UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number File No. 811-09301

TIAA-CREF FUNDS

(Exact Name of Registrant as specified in charter)

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

(Address of Principal Executive Offices) (Zip code)

Jeremy D. Franklin, Esq.

TIAA-CREF Funds

8500 Andrew Carnegie Blvd.

Charlotte, N.C. 28262-8500

(Name and address of agent for service)

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

Date of fiscal year end: October 31

Date of reporting period: April 30, 2020

Item 1. Reports to Stockholders.

TIAA-CREF
Funds April 30,
2020

TIAA-CREF
Equity Funds

The semiannual report contains the financial statements (unaudited).

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

Semiannual Report

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

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

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

Contents

Understanding this report	3
Letter to investors	4
Market monitor	6
Information for investors	7
About the funds’ benchmarks	8
Important information about expenses	9
Fund performance
Growth & Income Fund	10
Large-Cap Growth Fund	12
Large-Cap Value Fund	14
Mid-Cap Growth Fund	16
Mid-Cap Value Fund	18
Quant Large-Cap Growth Fund	20
Quant Large-Cap Value Fund	22
Quant Small-Cap Equity Fund	24
Quant Small/Mid-Cap Equity Fund	26
Social Choice Equity Fund	28
Social Choice Low Carbon Equity Fund	30
Emerging Markets Equity Fund	32
International Equity Fund	34
International Opportunities Fund	36
Quant International Equity Fund	38
Quant International Small-Cap Equity Fund	40
Social Choice International Equity Fund	42
Summary portfolios of investments	44
Financial statements (unaudited)
Statements of assets and liabilities	82
Statements of operations	90
Statements of changes in net assets	94
Financial highlights	100
Notes to financial statements	130
Approval of investment management agreement	140
Liquidity risk management program	147
Additional information about index providers	148
How to reach us	Inside back cover

Understanding this report

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

This semiannual report contains information about certain TIAA-CREF Funds and describes their results for the six months ended April 30, 2020. The report contains four main sections:

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

• The fund performance section compares each fund’s investment returns with those of its benchmark index.

• The summary portfolios of investments list the industries and types of securities in which each fund had investments as of April 30, 2020.

• 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  ■  2020 Semiannual Report 3

 

Brad Finkle

Letter to investors

Domestic and foreign stock markets recorded declines for the six months ended April 30, 2020. The COVID-19 pandemic, which first appeared in December 2019 and spread around the world in the following months, shook financial markets as containment efforts, such as the closure of nonessential businesses, drastically slowed economic activity. After a decade-long period of growth, the U.S. economy contracted during the first quarter of 2020. The U.S. Federal Reserve, along with other central banks, lowered benchmark interest rates and implemented stimulus measures to support their economies. For the six months:

• The Russell 3000^® Index, which measures the performance of the broad U.S. stock market, returned –4.3%. Please see page 8 for benchmark definitions.

• The MSCI EAFE^® Index, which tracks stocks in 21 developed-markets nations outside North America, returned –14.2%.

• The MSCI Emerging Markets Index, which represents the performance of stocks in 26 developing nations, returned –10.5%.

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

COVID-19 pandemic jolted U.S. economy, sent stocks lower

Domestic stocks rose during the first three months of the period as investor confidence remained strong. But the virus and efforts to contain it rattled the economy and markets. The nation’s activity slowed considerably as U.S. businesses closed and states issued stay-at-home advisories. The unemployment rate, which had dropped to a 50-year low early in the period, rose sharply in April 2020. The pace of inflation eased during the period and oil prices plunged as global demand shrank.

The Fed lowered short-term interest rates twice in March 2020, while Congress enacted a $2.2 trillion stimulus plan to help support the economy. April was a small bright spot as stock markets recovered some ground and volatility subsided.

For the six months, large-cap equities outperformed small caps, and growth shares outpaced value stocks across all market capitalizations. Large-cap growth was the only investment style to post positive results. (Returns by investment style and capitalization size are based on the Russell indexes.)

Equities in international developed markets fell as global pandemic spread

International developed stock markets were also hurt by the economic impact of COVID-19. The economy of the 19-nation euro area contracted in the first quarter of 2020, as did that of the United Kingdom.

The European Central Bank responded by launching a temporary asset purchase program to support the economy. The Bank of England lowered its benchmark interest rate to 0.10%.

Emerging markets outperformed foreign developed markets but trailed U.S. equities

Emerging-markets stocks advanced early on, but they posted losses for the period as the virus proliferated. Broad emerging-markets declines led to negative returns in 24 of the 26 countries tracked by the MSCI Emerging Markets Index. However, stocks in China—which account for nearly 40.0% of the index’s weighting—advanced for the period. Those gains were achieved despite a Chinese economy that contracted 6.8% year-on-year during the first quarter of 2020.

4 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Six funds outpaced their benchmarks

Two of the 17 TIAA-CREF Funds generated gains during the period, while six exceeded the returns of their respective benchmarks. Performance for the six months ranged from 7.3% for the Large-Cap Growth Fund to –21.9% for the Mid-Cap Value Fund. (All fund returns are for the Institutional Class.)

Large-cap growth stocks produced the best results—and the only positive performance—for the period. The Large-Cap Growth Fund advanced 7.3%, surpassing its benchmark, the Russell 1000^® Growth Index. The Quant Large-Cap Growth Fund gained 4.5% but trailed the same benchmark.

Among funds investing in mid-sized stocks, the Mid-Cap Growth Fund returned –2.1%, underperforming its benchmark. The Mid-Cap Value Fund’s performance also trailed that of its benchmark.

The Social Choice Low Carbon Equity Fund returned –3.3%, while the Social Choice Equity Fund fell 3.5%. However, both outpaced their shared Russell 3000 Index benchmark.

The Growth & Income Fund returned –4.9%, trailing its benchmark, the S&P 500^® Index. The Large-Cap Value Fund declined 13.4% but outperformed its benchmark, the Russell 1000 Value Index. The Quant Large-Cap Value Fund returned –14.5%, lagging the same benchmark.

The Quant Small/Mid-Cap Equity Fund and the Quant Small-Cap Equity Fund both underperformed their benchmarks, returning –16.5% and –20.8%, respectively.

Turning to foreign stock funds, the International Opportunities Fund returned –6.2% but outpaced its benchmark, the MSCI All Country World (ACWI) ex USA Index. The International Equity Fund and the Quant International Equity Fund both modestly trailed their shared benchmark, the MSCI EAFE Index, with returns of –14.5% and –14.4%, respectively. The Social Choice International Equity Fund returned –13.8% but outperformed the same benchmark.

The Emerging Markets Equity Fund returned –13.4% and the Quant International Small-Cap Equity Fund returned –20.4%. Both trailed their respective benchmarks.

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

Maintaining focus during challenging times

Most of us have never experienced anything quite like recent global events. The COVID-19 pandemic has changed our everyday way of life in just a few months. Likewise, economies and financial markets reacted to the virus with remarkable speed and scale.

Investors often feel the need to take action in unsettling times and may reevaluate their investment decisions when major market fluctuations occur. However, it’s important for those with thoughtful, diversified financial plans in place to be mindful of their long-term goals and time horizons. In most cases, the wisest decision may be to stick to your existing roadmap. Emotional responses to an uncertain market environment can create added risk and make it harder to achieve your investment objectives.

For more than a century, TIAA has helped investors achieve their long-term financial goals through all types of market conditions. No matter what happens, we are always here to support your investment needs. If you have any questions or would like to discuss your current portfolio, I encourage you to contact your financial advisor or call a TIAA financial consultant at 800-842-2252. We 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  ■  2020 Semiannual Report 5

Market monitor

Global equities declined amid COVID-19 pandemic

For the six months ended April 30, 2020, U.S. and foreign stock markets posted losses as the COVID-19 pandemic shook economies around the world. The Russell 3000^® Index, a broad measure of U.S. stock market performance, fell 4.3%. International developed markets and emerging markets both recorded steeper declines.

Virus halted economy, drove unemployment sharply higher

The U.S. economy, which grew at a steady pace early in the period, was rattled by the pandemic and aggressive governmental efforts to limit the spread of the virus. Nonessential businesses across the country closed temporarily, and most states advised their residents to stay at home. Real gross domestic product (GDP), which measures the value of all goods and services produced in the nation, grew at an annualized rate of 2.1% in the fourth quarter of 2019. But GDP contracted by 4.8% in the first quarter of 2020, according to the government’s “advance” estimate. Consumer spending, which accounts for two-thirds of all economic activity, fell 7.5% in March 2020.

The unemployment rate, which reached a 50-year low toward the end of 2019, spiked to 14.7% in April 2020. Nonfarm payroll employment dropped by an unprecedented 20.5 million jobs in April, with steep job declines seen in all major industry sectors.

The pace of inflation eased during the six-month period. Annualized core inflation, which includes all items except food and energy, rose only 1.4% in April. Oil prices fell sharply as global demand contracted. The price per barrel of West Texas Intermediate crude oil tumbled from $56 on November 1, 2019, to just over $19 on April 30, 2020. The U.S. dollar generally gained against other major currencies.

Large-cap equities and growth shares performed best

Among U.S. stock market investment styles, large-cap shares outperformed small- and mid-cap equities, while growth stocks performed better than value shares in all size categories. Large-cap stocks declined 3.6%, while mid-cap and small-cap equities fell 11.6% and 15.5%, respectively. Among large-cap stocks, growth shares gained 6.1%, while value equities fell 13.7%. Mid-cap growth shares declined 1.8%, while mid-cap value stocks fell 18.1%. In the small-cap category, growth and value stocks declined 7.6% and 23.4%, respectively. (Returns by investment style and capitalization size are based on the Russell indexes.)

International equities in both developed and emerging markets gained ground in the first half of the period but suffered larger setbacks over the final three months. The MSCI EAFE^® Index, which tracks stock performance in 21 developed-markets countries outside North America, declined 14.2% for the six months. The MSCI Emerging Markets Index fell 10.5%.

Stocks started out strong before pandemic spread

The U.S. stock market rallied over the first three months of the period but absorbed sharp declines in February and March of 2020 as the economic impact of the pandemic became more pronounced. Equities recovered some ground in April, largely in response to aggressive monetary and fiscal action intended to support the economy. The Federal Reserve cut the federal funds target rate twice in March, reducing the key short-term interest-rate measure to 0.00%–0.25%. Congress also enacted a $2.2 trillion stimulus plan aimed at businesses, individuals and state and local governments.

Economies around the world were upended as the pandemic spread and governments responded. The 19-nation euro area’s economy contracted by 3.8% during the first three months of 2020, compared with the fourth quarter of 2019. Germany, France, Spain and Italy—countries with the area’s largest individual economies—were all hit hard by the virus. China’s economy also saw a sharp decline, contracting by 6.8% year-on-year during the first quarter of 2020. The European Central Bank launched a temporary asset purchase program to support the region’s economy. The Bank of England lowered its benchmark interest rate to 0.10%.

Equities generally declined for the six-month period

U.S. large-cap growth stocks gained while other major sectors and markets were negative

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. Six-month returns as of April 30, 2020.

6 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Information for investors

Portfolio holdings

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

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

• By visiting our website at TIAA.org; or

• By calling us at 800-842-2252 to request a copy, which will be provided free of charge.

You can also obtain a complete list of the TIAA-CREF Funds’ portfolio holdings as of the most recently completed fiscal quarter, and for prior quarter-ends, from our SEC Form N-CSR and Form N-PORT filings. Form N-CSR filings are as of October 31 or April 30; Form N-PORT 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  ■  2020 Semiannual Report 7

About the funds’ benchmarks

Broad market indexes

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

The MSCI All Country World ex USA Index measures the performance of large- and mid-cap stocks in 48 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 26 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 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Important information about expenses

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

The expense examples that appear in this report are intended to help you understand your ongoing costs only (in U.S. dollars) and do not reflect transactional costs. The examples are designed to help you compare these ongoing costs with the ongoing costs of investing in other mutual funds.

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (November 1, 2019–April 30, 2020).

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  ■  2020 Semiannual Report 9

Growth & Income Fund

Expense example

Six months ended April 30, 2020

Growth & Income Fund	Beginning account value (11/1/19)	Ending account value (4/30/20)	Expenses paid during period* (11/1/19– 4/30/20)
Actual return
Institutional Class	$1,000.00	$  950.59	$1.94
Advisor Class	1,000.00	950.24	2.28
Premier Class	1,000.00	949.75	2.67
Retirement Class	1,000.00	948.72	3.15
Retail Class	1,000.00	949.27	3.34
Class W	1,000.00	952.14	0.00
5% annual hypothetical return
Institutional Class	1,000.00	1,022.87	2.01
Advisor Class	1,000.00	1,022.53	2.36
Premier Class	1,000.00	1,022.13	2.77
Retirement Class	1,000.00	1,021.63	3.27
Retail Class	1,000.00	1,021.43	3.47
Class W	1,000.00	1,024.86	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 182/366. There were 182 days in the six months ended April 30, 2020. The Fund’s annualized six-month expense ratios for that period were 0.40% for the Institutional Class, 0.47% 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
	% of net assets
Sector	as of 4/30/2020
Information technology	26.1
Health care	16.4
Communication services	11.0
Consumer discretionary	10.1
Financials	9.3
Industrials	8.8
Consumer staples	7.9
Materials	3.3
Utilities	2.8
Energy	2.3
Real estate	1.8
Short-term investments, other assets & liabilities, net	0.2
Total	100.0

Performance for the six months ended April 30, 2020

The Growth & Income Fund returned –4.94% for the Institutional Class, compared with the –3.16% return of its benchmark, the S&P 500^®  Index. For the one-year period ended April 30, 2020, the Fund returned –3.20% versus 0.86% for the index. The performance table shows returns for all share classes of the Fund.

U.S. stocks declined as COVID-19 pandemic rattled economy

After several years of expansion, the U.S. economy reversed course and contracted in the first quarter of 2020, shaken by efforts to limit the spread of the COVID-19 pandemic. Unemployment, which had reached a 50-year low in late 2019, jumped to 14.7% in April as many U.S. businesses closed temporarily and most states urged residents to remain at home. Core inflation, which includes all items except food and energy, rose only 1.4%, while oil prices fell sharply during the six months.

Stock markets declined for the period, hit hard in February and March of 2020 before recovering some ground in April. The Federal Reserve reduced the federal funds target rate twice in March 2020, cutting the key short-term interest-rate measure to 0.00%–0.25%. Congress also enacted a $2.2 trillion stimulus plan to support the economy.

For the six months, the large-cap-oriented S&P 500 Index held up better than the Russell 3000^®  Index, a broad measure of the U.S. stock market, which returned –4.33%. A portion of the Russell 3000 Index consists of small-cap equities, which underperformed large caps for the period.

Most benchmark sectors suffered losses

Seven of the eleven industry sectors in the S&P 500 Index posted losses for the six months. Energy was the worst performer, falling 30.6%, as oil prices plunged due to stay-at-home advisories. Financials, the fourth-largest sector in the index, and industrials declined 19.5% and 17.2%, respectively. Real estate also struggled, dropping 11.9%, as did materials, which declined 9.4%. Together, these five sectors accounted for more than one-quarter of the index’s total market capitalization on April 30, 2020. Information technology—the index’s largest sector—posted the strongest return of 10.4%. Health care, which tends to be more defensive, rose 7.0%.

For the six-month period, all of the five largest stocks in the S&P 500 Index posted solid gains and exceeded the overall return of the benchmark. Amazon performed best, benefiting from surging demand due to COVID-19. Next in line were Microsoft and Apple, both of which reported strong financials. Alphabet (the parent company of Google) and Facebook advanced more modestly.

Fund trailed its benchmark

During the period, the Fund underperformed its benchmark, as certain stocks did not perform as anticipated. Overweight positions in insurance giant American International Group and Royal Caribbean Cruises detracted most from relative performance. An out-of-benchmark position in Parsley Energy also dampened the Fund’s return.

Several astute stock allocations partly offset the impact of these negative factors. Chief among these was an underweight in Boeing, which performed poorly due to travel restrictions. An out-of-benchmark position in glucose monitoring systems maker DexCom also contributed, as did having no position in troubled financial giant Wells Fargo, a benchmark component.

10 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of April 30, 2020

Growth & Income Fund		Total return					Average annual total return				Annual operating expenses*
	Inception date		6 months		1 year		5 years		10 years		gross		net
Institutional Class	7/1/99		–4.94	%	–3.20	%	7.64	%	11.10	%	0.41	%	0.41	%
Advisor Class	12/4/15		–4.98		–3.21		7.57	†	11.06	†	0.51		0.51
Premier Class	9/30/09		–5.03		–3.31		7.48		10.94		0.56		0.56
Retirement Class	10/1/02		–5.13		–3.48		7.36		10.82		0.66		0.66
Retail Class	3/31/06		–5.07		–3.46		7.33		10.76		0.70		0.70
Class W	9/28/18		–4.79		–2.78		7.78	†	11.17	†	0.41		0.00
S&P 500®  Index	—		–3.16		0.86		9.12		11.69		—		—

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 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 28, 2021, 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.

Holdings by company size

Market capitalization	% of equity investments as of 4/30/2020
More than $50 billion		66.4
More than $15 billion–$50 billion		20.5
More than $2 billion–$15 billion		12.3
$2 billion or less		0.8
Total		100.0

Fund profile

	as of 4/30/2020
Net assets	$5.91 billion
Portfolio turnover rate*	37%
Number of holdings	173
Weighted median market capitalization	$113.02 billion
Price/earnings ratio (weighted 12-month trailing average)†	27.0

*	The portfolio turnover rate covers the six-month period from November 1, 2019–April 30, 2020, and is not annualized.
†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Funds  ■  2020 Semiannual Report 11

Large-Cap Growth Fund

Expense example

Six months ended April 30, 2020

Large-Cap Growth Fund	Beginning account value (11/1/19)	Ending account value (4/30/20)	Expenses paid during period* (11/1/19– 4/30/20)
Actual return
Institutional Class	$1,000.00	$1,072.54	$2.11
Advisor Class	1,000.00	1,071.97	2.58
Premier Class	1,000.00	1,071.44	2.83
Retirement Class	1,000.00	1,070.68	3.40
Retail Class	1,000.00	1,070.85	3.60
Class W	1,000.00	1,074.16	0.00
5% annual hypothetical return
Institutional Class	1,000.00	1,022.82	2.06
Advisor Class	1,000.00	1,022.38	2.51
Premier Class	1,000.00	1,022.13	2.77
Retirement Class	1,000.00	1,021.58	3.32
Retail Class	1,000.00	1,021.38	3.52
Class W	1,000.00	1,024.86	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 182/366. There were 182 days in the six months ended April 30, 2020. The Fund’s annualized six-month expense ratios for that period were 0.41% for the Institutional Class, 0.50% for the Advisor Class, 0.55% for the Premier Class, 0.66% for the Retirement Class, 0.70% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

	% of net assets
Sector	as of 4/30/2020
Information technology	36.4
Health care	20.0
Consumer discretionary	18.9
Communication services	15.9
Financials	3.4
Industrials	2.6
Materials	1.5
Consumer staples	1.5
Short-term investments, other assets & liabilities, net	–0.2
Total	100.0

Performance for the six months ended April 30, 2020

The Large-Cap Growth Fund returned 7.25% for the Institutional Class, compared with the 6.09% return of its benchmark, the Russell 1000^®  Growth Index. For the one-year period ended April 30, 2020, the Fund returned 7.76% versus 10.84% for the index. The performance table shows returns for all share classes of the Fund.

U.S. stocks declined as COVID-19 pandemic rattled economy

After several years of expansion, the U.S. economy reversed course and contracted in the first quarter of 2020, shaken by efforts to limit the spread of the COVID-19 pandemic. Unemployment, which had reached a 50-year low in late 2019, jumped to 14.7% in April as many U.S. businesses closed temporarily and most states urged residents to remain at home. Core inflation, which includes all items except food and energy, rose only 1.4%, while oil prices fell sharply during the six months.

Stock markets declined for the period, hit hard in February and March of 2020 before recovering some ground in April. The Federal Reserve reduced the federal funds target rate twice in March 2020, cutting the key short-term interest-rate measure to 0.00%–0.25%. Congress also enacted a $2.2 trillion stimulus plan to support the economy.

For the six months, the Russell 3000^®  Index, a broad measure of the U.S. stock market, returned –4.33%. Large-cap growth stocks advanced, outperforming small- and mid-cap growth shares as well as value stocks—all of which posted losses. (Returns by investment style and capitalization size are based on the Russell indexes.)

Benchmark advanced, led by information technology

Four of the ten industry sectors in the Russell 1000 Growth Index (utilities are no longer represented) advanced for the six months. Information technology posted the largest gain of 11.7% and made the biggest contribution to the benchmark’s return. Consumer discretionary and health care were next, advancing 11.4% and 8.7%, respectively. These were followed by communication services, which rose 7.0% on increased usage due to telecommuting. Together, these four sectors accounted for nearly 80.0% of the benchmark’s total market capitalization on April 30, 2020. Energy and industrials both declined, returning –30.1% and –15.8%, respectively.

For the six-month period, all of the five largest stocks in the Russell 1000 Growth Index produced returns that exceeded the overall return of the index. They were Amazon, which benefited from surging demand; Microsoft, which continued to profit from its cloud-computing business; and Apple, which reported record quarterly earnings. Alphabet (the parent company of Google) and Facebook also beat the index due to strong financial results.

Fund outperformed its benchmark

For the period, the Fund outperformed its benchmark on the strength of several stock allocations, including overweight positions in electric car maker Tesla, which reported better-than-expected financial results, and Regeneron Pharmaceuticals, which surged on promising news about a key COVID-19 antibody treatment. Software company Adobe made the third-largest contribution as its stock benefited from record revenues.

In contrast, certain stocks mitigated the Fund’s relative performance, including an overweight position in Expedia, a travel company that was hurt by the drastic slowdown in travel. An underweight position in Apple also hurt, as did an out-of-benchmark position in Walt Disney.

12 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of April 30, 2020

Large-Cap Growth Fund		Total return					Average annual total return				Annual operating expenses*
	Inception date		6 months		1 year		5 years		10 years		gross		net
Institutional Class	3/31/06		7.25	%	7.76	%	12.87	%	14.24	%	0.42	%	0.42	%
Advisor Class	12/4/15		7.20		7.65		12.79	†	14.20	†	0.50		0.50
Premier Class	9/30/09		7.14		7.55		12.69		14.07		0.57		0.57
Retirement Class	3/31/06		7.07		7.47		12.56		13.95		0.66		0.66
Retail Class	3/31/06		7.08		7.44		12.52		13.87		0.71		0.71
Class W	9/28/18		7.42		8.17		13.01	†	14.32	†	0.41		0.00
Russell 1000®  Growth Index	—		6.09		10.84		13.34		14.41		—		—

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 28, 2021, 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.

Holdings by company size

% of equity investments
Market capitalization	as of 4/30/2020
More than $50 billion	81.4
More than $15 billion–$50 billion	17.0
More than $2 billion–$15 billion	1.6
Total	100.0

Fund profile

	as of 4/30/2020
Net assets	$5.88 billion
Portfolio turnover rate*	59%
Number of holdings	86
Weighted median market capitalization	$144.62 billion
Price/earnings ratio (weighted 12-month trailing average)†	34.3

*	The portfolio turnover rate covers the six-month period from November 1, 2019–April 30, 2020, and is not annualized.
†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Funds  ■  2020 Semiannual Report 13

Large-Cap Value Fund

Expense example

Six months ended April 30, 2020

Large-Cap Value Fund	Beginning account value (11/1/19)		Ending account value (4/30/20)		Expenses paid during period* (11/1/19– 4/30/20)
Actual return
Institutional Class	$	1,000.00	$	866.54		$ 1.86
Advisor Class		1,000.00		866.26		2.09
Premier Class		1,000.00		865.65		2.55
Retirement Class		1,000.00		865.31		3.01
Retail Class		1,000.00		865.02		3.29
Class W		1,000.00		868.03		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,022.87		2.01
Advisor Class		1,000.00		1,022.63		2.26
Premier Class		1,000.00		1,022.13		2.77
Retirement Class		1,000.00		1,021.63		3.27
Retail Class		1,000.00		1,021.33		3.57
Class W		1,000.00		1,024.86		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 182/366. There were 182 days in the six months ended April 30, 2020. The Fund’s annualized six-month expense ratios for that period were 0.40% for the Institutional Class, 0.45% for the Advisor Class, 0.55% for the Premier Class, 0.65% for the Retirement Class, 0.71% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 4/30/2020
Financials		22.7
Health care		18.5
Industrials		12.2
Information technology		12.0
Communication services		8.5
Consumer staples		7.4
Energy		4.7
Utilities		4.2
Consumer discretionary		3.8
Materials		3.4
Real estate		1.9
Short-term investments, other assets & liabilities, net		0.7
Total		100.0

Performance for the six months ended April 30, 2020

The Large-Cap Value Fund returned –13.35% for the Institutional Class, compared with the –13.66% return of its benchmark, the Russell 1000^®  Value Index. For the one-year period ended April 30, 2020, the Fund returned –9.93% versus –11.01% for the index. The performance table shows returns for all share classes of the Fund.

U.S. stocks declined as COVID-19 pandemic rattled economy

After several years of expansion, the U.S. economy reversed course and contracted in the first quarter of 2020, shaken by efforts to limit the spread of the COVID-19 pandemic. Unemployment, which had reached a 50-year low in late 2019, jumped to 14.7% in April as many U.S. businesses closed temporarily and most states urged residents to remain at home. Core inflation, which includes all items except food and energy, rose only 1.4%, while oil prices fell sharply during the six months.

Stock markets declined for the period, hit hard in February and March of 2020 before recovering some ground in April. The Federal Reserve reduced the federal funds target rate twice in March 2020, cutting the key short-term interest-rate measure to 0.00%–0.25%. Congress also enacted a $2.2 trillion stimulus plan to support the economy.

For the six months, the Russell 3000^®  Index, a broad measure of the U.S. stock market, returned –4.33%. Large-cap growth stocks advanced, outperforming small- and mid-cap growth shares as well as value stocks—all of which posted losses. (Returns by investment style and capitalization size are based on the Russell indexes.)

Most benchmark sectors suffered losses

Ten of the eleven industry sectors in the Russell 1000 Value Index posted losses for the six months. Energy and real estate were the worst-performing sectors, falling 31.0% and 23.7%, respectively. Financials, the largest sector in the index, declined 22.7% and was the largest detractor from the index’s return. Consumer discretionary—also a significant detractor—fell 20.1%. Together, these four sectors accounted for more than 40.0% of the benchmark’s total market capitalization on April 30, 2020. Health care, which tends to be more defensive, advanced for the period, gaining 7.4%.

For the six-month period, returns for four of the five largest stocks in the Russell 1000 Value Index surpassed the overall return of the benchmark. Johnson & Johnson posted double-digit gains. Intel also advanced, but more modestly. Procter & Gamble and Berkshire Hathaway both suffered losses but outperformed the index, while JPMorgan Chase trailed the benchmark.

Fund surpassed its benchmark

For the period, the Fund declined but outperformed its benchmark due to favorable stock selections. The largest contributors were out-of-benchmark investments in Microsoft and UnitedHealth Group, followed by an overweight position in in Johnson & Johnson. All three stocks posted gains despite the volatile market environment.

These positive effects were partly mitigated by certain stock selections that did not perform as anticipated. Overweight positions in hydrocarbon exploration company Diamondback Energy, finance and insurance firm American International Group and Citigroup were the largest detractors from the Fund’s relative performance as all were hurt by the economic impact of the COVID-19 pandemic.

14 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of April 30, 2020

Large-Cap Value Fund		Total return						Average annual total return						Annual operating expenses*
	Inception date	6 months			1 year			5 years			10 years			gross			net
Institutional Class	10/1/02		–13.35	%		–9.93	%		2.31	%		7.32	%		0.41	%		0.41	%
Advisor Class	12/4/15		–13.37			–9.96			2.26	†		7.30	†		0.49			0.49
Premier Class	9/30/09		–13.43			–10.07			2.16			7.15			0.56			0.56
Retirement Class	10/1/02		–13.47			–10.15			2.07			7.06			0.66			0.66
Retail Class	10/1/02		–13.50			–10.19			2.00			6.98			0.72			0.72
Class W	9/28/18		–13.20			–9.58			2.44	†		7.39	†		0.41			0.00
Russell 1000®    Value Index	—		–13.66			–11.01			3.90			8.54			—			—

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

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

*

The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least February 28, 2021, 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.

Holdings by company size

Market capitalization	% of equity investments as of 4/30/2020
More than $50 billion		69.2
More than $15 billion–$50 billion		25.5
More than $2 billion–$15 billion		5.3
Total		100.0

Fund profile

	as of 4/30/2020
Net assets		$4.57 billion
Portfolio turnover rate*		8%
Number of holdings		88
Weighted median market capitalization		$110.59 billion
Price/earnings ratio (weighted 12-month trailing average)†		15.1

*	The portfolio turnover rate covers the six-month period from November 1, 2019–April 30, 2020, and is not annualized.
†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Funds  ■  2020 Semiannual Report 15

Mid-Cap Growth Fund

Expense example

Six months ended April 30, 2020

Mid-Cap Growth Fund	Beginning account value (11/1/19)		Ending account value (4/30/20)		Expenses paid during period* (11/1/19– 4/30/20)
Actual return
Institutional Class	$	1,000.00	$	978.65		$ 2.36
Advisor Class		1,000.00		978.02		2.70
Premier Class		1,000.00		978.07		3.10
Retirement Class		1,000.00		977.72		3.59
Retail Class		1,000.00		977.21		3.83
5% annual hypothetical return
Institutional Class		1,000.00		1,022.48		2.41
Advisor Class		1,000.00		1,022.13		2.77
Premier Class		1,000.00		1,021.73		3.17
Retirement Class		1,000.00		1,021.23		3.67
Retail Class		1,000.00		1,020.98		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 182/366. There were 182 days in the six months ended April 30, 2020. The Fund’s annualized six-month expense ratios for that period were 0.48% for the Institutional Class, 0.55% for the Advisor Class, 0.63% for the Premier Class, 0.73% for the Retirement Class and 0.78% for the Retail Class. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 4/30/2020
Information technology		31.2
Consumer discretionary		20.0
Industrials		16.2
Health care		15.5
Communication services		5.4
Consumer staples		5.1
Financials		2.7
Real estate		2.3
Materials		1.6
Total		100.0

Performance for the six months ended April 30, 2020

The Mid-Cap Growth Fund returned –2.13% for the Institutional Class, compared with the –1.78% return of its benchmark, the Russell Midcap^® Growth Index. For the one-year period ended April 30, 2020, the Fund returned –3.95% versus 0.23% for the index. The performance table shows returns for all share classes of the Fund.

U.S. stocks declined as COVID-19 pandemic rattled economy

After several years of expansion, the U.S. economy reversed course and contracted in the first quarter of 2020, shaken by efforts to limit the spread of the COVID-19 pandemic. Unemployment, which had reached a 50-year low in late 2019, jumped to 14.7% in April as many U.S. businesses closed temporarily and most states urged residents to remain at home. Core inflation, which includes all items except food and energy, rose only 1.4%, while oil prices fell sharply during the six months.

Stock markets declined for the period, hit hard in February and March of 2020 before recovering some ground in April. The Federal Reserve reduced the federal funds target rate twice in March 2020, cutting the key short-term interest-rate measure to 0.00%–0.25%. Congress also enacted a $2.2 trillion stimulus plan to support the economy.

For the six months, the Russell 3000^®  Index, a broad measure of the U.S. stock market, returned –4.33%. Large-cap growth stocks advanced, outperforming small- and mid-cap growth shares as well as value stocks—all of which posted losses. (Returns by investment style and capitalization size are based on the Russell indexes.)

Most sectors in the benchmark declined

Seven of the ten industry sectors in the Russell Midcap Growth Index (utilities are no longer represented) posted losses for the six months. Energy declined most, returning –30.1%. Materials, communication services and industrials came next, declining 12.8%, 12.3% and 10.3%, respectively, with the latter detracting most from the benchmark’s return. Together, these four sectors represented more than one-quarter of the index’s total market capitalization on April 30, 2020. Health care, information technology (the benchmark’s largest sector) and consumer staples all advanced, rising 12.4%, 4.1% and 1.2%, respectively.

The five largest stocks in the Russell Midcap Growth Index delivered mixed results. Shares of semiconductor company Advanced Micro Devices, health insurer Centene and retailer Dollar General posted impressive gains. Conversely, credit card processor Global Payments and financial services technology firm Fiserv declined.

Fund trailed its benchmark

The largest detractor from the Fund’s relative performance was an out-of-benchmark position in Penn National Gaming, which temporarily closed all of its gaming venues due to COVID-19. Next in line were an overweight holding in online travel company Expedia and an out-of-benchmark investment in Spirit Airlines. A small exposure to derivatives instruments also detracted.

These negative effects were partly mitigated by several positive selections. The top contributor to relative returns was an overweight position in glucose monitoring systems maker DexCom, which reported strong sales growth. The next-largest contributors were overweight investments in cloud-based communications company RingCentral and SBA Communications, a REIT specializing in cell towers.

16 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of April 30, 2020

Mid-Cap Growth Fund		Total return						Average annual total return						Annual operating expenses*
	Inception date	6 months			1 year			5 years			10 years			gross			net
Institutional Class	10/1/02		–2.13	%		–3.95	%		6.56	%		10.57	%		0.48	%		0.48	%
Advisor Class	12/4/15		–2.20			–4.06			6.51	†		10.54	†		0.56			0.56
Premier Class	9/30/09		–2.19			–4.11			6.40			10.40			0.63			0.63
Retirement Class	10/1/02		–2.23			–4.19			6.29			10.29			0.73			0.73
Retail Class	10/1/02		–2.28			–4.29			6.23			10.22			0.78			0.78
Russell Midcap®   Growth Index	—		–1.78			0.23			8.88			12.19			—			—

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 28, 2021, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.

†

The performance shown for the Advisor Class that is prior to its inception date is based on 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.

Holdings by company size

Market capitalization	% of equity investments as of 4/30/2020
More than $50 billion		4.4
More than $15 billion–$50 billion		54.9
More than $2 billion–$15 billion		38.6
$2 billion or less		2.1
Total		100.0

Fund profile

	as of 4/30/2020
Net assets		$1.15 billion
Portfolio turnover rate*		66%
Number of holdings		108
Weighted median market capitalization		$18.56 billion
Price/earnings ratio (weighted 12-month trailing average)†		37.9

*	The portfolio turnover rate covers the six-month period from November 1, 2019–April 30, 2020, and is not annualized.
†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Funds  ■  2020 Semiannual Report 17

Mid-Cap Value Fund

Expense example

Six months ended April 30, 2020

Mid-Cap Value Fund	Beginning account value (11/1/19)		Ending account value (4/30/20)		Expenses paid during period* (11/1/19– 4/30/20)
Actual return
Institutional Class		$1,000.00		$  780.68		$1.82
Advisor Class		1,000.00		780.73		2.21
Premier Class		1,000.00		780.39		2.48
Retirement Class		1,000.00		779.68		2.92
Retail Class		1,000.00		779.67		3.19
5% annual hypothetical return
Institutional Class		1,000.00		1,022.82		2.06
Advisor Class		1,000.00		1,022.38		2.51
Premier Class		1,000.00		1,022.08		2.82
Retirement Class		1,000.00		1,021.58		3.32
Retail Class		1,000.00		1,021.28		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 182/366. There were 182 days in the six months ended April 30, 2020. The Fund’s annualized six-month expense ratios for that period were 0.41% for the Institutional Class, 0.50% for the Advisor Class, 0.56% for the Premier Class, 0.66% for the Retirement Class and 0.72% for the Retail Class. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 4/30/2020
Utilities	18.4
Financials	17.5
Real estate	12.3
Health care	11.1
Information technology	11.1
Industrials	7.2
Materials	6.6
Consumer staples	6.5
Consumer discretionary	5.9
Communication services	2.9
Short-term investments, other assets & liabilities, net	0.5
Total	100.0

Performance for the six months ended April 30, 2020

The Mid-Cap Value Fund returned –21.93% for the Institutional Class, compared with the –18.11% return of its benchmark, the Russell Midcap^® Value Index. For the one-year period ended April 30, 2020, the Fund returned –21.97% versus –16.74% for the index. The performance table shows returns for all share classes of the Fund.

U.S. stocks declined as COVID-19 pandemic rattled economy

After several years of expansion, the U.S. economy reversed course and contracted in the first quarter of 2020, shaken by efforts to limit the spread of the COVID-19 pandemic. Unemployment, which had reached a 50-year low in late 2019, jumped to 14.7% in April as many U.S. businesses closed temporarily and most states urged residents to remain at home. Core inflation, which includes all items except food and energy, rose only 1.4%, while oil prices fell sharply during the six months.

Stock markets declined for the period, hit hard in February and March of 2020 before recovering some ground in April. The Federal Reserve reduced the federal funds target rate twice in March 2020, cutting the key short-term interest-rate measure to 0.00%–0.25%. Congress also enacted a $2.2 trillion stimulus plan to support the economy.

For the six months, the Russell 3000^® Index, a broad measure of the U.S. stock market, returned –4.33%. Large-cap growth stocks advanced, outperforming small- and mid-cap growth shares as well as value stocks—all of which posted losses. (Returns by investment style and capitalization size are based on the Russell indexes.)

Benchmark sectors exhibited broad weakness

Ten of the eleven industry sectors in the Russell Midcap Value Index generated losses for the six months. Energy and consumer discretionary were the worst-performing sectors, falling 35.8% and 26.8%, respectively. Next came real estate and financials—the benchmark’s largest sectors and also the largest detractors from its return—declining 26.0% and 25.7%, respectively. Together, these four sectors represented nearly one-half of the benchmark’s total market capitalization on April 30, 2020. In the volatile market environment, the defensive health care and consumer staples sectors were the index’s best performers, returning 2.3% and –3.6%, respectively.

For the period, all of the five largest stocks in the Russell Midcap Value Index outperformed the overall return of the index, although their returns diverged significantly. Mining company Newmont Goldcorp—the benchmark’s largest stock—registered an exceptional gain amid rising gold prices. Digital Realty, a data-center real estate investment trust (REIT), also performed well, benefiting from increased Internet usage. Xcel Energy advanced modestly, while WEC Energy and Sempra Energy declined.

Fund trailed its benchmark

For the period, the Fund underperformed its benchmark as certain stocks did not perform as expected. The largest detractors were overweight positions in mortgage REITs Two Harbors Investment and Starwood Property, followed by overweight positions in Wynn Resorts and WPX Energy.

The top contributors to relative returns were overweight investments in health insurers Centene and Molina Healthcare, which gained in part due to fading concerns about the prospect of universal health care. An out-of-benchmark position in data center REIT QTS Realty also contributed.

18 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of April 30, 2020

Mid-Cap Value Fund

Total return

Average annual total return

Annual operating expenses*

Inception date

6 months

1 year

5 years

10 years

gross

net

Institutional Class

10/1/02

–21.93

%

–21.97

%

–0.79

%

6.30

%

0.44

%

0.44

%

Advisor Class

12/4/15

–21.93

–22.04

–0.86

†

6.26

†

0.54

0.54

Premier Class

9/30/09

–21.96

–22.08

–0.93

6.14

0.59

0.59

Retirement Class

10/1/02

–22.03

–22.19

–1.04

6.03

0.69

0.69

Retail Class

10/1/02

–22.03

–22.23

–1.09

5.98

0.74

0.74

Russell Midcap® Value Index

—

–18.11

–16.74

1.99

8.09

—

—

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 28, 2021, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.

†

The performance shown for the Advisor Class that is prior to its inception date is based on 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.

Holdings by company size

Market capitalization	% of equity investments as of 4/30/2020
More than $50 billion		1.6
More than $15 billion–$50 billion		39.2
More than $2 billion–$15 billion		54.1
$2 billion or less		5.1
Total		100.0

Fund profile
	as of 4/30/2020
Net assets	$1.99 billion
Portfolio turnover rate*	86%
Number of holdings	91
Weighted median market capitalization	$13.59 billion
Price/earnings ratio (weighted 12-month trailing average)†	22.8

*	The portfolio turnover rate covers the six-month period from November 1, 2019–April 30, 2020, and is not annualized.
†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Funds  ■  2020 Semiannual Report 19

Quant Large-Cap Growth Fund

Expense example

Six months ended April 30, 2020

Quant Large-Cap Growth Fund	Beginning account value (11/1/19)	Ending account value (4/30/20)	Expenses paid during period* (11/1/19– 4/30/20)
Actual return
Institutional Class	$1,000.00	$1,044.61	$1.63
Advisor Class	1,000.00	1,043.77	2.13
Class W	1,000.00	1,046.40	0.00
5% annual hypothetical return
Institutional Class	1,000.00	1,023.27	1.61
Advisor Class	1,000.00	1,022.77	2.11
Class W	1,000.00	1,024.86	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 182/366. There were 182 days in the six months ended April 30, 2020. The Fund’s annualized six-month expense ratios for that period were 0.32% for the Institutional Class, 0.42% for the Advisor Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 4/30/2020
Information technology		39.4
Health care		15.2
Consumer discretionary		14.1
Communication services		11.3
Industrials		6.9
Consumer staples		4.9
Financials		4.7
Real estate		2.6
Materials		0.7
Short-term investments, other assets & liabilities, net		0.2
Total		100.0

Performance for the six months ended April 30, 2020

The Quant Large-Cap Growth Fund returned 4.46% for the Institutional Class, compared with the 6.09% return of its benchmark, the Russell 1000^® Growth Index. For the one-year period ended April 30, 2020, the Fund returned 7.29% versus 10.84% for the index. The performance table shows returns for all share classes of the Fund.

U.S. stocks declined as COVID-19 pandemic rattled economy

After several years of expansion, the U.S. economy reversed course and contracted in the first quarter of 2020, shaken by efforts to limit the spread of the COVID-19 pandemic. Unemployment, which had reached a 50-year low in late 2019, jumped to 14.7% in April as many U.S. businesses closed temporarily and most states urged residents to remain at home. Core inflation, which includes all items except food and energy, rose only 1.4%, while oil prices fell sharply during the six months.

The Federal Reserve reduced the federal funds target rate twice in March 2020, cutting the key short-term interest-rate measure to 0.00%–0.25%. Congress also enacted a $2.2 trillion stimulus plan to support the economy.

For the six months, the Russell 3000^® Index, a broad measure of the U.S. stock market, returned –4.33%. Large-cap growth stocks advanced, outperforming small- and mid-cap growth shares as well as value stocks—all of which posted losses. (Returns by investment style and capitalization size are based on the Russell indexes.)

Benchmark advanced, led by information technology

Four of the ten industry sectors in the Russell 1000 Growth Index (utilities are no longer represented) advanced for the six months. Information technology posted the largest gain of 11.7% and made the biggest contribution to the benchmark’s return. Consumer discretionary and health care were next, advancing 11.4% and 8.7%, respectively. These were followed by communication services, which rose 7.0% on increased usage due to telecommuting. Together, these four sectors accounted for nearly 80.0% of the benchmark’s total market capitalization on April 30, 2020. Energy posted the benchmark’s largest loss of –30.1%, followed by industrials, which returned –15.8%.

For the six-month period, all of the five largest stocks in the Russell 1000 Growth Index produced returns that exceeded the overall return of the index. They were Amazon, which benefited from surging demand; Microsoft, which continued to profit from its cloud-computing business; and Apple, which reported strong financial results. Alphabet (the parent company of Google) and Facebook also beat the index.

Fund trailed its benchmark

For the period, the Fund had a positive return but lagged its benchmark as certain stocks did not perform as anticipated. Among these, the largest detractors were overweight positions in insurer Arch Capital Group, which was hurt by poor financial results related to COVID-19, and Discover Financial Services, which dropped on concerns about consumer spending. An underweight in electric car maker Tesla, which performed well, also detracted.

By contrast, other Fund allocations were beneficial, including an underweight position in Boeing, which declined nearly 60.0% for the period; an overweight in biotechnology firm Incyte, which performed well due to the success of its cancer drug Jakafi; and an overweight in cybersecurity firm Fortinet, which reported strong earnings.

20 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of April 30, 2020

Quant Large-Cap Growth Fund			Total return							Average annual total return						Annual operating expenses*
	Inception date			6 months			1 year			5 years			10 years			gross			net
Institutional Class		11/30/07			4.46	%		7.29	%		12.28	%		13.40	%		0.32	%		0.32	%
Advisor Class		12/4/15			4.38			7.20			12.24	†		13.38	†		0.41			0.41
Class W		9/28/18			4.64			7.69			12.40	†		13.46	†		0.32			0.00
Russell 1000® Growth Index		—			6.09			10.84			13.34			14.41			—			—

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 28, 2021, 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.

Holdings by company size
	% of equity investments
Market capitalization	as of 4/30/2020
More than $50 billion		73.5
More than $15 billion–$50 billion		13.6
More than $2 billion–$15 billion		12.5
$2 billion or less		0.4
Total		100.0

Fund profile
	as of 4/30/2020
Net assets	$2.99 billion
Portfolio turnover rate*	76%
Number of holdings	190
Weighted median market capitalization	$178.88 billion
Price/earnings ratio (weighted 12-month trailing average)†	29.9

*	The portfolio turnover rate covers the six-month period from November 1, 2019–April 30, 2020, and is not annualized.
†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Funds  ■  2020 Semiannual Report 21

Quant Large-Cap Value Fund

Expense example

Six months ended April 30, 2020

Quant Large-Cap Value Fund	Beginning account value (11/1/19)	Ending account value (4/30/20)	Expenses paid during period* (11/1/19– 4/30/20)
Actual return
Institutional Class	$1,000.00	$  855.12	$1.66
Advisor Class	1,000.00	853.76	2.03
Class W	1,000.00	855.77	0.14
5% annual hypothetical return
Institutional Class	1,000.00	1,023.07	1.81
Advisor Class	1,000.00	1,022.68	2.21
Class W	1,000.00	1,024.71	0.15

* “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 182/366. There were 182 days in the six months ended April 30, 2020. The Fund’s annualized six-month expense ratios for that period were 0.36% for the Institutional Class, 0.44% for the Advisor Class and 0.03% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

	% of net assets
Sector	as of 4/30/2020
Financials	22.1
Health care	15.7
Consumer staples	9.6
Industrials	9.0
Information technology	8.0
Communication services	7.4
Utilities	7.1
Energy	6.2
Real estate	5.5
Consumer discretionary	5.1
Materials	4.1
Short-term investments,other assets & liabilities, net	0.2
Total	100.0

Performance for the six months ended April 30, 2020

The Quant Large-Cap Value Fund returned –14.49% for the Institutional Class, compared with the –13.66% return of its benchmark, the Russell 1000^® Value Index. For the one-year period ended April 30, 2020, the Fund returned –13.14% versus –11.01% for the index. The performance table shows returns for all share classes of the Fund.

U.S. stocks declined as COVID-19 pandemic rattled economy

After several years of expansion, the U.S. economy reversed course and contracted in the first quarter of 2020, shaken by efforts to limit the spread of the COVID-19 pandemic. Unemployment, which had reached a 50-year low in late 2019, jumped to 14.7% in April as many U.S. businesses closed temporarily and most states urged residents to remain at home. Core inflation, which includes all items except food and energy, rose only 1.4%, while oil prices fell sharply during the six months.

Stock markets declined for the period, hit hard in February and March of 2020 before recovering some ground in April. The Federal Reserve reduced the federal funds target rate twice in March 2020, cutting the key short-term interest-rate measure to 0.00%–0.25%. Congress also enacted a $2.2 trillion stimulus plan to support the economy.

For the six months, the Russell 3000^® Index, a broad measure of the U.S. stock market, returned –4.33%. Large-cap growth stocks advanced, outperforming small- and mid-cap growth shares as well as value stocks—all of which posted losses. (Returns by investment style and capitalization size are based on the Russell indexes.)

Most benchmark sectors suffered losses

Ten of the eleven industry sectors in the Russell 1000 Value Index posted losses for the six months. Energy and real estate were the worst-performing sectors, falling 31.0% and 23.7%, respectively. Financials, the largest sector in the index, declined 22.7% and was the largest detractor from the index’s return. Consumer discretionary—also a significant detractor—fell 20.1%. Together, these four sectors accounted for more than 40.0% of the benchmark’s total market capitalization on April 30, 2020. Health care, which tends to be more defensive, advanced for the period, gaining 7.4%.

For the six-month period, returns for four of the five largest stocks in the Russell 1000 Value Index surpassed the overall return of the benchmark. Johnson & Johnson posted double-digit gains. Intel also advanced, but more modestly. Procter & Gamble and Berkshire Hathaway both suffered losses but outperformed the index, while JPMorgan Chase lagged the benchmark.

Fund trailed its benchmark

For the period, the Fund declined and trailed its benchmark due to certain stock selections that did not perform as anticipated. Overweight positions in Marathon Petroleum and real estate investment trust National Retail Properties were the largest detractors as both were hurt by the economic impact of the COVID-19 pandemic. The Fund’s position in aerostructures manufacturer Spirit AeroSystems also detracted (the stock was sold before the end of the period).

These negative effects were partly mitigated by several successful stock allocations. Overweight positions in hydrocarbon exploration company EOG Resources, health insurer Humana and precious metals company Royal Gold contributed most to the Fund’s relative performance.

22 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of April 30, 2020

Quant Large-Cap Value Fund		Total return				Average annual total return				Annual operating expenses*
	Inception date	6 months		1 year		5 years		10 years		gross		net
Institutional Class	11/30/07	–14.49	%	–13.14	%	2.49	%	7.45	%	0.37	%	0.37	%
Advisor Class	12/4/15	–14.62		–13.28		2.37	†	7.39	†	0.47		0.47
Class W	9/28/18	–14.42		–12.91		2.58	†	7.50	†	0.37		0.00
Russell 1000® Value Index	—	–13.66		–11.01		3.90		8.54		—		—

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

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

*

The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least February 28, 2021, 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.

Holdings by company size

% of equity investments
Market capitalization	as of 4/30/2020
More than $50 billion	52.8
More than $15 billion–$50 billion	25.0
More than $2 billion–$15 billion	21.2
$2 billion or less	1.0
Total	100.0
Fund profile
	as of 4/30/2020
Net assets	$1.15 billion
Portfolio turnover rate*	119%
Number of holdings	290
Weighted median market capitalization	$56.38 billion
Price/earnings ratio (weighted 12-month trailing average)†	18.9

*	The portfolio turnover rate covers the six-month period from November 1, 2019–April 30, 2020, and is not annualized.
†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Funds  ■  2020 Semiannual Report 23

Quant Small-Cap Equity Fund

Expense example

Six months ended April 30, 2020

Quant Small-Cap Equity Fund	Beginning account value (11/1/19)	Ending account value (4/30/20)	Expenses paid during period* (11/1/19– 4/30/20)
Actual return
Institutional Class	$1,000.00	$  791.75	$1.74
Advisor Class	1,000.00	791.38	2.14
Premier Class	1,000.00	790.80	2.40
Retirement Class	1,000.00	790.62	2.85
Retail Class	1,000.00	790.96	2.89
Class W	1,000.00	793.68	0.00
5% annual hypothetical return
Institutional Class	1,000.00	1,022.92	1.96
Advisor Class	1,000.00	1,022.48	2.41
Premier Class	1,000.00	1,022.18	2.72
Retirement Class	1,000.00	1,021.68	3.22
Retail Class	1,000.00	1,021.63	3.27
Class W	1,000.00	1,024.86	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 182/366. There were 182 days in the six months ended April 30, 2020. The Fund’s annualized six-month expense ratios for that period were 0.39% for the Institutional Class, 0.48% for the Advisor Class, 0.54% for the Premier Class, 0.64% for the Retirement Class, 0.65% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 4/30/2020
Health care	21.9
Industrials	15.8
Information technology	15.7
Financials	14.5
Consumer discretionary	9.2
Real estate	6.7
Utilities	4.1
Materials	4.1
Consumer staples	3.5
Communication services	2.6
Energy	1.3
Short-term investments, other assets & liabilities, net	0.6
Total	100.0

Performance for the six months ended April 30, 2020

The Quant Small-Cap Equity Fund returned –20.82% for the Institutional Class, compared with the –15.47% return of its benchmark, the Russell 2000^® Index. For the one-year period ended April 30, 2020, the Fund returned –21.77% versus –16.39% for the index. The performance table shows returns for all share classes of the Fund.

U.S. stocks declined as COVID-19 pandemic rattled economy

After several years of expansion, the U.S. economy reversed course and contracted in the first quarter of 2020, shaken by efforts to limit the spread of the COVID-19 pandemic. Unemployment, which had reached a 50-year low in late 2019, jumped to 14.7% in April as many U.S. businesses closed temporarily and most states urged residents to remain at home. Core inflation, which includes all items except food and energy, rose only 1.4%, while oil prices fell sharply during the six months.

Stock markets declined for the period, hit hard in February and March of 2020 before recovering some ground in April. The Federal Reserve reduced the federal funds target rate twice in March 2020, cutting the key short-term interest-rate measure to 0.00%–0.25%. Congress also enacted a $2.2 trillion stimulus plan to support the economy.

For the six months, the Russell 3000^® Index, a broad measure of the U.S. stock market, returned –4.33%. Large-cap growth stocks advanced, outperforming small- and mid-cap growth shares as well as value stocks—all of which posted losses. (Returns by investment style and capitalization size are based on the Russell indexes.)

Most benchmark sectors suffered losses

Ten of the eleven industry sectors in the Russell 2000 Index posted losses for the six months. Energy—the benchmark’s second-smallest sector—was the worst performer, falling 41.0%. Oil prices plunged as consumer demand evaporated with the implementation of stay-at-home advisories. Real estate also struggled, dropping 27.1%. Financials, the second-largest sector in the index, declined 26.1% and was the largest detractor from the index’s return, while industrials fell 21.2%. Together, these four sectors made up more than 40.0% of the benchmark’s total market capitalization on April 30, 2020. Health care was the only sector to advance for the period, gaining 10.6%.

For the six-month period, all of the five largest stocks in the Russell 2000 Index advanced and exceeded the overall performance of the benchmark. Virtual health care provider Teladoc Health posted triple-digit gains. Next were pharmaceutical firm Immunomedics, biological drug manufacturer Repligen and telecommunications equipment company Lumentum—all with double-digit returns. Power-generating equipment maker Generac also advanced.

Fund lagged its benchmark

For the period, the Fund underperformed its benchmark as several stocks did not perform as anticipated. An underweight position in Teladoc Health detracted most, as the stock surged in the wake of stay-at-home advisories. Overweight positions in resort and entertainment firm Ryman Hospitality Properties and mortgage insurance company Essent Group also dampened relative results.

By contrast, several positions were beneficial, including an overweight allocation to Boston Beer Company, which reported strong sales. Overweight positions in networking component maker Inphi Corporation and programmable logic device maker Lattice Semiconductor also contributed.

24 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of April 30, 2020

Quant Small-Cap Equity Fund		Total return				Average annual total return				Annual operating expenses*
	Inception date	6 months		1 year		5 years		10 years		gross		net
Institutional Class	10/1/02	–20.82	%	–21.77	%	1.97	%	7.54	%	0.42	%	0.42	%
Advisor Class	12/4/15	–20.86		–21.85		1.91	†	7.50	†	0.52		0.52
Premier Class	9/30/09	–20.92		–21.87		1.82		7.38		0.57		0.57
Retirement Class	10/1/02	–20.94		–21.96		1.72		7.27		0.67		0.67
Retail Class	10/1/02	–20.90		–21.94		1.69		7.20		0.72		0.72
Class W	9/28/18	–20.63		–21.44		2.11	†	7.61	†	0.42		0.00
Russell 2000® Index	—	–15.47		–16.39		2.88		7.69		—		—

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 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 28, 2021, 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.

Holdings by company size

% of equity investments
Market capitalization	as of 4/30/2020
More than $2 billion–$15 billion	45.4
$2 billion or less	54.6
Total	100.0
Fund profile
as of 4/30/2020
Net assets	$2.20 billion
Portfolio turnover rate*	47%
Number of holdings	410
Weighted median market capitalization	$1.83 billion
Price/earnings ratio (weighted 12-month trailing average)†	28.9

*	The portfolio turnover rate covers the six-month period from November 1, 2019–April 30, 2020, and is not annualized.
†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Funds  ■  2020 Semiannual Report 25

Quant Small/Mid-Cap Equity Fund

Expense example

Six months ended April 30, 2020

Quant Small/Mid-Cap Equity Fund	Beginning account value (11/1/19)		Ending account value (4/30/20)		Expenses paid during period* (11/1/19– 4/30/20)
Actual return
Institutional Class		$1,000.00		$  835.21		$2.33
Advisor Class		1,000.00		834.90		2.65
Premier Class		1,000.00		834.94		3.10
Retirement Class		1,000.00		833.55		3.46
Retail Class		1,000.00		833.66		3.97
Class W		1,000.00		836.79		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,022.33		2.56
Advisor Class		1,000.00		1,021.98		2.92
Premier Class		1,000.00		1,021.48		3.42
Retirement Class		1,000.00		1,021.08		3.82
Retail Class		1,000.00		1,020.54		4.37
Class W		1,000.00		1,024.86		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 182/366. There were 182 days in the six months ended April 30, 2020. The Fund’s annualized six-month expense ratios for that period were 0.51% for the Institutional Class, 0.58% for the Advisor Class, 0.68% for the Premier Class, 0.76% 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 4/30/2020
Information technology		19.7
Health care		18.1
Industrials		15.2
Financials		14.6
Consumer discretionary		9.4
Real estate		8.8
Materials		5.0
Utilities		3.2
Consumer staples		3.1
Communication services		1.5
Energy		1.3
Short-term investments,other assets & liabilities, net		0.1
Total		100.0

Performance for the six months ended April 30, 2020

The Quant Small/Mid-Cap Equity Fund returned –16.48% for the Institutional Class, compared with the –14.27% return of its benchmark, the Russell 2500^®  Index. For the one-year period ended April 30, 2020, the Fund returned –15.31% versus –14.20% for the index. The performance table shows returns for all share classes of the Fund.

U.S. stocks declined as COVID-19 pandemic rattled economy

After several years of expansion, the U.S. economy reversed course and contracted in the first quarter of 2020, shaken by efforts to limit the spread of the COVID-19 pandemic. Unemployment, which had reached a 50-year low in late 2019, jumped to 14.7% in April as many U.S. businesses closed temporarily and most states urged residents to remain at home. Core inflation, which includes all items except food and energy, rose only 1.4%, while oil prices fell sharply during the six months.

Stock markets declined for the period, hit hard in February and March of 2020 before recovering some ground in April. The Federal Reserve reduced the federal funds target rate twice in March 2020, cutting the key short-term interest-rate measure to 0.00%–0.25%. Congress also enacted a $2.2 trillion stimulus plan to support the economy.

For the six months, the Russell 3000^®  Index, a broad measure of the U.S. stock market, returned –4.33%. Large-cap growth stocks advanced, outperforming small- and mid-cap growth shares as well as value stocks—all of which posted losses. (Returns by investment style and capitalization size are based on the Russell indexes.)

Most benchmark sectors declined

Nine of the eleven industry sectors in the Russell 2500 Index generated negative returns for the six months. Energy, the smallest sector, declined most with a return of –43.1% as consumer demand evaporated with the implementation of stay-at-home advisories. Real estate, financials, consumer discretionary and industrials also struggled, with returns of –27.4%, –24.6%, –22.5% and –20.5%, respectively. Together, these five sectors accounted for more than one-half of the benchmark’s total market capitalization on April 30, 2020. Two other sectors with sizeable weightings—health care and information technology—delivered the benchmark’s only positive returns, advancing 14.6% and 0.1%, respectively.

For the six-month period, all of the five largest stocks in the Russell 2500 Index advanced and exceeded the overall performance of the benchmark. Medical device maker DexCom rose after posting strong earnings growth, as did RingCentral, a cloud-based communications provider. Bond trading firm MarketAxess Holdings, online document firm DocuSign and biotechnology company Seattle Genetics also outperformed the index.

Fund trailed its benchmark

The Fund declined and underperformed its benchmark as certain stocks did not perform as anticipated. An overweight in human resources provider Insperity detracted most on a poor earnings outlook, followed by an overweight in online travel technology company Sabre and an underweight in DocuSign.

On the positive side, an overweight position in Five9, a provider of call center software that gained after a strong earnings report, made the largest contribution to relative performance. An out-of-benchmark position in semiconductor maker Advanced Micro Devices and an overweight in silicon photonics maker NeoPhotonics also aided returns.

26 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of April 30, 2020

Quant Small/Mid-Cap Equity Fund		Total return						Average annual total return			Annual operating expenses*
	Inception date	6 months			1 year			since inception			gross			net
Institutional Class	8/5/16		–16.48	%		–15.31	%		5.51	%		0.50	%		0.50	%
Advisor Class	8/5/16		–16.51			–15.27			5.50			0.58			0.58
Premier Class	8/5/16		–16.51			–15.33			5.36			0.66			0.66
Retirement Class	8/5/16		–16.65			–15.54			5.21			0.75			0.75
Retail Class	8/5/16		–16.63			–15.67			5.09			0.88			0.88
Class W	9/28/18		–16.32			–14.87			5.72	†		0.50			0.00
Russell 2500® Index	—		–14.27			–14.20			4.01	‡		—			—

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 28, 2021, 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 inception date is based on performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of the Class W. If these actual expenses had been reflected, the performance of Class W shown for these periods would have been different because the Class W has different expenses than the Institutional Class.
‡	Performance is calculated from the inception date of the Institutional Class.

Holdings by company size

Market capitalization	% of equity investments as of 4/30/2020
More than $50 billion		0.4
More than $15 billion–$50 billion		5.5
More than $2 billion–$15 billion		67.1
$2 billion or less		27.0
Total		100.0

Fund profile

	as of 4/30/2020
Net assets		$591.99 million
Portfolio turnover rate*		38%
Number of holdings		330
Weighted median market capitalization		$3.92 billion
Price/earnings ratio (weighted 12-month trailing average)†		23.2

*	The portfolio turnover rate covers the six-month period from November 1, 2019–April 30, 2020, and is not annualized.
†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Funds  ■  2020 Semiannual Report 27

Social Choice Equity Fund

Expense example

Six months ended April 30, 2020

Social Choice Equity Fund	Beginning account value (11/1/19)		Ending account value (4/30/20)		Expenses paid during period* (11/1/19– 4/30/20)
Actual return
Institutional Class		$1,000.00		$  964.79		$0.83
Advisor Class		1,000.00		964.67		1.17
Premier Class		1,000.00		964.00		1.61
Retirement Class		1,000.00		963.70		2.05
Retail Class		1,000.00		963.28		2.20
5% annual hypothetical return
Institutional Class		1,000.00		1,024.02		0.86
Advisor Class		1,000.00		1,023.67		1.21
Premier Class		1,000.00		1,023.22		1.66
Retirement Class		1,000.00		1,022.77		2.11
Retail Class		1,000.00		1,022.63		2.26

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/366. There were 182 days in the six months ended April 30, 2020. The Fund’s annualized six-month expense ratios for that period were 0.17% for the Institutional Class, 0.24% for the Advisor Class, 0.33% for the Premier Class, 0.42% for the Retirement Class and 0.45% for the Retail Class. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 4/30/2020
Information technology		22.8
Health care		15.4
Financials		12.1
Consumer discretionary		12.0
Industrials		9.3
Communication services		8.9
Consumer staples		6.3
Real estate		3.6
Utilities		3.3
Energy		3.0
Materials		2.8
Short-term investments,other assets & liabilities, net		0.5
Total		100.0

Performance for the six months ended April 30, 2020

The Social Choice Equity Fund returned –3.52% for the Institutional Class, compared with the –4.33% return of its benchmark, the Russell 3000^® Index. For the one-year period ended April 30, 2020, the Fund returned 0.68% versus –1.04% for the index. The performance table shows returns for all share classes of the Fund. The Fund utilizes environmental, social and governance (ESG) criteria, while the benchmark does not.

Avoiding some 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. Excluding these companies produced mixed results during the six-month period, but the net effect was that the Fund outperformed its benchmark.

Not investing in Boeing, Wells Fargo and JPMorgan Chase helped the Fund’s relative performance most. Boeing’s financial results continued to be affected by the grounding of the 737 MAX jetliner. Banking giants Wells Fargo and JPMorgan Chase reported lower revenue as they increased reserves in anticipation of the potential effects of the COVID-19 pandemic on their customers.

Excluding other stocks detracted from relative performance

Among stocks in which the Fund was not invested, Johnson & Johnson, Facebook and PayPal detracted most from its relative performance. Johnson & Johnson reported increased sales and raised its dividend, causing its stock to advance despite a reduction in its earnings outlook. In the wake of the pandemic, Facebook experienced lower demand for advertising, but the stock’s strong performance in 2019 resulted in a positive return for the period. PayPal benefited from a spike in online shopping as people stayed home to help contain the virus’ spread.

The 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, overweight positions in NVIDIA, Eli Lilly and Adobe made the largest contributions to its relative performance. Information technology company NVIDIA returned to an upward trajectory, reporting growth in its gaming business and accelerating its adoption of artificial intelligence. Pharmaceutical manufacturer Eli Lilly benefited from additional revenue, driven by higher demand for prescriptions due to the COVID-19 pandemic. Software company Adobe reported record revenues, helped by strength in its digital media segment.

Not all of the stocks the Fund held contributed to its relative performance. The most significant detractors were an overweight position in Spirit AeroSystems, followed by an underweight in Netflix and an overweight in American International Group (AIG). Aerostructures manufacturer Spirit AeroSystems was hurt by the grounding of the Boeing 737 MAX. Netflix experienced higher viewing and strong growth in paid memberships as people sheltering at home turned to the streaming service for entertainment. AIG, like other insurers, was negatively affected as the anticipated impact of COVID-19 resulted in a loss for its general insurance underwriting business.

28 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of April 30, 2020

Social Choice Equity Fund		Total return						Average annual total return						Annual operating expenses*
	Inception date	6 months			1 year			5 years			10 years			gross			net
Institutional Class	7/1/99		–3.52	%		0.68	%		8.31	%		10.61	%		0.17	%		0.17	%
Advisor Class	12/4/15		–3.53			0.67			8.27	†		10.59	†		0.24			0.24
Premier Class	9/30/09		–3.60			0.57			8.15			10.44			0.33			0.33
Retirement Class	10/1/02		–3.63			0.45			8.04			10.33			0.42			0.42
Retail Class	3/31/06		–3.67			0.44			8.02			10.31			0.45			0.45
Russell 3000®  Index	—		–4.33			–1.04			8.33			11.29			—			—

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

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

*

The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least February 28, 2021, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.

†

The performance shown for the Advisor Class that is prior to its inception date is based on 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.

Holdings by company size

Market capitalization	% of equity investments as of 4/30/2020
More than $50 billion		59.4
More than $15 billion–$50 billion		24.0
More than $2 billion–$15 billion		13.3
$2 billion or less		3.3
Total		100.0

Fund profile

	as of 4/30/2020
Net assets		$4.45 billion
Portfolio turnover rate*		12%
Number of holdings		666
Weighted median market capitalization		$65.06 billion
Price/earnings ratio (weighted 12-month trailing average)†		25.9

*	The portfolio turnover rate covers the six-month period from November 1, 2019–April 30, 2020, and is not annualized.
†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Funds  ■  2020 Semiannual Report 29

Social Choice Low Carbon Equity Fund

Expense example

Six months ended April 30, 2020

Social Choice Low Carbon Equity Fund	Beginning account value (11/1/19)		Ending account value (4/30/20)		Expenses paid during period* (11/1/19– 4/30/20)
Actual return
Institutional Class		$1,000.00		$  966.76		$1.56
Advisor Class		1,000.00		966.65		2.05
Premier Class		1,000.00		966.35		2.30
Retirement Class		1,000.00		966.28		2.79
Retail Class		1,000.00		965.49		3.03
5% annual hypothetical return
Institutional Class		1,000.00		1,023.27		1.61
Advisor Class		1,000.00		1,022.77		2.11
Premier Class		1,000.00		1,022.53		2.36
Retirement Class		1,000.00		1,022.03		2.87
Retail Class		1,000.00		1,021.78		3.12

* “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 182/366. There were 182 days in the six months ended April 30, 2020. The Fund’s annualized six-month expense ratios for that period were 0.32% for the Institutional Class, 0.42% for the Advisor Class, 0.47% for the Premier Class, 0.57% for the Retirement Class and 0.62% for the Retail Class. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 4/30/2020
Information technology		22.0
Health care		15.2
Financials		12.7
Consumer discretionary		12.2
Industrials		9.8
Communication services		9.0
Consumer staples		6.7
Real estate		3.6
Utilities		2.6
Materials		2.5
Energy		1.9
Short-term investments, other assets & liabilities, net		1.8
Total		100.0

Performance for the six months ended April 30, 2020

The Social Choice Low Carbon Equity Fund returned –3.32% for the Institutional Class, compared with the –4.33% return of its benchmark, the Russell 3000^®  Index. For the one-year period ended April 30, 2020, the Fund returned 2.10% versus –1.04% for the index. The performance table shows returns for all share classes of the Fund. The Fund utilizes environmental, social and governance (ESG) criteria, while the benchmark does not.

Excluding some stocks 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 for the six-month period, but the net effect was that the Fund outperformed its benchmark.

Not investing in Boeing, Wells Fargo and JPMorgan Chase helped the Fund’s relative performance most. Boeing’s financial results continued to be affected by the grounding of the 737 MAX jetliner. Banking giants Wells Fargo and JPMorgan Chase reported lower revenue as they increased reserves in anticipation of the potential effects of COVID-19 on their customers.

Avoiding other stocks hindered relative performance

Among stocks in which the Fund was not invested, Johnson & Johnson, Facebook and PayPal detracted most from its relative performance. Johnson & Johnson reported increased sales and raised its dividend, but the company cut its earnings outlook due to uncertainty surrounding the COVID-19 pandemic. In the wake of the pandemic, Facebook experienced lower demand for advertising, but the stock’s strong performance in 2019 resulted in a positive return for the period. PayPal benefited from a spike in online shopping as people stayed home to help contain the virus’ spread.

The 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.

Of stocks the Fund held, several overweight investments contributed most to relative performance. The leading contributor was Tesla as the electric carmaker’s revenues and production grew over 30.0% in the first quarter of 2020, versus the same period a year ago. Information technology company NVIDIA returned to an upward trajectory, reporting growth in its gaming business and accelerating its adoption of artificial intelligence. Pharmaceutical manufacturer Eli Lilly benefited from additional revenue, driven by higher demand for prescriptions due to the COVID-19 pandemic.

Not all of the stocks held by the Fund contributed to its relative performance. Among the most significant detractors were overweight investments in natural gas provider ONEOK, insurance giant American International Group (AIG) and real estate investment trust Welltower. ONEOK’s stock price declined as a result of a sharp drop in demand for energy due to the global economic slowdown. AIG was negatively affected as the anticipated impact of the pandemic resulted in a loss for its general insurance underwriting business. Welltower, which holds senior housing and health care properties, saw its stock plunge as the elderly were identified as being among the most vulnerable to COVID-19 infection.

30 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of April 30, 2020

Social Choice Low Carbon Equity Fund		Total return						Average annual total return			Annual operating expenses*
	Inception date	6 months			1 year			since inception			gross			net
Institutional Class	8/7/15		–3.32	%		2.10	%		9.11	%		0.41	%		0.32	%
Advisor Class	12/4/15		–3.33			2.02			9.05	†		0.52			0.43
Premier Class	8/7/15		–3.36			1.89			8.97			0.56			0.47
Retirement Class	8/7/15		–3.37			1.84			8.85			0.66			0.57
Retail Class	8/7/15		–3.45			1.83			8.78			0.73			0.64
Russell 3000®  Index	—		–4.33			–1.04			8.82	‡		—			—

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 28, 2021, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.
†	The performance shown for the Advisor Class that is prior to its inception date is based on 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.

Holdings by company size

Market capitalization	% of equity investments as of 4/30/2020
More than $50 billion		60.5
More than $15 billion–$50 billion		23.6
More than $2 billion–$15 billion		13.1
$2 billion or less		2.8
Total		100.0

Fund profile

	as of 4/30/2020
Net assets	$283.98 million
Portfolio turnover rate*	10%
Number of holdings	539
Weighted median market capitalization	$70.20 billion
Price/earnings ratio (weighted 12-month trailing average)†	25.8

*	The portfolio turnover rate covers the six-month period from November 1, 2019–April 30, 2020, and is not annualized.
†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Funds  ■  2020 Semiannual Report 31

Emerging Markets Equity Fund

Expense example

Six months ended April 30, 2020

Emerging Markets Equity Fund	Beginning account value (11/1/19)		Ending account value (4/30/20)		Expenses paid during period* (11/1/19– 4/30/20)
Actual return
Institutional Class		$1,000.00		$  865.74		$4.13
Advisor Class		1,000.00		865.02		4.68
Premier Class		1,000.00		865.53		4.59
Retirement Class		1,000.00		865.79		4.59
Retail Class		1,000.00		864.80		5.80
Class W		1,000.00		869.85		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,020.44		4.47
Advisor Class		1,000.00		1,019.84		5.07
Premier Class		1,000.00		1,019.94		4.97
Retirement Class		1,000.00		1,019.94		4.97
Retail Class		1,000.00		1,018.65		6.27
Class W		1,000.00		1,024.86		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 182/366. There were 182 days in the six months ended April 30, 2020. The Fund’s annualized six-month expense ratios for that period were 0.89% for the Institutional Class, 1.01% for the Advisor Class, 0.99% for the Premier Class, 0.99% for the Retirement Class, 1.25% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 4/30/2020
Consumer discretionary		28.1
Financials		21.4
Information technology		17.7
Communication services		13.8
Materials		4.2
Energy		3.8
Consumer staples		3.1
Health care		2.9
Industrials		0.3
Short-term investments, other assets & liabilities, net		4.7
Total		100.0

Performance for the six months ended April 30, 2020

The Emerging Markets Equity Fund returned –13.43% for the Institutional Class, compared with the –10.50% return of its benchmark, the MSCI Emerging Markets Index. For the one-year period ended April 30, 2020, the Fund returned –13.05% versus –12.00% for the index. The performance table shows returns for all share classes of the Fund.

International equities fell amid COVID-19 pandemic

International developed- and emerging-markets stocks posted losses for the period as countries around the world struggled to respond to the COVID-19 pandemic. Emergency efforts to contain the virus led to widespread business closures and the implementation of stay-at-home advisories. The economy in the 19-nation euro area contracted by 3.8% during the first three months of 2020, compared with the fourth quarter of 2019. China’s economy contracted by 6.8% year-on-year in the first quarter of 2020.

Central banks responded aggressively to the economic impact of the pandemic. The U.S. Federal Reserve lowered the federal funds target rate twice in March 2020 to 0.00%–0.25%. The European Central Bank launched a temporary asset purchase program to support the region’s economy.

The MSCI EAFE^®  Index, which measures stock performance in 21 developed-markets nations outside North America, returned –14.21%, underperforming the –4.33% return of the Russell 3000^®  Index, a broad measure of the U.S. stock market, as well as the MSCI Emerging Markets Index.

Most countries in the benchmark declined

Of the 26 country components in the MSCI Emerging Markets Index, 24 posted losses in U.S.-dollar terms for the six-month period. Brazil and India, which were sizable country components, fell 43.6% and 19.0%, respectively. Korea, the third-largest index component, declined 9.0%. Together, these three countries accounted for nearly one-quarter of the index’s total market capitalization on April 30, 2020. The benchmark’s two largest components, China and Taiwan, gained 5.4% and 0.7%, respectively.

Fund declined and trailed its benchmark

For the six-month period, the Fund underperformed its benchmark. Out-of-benchmark positions in Arcos Dorados, an international operator of McDonald’s restaurants, and Edelweiss Financial Services detracted most, followed by an overweight in department store operator Companhia Brasileira de Distribuicao.

On the positive side, an out-of-benchmark holding in digital entertainment provider Sea contributed strongly to the Fund’s relative performance, followed by overweight positions in Latin American online retailer B2W Companhia Digital and Chinese online retailer Alibaba Group.

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 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of April 30, 2020

Emerging Markets Equity Fund			Total return						Average annual total return						Annual operating expenses*
	Inception date		6 months			1 year			5 years			since inception			gross			net
Institutional Class		8/31/10		–13.43	%		–13.05	%		0.55	%		1.54	%		0.90	%		0.90	%
Advisor Class		12/4/15		–13.50			–13.20			0.50	†		1.51	†		0.98			0.98
Premier Class		8/31/10		–13.45			–13.15			0.40			1.40			1.05			1.05
Retirement Class		8/31/10		–13.42			–13.12			0.35			1.31			1.15			1.15
Retail Class		8/31/10		–13.52			–13.37			0.17			1.15			1.27			1.27
Class W		9/28/18		–13.02			–12.34			0.83	†		1.68	†		0.89			0.00
MSCI Emerging Markets Index		—		–10.50			–12.00			–0.10			1.91	‡		—			—

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

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

*	The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least February 28, 2021, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.
†	The performance shown for the Advisor Class and Class W that is prior to their respective inception dates is based on performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class and Class W. If these actual expenses had been reflected, the performance of these two classes shown for these periods would have been different because the Advisor Class and Class W have different expenses than the Institutional Class.
‡	Performance is calculated from the inception date of the Institutional Class.

Holdings by country

	% of portfolio investments as of 4/30/2020
China		27.1
Taiwan		11.5
India		10.7
Brazil		10.1
Korea, Republic of		9.7
South Africa		3.7
Mexico		3.7
Indonesia		2.8
United States		2.4
Macau		2.1
10 other nations		10.7
Short-term investments		5.5
Total		100.0

Holdings by company size

Market capitalization	% of equity investments as of 4/30/2020
More than $50 billion		38.8
More than $15 billion–$50 billion		22.4
More than $2 billion–$15 billion		32.0
$2 billion or less		6.8
Total		100.0

Fund profile

	as of 4/30/2020
Net assets	$1.52 billion
Portfolio turnover rate*	71%
Number of holdings	91
Weighted median market capitalization	$31.46 billion
Price/earnings ratio (weighted 12-month trailing average)†	15.7

*	The portfolio turnover rate covers the six-month period from November 1, 2019–April 30, 2020, and is not annualized.
†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Funds  ■  2020 Semiannual Report 33

International Equity Fund

Expense example

Six months ended April 30, 2020

International Equity Fund	Beginning  account  value  (11/1/19)	Ending  account  value  (4/30/20)	Expenses  paid  during  period*  (11/1/19–  4/30/20)
Actual return
Institutional Class	$1,000.00	$  855.22	$2.21
Advisor Class	1,000.00	855.81	2.58
Premier Class	1,000.00	855.27	2.91
Retirement Class	1,000.00	855.18	3.14
Retail Class	1,000.00	854.53	3.78
Class W	1,000.00	857.89	0.00
5% annual hypothetical return
Institutional Class	1,000.00	1,022.48	2.41
Advisor Class	1,000.00	1,022.08	2.82
Premier Class	1,000.00	1,021.73	3.17
Retirement Class	1,000.00	1,021.48	3.42
Retail Class	1,000.00	1,020.79	4.12
Class W	1,000.00	1,024.86	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 182/366. There were 182 days in the six months ended April 30, 2020. The Fund’s annualized six-month expense ratios for that period were 0.48% for the Institutional Class, 0.56% 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 4/30/2020
Health care	17.0
Consumer discretionary	15.0
Industrials	13.9
Financials	13.4
Information technology	11.4
Consumer staples	10.0
Materials	8.0
Communication services	4.2
Utilities	3.4
Real estate	1.3
Energy	0.3
Short-term investments, other assets & liabilities, net	2.1
Total	100.0

Performance for the six months ended April 30, 2020

The International Equity Fund returned –14.48% for the Institutional Class, compared with the –14.21% return of its benchmark, the MSCI EAFE^® Index. For the one-year period ended April 30, 2020, the Fund returned –12.98% versus –11.34% for the index. The performance table shows returns for all share classes of the Fund.

International equities fell amid COVID-19 pandemic

International developed- and emerging-markets stocks posted losses for the period as countries around the world struggled to respond to the COVID-19 pandemic. Emergency efforts to contain the virus led to widespread business closures and the implementation of stay-at-home advisories. The economy in the 19-nation euro area contracted by 3.8% during the first three months of 2020, compared with the fourth quarter of 2019. China’s economy contracted by 6.8% year-on-year in the first quarter of 2020.

Central banks responded aggressively to the economic impact of the pandemic. The U.S. Federal Reserve lowered the federal funds target rate twice in March 2020 to 0.00%–0.25%. The European Central Bank launched a temporary asset purchase program to support the region’s economy. The Bank of England cut its benchmark interest rate to 0.10%.

The MSCI EAFE Index, which measures stock performance in 21 developed-markets nations outside North America, lost ground and underperformed the –4.33% return of the Russell 3000^® Index, a broad measure of the U.S. stock market. The MSCI Emerging Markets Index returned –10.50% for the six-month period.

Most countries in the benchmark declined

Of the MSCI EAFE Index’s 21 country components, 19 fell in U.S.-dollar terms for the six-month period. The largest index components were Japan (26.0%), the United Kingdom (15.0%) and France (10.6%), losing 9.9%, 19.9% and 20.8%, respectively. Collectively, these three nations represented over one-half of the benchmark’s total market capitalization on April 30, 2020.

Fund trailed its benchmark

Among the leading detractors from Fund performance versus the benchmark was an overweight investment in European multinational Airbus, which declined due to travel restrictions. Next was Dutch financial firm ING, followed by Britain’s Lloyds Banking Group.

By contrast, the Fund benefited from overweight positions in Japanese game maker Nintendo, which rose on higher demand from families staying home. Consumer electronics giant Sony also made a positive contribution, as did Swiss multinational pharmaceutical company Lonza.

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 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of April 30, 2020

International Equity Fund

Total return

Average annual total return

Annual operating expenses*

Inception date

6 months

1 year

5 years

10 years

gross

net

Institutional Class

7/1/99

–14.48

%

–12.98

%

–1.90

%

3.13

%

0.48

%

0.48

%

Advisor Class

12/4/15

–14.42

–13.03

–1.97

†

3.09

†

0.60

0.60

Premier Class

9/30/09

–14.47

–13.05

–2.03

2.98

0.63

0.63

Retirement Class

10/1/02

–14.48

–13.04

–2.13

2.88

0.73

0.73

Retail Class

3/31/06

–14.55

–13.19

–2.19

2.80

0.82

0.82

Class W

9/28/18

–14.21

–12.48

–1.74

†

3.21

†

0.48

0.00

MSCI EAFE® Index

—

–14.21

–11.34

–0.17

3.55

—

—

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 28, 2021, 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.

Holdings by country

	% of portfolio investments as of 4/30/2020
Japan	21.5
France	12.1
United Kingdom	11.8
Switzerland	9.8
Germany	9.4
Australia	6.5
Denmark	5.5
Netherlands	3.7
China	3.5
United States	3.1
9 other nations	11.5
Short-term investments	1.6
Total	100.0

Holdings by company size

Market capitalization	% of equity investments as of 4/30/2020
More than $50 billion	46.5
More than $15 billion–$50 billion	44.3
More than $2 billion–$15 billion	9.2
Total	100.0

Fund profile

	as of 4/30/2020
Net assets	$4.09 billion
Portfolio turnover rate*	91%
Number of holdings	80
Weighted median market capitalization	$46.97 billion
Price/earnings ratio (weighted 12-month trailing average)†	19.0

*	The portfolio turnover rate covers the six-month period from November 1, 2019–April 30, 2020, and is not annualized.
†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Funds  ■  2020 Semiannual Report 35

International Opportunities Fund

Expense example

Six months ended April 30, 2020

International Opportunities Fund	Beginning account value (11/1/19)	Ending account value (4/30/20)	Expenses paid during period* (11/1/19– 4/30/20)
Actual return
Institutional Class	$1,000.00	$  937.87	$2.99
Advisor Class	1,000.00	936.67	3.47
Premier Class	1,000.00	937.02	3.27
Retirement Class	1,000.00	937.29	3.28
Retail Class	1,000.00	934.74	4.91
Class W	1,000.00	939.95	0.00
5% annual hypothetical return
Institutional Class	1,000.00	1,021.78	3.12
Advisor Class	1,000.00	1,021.28	3.62
Premier Class	1,000.00	1,021.48	3.42
Retirement Class	1,000.00	1,021.48	3.42
Retail Class	1,000.00	1,019.79	5.12
Class W	1,000.00	1,024.86	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 182/366. There were 182 days in the six months ended April 30, 2020. The Fund’s annualized six-month expense ratios for that period were 0.62% for the Institutional Class, 0.72% for the Advisor Class, 0.68% for the Premier Class, 0.68% for the Retirement Class, 1.02% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

	% of net assets
Sector	as of 4/30/2020
Information technology	23.3
Consumer discretionary	21.0
Health care	13.3
Industrials	11.8
Consumer staples	10.5
Financials	6.9
Materials	4.6
Communication services	3.5
Energy	1.7
Real estate	0.6
Short-term investments, other assets & liabilities, net	2.8
Total	100.0

Performance for the six months ended April 30, 2020

The International Opportunities Fund returned –6.21% for the Institutional Class, compared with the –13.22% return of its benchmark, the MSCI All Country World (ACWI) ex USA Index. For the one-year period ended April 30, 2020, the Fund returned –4.64% versus –11.51% for the index. The performance table shows returns for all share classes of the Fund. During the period, the Fund participated in a securities lending program.

International equities fell amid COVID-19 pandemic

International developed- and emerging-markets stocks posted losses for the period as countries around the world struggled to respond to the COVID-19 pandemic. Emergency efforts to contain the virus led to widespread business closures and the implementation of stay-at-home advisories. The economy in the 19-nation euro area contracted by 3.8% during the first three months of 2020, compared with the fourth quarter of 2019. China’s economy contracted by 6.8% year-on-year in the first quarter of 2020.

Central banks responded aggressively to the economic impact of the pandemic. The U.S. Federal Reserve lowered the federal funds target rate twice in March 2020 to 0.00%–0.25%. The European Central Bank launched a temporary asset purchase program to support the region’s economy. The Bank of England cut its benchmark interest rate to 0.10%.

The MSCI EAFE^® Index, which measures stock performance in 21 developed-markets nations outside North America, returned –14.21%, underperforming the –4.33% return of the Russell 3000^® Index, a broad measure of the U.S. stock market. The MSCI Emerging Markets Index returned –10.50% for the six-month period.

Most countries in the benchmark declined

Just four of the 48 countries within the MSCI ACWI ex USA Index produced gains in U.S.-dollar terms for the six months. The benchmark’s largest country components were Japan (17.0%), down 9.9%; China (11.2%), up 5.4%; and the United Kingdom (9.8%), down 19.9%. These three nations represented more than one-third of the index’s total market capitalization on April 30, 2020.

Fund outperformed its benchmark

The largest contributor to the Fund’s relative performance was an overweight investment in Canadian e-commerce company Shopify, which hit a record high as the pandemic created a spike in sales. Next were out-of-benchmark positions in German meal kit provider HelloFresh and Australian payment processor Afterpay, both of which reported strong revenue gains.

By contrast, an out-of-benchmark position in Brazil’s Banco Inter detracted, as did an overweight position in Dutch financial firm ING and not owning Chinese online retailer Alibaba Group, a benchmark component.

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 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of April 30, 2020

International Opportunities Fund		Total return					Average annual total return				Annual operating expenses*
	Inception date	6 months		1 year			5 years		since inception		gross		net
Institutional Class	4/12/13	–6.21	%		–4.64	%	3.12	%	4.20	%	0.62	%	0.62	%
Advisor Class	12/4/15	–6.33			–4.76		3.05	†	4.15	†	0.71		0.71
Premier Class	4/12/13	–6.30			–4.73		2.97		4.04		0.77		0.77
Retirement Class	4/12/13	–6.27			–4.69		2.90		3.96		0.87		0.87
Retail Class	4/12/13	–6.53			–5.10		2.68		3.77		1.02		1.02
Class W	9/28/18	–6.01			–4.08		3.31	†	4.33	†	0.62		0.00
MSCI All Country World  Index ex USA	—	–13.22			–11.51		–0.17		1.92	‡	—		—

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 28, 2021, unless changed with the approval of the Board of Trustees.
	Without these reimbursements, expenses would be higher and returns lower.
†	The performance shown for the Advisor Class and Class W that is prior to their respective inception dates is based on performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class and Class W. If these actual expenses had been reflected, the performance of these two classes shown for these periods would have been different because the Advisor Class and Class W have different expenses than the Institutional Class.
‡	Performance is calculated from the inception date of the Institutional Class.

Holdings by country

% of portfolio investments
	as of 4/30/2020
Japan	13.7
China	8.8
United Kingdom	8.5
Brazil	6.3
Germany	6.2
Canada	6.1
Switzerland	5.2
Netherlands	5.0
France	4.7
Australia	4.5
12 other nations	24.7
Short-term investments	6.3
Total	100.0

Holdings by company size

% of equity investments
Market capitalization	as of 4/30/2020
More than $50 billion	18.8
More than $15 billion–$50 billion	22.1
More than $2 billion–$15 billion	48.0
$2 billion or less	11.1
Total	100.0

Fund profile

	as of 4/30/2020
Net assets	$1.65 billion
Portfolio turnover rate*	26%
Number of holdings	97
Weighted median market capitalization	$10.12 billion
Price/earnings ratio (weighted 12-month trailing average)†	30.1

*	The portfolio turnover rate covers the six-month period from November 1, 2019–April 30, 2020, and is not annualized.
†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Funds  ■  2020 Semiannual Report 37

Quant International Equity Fund

Expense example

Six months ended April 30, 2020

Quant International Equity Fund	Beginning account value (11/1/19)	Ending account value (4/30/20)	Expenses paid during period* (11/1/19– 4/30/20)
Actual return
Institutional Class	$1,000.00	$  856.45	$1.85
Advisor Class	1,000.00	855.62	2.54
Class W	1,000.00	857.15	0.00
5% annual hypothetical return
Institutional Class	1,000.00	1,022.87	2.01
Advisor Class	1,000.00	1,022.13	2.77
Class W	1,000.00	1,024.86	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 182/366. There were 182 days in the six months ended April 30, 2020. The Fund’s annualized six-month expense ratios for that period were 0.40% for the Institutional Class, 0.55% for the Advisor Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 4/30/2020
Financials	16.3
Health care	14.4
Industrials	13.9
Consumer staples	12.3
Consumer discretionary	11.0
Information technology	7.5
Materials	6.8
Communication services	5.4
Utilities	4.1
Energy	3.6
Real estate	3.3
Short-term investments,other assets & liabilities, net	1.4
Total	100.0

Performance for the six months ended April 30, 2020

The Quant International Equity Fund returned –14.36% for the Institutional Class, compared with the –14.21% return of its benchmark, the MSCI EAFE^® Index. For the one-year period ended April 30, 2020, the Fund returned –12.11% versus –11.34% for the index. The performance table shows returns for all share classes of the Fund.

International equities fell amid COVID-19 pandemic

International developed- and emerging-markets stocks posted losses for the period as countries around the world struggled to respond to the COVID-19 pandemic. Emergency efforts to contain the virus led to widespread business closures and the implementation of stay-at-home advisories. The economy in the 19-nation euro area contracted by 3.8% during the first three months of 2020, compared with the fourth quarter of 2019. China’s economy contracted by 6.8% year-on-year in the first quarter of 2020.

Central banks responded aggressively to the economic impact of the pandemic. The U.S. Federal Reserve lowered the federal funds target rate twice in March 2020 to 0.00%–0.25%. The European Central Bank launched a temporary asset purchase program to support the region’s economy. The Bank of England cut its benchmark interest rate to 0.10%.

The MSCI EAFE Index, which measures stock performance in 21 developed-markets nations outside North America, lost ground and underperformed the –4.33% return of the Russell 3000^® Index, a broad measure of the U.S. stock market. The MSCI Emerging Markets Index returned –10.50% for the six-month period.

Most countries in the benchmark declined

Of the MSCI EAFE Index’s 21 country components, 19 fell in U.S.-dollar terms for the six-month period. The largest index components were Japan (26.0%), the United Kingdom (15.0%) and France (10.6%), losing 9.9%, 19.9% and 20.8%, respectively. Collectively, these three nations represented over one-half of the benchmark’s total market capitalization on April 30, 2020.

Fund trailed its benchmark

The Fund underperformed its benchmark for the period as certain holdings did not perform as anticipated. The most significant detractor was an overweight position in Germany’s MTU Aero Engines, which saw a decline in operating profits. Next were overweights in French car maker Peugeot and Spanish engineering firm ACS Actividades de Construccion y Servicios.

By contrast, an underweight position in European multinational Airbus was beneficial, as the stock declined. Overweight investments in Swiss pharmaceutical company Roche Holding and Japan’s Chugai Pharmaceutical, both of which are working on treatments for COVID-19, also contributed.

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 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of April 30, 2020

Quant International Equity Fund

Total return

Average annual total return

Annual operating expenses*

Inception date

6 months

1 year

5 years

10 years

gross

net

Institutional Class

11/30/07

–14.36

%

–12.11

%

–0.60

%

3.84

%

0.40

%

0.40

%

Advisor Class

12/4/15

–14.44

–12.32

–0.68

†

3.80

†

0.48

0.48

Class W

9/28/18

–14.29

–11.93

–0.51

†

3.89

†

0.40

0.00

MSCI EAFE® Index

—

–14.21

–11.34

–0.17

3.55

—

—

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 28, 2021, 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.

Holdings by country

% of portfolio investments as of 4/30/2020
Japan	25.4
United Kingdom	13.4
Switzerland	10.4
France	9.7
Germany	8.0
Australia	6.6
Netherlands	4.8
Hong Kong	3.3
Denmark	2.3
Italy	2.3
13 other nations	12.3
Short-term investments	1.5
Total	100.0

Holdings by company size

Market capitalization	% of equity investments as of 4/30/2020
More than $50 billion	35.5
More than $15 billion–$50 billion	34.5
More than $2 billion–$15 billion	29.9
$2 billion or less	0.1
Total	100.0

Fund profile

	as of 4/30/2020
Net assets	$1.72 billion
Portfolio turnover rate*	65%
Number of holdings	325
Weighted median market capitalization	$30.26 billion
Price/earnings ratio (weighted 12-month trailing average)†	13.3

*	The portfolio turnover rate covers the six-month period from November 1, 2019–April 30, 2020, and is not annualized.
†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Funds  ■   2020 Semiannual Report 39

Quant International Small-Cap Equity Fund

Expense example

Six months ended April 30, 2020

Quant International Small-Cap Equity Fund	Beginning account value (11/1/19)	Ending account value (4/30/20)	Expenses paid during period* (11/1/19– 4/30/20)
Actual return
Institutional Class	$1,000.00	$  796.30	$2.99
Advisor Class	1,000.00	796.71	3.31
Premier Class	1,000.00	795.32	3.84
Retirement Class	1,000.00	795.82	3.75
Retail Class	1,000.00	794.78	4.86
Class W	1,000.00	798.59	0.04
5% annual hypothetical return
Institutional Class	1,000.00	1,021.53	3.37
Advisor Class	1,000.00	1,021.18	3.72
Premier Class	1,000.00	1,020.59	4.32
Retirement Class	1,000.00	1,020.69	4.22
Retail Class	1,000.00	1,019.44	5.47
Class W	1,000.00	1,024.81	0.05

* “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 182/366. There were 182 days in the six months ended April 30, 2020. The Fund’s annualized six-month expense ratios for that period were 0.67% for the Institutional Class, 0.74% for the Advisor Class, 0.86% for the Premier Class, 0.84% for the Retirement Class, 1.09% for the Retail Class and 0.01% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 4/30/2020
Industrials	17.2
Information technology	12.5
Materials	11.6
Consumer discretionary	11.3
Real estate	10.1
Health care	9.3
Financials	8.5
Consumer staples	6.3
Communication services	5.3
Utilities	3.8
Energy	2.5
Short-term investments,other assets & liabilities, net	1.6
Total	100.0

Performance for the six months ended April 30, 2020

The Quant International Small-Cap Equity Fund returned –20.37% for the Institutional Class, compared with the –15.05% return of its benchmark, the MSCI All Country World (ACWI) ex USA Small Cap Index. For the one-year period ended April 30, 2020, the Fund returned –18.71% versus –13.51% for the index. The performance table shows returns for all share classes of the Fund.

International equities fell amid COVID-19 pandemic

International developed- and emerging-markets stocks posted losses for the period as countries around the world struggled to respond to the COVID-19 pandemic. Emergency efforts to contain the virus led to widespread business closures and the implementation of stay-at-home advisories. The economy in the 19-nation euro area contracted by 3.8% during the first three months of 2020, compared with the fourth quarter of 2019. China’s economy contracted by 6.8% year-on-year in the first quarter of 2020.

Central banks responded aggressively to the economic impact of the pandemic. The U.S. Federal Reserve lowered the federal funds target rate twice in March 2020 to 0.00%–0.25%. The European Central Bank launched a temporary asset purchase program to support the region’s economy. The Bank of England cut its benchmark interest rate to 0.10%.

The MSCI EAFE^® Index, which measures stock performance in 21 developed-markets nations outside North America, returned –14.21%, underperforming the –4.33% return of the Russell 3000^® Index, a broad measure of the U.S. stock market. The MSCI Emerging Markets Index returned –10.50% for the six-month period.

Most countries in the benchmark declined

Of the 48 countries in the MSCI ACWI ex USA Small Cap Index, 45 lost ground in U.S.-dollar terms for the six months. The largest markets were Japan (23.3%), down 13.2%, the United Kingdom (11.7%), down 19.9%, and Canada (6.8%), down 11.7%. These three countries represented more than 40.0% of the index’s total market capitalization on April 30, 2020.

Fund underperformed its benchmark

Several overweight investments detracted from the Fund’s performance versus the benchmark. The most significant was Canadian recreational vehicle maker BRP, which declined due to COVID-19 uncertainty. Next was French geophysical services provider CGG, followed by Australian real estate developer Charter Hall.

Conversely, other overweight positions contributed to relative performance. The largest contributor was Japanese firm Daiwabo, which reported strong results in its IT infrastructure business. Next was Swiss pharmaceutical retailer Galenica, followed by United Kingdom-based waste management firm Pennon.

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 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of April 30, 2020

Quant International Small-Cap Equity Fund		Total return				Average annual total return		Annual operating expenses*
	Inception date	6 months		1 year		since inception		gross		net
Institutional Class	12/9/16	–20.37	%	–18.71	%	–2.16	%	0.71	%	0.71	%
Advisor Class	12/9/16	–20.33		–18.67		–2.20		0.79		0.79
Premier Class	12/9/16	–20.47		–18.83		–2.26		0.89		0.89
Retirement Class	12/9/16	–20.42		–18.76		–2.35		0.96		0.96
Retail Class	12/9/16	–20.52		–19.03		–2.54		1.35		1.14
Class W	9/28/18	–20.14		–18.17		–1.86	†	0.71		0.00
MSCI ACWI ex USA Small Cap Index	—	–15.05		–13.51		1.62	‡	—		—

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 28, 2021, 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 inception date is based on performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of the Class W. If these actual expenses had been reflected, the performance of Class W shown for these periods would have been different because the Class W has different expenses than the Institutional Class.
†	Performance is calculated from the inception date of the Institutional Class.

Holdings by country

% of portfolio investments as of 4/30/2020
Japan	21.7
United Kingdom	10.8
Canada	5.6
Taiwan	5.4
Australia	5.2
Switzerland	4.5
Sweden	4.4
Korea, Republic of	4.3
China	3.1
Germany	2.7
36 other nations	28.0
Short-term investments	4.3
Total	100.0

Holdings by company size

Market capitalization	% of equity investments as of 4/30/2020
More than $2 billion–$15 billion	37.3
$2 billion or less	62.7
Total	100.0

Fund profile

	as of 4/30/2020
Net assets	$865.15 million
Portfolio turnover rate*	67%
Number of holdings	541
Weighted median market capitalization	$1.59 billion
Price/earnings ratio (weighted 12-month trailing average)†	12.1

*	The portfolio turnover rate covers the six-month period from November 1, 2019–April 30, 2020, and is not annualized.
†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Funds  ■  2020 Semiannual Report 41

Social Choice International Equity Fund

Expense example

Six months ended April 30, 2020

Social Choice International Equity	Beginning account value (11/1/19)	Ending account value (4/30/20)	Expenses paid during period* (11/1/19– 4/30/20)
Actual return
Institutional Class	$1,000.00	$  862.50	$1.85
Advisor Class	1,000.00	862.12	2.36
Premier Class	1,000.00	861.88	2.55
Retirement Class	1,000.00	861.67	3.01
Retail Class	1,000.00	860.74	3.33
5% annual hypothetical return
Institutional Class	1,000.00	1,022.87	2.01
Advisor Class	1,000.00	1,022.33	2.56
Premier Class	1,000.00	1,022.13	2.77
Retirement Class	1,000.00	1,021.63	3.27
Retail Class	1,000.00	1,021.28	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 182/366. There were 182 days in the six months ended April 30, 2020. The Fund’s annualized six-month expense ratios for that period were 0.40% for the Institutional Class, 0.51% for the Advisor Class, 0.55% for the Premier Class, 0.65% for the Retirement Class and 0.72% for the Retail Class. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 4/30/2020
Financials	16.5
Health care	14.0
Industrials	12.5
Consumer staples	12.4
Consumer discretionary	10.3
Materials	7.7
Information technology	6.7
Communication services	5.0
Utilities	4.3
Real estate	4.0
Energy	3.8
Short-term investments,other assets & liabilities, net	2.8
Total	100.0

Performance for the six months ended April 30, 2020

The Social Choice International Equity Fund returned –13.75% for the Institutional Class, compared with the –14.21% return of its benchmark, the MSCI EAFE^® Index. For the one-year period ended April 30, 2020, the Fund returned –10.04% versus –11.34% for the index. The performance table shows returns for all share classes of the Fund. The Fund utilizes environmental, social and governance (ESG) criteria, while the benchmark does not.

Excluding certain stocks benefited the Fund’s relative performance

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

Excluding Royal Dutch Shell, Airbus and HSBC contributed most to the Fund’s relative performance. Energy giant Royal Dutch Shell reported sharply lower revenue amid an unprecedented decline in oil prices. Airbus reported lower revenues in a challenging market environment. British bank HSBC saw profits decrease significantly due to COVID-19 and weakening oil prices.

Avoiding other stocks hindered relative performance

Notable detractors among excluded stocks were Novartis, British American Tobacco and Reckitt Benckiser. Swiss pharmaceutical company Novartis announced it would sponsor a clinical drug trial that may help hospitalized coronavirus patients. News that British American Tobacco is working on a potential COVID-19 vaccine reversed its stock’s decline. Lysol maker Reckitt Benckiser reported strong sales as demand for disinfectants soared.

Fund outperformed 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.

Among stocks the Fund held, overweight positions in Sartorius, Chugai Pharmaceutical and Fortescue Metals contributed most. French biopharmaceutical firm Sartorius provides vaccine research and testing for the development of COVID-19 treatments. Japan’s Chugai Pharmaceutical is working on an infusion to treat COVID-19 pneumonia. Australian iron ore producer Fortescue Metals benefited from record iron ore shipments.

Conversely, other holdings detracted. Chief among these were overweight investments in Renault and MTU Aero Engines and an underweight position in SoftBank. French automaker Renault saw sales decline amid global uncertainty. Germany’s MTU Aero Engines reported that operating profit declined. Despite reporting a record loss, SoftBank’s stock rose as the Japanese conglomerate announced plans to buy back shares.

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 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of April 30, 2020

Social Choice International Equity Fund		Total return				Average annual total return		Annual operating expenses*
	Inception date	6 months		1 year		since inception		gross	net
Institutional Class	8/7/15	–13.75	%	–10.04	%	0.83	%	0.58%	0.40%
Advisor Class	12/4/15	–13.79		–10.08		0.79	†	0.66	0.48
Premier Class	8/7/15	–13.81		–10.11		0.68		0.74	0.55
Retirement Class	8/7/15	–13.83		–10.20		0.59		0.83	0.65
Retail Class	8/7/15	–13.93		–10.30		0.49		0.92	0.74
MSCI EAFE® Index	—	–14.21		–11.34		0.22	‡	—	—

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 28, 2021, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.
†	The performance shown for the Advisor Class that is prior to its inception date is based on 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.

Holdings by country

% of portfolio investments as of 4/30/2020
Japan	25.3
United Kingdom	13.2
Switzerland	10.0
France	9.9
Germany	8.3
Australia	6.2
Hong Kong	4.1
Netherlands	3.0
Sweden	2.9
Spain	2.7
13 other nations	11.5
Short-term investments	2.9
Total	100.0

Holdings by company size

Market capitalization	% of equity investments as of 4/30/2020
More than $50 billion	28.4
More than $15 billion–$50 billion	41.1
More than $2 billion–$15 billion	30.3
$2 billion or less	0.2
Total	100.0

Fund profile

	as of 4/30/2020
Net assets	$398.76 million
Portfolio turnover rate*	7%
Number of holdings	418
Weighted median market capitalization	$30.26 billion
Price/earnings ratio (weighted 12-month trailing average)†	16.9

*	The portfolio turnover rate covers the six-month period from November 1, 2019–April 30, 2020, and is not annualized.
†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Funds  ■  2020 Semiannual Report 43

Summary portfolio of investments (unaudited)

Growth & Income Fund  ■  April 30, 2020

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	17,796,593		0.3	%
BANKS
	3,275,259		Bank of America Corp		78,769,979		1.3
	1,137,896	n	Citigroup, Inc		55,256,230		0.9
	1,076,019		JPMorgan Chase & Co		103,039,579		1.8
			Other		8,239,524		0.2
					245,305,312		4.2
CAPITAL GOODS
	428,976		Dover Corp		40,173,602		0.7
	481,253		Eaton Corp		40,184,626		0.7
	428,467		Honeywell International, Inc		60,799,467		1.0
	248,926		L3Harris Technologies, Inc		48,216,966		0.8
			Other		233,999,061		4.0
					423,373,722		7.2
COMMERCIAL & PROFESSIONAL SERVICES					43,887,149		0.7
CONSUMER DURABLES & APPAREL					67,762,376		1.1
CONSUMER SERVICES					39,287,342		0.7
DIVERSIFIED FINANCIALS
	235,830	n	CME Group, Inc		42,027,264		0.7
	1,135,528		Morgan Stanley		44,773,869		0.8
			Other		97,269,933		1.6
					184,071,066		3.1
ENERGY
	861,576	n	Chevron Corp		79,264,992		1.4
			Other		55,074,297		0.9
					134,339,289		2.3
FOOD & STAPLES RETAILING
	480,824		Walmart, Inc		58,444,157		1.0
			Other		22,076,580		0.4
					80,520,737		1.4
FOOD, BEVERAGE & TOBACCO
	933,657		Coca-Cola Co		42,845,520		0.7
	946,253		Mondelez International, Inc		48,675,254		0.8
	490,010	n	PepsiCo, Inc		64,823,423		1.1
			Other		74,734,500		1.3
					231,078,697		3.9
HEALTH CARE EQUIPMENT & SERVICES
	516,269		Baxter International, Inc		45,834,362		0.8
	919,452	*,n	Boston Scientific Corp		34,461,061		0.6
	341,841		Danaher Corp		55,877,330		0.9
	322,669		HCA Healthcare, Inc		35,454,870		0.6
	153,757	n	Humana, Inc		58,707,498		1.0
			Other		246,790,862		4.2
					477,125,983		8.1
HOUSEHOLD & PERSONAL PRODUCTS
	852,216		Procter & Gamble Co		100,450,700		1.7
			Other		56,412,045		1.0
					156,862,745		2.7

Shares			Company	Value		% of net assets
INSURANCE				$	119,970,940		2.0	%
MATERIALS
	363,446		Linde plc		66,870,429		1.1
			Other		130,104,681		2.2
					196,975,110		3.3
MEDIA & ENTERTAINMENT
	140,749	*,n	Alphabet, Inc (Class C)		189,822,546		3.2
	1,170,213		Comcast Corp (Class A)		44,035,115		0.7
	590,403	*	Facebook, Inc		120,861,398		2.0
	120,040	*,n	NetFlix, Inc		50,398,794		0.9
	571,909	n	Walt Disney Co		61,851,959		1.0
			Other		47,914,404		0.9
					514,884,216		8.7
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	818,785	n	AbbVie, Inc		67,304,127		1.1
	559,022		Merck & Co, Inc		44,352,805		0.8
	2,080,498		Pfizer, Inc		79,807,903		1.4
			Other		301,262,384		5.0
					492,727,219		8.3
REAL ESTATE
	191,953		American Tower Corp		45,684,814		0.8
	460,835		Prologis, Inc		41,120,307		0.7
			Other		17,052,145		0.3
					103,857,266		1.8
RETAILING
	106,942	*,n	Amazon.com, Inc		264,574,508		4.5
	483,552		Best Buy Co, Inc		37,102,945		0.6
	381,962	n	Home Depot, Inc		83,966,707		1.4
			Other		83,356,219		1.4
					469,000,379		7.9
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	714,555	*	Advanced Micro Devices, Inc		37,435,537		0.6
	1,442,306		Intel Corp		86,509,514		1.5
	210,185		NVIDIA Corp		61,432,872		1.0
			Other		145,348,403		2.5
					330,726,326		5.6
SOFTWARE & SERVICES
	281,000		Fidelity National Information Services, Inc		37,061,090		0.6
	271,293	n	Mastercard, Inc (Class A)		74,597,436		1.3
	1,980,356		Microsoft Corp		354,899,599		6.0
	442,463	*	PayPal Holdings, Inc		54,422,949		0.9
	394,774	*	salesforce.com, Inc		63,933,649		1.1
			Other		133,170,356		2.3
					718,085,079		12.2
TECHNOLOGY HARDWARE & EQUIPMENT
	1,030,583		n Apple, Inc		302,785,285		5.1
	1,031,865		Cisco Systems, Inc		43,730,439		0.7
	359,831	*,n	Keysight Technologies, Inc		34,820,846		0.6
			Other		116,312,946		2.0
					497,649,516		8.4

44 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments (unaudited)	continued
Growth & Income Fund  ■  April 30, 2020

Shares			Company	Value		% of net assets
TELECOMMUNICATION SERVICES
	1,456,065		AT&T, Inc	$	44,366,300		0.7	%
	1,044,271		Verizon Communications, Inc		59,993,369		1.0
			Other		27,563,425		0.5
					131,923,094		2.2
TRANSPORTATION					55,398,038		0.9
UTILITIES
	468,972		American Electric Power Co, Inc		38,976,263		0.7
	899,166		FirstEnergy Corp		37,108,581		0.6
	222,286		NextEra Energy, Inc		51,374,740		0.9
			Other		36,618,044		0.6
					164,077,628		2.8
		TOTAL COMMON STOCKS (Cost $4,002,466,835)			5,896,685,822		99.8
PURCHASED OPTIONS
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					139,500		0.0
		TOTAL PURCHASED OPTIONS (Cost $900,611)			139,500		0.0

Principal			Issuer	Value			% of net assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT				$	23,566,992			0.4	%
Shares			Company
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	28,183,933	c	State Street Navigator Securities Lending Government Money Market Portfolio		28,183,933			0.5
					28,183,933			0.5
		TOTAL SHORT-TERM INVESTMENTS (Cost $51,751,639)			51,750,925			0.9
		TOTAL PORTFOLIO (Cost $4,055,119,085)			5,948,576,247			100.7
		OTHER ASSETS & LIABILITIES, NET			(42,389,619	)		(0.7	)
		NET ASSETS		$	5,906,186,628			100.0	%

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

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

At 4/30/20, the aggregate value of securities on loan is $27,981,918. See Note 5 in the Notes to financial statements for additional information about securities lending collateral.

At 4/30/20, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended, amounted to $13,158,606 or 0.2% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.

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

Purchased options outstanding as of April 30, 2020 were as follows:

Description/underlying investment	Number of contracts	Notional amount	Exercise price	Expiration date	Value
Biogen, Inc, Call	300	$900,611	$390.00	09/18/20	$139,500

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2020 Semiannual Report 45

Summary portfolio of investments (unaudited)

Growth & Income Fund  ■  April 30, 2020

Written options outstanding as of April 30, 2020 were as follows:

Description/underlying investment	Number of contracts		Notional amount			Exercise price		Expiration date	Value
AbbVie, Inc, Put		500	$	(404,532	)	$	67.50	09/18/20	$	(126,000	)
Acuity Brands, Inc, Put		375		(818,776	)		85.00	12/18/20		(440,625	)
Alliance Data Systems Corp, Put		890		(1,490,095	)		60.00	09/18/20		(1,352,800	)
Alphabet, Inc, Call		27		(91,986	)		1,700.00	09/18/20		(20,115	)
Alphabet, Inc, Put		30		(134,516	)		1,340.00	09/18/20		(309,000	)
Amazon.com, Inc, Call		130		(1,439,763	)		2,600.00	06/19/20		(1,232,400	)
Amazon.com, Inc, Put		130		(863,281	)		2,100.00	06/19/20		(342,030	)
Anthem, Inc, Call		160		(473,871	)		260.00	09/18/20		(655,200	)
Anthem, Inc, Put		160		(331,951	)		230.00	09/18/20		(184,000	)
Apple, Inc, Call		230		(394,175	)		300.00	09/18/20		(471,500	)
Apple, Inc, Call		137		(150,417	)		320.00	09/18/20		(170,702	)
Apple, Inc, Call		59		(91,682	)		370.00	01/15/21		(41,300	)
Apple, Inc, Put		81		(185,888	)		220.00	05/15/20		(2,106	)
Apple, Inc, Put		230		(498,452	)		205.00	06/19/20		(18,630	)
Apple, Inc, Put		230		(201,007	)		250.00	06/19/20		(78,200	)
Apple, Inc, Put		137		(333,308	)		225.00	09/18/20		(67,130	)
Apple, Inc, Put		230		(213,314	)		235.00	09/18/20		(150,650	)
Apple, Inc, Put		471		(453,115	)		265.00	01/15/21		(1,005,585	)
Arista Networks, Inc, Put		160		(362,148	)		165.00	01/15/21		(202,400	)
Aspen Technology, Inc, Put		186		(181,272	)		90.00	12/18/20		(143,220	)
Aspen Technology, Inc, Put		186		(225,935	)		95.00	12/18/20		(176,700	)
Avantor, Inc, Call		1,000		(38,960	)		20.00	06/19/20		(38,960	)
Biogen, Inc, Call		300		(569,377	)		420.00	09/18/20		(75,000	)
Biogen, Inc, Put		300		(434,379	)		280.00	09/18/20		(534,000	)
Biohaven Pharmaceutical Holding Co Ltd, Put		640		(509,212	)		40.00	07/17/20		(169,600	)
Boeing Co, Put		67		(62,842	)		265.00	08/21/20		(844,535	)
Boeing Co, Put		60		(429,567	)		200.00	12/18/20		(429,310	)
Boston Scientific Corp, Put		500		(241,475	)		28.00	01/15/21		(68,500	)
Carlisle Cos, Inc, Put		260		(26,769	)		130.00	06/19/20		(283,400	)
Chevron Corp, Call		222		(62,754	)		97.50	06/19/20		(58,608	)
Chevron Corp, Call		111		(65,012	)		100.00	09/18/20		(55,500	)
Chevron Corp, Call		111		(44,589	)		105.00	09/18/20		(37,740	)
Children’s Place, Inc, Call		1,230		(342,266	)		26.00	05/08/20		(522,750	)
Children’s Place, Inc, Call		550		(229,874	)		90.00	09/18/20		(19,250	)
Children’s Place, Inc, Put		1,230		(220,462	)		20.00	05/22/20		(553,500	)
Children’s Place, Inc, Put		550		(486,993	)		50.00	09/18/20		(1,248,500	)
Children’s Place, Inc, Put		450		(726,433	)		35.00	01/15/21		(567,000	)
Chipotle Mexican Grill, Inc, Call		44		(130,016	)		1,020.00	09/18/20		(200,200	)
Chipotle Mexican Grill, Inc, Put		44		(60,805	)		760.00	06/19/20		(62,480	)
Citigroup, Inc, Call		600		(78,425	)		55.00	06/19/20		(81,000	)
CME Group, Inc, Call		200		(130,301	)		190.00	09/18/20		(180,000	)
CME Group, Inc, Put		150		(438,364	)		165.00	09/18/20		(179,250	)
Corteva, Inc, Call		1,094		(209,946	)		29.00	09/18/20		(205,125	)
Costco Wholesale Corp, Call		200		(267,187	)		340.00	01/15/21		(254,000	)
Costco Wholesale Corp, Put		400		(307,186	)		260.00	06/19/20		(106,400	)
Cree, Inc, Put		540		(160,895	)		35.00	06/19/20		(57,780	)
Darden Restaurants, Inc, Call		1,484		(893,187	)		80.00	10/16/20		(1,706,600	)
Deckers Outdoor Corp, Put		300		(441,579	)		140.00	09/18/20		(463,500	)
DexCom, Inc, Put		320		(1,039,325	)		195.00	09/18/20		(156,800	)
FedEx Corp, Put		314		(482,725	)		155.00	01/15/21		(1,114,700	)
FMC Corp, Call		320		(22,825	)		100.00	05/15/20		(28,800	)
Guidewire Software, Inc, Put		372		(390,529	)		85.00	10/16/20		(251,100	)
Guidewire Software, Inc, Put		400		(385,176	)		80.00	12/18/20		(254,000	)
Hartford Financial Services Group, Inc, Call		600		(57,575	)		50.00	06/19/20		(26,100	)
Hartford Financial Services Group, Inc, Put		600		(96,175	)		35.00	06/19/20		(108,600	)
Hasbro, Inc, Put		210		(81,197	)		80.00	07/17/20		(241,500	)
Hasbro, Inc, Put		215		(240,141	)		72.50	10/16/20		(209,625	)
Hess Corp, Put		742		(578,295	)		37.50	11/20/20		(332,045	)
Home Depot, Inc, Call		80		(73,435	)		240.00	09/18/20		(78,400	)
Home Depot, Inc, Call		160		(410,812	)		215.00	11/20/20		(398,400	)
Home Depot, Inc, Put		160		(160,512	)		195.00	08/21/20		(135,200	)
Humana, Inc, Call		160		(192,802	)		400.00	08/21/20		(478,400	)
Jazz Pharmaceuticals plc, Put		275		(288,045	)		105.00	11/20/20		(335,500	)
Keysight Technologies, Inc, Put		484		(359,818	)		70.00	11/20/20		(128,260	)
Kirby Corp, Put		450		(204,278	)		40.00	09/18/20		(102,375	)
Kirby Corp, Put		450		(359,075	)		60.00	09/18/20		(490,500	)
Lululemon Athletica, Inc, Call		113		(37,850	)		240.00	06/19/20		(118,650	)

46 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments (unaudited) concluded

Growth & Income Fund  ■  April 30, 2020

Description/underlying investment	Number of contracts		Notional amount			Exercise price		Expiration date	Value
Lululemon Athletica, Inc, Call		372	$	(190,817	)	$	240.00	09/18/20	$	(751,440	)
Lululemon Athletica, Inc, Call		375		(913,345	)		250.00	12/18/20		(855,938	)
Lululemon Athletica, Inc, Put		188		(312,688	)		180.00	12/18/20		(310,200	)
Lululemon Athletica, Inc, Put		187		(339,583	)		185.00	12/18/20		(338,003	)
M&T Bank Corp, Put		320		(700,132	)		120.00	10/16/20		(579,200	)
Mastercard, Inc, Call		120		(82,554	)		335.00	10/16/20		(78,000	)
Mastercard, Inc, Put		120		(226,670	)		260.00	10/16/20		(258,840	)
Monolithic Power Systems, Inc, Put		112		(142,456	)		120.00	06/19/20		(31,360	)
Motorola Solutions, Inc, Put		320		(416,394	)		120.00	07/17/20		(89,760	)
Motorola Solutions, Inc, Put		480		(304,314	)		150.00	07/17/20		(633,600	)
Nektar Therapeutics, Put		2,022		(534,426	)		18.00	08/21/20		(493,368	)
NetFlix, Inc, Call		160		(349,159	)		470.00	05/01/20		(1,600	)
NetFlix, Inc, Call		160		(330,738	)		500.00	09/18/20		(330,738	)
NetFlix, Inc, Put		160		(66,562	)		355.00	05/01/20		(480	)
Northrop Grumman Corp, Call		200		(186,536	)		400.00	08/21/20		(33,500	)
Northrop Grumman Corp, Put		100		(320,289	)		280.00	08/21/20		(99,500	)
Northrop Grumman Corp, Put		100		(143,670	)		280.00	11/20/20		(149,500	)
PepsiCo, Inc, Put		320		(299,501	)		110.00	07/17/20		(48,000	)
PVH Corp, Put		240		(161,747	)		75.00	01/15/21		(702,000	)
QUALCOMM, Inc, Put		445		(332,924	)		65.00	07/17/20		(75,650	)
Roku, Inc, Put		320		(509,752	)		60.00	10/16/20		(83,200	)
Roku, Inc, Put		320		(633,894	)		95.00	10/16/20		(339,200	)
Slack Technologies, Inc, Put		135		(24,613	)		20.00	07/17/20		(11,475	)
Slack Technologies, Inc, Put		405		(160,253	)		22.00	07/17/20		(58,725	)
Snap, Inc, Put		1,784		(269,434	)		12.00	07/17/20		(42,816	)
Strategic Education, Inc, Put		160		(294,432	)		135.00	08/21/20		(136,800	)
Synopsys, Inc, Put		320		(38,723	)		125.00	06/19/20		(28,800	)
Teradata Corp, Put		1,665		(493,488	)		25.00	12/18/20		(657,675	)
Tesla, Inc, Put		50		(539,136	)		470.00	06/19/20		(35,700	)
Universal Display Corp, Put		200		(441,854	)		130.00	12/18/20		(350,000	)
Universal Health Services, Inc, Put		332		(681,236	)		115.00	12/18/20		(722,100	)
VF Corp, Put		500		(87,479	)		70.00	08/21/20		(720,000	)
Walt Disney Co, Put		300		(553,443	)		115.00	09/18/20		(420,000	)
World Wrestling Entertainment, Inc, Put		1,000		(505,700	)		30.00	10/16/20		(170,000	)
World Wrestling Entertainment, Inc, Put		800		(464,759	)		40.00	01/15/21		(492,000	)
Wynn Resorts Ltd, Put		225		(350,106	)		90.00	09/18/20		(378,900	)
Wynn Resorts Ltd, Put		225		(572,815	)		85.00	12/18/20		(408,600	)
Wynn Resorts Ltd, Put		900		(2,345,322	)		85.00	01/15/21		(1,705,500	)
Xilinx, Inc, Put		320		(212,783	)		77.50	01/15/21		(238,400	)
Zendesk, Inc, Put		520		(292,026	)		55.00	10/16/20		(159,900	)
Zimmer Biomet Holdings, Inc, Call		250		(100,273	)		125.00	06/19/20		(135,000	)
Zscaler, Inc, Put		600		(201,914	)		42.50	08/21/20		(75,000	)
Total		41,633	$	(38,536,869	)				$	(34,412,204	)

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2020 Semiannual Report 47

Summary portfolio of investments (unaudited)

Large-Cap Growth Fund  ■  April 30, 2020

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	159,399	*	Tesla, Inc	$	124,630,890		2.1	%
					124,630,890		2.1
CAPITAL GOODS
	861,637		Raytheon Technologies Corp		55,842,694		1.0
			Other		14,597,427		0.2
					70,440,121		1.2
CONSUMER DURABLES & APPAREL
	1,120,115		Nike, Inc (Class B)		97,651,626		1.6
			Other		33,802,244		0.6
					131,453,870		2.2
CONSUMER SERVICES
	582,600		Starbucks Corp		44,702,898		0.7
			Other		74,605,988		1.3
					119,308,886		2.0
DIVERSIFIED FINANCIALS
	368,051		S&P Global, Inc		107,794,777		1.8
			Other		94,585,203		1.7
					202,379,980		3.5
FOOD & STAPLES RETAILING
	737,295		Walmart, Inc		89,618,207		1.5
					89,618,207		1.5
HEALTH CARE EQUIPMENT & SERVICES
	1,015,981	*	Alcon, Inc		53,653,957		0.9
	729,765		Baxter International, Inc		64,788,537		1.1
	1,529,673	*	Boston Scientific Corp		57,332,144		1.0
			Other		17,338,245		0.3
					193,112,883		3.3
MATERIALS
	108,739		Sherwin-Williams Co		58,324,337		1.0
			Other		31,334,417		0.5
					89,658,754		1.5
MEDIA & ENTERTAINMENT
	112,342	*	Alphabet, Inc (Class A)		151,290,972		2.6
	95,547	*	Alphabet, Inc (Class C)		128,860,417		2.2
	1,485,246	*	Facebook, Inc		304,044,709		5.2
	197,482	*	IAC/InterActiveCorp		44,133,277		0.8
	224,646	*	NetFlix, Inc		94,317,623		1.6
	1,466,703		Tencent Holdings Ltd		77,103,744		1.3
	874,916		Walt Disney Co		94,622,165		1.6
			Other		38,129,831		0.6
					932,502,738		15.9

Shares			Company	Value		% of net assets
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	675,345		AbbVie, Inc	$	55,513,359		1.0	%
	1,625,371		AstraZeneca plc		170,000,802		2.9
	491,126		Eli Lilly & Co		75,947,725		1.3
	1,458,042		GlaxoSmithKline plc (ADR)		61,339,827		1.1
	222,266	*	Illumina, Inc		70,909,522		1.2
	337,105	*	IQVIA Holdings, Inc		48,067,802		0.8
	680,874		Novo Nordisk AS		43,432,957		0.7
	1,201,675		Pfizer, Inc		46,096,253		0.8
	173,669	*	Regeneron Pharmaceuticals, Inc		91,329,054		1.6
	407,430	*	Vertex Pharmaceuticals, Inc		102,346,416		1.7
	372,950		Zoetis, Inc		48,226,164		0.8
			Other		172,352,156		2.9
					985,562,037		16.8
RETAILING
	193,464	*	Amazon.com, Inc		478,629,936		8.2
	234,661		Home Depot, Inc		51,585,528		0.9
	94,532		Kering		48,088,857		0.8
	579,745		Lowe’s Companies, Inc		60,728,289		1.0
	1,111,668		TJX Companies, Inc		54,527,315		0.9
			Other		40,456,882		0.7
					734,016,807		12.5
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	907,263		Applied Materials, Inc		45,072,826		0.8
	1,002,996		Intel Corp		60,159,700		1.0
	284,253		Lam Research Corp		72,564,106		1.2
	436,831		NVIDIA Corp		127,676,964		2.2
	876,267		Texas Instruments, Inc		101,708,311		1.7
			Other		114,221,564		2.0
					521,403,471		8.9
SOFTWARE & SERVICES
	354,256	*	Adobe, Inc		125,279,092		2.1
	60,533	*,g	Adyen NV		59,781,158		1.0
	539,413	*	Akamai Technologies, Inc		52,706,044		0.9
	369,475		Intuit, Inc		99,688,050		1.7
	433,866		Mastercard, Inc (Class A)		119,300,134		2.0
	2,197,714		Microsoft Corp		393,852,326		6.7
	775,804	*	PayPal Holdings, Inc		95,423,892		1.6
	1,098,990	*	salesforce.com, Inc		177,981,430		3.0
	713,768		Visa, Inc (Class A)		127,564,617		2.2
			Other		82,299,822		1.5
					1,333,876,565		22.7
TECHNOLOGY HARDWARE & EQUIPMENT
	641,148	n	Apple, Inc		188,369,282		3.2
	591,478	*	Keysight Technologies, Inc		57,237,326		1.0
			Other		30,590,688		0.5
					276,197,296		4.7
TRANSPORTATION
	1,619,205	*	Uber Technologies, Inc		49,013,336		0.8
			Other		35,331,399		0.6
					84,344,735		1.4
			TOTAL COMMON STOCKS (Cost $3,747,688,299)		5,888,507,240		100.2

48 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments (unaudited) concluded

Large-Cap Growth Fund  ■  April 30, 2020

Shares		Company	Value			% of net assets
PURCHASED OPTIONS
TECHNOLOGY HARDWARE & EQUIPMENT			$	778,680			0.0	%
		TOTAL PURCHASED OPTIONS (Cost $634,877)		778,680			0.0
	Principal	Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT				17,988,946			0.3
REPURCHASE AGREEMENT				12,530,000			0.2
TREASURY DEBT				21,189,112			0.4
		TOTAL SHORT-TERM INVESTMENTS (Cost $51,708,393)		51,708,058			0.9
		TOTAL PORTFOLIO (Cost $3,800,031,569)		5,940,993,978			101.1
		OTHER ASSETS & LIABILITIES, NET		(62,092,621	)		(1.1	)
		NET ASSETS	$	5,878,901,357			100.0	%

Abbreviation(s):

ADR American Depositary Receipt

*	Non-income producing
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 4/30/20, the aggregate value of these securities, including those in “Other,” is $103,102,550 or 1.8% 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.

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

Purchased options outstanding as of April 30, 2020 were as follows:

Description/underlying investment	Number of contracts		Notional amount		Exercise price		Expiration date		Value
Apple, Inc, Call		206		$634,877		$280.00		12/18/20	$	778,680

Written options outstanding as of April 30, 2020 were as follows:

Description/underlying investment	Number of contracts		Notional amount			Exercise price		Expiration date		Value
Apple, Inc, Call		206		$(242,152	)		$330.00		12/18/20	$	(314,150	)
Apple, Inc, Put		206		(439,421	)		250.00		12/18/20		(307,146	)
Total		412		$(681,573	)					$	(621,296	)

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2020 Semiannual Report 49

Summary portfolio of investments (unaudited)

Large-Cap Value Fund  ■  April 30, 2020

Shares			Company	Value		% of net assets
COMMON STOCKS
BANKS
	6,265,000		Bank of America Corp	$	150,673,250		3.3	%
	2,500,000		Citigroup, Inc		121,400,000		2.7
	1,980,000		JPMorgan Chase & Co		189,604,800		4.1
	1,225,000		US Bancorp		44,712,500		1.0
	1,500,000		Wells Fargo & Co		43,575,000		1.0
			Other		41,601,300		0.9
					591,566,850		13.0
CAPITAL GOODS
	455,186		Deere & Co		66,029,281		1.4
	474,977		Dover Corp		44,481,596		1.0
	550,000		Honeywell International, Inc		78,045,000		1.7
	1,200,000		Masco Corp		49,248,000		1.1
	325,000		Parker-Hannifin Corp		51,389,000		1.1
	534,349		Trane Technologies plc		46,712,790		1.0
			Other		137,249,354		3.1
					473,155,021		10.4
CONSUMER DURABLES & APPAREL
	15,835	*	NVR, Inc		49,088,500		1.1
					49,088,500		1.1
CONSUMER SERVICES					27,656,700		0.6
DIVERSIFIED FINANCIALS
	530,000		American Express Co		48,362,500		1.0
	390,000		Goldman Sachs Group, Inc		71,533,800		1.6
			Other		27,612,200		0.6
					147,508,500		3.2
ENERGY
	1,105,000		Chevron Corp		101,660,000		2.2
	705,000		Valero Energy Corp		44,661,750		1.0
			Other		70,034,500		1.5
					216,356,250		4.7
FOOD & STAPLES RETAILING
	695,000		Walmart, Inc		84,477,250		1.8
					84,477,250		1.8
FOOD, BEVERAGE & TOBACCO
	1,050,000		Mondelez International, Inc		54,012,000		1.2
	725,000		Philip Morris International, Inc		54,085,000		1.2
			Other		21,166,400		0.4
					129,263,400		2.8
HEALTH CARE EQUIPMENT & SERVICES
	212,756		Anthem, Inc		59,726,992		1.3
	306,766		Cigna Corp		60,058,647		1.3
	841,106		CVS Health Corp		51,770,074		1.1
	550,000		Medtronic plc		53,696,500		1.2
	148,438		UnitedHealth Group, Inc		43,413,662		0.9
	520,000		Zimmer Biomet Holdings, Inc		62,244,000		1.4
			Other		31,532,813		0.7
					362,442,688		7.9

Shares			Company	Value		% of net assets
HOUSEHOLD & PERSONAL PRODUCTS
	1,045,000		Procter & Gamble Co	$	123,174,150		2.7	%
					123,174,150		2.7
INSURANCE
	1,700,000		American International Group, Inc		43,231,000		1.0
	500,000	*	Berkshire Hathaway, Inc (Class B)		93,680,000		2.1
	600,000		Chubb Ltd		64,806,000		1.4
			Other		92,131,606		2.0
					293,848,606		6.5
MATERIALS
	760,000	*	Crown Holdings, Inc		48,951,600		1.1
			Other		106,238,800		2.3
					155,190,400		3.4
MEDIA & ENTERTAINMENT
	2,525,000		Comcast Corp (Class A)		95,015,750		2.1
	950,000		Walt Disney Co		102,742,500		2.3
			Other		33,716,500		0.7
					231,474,750		5.1
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	890,582		Bristol-Myers Squibb Co		54,156,291		1.2
	1,180,000		Johnson & Johnson		177,047,200		3.9
	625,000		Merck & Co, Inc		49,587,500		1.1
	3,250,000		Pfizer, Inc		124,670,000		2.7
			Other		77,385,450		1.7
					482,846,441		10.6
REAL ESTATE
	504,663		Prologis, Inc		45,031,080		1.0
			Other		41,672,362		0.9
					86,703,442		1.9
RETAILING
	430,000		Home Depot, Inc		94,526,900		2.1
					94,526,900		2.1
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	1,078,594		Applied Materials, Inc		53,584,550		1.2
	1,885,000		Intel Corp		113,062,300		2.5
	915,321	*	Micron Technology, Inc		43,834,723		0.9
			Other		84,159,492		1.8
					294,641,065		6.4
SOFTWARE & SERVICES
	320,000		Accenture plc		59,260,800		1.3
	430,000		Microsoft Corp		77,060,300		1.7
			Other		21,382,771		0.5
					157,703,871		3.5
TECHNOLOGY HARDWARE & EQUIPMENT
	705,000	e	TE Connectivity Ltd		51,789,300		1.1
			Other		45,591,000		1.0
					97,380,300		2.1

50 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments (unaudited) concluded

Large-Cap Value Fund  ■  April 30, 2020

Shares		Company	Value		% of net assets
TELECOMMUNICATION SERVICES
	1,700,000	AT&T, Inc	$	51,799,000		1.1	%
	1,825,000	Verizon Communications, Inc		104,846,250		2.3
				156,645,250		3.4
TRANSPORTATION
	400,023	Union Pacific Corp		63,919,675		1.4
		Other		21,299,502		0.5
				85,219,177		1.9
UTILITIES
	630,000	American Electric Power Co, Inc		52,359,300		1.2
	460,000	Entergy Corp		43,934,600		1.0
	1,350,000	FirstEnergy Corp		55,714,500		1.2
		Other		38,134,800		0.8
				190,143,200		4.2
		TOTAL COMMON STOCKS (Cost $4,228,123,753)		4,531,012,711		99.3
	Principal	Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT				8,379,574		0.2
TREASURY DEBT				2,999,944		0.0

Shares			Company	Value		% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	64,060	c	State Street Navigator Securities Lending  Government Money Market Portfolio	$	64,060		0.0	%
					64,060		0.0
			TOTAL SHORT-TERM INVESTMENTS (Cost $11,443,741)		11,443,578		0.2
			TOTAL PORTFOLIO (Cost $4,239,567,494)		4,542,456,289		99.5
			OTHER ASSETS & LIABILITIES, NET		22,792,671		0.5
			NET ASSETS	$	4,565,248,960		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 $58,474. 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  ■  2020 Semiannual Report 51

Summary portfolio of investments (unaudited)

Mid-Cap Growth Fund  ■  April 30, 2020

Shares			Company	Value		% of net assets
COMMON STOCKS
CAPITAL GOODS
	194,252		Ametek, Inc	$	16,291,915		1.4	%
	104,145		L3Harris Technologies, Inc		20,172,886		1.8
	93,899		Stanley Black & Decker, Inc		10,347,670		0.9
	150,221		Trane Technologies plc		13,132,320		1.1
	36,697		TransDigm Group, Inc		13,323,947		1.2
	37,580		W.W. Grainger, Inc		10,356,296		0.9
			Other		6,122,922		0.5
					89,747,956		7.8
COMMERCIAL & PROFESSIONAL SERVICES
	68,068		Cintas Corp		15,099,524		1.3
	905,847	*	Clarivate Analytics plc		20,816,364		1.8
	275,000		Waste Connections, Inc		23,625,250		2.1
			Other		27,413,357		2.4
					86,954,495		7.6
CONSUMER DURABLES & APPAREL
	117,941	*	Lululemon Athletica, Inc		26,357,455		2.3
			Other		29,652,484		2.6
					56,009,939		4.9
CONSUMER SERVICES
	24,582	*	Chipotle Mexican Grill, Inc (Class A)		21,596,516		1.9
	112,665		Wynn Resorts Ltd		9,636,238		0.8
			Other		27,852,825		2.4
					59,085,579		5.1
DIVERSIFIED FINANCIALS
	225,332		Voya Financial, Inc		10,178,246		0.9
			Other		18,587,248		1.6
					28,765,494		2.5
FOOD, BEVERAGE & TOBACCO					32,170,513		2.8
HEALTH CARE EQUIPMENT & SERVICES
	84,507	*	Align Technology, Inc		18,156,329		1.6
	309,831	*	Centene Corp		20,628,548		1.8
	77,077	*	DexCom, Inc		25,836,211		2.2
	52,996	*	Insulet Corp		10,584,361		0.9
	103,288	*	Molina Healthcare, Inc		16,936,133		1.5
	50,123		Teleflex, Inc		16,811,254		1.5
			Other		7,226,467		0.6
					116,179,303		10.1
HOUSEHOLD & PERSONAL PRODUCTS
	353,824		Reynolds Consumer Products Inc		11,474,512		1.0
			Other		15,329,012		1.3
					26,803,524		2.3
INSURANCE					2,808,519		0.2
MATERIALS
	281,664		Ball Corp		18,474,342		1.6
					18,474,342		1.6

Shares			Company	Value		% of net  assets
MEDIA & ENTERTAINMENT
	183,060	*	GCI Liberty, Inc	$	11,135,540		1.0	%
	68,043	*	IAC/InterActiveCorp		15,206,249		1.3
	657,219	*	Twitter, Inc		18,849,041		1.7
			Other		16,823,899		1.4
					62,014,729		5.4
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	154,916	*	BioMarin Pharmaceutical, Inc		14,255,370		1.2
	182,604	*	Exact Sciences Corp		14,422,064		1.3
			Other		33,338,562		2.9
					62,015,996		5.4
REAL ESTATE
	63,000	n	SBA Communications Corp		18,264,960		1.6
			Other		7,810,361		0.7
					26,075,321		2.3
RETAILING
	21,601	*	AutoZone, Inc		22,039,932		1.9
	65,721	*	Burlington Stores, Inc		12,006,570		1.0
	135,199	*	CarMax, Inc		9,957,406		0.9
	187,776	*	Dollar Tree, Inc		14,960,114		1.3
	140,831	e	Expedia Group Inc		9,996,184		0.9
	110,080	*	Five Below, Inc		9,924,813		0.9
	220,637	*	GrubHub, Inc		10,544,242		0.9
			Other		24,897,184		2.2
					114,326,445		10.0
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	582,108	*,n	Advanced Micro Devices, Inc		30,496,638		2.7
	93,370		Lam Research Corp		23,835,494		2.1
	48,180		Monolithic Power Systems, Inc		9,631,664		0.8
			Other		30,072,290		2.6
					94,036,086		8.2
SOFTWARE & SERVICES
	14,098	*,g	Adyen NV		13,922,898		1.2
	240,869	*	Anaplan, Inc		9,841,907		0.9
	66,038	*	EPAM Systems, Inc		14,587,134		1.3
	191,654	*	Fiserv, Inc		19,751,861		1.7
	140,831		Global Payments, Inc		23,380,763		2.0
	75,124	*	HubSpot, Inc		12,668,160		1.1
	87,324	*	Okta, Inc		13,212,121		1.1
	122,054	*	Proofpoint, Inc		14,857,633		1.3
	80,000	*,e	RingCentral, Inc		18,282,400		1.6
	150,221	*	Synopsys, Inc		23,602,724		2.1
			Other		45,030,601		3.9
					209,138,202		18.2
TECHNOLOGY HARDWARE & EQUIPMENT
	225,332		Amphenol Corp (Class A)		19,887,802		1.7
	110,000		Motorola Solutions, Inc		15,819,100		1.4
			Other		18,953,009		1.7
					54,659,911		4.8
TRANSPORTATION					9,367,206		0.8
		TOTAL COMMON STOCKS (Cost $1,037,476,342)			1,148,633,560		100.0

52 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments (unaudited) concluded

Mid-Cap Growth Fund  ■  April 30, 2020

Principal			Issuer	Value			% of net assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT				$	3,583,000			0.3	%
Shares			Company
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	38,178,389	c	State Street Navigator Securities Lending Government Money Market Portfolio		38,178,389			3.3
					38,178,389			3.3
		TOTAL SHORT-TERM INVESTMENTS (Cost $41,761,389)			41,761,389			3.6
		TOTAL PORTFOLIO (Cost $1,079,237,731)			1,190,394,949			103.6
		OTHER ASSETS & LIABILITIES, NET			(41,287,298	)		(3.6	)
		NET ASSETS		$	1,149,107,651			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 $36,751,701. 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 4/30/20, the aggregate value of these securities, including those in “Other,” is $13,922,898 or 1.2% 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.

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.

Written options outstanding as of April 30, 2020 were as follows:

Description/underlying investment	Number of contracts		Notional amount		Exercise price		Expiration date		Value
Advanced Micro Devices, Inc, Call		1,700	$	(902,751)		$41.00		07/17/20	$	(2,163,250	)

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2020 Semiannual Report 53

Summary portfolio of investments (unaudited)

Mid-Cap Value Fund  ■  April 30, 2020

Shares			Company	Value		% of net assets
COMMON STOCKS
BANKS				$	67,818,712		3.4	%
CAPITAL GOODS
	270,386		Eaton Corp		22,577,231		1.1
	197,975		L3Harris Technologies, Inc		38,347,757		1.9
			Other		50,719,116		2.6
					111,644,104		5.6
CONSUMER DURABLES & APPAREL
	431,211		Brunswick Corp		20,577,389		1.1
	1,612,633		Newell Brands Inc		22,383,346		1.1
			Other		10,417,129		0.5
					53,377,864		2.7
CONSUMER SERVICES					47,982,861		2.4
DIVERSIFIED FINANCIALS
	2,234,320		AGNC Investment Corp		27,750,254		1.4
	226,308		Ameriprise Financial, Inc		26,011,842		1.3
	552,791		Bank of New York Mellon Corp		20,751,774		1.1
	1,559,194		Starwood Property Trust, Inc		20,175,970		1.0
	535,944		Voya Financial, Inc		24,208,591		1.2
			Other		51,671,515		2.6
					170,569,946		8.6
FOOD, BEVERAGE & TOBACCO
	379,603		Kellogg Co		24,863,996		1.3
	415,671	*	Monster Beverage Corp		25,692,625		1.3
	501,641		Tyson Foods, Inc (Class A)		31,197,054		1.6
			Other		18,765,564		0.9
					100,519,239		5.1
HEALTH CARE EQUIPMENT & SERVICES
	661,761	*	Centene Corp		44,060,047		2.2
	202,696		McKesson Corp		28,630,810		1.5
	143,848	*	Molina Healthcare, Inc		23,586,757		1.2
	353,695		Zimmer Biomet Holdings, Inc		42,337,292		2.1
			Other		19,830,782		1.0
					158,445,688		8.0
HOUSEHOLD & PERSONAL PRODUCTS					28,526,959		1.4
INSURANCE
	688,375		Hartford Financial Services Group, Inc		26,151,366		1.3
	245,217		Willis Towers Watson plc		43,719,739		2.2
			Other		39,538,273		2.0
					109,409,378		5.5
MATERIALS
	528,339	*	Berry Global Group, Inc		21,022,609		1.1
	1,060,781		CF Industries Holdings, Inc		29,171,477		1.5
	280,246		International Flavors & Fragrances, Inc		36,720,633		1.8
	747,966		Newmont Goldcorp Corp		44,489,018		2.2
					131,403,737		6.6
MEDIA & ENTERTAINMENT
	1,384,059		Altice USA, Inc		35,944,012		1.8
	1,974,400	*	Conyers Park II Acquisition Corp		21,629,552		1.1
					57,573,564		2.9

Shares			Company	Value		% of net  assets
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	258,581	*	United Therapeutics Corp	$	28,330,135		1.4	%
			Other		33,824,832		1.7
					62,154,967		3.1
REAL ESTATE
	147,038		AvalonBay Communities, Inc		23,959,842		1.2
	132,108		Essex Property Trust, Inc		32,247,563		1.6
	811,551		MGM Growth Properties LLC		20,426,739		1.0
	477,844		QTS Realty Trust, Inc		29,879,585		1.5
	607,479		Rexford Industrial Realty, Inc		24,736,545		1.2
	168,641		Sun Communities, Inc		22,665,350		1.1
	465,060		Welltower, Inc		23,825,024		1.2
			Other		66,740,631		3.5
					244,481,279		12.3
RETAILING					15,117,001		0.8
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	515,693	*,e	Cree, Inc		22,241,839		1.1
	219,566		NXP Semiconductors NV		21,862,187		1.1
			Other		34,678,030		1.8
					78,782,056		4.0
SOFTWARE & SERVICES					45,007,969		2.3
TECHNOLOGY HARDWARE & EQUIPMENT
	498,825	*	Ciena Corp		23,070,656		1.1
	192,424		Motorola Solutions, Inc		27,672,496		1.4
	609,226		Western Digital Corp		28,073,134		1.4
			Other		17,508,153		0.9
					96,324,439		4.8
TRANSPORTATION
	234,173		Kansas City Southern		30,571,285		1.6
					30,571,285		1.6
	UTILITIES
	697,077		Alliant Energy Corp		33,843,088		1.7
	247,602		American Electric Power Co, Inc		20,578,202		1.0
	340,435		Atmos Energy Corp		34,714,157		1.7
	358,250		Entergy Corp		34,216,458		1.7
	1,341,814		Equitable Holdings, Inc		24,582,033		1.2
	578,783		Evergy, Inc		33,818,291		1.7
	675,638		Exelon Corp		25,052,657		1.3
	933,624		FirstEnergy Corp		38,530,662		1.9
	1,514,426		PPL Corp		38,496,709		1.9
	266,035		Sempra Energy		32,948,435		1.7
	1,637,922		Vistra Energy Corp		32,004,996		1.6
			Other		20,167,675		1.0
					368,953,363		18.4
		TOTAL COMMON STOCKS (Cost $2,259,354,929)			1,978,664,411		99.5
Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT					4,269,836		0.2

54 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments (unaudited) concluded

Mid-Cap Value Fund  ■  April 30, 2020

Shares			Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	20,425,276	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	20,425,276			1.0	%
					20,425,276			1.0
			TOTAL SHORT-TERM INVESTMENTS (Cost $24,695,117)		24,695,112			1.2
			TOTAL PORTFOLIO (Cost $2,284,050,046)		2,003,359,523			100.7
			OTHER ASSETS & LIABILITIES, NET		(14,866,541	)		(0.7	)
			NET ASSETS	$	1,988,492,982			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 $27,123,404. 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  ■  2020 Semiannual Report 55

Summary portfolio of investments(unaudited)

Quant Large-Cap Growth Fund  ■  April 30, 2020

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	27,760	*	Tesla, Inc	$	21,704,989		0.7	%
					21,704,989		0.7
CAPITAL GOODS
	200,558		Ametek, Inc		16,820,799		0.6
	67,278		Lockheed Martin Corp		26,175,179		0.9
			Other		80,737,171		2.6
					123,733,149		4.1
COMMERCIAL & PROFESSIONAL SERVICES
	200,416		TransUnion		15,790,777		0.5
			Other		21,556,655		0.7
					37,347,432		1.2
CONSUMER DURABLES & APPAREL					20,861,178		0.7
CONSUMER SERVICES
	303,015		Starbucks Corp		23,250,341		0.8
			Other		17,383,706		0.6
					40,634,047		1.4
DIVERSIFIED FINANCIALS
	197,713		Intercontinental Exchange Group, Inc		17,685,428		0.6
	240,000		iShares Russell 1000 Growth Index Fund		41,467,200		1.4
			Other		35,147,243		1.2
					94,299,871		3.2
ENERGY					518,448		0.0
FOOD & STAPLES RETAILING
	106,807		Costco Wholesale Corp		32,362,521		1.1
					32,362,521		1.1
FOOD, BEVERAGE & TOBACCO
	453,584		Altria Group, Inc		17,803,172		0.6
	778,326		Coca-Cola Co		35,717,380		1.2
	221,009		PepsiCo, Inc		29,237,281		1.0
			Other		6,828,213		0.2
					89,586,046		3.0
HEALTH CARE EQUIPMENT & SERVICES
	653,312	*	Boston Scientific Corp		24,486,134		0.8
	91,645		Danaher Corp		14,980,292		0.5
	77,338	*	Edwards Lifesciences Corp		16,821,015		0.6
	235,218		UnitedHealth Group, Inc		68,794,209		2.3
			Other		75,274,679		2.5
					200,356,329		6.7
HOUSEHOLD & PERSONAL PRODUCTS
	140,022		Procter & Gamble Co		16,504,393		0.6
			Other		7,015,275		0.2
					23,519,668		0.8
INSURANCE
	188,249		Marsh & McLennan Cos, Inc		18,322,275		0.6
			Other		27,868,107		0.9
					46,190,382		1.5
MATERIALS					20,762,113		0.7

Shares			Company	Value		% of net assets
MEDIA & ENTERTAINMENT
	66,988	*	Alphabet, Inc (Class A)	$	90,212,739		3.0	%
	48,351	*	Alphabet, Inc (Class C)		65,209,060		2.2
	505,907	*	Facebook, Inc		103,564,222		3.5
	67,256	*	NetFlix, Inc		28,237,432		1.0
			Other		50,689,714		1.6
					337,913,167		11.3
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	60,728		Amgen, Inc		14,527,352		0.5
	360,283		Bristol-Myers Squibb Co		21,908,809		0.7
	196,906	e	Gilead Sciences, Inc		16,540,104		0.6
	103,880	*	IQVIA Holdings, Inc		14,812,249		0.5
	170,921		Johnson & Johnson		25,644,987		0.9
	642,233		Merck & Co, Inc		50,954,766		1.7
	142,199		Zoetis, Inc		18,387,753		0.6
			Other		90,216,818		3.0
					252,992,838		8.5
REAL ESTATE
	75,589		American Tower Corp		17,990,182		0.6
			Other		58,928,366		2.0
					76,918,548		2.6
RETAILING
	88,658	*	Amazon.com, Inc		219,339,892		7.3
	124,891		Dollar General Corp		21,893,392		0.7
	134,305		Home Depot, Inc		29,524,268		1.0
	288,020		Lowe’s Companies, Inc		30,170,095		1.0
	464,740		TJX Companies, Inc		22,795,497		0.8
			Other		13,512,995		0.5
					337,236,139		11.3
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	53,741		Broadcom, Inc		14,597,130		0.5
	124,335		NVIDIA Corp		36,340,634		1.2
	352,509		QUALCOMM, Inc		27,731,883		0.9
			Other		42,503,428		1.4
					121,173,075		4.0
SOFTWARE & SERVICES
	79,440	*	Adobe, Inc		28,093,162		0.9
	112,307	*	Autodesk, Inc		21,016,009		0.7
	174,002		Fidelity National Information Services, Inc		22,949,124		0.8
	222,021		Mastercard, Inc (Class A)		61,049,114		2.0
	1,569,917		Microsoft Corp		281,344,826		9.4
	314,953	*	PayPal Holdings, Inc		38,739,219		1.3
	165,827	*	salesforce.com, Inc		26,855,683		0.9
	324,598		Visa, Inc (Class A)		58,012,155		1.9
	107,315	*	Workday, Inc		16,515,778		0.6
			Other		168,836,714		5.7
					723,411,784		24.2
TECHNOLOGY HARDWARE & EQUIPMENT
	858,619		Apple, Inc		252,262,262		8.4
	136,813		CDW Corp		15,158,880		0.5
	1,008,102		Cisco Systems, Inc		42,723,363		1.4
			Other		27,929,396		1.0
					338,073,901		11.3

56 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments(unaudited) concluded

Quant Large-Cap Growth Fund  ■  April 30, 2020

Shares			Company	Value			% of net assets
TRANSPORTATION
	138,451		Union Pacific Corp	$	22,123,085			0.7	%
			Other		23,076,111			0.8
					45,199,196			1.5
			TOTAL COMMON STOCKS (Cost $1,855,252,409)		2,984,794,821			99.8
SHORT-TERM INVESTMENTS
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	13,855,340	c	State Street Navigator Securities Lending Government Money Market Portfolio		13,855,340			0.5
					13,855,340			0.5
		TOTAL SHORT-TERM INVESTMENTS (Cost $13,855,340)			13,855,340			0.5
		TOTAL PORTFOLIO (Cost $1,869,107,749)			2,998,650,161			100.3
		OTHER ASSETS & LIABILITIES, NET			(9,237,281	)		(0.3	)
		NET ASSETS		$	2,989,412,880			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 $13,535,913. 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  ■  2020 Semiannual Report 57

Summary portfolio of investments(unaudited)

Quant Large-Cap Value Fund  ■  April 30, 2020

Shares		Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS			$	2,348,548		0.2	%
BANKS
	897,557	Bank of America Corp		21,586,246		1.9
	274,090	Citigroup, Inc		13,309,811		1.2
	303,433	JPMorgan Chase & Co		29,056,744		2.5
	401,771	Wells Fargo & Co		11,671,448		1.0
		Other		20,285,453		1.7
				95,909,702		8.3
CAPITAL GOODS
	42,340	3M Co		6,432,293		0.6
	227,950	Johnson Controls International plc		6,635,624		0.6
	111,886	PACCAR, Inc		7,745,868		0.7
	178,220	Raytheon Technologies Corp		11,550,438		1.0
		Other		52,654,932		4.5
				85,019,155		7.4
COMMERCIAL & PROFESSIONAL SERVICES				3,725,873		0.3
CONSUMER DURABLES & APPAREL				9,295,186		0.8
CONSUMER SERVICES
	46,772	McDonald’s Corp		8,772,556		0.8
		Other		8,245,675		0.7
				17,018,231		1.5
DIVERSIFIED FINANCIALS
	222,823	Bank of New York Mellon Corp		8,364,775		0.7
	114,391	Capital One Financial Corp		7,407,961		0.6
	92,698	Intercontinental Exchange Group, Inc		8,291,836		0.7
	160,000	iShares Russell 1000 Value Index Fund		17,643,200		1.5
		Other		27,489,378		2.5
				69,197,150		6.0
ENERGY
	198,179	Chevron Corp		18,232,468		1.6
	158,233	ConocoPhillips		6,661,609		0.6
	145,008	EOG Resources, Inc		6,889,330		0.6
	533,847	Exxon Mobil Corp		24,807,870		2.2
		Other		15,135,360		1.2
				71,726,637		6.2
FOOD & STAPLES RETAILING
	95,018	Walmart, Inc		11,549,438		1.0
		Other		5,719,777		0.5
				17,269,215		1.5
FOOD, BEVERAGE & TOBACCO
	205,574	Altria Group, Inc		8,068,780		0.7
	159,307	Mondelez International, Inc		8,194,752		0.7
	161,712	Philip Morris International, Inc		12,063,715		1.1
		Other		23,492,372		2.0
				51,819,619		4.5

Shares			Company	Value		% of net assets
HEALTH CARE EQUIPMENT & SERVICES
	195,221		CVS Health Corp	$	12,015,853		1.0	%
	22,103		Humana, Inc		8,439,367		0.7
	183,908		Medtronic plc		17,954,938		1.6
			Other		36,924,140		3.2
					75,334,298		6.5
HOUSEHOLD & PERSONAL PRODUCTS
	154,798		Colgate-Palmolive Co		10,877,655		0.9
	258,388		Procter & Gamble Co		30,456,194		2.6
			Other		529,547		0.1
					41,863,396		3.6
INSURANCE
	78,680		Allstate Corp		8,003,330		0.7
	206,777	*	Berkshire Hathaway, Inc (Class B)		38,741,739		3.4
	219,113		Metlife, Inc		7,905,597		0.7
			Other		34,666,938		3.0
					89,317,604		7.8
MATERIALS
	38,477		Air Products & Chemicals, Inc		8,679,642		0.8
	157,646		DuPont de Nemours, Inc		7,412,515		0.6
			Other		31,334,929		2.7
					47,427,086		4.1
MEDIA & ENTERTAINMENT
	189,563		Comcast Corp (Class A)		7,133,256		0.6
	163,131		Walt Disney Co		17,642,618		1.5
			Other		15,232,273		1.4
					40,008,147		3.5
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	156,164		Gilead Sciences, Inc		13,117,776		1.1
	253,825		Johnson & Johnson		38,083,903		3.3
	78,050		Merck & Co, Inc		6,192,487		0.5
	686,318		Pfizer, Inc		26,327,158		2.3
			Other		21,504,562		1.9
					105,225,886		9.1
REAL ESTATE
	69,445		Prologis, Inc		6,196,577		0.5
			Other		56,920,485		5.0
					63,117,062		5.5
RETAILING
	66,931		Home Depot, Inc		14,713,441		1.3
	71,866		Target Corp		7,886,575		0.7
			Other		7,895,385		0.7
					30,495,401		2.7
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	502,576		Intel Corp		30,144,509		2.6
	116,001		Maxim Integrated Products, Inc		6,377,735		0.6
			Other		8,105,587		0.7
					44,627,831		3.9

58 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments(unaudited) concluded

Quant Large-Cap Value Fund  ■  April 30, 2020

Shares		Company	Value		% of net assets
SOFTWARE & SERVICES
	63,197	Fidelity National Information Services, Inc	$	8,335,052		0.7	%
		Other		22,943,627		2.0
				31,278,679		2.7
TECHNOLOGY HARDWARE & EQUIPMENT				15,811,078		1.4
TELECOMMUNICATION SERVICES
	547,432	AT&T, Inc		16,680,253		1.4
	491,531	Verizon Communications, Inc		28,238,456		2.5
				44,918,709		3.9
TRANSPORTATION				15,131,229		1.3
	UTILITIES
	93,771	Ameren Corp		6,821,840		0.6
	100,765	American Electric Power Co, Inc		8,374,579		0.7
	109,902	Evergy, Inc		6,421,574		0.6
	230,301	Exelon Corp		8,539,561		0.7
	27,812	NextEra Energy, Inc		6,427,910		0.6
		Other		44,669,205		3.9
				81,254,669		7.1
		TOTAL COMMON STOCKS (Cost $988,983,031)		1,149,140,391		99.8

Shares			Company	Value			% of net assets
SHORT-TERM INVESTMENTS
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	5,790,034	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	5,790,034			0.5	%
					5,790,034			0.5
			TOTAL SHORT-TERM INVESTMENTS (Cost $5,790,034)		5,790,034			0.5
			TOTAL PORTFOLIO (Cost $994,773,065)		1,154,930,425			100.3
			OTHER ASSETS & LIABILITIES, NET		(3,658,185	)		(0.3	)
			NET ASSETS	$	1,151,272,240			100.0	%

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

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

At 4/30/20, the aggregate value of securities on loan is $5,551,390. 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  ■  2020 Semiannual Report 59

Summary portfolio of investments (unaudited)

Quant Small-Cap Equity Fund  ■  April 30, 2020

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	9,817,290		0.4	%
BANKS
	1,440,200		Investors Bancorp, Inc		13,408,262		0.6
	832,400		Radian Group, Inc		12,469,352		0.6
	724,112		United Community Banks, Inc		15,311,348		0.7
			Other		173,172,282		7.9
					214,361,244		9.8
CAPITAL GOODS
	278,904		Advanced Drainage Systems, Inc		11,306,768		0.5
	478,643	*	Atkore International Group, Inc		11,650,171		0.5
	646,200	*	Builders FirstSource, Inc		11,857,770		0.5
	439,000		Comfort Systems USA, Inc		14,618,700		0.7
	236,266		EMCOR Group, Inc		15,009,979		0.7
	768,054		Rexnord Corp		20,944,833		1.0
			Other		147,065,092		6.7
					232,453,313		10.6
COMMERCIAL & PROFESSIONAL SERVICES
	274,602		Exponent, Inc		19,312,759		0.9
	254,506		Tetra Tech, Inc		19,159,212		0.9
	275,198	*	TriNet Group, Inc		13,476,446		0.6
			Other		29,430,961		1.3
					81,379,378		3.7
CONSUMER DURABLES & APPAREL
	417,800	*,e	YETI Holdings, Inc		11,535,458		0.5
			Other		41,573,574		1.9
					53,109,032		2.4
CONSUMER SERVICES					57,430,411		2.6
DIVERSIFIED FINANCIALS
	340,226		Stifel Financial Corp		15,065,207		0.7
			Other		47,368,184		2.1
					62,433,391		2.8
ENERGY					29,105,243		1.3
FOOD & STAPLES RETAILING					11,405,647		0.5
FOOD, BEVERAGE & TOBACCO
	46,596	*,e	Boston Beer Co, Inc (Class A)		21,737,500		1.0
			Other		34,298,757		1.5
					56,036,257		2.5
HEALTH CARE EQUIPMENT & SERVICES
	162,200	e	Conmed Corp		11,988,202		0.5
	155,332	*	Haemonetics Corp		17,673,675		0.8
	517,738	*	HMS Holdings Corp		14,846,137		0.7
	270,100	*	NuVasive, Inc		16,443,688		0.8
	75,546	*	Teladoc, Inc		12,434,116		0.6
			Other		118,192,421		5.3
					191,578,239		8.7
HOUSEHOLD & PERSONAL PRODUCTS					10,556,470		0.5
INSURANCE					41,113,947		1.9

Shares			Company	Value		% of net assets
MATERIALS
	354,700		Boise Cascade Co	$	11,091,469		0.5	%
	778,700		Commercial Metals Co		12,412,478		0.6
			Other		66,076,326		3.0
					89,580,273		4.1
MEDIA & ENTERTAINMENT					29,981,499		1.4
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	247,856	*	Acadia Pharmaceuticals, Inc		11,973,923		0.5
	1,072,687	*	Amicus Therapeutics, Inc		12,668,433		0.6
	219,900	*	PTC Therapeutics, Inc		11,197,308		0.5
			Other		256,551,257		11.7
					292,390,921		13.3
REAL ESTATE
	181,200		EastGroup Properties, Inc		19,207,200		0.9
	526,442		First Industrial Realty Trust, Inc		19,883,714		0.9
	428,500		National Storage Affiliates Trust		12,203,680		0.6
	143,328		PS Business Parks, Inc		18,502,212		0.8
	505,100		STAG Industrial, Inc		13,258,875		0.6
			Other		63,556,716		2.9
					146,612,397		6.7
RETAILING
	630,351	*	BJ’s Wholesale Club Holdings, Inc		16,584,535		0.8
	592,300		Rent-A-Center, Inc		11,789,732		0.5
			Other		53,096,181		2.4
					81,470,448		3.7
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	362,731		Brooks Automation, Inc		13,961,516		0.6
	475,562	*	Formfactor, Inc		11,080,594		0.5
	209,061	*,e	Inphi Corp		20,182,749		0.9
	952,047	*	Lattice Semiconductor Corp		21,430,578		1.0
	1,044,545	*	Rambus, Inc		13,088,149		0.6
			Other		20,797,282		1.0
					100,540,868		4.6
SOFTWARE & SERVICES
	292,946	*	Commvault Systems, Inc		12,505,865		0.6
	208,424		Mantech International Corp (Class A)		15,540,093		0.7
	715,463		Perspecta, Inc		15,432,537		0.7
	272,945		Progress Software Corp		11,166,180		0.5
	298,490	*	SPS Commerce, Inc		16,569,180		0.8
			Other		89,990,785		4.0
					161,204,640		7.3
TECHNOLOGY HARDWARE & EQUIPMENT
	258,300	*	Insight Enterprises, Inc		14,023,107		0.6
	474,801	*	Sanmina Corp		13,166,232		0.6
			Other		55,446,427		2.6
					82,635,766		3.8
TELECOMMUNICATION SERVICES					26,785,622		1.2
TRANSPORTATION
	251,749	*	Hub Group, Inc (Class A)		12,111,644		0.5
			Other		20,353,035		1.0
					32,464,679		1.5

60 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments (unaudited) concluded

Quant Small-Cap Equity Fund  ■  April 30, 2020

Shares			Company	Value		% of net assets
UTILITIES
	347,296		Avista Corp	$	14,947,620		0.7	%
	195,951		NorthWestern Corp		11,304,413		0.5
	367,239	d	Portland General Electric Co		17,183,113		0.8
	195,333		Spire, Inc		14,251,496		0.6
			Other		32,327,053		1.5
					90,013,695		4.1
			TOTAL COMMON STOCKS (Cost $2,325,963,679)		2,184,460,670		99.4
	Principal		Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT					19,972,397		0.8
REPURCHASE AGREEMENT					6,070,000		0.3

Shares			Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	109,039,569	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	109,039,569			5.0	%
					109,039,569			5.0
			TOTAL SHORT-TERM INVESTMENTS (Cost $135,084,529)		135,081,966			6.1
			TOTAL PORTFOLIO (Cost $2,461,048,208)		2,319,542,636			105.5
			OTHER ASSETS & LIABILITIES, NET		(121,773,883	)		(5.5	)
			NET ASSETS	$	2,197,768,753			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.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $109,684,438. 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 April 30, 2020 were as follows:

Description	Number of long (short contracts	)	Expiration date	Notional amount	Value	Unrealized appreciation (depreciation	)
Russell 2000 E Mini Index	170		06/19/20	$9,476,217	$11,106,950	$1,630,733

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2020 Semiannual Report 61

Summary portfolio of investments(unaudited)

Quant Small/Mid-Cap Equity Fund  ■  April 30, 2020

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	2,182,952		0.4	%
BANKS					37,162,656		6.3
CAPITAL GOODS
	52,235		EMCOR Group, Inc		3,318,490		0.6
	69,522		ITT, Inc		3,665,200		0.6
	93,495		Universal Forest Products, Inc		3,844,514		0.6
			Other		55,861,674		9.5
					66,689,878		11.3
COMMERCIAL & PROFESSIONAL SERVICES
	58,685		Robert Half International, Inc		2,774,040		0.5
			Other		6,835,091		1.1
					9,609,131		1.6
CONSUMER DURABLES & APPAREL					18,507,683		3.1
CONSUMER SERVICES
	43,164		Dunkin Brands Group, Inc		2,712,426		0.5
	23,856		Wingstop, Inc		2,797,593		0.5
			Other		12,986,885		2.1
					18,496,904		3.1
DIVERSIFIED FINANCIALS
	64,975		LPL Financial Holdings, Inc		3,912,794		0.7
	13,177		MarketAxess Holdings, Inc		5,995,667		1.0
			Other		19,659,524		3.3
					29,567,985		5.0
ENERGY					7,539,749		1.3
FOOD & STAPLES RETAILING					6,666,226		1.1
FOOD, BEVERAGE & TOBACCO
	36,178	*	Freshpet, Inc		2,728,183		0.5
			Other		6,853,466		1.1
					9,581,649		1.6
HEALTH CARE EQUIPMENT & SERVICES
	25,316	*	DexCom, Inc		8,485,923		1.4
	58,746		Encompass Health Corp		3,891,923		0.7
	37,154		Hill-Rom Holdings, Inc		4,179,453		0.7
	13,538	*	Insulet Corp		2,703,809		0.5
	26,158	*	Molina Healthcare, Inc		4,289,127		0.7
	22,618		STERIS plc		3,223,065		0.5
	25,389	*	Teladoc, Inc		4,178,776		0.7
			Other		16,911,282		2.9
					47,863,358		8.1
HOUSEHOLD & PERSONAL PRODUCTS					1,959,015		0.3
INSURANCE					19,858,338		3.4
MATERIALS
	31,267		Reliance Steel & Aluminum Co		2,800,898		0.5
	84,574		Silgan Holdings, Inc		2,917,803		0.5
			Other		23,593,308		4.0
					29,312,009		5.0
MEDIA & ENTERTAINMENT					8,069,273		1.4

Shares			Company	Value		% of net assets
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	63,276	*	Acadia Pharmaceuticals, Inc	$	3,056,864		0.5	%
	23,658	*	Alnylam Pharmaceuticals, Inc		3,115,759		0.5
	7,615	*	Bio-Rad Laboratories, Inc (Class A)		3,351,361		0.6
	19,445	*	Charles River Laboratories International, Inc		2,813,108		0.5
	134,683	*	Halozyme Therapeutics, Inc		3,051,243		0.5
	99,397	*	Horizon Therapeutics Plc		3,582,268		0.6
	28,380	*	PRA Health Sciences, Inc		2,738,670		0.5
	41,275	*	Seattle Genetics, Inc		5,664,168		1.0
			Other		31,670,635		5.3
					59,044,076		10.0
REAL ESTATE
	45,695		Camden Property Trust		4,024,359		0.7
	63,796		Equity Lifestyle Properties, Inc		3,847,537		0.6
	31,968		Sun Communities, Inc		4,296,499		0.7
			Other		39,983,295		6.8
					52,151,690		8.8
RETAILING
	13,777		Pool Corp		2,916,040		0.5
			Other		13,288,146		2.2
					16,204,186		2.7
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	308,430	*	NeoPhotonics Corp Ltd		2,967,097		0.5
	66,927		Teradyne, Inc		4,185,614		0.7
	17,981		Universal Display Corp		2,699,308		0.5
			Other		11,630,808		1.9
					21,482,827		3.6
SOFTWARE & SERVICES
	59,686		Amdocs Ltd		3,846,166		0.6
	32,065	*	Avalara, Inc		2,865,649		0.5
	49,563		Booz Allen Hamilton Holding Co		3,639,907		0.6
	13,409	*	CACI International, Inc (Class A)		3,354,127		0.6
	42,585	*	Five9, Inc		3,946,352		0.7
	79,299		Genpact Ltd		2,730,265		0.5
	41,862		Pegasystems, Inc		3,500,500		0.6
	128,801		Perspecta, Inc		2,778,238		0.5
	25,085	*	RingCentral, Inc		5,732,675		1.0
			Other		40,444,318		6.7
					72,838,197		12.3
TECHNOLOGY HARDWARE & EQUIPMENT
	68,828	*	Ciena Corp		3,183,295		0.5
	40,916	*	Itron, Inc		2,856,755		0.5
	71,576		National Instruments Corp		2,749,950		0.5
			Other		14,482,523		2.4
					23,272,523		3.9
TELECOMMUNICATION SERVICES					646,929		0.1
TRANSPORTATION
	79,701	*	Hub Group, Inc (Class A)		3,834,415		0.6
	29,463		Landstar System, Inc		3,043,823		0.5
			Other		6,861,717		1.2
					13,739,955		2.3

62 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments(unaudited) concluded

Quant Small/Mid-Cap Equity Fund  ■  April 30, 2020

Shares			Company	Value			% of net assets
UTILITIES
	114,522		NRG Energy, Inc	$	3,839,923		0.6	%
	194,300		Vistra Energy Corp		3,796,622		0.6
			Other		11,414,194		2.0
					19,050,739		3.2
			TOTAL COMMON STOCKS (Cost $593,998,089)		591,497,928		99.9
SHORT-TERM INVESTMENTS
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	4,006,046	c	State Street Navigator Securities Lending Government Money Market Portfolio		4,006,046		0.7
					4,006,046		0.7
			TOTAL SHORT-TERM INVESTMENTS (Cost $4,006,046)		4,006,046		0.7
			TOTAL PORTFOLIO (Cost $598,004,135)		595,503,974		100.6
			OTHER ASSETS & LIABILITIES, NET		(3,511,472	)	(0.6	)
			NET ASSETS	$	591,992,502		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 4/30/20, the aggregate value of securities on loan is $3,983,752. 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  ■  2020 Semiannual Report 63

Summary portfolio of investments (unaudited)

Social Choice Equity Fund  ■  April 30, 2020

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	38,223	*	Tesla, Inc	$	29,885,799		0.7	%
			Other		5,416,073		0.1
					35,301,872		0.8
BANKS
	259,889		PNC Financial Services Group, Inc		27,722,360		0.6
	803,455		US Bancorp		29,326,108		0.7
			Other		102,790,984		2.3
					159,839,452		3.6
CAPITAL GOODS
	213,347		3M Co		32,411,676		0.7
	160,575		Illinois Tool Works, Inc		26,093,437		0.6
			Other		214,402,993		4.8
					272,908,106		6.1
COMMERCIAL & PROFESSIONAL SERVICES					50,657,475		1.1
CONSUMER DURABLES & APPAREL
	392,949		Nike, Inc (Class B)		34,257,294		0.8
			Other		17,006,841		0.4
					51,264,135		1.2
CONSUMER SERVICES
	451,787		Starbucks Corp		34,665,616		0.8
			Other		61,904,059		1.4
					96,569,675		2.2
DIVERSIFIED FINANCIALS
	49,759		BlackRock, Inc		24,981,008		0.6
	311,423		Intercontinental Exchange Group, Inc		27,856,787		0.6
	650,999		Morgan Stanley		25,668,891		0.6
	113,389		S&P Global, Inc		33,209,370		0.8
			Other		138,900,225		3.0
					250,616,281		5.6
ENERGY
	410,730		Chevron Corp		37,787,160		0.9
			Other		95,076,390		2.1
					132,863,550		3.0
FOOD & STAPLES RETAILING					27,593,992		0.6
FOOD, BEVERAGE & TOBACCO
	1,016,774		Coca-Cola Co		46,659,759		1.1
	365,855		PepsiCo, Inc		48,398,958		1.1
			Other		57,965,173		1.2
					153,023,890		3.4
HEALTH CARE EQUIPMENT & SERVICES
	118,926	*	Edwards Lifesciences Corp		25,866,405		0.6
	202,371		UnitedHealth Group, Inc		59,187,446		1.3
			Other		229,206,261		5.2
					314,260,112		7.1

Shares			Company	Value		% of net assets
HOUSEHOLD & PERSONAL PRODUCTS
	539,669		Procter & Gamble Co	$	63,610,785		1.4	%
			Other		33,943,715		0.8
					97,554,500		2.2
INSURANCE					128,406,732		2.9
MATERIALS
	140,807		Ecolab, Inc		27,246,155		0.6
	194,507		Linde plc		35,787,343		0.8
			Other		62,884,228		1.4
					125,917,726		2.8
MEDIA & ENTERTAINMENT
	55,403	*	Alphabet, Inc (Class A)		74,611,220		1.7
	55,428	*	Alphabet, Inc (Class C)		74,753,527		1.7
	1,242,978		Comcast Corp (Class A)		46,773,262		1.1
			Other		134,993,393		2.9
					331,131,402		7.4
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	180,747		Amgen, Inc		43,238,297		1.0
	694,911		Bristol-Myers Squibb Co		42,257,538		1.0
	263,904		Eli Lilly & Co		40,810,115		0.9
	369,794		Gilead Sciences, Inc		31,062,696		0.7
	641,945		Merck & Co, Inc		50,931,916		1.2
	114,769	*	Vertex Pharmaceuticals, Inc		28,829,973		0.7
	230,091		Zoetis, Inc		29,753,067		0.7
			Other		104,362,246		2.2
					371,245,848		8.4
REAL ESTATE
	150,713		American Tower Corp		35,869,694		0.8
	36,148		Equinix, Inc		24,407,130		0.6
	349,941		Prologis, Inc		31,225,235		0.7
			Other		68,996,773		1.5
					160,498,832		3.6
RETAILING
	74,261	*	Amazon.com, Inc		183,721,714		4.1
	250,264		Home Depot, Inc		55,015,535		1.3
			Other		112,181,408		2.5
					350,918,657		7.9
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	1,007,479		Intel Corp		60,428,590		1.4
	164,826		NVIDIA Corp		48,175,343		1.1
	325,522		Texas Instruments, Inc		37,783,339		0.9
			Other		26,830,149		0.5
					173,217,421		3.9
SOFTWARE & SERVICES
	219,794		Accenture plc		40,703,651		0.9
	132,540	*	Adobe, Inc		46,871,446		1.1
	310,568		International Business Machines Corp		38,994,918		0.9
	113,870		Intuit, Inc		30,723,265		0.7
	1,306,585	d	Microsoft Corp		234,153,098		5.3
	255,468	*	salesforce.com, Inc		41,373,043		0.9
			Other		102,549,470		2.2
					535,368,891		12.0

64 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments (unaudited) concluded

Social Choice Equity Fund  ■  April 30, 2020

Shares		Company	Value		% of net assets
TECHNOLOGY HARDWARE & EQUIPMENT
	715,007	Apple, Inc	$	210,069,057		4.7	%
	1,138,225	Cisco Systems, Inc		48,237,975		1.1
		Other		48,353,748		1.1
				306,660,780		6.9
TELECOMMUNICATION SERVICES
	981,770	Verizon Communications, Inc		56,402,686		1.3
		Other		10,706,142		0.2
				67,108,828		1.5
TRANSPORTATION
	382,556	CSX Corp		25,336,684		0.6
	279,214	United Parcel Service, Inc (Class B)		26,430,397		0.6
		Other		36,702,063		0.8
				88,469,144		2.0
	UTILITIES
	499,130	Southern Co		28,315,645		0.6
		Other		116,521,604		2.7
				144,837,249		3.3
		TOTAL COMMON STOCKS (Cost $3,473,618,167)		4,426,234,550		99.5
	Principal	Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT				9,599,345		0.2
REPURCHASE AGREEMENT				14,940,000		0.3

Shares			Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	49,075,992	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	49,075,992			1.1	%
					49,075,992			1.1
			TOTAL SHORT-TERM INVESTMENTS (Cost $73,615,268)		73,615,337			1.6
			TOTAL PORTFOLIO (Cost $3,547,233,435)		4,499,849,887			101.1
			OTHER ASSETS & LIABILITIES, NET		(49,928,646	)		(1.1	)
			NET ASSETS	$	4,449,921,241			100.0	%

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

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

At 4/30/20, the aggregate value of securities on loan is $51,562,783. 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 April 30, 2020 were as follows:

Description	Number of long (short contracts	)	Expiration date	Notional amount	Value	Unrealized appreciation (depreciation	)
S&P 500 E Mini Index	166		06/19/20	$23,460,634	$24,089,920	$629,286

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2020 Semiannual Report 65

Summary portfolio of investments (unaudited)

Social Choice Low Carbon Equity Fund  ■  April 30, 2020

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	2,782	*	Tesla, Inc	$	2,175,190		0.8	%
			Other		169,971		0.0
					2,345,161		0.8
BANKS
	17,060		PNC Financial Services Group, Inc		1,819,790		0.7
	50,420		Truist Financial Corp		1,881,674		0.7
	52,437		US Bancorp		1,913,951		0.7
			Other		4,673,348		1.5
					10,288,763		3.6
CAPITAL GOODS
	14,455		3M Co		2,196,004		0.8
	17,124		Caterpillar, Inc		1,992,891		0.7
			Other		15,693,996		5.5
					19,882,891		7.0
COMMERCIAL & PROFESSIONAL SERVICES					2,639,383		0.9
CONSUMER DURABLES & APPAREL
	26,329		Nike, Inc (Class B)		2,295,362		0.8
			Other		853,335		0.3
					3,148,697		1.1
CONSUMER SERVICES
	29,017		Starbucks Corp		2,226,474		0.8
			Other		4,150,506		1.5
					6,376,980		2.3
DIVERSIFIED FINANCIALS
	21,129		American Express Co		1,928,021		0.7
	3,913		BlackRock, Inc		1,964,483		0.7
	20,091		Intercontinental Exchange Group, Inc		1,797,140		0.6
	7,164		S&P Global, Inc		2,098,192		0.7
			Other		8,326,815		3.0
					16,114,651		5.7
ENERGY					5,503,786		1.9
FOOD & STAPLES RETAILING					1,452,042		0.5
FOOD, BEVERAGE & TOBACCO
	67,236		Coca-Cola Co		3,085,460		1.1
	24,060		PepsiCo, Inc		3,182,897		1.1
			Other		4,117,819		1.5
					10,386,176		3.7
HEALTH CARE EQUIPMENT & SERVICES
	33,439		CVS Health Corp		2,058,171		0.7
	8,240	*	Edwards Lifesciences Corp		1,792,200		0.6
	14,041		UnitedHealth Group, Inc		4,106,571		1.5
			Other		11,359,080		4.0
					19,316,022		6.8
HOUSEHOLD & PERSONAL PRODUCTS
	35,821		Procter & Gamble Co		4,222,221		1.5
			Other		2,940,762		1.0
					7,162,983		2.5

Shares			Company	Value		% of net assets
INSURANCE				$	9,564,210		3.4	%
MATERIALS
	9,925		Ecolab, Inc		1,920,487		0.7
			Other		5,145,460		1.8
					7,065,947		2.5
MEDIA & ENTERTAINMENT
	3,531	*	Alphabet, Inc (Class A)		4,755,198		1.7
	3,533	*	Alphabet, Inc (Class C)		4,764,816		1.7
	80,428		Comcast Corp (Class A)		3,026,506		1.1
			Other		9,030,868		3.1
					21,577,388		7.6
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	30,769		AbbVie, Inc		2,529,212		0.9
	11,478		Amgen, Inc		2,745,767		1.0
	45,009		Bristol-Myers Squibb Co		2,736,997		1.0
	16,895		Eli Lilly & Co		2,612,643		0.9
	28,618		Gilead Sciences, Inc		2,403,912		0.9
	41,559		Merck & Co, Inc		3,297,291		1.2
	7,641	*	Vertex Pharmaceuticals, Inc		1,919,419		0.7
	15,424		Zoetis, Inc		1,994,477		0.7
			Other		3,584,985		1.1
					23,824,703		8.4
REAL ESTATE
	9,803		American Tower Corp		2,333,114		0.8
	22,078		Prologis, Inc		1,970,020		0.7
			Other		6,040,200		2.1
					10,343,334		3.6
RETAILING
	4,741	*	Amazon.com, Inc		11,729,234		4.2
	17,104		Home Depot, Inc		3,759,972		1.3
			Other		7,235,499		2.5
					22,724,705		8.0
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	65,503		Intel Corp		3,928,870		1.4
	10,444		NVIDIA Corp		3,052,572		1.1
	21,090		Texas Instruments, Inc		2,447,916		0.9
			Other		1,545,426		0.5
					10,974,784		3.9
SOFTWARE & SERVICES
	13,897		Accenture plc		2,573,585		0.9
	8,692	*	Adobe, Inc		3,073,839		1.1
	19,584		International Business Machines Corp		2,458,967		0.9
	7,406		Intuit, Inc		1,998,213		0.7
	83,224		d Microsoft Corp		14,914,573		5.3
	16,982	*	salesforce.com, Inc		2,750,235		1.0
			Other		4,661,210		1.5
					32,430,622		11.4
TECHNOLOGY HARDWARE & EQUIPMENT
	45,902		Apple, Inc		13,486,008		4.8
	74,237		Cisco Systems, Inc		3,146,164		1.1
			Other		2,431,298		0.8
					19,063,470		6.7

66 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments (unaudited) concluded

Social Choice Low Carbon Equity Fund  ■  April 30, 2020

Shares		Company	Value		% of net assets
TELECOMMUNICATION SERVICES
	64,744	Verizon Communications, Inc	$	3,719,543		1.3	%
		Other		377,416		0.2
				4,096,959		1.5
TRANSPORTATION
	28,570	CSX Corp		1,892,191		0.7
	20,195	United Parcel Service, Inc (Class B)		1,911,659		0.7
		Other		1,390,830		0.4
				5,194,680		1.8
UTILITIES				7,354,455		2.6
		TOTAL COMMON STOCKS (Cost $256,668,334)		278,832,792		98.2
	Principal	Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
		Federal Home Loan Bank (FHLB)
$	2,288,000	0.040%, 05/26/20		2,287,857		0.8
		Other		1,654,823		0.6
				3,942,680		1.4
REPURCHASE AGREEMENT				300,000		0.1

Shares			Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	2,470,010	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	2,470,010			0.9	%
					2,470,010			0.9
			TOTAL SHORT-TERM INVESTMENTS (Cost $6,712,774)		6,712,690			2.4
			TOTAL PORTFOLIO (Cost $263,381,108)		285,545,482			100.6
			OTHER ASSETS & LIABILITIES, NET		(1,570,374	)		(0.6	)
			NET ASSETS	$	283,975,108			100.0	%

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

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

At 4/30/20, the aggregate value of securities on loan is $2,465,826. 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 April 30, 2020 were as follows:

Description	Number of long (short contracts	)	Expiration date	Notional amount	Value	Unrealized appreciation (depreciation	)
S&P 500 E Mini Index	28		06/19/20	$3,978,724	$4,063,360	$84,636

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2020 Semiannual Report 67

Summary portfolio of investments (unaudited)

Emerging Markets Equity Fund  ■  April 30, 2020

Shares			Company	Value		% of net assets
COMMON STOCKS
ARGENTINA				$	10,561,531		0.7	%
BRAZIL
	894,850	*,e	Afya Ltd		19,454,039		1.3
	9,852,993	a,e,n	Arcos Dorados Holdings, Inc		37,539,904		2.5
	1,466,300	*	B2W Companhia Global Do Varejo		19,751,462		1.3
	2,558,950		Banco do Brasil S.A.		13,411,441		0.9
	3,770,200	*	Banco Itau Holding Financeira S.A.		15,786,876		1.0
	2,133,700		Cia Brasileira de Distribuicao		25,983,121		1.7
	4,147,600		Petroleo Brasileiro S.A. (Preference)		13,767,112		0.9
			Other		8,562,948		0.6
					154,256,903		10.2
CHINA
	610,954	*	Alibaba Group Holding Ltd (ADR)		123,822,047		8.2
	205,900	*	Baidu, Inc (ADR)		20,781,487		1.4
	5,076,775		China Merchants Bank Co Ltd (Class A)		25,002,964		1.7
	66,728,300	g	China Tower Corp Ltd		14,849,997		1.0
	5,553,694		Foxconn Industrial Internet Co Ltd		11,439,126		0.8
	3,183,200		Ping An Insurance Group Co of China Ltd		32,393,066		2.1
	1,489,452		Ping An Insurance Group Co of China Ltd (Class A)		15,518,985		1.0
	2,091,776		Tencent Holdings Ltd		109,963,477		7.2
	814,400	*,g	Wuxi Biologics Cayman, Inc		12,677,287		0.8
			Other		47,010,825		3.1
					413,459,261		27.3
HONG KONG
	1,000,000		Melco Crown Entertainment Ltd (ADR)		15,820,000		1.0
			Other		802		0.0
					15,820,802		1.0
INDIA
	79,700		Eicher Motors Ltd		15,476,599		1.0
	1,001,800		Housing Development Finance Corp		25,340,328		1.7
	1,229,900		ICICI Bank Ltd (ADR)		12,003,824		0.8
	872,224	*,e	MakeMyTrip Ltd		12,874,026		0.8
	1,851,372		Piramal Healthcare Ltd		23,794,269		1.5
	1,307,300		Reliance Industries Ltd		25,417,849		1.7
	13,906,800		Sesa Sterlite Ltd		16,210,530		1.1
	12,567,600	*	Tata Motors Ltd		15,217,610		1.0
			Other		17,755,501		1.2
					164,090,536		10.8
INDONESIA
	66,287,900		Bank Rakyat Indonesia		12,056,932		0.8
	7,188,600		PT Bank Central Asia Tbk		12,452,020		0.8
			Other		18,603,635		1.2
					43,112,587		2.8
ITALY
	8,843,171	e	Prada S.p.A		28,710,851		1.9
					28,710,851		1.9
KENYA					8,189,689		0.5

Shares			Company	Value		% of net assets
KOREA, REPUBLIC OF
	700,400		Hana Financial Group, Inc	$	15,988,735		1.1	%
	65,500		LG Chem Ltd		20,351,712		1.3
	140,100		Samsung Electro-Mechanics Co Ltd		13,098,069		0.9
	1,877,400		Samsung Electronics Co Ltd		77,194,044		5.1
			Other		21,656,247		1.4
					148,288,807		9.8
MACAU
	1,882,079		Galaxy Entertainment Group Ltd		12,104,599		0.8
	11,724,500		Wynn Macau Ltd		20,246,741		1.3
					32,351,340		2.1
MEXICO
	332,700	e	Fomento Economico Mexicano SAB de C.V. (ADR)		21,402,591		1.4
	2,584,248		Grupo Televisa SAB (ADR)		13,825,727		0.9
			Other		20,952,486		1.4
					56,180,804		3.7
PERU
	156,600		Credicorp Ltd (NY)		23,336,532		1.5
			Other		5,599,756		0.4
					28,936,288		1.9
PHILIPPINES					4,663,252		0.3
RUSSIA
	2,376,918		Sberbank of Russia (ADR)		24,981,408		1.6
			Other		3,761,478		0.3
					28,742,886		1.9
SAUDI ARABIA
	865,600		Al Rajhi Bank		13,157,851		0.9
			Other		6,832,547		0.4
					19,990,398		1.3
SOUTH AFRICA
	6,420,000		FirstRand Ltd		14,011,679		0.9
	191,617		Naspers Ltd (N Shares)		29,824,878		2.0
			Other		13,411,056		0.9
					57,247,613		3.8
TAIWAN
	104,700		Largan Precision Co Ltd		14,272,027		0.9
	1,448,000		MediaTek, Inc		19,994,602		1.3
	513,600	*	Sea Ltd (ADR)		28,545,888		1.9
	7,776,100	*	Taiwan Semiconductor Manufacturing Co Ltd		78,443,709		5.2
	28,937,000		United Microelectronics Corp		14,970,992		1.0
			Other		19,734,719		1.3
					175,961,937		11.6
THAILAND					10,288,574		0.7
TURKEY					8,033,199		0.5
UNITED STATES
	175,100		Wynn Resorts Ltd		14,976,303		1.0
			Other		22,169,790		1.5
					37,146,093		2.5
		TOTAL COMMON STOCKS (Cost $1,480,670,815)			1,446,033,351		95.3

68 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments (unaudited)	concluded
Emerging Markets Equity Fund  ■  April 30, 2020

Shares			Company	Value		% of net assets
PURCHASED OPTIONS
UNITED STATES				$	99,000		0.0	%
		TOTAL PURCHASED OPTIONS (Cost $195,289)			99,000		0.0
PREFERRED STOCKS
PHILIPPINES					3,416		0.0
		TOTAL PREFERRED STOCKS (Cost $4,057)			3,416		0.0
Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT					24,859,047		1.6
REPURCHASE AGREEMENT
			Fixed Income Clearing Corp
$	16,280,000		0.020%, 05/01/20		16,280,000		1.1
					16,280,000		1.1
TREASURY DEBT
			United States Treasury Bill
	13,000,000		0.055%–0.110%, 05/12/20		12,999,757		0.8
			Other		7,679,584		0.5
					20,679,341		1.3

Shares				Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	22,033,739	c		State Street Navigator Securities Lending Government Money Market Portfolio	$	22,033,739			1.5	%
						22,033,739			1.5
			TOTAL SHORT-TERM INVESTMENTS (Cost $83,852,541)			83,852,127			5.5
			TOTAL PORTFOLIO (Cost $1,564,722,702)			1,529,987,894			100.8
			OTHER ASSETS & LIABILITIES, NET			(12,749,218	)		(0.8	)
			NET ASSETS		$	1,517,238,676			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.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $21,627,945. 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 4/30/20, the aggregate value of these securities, including those in “Other,” is $27,527,284 or 1.8% 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.

