143,019		Aselsan Elektronik Sanayi Ve Ticaret AS		459,172
	189,664		BIM Birlesik Magazalar AS		1,569,793
	618,256		Eregli Demir ve Celik Fabrikalari TAS		706,767
	23,073		Ford Otomotiv Sanayi AS		260,196
	388,463		Haci Omer Sabanci Holding AS		561,944
	305,218		KOC Holding AS		1,000,442
	84,018		TAV Havalimanlari Holding AS		383,025
	61,162		Tupras Turkiye Petrol Rafine		1,331,271
	296,695	*	Turk Hava Yollari		603,801
	306,502		Turk Sise ve Cam Fabrikalari AS		232,666
	549,142		Turkcell Iletisim Hizmet AS		1,207,459
	1,134,432		Turkiye Garanti Bankasi AS		1,823,446
	671,173		Turkiye Is Bankasi (Series C)		680,108
			TOTAL TURKEY		13,038,119
UNITED ARAB EMIRATES - 0.7%
	1,292,456		Abu Dhabi Commercial Bank PJSC		2,741,690
	1,740,643		Aldar Properties PJSC		1,113,159
	80,989		DP World Ltd		1,075,042
	761,612		Dubai Islamic Bank PJSC		1,096,363
	321,457		Emaar Development PJSC		354,476
	1,119,316		Emaar Malls Group PJSC		593,498
	1,541,491		Emaar Properties PJSC		1,791,535
	833,177		Emirates Telecommunications Group Co PJSC		3,756,698
	1,255,716		National Bank of Abu Dhabi PJSC		5,197,126
			TOTAL UNITED ARAB EMIRATES		17,719,587
UNITED KINGDOM - 0.1%
	2,276,707	e	Old Mutual Ltd		2,960,708
			TOTAL UNITED KINGDOM		2,960,708
UNITED STATES - 1.1%
	65,253		iShares MSCI South Korea Index Fund		3,845,359

296

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY				VALUE
	395,000		Nexteer Automotive Group Ltd				$	368,148
	17,821	*	Titan Cement International S.A.					377,639
	584,826		Vanguard Emerging Markets ETF					24,474,968
			TOTAL UNITED STATES					29,066,114
			TOTAL COMMON STOCKS					2,601,173,540
			(Cost $2,213,740,742)
PREFERRED STOCKS - 0.0%
PHILIPPINES - 0.0%
	307,700	*,†	Ayala Land, Inc					606
			TOTAL PHILIPPINES					606
			TOTAL PREFERRED STOCKS					606
			(Cost $725)
RIGHTS / WARRANTS - 0.0%
CHINA - 0.0%
	12,923	†	Legend Holdings Corp					2,144
			TOTAL CHINA					2,144
THAILAND - 0.0%
	3,000,831		TMB Bank PCL					3,907
			TOTAL THAILAND					3,907
			TOTAL RIGHTS / WARRANTS					6,051
			(Cost $0)
PRINCIPAL			ISSUER	RATE		MATURITY DATE
SHORT-TERM INVESTMENTS - 0.9%
GOVERNMENT AGENCY DEBT - 0.2%
$	5,830,000		Federal Home Loan Bank (FHLB)	1.500	%	11/01/19		5,830,000
			TOTAL GOVERNMENT AGENCY DEBT					5,830,000
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.7%
	17,044,926	c	State Street Navigator Securities Lending Government Money Market Portfolio					17,044,926
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES					17,044,926
			TOTAL SHORT-TERM INVESTMENTS					22,874,926
			(Cost $22,874,926)
			TOTAL INVESTMENTS - 100.8%					2,624,066,257
			(Cost $2,236,627,452)
			OTHER ASSETS & LIABILITIES, NET - (0.8)%					(21,564,530	)
			NET ASSETS - 100.0%				$	2,602,501,727

297

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

Abbreviation(s):
ADR	American Depositary Receipt
ETF	Exchange Traded Fund
GDR	Global Depositary Receipt
REIT	Real Estate Investment Trust
INR	Indian Rupee

*	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 $38,903,004.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/19, the aggregate value of these securities is $43,930,763 or 1.7% of net assets.

298

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

TIAA-CREF FUNDS

EMERGING MARKETS EQUITY INDEX FUND

SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

October 31, 2019

SECTOR	VALUE			% OF NET ASSETS
FINANCIALS	$	664,905,168			25.7	%
INFORMATION TECHNOLOGY		397,740,972			15.3
CONSUMER DISCRETIONARY		333,151,317			12.8
COMMUNICATION SERVICES		286,305,080			11.0
ENERGY		201,607,683			7.7
MATERIALS		180,323,723			6.9
CONSUMER STAPLES		175,012,882			6.7
INDUSTRIALS		146,552,568			5.6
REAL ESTATE		73,948,871			2.8
UTILITIES		71,270,048			2.7
HEALTH CARE		70,373,019			2.7
SHORT-TERM INVESTMENTS		22,874,926			0.9
OTHER ASSETS & LIABILITIES, NET		(21,564,530	)		(0.8	)
NET ASSETS	$	2,602,501,727			100.0	%

299

TIAA-CREF FUNDS - International Equity Index Fund

TIAA-CREF FUNDS

INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS

October 31, 2019

SHARES			COMPANY	VALUE
COMMON STOCKS - 97.8%
AUSTRALIA - 7.4%
	591,888		AGL Energy Ltd	$	8,079,634
	2,210,031		Alumina Ltd		3,450,103
	3,192,883		AMP Ltd		4,034,335
	1,024,948		APA Group (ASE)		8,232,641
	512,398		Aristocrat Leisure Ltd		11,172,852
	1,776,393		AusNet Services		2,269,108
	2,521,707		Australia & New Zealand Banking Group Ltd		46,341,679
	169,545		Australian Stock Exchange Ltd		9,623,682
	989,098	*,†	AZ BGP Holdings		2,727
	378,260	e	Bank of Queensland Ltd		2,360,742
	418,666		Bendigo Bank Ltd		3,072,633
	2,601,541		BHP Billiton Ltd		63,770,148
	1,880,135		BHP Group plc		39,878,683
	461,565		BlueScope Steel Ltd		4,225,249
	1,019,237		Boral Ltd		3,538,706
	1,427,914		Brambles Ltd		11,804,634
	216,671		Caltex Australia Ltd		4,073,114
	487,865		Challenger Financial Services Group Ltd		2,675,799
	89,853		CIMIC Group Ltd		2,047,650
	455,131		Coca-Cola Amatil Ltd		3,193,949
	50,593		Cochlear Ltd		7,381,012
	1,018,736		Coles Group Ltd		10,542,762
	1,572,617		Commonwealth Bank of Australia		85,267,439
	420,415		Computershare Ltd		4,589,023
	332,703		Crown Resorts Ltd		2,858,120
	406,611		CSL Ltd		71,708,391
	941,058		Dexus Property Group		7,760,406
	48,285		Flight Centre Travel Group Ltd		1,418,454
	1,221,731		Fortescue Metals Group Ltd		7,477,754
	1,663,516		GPT Group (ASE)		6,828,282
	465,431	e	Harvey Norman Holdings Ltd		1,313,221
	1,380,732		Incitec Pivot Ltd		3,285,367
	2,033,285		Insurance Australia Group Ltd		11,140,512
	500,140	e	Lend Lease Corp Ltd		6,464,663
	1,448,008		Macquarie Goodman Group		14,377,646
	286,042		Macquarie Group Ltd		26,412,377
	115,163		Magellan Financial Group Ltd		3,819,719
	2,416,609		Medibank Pvt Ltd		5,632,445
	3,525,012		Mirvac Group		7,810,995
	2,484,932		National Australia Bank Ltd		48,777,063
	682,151		Newcrest Mining Ltd		14,890,213
	1,210,687		Oil Search Ltd		5,975,087
	338,717		Orica Ltd		5,352,982
	1,595,854		Origin Energy Ltd		8,651,850
	1,153,054		QBE Insurance Group Ltd		10,032,012

300

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
	1,812,418		QR National Ltd	$	7,373,348
	150,843		Ramsay Health Care Ltd		7,127,428
	49,921	e	REA Group Ltd		3,746,538
	330,547		Rio Tinto Ltd		20,670,088
	1,006,577		Rio Tinto plc		52,404,217
	1,535,604		Santos Ltd		8,589,422
	4,728,139		Scentre Group		12,492,430
	298,709		Seek Ltd		4,674,804
	389,942		Sonic Healthcare Ltd		7,679,900
	4,596,328		South32 Ltd		8,043,252
	2,172,511		Stockland Trust Group		7,334,334
	1,118,657		Suncorp-Metway Ltd		10,386,167
	992,327		Sydney Airport		6,009,974
	1,777,842		Tabcorp Holdings Ltd		5,891,137
	3,715,428		Telstra Corp Ltd		8,948,400
	378,090		TPG Telecom Ltd		1,704,117
	2,396,153		Transurban Group (ASE)		24,541,261
	656,920		Treasury Wine Estates Ltd		7,963,935
	2,833,994		Vicinity Centres		5,216,596
	98,811		Washington H Soul Pattinson & Co Ltd		1,477,050
	1,030,035		Wesfarmers Ltd		28,300,119
	3,061,127		Westpac Banking Corp		59,433,269
	838,115		Woodside Petroleum Ltd		18,575,530
	1,133,764		Woolworths Ltd		29,235,378
	307,697		WorleyParsons Ltd		2,888,114
			TOTAL AUSTRALIA		964,322,671
AUSTRIA - 0.2%
	61,927		Andritz AG.		2,784,624
	270,437		Erste Bank der Oesterreichischen Sparkassen AG.		9,564,774
	63,007		Oest Elektrizitatswirts AG. (Class A)		3,413,405
	131,393		OMV AG.		7,681,445
	136,255		Raiffeisen International Bank Holding AG.		3,357,225
	97,633	e	Voestalpine AG.		2,449,872
			TOTAL AUSTRIA		29,251,345
BELGIUM - 1.0%
	159,070		Ageas		9,173,674
	676,880		Anheuser-Busch InBev S.A.		54,635,986
	1,061,700	*,g	Budweiser Brewing Co APAC Ltd		3,881,815
	51,035		Colruyt S.A.		2,836,859
	68,078		Groupe Bruxelles Lambert S.A.		6,838,831
	220,068		KBC Groep NV		15,473,922
	134,829		Proximus plc		4,143,397
	67,413		Solvay S.A.		7,329,543
	40,710		Telenet Group Holding NV		2,000,122
	109,122		UCB S.A.		8,795,103
	180,374		Umicore S.A.		7,445,840
			TOTAL BELGIUM		122,555,092
CHILE - 0.0%
	367,678		Antofagasta plc		4,141,050
			TOTAL CHILE		4,141,050

301

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
CHINA - 0.1%
	31,500	*	BeiGene Ltd (ADR)	$	4,357,710
	1,992,138		Yangzijiang Shipbuilding		1,394,671
			TOTAL CHINA		5,752,381
DENMARK - 1.7%
	3,248		AP Moller - Maersk AS (Class A)		3,901,647
	5,837		AP Moller - Maersk AS (Class B)		7,445,687
	94,452		Carlsberg AS (Class B)		13,301,122
	95,470		Christian Hansen Holding		7,329,774
	109,690		Coloplast AS		13,206,229
	569,903		Danske Bank AS		8,144,215
	194,585		DSV AS		18,911,543
	58,057	*	Genmab AS		12,685,139
	59,125		H Lundbeck AS		2,020,336
	134,638		ISS AS		3,524,987
	1,574,342		Novo Nordisk AS		86,571,012
	189,660		Novozymes AS		8,940,489
	168,986	g	Orsted AS		14,832,184
	87,255		Pandora AS		4,293,472
	108,303		Tryg A.S.		3,027,182
	170,209		Vestas Wind Systems AS		13,866,552
	99,225	*,e	William Demant Holding A.S.		2,621,048
			TOTAL DENMARK		224,622,618
FINLAND - 1.1%
	127,863		Elisa Oyj (Series A)		6,983,394
	388,952		Fortum Oyj		9,505,059
	301,116		Kone Oyj (Class B)		19,173,800
	96,024		Metso Oyj		3,635,160
	381,759		Neste Oil Oyj		13,793,891
	5,013,706		Nokia Oyj (Turquoise)		18,405,359
	111,843		Nokian Renkaat Oyj		3,196,377
	2,908,509		Nordea Bank Abp		21,288,350
	94,422		Orion Oyj (Class B)		4,188,995
	391,750		Sampo Oyj (A Shares)		16,053,852
	509,890		Stora Enso Oyj (R Shares)		6,624,346
	470,239		UPM-Kymmene Oyj		15,315,424
	410,530		Wartsila Oyj (B Shares)		4,337,148
			TOTAL FINLAND		142,501,155
FRANCE - 10.9%
	158,459		Accor S.A.		6,815,890
	27,485		Aeroports de Paris		5,227,351
	419,788		Air Liquide		55,815,449
	519,474		Airbus SE		74,522,825
	168,582		Alstom RGPT		7,293,396
	56,371	g	Amundi S.A.		4,028,681
	62,757		Arkema		6,422,420
	90,633		Atos Origin S.A.		7,033,718
	1,731,401		AXA S.A.		45,832,287
	34,804		BioMerieux		2,849,927
	1,009,017		BNP Paribas S.A.		52,730,766
	797,780		Bollore		3,456,278

302

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
	201,385		Bouygues S.A.	$	8,542,359
	248,186		Bureau Veritas S.A.		6,345,262
	141,546		Cap Gemini S.A.		15,956,498
	521,277		Carrefour S.A.		8,875,028
	54,142	e	Casino Guichard Perrachon S.A.		2,920,801
	159,719		CNP Assurances		3,170,301
	434,088		Compagnie de Saint-Gobain		17,679,509
	1,029,449		Credit Agricole S.A.		13,432,606
	547,979		Danone		45,395,245
	2,127		Dassault Aviation S.A.		2,954,724
	116,186		Dassault Systemes S.A.		17,645,949
	214,596		Edenred		11,310,869
	67,742		Eiffage S.A.		7,275,905
	536,183		Electricite de France		5,539,207
	253,488		Essilor International S.A.		38,706,171
	38,059		Eurazeo		2,655,698
	160,995		Eutelsat Communications		3,054,062
	67,458		Faurecia		3,148,139
	38,923		Fonciere Des Regions		4,407,999
	1,624,052		Gaz de France		27,194,381
	40,504		Gecina S.A.		6,953,279
	380,024		Groupe Eurotunnel S.A.		6,365,735
	28,065		Hermes International		20,216,690
	26,522		Icade		2,597,122
	25,796		Iliad S.A.		2,673,379
	34,543		Imerys S.A.		1,334,350
	52,703		Ingenico		5,635,587
	34,223		Ipsen		3,647,747
	61,244		JC Decaux S.A.		1,674,135
	67,297		Kering		38,291,744
	178,291		Klepierre		6,645,839
	237,142		Legrand S.A.		18,526,479
	225,789		L’Oreal S.A.		65,944,311
	247,129		LVMH Moet Hennessy Louis Vuitton S.A.		105,537,825
	151,192		Michelin (C.G.D.E.) (Class B)		18,408,713
	808,773		Natixis		3,715,764
	1,779,397	e	Orange S. A.		28,638,488
	190,783		Pernod-Ricard S.A.		35,243,932
	530,078		Peugeot S.A.		13,424,815
	190,416		Publicis Groupe S.A.		8,195,224
	19,020	e	Remy Cointreau S.A.		2,545,308
	169,915		Renault S.A.		8,675,677
	292,132		Safran S.A.		46,270,754
	1,000,248		Sanofi-Aventis		92,209,926
	25,138		Sartorius Stedim Biotech		3,765,958
	486,279		Schneider Electric S.A.		45,194,946
	142,319		SCOR SE		6,002,891
	19,514		SEB S.A.		2,965,211
	22,038	e	Societe BIC S.A.		1,530,041
	682,675		Societe Generale		19,414,528
	79,132		Sodexho Alliance S.A.		8,702,031
	297,948		Suez Environnement S.A.		4,647,254
	52,061		Teleperformance		11,811,777
	93,608		Thales S.A.		9,151,083

303

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
	2,132,626	*	Total S.A.	$	112,748,082
	74,126	*	Ubisoft Entertainment		4,380,789
	113,135		Unibail-Rodamco-Westfield		17,494,778
	10,423		Unibail-Rodamco-Westfield (Paris)		1,612,355
	221,052		Valeo S.A.		8,232,128
	472,099		Veolia Environnement		12,427,420
	450,978		Vinci S.A.		50,598,031
	809,282		Vivendi Universal S.A.		22,536,558
	24,007		Wendel		3,404,125
	72,492	*,g	Worldline S.A.		4,410,941
			TOTAL FRANCE		1,412,643,451
GERMANY - 8.5%
	160,415		Adidas-Salomon AG.		49,531,454
	378,123		Allianz AG.		92,346,160
	836,515		Aroundtown S.A.		7,070,713
	5,091		Axel Springer AG.		363,108
	40,924	*	Axel Springer SE		2,852,658
	817,784		BASF SE		62,167,287
	830,512		Bayer AG.		64,427,937
	295,807		Bayerische Motoren Werke AG.		22,651,329
	46,342		Bayerische Motoren Werke AG. (Preference)		2,852,496
	89,389		Beiersdorf AG.		10,582,680
	133,248		Brenntag AG.		6,678,420
	35,397		Carl Zeiss Meditec AG.		3,858,417
	946,759		Commerzbank AG.		5,665,164
	96,329		Continental AG.		12,902,382
	157,143	g	Covestro AG.		7,546,307
	807,163		Daimler AG. (Registered)		47,180,983
	100,206	*,g	Delivery Hero AG.		4,701,935
	456,749		Deutsche Annington Immobilien SE		24,324,098
	1,719,886		Deutsche Bank AG. (Registered)		12,472,149
	172,554		Deutsche Boerse AG.		26,721,647
	224,607		Deutsche Lufthansa AG.		3,890,909
	876,067		Deutsche Post AG.		31,034,704
	2,946,031		Deutsche Telekom AG.		51,837,062
	314,914		Deutsche Wohnen AG.		11,873,018
	45,638	e	Drillisch AG.		1,222,314
	1,964,933		E.ON AG.		19,815,300
	165,427		Evonik Industries AG.		4,359,653
	34,500		Fraport AG. Frankfurt Airport Services Worldwide		2,883,601
	189,341		Fresenius Medical Care AG.		13,666,557
	374,460		Fresenius SE		19,717,288
	58,127		Fuchs Petrolub AG. (Preference)		2,476,453
	142,718		GEA Group AG.		4,362,941
	53,469		Hannover Rueckversicherung AG.		9,474,911
	132,689		HeidelbergCement AG.		9,837,300
	91,752		Henkel KGaA		8,828,186
	159,169		Henkel KGaA (Preference)		16,533,314
	23,209		Hochtief AG.		2,899,799
	53,544		Hugo Boss AG.		2,257,549
	1,104,889		Infineon Technologies AG.		21,400,340
	63,112		KION Group AG.		4,199,329
	40,425		Knorr-Bremse AG.		4,079,831