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

Purchased options outstanding as of April 30, 2020 were as follows:
Description/underlying investment	Number of contracts	Notional amount	Exercise price	Expiration date	Value
iShares MSCI Emerging Markets ETF, Call	9,000	$195,289	$39.00	05/15/20	$99,000
Written options outstanding as of April 30, 2020 were as follows:
Description/underlying investment	Number of contracts	Notional amount	Exercise price	Expiration date	Value
iShares MSCI Emerging Markets ETF, Put	4,000	$(190,440)	$32.00	05/15/20	$(64,000)

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2020 Semiannual Report 69

Summary of market values by sector (unaudited)

Emerging Markets Equity Fund  ■  April 30, 2020

Sector	Value			% of net assets
CONSUMER DISCRETIONARY	$	425,869,938			28.1	%
FINANCIALS		324,751,012			21.4
INFORMATION TECHNOLOGY		268,342,547			17.7
COMMUNICATION SERVICES		209,871,987			13.8
MATERIALS		63,743,435			4.2
ENERGY		57,293,166			3.8
CONSUMER STAPLES		47,385,712			3.1
HEALTH CARE		44,211,302			2.9
INDUSTRIALS		4,663,252			0.3
REAL ESTATE		3,416			0.0
SHORT-TERM INVESTMENTS		83,852,127			5.5
OTHER ASSETS & LIABILITIES, NET		(12,749,218	)		(0.8	)
NET ASSETS	$	1,517,238,676			100.0	%

70 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments (unaudited)

International Equity Fund  ■  April 30, 2020

Shares			Company	Value		% of net assets
COMMON STOCKS
AUSTRALIA
	1,900,156		BHP Billiton Ltd	$	38,790,357		1.0	%
	955,795		Commonwealth Bank of Australia		38,610,756		0.9
	341,893		CSL Ltd		68,148,592		1.7
	8,655,052		Fortescue Metals Group Ltd		66,144,049		1.6
			Other		52,752,463		1.3
					264,446,217		6.5
BRAZIL					29,723,278		0.7
CHINA
	212,500	*	Alibaba Group Holding Ltd (ADR)		43,067,375		1.1
			Other		99,756,987		2.4
					142,824,362		3.5
DENMARK
	620,319		DSV AS		64,451,262		1.6
	1,478,764		Novo Nordisk AS		94,330,366		2.3
	637,584	g	Orsted AS		64,402,629		1.6
					223,184,257		5.5
FRANCE
	1,054,969		Airbus SE		66,799,041		1.6
	1,804,018		BNP Paribas S.A.		56,675,610		1.4
	1,669,403		Compagnie de Saint-Gobain		44,419,320		1.1
	5,016,332		Credit Agricole S.A.		40,348,651		1.0
	352,350		Dassault Systemes S.A.		51,608,803		1.3
	390,845		Essilor International S.A.		48,552,499		1.2
	98,139		Kering		49,923,754		1.2
	867,179		Schneider Electric S.A.		80,138,040		1.9
	637,966		Vinci S.A.		52,263,406		1.3
					490,729,124		12.0
GERMANY
	714,326		Bayer AG.		46,980,761		1.1
	4,396,091		Infineon Technologies AG.		81,727,383		2.0
	317,522		SAP AG.		37,819,142		0.9
	1,087,293		Siemens AG.		100,338,767		2.5
			Other		115,088,128		2.8
					381,954,181		9.3
HONG KONG
	2,387,524		Hong Kong Exchanges and Clearing Ltd		76,549,120		1.9
					76,549,120		1.9
IRELAND
	2,049,843		CRH plc		62,189,347		1.5
					62,189,347		1.5
ITALY
	1,251,242		Moncler S.p.A		47,055,314		1.2
	6,612,267		UniCredit S.p.A.		51,065,008		1.2
			Other		25,718,792		0.6
					123,839,114		3.0

Shares			Company	Value		% of net assets
JAPAN
	1,504,900		Daiichi Sankyo Co Ltd	$	103,448,682		2.5	%
	434,716		Daikin Industries Ltd		55,787,497		1.4
	2,329,979	*	Hitachi Ltd		69,152,435		1.7
	1,004,300		Kao Corp		77,447,883		1.9
	2,881,400		Mitsui Fudosan Co Ltd		52,980,139		1.3
	298,430		Nintendo Co Ltd		123,228,904		3.0
	2,290,200		Recruit Holdings Co Ltd		66,807,847		1.6
	2,126,659		Sony Corp		136,859,172		3.4
	1,429,400		Sumitomo Mitsui Financial Group, Inc		37,589,257		0.9
	1,581,889		Toyota Motor Corp		97,803,234		2.4
			Other		54,353,304		1.3
					875,458,354		21.4
KOREA, REPUBLIC OF					61,174,420		1.5
NETHERLANDS
	311,485		ASML Holding NV		90,980,181		2.2
	10,403,790		ING Groep NV		58,290,201		1.4
					149,270,382		3.6
NORWAY					11,284,626		0.3
RUSSIA					41,228,427		1.0
SPAIN					27,888,269		0.7
SWITZERLAND
	5,989,711		Credit Suisse Group		54,689,875		1.3
	191,481		Lonza Group AG.		83,613,160		2.1
	931,855		Nestle S.A.		98,692,781		2.4
	464,719		Roche Holding AG.		160,930,956		3.9
					397,926,772		9.7
TAIWAN					37,068,217		0.9
UNITED KINGDOM
	1,114,233		AstraZeneca plc		116,539,857		2.9
	1,840,952		British American Tobacco plc		70,958,047		1.7
	408,806		Linde plc (Xetra)		75,385,219		1.8
	110,107,412		Lloyds TSB Group plc		44,550,340		1.1
	734,946		Reckitt Benckiser Group plc		61,220,816		1.5
	25,723,905		Tesco plc		76,086,599		1.9
			Other		36,529,115		0.9
					481,269,993		11.8
UNITED STATES
	1,134,651		Las Vegas Sands Corp		54,485,941		1.3
	845,891		Wynn Resorts Ltd		72,349,057		1.8
					126,834,998		3.1
		TOTAL COMMON STOCKS (Cost $4,426,857,400)			4,004,843,458		97.9

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2020 Semiannual Report 71

Summary portfolio of investments (unaudited)	concluded
International Equity Fund  ■  April 30, 2020

Principal			Issuer	Value		% of net assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal Home Loan Bank (FHLB)
$	46,100,000		0.560%, 05/06/20	$	46,099,424		1.1	%
			Other		18,997,478		0.5
					65,096,902		1.6
REPURCHASE AGREEMENT					1,570,000		0.0
		TOTAL SHORT-TERM INVESTMENTS (Cost $66,664,339)			66,666,902		1.6
		TOTAL PORTFOLIO (Cost $4,493,521,739)			4,071,510,360		99.5
		OTHER ASSETS & LIABILITIES, NET			20,951,647		0.5
		NET ASSETS		$	4,092,462,007		100.0	%

Abbreviation(s):

ADR American Depositary Receipt

*	Non-income producing
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 4/30/20, the aggregate value of these securities, including those in “Other,” is $84,607,834 or 2.1% 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 1% or less of net assets.

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

Summary of market values by sector (unaudited)

International Equity Fund  ■  April 30, 2020

Sector	Value		% of net assets
HEALTH CARE	$	694,197,579		17.0	%
CONSUMER DISCRETIONARY		615,250,676		15.0
INDUSTRIALS		567,534,295		13.9
FINANCIALS		547,397,361		13.4
INFORMATION TECHNOLOGY		467,743,679		11.4
CONSUMER STAPLES		407,457,053		10.0
MATERIALS		326,426,787		8.0
COMMUNICATION SERVICES		173,899,913		4.2
UTILITIES		140,671,350		3.4
REAL ESTATE		52,980,139		1.3
ENERGY		11,284,626		0.3
SHORT-TERM INVESTMENTS		66,666,902		1.6
OTHER ASSETS & LIABILITIES, NET		20,951,647		0.5
NET ASSETS	$	4,092,462,007		100.0	%

72 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments (unaudited)

International Opportunities Fund  ■  April 30, 2020

Shares			Company	Value		% of net assets
COMMON STOCKS
AUSTRALIA
	1,132,096	*,e	Afterpay Touch Group Ltd	$	22,512,467		1.4	%
	119,100		CSL Ltd		23,739,876		1.4
			Other		30,679,497		1.9
					76,931,840		4.7
BRAZIL
	1,987,800		Magazine Luiza S.A.		18,167,612		1.1
	708,257	*,e	Pagseguro Digital Ltd		17,940,150		1.1
	683,500	*	XP, Inc		17,196,860		1.0
			Other		54,321,991		3.3
					107,626,613		6.5
CANADA
	968,932		Alimentation Couche Tard, Inc		27,036,401		1.6
	861,495		Dollarama, Inc		27,021,712		1.6
	42,001	*	Shopify, Inc (Class A)		26,637,195		1.6
			Other		24,114,836		1.5
					104,810,144		6.3
CHINA
	305,200	*	GDS Holdings Ltd (ADR)		17,494,064		1.1
	1,204,600	e	Sunny Optical Technology Group Co Ltd		16,774,677		1.0
	837,000		Tencent Holdings Ltd		44,000,615		2.7
	436,400		Yum China Holdings, Inc		21,147,944		1.3
			Other		50,895,769		3.0
					150,313,069		9.1
DENMARK
	146,100		Carlsberg AS (Class B)		18,430,946		1.1
	510,300		Novo Nordisk AS		32,552,040		2.0
					50,982,986		3.1
FRANCE
	171,602		Essilor International S.A.		21,317,161		1.3
	83,512		L’Oreal S.A.		24,280,371		1.5
	154,139		Teleperformance		34,528,509		2.1
					80,126,041		4.9
GERMANY
	309,000		Bayer AG.		20,322,731		1.2
	161,482		Beiersdorf AG.		16,895,602		1.0
	134,400		Deutsche Boerse AG.		20,837,165		1.3
	523,900	*	HelloFresh SE		18,673,480		1.1
	412,193	*	TeamViewer AG.		17,887,380		1.1
			Other		11,728,479		0.7
					106,344,837		6.4
HONG KONG
	1,258,300		Melco Crown Entertainment Ltd (ADR)		19,906,306		1.2
					19,906,306		1.2
INDONESIA					15,638,003		0.9

Shares			Company	Value		% of net assets
IRELAND
	904,286		Keywords Studios plc	$	18,115,954		1.1	%
	587,889		Smurfit Kappa Group plc		18,416,351		1.1
			Other		21,112,564		1.3
					57,644,869		3.5
ITALY
	872,800		Amplifon S.p.A.		19,979,507		1.2
	119,600		Ferrari NV		18,692,918		1.1
	451,089		Moncler S.p.A		16,964,052		1.0
			Other		15,565,697		1.0
					71,202,174		4.3
JAPAN
	255,200		Eisai Co Ltd		17,815,756		1.1
	199,500		GMO Payment Gateway, Inc		17,785,287		1.1
	749,300	e	Japan Elevator Service Holdings Co Ltd		19,056,600		1.2
	786,100		MonotaRO Co Ltd		25,258,489		1.5
	354,000		Paltac Corp		18,487,292		1.1
	275,799	*,e	SHIFT, Inc		23,044,784		1.4
	808,400		SMS Co Ltd		17,620,148		1.1
			Other		101,131,415		6.0
					240,199,771		14.5
NETHERLANDS
	23,093	*,g	Adyen NV		22,806,177		1.4
	107,047		ASML Holding NV		31,266,852		1.9
	205,341	*,g	Just Eat Takeaway		20,917,747		1.3
			Other		10,771,355		0.6
					85,762,131		5.2
NORWAY					28,170,363		1.7
PHILIPPINES					19,157,496		1.2
PORTUGAL
	1,204,396		Jeronimo Martins SGPS S.A.		20,418,751		1.2
					20,418,751		1.2
SPAIN					13,337,957		0.8
SWEDEN
	370,835		Hexagon AB (B Shares)		18,197,593		1.1
	396,800		Swedish Match AB		24,520,828		1.5
			Other		18,338,761		1.1
					61,057,182		3.7
SWITZERLAND
	329,787	*	Alcon, Inc		17,405,171		1.1
	71,067		Lonza Group AG.		31,032,512		1.9
	115,900		Roche Holding AG.		40,135,862		2.4
					88,573,545		5.4
TAIWAN					37,575,759		2.3

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2020 Semiannual Report 73

Summary portfolio of investments (unaudited)	concluded
International Opportunities Fund  ■  April 30, 2020

Shares			Company	Value		% of net assets
UNITED KINGDOM
	1,164,480		Ashtead Group plc	$	31,808,033		1.9	%
	5,921,288	*	boohoo.com plc		24,060,700		1.5
	507,700		Dechra Pharmaceuticals plc		17,672,095		1.1
	130,185		Linde plc (Xetra)		24,006,558		1.4
			Other		47,718,041		2.9
					145,265,427		8.8
UNITED STATES
	112,300	*	Lululemon Athletica, Inc		25,096,804		1.5
					25,096,804		1.5
		TOTAL COMMON STOCKS (Cost $1,275,701,553)			1,606,142,068		97.2
Principal			Issuer
SHORT-TERM INVESTMENT
GOVERNMENT AGENCY DEBT					22,624,643		1.3
TREASURY DEBT					12,999,757		0.8

Shares			Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	72,614,706	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	72,614,706		4.4%
					72,614,706		4.4
		TOTAL SHORT-TERM INVESTMENTS (Cost $108,238,920)			108,239,106		6.5
		TOTAL PORTFOLIO (Cost $1,383,940,473)			1,714,381,174		103.7
		OTHER ASSETS & LIABILITIES, NET			(61,210,117	)	(3.7)
		NET ASSETS		$	1,653,171,057		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 $127,812,258. 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 4/30/20, the aggregate value of these securities, including those in “Other,” is $55,888,999 or 3.4% of net assets.

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

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

Summary of market values by sector (unaudited)

International Opportunities Fund  ■  April 30, 2020

				% of net
Sector	Value			assets
INFORMATION TECHNOLOGY	$	383,587,796			23.3	%
CONSUMER DISCRETIONARY		347,067,010			21.0
HEALTH CARE		220,673,926			13.3
INDUSTRIALS		194,852,749			11.8
CONSUMER STAPLES		174,362,713			10.5
FINANCIALS		113,636,483			6.9
MATERIALS		76,208,676			4.6
COMMUNICATION SERVICES		57,559,608			3.5
ENERGY		28,170,363			1.7
REAL ESTATE		10,022,744			0.6
SHORT-TERM INVESTMENTS		108,239,106			6.5
OTHER ASSETS & LIABILITIES, NET		(61,210,117	)		(3.7	)
NET ASSETS	$	1,653,171,057			100.0	%

74 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments (unaudited)

Quant International Equity Fund  ■  April 30, 2020

Shares			Company	Value		% of net assets
COMMON STOCKS
AUSTRALIA
	66,151		CSL Ltd	$	13,185,697		0.8	%
	182,530		Macquarie Group Ltd		12,091,333		0.7
			Other		88,293,400		5.1
					113,570,430		6.6
AUSTRIA					7,470,192		0.4
BELGIUM					20,089,590		1.2
DENMARK
	106,969		Carlsberg AS (Class B)		13,494,455		0.8
	356,903		Novo Nordisk AS		22,766,845		1.3
			Other		4,063,183		0.3
					40,324,483		2.4
FINLAND					20,615,435		1.2
FRANCE
	374,248		Bouygues S.A.		11,514,925		0.7
	119,825		Cap Gemini S.A.		11,264,839		0.6
	18,341		Hermes International		13,408,554		0.8
	30,644		LVMH Moet Hennessy Louis Vuitton S.A.		11,846,742		0.7
	722,312	e	Peugeot S.A.		10,239,233		0.6
	175,036		Schneider Electric S.A.		16,175,486		0.9
	376,035	*	Total S.A.		13,346,374		0.8
			Other		78,623,088		4.6
					166,419,241		9.7
GERMANY
	117,887		Allianz AG.		21,694,892		1.3
	165,494		Bayer AG.		10,884,434		0.6
	58,424		Muenchener Rueckver AG.		12,796,273		0.8
	83,141		Volkswagen AG.		12,291,879		0.7
			Other		79,257,130		4.6
					136,924,608		8.0
HONG KONG
	1,855,975		AIA Group Ltd		17,033,705		1.0
			Other		39,958,098		2.3
					56,991,803		3.3
IRELAND					11,527,429		0.7
ISRAEL					17,339,286		1.0
ITALY
	900,225		Assicurazioni Generali S.p.A.		12,843,179		0.8
	1,867,559		Enel S.p.A.		12,756,256		0.7
			Other		14,229,784		0.8
					39,829,219		2.3

Shares			Company	Value		% of net assets
JAPAN
	631,900		Astellas Pharma, Inc	$	10,451,087		0.6	%
	814,200		Dai-ichi Mutual Life Insurance Co		10,203,734		0.6
	108,300		Fujitsu Ltd		10,521,169		0.6
	602,600		Itochu Corp		11,814,038		0.7
	632,900		Japan Tobacco, Inc		11,786,531		0.7
	514,200		KDDI Corp		14,893,427		0.9
	364,300		Mitsui Sumitomo Insurance Group Holdings, Inc		10,495,513		0.6
	100,000		Shin-Etsu Chemical Co Ltd		11,030,199		0.6
	258,500		Softbank Group Corp		11,079,982		0.7
	271,300		Sony Corp		17,459,260		1.0
	416,576		Toyota Motor Corp		25,755,587		1.5
			Other		290,464,774		16.9
					435,955,301		25.4
LUXEMBOURG					5,776,322		0.3
NETHERLANDS
	99,222		ASML Holding NV		28,981,285		1.7
	489,478		Koninklijke Ahold Delhaize NV		11,884,690		0.7
	974,039		Royal Dutch Shell plc (B Shares)		15,593,036		0.9
	152,671	e	Wolters Kluwer NV		11,229,475		0.6
			Other		15,321,352		0.9
					83,009,838		4.8
NEW ZEALAND					3,985,741		0.2
NORWAY					2,985,712		0.2
SINGAPORE					22,382,553		1.3
SOUTH AFRICA					9,334,679		0.5
	SPAIN				37,607,764		2.2
SWEDEN					37,869,199		2.2
SWITZERLAND
	1,360		Lindt & Spruengli AG.		10,594,387		0.6
	353,184		Nestle S.A.		37,405,724		2.2
	426,126		Novartis AG.		36,364,934		2.1
	131,052		Roche Holding AG.		45,382,960		2.6
	32,319		Swiss Life Holding		11,461,066		0.7
	21,574	e	Swisscom AG.		11,209,675		0.6
	46,988		Zurich Insurance Group AG		14,897,749		0.9
			Other		11,938,812		0.7
					179,255,307		10.4
UNITED KINGDOM
	222,512		AstraZeneca plc (ADR)		11,632,927		0.7
	544,617		British American Tobacco plc		20,991,834		1.2
	330,222		Diageo plc		11,369,493		0.7
	1,164,454		GlaxoSmithKline plc		24,293,529		1.4
	4,813,977		Legal & General Group plc		12,376,731		0.7
	566,236		RELX plc		12,775,299		0.7
	349,231		Severn Trent plc		10,479,558		0.6
	270,226		Unilever NV		13,457,059		0.8
			Other		112,761,447		6.6
					230,137,877		13.4

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2020 Semiannual Report 75

Summary portfolio of investments (unaudited)	concluded
Quant International Equity Fund  ■  April 30, 2020

Shares			Company	Value			% of net assets
UNITED STATES
	190,000		iShares MSCI EAFE Index Fund	$	10,748,300			0.6	%
			Other		3,896,669			0.3
					14,644,969			0.9
		TOTAL COMMON STOCKS (Cost $1,764,238,793)			1,694,046,978			98.6
Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT					9,175,000			0.6
Shares			Company
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	16,010,492	c	State Street Navigator Securities Lending Government Money Market Portfolio		16,010,492			0.9
					16,010,492			0.9
		TOTAL SHORT-TERM INVESTMENTS (Cost $25,185,492)			25,185,492			1.5
		TOTAL PORTFOLIO (Cost $1,789,424,285)			1,719,232,470			100.1
		OTHER ASSETS & LIABILITIES, NET			(983,371	)		(0.1	)
		NET ASSETS		$	1,718,249,099			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 $30,592,747. 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 4/30/20, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended, amounted to $16,170,510 or 0.9% 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)

Quant International Equity Fund  ■  April 30, 2020

Sector	Value			% of net assets
FINANCIALS	$	282,697,530			16.3	%
HEALTH CARE		247,272,466			14.4
INDUSTRIALS		238,446,214			13.9
CONSUMER STAPLES		211,282,477			12.3
CONSUMER DISCRETIONARY		188,748,728			11.0
INFORMATION TECHNOLOGY		128,833,882			7.5
MATERIALS		116,580,358			6.8
COMMUNICATION SERVICES		92,103,585			5.4
UTILITIES		69,841,161			4.1
ENERGY		61,762,641			3.6
REAL ESTATE		56,477,936			3.3
SHORT-TERM INVESTMENTS		25,185,492			1.5
OTHER ASSETS & LIABILITIES, NET		(983,371	)		(0.1	)
NET ASSETS	$	1,718,249,099			100.0	%

76 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments(unaudited)

Quant International Small-Cap Equity Fund  ■  April 30, 2020

Shares			Company	Value		% of net assets
COMMON STOCKS
AUSTRALIA
	448,000		Ansell Ltd	$	8,262,101		1.0	%
	2,395,000	e	Metcash Ltd		3,862,998		0.4
			Other		33,833,393		3.9
					45,958,492		5.3
AUSTRIA					5,110,016		0.6
BELGIUM
	332,000		Euronav NV		3,708,168		0.4
			Other		7,763,997		0.9
					11,472,165		1.3
BRAZIL
	617,000		Cia Paranaense de Energia		6,172,383		0.7
	803,000		Transmissora Alianca de Energia Eletrica S.A.		4,060,851		0.5
	1,282,000		Yamana Gold, Inc		6,041,826		0.7
			Other		5,155,203		0.6
					21,430,263		2.5
CANADA
	59,000		Cogeco Communications, Inc		4,362,003		0.5
	192,600		TFI International, Inc		5,340,968		0.6
			Other		39,995,094		4.6
					49,698,065		5.7
CHILE					734,268		0.1
CHINA					27,749,462		3.2
COLOMBIA					828,501		0.1
DENMARK
	80,000		Royal Unibrew A.S.		6,189,299		0.7
			Other		9,093,909		1.1
					15,283,208		1.8
EGYPT					414,473		0.0
FINLAND
	384,000		Kesko Oyj (B Shares)		6,256,934		0.7
	234,000		Valmet Corp		5,351,360		0.6
			Other		486,590		0.1
					12,094,884		1.4
FRANCE					10,403,752		1.2
GERMANY					24,365,248		2.8
GREECE					372,716		0.0
HONG KONG					10,179,390		1.2
INDIA					7,098,703		0.8
INDONESIA					3,195,301		0.4
IRELAND					1,085,563		0.1
ISRAEL					9,678,733		1.1
ITALY
	1,250,000		Hera S.p.A.		4,627,173		0.5
			Other		18,689,034		2.2
					23,316,207		2.7

Shares			Company	Value		% of net assets
JAPAN
	65,000		BayCurrent Consulting, Inc	$	3,683,459		0.4	%
	194,000		Cybozu, Inc		3,756,654		0.4
	110,800		Daiwabo Co Ltd		6,825,832		0.8
	73,000		Goldwin, Inc		3,930,101		0.5
	768,000		Haseko Corp		8,337,869		1.0
	1,231,000		Penta-Ocean Construction Co Ltd		6,218,867		0.7
	593,000	*,e	Rengo Co Ltd		4,619,868		0.5
	399,000		Sumitomo Forestry Co Ltd		4,929,288		0.6
	1,361,000	e	Suruga Bank Ltd		4,729,101		0.5
	236,000	e	Sushiro Global Holdings Ltd		3,639,919		0.4
	672,000		Tokyo Steel Manufacturing Co Ltd		4,278,425		0.5
	311,000		Toyo Tire & Rubber Co Ltd		3,641,580		0.4
			Other		136,408,646		15.8
					194,999,609		22.5
JORDAN					2,144,450		0.2
KOREA, REPUBLIC OF
	177,000		Dongbu HiTek Co Ltd		3,891,452		0.5
	213,000	*	Samsung Techwin Co Ltd		4,691,216		0.5
			Other		29,249,968		3.4
					37,832,636		4.4
MALAYSIA					3,608,773		0.4
MEXICO					8,034,029		0.9
NETHERLANDS
	88,000		ASM International NV		9,686,872		1.1
	290,000	g	Signify NV		5,903,338		0.7
			Other		5,163,215		0.6
					20,753,425		2.4
NEW ZEALAND					1,106,463		0.1
NORWAY					10,230,277		1.2
PAKISTAN					1,349,088		0.2
PHILIPPINES					683,235		0.1
POLAND					4,127,381		0.5
PORTUGAL					3,354,898		0.4
QATAR					570,953		0.1
RUSSIA					592,500		0.1
SAUDI ARABIA					12,571,736		1.5
SINGAPORE					3,741,051		0.4
SOUTH AFRICA
	1,466,000	*	Harmony Gold Mining Co Ltd		5,395,258		0.6
			Other		898,430		0.1
					6,293,688		0.7
SPAIN					16,004,757		1.9
SWEDEN
	191,000		Axfood AB		4,063,110		0.5
	95,000	g	Evolution Gaming Group AB		4,350,673		0.5
	315,000		Getinge AB (B Shares)		6,037,699		0.7
			Other		24,495,372		2.8
					38,946,854		4.5

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2020 Semiannual Report 77

Summary portfolio of investments (unaudited) concluded

Quant International Small-Cap Equity Fund  ■  April 30, 2020

Shares			Company	Value		% of net assets
SWITZERLAND
	58,000		Cembra Money Bank AG.	$	5,513,934		0.6	%
	98,000	g	Galenica AG.		7,017,813		0.8
	68,000		PSP Swiss Property AG.		7,899,381		0.9
	70,000	g	Sunrise Communications Group AG.		5,607,108		0.7
			Other		13,807,657		1.6
					39,845,893		4.6
TAIWAN
	3,132,000		Compeq Manufacturing Co		4,142,989		0.5
	1,455,000		Radiant Opto-Electronics Corp		4,775,307		0.6
	785,000		Simplo Technology Co Ltd		8,152,686		0.9
	1,259,000		Taiwan Surface Mounting Technology Co Ltd		3,776,501		0.4
	1,177,000		Tripod Technology Corp		4,158,809		0.5
			Other		23,219,257		2.7
					48,225,549		5.6
THAILAND					10,254,654		1.2
TURKEY					7,201,447		0.8
UNITED ARAB EMIRATES					511,131		0.1
UNITED KINGDOM
	1,286,000	g	Avast plc		7,407,314		0.9
	1,618,000	g	ConvaTec Group plc		4,321,553		0.5
	198,000	*	Dialog Semiconductor plc		6,218,162		0.7
	588,000		Howden Joinery Group plc		3,877,394		0.5
	592,000		Pennon Group plc		8,151,746		0.9
	1,162,000		Rightmove plc		7,265,330		0.8
	532,000		Unite Group plc		5,874,458		0.7
			Other		53,073,555		6.1
					96,189,512		11.1
UNITED STATES					1,381,257		0.2
			TOTAL COMMON STOCKS (Cost $931,775,241)		851,024,656		98.4
RIGHTS / WARRANTS
MALAYSIA					14,669		0.0
			TOTAL RIGHTS / WARRANTS (Cost $0)		14,669		0.0

Principal			Issuer	Value			% of net assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal Home Loan Bank (FHLB)
$	6,000,000		0.100%, 05/28/20	$	5,999,595			0.7	%
					5,999,595			0.7
REPURCHASE AGREEMENT					900,000			0.1
Shares			Company
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	31,189,005	c	State Street Navigator Securities Lending Government Money Market Portfolio		31,189,005			3.6
					31,189,005			3.6
			TOTAL SHORT-TERM INVESTMENTS (Cost $38,088,555)		38,088,600			4.4
			TOTAL PORTFOLIO (Cost $969,863,796)		889,127,925			102.8
			OTHER ASSETS & LIABILITIES, NET		(23,974,993	)		(2.8	)
			NET ASSETS	$	865,152,932			100.0	%

*	Non-income producing
c	Investments made with cash collateral received from securities on loan.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $55,679,242. 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 4/30/20, the aggregate value of these securities, including those in “Other,” is $62,252,035 or 7.2% of net assets.

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

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

78 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary of market values by sector (unaudited)

Quant International Small-Cap Equity Fund  ■  April 30, 2020

Sector	Value			% of net assets
INDUSTRIALS	$	147,703,977		17.2	%
INFORMATION TECHNOLOGY		108,350,930		12.5
MATERIALS		100,739,001		11.6
CONSUMER DISCRETIONARY		97,444,614		11.3
REAL ESTATE		87,478,429		10.1
HEALTH CARE		80,254,230		9.3
FINANCIALS		73,434,086		8.5
CONSUMER STAPLES		54,744,485		6.3
COMMUNICATION SERVICES		46,057,119		5.3
UTILITIES		32,829,790		3.8
ENERGY		22,002,664		2.5
SHORT-TERM INVESTMENTS		38,088,600		4.4
OTHER ASSETS & LIABILITIES, NET		(23,974,993	)	(2.8	)
NET ASSETS	$	865,152,932		100.0	%

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2020 Semiannual Report 79

Summary portfolio of investments (unaudited)

Social Choice International Equity Fund  ■  April 30, 2020

Shares			Company	Value		% of net assets
COMMON STOCKS
AUSTRALIA
	79,921		Commonwealth Bank of Australia	$	3,228,527		0.8	%
	20,142		CSL Ltd		4,014,849		1.0
	179,165		National Australia Bank Ltd		1,963,197		0.5
			Other		15,682,148		3.9
					24,888,721		6.2
AUSTRIA					1,748,546		0.4
BELGIUM					3,976,619		1.1
DENMARK
	74,403		Novo Nordisk AS		4,746,168		1.2
			Other		3,475,315		0.8
					8,221,483		2.0
FINLAND					3,629,828		0.9
FRANCE
	16,251		Air Liquide		2,064,758		0.5
	36,518		Danone		2,545,196		0.6
	4,447		Kering		2,262,209		0.6
	12,089		L’Oreal S.A.		3,514,769		0.9
	47,884		Sanofi-Aventis		4,677,009		1.2
	26,233		Schneider Electric S.A.		2,424,253		0.6
	110,460	*	Total S.A.		3,920,488		1.0
			Other		18,043,123		4.6
					39,451,805		10.0
GERMANY
	19,608		Allianz AG.		3,608,485		0.9
	46,905		BASF SE		2,400,432		0.6
	40,677		SAP AG.		4,844,922		1.2
	37,275		Siemens AG.		3,439,852		0.9
			Other		18,864,822		4.7
					33,158,513		8.3
HONG KONG
	73,838		Hong Kong Exchanges and Clearing Ltd		2,367,404		0.6
			Other		13,968,103		3.6
					16,335,507		4.2
IRELAND					2,874,257		0.7
ISRAEL					2,716,305		0.6
ITALY
	403,784		Enel S.p.A.		2,758,024		0.7
			Other		5,007,759		1.4
					7,765,783		2.1
JAPAN
	128,000		Astellas Pharma, Inc		2,117,011		0.5
	16,255	*	Chugai Pharmaceutical Co Ltd		1,937,624		0.5
	101,261		Honda Motor Co Ltd		2,459,038		0.6
	29,200		Kao Corp		2,251,796		0.6
	79,196		KDDI Corp		2,293,854		0.6
	9,146		Keyence Corp		3,265,232		0.8
	95,579		Mitsubishi Corp		2,027,038		0.5

Shares			Company	Value		% of net assets
JAPAN—continued
	6,104		Nintendo Co Ltd	$	2,520,488		0.7	%
	73,912		NTT DoCoMo, Inc		2,178,277		0.6
	68,929		Recruit Holdings Co Ltd		2,010,740		0.5
	58,415		Sony Corp		3,759,243		0.9
	80,600		Takeda Pharmaceutical Co Ltd		2,906,552		0.7
	91,695	e	Toyota Motor Corp		5,669,214		1.4
			Other		64,809,914		16.2
					100,206,021		25.1
LUXEMBOURG					925,786		0.2
NETHERLANDS
	17,469		ASML Holding NV		5,102,438		1.3
	29,825	*	Prosus NV		2,261,059		0.6
			Other		4,818,325		1.2
					12,181,822		3.1
NEW ZEALAND					2,043,774		0.4
NORWAY					4,462,738		1.1
PORTUGAL					1,283,771		0.3
SINGAPORE					4,993,359		1.3
SPAIN
	271,131		Iberdrola S.A.		2,697,150		0.7
			Other		8,266,060		2.1
					10,963,210		2.8
SWEDEN					11,478,820		2.8
SWITZERLAND
	106,070		ABB Ltd		2,013,449		0.5
	4,986		Lonza Group AG.		2,177,214		0.5
	105,942		Nestle S.A.		11,220,319		2.8
	25,879		Roche Holding AG.		8,961,829		2.3
	227,462		UBS Group AG		2,435,548		0.6
	8,338		Zurich Insurance Group AG		2,643,599		0.7
			Other		10,501,663		2.6
					39,953,621		10.0
UNITED KINGDOM
	33,485		AstraZeneca plc		3,502,263		0.9
	40,545		AstraZeneca plc (ADR)		2,119,693		0.5
	118,023		Compass Group plc		1,986,021		0.5
	22,014		London Stock Exchange Group plc		2,060,440		0.5
	196,260		National Grid plc		2,299,922		0.6
	161,890		Prudential plc		2,283,848		0.6
	110,090		RELX plc		2,483,828		0.6
	693,678		Tesco plc		2,051,772		0.5
			Other		34,005,008		8.5
					52,792,795		13.2
UNITED STATES					1,639,821		0.4
			TOTAL COMMON STOCKS (Cost $419,425,381)		387,692,905		97.2

80 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments (unaudited) concluded

Social Choice International Equity Fund  ■  April 30, 2020

Principal		Issuer	Value		% of net assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
		Federal Home Loan Bank (FHLB)
$	4,000,000	0.120%, 07/09/20	$	3,999,080		1.0	%
				3,999,080		1.0
REPURCHASE AGREEMENT
		Fixed Income Clearing Corp
	2,590,000	0.020%, 05/01/20		2,590,000		0.7
				2,590,000		0.7

Shares			Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	5,144,842	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	5,144,842			1.3	%
					5,144,842			1.3
			TOTAL SHORT-TERM INVESTMENTS (Cost $11,733,922)		11,733,922			3.0
			TOTAL PORTFOLIO (Cost $431,159,303)		399,426,827			100.2
			OTHER ASSETS & LIABILITIES, NET		(661,893	)		(0.2	)
			NET ASSETS	$	398,764,934			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 $6,582,941. 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 4/30/20, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended, amounted to $2,680,156 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 April 30, 2020 were as follows:

Description	Number of long (short contracts	)	Expiration date	Notional amount	Value	Unrealized appreciation (depreciation	)
MSCI EAFE Index	88		06/19/20	$7,079,361	$7,208,520	$129,159

Summary of market values by sector (unaudited)

Social Choice International Equity Fund  ■  April 30, 2020

Sector	Value			% of net assets
FINANCIALS	$	65,576,117		16.5	%
HEALTH CARE		55,774,128		14.0
INDUSTRIALS		49,999,713		12.5
CONSUMER STAPLES		49,368,869		12.4
CONSUMER DISCRETIONARY		41,164,747		10.3
MATERIALS		30,720,105		7.7
INFORMATION TECHNOLOGY		26,642,824		6.7
COMMUNICATION SERVICES		20,029,192		5.0
UTILITIES		17,087,525		4.3
REAL ESTATE		16,126,679		4.0
ENERGY		15,203,006		3.8
SHORT-TERM INVESTMENTS		11,733,922		3.0
OTHER ASSETS & LIABILITIES, NET		(661,893	)	(0.2	)
NET ASSETS	$	398,764,934		100.0	%

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2020 Semiannual Report 81

Statements of assets and liabilities(unaudited)

TIAA-CREF Funds  ■  April 30, 2020

		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*†		$	5,948,576,247	$	5,940,993,978	$	4,542,456,289	$	1,190,394,949	$	2,003,359,523		$	2,998,650,161	$	1,154,930,425	$	2,319,542,636		$	595,503,974		$	4,499,849,887
Cash			6,253		1,178		36,996		1,909		4,168			—		—		—			—			—
Receivable from securities transactions			128,182,701		38,131,752		59,649,824		29,384,926		18,057,007			59,500,035		21,785,700		13,262,463			21,871,373			—
Receivable from Fund shares sold			225,735		1,696,141		348,158		394,961		718,264			47,488		23,147		710,354			59,460			4,294,296
Dividends and interest receivable			5,207,033		2,296,804		6,180,528		87,951		1,015,041			1,017,220		1,483,823		361,229			100,860			4,581,992
Due from affiliates			1,064,880		1,028,495		859,553		—		61,732			683,831		326,188		266,132			213,876			17,855
Receivable for variation margin on open futures contracts			—		—		—		—		—			—		—		1,631,130			—			629,674
Other			769,993		595,788		721,764		227,584		514,603			163,538		158,897		355,703			16,482			220,684
Total assets			6,084,032,842		5,984,744,136		4,610,253,112		1,220,492,280		2,023,730,338			3,060,062,273		1,178,708,180		2,336,129,647			617,766,025			4,509,594,388
LIABILITIES
Management fees payable			1,833,746		1,800,190		1,463,140		409,396		677,802			700,161		312,319		688,486			206,063			510,784
Service agreement fees payable			82,578		61,144		84,256		58,583		78,758			458		122		57,662			2,891			130,788
Distribution fees payable			213,363		179,648		30,746		39,499		41,386			—		—		23,477			1,032			91,169
Due to affiliates			73,863		68,615		68,615		37,590		46,341			36,463		32,393		51,655			38,567			57,655
Overdraft payable			—		—		—		—		—			9,817,210		3,138,619		2,342,434			1,530,992			939,134
Payable for collateral for securities loaned			28,183,933		—		64,060		38,178,389		20,425,276			13,855,340		5,790,034		109,039,569			4,006,046			49,075,992
Payable for securities transactions			55,678,201		60,423,999		—		30,167,920		12,456,944			—		—		15,504,735			11,321,423			—
Payable for Fund shares redeemed			56,646,420		42,146,658		42,707,050		69,040		944,523			45,996,762		17,944,077		10,279,196			8,575,862			8,511,304
Written options◊			34,412,204		621,296		—		2,163,250		—			—		—		—			—			—
Payable for trustee compensation			398,449		271,252		408,915		149,997		358,165			161,982		155,302		228,471			16,321			218,676
Accrued expenses and other payables			323,457		269,977		177,370		110,965		208,161			81,017		63,074		145,209			74,326			137,645
Total liabilities			177,846,214		105,842,779		45,004,152		71,384,629		35,237,356			70,649,393		27,435,940		138,360,894			25,773,523			59,673,147
NET ASSETS		$	5,906,186,628	$	5,878,901,357	$	4,565,248,960	$	1,149,107,651	$	1,988,492,982		$	2,989,412,880	$	1,151,272,240	$	2,197,768,753		$	591,992,502		$	4,449,921,241
NET ASSETS CONSIST OF:
Paid-in-capital		$	4,118,557,602	$	3,386,967,176	$	4,327,871,693	$	956,207,667	$	2,173,028,353		$	1,884,825,379	$	978,700,585	$	2,516,328,088		$	607,460,676		$	3,500,040,525
Total distributable earnings (loss)			1,787,629,026		2,491,934,181		237,377,267		192,899,984		(184,535,371	)		1,104,587,501		172,571,655		(318,559,335	)		(15,468,174	)		949,880,716
NET ASSETS		$	5,906,186,628	$	5,878,901,357	$	4,565,248,960	$	1,149,107,651	$	1,988,492,982		$	2,989,412,880	$	1,151,272,240	$	2,197,768,753		$	591,992,502		$	4,449,921,241
*	Includes securities loaned of	$	27,981,918	$	—	$	58,474	$	36,751,701	$	27,123,404		$	13,535,913	$	5,551,390	$	109,684,438		$	3,983,752		$	51,562,783
†	Portfolio investments, cost	$	4,055,119,085	$	3,800,031,569	$	4,239,567,494	$	1,079,237,731	$	2,284,050,046		$	1,869,107,749	$	994,773,065	$	2,461,048,208		$	598,004,135		$	3,547,233,435
◊	Written options premiums	$	38,536,869	$	681,573	$	—	$	902,751	$	—		$	—	$	—	$	—		$	—		$	—

82 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2020 Semiannual Report 83

Statements of assets and liabilities(unaudited) continued

TIAA-CREF Funds  ■  April 30, 2020

	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	$	1,119,979,133	$	1,415,504,502	$	1,449,830,730	$	619,870,116	$	1,340,760,376	$	179,862,083	$	58,325,416	$	1,063,086,409	$	34,209,282	$	3,262,770,845
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		85,704,841		64,407,768		96,658,602		31,777,438		102,425,688		12,420,200		7,413,457		85,438,039		3,531,010		174,370,906
Net asset value per share	$	13.07	$	21.98	$	15.00	$	19.51	$	13.09	$	14.48	$	7.87	$	12.44	$	9.69	$	18.71
ADVISOR CLASS:
Net assets	$	2,130,897	$	3,020,318	$	218,532	$	151,137	$	459,117	$	1,262,972	$	385,086	$	516,004	$	1,113,912	$	24,472,680
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		162,966		137,490		14,578		7,749		35,113		87,078		48,866		41,481		114,721		1,308,841
Net asset value per share	$	13.08	$	21.97	$	14.99	$	19.50	$	13.08	$	14.50	$	7.88	$	12.44	$	9.71	$	18.70
PREMIER CLASS:
Net assets	$	35,774,327	$	17,308,441	$	83,744,014	$	42,522,677	$	77,577,558	$	—	$	—	$	75,968,241	$	97,463	$	86,154,148
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		2,733,598		788,100		5,593,895		2,195,285		5,936,732		—		—		6,145,462		10,000		4,622,222
Net asset value per share	$	13.09	$	21.96	$	14.97	$	19.37	$	13.07	$	—	$	—	$	12.36	$	9.75	$	18.64
RETIREMENT CLASS:
Net assets	$	422,514,840	$	315,871,865	$	430,187,125	$	306,179,431	$	404,806,710	$	—	$	—	$	306,040,773	$	15,113,763	$	653,256,850
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		31,688,727		14,468,849		28,782,030		16,290,295		31,154,543		—		—		25,376,564		1,565,494		34,343,766
Net asset value per share	$	13.33	$	21.83	$	14.95	$	18.80	$	12.99	$	—	$	—	$	12.06	$	9.65	$	19.02
RETAIL CLASS:
Net assets	$	1,082,800,206	$	929,042,193	$	107,215,601	$	180,384,290	$	164,889,221	$	—	$	—	$	93,633,269	$	5,366,172	$	423,266,718
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		59,500,476		42,387,580		7,503,184		9,615,561		13,064,056		—		—		7,869,410		556,531		25,619,221
Net asset value per share	$	18.20	$	21.92	$	14.29	$	18.76	$	12.62	$	—	$	—	$	11.90	$	9.64	$	16.52
CLASS W:
Net assets	$	3,242,987,225	$	3,198,154,038	$	2,494,052,958	$	—	$	—	$	2,808,287,825	$	1,092,561,738	$	658,524,057	$	536,091,910	$	—
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		248,161,337		145,311,304		166,044,547		—		—		193,697,553		138,948,715		52,909,294		55,252,069		—
Net asset value per share	$	13.07	$	22.01	$	15.02	$	—	$	—	$	14.50	$	7.86	$	12.45	$	9.70	$	—

84 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2020 Semiannual Report 85

Statements of assets and liabilities(unaudited) continued

TIAA-CREF Funds  ■  April 30, 2020

			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*†		$	285,545,482	$	1,492,447,991		$	4,071,510,360		$	1,714,381,174	$	1,719,232,470		$	889,127,925		$	399,426,827
Affiliated investments, at value‡			—		37,539,903			—			—		—			—			—
Cash			—		7,866			3,815			53,127		—			9,955			406,640
	Cash - foreign^		—		3,558,542			1,694,282			—		815,397			1,023,721			214,281
Receivable from securities transactions			132,625		35,220,026			1,691,406			21,913,861		38,540,692			38,133,473			1,888,821
Receivable from Fund shares sold			630,454		1,401,315			3,573,735			1,594,209		12,534,270			5,957,908			1,398,099
Dividends and interest receivable			352,639		3,507,837			23,241,611			4,073,030		13,798,924			5,446,424			1,821,907
Due from affiliates			14,318		838,133			539,368			709,081		519,967			463,922			15,715
Receivable for variation margin on open futures contracts			84,701		—			—			—		—			—			129,342
	Other		3,716		194,809			689,212			197,751		113,794			21,396			3,173
Total assets			286,763,935		1,574,716,422			4,102,943,789			1,742,922,233		1,785,555,514			940,184,724			405,304,805
LIABILITIES
Management fees payable			52,264		996,452			1,483,689			763,379		511,627			426,858			91,516
Service agreement fees payable			23,733		20,631			70,549			28,070		—			611			19,210
Distribution fees payable			3,594		2,309			50,314			741		—			131			1,744
Due to affiliates			30,705		44,107			63,356			45,232		31,138			40,318			30,934
Overdraft payable			127,396		—			—			—		7,307			—			—
Payable for collateral for securities loaned			2,470,010		22,033,739			—			72,614,706		16,010,492			31,189,005			5,144,842
Payable for securities transactions			—		28,451,795			1,692,844			9,926,125		49,410,096			42,024,047			1,051,551
Payable for Fund shares redeemed			16,075		5,590,099			6,417,632			6,227,300		1,084,130			1,263,787			91,393
Written options◊			—		64,000			—			—		—			—			—
Payable for trustee compensation			3,575		72,888			344,138			67,393		113,196			21,165			2,484
Accrued expenses and other payables			61,475		201,726			359,260			78,230		138,429			65,870			106,197
Total liabilities			2,788,827		57,477,746			10,481,782			89,751,176		67,306,415			75,031,792			6,539,871
NET ASSETS		$	283,975,108	$	1,517,238,676		$	4,092,462,007		$	1,653,171,057	$	1,718,249,099		$	865,152,932		$	398,764,934
NET ASSETS CONSIST OF:
Paid-in-capital		$	262,486,747	$	1,620,297,698		$	4,812,120,583		$	1,409,100,939	$	1,966,711,625		$	1,122,547,625		$	433,118,560
Total distributable earnings (loss)			21,488,361		(103,059,022	)		(719,658,576	)		244,070,118		(248,462,526	)		(257,394,693	)		(34,353,626	)
NET ASSETS		$	283,975,108	$	1,517,238,676		$	4,092,462,007		$	1,653,171,057	$	1,718,249,099		$	865,152,932		$	398,764,934
*	Includes securities loaned of	$	2,465,826	$	21,627,945		$	—		$	127,812,258	$	30,592,747		$	55,679,242		$	6,582,941
†	Portfolio investments, cost	$	263,381,108	$	1,502,836,969		$	4,493,521,739		$	1,383,940,473	$	1,789,424,285		$	969,863,796		$	431,159,303
‡	Affiliated investments, cost	$	—	$	61,885,733		$	—		$	—	$	—		$	—		$	—
^	Foreign cash, cost	$	—	$	3,507,525		$	1,678,286		$	—	$	809,137		$	1,021,788		$	212,263
◊	Written options premiums	$	—	$	190,440		$	—		$	—	$	—		$	—		$	—

86 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2020 Semiannual Report 87

Statements of assets and liabilities(unaudited) concluded

TIAA-CREF Funds  ■  April 30, 2020

	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	$	140,084,608	$	233,962,399	$	2,092,828,187	$	113,359,036	$	110,672,402	$	47,874,035	$	288,600,616
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		10,690,033		23,746,372		224,926,759		9,150,636		17,862,415		6,034,174		30,469,486
Net asset value per share	$	13.10	$	9.85	$	9.30	$	12.39	$	6.20	$	7.93	$	9.47
ADVISOR CLASS:
Net assets	$	1,248,456	$	209,623	$	2,858,867	$	3,337,417	$	151,691	$	65,320	$	1,273,763
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		95,323		21,297		300,615		269,722		24,517		8,239		134,513
Net asset value per share	$	13.10	$	9.84	$	9.51	$	12.37	$	6.19	$	7.93	$	9.47
PREMIER CLASS:
Net assets	$	1,323,091	$	6,962,986	$	93,511,459	$	313,421	$	—	$	58,871	$	416,270
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		100,767		706,089		10,068,512		25,248		—		7,327		43,922
Net asset value per share	$	13.13	$	9.86	$	9.29	$	12.41	$	—	$	8.03	$	9.48
RETIREMENT CLASS:
Net assets	$	123,426,669	$	102,724,065	$	352,348,630	$	138,789,423	$	—	$	3,078,422	$	98,938,498
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		9,453,382		10,464,628		36,405,368		11,239,634		—		388,173		10,468,260
Net asset value per share	$	13.06	$	9.82	$	9.68	$	12.35	$	—	$	7.93	$	9.45
RETAIL CLASS:
Net assets	$	17,892,284	$	7,694,024	$	199,898,591	$	3,696,246	$	—	$	643,677	$	9,535,787
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		1,369,405		781,732		34,109,975		298,671		—		80,975		1,009,028
Net asset value per share	$	13.07	$	9.84	$	5.86	$	12.38	$	—	$	7.95	$	9.45
CLASS W:
Net assets	$	—	$	1,165,685,579	$	1,351,016,273	$	1,393,675,514	$	1,607,425,006	$	813,432,607	$	—
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		—		117,937,508		144,954,664		112,249,245		259,072,639		102,277,428		—
Net asset value per share	$	—	$	9.88	$	9.32	$	12.42	$	6.20	$	7.95	$	—

88 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2020 Semiannual Report 89

Statements of operations(unaudited)

TIAA-CREF Funds  ■  For the period ended April 30, 2020

	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*	$	50,663,686		$	24,229,046		$	60,207,701		$	3,581,192		$	17,572,359		$	19,238,708		$	18,532,610		$	9,292,431		$	3,783,109		$	39,548,399
Payment from affiliate		453,332			395,463			387,226			94,798			192,055			—			—			—			—			—
Income from securities lending		376,060			8,384			651			114,664			247,572			14,064			18,969			615,694			33,347			120,018
Interest		193,489			273,550			117,554			100,370			102,248			50,515			21,669			302,016			9,023			127,215
Total income		51,686,567			24,906,443			60,713,132			3,891,024			18,114,234			19,303,287			18,573,248			10,210,141			3,825,479			39,795,632
EXPENSES
Management fees		12,409,577			11,331,456			10,438,158			2,943,891			5,347,084			4,373,737			2,433,452			5,103,849			1,487,064			3,491,933
Shareholder servicing – Institutional Class		1,017			2,215			878			916			1,636			3,266			209			1,734			143			6,285
Shareholder servicing – Advisor Class		697			1,347			57			66			327			664			199			320			195			8,364
Shareholder servicing – Premier Class		46			34			54			36			59			—			—			60			22			4,923
Shareholder servicing – Retirement Class		591,542			389,281			652,761			423,713			660,788			—			—			483,897			17,450			847,763
Shareholder servicing – Retail Class		225,245			222,099			35,864			48,198			67,211			—			—			33,330			3,404			56,486
Shareholder servicing – Class W		1,109			1,125			959			—			—			921			684			399			385			—
Distribution fees – Premier Class		31,209			13,933			83,776			36,951			79,256			—			—			74,670			84			70,034
Distribution fees – Retail Class		1,466,098			1,148,900			155,050			242,292			262,388			—			—			143,794			7,314			564,803
Administrative service fees		95,788			89,341			88,495			48,667			59,636			47,661			40,757			66,629			50,389			75,565
Registration fees		54,862			60,574			52,419			39,223			38,324			26,294			24,522			40,430			42,871			53,568
Custody and accounting fees		50,954			45,518			31,915			16,539			19,647			19,242			21,667			52,170			17,523			26,559
Trustee fees and expenses		41,225			35,839			35,388			8,673			17,621			18,275			11,316			17,541			4,362			30,013
Overdraft expense		5,069			8,413			565			821			12,626			37,490			199,010			29,228			11,541			6,253
Other expenses		150,823			143,603			134,586			60,145			169,960			59,636			58,273			71,642			40,194			436,715
Total expenses		15,125,261			13,493,678			11,710,925			3,870,131			6,736,563			4,587,186			2,790,089			6,119,693			1,682,941			5,679,264
Less: Expenses reimbursed by the investment adviser		(6,621,130	)		(6,283,055	)		(5,494,297	)		—			—			(4,232,328	)		(2,293,246	)		(1,198,860	)		(1,488,190	)		—
Fee waiver by investment adviser and Nuveen Securities		(157,852	)		(142,878	)		(391,482	)		—			(503,382	)		—			(162,286	)		(527,087	)		—			(121,241	)
Net expenses		8,346,279			7,067,745			5,825,146			3,870,131			6,233,181			354,858			334,557			4,393,746			194,751			5,558,023
Net investment income (loss)		43,340,288			17,838,698			54,887,986			20,893			11,881,053			18,948,429			18,238,691			5,816,395			3,630,728			34,237,609
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments‡		(75,374,931	)		354,908,055			(55,162,037	)		88,526,148			124,637,698			(33,002,925	)		27,251,263			(156,584,543	)		(13,489,607	)		(12,712,933	)
Purchased options		3,610,101			—			—			(3,063,577	)		—			—			—			—			—			—
Written options		(17,798,649	)		140,018			—			1,440,673			—			—			—			—			—			—
Futures contracts		—			—			—			—			—			—			(148,184	)		(11,961,071	)		—			(5,847,845	)
Foreign currency transactions		(78,575	)		(84,610	)		10			20,743			(1,513	)		—			—			—			—			—
Net realized gain (loss) on total investments		(89,642,054	)		354,963,463			(55,162,027	)		86,923,987			124,636,185			(33,002,925	)		27,103,079			(168,545,614	)		(13,489,607	)		(18,560,778	)
Change in unrealized appreciation (depreciation) on:
Portfolio investments		(251,052,015	)		32,596,379			(689,195,007	)		(117,884,159	)		(687,373,732	)		154,918,907			(196,370,591	)		(347,675,066	)		(98,824,584	)		(195,536,455	)
Purchased options		(756,321	)		143,803			—			990,196			—			—			—			—			—			—
Written options		(15,971	)		60,277			—			(2,296,979	)		—			—			—			—			—			—
Futures contracts		—			—			—			—			—			—			—			1,286,705			—			289,766
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		(3,068	)		(4,721	)		(1,510	)		3,608			(3,599	)		—			—			—			—			—
Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments		(251,827,375	)		32,795,738			(689,196,517	)		(119,187,334	)		(687,377,331	)		154,918,907			(196,370,591	)		(346,388,361	)		(98,824,584	)		(195,246,689	)
Net realized and unrealized gain (loss) on total investments		(341,469,429	)		387,759,201			(744,358,544	)		(32,263,347	)		(562,741,146	)		121,915,982			(169,267,512	)		(514,933,975	)		(112,314,191	)		(213,807,467	)
Net increase (decrease) in net assets from operations	$	(298,129,141	)	$	405,597,899		$	(689,470,558	)	$	(32,242,454	)	$	(550,860,093	)	$	140,864,411		$	(151,028,821	)	$	(509,117,580	)	$	(108,683,463	)	$	(179,569,858	)
*   Net of foreign withholding taxes of	$	157,273		$	210,501		$	40,848		$	23,807		$	38,829		$	—		$	3,149		$	26,444		$	8,506		$	1,720
‡   Includes net realized gain (loss) from securities sold to affiliates of	$	(2,526,799	)	$	(1,962,365	)	$	149,980		$	148,678		$	4,816,050		$	(4,926,041	)	$	3,584,569		$	(1,016,252	)	$	1,217,270		$	1,684,004

90 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2020 Semiannual Report 91

Statements of operations(unaudited)	concluded
TIAA-CREF Funds  ■  For the period ended April 30, 2020

	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*	$	2,278,368		$	9,952,711		$	47,901,368		$	10,598,281		$	26,273,560		$	12,617,297		$	4,234,635
Dividends from affiliated investments		—			750,557			—			—			—			—			—
Payment from affiliate		—			147,024			419,362			158,193			—			—			—
Income from securities lending		6,412			67,286			189,939			761,671			115,614			262,875			23,735
Interest		23,118			520,613			681,736			472,521			60,026			55,785			33,584
Total income		2,307,898			11,438,191			49,192,405			11,990,666			26,449,200			12,935,957			4,291,954
EXPENSES
Management fees		314,545			6,694,788			10,251,287			5,107,597			3,642,833			3,017,787			486,333
Shareholder servicing – Institutional Class		132			276			3,318			192			367			142			263
Shareholder servicing – Advisor Class		615			403			1,324			2,138			197			28			644
Shareholder servicing – Premier Class		27			26			64			25			—			22			29
Shareholder servicing – Retirement Class		150,512			161,114			523,049			200,470			—			4,280			105,045
Shareholder servicing – Retail Class		4,610			5,393			102,902			2,996			—			1,744			2,448
Shareholder servicing – Class W		—			563			550			641			680			480			—
Distribution fees – Premier Class		1,597			5,936			89,594			736			—			52			1,138
Distribution fees – Retail Class		21,440			11,631			287,277			4,995			—			958			9,122
Administrative service fees		40,217			57,664			82,805			59,181			41,067			52,749			40,692
Registration fees		44,026			46,569			63,647			46,547			24,675			40,497			47,779
Custody and accounting fees		14,853			201,351			179,880			76,831			88,285			131,727			72,028
Trustee fees and expenses		1,520			10,370			30,247			11,404			12,978			6,220			1,833
Overdraft expense		2,902			9,184			41,902			1,156			32,471			22,960			2,202
Other expenses		58,720			83,725			171,694			63,483			69,047			63,536			72,067
Total expenses		655,716			7,288,993			11,829,540			5,578,392			3,912,600			3,343,182			841,623
Less: Expenses reimbursed by the investment adviser		(71,641	)		(5,365,429	)		(3,511,832	)		(4,622,256	)		(3,610,181	)		(2,890,738	)		(73,246	)
Fee waiver by investment adviser and Nuveen Securities		—			—			—			—			—			(232,251	)		—
Net expenses		584,075			1,923,564			8,317,708			956,136			302,419			220,193			768,377
Net investment income (loss)		1,723,823			9,514,627			40,874,697			11,034,530			26,146,781			12,715,764			3,523,577
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments‡		(125,453	)		(41,196,947	)		106,240,567			(28,857,525	)		(71,114,392	)		(56,469,494	)		(1,483,950	)
Affiliated investments		—			(1,113,594	)		—			—			—			—			—
Purchased options		—			(1,395,309	)		—			—			—			—			—
Written options		—			2,726,048			—			—			—			—			—
Futures contracts		(894,717	)		—			—			—			—			—			(2,255,512	)
Foreign currency transactions		—			(1,209,424	)		(3,261,590	)		(346,412	)		142,969			(212,645	)		2,751
Net realized gain (loss) on total investments		(1,020,170	)		(42,189,226	)		102,978,977			(29,203,937	)		(70,971,423	)		(56,682,139	)		(3,736,711	)
Change in unrealized appreciation (depreciation) on:
Portfolio investments**		(8,473,618	)		(144,961,632	)		(814,571,504	)		(84,586,766	)		(266,590,778	)		(151,953,482	)		(45,580,221	)
Affiliated investments		—			(30,675,242	)		—			—			—			—			—
Purchased options		—			(167,668	)		—			—			—			—			—
Written options		—			(49,239	)		—			—			—			—			—
Futures contracts		64,567			—			—			—			—			—			126,267
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		—			(117,653	)		(137,223	)		(4,455	)		32,703			(76,794	)		10,731
Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments		(8,409,051	)		(175,971,434	)		(814,708,727	)		(84,591,221	)		(266,558,075	)		(152,030,276	)		(45,443,223	)
Net realized and unrealized gain (loss) on total investments		(9,429,221	)		(218,160,660	)		(711,729,750	)		(113,795,158	)		(337,529,498	)		(208,712,415	)		(49,179,934	)
Net increase (decrease) in net assets from operations	$	(7,705,398	)	$	(208,646,033	)	$	(670,855,053	)	$	(102,760,628	)	$	(311,382,717	)	$	(195,996,651	)	$	(45,656,357	)
*   Net of foreign withholding taxes of	$	218		$	1,301,727		$	5,294,377		$	1,359,325		$	2,497,694		$	1,355,896		$	448,036
‡   Includes net realized gain (loss) from securities sold to affiliates of	$	(9,173	)	$	(978,244	)	$	(5,105,544	)	$	—		$	(2,514,408	)	$	—		$	(296,377	)
**  Includes net change in unrealized foreign capital gains taxes of	$	—		$	527,398		$	—		$	443,254		$	—		$	—		$	—

92 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2020 Semiannual Report 93

Statements of changes in net assets

TIAA-CREF Funds  ■  For the period or year ended

		Growth & Income Fund						Large-Cap Growth Fund						Large-Cap Value Fund						Mid-Cap Growth Fund						Mid-Cap Value Fund						Quant Large-Cap Growth Fund
		April 30, 2020			October 31, 2019			April 30, 2020			October 31, 2019			April 30, 2020			October 31, 2019			April 30, 2020			October 31, 2019			April 30, 2020			October 31, 2019			April 30, 2020			October 31, 2019
		(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)
OPERATIONS
Net investment income (loss)		$	43,340,288		$	107,265,531		$	17,838,698		$	37,119,971		$	54,887,986		$	131,127,532		$	20,893		$	1,283,696		$	11,881,053		$	65,880,205		$	18,948,429		$	39,040,233
Net realized gain (loss) on total investments			(89,642,054	)		332,090,427			354,963,463			250,902,222			(55,162,027	)		14,532,355			86,923,987			153,961,882			124,636,185			503,270,693			(33,002,925	)		160,845,834
Net change in unrealized appreciation (depreciation) on total investments			(251,827,375	)		265,258,196			32,795,738			424,851,755			(689,196,517	)		449,893,389			(119,187,334	)		51,209,849			(687,377,331	)		(354,588,542	)		154,918,907			168,334,647
Net increase (decrease) in net assets from operations			(298,129,141	)		704,614,154			405,597,899			712,873,948			(689,470,558	)		595,553,276			(32,242,454	)		206,455,427			(550,860,093	)		214,562,356			140,864,411			368,220,714
DISTRIBUTIONS TO SHAREHOLDERS
	Institutional Class		(84,368,981	)		(138,360,955	)		(59,458,798	)		(130,397,085	)		(38,755,194	)		(247,598,799	)		(80,335,148	)		(101,932,287	)		(337,686,068	)		(323,369,024	)		(12,286,058	)		(13,125,271	)
	Advisor Class		(126,156	)		(107,915	)		(129,148	)		(930,419	)		(4,294	)		(19,754	)		(22,522	)		(21,699	)		(164,800	)		(93,193	)		(88,849	)		(125,789	)
	Premier Class		(2,632,562	)		(10,764,573	)		(850,923	)		(2,205,073	)		(2,491,295	)		(20,780,623	)		(5,427,327	)		(9,514,805	)		(21,311,997	)		(28,793,288	)		—			—
	Retirement Class		(28,765,071	)		(43,138,705	)		(12,895,313	)		(39,209,332	)		(10,640,127	)		(73,663,714	)		(37,939,320	)		(47,065,424	)		(105,807,299	)		(99,023,544	)		—			—
	Retail Class		(51,812,655	)		(69,520,975	)		(37,462,033	)		(104,022,118	)		(2,571,729	)		(20,003,030	)		(21,438,004	)		(24,618,704	)		(43,383,143	)		(37,639,603	)		—			—
	Class W		(209,645,090	)		(272,252,422	)		(148,119,014	)		(309,434,286	)		(73,355,148	)		(289,089,025	)		—			—			—			—			(175,681,424	)		(196,129,076	)
Total distributions			(377,350,515	)		(534,145,545	)		(258,915,229	)		(586,198,313	)		(127,817,787	)		(651,154,945	)		(145,162,321	)		(183,152,919	)		(508,353,307	)		(488,918,652	)		(188,056,331	)		(209,380,136	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		76,963,512			189,838,976			164,254,473			350,011,542			78,707,985			193,609,947			28,272,012			83,512,743			99,873,993			76,232,206			16,601,308			81,092,104
	Advisor Class		359,730			1,963,227			615,339			4,298,275			79,000			67,491			147			56,388			46,419			816,791			124,235			349,289
	Premier Class		822,351			6,230,297			2,831,503			5,519,961			2,062,187			3,019,512			4,709,243			7,076,253			2,633,173			7,772,387			—			—
	Retirement Class		6,421,588			8,383,256			33,359,004			37,360,082			2,289,121			1,278,751			10,012,051			26,425,305			5,453,642			6,850,391			—			—
	Retail Class		21,362,428			34,807,197			31,984,099			100,043,010			4,120,894			67,487,676			7,851,026			20,194,596			9,089,262			33,373,442			—			—
	Class W		307,229,384			431,487,050			242,275,536			473,260,764			204,042,278			346,338,915			—			—			—			—			229,678,475			354,708,181
Reinvestments of distributions:	Institutional Class		68,889,594			116,548,018			55,700,498			122,187,515			38,553,956			245,407,620			80,291,402			101,855,373			334,665,335			319,212,986			12,141,794			12,995,915
	Advisor Class		115,043			86,096			122,626			912,705			1,896			5,332			10,262			6,140			146,334			71,961			80,185			115,040
	Premier Class		2,632,562			10,764,573			850,923			2,205,073			2,491,250			20,780,623			5,427,327			9,514,805			21,311,997			28,793,288			—			—
	Retirement Class		28,764,892			43,138,657			12,849,316			39,086,497			10,639,371			73,657,470			37,939,320			47,065,424			105,799,497			99,016,949			—			—
	Retail Class		49,854,644			66,944,622			36,075,176			100,723,450			2,441,536			19,439,505			20,939,725			24,009,024			41,874,195			36,409,837			—			—
	Class W		172,049,045			219,604,226			148,119,014			309,434,286			73,355,148			289,089,025			—			—			—			—			175,681,424			196,129,076
Redemptions:	Institutional Class		(286,623,468	)		(604,936,372	)		(175,151,564	)		(285,806,095	)		(332,608,486	)		(907,796,470	)		(150,965,848	)		(199,578,954	)		(278,765,771	)		(651,214,788	)		(48,976,807	)		(67,388,506	)
	Advisor Class		(175,893	)		(527,411	)		(784,973	)		(9,350,658	)		(2,864	)		(53,258	)		(41,743	)		(14,157	)		(288,108	)		(344,759	)		(318,322	)		(625,390	)
	Premier Class		(7,434,750	)		(105,700,521	)		(6,594,864	)		(7,470,278	)		(35,051,131	)		(96,534,178	)		(13,765,059	)		(36,458,232	)		(25,902,067	)		(101,722,743	)		—			—
	Retirement Class		(57,567,224	)		(115,502,476	)		(46,542,848	)		(111,670,715	)		(82,098,408	)		(228,283,502	)		(46,495,781	)		(79,034,708	)		(71,402,491	)		(174,224,873	)		—			—
	Retail Class		(74,027,633	)		(113,841,166	)		(155,101,460	)		(212,718,551	)		(11,783,663	)		(71,612,172	)		(20,967,536	)		(28,063,116	)		(25,553,656	)		(57,409,375	)		—			—
	Class W		(244,309,394	)		(408,906,383	)		(320,222,638	)		(486,987,700	)		(240,851,723	)		(458,465,085	)		—			—			—			—			(225,009,424	)		(386,172,804	)
Net increase (decrease) from shareholder transactions			65,326,411			(219,618,134	)		24,639,160			431,039,163			(283,611,653	)		(502,562,798	)		(36,783,452	)		(23,433,116	)		218,981,754			(376,366,300	)		160,002,868			191,202,905
Net increase (decrease) in net assets			(610,153,245	)		(49,149,525	)		171,321,830			557,714,798			(1,100,899,998	)		(558,164,467	)		(214,188,227	)		(130,608	)		(840,231,646	)		(650,722,596	)		112,810,948			350,043,483
NET ASSETS
Beginning 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
End of period		$	5,906,186,628		$	6,516,339,873		$	5,878,901,357		$	5,707,579,527		$	4,565,248,960		$	5,666,148,958		$	1,149,107,651		$	1,363,295,878		$	1,988,492,982		$	2,828,724,628		$	2,989,412,880		$	2,876,601,932
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		5,691,248			13,910,970			7,832,388			17,286,992			5,116,799			11,933,580			1,385,126			3,855,707			7,878,194			3,900,318			1,192,229			5,924,425
	Advisor Class		27,698			142,654			29,545			213,229			4,362			3,982			7			2,723			2,532			40,361			8,421			24,198
	Premier Class		58,139			446,703			132,175			270,596			126,329			184,619			230,573			323,249			175,525			387,024			—			—
	Retirement Class		455,479			585,188			1,533,280			1,835,948			136,506			76,277			490,121			1,264,561			355,077			347,452			—			—
	Retail Class		1,123,029			1,856,594			1,508,868			4,895,046			271,983			3,900,993			406,664			971,805			537,147			1,596,225			—			—
	Class W		23,711,421			32,231,031			11,655,639			23,978,093			13,248,695			21,607,368			—			—			—			—			16,499,303			26,842,491
Shares reinvested:	Institutional Class		4,881,120			9,065,793			2,642,339			6,706,230			2,150,249			15,873,714			3,852,754			5,487,897			19,277,957			17,282,782			839,682			1,041,340
	Advisor Class		8,185			6,650			5,817			50,149			106			345			493			331			8,435			3,898			5,538			9,203
	Premier Class		186,480			837,009			40,366			121,025			139,098			1,346,768			262,190			515,707			1,229,065			1,561,458			—			—
	Retirement Class		1,998,286			3,292,522			613,040			2,157,091			594,711			4,776,749			1,887,528			2,617,654			6,133,304			5,390,144			—			—
	Retail Class		2,534,193			3,815,565			1,713,785			5,537,298			142,780			1,317,040			1,043,855			1,336,805			2,498,460			2,029,534			—			—
	Class W		12,006,214			17,223,861			7,026,518			16,992,547			4,091,196			18,711,264			—			—			—			—			12,149,476			15,715,471
Shares redeemed:	Institutional Class		(21,227,136	)		(43,548,453	)		(8,271,355	)		(14,181,926	)		(19,337,559	)		(54,123,827	)		(7,726,317	)		(9,137,074	)		(16,995,756	)		(32,590,935	)		(3,379,517	)		(4,870,255	)
	Advisor Class		(14,675	)		(37,789	)		(37,738	)		(464,863	)		(159	)		(3,553	)		(2,372	)		(633	)		(19,003	)		(17,796	)		(22,037	)		(47,003	)
	Premier Class		(536,251	)		(7,430,387	)		(311,376	)		(365,312	)		(2,086,819	)		(5,786,266	)		(665,152	)		(1,700,911	)		(1,576,990	)		(5,164,985	)		—			—
	Retirement Class		(4,120,059	)		(8,225,684	)		(2,239,852	)		(5,561,576	)		(4,895,415	)		(13,854,019	)		(2,429,286	)		(3,842,246	)		(4,523,283	)		(8,910,939	)		—			—
	Retail Class		(4,040,724	)		(6,012,716	)		(7,306,217	)		(10,237,311	)		(769,604	)		(4,943,743	)		(1,110,545	)		(1,358,325	)		(1,659,299	)		(3,138,075	)		—			—
	Class W		(17,384,157	)		(29,157,258	)		(15,205,644	)		(23,792,763	)		(14,811,651	)		(27,277,468	)		—			—			—			—			(15,310,792	)		(27,582,071	)
Net increase (decrease) from shareholder transactions			5,358,490			(10,997,747	)		1,361,578			25,440,493			(15,878,393	)		(26,256,177	)		(2,374,361	)		337,250			13,321,365			(17,283,534	)		11,982,303			17,057,799

94 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2020 Semiannual Report 95

Statements of changes in net assets continued

TIAA-CREF Funds  ■  For the period or year ended

		Quant Large-Cap Value Fund						Quant Small-Cap Equity Fund						Quant Small/Mid-Cap Equity Fund						Social Choice Equity Fund						Social Choice Low Carbon Equity Fund						Emerging Markets Equity Fund
		April 30, 2020			October 31, 2019			April 30, 2020			October 31, 2019			April 30, 2020			October 31, 2019			April 30, 2020			October 31, 2019			April 30, 2020			October 31, 2019			April 30, 2020			October 31, 2019
		(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)
OPERATIONS
Net investment income (loss)		$	18,238,691		$	72,932,058		$	5,816,395		$	32,753,613		$	3,630,728		$	9,407,867		$	34,237,609		$	73,443,688		$	1,723,823		$	2,611,636		$	9,514,627		$	36,055,899
Net realized gain (loss) on total investments			27,103,079			131,863,565			(168,545,614	)		125,309,746			(13,489,607	)		35,186,504			(18,560,778	)		164,468,548			(1,020,170	)		3,340,166			(42,189,226	)		(17,956,702	)
Net change in unrealized appreciation (depreciation) on total investments			(196,370,591	)		16,956,770			(346,388,361	)		20,841,403			(98,824,584	)		34,124,912			(195,246,689	)		361,799,925			(8,409,051	)		19,962,218			(175,971,434	)		272,923,951
Net increase (decrease) in net assets from operations			(151,028,821	)		221,752,393			(509,117,580	)		178,904,762			(108,683,463	)		78,719,283			(179,569,858	)		599,712,161			(7,705,398	)		25,914,020			(208,646,033	)		291,023,148
DISTRIBUTIONS TO SHAREHOLDERS
	Institutional Class		(9,655,697	)		(5,228,638	)		(77,018,389	)		(262,009,468	)		(2,489,336	)		(3,611,032	)		(168,531,817	)		(225,939,893	)		(2,848,127	)		(4,275,876	)		(3,989,002	)		(10,505,536	)
	Advisor Class		(57,947	)		(282,092	)		(39,401	)		(414,357	)		(19,288	)		(189,230	)		(1,107,346	)		(1,368,674	)		(33,026	)		(24,674	)		(3,478	)		(7,201	)
	Premier Class		—			—			(5,924,839	)		(22,932,406	)		(6,181	)		(130,771	)		(4,581,397	)		(8,057,023	)		(61,050	)		(40,497	)		(110,927	)		(350,475	)
	Retirement Class		—			—			(22,793,848	)		(79,659,880	)		(768,208	)		(1,146,449	)		(31,299,265	)		(37,483,050	)		(3,103,548	)		(1,248,477	)		(1,896,928	)		(4,143,633	)
	Retail Class		—			—			(6,769,034	)		(22,530,887	)		(326,525	)		(570,332	)		(24,251,604	)		(40,185,338	)		(408,117	)		(620,543	)		(109,979	)		(296,395	)
	Class W		(187,703,525	)		(113,943,468	)		(36,278,527	)		(122,727,726	)		(38,931,761	)		(64,028,043	)		—			—			—			—			(28,568,947	)		(49,857,271	)
Total distributions			(197,417,169	)		(119,454,198	)		(148,824,038	)		(510,274,724	)		(42,541,299	)		(69,675,857	)		(229,771,429	)		(313,033,978	)		(6,453,868	)		(6,210,067	)		(34,679,261	)		(65,160,511	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		4,561,116			42,759,968			62,326,007			110,974,479			3,985,555			18,165,064			305,943,016			953,257,380			64,835,735			33,829,984			48,660,370			59,402,085
	Advisor Class		—			1,544,898			10,625			329,744			1,053,206			75,809			4,892,969			10,767,886			248,577			868,742			1,985,857			140,355
	Premier Class		—			—			3,021,160			6,539,747			—			—			9,758,089			37,123,141			807,362			1,631,178			1,596,519			1,355,967
	Retirement Class		—			—			5,606,821			9,507,002			9,113,629			6,056,964			47,032,557			176,555,698			16,068,513			87,684,676			7,887,995			53,380,115
	Retail Class		—			—			3,044,246			6,238,344			2,135,628			1,448,492			20,528,892			31,386,364			4,864,577			4,516,957			3,297,937			2,515,358
	Class W		86,372,075			303,796,176			201,383,896			214,786,913			60,429,616			76,512,987			—			—			—			—			281,484,470			200,779,831
Reinvestments of distributions:	Institutional Class		9,655,697			5,228,638			76,848,206			260,956,850			2,284,974			3,331,075			160,206,156			214,536,651			1,390,281			2,202,929			3,989,002			10,495,964
	Advisor Class		45,686			276,932			33,954			396,328			12,197			57,642			702,022			734,215			29,073			17,591			1,468			1,929
	Premier Class		—			—			5,924,839			22,932,406			—			—			4,551,489			8,008,975			38,694			16,244			110,765			350,050
	Retirement Class		—			—			22,793,471			79,658,625			767,517			1,145,148			31,290,055			37,475,038			3,103,181			1,247,813			1,896,766			4,143,209
	Retail Class		—			—			6,530,584			21,451,458			299,546			549,467			23,269,895			38,675,098			404,694			612,120			107,225			289,422
	Class W		187,703,525			113,943,468			36,278,527			122,727,726			38,931,761			64,028,043			—			—			—			—			28,568,947			49,857,271
Redemptions:	Institutional Class		(66,325,186	)		(40,732,046	)		(204,603,205	)		(441,295,146	)		(6,535,943	)		(12,530,393	)		(343,985,347	)		(540,865,430	)		(9,241,576	)		(32,422,102	)		(32,384,709	)		(89,334,943	)
	Advisor Class		(60,140	)		(7,038,752	)		(98,118	)		(2,311,732	)		(32,803	)		(1,593,468	)		(1,498,420	)		(2,943,131	)		(85,680	)		(212,050	)		(1,804,098	)		(76,815	)
	Premier Class		—			—			(20,444,805	)		(51,500,405	)		—			(1,094,400	)		(15,916,835	)		(48,341,096	)		(1,554,936	)		(408,589	)		(1,211,140	)		(3,192,360	)
	Retirement Class		—			—			(56,185,418	)		(119,803,743	)		(3,569,158	)		(5,901,936	)		(41,650,761	)		(55,060,880	)		(7,988,148	)		(2,277,679	)		(25,757,292	)		(25,346,934	)
	Retail Class		—			—			(11,013,419	)		(30,294,475	)		(1,350,989	)		(1,897,318	)		(41,865,978	)		(75,375,895	)		(1,771,127	)		(2,735,340	)		(3,618,892	)		(2,274,708	)
	Class W		(1,388,787,281	)		(395,851,721	)		(219,601,422	)		(288,678,045	)		(49,781,974	)		(118,688,831	)		—			—			—			—			(131,678,797	)		(336,879,603	)
Net increase (decrease) from shareholder transactions			(1,166,834,508	)		23,927,561			(88,144,051	)		(77,383,924	)		57,742,762			29,664,345			163,257,799			785,934,014			71,149,220			94,572,474			183,132,393			(74,393,807	)
Net increase (decrease) in net assets			(1,515,280,498	)		126,225,756			(746,085,669	)		(408,753,886	)		(93,482,000	)		38,707,771			(246,083,488	)		1,072,612,197			56,989,954			114,276,427			(60,192,901	)		151,468,830
NET ASSETS
Beginning 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
End of period		$	1,151,272,240		$	2,666,552,738		$	2,197,768,753		$	2,943,854,422		$	591,992,502		$	685,474,502		$	4,449,921,241		$	4,696,004,729		$	283,975,108		$	226,985,154		$	1,517,238,676		$	1,577,431,577
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		549,570			4,150,258			4,752,727			6,804,653			399,798			1,546,758			16,006,418			51,619,529			4,910,883			2,690,094			4,362,369			5,372,268
	Advisor Class		—			158,622			814			19,761			97,249			6,364			248,272			570,045			17,856			68,854			154,141			13,547
	Premier Class		—			—			205,856			403,862			—			—			492,523			1,976,019			58,728			129,594			138,729			124,497
	Retirement Class		—			—			412,469			604,711			855,802			512,864			2,293,654			9,124,514			1,224,181			6,877,577			676,308			4,983,019
	Retail Class		—			—			231,598			413,741			198,340			124,234			1,213,334			1,894,734			353,473			350,043			288,457			230,049
	Class W		10,640,614			31,788,749			17,438,668			13,813,101			6,007,271			6,884,756			—			—			—			—			27,490,162			18,458,439
Shares reinvested:	Institutional Class		1,012,128			558,019			4,740,790			17,408,729			188,841			313,071			7,958,577			12,379,495			99,023			187,324			341,524			1,064,499
	Advisor Class		4,779			29,650			2,093			26,457			1,006			5,412			34,892			42,391			2,070			1,495			126			196
	Premier Class		—			—			367,546			1,539,088			—			—			226,894			464,289			2,748			1,377			9,475			35,466
	Retirement Class		—			—			1,449,044			5,471,059			63,589			107,829			1,527,835			2,131,686			221,656			106,288			162,952			421,486
	Retail Class		—			—			420,785			1,491,757			24,838			51,788			1,308,033			2,511,371			28,866			52,095			9,180			29,353
	Class W		19,716,757			12,160,455			2,240,798			8,192,772			3,220,163			6,023,334			—			—			—			—			2,448,068			5,061,652
Shares redeemed:	Institutional Class		(6,555,564	)		(4,208,795	)		(13,446,082	)		(26,902,097	)		(582,996	)		(1,077,423	)		(18,595,179	)		(28,730,971	)		(719,534	)		(2,535,325	)		(3,115,321	)		(8,155,135	)
	Advisor Class		(8,185	)		(705,705	)		(7,107	)		(148,281	)		(3,329	)		(135,786	)		(79,295	)		(156,987	)		(5,957	)		(15,980	)		(153,444	)		(7,012	)
	Premier Class		—			—			(1,396,778	)		(3,170,532	)		—			(90,000	)		(804,755	)		(2,473,793	)		(116,272	)		(31,200	)		(109,022	)		(295,155	)
	Retirement Class		—			—			(3,854,847	)		(7,587,390	)		(330,489	)		(510,036	)		(2,124,713	)		(2,830,924	)		(565,936	)		(170,386	)		(2,333,055	)		(2,321,620	)
	Retail Class		—			—			(812,313	)		(1,974,059	)		(138,722	)		(164,782	)		(2,506,789	)		(4,536,349	)		(134,307	)		(214,698	)		(327,992	)		(210,599	)
	Class W		(136,305,241	)		(39,428,502	)		(13,554,993	)		(17,566,479	)		(4,567,415	)		(10,004,840	)		—			—			—			—			(12,352,398	)		(30,702,246	)
Net increase (decrease) from shareholder transactions			(110,945,142	)		4,502,751			(808,932	)		(1,159,147	)		5,433,946			3,593,543			7,199,701			43,985,049			5,377,478			7,497,152			17,690,259			(5,897,296	)

96 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2020 Semiannual Report 97

Statements of changes in net assets concluded

TIAA-CREF Funds  ■  For the period or year ended

		International Equity Fund						International Opportunities Fund						Quant International Equity Fund						Quant International Small-Cap Equity Fund						Social Choice International Equity Fund
		April 30,			October 31,			April 30,			October 31,			April 30,			October 31,			April 30,			October 31,			April 30,			October 31,
		2020			2019			2020			2019			2020			2019			2020			2019			2020			2019
			(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)
OPERATIONS
Net investment income (loss)		$	40,874,697		$	87,804,249		$	11,034,530		$	30,589,518		$	26,146,781		$	63,718,212		$	12,715,764		$	30,954,618		$	3,523,577		$	3,943,622
Net realized gain (loss) on total investments			102,978,977			(421,667,577	)		(29,203,937	)		17,427,186			(70,971,423	)		(121,956,070	)		(56,682,139	)		(117,696,219	)		(3,736,711	)		(1,388,001	)
Net change in unrealized appreciation (depreciation) on total investments			(814,708,727	)		588,862,375			(84,591,221	)		170,248,779			(266,558,075	)		227,383,888			(152,030,276	)		157,096,100			(45,443,223	)		15,503,245
Net increase (decrease) in net assets from operations			(670,855,053	)		254,999,047			(102,760,628	)		218,265,483			(311,382,717	)		169,146,030			(195,996,651	)		70,354,499			(45,656,357	)		18,058,866
DISTRIBUTIONS TO SHAREHOLDERS
	Institutional Class		(41,855,343	)		(122,256,954	)		(1,293,437	)		(1,124,608	)		(4,129,946	)		(8,557,494	)		(1,872,151	)		(2,463,636	)		(3,507,089	)		(1,133,404	)
	Advisor Class		(62,322	)		(311,391	)		(44,413	)		(2,116	)		(5,681	)		(17,842	)		(2,854	)		(4,731	)		(20,514	)		(15,730	)
	Premier Class		(2,078,293	)		(10,286,139	)		(12,250	)		(17,333	)		—			—			(2,446	)		(3,389	)		(29,235	)		(5,964	)
	Retirement Class		(6,530,742	)		(30,911,753	)		(1,648,514	)		(1,530,296	)		—			—			(118,259	)		(187,207	)		(1,001,947	)		(199,080	)
	Retail Class		(5,872,130	)		(25,657,844	)		(27,365	)		(33,693	)		—			—			(25,424	)		(45,404	)		(91,457	)		(89,101	)
	Class W		(32,389,087	)		(94,058,477	)		(24,740,090	)		(19,434,274	)		(62,870,001	)		(126,163,836	)		(37,081,313	)		(50,498,430	)		—			—
Total distributions			(88,787,917	)		(283,482,558	)		(27,766,069	)		(22,142,320	)		(67,005,628	)		(134,739,172	)		(39,102,447	)		(53,202,797	)		(4,650,242	)		(1,443,279	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		285,205,677			1,036,717,475			15,193,569			32,720,733			37,856,196			54,968,776			7,035,061			15,497,299			152,543,236			155,897,436
	Advisor Class		77,927			2,190,242			309,475			4,061,092			110,880			63,480			—			—			359,268			756,966
	Premier Class		8,726,455			34,758,979			8,124			57,511			—			—			—			—			632,926			1,580,164
	Retirement Class		11,986,045			20,728,288			1,021,634			46,416,591			—			—			1,283,999			1,230,877			54,178,093			48,331,175
	Retail Class		4,226,213			6,236,072			401,282			841,806			—			—			122,067			180,917			5,174,127			2,189,632
	Class W		213,101,096			269,548,697			160,933,144			199,502,221			281,743,109			277,947,662			126,842,516			117,099,485			—			—
Reinvestments of distributions:	Institutional Class		39,648,451			113,381,804			1,293,437			1,124,608			4,129,946			8,557,494			1,871,799			2,463,058			2,250,256			445,308
	Advisor Class		60,104			302,526			43,044			707			1,934			9,877			309			485			18,562			13,188
	Premier Class		2,078,217			10,285,827			8,991			13,983			—			—			—			—			26,389			2,692
	Retirement Class		6,529,999			30,910,895			1,648,386			1,530,166			—			—			118,205			187,120			1,001,803			198,886
	Retail Class		5,667,087			24,469,384			26,316			33,319			—			—			25,228			45,068			88,589			86,402
	Class W		32,389,087			94,058,477			24,740,090			19,434,274			62,870,001			126,163,836			37,081,313			50,498,430			—			—
Redemptions:	Institutional Class		(335,705,346	)		(558,818,918	)		(11,830,820	)		(14,787,381	)		(36,146,217	)		(54,817,177	)		(3,509,471	)		(6,707,743	)		(25,902,790	)		(22,844,558	)
	Advisor Class		(629,525	)		(190,300,838	)		(779,419	)		(89,912	)		(114,154	)		(91,115	)		—			—			(73,451	)		(271,594	)
	Premier Class		(30,593,434	)		(72,945,589	)		(963,134	)		(468,011	)		—			—			—			—			(1,782,641	)		(242,304	)
	Retirement Class		(56,543,244	)		(109,277,149	)		(27,766,684	)		(19,138,080	)		—			—			(499,298	)		(1,940,473	)		(290,488	)		(1,184,704	)
	Retail Class		(18,887,024	)		(42,497,206	)		(542,244	)		(1,535,306	)		—			—			(170,034	)		(354,641	)		(943,135	)		(901,070	)
	Class W		(126,298,411	)		(261,389,012	)		(170,497,087	)		(227,016,752	)		(201,104,112	)		(299,005,770	)		(56,252,158	)		(109,653,130	)		—			—
Net increase (decrease) from shareholder transactions			41,039,374			408,359,954			(6,751,896	)		42,701,569			149,347,583			113,797,063			113,949,536			68,546,752			187,280,744			184,057,619
Net increase (decrease) in net assets			(718,603,596	)		379,876,443			(137,278,593	)		238,824,732			(229,040,762	)		148,203,921			(121,149,562	)		85,698,454			136,974,145			200,673,206
NET ASSETS
Beginning 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
End of period		$	4,092,462,007		$	4,811,065,603		$	1,653,171,057		$	1,790,449,650		$	1,718,249,099		$	1,947,289,861		$	865,152,932		$	986,302,494		$	398,764,934		$	261,790,789
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		29,245,064			98,020,993			1,215,287			2,592,601			5,209,719			7,728,212			841,361			1,571,494			15,665,093			14,893,221
	Advisor Class		7,289			195,004			23,250			304,445			16,178			8,590			—			—			35,355			71,641
	Premier Class		821,590			3,317,802			587			4,554			—			—			—			—			55,840			152,563
	Retirement Class		1,104,444			1,902,436			81,103			3,839,383			—			—			128,824			124,466			5,022,317			4,562,674
	Retail Class		664,118			945,677			30,144			66,759			—			—			12,903			18,195			519,429			212,570
	Class W		21,709,233			25,921,622			13,014,298			16,152,802			38,379,700			39,119,503			14,806,127			11,772,908			—			—
Shares reinvested:	Institutional Class		3,540,040			11,557,778			94,550			99,523			560,373			1,316,537			182,082			264,845			201,817			46,194
	Advisor Class		5,249			30,162			3,149			63			262			1,520			30			52			1,665			1,368
	Premier Class		185,721			1,049,574			656			1,235			—			—			—			—			2,365			278
	Retirement Class		560,034			3,030,480			120,849			135,773			—			—			11,487			20,099			90,009			20,653
	Retail Class		801,795			3,915,101			1,922			2,946			—			—			2,445			4,825			7,959			8,972
	Class W		2,891,883			9,597,804			1,808,486			1,721,371			8,530,530			19,409,821			3,607,132			5,429,939			—			—
Shares redeemed:	Institutional Class		(32,550,408	)		(53,201,485	)		(952,475	)		(1,168,618	)		(5,427,645	)		(7,747,086	)		(372,725	)		(678,604	)		(2,640,473	)		(2,274,126	)
	Advisor Class		(59,869	)		(17,351,086	)		(69,146	)		(6,896	)		(16,379	)		(13,154	)		—			—			(7,691	)		(24,919	)
	Premier Class		(3,026,829	)		(6,993,551	)		(73,835	)		(38,128	)		—			—			—			—			(171,332	)		(23,216	)
	Retirement Class		(5,264,474	)		(10,089,508	)		(2,168,042	)		(1,474,635	)		—			—			(54,777	)		(197,236	)		(31,219	)		(116,755	)
	Retail Class		(2,876,513	)		(6,412,661	)		(42,927	)		(123,754	)		—			—			(16,997	)		(35,806	)		(98,632	)		(89,163	)
	Class W		(13,052,306	)		(24,556,596	)		(13,424,239	)		(17,983,414	)		(30,970,792	)		(43,180,522	)		(5,638,494	)		(11,112,553	)		—			—
Net increase (decrease) from shareholder transactions			4,706,061			40,879,546			(336,383	)		4,126,010			16,281,946			16,643,421			13,509,398			7,182,624			18,652,502			17,441,955

98 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2020 Semiannual Report 99

Financial highlights

TIAA-CREF Funds

			Selected per share data
					Gain (loss) from investment operations
	For the		Net asset		Net			Net realized and unrealized			Total gain			Less distributions from						Total			Net asset
	period or year ended		value, beginning of period		investment income (loss		)a	gain (loss) on total investments			(loss) from investment operations			Net investment income			Net realized gains			dividends and distributions			value, end of period
GROWTH & INCOME FUND
Institutional Class:	4/30/20	#		$14.63		$0.09			$(0.76	)		$(0.67	)		$(0.13	)		$(0.76	)		$(0.89	)		$13.07
	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:	4/30/20	#		14.64		0.08			(0.75	)		(0.67	)		(0.13	)		(0.76	)		(0.89	)		13.08
	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:	4/30/20	#		14.65		0.08			(0.76	)		(0.68	)		(0.12	)		(0.76	)		(0.88	)		13.09
	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:	4/30/20	#		14.91		0.07			(0.78	)		(0.71	)		(0.11	)		(0.76	)		(0.87	)		13.33
	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:	4/30/20	#		20.02		0.09			(1.05	)		(0.96	)		(0.10	)		(0.76	)		(0.86	)		18.20
	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:	4/30/20	#		14.64		0.11			(0.76	)		(0.65	)		(0.16	)		(0.76	)		(0.92	)		13.07
	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

100 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

									Ratios and supplemental data
												Ratios to average net assets
	For the period or year ended		Total return			Total return excluding payment from affiliates		u	Net assets at end of period (in thousands		)	Gross expenses			Net expenses			Net investment income (loss		)	Net investment income (loss) excluding payment from affiliates		u	Portfolio turnover rate
GROWTH & INCOME FUND
Institutional Class:	4/30/20	#		(4.94	)%b		(4.95	)%b		$1,119,979			0.41	%c		0.40	%c		1.25	%c		1.23	%c		37	%b
	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:	4/30/20	#		(4.98	)b		(4.99	)b		2,131			0.47	c		0.47	c		1.16	c		1.15	c		37	b
	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:	4/30/20	#		(5.03	)b		(5.04	)b		35,774			0.56	c		0.55	c		1.09	c		1.07	c		37	b
	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:	4/30/20	#		(5.13	)b		(5.14	)b		422,515			0.66	c		0.65	c		0.99	c		0.97	c		37	b
	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:	4/30/20	#		(5.07	)b		(5.08	)b		1,082,800			0.69	c		0.69	c		0.95	c		0.93	c		37	b
	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:	4/30/20	#		(4.79	)b		(4.80	)b		3,242,987			0.41	c		0.00	c		1.63	c		1.62	c		37	b
	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

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2020 Semiannual Report 101

Financial highlights

TIAA-CREF Funds

			Selected per share data
					Gain (loss) from investment operations
	For the		Net asset		Net			Net realized and unrealized			Total gain			Less distributions from						Total			Net asset
	period or year ended		value, beginning of period		investment income (loss		)a	gain (loss) on total investments			(loss) from investment operations			Net investment income			Net realized gains			dividends and distributions			value, end of period
LARGE-CAP GROWTH FUND
Institutional Class:	4/30/20	#		$21.43		$0.05			$  1.46			$  1.51			$(0.09	)		$(0.87	)		$(0.96	)		$21.98
	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:	4/30/20	#		21.41		0.04			1.46			1.50			(0.07	)		(0.87	)		(0.94	)		21.97
	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:	4/30/20	#		21.40		0.03			1.46			1.49			(0.06	)		(0.87	)		(0.93	)		21.96
	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:	4/30/20	#		21.27		0.02			1.44			1.46			(0.03	)		(0.87	)		(0.90	)		21.83
	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:	4/30/20	#		21.34		0.02			1.45			1.47			(0.02	)		(0.87	)		(0.89	)		21.92
	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:	4/30/20	#		21.50		0.09			1.47			1.56			(0.18	)		(0.87	)		(1.05	)		22.01
	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

102 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

continued

									Ratios and supplemental data
												Ratios to average net assets
	For the period or year ended		Total return			Total return excluding payment from affiliates		u	Net assets at end of period (in thousands		)	Gross expenses			Net expenses			Net investment income (loss		)	Net investment income (loss) excluding payment from affiliates		u	Portfolio turnover rate
LARGE-CAP GROWTH FUND
Institutional Class:	4/30/20	#		7.25	%b		7.24	%b		$1,415,505			0.41	%c		0.41	%c		0.47	%c		0.45	%c		59	%b
	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:	4/30/20	#		7.20	b		7.19	b		3,020			0.50	c		0.50	c		0.37	c		0.36	c		59	b
	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:	4/30/20	#		7.14	b		7.13	b		17,308			0.56	c		0.55	c		0.32	c		0.31	c		59	b
	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:	4/30/20	#		7.07	b		7.06	b		315,872			0.66	c		0.66	c		0.22	c		0.21	c		59	b
	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:	4/30/20	#		7.08	b		7.07	b		929,042			0.71	c		0.70	c		0.17	c		0.16	c		59	b
	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:	4/30/20	#		7.42	b		7.41	b		3,198,154			0.41	c		0.00	c		0.87	c		0.86	c		59	b
	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  ■  2020 Semiannual Report 103

Financial highlights

TIAA-CREF Funds

			Selected per share data
					Gain (loss) from investment operations
	For the		Net asset		Net			Net realized and unrealized			Total gain			Less distributions from						Total			Net asset
	period or year ended		value, beginning of period		investment income (loss		)a	gain (loss) on total investments			(loss) from investment operations			Net investment income			Net realized gains			dividends and distributions			value, end of period
LARGE-CAP VALUE FUND
Institutional Class:	4/30/20	#		$17.68		$0.16			$(2.46	)		$(2.30	)		$(0.38	)		$    —			$(0.38	)		$15.00
	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:	4/30/20	#		17.67		0.15			(2.45	)		(2.30	)		(0.38	)		—			(0.38	)		14.99
	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:	4/30/20	#		17.63		0.15			(2.46	)		(2.31	)		(0.35	)		—			(0.35	)		14.97
	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:	4/30/20	#		17.60		0.14			(2.46	)		(2.32	)		(0.33	)		—			(0.33	)		14.95
	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:	4/30/20	#		16.84		0.13			(2.35	)		(2.22	)		(0.33	)		—			(0.33	)		14.29
	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:	4/30/20	#		17.74		0.19			(2.46	)		(2.27	)		(0.45	)		—			(0.45	)		15.02
	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

104 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

continued

									Ratios and supplemental data
												Ratios to average net assets
	For the period or year ended		Total return			Total return excluding payment from affiliates		u	Net assets at end of period (in thousands		)	Gross expenses			Net expenses			Net investment income (loss		)	Net investment income (loss) excluding payment from affiliates		u	Portfolio turnover rate
LARGE-CAP VALUE FUND
Institutional Class:	4/30/20	#		(13.35	)%b		(13.36	)%b		$1,449,831			0.41	%c		0.40	%c		1.94	%c		1.92	%c		8	%b
	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			0.40			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:	4/30/20	#		(13.37	)b		(13.38	)b		219			0.47	c		0.45	c		1.86	c		1.84	c		8	b
	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:	4/30/20	#		(13.43	)b		(13.44	)b		83,744			0.56	c		0.55	c		1.81	c		1.79	c		8	b
	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:	4/30/20	#		(13.47	)b		(13.48	)b		430,187			0.66	c		0.65	c		1.69	c		1.67	c		8	b
	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:	4/30/20	#		(13.50	)b		(13.51	)b		107,216			0.72	c		0.71	c		1.62	c		1.61	c		8	b
	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:	4/30/20	#		(13.20	)b		(13.21	)b		2,494,053			0.41	c		0.00	c		2.32	c		2.30	c		8	b
	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

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2020 Semiannual 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
MID-CAP GROWTH FUND
Institutional Class:	4/30/20	#		$22.21		$0.01			$(0.33	)		$(0.32	)			$(0.04	)		$(2.34	)		$(2.38	)		$19.51
	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:	4/30/20	#		22.20		0.01			(0.34	)		(0.33	)			(0.03	)		(2.34	)		(2.37	)		19.50
	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:	4/30/20	#		22.05		0.00	d		(0.34	)		(0.34	)			0.00	d		(2.34	)		(2.34	)		19.37
	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:	4/30/20	#		21.47		(0.01	)		(0.32	)		(0.33	)			—			(2.34	)		(2.34	)		18.80
	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:	4/30/20	#		21.44		(0.02	)		(0.32	)		(0.34	)			—			(2.34	)		(2.34	)		18.76
	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

106 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

continued

									Ratios and supplemental data
											Ratios to average net assets
	For the period or year ended		Total return			Total return excluding payment from affiliates		u	Net assets at end of period (in thousands)		Gross expenses			Net expenses			Net investment income (loss		)	Net investment income (loss) excluding payment from affiliates		u	Portfolio turnover rate
MID-CAP GROWTH FUND
Institutional Class:	4/30/20	#		(2.13	)%b		(2.14	)%b		$619,870		0.48	%c		0.48	%c		0.12	%c		0.11	%c		66	%b
	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:	4/30/20	#		(2.20	)b		(2.21	)b		151		0.55	c		0.55	c		0.07	c		0.06	c		66	b
	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:	4/30/20	#		(2.19	)b		(2.20	)b		42,523		0.63	c		0.63	c		(0.03	)c		(0.05	)c		66	b
	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:	4/30/20	#		(2.23	)b		(2.24	)b		306,179		0.73	c		0.73	c		(0.14	)c		(0.15	)c		66	b
	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:	4/30/20	#		(2.28	)b		(2.29	)b		180,384		0.78	c		0.78	c		(0.19	)c		(0.21	)c		66	b
	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  ■  2020 Semiannual 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
MID-CAP VALUE FUND
Institutional Class:	4/30/20	#		$20.40		$0.08			$(3.63	)		$(3.55	)			$(0.44	)		$(3.32	)		$(3.76	)		$13.09
	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:	4/30/20	#		20.37		0.09			(3.63	)		(3.54	)			(0.43	)		(3.32	)		(3.75	)		13.08
	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:	4/30/20	#		20.34		0.08			(3.63	)		(3.55	)			(0.40	)		(3.32	)		(3.72	)		13.07
	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:	4/30/20	#		20.24		0.07			(3.61	)		(3.54	)			(0.39	)		(3.32	)		(3.71	)		12.99
	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:	4/30/20	#		19.76		0.06			(3.50	)		(3.44	)			(0.38	)		(3.32	)		(3.70	)		12.62
	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

108 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

continued

									Ratios and supplemental data
											Ratios to average net assets
	For the period or year ended		Total return			Total return excluding payment from affiliates		u	Net assets at end of period (in thousands)		Gross expenses			Net expenses			Net investment income (loss)			Net investment income (loss) excluding payment from affiliates		u	Portfolio turnover rate
MID-CAP VALUE FUND
Institutional Class:	4/30/20	#		(21.93	)%b		(21.94	)%b		$1,340,760		0.45	%c		0.41	%c		1.02	%c		1.00	%c		86	%b
	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:	4/30/20	#		(21.93	)b		(21.94	)b		459		0.54	c		0.50	c		1.12	c		1.10	c		86	b
	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:	4/30/20	#		(21.96	)b		(21.97	)b		77,578		0.60	c		0.56	c		0.92	c		0.91	c		86	b
	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:	4/30/20	#		(22.03	)b		(22.04	)b		404,807		0.70	c		0.66	c		0.81	c		0.79	c		86	b
	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:	4/30/20	#		(22.03	)b		(22.04	)b		164,889		0.76	c		0.72	c		0.73	c		0.71	c		86	b
	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

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2020 Semiannual 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
QUANT LARGE-CAP GROWTH FUND
Institutional Class:	4/30/20	#		$14.77		$0.07			$0.59			$0.66				$(0.16	)		$(0.79	)		$(0.95	)		$14.48
	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:	4/30/20	#		14.79		0.07			0.58			0.65				(0.15	)		(0.79	)		(0.94	)		14.50
	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:	4/30/20	#		14.81		0.10			0.59			0.69				(0.21	)		(0.79	)		(1.00	)		14.50
	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:	4/30/20	#		10.33		0.10			(1.39	)		(1.29	)			(0.38	)		(0.79	)		(1.17	)		7.87
	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:	4/30/20	#		10.30		0.10			(1.41	)		(1.31	)			(0.32	)		(0.79	)		(1.11	)		7.88
	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:	4/30/20	#		10.36		0.12			(1.40	)		(1.28	)			(0.43	)		(0.79	)		(1.22	)		7.86
	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

110 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

continued

									Ratios and supplemental data
											Ratios to average net assets
	For the period or year ended		Total return			Total return excluding payment from affiliates		u	Net assets at end of period (in thousands)		Gross expenses			Net expenses			Net investment income (loss)			Net investment income (loss) excluding payment from affiliates		u	Portfolio turnover rate
QUANT LARGE-CAP GROWTH FUND
Institutional Class:	4/30/20	#		4.46	%b		4.46	%b		$179,862		0.32	%c		0.32	%c		1.03	%c		1.03	%c		76	%b
	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:	4/30/20	#		4.38	b		4.38	b		1,263		0.42	c		0.42	c		0.93	c		0.93	c		76	b
	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:	4/30/20	#		4.64	b		4.64	b		2,808,288		0.32	c		0.00	c		1.33	c		1.33	c		76	b
	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:	4/30/20	#		(14.49	)b		(14.49	)b		58,325		0.38	c		0.36	c		2.17	c		2.17	c		119	b
	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:	4/30/20	#		(14.62	)b		(14.62	)b		385		0.47	c		0.44	c		2.09	c		2.09	c		119	b
	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:	4/30/20	#		(14.42	)b		(14.42	)b		1,092,562		0.38	c		0.03	c		2.50	c		2.50	c		119	b
	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  ■  2020 Semiannual 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
QUANT SMALL-CAP EQUITY FUND
Institutional Class:	4/30/20	#		$16.59		$0.03			$(3.28	)		$(3.25	)		$(0.18	)		$(0.72	)		$(0.90	)		$12.44
	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:	4/30/20	#		16.56		0.03			(3.28	)		(3.25	)		(0.15	)		(0.72	)		(0.87	)		12.44
	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:	4/30/20	#		16.47		0.03			(3.27	)		(3.24	)		(0.15	)		(0.72	)		(0.87	)		12.36
	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:	4/30/20	#		16.08		0.02			(3.19	)		(3.17	)		(0.13	)		(0.72	)		(0.85	)		12.06
	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:	4/30/20	#		15.87		0.01			(3.13	)		(3.12	)		(0.13	)		(0.72	)		(0.85	)		11.90
	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:	4/30/20	#		16.64		0.05			(3.26	)		(3.21	)		(0.26	)		(0.72	)		(0.98	)		12.45
	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

112 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

continued

						Ratios and supplemental data
	For the
	period					Net assets at			Ratios to average net assets									Portfolio
	or year					end of period			Gross			Net			Net investment			turnover
	ended		Total return			(in thousands		)	expenses			expenses			income (loss		)	rate
QUANT SMALL-CAP EQUITY FUND
Institutional Class:	4/30/20	#		(20.82	)%b		$1,063,086			0.43	%c		0.39	%c		0.47	%c		47	%b
	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:	4/30/20	#		(20.86	)b		516			0.52	c		0.48	c		0.41	c		47	b
	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:	4/30/20	#		(20.92	)b		75,968			0.58	c		0.54	c		0.36	c		47	b
	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:	4/30/20	#		(20.94	)b		306,041			0.68	c		0.64	c		0.23	c		47	b
	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:	4/30/20	#		(20.90	)b		93,633			0.73	c		0.65	c		0.20	c		47	b
	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:	4/30/20	#		(20.63	)b		658,524			0.43	c		0.00	c		0.66	c		47	b
	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

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2020 Semiannual 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 SMALL/MID-CAP EQUITY FUND
Institutional Class:	4/30/20	#		$12.29		$0.04			$(1.92	)		$(1.88	)		$(0.11	)		$(0.61	)		$(0.72	)		$  9.69
	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:	4/30/20	#		12.31		0.00	d		(1.89	)		(1.89	)		(0.10	)		(0.61	)		(0.71	)		9.71
	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:	4/30/20	#		12.27		0.03			(1.93	)		(1.90	)		(0.01	)		(0.61	)		(0.62	)		9.75
	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:	4/30/20	#		12.24		0.02			(1.92	)		(1.90	)		(0.08	)		(0.61	)		(0.69	)		9.65
	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:	4/30/20	#		12.21		0.02			(1.91	)		(1.89	)		(0.07	)		(0.61	)		(0.68	)		9.64
	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:	4/30/20	#		12.34		0.07			(1.93	)		(1.86	)		(0.17	)		(0.61	)		(0.78	)		9.70
	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

114 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

continued

						Ratios and supplemental data
	For the
	period					Net assets at			Ratios to average net assets									Portfolio
	or year					end of period			Gross			Net			Net investment			turnover
	ended		Total return			(in thousands		)	expenses			expenses			income (loss		)	rate
QUANT SMALL/MID-CAP EQUITY FUND
Institutional Class:	4/30/20	#		(16.48	)%b		$    34,209			0.51	%c		0.51	%c		0.69	%c		38	%b
	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:	4/30/20	#		(16.51	)b		1,114			0.58	c		0.58	c		0.03	c		38	b
	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:	4/30/20	#		(16.51	)b		97			0.70	c		0.68	c		0.52	c		38	b
	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:	4/30/20	#		(16.65	)b		15,114			0.76	c		0.76	c		0.32	c		38	b
	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:	4/30/20	#		(16.63	)b		5,366			0.87	c		0.87	c		0.31	c		38	b
	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:	4/30/20	#		(16.32	)b		536,092			0.51	c		0.00	c		1.17	c		38	b
	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  ■  2020 Semiannual Report 115

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:	4/30/20	#		$20.36		$0.15			$(0.79	)		$(0.64	)		$(0.33	)		$(0.68	)		$(1.01	)		$18.71
	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:	4/30/20	#		20.34		0.14			(0.79	)		(0.65	)		(0.31	)		(0.68	)		(0.99	)		18.70
	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:	4/30/20	#		20.27		0.14			(0.80	)		(0.66	)		(0.29	)		(0.68	)		(0.97	)		18.64
	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:	4/30/20	#		20.66		0.13			(0.81	)		(0.68	)		(0.28	)		(0.68	)		(0.96	)		19.02
	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:	4/30/20	#		18.07		0.11			(0.70	)		(0.59	)		(0.28	)		(0.68	)		(0.96	)		16.52
	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

116 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

continued

						Ratios and supplemental data
	For the
	period					Net assets at			Ratios to average net assets									Portfolio
	or year					end of period			Gross			Net			Net investment			turnover
	ended		Total return			(in thousands		)	expenses			expenses			income (loss		)	rate
SOCIAL CHOICE EQUITY FUND
Institutional Class:	4/30/20	#		(3.52	)%b		$3,262,771			0.18	%c		0.17	%c		1.54	%c		12	%b
	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:	4/30/20	#		(3.53	)b		24,473			0.25	c		0.24	c		1.44	c		12	b
	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:	4/30/20	#		(3.60	)b		86,154			0.34	c		0.33	c		1.39	c		12	b
	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:	4/30/20	#		(3.63	)b		653,257			0.43	c		0.42	c		1.28	c		12	b
	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:	4/30/20	#		(3.67	)b		423,267			0.45	c		0.45	c		1.27	c		12	b
	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

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2020 Semiannual Report 117

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 LOW CARBON EQUITY FUND
Institutional Class:	4/30/20	#		$13.93		$0.10			$(0.54	)		$(0.44	)		$(0.18	)		$(0.21	)		$(0.39	)		$13.10
	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:	4/30/20	#		13.92		0.10			(0.54	)		(0.44	)		(0.17	)		(0.21	)		(0.38	)		13.10
	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:	4/30/20	#		13.95		0.10			(0.55	)		(0.45	)		(0.16	)		(0.21	)		(0.37	)		13.13
	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:	4/30/20	#		13.87		0.09			(0.54	)		(0.45	)		(0.15	)		(0.21	)		(0.36	)		13.06
	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:	4/30/20	#		13.88		0.08			(0.54	)		(0.46	)		(0.14	)		(0.21	)		(0.35	)		13.07
	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

118 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

continued

						Ratios and supplemental data
	For the
	period					Net assets at			Ratios to average net assets									Portfolio
	or year					end of period			Gross			Net			Net investment			turnover
	ended		Total return			(in thousands		)	expenses			expenses			income (loss		)	rate
SOCIAL CHOICE LOW CARBON EQUITY FUND
Institutional Class:	4/30/20	#		(3.32	)%b		$140,085			0.38	%c		0.32	%c		1.49	%c		10	%b
	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:	4/30/20	#		(3.33	)b		1,248			0.48	c		0.42	c		1.43	c		10	b
	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:	4/30/20	#		(3.36	)b		1,323			0.53	c		0.47	c		1.44	c		10	b
	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:	4/30/20	#		(3.37	)b		123,427			0.63	c		0.57	c		1.28	c		10	b
	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	c		1	b
Retail Class:	4/30/20	#		(3.45	)b		17,892			0.68	c		0.62	c		1.22	c		10	b
	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  ■  2020 Semiannual Report 119

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:	4/30/20	#		$11.54		$0.03			$(1.54	)		$(1.51	)		$(0.18	)		$    —			$(0.18	)		$  9.85
	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:	4/30/20	#		11.54		0.01			(1.54	)		(1.53	)		(0.17	)		—			(0.17	)		9.84
	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:	4/30/20	#		11.55		0.02			(1.55	)		(1.53	)		(0.16	)		—			(0.16	)		9.86
	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:	4/30/20	#		11.49		0.02			(1.53	)		(1.51	)		(0.16	)		—			(0.16	)		9.82
	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:	4/30/20	#		11.51		0.01			(1.54	)		(1.53	)		(0.14	)		—			(0.14	)		9.84
	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:	4/30/20	#		11.63		0.08			(1.55	)		(1.47	)		(0.28	)		—			(0.28	)		9.88
	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

120 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

continued

									Ratios and supplemental data
												Ratios to average net assets
	For the period or year ended		Total return			Total return excluding payment from affiliates		u	Net assets at end of period (in thousands		)	Gross expenses			Net expenses			Net investment income (loss		)	Net investment income (loss) excluding payment from affiliates		u	Portfolio turnover rate
EMERGING MARKETS EQUITY FUND
Institutional Class:	4/30/20	#		(13.43	)%b		(13.44	)%b		$   233,962			0.89	%c		0.89	%c		0.53	%c		0.51	%c		71	%b
	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:	4/30/20	#		(13.50	)b		(13.51	)b		210			1.01	c		1.01	c		0.19	c		0.17	c		71	b
	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:	4/30/20	#		(13.45	)b		(13.46	)b		6,963			1.04	c		0.99	c		0.41	c		0.39	c		71	b
	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:	4/30/20	#		(13.42	)b		(13.43	)b		102,724			1.14	c		0.99	c		0.38	c		0.36	c		71	b
	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:	4/30/20	#		(13.52	)b		(13.53	)b		7,694			1.25	c		1.25	c		0.12	c		0.11	c		71	b
	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:	4/30/20	#		(13.02	)b		(13.03	)b		1,165,686			0.89	c		0.00	c		1.44	c		1.42	c		71	b
	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

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2020 Semiannual Report 121

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 EQUITY FUND
Institutional Class:	4/30/20	#		$11.06		$0.09			$(1.66	)		$(1.57	)		$(0.19	)		$    —			$(0.19	)		$  9.30
	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:	4/30/20	#		11.29		0.08			(1.68	)		(1.60	)		(0.18	)		—			(0.18	)		9.51
	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:	4/30/20	#		11.03		0.08			(1.65	)		(1.57	)		(0.17	)		—			(0.17	)		9.29
	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:	4/30/20	#		11.48		0.08			(1.71	)		(1.63	)		(0.17	)		—			(0.17	)		9.68
	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:	4/30/20	#		7.02		0.04			(1.03	)		(0.99	)		(0.17	)		—			(0.17	)		5.86
	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:	4/30/20	#		11.10		0.11			(1.65	)		(1.54	)		(0.24	)		—			(0.24	)		9.32
	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

122 2020 Semiannual 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 EQUITY FUND
Institutional Class:	4/30/20	#		(14.48	)%b		(14.49	)%b		$2,092,828			0.48	%c		0.48	%c		1.71	%c		1.69	%c		91	%b
	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:	4/30/20	#		(14.42	)b		(14.43	)b		2,859			0.56	c		0.56	c		1.57	c		1.55	c		91	b
	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:	4/30/20	#		(14.47	)b		(14.48	)b		93,511			0.63	c		0.63	c		1.48	c		1.46	c		91	b
	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:	4/30/20	#		(14.48	)b		(14.49	)b		352,349			0.73	c		0.68	c		1.45	c		1.43	c		91	b
	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:	4/30/20	#		(14.55	)b		(14.56	)b		199,899			0.82	c		0.82	c		1.34	c		1.32	c		91	b
	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:	4/30/20	#		(14.21	)b		(14.22	)b		1,351,016			0.48	c		0.00	c		2.21	c		2.19	c		91	b
	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  ■  2020 Semiannual Report 123

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 or year ended		value, beginning of period		investment income (loss		)a	gain (loss) on total investments			(loss) from investment operations			Net investment income			Net realized gains			dividends and distributions			value, end of period
INTERNATIONAL OPPORTUNITIES FUND
Institutional Class:	4/30/20	#		$13.35		$0.05			$(0.87	)		$(0.82	)		$(0.14	)		$      —			$(0.14	)		$12.39
	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:	4/30/20	#		13.34		0.04			(0.87	)		(0.83	)		(0.14	)		—			(0.14	)		12.37
	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:	4/30/20	#		13.37		0.03			(0.86	)		(0.83	)		(0.13	)		—			(0.13	)		12.41
	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:	4/30/20	#		13.30		0.04			(0.86	)		(0.82	)		(0.13	)		—			(0.13	)		12.35
	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:	4/30/20	#		13.32		0.02			(0.87	)		(0.85	)		(0.09	)		—			(0.09	)		12.38
	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:	4/30/20	#		13.42		0.09			(0.86	)		(0.77	)		(0.23	)		—			(0.23	)		12.42
	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:	4/30/20	#		7.45		0.08			(1.12	)		(1.04	)		(0.21	)		—			(0.21	)		6.20
	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:	4/30/20	#		7.44		0.07			(1.11	)		(1.04	)		(0.21	)		—			(0.21	)		6.19
	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:	4/30/20	#		7.47		0.09			(1.12	)		(1.03	)		(0.24	)		—			(0.24	)		6.20
	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

124 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

continued

									Ratios and supplemental data
												Ratios to average net assets
	For the period or year ended		Total return			Total return excluding payment from affiliates		u	Net assets at end of period (in thousands		)	Gross expenses			Net expenses			Net investment income (loss		)	Net investment income (loss) excluding payment from affiliates		u	Portfolio turnover rate
INTERNATIONAL OPPORTUNITIES FUND
Institutional Class:	4/30/20	#		(6.21	)%b		(6.22	)%b		$   113,359			0.62	%c		0.62	%c		0.77	%c		0.75	%c		26	%b
	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:	4/30/20	#		(6.33	)b		(6.34	)b		3,337			0.72	c		0.72	c		0.62	c		0.60	c		26	b
	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:	4/30/20	#		(6.30	)b		(6.31	)b		313			0.77	c		0.68	c		0.39	c		0.37	c		26	b
	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:	4/30/20	#		(6.27	)b		(6.28	)b		138,789			0.87	c		0.68	c		0.66	c		0.64	c		26	b
	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:	4/30/20	#		(6.53	)b		(6.54	)b		3,696			1.02	c		1.02	c		0.35	c		0.34	c		26	b
	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:	4/30/20	#		(6.01	)b		(6.02	)b		1,393,676			0.62	c		0.00	c		1.38	c		1.36	c		26	b
	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:	4/30/20	#		(14.36	)b		(14.36	)b		110,672			0.40	c		0.40	c		2.32	c		2.32	c		65	b
	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:	4/30/20	#		(14.44	)b		(14.44	)b		152			0.62	c		0.55	c		2.11	c		2.11	c		65	b
	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:	4/30/20	#		(14.29	)b		(14.29	)b		1,607,425			0.40	c		0.00	c		2.71	c		2.71	c		65	b
	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  ■  2020 Semiannual Report 125

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 or year ended		value, beginning of period		investment income (loss		)a	gain (loss) on total investments			(loss) from investment operations			Net investment income			Net realized gains			dividends and distributions			value, end of period
QUANT INTERNATIONAL SMALL-CAP EQUITY FUND
Institutional Class:	4/30/20	#		$10.30		$0.10			$(2.12	)		$(2.02	)		$(0.35	)		$     —			$(0.35	)		$7.93
	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:	4/30/20	#		10.29		0.09			(2.10	)		(2.01	)		(0.35	)		—			(0.35	)		7.93
	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:	4/30/20	#		10.42		0.09			(2.15	)		(2.06	)		(0.33	)		—			(0.33	)		8.03
	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:	4/30/20	#		10.29		0.09			(2.11	)		(2.02	)		(0.34	)		—			(0.34	)		7.93
	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:	4/30/20	#		10.30		0.08			(2.12	)		(2.04	)		(0.31	)		—			(0.31	)		7.95
	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:	4/30/20	#		10.35		0.13			(2.11	)		(1.98	)		(0.42	)		—			(0.42	)		7.95
	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

126 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

continued

						Ratios and supplemental data
	For the period					Net assets at			Ratios to average net assets									Portfolio
	or year ended		Total return			end of period (in thousands		)	Gross expenses			Net expenses			Net investment income (loss		)	turnover rate
QUANT INTERNATIONAL SMALL-CAP EQUITY FUND
Institutional Class:	4/30/20	#		(20.37	)%b		$  47,874			0.72	%c		0.67	%c		2.11	%c		67	%b
	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:	4/30/20	#		(20.33	)b		65			0.79	c		0.74	c		2.00	c		67	b
	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:	4/30/20	#		(20.47	)b		59			0.93	c		0.86	c		1.88	c		67	b
	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:	4/30/20	#		(20.42	)b		3,078			0.97	c		0.84	c		2.01	c		67	b
	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:	4/30/20	#		(20.52	)b		644			1.42	c		1.09	c		1.62	c		67	b
	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:	4/30/20	#		(20.14	)b		813,433			0.72	c		0.01	c		2.78	c		67	b
	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

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2020 Semiannual Report 127

Financial highlights

TIAA-CREF Funds

			Selected per share data
					Gain (loss) from investment operations
	For the		Net asset		Net			Net realized and unrealized			Total gain			Less distributions from						Total			Net asset
	period or year ended		value, beginning of period		investment income (loss		)a	gain (loss) on total investments			(loss) from investment operations			Net investment income			Net realized gains			dividends and distributions			value, end of period
SOCIAL CHOICE INTERNATIONAL EQUITY FUND
Institutional Class:	4/30/20	#		$11.16		$0.12			$(1.63	)		$(1.51	)		$(0.18	)		$    —			$(0.18	)		$  9.47
	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:	4/30/20	#		11.16		0.10			(1.61	)		(1.51	)		(0.18	)		—			(0.18	)		9.47
	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:	4/30/20	#		11.17		0.06			(1.58	)		(1.52	)		(0.17	)		—			(0.17	)		9.48
	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:	4/30/20	#		11.12		0.10			(1.61	)		(1.51	)		(0.16	)		—			(0.16	)		9.45
	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:	4/30/20	#		11.13		0.10			(1.63	)		(1.53	)		(0.15	)		—			(0.15	)		9.45
	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

#	Unaudited
^	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 ratio displayed excludes this item.

128 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

concluded

						Ratios and supplemental data
	For the period					Net assets at			Ratios to average net assets									Portfolio
	or year ended		Total return			end of period (in thousands		)	Gross expenses			Net expenses			Net investment income (loss		)	turnover rate
SOCIAL CHOICE INTERNATIONAL EQUITY FUND
Institutional Class:	4/30/20	#		(13.75	)%b		$288,601			0.45	%c		0.40	%c		2.27	%c		7	%b
	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:	4/30/20	#		(13.79	)b		1,274			0.55	c		0.51	c		1.87	c		7	b
	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:	4/30/20	#		(13.81	)b		416			0.60	c		0.55	c		1.15	c		7	b
	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:	4/30/20	#		(13.83	)b		98,938			0.70	c		0.65	c		1.94	c		7	b
	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:	4/30/20	#		(13.93	)b		9,536			0.76	c		0.72	c		1.93	c		7	b
	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  ■  2020 Semiannual Report 129

Notes to financial statements (unaudited)

TIAA-CREF Funds

Note 1—organization and significant accounting policies

TIAA-CREF Funds (the “Trust”) is a Delaware statutory trust that is registered with the U.S. Securities and Exchange Commission (“Commission”) under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The following TIAA-CREF Funds are included in this report: Growth & Income Fund, Large-Cap Growth Fund, Large-Cap Value Fund, Mid-Cap Growth Fund, Mid-Cap Value Fund, Quant Large-Cap Growth Fund, Quant Large-Cap Value Fund, Quant Small-Cap Equity Fund, Quant Small/Mid-Cap Equity Fund, Social Choice Equity Fund, Social Choice Low Carbon Equity Fund, Emerging Markets Equity Fund, International Equity Fund, International Opportunities Fund, Quant International Equity Fund, Quant International Small-Cap Equity Fund and the Social Choice International Equity Fund (collectively the “Funds” or individually, the “Fund”).

The Funds offer their shares, without a sales load, through their principal underwriter, Nuveen Securities, LLC (“Nuveen Securities”), which is a wholly owned indirect subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”). Teachers Advisors, LLC (“Advisors”), a wholly owned indirect subsidiary of TIAA, is registered with the Commission as an investment adviser and provides investment management services for the Funds. The Funds offer up to six share classes, although any one Fund may not necessarily offer all six classes. The Funds may offer Institutional Class, Advisor Class, Premier Class, Retirement Class, Retail Class and Class W shares. Each class differs by the allocation of class-specific expenses and voting rights in matters affecting a single class.

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.

Other matters: The outbreak of the novel coronavirus (“COVID-19”) and subsequent global pandemic began significantly impacting the U.S. and global financial markets and economies during the calendar quarter ended March 31, 2020. The worldwide spread of COVID-19 has created significant uncertainty in the global economy. The duration and extent of COVID-19 over the long-term cannot be reasonably estimated at this time. There have been no comparable recent events that provide guidance as to the effect the spread of COVID-19 as a global pandemic may have on the Funds’ financial performance. The ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Funds’ normal course of business, results of operations, investments, and cash flows will depend on future developments, which are highly

uncertain and difficult to predict. Management continues to monitor and evaluate this situation.

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.

130 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

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

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

Trustee compensation: The Funds pay the members of the Board of Trustees (“Board”), all of whom are independent, certain remuneration for their services, plus travel and other expenses. Trustees may elect to participate in a deferred compensation plan and defer all or a portion of their compensation. In addition, 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.

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, including equity-linked notes, will generally be valued using prices provided by a pricing service that may employ various indications of value including but not limited to broker-dealer quotations. Certain debt securities, other than money market instruments, are valued based on the most recent bid price or the equivalent quoted yield for such securities (or those of comparable maturity, quality and type). Debt securities are generally categorized as Level 2 of the fair value hierarchy; in instances where prices, yields or any other key inputs are unobservable, they are categorized as Level 3 of the hierarchy.

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.

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 April 30, 2020, 100% of the value of investments in the Quant Large-Cap Growth, Quant Large-Cap Value and Quant Small/Mid-Cap Equity Fund were valued based on Level 1 inputs.

TIAA-CREF Funds: Equity Funds  ■  2020 Semiannual Report 131

Notes to financial statements (unaudited)

The following table summarizes the market value of the Funds’ investments as of April 30, 2020, based on the inputs used to value them:

Fund	Level 1			Level 2		Level 3		Total
Growth & Income
Equity investments:
Consumer discretionary	$	580,688,084		$	13,158,606	$	—	$	593,846,690
Consumer staples		440,481,145			27,981,034		—		468,462,179
Health care		834,629,740			135,223,462		—		969,853,202
Industrials		503,261,679			19,397,230		—		522,658,909
All other equity investments*		3,341,864,842			—		—		3,341,864,842
Short-term investments		28,183,933			23,566,992		—		51,750,925
Purchased options**		139,500			—		—		139,500
Written options**		(34,412,204	)		—		—		(34,412,204	)
Total	$	5,694,836,719		$	219,327,324	$	—	$	5,914,164,043
Large-Cap Growth
Equity investments:
Communication services	$	855,398,994		$	77,103,744	$	—	$	932,502,738
Consumer discretionary		1,061,321,595			48,088,857		—		1,109,410,452
Health care		881,073,840			297,601,080		—		1,178,674,920
Information technology		2,071,696,175			59,781,158		—		2,131,477,333
All other equity investments*		536,441,797			—		—		536,441,797
Short-term investments		—			51,708,058		—		51,708,058
Purchased options**		778,680			—		—		778,680
Written options**		(621,296	)		—		—		(621,296	)
Total	$	5,406,089,785		$	534,282,897	$	—	$	5,940,372,682
Large-Cap Value
Equity investments*	$	4,531,012,711		$	—	$	—	$	4,531,012,711
Short-term investments		64,060			11,379,518		—		11,443,578
Total	$	4,531,076,771		$	11,379,518	$	—	$	4,542,456,289
Mid-Cap Growth
Equity investments:
Consumer discretionary	$	219,577,640		$	9,844,323	$	—	$	229,421,963
All other equity investments*		888,795,808			30,415,789		—		919,211,597
Short-term investments		38,178,389			3,583,000		—		41,761,389
Written options**		(2,163,250	)		—		—		(2,163,250	)
Total	$	1,144,388,587		$	43,843,112	$	—	$	1,188,231,699
Mid-Cap Value
Equity investments*	$	1,978,664,411		$	—	$	—	$	1,978,664,411
Short-term investments		20,425,276			4,269,836		—		24,695,112
Total	$	1,999,089,687		$	4,269,836	$	—	$	2,003,359,523
Quant Small-Cap Equity
Equity investments*	$	2,184,460,670		$	—	$	—	$	2,184,460,670
Short-term investments		109,039,569			26,042,397		—		135,081,966
Futures contracts**		1,630,733			—		—		1,630,733
Total	$	2,295,130,972		$	26,042,397	$	—	$	2,321,173,369
Social Choice Equity
Equity investments:
Financials	$	538,859,083		$	—	$	3,382	$	538,862,465
All other equity investments*		3,887,372,085			—		—		3,887,372,085
Short-term investments		49,075,992			24,539,345		—		73,615,337
Futures contracts**		629,286			—		—		629,286
Total	$	4,475,936,446		$	24,539,345	$	3,382	$	4,500,479,173
Social Choice Low Carbon Equity
Equity investments:
Financials	$	35,967,492		$	—	$	131	$	35,967,623
All other equity investments*		242,865,169			—		—		242,865,169
Short-term investments		2,470,010			4,242,680		—		6,712,690
Futures contracts**		84,636			—		—		84,636
Total	$	281,387,307		$	4,242,680	$	131	$	285,630,118

132 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

continued

Fund	Level 1			Level 2		Level 3		Total
Emerging Markets Equity
Equity investments:
Africa/Middle East	$	—		$	57,247,613	$	—	$	57,247,613
Asia		214,489,116			762,763,772		11,581		977,264,469
Latin America		111,283,872			99,153,835		—		210,437,707
North America		37,146,093			—		—		37,146,093
All other equity investments*		84,060,705			79,875,962		4,218		163,940,885
Short-term investments		22,033,739			61,818,388		—		83,852,127
Purchased options**		99,000			—		—		99,000
Written options**		(64,000	)		—		—		(64,000	)
Total	$	469,048,525		$	1,060,859,570	$	15,799	$	1,529,923,894
International Equity
Equity investments:
Asia	$	78,501,338		$	939,781,378	$	—	$	1,018,282,716
Australasia		—			264,446,217		—		264,446,217
Europe		—			2,248,173,824		—		2,248,173,824
North America		126,834,998			—		—		126,834,998
All other equity investments*		78,296,643			268,809,060		—		347,105,703
Short-term investments		—			66,666,902		—		66,666,902
Total	$	283,632,979		$	3,787,877,381	$	—	$	4,071,510,360
International Opportunities
Equity investments:
Asia	$	38,642,007		$	389,428,213	$	18,378	$	428,088,598
Australasia		—			76,931,840		—		76,931,840
Europe		—			746,959,193		—		746,959,193
Latin America		66,846,413			40,780,200		—		107,626,613
North America		—			104,810,144		—		104,810,144
All other equity investments*		45,003,110			96,721,012		1,558		141,725,680
Short-term investments		72,614,706			35,624,400		—		108,239,106
Total	$	223,106,236		$	1,491,255,002	$	19,936	$	1,714,381,174
Quant International Equity
Equity investments:
Asia	$	473,018		$	492,474,086	$	—	$	492,947,104
Australasia		—			112,507,387		1,063,043		113,570,430
Europe		23,674,987			927,702,549		—		951,377,536
All other equity investments*		21,593,358			114,558,550		—		136,151,908
Short-term investments		16,010,492			9,175,000		—		25,185,492
Total	$	61,751,855		$	1,656,417,572	$	1,063,043	$	1,719,232,470
Quant International Small-Cap Equity
Equity investments:
Asia	$	3,074,670		$	305,732,586	$	—	$	308,807,256
Australasia		—			45,958,492		—		45,958,492
Europe		—			243,417,139		—		243,417,139
Latin America		—			21,430,263		—		21,430,263
North America		—			49,698,065		—		49,698,065
All other equity investments*		2,801,208			178,926,902		—		181,728,110
Short-term investments		31,189,005			6,899,595		—		38,088,600
Total	$	37,064,883		$	852,063,042	$	—	$	889,127,925
Social Choice International Equity
Equity investments:
Asia	$	—		$	116,541,530	$	—	$	116,541,530
Australasia		—			24,888,723		—		24,888,723
Europe		4,166,826			195,813,755		—		199,980,581
All other equity investments*		—			46,282,071		—		46,282,071
Short-term investments		5,144,842			6,589,080		—		11,733,922
Futures contracts**		129,159			—		—		129,159
Total	$	9,440,827		$	390,115,159	$	—	$	399,555,986

*	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.

TIAA-CREF Funds: Equity Funds  ■  2020 Semiannual Report 133

Notes to financial statements (unaudited)

Note 3—derivative instruments

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

At April 30, 2020, 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		$    139,500	Written options		$(34,412,204	)
Large-Cap Growth Fund
Equity contracts	Portfolio investments		778,680	Written options		(621,296	)
Mid-Cap Growth Fund
Equity contracts				Written options		(2,163,250	)
Quant Small-Cap Equity Fund
Equity contracts	Futures contracts*		1,630,733
Social Choice Equity Fund
Equity contracts	Futures contracts*		629,286
Social Choice Low Carbon Equity Fund
Equity contracts	Futures contracts*		84,636
Emerging Markets Equity Fund
Equity contracts	Portfolio investments		99,000	Written options		(64,000	)
Social Choice International Equity Fund
Equity contracts	Futures contracts*		129,159

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

For the period ended April 30, 2020, 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		$     3,610,101			$    (756,321	)
Equity contracts	Written options		(17,798,649	)		(15,971	)
Large-Cap Growth Fund
Equity contracts	Purchased options		—			143,803
Equity contracts	Written options		140,018			60,277
Mid-Cap Growth Fund
Equity contracts	Purchased options		(3,063,577	)		990,196
Equity contracts	Written options		1,440,673			(2,296,979	)
Quant Large-Cap Value Fund
Equity contracts	Futures contracts		(148,184	)		—
Quant Small-Cap Equity Fund
Equity contracts	Futures contracts		(11,961,071	)		1,286,705
Social Choice Equity Fund
Equity contracts	Futures contracts		(5,847,845	)		289,766
Social Choice Low Carbon Equity Fund
Equity contracts	Futures contracts		(894,717	)		64,567

Derivative contract	Location	Realized gain (loss)			Change in unrealized appreciation (depreciation)
Emerging Markets Equity Fund
Equity contracts	Purchased options		$(1,395,309	)		$(167,668	)
Equity contracts	Written options		2,726,048			(49,239	)
Social Choice International Equity Fund
Equity contracts	Futures contracts		(2,255,512	)		126,267

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 clearinghouse (exchange traded). To manage the risk, the Funds may invest in both equity and index options. The Funds use options contracts for hedging and cash management purposes and to seek to increase total return. Call and put equity options give the holder the right, in return for a premium paid, to purchase or sell, respectively, a security at a specified exercise price at any time during the period of the option. Index options are written or purchased options in which the underlying investment is a specified index. The exercise of an index option will not result in the physical delivery of the underlier, but a cash transfer of the difference between the settlement price of the underlier and the strike price of the option. Purchased options are included in the Summary portfolio of investments, and written options are separately reflected as a liability in the Statements of assets and liabilities. Premiums on unexercised, expired options are recorded as realized gains or losses; premiums on exercised options are recorded as an adjustment to the proceeds from the sale or cost of the purchase. The difference between the premium and the amount received or paid in a closing transaction is also treated as a realized gain or loss. Risks may arise upon entering into over the counter options from the potential of default by counterparty. Also, risks related to the use of options include possible illiquidity of the options markets, price movements in underlying security values, and losses that may exceed amounts recognized on the Statements of assets and liabilities. During the period ended April 30, 2020, the Growth & Income Fund, Large-Cap Growth Fund, Mid-Cap Growth Fund, and Emerging Markets Equity Fund had exposure to options, based on underlying notional values, generally between 0% and 9% of net assets. The purchased and written options outstanding as of April 30, 2020 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

134 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

continued

or losses are realized upon the expiration or closing of the futures contracts or if the counterparties do not perform in accordance with contractual provisions. With futures contracts, there is minimal counterparty credit risk to the Funds since futures contracts are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded funds, guarantees the futures contracts against default. During the period ended April 30, 2020, 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 April 30, 2020 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.

Advisors has agreed to reimburse each Fund if its total expense ratio (excluding interest, taxes, brokerage commissions and other transactional expenses, acquired fund fees and expenses and extraordinary expenses) exceeds certain percentages. As of April 30, 2020, 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						Maximum expense amounts‡
							Retirement			Premier			Retail			Institutional			Advisor			Premier			Retirement			Retail			Class
Fund							Class			Class			Class			Class			Class			Class			Class			Class			W§
Growth & Income*		0.300%–0.450	%a		0.390	%		0.250	%		0.150	%		0.250	%		0.515	%		0.665	%		0.665	%		0.765	%		0.905	%		0.515	%
Large-Cap Growth*		0.300–0.450	b		0.400			0.250			0.150			0.250			0.515			0.665			0.665			0.765			0.905			0.515
Large-Cap Value*		0.300–0.450	c		0.400			0.250			0.150			0.250			0.505			0.655			0.655			0.755			0.895			0.505
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			0.660			0.660			0.760			0.900			—
Quant Large-Cap Growth*		0.150–0.350			0.300			—			—			—			0.400			0.550			—			—			—			0.400
Quant Large-Cap Value*		0.150–0.350	h		0.330			—			—			—			0.400			0.550			—			—			—			0.400
Quant Small-Cap Equity*		0.270–0.460	e		0.410			0.250			0.150			0.250	f		0.490			0.640			0.640			0.740			0.840			0.490
Quant Small/Mid Cap Equity*		0.270–0.460			0.460			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			0.365			0.365			0.465			0.605			—
Social Choice Low Carbon Equity*		0.200–0.250			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			0.990			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			0.990			0.600
International Opportunities*		0.450–0.600			0.590			0.250			0.150			0.250			0.700			0.850			0.680			0.680			1.090			0.700
Quant International Equity*		0.200–0.400			0.370			—			—			—			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			1.090			0.700
Social Choice International Equity*		0.250–0.300			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 28, 2021. The reimbursement arrangements can only be changed with the approval of the Board.

TIAA-CREF Funds: Equity Funds  ■  2020 Semiannual Report 135

Notes to financial statements (unaudited)

§	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, trustees 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.
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.
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.
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.
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.
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.
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%.
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.
h	Effective October 31, 2019 through April 30, 2020, Advisors agreed to voluntarily waive a portion of the investment management fee for the Quant Large-Cap Value Fund. The investment management fee range after the waiver is 0.01%-0.03% of daily average net assets.
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.

Income, reflected in Payment from affiliate on the Statements of operations, reflects voluntary compensation from Advisors in amounts that approximate a portion of the cost of research services obtained from broker-dealers and research providers if Advisors had purchased the research services directly.

The Funds may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Board, pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions. For the period ended April 30, 2020, the Funds engaged in the following security transactions with affiliated entities:

Fund	Purchases		Sales		Realized gain (loss		)
Growth & Income		$  21,563,546		$   16,576,487		$  (2,526,799	)
Large-Cap Growth		20,943,088		20,223,510		(1,962,365	)
Large-Cap Value		—		782,193		149,980
Mid-Cap Growth		46,554,882		13,869,702		148,678
Mid-Cap Value		77,943,096		16,488,265		4,816,050
Quant Large-Cap Growth		164,359,655		230,536,053		(4,926,041	)
Quant Large-Cap Value		130,467,469		207,086,727		3,584,569
Quant Small-Cap Equity		7,422,157		7,543,438		(1,016,252	)
Quant Small/Mid-Cap Equity		2,983,469		3,157,558		1,217,270
Social Choice Equity		30,985,075		13,939,241		1,684,004
Social Choice Low Carbon Equity		14,080,418		746,794		(9,173	)
Emerging Markets Equity		4,457,776		4,567,878		(978,244	)
International Equity		235,410		12,514,930		(5,105,544	)
Quant International Equity		65,042,900		63,948,088		(2,514,408	)
Quant International Small-Cap Equity		1,117,702		—		—
Social Choice International Equity		9,657,035		539,146		(296,377	)

A registered separate account of TIAA (collectively “TIAA Access”) has various sub-accounts that invest in the Funds, and certain funds within the Trust also make investments in the Funds.

The following is the percentage of the Funds’ shares owned by TIAA and other funds within the Trust as of April 30, 2020:

Underlying Fund	TIAA-CREF Lifecycle Funds			TIAA-CREF Lifestyle Funds			TIAA-CREF Managed Allocation Fund			TIAA Access			Total
Growth & Income		58	%		2	%		1	%		4	%		65	%
Large-Cap Growth		54			3			1			2			60
Large-Cap Value		55			3			1			7			66
Mid-Cap Growth		—			—			—			16			16
Mid-Cap Value		—			—			—			14			14
Quant Large-Cap Growth		94			2			2			—			98
Quant Large-Cap Value		95			2			2			—			99
Quant Small-Cap Equity		30			1			—			8			39
Quant Small/Mid-Cap Equity		90			3			2			—			95
Social Choice Equity		—			—			—			4			4
Emerging Markets Equity		76			3			2			1			82
International Equity		32			1			1			8			42
International Opportunities		84			3			2			—			89
Quant International Equity		94			3			2			—			99
Quant International Small-Cap Equity		94			3			2			—			99

136 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

continued

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, 2019		Purchases cost		Sales proceeds		Realized gain (loss)			Change in unrealized appreciation (depreciation)			Dividend income		Shares at April 30, 2020		Value at April 30, 2020
Emerging Markets Equity Fund
Common stock
Uruguay
Arcos Dorados Holdings, Inc		$69,039,137		$4,109,999		$3,820,396		$(1,113,594	)		$(30,675,242	)		$750,557		9,852,993		$37,539,904

Note 5—investments

Repurchase agreements: Each Fund may enter into repurchase agreements with banks or broker-dealers. Repurchase agreements involve the purchase of securities from an institution, subject to the seller’s agreement to repurchase and the Fund’s agreement to resell such securities at a mutually agreed-upon price. Pursuant to the terms of the repurchase agreement, securities purchased subject to repurchase agreements must have an aggregate market value greater than or equal to the agreed-upon repurchase price plus accrued interest at all times. If the value of the underlying securities falls below the value of the repurchase price plus accrued interest, the Fund will require the seller to deposit additional collateral by the next business day. If a request for additional collateral is not met, or if the seller defaults on its repurchase obligation, the Fund maintains the right to sell the underlying securities at market value and pursue a claim for any remaining loss against the seller.

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 April 30, 2020, 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 April 30, 2020, 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		$ 27,981,918		$  28,183,933			$  2,387,363		$  30,571,296
Large-Cap Value		58,474		64,060			—		64,060
Mid-Cap Growth		36,751,701		38,178,389			73,983		38,252,372
Mid-Cap Value		27,123,404		20,425,276			8,334,838		28,760,114
Quant Large-Cap Growth		13,535,913		13,855,340			—		13,855,340
Quant Large-Cap Value		5,551,390		5,790,034			—		5,790,034
Quant Small-Cap Equity		109,684,438		109,039,569			6,952,905		115,992,474
Quant Small/Mid Cap Equity		3,983,752		4,006,046			272,439		4,278,485
Social Choice Equity		51,562,783		49,075,992			5,906,664		54,982,656
Social Choice Low Carbon		2,465,826		2,470,010			114,957		2,584,967
Emerging Markets Equity		21,627,945		22,033,739			1,660,649		23,694,388
International Opportunities		127,812,258		72,614,706			64,621,479		137,236,185
Quant International Equity		30,592,747		16,010,492			16,869,573		32,880,065
Quant International Small Cap Equity		55,679,242		31,189,005			29,268,198		60,457,203
Social Choice International Equity		6,582,941		5,144,842			1,867,493		7,012,335

* 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 April 30, 2020, net unrealized appreciation (depreciation) based on the aggregate cost of all investments for federal income tax purposes, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows:

TIAA-CREF Funds: Equity Funds  ■  2020 Semiannual Report 137

Notes to financial statements (unaudited)

Fund	Tax cost		Gross unrealized appreciation		Gross unrealized (depreciation		)	Net unrealized appreciation (depreciation		)
Growth & Income		$4,049,545,547		$2,081,097,795		$(216,479,299	)		$1,864,618,496
Large-Cap Growth		3,818,421,969		2,219,134,987		(97,184,274	)		2,121,950,713
Large-Cap Value		4,254,721,106		567,403,476		(279,668,293	)		287,735,183
Mid-Cap Growth		1,082,099,528		184,679,085		(78,546,914	)		106,132,171
Mid-Cap Value		2,314,324,031		105,403,889		(416,368,397	)		(310,964,508	)
Quant Large-Cap Growth		1,872,346,780		1,160,103,838		(33,800,457	)		1,126,303,381
Quant Large-Cap Value		1,017,423,471		206,511,035		(69,004,081	)		137,506,954
Quant Small-Cap Equity		2,471,202,093		208,117,083		(358,145,807	)		(150,028,724	)
Quant Small/Mid-Cap Equity		598,930,413		79,021,354		(82,447,793	)		(3,426,439	)
Social Choice Equity		3,553,555,589		1,261,085,620		(314,162,036	)		946,923,584
Social Choice Low Carbon		264,335,868		42,744,681		(21,450,431	)		21,294,250
Emerging Markets Equity		1,577,538,155		150,813,115		(198,427,376	)		(47,614,261	)
International Equity		4,657,545,151		230,194,384		(816,229,175	)		(586,034,791	)
International Opportunities		1,384,446,009		421,782,003		(91,846,838	)		329,935,165
Quant International Equity		1,800,684,808		132,551,035		(214,003,373	)		(81,452,338	)
Quant International Small-Cap Equity		978,014,428		52,349,054		(141,235,557	)		(88,886,503	)
Social Choice International Equity		432,220,519		19,691,981		(52,356,514	)		(32,664,533	)

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 period ended April 30, 2020 were as follows:

Fund	Non-U.S. government purchases		Non-U.S. government sales
Growth & Income		$2,297,638,305		$2,569,188,155
Large-Cap Growth		3,328,250,243		3,514,357,799
Large-Cap Value		428,843,723		799,845,336
Mid-Cap Growth		841,848,529		996,457,643
Mid-Cap Value		2,125,552,070		2,394,028,785
Quant Large-Cap Growth		2,208,617,833		2,214,278,129
Quant Large-Cap Value		1,819,222,252		3,157,235,509
Quant Small-Cap Equity		1,184,085,298		1,406,046,561
Quant Small/Mid Cap Equity		269,843,760		249,525,531
Social Choice Equity		559,550,150		593,375,023
Social Choice Low Carbon		87,159,255		24,735,579
Emerging Markets Equity		1,160,708,296		1,060,847,085
International Equity		3,975,357,899		4,031,261,046
International Opportunities		429,045,590		427,646,296
Quant International Equity		1,369,338,558		1,259,334,295
Quant International Small-Cap Equity		705,394,641		619,932,605
Social Choice International Equity		198,426,837		21,298,587

Note 6—distributions to shareholders and other tax items

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

	10/31/2019
Fund		Ordinary income	Long-term capital gains	Total
Growth & Income		$122,383,514	$411,762,031	$534,145,545
Large-Cap Growth		84,449,185	501,749,128	586,198,313
Large-Cap Value		182,078,830	469,076,115	651,154,945
Mid-Cap Growth		93,308,944	89,843,975	183,152,919
Mid-Cap Value		73,242,843	415,675,809	488,918,652
Quant Large-Cap Growth		86,199,133	123,181,003	209,380,136
Quant Large-Cap Value		65,368,570	54,085,628	119,454,198
Quant Small-Cap Equity		160,470,259	349,804,465	510,274,724
Quant Small/Mid Cap Equity		23,747,084	45,928,773	69,675,857
Social Choice Equity		63,821,597	249,212,381	313,033,978
Social Choice Low Carbon		2,099,033	4,111,034	6,210,067
Emerging Markets Equity		10,068,401	55,092,110	65,160,511
International Equity		92,128,677	191,353,881	283,482,558
International Opportunities		22,142,320	—	22,142,320
Quant International Equity		59,549,907	75,189,265	134,739,172
Quant International Small-Cap Equity		27,458,794	25,744,003	53,202,797
Social Choice International Equity		1,443,279	—	1,443,279

The tax character of the fiscal year 2020 distributions will be determined at the end of the fiscal year.

Note 7—emerging markets risks

The Emerging Markets Equity Fund holds a large portion of its assets in emerging market securities. Emerging market securities are often subject to greater price volatility, less liquidity and higher rates of inflation and deflation than U.S. securities. In addition, emerging markets may be subject to greater political, economic and social uncertainty, and differing regulatory environments that may potentially impact the Fund’s ability to buy or sell certain securities or repatriate proceeds to U.S. dollars.

Note 8—inter-fund lending program

Pursuant to an exemptive order issued by the Commission, the Funds may participate in an inter-fund lending program. This program allows the Funds to lend cash to and/or borrow cash from certain other affiliated Funds for temporary purposes, (e.g., to satisfy redemption requests or to cover unanticipated cash shortfalls). The program is subject to a number of conditions, including the requirement that no Fund may borrow or lend money under the program unless it receives a more favorable interest rate than is available from a bank or other financial institution for a comparable transaction. In addition, a Fund may participate in the program only if its participation is consistent with the Fund’s investment policies and limitations and authorized by its portfolio manager(s). During the period ended April 30, 2020, there were no inter-fund borrowing or lending transactions.

138 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

concluded

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 period ended April 30, 2020, there were no borrowings under this credit facility by the Funds.

Note 10—subsequent events

Advisors has agreed to implement voluntary waivers reducing the management fee breakpoint schedules for several Funds for one year effective May 1, 2020. These waivers are voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval. During this one-year period the range paid to Advisors for each Fund is as follows:

Fund	Waiver			Investment management fee range
Large-Cap Growth Fund		0.005	%		0.295–0.445%
Large-Cap Value Fund		0.010			0.290–0.440
Mid-Cap Value Fund		0.005			0.285–0.475
Quant Large-Cap Value Fund		0.030			0.120–0.320
Quant Small-Cap Equity Fund		0.005			0.265–0.455
Quant International Small-Cap Equity Fund		0.050			0.450–0.600
Social Choice Equity Fund		0.010			0.140

Also, Advisors has agreed to implement voluntary waivers reducing the expense cap for several Funds for one year effective May 1, 2020. These waivers are voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval. During this one-year period, the expense cap after the waiver for each Fund is as follows:

Fund	Waiver			Maximum expense amounts
Emerging Markets Equity – Retirement Class		0.220	%		0.980	%
Emerging Markets Equity – Premier Class		0.120			0.980
International Opportunities – Retirement Class		0.185			0.765
International Opportunities – Premier Class		0.085			0.765
Quant International Small-Cap Equity – Retirement		0.110			0.840

In addition, effective May 1, 2020 Nuveen Securities has agreed to voluntarily waive a portion of the distribution Rule 12b-1 fee by 0.05% for the Retail Class of the Quant Small-Cap Equity Fund. for one year or until the Fund resumes offering its shares to new investors (which is currently expected to occur effective July 14, 2020), whichever comes first. 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 0.20%.