304

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
	76,674		Lanxess AG.	$	4,982,214
	114,318		Merck KGaA		13,634,300
	176,183		Metro Wholesale & Food Specialist AG.		2,876,961
	46,033		MTU Aero Engines Holding AG.		12,310,652
	128,354		Muenchener Rueckver AG.		35,661,823
	138,821		Porsche AG.		10,221,475
	73,738		Puma AG. Rudolf Dassler Sport		5,547,086
	490,702		RWE AG.		14,953,880
	873,874		SAP AG.		115,789,567
	31,137		Sartorius AG.		6,050,602
	680,387		Siemens AG.		78,516,654
	143,015	g	Siemens Healthineers AG.		6,076,327
	114,299		Symrise AG.		10,984,912
	835,818		Telefonica Deutschland Holding AG.		2,652,074
	369,417	e	ThyssenKrupp AG.		5,268,102
	399,651		TUI AG. (DI)		5,228,340
	176,031		Uniper SE		5,486,279
	114,376		United Internet AG.		3,452,823
	29,335		Volkswagen AG.		5,545,492
	165,262		Volkswagen AG. (Preference)		31,417,169
	103,879	e	Wirecard AG.		13,142,344
	128,051	*,g	Zalando SE		5,551,906
			TOTAL GERMANY		1,108,898,665
HONG KONG - 3.1%
	10,753,138		AIA Group Ltd		107,082,089
	262,012		ASM Pacific Technology		3,658,429
	1,150,221		Bank of East Asia Ltd		2,770,767
	3,305,044		BOC Hong Kong Holdings Ltd		11,354,888
	2,278,803		CK Asset Holdings Ltd		15,855,247
	558,369		CK Infrastructure Holdings Ltd		4,018,431
	1,487,459		CLP Holdings Ltd		15,447,883
	281,215		Dairy Farm International Holdings Ltd		1,695,726
	1,712,971		Hang Lung Properties Ltd		3,765,455
	680,168		Hang Seng Bank Ltd		14,191,765
	1,285,108		Henderson Land Development Co Ltd		6,418,574
	2,502,627		HK Electric Investments & HK Electric Investments Ltd		2,497,533
	3,417,931		HKT Trust and HKT Ltd		5,317,136
	9,300,995		Hong Kong & China Gas Ltd		18,052,304
	1,305,485		Hong Kong Electric Holdings Ltd		9,316,116
	1,066,201		Hong Kong Exchanges and Clearing Ltd		33,216,459
	1,063,555		Hongkong Land Holdings Ltd		5,842,527
	530,727		Hysan Development Co Ltd		2,091,725
	195,361		Jardine Matheson Holdings Ltd		11,137,729
	194,150		Jardine Strategic Holdings Ltd		6,269,457
	563,448		Kerry Properties Ltd		1,822,000
	1,891,607		Link REIT		20,602,249
	196,445		Melco Crown Entertainment Ltd (ADR)		4,231,425
	1,375,897		MTR Corp		7,889,092
	5,428,049		New World Development Co Ltd		7,764,473
	1,315,078		NWS Holdings Ltd		1,957,203
	4,115,780		PCCW Ltd		2,444,422
	1,087,834		Shangri-La Asia Ltd		1,116,566
	2,638,781		Sino Land Co		3,944,626

305

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
	1,683,375		SJM Holdings Ltd	$	1,798,250
	1,416,019		Sun Hung Kai Properties Ltd		21,457,370
	443,446		Swire Pacific Ltd (Class A)		4,227,052
	1,056,054		Swire Properties Ltd		3,321,342
	1,228,431		Techtronic Industries Co		9,600,198
	662,000	e	Vitasoy International Holdings Ltd		2,691,895
	8,209,186	g	WH Group Ltd		8,665,145
	1,037,048		Wharf Holdings Ltd		2,353,325
	1,059,914		Wharf Real Estate Investment Co Ltd		6,234,121
	752,194		Wheelock & Co Ltd		4,652,020
	740,957		Yue Yuen Industrial Holdings		2,088,156
			TOTAL HONG KONG		398,861,170
IRELAND - 0.6%
	110,261	*	AerCap Holdings NV		6,381,906
	714,627		AIB Group plc		2,289,051
	861,336		Bank of Ireland Group plc		4,151,670
	715,043		CRH plc		26,034,543
	67,097	*,†	Irish Bank Resolution Corp Ltd		0
	143,588		Kerry Group plc (Class A)		17,359,572
	138,597		Kingspan Group plc		7,181,656
	69,207	e	Paddy Power plc		7,149,018
	198,257		Smurfit Kappa Group plc		6,621,291
			TOTAL IRELAND		77,168,707
ISRAEL - 0.5%
	36,426		Azrieli Group		2,807,651
	987,410		Bank Hapoalim Ltd		7,902,892
	1,348,533		Bank Leumi Le-Israel		9,823,045
	107,921	*	Check Point Software Technologies		12,131,400
	21,856		Elbit Systems Ltd		3,583,439
	644,403		Israel Chemicals Ltd		2,864,409
	1,059,823		Israel Discount Bank Ltd		4,843,205
	118,986		Mizrahi Tefahot Bank Ltd		2,952,113
	55,198	*	Nice Systems Ltd		8,706,952
	992,370	*	Teva Pharmaceutical Industries Ltd (ADR)		8,087,815
	40,968	*	Wix.com Ltd		5,000,964
			TOTAL ISRAEL		68,703,885
ITALY - 2.1%
	976,557		Assicurazioni Generali S.p.A.		19,802,118
	449,121		Autostrade S.p.A.		11,095,948
	13,190,180		Banca Intesa S.p.A.		33,052,271
	523,415		Davide Campari-Milano S.p.A		4,800,920
	7,242,014		Enel S.p.A.		56,128,201
	2,264,674		ENI S.p.A.		34,357,334
	107,736		Ferrari NV		17,254,667
	557,466		FinecoBank Banca Fineco S.p.A		6,284,501
	356,804		Finmeccanica S.p.A.		4,145,209
	544,770		Mediobanca S.p.A.		6,478,038
	165,389		Moncler S.p.A		6,382,154
	332,978	g	Pirelli & C S.p.A		1,924,908
	458,393	g	Poste Italiane S.p.A		5,567,830
	222,222		Prysmian S.p.A.		5,140,505

306

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
	96,011		Recordati S.p.A.	$	4,034,775
	1,915,081		Snam Rete Gas S.p.A.		9,831,840
	5,160,486		Telecom Italia RSP		2,986,909
	7,732,977	*	Telecom Italia S.p.A.		4,526,062
	1,214,647		Terna Rete Elettrica Nazionale S.p.A.		8,028,088
	1,812,708		UniCredit S.p.A.		22,997,883
			TOTAL ITALY		264,820,161
JAPAN - 24.2%
	32,683		ABC-Mart, Inc		2,240,922
	341,074		Acom Co Ltd		1,370,314
	182,300		Advantest Corp		8,296,194
	584,445		Aeon Co Ltd		11,759,239
	100,873		AEON Financial Service Co Ltd		1,537,344
	83,814		Aeon Mall Co Ltd		1,340,942
	128,173		Air Water, Inc		2,399,523
	147,221		Aisin Seiki Co Ltd		5,875,562
	399,588		Ajinomoto Co, Inc		7,597,041
	167,261		Alfresa Holdings Corp		3,734,744
	97,180		All Nippon Airways Co Ltd		3,337,011
	180,180		Alps Electric Co Ltd		3,862,808
	307,096		Amada Co Ltd		3,497,243
	99,488		Aozora Bank Ltd		2,552,699
	323,321		Asahi Breweries Ltd		16,191,085
	160,173		Asahi Glass Co Ltd		5,631,693
	181,300		Asahi Intecc Co Ltd		4,988,541
	1,113,665		Asahi Kasei Corp		12,363,174
	821,999		Ashikaga Holdings Co Ltd		2,088,381
	1,688,861		Astellas Pharma, Inc		28,985,390
	56,399		Bank of Kyoto Ltd		2,232,302
	62,434		Benesse Holdings, Inc		1,671,343
	1,655	*	BLife Investment Corp		4,819,034
	505,312		Bridgestone Corp		20,995,666
	203,561		Brother Industries Ltd		3,825,732
	70,289		Calbee, Inc		2,349,460
	883,577	*	Canon, Inc		24,245,098
	167,243	*	Casio Computer Co Ltd		2,714,951
	127,271		Central Japan Railway Co		26,107,613
	39,016		Century Leasing System, Inc		1,801,594
	501,443		Chiba Bank Ltd		2,725,518
	575,272		Chubu Electric Power Co, Inc		8,630,369
	198,248		Chugai Pharmaceutical Co Ltd		16,683,713
	263,703		Chugoku Electric Power Co, Inc		3,512,987
	105,464		Coca-Cola West Japan Co Ltd		2,394,460
	1,009,323		Concordia Financial Group Ltd		4,115,951
	142,221		Credit Saison Co Ltd		2,059,464
	88,600		CyberAgent, Inc		2,879,638
	219,433		Dai Nippon Printing Co Ltd		5,860,725
	232,131		Daicel Chemical Industries Ltd		2,075,120
	89,889		Daifuku Co Ltd		4,769,665
	947,946		Dai-ichi Mutual Life Insurance Co		15,450,955
	506,430		Daiichi Sankyo Co Ltd		33,299,690
	220,380		Daikin Industries Ltd		30,844,296
	64,559		Daito Trust Construction Co Ltd		8,555,387

307

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
	503,794		Daiwa House Industry Co Ltd	$	17,343,152
	1,306,872		Daiwa Securities Group, Inc		5,874,130
	382,153		Denso Corp		17,743,332
	190,747		Dentsu, Inc		6,819,157
	24,885		Disco Corp		5,430,838
	394,772		Don Quijote Co Ltd		6,214,241
	269,681		East Japan Railway Co		24,481,907
	227,996		Eisai Co Ltd		16,504,400
	133,049		Electric Power Development Co		3,230,484
	221,944		FamilyMart Co Ltd		5,505,586
	172,729		Fanuc Ltd		34,070,668
	52,260		Fast Retailing Co Ltd		32,228,310
	113,699		Fuji Electric Holdings Co Ltd		3,613,538
	550,296		Fuji Heavy Industries Ltd		15,770,112
	320,386		Fujifilm Holdings Corp		14,065,654
	176,212		Fujitsu Ltd		15,617,497
	168,593		Fukuoka Financial Group, Inc		3,250,024
	35,900		GMO Payment Gateway, Inc		2,645,798
	201,981		Hakuhodo DY Holdings, Inc		3,014,104
	119,066		Hamamatsu Photonics KK		4,623,242
	204,437		Hankyu Hanshin Holdings, Inc		8,180,951
	18,783		Hikari Tsushin, Inc		4,117,172
	266,437		Hino Motors Ltd		2,518,978
	27,867		Hirose Electric Co Ltd		3,510,407
	45,245		Hisamitsu Pharmaceutical Co, Inc		2,105,669
	91,982		Hitachi Chemical Co Ltd		3,028,028
	100,837	*	Hitachi Construction Machinery Co Ltd		2,602,823
	58,796		Hitachi High-Technologies Corp		3,658,036
	864,655		Hitachi Ltd		32,271,034
	187,846		Hitachi Metals Ltd		2,357,525
	1,454,725		Honda Motor Co Ltd		39,356,097
	47,892		Hoshizaki Electric Co Ltd		4,070,929
	338,496	*	Hoya Corp		29,915,333
	256,155		Hulic Co Ltd		2,781,010
	172,292		Idemitsu Kosan Co Ltd		5,064,570
	122,963		Iida Group Holdings Co Ltd		2,048,208
	933,017		Inpex Holdings, Inc		8,625,255
	285,451		Isetan Mitsukoshi Holdings Ltd		2,276,519
	133,938		Ishikawajima-Harima Heavy Industries Co Ltd		3,300,652
	480,164		Isuzu Motors Ltd		5,579,462
	1,189,732		Itochu Corp		24,874,772
	81,200		Itochu Techno-Science Corp		2,186,780
	201,640		J Front Retailing Co Ltd		2,564,032
	103,757		Japan Airlines Co Ltd		3,233,285
	42,345	e	Japan Airport Terminal Co Ltd		2,091,696
	394,332		Japan Post Bank Co Ltd		3,922,624
	1,404,164		Japan Post Holdings Co Ltd		12,889,144
	743	*	Japan Prime Realty Investment Corp		3,570,858
	1,159	*	Japan Real Estate Investment Corp		7,911,108
	2,278	*	Japan Retail Fund Investment Corp		5,315,826
	1,061,070		Japan Tobacco, Inc		23,983,052
	462,307		JFE Holdings, Inc		5,782,369
	203,707		JGC Corp		2,946,303
	162,698		JSR Corp		3,054,448

308

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
	212,232		JTEKT Corp	$	2,706,888
	2,870,700		JX Holdings, Inc		13,418,338
	411,410		Kajima Corp		5,653,832
	117,145		Kakaku.com, Inc		2,720,092
	91,755		Kamigumi Co Ltd		2,074,685
	41,294		Kaneka Corp		1,374,618
	616,648		Kansai Electric Power Co, Inc		7,193,894
	151,583		Kansai Paint Co Ltd		3,650,851
	437,710		Kao Corp		35,191,292
	135,100		Kawasaki Heavy Industries Ltd		3,242,174
	1,578,332		KDDI Corp		43,674,249
	91,338		Keihan Electric Railway Co Ltd		4,312,696
	192,034		Keihin Electric Express Railway Co Ltd		3,822,555
	91,746		Keio Corp		5,675,721
	127,416		Keisei Electric Railway Co Ltd		5,209,459
	80,811		Keyence Corp		51,096,506
	127,960		Kikkoman Corp		6,155,213
	152,662		Kintetsu Corp		8,320,982
	730,378		Kirin Brewery Co Ltd		15,494,491
	41,864		Kobayashi Pharmaceutical Co Ltd		3,347,445
	336,505		Kobe Steel Ltd		1,809,227
	95,297	*	Koito Manufacturing Co Ltd		4,985,290
	830,834		Komatsu Ltd		19,453,903
	80,156		Konami Corp		3,518,752
	431,384		Konica Minolta Holdings, Inc		3,166,271
	29,263		Kose Corp		5,188,151
	934,775		Kubota Corp		14,847,268
	271,856		Kuraray Co Ltd		3,234,354
	82,786		Kurita Water Industries Ltd		2,383,210
	283,950		Kyocera Corp		18,629,070
	209,594		Kyowa Hakko Kogyo Co Ltd		3,856,533
	350,133		Kyushu Electric Power Co, Inc		3,499,042
	147,421		Kyushu Railway Co		4,870,428
	43,458		Lawson, Inc		2,397,421
	54,326	*,e	LINE Corp		1,998,486
	199,509		Lion Corp		4,175,215
	247,846		LIXIL Group Corp		4,609,417
	396,762	e	M3, Inc		9,507,750
	199,246	*	Makita Corp		6,700,813
	1,384,819		Marubeni Corp		9,746,463
	170,142		Marui Co Ltd		3,782,317
	48,180		Maruichi Steel Tube Ltd		1,315,715
	525,657		Mazda Motor Corp		4,825,697
	65,911		McDonald’s Holdings Co Japan Ltd		3,308,243
	155,948		Mediceo Paltac Holdings Co Ltd		3,563,026
	101,977		MEIJI Holdings Co Ltd		7,350,280
	66,000	*,e	Mercari, Inc		1,488,072
	334,172		Minebea Co Ltd		6,346,442
	247,806		MISUMI Group, Inc		6,229,531
	1,106,595		Mitsubishi Chemical Holdings Corp		8,433,606
	1,201,155		Mitsubishi Corp		30,550,663
	1,617,811		Mitsubishi Electric Corp		23,114,381
	1,052,600		Mitsubishi Estate Co Ltd		20,436,614
	150,304		Mitsubishi Gas Chemical Co, Inc		2,120,325

309

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
	285,248		Mitsubishi Heavy Industries Ltd	$	11,543,797
	99,817		Mitsubishi Materials Corp		2,870,239
	648,578		Mitsubishi Motors Corp		2,961,278
	10,903,292		Mitsubishi UFJ Financial Group, Inc		56,525,809
	384,437		Mitsubishi UFJ Lease & Finance Co Ltd		2,360,053
	1,454,577		Mitsui & Co Ltd		24,980,850
	174,010		Mitsui Chemicals, Inc		4,138,206
	803,296		Mitsui Fudosan Co Ltd		20,550,586
	98,321		Mitsui OSK Lines Ltd		2,678,118
	417,809		Mitsui Sumitomo Insurance Group Holdings, Inc		13,491,561
	293,909		Mitsui Trust Holdings, Inc		10,711,632
	21,428,326		Mizuho Financial Group, Inc		33,266,950
	110,800	e	MonotaRO Co Ltd		3,347,333
	514,538		Murata Manufacturing Co Ltd		28,015,644
	100,577		Nabtesco Corp		3,201,849
	162,121		Nagoya Railroad Co Ltd		5,153,479
	178,498		Namco Bandai Holdings, Inc		10,975,692
	220,925		NEC Corp		8,755,390
	430,089	*	Nexon Co Ltd		4,983,976
	215,638		NGK Insulators Ltd		3,312,795
	154,375		NGK Spark Plug Co Ltd		3,129,767
	196,791		Nidec Corp		28,972,710
	273,626		Nikon Corp		3,488,813
	99,478		Nintendo Co Ltd		36,487,273
	1,217		Nippon Building Fund, Inc		9,232,899
	86,395		Nippon Electric Glass Co Ltd		1,946,181
	71,390		Nippon Express Co Ltd		4,073,198
	74,905		Nippon Meat Packers, Inc		3,147,197
	129,439		Nippon Paint Co Ltd		7,049,311
	1,743	*	Nippon ProLogis REIT, Inc		4,868,693
	711,246		Nippon Steel Corp		10,381,008
	571,113		Nippon Telegraph & Telephone Corp		28,351,704
	152,790		Nippon Yusen Kabushiki Kaisha		2,744,884
	108,074		Nissan Chemical Industries Ltd		4,437,287
	2,055,888		Nissan Motor Co Ltd		12,973,845
	179,510		Nisshin Seifun Group, Inc		3,558,642
	54,660		Nissin Food Products Co Ltd		4,128,817
	72,971		Nitori Co Ltd		11,106,994
	143,957		Nitto Denko Corp		7,964,523
	302,775		NKSJ Holdings, Inc		11,900,898
	2,978,652		Nomura Holdings, Inc		13,537,919
	106,874		Nomura Real Estate Holdings, Inc		2,532,846
	3,708	*	Nomura Real Estate Master Fund, Inc		7,088,058
	301,573		Nomura Research Institute Ltd		6,402,607
	338,027		NSK Ltd		3,143,113
	573,308		NTT Data Corp		7,528,015
	1,185,197		NTT DoCoMo, Inc		32,492,291
	565,382		Obayashi Corp		5,818,566
	56,986		Obic Co Ltd		7,134,945
	272,760		Odakyu Electric Railway Co Ltd		6,639,573
	782,743		OJI Paper Co Ltd		4,046,969
	1,033,868		Olympus Corp		14,067,200
	171,799		Omron Corp		10,050,546
	332,380		Ono Pharmaceutical Co Ltd		6,260,994