TIAA-CREF Funds: Equity Funds  ■  2020 Semiannual Report 139

Approval of investment management agreement (unaudited)

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

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

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

Under normal circumstances, Section 15(c) requires this annual renewal to be made at an in-person meeting of the Board. However, due to the COVID-19 pandemic, the Securities and Exchange Commission (“SEC”) issued a temporary, conditional exemptive order on March 13, 2020, as extended on March 25, 2020 (the “SEC Order”), permitting mutual fund boards to vote to approve matters subject to the Section 15(c) in-person approval requirement at a meeting that is not held in person if the board determines that reliance on the SEC Order is necessary or appropriate due to prevailing circumstances related to the current or potential effects of COVID-19 and the board ratifies any action taken pursuant to the SEC Order at its next in-person meeting.

Overview of the renewal process

The Board held a telephonic meeting on March 26, 2020, in order to consider the annual renewal of the Agreement with respect to each applicable Fund using the process established by the Board described further below. At the outset of the meeting, the Board considered reliance upon the SEC Order and determined that such reliance was necessary due to, among other considerations, COVID-19 pandemic-related social distancing requirements, travel restrictions and other governmental mandates imposed for health and safety reasons. The Board noted that it would ratify actions taken at this meeting pursuant to the SEC Order at its next in-person meeting.

As part of the Board’s established process, the Board delegated certain tasks to its Operations Committee. Among these tasks, the Operations Committee or certain of its designated members worked with Advisors, other Board members and legal counsel to the Trustees to develop guidance and specific requests relating to the types of information to be provided to the Board in connection with the proposed contract renewals.

Among other matters, the Operations Committee or certain of its designated members, following consultations with representatives of Advisors, other Board members, legal

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

Based on guidance provided by the Operations Committee or certain of its designated members on behalf of the Board, Broadridge produced, among other information, comparative performance and expense data for each Fund, including data relating to each Fund’s management fee rate, total expense ratio, short-term and long-term investment performance, brokerage commission costs and portfolio turnover rate (as applicable). Broadridge compared this data, as relevant, for each Fund against a universe of investment companies (except for brokerage commission costs) and against a more selective peer group of mutual funds with similar investment objectives and strategies, each of which was selected by Broadridge, and also compared the performance of each Fund against one or more appropriate broad-based indices. In each case, Broadridge summarized, and the Board discussed, the methodologies Broadridge employed to provide the data contained in its reports. In addition, Broadridge represented to the Board that its reports were designed specifically to provide the Board with the fee, expense and performance information that is necessary to help the Board satisfy its duties under Section 15(c) of the 1940 Act. Broadridge also represented that the purpose of its reports is to provide an objective view of each Fund’s relative position regarding the level of fees, expenses and performance against a competitive peer group and universe (as applicable) selected by Broadridge (and not Advisors or the Board). The Board considered the propriety of each Fund’s applicable peer group as selected by Broadridge and use of the Institutional Class as the base class for comparison purposes.

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

In advance of the Board meeting held on March 26, 2020, legal counsel for the Trustees requested on behalf of the Board, and Advisors provided, information that was designed to assist the Board in its consideration of whether to renew the Agreement for each Fund. In addition to the data provided by Broadridge as described above, this information included, but was not limited to, the following: (1) further information relating to each Fund’s investment performance and a narrative analysis of the performance of each Fund that had underperformed certain Board-specified criteria, together with an explanation of any events that had a material impact on the Fund’s performance during that period; (2) a description of any fee waiver or expense reimbursement arrangements that were proposed or were in place during the prior year and the extent to which such

140 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

arrangements would be continued or modified in the coming year; (3) a comparison of each Fund’s management fee rate and performance to other accounts with comparable strategies managed by Advisors or certain of its affiliates; (4) any “fall-out” benefits that accrued or were identified as reasonably likely to accrue to Advisors or its affiliates due to their relationship with the Funds in addition to the Funds’ direct fee payments to Advisors pursuant to the Agreement; (5) information regarding Advisors’ financial resources, senior professional personnel, overall staffing levels, portfolio manager compensation arrangements, capacity to manage the Funds at current and foreseeable asset levels, insurance coverage, portfolio trading, soft dollar usage and best execution practices, and any actual and potential conflicts of interest identified by Advisors in connection with rendering services to the Funds; (6) information as to any profits earned by Advisors in connection with its services pursuant to the Agreement; (7) a copy of the Agreement and certain related agreements between the Funds and affiliates of Advisors; (8) a copy of Advisors’ Form ADV as filed with the SEC (which was presented only to legal counsel for the Trustees); and (9) proposed narrative explanations of reasons why the Board should renew the Agreement. The Trustees were also provided with performance ratings of Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service.

On March 12, 2020, the Board met informally to discuss Advisors’ materials, which led to the Trustees providing additional questions to, and requesting additional information from, Advisors. Subsequently, at the March 26, 2020 meeting, the Trustees were given the opportunity to, and did, ask additional questions and they discussed responses from Advisors to the Board’s follow-up questions and requests presented by the Board after its initial review of the information described above.

In considering whether to renew the Agreement with respect to each Fund, the Board discussed various factors, including: (1) the nature, extent and quality of services provided or to be provided by Advisors to the Fund; (2) the Fund’s investment performance; (3) the costs of the services provided to the Fund and the profits realized or potential profits to be realized (if any) by Advisors and its affiliates from their relationship with the Fund; (4) fees charged to comparable mutual funds by other advisers; (5) the extent to which economies of scale have been realized or are anticipated to be realized as the Fund grows; (6) how such economies of scale are shared with the Fund for the benefit of its investors, such as through management fee breakpoints; (7) comparisons of the services provided by Advisors to, and the fee rates and performance of, the Fund to other clients to whom Advisors provides comparable services; and (8) any other benefits derived or anticipated to be derived by Advisors or its affiliates from their relationship with the Fund. As part of the Board’s review of these factors, the Board received information from management on the impact of the COVID-19 pandemic on the Teachers Insurance and Annuity Association of America (“TIAA”) enterprise generally and the Funds in particular including, among other information, the current and expected impact on the Funds’ performance and operations. As a general matter, the Board considered these

factors, and any other factors deemed relevant by the Trustees, in their totality, and no single factor was identified as being the determining factor in deciding whether to renew the Agreement.

In addition to the March 26, 2020 meeting that included Advisors’ personnel, the Trustees met in private sessions, at which no representatives of Advisors were present, to discuss the proposed renewal of the Agreement for each Fund. The Board also received and considered information from its legal counsel as to certain relevant guidance that relates to the renewal process under Section 15(c) of the 1940 Act and certain other legal authorities.

While the contract renewal process included a series of discussions and meetings leading up to the March 26, 2020 meeting, the oversight and evaluation of Advisors’ services to the Funds by the Board and its Committees is an ongoing process. The Board, as well as its Committees, discussed reports on various investment and operational topics that had been identified by the Board or its Committees for review in the year since the last annual renewal process. Further, at regularly scheduled meetings of the Board, the Board and the Investment Committee receive and discuss, among other matters, information regarding the performance of the Funds. Thus, in reaching its decisions regarding the renewal of the Agreement for each Fund, the Board took into account the information described herein and other information provided to the Board and its Committees throughout the year.

The Board received and considered both Trust-level and Fund-specific information, but made its renewal determinations on a Fund-by-Fund basis. In deciding whether to renew the Agreement for each Fund, each Trustee may have accorded different weight to different factors and, thus, may have had a different basis for his or her ultimate decision to vote to renew the Agreement for each Fund. At its meeting on March 26, 2020, all Board members voted unanimously to renew the Agreement for each Fund. Set forth below is a summary of the primary factors the Board considered with respect to each Fund.

The nature, extent and quality of services

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

TIAA-CREF Funds: Equity Funds  ■  2020 Semiannual Report 141

Approval of investment management agreement (unaudited)

the Funds. The Board considered that Advisors has carried out these responsibilities in a competent and professional manner. The Board also considered that Advisors has committed significant resources to supporting the series of the Trust, including the Funds. It also considered Advisors’ compliance program and resources and its compliance record with respect to the Funds.

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

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

Investment performance

The Board considered the investment performance of each Fund, over the periods indicated in the Fund-by-Fund synopsis below. The Board considered each Fund’s performance as compared to its peer group and peer universe (as applicable) and its benchmark index or, in circumstances where a Fund’s peer group or peer universe was not viewed as a representative basis for comparison, other comparative information deemed relevant by management and/or the Board. For details regarding each Fund’s performance, see the Fund-by-Fund synopsis below.

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

Cost and profitability

The Board considered financial and profitability data relating to Advisors’ services to the Funds for the calendar year 2019. The Board considered Advisors’ profit calculations with respect to its services to each Fund both before and after taking into account the costs incurred directly or indirectly by Advisors in connection with the distribution of shares of the Fund. The Board acknowledged the reasonableness of having management fee rates which permit Advisors to maintain and improve the quality of services provided to the Funds and recognized the entrepreneurial and other risks assumed by Advisors in managing the Funds. The Board considered that Advisors had calculated that it earned profits with respect to most of the Funds under the Agreement for the one-year period ended

December 31, 2019. However, with respect to the Social Choice Low Carbon Equity and Social Choice International Equity Funds, Advisors calculated that it had incurred losses.

The Board considered Advisors’ voluntary reduction of certain Funds’ management fee rates for the year ended April 30, 2020: 0.050% for the Quant International Small-Cap Equity Fund; 0.040% for the Mid-Cap Value and Quant Small-Cap Equity Funds; 0.030% for the Quant Large-Cap Value Fund; 0.015% for the Large-Cap Value Fund; 0.005% for the Growth & Income, Large-Cap Growth and Social Choice Equity Funds. Additionally, the Board considered that, for the year ending April 30, 2021, Advisors has agreed to: (1) continue the 0.050%, 0.030% and 0.005% voluntary management fee rate waivers for the Quant International Small-Cap Equity, Quant Large-Cap Value and Large-Cap Growth Funds, respectively; (2) decrease the voluntary management fee rate waivers for the Large-Cap Value, Mid-Cap Value and Quant Small-Cap Equity Funds to 0.010%, 0.005% and 0.005%, respectively; (3) eliminate the voluntary management fee rate waiver for the Growth & Income Fund; and (4) increase the voluntary management fee waiver for the Social Choice Equity Fund to 0.010%. The Board also acknowledged Advisors’ commitment to reimburse Fund expenses to the extent that total annual operating expenses exceeded certain specified amounts. With respect to those Funds for which the Agreement was calculated by Advisors to be profitable to Advisors in 2019, the Board concluded that those profits were reasonable in light of various relevant factors.

Fees charged by other advisers

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

142 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

continued

Economies of scale

The Board considered whether Advisors has experienced or is anticipated to experience economies of scale in connection with the operation of each Fund, and whether any such economies are shared with the Funds. The Board also considered the extent to which the current fee rate schedule breakpoints for most of the Funds that were currently profitable to Advisors affected Advisors’ fees. The Board considered, in connection with the supporting Broadridge reports, Advisors’ position that the maximum fee rate that could be charged to each Fund based on its level of assets under the Agreement is comparatively low in relation to peer groups of mutual funds. The Board also considered the contractual fee reductions and one-year voluntary advisory fee waivers agreed to by Advisors, as noted above. The Board also considered Advisors’ compensation of the Funds for some of the soft dollar amounts the Funds spent on research during the year, as well as Advisors’ commitment to compensate the Funds for all of their soft dollar expense in 2021. Based on all factors considered, the Board concluded that the Funds’ management fee rate schedules were reasonable in light of current economies of scale considerations and current asset levels.

Fee and performance comparisons with other Advisors clients

The Board considered that Advisors and its affiliate, TIAA-CREF Investment Management, LLC, provide investment management services to other investment companies, including other mutual funds, foreign funds (UCITS), and separately managed accounts that may have similar investment strategies as certain of the Funds. In particular, the Board discussed the management fee rate Advisors charges to a separately managed account and its performance that has a similar mandate to the Mid-Cap Value Fund. The Board also considered Advisors’ comments that, in the future, Advisors may manage client assets through additional funds and accounts with similar investment strategies. The Board also considered Advisors’ representation that, while the management fee rates charged to the Funds may differ from the management fee rates chargeable to these other funds and other accounts, this may be due in part to the fact that these other funds and accounts may: (1) involve less entrepreneurial risk on the part of Advisors; (2) be offered in different types of markets; (3) be provided with different types or levels of services; (4) have different regulatory burdens; and/or (5) target different investors.

Other benefits

The Board also considered additional “fall-out benefits” to Advisors and its affiliates arising from the Agreement. Such benefits include, among others, other fees paid by the Funds to Advisors or its affiliates for other services, such as distribution and administration, and investment-related benefits, such as economies of scale to the extent the Funds share investment resources, use of research obtained through the Funds’ use of soft dollar to manage the assets of other clients and/or personnel with other clients of Advisors and the ability to incubate strategies within one or more Funds that could be subsequently utilized to manage other non-Fund products. Advisors and its

affiliates may also benefit from the level of business and relationships the Funds have with certain service providers. Additionally, the Funds may be utilized as investment options for other products and businesses of Advisors and its affiliates, such as variable products, fund of funds and 529 education savings plans. Also, Advisors and its affiliates may benefit from their relationship with the Funds to the extent that this relationship results in potential investors viewing TIAA, of which Advisors is an indirect, wholly-owned subsidiary, as a leading retirement plan provider in the academic and non-profit markets and as a single source for all their financial service needs.

Fund-by-fund synopsis of factors

The Board considered the following specific factors (among others) in connection with its determination to renew the Agreement with respect to each Fund. If a Fund is described in the following discussions as being in the “1st” quintile, it is in the best of five groups (that is, the group has the best performance or the lowest expenses, as the case may be). References below to quintiles are based on data provided to the Board in the reports prepared by Broadridge. The specific management fee, expense and performance factors outlined below are based on the Institutional Class shares of each Fund. Because the Institutional Class generally has lower non-management expenses than the other classes of these Funds, the expenses and performance of these other classes will differ from the expenses and performance shown for the Institutional Class. All time periods referenced below are ended December 31, 2019. Under the Morningstar rating system, an Overall Morningstar Rating of 5 stars is the highest (best) rating category and 1 star is the lowest (worst) rating category. The Morningstar data is as of December 31, 2019. Statements below regarding a Fund’s “effective management fee rate” refer to the overall effective blended fee rate that applied to that Fund after taking into account any breakpoints in the management fee rate schedule for the Fund and any applicable fee waivers and/or expense reimbursements. Statements below regarding “net profit” or “net loss” refer to whether Advisors calculated that it earned a profit or incurred a loss for the services that it rendered to a Fund during 2019 under the Agreement.

Growth & Income Fund

• The Fund’s annual contractual management fee rate starts at 0.45% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2019 asset level was 0.391% of average daily net assets, which includes the effect of a voluntary management fee rate waiver of 0.005% for the year ended April 30, 2020.

• The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 1st quintile of both the group of comparable funds selected by Broadridge for expense comparison purposes (“Expense Group”). The Fund’s total expense ratio and contractual management fee rate were each in the 1st quintile of the universe of comparable funds selected by Broadridge for expense comparison purposes (“Expense Universe”) and its actual management fee rate was in the 2nd quintile of its Expense Universe.

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Approval of investment management agreement (unaudited)

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

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

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

Large-Cap Growth Fund

• The Fund’s annual contractual management fee rate starts at 0.45% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2019 asset level was 0.395% of average daily net assets, which includes the effect of a voluntary management fee rate waiver of 0.005% for the year ended April 30, 2020. Effective May 1, 2020, Advisors has voluntarily agreed to continue to reduce its management fee rate by 0.005% through April 30, 2021.

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

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

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

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

Large-Cap Value Fund

• The Fund’s annual contractual management fee rate starts at 0.45% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2019 asset level was 0.375% of average daily net assets, which includes the effect of a voluntary management fee rate waiver of 0.015% for the year ended April 30, 2020. Effective May 1, 2020, Advisors decreased this voluntary management fee rate waiver to 0.010% of average daily net assets for the year ending April 30, 2021.

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

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

• The Board considered that the Fund underwent a portfolio manager change in January 2020.

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

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

Mid-Cap Growth Fund

• The Fund’s annual contractual management fee rate starts at 0.48% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2019 asset level was 0.448% of average daily net assets.

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

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

• The Board considered that the Fund underwent portfolio manager changes in 2019 and 2020.

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

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

Mid-Cap Value Fund

• The Fund’s annual contractual management fee rate starts at 0.48% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2019 asset level was 0.374% of average daily net assets, which includes the effect of a voluntary management fee rate waiver of 0.040% for the year ended April 30, 2020. Effective May 1, 2020, Advisors decreased this voluntary management fee rate waiver to 0.005% of average daily net assets for the year ending April 30, 2021.

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

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

• The Board considered that the Fund underwent portfolio manager changes in January 2020.

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

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

Quant Large-Cap Growth Fund

• The Fund’s annual contractual management fee rate starts at 0.35% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2019 asset level was 0.306% of average daily net assets.

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

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

144 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

continued

	periods, respectively. The Fund was in the 3rd, 2nd, 1st and 2nd quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	Advisors calculated that it earned a net profit with respect to its services to the Fund for the one-year period.

Quant Large-Cap Value Fund

• The Fund’s annual contractual management fee rate starts at 0.35% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2019 asset level was 0.340% of average daily net assets which includes the effect of a voluntary management fee rate waiver of 0.030% for the year ended April 30, 2020. Effective May 1, 2020, Advisors agreed to continue this 0.030% voluntary management fee rate waiver through the year ending April 30, 2021.

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

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

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

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

Quant Small-Cap Equity Fund

• The Fund’s annual contractual management fee rate starts at 0.46% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2019 asset level was 0.367% of average daily net assets, which includes the effect of a voluntary management fee rate waiver of 0.040% for the year ended April 30, 2019. Effective May 1, 2020, Advisors decreased this voluntary management fee rate waiver decreased to 0.005% of average daily net assets for the year ending April 30, 2021.

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

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

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

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

Quant Small/Mid-Cap Equity Fund

• The Fund’s annual contractual management fee rate starts at 0.46% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2019 asset level was 0.455% of average daily net assets.

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

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

• The Fund received an Overall Morningstar Rating of 5 stars.

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

Social Choice Equity Fund

• The Fund’s annual contractual management fee rate is 0.15% of average daily net assets. The Fund’s effective management fee rate at its December 31, 2019 asset level was 0.147%, of average daily net assets, which includes the effect of a voluntary management fee rate waiver of 0.005% for the year ended April 30, 2020. Effective May 1, 2020, Advisors has voluntarily agreed to increase this management fee rate waiver to 0.010% of average daily net assets through April 30, 2021.

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

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

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

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

Social Choice Low Carbon Equity Fund

• The Fund’s annual contractual management fee rate starts at 0.25% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2019 asset level was 0.161% of average daily net assets.

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

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

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

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

Emerging Markets Equity Fund

• The Fund’s annual contractual management fee rate starts at 0.85% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2019 asset level was 0.839% of average daily net assets.

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

TIAA-CREF Funds: Equity Funds  ■  2020 Semiannual Report 145

Approval of investment management agreement (unaudited) concluded

	actual management fee and contractual management fee were in the 1st, 3rd and 2nd quintiles of its Expense Universe, respectively.
•	The Fund was in the 1st, 1st and 3rd quintiles of its Performance Group for the one-, three- and five-year periods, respectively. The Fund was in the 1st quintile of its Performance Universe for each of the one-, three- and five-year periods.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	Advisors calculated that it earned a net profit with respect to its services to the Fund for the one-year period.

International Equity Fund

• The Fund’s annual contractual management fee rate starts at 0.50% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2019 asset level was 0.457% of average daily net assets.

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

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

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

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

International Opportunities Fund

• The Fund’s annual contractual management fee rate starts at 0.60% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2019 asset level was 0.588% of average daily net assets.

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

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

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

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

Quant International Equity Fund

• The Fund’s annual contractual management fee rate starts at 0.40% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2019 asset level was 0.378% of average daily net assets.

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

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

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

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

Quant International Small-Cap Equity Fund

• The Fund’s annual contractual management fee rate starts at 0.65% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2019 asset level was 0.600% of average daily net assets, which includes the effect of a voluntary management fee rate waiver of 0.050% for the year ended April 30, 2020. Effective May 1, 2020, Advisors agreed to continue this voluntary management fee rate waiver through April 30, 2021.

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

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

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

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

Social Choice International Equity Fund

• The Fund’s annual contractual management fee rate starts at 0.30% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2019 asset level was 0.118% of average daily net assets.

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

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

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

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

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

146 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Liquidity risk management program

Discussion of the operation and effectiveness of the Funds’ liquidity risk management program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), each series of the Trust covered by this Report (the “Funds”) has adopted and implemented a liquidity risk management program (the “Program”), which is reasonably designed to assess and manage the Funds’ liquidity risk. The Program consists of various provisions relating to assessing and managing Fund liquidity risk, as discussed further below. The Funds’ Board of Trustees (the “Board”) previously approved the designation of Advisors (the “Administrator”) as Program administrator. The Liquidity Monitoring and Analysis Team (the “LMAT”) carries out day-to-day Program management with oversight by the Liquidity Oversight Committee (the “LOSC”). Personnel from the Administrator and Nuveen Fund Advisors, LLC, an affiliate of the Administrator, comprise the LMAT and LOSC.

At a February 11, 2020 Board meeting, the Administrator provided the Board with a written report addressing the Program’s operation, adequacy, and effectiveness of implementation for the period from December 1, 2018 through November 30, 2019 (the “Review Period”), as required under the Liquidity Rule. The report noted that the Program has been and continues to be adequately and effectively implemented to monitor and (as applicable) respond to the Funds’ liquidity developments.

In accordance with the Program, the LMAT assesses each Fund’s liquidity risk no less frequently than annually based on various factors, such as (i) the Fund’s investment strategy and the liquidity of portfolio investments, (ii) cash flow projections, and (iii) holdings of cash and cash equivalents and borrowing arrangements and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions.

Each Fund portfolio investment is classified into one of four liquidity categories (including “highly liquid investments” and “illiquid investments,” discussed below). The classification is based on a determination of how long it is reasonably expected to take to convert the investment into cash, or sell or dispose of the investment, in current market conditions without significantly changing the market value of the investment. Liquidity classification determinations take into account various market, trading, and investment-specific considerations, as well as market depth, and utilize third-party vendor data.

Any Fund that does not primarily hold highly liquid investments must, among other things, determine a minimum percentage of Fund net assets that must be invested in highly liquid investments (a “Highly Liquid Investment Minimum”). During the Review Period, each Fund primarily held highly liquid investments and therefore was exempt from the requirement to adopt a Highly Liquid Investment Minimum and to comply with the related requirements under the Liquidity Rule.

The Liquidity Rule also limits the Funds’ investments in illiquid investments. Specifically, the Liquidity Rule prohibits acquisition of illiquid investments if doing so would result in the Fund holding more than 15% of its net assets in illiquid investments and requires certain reporting anytime a Fund’s holdings of illiquid investments exceed 15% of net assets. During the Review Period, no Fund exceeded the 15% limit on illiquid investments.

TIAA-CREF Funds: Equity Funds  ■  2020 Semiannual Report 147

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)

148 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

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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, 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.

©2020 Teachers Insurance and Annuity Association of America—College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017-3206

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TIAA-CREF
Funds April 30,
2020

TIAA-CREF
Equity Index Funds

The semiannual report contains the financial statements (unaudited).

Fund name	Institutional Class	Advisor Class	Premier Class	Retirement Class	Retail Class	Class W
Equity Index Fund	TIEIX	TEIHX	TCEPX	TIQRX	TINRX	TEQWX
Large-Cap Growth Index Fund	TILIX	TRIHX	—	TRIRX	—	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

Semiannual
Report

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

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

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

Contents

Understanding this report	3
Letter to investors	4
Market monitor	6
Information for investors	7
About the funds’ benchmarks	8
Important information about expenses	9
Fund performance
Equity Index Fund	10
Large-Cap Growth Index Fund	12
Large-Cap Value Index Fund	14
S&P 500 Index Fund	16
Small-Cap Blend Index Fund	18
Emerging Markets Equity Index Fund	20
International Equity Index Fund	22
Summary portfolios of investments	24
Financial statements (unaudited)
Statements of assets and liabilities	38
Statements of operations	40
Statements of changes in net assets	42
Financial highlights	46
Notes to financial statements	54
Approval of investment management agreement	61
Liquidity risk management program	66
Additional information about index providers	67
How to reach us	Inside back cover

Understanding this report

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

This semiannual report contains information about certain TIAA-CREF Funds and describes their results for the six months ended April 30, 2020. The report contains four main sections:

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

• The fund performance section compares each fund’s investment returns with those of its benchmark index.

• The summary portfolios of investments list the industries and types of securities in which each fund had investments as of April 30, 2020.

• 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  ■  2020 Semiannual Report 3

Brad Finkle

Letter to investors

Domestic and foreign stock markets recorded declines for the six months ended April 30, 2020. The COVID-19 pandemic, which first appeared in December 2019 and spread around the world in the following months, shook financial markets as containment efforts, such as the closure of nonessential businesses, drastically slowed economic activity. After a decade-long period of growth, the U.S. economy contracted during the first quarter of 2020. The U.S. Federal Reserve, along with other central banks, lowered benchmark interest rates and implemented stimulus measures to support their economies. For the six months:

• The Russell 3000^® Index, which measures the performance of the broad U.S. stock market, returned –4.3%. Please see page 8 for benchmark definitions.

• The MSCI EAFE^® Index, which tracks stocks in 21 developed-markets nations outside North America, returned –14.2%.

• The MSCI Emerging Markets Index, which represents the performance of stocks in 26 developing nations, returned –10.5%.

• Institutional Class returns for one of the seven TIAA-CREF Equity Index Funds were positive. Three of the funds outperformed their respective benchmarks for the period.

COVID-19 pandemic jolted U.S. economy, sent stocks lower

Domestic stocks rose during the first three months of the period as investor confidence remained strong. But the virus and efforts to contain it rattled the economy and markets. The nation’s activity slowed considerably as U.S. businesses closed and states issued stay-at-home advisories. The unemployment rate, which had dropped to a 50-year low early in the period, rose sharply in April 2020. The pace of inflation eased during the period and oil prices plunged as global demand shrank.

The Fed lowered short-term interest rates twice in March 2020, while Congress enacted a $2.2 trillion stimulus plan to help support the economy. April was a small bright spot as stock markets recovered some ground and volatility subsided.

For the six months, large-cap equities outperformed small caps, and growth shares outpaced value stocks across all market capitalizations. Large-cap growth was the only investment style to post positive results. (Returns by investment style and capitalization size are based on the Russell indexes.)

Equities in international developed markets fell as global pandemic spread

International developed stock markets were also hurt by the economic impact of COVID-19. The economy of the 19-nation euro area contracted in the first quarter of 2020, as did that of the United Kingdom.

The European Central Bank responded by launching a temporary asset purchase program to support the economy. The Bank of England lowered its benchmark interest rate to 0.10%.

Emerging markets outperformed foreign developed markets but trailed U.S. equities

Emerging-markets stocks advanced early on, but they posted losses for the period as the virus proliferated. Broad emerging-markets declines led to negative returns in 24 of the 26 countries tracked by the MSCI Emerging Markets Index. However, stocks in China—which account for nearly 40.0% of the index’s weighting—advanced for the period. Those gains were achieved despite a Chinese economy that contracted 6.8% year-on-year during the first quarter of 2020.

4 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds

Most index funds lost ground

In a challenging period for the TIAA-CREF Equity Index Funds, most declined for the six months. Each fund invests in a portfolio that attempts to match the risk and return characteristics of its benchmark index at a low cost per invested dollar. The funds’ performance includes a deduction for expenses, while the returns of their respective indexes do not. The funds’ six-month returns ranged from 6.1% for the Large-Cap Growth Index Fund to –15.4% for the Small-Cap Blend Index Fund. (All fund returns are for the Institutional Class.)

Large and growth-oriented stocks provided the only gains. The Large-Cap Growth Index Fund performed best, while its value counterpart, the Large-Cap Value Index Fund, posted a loss of –13.6% but surpassed its Russell 1000^® Value Index. The S&P 500 Index Fund returned –3.2% and outperformed its benchmark for the six-month period. The Equity Index Fund also lost ground, returning –4.4%.

In the small-cap equity space, the Small-Cap Blend Index Fund posted a decline of –15.4% but outpaced the Russell 2000^® Index.

Among TIAA-CREF’s international equity index portfolios, the Emerging Markets Equity Index Fund returned –11.0%. The International Equity Index Fund posted a loss of –14.5%.

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

Maintaining focus during challenging times

Most of us have never experienced anything quite like recent global events. The COVID-19 pandemic has changed our everyday way of life in just a few months. Likewise, economies and financial markets reacted to the virus with remarkable speed and scale.

Investors often feel the need to take action in unsettling times and may reevaluate their investment decisions when major market fluctuations occur. However, it’s important for those with thoughtful, diversified financial plans in place to be mindful of their long-term goals and time horizons. In most cases, the wisest decision may be to stick to your existing roadmap. Emotional responses to an uncertain market environment can create added risk and make it harder to achieve your investment objectives.

For more than a century, TIAA has helped investors achieve their long-term financial goals through all types of market conditions. No matter what happens, we are always here to support your investment needs. If you have any questions or would like to discuss your current portfolio, I encourage you to contact your financial advisor or call a TIAA financial consultant at 800-842-2252. We 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  ■  2020 Semiannual Report 5

Market monitor

Global equities declined amid COVID-19 pandemic

For the six months ended April 30, 2020, U.S. and foreign stock markets posted losses as the COVID-19 pandemic shook economies around the world. The Russell 3000^® Index, a broad measure of U.S. stock market performance, fell 4.3%. International developed markets and emerging markets both recorded steeper declines.

Virus halted economy, drove unemployment sharply higher

The U.S. economy, which grew at a steady pace early in the period, was rattled by the pandemic and aggressive governmental efforts to limit the spread of the virus. Nonessential businesses across the country closed temporarily, and most states advised their residents to stay at home. Real gross domestic product (GDP), which measures the value of all goods and services produced in the nation, grew at an annualized rate of 2.1% in the fourth quarter of 2019. But GDP contracted by 4.8% in the first quarter of 2020, according to the government’s “advance” estimate. Consumer spending, which accounts for two-thirds of all economic activity, fell 7.5% in March 2020.

The unemployment rate, which reached a 50-year low toward the end of 2019, spiked to 14.7% in April 2020. Nonfarm payroll employment dropped by an unprecedented 20.5 million jobs in April, with steep job declines seen in all major industry sectors.

The pace of inflation eased during the six-month period. Annualized core inflation, which includes all items except food and energy, rose only 1.4% in April. Oil prices fell sharply as global demand contracted. The price per barrel of West Texas Intermediate crude oil tumbled from $56 on November 1, 2019, to just over $19 on April 30, 2020. The U.S. dollar generally gained against other major currencies.

Large-cap equities and growth shares performed best

Among U.S. stock market investment styles, large-cap shares outperformed small- and mid-cap equities, while growth stocks performed better than value shares in all size categories. Large-cap stocks declined 3.6%, while mid-cap and small-cap equities fell 11.6% and 15.5%, respectively. Among large-cap stocks, growth shares gained 6.1%, while value equities fell 13.7%. Mid-cap growth shares declined 1.8%, while mid-cap value stocks fell 18.1%. In the small-cap category, growth and value stocks declined 7.6% and 23.4%, respectively. (Returns by investment style and capitalization size are based on the Russell indexes.)

International equities in both developed and emerging markets gained ground in the first half of the period but suffered larger setbacks over the final three months. The MSCI EAFE^® Index, which tracks stock performance in 21 developed-markets countries outside North America, declined 14.2% for the six months. The MSCI Emerging Markets Index fell 10.5%.

Stocks started out strong before pandemic spread

The U.S. stock market rallied over the first three months of the period but absorbed sharp declines in February and March of 2020 as the economic impact of the pandemic became more pronounced. Equities recovered some ground in April, largely in response to aggressive monetary and fiscal action intended to support the economy. The Federal Reserve cut the federal funds target rate twice in March, reducing the key short-term interest-rate measure to 0.00%–0.25%. Congress also enacted a $2.2 trillion stimulus plan aimed at businesses, individuals and state and local governments.

Economies around the world were upended as the pandemic spread and governments responded. The 19-nation euro area’s economy contracted by 3.8% during the first three months of 2020, compared with the fourth quarter of 2019. Germany, France, Spain and Italy—countries with the area’s largest individual economies—were all hit hard by the virus. China’s economy also saw a sharp decline, contracting by 6.8% year-on-year during the first quarter of 2020. The European Central Bank launched a temporary asset purchase program to support the region’s economy. The Bank of England lowered its benchmark interest rate to 0.10%.

Equities generally declined for the six-month period

U.S. large-cap growth stocks gained while other major sectors and markets were negative

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. Six-month returns as of April 30, 2020.

6 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds

Information for investors

Portfolio holdings

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

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

• By visiting our website at TIAA.org; or

• By calling us at 800-842-2252 to request a copy, which will be provided free of charge.

You can also obtain a complete list of the TIAA-CREF Funds’ portfolio holdings as of the most recently completed fiscal quarter, and for prior quarter-ends, from our SEC Form N-CSR and Form N-PORT filings. Form N-CSR filings are as of October 31 or April 30; Form N-PORT 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  ■  2020 Semiannual Report 7

About the funds’ benchmarks

Broad market indexes

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

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

The MSCI Emerging Markets Index measures the performance of the leading stocks in 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 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds

Important information about expenses

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

The expense examples that appear in this report are intended to help you understand your ongoing costs only (in U.S. dollars) and do not reflect transactional costs. The examples are designed to help you compare these ongoing costs with the ongoing costs of investing in other mutual funds.

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (November 1, 2019–April 30, 2020).

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  ■  2020 Semiannual Report 9

Equity Index Fund

Expense example

Six months ended April 30, 2020

Equity Index Fund	Beginning  account value (11/1/19)		Ending account value (4/30/20)		Expenses paid during period* (11/1/19– 4/30/20)
Actual return
Institutional Class	$	1,000.00	$	956.44	$	0.24
Advisor Class		1,000.00		956.13		0.88
Premier Class		1,000.00		955.75		0.97
Retirement Class		1,000.00		955.27		1.46
Retail Class		1,000.00		955.08		1.60
Class W		1,000.00		956.87		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,024.61		0.25
Advisor Class		1,000.00		1,023.97		0.91
Premier Class		1,000.00		1,023.87		1.01
Retirement Class		1,000.00		1,023.37		1.51
Retail Class		1,000.00		1,023.22		1.66
Class W		1,000.00		1,024.86		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 182/366. There were 182 days in the six months ended April 30, 2020. The Fund’s annualized six-month expense ratios for that period were 0.05% for the Institutional Class, 0.18% for the Advisor Class, 0.20% for the Premier Class, 0.30% for the Retirement Class, 0.33% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

% of net assets
Sector	as of 4/30/2020
Information technology		24.7
Health care		15.6
Financials		11.0
Consumer discretionary		10.8
Communication services		9.9
Industrials		8.7
Consumer staples		6.7
Real estate		3.7
Utilities		3.2
Energy		2.8
Materials		2.7
Short-term investments, other assets & liabilities, net		0.2
Total		100.0

Performance for the six months ended April 30, 2020

The Equity Index Fund returned –4.36% for the Institutional Class, compared with the –4.33% return of its benchmark, the Russell 3000^® Index. For the one-year period ended April 30, 2020, the Fund returned –1.07% versus –1.04% for the index. The performance table shows returns for all shares classes of the Fund.

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

U.S. stocks declined as COVID-19 pandemic rattled economy

After several years of expansion, the U.S. economy reversed course and contracted in the first quarter of 2020, shaken by efforts to limit the spread of the COVID-19 pandemic. Unemployment, which had reached a 50-year low in late 2019, jumped to 14.7% in April as many U.S. businesses closed temporarily and most states urged residents to remain at home. Core inflation, which includes all items except food and energy, rose only 1.4%, while oil prices fell sharply during the six months.

Stock markets declined for the period, hit hard in February and March of 2020 before recovering some ground in April. The Federal Reserve reduced the federal funds target rate twice in March 2020, cutting the key short-term interest-rate measure to 0.00%–0.25%. Congress also enacted a $2.2 trillion stimulus plan to support the economy.

For the six months, the Russell 3000 Index, a broad measure of the U.S. stock market, returned –4.33%. Large-cap growth stocks advanced, outperforming small- and mid-cap growth shares as well as value stocks—all of which posted losses. (Returns by investment style and capitalization size are based on the Russell indexes.)

Most benchmark sectors suffered losses

Eight of the eleven industry sectors in the Russell 3000 Index lost ground for the six months. Energy was the worst-performing sector, falling 31.5%. Oil prices plunged as consumer demand evaporated with the implementation of stay-at-home advisories to limit the spread of COVID-19. Financials, the third-largest sector in the benchmark, fell 20.8% and was the largest detractor from the index’s return. Real estate and industrials—also significant detractors—declined 17.8% and 17.6%, respectively. Together, these four sectors accounted for nearly 30.0% of the benchmark’s total market capitalization on April 30, 2020. Information technology, the benchmark’s largest sector, posted the strongest return with a gain of 9.4%. Responses to the pandemic helped drive demand for technology-related services providing communication, entertainment and commerce.

All of the benchmark’s five largest stocks outperformed

For the six-month period, all of the five largest stocks in the Russell 3000 Index posted solid gains and exceeded the overall return of the benchmark. Amazon performed best, benefiting from surging demand due to COVID-19. Next in line were Microsoft, which continued to profit from its cloud-computing business, and Apple, which reported strong revenues and record quarterly earnings. Alphabet (the parent company of Google) and Facebook advanced more modestly but continued to benefit from strength in both revenues and earnings.

10 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds

Performance as of April 30, 2020

Equity Index Fund		Total return						Average annual total return						Annual operating expenses*
	Inception
	date	6 months			1 year			5 years			10 years			gross			net
Institutional Class	7/1/99		–4.36	%		–1.07	%		8.31	%		11.25	%		0.05	%		0.05	%
Advisor Class	12/4/15		–4.39			–1.20			8.23	†		11.21	†		0.19			0.19
Premier Class	9/30/09		–4.42			–1.27			8.14			11.08			0.20			0.20
Retirement Class	3/31/06		–4.47			–1.33			8.04			10.98			0.30			0.30
Retail Class	3/31/06		–4.49			–1.36			8.00			10.93			0.33			0.33
Class W	9/28/18		–4.31			–1.03			8.33	†		11.27	†		0.05			0.00
Russell 3000® Index	—		–4.33			–1.04			8.33			11.29			—			—

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

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

*

The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least February 28, 2021, 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.

Holdings by company size
% of equity investments
Market capitalization	as of 4/30/2020
More than $50 billion		62.1
More than $15 billion–$50 billion		18.9
More than $2 billion–$15 billion		15.6
$2 billion or less		3.4
Total		100.0
Fund profile
		as of 4/30/2020
Net assets		$22.86 billion
Portfolio turnover rate*		2%
Number of holdings		2,778
Weighted median market capitalization		$98.32 billion
Price/earnings ratio (weighted 12-month trailing average)†		25.7

*	The portfolio turnover rate covers the six-month period from November 1, 2019–April 30, 2020, and is not annualized.
†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Index Funds  ■  2020 Semiannual Report 11

Large-Cap Growth Index Fund

Expense example

Six months ended April 30, 2020

					Expenses
					paid
	Beginning		Ending		during
	account		account		period*
Large-Cap Growth	value		value		(11/1/19–
Index Fund	(11/1/19)		(4/30/20)		4/30/20)
Actual return
Institutional Class	$	1,000.00	$	1,060.66	$	0.26
Advisor Class		1,000.00		1,059.93		0.92
Retirement Class		1,000.00		1,059.51		1.54
Class W		1,000.00		1,061.10		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,024.61		0.25
Advisor Class		1,000.00		1,023.97		0.91
Retirement Class		1,000.00		1,023.37		1.51
Class W		1,000.00		1,024.86		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 182/366. There were 182 days in the six months ended April 30, 2020. The Fund’s annualized six-month expense ratios for that period were 0.05% for the Institutional Class, 0.18% for the Advisor Class, 0.30% 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 4/30/2020
Information technology		39.2
Consumer discretionary		14.9
Health care		14.8
Communication services		11.8
Industrials		7.6
Consumer staples		4.3
Financials		3.6
Real estate		2.3
Materials		1.2
Energy		0.2
Short-term investments, other assets & liabilities, net		0.1
Total		100.0

Performance for the six months ended April 30, 2020

The Large-Cap Growth Index Fund returned 6.07% for the Institutional Class, compared with the 6.09% return of its benchmark, the Russell 1000^® Growth Index. For the one-year period ended April 30, 2020, the Fund returned 10.77% versus 10.84% for the index. The performance table shows returns for all share classes of the Fund.

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

U.S. stocks declined as COVID-19 pandemic rattled economy

After several years of expansion, the U.S. economy reversed course and contracted in the first quarter of 2020, shaken by efforts to limit the spread of the COVID-19 pandemic. Unemployment, which had reached a 50-year low in late 2019, jumped to 14.7% in April as many U.S. businesses closed temporarily and most states urged residents to remain at home. Core inflation, which includes all items except food and energy, rose only 1.4%, while oil prices fell sharply during the six months.

Stock markets declined for the period, hit hard in February and March of 2020 before recovering some ground in April. The Federal Reserve reduced the federal funds target rate twice in March 2020, cutting the key short-term interest-rate measure to 0.00%–0.25%. Congress also enacted a $2.2 trillion stimulus plan to support the economy.

For the six months, the Russell 3000^® Index, a broad measure of the U.S. stock market, returned –4.33%. Large-cap growth stocks advanced, outperforming small- and mid-cap growth shares as well as value stocks—all of which posted losses. (Returns by investment style and capitalization size are based on the Russell indexes.)

Benchmark advanced, led by information technology

Four of the ten industry sectors in the Russell 1000 Growth Index (utilities are no longer represented) advanced for the six months. Information technology posted the largest gain of 11.7% and made the biggest contribution to the benchmark’s return, as technology companies generally benefited from the surge of people working from home. Consumer discretionary and health care had the next-largest gains, advancing 11.4% and 8.7%, respectively. These were followed by communication services, which rose 7.0% on increased usage due to telecommuting. Together, these four sectors accounted for nearly 80.0% of the benchmark’s total market capitalization on April 30, 2020. Energy posted the benchmark’s largest loss of –30.1% as oil prices plunged on weaker demand resulting from governmental stay-at-home advisories. Industrials had the second-largest decline of –15.8%.

All of the benchmark’s five largest stocks outperformed

For the six-month period, all of the five largest stocks in the Russell 1000 Growth Index produced returns that exceeded the overall return of the index. They were Amazon, which benefited from surging demand due to COVID-19; Microsoft, which continued to profit from its cloud-computing business; and Apple, which reported strong revenues and record quarterly earnings. Alphabet (the parent company of Google) and Facebook also beat the index due to continued strength in both revenues and earnings.

12 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds

Performance as of April 30, 2020

Large-Cap Growth Index Fund		Total return						Average annual  total return						Annual operating expenses*
	Inception
	date	6 months			1 year			5 years			10 years			gross			net
Institutional Class	10/1/02		6.07	%		10.77	%		13.27	%		14.33	%		0.05	%		0.05	%
Advisor Class	12/4/15		5.99			10.60			13.15	†		14.27	†		0.18			0.18
Retirement Class	10/1/02		5.95			10.49			12.98			14.05			0.30			0.30
Class W	9/30/19		6.11			10.81	†		13.27	†		14.33	†		0.05			0.00
Russell 1000® Growth Index	—		6.09			10.84			13.34			14.41			—			—

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 28, 2021, 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.

Holdings by company size
% of equity investments
Market capitalization	as of 4/30/2020
More than $50 billion		75.4
More than $15 billion–$50 billion		15.9
More than $2 billion–$15 billion		8.6
$2 billion or less		0.1
Total		100.0
Fund profile
		as of 4/30/2020
Net assets		$8.05 billion
Portfolio turnover rate*		7%
Number of holdings		535
Weighted median market capitalization		$148.07 billion
Price/earnings ratio (weighted 12-month trailing average)†		29.2

*	The portfolio turnover rate covers the six-month period from November 1, 2019–April 30, 2020, and is not annualized.
†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Index Funds  ■  2020 Semiannual Report 13

Large-Cap Value Index Fund

Expense example

Six months ended April 30, 2020

					Expenses
					paid
	Beginning		Ending		during
	account		account		period*
Large-Cap Value	value		value		(11/1/19–
Index Fund	(11/1/19)		(4/30/20)		4/30/20)
Actual return
Institutional Class	$	1,000.00	$	864.34	$	0.28
Advisor Class		1,000.00		863.55		0.88
Retirement Class		1,000.00		862.99		1.44
Class W		1,000.00		864.46		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,024.57		0.30
Advisor Class		1,000.00		1,023.92		0.96
Retirement Class		1,000.00		1,023.32		1.56
Class W		1,000.00		1,024.86		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 182/366. There were 182 days in the six months ended April 30, 2020. The Fund’s annualized six-month expense ratios for that period were 0.06% for the Institutional Class, 0.19% for the Advisor 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 4/30/2020
Financials		21.4
Health care		15.7
Consumer staples		10.1
Industrials		9.1
Communication services		8.4
Utilities		7.2
Information technology		6.8
Energy		6.4
Consumer discretionary		5.5
Real estate		5.0
Materials		4.3
Short-term investments, other assets & liabilities, net		0.1
Total		100.0

Performance for the six months ended April 30, 2020

The Large-Cap Value Index Fund returned –13.57% for the Institutional Class, compared with the –13.66% return of its benchmark, the Russell 1000^® Value Index. For the one-year period ended April 30, 2020, the Fund returned –10.96% versus –11.01% for the index. The performance table shows returns for all share classes of the Fund.

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

U.S. stocks declined as COVID-19 pandemic rattled economy

After several years of expansion, the U.S. economy reversed course and contracted in the first quarter of 2020, shaken by efforts to limit the spread of the COVID-19 pandemic. Unemployment, which had reached a 50-year low in late 2019, jumped to 14.7% in April as many U.S. businesses closed temporarily and most states urged residents to remain at home. Core inflation, which includes all items except food and energy, rose only 1.4%, while oil prices fell sharply during the six months.

Stock markets declined for the period, hit hard in February and March of 2020 before recovering some ground in April. The Federal Reserve reduced the federal funds target rate twice in March 2020, cutting the key short-term interest-rate measure to 0.00%–0.25%. Congress also enacted a $2.2 trillion stimulus plan to support the economy.

For the six months, the Russell 3000^® Index, a broad measure of the U.S. stock market, returned –4.33%. Large-cap growth stocks advanced, outperforming small- and mid-cap growth shares as well as value stocks—all of which posted losses. (Returns by investment style and capitalization size are based on the Russell indexes.)

Most benchmark sectors suffered losses

Ten of the eleven industry sectors in the Russell 1000 Value Index posted losses for the six months. Energy and real estate were the worst-performing sectors, falling 31.0% and 23.7%, respectively. Oil prices plunged as consumer demand evaporated with the implementation of stay-at-home advisories to limit the spread of COVID-19. Financials, the largest sector in the index, declined 22.7% and was the largest detractor from the index’s return. Consumer discretionary—also a significant detractor—fell 20.1%. Together, these four sectors accounted for more than 40.0% of the benchmark’s total market capitalization on April 30, 2020. In the volatile market environment, health care, which tends to be more defensive, was the only sector to advance for the period, gaining 7.4%.

Four of the benchmark’s five largest stocks outperformed

For the six-month period, returns for four of the five largest stocks in the Russell 1000 Value Index surpassed the overall return of the benchmark. Johnson & Johnson posted double-digit gains as it benefited from robust consumer spending on household products. Intel also advanced, but more modestly. Procter & Gamble and Berkshire Hathaway both suffered losses, but surpassed the index’s return. JPMorgan Chase declined more substantially and trailed the benchmark.

14 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds

Performance as of April 30, 2020

Large-Cap Value Index Fund								Average annual						Annual operating
		Total return						total return						expenses*
	Inception
	date	6 months			1 year			5 years			10 years			gross			net
Institutional Class	10/1/02		–13.57	%		–10.96	%		3.87	%		8.48	%		0.05	%		0.05	%
Advisor Class	12/4/15		–13.64			–11.08			3.76	†		8.42	†		0.19			0.19
Retirement Class	10/1/02		–13.70			–11.23			3.61			8.21			0.30			0.30
Class W	9/30/19		–13.55			–10.95	†		3.87	†		8.48	†		0.05			0.00
Russell 1000® Value Index	—		–13.66			–11.01			3.90			8.54			—			—

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

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

*

The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least February 28, 2021, 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.

Holdings by company size
% of equity investments
Market capitalization	as of 4/30/2020
More than $50 billion		53.7
More than $15 billion–$50 billion		25.8
More than $2 billion–$15 billion		19.8
$2 billion or less		0.7
Total		100.0
Fund profile
		as of 4/30/2020
Net assets		$6.45 billion
Portfolio turnover rate*		11%
Number of holdings		767
Weighted median market capitalization		$59.42 billion
Price/earnings ratio (weighted 12-month trailing average)†		20.3

*	The portfolio turnover rate covers the six-month period from November 1, 2019–April 30, 2020, and is not annualized.
†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Index Funds  ■  2020 Semiannual Report 15

S&P 500 Index Fund

Expense example

Six months ended April 30, 2020

					Expenses
					paid
	Beginning		Ending		during
	account		account		period*
S&P 500	value		value		(11/1/19–
Index Fund	(11/1/19)		(4/30/20)		4/30/20)
Actual return
Institutional Class	$	1,000.00	$	968.51	$	0.24
Advisor Class		1,000.00		967.72		0.88
Retirement Class		1,000.00		967.27		1.47
Class W		1,000.00		968.63		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,024.61		0.25
Advisor Class		1,000.00		1,023.97		0.91
Retirement Class		1,000.00		1,023.37		1.51
Class W		1,000.00		1,024.86		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 182/366. There were 182 days in the six months ended April 30, 2020. The Fund’s annualized six-month expense ratios for that period were 0.05% for the Institutional Class, 0.18% for the Advisor Class, 0.30% 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 4/30/2020
Information technology		25.5
Health care		15.3
Communication services		10.8
Financials		10.6
Consumer discretionary		10.4
Industrials		7.9
Consumer staples		7.3
Utilities		3.3
Energy		3.0
Real estate		2.9
Materials		2.5
Short-term investments, other assets & liabilities, net		0.5
Total		100.0

Performance for the six months ended April 30, 2020

The S&P 500 Index Fund returned –3.15% for the Institutional Class, compared with the –3.16% return of its benchmark, the S&P 500^® Index. For the one-year period ended April 30, 2020, the Fund returned 0.84% versus 0.86% for the index. The performance table shows returns for all share classes of the Fund.

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

U.S. stocks declined as COVID-19 pandemic rattled economy

After several years of expansion, the U.S. economy reversed course and contracted in the first quarter of 2020, shaken by efforts to limit the spread of the COVID-19 pandemic. Unemployment, which had reached a 50-year low in late 2019, jumped to 14.7% in April as many U.S. businesses closed temporarily and most states urged residents to remain at home. Core inflation, which includes all items except food and energy, rose only 1.4%, while oil prices fell sharply during the six months.

Stock markets declined for the period, hit hard in February and March of 2020 before recovering some ground in April. The Federal Reserve reduced the federal funds target rate twice in March 2020, cutting the key short-term interest-rate measure to 0.00%–0.25%. Congress also enacted a $2.2 trillion stimulus plan to support the economy.

For the six months, the large-cap-oriented S&P 500 Index held up better than the Russell 3000^® Index, a broad measure of the U.S. stock market, which returned –4.33%. A portion of the Russell 3000 Index consists of small-cap equities, which underperformed large caps for the period.

Most benchmark sectors suffered losses

Seven of the eleven industry sectors in the S&P 500 Index posted losses for the six months. Energy was the worst performer, falling 30.6%. Oil prices plunged as consumer demand evaporated with the implementation of stay-at-home advisories to limit the spread of COVID-19. Financials—the fourth-largest sector in the index—and industrials declined 19.5% and 17.2%, respectively. Real estate also struggled, dropping 11.9%, as did materials, which declined 9.4%. Together, these five sectors accounted for more than one-quarter of the index’s total market capitalization on April 30, 2020. Information technology—the index’s largest sector—posted the strongest return, gaining 10.4%. Response to the pandemic drove demand for technology-related services providing communication, entertainment and commerce. In the volatile market environment, health care, which tends to be more defensive, rose 7.0%.

All of the benchmark’s five largest stocks outperformed

For the six-month period, all of the five largest stocks in the S&P 500 Index posted solid gains and exceeded the overall return of the benchmark. Amazon performed best, benefiting from surging demand due to COVID-19. Next in line were Microsoft, which continued to profit from its cloud-computing business, and Apple, which reported strong revenues and record quarterly earnings. Alphabet (the parent company of Google) and Facebook advanced more modestly but continued to benefit from strength in both revenues and earnings.

16 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds

Performance as of April 30, 2020

S&P 500 Index Fund								Average annual						Annual operating
		Total return						total return						expenses*
	Inception
	date	6 months			1 year			5 years			10 years			gross			net
Institutional Class	10/1/02		–3.15	%		0.84	%		9.07	%		11.62	%		0.05	%		0.05	%
Advisor Class	12/4/15		–3.23			0.70			8.96	†		11.56	†		0.19			0.19
Retirement Class	10/1/02		–3.27			0.59			8.80			11.34			0.30			0.30
Class W	9/30/19		–3.14			0.85	†		9.07	†		11.62	†		0.05			0.00
S&P 500® Index	—		–3.16			0.86			9.12			11.69			—			—

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 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 28, 2021, 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.

Holdings by company size
% of equity investments
Market capitalization	as of 4/30/2020
More than $50 billion		72.4
More than $15 billion–$50 billion		20.5
More than $2 billion–$15 billion		7.1
Total		100.0
Fund profile
		as of 4/30/2020
Net assets		$5.57 billion
Portfolio turnover rate*		2%
Number of holdings		509
Weighted median market capitalization		$133.21 billion
Price/earnings ratio (weighted 12-month trailing average)†		22.9

*	The portfolio turnover rate covers the six-month period from November 1, 2019–April 30, 2020, and is not annualized.
†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Index Funds  ■  2020 Semiannual Report 17

Small-Cap Blend Index Fund

Expense example

Six months ended April 30, 2020

			Expenses
			paid
	Beginning	Ending	during
	account	account	period*
Small-Cap Blend	value	value	(11/1/19–
Index Fund	(11/1/19)	(4/30/20)	4/30/20)
Actual return
Institutional Class	$1,000.00	$ 845.89	$0.28
Advisor Class	1,000.00	845.52	0.96
Retirement Class	1,000.00	845.40	1.42
5% annual hypothetical return
Institutional Class	1,000.00	1,024.57	0.30
Advisor Class	1,000.00	1,023.82	1.06
Retirement Class	1,000.00	1,023.32	1.56

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/366. There were 182 days in the six months ended April 30, 2020. 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 4/30/2020
Health care	21.3
Financials	17.2
Information technology	15.1
Industrials	14.7
Consumer discretionary	9.8
Real estate	7.1
Utilities	3.9
Materials	3.4
Consumer staples	3.1
Communication services	2.3
Energy	2.0
Short-term investments, other assets & liabilities, net	0.1
Total	100.0

Performance for the six months ended April 30, 2020

The Small-Cap Blend Index Fund returned –15.41% for the Institutional Class, compared with the –15.47% return of its benchmark, the Russell 2000^® Index. For the one-year period ended April 30, 2020, the Fund returned –16.31% versus –16.39% for the index. The performance table shows returns for all share classes of the Fund.

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

U.S. stocks declined as COVID-19 pandemic rattled economy

After several years of expansion, the U.S. economy reversed course and contracted in the first quarter of 2020, shaken by efforts to limit the spread of the COVID-19 pandemic. Unemployment, which had reached a 50-year low in late 2019, jumped to 14.7% in April as many U.S. businesses closed temporarily and most states urged residents to remain at home. Core inflation, which includes all items except food and energy, rose only 1.4%, while oil prices fell sharply during the six months.

Stock markets declined for the period, hit hard in February and March of 2020 before recovering some ground in April. The Federal Reserve reduced the federal funds target rate twice in March 2020, cutting the key short-term interest-rate measure to 0.00%–0.25%. Congress also enacted a $2.2 trillion stimulus plan to support the economy.

For the six months, the Russell 3000^® Index, a broad measure of the U.S. stock market, returned –4.33%. Large-cap growth stocks advanced, outperforming small- and mid-cap growth shares as well as value stocks—all of which posted losses. (Returns by investment style and capitalization size are based on the Russell indexes.)

Most benchmark sectors suffered losses

Ten of the eleven industry sectors in the Russell 2000 Index posted losses for the six months. Energy—the benchmark’s second-smallest sector—was the worst performer, falling 41.0%. Oil prices plunged as consumer demand evaporated with the implementation of stay-at-home advisories to limit the spread of COVID-19. Real estate also struggled, dropping 27.1%. Financials, the second-largest sector in the index, declined 26.1% and was the largest detractor from the index’s return. Industrials—also a significant detractor—fell 21.2%. Together, these four sectors made up more than 40.0% of the benchmark’s total market capitalization on April 30, 2020. In the volatile market environment, health care, which tends to be more defensive, was the only sector to advance for the period, gaining 10.6%.

All of the benchmark’s five largest stocks outperformed

For the six-month period, all of the five largest stocks in the Russell 2000 Index advanced and exceeded the overall performance of the benchmark. Virtual health care provider Teladoc Health posted triple-digit gains as the virtual health care provider generated strong sales amid the COVID-19 pandemic. Next were cancer treatment-focused pharmaceutical firm Immunomedics, biological drug manufacturer Repligen and telecommunications equipment company Lumentum—all with double-digit returns. Power-generating equipment maker Generac also advanced but delivered a more modest result.

18 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds

Performance as of April 30, 2020

Small-Cap Blend Index Fund						Average annual				Annual operating
		Total return				total return				expenses*
	Inception
	date	6 months		1 year		5 years		10 years		gross		net
Institutional Class	10/1/02	–15.41	%	–16.31	%	3.06	%	7.86	%	0.06	%	0.06	%
Advisor Class	12/4/15	–15.45		–16.39		2.97	†	7.81	†	0.84		0.21
Retirement Class	10/1/02	–15.46		–16.48		2.81		7.60		0.31		0.31
Russell 2000® Index	—	–15.47		–16.39		2.88		7.69		—		—

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 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 28, 2021, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.

†

The performance shown for the Advisor Class that is prior to its inception date is based on 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.

Holdings by company size

% of equity investments
Market capitalization	as of 4/30/2020
More than $15 billion–$50 billion	1.6
More than $2 billion–$15 billion	46.9
$2 billion or less	51.5
Total	100.0

Fund profile

as of 4/30/2020
Net assets	$2.66 billion
Portfolio turnover rate*	11%
Number of holdings	1,948
Weighted median market capitalization	$1.92 billion
Price/earnings ratio (weighted 12-month trailing average)†	98.5

*	The portfolio turnover rate covers the six-month period from November 1, 2019–April 30, 2020, and is not annualized.
†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Index Funds  ■  2020 Semiannual Report 19

Emerging Markets Equity Index Fund

Expense example

Six months ended April 30, 2020

			Expenses
			paid
	Beginning	Ending	during
Emerging	account	account	period*
Markets Equity	value	value	(11/1/19–
Index Fund	(11/1/19)	(4/30/20)	4/30/20)
Actual return
Institutional Class	$1,000.00	$ 889.62	$1.03
Advisor Class	1,000.00	888.54	1.69
Premier Class	1,000.00	888.98	1.74
Retirement Class	1,000.00	888.20	2.21
Retail Class	1,000.00	887.70	2.72
Class W	1,000.00	890.40	0.05
5% annual hypothetical return
Institutional Class	1,000.00	1,023.77	1.11
Advisor Class	1,000.00	1,023.07	1.81
Premier Class	1,000.00	1,023.02	1.86
Retirement Class	1,000.00	1,022.53	2.36
Retail Class	1,000.00	1,021.98	2.92
Class W	1,000.00	1,024.81	0.05

* “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 182/366. There were 182 days in the six months ended April 30, 2020. The Fund’s annualized six-month expense ratios for that period were 0.22% for the Institutional Class, 0.36% for the Advisor Class, 0.37% for the Premier Class, 0.47% for the Retirement Class, 0.58% for the Retail Class and 0.01% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

	% of net assets
Sector	as of 4/30/2020
Financials	22.3
Information technology	16.7
Consumer discretionary	15.0
Communication services	13.0
Materials	6.7
Consumer staples	6.5
Energy	5.7
Industrials	5.1
Health care	3.6
Real estate	2.8
Utilities	2.4
Short-term investments, other assets & liabilities, net	0.2
Total	100.0

Performance for the six months ended April 30, 2020

The Emerging Markets Equity Index Fund returned –11.04% for the Institutional Class, compared with the –10.50% return of its benchmark, the MSCI Emerging Markets Index. For the one-year period ended April 30, 2020, the Fund returned –12.70% versus –12.00% for the index. The performance table shows returns for all share classes of the Fund.

For the six-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.

International equities fell amid COVID-19 pandemic

International developed- and emerging-markets stocks posted losses for the period as countries around the world struggled to respond to the COVID-19 pandemic. Emergency efforts to contain the virus led to widespread business closures and the implementation of stay-at-home advisories. The economy in the 19-nation euro area contracted by 3.8% during the first three months of 2020, compared with the fourth quarter of 2019. China’s economy contracted by 6.8% year-on-year in the first quarter of 2020.

Central banks responded aggressively to the economic impact of the pandemic. The U.S. Federal Reserve lowered the federal funds target rate twice in March 2020 to 0.00%–0.25%. The European Central Bank launched a temporary asset purchase program to support the region’s economy.

The MSCI EAFE^® Index, which measures stock performance in 21 developed-markets nations outside North America, returned –14.21%, underperforming the –4.33% return of the Russell 3000^® Index, a broad measure of the U.S. stock market, as well as the MSCI Emerging Markets Index.

Most countries in the benchmark declined

Of the 26 country components in the MSCI Emerging Markets Index, 24 posted losses in U.S.-dollar terms for the six-month period. Brazil and India fell 43.6% and 19.0%, respectively. Korea, the third-largest index component, declined 9.0%. Together, these three countries accounted for nearly one-quarter of the index’s total market capitalization on April 30, 2020. China, the benchmark’s largest component, advanced 5.4%. Taiwan, the second-largest index component, rose 0.7%.

All of the benchmark’s five largest stocks outperformed

All of the five largest stocks in the MSCI Emerging Markets Index surpassed the benchmark’s overall return. Internet company Tencent Holdings and online retailer Alibaba Group—the index’s largest position—posted double-digit gains. Taiwan Semiconductor Manufacturing and China Construction Bank also advanced. Samsung Electronics declined but still outpaced 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 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds

Performance as of April 30, 2020

Emerging Markets Equity Index

Average annual

Annual operating

Fund

Total return

total return

expenses*

Inception

since

date

6 months

1 year

5 years

inception

gross

net

Institutional Class

8/31/10

–11.04

%

–12.70

%

–0.26

%

1.54

%

0.20

%

0.20

%

Advisor Class

12/4/15

–11.15

–12.80

–0.35

†

1.49

†

0.34

0.34

Premier Class

8/31/10

–11.10

–12.76

–0.40

1.39

0.35

0.35

Retirement Class

8/31/10

–11.18

–12.92

–0.50

1.29

0.45

0.45

Retail Class

8/31/10

–11.23

–13.05

–0.63

1.15

0.57

0.57

Class W

9/28/18

–10.96

–12.54

–0.19

†

1.58

†

0.20

0.00

MSCI Emerging Markets Index

—

–10.50

–12.00

–0.10

1.91

‡

—

—

The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your

investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.

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

*	The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least February 28, 2021, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.
†	The performance shown for the Advisor Class and Class W that is prior to their respective inception dates is based on performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class and Class W. If these actual expenses had been reflected, the performance of these two classes shown for these periods would have been different because the Advisor Class and Class W have different expenses than the Institutional Class.
‡	Performance is calculated from the inception date of the Institutional Class.

Holdings by country

% of portfolio investments
	as of 4/30/2020
China	38.2
Taiwan	12.5
Korea, Republic of	11.5
India	8.1
Brazil	4.6
South Africa	3.5
Russia	3.2
Saudi Arabia	2.5
Thailand	2.3
United States	1.8
23 other nations	10.8
Short-term investments	1.0
Total	100.0

Holdings by company size

% of equity investments
Market capitalization	as of 4/30/2020
More than $50 billion	34.0
More than $15 billion–$50 billion	25.8
More than $2 billion–$15 billion	36.9
$2 billion or less	3.3
Total	100.0

Fund profile

	as of 4/30/2020
Net assets	$2.74 billion
Portfolio turnover rate*	23%
Number of holdings	1,409
Weighted median market capitalization	$27.64 billion
Price/earnings ratio (weighted 12-month trailing average)†	14.4

*	The portfolio turnover rate covers the six-month period from November 1, 2019–April 30, 2020, and is not annualized.
†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Index Funds  ■  2020 Semiannual Report 21

International Equity Index Fund

Expense example

Six months ended April 30, 2020

			Expenses
			paid
	Beginning	Ending	during
International	account	account	period*
Equity Index	value	value	(11/1/19–
Fund	(11/1/19)	(4/30/20)	4/30/20)
Actual return
Institutional Class	$1,000.00	$ 855.14	$0.28
Advisor Class	1,000.00	854.35	0.74
Premier Class	1,000.00	854.97	0.97
Retirement Class	1,000.00	853.83	1.43
Class W	1,000.00	855.62	0.00
5% annual hypothetical return
Institutional Class	1,000.00	1,024.57	0.30
Advisor Class	1,000.00	1,024.07	0.81
Premier Class	1,000.00	1,023.82	1.06
Retirement Class	1,000.00	1,023.32	1.56
Class W	1,000.00	1,024.86	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 182/366. There were 182 days in the six months ended April 30, 2020. The Fund’s annualized six-month expense ratios for that period were 0.06% for the Institutional Class, 0.16% 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 4/30/2020
Financials	15.7
Health care	14.2
Industrials	13.7
Consumer staples	12.1
Consumer discretionary	11.0
Information technology	7.6
Materials	6.6
Communication services	5.3
Utilities	4.0
Energy	3.6
Real estate	3.2
Short-term investments, other assets & liabilities, net	3.0
Total	100.0

Performance for the six months ended April 30, 2020

The International Equity Index Fund returned –14.49% for the Institutional Class, compared with the –14.21% return of its benchmark, the MSCI EAFE^® Index. For the one-year period ended April 30, 2020, the Fund returned –11.90% versus –11.34% for the index. The performance table shows returns for all share classes of the Fund.

For the six-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.

International equities fell amid COVID-19 pandemic

International developed- and emerging-markets stocks posted losses for the period as countries around the world struggled to respond to the COVID-19 pandemic. Emergency efforts to contain the virus led to widespread business closures and the implementation of stay-at-home advisories. The economy in the 19-nation euro area contracted by 3.8% during the first three months of 2020, compared with the fourth quarter of 2019.

Central banks responded aggressively to the economic impact of the pandemic. The U.S. Federal Reserve lowered the federal funds target rate twice in March 2020 to 0.00%–0.25%. The European Central Bank launched a temporary asset purchase program to support the region’s economy. The Bank of England cut its benchmark interest rate to 0.10%.

The MSCI EAFE Index, which measures stock performance in 21 developed-markets nations outside North America, lost ground and underperformed the –4.33% return of the Russell 3000^® Index, a broad measure of the U.S. stock market. The MSCI Emerging Markets Index returned –10.50% for the six-month period.

Most countries in the benchmark declined

Of the MSCI EAFE Index’s 21 country components, 19 fell in U.S.-dollar terms for the six-month period. The largest index components were Japan (26.0%), the United Kingdom (15.0%) and France (10.6%), losing 9.9%, 19.9% and 20.8%, respectively. Collectively, these three nations represented over one-half of the benchmark’s total market capitalization on April 30, 2020.

All of the benchmark’s five largest stocks outperformed

Three of the MSCI EAFE Index’s five largest stocks produced gains for the six-month period. Swiss pharmaceutical manufacturer Roche Holding performed best, helped by sales in its pharmaceuticals and diagnostics divisions. Next in line were global drug manufacturer AstraZeneca and Nestlé—the index’s largest holding. Drug-maker Novartis and Toyota Motor did not advance but surpassed the index’s return.

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

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

22 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds

Performance as of April 30, 2020

International Equity Index Fund

Average annual

Annual operating

Total return

total return

expenses*

Inception

date

6 months

1 year

5 years

10 years

gross

net

Institutional Class

10/1/02

–14.49

%

–11.90

%

–0.05

%

3.72

%

0.06

%

0.06

%

Advisor Class

12/4/15

–14.57

–11.98

–0.15

†

3.66

†

0.19

0.19

Premier Class

9/30/09

–14.50

–12.00

–0.19

3.57

0.21

0.21

Retirement Class

10/1/02

–14.62

–12.09

–0.31

3.46

0.31

0.31

Class W

9/28/18

–14.44

–11.81

–0.03

†

3.73

†

0.06

0.00

MSCI EAFE® Index

—

–14.21

–11.34

–0.17

3.55

—

—

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 28, 2021, 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.

Holdings by country

% of portfolio investments
	as of 4/30/2020
Japan	24.7
United Kingdom	13.1
Switzerland	10.5
France	10.0
Germany	8.2
Australia	6.8
Netherlands	4.5
Hong Kong	3.2
Sweden	2.5
Spain	2.4
19 other nations	10.5
Short-term investments	3.6
Total	100.0

Holdings by company size

% of equity investments
Market capitalization	as of 4/30/2020
More than $50 billion	34.6
More than $15 billion–$50 billion	39.2
More than $2 billion–$15 billion	26.1
$2 billion or less	0.1
Total	100.0

Fund profile	as of 4/30/2020
Net assets	$12.22 billion
Portfolio turnover rate*	1%
Number of holdings	939
Weighted median market capitalization	$32.08 billion
Price/earnings ratio (weighted 12-month trailing average)†	16.2

*	The portfolio turnover rate covers the six-month period from November 1, 2019–April 30, 2020, and is not annualized.
†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Index Funds  ■  2020 Semiannual Report 23

Summary portfolio of investments (unaudited)

Equity Index Fund  ■  April 30, 2020

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	116,911	*	Tesla, Inc	$	91,410,373		0.4	%
			Other		88,809,573		0.4
					180,219,946		0.8
BANKS
	6,474,445		Bank of America Corp		155,710,402		0.7
	2,527,053		JPMorgan Chase & Co		241,990,595		1.1
			Other		593,271,940		2.5
					990,972,937		4.3
CAPITAL GOODS					1,349,117,173		5.9
COMMERCIAL & PROFESSIONAL SERVICES					242,465,251		1.1
CONSUMER DURABLES & APPAREL					268,153,004		1.2
CONSUMER SERVICES
	611,606		McDonald’s Corp		114,712,821		0.5
			Other		330,838,837		1.4
					445,551,658		1.9
DIVERSIFIED FINANCIALS					737,295,835		3.2
ENERGY
	1,545,416		Chevron Corp		142,178,272		0.6
	3,429,129	d	Exxon Mobil Corp		159,351,625		0.7
			Other		349,703,162		1.5
					651,233,059		2.8
FOOD & STAPLES RETAILING
	356,862		Costco Wholesale Corp		108,129,186		0.5
	1,126,514		Walmart, Inc		136,927,777		0.6
			Other		87,559,940		0.4
					332,616,903		1.5
FOOD, BEVERAGE & TOBACCO
	3,102,713		Coca-Cola Co		142,383,500		0.6
	1,134,189		PepsiCo, Inc		150,041,863		0.7
	1,259,117		Philip Morris International, Inc		93,930,128		0.4
			Other		401,348,020		1.7
					787,703,511		3.4
HEALTH CARE EQUIPMENT & SERVICES
	1,396,101		Abbott Laboratories		128,566,941		0.6
	1,087,759		Medtronic plc		106,197,911		0.5
	766,122		UnitedHealth Group, Inc		224,067,701		1.0
			Other		1,105,978,448		4.7
					1,564,811,001		6.8
HOUSEHOLD & PERSONAL PRODUCTS
	1,972,299		Procter & Gamble Co		232,474,883		1.0
			Other		168,446,019		0.8
					400,920,902		1.8
INSURANCE
	1,582,756	*	Berkshire Hathaway, Inc (Class B)		296,545,164		1.3
			Other		493,263,374		2.2
					789,808,538		3.5
MATERIALS					607,096,540		2.7

Shares			Company	Value		% of net assets
MEDIA & ENTERTAINMENT
	242,539	*	Alphabet, Inc (Class A)	$	326,627,271		1.4	%
	242,939	*	Alphabet, Inc (Class C)		327,642,112		1.5
	3,653,230		Comcast Corp (Class A)		137,471,045		0.6
	1,936,675	*	Facebook, Inc		396,456,739		1.8
	341,523	*	NetFlix, Inc		143,388,432		0.6
	1,416,362		Walt Disney Co		153,179,550		0.7
			Other		350,065,764		1.4
					1,834,830,913		8.0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	1,198,978		AbbVie, Inc		98,555,992		0.5
	478,783		Amgen, Inc		114,534,469		0.5
	1,894,405		Bristol-Myers Squibb Co		115,198,768		0.5
	690,520		Eli Lilly & Co		106,782,013		0.5
	2,153,219		Johnson & Johnson		323,068,979		1.4
	2,065,693		Merck & Co, Inc		163,892,083		0.7
	4,508,743		Pfizer, Inc		172,955,381		0.8
	324,166		Thermo Fisher Scientific, Inc		108,491,877		0.5
			Other		802,264,533		3.4
					2,005,744,095		8.8
REAL ESTATE					848,565,415		3.7
RETAILING
	339,000	*	Amazon.com, Inc		838,686,000		3.7
	883,819		Home Depot, Inc		194,289,931		0.9
			Other		541,727,158		2.3
					1,574,703,089		6.9
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	3,470,901		Intel Corp		208,184,642		0.9
	473,072		NVIDIA Corp		138,269,484		0.6
	761,168		Texas Instruments, Inc		88,348,770		0.4
			Other		540,394,108		2.4
					975,197,004		4.3
SOFTWARE & SERVICES
	517,624		Accenture plc		95,858,789		0.4
	390,416	*	Adobe, Inc		138,066,714		0.6
	717,637		International Business Machines Corp		90,106,502		0.4
	719,079		Mastercard, Inc (Class A)		197,725,153		0.9
	6,131,520		Microsoft Corp		1,098,829,699		4.8
	952,915	*	PayPal Holdings, Inc		117,208,545		0.5
	680,910	*	salesforce.com, Inc		110,273,375		0.5
	1,388,471		Visa, Inc (Class A)		248,147,537		1.1
			Other		1,143,540,461		5.0
					3,239,756,775		14.2
TECHNOLOGY HARDWARE & EQUIPMENT
	3,341,692		Apple, Inc		981,789,110		4.3
	3,473,331		Cisco Systems, Inc		147,199,768		0.7
			Other		290,741,533		1.2
					1,419,730,411		6.2
TELECOMMUNICATION SERVICES
	5,918,174		AT&T, Inc		180,326,762		0.8
	3,355,576		Verizon Communications, Inc		192,777,841		0.9
			Other		49,915,784		0.2
					423,020,387		1.9

24 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements

Summary portfolio of investments (unaudited) concluded

Equity Index Fund  ■  April 30, 2020

Shares			Company	Value		% of net assets
TRANSPORTATION
	562,475		Union Pacific Corp	$	89,877,880		0.4	%
			Other		305,391,595		1.3
					395,269,475		1.7
UTILITIES
	395,671		NextEra Energy, Inc		91,447,482		0.4
			Other		648,436,541		2.8
					739,884,023		3.2
		TOTAL COMMON STOCKS (Cost $15,648,907,401)			22,804,667,845		99.8
RIGHTS / WARRANTS
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					2,704		0.0
		TOTAL RIGHTS / WARRANTS (Cost $822)			2,704		0.0
Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT					33,727,340		0.1

Shares			Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	392,530,899	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	392,530,899			1.7	%
					392,530,899			1.7
		TOTAL SHORT-TERM INVESTMENTS (Cost $426,258,479)			426,258,239			1.8
		TOTAL PORTFOLIO (Cost $16,075,166,702)			23,230,928,788			101.6
		OTHER ASSETS & LIABILITIES, NET			(374,281,430	)		(1.6	)
		NET ASSETS		$	22,856,647,358			100.0	%

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

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

At 4/30/20, the aggregate value of securities on loan is $392,495,174. 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 April 30, 2020 were as follows:

Description	Number of long (short contracts		)	Expiration date	Notional amount		Value		Unrealized appreciation (depreciation		)
Russell 2000 E Mini Index		42		06/19/20	$	2,514,028	$	2,744,070	$	230,042
S&P 500 E Mini Index		234		06/19/20		32,373,814		33,958,080		1,584,266
S&P Mid-Cap 400 E Mini Index		6		06/19/20		909,714		984,780		75,066
Total		282			$	35,797,556	$	37,686,930	$	1,889,374

See notes to financial statements TIAA-CREF Funds: Equity Index Funds  ■  2020 Semiannual Report 25

Summary portfolio of investments (unaudited)

Large-Cap Growth Index Fund  ■  April 30, 2020

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	77,194	*	Tesla, Inc	$	60,356,445		0.8	%
			Other		613,987		0.0
					60,970,432		0.8
BANKS					5,531,988		0.1
CAPITAL GOODS
	228,952		3M Co		34,782,388		0.4
	283,331		Boeing Co		39,955,338		0.5
	132,355		Lockheed Martin Corp		51,494,036		0.7
			Other		253,833,467		3.1
					380,065,229		4.7
COMMERCIAL & PROFESSIONAL SERVICES					96,432,484		1.2
CONSUMER DURABLES & APPAREL
	625,860		Nike, Inc (Class B)		54,562,475		0.7
			Other		46,948,767		0.6
					101,511,242		1.3
CONSUMER SERVICES
	631,693		Starbucks Corp		48,469,804		0.6
			Other		107,570,486		1.3
					156,040,290		1.9
DIVERSIFIED FINANCIALS
	360,069		iShares Russell 1000 Growth Index Fund		62,212,722		0.8
	130,704		S&P Global, Inc		38,280,588		0.5
			Other		119,550,511		1.4
					220,043,821		2.7
ENERGY					13,320,762		0.2
FOOD & STAPLES RETAILING
	235,160		Costco Wholesale Corp		71,253,480		0.9
			Other		15,676,043		0.2
					86,929,523		1.1
FOOD, BEVERAGE & TOBACCO
	1,399,150		Coca-Cola Co		64,206,993		0.8
	629,532		PepsiCo, Inc		83,280,788		1.0
			Other		63,005,823		0.8
					210,493,604		2.6
HEALTH CARE EQUIPMENT & SERVICES
	397,658		Abbott Laboratories		36,620,325		0.5
	505,898		UnitedHealth Group, Inc		147,959,988		1.8
			Other		342,009,080		4.2
					526,589,393		6.5
HOUSEHOLD & PERSONAL PRODUCTS					49,719,653		0.6
INSURANCE					65,021,289		0.8
MATERIALS					98,564,946		1.2

Shares			Company	Value		% of net assets
MEDIA & ENTERTAINMENT
	160,253	*	Alphabet, Inc (Class A)	$	215,812,715		2.7	%
	160,473	*	Alphabet, Inc (Class C)		216,423,516		2.7
	1,133,201		Comcast Corp (Class A)		42,642,354		0.5
	1,279,002	*	Facebook, Inc		261,824,499		3.3
	225,401	*	NetFlix, Inc		94,634,610		1.2
			Other		108,649,638		1.3
					939,987,332		11.7
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	791,364		AbbVie, Inc		65,050,121		0.8
	290,335		Amgen, Inc		69,453,939		0.9
	734,392		Bristol-Myers Squibb Co		44,658,377		0.6
	455,186		Eli Lilly & Co		70,389,963		0.9
	1,292,069		Merck & Co, Inc		102,512,754		1.3
	145,289		Thermo Fisher Scientific, Inc		48,625,323		0.6
	138,772	*	Vertex Pharmaceuticals, Inc		34,859,526		0.4
			Other		225,495,673		2.7
					661,045,676		8.2
REAL ESTATE
	234,999		American Tower Corp		55,929,762		0.7
	221,759		Crown Castle International Corp		35,355,037		0.5
			Other		94,666,654		1.1
					185,951,453		2.3
RETAILING
	223,803	*	Amazon.com, Inc		553,688,622		6.9
	332,684		Home Depot, Inc		73,133,924		0.9
	413,647		Lowe’s Companies, Inc		43,329,523		0.5
			Other		210,926,204		2.7
					881,078,273		11.0
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	206,706		Broadcom, Inc		56,145,484		0.7
	312,212		NVIDIA Corp		91,253,323		1.1
	611,120		QUALCOMM, Inc		48,076,810		0.6
	501,614		Texas Instruments, Inc		58,222,337		0.7
			Other		112,044,389		1.4
					365,742,343		4.5
SOFTWARE & SERVICES
	341,023		Accenture plc		63,154,049		0.8
	257,515	*	Adobe, Inc		91,067,605		1.1
	287,052		International Business Machines Corp		36,042,249		0.5
	133,404		Intuit, Inc		35,993,733		0.5
	474,507		Mastercard, Inc (Class A)		130,475,190		1.6
	4,047,935		Microsoft Corp		725,430,431		9.0
	1,073,984		Oracle Corp		56,888,932		0.7
	628,896	*	PayPal Holdings, Inc		77,354,208		1.0
	449,388	*	salesforce.com, Inc		72,778,387		0.9
	99,620	*	ServiceNow, Inc		35,020,415		0.4
	916,828		Visa, Inc (Class A)		163,855,500		2.0
			Other		478,976,947		5.9
					1,967,037,646		24.4

26 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements

Summary portfolio of investments (unaudited) concluded

Large-Cap Growth Index Fund  ■  April 30, 2020

Shares			Company	Value		% of net assets
TECHNOLOGY HARDWARE & EQUIPMENT
	2,206,207		Apple, Inc	$	648,183,617		8.1	%
	2,292,305		Cisco Systems, Inc		97,147,886		1.2
			Other		81,375,703		1.0
					826,707,206		10.3
TELECOMMUNICATION SERVICES					7,803,752		0.1
TRANSPORTATION
	371,536		Union Pacific Corp		59,367,738		0.7
	373,535		United Parcel Service, Inc (Class B)		35,358,823		0.5
			Other		39,976,862		0.5
					134,703,423		1.7
		TOTAL COMMON STOCKS (Cost $4,694,940,544)			8,041,291,760		99.9
	Principal		Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT					11,545,000		0.1

Shares			Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	37,458,453	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	37,458,453			0.5	%
					37,458,453			0.5
		TOTAL SHORT-TERM INVESTMENTS (Cost $49,003,453)			49,003,453			0.6
		TOTAL PORTFOLIO (Cost $4,743,943,997)			8,090,295,213			100.5
		OTHER ASSETS & LIABILITIES, NET			(39,233,310	)		(0.5	)
		NET ASSETS		$	8,051,061,903			100.0	%

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

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

At 4/30/20, the aggregate value of securities on loan is $39,792,166. 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  ■  2020 Semiannual Report 27

Summary portfolio of investments (unaudited)

Large-Cap Value Index Fund  ■  April 30, 2020

Shares		Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS			$	50,252,198		0.8	%
BANKS
	4,405,666	Bank of America Corp		105,956,267		1.7
	1,163,605	Citigroup, Inc		56,504,659		0.9
	1,718,988	JPMorgan Chase & Co		164,610,291		2.6
	739,744	Truist Financial Corp		27,607,246		0.4
	766,477	US Bancorp		27,976,411		0.4
	2,052,576	Wells Fargo & Co		59,627,333		0.9
		Other		131,184,508		2.0
				573,466,715		8.9
CAPITAL GOODS
	272,228	Caterpillar, Inc		31,681,895		0.5
	4,767,857	General Electric Co		32,421,428		0.5
	203,132	Honeywell International, Inc		28,824,431		0.5
	582,813	Raytheon Technologies Corp		37,772,110		0.6
		Other		307,372,764		4.7
				438,072,628		6.8
COMMERCIAL & PROFESSIONAL SERVICES				30,188,126		0.5
CONSUMER DURABLES & APPAREL				51,245,631		0.8
CONSUMER SERVICES
	348,331	McDonald’s Corp		65,332,962		1.0
		Other		48,595,072		0.8
				113,928,034		1.8
DIVERSIFIED FINANCIALS
	65,256	BlackRock, Inc		32,761,122		0.5
	194,984	CME Group, Inc		34,748,099		0.5
	175,585	Goldman Sachs Group, Inc		32,205,801		0.5
	493,238	iShares Russell 1000 Growth ETF		54,389,354		0.8
		Other		211,537,322		3.4
				365,641,698		5.7
ENERGY
	1,050,753	Chevron Corp		96,669,276		1.5
	2,333,174	Exxon Mobil Corp		108,422,596		1.7
		Other		205,083,847		3.2
				410,175,719		6.4
FOOD & STAPLES RETAILING
	765,942	Walmart, Inc		93,100,250		1.5
		Other		38,113,545		0.5
				131,213,795		2.0
FOOD, BEVERAGE & TOBACCO
	671,814	Coca-Cola Co		30,829,544		0.5
	782,885	Mondelez International, Inc		40,271,604		0.6
	856,563	Philip Morris International, Inc		63,899,600		1.0
		Other		166,837,803		2.6
				301,838,551		4.7

Shares			Company	Value		% of net assets
HEALTH CARE EQUIPMENT & SERVICES
	538,039		Abbott Laboratories	$	49,548,012		0.8	%
	99,316		Anthem, Inc		27,880,981		0.5
	134,967		Becton Dickinson & Co		34,083,217		0.5
	715,195		CVS Health Corp		44,020,252		0.7
	321,441		Danaher Corp		52,542,746		0.8
	739,594		Medtronic plc		72,206,562		1.1
			Other		161,770,292		2.5
					442,052,062		6.9
HOUSEHOLD & PERSONAL PRODUCTS
	462,575		Colgate-Palmolive Co		32,505,145		0.5
	1,263,640		Procter & Gamble Co		148,945,247		2.3
			Other		34,748,448		0.5
					216,198,840		3.3
INSURANCE
	1,078,361	*	Berkshire Hathaway, Inc (Class B)		202,041,717		3.1
			Other		246,560,908		3.9
					448,602,625		7.0
MATERIALS
	295,928		Linde plc		54,447,793		0.9
			Other		225,019,999		3.4
					279,467,792		4.3
MEDIA & ENTERTAINMENT
	1,315,533		Comcast Corp (Class A)		49,503,507		0.8
	962,274		Walt Disney Co		104,069,933		1.6
			Other		113,809,139		1.7
					267,382,579		4.1
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	180,665		Allergan plc		33,845,781		0.5
	532,274		Bristol-Myers Squibb Co		32,367,582		0.5
	601,585		Gilead Sciences, Inc		50,533,140		0.8
	1,243,259		Johnson & Johnson		186,538,580		2.9
	3,066,607		Pfizer, Inc		117,635,045		1.8
			Other		147,371,244		2.3
					568,291,372		8.8
REAL ESTATE
	403,334		Prologis, Inc		35,989,493		0.6
			Other		283,469,279		4.4
					319,458,772		5.0
RETAILING
	258,360		Home Depot, Inc		56,795,279		0.9
	256,511		Target Corp		28,149,517		0.5
			Other		52,628,917		0.7
					137,573,713		2.1
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	2,359,455		Intel Corp		141,520,111		2.2
	609,642	*	Micron Technology, Inc		29,195,755		0.5
			Other		82,822,352		1.2
					253,538,218		3.9
SOFTWARE & SERVICES					109,623,289		1.7
TECHNOLOGY HARDWARE & EQUIPMENT					75,930,626		1.2

28 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements

Summary portfolio of investments (unaudited) concluded

Large-Cap Value Index Fund  ■  April 30, 2020

Shares			Company	Value		% of net assets
TELECOMMUNICATION SERVICES
	4,024,213		AT&T, Inc	$	122,617,770		1.9	%
	2,281,320		Verizon Communications, Inc		131,061,834		2.0
			Other		17,813,562		0.3
					271,493,166		4.2
TRANSPORTATION					118,738,667		1.8
UTILITIES
	452,485		Dominion Energy Inc		34,900,168		0.5
	400,835		Duke Energy Corp		33,934,691		0.5
	269,035		NextEra Energy, Inc		62,179,369		1.0
	573,258		Southern Co		32,520,926		0.5
			Other		303,649,694		4.7
					467,184,848		7.2
		TOTAL COMMON STOCKS (Cost $6,231,398,972)			6,441,559,664		99.9

Shares			Company	Value			% of net assets
SHORT-TERM INVESTMENTS
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	64,582,905	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	64,582,905			1.0	%
					64,582,905			1.0
		TOTAL SHORT-TERM INVESTMENTS (Cost $64,582,905)			64,582,905			1.0
		TOTAL PORTFOLIO (Cost $6,295,981,877)			6,506,142,569			100.9
		OTHER ASSETS & LIABILITIES, NET			(56,123,285	)		(0.9	)
		NET ASSETS		$	6,450,019,284			100.0	%

Abbreviation(s):

ETF  Exchange Traded Fund

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

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

At 4/30/20, the aggregate value of securities on loan is $62,048,495. 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  ■  2020 Semiannual Report 29

Summary portfolio of investments (unaudited)

S&P 500 Index Fund  ■  April 30, 2020

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	17,081,646		0.3	%
BANKS
	1,865,260		Bank of America Corp		44,859,503		0.8
	720,937		JPMorgan Chase & Co		69,036,927		1.2
	886,680		Wells Fargo & Co		25,758,054		0.5
			Other		84,579,037		1.5
					224,233,521		4.0
CAPITAL GOODS					306,156,329		5.5
COMMERCIAL & PROFESSIONAL SERVICES					40,635,720		0.7
CONSUMER DURABLES & APPAREL
	286,890		Nike, Inc (Class B)		25,011,070		0.5
			Other		30,262,712		0.5
					55,273,782		1.0
CONSUMER SERVICES
	173,541		McDonald’s Corp		32,549,350		0.6
			Other		57,017,303		1.0
					89,566,653		1.6
DIVERSIFIED FINANCIALS					173,125,970		3.1
ENERGY
	435,646		Chevron Corp		40,079,432		0.7
	974,819	d	Exxon Mobil Corp		45,299,839		0.8
			Other		83,345,884		1.5
					168,725,155		3.0
FOOD & STAPLES RETAILING
	101,234		Costco Wholesale Corp		30,673,902		0.6
	325,502		Walmart, Inc		39,564,768		0.7
			Other		19,892,214		0.3
					90,130,884		1.6
FOOD, BEVERAGE & TOBACCO
	884,863		Coca-Cola Co		40,606,363		0.7
	320,050		PepsiCo, Inc		42,339,415		0.8
	356,255		Philip Morris International, Inc		26,576,623		0.5
			Other		98,009,770		1.7
					207,532,171		3.7
HEALTH CARE EQUIPMENT & SERVICES
	405,369		Abbott Laboratories		37,330,431		0.7
	308,819		Medtronic plc		30,149,999		0.5
	217,716		UnitedHealth Group, Inc		63,675,399		1.1
			Other		246,765,701		4.5
					377,921,530		6.8
HOUSEHOLD & PERSONAL PRODUCTS
	573,171		Procter & Gamble Co		67,559,666		1.2
			Other		43,409,982		0.8
					110,969,648		2.0
INSURANCE
	449,275	*	Berkshire Hathaway, Inc (Class B)		84,176,164		1.5
			Other		106,762,733		1.9
					190,938,897		3.4

Shares			Company	Value		% of net assets
MATERIALS				$	137,794,540		2.5	%
MEDIA & ENTERTAINMENT
	68,830	*	Alphabet, Inc (Class A)		92,693,361		1.7
	68,656	*	Alphabet, Inc (Class C)		92,593,601		1.7
	1,045,906		Comcast Corp (Class A)		39,357,443		0.7
	552,827	*	Facebook, Inc		113,169,215		2.0
	100,559	*	NetFlix, Inc		42,219,696		0.8
	415,277		Walt Disney Co		44,912,208		0.8
			Other		61,013,142		1.0
					485,958,666		8.7
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	340,708		AbbVie, Inc		28,006,198		0.5
	136,899		Amgen, Inc		32,748,979		0.6
	537,331		Bristol-Myers Squibb Co		32,675,098		0.6
	194,665		Eli Lilly & Co		30,102,996		0.5
	604,549		Johnson & Johnson		90,706,532		1.6
	584,510		Merck & Co, Inc		46,375,023		0.8
	1,270,591		Pfizer, Inc		48,739,871		0.9
	92,390		Thermo Fisher Scientific, Inc		30,921,085		0.6
			Other		133,692,413		2.4
					473,968,195		8.5
REAL ESTATE					161,651,533		2.9
RETAILING
	95,661	*	Amazon.com, Inc		236,665,314		4.3
	251,338		Home Depot, Inc		55,251,633		1.0
			Other		126,844,825		2.2
					418,761,772		7.5
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	999,498		Intel Corp		59,949,890		1.1
	140,437		NVIDIA Corp		41,046,926		0.7
			Other		150,874,236		2.7
					251,871,052		4.5
SOFTWARE & SERVICES
	146,326		Accenture plc		27,098,112		0.5
	111,531	*	Adobe, Inc		39,441,823		0.7
	204,032		International Business Machines Corp		25,618,258		0.5
	203,944		Mastercard, Inc (Class A)		56,078,482		1.0
	1,752,370		Microsoft Corp		314,042,228		5.6
	499,148		Oracle Corp		26,439,870		0.5
	270,523	*	PayPal Holdings, Inc		33,274,329		0.6
	203,301	*	salesforce.com, Inc		32,924,597		0.6
	393,487		Visa, Inc (Class A)		70,323,997		1.3
			Other		168,264,911		3.0
					793,506,607		14.3
TECHNOLOGY HARDWARE & EQUIPMENT
	959,521		Apple, Inc		281,907,270		5.1
	977,383		Cisco Systems, Inc		41,421,492		0.7
			Other		57,556,207		1.0
					380,884,969		6.8

30 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements

Summary portfolio of investments(unaudited) concluded

S&P 500 Index Fund  ■  April 30, 2020

Shares		Company	Value		% of net assets
TELECOMMUNICATION SERVICES
	1,683,028	AT&T, Inc	$	51,281,863		0.9	%
	950,000	Verizon Communications, Inc		54,577,500		1.0
		Other		9,994,515		0.2
				115,853,878		2.1
TRANSPORTATION
	158,910	Union Pacific Corp		25,392,229		0.5
		Other		68,637,472		1.2
				94,029,701		1.7
UTILITIES
	111,909	NextEra Energy, Inc		25,864,408		0.5
		Other		155,333,375		2.8
				181,197,783		3.3
		TOTAL COMMON STOCKS (Cost $3,375,105,207)		5,547,770,602		99.5
Principal		Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT				12,298,570		0.2
TREASURY DEBT				5,999,749		0.1

Shares			Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	15,669,682	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	15,669,682			0.3	%
					15,669,682			0.3
		TOTAL SHORT-TERM INVESTMENTS (Cost $33,968,291)			33,968,001			0.6
		TOTAL PORTFOLIO (Cost $3,409,073,498)			5,581,738,603			100.1
		OTHER ASSETS & LIABILITIES, NET			(7,943,811	)		(0.1	)
		NET ASSETS		$	5,573,794,792			100.0	%

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

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

At 4/30/20, the aggregate value of securities on loan is $15,073,376. 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 April 30, 2020 were as follows:

Description	Number of long (short contracts		)	Expiration date	Notional amount		Value		Unrealized appreciation (depreciation		)
S&P 500 E Mini Index		134		06/19/20		$18,744,236		$19,446,080		$701,844

See notes to financial statements TIAA-CREF Funds: Equity Index Funds  ■  2020 Semiannual Report 31

Summary portfolio of investments(unaudited)

Small-Cap Blend Index Fund  ■  April 30, 2020

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	27,598,195		1.0	%
BANKS					272,738,345		10.3
CAPITAL GOODS
	92,857	*	Axon Enterprise, Inc		6,751,632		0.3
	97,129	*	Generac Holdings, Inc		9,464,250		0.4
	86,435	*	Mercury Systems, Inc		7,706,545		0.3
	65,221	*	SiteOne Landscape Supply, Inc		5,780,537		0.2
	93,448	*,e	Trex Co, Inc		8,898,119		0.3
			Other		215,838,248		8.1
					254,439,331		9.6
COMMERCIAL & PROFESSIONAL SERVICES
	59,295	*	FTI Consulting, Inc		7,551,811		0.3
	55,718	e	MSA Safety, Inc		6,269,947		0.2
	86,928		Tetra Tech, Inc		6,543,940		0.3
			Other		83,602,807		3.1
					103,968,505		3.9
CONSUMER DURABLES & APPAREL
	44,383	*	Deckers Outdoor Corp		6,602,415		0.3
	39,611	*	Helen of Troy Ltd		6,507,295		0.3
			Other		64,337,233		2.3
					77,446,943		2.9
CONSUMER SERVICES
	186,996	*	Chegg, Inc		7,994,079		0.3
			Other		74,541,610		2.8
					82,535,689		3.1
DIVERSIFIED FINANCIALS
	321,961	e	iShares Russell 2000 ETF		41,954,738		1.6
			Other		82,397,234		3.1
					124,351,972		4.7
ENERGY					54,323,835		2.1
FOOD & STAPLES RETAILING
	203,037	*	Performance Food Group Co		5,959,136		0.2
			Other		9,217,062		0.4
					15,176,198		0.6
FOOD, BEVERAGE & TOBACCO
	13,297	*	Boston Beer Co, Inc (Class A)		6,203,183		0.2
			Other		44,609,463		1.7
					50,812,646		1.9
HEALTH CARE EQUIPMENT & SERVICES
	49,836	*	Amedisys, Inc		9,177,798		0.4
	79,615	*	Haemonetics Corp		9,058,595		0.3
	109,207	*	HealthEquity, Inc		6,145,078		0.2
	47,572	*,e	LHC Group, Inc		6,183,884		0.2
	137,903	*	Novocure Ltd		9,074,017		0.4
	56,517	*	Quidel Corp		7,855,863		0.3
	88,424	*	Tandem Diabetes Care, Inc		7,054,467		0.3
	114,626	*	Teladoc, Inc		18,866,293		0.7
	200,056	*,e	Wright Medical Group NV		5,825,631		0.2
			Other		152,887,149		5.7
					232,128,775		8.7

Shares			Company	Value		% of net assets
HOUSEHOLD & PERSONAL PRODUCTS				$	15,675,826		0.6	%
INSURANCE					61,147,377		2.3
MATERIALS					89,737,543		3.4
MEDIA & ENTERTAINMENT					35,628,503		1.3
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	179,111	*	Acadia Pharmaceuticals, Inc		8,652,852		0.3
	71,063	*	Acceleron Pharma, Inc		6,433,333		0.3
	92,576	*,e	Global Blood Therapeutics, Inc		7,083,916		0.3
	300,088	*	Immunomedics, Inc		9,116,673		0.3
	187,007	*	Iovance Biotherapeutics, Inc		6,012,275		0.2
	83,099	*	Repligen Corp		9,651,949		0.4
			Other		286,362,001		10.7
					333,312,999		12.5
REAL ESTATE
	60,917		EastGroup Properties, Inc		6,457,202		0.3
	200,466		First Industrial Realty Trust, Inc		7,571,601		0.3
	208,525		Healthcare Realty Trust, Inc		6,128,550		0.2
	180,294		Rexford Industrial Realty, Inc		7,341,572		0.3
	235,783		STAG Industrial, Inc		6,189,304		0.2
			Other		156,125,861		5.8
					189,814,090		7.1
RETAILING					73,978,286		2.8
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	91,801	*	Cirrus Logic, Inc		6,940,156		0.3
	146,939	*	Enphase Energy, Inc		6,881,153		0.3
	71,062	*	Inphi Corp		6,860,325		0.3
	67,589	*	Silicon Laboratories, Inc		6,571,003		0.2
			Other		68,665,121		2.5
					95,917,758		3.6
SOFTWARE & SERVICES
	52,644	*,e	Everbridge, Inc		5,863,489		0.2
	94,769	*	Five9, Inc		8,782,243		0.3
	73,416	*	j2 Global, Inc		5,920,266		0.2
	100,281		MAXIMUS, Inc		6,750,917		0.3
	91,312		Science Applications International Corp		7,456,538		0.3
			Other		159,499,594		6.0
					194,273,047		7.3
TECHNOLOGY HARDWARE & EQUIPMENT
	118,846	*	Lumentum Holdings, Inc		9,615,830		0.4
	55,998	*	Tech Data Corp		7,875,559		0.3
			Other		92,420,277		3.4
					109,911,666		4.1
TELECOMMUNICATION SERVICES					24,595,718		0.9
TRANSPORTATION					32,446,040		1.2

32 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements

Summary portfolio of investments(unaudited) concluded

Small-Cap Blend Index Fund  ■  April 30, 2020

Shares			Company	Value		% of net assets
UTILITIES
	97,162		Black Hills Corp	$	6,018,214		0.2	%
	83,150		ONE Gas, Inc		6,627,886		0.3
	141,813		Portland General Electric Co		6,635,430		0.3
	85,972		Southwest Gas Holdings Inc		6,516,678		0.2
			Other		77,118,279		2.9
					102,916,487		3.9
		TOTAL COMMON STOCKS (Cost $2,629,914,351)			2,654,875,774		99.8
RIGHTS / WARRANTS
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					3,651		0.0
		TOTAL RIGHTS / WARRANTS (Cost $561)			3,651		0.0

Shares			Company	Value			% of net assets
SHORT-TERM INVESTMENTS
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	307,290,519	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	307,290,519			11.6	%
					307,290,519			11.6
		TOTAL SHORT-TERM INVESTMENTS (Cost $307,290,519)			307,290,519			11.6
		TOTAL PORTFOLIO (Cost $2,937,205,431)			2,962,169,944			111.4
		OTHER ASSETS & LIABILITIES, NET			(304,195,353	)		(11.4	)
		NET ASSETS		$	2,657,974,591			100.0	%

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 $313,142,856. 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  ■  2020 Semiannual Report 33

Summary portfolio of investments(unaudited)

Emerging Markets Equity Index Fund  ■  April 30, 2020

Shares			Company	Value		% of net assets
COMMON STOCKS
ARGENTINA				$	3,565,403		0.1	%
BRAZIL
	1,065,982		B3 SA-Brasil Bolsa Balcao		7,531,405		0.3
	2,301,265	*	Banco Bradesco S.A. (Preference)		8,104,089		0.3
	2,525,953	*	Banco Itau Holding Financeira S.A.		10,576,868		0.4
	2,249,768		Petroleo Brasileiro S.A. (Preference)		7,467,646		0.3
	1,649,759		Vale S.A.		13,609,700		0.5
			Other		79,804,870		2.9
					127,094,578		4.7
CHILE					18,010,899		0.7
CHINA
	901,365	*	Alibaba Group Holding Ltd (ADR)		182,679,645		6.7
	143,189	*	Baidu, Inc (ADR)		14,452,066		0.5
	42,242,953		Bank of China Ltd (Hong Kong)		16,082,008		0.6
	50,207,641		China Construction Bank Corp (Hong Kong)		40,299,823		1.5
	3,919,880		China Life Insurance Co Ltd		8,359,923		0.3
	2,061,368		China Merchants Bank Co Ltd		9,755,029		0.4
	3,200,665		China Mobile Hong Kong Ltd		25,730,328		0.9
	9,605,674		CNOOC Ltd		10,620,240		0.4
	34,224,777		Industrial & Commercial Bank of China Ltd (Hong Kong)		22,948,025		0.8
	383,624	*	JD.com, Inc (ADR)		16,534,194		0.6
	37,001		Netease.com (ADR)		12,763,865		0.5
	73,984	*	New Oriental Education & Technology Group (ADR)		9,444,798		0.3
	2,920,026		Ping An Insurance Group Co of China Ltd		29,714,939		1.1
	199,832	*	TAL Education Group (ADR)		10,828,896		0.4
	2,973,904		Tencent Holdings Ltd		156,336,445		5.7
	186,110		Yum China Holdings, Inc		9,018,891		0.3
			Other		472,583,033		17.3
					1,048,152,148		38.3
COLOMBIA					6,373,277		0.2
CZECH REPUBLIC					2,835,388		0.1
EGYPT					3,438,537		0.1
GREECE					5,353,661		0.2
HONG KONG					11,494,016		0.4
HUNGARY					6,020,437		0.2
INDIA
	1,279,121		Bharti Airtel Ltd		8,710,969		0.3
	423,501		Hindustan Lever Ltd		12,262,695		0.4
	852,655		Housing Development Finance Corp		21,567,736		0.8
	2,481,922		ICICI Bank Ltd		12,451,395		0.5
	1,773,782		Infosys Technologies Ltd		16,579,770		0.6
	1,485,650		Reliance Industries Ltd		28,885,510		1.1
	470,230		Tata Consultancy Services Ltd		12,448,085		0.4
			Other		109,436,650		4.0
					222,342,810		8.1
INDONESIA
	5,126,575		PT Bank Central Asia Tbk		8,880,201		0.3
			Other		31,575,404		1.2
					40,455,605		1.5

Shares			Company	Value		% of net assets
KOREA, REPUBLIC OF
	48,613	*	Celltrion, Inc	$	8,402,083		0.3	%
	283,129		Hynix Semiconductor, Inc		19,484,244		0.7
	72,334		Naver Corp		11,727,553		0.4
	2,477,051		Samsung Electronics Co Ltd		101,850,210		3.7
	427,452		Samsung Electronics Co Ltd (Preference)		14,817,879		0.6
			Other		162,358,981		5.9
					318,640,950		11.6
LUXEMBOURG					1,296,140		0.1
MALAYSIA					49,617,316		1.8
MEXICO
	17,401,741		America Movil S.A. de C.V. (Series L)		10,541,696		0.4
			Other		38,214,231		1.4
					48,755,927		1.8
PAKISTAN					675,228		0.0
PERU					7,582,901		0.3
PHILIPPINES					22,822,925		0.8
POLAND					20,050,724		0.7
QATAR
	2,344,282		Qatar National Bank		11,057,129		0.4
			Other		13,966,040		0.5
					25,023,169		0.9
ROMANIA					819,922		0.0
RUSSIA
	2,851,696		Gazprom (ADR)		14,401,065		0.5
	225,744		LUKOIL PJSC (ADR)		14,576,290		0.5
	272,296		MMC Norilsk Nickel PJSC (ADR)		7,552,900		0.3
	1,133,188		Sberbank of Russian Federation (ADR)		12,030,421		0.5
			Other		40,981,067		1.5
					89,541,743		3.3
SAUDI ARABIA
	639,871		Al Rajhi Bank		9,726,580		0.4
	399,186		Saudi Basic Industries Corp		7,921,791		0.3
			Other		52,286,784		1.9
					69,935,155		2.6
SINGAPORE					716,609		0.0
SOUTH AFRICA
	230,806		Naspers Ltd (N Shares)		35,924,584		1.3
			Other		60,902,143		2.2
					96,826,727		3.5
SPAIN					264,622		0.0
TAIWAN
	2,010,763		Chunghwa Telecom Co Ltd		7,390,362		0.3
	6,499,002		Hon Hai Precision Industry Co, Ltd		16,702,217		0.6
	786,170		MediaTek, Inc		10,855,771		0.4
	12,785,848	*	Taiwan Semiconductor Manufacturing Co Ltd		128,981,023		4.7
			Other		180,036,187		6.6
					343,965,560		12.6
THAILAND					62,112,049		2.3

34 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements

Summary portfolio of investments(unaudited) concluded

Emerging Markets Equity Index Fund  ■  April 30, 2020

Shares			Company	Value		% of net assets
TURKEY				$	11,616,591		0.4	%
UNITED ARAB EMIRATES					14,930,419		0.6
UNITED KINGDOM					1,878,784		0.1
UNITED STATES
	1,100,559		Vanguard Emerging Markets ETF		39,807,219		1.5
			Other		10,595,152		0.4
					50,402,371		1.9
		TOTAL COMMON STOCKS (Cost $2,661,245,902)			2,732,612,591		99.9
PREFERRED STOCKS
PHILIPPINES					610		0.0
		TOTAL PREFERRED STOCKS (Cost $725)			610		0.0
RIGHTS / WARRANTS
CHINA					2,167		0.0
KOREA, REPUBLIC OF					25,925		0.0
THAILAND					8,101		0.0
		TOTAL RIGHTS / WARRANTS (Cost $0)			36,193		0.0
Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal Farm Credit Bank (FFCB)
$	7,925,000		0.000%, 05/01/20		7,925,000		0.3
					7,925,000		0.3

Shares			Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	20,176,988	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	20,176,988			0.7	%
					20,176,988			0.7
		TOTAL SHORT-TERM INVESTMENTS (Cost $28,101,988)			28,101,988			1.0
		TOTAL PORTFOLIO (Cost $2,689,348,615)			2,760,751,382			100.9
		OTHER ASSETS & LIABILITIES, NET			(23,589,330	)		(0.9	)
		NET ASSETS		$	2,737,162,052			100.0	%

Abbreviation(s):

ADR	American Depositary Receipt
ETF	Exchange Traded Fund

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

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

At 4/30/20, the aggregate value of securities on loan is 35,047,069. See Note 5 in the Notes to financial statements for additional information about securities lending collateral.

At 4/30/20, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended, is $71,206,715 or 2.6% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.

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

Summary of market values by sector(unaudited)

Emerging Markets Equity Index Fund  ■  April 30, 2020

Sector	Value			% of net assets
FINANCIALS	$	610,683,180			22.3	%
INFORMATION TECHNOLOGY		455,879,864			16.7
CONSUMER DISCRETIONARY		411,886,026			15.1
COMMUNICATION SERVICES		354,953,378			13.0
MATERIALS		184,538,039			6.7
CONSUMER STAPLES		178,551,404			6.5
ENERGY		155,541,712			5.7
INDUSTRIALS		138,515,522			5.1
HEALTH CARE		98,694,835			3.6
REAL ESTATE		76,661,453			2.8
UTILITIES		66,743,981			2.4
SHORT-TERM INVESTMENTS		28,101,988			1.0
OTHER ASSETS & LIABILITIES, NET		(23,589,330	)		(0.9	)
NET ASSETS	$	2,737,162,052			100.0	%

See notes to financial statements TIAA-CREF Funds: Equity Index Funds  ■  2020 Semiannual Report 35

Summary portfolio of investments(unaudited)

International Equity Index Fund  ■  April 30, 2020

Shares			Company	Value		% of net assets
COMMON STOCKS
AUSTRALIA
	2,900,448		BHP Billiton Ltd	$	59,210,620		0.5	%
	1,738,938		Commonwealth Bank of Australia		70,246,979		0.6
	447,524		CSL Ltd		89,203,728		0.7
	1,108,872		Rio Tinto plc		51,472,300		0.4
			Other		562,042,814		4.6
					832,176,441		6.8
AUSTRIA					21,315,713		0.2
BELGIUM					104,655,050		0.9
CHILE					3,975,730		0.0
CHINA					10,786,537		0.1
DENMARK
	1,741,553		Novo Nordisk AS		111,093,678		0.9
			Other		154,033,627		1.3
					265,127,305		2.2
FINLAND					140,902,866		1.1
FRANCE
	464,595		Air Liquide		59,028,753		0.5
	604,666		Danone		42,143,423		0.3
	248,490		L’Oreal S.A.		72,246,257		0.6
	273,666		LVMH Moet Hennessy Louis Vuitton S.A.		105,797,234		0.9
	1,109,783		Sanofi-Aventis		108,396,645		0.9
	544,267		Schneider Electric S.A.		50,296,987		0.4
	2,363,364	*	Total S.A.		83,881,396		0.7
	507,137		Vinci S.A.		41,545,642		0.3
			Other		665,854,735		5.5
					1,229,191,072		10.1
GERMANY
	177,606		Adidas-Salomon AG.		40,659,765		0.3
	411,744		Allianz AG.		75,773,765		0.6
	906,933		BASF SE		46,413,626		0.4
	967,776		Bayer AG.		63,650,004		0.5
	3,274,833		Deutsche Telekom AG.		47,876,798		0.4
	967,186		SAP AG.		115,198,773		0.9
	753,469		Siemens AG.		69,532,454		0.6
			Other		544,896,984		4.5
					1,004,002,169		8.2
HONG KONG
	11,888,738		AIA Group Ltd		109,112,061		0.9
			Other		284,140,493		2.3
					393,252,554		3.2
IRELAND					72,344,755		0.6
ISRAEL					70,128,038		0.6
ITALY
	7,999,819		Enel S.p.A.		54,642,312		0.4
			Other		166,817,092		1.4
					221,459,404		1.8

Shares			Company	Value		% of net assets
JAPAN
	1,736,332		KDDI Corp	$	50,291,586		0.4	%
	180,222		Keyence Corp		64,341,423		0.5
	12,127,992		Mitsubishi UFJ Financial Group, Inc		48,997,084		0.4
	110,378		Nintendo Co Ltd		45,577,723		0.4
	1,544,572		Softbank Group Corp		66,204,372		0.6
	1,252,545		Sony Corp		80,606,374		0.7
	1,474,573		Takeda Pharmaceutical Co Ltd		53,175,230		0.4
	2,247,886		Toyota Motor Corp		138,979,739		1.1
			Other		2,515,881,147		20.6
					3,064,054,678		25.1
LUXEMBOURG					21,541,273		0.2
MACAU					25,887,521		0.2
NETHERLANDS
	419,463		ASML Holding NV		122,518,965		1.0
	4,121,158		Royal Dutch Shell plc (A Shares)		67,851,761		0.5
	3,683,099		Royal Dutch Shell plc (B Shares)		58,961,393		0.5
			Other		301,391,971		2.5
					550,724,090		4.5
NEW ZEALAND					37,248,642		0.3
NORWAY					66,646,410		0.5
PORTUGAL					20,615,749		0.2
RUSSIA					1,639,707		0.0
SINGAPORE					143,805,292		1.2
SOUTH AFRICA					18,219,929		0.1
SPAIN
	6,049,823		Iberdrola S.A.		60,182,279		0.5
			Other		233,074,446		1.9
					293,256,725		2.4
SWEDEN					306,034,529		2.5
SWITZERLAND
	2,927,641		Nestle S.A.		310,066,514		2.5
	2,114,896		Novartis AG.		180,481,953		1.5
	691,577		Roche Holding AG.		239,491,280		2.0
	3,812,089		UBS Group AG		40,817,922		0.3
	147,618		Zurich Insurance Group AG		46,802,926		0.4
			Other		470,220,868		3.8
					1,287,881,463		10.5
UNITED ARAB EMIRATES					41,367		0.0
UNITED KINGDOM
	1,293,279		AstraZeneca plc		135,266,636		1.1
	19,968,447		BP plc		78,683,929		0.6
	2,256,286		British American Tobacco plc		86,966,769		0.7
	2,318,377		Diageo plc		79,821,363		0.7
	4,923,697		GlaxoSmithKline plc		102,721,083		0.8
	19,995,627		HSBC Holdings plc		102,776,660		0.8
	698,882		Reckitt Benckiser Group plc		58,216,694		0.5
	1,917,503		RELX plc		43,262,305		0.4
	1,439,811	e	Unilever NV		71,701,546		0.6
	1,093,791		Unilever plc		56,321,675		0.5
			Other		793,296,670		6.5
					1,609,035,330		13.2

36 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements

Summary portfolio of investments(unaudited) concluded

International Equity Index Fund  ■  April 30, 2020

Shares			Company	Value			% of net assets
UNITED STATES				$	37,439,276			0.3	%
		TOTAL COMMON STOCKS (Cost $12,221,716,312)			11,853,389,615			97.0
Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT					141,245,007			1.2
REPURCHASE AGREEMENT					940,000			0.0
TREASURY DEBT					136,025,756			1.1
Shares			Company
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	161,813,798	c	State Street Navigator Securities Lending Government Money Market Portfolio		161,813,798			1.3
					161,813,798			1.3
		TOTAL SHORT-TERM INVESTMENTS (Cost $440,004,006)			440,024,561			3.6
		TOTAL PORTFOLIO (Cost $12,661,720,318)			12,293,414,176			100.6
		OTHER ASSETS & LIABILITIES, NET			(70,148,898	)		(0.6	)
		NET ASSETS		$	12,223,265,278			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 $271,396,594. 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 4/30/20, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended, is $130,079,104 or 1.1% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.

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

Futures contracts outstanding as of April 30, 2020 were as follows:

Description	Number of long (short contracts		)	Expiration date	Notional amount		Value		Unrealized appreciation (depreciation		)
MSCI EAFE Index		3,199		06/19/20		$254,312,112		$262,046,085		$7,733,973

Summary of market values by sector(unaudited)

International Equity Index Fund  ■  April 30, 2020

Sector	Value			% of net assets
FINANCIALS	$	1,917,325,691			15.7	%
HEALTH CARE		1,740,260,035			14.2
INDUSTRIALS		1,679,988,169			13.7
CONSUMER STAPLES		1,479,064,272			12.1
CONSUMER DISCRETIONARY		1,344,919,751			11.0
INFORMATION TECHNOLOGY		925,359,593			7.6
MATERIALS		809,643,149			6.6
COMMUNICATION SERVICES		645,766,055			5.3
UTILITIES		482,884,893			4.0
ENERGY		436,046,891			3.6
REAL ESTATE		392,131,116			3.2
SHORT-TERM INVESTMENTS		440,024,561			3.6
OTHER ASSETS & LIABILITIES, NET		(70,148,898	)		(0.6	)
NET ASSETS	$	12,223,265,278			100.0	%

See notes to financial statements TIAA-CREF Funds: Equity Index Funds  ■  2020 Semiannual Report 37

Statements of assets and liabilities (unaudited)

TIAA-CREF Funds  ■  April 30, 2020

		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*†		$	23,230,928,788	$	8,090,295,213	$	6,506,142,569	$	5,581,738,603	$	2,962,169,944		$	2,760,751,382		$	12,293,414,176
Cash#			—		2,521		—		1,106,714		—			380			14,680,926
Cash – foreign^			—		—		—		—		—			994,007			6,138,211
Receivable from securities transactions			182,844,625		6,482,680		5,841,822		16,377,421		5,248,533			410,728			37,225,320
Receivable from Fund shares sold			2,805,380		10,930,511		7,880,466		2,994,089		2,214,130			10,613,427			26,040,979
Dividends and interest receivable			18,065,344		3,050,140		8,737,822		4,681,955		1,110,066			3,211,402			74,364,150
Due from affiliates			485,191		945		1,176		712		—			283,949			177,458
Receivable for variation margin on open futures contracts			1,890,034		—		—		702,158		—			—			7,740,627
Other			842,204		261,385		294,205		263,887		175,998			96,647			577,332
Total assets			23,437,861,566		8,111,023,395		6,528,898,060		5,607,865,539		2,970,918,671			2,776,361,922			12,460,359,179
LIABILITIES
Management fees payable			704,691		244,753		199,912		169,066		78,757			295,436			380,050
Service agreement fees payable			123,710		160,643		160,571		309,784		145,729			68,853			262,229
Distribution fees payable			189,607		—		—		—		—			4,872			22,459
Due to affiliates			170,284		70,253		65,750		57,748		37,954			50,363			107,259
Overdraft payable			2,423,414		—		2,399,873		—		1,021,153			—			—
Payable for collateral for securities loaned			392,530,899		37,458,453		64,582,905		15,669,683		307,290,519			20,176,988			161,813,798
Payable for securities transactions			—		12,947,278		5,849,417		526,989		3,552,842			16,360,408			68,794,559
Payable for Fund shares redeemed			183,762,957		8,695,875		5,151,536		16,958,238		560,438			1,586,963			4,613,808
Payable for trustee compensation			831,750		257,305		291,645		261,463		162,956			95,143			572,265
Accrued expenses and other payables			476,896		126,932		177,167		117,776		93,732			560,844			527,474
Total liabilities			581,214,208		59,961,492		78,878,776		34,070,747		312,944,080			39,199,870			237,093,901
NET ASSETS		$	22,856,647,358	$	8,051,061,903	$	6,450,019,284	$	5,573,794,792	$	2,657,974,591		$	2,737,162,052		$	12,223,265,278
NET ASSETS CONSIST OF:
Paid-in-capital		$	15,736,049,501	$	4,691,222,769	$	6,330,734,898	$	3,453,230,700	$	2,689,711,249		$	2,912,681,133		$	12,954,931,955
Total distributable earnings (loss)			7,120,597,857		3,359,839,134		119,284,386		2,120,564,092		(31,736,658	)		(175,519,081	)		(731,666,677	)
NET ASSETS		$	22,856,647,358	$	8,051,061,903	$	6,450,019,284	$	5,573,794,792	$	2,657,974,591		$	2,737,162,052		$	12,223,265,278
INSTITUTIONAL CLASS:
Net assets		$	8,496,009,678	$	7,245,757,149	$	5,646,612,507	$	4,067,154,791	$	1,981,741,666		$	763,768,482		$	7,157,345,482
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			406,306,908		202,122,968		340,986,836		126,719,342		120,512,815			79,994,690			436,602,703
Net asset value per share		$	20.91	$	35.85	$	16.56	$	32.10	$	16.44		$	9.55		$	16.39
ADVISOR CLASS:
Net assets		$	13,506,040	$	62,263,692	$	11,961,021	$	94,512,289	$	7,333,773		$	3,755,771		$	100,431,951
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			645,964		1,739,046		723,873		2,949,104		446,445			392,767			6,133,729
Net asset value per share		$	20.91	$	35.80	$	16.52	$	32.05	$	16.43		$	9.56		$	16.37
PREMIER CLASS:
Net assets		$	55,203,005	$	—	$	—	$	—	$	—		$	20,017,907		$	190,132,071
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			2,646,190		—		—		—		—			2,101,444			11,624,698
Net asset value per share		$	20.86	$	—	$	—	$	—	$	—		$	9.53		$	16.36
RETIREMENT CLASS:
Net assets		$	573,826,404	$	719,863,452	$	766,432,110	$	1,394,748,113	$	668,899,152		$	331,606,803		$	1,041,934,685
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			27,033,190		19,935,356		45,446,270		43,756,022		40,502,941			34,881,805			62,117,946
Net asset value per share		$	21.23	$	36.11	$	16.86	$	31.88	$	16.51		$	9.51		$	16.77
RETAIL CLASS:
Net assets		$	952,131,027	$	—	$	—	$	—	$	—		$	12,621,412		$	—
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			44,704,124		—		—		—		—			1,325,374			—
Net asset value per share		$	21.30	$	—	$	—	$	—	$	—		$	9.52		$	—
CLASS W:
Net assets		$	12,765,971,204	$	23,177,610	$	25,013,646	$	17,379,599	$	—		$	1,605,391,677		$	3,733,421,089
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			610,365,049		646,400		1,510,466		541,456		—			167,968,100			227,683,161
Net asset value per share		$	20.92	$	35.86	$	16.56	$	32.10	$	—		$	9.56		$	16.40
*	Includes securities loaned of	$	392,495,174	$	39,792,166	$	62,048,495	$	15,073,376	$	313,142,856		$	35,047,069		$	271,396,594
†	Portfolio investments, cost	$	16,075,166,702	$	4,743,943,997	$	6,295,981,877	$	3,409,073,498	$	2,937,205,431		$	2,689,348,615		$	12,661,720,318
#	Includes cash collateral for open futures or open swap contracts of	$	—	$	—	$	—	$	—	$	—		$	—		$	14,680,926
^	Foreign cash, cost	$	—	$	—	$	—	$	—	$	—		$	986,818		$	6,138,299

38 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Index Funds  ■  2020 Semiannual Report 39

Statements of operations (unaudited)

TIAA-CREF Funds  ■  For the period ended April 30, 2020

		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*		$	200,768,071		$	46,493,876		$	85,009,081		$	53,324,614		$	12,123,053		$	23,311,845		$	159,139,147
Income from securities lending			1,887,142			101,269			240,997			74,667			2,176,478			474,790			782,677
Interest			817,743			24,836			39,674			247,391			55,607			28,264			1,377,117
Total income			203,472,956			46,619,981			85,289,752			53,646,672			14,355,138			23,814,899			161,298,941
EXPENSES
Management fees			4,591,065			1,566,472			1,339,526			1,125,842			595,383			1,929,401			2,569,593
Shareholder servicing – Institutional Class			39,774			13,126			9,540			2,491			4,799			1,568			12,612
Shareholder servicing – Advisor Class			22,059			35,539			19,693			61,317			42,320			7,434			62,152
Shareholder servicing – Premier Class			57			—			—			—			—			32			137
Shareholder servicing – Retirement Class			786,393			892,656			1,063,980			1,762,801			953,208			429,837			1,434,252
Shareholder servicing – Retail Class			153,072			—			—			—			—			7,629			—
Shareholder servicing – Class W			3,681			(1,455	)		(1,453	)		(1,457	)		—			690			1,344
Distribution fees – Premier Class			46,571			—			—			—			—			19,354			172,779
Distribution fees – Retail Class			1,268,379			—			—			—			—			17,748			—
Administrative service fees			225,707			94,847			88,829			78,562			49,850			66,293			142,327
Custody and accounting fees			81,866			30,340			33,690			31,758			24,753			620,536			334,701
Trustee fees and expenses			144,961			48,943			43,576			35,790			20,053			17,193			82,727
Other expenses			456,517			290,712			343,092			159,938			144,325			407,008			445,798
Total expenses			7,820,102			2,971,180			2,940,473			3,257,042			1,834,691			3,524,723			5,258,422
Less: Expenses reimbursed by the investment adviser			(2,870,398	)		(4,039	)		(5,483	)		(2,883	)		(36,329	)		(1,584,895	)		(988,655	)
Net expenses			4,949,704			2,967,141			2,934,990			3,254,159			1,798,362			1,939,828			4,269,767
Net investment income (loss)			198,523,252			43,652,840			82,354,762			50,392,513			12,556,776			21,875,071			157,029,174
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments**			(26,296,015	)		19,112,625			(32,427,427	)		(16,102,447	)		(31,873,913	)		(44,279,651	)		(16,145,340	)
Futures contracts			(10,957,678	)		—			—			(3,493,131	)		—			—			(45,679,927	)
Foreign currency transactions			—			—			—			—			—			(1,637,412	)		(881,827	)
Net realized gain (loss) on total investments			(37,253,693	)		19,112,625			(32,427,427	)		(19,595,578	)		(31,873,913	)		(45,917,063	)		(62,707,094	)
Change in unrealized appreciation (depreciation) on:
Portfolio investments‡			(1,155,630,024	)		396,750,174			(953,466,148	)		(225,382,785	)		(458,375,571	)		(314,567,962	)		(2,103,964,119	)
Futures contracts			1,612,188			—			—			658,924			—			—			3,846,854
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies			—			—			—			—			—			(212,107	)		321,415
Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments			(1,154,017,836	)		396,750,174			(953,466,148	)		(224,723,861	)		(458,375,571	)		(314,780,069	)		(2,099,795,850	)
Net realized and unrealized gain (loss) on total investments			(1,191,271,529	)		415,862,799			(985,893,575	)		(244,319,439	)		(490,249,484	)		(360,697,132	)		(2,162,502,944	)
Net increase (decrease) in net assets from operations		$	(992,748,277	)	$	459,515,639		$	(903,538,813	)	$	(193,926,926	)	$	(477,692,708	)	$	(338,822,061	)	$	(2,005,473,770	)
*	Net of foreign withholding taxes of	$	15,863		$	—		$	4,088		$	—		$	19,873		$	2,791,866		$	15,431,167
**	Includes net realized gain (loss) from securities sold to affiliates of	$	79,516		$	(179,375	)	$	(1,411,142	)	$	(357,234	)	$	(392,238	)	$	(401,453	)	$	(2,903,609	)
‡	Includes net change in unrealized foreign capital gains taxes of	$	—		$	—		$	—		$	—		$	—		$	(1,468,076	)	$	—

40 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Index Funds  ■  2020 Semiannual Report 41

Statements of changes in net assets

TIAA-CREF Funds  ■  For the period or year ended

		Equity Index Fund						Large-Cap Growth Index Fund						Large-Cap Value Index Fund						S&P 500 Index Fund						Small-Cap Blend Index Fund						Emerging Markets Equity Index Fund
		April 30,			October 31,			April 30,			October 31,			April 30,			October 31,			April 30,			October 31,			April 30,			October 31,			April 30,			October 31,
		2020			2019			2020			2019			2020			2019			2020			2019			2020			2019			2020			2019
		(unaudited		)				(unaudited		)				(unaudited		)				(unaudited		)				(unaudited		)				(unaudited		)
OPERATIONS
Net investment income (loss)		$	198,523,252		$	411,828,843		$	43,652,840		$	84,287,338		$	82,354,762		$	188,531,147		$	50,392,513		$	105,436,708		$	12,556,776		$	43,238,428		$	21,875,071		$	77,406,068
Net realized gain (loss) on total investments			(37,253,693	)		46,026,056			19,112,625			105,883,967			(32,427,427	)		304,749,925			(19,595,578	)		22,149,486			(31,873,913	)		111,505,352			(45,917,063	)		(110,774,051	)
Net change in unrealized appreciation (depreciation) on total investments			(1,154,017,836	)		2,154,452,563			396,750,174			865,565,779			(953,466,148	)		201,196,485			(224,723,861	)		547,970,133			(458,375,571	)		(12,107,383	)		(314,780,069	)		322,853,466
Net increase (decrease) in net assets from operations			(992,748,277	)		2,612,307,462			459,515,639			1,055,737,084			(903,538,813	)		694,477,557			(193,926,926	)		675,556,327			(477,692,708	)		142,636,397			(338,822,061	)		289,485,483
DISTRIBUTIONS TO SHAREHOLDERS
	Institutional Class		(188,672,283	)		(180,381,188	)		(171,117,084	)		(192,446,619	)		(416,083,828	)		(229,594,367	)		(91,617,002	)		(93,136,598	)		(121,261,570	)		(152,970,573	)		(23,694,217	)		(30,219,932	)
	Advisor Class		(954,062	)		(789,676	)		(1,221,913	)		(1,419,956	)		(2,208,512	)		(451,177	)		(1,944,516	)		(1,195,293	)		(419,691	)		(1,046,983	)		(332,300	)		(36,554	)
	Premier Class		(1,243,642	)		(1,553,539	)		—			—			—			—			—			—			—			—			(764,353	)		(497,572	)
	Retirement Class		(12,122,608	)		(10,960,448	)		(15,539,759	)		(23,063,657	)		(58,587,437	)		(32,734,326	)		(28,317,602	)		(29,010,318	)		(39,812,298	)		(51,436,568	)		(9,140,752	)		(4,861,272	)
	Retail Class		(18,246,452	)		(17,989,684	)		—			—			—			—			—			—			—			—			(368,303	)		(255,388	)
	Class W		(249,759,049	)		(178,899,288	)		(532,201	)		—			(1,962,348	)		—			(392,802	)		—			—			—			(45,714,504	)		(22,510,534	)
Total distributions			(470,998,096	)		(390,573,823	)		(188,410,957	)		(216,930,232	)		(478,842,125	)		(262,779,870	)		(122,271,922	)		(123,342,209	)		(161,493,559	)		(205,454,124	)		(80,014,429	)		(58,381,252	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		743,779,846			1,036,591,655			919,526,070			1,869,986,849			1,191,356,038			1,300,150,256			495,926,101			495,180,551			204,562,730			472,916,553			181,279,931			223,335,744
	Advisor Class		3,841,816			23,855,063			32,733,703			30,218,835			13,842,547			31,264,624			38,246,976			52,735,409			2,928,277			5,875,729			1,978,204			11,726,035
	Premier Class		6,613,076			11,901,680			—			—			—			—			—			—			—			—			5,759,703			11,617,472
	Retirement Class		24,056,728			89,944,946			74,644,317			70,167,828			74,430,681			78,593,006			215,217,515			183,305,632			55,445,871			120,096,911			56,965,828			92,288,079
	Retail Class		43,643,391			58,114,144			—			—			—			—			—			—			—			—			5,184,443			10,006,644
	Class W		2,240,546,095			3,072,554,450			2,843,084			20,999,878			3,514,730			28,310,288			2,383,305			17,239,862			—			—			438,963,211			479,766,255
Reinvestments of distributions:	Institutional Class		187,944,328			179,681,674			143,396,014			161,822,934			352,666,600			196,283,798			90,094,297			91,787,302			118,809,583			150,273,982			23,609,221			29,368,779
	Advisor Class		949,716			785,298			1,218,032			1,414,964			2,199,560			446,164			1,941,297			1,191,871			413,424			1,037,424			328,518			32,881
	Premier Class		1,236,277			1,553,298			—			—			—			—			—			—			—			—			764,353			497,572
	Retirement Class		12,111,151			10,960,429			15,517,975			23,057,082			58,535,117			32,734,326			28,317,602			29,010,317			39,812,298			51,436,568			9,140,752			4,861,271
	Retail Class		17,337,990			17,223,069			—			—			—			—			—			—			—			—			355,270			240,751
	Class W		249,759,049			178,899,288			532,200			—			1,962,348			—			392,802			—			—			—			45,714,504			22,510,534
Redemptions:	Institutional Class		(910,514,481	)		(1,200,060,075	)		(892,806,057	)		(1,328,934,423	)		(683,540,611	)		(1,381,347,212	)		(324,592,742	)		(488,550,226	)		(178,453,253	)		(235,876,898	)		(133,883,416	)		(789,728,568	)
	Advisor Class		(38,449,908	)		(14,589,340	)		(24,883,291	)		(28,548,540	)		(27,504,268	)		(11,896,318	)		(27,433,592	)		(18,800,650	)		(2,192,388	)		(10,687,803	)		(7,985,987	)		(2,375,680	)
	Premier Class		(11,875,621	)		(44,085,529	)		—			—			—			—			—			—			—			—			(9,560,384	)		(12,452,575	)
	Retirement Class		(86,561,651	)		(72,924,275	)		(82,828,452	)		(188,430,667	)		(62,279,779	)		(151,691,844	)		(140,286,416	)		(178,542,345	)		(51,507,453	)		(53,437,564	)		(7,770,441	)		(27,903,786	)
	Retail Class		(71,363,419	)		(105,902,545	)		—			—			—			—			—			—			—			—			(5,177,768	)		(10,663,279	)
	Class W		(498,139,598	)		(685,550,927	)		(2,391,983	)		(206,260	)		(2,934,825	)		(420,407	)		(1,938,848	)		(133,792	)		—			—			(52,169,127	)		(90,044,026	)
Net increase (decrease) from shareholder transactions			1,914,914,785			2,558,952,303			187,501,612			631,548,480			922,248,138			122,426,681			378,268,297			184,423,931			189,819,089			501,634,902			553,496,815			(46,915,897	)
Net increase (decrease) in net assets			451,168,412			4,780,685,942			458,606,294			1,470,355,332			(460,132,800	)		554,124,368			62,069,449			736,638,049			(449,367,178	)		438,817,175			134,660,325			184,188,334
NET ASSETS
Beginning 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
End of period			$22,856,647,358		$	22,405,478,946			$8,051,061,903		$	7,592,455,609			$6,450,019,284		$	6,910,152,084		$	5,573,794,792		$	5,511,725,343		$	2,657,974,591		$	3,107,341,769		$	2,737,162,052		$	2,602,501,727
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		34,795,717			50,637,562			26,384,276			59,104,380			70,272,431			67,641,216			15,037,863			15,621,668			11,833,308			23,822,106			16,735,188			21,030,045
	Advisor Class		192,222			1,171,049			1,045,927			960,315			758,580			1,681,049			1,178,294			1,704,422			167,039			292,940			193,173			1,165,417
	Premier Class		301,121			578,761			—			—			—			—			—			—			—			—			542,581			1,087,721
	Retirement Class		1,078,595			4,321,086			2,121,384			2,199,671			3,816,182			3,914,966			6,599,492			5,850,402			2,895,265			6,013,113			5,240,375			8,571,585
	Retail Class		1,996,964			2,790,732			—			—			—			—			—			—			—			—			491,361			939,503
	Class W		104,173,296			150,375,335			82,219			623,719			195,016			1,398,043			73,322			520,113			—			—			42,367,130			44,892,239
Shares reinvested:	Institutional Class		8,268,558			9,387,757			4,069,126			5,681,985			17,775,534			10,772,985			2,618,259			3,179,331			5,835,441			8,036,042			2,171,962			2,916,463
	Advisor Class		41,764			41,008			34,594			49,717			111,033			24,528			56,466			41,313			20,316			55,477			30,167			3,262
	Premier Class		54,486			81,282			—			—			—			—			—			—			—			—			70,447			49,510
	Retirement Class		524,292			563,808			436,757			803,103			2,893,481			1,764,654			827,758			1,010,460			1,944,910			2,735,987			844,021			484,191
	Retail Class		747,976			882,782			—			—			—			—			—			—			—			—			32,744			23,955
	Class W		10,988,079			9,346,880			15,102			—			98,909			—			11,416			—			—			—			4,205,567			2,237,628
Shares redeemed:	Institutional Class		(41,717,756	)		(57,905,860	)		(25,694,033	)		(42,373,721	)		(37,834,509	)		(71,727,491	)		(10,142,497	)		(15,527,466	)		(9,961,710	)		(11,874,177	)		(13,514,520	)		(73,239,254	)
	Advisor Class		(1,826,114	)		(716,003	)		(763,430	)		(903,698	)		(1,660,878	)		(631,983	)		(909,687	)		(599,523	)		(131,507	)		(582,585	)		(925,082	)		(223,263	)
	Premier Class		(551,549	)		(2,126,089	)		—			—			—			—			—			—			—			—			(941,062	)		(1,167,151	)
	Retirement Class		(3,880,939	)		(3,439,387	)		(2,376,276	)		(6,100,131	)		(3,299,938	)		(7,824,548	)		(4,332,035	)		(5,774,792	)		(2,879,978	)		(2,665,457	)		(773,043	)		(2,637,941	)
	Retail Class		(3,363,703	)		(5,023,261	)		—			—			—			—			—			—			—			—			(491,427	)		(994,848	)
	Class W		(23,056,089	)		(32,691,539	)		(68,589	)		(6,051	)		(160,800	)		(20,702	)		(59,383	)		(4,012	)		—			—			(5,043,198	)		(8,359,386	)
Net increase (decrease) from shareholder transactions			88,766,920			128,275,903			5,287,057			20,039,289			52,965,041			6,992,717			10,959,268			6,021,916			9,723,084			25,833,446			51,236,384			(3,220,324	)

42 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Index Funds  ■  2020 Semiannual Report 43

Statements of changes in net assets concluded

TIAA-CREF Funds  ■  For the period or year ended

		International Equity Index Fund
		April 30,			October 31,
		2020			2019
		(unaudited		)
OPERATIONS
Net investment income (loss)		$	157,029,174		$	385,306,819
Net realized gain (loss) on total investments			(62,707,094	)		(204,120,600	)
Net change in unrealized appreciation (depreciation) on total investments			(2,099,795,850	)		1,100,491,353
Net increase (decrease) in net assets from operations			(2,005,473,770	)		1,281,677,572
DISTRIBUTIONS TO SHAREHOLDERS
	Institutional Class		(245,800,056	)		(244,465,355	)
	Advisor Class		(3,679,322	)		(926,861	)
	Premier Class		(7,532,223	)		(6,500,507	)
	Retirement Class		(32,985,275	)		(27,099,954	)
	Retail Class		—			—
	Class W		(116,525,340	)		(80,464,995	)
Total distributions			(406,522,216	)		(359,457,672	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		1,000,920,946			1,752,153,146
	Advisor Class		25,600,000			98,132,980
	Premier Class		32,174,979			112,652,548
	Retirement Class		130,524,019			203,905,393
	Retail Class		—			—
	Class W		792,376,807			973,226,643
Reinvestments of distributions:	Institutional Class		237,980,362			237,169,410
	Advisor Class		3,675,587			923,437
	Premier Class		7,532,223			6,500,507
	Retirement Class		32,985,275			27,099,954
	Retail Class		—			—
	Class W		116,525,340			80,464,995
Redemptions:	Institutional Class		(484,905,979	)		(2,409,638,043	)
	Advisor Class		(25,644,346	)		(17,508,515	)
	Premier Class		(49,526,634	)		(115,214,861	)
	Retirement Class		(80,043,436	)		(101,909,971	)
	Retail Class		—			—
	Class W		(94,563,052	)		(171,217,675	)
Net increase (decrease) from shareholder transactions			1,645,612,091			676,739,948
Net increase (decrease) in net assets			(766,383,895	)		1,598,959,848
NET ASSETS
Beginning of period			12,989,649,173			11,390,689,325
End of period		$	12,223,265,278		$	12,989,649,173
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		55,998,504			94,735,677
	Advisor Class		1,438,008			5,360,250
	Premier Class		1,691,169			6,191,244
	Retirement Class		6,665,758			10,625,397
	Retail Class		—			—
	Class W		44,057,782			52,249,718
Shares reinvested:	Institutional Class		12,185,375			13,740,985
	Advisor Class		188,395			53,532
	Premier Class		386,268			377,278
	Retirement Class		1,649,264			1,533,670
	Retail Class		—			—
	Class W		5,966,478			4,661,935
Shares redeemed:	Institutional Class		(28,194,482	)		(131,202,913	)
	Advisor Class		(1,484,344	)		(959,322	)
	Premier Class		(2,671,506	)		(6,128,956	)
	Retirement Class		(4,408,975	)		(5,477,552	)
	Retail Class		—			—
	Class W		(4,973,296	)		(9,202,351	)
Net increase (decrease) from shareholder transactions			88,494,398			36,558,592

44 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements

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TIAA-CREF Funds: Equity Index Funds  ■  2020 Semiannual Report 45

Financial highlights

TIAA-CREF Funds

			Selected per share data
					Gain (loss) from investment operations
	For the		Net asset		Net			Net realized &			Total gain			Less distributions from						Total			Net asset
	period or year ended		value, beginning of period		investment income (loss)		a	unrealized gain (loss) on total investments			(loss) from investment operations			Net investment income			Net realized gains			dividends and distributions			value, end of period
EQUITY INDEX FUND
Institutional Class:	04/30/20	#		$22.31		$0.19			$(1.12	)		$(0.93	)		$(0.42	)		$(0.05	)		$(0.47	)		$20.91
	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:	04/30/20	#		22.29		0.20			(1.14	)		(0.94	)		(0.39	)		(0.05	)		(0.44	)		20.91
	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:	04/30/20	#		22.24		0.18			(1.13	)		(0.95	)		(0.38	)		(0.05	)		(0.43	)		20.86
	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:	04/30/20	#		22.62		0.17			(1.15	)		(0.98	)		(0.36	)		(0.05	)		(0.41	)		21.23
	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:	04/30/20	#		22.69		0.16			(1.15	)		(0.99	)		(0.35	)		(0.05	)		(0.40	)		21.30
	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:	04/30/20	#		22.32		0.19			(1.11	)		(0.92	)		(0.43	)		(0.05	)		(0.48	)		20.92
	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:	04/30/20	#		34.63		0.20			1.89			2.09			(0.40	)		(0.47	)		(0.87	)		35.85
	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:	04/30/20	#		34.57		0.17			1.89			2.06			(0.36	)		(0.47	)		(0.83	)		35.80
	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:	04/30/20	#		34.83		0.16			1.90			2.06			(0.31	)		(0.47	)		(0.78	)		36.11
	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:	04/30/20	#		34.63		0.21			1.89			2.10			(0.40	)		(0.47	)		(0.87	)		35.86
	10/31/19	†		33.68		0.02			0.93			0.95			—			—			—			34.63

46 2020 Semiannual 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:	04/30/20	#		(4.36	)%b	$	8,496,010		0.05	%c		0.05	%c		1.74	%c		2	%
	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:	04/30/20	#		(4.39	)b		13,506		0.18	c		0.18	c		1.78	c		2
	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:	04/30/20	#		(4.42	)b		55,203		0.20	c		0.20	c		1.61	c		2
	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:	04/30/20	#		(4.47	)b		573,826		0.30	c		0.30	c		1.50	c		2
	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:	04/30/20	#		(4.49	)b		952,131		0.33	c		0.33	c		1.46	c		2
	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:	04/30/20	#		(4.31	)b		12,765,971		0.05	c		0.00	c		1.76	c		2
	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:	04/30/20	#		6.07	b		7,245,757		0.05	c		0.05	c		1.14	c		7
	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:	04/30/20	#		5.99	b		62,264		0.18	c		0.18	c		1.00	c		7
	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:	04/30/20	#		5.95	b		719,863		0.30	c		0.30	c		0.89	c		7
	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:	04/30/20	#		6.11	b		23,178		0.04	c		0.00	c		1.18	c		7
	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  ■  2020 Semiannual Report 47

Financial highlights

TIAA-CREF Funds

			Selected per share data
					Gain (loss) from investment operations
	For the		Net asset		Net			Net realized &			Total gain			Less distributions from						Total			Net asset
	period or year ended		value, beginning of period		investment income (loss)		a	unrealized gain (loss) on total investments			(loss) from investment operations			Net investment income			Net realized gains			dividends and distributions			value, end of period
LARGE-CAP VALUE INDEX FUND
Institutional Class:	04/30/20	#		$20.54		$0.23			$(2.78	)		$(2.55	)		$(0.57	)		$(0.86	)		$(1.43	)		$16.56
	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:	04/30/20	#		20.49		0.25			(2.82	)		(2.57	)		(0.54	)		(0.86	)		(1.40	)		16.52
	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:	04/30/20	#		20.87		0.22			(2.85	)		(2.63	)		(0.52	)		(0.86	)		(1.38	)		16.86
	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:	04/30/20	#		20.54		0.24			(2.79	)		(2.55	)		(0.57	)		(0.86	)		(1.43	)		16.56
	10/31/19	†		20.26		0.08			0.20			0.28			—			—			—			20.54
S&P 500 INDEX FUND
Institutional Class:	04/30/20	#		33.88		0.31			(1.33	)		(1.02	)		(0.66	)		(0.10	)		(0.76	)		32.10
	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:	04/30/20	#		33.82		0.29			(1.33	)		(1.04	)		(0.63	)		(0.10	)		(0.73	)		32.05
	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:	04/30/20	#		33.62		0.26			(1.31	)		(1.05	)		(0.59	)		(0.10	)		(0.69	)		31.88
	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:	04/30/20	#		33.88		0.32			(1.33	)		(1.01	)		(0.67	)		(0.10	)		(0.77	)		32.10
	10/31/19	†		33.16		0.10			0.62			0.72			—			—			—			33.88

48 2020 Semiannual 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					end of period		Gross			Net			Net investment			turnover
	ended		Total return			(in thousands)		expenses			expenses			income (loss)			rate
LARGE-CAP VALUE INDEX FUND
Institutional Class:	04/30/20	#		(13.57	)%b	$	5,646,613		0.06	%c		0.06	%c		2.49	%c		11	%
	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:	04/30/20	#		(13.64	)b		11,961		0.19	c		0.19	c		2.58	c		11
	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:	04/30/20	#		(13.70	)b		766,432		0.31	c		0.31	c		2.27	c		11
	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:	04/30/20	#		(13.55	)b		25,014		0.04	c		0.00	c		2.55	c		11
	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:	04/30/20	#		(3.15	)b		4,067,155		0.05	c		0.05	c		1.86	c		2
	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:	04/30/20	#		(3.23	)b		94,512		0.18	c		0.18	c		1.73	c		2
	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:	04/30/20	#		(3.27	)b		1,394,748		0.30	c		0.30	c		1.60	c		2
	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:	04/30/20	#		(3.14	)b		17,380		0.03	c		0.00	c		1.90	c		2
	10/31/19	†		2.17	b		17,484		0.16	c		0.00	c		3.34	c		5

See notes to financial statements TIAA-CREF Funds: Equity Index Funds  ■  2020 Semiannual Report 49

Financial highlights

TIAA-CREF Funds

			Selected per share data
					Gain (loss) from investment operations
	For the		Net asset		Net			Net realized &			Total gain			Less distributions from						Total			Net asset
	period or year ended		value, beginning of period		investment income (loss)		a	unrealized gain (loss) on total investments			(loss) from investment operations			Net investment income			Net realized gains			dividends and distributions			value, end of period
SMALL-CAP BLEND INDEX FUND
Institutional Class:	04/30/20	#		$20.46		$0.08			$(3.02	)		$(2.94	)		$(0.29	)		$(0.79	)		$(1.08	)		$16.44
	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:	04/30/20	#		20.43		0.07			(3.02	)		(2.95	)		(0.26	)		(0.79	)		(1.05	)		16.43
	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:	04/30/20	#		20.52		0.06			(3.03	)		(2.97	)		(0.24	)		(0.79	)		(1.03	)		16.51
	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
EMERGING MARKETS EQUITY INDEX FUND
Institutional Class:	04/30/20	#		11.05		0.08			(1.26	)		(1.18	)		(0.32	)		—			(0.32	)		9.55
	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:	04/30/20	#		11.06		0.07			(1.27	)		(1.20	)		(0.30	)		—			(0.30	)		9.56
	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:	04/30/20	#		11.02		0.07			(1.26	)		(1.19	)		(0.30	)		—			(0.30	)		9.53
	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:	04/30/20	#		11.00		0.07			(1.26	)		(1.19	)		(0.30	)		—			(0.30	)		9.51
	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:	04/30/20	#		11.00		0.06			(1.26	)		(1.20	)		(0.28	)		—			(0.28	)		9.52
	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:	04/30/20	#		11.07		0.09			(1.26	)		(1.17	)		(0.34	)		—			(0.34	)		9.56
	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

50 2020 Semiannual 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					end of period		Gross			Net			Net investment			turnover
	ended		Total return			(in thousands)		expenses			expenses			income (loss)			rate
SMALL-CAP BLEND INDEX FUND
Institutional Class:	04/30/20	#		(15.41	)%b	$	1,981,742		0.06	%c		0.06	%c		0.90	%c		11	%
	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:	04/30/20	#		(15.45	)b		7,334		1.12	c		0.21	c		0.73	c		11
	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:	04/30/20	#		(15.46	)b		668,899		0.31	c		0.31	c		0.67	c		11
	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
EMERGING MARKETS EQUITY INDEX FUND
Institutional Class:	04/30/20	#		(11.04	)b		763,768		0.22	c		0.22	c		1.49	c		23
	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:	04/30/20	#		(11.15	)b		3,756		0.36	c		0.36	c		1.25	c		23
	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:	04/30/20	#		(11.10	)b		20,018		0.37	c		0.37	c		1.30	c		23
	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:	04/30/20	#		(11.18	)b		331,607		0.47	c		0.47	c		1.25	c		23
	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:	04/30/20	#		(11.23	)b		12,621		0.58	c		0.58	c		1.11	c		23
	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:	04/30/20	#		(10.96	)b		1,605,392		0.22	c		0.01	c		1.72	c		23
	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

See notes to financial statements TIAA-CREF Funds: Equity Index Funds  ■  2020 Semiannual Report 51

Financial highlights

TIAA-CREF Funds

			Selected per share data
					Gain (loss) from investment operations
	For the		Net asset		Net			Net realized &			Total gain			Less distributions from						Total			Net asset
	period or year ended		value, beginning of period		investment income (loss)		a	unrealized gain (loss) on total investments			(loss) from investment operations			Net investment income			Net realized gains			dividends and distributions			value, end of period
INTERNATIONAL EQUITY INDEX FUND
Institutional Class:	04/30/20	#		$19.77		$0.22			$(2.98	)		$(2.76	)		$(0.62	)		$      —			$(0.62	)		$16.39
	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:	04/30/20	#		19.75		0.21			(2.99	)		(2.78	)		(0.60	)		—			(0.60	)		16.37
	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:	04/30/20	#		19.71		0.20			(2.96	)		(2.76	)		(0.59	)		—			(0.59	)		16.36
	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:	04/30/20	#		20.20		0.20			(3.06	)		(2.86	)		(0.57	)		—			(0.57	)		16.77
	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:	04/30/20	#		19.78		0.23			(2.99	)		(2.76	)		(0.62	)		—			(0.62	)		16.40
	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

#	Unaudited.
‡	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.

52 2020 Semiannual 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
INTERNATIONAL EQUITY INDEX FUND
Institutional Class:	04/30/20	#		(14.49	)%b	$	7,157,345		0.06	%c		0.06	%c		2.44	%c		1	%
	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:	04/30/20	#		(14.57	)		100,432		0.16	c		0.16	c		2.29	c		1
	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:	04/30/20	#		(14.50	)b		190,132		0.21	c		0.21	c		2.20	c		1
	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:	04/30/20	#		(14.62	)b		1,041,935		0.31	c		0.31	c		2.18	c		1
	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:	04/30/20	#		(14.44	)b		3,733,421		0.06	c		0.00	c		2.55	c		1
	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  ■  2020 Semiannual Report 53

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”). 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.

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.

Other matters: The outbreak of the novel coronavirus (“COVID-19”) and subsequent global pandemic began significantly impacting the U.S. and global financial markets and economies during the “calendar” quarter ended April 31, 2020. The worldwide spread of COVID-19 has created significant uncertainty in the global economy. The duration and extent of COVID-19 over the long term cannot be reasonably estimated at this time. There have been no comparable recent events that provide guidance as to the effect the spread of COVID-19 as a global pandemic may have on the Funds’ financial performance. The ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Funds’ normal course of business, results of operations, investments, and cash flows will depend on future developments, which are highly uncertain and difficult to predict. Management continues to monitor and evaluate this situation.

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.

54 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds

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

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

Trustee compensation: The Funds pay the members of the Board of Trustees (“Board”), all of whom are independent, certain remuneration for their services, plus travel and other expenses. Trustees may elect to participate in a deferred compensation plan and defer all or a portion of their compensation. In addition, 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.

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, 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 Level 3.

As of April 30, 2020, 100% of the value of investments in the Large-Cap Value Index Fund was valued based on Level 1 inputs.

TIAA-CREF Funds: Equity Index Funds  ■  2020 Semiannual Report 55

Notes to financial statements

The following table summarizes the market value of the Funds’ investments as of April 30, 2020, based on the inputs used to value them:

Fund	Level 1		Level 2		Level 3		Total
Equity Index
Equity investments:
Financials	$	2,518,073,134	$	—	$	4,176	$	2,518,077,310
Health care		3,570,492,091		—		65,708		3,570,557,799
Industrials		607,096,540		—		—		607,096,540
All other equity investments*		16,108,938,900		—		—		16,108,938,900
Short-term investments		392,530,899		33,727,340		—		426,258,239
Futures contracts**		1,889,374		—		—		1,889,374
Total	$	23,199,020,938	$	33,727,340	$	69,884	$	23,232,818,162
Large-Cap Growth Index
Equity investments*	$	8,041,291,760	$	—	$	—	$	8,041,291,760
Short-term investments		37,458,453		11,545,000		—		49,003,453
Total	$	8,078,750,213	$	11,545,000	$	—	$	8,090,295,213
S&P 500 Index
Equity investments*	$	5,547,770,602	$	—	$	—	$	5,547,770,602
Short-term investments		15,669,682		18,298,319		—		33,968,001
Futures contracts**		701,844		—		—		701,844
Total	$	5,564,142,128	$	18,298,319	$	—	$	5,582,440,447
Small-Cap Blend Index
Equity investments:
Financials	$	458,229,054	$	—	$	8,640	$	458,237,694
Health care		565,339,030		—		106,395		565,445,425
Materials		89,737,543		—		—		89,737,543
All other equity investments*		1,541,458,763		—		—		1,541,458,763
Short-term investments		307,290,519		—		—		307,290,519
Total	$	2,962,054,909	$	—	$	115,035	$	2,962,169,944
Emerging Markets Equity Index
Equity investments:
Africa/Middle East	$	—	$	166,761,882	$	—	$	166,761,882
Asia		299,078,700		1,696,014,722		156,288		1,995,249,710
Europe		43,775,341		45,766,402		—		89,541,743
Latin America		—		127,094,578		—		127,094,578
North America		49,881,473		520,898		—		50,402,371
All other equity investments*		11,148,305		292,447,967		2,838		303,599,110
Short-term investments		20,176,988		7,925,000		—		28,101,988
Total	$	424,060,807	$	2,336,531,449	$	159,126	$	2,760,751,382
International Equity Index
Equity investments:
Asia	$	3,571,286	$	3,453,735,947	$	—	$	3,457,307,233
Australasia		—		831,109,629		1,066,812		832,176,441
Europe		36,352,694		6,508,899,989		—		6,545,252,683
All other equity investments*		43,403,982		975,249,276		—		1,018,653,258
Short-term investments		161,813,798		278,210,763		—		440,024,561
Futures contracts**		7,733,973		—		—		7,733,973
Total	$	252,875,733	$	12,047,205,604	$	1,066,812	$	12,301,148,149

*	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.

56 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds

continued

Note 3—derivative instruments

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

At April 30, 2020, the following Funds have invested in derivative contracts which are reflected in the Statements of assets and liabilities as follows:

	Asset derivatives
		Fair value
Derivative contracts	Location	amount
Equity Index Fund
Equity contracts	Futures contracts*	$1,889,374
S&P 500 Index Fund
Equity contracts	Futures contracts*	701,844
International Equity Index Fund
Equity contracts	Futures contracts*	7,733,973

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

For the period ended April 30, 2020, the effect of derivative contracts on the Funds’ Statements of operations was as follows:

			Change in
			unrealized
		Realized	appreciation
Derivative contracts	Location	gain (loss)	(depreciation)
Equity Index Fund
Equity contracts	Futures contracts	$(10,957,678)	$ 1,612,188
S&P 500 Index Fund
Equity contracts	Futures contracts	(3,493,131)	658,924
International Equity Index Fund
Equity contracts	Futures contracts	(45,679,927)	3,846,854

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

period ended April 30, 2020, 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 April 30, 2020 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.

Advisors has agreed to reimburse each Fund if its total expense ratio (excluding interest, taxes, brokerage commissions and other transactional expenses, acquired fund fees and expenses and extraordinary expenses) exceeds certain percentages.

As of April 30, 2020, 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  ■  2020 Semiannual Report 57

Notes to financial statements

	Investment management fee— effective rate		Service agreement fee		Distribution fee				Maximum expense amounts‡
Fund			Retirement Class		Premier Class		Retail Class		Institutional Class		Advisor Class		Premier Class		Retirement Class		Retail Class		Class W	§
Equity Index	0.04	%	0.25	%	0.15	%	0.25	%	0.09	%	0.24	%	0.24	%	0.34	%	0.48	%	0.09	%
Large-Cap Growth Index	0.04		0.25		—		—		0.09		0.24		—		0.34		—		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 28, 2021. The reimbursement arrangements can only be changed with the approval of the Board.

§

Advisors has contractually agreed to waive and/or reimburse Class W’s Management fees and Other expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, acquired fund fees and expenses, trustee expenses and extraordinary expenses) in their entirety. Advisors expects this waiver and/or reimbursement to remain in effect permanently, unless changed with approval of the Board.

The Funds may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Board, pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions. For the period ended April 30, 2020, the Funds engaged in the following security transactions with affiliated entities:

						Realized
Fund		Purchases		Sales		gain (loss	)
Equity Index	$	650,674,211	$	292,871	$	79,516
Large-Cap Growth Index		80,373,689		28,052,678		(179,375	)
Large-Cap Value Index		151,209,090		28,490,682		(1,411,142	)
S&P 500 Index		207,947,065		740,666		(357,234	)
Small-Cap Blend Index		6,080,188		1,406,724		(392,238	)
Emerging Markets Equity Index		60,829,980		4,726,693		(401,453	)
International Equity Index		195,615,635		11,755,806		(2,903,609	)

A registered separate account of TIAA (collectively “TIAA Access”) has various sub-accounts that invest in the Funds, and certain funds within the Trust also make investments in the Funds.

The following is the percentage of the Funds’ shares owned by TIAA Access and other funds within the Trust as of April 30, 2020:

	TIAA-CREF Lifecycle
Fund	Index Funds			TIAA Access			Total
Equity Index		56	%		1	%		57	%
Large-Cap Growth Index		—			4			4
Large-Cap Value Index		—			6			6
S&P 500 Index		—			11			11
Small-Cap Blend Index		—			17			17
Emerging Markets Equity Index		58			1			59
International Equity Index		30			6			36

TIAA-CREF Tuition Financing, Inc. (“TFI”), a wholly owned direct subsidiary of TIAA, is a registered investment adviser that provides program management services to multiple qualified tuition programs formed under Section 529 of the Internal Revenue Code (“529 Plans”). These 529 Plans, each of which operates independently, invest a portion of their assets in the Funds. As of April 30, 2020, two 529 Plans owned 6% and 9% respectively, of the Equity Index Fund; and one 529 owned 5% of Large-Cap Growth Index Fund; and one 529 owned 6% of Large-Cap Value Index Fund; and two 529 Plan owned 9% and 7% respectively, of the S&P 500 Index fund.

Companies in which the Fund holds 5% or more of the outstanding voting shares are considered “affiliated companies” of the Fund, pursuant to the 1940 Act. As of April 30, 2020, there were no affiliated investments.

Note 5—investments

Repurchase agreements: Each Fund may enter into repurchase agreements with banks or broker-dealers. Repurchase agreements involve the purchase of securities from an institution, subject to the seller’s agreement to repurchase and the Fund’s agreement to resell such securities at a mutually agreed-upon price. Pursuant to the terms of the repurchase agreement, securities purchased subject to repurchase agreements must have an aggregate market value greater than or equal to the agreed-upon repurchase price plus accrued interest at all times. If the value of the underlying securities falls below the value of the repurchase price plus accrued interest, the Fund will require the seller to deposit additional collateral by the next business day. If a request for additional collateral is not met, or if the seller defaults on its repurchase obligation, the Fund maintains the right to sell the underlying securities at market value and pursue a claim for any remaining loss against the seller.

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 April 30, 2020, securities lending transactions are for equity securities,

58 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds

continued

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 April 30, 2020, 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
Equity Index	$392,495,174	$392,530,899	$25,208,799	$417,739,698
Large-Cap Growth Index	39,792,166	37,458,453	4,379,166	41,837,619
Large-Cap Value Index	62,048,495	64,582,905	1,262,009	65,844,914
S&P 500 Index	15,073,376	15,669,683	527,168	16,196,851
Small-Cap Blend Index	313,142,856	307,290,519	27,449,304	334,739,823
Emerging Markets Equity Index	35,047,069	20,176,988	17,201,322	37,378,310
International Equity Index	271,396,594	161,813,798	127,365,155	289,178,953

* 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 April 30, 2020, net unrealized appreciation (depreciation) based on the aggregate cost of all investments for federal income tax purposes, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows:

Fund		Tax cost		Gross unrealized appreciation		Gross Unrealized (depreciation	)	Net unrealized appreciation (depreciation	)
Equity Index	$	16,202,596,867	$	8,606,194,271	$	(1,575,972,976	)	$7,030,221,295
Large-Cap Growth Index		4,776,030,182		3,507,598,999		(193,333,968	)	3,314,265,031
Large-Cap Value Index		6,405,796,806		1,078,552,200		(978,206,437	)	100,345,763
S&P 500 Index		3,475,299,724		2,446,771,830		(339,631,106	)	2,107,140,724
Small-Cap Blend Index		2,967,581,659		605,862,629		(611,274,345	)	(5,411,716	)
Emerging Markets Equity Index		2,717,798,534		548,026,316		(505,073,468	)	42,952,848
International Equity Index		12,839,808,591		1,988,223,480		(2,526,883,921	)	(538,660,441	)

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 period ended April 30, 2020 were as follows:

Fund	Non-U.S. government purchases	Non-U.S. government sales
Equity Index	$2,112,552,793	$442,457,199
Large-Cap Growth Index	553,822,118	514,634,010
Large-Cap Value Index	1,244,499,006	707,083,027
S&P 500 Index	394,882,411	91,862,473
Small-Cap Blend Index	367,638,273	314,836,386
Emerging Markets Equity Index	1,113,621,285	621,832,440
International Equity Index	1,355,837,809	90,133,629

Note 6—distributions to shareholders and other tax items

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

	10/31/2019
Fund	Ordinary income	Long-term capital gains	Total
Equity Index	$340,529,815	$  50,044,008	$390,573,823
Large-Cap Growth Index	83,832,620	133,097,612	216,930,232
Large-Cap Value Index	177,000,174	85,779,696	262,779,870
S&P 500 Index	88,433,514	34,908,695	123,342,209
Small-Cap Blend Index	49,075,639	156,378,485	205,454,124
Emerging Markets Equity Index	58,381,252	—	58,381,252
International Equity Index	359,457,672	—	359,457,672

The tax character of the fiscal year 2020 distributions will be determined at the end of the fiscal year.

TIAA-CREF Funds: Equity Index Funds  ■  2020 Semiannual Report 59

Notes to financial statements concluded

Note 7—emerging markets risks

The Emerging Markets Equity Index Fund holds a large portion of its assets in emerging market securities. Emerging market securities are often subject to greater price volatility, less liquidity and higher rates of inflation and deflation than U.S. securities. In addition, emerging markets may be subject to greater political, economic and social uncertainty, and differing regulatory environments that may potentially impact the Fund’s ability to buy or sell certain securities or repatriate proceeds to U.S. dollars.

Note 8—inter-fund lending program

Pursuant to an exemptive order issued by the Commission, the Funds may participate in an inter-fund lending program. This program allows the Funds to lend cash to and/or borrow cash from certain other affiliated Funds for temporary purposes, (e.g., to satisfy redemption requests or to cover unanticipated cash shortfalls). The program is subject to a number of conditions, including the requirement that no Fund may borrow or lend money under the program unless it receives a more favorable interest rate than is available from a bank or other financial institution for a comparable transaction. In addition, a Fund may participate in

the program only if its participation is consistent with the Fund’s investment policies and limitations and authorized by its portfolio manager(s). During the period ended April 30, 2020, 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 period ended April 30, 2020, there were no borrowings under this credit facility by the Funds.

60 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds

Approval of investment management agreement (unaudited)

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

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

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

Under normal circumstances, Section 15(c) requires this annual renewal to be made at an in-person meeting of the Board. However, due to the COVID-19 pandemic, the Securities and Exchange Commission (“SEC”) issued a temporary, conditional exemptive order on March 13, 2020, as extended on March 25, 2020 (the “SEC Order”), permitting mutual fund boards to vote to approve matters subject to the Section 15(c) in-person approval requirement at a meeting that is not held in person if the board determines that reliance on the SEC Order is necessary or appropriate due to prevailing circumstances related to the current or potential effects of COVID-19 and the board ratifies any action taken pursuant to the SEC Order at its next in-person meeting.

Overview of the renewal process

The Board held a telephonic meeting on March 26, 2020, in order to consider the annual renewal of the Agreement with respect to each applicable Fund using the process established by the Board described further below. At the outset of the meeting, the Board considered reliance upon the SEC Order and determined that such reliance was necessary due to, among other considerations, COVID-19 pandemic-related social distancing requirements, travel restrictions and other governmental mandates imposed for health and safety reasons. The Board noted that it would ratify actions taken at this meeting pursuant to the SEC Order at its next in-person meeting.

As part of the Board’s established process, the Board delegated certain tasks to its Operations Committee. Among these tasks, the Operations Committee or certain of its designated members worked with Advisors, other Board members and legal counsel to the Trustees to develop guidance and specific requests relating to the types of information to be provided to the Board in connection with the proposed contract renewals.

Among other matters, the Operations Committee or certain of its designated members, following consultations with representatives of Advisors, other Board members, legal

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

Based on guidance provided by the Operations Committee or certain of its designated members on behalf of the Board, Broadridge produced, among other information, comparative performance and expense data for each Fund, including data relating to each Fund’s management fee rate, total expense ratio, short-term and long-term investment performance, brokerage commission costs and portfolio turnover rate (as applicable). Broadridge compared this data, as relevant, for each Fund against a universe of investment companies (except for brokerage commission costs) and against a more selective peer group of mutual funds with similar investment objectives and strategies, each of which was selected by Broadridge, and also compared the performance of each Fund against one or more appropriate broad-based indices. In each case, Broadridge summarized, and the Board discussed, the methodologies Broadridge employed to provide the data contained in its reports. In addition, Broadridge represented to the Board that its reports were designed specifically to provide the Board with the fee, expense and performance information that is necessary to help the Board satisfy its duties under Section 15(c) of the 1940 Act. Broadridge also represented that the purpose of its reports is to provide an objective view of each Fund’s relative position regarding the level of fees, expenses and performance against a competitive peer group and universe (as applicable) selected by Broadridge (and not Advisors or the Board). The Board considered the propriety of each Fund’s applicable peer group as selected by Broadridge and use of the Institutional Class as the base class for comparison purposes.

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

In advance of the Board meeting held on March 26, 2020, legal counsel for the Trustees requested on behalf of the Board, and Advisors provided, information that was designed to assist the Board in its consideration of whether to renew the Agreement for each Fund. In addition to the data provided by Broadridge as described above, this information included, but was not limited to, the following: (1) further information relating to each Fund’s investment performance and a narrative analysis of the performance of each Fund that had underperformed certain Board-specified criteria, together with an explanation of any events that had a material impact on the Fund’s performance during that period; (2) a description of any fee waiver or expense reimbursement arrangements that were proposed or were in place during the prior year and the extent to which such

TIAA-CREF Funds: Equity Index Funds  ■  2020 Semiannual Report 61

Approval of investment management agreement (unaudited)

arrangements would be continued or modified in the coming year; (3) a comparison of each Fund’s management fee rate and performance to other accounts with comparable strategies managed by Advisors or certain of its affiliates; (4) any “fall-out” benefits that accrued or were identified as reasonably likely to accrue to Advisors or its affiliates due to their relationship with the Funds in addition to the Funds’ direct fee payments to Advisors pursuant to the Agreement; (5) information regarding Advisors’ financial resources, senior professional personnel, overall staffing levels, portfolio manager compensation arrangements, capacity to manage the Funds at current and foreseeable asset levels, insurance coverage, portfolio trading and best execution practices, and any actual and potential conflicts of interest identified by Advisors in connection with rendering services to the Funds; (6) information as to any profits earned by Advisors in connection with its services pursuant to the Agreement; (7) a copy of the Agreement and certain related agreements between the Funds and affiliates of Advisors; (8) a copy of Advisors’ Form ADV as filed with the SEC (which was presented only to legal counsel for the Trustees); and (9) proposed narrative explanations of reasons why the Board should renew the Agreement. The Trustees were also provided with performance ratings of Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service.

On March 12, 2020, the Board met informally to discuss Advisors’ materials, which led to the Trustees providing additional questions to, and requesting additional information from, Advisors. Subsequently, at the March 26, 2020 meeting, the Trustees were given the opportunity to, and did, ask additional questions and they discussed responses from Advisors to the Board’s follow-up questions and requests presented by the Board after its initial review of the information described above.

In considering whether to renew the Agreement with respect to each Fund, the Board discussed various factors, including: (1) the nature, extent and quality of services provided or to be provided by Advisors to the Fund; (2) the Fund’s investment performance; (3) the costs of the services provided to the Fund and the profits realized or potential profits to be realized (if any) by Advisors and its affiliates from their relationship with the Fund; (4) fees charged to comparable mutual funds by other advisers; (5) the extent to which economies of scale have been realized or are anticipated to be realized as the Fund grows; (6) how such economies of scale are shared with the Fund for the benefit of its investors, such as through management fee breakpoints; (7) comparisons of the services provided by Advisors to, and the fee rates and performance of, the Fund to other clients to whom Advisors provides comparable services; and (8) any other benefits derived or anticipated to be derived by Advisors or its affiliates from their relationship with the Fund. As part of the Board’s review of these factors, the Board received information from management on the impact of the COVID-19 pandemic on the Teachers Insurance and Annuity Association of America (“TIAA”) enterprise generally and the Funds in particular including, among other information, the current and expected impact on the Funds’ performance and operations. As a general matter, the Board considered these factors, and any other factors deemed relevant by the Trustees, in their totality, and no

single factor was identified as being the determining factor in deciding whether to renew the Agreement.