310

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
	33,089	*	Oracle Corp Japan	$	2,908,395
	180,480		Oriental Land Co Ltd		26,458,538
	1,170,830		ORIX Corp		18,399,466
	321,995		Osaka Gas Co Ltd		6,296,509
	449,063		Osaka Securities Exchange Co Ltd		7,413,358
	98,573		Otsuka Corp		3,974,262
	349,285		Otsuka Holdings KK		14,561,769
	1,965,998		Panasonic Corp		16,522,992
	98,034	e	Park24 Co Ltd		2,315,215
	83,200	*,e	PeptiDream, Inc		4,176,114
	107,500		Pigeon Corp		5,247,970
	78,156		Pola Orbis Holdings, Inc		1,763,652
	778,397	*	Rakuten, Inc		7,420,788
	1,204,573		Recruit Holdings Co Ltd		40,032,828
	668,299	*	Renesas Electronics Corp		4,524,166
	1,833,534		Resona Holdings, Inc		7,973,236
	583,080		Ricoh Co Ltd		5,192,685
	28,218		Rinnai Corp		2,074,117
	82,914		Rohm Co Ltd		6,569,175
	214,690		Ryohin Keikaku Co Ltd		4,779,484
	37,853		Sankyo Co Ltd		1,324,766
	320,443		Santen Pharmaceutical Co Ltd		5,676,114
	211,918	*	SBI Holdings, Inc		4,608,861
	191,965		Secom Co Ltd		17,788,135
	147,383		Sega Sammy Holdings, Inc		2,074,135
	179,675		Seibu Holdings, Inc		3,171,263
	247,957		Seiko Epson Corp		3,506,370
	316,887		Sekisui Chemical Co Ltd		5,525,158
	555,372		Sekisui House Ltd		11,976,252
	674,488		Seven & I Holdings Co Ltd		25,482,353
	568,376		Seven Bank Ltd		1,647,815
	129,402		SG Holdings Co Ltd		3,204,492
	220,515		Sharp Corp		2,529,562
	199,265		Shimadzu Corp		5,321,589
	18,878		Shimamura Co Ltd		1,599,025
	67,610		Shimano, Inc		11,253,726
	522,050		Shimizu Corp		4,866,551
	324,301		Shin-Etsu Chemical Co Ltd		36,159,950
	159,896	*,e	Shinsei Bank Ltd		2,492,738
	239,580		Shionogi & Co Ltd		14,380,281
	354,230		Shiseido Co Ltd		29,205,514
	412,648		Shizuoka Bank Ltd		3,135,619
	133,392		Showa Denko KK		3,742,570
	51,291	*	SMC Corp		22,159,808
	1,492,600		Softbank Corp		20,474,453
	1,471,272		Softbank Group Corp		56,594,543
	66,206		Sohgo Security Services Co Ltd		3,596,166
	1,130,945		Sony Corp		68,839,653
	133,979		Sony Financial Holdings, Inc		2,882,348
	109,529		Stanley Electric Co Ltd		3,031,024
	177,533	e	Start Today Co Ltd		4,135,265
	224,399		Sumco Corp		3,727,461
	1,296,194		Sumitomo Chemical Co Ltd		5,929,281
	1,050,826		Sumitomo Corp		17,067,926

311

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
	140,265		Sumitomo Dainippon Pharma Co Ltd	$	2,448,067
	669,583		Sumitomo Electric Industries Ltd		9,182,497
	102,017		Sumitomo Heavy Industries Ltd		3,168,855
	217,045		Sumitomo Metal Mining Co Ltd		7,260,085
	1,184,162		Sumitomo Mitsui Financial Group, Inc		42,041,502
	293,445		Sumitomo Realty & Development Co Ltd		10,651,536
	148,933		Sumitomo Rubber Industries, Inc		1,973,921
	61,057		Sundrug Co Ltd		2,020,420
	126,950		Suntory Beverage & Food Ltd		5,427,215
	61,352		Suzuken Co Ltd		3,275,822
	328,940		Suzuki Motor Corp		15,530,611
	150,225		Sysmex Corp		9,801,888
	509,349		T&D Holdings, Inc		5,672,993
	111,698		Taiheiyo Cement Corp		3,159,821
	174,897		Taisei Corp		6,896,786
	30,658		Taisho Pharmaceutical Holdings Co Ltd		2,182,067
	111,758		Taiyo Nippon Sanso Corp		2,616,222
	1,326,273		Takeda Pharmaceutical Co Ltd		47,922,293
	199,255		Tanabe Seiyaku Co Ltd		2,384,741
	117,949		TDK Corp		11,638,470
	154,560		Teijin Ltd		3,097,125
	155,072		Temp Holdings Co Ltd		2,978,624
	570,554		Terumo Corp		18,621,014
	108,085		THK Co Ltd		3,108,015
	164,990		Tobu Railway Co Ltd		5,505,701
	104,342		Toho Co Ltd		4,213,899
	63,220		Toho Gas Co Ltd		2,462,328
	366,337		Tohoku Electric Power Co, Inc		3,765,130
	567,943		Tokio Marine Holdings, Inc		30,706,171
	1,392,518	*	Tokyo Electric Power Co, Inc		6,448,948
	138,543		Tokyo Electron Ltd		28,068,615
	333,005		Tokyo Gas Co Ltd		8,128,992
	448,644		Tokyu Corp		8,485,475
	566,624		Tokyu Fudosan Holdings Corp		3,758,360
	238,190		Toppan Printing Co Ltd		4,405,399
	1,243,761		Toray Industries, Inc		8,789,831
	464,587		Toshiba Corp		15,887,094
	240,330		Tosoh Corp		3,290,719
	125,232		Toto Ltd		5,112,698
	118,024		Toyo Seikan Kaisha Ltd		1,865,177
	74,199		Toyo Suisan Kaisha Ltd		3,124,145
	58,599		Toyoda Gosei Co Ltd		1,370,906
	127,633		Toyota Industries Corp		7,658,295
	2,030,086		Toyota Motor Corp		140,849,158
	183,644		Toyota Tsusho Corp		6,335,446
	111,531	*	Trend Micro, Inc		5,629,444
	31,659		Tsuruha Holdings, Inc		3,561,273
	370,622		Uni-Charm Corp		12,560,703
	2,528	*	United Urban Investment Corp		5,100,062
	186,023		USS Co Ltd		3,602,927
	39,900		Welcia Holdings Co Ltd		2,292,664
	143,777		West Japan Railway Co		12,492,832
	2,386,019		Yahoo! Japan Corp		7,345,877
	103,611		Yakult Honsha Co Ltd		5,937,916

312

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
	535,540		Yamada Denki Co Ltd	$	2,588,522
	125,560		Yamaha Corp		5,847,236
	250,679		Yamaha Motor Co Ltd		4,906,521
	273,574		Yamato Transport Co Ltd		4,588,550
	120,877		Yamazaki Baking Co Ltd		2,060,794
	219,365		Yaskawa Electric Corp		8,344,146
	194,573		Yokogawa Electric Corp		3,565,144
	98,432		Yokohama Rubber Co Ltd		2,198,502
			TOTAL JAPAN		3,143,934,866
LUXEMBOURG - 0.2%
	600,934		ArcelorMittal		8,935,271
	10,233	e	Eurofins Scientific		5,188,071
	62,312	e	Millicom International Cellular S.A.		2,840,687
	37,494		RTL Group		1,905,185
	321,642		SES Global S.A.		6,234,998
	419,517		Tenaris S.A.		4,255,953
			TOTAL LUXEMBOURG		29,360,165
MACAU - 0.2%
	1,929,361		Galaxy Entertainment Group Ltd		13,284,876
	877,429	e	MGM China Holdings Ltd		1,389,393
	2,138,467		Sands China Ltd		10,533,272
	1,500,253		Wynn Macau Ltd		3,255,670
			TOTAL MACAU		28,463,211
MEXICO - 0.0%
	195,711		Fresnillo plc		1,808,130
			TOTAL MEXICO		1,808,130
NETHERLANDS - 4.7%
	365,460	g	ABN AMRO Group NV (ADR)		6,812,195
	9,539	*,g	Adyen NV		6,715,601
	1,692,576		Aegon NV		7,342,960
	201,437		Akzo Nobel NV		18,571,159
	379,545		ASML Holding NV		99,484,170
	159,117		DSM NV		18,885,269
	93,598		EXOR NV		7,175,598
	102,404		Heineken Holding NV		9,770,925
	230,101		Heineken NV		23,497,788
	3,471,515		ING Groep NV		39,309,652
	1,047,381		Koninklijke Ahold Delhaize NV		26,100,791
	3,156,746		Koninklijke KPN NV		9,799,700
	825,984		Koninklijke Philips Electronics NV		36,239,280
	65,090		Koninklijke Vopak NV		3,575,762
	267,199		NN Group NV		10,195,484
	252,421		NXP Semiconductors NV		28,695,219
	433,821	*	Prosus NV		29,915,853
	104,179		Randstad Holdings NV		5,781,606
	3,871,247		Royal Dutch Shell plc (A Shares)		112,220,024
	3,332,341		Royal Dutch Shell plc (B Shares)		95,970,633
	248,829		Wolters Kluwer NV		18,327,001
			TOTAL NETHERLANDS		614,386,670

313

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
NEW ZEALAND - 0.2%
	684,776	*	a2 Milk Co Ltd	$	5,685,253
	911,520		Auckland International Airport Ltd		5,432,497
	516,092		Fisher & Paykel Healthcare Corp		6,329,969
	731,225	e	Fletcher Building Ltd		2,148,438
	1,123,361		Meridian Energy Ltd		3,311,319
	342,849		Ryman Healthcare Ltd		2,833,629
	1,687,456		Telecom Corp of New Zealand Ltd		4,840,745
			TOTAL NEW ZEALAND		30,581,850
NORWAY - 0.6%
	100,083	e	Aker BP ASA		2,776,040
	856,377		DNB NOR Holding ASA		15,592,295
	890,984	*	Equinor ASA		16,541,723
	199,710		Gjensidige Forsikring BA		3,733,604
	1,187,186		Norsk Hydro ASA		4,194,992
	691,068		Orkla ASA		6,642,430
	393,820		PAN Fish ASA		9,613,914
	84,193		Schibsted ASA (B Shares)		2,349,064
	670,960		Telenor ASA		12,557,517
	152,703		Yara International ASA		5,948,730
			TOTAL NORWAY		79,950,309
PORTUGAL - 0.2%
	2,267,822		Energias de Portugal S.A.		9,341,678
	452,905		Galp Energia SGPS S.A.		7,244,112
	225,637		Jeronimo Martins SGPS S.A.		3,791,524
			TOTAL PORTUGAL		20,377,314
RUSSIA - 0.0%
	455,756		Evraz plc		2,174,847
			TOTAL RUSSIA		2,174,847
SINGAPORE - 1.3%
	2,269,542		Ascendas REIT		5,285,878
	2,298,237		CapitaCommercial Trust		3,461,107
	2,210,826		CapitaLand Ltd		5,843,703
	2,297,245		CapitaMall Trust		4,286,300
	399,245		City Developments Ltd		3,161,697
	1,910,229		ComfortDelgro Corp Ltd		3,225,767
	1,600,605		DBS Group Holdings Ltd		30,508,923
	5,161,684		Genting Singapore Ltd		3,561,113
	5,454,272		Golden Agri-Resources Ltd		818,692
	85,744		Jardine Cycle & Carriage Ltd		2,061,469
	1,280,265	e	Keppel Corp Ltd		6,446,627
	2,913,594		Oversea-Chinese Banking Corp		23,422,987
	877,845		SembCorp Industries Ltd		1,473,805
	446,886		Singapore Airlines Ltd		3,088,771
	639,825		Singapore Airport Terminal Services Ltd		2,372,771
	750,260		Singapore Exchange Ltd		4,925,862
	1,362,216	e	Singapore Press Holdings Ltd		2,216,862
	1,601,371		Singapore Technologies Engineering Ltd		4,690,968
	7,267,199		Singapore Telecommunications Ltd		17,587,706

314

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
	1,719,364		Suntec Real Estate Investment Trust	$	2,348,836
	1,117,188		United Overseas Bank Ltd		21,994,566
	391,097		UOL Group Ltd		2,239,375
	244,313		Venture Corp Ltd		2,833,938
	1,692,756		Wilmar International Ltd		4,654,195
			TOTAL SINGAPORE		162,511,918
SOUTH AFRICA - 0.2%
	931,911		Anglo American plc (London)		23,984,679
	613,812		Investec plc		3,479,980
			TOTAL SOUTH AFRICA		27,464,659
SPAIN - 2.8%
	233,132		ACS Actividades Construccion y Servicios S.A.		9,460,059
	59,311	g	Aena S.A.		10,887,247
	390,335		Amadeus IT Holding S.A.		28,876,301
	5,898,385		Banco Bilbao Vizcaya Argentaria S.A.		31,065,777
	4,773,938		Banco de Sabadell S.A.		5,247,653
	15,001,543	e	Banco Santander S.A.		60,235,657
	1,220,648		Bankia S.A.		2,328,776
	569,230		Bankinter S.A.		3,942,427
	3,153,364		CaixaBank S.A.		9,042,578
	49,428	*	Cellnex Telecom S.A.		2,132,762
	170,254	g	Cellnex Telecom SAU		7,346,261
	1,012,987		Corp Mapfre S.A.		2,827,242
	209,607		Enagas		5,186,639
	281,399		Endesa S.A.		7,663,856
	450,168		Ferrovial S.A.		13,281,390
	275,641		Gas Natural SDG S.A.		7,509,859
	257,766		Grifols S.A.		8,315,674
	5,380,350		Iberdrola S.A.		55,304,582
	974,130	e	Industria De Diseno Textil S.A.		30,354,680
	396,661		Red Electrica Corp S.A.		7,971,902
	1,283,675		Repsol YPF S.A.		21,154,578
	202,964		Siemens Gamesa Renewable Energy		2,794,175
	4,137,604		Telefonica S.A.		31,773,815
			TOTAL SPAIN		364,703,890
SWEDEN - 2.4%
	274,098		Alfa Laval AB		6,344,071
	896,978		Assa Abloy AB		21,301,761
	594,315	e	Atlas Copco AB (A Shares)		20,977,242
	351,475		Atlas Copco AB (B Shares)		10,905,677
	256,044		Boliden AB		6,904,857
	196,329		Electrolux AB (Series B)		5,161,751
	354,495		Epiroc AB		3,860,948
	577,516	e	Epiroc AB (Class A)		6,507,018
	2,755,325		Ericsson (LM) (B Shares)		24,078,187
	544,167		Essity AB		17,000,169
	712,693	e	Hennes & Mauritz AB (B Shares)		14,937,690
	229,122		Hexagon AB (B Shares)		11,730,566
	381,244		Husqvarna AB (B Shares)		2,920,673
	80,967		ICA Gruppen AB		3,582,929
	155,496		Industrivarden AB		3,369,077

315

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
	210,418		Investment AB Kinnevik (B Shares)	$	5,758,636
	403,457	e	Investor AB (B Shares)		20,699,132
	68,457		Lundbergs AB (B Shares)		2,580,131
	164,300		Lundin Petroleum AB		5,441,298
	1,007,157		Sandvik AB		17,793,767
	273,215		Securitas AB (B Shares)		4,374,753
	1,456,164		Skandinaviska Enskilda Banken AB (Class A)		13,966,555
	307,317		Skanska AB (B Shares)		6,547,953
	335,398		SKF AB (B Shares)		6,072,766
	1,358,549		Svenska Handelsbanken AB		13,634,131
	797,948		Swedbank AB (A Shares)		11,181,873
	149,587		Swedish Match AB		7,027,349
	442,140		Tele2 AB (B Shares)		6,329,302
	2,422,367		TeliaSonera AB		10,655,770
	1,313,659		Volvo AB (B Shares)		19,686,184
			TOTAL SWEDEN		311,332,216
SWITZERLAND - 9.5%
	1,631,558		ABB Ltd		34,262,690
	143,468		Adecco S.A.		8,528,620
	372,333	*	Alcon, Inc		22,019,074
	42,646		Baloise Holding AG.		7,887,523
	1,969		Barry Callebaut AG.		4,161,086
	465,951		Cie Financiere Richemont S.A.		36,614,965
	169,656		Clariant AG.		3,480,076
	176,395		Coca-Cola HBC AG.		5,370,994
	2,303,828		Credit Suisse Group		28,516,468
	36,414		Dufry Group		3,167,131
	7,045		EMS-Chemie Holding AG.		4,413,683
	33,036		Geberit AG.		16,785,260
	8,122		Givaudan S.A.		23,861,899
	9,754,180		Glencore Xstrata plc		29,441,807
	435,234		Holcim Ltd		22,466,112
	201,226		Julius Baer Group Ltd		8,911,011
	46,896		Kuehne & Nagel International AG.		7,576,384
	1,025		Lindt & Spruengli AG.		7,616,067
	98		Lindt & Spruengli AG. (Registered)		8,026,761
	66,084		Lonza Group AG.		23,818,816
	2,721,967		Nestle S.A.		291,199,600
	1,910,298		Novartis AG.		166,912,664
	32,113		Pargesa Holding S.A.		2,538,489
	16,520		Partners Group		12,909,739
	49,282		Phonak Holding AG.		11,309,150
	624,406		Roche Holding AG.		187,918,608
	36,855		Schindler Holding AG.		9,029,341
	17,236		Schindler Holding AG. (Registered)		4,081,721
	4,690		SGS S.A.		12,232,008
	113,112		Sika AG.		19,444,689
	610,959		STMicroelectronics NV		13,866,515
	8,973		Straumann Holding AG.		8,017,211
	25,804		Swatch Group AG.		7,154,883
	53,983		Swatch Group AG. (Registered)		2,898,152
	30,513		Swiss Life Holding		15,281,421
	73,511		Swiss Prime Site AG.		7,576,914