In addition to the March 26, 2020 meeting that included Advisors’ personnel, the Trustees met in private sessions, at which no representatives of Advisors were present, to discuss the proposed renewal of the Agreement for each Fund. The Board also received and considered information from its legal counsel as to certain relevant guidance that relates to the renewal process under Section 15(c) of the 1940 Act and certain other legal authorities.

While the contract renewal process included a series of discussions and meetings leading up to the March 26, 2020 meeting, the oversight and evaluation of Advisors’ services to the Funds by the Board and its Committees is an ongoing process. The Board, as well as its Committees, discussed reports on various investment and operational topics that had been identified by the Board or its Committees for review in the year since the last annual renewal process. Further, at regularly scheduled meetings of the Board, the Board and the Investment Committee receive and discuss, among other matters, information regarding the performance of the Funds. Thus, in reaching its decisions regarding the renewal of the Agreement for each Fund, the Board took into account the information described herein and other information provided to the Board and its Committees throughout the year.

The Board received and considered both Trust-level and Fund-specific information, but made its renewal determinations on a Fund-by-Fund basis. In deciding whether to renew the Agreement for each Fund, each Trustee may have accorded different weight to different factors and, thus, may have had a different basis for his or her ultimate decision to vote to renew the Agreement for each Fund. At its meeting on March 26, 2020, all Board members voted unanimously to renew the Agreement for each Fund. Set forth below is a summary of the primary factors the Board considered with respect to each Fund.

The nature, extent and quality of services

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

62 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds

continued

responsibilities in a competent and professional manner. The Board also considered that Advisors has committed significant resources to supporting the series of the Trust, including the Funds. It also considered Advisors’ compliance program and resources and its compliance record with respect to the Funds.

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

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

Investment performance

The Board considered the investment performance of each Fund, over the periods indicated in the Fund-by-Fund synopsis below. The Board considered each Fund’s performance as compared to its benchmark index or other comparative information deemed relevant by management and/or the Board. The Board also discussed the three-year performance of the Funds before any reductions for fees and expenses. In this analysis, the Board considered the impact of net asset value rounding and the effects of fair valuation, foreign exchange rates, effective tax rates, securities lending and class action litigation, as applicable on each Fund’s performance as compared to the performance of its benchmark index. For details regarding each Fund’s performance, see the Fund-by-Fund synopsis below.

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

Cost and profitability

The Board considered financial and profitability data relating to Advisors’ services to the Funds for the calendar year 2019. The Board considered Advisors’ profit calculations with respect to its services to each Fund both before and after taking into account the costs incurred directly or indirectly by Advisors in connection with the distribution of shares of the Fund. The Board acknowledged the reasonableness of having management fee rates which permit Advisors to maintain and improve the quality of services provided to the Funds and recognized the entrepreneurial and other risks assumed by Advisors in

managing the Funds. The Board considered that Advisors had calculated that it earned profits with respect to each of the Funds under the Agreement for the one-year period ended December 31, 2019. The Board also acknowledged Advisors’ commitment to reimburse Fund expenses to the extent that total annual operating expenses exceeded certain specified amounts. Based upon the information provided by Advisors with respect to Advisors’ profitability under the Agreement for each Fund in 2019, the Board concluded that those profits were reasonable in light of various relevant factors.

Fees charged by other advisers

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

Economies of scale

The Board considered whether Advisors has experienced or is anticipated to experience economies of scale in connection with the operation of each Fund, and whether any such economies are shared with the Funds. The Board considered, in connection with the supporting Broadridge reports, Advisors’ position that the maximum fee rate that could be charged to each Fund based on its level of assets under the Agreement is comparatively low in relation to peer groups of mutual funds. Based on all factors considered, the Board concluded that the Funds’ management fee rate schedules were reasonable in light of current economies of scale considerations and current asset levels.

Fee and performance comparisons with other Advisors clients

The Board considered that Advisors and its affiliate, TIAA-CREF Investment Management, LLC, provide investment management services to other investment companies that may have similar investment strategies as certain of the Funds. The Board considered the management fee rates and the performance of

TIAA-CREF Funds: Equity Index Funds  ■  2020 Semiannual Report 63

Approval of investment management agreement (unaudited)

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

Other benefits

The Board also considered additional “fall-out benefits” to Advisors and its affiliates arising from the Agreement. Such benefits include, among others, other fees paid by the Funds to Advisors or its affiliates for other services, such as distribution and administration, and investment-related benefits, such as economies of scale to the extent the Funds share investment resources and/or personnel with other clients of Advisors and the ability to incubate strategies within one or more Funds that could be subsequently utilized to manage other non-Fund products. Advisors and its affiliates may also benefit from the level of business and relationships the Funds have with certain service providers. Additionally, the Funds may be utilized as investment options for other products and businesses of Advisors and its affiliates, such as variable products, fund of funds and 529 education savings plans. Also, Advisors and its affiliates may benefit from their relationship with the Funds to the extent that this relationship results in potential investors viewing TIAA, of which Advisors is an indirect, wholly-owned subsidiary, as a leading retirement plan provider in the academic and non-profit markets and as a single source for all their financial service needs.

Fund-by-fund synopsis of factors

The Board considered the following specific factors (among others) in connection with its determination to renew the Agreement with respect to each Fund. If a Fund is described in the following discussions as being in the “1st” quintile, it is in the best of five groups (that is, the group has the best performance or the lowest expenses, as the case may be). References below to quintiles are based on data provided to the Board in the reports prepared by Broadridge. The specific management fee, expense and performance factors outlined below are based on the Institutional Class shares of each Fund. Because the Institutional Class generally has lower non-management expenses than the other classes of these Funds, the expenses and performance of these other classes will differ from the expenses and performance shown for the Institutional Class. References to “adjusted” relative gross performance means the performance of a Fund minus the impact of net asset value rounding and the effects of fair valuation, foreign exchange rates, effective tax rates, securities lending and class action litigation, as applicable. All time periods referenced below are ended December 31, 2019. Under the Morningstar rating system, an Overall Morningstar Rating of 5 stars is the highest

(best) rating category and 1 star is the lowest (worst) rating category. The Morningstar data is as of December 31, 2019. For reference, one basis point equals 0.01%. Statements below regarding “net profit” refer to Advisors’ calculation that it earned a profit for the services that it rendered to a Fund during 2019 under the Agreement.

Equity Index Fund

• The Fund’s annual contractual management fee rate is 0.04% of average daily net assets.

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

• For the three-year period, the Fund’s adjusted relative gross performance as compared to its benchmark, the Russell 3000^® Index, differed by –1 basis point.

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

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

Large-Cap Growth Index Fund

• The Fund’s annual contractual management fee rate is 0.04% of average daily net assets.

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

• For the three-year period, the Fund’s adjusted relative gross performance as compared to its benchmark, the Russell 1000^® Growth Index, differed by –3 basis points.

• The Fund received an Overall Morningstar Rating of 5 stars.

• Advisors calculated that it incurred a net profit with respect to its services to the Fund for the one-year period.

Large-Cap Value Index Fund

• The Fund’s annual contractual management fee rate is 0.04% of average daily net assets.

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

• For the three-year period, the Fund’s adjusted relative gross performance as compared to its benchmark, the Russell 1000^® Value Index, differed by –1 basis point.

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

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

S&P 500 Index Fund

• The Fund’s annual contractual management fee rate is 0.04% of average daily net assets.

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

64 2020 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds

concluded

• For the three-year period, the Fund’s adjusted relative gross performance as compared to its benchmark, the S&P 500^® Index, was the same.

• The Fund received an Overall Morningstar Rating of 5 stars.

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

Small-Cap Blend Index Fund

• The Fund’s annual contractual management fee rate is 0.04% of average daily net assets.

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

• For the three-year period, the Fund’s adjusted relative gross performance as compared to its benchmark, the Russell 2000^® Index, differed by +3 basis points.

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

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

Emerging Markets Equity Index Fund

• The Fund’s annual contractual management fee rate is 0.14% of average daily net assets.

• The Fund’s total expense ratio and contractual management fee rate were each in the 2nd quintile of both its Expense Group and Expense Universe. The Fund’s actual management fee rate was in the 4th and 2nd quintiles of its Expense Group and Expense Universe, respectively.

• For the three-year period, the Fund’s adjusted relative gross performance as compared to its benchmark, the MSCI Emerging Markets Index, differed by +5 basis points.

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

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

International Equity Index Fund

• The Fund’s annual contractual management fee rate is 0.04% of average daily net assets.

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

• For the three-year period, the Fund’s adjusted relative gross performance as compared to its benchmark, the MSCI EAFE Index, differed by –10 basis points.

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

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

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

TIAA-CREF Funds: Equity Index Funds  ■  2020 Semiannual Report 65

Liquidity risk management program

Discussion of the operation and effectiveness of the Funds’ liquidity risk management program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), each series of the Trust covered by this Report (the “Funds”) has adopted and implemented a liquidity risk management program (the “Program”), which is reasonably designed to assess and manage the Funds’ liquidity risk. The Program consists of various provisions relating to assessing and managing Fund liquidity risk, as discussed further below. The Funds’ Board of Trustees (the “Board”) previously approved the designation of Advisors (the “Administrator”) as Program administrator. The Liquidity Monitoring and Analysis Team (the “LMAT”) carries out day-to-day Program management with oversight by the Liquidity Oversight Committee (the “LOSC”). Personnel from the Administrator and Nuveen Fund Advisors, LLC, an affiliate of the Administrator, comprise the LMAT and LOSC.

At a February 11, 2020 Board meeting, the Administrator provided the Board with a written report addressing the Program’s operation, adequacy, and effectiveness of implementation for the period from December 1, 2018 through November 30, 2019 (the “Review Period”), as required under the Liquidity Rule. The report noted that the Program has been and continues to be adequately and effectively implemented to monitor and (as applicable) respond to the Funds’ liquidity developments.

In accordance with the Program, the LMAT assesses each Fund’s liquidity risk no less frequently than annually based on various factors, such as (i) the Fund’s investment strategy and the liquidity of portfolio investments, (ii) cash flow projections, and (iii) holdings of cash and cash equivalents and borrowing arrangements and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions.

Each Fund portfolio investment is classified into one of four liquidity categories (including “highly liquid investments” and “illiquid investments,” discussed below). The classification is based on a determination of how long it is reasonably expected to take to convert the investment into cash, or sell or dispose of the investment, in current market conditions without significantly changing the market value of the investment. Liquidity classification determinations take into account various market, trading, and investment-specific considerations, as well as market depth, and utilize third-party vendor data.

Any Fund that does not primarily hold highly liquid investments must, among other things, determine a minimum percentage of Fund net assets that must be invested in highly liquid investments (a “Highly Liquid Investment Minimum”). During the Review Period, each Fund primarily held highly liquid investments and therefore was exempt from the requirement to adopt a Highly Liquid Investment Minimum and to comply with the related requirements under the Liquidity Rule.

The Liquidity Rule also limits the Funds’ investments in illiquid investments. Specifically, the Liquidity Rule prohibits acquisition of illiquid investments if doing so would result in the Fund holding more than 15% of its net assets in illiquid investments and requires certain reporting anytime a Fund’s holdings of illiquid investments exceed 15% of net assets. During the Review Period, no Fund exceeded the 15% limit on illiquid investments.

66 2020 Semiannual 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  ■  2020 Semiannual 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, 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.

©2020 Teachers Insurance and Annuity Association of America—College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017-3206

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TIAA-CREF
Funds April 30,
2020

TIAA-CREF

International Fixed-Income Funds

The semiannual report contains the financial statements (unaudited).

Fund name	Institutional Class	Advisor Class	Premier Class	Retirement Class	Retail Class	Class W
Emerging Markets Debt Fund	TEDNX	TEDHX	TEDPX	TEDTX	TEDLX	TEDVX
International Bond Fund	TIBWX	TIBNX	TIBLX	TIBVX	TIBEX	TIBUX

Semiannual
Report

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

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

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

Contents

Understanding this report	3
Letter to investors	4
Information for investors	6
About the funds’ benchmarks	7
Important information about expenses	8
Fund performance
Emerging Markets Debt Fund	9
International Bond Fund	13
Summary portfolios of investments	17
Financial statements (unaudited)
Statements of assets and liabilities	33
Statements of operations	35
Statements of changes in net assets	36
Financial highlights	40
Notes to financial statements	44
Approval of investment management agreement	56
Liquidity risk management program	64
How to reach us	Inside back cover

Understanding this report

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

This semiannual report contains information about certain TIAA-CREF Funds and describes their results for the six months ended April 30, 2020. The report contains four main sections:

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

· The fund performance section compares each fund’s investment returns with those of its benchmark index.

· The summary portfolios of investments list the issuers, industries and types of securities in which each fund had investments as of April 30, 2020.

· 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   ■   2020 Semiannual Report 3

Letter to investors

International fixed-income securities recorded mixed results for the six months ended April 30, 2020. Investment-grade fixed-rate bonds generated modest positive returns, while emerging-markets debt, hit harder by the COVID-19 pandemic due to plunging oil prices, posted declines. For the six months:

· International investment-grade fixed-rate bonds, as measured by the Bloomberg Barclays Global Aggregate Ex-USD Index (Hedged), gained 1.4%. Please see page 7 for benchmark definitions.

· Emerging-markets debt securities, as measured by the JP Morgan Emerging Markets Bond Index (EMBI) Global Diversified, returned –10.1%.

· The TIAA-CREF International Bond Fund (Institutional Class) returned –1.5%, while the TIAA-CREF Emerging Markets Debt Fund (Institutional Class) returned –12.8%. Both underperformed their respective benchmarks.

International investment-grade fixed-rate bonds advanced for the six months amid market uncertainty concerning COVID-19 and efforts to limit its proliferation. Early in the period, global bond yields rose from all-time lows as signs of progress in U.S.-China trade talks grew more positive. However, economies in Europe, China and elsewhere contracted during the first quarter of 2020 as the pandemic spread. Global central banks responded with stimulus measures on a scale unmatched since the 2008–2009 financial crisis.

Emerging-markets debt securities also performed well early in the period, but they sold off in February and March 2020 as the effects of COVID-19 and collapsing oil prices took a heavy toll. The asset class regained some ground in April as oil prices moved upward toward the end of the month.

International fixed-income results trailed U.S. bonds

Foreign bonds lagged the performance of U.S. bonds for the six months. International investment-grade securities trailed the 4.9% gain of U.S. investment-grade fixed-rate bonds, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index. The U.S. Federal Reserve lowered the federal funds target rate twice in March 2020, cutting the key interest-rate measure to 0.00%–0.25%. Emerging-markets debt trailed the –6.1% return of U.S. high-yield bonds, as measured by the ICE BofA BB-B U.S. Cash Pay High Yield Constrained Index.

A diversified approach in a challenging environment

The COVID-19 pandemic has presented economic challenges around the world in recent months, and it has altered the way we go about our everyday lives. Despite this unprecedented change, it’s important to know that TIAA is here to support you as you plan for the future, offering more than a century of financial management experience.

4 2020 Semiannual Report   ■   TIAA-CREF International Fixed-Income Funds

Brad Finkle

The recent market fluctuations have reaffirmed our view about the value of portfolio diversification. We believe diversification by geography and asset class can be a prudent way for fixed-income investors to better navigate shifts in global bond markets; and, a professionally managed portfolio of bonds within a mutual fund may help to balance market risks and opportunities more effectively. Since the timing and sequence of recovery among the world’s economies may be difficult to forecast, diversification that includes international fixed-income securities has the potential to help investors achieve their long-term financial goals. Of course, diversification does not guarantee against market losses.

If you have any questions about your investment in the TIAA International Fixed-Income Funds, please contact your financial advisor or call a TIAA financial consultant at 800-842-2252. We welcome the opportunity 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 International Fixed-Income Funds   ■   2020 Semiannual Report 5

Information for investors

Portfolio holdings

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

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

· By visiting our website at TIAA.org; or

· By calling us at 800-842-2252 to request a copy, which will be provided free of charge.

You can also obtain a complete list of the TIAA-CREF Funds’ portfolio holdings as of the most recently completed fiscal quarter, and for prior quarter-ends, from our SEC Form N-CSR and Form N-PORT filings. Form N-CSR filings are as of October 31 or April 30; Form N-PORT 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 2020 Semiannual Report   ■   TIAA-CREF International Fixed-Income Funds

About the funds’ benchmarks

Emerging Markets Debt Fund

The JP Morgan Emerging Markets Bond Index Global Diversified (EMBI-GD Index) is an unmanaged, market-capitalization-weighted, total-return index tracking the traded market for U.S.-dollar-denominated Brady bonds, Eurobonds and other debt instruments issued by sovereign and quasi-sovereign entities. The index limits the weights of those index countries with larger debt stocks by only including a specified portion of these countries’ eligible current face amounts of debt outstanding.

International Bond Fund

The Bloomberg Barclays Global Aggregate Ex-USD Index (Hedged) is an unmanaged, global, investment-grade fixed-rate bond market index, including treasury, government-related, corporate and securitized fixed-rate bonds from both developed- and emerging-markets issuers, in 24 local currencies. Securities are SEC registered, taxable, non-dollar denominated and must have a minimum maturity of one year. Securities must be rated investment grade using the middle rating of Moody’s, S&P and Fitch after dropping the highest and lowest available ratings.

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

Information has been obtained from sources believed to be reliable but J.P. Morgan does not guarantee its completeness or accuracy. The J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified (EMBI-GD Index) is used with permission. The EMBI-GD Index may not be copied, used, or distributed without J.P. Morgan’s prior written approval. Copyright 2020, 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   ■   2020 Semiannual Report 7

Important information about expenses

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

The expense examples that appear in this report are intended to help you understand your ongoing costs only (in U.S. dollars) and do not reflect transactional costs. The examples are designed to help you compare these ongoing costs with the ongoing costs of investing in other mutual funds.

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (November 1, 2019–April 30, 2020).

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 2020 Semiannual Report   ■   TIAA-CREF International Fixed-Income Funds

Emerging Markets Debt Fund

Performance for the six months ended April 30, 2020

The Emerging Markets Debt Fund returned –12.84% for the Institutional Class, compared with the –10.08% return of its benchmark, the JP Morgan Emerging Markets Bond Index (EMBI) Global Diversified (“JP Morgan index”). For the one-year period ended April 30, 2020, the Fund returned –7.02% versus –4.97% for the index. The performance table shows returns for all share classes of the Fund.

Emerging-markets debt fell amid the COVID-19 pandemic and declining oil prices

After advancing 3.07% in the first half of the period amid progress on a U.S.-China trade agreement and a pause in interest-rate increases from the U.S. Federal Reserve, emerging-markets (EM) debt securities sold off in February and March of 2020 as the dual shocks of the COVID-19 pandemic and plunging oil prices took a heavy toll.

Efforts around the world to contain the virus disrupted business operations, closed restaurants and retail stores, and restricted travel. At the same time, an oil price war between Saudi Arabia and Russia exacerbated a global supply glut just as demand for oil was collapsing due to the pandemic. April was a small bright spot as EM debt regained some traction, rising 2.25% as oil prices climbed after turning briefly negative for the first time in history.

Fund trailed its benchmark

For the period, the Fund trailed its benchmark largely due to out-of-benchmark corporate selections in Brazil, an underweight to Chinese quasi-sovereigns, and sovereign overweights to oil exposed Ecuador and Angola. On the positive side, the allocation to corporates and local-currency markets benefited the Fund’s relative performance.

In the corporate sector, Brazilian energy- and oil-related holdings were the largest detractors, along with an Indonesian oil producer, an Indian commodity conglomerate, a Mexican airline and a global ports operator in the United Arab Emirates.

Within sovereigns, in addition to the overweight positions to Ecuador and Angola, an overweight to Zambia and underweight allocations to less volatile investment-grade issuers in the Philippines, Poland and Qatar also hurt performance.

By contrast, the Fund’s performance benefited from underweight positions in Sri Lanka and Lebanon as both have been plagued with government infrastructure and burgeoning debt issues. Other positive drivers were generated by increased cash holdings, an Israeli pharmaceutical company, local-currency Egyptian and Argentinean sovereign bonds, and a local-currency Peruvian corporate bond.

TIAA-CREF International Fixed-Income Funds   ■   2020 Semiannual Report 9

Emerging Markets Debt Fund

Performance as of April 30, 2020

Emerging Markets Debt Fund		Total return						Average annual total return						Annual operating expenses*
	Inception date	6 months			1 year			5 years			since inception			gross			net
Institutional Class	9/26/14		–12.84	%		–7.02	%		2.92	%		2.69	%		0.63	%		0.63	%
Advisor Class	12/4/15		–12.93			–7.07			2.90	†		2.67	†		0.71			0.71
Premier Class	9/26/14		–12.91			–7.06			2.75			2.52			0.79			0.79
Retirement Class	9/26/14		–12.98			–7.27			2.65			2.42			0.88			0.88
Retail Class	9/26/14		–13.00			–7.33			2.57			2.34			0.92			0.92
Class W	9/28/18		–12.62			–6.39			3.12	†		2.87	†		0.63			0.00
J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified	—		–10.08			–4.97			2.94			3.07	‡		—			—

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 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 28, 2021, 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 2020 Semiannual Report  §  TIAA-CREF International Fixed-Income Funds

Emerging Markets Debt Fund

Expense example

Six months ended April 30, 2020

	Beginning account value				Ending account value				Expenses paid during period		*
Emerging Markets Debt Fund	(11/1/19			)	(4/30/20			)	(11/1/19–4/30/20		)
Actual return
Institutional Class		$	1,000.00			$	871.64			$2.93
Advisor Class			1,000.00				870.70			3.26
Premier Class			1,000.00				870.90			3.63
Retirement Class			1,000.00				870.21			4.09
Retail Class			1,000.00				870.00			4.28
Class W			1,000.00				873.84			0.00
5% annual hypothetical return
Institutional Class			1,000.00				1,021.73			3.17
Advisor Class			1,000.00				1,021.38			3.52
Premier Class			1,000.00				1,020.98			3.92
Retirement Class			1,000.00				1,020.49			4.42
Retail Class			1,000.00				1,020.29			4.62
Class W			1,000.00				1,024.86			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 182/366. There were 182 days in the six months ended April 30, 2020. The Fund’s annualized six-month expense ratios for that period were 0.63% for the Institutional Class, 0.70% for the Advisor Class, 0.78% for the Premier Class, 0.88% for the Retirement Class, 0.92% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

For more information about this expense example, please see page 8.

Fund profile

	as of 4/30/2020
Net assets		$412.57 million
Portfolio turnover rate*		31%
Number of issues		246
Option-adjusted duration‡		6.61 years
Average maturity§		12.46 years

*	The portfolio turnover rate covers the six-month period from November 1, 2019–April 30, 2020, and is not annualized.
‡	Option-adjusted duration estimates how much the value of a bond portfolio would be affected by a change in prevailing interest rates, taking into account the options embedded in the individual securities. The longer a portfolio’s duration, the more sensitive it is to changes in interest rates.
§	Average maturity is a simple average of the maturities of all the bonds in a fund’s portfolio. The maturity of a bond is the amount of time until the bond’s principal becomes due or payable.

TIAA-CREF International Fixed-Income Funds  §  2020 Semiannual Report 11

Emerging Markets Debt Fund

Portfolio composition

Sector	% of net assets as of 4/30/2020
Corporate bonds		49.4
Foreign government securities		44.6
Short-term investments, other assets & liabilities, net		6.0
Total		100.0

Holdings by country

	% of portfolio investments as of 4/30/2020
Brazil		8.3
Mexico		7.5
Indonesia		6.2
Ukraine		5.3
India		4.5
Colombia		4.3
Chile		4.2
South Africa		3.6
50 other nations		53.8
Short-term investments		2.3
Total		100.0

Holdings by maturity 

	% of fixed-income investments (excluding short-term investments) as of 4/30/2020
Less than 1 year		1.0
1–3 years		7.1
3–5 years		12.8
5–10 years		40.8
Over 10 years		38.3
Total		100.0

Holdings by credit quality

	% of fixed-income investments (excluding short-term investments) as of 4/30/2020
Aa/AA		1.9
A/A		5.3
Baa/BBB		32.5
Ba/BB		27.6
B/B		22.8
Below B/B		4.8
Non-rated		5.1
Total		100.0

Credit quality ratings are based on the J.P. Morgan methodology, which uses the middle rating of the S&P, Moody’s and Fitch ratings to determine an instrument’s rating category. When a rating from only two agencies is available, the lower is used; when only one agency rates a bond, that rating is used.

12 2020 Semiannual Report  §  TIAA-CREF International Fixed-Income Funds

International Bond Fund

Performance for the six months ended April 30, 2020

The International Bond Fund returned –1.51% for the Institutional Class, compared with the 1.38% return of its benchmark, the Bloomberg Barclays Global Aggregate Ex-USD Index (Hedged) (“Global Aggregate index”). For the one-year period ended April 30, 2020, the Fund returned 4.27% versus 6.45% for the index. The performance table shows returns for all share classes of the Fund.

COVID-19 pandemic caused a dramatic shift in international economies, markets

During the first half of the period, global central banks generally followed the U.S. Federal Reserve’s pause in monetary actions, with many noting the stabilization of global growth. Amid progress on a U.S.-China trade deal and increasing clarity regarding Brexit, global bond yields rose from all-time lows.

In the second half of the period, the COVID-19 pandemic caused a significant contraction in global economies, accompanied by a sharp downturn in riskier debt sectors. In response, global central banks launched quantitative easing and other monetary stimulus measures on a scale not seen since the 2008–2009 financial crisis. Governments followed with large-scale fiscal stimulus to address the economic impact of the crisis. Financial markets were battered, with bond yields, stock and oil prices all plummeting, while currencies perceived as safe such as the U.S. dollar, Japanese yen and Swiss franc strengthened. In April, markets improved on hopes for drug treatments and declining numbers of new COVID-19 cases in hard-hit countries.

Fund trailed its benchmark

For the six-month period, the Fund posted a modest decline and underperformed its benchmark. Fund allocations to emerging-markets (EM) debt—particularly government credit securities—detracted most from relative returns. Out-of-benchmark holdings in African countries, predominantly Angola and Ghana, also hurt, as did certain EM countries, including Ecuador, Lebanon and Ukraine. Other detractors included high-yield corporate bonds and unhedged currency positions, particularly those related to energy and commodities, such as securities denominated in the Brazilian real and Norwegian krone.

On the positive side, Fund positions in out-of-benchmark U.S. Treasuries were beneficial. As rates fell sharply across the Treasury curve, the Fund’s duration and yield curve positions benefited. Yield curve positions in the euro area, Japan and Norway contributed. Within global Treasuries, Fund selections in the United Kingdom, Canada and Japan helped performance versus the benchmark. Unhedged currency exposure in Egyptian pound-denominated securities was beneficial. A small exposure to derivatives instruments also contributed.

TIAA-CREF International Fixed-Income Funds  §  2020 Semiannual Report 13

International Bond Fund

Performance as of April 30, 2020

International Bond Fund		Total return						Average annual total return			Annual operating expenses*
	Inception date	6 months			1 year			since inception			gross			net
Institutional Class	8/5/16		–1.51	%		4.27	%		3.03	%		0.60	%		0.60	%
Advisor Class	8/5/16		–1.60			4.26			2.97			0.70			0.70
Premier Class	8/5/16		–1.64			4.07			2.89			0.78			0.75
Retirement Class	8/5/16		–1.67			4.02			2.78			0.85			0.85
Retail Class	8/5/16		–1.81			3.80			2.67			1.06			0.95
Class W	9/28/18		–1.25			4.92			3.29	†		0.61			0.00
Bloomberg Barclays Global Aggregate ex-USD Index (Hedged)	—		1.38			6.45			3.57	‡		—			—

The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance 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 28, 2021, 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 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.

14 2020 Semiannual Report  §  TIAA-CREF International Fixed-Income Funds

International Bond Fund

Expense example

Six months ended April 30, 2020

	Beginning account value				Ending account value				Expenses paid during period		*
International Bond Fund	(11/1/19			)	(4/30/20			)	(11/1/19–4/30/20		)
Actual return
Institutional Class		$	1,000.00			$	984.93			$2.96
Advisor Class			1,000.00				984.03			2.96
Premier Class			1,000.00				983.63			3.80
Retirement Class			1,000.00				983.31			4.19
Retail Class			1,000.00				981.88			4.78
Class W			1,000.00				987.46			0.00
5% annual hypothetical return
Institutional Class			1,000.00				1,021.88			3.02
Advisor Class			1,000.00				1,021.88			3.02
Premier Class			1,000.00				1,021.03			3.87
Retirement Class			1,000.00				1,020.64			4.27
Retail Class			1,000.00				1,020.04			4.87
Class W			1,000.00				1,024.86			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 182/366. There were 182 days in the six months ended April 30, 2020. The Fund’s annualized six-month expense ratios for that period were 0.60% for the Institutional Class, 0.60% for the Advisor Class, 0.77% for the Premier Class, 0.85% for the Retirement Class, 0.97% 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 8.

Fund profile

	as of 4/30/2020
Net assets		$380.62 million
Portfolio turnover rate*		32%
Number of issues		309
Option-adjusted duration‡		7.66 years
Average maturity§		9.22 years

*	The portfolio turnover rate covers the six-month period from November 1, 2019–April 30, 2020, and is not annualized.
‡	Option-adjusted duration estimates how much the value of a bond portfolio would be affected by a change in prevailing interest rates, taking into account the options embedded in the individual securities. The longer a portfolio’s duration, the more sensitive it is to changes in interest rates.
§	Average maturity is a simple average of the maturities of all the bonds in a fund’s portfolio. The maturity of a bond is the amount of time until the bond’s principal becomes due or payable.

TIAA-CREF International Fixed-Income Funds  §  2020 Semiannual Report 15

International Bond Fund

Portfolio composition

Sector	% of net assets as of 4/30/2020
Foreign government securities		75.5
Corporate bonds		18.0
Bank loan obligations		1.4
Short-term investments,other assets & liabilities, net		5.1
Total		100.0

Holdings by country

	% of portfolio investments as of 4/30/2020
Japan		17.9
United States		11.7
United Kingdom		7.4
Italy		5.6
Korea Republic of		5.0
China		4.7
France		4.1
Spain		3.0
60 other nations		38.3
Short-term investments		2.3
Total		100.0

Holdings by maturity

	% of fixed-income investments (excluding short-term investments) as of 4/30/2020
Less than 1 year		2.3
1–3 years		10.3
3–5 years		20.7
5–10 years		38.2
Over 10 years		28.5
Total		100.0

Holdings by credit quality

	% of fixed-income investments (excluding short-term investments) as of 4/30/2020
Aaa/AAA		7.5
Aa/AA		20.1
A/A		35.9
Baa/BBB		23.8
Ba/BB		6.8
B/B		4.8
Below B/B		0.4
Non-rated		0.7
Total		100.0

Credit quality ratings are based on the Bloomberg Barclays methodology, which uses the median rating of those compiled by the Moody’s, Standard & Poor’s and Fitch ratings agencies. If ratings are available from only two of these agencies, the lower rating is used. When only one rating is available, that one is used. These ratings are subject to change without notice.

16 2020 Semiannual Report  §  TIAA-CREF International Fixed-Income Funds

Summary portfolio of investments(unaudited)

Emerging Markets Debt Fund  ■  April 30, 2020

								% of net
Principal			Issuer			Value		assets
BONDS
CORPORATE BONDS
ARGENTINA						$	2,029,270		0.5	%
BRAZIL
$	2,500,000	g	Banco BTG Pactual S.A.		4.500%, 01/10/25		2,337,500		0.6
	2,500,000	g	Banco Votorantim S.A.		4.500%, 09/24/24		2,443,750		0.6
	2,875,000	g	Cosan Ltd		5.500%, 09/20/29		2,537,072		0.6
	2,500,000	g	NBM US Holdings, Inc		6.625%, 08/06/29		2,322,875		0.6
	2,750,000	g	Rede D’or Finance Sarl		4.500%, 01/22/30		2,327,325		0.6
			Other				15,080,770		3.6
							27,049,292		6.6
CHILE
	5,750,000	g	Corp Nacional del Cobre de Chile-CODELCO	3.150%–4.375%, 08/01/27–02/05/49			5,745,896		1.4
	2,100,000		Enel Chile S.A.		3.950%, 06/12/28		2,274,300		0.5
			Other				8,495,239		2.1
							16,515,435		4.0
CHINA
	3,100,000		China Evergrande Group		8.250%, 03/23/22		2,735,817		0.7
	2,600,000		Shimao Property Holdings Ltd		5.200%, 01/30/25		2,573,084		0.6
	2,425,000		Weibo Corp		3.500%, 07/05/24		2,456,250		0.6
			Other				4,078,686		0.9
							11,843,837		2.8
COLOMBIA
	2,735,000	g	Empresas Publicas de Medellin ESP		4.250%, 07/18/29		2,573,088		0.6
			Other				11,284,682		2.8
							13,857,770		3.4
COSTA RICA							3,064,243		0.7
DOMINICAN REPUBLIC							2,050,000		0.5
ECUADOR							1,550,000		0.4
GHANA							2,017,000		0.5
INDIA
	2,825,000	g	Adani Green Energy UP Ltd		6.250%, 12/10/24		2,751,789		0.7
	2,800,000	g	Muthoot Finance Ltd		6.125%, 10/31/22		2,518,140		0.6
			Other				12,543,500		3.1
							17,813,429		4.4
INDONESIA
	2,750,000	g	Pertamina Persero PT		4.150%, 02/25/60		2,273,076		0.6
	5,400,000	g	Perusahaan Listrik Negara PT	3.875%–6.150%, 07/17/29–05/21/48			5,579,000		1.3
			Other				13,643,602		3.2
							21,495,678		5.1
JAMAICA							77,596		0.0

See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2020 Semiannual Report 17

Summary portfolio of investments(unaudited) continued

Emerging Markets Debt Fund  ■  April 30, 2020

								% of net
Principal			Issuer			Value		assets
KAZAKHSTAN
$	2,475,000	g	KazTransGas JSC		4.375%, 09/26/27	$	2,347,350		0.6	%
			Other				5,361,290		1.3
							7,708,640		1.9
KUWAIT							2,250,400		0.5
MACAU							1,311,750		0.3
MALAYSIA
	3,000,000		1MDB Global Investments Ltd		4.400%, 03/09/23		2,654,940		0.6
			Other				2,032,657		0.5
							4,687,597		1.1
MEXICO
	4,647,000	g	Petroleos Mexicanos		6.840%, 01/23/30		3,630,469		0.9
	6,175,000		Petroleos Mexicanos	4.875%–6.350%, 01/18/24–02/12/48			4,681,471		1.1
			Other				14,568,892		3.6
							22,880,832		5.6
PANAMA
	2,300,000	g	Empresa de Transmision Electrica S.A.		5.125%, 05/02/49		2,323,023		0.6
			Other				1,116,250		0.3
							3,439,273		0.9
PARAGUAY							975,000		0.2
PERU
PEN	9,000,000	g	Alicorp SAA		6.875%, 04/17/27		2,852,911		0.7
			Other				4,370,787		1.0
							7,223,698		1.7
RUSSIA							2,180,045		0.5
SOUTH AFRICA
$	5,600,000	g	Eskom Holdings SOC Ltd	5.750%–8.450% 01/26/21-08/10/28			4,414,623		1.1
	2,300,000	g	Gold Fields Orogen Holdings BVI Ltd		6.125%, 05/15/29		2,427,075		0.6
			Other				1,155,000		0.3
							7,996,698		2.0
THAILAND
	2,750,000	g	PTTEP Treasury Center Co Ltd		3.903%, 12/06/59		2,591,591		0.6
			Other				2,223,894		0.6
							4,815,485		1.2
TURKEY							4,813,958		1.1
UKRAINE
	2,400,000	g	Ukreximbank Via Biz Finance plc		9.750%, 01/22/25		2,316,480		0.6
			Other				4,973,263		1.3
							7,289,743		1.9

18 2020 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements

Summary portfolio of investments (unaudited) continued

Emerging Markets Debt Fund  ■  April 30, 2020

Principal			Issuer		Value		% of net assets
UNITED ARAB EMIRATES
$	2,500,000	g	MDGH-GMTN BV	3.700%, 11/07/49	$	2,413,050		0.6	%
			Other			4,129,809		1.0
						6,542,859		1.6
			TOTAL CORPORATE BONDS (Cost $234,284,577)			203,479,528		49.4
GOVERNMENT BONDS
ANGOLA						2,812,348		0.7
ARGENTINA						2,810,958		0.7
AZERBAIJAN
	3,023,000	g	Southern Gas Corridor CJSC	6.875%, 03/24/26		3,156,375		0.8
						3,156,375		0.8
BAHRAIN
	2,600,000	g	Bahrain Government International Bond	5.625%, 09/30/31		2,333,500		0.6
						2,333,500		0.6
BARBADOS						1,889,370		0.5
BERMUDA						2,100,000		0.5
BRAZIL
	2,150,000		Brazilian Government International Bond	7.125%, 01/20/37		2,432,209		0.6
			Other			3,876,976		0.9
						6,309,185		1.5
COLOMBIA						3,366,401		0.8
COSTA RICA						2,880,525		0.7
COTE D’IVOIRE						1,487,700		0.4
DOMINICAN REPUBLIC
	3,100,000	g	Dominican Republic Government International Bond	6.875%, 01/29/26		2,976,000		0.7
	3,160,000	g	Dominican Republic Government International Bond	7.450%, 04/30/44		2,867,700		0.7
			Other			2,142,016		0.5
						7,985,716		1.9
ECUADOR						3,981,547		0.9
EGYPT
	2,375,000	g	Egypt Government International Bond	5.577%, 02/21/23		2,301,266		0.6
	4,050,000	g	Egypt Government International Bond	8.500%, 01/31/47		3,604,451		0.9
$, EGP	18,375,000	g	Egypt Government International Bond	6.585%–16.000%, 06/11/22–11/20/59		6,177,327		1.5
						12,083,044		3.0
EL SALVADOR
$	3,100,000	g	El Salvador Government International Bond	7.625%, 02/01/41		2,387,000		0.6
						2,387,000		0.6

See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2020 Semiannual Report 19

Summary portfolio of investments (unaudited) continued

Emerging Markets Debt Fund  ■  April 30, 2020

Principal			Issuer		Value		% of net assets
GHANA
$	5,825,000	g	Ghana Government International Bond	8.125%-8.750%, 03/26/32–03/11/61	$	4,396,466		1.1	%
			Other			538,133		0.1
						4,934,599		1.2
GREECE
EUR	2,225,000	g	Hellenic Republic Government International Bond	1.875%, 07/23/26		2,428,439		0.6
						2,428,439		0.6
GUATEMALA
$	5,400,000	g	Guatemala Government International Bond	4.375%–6.125%, 05/03/26–06/01/50		5,470,851		1.4
						5,470,851		1.4
HONDURAS						1,875,000		0.5
INDONESIA
IDR	35,300,000,000		Indonesia Treasury Bond	8.375%, 03/15/34		2,396,840		0.6
			Other			830,675		0.2
						3,227,515		0.8
IRAQ
$	3,350,000	g	Iraq Government International Bond	6.752%, 03/09/23		2,529,651		0.6
			Other			1,160,320		0.3
						3,689,971		0.9
ISRAEL						878,189		0.2
JAMAICA
	2,950,000		Jamaica Government International Bond	8.000%, 03/15/39		3,119,625		0.8
	2,550,000		Jamaica Government International Bond	7.875%, 07/28/45		2,683,875		0.6
						5,803,500		1.4
JORDAN						1,849,964		0.4
KENYA
	4,525,000	g	Kenya Government International Bond	6.875%–8.250%, 06/24/24–02/28/48		4,081,871		1.0
			Other			1,097,326		0.3
						5,179,197		1.3
LEBANON						1,102,500		0.2
MEXICO
MXN	51,100,000		Mexican Bonos	7.500%, 06/03/27		2,275,594		0.6
$	3,150,000		Mexico Government International Bond	4.750%, 04/27/32		3,175,200		0.8
			Other			1,321,414		0.3
						6,772,208		1.7
MOROCCO
	2,300,000	g	Morocco Government International Bond	5.500%, 12/11/42		2,604,750		0.6
						2,604,750		0.6

20 2020 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements

Summary portfolio of investments(unaudited) continued

Emerging Markets Debt Fund  ■  April 30, 2020

Principal			Issuer		Value		% of net assets
NIGERIA
$	3,475,000	g	Nigeria Government International Bond	6.500%, 11/28/27	$	2,619,914		0.6	%
Other						3,673,739		0.8
						6,293,653		1.4
OMAN						2,510,916		0.6
PAKISTAN
	3,200,000	g	Pakistan Government International Bond	6.875%, 12/05/27		2,762,234		0.7
						2,762,234		0.7
PANAMA						1,417,500		0.3
PARAGUAY
	2,500,000	g	Paraguay Government International Bond	5.400%, 03/30/50		2,600,000		0.6
						2,600,000		0.6
PERU
$, PEN	9,500,000	g	Peruvian Government International Bond	2.392%–6.950%, 01/23/26–08/12/34		4,202,940		1.1
						4,202,940		1.1
PHILIPPINES						2,039,502		0.5
QATAR						1,213,081		0.3
REPUBLIC OF SERBIA						3,664,154		0.9
RUSSIA
RUB	170,300,000		Russian Federal Bond-OFZ	7.100%, 10/16/24		2,432,513		0.6
$	2,800,000	g	Russian Foreign Bond – Eurobond	5.100%, 3/28/35		3,281,902		0.8
			Other			1,131,809		0.3
						6,846,224		1.7
RWANDA
	2,500,000	g	Rwanda Government International Bond	6.625%, 05/02/23		2,326,255		0.6
						2,326,255		0.6
SAUDI ARABIA						2,878,808		0.6
SENEGAL						2,905,133		0.7
SOUTH AFRICA
ZAR	59,300,000		South Africa Government International Bond	7.000%, 02/28/31		2,460,145		0.6
			Other			3,670,250		0.9
						6,130,395		1.5
SRI LANKA						2,478,043		0.6
SUPRANATIONAL						1,796,826		0.4
THAILAND						2,142,414		0.5
TURKEY						3,786,368		0.9
UGANDA						1,175,896		0.3

See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2020 Semiannual Report 21

Summary portfolio of investments (unaudited) continued

Emerging Markets Debt Fund  ■  April 30, 2020

Principal			Issuer		Value		% of net assets
UKRAINE
$	5,000,000	g	Ukraine Government International Bond	7.750%, 09/01/25	$	4,662,500		1.1	%
	2,900,000	g	Ukraine Government International Bond	9.750%, 11/01/28		2,828,372		0.7
	48,084,000	g	Ukraine Government International Bond	0.000%–18.000%, 03/24/21–05/31/40		4,899,438		1.2
			Other			1,422,929		0.3
						13,813,239		3.3
UNITED ARAB EMIRATES						1,426,918		0.3
URUGUAY
	3,003,796		Uruguay Government International Bond	4.375%, 01/23/31		3,307,960		0.8
						3,307,960		0.8
UZBEKISTAN						3,515,977		0.8
ZAMBIA						1,513,191		0.4
			TOTAL GOVERNMENT BONDS (Cost $233,363,749)			184,147,979		44.6
			TOTAL BONDS (Cost $467,648,326)			387,627,507		94.0
	Shares		Company
COMMON STOCKS
BRAZIL						77,879		0.0
			TOTAL COMMON STOCKS (Cost $1,044,573)			77,879		0.0
	Principal		Issuer
SHORT-TERM INVESTMENTS
EGYPT						1,394,525		0.4
UNITED STATES
$	3,000,000		Federal Home Loan Bank (FHLB)	0.030%, 05/14/20		2,999,902		0.7
						2,999,902		0.7
REPURCHASE AGREEMENT
UNITED STATES
	4,630,000		Fixed Income Clearing Corp	0.020%, 05/01/20		4,630,000		1.1
						4,630,000		1.1
			TOTAL SHORT-TERM INVESTMENTS (Cost $8,984,839)			9,024,427		2.2	%
			TOTAL PORTFOLO (Cost $477,677,738)			396,729,813		96.2
			OTHER ASSETS & LIABILITIES, NET			15,841,156		3.8
				NET ASSETS	$	412,570,969		100.0	%

22 2020 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements

Summary portfolio of investments(unaudited) concluded

Emerging Markets Debt Fund  ■  April 30, 2020

Abbreviation(s):

EGP	Egyptian Pound
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 4/30/20, the aggregate value of these securities is $294,829,096 or 71.5% 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 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.

See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2020 Semiannual Report 23

Summary of market values by sector (unaudited)

Emerging Markets Debt Fund  ■  April 30, 2020

			% of net
Sector	Value		assets
GOVERNMENT	$	184,147,979		44.6	%
FINANCIALS		41,743,391		10.1
UTILITIES		34,661,024		8.4
ENERGY		34,368,965		8.3
COMMUNICATION SERVICES		23,334,847		5.7
INDUSTRIALS		20,993,241		5.1
MATERIALS		19,010,142		4.6
CONSUMER STAPLES		12,441,722		3.0
REAL ESTATE		8,968,045		2.2
INFORMATION TECHNOLOGY		4,396,955		1.1
HEALTH CARE		2,327,325		0.6
CONSUMER DISCRETIONARY		1,311,750		0.3
SHORT-TERM INVESTMENTS		9,024,427		2.2
OTHER ASSETS & LIABILITIES, NET		15,841,156		3.8
NET ASSETS	$	412,570,969		100.0	%

24 2020 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements

Consolidated summary portfolio of investments (unaudited)

International Bond Fund  ■  April 30, 2020

Principal	Issuer	Value		% of net assets
BANK LOAN OBLIGATIONS
AUSTRALIA		$	374,597		0.1	%
CANADA			370,234		0.1
IRELAND			568,623		0.1
LUXEMBOURG			410,975		0.1
UNITED STATES			3,690,967		1.0
	TOTAL BANK LOAN OBLIGATIONS (Cost $6,005,517)		5,415,396		1.4
BONDS
CORPORATE BONDS
CANADA			270,835		0.1
CHILE			1,961,490		0.5
CHINA			860,948		0.3
COLOMBIA			1,215,759		0.3
CZECH REPUBLIC			435,278		0.1
FRANCE			283,715		0.1
GERMANY			741,687		0.2
INDIA			1,279,605		0.4
INDONESIA			632,887		0.1
ISRAEL			657,052		0.2
JAPAN			3,789,531		0.9
KAZAKHSTAN			450,502		0.1
KOREA, REPUBLIC OF			710,024		0.2
LUXEMBOURG			933,452		0.3
MALAYSIA			207,468		0.1
MEXICO			1,472,710		0.4
NETHERLANDS			398,615		0.1
PANAMA			295,503		0.1
PORTUGAL			1,115,750		0.3
QATAR			245,440		0.1
RUSSIA			327,611		0.1
SAUDI ARABIA			256,740		0.1
SINGAPORE			634,977		0.1
SUPRANATIONAL			1,008,024		0.2
SWEDEN			522,000		0.1

See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2020 Semiannual Report 25

Consolidated summary portfolio of investments (unaudited) continued

International Bond Fund  ■  April 30, 2020

							% of net
Principal			Issuer		Value		assets
SWITZERLAND					$	1,875,405		0.5	%
UNITED ARAB EMIRATES						754,515		0.2
UNITED KINGDOM						5,412,949		1.4
UNITED STATES						39,655,748		10.4
			TOTAL CORPORATE BONDS (Cost $70,701,223)			68,406,220		18.0
GOVERNMENT BONDS
ANGOLA						477,814		0.1
ARGENTINA						113,365		0.0
AUSTRALIA						2,720,445		0.7
AUSTRIA						1,062,216		0.3
BELGIUM
EUR	2,125,000	g,j	Kingdom of Belgium Government International Bond	0.000%, 10/22/27		2,358,114		0.6
			Other			1,981,812		0.5
						4,339,926		1.1
BERMUDA						997,500		0.3
CANADA
CAD	2,600,000		Province of British Columbia Canada	2.550%, 06/18/27		2,047,256		0.5
			Other			7,779,217		2.0
						9,826,473		2.5
CHINA
CNY	49,600,000		China Government International Bond	2.940%, 10/17/24		7,398,100		1.9
	40,500,000		China Government International Bond	3.120%, 12/05/26		6,030,047		1.6
	18,900,000		China Government International Bond	3.860%, 07/22/49		2,951,509		0.8
						16,379,656		4.3
COLOMBIA						1,013,760		0.3
COTE D’IVOIRE						1,757,252		0.4
CROATIA						1,116,198		0.3
CYPRUS
EUR	3,475,000	z	Cyprus Government International Bond	0.625%–2.750%, 09/25/28–05/03/49		3,775,368		1.1
						3,775,368		1.1
CZECH REPUBLIC						1,203,125		0.3
DOMINICAN REPUBLIC						796,628		0.2
ECUADOR						356,250		0.1
EGYPT
$, EGP,
EUR	19,175,000	g	Egypt Government International Bond	4.550%–15.990%, 02/21/23–01/31/47		3,800,530		1.0
						3,800,530		1.0

26 2020 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements

Consolidated summary portfolio of investments (unaudited) continued

International Bond Fund  ■  April 30, 2020

							% of net
Principal			Issuer		Value		assets
FRANCE
EUR	4,500,000		French Republic Government Bond OAT	0.500%, 05/25/25	$	5,171,397		1.4	%
	3,775,000		French Republic Government Bond OAT	0.750%, 11/25/28		4,465,546		1.2
	2,025,000		French Republic Government Bond OAT	1.250%, 05/25/34		2,541,357		0.7
	1,850,000	g	French Republic Government Bond OAT	2.000%, 05/25/48		2,783,492		0.7
						14,961,792		4.0
GERMANY
	2,350,000	j	Bundesrepublik Deutschland Bundesanleihe	0.000%, 02/15/30		2,719,857		0.7
						2,719,857		0.7
GHANA						1,834,846		0.5
GREECE
	5,425,000	g	Hellenic Republic Government International Bond	1.875%, 07/23/26		5,921,026		1.6
			Other			3,013,126		0.8
						8,934,152		2.4
GUATEMALA						1,015,213		0.3
HUNGARY						1,166,738		0.3
INDIA						203,773		0.1
INDONESIA						4,077,763		1.1
ISRAEL
ILS	5,250,000		Israel Government International Bond	5.500%, 01/31/42		2,638,684		0.7
			Other			3,260,265		0.8
						5,898,949		1.5
ITALY
EUR	1,800,000		Italy Buoni Poliennali Del Tesoro	0.350%, 06/15/20		1,973,330		0.5
	3,300,000		Italy Buoni Poliennali Del Tesoro	0.050%, 04/15/21		3,606,375		0.9
	5,525,000		Italy Buoni Poliennali Del Tesoro	2.450%, 10/01/23		6,365,076		1.7
	3,950,000		Italy Buoni Poliennali Del Tesoro	1.250%, 12/01/26		4,283,675		1.1
	1,575,000	g	Italy Buoni Poliennali Del Tesoro	2.950%, 09/01/38		1,893,382		0.5
			Other			2,598,623		0.7
						20,720,461		5.4
JAPAN
JPY	867,000,000		Japan Government Two Year Bond	0.100%, 03/01/22		8,120,746		2.1
	628,000,000		Japan Government Five Year Bond	0.100%, 06/20/23		5,903,766		1.6
	557,000,000		Japan Government Ten Year Bond	0.100%, 06/20/28		5,284,203		1.4
	335,000,000		Japan Government Ten Year Bond	0.100%, 06/20/29		3,168,519		0.8
	322,000,000		Japan Government Ten Year Bond	0.100%, 09/20/29		3,041,971		0.8
	325,000,000		Japan Government Ten Year Bond	0.100%, 12/20/29		3,069,424		0.8
	340,000,000		Japan Government Twenty Year Bond	2.100%, 03/20/26		3,592,006		0.9
	229,000,000		Japan Government Twenty Year Bond	1.800%, 09/20/31		2,558,770		0.7
	278,000,000		Japan Government Twenty Year Bond	0.600%, 12/20/36		2,736,523		0.7
	256,000,000		Japan Government Twenty Year Bond	0.500%, 06/20/38		2,471,257		0.6
	660,000,000		Japan Government Twenty Year Bond	0.700%, 09/20/38		6,588,903		1.7
	525,950,000		Japan Government Thirty Year Bond	2.500%, 09/20/34		6,520,249		1.7

See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2020 Semiannual Report 27

Consolidated summary portfolio of investments (unaudited) continued

International Bond Fund  ■  April 30, 2020

							% of net
Principal			Issuer			Value	assets
JAPAN—continued
JPY	457,700,000		Japan Government Thirty Year Bond	0.500%, 09/20/46	$	4,356,879	1.1	%
			Other			5,367,689	1.5
						62,780,905	16.4
KENYA						1,087,178	0.3
KOREA, REPUBLIC OF
KRW	5,764,500,000		Korea Treasury Bond	1.375%, 09/10/21		4,760,393	1.3
	3,660,000,000		Korea Treasury Bond	1.875%, 03/10/22		3,053,470	0.8
	3,800,000,000		Korea Treasury Bond	1.500%, 03/10/25		3,154,408	0.8
	2,815,000,000		Korea Treasury Bond	2.375%, 09/10/38		2,569,366	0.7
			Other			4,092,958	1.1
						17,630,595	4.7
LEBANON						220,500	0.1
MEXICO						2,751,155	0.7
MOROCCO						1,076,560	0.3
NETHERLANDS
EUR	2,075,000	g	Netherlands Government International Bond	0.750%, 07/15/28		2,494,094	0.7
			Other			1,054,489	0.3
						3,548,583	1.0
NEW ZEALAND						2,483,138	0.6
NIGERIA						998,960	0.3
NORWAY
NOK	29,120,000	g	Norway Government International Bond	1.375%, 08/19/30		3,050,286	0.8
						3,050,286	0.8
PANAMA						1,012,500	0.3
PARAGUAY						962,000	0.3
PERU
PEN	8,300,000	g	Peruvian Government International Bond	5.400%, 08/12/34		2,530,309	0.7
			Other			406,000	0.1
						2,936,309	0.8
PHILIPPINES						1,274,689	0.3
POLAND
PLN	8,445,000		Republic of Poland Government International Bond	3.250%, 07/25/25		2,267,478	0.6
	7,675,000		Republic of Poland Government International Bond	2.750%, 10/25/29		2,059,250	0.5
			Other			1,168,581	0.3
						5,495,309	1.4
PORTUGAL
EUR	1,800,000	g	Portugal Obrigacoes do Tesouro OT	1.950%, 06/15/29		2,171,927	0.6
			Other			2,353,195	0.6
						4,525,122	1.2

28 2020 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements

Consolidated summary portfolio of investments (unaudited) continued

International Bond Fund  ■  April 30, 2020

							% of net
Principal			Issuer		Value		assets
QATAR					$	611,312		0.2	%
REPUBLIC OF SERBIA						3,487,604		0.8
ROMANIA						739,792		0.2
SAUDI ARABIA						1,118,722		0.3
SENEGAL						941,241		0.2
SLOVENIA						1,207,240		0.3
SOUTH AFRICA						1,633,135		0.5
SPAIN
EUR	4,600,000	g	Spain Government International Bond	2.750%, 10/31/24		5,628,666		1.5
$	3,720,000	g	Spain Government International Bond	0.600%–1.850%, 07/30/28–07/30/35		4,262,584		1.1
			Other			1,278,354		0.3
						11,169,604		2.9
SRI LANKA						604,936		0.2
SUPRANATIONAL
AUD	4,100,000		International Bank for Reconstruction & Development	2.200%, 02/27/24		2,807,745		0.7
			Other			6,638,974		1.7
						9,446,719		2.4
SWEDEN						712,177		0.2
THAILAND
THB	60,500,000		Thailand Government International Bond	2.400%, 12/17/23		1,973,563		0.5
	55,000,000		Thailand Government International Bond	3.300%, 06/17/38		2,162,463		0.6
						4,136,026		1.1
UKRAINE
UAH, EUR	33,725,000	g	Ukraine Government
			International Bond	4.375%–17.000%, 05/11/22–01/27/30		3,602,699		1.0
						3,602,699		1.0
UNITED ARAB EMIRATES						1,292,625		0.3
UNITED KINGDOM
GBP	3,075,000		United Kingdom Gilt	0.500%, 07/22/22		3,914,305		1.0
	2,425,000		United Kingdom Gilt	1.625%, 10/22/28		3,433,583		0.9
	1,910,000		United Kingdom Gilt	4.750%, 12/07/30		3,536,066		0.9
	3,350,000		United Kingdom Gilt	1.750%, 09/07/37		5,060,415		1.3
	3,035,000		United Kingdom Gilt	1.500%, 07/22/47		4,717,762		1.2
			Other			1,148,150		0.3
						21,810,281		5.6
URUGUAY						429,636		0.1
UZBEKISTAN						1,451,970		0.4
			TOTAL GOVERNMENT BONDS (Cost $289,573,371)			287,499,558		75.5
			TOTAL BONDS (Cost $360,274,594)			355,905,778		93.5

See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2020 Semiannual Report 29

Consolidated summary portfolio of investments (unaudited) continued

International Bond Fund  ■  April 30, 2020

						% of net
Principal		Issuer		Value		assets
SHORT-TERM INVESTMENTS
EGYPT				$	2,860,889		0.7	%
					2,860,889		0.7
UNITED STATES
$	5,555,000	Federal Farm Credit Bank (FFCB)	0.010%, 05/01/20		5,555,000		1.5
					5,555,000		1.5
		TOTAL SHORT-TERM INVESTMENTS (Cost $8,356,882)			8,415,889		2.2
		TOTAL PORTFOLIO (Cost $374,636,993)			369,737,063		97.1
		OTHER ASSETS & LIABILITIES, NET			10,882,775		2.9
		NET ASSETS		$	380,619,838		100.0	%

Abbreviation(s):
AUD	Australian Dollar
CAD	Canadian Dollar
CNY	Chinese Yuan
EGP	Egyptian Pound
EUR	Euro
GBP	Pound Sterling

ILS	New Israeli Shekel
JPY	Japanese Yen
KRW	South Korean Won
NOK	Norwegian Krone
PEN	Peruvian Sol
PLN	Polish Zloty
THB	Thai Baht
UAH	Ukrainian Hryvnia

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 4/30/20, the aggregate value of these securities is $88,351,107 or 23.2% of net assets.
j	Zero coupon
z	All or a portion of this security is owned by TIAA-CREF International Bond Offshore Limited which is a 100% owned subsidiary of the fund.

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

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

Forward foreign currency contracts outstanding as of April 30, 2020 were as follows:

Currency		Currency				Unrealized
to be		to be			Settlement	appreciation
purchased	Receive	sold	Deliver	Counterparty	date	(depreciation		)
$	62,850,950	JPY	6,864,436,194	Australia and New Zealand Banking Group	06/30/20	$	(1,175,295	)
$	4,150,118	THB	134,667,190	Australia and New Zealand Banking Group	05/29/20		(12,061	)
AUD	2,069,056	$	1,305,299	Australia and New Zealand Banking Group	06/30/20		43,229
Total						$	(1,144,127	)
$	609,328	EUR	557,014	Bank of America	06/30/20	$	(1,850	)
$	5,565,419	PLN	23,337,151	Bank of America	05/29/20		(57,999	)
EUR	294,653	$	325,660	Bank of America	06/30/20		(2,356	)
Total						$	(62,205	)

30 2020 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements

Consolidated summary portfolio of investments (unaudited) concluded

International Bond Fund  ■  April 30, 2020

Currency		Currency				Unrealized
to be		to be			Settlement	appreciation
purchased	Receive	sold	Deliver	Counterparty	date	(depreciation		)
$	11,660,514	CAD	16,328,984	Citibank, N.A.	06/30/20	$	(72,185	)
$	6,493,680	CNY	46,100,000	Citibank, N.A.	05/29/20		(21,286	)
$	1,154,340	EUR	1,065,314	Citibank, N.A.	06/30/20		(14,565	)
$	138,283,808	EUR	125,297,624	Citibank, N.A.	06/30/20		802,296
$	1,001,434	GBP	798,848	Citibank, N.A.	06/30/20		(4,987	)
$	24,200,564	GBP	19,995,058	Citibank, N.A.	06/30/20		(990,005	)
$	1,156,936	HUF	379,800,000	Citibank, N.A.	05/29/20		(23,243	)
$	3,561,721	ILS	12,948,611	Citibank, N.A.	06/30/20		(159,786	)
$	2,998,938	KRW	3,811,020,000	Citibank, N.A.	06/30/20		(141,465	)
$	10,457,784	KRW	12,791,438,422	Citibank, N.A.	06/30/20		(82,772	)
$	3,655,310	NOK	38,123,286	Citibank, N.A.	06/30/20		(67,154	)
$	686,259	SEK	6,814,296	Citibank, N.A.	06/30/20		(12,651	)
EUR	2,938,643	$	3,181,803	Citibank, N.A.	06/30/20		42,592
EUR	3,056,499	$	3,328,005	Citibank, N.A.	06/30/20		25,707
EUR	190,801	$	207,900	Citibank, N.A.	06/30/20		1,454
GBP	796,963	$	977,881	Citibank, N.A.	06/30/20		26,165
Total						$	(691,885	)
$	7,607,166	AUD	12,579,663	Morgan Stanley	06/30/20	$	(591,755	)
$	1,982,774	EUR	1,800,000	Morgan Stanley	06/15/20		8,409
$	210,911	EUR	193,631	Morgan Stanley	06/30/20		(1,549	)
$	786,127	EUR	723,950	Morgan Stanley	06/30/20		(8,220	)
$	2,965,573	KRW	3,725,148,000	Morgan Stanley	06/30/20		(104,069	)
$	3,284,464	NZD	5,522,251	Morgan Stanley	06/30/20		(101,780	)
EUR	746,340	$	809,470	Morgan Stanley	05/06/20		8,490
EUR	6,727	$	7,430	Morgan Stanley	06/30/20		(49	)
EUR	309,623	$	339,269	Morgan Stanley	06/30/20		462
EUR	270,053	$	295,918	Morgan Stanley	06/30/20		395
EUR	752,247	$	819,746	Morgan Stanley	06/30/20		5,649
EUR	1,375,223	$	1,506,856	Morgan Stanley	06/30/20		2,093
EUR	97,094	$	105,306	Morgan Stanley	06/30/20		1,230
JPY	367,694,523	$	3,415,163	Morgan Stanley	06/30/20		14,412
$	393,573	ZAR	7,449,374	Morgan Stanley	05/29/20		(7,022	)
Total						$	(773,304	)
$	1,746,880	CNY	12,380,000	Toronto Dominion Bank	05/29/20	$	(2,693	)
$	1,352,314	EUR	1,234,413	Toronto Dominion Bank	06/30/20		(2,133	)
CAD	1,766,371	$	1,253,154	Toronto Dominion Bank	06/30/20		16,018
JPY	363,879,283	$	3,406,934	Toronto Dominion Bank	06/30/20		(12,944	)
Total						$	(1,752	)
Total						$	(2,673,273	)

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

See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2020 Semiannual Report 31

Consolidated summary of market values by sector

(unaudited)

International Bond Fund  ■  April 30, 2020

			% of net
Sector		Value		assets
GOVERNMENT	$	287,499,558		75.5	%
FINANCIALS		20,623,946		5.4
HEALTH CARE		10,198,988		2.7
INDUSTRIALS		7,985,170		2.1
COMMUNICATION SERVICES		6,313,156		1.7
INFORMATION TECHNOLOGY		5,816,938		1.5
MATERIALS		4,602,272		1.2
CONSUMER DISCRETIONARY		4,384,358		1.2
CONSUMER STAPLES		4,364,147		1.1
REAL ESTATE		3,862,776		1.0
ENERGY		3,448,431		0.9
UTILITIES		2,221,434		0.6
SHORT-TERM INVESTMENTS		8,415,889		2.2
OTHER ASSETS & LIABILITIES, NET		10,882,775		2.9
NET ASSETS	$	380,619,838		100.0	%

32 2020 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements

Statements of assets and liabilities (unaudited)

TIAA-CREF Funds  ■  April 30, 2020

	Emerging Markets Debt Fund			International Bond Fund		§
ASSETS
Portfolio investments, at value†	$	396,729,813		$	369,737,063
Cash		797,809			3,514,350
Cash – foreign^		10,634			—
Receivable from securities transactions		751,940			931,155
Receivable for delayed delivery securities		—			164,900
Receivable from Fund shares sold		9,255,616			10,662,842
Dividends and interest receivable		7,566,003			2,731,787
Due from affiliates		187,393			196,767
Unrealized appreciation on forward foreign currency contracts		—			998,601
Other		14,632			8,161
Total assets		415,313,840			388,945,626
LIABILITIES
Management fees payable		180,924			149,482
Service agreement fees payable		13,263			1,420
Distribution fees payable		3,408			332
Due to affiliates		37,657			36,811
Overdraft payable		—			1,013,299
Payable for securities transactions		—			9,406
Payable for delayed delivery securities		2,000,000			3,308,510
Payable for Fund shares redeemed		399,810			35,214
Unrealized depreciation on forward foreign currency contracts		—			3,671,874
Payable for trustee compensation		14,108			7,872
Accrued expenses and other payables		93,701			91,568
Total liabilities		2,742,871			8,325,788
NET ASSETS	$	412,570,969		$	380,619,838
NET ASSETS CONSIST OF:
Paid-in-capital	$	489,085,658		$	382,028,666
Total distributable earnings (loss)		(76,514,689	)		(1,408,828	)
NET ASSETS	$	412,570,969		$	380,619,838
§  Consolidated statement of assets and liabilities (see Note 1)
†  Portfolio investments, cost	$	477,677,738		$	374,636,993
^  Foreign cash, cost	$	11,814		$	—

See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2020 Semiannual Report 33

Statements of assets and liabilities(unaudited) concluded

TIAA-CREF Funds  ■  April 30, 2020

	Emerging Markets Debt Fund		International Bond Fund		§
INSTITUTIONAL CLASS:
Net assets	$	21,323,477	$	769,539
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		2,494,360		78,131
Net asset value per share		$8.55		$9.85
ADVISOR CLASS:
Net assets	$	20,308,706	$	101,634
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		2,369,542		10,326
Net asset value per share		$8.57		$9.84
PREMIER CLASS:
Net assets	$	216,045	$	101,878
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		25,277		10,285
Net asset value per share		$8.55		$9.91
RETIREMENT CLASS:
Net assets	$	15,132,638	$	7,259,132
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		1,771,415		737,936
Net asset value per share		$8.54		$9.84
RETAIL CLASS:
Net assets	$	15,896,965	$	1,524,167
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		1,861,263		154,855
Net asset value per share		$8.54		$9.84
CLASS W:
Net assets	$	339,693,138	$	370,863,488
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		39,735,380		37,590,611
Net asset value per share		$8.55		$9.87

34 2020 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements

Statements of operations (unaudited)

TIAA-CREF Funds  ■  For the period ended April 30, 2020 

	Emerging Markets Debt Fund			International Bond Fund		§
INVESTMENT INCOME
Interest*	$	16,849,919		$	4,531,327
Total income		16,849,919			4,531,327
EXPENSES
Management fees		1,454,875			1,082,397
Shareholder servicing — Institutional Class		515			24
Shareholder servicing — Advisor Class		11,326			3
Shareholder servicing — Premier Class		29			22
Shareholder servicing — Retirement Class		22,822			8,123
Shareholder servicing — Retail Class		4,650			1,567
Shareholder servicing — Class W		349			283
Distribution fees — Premier Class		514			77
Distribution fees — Retail Class		27,508			1,908
Administrative service fees		49,261			48,145
Trustee fees and expenses		3,444			2,550
Other expenses		153,926			175,439
Total expenses		1,729,219			1,320,538
Less: Expenses reimbursed by the investment adviser		(1,315,561	)		(1,273,665	)
Net expenses		413,658			46,873
Net investment income (loss)		16,436,261			4,484,454
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments		2,832,671			4,816,980
Forward foreign currency contracts		(12,606	)		9,956,439
Futures contracts		(65,990	)		—
Foreign currency transactions		(1,527,837	)		(3,013,565	)
Net realized gain (loss) on total investments		1,226,238			11,759,854
Change in unrealized appreciation (depreciation) on:
Portfolio investments‡		(89,983,388	)		(20,170,256	)
Forward foreign currency contracts		23,414			(1,309,533	)
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		(29,553	)		(56,174	)
Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments		(89,989,527	)		(21,535,963	)
Net realized and unrealized gain (loss) on total investments		(88,763,289	)		(9,776,109	)
Net increase (decrease) in net assets from operations	$	(72,327,028	)	$	(5,291,655	)
*  Net of foreign withholding taxes of	$	100,366		$	117,162
§  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  ■  2020 Semiannual Report 35

Statements of changes in net assets

TIAA-CREF Funds  ■  For the period or year ended

		Emerging Markets Debt Fund						International Bond Fund§
		April 30, 2020			October 31, 2019			April 30, 2020			October 31, 2019
		(unaudited		)				(unaudited		)
OPERATIONS
Net investment income (loss)		$	16,436,261		$	32,110,574		$	4,484,454		$	9,495,608
Net realized gain (loss) on total investments			1,226,238			(2,388,230	)		11,759,854			9,669,684
Net change in unrealized appreciation (depreciation) on total investments			(89,989,527	)		43,315,427			(21,535,963	)		25,358,957
Net increase (decrease) in net assets from operations			(72,327,028	)		73,037,771			(5,291,655	)		44,524,249
DISTRIBUTIONS TO SHAREHOLDERS
	Institutional Class		(961,196	)		(1,251,544	)		(18,717	)		(30,596	)
	Advisor Class		(765,798	)		(532,985	)		(2,755	)		(5,826	)
	Premier Class		(15,844	)		(48,151	)		(2,704	)		(5,357	)
	Retirement Class		(471,170	)		(834,603	)		(145,875	)		(260,380	)
	Retail Class		(583,409	)		(886,053	)		(34,693	)		(55,261	)
	Class W		(13,239,995	)		(24,507,058	)		(11,358,780	)		(22,269,503	)
Total distributions			(16,037,412	)		(28,060,394	)		(11,563,524	)		(22,626,923	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		10,066,800			30,002,711			184,684			268,307
	Advisor Class		39,227,494			26,981,571			500			25,566
	Premier Class		312,944			47,111			—			—
	Retirement Class		4,972,991			6,412,464			2,883,062			2,414,542
	Retail Class		15,274,954			36,481,366			613,230			271,607
	Class W		48,894,562			90,409,139			67,500,030			154,582,901
Reinvestments of distributions:	Institutional Class		904,181			1,130,955			18,450			30,059
	Advisor Class		762,132			527,332			—			340
	Premier Class		9,537			35,725			—			—
	Retirement Class		470,916			834,115			145,582			259,805
	Retail Class		575,342			882,372			34,055			53,017
Redemptions:	Institutional Class		(25,634,407	)		(9,235,425	)		(127,854	)		(48,500	)
	Advisor Class		(29,294,483	)		(12,370,882	)		—			(29,753	)
	Premier Class		(961,387	)		(330,559	)		—			—
	Retirement Class		(6,491,215	)		(4,200,215	)		(1,381,492	)		(1,420,851	)
	Retail Class		(19,471,061	)		(22,848,080	)		(348,607	)		(168,448	)
	Class W		(74,110,038	)		(96,717,063	)		(84,221,880	)		(108,371,486	)
Net increase (decrease) from shareholder transactions			(34,490,738	)		48,042,637			(14,700,240	)		47,867,106
Net increase (decrease) in net assets			(122,855,178	)		93,020,014			(31,555,419	)		69,764,432
NET ASSETS
Beginning of period			535,426,147			442,406,133			412,175,257			342,410,825
End of period		$	412,570,969		$	535,426,147		$	380,619,838		$	412,175,257

36 2020 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2020 Semiannual Report 37

Statements of changes in net assets concluded

TIAA-CREF Funds  ■  For the period or year ended

		Emerging Markets Debt Fund						International Bond Fund§
		April 30, 2020			October 31, 2019			April 30, 2020			October 31, 2019
		(unaudited		)				(unaudited		)
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		1,066,495			3,035,816			19,062			21,655
	Advisor Class		3,892,719			2,723,869			51			2,581
	Premier Class		30,985			4,842			—			—
	Retirement Class		501,498			654,412			288,387			243,042
	Retail Class		1,562,221			3,800,331			60,916			27,021
	Class W		5,129,964			9,260,812			6,762,023			15,553,141
Shares reinvested:	Institutional Class		97,385			116,657			1,858			3,031
	Advisor Class		86,468			53,526			—			34
	Premier Class		966			3,747			—			—
	Retirement Class		51,528			86,617			14,661			26,261
	Retail Class		62,394			90,531			3,426			5,366
Shares redeemed:	Institutional Class		(2,716,321	)		(939,019	)		(12,584	)		(4,988	)
	Advisor Class		(3,397,774	)		(1,242,542	)		—			(2,849	)
	Premier Class		(94,089	)		(34,561	)		—			—
	Retirement Class		(684,106	)		(432,637	)		(140,002	)		(140,094	)
	Retail Class		(1,998,899	)		(2,344,678	)		(35,670	)		(17,088	)
	Class W		(8,306,694	)		(10,022,700	)		(8,486,629	)		(10,863,846	)
Net increase (decrease) from shareholder transactions			(4,715,260	)		4,815,023			(1,524,501	)		4,853,267

^§ Consolidated statement of changes in net assets (see Note 1)

38 2020 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2020 Semiannual Report 39

Financial highlights

TIAA-CREF Funds

			Selected per share data																									Ratios and supplemental data
					Gain (loss) from investment operations																										Ratios to average net assets
	For the		Net asset		Net			Net realized & unrealized			Total gain			Less distributions from						Total			Net asset					Net assets									Net
	period or year ended		value, beginning of period		investment income (loss		)a	gain (loss) on total investments			(loss) from investment operations			Net investment income			Net realized gains			dividends and distributions			value, end of period		Total return			at end of period (in thousands		)	Gross expenses			Net expenses			investment income (loss		)	Portfolio turnover rate
EMERGING MARKETS DEBT FUND
Institutional Class:
	4/30/20	#		$10.10		$0.28			$(1.56	)		$(1.28	)		$(0.27	)		$     —			$(0.27	)		$  8.55		(12.84	)%b	$	21,323			0.63	%c		0.63	%c		5.65	%c		31	%b
	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:
	4/30/20	#		10.13		0.27			(1.57	)		(1.30	)		(0.26	)		—			(0.26	)		8.57		(12.93	)b		20,309			0.70	c		0.70	c		5.64	c		31	b
	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:
	4/30/20	#		10.09		0.27			(1.56	)		(1.29	)		(0.25	)		—			(0.25	)		8.55		(12.91	)b		216			0.78	c		0.78	c		5.35	c		31	b
	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:
	4/30/20	#		10.09		0.27			(1.57	)		(1.30	)		(0.25	)		—			(0.25	)		8.54		(12.98	)b		15,133			0.88	c		0.88	c		5.50	c		31	b
	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:
	4/30/20	#		10.09		0.26			(1.56	)		(1.30	)		(0.25	)		—			(0.25	)		8.54		(13.00	)b		15,897			0.92	c		0.92	c		5.41	c		31	b
	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:
	4/30/20	#		10.11		0.31			(1.57	)		(1.26	)		(0.30	)		—			(0.30	)		8.55		(12.62	)b		339,693			0.63	c		0.00	c		6.38	c		31	b
	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

40 2020 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2020 Semiannual Report 41

Financial highlights concluded

TIAA-CREF Funds

			Selected per share data																									Ratios and supplemental data
					Gain (loss) from investment operations																										Ratios to average net assets
	For the		Net asset		Net			Net realized & unrealized			Total gain			Less distributions from						Total			Net asset					Net assets									Net
	period or year ended		value, beginning of period		investment income (loss		)a	gain (loss) on total investments			(loss) from investment operations			Net investment income			Net realized gains			dividends and distributions			value, end of period		Total return			at end of period (in thousands		)	Gross expenses			Net expenses			investment income (loss		)	Portfolio turnover rate
INTERNATIONAL BOND FUND§
Institutional Class:
	4/30/20	#		$10.27		$0.08			$(0.23	)		$(0.15	)		$(0.27	)		$    —			$(0.27	)		$  9.85		(1.51	)%b	$	770			0.65	%c		0.60	%c		1.64	%c		32	%b
	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:
	4/30/20	#		10.27		0.08			(0.24	)		(0.16	)		(0.27	)		—			(0.27	)		9.84		(1.60	)b		102			0.65	c		0.60	c		1.64	c		32	b
	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:
	4/30/20	#		10.34		0.07			(0.24	)		(0.17	)		(0.26	)		—			(0.26	)		9.91		(1.64	)b		102			0.84	c		0.77	c		1.46	c		32	b
	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:
	4/30/20	#		10.27		0.07			(0.24	)		(0.17	)		(0.26	)		—			(0.26	)		9.84		(1.67	)b		7,259			0.90	c		0.85	c		1.38	c		32	b
	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:
	4/30/20	#		10.28		0.06			(0.24	)		(0.18	)		(0.26	)		—			(0.26	)		9.84		(1.81	)b		1,524			1.10	c		0.97	c		1.26	c		32	b
	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:
	4/30/20	#		10.28		0.11			(0.24	)		(0.13	)		(0.28	)		—			(0.28	)		9.87		(1.25	)b		370,863			0.65	c		0.00	c		2.23	c		32	b
	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

#	Unaudited
§	Consolidated financial highlights (see Note 1)
†	The Fund commenced operations on August 5, 2016.
††	Class W commenced operations on September 28, 2018.
‡	Advisor Class commenced operations on December 4, 2015.
a	Based on average shares outstanding.
b	The percentages shown for this period are not annualized.
c	The percentages shown for this period are annualized.
d	Amount represents less than $0.01 per share.

42 2020 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2020 Semiannual Report 43

Notes to financial statements(unaudited)

TIAA-CREF Funds

Note 1—organization and significant accounting policies

TIAA-CREF Funds (the “Trust”) is a Delaware statutory trust that is registered with the U.S. Securities and Exchange Commission (“Commission”) under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The following are the TIAA-CREF Funds included in this report: Emerging Markets Debt Fund and International Bond Fund (collectively the “Funds” or individually, the “Fund”).

The Funds offer their shares, without a sales load, through their principal underwriter, Nuveen Securities, LLC (“Nuveen Securities”), which is a wholly owned indirect subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”). Teachers Advisors, LLC (“Advisors”), a wholly owned indirect subsidiary of TIAA, is registered with the Commission as an investment adviser and provides investment management services for the Funds. The Funds offer 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.

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.

Other matters: The outbreak of the novel coronavirus (“COVID-19”) and subsequent global pandemic began significantly impacting the U.S. and global financial markets and economies during the calendar quarter ended March 31, 2020. The worldwide spread of COVID-19 has created significant uncertainty in the global economy. The duration and extent of COVID-19 over the longterm cannot be reasonably estimated at this time. There have been no comparable recent events that provide guidance as to the effect the spread of COVID-19 as a global pandemic may have on the Funds’ financial performance. The ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Funds’ normal course of business, results of operations, investments, and cash flows will depend on future developments, which are highly uncertain and difficult to predict. Management continues to monitor and evaluate this situation.

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.

44 2020 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds

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.

TIAA-CREF International Fixed-Income Funds  ■  2020 Semiannual Report 45

Notes to financial statements (unaudited)

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 April 30, 2020, the net assets of the Subsidiary were $26,905,351 representing 7% of the Fund’s consolidated net assets. All inter-company transactions and balances have been eliminated.

Select financial information related to the Subsidiary is as follows:

Total market value of investments	$	28,699,765
Net assets	$	26,905,351
Net investment income (loss)	$	291,500
Net realized gain (loss)	$	314,873
Net change in unrealized appreciation (depreciation)	$	(2,707,472	)

New accounting pronouncement: In March 2020, FASB issued ASU 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The main objective of the new guidance is to provide relief to

46 2020 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds

continued

companies that will be impacted by the expected change in benchmark interest rates at the end of 2021, when participating banks will no longer be required to submit London Interbank Offered Rate (LIBOR) quotes by the UK Financial Conduct Authority (FCA). The new guidance allows companies to, provided the only change to existing contracts are a change to an approved benchmark interest rate, account for modifications as a continuance of the existing contract without additional analysis. For new and existing contracts, the Funds may elect to apply the amendments as of March 12, 2020 through December 31, 2022. Management has not yet elected to apply the amendments, but is currently assessing the impact of the ASU’s adoption to 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

TIAA-CREF International Fixed-Income Funds  ■  2020 Semiannual Report 47

Notes to financial statements (unaudited)

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 period ended April 30, 2020, 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 April 30, 2020, based on the inputs used to value them:

Fund	Level 1		Level 2			Level 3		Total
Emerging Markets Debt
Africa/Middle East	$	—	$	83,521,275		$	2,615,691	$	86,136,966
Asia		—		88,998,476			—		88,998,476
Europe		—		44,822,169			—		44,822,169
Latin America		77,879		154,824,315			11,048,756		165,950,950
All other debt investments*		—		1,796,825			—		1,796,825
Short-term investments		—		9,024,427			—		9,024,427
Total	$	77,879	$	382,987,487		$	13,664,447	$	396,729,813
International Bond
Africa/Middle East	$	—	$	24,442,871		$	220,500	$	24,663,371
Asia		—		122,684,431			—		122,684,431
Europe		—		132,374,592			—		132,374,592
Latin America		—		16,860,162			469,615		17,329,777
North America		—		53,814,260			—		53,814,260
All other debt investments*		—		10,454,743			—		10,454,743
Short-term investments		—		8,415,889			—		8,415,889
Forward foreign currency contracts**		—		(2,673,273	)		—		(2,673,273	)
Total	$	—	$	366,373,675		$	690,115	$	367,063,790

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

48 2020 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds

continued

The following table is a reconciliation of the Emerging Markets Debt Fund’s investments in which significant unobservable inputs (Level 3) were used in determining value:

	Investments
Balance as of October 31, 2019	$	6,384,611
Purchases		297,706
Sales		(1,675,001	)
Gains (losses)		(1,407,241	)
Change in unrealized appreciation (depreciation)		(17,551,917	)
Transfers into Level 3		27,616,289
Balance as of April 30, 2020	$	13,664,447

The following table summarizes the significant unobservable inputs used to value Level 3 investments in the Emerging Markets Debt Fund as of April 30, 2020:

	Fair value		Valuation technique	Unobservable input	Range (weighted average)§
Corporate bonds	$	2,008,337	Recent market transaction	Discount	38.0%–99.2% (50.2%)
Government bonds		11,656,110	Recent market transaction	Discount	55.0%–84.3% (74.1%)
Total	$	13,664,447

^§ Unobservable inputs were weighted by the relative fair value of the instruments.

Note 3—derivative instruments

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

At April 30, 2020, 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
International Bond Fund
Foreign-exchange contracts	Forward foreign currency contracts	$998,601	Forward foreign currency contracts	$(3,671,874	)

For the period ended April 30, 2020, 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	$	(12,606	)	$	23,414
Equity contracts	Futures transactions		(65,990	)		—
International Bond Fund
Foreign-exchange contracts	Forward foreign currency contracts		9,956,439			(1,309,533	)

TIAA-CREF International Fixed-Income Funds  ■  2020 Semiannual Report 49

Notes to financial statements(unaudited)

Forward foreign currency contracts: Certain Funds are subject to foreign exchange risk in the normal course of pursuing their investment objectives. The Funds use forward foreign currency contracts (“forwards”), including non-deliverable forwards (“NDFs”), to, among other things, hedge portfolio currency risk and to facilitate transactions in securities denominated in foreign currencies. Forwards are over-the-counter (“OTC”) commitments that involve an obligation to purchase or sell a fixed amount of a specific currency on a future date at a locked exchange rate. NDFs allow hedging of currencies where government regulations restrict foreign access to local currency or the parties want to compensate for risk without a physical exchange of funds. Forwards are marked-to-market daily at the applicable foreign exchange rate, and any resulting unrealized gains or losses are recorded as appreciation or depreciation in the Statements of Assets and Liabilities. The Funds realize gains and losses at the time the forward is closed. Realized and unrealized gains and losses are included in the Statements of Operations. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts; from unanticipated movements in the value of a foreign currency relative to the U.S. dollar; and that losses may exceed amounts recognized on the Statements of Assets and Liabilities. During the period ended April 30, 2020, the Emerging Markets Debt Fund and the International Bond Fund had exposure to forwards, based on underlying notional values, generally between 0% and 77% of net assets. The forward contracts outstanding as of April 30, 2020 are disclosed in the Summary portfolio of investments and the full Schedules of investments.

Futures contracts: Certain Funds are subject to interest rate and foreign exchange risk in the normal course of pursuing their investment objectives. The Funds use futures contracts to manage exposure to the bond and foreign exchange markets and to fluctuations in interest and foreign exchange rates. Buying futures contracts tends to increase exposure to the underlying instrument/index, while selling futures contracts tends to decrease exposure to the underlying instrument/index or hedge other investments. Initial margin deposits are made upon entering into a futures contract, and variation margin receipts or payments are settled daily reflecting changes in the value of the futures contracts. Daily changes in the value of such contracts are reflected in net unrealized gains and losses. Gains or losses are realized upon the expiration or closing of the futures contracts or if the counterparties do not perform in accordance with contractual provisions. With futures contracts, there is minimal counterparty credit risk to the Funds since futures contracts are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded funds, guarantees the futures contracts against default. During the period ended April 30, 2020, the Emerging Markets Debt Fund had exposure to futures contracts, based on underlying notional values, generally between 0% and 1% of net assets. As of April 30, 2020 there are no outstanding future contracts.

50 2020 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds

continued

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 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.

Advisors has agreed to reimburse each Fund if its total expense ratio (excluding interest, taxes, brokerage commissions and other transactional expenses, acquired fund fees and expenses and extraordinary expenses) exceeds certain percentages. As of April 30, 2020, the investment management fee, service agreement fee, distribution fee and maximum expense amounts (after waivers and reimbursements) are equal to the following noted annual percentage of average daily net assets for each class:

TIAA-CREF International Fixed-Income Funds  ■  2020 Semiannual Report 51

Notes to financial statements (unaudited)

	Investment management fee range		Investment management fee—effective rate			Service agreement fee			Distribution fee
						Retirement Class			Premier Class			Retail Class
Emerging Markets Debt		0.45%–0.55%		0.55	%		0.25	%		0.15	%		0.25	%
International Bond		0.40–0.50a		0.53			0.25			0.15			0.25

	Maximum expense amounts‡
		Institutional Class		Advisor Class		Premier Class		Retirement Class		Retail Class		Class W§
Emerging Markets Debt		0.65	%	0.80	%	0.80	%	0.90	%	1.00	%	0.65	%
International Bond		0.60		0.75		0.75		0.85		0.95		0.60

‡	Maximum expense amounts reflect all expenses excluding interest, taxes, brokerage and other transactional expenses, acquired fund fees and expenses and extraordinary expenses. The expense reimbursement arrangements will continue through at least February 28, 2021. The reimbursement arrangements can only be changed with the approval of the Board.
§	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.
a	Prior to March 1, 2020, the investment management fee range for the International Bond Fund was 0.45%–0.55% of average daily net assets.

The Funds may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Board, pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions. For the period ended April 30, 2020, the Funds did not have any securities transactions with affiliated entities.

The following is the percentage of the Fund’s shares owned by affiliates as of April 30, 2020:

Underlying Fund	TIAA-CREF Lifecycle Funds
Emerging Markets Debt		82	%
International Bond		97	%

Note 5—investments

Repurchase agreements: Each Fund may enter into repurchase agreements with banks or broker-dealers. Repurchase agreements involve the purchase of securities from an institution, subject to the seller’s agreement to repurchase and the Fund’s agreement to resell such securities at a mutually agreed-upon price. Pursuant to the terms of the repurchase agreement, securities purchased subject to repurchase agreements must have an aggregate market value greater than or equal to the agreed-upon repurchase price plus accrued interest at all times. If the value of the underlying securities falls below the value of the repurchase price plus accrued interest, the Fund will require the seller to deposit additional collateral by the next business day. If a request for additional collateral is not met, or if the seller defaults on its repurchase

52 2020 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds

continued

obligation, the Fund maintains the right to sell the underlying securities at market value and pursue a claim for any remaining loss against the seller.

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 April 30, 2020, 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	$	477,770,010	$	4,230,297	$	(85,270,494	)	$	(81,040,197	)
International Bond Fund		381,742,330		10,642,367		(25,320,907	)		(14,678,540	)

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 period ended April 30, 2020 were as follows:

Fund	Non-U.S. government purchases		Non-U.S. government sales
Emerging Markets Debt	$	153,496,824	$	190,392,855
International Bond Fund		122,456,439		131,063,496

TIAA-CREF International Fixed-Income Funds  ■  2020 Semiannual Report 53

Notes to financial statements (unaudited)

Note 6—distributions to shareholders and other tax items

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

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

The tax character of the fiscal year 2020 distributions will be determined at the end of the fiscal year.

Note 7—emerging markets risks

The Emerging Markets Debt Fund holds a large portion of its assets in emerging market securities. Emerging market securities are often subject to greater price volatility, less liquidity and higher rates of inflation and deflation than U.S. securities. In addition, emerging markets may be subject to greater political, economic and social uncertainty, and differing regulatory environments that may potentially impact the Fund’s ability to buy or sell certain securities or repatriate proceeds to U.S. dollars.

Note 8—inter-fund lending program

Pursuant to an exemptive order issued by the Commission, the Funds may participate in an inter-fund lending program. This program allows the Funds to lend cash to and/or borrow cash from certain other affiliated Funds for temporary purposes, (e.g., to satisfy redemption requests or to cover unanticipated cash shortfalls). The program is subject to a number of conditions, including the requirement that no Fund may borrow or lend money under the program unless it receives a more favorable interest rate than is available from a bank or other financial institution for a comparable transaction. In addition, a Fund may participate in the program only if its participation is consistent with the Fund’s investment policies and limitations and authorized by its portfolio manager(s). During the period ended April 30, 2020, 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

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accounts or mutual funds. For the period ended April 30, 2020, there were no borrowings under this credit facility by the Funds.

Note 10—subsequent event

Advisors has agreed to implement voluntary waivers reducing the expense cap for the Emerging Markets Debt Fund for one year effective May 1, 2020. This waiver is voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval. During this one-year period, the expense cap after the waiver for the fund is as follows:

Fund	Waiver			Maximum expense amount
Emerging Markets Debt – Retirement Class		0.05	%		0.85	%

TIAA-CREF International Fixed-Income Funds  ■  2020 Semiannual Report 55

Approval of investment management agreement (unaudited)

Board renewal of the investment management agreement for the TIAA-CREF Emerging Markets Debt Fund and TIAA-CREF International Bond Fund

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

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

Under normal circumstances, Section 15(c) requires this annual renewal to be made at an in-person meeting of the Board. However, due to the COVID-19 pandemic, the Securities and Exchange Commission (“SEC”) issued a temporary, conditional exemptive order on March 13, 2020, as extended on March 25, 2020 (the “SEC Order”), permitting mutual fund boards to vote to approve matters subject to the Section 15(c) in-person approval requirement at a meeting that is not held in person if the board determines that reliance on the SEC Order is necessary or appropriate due to prevailing circumstances related to the current or potential effects of COVID-19 and the board ratifies any action taken pursuant to the SEC Order at its next in-person meeting.

Overview of the renewal process

The Board held a telephonic meeting on March 26, 2020, in order to consider the annual renewal of the Agreement with respect to each applicable Fund using the process established by the Board described further below. At the outset of the meeting, the Board considered reliance upon the SEC Order and determined that such reliance was necessary due to, among other considerations, COVID-19 pandemic-related social distancing requirements, travel restrictions and other governmental mandates imposed for health and safety reasons. The Board noted that it would ratify actions taken at this meeting pursuant to the SEC Order at its next in-person meeting.

56 2020 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds

As part of the Board’s established process, the Board delegated certain tasks to its Operations Committee. Among these tasks, the Operations Committee or certain of its designated members worked with Advisors, other Board members and legal counsel to the Trustees to develop guidance and specific requests relating to the types of information to be provided to the Board in connection with the proposed contract renewals.

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

Based on guidance provided by the Operations Committee or certain of its designated members on behalf of the Board, Broadridge produced, among other information, comparative performance and expense data for each Fund, including data relating to each Fund’s management fee rate, total expense ratio, short-term and long-term investment performance and portfolio turnover rate (as applicable). Broadridge compared this data, as relevant, for each Fund against a universe of investment companies and against a more selective peer group of mutual funds with similar investment objectives and strategies, each of which was selected by Broadridge, and also compared the performance of each Fund against one or more appropriate broad-based indices. In each case, Broadridge summarized, and the Board discussed, the methodologies Broadridge employed to provide the data contained in its reports. In addition, Broadridge represented to the Board that its reports were designed specifically to provide the Board with the fee, expense and performance information that is necessary to help the Board satisfy its duties under Section 15(c) of the 1940 Act. Broadridge also represented that the purpose of its reports is to provide an objective view of each Fund’s relative position regarding the level of fees, expenses and performance against a competitive peer group and universe (as applicable) selected by Broadridge (and not Advisors or the Board). The Board considered the propriety of each Fund’s applicable peer group as selected by Broadridge and use of the Institutional Class as the base class for comparison purposes.

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

In advance of the Board meeting held on March 26, 2020, legal counsel for the Trustees requested on behalf of the Board, and Advisors provided, information that was designed to assist the Board in its consideration of whether to renew the Agreement for each Fund. In addition to the data provided by Broadridge as

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Approval of investment management agreement (unaudited)

described above, this information included, but was not limited to, the following: (1) further information relating to each Fund’s investment performance and a narrative analysis of the performance of each Fund that had underperformed certain Board-specified criteria, together with an explanation of any events that had a material impact on the Fund’s performance during that period; (2) a description of any fee waiver or expense reimbursement arrangements that were proposed or were in place during the prior year and the extent to which such arrangements would be continued or modified in the coming year; (3) a comparison of each Fund’s management fee rate and performance to other accounts with comparable strategies managed by Advisors or certain of its affiliates; (4) any “fall-out” benefits that accrued or were identified as reasonably likely to accrue to Advisors or its affiliates due to their relationship with the Funds in addition to the Funds’ direct fee payments to Advisors pursuant to the Agreement; (5) information regarding Advisors’ financial resources, senior professional personnel, overall staffing levels, portfolio manager compensation arrangements, capacity to manage the Funds at current and foreseeable asset levels, insurance coverage, portfolio trading and best execution practices, and any actual and potential conflicts of interest identified by Advisors in connection with rendering services to the Funds; (6) information as to any profits earned by Advisors in connection with its services pursuant to the Agreement; (7) a copy of the Agreement and certain related agreements between the Funds and affiliates of Advisors; (8) a copy of Advisors’ Form ADV as filed with the SEC (which was presented only to legal counsel for the Trustees); and (9) proposed narrative explanations of reasons why the Board should renew the Agreement. The Trustees were also provided with performance ratings of Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service.

On March 12, 2020, the Board met informally to discuss Advisors’ materials, which led to the Trustees providing additional questions to, and requesting additional information from, Advisors. Subsequently, at the March 26, 2020 meeting, the Trustees were given the opportunity to, and did, ask additional questions and they discussed responses from Advisors to the Board’s follow-up questions and requests presented by the Board after its initial review of the information described above.

In considering whether to renew the Agreement with respect to each Fund, the Board discussed various factors, including: (1) the nature, extent and quality of services provided or to be provided by Advisors to the Fund; (2) the Fund’s investment performance; (3) the costs of the services provided to the Fund and the profits realized or potential profits to be realized (if any) by Advisors and its affiliates from their relationship with the Fund; (4) fees charged to comparable mutual funds by other advisers; (5) the extent to which economies of scale have been realized or are anticipated to be realized as the Fund grows; (6) how such economies of scale are shared with the Fund for the benefit of its investors, such as through management fee breakpoints; (7) comparisons of the services provided by Advisors to, and the fee rates and performance of, the Fund to other clients to whom Advisors provides comparable services; and (8) any other benefits derived or anticipated to be derived by Advisors or its affiliates from their relationship with the Fund. As part of the

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Board’s review of these factors, the Board received information from management on the impact of the COVID-19 pandemic on the Teachers Insurance and Annuity Association of America (“TIAA”) enterprise generally and the Funds in particular including, among other information, the current and expected impact on the Funds’ performance and operations. As a general matter, the Board considered these factors, and any other factors deemed relevant by the Trustees, in their totality, and no single factor was identified as being the determining factor in deciding whether to renew the Agreement.

In addition to the March 26, 2020 meeting that included Advisors’ personnel, the Trustees met in private sessions, at which no representatives of Advisors were present, to discuss the proposed renewal of the Agreement for each Fund. The Board also received and considered information from its legal counsel as to certain relevant guidance that relates to the renewal process under Section 15(c) of the 1940 Act and certain other legal authorities.

While the contract renewal process included a series of discussions and meetings leading up to the March 26, 2020 meeting, the oversight and evaluation of Advisors’ services to the Funds by the Board and its Committees is an ongoing process. The Board, as well as its Committees, discussed reports on various investment and operational topics that had been identified by the Board or its Committees for review in the year since the last annual renewal process. Further, at regularly scheduled meetings of the Board, the Board and the Investment Committee receive and discuss, among other matters, information regarding the performance of the Funds. Thus, in reaching its decisions regarding the renewal of the Agreement for each Fund, the Board took into account the information described herein and other information provided to the Board and its Committees throughout the year.

The Board received and considered both Trust-level and Fund-specific information, but made its renewal determinations on a Fund-by-Fund basis. In deciding whether to renew the Agreement for each Fund, each Trustee may have accorded different weight to different factors and, thus, may have had a different basis for his or her ultimate decision to vote to renew the Agreement for each Fund. At its meeting on March 26, 2020, all Board members voted unanimously to renew the Agreement for each Fund. Set forth below is a summary of the primary factors the Board considered with respect to each Fund.

The nature, extent and quality of services

The Board considered the level and depth of knowledge of Advisors, including the professional experience and qualifications of its personnel. The Board also considered that Advisors is an experienced investment adviser that has managed the Funds since their operations commenced. Investment professionals at Advisors also manage various funds and accounts of the College Retirement Equities Fund, the TIAA-CREF Life Funds and TIAA Separate Account VA-1, as well as advise and sub-advise other investment companies and vehicles. Under the Agreement, Advisors is responsible for, among other duties: managing the assets of the Funds, including

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Approval of investment management agreement(unaudited)

conducting research, identifying investments and placing orders to buy and sell securities for the Funds’ investment portfolios; active daily monitoring of the Funds’ investment portfolios; reporting on the investment performance and other metrics of the Funds to the Board on a regular basis; responding to Fund flows; compliance monitoring; coordinating the activities of each Fund’s service providers; and overseeing the provision of various administrative services to the Funds. The Board considered that Advisors has carried out these responsibilities in a competent and professional manner. The Board also considered that Advisors has committed significant resources to supporting the series of the Trust, including the Funds. It also considered Advisors’ compliance program and resources and its compliance record with respect to the Funds.

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

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

Investment performance

The Board considered the investment performance of each Fund, over the periods indicated in the Fund-by-Fund synopsis below. The Board considered each Fund’s performance as compared to its peer group and peer universe (as applicable) and its benchmark index. For details regarding each Fund’s performance, see the Fund-by-Fund synopsis below. Thus, the Board concluded that, under the totality of circumstances considered, the investment performance of each Fund was reasonable or that appropriate actions had been or were being implemented.

Cost and profitability

The Board considered financial and profitability data relating to Advisors’ services to the Funds for the calendar year 2019. The Board considered Advisors’ profit calculations with respect to its services to each Fund both before and after taking into account the costs incurred directly or indirectly by Advisors in connection with the distribution of shares of the Fund. The Board acknowledged the reasonableness of having management fee rates which permit Advisors to maintain and improve the quality of services provided to the Funds and recognized the entrepreneurial and other risks assumed by Advisors in managing the Funds. The Board considered that

60 2020 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds

continued

Advisors had calculated that it had incurred losses with respect to the Funds under the Agreement for the one-year period ended December 31, 2019.

Fees charged by other advisers

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

Economies of scale

The Board considered whether Advisors has experienced or is anticipated to experience economies of scale in connection with the operation of each Fund, and whether any such economies are shared with the Funds. The Board also considered the extent to which the current fee rate schedule breakpoints for the Funds affected Advisors’ fees. The Board considered, in connection with the supporting Broadridge reports, Advisors’ position that the maximum fee rate that could be charged to each Fund based on its level of assets under the Agreement is comparatively low in relation to peer groups of mutual funds. Based on all factors considered, the Board concluded that the Funds’ management fee rate schedules were reasonable in light of current economies of scale considerations and current asset levels.

Fee and performance comparisons with other Advisors clients

The Board considered that Advisors and its affiliate, TIAA-CREF Investment Management, LLC, provide investment management services to other investment companies, including other mutual funds, foreign funds (UCITS), and separately managed accounts that may have similar investment strategies as certain of the Funds. In particular, the Board discussed the management fee rate Advisors charges to a UCITS series that has a similar mandate to the Emerging Markets Debt Fund

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Approval of investment management agreement(unaudited)

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

Other benefits

The Board also considered additional “fall-out benefits” to Advisors and its affiliates arising from the Agreement. Such benefits include, among others, other fees paid by the Funds to Advisors or its affiliates for other services, such as distribution and administration, and investment-related benefits, such as economies of scale to the extent the Funds share investment resources and/or personnel with other clients of Advisors and the ability to incubate strategies within one or more Funds that could be subsequently utilized to manage other non-Fund products. Advisors and its affiliates may also benefit from the level of business and relationships the Funds have with certain service providers. Additionally, the Funds may be utilized as investment options for other products and businesses of Advisors and its affiliates, such as variable products, fund of funds and 529 education savings plans. Also, Advisors and its affiliates may benefit from their relationship with the Funds to the extent that this relationship results in potential investors viewing TIAA, of which Advisors is an indirect, wholly-owned subsidiary, as a leading retirement plan provider in the academic and non-profit markets and as a single source for all their financial service needs.

Fund-by-fund synopsis of factors

The Board considered the following specific factors (among others) in connection with its determination to renew the Agreement with respect to each Fund. If a Fund is described in the following discussions as being in the “1st” quintile, it is in the best of five groups (that is, the group has the best performance or the lowest expenses, as the case may be). References below to quintiles are based on data provided to the Board in the reports prepared by Broadridge. The specific management fee, expense and performance factors outlined below are based on the Institutional Class shares of each Fund. Because the Institutional Class generally has lower non-management expenses than the other classes of these Funds, the expenses and performance of these other classes will differ from the expenses and performance shown for the Institutional Class. All time periods referenced below are ended December 31, 2019. Under the Morningstar rating system, an Overall Morningstar Rating of 5 stars is the highest (best) rating category and 1 star is the lowest (worst) rating category. The Morningstar data is as of December 31, 2019. Statements below regarding a Fund’s “effective management fee rate” refer to the overall effective blended fee rate that applied to that Fund after taking into account any

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concluded

breakpoints in the management fee rate schedule for the Fund and any applicable fee waivers and/or expense reimbursements. Statements below regarding “net loss” refer to Advisors’ calculation that it incurred a loss for the services that it rendered to a Fund during 2019 under the Agreement.

Emerging Markets Debt Fund

• The Fund’s annual contractual management fee rate starts at 0.55% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2019 asset level was 0.545% of average daily net assets.

• The Fund’s total expense ratio and contractual management fee rate were each in the 1st quintile of the group of comparable funds selected by Broadridge for expense comparison purposes (“Expense Group”). The Fund’s actual management fee rate was in the 2nd and 3rd quintiles of its Expense Group and the universe of comparable funds identified by Broadridge for expense comparison purposes (“Expense Universe”), respectively.

• The Fund was in the 1st quintile of both the group of comparable funds selected by Broadridge for performance comparison purposes (“Performance Group”) and the universe of comparable funds selected by Broadridge for performance comparison purposes (“Performance Universe”) for each of the one-, three- and five-year periods.

• The Fund received an Overall Morningstar Rating of 5 stars.

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

International Bond Fund

• The Fund’s annual contractual management fee rate starts at 0.55% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2019 asset level was 0.500% of average daily net assets. Effective March 1, 2020, the Fund’s annual contractual management fee rate was reduced so that its breakpoint schedule now begins at 0.50% of average daily net assets.

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

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

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

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

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

TIAA-CREF International Fixed-Income Funds  ■  2020 Semiannual Report 63

Liquidity risk management program

Discussion of the operation and effectiveness of the Funds’ liquidity risk management program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), each series of the Trust covered by this Report (the “Funds”) has adopted and implemented a liquidity risk management program (the “Program”), which is reasonably designed to assess and manage the Funds’ liquidity risk. The Program consists of various provisions relating to assessing and managing Fund liquidity risk, as discussed further below. The Funds’ Board of Trustees (the “Board”) previously approved the designation of Advisors (the “Administrator”) as Program administrator. The Liquidity Monitoring and Analysis Team (the “LMAT”) carries out day-to-day Program management with oversight by the Liquidity Oversight Committee (the “LOSC”). Personnel from the Administrator and Nuveen Fund Advisors, LLC, an affiliate of the Administrator, comprise the LMAT and LOSC.

At a February 11, 2020 Board meeting, the Administrator provided the Board with a written report addressing the Program’s operation, adequacy, and effectiveness of implementation for the period from December 1, 2018 through November 30, 2019 (the “Review Period”), as required under the Liquidity Rule. The report noted that the Program has been and continues to be adequately and effectively implemented to monitor and (as applicable) respond to the Funds’ liquidity developments.

In accordance with the Program, the LMAT assesses each Fund’s liquidity risk no less frequently than annually based on various factors, such as (i) the Fund’s investment strategy and the liquidity of portfolio investments, (ii) cash flow projections, and (iii) holdings of cash and cash equivalents and borrowing arrangements and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions.

Each Fund portfolio investment is classified into one of four liquidity categories (including “highly liquid investments” and “illiquid investments,” discussed below). The classification is based on a determination of how long it is reasonably expected to take to convert the investment into cash, or sell or dispose of the investment, in current market conditions without significantly changing the market value of the investment. Liquidity classification determinations take into account various market, trading, and investment-specific considerations, as well as market depth, and utilize third-party vendor data.

Any Fund that does not primarily hold highly liquid investments must, among other things, determine a minimum percentage of Fund net assets that must be invested in highly liquid investments (a “Highly Liquid Investment Minimum”). During the Review Period, each Fund primarily held highly liquid investments and therefore was exempt from the requirement to adopt a Highly Liquid Investment Minimum and to comply with the related requirements under the Liquidity Rule.

64 2020 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds

The Liquidity Rule also limits the Funds’ investments in illiquid investments. Specifically, the Liquidity Rule prohibits acquisition of illiquid investments if doing so would result in the Fund holding more than 15% of its net assets in illiquid investments and requires certain reporting anytime a Fund’s holdings of illiquid investments exceed 15% of net assets. During the Review Period, no Fund exceeded the 15% limit on illiquid investments.

TIAA-CREF International Fixed-Income Funds  ■  2020 Semiannual Report 65

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800-842-2755

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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, distribute securities products.

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TIAA-CREF FUNDS – Growth & Income Fund

TIAA-CREF FUNDS

GROWTH & INCOME FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2020

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.8%
AUTOMOBILES & COMPONENTS - 0.3%
	255,882		Aptiv plc	$	17,796,593
			TOTAL AUTOMOBILES & COMPONENTS		17,796,593
BANKS - 4.2%
	3,275,259		Bank of America Corp		78,769,979
	1,137,896	n	Citigroup, Inc		55,256,230
	1,076,019		JPMorgan Chase & Co		103,039,579
	550,035		Radian Group, Inc		8,239,524
			TOTAL BANKS		245,305,312
CAPITAL GOODS - 7.2%
	118,676	n	Carlisle Cos, Inc		14,355,049
	203,895		Deere & Co		29,577,009
	428,976		Dover Corp		40,173,602
	481,253		Eaton Corp		40,184,626
	1,101,623		General Electric Co		7,491,036
	428,467		Honeywell International, Inc		60,799,467
	552,848		ITT, Inc		29,146,147
	144,273		Jacobs Engineering Group, Inc		11,938,591
	248,926		L3Harris Technologies, Inc		48,216,966
	98,609	n	Northrop Grumman Corp		32,607,038
	160,779	*	Otis Worldwide Corp		8,185,259
	315,377		Owens Corning, Inc		13,674,747
	496,120		Raytheon Technologies Corp		32,153,537
	82,228	*	Teledyne Technologies, Inc		26,779,193
	321,339		Trane Technologies plc		28,091,455
			TOTAL CAPITAL GOODS		423,373,722
COMMERCIAL & PROFESSIONAL SERVICES - 0.7%
	205,766	*	Stericycle, Inc		10,041,381
	338,390		Waste Management, Inc		33,845,768
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		43,887,149
CONSUMER DURABLES & APPAREL - 1.1%
	102,168	*,n	Lululemon Athletica, Inc		22,832,505
	2,090,350	*,e	Mattel, Inc		18,227,852
	155,350		Nike, Inc (Class B)		13,543,413
	909,440	*,g	Spin Master Corp		13,158,606
			TOTAL CONSUMER DURABLES & APPAREL		67,762,376
CONSUMER SERVICES - 0.7%
	17,282	*,n	Chipotle Mexican Grill, Inc (Class A)		15,183,101
	326,660	n	Darden Restaurants, Inc		24,104,241
			TOTAL CONSUMER SERVICES		39,287,342

1

TIAA-CREF FUNDS – Growth & Income Fund

SHARES			COMPANY	VALUE
DIVERSIFIED FINANCIALS - 3.1%
	266,098		American Express Co	$	24,281,443
	700,662		Bank of New York Mellon Corp		26,302,851
	296,059		Blackstone Group, Inc		15,466,122
	235,830	n	CME Group, Inc		42,027,264
	1,135,528		Morgan Stanley		44,773,869
	691,156		Voya Financial, Inc		31,219,517
			TOTAL DIVERSIFIED FINANCIALS		184,071,066
ENERGY - 2.3%
	861,576	n	Chevron Corp		79,264,992
	418,049		ConocoPhillips		17,599,863
	490,107	n	Hess Corp		23,838,804
	2,338,873	e	Range Resources Corp		13,635,630
			TOTAL ENERGY		134,339,289
FOOD & STAPLES RETAILING - 1.4%
	72,860	n	Costco Wholesale Corp		22,076,580
	480,824		Walmart, Inc		58,444,157
			TOTAL FOOD & STAPLES RETAILING		80,520,737
FOOD, BEVERAGE & TOBACCO - 3.9%
	408,220		Campbell Soup Co		20,402,836
	933,657		Coca-Cola Co		42,845,520
	674,553		ConAgra Brands, Inc		22,557,052
	351,256		Diageo plc		12,093,690
	946,253		Mondelez International, Inc		48,675,254
	318,410	*	Monster Beverage Corp		19,680,922
	490,010	n	PepsiCo, Inc		64,823,423
			TOTAL FOOD, BEVERAGE & TOBACCO		231,078,697
HEALTH CARE EQUIPMENT & SERVICES - 8.1%
	287,521		Abbott Laboratories		26,477,809
	72,601	n	Anthem, Inc		20,381,279
	516,269		Baxter International, Inc		45,834,362
	43,933		Becton Dickinson & Co		11,094,400
	919,452	*,n	Boston Scientific Corp		34,461,061
	186,571	*	Centene Corp		12,421,897
	157,610		Cigna Corp		30,856,886
	341,841		Danaher Corp		55,877,330
	70,088	*,n	DexCom, Inc		23,493,497
	109,099	*	Edwards Lifesciences Corp		23,729,032
	121,867	*	Guardant Health, Inc		9,378,884
	322,669		HCA Healthcare, Inc		35,454,870
	153,757	n	Humana, Inc		58,707,498
	80,028	*	IDEXX Laboratories, Inc		22,215,773
	98,460	*	Laboratory Corp of America Holdings		16,191,747
	155,872		STERIS plc		22,211,760
	236,741	n	Zimmer Biomet Holdings, Inc		28,337,898
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		477,125,983

2

TIAA-CREF FUNDS – Growth & Income Fund

SHARES			COMPANY	VALUE
HOUSEHOLD & PERSONAL PRODUCTS - 2.7%
	162,813		Estee Lauder Cos (Class A)	$	28,720,213
	852,216		Procter & Gamble Co		100,450,700
	190,725		Reckitt Benckiser Group plc		15,887,344
	363,999		Reynolds Consumer Products Inc		11,804,488
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		156,862,745
INSURANCE - 2.0%
	147,127		Allstate Corp		14,965,759
	454,405		American International Group, Inc		11,555,519
	207,866		Assurant, Inc		22,083,684
	264,497		Chubb Ltd		28,568,321
	566,982	n	Hartford Financial Services Group, Inc		21,539,646
	589,191		Metlife, Inc		21,258,011
			TOTAL INSURANCE		119,970,940
MATERIALS - 3.3%
	376,902		Ball Corp		24,721,002
	23,424		CF Industries Holdings, Inc		644,160
	455,011	n	Corteva, Inc		11,916,738
	664,902		DuPont de Nemours, Inc		31,263,692
	244,282	n	FMC Corp		22,449,516
	363,446		Linde plc		66,870,429
	233,245		PPG Industries, Inc		21,185,643
	75,187		Scotts Miracle-Gro Co (Class A)		9,325,444
	76,113		Vulcan Materials Co		8,598,486
			TOTAL MATERIALS		196,975,110
MEDIA & ENTERTAINMENT - 8.7%
	140,749	*,n	Alphabet, Inc (Class C)		189,822,546
	1,170,213		Comcast Corp (Class A)		44,035,115
	590,403	*	Facebook, Inc		120,861,398
	120,040	*,n	NetFlix, Inc		50,398,794
	915,051	*,e,n	Snap, Inc		16,114,048
	190,167	*	Take-Two Interactive Software, Inc		23,019,716
	306,159	*	Twitter, Inc		8,780,640
	571,909	n	Walt Disney Co		61,851,959
			TOTAL MEDIA & ENTERTAINMENT		514,884,216
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.3%
	818,785	n	AbbVie, Inc		67,304,127
	330,976	*	Acadia Pharmaceuticals, Inc		15,989,451
	263,985		AstraZeneca plc		27,610,719
	1,252,362	*,n	Avantor, Inc		21,052,205
	90,257	*	BioMarin Pharmaceutical, Inc		8,305,449
	102,868	*	Bluebird Bio, Inc		5,542,528
	287,110		Bristol-Myers Squibb Co		17,459,159
	229,708	e	Daiichi Sankyo Co Ltd		15,790,411

3

TIAA-CREF FUNDS – Growth & Income Fund

SHARES			COMPANY	VALUE
	132,117		Eli Lilly & Co	$	20,430,573
	103,954	*,e	GW Pharmaceuticals plc (ADR)		10,409,954
	350,187	*	Horizon Therapeutics Plc		12,620,740
	144,967	*	IQVIA Holdings, Inc		20,670,845
	49,232		Lonza Group AG.		21,497,919
	559,022		Merck & Co, Inc		44,352,805
	134,230	*	Neurocrine Biosciences, Inc		13,173,332
	364,094		Novo Nordisk AS		23,225,559
	2,080,498		Pfizer, Inc		79,807,903
	38,763	*	Regeneron Pharmaceuticals, Inc		20,384,686
	57,211		Roche Holding AG.		19,812,017
	144,724		Sanofi-Aventis		14,135,733
	87,660		Vifor Pharma AG.		13,151,104
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		492,727,219
REAL ESTATE - 1.8%
	191,953		American Tower Corp		45,684,814
	17,025		Equinix, Inc		11,495,280
	354,166		Outfront Media, Inc		5,556,865
	460,835		Prologis, Inc		41,120,307
			TOTAL REAL ESTATE		103,857,266
RETAILING - 7.9%
	106,942	*,n	Amazon.com, Inc		264,574,508
	483,552		Best Buy Co, Inc		37,102,945
	424,968	*	BJ’s Wholesale Club Holdings, Inc		11,180,908
	47,112	*	Burlington Stores, Inc		8,606,891
	631,804	e,n	Children’s Place, Inc		18,676,126
	381,962	n	Home Depot, Inc		83,966,707
	37,125	*	O’Reilly Automotive, Inc		14,342,873
	278,380		Target Corp		30,549,421
			TOTAL RETAILING		469,000,379
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.6%
	714,555	*	Advanced Micro Devices, Inc		37,435,537
	483,410	*,n	Cree, Inc		20,849,473
	156,569	*	Inphi Corp		15,115,171
	1,442,306		Intel Corp		86,509,514
	1,114,854		Marvell Technology Group Ltd		29,811,196
	127,130	n	Monolithic Power Systems, Inc		25,414,558
	210,185		NVIDIA Corp		61,432,872
	143,449	n	QUALCOMM, Inc		11,285,133
	135,765		Skyworks Solutions, Inc		14,103,268
	315,238	*	Taiwan Semiconductor Manufacturing Co Ltd (ADR)		16,748,595
	80,076	n	Universal Display Corp		12,021,009
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		330,726,326
SOFTWARE & SERVICES - 12.2%
	111,139	*	Akamai Technologies, Inc		10,859,392
	66,165	*	CACI International, Inc (Class A)		16,550,513
	281,000		Fidelity National Information Services, Inc		37,061,090
	258,770	*	Fiserv, Inc		26,668,836
	271,293	n	Mastercard, Inc (Class A)		74,597,436
	1,980,356		Microsoft Corp		354,899,599
	442,463	*	PayPal Holdings, Inc		54,422,949
	116,722	*	Proofpoint, Inc		14,208,569

4

TIAA-CREF FUNDS – Growth & Income Fund

SHARES			COMPANY	VALUE
	394,774	*	salesforce.com, Inc	$	63,933,649
	72,922	*	ServiceNow, Inc		25,635,000
	690,743	*,n	Slack Technologies, Inc		18,435,931
	132,460	*,n	Synopsys, Inc		20,812,115
			TOTAL SOFTWARE & SERVICES		718,085,079
TECHNOLOGY HARDWARE & EQUIPMENT - 8.4%
	1,030,583	n	Apple, Inc		302,785,285
	1,031,865		Cisco Systems, Inc		43,730,439
	1,365,100	*	CommScope Holding Co, Inc		15,029,751
	1,482,803		HP, Inc		22,998,274
	359,831	*,n	Keysight Technologies, Inc		34,820,846
	162,505	n	Motorola Solutions, Inc		23,369,844
	352,952		TE Connectivity Ltd		25,927,854
	629,063		Western Digital Corp		28,987,223
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		497,649,516
TELECOMMUNICATION SERVICES - 2.2%
	1,456,065		AT&T, Inc		44,366,300
	196,561		Cogent Communications Group, Inc		16,477,709
	126,261	*	T-Mobile US, Inc		11,085,716
	1,044,271		Verizon Communications, Inc		59,993,369
			TOTAL TELECOMMUNICATION SERVICES		131,923,094
TRANSPORTATION - 0.9%
	181,056		Delta Air Lines, Inc		4,691,161
	186,691		DSV AS		19,397,230
	330,759		United Parcel Service, Inc (Class B)		31,309,647
			TOTAL TRANSPORTATION		55,398,038
UTILITIES - 2.8%
	468,972		American Electric Power Co, Inc		38,976,263
	1,057,225		Equitable Holdings, Inc		19,368,362
	899,166		FirstEnergy Corp		37,108,581
	222,286		NextEra Energy, Inc		51,374,740
	678,587		PPL Corp		17,249,682
			TOTAL UTILITIES		164,077,628
			TOTAL COMMON STOCKS		5,896,685,822
			(Cost $4,002,466,835)
PURCHASED OPTIONS - 0.0%
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
	30,000		Biogen, Inc		139,500
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		139,500
			TOTAL PURCHASED OPTIONS		139,500
			(Cost $900,611)

5

TIAA-CREF FUNDS – Growth & Income Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
SHORT-TERM INVESTMENTS - 0.9%
GOVERNMENT AGENCY DEBT - 0.4%
$	2,300,000		Federal Home Loan Bank (FHLB)		0.070-0.080	%	06/01/20	$	2,299,802
	9,110,000		FHLB		0.030-0.065		06/15/20		9,108,861
	7,160,000		FHLB		0.080		06/17/20		7,159,065
	5,000,000		FHLB		0.120		06/23/20		4,999,264
			TOTAL GOVERNMENT AGENCY DEBT						23,566,992
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.5%
	28,183,933	c	State Street Navigator Securities Lending Government Money Market Portfolio						28,183,933
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						28,183,933
			TOTAL SHORT-TERM INVESTMENTS						51,750,925
			(Cost $51,751,639)
			TOTAL INVESTMENTS - 100.7%						5,948,576,247
			(Cost $4,055,119,085)
			OTHER ASSETS & LIABILITIES, NET - (0.7)%						(42,389,619	)
			NET ASSETS - 100.0%					$	5,906,186,628

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 $27,981,918.
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 4/30/2020, the aggregate value of these securities is $13,158,606 or 0.2% of net assets.
n	All or a portion of these securities have been segregated by the custodian to cover collateral requirements on open written options contracts.

Purchased options outstanding as of April 30, 2020 were as follows:

Description/underlying investment	Number of contracts	Notional amount		Exercise price		Expiration date	Value
Biogen, Inc, Call	300	$	900,611	$	390 .00	09/18/20	$	139,500

6

TIAA-CREF FUNDS – Growth & Income Fund

Written options outstanding as of April 30, 2020 were as follows:

Description/underlying investment	Number of contracts		Notional amount			Exercise price		Expiration date	Value
AbbVie, Inc, Put		500	$	(404,532	)	$	67.50	09/18/20	$	(126,000	)
Acuity Brands, Inc, Put		375		(818,776	)		85.00	12/18/20		(440,625	)
Alliance Data Systems Corp, Put		890		(1,490,095	)		60.00	09/18/20		(1,352,800	)
Alphabet, Inc, Call		27		(91,986	)		1,700.00	09/18/20		(20,115	)
Alphabet, Inc, Put		30		(134,516	)		1,340.00	09/18/20		(309,000	)
Amazon.com, Inc, Call		130		(1,439,763	)		2,600.00	06/19/20		(1,232,400	)
Amazon.com, Inc, Put		130		(863,281	)		2,100.00	06/19/20		(342,030	)
Anthem, Inc, Call		160		(473,871	)		260.00	09/18/20		(655,200	)
Anthem, Inc, Put		160		(331,951	)		230.00	09/18/20		(184,000	)
Apple, Inc, Call		230		(394,175	)		300.00	09/18/20		(471,500	)
Apple, Inc, Call		137		(150,417	)		320.00	09/18/20		(170,702	)
Apple, Inc, Call		59		(91,682	)		370.00	01/15/21		(41,300	)
Apple, Inc, Put		81		(185,888	)		220.00	05/15/20		(2,106	)
Apple, Inc, Put		230		(498,452	)		205.00	06/19/20		(18,630	)
Apple, Inc, Put		230		(201,007	)		250.00	06/19/20		(78,200	)
Apple, Inc, Put		137		(333,308	)		225.00	09/18/20		(67,130	)
Apple, Inc, Put		230		(213,314	)		235.00	09/18/20		(150,650	)
Apple, Inc, Put		471		(453,115	)		265.00	01/15/21		(1,005,585	)
Arista Networks, Inc, Put		160		(362,148	)		165.00	01/15/21		(202,400	)
Aspen Technology, Inc, Put		186		(181,272	)		90.00	12/18/20		(143,220	)
Aspen Technology, Inc, Put		186		(225,935	)		95.00	12/18/20		(176,700	)
Avantor, Inc, Call		1,000		(38,960	)		20.00	06/19/20		(38,960	)
Biogen, Inc, Call		300		(569,377	)		420.00	09/18/20		(75,000	)
Biogen, Inc, Put		300		(434,379	)		280.00	09/18/20		(534,000	)
Biohaven Pharmaceutical Holding Co Ltd, Put		640		(509,212	)		40.00	07/17/20		(169,600	)
Boeing Co, Put		67		(62,842	)		265.00	08/21/20		(844,535	)
Boeing Co, Put		60		(429,567	)		200.00	12/18/20		(429,310	)
Boston Scientific Corp, Put		500		(241,475	)		28.00	01/15/21		(68,500	)
Carlisle Cos, Inc, Put		260		(26,769	)		130.00	06/19/20		(283,400	)
Chevron Corp, Call		222		(62,754	)		97.50	06/19/20		(58,608	)
Chevron Corp, Call		111		(65,012	)		100.00	09/18/20		(55,500	)
Chevron Corp, Call		111		(44,589	)		105.00	09/18/20		(37,740	)
Children’s Place, Inc, Call		1,230		(342,266	)		26.00	05/08/20		(522,750	)
Children’s Place, Inc, Call		550		(229,874	)		90.00	09/18/20		(19,250	)
Children’s Place, Inc, Put		1,230		(220,462	)		20.00	05/22/20		(553,500	)
Children’s Place, Inc, Put		550		(486,993	)		50.00	09/18/20		(1,248,500	)
Children’s Place, Inc, Put		450		(726,433	)		35.00	01/15/21		(567,000	)
Chipotle Mexican Grill, Inc, Call		44		(130,016	)		1,020.00	09/18/20		(200,200	)
Chipotle Mexican Grill, Inc, Put		44		(60,805	)		760.00	06/19/20		(62,480	)
Citigroup, Inc, Call		600		(78,425	)		55.00	06/19/20		(81,000	)
CME Group, Inc, Call		200		(130,301	)		190.00	09/18/20		(180,000	)
CME Group, Inc, Put		150		(438,364	)		165.00	09/18/20		(179,250	)
Corteva, Inc, Call		1,094		(209,946	)		29.00	09/18/20		(205,125	)
Costco Wholesale Corp, Call		200		(267,187	)		340.00	01/15/21		(254,000	)
Costco Wholesale Corp, Put		400		(307,186	)		260.00	06/19/20		(106,400	)
Cree, Inc, Put		540		(160,895	)		35.00	06/19/20		(57,780	)
Darden Restaurants, Inc, Call		1,484		(893,187	)		80.00	10/16/20		(1,706,600	)
Deckers Outdoor Corp, Put		300		(441,579	)		140.00	09/18/20		(463,500	)
DexCom, Inc, Put		320		(1,039,325	)		195.00	09/18/20		(156,800	)
FedEx Corp, Put		314		(482,725	)		155.00	01/15/21		(1,114,700	)
FMC Corp, Call		320		(22,825	)		100.00	05/15/20		(28,800	)
Guidewire Software, Inc, Put		372		(390,529	)		85.00	10/16/20		(251,100	)
Guidewire Software, Inc, Put		400		(385,176	)		80.00	12/18/20		(254,000	)

7

TIAA-CREF FUNDS – Growth & Income Fund

Description/underlying investment	Number of contracts		Notional amount			Exercise price		Expiration date	Value
Hartford Financial Services Group, Inc, Call		600	$	(57,575	)	$	50.00	06/19/20	$	(26,100	)
Hartford Financial Services Group, Inc, Put		600		(96,175	)		35.00	06/19/20		(108,600	)
Hasbro, Inc, Put		210		(81,197	)		80.00	07/17/20		(241,500	)
Hasbro, Inc, Put		215		(240,141	)		72.50	10/16/20		(209,625	)
Hess Corp, Put		742		(578,295	)		37.50	11/20/20		(332,045	)
Home Depot, Inc, Call		80		(73,435	)		240.00	09/18/20		(78,400	)
Home Depot, Inc, Call		160		(410,812	)		215.00	11/20/20		(398,400	)
Home Depot, Inc, Put		160		(160,512	)		195.00	08/21/20		(135,200	)
Humana, Inc, Call		160		(192,802	)		400.00	08/21/20		(478,400	)
Jazz Pharmaceuticals plc, Put		275		(288,045	)		105.00	11/20/20		(335,500	)
Keysight Technologies, Inc, Put		484		(359,818	)		70.00	11/20/20		(128,260	)
Kirby Corp, Put		450		(204,278	)		40.00	09/18/20		(102,375	)
Kirby Corp, Put		450		(359,075	)		60.00	09/18/20		(490,500	)
Lululemon Athletica, Inc, Call		113		(37,850	)		240.00	06/19/20		(118,650	)
Lululemon Athletica, Inc, Call		372		(190,817	)		240.00	09/18/20		(751,440	)
Lululemon Athletica, Inc, Call		375		(913,345	)		250.00	12/18/20		(855,938	)
Lululemon Athletica, Inc, Put		188		(312,688	)		180.00	12/18/20		(310,200	)
Lululemon Athletica, Inc, Put		187		(339,583	)		185.00	12/18/20		(338,003	)
M&T Bank Corp, Put		320		(700,132	)		120.00	10/16/20		(579,200	)
Mastercard, Inc, Call		120		(82,554	)		335.00	10/16/20		(78,000	)
Mastercard, Inc, Put		120		(226,670	)		260.00	10/16/20		(258,840	)
Monolithic Power Systems, Inc, Put		112		(142,456	)		120.00	06/19/20		(31,360	)
Motorola Solutions, Inc, Put		320		(416,394	)		120.00	07/17/20		(89,760	)
Motorola Solutions, Inc, Put		480		(304,314	)		150.00	07/17/20		(633,600	)
Nektar Therapeutics, Put		2,022		(534,426	)		18.00	08/21/20		(493,368	)
NetFlix, Inc, Call		160		(349,159	)		470.00	05/01/20		(1,600	)
NetFlix, Inc, Call		160		(330,738	)		500.00	09/18/20		(330,738	)
NetFlix, Inc, Put		160		(66,562	)		355.00	05/01/20		(480	)
Northrop Grumman Corp, Call		200		(186,536	)		400.00	08/21/20		(33,500	)
Northrop Grumman Corp, Put		100		(320,289	)		280.00	08/21/20		(99,500	)
Northrop Grumman Corp, Put		100		(143,670	)		280.00	11/20/20		(149,500	)
PepsiCo, Inc, Put		320		(299,501	)		110.00	07/17/20		(48,000	)
PVH Corp, Put		240		(161,747	)		75.00	01/15/21		(702,000	)
QUALCOMM, Inc, Put		445		(332,924	)		65.00	07/17/20		(75,650	)
Roku, Inc, Put		320		(509,752	)		60.00	10/16/20		(83,200	)
Roku, Inc, Put		320		(633,894	)		95.00	10/16/20		(339,200	)
Slack Technologies, Inc, Put		135		(24,613	)		20.00	07/17/20		(11,475	)
Slack Technologies, Inc, Put		405		(160,253	)		22.00	07/17/20		(58,725	)
Snap, Inc, Put		1,784		(269,434	)		12.00	07/17/20		(42,816	)
Strategic Education, Inc, Put		160		(294,432	)		135.00	08/21/20		(136,800	)
Synopsys, Inc, Put		320		(38,723	)		125.00	06/19/20		(28,800	)
Teradata Corp, Put		1,665		(493,488	)		25.00	12/18/20		(657,675	)
Tesla, Inc, Put		50		(539,136	)		470.00	06/19/20		(35,700	)
Universal Display Corp, Put		200		(441,854	)		130.00	12/18/20		(350,000	)
Universal Health Services, Inc, Put		332		(681,236	)		115.00	12/18/20		(722,100	)
VF Corp, Put		500		(87,479	)		70.00	08/21/20		(720,000	)
Walt Disney Co, Put		300		(553,443	)		115.00	09/18/20		(420,000	)
World Wrestling Entertainment, Inc, Put		1,000		(505,700	)		30.00	10/16/20		(170,000	)
World Wrestling Entertainment, Inc, Put		800		(464,759	)		40.00	01/15/21		(492,000	)
Wynn Resorts Ltd, Put		225		(350,106	)		90.00	09/18/20		(378,900	)
Wynn Resorts Ltd, Put		225		(572,815	)		85.00	12/18/20		(408,600	)
Wynn Resorts Ltd, Put		900		(2,345,322	)		85.00	01/15/21		(1,705,500	)
Xilinx, Inc, Put		320		(212,783	)		77.50	01/15/21		(238,400	)
Zendesk, Inc, Put		520		(292,026	)		55.00	10/16/20		(159,900	)
Zimmer Biomet Holdings, Inc, Call		250		(100,273	)		125.00	06/19/20		(135,000	)
Zscaler, Inc, Put		600		(201,914	)		42.50	08/21/20		(75,000	)
Total		41,633	$	(38,536,869	)				$	(34,412,204	)

8

TIAA-CREF FUNDS – Large-Cap Growth Fund

TIAA-CREF FUNDS

LARGE-CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2020

SHARES			COMPANY	VALUE
COMMON STOCKS - 100.2%
AUTOMOBILES & COMPONENTS - 2.1%
	159,399	*	Tesla, Inc	$	124,630,890
			TOTAL AUTOMOBILES & COMPONENTS		124,630,890
CAPITAL GOODS - 1.2%
	44,145		Northrop Grumman Corp		14,597,427
	861,637		Raytheon Technologies Corp		55,842,694
			TOTAL CAPITAL GOODS		70,440,121
CONSUMER DURABLES & APPAREL - 2.2%
	151,254	*	Lululemon Athletica, Inc		33,802,244
	1,120,115		Nike, Inc (Class B)		97,651,626
			TOTAL CONSUMER DURABLES & APPAREL		131,453,870
CONSUMER SERVICES - 2.0%
	741,910		Las Vegas Sands Corp		35,626,518
	207,824		McDonald’s Corp		38,979,470
	582,600		Starbucks Corp		44,702,898
			TOTAL CONSUMER SERVICES		119,308,886
DIVERSIFIED FINANCIALS - 3.5%
	56,538		BlackRock, Inc		28,384,338
	1,004,631		Charles Schwab Corp		37,894,681
	316,447		Intercontinental Exchange Group, Inc		28,306,184
	368,051		S&P Global, Inc		107,794,777
			TOTAL DIVERSIFIED FINANCIALS		202,379,980
FOOD & STAPLES RETAILING - 1.5%
	737,295		Walmart, Inc		89,618,207
			TOTAL FOOD & STAPLES RETAILING		89,618,207
HEALTH CARE EQUIPMENT & SERVICES - 3.3%
	1,015,981	*	Alcon, Inc		53,653,957
	729,765		Baxter International, Inc		64,788,537
	1,529,673	*	Boston Scientific Corp		57,332,144
	33,938	*	Intuitive Surgical, Inc		17,338,245
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		193,112,883
MATERIALS - 1.5%
	170,305		Linde plc		31,334,417
	108,739		Sherwin-Williams Co		58,324,337
			TOTAL MATERIALS		89,658,754
MEDIA & ENTERTAINMENT - 15.9%
	112,342	*	Alphabet, Inc (Class A)		151,290,972
	95,547	*	Alphabet, Inc (Class C)		128,860,417

9

TIAA-CREF FUNDS – Large-Cap Growth Fund

SHARES			COMPANY	VALUE
	1,485,246	*	Facebook, Inc	$	304,044,709
	197,482	*	IAC/InterActiveCorp		44,133,277
	224,646	*	NetFlix, Inc		94,317,623
	1,466,703		Tencent Holdings Ltd		77,103,744
	1,329,492	*	Twitter, Inc		38,129,831
	874,916		Walt Disney Co		94,622,165
			TOTAL MEDIA & ENTERTAINMENT		932,502,738
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 16.8%
	675,345		AbbVie, Inc		55,513,359
	1,625,371		AstraZeneca plc		170,000,802
	1,164,299	*	Avantor, Inc		19,571,866
	299,797	*	BioMarin Pharmaceutical, Inc		27,587,320
	674,653		Bristol-Myers Squibb Co		41,025,649
	246,708		Daiichi Sankyo Co Ltd		16,959,012
	491,126		Eli Lilly & Co		75,947,725
	1,458,042		GlaxoSmithKline plc (ADR)		61,339,827
	222,266	*	Illumina, Inc		70,909,522
	337,105	*	IQVIA Holdings, Inc		48,067,802
	54,703		Lonza Group AG.		23,886,917
	680,874		Novo Nordisk AS		43,432,957
	1,201,675		Pfizer, Inc		46,096,253
	173,669	*	Regeneron Pharmaceuticals, Inc		91,329,054
	407,430	*	Vertex Pharmaceuticals, Inc		102,346,416
	2,783,004	*,g	Wuxi Biologics Cayman, Inc		43,321,392
	372,950		Zoetis, Inc		48,226,164
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		985,562,037
RETAILING - 12.5%
	193,464	*	Amazon.com, Inc		478,629,936
	15,021	*	Booking Holdings, Inc		22,239,642
	234,661		Home Depot, Inc		51,585,528
	94,532		Kering		48,088,857
	579,745		Lowe’s Companies, Inc		60,728,289
	1,111,668		TJX Companies, Inc		54,527,315
	83,596	*	Ulta Beauty, Inc		18,217,240
			TOTAL RETAILING		734,016,807
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 8.9%
	726,696	*	Advanced Micro Devices, Inc		38,071,603
	907,263		Applied Materials, Inc		45,072,826
	138,434		Broadcom, Inc		37,601,443
	1,002,996		Intel Corp		60,159,700
	284,253		Lam Research Corp		72,564,106
	1,441,605		Marvell Technology Group Ltd		38,548,518
	436,831		NVIDIA Corp		127,676,964
	876,267		Texas Instruments, Inc		101,708,311
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		521,403,471
SOFTWARE & SERVICES - 22.7%
	354,256	*	Adobe, Inc		125,279,092
	60,533	*,g	Adyen NV		59,781,158
	539,413	*	Akamai Technologies, Inc		52,706,044
	159,998	*	Crowdstrike Holdings, Inc		10,825,465

10

TIAA-CREF FUNDS – Large-Cap Growth Fund

SHARES			COMPANY					VALUE
	369,475		Intuit, Inc					$	99,688,050
	433,866		Mastercard, Inc (Class A)						119,300,134
	2,197,714		Microsoft Corp						393,852,326
	775,804	*	PayPal Holdings, Inc						95,423,892
	1,098,990	*	salesforce.com, Inc						177,981,430
	110,525	*	ServiceNow, Inc						38,853,959
	145,617	*	Splunk, Inc						20,438,802
	75		TiVo Corp						527
	108,469	*	Twilio, Inc						12,181,069
	713,768		Visa, Inc (Class A)						127,564,617
			TOTAL SOFTWARE & SERVICES						1,333,876,565
TECHNOLOGY HARDWARE & EQUIPMENT - 4.7%
	641,148	n	Apple, Inc						188,369,282
	591,478	*	Keysight Technologies, Inc						57,237,326
	212,716		Motorola Solutions, Inc						30,590,688
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						276,197,296
TRANSPORTATION - 1.4%
	270,635		Kansas City Southern						35,331,399
	1,619,205	*	Uber Technologies, Inc						49,013,336
			TOTAL TRANSPORTATION						84,344,735
			TOTAL COMMON STOCKS						5,888,507,240
			(Cost $3,747,688,299)
PURCHASED OPTIONS - 0.0%
TECHNOLOGY HARDWARE & EQUIPMENT - 0.0%
	20,600		Apple, Inc						778,680
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						778,680
			TOTAL PURCHASED OPTIONS						778,680
			(Cost $634,877)
PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 0.9%
GOVERNMENT AGENCY DEBT - 0.3%
$	2,700,000		Federal Home Loan Bank (FHLB)		0.050	%	05/01/20		2,700,000
	5,000,000		FHLB		0.080		05/06/20		4,999,938
	2,800,000		FHLB		0.060		05/13/20		2,799,916
	3,400,000		FHLB		0.100		06/12/20		3,399,603
	4,090,000		FHLB		0.065-0.100		06/15/20		4,089,489
			TOTAL GOVERNMENT AGENCY DEBT						17,988,946
REPURCHASE AGREEMENT - 0.2%
$	12,530,000		Fixed Income Clearing Corp		0.020		05/01/20		12,530,000
			TOTAL REPURCHASE AGREEMENT						12,530,000

11

TIAA-CREF FUNDS – Large-Cap Growth Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
TREASURY DEBT - 0.4%
$	21,190,000	United States Treasury Bill		0.060	%	05/19/20	$	21,189,112
		TOTAL TREASURY DEBT						21,189,112
		TOTAL SHORT-TERM INVESTMENTS						51,708,058
		(Cost $51,708,393)
		TOTAL INVESTMENTS - 101.1%						5,940,993,978
		(Cost $3,800,031,569)
		OTHER ASSETS & LIABILITIES, NET - (1.1)%						(62,092,621	)
		NET ASSETS - 100.0%					$	5,878,901,357

*	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 4/30/2020, the aggregate value of these securities is $103,102,550 or 1.8% of net assets.
n	All or a portion of these securities have been segregated by the custodian to cover collateral requirements on open written options contracts.

Purchased options outstanding as of April 30, 2020 were as follows:

Description/underlying investment	Number of contracts	Notional amount		Exercise price		Expiration date	Value
Apple, Inc, Call	206	$	634,877	$	280.00	12/18/20	$	778,680

Written options outstanding as of April 30, 2020 were as follows:

Description/underlying investment	Number of contracts	Notional amount			Exercise price		Expiration date	Value
Apple, Inc, Call	206	$	(242,152	)	$	330.00	12/18/20	$	(314,150	)
Apple, Inc, Put	206		(439,421	)		250.00	12/18/20		(307,146	)
Total	412	$	(681,573	)				$	(621,296	)

12

TIAA-CREF FUNDS – Large-Cap Value Fund

TIAA-CREF FUNDS

LARGE-CAP VALUE FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2020

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.3%
BANKS - 13.0%
	6,265,000		Bank of America Corp	$	150,673,250
	2,500,000		Citigroup, Inc		121,400,000
	1,980,000		JPMorgan Chase & Co		189,604,800
	390,000		PNC Financial Services Group, Inc		41,601,300
	1,225,000		US Bancorp		44,712,500
	1,500,000		Wells Fargo & Co		43,575,000
			TOTAL BANKS		591,566,850
CAPITAL GOODS - 10.4%
	220,000		Allegion plc		22,118,800
	310,000		Caterpillar, Inc		36,077,800
	455,186		Deere & Co		66,029,281
	474,977		Dover Corp		44,481,596
	465,082		Eaton Corp		38,834,347
	550,000		Honeywell International, Inc		78,045,000
	1,200,000		Masco Corp		49,248,000
	325,000		Parker-Hannifin Corp		51,389,000
	385,000		Raytheon Technologies Corp		24,951,850
	138,535		Stanley Black & Decker, Inc		15,266,557
	534,349		Trane Technologies plc		46,712,790
			TOTAL CAPITAL GOODS		473,155,021
CONSUMER DURABLES & APPAREL - 1.1%
	15,835	*	NVR, Inc		49,088,500
			TOTAL CONSUMER DURABLES & APPAREL		49,088,500
CONSUMER SERVICES - 0.6%
	130,000		McDonald’s Corp		24,382,800
	70,000		Royal Caribbean Cruises Ltd		3,273,900
			TOTAL CONSUMER SERVICES		27,656,700
DIVERSIFIED FINANCIALS - 3.2%
	530,000		American Express Co		48,362,500
	55,000		BlackRock, Inc		27,612,200
	390,000		Goldman Sachs Group, Inc		71,533,800
			TOTAL DIVERSIFIED FINANCIALS		147,508,500
ENERGY - 4.7%
	1,105,000		Chevron Corp		101,660,000
	930,000		ConocoPhillips		39,153,000
	650,000		EOG Resources, Inc		30,881,500
	705,000		Valero Energy Corp		44,661,750
			TOTAL ENERGY		216,356,250

13

TIAA-CREF FUNDS – Large-Cap Value Fund

SHARES			COMPANY	VALUE
FOOD & STAPLES RETAILING - 1.8%
	695,000		Walmart, Inc	$	84,477,250
			TOTAL FOOD & STAPLES RETAILING		84,477,250
FOOD, BEVERAGE & TOBACCO - 2.8%
	1,050,000		Mondelez International, Inc		54,012,000
	160,000		PepsiCo, Inc		21,166,400
	725,000		Philip Morris International, Inc		54,085,000
			TOTAL FOOD, BEVERAGE & TOBACCO		129,263,400
HEALTH CARE EQUIPMENT & SERVICES - 7.9%
	212,756		Anthem, Inc		59,726,992
	306,766		Cigna Corp		60,058,647
	841,106		CVS Health Corp		51,770,074
	286,975		HCA Healthcare, Inc		31,532,813
	550,000		Medtronic plc		53,696,500
	148,438		UnitedHealth Group, Inc		43,413,662
	520,000		Zimmer Biomet Holdings, Inc		62,244,000
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		362,442,688
HOUSEHOLD & PERSONAL PRODUCTS - 2.7%
	1,045,000		Procter & Gamble Co		123,174,150
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		123,174,150
INSURANCE - 6.5%
	1,700,000		American International Group, Inc		43,231,000
	500,000	*	Berkshire Hathaway, Inc (Class B)		93,680,000
	600,000		Chubb Ltd		64,806,000
	700,000		Lincoln National Corp		24,829,000
	371,084		Marsh & McLennan Cos, Inc		36,117,606
	500,000		Prudential Financial, Inc		31,185,000
			TOTAL INSURANCE		293,848,606
MATERIALS - 3.4%
	450,000		Ball Corp		29,515,500
	920,000		Corteva, Inc		24,094,800
	760,000	*	Crown Holdings, Inc		48,951,600
	250,000		DuPont de Nemours, Inc		11,755,000
	450,000		PPG Industries, Inc		40,873,500
			TOTAL MATERIALS		155,190,400
MEDIA & ENTERTAINMENT - 5.1%
	25,000	*	Alphabet, Inc (Class C)		33,716,500
	2,525,000		Comcast Corp (Class A)		95,015,750
	950,000		Walt Disney Co		102,742,500
			TOTAL MEDIA & ENTERTAINMENT		231,474,750
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 10.6%
	172,500		Amgen, Inc		41,265,450
	890,582		Bristol-Myers Squibb Co		54,156,291
	430,000		Gilead Sciences, Inc		36,120,000
	1,180,000		Johnson & Johnson		177,047,200
	625,000		Merck & Co, Inc		49,587,500
	3,250,000		Pfizer, Inc		124,670,000
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		482,846,441

14

TIAA-CREF FUNDS – Large-Cap Value Fund

SHARES			COMPANY	VALUE
REAL ESTATE - 1.9%
	120,000		AvalonBay Communities, Inc	$	19,554,000
	227,602		Boston Properties, Inc		22,118,362
	504,663		Prologis, Inc		45,031,080
			TOTAL REAL ESTATE		86,703,442
RETAILING - 2.1%
	430,000		Home Depot, Inc		94,526,900
			TOTAL RETAILING		94,526,900
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 6.4%
	300,000		Analog Devices, Inc		32,880,000
	1,078,594		Applied Materials, Inc		53,584,550
	1,885,000		Intel Corp		113,062,300
	60,000		Lam Research Corp		15,316,800
	915,321	*	Micron Technology, Inc		43,834,723
	361,180		NXP Semiconductors NV		35,962,692
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		294,641,065
SOFTWARE & SERVICES - 3.5%
	320,000		Accenture plc		59,260,800
	430,000		Microsoft Corp		77,060,300
	403,677		Oracle Corp		21,382,771
			TOTAL SOFTWARE & SERVICES		157,703,871
TECHNOLOGY HARDWARE & EQUIPMENT - 2.1%
	600,000		Cisco Systems, Inc		25,428,000
	1,300,000		HP, Inc		20,163,000
	705,000	e	TE Connectivity Ltd		51,789,300
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		97,380,300
TELECOMMUNICATION SERVICES - 3.4%
	1,700,000		AT&T, Inc		51,799,000
	1,825,000		Verizon Communications, Inc		104,846,250
			TOTAL TELECOMMUNICATION SERVICES		156,645,250
TRANSPORTATION - 1.9%
	321,599		CSX Corp		21,299,502
	400,023		Union Pacific Corp		63,919,675
			TOTAL TRANSPORTATION		85,219,177
UTILITIES - 4.2%
	630,000		American Electric Power Co, Inc		52,359,300
	460,000		Entergy Corp		43,934,600
	1,350,000		FirstEnergy Corp		55,714,500
	165,000		NextEra Energy, Inc		38,134,800
			TOTAL UTILITIES		190,143,200
			TOTAL COMMON STOCKS		4,531,012,711
			(Cost $4,228,123,753)

15

TIAA-CREF FUNDS – Large-Cap Value Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
SHORT-TERM INVESTMENTS - 0.2%
GOVERNMENT AGENCY DEBT - 0.2%
$	2,700,000		Federal Home Loan Bank (FHLB)		0.050	%	05/06/20	$	2,699,966
	4,280,000		FHLB		0.030		05/18/20		4,279,818
	1,400,000		FHLB		0.090		06/24/20		1,399,790
			TOTAL GOVERNMENT AGENCY DEBT						8,379,574
TREASURY DEBT - 0.0%
	3,000,000		United States Treasury Bill		0.055		05/12/20		2,999,944
			TOTAL TREASURY DEBT						2,999,944
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.0%
	64,060	c	State Street Navigator Securities Lending Government Money Market Portfolio						64,060
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						64,060
			TOTAL SHORT-TERM INVESTMENTS						11,443,578
			(Cost $11,443,741)
			TOTAL INVESTMENTS - 99.5%						4,542,456,289
			(Cost $4,239,567,494)
			OTHER ASSETS & LIABILITIES, NET - 0.5%						22,792,671
			NET ASSETS - 100.0%					$	4,565,248,960

*	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 $58,474.

16

TIAA-CREF FUNDS – Mid-Cap Growth Fund

TIAA-CREF FUNDS

MID-CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2020

SHARES			COMPANY	VALUE
COMMON STOCKS - 100.0%
CAPITAL GOODS - 7.8%
	194,252		Ametek, Inc	$	16,291,915
	104,145		L3Harris Technologies, Inc		20,172,886
	93,899		Stanley Black & Decker, Inc		10,347,670
	18,801	*	Teledyne Technologies, Inc		6,122,922
	150,221		Trane Technologies plc		13,132,320
	36,697		TransDigm Group, Inc		13,323,947
	37,580		W.W. Grainger, Inc		10,356,296
			TOTAL CAPITAL GOODS		89,747,956
COMMERCIAL & PROFESSIONAL SERVICES - 7.6%
	65,600	*	Cimpress plc		4,775,024
	68,068		Cintas Corp		15,099,524
	905,847	*	Clarivate Analytics plc		20,816,364
	196,570		Experian Group Ltd		5,903,069
	117,360		IHS Markit Ltd		7,898,328
	57,822		Verisk Analytics, Inc		8,836,936
	275,000		Waste Connections, Inc		23,625,250
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		86,954,495
CONSUMER DURABLES & APPAREL - 4.9%
	343,995	*	Capri Holdings Ltd		5,245,924
	65,000	*	Garmin Ltd		5,275,400
	117,941	*	Lululemon Athletica, Inc		26,357,455
	187,776	*	Peloton Interactive, Inc		5,914,944
	1,173,500		Prada S.p.A		3,809,966
	175,000	*	Tempur Sealy International, Inc		9,406,250
			TOTAL CONSUMER DURABLES & APPAREL		56,009,939
CONSUMER SERVICES - 5.1%
	245,711		ARAMARK Holdings Corp		6,710,367
	78,627	*	Bright Horizons Family Solutions		9,156,114
	24,582	*	Chipotle Mexican Grill, Inc (Class A)		21,596,516
	78,627	e	Royal Caribbean Cruises Ltd		3,677,385
	152,430	*	Shake Shack, Inc		8,308,959
	112,665		Wynn Resorts Ltd		9,636,238
			TOTAL CONSUMER SERVICES		59,085,579
DIVERSIFIED FINANCIALS - 2.5%
	28,185		MSCI, Inc (Class A)		9,216,495
	179,654		Tradeweb Markets, Inc		9,370,753
	225,332		Voya Financial, Inc		10,178,246
			TOTAL DIVERSIFIED FINANCIALS		28,765,494

17

TIAA-CREF FUNDS – Mid-Cap Growth Fund

SHARES			COMPANY	VALUE
FOOD, BEVERAGE & TOBACCO - 2.8%
	58,970	*	Beyond Meat, Inc	$	5,837,440
	770,783		Davide Campari-Milano S.p.A		5,990,800
	210,711		Fevertree Drinks plc		4,599,023
	93,899	*	Freshpet, Inc		7,080,923
	124,817		Keurig Dr Pepper, Inc		3,302,658
	86,712	*	Monster Beverage Corp		5,359,669
			TOTAL FOOD, BEVERAGE & TOBACCO		32,170,513
HEALTH CARE EQUIPMENT & SERVICES - 10.1%
	84,507	*	Align Technology, Inc		18,156,329
	309,831	*	Centene Corp		20,628,548
	77,077	*	DexCom, Inc		25,836,211
	93,899	*	Guardant Health, Inc		7,226,467
	52,996	*	Insulet Corp		10,584,361
	103,288	*	Molina Healthcare, Inc		16,936,133
	50,123		Teleflex, Inc		16,811,254
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		116,179,303
HOUSEHOLD & PERSONAL PRODUCTS - 2.3%
	106,069		Church & Dwight Co, Inc		7,423,769
	42,401		Clorox Co		7,905,243
	353,824		Reynolds Consumer Products Inc		11,474,512
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		26,803,524
INSURANCE - 0.2%
	93,899	*,e	Trupanion, Inc		2,808,519
			TOTAL INSURANCE		2,808,519
MATERIALS - 1.6%
	281,664		Ball Corp		18,474,342
			TOTAL MATERIALS		18,474,342
MEDIA & ENTERTAINMENT - 5.4%
	183,060	*	GCI Liberty, Inc		11,135,540
	68,043	*	IAC/InterActiveCorp		15,206,249
	70,000	*	Take-Two Interactive Software, Inc		8,473,500
	657,219	*	Twitter, Inc		18,849,041
	187,776	e	World Wrestling Entertainment, Inc (Class A)		8,350,399
			TOTAL MEDIA & ENTERTAINMENT		62,014,729
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 5.4%
	536,505	*	Avantor, Inc		9,018,649
	154,916	*	BioMarin Pharmaceutical, Inc		14,255,370
	200,000	*	Elanco Animal Health, Inc		4,942,000
	182,604	*	Exact Sciences Corp		14,422,064
	131,443	*	Horizon Therapeutics Plc		4,737,206
	78,328	*	Jazz Pharmaceuticals plc		8,635,662
	112,665		Perrigo Co plc		6,005,045
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		62,015,996
REAL ESTATE - 2.3%
	255,324		Americold Realty Trust		7,810,361
	63,000	n	SBA Communications Corp		18,264,960
			TOTAL REAL ESTATE		26,075,321

18

TIAA-CREF FUNDS – Mid-Cap Growth Fund

SHARES			COMPANY	VALUE
RETAILING - 10.0%
	200,000	*	ASOS plc	$	6,034,356
	21,601	*	AutoZone, Inc		22,039,932
	65,721	*	Burlington Stores, Inc		12,006,570
	135,199	*	CarMax, Inc		9,957,406
	187,776	*	Dollar Tree, Inc		14,960,114
	140,831	e	Expedia Group Inc		9,996,184
	370,800	*,e	Farfetch Ltd		4,909,392
	110,080	*	Five Below, Inc		9,924,813
	1,877,773	*	Groupon, Inc		2,290,883
	220,637	*	GrubHub, Inc		10,544,242
	41,285		Tiffany & Co		5,222,553
	250,000	*	Trip.com Group Ltd (ADR)		6,440,000
			TOTAL RETAILING		114,326,445
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 8.2%
	582,108	*,n	Advanced Micro Devices, Inc		30,496,638
	104,364		Entegris, Inc		5,659,660
	93,370		Lam Research Corp		23,835,494
	68,799		Microchip Technology, Inc		6,035,736
	48,180		Monolithic Power Systems, Inc		9,631,664
	93,899		NXP Semiconductors NV		9,349,523
	103,288		Xilinx, Inc		9,027,371
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		94,036,086
SOFTWARE & SERVICES - 18.2%
	14,098	*,g	Adyen NV		13,922,898
	240,869	*	Anaplan, Inc		9,841,907
	113,263	*,e	Datadog, Inc		5,110,427
	66,038	*	EPAM Systems, Inc		14,587,134
	37,580	*,e	Everbridge, Inc		4,185,660
	191,654	*	Fiserv, Inc		19,751,861
	100,000	*,e	GDS Holdings Ltd (ADR)		5,732,000
	140,831		Global Payments, Inc		23,380,763
	75,124	*	HubSpot, Inc		12,668,160
	300,443	*,e	Medallia, Inc		6,453,516
	87,324	*	Okta, Inc		13,212,121
	37,955	*	Paylocity Holding Corp		4,346,986
	122,054	*	Proofpoint, Inc		14,857,633
	80,000	*,e	RingCentral, Inc		18,282,400
	701,725		Sabre Corp		5,101,541
	328,609	*,e	Slack Technologies, Inc		8,770,574
	150,221	*	Synopsys, Inc		23,602,724
	11,857	*	Wix.com Ltd		1,551,014
	49,153	*	Zendesk, Inc		3,778,883
			TOTAL SOFTWARE & SERVICES		209,138,202
TECHNOLOGY HARDWARE & EQUIPMENT - 4.8%
	225,332		Amphenol Corp (Class A)		19,887,802
	23,481	*	Arista Networks, Inc		5,149,383
	58,970		CDW Corp		6,533,876
	75,124	*	Keysight Technologies, Inc		7,269,750
	110,000		Motorola Solutions, Inc		15,819,100
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		54,659,911

19

TIAA-CREF FUNDS – Mid-Cap Growth Fund

SHARES			COMPANY	VALUE
TRANSPORTATION - 0.8%
	197,165	*,e	Lyft, Inc (Class A)	$	6,472,927
	192,695	*,e	Spirit Airlines, Inc		2,894,279
			TOTAL TRANSPORTATION		9,367,206
			TOTAL COMMON STOCKS		1,148,633,560
			(Cost $1,037,476,342)

PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 3.6%
GOVERNMENT AGENCY DEBT - 0.3%
$	3,583,000		Federal Farm Credit Bank (FFCB)		0.010	%	05/01/20		3,583,000
			TOTAL GOVERNMENT AGENCY DEBT						3,583,000
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 3.3%
	38,178,389	c	State Street Navigator Securities Lending Government Money Market Portfolio						38,178,389
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						38,178,389
			TOTAL SHORT-TERM INVESTMENTS						41,761,389
			(Cost $41,761,389)
			TOTAL INVESTMENTS - 103.6%						1,190,394,949
			(Cost $1,079,237,731)
			OTHER ASSETS & LIABILITIES, NET - (3.6)%						(41,287,298	)
			NET ASSETS - 100.0%					$	1,149,107,651

*	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 $36,751,701.
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 4/30/2020, the aggregate value of these securities is $13,922,898 or 1.2% of net assets.
n	All or a portion of these securities have been segregated by the custodian to cover collateral requirements on open written options contracts.

Written options outstanding as of April 30, 2020 were as follows:

Description/underlying investment	Number of contracts	Notional amount			Exercise price		Expiration date	Value
Advanced Micro Devices, Inc, Call	1,700	$	(902,751	)	$	41.00	07/17/20	$	(2,163,250	)

20

TIAA-CREF FUNDS – Mid-Cap Value Fund

TIAA-CREF FUNDS

MID-CAP VALUE FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2020

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.5%
BANKS - 3.4%
	515,009		CIT Group, Inc	$	9,774,871
	376,742		East West Bancorp, Inc		13,212,342
	598,286		Synovus Financial Corp		12,569,989
	569,882		TCF Financial Corp		16,919,796
	427,584		Western Alliance Bancorp		15,341,714
			TOTAL BANKS		67,818,712
CAPITAL GOODS - 5.6%
	337,313		Crane Co		18,366,693
	270,386		Eaton Corp		22,577,231
	197,975		L3Harris Technologies, Inc		38,347,757
	354,758	*,e	Mastec, Inc		12,735,812
	224,395		Trane Technologies plc		19,616,611
			TOTAL CAPITAL GOODS		111,644,104
CONSUMER DURABLES & APPAREL - 2.7%
	431,211		Brunswick Corp		20,577,389
	198,195	*	Meritage Homes Corp		10,417,129
	1,612,633		Newell Brands Inc		22,383,346
			TOTAL CONSUMER DURABLES & APPAREL		53,377,864
CONSUMER SERVICES - 2.4%
	52,532		Domino's Pizza, Inc		19,012,907
	1,492,995	e	International Game Technology plc		11,257,182
	110,107		Wyndham Destinations, Inc		2,815,436
	395,050		Wyndham Hotels & Resorts, Inc		14,897,336
			TOTAL CONSUMER SERVICES		47,982,861
DIVERSIFIED FINANCIALS - 8.6%
	2,234,320		AGNC Investment Corp		27,750,254
	226,308		Ameriprise Financial, Inc		26,011,842
	552,791		Bank of New York Mellon Corp		20,751,774
	1,058,945		Colony Credit Real Estate, Inc		5,093,526
	377,096		Discover Financial Services		16,203,815
	1,559,194		Starwood Property Trust, Inc		20,175,970
	737,851		Synchrony Financial		14,602,071
	3,451,226		Two Harbors Investment Corp		15,772,103
	535,944		Voya Financial, Inc		24,208,591
			TOTAL DIVERSIFIED FINANCIALS		170,569,946
FOOD, BEVERAGE & TOBACCO - 5.1%
	379,603		Kellogg Co		24,863,996
	709,205	e	Keurig Dr Pepper, Inc		18,765,564
	415,671	*	Monster Beverage Corp		25,692,625

21

TIAA-CREF FUNDS – Mid-Cap Value Fund

SHARES			COMPANY	VALUE
	501,641		Tyson Foods, Inc (Class A)	$	31,197,054
			TOTAL FOOD, BEVERAGE & TOBACCO		100,519,239
HEALTH CARE EQUIPMENT & SERVICES - 8.0%
	661,761	*	Centene Corp		44,060,047
	395,824	*	Hologic, Inc		19,830,782
	202,696		McKesson Corp		28,630,810
	143,848	*	Molina Healthcare, Inc		23,586,757
	353,695		Zimmer Biomet Holdings, Inc		42,337,292
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		158,445,688
HOUSEHOLD & PERSONAL PRODUCTS - 1.4%
	143,569		Colgate-Palmolive Co		10,088,594
	473,264		Energizer Holdings, Inc		18,438,365
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		28,526,959
INSURANCE - 5.5%
	190,271		Allstate Corp		19,354,366
	294,671	*	Argo Group International Holdings Ltd		10,419,567
	974,485	*,e	BRP Group, Inc		9,764,340
	688,375		Hartford Financial Services Group, Inc		26,151,366
	245,217		Willis Towers Watson plc		43,719,739
			TOTAL INSURANCE		109,409,378
MATERIALS - 6.6%
	528,339	*	Berry Global Group, Inc		21,022,609
	1,060,781		CF Industries Holdings, Inc		29,171,477
	280,246		International Flavors & Fragrances, Inc		36,720,633
	747,966		Newmont Goldcorp Corp		44,489,018
			TOTAL MATERIALS		131,403,737
MEDIA & ENTERTAINMENT - 2.9%
	1,384,059		Altice USA, Inc		35,944,012
	1,974,400	*	Conyers Park II Acquisition Corp		21,629,552
			TOTAL MEDIA & ENTERTAINMENT		57,573,564
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 3.1%
	155,716	*	Jazz Pharmaceuticals plc		17,167,689
	409,367	*	Prestige Consumer Healthcare, Inc.		16,657,143
	258,581	*	United Therapeutics Corp		28,330,135
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		62,154,967
REAL ESTATE - 12.3%
	147,038		AvalonBay Communities, Inc		23,959,842
	199,227		Camden Property Trust		17,545,922
	132,108		Essex Property Trust, Inc		32,247,563
	675,905		Gaming and Leisure Properties, Inc		19,087,557
	811,551		MGM Growth Properties LLC		20,426,739
	477,844		QTS Realty Trust, Inc		29,879,585
	607,479		Rexford Industrial Realty, Inc		24,736,545
	360,252		SL Green Realty Corp		19,111,368
	418,887		STAG Industrial, Inc		10,995,784
	168,641		Sun Communities, Inc		22,665,350

22

TIAA-CREF FUNDS – Mid-Cap Value Fund

SHARES			COMPANY	VALUE
	465,060		Welltower, Inc	$	23,825,024
			TOTAL REAL ESTATE		244,481,279
RETAILING - 0.8%
	578,088	*	LKQ Corp		15,117,001
			TOTAL RETAILING		15,117,001
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.0%
	515,693	*,e	Cree, Inc		22,241,839
	57,085		Lam Research Corp		14,572,659
	419,824	*	Micron Technology, Inc		20,105,371
	219,566		NXP Semiconductors NV		21,862,187
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		78,782,056
SOFTWARE & SERVICES - 2.3%
	541,529	e	DXC Technology Co		9,817,921
	142,295	*	j2 Global, Inc		11,474,669
	131,616	*	Proofpoint, Inc		16,021,615
	858,679	*,e	Verra Mobility Corp		7,693,764
			TOTAL SOFTWARE & SERVICES		45,007,969
TECHNOLOGY HARDWARE & EQUIPMENT - 4.8%
	498,825	*	Ciena Corp		23,070,656
	1,128,830		HP, Inc		17,508,153
	192,424		Motorola Solutions, Inc		27,672,496
	609,226		Western Digital Corp		28,073,134
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		96,324,439
TRANSPORTATION - 1.6%
	234,173		Kansas City Southern		30,571,285
			TOTAL TRANSPORTATION		30,571,285
UTILITIES - 18.4%
	697,077		Alliant Energy Corp		33,843,088
	247,602		American Electric Power Co, Inc		20,578,202
	340,435		Atmos Energy Corp		34,714,157
	1,184,244		Centerpoint Energy, Inc		20,167,675
	358,250		Entergy Corp		34,216,458
	1,341,814		Equitable Holdings, Inc		24,582,033
	578,783		Evergy, Inc		33,818,291
	675,638		Exelon Corp		25,052,657
	933,624		FirstEnergy Corp		38,530,662
	1,514,426		PPL Corp		38,496,709
	266,035		Sempra Energy		32,948,435
	1,637,922		Vistra Energy Corp		32,004,996
			TOTAL UTILITIES		368,953,363
			TOTAL COMMON STOCKS		1,978,664,411
			(Cost $2,259,354,929)

23

TIAA-CREF FUNDS – Mid-Cap Value Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
SHORT-TERM INVESTMENTS - 1.2%
GOVERNMENT AGENCY DEBT - 0.2%
$	1,970,000		Federal Home Loan Bank (FHLB)		0.080	%	05/11/20	$	1,969,951
	2,300,000		FHLB		0.090		05/21/20		2,299,885
			TOTAL GOVERNMENT AGENCY DEBT						4,269,836
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.0%
	20,425,276	c	State Street Navigator Securities Lending Government Money Market Portfolio						20,425,276
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						20,425,276
			TOTAL SHORT-TERM INVESTMENTS						24,695,112
			(Cost $24,695,117)
			TOTAL INVESTMENTS - 100.7%						2,003,359,523
			(Cost $2,284,050,046)
			OTHER ASSETS & LIABILITIES, NET - (0.7)%						(14,866,541	)
			NET ASSETS - 100.0%					$	1,988,492,982

*	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 $27,123,404.