316

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
	270,199		Swiss Re Ltd	$	28,340,826
	23,499		Swisscom AG.		12,019,606
	58,321		Temenos Group AG.		8,344,039
	3,430,201		UBS AG.		40,596,977
	40,243		Vifor Pharma AG.		6,337,437
	134,638		Zurich Financial Services AG.		52,737,711
			TOTAL SWITZERLAND		1,227,674,128
UNITED ARAB EMIRATES - 0.0%
	82,679		NMC Health plc		2,343,674
			TOTAL UNITED ARAB EMIRATES		2,343,674
UNITED KINGDOM - 13.8%
	862,025		3i Group plc		12,596,667
	170,963		Admiral Group plc		4,474,403
	420,601		Ashtead Group plc		12,805,540
	319,010		Associated British Foods plc		9,208,151
	1,172,548		AstraZeneca plc		114,343,617
	855,896	g	Auto Trader Group plc		6,236,306
	3,451,157		Aviva plc		18,601,893
	2,883,501		BAE Systems plc		21,538,919
	15,392,357		Barclays plc		33,387,126
	927,508		Barratt Developments plc		7,584,978
	107,411		Berkeley Group Holdings plc		6,122,364
	18,092,674		BP plc		114,732,178
	2,037,848		British American Tobacco plc		71,275,491
	777,687		British Land Co plc		6,252,707
	7,454,070		BT Group plc		19,782,032
	317,514		Bunzl plc		8,260,045
	368,630		Burberry Group plc		9,774,948
	4,998,498		Centrica plc		4,703,920
	2,392,099		CK Hutchison Holdings Ltd		22,086,433
	915,217		CNH Industrial NV		9,964,563
	207,231		Coca-Cola European Partners plc (Class A)		11,088,931
	1,411,913		Compass Group plc		37,590,900
	122,309		Croda International plc		7,631,064
	86,114		DCC plc		8,075,722
	2,128,765		Diageo plc		87,132,429
	1,191,977		Direct Line Insurance Group plc		4,202,613
	142,762		easyJet plc		2,290,188
	823,599		Experian Group Ltd		25,960,912
	979,328		Fiat DaimlerChrysler Automobiles NV		15,197,960
	4,471,339		GlaxoSmithKline plc		102,415,732
	1,311,459		Group 4 Securicor plc		3,517,254
	520,916		GVC Holdings plc		6,009,675
	327,893		Halma plc		7,956,463
	252,005		Hargreaves Lansdown plc		5,786,859
	17,973,869		HSBC Holdings plc		135,794,523
	846,161		Imperial Tobacco Group plc		18,560,933
	1,116,660		Informa plc		11,223,831
	147,835		InterContinental Hotels Group plc		8,946,192
	143,646		Intertek Group plc		9,959,812
	3,123,144		ITV plc		5,417,918
	1,580,349		J Sainsbury plc		4,164,654

317

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
	653,816		John Wood Group plc	$	2,870,656
	168,314		Johnson Matthey plc		6,686,591
	1,947,633		Kingfisher plc		5,224,734
	637,912		Land Securities Group plc		7,770,097
	5,338,679		Legal & General Group plc		18,249,412
	62,916,956		Lloyds TSB Group plc		46,282,095
	281,165		London Stock Exchange Group plc		25,338,260
	2,269,626	*	M&G PLC		6,285,636
	1,676,563		Marks & Spencer Group plc		3,949,630
	690,818		Meggitt plc		5,589,636
	4,339,147		Melrose Industries plc		11,992,043
	642,136	g	Merlin Entertainments plc		3,783,117
	299,419		Micro Focus International plc		4,109,587
	439,441		Mondi plc		9,111,326
	3,049,488		National Grid plc		35,655,473
	120,478		Next plc		10,275,133
	399,208	*	Ocado Ltd		6,880,859
	677,562		Pearson plc		5,983,953
	290,983		Persimmon plc		8,582,914
	2,269,626		Prudential plc		39,643,186
	628,979		Reckitt Benckiser Group plc		48,671,411
	1,742,725		RELX plc (London)		41,956,724
	1,691,402		Rentokil Initial plc		9,954,227
	1,525,968		Rolls-Royce Group plc		14,041,573
	70,194,528	*,h	Rolls-Royce Holdings plc		90,927
	4,265,664		Royal Bank of Scotland Group plc		11,791,313
	898,742		RSA Insurance Group plc		6,080,252
	971,658		Sage Group plc		9,055,948
	106,624		Schroders plc		4,274,493
	923,196		Scottish & Southern Energy plc		15,358,329
	979,880		Segro plc		10,719,206
	205,491		Severn Trent plc		6,002,422
	790,545		Smith & Nephew plc		16,970,163
	339,353		Smiths Group plc		7,093,710
	64,007		Spirax-Sarco Engineering plc		6,568,639
	456,552		St. James’s Place plc		6,158,001
	2,501,751		Standard Chartered plc		22,700,712
	2,140,226		Standard Life Aberdeen plc		8,414,646
	2,871,042		Taylor Wimpey plc		6,157,530
	8,740,526		Tesco plc		26,680,913
	1,294,547	e	Unilever NV		76,516,366
	989,163		Unilever plc		59,230,033
	607,057		United Utilities Group plc		6,854,654
	23,847,612		Vodafone Group plc		48,666,283
	232,430		Weir Group plc		4,059,860
	122,307		Whitbread plc		6,437,828
	2,070,619		WM Morrison Supermarkets plc		5,349,140
	1,134,469		WPP plc		14,157,672
			TOTAL UNITED KINGDOM		1,796,934,159
UNITED STATES - 0.3%
	143,689		Carnival plc		5,749,971
	33,297	*	CyberArk Software Ltd		3,382,309
	206,380		Ferguson plc		17,623,474

318

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY					VALUE
	395,076		James Hardie Industries NV					$	6,785,113
	198,734	*	QIAGEN NV (Turquoise)						5,977,729
			TOTAL UNITED STATES						39,518,596
			TOTAL COMMON STOCKS						12,707,762,953
			(Cost $10,972,108,746)
PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 2.9%
GOVERNMENT AGENCY DEBT - 1.2%
$	42,280,000		Federal Home Loan Bank (FHLB)		1.500	%	11/01/19		42,280,000
	20,800,000		Federal Home Loan Bank (FHLB)	1.680 - 1.930			11/05/19		20,796,117
	12,820,000		Federal Home Loan Bank (FHLB)	1.721 - 1.741			11/08/19		12,815,812
	2,840,000		Federal Home Loan Bank (FHLB)		1.651		11/20/19		2,837,482
	5,000,000		Federal Home Loan Bank (FHLB)		1.702		11/22/19		4,995,100
	1,475,000		Federal Home Loan Bank (FHLB)		1.653		12/04/19		1,472,742
	10,000,000		Federal Home Loan Bank (FHLB)		1.563		12/10/19		9,981,909
	20,000,000		Federal Home Loan Bank (FHLB)		1.654		12/17/19		19,957,322
	12,147,000		Federal Home Loan Bank (FHLB)	1.664 - 1.683			12/20/19		12,119,389
	2,790,000		Federal Home Loan Bank (FHLB)		1.689		12/26/19		2,782,881
	10,000,000		Federal Home Loan Bank (FHLB)		1.574		12/31/19		9,972,167
	3,200,000		Federal Home Loan Bank (FHLB)		1.655		01/03/20		3,190,928
	9,780,000		Federal Home Loan Bank (FHLB)		1.656		01/22/20		9,743,912
			TOTAL GOVERNMENT AGENCY DEBT						152,945,761
TREASURY DEBT - 0.6%
	40,180,000		United States Treasury Bill		1.716		11/12/19		40,161,398
	12,250,000		United States Treasury Bill		1.484		12/03/19		12,233,296
	11,710,000		United States Treasury Bill	1.523 - 1.632			01/16/20		11,672,176
	20,000,000		United States Treasury Bill		1.567		01/23/20		19,930,019
			TOTAL TREASURY DEBT						83,996,889
	SHARES		COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.1%
	136,978,002	c	State Street Navigator Securities Lending Government Money Market Portfolio						136,978,002
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						136,978,002
			TOTAL SHORT-TERM INVESTMENTS						373,920,652
			(Cost $373,916,881)
			TOTAL INVESTMENTS - 100.7%						13,081,683,605
			(Cost $11,346,025,627)
			OTHER ASSETS & LIABILITIES, NET - (0.7)%						(92,034,432	)
			NET ASSETS - 100.0%					$	12,989,649,173

319

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.
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 $254,915,787.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/19, the aggregate value of these securities is $108,968,706 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 October 31, 2019 were as follows:

Description	Number of long (short) contracts		Expiration date	Notional amount		Value		Unrealized appreciation (depreciation)
MSCI EAFE Index		2,159	12/20/19	$	207,392,621	$	211,279,740	$	3,887,119

320

TIAA-CREF FUNDS - International Equity Index Fund

TIAA-CREF FUNDS

INTERNATIONAL EQUITY INDEX FUND

SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

October 31, 2019

SECTOR	VALUE			% OF NET ASSETS
FINANCIALS	$	2,352,217,358			18.1	%
INDUSTRIALS		1,902,889,593			14.6
CONSUMER DISCRETIONARY		1,488,339,183			11.5
HEALTH CARE		1,496,563,529			11.5
CONSUMER STAPLES		1,471,588,455			11.3
MATERIALS		889,953,731			6.9
INFORMATION TECHNOLOGY		862,570,131			6.6
COMMUNICATION SERVICES		671,826,877			5.2
ENERGY		632,702,038			4.9
UTILITIES		479,882,231			3.7
REAL ESTATE		459,229,827			3.5
SHORT-TERM INVESTMENTS		373,920,652			2.9
OTHER ASSETS & LIABILITIES, NET		(92,034,432	)		(0.7	)
NET ASSETS	$	12,989,649,173			100.0	%

321

TIAA-CREF FUNDS - Emerging Markets Debt Fund

TIAA-CREF FUNDS
EMERGING MARKETS DEBT FUND
SCHEDULE OF INVESTMENTS
October 31, 2019

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
BONDS - 95.8%
CORPORATE BONDS - 49.4%
ARGENTINA - 0.6%
$	2,020,000	g	AES Argentina Generacion S.A.		7.750	%	02/02/24	$	1,580,650
	1,950,000	g	YPF S.A.		6.950		07/21/27		1,455,695
			TOTAL ARGENTINA						3,036,345
BRAZIL - 4.7%
	2,500,000	g	Banco Votorantim S.A.		4.500		09/24/24		2,577,875
	1,450,000	g	Banco Votorantim S.A.		8.250		N/A‡		1,556,938
	1,775,000	g	BRF S.A.		4.875		01/24/30		1,770,385
	2,875,000	g	Cosan Ltd		5.500		09/20/29		2,990,000
	2,325,000	g	Klabin Finance S.A.		4.875		09/19/27		2,418,023
	2,500,000	g	NBM US Holdings, Inc		6.625		08/06/29		2,600,125
	864,844	g	Odebrecht Offshore Drilling Finance Ltd		6.720		12/01/22		847,555
	3,686,182	†,g,o	Odebrecht Offshore Drilling Finance Ltd		7.720		12/01/26		940,013
	527,012	†,g,j	Odebrecht Oil & Gas Finance Ltd		0.000		N/A‡		4,743
	714,000	o	Oi S.A.		10.000		07/27/25		645,278
	2,118,000	g	Petrobras Global Finance BV		5.093		01/15/30		2,246,139
	1,700,000		Petrobras Global Finance BV		5.625		05/20/43		1,796,900
	2,000,000	g	Rio Oil Finance Trust		8.200		04/06/28		2,287,500
	775,000		Suzano Austria GmbH		6.000		01/15/29		856,375
	1,525,000	g	Suzano Austria GmbH		7.000		03/16/47		1,777,578
			TOTAL BRAZIL						25,315,427
CHILE - 2.9%
	1,550,000	g	AES Gener S.A.		6.350		10/07/79		1,556,665
	750,000	g	Celulosa Arauco y Constitucion S.A.		4.200		01/29/30		747,900
	2,325,000	g	Celulosa Arauco y Constitucion S.A.		5.150		01/29/50		2,297,565
	1,800,000	g	Corp Nacional del Cobre de Chile-CODELCO		3.625		08/01/27		1,892,664
	2,150,000	g	Corp Nacional del Cobre de Chile-CODELCO		4.375		02/05/49		2,374,028
	2,100,000		Enel Chile S.A.		4.875		06/12/28		2,315,250
	2,600,000	g	Latam Finance Ltd		7.000		03/01/26		2,800,200
	1,375,000	g	Sociedad Quimica y Minera de Chile S.A.		4.250		05/07/29		1,452,688
			TOTAL CHILE						15,436,960
CHINA - 2.1%
	2,100,000		China Evergrande Group		8.250		03/23/22		1,949,031
	2,300,000		Country Garden Holdings Co Ltd		4.750		07/25/22		2,319,463
	2,350,000	g	Golden Eagle Retail Group Ltd		4.625		05/21/23		2,321,800
	2,000,000		Shimao Property Holdings Ltd		5.200		01/30/25		2,081,906

322

TIAA-CREF FUNDS - Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	2,425,000		Weibo Corp		3.500	%	07/05/24	$	2,471,271
			TOTAL CHINA						11,143,471
COLOMBIA - 2.4%
	2,000,000	g	Colombia Telecomunicaciones S.A. ESP		5.375		09/27/22		2,021,000
	2,300,000		Ecopetrol S.A.		5.875		05/28/45		2,655,810
	2,735,000	g	Empresas Publicas de Medellin ESP		4.250		07/18/29		2,862,998
	1,650,000	g	Millicom International Cellular S.A.		6.250		03/25/29		1,800,530
	1,600,000	g	Promigas S.A. ESP		3.750		10/16/29		1,605,760
	1,825,000	g	Termocandelaria Power Ltd		7.875		01/30/29		2,002,956
			TOTAL COLOMBIA						12,949,054
COSTA RICA - 0.2%
	952,000	g	Banco Nacional de Costa Rica		5.875		04/25/21		961,520
			TOTAL COSTA RICA						961,520
DOMINICAN REPUBLIC - 0.5%
	2,500,000	g	Aeropuertos Dominicanos Siglo XXI S.A.		6.750		03/30/29		2,656,250
			TOTAL DOMINICAN REPUBLIC						2,656,250
GHANA - 0.5%
	1,000,000	g	Tullow Oil plc		6.250		04/15/22		1,008,500
	1,725,000	g	Tullow Oil plc		7.000		03/01/25		1,778,906
			TOTAL GHANA						2,787,406
INDIA - 3.5%
	2,825,000	g	Adani Green Energy UP Ltd		6.250		12/10/24		3,007,004
	2,100,000	g	Adani Ports & Special Economic Zone Ltd		4.375		07/03/29		2,190,028
	2,100,000	g	Azure Power Energy Ltd		5.500		11/03/22		2,123,732
	400,000	g	Azure Power Solar Energy Pvt Ltd		5.650		12/24/24		401,627
	1,250,000	g	Bharti Airtel International Netherlands BV		5.350		05/20/24		1,315,985
	2,250,000	g	Bharti Airtel Ltd		4.375		06/10/25		2,261,003
	2,300,000		Indian Railway Finance Corp Ltd		3.835		12/13/27		2,418,268
	2,800,000	g	Muthoot Finance Ltd		6.125		10/31/22		2,839,200
	2,300,000	g	Vedanta Resources Finance II plc		9.250		04/23/26		2,305,750
			TOTAL INDIA						18,862,597
INDONESIA - 4.7%
	2,500,000	g	Adaro Indonesia PT		4.250		10/31/24		2,460,000
	1,875,000	g	Indonesia Asahan Aluminium Persero PT		5.710		11/15/23		2,056,891
IDR	12,280,000,000	g	Jasa Marga Persero Tbk PT		7.500		12/11/20		863,269
$	2,000,000	g	Listrindo Capital BV		4.950		09/14/26		2,027,500
	1,605,825	g	LLPL Capital Pte Ltd		6.875		02/04/39		1,876,888
	300,000	g	Medco Oak Tree Pte Ltd		7.375		05/14/26		305,433
	2,200,000	g	Medco Platinum Road Pte Ltd		6.750		01/30/25		2,228,511
	2,300,000	g	Minejesa Capital BV		5.625		08/10/37		2,526,168
	850,000	g	Pertamina Persero PT		3.650		07/30/29		872,357

323

TIAA-CREF FUNDS - Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,250,000	g	Pertamina Persero PT		4.700	%	07/30/49	$	1,303,533
	1,400,000	g	Perusahaan Listrik Negara PT		3.875		07/17/29		1,451,800
	2,000,000	g	Perusahaan Listrik Negara PT		5.250		10/24/42		2,207,500
	2,000,000	g	Perusahaan Listrik Negara PT		6.150		05/21/48		2,513,400
	2,116,000	g	Star Energy Geothermal Wayang Windu Ltd		6.750		04/24/33		2,243,622
			TOTAL INDONESIA						24,936,872
IRELAND - 0.5%
	675,000	g	C&W Senior Financing Designated Activity Co		7.500		10/15/26		724,781
	2,000,000	g	C&W Senior Financing Designated Activity Co		6.875		09/15/27		2,105,000
			TOTAL IRELAND						2,829,781
ISRAEL - 0.9%
	2,000,000	g	Israel Electric Corp Ltd		4.250		08/14/28		2,168,914
	1,800,000		Teva Pharmaceutical Finance Netherlands III BV		3.150		10/01/26		1,354,500
	1,450,000		Teva Pharmaceutical Finance Netherlands III BV		6.750		03/01/28		1,299,563
			TOTAL ISRAEL						4,822,977
JAMAICA - 0.1%
	2,586,517	†,g,o	Digicel Group Two Ltd		9.125		04/01/24		465,573
			TOTAL JAMAICA						465,573
KAZAKHSTAN - 2.8%
KZT	453,000,000	g	Development Bank of Kazakhstan JSC		8.950		05/04/23		1,095,914
$	1,098,937	g	Kazkommertsbank JSC		5.500		12/21/22		1,106,219
	1,800,000	g	KazMunayGas National Co JSC		4.750		04/19/27		1,965,426
	3,000,000	g	KazMunayGas National Co JSC		5.375		04/24/30		3,456,244
	1,550,000	g	KazMunayGas National Co JSC		6.375		10/24/48		1,951,282
	2,475,000	g	KazTransGas JSC		4.375		09/26/27		2,597,225
	2,500,000	g	Tengizchevroil Finance Co International Ltd		4.000		08/15/26		2,621,875
			TOTAL KAZAKHSTAN						14,794,185
MACAU - 0.6%
	1,325,000	g	MGM China Holdings Ltd		5.875		05/15/26		1,401,187
	1,550,000	g	Wynn Macau Ltd		4.875		10/01/24		1,561,160
			TOTAL MACAU						2,962,347
MALAYSIA - 0.5%
	3,000,000		1MDB Global Investments Ltd		4.400		03/09/23		2,900,978
			TOTAL MALAYSIA						2,900,978
MEXICO - 5.2%
	800,000	g	BBVA Bancomer S.A.		5.350		11/12/29		806,008
	2,625,000	g	BBVA Bancomer S.A.		5.125		01/18/33		2,557,537
	2,500,000	g	Cemex SAB de C.V.		5.700		01/11/25		2,572,500
	2,156,025	g	Cometa Energia S.A. de C.V.		6.375		04/24/35		2,333,897
	2,500,000	g	Grupo Bimbo SAB de C.V.		4.000		09/06/49		2,386,050

324

TIAA-CREF FUNDS - Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,350,000	g	Industrias Penoles SAB de C.V.		4.150	%	09/12/29	$	1,361,813
	2,691,000	g	Mexico City Airport Trust		4.250		10/31/26		2,751,548
	2,000,000		Petroleos Mexicanos		4.875		01/18/24		2,094,500
	2,100,000		Petroleos Mexicanos		5.350		02/12/28		2,073,750
	4,647,000	g	Petroleos Mexicanos		6.840		01/23/30		4,962,531
	2,075,000		Petroleos Mexicanos		6.350		02/12/48		1,984,219
	1,885,000	g	PLA Administradora Industrial S de RL de C.V.		4.962		07/18/29		1,960,400
			TOTAL MEXICO						27,844,753
MOROCCO - 0.6%
	2,800,000	g	OCP S.A.		6.875		04/25/44		3,484,615
			TOTAL MOROCCO						3,484,615
NIGERIA - 0.5%
	2,500,000	g	IHS Netherlands Holdco BV		7.125		03/18/25		2,581,435
			TOTAL NIGERIA						2,581,435
OMAN - 0.4%
	2,300,000	g	Oztel Holdings SPC Ltd		6.625		04/24/28		2,370,062
			TOTAL OMAN						2,370,062
PANAMA - 1.2%
	2,500,000	g	Banco General S.A.		4.125		08/07/27		2,615,500
	1,175,000	g	Cable Onda S.A.		4.500		01/30/30		1,190,592
	2,300,000	g	Empresa de Transmision Electrica S.A.		5.125		05/02/49		2,630,625
			TOTAL PANAMA						6,436,717
PERU - 2.2%
PEN	9,000,000	g	Alicorp SAA		6.875		04/17/27		2,899,363
$	1,750,000	g	Banco de Credito del Peru		2.700		01/11/25		1,741,250
	1,575,000	g	Hunt Oil Co of Peru LLC Sucursal Del Peru		6.375		06/01/28		1,722,656
	2,300,000	g	Inkia Energy Ltd		5.875		11/09/27		2,383,398
	975,000	g	Lima Metro Line 2 Finance Ltd		4.350		04/05/36		1,035,937
	2,000,000	g	Petroleos del Peru S.A.		5.625		06/19/47		2,330,020
			TOTAL PERU						12,112,624
RUSSIA - 2.1%
	1,000,000	g	Credit Bank of Moscow Via CBOM Finance plc		5.550		02/14/23		1,010,287
	2,225,000	g	Evraz plc		5.250		04/02/24		2,372,784
	2,800,000	g	Gazprom OAO Via Gaz Capital S.A.		5.150		02/11/26		3,060,561
	2,300,000	g	Novolipetsk Steel Via Steel Funding DAC		4.700		05/30/26		2,462,641
	2,250,000	g	Sovcombank Via SovCom		8.000		04/07/30		2,349,489
			TOTAL RUSSIA						11,255,762
SAUDI ARABIA - 0.5%
	2,275,000	g	SABIC Capital II BV		4.500		10/10/28		2,519,095
			TOTAL SAUDI ARABIA						2,519,095

325

TIAA-CREF FUNDS - Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
SINGAPORE - 0.5%
$	2,500,000	g	BOC Aviation Ltd		3.000	%	09/11/29	$	2,474,903
			TOTAL SINGAPORE						2,474,903
SOUTH AFRICA - 2.5%
	2,000,000	g	Eskom Holdings SOC Ltd		5.750		01/26/21		2,013,433
	2,000,000	g	Eskom Holdings SOC Ltd		6.750		08/06/23		2,052,091
	1,600,000	g	Eskom Holdings SOC Ltd		8.450		08/10/28		1,749,412
	2,300,000	g	Gold Fields Orogen Holdings BVI Ltd		6.125		05/15/29		2,599,000
	2,100,000	g	MTN Mauritius Investment Ltd		6.500		10/13/26		2,317,977
	2,800,000	g	Transnet SOC Ltd		4.000		07/26/22		2,830,028
			TOTAL SOUTH AFRICA						13,561,941
SPAIN - 0.5%
	2,500,000	g	International Airport Finance S.A.		12.000		03/15/33		2,696,250
			TOTAL SPAIN						2,696,250
THAILAND - 0.5%
	2,500,000	g	Bangkok Bank PCL		3.733		09/25/34		2,533,446
			TOTAL THAILAND						2,533,446
TRINIDAD AND TOBAGO - 0.3%
	1,300,000	g	Trinidad Petroleum Holdings Ltd		9.750		06/15/26		1,465,100
			TOTAL TRINIDAD AND TOBAGO						1,465,100
TURKEY - 1.8%
	1,900,000	g	Akbank TAS		7.200		03/16/27		1,797,108
	500,000	g	Akbank TAS		6.797		04/27/28		445,200
	2,000,000	g	Turkiye Garanti Bankasi AS.		6.125		05/24/27		1,790,000
	2,050,000	g	Turkiye Is Bankasi		6.125		04/25/24		1,995,217
	1,800,000	g	Turkiye Sise ve Cam Fabrikalari AS.		6.950		03/14/26		1,872,447
	1,800,000	g	Yapi ve Kredi Bankasi AS.		5.850		06/21/24		1,736,192
			TOTAL TURKEY						9,636,164
UKRAINE - 1.8%
	2,500,000	g	Kernel Holding S.A.		6.500		10/17/24		2,510,270
	2,250,000	g	Metinvest BV		7.750		10/17/29		2,222,775
	2,125,000	g	MHP Lux S.A.		6.950		04/03/26		2,192,447
	2,400,000	g	Ukreximbank Via Biz Finance plc		9.750		01/22/25		2,544,000
			TOTAL UKRAINE						9,469,492
UNITED ARAB EMIRATES - 1.3%
	1,975,000	g	Abu Dhabi Crude Oil Pipeline LLC		4.600		11/02/47		2,279,347
	2,100,000	g	DP World Ltd		5.625		09/25/48		2,424,944

326

TIAA-CREF FUNDS - Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	2,500,000	g,h	MDGH-GMTN BV		3.700	%	11/07/49	$	2,510,100
			TOTAL UNITED ARAB EMIRATES						7,214,391
			TOTAL CORPORATE BONDS						264,518,493
			(Cost $254,221,132)
GOVERNMENT BONDS - 46.4%
ANGOLA - 0.9%
	2,250,000	g	Angolan Government International Bond		8.250		05/09/28		2,352,280
	2,500,000	g	Angolan Government International Bond		9.375		05/08/48		2,645,763
			TOTAL ANGOLA						4,998,043
ARGENTINA - 0.9%
	2,375,000	†	Argentina Republic Government International Bond		5.625		01/26/22		1,007,024
	2,000,000	†	Argentina Republic Government International Bond		7.500		04/22/26		845,020
	4,000,000	†	Argentina Republic Government International Bond		7.125		06/28/17		1,590,040
ARS	18,500,000		Argentina Treasury Bond BONCER		2.500		07/22/21		298,187
$	2,650,000	†,g	Provincia de Buenos Aires		7.875		06/15/27		914,277
			TOTAL ARGENTINA						4,654,548
ARMENIA - 0.4%
	1,950,000	g	Republic of Armenia International Bond		3.950		09/26/29		1,901,741
			TOTAL ARMENIA						1,901,741
AZERBAIJAN - 0.7%
	3,250,000	g	Southern Gas Corridor CJSC		6.875		03/24/26		3,786,250
			TOTAL AZERBAIJAN						3,786,250
BAHRAIN - 1.0%
	2,000,000	g	Bahrain Government International Bond		7.000		01/26/26		2,290,544
	3,000,000	g	Bahrain Government International Bond		5.625		09/30/31		3,155,153
			TOTAL BAHRAIN						5,445,697
BARBADOS - 0.0%
	150,000	†,g,q	Barbados Government International Bond		7.000		08/04/22		109,500
			TOTAL BARBADOS						109,500
BERMUDA - 0.8%
	3,500,000	g	Bermuda Government International Bond		4.750		02/15/29		3,955,000
			TOTAL BERMUDA						3,955,000
BRAZIL - 2.1%
BRL	7,715,000		Brazil Notas do Tesouro Nacional Serie F		10.000		01/01/23		2,179,646
	6,850,000		Brazil Notas do Tesouro Nacional Serie F		10.000		01/01/29		2,117,737

327

TIAA-CREF FUNDS - Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	2,150,000		Brazilian Government International Bond		7.125	%	01/20/37	$	2,760,084
	3,625,000		Brazilian Government International Bond		5.625		02/21/47		4,076,349
			TOTAL BRAZIL						11,133,816
COLOMBIA - 0.2%
COP	2,825,000,000		Colombian TES		7.500		08/26/26		925,349
			TOTAL COLOMBIA						925,349
COSTA RICA - 0.6%
$	3,500,000	g	Costa Rica Government International Bond		5.625		04/30/43		3,027,535
			TOTAL COSTA RICA						3,027,535
DOMINICAN REPUBLIC - 1.8%
	3,600,000	g	Dominican Republic Government International Bond		6.875		01/29/26		4,113,036
DOP	80,000,000	g	Dominican Republic Government International Bond		11.250		02/05/27		1,597,758
$	3,160,000	g	Dominican Republic Government International Bond		7.450		04/30/44		3,784,132
			TOTAL DOMINICAN REPUBLIC						9,494,926
ECUADOR - 2.6%
	2,500,000	g	Ecuador Government International Bond		7.875		03/27/25		2,356,250
	2,000,000	g	Ecuador Government International Bond		9.650		12/13/26		1,965,020
	1,150,000	g	Ecuador Government International Bond		9.650		12/13/26		1,131,324
	1,750,000	g	Ecuador Government International Bond		8.875		10/23/27		1,630,125
	2,500,000	g	Ecuador Government International Bond		7.875		01/23/28		2,240,000
	3,500,000	g	Ecuador Government International Bond		10.750		01/31/29		3,535,035
	500,000	g	Petroamazonas EP		4.625		02/16/20		496,250
	625,000	g	Petroamazonas EP		4.625		11/06/20		617,962
			TOTAL ECUADOR						13,971,966
EGYPT - 2.4%
EGP	12,500,000		Egypt Government International Bond		16.000		06/11/22		798,789
$	3,875,000	g	Egypt Government International Bond		5.577		02/21/23		3,974,424
	2,200,000	g	Egypt Government International Bond		6.588		02/21/28		2,241,946
	1,450,000	g	Egypt Government International Bond		7.600		03/01/29		1,535,501
	4,050,000	g	Egypt Government International Bond		8.500		01/31/47		4,265,099
			TOTAL EGYPT						12,815,759
EL SALVADOR - 1.1%
	1,300,000	g	El Salvador Government International Bond		6.375		01/18/27		1,361,763
	3,100,000	g	El Salvador Government International Bond		7.625		02/01/41		3,359,656
	1,445,000	g	El Salvador Government International Bond		7.125		01/20/50		1,465,953
			TOTAL EL SALVADOR						6,187,372
GHANA - 1.0%
GHS	2,965,000	g	Citigroup Global Markets Holdings, Inc		24.500		06/28/21		578,581
$	2,825,000	g	Ghana Government International Bond		8.125		03/26/32		2,859,801
	2,000,000	g	Ghana Government International Bond		8.627		06/16/49		1,998,751
			TOTAL GHANA						5,437,133

328

TIAA-CREF FUNDS - Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
GREECE - 0.5%
EUR	2,225,000	g	Hellenic Republic Government International Bond		1.875	%	07/23/26	$	2,658,194
			TOTAL GREECE						2,658,194
GUATEMALA - 1.0%
$	1,500,000	g	Guatemala Government International Bond		4.500		05/03/26		1,575,015
	1,650,000	g	Guatemala Government International Bond		4.375		06/05/27		1,691,910
	1,975,000	g	Guatemala Government International Bond		6.125		06/01/50		2,320,645
			TOTAL GUATEMALA						5,587,570
HONDURAS - 0.4%
	2,050,000	g	Honduras Government International Bond		6.250		01/19/27		2,193,521
			TOTAL HONDURAS						2,193,521
INDONESIA - 1.3%
	1,700,000	g	Indonesia Government International Bond		4.625		04/15/43		1,898,846
IDR	31,000,000,000		Indonesia Treasury Bond		8.375		09/15/26		2,412,772
	35,300,000,000		Indonesia Treasury Bond		8.375		03/15/34		2,718,791
			TOTAL INDONESIA						7,030,409
IRAQ - 0.9%
$	3,350,000	g	Iraq Government International Bond		6.752		03/09/23		3,377,416
	1,600,000	g	Iraq Government International Bond		5.800		01/15/28		1,536,320
			TOTAL IRAQ						4,913,736
ITALY - 0.6%
	3,000,000		Republic of Italy Government International Bond		4.000		10/17/49		3,008,935
			TOTAL ITALY						3,008,935
JAMAICA - 1.9%
	3,950,000		Jamaica Government International Bond		8.000		03/15/39		5,248,602
	3,550,000		Jamaica Government International Bond		7.875		07/28/45		4,686,036
			TOTAL JAMAICA						9,934,638
JORDAN - 0.4%
	2,000,000	g	Jordan Government International Bond		7.375		10/10/47		2,110,111
			TOTAL JORDAN						2,110,111
KENYA - 1.2%
	1,450,000	g	Kenya Government International Bond		6.875		06/24/24		1,539,890
	2,250,000	g	Kenya Government International Bond		8.000		05/22/32		2,400,877
	1,325,000	g	Kenya Government International Bond		8.250		02/28/48		1,389,955
KES	117,000,000		Kenya Infrastructure Bond		12.500		01/10/33		1,205,155
			TOTAL KENYA						6,535,877

329

TIAA-CREF FUNDS - Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
LEBANON - 0.7%
$	3,200,000		Lebanon Government International Bond		6.250	%	11/04/24	$	1,802,096
	3,800,000		Lebanon Government International Bond		6.850		03/23/27		2,092,948
			TOTAL LEBANON						3,895,044
MEXICO - 0.8%
MXN	51,100,000		Mexican Bonos		7.500		06/03/27		2,775,787
	30,000,000		Mexican Bonos		7.750		05/29/31		1,667,814
			TOTAL MEXICO						4,443,601
MONGOLIA - 0.3%
$	1,400,000	g	Mongolia Government International Bond		8.750		03/09/24		1,581,522
			TOTAL MONGOLIA						1,581,522
MOROCCO - 0.5%
	2,300,000	g	Morocco Government International Bond		5.500		12/11/42		2,764,693
			TOTAL MOROCCO						2,764,693
NAMIBIA - 0.3%
	1,400,000	g	Namibia Government International Bond		5.250		10/29/25		1,422,698
			TOTAL NAMIBIA						1,422,698
NIGERIA - 1.8%
	2,200,000	g	Nigeria Government International Bond		7.625		11/21/25		2,398,341
	4,475,000	g	Nigeria Government International Bond		6.500		11/28/27		4,489,186
	2,500,000	g	Nigeria Government International Bond		7.696		02/23/38		2,504,862
			TOTAL NIGERIA						9,392,389
OMAN - 0.6%
	1,500,000	g	Oman Government International Bond		5.375		03/08/27		1,487,483
	1,200,000	g	Oman Government International Bond		6.500		03/08/47		1,112,231
	750,000	g	Oman Government International Bond		6.750		01/17/48		704,579
			TOTAL OMAN						3,304,293
PAKISTAN - 0.6%
	3,200,000	g	Pakistan Government International Bond		6.875		12/05/27		3,203,182
			TOTAL PAKISTAN						3,203,182
PANAMA - 0.5%
	2,400,000	g	Panama Notas del Tesoro		3.750		04/17/26		2,499,600
			TOTAL PANAMA						2,499,600

330

TIAA-CREF FUNDS - Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
PARAGUAY - 0.5%
$	2,525,000	g	Paraguay Government International Bond		4.700	%	03/27/27	$	2,761,744
			TOTAL PARAGUAY						2,761,744
PERU - 0.4%
PEN	4,450,000	g	Peruvian Government International Bond		6.950		08/12/31		1,627,033
	1,400,000	g	Peruvian Government International Bond		6.900		08/12/37		517,674
			TOTAL PERU						2,144,707
PHILIPPINES - 0.2%
PHP	53,000,000		Philippine Government International Bond		6.250		01/14/36		1,257,764
			TOTAL PHILIPPINES						1,257,764
POLAND - 0.3%
PLN	1,535,000		Republic of Poland Government International Bond		5.750		09/23/22		448,900
	4,990,000		Republic of Poland Government International Bond		2.750		04/25/28		1,387,439
			TOTAL POLAND						1,836,339
QATAR - 0.5%
$	2,100,000	g	Qatar Government International Bond		4.817		03/14/49		2,577,750
			TOTAL QATAR						2,577,750
REPUBLIC OF SERBIA - 0.7%
RSD	158,000,000		Serbia Treasury Bonds		5.750		07/21/23		1,678,546
	182,000,000		Serbia Treasury Bonds		5.875		02/08/28		2,086,794
			TOTAL REPUBLIC OF SERBIA						3,765,340
ROMANIA - 0.3%
RON	6,300,000		Romania Government International Bond		4.500		06/17/24		1,515,068
			TOTAL ROMANIA						1,515,068
RUSSIA - 1.6%
RUB	170,300,000		Russian Federal Bond-OFZ		7.100		10/16/24		2,765,063
	75,000,000		Russian Federal Bond-OFZ		7.950		10/07/26		1,279,009
$	2,000,000	g	Russian Foreign Bond - Eurobond		5.100		03/28/35		2,306,440
	2,000,000	g	Russian Foreign Bond - Eurobond		5.250		06/23/47		2,393,356
			TOTAL RUSSIA						8,743,868
RWANDA - 0.5%
	2,500,000	g	Rwanda Government International Bond		6.625		05/02/23		2,656,203
			TOTAL RWANDA						2,656,203
SENEGAL - 0.7%
	2,400,000	g	Senegal Government International Bond		6.250		05/23/33		2,453,360
	1,500,000	g	Senegal Government International Bond		6.750		03/13/48		1,473,389
			TOTAL SENEGAL						3,926,749