24

TIAA-CREF FUNDS – Quant Large-Cap Growth Fund

TIAA-CREF FUNDS

QUANT LARGE-CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2020

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.8%
AUTOMOBILES & COMPONENTS - 0.7%
	27,760	*	Tesla, Inc	$	21,704,989
			TOTAL AUTOMOBILES & COMPONENTS		21,704,989
CAPITAL GOODS - 4.1%
	47,876		3M Co		7,273,322
	341,925		Allison Transmission Holdings, Inc		12,425,555
	200,558		Ametek, Inc		16,820,799
	87,467		Boeing Co		12,334,596
	191,286	e	BWX Technologies, Inc		10,149,635
	167,570		Fortive Corp		10,724,480
	60,199		L3Harris Technologies, Inc		11,660,546
	67,278		Lockheed Martin Corp		26,175,179
	18,847		Northrop Grumman Corp		6,232,138
	49,320		Raytheon Technologies Corp		3,196,429
	289	*	Sensata Technologies Holding plc		10,514
	74,160		Spirit Aerosystems Holdings, Inc (Class A)		1,643,386
	30,120		Trane Technologies plc		2,633,090
	43,486		Wabtec Corp		2,453,480
			TOTAL CAPITAL GOODS		123,733,149
COMMERCIAL & PROFESSIONAL SERVICES - 1.2%
	50,767	*	Copart, Inc		4,066,944
	197,914	*	IAA, Inc		7,639,480
	41,397		IHS Markit Ltd		2,786,018
	200,416		TransUnion		15,790,777
	70,628		Waste Management, Inc		7,064,213
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		37,347,432
CONSUMER DURABLES & APPAREL - 0.7%
	730		Hasbro, Inc		52,713
	156,359		Nike, Inc (Class B)		13,631,378
	158	*	NVR, Inc		489,800
	116,005	*	Tempur Sealy International, Inc		6,235,269
	7,780		VF Corp		452,018
			TOTAL CONSUMER DURABLES & APPAREL		20,861,178
CONSUMER SERVICES - 1.4%
	27,370	*	Bright Horizons Family Solutions		3,187,236
	7,260		Domino's Pizza, Inc		2,627,612
	160,008	*	Hilton Grand Vacations, Inc		3,296,165
	14,080		Las Vegas Sands Corp		676,122
	75,710		Service Corp International		2,781,585
	303,015		Starbucks Corp		23,250,341
	99,360		Yum China Holdings, Inc		4,814,986
			TOTAL CONSUMER SERVICES		40,634,047

25

TIAA-CREF FUNDS – Quant Large-Cap Growth Fund

SHARES			COMPANY	VALUE
DIVERSIFIED FINANCIALS - 3.2%
	15,071		American Express Co	$	1,375,229
	41,996		CBOE Global Markets, Inc		4,173,563
	10,470		Charles Schwab Corp		394,928
	177,897		Discover Financial Services		7,644,234
	197,713		Intercontinental Exchange Group, Inc		17,685,428
	240,000		iShares Russell 1000 Growth Index Fund		41,467,200
	177,995		LPL Financial Holdings, Inc		10,718,859
	2,740		MarketAxess Holdings, Inc		1,246,727
	21,440		Moody's Corp		5,229,216
	13,140		Morningstar, Inc		2,049,314
	99,066	e	Virtu Financial, Inc		2,315,173
			TOTAL DIVERSIFIED FINANCIALS		94,299,871
ENERGY - 0.0%
	23,980		Cabot Oil & Gas Corp		518,448
			TOTAL ENERGY		518,448
FOOD & STAPLES RETAILING - 1.1%
	106,807		Costco Wholesale Corp		32,362,521
			TOTAL FOOD & STAPLES RETAILING		32,362,521
FOOD, BEVERAGE & TOBACCO - 3.0%
	453,584		Altria Group, Inc		17,803,172
	778,326		Coca-Cola Co		35,717,380
	50,913		Hershey Co		6,742,408
	1,310		Kellogg Co		85,805
	221,009		PepsiCo, Inc		29,237,281
			TOTAL FOOD, BEVERAGE & TOBACCO		89,586,046
HEALTH CARE EQUIPMENT & SERVICES - 6.7%
	107,908		Baxter International, Inc		9,580,072
	653,312	*	Boston Scientific Corp		24,486,134
	47,973	*	Centene Corp		3,194,042
	58,575		Cigna Corp		11,467,814
	91,645		Danaher Corp		14,980,292
	40,337	*	DexCom, Inc		13,520,962
	77,338	*	Edwards Lifesciences Corp		16,821,015
	76,106		HCA Healthcare, Inc		8,362,527
	159,154	*	Hologic, Inc		7,973,615
	40,060		McKesson Corp		5,658,475
	297,080	*	PPD, Inc		7,100,212
	235,218		UnitedHealth Group, Inc		68,794,209
	44,473		West Pharmaceutical Services, Inc		8,416,960
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		200,356,329
HOUSEHOLD & PERSONAL PRODUCTS - 0.8%
	39,460		Estee Lauder Cos (Class A)		6,960,744
	1,460	*	Herbalife Nutrition Ltd		54,531
	140,022		Procter & Gamble Co		16,504,393
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		23,519,668

26

TIAA-CREF FUNDS – Quant Large-Cap Growth Fund

SHARES			COMPANY	VALUE
INSURANCE - 1.5%
	418,828	*	Arch Capital Group Ltd	$	10,064,437
	217,248		Axis Capital Holdings Ltd		7,951,277
	11,379	*	Markel Corp		9,852,393
	188,249		Marsh & McLennan Cos, Inc		18,322,275
			TOTAL INSURANCE		46,190,382
MATERIALS - 0.7%
	578,407	*	Axalta Coating Systems Ltd		11,417,754
	114,553		CF Industries Holdings, Inc		3,150,207
	68,195		PPG Industries, Inc		6,194,152
			TOTAL MATERIALS		20,762,113
MEDIA & ENTERTAINMENT - 11.3%
	66,988	*	Alphabet, Inc (Class A)		90,212,739
	48,351	*	Alphabet, Inc (Class C)		65,209,060
	286,938		Altice USA, Inc		7,451,780
	106,197		Comcast Corp (Class A)		3,996,193
	113,995	*	Electronic Arts, Inc		13,025,069
	505,907	*	Facebook, Inc		103,564,222
	12,920	*	Madison Square Garden Co		2,213,454
	13,130	*	Madison Square Garden Entertainment Corp		1,085,851
	67,256	*	NetFlix, Inc		28,237,432
	8,955	*	Roku, Inc		1,085,615
	86,004	*	Spotify Technology S.A.		13,035,626
	53,117	*	Take-Two Interactive Software, Inc		6,429,813
	8,980	*	Twitter, Inc		257,546
	47,420		World Wrestling Entertainment, Inc (Class A)		2,108,767
			TOTAL MEDIA & ENTERTAINMENT		337,913,167
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.5%
	160,299		AbbVie, Inc		13,176,578
	95,521	*	Alexion Pharmaceuticals, Inc		10,265,642
	60,728		Amgen, Inc		14,527,352
	351,050	*	Avantor, Inc		5,901,151
	360,283		Bristol-Myers Squibb Co		21,908,809
	86,020		Bruker BioSciences Corp		3,382,306
	77,836		Eli Lilly & Co		12,036,559
	196,906	e	Gilead Sciences, Inc		16,540,104
	54,561	*	Horizon Therapeutics Plc		1,966,378
	2,990	*	Illumina, Inc		953,900
	76,944	*	Incyte Corp		7,514,351
	103,880	*	IQVIA Holdings, Inc		14,812,249
	170,921		Johnson & Johnson		25,644,987
	642,233		Merck & Co, Inc		50,954,766
	103,530	*	PerkinElmer, Inc		9,372,571
	87,292	*	PRA Health Sciences, Inc		8,423,678
	45,632	*	Sage Therapeutics, Inc		1,778,735
	21,072		Thermo Fisher Scientific, Inc		7,052,377
	33,410	*	Vertex Pharmaceuticals, Inc		8,392,592
	142,199		Zoetis, Inc		18,387,753
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		252,992,838

27

TIAA-CREF FUNDS – Quant Large-Cap Growth Fund

SHARES			COMPANY	VALUE
REAL ESTATE - 2.6%
	75,589		American Tower Corp	$	17,990,182
	352,325		Americold Realty Trust		10,777,622
	239,477	*	CBRE Group, Inc		10,280,748
	4,400		Equinix, Inc		2,970,880
	230,742		Equity Lifestyle Properties, Inc		13,916,050
	329,753		Outfront Media, Inc		5,173,824
	9,700		SBA Communications Corp		2,812,224
	96,704		Sun Communities, Inc		12,997,018
			TOTAL REAL ESTATE		76,918,548
RETAILING - 11.3%
	88,658	*	Amazon.com, Inc		219,339,892
	124,891		Dollar General Corp		21,893,392
	103,063	*	Dollar Tree, Inc		8,211,029
	4,510	*	Etsy, Inc		292,564
	23,599	*	GrubHub, Inc		1,127,796
	134,305		Home Depot, Inc		29,524,268
	288,020		Lowe's Companies, Inc		30,170,095
	30,960		Ross Stores, Inc		2,828,506
	464,740		TJX Companies, Inc		22,795,497
	8,490	*	Wayfair, Inc		1,053,100
			TOTAL RETAILING		337,236,139
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.0%
	203,197	*	Advanced Micro Devices, Inc		10,645,491
	74,659		Applied Materials, Inc		3,709,059
	53,741		Broadcom, Inc		14,597,130
	49,468		Lam Research Corp		12,628,191
	84,810		Maxim Integrated Products, Inc		4,662,854
	124,335		NVIDIA Corp		36,340,634
	352,509		QUALCOMM, Inc		27,731,883
	50,642		Teradyne, Inc		3,167,151
	66,259		Texas Instruments, Inc		7,690,682
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		121,173,075
SOFTWARE & SERVICES - 24.2%
	36,783	*,e	2U, Inc		873,596
	51,752		Accenture plc		9,583,953
	79,440	*	Adobe, Inc		28,093,162
	80,668	*	Anaplan, Inc		3,296,094
	112,307	*	Autodesk, Inc		21,016,009
	31,892		Automatic Data Processing, Inc		4,678,237
	46,988	*,e	Avalara, Inc		4,199,318
	70,927	e	Booz Allen Hamilton Holding Co		5,208,879
	144,087	*	Cadence Design Systems, Inc		11,689,778
	17,780		Citrix Systems, Inc		2,578,278
	116,353		CoreLogic Inc		4,470,282
	33,330	*	DocuSign, Inc		3,491,317
	362,227	*	Dropbox, Inc		7,614,011
	122,928	*	Dynatrace, Inc		3,669,401
	64,925	*	Elastic NV		4,164,289
	610	*	Euronet Worldwide, Inc		55,974
	174,002		Fidelity National Information Services, Inc		22,949,124

28

TIAA-CREF FUNDS – Quant Large-Cap Growth Fund

SHARES			COMPANY	VALUE
	75,227	*	Fiserv, Inc	$	7,752,895
	114,880	*	Gartner, Inc		13,648,893
	320,132		Genpact Ltd		11,022,145
	31,591		Global Payments, Inc		5,244,738
	181,731	*	GoDaddy, Inc		12,617,583
	540		International Business Machines Corp		67,802
	11,130		Intuit, Inc		3,002,985
	222,021		Mastercard, Inc (Class A)		61,049,114
	1,569,917		Microsoft Corp		281,344,826
	14,810	*	Nutanix, Inc		303,457
	6,190	*	Okta, Inc		936,547
	143,762		Oracle Corp		7,615,073
	55,329	*	Pagerduty, Inc		1,167,995
	314,953	*	PayPal Holdings, Inc		38,739,219
	103,738	*,e	Pluralsight, Inc		1,705,453
	46,233	*,e	RealPage, Inc		2,981,566
	16,752	*	RingCentral, Inc		3,828,335
	165,827	*	salesforce.com, Inc		26,855,683
	5,774	*	ServiceNow, Inc		2,029,792
	159,074		SS&C Technologies Holdings, Inc		8,774,522
	196,919		Switch, Inc		3,381,099
	32,516	*,e	Twilio, Inc		3,651,547
	324,598		Visa, Inc (Class A)		58,012,155
	107,315	*	Workday, Inc		16,515,778
	176,000	*	Zendesk, Inc		13,530,880
			TOTAL SOFTWARE & SERVICES		723,411,784
TECHNOLOGY HARDWARE & EQUIPMENT - 11.3%
	135,270		Amphenol Corp (Class A)		11,938,930
	858,619		Apple, Inc		252,262,262
	136,813		CDW Corp		15,158,880
	1,008,102		Cisco Systems, Inc		42,723,363
	674,491		HP, Inc		10,461,356
	12,590	*	Keysight Technologies, Inc		1,218,334
	29,613		Motorola Solutions, Inc		4,258,646
	1,191		NetApp, Inc		52,130
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		338,073,901
TRANSPORTATION - 1.5%
	67,474	*	Lyft, Inc (Class A)		2,215,171
	81,910		Southwest Airlines Co		2,559,688
	246,015	*,e	Uber Technologies, Inc		7,446,874
	138,451		Union Pacific Corp		22,123,085
	114,667		United Parcel Service, Inc (Class B)		10,854,378
			TOTAL TRANSPORTATION		45,199,196
			TOTAL COMMON STOCKS		2,984,794,821
			(Cost $1,855,252,409)

29

TIAA-CREF FUNDS – Quant Large-Cap Growth Fund

SHARES			COMPANY	VALUE
SHORT-TERM INVESTMENTS - 0.5%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.5%
	13,855,340	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	13,855,340
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		13,855,340
			TOTAL SHORT-TERM INVESTMENTS		13,855,340
			(Cost $13,855,340)
			TOTAL INVESTMENTS - 100.3%		2,998,650,161
			(Cost $1,869,107,749)
			OTHER ASSETS & LIABILITIES, NET - (0.3)%		(9,237,281	)
			NET ASSETS - 100.0%	$	2,989,412,880

*	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 $13,535,913.

30

TIAA-CREF FUNDS – Quant Large-Cap Value Fund

TIAA-CREF FUNDS
QUANT LARGE-CAP VALUE FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2020

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.8%
AUTOMOBILES & COMPONENTS - 0.2%
	15,510		Aptiv plc	$	1,078,721
	63,360		Ford Motor Co		322,502
	42,500		General Motors Co		947,325
			TOTAL AUTOMOBILES & COMPONENTS		2,348,548
BANKS - 8.3%
	897,557		Bank of America Corp		21,586,246
	274,090		Citigroup, Inc		13,309,811
	119,324		Citizens Financial Group, Inc		2,671,664
	81,718		East West Bancorp, Inc		2,865,850
	2,970		First Republic Bank		309,741
	96,770		FNB Corp		782,869
	303,433		JPMorgan Chase & Co		29,056,744
	202,980		MGIC Investment Corp		1,483,784
	144,854		PacWest Bancorp		2,931,845
	22,582		PNC Financial Services Group, Inc		2,408,822
	2,421		Popular, Inc		93,426
	30,615		Synovus Financial Corp		643,221
	115,875		Truist Financial Corp		4,324,455
	48,487		US Bancorp		1,769,776
	401,771		Wells Fargo & Co		11,671,448
			TOTAL BANKS		95,909,702
CAPITAL GOODS - 7.4%
	42,340		3M Co		6,432,293
	7,819	*	Aecom Technology Corp		283,517
	72,846		Ametek, Inc		6,109,594
	37,239		BWX Technologies, Inc		1,975,901
	236,459	*	Carrier Global Corp		4,187,689
	17,494		Caterpillar, Inc		2,035,952
	70,079	e	Eaton Corp		5,851,596
	78,468		Fortive Corp		5,021,952
	595,244		General Electric Co		4,047,659
	46,933		GrafTech International Ltd		381,096
	49,393		ITT, Inc		2,603,999
	227,950		Johnson Controls International plc		6,635,624
	30,039		L3Harris Technologies, Inc		5,818,554
	36,817		nVent Electric plc		686,637
	2,243		Oshkosh Corp		151,470
	90,104	*	Otis Worldwide Corp		4,587,195
	111,886		PACCAR, Inc		7,745,868
	111,553		Quanta Services, Inc		4,056,067
	178,220		Raytheon Technologies Corp		11,550,438
	429		Stanley Black & Decker, Inc		47,276
	195,437	*	Univar Solutions Inc		2,837,745

31

TIAA-CREF FUNDS – Quant Large-Cap Value Fund

SHARES			COMPANY	VALUE
	34,935		Wabtec Corp	$	1,971,033
			TOTAL CAPITAL GOODS		85,019,155
COMMERCIAL & PROFESSIONAL SERVICES - 0.3%
	51,724	*	Clean Harbors, Inc		2,763,613
	24,929	*	IAA, Inc		962,260
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		3,725,873
CONSUMER DURABLES & APPAREL - 0.8%
	70,179		DR Horton, Inc		3,313,852
	70,710	*	Garmin Ltd		5,738,824
	3,419		Polaris Inc		242,510
			TOTAL CONSUMER DURABLES & APPAREL		9,295,186
CONSUMER SERVICES - 1.5%
	8,300		ARAMARK Holdings Corp		226,673
	3,343		Dunkin Brands Group, Inc		210,074
	56,571		Extended Stay America, Inc		614,927
	41,111	*	frontdoor, Inc		1,591,407
	97,530		H&R Block, Inc		1,623,875
	110,181	*	Hilton Grand Vacations, Inc		2,269,729
	46,772		McDonald’s Corp		8,772,556
	37,823	*	ServiceMaster Global Holdings, Inc		1,287,873
	8,690		Yum China Holdings, Inc		421,117
			TOTAL CONSUMER SERVICES		17,018,231
DIVERSIFIED FINANCIALS - 6.0%
	44,344		American Express Co		4,046,390
	222,823		Bank of New York Mellon Corp		8,364,775
	1,320		BlackRock, Inc		662,693
	114,391		Capital One Financial Corp		7,407,961
	3,500		CBOE Global Markets, Inc		347,830
	20,620		Charles Schwab Corp		777,786
	24,935		CME Group, Inc		4,443,666
	81,099		Discover Financial Services		3,484,824
	15,449		Goldman Sachs Group, Inc		2,833,656
	92,698		Intercontinental Exchange Group, Inc		8,291,836
	160,000		iShares Russell 1000 Value Index Fund		17,643,200
	53,166		Morgan Stanley		2,096,335
	4,868		Northern Trust Corp		385,351
	117,312		OneMain Holdings, Inc		2,840,124
	2,630		State Street Corp		165,795
	190,700		Two Harbors Investment Corp		871,499
	9,650		Virtu Financial, Inc		225,521
	95,371	e	Voya Financial, Inc		4,307,908
			TOTAL DIVERSIFIED FINANCIALS		69,197,150
ENERGY - 6.2%
	101,229		Baker Hughes Co		1,412,145
	198,179		Chevron Corp		18,232,468
	158,233		ConocoPhillips		6,661,609
	145,008		EOG Resources, Inc		6,889,330
	17,490		EQT Corp		255,179

32

TIAA-CREF FUNDS – Quant Large-Cap Value Fund

SHARES			COMPANY	VALUE
	533,847		Exxon Mobil Corp	$	24,807,870
	4,990		Helmerich & Payne, Inc		98,652
	71,428		HollyFrontier Corp		2,359,981
	158,880		Kinder Morgan, Inc		2,419,743
	165,751		Kosmos Energy Ltd		273,489
	7,220		Marathon Petroleum Corp		231,618
	18,270		Occidental Petroleum Corp		303,282
	18,400		Parsley Energy, Inc		173,880
	75,876		PBF Energy, Inc		864,986
	9,560		Phillips 66		699,505
	138,653		Schlumberger Ltd		2,332,144
	226,319		Targa Resources Investments, Inc		2,933,094
	1,840		Valero Energy Corp		116,564
	34,130		Williams Cos, Inc		661,098
			TOTAL ENERGY		71,726,637
FOOD & STAPLES RETAILING - 1.5%
	84,280		Kroger Co		2,664,091
	88,546	*	US Foods Holding Corp		1,903,739
	26,610		Walgreens Boots Alliance, Inc		1,151,947
	95,018		Walmart, Inc		11,549,438
			TOTAL FOOD & STAPLES RETAILING		17,269,215
FOOD, BEVERAGE & TOBACCO - 4.5%
	205,574		Altria Group, Inc		8,068,780
	10,268	*	Beyond Meat, Inc		1,016,429
	103,850		Bunge Ltd		4,119,730
	33,340		Campbell Soup Co		1,666,333
	67,697		Coca-Cola Co		3,106,615
	13,530		ConAgra Brands, Inc		452,443
	7,480		General Mills, Inc		447,977
	3,548		Hershey Co		469,862
	10,790		Ingredion, Inc		876,148
	159,307		Mondelez International, Inc		8,194,752
	46,594		PepsiCo, Inc		6,163,920
	161,712		Philip Morris International, Inc		12,063,715
	113		Seaboard Corp		340,254
	77,708		Tyson Foods, Inc (Class A)		4,832,661
			TOTAL FOOD, BEVERAGE & TOBACCO		51,819,619
HEALTH CARE EQUIPMENT & SERVICES - 6.5%
	38,332		Abbott Laboratories		3,529,994
	2,324		Anthem, Inc		652,417
	6,720		Becton Dickinson & Co		1,697,002
	3,349		Cardinal Health, Inc		165,709
	10,567		Cigna Corp		2,068,807
	195,221		CVS Health Corp		12,015,853
	23,738		Danaher Corp		3,880,213
	33,695		HCA Healthcare, Inc		3,702,407
	62,279	*	Hologic, Inc		3,120,178
	22,103		Humana, Inc		8,439,367
	37,622		McKesson Corp		5,314,107
	183,908		Medtronic plc		17,954,938
	79,880	*	PPD, Inc		1,909,132

33

TIAA-CREF FUNDS – Quant Large-Cap Value Fund

SHARES			COMPANY	VALUE
	15,810		STERIS plc	$	2,252,925
	14,748		West Pharmaceutical Services, Inc		2,791,206
	48,789		Zimmer Biomet Holdings, Inc		5,840,043
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		75,334,298
HOUSEHOLD & PERSONAL PRODUCTS - 3.6%
	154,798		Colgate-Palmolive Co		10,877,655
	3,824		Kimberly-Clark Corp		529,547
	258,388		Procter & Gamble Co		30,456,194
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		41,863,396
INSURANCE - 7.8%
	78,680		Allstate Corp		8,003,330
	49,821		American International Group, Inc		1,266,948
	32,938	*	Arch Capital Group Ltd		791,500
	26,174	*,e	Athene Holding Ltd		706,698
	76,428		Axis Capital Holdings Ltd		2,797,265
	206,777	*	Berkshire Hathaway, Inc (Class B)		38,741,739
	33,905	*	Brighthouse Financial, Inc		871,697
	1,866		Chubb Ltd		201,547
	102,085		Fidelity National Financial Inc		2,761,399
	44,629		First American Financial Corp		2,058,289
	56,090		Hartford Financial Services Group, Inc		2,130,859
	33,166		Kemper Corp		2,229,418
	55,740		Lincoln National Corp		1,977,098
	4,760	*	Markel Corp		4,121,398
	19,134		Marsh & McLennan Cos, Inc		1,862,312
	45,934		Mercury General Corp		1,881,457
	219,113		Metlife, Inc		7,905,597
	85,314		Principal Financial Group		3,106,283
	58,322		Travelers Cos, Inc		5,902,770
			TOTAL INSURANCE		89,317,604
MATERIALS - 4.1%
	38,477		Air Products & Chemicals, Inc		8,679,642
	42,761	*	Alcoa Corp		348,502
	171,100	*	Arconic Corp		1,491,992
	154,157	*	Axalta Coating Systems Ltd		3,043,059
	25,467		CF Industries Holdings, Inc		700,343
	20,120		Corteva, Inc		526,943
	40,584		Dow, Inc		1,489,027
	157,646		DuPont de Nemours, Inc		7,412,515
	2,425	*	Element Solutions, Inc		24,856
	329,288		Graphic Packaging Holding Co		4,395,995
	31,150		Linde plc		5,731,288
	22,093		LyondellBasell Industries NV		1,280,289
	57,348		Newmont Goldcorp Corp		3,411,059
	27,286		Reliance Steel & Aluminum Co		2,444,280
	30,175		Royal Gold, Inc		3,697,343
	159,974		Valvoline, Inc		2,749,953
			TOTAL MATERIALS		47,427,086
MEDIA & ENTERTAINMENT - 3.5%
	57,399		Activision Blizzard, Inc		3,658,038

34

TIAA-CREF FUNDS – Quant Large-Cap Value Fund

SHARES			COMPANY	VALUE
	1,450	*	Charter Communications, Inc	$	718,083
	189,563		Comcast Corp (Class A)		7,133,256
	23,178	*,e	GCI Liberty, Inc		1,409,918
	11,131	*	Liberty Media Group (Class A)		336,713
	57,078	*	Liberty Media Group (Class C)		1,837,341
	43,200	*	Liberty SiriusXM Group (Class A)		1,456,272
	89,766	*	Liberty SiriusXM Group (Class C)		3,058,328
	37,766	e	Lions Gate Entertainment Corp (Class A)		269,649
	33,923		Lions Gate Entertainment Corp (Class B)		226,606
	4,340	*	Madison Square Garden Entertainment Corp		358,918
	9,020		Omnicom Group, Inc		514,410
	4,564	*	Take-Two Interactive Software, Inc		552,472
	1,532	e	ViacomCBS, Inc (Class A)		30,073
	163,131		Walt Disney Co		17,642,618
	1,550	*	Zillow Group, Inc (Class C)		68,138
	97,787	*	Zynga, Inc		737,314
			TOTAL MEDIA & ENTERTAINMENT		40,008,147
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 9.1%
	36,968	*	Alexion Pharmaceuticals, Inc		3,972,951
	25,558		Allergan plc		4,788,036
	286		Amgen, Inc		68,417
	28,168	*	Avantor, Inc		473,504
	4,745	*	Biogen, Inc		1,408,458
	58,402		Bristol-Myers Squibb Co		3,551,426
	18,784	*	Elanco Animal Health, Inc		464,153
	35,856	*	Exelixis, Inc		885,464
	156,164		Gilead Sciences, Inc		13,117,776
	4,615	*	Horizon Therapeutics Plc		166,325
	5,491	*	IQVIA Holdings, Inc		782,962
	253,825		Johnson & Johnson		38,083,903
	78,050		Merck & Co, Inc		6,192,487
	3,120	*	Moderna, Inc		143,489
	686,318		Pfizer, Inc		26,327,158
	4,140	*	Regeneron Pharmaceuticals, Inc		2,177,143
	4,971		Thermo Fisher Scientific, Inc		1,663,694
	8,749	*,e	United Therapeutics Corp		958,540
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		105,225,886
REAL ESTATE - 5.5%
	85,313		American Campus Communities, Inc		3,010,696
	72,660		Brixmor Property Group, Inc		831,957
	54,266		Camden Property Trust		4,779,207
	7,639	*	CBRE Group, Inc		327,942
	118,249		Columbia Property Trust, Inc		1,689,778
	27,190		CubeSmart		685,188
	14,290		Digital Realty Trust, Inc		2,136,212
	175,454		Douglas Emmett, Inc		5,349,593
	10,898		Empire State Realty Trust, Inc		91,107
	75,114		Gaming and Leisure Properties, Inc		2,121,219
	133,980		Healthcare Trust of America, Inc		3,299,928
	164,540		Hudson Pacific Properties		4,044,393
	222,454		Invitation Homes, Inc		5,261,037
	42,257		National Retail Properties, Inc		1,379,269

35

TIAA-CREF FUNDS – Quant Large-Cap Value Fund

SHARES			COMPANY	VALUE
	71,160		Outfront Media, Inc	$	1,116,500
	113,857		Paramount Group, Inc		1,098,720
	69,445		Prologis, Inc		6,196,577
	13,196		Public Storage, Inc		2,447,198
	18,190		Realty Income Corp		998,995
	334,707		Retail Properties of America, Inc		2,075,183
	48,321		Spirit Realty Capital, Inc		1,486,354
	173,932		STORE Capital Corp		3,490,815
	31,750		Sun Communities, Inc		4,267,200
	8,033		Ventas, Inc		259,868
	71,755		VICI Properties, Inc		1,249,972
	66,109		Welltower, Inc		3,386,764
	538		WP Carey, Inc		35,390
			TOTAL REAL ESTATE		63,117,062
RETAILING - 2.7%
	31,506		Dollar General Corp		5,523,002
	66,931		Home Depot, Inc		14,713,441
	61,407	*,e	LKQ Corp		1,605,793
	71,866		Target Corp		7,886,575
	6,060		Tiffany & Co		766,590
			TOTAL RETAILING		30,495,401
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.9%
	502,576		Intel Corp		30,144,509
	7,529		Lam Research Corp		1,922,003
	116,001		Maxim Integrated Products, Inc		6,377,735
	52,740	*	Micron Technology, Inc		2,525,719
	14,610		MKS Instruments, Inc		1,464,360
	12,168	*	Qorvo, Inc		1,192,829
	9,633		Skyworks Solutions, Inc		1,000,676
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		44,627,831
SOFTWARE & SERVICES - 2.7%
	38,660		Amdocs Ltd		2,491,250
	3,160	*	Autodesk, Inc		591,331
	53,340		CoreLogic Inc		2,049,323
	82,238		DXC Technology Co		1,490,975
	26,638	*	Dynatrace, Inc		795,144
	63,197		Fidelity National Information Services, Inc		8,335,052
	3,269		Jack Henry & Associates, Inc		534,645
	17,380		Leidos Holdings, Inc		1,717,318
	125,263		NortonLifelock, Inc		2,664,344
	40,914	*	Nuance Communications, Inc		826,463
	70,782		SS&C Technologies Holdings, Inc		3,904,335
	28,061	*	VeriSign, Inc		5,878,499
			TOTAL SOFTWARE & SERVICES		31,278,679
TECHNOLOGY HARDWARE & EQUIPMENT - 1.4%
	32,947	*	Arrow Electronics, Inc		2,073,025
	18,074	*	Dell Technologies, Inc		771,579
	3,170		Dolby Laboratories, Inc (Class A)		190,295
	34,274	*	F5 Networks, Inc		4,772,997

36

TIAA-CREF FUNDS – Quant Large-Cap Value Fund

SHARES			COMPANY	VALUE
	221,020		HP, Inc	$	3,428,020
	1,600		Motorola Solutions, Inc		230,096
	77,452		National Instruments Corp		2,975,706
	29,717		Western Digital Corp		1,369,360
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		15,811,078
TELECOMMUNICATION SERVICES - 3.9%
	547,432		AT&T, Inc		16,680,253
	491,531		Verizon Communications, Inc		28,238,456
			TOTAL TELECOMMUNICATION SERVICES		44,918,709
TRANSPORTATION - 1.3%
	31,678		Alaska Air Group, Inc		1,030,169
	68,970	e	American Airlines Group, Inc		828,330
	17,530		CSX Corp		1,161,012
	12,840		FedEx Corp		1,627,727
	10,729	e	Knight-Swift Transportation Holdings, Inc		398,904
	62,511	*,e	Lyft, Inc (Class A)		2,052,236
	13,331		Norfolk Southern Corp		2,280,934
	81,110		Schneider National, Inc		1,777,120
	129,283	*	Uber Technologies, Inc		3,913,396
	920	*	XPO Logistics, Inc		61,401
			TOTAL TRANSPORTATION		15,131,229
UTILITIES - 7.1%
	93,771		Ameren Corp		6,821,840
	100,765		American Electric Power Co, Inc		8,374,579
	243,562		Centerpoint Energy, Inc		4,147,861
	100,140		CMS Energy Corp		5,716,993
	12,878		Dominion Energy Inc		993,280
	10,279		DTE Energy Co		1,066,344
	9,615		Duke Energy Corp		814,006
	64,229		Entergy Corp		6,134,512
	111,953		Equitable Holdings, Inc		2,050,979
	109,902		Evergy, Inc		6,421,574
	12,412		Eversource Energy		1,001,648
	230,301		Exelon Corp		8,539,561
	172,366		MDU Resources Group, Inc		3,871,340
	27,812		NextEra Energy, Inc		6,427,910
	241,772		NiSource, Inc		6,070,895
	30,879		Pinnacle West Capital Corp		2,377,374
	94,071		Public Service Enterprise Group, Inc		4,770,340
	33,916		Sempra Energy		4,200,497
	6,769		Southern Co		384,005
	54,715		Vistra Energy Corp		1,069,131
			TOTAL UTILITIES		81,254,669
			TOTAL COMMON STOCKS		1,149,140,391
			(Cost $988,983,031)

37

TIAA-CREF FUNDS – Quant Large-Cap Value Fund

SHARES			COMPANY	VALUE
SHORT-TERM INVESTMENTS - 0.5%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.5%
	5,790,034	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	5,790,034
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		5,790,034
			TOTAL SHORT-TERM INVESTMENTS		5,790,034
			(Cost $5,790,034)
			TOTAL INVESTMENTS - 100.3%		1,154,930,425
			(Cost $994,773,065)
			OTHER ASSETS & LIABILITIES, NET - (0.3)%		(3,658,185	)
			NET ASSETS - 100.0%	$	1,151,272,240

*	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 $5,551,390.

38

TIAA-CREF FUNDS – Quant Small-Cap Equity Fund

TIAA-CREF FUNDS

QUANT SMALL-CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2020

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.4%
AUTOMOBILES & COMPONENTS - 0.4%
	504,900	*	Adient plc	$	7,563,402
	60,200	*	Gentherm, Inc		2,253,888
			TOTAL AUTOMOBILES & COMPONENTS		9,817,290
BANKS - 9.8%
	66,900	e	Amalgamated Bank		715,830
	242,800	*	Axos Financial, Inc		5,596,540
	295,700		Bank of NT Butterfield & Son Ltd		6,508,357
	132,803		Cadence BanCorp		879,156
	315,600		Cathay General Bancorp		8,811,552
	130,800		Centerstate Banks of Florida, Inc		2,274,612
	166,100		Central Pacific Financial Corp		2,905,089
	36,300		Civista Bancshares, Inc		556,479
	130,423		ConnectOne Bancorp, Inc		1,948,520
	248,500	*	Customers Bancorp, Inc		3,170,860
	32,500		Eagle Bancorp, Inc		1,140,100
	22,803		Enterprise Financial Services Corp		700,964
	358,100		Essent Group Ltd		9,783,292
	106,500		Federal Agricultural Mortgage Corp (Class C)		7,096,095
	18,900		Financial Institutions, Inc		365,715
	93,700		First Bancorp (NC)		2,491,483
	112,980		First Defiance Financial Corp		1,963,592
	89,900		First Merchants Corp		2,545,069
	365,800		First Midwest Bancorp, Inc		5,406,524
	194,200		Flagstar Bancorp, Inc		5,031,722
	94,000		Glacier Bancorp, Inc		3,579,520
	12,200		Great Southern Bancorp, Inc		519,354
	188,326		Great Western Bancorp, Inc		3,540,529
	168,100		Heritage Commerce Corp		1,492,728
	401,247		Hilltop Holdings, Inc		7,744,067
	93,100		Horizon Bancorp		1,059,478
	174,600		IBERIABANK Corp		7,238,916
	100,559		Independent Bank Corp (MI)		1,477,212
	202,300	e	Independent Bank Group, Inc		6,131,713
	1,440,200		Investors Bancorp, Inc		13,408,262
	117,800		Kearny Financial Corp		1,095,540
	160,000		Lakeland Bancorp, Inc		1,790,400
	27,600		Lakeland Financial Corp		1,168,308
	274,482		Meta Financial Group, Inc		5,055,958
	600,600	*,e	Mr Cooper Group, Inc		5,753,748
	154,300		National Bank Holdings Corp		4,101,294
	244,900	*	NMI Holdings, Inc		3,311,048
	117,100		Northwest Bancshares, Inc		1,242,431
	131,600		OceanFirst Financial Corp		2,217,460
	531,500		OFG Bancorp		6,686,270

39

TIAA-CREF FUNDS – Quant Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	161,700		Pacific Premier Bancorp, Inc	$	3,452,295
	39,800		Peapack Gladstone Financial Corp		751,026
	308,400		PennyMac Financial Services, Inc		9,304,428
	49,405		QCR Holdings, Inc		1,520,686
	832,400		Radian Group, Inc		12,469,352
	66,959		Sandy Spring Bancorp, Inc		1,707,455
	438,300	e	Simmons First National Corp (Class A)		8,196,210
	56,100		Southern National Bancorp of Virginia, Inc		564,927
	219,100	*	The Bancorp, Inc		1,527,127
	21,900		Trico Bancshares		659,628
	127,100	e	United Bankshares, Inc		3,807,916
	724,112		United Community Banks, Inc		15,311,348
	171,300		Walker & Dunlop, Inc		6,583,059
			TOTAL BANKS		214,361,244
CAPITAL GOODS - 10.6%
	278,904		Advanced Drainage Systems, Inc		11,306,768
	66,959	*	Aerojet Rocketdyne Holdings, Inc		2,754,693
	76,800	*,e	Aerovironment, Inc		4,627,968
	134,100		Arcosa, Inc		4,997,907
	478,643	*	Atkore International Group, Inc		11,650,171
	47,610	*	Axon Enterprise, Inc		3,461,723
	141,300		AZZ, Inc		4,435,407
	413,183	*	BMC Stock Holdings, Inc		8,780,139
	646,200	*	Builders FirstSource, Inc		11,857,770
	153,580		Columbus McKinnon Corp		4,158,946
	439,000		Comfort Systems USA, Inc		14,618,700
	71,379		CSW Industrials, Inc		4,728,145
	111,969		Douglas Dynamics, Inc		4,138,374
	236,266		EMCOR Group, Inc		15,009,979
	140,465		EnPro Industries, Inc		6,370,088
	571,196	*	Evoqua Water Technologies Corp		9,167,696
	360,370		Federal Signal Corp		9,704,764
	242,800	*	Foundation Building Materials, Inc		2,840,760
	201,200	*	Gibraltar Industries, Inc		9,315,560
	349,359	*	GMS, Inc		6,421,218
	473,700	*	Great Lakes Dredge & Dock Corp		4,187,508
	80,700		Insteel Industries, Inc		1,417,899
	52,000		Kaman Corp		2,015,520
	13,000	*	Lawson Products, Inc		436,930
	140,800	*,e	Mastec, Inc		5,054,720
	82,285	*	Mercury Systems, Inc		7,336,531
	87,540		Moog, Inc (Class A)		4,331,479
	282,410		Mueller Industries, Inc		7,314,419
	258,979	*	Parsons Corp		9,685,815
	42,500		Powell Industries, Inc		1,078,225
	57,418	*	RBC Bearings, Inc		7,273,712
	768,054		Rexnord Corp		20,944,833
	143,744	*	SPX Corp		5,480,959
	39,829	*	Trimas Corp		949,523
	88,415	*	Vectrus, Inc		4,598,464
			TOTAL CAPITAL GOODS		232,453,313

40

TIAA-CREF FUNDS – Quant Small-Cap Equity Fund

SHARES			COMPANY	VALUE
COMMERCIAL & PROFESSIONAL SERVICES - 3.7%
	239,092	*	CBIZ, Inc	$	5,678,435
	52,060	e	CRA International, Inc		2,193,288
	123,695		Ennis, Inc		2,301,964
	274,602		Exponent, Inc		19,312,759
	66,500	*	Franklin Covey Co		1,379,875
	132,400		Heidrick & Struggles International, Inc		2,971,056
	111,843	*	Huron Consulting Group, Inc		6,267,682
	43,123		ICF International, Inc		3,171,265
	141,570		Kforce, Inc		4,240,021
	22,500		McGrath RentCorp		1,227,375
	254,506		Tetra Tech, Inc		19,159,212
	275,198	*	TriNet Group, Inc		13,476,446
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		81,379,378
CONSUMER DURABLES & APPAREL - 2.4%
	254,500	*	Century Communities, Inc		5,451,390
	197,100	*	CROCS, Inc		4,779,675
	25,300	*	Deckers Outdoor Corp		3,763,628
	140,245	*	Installed Building Products, Inc		6,915,481
	30,100		Johnson Outdoors, Inc		2,057,636
	223,300	*,e	Purple Innovation, Inc		2,246,398
	348,462		Skyline Champion Corp		6,868,186
	745,200	*	Sonos, Inc		7,615,944
	74,800		Steven Madden Ltd		1,875,236
	417,800	*,e	YETI Holdings, Inc		11,535,458
			TOTAL CONSUMER DURABLES & APPAREL		53,109,032
CONSUMER SERVICES - 2.6%
	341,300	*	Adtalem Global Education, Inc		10,843,101
	119,100	*	American Public Education, Inc		3,069,207
	223,300		BBX Capital Corp		473,396
	10,400	*	Biglari Holdings, Inc (B Shares)		727,896
	76,600		Carriage Services, Inc		1,150,532
	122,400	*	Chegg, Inc		5,232,600
	41,144		Collectors Universe		903,934
	274,000	*	K12, Inc		6,222,540
	567,300	*	Laureate Education, Inc		5,372,331
	245,500	*,e	Noodles & Co		1,534,375
	520,319	*	Perdoceo Education Corp		6,764,147
	131,100	*	Select Interior Concepts Inc		419,520
	217,994		Texas Roadhouse, Inc (Class A)		10,265,337
	174,500	*	WW International Inc		4,451,495
			TOTAL CONSUMER SERVICES		57,430,411
DIVERSIFIED FINANCIALS - 2.8%
	95,100		Ares Management Corp		3,190,605
	63,777		Arlington Asset Investment Corp (Class A)		180,489
	346,600	*	Blucora, Inc		4,876,662
	595,000		Brightsphere Investment Group, Inc		4,408,950
	270,500	e	Cowen Group, Inc		2,961,975
	244,800	*,e	Encore Capital Group, Inc		6,359,904
	236,633	*	Enova International, Inc		3,795,594
	443,500	*,e	Ezcorp, Inc (Class A)		2,483,600

41

TIAA-CREF FUNDS – Quant Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	814,500	e	FGL Holdings	$	8,454,510
	52,300		Hamilton Lane, Inc		3,391,655
	76,500		Piper Jaffray Cos		4,124,115
	157,800		Sculptor Capital Management, Inc		2,313,348
	340,226		Stifel Financial Corp		15,065,207
	35,900		Westwood Holdings Group, Inc		826,777
			TOTAL DIVERSIFIED FINANCIALS		62,433,391
ENERGY - 1.3%
	536,846	e	Berry Petroleum Co LLC		1,841,382
	208,000		Brigham Minerals, Inc		2,681,120
	184,112	e	Delek US Holdings, Inc		4,299,015
	156,718	*	Exterran Corp		1,065,682
	24,125		Falcon Minerals Corp		58,986
	126,653	*	Matrix Service Co		1,322,257
	1,664,015	*	NexTier Oilfield Solutions, Inc		3,860,515
	153,539	*	Par Pacific Holdings, Inc		1,492,399
	317,569	*,e	Renewable Energy Group, Inc		7,878,887
	184,200		World Fuel Services Corp		4,605,000
			TOTAL ENERGY		29,105,243
FOOD & STAPLES RETAILING - 0.5%
	152,288		Andersons, Inc		2,584,328
	129,838	e	Natural Grocers by Vitamin C		1,463,274
	250,700	*	Performance Food Group Co		7,358,045
			TOTAL FOOD & STAPLES RETAILING		11,405,647
FOOD, BEVERAGE & TOBACCO - 2.5%
	125,765	e	B&G Foods, Inc (Class A)		2,442,356
	46,596	*,e	Boston Beer Co, Inc (Class A)		21,737,500
	127,722	e	Calavo Growers, Inc		7,407,876
	478,823	*,e	Hostess Brands, Inc		5,755,453
	62,507	e	Lancaster Colony Corp		8,415,317
	545,239	*	Simply Good Foods Co		10,277,755
			TOTAL FOOD, BEVERAGE & TOBACCO		56,036,257
HEALTH CARE EQUIPMENT & SERVICES - 8.7%
	37,700	*	Addus HomeCare Corp		3,054,454
	15,700	*	Amedisys, Inc		2,891,312
	225,000	*	Angiodynamics, Inc		2,346,750
	201,529	*	AtriCure, Inc		8,689,930
	59,024	*	Cardiovascular Systems, Inc		2,479,008
	38,805		Computer Programs & Systems, Inc		932,484
	162,200	e	Conmed Corp		11,988,202
	64,900		Ensign Group, Inc		2,427,909
	126,309	*	Globus Medical, Inc		5,994,625
	155,332	*	Haemonetics Corp		17,673,675
	214,470	*	Hanger Inc		3,937,669
	137,614	*	HealthStream, Inc		3,141,040
	517,738	*	HMS Holdings Corp		14,846,137
	465,629	*	Inovalon Holdings, Inc		8,148,508
	124,700	*	Integer Holding Corp		9,285,162
	303,816	e	Invacare Corp		2,284,696
	500,237	*	Lantheus Holdings, Inc		6,528,093

42

TIAA-CREF FUNDS – Quant Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	148,474	*	LivaNova plc	$	7,886,939
	82,800	*	Magellan Health Services, Inc		5,028,444
	338,165	*	Meridian Bioscience, Inc		4,057,980
	122,298	*	Natus Medical, Inc		3,056,227
	270,100	*	NuVasive, Inc		16,443,688
	221,700	*	Orthofix Medical Inc		7,859,265
	257,300	e	Patterson Cos, Inc		4,703,444
	214,048	*	Pennant Group, Inc		4,236,010
	792,900	*	R1 RCM, Inc		8,182,728
	498,900	*	Select Medical Holdings Corp		8,516,223
	31,631	*	Tandem Diabetes Care, Inc		2,523,521
	75,546	*	Teladoc, Inc		12,434,116
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		191,578,239
HOUSEHOLD & PERSONAL PRODUCTS - 0.5%
	457,200	*	elf Beauty, Inc		5,975,604
	65,111	*,e	Lifevantage Corp		1,009,220
	110,134		Reynolds Consumer Products Inc		3,571,646
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		10,556,470
INSURANCE - 1.9%
	165,658		Amerisafe, Inc		10,547,445
	106,199	*,e	Benefytt Technologies, Inc		2,774,980
	49,301		Employers Holdings, Inc		1,497,271
	41,900		FedNat Holding Co		507,828
	2,325,752	*	Genworth Financial, Inc (Class A)		8,442,480
	132,460		Heritage Insurance Holdings, Inc		1,502,096
	141,418		James River Group Holdings Ltd		5,017,511
	86,700		National General Holdings Corp		1,649,901
	483,951	*	Third Point Reinsurance Ltd		3,600,595
	96,960		United Insurance Holdings Corp		829,008
	260,276		Universal Insurance Holdings, Inc		4,744,832
			TOTAL INSURANCE		41,113,947
MATERIALS - 4.1%
	354,700		Boise Cascade Co		11,091,469
	778,700		Commercial Metals Co		12,412,478
	673,900	*,†	Ferroglobe plc		0
	670,500	*	Gold Resource Corp		2,769,165
	62,100		Innospec, Inc		4,503,492
	169,400		Materion Corp		8,764,756
	155,114		Myers Industries, Inc		1,917,209
	52,634	e	Olympic Steel, Inc		496,865
	218,200		PH Glatfelter Co		3,185,720
	465,400		PolyOne Corp		10,839,166
	180,215		Schnitzer Steel Industries, Inc (Class A)		2,804,145
	105,800	e	Stepan Co		10,093,320
	727,200	*	Summit Materials, Inc		10,987,992
	297,300		Trinseo S.A.		6,079,785
	23,914	*	UFP Technologies, Inc		1,028,302
	135,892	*	US Concrete, Inc		2,606,409
			TOTAL MATERIALS		89,580,273

43

TIAA-CREF FUNDS – Quant Small-Cap Equity Fund

SHARES			COMPANY	VALUE
MEDIA & ENTERTAINMENT - 1.4%
	5,333	*,e	Arcutis Biotherapeutics, Inc	$	158,497
	5,332	*,e	Beam Therapeutics, Inc		85,045
	842	*	Black Diamond Therapeutics, Inc		31,188
	93,809	*,e	Cardlytics, Inc		4,216,715
	191,529	*	Cargurus, Inc		4,382,183
	232,900	*,e	Imax Corp		2,678,350
	74,400	*,e	Liberty Braves Group (Class A)		1,535,616
	161,800	*	Liberty Braves Group (Class C)		3,250,562
	91,836	*,e	Liberty Latin America Ltd (Class A)		982,645
	2,444	*	REVOLUTION Medicines, Inc		76,424
	52,600		Scholastic Corp		1,529,082
	159,900	*	TechTarget, Inc		3,728,868
	290,700	*	WideOpenWest, Inc		1,720,944
	250,800	*,e	Yelp, Inc		5,605,380
			TOTAL MEDIA & ENTERTAINMENT		29,981,499
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 13.3%
	17,639	*	89bio, Inc		414,693
	247,856	*	Acadia Pharmaceuticals, Inc		11,973,923
	109,243	*	Acceleron Pharma, Inc		9,889,769
	362,405	*	Adamas Pharmaceuticals, Inc		1,170,568
	439,100	*,e	Affimed NV		961,629
	595,893	*	Akebia Therapeutics, Inc		4,826,733
	1,072,687	*	Amicus Therapeutics, Inc		12,668,433
	116,743	*	Apellis Pharmaceuticals, Inc		4,000,783
	108,111	*	Arena Pharmaceuticals, Inc		5,294,196
	212,182	*	Arrowhead Pharmaceuticals Inc		7,305,426
	154,245	*	Arvinas, Inc		8,097,862
	169,463	*	Assembly Biosciences, Inc		2,967,297
	53,800	*	Axsome Therapeutics, Inc		5,112,614
	1,030,910	*	BioDelivery Sciences International, Inc		4,700,950
	127,613	*	Bioxcel Therapeutics Inc		4,721,681
	147,900	*	Blueprint Medicines Corp		8,700,957
	243,522	*,e	CareDx, Inc		6,180,588
	193,703	*	ChemoCentryx, Inc		10,268,196
	280,554	*,e	Chiasma, Inc		1,450,464
	345,400	*	Chimerix, Inc		794,420
	253,139	*	Concert Pharmaceuticals, Inc		2,526,327
	175,115	*,e	Corcept Therapeutics, Inc		2,216,956
	401,217	*	CytomX Therapeutics, Inc		4,140,559
	152,900	*	Eiger BioPharmaceuticals, Inc		1,137,576
	734,726	*	Fluidigm Corp		1,645,786
	100,221	*,e	Harpoon Therapeutics, Inc		1,262,785
	363,800	*,e	Heron Therapeutics, Inc		5,187,788
	110,656	*,e	Intellia Therapeutics, Inc		1,490,536
	306,387	*	Intersect ENT, Inc		3,517,323
	124,244	*,e	Intra-Cellular Therapies, Inc		2,195,391
	116,635	*,e	Invitae Corp		1,930,309
	136,635	*	Iovance Biotherapeutics, Inc		4,392,815
	610,898	*	Ironwood Pharmaceuticals, Inc		6,108,980
	820,141	*	Kadmon Holdings, Inc		3,526,606
	101,417	*,e	Kala Pharmaceuticals, Inc		1,010,113
	191,638	*,e	Kiniksa Pharmaceuticals Ltd		3,823,178
	236,352	*,e	Kura Oncology, Inc		3,438,922

44

TIAA-CREF FUNDS – Quant Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	426,389	*	MacroGenics, Inc	$	3,070,001
	265,771	*,e	Minerva Neurosciences, Inc		2,383,966
	26,088	*	Mirati Therapeutics, Inc		2,218,524
	197,725	*	Momenta Pharmaceuticals, Inc		6,267,883
	27,482	*,e	Morphic Holding, Inc		374,030
	295,011	*,e	NanoString Technologies, Inc		9,369,549
	292,294	*	Natera, Inc		10,826,570
	367,732	*	NeoGenomics, Inc		10,053,793
	1,632	*	Passage Bio, Inc		27,010
	298,544		Phibro Animal Health Corp		7,974,110
	60,763	*	Prothena Corp plc		681,761
	219,900	*	PTC Therapeutics, Inc		11,197,308
	246,887	*,e	Puma Biotechnology, Inc		2,481,214
	129,928	*	Quanterix Corp		3,404,114
	31,523	*,e	Reata Pharmaceuticals, Inc		4,985,678
	235,722	*	Recro Pharma, Inc		1,994,208
	50,762	*	Repligen Corp		5,896,006
	69,174	*,e	Replimune Group, Inc		1,251,358
	433,266	*	Retrophin, Inc		6,594,309
	111,526	*	Rocket Pharmaceuticals, Inc		1,650,585
	5,332	*	Schrodinger, Inc		247,405
	117,063	*	Syneos Health, Inc		6,530,945
	110,300	*,e	Tricida, Inc		3,336,575
	148,266	*	Twist Bioscience Corp		4,849,781
	109,243	*,e	UroGen Pharma Ltd		2,426,287
	462,200	*	Vanda Pharmaceuticals, Inc		5,315,300
	353,500	*,e	Vericel Corp		5,125,750
	266,906	*,e	Voyager Therapeutics, Inc		2,885,254
	280,500	*	Zogenix, Inc		7,918,515
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		292,390,921
REAL ESTATE - 6.7%
	230,000		Acadia Realty Trust		2,849,700
	262,600		American Assets Trust, Inc		7,436,832
	151,900		Armada Hoffler Properties, Inc		1,459,759
	146,859		Bluerock Residential Growth REIT, Inc		854,719
	181,200		EastGroup Properties, Inc		19,207,200
	526,442		First Industrial Realty Trust, Inc		19,883,714
	809,000		Geo Group, Inc		10,258,120
	449,100		Global Net Lease, Inc		6,462,549
	351,500		Independence Realty Trust, Inc		3,539,605
	23,534		Investors Real Estate Trust		1,473,935
	428,500		National Storage Affiliates Trust		12,203,680
	605,448		Newmark Group, Inc		2,349,138
	112,300		Office Properties Income Trust		3,077,020
	627,000		Piedmont Office Realty Trust, Inc		10,878,450
	143,328		PS Business Parks, Inc		18,502,212
	49,000		QTS Realty Trust, Inc		3,063,970
	119,200		RMR Group, Inc		3,535,472
	127,699		Saul Centers, Inc		4,165,541
	505,100		STAG Industrial, Inc		13,258,875
	355,100		Summit Hotel Properties, Inc		2,151,906
			TOTAL REAL ESTATE		146,612,397
RETAILING - 3.7%
	484,948	*,e	1-800-FLOWERS.COM, Inc (Class A)		9,306,152

45

TIAA-CREF FUNDS – Quant Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	136,696		Aaron’s, Inc	$	4,361,969
	630,351	*	BJ’s Wholesale Club Holdings, Inc		16,584,535
	336,900	*,e	Hibbett Sports, Inc		5,198,367
	180,600	*,e	Lands’ End, Inc		1,536,906
	28,500	*	Murphy USA, Inc		3,043,800
	592,300		Rent-A-Center, Inc		11,789,732
	794,837	*,e	Rubicon Project, Inc		5,698,981
	120,100	e	Shoe Carnival, Inc		2,836,762
	259,700	*,e	Sleep Number Corp		7,765,030
	55,888	*	Stamps.com, Inc		8,845,394
	213,000	*	Zumiez, Inc		4,502,820
			TOTAL RETAILING		81,470,448
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.6%
	113,694	*	Axcelis Technologies, Inc		2,655,892
	362,731		Brooks Automation, Inc		13,961,516
	70,977	*	Enphase Energy, Inc		3,323,853
	475,562	*	Formfactor, Inc		11,080,594
	178,556	*,e	Impinj, Inc		4,010,368
	209,061	*,e	Inphi Corp		20,182,749
	952,047	*	Lattice Semiconductor Corp		21,430,578
	786,057	*	NeoPhotonics Corp Ltd		7,561,868
	17,856		NVE Corp		1,013,685
	139,738	*	PDF Solutions, Inc		2,231,616
	1,044,545	*	Rambus, Inc		13,088,149
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		100,540,868
SOFTWARE & SERVICES - 7.3%
	253,300	*	ACI Worldwide, Inc		6,940,420
	51,037	*	American Software, Inc (Class A)		841,090
	202,100	*	Benefitfocus, Inc		2,188,743
	74,676	*	Blackline, Inc		4,535,820
	125,500	*	Bottomline Technologies, Inc		5,224,565
	292,946	*	Commvault Systems, Inc		12,505,865
	174,538	*	Envestnet, Inc		10,912,116
	54,241	*,e	Everbridge, Inc		6,041,363
	59,241	*	ExlService Holdings, Inc		3,656,947
	208,424		Mantech International Corp (Class A)		15,540,093
	275,445		NIC, Inc		6,674,032
	715,463		Perspecta, Inc		15,432,537
	272,945		Progress Software Corp		11,166,180
	64,024	*	Rapid7, Inc		2,916,293
	128,266		Science Applications International Corp		10,474,201
	58,371	*,e	SecureWorks Corp		664,262
	298,490	*	SPS Commerce, Inc		16,569,180
	321,099	*	Tenable Holdings, Inc		8,367,840
	274,600	*	Upland Software, Inc		8,685,598
	32,407	*	Verint Systems, Inc		1,385,075
	246,400	*	Workiva, Inc		9,449,440
	188,500	*	Zix Corp		1,032,980
			TOTAL SOFTWARE & SERVICES		161,204,640
TECHNOLOGY HARDWARE & EQUIPMENT - 3.8%
	174,800	*	Agilysys, Inc		3,424,332
	126,900		Comtech Telecommunications Corp		2,348,919
	66,089	*	ePlus, Inc		4,675,797

46

TIAA-CREF FUNDS – Quant Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	955,400	*	Extreme Networks, Inc	$	3,248,360
	284,685	*	Fitbit, Inc		1,904,543
	258,300	*	Insight Enterprises, Inc		14,023,107
	237,951	*	Knowles Corp		3,700,138
	83,684	*	Lumentum Holdings, Inc		6,770,872
	123,483	*,e	OSI Systems, Inc		8,937,699
	291,316	*	Ribbon Communications, Inc		1,061,847
	474,801	*	Sanmina Corp		13,166,232
	43,697	*	Tech Data Corp		6,145,546
	339,201	*	TTM Technologies, Inc		3,931,339
	674,809	*	Viavi Solutions, Inc		8,151,693
	49,539	*	Vishay Precision Group, Inc		1,145,342
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		82,635,766
TELECOMMUNICATION SERVICES - 1.2%
	618,313	*	Boingo Wireless, Inc		8,619,283
	130,779	*	Cincinnati Bell, Inc		1,915,913
	29,131		Cogent Communications Group, Inc		2,442,052
	18,738	*	IDT Corp (Class B)		101,185
	252,401	*	Iridium Communications, Inc		5,680,285
	93,155	*	Ooma, Inc		1,086,187
	113,482		Spok Holdings, Inc		1,164,325
	690,956	*	Vonage Holdings Corp		5,776,392
			TOTAL TELECOMMUNICATION SERVICES		26,785,622
TRANSPORTATION - 1.5%
	163,432		ArcBest Corp		3,329,110
	129,896		Forward Air Corp		6,702,634
	403,857		Heartland Express, Inc		7,911,559
	251,749	*	Hub Group, Inc (Class A)		12,111,644
	70,358		Marten Transport Ltd		1,577,426
	194,464	*	Radiant Logistics, Inc		832,306
			TOTAL TRANSPORTATION		32,464,679
UTILITIES - 4.1%
	347,296		Avista Corp		14,947,620
	112,628		Black Hills Corp		6,976,178
	220,325		Clearway Energy, Inc (Class A)		4,120,077
	25,761		Northwest Natural Holding Co		1,677,041
	195,951		NorthWestern Corp		11,304,413
	136,853		PNM Resources, Inc		5,541,178
	367,239	d	Portland General Electric Co		17,183,113
	134,135		South Jersey Industries, Inc		3,834,920
	94,677		Southwest Gas Holdings Inc		7,176,517
	195,333		Spire, Inc		14,251,496
	59,653		Unitil Corp		3,001,142
			TOTAL UTILITIES		90,013,695
			TOTAL COMMON STOCKS		2,184,460,670
			(Cost $2,325,963,679)

47

TIAA-CREF FUNDS – Quant Small-Cap Equity Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
SHORT-TERM INVESTMENTS - 6.1%
GOVERNMENT AGENCY DEBT - 0.8%
$	1,500,000		Federal Home Loan Bank (FHLB)		0.060	%	05/11/20	$	1,499,962
	5,080,000		FHLB		0.010-0.550		05/28/20		5,079,657
	3,400,000		FHLB		0.070		06/01/20		3,399,707
	5,000,000		FHLB		0.030		07/27/20		4,998,550
	5,000,000		FHLB		0.100		01/19/21		4,994,521
			TOTAL GOVERNMENT AGENCY DEBT						19,972,397
REPURCHASE AGREEMENT - 0.3%
	6,070,000		Fixed Income Clearing Corp		0.020		05/01/20		6,070,000
			TOTAL REPURCHASE AGREEMENT						6,070,000
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 5.0%
	109,039,569	c	State Street Navigator Securities Lending Government Money Market Portfolio						109,039,569
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						109,039,569
			TOTAL SHORT-TERM INVESTMENTS						135,081,966
			(Cost $135,084,529)
			TOTAL INVESTMENTS - 105.5%						2,319,542,636
			(Cost $2,461,048,208)
			OTHER ASSETS & LIABILITIES, NET - (5.5)%						(121,773,883	)
			NET ASSETS - 100.0%					$	2,197,768,753

*	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 $109,684,438.

Futures contracts outstanding as of April 30, 2020 were as follows:

Description	Number of long (short) contracts		Expiration date	Notional amount		Value		Unrealized appreciation (depreciation)
Russell 2000 E Mini Index		170	06/19/20	$	9,476,217	$	11,106,950	$	1,630,733

48

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

TIAA-CREF FUNDS

QUANT SMALL/MID-CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2020

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.9%
AUTOMOBILES & COMPONENTS - 0.4%
	89,500	*	Adient plc	$	1,340,710
	42,049	*	Stoneridge, Inc		842,242
			TOTAL AUTOMOBILES & COMPONENTS		2,182,952
BANKS - 6.3%
	63,615		Bank of NT Butterfield & Son Ltd		1,400,166
	52,484		BankUnited		1,039,708
	52,604		Berkshire Hills Bancorp, Inc		896,372
	58,420		Cathay General Bancorp		1,631,086
	74,698		Central Pacific Financial Corp		1,306,468
	15,200		Community Bank System, Inc		949,848
	37,696		ConnectOne Bancorp, Inc		563,178
	56,410		Essent Group Ltd		1,541,121
	390,800		First Bancorp (Puerto Rico)		2,278,364
	2,741		First Citizens Bancshares, Inc (Class A)		1,047,062
	81,112		First Hawaiian, Inc		1,426,760
	40,700		Flagstar Bancorp, Inc		1,054,537
	67,697		Great Western Bancorp, Inc		1,272,704
	107,407		Heritage Commerce Corp		953,774
	80,184		Hilltop Holdings, Inc		1,547,551
	14,538		HomeTrust Bancshares, Inc		223,449
	179,126		MGIC Investment Corp		1,309,411
	78,420		National Bank Holdings Corp		2,084,404
	80,378	*	NMI Holdings, Inc		1,086,711
	77,139		OFG Bancorp		970,409
	30,100		PacWest Bancorp		609,224
	14,539		Peoples Bancorp, Inc		353,443
	50,253		Popular, Inc		1,939,263
	38,194		Prosperity Bancshares, Inc		2,288,966
	59,400		Radian Group, Inc		889,812
	91,943		TFS Financial Corp		1,255,022
	66,679	*	The Bancorp, Inc		464,753
	23,074		Trico Bancshares		694,989
	34,100		Washington Federal, Inc		911,834
	53,289		WSFS Financial Corp		1,554,973
	51,164		Zions Bancorporation		1,617,294
			TOTAL BANKS		37,162,656
CAPITAL GOODS - 11.3%
	59,726		Advanced Drainage Systems, Inc		2,421,292
	66,771	*	Aecom Technology Corp		2,421,116
	66,486		Allison Transmission Holdings, Inc		2,416,101
	98,362	*	Atkore International Group, Inc		2,394,131
	35,939		AZZ, Inc		1,128,125
	202,300	*,e	Bloom Energy Corp		1,551,641

49

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

SHARES			COMPANY	VALUE
	105,260	*	BMC Stock Holdings, Inc	$	2,236,775
	145,037	*	Builders FirstSource, Inc		2,661,429
	22,000		BWX Technologies, Inc		1,167,320
	17,620		Carlisle Cos, Inc		2,131,315
	35,800		Comfort Systems USA, Inc		1,192,140
	22,022		Curtiss-Wright Corp		2,282,580
	52,235		EMCOR Group, Inc		3,318,490
	26,825		EnPro Industries, Inc		1,216,514
	81,700	*	Evoqua Water Technologies Corp		1,311,285
	55,745		Federal Signal Corp		1,501,213
	48,959		Flowserve Corp		1,379,175
	84,388	*	Foundation Building Materials, Inc		987,340
	24,300	*	Gibraltar Industries, Inc		1,125,090
	62,495	*	GMS, Inc		1,148,658
	42,907		Graco, Inc		1,916,227
	128,858	*	Harsco Corp		1,286,003
	69,522		ITT, Inc		3,665,200
	26,500		Jacobs Engineering Group, Inc		2,192,875
	16,882		Moog, Inc (Class A)		835,321
	143,958	*	MRC Global, Inc		771,615
	26,600		MSC Industrial Direct Co (Class A)		1,586,424
	39,792	*	MYR Group, Inc		1,193,760
	34,067		Primoris Services Corp		531,786
	64,369		Quanta Services, Inc		2,340,457
	79,700		Rexnord Corp		2,173,419
	14,700		Simpson Manufacturing Co, Inc		1,059,870
	44,255	*	SPX Corp		1,687,443
	28,518		Systemax, Inc		566,368
	45,811	*	Thermon Group Holdings		699,992
	93,495		Universal Forest Products, Inc		3,844,514
	35,830	*	Vectrus, Inc		1,863,518
	5,800		Watsco, Inc		933,742
	18,806		Watts Water Technologies, Inc (Class A)		1,549,614
			TOTAL CAPITAL GOODS		66,689,878
COMMERCIAL & PROFESSIONAL SERVICES - 1.6%
	45,900		ABM Industries, Inc		1,583,091
	40,036		Insperity, Inc		1,910,117
	73,705		Kforce, Inc		2,207,465
	28,033		Kimball International, Inc (Class B)		343,965
	58,685		Robert Half International, Inc		2,774,040
	37,480	*	SP Plus Corp		790,453
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		9,609,131
CONSUMER DURABLES & APPAREL - 3.1%
	9,365	*	Cavco Industries, Inc		1,448,578
	54,758	*	CROCS, Inc		1,327,882
	61,815		Kontoor Brands, Inc		1,199,829
	46,559	*	Malibu Boats, Inc		1,600,699
	166,394		Newell Brands Inc		2,309,549
	757	*	NVR, Inc		2,346,700
	60,167		Pulte Homes, Inc		1,700,921
	101,430		Skyline Champion Corp		1,999,185
	50,760		Steven Madden Ltd		1,272,553

50

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

SHARES			COMPANY	VALUE
	27,100	*	Tempur Sealy International, Inc	$	1,456,625
	19,800	*	TopBuild Corp		1,845,162
			TOTAL CONSUMER DURABLES & APPAREL		18,507,683
CONSUMER SERVICES - 3.1%
	42,904		ARAMARK Holdings Corp		1,171,708
	21,962	*	Bright Horizons Family Solutions		2,557,475
	43,164		Dunkin Brands Group, Inc		2,712,426
	52,043	*	frontdoor, Inc		2,014,585
	63,300		H&R Block, Inc		1,053,945
	39,507	*	K12, Inc		897,204
	80,231	*	Perdoceo Education Corp		1,043,003
	49,487	*	ServiceMaster Global Holdings, Inc		1,685,032
	16,095		Strategic Education, Inc		2,563,933
	23,856		Wingstop, Inc		2,797,593
			TOTAL CONSUMER SERVICES		18,496,904
DIVERSIFIED FINANCIALS - 5.0%
	77,229		Artisan Partners Asset Management, Inc		2,273,622
	133,371		Brightsphere Investment Group, Inc		988,279
	84,681	*	Cannae Holdings, Inc		2,671,686
	30,813		Cohen & Steers, Inc		1,779,143
	73,700		Federated Investors, Inc (Class B)		1,678,149
	21,807		FirstCash, Inc		1,566,615
	31,621	*	INTL FCStone, Inc		1,263,575
	64,975		LPL Financial Holdings, Inc		3,912,794
	13,177		MarketAxess Holdings, Inc		5,995,667
	14,792		Morningstar, Inc		2,306,960
	60,664		OneMain Holdings, Inc		1,468,675
	12,500		Vanguard Small-Cap ETF		1,653,000
	86,000		Virtu Financial, Inc		2,009,820
			TOTAL DIVERSIFIED FINANCIALS		29,567,985
ENERGY - 1.3%
	25,500		Cimarex Energy Co		648,210
	472,271	*	Clean Energy Fuels Corp		1,017,744
	59,138	*	Exterran Corp		402,138
	290,680	*	NexTier Oilfield Solutions, Inc		674,378
	138,145		Parsley Energy, Inc		1,305,470
	102,849	*	Renewable Energy Group, Inc		2,551,684
	37,605		World Fuel Services Corp		940,125
			TOTAL ENERGY		7,539,749
FOOD & STAPLES RETAILING - 1.1%
	44,900		Andersons, Inc		761,953
	52,503	*	Performance Food Group Co		1,540,963
	102,237		SpartanNash Co		1,753,365
	130,600	*	United Natural Foods, Inc		1,389,584
	56,761	*	US Foods Holding Corp		1,220,361
			TOTAL FOOD & STAPLES RETAILING		6,666,226

51

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

SHARES			COMPANY	VALUE
FOOD, BEVERAGE & TOBACCO - 1.6%
	53,980		Bunge Ltd	$	2,141,387
	17,143		Cal-Maine Foods, Inc		711,606
	36,178	*	Freshpet, Inc		2,728,183
	111,869	*	Hostess Brands, Inc		1,344,665
	32,707		Ingredion, Inc		2,655,808
			TOTAL FOOD, BEVERAGE & TOBACCO		9,581,649
HEALTH CARE EQUIPMENT & SERVICES - 8.1%
	25,316	*	DexCom, Inc		8,485,923
	58,746		Encompass Health Corp		3,891,923
	23,446	*	Haemonetics Corp		2,667,686
	37,154		Hill-Rom Holdings, Inc		4,179,453
	13,538	*	Insulet Corp		2,703,809
	13,134	*	Integer Holding Corp		977,958
	21,540	*	Integra LifeSciences Holdings Corp		1,099,617
	12,600	*	Magellan Health Services, Inc		765,198
	26,158	*	Molina Healthcare, Inc		4,289,127
	22,119	*	Nevro Corp		2,602,079
	19,705	*	Orthofix Medical Inc		698,542
	36,100		Patterson Cos, Inc		659,908
	33,078	*	Providence Service Corp		1,918,855
	40,900	*	R1 RCM, Inc		422,088
	79,407	*	Select Medical Holdings Corp		1,355,477
	24,294	*	Silk Road Medical Inc		1,017,433
	22,618		STERIS plc		3,223,065
	21,329	*	Tactile Systems Technology, Inc		1,101,003
	20,374	*	Tandem Diabetes Care, Inc		1,625,438
	25,389	*	Teladoc, Inc		4,178,776
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		47,863,358
HOUSEHOLD & PERSONAL PRODUCTS - 0.3%
	98,216	*	elf Beauty, Inc		1,283,683
	8,900	e	Medifast, Inc		675,332
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		1,959,015
INSURANCE - 3.4%
	75,059		American Equity Investment Life Holding Co		1,577,740
	29,124		American Financial Group, Inc		1,929,174
	56,885		Assured Guaranty Ltd		1,691,191
	48,204		Axis Capital Holdings Ltd		1,764,267
	43,236		First American Financial Corp		1,994,044
	33,323		Kemper Corp		2,239,972
	36,272		Mercury General Corp		1,485,701
	35,636		ProAssurance Corp		762,254
	32,901		Selective Insurance Group, Inc		1,649,327
	42,900		W.R. Berkley Corp		2,316,600
	2,516		White Mountains Insurance Group Ltd		2,448,068
			TOTAL INSURANCE		19,858,338
MATERIALS - 5.0%
	21,737		American Vanguard Corp		273,234
	18,731		Avery Dennison Corp		2,067,715
	105,192	*	Axalta Coating Systems Ltd		2,076,490
	64,867		Boise Cascade Co		2,028,391
	66,567		CF Industries Holdings, Inc		1,830,593

52

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

SHARES			COMPANY	VALUE
	70,253		Commercial Metals Co	$	1,119,833
	109,100	*	Element Solutions, Inc		1,118,275
	167,355		Graphic Packaging Holding Co		2,234,189
	311,300		Hecla Mining Co		818,719
	17,618		Innospec, Inc		1,277,657
	31,199		Materion Corp		1,614,236
	74,838		PolyOne Corp		1,742,977
	31,267		Reliance Steel & Aluminum Co		2,800,898
	9,615		Royal Gold, Inc		1,178,126
	21,382		Scotts Miracle-Gro Co (Class A)		2,652,010
	84,574		Silgan Holdings, Inc		2,917,803
	103,300	*	Summit Materials, Inc		1,560,863
			TOTAL MATERIALS		29,312,009
MEDIA & ENTERTAINMENT - 1.4%
	22,200	*	Cardlytics, Inc		997,890
	37,432	*	EverQuote Inc		1,458,725
	35,913	*	GCI Liberty, Inc		2,184,588
	75,613	*	Liberty Latin America Ltd (Class A)		809,059
	81,361	*	Liberty Media Group (Class C)		2,619,011
			TOTAL MEDIA & ENTERTAINMENT		8,069,273
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 10.0%
	63,276	*	Acadia Pharmaceuticals, Inc		3,056,864
	15,407	*	Acceleron Pharma, Inc		1,394,796
	39,168	*	Agios Pharmaceuticals, Inc		1,611,371
	223,159	*	Akebia Therapeutics, Inc		1,807,588
	61,000	*	Alkermes plc		836,310
	23,658	*	Alnylam Pharmaceuticals, Inc		3,115,759
	176,702	*	Amicus Therapeutics, Inc		2,086,851
	11,727	*	ANI Pharmaceuticals, Inc		469,197
	7,615	*	Bio-Rad Laboratories, Inc (Class A)		3,351,361
	10,757	*	Bluebird Bio, Inc		579,587
	38,147		Bruker BioSciences Corp		1,499,940
	19,445	*	Charles River Laboratories International, Inc		2,813,108
	71,500	*,e	Flexion Therapeutics, Inc		760,760
	134,683	*	Halozyme Therapeutics, Inc		3,051,243
	99,397	*	Horizon Therapeutics Plc		3,582,268
	20,300	*	Immunomedics, Inc		616,714
	15,728	*	Jazz Pharmaceuticals plc		1,734,012
	21,200	*	Moderna, Inc		974,988
	43,446	*	Natera, Inc		1,609,240
	25,186	*	Neurocrine Biosciences, Inc		2,471,754
	38,302	*	Novavax, Inc		694,415
	40,020		Perrigo Co plc		2,133,066
	45,731		Phibro Animal Health Corp		1,221,475
	28,380	*	PRA Health Sciences, Inc		2,738,670
	67,549	*	Radius Health, Inc		1,059,844
	2,929	*	Reata Pharmaceuticals, Inc		463,251
	22,129	*	Sarepta Therapeutics, Inc		2,608,567
	41,275	*	Seattle Genetics, Inc		5,664,168
	129,719	*	TG Therapeutics, Inc		1,525,495
	23,198	*	United Therapeutics Corp		2,541,573
	35,960	*	Veracyte, Inc		969,841
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		59,044,076

53

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

SHARES			COMPANY	VALUE
REAL ESTATE - 8.8%
	35,560		Acadia Realty Trust	$	440,588
	19,100		Agree Realty Corp		1,243,601
	75,713		Alexander & Baldwin, Inc		994,869
	61,932		American Campus Communities, Inc		2,185,580
	55,886		Apartment Investment & Management Co		2,105,226
	55,000		Brixmor Property Group, Inc		629,750
	45,695		Camden Property Trust		4,024,359
	118,914		Columbia Property Trust, Inc		1,699,281
	94,471		CoreCivic, Inc		1,239,459
	79,103		Douglas Emmett, Inc		2,411,850
	72,023		Duke Realty Corp		2,499,198
	59,421		Equity Commonwealth		2,017,343
	63,796		Equity Lifestyle Properties, Inc		3,847,537
	62,657		First Industrial Realty Trust, Inc		2,366,555
	54,032		Gaming and Leisure Properties, Inc		1,525,864
	49,022		Getty Realty Corp		1,331,437
	54,600		Healthcare Realty Trust, Inc		1,604,694
	83,720		Hudson Pacific Properties		2,057,838
	84,298		Kennedy-Wilson Holdings, Inc		1,192,817
	26,500		Life Storage, Inc		2,321,135
	31,113		NexPoint Residential Trust, Inc		935,568
	157,100		Paramount Group, Inc		1,516,015
	131,400		Physicians Realty Trust		2,026,188
	9,295		PS Business Parks, Inc		1,199,892
	143,144		Retail Properties of America, Inc		887,493
	15,212		RMR Group, Inc		451,188
	72,629		STAG Industrial, Inc		1,906,511
	31,968		Sun Communities, Inc		4,296,499
	65,605		Weingarten Realty Investors		1,193,355
			TOTAL REAL ESTATE		52,151,690
RETAILING - 2.7%
	37,500	*	Autonation, Inc		1,396,500
	13,218	*	Burlington Stores, Inc		2,414,797
	49,712		Citi Trends, Inc		564,728
	83,068		Core-Mark Holding Co, Inc		2,387,374
	63,318	*	Lands’ End, Inc		538,836
	48,400	*	National Vision Holdings, Inc		1,282,600
	13,777		Pool Corp		2,916,040
	9,018	*	RH		1,296,608
	160,600	*	Rubicon Project, Inc		1,151,502
	49,957		Sonic Automotive, Inc (Class A)		1,070,579
	56,037	*	Zumiez, Inc		1,184,622
			TOTAL RETAILING		16,204,186
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.6%
	40,749	*	Advanced Micro Devices, Inc		2,134,840
	73,800	*	Amkor Technology, Inc		729,144
	49,476		Brooks Automation, Inc		1,904,331
	13,996	*	Enphase Energy, Inc		655,433
	52,761	*	Formfactor, Inc		1,229,331
	49,274	*,e	Impinj, Inc		1,106,694
	87,498	*	Lattice Semiconductor Corp		1,969,580

54

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

SHARES			COMPANY	VALUE
	71,109		Marvell Technology Group Ltd	$	1,901,455
	308,430	*	NeoPhotonics Corp Ltd		2,967,097
	66,927		Teradyne, Inc		4,185,614
	17,981		Universal Display Corp		2,699,308
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		21,482,827
SOFTWARE & SERVICES - 12.3%
	95,535	*	A10 Networks, Inc		652,504
	59,686		Amdocs Ltd		3,846,166
	32,065	*	Avalara, Inc		2,865,649
	29,610	*	Black Knight, Inc		2,089,578
	49,563		Booz Allen Hamilton Holding Co		3,639,907
	13,409	*	CACI International, Inc (Class A)		3,354,127
	35,600		CoreLogic Inc		1,367,752
	32,100	*	Cornerstone OnDemand, Inc		1,077,276
	17,877	*	DocuSign, Inc		1,872,616
	16,600	*	Domo, Inc		322,870
	70,416	*	Dynatrace, Inc		2,101,918
	29,240	*	Elastic NV		1,875,454
	62,527		EVERTEC, Inc		1,584,434
	42,585	*	Five9, Inc		3,946,352
	79,299		Genpact Ltd		2,730,265
	43,104		Hackett Group, Inc		639,232
	227,170	*	Limelight Networks, Inc		1,151,752
	20,940		Mantech International Corp (Class A)		1,561,286
	74,347	*	Model N, Inc		2,145,654
	131,176	*	Nuance Communications, Inc		2,649,755
	79,100	*,e	Nutanix, Inc		1,620,759
	22,336	*	Paylocity Holding Corp		2,558,142
	41,862		Pegasystems, Inc		3,500,500
	128,801		Perspecta, Inc		2,778,238
	61,355		Progress Software Corp		2,510,033
	35,479	*	RealPage, Inc		2,288,041
	25,085	*	RingCentral, Inc		5,732,675
	45,665	*	SPS Commerce, Inc		2,534,864
	90,086	*	SVMK, Inc		1,414,350
	112,080		Switch, Inc		1,924,414
	9,211	*	Trade Desk, Inc		2,694,954
	23,500	*	Zendesk, Inc		1,806,680
			TOTAL SOFTWARE & SERVICES		72,838,197
TECHNOLOGY HARDWARE & EQUIPMENT - 3.9%
	33,000	*	Arrow Electronics, Inc		2,076,360
	69,236		Avnet, Inc		2,078,465
	68,828	*	Ciena Corp		3,183,295
	96,223	*	Harmonic, Inc		558,093
	33,851	*	Insight Enterprises, Inc		1,837,771
	40,916	*	Itron, Inc		2,856,755
	64,203		Jabil Inc		1,825,933
	93,762	*	Knowles Corp		1,457,999
	7,378	*	Lumentum Holdings, Inc		596,954
	71,576		National Instruments Corp		2,749,950
	73,044	*	Sanmina Corp		2,025,510
	23,132		Synnex Corp		2,025,438
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		23,272,523

55

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

SHARES			COMPANY	VALUE
TELECOMMUNICATION SERVICES - 0.1%
	44,159	*	Cincinnati Bell, Inc	$	646,929
			TOTAL TELECOMMUNICATION SERVICES		646,929
TRANSPORTATION - 2.3%
	54,600		Alaska Air Group, Inc		1,775,592
	61,661	*	Echo Global Logistics, Inc		1,080,917
	26,419		Forward Air Corp		1,363,221
	79,701	*	Hub Group, Inc (Class A)		3,834,415
	29,463		Landstar System, Inc		3,043,823
	73,236		Marten Transport Ltd		1,641,951
	122,783	*	Radiant Logistics, Inc		525,511
	15,332		Skywest, Inc		474,525
			TOTAL TRANSPORTATION		13,739,955
UTILITIES - 3.2%
	21,700		Alliant Energy Corp		1,053,535
	5,429		Atmos Energy Corp		553,595
	79,609		Clearway Energy, Inc (Class A)		1,488,688
	86,000		MDU Resources Group, Inc		1,931,560
	114,522		NRG Energy, Inc		3,839,923
	28,430		ONE Gas, Inc		2,266,155
	7,052		Pinnacle West Capital Corp		542,934
	53,564		Portland General Electric Co		2,506,260
	61,863		TerraForm Power, Inc		1,071,467
	194,300		Vistra Energy Corp		3,796,622
			TOTAL UTILITIES		19,050,739
			TOTAL COMMON STOCKS		591,497,928
			(Cost $593,998,089)
SHORT-TERM INVESTMENTS - 0.7%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.7%
	4,006,046	c	State Street Navigator Securities Lending Government Money Market Portfolio		4,006,046
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		4,006,046
			TOTAL SHORT-TERM INVESTMENTS		4,006,046
			(Cost $4,006,046)
			TOTAL INVESTMENTS - 100.6%		595,503,974
			(Cost $598,004,135)
			OTHER ASSETS & LIABILITIES, NET - (0.6)%		(3,511,472	)
			NET ASSETS - 100.0%	$	591,992,502

*	Non-income producing
c	Investments made with cash collateral received from securities on loan.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $3,983,752.

56

TIAA-CREF FUNDS – Social Choice Equity Fund

TIAA-CREF FUNDS

SOCIAL CHOICE EQUITY FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2020

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.5%
AUTOMOBILES & COMPONENTS - 0.8%
	55,976		Aptiv plc	$	3,893,131
	12,746		BorgWarner, Inc		364,153
	28,338	*	Cooper-Standard Holding, Inc		364,144
	74,932	*	Modine Manufacturing Co		346,935
	86,264	e	Tenneco, Inc		447,710
	38,223	*	Tesla, Inc		29,885,799
			TOTAL AUTOMOBILES & COMPONENTS		35,301,872
BANKS - 3.6%
	1,694		Ameris Bancorp		43,078
	26,689		Associated Banc-Corp		377,383
	47,422		Bank OZK		1,072,686
	3,518		Banner Corp		135,197
	47,884		Berkshire Hills Bancorp, Inc		815,943
	6,267		Brookline Bancorp, Inc		63,986
	8,221		Bryn Mawr Bank Corp		239,354
	1,799		Cadence BanCorp		11,909
	3,985		Camden National Corp		130,509
	471,252		Citizens Financial Group, Inc		10,551,332
	440		Columbia Banking System, Inc		11,876
	108,335		Comerica, Inc		3,776,558
	337		Commerce Bancshares, Inc		20,621
	1,572		Community Trust Bancorp, Inc		53,291
	3,270	e	Cullen/Frost Bankers, Inc		234,982
	46,110	*	Customers Bancorp, Inc		588,364
	8,730	*	Equity Bancshares, Inc		163,600
	12,542		Federal Agricultural Mortgage Corp (Class C)		835,673
	288,180		Fifth Third Bancorp		5,386,084
	10,587		First Busey Corp		195,013
	5,480		First Financial Corp		194,650
	44,108		First Republic Bank		4,600,023
	1,130		FNB Corp		9,142
	540		Glacier Bancorp, Inc		20,563
	52,448		Great Western Bancorp, Inc		986,022
	1,279		Hancock Whitney Corp		26,744
	47,968		Hanmi Financial Corp		578,974
	8,920		Heartland Financial USA, Inc		303,012
	3,902		Heritage Financial Corp		78,235
	19,184		HomeStreet, Inc		490,151
	13,122		HomeTrust Bancshares, Inc		201,685
	285,811		Huntington Bancshares, Inc		2,640,894
	118,883		Investors Bancorp, Inc		1,106,801
	94,874		Kearny Financial Corp		882,328
	613,332		Keycorp		7,145,318
	24,031		Live Oak Bancshares, Inc		335,232
	90,129		M&T Bank Corp		10,101,658

57

TIAA-CREF FUNDS – Social Choice Equity Fund

SHARES			COMPANY	VALUE
	17,553		MGIC Investment Corp	$	128,312
	15,374	*	Mr Cooper Group, Inc		147,283
	26,162		National Bank Holdings Corp		695,386
	310		NBT Bancorp, Inc		10,270
	585,765		New York Community Bancorp, Inc		6,361,408
	22,664		Northfield Bancorp, Inc		255,423
	29,937		OFG Bancorp		376,607
	7,838		Old National Bancorp		111,064
	37,037		Opus Bank		711,851
	166,628		People’s United Financial, Inc		2,114,509
	53,702		Pinnacle Financial Partners, Inc		2,161,506
	259,889		PNC Financial Services Group, Inc		27,722,360
	682,855		Regions Financial Corp		7,340,691
	5,811		Signature Bank		622,823
	6,239		Sterling Bancorp		76,927
	12,826		Stock Yards Bancorp, Inc		423,771
	19,485	*	SVB Financial Group		3,763,917
	1,879	*	Texas Capital Bancshares, Inc		52,199
	10,055		TFS Financial Corp		137,251
	17,614	*	The Bancorp, Inc		122,770
	3,796		Trico Bancshares		114,336
	31,975	*	Tristate Capital Holdings, Inc		454,685
	513,618		Truist Financial Corp		19,168,224
	350		Trustmark Corp		9,314
	2,167		UMB Financial Corp		110,170
	650		Umpqua Holdings Corp		8,141
	3,046		United Bankshares, Inc		91,258
	17,523		Univest Financial Corp		310,157
	803,455		US Bancorp		29,326,108
	3,230		Webster Financial Corp		91,248
	21,910		WesBanco, Inc		540,739
	1,553		Westamerica Bancorporation		97,839
	230		Wintrust Financial Corp		9,637
	684		WSFS Financial Corp		19,959
	55,123		Zions Bancorporation		1,742,438
			TOTAL BANKS		159,839,452
CAPITAL GOODS - 6.1%
	213,347		3M Co		32,411,676
	954		Acuity Brands, Inc		82,607
	16,472	*	Aegion Corp		264,376
	23,720		Argan, Inc		890,449
	40,971	*	Astronics Corp		367,920
	85,519	*	Axon Enterprise, Inc		6,218,086
	46,198		Barnes Group, Inc		1,773,079
	419	*	Beacon Roofing Supply, Inc		9,218
	68,472	e	Briggs & Stratton Corp		155,431
	17,565		Carlisle Cos, Inc		2,124,662
	186,879		Caterpillar, Inc		21,748,978
	41,474		Cubic Corp		1,584,722
	35,835		Cummins, Inc		5,859,022
	73,164		Curtiss-Wright Corp		7,583,449
	99,550		Deere & Co		14,440,723
	171,470		Eaton Corp		14,317,745
	1,365		EMCOR Group, Inc		86,718
	119,034		Fastenal Co		4,311,411

58

TIAA-CREF FUNDS – Social Choice Equity Fund

SHARES			COMPANY	VALUE
	99,730		Fortive Corp	$	6,382,720
	300	e	GATX Corp		17,790
	245		Granite Construction, Inc		4,028
	75,511		HEICO Corp		6,614,764
	134,055		HEICO Corp (Class A)		9,696,198
	11,668	*	Herc Holdings, Inc		329,388
	84,923		Hexcel Corp		2,937,487
	1,801		IDEX Corp		276,688
	160,575		Illinois Tool Works, Inc		26,093,437
	60,937	*	Ingersoll Rand, Inc		1,772,048
	317,614		Johnson Controls International plc		9,245,744
	25,825	*	Lydall, Inc		289,240
	171,085		Masco Corp		7,021,328
	92,806	*	Mercury Systems, Inc		8,274,583
	23,535		Moog, Inc (Class A)		1,164,512
	3,829	*	MYR Group, Inc		114,870
	6,412		Owens Corning, Inc		278,024
	79,785		PACCAR, Inc		5,523,516
	47,521		Parker-Hannifin Corp		7,514,021
	46,206		Quanta Services, Inc		1,680,050
	37,955		Rockwell Automation, Inc		7,191,713
	36,980		Roper Technologies Inc		12,611,289
	2,611		Rush Enterprises, Inc (Class A)		97,912
	20,258	*	Sensata Technologies Holding plc		736,986
	9,292		Snap-On, Inc		1,210,655
	175,962		Spirit Aerosystems Holdings, Inc (Class A)		3,899,318
	32,656	*	Titan Machinery, Inc		306,966
	69,059		Trane Technologies plc		6,037,138
	50,275		TransDigm Group, Inc		18,253,847
	19,636	*	Trimas Corp		468,122
	30,230	*	United Rentals, Inc		3,884,555
	13,236		W.W. Grainger, Inc		3,647,577
	1,174		Wabash National Corp		9,627
	1,565	*	WABCO Holdings, Inc		210,305
	1,355	*	WESCO International, Inc		35,054
	36,655		Woodward Inc		2,219,827
	36,530		Xylem, Inc		2,626,507
			TOTAL CAPITAL GOODS		272,908,106
COMMERCIAL & PROFESSIONAL SERVICES - 1.1%
	540		ABM Industries, Inc		18,625
	9,872		ACCO Brands Corp		73,053
	970	*	ASGN Inc		45,056
	3,342		Cintas Corp		741,356
	650		Covanta Holding Corp		5,057
	4,282		Heidrick & Struggles International, Inc		96,088
	8,866	*	Huron Consulting Group, Inc		496,851
	4,156		ICF International, Inc		305,632
	262,982		IHS Markit Ltd		17,698,689
	39,570		Kelly Services, Inc (Class A)		611,356
	5,758		Kimball International, Inc (Class B)		70,651
	590		Knoll, Inc		6,879
	10,228		Manpower, Inc		759,327
	22,070	*	Mistras Group, Inc		104,832
	430		Mobile Mini, Inc		12,285
	4,735		Nielsen NV		69,747

59

TIAA-CREF FUNDS – Social Choice Equity Fund

SHARES			COMPANY	VALUE
	39,339	e	Quad Graphics, Inc	$	146,341
	19,611		Resources Connection, Inc		213,368
	52,605		Robert Half International, Inc		2,486,638
	1,210		Steelcase, Inc (Class A)		13,249
	50,947	*	Team, Inc		314,343
	120,100		TransUnion		9,462,679
	2,825	*	TriNet Group, Inc		138,340
	14,026		Verisk Analytics, Inc		2,143,594
	2,208		Viad Corp		52,926
	145,676		Waste Management, Inc		14,570,513
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		50,657,475
CONSUMER DURABLES & APPAREL - 1.2%
	13,930		Callaway Golf Co		199,478
	595	*	Capri Holdings Ltd		9,074
	45,981	*	Century Communities, Inc		984,913
	396		Columbia Sportswear Co		28,864
	41,286		Ethan Allen Interiors, Inc		466,945
	78,364	*,e	Fossil Group, Inc		310,321
	9,306	*	Green Brick Partners, Inc		82,916
	258		Hasbro, Inc		18,630
	17,251		Hooker Furniture Corp		258,593
	23,776	*,e	iRobot Corp		1,449,385
	2,380	*	Lululemon Athletica, Inc		531,882
	7,028	*	Meritage Homes Corp		369,392
	17,259	*	Mohawk Industries, Inc		1,513,960
	1,458		Movado Group, Inc		15,032
	5,483		Newell Brands Inc		76,104
	392,949		Nike, Inc (Class B)		34,257,294
	2,134	*	NVR, Inc		6,615,400
	1,614		PVH Corp		79,457
	33,151	*	Sonos, Inc		338,803
	83,393		Tupperware Brands Corp		268,525
	4,706	*	Unifi, Inc		48,707
	57,495		VF Corp		3,340,460
			TOTAL CONSUMER DURABLES & APPAREL		51,264,135
CONSUMER SERVICES - 2.2%
	26,652	*	American Public Education, Inc		686,822
	93,565		BBX Capital Corp		198,358
	30,288	*	Bright Horizons Family Solutions		3,527,038
	27,978		Carriage Services, Inc		420,230
	16,623	*	Chipotle Mexican Grill, Inc (Class A)		14,604,137
	34,706		Darden Restaurants, Inc		2,560,956
	320		Dine Brands Global Inc.		14,205
	13,646		Domino’s Pizza, Inc		4,938,897
	6,529		Dunkin Brands Group, Inc		410,282
	36,071	*	El Pollo Loco Holdings, Inc		441,148
	12,999	*	frontdoor, Inc		503,191
	7,258		Graham Holdings Co		2,830,693
	225,004		Hilton Worldwide Holdings, Inc		17,035,053
	176,659	*	Houghton Mifflin Harcourt Co		282,654
	17,475		Marriott Vacations Worldwide Corp		1,450,425
	81,138	*	Norwegian Cruise Line Holdings Ltd		1,330,663
	22,069	*,e	Red Robin Gourmet Burgers, Inc		322,869
	48,242	*,e	Regis Corp		599,166

60

TIAA-CREF FUNDS – Social Choice Equity Fund

SHARES			COMPANY	VALUE
	84,205	e	Royal Caribbean Cruises Ltd	$	3,938,268
	79,942		Service Corp International		2,937,069
	25,999	*	ServiceMaster Global Holdings, Inc		885,266
	3,350		Six Flags Entertainment Corp		67,033
	451,787		Starbucks Corp		34,665,616
	9,266		Vail Resorts, Inc		1,584,486
	13,138	*	WW International Inc		335,150
			TOTAL CONSUMER SERVICES		96,569,675
DIVERSIFIED FINANCIALS - 5.6%
	58,449		Ally Financial, Inc		957,979
	255,222		American Express Co		23,289,008
	502,214		Bank of New York Mellon Corp		18,853,114
	49,759		BlackRock, Inc		24,981,008
	426,206		Charles Schwab Corp		16,076,490
	127,359		CME Group, Inc		22,696,647
	280		Cohen & Steers, Inc		16,167
	500,708		Discover Financial Services		21,515,423
	26,410		E*TRADE Financial Corp		1,072,510
	8,872		Factset Research Systems, Inc		2,439,800
	93,919		Franklin Resources, Inc		1,769,434
	9,333	*	Green Dot Corp		284,657
	311,423		Intercontinental Exchange Group, Inc		27,856,787
	36,329		Invesco Ltd		313,156
	4,700		Invesco Mortgage Capital, Inc		14,288
	24,238		Legg Mason, Inc		1,207,780
	22,848		Moody’s Corp		5,572,627
	650,999		Morgan Stanley		25,668,891
	22,879		Nasdaq Inc		2,509,140
	14,006	*,†	NewStar Financial, Inc		3,382
	119,931		Northern Trust Corp		9,493,738
	86,595	*	On Deck Capital, Inc		104,780
	5,668	*	PRA Group, Inc		157,230
	31,561		Redwood Trust, Inc		129,400
	113,389		S&P Global, Inc		33,209,370
	123,600		State Street Corp		7,791,744
	12,763		T Rowe Price Group, Inc		1,475,786
	25,591		Voya Financial, Inc		1,155,945
			TOTAL DIVERSIFIED FINANCIALS		250,616,281
ENERGY - 3.0%
	415,657	e	Antero Midstream Corp		1,974,371
	425,658	*,e	Antero Resources Corp		1,268,461
	84,372		Apache Corp		1,103,586
	191,531		Baker Hughes Co		2,671,857
	661,167	*,e	Callon Petroleum Co		621,299
	410,730		Chevron Corp		37,787,160
	12,907		Cimarex Energy Co		328,096
	473,573		ConocoPhillips		19,937,423
	2,207	e	Delek US Holdings, Inc		51,533
	788,659	*,e	Denbury Resources, Inc		280,368
	150,700	*	Devon Energy Corp		1,879,229
	211,025		EQT Corp		3,078,855
	17,193	e	Equitrans Midstream Corp		144,077
	49,289	*	Exterran Corp		335,165
	67,171	e	Green Plains Inc		394,294

61

TIAA-CREF FUNDS – Social Choice Equity Fund

SHARES			COMPANY	VALUE
	163,726	*,e	Gulfport Energy Corp	$	418,320
	32,275	*	Helix Energy Solutions Group, Inc		81,978
	75,067		Hess Corp		3,651,259
	950,369		Kinder Morgan, Inc		14,474,120
	24,707		Kosmos Energy Ltd		40,767
	302,913	*	Laredo Petroleum Holdings, Inc		330,175
	1,240,374	e	Marathon Oil Corp		7,591,089
	14,654	*	Matrix Service Co		152,988
	4,184		National Oilwell Varco, Inc		52,886
	58,596	*	Newpark Resources, Inc		89,652
	39,082	*	NexTier Oilfield Solutions, Inc		90,670
	68,541		Noble Energy, Inc		672,387
	539,989	*,e	Oasis Petroleum, Inc		380,098
	12,097	*	Oceaneering International, Inc		62,179
	422	*	Oil States International, Inc		1,452
	57,267		Parsley Energy, Inc		541,173
	10,070		PBF Energy, Inc		114,798
	412,543		QEP Resources Inc		406,767
	358,772	e	Range Resources Corp		2,091,641
	496,614		Schlumberger Ltd		8,353,047
	13,165	*	Select Energy Services, Inc		63,192
	187,821		SM Energy Co		760,675
	744,346	*	Southwestern Energy Co		2,404,238
	163,264	*,e	Tellurian, Inc		231,835
	17,909	*,e	Tidewater, Inc		103,156
	124,606	e	US Silica Holdings, Inc		239,243
	201,345		Valero Energy Corp		12,755,206
	250,531		Williams Cos, Inc		4,852,785
			TOTAL ENERGY		132,863,550
FOOD & STAPLES RETAILING - 0.6%
	63,603		Casey’s General Stores, Inc		9,630,130
	40,533	*	Chefs’ Warehouse Holdings, Inc		570,705
	37,095		Pricesmart, Inc		2,357,016
	59,184		SpartanNash Co		1,015,006
	201,369	*	Sprouts Farmers Market, Inc		4,184,448
	92,192	*	United Natural Foods, Inc		980,923
	373,950	*	US Foods Holding Corp		8,039,925
	16,307	e	Weis Markets, Inc		815,839
			TOTAL FOOD & STAPLES RETAILING		27,593,992
FOOD, BEVERAGE & TOBACCO - 3.4%
	47,537	*	Beyond Meat, Inc		4,705,688
	43,780		Bunge Ltd		1,736,753
	75,680		Campbell Soup Co		3,782,486
	1,016,774		Coca-Cola Co		46,659,759
	16,562	*	Farmer Bros Co		153,033
	52,427		Fresh Del Monte Produce, Inc		1,494,694
	366,471		General Mills, Inc		21,947,948
	3,800	*	Hain Celestial Group, Inc		98,192
	206,505		Hormel Foods Corp		9,674,759
	130,364		Kellogg Co		8,538,842
	35,028		McCormick & Co, Inc		5,493,791
	365,855		PepsiCo, Inc		48,398,958
	6,553	*	TreeHouse Foods, Inc		338,987
			TOTAL FOOD, BEVERAGE & TOBACCO		153,023,890

62

TIAA-CREF FUNDS – Social Choice Equity Fund

SHARES			COMPANY	VALUE
HEALTH CARE EQUIPMENT & SERVICES - 7.1%
	36,512	*	Abiomed, Inc	$	6,982,920
	42,465	*	Align Technology, Inc		9,123,605
	276,774	*	Allscripts Healthcare Solutions, Inc		1,799,031
	59,123	*	Angiodynamics, Inc		616,653
	198,633	*	Antares Pharma, Inc		643,571
	27,438	*	AtriCure, Inc		1,183,127
	26,136	*,e	Axonics Modulation Technologies, Inc		841,841
	27,413	*	BioTelemetry, Inc		1,280,461
	142,328		Cardinal Health, Inc		7,042,389
	21,971	*	Cardiovascular Systems, Inc		922,782
	315,666		Cerner Corp		21,904,064
	238,681	*	Cerus Corp		1,467,888
	68,573		Cigna Corp		13,425,222
	19,097		Computer Programs & Systems, Inc		458,901
	34,556		Cooper Cos, Inc		9,907,205
	166,671	*	Covetrus, Inc		1,981,718
	17,829	*	Cross Country Healthcare, Inc		112,144
	349,817		CVS Health Corp		21,531,236
	174,825		Dentsply Sirona, Inc		7,419,573
	118,926	*	Edwards Lifesciences Corp		25,866,405
	141,106	*	Envista Holdings Corp		2,747,334
	88,766	*	GenMark Diagnostics, Inc		1,110,463
	12,520	*	Glaukos Corp		459,359
	49,224	*	Globus Medical, Inc		2,336,171
	7,898	*	Haemonetics Corp		898,634
	105,672		HCA Healthcare, Inc		11,611,239
	32,793	*	Health Catalyst, Inc		874,589
	22,037	*	Henry Schein, Inc		1,202,339
	11,725	*,e	Heska Corp		830,130
	24,212		Hill-Rom Holdings, Inc		2,723,608
	57,975	*	HMS Holdings Corp		1,662,433
	92,217	*	Hologic, Inc		4,620,072
	34,036		Humana, Inc		12,995,626
	49,662	*	IDEXX Laboratories, Inc		13,786,171
	18,829	*	Integer Holding Corp		1,402,007
	41,902	*	Laboratory Corp of America Holdings		6,890,784
	25,670		LeMaitre Vascular, Inc		731,338
	2,380	*,e	LHC Group, Inc		309,376
	7,921	*	LivaNova plc		420,764
	1,635	*	Magellan Health Services, Inc		99,294
	71,174	*	Meridian Bioscience, Inc		854,088
	90,554	*	Merit Medical Systems, Inc		3,696,414
	94,024	*	NextGen Healthcare, Inc		991,953
	25,565	*	Omnicell, Inc		1,863,689
	98,521	*	OraSure Technologies, Inc		1,570,425
	30,909	*	Orthofix Medical Inc		1,095,724
	32,142		Owens & Minor, Inc		227,565
	10,147	*	Penumbra, Inc		1,799,266
	1,887	*	Premier, Inc		62,573
	2,365	*	Providence Service Corp		137,194
	22,904		Quest Diagnostics, Inc		2,521,959
	15,451	*	Quidel Corp		2,147,689
	68,280		Resmed, Inc		10,605,250
	41,276	*	Staar Surgical Co		1,581,696

63

TIAA-CREF FUNDS – Social Choice Equity Fund

SHARES			COMPANY	VALUE
	27,192		STERIS plc	$	3,874,860
	17,725	*	Surgery Partners, Inc		209,155
	27,194	*,e	Tactile Systems Technology, Inc		1,403,754
	22,729	*	Tandem Diabetes Care, Inc		1,813,320
	37,440	*	Teladoc, Inc		6,162,250
	36,079	*,e	Tivity Health, Inc		323,629
	39,383	*,e	Triple-S Management Corp (Class B)		666,754
	202,371		UnitedHealth Group, Inc		59,187,446
	31,883	*	Varian Medical Systems, Inc		3,646,778
	52,629	*,e	Vocera Communications, Inc		997,846
	24,286		West Pharmaceutical Services, Inc		4,596,368
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		314,260,112
HOUSEHOLD & PERSONAL PRODUCTS - 2.2%
	260,833		Colgate-Palmolive Co		18,328,735
	64,627		Estee Lauder Cos (Class A)		11,400,203
	30,436		Kimberly-Clark Corp		4,214,777
	539,669		Procter & Gamble Co		63,610,785
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		97,554,500
INSURANCE - 2.9%
	96,775		Allstate Corp		9,843,953
	458,996		American International Group, Inc		11,672,268
	34,499	*	Aon plc		5,956,942
	198,853		Chubb Ltd		21,478,113
	178,033		Loews Corp		6,170,624
	237,157		Marsh & McLennan Cos, Inc		23,082,491
	245,742		Progressive Corp		18,995,857
	268,139		Prudential Financial, Inc		16,723,829
	128,444		Travelers Cos, Inc		12,999,817
	8,317		Willis Towers Watson plc		1,482,838
			TOTAL INSURANCE		128,406,732
MATERIALS - 2.8%
	10,332		Aptargroup, Inc		1,106,351
	161,238		Ball Corp		10,575,600
	78,491	*	Century Aluminum Co		341,436
	27,048	*	Clearwater Paper Corp		647,529
	1,709		Compass Minerals International, Inc		84,014
	441,519		DuPont de Nemours, Inc		20,760,223
	140,807		Ecolab, Inc		27,246,155
	945		H.B. Fuller Co		34,767
	13,047		International Flavors & Fragrances, Inc		1,709,548
	142,736		International Paper Co		4,888,708
	52,964	*	Kraton Corp		826,768
	194,507		Linde plc		35,787,343
	10,187		Minerals Technologies, Inc		448,635
	121,472		Mosaic Co		1,398,143
	137,664		Newmont Goldcorp Corp		8,188,255
	205,346		Nucor Corp		8,458,202
	2,337		Reliance Steel & Aluminum Co		209,348
	4,126		Schnitzer Steel Industries, Inc (Class A)		64,201
	145,000	*	Summit Materials, Inc		2,190,950
	21,681		Trinseo S.A.		443,376
	26,495	*	US Concrete, Inc		508,174
			TOTAL MATERIALS		125,917,726

64

TIAA-CREF FUNDS – Social Choice Equity Fund

SHARES			COMPANY	VALUE
MEDIA & ENTERTAINMENT - 7.4%
	205,429		Activision Blizzard, Inc	$	13,091,990
	55,403	*	Alphabet, Inc (Class A)		74,611,220
	55,428	*	Alphabet, Inc (Class C)		74,753,527
	2,390		Cable One, Inc		4,571,735
	63,200		Cinemark Holdings, Inc		902,496
	40,660	*	Clear Channel		39,229
	1,242,978		Comcast Corp (Class A)		46,773,262
	269,201	*,e	Discovery, Inc (Class A)		6,035,486
	380,411	*	Discovery, Inc (Class C)		7,764,189
	104,504	*	Electronic Arts, Inc		11,940,627
	66,194	*	Gray Television, Inc		768,512
	75,715	*	Imax Corp		870,723
	48,734		John Wiley & Sons, Inc (Class A)		1,829,962
	170,308	*	Liberty Broadband Corp (Class C)		20,893,385
	8,163	*	Loral Space & Communications, Inc		179,586
	13,295	*	Madison Square Garden Co		2,277,699
	13,295	*,e	Madison Square Garden Entertainment Corp		1,099,497
	37,805		Marcus Corp		549,685
	58,591		New York Times Co (Class A)		1,905,379
	200,000		Nuveen ESG Large-Cap ETF		5,381,460
	294,588		Omnicom Group, Inc		16,800,354
	31,754	*	Roku, Inc		3,849,537
	16,894	*	Rosetta Stone, Inc		288,550
	38,431		Scholastic Corp		1,117,189
	91,589		Sinclair Broadcast Group, Inc (Class A)		1,616,546
	302,275	e	Sirius XM Holdings, Inc		1,786,445
	17,988	*	Take-Two Interactive Software, Inc		2,177,447
	8,077		TEGNA, Inc		86,585
	79,880		TripAdvisor, Inc		1,595,204
	845,375	*	Twitter, Inc		24,245,355
	29,875	e	World Wrestling Entertainment, Inc (Class A)		1,328,541
			TOTAL MEDIA & ENTERTAINMENT		331,131,402
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.4%
	296,794		AbbVie, Inc		24,396,467
	54,132	*	Acadia Pharmaceuticals, Inc		2,615,117
	72,985	*,e	Aerie Pharmaceuticals, Inc		1,112,291
	150,551		Agilent Technologies, Inc		11,541,240
	46,854	*	Agios Pharmaceuticals, Inc		1,927,574
	4,706	*,e	Akcea Therapeutics, Inc		80,284
	180,747		Amgen, Inc		43,238,297
	41,565	*,e	AnaptysBio, Inc		649,245
	39,118	*	Assembly Biosciences, Inc		684,956
	68,699	*	Atara Biotherapeutics, Inc		569,515
	7,618	*	Avrobio, Inc		98,044
	253,324	*	BioCryst Pharmaceuticals, Inc		990,497
	59,313	*	Biogen, Inc		17,605,878
	47,040	*	BioMarin Pharmaceutical, Inc		4,328,621
	45,689	*	Bluebird Bio, Inc		2,461,723
	694,911		Bristol-Myers Squibb Co		42,257,538
	7,837	*	Catalent, Inc		541,929
	54,314	*	Collegium Pharmaceutical, Inc		1,123,214
	89,155	*,e	Cymabay Therapeutics, Inc		157,804
	263,904		Eli Lilly & Co		40,810,115

65

TIAA-CREF FUNDS – Social Choice Equity Fund

SHARES			COMPANY	VALUE
	4,990	*,e	Esperion Thereapeutics, Inc	$	197,604
	34,362	*,e	Flexion Therapeutics, Inc		365,612
	369,794		Gilead Sciences, Inc		31,062,696
	16,242	*	Halozyme Therapeutics, Inc		367,963
	32,728	*,e	Insmed, Inc		752,744
	18,561	*	Intersect ENT, Inc		213,080
	91,116	*	Intra-Cellular Therapies, Inc		1,610,020
	56,297	*	IQVIA Holdings, Inc		8,027,389
	27,862	*	Jazz Pharmaceuticals plc		3,071,785
	81,017	*	MacroGenics, Inc		583,322
	641,945		Merck & Co, Inc		50,931,916
	5,838	*	Mettler-Toledo International, Inc		4,203,010
	2,895	*	Mirati Therapeutics, Inc		246,191
	655,409	*,e	Opko Health, Inc		1,455,008
	16,842	*,e	Optinose, Inc		68,042
	42,303		Perrigo Co plc		2,254,750
	133,970	*	Progenics Pharmaceuticals, Inc		527,842
	66,120	*	Prothena Corp plc		741,866
	74,418	*,e	Revance Therapeutics, Inc		1,377,477
	5,837	*	Sage Therapeutics, Inc		227,526
	87,463	*,e	Sangamo Therapeutics Inc		712,823
	382,901	*,e	TherapeuticsMD, Inc		604,984
	5,640	*	Tricida, Inc		170,610
	28,275	*,e	Ultragenyx Pharmaceutical, Inc		1,708,658
	114,769	*	Vertex Pharmaceuticals, Inc		28,829,973
	18,425	*	Waters Corp		3,445,475
	47,090	*,e	ZIOPHARM Oncology, Inc		131,852
	230,091		Zoetis, Inc		29,753,067
	14,602	*	Zogenix, Inc		412,214
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		371,245,848
REAL ESTATE - 3.6%
	48,046		Alexandria Real Estate Equities, Inc		7,547,546
	150,713		American Tower Corp		35,869,694
	72,632		Boston Properties, Inc		7,058,378
	70,724		CatchMark Timber Trust, Inc		555,891
	79,390	*	CBRE Group, Inc		3,408,213
	42,246		Chatham Lodging Trust		317,267
	7,957		Coresite Realty		964,309
	23,373		Cousins Properties, Inc		705,163
	6,932		CyrusOne, Inc		486,280
	8,358		Douglas Emmett, Inc		254,835
	58,576		Duke Realty Corp		2,032,587
	19,598		Easterly Government Properties, Inc		527,382
	36,148		Equinix, Inc		24,407,130
	3,961		Federal Realty Investment Trust		329,832
	33,420		First Industrial Realty Trust, Inc		1,262,273
	52,368		Franklin Street Properties Corp		284,882
	204,267		Healthpeak Properties Inc		5,339,539
	154,979		Host Hotels and Resorts, Inc		1,907,792
	32,022	*	Howard Hughes Corp		1,734,312
	24,076		Hudson Pacific Properties		591,788
	5,945		Jones Lang LaSalle, Inc		627,673
	4,739		Kilroy Realty Corp		295,050
	88,542		Kimco Realty Corp		965,993
	188,715		Macerich Co		1,409,701

66

TIAA-CREF FUNDS – Social Choice Equity Fund

SHARES			COMPANY	VALUE
	4,166		Paramount Group, Inc	$	40,202
	57,124		Park Hotels & Resorts, Inc		543,249
	540		Piedmont Office Realty Trust, Inc		9,369
	349,941		Prologis, Inc		31,225,235
	4,690		QTS Realty Trust, Inc		293,266
	24,711		Realogy Holdings Corp		107,246
	15,022		Regency Centers Corp		659,616
	2,009		RMR Group, Inc		59,587
	45,216		SBA Communications Corp		13,109,023
	30,349		UDR, Inc		1,137,177
	131,334		Washington Prime Group, Inc		112,921
	297		Washington REIT		6,926
	177,561		Welltower, Inc		9,096,450
	238,457		Weyerhaeuser Co		5,215,055
			TOTAL REAL ESTATE		160,498,832
RETAILING - 7.9%
	2,432		Aaron’s, Inc		77,605
	24,346		Advance Auto Parts, Inc		2,943,675
	74,261	*	Amazon.com, Inc		183,721,714
	66,235		Big Lots, Inc		1,553,211
	191,931	*	BJ’s Wholesale Club Holdings, Inc		5,049,705
	15,587	*	Booking Holdings, Inc		23,077,645
	250	e	Buckle, Inc		3,827
	67,792		Caleres, Inc		549,793
	1,601	*	CarMax, Inc		117,914
	43,878		eBay, Inc		1,747,661
	6,360	*	Five Below, Inc		573,418
	112,613	e	GameStop Corp (Class A)		645,272
	20,838	e	Gap, Inc		169,204
	24,775	*	Genesco, Inc		468,991
	21,058		Genuine Parts Co		1,669,478
	18,815		Haverty Furniture Cos, Inc		254,567
	29,239	*	Hibbett Sports, Inc		451,158
	250,264		Home Depot, Inc		55,015,535
	17,745	*,e	Lands’ End, Inc		151,010
	77,025	*	LKQ Corp		2,014,204
	212,649		Lowe’s Companies, Inc		22,274,983
	166,315	e	Macy’s, Inc		974,606
	35,671	*	MarineMax, Inc		514,019
	397		Pool Corp		84,029
	123,411	*	Quotient Technology, Inc		886,091
	5,448	*	Sally Beauty Holdings, Inc		52,900
	16,066	e	Shoe Carnival, Inc		379,479
	201,938		Target Corp		22,160,676
	25,364		Tiffany & Co		3,208,546
	289,907		TJX Companies, Inc		14,219,938
	15,754		Tractor Supply Co		1,597,928
	17,401	*	Ulta Beauty, Inc		3,792,026
	860		Winmark Corp		129,000
	18,394	*	Zumiez, Inc		388,849
			TOTAL RETAILING		350,918,657
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.9%
	331,966		Applied Materials, Inc		16,492,071
	22,180	*	Cirrus Logic, Inc		1,676,808

67

TIAA-CREF FUNDS – Social Choice Equity Fund

SHARES			COMPANY	VALUE
	10,643	*	Cree, Inc	$	459,033
	24,169	*,e	First Solar, Inc		1,063,678
	1,007,479		Intel Corp		60,428,590
	19,173		Lam Research Corp		4,894,483
	7,702		NVE Corp		437,242
	164,826		NVIDIA Corp		48,175,343
	18,585	*	Silicon Laboratories, Inc		1,806,834
	325,522		Texas Instruments, Inc		37,783,339
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		173,217,421
SOFTWARE & SERVICES - 12.0%
	219,794		Accenture plc		40,703,651
	132,540	*	Adobe, Inc		46,871,446
	102,486	*	Autodesk, Inc		19,178,205
	188,672	*,e	Avaya Holdings Corp		1,875,400
	33,427	*	Benefitfocus, Inc		362,014
	12,432		Blackbaud, Inc		686,992
	110,902	*	Cadence Design Systems, Inc		8,997,479
	13,209	*	ChannelAdvisor Corp		136,449
	296,557	*	Conduent, Inc		747,324
	8,115	*	Coupa Software, Inc		1,428,970
	55,469		CSG Systems International, Inc		2,694,684
	57,024	*	ExlService Holdings, Inc		3,520,092
	194	*	Fair Isaac Corp		68,470
	310,568		International Business Machines Corp		38,994,918
	113,870		Intuit, Inc		30,723,265
	216,899	*,e	Limelight Networks, Inc		1,099,678
	83,470		LogMeIn, Inc		7,133,346
	1,306,585	d	Microsoft Corp		234,153,098
	87,517	*	New Relic, Inc		4,698,788
	54,403	*	Nutanix, Inc		1,114,717
	5,290	*	OneSpan, Inc		88,872
	1,449	*	Paylocity Holding Corp		165,954
	54,901	*	Perficient, Inc		1,912,202
	21,141	*	Qualys, Inc		2,229,107
	255,468	*	salesforce.com, Inc		41,373,043
	100,455		Science Applications International Corp		8,203,155
	61,226	*	SPS Commerce, Inc		3,398,655
	110,299	*	SVMK, Inc		1,731,694
	67,259	*	Sykes Enterprises, Inc		1,925,625
	192,600	*	Teradata Corp		4,736,034
	64,472		TiVo Corp		453,238
	29,975		TTEC Holdings, Inc		1,168,426
	47,472	*	Virtusa Corp		1,566,576
	69,332	e	VMware, Inc (Class A)		9,118,545
	74,003	*	WEX, Inc		9,792,077
	30,134	*	Zendesk, Inc		2,316,702
			TOTAL SOFTWARE & SERVICES		535,368,891
TECHNOLOGY HARDWARE & EQUIPMENT - 6.9%
	11,838	*	Anixter International, Inc		1,099,277
	715,007		Apple, Inc		210,069,057
	125,082	*	Arlo Technologies, Inc		342,725
	1,070		Belden CDT, Inc		36,583
	3,739		Benchmark Electronics, Inc		77,248
	1,138,225		Cisco Systems, Inc		48,237,975

68

TIAA-CREF FUNDS – Social Choice Equity Fund

SHARES			COMPANY	VALUE
	34,326		CTS Corp	$	794,990
	22,592		Daktronics, Inc		102,116
	64,924		Dolby Laboratories, Inc (Class A)		3,897,388
	1,447	*	Fabrinet		90,799
	8,802	*	FARO Technologies, Inc		483,142
	1,520,006		Hewlett Packard Enterprise Co		15,291,260
	171,708		HP, Inc		2,663,191
	11,733	*	Insight Enterprises, Inc		636,985
	182		InterDigital, Inc		10,514
	3,493	*	Itron, Inc		243,881
	70,176		Kemet Corp		1,895,454
	25,860	*	Keysight Technologies, Inc		2,502,472
	17,293	*	Kimball Electronics, Inc		233,801
	6,814		Methode Electronics, Inc		204,556
	49,310		Motorola Solutions, Inc		7,091,271
	3,344	*	Novanta, Inc		290,560
	500	*	OSI Systems, Inc		36,190
	55,453	*	Ribbon Communications, Inc		202,126
	11,038	*	Rogers Corp		1,225,660
	13,734		Synnex Corp		1,202,549
	42,266	*	Tech Data Corp		5,944,290
	46,715	*	TTM Technologies, Inc		541,427
	73,134		Vishay Intertechnology, Inc		1,213,293
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		306,660,780
TELECOMMUNICATION SERVICES - 1.5%
	23,657	*	Boingo Wireless, Inc		329,779
	73,160		Cogent Communications Group, Inc		6,133,003
	94,960	*,e	Gogo, Inc		154,785
	167,393	*	Iridium Communications, Inc		3,767,179
	121,741	*	ORBCOMM, Inc		321,396
	981,770		Verizon Communications, Inc		56,402,686
			TOTAL TELECOMMUNICATION SERVICES		67,108,828
TRANSPORTATION - 2.0%
	3,997		Amerco, Inc		1,119,680
	43,563		ArcBest Corp		887,378
	2,385	*	Avis Budget Group, Inc		39,305
	55,101		CH Robinson Worldwide, Inc		3,906,661
	382,556		CSX Corp		25,336,684
	112,841		Delta Air Lines, Inc		2,923,710
	45,853	*	Echo Global Logistics, Inc		803,803
	8		Expeditors International of Washington, Inc		573
	29,951	*,e	Hertz Global Holdings, Inc		121,002
	5,175		Kansas City Southern		675,596
	31,905	e	Knight-Swift Transportation Holdings, Inc		1,186,228
	180		Landstar System, Inc		18,596
	113,436		Norfolk Southern Corp		19,408,900
	9		Ryder System, Inc		319
	179,530		Southwest Airlines Co		5,610,312
	279,214		United Parcel Service, Inc (Class B)		26,430,397
			TOTAL TRANSPORTATION		88,469,144
UTILITIES - 3.3%
	276,600		American Electric Power Co, Inc		22,988,226
	126,378		Centerpoint Energy, Inc		2,152,217

69

TIAA-CREF FUNDS – Social Choice Equity Fund

SHARES			COMPANY	VALUE
	187,145		Consolidated Edison, Inc	$	14,747,026
	115,325		Dominion Energy Inc		8,895,017
	19,802		DTE Energy Co		2,054,260
	134,706		Eversource Energy		10,870,774
	290		Ormat Technologies, Inc		18,099
	206,735		Public Service Enterprise Group, Inc		10,483,532
	183,846		Sempra Energy		22,769,327
	6,282		South Jersey Industries, Inc		179,602
	499,130		Southern Co		28,315,645
	30,558		UGI Corp		922,241
	99,313		WEC Energy Group, Inc		8,992,792
	180,121		Xcel Energy, Inc		11,448,491
			TOTAL UTILITIES		144,837,249
			TOTAL COMMON STOCKS		4,426,234,550
			(Cost $3,473,618,167)
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 - 1.6%
GOVERNMENT AGENCY DEBT - 0.2%
$	6,600,000		Federal Home Loan Bank (FHLB)		0.100	%	05/28/20		6,599,555
	3,000,000		FHLB		0.098		05/29/20		2,999,790
			TOTAL GOVERNMENT AGENCY DEBT						9,599,345
REPURCHASE AGREEMENT - 0.3%
	14,940,000		Fixed Income Clearing Corp		0.020		05/01/20		14,940,000
			TOTAL REPURCHASE AGREEMENT						14,940,000
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.1%
	49,075,992	c	State Street Navigator Securities Lending Government Money Market Portfolio						49,075,992
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						49,075,992
			TOTAL SHORT-TERM INVESTMENTS						73,615,337
			(Cost $73,615,268)
			TOTAL INVESTMENTS - 101.1%						4,499,849,887
			(Cost $3,547,233,435)
			OTHER ASSETS & LIABILITIES, NET - (1.1)%						(49,928,646	)
			NET ASSETS - 100.0%					$	4,449,921,241

70

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 futures contracts.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $51,562,783.

Futures contracts outstanding as of April 30, 2020 were as follows:

Description	Number of long (short) contracts		Expiration date	Notional amount		Value		Unrealized appreciation (depreciation)
S&P 500 E Mini Index		166	06/19/20	$	23,460,634	$	24,089,920	$	629,286

71

TIAA-CREF FUNDS – Social Choice Low Carbon Equity Fund

TIAA-CREF FUNDS
SOCIAL CHOICE LOW CARBON EQUITY FUND
SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2020

SHARES			COMPANY	VALUE
COMMON STOCKS - 98.2%
AUTOMOBILES & COMPONENTS - 0.8%
	2,178		Aptiv plc	$	151,480
	1,439	*	Cooper-Standard Holding, Inc		18,491
	2,782	*	Tesla, Inc		2,175,190
			TOTAL AUTOMOBILES & COMPONENTS		2,345,161
BANKS - 3.6%
	1,105		Amalgamated Bank		11,824
	944		Arrow Financial Corp		26,904
	665		Bank of Marin Bancorp		21,918
	2,265		Berkshire Hills Bancorp, Inc		38,596
	1,224		Bridge Bancorp, Inc		25,325
	3,941		Brookline Bancorp, Inc		40,238
	1,000		Bryn Mawr Bank Corp		29,115
	339		Camden National Corp		11,102
	20,677		Citizens Financial Group, Inc		462,958
	3,253		Comerica, Inc		113,400
	950		Community Trust Bancorp, Inc		32,205
	497	*	Customers Bancorp, Inc		6,342
	944	*	Equity Bancshares, Inc		17,691
	129		Federal Agricultural Mortgage Corp (Class C)		8,595
	27,410		Fifth Third Bancorp		512,293
	2,581		First Busey Corp		47,542
	119		First Commonwealth Financial Corp		1,133
	1,527		First Defiance Financial Corp		26,539
	909		First Financial Corp		32,288
	1,038		First Mid-Illinois Bancshares, Inc		27,715
	997		First of Long Island Corp		15,743
	1,760		First Republic Bank		183,550
	2,367		Great Western Bancorp, Inc		44,500
	2,418		Hanmi Financial Corp		29,185
	414		HomeStreet, Inc		10,578
	1,285		HomeTrust Bancshares, Inc		19,750
	16,834		Huntington Bancshares, Inc		155,546
	11,424		Investors Bancorp, Inc		106,357
	3,981		Kearny Financial Corp		37,023
	14,226		Keycorp		165,733
	262		Live Oak Bancshares, Inc		3,655
	9,075		M&T Bank Corp		1,017,126
	940		MGIC Investment Corp		6,871
	1,482		National Bank Holdings Corp		39,392
	22,902		New York Community Bancorp, Inc		248,716
	2,194		Northfield Bancorp, Inc		24,726
	2,747		OceanFirst Financial Corp		46,287
	1,534		OFG Bancorp		19,298
	1,738		Opus Bank		33,404
	17,060		PNC Financial Services Group, Inc		1,819,790

72

TIAA-CREF FUNDS – Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE
	3,067		Provident Financial Services, Inc	$	44,011
	741		QCR Holdings, Inc		22,808
	22,455		Regions Financial Corp		241,391
	2,387	*	SVB Financial Group		461,097
	2,221	*	The Bancorp, Inc		15,480
	356	*	Tristate Capital Holdings, Inc		5,062
	50,420		Truist Financial Corp		1,881,674
	1,445		Univest Financial Corp		25,577
	52,437		US Bancorp		1,913,951
	3,256		WesBanco, Inc		80,358
	2,417		Zions Bancorporation		76,401
			TOTAL BANKS		10,288,763
CAPITAL GOODS - 7.0%
	14,455		3M Co		2,196,004
	2,447	*	Aegion Corp		39,274
	1,188		Argan, Inc		44,598
	1,858	*	Astronics Corp		16,685
	4,154	*	Axon Enterprise, Inc		302,037
	3,124		Briggs & Stratton Corp		7,091
	430		Carlisle Cos, Inc		52,013
	17,124		Caterpillar, Inc		1,992,891
	1,682	*	Chart Industries, Inc		60,081
	552		Comfort Systems USA, Inc		18,382
	1,460		Cubic Corp		55,787
	945		Cummins, Inc		154,508
	4,539		Curtiss-Wright Corp		470,467
	7,439		Deere & Co		1,079,101
	653		Dover Corp		61,153
	20,554		Eaton Corp		1,716,259
	271		EMCOR Group, Inc		17,217
	28,654		Fastenal Co		1,037,848
	18,048		Fortive Corp		1,155,072
	735		GATX Corp		43,586
	2,190		Granite Construction, Inc		36,004
	4,634		HEICO Corp		405,938
	8,439		HEICO Corp (Class A)		610,393
	1,522	*	Herc Holdings, Inc		42,966
	4,282		Hexcel Corp		148,114
	9,391		Illinois Tool Works, Inc		1,526,038
	2,106	*	Ingersoll Rand, Inc		61,242
	32,510		Johnson Controls International plc		946,366
	1,091	*	Lydall, Inc		12,219
	4,729	*	Mercury Systems, Inc		421,638
	1,616		Moog, Inc (Class A)		79,960
	1,007	*	MYR Group, Inc		30,210
	3,920		Owens Corning, Inc		169,971
	2,762		PACCAR, Inc		191,213
	3,982		Parker-Hannifin Corp		629,634
	3,941	*,e	Plug Power, Inc		16,493
	5,962		Quanta Services, Inc		216,778
	1,675		Raven Industries, Inc		37,302
	1,214		Rockwell Automation, Inc		230,029
	2,252		Roper Technologies Inc		768,000
	11,115		Spirit Aerosystems Holdings, Inc (Class A)		246,308
	1,574		Stanley Black & Decker, Inc		173,455

73

TIAA-CREF FUNDS – Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE
	1,338	*	Teledyne Technologies, Inc	$	435,746
	1,022	*	Titan Machinery, Inc		9,607
	2,387		Trane Technologies plc		208,672
	2,966		TransDigm Group, Inc		1,076,895
	1,593	*	United Rentals, Inc		204,701
	883		Valmont Industries, Inc		103,523
	537		W.W. Grainger, Inc		147,986
	21	*	WESCO International, Inc		543
	777		Woodward Inc		47,055
	1,778		Xylem, Inc		127,838
			TOTAL CAPITAL GOODS		19,882,891
COMMERCIAL & PROFESSIONAL SERVICES - 0.9%
	3,517		Cintas Corp		780,176
	3,382	*	Copart, Inc		270,932
	1,243		Heidrick & Struggles International, Inc		27,893
	526	*	Huron Consulting Group, Inc		29,477
	278		ICF International, Inc		20,444
	12,382		IHS Markit Ltd		833,308
	162		Insperity, Inc		7,729
	1,664		Kelly Services, Inc (Class A)		25,709
	7		Kforce, Inc		210
	876		Kimball International, Inc (Class B)		10,748
	1,129	*	Mistras Group, Inc		5,363
	14,385		Pitney Bowes, Inc		50,779
	728		Resources Connection, Inc		7,921
	1,685		RR Donnelley & Sons Co		2,881
	418	*	SP Plus Corp		8,816
	2,787	*,e	Team, Inc		17,196
	5,558		TransUnion		437,915
	1,943	*	TrueBlue, Inc		30,175
	393		Verisk Analytics, Inc		60,062
	486		Viad Corp		11,649
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		2,639,383
CONSUMER DURABLES & APPAREL - 1.1%
	1,362	*	Century Communities, Inc		29,174
	1,937		Ethan Allen Interiors, Inc		21,907
	702	*	Garmin Ltd		56,974
	1,554	*	Green Brick Partners, Inc		13,846
	408		Hamilton Beach Brands Holding Co		5,382
	5		Hasbro, Inc		361
	927		Hooker Furniture Corp		13,896
	670	*	Mattel, Inc		5,842
	3,349		Newell Brands Inc		46,484
	26,329		Nike, Inc (Class B)		2,295,362
	118	*	NVR, Inc		365,800
	3,976	*	TRI Pointe Homes, Inc		45,645
	370	*	Unifi, Inc		3,830
	4,203		VF Corp		244,194
			TOTAL CONSUMER DURABLES & APPAREL		3,148,697
CONSUMER SERVICES - 2.3%
	897	*	American Public Education, Inc		23,116
	3,793		BBX Capital Corp		8,041
	595	*	Bright Horizons Family Solutions		69,288

74

TIAA-CREF FUNDS – Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE
	1,115		Carriage Services, Inc	$	16,747
	1,201	*	Chipotle Mexican Grill, Inc (Class A)		1,055,139
	6,695		Darden Restaurants, Inc		494,024
	3,166		Dunkin Brands Group, Inc		198,951
	1,397	*	El Pollo Loco Holdings, Inc		17,085
	128	*	frontdoor, Inc		4,955
	212		Graham Holdings Co		82,682
	17,281		Hilton Worldwide Holdings, Inc		1,308,345
	6,671	*	Houghton Mifflin Harcourt Co		10,674
	465		Marriott Vacations Worldwide Corp		38,595
	823	*	Red Robin Gourmet Burgers, Inc		12,041
	1,841	*	Regis Corp		22,865
	12,413		Royal Caribbean Cruises Ltd		580,556
	1,399		Service Corp International		51,399
	1,636	*	ServiceMaster Global Holdings, Inc		55,706
	26		Six Flags Entertainment Corp		520
	29,017		Starbucks Corp		2,226,474
	555		Vail Resorts, Inc		94,905
	191	*	WW International Inc		4,872
			TOTAL CONSUMER SERVICES		6,376,980
DIVERSIFIED FINANCIALS - 5.7%
	21,129		American Express Co		1,928,021
	37,168		Bank of New York Mellon Corp		1,395,287
	3,913		BlackRock, Inc		1,964,483
	37,337		Charles Schwab Corp		1,408,352
	9,722		CME Group, Inc		1,732,558
	21,600		Discover Financial Services		928,152
	805	*	Donnelley Financial Solutions, Inc		5,861
	2,554		Franklin Resources, Inc		48,117
	20,091		Intercontinental Exchange Group, Inc		1,797,140
	1,149		Moody’s Corp		280,241
	35,733		Morgan Stanley		1,408,952
	544	*,†	NewStar Financial, Inc		131
	1,455		Northern Trust Corp		115,178
	1,767	*	On Deck Capital, Inc		2,138
	7,164		S&P Global, Inc		2,098,192
	12,974		State Street Corp		817,881
	1,591		T Rowe Price Group, Inc		183,967
			TOTAL DIVERSIFIED FINANCIALS		16,114,651
ENERGY - 1.9%
	22,577	e	Antero Midstream Corp		107,241
	6,885	*	Apergy Corp		63,411
	10,278		Archrock, Inc		49,437
	70,283		Baker Hughes Co		980,448
	4,224		Cactus, Inc		75,103
	24,896	*	Cheniere Energy, Inc		1,162,394
	7,929	*	Clean Energy Fuels Corp		17,087
	7,477	e	Delek US Holdings, Inc		174,588
	1,475		DMC Global, Inc		38,070
	3,564	*	Dril-Quip, Inc		118,075
	20,395	e	Equitrans Midstream Corp		170,910
	2,053	*	Exterran Corp		13,960
	8,171	*	Frank’s International NV		19,855
	2,431		Green Plains Inc		14,270

75

TIAA-CREF FUNDS – Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE
	11,451	*	Helix Energy Solutions Group, Inc	$	29,086
	4,590		Liberty Oilfield Services, Inc		21,665
	1,677	*	Matrix Service Co		17,508
	42,238		National Oilwell Varco, Inc		533,888
	6,800	*	Newpark Resources, Inc		10,404
	11,715	*	NexTier Oilfield Solutions, Inc		27,179
	8,887	*	Oceaneering International, Inc		45,679
	4,548	*	Oil States International, Inc		15,645
	44,442		ONEOK, Inc		1,330,149
	11,940		PBF Energy, Inc		136,116
	3,664	*	Renewable Energy Group, Inc		90,904
	3,532	e	RPC, Inc		12,044
	4,726	*	Select Energy Services, Inc		22,685
	2,682		Solaris Oilfield Infrastructure, Inc		18,345
	3,007	*	Tidewater, Inc		17,320
	5,974	e	US Silica Holdings, Inc		11,470
	6,354		World Fuel Services Corp		158,850
			TOTAL ENERGY		5,503,786
FOOD & STAPLES RETAILING - 0.5%
	2,819		Casey’s General Stores, Inc		426,825
	1,926	*	Chefs’ Warehouse Holdings, Inc		27,118
	2,237		Pricesmart, Inc		142,139
	2,228		SpartanNash Co		38,210
	11,765	*	Sprouts Farmers Market, Inc		244,477
	4,054	*	United Natural Foods, Inc		43,135
	23,287	*	US Foods Holding Corp		500,670
	589		Weis Markets, Inc		29,468
			TOTAL FOOD & STAPLES RETAILING		1,452,042
FOOD, BEVERAGE & TOBACCO - 3.7%
	1,748	*	Beyond Meat, Inc		173,035
	4,364		Bunge Ltd		173,120
	67,236		Coca-Cola Co		3,085,460
	1,258	*	Darling International, Inc		25,902
	647	*	Farmer Bros Co		5,978
	1,236		Fresh Del Monte Produce, Inc		35,238
	23,312		General Mills, Inc		1,396,156
	87	*	Hain Celestial Group, Inc		2,248
	24,050		Hormel Foods Corp		1,126,743
	6,455		Kellogg Co		422,803
	4,824		McCormick & Co, Inc		756,596
	24,060		PepsiCo, Inc		3,182,897
			TOTAL FOOD, BEVERAGE & TOBACCO		10,386,176
HEALTH CARE EQUIPMENT & SERVICES - 6.8%
	1,425	*	Abiomed, Inc		272,531
	126	*	Acadia Healthcare Co, Inc		3,025
	4,216	*	Align Technology, Inc		905,808
	8,131	*	Allscripts Healthcare Solutions, Inc		52,852
	43	*	AMN Healthcare Services, Inc		2,020
	2,779	*	Angiodynamics, Inc		28,985
	9,859	*	Antares Pharma, Inc		31,943
	731	*	BioTelemetry, Inc		34,145
	2,394	*	Brookdale Senior Living, Inc		8,642
	3,486		Cardinal Health, Inc		172,487

76

TIAA-CREF FUNDS – Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE
	21,589		Cerner Corp	$	1,498,061
	10,266	*	Cerus Corp		63,136
	5,937		Cigna Corp		1,162,346
	711		Computer Programs & Systems, Inc		17,085
	2,215		Cooper Cos, Inc		635,041
	7,927	*	Covetrus, Inc		94,252
	2,248	*	Cross Country Healthcare, Inc		14,140
	33,439		CVS Health Corp		2,058,171
	15,250		Dentsply Sirona, Inc		647,210
	8,240	*	Edwards Lifesciences Corp		1,792,200
	295		Encompass Health Corp		19,544
	9,467	*	Envista Holdings Corp		184,323
	3,285	*	GenMark Diagnostics, Inc		41,095
	4,734		HCA Healthcare, Inc		520,172
	737	*	Henry Schein, Inc		40,211
	523	*	Heska Corp		37,028
	1,150		Hill-Rom Holdings, Inc		129,364
	6,341	*	Hologic, Inc		317,684
	2,091		Humana, Inc		798,386
	5,432	*	IDEXX Laboratories, Inc		1,507,923
	90	*	Integer Holding Corp		6,701
	900	*	Laboratory Corp of America Holdings		148,005
	1,072		LeMaitre Vascular, Inc		30,541
	62	*	LivaNova plc		3,293
	3,174	*	Meridian Bioscience, Inc		38,088
	2,606	*	Merit Medical Systems, Inc		106,377
	2,340	*	NextGen Healthcare, Inc		24,687
	479	*	Omnicell, Inc		34,919
	4,963	*	OraSure Technologies, Inc		79,110
	1,385	*	Orthofix Medical Inc		49,098
	69	*	Penumbra, Inc		12,235
	638		Quest Diagnostics, Inc		70,250
	30	*	Quidel Corp		4,170
	586	*	RadNet, Inc		8,274
	4,766		Resmed, Inc		740,255
	2,949	*	Staar Surgical Co		113,006
	315	*	Surgery Partners, Inc		3,717
	368	*	Tactile Systems Technology, Inc		18,996
	1,379	*	Tandem Diabetes Care, Inc		110,017
	500	*	Teladoc, Inc		82,295
	272	*	Tivity Health, Inc		2,440
	577	*	Triple-S Management Corp (Class B)		9,769
	14,041		UnitedHealth Group, Inc		4,106,571
	2,785	*	Varian Medical Systems, Inc		318,548
	554		West Pharmaceutical Services, Inc		104,850
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		19,316,022
HOUSEHOLD & PERSONAL PRODUCTS - 2.5%
	23,085		Colgate-Palmolive Co		1,622,183
	6,003		Estee Lauder Cos (Class A)		1,058,929
	1,875		Kimberly-Clark Corp		259,650
	35,821		Procter & Gamble Co		4,222,221
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		7,162,983

77

TIAA-CREF FUNDS – Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE
INSURANCE - 3.4%
	4,323		Aflac, Inc	$	160,989
	5,460		Allstate Corp		555,391
	30,081		American International Group, Inc		764,960
	1,963	*	Aon plc		338,951
	14,377		Chubb Ltd		1,552,860
	5,012		Lincoln National Corp		177,776
	24,324		Loews Corp		843,070
	15,879		Marsh & McLennan Cos, Inc		1,545,503
	737		Principal Financial Group		26,834
	9,518		Progressive Corp		735,741
	24,771		Prudential Financial, Inc		1,544,967
	10,986		Travelers Cos, Inc		1,111,893
	156		White Mountains Insurance Group Ltd		151,788
	300		Willis Towers Watson plc		53,487
			TOTAL INSURANCE		9,564,210
MATERIALS - 2.5%
	13,913		Ball Corp		912,554
	4,534		Commercial Metals Co		72,272
	81		Compass Minerals International, Inc		3,982
	9,925		Ecolab, Inc		1,920,487
	3,863		H.B. Fuller Co		142,120
	984		Innospec, Inc		71,360
	3,155		International Flavors & Fragrances, Inc		413,400
	1,964	*	Kraton Corp		30,658
	1,645		Minerals Technologies, Inc		72,446
	37,826		Mosaic Co		435,377
	898		Myers Industries, Inc		11,099
	26,045		Newmont Goldcorp Corp		1,549,156
	3,321		PPG Industries, Inc		301,646
	2,796		Reliance Steel & Aluminum Co		250,466
	644	*	Ryerson Holding Corp		2,975
	1,689		Schnitzer Steel Industries, Inc (Class A)		26,281
	3,954		Scotts Miracle-Gro Co (Class A)		490,415
	4,276		Trinseo S.A.		87,444
	1,227	*	US Concrete, Inc		23,534
	14,443		Valvoline, Inc		248,275
			TOTAL MATERIALS		7,065,947
MEDIA & ENTERTAINMENT - 7.6%
	19,284		Activision Blizzard, Inc		1,228,969
	3,531	*	Alphabet, Inc (Class A)		4,755,198
	3,533	*	Alphabet, Inc (Class C)		4,764,816
	336		Cable One, Inc		642,721
	506	*	Clear Channel		488
	80,428		Comcast Corp (Class A)		3,026,506
	15,618	*	Discovery, Inc (Class A)		350,156
	17,717	*	Discovery, Inc (Class C)		361,604
	10,759	*	Electronic Arts, Inc		1,229,323
	3,245	*	Gray Television, Inc		37,674
	768	*	Hemisphere Media Group, Inc		7,127
	3,943	*	Imax Corp		45,345
	3,400		John Wiley & Sons, Inc (Class A)		127,670
	9,113	*	Liberty Broadband Corp (Class C)		1,117,983
	980	*	Loral Space & Communications, Inc		21,560
	1,142	*	Madison Square Garden Co		195,647
	1,142	*	Madison Square Garden Entertainment Corp		94,443

78

TIAA-CREF FUNDS – Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE
	1,686		Marcus Corp	$	24,514
	6,405		New York Times Co (Class A)		208,291
	14,535		Omnicom Group, Inc		828,931
	741	*	Roku, Inc		89,831
	2,171		Scholastic Corp		63,111
	2,746		Sinclair Broadcast Group, Inc (Class A)		48,467
	99,363	e	Sirius XM Holdings, Inc		587,235
	5,449		TEGNA, Inc		58,413
	4,484		TripAdvisor, Inc		89,546
	52,095	*	Twitter, Inc		1,494,085
	1,748		World Wrestling Entertainment, Inc (Class A)		77,734
			TOTAL MEDIA & ENTERTAINMENT		21,577,388
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.4%
	30,769		AbbVie, Inc		2,529,212
	4,202	*,e	Aerie Pharmaceuticals, Inc		64,039
	1,340		Agilent Technologies, Inc		102,724
	2,421	*	Agios Pharmaceuticals, Inc		99,600
	11,478		Amgen, Inc		2,745,767
	1,705	*	Assembly Biosciences, Inc		29,855
	1,627	*	Atara Biotherapeutics, Inc		13,488
	5,322	*	Biogen, Inc		1,579,729
	1,272	*	BioMarin Pharmaceutical, Inc		117,049
	5,581	*	Bluebird Bio, Inc		300,704
	45,009		Bristol-Myers Squibb Co		2,736,997
	1,765	*	Collegium Pharmaceutical, Inc		36,500
	4,650	*,e	Cymabay Therapeutics, Inc		8,231
	16,895		Eli Lilly & Co		2,612,643
	2,615	*,e	Flexion Therapeutics, Inc		27,824
	28,618		Gilead Sciences, Inc		2,403,912
	4,157	*,e	Insmed, Inc		95,611
	3,298	*	Intersect ENT, Inc		37,861
	5,648	*	Intra-Cellular Therapies, Inc		99,800
	1,896	*	IQVIA Holdings, Inc		270,351
	746	*	Jazz Pharmaceuticals plc		82,247
	3,663	*	MacroGenics, Inc		26,374
	41,559		Merck & Co, Inc		3,297,291
	38,388	*,e	Opko Health, Inc		85,221
	1,130	*,e	Optinose, Inc		4,565
	752		Perrigo Co plc		40,082
	5,559	*	Progenics Pharmaceuticals, Inc		21,902
	2,785	*	Prothena Corp plc		31,248
	890	*	Radius Health, Inc		13,964
	417	*	Reata Pharmaceuticals, Inc		65,953
	2,210	*	Revance Therapeutics, Inc		40,907
	846	*	Sage Therapeutics, Inc		32,977
	5,363	*	Sangamo Therapeutics Inc		43,708
	15,249	*,e	TherapeuticsMD, Inc		24,093
	2,551	*	Ultragenyx Pharmaceutical, Inc		154,157
	7,641	*	Vertex Pharmaceuticals, Inc		1,919,419
	183	*	Waters Corp		34,221
	15,424		Zoetis, Inc		1,994,477
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		23,824,703

79

TIAA-CREF FUNDS – Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE
REAL ESTATE - 3.6%
	2,875		Alexandria Real Estate Equities, Inc	$	451,634
	349		American Campus Communities, Inc		12,316
	9,803		American Tower Corp		2,333,114
	5,091		Boston Properties, Inc		494,743
	2,532		Brixmor Property Group, Inc		28,991
	2,839		CatchMark Timber Trust, Inc		22,314
	1,428	*	CBRE Group, Inc		61,304
	3,517		Chatham Lodging Trust		26,413
	20,716		Colony Capital, Inc		47,854
	5,463		Columbia Property Trust, Inc		78,066
	37		CyrusOne, Inc		2,596
	1,520		Duke Realty Corp		52,744
	2,570		Equinix, Inc		1,735,264
	514		Federal Realty Investment Trust		42,801
	3,115		Franklin Street Properties Corp		16,946
	4,263		Healthpeak Properties Inc		111,435
	35,593		Host Hotels and Resorts, Inc		438,150
	459	*	Howard Hughes Corp		24,859
	973		Hudson Pacific Properties		23,916
	6,811		Iron Mountain, Inc		164,690
	2,460		Kimco Realty Corp		26,839
	12,739		Macerich Co		95,160
	9,451		Paramount Group, Inc		91,202
	6,509		Park Hotels & Resorts, Inc		61,901
	22,078		Prologis, Inc		1,970,020
	1,297		Regency Centers Corp		56,951
	8,497		RLJ Lodging Trust		78,937
	1,226		RMR Group, Inc		36,363
	2,038		SBA Communications Corp		590,857
	1,117		UDR, Inc		41,854
	3,285		Ventas, Inc		106,270
	7,646		Washington Prime Group, Inc		6,574
	19,720		Welltower, Inc		1,010,256
			TOTAL REAL ESTATE		10,343,334
RETAILING - 8.0%
	4,741	*	Amazon.com, Inc		11,729,234
	712		Best Buy Co, Inc		54,632
	11,981	*	BJ’s Wholesale Club Holdings, Inc		315,220
	821	*	Booking Holdings, Inc		1,215,548
	22,231		eBay, Inc		885,461
	3,292		Gap, Inc		26,731
	850		Genuine Parts Co		67,388
	1,452		Haverty Furniture Cos, Inc		19,645
	703	*	Hibbett Sports, Inc		10,847
	17,104		Home Depot, Inc		3,759,972
	519	*	Lands’ End, Inc		4,417
	11	*	LKQ Corp		288
	15,285		Lowe’s Companies, Inc		1,601,104
	1,466	e	Macy’s, Inc		8,591
	1,747	*	MarineMax, Inc		25,174
	5,684	*	Quotient Technology, Inc		40,811
	15,010		Target Corp		1,647,197
	620		Tiffany & Co		78,430
	20,515		TJX Companies, Inc		1,006,261
	161		Tractor Supply Co		16,330
	518	*	Ulta Beauty, Inc		112,883

80

TIAA-CREF FUNDS – Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE
	616	*,e	Wayfair, Inc	$	76,409
	104		Winmark Corp		15,600
	309	*	Zumiez, Inc		6,532
			TOTAL RETAILING		22,724,705
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.9%
	19,160		Applied Materials, Inc		951,869
	67		Brooks Automation, Inc		2,579
	3,083	*	Cree, Inc		132,970
	842	*	First Solar, Inc		37,057
	65,503		Intel Corp		3,928,870
	1,158		Lam Research Corp		295,614
	360		NVE Corp		20,437
	10,444		NVIDIA Corp		3,052,572
	1,079	*	Silicon Laboratories, Inc		104,900
	21,090		Texas Instruments, Inc		2,447,916
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		10,974,784
SOFTWARE & SERVICES - 11.4%
	13,897		Accenture plc		2,573,585
	8,692	*	Adobe, Inc		3,073,839
	4,391	*	Autodesk, Inc		821,688
	4,526	*	Avaya Holdings Corp		44,988
	845	*	Benefitfocus, Inc		9,151
	1,156	*	ChannelAdvisor Corp		11,942
	13,287	*	Conduent, Inc		33,483
	3,273		CSG Systems International, Inc		159,002
	1,365	*	Elastic NV		87,551
	3,083	*	ExlService Holdings, Inc		190,314
	19,584		International Business Machines Corp		2,458,967
	7,406		Intuit, Inc		1,998,213
	7,021	*	Limelight Networks, Inc		35,596
	4,013		LogMeIn, Inc		342,951
	83,224	d	Microsoft Corp		14,914,573
	3,081	*	New Relic, Inc		165,419
	6,289	*	Nutanix, Inc		128,862
	2,084	*	Perficient, Inc		72,586
	16,982	*	salesforce.com, Inc		2,750,235
	5,764		Science Applications International Corp		470,688
	1,434	*	SPS Commerce, Inc		79,601
	4,007	*	SVMK, Inc		62,910
	3,121	*	Sykes Enterprises, Inc		89,354
	6,581	*	Teradata Corp		161,827
	2,879		TiVo Corp		20,239
	873		TTEC Holdings, Inc		34,030
	1,971	*	Virtusa Corp		65,043
	7,230	e	VMware, Inc (Class A)		950,890
	4,709	*	WEX, Inc		623,095
			TOTAL SOFTWARE & SERVICES		32,430,622
TECHNOLOGY HARDWARE & EQUIPMENT - 6.7%
	512	*	Anixter International, Inc		47,544
	45,902		Apple, Inc		13,486,008
	4,261	*	Arlo Technologies, Inc		11,675
	246		Badger Meter, Inc		14,521
	2,385	*	CalAmp Corp		16,027

81

TIAA-CREF FUNDS – Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE
	74,237		Cisco Systems, Inc	$	3,146,164
	2,923		Daktronics, Inc		13,212
	2,290		Dolby Laboratories, Inc (Class A)		137,469
	214	*	Fabrinet		13,429
	594	*	FARO Technologies, Inc		32,605
	130,822		Hewlett Packard Enterprise Co		1,316,069
	32,284		HP, Inc		500,725
	565	*	Insight Enterprises, Inc		30,674
	681	*	Keysight Technologies, Inc		65,900
	1,980	*	Kimball Electronics, Inc		26,770
	172	*	Lumentum Holdings, Inc		13,917
	600		Methode Electronics, Inc		18,012
	737		Motorola Solutions, Inc		105,988
	147	*	OSI Systems, Inc		10,640
	644	*	Ribbon Communications, Inc		2,347
	393		Synnex Corp		34,411
	1,602	*	TTM Technologies, Inc		18,567
	48		Vishay Intertechnology, Inc		796
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		19,063,470
TELECOMMUNICATION SERVICES - 1.5%
	2,132		Cogent Communications Group, Inc		178,725
	2,574	*,e	Gogo, Inc		4,196
	7,938	*	Iridium Communications, Inc		178,645
	6,004	*	ORBCOMM, Inc		15,850
	64,744		Verizon Communications, Inc		3,719,543
			TOTAL TELECOMMUNICATION SERVICES		4,096,959
TRANSPORTATION - 1.8%
	286		Amerco, Inc		80,117
	1,958		ArcBest Corp		39,884
	28,570		CSX Corp		1,892,191
	5,100	*,e	Hertz Global Holdings, Inc		20,604
	5,920		Kansas City Southern		772,856
	4,086	e	Knight-Swift Transportation Holdings, Inc		151,918
	5,982		Macquarie Infrastructure Co LLC		165,043
	492		Old Dominion Freight Line		71,483
	2,512		Ryder System, Inc		88,925
	20,195		United Parcel Service, Inc (Class B)		1,911,659
			TOTAL TRANSPORTATION		5,194,680
UTILITIES - 2.6%
	9,900		American Water Works Co, Inc		1,204,731
	2,207		Clearway Energy, Inc (Class A)		41,271
	18,457		Consolidated Edison, Inc		1,454,412
	17,723		Eversource Energy		1,430,246
	4,155		New Jersey Resources Corp		140,356
	2,626		ONE Gas, Inc		209,318
	1,853		Ormat Technologies, Inc		115,646
	13,403		Sempra Energy		1,659,962
	5,408		Southwest Gas Holdings Inc		409,926
	22,816		UGI Corp		688,587
			TOTAL UTILITIES		7,354,455
			TOTAL COMMON STOCKS		278,832,792
			(Cost $256,668,334)

82

TIAA-CREF FUNDS – Social Choice Low Carbon Equity Fund

SHARES			COMPANY					VALUE
RIGHTS / WARRANTS - 0.0%
MEDIA & ENTERTAINMENT - 0.0%
	1,550	†	Media General, Inc					$	0
			TOTAL MEDIA & ENTERTAINMENT						0
			TOTAL RIGHTS / WARRANTS						0
			(Cost $0)
PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 2.4%
GOVERNMENT AGENCY DEBT - 1.4%
$	2,288,000		Federal Home Loan Bank (FHLB)		0.040	%	05/26/20		2,287,857
	1,000,000		FHLB		0.098		05/29/20		999,930
	655,000		FHLB		0.090		06/29/20		654,893
			TOTAL GOVERNMENT AGENCY DEBT						3,942,680
REPURCHASE AGREEMENT - 0.1%
	300,000		Fixed Income Clearing Corp		0.020		05/01/20		300,000
			TOTAL REPURCHASE AGREEMENT						300,000
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.9%
	2,470,010	c	State Street Navigator Securities Lending Government Money Market Portfolio						2,470,010
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						2,470,010
			TOTAL SHORT-TERM INVESTMENTS						6,712,690
			(Cost $6,712,774)
			TOTAL INVESTMENTS - 100.6%						285,545,482
			(Cost $263,381,108)
			OTHER ASSETS & LIABILITIES, NET - (0.6)%						(1,570,374	)
			NET ASSETS - 100.0%					$	283,975,108
*			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 $2,465,826.

Futures contracts outstanding as of April 30, 2020 were as follows:

Description	Number of long (short) contracts	Expiration date	Notional amount		Value		Unrealized appreciation (depreciation)
S&P 500 E Mini Index	28	06/19/20	$	3,978,724	$	4,063,360	$	84,636

83

TIAA-CREF FUNDS – Emerging Markets Equity Fund

TIAA-CREF FUNDS

EMERGING MARKETS EQUITY FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2020

SHARES			COMPANY	VALUE
COMMON STOCKS - 95.3%
ARGENTINA - 0.7%
	18,100	*	MercadoLibre, Inc	$	10,561,531
			TOTAL ARGENTINA		10,561,531
BRAZIL - 10.2%
	894,850	*,e	Afya Ltd		19,454,039
	9,852,993	a,e,n	Arcos Dorados Holdings, Inc		37,539,904
	1,466,300	*	B2W Companhia Global Do Varejo		19,751,462
	2,558,950		Banco do Brasil S.A.		13,411,441
	3,770,200	*	Banco Itau Holding Financeira S.A.		15,786,876
	2,133,700		Cia Brasileira de Distribuicao		25,983,121
	4,147,600		Petroleo Brasileiro S.A. (Preference)		13,767,112
	324,600	*,e	StoneCo Ltd		8,562,948
			TOTAL BRAZIL		154,256,903
CHINA - 27.3%
	610,954	*	Alibaba Group Holding Ltd (ADR)		123,822,047
	205,900	*	Baidu, Inc (ADR)		20,781,487
	8,978,000	*,†	China Animal Healthcare Ltd		11,581
	10,798,457		China Construction Bank Corp		9,800,562
	5,076,775		China Merchants Bank Co Ltd (Class A)		25,002,964
	66,728,300	g	China Tower Corp Ltd		14,849,997
	15,391,600		China Unicom Ltd		9,954,244
	5,553,694		Foxconn Industrial Internet Co Ltd		11,439,126
	4,615,924		Industrial Bank Co Ltd		10,782,594
	203,000	*	JD.com, Inc (ADR)		8,749,300
	3,183,200		Ping An Insurance Group Co of China Ltd		32,393,066
	1,489,452		Ping An Insurance Group Co of China Ltd (Class A)		15,518,985
	2,091,776		Tencent Holdings Ltd		109,963,477
	299,400	*	Trip.com Group Ltd (ADR)		7,712,544
	814,400	*,g	Wuxi Biologics Cayman, Inc		12,677,287
			TOTAL CHINA		413,459,261
HONG KONG - 1.0%
	621,536	*,†,e	China Metal Recycling Holdings Ltd		802
	1,000,000		Melco Crown Entertainment Ltd (ADR)		15,820,000
	22,290	*,†	Mongolian Metals Corporation		0
			TOTAL HONG KONG		15,820,802
INDIA - 10.8%
	149,200		Dr Reddy’s Laboratories Ltd		7,728,164
	19,355,557		Edelweiss Capital Ltd		10,027,337
	79,700		Eicher Motors Ltd		15,476,599
	1,001,800		Housing Development Finance Corp		25,340,328
	1,229,900		ICICI Bank Ltd (ADR)		12,003,824

84

TIAA-CREF FUNDS – Emerging Markets Equity Fund

SHARES			COMPANY	VALUE
	872,224	*,e	MakeMyTrip Ltd	$	12,874,026
	1,851,372		Piramal Healthcare Ltd		23,794,269
	1,307,300		Reliance Industries Ltd		25,417,849
	13,906,800		Sesa Sterlite Ltd		16,210,530
	12,567,600	*	Tata Motors Ltd		15,217,610
			TOTAL INDIA		164,090,536
INDONESIA - 2.8%
	66,287,900		Bank Rakyat Indonesia		12,056,932
	33,345,400		PT Astra International Tbk		8,528,630
	7,188,600		PT Bank Central Asia Tbk		12,452,020
	9,237,400		PT United Tractors Tbk		10,075,005
			TOTAL INDONESIA		43,112,587
ITALY - 1.9%
	8,843,171	e	Prada S.p.A		28,710,851
			TOTAL ITALY		28,710,851
KENYA - 0.5%
	30,861,156		Safaricom plc		8,189,689
			TOTAL KENYA		8,189,689
KOREA, REPUBLIC OF - 9.8%
	700,400		Hana Financial Group, Inc		15,988,735
	154,500		Hynix Semiconductor, Inc		10,632,312
	385,300		KB Financial Group, Inc		11,023,935
	65,500		LG Chem Ltd		20,351,712
	140,100		Samsung Electro-Mechanics Co Ltd		13,098,069
	1,877,400		Samsung Electronics Co Ltd		77,194,044
			TOTAL KOREA, REPUBLIC OF		148,288,807
MACAU - 2.1%
	1,882,079		Galaxy Entertainment Group Ltd		12,104,599
	11,724,500		Wynn Macau Ltd		20,246,741
			TOTAL MACAU		32,351,340
MEXICO - 3.7%
	4,952,200		Cemex SAB de C.V. (ADR)		10,498,664
	332,700	e	Fomento Economico Mexicano SAB de C.V. (ADR)		21,402,591
	3,822,600		Grupo Financiero Banorte S.A. de C.V.		10,453,822
	2,584,248		Grupo Televisa SAB (ADR)		13,825,727
			TOTAL MEXICO		56,180,804
PERU - 1.9%
	747,631		Cia de Minas Buenaventura S.A. (ADR) (Series B)		5,599,756
	156,600		Credicorp Ltd (NY)		23,336,532
			TOTAL PERU		28,936,288

85

TIAA-CREF FUNDS – Emerging Markets Equity Fund

SHARES			COMPANY	VALUE
PHILIPPINES - 0.3%
	36,649,500		Alliance Global Group, Inc	$	4,663,252
			TOTAL PHILIPPINES		4,663,252
RUSSIA - 1.9%
	208,971	*	Mail.Ru Group Ltd		3,761,478
	2,376,918		Sberbank of Russia (ADR)		24,981,408
			TOTAL RUSSIA		28,742,886
SAUDI ARABIA - 1.3%
	865,600		Al Rajhi Bank		13,157,851
	692,300		National Commercial Bank		6,832,547
			TOTAL SAUDI ARABIA		19,990,398
SOUTH AFRICA - 3.8%
	6,420,000		FirstRand Ltd		14,011,679
	700,200		Foschini Ltd		2,747,247
	994,500		Mr Price Group Ltd		7,085,538
	191,617		Naspers Ltd (N Shares)		29,824,878
	2,266,800		Truworths International Ltd		3,578,271
			TOTAL SOUTH AFRICA		57,247,613
TAIWAN - 11.6%
	300		Globalwafers Co Ltd		3,818
	3,453,600		Hon Hai Precision Industry Co, Ltd		8,875,636
	104,700		Largan Precision Co Ltd		14,272,027
	1,448,000		MediaTek, Inc		19,994,602
	513,600	*	Sea Ltd (ADR)		28,545,888
	7,776,100	*	Taiwan Semiconductor Manufacturing Co Ltd		78,443,709
	28,937,000		United Microelectronics Corp		14,970,992
	839,000		Yageo Corp		10,855,265
			TOTAL TAIWAN		175,961,937
THAILAND - 0.7%
	4,926,100		Siam Commercial Bank PCL (ADR)		10,288,574
			TOTAL THAILAND		10,288,574
TURKEY - 0.5%
	618,600		Tupras Turkiye Petrol Rafine		8,033,199
			TOTAL TURKEY		8,033,199
UNITED STATES - 2.5%
	180,400		Albemarle Corp		11,081,972
	230,900		Las Vegas Sands Corp		11,087,818
	175,100		Wynn Resorts Ltd		14,976,303
			TOTAL UNITED STATES		37,146,093
			TOTAL COMMON STOCKS		1,446,033,351
			(Cost $1,480,670,815)

86

TIAA-CREF FUNDS – Emerging Markets Equity Fund

SHARES			COMPANY					VALUE
PURCHASED OPTIONS - 0.0%
UNITED STATES - 0.0%
	900,000		iShares MSCI Emerging Markets ETF					$	99,000
			TOTAL UNITED STATES						99,000
			TOTAL PURCHASED OPTIONS						99,000
			(Cost $195,289)
PREFERRED STOCKS - 0.0%
PHILIPPINES - 0.0%
	1,721,900	*,†	Ayala Land, Inc						3,416
			TOTAL PHILIPPINES						3,416
			TOTAL PREFERRED STOCKS						3,416
			(Cost $4,057)
SHORT-TERM INVESTMENTS - 5.5%
PRINCIPAL			ISSUER	RATE			MATURITY DATE
GOVERNMENT AGENCY DEBT - 1.6%
$	3,300,000		Federal Home Loan Bank (FHLB)		0.080	%	05/07/20		3,299,950
	10,000,000		FHLB		0.030		05/14/20		9,999,675
	6,300,000		FHLB		0.030-0.100		05/21/20		6,299,685
	5,260,000		Federal Farm Credit Bank (FFCB)		0.050		05/21/20		5,259,737
			TOTAL GOVERNMENT AGENCY DEBT						24,859,047
REPURCHASE AGREEMENT - 1.1%
	16,280,000		Fixed Income Clearing Corp		0.020		05/01/20		16,280,000
			TOTAL REPURCHASE AGREEMENT						16,280,000
TREASURY DEBT - 1.3%
	13,000,000		United States Treasury Bill		0.055-0.110		05/12/20		12,999,757
	2,680,000		United States Treasury Bill		0.060		05/19/20		2,679,888
	5,000,000		United States Treasury Bill		0.060		05/26/20		4,999,696
			TOTAL TREASURY DEBT						20,679,341

87

TIAA-CREF FUNDS – Emerging Markets Equity Fund

SHARES			COMPANY	VALUE
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.5%
	22,033,739	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	22,033,739
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		22,033,739
			TOTAL SHORT-TERM INVESTMENTS		83,852,127
			(Cost $83,852,541)
			TOTAL INVESTMENTS - 100.8%		1,529,987,894
			(Cost $1,564,722,702)
			OTHER ASSETS & LIABILITIES, NET - (0.8)%		(12,749,218	)
			NET ASSETS - 100.0%	$	1,517,238,676

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 $21,627,945.
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 4/30/2020, the aggregate value of these securities is $27,527,284 or 1.8% of net assets.
n	All or a portion of these securities have been segregated by the custodian to cover collateral requirements on open written options contracts.

Purchased options outstanding as of April 30, 2020 were as follows:

Description/underlying investment	Number of contracts	Notional amount			Exercise price		Expiration date	Value
iShares MSCI Emerging Markets ETF, Call	9,000	$	195,289		$	39 .00	05/15/20	$	99,000
Written options outstanding as of April 30, 2020 were as follows:
Description/underlying investment	Number of contracts	Notional amount			Exercise price		Expiration date	Value
iShares MSCI Emerging Markets ETF, Put	4,000	$	(190,440	)	$	32 .00	05/15/20	$	(64,000	)

88

TIAA-CREF FUNDS – Emerging Markets Equity Fund

TIAA-CREF FUNDS

EMERGING MARKETS EQUITY FUND

SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

April 30, 2020

				% OF
SECTOR	VALUE			NET ASSETS
CONSUMER DISCRETIONARY	$	425,869,938			28.1	%
FINANCIALS		324,751,012			21.4
INFORMATION TECHNOLOGY		268,342,547			17.7
COMMUNICATION SERVICES		209,871,987			13.8
MATERIALS		63,743,435			4.2
ENERGY		57,293,166			3.8
CONSUMER STAPLES		47,385,712			3.1
HEALTH CARE		44,211,302			2.9
INDUSTRIALS		4,663,252			0.3
REAL ESTATE		3,416			0.0
SHORT-TERM INVESTMENTS		83,852,127			5.5
OTHER ASSETS & LIABILITIES, NET		(12,749,218	)		(0.8	)
NET ASSETS	$	1,517,238,676			100.0	%

89

TIAA-CREF FUNDS – International Equity Fund

TIAA-CREF FUNDS

INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2020

SHARES			COMPANY	VALUE
COMMON STOCKS - 97.9%
AUSTRALIA - 6.5%
	1,900,156		BHP Billiton Ltd	$	38,790,357
	955,795		Commonwealth Bank of Australia		38,610,756
	341,893		CSL Ltd		68,148,592
	8,655,052		Fortescue Metals Group Ltd		66,144,049
	4,692,046	*	NEXTDC Ltd		26,776,445
	351,328		Rio Tinto plc		16,308,158
	417,764		Woolworths Ltd		9,667,860
			TOTAL AUSTRALIA		264,446,217
BRAZIL - 0.7%
	1,099,000		Cia Brasileira de Distribuicao		13,383,067
	3,571,400		Lojas Americanas S.A. (Preference)		16,340,211
			TOTAL BRAZIL		29,723,278
CHINA - 3.5%
	212,500	*	Alibaba Group Holding Ltd (ADR)		43,067,375
	10,343,500		CITIC Securities Co Ltd		19,812,868
	618,178	*	GDS Holdings Ltd (ADR)		35,433,963
	462,340		Tencent Holdings Ltd		24,304,951
	1,298,000	*,g	Wuxi Biologics Cayman, Inc		20,205,205
			TOTAL CHINA		142,824,362
DENMARK - 5.5%
	620,319		DSV AS		64,451,262
	1,478,764		Novo Nordisk AS		94,330,366
	637,584	g	Orsted AS		64,402,629
			TOTAL DENMARK		223,184,257
FRANCE - 12.0%
	1,054,969		Airbus SE		66,799,041
	1,804,018		BNP Paribas S.A.		56,675,610
	1,669,403		Compagnie de Saint-Gobain		44,419,320
	5,016,332		Credit Agricole S.A.		40,348,651
	352,350		Dassault Systemes S.A.		51,608,803
	390,845		Essilor International S.A.		48,552,499
	98,139		Kering		49,923,754
	867,179		Schneider Electric S.A.		80,138,040
	637,966		Vinci S.A.		52,263,406
			TOTAL FRANCE		490,729,124
GERMANY - 9.3%
	136,102		Adidas-Salomon AG.		31,158,155
	277,489		BASF SE		14,200,906
	714,326		Bayer AG.		46,980,761

90

TIAA-CREF FUNDS – International Equity Fund

SHARES			COMPANY	VALUE
	300,143		Bayerische Motoren Werke AG.	$	17,655,965
	4,396,091		Infineon Technologies AG.		81,727,383
	597,728		Lanxess AG.		29,411,442
	787,747		RWE AG.		22,661,660
	317,522		SAP AG.		37,819,142
	1,087,293		Siemens AG.		100,338,767
			TOTAL GERMANY		381,954,181
HONG KONG - 1.9%
	2,387,524		Hong Kong Exchanges and Clearing Ltd		76,549,120
			TOTAL HONG KONG		76,549,120
IRELAND - 1.5%
	2,049,843		CRH plc		62,189,347
			TOTAL IRELAND		62,189,347
ITALY - 3.0%
	3,765,318		Enel S.p.A.		25,718,792
	1,251,242		Moncler S.p.A		47,055,314
	6,612,267		UniCredit S.p.A.		51,065,008
			TOTAL ITALY		123,839,114
JAPAN - 21.4%
	1,504,900		Daiichi Sankyo Co Ltd		103,448,682
	434,716		Daikin Industries Ltd		55,787,497
	2,329,979	*	Hitachi Ltd		69,152,435
	1,004,300		Kao Corp		77,447,883
	2,881,400		Mitsui Fudosan Co Ltd		52,980,139
	298,430		Nintendo Co Ltd		123,228,904
	2,075,700		ORIX Corp		24,425,778
	2,290,200		Recruit Holdings Co Ltd		66,807,847
	2,126,659		Sony Corp		136,859,172
	1,429,400		Sumitomo Mitsui Financial Group, Inc		37,589,257
	637,900		Tokio Marine Holdings, Inc		29,927,526
	1,581,889		Toyota Motor Corp		97,803,234
			TOTAL JAPAN		875,458,354
KOREA, REPUBLIC OF - 1.5%
	77,233		LG Chem Ltd		23,997,309
	904,167		Samsung Electronics Co Ltd		37,177,111
			TOTAL KOREA, REPUBLIC OF		61,174,420
NETHERLANDS - 3.6%
	311,485		ASML Holding NV		90,980,181
	10,403,790		ING Groep NV		58,290,201
			TOTAL NETHERLANDS		149,270,382
NORWAY - 0.3%
	814,962	*	Equinor ASA		11,284,626
			TOTAL NORWAY		11,284,626

91

TIAA-CREF FUNDS – International Equity Fund

SHARES			COMPANY					VALUE
RUSSIA - 1.0%
	1,414,117		Sberbank of Russia (ADR)					$	14,862,370
	697,884	*	Yandex NV						26,366,057
			TOTAL RUSSIA						41,228,427
SPAIN - 0.7%
	2,803,468		Iberdrola S.A.						27,888,269
			TOTAL SPAIN						27,888,269
SWITZERLAND - 9.7%
	5,989,711		Credit Suisse Group						54,689,875
	191,481		Lonza Group AG.						83,613,160
	931,855		Nestle S.A.						98,692,781
	464,719		Roche Holding AG.						160,930,956
			TOTAL SWITZERLAND						397,926,772
TAIWAN - 0.9%
	697,689	*	Taiwan Semiconductor Manufacturing Co Ltd (ADR)						37,068,217
			TOTAL TAIWAN						37,068,217
UNITED KINGDOM - 11.8%
	1,337,317		Ashtead Group plc						36,529,115
	1,114,233		AstraZeneca plc						116,539,857
	1,840,952		British American Tobacco plc						70,958,047
	408,806		Linde plc (Xetra)						75,385,219
	110,107,412		Lloyds TSB Group plc						44,550,340
	734,946		Reckitt Benckiser Group plc						61,220,816
	25,723,905		Tesco plc						76,086,599
			TOTAL UNITED KINGDOM						481,269,993
UNITED STATES - 3.1%
	1,134,651		Las Vegas Sands Corp						54,485,941
	845,891		Wynn Resorts Ltd						72,349,057
			TOTAL UNITED STATES						126,834,998
			TOTAL COMMON STOCKS						4,004,843,458
			(Cost $4,426,857,400)
PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 1.6%
GOVERNMENT AGENCY DEBT - 1.6%
$	46,100,000		Federal Home Loan Bank (FHLB)		0.560	%	05/06/20		46,099,424
	5,000,000		FHLB		0.070		06/01/20		4,999,570
	3,000,000		FHLB		0.120		06/23/20		2,999,558
	11,000,000		FHLB		0.070-0.080		06/24/20		10,998,350
			TOTAL GOVERNMENT AGENCY DEBT						65,096,902
REPURCHASE AGREEMENT - 0.0%
	1,570,000		Fixed Income Clearing Corp		0.020		05/01/20		1,570,000
			TOTAL REPURCHASE AGREEMENT						1,570,000

92

TIAA-CREF FUNDS – International Equity Fund

	VALUE
TOTAL SHORT-TERM INVESTMENTS	$	66,666,902
(Cost $66,664,339)
TOTAL INVESTMENTS - 99.5%		4,071,510,360
(Cost $4,493,521,739)
OTHER ASSETS & LIABILITIES, NET - 0.5%		20,951,647
NET ASSETS - 100.0%	$	4,092,462,007

Abbreviation(s):
ADR	American Depositary Receipt

*	Non-income producing
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 4/30/2020, the aggregate value of these securities is $84,607,834 or 2.1% of net assets.