331

TIAA-CREF FUNDS - Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
SOUTH AFRICA - 1.7%
$	3,500,000		Republic of South Africa Government International Bond		5.875	%	06/22/30	$	3,728,870
	1,000,000		Republic of South Africa Government International Bond		5.750		09/30/49		970,379
ZAR	59,300,000		South Africa Government International Bond		7.000		02/28/31		3,270,785
$	1,250,000		South Africa Government International Bond		5.375		07/24/44		1,199,823
			TOTAL SOUTH AFRICA						9,169,857
SRI LANKA - 1.3%
	1,850,000	g	Sri Lanka Government International Bond		6.850		11/03/25		1,871,271
	2,500,000	g	Sri Lanka Government International Bond		6.825		07/18/26		2,517,003
	2,500,000	g	Sri Lanka Government International Bond		7.550		03/28/30		2,513,062
			TOTAL SRI LANKA						6,901,336
SUPRANATIONAL - 0.4%
	2,000,000	g	Banque Ouest Africaine de Developpement		4.700		10/22/31		2,013,551
			TOTAL SUPRANATIONAL						2,013,551
THAILAND - 0.4%
THB	23,000,000		Thailand Government International Bond		2.400		12/17/23		791,908
	35,700,000		Thailand Government International Bond		3.400		06/17/36		1,482,606
			TOTAL THAILAND						2,274,514
TURKEY - 1.2%
$	2,300,000		Turkey Government International Bond		6.350		08/10/24		2,372,430
	4,125,000		Turkey Government International Bond		4.875		10/09/26		3,862,444
			TOTAL TURKEY						6,234,874
UKRAINE - 2.6%
UAH	38,000,000		Citigroup Global Markets Holdings, Inc		14.700		01/25/21		1,541,270
	37,000,000		Ukraine Government International Bond		15.840		02/26/25		1,580,752
$	5,000,000	g	Ukraine Government International Bond		7.750		09/01/25		5,362,500
	2,900,000	g	Ukraine Government International Bond		9.750		11/01/28		3,452,776
	2,320,000	g,j	Ukraine Government International Bond		0.000		05/31/40		2,175,056
			TOTAL UKRAINE						14,112,354
UNITED ARAB EMIRATES - 0.4%
	2,000,000	g	Abu Dhabi Government International Bond		2.500		09/30/29		1,989,171
			TOTAL UNITED ARAB EMIRATES						1,989,171
URUGUAY - 0.4%
	2,003,796		Uruguay Government International Bond		4.375		01/23/31		2,235,254
			TOTAL URUGUAY						2,235,254

332

TIAA-CREF FUNDS - Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
UZBEKISTAN - 0.9%
$	2,150,000	g	Republic of Uzbekistan Government International Bond		4.750	%	02/20/24	$	2,257,309
	2,250,000	g	Republic of Uzbekistan Government International Bond		5.375		02/20/29		2,472,875
			TOTAL UZBEKISTAN						4,730,184
ZAMBIA - 0.6%
	400,000	g	Zambia Government International Bond		5.375		09/20/22		275,856
	3,500,000	g	Zambia Government International Bond		8.500		04/14/24		2,452,178
	750,000	g	Zambia Government International Bond		8.970		07/30/27		523,862
			TOTAL ZAMBIA						3,251,896
			TOTAL GOVERNMENT BONDS						248,423,171
			(Cost $247,939,937)
			TOTAL BONDS						512,941,664
			(Cost $502,161,069)
SHARES			COMPANY
COMMON STOCKS -  0.0%
BRAZIL – 0.0%
	151,162	*	Oi S.A. (ADR)						163,255
			TOTAL BRAZIL						163,255
			TOTAL COMMON STOCKS						163,255
			(Cost $1,044,573)
PRINCIPAL			ISSUER
SHORT-TERM INVESTMENTS - 3.4%
ARGENTINA - 0.1%
ARS	26,000,000	†,j	Argentina Treasury Bill		0.000		07/29/20		288,512
	24,700,000	†,j	Argentina Treasury Bill		0.000		10/29/20		219,909
			TOTAL ARGENTINA						508,421
EGYPT - 0.8%
EGP	21,000,000	j	Egypt Treasury Bill		0.000		11/12/19		1,297,120
	39,500,000	j	Egypt Treasury Bill		0.000		12/03/19		2,418,199
	9,425,000	j	Egypt Treasury Bill		0.000		06/23/20		532,917
			TOTAL EGYPT						4,248,236

333

TIAA-CREF FUNDS - Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
NIGERIA - 0.7%
NGN	818,000,000	j	Nigeria OMO Bill		0.000	%	12/05/19	$	2,235,392
	510,000,000	j	Nigeria OMO Bill		0.000		01/09/20		1,377,528
			TOTAL NIGERIA						3,612,920
UNITED STATES - 1.8%
$	9,890,000		Federal Home Loan Bank (FHLB)		1.500		11/01/19		9,890,000
			TOTAL UNITED STATES						9,890,000
			TOTAL SHORT-TERM INVESTMENTS						18,259,577
			(Cost $19,115,087)
			TOTAL INVESTMENTS - 99.2%						531,364,496
			(Cost $522,320,729)
			OTHER ASSETS & LIABILITIES, NET - 0.8%						4,061,651
			NET ASSETS - 100.0%					$	535,426,147

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
KES	Kenyan Shilling
KZT	Kazakhstani Tenge
MXN	Mexican Peso
NGN	Nigerian Naira
PEN	Peruvian Sol
PHP	Philippine Peso
PLN	Polish Zloty
RON	Romanian Leu
RSD	Serbian Dinar
RUB	Russian Ruble
THB	Thai Baht
UAH	Ukrainian Hryvnia
ZAR	South African Rand

*	Non-income producing
‡	Perpetual security

334

TIAA-CREF FUNDS - Emerging Markets Debt Fund

†	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, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/19, the aggregate value of these securities is $402,052,337 or 75.1% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.
j	Zero coupon
o	Payment in Kind Bond
q	In default

Forward foreign currency contracts outstanding as of October 31, 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	$	14,349
CNY	10,301,850	$	1,500,000	Citibank, N.A.	11/19/19		(37,763	)
Total						$	(23,414	)

Abbreviation(s):

CNY Chinese Yuan

335

TIAA-CREF FUNDS - Emerging Markets Debt Fund

TIAA-CREF FUNDS
EMERGING MARKETS DEBT FUND
SUMMARY OF MARKET VALUES BY SECTOR (unaudited)
October 31, 2019

SECTOR	VALUE		% OF NET ASSETS
GOVERNMENT	$	248,423,171		46.4	%
UTILITIES		48,251,317		9.0
ENERGY		45,261,574		8.5
FINANCIALS		39,293,775		7.3
COMMUNICATION SERVICES		37,273,137		7.0
MATERIALS		32,685,491		6.1
INDUSTRIALS		28,055,931		5.2
CONSUMER STAPLES		14,748,515		2.8
REAL ESTATE		8,310,800		1.5
CONSUMER DISCRETIONARY		5,284,147		1.0
INFORMATION TECHNOLOGY		2,862,998		0.5
HEALTH CARE		2,654,063		0.5
SHORT-TERM INVESTMENTS		18,259,577		3.4
OTHER ASSETS & LIABILITIES, NET		4,061,651		0.8
NET ASSETS	$	535,426,147		100.0	%

336

TIAA-CREF FUNDS - International Bond Fund

TIAA-CREF FUNDS

INTERNATIONAL BOND FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

October 31, 2019

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
BANK LOAN OBLIGATIONS - 1.5%
AUSTRALIA - 0.1%
$	394,244	i	Hamilton HoldCo LLC	LIBOR 3 M + 2.000%		4.110	%	07/02/25	$	394,737
			TOTAL AUSTRALIA							394,737
CANADA - 0.1%
	417,719	i	1011778 BC ULC / New Red Finance, Inc	LIBOR 1 M + 2.250%		4.036		02/16/24		418,033
			TOTAL CANADA							418,033
IRELAND - 0.1%
	470,791	i	Avolon TLB Borrower US LLC	LIBOR 1 M + 1.750%		3.596		01/15/25		472,439
			TOTAL IRELAND							472,439
LUXEMBOURG - 0.2%
	438,394	i	Ineos US Finance LLC	LIBOR 1 M + 2.000%		3.786		03/31/24		433,510
	243,750	i	Vouvray US Finance, LLC	LIBOR 1 M + 3.000%		4.786		03/11/24		188,419
			TOTAL LUXEMBOURG							621,929
UNITED STATES - 1.0%
	343,434	i	American Airlines, Inc	LIBOR 1 M + 2.000%		3.921		12/14/23		342,843
	242,632	i	Change Healthcare Holdings LLC	LIBOR 1 M + 2.500%		4.286		03/01/24		298,320
	478,589	i	Dell International LLC	LIBOR 1 M + 2.000%		3.790		09/19/25		480,307
	122,188	i	Endo Luxembourg Finance I Co Sarl	LIBOR 1 M + 4.250%		6.063		04/29/24		112,168
	247,500	i	HD Supply, Inc	LIBOR 1 M + 1.750%		3.536		10/17/23		248,304
	244,629	i	Mallinckrodt International Finance S.A.	LIBOR 3 M + 2.750%		4.854		09/24/24		191,161
	493,671	i	Nielsen Finance LLC	LIBOR 1 M + 2.000%		3.940		10/04/23		491,820
	449,730	i	Plantronics, Inc	LIBOR 1 M + 2.500%		4.286		07/02/25		447,014
	343,498	i	Sabre GLBL, Inc	LIBOR 1 M + 2.000%		3.786		02/22/24		343,879
	448,637	i	Samsonite IP Holdings Sarl	LIBOR 1 M + 1.750%		3.536		04/25/25		439,292
	333,291	i	Team Health Holdings, Inc	LIBOR 1 M + 2.750%		4.536		02/06/24		255,801
	436,106	i	Valeant Pharmaceuticals International, Inc	LIBOR 1 M + 3.000%		4.921		06/02/25		437,514
			TOTAL UNITED STATES							4,088,423
			TOTAL BANK LOAN OBLIGATIONS							5,995,561
			(Cost $6,213,695)

337

TIAA-CREF FUNDS - International Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
BONDS - 92.8%
CORPORATE BONDS - 20.0%
CANADA - 0.1%
EUR	250,000	g	Fairfax Financial Holdings Ltd		2.750	%	03/29/28	$	304,213
			TOTAL CANADA						304,213
CHILE - 0.5%
$	550,000	g	Banco del Estado de Chile		2.668		01/08/21		549,331
	300,000		Celulosa Arauco y Constitucion S.A.		3.875		11/02/27		301,278
	250,000	g	Celulosa Arauco y Constitucion S.A.		4.250		04/30/29		253,813
	200,000	g	Celulosa Arauco y Constitucion S.A.		4.200		01/29/30		199,440
	425,000	g	Corp Nacional del Cobre de Chile-CODELCO		3.625		08/01/27		446,879
	450,000		Enel Chile S.A.		4.875		06/12/28		496,125
			TOTAL CHILE						2,246,866
CHINA - 0.3%
	250,000	g	Tencent Holdings Ltd		3.975		04/11/29		269,055
EUR	700,000	z	Three Gorges Finance II Cayman Islands Ltd		1.300		06/21/24		812,341
$	250,000		Weibo Corp		3.500		07/05/24		254,770
			TOTAL CHINA						1,336,166
COLOMBIA - 0.3%
	300,000		Ecopetrol S.A.		5.375		06/26/26		336,003
	550,000	g	Empresas Publicas de Medellin ESP		4.250		07/18/29		575,740
	300,000	g	Promigas S.A. ESP		3.750		10/16/29		301,080
			TOTAL COLOMBIA						1,212,823
CZECH REPUBLIC - 0.1%
EUR	400,000	z	CEZ AS.		0.875		11/21/22		454,482
			TOTAL CZECH REPUBLIC						454,482
FRANCE - 0.3%
	850,000	g	Altice France S.A.		5.875		02/01/27		1,045,042
			TOTAL FRANCE						1,045,042
GERMANY - 0.2%
	750,000	g,o	IHO Verwaltungs GmbH		3.750		09/15/26		847,098
			TOTAL GERMANY						847,098
INDIA - 0.4%
$	575,000	g	Adani Ports & Special Economic Zone Ltd		3.375		07/24/24		580,795
	475,000	g	ICICI Bank Ltd		3.800		12/14/27		491,898
	200,000	z	Indian Railway Finance Corp Ltd		3.730		03/29/24		208,198
	300,000	z	Power Finance Corp Ltd		4.500		06/18/29		315,196
			TOTAL INDIA						1,596,087
INDONESIA - 0.3%
	500,000	z	Bank Mandiri Persero Tbk PT		3.750		04/11/24		515,821

338

TIAA-CREF FUNDS - International Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
$	225,000	g	Pelabuhan Indonesia III Persero PT			4.500	%	05/02/23	$	237,656
	200,000	g	Pertamina Persero PT			3.650		07/30/29		205,260
	225,000	g	Perusahaan Listrik Negara PT			4.875		07/17/49		242,156
			TOTAL INDONESIA							1,200,893
ISRAEL - 0.2%
	625,000	g	Israel Electric Corp Ltd			4.250		08/14/28		677,786
			TOTAL ISRAEL							677,786
JAPAN - 1.1%
EUR	500,000	z	Mitsubishi UFJ Financial Group, Inc			0.980		10/09/23		574,401
	500,000	z	Mitsubishi UFJ Financial Group, Inc			0.872		09/07/24		572,993
	500,000	z	Sumitomo Mitsui Financial Group, Inc			0.819		07/23/23		570,532
	500,000	z	Takeda Pharmaceutical Co Ltd			0.375		11/21/20		560,356
	1,400,000	z	Takeda Pharmaceutical Co Ltd			1.125		11/21/22		1,611,560
	500,000	z	Takeda Pharmaceutical Co Ltd			3.000		11/21/30		669,935
			TOTAL JAPAN							4,559,777
KAZAKHSTAN - 0.2%
$	475,000	g	KazTransGas JSC			4.375		09/26/27		498,457
	500,000	g	Tengizchevroil Finance Co International Ltd			4.000		08/15/26		524,375
			TOTAL KAZAKHSTAN							1,022,832
KOREA, REPUBLIC OF - 0.2%
	300,000	g,i	KEB Hana Bank	LIBOR 3 M + 0.700%		2.785		10/02/22		300,969
EUR	300,000	z	Shinhan Bank Co Ltd			0.250		10/16/24		333,856
			TOTAL KOREA, REPUBLIC OF							634,825
LUXEMBOURG - 0.2%
	350,000	g	INEOS Finance plc			2.875		05/01/26		385,465
	500,000	z	ProLogis International Funding II S.A.			2.375		11/14/30		640,769
			TOTAL LUXEMBOURG							1,026,234
MEXICO - 0.5%
$	200,000	g	Grupo Bimbo SAB de C.V.			4.700		11/10/47		213,932
EUR	200,000		Petroleos Mexicanos			1.875		04/21/22		226,656
	400,000	z	Petroleos Mexicanos			3.625		11/24/25		454,367
$	650,000		Petroleos Mexicanos			5.350		02/12/28		641,875
	375,000	g	PLA Administradora Industrial S de RL de C.V.			4.962		07/18/29		390,000
	250,000	g	Sigma Alimentos S.A. de C.V.			4.125		05/02/26		260,628
			TOTAL MEXICO							2,187,458
NETHERLANDS - 0.2%
EUR	425,000	g	OCI NV			5.000		04/15/23		493,673
	375,000	g	OCI NV			3.125		11/01/24		425,952
			TOTAL NETHERLANDS							919,625

339

TIAA-CREF FUNDS - International Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
PANAMA - 0.1%
$	550,000	g	Banco General S.A.		4.125	%	08/07/27	$	575,410
			TOTAL PANAMA						575,410
PERU - 0.2%
	245,000	g	Banco de Credito del Peru		2.700		01/11/25		243,775
	550,000	g	Cerro del Aguila S.A.		4.125		08/16/27		558,910
			TOTAL PERU						802,685
PORTUGAL - 0.3%
EUR	1,000,000		EDP Finance BV		1.125		02/12/24		1,158,873
			TOTAL PORTUGAL						1,158,873
QATAR - 0.1%
$	300,000	z	QNB Finance Ltd		3.500		03/28/24		310,478
			TOTAL QATAR						310,478
RUSSIA - 0.1%
EUR	400,000	z	Gazprom OAO Via Gaz Capital S.A.		2.500		03/21/26		477,400
			TOTAL RUSSIA						477,400
SAUDI ARABIA - 0.1%
$	250,000	g	SABIC Capital II BV		4.000		10/10/23		263,034
			TOTAL SAUDI ARABIA						263,034
SINGAPORE - 0.1%
	200,000	g	United Overseas Bank Ltd		3.750		04/15/29		207,794
			TOTAL SINGAPORE						207,794
SWEDEN - 0.1%
	600,000	g	Stena AB		7.000		02/01/24		607,500
			TOTAL SWEDEN						607,500
SWITZERLAND - 0.5%
EUR	750,000	z	Cloverie plc for Zurich Insurance Co Ltd		1.500		12/15/28		915,968
	600,000	g,z	Credit Suisse Group AG.		1.250		07/17/25		697,021
	325,000		Tyco Electronics Group S.A.		1.100		03/01/23		372,618
			TOTAL SWITZERLAND						1,985,607
THAILAND - 0.1%
$	500,000	g	Bangkok Bank PCL		3.733		09/25/34		506,689
			TOTAL THAILAND						506,689