93

TIAA-CREF FUNDS – International Equity Fund

TIAA-CREF FUNDS

INTERNATIONAL EQUITY FUND

SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

April 30, 2020

			% OF
SECTOR	VALUE		NET ASSETS
HEALTH CARE	$	694,197,579		17.0	%
CONSUMER DISCRETIONARY		615,250,676		15.0
INDUSTRIALS		567,534,295		13.9
FINANCIALS		547,397,361		13.4
INFORMATION TECHNOLOGY		467,743,679		11.4
CONSUMER STAPLES		407,457,053		10.0
MATERIALS		326,426,787		8.0
COMMUNICATION SERVICES		173,899,913		4.2
UTILITIES		140,671,350		3.4
REAL ESTATE		52,980,139		1.3
ENERGY		11,284,626		0.3
SHORT-TERM INVESTMENTS		66,666,902		1.6
OTHER ASSETS & LIABILITIES, NET		20,951,647		0.5
NET ASSETS	$	4,092,462,007		100.0	%

94

TIAA-CREF FUNDS – International Opportunities Fund

TIAA-CREF FUNDS

INTERNATIONAL OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2020

SHARES			COMPANY	VALUE
COMMON STOCKS - 97.2%
AUSTRALIA - 4.7%
	1,132,096	*,e	Afterpay Touch Group Ltd	$	22,512,467
	119,100		CSL Ltd		23,739,876
	1,704,800		IDP Education Ltd		16,160,119
	1,529,800	*	NEXTDC Ltd		8,730,223
	3,827,000	*,e	Zip Co Ltd		5,789,155
			TOTAL AUSTRALIA		76,931,840
BRAZIL - 6.5%
	302,369	*	Arco Platform Ltd		15,184,971
	1,359,300		Banco Inter SA		6,879,114
	2,502,400		Localiza Rent A Car		15,733,474
	1,987,800		Magazine Luiza S.A.		18,167,612
	708,257	*,e	Pagseguro Digital Ltd		17,940,150
	626,400	*,e	StoneCo Ltd		16,524,432
	683,500	*	XP, Inc		17,196,860
			TOTAL BRAZIL		107,626,613
CANADA - 6.3%
	968,932		Alimentation Couche Tard, Inc		27,036,401
	861,495		Dollarama, Inc		27,021,712
	720,200	*,e	Lightspeed POS, Inc		13,643,934
	293,200		Nutrien Ltd		10,470,902
	42,001	*	Shopify, Inc (Class A)		26,637,195
			TOTAL CANADA		104,810,144
CHINA - 9.1%
	1,639,023		Anhui Kouzi Distillery Co Ltd		9,508,417
	14,247,400	*,†	China Animal Healthcare Ltd		18,378
	305,200	*	GDS Holdings Ltd (ADR)		17,494,064
	14,818,908		Haitong Securities Co Ltd		13,415,857
	397,400		Silergy Corp		15,788,042
	1,204,600	e	Sunny Optical Technology Group Co Ltd		16,774,677
	837,000		Tencent Holdings Ltd		44,000,615
	9,623,034	g	Topsports International Holdings Ltd		12,165,075
	436,400		Yum China Holdings, Inc		21,147,944
			TOTAL CHINA		150,313,069
DENMARK - 3.1%
	146,100		Carlsberg AS (Class B)		18,430,946
	510,300		Novo Nordisk AS		32,552,040
			TOTAL DENMARK		50,982,986

95

TIAA-CREF FUNDS – International Opportunities Fund

SHARES			COMPANY	VALUE
FRANCE - 4.9%
	171,602		Essilor International S.A.	$	21,317,161
	83,512		L’Oreal S.A.		24,280,371
	154,139		Teleperformance		34,528,509
			TOTAL FRANCE		80,126,041
GERMANY - 6.4%
	309,000		Bayer AG.		20,322,731
	81,100		Bechtle AG.		11,728,479
	161,482		Beiersdorf AG.		16,895,602
	134,400		Deutsche Boerse AG.		20,837,165
	523,900	*	HelloFresh SE		18,673,480
	412,193	*	TeamViewer AG.		17,887,380
			TOTAL GERMANY		106,344,837
HONG KONG - 1.2%
	1,258,300		Melco Crown Entertainment Ltd (ADR)		19,906,306
			TOTAL HONG KONG		19,906,306
INDONESIA - 0.9%
	85,976,300		Bank Rakyat Indonesia		15,638,003
			TOTAL INDONESIA		15,638,003
IRELAND - 3.5%
	491,610		CRH plc		14,914,754
	50,400	*,e	Flutter Entertainment plc		6,197,810
	904,286		Keywords Studios plc		18,115,954
	587,889		Smurfit Kappa Group plc		18,416,351
			TOTAL IRELAND		57,644,869
ITALY - 4.3%
	872,800		Amplifon S.p.A.		19,979,507
	2,002,700		Davide Campari-Milano S.p.A		15,565,697
	119,600		Ferrari NV		18,692,918
	451,089		Moncler S.p.A		16,964,052
			TOTAL ITALY		71,202,174
JAPAN - 14.5%
	200,400	*,e	Amazia, Inc		8,401,253
	639,100	e	Benefit One, Inc		11,220,004
	255,200		Eisai Co Ltd		17,815,756
	199,500		GMO Payment Gateway, Inc		17,785,287
	2,302,400		Infomart Corp		15,897,277
	233,000		IR Japan Holdings Ltd		13,943,478
	749,300	e	Japan Elevator Service Holdings Co Ltd		19,056,600
	517,200	e	Kamakura Shinsho Ltd		5,156,182
	786,100		MonotaRO Co Ltd		25,258,489
	354,000		Paltac Corp		18,487,292
	462,302		Seria Co Ltd		15,024,974
	275,799	*,e	SHIFT, Inc		23,044,784
	808,400		SMS Co Ltd		17,620,148
	276,400		TechnoPro Holdings, Inc		15,745,365
	248,800	e	Workman Co Ltd		15,742,882
			TOTAL JAPAN		240,199,771

96

TIAA-CREF FUNDS – International Opportunities Fund

SHARES			COMPANY	VALUE
NETHERLANDS - 5.2%
	23,093	*,g	Adyen NV	$	22,806,177
	107,047		ASML Holding NV		31,266,852
	1,922,500		ING Groep NV		10,771,355
	205,341	*,g	Just Eat Takeaway		20,917,747
			TOTAL NETHERLANDS		85,762,131
NORWAY - 1.7%
	815,986		Aker BP ASA		13,396,437
	1,066,955	*	Equinor ASA		14,773,926
			TOTAL NORWAY		28,170,363
PHILIPPINES - 1.2%
	5,703,054		Banco de Oro Universal Bank		11,221,710
	6,009,020		Robinsons Retail Holdings, Inc		7,935,786
			TOTAL PHILIPPINES		19,157,496
PORTUGAL - 1.2%
	1,204,396		Jeronimo Martins SGPS S.A.		20,418,751
			TOTAL PORTUGAL		20,418,751
SPAIN - 0.8%
	279,399		Amadeus IT Holding S.A.		13,336,399
	142,139	*,†,e	Let’s GOWEX S.A.		1,558
			TOTAL SPAIN		13,337,957
SWEDEN - 3.7%
	416,726	e	Boliden AB		8,400,112
	370,835		Hexagon AB (B Shares)		18,197,593
	652,000	e	Intrum Justitia AB		9,938,649
	396,800		Swedish Match AB		24,520,828
			TOTAL SWEDEN		61,057,182
SWITZERLAND - 5.4%
	329,787	*	Alcon, Inc		17,405,171
	71,067		Lonza Group AG.		31,032,512
	115,900		Roche Holding AG.		40,135,862
			TOTAL SWITZERLAND		88,573,545
TAIWAN - 2.3%
	1,197,540		Dadi Early-Childhood Education Group Ltd		7,652,493
	670,700		Globalwafers Co Ltd		8,536,019
	2,700,349		Hota Industrial Manufacturing Co Ltd		8,484,956
	1,279,000	*	Taiwan Semiconductor Manufacturing Co Ltd		12,902,291
			TOTAL TAIWAN		37,575,759
UNITED KINGDOM - 8.8%
	1,164,480		Ashtead Group plc		31,808,033
	2,404,119		Beazley plc		11,887,263
	5,921,288	*	boohoo.com plc		24,060,700
	507,700		Dechra Pharmaceuticals plc		17,672,095
	2,207,886		Electrocomponents plc		16,038,120
	447,623		Fevertree Drinks plc		9,769,914

97

TIAA-CREF FUNDS – International Opportunities Fund

SHARES			COMPANY					VALUE
	130,185		Linde plc (Xetra)					$	24,006,558
	6,603,400		Tritax Big Box REIT plc						10,022,744
			TOTAL UNITED KINGDOM						145,265,427
UNITED STATES - 1.5%
	112,300	*	Lululemon Athletica, Inc						25,096,804
			TOTAL UNITED STATES						25,096,804
			TOTAL COMMON STOCKS						1,606,142,068
			(Cost $1,275,701,553)
PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 6.5%
GOVERNMENT AGENCY DEBT - 1.3%
$	7,628,000		Federal Home Loan Bank (FHLB)		0.060	%	05/04/20		7,627,943
	15,000,000		FHLB		0.130		07/06/20		14,996,700
			TOTAL GOVERNMENT AGENCY DEBT						22,624,643
TREASURY DEBT - 0.8%
	13,000,000		United States Treasury Bill		0.040-0.055		05/12/20		12,999,757
			TOTAL TREASURY DEBT						12,999,757
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 4.4%
	72,614,706	c	State Street Navigator Securities Lending Government Money Market Portfolio						72,614,706
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						72,614,706
			TOTAL SHORT-TERM INVESTMENTS						108,239,106
			(Cost $108,238,920)
			TOTAL INVESTMENTS - 103.7%						1,714,381,174
			(Cost $1,383,940,473)
			OTHER ASSETS & LIABILITIES, NET - (3.7)%						(61,210,117	)
			NET ASSETS - 100.0%					$	1,653,171,057

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 $127,812,258.

98

TIAA-CREF FUNDS – International Opportunities Fund

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 4/30/2020, the aggregate value of these securities is $55,888,999 or 3.4% of net assets.

99

TIAA-CREF FUNDS - International Opportunities Fund

TIAA-CREF FUNDS

INTERNATIONAL OPPORTUNITIES FUND

SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

April 30, 2020

				% OF
SECTOR	VALUE			NET ASSETS
INFORMATION TECHNOLOGY	$	383,587,796			23.3	%
CONSUMER DISCRETIONARY		347,067,010			21.0
HEALTH CARE		220,673,926			13.3
INDUSTRIALS		194,852,749			11.8
CONSUMER STAPLES		174,362,713			10.5
FINANCIALS		113,636,483			6.9
MATERIALS		76,208,676			4.6
COMMUNICATION SERVICES		57,559,608			3.5
ENERGY		28,170,363			1.7
REAL ESTATE		10,022,744			0.6
SHORT-TERM INVESTMENTS		108,239,106			6.5
OTHER ASSETS & LIABILITIES, NET		(61,210,117	)		(3.7	)
NET ASSETS	$	1,653,171,057			100.0	%

100

TIAA-CREF FUNDS – Quant International Equity Fund

TIAA-CREF FUNDS

QUANT INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2020

SHARES			COMPANY	VALUE
COMMON STOCKS - 98.6%
AUSTRALIA - 6.6%
	485,244		AGL Energy Ltd	$	5,325,556
	112,334		Aristocrat Leisure Ltd		1,842,254
	104,891		Australian Stock Exchange Ltd		5,530,428
	453,685		BHP Billiton Ltd		9,261,662
	45,446		Challenger Financial Services Group Ltd		144,738
	75,007		Commonwealth Bank of Australia		3,030,019
	135,296		Computershare Ltd		1,064,465
	66,151		CSL Ltd		13,185,697
	150,000	†	Flight Centre Travel Group Ltd		1,063,043
	721,666		Fortescue Metals Group Ltd		5,515,150
	635,683		Goodman Group		5,414,261
	230,028		Lend Lease Corp Ltd		1,832,365
	182,530		Macquarie Group Ltd		12,091,333
	4,867,303		Mirvac Group		7,072,647
	122,062		Newcrest Mining Ltd		2,204,540
	138,279		Orica Ltd		1,602,473
	108,759		Origin Energy Ltd		391,173
	959,640		QR National Ltd		2,915,244
	72,780		Ramsay Health Care Ltd		2,955,709
	205,188		Rio Tinto plc		9,524,542
	1,423,086		Santos Ltd		4,525,124
	475,000		Scentre Group		713,567
	1,193,781		Stockland Trust Group		2,216,739
	40,342		TPG Telecom Ltd		192,500
	271,566		Wesfarmers Ltd		6,596,187
	317,995		Woolworths Ltd		7,359,014
			TOTAL AUSTRALIA		113,570,430
AUSTRIA - 0.4%
	77,175		Erste Bank der Oesterreichischen Sparkassen AG.		1,672,601
	177,558		OMV AG.		5,797,591
			TOTAL AUSTRIA		7,470,192
BELGIUM - 1.2%
	223,663		Ageas		8,061,737
	130,087		Telenet Group Holding NV		5,433,334
	71,962		UCB S.A.		6,594,519
			TOTAL BELGIUM		20,089,590
DENMARK - 2.4%
	3,757		AP Moller - Maersk AS (Class A)		3,481,221
	106,969		Carlsberg AS (Class B)		13,494,455
	356,903		Novo Nordisk AS		22,766,845
	6,777		Vestas Wind Systems AS		581,962
			TOTAL DENMARK		40,324,483

101

TIAA-CREF FUNDS – Quant International Equity Fund

SHARES			COMPANY	VALUE
FINLAND - 1.2%
	5,271		Elisa Oyj (Series A)	$	320,309
	154,113		Kone Oyj (Class B)		9,332,171
	123,744		Neste Oil Oyj		4,370,083
	240,395		UPM-Kymmene Oyj		6,592,872
			TOTAL FINLAND		20,615,435
FRANCE - 9.7%
	65,664		Air Liquide		8,342,888
	567,176		AXA S.A.		10,082,400
	341,662		Bollore		905,480
	374,248		Bouygues S.A.		11,514,925
	119,825		Cap Gemini S.A.		11,264,839
	21,403		Dassault Systemes S.A.		3,134,903
	140,195		Edenred		5,647,490
	238,635		Faurecia		8,550,633
	20,541		Fonciere Des Regions		1,290,002
	41,845		Gecina S.A.		5,490,522
	18,341		Hermes International		13,408,554
	28,458		Iliad S.A.		4,237,988
	31,447		Klepierre		638,402
	13,497		Legrand S.A.		904,874
	24,493		L’Oreal S.A.		7,121,122
	30,644		LVMH Moet Hennessy Louis Vuitton S.A.		11,846,742
	31,934		Michelin (C.G.D.E.) (Class B)		3,085,496
	722,312	e	Peugeot S.A.		10,239,233
	49,122		Publicis Groupe S.A.		1,450,030
	84,575		Sanofi-Aventis		8,260,756
	175,036		Schneider Electric S.A.		16,175,486
	6,000		SCOR SE		169,048
	376,035	*	Total S.A.		13,346,374
	79,205		Valeo S.A.		1,815,607
	91,495		Vinci S.A.		7,495,447
			TOTAL FRANCE		166,419,241
GERMANY - 8.0%
	31,083		Adidas-Salomon AG.		7,115,905
	117,887		Allianz AG.		21,694,892
	43,000		BASF SE		2,200,588
	165,494		Bayer AG.		10,884,434
	98,753		Deutsche Post AG.		2,933,673
	38,954		Deutsche Telekom AG.		569,492
	82,919		Deutsche Wohnen AG.		3,360,554
	123,164		Evonik Industries AG.		3,029,887
	11,226		Hannover Rueckversicherung AG.		1,788,689
	85,524		HeidelbergCement AG.		4,054,789
	97,934		KION Group AG.		4,857,742
	145,091		Lanxess AG.		7,139,260
	77,109		Merck KGaA		8,949,145
	62,380		MTU Aero Engines Holding AG.		8,494,623
	58,424		Muenchener Rueckver AG.		12,796,273
	3,588		Puma AG. Rudolf Dassler Sport		225,382

102

TIAA-CREF FUNDS – Quant International Equity Fund

SHARES			COMPANY	VALUE
	76,662		RWE AG.	$	2,205,388
	75,972		SAP AG.		9,048,809
	4,553		Sartorius AG.		1,279,125
	26,091		Siemens AG.		2,407,758
	49,493	g	Siemens Healthineers AG.		2,178,873
	131,546		United Internet AG.		4,526,305
	83,141		Volkswagen AG.		12,291,879
	29,216		Wirecard AG.		2,891,143
			TOTAL GERMANY		136,924,608
HONG KONG - 3.3%
	1,855,975		AIA Group Ltd		17,033,705
	297,000		BOC Hong Kong Holdings Ltd		911,532
	847,500		CK Asset Holdings Ltd		5,355,133
	96,500		CK Infrastructure Holdings Ltd		573,211
	267,800		Dairy Farm International Holdings Ltd		1,283,357
	253,400		Hang Seng Bank Ltd		4,431,978
	2,638,000		HKT Trust and HKT Ltd		4,256,993
	2,409,000		Hong Kong & China Gas Ltd		4,317,408
	172,604		Hong Kong Exchanges and Clearing Ltd		5,534,053
	74,100		Jardine Matheson Holdings Ltd		3,245,664
	198,100		Jardine Strategic Holdings Ltd		4,258,536
	29,900		Melco Crown Entertainment Ltd (ADR)		473,018
	2,170,000		New World Development Co Ltd		2,563,732
	2,887,000	g	WH Group Ltd		2,753,483
			TOTAL HONG KONG		56,991,803
IRELAND - 0.7%
	34,040	*	AerCap Holdings NV		957,205
	2,000,000		AIB Group plc		2,767,636
	89,491		CRH plc		2,715,031
	27,218		Kerry Group plc (Class A)		3,122,869
	62,717		Smurfit Kappa Group plc		1,964,688
			TOTAL IRELAND		11,527,429
ISRAEL - 1.0%
	93,511	*	Check Point Software Technologies		9,887,853
	1,258,178		Israel Discount Bank Ltd		4,081,921
	164,518		Mizrahi Tefahot Bank Ltd		3,369,512
			TOTAL ISRAEL		17,339,286
ITALY - 2.3%
	900,225		Assicurazioni Generali S.p.A.		12,843,179
	1,867,559		Enel S.p.A.		12,756,256
	30,874		Ferrari NV		4,825,461
	1,816,371		Intesa Sanpaolo S.p.A.		2,836,270
	1,300,646		Snam Rete Gas S.p.A.		5,834,553
	1,839,134		Telecom Italia RSP		733,500
			TOTAL ITALY		39,829,219
JAPAN - 25.4%
	5,800		Advantest Corp		281,424
	201,900		Air Water, Inc		2,721,957

103

TIAA-CREF FUNDS – Quant International Equity Fund

SHARES			COMPANY	VALUE
	72,800		Alfresa Holdings Corp	$	1,451,731
	160,000		Amada Co Ltd		1,446,246
	631,900		Astellas Pharma, Inc		10,451,087
	12,800		Bank of Kyoto Ltd		438,123
	52,700		Bridgestone Corp		1,640,409
	51,200		Central Japan Railway Co		8,056,548
	238,700		Chubu Electric Power Co, Inc		3,228,173
	77,900	*	Chugai Pharmaceutical Co Ltd		9,285,812
	121,000		Chugoku Electric Power Co, Inc		1,628,062
	814,200		Dai-ichi Mutual Life Insurance Co		10,203,734
	49,900		Daiichi Sankyo Co Ltd		3,430,188
	64,500		Daikin Industries Ltd		8,277,343
	284,200		Daiwa House Industry Co Ltd		7,201,720
	16,000		Disco Corp		3,573,026
	254,600		Don Quijote Co Ltd		4,932,541
	33,900		Eisai Co Ltd		2,366,591
	175,400		FamilyMart Co Ltd		2,974,368
	45,500		Fuji Electric Holdings Co Ltd		1,085,283
	62,600		Fujifilm Holdings Corp		2,981,797
	108,300		Fujitsu Ltd		10,521,169
	71,100		Fukuoka Financial Group, Inc		1,015,774
	6,000		GMO Payment Gateway, Inc		534,896
	37,300		Hankyu Hanshin Holdings, Inc		1,276,139
	22,400		Hikari Tsushin, Inc		4,335,074
	48,600		Honda Motor Co Ltd		1,180,210
	83,000		Hulic Co Ltd		820,866
	414,200		Inpex Holdings, Inc		2,673,699
	14,700		Isuzu Motors Ltd		111,713
	602,600		Itochu Corp		11,814,038
	108,500		Japan Post Holdings Co Ltd		867,879
	632,900		Japan Tobacco, Inc		11,786,531
	64,900		Kajima Corp		674,361
	54,200		Kansai Electric Power Co, Inc		555,396
	81,100		Kao Corp		6,254,131
	514,200		KDDI Corp		14,893,427
	15,000		Keyence Corp		5,355,181
	52,600	*	Koito Manufacturing Co Ltd		1,981,324
	32,700		Komatsu Ltd		618,714
	421,700		Kubota Corp		5,236,964
	149,800		Kurita Water Industries Ltd		4,179,251
	8,400		Lion Corp		176,587
	168,700		LIXIL Group Corp		2,023,678
	122,500		M3, Inc		4,421,512
	55,300	*	Makita Corp		1,800,701
	277,000		Mediceo Paltac Holdings Co Ltd		5,343,646
	19,900		MEIJI Holdings Co Ltd		1,382,130
	23,800	*	Mercari, Inc		600,981
	118,000		Mitsubishi Electric Corp		1,451,948
	35,600		Mitsubishi Heavy Industries Ltd		912,913
	248,400		Mitsubishi UFJ Financial Group, Inc		1,003,536
	286,300		Mitsubishi UFJ Lease & Finance Co Ltd		1,367,093
	200,200		Mitsui & Co Ltd		2,794,460
	262,600		Mitsui Fudosan Co Ltd		4,828,411
	364,300		Mitsui Sumitomo Insurance Group Holdings, Inc		10,495,513

104

TIAA-CREF FUNDS – Quant International Equity Fund

SHARES			COMPANY	VALUE
	29,700		MonotaRO Co Ltd	$	954,302
	143,100		Murata Manufacturing Co Ltd		8,063,250
	36,100		Namco Bandai Holdings, Inc		1,803,788
	60,100	*	Nexon Co Ltd		970,373
	10,400		Nintendo Co Ltd		4,294,409
	4,300		Nippon Express Co Ltd		210,021
	93,200		Nippon Meat Packers, Inc		3,308,227
	443,300		Nippon Yusen Kabushiki Kaisha		5,835,386
	13,500		Nissan Chemical Industries Ltd		517,977
	43,800		Nisshin Seifun Group, Inc		680,568
	17,600		Nitori Co Ltd		2,697,652
	57,100		Nitto Denko Corp		2,852,341
	1,528,600		Nomura Holdings, Inc		6,343,102
	104,000		Nomura Real Estate Holdings, Inc		1,691,066
	139,900		NTT Data Corp		1,427,563
	48,900		NTT DoCoMo, Inc		1,441,143
	209,800		Obayashi Corp		1,833,777
	17,200		Obic Co Ltd		2,581,058
	133,800		OJI Paper Co Ltd		679,368
	65,500		Olympus Corp		1,039,280
	19,600		Oriental Land Co Ltd		2,478,326
	135,200		Osaka Gas Co Ltd		2,517,667
	59,700		Osaka Securities Exchange Co Ltd		1,110,446
	125,500		Otsuka Corp		5,682,347
	107,300		Panasonic Corp		817,946
	180,000	*	Rakuten, Inc		1,526,262
	184,300		Recruit Holdings Co Ltd		5,376,249
	6,100		Rinnai Corp		462,048
	22,200		Secom Co Ltd		1,847,467
	277,000		Seibu Holdings, Inc		3,323,212
	192,800		Sekisui Chemical Co Ltd		2,443,566
	121,900		Sekisui House Ltd		2,091,159
	83,000		Seven & I Holdings Co Ltd		2,748,715
	40,700		SG Holdings Co Ltd		1,132,398
	298,900	e	Sharp Corp		3,290,314
	100,000		Shin-Etsu Chemical Co Ltd		11,030,199
	56,500		Shionogi & Co Ltd		3,120,355
	19,400		Shiseido Co Ltd		1,140,588
	737,500		Softbank Corp		10,043,257
	258,500		Softbank Group Corp		11,079,982
	271,300		Sony Corp		17,459,260
	273,900		Sony Financial Holdings, Inc		5,192,225
	72,600		Sumitomo Realty & Development Co Ltd		1,944,412
	80,600		Sundrug Co Ltd		2,759,620
	9,300		Suntory Beverage & Food Ltd		350,222
	119,400		Suzuken Co Ltd		4,601,488
	493,800		T&D Holdings, Inc		4,268,289
	12,000		Taisei Corp		374,065
	172,800		Taiyo Nippon Sanso Corp		2,680,254
	121,100		Takeda Pharmaceutical Co Ltd		4,367,041
	78,000		TDK Corp		6,724,189
	21,000		Tokyo Electron Ltd		4,472,598
	526,700		Toppan Printing Co Ltd		7,824,186
	13,400		Toyo Suisan Kaisha Ltd		644,364

105

TIAA-CREF FUNDS – Quant International Equity Fund

SHARES			COMPANY	VALUE
	416,576		Toyota Motor Corp	$	25,755,587
	251,600		Toyota Tsusho Corp		5,989,136
	5,800		Tsuruha Holdings, Inc		777,682
	37,800		Uni-Charm Corp		1,393,062
	104,200		Yahoo! Japan Corp		402,142
	435,800		Yamada Denki Co Ltd		2,066,629
	37,400		Yokohama Rubber Co Ltd		475,687
			TOTAL JAPAN		435,955,301
LUXEMBOURG - 0.3%
	471,993		ArcelorMittal		5,155,665
	1,122	e	Eurofins Scientific		620,657
			TOTAL LUXEMBOURG		5,776,322
NETHERLANDS - 4.8%
	493	*,g	Adyen NV		486,877
	832,718	*	Altice NV (Class A)		3,322,294
	99,222		ASML Holding NV		28,981,285
	489,478		Koninklijke Ahold Delhaize NV		11,884,690
	36,833	e	Koninklijke Vopak NV		2,123,924
	17,986	*	Prosus NV		1,363,534
	487,403		Royal Dutch Shell plc (A Shares)		8,024,723
	974,039		Royal Dutch Shell plc (B Shares)		15,593,036
	152,671	e	Wolters Kluwer NV		11,229,475
			TOTAL NETHERLANDS		83,009,838
NEW ZEALAND - 0.2%
	112,851		Fisher & Paykel Healthcare Corp		1,885,372
	21,694		Ryman Healthcare Ltd		158,254
	717,624		Telecom Corp of New Zealand Ltd		1,942,115
			TOTAL NEW ZEALAND		3,985,741
NORWAY - 0.2%
	87,907		Yara International ASA		2,985,712
			TOTAL NORWAY		2,985,712
SINGAPORE - 1.3%
	338,800		CapitaLand Ltd		718,854
	454,200		DBS Group Holdings Ltd		6,394,730
	907,500		Genting Singapore Ltd		503,543
	85,500		Jardine Cycle & Carriage Ltd		1,215,631
	1,208,200		Oversea-Chinese Banking Corp		7,708,691
	739,400		Singapore Exchange Ltd		5,042,043
	71,500		Venture Corp Ltd		799,061
			TOTAL SINGAPORE		22,382,553
SOUTH AFRICA - 0.5%
	524,861		Anglo American plc		9,334,679
			TOTAL SOUTH AFRICA		9,334,679
SPAIN - 2.2%
	220,430		ACS Actividades de Construccion y Servicios S.A.		5,512,164
	78,044	g	Aena S.A.		9,879,224

106

TIAA-CREF FUNDS – Quant International Equity Fund

SHARES			COMPANY	VALUE
	549,577		Banco Bilbao Vizcaya Argentaria S.A.	$	1,796,445
	63,716		Enagas		1,487,241
	289,328		Endesa S.A.		6,417,344
	1,003,564		Iberdrola S.A.		9,983,229
	143,855		Red Electrica Corp S.A.		2,532,117
			TOTAL SPAIN		37,607,764
SWEDEN - 2.2%
	29,000		Atlas Copco AB (A Shares)		999,469
	260,612		Atlas Copco AB (B Shares)		8,061,212
	134,042		Essity AB		4,342,070
	300,398	e	Hennes & Mauritz AB (B Shares)		4,106,317
	51,002		ICA Gruppen AB		2,231,612
	28,581		Industrivarden AB		584,853
	135,707		Investor AB (B Shares)		6,744,389
	16,959	e	Lundbergs AB (B Shares)		712,058
	19,721		SKF AB (B Shares)		311,269
	158,196		Swedish Match AB		9,775,950
			TOTAL SWEDEN		37,869,199
SWITZERLAND - 10.4%
	977		Givaudan S.A.		3,276,158
	208,573		Holcim Ltd		8,662,654
	1,360		Lindt & Spruengli AG.		10,594,387
	353,184		Nestle S.A.		37,405,724
	426,126		Novartis AG.		36,364,934
	131,052		Roche Holding AG.		45,382,960
	32,319		Swiss Life Holding		11,461,066
	21,574	e	Swisscom AG.		11,209,675
	46,988		Zurich Insurance Group AG		14,897,749
			TOTAL SWITZERLAND		179,255,307
UNITED KINGDOM - 13.4%
	466,172		3i Group plc		4,579,609
	117,274		Admiral Group plc		3,422,122
	222,512		AstraZeneca plc (ADR)		11,632,927
	151,490	g	Auto Trader Group plc		872,053
	1,250,540		BAE Systems plc		7,976,484
	1,882,253		Barclays plc		2,513,371
	181,146		Berkeley Group Holdings plc		9,508,906
	206,593	e	BP plc (ADR)		4,916,913
	544,617		British American Tobacco plc		20,991,834
	30,000		British Land Co plc		153,037
	1,912,231		BT Group plc		2,787,117
	1,043,840		CK Hutchison Holdings Ltd		7,737,120
	158,541		Compass Group plc		2,667,834
	31,000		Croda International plc		1,900,910
	330,222		Diageo plc		11,369,493
	95,085		Experian Group Ltd		2,855,437
	376,690		Fiat DaimlerChrysler Automobiles NV		3,267,385
	1,164,454		GlaxoSmithKline plc		24,293,529
	130,415		Halma plc		3,428,660
	84,041		Hargreaves Lansdown plc		1,520,677
	1,544,495		HSBC Holdings plc		7,938,638

107

TIAA-CREF FUNDS – Quant International Equity Fund

SHARES			COMPANY	VALUE
	710,668		J Sainsbury plc	$	1,768,706
	4,813,977		Legal & General Group plc		12,376,731
	70,547		London Stock Exchange Group plc		6,602,974
	2,017,151		M&G plc		3,344,084
	53,073		Next plc		3,159,892
	50,657	*	Ocado Ltd		1,023,154
	55,309		Reckitt Benckiser Group plc		4,607,226
	566,236		RELX plc		12,775,299
	250,235		Rolls-Royce Group plc		1,035,710
	302,594		Segro plc		3,171,646
	349,231		Severn Trent plc		10,479,558
	221,411		Standard Chartered plc		1,131,340
	218,028		Taylor Wimpey plc		402,663
	2,936,050		Tesco plc		8,684,298
	270,226		Unilever NV		13,457,059
	51,626		Unilever plc		2,658,335
	503,900		Vodafone Group plc (ADR)		7,125,146
			TOTAL UNITED KINGDOM		230,137,877
UNITED STATES - 0.9%
	45,249		Ferguson plc		3,262,554
	190,000		iShares MSCI EAFE Index Fund		10,748,300
	44,172		James Hardie Industries NV		634,115
			TOTAL UNITED STATES		14,644,969
			TOTAL COMMON STOCKS		1,694,046,978
			(Cost $1,764,238,793)

PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 1.5%
GOVERNMENT AGENCY DEBT - 0.6%
$	9,175,000		Federal Farm Credit Bank (FFCB)		0.010	%	05/01/20		9,175,000
			TOTAL GOVERNMENT AGENCY DEBT						9,175,000
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.9%
	16,010,492	c	State Street Navigator Securities Lending Government Money Market Portfolio						16,010,492
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						16,010,492
			TOTAL SHORT-TERM INVESTMENTS						25,185,492
			(Cost $25,185,492)
			TOTAL INVESTMENTS - 100.1%						1,719,232,470
			(Cost $1,789,424,285)
			OTHER ASSETS & LIABILITIES, NET - (0.1)%						(983,371	)
			NET ASSETS - 100.0%					$	1,718,249,099

108

TIAA-CREF FUNDS – Quant International Equity Fund

Abbreviation(s):

ADR     American Depositary Receipt

*	Non-income producing
†	Security is categorized as Level 3 in the fair value hierarchy.
c	Investments made with cash collateral received from securities on loan.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $30,592,747.
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 4/30/2020, the aggregate value of these securities is $16,170,510 or 0.9% of net assets.

109

TIAA-CREF FUNDS – Quant International Equity Fund

TIAA-CREF FUNDS

QUANT INTERNATIONAL EQUITY FUND

SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

April 30, 2020

SECTOR	VALUE			% OF NET ASSETS
FINANCIALS	$	282,697,530			16.3	%
HEALTH CARE		247,272,466			14.4
INDUSTRIALS		238,446,214			13.9
CONSUMER STAPLES		211,282,477			12.3
CONSUMER DISCRETIONARY		188,748,728			11.0
INFORMATION TECHNOLOGY		128,833,882			7.5
MATERIALS		116,580,358			6.8
COMMUNICATION SERVICES		92,103,585			5.4
UTILITIES		69,841,161			4.1
ENERGY		61,762,641			3.6
REAL ESTATE		56,477,936			3.3
SHORT-TERM INVESTMENTS		25,185,492			1.5
OTHER ASSETS & LIABILITIES, NET		(983,371	)		(0.1	)
NET ASSETS	$	1,718,249,099			100.0	%

110

TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund

TIAA-CREF FUNDS
QUANT INTERNATIONAL SMALL-CAP EQUITY FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2020

SHARES			COMPANY	VALUE
COMMON STOCKS - 98.4%
AUSTRALIA - 5.3%
	63,000		Altium Ltd	$	1,382,935
	448,000		Ansell Ltd		8,262,101
	57,000		Appen Ltd		941,836
	815,000		Austal Ltd		1,768,677
	887,000		Australian Pharmaceutical Industries Ltd		672,388
	779,000		Bunnings Warehouse Property Trust		1,780,226
	192,566		BWX Ltd		448,931
	554,000	g	Coronado Global Resources, Inc (ADR)		424,687
	338,000		Futuris Corp Ltd		1,895,121
	561,000		GDI Property Group		379,240
	402,008		Genworth Mortgage Insurance Australia Ltd		555,759
	827,000		Independence Group NL		2,508,848
	492,000		Ingenia Communities Group		1,178,965
	141,000	e	JB Hi-Fi Ltd		3,187,643
	3,357,000	*	Mayne Pharma Group Ltd		896,522
	2,395,000	e	Metcash Ltd		3,862,998
	275,000		Mineral Resources Ltd		2,963,906
	240,000		nib holdings Ltd		766,974
	385,000		Northern Star Resources Ltd		3,108,903
	2,155,000		Perenti Global Ltd		1,267,105
	1,359,000	*	Perseus Mining Ltd		821,291
	298,000	e	Pinnacle Investment Management Group Ltd		758,986
	110,000		Select Harvests Ltd		517,061
	174,000	e	Seven Network Ltd		1,711,025
	1,254,000		Sigma Healthcare Ltd		492,255
	752,000		St Barbara Ltd		1,237,752
	531,000	e	Super Cheap Auto Group Ltd		2,166,357
			TOTAL AUSTRALIA		45,958,492
AUSTRIA - 0.6%
	20,000		Schoeller-Bleckmann Oilfield Equipment AG.		590,923
	77,000		Telekom Austria AG.		541,722
	50,000		Wiener Staedtische Allgemeine Versicherung AG.		999,412
	159,000		Wienerberger AG.		2,977,959
			TOTAL AUSTRIA		5,110,016
BELGIUM - 1.3%
	8,000		Aedifica S.A.		775,345
	154,000	*	AGFA-Gevaert NV		610,043
	23,000		Befimmo SCA Sicafi		1,026,663
	332,000		Euronav NV		3,708,168
	36,000		KBC Ancora		1,264,043
	7,000		Melexis NV		425,762
	37,000	*,e	Mithra Pharmaceuticals S.A.		923,507
	63,000		Mobistar S.A.		1,047,982

111

TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	32,000		Ontex Group NV	$	583,524
	20,000	*	Tessenderlo Chemie NV		558,457
	20,000	*	Warehouses De Pauw CVA		548,671
			TOTAL BELGIUM		11,472,165
BRAZIL - 2.5%
	251,000		Bradespar S.A.		1,378,263
	951,000		Cia de Saneamento do Parana (Preference)		870,921
	370,000		Cia Energetica de Sao Paulo (Class B)		1,916,034
	617,000		Cia Paranaense de Energia		6,172,383
	103,000		LOG Commercial Properties e Participacoes S.A.		433,373
	161,000		Tegma Gestao Logistica		556,612
	803,000		Transmissora Alianca de Energia Eletrica S.A.		4,060,851
	1,282,000		Yamana Gold, Inc		6,041,826
			TOTAL BRAZIL		21,430,263
CANADA - 5.7%
	212,000		Aecon Group, Inc		2,328,733
	273,000	*,e	Aphria, Inc		968,871
	154,000	e	Canaccord Financial, Inc		596,329
	118,000		Canadian Western Bank		1,867,553
	121,000		Cascades, Inc		1,210,913
	59,000		Cogeco Communications, Inc		4,362,003
	11,000		Cogeco, Inc		678,121
	234,000		Corus Entertainment, Inc		532,907
	984,000	e	Crescent Point Energy Corp		1,371,428
	147,000		Enerflex Ltd		554,438
	31,000	e	Exchange Income Corp		662,114
	107,000	e	Extendicare, Inc		473,523
	65,000		Granite REIT		2,969,934
	840,000	*,e	HEXO Corp		416,394
	502,000	e	HudBay Minerals, Inc		1,226,193
	422,000	*	IAMGOLD Corp		1,476,447
	73,000		Intertape Polymer Group, Inc		716,391
	3,000		iShares S&P/TSX SmallCap Index ETF		25,367
	609,000	*	Ivanhoe Mines Ltd		1,277,546
	140,000		Killam Apartment REIT		1,682,675
	179,000		Labrador Iron Ore Royalty Corp		2,538,496
	90,000		Linamar Corp		2,162,147
	120,000		Martinrea International, Inc		725,026
	115,000		Northview Apartment REIT		2,908,150
	140,000	*	Parex Resources, Inc		1,534,825
	124,000	e	Rogers Sugar, Inc		416,911
	197,900		Russel Metals, Inc		2,143,994
	497,000	*	SEMAFO, Inc		1,249,686
	30,000		SNC-Lavalin Group, Inc		553,253
	192,600		TFI International, Inc		5,340,968
	100,000		Timbercreek Financial Corp		565,394
	113,000		Tourmaline Oil Corp		1,120,299
	113,000		Transcontinental, Inc		1,023,693
	264,000	e	Vermilion Energy, Inc		1,299,185
	67,000	e	Westshore Terminals Investment Corp		718,158
			TOTAL CANADA		49,698,065

112

TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
CHILE - 0.1%
	30,652,000	*	Compania SudAmericana de Vapores S.A.	$	734,268
			TOTAL CHILE		734,268
CHINA - 3.2%
	1,527,000		Asia Cement China Holdings Corp		1,767,685
	1,794,000		Beijing North Star Co		435,766
	941,000		Central China Real Estate Ltd		479,651
	1,157,000		China Harmony New Energy Auto Holding Ltd		597,694
	490,000		China Meidong Auto Holdings Ltd		881,711
	4,750,000		China Overseas Grand Oceans Group Ltd		2,974,938
	745,000		China Shineway Pharmaceutical Group Ltd		552,153
	3,407,000		China Suntien Green Energy Cor		793,491
	4,514,000		Citic 1616 Holdings Ltd		1,670,339
	946,000		Cofco International Ltd		311,734
	1,390,000		Fufeng Group Ltd		476,404
	3,128,000		Fushan International Energy Group Ltd		623,886
	564,000		Jiayuan International Group Ltd		235,097
	1,803,000		Jingrui Holdings Ltd		530,201
	127,000	*,e	JinkoSolar Holding Co Ltd (ADR)		2,009,140
	2,946,000		Lonking Holdings Ltd		998,158
	1,883,000		Poly Hong Kong Investment Ltd		659,060
	662,000		Road King Infrastructure		1,023,198
	127,000	*	Sohu.com Ltd (ADR)		1,065,530
	1,989,000		TCL Multimedia Technology Holdings Ltd		812,022
	2,940,000		Tiangong International Co Ltd		935,697
	2,626,000	e	Tianneng Power International Ltd		2,570,189
	10,760,000		West China Cement Ltd		1,917,741
	909,000	g	YiChang HEC ChangJiang Pharmaceutical Co Ltd		3,427,977
			TOTAL CHINA		27,749,462
COLOMBIA - 0.1%
	68,000	*	Corp Financiera Colombiana S.A.		443,142
	120,000	e	Frontera Energy Corp		385,359
			TOTAL COLOMBIA		828,501
DENMARK - 1.8%
	115,000		Alm Brand AS		901,181
	47,000		Ambu A.S.		1,472,146
	38,000		GN Store Nord		1,734,181
	21,000		PER Aarsleff A.S.		616,582
	30,000		Ringkjoebing Landbobank A.S.		1,883,203
	80,000		Royal Unibrew A.S.		6,189,299
	111,000	g	Scandinavian Tobacco Group A.S.		1,275,597
	30,000		Topdanmark AS		1,211,019
			TOTAL DENMARK		15,283,208
EGYPT - 0.0%
	605,000		Telecom Egypt		414,473
			TOTAL EGYPT		414,473

113

TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
FINLAND - 1.4%
	384,000		Kesko Oyj (B Shares)	$	6,256,934
	40,000		Tokmanni Group Corp		486,590
	234,000		Valmet Corp		5,351,360
			TOTAL FINLAND		12,094,884
FRANCE - 1.2%
	22,000		Carbone Lorraine		485,450
	167,000		Coface S.A.		982,239
	168,000	g	Elior Participations S.C.A		1,109,601
	110,000	*	Innate Pharma S.A.		774,024
	37,000		Nexans S.A.		1,317,874
	39,000		Nexity		1,196,276
	31,000		Sechilienne-Sidec		1,026,716
	18,000		Sopra Group S.A.		2,131,210
	7,000	*	Virbac S.A.		1,380,362
			TOTAL FRANCE		10,403,752
GERMANY - 2.8%
	127,000	*	ADVA AG. Optical Networking		830,769
	280,000		Borussia Dortmund GmbH & Co KGaA		1,973,870
	7,000		Cewe Color Holding AG.		728,546
	61,000		CropEnergies AG.		481,529
	74,000		DIC Asset AG.		980,735
	4,000		Draegerwerk AG.		334,742
	12,000		Eckert & Ziegler Strahlen- und Medizintechnik AG.		1,726,952
	28,000	*	Evotec AG.		690,913
	80,000		Grand City Properties S.A.		1,672,953
	10,000		Hornbach Holding AG. & Co KGaA		570,878
	15,000	g	JOST Werke AG.		406,834
	21,000		LEG Immobilien AG.		2,410,903
	455,000	*	Metro AG.		1,164,718
	11,000	*	Morphosys AG.		1,154,027
	8,000		Nemetschek AG.		503,319
	41,000		Patrizia Immobilien AG.		915,505
	15,000		Rheinmetall AG.		1,015,188
	32,000	g	Scout24 AG.		2,092,330
	862,000		Sirius Real Estate Ltd		764,749
	31,000		Sixt AG. (Preference)		1,439,886
	30,000		Stabilus S.A.		1,281,438
	21,000		Wacker Chemie AG.		1,224,464
			TOTAL GERMANY		24,365,248
GREECE - 0.0%
	100,000		Hellenic Exchanges S.A.		372,716
			TOTAL GREECE		372,716
HONG KONG - 1.2%
	760,000		China Grand Pharmaceutical and Healthcare Holdings Ltd		504,754
	862,000		Digital China Holdings Ltd		459,991
	341,000		Johnson Electric Holdings Ltd		572,575
	1,903,734		K Wah International Holdings Ltd		872,341
	498,000		NetDragon Websoft, Inc		1,377,221
	2,004,000		Pou Sheng International Holdings Ltd		409,380
	4,000,000		Shun TAK Holdings Ltd		1,398,976

114

TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	3,146,000	e	United Laboratories Ltd	$	2,717,424
	476,000		Vinda International Holdings Ltd		1,425,027
	960,000		VST Holdings Ltd		441,701
			TOTAL HONG KONG		10,179,390
INDIA - 0.8%
	329,000		Adani Enterprises Ltd		606,937
	41,000		Apollo Hospitals Enterprise Ltd		754,505
	48,000	g	AU Small Finance Bank Ltd		344,205
	119,000		Crompton Greaves Consumer Electricals Ltd		349,691
	95,000		Glenmark Pharmaceuticals Ltd		419,915
	444,000	*	Indiabulls Real Estate Ltd		344,699
	21,000		Ipca Laboratories Ltd		447,738
	1,058,000	*	Jindal Steel & Power Ltd		1,304,027
	29,001		Mphasis Ltd		281,821
	1,164,000		Nagarjuna Construction Co		398,287
	703,000		Power Finance Corp Ltd		887,571
	59,000		Rajesh Exports Ltd		485,203
	108,000		Torrent Power Ltd		474,104
			TOTAL INDIA		7,098,703
INDONESIA - 0.4%
	16,139,000		PT Erajaya Swasembada Tbk		1,350,054
	22,714,000		PT Media Nusantara Citra Tbk		1,385,195
	10,531,000		PT Mitra Adiperkasa Tbk		460,052
			TOTAL INDONESIA		3,195,301
IRELAND - 0.1%
	442,000		C&C Group plc		1,085,563
			TOTAL IRELAND		1,085,563
ISRAEL - 1.1%
	88,000		Amot Investments Ltd		494,256
	41,000		Ashtrom Group Ltd		609,232
	2,700		Bayside Land Corp		1,608,726
	8,000		Big Shopping Centers Ltd		639,985
	6,000		Blue Square Real Estate Ltd		275,673
	14,000		Elco Holdings Ltd		501,833
	2,000		Electra Israel Ltd		917,375
	26,000		First International Bank Of Israel Ltd		641,352
	107,000		Gazit Globe Ltd		792,216
	677,250	*	Industrial Buildings Corp		1,454,762
	32,000	*	Nova Measuring Instruments Ltd		1,280,626
	66,000		Shapir Engineering and Industry Ltd		462,697
			TOTAL ISRAEL		9,678,733
ITALY - 2.7%
	120,000		ACEA S.p.A.		2,005,748
	578,000		Actelios S.p.A.		2,840,880
	343,000	*	Arnoldo Mondadori Editore S.p.A.		466,690
	375,000	g	Banca Farmafactoring S.p.A		1,936,357
	151,000		Buzzi Unicem S.p.A.		2,962,470
	52,000		Buzzi Unicem S.p.A. RSP		543,414

115

TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	135,000		Cerved Information Solutions S.p.A	$	919,684
	486,686		Cofide S.p.A.		216,267
	64,000		Danieli & Co S.p.A. (RSP)		475,323
	66,000		De'Longhi S.p.A.		1,192,899
	409,000	e	Geox S.p.A.		326,993
	1,250,000		Hera S.p.A.		4,627,173
	765,000		Piaggio & C S.p.A.		1,753,863
	322,000	*	Saipem S.p.A		826,465
	21,000		Sesa S.p.A		1,119,615
	36,000	e	Tod's S.p.A.		1,102,366
			TOTAL ITALY		23,316,207
JAPAN - 22.5%
	34,000		Altech Corp		519,206
	29,000	e	Amuse, Inc		602,910
	30,000		Arata Corp		1,239,009
	119,000		Asahi Holdings, Inc		2,688,924
	65,000		BayCurrent Consulting, Inc		3,683,459
	168,000		Bunka Shutter Co Ltd		1,226,495
	995,000	*,e	Chiyoda Corp		2,240,758
	60,000		Cocokara Fine Holdings, Inc		2,829,671
	44,000		Computer Engineering & Consulting Ltd		673,133
	2,000		Cosmos Pharmaceutical Corp		535,379
	194,000		Cybozu, Inc		3,756,654
	14,129		Daiichi Jitsugyo Co Ltd		477,696
	90,000	e	Daio Paper Corp		1,228,039
	110,800		Daiwabo Co Ltd		6,825,832
	74,000		Dip Corp		1,579,334
	66,000		Dowa Holdings Co Ltd		1,825,432
	131,000		Eiken Chemical Co Ltd		2,281,218
	25,000		Fuyo General Lease Co Ltd		1,249,981
	62,000		GMO internet, Inc		1,349,495
	24,000		Godo Steel Ltd		451,499
	123,000	e	Goldcrest Co Ltd		1,855,462
	73,000		Goldwin, Inc		3,930,101
	56,000		Green Hospital Supply, Inc		2,532,702
	233,900		Gulliver International Co Ltd		936,314
	768,000		Haseko Corp		8,337,869
	86,000	e	Hosiden Corp		733,921
	17,899		Hosokawa Micron Corp		814,815
	51,000		Inaba Denki Sangyo Co Ltd		1,078,940
	42,000		Ines Corp		550,696
	11,000	*	Invincible Investment Corp		2,814,480
	48,000		IR Japan Holdings Ltd		2,872,476
	60,000		Itochu Enex Co Ltd		445,487
	33,000	*	Jafco Co Ltd		1,057,120
	92,000	e	Japan Best Rescue System Co Ltd		650,459
	91,000	e	Japan Elevator Service Holdings Co Ltd		2,314,361
	123,000		Japan Investment Adviser Co Ltd		808,243
	257,000	*,e	JDC Corp		1,251,000
	62,000		Joyful Honda Co Ltd		754,878
	33,000		Kaga Electronics Co Ltd		596,733
	56,000		Kaken Pharmaceutical Co Ltd		3,082,321

116

TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	100,000	e	Kanto Denka Kogyo Co Ltd	$	794,979
	419,000		Kenedix, Inc		1,893,423
	122,000		Kinden Corp		1,963,113
	74,000		Kohnan Shoji Co Ltd		1,717,516
	99,000	e	Koshidaka Holdings Co Ltd		429,780
	35,000		Kotobuki Spirits Co Ltd		1,367,057
	159,200		Kumagai Gumi Co Ltd		3,488,123
	80,000	e	LEC, Inc		882,906
	423,565	e	Maeda Corp		3,397,545
	43,800	e	Maeda Road Construction Co Ltd		810,896
	18,000		Maruzen Showa Unyu Co Ltd		422,071
	15,000		Mitsubishi Research Institute, Inc		508,288
	47,000		Mitsui-Soko Co Ltd		636,780
	53,000		Mizuno Corp		919,463
	47,000		Musashino Bank Ltd		591,955
	17,000		NEC Capital Solutions Ltd		295,798
	48,000		Nichiha Corp		876,811
	48,000		Nihon Unisys Ltd		1,388,202
	87,000		Nippo Corp		1,956,505
	77,000		Nippon Konpo Unyu Soko Co Ltd		1,495,146
	7,000		Nippon Road Co Ltd		422,135
	16,000		Nippon Steel Trading Co Ltd		504,083
	186,000		Nishimatsu Construction Co Ltd		3,522,057
	110,000		Nojima Corp		1,906,631
	230,000		Nomura Co Ltd		1,742,322
	144,000		Open House Co Ltd		3,138,927
	18,000	e	Optorun Co Ltd		488,910
	26,000		Organo Corp		1,380,932
	258,000		OSJB Holdings Corp		554,475
	129,000	e	Pacific Metals Co Ltd		1,988,725
	1,231,000		Penta-Ocean Construction Co Ltd		6,218,867
	79,000		Prima Meat Packers Ltd		1,791,290
	50,000		Proto Corp		446,625
	39,000	e	Relo Holdings, Inc		844,833
	593,000	*,e	Rengo Co Ltd		4,619,868
	108,000		Resorttrust, Inc		1,107,299
	151,000		Sanki Engineering Co Ltd		1,702,642
	100,000		SBS Holdings, Inc		1,690,987
	38,000	e	Shiga Bank Ltd		895,022
	75,000		Shinko Plantech Co Ltd		829,851
	23,000		Shinwa Kaiun Kaisha Ltd		307,221
	30,000		Sinko Industries Ltd		389,626
	49,000		Starts Corp, Inc		947,913
	61,000		Strike Co Ltd		2,466,755
	399,000		Sumitomo Forestry Co Ltd		4,929,288
	722,200		Sumitomo Mitsui Construction C		2,980,050
	157,000		Sun Frontier Fudousan Co Ltd		1,247,216
	1,361,000	e	Suruga Bank Ltd		4,729,101
	236,000	e	Sushiro Global Holdings Ltd		3,639,919
	238,000		Tadano Ltd		1,815,405
	35,000		Taikisha Ltd		1,019,316
	301,000		Takara Leben Co Ltd		985,700
	147,000		Takasago Thermal Engineering Co Ltd		2,317,169
	69,000		Tamron Co Ltd		1,147,977

117

TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	46,000		TechMatrix Corp	$	1,149,317
	41,000		Toa Corp/Tokyo		537,675
	231,000	e	Toda Corp		1,341,899
	163,000		Toho Pharmaceutical Co Ltd		3,375,723
	672,000		Tokyo Steel Manufacturing Co Ltd		4,278,425
	63,000		Tokyo Tatemono Co Ltd		708,536
	42,000		Torii Pharmaceutical Co Ltd		1,156,375
	197,000		Tosei Corp		1,911,859
	354,000		Toyo Construction Co Ltd		1,413,627
	311,000		Toyo Tire & Rubber Co Ltd		3,641,580
	9,000		Trancom Co Ltd		596,099
	90,000		World Co Ltd		1,055,878
	326,000		Yamaguchi Financial Group, Inc		1,756,911
	116,000		Yellow Hat Ltd		1,611,728
	36,000	e	Yokogawa Bridge Holdings Corp		631,884
	107,000		Zenkoku Hosho Co Ltd		3,117,766
	75,000		Zensho Co Ltd		1,476,331
			TOTAL JAPAN		194,999,609
JORDAN - 0.2%
	72,000		Hikma Pharmaceuticals plc		2,144,450
			TOTAL JORDAN		2,144,450
KOREA, REPUBLIC OF - 4.4%
	4,589		Chong Kun Dang Pharm Corp		430,206
	41,000		Daewoong Co Ltd		584,626
	177,000		Dongbu HiTek Co Ltd		3,891,452
	25,000		Global & Yuasa Battery Co Ltd		593,408
	51,000		Hansol Paper Co Ltd		659,062
	54,000		Hyosung Corp		3,090,246
	4,000		Hyosung TNC Co Ltd		428,004
	85,000		Hyundai Wia Corp		2,302,829
	221,000		JB Financial Group Co Ltd		880,292
	124,000		Jinro Ltd		3,308,660
	74,000		KEPCO Plant Service & Engineering Co Ltd		1,977,347
	90,000		Kginicis Co Ltd		1,626,791
	30,000		Lotte Data Communication Co		890,744
	38,000		LS Industrial Systems Co Ltd		1,223,736
	10,000		Maeil Dairies Co Ltd		660,664
	154,000		Mando Corp		3,004,717
	36,000		NICE Holdings Co Ltd		589,807
	52,000		S&T Daewoo Co Ltd		1,540,229
	213,000	*	Samsung Techwin Co Ltd		4,691,216
	186,000		Taeyoung Engineering & Construction		2,203,859
	47,000		Technosemichem Co Ltd		2,828,817
	12,000		Unid Co Ltd		425,924
			TOTAL KOREA, REPUBLIC OF		37,832,636
MALAYSIA - 0.4%
	3,183,000		Drb-Hicom BHD		1,037,003
	6,264,000	*	Felda Global Ventures Holdings BHD		1,229,052
	2,849,148		Sunway BHD		1,034,788
	1,443,000		VS Industry BHD		307,930
			TOTAL MALAYSIA		3,608,773

118

TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
MEXICO - 0.9%
	185,000	e	Bolsa Mexicana de Valores S.A. de C.V.	$	336,057
	453,000		Concentradora Fibra Danhos S.A. de C.V.		349,980
	900,000		Corp Inmobiliaria Vesta SAB de C.V.		1,233,434
	3,500,000		Gentera SAB de C.V.		1,391,228
	560,000		PLA Administradora Industrial S de RL de C.V.		580,656
	773,000		Qualitas Controladora SAB de C.V.		3,186,809
	390,000		Regional SAB de C.V.		955,865
			TOTAL MEXICO		8,034,029
NETHERLANDS - 2.4%
	83,000		Arcadis NV		1,290,659
	15,000	*	Argenx SE		2,260,190
	88,000		ASM International NV		9,686,872
	10,000	g	Euronext NV		839,540
	64,000	*	OCI NV		772,826
	290,000	g	Signify NV		5,903,338
			TOTAL NETHERLANDS		20,753,425
NEW ZEALAND - 0.1%
	1,139,000		Precinct Properties New Zealand Ltd		1,106,463
			TOTAL NEW ZEALAND		1,106,463
NORWAY - 1.2%
	486,000	*	BW Offshore Ltd		1,366,311
	282,000	e,g	Europris ASA		1,035,032
	199,000		Frontline Ltd (Sigmax MTF)		1,866,280
	531,000		Golden Ocean Group Ltd		1,900,016
	64,000		Kongsberg Gruppen ASA		822,417
	138,000	*	Norwegian Finans Holding ASA		736,342
	118,000	g	Skandiabanken ASA		628,415
	151,000		Sparebanken Midt-Norge		1,097,128
	130,000		Sparebanken Nord-Norge		778,336
			TOTAL NORWAY		10,230,277
PAKISTAN - 0.2%
	476,000		Engro Chemical Pakistan Ltd		913,386
	626,200		Fauji Fertilizer Co Ltd		435,702
			TOTAL PAKISTAN		1,349,088
PHILIPPINES - 0.1%
	1,824,000		First Gen Corp		683,235
			TOTAL PHILIPPINES		683,235
POLAND - 0.5%
	35,000		Asseco Poland S.A.		565,594
	440,000	g	PLAY Communications S.A.		3,561,787
			TOTAL POLAND		4,127,381
PORTUGAL - 0.4%
	698,000		PT Multimedia Servicos de Telecomunicacoes e Multimedia SGPS S.A.		2,614,431
	937,000		Sonae SPGS S.A.		740,467
			TOTAL PORTUGAL		3,354,898

119

TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
QATAR - 0.1%
	119,000		Al Meera Consumer Goods Co	$	570,953
			TOTAL QATAR		570,953
RUSSIA - 0.1%
	150,000		AFK Sistema		592,500
			TOTAL RUSSIA		592,500
SAUDI ARABIA - 1.5%
	29,000		Abdullah Al Othaim Markets Co		768,965
	50,000		Aldrees Petroleum and Transport Services Co		774,451
	138,000		Arabian Cement Co		983,952
	360,000		City Cement Co		1,324,484
	78,000		Dur Hospitality Co		462,084
	64,000		Eastern Province Cement Co		484,674
	975,000	*	Najran Cement Co		2,865,131
	58,000		Qassim Cement Co		879,946
	105,000	*	Saudi Ceramic Co		815,053
	16,000		Saudia Dairy & Foodstuff Co		640,330
	360,000		Yamama Cement Co		1,994,600
	73,000		Yanbu Cement Co		578,066
			TOTAL SAUDI ARABIA		12,571,736
SINGAPORE - 0.4%
	560,000	g	BW LPG Ltd		1,910,640
	67,000		China Yuchai International Ltd		827,450
	1,107,000		Japfa Ltd		445,501
	532,000		Sheng Siong Group Ltd		557,460
			TOTAL SINGAPORE		3,741,051
SOUTH AFRICA - 0.7%
	1,466,000	*	Harmony Gold Mining Co Ltd		5,395,258
	464,000		Resilient REIT Ltd		898,430
			TOTAL SOUTH AFRICA		6,293,688
SPAIN - 1.9%
	76,000		Cia de Distribucion Integral Logista Holdings SAU		1,356,622
	14,000		Corp Financiera Alba		521,719
	6,847,000	*,e	Distribuidora Internacional de Alimentacion S.A.		991,244
	311,656		Faes Farma S.A. (Sigma)		1,362,713
	225,000	*,g	Global Dominion Access S.A.		692,224
	28,000		Grupo Catalana Occidente S.A.		544,164
	81,000	*	Masmovil Ibercom S.A.		1,529,425
	905,000		Mediaset Espana Comunicacion SA		3,242,881
	1,113,000	e	Obrascon Huarte Lain S.A.		896,585
	122,000	*	Pharma Mar S.A.		729,407
	86,000		Tecnicas Reunidas S.A.		1,317,892
	44,000		Viscofan S.A.		2,819,881
			TOTAL SPAIN		16,004,757

120

TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
SWEDEN - 4.5%
	53,000		AAK AB	$	865,694
	221,000		Arjo AB		1,091,513
	100,000	g	Attendo AB		380,052
	167,000		Avanza Bank Holding AB		2,017,661
	191,000		Axfood AB		4,063,110
	231,000		Betsson AB		1,301,730
	101,000		Bilia AB		684,961
	131,000	*	Biovitrum AB		2,509,847
	25,000		Castellum AB		438,495
	111,000		Clas Ohlson AB (B Shares)		974,171
	357,000	*,e	Collector AB		548,694
	65,000	*	Embracer Group AB		688,247
	95,000	g	Evolution Gaming Group AB		4,350,673
	315,000		Getinge AB (B Shares)		6,037,699
	65,000		Hexpol AB		466,975
	116,000		Inwido AB		666,860
	104,000		Lindab International AB		952,950
	190,000		NCC AB (B Shares)		2,896,511
	178,000	g	Nobina AB		970,641
	30,000		Nolato AB (B Shares)		1,576,785
	152,000	*	Nyfosa AB		930,669
	397,000		Ratos AB (B Shares)		939,739
	134,000		Recipharm AB		1,592,104
	112,000	e,g	Scandic Hotels Group AB		513,138
	82,000		Vitrolife AB		1,487,935
			TOTAL SWEDEN		38,946,854
SWITZERLAND - 4.6%
	100		Belimo Holding AG.		665,759
	3,000		Bell AG.		766,123
	5,000		Burckhardt Compression Holding AG.		1,014,551
	58,000		Cembra Money Bank AG.		5,513,934
	2,000		Emmi AG.		1,837,105
	98,000	g	Galenica AG.		7,017,813
	1,000		Gurit Holding AG.		1,426,077
	24,000		Implenia AG.		981,649
	50,000		Logitech International S.A.		2,408,163
	247,000	e	OC Oerlikon Corp AG.		1,854,980
	68,000		PSP Swiss Property AG.		7,899,381
	9,000		Sulzer AG.		636,565
	70,000	g	Sunrise Communications Group AG.		5,607,108
	500		Vetropack Holding AG.		1,472,140
	19,000		Zehnder Group AG.		744,545
			TOTAL SWITZERLAND		39,845,893
TAIWAN - 5.6%
	3,135,000		Benq Corp		1,767,567
	1,491,000		Cheng Loong Corp		1,060,863
	1,300,000		Cheng Uei Precision Industry Co Ltd		1,659,541
	332,000		Chong Hong Construction Co		914,059
	3,132,000		Compeq Manufacturing Co		4,142,989
	848,000		Everlight Electronics Co Ltd		919,718
	1,154,000		Hannstar Board Corp		1,532,925
	429,000		Huaku Development Co Ltd		1,305,255

121

TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	582,000		Kindom Construction Co	$	508,842
	1,343,000		King's Town Bank		1,435,539
	606,000		Mercuries & Associates Holding Ltd		445,351
	1,455,000		Radiant Opto-Electronics Corp		4,775,307
	1,607,000		Shinkong Synthetic Fibers Corp		590,087
	785,000		Simplo Technology Co Ltd		8,152,686
	1,014,000		Supreme Electronics Co Ltd		1,138,843
	355,000		Systex Corp		965,316
	534,000		Taiwan Hon Chuan Enterprise Co Ltd		972,842
	1,129,000		Taiwan Styrene Monomer		638,450
	1,259,000		Taiwan Surface Mounting Technology Co Ltd		3,776,501
	275,000		Topco Scientific Co Ltd		945,366
	1,940,000		TPK Holding Co Ltd		2,713,904
	1,177,000		Tripod Technology Corp		4,158,809
	761,000		Unimicron Technology Corp		1,077,821
	1,414,944		USI Corp		588,460
	909,000		WT Microelectronics Co Ltd		1,170,000
	2,031,000		Yuen Foong Yu Paper Manufacturing Co Ltd		868,508
			TOTAL TAIWAN		48,225,549
THAILAND - 1.2%
	3,923,000		Com7 PCL		2,586,824
	1,503,300		PTG Energy PCL		635,225
	5,137,000		PTG Energy PCL		2,170,657
	86,900		Thai Vegetable Oil PCL		65,465
	602,000		Thai Vegetable Oil PCL		453,509
	2,282,000		Thanachart Capital PCL		2,574,067
	3,226,000		Tipco Asphalt PCL		1,768,907
			TOTAL THAILAND		10,254,654
TURKEY - 0.8%
	112,000		Coca-Cola Icecek AS		592,511
	8,055,111		Dogan Sirketler Grubu Holdings		2,076,419
	945,000	*	Koza Anadolu Metal Madencilik Isletmeleri AS		1,552,126
	155,000	*	Migros Ticaret AS		654,989
	15,780,000	*	Turkiye Sinai Kalkinma Bankasi AS		2,325,402
			TOTAL TURKEY		7,201,447
UNITED ARAB EMIRATES - 0.1%
	98,000	*,g	Network International Holdings plc		511,131
			TOTAL UNITED ARAB EMIRATES		511,131
UNITED KINGDOM - 11.1%
	104,000		Abcam plc		1,663,547
	241,000		Ashmore Group plc		1,149,048
	3,361,000		Assura Group Ltd		3,223,710
	1,286,000	g	Avast plc		7,407,314
	114,000		Beazley plc		563,678
	70,000		Bellway plc		2,342,293
	129,000		Big Yellow Group plc		1,736,402
	47,000	*,e	Blue Prism Group plc		768,186
	292,000	*	boohoo.com plc		1,186,520
	278,000		Brewin Dolphin Holdings plc		957,862
	586,000	*	Cairn Energy plc		825,641

122

TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	56,000		Computacenter plc	$	1,023,455
	1,618,000	g	ConvaTec Group plc		4,321,553
	502,000	g	Countryside Properties plc		2,557,585
	772,000		CYBG plc		736,185
	45,000		Derwent London plc		1,758,341
	198,000	*	Dialog Semiconductor plc		6,218,162
	639,000		Empiric Student Property plc		500,857
	88,000		Fevertree Drinks plc		1,920,707
	323,000	g	Forterra plc		978,740
	39,000		Games Workshop Group plc		2,951,698
	805,000		GCP Student Living plc		1,358,508
	21,000		Genus plc		902,208
	55,000		Go-Ahead Group plc		928,176
	149,000		Grainger plc		500,598
	183,000		HomeServe plc		2,563,400
	588,000		Howden Joinery Group plc		3,877,394
	186,000		IG Group Holdings plc		1,762,952
	810,000	*	Indivior plc		503,160
	263,000		Marshalls plc		2,106,406
	416,000		National Express Group plc		1,431,512
	336,000	*	Ninety One plc		718,157
	498,000		OneSavings Bank plc		1,528,392
	532,000		Paragon Group of Cos plc		2,227,348
	592,000		Pennon Group plc		8,151,746
	614,000	g	Quilter plc		949,585
	1,125,000	g	Regional REIT Ltd		1,098,138
	1,162,000		Rightmove plc		7,265,330
	402,000		Safestore Holdings plc		3,636,497
	60,000		Savills plc		730,430
	70,000		Smart Metering Systems plc		527,227
	578,000		Spirent Communications plc		1,748,433
	308,000	*	Sports Direct International plc		1,007,973
	532,000		Unite Group plc		5,874,458
			TOTAL UNITED KINGDOM		96,189,512
UNITED STATES - 0.2%
	6,000	e	iShares MSCI EAFE Small-Cap ETF		294,720
	2,500	e	iShares MSCI Emerging Markets Small-Cap ETF		87,087
	45,000	*,e	UroGen Pharma Ltd		999,450
			TOTAL UNITED STATES		1,381,257
			TOTAL COMMON STOCKS		851,024,656
			(Cost $931,775,241)
RIGHTS / WARRANTS - 0.0%
MALAYSIA - 0.0%
	233,613		Sunway BHD		14,669
			TOTAL MALAYSIA		14,669
			TOTAL RIGHTS / WARRANTS		14,669
			(Cost $0)

123

TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
SHORT-TERM INVESTMENTS - 4.4%
GOVERNMENT AGENCY DEBT - 0.7%
$	6,000,000		Federal Home Loan Bank (FHLB)		0.100	%	05/28/20	$	5,999,595
			TOTAL GOVERNMENT AGENCY DEBT						5,999,595
REPURCHASE AGREEMENT - 0.1%
$	900,000		Fixed Income Clearing Corp		0.020		05/01/20		900,000
			TOTAL REPURCHASE AGREEMENT						900,000
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 3.6%
	31,189,005	c	State Street Navigator Securities Lending Government Money Market Portfolio						31,189,005
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						31,189,005
			TOTAL SHORT-TERM INVESTMENTS						38,088,600
			(Cost $38,088,555)
			TOTAL INVESTMENTS - 102.8%						889,127,925
			(Cost $969,863,796)
			OTHER ASSETS & LIABILITIES, NET - (2.8)%						(23,974,993	)
			NET ASSETS - 100.0%					$	865,152,932

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 $55,679,242.
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 4/30/2020, the aggregate value of these securities is $62,252,035 or 7.2% of net assets.

124

TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund

TIAA-CREF FUNDS
QUANT INTERNATIONAL SMALL-CAP EQUITY FUND
SUMMARY OF MARKET VALUES BY SECTOR (unaudited)
April 30, 2020

SECTOR	VALUE			% OF NET ASSETS
INDUSTRIALS	$	147,703,977			17.2	%
INFORMATION TECHNOLOGY		108,350,930			12.5
MATERIALS		100,739,001			11.6
CONSUMER DISCRETIONARY		97,444,614			11.3
REAL ESTATE		87,478,429			10.1
HEALTH CARE		80,254,230			9.3
FINANCIALS		73,434,086			8.5
CONSUMER STAPLES		54,744,485			6.3
COMMUNICATION SERVICES		46,057,119			5.3
UTILITIES		32,829,790			3.8
ENERGY		22,002,664			2.5
SHORT-TERM INVESTMENTS		38,088,600			4.4
OTHER ASSETS & LIABILITIES, NET		(23,974,993	)		(2.8	)
NET ASSETS	$	865,152,932			100.0	%

125

TIAA-CREF FUNDS – Social Choice International Equity Fund

TIAA-CREF FUNDS

SOCIAL CHOICE INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2020

SHARES			COMPANY	VALUE
COMMON STOCKS - 97.2%
AUSTRALIA - 6.2%
	474,077		Alumina Ltd	$	525,870
	225,171		AMP Ltd		207,756
	31,951		APA Group		225,761
	15,433		AusNet Services		18,822
	138,256		Australia & New Zealand Banking Group Ltd		1,501,800
	1,358		Australian Stock Exchange Ltd		71,601
	3,456	e	Bendigo Bank Ltd		14,623
	52,480		BlueScope Steel Ltd		342,530
	20,410		Boral Ltd		39,666
	22,518		Brambles Ltd		160,949
	8,425		Caltex Australia Ltd		135,642
	15,230		Coca-Cola Amatil Ltd		84,794
	619		Cochlear Ltd		73,598
	16,036		Coles Group Ltd		160,806
	79,921		Commonwealth Bank of Australia		3,228,527
	7,280		Computershare Ltd		57,277
	20,142		CSL Ltd		4,014,849
	714		Dexus Property Group		4,239
	189,010		Fortescue Metals Group Ltd		1,444,461
	114,345		Goodman Group		973,903
	34,744		GPT Group		95,486
	24,681		Insurance Australia Group Ltd		92,216
	12,102		Lend Lease Corp Ltd		96,403
	27,955		Macquarie Group Ltd		1,851,823
	8,807		Mirvac Group		12,797
	179,165		National Australia Bank Ltd		1,963,197
	72,415		Newcrest Mining Ltd		1,307,874
	2,654		Orica Ltd		30,756
	10,912		QR National Ltd		33,149
	22,224		Ramsay Health Care Ltd		902,551
	19,893		Santos Ltd		63,256
	2,888		Seek Ltd		32,242
	35,970		Sonic Healthcare Ltd		635,239
	83,257		Stockland Trust Group		154,600
	24,047		Sydney Airport		97,953
	76,149		Telstra Corp Ltd		149,801
	210,333		Transurban Group		1,875,070
	176,844		Westpac Banking Corp		1,839,910
	14,348		Woodside Petroleum Ltd		205,452
	27,858	e	Worley Ltd		161,472
			TOTAL AUSTRALIA		24,888,721

126

TIAA-CREF FUNDS – Social Choice International Equity Fund

SHARES			COMPANY	VALUE
AUSTRIA - 0.4%
	22,562		Erste Bank der Oesterreichischen Sparkassen AG.	$	488,983
	28,071		OMV AG.		916,569
	16,549		Voestalpine AG.		342,994
			TOTAL AUSTRIA		1,748,546
BELGIUM - 1.1%
	14,674		KBC Groep NV		795,931
	3,149		Solvay S.A.		245,961
	16,026		UCB S.A.		1,468,605
	33,828		Umicore S.A.		1,466,122
			TOTAL BELGIUM		3,976,619
DENMARK - 2.0%
	1,979		Christian Hansen Holding		170,637
	7,347		Coloplast AS		1,158,797
	8,305		H Lundbeck AS		303,014
	8,119		ISS AS		120,708
	74,403		Novo Nordisk AS		4,746,168
	2,296		Novozymes AS		112,634
	11,191	g	Orsted AS		1,130,408
	4,056	e	Pandora AS		144,225
	798		Tryg A.S.		21,283
	3,652		Vestas Wind Systems AS		313,609
			TOTAL DENMARK		8,221,483
FINLAND - 0.9%
	2,457		Metso Oyj		68,167
	47,452		Neste Oil Oyj		1,675,792
	1,105		Nokian Renkaat Oyj		23,476
	9,634		Orion Oyj (Class B)		489,584
	28,559		Stora Enso Oyj (R Shares)		335,984
	24,422		UPM-Kymmene Oyj		669,777
	50,005		Wartsila Oyj (B Shares)		367,048
			TOTAL FINLAND		3,629,828
FRANCE - 10.0%
	13,227		Accor S.A.		367,954
	16,251		Air Liquide		2,064,758
	9,182	g	Amundi S.A.		609,447
	13,449		Atos Origin S.A.		961,794
	90,850		AXA S.A.		1,614,994
	11,055		Bouygues S.A.		340,142
	12,800		Cap Gemini S.A.		1,203,338
	32,161		Carrefour S.A.		477,630
	7,989	*,e	Casino Guichard Perrachon S.A.		299,882
	30,719		CNP Assurances		316,919
	43,567		Compagnie de Saint-Gobain		1,159,227
	36,518		Danone		2,545,196
	5,262		Eiffage S.A.		430,020
	13,214		Essilor International S.A.		1,641,502
	5,517		Eurazeo		264,227
	2,258		Gecina S.A.		296,274
	10,865		Getlink S.E.		138,583
	2,507		JC Decaux S.A.		51,894
	4,447		Kering		2,262,209
	6,845		Legrand S.A.		458,906

127

TIAA-CREF FUNDS – Social Choice International Equity Fund

SHARES			COMPANY	VALUE
	12,089		L’Oreal S.A.	$	3,514,769
	5,741		Michelin (C.G.D.E.) (Class B)		554,701
	179,260		Natixis		423,192
	136,990	*	Orange S. A.		1,664,296
	95,710		Peugeot S.A.		1,356,750
	35,436		Renault S.A.		698,255
	47,884		Sanofi-Aventis		4,677,009
	26,233		Schneider Electric S.A.		2,424,253
	2,120		SEB S.A.		254,246
	1,672		Teleperformance		374,543
	110,460		Total S.A.		3,920,488
	863		Unibail-Rodamco-Westfield		51,100
	18,171		Unibail-Rodamco-Westfield		1,069,709
	10,101		Valeo S.A.		231,544
	3,179		Wendel		272,714
	6,782	*,g	Worldline S.A.		459,340
			TOTAL FRANCE		39,451,805
GERMANY - 8.3%
	7,705		Adidas-Salomon AG.		1,763,924
	19,608		Allianz AG.		3,608,485
	46,905		BASF SE		2,400,432
	32,064		Bayerische Motoren Werke AG.		1,886,171
	6,414		Beiersdorf AG.		671,087
	3,862		Brenntag AG.		174,863
	7,123		Deutsche Boerse AG.		1,104,339
	54,019		Deutsche Post AG.		1,604,752
	29,601		Deutsche Wohnen AG.		1,199,674
	6,131		Fraport AG. Frankfurt Airport Services Worldwide		268,559
	22,418		HeidelbergCement AG.		1,062,863
	13,546		Henkel KGaA		1,055,956
	8,421		Henkel KGaA (Preference)		747,671
	4,425		Hochtief AG.		346,262
	14,444		Merck KGaA		1,676,347
	10,854		Metro Wholesale & Food Specialist AG.		94,835
	10,105		MTU Aero Engines Holding AG.		1,376,053
	6,598		Muenchener Rueckver AG.		1,445,122
	4,292		Puma AG. Rudolf Dassler Sport		269,604
	40,677		SAP AG.		4,844,922
	5,242		Sartorius AG.		1,472,693
	37,275		Siemens AG.		3,439,852
	133,634		Telefonica Deutschland Holding AG.		380,157
	5,384	*,g	Zalando SE		263,890
			TOTAL GERMANY		33,158,513
HONG KONG - 4.2%
	10,700		ASM Pacific Technology		108,120
	475,017		BOC Hong Kong Holdings Ltd		1,457,890
	149,000		CLP Holdings Ltd		1,594,915
	350,893		Hang Lung Properties Ltd		750,633
	71,281		Hang Seng Bank Ltd		1,246,708
	621,485		HKT Trust and HKT Ltd		1,002,903
	937,895		Hong Kong & China Gas Ltd		1,680,895
	73,838		Hong Kong Exchanges and Clearing Ltd		2,367,404

128

TIAA-CREF FUNDS – Social Choice International Equity Fund

SHARES			COMPANY	VALUE
	188,330		Link REIT	$	1,678,819
	253,731		MTR Corp		1,405,752
	264,093		PCCW Ltd		161,779
	92,968		Swire Pacific Ltd (Class A)		604,587
	226,600		Swire Properties Ltd		635,560
	159,784		Techtronic Industries Co		1,211,563
	120,000	e	Vitasoy International Holdings Ltd		427,979
			TOTAL HONG KONG		16,335,507
IRELAND - 0.7%
	38,980		CRH plc		1,182,598
	14,744		Kerry Group plc (Class A)		1,691,659
			TOTAL IRELAND		2,874,257
ISRAEL - 0.6%
	194,022		Bank Hapoalim Ltd		1,243,594
	173,561		Bank Leumi Le-Israel		935,164
	26,246		Mizrahi Tefahot Bank Ltd		537,547
			TOTAL ISRAEL		2,716,305
ITALY - 2.1%
	83,115		Assicurazioni Generali S.p.A.		1,185,771
	403,784		Enel S.p.A.		2,758,024
	202,865		ENI S.p.A.		1,932,558
	965,625		Intesa Sanpaolo S.p.A.		1,507,827
	56,056	g	Pirelli & C S.p.A		217,071
	26,275		Terna Rete Elettrica Nazionale S.p.A.		164,532
			TOTAL ITALY		7,765,783
JAPAN - 25.1%
	52,900		Aeon Co Ltd		1,064,961
	60,200		Ajinomoto Co, Inc		1,072,209
	35,837		Alfresa Holdings Corp		714,638
	6,514		All Nippon Airways Co Ltd		138,422
	121,000		Asahi Kasei Corp		858,431
	128,000		Astellas Pharma, Inc		2,117,011
	2,700		Benesse Holdings, Inc		76,889
	1,200		Calbee, Inc		36,309
	2,900	*	Casio Computer Co Ltd		45,767
	11,581		Central Japan Railway Co		1,822,322
	16,255	*	Chugai Pharmaceutical Co Ltd		1,937,624
	2,000	e	CyberAgent, Inc		83,972
	8,427		Dai Nippon Printing Co Ltd		177,676
	2,000		Daifuku Co Ltd		139,961
	8,875		Daikin Industries Ltd		1,138,937
	32,849		Daiwa House Industry Co Ltd		832,404
	25,959		Denso Corp		912,504
	24,432		East Japan Railway Co		1,784,024
	16,848		Eisai Co Ltd		1,176,175
	1,500	e	Fast Retailing Co Ltd		711,370
	15,672		Fujitsu Ltd		1,522,509
	10,616		Hankyu Hanshin Holdings, Inc		363,204
	6,011	*	Hino Motors Ltd		35,758
	5,200	*	Hitachi Construction Machinery Co Ltd		122,004

129

TIAA-CREF FUNDS – Social Choice International Equity Fund

SHARES			COMPANY	VALUE
	24,563		Hitachi Metals Ltd	$	236,682
	101,261		Honda Motor Co Ltd		2,459,038
	56,541		Hulic Co Ltd		559,188
	105,350		Inpex Holdings, Inc		680,044
	50,600		Kajima Corp		525,773
	2,900		Kansai Paint Co Ltd		55,084
	29,200		Kao Corp		2,251,796
	26,500	e	Kawasaki Heavy Industries Ltd		400,417
	79,196		KDDI Corp		2,293,854
	1,500		Keio Corp		84,851
	9,146		Keyence Corp		3,265,232
	24,200		Kikkoman Corp		1,111,990
	2,765		Kintetsu Corp		132,086
	50,900	e	Komatsu Ltd		963,075
	68,500		Konica Minolta Holdings, Inc		265,069
	4,700		Kose Corp		587,558
	41,372		Kubota Corp		513,786
	5,300		Kuraray Co Ltd		53,019
	30,600		Kyocera Corp		1,634,970
	70,710		Kyushu Electric Power Co, Inc		560,303
	2,400		Kyushu Railway Co		64,568
	3,200	e	Lawson, Inc		166,334
	8,700		Lion Corp		182,894
	1,600		Marui Co Ltd		26,190
	15,100		MEIJI Holdings Co Ltd		1,048,752
	114,879		Mitsubishi Chemical Holdings Corp		652,926
	95,579		Mitsubishi Corp		2,027,038
	63,526		Mitsubishi Estate Co Ltd		1,027,732
	75,100		Mitsubishi UFJ Lease & Finance Co Ltd		358,605
	3,900		Mitsui Chemicals, Inc		76,569
	73,900		Mitsui Fudosan Co Ltd		1,358,795
	23,600		Murata Manufacturing Co Ltd		1,329,788
	3,200		Nabtesco Corp		91,569
	34,701		NEC Corp		1,331,643
	5,600		NGK Insulators Ltd		73,264
	5,900		NGK Spark Plug Co Ltd		88,336
	38,200		Nikon Corp		355,329
	6,104		Nintendo Co Ltd		2,520,488
	4,000		Nippon Express Co Ltd		195,368
	130	*	Nippon ProLogis REIT, Inc		359,878
	153,954		Nippon Steel Corp		1,295,312
	21,400		Nippon Yusen Kabushiki Kaisha		281,699
	4,413		Nissin Food Products Co Ltd		362,764
	1,162		Nitori Co Ltd		178,106
	22,000		Nitto Denko Corp		1,098,976
	19,800		NKSJ Holdings, Inc		642,223
	2,500		Nomura Real Estate Holdings, Inc		40,651
	28,600		Nomura Research Institute Ltd		700,157
	73,912		NTT DoCoMo, Inc		2,178,277
	12,285		Obayashi Corp		107,378
	2,121		Odakyu Electric Railway Co Ltd		46,773
	4,200		Omron Corp		246,688
	57,800		Ono Pharmaceutical Co Ltd		1,392,535
	11,182		Oriental Land Co Ltd		1,413,910

130

TIAA-CREF FUNDS – Social Choice International Equity Fund

SHARES			COMPANY	VALUE
	34,000		Osaka Gas Co Ltd	$	633,141
	3,500		Otsuka Corp		158,472
	148,306		Panasonic Corp		1,130,535
	91,570	*	Rakuten, Inc		776,443
	68,929		Recruit Holdings Co Ltd		2,010,740
	288,800		Resona Holdings, Inc		901,933
	9,000		Santen Pharmaceutical Co Ltd		159,315
	8,201		Secom Co Ltd		682,481
	6,224		Sekisui Chemical Co Ltd		78,884
	12,663		Sekisui House Ltd		217,230
	34,208		Sharp Corp		376,564
	4,700		Shimadzu Corp		117,048
	13,068		Shimizu Corp		100,363
	11,900		Shin-Etsu Chemical Co Ltd		1,312,594
	22,500		Shionogi & Co Ltd		1,242,619
	29,800		Shiseido Co Ltd		1,752,037
	25,100		Showa Denko KK		549,387
	85,200		Softbank Corp		1,160,252
	400		Sohgo Security Services Co Ltd		19,081
	58,415		Sony Corp		3,759,243
	21,014		Stanley Electric Co Ltd		478,790
	253,100		Sumitomo Chemical Co Ltd		776,309
	30,308		Sumitomo Dainippon Pharma Co Ltd		419,330
	45,071		Sumitomo Metal Mining Co Ltd		1,123,306
	45,200	e	Sumitomo Mitsui Trust Holdings, Inc		1,316,076
	23,100		Suntory Beverage & Food Ltd		869,906
	16,100		Sysmex Corp		1,112,304
	7,700		T&D Holdings, Inc		66,557
	80,600		Takeda Pharmaceutical Co Ltd		2,906,552
	2,900		Teijin Ltd		46,248
	1,100		Toho Gas Co Ltd		54,048
	30,126		Tokio Marine Holdings, Inc		1,413,382
	7,200		Tokyo Electron Ltd		1,533,462
	38,100		Tokyo Gas Co Ltd		836,139
	8,300		Tokyu Corp		124,931
	26,100		Toray Industries, Inc		119,661
	1,824		Toto Ltd		63,488
	1,700		Toyo Suisan Kaisha Ltd		81,748
	91,695	e	Toyota Motor Corp		5,669,214
	40,900		Uni-Charm Corp		1,507,308
	4,169		USS Co Ltd		66,016
	2,700		West Japan Railway Co		166,854
	18,800		Yakult Honsha Co Ltd		1,092,105
	13,800		Yamada Denki Co Ltd		65,442
	2,470		Yamaha Corp		99,702
	5,486		Yaskawa Electric Corp		178,869
	2,898		Yokogawa Electric Corp		39,501
			TOTAL JAPAN		100,206,021
LUXEMBOURG - 0.2%
	18,006		Millicom International Cellular S.A.		467,905
	66,176		Tenaris S.A.		457,881
			TOTAL LUXEMBOURG		925,786

131

TIAA-CREF FUNDS – Social Choice International Equity Fund

SHARES			COMPANY	VALUE
NETHERLANDS - 3.1%
	341,069		Aegon NV	$	882,224
	3,895	e	Akzo Nobel NV		295,591
	17,469		ASML Holding NV		5,102,438
	10,464		DSM NV		1,282,487
	320,993		ING Groep NV		1,798,455
	4,972		Koninklijke Vopak NV		286,703
	29,825	*	Prosus NV		2,261,059
	6,780		Randstad Holdings NV		272,865
			TOTAL NETHERLANDS		12,181,822
NEW ZEALAND - 0.4%
	91,993	*	a2 Milk Co Ltd		1,094,894
	30,585		Auckland International Airport Ltd		112,944
	24,832		Fisher & Paykel Healthcare Corp		414,862
	52,541		Fletcher Building Ltd		117,718
	43,147		Meridian Energy Ltd		117,563
	15,042		Ryman Healthcare Ltd		109,729
	28,106		Telecom Corp of New Zealand Ltd		76,064
			TOTAL NEW ZEALAND		2,043,774
NORWAY - 1.1%
	3,380		Aker BP ASA		55,491
	120,377	*,e	Equinor ASA		1,666,838
	31,457		Mowi ASA		538,764
	260,455		Norsk Hydro ASA		660,737
	118,885		Orkla ASA		1,073,874
	4,269		Schibsted ASA (B Shares)		82,914
	25,042	e	Telenor ASA		384,120
			TOTAL NORWAY		4,462,738
PORTUGAL - 0.3%
	29,601		Energias de Portugal S.A.		124,735
	97,079		Galp Energia SGPS S.A.		1,120,399
	2,279		Jeronimo Martins SGPS S.A.		38,637
			TOTAL PORTUGAL		1,283,771
SINGAPORE - 1.3%
	43,105		Ascendas REIT		90,145
	34,400		CapitaCommercial Trust		39,090
	434,923		CapitaLand Ltd		922,804
	52,700		CapitaMall Trust		70,117
	26,000		City Developments Ltd		145,333
	127,791		DBS Group Holdings Ltd		1,799,183
	16,446		Jardine Cycle & Carriage Ltd		233,828
	135,800	e	Keppel Corp Ltd		573,310
	34,318	e	Singapore Airlines Ltd		148,400
	6,100		Singapore Exchange Ltd		41,597
	83,900		Singapore Press Holdings Ltd		90,096
	292,625		Singapore Telecommunications Ltd		578,360
	53,400		Singapore Telecommunications Ltd		106,706
	32,100		UOL Group Ltd		154,390
			TOTAL SINGAPORE		4,993,359

132

TIAA-CREF FUNDS – Social Choice International Equity Fund

SHARES			COMPANY	VALUE
SPAIN - 2.8%
	33,147		Amadeus IT Holding S.A.	$	1,582,187
	479,185		Banco Bilbao Vizcaya Argentaria S.A.		1,566,349
	73,608		Bankinter S.A.		303,870
	564,930		CaixaBank S.A.		1,016,380
	5,020		Enagas		117,175
	35,163		Ferrovial S.A.		880,475
	271,131		Iberdrola S.A.		2,697,150
	26,846		Industria De Diseno Textil S.A.		687,590
	31,612		Naturgy Energy Group S.A.		558,505
	1,014		Red Electrica Corp S.A.		17,848
	169,187		Repsol YPF S.A.		1,535,681
			TOTAL SPAIN		10,963,210
SWEDEN - 2.8%
	17,579		Assa Abloy AB		314,698
	30,161		Atlas Copco AB (A Shares)		1,039,483
	23,400		Atlas Copco AB (B Shares)		723,805
	52,971		Boliden AB		1,067,758
	3,728		Electrolux AB (Series B)		50,976
	57,064		Essity AB		1,848,494
	15,222	e	Hennes & Mauritz AB (B Shares)		208,079
	2,372		Husqvarna AB (B Shares)		14,273
	2,585	e	ICA Gruppen AB		113,108
	5,764		Kinnevik AB		118,467
	15,109	*	Lundin Petroleum AB		388,740
	58,437		Sandvik AB		898,961
	78,654		Skandinaviska Enskilda Banken AB (Class A)		647,516
	3,114		Skanska AB (B Shares)		59,246
	6,548		SKF AB (B Shares)		103,351
	114,521		Svenska Handelsbanken AB		1,045,272
	73,896		Swedbank AB (A Shares)		874,496
	7,200		Tele2 AB (B Shares)		92,841
	34,057	e	TeliaSonera AB		118,415
	136,629		Volvo AB (B Shares)		1,750,841
			TOTAL SWEDEN		11,478,820
SWITZERLAND - 10.0%
	106,070		ABB Ltd		2,013,449
	3,348		Adecco S.A.		146,511
	34,097	*	Alcon, Inc		1,799,538
	585		Barry Callebaut AG.		1,145,447
	5,996		Clariant AG.		110,841
	38,084		Coca-Cola HBC AG.		965,000
	7,240		Dufry Group		237,077
	362		Givaudan S.A.		1,213,889
	1,570		Kuehne & Nagel International AG.		224,576
	4,986		Lonza Group AG.		2,177,214
	105,942		Nestle S.A.		11,220,319
	25,879		Roche Holding AG.		8,961,829
	120		SGS S.A.		270,684
	4,496		Sika AG.		743,680
	5,916		Sonova Holdings AG		1,068,510

133

TIAA-CREF FUNDS – Social Choice International Equity Fund

SHARES			COMPANY	VALUE
	21,214	e	Swiss Re Ltd	$	1,541,543
	405	e	Swisscom AG.		210,435
	227,462		UBS Group AG		2,435,548
	5,492		Vifor Pharma AG.		823,932
	8,338		Zurich Insurance Group AG		2,643,599
			TOTAL SWITZERLAND		39,953,621
UNITED KINGDOM - 13.2%
	146,457		3i Group plc		1,438,773
	56,534		Associated British Foods plc		1,342,079
	33,485		AstraZeneca plc		3,502,263
	40,545		AstraZeneca plc (ADR)		2,119,693
	491,438		Aviva plc		1,486,171
	73,304		Barratt Developments plc		477,895
	4,806		Berkeley Group Holdings plc		252,282
	149,216		British Land Co plc		761,187
	856,671		BT Group plc		1,248,616
	23,546		Burberry Group plc		408,842
	181,374		CNH Industrial NV		1,134,529
	31,179		Coca-Cola European Partners plc (Class A)		1,235,936
	118,023		Compass Group plc		1,986,021
	23,245		Croda International plc		1,425,376
	6,950		DCC plc		494,207
	28,434		easyJet plc		215,379
	124,771		Informa plc		689,217
	28,144		InterContinental Hotels Group plc		1,282,034
	22,639		Intertek Group plc		1,351,078
	110,713		ITV plc		106,305
	291,221		J Sainsbury plc		724,789
	26,512		JD Sports Fashion plc		175,730
	16,714		Johnson Matthey plc		418,778
	190,476		Kingfisher plc		377,865
	84,375		Land Securities Group plc		703,608
	623,806		Legal & General Group plc		1,603,805
	22,014		London Stock Exchange Group plc		2,060,440
	363,284		Marks & Spencer Group plc		423,250
	150,545		Meggitt plc		527,156
	78,306		Mondi plc		1,382,829
	196,260		National Grid plc		2,299,922
	3,172		Next plc		188,856
	151,463		Pearson plc		873,433
	161,890		Prudential plc		2,283,848
	110,090		RELX plc		2,483,828
	24,075		Schroders plc		804,095
	95,480		Scottish & Southern Energy plc		1,497,639
	137,153		Segro plc		1,437,573
	292,312		Standard Chartered plc		1,493,622
	279,130		Standard Life Aberdeen plc		773,095
	340,120		Taylor Wimpey plc		628,147
	693,678		Tesco plc		2,051,772
	1,097,603		Vodafone Group plc		1,548,360
	57,369		Vodafone Group plc (ADR)		811,198
	9,328		Whitbread plc		349,919
	441,577		WM Morrison Supermarkets plc		1,014,820
	115,546		WPP plc		896,535
			TOTAL UNITED KINGDOM		52,792,795

134

TIAA-CREF FUNDS – Social Choice International Equity Fund

SHARES			COMPANY					VALUE
UNITED STATES - 0.4%
	22,743		Ferguson plc					$	1,639,821
			TOTAL UNITED STATES						1,639,821
			TOTAL COMMON STOCKS						387,692,905
			(Cost $419,425,381)
PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 3.0%
GOVERNMENT AGENCY DEBT - 1.0%
$	4,000,000		Federal Home Loan Bank (FHLB)		0.120	%	07/09/20		3,999,080
			TOTAL GOVERNMENT AGENCY DEBT						3,999,080
REPURCHASE AGREEMENT - 0.7%
	2,590,000		Fixed Income Clearing Corp		0.020		05/01/20		2,590,000
			TOTAL REPURCHASE AGREEMENT						2,590,000
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.3%
	5,144,842	c	State Street Navigator Securities Lending Government Money Market Portfolio						5,144,842
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						5,144,842
			TOTAL SHORT-TERM INVESTMENTS						11,733,922
			(Cost $11,733,922)
			TOTAL INVESTMENTS - 100.2%						399,426,827
			(Cost $431,159,303)
			OTHER ASSETS & LIABILITIES, NET - (0.2)%						(661,893	)
			NET ASSETS - 100.0%					$	398,764,934

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 $6,582,941.
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 4/30/2020, the aggregate value of these securities is $2,680,156 or 0.7% of net assets.

Futures contracts outstanding as of April 30, 2020 were as follows:

Description	Number of long (short) contracts	Expiration date	Notional amount		Value		Unrealized appreciation (depreciation)
MSCI EAFE Index	88	06/19/20	$	7,079,361	$	7,208,520	$	129,159

135

TIAA-CREF FUNDS – Social Choice International Equity Fund

TIAA-CREF FUNDS

SOCIAL CHOICE INTERNATIONAL EQUITY FUND

SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

April 30, 2020

				% OF
SECTOR	VALUE			NET ASSETS
FINANCIALS	$	65,576,117			16.5	%
HEALTH CARE		55,774,128			14.0
INDUSTRIALS		49,999,713			12.5
CONSUMER STAPLES		49,368,869			12.4
CONSUMER DISCRETIONARY		41,164,747			10.3
MATERIALS		30,720,105			7.7
INFORMATION TECHNOLOGY		26,642,824			6.7
COMMUNICATION SERVICES		20,029,192			5.0
UTILITIES		17,087,525			4.3
REAL ESTATE		16,126,679			4.0
ENERGY		15,203,006			3.8
SHORT-TERM INVESTMENTS		11,733,922			3.0
OTHER ASSETS & LIABILITIES, NET		(661,893	)		(0.2	)
NET ASSETS	$	398,764,934			100.0	%

136

TIAA-CREF FUNDS – Equity Index Fund

TIAA-CREF FUNDS

EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2020

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.8%
AUTOMOBILES & COMPONENTS - 0.8%
	84,383	*	Adient plc	$	1,264,057
	119,334	*	American Axle & Manufacturing Holdings, Inc		515,523
	206,418		Aptiv plc		14,356,372
	164,196		BorgWarner, Inc		4,691,080
	51,044		Cooper Tire & Rubber Co		1,081,622
	21,867	*	Cooper-Standard Holding, Inc		280,991
	129,048		Dana Inc		1,484,052
	21,558	*	Dorman Products, Inc		1,359,879
	3,114,197		Ford Motor Co		15,851,263
	32,053	*	Fox Factory Holding Corp		1,635,023
	1,006,508		General Motors Co		22,435,063
	196,255		Gentex Corp		4,757,221
	33,579	*	Gentherm, Inc		1,257,198
	200,242		Goodyear Tire & Rubber Co		1,435,735
	118,461	e	Harley-Davidson, Inc		2,586,004
	19,616		LCI Industries, Inc		1,701,099
	47,688		Lear Corp		4,656,733
	28,052	*	Modine Manufacturing Co		129,881
	11,927	*	Motorcar Parts of America, Inc		169,721
	19,417		Spartan Motors, Inc		273,585
	25,501		Standard Motor Products, Inc		1,037,636
	30,894	*	Stoneridge, Inc		618,807
	48,457	*,e	Tenneco, Inc		251,492
	116,911	*	Tesla, Inc		91,410,373
	40,551	e	Thor Industries, Inc		2,684,476
	21,724	*	Visteon Corp		1,309,957
	22,202		Winnebago Industries, Inc		985,103
			TOTAL AUTOMOBILES & COMPONENTS		180,219,946
BANKS - 4.3%
	12,663		1st Source Corp		439,786
	2,914		ACNB Corp		81,475
	14,927	e	Allegiance Bancshares, Inc		374,369
	13,760	*	Amerant Bancorp Inc		186,035
	4,388		American National Bankshares, Inc		117,379
	47,551		Ameris Bancorp		1,209,222
	3,366		Ames National Corp		71,359
	6,554		Arrow Financial Corp		186,789
	141,772		Associated Banc-Corp		2,004,656
	48,106	*	Atlantic Capital Bancshares, Inc		603,730
	65,534		Atlantic Union Bankshares Corp		1,564,297
	58,558	*	Axos Financial, Inc		1,349,762
	52,790		Banc of California, Inc		550,072
	21,345		Bancfirst Corp		821,996
	80,058		BancorpSouth Bank		1,752,470
	4,160	e	Bank First Corp		213,075

137

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	6,474,445		Bank of America Corp	$	155,710,402
	8,806		Bank of Commerce Holdings		67,718
	36,335	e	Bank of Hawaii Corp		2,477,320
	6,504		Bank of Marin Bancorp		214,372
	50,103		Bank of NT Butterfield & Son Ltd		1,102,767
	99,378		Bank OZK		2,247,930
	7,113		BankFinancial Corp		58,825
	78,805		BankUnited		1,561,127
	2,485		Bankwell Financial Group, Inc		37,896
	27,463		Banner Corp		1,055,403
	7,764		Bar Harbor Bankshares		142,702
	6,303	*	Baycom Corp		77,716
	5,274		BCB Bancorp, Inc		53,373
	37,638		Berkshire Hills Bancorp, Inc		641,352
	27,517	e	BOK Financial Corp		1,425,105
	64,107		Boston Private Financial Holdings, Inc		487,213
	13,592		Bridge Bancorp, Inc		281,218
	61,004		Brookline Bancorp, Inc		622,851
	14,824		Bryn Mawr Bank Corp		431,601
	5,835		Business First Bancshares, Inc		81,573
	42,420		Byline Bancorp, Inc		522,614
	1,500		C&F Financial Corp		53,340
	111,048		Cadence BanCorp		735,138
	2,224	e	Cambridge Bancorp		124,055
	21,731		Camden National Corp		711,690
	4,137		Capital City Bank Group, Inc		91,179
	108,421		Capitol Federal Financial		1,299,968
	4,450		Capstar Financial Holdings, Inc		50,774
	18,182		Carolina Financial Corp		615,097
	16,128		Carter Bank & Trust		152,893
	62,772		Cathay General Bancorp		1,752,594
	11,032		CBTX, Inc		199,238
	109,613		Centerstate Banks of Florida, Inc		1,906,170
	16,071		Central Pacific Financial Corp		281,082
	5,526		Central Valley Community Bancorp		80,845
	1,597		Century Bancorp, Inc		119,280
	1,397		Chemung Financial Corp		34,227
	80,490		CIT Group, Inc		1,527,700
	1,703,103		Citigroup, Inc		82,702,682
	4,874		Citizens & Northern Corp		87,147
	350,864		Citizens Financial Group, Inc		7,855,845
	13,553		City Holding Co		916,047
	5,425		Civista Bancshares, Inc		83,165
	7,829		CNB Financial Corp		138,886
	4,321		Codorus Valley Bancorp, Inc		60,710
	53,818		Columbia Banking System, Inc		1,452,548
	69,918	*,e	Columbia Financial, Inc		989,689
	115,801		Comerica, Inc		4,036,823
	83,410		Commerce Bancshares, Inc		5,103,858
	46,799		Community Bank System, Inc		2,924,470
	11,706		Community Bankers Trust Corp		65,437
	2,126		Community Financial Corp		49,323
	14,415		Community Trust Bancorp, Inc		488,669
	26,242		ConnectOne Bancorp, Inc		392,055
	32,610	*,e	CrossFirst Bankshares, Inc		315,339
	45,346	e	Cullen/Frost Bankers, Inc		3,258,564

138

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	42,835	*	Customers Bancorp, Inc	$	546,575
	110,658		CVB Financial Corp		2,300,027
	24,540		Dime Community Bancshares		403,192
	28,606		Eagle Bancorp, Inc		1,003,498
	121,016		East West Bancorp, Inc		4,244,031
	5,087		Enterprise Bancorp, Inc		122,851
	20,492		Enterprise Financial Services Corp		629,924
	30,454	*	Equity Bancshares, Inc		570,708
	3,904		ESSA Bancorp, Inc		46,848
	74,941		Essent Group Ltd		2,047,388
	2,367		Evans Bancorp, Inc		65,732
	4,971	e	Farmers & Merchants Bancorp, Inc		119,304
	11,577		Farmers National Banc Corp		143,439
	12,667	e	FB Financial Corp		282,981
	6,973		Federal Agricultural Mortgage Corp (Class C)		464,611
	578,526		Fifth Third Bancorp		10,812,651
	8,822		Financial Institutions, Inc		170,706
	21,839		First Bancorp (NC)		580,699
	194,221		First Bancorp (Puerto Rico)		1,132,308
	5,552		First Bancorp, Inc		121,589
	15,095		First Bancshares, Inc		300,692
	39,146		First Busey Corp		721,069
	3,142		First Business Financial Services, Inc		53,980
	6,136		First Citizens Bancshares, Inc (Class A)		2,343,952
	87,439		First Commonwealth Financial Corp		832,419
	9,068		First Community Bancshares, Inc		213,733
	29,025		First Defiance Financial Corp		504,455
	75,832		First Financial Bancorp		1,166,296
	108,672		First Financial Bankshares, Inc		3,026,515
	5,725		First Financial Corp		203,352
	3,992		First Financial Northwest, Inc		39,201
	30,409		First Foundation, Inc		418,428
	2,482	e	First Guaranty Bancshares, Inc		33,532
	106,166		First Hawaiian, Inc		1,867,460
	231,164		First Horizon National Corp		2,098,969
	2,608		First Internet Bancorp		40,946
	30,796		First Interstate Bancsystem, Inc		1,040,905
	43,451		First Merchants Corp		1,230,098
	5,319		First Mid-Illinois Bancshares, Inc		142,017
	86,352		First Midwest Bancorp, Inc		1,276,283
	4,850		First Northwest Bancorp		56,503
	12,443		First of Long Island Corp		196,475
	139,014		First Republic Bank		14,497,770
	31,141		Flagstar Bancorp, Inc		806,863
	22,632		Flushing Financial Corp		282,674
	277,902		FNB Corp		2,248,227
	7,225		Franklin Financial Network, Inc		171,377
	124,697		Fulton Financial Corp		1,457,708
	19,741		German American Bancorp, Inc		586,900
	72,085		Glacier Bancorp, Inc		2,744,997
	8,129		Great Southern Bancorp, Inc		346,052
	46,439		Great Western Bancorp, Inc		873,053
	1,561		Greene County Bancorp, Inc		32,765
	4,475		Guaranty Bancshares, Inc		120,691
	76,655		Hancock Whitney Corp		1,602,856
	29,825		Hanmi Financial Corp		359,988

139

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	12,453	*	HarborOne Northeast Bancorp, Inc	$	99,873
	7,129		HBT Financial, Inc		83,053
	31,341		Heartland Financial USA, Inc		1,064,654
	43,297		Heritage Commerce Corp		384,477
	28,818		Heritage Financial Corp		577,801
	65,867		Hilltop Holdings, Inc		1,271,233
	667		Hingham Institution for Savings		102,064
	2,720		Home Bancorp, Inc		69,088
	128,893		Home Bancshares, Inc		1,975,930
	15,343		HomeStreet, Inc		392,014
	8,155		HomeTrust Bancshares, Inc		125,342
	109,452		Hope Bancorp, Inc		1,089,047
	18,388		Horizon Bancorp		209,255
	4,484	*	Howard Bancorp, Inc		50,086
	793,865		Huntington Bancshares, Inc		7,335,313
	46,494		IBERIABANK Corp		1,927,641
	26,956		Independent Bank Corp (MA)		1,964,823
	42,274		Independent Bank Corp (MI)		621,005
	24,309		Independent Bank Group, Inc		736,806
	47,386		International Bancshares Corp		1,373,720
	4,146		Investar Holding Corp		52,032
	200,987		Investors Bancorp, Inc		1,871,189
	2,527,053		JPMorgan Chase & Co		241,990,595
	63,418		Kearny Financial Corp		589,787
	794,216		Keycorp		9,252,616
	25,883		Lakeland Bancorp, Inc		289,631
	18,429		Lakeland Financial Corp		780,100
	4,325		LCNB Corp		62,021
	6,707	*,e	LendingTree, Inc		1,672,525
	12,400		Live Oak Bancshares, Inc		172,980
	107,567		M&T Bank Corp		12,056,109
	12,254		Macatawa Bank Corp		94,111
	3,486	*	Malvern Bancorp, Inc		45,841
	8,871		Mercantile Bank Corp		209,356
	9,591		Merchants Bancorp		147,701
	32,710		Meridian Bancorp, Inc		385,324
	35,241		Meta Financial Group, Inc		649,139
	8,963	*	Metropolitan Bank Holding Corp		224,882
	283,943		MGIC Investment Corp		2,075,623
	9,191		Midland States Bancorp, Inc		149,078
	5,843		MidWestOne Financial Group, Inc		121,943
	69,956	*	Mr Cooper Group, Inc		670,178
	57,418		National Bank Holdings Corp		1,526,170
	2,722		National Bankshares, Inc		81,606
	41,906		NBT Bancorp, Inc		1,388,346
	370,193		New York Community Bancorp, Inc		4,020,296
	7,392	*,e	Nicolet Bankshares, Inc		406,708
	55,426	*	NMI Holdings, Inc		749,360
	3,985		Northeast Bank		66,749
	23,045		Northfield Bancorp, Inc		259,717
	3,202		Northrim BanCorp, Inc		75,087
	106,017		Northwest Bancshares, Inc		1,124,836
	3,306		Norwood Financial Corp		78,104
	53,420		OceanFirst Financial Corp		900,127
	56,581		OFG Bancorp		711,789
	2,358		Ohio Valley Banc Corp		59,422

140

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	141,697		Old National Bancorp	$	2,007,846
	15,107		Old Second Bancorp, Inc		124,331
	12,072		Opus Bank		232,024
	9,484		Origin Bancorp, Inc		211,398
	3,392		Orrstown Financial Services, Inc		52,237
	8,412	*	Pacific Mercantile Bancorp		33,732
	44,419		Pacific Premier Bancorp, Inc		948,346
	100,415		PacWest Bancorp		2,032,400
	14,767		Park National Corp		1,181,065
	3,840		Parke Bancorp, Inc		54,106
	10,060		PCSB Financial Corp		137,319
	10,228		Peapack Gladstone Financial Corp		193,002
	2,782		Penns Woods Bancorp, Inc		63,708
	23,117		PennyMac Financial Services, Inc		697,440
	2,432		Peoples Bancorp of North Carolina, Inc		42,317
	7,608		Peoples Bancorp, Inc		184,950
	2,907		Peoples Financial Services Corp		107,588
	355,753		People’s United Financial, Inc		4,514,506
	5,959		People’s Utah Bancorp		127,999
	62,477		Pinnacle Financial Partners, Inc		2,514,699
	353,143		PNC Financial Services Group, Inc		37,669,764
	78,009		Popular, Inc		3,010,367
	7,341		Preferred Bank		280,059
	5,393		Premier Financial Bancorp, Inc		70,109
	75,269		Prosperity Bancshares, Inc		4,510,871
	4,863		Provident Bancorp Inc		46,393
	59,575		Provident Financial Services, Inc		854,901
	4,558		Prudential Bancorp, Inc		56,063
	6,598		QCR Holdings, Inc		203,086
	159,228		Radian Group, Inc		2,385,235
	8,182		RBB Bancorp		105,711
	779,286		Regions Financial Corp		8,377,325
	3,521		Reliant Bancorp Inc		51,266
	43,926		Renasant Corp		1,152,179
	4,080		Republic Bancorp, Inc (Class A)		135,986
	28,579	*	Republic First Bancorp, Inc		75,163
	10,113		Riverview Bancorp, Inc		55,925
	33,907		S&T Bancorp, Inc		905,656
	26,864		Sandy Spring Bancorp, Inc		685,032
	39,817	*	Seacoast Banking Corp of Florida		894,688
	38,957		ServisFirst Bancshares, Inc		1,383,753
	6,457		Shore Bancshares, Inc		71,673
	4,948		Sierra Bancorp		100,444
	42,386		Signature Bank		4,542,931
	78,048		Simmons First National Corp (Class A)		1,459,498
	4,022		SmartFinancial, Inc		58,158
	30,627		South State Corp		1,771,466
	2,602	*	Southern First Bancshares, Inc		75,874
	2,640		Southern Missouri Bancorp, Inc		62,647
	5,193		Southern National Bancorp of Virginia, Inc		52,294
	24,784		Southside Bancshares, Inc		753,681
	172,833		Sterling Bancorp		2,131,031
	20,195		Stock Yards Bancorp, Inc		667,243
	5,685		Summit Financial Group, Inc		100,397
	42,603	*	SVB Financial Group		8,229,622
	120,502		Synovus Financial Corp		2,531,747

141

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	120,470		TCF Financial Corp	$	3,576,754
	3,551		Territorial Bancorp, Inc		89,237
	39,697	*	Texas Capital Bancshares, Inc		1,102,783
	39,374		TFS Financial Corp		537,455
	30,786	*	The Bancorp, Inc		214,578
	3,470		Timberland Bancorp, Inc		67,145
	11,339		Tompkins Financial Corp		765,496
	59,093		Towne Bank		1,193,679
	30,847		Trico Bancshares		929,112
	21,982	*	Tristate Capital Holdings, Inc		312,584
	18,008	*	Triumph Bancorp, Inc		499,002
	1,088,531		Truist Financial Corp		40,623,977
	138,031		Trustco Bank Corp NY		869,595
	55,241		Trustmark Corp		1,469,963
	36,974		UMB Financial Corp		1,879,758
	196,207		Umpqua Holdings Corp		2,457,493
	1,840	e	Union Bankshares, Inc		44,215
	75,942		United Bankshares, Inc		2,275,222
	59,222		United Community Banks, Inc		1,252,249
	7,069		United Security Bancshares		47,080
	4,117		Unity Bancorp, Inc		59,120
	14,041		Univest Financial Corp		248,526
	1,141,985		US Bancorp		41,682,453
	313,467		Valley National Bancorp		2,620,584
	46,527		Veritex Holdings, Inc		817,014
	29,173		Walker & Dunlop, Inc		1,121,118
	64,136		Washington Federal, Inc		1,714,997
	11,923		Washington Trust Bancorp, Inc		417,424
	19,848		Waterstone Financial, Inc		288,193
	72,662		Webster Financial Corp		2,052,702
	3,021,862		Wells Fargo & Co		87,785,091
	52,536		WesBanco, Inc		1,296,588
	8,275		West Bancorporation, Inc		153,915
	25,370		Westamerica Bancorporation		1,598,310
	82,993		Western Alliance Bancorp		2,977,789
	14,297		Western New England Bancorp, Inc		85,925
	41,464		Wintrust Financial Corp		1,737,342
	46,380		WSFS Financial Corp		1,353,368
	129,048		Zions Bancorporation		4,079,207
			TOTAL BANKS		990,972,937
CAPITAL GOODS - 5.9%
	452,483		3M Co		68,741,217
	110,155		A.O. Smith Corp		4,668,369
	32,873	e	Aaon, Inc		1,566,070
	29,134		AAR Corp		570,444
	32,693		Acuity Brands, Inc		2,830,887
	34,214		Advanced Drainage Systems, Inc		1,387,036
	120,893	*	Aecom Technology Corp		4,383,580
	19,957	*	Aegion Corp		320,310
	60,122	*	Aerojet Rocketdyne Holdings, Inc		2,473,419
	17,124	*	Aerovironment, Inc		1,031,892
	47,272		AGCO Corp		2,497,852
	89,890		Air Lease Corp		2,350,623
	11,318		Alamo Group, Inc		1,114,144
	24,183		Albany International Corp (Class A)		1,236,719

142

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	75,454		Allegion plc	$	7,586,145
	4,154	e	Allied Motion Technologies, Inc		119,718
	89,072		Allison Transmission Holdings, Inc		3,236,876
	49,149		Altra Industrial Motion Corp		1,371,749
	12,897	*	Ameresco, Inc		232,920
	16,495	*,e	American Superconductor Corp		94,846
	15,949	*	American Woodmark Corp		819,938
	184,144		Ametek, Inc		15,444,157
	16,001		Apogee Enterprises, Inc		327,060
	30,024		Applied Industrial Technologies, Inc		1,572,957
	39,198		Arcosa, Inc		1,460,909
	21,150		Argan, Inc		793,971
	12,841	*	Armstrong Flooring, Inc		26,966
	39,596		Armstrong World Industries, Inc		3,052,060
	17,840	e	Astec Industries, Inc		715,562
	12,205	*	Astronics Corp		109,601
	43,228	*	Atkore International Group, Inc		1,052,170
	46,736	*	Axon Enterprise, Inc		3,398,175
	24,471		AZZ, Inc		768,145
	41,380		Barnes Group, Inc		1,588,164
	47,463	*	Beacon Roofing Supply, Inc		1,044,186
	39,286	*,e	Bloom Energy Corp		301,324
	8,167	*	Blue Bird Corp		100,209
	60,812	*	BMC Stock Holdings, Inc		1,292,255
	430,861		Boeing Co		60,760,018
	55,600	e	Briggs & Stratton Corp		126,212
	91,718	*	Builders FirstSource, Inc		1,683,025
	76,853		BWX Technologies, Inc		4,077,820
	13,421	e	Caesarstone Sdot-Yam Ltd		131,660
	12,384	*	CAI International, Inc		204,212
	44,781		Carlisle Cos, Inc		5,416,710
	662,543	*	Carrier Global Corp		11,733,637
	433,060		Caterpillar, Inc		50,399,523
	28,709	*	Chart Industries, Inc		1,025,485
	21,840	*,e	CIRCOR International, Inc		326,071
	64,452	*,e	Colfax Corp		1,662,217
	12,284		Columbus McKinnon Corp		332,651
	28,995		Comfort Systems USA, Inc		965,534
	13,460	*	Commercial Vehicle Group, Inc		32,573
	13,252	*	Construction Partners Inc		242,909
	58,134	*	Cornerstone Building Brands, Inc		309,854
	41,739		Crane Co		2,272,689
	11,849		CSW Industrials, Inc		784,878
	24,760		Cubic Corp		946,080
	118,227		Cummins, Inc		19,330,115
	39,263		Curtiss-Wright Corp		4,069,610
	228,273		Deere & Co		33,113,281
	103,982		Donaldson Co, Inc		4,557,531
	27,155		Douglas Dynamics, Inc		1,003,649
	118,914		Dover Corp		11,136,296
	6,486	*	Ducommun, Inc		183,165
	9,722	*	DXP Enterprises, Inc		145,052
	24,056	*,e	Dycom Industries, Inc		784,226
	2,789		Eastern Co		50,202
	332,995		Eaton Corp		27,805,082

143

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	42,133		EMCOR Group, Inc	$	2,676,709
	499,430		Emerson Electric Co		28,482,493
	16,428		Encore Wire Corp		752,074
	16,323	*,e	Energous Corp		36,400
	22,221	*,e	Energy Recovery, Inc		180,879
	55,008		Enerpac Tool Group Corp		938,436
	31,998		EnerSys		1,868,363
	12,073		EnPro Industries, Inc		547,511
	22,121		ESCO Technologies, Inc		1,687,832
	1,925	*,e	EVI Industries, Inc		35,170
	69,617	*	Evoqua Water Technologies Corp		1,117,353
	466,198		Fastenal Co		16,885,692
	57,306		Federal Signal Corp		1,543,251
	105,288		Flowserve Corp		2,965,963
	106,582		Fluor Corp		1,247,009
	240,971		Fortive Corp		15,422,144
	110,166		Fortune Brands Home & Security, Inc		5,310,001
	12,013	*	Foundation Building Materials, Inc		140,552
	40,482		Franklin Electric Co, Inc		2,056,486
	47,078	*,e	Gates Industrial Corp plc		404,400
	29,558	e	GATX Corp		1,752,789
	3,177	*	Gencor Industries, Inc		38,505
	49,289	*	Generac Holdings, Inc		4,802,720
	204,971		General Dynamics Corp		26,773,312
	7,016,144		General Electric Co		47,709,779
	24,372	*	Gibraltar Industries, Inc		1,128,424
	27,379	*	GMS, Inc		503,226
	30,567		Gorman-Rupp Co		901,727
	129,734		Graco, Inc		5,793,920
	61,615	e	GrafTech International Ltd		500,314
	4,289		Graham Corp		56,186
	39,572	e	Granite Construction, Inc		650,564
	40,660	*	Great Lakes Dredge & Dock Corp		359,434
	25,581	e	Greenbrier Cos, Inc		434,365
	27,875	e	Griffon Corp		457,429
	22,515		H&E Equipment Services, Inc		366,094
	62,488	*	Harsco Corp		623,630
	129,567	*	HD Supply Holdings, Inc		3,845,549
	33,620		HEICO Corp		2,945,112
	61,577		HEICO Corp (Class A)		4,453,864
	28,566		Helios Technologies, Inc		1,016,093
	21,947	*	Herc Holdings, Inc		619,564
	62,218		Hexcel Corp		2,152,121
	59,682		Hillenbrand, Inc		1,250,338
	583,177		Honeywell International, Inc		82,752,816
	309,835	*	Howmet Aerospace, Inc		4,049,543
	44,242		Hubbell, Inc		5,505,032
	32,139		Huntington Ingalls		6,151,726
	2,644		Hurco Cos, Inc		86,432
	6,113		Hyster-Yale Materials Handling, Inc		238,652
	60,718		IDEX Corp		9,328,106
	5,855	*	IES Holdings, Inc		115,636
	259,083		Illinois Tool Works, Inc		42,100,988
	278,782	*	Ingersoll Rand, Inc		8,106,981
	11,105		Insteel Industries, Inc		195,115
	71,495		ITT, Inc		3,769,216

144

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	104,893		Jacobs Engineering Group, Inc	$	8,679,896
	72,150	*	JELD-WEN Holding, Inc		916,305
	25,241		John Bean Technologies Corp		1,936,994
	623,303		Johnson Controls International plc		18,144,350
	6,195		Kadant, Inc		520,938
	23,443		Kaman Corp		908,651
	64,584		Kennametal, Inc		1,653,996
	87,155	*	Kratos Defense & Security Solutions, Inc		1,309,068
	178,592		L3Harris Technologies, Inc		34,593,270
	1,917	*	Lawson Products, Inc		64,430
	5,409	*	LB Foster Co (Class A)		77,836
	27,994		Lennox International, Inc		5,225,920
	46,831		Lincoln Electric Holdings, Inc		3,770,364
	11,290		Lindsay Corp		1,016,100
	200,216		Lockheed Martin Corp		77,896,037
	19,317		Luxfer Holdings plc		262,132
	9,749	*	Lydall, Inc		109,189
	53,388	*	Manitowoc Co, Inc		492,237
	221,233		Masco Corp		9,079,402
	17,650	*	Masonite International Corp		1,042,762
	51,564	*,e	Mastec, Inc		1,851,148
	52,007	e	Maxar Technologies, Inc		655,808
	44,288	*	Mercury Systems, Inc		3,948,718
	54,856	*	Meritor, Inc		1,124,548
	43,483	*,e	Middleby Corp		2,418,959
	6,122		Miller Industries, Inc		185,986
	24,373		Moog, Inc (Class A)		1,205,976
	51,629	*,e	MRC Global, Inc		276,731
	35,576		MSC Industrial Direct Co (Class A)		2,121,753
	56,321		Mueller Industries, Inc		1,458,714
	126,001		Mueller Water Products, Inc (Class A)		1,195,749
	8,810	*	MYR Group, Inc		264,300
	3,530		National Presto Industries, Inc		287,024
	44,085	*	Navistar International Corp		1,047,900
	32,044	e	NN, Inc		110,552
	47,600		Nordson Corp		7,659,316
	126,511		Northrop Grumman Corp		41,833,392
	5,149	*	Northwest Pipe Co		125,224
	104,096	*	NOW, Inc		642,272
	7,817	*	NV5 Global Inc		365,445
	124,065		nVent Electric plc		2,313,812
	1,285	e	Omega Flex, Inc		115,779
	53,739		Oshkosh Corp		3,628,995
	325,894	*	Otis Worldwide Corp		16,591,264
	85,177		Owens Corning, Inc		3,693,275
	270,300		PACCAR, Inc		18,712,869
	17,810		Park Aerospace Corp		237,051
	104,551		Parker-Hannifin Corp		16,531,604
	16,093	*	Parsons Corp		601,878
	21,079		Patrick Industries, Inc		868,876
	133,592		Pentair plc		4,620,947
	53,663	*	PGT, Inc		554,875
	238,525	*,e	Plug Power, Inc		998,227
	6,290		Powell Industries, Inc		159,577
	1,077		Preformed Line Products Co		53,505
	27,331		Primoris Services Corp		426,637

145

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	21,502	*	Proto Labs, Inc	$	2,184,388
	19,158		Quanex Building Products Corp		238,900
	116,825		Quanta Services, Inc		4,247,757
	20,497		Raven Industries, Inc		456,468
	1,187,084	*	Raytheon Technologies Corp		76,934,914
	19,075	*	RBC Bearings, Inc		2,416,421
	33,248		Regal-Beloit Corp		2,360,940
	95,538	*	Resideo Technologies, Inc		490,110
	36,879	e	REV Group, Inc		196,196
	82,974		Rexnord Corp		2,262,701
	93,497		Rockwell Automation, Inc		17,715,812
	82,996		Roper Technologies Inc		28,304,126
	17,334		Rush Enterprises, Inc (Class A)		650,025
	2,932		Rush Enterprises, Inc (Class B)		103,529
	124,711	*	Sensata Technologies Holding plc		4,536,986
	34,852		Simpson Manufacturing Co, Inc		2,512,829
	33,622	*,e	SiteOne Landscape Supply, Inc		2,979,918
	43,874	e	Snap-On, Inc		5,716,343
	81,623		Spirit Aerosystems Holdings, Inc (Class A)		1,808,766
	38,672	*	SPX Corp		1,474,563
	32,583	*	SPX FLOW, Inc		1,061,228
	7,239		Standex International Corp		360,792
	122,748		Stanley Black & Decker, Inc		13,526,830
	16,087	*	Sterling Construction Co, Inc		158,940
	86,098	*	Sunrun, Inc		1,207,955
	11,228		Systemax, Inc		222,988
	28,687	*	Teledyne Technologies, Inc		9,342,495
	14,484		Tennant Co		857,018
	47,632		Terex Corp		723,530
	39,562	*,e	Textainer Group Holdings Ltd		347,354
	187,957		Textron, Inc		4,954,547
	22,888	*	Thermon Group Holdings		349,729
	52,367		Timken Co		1,967,952
	29,909		Titan International, Inc		42,172
	10,075	*	Titan Machinery, Inc		94,705
	87,131		Toro Co		5,559,829
	43,174	*	TPI Composites, Inc		756,840
	193,077	*	Trane Technologies plc		16,878,791
	41,133		TransDigm Group, Inc		14,934,570
	46,872	*,e	Trex Co, Inc		4,463,152
	47,340	*	Trimas Corp		1,128,586
	86,801	e	Trinity Industries, Inc		1,674,391
	46,220		Triton International Ltd		1,431,896
	17,892	e	Triumph Group, Inc		125,960
	28,202	*	Tutor Perini Corp		197,414
	4,906	*	Twin Disc, Inc		29,485
	59,588	*	United Rentals, Inc		7,657,058
	119,183	*	Univar Solutions Inc		1,730,537
	47,273		Universal Forest Products, Inc		1,943,866
	16,779		Valmont Industries, Inc		1,967,170
	7,781	*	Vectrus, Inc		404,690
	7,165	*,e	Veritiv Corp		67,136
	13,467	*	Vicor Corp		716,040
	19,540	*	Vivint Solar, Inc		123,884
	35,591		W.W. Grainger, Inc		9,808,168
	39,948	e	Wabash National Corp		327,574

146

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	40,684	*	WABCO Holdings, Inc	$	5,467,116
	145,767		Wabtec Corp		8,224,174
	26,049	e	Watsco, Inc		4,193,629
	22,424		Watts Water Technologies, Inc (Class A)		1,847,738
	118,218	*	Welbilt, Inc		582,815
	28,126	*	WESCO International, Inc		727,620
	2,164	*	Willis Lease Finance Corp		43,302
	34,325	*	Willscot Corp		399,886
	43,457		Woodward Inc		2,631,756
	146,662		Xylem, Inc		10,544,998
			TOTAL CAPITAL GOODS		1,349,117,173
COMMERCIAL & PROFESSIONAL SERVICES - 1.1%
	55,778		ABM Industries, Inc		1,923,783
	33,778	*	Acacia Research (Acacia Technologies)		85,458
	99,433		ACCO Brands Corp		735,804
	129,255	e	ADT, Inc		740,631
	55,283	*	Advanced Disposal Services, Inc		1,782,877
	41,418	*	ASGN Inc		1,923,866
	4,343		Barrett Business Services, Inc		212,460
	3,767		BG Staffing, Inc		45,769
	42,167		Brady Corp (Class A)		1,835,951
	49,226	*,e	BrightView Holdings, Inc		631,077
	40,427	e	Brink’s Co		2,066,628
	36,837	*	Casella Waste Systems, Inc (Class A)		1,708,500
	40,899	*	CBIZ, Inc		971,351
	15,922	*	Ceco Environmental Corp		86,297
	15,071	*	Cimpress plc		1,097,018
	69,496		Cintas Corp		15,416,298
	37,804	*	Clean Harbors, Inc		2,019,868
	164,432	*	Copart, Inc		13,172,648
	29,343	*	CoStar Group, Inc		19,021,893
	66,196		Covanta Holding Corp		515,005
	4,475		CRA International, Inc		188,532
	27,013		Deluxe Corp		760,956
	10,428	*,e	Emerald Holding, Inc		23,776
	18,634		Ennis, Inc		346,779
	97,740		Equifax, Inc		13,576,086
	41,740		Exponent, Inc		2,935,574
	4,961	*	Forrester Research, Inc		155,279
	6,551	*	Franklin Covey Co		135,933
	29,740	*	FTI Consulting, Inc		3,787,686
	5,601	*	GP Strategies Corp		44,584
	57,493	e	Healthcare Services Group		1,465,497
	15,294		Heidrick & Struggles International, Inc		343,197
	8,242	*	Heritage-Crystal Clean, Inc		151,241
	45,843		Herman Miller, Inc		1,033,301
	38,514		HNI Corp		937,431
	17,903	*	Huron Consulting Group, Inc		1,003,284
	106,045	*	IAA, Inc		4,093,337
	11,753		ICF International, Inc		864,316
	316,119		IHS Markit Ltd		21,274,809
	27,397	*	Innerworkings, Inc		48,493
	28,270		Insperity, Inc		1,348,762
	35,215		Interface, Inc		325,387
	102,781	e	KAR Auction Services, Inc		1,539,659

147

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	18,569		Kelly Services, Inc (Class A)	$	286,891
	12,856		Kforce, Inc		385,037
	17,697		Kimball International, Inc (Class B)		217,142
	26,680		Knoll, Inc		311,089
	44,333		Korn/Ferry International		1,278,120
	46,558		Manpower, Inc		3,456,466
	24,137		Matthews International Corp (Class A)		577,840
	18,198		McGrath RentCorp		992,701
	15,128	*	Mistras Group, Inc		71,858
	33,440		Mobile Mini, Inc		955,381
	29,516	e	MSA Safety, Inc		3,321,436
	278,241		Nielsen NV		4,098,490
	8,365		NL Industries, Inc		28,023
	182,036		Pitney Bowes, Inc		642,587
	67,570	*,e	Precigen, Inc		243,252
	59,629	e	Quad Graphics, Inc		221,820
	175,507		Republic Services, Inc		13,749,218
	15,209		Resources Connection, Inc		165,474
	94,097		Robert Half International, Inc		4,447,965
	113,906		Rollins, Inc		4,556,240
	91,455	e	RR Donnelley & Sons Co		156,388
	17,984	*	SP Plus Corp		379,283
	82,937		Steelcase, Inc (Class A)		908,160
	70,929	*	Stericycle, Inc		3,461,335
	40,398	*	Team, Inc		249,256
	44,767		Tetra Tech, Inc		3,370,060
	152,993		TransUnion		12,054,319
	33,491	*	TriNet Group, Inc		1,640,054
	27,821	*	TrueBlue, Inc		432,060
	12,296		Unifirst Corp		2,067,572
	12,067	e	US Ecology, Inc		395,556
	130,781		Verisk Analytics, Inc		19,987,260
	14,492		Viad Corp		347,373
	4,765		VSE Corp		91,583
	344,090		Waste Management, Inc		34,415,882
	4,929	*,e	Willdan Group, Inc		124,999
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		242,465,251
CONSUMER DURABLES & APPAREL - 1.2%
	31,572	e	Acushnet Holdings Corp		865,073
	39,646	*	American Outdoor Brands Corp		375,249
	6,475		Bassett Furniture Industries, Inc		44,289
	13,008	*	Beazer Homes USA, Inc		91,576
	61,550		Brunswick Corp		2,937,166
	81,438		Callaway Golf Co		1,166,192
	117,166	*	Capri Holdings Ltd		1,786,782
	33,939		Carter’s, Inc		2,654,030
	8,835	*	Cavco Industries, Inc		1,366,598
	12,938	*	Century Communities, Inc		277,132
	10,630		Clarus Corp		113,528
	24,131	e	Columbia Sportswear Co		1,758,909
	53,685	*	CROCS, Inc		1,301,861
	5,513		Culp, Inc		39,197
	22,691	*	Deckers Outdoor Corp		3,375,513
	257,449		DR Horton, Inc		12,156,742
	3,637		Escalade, Inc		31,096

148

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	39,428		Ethan Allen Interiors, Inc	$	445,931
	4,787		Flexsteel Industries, Inc		45,955
	57,082	*,e	Fossil Group, Inc		226,045
	120,764		Garmin Ltd		9,801,206
	40,146	*,e	G-III Apparel Group Ltd		454,854
	74,505	*,e	GoPro, Inc		262,258
	20,058	*	Green Brick Partners, Inc		178,717
	7,083	e	Hamilton Beach Brands Holding Co		93,425
	286,033	e	Hanesbrands, Inc		2,843,168
	101,394		Hasbro, Inc		7,321,661
	19,980	*	Helen of Troy Ltd		3,282,314
	6,640		Hooker Furniture Corp		99,534
	20,070	*	Installed Building Products, Inc		989,652
	21,214	*,e	iRobot Corp		1,293,206
	3,431		Johnson Outdoors, Inc		234,543
	73,756		KB Home		1,935,358
	35,605	e	Kontoor Brands, Inc		691,093
	45,145		La-Z-Boy, Inc		1,058,650
	102,406		Leggett & Platt, Inc		3,597,523
	9,796		Lennar Corp (B Shares)		373,717
	223,615		Lennar Corp (Class A)		11,196,403
	22,441	*	LGI Homes, Inc		1,359,476
	3,744		Lifetime Brands, Inc		21,341
	15,674	*,e	Lovesac Co		186,991
	95,910	*	Lululemon Athletica, Inc		21,433,967
	17,044	*	M/I Homes, Inc		433,940
	15,772	*	Malibu Boats, Inc		542,241
	6,686		Marine Products Corp		64,988
	11,236	*	MasterCraft Boat Holdings, Inc		117,416
	261,109	*,e	Mattel, Inc		2,276,871
	47,716		MDC Holdings, Inc		1,395,693
	31,806	*	Meritage Homes Corp		1,671,723
	47,695	*	Mohawk Industries, Inc		4,183,805
	20,975		Movado Group, Inc		216,252
	2,520		Nacco Industries, Inc (Class A)		88,578
	307,589		Newell Brands Inc		4,269,335
	945,805		Nike, Inc (Class B)		82,455,280
	2,467	*	NVR, Inc		7,647,700
	16,346	e	Oxford Industries, Inc		685,224
	46,127		Polaris Inc		3,271,788
	202,421		Pulte Homes, Inc		5,722,442
	58,849		PVH Corp		2,897,136
	38,691		Ralph Lauren Corp		2,854,622
	106,421	*	Skechers U.S.A., Inc (Class A)		2,998,944
	39,643	*	Skyline Champion Corp		781,364
	50,941	*	Sonos, Inc		520,617
	70,267		Steven Madden Ltd		1,761,594
	19,029		Sturm Ruger & Co, Inc		1,012,343
	2,932		Superior Uniform Group, Inc		25,567
	229,054		Tapestry, Inc		3,408,324
	114,253	*	Taylor Morrison Home Corp		1,662,381
	35,239	*	Tempur Sealy International, Inc		1,894,096
	101,662		Toll Brothers, Inc		2,441,921
	25,210	*	TopBuild Corp		2,349,320
	133,679	*	TRI Pointe Homes, Inc		1,534,635
	41,883		Tupperware Brands Corp		134,863

149

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	142,549	*,e	Under Armour, Inc (Class A)	$	1,485,361
	146,854	*	Under Armour, Inc (Class C)		1,361,337
	14,239	*	Unifi, Inc		147,374
	11,051	*	Universal Electronics, Inc		456,185
	10,709	*	Vera Bradley, Inc		59,007
	252,344		VF Corp		14,661,186
	46,570	*	Vista Outdoor, Inc		471,288
	50,033	e	Whirlpool Corp		5,590,687
	74,976		Wolverine World Wide, Inc		1,536,258
	44,953	*,e	YETI Holdings, Inc		1,241,152
	16,438	*,e	ZAGG, Inc		54,245
			TOTAL CONSUMER DURABLES & APPAREL		268,153,004
CONSUMER SERVICES - 1.9%
	46,822	*	Adtalem Global Education, Inc		1,487,535
	8,703	*	American Public Education, Inc		224,276
	202,829		ARAMARK Holdings Corp		5,539,260
	39,159		BBX Capital Corp		83,017
	2,288	*	Biglari Holdings, Inc (B Shares)		160,137
	9,989	e	BJ’s Restaurants, Inc		218,360
	76,061		Bloomin’ Brands, Inc		916,535
	70,081		Boyd Gaming Corp		1,169,652
	45,380	*	Bright Horizons Family Solutions		5,284,501
	25,589	e	Brinker International, Inc		595,712
	462,503	*	Caesars Entertainment Corp		4,467,779
	368,079	e	Carnival Corp		5,852,456
	14,241		Carriage Services, Inc		213,900
	33,199	*,e	Carrols Restaurant Group, Inc		121,176
	10,670	*	Century Casinos, Inc		48,388
	36,491	e	Cheesecake Factory		813,384
	94,007	*	Chegg, Inc		4,018,799
	20,592	*	Chipotle Mexican Grill, Inc (Class A)		18,091,102
	25,802	e	Choice Hotels International, Inc		1,936,440
	27,797		Churchill Downs, Inc		2,785,815
	9,242	*	Chuy’s Holdings, Inc		154,896
	4,522		Collectors Universe		99,348
	17,291		Cracker Barrel Old Country Store, Inc		1,684,143
	97,722		Darden Restaurants, Inc		7,210,906
	11,108	e	Dave & Buster’s Entertainment, Inc		162,621
	47,047	*,e	Del Taco Restaurants, Inc		276,636
	51,012	*	Denny’s Corp		574,905
	7,795	e	Dine Brands Global Inc.		346,020
	33,258		Domino’s Pizza, Inc		12,037,068
	39,635	*	Drive Shack, Inc		52,318
	60,906		Dunkin Brands Group, Inc		3,827,333
	12,324	*	El Pollo Loco Holdings, Inc		150,723
	45,893	*,e	Eldorado Resorts, Inc		983,946
	138,810		Extended Stay America, Inc		1,508,865
	38,534	*	Fiesta Restaurant Group, Inc		280,335
	72,964	*	frontdoor, Inc		2,824,436
	24,424	*	Golden Entertainment, Inc		230,563
	3,415		Graham Holdings Co		1,331,884
	38,682	*	Grand Canyon Education, Inc		3,327,426
	157,350		H&R Block, Inc		2,619,878
	69,746	*	Hilton Grand Vacations, Inc		1,436,768
	218,797	e	Hilton Worldwide Holdings, Inc		16,565,121

150

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	81,207	*	Houghton Mifflin Harcourt Co	$	129,931
	27,534		Hyatt Hotels Corp		1,549,063
	82,212		International Game Technology plc		619,878
	6,138	*	J Alexander’s Holdings, Inc		32,470
	22,062	e	Jack in the Box, Inc		1,330,339
	42,184	*	K12, Inc		957,999
	272,935		Las Vegas Sands Corp		13,106,339
	91,857	*	Laureate Education, Inc		869,886
	30,846	*	Lindblad Expeditions Holdings, Inc		206,051
	221,066		Marriott International, Inc (Class A)		20,103,742
	34,568		Marriott Vacations Worldwide Corp		2,869,144
	611,606		McDonald’s Corp		114,712,821
	399,556		MGM Resorts International		6,724,527
	5,998	*	Monarch Casino & Resort, Inc		199,973
	1,517		Nathan’s Famous, Inc		85,362
	10,030	*,e	Noodles & Co		62,688
	174,039	*	Norwegian Cruise Line Holdings Ltd		2,854,240
	32,278	e	OneSpaWorld Holdings Ltd		210,130
	15,209	e	Papa John’s International, Inc		1,093,831
	75,971	*,e	Penn National Gaming, Inc		1,353,803
	52,671	*	Perdoceo Education Corp		684,723
	62,826	*	Planet Fitness, Inc		3,790,293
	40,494	*	PlayAGS, Inc		177,769
	17,426	*	Potbelly Corp		60,120
	16,962		RCI Hospitality Holdings, Inc		212,534
	7,293	*,e	Red Lion Hotels Corp		11,742
	17,963	*,e	Red Robin Gourmet Burgers, Inc		262,799
	62,849		Red Rock Resorts, Inc		688,825
	27,918	*,e	Regis Corp		346,742
	141,427	e	Royal Caribbean Cruises Ltd		6,614,541
	33,150	e	Ruth’s Hospitality Group Inc		373,103
	62,348	*,e	Scientific Games Corp (Class A)		786,208
	38,900	*,e	SeaWorld Entertainment, Inc		571,441
	56,119	*	Select Interior Concepts Inc		179,581
	144,100		Service Corp International		5,294,234
	105,980	*	ServiceMaster Global Holdings, Inc		3,608,619
	21,242	*	Shake Shack, Inc		1,157,901
	67,541		Six Flags Entertainment Corp		1,351,495
	957,934		Starbucks Corp		73,502,276
	16,600	e	Strategic Education, Inc		2,644,380
	23,473	*,e	Target Hospitality Corp		47,415
	53,525		Texas Roadhouse, Inc (Class A)		2,520,492
	14,842	e	Twin River Worldwide Holdings Inc		234,207
	32,193		Vail Resorts, Inc		5,505,003
	136,278		Wendy’s		2,706,481
	23,960	e	Wingstop, Inc		2,809,789
	45,831	*	WW International Inc		1,169,149
	79,602		Wyndham Destinations, Inc		2,035,423
	72,618		Wyndham Hotels & Resorts, Inc		2,738,425
	79,380		Wynn Resorts Ltd		6,789,371
	293,941		Yum China Holdings, Inc		14,244,381
	250,441		Yum! Brands, Inc		21,645,616
			TOTAL CONSUMER SERVICES		445,551,658
DIVERSIFIED FINANCIALS - 3.2%
	39,199		Affiliated Managers Group, Inc		2,742,362

151

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	28,747		AG Mortgage Investment Trust	$	91,703
	433,261		AGNC Investment Corp		5,381,102
	297,915		Ally Financial, Inc		4,882,827
	536,893		American Express Co		48,991,486
	101,505		Ameriprise Financial, Inc		11,666,985
	1,098,642		Annaly Capital Management, Inc		6,866,513
	92,233		Anworth Mortgage Asset Corp		158,641
	128,059		Apollo Commercial Real Estate Finance, Inc		1,043,681
	18,424		Ares Commercial Real Estate Corp		142,786
	57,232		Ares Management Corp		1,920,134
	87,115		Arlington Asset Investment Corp (Class A)		246,535
	59,834		ARMOUR Residential REIT, Inc		528,933
	40,288		Artisan Partners Asset Management, Inc		1,186,079
	10,353	*,e	Assetmark Financial Holdings, Inc		248,368
	2,450	e	Associated Capital Group, Inc		93,762
	12,562		B. Riley Financial, Inc		249,858
	26,111		Banco Latinoamericano de Exportaciones S.A. (Class E)		298,188
	646,756		Bank of New York Mellon Corp		24,279,220
	180,369		BGC Partners, Inc (Class A)		558,242
	95,631		BlackRock, Inc		48,010,587
	98,281		Blackstone Mortgage Trust, Inc		2,312,552
	39,851	*	Blucora, Inc		560,704
	76,771		Brightsphere Investment Group, Inc		568,873
	6,593	*,†	Calamos Asset Management, Inc		0
	63,923	*	Cannae Holdings, Inc		2,016,771
	365,878		Capital One Financial Corp		23,694,259
	51,594		Capstead Mortgage Corp		267,773
	89,199		CBOE Global Markets, Inc		8,864,597
	930,047		Charles Schwab Corp		35,081,373
	48,054		Cherry Hill Mortgage Investment Corp		334,456
	138,953		Chimera Investment Corp		1,079,665
	287,022		CME Group, Inc		51,150,191
	25,360		Cohen & Steers, Inc		1,464,286
	79,651		Colony Credit Real Estate, Inc		383,121
	15,293	*	Cowen Group, Inc		167,458
	7,887	*,e	Credit Acceptance Corp		2,457,353
	6,319	*,e	Curo Group Holdings Corp		58,893
	2,676		Diamond Hill Investment Group, Inc		293,183
	252,196		Discover Financial Services		10,836,862
	18,466	*	Donnelley Financial Solutions, Inc		134,433
	16,169		Dynex Capital, Inc		231,378
	177,420		E*TRADE Financial Corp		7,205,026
	86,607		Eaton Vance Corp		3,178,477
	26,365	*	Elevate Credit, Inc		49,303
	32,288	e	Ellington Financial Inc		335,472
	30,693	*,e	Encore Capital Group, Inc		797,404
	20,051	*	Enova International, Inc		321,618
	31,264		Evercore Inc		1,613,222
	27,938	*,e	Ezcorp, Inc (Class A)		156,453
	30,425		Factset Research Systems, Inc		8,366,875
	76,506		Federated Investors, Inc (Class B)		1,742,042
	117,395	e	FGL Holdings		1,218,560
	32,718		FirstCash, Inc		2,350,461
	24,684	*,e	Focus Financial Partners, Inc		588,960
	225,279	e	Franklin Resources, Inc		4,244,256
	20,991	e	Gain Capital Holdings, Inc		137,281

152

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	2,450		GAMCO Investors, Inc (Class A)	$	31,703
	257,193		Goldman Sachs Group, Inc		47,174,340
	53,217		Granite Point Mortgage Trust, Inc		265,021
	53,204		Great Ajax Corp		462,875
	35,493	*	Green Dot Corp		1,082,537
	22,909		Greenhill & Co, Inc		244,439
	17,627		Hamilton Lane, Inc		1,143,111
	33,192		Houlihan Lokey, Inc		1,970,941
	58,296		Interactive Brokers Group, Inc (Class A)		2,390,136
	444,910		Intercontinental Exchange Group, Inc		39,797,200
	10,594	*	INTL FCStone, Inc		423,336
	303,400		Invesco Ltd		2,615,308
	119,424		Invesco Mortgage Capital, Inc		363,049
	126,132	e	Janus Henderson Group plc		2,257,763
	192,210		Jefferies Financial Group, Inc		2,637,121
	32,622		KKR Real Estate Finance Trust, Inc		514,775
	91,765		Ladder Capital Corp		729,532
	82,916		Lazard Ltd (Class A)		2,280,190
	70,749		Legg Mason, Inc		3,525,423
	43,832	*,e	LendingClub Corp		336,191
	61,306		LPL Financial Holdings, Inc		3,691,847
	29,896		MarketAxess Holdings, Inc		13,602,979
	3,189		Marlin Business Services Corp		33,931
	363,947		MFA Financial Inc		636,907
	36,381		Moelis & Co		1,086,700
	132,668		Moody’s Corp		32,357,725
	938,934		Morgan Stanley		37,022,168
	14,991		Morningstar, Inc		2,337,996
	66,716		MSCI, Inc (Class A)		21,816,132
	93,578		Nasdaq Inc		10,262,699
	158,729		Navient Corp		1,209,515
	11,109		Nelnet, Inc (Class A)		534,898
	324,611		New Residential Investment Corp		1,976,881
	305,145		New York Mortgage Trust, Inc		665,216
	17,297	*,†	NewStar Financial, Inc		4,176
	158,123		Northern Trust Corp		12,517,017
	92,503	*	On Deck Capital, Inc		111,929
	59,602		OneMain Holdings, Inc		1,442,964
	5,009		Oppenheimer Holdings, Inc		103,085
	41,882		Orchid Island Capital, Inc		165,015
	79,564		PennyMac Mortgage Investment Trust		827,466
	12,064	*	Pico Holdings, Inc		103,268
	15,025		Piper Jaffray Cos		809,998
	20,764		PJT Partners, Inc		1,009,961
	34,795	*	PRA Group, Inc		965,213
	8,894		Pzena Investment Management, Inc (Class A)		43,759
	101,834		Raymond James Financial, Inc		6,712,897
	11,425		Ready Capital Corp		76,205
	91,419		Redwood Trust, Inc		374,818
	5,910	*	Regional Management Corp		94,205
	199,896		S&P Global, Inc		58,545,540
	15,419		Safeguard Scientifics, Inc		109,321
	101,353		Santander Consumer USA Holdings, Inc		1,580,093
	21,238		Sculptor Capital Management, Inc		311,349
	102,970		SEI Investments Co		5,247,351
	3,406		Silvercrest Asset Management Group, Inc		34,673

153

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	334,559		SLM Corp	$	2,790,222
	202,486		Starwood Property Trust, Inc		2,620,169
	287,159		State Street Corp		18,102,503
	52,897		Stifel Financial Corp		2,342,279
	504,756		Synchrony Financial		9,989,121
	185,830		T Rowe Price Group, Inc		21,487,523
	217,783		TD Ameritrade Holding Corp		8,552,338
	46,510		TPG RE Finance Trust, Inc		357,662
	207,916		Two Harbors Investment Corp		950,176
	46,547	e	Virtu Financial, Inc		1,087,803
	3,892		Virtus Investment Partners, Inc		316,303
	107,581		Voya Financial, Inc		4,859,434
	46,753	e	Waddell & Reed Financial, Inc (Class A)		680,256
	24,220		Western Asset Mortgage Capital Corp		73,871
	5,515		Westwood Holdings Group, Inc		127,010
	65,487		WisdomTree Investments, Inc		212,178
	3,309	*,e	World Acceptance Corp		224,516
			TOTAL DIVERSIFIED FINANCIALS		737,295,835
ENERGY - 2.8%
	98,619	*,e	Abraxas Petroleum Corp		31,035
	30,534		Amplify Energy Corp		40,305
	191,374	e	Antero Midstream Corp		909,026
	206,329	*,e	Antero Resources Corp		614,860
	316,190		Apache Corp		4,135,765
	62,566	*,e	Apergy Corp		576,233
	12,389	e	Arch Coal, Inc		361,635
	114,106		Archrock, Inc		548,850
	35,087		Ardmore Shipping Corp		230,872
	525,557		Baker Hughes Co		7,331,520
	77,130		Berry Petroleum Co LLC		264,556
	12,844	*,e	Bonanza Creek Energy, Inc		224,256
	11,462		Brigham Minerals, Inc		147,745
	330,142		Cabot Oil & Gas Corp		7,137,670
	34,097		Cactus, Inc		606,245
	432,545	*,e	Callon Petroleum Co		406,463
	158,201	*,e	Centennial Resource Development, Inc		186,677
	179,515	*	Cheniere Energy, Inc		8,381,555
	1,545,416		Chevron Corp		142,178,272
	84,157		Cimarex Energy Co		2,139,271
	128,858	*	Clean Energy Fuels Corp		277,689
	148,841	*,e	CNX Resources Corp		1,577,715
	18,553	*	Comstock Resources Inc		142,116
	160,233		Concho Resources, Inc		9,088,416
	879,761		ConocoPhillips		37,037,938
	29,581	*	CONSOL Energy, Inc		224,520
	63,518	e	Continental Resources, Inc		1,041,060
	13,475	*,e	Contura Energy Inc		51,474
	18,547	*,e	Covia Holdings Corp		12,056
	25,220		CVR Energy, Inc		601,497
	60,172	e	Delek US Holdings, Inc		1,405,016
	471,080	*,e	Denbury Resources, Inc		167,469
	311,867		Devon Energy Corp		3,888,981
	92,888	e	DHT Holdings, Inc		674,367
	17,496	*,e	Diamond S Shipping Inc		217,125

154

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	129,957		Diamondback Energy, Inc	$	5,658,328
	14,449	e	DMC Global, Inc		372,929
	28,081	*	Dorian LPG Ltd		266,489
	24,194	*	Dril-Quip, Inc		801,547
	55,980	*,e	Earthstone Energy, Inc		129,314
	61,062	*,e	Energy Fuels, Inc		108,690
	471,773		EOG Resources, Inc		22,413,935
	199,464		EQT Corp		2,910,180
	160,200	e	Equitrans Midstream Corp		1,342,476
	14,195	*	Era Group, Inc		72,678
	18,488		Evolution Petroleum Corp		54,909
	11,731	*	Exterran Corp		79,771
	137,437	*,e	Extraction Oil & Gas, Inc		72,787
	3,429,129	d	Exxon Mobil Corp		159,351,625
	27,602		Falcon Minerals Corp		67,487
	152,912	*,e	Forum Energy Technologies, Inc		65,752
	159,691	*	Frank’s International NV		388,049
	60,197	e	GasLog Ltd		278,110
	73,234	e	Golar LNG Ltd		519,229
	53,948	e	Green Plains Inc		316,675
	151,931	*,e	Gulfport Energy Corp		388,184
	7,725		Hallador Energy Co		5,884
	713,457		Halliburton Co		7,491,298
	190,462	*	Helix Energy Solutions Group, Inc		483,773
	90,758	e	Helmerich & Payne, Inc		1,794,286
	212,517		Hess Corp		10,336,827
	71,409	*,e	HighPoint Resources Corp		23,679
	116,065		HollyFrontier Corp		3,834,788
	20,790		International Seaways, Inc		503,118
	1,569,404		Kinder Morgan, Inc		23,902,023
	290,467		Kosmos Energy Ltd		479,271
	290,729	*	Laredo Petroleum Holdings, Inc		316,895
	25,902	e	Liberty Oilfield Services, Inc		122,257
	72,043	*,e	Magnolia Oil & Gas Corp		466,118
	609,336	e	Marathon Oil Corp		3,729,136
	520,139		Marathon Petroleum Corp		16,686,059
	77,386	*,e	Matador Resources Co		544,797
	14,345	*	Matrix Service Co		149,762
	17,080	*,e	Montage Resources Corp		116,656
	122,549	e	Murphy Oil Corp		1,453,431
	5,749	e	Nabors Industries Ltd		84,679
	17,684	*,e	National Energy Services Reunited Corp		90,365
	287,853		National Oilwell Varco, Inc		3,638,462
	6,426	*	Natural Gas Services Group, Inc		40,805
	6,147	*,e	NCS Multistage Holdings, Inc		4,118
	136,214	*	Newpark Resources, Inc		208,407
	103,968	*	NexTier Oilfield Solutions, Inc		241,206
	19,146	*,e	Nine Energy Service, Inc		27,762
	468,553	*,e	Noble Corp plc		120,887
	392,325		Noble Energy, Inc		3,848,708
	118,379	e	Nordic American Tankers Ltd		712,642
	443,778	*,e	Northern Oil And Gas, Inc		371,531
	285,503	*,e	Oasis Petroleum, Inc		200,966
	725,867	e	Occidental Petroleum Corp		12,049,392
	82,101	*	Oceaneering International, Inc		421,999
	50,513	*	Oil States International, Inc		173,765

155

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	331,260		ONEOK, Inc	$	9,914,612
	64,453	*	Overseas Shipholding Group, Inc		161,133
	9,875		Panhandle Oil and Gas, Inc (Class A)		42,759
	47,820	*	Par Pacific Holdings, Inc		464,810
	222,461		Parsley Energy, Inc		2,102,256
	134,449		Patterson-UTI Energy, Inc		496,117
	85,494		PBF Energy, Inc		974,632
	83,500	*	PDC Energy, Inc		1,084,665
	85,222	e	Peabody Energy Corp		288,903
	16,488	*,e	Penn Virginia Corp		103,710
	358,677		Phillips 66		26,244,396
	133,949		Pioneer Natural Resources Co		11,962,985
	46,634	*	ProPetro Holding Corp		197,728
	229,802		QEP Resources Inc		226,585
	161,332	e	Range Resources Corp		940,566
	28,629	*,e	Renewable Energy Group, Inc		710,285
	3,133	*	Rex American Resources Corp		186,351
	61,419	*,e	Ring Energy, Inc		55,357
	34,279	e	RPC, Inc		116,891
	21,991	*	SandRidge Energy, Inc		43,762
	1,110,128		Schlumberger Ltd		18,672,353
	32,362	e	Scorpio Tankers, Inc		708,404
	19,352	*	SEACOR Holdings, Inc		546,888
	8,251	*	SEACOR Marine Holdings, Inc		25,826
	51,332	*,e	Select Energy Services, Inc		246,394
	89,233	e	SFL Corp Ltd		1,007,441
	3,507	*,e	SilverBow Resources, Inc		18,973
	101,967		SM Energy Co		412,966
	15,317	*,e	Smart Sand, Inc		12,713
	51,656	e	Solaris Oilfield Infrastructure, Inc		353,327
	449,435	*	Southwestern Energy Co		1,451,675
	11,179	*,e	Talos Energy, Inc		127,329
	193,216		Targa Resources Investments, Inc		2,504,079
	64,660	*,e	Teekay Corp		240,535
	19,265	*	Teekay Tankers Ltd		391,272
	110,593	*,e	Tellurian, Inc		157,042
	14,809	*,e	Tidewater, Inc		85,300
	465,925	*,e	Transocean Ltd (NYSE)		596,384
	75,588	*,e	Uranium Energy Corp		83,147
	84,372	e	US Silica Holdings, Inc		161,994
	332,097		Valero Energy Corp		21,038,345
	109,282	*,e	W&T Offshore, Inc		302,711
	970,592		Williams Cos, Inc		18,800,367
	62,394		World Fuel Services Corp		1,559,850
	361,190	*	WPX Energy, Inc		2,214,095
			TOTAL ENERGY		651,233,059
FOOD & STAPLES RETAILING - 1.5%
	24,333		Andersons, Inc		412,931
	29,321		Casey’s General Stores, Inc		4,439,493
	19,002	*,e	Chefs’ Warehouse Holdings, Inc		267,548
	356,862		Costco Wholesale Corp		108,129,186
	41,937	*,e	Grocery Outlet Holding Corp		1,395,244
	8,756	e	Ingles Markets, Inc (Class A)		357,507
	649,996		Kroger Co		20,546,373
	10,727		Natural Grocers by Vitamin C		120,893

156

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	96,971	*	Performance Food Group Co	$	2,846,099
	17,670		Pricesmart, Inc		1,122,752
	44,435	*,e	Rite Aid Corp		636,753
	22,179		SpartanNash Co		380,370
	94,195	*	Sprouts Farmers Market, Inc		1,957,372
	383,874		SYSCO Corp		21,600,590
	58,226	*	United Natural Foods, Inc		619,525
	173,060	*	US Foods Holding Corp		3,720,790
	4,388		Village Super Market (Class A)		105,444
	614,783		Walgreens Boots Alliance, Inc		26,613,956
	1,126,514		Walmart, Inc		136,927,777
	8,321	e	Weis Markets, Inc		416,300
			TOTAL FOOD & STAPLES RETAILING		332,616,903
FOOD, BEVERAGE & TOBACCO - 3.4%
	72,443	*,e	22nd Century Group, Inc		68,111
	1,515		Alico, Inc		44,405
	1,512,885		Altria Group, Inc		59,380,736
	447,873		Archer-Daniels-Midland Co		16,634,003
	58,108	e	B&G Foods, Inc (Class A)		1,128,457
	38,572	*	Beyond Meat, Inc		3,818,242
	6,742	*	Boston Beer Co, Inc (Class A)		3,145,210
	43,770		Brown-Forman Corp (Class A)		2,482,634
	140,198	e	Brown-Forman Corp (Class B)		8,720,316
	110,582		Bunge Ltd		4,386,788
	14,630		Calavo Growers, Inc		848,540
	29,725	*	Cal-Maine Foods, Inc		1,233,885
	135,341		Campbell Soup Co		6,764,343
	3,102,713		Coca-Cola Co		142,383,500
	4,574		Coca-Cola Consolidated Inc		1,077,040
	393,019		ConAgra Brands, Inc		13,142,555
	127,371		Constellation Brands, Inc (Class A)		20,976,730
	8,095	*	Craft Brewers Alliance, Inc		122,234
	129,545	*	Darling International, Inc		2,667,332
	6,646	*	Farmer Bros Co		61,409
	151,081		Flowers Foods, Inc		3,366,085
	21,115		Fresh Del Monte Produce, Inc		601,989
	26,401	*	Freshpet, Inc		1,990,899
	489,844		General Mills, Inc		29,336,757
	67,394	*	Hain Celestial Group, Inc		1,741,461
	117,272		Hershey Co		15,530,331
	223,714		Hormel Foods Corp		10,481,001
	106,867	*	Hostess Brands, Inc		1,284,541
	54,289		Ingredion, Inc		4,408,267
	13,534		J&J Snack Foods Corp		1,719,224
	89,317		J.M. Smucker Co		10,263,416
	5,079		John B. Sanfilippo & Son, Inc		417,138
	201,491		Kellogg Co		13,197,661
	191,756		Keurig Dr Pepper, Inc		5,073,864
	507,059		Kraft Heinz Co		15,379,099
	119,192		Lamb Weston Holdings, Inc		7,313,621
	16,159		Lancaster Colony Corp		2,175,486
	14,640	*	Landec Corp		163,236
	10,216		Limoneira Co		136,384
	99,654		McCormick & Co, Inc		15,629,733
	7,667	e	MGP Ingredients, Inc		289,276

157

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	138,556		Molson Coors Brewing Co (Class B)	$	5,682,182
	1,148,931		Mondelez International, Inc		59,101,011
	307,466	*	Monster Beverage Corp		19,004,473
	13,534	*,e	National Beverage Corp		679,813
	51,590	*,e	New Age Beverages Corp		72,742
	1,134,189		PepsiCo, Inc		150,041,863
	1,259,117		Philip Morris International, Inc		93,930,128
	43,080	*	Pilgrim’s Pride Corp		947,760
	52,143	*	Post Holdings, Inc		4,789,335
	16,052		Sanderson Farms, Inc		2,185,319
	254		Seaboard Corp		764,819
	4,092	*	Seneca Foods Corp		147,230
	62,229	*	Simply Good Foods Co		1,173,017
	17,706	e	Tootsie Roll Industries, Inc		622,012
	44,486	*	TreeHouse Foods, Inc		2,301,261
	2,699	e	Turning Point Brands, Inc		62,887
	233,150		Tyson Foods, Inc (Class A)		14,499,599
	19,528		Universal Corp		944,569
	109,117		Vector Group Ltd		1,167,552
			TOTAL FOOD, BEVERAGE & TOBACCO		787,703,511
HEALTH CARE EQUIPMENT & SERVICES - 6.8%
	12,395	*	1Life Healthcare, Inc		305,785
	1,396,101		Abbott Laboratories		128,566,941
	35,943	*	Abiomed, Inc		6,874,099
	69,909	*,e	Acadia Healthcare Co, Inc		1,678,515
	77,257	*	Accuray, Inc		172,669
	9,401	*	Addus HomeCare Corp		761,669
	63,264	*	Align Technology, Inc		13,592,270
	128,447	*	Allscripts Healthcare Solutions, Inc		834,906
	71,010	*	Alphatec Holdings Inc		321,675
	24,906	*	Amedisys, Inc		4,586,689
	7,363	*	American Renal Associates Holdings, Inc		55,075
	121,062		AmerisourceBergen Corp		10,854,419
	42,001	*	AMN Healthcare Services, Inc		1,973,207
	21,854	*	Angiodynamics, Inc		227,937
	121,284	*	Antares Pharma, Inc		392,960
	205,668		Anthem, Inc		57,737,178
	15,363	*,e	Apollo Medical Holdings, Inc		238,741
	27,203	*	AtriCure, Inc		1,172,993
	1,106		Atrion Corp		698,804
	42,404	*	Avanos Medical, Inc		1,316,644
	48,972	*,e	AxoGen, Inc		477,477
	14,918	*,e	Axonics Modulation Technologies, Inc		480,509
	392,292		Baxter International, Inc		34,827,684
	216,823		Becton Dickinson & Co		54,754,312
	74,283	*,e	BioSig Technologies Inc		576,436
	23,156	*	BioTelemetry, Inc		1,081,617
	1,125,120	*	Boston Scientific Corp		42,169,498
	119,686	*	Brookdale Senior Living, Inc		432,066
	29,310		Cantel Medical Corp		1,084,470
	236,970		Cardinal Health, Inc		11,725,276
	33,385	*	Cardiovascular Systems, Inc		1,402,170
	40,860	*	Castlight Health, Inc		29,950
	5,831	*,e	Catasys Inc		177,496
	466,637	*	Centene Corp		31,068,691

158

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	252,192		Cerner Corp	$	17,499,603
	127,230	*	Cerus Corp		782,465
	171,078	*,e	Change Healthcare, Inc		1,991,348
	12,677		Chemed Corp		5,280,858
	297,083		Cigna Corp		58,162,910
	6,695		Computer Programs & Systems, Inc		160,881
	168,061	*,e	ConforMIS, Inc		129,188
	22,398		Conmed Corp		1,655,436
	39,713		Cooper Cos, Inc		11,385,717
	6,367	*	Corvel Corp		335,477
	69,303	*,e	Covetrus, Inc		824,013
	21,782	*	Cross Country Healthcare, Inc		137,009
	22,183	*,e	CryoLife, Inc		495,346
	24,512	*,e	CryoPort, Inc		461,806
	7,473	*	Cutera, Inc		100,512
	1,050,503		CVS Health Corp		64,658,460
	18,074	*,e	CytoSorbents Corp		154,713
	499,815		Danaher Corp		81,699,760
	71,611	*	DaVita, Inc		5,657,985
	180,999		Dentsply Sirona, Inc		7,681,598
	73,535	*	DexCom, Inc		24,648,932
	168,217	*	Edwards Lifesciences Corp		36,587,198
	78,817		Encompass Health Corp		5,221,626
	44,051		Ensign Group, Inc		1,647,948
	111,375	*	Envista Holdings Corp		2,168,471
	25,112	*	Enzo Biochem, Inc		75,838
	84,675	*,e	Evolent Health, Inc		610,507
	27,674	*	Genesis Health Care, Inc		24,076
	44,933	*	GenMark Diagnostics, Inc		562,112
	38,436	*	Glaukos Corp		1,410,217
	59,962	*	Globus Medical, Inc		2,845,797
	29,914	*	Guardant Health, Inc		2,302,181
	39,598	*	Haemonetics Corp		4,505,460
	25,810	*	Hanger Inc		473,872
	218,957		HCA Healthcare, Inc		24,058,995
	11,910	*,e	Health Catalyst, Inc		317,640
	56,517	*,e	HealthEquity, Inc		3,180,212
	15,201	*	HealthStream, Inc		346,963
	118,780	*	Henry Schein, Inc		6,480,637
	3,685	*	Heska Corp		260,898
	53,685		Hill-Rom Holdings, Inc		6,039,026
	72,769	*	HMS Holdings Corp		2,086,651
	210,902	*	Hologic, Inc		10,566,190
	107,035		Humana, Inc		40,868,104
	15,196	*	ICU Medical, Inc		3,332,635
	68,992	*	IDEXX Laboratories, Inc		19,152,179
	14,121	*,e	Inogen, Inc		706,050
	52,973	*	Inovalon Holdings, Inc		927,028
	10,840	*	Inspire Medical Systems, Inc		776,794
	47,920	*	Insulet Corp		9,570,582
	27,315	*	Integer Holding Corp		2,033,875
	55,133	*	Integra LifeSciences Holdings Corp		2,814,540
	13,407	*,e	IntriCon Corp		176,972
	92,917	*	Intuitive Surgical, Inc		47,469,437
	22,488	e	Invacare Corp		169,110
	20,223	*	iRhythm Technologies, Inc		2,136,358

159

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	33,790	*,e	Joint Corp	$	408,859
	78,650	*	Laboratory Corp of America Holdings		12,933,993
	28,990	*	Lantheus Holdings, Inc		378,320
	31,251		LeMaitre Vascular, Inc		890,341
	24,160	*,e	LHC Group, Inc		3,140,558
	38,187	*	LivaNova plc		2,028,493
	42,372	*	Livongo Health, Inc		1,695,304
	15,248	*	Magellan Health Services, Inc		926,011
	38,649	*	Masimo Corp		8,267,408
	129,613		McKesson Corp		18,307,836
	63,563	*,e	MEDNAX, Inc		922,935
	1,087,759		Medtronic plc		106,197,911
	23,233	*	Meridian Bioscience, Inc		278,796
	42,532	*	Merit Medical Systems, Inc		1,736,156
	2,547		Mesa Laboratories, Inc		606,186
	7,254	*,e	Misonix Inc		91,328
	49,285	*	Molina Healthcare, Inc		8,081,261
	9,839		National Healthcare Corp		672,692
	8,166		National Research Corp		421,284
	21,959	*	Natus Medical, Inc		548,755
	41,333	*	Neogen Corp		2,587,032
	24,008	*,e	Nevro Corp		2,824,301
	42,536	*	NextGen Healthcare, Inc		448,755
	70,407	*	Novocure Ltd		4,632,781
	39,673	*	NuVasive, Inc		2,415,292
	33,028	*	Omnicell, Inc		2,407,741
	26,671	*,e	Option Care Health, Inc		381,395
	48,819	*,e	OraSure Technologies, Inc		778,175
	10,157	*	Orthofix Medical Inc		360,066
	6,251	*,e	OrthoPediatrics Corp		305,361
	66,635		Owens & Minor, Inc		471,776
	76,141	e	Patterson Cos, Inc		1,391,857
	22,025	*	Pennant Group, Inc		435,875
	25,151	*	Penumbra, Inc		4,459,775
	18,443	*,e	PetIQ, Inc		527,470
	33,175	*	Phreesia, Inc		842,313
	50,767	*	PPD, Inc		1,213,331
	50,369	*	Premier, Inc		1,670,236
	9,892	*,e	Progyny, Inc		231,770
	7,425	*	Providence Service Corp		430,724
	6,289	*,e	Pulse Biosciences, Inc		70,625
	107,606		Quest Diagnostics, Inc		11,848,497
	30,342	*	Quidel Corp		4,217,538
	63,310	*	R1 RCM, Inc		653,359
	32,478	*	RadNet, Inc		458,589
	116,186		Resmed, Inc		18,046,010
	28,831	*,e	Rockwell Medical, Inc		67,176
	49,007	*	RTI Surgical Holdings Inc		132,564
	17,587	*	SeaSpine Holdings Corp		181,146
	90,758	*	Select Medical Holdings Corp		1,549,239
	157,592	*,e	Senseonics Holdings, Inc		89,827
	17,750	*,e	Shockwave Medical Inc		712,130
	7,713	*	SI-BONE, Inc		124,719
	15,116	*,e	Sientra, Inc		34,767
	9,462	*,e	Silk Road Medical Inc		396,269
	5,738		Simulations Plus, Inc		218,331

160

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	35,787	*	Staar Surgical Co	$	1,371,358
	68,020		STERIS plc		9,692,850
	278,927		Stryker Corp		52,000,361
	22,774	*	Surgery Partners, Inc		268,733
	7,753	*	SurModics, Inc		295,389
	15,484	*,e	Tabula Rasa HealthCare, Inc		980,757
	16,440	*,e	Tactile Systems Technology, Inc		848,633
	45,377	*	Tandem Diabetes Care, Inc		3,620,177
	58,529	*	Teladoc, Inc		9,633,288
	37,639		Teleflex, Inc		12,624,121
	85,870	*	Tenet Healthcare Corp		1,732,857
	42,675	*,e	Tivity Health, Inc		382,795
	11,891	*	Transmedics Group, Inc		215,108
	19,570	*,e	Triple-S Management Corp (Class B)		331,320
	766,122		UnitedHealth Group, Inc		224,067,701
	62,092		Universal Health Services, Inc (Class B)		6,562,503
	11,772	e	US Physical Therapy, Inc		888,786
	1,407		Utah Medical Products, Inc		116,781
	10,113	*,e	Vapotherm, Inc		205,092
	21,473	*	Varex Imaging Corp		561,089
	73,169	*	Varian Medical Systems, Inc		8,369,070
	105,293	*	Veeva Systems, Inc		20,089,904
	84,001	*,e	ViewRay, Inc		174,722
	37,161	*,e	Vocera Communications, Inc		704,573
	59,876		West Pharmaceutical Services, Inc		11,332,132
	102,260	*,e	Wright Medical Group NV		2,977,811
	165,840		Zimmer Biomet Holdings, Inc		19,851,048
	16,975	*,e	Zynex Inc		299,779
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		1,564,811,001
HOUSEHOLD & PERSONAL PRODUCTS - 1.8%
	27,540	*	BellRing Brands, Inc		482,776
	5,838	*,e	Central Garden & Pet Co		192,304
	31,273	*	Central Garden and Pet Co (Class A)		951,012
	201,873		Church & Dwight Co, Inc		14,129,091
	102,758		Clorox Co		19,158,202
	681,499		Colgate-Palmolive Co		47,888,935
	220,412	e	Coty, Inc		1,201,245
	46,791	*	Edgewell Personal Care Co		1,291,899
	43,716	*	elf Beauty, Inc		571,368
	45,649		Energizer Holdings, Inc		1,778,485
	176,304		Estee Lauder Cos (Class A)		31,100,026
	81,475	*,e	Herbalife Nutrition Ltd		3,043,091
	13,696		Inter Parfums, Inc		612,074
	276,812		Kimberly-Clark Corp		38,332,926
	7,034	e	Medifast, Inc		533,740
	3,667	*	Nature’s Sunshine Products, Inc		32,270
	36,581		Nu Skin Enterprises, Inc (Class A)		1,068,531
	2,427		Oil-Dri Corp of America		90,746
	1,972,299		Procter & Gamble Co		232,474,883
	19,510	*,e	Revlon, Inc (Class A)		259,873
	33,941		Reynolds Consumer Products Inc		1,100,707
	41,136		Spectrum Brands Holdings, Inc		1,771,316
	10,892	*	USANA Health Sciences, Inc		971,784
	10,808		WD-40 Co		1,883,618
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		400,920,902