340

TIAA-CREF FUNDS - International Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
UNITED ARAB EMIRATES - 0.2%
$	200,000	g	ADCB Finance Cayman Ltd		4.000	%	03/29/23	$	209,041
	400,000	g	DP World Ltd		5.625		09/25/48		461,894
	200,000	z	Emaar Sukuk Ltd		3.875		09/17/29		195,878
			TOTAL UNITED ARAB EMIRATES						866,813
UNITED KINGDOM - 1.4%
GBP	1,050,000		BAE Systems plc		4.125		06/08/22		1,457,771
EUR	500,000	z	Barclays plc		0.625		11/14/23		564,112
	1,000,000	z	Coca-Cola European Partners plc		1.500		11/08/27		1,208,908
GBP	750,000		HSBC Holdings plc		2.175		06/27/23		987,247
EUR	750,000		RELX Capital, Inc		1.300		05/12/25		883,081
	750,000	g	Virgin Media Finance plc		4.500		01/15/25		859,210
			TOTAL UNITED KINGDOM						5,960,329
UNITED STATES - 11.6%
	200,000	z	Abbott Ireland Financing DAC		0.010		09/27/20		223,347
	500,000	z	Abbott Ireland Financing DAC		0.875		09/27/23		574,718
	500,000	z	Abbott Ireland Financing DAC		1.500		09/27/26		599,521
	950,000	g	Adient Global Holdings Ltd		3.500		08/15/24		889,942
	1,200,000		Allergan Funding SCS		1.250		06/01/24		1,393,404
	150,000		Allergan Funding SCS		2.625		11/15/28		192,271
GBP	575,000		AMC Entertainment Holdings, Inc		6.375		11/15/24		712,148
EUR	500,000		American International Group, Inc		1.500		06/08/23		581,151
	300,000		American Tower Corp		1.375		04/04/25		351,135
	600,000		American Tower Corp		1.950		05/22/26		723,593
	1,000,000	z	Amphenol Technologies Holding GmbH		2.000		10/08/28		1,235,211
	600,000		Aon plc		2.875		05/14/26		760,100
	1,125,000		Apple, Inc		1.375		05/24/29		1,395,550
	700,000		AT&T, Inc		1.300		09/05/23		813,299
	500,000		AT&T, Inc		2.350		09/05/29		639,093
$	500,000		AXA Equitable Holdings, Inc		5.000		04/20/48		536,051
EUR	700,000	g	Axalta Coating Systems Dutch Holding B BV		3.750		01/15/25		801,592
	350,000		Ball Corp		4.375		12/15/23		452,230
	500,000		Bank of America Corp		1.375		03/26/25		593,960
	500,000	z	Bank of America Corp		1.662		04/25/28		602,545
	430,000		Becton Dickinson and Co		1.401		05/24/23		496,830
	270,000		Becton Dickinson and Co		1.401		05/24/23		311,963
	670,000		Becton Dickinson and Co		1.900		12/15/26		802,209
	600,000		Bristol-Myers Squibb Co		1.000		05/15/25		701,001
	100,000		Capital One Financial Corp		0.800		06/12/24		113,304
	350,000		Chubb INA Holdings, Inc		0.875		06/15/27		402,425
	750,000		Chubb INA Holdings, Inc		1.550		03/15/28		903,761
	350,000		Chubb INA Holdings, Inc		1.400		06/15/31		413,547
	500,000	z	Citigroup, Inc		1.500		07/24/26		590,845
	900,000		DH Europe Finance Sarl		1.200		06/30/27		1,063,505
	250,000		Digital Euro Finco LLC		2.625		04/15/24		303,551
	600,000		Digital Euro Finco LLC		2.500		01/16/26		730,486
GBP	100,000	z	Digital Stout Holding LLC		2.750		07/19/24		135,366
	200,000		Discovery Communications LLC		2.500		09/20/24		266,149

341

TIAA-CREF FUNDS - International Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,075,000		Enable Midstream Partners LP		4.150	%	09/15/29	$	1,014,371
	1,155,000		Energy Transfer Operating LP		5.250		04/15/29		1,295,264
	600,000		Ensco plc		7.750		02/01/26		315,000
EUR	400,000		FedEx Corp		1.000		01/11/23		457,413
	500,000		FedEx Corp		1.625		01/11/27		591,256
GBP	150,000		Fidelity National Information Services, Inc		1.700		06/30/22		196,644
EUR	375,000		Fidelity National Information Services, Inc		1.100		07/15/24		434,507
	775,000	z	Goldman Sachs Group, Inc		1.375		05/15/24		899,068
$	100,000	g	Hyundai Capital America		2.850		11/01/22		100,763
	500,000	g	Hyundai Capital America		2.750		09/27/26		488,333
EUR	750,000		Illinois Tool Works, Inc		1.250		05/22/23		873,108
	750,000	g	International Game Technology plc		2.375		04/15/28		830,475
	800,000	g	Iron Mountain, Inc		3.000		01/15/25		909,749
$	850,000	g	James Hardie International Finance DAC		4.750		01/15/25		881,739
EUR	500,000	z	JPMorgan Chase & Co		1.638		05/18/28		602,553
	450,000	g	Liberty Mutual Group, Inc		2.750		05/04/26		563,138
	650,000		Liberty Mutual Group, Inc		2.750		05/04/26		813,422
	500,000		McDonald’s Corp		0.900		06/15/26		580,289
$	850,000		MGM Resorts International		4.625		09/01/26		890,375
EUR	670,000		Morgan Stanley		1.342		10/23/26		785,522
GBP	600,000	z	New York Life Global Funding		1.750		12/15/22		791,945
EUR	650,000	g	OI European Group BV		3.125		11/15/24		748,484
	800,000		Parker-Hannifin Corp		1.125		03/01/25		922,453
	500,000		ProLogis LP		3.000		06/02/26		651,815
	500,000	g	Scientific Games International, Inc		3.375		02/15/26		563,042
	750,000		Silgan Holdings, Inc		3.250		03/15/25		853,924
	500,000		Simon International Finance S.C.A		1.250		05/13/25		588,855
	500,000		Stryker Corp		2.125		11/30/27		636,125
	450,000		Stryker Corp		2.625		11/30/30		602,253
	1,100,000		SYSCO Corp		1.250		06/23/23		1,272,405
	700,000		The Procter & Gamble Company		0.625		10/30/24		805,465
	500,000		The Procter & Gamble Company		1.875		10/30/38		681,490
	150,000		Thermo Fisher Scientific, Inc		1.400		01/23/26		177,723
	200,000		Thermo Fisher Scientific, Inc		1.400		01/23/26		236,964
	1,100,000		United Technologies Corp		1.150		05/18/24		1,277,061
	200,000		Verizon Communications, Inc		0.500		06/02/22		226,125
	400,000		Verizon Communications, Inc		1.375		10/27/26		478,185
	400,000		Verizon Communications, Inc		1.875		10/26/29		499,118
	600,000		Walmart, Inc		2.550		04/08/26		772,874
			TOTAL UNITED STATES						47,615,098
			TOTAL CORPORATE BONDS						82,609,917
			(Cost $80,702,670)
GOVERNMENT BONDS -  72.8%
ARGENTINA - 0.1%
$	950,000	†	Argentina Republic Government International Bond		5.625		01/26/22		402,810
			TOTAL ARGENTINA						402,810

342

TIAA-CREF FUNDS - International Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
AUSTRALIA - 1.4%
AUD	1,000,000		Australia Government International Bond		2.250	%	05/21/28	$	755,163
	3,300,000		Australia Government International Bond		3.000		03/21/47		2,932,562
	1,050,000	z	Treasury Corp of Victoria		2.500		10/22/29		786,330
	1,715,000		Western Australian Treasury Corp		2.750		07/24/29		1,303,260
			TOTAL AUSTRALIA						5,777,315
AUSTRIA - 0.5%
EUR	1,725,000	g	Republic of Austria Government International Bond		0.750		02/20/28		2,085,968
			TOTAL AUSTRIA						2,085,968
BELGIUM - 1.1%
	1,950,000	g	Kingdom of Belgium Government International Bond		0.900		06/22/29		2,387,884
	875,000		Kingdom of Belgium Government International Bond		1.250		04/22/33		1,125,099
	630,000	g,z	Kingdom of Belgium Government International Bond		1.700		06/22/50		891,308
			TOTAL BELGIUM						4,404,291
BERMUDA - 0.3%
$	950,000	g	Bermuda Government International Bond		4.750		02/15/29		1,073,500
			TOTAL BERMUDA						1,073,500
BRAZIL - 0.5%
BRL	6,630,000		Brazil Notas do Tesouro Nacional Serie F		10.000		01/01/29		2,049,722
			TOTAL BRAZIL						2,049,722
CANADA - 3.9%
CAD	1,700,000	g	Canada Housing Trust No 1		2.550		12/15/23		1,334,547
	6,160,000		Canadian Government International Bond		1.750		08/01/20		4,679,514
	1,550,000		Canadian Government International Bond		2.250		06/01/29		1,264,902
	1,300,000		Canadian Government International Bond		5.000		06/01/37		1,510,708
	1,650,000		Canadian Government International Bond		2.750		12/01/48		1,593,977
	1,350,000		Hydro-Quebec		4.000		02/15/55		1,420,047
	2,600,000		Province of British Columbia Canada		2.550		06/18/27		2,055,265
	1,600,000		Province of New Brunswick Canada		3.100		08/14/28		1,304,089
	1,000,000		Province of Quebec Canada		2.750		09/01/27		799,028
			TOTAL CANADA						15,962,077
CHINA - 0.3%
CNY	9,500,000		China Government International Bond		4.000		05/22/24		1,413,484
			TOTAL CHINA						1,413,484
COTE D’IVOIRE - 0.5%
EUR	1,000,000	g	Ivory Coast Government International Bond		5.875		10/17/31		1,129,400
	1,000,000	g	Ivory Coast Government International Bond		6.625		03/22/48		1,100,849
			TOTAL COTE D’IVOIRE						2,230,249

343

TIAA-CREF FUNDS - International Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
CROATIA - 0.3%
EUR	1,100,000	z	Croatia Government International Bond		1.125	%	06/19/29	$	1,288,483
			TOTAL CROATIA						1,288,483
CYPRUS - 0.9%
	300,000		Cyprus Government International Bond		2.750		06/27/24		376,284
	1,300,000	z	Cyprus Government International Bond		2.375		09/25/28		1,689,899
	575,000	z	Cyprus Government International Bond		2.750		02/26/34		799,762
	500,000	z	Cyprus Government International Bond		2.750		05/03/49		730,688
			TOTAL CYPRUS						3,596,633
DOMINICAN REPUBLIC - 0.2%
DOP	48,650,000	g	Dominican Republic Government International Bond		8.900		02/15/23		921,265
			TOTAL DOMINICAN REPUBLIC						921,265
ECUADOR - 0.3%
$	1,250,000	g	Ecuador Government International Bond		7.875		03/27/25		1,178,125
			TOTAL ECUADOR						1,178,125
EGYPT - 0.8%
	550,000	g	Egypt Government International Bond		5.577		02/21/23		564,112
EGP	16,250,000		Egypt Government International Bond		15.900		07/02/24		1,059,567
EUR	900,000	g	Egypt Government International Bond		6.375		04/11/31		1,042,816
$	675,000	g	Egypt Government International Bond		8.500		01/31/47		710,850
			TOTAL EGYPT						3,377,345
FRANCE - 3.6%
EUR	400,000		Caisse d’Amortissement de la Dette Sociale		1.375		11/25/24		485,214
	4,500,000		French Republic Government Bond OAT		0.500		05/25/25		5,288,966
	3,775,000		French Republic Government Bond OAT		0.750		11/25/28		4,573,188
	1,250,000		French Republic Government Bond OAT		1.250		05/25/34		1,615,571
	1,850,000	g	French Republic Government Bond OAT		2.000		05/25/48		2,801,524
			TOTAL FRANCE						14,764,463
GERMANY - 0.6%
	1,975,000	j	Bundesrepublik Deutschland Bundesanleihe		0.000		08/15/29		2,293,526
			TOTAL GERMANY						2,293,526
GHANA - 0.4%
$	825,000	g	Ghana Government International Bond		8.125		03/26/32		835,163
	1,000,000	g	Ghana Government International Bond		8.627		06/16/49		999,376
			TOTAL GHANA						1,834,539
GREECE - 2.4%
EUR	2,525,000	g	Hellenic Republic Government International Bond		4.375		08/01/22		3,132,643

344

TIAA-CREF FUNDS - International Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
EUR	1,200,000	g	Hellenic Republic Government International Bond		3.450	%	04/02/24	$	1,516,475
	2,900,000	g	Hellenic Republic Government International Bond		1.875		07/23/26		3,464,613
	1,300,000	g	Hellenic Republic Government International Bond		3.875		03/12/29		1,795,997
			TOTAL GREECE						9,909,728
GUATEMALA - 0.2%
$	775,000	g	Guatemala Government International Bond		6.125		06/01/50		910,633
			TOTAL GUATEMALA						910,633
HONDURAS - 0.4%
	1,375,000	g	Honduras Government International Bond		6.250		01/19/27		1,471,264
			TOTAL HONDURAS						1,471,264
HUNGARY - 0.6%
HUF	745,000,000		Hungary Government International Bond		1.750		10/26/22		2,620,536
			TOTAL HUNGARY						2,620,536
INDIA - 0.1%
$	400,000		Export-Import Bank of India		3.875		03/12/24		418,687
			TOTAL INDIA						418,687
INDONESIA - 1.0%
IDR	13,000,000,000		Indonesia Treasury Bond		8.125		05/15/24		988,103
	22,800,000,000		Indonesia Treasury Bond		7.500		05/15/38		1,616,767
$	1,700,000	g	Perusahaan Penerbit SBSN Indonesia III		3.900		08/20/24		1,791,987
			TOTAL INDONESIA						4,396,857
ISRAEL - 0.9%
ILS	5,250,000		Israel Government International Bond		5.500		01/31/42		2,514,451
	3,200,000		Israel Government International Bond		3.750		03/31/47		1,231,539
			TOTAL ISRAEL						3,745,990
ITALY - 5.3%
EUR	1,075,000		Italy Buoni Poliennali Del Tesoro		0.350		06/15/20		1,203,077
	3,300,000		Italy Buoni Poliennali Del Tesoro		0.050		04/15/21		3,694,176
	4,275,000		Italy Buoni Poliennali Del Tesoro		2.450		10/01/23		5,188,033
	3,950,000		Italy Buoni Poliennali Del Tesoro		1.250		12/01/26		4,599,581
	1,575,000	g	Italy Buoni Poliennali Del Tesoro		2.950		09/01/38		2,121,723
	900,000	g	Italy Buoni Poliennali Del Tesoro		3.450		03/01/48		1,332,633
	1,050,000	g	Italy Buoni Poliennali Del Tesoro		3.850		09/01/49		1,651,021
$	1,000,000		Republic of Italy Government International Bond		2.375		10/17/24		992,952
	1,000,000		Republic of Italy Government International Bond		4.000		10/17/49		1,002,978
			TOTAL ITALY						21,786,174
JAPAN - 14.6%
JPY	13,000,000		Japan Finance Organization for Municipalities		0.440		08/15/25		123,947

345

TIAA-CREF FUNDS - International Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
JPY	21,000,000		Japan Finance Organization for Municipalities		0.320	%	01/19/26	$	199,194
	30,000,000		Japan Finance Organization for Municipalities		0.145		02/16/26		281,567
	14,000,000		Japan Finance Organization for Municipalities		0.020		05/22/26		130,381
	119,600,000		Japan Government Five Year Bond		0.100		06/20/20		1,109,655
	628,000,000		Japan Government Five Year Bond		0.100		06/20/23		5,893,180
	650,450,000		Japan Government Ten Year Bond		0.100		09/20/26		6,182,860
	557,000,000		Japan Government Ten Year Bond		0.100		06/20/28		5,310,253
	335,000,000		Japan Government Ten Year Bond		0.100		06/20/29		3,182,966
	525,950,000		Japan Government Thirty Year Bond		2.500		09/20/34		6,632,922
	457,700,000		Japan Government Thirty Year Bond		0.500		09/20/46		4,415,586
	249,600,000		Japan Government Twenty Year Bond		1.900		03/22/21		2,379,023
	340,000,000		Japan Government Twenty Year Bond		2.100		03/20/26		3,630,022
	229,000,000		Japan Government Twenty Year Bond		1.800		09/20/31		2,590,695
	117,000,000		Japan Government Twenty Year Bond		1.700		03/20/32		1,317,933
	278,000,000		Japan Government Twenty Year Bond		0.600		12/20/36		2,774,334
	256,000,000		Japan Government Twenty Year Bond		0.500		06/20/38		2,506,755
	660,000,000		Japan Government Twenty Year Bond		0.700		09/20/38		6,679,683
	510,000,000		Japan Government Twenty Year Bond		0.300		06/20/39		4,799,907
			TOTAL JAPAN						60,140,863
KAZAKHSTAN - 0.3%
EUR	1,250,000	g	Kazakhstan Government International Bond		1.500		09/30/34		1,390,230
			TOTAL KAZAKHSTAN						1,390,230
KENYA - 0.2%
$	750,000	g	Kenya Government International Bond		7.000		05/22/27		786,829
			TOTAL KENYA						786,829
KOREA, REPUBLIC OF - 3.9%
	500,000		Export-Import Bank of Korea		3.000		11/01/22		513,757
	500,000	g	Korea Housing Finance Corp		2.000		10/11/21		498,629
KRW	5,764,500,000		Korea Treasury Bond		1.375		09/10/21		4,946,920
	2,220,000,000		Korea Treasury Bond		2.250		09/10/23		1,956,204
	1,800,000,000		Korea Treasury Bond		1.500		12/10/26		1,525,982
	2,655,000,000		Korea Treasury Bond		2.625		06/10/28		2,441,226
	1,600,000,000		Korea Treasury Bond		2.375		12/10/28		1,449,916
	2,815,000,000		Korea Treasury Bond		2.375		09/10/38		2,679,558
			TOTAL KOREA, REPUBLIC OF						16,012,192
LATVIA - 0.4%
EUR	1,100,000	z	Latvia Government International Bond		1.875		02/19/49		1,540,687
			TOTAL LATVIA						1,540,687
LEBANON - 0.2%
$	1,400,000	z	Lebanon Government International Bond		6.850		03/23/27		771,086
			TOTAL LEBANON						771,086