161

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
INSURANCE - 3.5%
	587,769		Aflac, Inc	$	21,888,518
	11,359		Alleghany Corp		6,062,412
	257,045		Allstate Corp		26,146,617
	25,630	*	AMBAC Financial Group, Inc		440,836
	76,980		American Equity Investment Life Holding Co		1,618,120
	57,398		American Financial Group, Inc		3,802,043
	698,923		American International Group, Inc		17,773,612
	7,606		American National Insurance Co		612,283
	15,170		Amerisafe, Inc		965,874
	186,668		Aon plc		32,231,963
	317,273	*	Arch Capital Group Ltd		7,624,070
	27,532	*	Argo Group International Holdings Ltd		973,531
	148,954		Arthur J. Gallagher & Co		11,692,889
	46,618		Assurant, Inc		4,952,696
	73,860		Assured Guaranty Ltd		2,195,858
	111,921	*	Athene Holding Ltd		3,021,867
	66,089		Axis Capital Holdings Ltd		2,418,857
	8,315	*,e	Benefytt Technologies, Inc		217,271
	1,582,756	*	Berkshire Hathaway, Inc (Class B)		296,545,164
	89,614	*	Brighthouse Financial, Inc		2,303,976
	189,338		Brown & Brown, Inc		6,799,128
	26,304	*	BRP Group, Inc		263,566
	368,317		Chubb Ltd		39,781,919
	124,965		Cincinnati Financial Corp		8,222,697
	30,580	*,e	Citizens, Inc (Class A)		170,025
	22,781		CNA Financial Corp		719,424
	116,889		Conseco, Inc		1,643,459
	3,298		Donegal Group, Inc (Class A)		47,227
	18,241	*	eHealth, Inc		1,946,315
	29,800		Employers Holdings, Inc		905,026
	9,798	*	Enstar Group Ltd		1,416,987
	19,586	e	Erie Indemnity Co (Class A)		3,487,483
	32,112		Everest Re Group Ltd		5,559,551
	6,784		FBL Financial Group, Inc (Class A)		265,119
	5,573		FedNat Holding Co		67,545
	212,701		Fidelity National Financial Inc		5,753,562
	85,975		First American Financial Corp		3,965,167
	422,628	*	Genworth Financial, Inc (Class A)		1,534,140
	4,548		Global Indemnity Ltd		111,835
	88,186		Globe Life, Inc		7,261,235
	8,732	*,e	Goosehead Insurance, Inc		490,214
	25,461	*,e	Greenlight Capital Re Ltd (Class A)		166,006
	5,450	*	Hallmark Financial Services		23,544
	30,528		Hanover Insurance Group, Inc		3,064,401
	287,321		Hartford Financial Services Group, Inc		10,915,325
	4,292	e	HCI Group, Inc		178,762
	16,420		Heritage Insurance Holdings, Inc		186,203
	36,897		Horace Mann Educators Corp		1,297,298
	2,693		Independence Holding Co		74,488
	714		Investors Title Co		95,605
	27,470		James River Group Holdings Ltd		974,636
	49,746		Kemper Corp		3,343,926
	16,401		Kinsale Capital Group, Inc		1,781,477
	165,148		Lincoln National Corp		5,857,800

162

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	202,952		Loews Corp	$	7,034,316
	11,200	*	Markel Corp		9,697,408
	413,815		Marsh & McLennan Cos, Inc		40,276,614
	109,955	*,e	MBIA, Inc		895,034
	25,085		Mercury General Corp		1,027,482
	631,926		Metlife, Inc		22,799,890
	62,747		National General Holdings Corp		1,194,075
	1,837		National Western Life Group, Inc		354,045
	5,460	*	NI Holdings, Inc		73,765
	220,581		Old Republic International Corp		3,518,267
	14,874	*	Palomar Holdings, Inc		870,129
	33,021		Primerica, Inc		3,431,212
	223,264		Principal Financial Group		8,129,042
	43,085		ProAssurance Corp		921,588
	471,705		Progressive Corp		36,462,796
	3,561		Protective Insurance Corp		55,623
	319,008		Prudential Financial, Inc		19,896,529
	50,342		Reinsurance Group of America, Inc (Class A)		5,269,801
	34,954		RenaissanceRe Holdings Ltd		5,103,633
	33,403		RLI Corp		2,432,740
	11,685		Safety Insurance Group, Inc		982,942
	42,986		Selective Insurance Group, Inc		2,154,888
	26,389		State Auto Financial Corp		662,100
	23,986		Stewart Information Services Corp		764,194
	62,056	*	Third Point Reinsurance Ltd		461,697
	13,470		Tiptree Inc		86,073
	205,410		Travelers Cos, Inc		20,789,546
	26,523	*,e	Trupanion, Inc		793,303
	12,504		United Fire Group Inc		357,614
	11,214		United Insurance Holdings Corp		95,880
	40,068		Universal Insurance Holdings, Inc		730,440
	169,667		Unum Group		2,960,689
	114,506		W.R. Berkley Corp		6,183,324
	14,534	*,e	Watford Holdings Ltd		179,495
	2,757		White Mountains Insurance Group Ltd		2,682,561
	104,438		Willis Towers Watson plc		18,620,251
			TOTAL INSURANCE		789,808,538
MATERIALS - 2.7%
	13,762	e	Advanced Emissions Solutions, Inc		102,252
	30,986	*	AdvanSix, Inc		377,409
	177,363		Air Products & Chemicals, Inc		40,009,546
	84,506	e	Albemarle Corp		5,191,204
	134,964	*	Alcoa Corp		1,099,957
	96,380	*	Allegheny Technologies, Inc		723,814
	16,190		American Vanguard Corp		203,508
	86,144	*,e	Amyris, Inc		232,589
	51,822		Aptargroup, Inc		5,549,100
	75,314	*	Arconic Corp		656,738
	30,155		Ardagh Group S.A.		375,128
	47,068		Ashland Global Holdings, Inc		2,903,625
	67,834		Avery Dennison Corp		7,488,195
	156,650	*	Axalta Coating Systems Ltd		3,092,271
	28,755		Balchem Corp		2,566,096
	260,163		Ball Corp		17,064,091
	105,659	*	Berry Global Group, Inc		4,204,172

163

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	30,023		Boise Cascade Co	$	938,819
	46,783		Cabot Corp		1,585,476
	36,129		Carpenter Technology Corp		800,980
	97,394		Celanese Corp (Series A)		8,090,520
	36,542	*	Century Aluminum Co		158,958
	174,907		CF Industries Holdings, Inc		4,809,942
	4,273		Chase Corp		402,773
	138,175		Chemours Co		1,620,793
	8,677	*	Clearwater Paper Corp		207,727
	376,066	e	Cleveland-Cliffs, Inc		1,647,169
	203,355	*	Coeur Mining, Inc		856,125
	91,165		Commercial Metals Co		1,453,170
	31,429		Compass Minerals International, Inc		1,545,050
	603,357		Corteva, Inc		15,801,920
	105,462	*	Crown Holdings, Inc		6,792,807
	49,660		Domtar Corp		1,160,058
	611,483		Dow, Inc		22,435,311
	603,800		DuPont de Nemours, Inc		28,390,676
	34,355		Eagle Materials, Inc		2,095,999
	109,869		Eastman Chemical Co		6,648,173
	205,077		Ecolab, Inc		39,682,399
	191,101	*	Element Solutions, Inc		1,958,785
	72,672	*	Ferro Corp		724,540
	48,283	*,†	Ferroglobe plc		0
	36,699	*,e	Flotek Industries, Inc		32,934
	106,277		FMC Corp		9,766,856
	13,988	*,e	Forterra, Inc		114,142
	1,181,791		Freeport-McMoRan, Inc (Class B)		10,435,215
	15,859		FutureFuel Corp		164,616
	64,820	*	GCP Applied Technologies, Inc		1,109,718
	32,953		Gold Resource Corp		136,096
	235,605		Graphic Packaging Holding Co		3,145,327
	20,536		Greif, Inc (Class A)		695,965
	5,765		Greif, Inc (Class B)		229,159
	31,156		H.B. Fuller Co		1,146,229
	5,224		Hawkins, Inc		195,534
	6,888		Haynes International, Inc		152,225
	371,275		Hecla Mining Co		976,453
	164,616		Huntsman Corp		2,767,195
	30,404	*	Ingevity Corp		1,578,576
	20,582		Innospec, Inc		1,492,607
	86,675		International Flavors & Fragrances, Inc		11,357,025
	317,161		International Paper Co		10,862,764
	58,154	*	Intrepid Potash, Inc		56,008
	14,606		Kaiser Aluminum Corp		1,054,991
	11,753	*	Koppers Holdings, Inc		185,227
	33,654	*	Kraton Corp		525,339
	17,013	e	Kronos Worldwide, Inc		161,453
	435,383		Linde plc		80,106,118
	120,495	*	Livent Corp		747,069
	90,713		Louisiana-Pacific Corp		1,814,260
	28,845	*	LSB Industries, Inc		57,402
	217,483		LyondellBasell Industries NV		12,603,140
	49,958		Martin Marietta Materials, Inc		9,503,510
	20,875		Materion Corp		1,080,072
	30,127		Minerals Technologies, Inc		1,326,793

164

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	265,522		Mosaic Co	$	3,056,158
	23,197		Myers Industries, Inc		286,715
	14,710		Neenah Inc		718,731
	5,902		NewMarket Corp		2,428,319
	662,847		Newmont Goldcorp Corp		39,426,140
	164,712	*	Novagold Resources Inc		1,843,127
	248,025		Nucor Corp		10,216,150
	127,602		O-I Glass, Inc		1,051,440
	126,135		Olin Corp		1,683,902
	5,433		Olympic Steel, Inc		51,288
	42,311		Orion Engineered Carbons SA		385,453
	76,308		Packaging Corp of America		7,375,168
	23,735		PH Glatfelter Co		346,531
	63,916		PolyOne Corp		1,488,604
	189,736		PPG Industries, Inc		17,233,721
	32,467	*	PQ Group Holdings, Inc		380,513
	9,480	e	Quaker Chemical Corp		1,442,098
	6,364	*,e	Ramaco Resources, Inc		15,019
	47,440		Rayonier Advanced Materials, Inc		84,443
	53,192	e	Reliance Steel & Aluminum Co		4,764,939
	50,909		Royal Gold, Inc		6,237,880
	105,059		RPM International, Inc		6,976,968
	10,810	*	Ryerson Holding Corp		49,942
	14,837		Schnitzer Steel Industries, Inc (Class A)		230,864
	21,442		Schweitzer-Mauduit International, Inc		690,861
	31,630		Scotts Miracle-Gro Co (Class A)		3,923,069
	119,631		Sealed Air Corp		3,420,250
	33,065		Sensient Technologies Corp		1,580,176
	67,086		Sherwin-Williams Co		35,982,918
	68,771		Silgan Holdings, Inc		2,372,599
	80,229		Sonoco Products Co		3,918,384
	74,000	e	Southern Copper Corp (NY)		2,400,560
	165,428		Steel Dynamics, Inc		4,014,938
	18,001		Stepan Co		1,717,295
	104,994	*	Summit Materials, Inc		1,586,459
	63,967		SunCoke Energy, Inc		201,496
	27,146	*,e	TimkenSteel Corp		70,580
	8,363	*	Trecora Resources		49,342
	14,895		Tredegar Corp		245,470
	32,058		Trinseo S.A.		655,586
	69,045		Tronox Holdings plc		470,887
	2,989	*	UFP Technologies, Inc		128,527
	765		United States Lime & Minerals, Inc		61,277
	160,719	e	United States Steel Corp		1,234,322
	17,452	*	US Concrete, Inc		334,729
	19,740		Valhi, Inc		17,385
	155,346		Valvoline, Inc		2,670,398
	27,564	*	Verso Corp		382,864
	106,970		Vulcan Materials Co		12,084,401
	53,086		Warrior Met Coal, Inc		666,229
	28,248	e	Westlake Chemical Corp		1,227,376
	205,409		WestRock Co		6,612,116
	42,569		Worthington Industries, Inc		1,125,524
	47,608		WR Grace and Co		2,248,526
			TOTAL MATERIALS		607,096,540

165

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
MEDIA & ENTERTAINMENT - 8.0%
	613,337		Activision Blizzard, Inc	$	39,087,967
	242,539	*	Alphabet, Inc (Class A)		326,627,271
	242,939	*	Alphabet, Inc (Class C)		327,642,112
	243,687	*	Altice USA, Inc		6,328,551
	32,802	e	AMC Entertainment Holdings, Inc		161,386
	31,079	*,e	AMC Networks, Inc		741,234
	7,374	*,e	Arcutis Biotherapeutics, Inc		219,155
	19,069	*	Baudax Bio, Inc		58,637
	9,717	*,e	Beam Therapeutics, Inc		154,986
	4,511	*	Black Diamond Therapeutics, Inc		167,087
	3,507		Cable One, Inc		6,708,400
	11,066	*	Cardlytics, Inc		497,417
	65,331	*	Cargurus, Inc		1,494,773
	40,872	*,e	Cars.com, Inc		211,717
	89,655	*	Central European Media Enterprises Ltd (Class A) (NASDAQ)		348,758
	121,826	*	Charter Communications, Inc		60,331,890
	86,498		Cinemark Holdings, Inc		1,235,191
	131,018	*	Clear Channel		126,406
	3,653,230		Comcast Corp (Class A)		137,471,045
	35,099	*	comScore, Inc		101,436
	430	*,e	Daily Journal Corp		119,325
	164,183	*	DHI Group, Inc		456,429
	124,565	*,e	Discovery, Inc (Class A)		2,792,747
	271,736	*	Discovery, Inc (Class C)		5,546,132
	212,290	*	DISH Network Corp (Class A)		5,310,434
	229,836	*	Electronic Arts, Inc		26,261,061
	147,439	e	Entercom Communications Corp (Class A)		179,876
	39,200		Entravision Communications Corp (Class A)		57,232
	102,264	*,e	Eros International plc		260,773
	25,967	*	Eventbrite Inc		236,819
	6,876	*	EverQuote Inc		267,958
	33,061	e	EW Scripps Co (Class A)		266,802
	1,936,675	*	Facebook, Inc		396,456,739
	12,801	*,e	Fluent, Inc		25,730
	274,126		Fox Corp (Class A)		7,091,640
	130,521		Fox Corp (Class B)		3,336,117
	122,765	e	Gannett Co, Inc		138,725
	79,499	*	GCI Liberty, Inc		4,835,924
	118,416	*	Glu Mobile, Inc		923,645
	77,593	*	Gray Television, Inc		900,855
	8,609	*	Hemisphere Media Group, Inc		79,892
	60,627	*	IAC/InterActiveCorp		13,548,922
	58,238	*	Imax Corp		669,737
	312,972		Interpublic Group of Cos, Inc		5,314,265
	37,914		John Wiley & Sons, Inc (Class A)		1,423,671
	6,199	*,e	Liberty Braves Group (Class A)		127,947
	31,743	*	Liberty Braves Group (Class C)		637,717
	20,617	*	Liberty Broadband Corp (Class A)		2,474,452
	86,983	*	Liberty Broadband Corp (Class C)		10,671,074
	26,301	*	Liberty Latin America Ltd (Class A)		281,421
	88,556	*	Liberty Latin America Ltd (Class C)		915,669
	14,697	*	Liberty Media Group (Class A)		444,584
	153,280	*	Liberty Media Group (Class C)		4,934,083
	69,739	*	Liberty SiriusXM Group (Class A)		2,350,902
	123,283	*	Liberty SiriusXM Group (Class C)		4,200,252

166

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	94,489	*	Liberty TripAdvisor Holdings, Inc	$	222,049
	45,996	*,e	Lions Gate Entertainment Corp (Class A)		328,411
	104,280	*	Lions Gate Entertainment Corp (Class B)		696,590
	100,440	*	Live Nation, Inc		4,506,743
	16,831	*,e	LiveXLive Media, Inc		42,919
	24,725	*	Loral Space & Communications, Inc		543,950
	14,010	*	Madison Square Garden Co		2,400,193
	14,010	*,e	Madison Square Garden Entertainment Corp		1,158,627
	25,417		Marcus Corp		369,563
	43,704	*,e	Match Group, Inc		3,363,460
	31,081	*,e	MDC Partners, Inc		44,446
	55,081	*,e	Meet Group, Inc		339,850
	34,388	e	Meredith Corp		509,974
	37,843	*,e	MSG Networks, Inc		449,575
	73,759		National CineMedia, Inc		243,405
	341,523	*	NetFlix, Inc		143,388,432
	132,255		New York Times Co (Class A)		4,300,933
	308,222		News Corp (Class A)		3,054,480
	116,896	e	News Corp (Class B)		1,194,677
	36,008		Nexstar Media Group Inc		2,522,000
	176,280		Omnicom Group, Inc		10,053,248
	51,008	*	QuinStreet, Inc		518,241
	6,859	*	Reading International, Inc		29,254
	10,049	*	REVOLUTION Medicines, Inc		314,232
	68,443	*	Roku, Inc		8,297,345
	12,372	*	Rosetta Stone, Inc		211,314
	1,398		Saga Communications, Inc		39,312
	15,698		Scholastic Corp		456,341
	44,983		Sinclair Broadcast Group, Inc (Class A)		793,950
	1,117,866	e	Sirius XM Holdings, Inc		6,606,588
	105,826	*	Spotify Technology S.A.		16,040,047
	91,129	*	Take-Two Interactive Software, Inc		11,031,165
	17,311	*	TechTarget, Inc		403,693
	172,051		TEGNA, Inc		1,844,387
	12,348		Tribune Publishing Co		105,822
	74,790		TripAdvisor, Inc		1,493,556
	87,124	*,e	TrueCar, Inc		223,037
	617,860	*	Twitter, Inc		17,720,225
	12,816	e	ViacomCBS, Inc (Class A)		251,578
	438,811		ViacomCBS, Inc (Class B)		7,573,878
	1,416,362		Walt Disney Co		153,179,550
	19,514	*	WideOpenWest, Inc		115,523
	34,948	e	World Wrestling Entertainment, Inc (Class A)		1,554,138
	57,350	*	Yelp, Inc		1,281,773
	48,258	*	Zillow Group, Inc (Class A)		2,101,153
	102,123	*,e	Zillow Group, Inc (Class C)		4,489,327
	685,277	*	Zynga, Inc		5,166,989
			TOTAL MEDIA & ENTERTAINMENT		1,834,830,913
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.8%
	4,229	*	89bio, Inc		99,424
	1,198,978		AbbVie, Inc		98,555,992
	53,224	*	Abeona Therapeutics, Inc		126,673
	89,063	*	Acadia Pharmaceuticals, Inc		4,302,634
	15,310	*,e	Accelerate Diagnostics, Inc		167,032
	35,035	*	Acceleron Pharma, Inc		3,171,719

167

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	227,571	*,e	AcelRx Pharmaceuticals, Inc	$	366,389
	24,842	*,e	Acorda Therapeutics, Inc		23,910
	29,270	*,e	Adamas Pharmaceuticals, Inc		94,542
	51,823	*	Adaptive Biotechnologies Corp		1,658,854
	47,825	*,e	ADMA Biologics, Inc		141,084
	50,619	*,e	Aduro Biotech, Inc		139,962
	43,030	*,e	Adverum Biotechnologies, Inc		509,905
	46,253	*,e	Aerie Pharmaceuticals, Inc		704,896
	55,053	*	Affimed NV		120,566
	131,334	*	Agenus, Inc		350,005
	5,663	*,e	AgeX Therapeutics, Inc		4,781
	251,851		Agilent Technologies, Inc		19,306,898
	45,032	*	Agios Pharmaceuticals, Inc		1,852,616
	45,447	*,e	Aimmune Therapeutics, Inc		778,053
	8,200	*,e	Akcea Therapeutics, Inc		139,892
	87,967	*	Akebia Therapeutics, Inc		712,533
	4,548	*,e	Akero Therapeutics, Inc		92,779
	5,626	*,e	Albireo Pharma, Inc		126,360
	71,596	*,†	Alder Biopharmaceuticals Inc		63,004
	27,073	*	Alector, Inc		669,245
	172,578	*	Alexion Pharmaceuticals, Inc		18,546,958
	112,466	*	Alkermes plc		1,541,909
	14,900	*,e	Allakos, Inc		979,824
	265,362		Allergan plc		49,712,917
	36,291	*,e	Allogene Therapeutics, Inc		1,048,810
	86,402	*	Alnylam Pharmaceuticals, Inc		11,379,143
	22,367	*,e	AMAG Pharmaceuticals, Inc		179,607
	478,783		Amgen, Inc		114,534,469
	204,333	*	Amicus Therapeutics, Inc		2,413,173
	89,253	*,e	Amneal Pharmaceuticals, Inc		323,988
	20,326	*,e	Amphastar Pharmaceuticals, Inc		344,526
	19,342	*,e	AnaptysBio, Inc		302,122
	33,175	*,e	Anavex Life Sciences Corp		114,785
	4,747	*	ANI Pharmaceuticals, Inc		189,927
	8,514	*,e	Anika Therapeutics, Inc		282,920
	43,480	*	Apellis Pharmaceuticals, Inc		1,490,060
	5,155	*,e	Applied Therapeutics, Inc		184,291
	5,246	*	Aprea Therapeutics, Inc		166,770
	26,055	*	Arcus Biosciences, Inc		688,113
	49,400	*	Ardelyx, Inc		325,052
	39,281	*	Arena Pharmaceuticals, Inc		1,923,591
	78,723	*	Arrowhead Pharmaceuticals Inc		2,710,433
	16,045	*	Arvinas, Inc		842,362
	17,230	*	Assembly Biosciences, Inc		301,697
	131,422	*	Assertio Therapeutics, Inc		114,994
	28,032	*	Atara Biotherapeutics, Inc		232,385
	78,802	*,e	Athenex, Inc		704,490
	106,728	*,e	Athersys, Inc		245,474
	12,220	*,e	Atreca, Inc		186,722
	254,977	*	Avantor, Inc		4,286,163
	42,118	*,e	Avid Bioservices, Inc		256,920
	34,728	*,e	Avrobio, Inc		446,949
	21,233	*	Axsome Therapeutics, Inc		2,017,772
	158,634	*	BioCryst Pharmaceuticals, Inc		620,259
	58,068	*	BioDelivery Sciences International, Inc		264,790
	140,444	*	Biogen, Inc		41,687,993

168

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	32,612	*	Biohaven Pharmaceutical Holding Co Ltd	$	1,536,025
	142,763	*	BioMarin Pharmaceutical, Inc		13,137,051
	17,027	*	Bio-Rad Laboratories, Inc (Class A)		7,493,583
	3,096	*	Biospecifics Technologies Corp		176,193
	30,886		Bio-Techne Corp		6,949,350
	6,036	*	Bioxcel Therapeutics Inc		223,332
	43,072	*	Bluebird Bio, Inc		2,320,719
	42,760	*	Blueprint Medicines Corp		2,515,571
	61,432	*,e	Bridgebio Pharma, Inc		1,875,519
	1,894,405		Bristol-Myers Squibb Co		115,198,768
	79,919		Bruker BioSciences Corp		3,142,415
	6,194	*	Cabaletta Bio, Inc		44,906
	131,619	*	Calithera Biosciences, Inc		806,824
	4,536	*,e	Calyxt, Inc		19,777
	48,745	*,e	Cara Therapeutics, Inc		722,401
	40,282	*	CareDx, Inc		1,022,357
	31,091	*,e	CASI Pharmaceuticals, Inc		57,829
	7,452	*	Castle Biosciences, Inc		230,490
	122,103	*	Catalent, Inc		8,443,422
	75,099	*,e	Catalyst Pharmaceuticals, Inc		355,969
	28,332	*,e	CEL-SCI Corp		498,643
	38,891	*	Charles River Laboratories International, Inc		5,626,361
	31,119	*	ChemoCentryx, Inc		1,649,618
	21,278	*	Chimerix, Inc		48,939
	40,551	*,e	Clovis Oncology, Inc		308,593
	39,583	*,e	Codexis, Inc		459,559
	60,228	*,e	Coherus Biosciences, Inc		999,785
	24,260	*	Collegium Pharmaceutical, Inc		501,697
	11,969	*	Concert Pharmaceuticals, Inc		119,451
	14,904	*,e	Constellation Pharmaceuticals, Inc		536,246
	53,026	*,e	Corbus Pharmaceuticals Holdings, Inc		343,608
	89,013	*,e	Corcept Therapeutics, Inc		1,126,905
	101,076	*,e	CorMedix Inc		419,465
	10,427	*,e	Cortexyme Inc		475,680
	14,944	*	Cue Biopharma, Inc		382,268
	36,556	*,e	Cymabay Therapeutics, Inc		64,704
	68,490	*,e	Cytokinetics, Inc		1,034,884
	28,418	*	CytomX Therapeutics, Inc		293,274
	16,882	*,e	Deciphera Pharmaceuticals, Inc		978,818
	36,624	*,e	Denali Therapeutics, Inc		800,601
	43,008	*	Dicerna Pharmaceuticals, Inc		847,258
	42,801	*,e	Dynavax Technologies Corp		181,904
	11,242	*	Eagle Pharmaceuticals, Inc		573,117
	54,831	*,e	Editas Medicine, Inc		1,267,693
	9,073	*,e	Eidos Therapeutics, Inc		421,350
	18,921	*	Eiger BioPharmaceuticals, Inc		140,772
	320,112	*,e	Elanco Animal Health, Inc		7,909,968
	690,520		Eli Lilly & Co		106,782,013
	13,367	*,e	Eloxx Pharmaceuticals, Inc		39,032
	39,051	*	Emergent Biosolutions, Inc		2,887,821
	13,523	*	Enanta Pharmaceuticals, Inc		627,062
	197,551	*	Endo International plc		908,735
	75,024	*	Epizyme, Inc		1,234,895
	24,015	*,e	Esperion Thereapeutics, Inc		950,994
	21,747	*,e	Evolus, Inc		90,468
	113,835	*	Exact Sciences Corp		8,990,688

169

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	243,309	*	Exelixis, Inc	$	6,008,516
	55,910	*,e	Fate Therapeutics, Inc		1,530,816
	63,559	*,e	FibroGen, Inc		2,344,692
	41,939	*	Five Prime Therapeutics, Inc		137,560
	39,018	*,e	Flexion Therapeutics, Inc		415,152
	19,596	*	Fluidigm Corp		43,895
	32,278	*,e	G1 Therapeutics, Inc		423,810
	99,875	*,e	Geron Corp		118,851
	1,035,141		Gilead Sciences, Inc		86,951,844
	45,169	*,e	Global Blood Therapeutics, Inc		3,456,332
	20,830	*	GlycoMimetics, Inc		58,116
	52,640	*,e	Gossamer Bio, Inc		685,373
	52,701	*,e	Gritstone Oncology, Inc		369,434
	100,765	*	Halozyme Therapeutics, Inc		2,282,831
	58,607	*,e	Heron Therapeutics, Inc		835,736
	15,635	*,e	Homology Medicines, Inc		188,714
	149,095	*	Horizon Therapeutics Plc		5,373,384
	3,773	*	IGM Biosciences, Inc		206,647
	119,360	*	Illumina, Inc		38,079,421
	143,627	*	Immunogen, Inc		585,998
	154,061	*	Immunomedics, Inc		4,680,373
	145,098	*	Incyte Corp		14,170,271
	84,899	*	Innoviva, Inc		1,203,868
	81,438	*,e	Inovio Pharmaceuticals, Inc		979,699
	65,711	*,e	Insmed, Inc		1,511,353
	35,962	*,e	Intellia Therapeutics, Inc		484,408
	21,628	*	Intercept Pharmaceuticals, Inc		1,771,766
	14,781	*	Intersect ENT, Inc		169,686
	41,691	*	Intra-Cellular Therapies, Inc		736,680
	69,391	*,e	Invitae Corp		1,148,421
	103,042	*	Ionis Pharmaceuticals, Inc		5,721,922
	100,089	*	Iovance Biotherapeutics, Inc		3,217,861
	143,510	*	IQVIA Holdings, Inc		20,463,091
	108,922	*	Ironwood Pharmaceuticals, Inc		1,089,220
	44,220	*	Jazz Pharmaceuticals plc		4,875,255
	2,153,219		Johnson & Johnson		323,068,979
	8,024	*,e	Jounce Therapeutics, Inc		39,318
	101,652	*,e	Kadmon Holdings, Inc		437,104
	10,732	*,e	Kala Pharmaceuticals, Inc		106,891
	9,448	*,e	KalVista Pharmaceuticals Inc		103,078
	8,360	*	Karuna Therapeutics, Inc		694,549
	46,823	*,e	Karyopharm Therapeutics, Inc		1,032,447
	11,670	*	Kindred Biosciences, Inc		58,583
	10,488	*	Kiniksa Pharmaceuticals Ltd		209,236
	24,165	*,e	Kodiak Sciences, Inc		1,318,201
	8,184	*,e	Krystal Biotech Inc		386,203
	25,692	*	Kura Oncology, Inc		373,819
	9,941	*,e	La Jolla Pharmaceutical Co		72,172
	24,293	*,e	Lannett Co, Inc		231,755
	23,392	*,e	Lexicon Pharmaceuticals, Inc		44,211
	12,831	*,e	Ligand Pharmaceuticals, Inc (Class B)		1,264,752
	56,636	*,e	Lineage Cell Therapeutics, Inc		48,141
	33,359		Luminex Corp		1,202,592
	56,764	*	MacroGenics, Inc		408,701
	8,652	*,e	Madrigal Pharmaceuticals, Inc		723,999
	16,310	*	Magenta Therapeutics, Inc		132,926

170

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	297,094	*,e	MannKind Corp	$	386,222
	360,236	*,e	Marinus Pharmaceuticals, Inc		734,881
	14,055	*	MediciNova, Inc		72,383
	22,437	*	Medpace Holdings, Inc		1,791,819
	11,119	*	MeiraGTx Holdings plc		153,109
	4,587	*,e	Menlo Therapeutics, Inc		8,348
	2,065,693		Merck & Co, Inc		163,892,083
	27,755	*	Mersana Therapeutics, Inc		250,628
	19,311	*	Mettler-Toledo International, Inc		13,902,761
	17,960	*	Minerva Neurosciences, Inc		161,101
	23,793	*	Mirati Therapeutics, Inc		2,023,357
	181,046	*	Moderna, Inc		8,326,306
	16,695	*,e	Molecular Templates, Inc		270,960
	89,370	*	Momenta Pharmaceuticals, Inc		2,833,029
	419,414	*	Mylan NV		7,033,573
	40,288	*	MyoKardia, Inc		2,530,892
	50,516	*	Myriad Genetics, Inc		780,977
	37,762	*	NanoString Technologies, Inc		1,199,321
	47,142	*	Natera, Inc		1,746,140
	134,519	*,e	Nektar Therapeutics		2,582,765
	73,701	*	NeoGenomics, Inc		2,014,985
	74,493	*	Neurocrine Biosciences, Inc		7,310,743
	12,334	*	NextCure Inc		399,868
	16,736	*	NGM Biopharmaceuticals Inc		305,599
	26,024	*,e	Novavax, Inc		471,815
	14,594	*	Ocular Therapeutix, Inc		84,061
	8,176	*,e	Odonate Therapeutics, Inc		230,154
	53,171	*,e	Omeros Corp		883,702
	344,433	*,e	Opko Health, Inc		764,641
	18,657	*,e	Optinose, Inc		75,374
	4,348	*,e	Oyster Point Pharma, Inc		127,831
	128,534	*,e	Pacific Biosciences of California, Inc		424,805
	33,924	*,e	Pacira BioSciences Inc		1,400,722
	12,933	*,e	Paratek Pharmaceuticals, Inc		52,896
	102,482	*	PDL BioPharma, Inc		347,414
	88,610		PerkinElmer, Inc		8,021,863
	98,707		Perrigo Co plc		5,261,083
	14,895	*,e	Personalis, Inc		154,461
	30,407	*	Pfenex, Inc		174,840
	4,508,743		Pfizer, Inc		172,955,381
	8,056	*	Phathom Pharmaceuticals, Inc		272,615
	11,429		Phibro Animal Health Corp		305,269
	18,324	*	Pieris Pharmaceuticals, Inc		48,559
	5,383	*,e	PolarityTE, Inc		5,544
	69,524	*,e	Portola Pharmaceuticals, Inc		492,230
	50,225	*	PRA Health Sciences, Inc		4,846,712
	25,740	*	Precision BioSciences Inc		177,091
	50,206	*	Prestige Consumer Healthcare, Inc.		2,042,882
	6,326	*	Prevail Therapeutics, Inc		91,411
	14,054	*	Principia Biopharma, Inc		873,878
	215,677	*	Progenics Pharmaceuticals, Inc		849,767
	47,642	*,e	Protagonist Therapeutics, Inc		321,584
	25,653	*	Prothena Corp plc		287,827
	51,050	*	PTC Therapeutics, Inc		2,599,466
	18,291	*,e	Puma Biotechnology, Inc		183,825
	181,041	*	QIAGEN NV		7,547,599

171

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	6,779	*	Quanterix Corp	$	177,610
	40,171	*,e	Radius Health, Inc		630,283
	18,102	*,e	Reata Pharmaceuticals, Inc		2,863,012
	47,673	*	Recro Pharma, Inc		403,314
	66,500	*	Regeneron Pharmaceuticals, Inc		34,971,020
	31,576	*	REGENXBIO, Inc		1,257,356
	40,752	*	Repligen Corp		4,733,345
	9,749	*	Replimune Group, Inc		176,359
	21,376	*	Retrophin, Inc		325,343
	28,104	*,e	Revance Therapeutics, Inc		520,205
	19,083	*	Rhythm Pharmaceuticals, Inc		359,524
	86,156	*,e	Rigel Pharmaceuticals, Inc		154,219
	25,786	*	Rocket Pharmaceuticals, Inc		381,633
	83,924	*,e	Rubius Therapeutics, Inc		507,740
	40,059	*	Sage Therapeutics, Inc		1,561,500
	127,347	*,e	Sangamo Therapeutics Inc		1,037,878
	56,139	*,e	Sarepta Therapeutics, Inc		6,617,665
	3,844	*,e	Satsuma Pharmaceuticals, Inc		75,342
	15,205	*	Scholar Rock Holding Corp		249,818
	9,640	*	Schrodinger, Inc		447,296
	94,104	*	Seattle Genetics, Inc		12,913,892
	13,358	*	Seres Therapeutics, Inc		49,157
	31,728	*,e	SIGA Technologies, Inc		187,512
	5,595	*,e	Solid Biosciences, Inc		12,980
	93,662	*,e	Sorrento Therapeutics, Inc		212,613
	115,826	*,e	Spectrum Pharmaceuticals, Inc		335,895
	8,069	*,e	SpringWorks Therapeutics, Inc		244,168
	14,585	*	Stemline Therapeutics, Inc		76,280
	13,696	*,e	Stoke Therapeutics, Inc		288,027
	30,987	*	Supernus Pharmaceuticals, Inc		725,096
	6,892	*,e	Syndax Pharmaceuticals, Inc		124,056
	50,130	*	Syneos Health, Inc		2,796,753
	25,941	*,e	Syros Pharmaceuticals, Inc		218,683
	7,220	*,e	TCR2 Therapeutics Inc		68,879
	64,512	*,e	TG Therapeutics, Inc		758,661
	222,623	*,e	TherapeuticsMD, Inc		351,744
	47,696	*	Theravance Biopharma, Inc		1,390,815
	324,166		Thermo Fisher Scientific, Inc		108,491,877
	20,924	*,e	Translate Bio, Inc		268,664
	24,278	*	Tricida, Inc		734,410
	22,228	*	Turning Point Therapeutics Inc		1,144,964
	20,560	*	Twist Bioscience Corp		672,518
	43,643	*,e	Ultragenyx Pharmaceutical, Inc		2,637,346
	33,438	*	United Therapeutics Corp		3,663,467
	11,976	*,e	UNITY Biotechnology, Inc		77,724
	13,354	*,e	UroGen Pharma Ltd		296,592
	43,287	*	Vanda Pharmaceuticals, Inc		497,801
	76,900	*,e	VBI Vaccines, Inc		93,818
	35,705	*	Veracyte, Inc		962,964
	54,342	*	Vericel Corp		787,959
	210,996	*	Vertex Pharmaceuticals, Inc		53,002,195
	5,676	*	Viela Bio, Inc		230,616
	58,489	*,e	Viking Therapeutics, Inc		336,897
	7,596	*	Vir Biotechnology, Inc		231,754
	18,311	*	Voyager Therapeutics, Inc		197,942
	50,669	*	Waters Corp		9,475,103

172

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	11,082	*,e	WaVe Life Sciences Ltd	$	96,192
	14,286	*	XBiotech, Inc		226,005
	32,052	*,e	Xencor, Inc		936,880
	50,940	*,e	Xeris Pharmaceuticals, Inc		137,538
	19,129	*	Y-mAbs Therapeutics, Inc		642,352
	109,983	*,e	ZIOPHARM Oncology, Inc		307,952
	387,806		Zoetis, Inc		50,147,194
	36,547	*	Zogenix, Inc		1,031,722
	44,624	*,e	Zynerba Pharmaceuticals, Inc		172,695
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		2,005,744,095
REAL ESTATE - 3.7%
	69,241		Acadia Realty Trust		857,896
	34,962		Agree Realty Corp		2,276,376
	58,662		Alexander & Baldwin, Inc		770,819
	2,407		Alexander’s, Inc		758,831
	99,037		Alexandria Real Estate Equities, Inc		15,557,722
	6,851	*,e	Altisource Portfolio Solutions S.A.		57,206
	37,614		American Assets Trust, Inc		1,065,228
	108,984		American Campus Communities, Inc		3,846,045
	76,012		American Finance Trust, Inc		586,053
	207,489		American Homes 4 Rent		5,008,784
	356,223		American Tower Corp		84,781,074
	153,841		Americold Realty Trust		4,705,996
	113,814		Apartment Investment & Management Co		4,287,373
	163,456		Apple Hospitality REIT, Inc		1,582,254
	26,867		Armada Hoffler Properties, Inc		258,192
	481,381		Ashford Hospitality Trust, Inc		395,840
	112,955		AvalonBay Communities, Inc		18,406,017
	45,166		Bluerock Residential Growth REIT, Inc		262,866
	125,042		Boston Properties, Inc		12,151,582
	59,562		BraeMar Hotels & Resorts, Inc		186,429
	98,959		Brandywine Realty Trust		1,104,382
	212,171		Brixmor Property Group, Inc		2,429,358
	79,501		Brookfield Property REIT, Inc		778,712
	16,427		Brt Realty Trust		162,627
	74,170		Camden Property Trust		6,532,152
	69,365		CareTrust REIT, Inc		1,143,135
	56,282		CatchMark Timber Trust, Inc		442,377
	122,504	*	CBL & Associates Properties, Inc		35,404
	277,156	*	CBRE Group, Inc		11,898,307
	53,871		Cedar Realty Trust, Inc		56,565
	43,368		Chatham Lodging Trust		325,694
	46,803		City Office REIT, Inc		472,710
	7,816		Clipper Realty, Inc		41,425
	425,482		Colony Capital, Inc		982,863
	94,085		Columbia Property Trust, Inc		1,344,475
	15,150		Community Healthcare Trust, Inc		563,580
	12,558		Consolidated-Tomoka Land Co		527,813
	100,297		CoreCivic, Inc		1,315,897
	46,802		CorEnergy Infrastructure Trust, Inc		568,176
	155,617		CorePoint Lodging, Inc		676,934
	30,172		Coresite Realty		3,656,545
	79,819		Corporate Office Properties Trust		2,108,818
	113,005		Cousins Properties, Inc		3,409,361
	336,219		Crown Castle International Corp		53,603,395

173

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	152,802		CubeSmart	$	3,850,610
	92,091	*,e	Cushman & Wakefield plc		1,120,747
	90,921		CyrusOne, Inc		6,378,108
	160,530		DiamondRock Hospitality Co		1,000,102
	211,170		Digital Realty Trust, Inc		31,567,803
	239,945		Diversified Healthcare Trust		746,229
	130,846		Douglas Emmett, Inc		3,989,495
	300,568		Duke Realty Corp		10,429,710
	59,731		Easterly Government Properties, Inc		1,607,361
	30,443		EastGroup Properties, Inc		3,226,958
	104,720		Empire State Realty Trust, Inc		875,459
	64,557		EPR Properties		1,899,267
	68,888		Equinix, Inc		46,513,178
	107,413		Equity Commonwealth		3,646,671
	143,836		Equity Lifestyle Properties, Inc		8,674,749
	297,475		Equity Residential		19,353,724
	73,512		Essential Properties Realty Trust, Inc		1,079,891
	52,876		Essex Property Trust, Inc		12,907,032
	11,002	*	eXp World Holdings Inc		100,998
	102,912		Extra Space Storage, Inc		9,080,955
	21,321		Farmland Partners, Inc		139,866
	58,222		Federal Realty Investment Trust		4,848,146
	104,345		First Industrial Realty Trust, Inc		3,941,111
	52,178	*	Forestar Group, Inc		688,228
	58,607		Four Corners Property Trust, Inc		1,312,211
	61,023		Franklin Street Properties Corp		331,965
	60,678		Front Yard Residential Corp		692,336
	3,673	*	FRP Holdings, Inc		159,739
	165,877		Gaming and Leisure Properties, Inc		4,684,366
	102,709		Geo Group, Inc		1,302,350
	39,263		Getty Realty Corp		1,066,383
	28,705		Gladstone Commercial Corp		453,539
	19,018		Global Medical REIT, Inc		198,168
	80,903		Global Net Lease, Inc		1,164,194
	56,257		Hannon Armstrong Sustainable Infrastructure Capital, Inc		1,574,633
	101,948		Healthcare Realty Trust, Inc		2,996,252
	159,278		Healthcare Trust of America, Inc		3,923,017
	405,675		Healthpeak Properties Inc		10,604,345
	56,274		Hersha Hospitality Trust		294,313
	74,387		Highwoods Properties, Inc		2,886,959
	567,817		Host Hotels and Resorts, Inc		6,989,827
	29,312	*	Howard Hughes Corp		1,587,538
	114,748		Hudson Pacific Properties		2,820,506
	49,316		Independence Realty Trust, Inc		496,612
	52,659		Industrial Logistics Properties Trust		984,197
	12,948		Innovative Industrial Properties, Inc		1,015,900
	10,916		Investors Real Estate Trust		683,669
	428,352		Invitation Homes, Inc		10,130,525
	228,470		Iron Mountain, Inc		5,524,405
	40,754		iStar Inc		408,355
	99,396		JBG SMITH Properties		3,374,494
	16,318		Jernigan Capital, Inc		215,398
	42,077		Jones Lang LaSalle, Inc		4,442,490
	96,450		Kennedy-Wilson Holdings, Inc		1,364,768
	83,571		Kilroy Realty Corp		5,203,130
	334,293		Kimco Realty Corp		3,647,137

174

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	60,963		Kite Realty Group Trust	$	623,651
	69,686		Lamar Advertising Co		4,017,398
	194,619		Lexington Realty Trust		2,033,769
	37,348		Life Storage, Inc		3,271,311
	35,739		LTC Properties, Inc		1,272,308
	111,975		Macerich Co		836,453
	77,091		Mack-Cali Realty Corp		1,248,103
	24,749	*	Marcus & Millichap, Inc		718,958
	7,087	*	Maui Land & Pineapple Co, Inc		74,059
	414,171		Medical Properties Trust, Inc		7,098,891
	92,006		Mid-America Apartment Communities, Inc		10,297,312
	80,044		Monmouth Real Estate Investment Corp (Class A)		1,087,798
	33,453		National Health Investors, Inc		1,841,922
	131,950		National Retail Properties, Inc		4,306,848
	50,930		National Storage Affiliates Trust		1,450,486
	57,756		New Senior Investment Group, Inc		191,172
	162,017		Newmark Group, Inc		628,626
	14,802		NexPoint Residential Trust, Inc		445,096
	47,345		Office Properties Income Trust		1,297,253
	183,633		Omega Healthcare Investors, Inc		5,352,902
	32,197		One Liberty Properties, Inc		506,137
	119,329		Outfront Media, Inc		1,872,272
	156,501		Paramount Group, Inc		1,510,235
	194,545		Park Hotels & Resorts, Inc		1,850,123
	102,913		Pebblebrook Hotel Trust		1,218,490
	1,055		Pennsylvania REIT		1,066
	132,603		Physicians Realty Trust		2,044,738
	89,709		Piedmont Office Realty Trust, Inc		1,556,451
	50,818		PotlatchDeltic Corp		1,784,220
	30,956		Preferred Apartment Communities, Inc		229,384
	594,400		Prologis, Inc		53,038,312
	16,705		PS Business Parks, Inc		2,156,448
	119,630		Public Storage, Inc		22,185,384
	45,791		QTS Realty Trust, Inc		2,863,311
	10,225	*	Rafael Holdings, Inc		144,275
	103,341		Rayonier, Inc		2,483,284
	10,920		Re/Max Holdings, Inc		287,087
	115,446		Realogy Holdings Corp		501,036
	261,438		Realty Income Corp		14,358,175
	76,738	*	Redfin Corp		1,621,474
	134,955		Regency Centers Corp		5,925,874
	95,856		Retail Opportunities Investment Corp		930,282
	180,631		Retail Properties of America, Inc		1,119,912
	10,607		Retail Value, Inc		153,483
	92,093		Rexford Industrial Realty, Inc		3,750,027
	146,326		RLJ Lodging Trust		1,359,369
	18,921		RMR Group, Inc		561,197
	62,294		RPT Realty		424,845
	42,374		Ryman Hospitality Properties		1,497,497
	160,129		Sabra Healthcare REIT, Inc		2,052,854
	10,397		Safehold, Inc		600,531
	9,881		Saul Centers, Inc		322,318
	90,452		SBA Communications Corp		26,223,844
	33,749	*	Seritage Growth Properties		357,064
	135,178		Service Properties Trust		936,784
	247,431		Simon Property Group, Inc		16,520,968

175

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	144,383		SITE Centers Corp	$	874,961
	58,391		SL Green Realty Corp		3,097,643
	73,120		Spirit Realty Capital, Inc		2,249,171
	36,383	*,e	St. Joe Co		665,809
	120,028		STAG Industrial, Inc		3,150,735
	160,009		STORE Capital Corp		3,211,381
	2,867	*	Stratus Properties, Inc		48,080
	95,676		Summit Hotel Properties, Inc		579,797
	71,626		Sun Communities, Inc		9,626,534
	161,576		Sunstone Hotel Investors, Inc		1,484,883
	88,312		Tanger Factory Outlet Centers, Inc		664,106
	46,299		Taubman Centers, Inc		1,995,487
	24,042	*	Tejon Ranch Co		329,375
	54,281		Terreno Realty Corp		2,975,684
	228,147		UDR, Inc		8,548,668
	29,663		UMH Properties, Inc		385,322
	151,222		Uniti Group, Inc		1,067,627
	10,264		Universal Health Realty Income Trust		1,097,837
	84,805		Urban Edge Properties		975,258
	25,939		Urstadt Biddle Properties, Inc (Class A)		378,969
	299,266		Ventas, Inc		9,681,255
	805,160		VEREIT, Inc		4,412,277
	373,853		VICI Properties, Inc		6,512,519
	133,644		Vornado Realty Trust		5,856,280
	267,196		Washington Prime Group, Inc		229,735
	62,434		Washington REIT		1,455,961
	88,530		Weingarten Realty Investors		1,610,361
	332,228		Welltower, Inc		17,020,040
	604,395		Weyerhaeuser Co		13,218,119
	22,948		Whitestone REIT		155,587
	136,414		WP Carey, Inc		8,973,313
	83,110		Xenia Hotels & Resorts, Inc		806,167
			TOTAL REAL ESTATE		848,565,415
RETAILING - 6.9%
	15,888	*	1-800-FLOWERS.COM, Inc (Class A)		304,891
	54,562		Aaron’s, Inc		1,741,073
	48,761		Abercrombie & Fitch Co (Class A)		515,891
	52,487		Advance Auto Parts, Inc		6,346,203
	339,000	*	Amazon.com, Inc		838,686,000
	123,974	e	American Eagle Outfitters, Inc		985,593
	4,482	*	America’s Car-Mart, Inc		295,588
	15,223	*,e	Asbury Automotive Group, Inc		1,027,552
	46,249	*,e	At Home Group, Inc		108,685
	49,168	*	Autonation, Inc		1,831,016
	19,215	*	AutoZone, Inc		19,605,449
	22,973	*	Barnes & Noble Education, Inc		41,122
	110,359	e	Bed Bath & Beyond, Inc		683,122
	179,693		Best Buy Co, Inc		13,787,844
	37,243		Big Lots, Inc		873,348
	90,864	*	BJ’s Wholesale Club Holdings, Inc		2,390,632
	33,920	*	Booking Holdings, Inc		50,220,934
	32,807	*	Boot Barn Holdings, Inc		605,617
	20,435	e	Buckle, Inc		312,860
	51,829	*	Burlington Stores, Inc		9,468,640
	42,483		Caleres, Inc		344,537

176

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	26,521	e	Camping World Holdings, Inc	$	235,241
	127,405	*,e	CarMax, Inc		9,383,378
	37,231	*,e	Carvana Co		2,982,575
	14,638		Cato Corp (Class A)		164,824
	90,009		Chico’s FAS, Inc		135,013
	14,677	e	Children’s Place, Inc		433,852
	9,236		Citi Trends, Inc		104,921
	14,808	*,e	Conn’s, Inc		100,102
	9,713	*,e	Container Store Group, Inc		20,397
	35,722		Core-Mark Holding Co, Inc		1,026,650
	59,207		Designer Brands, Inc		375,964
	49,667	e	Dick’s Sporting Goods, Inc		1,459,713
	8,843	e	Dillard’s, Inc (Class A)		260,692
	206,379		Dollar General Corp		36,178,239
	191,685	*	Dollar Tree, Inc		15,271,544
	5,673	*,e	Duluth Holdings, Inc		22,749
	608,893		eBay, Inc		24,252,208
	94,996	*,e	Etsy, Inc		6,162,391
	106,990	e	Expedia Group Inc		7,594,150
	140,131	*,e	Express Parent LLC		290,071
	42,831	*	Five Below, Inc		3,861,643
	52,469	*,e	Floor & Decor Holdings, Inc		2,224,686
	81,537	e	Foot Locker, Inc		2,089,793
	16,526	*,e	Funko, Inc		70,731
	4,919	*,e	Gaia, Inc		44,714
	67,332	*,e	GameStop Corp (Class A)		385,812
	183,956	e	Gap, Inc		1,493,723
	16,380	*,e	Genesco, Inc		310,073
	114,172		Genuine Parts Co		9,051,556
	14,639	e	Group 1 Automotive, Inc		828,421
	438,715	*	Groupon, Inc		535,232
	71,331	*	GrubHub, Inc		3,408,908
	49,316	e	Guess?, Inc		461,105
	9,919	e	Haverty Furniture Cos, Inc		134,204
	15,548	*,e	Hibbett Sports, Inc		239,906
	883,819		Home Depot, Inc		194,289,931
	52,097	*	Hudson Ltd		255,275
	123,409		Kohl’s Corp		2,278,130
	193,192		L Brands, Inc		2,297,053
	27,806	*,e	Lands’ End, Inc		236,629
	6,857	*,e	Leaf Group Ltd		9,943
	10,204	*	Liquidity Services, Inc		51,020
	17,338	e	Lithia Motors, Inc (Class A)		1,916,889
	249,205	*	LKQ Corp		6,516,711
	629,425		Lowe’s Companies, Inc		65,932,269
	22,964	*,e	Lumber Liquidators, Inc		161,896
	245,855	e	Macy’s, Inc		1,440,710
	15,024	*	MarineMax, Inc		216,496
	67,268	*,e	Michaels Cos, Inc		204,495
	25,365	e	Monro Muffler, Inc		1,407,504
	22,677	*	Murphy USA, Inc		2,421,904
	64,783	*	National Vision Holdings, Inc		1,716,749
	86,843	e	Nordstrom, Inc		1,630,912
	478,795		Office Depot, Inc		1,062,925
	42,009	*,e	Ollie’s Bargain Outlet Holdings, Inc		2,852,831
	60,452	*	O’Reilly Automotive, Inc		23,355,026

177

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	28,265	*	Overstock.com, Inc	$	356,704
	27,126	e	Penske Auto Group, Inc		975,993
	11,452	e	PetMed Express, Inc		453,156
	31,277		Pool Corp		6,620,090
	52,342	*	Quotient Technology, Inc		375,816
	302,765	*	Qurate Retail Group, Inc QVC Group		2,438,772
	42,021	*	RealReal, Inc		493,327
	49,836		Rent-A-Center, Inc		991,986
	12,843	*,e	RH		1,846,567
	286,187		Ross Stores, Inc		26,146,044
	114,029	*,e	Rubicon Project, Inc		817,588
	92,701	*,e	Sally Beauty Holdings, Inc		900,127
	8,376	e	Shoe Carnival, Inc		197,841
	21,178		Shutterstock, Inc		804,764
	13,292	e	Signet Jewelers Ltd		133,718
	23,483	*	Sleep Number Corp		702,142
	21,865	e	Sonic Automotive, Inc (Class A)		468,567
	23,407	*	Sportsman’s Warehouse Holdings, Inc		167,594
	12,767	*	Stamps.com, Inc		2,020,633
	29,827	*,e	Stitch Fix Inc		478,723
	103,746	e	Tailored Brands, Inc		172,218
	396,282		Target Corp		43,487,987
	97,503		Tiffany & Co		12,334,130
	31,832		Tilly’s, Inc		187,490
	978,758		TJX Companies, Inc		48,008,080
	95,957		Tractor Supply Co		9,732,919
	44,012	*	Ulta Beauty, Inc		9,591,095
	50,531	*,e	Urban Outfitters, Inc		876,208
	50,688	*,e	Wayfair, Inc		6,287,340
	2,435		Weyco Group, Inc		46,338
	59,756	e	Williams-Sonoma, Inc		3,695,311
	3,320		Winmark Corp		498,000
	17,443	*	Zumiez, Inc		368,745
			TOTAL RETAILING		1,574,703,089
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.3%
	30,532	*	Acacia Communications, Inc		2,066,711
	33,388	*,e	Adesto Technologies Corp		395,648
	30,553	*	Advanced Energy Industries, Inc		1,698,747
	834,649	*	Advanced Micro Devices, Inc		43,727,261
	9,141	*	Alpha & Omega Semiconductor Ltd		109,966
	23,645	*	Ambarella, Inc		1,243,254
	75,934	*	Amkor Technology, Inc		750,228
	300,044		Analog Devices, Inc		32,884,822
	744,957		Applied Materials, Inc		37,009,464
	17,700	*	Axcelis Technologies, Inc		413,472
	23,342	*	AXT, Inc		129,081
	313,306		Broadcom, Inc		85,100,176
	56,349		Brooks Automation, Inc		2,168,873
	23,382		Cabot Microelectronics Corp		2,865,230
	12,815	*	Ceva, Inc		401,750
	47,017	*	Cirrus Logic, Inc		3,554,485
	22,179		Cohu, Inc		366,619
	86,290	*	Cree, Inc		3,721,688
	38,957	*	Diodes, Inc		1,982,522
	25,320	*	DSP Group, Inc		436,770

178

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	74,409	*	Enphase Energy, Inc	$	3,484,574
	110,914		Entegris, Inc		6,014,866
	66,027	*,e	First Solar, Inc		2,905,848
	68,617	*	Formfactor, Inc		1,598,776
	16,831	*	Ichor Holdings Ltd		419,092
	10,555	*	Impinj, Inc		237,065
	36,186	*	Inphi Corp		3,493,397
	3,470,901		Intel Corp		208,184,642
	127,453		KLA Corp		20,913,763
	116,357		Lam Research Corp		29,703,615
	110,879	*	Lattice Semiconductor Corp		2,495,886
	45,361	*,e	MACOM Technology Solutions Holdings, Inc		1,390,768
	538,189		Marvell Technology Group Ltd		14,391,174
	218,072		Maxim Integrated Products, Inc		11,989,599
	66,980	*	MaxLinear, Inc		1,104,500
	189,553		Microchip Technology, Inc		16,629,485
	895,598	*	Micron Technology, Inc		42,890,188
	43,422		MKS Instruments, Inc		4,352,187
	34,516		Monolithic Power Systems, Inc		6,900,094
	48,450	*	Nanometrics, Inc		1,572,687
	21,044	*	NeoPhotonics Corp Ltd		202,443
	2,727		NVE Corp		154,812
	473,072		NVIDIA Corp		138,269,484
	310,217	*	ON Semiconductor Corp		4,977,432
	21,163	*	PDF Solutions, Inc		337,973
	38,535	*	Photronics, Inc		460,493
	24,260		Power Integrations, Inc		2,483,011
	94,024	*	Qorvo, Inc		9,217,173
	926,178		QUALCOMM, Inc		72,862,423
	71,004	*	Rambus, Inc		889,680
	54,601	*	Semtech Corp		2,470,149
	32,357	*	Silicon Laboratories, Inc		3,145,748
	137,850		Skyworks Solutions, Inc		14,319,858
	12,865	*,e	SMART Global Holdings, Inc		325,356
	59,824	*,e	SunPower Corp		439,706
	29,141	*,e	Synaptics, Inc		1,905,530
	136,461		Teradyne, Inc		8,534,271
	761,168		Texas Instruments, Inc		88,348,770
	25,939	*	Ultra Clean Holdings		477,018
	34,192		Universal Display Corp		5,132,903
	26,815	*	Veeco Instruments, Inc		293,088
	201,888		Xilinx, Inc		17,645,011
	39,640		Xperi Corp		605,699
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		975,197,004
SOFTWARE & SERVICES - 14.2%
	41,968	*,e	2U, Inc		996,740
	76,541	*	8x8, Inc		1,298,135
	40,700	*	A10 Networks, Inc		277,981
	517,624		Accenture plc		95,858,789
	84,722	*	ACI Worldwide, Inc		2,321,383
	390,416	*	Adobe, Inc		138,066,714
	126,878	*	Akamai Technologies, Inc		12,397,249
	31,014	*	Alarm.com Holdings, Inc		1,387,256
	33,699		Alliance Data Systems Corp		1,687,309
	32,421	*,e	Altair Engineering, Inc		1,069,569

179

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	36,288	*,e	Alteryx, Inc	$	4,107,076
	108,436		Amdocs Ltd		6,987,616
	14,904		American Software, Inc (Class A)		245,618
	69,976	*	Anaplan, Inc		2,859,219
	68,391	*	Ansys, Inc		17,906,816
	15,829	*	Appfolio, Inc		1,738,974
	29,040	*,e	Appian Corp		1,326,257
	54,679	*	Aspen Technology, Inc		5,590,928
	97,293	*,e	Atlassian Corp plc		15,128,089
	179,754	*	Autodesk, Inc		33,637,366
	351,613		Automatic Data Processing, Inc		51,578,111
	37,852	*	Avalara, Inc		3,382,833
	83,182	*,e	Avaya Holdings Corp		826,829
	25,085	*	Benefitfocus, Inc		271,671
	6,096	*,e	Bill.Com Holdings, Inc		358,993
	117,151	*	Black Knight, Inc		8,267,346
	39,195		Blackbaud, Inc		2,165,916
	32,086	*	Blackline, Inc		1,948,904
	109,357		Booz Allen Hamilton Holding Co		8,031,178
	39,679	*	Bottomline Technologies, Inc		1,651,837
	116,757	*,e	Box, Inc		1,884,458
	13,536	*,e	Brightcove, Inc		105,581
	92,144		Broadridge Financial Solutions, Inc		10,688,704
	19,429	*	CACI International, Inc (Class A)		4,859,970
	225,237	*	Cadence Design Systems, Inc		18,273,478
	25,453	*	Cardtronics plc		582,874
	21,931		Cass Information Systems, Inc		879,652
	100,145		CDK Global, Inc		3,933,696
	25,982	*,e	Cerence Inc		549,779
	74,195	*	Ceridian HCM Holding, Inc		4,375,279
	17,671	*	ChannelAdvisor Corp		182,541
	94,262		Citrix Systems, Inc		13,668,933
	213,490	*	Cloudera, Inc		1,767,697
	445,484		Cognizant Technology Solutions Corp (Class A)		25,846,982
	29,431	*	Commvault Systems, Inc		1,256,409
	133,288	*	Conduent, Inc		335,886
	63,661		CoreLogic Inc		2,445,856
	41,169	*	Cornerstone OnDemand, Inc		1,381,632
	51,876	*	Coupa Software, Inc		9,134,845
	26,659		CSG Systems International, Inc		1,295,094
	5,864	*,e	Digimarc Corp		98,222
	55,211	*	Digital Turbine, Inc		323,536
	127,115	*	DocuSign, Inc		13,315,296
	20,166	*	Domo, Inc		392,229
	167,812	*	Dropbox, Inc		3,527,408
	211,692		DXC Technology Co		3,837,976
	105,102	*	Dynatrace, Inc		3,137,295
	13,427	e	Ebix, Inc		281,027
	16,687	*	eGain Corp		138,502
	45,839	*	Elastic NV		2,940,113
	34,278	*	Endurance International Group Holdings, Inc		87,923
	38,658	*	Envestnet, Inc		2,416,898
	43,238	*	EPAM Systems, Inc		9,550,842
	37,504	*	Euronet Worldwide, Inc		3,441,367
	25,703	*,e	Everbridge, Inc		2,862,800
	87,635	*	Everi Holdings, Inc		433,793

180

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	57,131		EVERTEC, Inc	$	1,447,700
	29,867	*	Evo Payments, Inc		594,652
	24,176	*	ExlService Holdings, Inc		1,492,384
	22,655	*	Fair Isaac Corp		7,995,856
	494,629		Fidelity National Information Services, Inc		65,236,619
	158,538	*	FireEye, Inc		1,824,772
	457,116	*	Fiserv, Inc		47,110,375
	47,341	*	Five9, Inc		4,387,090
	69,180	*	FleetCor Technologies, Inc		16,689,675
	39,476	*,e	ForeScout Technologies, Inc		1,253,758
	116,237	*	Fortinet, Inc		12,523,374
	69,002	*	Gartner, Inc		8,198,128
	147,848		Genpact Ltd		5,090,407
	241,473		Global Payments, Inc		40,089,347
	141,147	*	GoDaddy, Inc		9,799,836
	26,082	*,e	GTT Communications, Inc		296,292
	66,486	*	Guidewire Software, Inc		6,039,588
	54,164		Hackett Group, Inc		803,252
	32,140	*	HubSpot, Inc		5,419,768
	10,789	*,e	I3 Verticals, Inc		250,736
	15,736	*	Information Services Group, Inc		39,340
	5,488	*,e	Intelligent Systems Corp		184,068
	717,637		International Business Machines Corp		90,106,502
	201,138		Intuit, Inc		54,269,044
	35,144	*	j2 Global, Inc		2,834,012
	62,866		Jack Henry & Associates, Inc		10,281,734
	105,233		KBR, Inc		2,132,021
	108,970		Leidos Holdings, Inc		10,767,326
	74,415	*,e	Limelight Networks, Inc		377,284
	52,966	*,e	Liveperson, Inc		1,268,006
	55,670	*	LiveRamp Holdings, Inc		2,107,666
	38,994		LogMeIn, Inc		3,332,427
	51,717	*	Manhattan Associates, Inc		3,668,804
	23,451		Mantech International Corp (Class A)		1,748,507
	719,079		Mastercard, Inc (Class A)		197,725,153
	52,260		MAXIMUS, Inc		3,518,143
	51,568	*,e	Medallia, Inc		1,107,681
	6,131,520		Microsoft Corp		1,098,829,699
	8,153	*	MicroStrategy, Inc (Class A)		1,029,969
	81,479	*	Mitek Systems, Inc		760,199
	67,870	*	MobileIron, Inc		345,458
	40,079	*	Model N, Inc		1,156,680
	33,842	*	MongoDB, Inc		5,486,803
	37,375	*	New Relic, Inc		2,006,664
	52,199		NIC, Inc		1,264,782
	460,669		NortonLifelock, Inc		9,798,430
	229,149	*	Nuance Communications, Inc		4,628,810
	130,724	*,e	Nutanix, Inc		2,678,535
	84,546	*	Okta, Inc		12,791,810
	22,848	*	OneSpan, Inc		383,846
	1,626,987		Oracle Corp		86,181,501
	32,894	*	Pagerduty, Inc		694,392
	76,969	*	Palo Alto Networks, Inc		15,125,178
	262,500		Paychex, Inc		17,986,500
	39,656	*	Paycom Software, Inc		10,351,009
	27,531	*	Paylocity Holding Corp		3,153,125

181

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	952,915	*	PayPal Holdings, Inc	$	117,208,545
	21,182	*,e	Paysign Inc		182,165
	33,891		Pegasystems, Inc		2,833,965
	20,483	*	Perficient, Inc		713,423
	115,944		Perspecta, Inc		2,500,912
	11,165	*,e	Ping Identity Holding Corp		278,232
	40,148	*,e	Pluralsight, Inc		660,033
	35,784		Progress Software Corp		1,463,923
	45,069	*	Proofpoint, Inc		5,486,249
	30,746	*	PROS Holdings, Inc		1,057,355
	83,014	*	PTC, Inc		5,748,720
	32,477	*,e	Q2 Holdings, Inc		2,589,066
	13,656		QAD, Inc (Class A)		577,922
	26,551	*	Qualys, Inc		2,799,537
	34,220	*	Rapid7, Inc		1,558,721
	64,408	*,e	RealPage, Inc		4,153,672
	60,584	*,e	RingCentral, Inc		13,845,262
	234,206		Sabre Corp		1,702,678
	74,373	*	SailPoint Technologies Holding, Inc		1,382,594
	680,910	*	salesforce.com, Inc		110,273,375
	46,725		Science Applications International Corp		3,815,564
	2,934	*,e	SecureWorks Corp		33,389
	151,124	*	ServiceNow, Inc		53,126,131
	4,538	*,e	ShotSpotter, Inc		155,971
	68,299	*	Smartsheet, Inc		3,600,723
	44,684	*,e	SolarWinds Corp		758,734
	127,138	*	Splunk, Inc		17,845,090
	30,142	*	SPS Commerce, Inc		1,673,182
	276,943	*	Square, Inc		18,040,067
	179,895		SS&C Technologies Holdings, Inc		9,923,008
	75,308	*	SVMK, Inc		1,182,336
	45,383		Switch, Inc		779,226
	22,488	*	Sykes Enterprises, Inc		643,831
	79,247	*,e	Synchronoss Technologies, Inc		273,402
	120,696	*	Synopsys, Inc		18,963,756
	16,825	*,e	TeleNav, Inc		78,573
	41,120	*	Tenable Holdings, Inc		1,071,587
	85,362	*	Teradata Corp		2,099,052
	82,825		TiVo Corp		582,260
	31,433	*	Trade Desk, Inc		9,196,667
	13,946		TTEC Holdings, Inc		543,615
	4,944	*,e	Tucows, Inc		261,587
	98,524	*,e	Twilio, Inc		11,064,245
	31,265	*	Tyler Technologies, Inc		10,026,373
	39,390	*	Unisys Corp		495,920
	23,456	*	Upland Software, Inc		741,913
	39,116	*	Upwork, Inc		325,836
	27,353	*	Varonis Systems, Inc		1,834,019
	53,761	*	Verint Systems, Inc		2,297,745
	84,190	*	VeriSign, Inc		17,636,963
	90,793	*	Verra Mobility Corp		813,505
	48,375	*,e	VirnetX Holding Corp		268,965
	22,321	*	Virtusa Corp		736,593
	1,388,471		Visa, Inc (Class A)		248,147,537
	62,395	*,e	VMware, Inc (Class A)		8,206,190
	336,006		Western Union Co		6,407,634

182

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	33,992	*	WEX, Inc	$	4,497,821
	134,334	*	Workday, Inc		20,674,003
	29,314	*	Workiva, Inc		1,124,192
	77,806	*,e	Yext, Inc		995,917
	90,431	*	Zendesk, Inc		6,952,335
	43,245	*	Zix Corp		236,983
	55,094	*,e	Zscaler, Inc		3,695,706
	60,576	*	Zuora Inc		640,288
			TOTAL SOFTWARE & SERVICES		3,239,756,775
TECHNOLOGY HARDWARE & EQUIPMENT - 6.2%
	92,051	*,e	3D Systems Corp		781,513
	27,636		Adtran, Inc		284,098
	33,387	*	Agilysys, Inc		654,051
	19,888	*,e	Akoustis Technologies, Inc		180,185
	236,158		Amphenol Corp (Class A)		20,843,305
	27,285	*,e	Anixter International, Inc		2,533,685
	3,341,692		Apple, Inc		981,789,110
	28,619	*,e	Applied Optoelectronics, Inc		306,796
	48,455	*	Arista Networks, Inc		10,626,181
	166,136	*	Arlo Technologies, Inc		455,213
	63,059	*	Arrow Electronics, Inc		3,967,672
	38,581	*	Avid Technology, Inc		270,839
	71,222		Avnet, Inc		2,138,084
	24,060		Badger Meter, Inc		1,420,262
	5,805		Bel Fuse, Inc (Class B)		43,305
	30,179		Belden CDT, Inc		1,031,820
	47,299		Benchmark Electronics, Inc		977,197
	21,160	*	CalAmp Corp		142,195
	29,260	*	Calix, Inc		336,490
	33,788	*,e	Casa Systems, Inc		173,332
	116,405		CDW Corp		12,897,674
	124,147	*	Ciena Corp		5,741,799
	3,473,331		Cisco Systems, Inc		147,199,768
	4,561	*	Clearfield, Inc		59,430
	133,508		Cognex Corp		7,374,982
	18,086	*	Coherent, Inc		2,312,657
	146,272	*	CommScope Holding Co, Inc		1,610,455
	13,332		Comtech Telecommunications Corp		246,775
	616,143		Corning, Inc		13,561,307
	24,185		CTS Corp		560,125
	19,750	e	Daktronics, Inc		89,270
	121,497	*	Dell Technologies, Inc		5,186,707
	59,746	*,e	Diebold, Inc		294,548
	10,072	*	Digi International, Inc		114,317
	54,273		Dolby Laboratories, Inc (Class A)		3,258,008
	33,234	*	EchoStar Corp (Class A)		1,048,533
	9,090	*	ePlus, Inc		643,117
	75,046	*	Extreme Networks, Inc		255,156
	50,253	*	F5 Networks, Inc		6,998,233
	32,555	*	Fabrinet		2,042,826
	12,665	*	FARO Technologies, Inc		695,182
	203,198	*	Fitbit, Inc		1,359,395
	104,012		FLIR Systems, Inc		4,514,121
	46,648	*	Harmonic, Inc		270,558
	1,063,007		Hewlett Packard Enterprise Co		10,693,850

183

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	1,170,867		HP, Inc	$	18,160,147
	71,056	*,e	II-VI, Inc		2,445,748
	19,344	*	Immersion Corp		134,634
	143,674	*,e	Infinera Corp		885,750
	36,404	*,e	Inseego Corp		435,028
	31,492	*	Insight Enterprises, Inc		1,709,701
	27,167		InterDigital, Inc		1,569,438
	28,452	*	IPG Photonics Corp		3,679,697
	13,759	*	Iteris, Inc		54,898
	28,386	*	Itron, Inc		1,981,911
	116,887		Jabil Inc		3,324,266
	268,503		Juniper Networks, Inc		5,799,665
	46,837		Kemet Corp		1,265,067
	150,365	*	Keysight Technologies, Inc		14,550,821
	14,394	*	Kimball Electronics, Inc		194,607
	62,167	*	Knowles Corp		966,697
	5,791	*	KVH Industries, Inc		53,740
	18,187		Littelfuse, Inc		2,641,480
	59,773	*	Lumentum Holdings, Inc		4,836,233
	24,632		Methode Electronics, Inc		739,453
	140,249		Motorola Solutions, Inc		20,169,209
	9,718		MTS Systems Corp		206,702
	9,313	*,e	Napco Security Technologies, Inc		186,633
	110,252		National Instruments Corp		4,235,882
	92,155	*	NCR Corp		1,891,021
	185,942		NetApp, Inc		8,138,681
	24,145	*	Netgear, Inc		578,997
	53,844	*	Netscout Systems, Inc		1,425,789
	24,834	*,e	nLight, Inc		391,384
	27,459	*	Novanta, Inc		2,385,913
	15,364	*	OSI Systems, Inc		1,112,046
	8,426	*,e	PAR Technology Corp		159,336
	8,934		PC Connection, Inc		410,517
	25,570	e	Plantronics, Inc		361,048
	26,786	*,e	Plexus Corp		1,679,214
	191,853	*	Pure Storage, Inc		2,762,683
	57,297	*	Ribbon Communications, Inc		208,848
	14,957	*	Rogers Corp		1,660,825
	54,156	*	Sanmina Corp		1,501,746
	14,787	*	Scansource, Inc		383,279
	40,542	*,e	Stratasys Ltd		717,593
	33,645		Synnex Corp		2,945,956
	27,636	*	Tech Data Corp		3,886,727
	205,005	*	Trimble Inc		7,099,323
	75,676	*	TTM Technologies, Inc		877,085
	7,976	e	Ubiquiti, Inc		1,292,351
	44,049	*	Viasat, Inc		1,867,678
	179,207	*	Viavi Solutions, Inc		2,164,821
	94,635		Vishay Intertechnology, Inc		1,569,995
	6,505	*	Vishay Precision Group, Inc		150,396
	241,679		Western Digital Corp		11,136,568
	149,088		Xerox Holdings Corp		2,726,820
	43,683	*	Zebra Technologies Corp (Class A)		10,032,238
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		1,419,730,411

184

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
TELECOMMUNICATION SERVICES - 1.9%
	8,605	*,e	Anterix, Inc	$	451,762
	5,918,174		AT&T, Inc		180,326,762
	5,617		ATN International, Inc		348,928
	11,426	*	Bandwidth Inc		931,905
	47,700	*	Boingo Wireless, Inc		664,938
	873,746	e	CenturyLink, Inc		9,279,183
	39,243	*	Cincinnati Bell, Inc		574,910
	32,806		Cogent Communications Group, Inc		2,750,127
	38,093	*	Consolidated Communications Holdings, Inc		238,843
	80,318	*,e	Gogo, Inc		130,918
	56,168	*	IDT Corp (Class B)		303,307
	80,615	*	Iridium Communications, Inc		1,814,241
	9,912	*	Ooma, Inc		115,574
	50,663	*,e	ORBCOMM, Inc		133,750
	44,890		Shenandoah Telecom Co		2,402,064
	13,824		Spok Holdings, Inc		141,834
	72,628		Telephone & Data Systems, Inc		1,424,961
	299,620	*	T-Mobile US, Inc		26,306,636
	8,691	*	US Cellular Corp		276,635
	3,355,576		Verizon Communications, Inc		192,777,841
	194,410	*	Vonage Holdings Corp		1,625,268
			TOTAL TELECOMMUNICATION SERVICES		423,020,387
TRANSPORTATION - 1.7%
	44,145	*	Air Transport Services Group, Inc		893,495
	97,585		Alaska Air Group, Inc		3,173,464
	11,491		Allegiant Travel Co		901,814
	7,735		Amerco, Inc		2,166,806
	309,522	e	American Airlines Group, Inc		3,717,359
	19,628		ArcBest Corp		399,822
	24,854	*	Atlas Air Worldwide Holdings, Inc		816,454
	50,255	*	Avis Budget Group, Inc		828,202
	109,418	e	CH Robinson Worldwide, Inc		7,757,736
	26,011		Copa Holdings S.A. (Class A)		1,149,946
	49,579		Costamare, Inc		248,887
	15,402	*	Covenant Transportation Group, Inc		136,770
	597,862		CSX Corp		39,596,400
	14,049	*,e	Daseke, Inc		23,954
	457,566		Delta Air Lines, Inc		11,855,535
	52,187	*,e	Eagle Bulk Shipping, Inc		87,674
	15,234	*	Echo Global Logistics, Inc		267,052
	138,763		Expeditors International of Washington, Inc		9,936,125
	194,346		FedEx Corp		24,637,242
	18,436		Forward Air Corp		951,298
	19,322		Genco Shipping & Trading Ltd		112,647
	44,875	e	Hawaiian Holdings, Inc		646,200
	32,998		Heartland Express, Inc		646,431
	104,773	*,e	Hertz Global Holdings, Inc		423,283
	25,144	*	Hub Group, Inc (Class A)		1,209,678
	68,758		JB Hunt Transport Services, Inc		6,952,809
	224,244	*,e	JetBlue Airways Corp		2,184,137
	78,048		Kansas City Southern		10,189,166
	45,192	*	Kirby Corp		2,414,157
	97,442	e	Knight-Swift Transportation Holdings, Inc		3,622,894
	31,671		Landstar System, Inc		3,271,931
	157,534	*,e	Lyft, Inc (Class A)		5,171,841

185

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	56,372		Macquarie Infrastructure Co LLC	$	1,555,303
	31,651		Marten Transport Ltd		709,615
	38,795		Matson, Inc		1,173,161
	41,323	*,e	Mesa Air Group, Inc		187,813
	209,156		Norfolk Southern Corp		35,786,592
	77,743		Old Dominion Freight Line		11,295,280
	4,793		Park-Ohio Holdings Corp		87,856
	26,098	*	Radiant Logistics, Inc		111,699
	41,932		Ryder System, Inc		1,484,393
	33,901	*	Safe Bulkers, Inc		35,257
	23,550	*	Saia, Inc		2,178,846
	57,200		Schneider National, Inc		1,253,252
	6,719	e	Scorpio Bulkers, Inc		172,208
	42,491		Skywest, Inc		1,315,096
	378,936		Southwest Airlines Co		11,841,750
	57,362	*,e	Spirit Airlines, Inc		861,577
	767,047	*	Uber Technologies, Inc		23,218,513
	562,475		Union Pacific Corp		89,877,880
	189,652	*	United Airlines Holdings Inc		5,609,906
	565,647		United Parcel Service, Inc (Class B)		53,544,145
	2,477		Universal Logistics Holdings Inc		34,505
	10,589	*,e	US Xpress Enterprises, Inc		46,168
	36,433	e	Werner Enterprises, Inc		1,461,692
	74,703	*	XPO Logistics, Inc		4,985,678
	29,117	*,e	YRC Worldwide, Inc		50,081
			TOTAL TRANSPORTATION		395,269,475
UTILITIES - 3.2%
	528,046		AES Corp		6,996,609
	43,324		Allete, Inc		2,493,729
	191,324		Alliant Energy Corp		9,288,780
	197,330		Ameren Corp		14,355,758
	400,750		American Electric Power Co, Inc		33,306,333
	29,906		American States Water Co		2,373,639
	147,492		American Water Works Co, Inc		17,948,301
	4,175		Artesian Resources Corp		144,163
	78,190	*,e	Atlantic Power Corp		155,598
	96,001		Atmos Energy Corp		9,789,222
	45,487		Avangrid, Inc		1,955,941
	52,011		Avista Corp		2,238,553
	47,990		Black Hills Corp		2,972,501
	43,873	*,e	Cadiz, Inc		468,125
	38,876		California Water Service Group		1,746,310
	402,894		Centerpoint Energy, Inc		6,861,285
	16,717		Chesapeake Utilities Corp		1,469,090
	27,487		Clearway Energy, Inc (Class A)		514,007
	57,011		Clearway Energy, Inc (Class C)		1,141,930
	225,724		CMS Energy Corp		12,886,583
	268,905		Consolidated Edison, Inc		21,189,714
	5,918		Consolidated Water Co, Inc		88,888
	667,093		Dominion Energy Inc		51,452,883
	151,177		DTE Energy Co		15,683,102
	588,431		Duke Energy Corp		49,816,568
	280,688		Edison International		16,479,192
	30,208		El Paso Electric Co		2,054,144
	160,025		Entergy Corp		15,283,988

186

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	344,036		Equitable Holdings, Inc	$	6,302,740
	178,145		Essential Utilities Inc		7,444,680
	184,167		Evergy, Inc		10,760,878
	261,413		Eversource Energy		21,096,029
	785,115		Exelon Corp		29,112,064
	435,500		FirstEnergy Corp		17,973,085
	57,069	e	Genie Energy Ltd		449,704
	5,614		Global Water Resources, Inc		60,351
	94,157		Hawaiian Electric Industries, Inc		3,716,377
	41,991		Idacorp, Inc		3,853,934
	160,575		MDU Resources Group, Inc		3,606,515
	32,982		MGE Energy, Inc		2,132,616
	19,405		Middlesex Water Co		1,170,122
	65,832		National Fuel Gas Co		2,699,112
	72,067		New Jersey Resources Corp		2,434,423
	395,671		NextEra Energy, Inc		91,447,482
	299,069		NiSource, Inc		7,509,623
	24,233		Northwest Natural Holding Co		1,577,568
	38,146		NorthWestern Corp		2,200,643
	205,756		NRG Energy, Inc		6,898,999
	160,753		OGE Energy Corp		5,066,935
	44,343		ONE Gas, Inc		3,534,581
	33,124		Ormat Technologies, Inc		2,067,269
	39,135		Otter Tail Corp		1,736,811
	379,110	*,b	PG&E Corp		4,033,730
	89,256		Pinnacle West Capital Corp		6,871,819
	59,694		PNM Resources, Inc		2,417,010
	72,918		Portland General Electric Co		3,411,833
	623,648		PPL Corp		15,853,132
	406,559		Public Service Enterprise Group, Inc		20,616,607
	8,678	*	Pure Cycle Corp		89,123
	3,652		RGC Resources, Inc		90,825
	228,452		Sempra Energy		28,293,780
	26,781		SJW Corp		1,594,273
	68,657		South Jersey Industries, Inc		1,962,904
	843,193		Southern Co		47,834,339
	48,847		Southwest Gas Holdings Inc		3,702,603
	7,128		Spark Energy, Inc		51,464
	42,596		Spire, Inc		3,107,804
	26,130	*	Sunnova Energy International, Inc		329,238
	53,530		TerraForm Power, Inc		927,140
	164,700		UGI Corp		4,970,646
	11,971		Unitil Corp		602,261
	337,212		Vistra Energy Corp		6,589,122
	256,928		WEC Energy Group, Inc		23,264,830
	422,299		Xcel Energy, Inc		26,841,324
	10,435		York Water Co		420,739
			TOTAL UTILITIES		739,884,023
			TOTAL COMMON STOCKS		22,804,667,845
			(Cost $15,648,907,401)

187

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY				VALUE
RIGHTS / WARRANTS - 0.0%
MEDIA & ENTERTAINMENT - 0.0%
	57,537	†	Media General, Inc				$	0
			TOTAL MEDIA & ENTERTAINMENT					0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
	21,703	†	Elanco Animal Health, Inc CVR					1,235
	1,988	†	Omthera Pharmaceuticals, Inc					1,193
	4,598	†	Tobira Therapeutics, Inc					276
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					2,704
			TOTAL RIGHTS / WARRANTS					2,704
			(Cost $822)
PRINCIPAL			ISSUER	RATE		MATURITY DATE
SHORT-TERM INVESTMENTS - 1.8%
GOVERNMENT AGENCY DEBT - 0.1%
$	4,130,000		Federal Home Loan Bank (FHLB)	0.100	%	05/11/20		4,129,897
	5,800,000		FHLB	0.05-0.160		05/12/20		5,799,840
	7,200,000		FHLB	0.03-0.070		05/14/20		7,199,766
	3,000,000		FHLB	0.040		05/26/20		2,999,813
	3,800,000		FHLB	0.03-0.070		05/29/20		3,799,734
	4,800,000		FHLB	0.120		06/12/20		4,799,440
	5,000,000		FHLB	0.120		07/09/20		4,998,850
			TOTAL GOVERNMENT AGENCY DEBT					33,727,340
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.7%
	392,530,899	c	State Street Navigator Securities Lending Government Money Market Portfolio					392,530,899
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES					392,530,899
			TOTAL SHORT-TERM INVESTMENTS					426,258,239
			(Cost $426,258,479)
			TOTAL INVESTMENTS - 101.6%					23,230,928,788
			(Cost $16,075,166,702)
			OTHER ASSETS & LIABILITIES, NET - (1.6)%					(374,281,430	)
			NET ASSETS - 100.0%				$	22,856,647,358

Abbreviation(s):

CVR     Contingent Value Right

REIT    Real Estate Investment Trust

*	Non-income producing
†	Security is categorized as Level 3 in the fair value hierarchy.
b	In bankruptcy
c	Investments made with cash collateral received from securities on loan.
d	All or a portion of these securities have been segregated to cover margin requirements on open futures contracts.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $392,495,174.

188

TIAA-CREF FUNDS – Equity Index Fund

Futures contracts outstanding as of April 30, 2020 were as follows:

Description	Number of long (short) contracts		Expiration date	Notional amount		Value		Unrealized appreciation (depreciation)
Russell 2000 E Mini Index		42	06/19/20	$	2,514,028	$	2,744,070	$	230,042
S&P 500 E Mini Index		234	06/19/20		32,373,814		33,958,080		1,584,266
S&P Mid-Cap 400 E Mini Index		6	06/19/20		909,714		984,780		75,066
Total		282		$	35,797,556	$	37,686,930	$	1,889,374

189

TIAA-CREF FUNDS – Large-Cap Growth Index Fund

TIAA-CREF FUNDS

LARGE-CAP GROWTH INDEX FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2020

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.9%
AUTOMOBILES & COMPONENTS - 0.8%
	8,828		Aptiv plc	$	613,987
	77,194	*	Tesla, Inc		60,356,445
			TOTAL AUTOMOBILES & COMPONENTS		60,970,432
BANKS - 0.1%
	4,036		CIT Group, Inc		76,603
	4,603		Comerica, Inc		160,461
	15,396		First Republic Bank		1,605,649
	4,916	*,e	LendingTree, Inc		1,225,903
	5,271		Prosperity Bancshares, Inc		315,891
	13,607		Signature Bank		1,458,398
	1,966	*	SVB Financial Group		379,772
	5,770		Synovus Financial Corp		121,228
	5,242		Western Alliance Bancorp		188,083
			TOTAL BANKS		5,531,988
CAPITAL GOODS - 4.7%
	228,952		3M Co		34,782,388
	11,618		A.O. Smith Corp		492,371
	5,344		Acuity Brands, Inc		462,737
	7,965		Air Lease Corp		208,285
	37,169		Allegion plc		3,736,971
	59,357		Allison Transmission Holdings, Inc		2,157,033
	96,613		Ametek, Inc		8,102,932
	27,294		Armstrong World Industries, Inc		2,103,822
	283,331		Boeing Co		39,955,338
	40,386		BWX Technologies, Inc		2,142,881
	26,511		Carlisle Cos, Inc		3,206,771
	22,169		Caterpillar, Inc		2,580,028
	17,931		Deere & Co		2,601,071
	69,875		Donaldson Co, Inc		3,062,621
	33,712		Dover Corp		3,157,129
	27,293		Emerson Electric Co		1,556,520
	277,727		Fastenal Co		10,059,272
	14,482		Flowserve Corp		407,958
	33,862		Fortive Corp		2,167,168
	22,752		Fortune Brands Home & Security, Inc		1,096,646
	8,749		General Dynamics Corp		1,142,794
	88,058		Graco, Inc		3,932,670
	21,210		HEICO Corp		1,857,996
	40,330		HEICO Corp (Class A)		2,917,069
	40,440		Hexcel Corp		1,398,820
	188,190		Honeywell International, Inc		26,704,161
	15,288		Hubbell, Inc		1,902,286
	17,530		Huntington Ingalls		3,355,417
	20,899		IDEX Corp		3,210,713

190

TIAA-CREF FUNDS – Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
	170,093		Illinois Tool Works, Inc	$	27,640,113
	105,469	*,e	Ingersoll Rand, Inc		3,067,039
	58,740		L3Harris Technologies, Inc		11,377,938
	17,057		Lennox International, Inc		3,184,201
	31,283		Lincoln Electric Holdings, Inc		2,518,594
	132,355		Lockheed Martin Corp		51,494,036
	30,207	*	Middleby Corp		1,680,415
	27,086		Nordson Corp		4,358,408
	84,177		Northrop Grumman Corp		27,834,809
	21,023		Quanta Services, Inc		764,396
	214,738	*	Raytheon Technologies Corp		13,917,170
	60,613		Rockwell Automation, Inc		11,484,951
	8,410		Roper Technologies Inc		2,868,062
	34,238	*	Sensata Technologies Holding plc		1,245,578
	50,029		Spirit Aerosystems Holdings, Inc (Class A)		1,108,643
	56,119		Toro Co		3,580,953
	119,526	*	Trane Technologies plc		10,448,963
	22,263		TransDigm Group, Inc		8,083,250
	28,612	*	United Rentals, Inc		3,676,642
	23,354		W.W. Grainger, Inc		6,435,895
	23,567	*	WABCO Holdings, Inc		3,166,934
	26,338		Wabtec Corp		1,485,990
	23,051		Woodward Inc		1,395,969
	94,359		Xylem, Inc		6,784,412
			TOTAL CAPITAL GOODS		380,065,229
COMMERCIAL & PROFESSIONAL SERVICES - 1.2%
	45,268		Cintas Corp		10,041,800
	106,930	*	Copart, Inc		8,566,162
	19,253	*	CoStar Group, Inc		12,480,950
	53,780		Equifax, Inc		7,470,042
	64,866	*	IAA, Inc		2,503,828
	132,327		IHS Markit Ltd		8,905,607
	62,750		KAR Auction Services, Inc		939,995
	22,733		Nielsen NV		334,857
	9,014		Republic Services, Inc		706,157
	60,224		Robert Half International, Inc		2,846,789
	75,777		Rollins, Inc		3,031,080
	98,376		TransUnion		7,751,045
	85,268		Verisk Analytics, Inc		13,031,508
	178,191		Waste Management, Inc		17,822,664
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		96,432,484
CONSUMER DURABLES & APPAREL - 1.3%
	49,518	*	Capri Holdings Ltd		755,149
	10,174		Carter’s, Inc		795,607
	9,987	e	Columbia Sportswear Co		727,952
	142,683	e	Hanesbrands, Inc		1,418,269
	66,637		Hasbro, Inc		4,811,858
	4,039		Lennar Corp (B Shares)		154,088
	59,380		Lennar Corp (Class A)		2,973,156
	62,700	*	Lululemon Athletica, Inc		14,012,196
	125,558	*	Mattel, Inc		1,094,866
	625,860		Nike, Inc (Class B)		54,562,475
	1,728	*	NVR, Inc		5,356,800
	26,350		Polaris Inc		1,869,005

191

TIAA-CREF FUNDS – Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
	23,598	*	Skechers U.S.A., Inc (Class A)	$	664,992
	24,679	*	Tempur Sealy International, Inc		1,326,496
	69,480	*,e	Under Armour, Inc (Class A)		723,982
	71,506	*	Under Armour, Inc (Class C)		662,861
	165,258		VF Corp		9,601,490
			TOTAL CONSUMER DURABLES & APPAREL		101,511,242
CONSUMER SERVICES - 1.9%
	29,390	*	Bright Horizons Family Solutions		3,422,465
	13,513	*	Chipotle Mexican Grill, Inc (Class A)		11,871,846
	7,423		Choice Hotels International, Inc		557,096
	64,859		Darden Restaurants, Inc		4,785,946
	21,756		Domino’s Pizza, Inc		7,874,149
	41,779		Dunkin Brands Group, Inc		2,625,392
	2,257	*	Grand Canyon Education, Inc		194,147
	21,137		H&R Block, Inc		351,931
	6,393	*	Hilton Grand Vacations, Inc		131,696
	149,292		Hilton Worldwide Holdings, Inc		11,302,897
	86,701		Las Vegas Sands Corp		4,163,382
	145,856		Marriott International, Inc (Class A)		13,264,145
	65,099		McDonald’s Corp		12,209,968
	22,905		MGM Resorts International		385,491
	22,292	*	Norwegian Cruise Line Holdings Ltd		365,589
	43,320	*	Planet Fitness, Inc		2,613,496
	32,646		Service Corp International		1,199,414
	11,017	*	ServiceMaster Global Holdings, Inc		375,129
	20,762		Six Flags Entertainment Corp		415,448
	631,693		Starbucks Corp		48,469,804
	19,273		Vail Resorts, Inc		3,295,683
	102,259		Wendy’s		2,030,864
	14,542		Wyndham Hotels & Resorts, Inc		548,379
	43,443		Wynn Resorts Ltd		3,715,680
	154,527		Yum China Holdings, Inc		7,488,378
	143,259		Yum! Brands, Inc		12,381,875
			TOTAL CONSUMER SERVICES		156,040,290
DIVERSIFIED FINANCIALS - 2.7%
	198,173		American Express Co		18,083,286
	10,843		Ameriprise Financial, Inc		1,246,294
	13,997		CBOE Global Markets, Inc		1,391,022
	370,160		Charles Schwab Corp		13,962,435
	4,730	*,e	Credit Acceptance Corp		1,473,726
	58,073		Discover Financial Services		2,495,397
	27,659		E*TRADE Financial Corp		1,123,232
	7,428		Evercore Inc		383,285
	20,033		Factset Research Systems, Inc		5,509,075
	10,068		Interactive Brokers Group, Inc (Class A)		412,788
	115,838		Intercontinental Exchange Group, Inc		10,361,709
	360,069		iShares Russell 1000 Growth Index Fund		62,212,722
	20,422		Lazard Ltd (Class A)		561,605
	43,350		LPL Financial Holdings, Inc		2,610,537
	19,450		MarketAxess Holdings, Inc		8,849,944
	87,156		Moody’s Corp		21,257,348
	10,690		Morningstar, Inc		1,667,212
	43,712		MSCI, Inc (Class A)		14,293,824
	15,028		Raymond James Financial, Inc		990,646

192

TIAA-CREF FUNDS – Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
	130,704		S&P Global, Inc	$	38,280,588
	31,435		SEI Investments Co		1,601,928
	95,538		Synchrony Financial		1,890,697
	34,789		T Rowe Price Group, Inc		4,022,652
	121,647		TD Ameritrade Holding Corp		4,777,078
	16,540	e	Virtu Financial, Inc		386,540
	4,389		Voya Financial, Inc		198,251
			TOTAL DIVERSIFIED FINANCIALS		220,043,821
ENERGY - 0.2%
	143,126		Cabot Oil & Gas Corp		3,094,384
	68,514	*	Cheniere Energy, Inc		3,198,919
	17,491		Diamondback Energy, Inc		761,558
	10,633	e	Equitrans Midstream Corp		89,105
	68,737		ONEOK, Inc		2,057,298
	90,830		Parsley Energy, Inc		858,343
	36,515		Pioneer Natural Resources Co		3,261,155
			TOTAL ENERGY		13,320,762
FOOD & STAPLES RETAILING - 1.1%
	4,714		Casey’s General Stores, Inc		713,747
	235,160		Costco Wholesale Corp		71,253,480
	6,338	*	Grocery Outlet Holding Corp		210,865
	29,436	*	Sprouts Farmers Market, Inc		611,680
	251,284		SYSCO Corp		14,139,751
			TOTAL FOOD & STAPLES RETAILING		86,929,523
FOOD, BEVERAGE & TOBACCO - 2.6%
	485,600		Altria Group, Inc		19,059,800
	25,439		Brown-Forman Corp (Class A)		1,442,900
	86,061	e	Brown-Forman Corp (Class B)		5,352,994
	53,921		Campbell Soup Co		2,694,972
	1,399,150		Coca-Cola Co		64,206,993
	66,623		Hershey Co		8,822,884
	51,406		Kellogg Co		3,367,093
	19,370		Lamb Weston Holdings, Inc		1,188,543
	42,027		McCormick & Co, Inc		6,591,515
	204,751	*	Monster Beverage Corp		12,655,659
	629,532		PepsiCo, Inc		83,280,788
	9,637	*	Pilgrim’s Pride Corp		212,014
	14,908	*	Post Holdings, Inc		1,369,300
	4,797	*	TreeHouse Foods, Inc		248,149
			TOTAL FOOD, BEVERAGE & TOBACCO		210,493,604
HEALTH CARE EQUIPMENT & SERVICES - 6.5%
	397,658		Abbott Laboratories		36,620,325
	23,446	*	Abiomed, Inc		4,484,048
	41,346	*	Align Technology, Inc		8,883,188
	79,373		AmerisourceBergen Corp		7,116,583
	39,265		Anthem, Inc		11,022,863
	120,572		Baxter International, Inc		10,704,382
	11,934		Becton Dickinson & Co		3,013,693
	744,057	*	Boston Scientific Corp		27,887,256
	10,747		Cantel Medical Corp		397,639
	264,458	*	Centene Corp		17,607,614
	168,607		Cerner Corp		11,699,640

193

TIAA-CREF FUNDS – Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
	61,656	*,e	Change Healthcare, Inc	$	717,676
	8,376		Chemed Corp		3,489,190
	59,740		Cigna Corp		11,695,897
	3,561		Cooper Cos, Inc		1,020,939
	17,650		Danaher Corp		2,885,069
	48,780	*	DexCom, Inc		16,351,056
	111,418	*	Edwards Lifesciences Corp		24,233,415
	28,863		Encompass Health Corp		1,912,174
	49,896	*	Envista Holdings Corp		971,475
	19,702	*	Guardant Health, Inc		1,516,266
	84,809		HCA Healthcare, Inc		9,318,813
	10,436	*	Henry Schein, Inc		569,388
	17,674		Hill-Rom Holdings, Inc		1,988,148
	113,132	*	Hologic, Inc		5,667,913
	30,431		Humana, Inc		11,619,164
	4,079	*	ICU Medical, Inc		894,566
	45,205	*	IDEXX Laboratories, Inc		12,548,908
	32,096	*	Insulet Corp		6,410,213
	61,393	*	Intuitive Surgical, Inc		31,364,456
	2,787	*	Laboratory Corp of America Holdings		458,322
	25,267	*	Masimo Corp		5,404,864
	9,516		McKesson Corp		1,344,135
	26,397	*	Molina Healthcare, Inc		4,328,316
	17,171	*	Penumbra, Inc		3,044,762
	21,400	*	PPD, Inc		511,460
	75,426		Resmed, Inc		11,715,166
	2,487		STERIS plc		354,398
	183,465		Stryker Corp		34,203,380
	24,207		Teleflex, Inc		8,119,028
	505,898		UnitedHealth Group, Inc		147,959,988
	48,032	*	Varian Medical Systems, Inc		5,493,900
	70,155	*	Veeva Systems, Inc		13,385,574
	29,875		West Pharmaceutical Services, Inc		5,654,143
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		526,589,393
HOUSEHOLD & PERSONAL PRODUCTS - 0.6%
	131,623		Church & Dwight Co, Inc		9,212,294
	54,239		Clorox Co		10,112,319
	116,784		Estee Lauder Cos (Class A)		20,600,698
	9,893	*,e	Herbalife Nutrition Ltd		369,504
	77,167		Procter & Gamble Co		9,095,674
	10,150		Reynolds Consumer Products Inc		329,164
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		49,719,653
INSURANCE - 0.8%
	783		Alleghany Corp		417,895
	123,058		Aon plc		21,248,425
	31,845	*	Arch Capital Group Ltd		765,235
	19,945		Arthur J. Gallagher & Co		1,565,683
	31,671	*	Athene Holding Ltd		855,117
	4,274		Axis Capital Holdings Ltd		156,428
	6,060		Brown & Brown, Inc		217,615
	9,184	e	Erie Indemnity Co (Class A)		1,635,303
	6,250		Everest Re Group Ltd		1,082,063
	5,832		Kemper Corp		392,027
	597	*	Markel Corp		516,906

194

TIAA-CREF FUNDS – Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
	237,653		Marsh & McLennan Cos, Inc	$	23,130,766
	15,553		Primerica, Inc		1,616,112
	103,241		Progressive Corp		7,980,529
	8,518		RenaissanceRe Holdings Ltd		1,243,713
	21,712		Travelers Cos, Inc		2,197,472
			TOTAL INSURANCE		65,021,289
MATERIALS - 1.2%
	16,526		Air Products & Chemicals, Inc		3,727,935
	14,708		Aptargroup, Inc		1,574,933
	41,372		Avery Dennison Corp		4,567,055
	32,513	*	Axalta Coating Systems Ltd		641,807
	171,916		Ball Corp		11,275,970
	25,887	*	Berry Global Group, Inc		1,030,044
	11,183		CF Industries Holdings, Inc		307,532
	38,411	*	Crown Holdings, Inc		2,474,052
	20,339		Eagle Materials, Inc		1,240,882
	134,881		Ecolab, Inc		26,099,473
	44,256	*	Element Solutions, Inc		453,624
	9,807		Martin Marietta Materials, Inc		1,865,586
	3,749		NewMarket Corp		1,542,489
	40,055		PPG Industries, Inc		3,638,196
	12,470		Royal Gold, Inc		1,527,949
	11,024		RPM International, Inc		732,104
	21,103		Scotts Miracle-Gro Co (Class A)		2,617,405
	5,802		Sealed Air Corp		165,879
	43,999		Sherwin-Williams Co		23,599,744
	30,486		Southern Copper Corp (NY)		988,966
	62,963		Vulcan Materials Co		7,112,930
	29,227		WR Grace and Co		1,380,391
			TOTAL MATERIALS		98,564,946
MEDIA & ENTERTAINMENT - 11.7%
	24,533		Activision Blizzard, Inc		1,563,488
	160,253	*	Alphabet, Inc (Class A)		215,812,715
	160,473	*	Alphabet, Inc (Class C)		216,423,516
	164,106	*	Altice USA, Inc		4,261,833
	22,117	*	AMC Networks, Inc		527,490
	2,318		Cable One, Inc		4,434,009
	47,199	*	Charter Communications, Inc		23,374,361
	1,133,201		Comcast Corp (Class A)		42,642,354
	139,417	*	Electronic Arts, Inc		15,929,786
	1,279,002	*	Facebook, Inc		261,824,499
	17,416		Fox Corp (Class A)		450,552
	8,089		Fox Corp (Class B)		206,755
	23,086	*	IAC/InterActiveCorp		5,159,259
	18,139		Interpublic Group of Cos, Inc		308,000
	69,142	*	Live Nation, Inc		3,102,402
	1,258	*	Madison Square Garden Co		215,521
	1,258	*,e	Madison Square Garden Entertainment Corp		104,037
	30,221	*,e	Match Group, Inc		2,325,808
	225,401	*	NetFlix, Inc		94,634,610
	15,570		New York Times Co (Class A)		506,336
	17,710		Nexstar Media Group Inc		1,240,408
	59,413		Omnicom Group, Inc		3,388,323
	46,673	*	Roku, Inc		5,658,168

195

TIAA-CREF FUNDS – Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
	31,832		Sinclair Broadcast Group, Inc (Class A)	$	561,835
	724,956	e	Sirius XM Holdings, Inc		4,284,490
	69,505	*	Spotify Technology S.A.		10,534,873
	27,453	*	Take-Two Interactive Software, Inc		3,323,186
	52,873		TripAdvisor, Inc		1,055,874
	404,127	*	Twitter, Inc		11,590,362
	156,706		ViacomCBS, Inc (Class B)		2,704,746
	25,298	e	World Wrestling Entertainment, Inc (Class A)		1,125,002
	94,527	*	Zynga, Inc		712,734
			TOTAL MEDIA & ENTERTAINMENT		939,987,332
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.2%
	791,364		AbbVie, Inc		65,050,121
	25,305	*	Adaptive Biotechnologies Corp		810,013
	15,607		Agilent Technologies, Inc		1,196,433
	8,729	*	Agios Pharmaceuticals, Inc		359,111
	85,426	*	Alexion Pharmaceuticals, Inc		9,180,732
	48,904	*	Alnylam Pharmaceuticals, Inc		6,440,657
	290,335		Amgen, Inc		69,453,939
	117,315	*	Avantor, Inc		1,972,065
	31,875	*	Biogen, Inc		9,461,456
	94,434	*	BioMarin Pharmaceutical, Inc		8,689,817
	20,572		Bio-Techne Corp		4,628,700
	734,392		Bristol-Myers Squibb Co		44,658,377
	52,961		Bruker BioSciences Corp		2,082,427
	24,639	*	Charles River Laboratories International, Inc		3,564,524
	455,186		Eli Lilly & Co		70,389,963
	77,299	*	Exact Sciences Corp		6,105,075
	62,450	*	Exelixis, Inc		1,542,203
	97,593		Gilead Sciences, Inc		8,197,812
	10,796	*	Horizon Therapeutics Plc		389,088
	78,708	*	Illumina, Inc		25,110,213
	95,055	*	Incyte Corp		9,283,071
	68,604	*	Ionis Pharmaceuticals, Inc		3,809,580
	40,717	*	IQVIA Holdings, Inc		5,805,837
	26,097	*	Jazz Pharmaceuticals plc		2,877,194
	215,489		Johnson & Johnson		32,331,970
	1,292,069		Merck & Co, Inc		102,512,754
	12,678	*	Mettler-Toledo International, Inc		9,127,399
	107,511	*	Moderna, Inc		4,944,431
	13,133	*	Nektar Therapeutics		252,154
	47,973	*	Neurocrine Biosciences, Inc		4,708,070
	12,411		PerkinElmer, Inc		1,123,568
	32,779	*	PRA Health Sciences, Inc		3,163,173
	9,020	*	Regeneron Pharmaceuticals, Inc		4,743,438
	27,128	*	Sage Therapeutics, Inc		1,057,449
	37,592	*,e	Sarepta Therapeutics, Inc		4,431,345
	62,890	*	Seattle Genetics, Inc		8,630,395
	145,289		Thermo Fisher Scientific, Inc		48,625,323
	138,772	*	Vertex Pharmaceuticals, Inc		34,859,526
	33,864	*	Waters Corp		6,332,568
	256,312		Zoetis, Inc		33,143,705
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		661,045,676
REAL ESTATE - 2.3%
	56,391		American Homes 4 Rent		1,361,279

196

TIAA-CREF FUNDS – Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
	234,999		American Tower Corp	$	55,929,762
	103,863		Americold Realty Trust		3,177,169
	48,172		Brookfield Property REIT, Inc		471,845
	66,381	*	CBRE Group, Inc		2,849,736
	13,745		Colony Capital, Inc		31,751
	16,450		Coresite Realty		1,993,576
	221,759		Crown Castle International Corp		35,355,037
	45,463		Equinix, Inc		30,696,618
	91,527		Equity Lifestyle Properties, Inc		5,519,993
	53,197		Extra Space Storage, Inc		4,694,103
	7,275	*	Howard Hughes Corp		394,014
	23,218		Iron Mountain, Inc		561,411
	3,033		Jones Lang LaSalle, Inc		320,224
	44,907		Lamar Advertising Co		2,588,889
	11,183		Outfront Media, Inc		175,461
	59,149		Public Storage, Inc		10,969,182
	59,918		SBA Communications Corp		17,371,427
	144,741		Simon Property Group, Inc		9,664,357
	11,473		Sun Communities, Inc		1,541,971
	7,570		UDR, Inc		283,648
			TOTAL REAL ESTATE		185,951,453
RETAILING - 11.0%
	8,391		Advance Auto Parts, Inc		1,014,556
	223,803	*	Amazon.com, Inc		553,688,622
	12,543	*	AutoZone, Inc		12,797,874
	24,033		Best Buy Co, Inc		1,844,052
	22,342	*	Booking Holdings, Inc		33,078,895
	34,216	*	Burlington Stores, Inc		6,250,921
	40,184	*	CarMax, Inc		2,959,552
	24,505	*,e	Carvana Co		1,963,096
	128,056		Dollar General Corp		22,448,217
	67,759	*	Dollar Tree, Inc		5,398,359
	407,423		eBay, Inc		16,227,658
	61,055	*	Etsy, Inc		3,960,638
	63,095		Expedia Group Inc		4,478,483
	28,889	*	Five Below, Inc		2,604,632
	37,712	*,e	Floor & Decor Holdings, Inc		1,598,989
	49,540	*	GrubHub, Inc		2,367,517
	332,684		Home Depot, Inc		73,133,924
	36,311		L Brands, Inc		431,738
	24,395	*	LKQ Corp		637,929
	413,647		Lowe’s Companies, Inc		43,329,523
	60,208	e	Nordstrom, Inc		1,130,706
	26,914	*,e	Ollie’s Bargain Outlet Holdings, Inc		1,827,730
	39,625	*	O’Reilly Automotive, Inc		15,308,722
	20,521		Pool Corp		4,343,475
	188,471		Ross Stores, Inc		17,218,711
	13,534		Target Corp		1,485,221
	649,524		TJX Companies, Inc		31,859,152
	63,050		Tractor Supply Co		6,395,161
	29,795	*	Ulta Beauty, Inc		6,492,926
	33,597	*,e	Wayfair, Inc		4,167,372
	10,251	e	Williams-Sonoma, Inc		633,922
			TOTAL RETAILING		881,078,273

197

TIAA-CREF FUNDS – Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.5%
	553,150	*	Advanced Micro Devices, Inc	$	28,979,529
	27,389		Analog Devices, Inc		3,001,834
	265,177		Applied Materials, Inc		13,173,993
	206,706		Broadcom, Inc		56,145,484
	4,088	*	Cree, Inc		176,315
	70,928		Entegris, Inc		3,846,425
	84,175		KLA Corp		13,812,276
	68,078		Lam Research Corp		17,378,952
	52,216		Maxim Integrated Products, Inc		2,870,836
	34,525		Microchip Technology, Inc		3,028,878
	22,256		Monolithic Power Systems, Inc		4,449,197
	312,212		NVIDIA Corp		91,253,323
	611,120		QUALCOMM, Inc		48,076,810
	4,412		Skyworks Solutions, Inc		458,319
	91,177		Teradyne, Inc		5,702,210
	501,614		Texas Instruments, Inc		58,222,337
	22,800		Universal Display Corp		3,422,736
	134,358		Xilinx, Inc		11,742,889
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		365,742,343
SOFTWARE & SERVICES - 24.4%
	22,808	*,e	2U, Inc		541,690
	341,023		Accenture plc		63,154,049
	257,515	*	Adobe, Inc		91,067,605
	77,126	*	Akamai Technologies, Inc		7,535,981
	2,438		Alliance Data Systems Corp		122,071
	25,387	*,e	Alteryx, Inc		2,873,301
	46,584	*	Anaplan, Inc		1,903,422
	45,045	*	Ansys, Inc		11,794,132
	35,268	*	Aspen Technology, Inc		3,606,153
	63,977	*	Atlassian Corp plc		9,947,784
	90,425	*	Autodesk, Inc		16,921,230
	231,997		Automatic Data Processing, Inc		34,031,640
	25,002	*	Avalara, Inc		2,234,429
	4,193	*,e	Bill.Com Holdings, Inc		246,926
	76,616	*	Black Knight, Inc		5,406,791
	72,984		Booz Allen Hamilton Holding Co		5,359,945
	61,233		Broadridge Financial Solutions, Inc		7,103,028
	149,649	*	Cadence Design Systems, Inc		12,141,023
	64,301		CDK Global, Inc		2,525,743
	39,664	*	Ceridian HCM Holding, Inc		2,338,986
	55,468		Citrix Systems, Inc		8,043,415
	22,662		Cognizant Technology Solutions Corp (Class A)		1,314,849
	2,302		CoreLogic Inc		88,443
	34,323	*	Coupa Software, Inc		6,043,937
	85,537	*	DocuSign, Inc		8,960,001
	108,204	*	Dropbox, Inc		2,274,448
	56,525	*	Dynatrace, Inc		1,687,271
	28,869	*	Elastic NV		1,851,658
	27,477	*	EPAM Systems, Inc		6,069,394
	26,397	*	Euronet Worldwide, Inc		2,422,189
	14,912	*	Fair Isaac Corp		5,263,041
	199,632		Fidelity National Information Services, Inc		26,329,464
	101,937	*	FireEye, Inc		1,173,295
	301,861	*	Fiserv, Inc		31,109,795

198

TIAA-CREF FUNDS – Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
	44,868	*	FleetCor Technologies, Inc	$	10,824,405
	76,478	*	Fortinet, Inc		8,239,740
	46,371	*	Gartner, Inc		5,509,338
	97,651		Genpact Ltd		3,362,124
	159,517		Global Payments, Inc		26,483,012
	89,955	*	GoDaddy, Inc		6,245,576
	43,463	*	Guidewire Software, Inc		3,948,179
	21,373	*	HubSpot, Inc		3,604,129
	287,052		International Business Machines Corp		36,042,249
	133,404		Intuit, Inc		35,993,733
	36,805		Jack Henry & Associates, Inc		6,019,458
	33,436	*	Manhattan Associates, Inc		2,371,950
	474,507		Mastercard, Inc (Class A)		130,475,190
	29,443	*,e	Medallia, Inc		632,436
	4,047,935		Microsoft Corp		725,430,431
	23,465	*,e	MongoDB, Inc		3,804,380
	27,482	*	New Relic, Inc		1,475,509
	100,800	*	Nutanix, Inc		2,065,392
	56,672	*	Okta, Inc		8,574,474
	1,073,984		Oracle Corp		56,888,932
	22,096	*	Pagerduty, Inc		466,446
	50,417	*	Palo Alto Networks, Inc		9,907,445
	169,686		Paychex, Inc		11,626,885
	26,086	*	Paycom Software, Inc		6,808,968
	17,761	*	Paylocity Holding Corp		2,034,167
	628,896	*	PayPal Holdings, Inc		77,354,208
	21,971		Pegasystems, Inc		1,837,215
	32,914	*,e	Pluralsight, Inc		541,106
	28,963	*	Proofpoint, Inc		3,525,666
	54,902	*	PTC, Inc		3,801,963
	40,599	*	RealPage, Inc		2,618,229
	39,186	*	RingCentral, Inc		8,955,177
	24,607		Sabre Corp		178,893
	449,388	*	salesforce.com, Inc		72,778,387
	99,620	*	ServiceNow, Inc		35,020,415
	46,339	*	Smartsheet, Inc		2,442,992
	6,588	*,e	SolarWinds Corp		111,864
	83,704	*	Splunk, Inc		11,748,693
	182,619	*	Square, Inc		11,895,802
	107,023		SS&C Technologies Holdings, Inc		5,903,389
	39,579		Switch, Inc		679,571
	79,584	*	Synopsys, Inc		12,504,238
	59,610	*	Teradata Corp		1,465,810
	20,701	*	Trade Desk, Inc		6,056,699
	64,262	*	Twilio, Inc		7,216,623
	20,155	*	Tyler Technologies, Inc		6,463,507
	37,864	*	VeriSign, Inc		7,932,129
	916,828		Visa, Inc (Class A)		163,855,500
	41,080	*,e	VMware, Inc (Class A)		5,402,842
	48,225		Western Union Co		919,651
	22,158	*	WEX, Inc		2,931,947
	88,404	*	Workday, Inc		13,605,376
	58,381	*	Zendesk, Inc		4,488,331
	36,967	*,e	Zscaler, Inc		2,479,746
			TOTAL SOFTWARE & SERVICES		1,967,037,646

199

TIAA-CREF FUNDS – Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
TECHNOLOGY HARDWARE & EQUIPMENT - 10.3%
	155,706		Amphenol Corp (Class A)	$	13,742,612
	2,206,207		Apple, Inc		648,183,617
	32,245	*	Arista Networks, Inc		7,071,328
	76,172		CDW Corp		8,439,858
	2,292,305		Cisco Systems, Inc		97,147,886
	88,321		Cognex Corp		4,878,852
	124,925		Corning, Inc		2,749,599
	58,132	*	Dell Technologies, Inc		2,481,655
	4,271		Dolby Laboratories, Inc (Class A)		256,388
	29,087	*	F5 Networks, Inc		4,050,656
	5,601		FLIR Systems, Inc		243,083
	40,220		HP, Inc		623,812
	1,288	*	IPG Photonics Corp		166,577
	16,374		Jabil Inc		465,677
	100,718	*	Keysight Technologies, Inc		9,746,481
	67,234		Motorola Solutions, Inc		9,668,922
	3,657		National Instruments Corp		140,502
	65,310	*	NCR Corp		1,340,161
	125,258		NetApp, Inc		5,482,543
	122,816	*	Pure Storage, Inc		1,768,550
	21,996	*	Trimble Inc		761,721
	4,612	e	Ubiquiti, Inc		747,282
	28,518	*	Zebra Technologies Corp (Class A)		6,549,444
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		826,707,206
TELECOMMUNICATION SERVICES - 0.1%
	88,881	*	T-Mobile US, Inc		7,803,752
			TOTAL TELECOMMUNICATION SERVICES		7,803,752
TRANSPORTATION - 1.7%
	28,287		Alaska Air Group, Inc		919,893
	20,605	e	American Airlines Group, Inc		247,466
	55,388		CH Robinson Worldwide, Inc		3,927,009
	145,139		CSX Corp		9,612,556
	63,726		Delta Air Lines, Inc		1,651,141
	65,439		Expeditors International of Washington, Inc		4,685,760
	13,575		JB Hunt Transport Services, Inc		1,372,704
	13,518	*,e	JetBlue Airways Corp		131,665
	18,476		Landstar System, Inc		1,908,756
	10,711	*	Lyft, Inc (Class A)		351,642
	18,259		Norfolk Southern Corp		3,124,115
	21,307		Old Dominion Freight Line		3,095,694
	148,261		Southwest Airlines Co		4,633,156
	53,719	*	Uber Technologies, Inc		1,626,074
	371,536		Union Pacific Corp		59,367,738
	27,116	*	United Airlines Holdings Inc		802,091
	373,535		United Parcel Service, Inc (Class B)		35,358,823
	28,276	*	XPO Logistics, Inc		1,887,140
			TOTAL TRANSPORTATION		134,703,423
			TOTAL COMMON STOCKS		8,041,291,760
			(Cost $4,694,940,544)

200

TIAA-CREF FUNDS – Large-Cap Growth Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE		VALUE
SHORT-TERM INVESTMENTS - 0.6%
GOVERNMENT AGENCY DEBT - 0.1%
$	11,545,000		Federal Farm Credit Bank (FFCB)		0.010	%	05/01/20	$	11,545,000
			TOTAL GOVERNMENT AGENCY DEBT						11,545,000
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.5%
	37,458,453	c	State Street Navigator Securities Lending Government Money Market Portfolio						37,458,453
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						37,458,453
			TOTAL SHORT-TERM INVESTMENTS						49,003,453
			(Cost $49,003,453)
			TOTAL INVESTMENTS - 100.5%						8,090,295,213
			(Cost $4,743,943,997)
			OTHER ASSETS & LIABILITIES, NET - (0.5)%						(39,233,310	)
			NET ASSETS - 100.0%					$	8,051,061,903

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 $39,792,166.

201

TIAA-CREF FUNDS – Large-Cap Value Index Fund

TIAA-CREF FUNDS

LARGE-CAP VALUE INDEX FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2020

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.9%
AUTOMOBILES & COMPONENTS - 0.8%
	131,934		Aptiv plc	$	9,176,010
	114,174		BorgWarner, Inc		3,261,951
	2,148,514		Ford Motor Co		10,935,936
	677,032		General Motors Co		15,091,043
	143,195		Gentex Corp		3,471,047
	141,587		Goodyear Tire & Rubber Co		1,015,179
	86,692	e	Harley-Davidson, Inc		1,892,486
	33,618		Lear Corp		3,282,798
	32,111	e	Thor Industries, Inc		2,125,748
			TOTAL AUTOMOBILES & COMPONENTS		50,252,198
BANKS - 8.9%
	75,521		Associated Banc-Corp		1,067,867
	4,405,666		Bank of America Corp		105,956,267
	22,931		Bank of Hawaii Corp		1,563,436
	65,606		Bank OZK		1,484,008
	51,829		BankUnited		1,026,732
	18,260	e	BOK Financial Corp		945,685
	49,216		CIT Group, Inc		934,120
	1,163,605		Citigroup, Inc		56,504,659
	236,619		Citizens Financial Group, Inc		5,297,899
	68,901		Comerica, Inc		2,401,889
	55,897		Commerce Bancshares, Inc		3,420,337
	31,003	e	Cullen/Frost Bankers, Inc		2,227,876
	79,121		East West Bancorp, Inc		2,774,773
	382,988		Fifth Third Bancorp		7,158,046
	4,379		First Citizens Bancshares, Inc (Class A)		1,672,778
	74,227		First Hawaiian, Inc		1,305,653
	155,445		First Horizon National Corp		1,411,441
	76,383		First Republic Bank		7,965,983
	173,693		FNB Corp		1,405,176
	542,737		Huntington Bancshares, Inc		5,014,890
	1,718,988		JPMorgan Chase & Co		164,610,291
	534,348		Keycorp		6,225,154
	71,553		M&T Bank Corp		8,019,660
	204,378		MGIC Investment Corp		1,494,003
	258,862		New York Community Bancorp, Inc		2,811,241
	61,397		PacWest Bancorp		1,242,675
	244,583		People’s United Financial, Inc		3,103,758
	39,878		Pinnacle Financial Partners, Inc		1,605,090
	237,816		PNC Financial Services Group, Inc		25,367,833
	55,924		Popular, Inc		2,158,107
	46,470		Prosperity Bancshares, Inc		2,784,947
	525,664		Regions Financial Corp		5,650,888
	14,828		Signature Bank		1,589,265
	111,849		Sterling Bancorp		1,379,098

202

TIAA-CREF FUNDS – Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	26,905	*	SVB Financial Group	$	5,197,239
	66,857		Synovus Financial Corp		1,404,666
	78,642		TCF Financial Corp		2,334,881
	29,418	*	Texas Capital Bancshares, Inc		817,232
	28,553		TFS Financial Corp		389,748
	739,744		Truist Financial Corp		27,607,246
	116,843		Umpqua Holdings Corp		1,463,459
	766,477		US Bancorp		27,976,411
	48,301		Webster Financial Corp		1,364,503
	2,052,576		Wells Fargo & Co		59,627,333
	45,762		Western Alliance Bancorp		1,641,941
	26,591		Wintrust Financial Corp		1,114,163
	93,210		Zions Bancorporation		2,946,368
			TOTAL BANKS		573,466,715
CAPITAL GOODS - 6.8%
	73,415		3M Co		11,153,207
	63,065		A.O. Smith Corp		2,672,695
	15,724		Acuity Brands, Inc		1,361,541
	81,994	*	Aecom Technology Corp		2,973,102
	32,964		AGCO Corp		1,741,818
	57,048		Air Lease Corp		1,491,805
	12,540		Allegion plc		1,260,772
	26,946		Ametek, Inc		2,259,961
	15,373		BWX Technologies, Inc		815,691
	4,641		Carlisle Cos, Inc		561,375
	444,110	*	Carrier Global Corp		7,865,188
	272,228		Caterpillar, Inc		31,681,895
	55,564	*	Colfax Corp		1,432,995
	27,675		Crane Co		1,506,904
	80,004		Cummins, Inc		13,080,654
	24,452		Curtiss-Wright Corp		2,534,450
	138,743		Deere & Co		20,126,060
	44,747		Dover Corp		4,190,556
	226,651		Eaton Corp		18,925,358
	304,336		Emerson Electric Co		17,356,282
	31,544		Fastenal Co		1,142,524
	53,257		Flowserve Corp		1,500,250
	75,798		Fluor Corp		886,837
	125,568		Fortive Corp		8,036,352
	48,936		Fortune Brands Home & Security, Inc		2,358,715
	39,893	*,e	Gates Industrial Corp plc		342,681
	130,622		General Dynamics Corp		17,061,846
	4,767,857		General Electric Co		32,421,428
	36,334		GrafTech International Ltd		295,032
	86,291	*	HD Supply Holdings, Inc		2,561,117
	2,707		Hexcel Corp		93,635
	203,132		Honeywell International, Inc		28,824,431
	217,174	*	Howmet Aerospace, Inc		2,838,464
	13,051		Hubbell, Inc		1,623,936
	4,881		Huntington Ingalls		934,272
	20,510		IDEX Corp		3,150,951
	82,508	*	Ingersoll Rand, Inc		2,399,333
	46,656		ITT, Inc		2,459,704
	69,979		Jacobs Engineering Group, Inc		5,790,762
	422,194		Johnson Controls International plc		12,290,067

203

TIAA-CREF FUNDS – Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	60,108		L3Harris Technologies, Inc	$	11,642,920
	1,582		Lennox International, Inc		295,328
	1,637		Lincoln Electric Holdings, Inc		131,795
	152,272		Masco Corp		6,249,243
	23,715		MSC Industrial Direct Co (Class A)		1,414,363
	3,254		Nordson Corp		523,601
	77,178		nVent Electric plc		1,439,370
	37,787		Oshkosh Corp		2,551,756
	225,881	*	Otis Worldwide Corp		11,499,602
	59,455		Owens Corning, Inc		2,577,969
	188,181		PACCAR, Inc		13,027,771
	69,796		Parker-Hannifin Corp		11,036,143
	92,788		Pentair plc		3,209,537
	58,068		Quanta Services, Inc		2,111,352
	582,813	*	Raytheon Technologies Corp		37,772,110
	20,839		Regal-Beloit Corp		1,479,777
	66,705	*	Resideo Technologies, Inc		342,197
	47,629		Roper Technologies Inc		16,242,918
	49,670	*	Sensata Technologies Holding plc		1,806,995
	29,904		Snap-On, Inc		3,896,192
	4,908		Spirit Aerosystems Holdings, Inc (Class A)		108,761
	82,606		Stanley Black & Decker, Inc		9,103,181
	19,108	*	Teledyne Technologies, Inc		6,222,902
	125,834		Textron, Inc		3,316,984
	36,754		Timken Co		1,381,215
	8,799	*	Trane Technologies plc		769,209
	4,772		TransDigm Group, Inc		1,732,618
	50,750	e	Trinity Industries, Inc		978,967
	10,900	*	United Rentals, Inc		1,400,650
	98,458	*	Univar Solutions Inc		1,429,610
	12,681		Valmont Industries, Inc		1,486,720
	5,412	*	WABCO Holdings, Inc		727,265
	72,604		Wabtec Corp		4,096,318
	18,643	e	Watsco, Inc		3,001,337
	23,292	*	WESCO International, Inc		602,564
	7,575		Woodward Inc		458,742
			TOTAL CAPITAL GOODS		438,072,628
COMMERCIAL & PROFESSIONAL SERVICES - 0.5%
	83,624	e	ADT, Inc		479,166
	27,265	*	Clean Harbors, Inc		1,456,769
	9,764		Equifax, Inc		1,356,220
	8,507	*	IAA, Inc		328,370
	79,315		IHS Markit Ltd		5,337,899
	4,104		KAR Auction Services, Inc		61,478
	31,331		Manpower, Inc		2,326,013
	168,493		Nielsen NV		2,481,902
	110,305		Republic Services, Inc		8,641,294
	50,364	*	Stericycle, Inc		2,457,763
	52,602		Waste Management, Inc		5,261,252
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		30,188,126
CONSUMER DURABLES & APPAREL - 0.8%
	41,628		Brunswick Corp		1,986,488
	48,393	*	Capri Holdings Ltd		737,993
	13,802		Carter’s, Inc		1,079,316

204

TIAA-CREF FUNDS – Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	4,947		Columbia Sportswear Co	$	360,587
	178,407		DR Horton, Inc		8,424,379
	80,189		Garmin Ltd		6,508,139
	38,392	e	Hanesbrands, Inc		381,617
	71,402		Leggett & Platt, Inc		2,508,352
	6,828		Lennar Corp (B Shares)		260,488
	90,246		Lennar Corp (Class A)		4,518,617
	66,068	*	Mattel, Inc		576,113
	31,612	*	Mohawk Industries, Inc		2,773,005
	216,727		Newell Brands Inc		3,008,171
	2,851		Polaris Inc		202,221
	140,726		Pulte Homes, Inc		3,978,324
	41,915		PVH Corp		2,063,476
	25,631		Ralph Lauren Corp		1,891,055
	43,139	*	Skechers U.S.A., Inc (Class A)		1,215,657
	159,845		Tapestry, Inc		2,378,494
	74,303		Toll Brothers, Inc		1,784,758
	43,382	*,e	Under Armour, Inc (Class A)		452,040
	34,999	*	Under Armour, Inc (Class C)		324,441
	34,293	e	Whirlpool Corp		3,831,900
			TOTAL CONSUMER DURABLES & APPAREL		51,245,631
CONSUMER SERVICES - 1.8%
	139,436		ARAMARK Holdings Corp		3,807,997
	332,314	*	Caesars Entertainment Corp		3,210,153
	219,108	e	Carnival Corp		3,483,817
	9,061		Choice Hotels International, Inc		680,028
	2,598		Dunkin Brands Group, Inc		163,258
	112,172		Extended Stay America, Inc		1,219,310
	44,730	*	frontdoor, Inc		1,731,498
	1,998		Graham Holdings Co		779,240
	22,769	*	Grand Canyon Education, Inc		1,958,589
	97,275		H&R Block, Inc		1,619,629
	49,276	*	Hilton Grand Vacations, Inc		1,015,086
	18,848		Hyatt Hotels Corp		1,060,388
	75,443	e	International Game Technology plc		568,840
	96,243		Las Vegas Sands Corp		4,621,589
	348,331		McDonald’s Corp		65,332,962
	254,931		MGM Resorts International		4,290,489
	94,263	*	Norwegian Cruise Line Holdings Ltd		1,545,913
	94,012	e	Royal Caribbean Cruises Ltd		4,396,941
	58,401		Service Corp International		2,145,653
	58,316	*	ServiceMaster Global Holdings, Inc		1,985,660
	39,764		Six Flags Entertainment Corp		795,678
	2,050		Vail Resorts, Inc		350,550
	57,496		Wyndham Destinations, Inc		1,470,173
	36,250		Wyndham Hotels & Resorts, Inc		1,366,988
	11,080		Wynn Resorts Ltd		947,672
	38,387		Yum China Holdings, Inc		1,860,234
	17,583		Yum! Brands, Inc		1,519,699
			TOTAL CONSUMER SERVICES		113,928,034
DIVERSIFIED FINANCIALS - 5.7%
	25,809		Affiliated Managers Group, Inc		1,805,598
	287,683		AGNC Investment Corp		3,573,023
	199,102		Ally Financial, Inc		3,263,282

205

TIAA-CREF FUNDS – Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	161,488		American Express Co	$	14,735,780
	59,384		Ameriprise Financial, Inc		6,825,597
	754,023		Annaly Capital Management, Inc		4,712,644
	442,512		Bank of New York Mellon Corp		16,611,900
	159,882		BGC Partners, Inc (Class A)		494,835
	65,256		BlackRock, Inc		32,761,122
	251,063		Capital One Financial Corp		16,258,840
	46,709		CBOE Global Markets, Inc		4,641,940
	255,330		Charles Schwab Corp		9,631,048
	99,326		Chimera Investment Corp		771,763
	194,984		CME Group, Inc		34,748,099
	665	*,e	Credit Acceptance Corp		207,194
	114,693		Discover Financial Services		4,928,358
	99,708		E*TRADE Financial Corp		4,049,142
	57,354		Eaton Vance Corp		2,104,892
	12,472		Evercore Inc		643,555
	149,773	e	Franklin Resources, Inc		2,821,723
	175,585		Goldman Sachs Group, Inc		32,205,801
	29,091		Interactive Brokers Group, Inc (Class A)		1,192,731
	182,108		Intercontinental Exchange Group, Inc		16,289,561
	208,391		Invesco Ltd		1,796,330
	493,238		iShares Russell 1000 Growth ETF		54,389,354
	85,964	e	Janus Henderson Group plc		1,538,756
	144,259		Jefferies Financial Group, Inc		1,979,233
	32,000		Lazard Ltd (Class A)		880,000
	47,071		Legg Mason, Inc		2,345,548
	251,199		MFA Financial Inc		439,598
	640,713		Morgan Stanley		25,263,314
	63,078		Nasdaq Inc		6,917,764
	100,313		Navient Corp		764,385
	213,905		New Residential Investment Corp		1,302,681
	106,881		Northern Trust Corp		8,460,700
	44,712		OneMain Holdings, Inc		1,082,477
	52,740		Raymond James Financial, Inc		3,476,621
	55,519		Santander Consumer USA Holdings, Inc		865,541
	39,408		SEI Investments Co		2,008,232
	242,529		SLM Corp		2,022,692
	142,755		Starwood Property Trust, Inc		1,847,250
	196,262		State Street Corp		12,372,356
	251,591		Synchrony Financial		4,978,986
	91,392		T Rowe Price Group, Inc		10,567,657
	21,851		TD Ameritrade Holding Corp		858,089
	130,467		Two Harbors Investment Corp		596,234
	20,031	e	Virtu Financial, Inc		468,124
	69,545		Voya Financial, Inc		3,141,348
			TOTAL DIVERSIFIED FINANCIALS		365,641,698
ENERGY - 6.4%
	136,338	e	Antero Midstream Corp		647,605
	125,849	*,e	Antero Resources Corp		375,030
	225,204		Apache Corp		2,945,668
	63,237	*,e	Apergy Corp		582,413
	357,845		Baker Hughes Co		4,991,938
	82,688		Cabot Oil & Gas Corp		1,787,715
	115,841	*,e	Centennial Resource Development, Inc		136,692
	50,363	*	Cheniere Energy, Inc		2,351,448

206

TIAA-CREF FUNDS – Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	1,050,753		Chevron Corp	$	96,669,276
	52,636		Cimarex Energy Co		1,338,007
	109,721		Concho Resources, Inc		6,223,375
	597,804		ConocoPhillips		25,167,548
	46,748	e	Continental Resources, Inc		766,200
	209,038		Devon Energy Corp		2,606,704
	69,664		Diamondback Energy, Inc		3,033,171
	317,748		EOG Resources, Inc		15,096,207
	145,324		EQT Corp		2,120,277
	114,165	e	Equitrans Midstream Corp		956,703
	2,333,174		Exxon Mobil Corp		108,422,596
	494,402		Halliburton Co		5,191,221
	60,775	e	Helmerich & Payne, Inc		1,201,522
	145,739		Hess Corp		7,088,745
	82,469		HollyFrontier Corp		2,724,776
	1,064,314		Kinder Morgan, Inc		16,209,502
	172,474		Kosmos Energy Ltd		284,582
	437,132	e	Marathon Oil Corp		2,675,248
	351,652		Marathon Petroleum Corp		11,280,996
	78,793	e	Murphy Oil Corp		934,485
	220,542		National Oilwell Varco, Inc		2,787,651
	276,307		Noble Energy, Inc		2,710,572
	480,821		Occidental Petroleum Corp		7,981,629
	156,037		ONEOK, Inc		4,670,187
	67,546		Parsley Energy, Inc		638,310
	104,987		Patterson-UTI Energy, Inc		387,402
	65,393		PBF Energy, Inc		745,480
	241,558		Phillips 66		17,674,799
	51,557		Pioneer Natural Resources Co		4,604,556
	100,495	e	Range Resources Corp		585,886
	752,211		Schlumberger Ltd		12,652,189
	131,048		Targa Resources Investments, Inc		1,698,382
	338,691	*,e	Transocean Ltd (NYSE)		433,524
	225,590		Valero Energy Corp		14,291,127
	661,713		Williams Cos, Inc		12,817,381
	275,203	*	WPX Energy, Inc		1,686,994
			TOTAL ENERGY		410,175,719
FOOD & STAPLES RETAILING - 2.0%
	15,193		Casey’s General Stores, Inc		2,300,372
	25,409	*	Grocery Outlet Holding Corp		845,358
	436,731		Kroger Co		13,805,067
	29,582	*	Sprouts Farmers Market, Inc		614,714
	114,922	*	US Foods Holding Corp		2,470,823
	417,584		Walgreens Boots Alliance, Inc		18,077,211
	765,942		Walmart, Inc		93,100,250
			TOTAL FOOD & STAPLES RETAILING		131,213,795
FOOD, BEVERAGE & TOBACCO - 4.7%
	530,914		Altria Group, Inc		20,838,374
	309,494		Archer-Daniels-Midland Co		11,494,607
	27,824	*	Beyond Meat, Inc		2,754,298
	1,592		Brown-Forman Corp (Class A)		90,298
	8,411	e	Brown-Forman Corp (Class B)		523,164
	75,296		Bunge Ltd		2,986,992
	42,507		Campbell Soup Co		2,124,500

207

TIAA-CREF FUNDS – Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	671,814		Coca-Cola Co	$	30,829,544
	264,892		ConAgra Brands, Inc		8,857,988
	86,711		Constellation Brands, Inc (Class A)		14,280,435
	108,950		Flowers Foods, Inc		2,427,406
	333,231		General Mills, Inc		19,957,205
	50,150	*	Hain Celestial Group, Inc		1,295,876
	10,957		Hershey Co		1,451,036
	153,573		Hormel Foods Corp		7,194,895
	36,083		Ingredion, Inc		2,929,940
	60,208		J.M. Smucker Co		6,918,501
	83,371		Kellogg Co		5,460,801
	134,387		Keurig Dr Pepper, Inc		3,555,880
	340,019		Kraft Heinz Co		10,312,776
	59,821		Lamb Weston Holdings, Inc		3,670,617
	24,046		McCormick & Co, Inc		3,771,375
	93,812		Molson Coors Brewing Co (Class B)		3,847,230
	782,885		Mondelez International, Inc		40,271,604
	123,372		PepsiCo, Inc		16,320,882
	856,563		Philip Morris International, Inc		63,899,600
	16,394	*	Pilgrim’s Pride Corp		360,668
	18,929	*	Post Holdings, Inc		1,738,629
	201		Seaboard Corp		605,231
	26,006	*	TreeHouse Foods, Inc		1,345,290
	156,342		Tyson Foods, Inc (Class A)		9,722,909
			TOTAL FOOD, BEVERAGE & TOBACCO		301,838,551
HEALTH CARE EQUIPMENT & SERVICES - 6.9%
	538,039		Abbott Laboratories		49,548,012
	48,296	*,e	Acadia Healthcare Co, Inc		1,159,587
	99,316		Anthem, Inc		27,880,981
	141,560		Baxter International, Inc		12,567,697
	134,967		Becton Dickinson & Co		34,083,217
	7,619		Cantel Medical Corp		281,903
	160,705		Cardinal Health, Inc		7,951,683
	46,921	*	Centene Corp		3,124,000
	69,266	*,e	Change Healthcare, Inc		806,256
	140,519		Cigna Corp		27,510,810
	22,946		Cooper Cos, Inc		6,578,618
	62,519	*,e	Covetrus, Inc		743,351
	715,195		CVS Health Corp		44,020,252
	321,441		Danaher Corp		52,542,746
	47,446	*	DaVita, Inc		3,748,708
	123,628		Dentsply Sirona, Inc		5,246,772
	25,574		Encompass Health Corp		1,694,277
	24,996	*	Envista Holdings Corp		486,672
	58,807		HCA Healthcare, Inc		6,461,713
	70,071	*	Henry Schein, Inc		3,823,074
	17,052		Hill-Rom Holdings, Inc		1,918,179
	28,174	*	Hologic, Inc		1,411,517
	41,848		Humana, Inc		15,978,403
	7,351	*	ICU Medical, Inc		1,612,148
	37,078	*	Integra LifeSciences Holdings Corp		1,892,832
	49,627	*	Laboratory Corp of America Holdings		8,161,160
	78,870		McKesson Corp		11,140,388
	36,929	*,e	MEDNAX, Inc		536,209
	739,594		Medtronic plc		72,206,562

208

TIAA-CREF FUNDS – Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	7,961	*	Molina Healthcare, Inc	$	1,305,365
	15,214	*	PPD, Inc		363,615
	35,214	*	Premier, Inc		1,167,696
	73,905		Quest Diagnostics, Inc		8,137,680
	44,222		STERIS plc		6,301,635
	42,782		Universal Health Services, Inc (Class B)		4,521,630
	9,522		West Pharmaceutical Services, Inc		1,802,134
	111,400		Zimmer Biomet Holdings, Inc		13,334,580
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		442,052,062
HOUSEHOLD & PERSONAL PRODUCTS - 3.3%
	13,297		Clorox Co		2,479,093
	462,575		Colgate-Palmolive Co		32,505,145
	149,425	e	Coty, Inc		814,366
	34,370		Energizer Holdings, Inc		1,339,055
	47,529	*,e	Herbalife Nutrition Ltd		1,775,208
	188,285		Kimberly-Clark Corp		26,073,707
	26,164		Nu Skin Enterprises, Inc (Class A)		764,251
	1,263,640		Procter & Gamble Co		148,945,247
	15,282		Reynolds Consumer Products Inc		495,595
	23,390		Spectrum Brands Holdings, Inc		1,007,173
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		216,198,840
INSURANCE - 7.0%
	396,440		Aflac, Inc		14,763,426
	6,831		Alleghany Corp		3,645,773
	175,717		Allstate Corp		17,873,933
	38,028		American Financial Group, Inc		2,518,975
	472,931		American International Group, Inc		12,026,635
	5,957		American National Insurance Co		479,538
	184,246	*	Arch Capital Group Ltd		4,427,431
	80,887		Arthur J. Gallagher & Co		6,349,630
	32,994		Assurant, Inc		3,505,283
	48,567		Assured Guaranty Ltd		1,443,897
	48,424	*	Athene Holding Ltd		1,307,448
	38,127		Axis Capital Holdings Ltd		1,395,448
	1,078,361	*	Berkshire Hathaway, Inc (Class B)		202,041,717
	65,712	*	Brighthouse Financial, Inc		1,689,456
	121,711		Brown & Brown, Inc		4,370,642
	248,457		Chubb Ltd		26,835,841
	83,643		Cincinnati Financial Corp		5,503,709
	20,232		CNA Financial Corp		638,927
	5,039		Erie Indemnity Co (Class A)		897,244
	15,570		Everest Re Group Ltd		2,695,634
	142,445		Fidelity National Financial Inc		3,853,137
	59,010		First American Financial Corp		2,721,541
	58,642		Globe Life, Inc		4,828,582
	20,749		Hanover Insurance Group, Inc		2,082,785
	198,218		Hartford Financial Services Group, Inc		7,530,302
	28,663		Kemper Corp		1,926,727
	110,304		Lincoln National Corp		3,912,483
	138,210		Loews Corp		4,790,359
	6,874	*	Markel Corp		5,951,784
	35,094		Marsh & McLennan Cos, Inc		3,415,699
	15,311		Mercury General Corp		627,139
	424,007		Metlife, Inc		15,298,173

209

TIAA-CREF FUNDS – Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	153,737		Old Republic International Corp	$	2,452,105
	7,341		Primerica, Inc		762,803
	146,879		Principal Financial Group		5,347,864
	215,608		Progressive Corp		16,666,498
	219,834		Prudential Financial, Inc		13,711,047
	34,488		Reinsurance Group of America, Inc (Class A)		3,610,204
	14,938		RenaissanceRe Holdings Ltd		2,181,097
	118,157		Travelers Cos, Inc		11,958,670
	122,365		Unum Group		2,135,269
	76,524		W.R. Berkley Corp		4,132,296
	1,631		White Mountains Insurance Group Ltd		1,586,963
	71,280		Willis Towers Watson plc		12,708,511
			TOTAL INSURANCE		448,602,625
MATERIALS - 4.3%
	104,398		Air Products & Chemicals, Inc		23,550,101
	57,510		Albemarle Corp		3,532,839
	108,216	*	Alcoa Corp		881,960
	21,307		Aptargroup, Inc		2,281,554
	50,830	*	Arconic Corp		443,238
	13,095		Ardagh Group S.A.		162,902
	31,993		Ashland Global Holdings, Inc		1,973,648
	4,100		Avery Dennison Corp		452,599
	76,003	*	Axalta Coating Systems Ltd		1,500,299
	43,250	*	Berry Global Group, Inc		1,720,917
	28,903		Cabot Corp		979,523
	64,571		Celanese Corp (Series A)		5,363,913
	110,417		CF Industries Holdings, Inc		3,036,467
	91,405		Chemours Co		1,072,181
	413,399		Corteva, Inc		10,826,920
	29,064	*	Crown Holdings, Inc		1,872,012
	29,752		Domtar Corp		695,007
	415,346		Dow, Inc		15,239,045
	408,809		DuPont de Nemours, Inc		19,222,199
	6,933		Eagle Materials, Inc		422,982
	75,515		Eastman Chemical Co		4,569,413
	67,155	*	Element Solutions, Inc		688,339
	71,722		FMC Corp		6,591,252
	781,132		Freeport-McMoRan, Inc (Class B)		6,897,396
	154,280		Graphic Packaging Holding Co		2,059,638
	114,567		Huntsman Corp		1,925,871
	58,546		International Flavors & Fragrances, Inc		7,671,282
	214,282		International Paper Co		7,339,158
	295,928		Linde plc		54,447,793
	145,922		LyondellBasell Industries NV		8,456,180
	23,566		Martin Marietta Materials, Inc		4,482,960
	189,801		Mosaic Co		2,184,610
	346		NewMarket Corp		142,358
	448,177		Newmont Goldcorp Corp		26,657,568
	168,264		Nucor Corp		6,930,794
	77,063		O-I Glass, Inc		634,999
	93,456		Olin Corp		1,247,638
	52,270		Packaging Corp of America		5,051,895
	86,927		PPG Industries, Inc		7,895,579
	36,595		Reliance Steel & Aluminum Co		3,278,180
	24,850		Royal Gold, Inc		3,044,870

210

TIAA-CREF FUNDS – Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	58,248		RPM International, Inc	$	3,868,250
	74,176		Sealed Air Corp		2,120,692
	43,065		Silgan Holdings, Inc		1,485,743
	56,330		Sonoco Products Co		2,751,157
	16,374		Southern Copper Corp (NY)		531,173
	109,259		Steel Dynamics, Inc		2,651,716
	102,741	e	United States Steel Corp		789,051
	101,374		Valvoline, Inc		1,742,619
	4,954		Vulcan Materials Co		559,653
	21,594	e	Westlake Chemical Corp		938,259
	142,945		WestRock Co		4,601,400
			TOTAL MATERIALS		279,467,792
MEDIA & ENTERTAINMENT - 4.1%
	395,546		Activision Blizzard, Inc		25,208,147
	34,104	*	Charter Communications, Inc		16,889,324
	58,343		Cinemark Holdings, Inc		833,138
	1,315,533		Comcast Corp (Class A)		49,503,507
	83,146	*,e	Discovery, Inc (Class A)		1,864,133
	186,755	*	Discovery, Inc (Class C)		3,811,670
	141,738	*	DISH Network Corp (Class A)		3,545,576
	15,399	*	Electronic Arts, Inc		1,759,490
	168,591		Fox Corp (Class A)		4,361,449
	83,861		Fox Corp (Class B)		2,143,487
	54,040	*	GCI Liberty, Inc		3,287,253
	17,330	*	IAC/InterActiveCorp		3,872,908
	181,960		Interpublic Group of Cos, Inc		3,089,681
	24,442		John Wiley & Sons, Inc (Class A)		917,797
	14,946	*	Liberty Broadband Corp (Class A)		1,793,819
	59,200	*	Liberty Broadband Corp (Class C)		7,262,656
	13,075	*	Liberty Media Group (Class A)		395,519
	103,220	*	Liberty Media Group (Class C)		3,322,652
	43,943	*	Liberty SiriusXM Group (Class A)		1,481,318
	81,760	*	Liberty SiriusXM Group (Class C)		2,785,563
	27,799	*,e	Lions Gate Entertainment Corp (Class A)		198,485
	59,366	*	Lions Gate Entertainment Corp (Class B)		396,565
	8,808	*	Madison Square Garden Co		1,508,987
	8,808	*,e	Madison Square Garden Entertainment Corp		728,422
	73,668		New York Times Co (Class A)		2,395,683
	209,062		News Corp (Class A)		2,071,804
	70,259		News Corp (Class B)		718,047
	4,820		Nexstar Media Group Inc		337,593
	53,593		Omnicom Group, Inc		3,056,409
	1,748		Sinclair Broadcast Group, Inc (Class A)		30,852
	33,041	*	Take-Two Interactive Software, Inc		3,999,613
	4,925		TripAdvisor, Inc		98,352
	3,286	e	ViacomCBS, Inc (Class A)		64,504
	127,631		ViacomCBS, Inc (Class B)		2,202,911
	962,274		Walt Disney Co		104,069,933
	30,780	*	Zillow Group, Inc (Class A)		1,340,161
	72,929	*,e	Zillow Group, Inc (Class C)		3,205,959
	375,227	*	Zynga, Inc		2,829,212
			TOTAL MEDIA & ENTERTAINMENT		267,382,579
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.8%
	10,555	*	Adaptive Biotechnologies Corp		337,866

211

TIAA-CREF FUNDS – Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	153,791		Agilent Technologies, Inc	$	11,789,618
	29,231	*	Agios Pharmaceuticals, Inc		1,202,563
	29,083	*	Alexion Pharmaceuticals, Inc		3,125,550
	82,348	*	Alkermes plc		1,128,991
	180,665		Allergan plc		33,845,781
	9,606	*	Alnylam Pharmaceuticals, Inc		1,265,110
	26,533		Amgen, Inc		6,347,224
	45,073	*	Avantor, Inc		757,677
	62,816	*	Biogen, Inc		18,645,673
	11,425	*	Bio-Rad Laboratories, Inc (Class A)		5,028,143
	30,855	*	Bluebird Bio, Inc		1,662,467
	532,274		Bristol-Myers Squibb Co		32,367,582
	83,866	*	Catalent, Inc		5,799,334
	219,657	*	Elanco Animal Health, Inc		5,427,724
	94,742	*	Exelixis, Inc		2,339,654
	601,585		Gilead Sciences, Inc		50,533,140
	89,488	*	Horizon Therapeutics Plc		3,225,148
	54,722	*	IQVIA Holdings, Inc		7,802,810
	3,599	*	Jazz Pharmaceuticals plc		396,790
	1,243,259		Johnson & Johnson		186,538,580
	74,922		Merck & Co, Inc		5,944,311
	16,517	*	Moderna, Inc		759,617
	287,051	*	Mylan NV		4,813,845
	78,387	*	Nektar Therapeutics		1,505,030
	47,922		PerkinElmer, Inc		4,338,379
	68,547		Perrigo Co plc		3,653,555
	3,066,607		Pfizer, Inc		117,635,045
	122,892	*	QIAGEN NV		5,123,368
	35,644	*	Regeneron Pharmaceuticals, Inc		18,744,467
	70,395		Thermo Fisher Scientific, Inc		23,559,799
	24,156	*	United Therapeutics Corp		2,646,531
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		568,291,372
REAL ESTATE - 5.0%
	67,333		Alexandria Real Estate Equities, Inc		10,577,341
	75,112		American Campus Communities, Inc		2,650,702
	83,869		American Homes 4 Rent		2,024,598
	78,965		Apartment Investment & Management Co		2,974,612
	124,496		Apple Hospitality REIT, Inc		1,205,121
	75,726		AvalonBay Communities, Inc		12,339,552
	84,285		Boston Properties, Inc		8,190,816
	93,369		Brandywine Realty Trust		1,041,998
	153,503		Brixmor Property Group, Inc		1,757,609
	50,615		Camden Property Trust		4,457,663
	116,193	*	CBRE Group, Inc		4,988,165
	308,215		Colony Capital, Inc		711,977
	65,632		Columbia Property Trust, Inc		937,881
	5,501		Coresite Realty		666,666
	59,591		Corporate Office Properties Trust		1,574,394
	79,018		Cousins Properties, Inc		2,383,973
	104,230		CubeSmart		2,626,596
	60,913		CyrusOne, Inc		4,273,047
	144,563		Digital Realty Trust, Inc		21,610,723
	86,499		Douglas Emmett, Inc		2,637,354
	204,874		Duke Realty Corp		7,109,128
	82,505		Empire State Realty Trust, Inc		689,742

212

TIAA-CREF FUNDS – Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	45,982		EPR Properties	$	1,352,790
	67,447		Equity Commonwealth		2,289,826
	201,972		Equity Residential		13,140,298
	35,668		Essex Property Trust, Inc		8,706,559
	12,933		Extra Space Storage, Inc		1,141,208
	39,307		Federal Realty Investment Trust		3,273,094
	114,490		Gaming and Leisure Properties, Inc		3,233,198
	116,985		Healthcare Trust of America, Inc		2,881,341
	275,941		Healthpeak Properties Inc		7,213,098
	58,562		Highwoods Properties, Inc		2,272,791
	387,190		Host Hotels and Resorts, Inc		4,766,309
	14,482	*	Howard Hughes Corp		784,345
	84,829		Hudson Pacific Properties		2,085,097
	291,277		Invitation Homes, Inc		6,888,701
	137,930		Iron Mountain, Inc		3,335,147
	69,682		JBG SMITH Properties		2,365,704
	25,683		Jones Lang LaSalle, Inc		2,711,611
	57,452		Kilroy Realty Corp		3,576,961
	232,008		Kimco Realty Corp		2,531,207
	26,207		Life Storage, Inc		2,295,471
	79,493		Macerich Co		593,813
	281,720		Medical Properties Trust, Inc		4,828,681
	60,961		Mid-America Apartment Communities, Inc		6,822,755
	89,976		National Retail Properties, Inc		2,936,817
	128,024		Omega Healthcare Investors, Inc		3,731,900
	78,225		Outfront Media, Inc		1,227,350
	107,631		Paramount Group, Inc		1,038,639
	154,721		Park Hotels & Resorts, Inc		1,471,397
	403,334		Prologis, Inc		35,989,493
	20,260		Public Storage, Inc		3,757,217
	75,357		Rayonier, Inc		1,810,829
	176,700		Realty Income Corp		9,704,364
	88,723		Regency Centers Corp		3,895,827
	116,449		Retail Properties of America, Inc		721,984
	94,575		Service Properties Trust		655,405
	18,086		Simon Property Group, Inc		1,207,602
	116,256		SITE Centers Corp		704,511
	43,999		SL Green Realty Corp		2,334,147
	54,304		Spirit Realty Capital, Inc		1,670,391
	110,381		STORE Capital Corp		2,215,347
	36,841		Sun Communities, Inc		4,951,430
	32,857		Taubman Centers, Inc		1,416,137
	149,637		UDR, Inc		5,606,898
	201,917		Ventas, Inc		6,532,015
	614,985		VEREIT, Inc		3,370,118
	254,508		VICI Properties, Inc		4,433,529
	92,166		Vornado Realty Trust		4,038,714
	66,167		Weingarten Realty Investors		1,203,578
	224,412		Welltower, Inc		11,496,627
	406,147		Weyerhaeuser Co		8,882,435
	90,216		WP Carey, Inc		5,934,408
			TOTAL REAL ESTATE		319,458,772
RETAILING - 2.1%
	26,215		Advance Auto Parts, Inc		3,169,656
	29,391	*	Autonation, Inc		1,094,521

213

TIAA-CREF FUNDS – Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	97,257		Best Buy Co, Inc	$	7,462,530
	46,225	*	CarMax, Inc		3,404,471
	33,037	e	Dick’s Sporting Goods, Inc		970,957
	8,698		Dollar General Corp		1,524,759
	59,248	*	Dollar Tree, Inc		4,720,288
	8,664		Expedia Group Inc		614,971
	60,247	e	Foot Locker, Inc		1,544,131
	128,487	e	Gap, Inc		1,043,314
	76,784		Genuine Parts Co		6,087,436
	258,360		Home Depot, Inc		56,795,279
	82,716		Kohl’s Corp		1,526,937
	118,697		L Brands, Inc		1,411,307
	141,555	*	LKQ Corp		3,701,663
	168,331	e	Macy’s, Inc		986,420
	19,001	e	Penske Auto Group, Inc		683,656
	197,059	*	Qurate Retail Group, Inc QVC Group		1,587,310
	256,511		Target Corp		28,149,517
	66,625		Tiffany & Co		8,428,063
	34,753	*,e	Urban Outfitters, Inc		602,617
	33,375	e	Williams-Sonoma, Inc		2,063,910
			TOTAL RETAILING		137,573,713
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.9%
	174,727		Analog Devices, Inc		19,150,079
	234,355		Applied Materials, Inc		11,642,756
	53,842	*	Cree, Inc		2,322,206
	43,867	*,e	First Solar, Inc		1,930,587
	2,359,455		Intel Corp		141,520,111
	10,101		Lam Research Corp		2,578,583
	369,860		Marvell Technology Group Ltd		9,890,057
	91,133		Maxim Integrated Products, Inc		5,010,492
	93,150		Microchip Technology, Inc		8,172,050
	609,642	*	Micron Technology, Inc		29,195,755
	29,737		MKS Instruments, Inc		2,980,540
	231,607	*	ON Semiconductor Corp		3,716,134
	63,946	*	Qorvo, Inc		6,268,626
	88,181		Skyworks Solutions, Inc		9,160,242
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		253,538,218
SOFTWARE & SERVICES - 1.7%
	22,447	*,e	2U, Inc		533,116
	7,404	*	Akamai Technologies, Inc		723,445
	25,947		Alliance Data Systems Corp		1,299,166
	73,980		Amdocs Ltd		4,767,271
	27,404	*	Autodesk, Inc		5,128,110
	1,092	*,e	Bill.Com Holdings, Inc		64,308
	13,279	*	CACI International, Inc (Class A)		3,321,609
	18,491	*,e	Cerence Inc		391,270
	12,300	*	Ceridian HCM Holding, Inc		725,331
	7,786		Citrix Systems, Inc		1,129,048
	279,758		Cognizant Technology Solutions Corp (Class A)		16,231,559
	39,942		CoreLogic Inc		1,534,572
	150,122		DXC Technology Co		2,721,712
	10,990	*	Dynatrace, Inc		328,051
	128,791		Fidelity National Information Services, Inc		16,986,245
	192,285		International Business Machines Corp		24,143,305

214

TIAA-CREF FUNDS – Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	5,252		Jack Henry & Associates, Inc	$	858,965
	73,100		Leidos Holdings, Inc		7,223,011
	27,835		LogMeIn, Inc		2,378,779
	9,603	*,e	Medallia, Inc		206,272
	312,209		NortonLifelock, Inc		6,640,685
	154,432	*	Nuance Communications, Inc		3,119,526
	147,801		Sabre Corp		1,074,513
	21,717	*,e	SolarWinds Corp		368,755
	11,517		SS&C Technologies Holdings, Inc		635,278
	17,642	*	VeriSign, Inc		3,695,823
	177,953		Western Union Co		3,393,564
			TOTAL SOFTWARE & SERVICES		109,623,289
TECHNOLOGY HARDWARE & EQUIPMENT - 1.2%
	41,717	*	Arrow Electronics, Inc		2,624,834
	51,078		Avnet, Inc		1,533,362
	82,814	*	Ciena Corp		3,830,147
	12,668	*	Coherent, Inc		1,619,857
	110,313	*	CommScope Holding Co, Inc		1,214,546
	286,154		Corning, Inc		6,298,250
	24,540	*	Dell Technologies, Inc		1,047,613
	32,060		Dolby Laboratories, Inc (Class A)		1,924,562
	25,298	*	EchoStar Corp (Class A)		798,152
	2,109	*	F5 Networks, Inc		293,699
	66,926		FLIR Systems, Inc		2,904,588
	712,714		Hewlett Packard Enterprise Co		7,169,903
	764,327		HP, Inc		11,854,712
	18,582	*	IPG Photonics Corp		2,403,210
	68,171		Jabil Inc		1,938,783
	181,801		Juniper Networks, Inc		3,926,902
	12,565		Littelfuse, Inc		1,824,941
	24,816		Motorola Solutions, Inc		3,568,789
	69,531		National Instruments Corp		2,671,381
	22,920		Synnex Corp		2,006,875
	116,348	*	Trimble Inc		4,029,131
	29,166	*	Viasat, Inc		1,236,638
	162,098		Western Digital Corp		7,469,476
	95,149		Xerox Holdings Corp		1,740,275
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		75,930,626
TELECOMMUNICATION SERVICES - 4.2%
	4,024,213		AT&T, Inc		122,617,770
	601,684		CenturyLink, Inc		6,389,884
	56,367		Telephone & Data Systems, Inc		1,105,921
	114,733	*	T-Mobile US, Inc		10,073,557
	7,672	*	US Cellular Corp		244,200
	2,281,320		Verizon Communications, Inc		131,061,834
			TOTAL TELECOMMUNICATION SERVICES		271,493,166
TRANSPORTATION - 1.8%
	38,683		Alaska Air Group, Inc		1,257,971
	4,784		Amerco, Inc		1,340,142
	190,434	e	American Airlines Group, Inc		2,287,112
	17,590		CH Robinson Worldwide, Inc		1,247,131
	18,190	e	Copa Holdings S.A. (Class A)		804,180
	259,728		CSX Corp		17,201,785

215

TIAA-CREF FUNDS – Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	246,589		Delta Air Lines, Inc	$	6,389,121
	28,837		Expeditors International of Washington, Inc		2,064,873
	132,708		FedEx Corp		16,823,393
	32,550		JB Hunt Transport Services, Inc		3,291,456
	142,055	*,e	JetBlue Airways Corp		1,383,616
	53,291		Kansas City Southern		6,957,140
	30,539	*	Kirby Corp		1,631,393
	66,921	e	Knight-Swift Transportation Holdings, Inc		2,488,123
	3,517		Landstar System, Inc		363,341
	94,010	*	Lyft, Inc (Class A)		3,086,348
	37,747		Macquarie Infrastructure Co LLC		1,041,440
	122,748		Norfolk Southern Corp		21,002,183
	31,407		Old Dominion Freight Line		4,563,123
	31,900		Ryder System, Inc		1,129,260
	30,139		Schneider National, Inc		660,346
	102,390		Southwest Airlines Co		3,199,688
	464,033	*	Uber Technologies, Inc		14,046,279
	104,556	*	United Airlines Holdings Inc		3,092,766
	20,774	*,e	XPO Logistics, Inc		1,386,457
			TOTAL TRANSPORTATION		118,738,667
UTILITIES - 7.2%
	362,452		AES Corp		4,802,489
	132,538		Alliant Energy Corp		6,434,720
	133,838		Ameren Corp		9,736,715
	270,466		American Electric Power Co, Inc		22,478,429
	99,573		American Water Works Co, Inc		12,117,038
	67,835		Atmos Energy Corp		6,917,135
	30,591		Avangrid, Inc		1,315,413
	272,551		Centerpoint Energy, Inc		4,641,544
	156,506		CMS Energy Corp		8,934,928
	182,967		Consolidated Edison, Inc		14,417,800
	452,485		Dominion Energy Inc		34,900,168
	101,880		DTE Energy Co		10,569,031
	400,835		Duke Energy Corp		33,934,691
	192,126		Edison International		11,279,717
	109,188		Entergy Corp		10,428,546
	216,475		Equitable Holdings, Inc		3,965,822
	120,007		Essential Utilities Inc		5,015,093
	125,193		Evergy, Inc		7,315,027
	178,053		Eversource Energy		14,368,877
	536,682		Exelon Corp		19,900,169
	299,064		FirstEnergy Corp		12,342,371
	58,968		Hawaiian Electric Industries, Inc		2,327,467
	29,247		Idacorp, Inc		2,684,290
	105,990		MDU Resources Group, Inc		2,380,535
	44,433		National Fuel Gas Co		1,821,753
	269,035		NextEra Energy, Inc		62,179,369
	201,940		NiSource, Inc		5,070,713
	141,016		NRG Energy, Inc		4,728,267
	115,019		OGE Energy Corp		3,625,399
	258,566	*,b	PG&E Corp		2,751,142
	62,755		Pinnacle West Capital Corp		4,831,507
	427,374		PPL Corp		10,863,847
	279,078		Public Service Enterprise Group, Inc		14,152,045
	156,491		Sempra Energy		19,381,410

216

TIAA-CREF FUNDS – Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	573,258		Southern Co	$	32,520,926
	113,109		UGI Corp		3,413,630
	232,143		Vistra Energy Corp		4,536,074
	172,982		WEC Energy Group, Inc		15,663,520
	290,076		Xcel Energy, Inc		18,437,231
			TOTAL UTILITIES		467,184,848
			TOTAL COMMON STOCKS		6,441,559,664
			(Cost $6,231,398,972)
SHORT-TERM INVESTMENTS - 1.0%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.0%
	64,582,905	c	State Street Navigator Securities Lending Government Money Market Portfolio		64,582,905
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		64,582,905
			TOTAL SHORT-TERM INVESTMENTS		64,582,905
			(Cost $64,582,905)
			TOTAL INVESTMENTS - 100.9%		6,506,142,569
			(Cost $6,295,981,877)
			OTHER ASSETS & LIABILITIES, NET - (0.9)%		(56,123,285	)
			NET ASSETS - 100.0%	$	6,450,019,284

	Abbreviation(s):
	ETF     Exchange Traded Fund
	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 $62,048,495.