346

TIAA-CREF FUNDS - International Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
LITHUANIA - 0.3%
EUR	1,100,000	z	Republic of Lithuania		0.500	%	06/19/29	$	1,274,800
			TOTAL LITHUANIA						1,274,800
MALAYSIA - 0.6%
MYR	8,200,000		Malaysia Government International Bond		4.893		06/08/38		2,253,603
			TOTAL MALAYSIA						2,253,603
MEXICO - 0.8%
MXN	23,500,000		Mexican Bonos		5.750		03/05/26		1,162,655
	13,800,000		Mexican Bonos		7.750		05/29/31		767,194
EUR	1,100,000		Mexico Government International Bond		1.625		04/08/26		1,281,044
			TOTAL MEXICO						3,210,893
NETHERLANDS - 0.6%
	1,075,000	g	Netherlands Government International Bond		2.000		07/15/24		1,346,350
	975,000	g	Netherlands Government International Bond		0.750		07/15/28		1,193,335
			TOTAL NETHERLANDS						2,539,685
NEW ZEALAND - 0.5%
NZD	1,700,000		New Zealand Government International Bond		3.000		04/20/29		1,252,511
	1,100,000		New Zealand Government International Bond		2.750		04/15/37		817,826
			TOTAL NEW ZEALAND						2,070,337
NIGERIA - 0.3%
$	1,325,000	g	Nigeria Government International Bond		6.500		11/28/27		1,329,200
			TOTAL NIGERIA						1,329,200
NORWAY - 0.8%
NOK	14,000,000	z	Kommunalbanken AS.		1.750		10/15/29		1,485,661
	16,900,000	g	Norway Government International Bond		1.750		09/06/29		1,903,785
			TOTAL NORWAY						3,389,446
PANAMA - 0.3%
$	1,000,000	g	Panama Notas del Tesoro		3.750		04/17/26		1,041,500
			TOTAL PANAMA						1,041,500
PARAGUAY - 0.3%
	925,000	g	Paraguay Government International Bond		5.400		03/30/50		1,047,572
			TOTAL PARAGUAY						1,047,572
PERU - 0.4%
PEN	4,480,000	g	Peruvian Government International Bond		8.200		08/12/26		1,696,421
			TOTAL PERU						1,696,421

347

TIAA-CREF FUNDS - International Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
PHILIPPINES - 0.9%
PHP	40,000,000		Philippine Government International Bond		3.900	%	11/26/22	$	784,898
EUR	1,350,000		Philippine Government International Bond		0.875		05/17/27		1,547,127
$	1,250,000		Philippine Government International Bond		3.750		01/14/29		1,387,632
			TOTAL PHILIPPINES						3,719,657
POLAND - 1.4%
PLN	4,750,000		Republic of Poland Government International Bond		2.250		04/25/22		1,264,399
	8,810,000		Republic of Poland Government International Bond		2.500		04/25/24		2,383,391
	7,745,000		Republic of Poland Government International Bond		2.750		04/25/28		2,153,450
			TOTAL POLAND						5,801,240
PORTUGAL - 0.6%
EUR	1,800,000	g	Portugal Obrigacoes do Tesouro OT		1.950		06/15/29		2,349,825
			TOTAL PORTUGAL						2,349,825
QATAR - 0.3%
$	1,050,000	g	Qatar Government International Bond		4.817		03/14/49		1,288,875
			TOTAL QATAR						1,288,875
REPUBLIC OF SERBIA - 0.5%
EUR	600,000	g	Serbia Government International Bond		1.500		06/26/29		689,134
RSD	120,000,000		Serbia Treasury Bonds		5.875		02/08/28		1,375,908
			TOTAL REPUBLIC OF SERBIA						2,065,042
SAUDI ARABIA - 0.6%
$	2,000,000	g	Saudi Government International Bond		4.500		04/17/30		2,268,136
			TOTAL SAUDI ARABIA						2,268,136
SENEGAL - 0.3%
EUR	1,000,000	g	Senegal Government International Bond		4.750		03/13/28		1,153,802
			TOTAL SENEGAL						1,153,802
SINGAPORE - 0.2%
SGD	1,300,000		Singapore Government International Bond		2.625		05/01/28		1,023,021
			TOTAL SINGAPORE						1,023,021
SOUTH AFRICA - 0.5%
ZAR	10,700,000		South Africa Government International Bond		10.500		12/21/26		776,896
	16,500,000		South Africa Government International Bond		7.000		02/28/31		910,084
	7,800,000		South Africa Government International Bond		8.750		01/31/44		452,486
			TOTAL SOUTH AFRICA						2,139,466
SPAIN - 4.1%
EUR	1,100,000	z	Autonomous Community of Madrid Spain		1.571		04/30/29		1,365,156

348

TIAA-CREF FUNDS - International Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
EUR	2,985,000		Spain Government International Bond		0.400	%	04/30/22	$	3,396,331
	4,600,000	g	Spain Government International Bond		2.750		10/31/24		5,889,203
	1,095,000	g	Spain Government International Bond		1.400		07/30/28		1,354,928
	1,525,000	g	Spain Government International Bond		0.600		10/31/29		1,763,136
	1,100,000	g	Spain Government International Bond		1.850		07/30/35		1,447,764
	1,425,000	g	Spain Government International Bond		2.700		10/31/48		2,212,439
			TOTAL SPAIN						17,428,957
SRI LANKA - 0.2%
$	1,000,000	g	Sri Lanka Government International Bond		6.850		03/14/24		1,029,920
			TOTAL SRI LANKA						1,029,920
SUPRANATIONAL - 2.4%
	750,000	z	African Export-Import Bank		5.250		10/11/23		809,072
NOK	9,000,000		Asian Development Bank		1.683		01/16/24		970,456
$	1,250,000	g	Banque Ouest Africaine de Developpement		4.700		10/22/31		1,258,469
EUR	825,000		European Stability Mechanism		1.000		09/23/25		991,737
AUD	2,150,000		Inter-American Development Bank		4.750		08/27/24		1,720,321
NZD	1,577,000		International Bank for Reconstruction & Development		3.375		01/25/22		1,057,097
AUD	4,100,000		International Bank for Reconstruction & Development		2.200		02/27/24		2,934,202
			TOTAL SUPRANATIONAL						9,741,354
SWEDEN - 0.6%
SEK	6,750,000		Kommuninvest I Sverige AB		1.000		05/12/25		726,383
	11,605,000		Sweden Government International Bond		2.250		06/01/32		1,542,369
			TOTAL SWEDEN						2,268,752
THAILAND - 1.5%
THB	29,000,000		Thailand Government International Bond		3.650		12/17/21		1,004,986
	60,500,000		Thailand Government International Bond		2.400		12/17/23		2,083,063
	79,700,000		Thailand Government International Bond		3.300		06/17/38		3,330,391
			TOTAL THAILAND						6,418,440
UKRAINE - 0.6%
UAH	31,000,000		Ukraine Government International Bond		17.000		05/11/22		1,284,150
EUR	1,000,000	g	Ukraine Government International Bond		6.750		06/20/26		1,232,324
			TOTAL UKRAINE						2,516,474
UNITED ARAB EMIRATES - 0.3%
$	1,250,000	g	Abu Dhabi Government International Bond		2.500		09/30/29		1,243,232
			TOTAL UNITED ARAB EMIRATES						1,243,232
UNITED KINGDOM - 6.2%
GBP	4,950,000		United Kingdom Gilt		0.500		07/22/22		6,425,669
	2,425,000		United Kingdom Gilt		1.625		10/22/28		3,443,368

349

TIAA-CREF FUNDS - International Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
GBP	1,230,000		United Kingdom Gilt		4.750	%	12/07/30	$	2,297,833
	3,350,000		United Kingdom Gilt		1.750		09/07/37		4,857,976
	3,035,000		United Kingdom Gilt		1.500		07/22/47		4,283,381
	975,000		United Kingdom Gilt		1.625		10/22/54		1,460,765
	1,600,000		United Kingdom Gilt		1.750		07/22/57		2,529,880
			TOTAL UNITED KINGDOM						25,298,872
URUGUAY - 0.1%
UYU	21,800,000	g	Uruguay Government International Bond		8.500		03/15/28		483,333
			TOTAL URUGUAY						483,333
UZBEKISTAN - 0.4%
$	1,450,000	g	Republic of Uzbekistan Government International Bond		4.750		02/20/24		1,522,371
			TOTAL UZBEKISTAN						1,522,371
			TOTAL GOVERNMENT BONDS						300,169,777
			(Cost $286,836,283)
			TOTAL BONDS						382,779,694
			(Cost $367,538,953)
SHORT-TERM INVESTMENTS - 2.8%
EGYPT - 1.0%
EGP	34,350,000	j	Egypt Treasury Bill		0.000		03/03/20		2,022,831
	17,200,000	j	Egypt Treasury Bill		0.000		04/28/20		990,609
	19,525,000	j	Egypt Treasury Bill		0.000		05/12/20		1,118,283
			TOTAL EGYPT						4,131,723
NIGERIA - 0.8%
NGN	615,000,000	j	Nigeria OMO Bill		0.000		12/05/19		1,680,643
	610,000,000	j	Nigeria OMO Bill		0.000		01/09/20		1,647,632
			TOTAL NIGERIA						3,328,275
UNITED STATES - 1.0%
$	4,080,000		Federal Home Loan Bank (FHLB)		1.500		11/01/19		4,080,000
			TOTAL UNITED STATES						4,080,000
			TOTAL SHORT-TERM INVESTMENTS						11,539,998
			(Cost $11,292,279)
			TOTAL INVESTMENTS - 97.1%						400,315,253
			(Cost $385,044,927)
			OTHER ASSETS & LIABILITIES, NET - 2.9%						11,860,004
			NET ASSETS - 100.0%					$	412,175,257

350

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
HUF	Hungarian Forint
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
UAH	Ukrainian Hryvnia
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, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/19, the aggregate value of these securities is $100,354,646 or 24.3% of net assets.
i	Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.
j	Zero coupon
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).

351

TIAA-CREF FUNDS - International Bond Fund

Forward foreign currency contracts outstanding as of October 31, 2019 were as follows:

Currency to be purchased	Receive	Currency to be sold	Deliver	Counterparty	Settlement date	Unrealized appreciation (depreciation)
$	634,005	EUR	571,017	Australia and New Zealand Banking Group	11/12/19	$	(3,378	)
$	148,161,895	EUR	132,677,621	Australia and New Zealand Banking Group	01/31/20		(756,751	)
$	3,144,816	NZD	4,945,806	Australia and New Zealand Banking Group	01/31/20		(31,382	)
$	1,024,403	SGD	1,394,760	Australia and New Zealand Banking Group	01/31/20		(1,873	)
AUD	3,043,792	$	2,101,972	Australia and New Zealand Banking Group	01/31/20		1,044
EUR	571,017	$	628,106	Australia and New Zealand Banking Group	11/12/19		9,277
EUR	4,019,790	$	4,509,573	Australia and New Zealand Banking Group	01/31/20		2,278
Total						$	(780,785	)
$	3,807,960	ILS	13,358,004	Bank of America	01/31/20	$	(615	)
$	4,347,161	NOK	40,099,526	Bank of America	01/31/20		(15,395	)
Total						$	(16,010	)
$	10,430,432	AUD	15,176,483	Citibank, N.A.	01/31/20	$	(55,302	)
$	29,374,049	GBP	22,702,124	Citibank, N.A.	01/31/20		(120,782	)
$	1,303,649	HUF	384,226,915	Citibank, N.A.	01/31/20		(7,196	)
$	4,366,410	PLN	16,792,021	Citibank, N.A.	01/31/20		(31,284	)
$	3,226,461	THB	97,430,095	Citibank, N.A.	01/31/20		(3,765	)
Total						$	(218,329	)
$	581,945	ZAR	8,587,532	Morgan Stanley	01/31/20	$	20,569
$	15,960,229	CAD	20,861,424	Toronto Dominion Bank	01/31/20	$	113,863
$	51,748,923	JPY	5,599,373,214	Toronto Dominion Bank	01/31/20		(422,131	)
$	14,974,040	KRW	17,540,590,348	Toronto Dominion Bank	01/31/20		(48,090	)
$	2,246,807	SEK	21,702,565	Toronto Dominion Bank	01/31/20		(12,574	)
Total						$	(368,932	)
Total						$	(1,363,487	)

Abbreviation(s):

AUD	Australian Dollar
CAD	Canadian Dollar
EUR	Euro
GBP	Pound Sterling
HUF	Hungarian Forint
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

352

TIAA-CREF FUNDS - International Bond Fund

TIAA-CREF FUNDS

INTERNATIONAL BOND FUND

CONSOLIDATED SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

October 31, 2019

			% OF
SECTOR	VALUE		NET ASSETS
GOVERNMENT	$	300,169,777		72.8	%
FINANCIALS		20,444,850		5.0
HEALTH CARE		12,148,650		3.0
INDUSTRIALS		11,127,000		2.7
COMMUNICATION SERVICES		7,469,982		1.8
CONSUMER DISCRETIONARY		7,068,820		1.7
MATERIALS		6,941,013		1.7
INFORMATION TECHNOLOGY		5,481,470		1.3
ENERGY		4,966,196		1.2
REAL ESTATE		4,711,448		1.1
CONSUMER STAPLES		4,182,200		1.0
UTILITIES		4,063,849		1.0
SHORT-TERM INVESTMENTS		11,539,998		2.8
OTHER ASSETS & LIABILITIES, NET		11,860,004		2.9
NET ASSETS	$	412,175,257		100.0	%

353

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of TIAA-CREF Funds and Shareholders of TIAA-CREF Growth & Income Fund, TIAA-CREF Large-Cap Growth Fund, TIAA-CREF Large-Cap Value Fund, TIAA-CREF Mid-Cap Growth Fund, TIAA-CREF Mid-Cap Value Fund, TIAA-CREF Quant Large-Cap Growth Fund, TIAA-CREF Quant Large-Cap Value Fund, TIAA-CREF Quant Small-Cap Equity Fund, TIAA-CREF Quant Small/Mid-Cap Equity Fund, TIAA-CREF Social Choice Equity Fund, TIAA-CREF Social Choice Low Carbon Equity Fund, TIAA-CREF Emerging Markets Equity Fund, TIAA-CREF International Equity Fund, TIAA-CREF International Opportunities Fund, TIAA-CREF Quant International Equity Fund, TIAA-CREF Quant International Small-Cap Equity Fund and TIAA-CREF Social Choice International Equity Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the summary portfolios of investments, of TIAA-CREF Growth & Income Fund, TIAA-CREF Large-Cap Growth Fund, TIAA-CREF Large-Cap Value Fund, TIAA-CREF Mid-Cap Growth Fund, TIAA-CREF Mid-Cap Value Fund, TIAA-CREF Quant Large-Cap Growth Fund, TIAA-CREF Quant Large-Cap Value Fund, TIAA-CREF Quant Small-Cap Equity Fund, TIAA-CREF Quant Small/Mid-Cap Equity Fund, TIAA-CREF Social Choice Equity Fund, TIAA-CREF Social Choice Low Carbon Equity Fund, TIAA-CREF Emerging Markets Equity Fund, TIAA-CREF International Equity Fund, TIAA-CREF International Opportunities Fund, TIAA-CREF Quant International Equity Fund, TIAA-CREF Quant International Small-Cap Equity Fund and TIAA-CREF Social Choice International Equity Fund (seventeen of the funds constituting TIAA-CREF Funds, hereafter collectively referred to as the “Funds”) as of October 31, 2019, the related statements of operations for the year ended October 31, 2019, the statements of changes in net assets for each of the two years in the period ended October 31, 2019, including the related notes, and the financial highlights for each of the periods indicated therein (included in Item 1 of this Form N-CSR) and the schedule of investments (included in Item 6 of this Form N-CSR) as of October 31, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2019, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2019, and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

354

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2019 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Baltimore, Maryland

December 18, 2019

We have served as the auditor of one or more investment companies in TIAA-CREF Funds’ investment company group since 2005.

355

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of TIAA-CREF Funds and Shareholders of TIAA-CREF Equity Index Fund, TIAA-CREF Large-Cap Growth Index Fund, TIAA-CREF Large-Cap Value Index Fund, TIAA-CREF S&P 500 Index Fund, TIAA-CREF Small-Cap Blend Index Fund, TIAA-CREF Emerging Markets Equity Index Fund and TIAA-CREF International Equity Index Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the summary portfolios of investments, of TIAA-CREF Equity Index Fund, TIAA-CREF Large-Cap Growth Index Fund, TIAA-CREF Large-Cap Value Index Fund, TIAA-CREF S&P 500 Index Fund, TIAA-CREF Small-Cap Blend Index Fund, TIAA-CREF Emerging Markets Equity Index Fund, and TIAA-CREF International Equity Index Fund (seven of the funds constituting TIAA-CREF Funds, hereafter collectively referred to as the “Funds”) as of October 31, 2019, the related statements of operations for the year ended October 31, 2019, the statements of changes in net assets for each of the two years in the period ended October 31, 2019, including the related notes, and the financial highlights for each of the periods indicated therein (included in Item 1 of this Form N-CSR) and the schedule of investments (included in Item 6 of this Form N-CSR) as of October 31, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2019, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2019, and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

356

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2019 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Baltimore, Maryland

December 18, 2019

We have served as the auditor of one or more investment companies in TIAA-CREF Funds’ investment company group since 2005.

357

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of TIAA-CREF Funds and Shareholders of TIAA-CREF Emerging Markets Debt Fund and TIAA-CREF International Bond Fund

Opinions on the Financial Statements

We have audited the (i) accompanying statement of assets and liabilities, including the summary portfolio of investments, of TIAA-CREF Emerging Markets Debt Fund as of October 31, 2019, the related statement of operations for the year ended October 31, 2019, the statement of changes in net assets for each of the two years in the period ended October 31, 2019, including the related notes, and the financial highlights for each of the periods indicated therein (included in Item 1 of this Form N-CSR) and the schedule of investments (included in Item 6 of this Form N-CSR) as of October 31, 2019, and (ii) the accompanying consolidated statement of assets and liabilities, including the consolidated summary portfolio of investments, of TIAA-CREF International Bond Fund as of October 31, 2019, the related consolidated statement of operations for the year ended October 31, 2019, the consolidated statement of changes in net assets for each of the two years in the period ended October 31, 2019, including the related notes, and the consolidated financial highlights for each of the periods indicated therein (included in Item 1 of this Form N-CSR) and the schedule of investments (included in Item 6 of this Form N-CSR) as of October 31, 2019 (two of the funds constituting TIAA-CREF Funds, hereafter collectively referred to as the “Funds”) (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2019, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2019, and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

358

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2019 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Baltimore, Maryland

December 18, 2019

We have served as the auditor of one or more investment companies in TIAA-CREF Funds’ investment company group since 2005.

359

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not Applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not Applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not Applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

Item 11. Controls and Procedures.

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

(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s annual period covered by this report that materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Exhibits.

12(a)(1) Copy of current SOX code of ethics for Senior Financial Officers

12(a)(2)(i) Section 302 certification of the principal executive officer

12(a)(2)(ii) Section 302 certification of the principal financial officer

12(b) Section 906 certification of principal executive officer and principal financial officer

SIGNATURES

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

	TIAA-CREF FUNDS
Dated: December 18, 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: December 18, 2019	By:	/s/Bradley Finkle
		Bradley Finkle
		Principal Executive Officer and President
		(principal executive officer)
Dated: December 18, 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)(1) Copy of current SOX code of ethics for Senior Financial Officers

12(a)(2)(i) Section 302 certification of the principal executive officer

12(a)(2)(ii) Section 302 certification of the principal financial officer

12(b) Section 906 certification of principal executive officer and principal financial officer