217

TIAA-CREF FUNDS – S&P 500 Index Fund

TIAA-CREF FUNDS

S&P 500 INDEX FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2020

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.5%
AUTOMOBILES & COMPONENTS - 0.3%
	56,583		Aptiv plc	$	3,935,348
	47,605		BorgWarner, Inc		1,360,075
	885,926		Ford Motor Co		4,509,363
	284,131		General Motors Co		6,333,280
	43,224	e	Harley-Davidson, Inc		943,580
			TOTAL AUTOMOBILES & COMPONENTS		17,081,646
BANKS - 4.0%
	1,865,260		Bank of America Corp		44,859,503
	502,914		Citigroup, Inc		24,421,504
	104,721		Citizens Financial Group, Inc		2,344,703
	33,640		Comerica, Inc		1,172,690
	167,759		Fifth Third Bancorp		3,135,416
	38,718		First Republic Bank		4,037,900
	234,648		Huntington Bancshares, Inc		2,168,147
	720,937		JPMorgan Chase & Co		69,036,927
	230,353		Keycorp		2,683,612
	31,143		M&T Bank Corp		3,490,507
	105,108		People’s United Financial, Inc		1,333,821
	98,964		PNC Financial Services Group, Inc		10,556,490
	231,681		Regions Financial Corp		2,490,571
	11,633	*	SVB Financial Group		2,247,147
	308,933		Truist Financial Corp		11,529,380
	322,338		US Bancorp		11,765,337
	886,680		Wells Fargo & Co		25,758,054
	38,020		Zions Bancorporation		1,201,812
			TOTAL BANKS		224,233,521
CAPITAL GOODS - 5.5%
	131,404		3M Co		19,962,896
	30,741		A.O. Smith Corp		1,302,804
	22,747		Allegion plc		2,286,983
	53,419		Ametek, Inc		4,480,252
	123,155		Boeing Co		17,367,318
	182,296	*	Carrier Global Corp		3,228,462
	127,326		Caterpillar, Inc		14,818,200
	35,993		Cummins, Inc		5,884,855
	72,327		Deere & Co		10,491,755
	33,818		Dover Corp		3,167,056
	95,077		Eaton Corp		7,938,929
	136,663		Emerson Electric Co		7,793,891
	133,730		Fastenal Co		4,843,701
	30,687		Flowserve Corp		864,453
	69,276		Fortive Corp		4,433,664
	32,380		Fortune Brands Home & Security, Inc		1,560,716
	54,179		General Dynamics Corp		7,076,861

218

TIAA-CREF FUNDS – S&P 500 Index Fund

SHARES			COMPANY	VALUE
	2,011,894		General Electric Co	$	13,680,879
	164,616		Honeywell International, Inc		23,359,010
	86,820	*	Howmet Aerospace, Inc		1,134,737
	9,058		Huntington Ingalls		1,733,792
	18,081		IDEX Corp		2,777,784
	67,351		Illinois Tool Works, Inc		10,944,537
	79,315	*	Ingersoll Rand, Inc		2,306,480
	30,789		Jacobs Engineering Group, Inc		2,547,790
	171,681		Johnson Controls International plc		4,997,634
	50,937		L3Harris Technologies, Inc		9,866,497
	56,762		Lockheed Martin Corp		22,083,824
	65,196		Masco Corp		2,675,644
	36,112		Northrop Grumman Corp		11,941,155
	94,488	*	Otis Worldwide Corp		4,810,384
	80,357		PACCAR, Inc		5,563,115
	28,661		Parker-Hannifin Corp		4,531,877
	40,383		Pentair plc		1,396,848
	34,649		Quanta Services, Inc		1,259,838
	338,148	*	Raytheon Technologies Corp		21,915,372
	26,333		Rockwell Automation, Inc		4,989,577
	23,930		Roper Technologies Inc		8,160,848
	12,955		Snap-On, Inc		1,687,907
	33,914		Stanley Black & Decker, Inc		3,737,323
	53,961		Textron, Inc		1,422,412
	53,469	*	Trane Technologies plc		4,674,260
	11,294		TransDigm Group, Inc		4,100,626
	17,505	*	United Rentals, Inc		2,249,392
	10,037		W.W. Grainger, Inc		2,765,996
	42,072		Wabtec Corp		2,373,702
	41,228		Xylem, Inc		2,964,293
			TOTAL CAPITAL GOODS		306,156,329
COMMERCIAL & PROFESSIONAL SERVICES - 0.7%
	18,973		Cintas Corp		4,208,781
	47,548	*	Copart, Inc		3,809,070
	28,327		Equifax, Inc		3,934,620
	91,295		IHS Markit Ltd		6,144,153
	82,061		Nielsen NV		1,208,758
	49,608		Republic Services, Inc		3,886,291
	30,384		Robert Half International, Inc		1,436,252
	31,134		Rollins, Inc		1,245,360
	37,805		Verisk Analytics, Inc		5,777,738
	89,829		Waste Management, Inc		8,984,697
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		40,635,720
CONSUMER DURABLES & APPAREL - 1.0%
	30,310	*	Capri Holdings Ltd		462,228
	77,088		DR Horton, Inc		3,640,095
	34,826		Garmin Ltd		2,826,478
	89,679	e	Hanesbrands, Inc		891,409
	29,644		Hasbro, Inc		2,140,593
	30,816		Leggett & Platt, Inc		1,082,566
	67,407		Lennar Corp (Class A)		3,375,069
	13,275	*	Mohawk Industries, Inc		1,164,483
	84,648		Newell Brands Inc		1,174,914
	286,890		Nike, Inc (Class B)		25,011,070

219

TIAA-CREF FUNDS – S&P 500 Index Fund

SHARES			COMPANY	VALUE
	780	*	NVR, Inc	$	2,418,000
	59,956		Pulte Homes, Inc		1,694,956
	17,651		PVH Corp		868,959
	11,568		Ralph Lauren Corp		853,487
	66,884		Tapestry, Inc		995,234
	39,270	*,e	Under Armour, Inc (Class A)		409,194
	47,694	*	Under Armour, Inc (Class C)		442,123
	72,524		VF Corp		4,213,644
	14,402	e	Whirlpool Corp		1,609,280
			TOTAL CONSUMER DURABLES & APPAREL		55,273,782
CONSUMER SERVICES - 1.6%
	106,602	e	Carnival Corp		1,694,972
	5,648	*	Chipotle Mexican Grill, Inc (Class A)		4,962,050
	29,868		Darden Restaurants, Inc		2,203,960
	43,533		H&R Block, Inc		724,824
	63,945		Hilton Worldwide Holdings, Inc		4,841,276
	75,651		Las Vegas Sands Corp		3,632,761
	60,611		Marriott International, Inc (Class A)		5,511,964
	173,541		McDonald’s Corp		32,549,350
	126,420		MGM Resorts International		2,127,649
	49,015	*	Norwegian Cruise Line Holdings Ltd		803,846
	39,570	e	Royal Caribbean Cruises Ltd		1,850,689
	272,121		Starbucks Corp		20,879,844
	21,784		Wynn Resorts Ltd		1,863,186
	68,498		Yum! Brands, Inc		5,920,282
			TOTAL CONSUMER SERVICES		89,566,653
DIVERSIFIED FINANCIALS - 3.1%
	154,581		American Express Co		14,105,516
	29,604		Ameriprise Financial, Inc		3,402,684
	194,596		Bank of New York Mellon Corp		7,305,134
	26,850		BlackRock, Inc		13,479,774
	104,504		Capital One Financial Corp		6,767,679
	24,803		CBOE Global Markets, Inc		2,464,922
	262,573		Charles Schwab Corp		9,904,254
	82,572		CME Group, Inc		14,715,156
	70,685		Discover Financial Services		3,037,334
	49,973		E*TRADE Financial Corp		2,029,404
	65,095	e	Franklin Resources, Inc		1,226,390
	73,425		Goldman Sachs Group, Inc		13,467,613
	128,305		Intercontinental Exchange Group, Inc		11,476,882
	83,754		Invesco Ltd		721,959
	8,497		MarketAxess Holdings, Inc		3,866,220
	37,315		Moody’s Corp		9,101,128
	268,099		Morgan Stanley		10,571,144
	19,449		MSCI, Inc (Class A)		6,359,823
	27,189		Nasdaq Inc		2,981,818
	48,805		Northern Trust Corp		3,863,404
	28,151		Raymond James Financial, Inc		1,855,714
	56,319		S&P Global, Inc		16,494,709
	82,384		State Street Corp		5,193,487
	127,377		Synchrony Financial		2,520,791
	53,732		T Rowe Price Group, Inc		6,213,031
			TOTAL DIVERSIFIED FINANCIALS		173,125,970

220

TIAA-CREF FUNDS – S&P 500 Index Fund

SHARES			COMPANY	VALUE
ENERGY - 3.0%
	86,365	e	Apache Corp	$	1,129,654
	148,506		Baker Hughes Co		2,071,659
	90,864		Cabot Oil & Gas Corp		1,964,480
	435,646		Chevron Corp		40,079,432
	44,751		Concho Resources, Inc		2,538,277
	249,564		ConocoPhillips		10,506,644
	93,156		Devon Energy Corp		1,161,655
	37,006		Diamondback Energy, Inc		1,611,241
	133,865		EOG Resources, Inc		6,359,926
	974,819	d	Exxon Mobil Corp		45,299,839
	201,860		Halliburton Co		2,119,530
	25,043	e	Helmerich & Payne, Inc		495,100
	58,286		Hess Corp		2,835,031
	33,846		HollyFrontier Corp		1,118,272
	440,554		Kinder Morgan, Inc		6,709,637
	183,191	e	Marathon Oil Corp		1,121,129
	151,943		Marathon Petroleum Corp		4,874,332
	98,896		National Oilwell Varco, Inc		1,250,046
	110,278		Noble Energy, Inc		1,081,827
	213,401		Occidental Petroleum Corp		3,542,457
	98,212		ONEOK, Inc		2,939,485
	101,476		Phillips 66		7,424,999
	36,956		Pioneer Natural Resources Co		3,300,540
	308,861		Schlumberger Ltd		5,195,042
	103,831	e	TechnipFMC plc (Euro OTC)		925,134
	92,663		Valero Energy Corp		5,870,201
	268,435		Williams Cos, Inc		5,199,586
			TOTAL ENERGY		168,725,155
FOOD & STAPLES RETAILING - 1.6%
	101,234		Costco Wholesale Corp		30,673,902
	184,380		Kroger Co		5,828,252
	117,166		SYSCO Corp		6,592,931
	172,581		Walgreens Boots Alliance, Inc		7,471,031
	325,502		Walmart, Inc		39,564,768
			TOTAL FOOD & STAPLES RETAILING		90,130,884
FOOD, BEVERAGE & TOBACCO - 3.7%
	430,312		Altria Group, Inc		16,889,746
	128,606		Archer-Daniels-Midland Co		4,776,427
	41,720	e	Brown-Forman Corp (Class B)		2,594,984
	36,437		Campbell Soup Co		1,821,121
	884,863		Coca-Cola Co		40,606,363
	109,051		ConAgra Brands, Inc		3,646,666
	38,589		Constellation Brands, Inc (Class A)		6,355,222
	139,660		General Mills, Inc		8,364,237
	34,269		Hershey Co		4,538,244
	62,634		Hormel Foods Corp		2,934,403
	26,200		J.M. Smucker Co		3,010,642
	57,998		Kellogg Co		3,798,869
	141,287		Kraft Heinz Co		4,285,235
	32,648		Lamb Weston Holdings, Inc		2,003,281
	28,887		McCormick & Co, Inc		4,530,637
	42,213		Molson Coors Brewing Co (Class B)		1,731,155
	331,754		Mondelez International, Inc		17,065,426

221

TIAA-CREF FUNDS – S&P 500 Index Fund

SHARES			COMPANY	VALUE
	87,669	*	Monster Beverage Corp	$	5,418,821
	320,050		PepsiCo, Inc		42,339,415
	356,255		Philip Morris International, Inc		26,576,623
	68,253		Tyson Foods, Inc (Class A)		4,244,654
			TOTAL FOOD, BEVERAGE & TOBACCO		207,532,171
HEALTH CARE EQUIPMENT & SERVICES - 6.8%
	405,369		Abbott Laboratories		37,330,431
	10,208	*	Abiomed, Inc		1,952,280
	16,257	*	Align Technology, Inc		3,492,816
	35,132		AmerisourceBergen Corp		3,149,935
	58,406		Anthem, Inc		16,396,316
	117,623		Baxter International, Inc		10,442,570
	62,311		Becton Dickinson & Co		15,735,397
	321,069	*	Boston Scientific Corp		12,033,666
	65,838		Cardinal Health, Inc		3,257,664
	134,106	*	Centene Corp		8,928,777
	70,911		Cerner Corp		4,920,514
	86,031		Cigna Corp		16,843,149
	11,684		Cooper Cos, Inc		3,349,803
	299,721		CVS Health Corp		18,447,828
	146,280		Danaher Corp		23,910,929
	20,772	*	DaVita, Inc		1,641,196
	52,295		Dentsply Sirona, Inc		2,219,400
	47,931	*	Edwards Lifesciences Corp		10,424,993
	60,844		HCA Healthcare, Inc		6,685,539
	32,307	*	Henry Schein, Inc		1,762,670
	60,470	*	Hologic, Inc		3,029,547
	30,060		Humana, Inc		11,477,509
	19,784	*	IDEXX Laboratories, Inc		5,492,038
	26,629	*	Intuitive Surgical, Inc		13,604,224
	21,982	*	Laboratory Corp of America Holdings		3,614,940
	37,438		McKesson Corp		5,288,118
	308,819		Medtronic plc		30,149,999
	31,075		Quest Diagnostics, Inc		3,421,668
	32,995		Resmed, Inc		5,124,783
	19,992		STERIS plc		2,848,860
	74,078		Stryker Corp		13,810,362
	10,920		Teleflex, Inc		3,662,568
	217,716		UnitedHealth Group, Inc		63,675,399
	18,293		Universal Health Services, Inc (Class B)		1,933,387
	20,295	*	Varian Medical Systems, Inc		2,321,342
	46,290		Zimmer Biomet Holdings, Inc		5,540,913
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		377,921,530
HOUSEHOLD & PERSONAL PRODUCTS - 2.0%
	55,706		Church & Dwight Co, Inc		3,898,863
	28,818		Clorox Co		5,372,828
	197,414		Colgate-Palmolive Co		13,872,282
	59,838	e	Coty, Inc		326,117
	51,149		Estee Lauder Cos (Class A)		9,022,683
	78,836		Kimberly-Clark Corp		10,917,209
	573,171		Procter & Gamble Co		67,559,666
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		110,969,648

222

TIAA-CREF FUNDS – S&P 500 Index Fund

SHARES			COMPANY	VALUE
INSURANCE - 3.4%
	164,525		Aflac, Inc	$	6,126,911
	75,338		Allstate Corp		7,663,381
	202,810		American International Group, Inc		5,157,458
	53,938		Aon plc		9,313,474
	43,451		Arthur J. Gallagher & Co		3,410,904
	14,162		Assurant, Inc		1,504,571
	449,275	*	Berkshire Hathaway, Inc (Class B)		84,176,164
	104,299		Chubb Ltd		11,265,335
	36,677		Cincinnati Financial Corp		2,413,347
	9,023		Everest Re Group Ltd		1,562,152
	23,893		Globe Life, Inc		1,967,350
	82,158		Hartford Financial Services Group, Inc		3,121,182
	45,587		Lincoln National Corp		1,616,971
	58,005		Loews Corp		2,010,453
	116,255		Marsh & McLennan Cos, Inc		11,315,099
	174,257		Metlife, Inc		6,287,193
	57,966		Principal Financial Group		2,110,542
	134,201		Progressive Corp		10,373,737
	89,040		Prudential Financial, Inc		5,553,425
	57,808		Travelers Cos, Inc		5,850,748
	56,703		Unum Group		989,467
	33,947		W.R. Berkley Corp		1,833,138
	29,816		Willis Towers Watson plc		5,315,895
			TOTAL INSURANCE		190,938,897
MATERIALS - 2.5%
	50,638		Air Products & Chemicals, Inc		11,422,920
	23,387		Albemarle Corp		1,436,663
	364,070	e	Amcor plc		3,265,708
	19,620		Avery Dennison Corp		2,165,852
	75,927		Ball Corp		4,980,052
	29,188		Celanese Corp (Series A)		2,424,647
	52,384		CF Industries Holdings, Inc		1,440,560
	174,560		Corteva, Inc		4,571,726
	168,696		Dow, Inc		6,189,456
	165,224		DuPont de Nemours, Inc		7,768,832
	32,040		Eastman Chemical Co		1,938,740
	57,764		Ecolab, Inc		11,177,334
	29,484		FMC Corp		2,709,580
	333,255		Freeport-McMoRan, Inc (Class B)		2,942,642
	24,167		International Flavors & Fragrances, Inc		3,166,602
	86,480		International Paper Co		2,961,940
	122,873		Linde plc		22,607,403
	57,277		LyondellBasell Industries NV		3,319,202
	14,264		Martin Marietta Materials, Inc		2,713,441
	79,386		Mosaic Co		913,733
	188,562		Newmont Goldcorp Corp		11,215,668
	69,530		Nucor Corp		2,863,941
	22,779		Packaging Corp of America		2,201,590
	54,324		PPG Industries, Inc		4,934,249
	37,564		Sealed Air Corp		1,073,955
	18,903		Sherwin-Williams Co		10,139,002
	30,049		Vulcan Materials Co		3,394,636
	57,610		WestRock Co		1,854,466
			TOTAL MATERIALS		137,794,540

223

TIAA-CREF FUNDS – S&P 500 Index Fund

SHARES			COMPANY	VALUE
MEDIA & ENTERTAINMENT - 8.7%
	176,993		Activision Blizzard, Inc	$	11,279,764
	68,830	*	Alphabet, Inc (Class A)		92,693,361
	68,656	*	Alphabet, Inc (Class C)		92,593,601
	36,124	*	Charter Communications, Inc		17,889,688
	1,045,906		Comcast Corp (Class A)		39,357,443
	32,448	*,e	Discovery, Inc (Class A)		727,484
	75,310	*	Discovery, Inc (Class C)		1,537,077
	59,568	*	DISH Network Corp (Class A)		1,490,093
	67,182	*	Electronic Arts, Inc		7,676,215
	552,827	*	Facebook, Inc		113,169,215
	78,872		Fox Corp (Class A)		2,040,419
	34,115		Fox Corp (Class B)		871,979
	87,598		Interpublic Group of Cos, Inc		1,487,414
	31,439	*	Live Nation, Inc		1,410,668
	100,559	*	NetFlix, Inc		42,219,696
	93,004		News Corp (Class A)		921,670
	25,832		News Corp (Class B)		264,003
	49,996		Omnicom Group, Inc		2,851,272
	26,134	*	Take-Two Interactive Software, Inc		3,163,521
	180,584	*	Twitter, Inc		5,179,149
	128,779		ViacomCBS, Inc (Class B)		2,222,726
	415,277		Walt Disney Co		44,912,208
			TOTAL MEDIA & ENTERTAINMENT		485,958,666
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.5%
	340,708		AbbVie, Inc		28,006,198
	71,706		Agilent Technologies, Inc		5,496,982
	51,104	*	Alexion Pharmaceuticals, Inc		5,492,147
	75,636		Allergan plc		14,169,648
	136,899		Amgen, Inc		32,748,979
	41,573	*	Biogen, Inc		12,340,113
	537,331		Bristol-Myers Squibb Co		32,675,098
	194,665		Eli Lilly & Co		30,102,996
	291,498		Gilead Sciences, Inc		24,485,832
	33,797	*	Illumina, Inc		10,782,257
	40,081	*	Incyte Corp		3,914,310
	41,491	*	IQVIA Holdings, Inc		5,916,202
	604,549		Johnson & Johnson		90,706,532
	584,510		Merck & Co, Inc		46,375,023
	5,470	*	Mettler-Toledo International, Inc		3,938,072
	115,473	*	Mylan NV		1,936,482
	25,015		PerkinElmer, Inc		2,264,608
	30,274		Perrigo Co plc		1,613,604
	1,270,591		Pfizer, Inc		48,739,871
	18,078	*	Regeneron Pharmaceuticals, Inc		9,506,859
	92,390		Thermo Fisher Scientific, Inc		30,921,085
	59,246	*	Vertex Pharmaceuticals, Inc		14,882,595
	14,783	*	Waters Corp		2,764,421
	109,723		Zoetis, Inc		14,188,281
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		473,968,195
REAL ESTATE - 2.9%
	28,191		Alexandria Real Estate Equities, Inc		4,428,524
	102,054		American Tower Corp		24,288,852
	35,891		Apartment Investment & Management Co		1,352,014

224

TIAA-CREF FUNDS – S&P 500 Index Fund

SHARES			COMPANY	VALUE
	31,159		AvalonBay Communities, Inc	$	5,077,359
	32,221		Boston Properties, Inc		3,131,237
	78,942	*	CBRE Group, Inc		3,388,980
	95,789		Crown Castle International Corp		15,271,640
	60,311		Digital Realty Trust, Inc		9,015,891
	86,977		Duke Realty Corp		3,018,102
	19,649		Equinix, Inc		13,267,005
	77,879		Equity Residential		5,066,808
	14,647		Essex Property Trust, Inc		3,575,333
	30,629		Extra Space Storage, Inc		2,702,703
	16,185		Federal Realty Investment Trust		1,347,725
	109,906		Healthpeak Properties Inc		2,872,943
	162,236		Host Hotels and Resorts, Inc		1,997,125
	62,028		Iron Mountain, Inc		1,499,837
	92,884		Kimco Realty Corp		1,013,365
	25,815		Mid-America Apartment Communities, Inc		2,889,215
	170,092		Prologis, Inc		15,177,309
	35,123		Public Storage, Inc		6,513,560
	77,062		Realty Income Corp		4,232,245
	42,578		Regency Centers Corp		1,869,600
	25,926		SBA Communications Corp		7,516,466
	72,560		Simon Property Group, Inc		4,844,831
	19,980		SL Green Realty Corp		1,059,939
	66,466		UDR, Inc		2,490,481
	85,518		Ventas, Inc		2,766,507
	36,437		Vornado Realty Trust		1,596,669
	91,725		Welltower, Inc		4,699,072
	168,276		Weyerhaeuser Co		3,680,196
			TOTAL REAL ESTATE		161,651,533
RETAILING - 7.5%
	15,244		Advance Auto Parts, Inc		1,843,152
	95,661	*	Amazon.com, Inc		236,665,314
	5,427	*	AutoZone, Inc		5,537,277
	51,148		Best Buy Co, Inc		3,924,586
	9,642	*	Booking Holdings, Inc		14,275,656
	37,610	*	CarMax, Inc		2,769,976
	58,652		Dollar General Corp		10,281,696
	53,643	*	Dollar Tree, Inc		4,273,738
	177,295		eBay, Inc		7,061,660
	31,987		Expedia Group Inc		2,270,437
	68,712	e	Gap, Inc		557,941
	31,808		Genuine Parts Co		2,521,738
	251,338		Home Depot, Inc		55,251,633
	33,931		Kohl’s Corp		626,366
	52,682		L Brands, Inc		626,389
	73,338	*	LKQ Corp		1,917,789
	176,594		Lowe’s Companies, Inc		18,498,222
	25,481	e	Nordstrom, Inc		478,533
	17,428	*	O’Reilly Automotive, Inc		6,733,134
	83,137		Ross Stores, Inc		7,595,396
	116,731		Target Corp		12,810,060
	25,410		Tiffany & Co		3,214,365
	274,906		TJX Companies, Inc		13,484,139
	27,479		Tractor Supply Co		2,787,195
	12,644	*	Ulta Beauty, Inc		2,755,380
			TOTAL RETAILING		418,761,772

225

TIAA-CREF FUNDS – S&P 500 Index Fund

SHARES			COMPANY	VALUE
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.5%
	269,479	*	Advanced Micro Devices, Inc	$	14,118,005
	84,720		Analog Devices, Inc		9,285,312
	212,115		Applied Materials, Inc		10,537,873
	91,381		Broadcom, Inc		24,820,907
	999,498		Intel Corp		59,949,890
	36,682		KLA Corp		6,019,149
	33,392		Lam Research Corp		8,524,310
	60,866		Maxim Integrated Products, Inc		3,346,413
	55,024		Microchip Technology, Inc		4,827,256
	255,044	*	Micron Technology, Inc		12,214,057
	140,437		NVIDIA Corp		41,046,926
	26,731	*	Qorvo, Inc		2,620,440
	260,919		QUALCOMM, Inc		20,526,498
	39,656		Skyworks Solutions, Inc		4,119,465
	213,957		Texas Instruments, Inc		24,833,989
	58,130		Xilinx, Inc		5,080,562
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		251,871,052
SOFTWARE & SERVICES - 14.3%
	146,326		Accenture plc		27,098,112
	111,531	*	Adobe, Inc		39,441,823
	37,355	*	Akamai Technologies, Inc		3,649,957
	10,028		Alliance Data Systems Corp		502,102
	19,660	*	Ansys, Inc		5,147,578
	50,632	*	Autodesk, Inc		9,474,766
	99,689		Automatic Data Processing, Inc		14,623,379
	25,800		Broadridge Financial Solutions, Inc		2,992,800
	65,028	*	Cadence Design Systems, Inc		5,275,722
	25,740		Citrix Systems, Inc		3,732,557
	126,749		Cognizant Technology Solutions Corp (Class A)		7,353,977
	56,553		DXC Technology Co		1,025,306
	141,611		Fidelity National Information Services, Inc		18,677,075
	131,585	*	Fiserv, Inc		13,561,150
	19,522	*	FleetCor Technologies, Inc		4,709,682
	31,795	*	Fortinet, Inc		3,425,593
	20,022	*	Gartner, Inc		2,378,814
	69,234		Global Payments, Inc		11,494,229
	204,032		International Business Machines Corp		25,618,258
	59,969		Intuit, Inc		16,180,236
	17,998		Jack Henry & Associates, Inc		2,943,573
	30,088		Leidos Holdings, Inc		2,972,995
	203,944		Mastercard, Inc (Class A)		56,078,482
	1,752,370		Microsoft Corp		314,042,228
	128,746		NortonLifelock, Inc		2,738,427
	499,148		Oracle Corp		26,439,870
	73,358		Paychex, Inc		5,026,490
	11,002	*	Paycom Software, Inc		2,871,742
	270,523	*	PayPal Holdings, Inc		33,274,329
	203,301	*	salesforce.com, Inc		32,924,597
	43,447	*	ServiceNow, Inc		15,273,358
	34,572	*	Synopsys, Inc		5,431,953
	24,106	*	VeriSign, Inc		5,049,966
	393,487		Visa, Inc (Class A)		70,323,997

226

TIAA-CREF FUNDS – S&P 500 Index Fund

SHARES			COMPANY	VALUE
	91,845		Western Union Co	$	1,751,484
			TOTAL SOFTWARE & SERVICES		793,506,607
TECHNOLOGY HARDWARE & EQUIPMENT - 6.8%
	68,389		Amphenol Corp (Class A)		6,036,013
	959,521		Apple, Inc		281,907,270
	12,700	*	Arista Networks, Inc		2,785,110
	32,301		CDW Corp		3,578,951
	977,383		Cisco Systems, Inc		41,421,492
	174,152		Corning, Inc		3,833,086
	14,293	*	F5 Networks, Inc		1,990,443
	31,827		FLIR Systems, Inc		1,381,292
	287,040		Hewlett Packard Enterprise Co		2,887,622
	343,390		HP, Inc		5,325,979
	7,751	*	IPG Photonics Corp		1,002,437
	72,375		Juniper Networks, Inc		1,563,300
	42,995	*	Keysight Technologies, Inc		4,160,626
	39,505		Motorola Solutions, Inc		5,681,214
	53,302		NetApp, Inc		2,333,029
	53,598		Seagate Technology, Inc		2,677,220
	76,988		TE Connectivity Ltd		5,655,538
	67,031		Western Digital Corp		3,088,788
	43,922		Xerox Holdings Corp		803,333
	12,071	*	Zebra Technologies Corp (Class A)		2,772,226
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		380,884,969
TELECOMMUNICATION SERVICES - 2.1%
	1,683,028		AT&T, Inc		51,281,863
	217,555		CenturyLink, Inc		2,310,434
	87,518	*	T-Mobile US, Inc		7,684,081
	950,000		Verizon Communications, Inc		54,577,500
			TOTAL TELECOMMUNICATION SERVICES		115,853,878
TRANSPORTATION - 1.7%
	28,329		Alaska Air Group, Inc		921,259
	103,055	e	American Airlines Group, Inc		1,237,691
	31,037		CH Robinson Worldwide, Inc		2,200,523
	178,706		CSX Corp		11,835,698
	128,418		Delta Air Lines, Inc		3,327,310
	38,988		Expeditors International of Washington, Inc		2,791,736
	55,195		FedEx Corp		6,997,070
	19,574		JB Hunt Transport Services, Inc		1,979,323
	23,651		Kansas City Southern		3,087,638
	60,067		Norfolk Southern Corp		10,277,464
	22,119		Old Dominion Freight Line		3,213,669
	121,509		Southwest Airlines Co		3,797,156
	158,910		Union Pacific Corp		25,392,229
	57,065	*	United Airlines Holdings Inc		1,687,983
	161,451		United Parcel Service, Inc (Class B)		15,282,952
			TOTAL TRANSPORTATION		94,029,701
UTILITIES - 3.3%
	159,065		AES Corp		2,107,611
	53,588		Alliant Energy Corp		2,601,697
	57,725		Ameren Corp		4,199,494
	113,690		American Electric Power Co, Inc		9,448,776

227

TIAA-CREF FUNDS – S&P 500 Index Fund

SHARES		COMPANY	VALUE
	41,836	American Water Works Co, Inc	$	5,091,023
	27,456	Atmos Energy Corp		2,799,688
	114,371	Centerpoint Energy, Inc		1,947,738
	67,294	CMS Energy Corp		3,841,815
	76,408	Consolidated Edison, Inc		6,020,950
	189,658	Dominion Energy Inc		14,628,322
	42,859	DTE Energy Co		4,446,193
	167,949	Duke Energy Corp		14,218,562
	82,192	Edison International		4,825,492
	45,393	Entergy Corp		4,335,486
	53,359	Evergy, Inc		3,117,766
	75,267	Eversource Energy		6,074,047
	219,253	Exelon Corp		8,129,901
	125,534	FirstEnergy Corp		5,180,788
	111,909	NextEra Energy, Inc		25,864,408
	85,911	NiSource, Inc		2,157,225
	58,285	NRG Energy, Inc		1,954,296
	26,303	Pinnacle West Capital Corp		2,025,068
	173,852	PPL Corp		4,419,318
	114,145	Public Service Enterprise Group, Inc		5,788,293
	64,944	Sempra Energy		8,043,314
	241,623	Southern Co		13,707,273
	72,569	WEC Energy Group, Inc		6,571,123
	120,392	Xcel Energy, Inc		7,652,116
		TOTAL UTILITIES		181,197,783
		TOTAL COMMON STOCKS		5,547,770,602
		(Cost $3,375,105,207)

PRINCIPAL		ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 0.6%
GOVERNMENT AGENCY DEBT - 0.2%
$	2,300,000	Federal Home Loan Bank (FHLB)		0.160	%	05/13/20	2,299,931
	10,000,000	FHLB		0.080		06/19/20	9,998,639
		TOTAL GOVERNMENT AGENCY DEBT					12,298,570
TREASURY DEBT - 0.1%
	6,000,000	United States Treasury Bill		0.060		05/19/20	5,999,749
		TOTAL TREASURY DEBT					5,999,749

228

TIAA-CREF FUNDS – S&P 500 Index Fund

SHARES			COMPANY	VALUE
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.3%
	15,669,682	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	15,669,682
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		15,669,682
			TOTAL SHORT-TERM INVESTMENTS		33,968,001
			(Cost $33,968,291)
			TOTAL INVESTMENTS - 100.1%		5,581,738,603
			(Cost $3,409,073,498)
			OTHER ASSETS & LIABILITIES, NET - (0.1)%		(7,943,811	)
			NET ASSETS - 100.0%	$	5,573,794,792

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 $15,073,376.

Futures contracts outstanding as of April 30, 2020 were as follows:

Description	Number of long (short) contracts		Expiration date	Notional amount		Value		Unrealized appreciation (depreciation)
S&P 500 E Mini Index		134	06/19/20	$	18,744,236	$	19,446,080	$	701,844

229

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

TIAA-CREF FUNDS

SMALL-CAP BLEND INDEX FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2020

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.8%
AUTOMOBILES & COMPONENTS - 1.0%
	140,587	*	Adient plc	$	2,105,993
	182,937	*	American Axle & Manufacturing Holdings, Inc		790,288
	78,269		Cooper Tire & Rubber Co		1,658,520
	25,923	*	Cooper-Standard Holding, Inc		333,111
	227,224		Dana Inc		2,613,076
	42,475	*	Dorman Products, Inc		2,679,323
	59,481	*	Fox Factory Holding Corp		3,034,126
	51,209	*	Gentherm, Inc		1,917,265
	38,660		LCI Industries, Inc		3,352,595
	80,520	*	Modine Manufacturing Co		372,808
	30,356	*	Motorcar Parts of America, Inc		431,966
	55,386		Spartan Motors, Inc		780,389
	34,079		Standard Motor Products, Inc		1,386,674
	42,751	*	Stoneridge, Inc		856,302
	83,424	*,e	Tenneco, Inc		432,971
	44,108	*	Visteon Corp		2,659,712
	49,427		Winnebago Industries, Inc		2,193,076
			TOTAL AUTOMOBILES & COMPONENTS		27,598,195
BANKS - 10.3%
	14,042		1st Constitution Bancorp		178,333
	22,445		1st Source Corp		779,515
	11,249		ACNB Corp		314,522
	31,042		Allegiance Bancshares, Inc		778,533
	20,878		Amalgamated Bank		223,395
	29,770	*	Amerant Bancorp Inc		402,490
	16,502		American National Bankshares, Inc		441,428
	96,400		Ameris Bancorp		2,451,452
	13,659		Ames National Corp		289,571
	19,228		Arrow Financial Corp		547,998
	35,580	*	Atlantic Capital Bancshares, Inc		446,529
	128,847		Atlantic Union Bankshares Corp		3,075,578
	90,296	*	Axos Financial, Inc		2,081,323
	71,300		Banc of California, Inc		742,946
	30,579		Bancfirst Corp		1,177,597
	156,341		BancorpSouth Bank		3,422,304
	8,554	e	Bank First Corp		438,136
	25,413		Bank of Commerce Holdings		195,426
	21,825		Bank of Marin Bancorp		719,352
	83,340		Bank of NT Butterfield & Son Ltd		1,834,313
	7,049		Bank of Princeton		148,029
	4,650	e	Bank7 Corp		46,500
	22,248		BankFinancial Corp		183,991
	10,156		Bankwell Financial Group, Inc		154,879
	54,573		Banner Corp		2,097,240
	23,689		Bar Harbor Bankshares		435,404

230

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	15,892	*	Baycom Corp	$	195,948
	22,676		BCB Bancorp, Inc		229,481
	72,770		Berkshire Hills Bancorp, Inc		1,240,001
	134,849		Boston Private Financial Holdings, Inc		1,024,852
	27,210		Bridge Bancorp, Inc		562,975
	37,702	*	Bridgewater Bancshares, Inc		381,921
	123,282		Brookline Bancorp, Inc		1,258,709
	32,360		Bryn Mawr Bank Corp		942,161
	18,448		Business First Bancshares, Inc		257,903
	38,336		Byline Bancorp, Inc		472,300
	5,430		C&F Financial Corp		193,091
	200,329		Cadence BanCorp		1,326,178
	7,508	e	Cambridge Bancorp		418,796
	24,618		Camden National Corp		806,239
	8,590	*	Capital Bancorp, Inc		93,287
	23,382		Capital City Bank Group, Inc		515,339
	207,976		Capitol Federal Financial		2,493,632
	21,659		Capstar Financial Holdings, Inc		247,129
	36,773		Carolina Financial Corp		1,244,031
	38,112		Carter Bank & Trust		361,302
	123,480		Cathay General Bancorp		3,447,562
	31,218		CBTX, Inc		563,797
	189,583		Centerstate Banks of Florida, Inc		3,296,848
	43,524		Central Pacific Financial Corp		761,235
	17,848		Central Valley Community Bancorp		261,116
	4,339		Century Bancorp, Inc		324,080
	5,329		Chemung Financial Corp		130,560
	21,395		Citizens & Northern Corp		382,543
	25,983		City Holding Co		1,756,191
	22,628		Civista Bancshares, Inc		346,887
	24,424		CNB Financial Corp		433,282
	13,853	*	Coastal Financial Corp		181,890
	15,442		Codorus Valley Bancorp, Inc		216,960
	11,060		Colony Bankcorp Inc		139,356
	113,536		Columbia Banking System, Inc		3,064,337
	86,490	*	Columbia Financial, Inc		1,224,266
	80,411		Community Bank System, Inc		5,024,883
	25,274		Community Bankers Trust Corp		141,282
	7,210		Community Financial Corp		167,272
	24,977		Community Trust Bancorp, Inc		846,720
	53,760		ConnectOne Bancorp, Inc		803,174
	74,829	*,e	CrossFirst Bankshares, Inc		723,596
	44,542	*	Customers Bancorp, Inc		568,356
	213,878		CVB Financial Corp		4,445,454
	50,504		Dime Community Bancshares		829,781
	51,948		Eagle Bancorp, Inc		1,822,336
	14,141		Enterprise Bancorp, Inc		341,505
	38,397		Enterprise Financial Services Corp		1,180,324
	23,528	*	Equity Bancshares, Inc		440,915
	10,985	*	Esquire Financial Holdings, Inc		180,374
	11,519		ESSA Bancorp, Inc		138,228
	153,818		Essent Group Ltd		4,202,308
	7,624		Evans Bancorp, Inc		211,718
	18,109	e	Farmers & Merchants Bancorp, Inc		434,616
	43,915		Farmers National Banc Corp		544,107
	28,040	e	FB Financial Corp		626,414

231

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	14,205		Federal Agricultural Mortgage Corp (Class C)	$	946,479
	4,854	e	Fidelity D&D Bancorp, Inc		187,267
	22,763		Financial Institutions, Inc		440,464
	48,292		First Bancorp (NC)		1,284,084
	339,776		First Bancorp		1,980,894
	15,985		First Bancorp, Inc		350,071
	27,631		First Bancshares, Inc		550,410
	26,438		First Bank		209,389
	82,945		First Busey Corp		1,527,847
	12,965		First Business Financial Services, Inc		222,739
	4,803	e	First Capital Inc		239,430
	15,550		First Choice Bancorp		236,671
	151,575		First Commonwealth Financial Corp		1,442,994
	28,329		First Community Bancshares, Inc		667,715
	61,920		First Defiance Financial Corp		1,076,170
	155,738		First Financial Bancorp		2,395,250
	206,870		First Financial Bankshares, Inc		5,761,329
	21,580		First Financial Corp		766,522
	10,818		First Financial Northwest, Inc		106,233
	62,437		First Foundation, Inc		859,133
	6,396	e	First Guaranty Bancshares, Inc		86,410
	17,083		First Internet Bancorp		268,203
	59,530		First Interstate Bancsystem, Inc		2,012,114
	84,866		First Merchants Corp		2,402,556
	21,453		First Mid-Illinois Bancshares, Inc		572,795
	170,929		First Midwest Bancorp, Inc		2,526,331
	11,534		First Northwest Bancorp		134,371
	39,429		First of Long Island Corp		622,584
	54,654		Flagstar Bancorp, Inc		1,416,085
	44,507		Flushing Financial Corp		555,892
	25,298		FNCB Bancorp Inc		156,848
	22,159		Franklin Financial Network, Inc		525,611
	6,225		Franklin Financial Services Corp		179,902
	5,911		FS Bancorp, Inc		247,966
	252,658		Fulton Financial Corp		2,953,572
	18,000	*,e	FVCBankcorp, Inc		207,180
	38,393		German American Bancorp, Inc		1,141,424
	137,138		Glacier Bancorp, Inc		5,222,215
	17,815		Great Southern Bancorp, Inc		758,385
	88,550		Great Western Bancorp, Inc		1,664,740
	3,193	e	Greene County Bancorp, Inc		67,021
	12,174		Guaranty Bancshares, Inc		328,333
	136,637		Hancock Whitney Corp		2,857,080
	50,631		Hanmi Financial Corp		611,116
	47,537	*	HarborOne Northeast Bancorp, Inc		381,247
	8,413		Hawthorn Bancshares Inc		153,117
	14,539		HBT Financial, Inc		169,379
	56,420		Heartland Financial USA, Inc		1,916,587
	86,217		Heritage Commerce Corp		765,607
	57,711		Heritage Financial Corp		1,157,106
	109,341		Hilltop Holdings, Inc		2,110,281
	2,051		Hingham Institution for Savings		313,844
	11,632		Home Bancorp, Inc		295,453
	248,961		Home Bancshares, Inc		3,816,572
	34,690		HomeStreet, Inc		886,329
	26,549		HomeTrust Bancshares, Inc		408,058

232

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	188,957		Hope Bancorp, Inc	$	1,880,122
	60,357		Horizon Bancorp		686,863
	21,351	*	Howard Bancorp, Inc		238,491
	83,027		IBERIABANK Corp		3,442,299
	52,491		Independent Bank Corp (MA)		3,826,069
	37,008		Independent Bank Corp (MI)		543,648
	54,763		Independent Bank Group, Inc		1,659,867
	88,384		International Bancshares Corp		2,562,252
	13,794		Investar Holding Corp		173,115
	362,720		Investors Bancorp, Inc		3,376,923
	124,622		Kearny Financial Corp		1,158,985
	76,810		Lakeland Bancorp, Inc		859,504
	38,893		Lakeland Financial Corp		1,646,341
	19,095		LCNB Corp		273,822
	6,940		Level One Bancorp, Inc		125,683
	41,134		Live Oak Bancshares, Inc		573,819
	28,333		Luther Burbank Corp		304,863
	38,166		Macatawa Bank Corp		293,115
	13,709		Mackinac Financial Corp		141,477
	10,592	*	MainStreet Bancshares Inc		159,092
	11,941	*	Malvern Bancorp, Inc		157,024
	27,094		Mercantile Bank Corp		639,418
	12,740		Merchants Bancorp		196,196
	75,053		Meridian Bancorp, Inc		884,124
	53,459		Meta Financial Group, Inc		984,715
	25,039		Metrocity Bankshares, Inc		265,038
	11,268	*	Metropolitan Bank Holding Corp		282,714
	10,212		Mid Penn Bancorp, Inc		200,155
	35,348		Midland States Bancorp, Inc		573,345
	20,523		MidWestOne Financial Group, Inc		428,315
	7,250	*	MMA Capital Holdings Inc		184,948
	126,959	*	Mr Cooper Group, Inc		1,216,267
	14,740		MVB Financial Corp		202,380
	46,728		National Bank Holdings Corp		1,242,030
	10,194		National Bankshares, Inc		305,616
	69,325		NBT Bancorp, Inc		2,296,737
	14,855	*	Nicolet Bankshares, Inc		817,322
	106,511	*	NMI Holdings, Inc		1,440,029
	12,348		Northeast Bank		206,829
	71,072		Northfield Bancorp, Inc		800,981
	10,242		Northrim BanCorp, Inc		240,175
	180,716		Northwest Bancshares, Inc		1,917,399
	9,088		Norwood Financial Corp		214,704
	8,461	e	Oak Valley Bancorp		110,501
	90,093		OceanFirst Financial Corp		1,518,067
	116,891	*	Ocwen Financial Corp		49,293
	83,589		OFG Bancorp		1,051,550
	4,776		Ohio Valley Banc Corp		120,355
	266,240		Old National Bancorp		3,772,621
	50,689		Old Second Bancorp, Inc		417,170
	22,725		OP Bancorp		160,439
	34,466		Opus Bank		662,437
	31,189		Origin Bancorp, Inc		695,203
	15,145		Orrstown Financial Services, Inc		233,233
	31,274	*	Pacific Mercantile Bancorp		125,409
	91,152		Pacific Premier Bancorp, Inc		1,946,095

233

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	21,592		Park National Corp	$	1,726,928
	14,641		Parke Bancorp, Inc		206,292
	19,650	e	PCB Bancorp		184,317
	25,015		PCSB Financial Corp		341,455
	16,081	*	PDL Community Bancorp		148,106
	30,316		Peapack Gladstone Financial Corp		572,063
	10,978		Penns Woods Bancorp, Inc		251,396
	40,642		PennyMac Financial Services, Inc		1,226,169
	5,435		Peoples Bancorp of North Carolina, Inc		94,569
	29,347		Peoples Bancorp, Inc		713,426
	12,054		Peoples Financial Services Corp		446,119
	23,166		People’s Utah Bancorp		497,606
	17,353	*,e	Pioneer Bancorp, Inc		183,595
	22,911		Preferred Bank		874,055
	20,727		Premier Financial Bancorp, Inc		269,451
	5,617	*	Professional Holding Corp		82,514
	10,384		Provident Bancorp Inc		99,063
	8,741		Provident Financial Holdings, Inc		114,070
	100,275		Provident Financial Services, Inc		1,438,946
	9,485		Prudential Bancorp, Inc		116,666
	24,126		QCR Holdings, Inc		742,598
	319,977		Radian Group, Inc		4,793,255
	23,990		RBB Bancorp		309,951
	7,748		Red River Bancshares Inc		296,671
	15,911		Reliant Bancorp Inc		231,664
	87,758		Renasant Corp		2,301,892
	14,312		Republic Bancorp, Inc (Class A)		477,019
	73,269	*	Republic First Bancorp, Inc		192,697
	20,626	*	Richmond Mutual Bancorporation, Inc		220,286
	31,933		Riverview Bancorp, Inc		176,589
	59,642		S&T Bancorp, Inc		1,593,038
	56,249		Sandy Spring Bancorp, Inc		1,434,350
	12,089		SB One Bancorp		222,800
	81,023	*	Seacoast Banking Corp of Florida		1,820,587
	20,799	*	Select Bancorp, Inc		170,552
	75,317		ServisFirst Bancshares, Inc		2,675,260
	20,593		Shore Bancshares, Inc		228,582
	20,869		Sierra Bancorp		423,641
	5,314	*,e	Silvergate Capital Corp		84,493
	150,265		Simmons First National Corp (Class A)		2,809,956
	18,802		SmartFinancial, Inc		271,877
	15,959	e	South Plains Financial Inc		198,370
	52,728		South State Corp		3,049,788
	10,325	*	Southern First Bancshares, Inc		301,077
	11,627		Southern Missouri Bancorp, Inc		275,909
	29,911		Southern National Bancorp of Virginia, Inc		301,204
	50,498		Southside Bancshares, Inc		1,535,644
	21,491	*	Spirit of Texas Bancshares, Inc		246,932
	27,866		Sterling Bancorp, Inc		100,596
	32,479		Stock Yards Bancorp, Inc		1,073,106
	16,315		Summit Financial Group, Inc		288,123
	14,617		Territorial Bancorp, Inc		367,325
	81,722	*	The Bancorp, Inc		569,602
	10,965		Timberland Bancorp, Inc		212,173
	22,645		Tompkins Financial Corp		1,528,764
	108,270		Towne Bank		2,187,054

234

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	42,957		Trico Bancshares	$	1,293,865
	39,629	*	Tristate Capital Holdings, Inc		563,524
	35,797	*	Triumph Bancorp, Inc		991,935
	155,411		Trustco Bank Corp NY		979,089
	103,346		Trustmark Corp		2,750,037
	70,784		UMB Financial Corp		3,598,659
	4,553	e	Union Bankshares, Inc		109,409
	153,903		United Bankshares, Inc		4,610,934
	124,544		United Community Banks, Inc		2,633,483
	15,327		United Security Bancshares		102,078
	8,990		Unity Bancorp, Inc		129,096
	45,446		Univest Financial Corp		804,394
	611,413		Valley National Bancorp		5,111,413
	79,281		Veritex Holdings, Inc		1,392,174
	44,802		Walker & Dunlop, Inc		1,721,741
	122,137		Washington Federal, Inc		3,265,943
	24,034		Washington Trust Bancorp, Inc		841,430
	38,677		Waterstone Financial, Inc		561,590
	104,847		WesBanco, Inc		2,587,624
	27,797		West Bancorporation, Inc		517,024
	41,053		Westamerica Bancorporation		2,586,339
	40,969		Western New England Bancorp, Inc		246,224
	80,027		WSFS Financial Corp		2,335,188
			TOTAL BANKS		272,738,345
CAPITAL GOODS - 9.6%
	65,841		Aaon, Inc		3,136,665
	52,196		AAR Corp		1,021,998
	68,253		Advanced Drainage Systems, Inc		2,766,977
	46,804	*	Aegion Corp		751,204
	115,589	*	Aerojet Rocketdyne Holdings, Inc		4,755,331
	34,494	*	Aerovironment, Inc		2,078,608
	15,322		Alamo Group, Inc		1,508,298
	48,170		Albany International Corp (Class A)		2,463,414
	11,164		Allied Motion Technologies, Inc		321,746
	100,899		Altra Industrial Motion Corp		2,816,091
	34,890	*	Ameresco, Inc		630,113
	31,070	*,e	American Superconductor Corp		178,652
	26,975	*	American Woodmark Corp		1,386,785
	41,434		Apogee Enterprises, Inc		846,911
	60,564		Applied Industrial Technologies, Inc		3,172,948
	77,018		Arcosa, Inc		2,870,461
	24,501		Argan, Inc		919,768
	31,669	*	Armstrong Flooring, Inc		66,505
	36,327		Astec Industries, Inc		1,457,076
	38,789	*	Astronics Corp		348,325
	74,067	*	Atkore International Group, Inc		1,802,791
	92,857	*	Axon Enterprise, Inc		6,751,632
	40,190		AZZ, Inc		1,261,564
	73,703		Barnes Group, Inc		2,828,721
	85,571	*	Beacon Roofing Supply, Inc		1,882,562
	88,378	*,e	Bloom Energy Corp		677,859
	25,623	*	Blue Bird Corp		314,394
	104,263	*	BMC Stock Holdings, Inc		2,215,589
	60,635	e	Briggs & Stratton Corp		137,641

235

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	183,188	*	Builders FirstSource, Inc	$	3,361,500
	36,566		Caesarstone Sdot-Yam Ltd		358,712
	25,696	*	CAI International, Inc		423,727
	57,686	*	Chart Industries, Inc		2,060,544
	31,248	*	CIRCOR International, Inc		466,533
	36,720		Columbus McKinnon Corp		994,378
	57,274		Comfort Systems USA, Inc		1,907,224
	49,713	*	Commercial Vehicle Group, Inc		120,305
	39,950	*,e	Concrete Pumping Holdings Inc		113,458
	32,754	*,e	Construction Partners Inc		600,381
	81,658	*	Cornerstone Building Brands, Inc		435,237
	23,702		CSW Industrials, Inc		1,570,020
	49,692	e	Cubic Corp		1,898,731
	36,025		Douglas Dynamics, Inc		1,331,484
	17,193	*	Ducommun, Inc		485,530
	25,440	*	DXP Enterprises, Inc		379,565
	48,602	*,e	Dycom Industries, Inc		1,584,425
	6,567		Eastern Co		118,206
	88,174		EMCOR Group, Inc		5,601,694
	32,504		Encore Wire Corp		1,488,033
	66,324	*,e	Energous Corp		147,903
	59,962	*,e	Energy Recovery, Inc		488,091
	85,449		Enerpac Tool Group Corp		1,457,760
	67,925		EnerSys		3,966,141
	33,728		EnPro Industries, Inc		1,529,565
	39,938		ESCO Technologies, Inc		3,047,269
	6,720	*,e	EVI Industries, Inc		122,774
	119,330	*	Evoqua Water Technologies Corp		1,915,247
	94,070		Federal Signal Corp		2,533,305
	32,399	*	Foundation Building Materials, Inc		379,068
	72,771		Franklin Electric Co, Inc		3,696,767
	55,077	e	GATX Corp		3,266,066
	9,606	*	Gencor Industries, Inc		116,425
	97,129	*	Generac Holdings, Inc		9,464,250
	16,974	*	General Finance Corp		98,958
	51,558	*	Gibraltar Industries, Inc		2,387,135
	62,728	*	GMS, Inc		1,152,941
	27,897		Gorman-Rupp Co		822,962
	15,454		Graham Corp		202,447
	73,578	e	Granite Construction, Inc		1,209,622
	98,525	*	Great Lakes Dredge & Dock Corp		870,961
	49,605	e	Greenbrier Cos, Inc		842,293
	56,848		Griffon Corp		932,876
	50,102		H&E Equipment Services, Inc		814,659
	124,075	*	Harsco Corp		1,238,269
	47,376		Helios Technologies, Inc		1,685,164
	38,148	*	Herc Holdings, Inc		1,076,918
	116,730		Hillenbrand, Inc		2,445,494
	9,801		Hurco Cos, Inc		320,395
	15,780		Hyster-Yale Materials Handling, Inc		616,051
	15,169	*	IES Holdings, Inc		299,588
	29,771		Insteel Industries, Inc		523,076
	108,570	*	JELD-WEN Holding, Inc		1,378,839
	49,402		John Bean Technologies Corp		3,791,109
	17,703		Kadant, Inc		1,488,645
	43,320		Kaman Corp		1,679,083

236

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	129,047		Kennametal, Inc	$	3,304,894
	145,998	*	Kratos Defense & Security Solutions, Inc		2,192,890
	7,652	*	Lawson Products, Inc		257,184
	14,955	*	LB Foster Co (Class A)		215,202
	16,899		Lindsay Corp		1,520,910
	43,089		Luxfer Holdings plc		584,718
	29,695	*	Lydall, Inc		332,584
	55,657	*	Manitowoc Co, Inc		513,158
	38,433	*	Masonite International Corp		2,270,622
	94,681	*,e	Mastec, Inc		3,399,048
	94,530	e	Maxar Technologies, Inc		1,192,023
	86,435	*	Mercury Systems, Inc		7,706,545
	111,988	*	Meritor, Inc		2,295,754
	17,459		Miller Industries, Inc		530,404
	48,886		Moog, Inc (Class A)		2,418,879
	121,632	*,e	MRC Global, Inc		651,948
	88,327		Mueller Industries, Inc		2,287,669
	247,680		Mueller Water Products, Inc (Class A)		2,350,483
	25,498	*	MYR Group, Inc		764,940
	7,617		National Presto Industries, Inc		619,338
	78,550	*	Navistar International Corp		1,867,134
	65,754	e	NN, Inc		226,851
	14,086	*	Northwest Pipe Co		342,572
	176,053	*	NOW, Inc		1,086,247
	16,719	*	NV5 Global Inc		781,613
	5,274	e	Omega Flex, Inc		475,187
	29,390		Park Aerospace Corp		391,181
	30,133	*	Parsons Corp		1,126,974
	36,080		Patrick Industries, Inc		1,487,218
	92,447	*	PGT, Inc		955,902
	470,150	*,e	Plug Power, Inc		1,967,578
	15,492		Powell Industries, Inc		393,032
	5,197		Preformed Line Products Co		258,187
	70,684		Primoris Services Corp		1,103,377
	42,457	*	Proto Labs, Inc		4,313,207
	49,507		Quanex Building Products Corp		617,352
	57,336		Raven Industries, Inc		1,276,873
	38,801	*	RBC Bearings, Inc		4,915,311
	39,548	e	REV Group, Inc		210,395
	167,835		Rexnord Corp		4,576,860
	42,928		Rush Enterprises, Inc (Class A)		1,609,800
	8,409		Rush Enterprises, Inc (Class B)		296,922
	70,426		Simpson Manufacturing Co, Inc		5,077,715
	65,221	*	SiteOne Landscape Supply, Inc		5,780,537
	68,236	*	SPX Corp		2,601,839
	65,937	*	SPX FLOW, Inc		2,147,568
	19,339		Standex International Corp		963,856
	42,425	*	Sterling Construction Co, Inc		419,159
	184,128	*	Sunrun, Inc		2,583,316
	19,807		Systemax, Inc		393,367
	29,144		Tennant Co		1,724,450
	99,747		Terex Corp		1,515,157
	83,187	*,e	Textainer Group Holdings Ltd		730,382
	50,899	*	Thermon Group Holdings		777,737
	80,213		Titan International, Inc		113,100
	31,094	*	Titan Machinery, Inc		292,284

237

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	46,165	*	TPI Composites, Inc	$	809,272
	10,107	*	Transcat Inc		283,906
	93,448	*,e	Trex Co, Inc		8,898,119
	71,413	*	Trimas Corp		1,702,486
	85,429		Triton International Ltd		2,646,590
	81,249		Triumph Group, Inc		571,993
	69,108	*	Tutor Perini Corp		483,756
	15,363	*	Twin Disc, Inc		92,332
	95,068		Universal Forest Products, Inc		3,909,196
	18,165	*	Vectrus, Inc		944,762
	21,830	*	Veritiv Corp		204,547
	27,989	*	Vicor Corp		1,488,175
	75,286	*,e	Vivint Solar, Inc		477,313
	89,914		Wabash National Corp		737,295
	43,744		Watts Water Technologies, Inc (Class A)		3,604,506
	209,401	*	Welbilt, Inc		1,032,347
	5,431	*	Willis Lease Finance Corp		108,674
	82,077	*	Willscot Corp		956,197
			TOTAL CAPITAL GOODS		254,439,331
COMMERCIAL & PROFESSIONAL SERVICES - 3.9%
	105,226		ABM Industries, Inc		3,629,245
	83,311	*	Acacia Research (Acacia Technologies)		210,777
	159,541		ACCO Brands Corp		1,180,603
	114,657	*	Advanced Disposal Services, Inc		3,697,688
	81,905	*	ASGN Inc		3,804,487
	11,667		Barrett Business Services, Inc		570,750
	14,801		BG Staffing, Inc		179,832
	77,128		Brady Corp (Class A)		3,358,153
	52,826	*,e	BrightView Holdings, Inc		677,229
	78,544	e	Brink’s Co		4,015,169
	72,213	*	Casella Waste Systems, Inc (Class A)		3,349,239
	10,872	*,e	Casper Sleep, Inc		75,560
	79,695	*	CBIZ, Inc		1,892,756
	45,390	*	Ceco Environmental Corp		246,014
	29,500	*	Cimpress plc		2,147,305
	1,670		Compx International, Inc		23,013
	188,919		Covanta Holding Corp		1,469,790
	13,208		CRA International, Inc		556,453
	66,317		Deluxe Corp		1,868,150
	41,047	*,e	Emerald Holding, Inc		93,587
	41,579		Ennis, Inc		773,785
	81,623		Exponent, Inc		5,740,546
	17,056	*	Forrester Research, Inc		533,853
	16,520	*	Franklin Covey Co		342,790
	59,295	*	FTI Consulting, Inc		7,551,811
	20,419	*	GP Strategies Corp		162,535
	117,203	e	Healthcare Services Group		2,987,505
	29,336		Heidrick & Struggles International, Inc		658,300
	23,484	*	Heritage-Crystal Clean, Inc		430,931
	92,506		Herman Miller, Inc		2,085,085
	66,454		HNI Corp		1,617,490
	36,036	*	Huron Consulting Group, Inc		2,019,457
	28,785		ICF International, Inc		2,116,849
	76,117	*	Innerworkings, Inc		134,727
	58,453		Insperity, Inc		2,788,793

238

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	89,266		Interface, Inc	$	824,818
	54,986		Kelly Services, Inc (Class A)		849,534
	31,778		Kforce, Inc		951,751
	53,929		Kimball International, Inc (Class B)		661,709
	76,811		Knoll, Inc		895,616
	87,413		Korn/Ferry International		2,520,117
	48,594		Matthews International Corp (Class A)		1,163,340
	39,172		McGrath RentCorp		2,136,833
	30,646	*	Mistras Group, Inc		145,569
	70,026		Mobile Mini, Inc		2,000,643
	55,718	e	MSA Safety, Inc		6,269,947
	9,268		NL Industries, Inc		31,048
	293,694		Pitney Bowes, Inc		1,036,740
	122,792	*,e	Precigen, Inc		442,051
	54,428	e	Quad Graphics, Inc		202,472
	47,724		Resources Connection, Inc		519,237
	114,081		RR Donnelley & Sons Co		195,079
	37,322	*	SP Plus Corp		787,121
	140,673		Steelcase, Inc (Class A)		1,540,369
	46,195	*	Team, Inc		285,023
	86,928		Tetra Tech, Inc		6,543,940
	69,244	*	TriNet Group, Inc		3,390,879
	60,174	*	TrueBlue, Inc		934,502
	23,785		Unifirst Corp		3,999,448
	37,664	e	US Ecology, Inc		1,234,626
	31,451		Viad Corp		753,880
	13,806		VSE Corp		265,351
	15,639	*,e	Willdan Group, Inc		396,605
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		103,968,505
CONSUMER DURABLES & APPAREL - 2.9%
	56,580	e	Acushnet Holdings Corp		1,550,292
	83,006	*	American Outdoor Brands Corp		785,652
	12,138		Bassett Furniture Industries, Inc		83,024
	45,377	*	Beazer Homes USA, Inc		319,454
	150,791		Callaway Golf Co		2,159,327
	13,702	*	Cavco Industries, Inc		2,119,425
	43,960	*	Century Communities, Inc		941,623
	39,749		Clarus Corp		424,519
	110,762	*	CROCS, Inc		2,685,978
	17,842		Culp, Inc		126,857
	44,383	*	Deckers Outdoor Corp		6,602,415
	9,151	*	Delta Apparel, Inc		117,865
	12,451		Escalade, Inc		106,456
	37,258		Ethan Allen Interiors, Inc		421,388
	14,191		Flexsteel Industries, Inc		136,234
	76,432	*,e	Fossil Group, Inc		302,671
	69,925	*,e	G-III Apparel Group Ltd		792,250
	197,229	*,e	GoPro, Inc		694,246
	36,641	*	Green Brick Partners, Inc		326,471
	10,698		Hamilton Beach Brands Holding Co		141,107
	39,611	*	Helen of Troy Ltd		6,507,295
	19,698		Hooker Furniture Corp		295,273
	36,626	*	Installed Building Products, Inc		1,806,028
	44,585	*,e	iRobot Corp		2,717,902
	8,902		Johnson Outdoors, Inc		608,541

239

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	136,336		KB Home	$	3,577,457
	72,278	e	Kontoor Brands, Inc		1,402,916
	70,046		La-Z-Boy, Inc		1,642,579
	7,440	*,e	Legacy Housing Corp		72,763
	31,692	*	LGI Homes, Inc		1,919,901
	20,611		Lifetime Brands, Inc		117,483
	14,853	*,e	Lovesac Co		177,196
	41,905	*	M/I Homes, Inc		1,066,901
	32,079	*	Malibu Boats, Inc		1,102,876
	14,127		Marine Products Corp		137,314
	28,055	*	MasterCraft Boat Holdings, Inc		293,175
	79,600		MDC Holdings, Inc		2,328,300
	56,977	*	Meritage Homes Corp		2,994,711
	23,252		Movado Group, Inc		239,728
	4,367		Nacco Industries, Inc (Class A)		153,500
	26,193	e	Oxford Industries, Inc		1,098,011
	14,768	*	Purple Innovation, Inc		148,566
	11,498		Rocky Brands, Inc		246,632
	80,132	*	Skyline Champion Corp		1,579,402
	126,450	*	Sonos, Inc		1,292,319
	133,664		Steven Madden Ltd		3,350,956
	26,482		Sturm Ruger & Co, Inc		1,408,842
	15,461		Superior Uniform Group, Inc		134,820
	208,250	*	Taylor Morrison Home Corp		3,030,037
	53,579	*	TopBuild Corp		4,993,027
	217,737	*	TRI Pointe Homes, Inc		2,499,621
	77,996		Tupperware Brands Corp		251,147
	23,912	*	Unifi, Inc		247,489
	21,188	*	Universal Electronics, Inc		874,641
	33,254	*	Vera Bradley, Inc		183,230
	4,582	*	Vince Holding Corp		27,355
	90,916	*	Vista Outdoor, Inc		920,070
	125,298		Wolverine World Wide, Inc		2,567,356
	88,738	*	YETI Holdings, Inc		2,450,056
	43,719	*,e	ZAGG, Inc		144,273
			TOTAL CONSUMER DURABLES & APPAREL		77,446,943
CONSUMER SERVICES - 3.1%
	82,542	*	Adtalem Global Education, Inc		2,622,359
	23,609	*	American Public Education, Inc		608,404
	103,108		BBX Capital Corp		218,589
	1,723	*	Biglari Holdings, Inc (B Shares)		120,593
	30,177		BJ’s Restaurants, Inc		659,669
	138,298		Bloomin’ Brands, Inc		1,666,491
	12,062	e	Bluegreen Vacations Corp		65,738
	128,272		Boyd Gaming Corp		2,140,860
	58,428	e	Brinker International, Inc		1,360,204
	25,532		Carriage Services, Inc		383,491
	53,205	*,e	Carrols Restaurant Group, Inc		194,198
	42,809	*	Century Casinos, Inc		194,139
	65,434	e	Cheesecake Factory		1,458,524
	186,996	*	Chegg, Inc		7,994,079
	55,812		Churchill Downs, Inc		5,593,479
	25,593	*	Chuy’s Holdings, Inc		428,939
	15,899		Collectors Universe		349,301
	38,407	e	Cracker Barrel Old Country Store, Inc		3,740,842

240

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	48,596	e	Dave & Buster’s Entertainment, Inc	$	711,445
	45,597	*,e	Del Taco Restaurants, Inc		268,110
	91,360	*	Denny’s Corp		1,029,627
	25,022		Dine Brands Global Inc.		1,110,727
	90,362	*	Drive Shack, Inc		119,278
	29,831	*	El Pollo Loco Holdings, Inc		364,833
	104,765	*,e	Eldorado Resorts, Inc		2,246,162
	40,041	*	Fiesta Restaurant Group, Inc		291,298
	27,659	*	Golden Entertainment, Inc		261,101
	177,912	*	Houghton Mifflin Harcourt Co		284,659
	13,185	*,e	Inspired Entertainment, Inc		33,885
	23,634	*	J Alexander’s Holdings, Inc		125,024
	36,476	e	Jack in the Box, Inc		2,199,503
	61,253	*	K12, Inc		1,391,056
	5,261	*,e	Kura Sushi USA, Inc		88,543
	177,702	*	Laureate Education, Inc		1,682,838
	35,052	*	Lindblad Expeditions Holdings, Inc		234,147
	65,920		Marriott Vacations Worldwide Corp		5,471,360
	18,061	*	Monarch Casino & Resort, Inc		602,154
	4,525		Nathan’s Famous, Inc		254,622
	42,388	*,e	Noodles & Co		264,925
	72,790	e	OneSpaWorld Holdings Ltd		473,863
	35,114	e	Papa John’s International, Inc		2,525,399
	175,898	*,e	Penn National Gaming, Inc		3,134,502
	108,031	*	Perdoceo Education Corp		1,404,403
	39,315	*	PlayAGS, Inc		172,593
	33,767	*	Potbelly Corp		116,496
	16,089	e	RCI Hospitality Holdings, Inc		201,595
	42,335	*,e	Red Lion Hotels Corp		68,159
	22,207	*,e	Red Robin Gourmet Burgers, Inc		324,888
	111,502		Red Rock Resorts, Inc		1,222,062
	36,810	*,e	Regis Corp		457,180
	44,698	e	Ruth’s Hospitality Group Inc		503,076
	89,044	*	Scientific Games Corp (Class A)		1,122,845
	76,050	*	SeaWorld Entertainment, Inc		1,117,174
	31,595	*	Select Interior Concepts Inc		101,104
	46,895	*	Shake Shack, Inc		2,556,246
	34,004	e	Strategic Education, Inc		5,416,837
	48,787	*,e	Target Hospitality Corp		98,550
	103,621		Texas Roadhouse, Inc (Class A)		4,879,513
	27,486	e	Twin River Worldwide Holdings Inc		433,729
	46,297		Wingstop, Inc		5,429,249
	76,089	*	WW International Inc		1,941,030
			TOTAL CONSUMER SERVICES		82,535,689
DIVERSIFIED FINANCIALS - 4.7%
	56,921		AG Mortgage Investment Trust		181,578
	4,667	e	Alerus Financial Corp		79,339
	164,465		Anworth Mortgage Asset Corp		282,880
	247,662		Apollo Commercial Real Estate Finance, Inc		2,018,445
	43,503		Ares Commercial Real Estate Corp		337,148
	114,679		Ares Management Corp		3,847,480
	63,039		Arlington Asset Investment Corp (Class A)		178,400
	93,240		ARMOUR Residential REIT, Inc		824,242
	80,199		Artisan Partners Asset Management, Inc		2,361,059
	21,259	*,e	Assetmark Financial Holdings, Inc		510,003

241

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	3,336	e	Associated Capital Group, Inc	$	127,669
	33,565		B. Riley Financial, Inc		667,608
	49,099		Banco Latinoamericano de Exportaciones S.A. (Class E)		560,711
	199,509		Blackstone Mortgage Trust, Inc		4,694,447
	79,205	*	Blucora, Inc		1,114,414
	109,797		Brightsphere Investment Group, Inc		813,596
	17,377	*,†	Calamos Asset Management, Inc		0
	116,337	*	Cannae Holdings, Inc		3,670,432
	144,647		Capstead Mortgage Corp		750,718
	28,587		Cherry Hill Mortgage Investment Corp		198,965
	35,985		Cohen & Steers, Inc		2,077,774
	130,875		Colony Credit Real Estate, Inc		629,509
	44,627	*	Cowen Group, Inc		488,666
	27,634	*,e	Curo Group Holdings Corp		257,549
	5,031		Diamond Hill Investment Group, Inc		551,196
	46,023	*	Donnelley Financial Solutions, Inc		335,047
	34,804		Dynex Capital, Inc		498,045
	49,825	*	Elevate Credit, Inc		93,173
	63,213	e	Ellington Financial Inc		656,783
	50,606	*,e	Encore Capital Group, Inc		1,314,744
	53,002	*	Enova International, Inc		850,152
	80,384	*,e	Ezcorp, Inc (Class A)		450,150
	154,137		Federated Investors, Inc (Class B)		3,509,699
	229,155	e	FGL Holdings		2,378,629
	65,032		FirstCash, Inc		4,671,899
	50,856	*,e	Focus Financial Partners, Inc		1,213,424
	30,477	e	Gain Capital Holdings, Inc		199,320
	8,193		GAMCO Investors, Inc (Class A)		106,017
	85,458		Granite Point Mortgage Trust, Inc		425,581
	25,320		Great Ajax Corp		220,284
	76,976	*	Green Dot Corp		2,347,768
	26,235		Greenhill & Co, Inc		279,927
	6,768	*,e	GWG Holdings Inc		58,069
	35,103		Hamilton Lane, Inc		2,276,430
	66,904		Houlihan Lokey, Inc		3,972,760
	24,954	*	INTL FCStone, Inc		997,162
	255,633		Invesco Mortgage Capital, Inc		777,124
	321,961	e	iShares Russell 2000 ETF		41,954,738
	42,685		KKR Real Estate Finance Trust, Inc		673,569
	162,499		Ladder Capital Corp		1,291,867
	106,759	*,e	LendingClub Corp		818,842
	14,409		Marlin Business Services Corp		153,312
	30,544	*,e	Medallion Financial Corp		87,967
	74,975		Moelis & Co		2,239,503
	27,710		Nelnet, Inc (Class A)		1,334,236
	598,365		New York Mortgage Trust, Inc		1,304,436
	35,784	*,†	NewStar Financial, Inc		8,640
	112,017	*	On Deck Capital, Inc		135,541
	11,561	*	Oportun Financial Corp		86,476
	17,010		Oppenheimer Holdings, Inc		350,066
	98,542		Orchid Island Capital, Inc		388,255
	156,310		PennyMac Mortgage Investment Trust		1,625,624
	27,062	*	Pico Holdings, Inc		231,651
	21,201		Piper Jaffray Cos		1,142,946
	36,436		PJT Partners, Inc		1,772,247
	70,867	*	PRA Group, Inc		1,965,851

242

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	31,033		Pzena Investment Management, Inc (Class A)	$	152,682
	57,784		Ready Capital Corp		385,419
	176,242		Redwood Trust, Inc		722,592
	14,569	*	Regional Management Corp		232,230
	31,121		Safeguard Scientifics, Inc		220,648
	30,416		Sculptor Capital Management, Inc		445,899
	9,050	*,e	Siebert Financial Corp		51,585
	8,405		Silvercrest Asset Management Group, Inc		85,563
	106,042		Stifel Financial Corp		4,695,540
	82,156		TPG RE Finance Trust, Inc		631,780
	1,276		Value Line, Inc		39,530
	12,186	*	Velocity Financial, Inc		46,185
	10,066		Virtus Investment Partners, Inc		818,064
	107,140		Waddell & Reed Financial, Inc (Class A)		1,558,887
	84,625		Western Asset Mortgage Capital Corp		258,106
	13,237		Westwood Holdings Group, Inc		304,848
	215,119		WisdomTree Investments, Inc		696,986
	8,602	*,e	World Acceptance Corp		583,646
			TOTAL DIVERSIFIED FINANCIALS		124,351,972
ENERGY - 2.1%
	244,708	*,e	Abraxas Petroleum Corp		77,010
	74,423	*,e	Altus Midstream Co		56,561
	30,767		Amplify Energy Corp		40,612
	23,766	e	Arch Coal, Inc		693,730
	207,050		Archrock, Inc		995,911
	54,093		Ardmore Shipping Corp		355,932
	102,052		Berry Petroleum Co LLC		350,038
	33,899	*	Bonanza Creek Energy, Inc		591,877
	44,354		Brigham Minerals, Inc		571,723
	74,999		Cactus, Inc		1,333,482
	614,196	*,e	Callon Petroleum Co		577,160
	61,905	*,e	Chaparral Energy Inc		30,309
	217,570	*	Clean Energy Fuels Corp		468,863
	305,641	*,e	CNX Resources Corp		3,239,795
	36,181	*	Comstock Resources Inc		277,146
	40,972	*	CONSOL Energy, Inc		310,977
	29,547	*	Contura Energy Inc		112,870
	94,509	*,e	Covia Holdings Corp		61,431
	45,388		CVR Energy, Inc		1,082,504
	117,382	e	Delek US Holdings, Inc		2,740,870
	810,352	*,e	Denbury Resources, Inc		288,080
	174,360		DHT Holdings, Inc		1,265,854
	45,766	*,e	Diamond S Shipping Inc		567,956
	23,217	e	DMC Global, Inc		599,231
	42,831	*	Dorian LPG Ltd		406,466
	59,241	*	Dril-Quip, Inc		1,962,654
	33,623	*,e	Earthstone Energy, Inc		77,669
	139,519	*,e	Energy Fuels, Inc		248,344
	32,657	*	Era Group, Inc		167,204
	40,260		Evolution Petroleum Corp		119,572
	48,747	*	Exterran Corp		331,480
	147,875	*,e	Extraction Oil & Gas, Inc		78,315
	58,112		Falcon Minerals Corp		142,084
	141,872	*,e	Forum Energy Technologies, Inc		61,005

243

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	174,875	*	Frank’s International NV	$	424,946
	62,599	e	GasLog Ltd		289,207
	19,584	*	Geospace Technologies Corp		121,617
	148,544	e	Golar LNG Ltd		1,053,177
	10,568	*,e	Goodrich Petroleum Corp		89,934
	58,738	e	Green Plains Inc		344,792
	244,979	*,e	Gulfport Energy Corp		625,921
	33,512		Hallador Energy Co		25,526
	225,838	*	Helix Energy Solutions Group, Inc		573,629
	198,949	*	HighPoint Resources Corp		65,971
	41,945		International Seaways, Inc		1,015,069
	305,140	*	Laredo Petroleum Holdings, Inc		332,603
	82,563	e	Liberty Oilfield Services, Inc		389,697
	157,575	*,e	Magnolia Oil & Gas Corp		1,019,510
	174,879	*	Matador Resources Co		1,231,148
	43,973	*	Matrix Service Co		459,078
	31,688	*,e	Montage Resources Corp		216,429
	11,092	e	Nabors Industries Ltd		163,392
	37,485	*,e	National Energy Services Reunited Corp		191,548
	20,410	*	Natural Gas Services Group, Inc		129,604
	12,987	*,e	NCS Multistage Holdings, Inc		8,701
	152,695	*	Newpark Resources, Inc		233,623
	9,330	*	NextDecade Corp		15,581
	257,739	*	NexTier Oilfield Solutions, Inc		597,954
	24,363	*,e	Nine Energy Service, Inc		35,326
	463,281	*,e	Noble Corp plc		119,526
	219,596	e	Nordic American Tankers Ltd		1,321,968
	464,998	*,e	Northern Oil And Gas, Inc		389,296
	490,355	*,e	Oasis Petroleum, Inc		345,161
	156,800	*	Oceaneering International, Inc		805,952
	95,405	*	Oil States International, Inc		328,193
	125,379	*	Overseas Shipholding Group, Inc		313,448
	24,068		Panhandle Oil and Gas, Inc (Class A)		104,214
	55,477	*	Par Pacific Holdings, Inc		539,236
	160,617	*	PDC Energy, Inc		2,086,415
	108,607	e	Peabody Energy Corp		368,178
	23,644	*,e	Penn Virginia Corp		148,721
	768	*	PrimeEnergy Corp		47,985
	130,990	*	ProPetro Holding Corp		555,398
	371,547		QEP Resources Inc		366,345
	57,873	*	Renewable Energy Group, Inc		1,435,829
	8,964	*	Rex American Resources Corp		533,179
	91,109	*,e	Ring Energy, Inc		82,117
	23,757	*,e	Rosehill Resources, Inc		10,833
	85,718	e	RPC, Inc		292,298
	49,886	*	SandRidge Energy, Inc		99,273
	70,171	e	Scorpio Tankers, Inc		1,536,043
	26,978	*	SEACOR Holdings, Inc		762,398
	28,281	*	SEACOR Marine Holdings, Inc		88,520
	98,442	*	Select Energy Services, Inc		472,522
	127,929		SFL Corp Ltd		1,444,318
	8,404	*,e	SilverBow Resources, Inc		45,466
	236,559		SM Energy Co		958,064
	33,590	*,e	Smart Sand, Inc		27,880
	47,476	e	Solaris Oilfield Infrastructure, Inc		324,736
	857,261	*	Southwestern Energy Co		2,768,953

244

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	30,883	*,e	Talos Energy, Inc	$	351,757
	120,508	*,e	Teekay Corp		448,290
	39,654	*	Teekay Tankers Ltd		805,373
	149,981	*,e	Tellurian, Inc		212,973
	61,550	*,e	Tidewater, Inc		354,528
	270,509	*,e	Uranium Energy Corp		297,560
	114,007	e	US Silica Holdings, Inc		218,893
	29,571	*	US Well Services Inc		13,653
	151,370	*,e	W&T Offshore, Inc		419,295
	101,614		World Fuel Services Corp		2,540,350
			TOTAL ENERGY		54,323,835
FOOD & STAPLES RETAILING - 0.6%
	49,275		Andersons, Inc		836,197
	38,192	*,e	Chefs’ Warehouse Holdings, Inc		537,743
	34,667	*,e	HF Foods Group Inc		281,843
	21,713	e	Ingles Markets, Inc (Class A)		886,542
	15,774		Natural Grocers by Vitamin C		177,773
	203,037	*	Performance Food Group Co		5,959,136
	35,387		Pricesmart, Inc		2,248,490
	87,058	*,e	Rite Aid Corp		1,247,541
	60,449		SpartanNash Co		1,036,700
	85,023	*	United Natural Foods, Inc		904,645
	12,873		Village Super Market (Class A)		309,338
	14,996	e	Weis Markets, Inc		750,250
			TOTAL FOOD & STAPLES RETAILING		15,176,198
FOOD, BEVERAGE & TOBACCO - 1.9%
	175,658	*,e	22nd Century Group, Inc		165,154
	6,265		Alico, Inc		183,627
	100,382	e	B&G Foods, Inc (Class A)		1,949,418
	13,297	*	Boston Beer Co, Inc (Class A)		6,203,183
	2,556	*	Bridgford Foods Corp		46,570
	25,398		Calavo Growers, Inc		1,473,084
	49,356	*	Cal-Maine Foods, Inc		2,048,768
	47,762	*,e	Celsius Holdings, Inc		239,765
	7,426		Coca-Cola Consolidated Inc		1,748,600
	19,135	*	Craft Brewers Alliance, Inc		288,938
	260,615	*	Darling International, Inc		5,366,063
	16,534	*	Farmer Bros Co		152,774
	48,248		Fresh Del Monte Produce, Inc		1,375,550
	54,771	*	Freshpet, Inc		4,130,281
	191,651	*	Hostess Brands, Inc		2,303,645
	23,863		J&J Snack Foods Corp		3,031,317
	14,136		John B. Sanfilippo & Son, Inc		1,160,990
	30,279		Lancaster Colony Corp		4,076,462
	40,070	*	Landec Corp		446,781
	25,431		Limoneira Co		339,504
	20,132	e	MGP Ingredients, Inc		759,580
	19,526	*,e	National Beverage Corp		980,791
	138,626	*,e	New Age Beverages Corp		195,463
	31,378		Sanderson Farms, Inc		4,271,801
	11,015	*	Seneca Foods Corp		396,320
	133,001	*	Simply Good Foods Co		2,507,069
	26,800	e	Tootsie Roll Industries, Inc		941,484
	13,030	e	Turning Point Brands, Inc		303,599

245

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	38,269		Universal Corp	$	1,851,072
	175,233	e	Vector Group Ltd		1,874,993
			TOTAL FOOD, BEVERAGE & TOBACCO		50,812,646
HEALTH CARE EQUIPMENT & SERVICES - 8.7%
	30,547	*	1Life Healthcare, Inc		753,594
	159,264	*	Accuray, Inc		355,955
	19,599	*	Addus HomeCare Corp		1,587,911
	254,732	*	Allscripts Healthcare Solutions, Inc		1,655,758
	61,624	*	Alphatec Holdings Inc		279,157
	49,836	*	Amedisys, Inc		9,177,798
	30,348	*	American Renal Associates Holdings, Inc		227,003
	72,619	*	AMN Healthcare Services, Inc		3,411,641
	60,515	*	Angiodynamics, Inc		631,171
	250,753	*	Antares Pharma, Inc		812,440
	14,676	*,e	Apollo Medical Holdings, Inc		228,065
	51,139	*	Apyx Medical Corp		173,873
	60,232	*	AtriCure, Inc		2,597,204
	2,278		Atrion Corp		1,439,309
	32,121	*	Avalon GloboCare Corp		59,103
	76,248	*	Avanos Medical, Inc		2,367,500
	53,438	*,e	AxoGen, Inc		521,020
	29,309	*,e	Axonics Modulation Technologies, Inc		944,043
	9,868	*,e	BioLife Solutions Inc		107,857
	23,247	*,e	BioSig Technologies Inc		180,397
	51,987	*	BioTelemetry, Inc		2,428,313
	289,821	*	Brookdale Senior Living, Inc		1,046,254
	55,220	*	Cardiovascular Systems, Inc		2,319,240
	149,336	*	Castlight Health, Inc		109,463
	15,010	*,e	Catasys Inc		456,904
	248,071	*	Cerus Corp		1,525,637
	113,135	*,e	Community Health Systems, Inc		342,799
	22,332		Computer Programs & Systems, Inc		536,638
	94,450	*,e	ConforMIS, Inc		72,604
	43,095		Conmed Corp		3,185,151
	14,797	*	Corvel Corp		779,654
	56,469	*	Cross Country Healthcare, Inc		355,190
	58,712	*,e	CryoLife, Inc		1,311,039
	48,562	*,e	CryoPort, Inc		914,908
	21,998	*	Cutera, Inc		295,873
	51,805	*,e	CytoSorbents Corp		443,451
	20,440	*,e	ElectroCore LLC		19,624
	79,928		Ensign Group, Inc		2,990,106
	68,286	*	Enzo Biochem, Inc		206,224
	120,824	*,e	Evolent Health, Inc		871,141
	5,290	*	Exagen, Inc		82,524
	145,787	*	Genesis Health Care, Inc		126,835
	90,683	*	GenMark Diagnostics, Inc		1,134,444
	62,094	*	Glaukos Corp		2,278,229
	121,440	*	Globus Medical, Inc		5,763,542
	79,615	*	Haemonetics Corp		9,058,595
	57,838	*	Hanger Inc		1,061,906
	29,980	*,e	Health Catalyst, Inc		799,567
	109,207	*	HealthEquity, Inc		6,145,078
	39,664	*	HealthStream, Inc		905,331
	10,667	*	Heska Corp		755,224

246

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	138,869	*	HMS Holdings Corp	$	3,982,069
	29,740	*	Inogen, Inc		1,487,000
	114,523	*	Inovalon Holdings, Inc		2,004,152
	22,170	*	Inspire Medical Systems, Inc		1,588,702
	51,309	*	Integer Holding Corp		3,820,468
	13,673	*	IntriCon Corp		180,484
	60,371	e	Invacare Corp		453,990
	7,027	*,e	iRadimed Corp		152,907
	41,681	*	iRhythm Technologies, Inc		4,403,181
	19,316	*	Joint Corp		233,724
	61,773	*	Lantheus Holdings, Inc		806,138
	25,161		LeMaitre Vascular, Inc		716,837
	47,572	*,e	LHC Group, Inc		6,183,884
	76,650	*	LivaNova plc		4,071,648
	81,166	*	Livongo Health, Inc		3,247,452
	35,569	*	Magellan Health Services, Inc		2,160,105
	65,618	*	Meridian Bioscience, Inc		787,416
	84,360	*	Merit Medical Systems, Inc		3,443,575
	6,289		Mesa Laboratories, Inc		1,496,782
	16,023	*	Misonix Inc		201,730
	20,169		National Healthcare Corp		1,378,954
	19,130		National Research Corp		986,917
	53,349	*	Natus Medical, Inc		1,333,191
	82,048	*	Neogen Corp		5,135,384
	19,273	*,e	Neuronetics, Inc		48,182
	47,778	*,e	Nevro Corp		5,620,604
	87,625	*	NextGen Healthcare, Inc		924,444
	137,903	*	Novocure Ltd		9,074,017
	82,345	*	NuVasive, Inc		5,013,164
	65,403	*	Omnicell, Inc		4,767,879
	23,835	*,e	OptimizeRx Corp		221,904
	52,534	*	Option Care Health, Inc		751,236
	99,737	*,e	OraSure Technologies, Inc		1,589,808
	28,813	*	Orthofix Medical Inc		1,021,421
	15,359	*,e	OrthoPediatrics Corp		750,287
	97,515		Owens & Minor, Inc		690,406
	131,893	e	Patterson Cos, Inc		2,411,004
	39,765	*	Pennant Group, Inc		786,949
	30,588	*,e	PetIQ, Inc		874,817
	42,946	*	Phreesia, Inc		1,090,399
	18,305	*,e	Progyny, Inc		428,886
	18,390	*	Providence Service Corp		1,066,804
	16,512	*,e	Pulse Biosciences, Inc		185,430
	56,517	*	Quidel Corp		7,855,863
	167,178	*	R1 RCM, Inc		1,725,277
	65,813	*	RadNet, Inc		929,279
	111,582	*,e	Rockwell Medical, Inc		259,986
	83,566	*	RTI Surgical Holdings Inc		226,046
	35,254	*	SeaSpine Holdings Corp		363,116
	174,861	*	Select Medical Holdings Corp		2,984,877
	175,475	*,e	Senseonics Holdings, Inc		100,021
	40,113	*	Shockwave Medical Inc		1,609,334
	33,994	*	SI-BONE, Inc		549,683
	59,883	*	Sientra, Inc		137,731
	25,341	*,e	Silk Road Medical Inc		1,061,281
	19,575		Simulations Plus, Inc		744,829

247

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	11,378	*	Soliton Inc	$	102,743
	70,258	*	Staar Surgical Co		2,692,287
	37,523	*	Surgery Partners, Inc		442,771
	22,423	*	SurModics, Inc		854,316
	30,794	*,e	Tabula Rasa HealthCare, Inc		1,950,492
	28,821	*,e	Tactile Systems Technology, Inc		1,487,740
	88,424	*	Tandem Diabetes Care, Inc		7,054,467
	114,626	*	Teladoc, Inc		18,866,293
	162,832	*	Tenet Healthcare Corp		3,285,950
	75,044	*,e	Tivity Health, Inc		673,145
	22,526	*,e	Transmedics Group, Inc		407,495
	40,002	*,e	Triple-S Management Corp (Class B)		677,234
	19,580	e	US Physical Therapy, Inc		1,478,290
	5,905		Utah Medical Products, Inc		490,115
	26,236	*,e	Vapotherm, Inc		532,066
	59,325	*	Varex Imaging Corp		1,550,162
	166,180	*,e	ViewRay, Inc		345,654
	49,523	*	Vocera Communications, Inc		938,956
	200,056	*,e	Wright Medical Group NV		5,825,631
	29,390	*,e	Zynex Inc		519,027
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		232,128,775
HOUSEHOLD & PERSONAL PRODUCTS - 0.6%
	62,677	*	BellRing Brands, Inc		1,098,728
	15,597	*,e	Central Garden & Pet Co		513,765
	63,840	*	Central Garden and Pet Co (Class A)		1,941,374
	85,549	*	Edgewell Personal Care Co		2,362,008
	43,603	*	elf Beauty, Inc		569,891
	28,437		Inter Parfums, Inc		1,270,850
	20,649	*	Lifevantage Corp		320,060
	17,853	e	Medifast, Inc		1,354,686
	12,223	*	Nature’s Sunshine Products, Inc		107,562
	8,691		Oil-Dri Corp of America		324,956
	13,688	*,e	Revlon, Inc (Class A)		182,324
	19,891	*	USANA Health Sciences, Inc		1,774,675
	22,003	e	WD-40 Co		3,834,683
	12,281	*,e	Youngevity International Inc		20,264
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		15,675,826
INSURANCE - 2.3%
	72,148	*	AMBAC Financial Group, Inc		1,240,946
	142,845		American Equity Investment Life Holding Co		3,002,602
	30,019		Amerisafe, Inc		1,911,310
	51,879	*	Argo Group International Holdings Ltd		1,834,441
	15,459	*,e	Benefytt Technologies, Inc		403,944
	30,091	*	BRP Group, Inc		301,512
	76,788	*,e	Citizens, Inc (Class A)		426,941
	233,794		Conseco, Inc		3,287,144
	24,529	e	Crawford & Co		174,646
	15,160		Donegal Group, Inc (Class A)		217,091
	36,418	*	eHealth, Inc		3,885,801
	49,903		Employers Holdings, Inc		1,515,554
	18,444	*	Enstar Group Ltd		2,667,371
	15,569		FBL Financial Group, Inc (Class A)		608,437
	21,086		FedNat Holding Co		255,562
	801,326	*	Genworth Financial, Inc (Class A)		2,908,813

248

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	12,215		Global Indemnity Ltd	$	300,367
	19,026	*,e	Goosehead Insurance, Inc		1,068,120
	50,299	*,e	Greenlight Capital Re Ltd (Class A)		327,949
	17,649	*	Hallmark Financial Services		76,244
	10,907	e	HCI Group, Inc		454,277
	44,083		Heritage Insurance Holdings, Inc		499,901
	65,238		Horace Mann Educators Corp		2,293,768
	7,770		Independence Holding Co		214,918
	2,119		Investors Title Co		283,734
	47,640		James River Group Holdings Ltd		1,690,267
	32,557		Kinsale Capital Group, Inc		3,536,341
	123,462	*	MBIA, Inc		1,004,981
	107,088		National General Holdings Corp		2,037,885
	3,625		National Western Life Group, Inc		698,646
	12,045	*	NI Holdings, Inc		162,728
	29,109	*	Palomar Holdings, Inc		1,702,876
	83,828		ProAssurance Corp		1,793,081
	14,145	*	ProSight Global, Inc		118,252
	15,779		Protective Insurance Corp		246,468
	63,084		RLI Corp		4,594,408
	23,576		Safety Insurance Group, Inc		1,983,213
	91,913		Selective Insurance Group, Inc		4,607,599
	27,501		State Auto Financial Corp		690,000
	38,389		Stewart Information Services Corp		1,223,074
	114,244	*	Third Point Reinsurance Ltd		849,975
	29,168		Tiptree Inc		186,384
	45,611	*,e	Trupanion, Inc		1,364,225
	33,339		United Fire Group Inc		953,495
	35,817		United Insurance Holdings Corp		306,235
	47,585		Universal Insurance Holdings, Inc		867,475
	29,828	*	Watford Holdings Ltd		368,376
			TOTAL INSURANCE		61,147,377
MATERIALS - 3.4%
	24,757	e	Advanced Emissions Solutions, Inc		183,944
	45,147	*	AdvanSix, Inc		549,890
	197,467	*	Allegheny Technologies, Inc		1,482,977
	47,693		American Vanguard Corp		599,501
	94,449	*,e	Amyris, Inc		255,012
	51,347		Balchem Corp		4,582,206
	62,845		Boise Cascade Co		1,965,163
	74,722		Carpenter Technology Corp		1,656,587
	85,982	*	Century Aluminum Co		374,022
	11,345		Chase Corp		1,069,380
	25,144	*	Clearwater Paper Corp		601,947
	635,084	e	Cleveland-Cliffs, Inc		2,781,668
	375,195	*	Coeur Mining, Inc		1,579,571
	184,338		Commercial Metals Co		2,938,348
	53,750		Compass Minerals International, Inc		2,642,350
	129,321	*	Ferro Corp		1,289,330
	69,112	*,†	Ferroglobe plc		0
	95,983	*,e	Flotek Industries, Inc		86,135
	30,751	*	Forterra, Inc		250,928
	40,163		FutureFuel Corp		416,892
	87,785	*	GCP Applied Technologies, Inc		1,502,879
	95,287		Gold Resource Corp		393,535

249

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	42,073		Greif, Inc (Class A)	$	1,425,854
	9,515		Greif, Inc (Class B)		378,221
	79,470		H.B. Fuller Co		2,923,701
	14,420		Hawkins, Inc		539,741
	19,140		Haynes International, Inc		422,994
	832,109		Hecla Mining Co		2,188,447
	66,228	*	Ingevity Corp		3,438,558
	38,899		Innospec, Inc		2,820,955
	154,641	*	Intrepid Potash, Inc		148,935
	24,298		Kaiser Aluminum Corp		1,755,045
	29,341	*	Koppers Holdings, Inc		462,414
	49,395	*	Kraton Corp		771,056
	36,085	e	Kronos Worldwide, Inc		342,447
	239,188	*	Livent Corp		1,482,966
	177,584		Louisiana-Pacific Corp		3,551,680
	39,524	*	LSB Industries, Inc		78,653
	66,564	*	Marrone Bio Innovations, Inc		48,605
	33,117		Materion Corp		1,713,474
	9,337	*	Mayville Engineering Co Inc		48,739
	54,573		Minerals Technologies, Inc		2,403,395
	60,915		Myers Industries, Inc		752,909
	27,367		Neenah Inc		1,337,152
	369,070	*	Novagold Resources Inc		4,129,893
	18,593		Olympic Steel, Inc		175,518
	98,405		Orion Engineered Carbons SA		896,470
	67,013		PH Glatfelter Co		978,390
	146,044		PolyOne Corp		3,401,365
	59,955	*	PQ Group Holdings, Inc		702,673
	21,026	e	Quaker Chemical Corp		3,198,475
	24,375	*,e	Ramaco Resources, Inc		57,525
	83,684		Rayonier Advanced Materials, Inc		148,957
	25,988	*	Ryerson Holding Corp		120,065
	40,003		Schnitzer Steel Industries, Inc (Class A)		622,447
	49,235		Schweitzer-Mauduit International, Inc		1,586,352
	66,685		Sensient Technologies Corp		3,186,876
	32,134		Stepan Co		3,065,584
	180,150	*	Summit Materials, Inc		2,722,066
	114,717		SunCoke Energy, Inc		361,359
	15,787	*	Synalloy Corp		139,557
	64,558	*	TimkenSteel Corp		167,851
	33,536	*	Trecora Resources		197,862
	42,457		Tredegar Corp		699,691
	64,685		Trinseo S.A.		1,322,808
	142,377		Tronox Holdings plc		971,011
	11,844	*	UFP Technologies, Inc		509,292
	3,011		United States Lime & Minerals, Inc		241,181
	25,258	*	US Concrete, Inc		484,448
	47,510		Valhi, Inc		41,842
	53,863	*	Verso Corp		748,157
	79,947		Warrior Met Coal, Inc		1,003,335
	61,206		Worthington Industries, Inc		1,618,287
			TOTAL MATERIALS		89,737,543
MEDIA & ENTERTAINMENT - 1.3%
	78,788	e	AMC Entertainment Holdings, Inc		387,637
	16,426	*,e	Arcutis Biotherapeutics, Inc		488,181

250

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	13,563	*	Baudax Bio, Inc	$	41,706
	19,426	*,e	Beam Therapeutics, Inc		309,845
	19,055	*	Black Diamond Therapeutics, Inc		705,797
	18,910	*,e	Boston Omaha Corp		306,909
	22,595	*	Cardlytics, Inc		1,015,645
	119,793	*	Cargurus, Inc		2,740,864
	109,483	*,e	Cars.com, Inc		567,122
	149,808	*	Central European Media Enterprises Ltd (Class A) (NASDAQ)		582,753
	94,062	*	Clear Channel		90,751
	91,896	*	comScore, Inc		265,579
	21,217	*,e	Cumulus Media Inc		93,991
	1,761	*,e	Daily Journal Corp		488,677
	75,575	*	DHI Group, Inc		210,098
	196,995	e	Entercom Communications Corp (Class A)		240,334
	94,262		Entravision Communications Corp (Class A)		137,623
	112,649	*,e	Eros International plc		287,255
	59,090	*	Eventbrite Inc		538,901
	13,890	*	EverQuote Inc		541,293
	86,728	e	EW Scripps Co (Class A)		699,895
	68,333	*	Fluent, Inc		137,349
	196,035	e	Gannett Co, Inc		221,520
	182,657	*	Glu Mobile, Inc		1,424,725
	144,964	*	Gray Television, Inc		1,683,032
	29,344	*	Hemisphere Media Group, Inc		272,312
	80,824	*	Imax Corp		929,476
	79,097	*,e	Lee Enterprises, Inc		72,477
	14,652	*,e	Liberty Braves Group (Class A)		302,417
	55,642	*	Liberty Braves Group (Class C)		1,117,848
	73,798	*	Liberty Latin America Ltd (Class A)		789,639
	182,471	*	Liberty Latin America Ltd (Class C)		1,886,750
	113,373	*	Liberty TripAdvisor Holdings, Inc		266,427
	56,648	*,e	LiveXLive Media, Inc		144,452
	21,398	*	Loral Space & Communications, Inc		470,756
	51,428	*	Marchex, Inc (Class B)		85,885
	35,765		Marcus Corp		520,023
	82,233	*,e	MDC Partners, Inc		117,593
	115,177	*,e	Meet Group, Inc		710,642
	61,705	e	Meredith Corp		915,085
	67,754	*,e	MSG Networks, Inc		804,918
	102,836		National CineMedia, Inc		339,359
	76,709	*	QuinStreet, Inc		779,363
	26,334	*	Reading International, Inc		112,315
	22,306	*	REVOLUTION Medicines, Inc		697,509
	31,852	*	Rosetta Stone, Inc		544,032
	6,926		Saga Communications, Inc		194,759
	44,905		Scholastic Corp		1,305,388
	37,457	*	TechTarget, Inc		873,497
	341,990		TEGNA, Inc		3,666,133
	12,306	*	Travelzoo, Inc		68,544
	30,700		Tribune Publishing Co		263,099
	181,412	*	TrueCar, Inc		464,415
	43,015	*	WideOpenWest, Inc		254,649
	109,676	*	Yelp, Inc		2,451,259
			TOTAL MEDIA & ENTERTAINMENT		35,628,503

251

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 12.5%
	4,657	*	89bio, Inc	$	109,486
	93,234	*	Abeona Therapeutics, Inc		221,897
	179,111	*	Acadia Pharmaceuticals, Inc		8,652,852
	41,594	*,e	Accelerate Diagnostics, Inc		453,791
	71,063	*	Acceleron Pharma, Inc		6,433,333
	116,095	*,e	AcelRx Pharmaceuticals, Inc		186,913
	7,665	*	Acer Therapeutics Inc		18,396
	51,324	*,e	Aclaris Therapeutics, Inc		68,261
	71,388	*,e	Acorda Therapeutics, Inc		68,711
	45,371	*,e	Adamas Pharmaceuticals, Inc		146,548
	111,679	*,e	ADMA Biologics, Inc		329,453
	103,705	*	Aduro Biotech, Inc		286,744
	99,683	*,e	Adverum Biotechnologies, Inc		1,181,244
	40,056	*	Aeglea BioTherapeutics, Inc		311,235
	65,929	*,e	Aerie Pharmaceuticals, Inc		1,004,758
	122,453	*	Affimed NV		268,172
	185,549	*	Agenus, Inc		494,488
	31,726	*,e	AgeX Therapeutics, Inc		26,783
	70,102	*,e	Aimmune Therapeutics, Inc		1,200,146
	20,944	*,e	Akcea Therapeutics, Inc		357,305
	185,604	*	Akebia Therapeutics, Inc		1,503,392
	13,228	*,e	Akero Therapeutics, Inc		269,851
	21,111	*,e	Albireo Pharma, Inc		474,153
	116,754	*,†	Alder Biopharmaceuticals Inc		102,744
	35,286	*	Aldeyra Therapeutics, Inc		111,151
	54,754	*,e	Alector, Inc		1,353,519
	30,715	*,e	Allakos, Inc		2,019,818
	60,724	*,e	Allogene Therapeutics, Inc		1,754,924
	51,103	*,e	AMAG Pharmaceuticals, Inc		410,357
	404,202	*	Amicus Therapeutics, Inc		4,773,626
	186,426	*,e	Amneal Pharmaceuticals, Inc		676,726
	54,609	*,e	Amphastar Pharmaceuticals, Inc		925,623
	37,940	*,e	AnaptysBio, Inc		592,623
	86,565	*,e	Anavex Life Sciences Corp		299,515
	14,742	*	ANI Pharmaceuticals, Inc		589,827
	20,833	*,e	Anika Therapeutics, Inc		692,281
	90,310	*	Apellis Pharmaceuticals, Inc		3,094,924
	12,830	*,e	Applied Therapeutics, Inc		458,672
	10,177	*	Aprea Therapeutics, Inc		323,527
	54,319	*	Arcus Biosciences, Inc		1,434,565
	98,571	*	Ardelyx, Inc		648,597
	80,408	*	Arena Pharmaceuticals, Inc		3,937,580
	157,824	*	Arrowhead Pharmaceuticals Inc		5,433,880
	33,400	*	Arvinas, Inc		1,753,500
	44,884	*	Assembly Biosciences, Inc		785,919
	97,548	*	Assertio Therapeutics, Inc		85,354
	79,539	*	Atara Biotherapeutics, Inc		659,378
	111,107	*,e	Athenex, Inc		993,297
	214,548	*,e	Athersys, Inc		493,460
	27,228	*,e	Atreca, Inc		416,044
	89,525	*,e	Avid Bioservices, Inc		546,102
	37,013	*,e	Avrobio, Inc		476,357
	12,813	*	Axcella Health, Inc		59,709
	42,573	*	Axsome Therapeutics, Inc		4,045,712
	21,077	*	Beyondspring Inc		302,455
	268,422	*	BioCryst Pharmaceuticals, Inc		1,049,530

252

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	139,369	*	BioDelivery Sciences International, Inc	$	635,523
	67,465	*	Biohaven Pharmaceutical Holding Co Ltd		3,177,601
	8,989	*	Biospecifics Technologies Corp		511,564
	11,018	*	Bioxcel Therapeutics Inc		407,666
	84,627	*	Blueprint Medicines Corp		4,978,606
	120,674	*,e	Bridgebio Pharma, Inc		3,684,177
	10,357	*	Cabaletta Bio, Inc		75,088
	98,602	*	Calithera Biosciences, Inc		604,430
	15,410	*,e	Calyxt, Inc		67,188
	61,401	*,e	Cara Therapeutics, Inc		909,963
	66,886	*	CareDx, Inc		1,697,567
	73,710	*,e	CASI Pharmaceuticals, Inc		137,101
	14,951	*	Castle Biosciences, Inc		462,434
	162,218	*,e	Catalyst Pharmaceuticals, Inc		768,913
	14,057	*	cbdMD Inc		13,541
	7,093	*	Celcuity, Inc		42,629
	19,312	*,e	Cellular Biomedicine Group, Inc		280,024
	53,853	*,e	CEL-SCI Corp		947,813
	2,968	*	Centogene NV		57,876
	31,823	*	Cerecor Inc		75,421
	34,284	*,e	Checkpoint Therapeutics Inc		60,340
	64,153	*	ChemoCentryx, Inc		3,400,751
	56,870	*	Chiasma, Inc		294,018
	79,263	*	Chimerix, Inc		182,305
	67,801	*,e	ChromaDex Corp		339,005
	80,861	*,e	Clovis Oncology, Inc		615,352
	86,627	*,e	Codexis, Inc		1,005,739
	99,461	*,e	Coherus Biosciences, Inc		1,651,053
	51,138	*	Collegium Pharmaceutical, Inc		1,057,534
	47,056	*	Concert Pharmaceuticals, Inc		469,619
	29,823	*,e	Constellation Pharmaceuticals, Inc		1,073,032
	100,044	*,e	Corbus Pharmaceuticals Holdings, Inc		648,285
	151,298	*,e	Corcept Therapeutics, Inc		1,915,433
	49,194	*,e	CorMedix Inc		204,155
	17,910	*,e	Cortexyme Inc		817,054
	16,334	*	Crinetics Pharmaceuticals, Inc		272,451
	31,003	*	Cue Biopharma, Inc		793,057
	101,842	*,e	Cymabay Therapeutics, Inc		180,260
	88,330	*,e	Cytokinetics, Inc		1,334,666
	69,831	*	CytomX Therapeutics, Inc		720,656
	33,065	*	Deciphera Pharmaceuticals, Inc		1,917,109
	82,249	*,e	Denali Therapeutics, Inc		1,797,963
	83,448	*	Dicerna Pharmaceuticals, Inc		1,643,926
	131,659	*,e	Dynavax Technologies Corp		559,551
	13,702	*	Eagle Pharmaceuticals, Inc		698,528
	81,418	*,e	Editas Medicine, Inc		1,882,384
	18,912	*,e	Eidos Therapeutics, Inc		878,273
	34,704	*	Eiger BioPharmaceuticals, Inc		258,198
	39,692	*,e	Eloxx Pharmaceuticals, Inc		115,901
	72,314	*	Emergent Biosolutions, Inc		5,347,620
	30,059	*	Enanta Pharmaceuticals, Inc		1,393,836
	362,197	*	Endo International plc		1,666,106
	21,950	*,e	Enochian Biosciences Inc		75,069
	122,614	*	Epizyme, Inc		2,018,226
	40,558	*,e	Esperion Thereapeutics, Inc		1,606,097
	18,447	*,e	Evelo Biosciences, Inc		102,196

253

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	21,041	*,e	Evofem Biosciences Inc	$	99,734
	33,511	*,e	Evolus, Inc		139,406
	91,958	*,e	EyePoint Pharmaceuticals Inc		89,006
	95,491	*,e	Fate Therapeutics, Inc		2,614,544
	124,956	*	FibroGen, Inc		4,609,627
	49,519	*	Five Prime Therapeutics, Inc		162,422
	51,341	*,e	Flexion Therapeutics, Inc		546,268
	109,756	*	Fluidigm Corp		245,853
	9,072	*	Frequency Therapeutics, Inc		144,336
	20,023	*,e	Fulcrum Therapeutics, Inc		252,690
	56,412	*,e	G1 Therapeutics, Inc		740,690
	72,382	*,e	Galectin Therapeutics, Inc		179,869
	2,704	*	Galera Therapeutics, Inc		36,937
	290,699	*,e	Geron Corp		345,932
	92,576	*,e	Global Blood Therapeutics, Inc		7,083,916
	53,355	*	GlycoMimetics, Inc		148,860
	69,907	*	Gossamer Bio, Inc		910,189
	45,783	*,e	Gritstone Oncology, Inc		320,939
	211,875	*	Halozyme Therapeutics, Inc		4,800,028
	15,106	*,e	Harpoon Therapeutics, Inc		190,336
	132,284	*,e	Heron Therapeutics, Inc		1,886,370
	40,892	*,e	Homology Medicines, Inc		493,566
	10,993	*,e	Hookipa Pharma, Inc		97,398
	7,818	*	IGM Biosciences, Inc		428,192
	266,382	*	Immunogen, Inc		1,086,839
	300,088	*	Immunomedics, Inc		9,116,673
	101,903	*	Innoviva, Inc		1,444,985
	149,839	*,e	Inovio Pharmaceuticals, Inc		1,802,563
	141,618	*,e	Insmed, Inc		3,257,214
	58,690	*,e	Intellia Therapeutics, Inc		790,554
	39,981	*	Intercept Pharmaceuticals, Inc		3,275,244
	50,920	*	Intersect ENT, Inc		584,562
	83,325	*	Intra-Cellular Therapies, Inc		1,472,353
	139,651	*,e	Invitae Corp		2,311,224
	187,007	*	Iovance Biotherapeutics, Inc		6,012,275
	244,119	*,e	Ironwood Pharmaceuticals, Inc		2,441,190
	27,816	*,e	Jounce Therapeutics, Inc		136,298
	262,229	*,e	Kadmon Holdings, Inc		1,127,585
	41,971	*,e	Kala Pharmaceuticals, Inc		418,031
	18,408	*,e	Kaleido Biosciences Inc		119,836
	22,664	*	KalVista Pharmaceuticals Inc		247,264
	16,556	*	Karuna Therapeutics, Inc		1,375,472
	93,853	*,e	Karyopharm Therapeutics, Inc		2,069,459
	49,374	*,e	Kezar Life Sciences, Inc		232,058
	55,463	*	Kindred Biosciences, Inc		278,424
	21,759	*	Kiniksa Pharmaceuticals Ltd		434,092
	45,595	*	Kodiak Sciences, Inc		2,487,207
	16,432	*	Krystal Biotech Inc		775,426
	52,915	*	Kura Oncology, Inc		769,913
	34,955	*,e	La Jolla Pharmaceutical Co		253,773
	54,608	*,e	Lannett Co, Inc		520,960
	71,355	*,e	Lexicon Pharmaceuticals, Inc		134,861
	26,948	*,e	Ligand Pharmaceuticals, Inc (Class B)		2,656,264
	188,236	*,e	Lineage Cell Therapeutics, Inc		160,001
	19,940	*,e	Liquidia Technologies, Inc		99,301
	17,202	*,e	LogicBio Therapeutics, Inc		98,395

254

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	66,937		Luminex Corp	$	2,413,079
	79,406	*	MacroGenics, Inc		571,723
	14,253	*,e	Madrigal Pharmaceuticals, Inc		1,192,691
	29,883	*	Magenta Therapeutics, Inc		243,546
	66,468	*,e	Mallinckrodt plc		269,860
	320,933	*,e	MannKind Corp		417,213
	130,860	*,e	Marinus Pharmaceuticals, Inc		266,954
	40,098	*,e	Marker Therapeutics Inc		110,470
	60,863	*	MediciNova, Inc		313,444
	43,265	*	Medpace Holdings, Inc		3,455,143
	101,175	*	MEI Pharma, Inc		274,184
	30,666	*	MeiraGTx Holdings plc		422,271
	73,494	*,e	Menlo Therapeutics, Inc		133,759
	55,127	*	Mersana Therapeutics, Inc		497,797
	14,011	*	Millendo Therapeutics Inc		23,398
	45,243	*	Minerva Neurosciences, Inc		405,830
	47,716	*	Mirati Therapeutics, Inc		4,057,769
	9,154	*,e	Mirum Pharmaceuticals, Inc		154,703
	31,324	*	Molecular Templates, Inc		508,389
	181,180	*	Momenta Pharmaceuticals, Inc		5,743,406
	16,946	*,e	Morphic Holding, Inc		230,635
	42,193	*,e	Mustang Bio, Inc		116,453
	70,394	*	MyoKardia, Inc		4,422,151
	113,090	*	Myriad Genetics, Inc		1,748,371
	55,145	*	NanoString Technologies, Inc		1,751,405
	98,062	*	Natera, Inc		3,632,216
	151,066	*	NeoGenomics, Inc		4,130,144
	20,227	*,e	Neon Therapeutics, Inc		58,456
	24,025	*	NextCure Inc		778,890
	38,455	*,e	NGM Biopharmaceuticals Inc		702,188
	50,812	*,e	Novavax, Inc		921,222
	67,276	*,e	Ocular Therapeutix, Inc		387,510
	15,233	*	Odonate Therapeutics, Inc		428,809
	85,245	*,e	Omeros Corp		1,416,772
	31,968	*	Oncocyte Corp		86,314
	623,446	*,e	Opko Health, Inc		1,384,050
	53,172	*,e	Optinose, Inc		214,815
	15,648	*	Organogenesis Holdings Inc		58,054
	8,892	*,e	Oyster Point Pharma, Inc		261,425
	239,262	*,e	Pacific Biosciences of California, Inc		790,761
	66,037	*	Pacira BioSciences Inc		2,726,668
	300,640	*,e	Palatin Technologies, Inc		145,660
	50,229	*,e	Paratek Pharmaceuticals, Inc		205,437
	175,964	*	PDL BioPharma, Inc		596,518
	29,955	*,e	Personalis, Inc		310,633
	51,378	*	Pfenex, Inc		295,423
	20,302	*,e	PhaseBio Pharmaceuticals Inc		78,366
	17,030	*	Phathom Pharmaceuticals, Inc		576,295
	30,377		Phibro Animal Health Corp		811,370
	79,763	*	Pieris Pharmaceuticals, Inc		211,372
	28,785	*,e	PolarityTE, Inc		29,649
	118,514	*,e	Portola Pharmaceuticals, Inc		839,079
	56,601	*	Precision BioSciences Inc		389,415
	79,521	*	Prestige Consumer Healthcare, Inc.		3,235,709
	22,153	*	Prevail Therapeutics, Inc		320,111
	28,961	*	Principia Biopharma, Inc		1,800,795

255

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	140,951	*	Progenics Pharmaceuticals, Inc	$	555,347
	29,237	*	Protagonist Therapeutics, Inc		197,350
	66,223	*	Prothena Corp plc		743,022
	95,014	*	PTC Therapeutics, Inc		4,838,113
	53,482	*,e	Puma Biotechnology, Inc		537,494
	20,044	*	Quanterix Corp		525,153
	70,335	*,e	Radius Health, Inc		1,103,556
	2,486	*	RAPT Therapeutics, Inc		37,762
	36,082	*,e	Reata Pharmaceuticals, Inc		5,706,729
	33,909	*	Recro Pharma, Inc		286,870
	53,142	*	REGENXBIO, Inc		2,116,114
	83,099	*	Repligen Corp		9,651,949
	23,131	*	Replimune Group, Inc		418,440
	67,026	*	Retrophin, Inc		1,020,136
	81,557	*,e	Revance Therapeutics, Inc		1,509,620
	46,189	*	Rhythm Pharmaceuticals, Inc		870,201
	262,827	*,e	Rigel Pharmaceuticals, Inc		470,460
	52,988	*	Rocket Pharmaceuticals, Inc		784,222
	55,052	*,e	Rubius Therapeutics, Inc		333,065
	185,697	*,e	Sangamo Therapeutics Inc		1,513,431
	7,019	*	Satsuma Pharmaceuticals, Inc		137,572
	31,858	*	Scholar Rock Holding Corp		523,427
	21,742	*	Schrodinger, Inc		1,008,829
	69,281	*	Seres Therapeutics, Inc		254,954
	98,556	*	SIGA Technologies, Inc		582,466
	31,959	*,e	Solid Biosciences, Inc		74,145
	212,919	*,e	Sorrento Therapeutics, Inc		483,326
	176,688	*	Spectrum Pharmaceuticals, Inc		512,395
	17,516	*	Spero Therapeutics, Inc		217,724
	16,443	*,e	SpringWorks Therapeutics, Inc		497,565
	72,140	*,e	Stemline Therapeutics, Inc		377,292
	26,833	*	Stoke Therapeutics, Inc		564,298
	53,894	*	Strongbridge Biopharma plc		154,137
	76,912	*	Supernus Pharmaceuticals, Inc		1,799,741
	15,955	*	Sutro Biopharma, Inc		157,157
	36,282	*,e	Syndax Pharmaceuticals, Inc		653,076
	98,857	*	Syneos Health, Inc		5,515,232
	27,221	*,e	Synlogic, Inc		56,620
	54,225	*,e	Syros Pharmaceuticals, Inc		457,117
	18,096	*,e	TCR2 Therapeutics Inc		172,636
	135,948	*,e	TG Therapeutics, Inc		1,598,748
	349,656	*,e	TherapeuticsMD, Inc		552,456
	77,443	*	Theravance Biopharma, Inc		2,258,238
	53,825	*,e	Translate Bio, Inc		691,113
	34,996	*	Tricida, Inc		1,058,629
	43,741	*	Turning Point Therapeutics Inc		2,253,099
	41,247	*	Twist Bioscience Corp		1,349,189
	91,734	*,e	Tyme Technologies, Inc		148,609
	87,301	*,e	Ultragenyx Pharmaceutical, Inc		5,275,599
	52,187	*,e	UNITY Biotechnology, Inc		338,694
	30,333	*,e	UroGen Pharma Ltd		673,696
	80,440	*	Vanda Pharmaceuticals, Inc		925,060
	243,521	*,e	VBI Vaccines, Inc		297,096
	75,766	*	Veracyte, Inc		2,043,409
	73,013	*	Vericel Corp		1,058,689
	20,309	*,e	Verrica Pharmaceuticals, Inc		245,130

256

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	8,607	*	Viela Bio, Inc	$	349,702
	99,463	*,e	Viking Therapeutics, Inc		572,907
	11,340	*	Vir Biotechnology, Inc		345,983
	39,696	*	Voyager Therapeutics, Inc		429,114
	34,617	*,e	WaVe Life Sciences Ltd		300,476
	18,379	*,e	X4 Pharmaceuticals, Inc		171,108
	20,747	*	XBiotech, Inc		328,218
	76,555	*	Xencor, Inc		2,237,703
	74,069	*,e	Xeris Pharmaceuticals, Inc		199,986
	37,215	*	Y-mAbs Therapeutics, Inc		1,249,680
	292,628	*,e	ZIOPHARM Oncology, Inc		819,358
	68,460	*	Zogenix, Inc		1,932,626
	42,296	*,e	Zynerba Pharmaceuticals, Inc		163,686
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		333,312,999
REAL ESTATE - 7.1%
	135,669		Acadia Realty Trust		1,680,939
	65,684		Agree Realty Corp		4,276,685
	108,583		Alexander & Baldwin, Inc		1,426,781
	3,595		Alexander’s, Inc		1,133,360
	8,715	*,e	Altisource Portfolio Solutions S.A.		72,770
	76,269		American Assets Trust, Inc		2,159,938
	172,266		American Finance Trust, Inc		1,328,171
	2,523	*	American Realty Investors, Inc		20,058
	85,326		Armada Hoffler Properties, Inc		819,983
	156,348		Ashford Hospitality Trust, Inc		128,565
	37,356		Bluerock Residential Growth REIT, Inc		217,412
	46,809		BraeMar Hotels & Resorts, Inc		146,512
	15,931		Brt Realty Trust		157,717
	152,541		CareTrust REIT, Inc		2,513,876
	75,750		CatchMark Timber Trust, Inc		595,395
	260,852	*	CBL & Associates Properties, Inc		75,386
	133,565		Cedar Realty Trust, Inc		140,243
	75,918		Chatham Lodging Trust		570,144
	18,970		CIM Commercial Trust Corp		193,304
	84,193		City Office REIT, Inc		850,349
	25,117		Clipper Realty, Inc		133,120
	30,141		Community Healthcare Trust, Inc		1,121,245
	7,619		Consolidated-Tomoka Land Co		320,227
	192,378		CoreCivic, Inc		2,523,999
	20,231		CorEnergy Infrastructure Trust, Inc		245,604
	62,746		CorePoint Lodging, Inc		272,945
	177,510	*	Cushman & Wakefield plc		2,160,297
	321,955		DiamondRock Hospitality Co		2,005,780
	382,965		Diversified Healthcare Trust		1,191,021
	116,878		Easterly Government Properties, Inc		3,145,187
	60,917		EastGroup Properties, Inc		6,457,202
	144,573		Essential Properties Realty Trust, Inc		2,123,777
	34,485	*	eXp World Holdings Inc		316,572
	50,657		Farmland Partners, Inc		332,310
	200,466		First Industrial Realty Trust, Inc		7,571,601
	26,122	*	Forestar Group, Inc		344,549
	110,436		Four Corners Property Trust, Inc		2,472,662
	161,809		Franklin Street Properties Corp		880,241
	81,844		Front Yard Residential Corp		933,840
	12,258	*	FRP Holdings, Inc		533,100

257

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	193,288		Geo Group, Inc	$	2,450,892
	53,510		Getty Realty Corp		1,453,332
	50,145		Gladstone Commercial Corp		792,291
	32,090		Gladstone Land Corp		430,648
	60,546		Global Medical REIT, Inc		630,889
	146,408		Global Net Lease, Inc		2,106,811
	765		Griffin Land & Nurseries, Inc (Class A)		29,391
	101,399		Hannon Armstrong Sustainable Infrastructure Capital, Inc		2,838,158
	208,525		Healthcare Realty Trust, Inc		6,128,550
	55,488		Hersha Hospitality Trust		290,202
	142,238		Independence Realty Trust, Inc		1,432,337
	102,090		Industrial Logistics Properties Trust		1,908,062
	25,673		Innovative Industrial Properties, Inc		2,014,304
	18,419		Investors Real Estate Trust		1,153,582
	91,415		iStar Inc		915,978
	36,753		Jernigan Capital, Inc		485,140
	193,169		Kennedy-Wilson Holdings, Inc		2,733,341
	131,896		Kite Realty Group Trust		1,349,296
	387,111		Lexington Realty Trust		4,045,310
	61,939		LTC Properties, Inc		2,205,028
	139,104		Mack-Cali Realty Corp		2,252,094
	36,275	*	Marcus & Millichap, Inc		1,053,789
	7,422	*	Maui Land & Pineapple Co, Inc		77,560
	149,351		Monmouth Real Estate Investment Corp (Class A)		2,029,680
	67,388		National Health Investors, Inc		3,710,383
	94,181		National Storage Affiliates Trust		2,682,275
	125,991		New Senior Investment Group, Inc		417,030
	233,097		Newmark Group, Inc		904,416
	30,380		NexPoint Residential Trust, Inc		913,527
	74,907		Office Properties Income Trust		2,052,452
	27,174		One Liberty Properties, Inc		427,175
	204,891		Pebblebrook Hotel Trust		2,425,909
	104,176		Pennsylvania REIT		105,218
	296,420		Physicians Realty Trust		4,570,796
	195,396		Piedmont Office Realty Trust, Inc		3,390,121
	106,145		PotlatchDeltic Corp		3,726,751
	77,514		Preferred Apartment Communities, Inc		574,379
	31,462		PS Business Parks, Inc		4,061,430
	91,765		QTS Realty Trust, Inc		5,738,066
	22,405	*	Rafael Holdings, Inc		316,135
	29,328		Re/Max Holdings, Inc		771,033
	182,581		Realogy Holdings Corp		792,402
	143,766	*	Redfin Corp		3,037,776
	180,694		Retail Opportunities Investment Corp		1,753,635
	25,707		Retail Value, Inc		371,980
	180,294		Rexford Industrial Realty, Inc		7,341,572
	272,387		RLJ Lodging Trust		2,530,475
	24,737		RMR Group, Inc		733,699
	125,106		RPT Realty		853,223
	77,310		Ryman Hospitality Properties		2,732,135
	318,281		Sabra Healthcare REIT, Inc		4,080,362
	20,059		Safehold, Inc		1,158,608
	19,476		Saul Centers, Inc		635,307
	53,389	*	Seritage Growth Properties		564,856
	52,854	*,e	St. Joe Co		967,228
	235,783		STAG Industrial, Inc		6,189,304

258

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	6,939	*	Stratus Properties, Inc	$	116,367
	167,121		Summit Hotel Properties, Inc		1,012,753
	353,226		Sunstone Hotel Investors, Inc		3,246,147
	140,639		Tanger Factory Outlet Centers, Inc		1,057,605
	33,992	*	Tejon Ranch Co		465,690
	104,281		Terreno Realty Corp		5,716,684
	1,971	*	Transcontinental Realty Investors, Inc		37,193
	57,015		UMH Properties, Inc		740,625
	303,033		Uniti Group, Inc		2,139,413
	20,258		Universal Health Realty Income Trust		2,166,796
	180,497		Urban Edge Properties		2,075,716
	46,353		Urstadt Biddle Properties, Inc (Class A)		677,217
	280,415		Washington Prime Group, Inc		241,101
	129,589		Washington REIT		3,022,016
	63,559		Whitestone REIT		430,930
	179,242		Xenia Hotels & Resorts, Inc		1,738,647
			TOTAL REAL ESTATE		189,814,090
RETAILING - 2.8%
	43,256	*	1-800-FLOWERS.COM, Inc (Class A)		830,083
	107,971		Aaron’s, Inc		3,445,355
	98,175	e	Abercrombie & Fitch Co (Class A)		1,038,691
	244,337	e	American Eagle Outfitters, Inc		1,942,479
	10,338	*	America’s Car-Mart, Inc		681,791
	30,111	*,e	Asbury Automotive Group, Inc		2,032,492
	12,621	*,e	Ascena Retail Group, Inc		18,300
	71,585	*,e	At Home Group, Inc		168,225
	59,875	*	Barnes & Noble Education, Inc		107,176
	194,523	e	Bed Bath & Beyond, Inc		1,204,097
	63,927		Big Lots, Inc		1,499,088
	175,970	*	BJ’s Wholesale Club Holdings, Inc		4,629,771
	44,730	*	Boot Barn Holdings, Inc		825,716
	48,071	e	Buckle, Inc		735,967
	62,752		Caleres, Inc		508,919
	52,455	e	Camping World Holdings, Inc		465,276
	34,827		Cato Corp (Class A)		392,152
	196,173		Chico’s FAS, Inc		294,259
	24,114	e	Children’s Place, Inc		712,810
	19,470		Citi Trends, Inc		221,179
	31,774	*,e	Conn’s, Inc		214,792
	25,906	*,e	Container Store Group, Inc		54,403
	72,132		Core-Mark Holding Co, Inc		2,073,074
	101,722		Designer Brands, Inc		645,935
	15,599	e	Dillard’s, Inc (Class A)		459,858
	14,643	*,e	Duluth Holdings, Inc		58,718
	98,715	*,e	Express Parent LLC		204,340
	35,155	*,e	Funko, Inc		150,463
	13,734	*,e	Gaia, Inc		124,842
	103,824	*,e	GameStop Corp (Class A)		594,911
	22,864	*	Genesco, Inc		432,816
	9,200	*,e	Greenlane Holdings Inc		29,440
	28,001	e	Group 1 Automotive, Inc		1,584,577
	738,692	*	Groupon, Inc		901,204
	72,399	e	Guess?, Inc		676,931
	29,621		Haverty Furniture Cos, Inc		400,772
	29,889	*	Hibbett Sports, Inc		461,187

259

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	60,141	*	Hudson Ltd	$	294,691
	16,611	*,e	Lands’ End, Inc		141,360
	19,936	*,e	Leaf Group Ltd		28,907
	42,662	*	Liquidity Services, Inc		213,310
	35,282		Lithia Motors, Inc (Class A)		3,900,778
	42,818	*,e	Lumber Liquidators, Inc		301,867
	35,468	*	MarineMax, Inc		511,094
	135,241	*,e	Michaels Cos, Inc		411,133
	51,485	e	Monro Muffler, Inc		2,856,903
	45,866	*	Murphy USA, Inc		4,898,489
	126,134	*	National Vision Holdings, Inc		3,342,551
	860,022		Office Depot, Inc		1,909,249
	7,478	*	OneWater Marine, Inc		85,922
	55,739	*	Overstock.com, Inc		703,426
	31,037	e	PetMed Express, Inc		1,228,134
	117,429	*	Quotient Technology, Inc		843,140
	82,656	*,e	RealReal, Inc		970,381
	79,831		Rent-A-Center, Inc		1,589,036
	27,060	*,e	RH		3,890,687
	162,327	*,e	Rubicon Project, Inc		1,163,885
	185,164	*,e	Sally Beauty Holdings, Inc		1,797,942
	15,430	e	Shoe Carnival, Inc		364,457
	31,017		Shutterstock, Inc		1,178,646
	83,053	e	Signet Jewelers Ltd		835,513
	43,983	*	Sleep Number Corp		1,315,092
	38,707	e	Sonic Automotive, Inc (Class A)		829,491
	73,897	*	Sportsman’s Warehouse Holdings, Inc		529,103
	26,373	*	Stamps.com, Inc		4,174,055
	64,991	*,e	Stitch Fix Inc		1,043,106
	90,277	e	Tailored Brands, Inc		149,860
	34,679		Tilly’s, Inc		204,259
	10,612		Weyco Group, Inc		201,946
	3,849		Winmark Corp		577,350
	31,714	*	Zumiez, Inc		670,434
			TOTAL RETAILING		73,978,286
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.6%
	60,792	*	Acacia Communications, Inc		4,115,010
	47,134	*,e	Adesto Technologies Corp		558,538
	60,786	*	Advanced Energy Industries, Inc		3,379,702
	31,310	*	Alpha & Omega Semiconductor Ltd		376,659
	51,704	*	Ambarella, Inc		2,718,596
	160,217	*	Amkor Technology, Inc		1,582,944
	52,191	*	Axcelis Technologies, Inc		1,219,182
	54,840	*	AXT, Inc		303,265
	116,148		Brooks Automation, Inc		4,470,537
	45,728		Cabot Microelectronics Corp		5,603,509
	34,851	*	Ceva, Inc		1,092,579
	16	*,†	China Energy Savings Technology, Inc		0
	91,801	*	Cirrus Logic, Inc		6,940,156
	64,006		Cohu, Inc		1,058,019
	66,006	*	Diodes, Inc		3,359,045
	32,154	*	DSP Group, Inc		554,656
	146,939	*	Enphase Energy, Inc		6,881,153
	120,105	*	Formfactor, Inc		2,798,447
	22,634	*	GSI Technology, Inc		174,961

260

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	33,890	*	Ichor Holdings Ltd	$	843,861
	27,514	*	Impinj, Inc		617,964
	71,062	*	Inphi Corp		6,860,325
	202,514	*	Lattice Semiconductor Corp		4,558,590
	73,211	*	MACOM Technology Solutions Holdings, Inc		2,244,649
	106,227	*	MaxLinear, Inc		1,751,683
	75,858	*	Nanometrics, Inc		2,462,351
	62,242	*	NeoPhotonics Corp Ltd		598,768
	7,226		NVE Corp		410,220
	45,883	*	PDF Solutions, Inc		732,752
	103,759	*	Photronics, Inc		1,239,920
	44,679		Power Integrations, Inc		4,572,896
	172,890	*	Rambus, Inc		2,166,312
	104,859	*	Semtech Corp		4,743,821
	67,589	*	Silicon Laboratories, Inc		6,571,003
	7,778	*	SiTime Corp		168,471
	20,789	*,e	SMART Global Holdings, Inc		525,754
	117,066	*,e	SunPower Corp		860,435
	54,904	*,e	Synaptics, Inc		3,590,173
	61,004	*	Ultra Clean Holdings		1,121,864
	81,153	*	Veeco Instruments, Inc		887,002
	78,664		Xperi Corp		1,201,986
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		95,917,758
SOFTWARE & SERVICES - 7.3%
	154,701	*	8x8, Inc		2,623,729
	77,698	*	A10 Networks, Inc		530,677
	183,300	*	ACI Worldwide, Inc		5,022,420
	59,283	*	Alarm.com Holdings, Inc		2,651,729
	64,819	*,e	Altair Engineering, Inc		2,138,379
	48,335		American Software, Inc (Class A)		796,561
	25,126	*	Appfolio, Inc		2,760,342
	53,622	*,e	Appian Corp		2,448,917
	150,668	*,e	Avaya Holdings Corp		1,497,640
	47,267	*	Benefitfocus, Inc		511,902
	77,839		Blackbaud, Inc		4,301,383
	68,203	*	Blackline, Inc		4,142,650
	68,712	*	Bottomline Technologies, Inc		2,860,481
	231,870	*,e	Box, Inc		3,742,382
	66,899	*	Brightcove, Inc		521,812
	57,508	*,e	Cardtronics plc		1,316,933
	23,159		Cass Information Systems, Inc		928,907
	42,871	*	ChannelAdvisor Corp		442,857
	393,905	*	Cloudera, Inc		3,261,533
	65,994	*	Commvault Systems, Inc		2,817,284
	286,535	*	Conduent, Inc		722,068
	91,158	*	Cornerstone OnDemand, Inc		3,059,262
	52,723		CSG Systems International, Inc		2,561,283
	18,172	*,e	Digimarc Corp		304,381
	127,701	*	Digital Turbine, Inc		748,328
	27,462	*	Domo, Inc		534,136
	36,837	e	Ebix, Inc		770,998
	38,682	*	eGain Corp		321,061
	128,724	*	Endurance International Group Holdings, Inc		330,177
	76,284	*	Envestnet, Inc		4,769,276
	52,644	*,e	Everbridge, Inc		5,863,489

261

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	131,380	*	Everi Holdings, Inc	$	650,331
	95,378		EVERTEC, Inc		2,416,878
	63,098	*	Evo Payments, Inc		1,256,281
	53,028	*	ExlService Holdings, Inc		3,273,418
	94,769	*	Five9, Inc		8,782,243
	69,640	*,e	ForeScout Technologies, Inc		2,211,766
	53,219	*,e	GTT Communications, Inc		604,568
	61,435	*,e	GTY Technology Holdings Inc		240,211
	42,860		Hackett Group, Inc		635,614
	25,720	*,e	I3 Verticals, Inc		597,733
	75,869	*,e	Ideanomics Inc		45,703
	40,842	*	Information Services Group, Inc		102,105
	10,800	*,e	Intelligent Systems Corp		362,232
	28,669	*,e	International Money Express Inc		231,645
	73,416	*	j2 Global, Inc		5,920,266
	223,010		KBR, Inc		4,518,183
	189,893	*,e	Limelight Networks, Inc		962,757
	97,554	*,e	Liveperson, Inc		2,335,443
	105,819	*	LiveRamp Holdings, Inc		4,006,307
	7,084	*	Majesco		39,529
	42,047		Mantech International Corp (Class A)		3,135,024
	100,281		MAXIMUS, Inc		6,750,917
	13,155	*	MicroStrategy, Inc (Class A)		1,661,871
	60,888	*	Mitek Systems, Inc		568,085
	154,210	*	MobileIron, Inc		784,929
	51,300	*	Model N, Inc		1,480,518
	105,039		NIC, Inc		2,545,095
	51,357	*	OneSpan, Inc		862,798
	50,403	*,e	Paysign Inc		433,466
	48,995	*	Perficient, Inc		1,706,496
	220,833		Perspecta, Inc		4,763,368
	21,763	*,e	Ping Identity Holding Corp		542,334
	25,179	*	PRGX Global, Inc		100,968
	9,815	*	Priority Technology Holdings Inc		15,802
	70,326		Progress Software Corp		2,877,037
	52,506	*	PROS Holdings, Inc		1,805,681
	69,064	*,e	Q2 Holdings, Inc		5,505,782
	17,894		QAD, Inc (Class A)		757,274
	53,522	*	Qualys, Inc		5,643,360
	77,668	*	Rapid7, Inc		3,537,777
	28,934	*,e	Rimini Street, Inc		133,675
	134,660	*	SailPoint Technologies Holding, Inc		2,503,329
	91,312		Science Applications International Corp		7,456,538
	13,818	*,e	SecureWorks Corp		157,249
	12,703	*,e	SharpSpring Inc		87,524
	14,750	*,e	ShotSpotter, Inc		506,957
	15,169	*,e	Sprout Social, Inc		255,143
	55,697	*	SPS Commerce, Inc		3,091,740
	24,068	*	StarTek, Inc		100,364
	139,247	*	SVMK, Inc		2,186,178
	61,401	*	Sykes Enterprises, Inc		1,757,911
	66,902	*,e	Synchronoss Technologies, Inc		230,812
	53,185	*,e	TeleNav, Inc		248,374
	61,724	*	Tenable Holdings, Inc		1,608,527
	196,730		TiVo Corp		1,383,012
	27,259		TTEC Holdings, Inc		1,062,556

262

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	15,769	*,e	Tucows, Inc	$	834,338
	80,649	*	Unisys Corp		1,015,371
	37,822	*	Upland Software, Inc		1,196,310
	92,184	*	Upwork, Inc		767,893
	47,372	*	Varonis Systems, Inc		3,176,293
	105,149	*	Verint Systems, Inc		4,494,068
	201,030	*	Verra Mobility Corp		1,801,229
	97,268	*,e	VirnetX Holding Corp		540,810
	45,827	*	Virtusa Corp		1,512,291
	59,311	*	Workiva, Inc		2,274,577
	151,765	*,e	Yext, Inc		1,942,592
	84,143	*	Zix Corp		461,104
	143,000	*	Zuora Inc		1,511,510
			TOTAL SOFTWARE & SERVICES		194,273,047
TECHNOLOGY HARDWARE & EQUIPMENT - 4.1%
	179,892	*,e	3D Systems Corp		1,527,283
	81,829		Adtran, Inc		841,202
	33,507	*	Agilysys, Inc		656,402
	13,711	*	Airgain Inc		110,922
	50,238	*,e	Akoustis Technologies, Inc		455,156
	48,305	*	Anixter International, Inc		4,485,602
	29,029	*,e	Applied Optoelectronics, Inc		311,191
	116,102	*	Arlo Technologies, Inc		318,120
	10,126		AstroNova Inc		71,186
	51,463	*	Avid Technology, Inc		361,270
	45,131		Badger Meter, Inc		2,664,083
	16,948		Bel Fuse, Inc (Class B)		126,432
	62,731		Belden CDT, Inc		2,144,773
	56,929		Benchmark Electronics, Inc		1,176,153
	48,216	*	CalAmp Corp		324,012
	72,040	*	Calix, Inc		828,460
	6,912	*	Cambium Networks Corp		39,606
	51,230	*,e	Casa Systems, Inc		262,810
	13,438	*	Clearfield, Inc		175,097
	6,864	*,e	Coda Octopus Group Inc		41,870
	37,774		Comtech Telecommunications Corp		699,197
	50,378		CTS Corp		1,166,754
	57,046		Daktronics, Inc		257,848
	14,435	*	DASAN Zhone Solutions, Inc		92,528
	122,868	*,e	Diebold, Inc		605,739
	44,282	*	Digi International, Inc		502,601
	21,228	*	ePlus, Inc		1,501,881
	189,547	*	Extreme Networks, Inc		644,460
	57,656	*	Fabrinet		3,617,914
	27,379	*	FARO Technologies, Inc		1,502,833
	371,851	*	Fitbit, Inc		2,487,683
	139,670	*	Harmonic, Inc		810,086
	143,041	*,e	II-VI, Inc		4,923,471
	49,931	*	Immersion Corp		347,520
	280,650	*	Infinera Corp		1,730,207
	79,942	*,e	Inseego Corp		955,307
	54,915	*	Insight Enterprises, Inc		2,981,335
	48,386		InterDigital, Inc		2,795,259
	62,078	*	Iteris, Inc		247,691
	54,295	*	Itron, Inc		3,790,877

263

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	90,074		Kemet Corp	$	2,432,899
	37,128	*	Kimball Electronics, Inc		501,971
	129,652	*	Knowles Corp		2,016,089
	26,501	*	KVH Industries, Inc		245,929
	118,846	*	Lumentum Holdings, Inc		9,615,830
	57,408		Methode Electronics, Inc		1,723,388
	31,756		MTS Systems Corp		675,450
	17,629	*	Napco Security Technologies, Inc		353,285
	49,043	*	Netgear, Inc		1,176,051
	111,707	*	Netscout Systems, Inc		2,958,001
	53,955	*	nLight, Inc		850,331
	53,900	*	Novanta, Inc		4,683,371
	26,918	*	OSI Systems, Inc		1,948,325
	20,489	*,e	PAR Technology Corp		387,447
	18,531		PC Connection, Inc		851,499
	52,622	e	Plantronics, Inc		743,023
	45,861	*,e	Plexus Corp		2,875,026
	109,968	*	Ribbon Communications, Inc		400,833
	29,242	*	Rogers Corp		3,247,032
	110,446	*	Sanmina Corp		3,062,668
	41,603	*	Scansource, Inc		1,078,350
	81,062	*,e	Stratasys Ltd		1,434,797
	55,998	*	Tech Data Corp		7,875,559
	9,148	e	Tessco Technologies, Inc		56,352
	154,676	*	TTM Technologies, Inc		1,792,695
	364,749	*	Viavi Solutions, Inc		4,406,168
	210,784		Vishay Intertechnology, Inc		3,496,907
	16,650	*	Vishay Precision Group, Inc		384,948
	11,262	*,e	Wrap Technologies Inc		54,621
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		109,911,666
TELECOMMUNICATION SERVICES - 0.9%
	17,114	*,e	Anterix, Inc		898,485
	17,492		ATN International, Inc		1,086,603
	25,437	*	Bandwidth Inc		2,074,642
	67,313	*	Boingo Wireless, Inc		938,343
	78,586	*	Cincinnati Bell, Inc		1,151,285
	67,035		Cogent Communications Group, Inc		5,619,544
	123,133	*	Consolidated Communications Holdings, Inc		772,044
	83,795	*,e	Gogo, Inc		136,586
	26,352	*	IDT Corp (Class B)		142,301
	52,937	*,e	Intelsat S.A.		66,171
	156,754	*	Iridium Communications, Inc		3,527,749
	32,439	*	Ooma, Inc		378,239
	112,232	*	ORBCOMM, Inc		296,292
	76,639		Shenandoah Telecom Co		4,100,953
	32,238		Spok Holdings, Inc		330,762
	367,909	*	Vonage Holdings Corp		3,075,719
			TOTAL TELECOMMUNICATION SERVICES		24,595,718
TRANSPORTATION - 1.2%
	94,400	*	Air Transport Services Group, Inc		1,910,656
	20,898		Allegiant Travel Co		1,640,075
	40,316		ArcBest Corp		821,237
	38,468	*	Atlas Air Worldwide Holdings, Inc		1,263,674
	90,631	*	Avis Budget Group, Inc		1,493,599

264

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	80,847		Costamare, Inc	$	405,852
	20,146	*	Covenant Transportation Group, Inc		178,896
	71,410	*,e	Daseke, Inc		121,754
	73,053	*,e	Eagle Bulk Shipping, Inc		122,729
	44,266	*	Echo Global Logistics, Inc		775,983
	45,163		Forward Air Corp		2,330,411
	23,712		Genco Shipping & Trading Ltd		138,241
	67,596	e	Hawaiian Holdings, Inc		973,382
	71,317		Heartland Express, Inc		1,397,100
	163,960	*,e	Hertz Global Holdings, Inc		662,398
	50,765	*	Hub Group, Inc (Class A)		2,442,304
	62,660		Marten Transport Ltd		1,404,837
	66,927		Matson, Inc		2,023,872
	55,088	*,e	Mesa Air Group, Inc		250,375
	2,702	*	PAM Transportation Services, Inc		103,162
	13,273		Park-Ohio Holdings Corp		243,294
	58,270	*	Radiant Logistics, Inc		249,396
	75,493	*	Safe Bulkers, Inc		78,513
	40,951	*	Saia, Inc		3,788,787
	8,772	e	Scorpio Bulkers, Inc		224,826
	77,464		Skywest, Inc		2,397,511
	109,178	*,e	Spirit Airlines, Inc		1,639,854
	12,236		Universal Logistics Holdings Inc		170,447
	38,752	*,e	US Xpress Enterprises, Inc		168,959
	71,590		Werner Enterprises, Inc		2,872,191
	88,212	*,e	YRC Worldwide, Inc		151,725
			TOTAL TRANSPORTATION		32,446,040
UTILITIES - 3.9%
	82,116		Allete, Inc		4,726,597
	58,549		American States Water Co		4,647,034
	11,791		Artesian Resources Corp		407,143
	170,342	*,e	Atlantic Power Corp		338,980
	104,996		Avista Corp		4,519,028
	97,162		Black Hills Corp		6,018,214
	21,041	*,e	Cadiz, Inc		224,507
	75,846		California Water Service Group		3,407,002
	25,954		Chesapeake Utilities Corp		2,280,837
	57,784		Clearway Energy, Inc (Class A)		1,080,561
	124,758		Clearway Energy, Inc (Class C)		2,498,903
	21,845		Consolidated Water Co, Inc		328,112
	64,039		El Paso Electric Co		4,354,652
	27,792		Genie Energy Ltd		219,001
	18,149		Global Water Resources, Inc		195,102
	55,085		MGE Energy, Inc		3,561,796
	27,449		Middlesex Water Co		1,655,175
	150,106		New Jersey Resources Corp		5,070,581
	47,827		Northwest Natural Holding Co		3,113,538
	79,752		NorthWestern Corp		4,600,893
	83,150		ONE Gas, Inc		6,627,886
	63,565		Ormat Technologies, Inc		3,967,092
	62,497		Otter Tail Corp		2,773,617
	125,132		PNM Resources, Inc		5,066,595
	141,813		Portland General Electric Co		6,635,430
	30,506	*	Pure Cycle Corp		313,297
	11,106		RGC Resources, Inc		276,206

265

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	41,488		SJW Corp	$	2,469,781
	147,574		South Jersey Industries, Inc		4,219,141
	85,972		Southwest Gas Holdings Inc		6,516,678
	20,675		Spark Energy, Inc		149,273
	79,224		Spire, Inc		5,780,183
	50,159	*	Sunnova Energy International, Inc		632,003
	125,018		TerraForm Power, Inc		2,165,312
	23,988		Unitil Corp		1,206,836
	21,565		York Water Co		869,501
			TOTAL UTILITIES		102,916,487
			TOTAL COMMON STOCKS		2,654,875,774
			(Cost $2,629,914,351)
RIGHTS / WARRANTS - 0.0%
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		3,090
	9,351	†	Tobira Therapeutics, Inc		561
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		3,651
			TOTAL RIGHTS / WARRANTS		3,651
			(Cost $561)
SHORT-TERM INVESTMENTS - 11.6%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 11.6%
	307,290,519	c	State Street Navigator Securities Lending Government Money Market Portfolio		307,290,519
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		307,290,519
			TOTAL SHORT-TERM INVESTMENTS		307,290,519
			(Cost $307,290,519)
			TOTAL INVESTMENTS - 111.4%		2,962,169,944
			(Cost $2,937,205,431)
			OTHER ASSETS & LIABILITIES, NET - (11.4)%		(304,195,353	)
			NET ASSETS - 100.0%	$	2,657,974,591

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.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $313,142,856.

266

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

TIAA-CREF FUNDS

EMERGING MARKETS EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2020

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.9%
ARGENTINA - 0.1%
	23,800		Banco Macro S.A. (ADR) (Class B)	$	388,178
	18,206	*,e	Globant S.A.		2,105,888
	58,300		Grupo Financiero Galicia S.A. (ADR) (Class B)		415,096
	47,900	e	Telecom Argentina S.A. (ADR) (Class B)		329,073
	85,200		YPF S.A. (ADR) (Class D)		327,168
			TOTAL ARGENTINA		3,565,403
BRAZIL - 4.7%
	2,475,697		AMBEV S.A.		5,162,729
	212,000		Atacadao Distribuicao Comercio e Industria Ltd		779,713
	115,075	*	B2W Companhia Global Do Varejo		1,550,092
	1,065,982		B3 SA-Brasil Bolsa Balcao		7,531,405
	664,724		Banco Bradesco S.A.		2,146,519
	2,301,265		Banco Bradesco S.A. (Preference)		8,104,089
	108,200		Banco BTG Pactual S.A.		841,659
	454,583		Banco do Brasil S.A.		2,382,467
	2,525,953		Banco Itau Holding Financeira S.A.		10,576,868
	192,774		Banco Santander Brasil S.A.		957,152
	352,848		BB Seguridade Participacoes S.A.		1,722,745
	441,539		BR Malls Participacoes S.A.		815,214
	100,115		Braskem S.A.		389,200
	281,605	*	BRF S.A.		1,004,123
	150,325	*	Centrais Eletricas Brasileiras S.A.		670,366
	145,892	*	Centrais Eletricas Brasileiras S.A. (Preference)		746,912
	76,957	*	Cia Brasileira de Distribuicao		937,144
	624,956		Cia de Concessoes Rodoviarias		1,419,336
	177,858		Cia de Saneamento Basico do Estado de Sao Paulo		1,310,901
	533,291		Cia Energetica de Minas Gerais		933,620
	360,130		Cia Siderurgica Nacional S.A.		593,384
	778,194		Cielo S.A.		581,009
	936,549		Cogna Educacao		954,133
	72,036		Cosan SA Industria e Comercio		799,326
	379,379	*	Empresa Brasileira de Aeronautica S.A.		603,473
	93,600		Energisa S.A.		752,187
	119,825		Engie Brasil Energia S.A.		862,016
	445,000		Equatorial Energia S.A.		1,500,000
	571,175		Gerdau S.A. (Preference)		1,233,122
	118,300	g	Hapvida Participacoes e Investimentos S.A.		1,140,818
	179,982		Hypermarcas S.A.		962,481
	2,300,832		Investimentos Itau S.A. - PR		3,807,994
	361,143		IRB Brasil Resseguros S		678,733
	558,164		JBS S.A.		2,447,016
	338,633		Klabin S.A.		1,109,078
	289,306		Localiza Rent A Car		1,818,969
	388,609		Lojas Americanas S.A. (Preference)		1,778,001

267

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	392,139		Lojas Renner S.A.	$	2,768,388
	364,240		Magazine Luiza S.A.		3,328,992
	130,107		Multiplan Empreendimentos Imobiliarios S.A.		499,813
	330,584		Natura & Co Holding S.A.		2,159,353
	245,500		Notre Dame Intermedica Participacoes S.A.		2,474,458
	364,727		Petrobras Distribuidora S.A.		1,309,902
	1,989,516		Petroleo Brasileiro S.A.		6,823,309
	2,249,768		Petroleo Brasileiro S.A. (Preference)		7,467,646
	41,312		Porto Seguro S.A.		344,070
	119,383		Raia Drogasil S.A.		2,300,328
	562,127	*	Rumo S.A.		2,045,733
	134,736		Sul America S.A.		1,108,780
	280,284	*	Suzano Papel e Celulose S.A.		2,031,297
	234,521		Telefonica Brasil S.A.		1,968,753
	416,266		Tim Participacoes S.A.		976,766
	390,860		Ultrapar Participacoes S.A.		1,042,217
	1,649,759		Vale S.A.		13,609,700
	439,917		Weg S.A.		3,231,079
			TOTAL BRAZIL		127,094,578
CHILE - 0.7%
	1,519,194		Aguas Andinas S.A.		509,491
	22,254,220		Banco de Chile		1,961,805
	22,968		Banco de Credito e Inversiones		852,751
	28,494,537		Banco Santander Chile S.A.		1,223,535
	844,293		Centros Comerciales Sudamericanos S.A.		1,021,363
	80,934		Cia Cervecerias Unidas S.A.		581,631
	3,490,151		Colbun S.A.		512,089
	57,650,745		Corpbanca S.A.		163,168
	207,594		Embotelladora Andina S.A.		495,799
	97,263	*	Empresa Nacional de Telecomunicaciones S.A.		588,308
	634,055		Empresas CMPC S.A.		1,366,913
	212,005		Empresas COPEC S.A.		1,324,999
	13,069,567		Enersis Chile S.A.		1,064,319
	19,202,210		Enersis S.A.		3,150,920
	133,653		Lan Airlines S.A.		505,061
	436,264		SACI Falabella		1,191,378
	62,980		Sociedad Quimica y Minera de Chile S.A. (Class B)		1,497,369
			TOTAL CHILE		18,010,899
CHINA - 38.3%
	42,600		360 Security Technology, Inc		110,961
	651,500	*,g	3SBio, Inc		660,501
	15,733	*	51job, Inc (ADR)		943,036
	49,187	*	58.COM, Inc (ADR)		2,555,265
	374,500	e	AAC Technologies Holdings, Inc		1,771,232
	15,200		Accelink Technologies Co Ltd		63,262
	128,900		AECC Aero-Engine Control Co Ltd		234,976
	49,300		AECC Aviation Power Co Ltd		171,483
	774,000		Agile Property Holdings Ltd		870,571
	16,042,064		Agricultural Bank of China Ltd		6,673,207
	2,302,800		Agricultural Bank of China Ltd (Class A)		1,125,684
	83,960		Aier Eye Hospital Group Co Ltd		520,402
	130,490		Air China Ltd		132,417
	962,000	e	Air China Ltd (H shares)		685,932

268

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	55,100		Aisino Corp	$	132,573
	901,365	*	Alibaba Group Holding Ltd (ADR)		182,679,645
	1,894,284	*	Alibaba Health Information Technology Ltd		4,531,141
	234,500	g	A-Living Services Co Ltd		1,296,291
	1,736,000	*	Aluminum Corp of China Ltd		365,370
	164,400	*	Aluminum Corp of China Ltd (Class A)		66,042
	64,870		Angang Steel Co Ltd		24,066
	22,700		Angel Yeast Co Ltd		118,527
	650,282		Anhui Conch Cement Co Ltd		5,127,719
	130,000		Anhui Conch Cement Co Ltd (Class A)		1,090,023
	10,500		Anhui Gujing Distillery Co Ltd		198,695
	17,100		Anhui Kouzi Distillery Co Ltd		99,202
	559,651		Anta Sports Products Ltd		4,766,005
	339,380	*,†	Anxin Trust Co Ltd		30,078
	5,800		Asymchem Laboratories Tianjin Co Ltd		152,766
	6,800		Autobio Diagnostics Co Ltd		128,578
	30,700		Autohome, Inc (ADR)		2,522,005
	70,700		AVIC Aircraft Co Ltd		175,007
	294,858		Avic Capital Co Ltd		162,436
	90,600		AVIC Electromechanical Systems Co Ltd		105,355
	23,800		AVIC Jonhon Optronic Technology Co Ltd		119,787
	47,400	*	AVIC Shenyang Aircraft Co Ltd		223,233
	1,054,861		AviChina Industry & Technology Co		416,325
	14,700		AVICOPTER plc		91,756
	85,400	*	BAIC BluePark New Energy Technology Co Ltd		65,289
	874,000	g	BAIC Motor Corp Ltd		382,366
	143,189	*	Baidu, Inc (ADR)		14,452,066
	649,400		Bank of Beijing Co Ltd		456,172
	155,305		Bank of Chengdu Co Ltd		169,586
	1,165,700		Bank of China Ltd		572,965
	42,242,953		Bank of China Ltd (Hong Kong)		16,082,008
	1,382,800		Bank of Communications Co Ltd		1,011,200
	4,762,934		Bank of Communications Co Ltd (Hong Kong)		3,018,300
	211,500		Bank of Guiyang Co Ltd		235,352
	195,500		Bank of Hangzhou Co Ltd		227,709
	313,700		Bank of Jiangsu Co Ltd		267,418
	239,000		Bank of Nanjing Co Ltd		258,859
	150,971		Bank of Ningbo Co Ltd		551,532
	385,390		Bank of Shanghai Co Ltd		444,261
	566,200		Baoshan Iron & Steel Co Ltd		388,119
	22,302	*,e	Baozun, Inc (ADR)		710,096
	155,900		BBMG Corp		70,725
	1,164,000		BBMG Corp (Class H)		294,280
	165,600		Beijing Capital Development Co Ltd		154,652
	902,830		Beijing Capital International Airport Co Ltd		604,914
	251,200		Beijing Dabeinong Technology Group Co Ltd		320,368
	67,700		Beijing Enlight Media Co Ltd		101,099
	299,000		Beijing Enterprises Holdings Ltd		1,059,234
	2,335,583		Beijing Enterprises Water Group Ltd		906,327
	49,500		Beijing New Building Materials plc		177,279
	38,300		Beijing Oriental Yuhong Waterproof Technology Co Ltd		206,723
	202,800		Beijing Originwater Technology Co Ltd		270,876
	85,400		Beijing Sanju Environmental Protection and New Material Co Ltd		49,872
	20,300		Beijing Shiji Information Technology Co Ltd		87,160
	21,000		Beijing Shunxin Agriculture Co Ltd		160,284
	35,100		Beijing Sinnet Technology Co Ltd		133,865

269

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	80,700		Beijing SL Pharmaceutical Co Ltd	$	125,766
	31,100		Beijing Tiantan Biological Products Corp Ltd		148,758
	44,409		Beijing Tongrentang Co Ltd		160,875
	93,500		Beijing Yanjing Brewery Co Ltd		78,536
	108,300	*	BEST, Inc (ADR)		581,571
	11,900		Betta Pharmaceuticals Co Ltd		156,772
	16,700	*	BGI Genomics Co Ltd		245,427
	954,600		BOE Technology Group Co Ltd		500,872
	151,000	*	Bohai Leasing Co Ltd		57,990
	1,394,000		Bosideng International Holdings Ltd		377,935
	1,671,945		Brilliance China Automotive Holdings Ltd		1,546,946
	33,100		BTG Hotels Group Co Ltd		75,781
	57,100		BYD Co Ltd		477,591
	339,500	e	BYD Co Ltd (H shares)		2,111,301
	412,500	e	BYD Electronic International Co Ltd		949,874
	51,300		By-health Co Ltd		134,610
	150,500		Caitong Securities Co Ltd		199,691
	35,700		Centre Testing International Group Co Ltd		85,370
	6,068,200	*,g	CGN Power Co Ltd		1,526,452
	4,500		Changchun High & New Technology Industry Group, Inc		374,553
	183,100		Changjiang Securities Co Ltd		162,910
	816,600		Changsha Zoomlion Heavy Industry Science and Technology Development Co Ltd		661,108
	5,100		Changzhou Xingyu Automotive Lighting Systems Co Ltd		71,002
	69,900		Chaozhou Three-Circle Group Co Ltd		203,463
	18,500		Chengdu Kanghong Pharmaceutical Group Co Ltd		99,555
	78,500	*	Chengdu Xingrong Environment Co Ltd		53,552
	71,000	*	China Aerospace Times Electronics Co Ltd		65,124
	560,000		China Aoyuan Group Ltd		657,961
	17,100		China Avionics Systems Co Ltd		33,481
	4,246,000		China Cinda Asset Management Co Ltd		822,947
	4,869,530		China Citic Bank		2,378,932
	119,400		China CITIC Bank Corp Ltd		87,542
	1,193,000		China Coal Energy Co		319,171
	230,200		China Communications Construction Co Ltd		259,484
	2,366,000		China Communications Construction Co Ltd (Hong Kong)		1,590,294
	1,252,400		China Communications Services Corp Ltd		892,726
	843,000		China Conch Venture Holdings Ltd		4,030,699
	346,200		China Construction Bank Corp		314,207
	50,207,641		China Construction Bank Corp (Hong Kong)		40,299,823
	1,177,500	*	China COSCO Holdings Co Ltd		340,201
	289,000	*,g	China East Education Holdings Ltd		464,321
	270,700	*	China Eastern Airlines Corp Ltd		166,288
	768,000	*,e	China Eastern Airlines Corp Ltd (H Shares)		312,123
	351,000	e	China Education Group Holdings Ltd		589,031
	244,000	*	China Enterprise Co Ltd		145,884
	1,128,800		China Everbright Bank Co Ltd		593,941
	1,437,000		China Everbright Bank Co Ltd (Hong Kong)		609,795
	2,000,888		China Everbright International Ltd		1,157,103
	474,000		China Everbright Ltd		724,639
	981,000	e	China Evergrande Group		1,743,960
	72,100		China Film Co Ltd		134,449
	95,497		China Fortune Land Development Co Ltd		320,686
	2,089,245		China Galaxy Securities Co Ltd		1,060,922
	1,353,068		China Gas Holdings Ltd		4,923,458
	171,800		China Gezhouba Group Co Ltd		157,178

270

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	237,200		China Grand Automotive Services Co Ltd	$	115,275
	74,800		China Greatwall Technology Group Co Ltd		123,993
	932,500		China Hongqiao Group Ltd		459,678
	4,374,000	g	China Huarong Asset Management Co Ltd		487,504
	2,230,000	*,†	China Huishan Dairy Holdings Co Ltd		2,876
	873,824		China Insurance International Holdings Co Ltd		1,473,265
	713,406	e,g	China International Capital Corp Ltd		1,095,582
	50,800		China International Marine Containers Group Co Ltd		53,149
	60,600		China International Travel Service Corp Ltd		776,812
	112,900		China Jushi Co Ltd		139,142
	617,000		China Lesso Group Holdings Ltd		884,142
	3,919,880		China Life Insurance Co Ltd		8,359,923
	84,000		China Life Insurance Co Ltd (Class A)		335,912
	160,800	*,g	China Literature Ltd		717,794
	1,638,341		China Longyuan Power Group Corp		818,891
	806,000		China Medical System Holdings Ltd		948,800
	25,800		China Meheco Co Ltd		52,087
	1,447,000		China Mengniu Dairy Co Ltd		5,123,983
	2,061,368		China Merchants Bank Co Ltd		9,755,029
	631,695		China Merchants Bank Co Ltd (Class A)		3,111,079
	350,700		China Merchants Energy Shipping Co Ltd		334,600
	804,894		China Merchants Holdings International Co Ltd		1,035,950
	135,400		China Merchants Securities Co Ltd		349,852
	214,900		China Merchants Shekou Industrial Zone Holdings Co Ltd		515,148
	1,063,900		China Minsheng Banking Corp Ltd		883,963
	3,810,602		China Minsheng Banking Corp Ltd (Hong Kong)		2,838,518
	3,200,665		China Mobile Hong Kong Ltd		25,730,328
	1,632,000		China Molybdenum Co Ltd		492,376
	489,300		China Molybdenum Co Ltd (Class A)		238,747
	10,400		China National Accord Medicines Corp Ltd		60,096
	2,037,913		China National Building Material Co Ltd		2,545,650
	33,800		China National Chemical Engineering Co Ltd		29,245
	18,000		China National Medicines Corp Ltd		79,001
	296,400		China National Nuclear Power Co Ltd		181,181
	22,800		China National Software & Service Co Ltd		262,601
	144,400		China Northern Rare Earth Group High-Tech Co Ltd		184,503
	1,010,773		China Oilfield Services Ltd		787,306
	1,999,794		China Overseas Land & Investment Ltd		7,387,130
	218,200		China Pacific Insurance Group Co Ltd		939,393
	1,395,000		China Pacific Insurance Group Co Ltd (Hong Kong)		4,615,259
	2,274,000		China Power International Development Ltd		463,135
	1,124,500		China Railway Construction Corp		1,234,709
	355,500		China Railway Construction Corp Ltd		486,995
	556,900		China Railway Group Ltd		458,478
	2,183,454		China Railway Group Ltd (Hong Kong)		1,305,547
	49,600		China Railway Hi-tech Industry Co Ltd		68,007
	783,000	*,g	China Railway Signal & Communication Corp Ltd		386,988
	3,042,000		China Reinsurance Group Corp		356,450
	776,677		China Resources Beer Holdings Company Ltd		3,658,002
	38,300		China Resources Double Crane Pharmaceutical Co Ltd		68,691
	470,000		China Resources Gas Group Ltd		2,641,556
	1,675,555		China Resources Land Ltd		6,923,734
	826,500	g	China Resources Pharmaceutical Group Ltd		519,066
	1,093,372		China Resources Power Holdings Co		1,295,039
	19,700		China Resources Sanjiu Medical & Pharmaceutical Co Ltd		80,313
	170,900		China Shenhua Energy Co Ltd		383,989

271

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	1,912,500		China Shenhua Energy Co Ltd (Hong Kong)	$	3,388,162
	620,000		China Shipbuilding Industry Co Ltd		363,838
	844,000		China Shipping Development Co Ltd		552,528
	46,600		China South Publishing & Media Group Co Ltd		71,844
	802,000	e	China Southern Airlines Co Ltd		401,025
	242,700		China Southern Airlines Co Ltd (Class A)		183,724
	44,200		China Spacesat Co Ltd		203,920
	1,174,320		China State Construction Engineering Corp Ltd		863,148
	1,076,744		China State Construction International Holdings Ltd		834,806
	7,167,336		China Telecom Corp Ltd		2,475,600
	22,054,778	*,g	China Tower Corp Ltd		4,908,163
	31,700		China TransInfo Technology Co Ltd		103,356
	3,279,716		China Unicom Ltd		2,121,098
	913,600		China United Network Communications Ltd		670,051
	773,900		China Vanke Co Ltd		2,600,868
	296,400		China Vanke Co Ltd (Class A)		1,112,237
	739,000		China Yangtze Power Co Ltd		1,820,348
	771,200	e	China Zhongwang Holdings Ltd		185,375
	88,000		Chinese Universe Publishing and Media Group Co Ltd		149,079
	13,100		Chongqing Brewery Co Ltd		100,508
	176,300		Chongqing Changan Automobile Co Ltd		240,860
	26,500		Chongqing Fuling Zhacai Group Co Ltd		123,644
	1,342,000	*	Chongqing Rural Commercial Bank		585,453
	40,300		Chongqing Zhifei Biological Products Co Ltd		447,366
	1,344,939		CIFI Holdings Group Co Ltd		1,027,449
	273,500	*	CITIC Guoan Information Industry Co Ltd		124,552
	3,099,738		Citic Pacific Ltd		3,219,397
	1,089,500		CITIC Securities Co Ltd		2,086,926
	280,300		CITIC Securities Co Ltd (Class A)		927,305
	9,605,674		CNOOC Ltd		10,620,240
	69,800		Contemporary Amperex Technology Co Ltd		1,385,272
	958,196		COSCO Pacific Ltd		510,481
	142,500		COSCO SHIPPING Energy Transportation Co Ltd		169,952
	162,100	*	COSCO SHIPPING Holdings Co Ltd		81,919
	3,948,416		Country Garden Holdings Co Ltd		5,114,681
	622,000		Country Garden Services Holdings Co Ltd		2,873,746
	2,504,050		CRRC Corp Ltd		1,325,540
	697,500		CRRC Corp Ltd (Class A)		606,844
	76,200		CSC Financial Co Ltd		371,149
	2,429,401		CSPC Pharmaceutical Group Ltd		4,809,524
	1,085,500	g	Dali Foods Group Co Ltd		670,604
	203,700		Dalian Port PDA Co Ltd		49,734
	467,600		Daqin Railway Co Ltd		474,419
	1,708,000		Datang International Power Generation Co Ltd		247,090
	21,800	*	Dawning Information Industry Co Ltd		147,533
	66,900		DHC Software Co Ltd		127,267
	8,900		Dong-E-E-Jiao Co Ltd		38,614
	72,700		Dongfang Electric Corp Ltd		87,765
	1,609,917		Dongfeng Motor Group Co Ltd		1,067,796
	61,500		Dongxing Securities Co Ltd		92,241
	196,100		East Money Information Co Ltd		499,074
	415,200		ENN Energy Holdings Ltd		4,680,326
	24,600	*	Eve Energy Co Ltd		230,576
	157,100		Everbright Securities Co Ltd		245,639
	102,043	*	Fangda Carbon New Material Co Ltd		119,755
	1,007,000		Far East Horizon Ltd		815,201

272

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	25,800		Fiberhome Telecommunication Technologies Co Ltd	$	115,245
	116,500		Financial Street Holdings Co Ltd		113,839
	178,400		First Capital Securities Co Ltd		173,335
	322,040		Focus Media Information Technology Co Ltd		218,374
	75,125		Foshan Haitian Flavouring & Food Co Ltd		1,296,969
	1,370,952		Fosun International		1,721,184
	234,600		Founder Securities Co Ltd		233,608
	122,500		Foxconn Industrial Internet Co Ltd		252,317
	2,718,000		Franshion Properties China Ltd		1,913,639
	26,100		Fujian Sunner Development Co Ltd		79,656
	1,240,000		Future Land Development Holdings Ltd		1,204,969
	62,700		Future Land Holdings Co Ltd		278,205
	37,300		Fuyao Glass Industry Group Co Ltd		103,974
	271,698	g	Fuyao Glass Industry Group Co Ltd (Hong Kong)		592,765
	1,500		G-bits Network Technology Xiamen Co Ltd		79,966
	134,700	*	GCL System Integration Technology Co Ltd		47,878
	537,900		GD Power Development Co Ltd		151,226
	32,700	*	GDS Holdings Ltd (ADR)		1,874,364
	2,623,828		Geely Automobile Holdings Ltd		4,081,421
	268,600		GEM Co Ltd		174,382
	127,600		Gemdale Corp		239,906
	544,000	*	Genscript Biotech Corp		970,172
	819,600		GF Securities Co Ltd		889,365
	132,000		GF Securities Co Ltd (Class A)		253,031
	35,800		Giant Network Group Co Ltd		85,864
	8,300		Gigadevice Semiconductor Beijing, Inc		322,519
	28,300		Glodon Co Ltd		207,866
	92,700		GoerTek, Inc		249,893
	5,601,968	*,e	GOME Electrical Appliances Holdings Ltd		650,357
	251,900		Grandjoy Holdings Group Co Ltd		191,318
	1,785,766		Great Wall Motor Co Ltd		1,193,885
	85,100		Gree Electric Appliances, Inc of Zhuhai		651,064
	207,300		Greenland Holdings Corp Ltd		164,647
	515,305		Greentown Service Group Co Ltd		678,151
	51,700		GRG Banking Equipment Co Ltd		94,175
	37,500		Guangdong Haid Group Co Ltd		228,665
	70,300		Guangdong HEC Technology Holding Co Ltd		66,603
	1,508,000		Guangdong Investments Ltd		3,134,327
	149,600	*	Guangdong LY Intelligent Manufacturing Co Ltd		193,486
	397,700		Guanghui Energy Co Ltd		141,386
	399,500		Guangshen Railway Co Ltd		133,595
	81,100		Guangzhou Automobile Group Co Ltd		111,839
	1,528,851		Guangzhou Automobile Group Co Ltd (Hong Kong)		1,371,848
	60,400		Guangzhou Baiyun International Airport Co Ltd		134,385
	42,100		Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd		182,595
	41,100		Guangzhou Haige Communications Group, Inc Co		69,757
	11,600		Guangzhou Kingmed Diagnostics Group Co Ltd		112,878
	761,600		Guangzhou R&F Properties Co Ltd		967,145
	103,000		Guizhou Bailing Group Pharmaceutical Co Ltd		119,103
	134,800		Guosen Securities Co Ltd		201,450
	221,800		Guotai Junan Securities Co Ltd		525,026
	389,000	g	Guotai Junan Securities Co Ltd (Hong Kong)		553,680
	29,800		Guoxuan High-Tech Co Ltd		94,409
	101,100		Guoyuan Securities Co Ltd		115,417
	206,000	e,g	Haidilao International Holding Ltd		892,748
	682,000		Haier Electronics Group Co Ltd		1,878,290

273

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	388,000		Haitian International Holdings Ltd	$	686,505
	1,573,200		Haitong Securities Co Ltd		1,424,250
	231,500		Haitong Securities Co Ltd (Class A)		416,465
	292,600		Hangzhou Hikvision Digital Technology Co Ltd		1,313,674
	19,700		Hangzhou Robam Appliances Co Ltd		87,895
	34,500		Hangzhou Silan Microelectronics Co Ltd		68,614
	25,100		Hangzhou Tigermed Consulting Co Ltd		269,057
	296,000	*,g	Hansoh Pharmaceutical Group Co Ltd		1,142,938
	13,500		Hefei Meiya Optoelectronic Technology, Inc		79,777
	47,000		Heilongjiang Agriculture Co Ltd		112,903
	81,400	*	Henan Shuanghui Investment & Development Co Ltd		462,838
	373,000		Hengan International Group Co Ltd		3,317,068
	127,320		Hengli Petrochemical Co Ltd		251,827
	82,980		Hengtong Optic-electric Co Ltd		194,653
	59,200		Hengyi Petrochemical Co Ltd		102,308
	88,900		Hesteel Co Ltd		25,719
	20,000		Hithink RoyalFlush Information Network Co Ltd		331,511
	129,800		HLA Corp Ltd		116,965
	62,200		Holitech Technology Co Ltd		47,195
	18,900		Hongfa Technology Co Ltd		86,448
	258,051	e,g	Hua Hong Semiconductor Ltd		498,714
	197,010		Huaan Securities Co Ltd		199,054
	924,000		Huadian Power International Corp Ltd		321,441
	408,000		Huadian Power International Corp Ltd (Class A)		211,519
	45,800		Huadong Medicine Co Ltd		128,101
	57,720		Hualan Biological Engineering, Inc		316,023
	241,400		Huaneng Power International, Inc		143,775
	1,843,110		Huaneng Power International, Inc (Hong Kong)		692,906
	898,600	g	Huatai Securities Co Ltd		1,490,220
	216,000		Huatai Securities Co Ltd (Class A)		546,985
	135,500		Huaxi Securities Co Ltd		192,628
	373,900		Huaxia Bank Co Ltd		345,989
	35,900		Huaxin Cement Co Ltd		133,301
	113,073		Huayu Automotive Systems Co Ltd		321,960
	70,600	e	Huazhu Group Ltd (ADR)		2,542,306
	88,900		Hubei Biocause Pharmaceutical Co Ltd		68,989
	104,500	*	Hubei Energy Group Co Ltd		54,825
	29,200		Hubei Jumpcan Pharmaceutical Co Ltd		85,182
	66,500		Hubei Kaile Science & Technology Co Ltd		140,562
	105,800	*	Hunan Valin Steel Co Ltd		59,320
	28,190		Hundsun Technologies, Inc		404,776
	29,300	*	Hutchison China MediTech Ltd (ADR)		630,243
	39,600	*,e	HUYA, Inc (ADR)		642,708
	169,200	*	Hytera Communications Corp Ltd		156,194
	58,900		Iflytek Co Ltd		273,375
	1,842,500		Industrial & Commercial Bank of China Ltd		1,344,772
	34,224,777		Industrial & Commercial Bank of China Ltd (Hong Kong)		22,948,025
	609,300		Industrial Bank Co Ltd		1,423,298
	289,600		Industrial Securities Co Ltd		244,521
	1,216,700		Inner Mongolia BaoTou Steel Union Co Ltd		185,511
	37,600		Inner Mongolia First Machinery Group Co Ltd		50,692
	158,600	*	Inner Mongolia Junzheng Energy & Chemical Industry Group Co Ltd		64,102
	195,000		Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd		69,446
	211,600	*	Inner Mongolia Yili Industrial Group Co Ltd		867,610
	577,700		Inner Mongolia Yitai Coal Co		354,618
	480,000	*,g	Innovent Biologics, Inc		2,363,897

274

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	36,064	*	Inspur Electronic Information Industry Co Ltd	$	210,794
	70,000	*,e	IQIYI, Inc (ADR)		1,187,900
	9,600		Jafron Biomedical Co Ltd		149,956
	383,624	*	JD.com, Inc (ADR)		16,534,194
	73,300		Jiangsu Changshu Rural Commercial Bank Co Ltd		73,625
	638,000		Jiangsu Express		761,558
	19,700		Jiangsu Hengli Hydraulic Co Ltd		192,124
	139,260	*	Jiangsu Hengrui Medicine Co Ltd		1,811,147
	33,000		Jiangsu King’s Luck Brewery JSC Ltd		151,138
	44,200		Jiangsu Yanghe Brewery Joint-Stock Co Ltd		612,514
	8,500		Jiangsu Yangnong Chemical Co Ltd		89,990
	26,000		Jiangsu Yuyue Medical Equipment & Supply Co Ltd		127,934
	94,900		Jiangsu Zhongnan Construction Group Co Ltd		107,608
	234,600		Jiangsu Zhongtian Technology Co Ltd		369,030
	695,000		Jiangxi Copper Co Ltd		676,139
	100,300		Jiangxi Copper Co Ltd (Class A)		179,815
	53,000		Jiangxi Ganfeng Lithium Co Ltd		340,033
	156,300		Jiangxi Zhengbang Technology Co Ltd		407,632
	36,500		Jilin Aodong Pharmaceutical Group Co Ltd		78,560
	61,900		Jinduicheng Molybdenum Co Ltd		51,464
	208,500		Jinke Properties Group Co Ltd		232,497
	39,800		Jinyu Bio-Technology Co Ltd		132,791
	49,000		Joincare Pharmaceutical Group Industry Co Ltd		85,823
	64,500		Jointown Pharmaceutical Group Co Ltd		162,634
	21,500		Jonjee Hi-Tech Industrial And Commercial Holding Co Ltd		142,459
	31,304	*	JOYY, Inc (ADR)		1,908,292
	13,800		Juewei Food Co Ltd		102,773
	26,600	*	Juneyao Airlines Co Ltd		36,867
	1,152,000		Kaisa Group Holdings Ltd		440,776
	392,881		Kingboard Chemical Holdings Ltd		958,455
	1,295,000		Kingdee International Software Group Co Ltd		1,852,076
	460,000	*,e	Kingsoft Corp Ltd		1,579,735
	39,200		Kweichow Moutai Co Ltd		6,983,239
	644,929		KWG Property Holding Ltd		954,040
	7,100		Laobaixing Pharmacy Chain JSC		75,840
	693,000		Lee & Man Paper Manufacturing Ltd		425,730
	222,800	g	Legend Holdings Corp		260,728
	3,805,856		Lenovo Group Ltd		2,055,912
	102,600		Lens Technology Co Ltd		258,354
	50,700		Lepu Medical Technology Beijing Co Ltd		270,887
	229,700	*	Leyard Optoelectronic Co Ltd		179,113
	1,006,500		Li Ning Co Ltd		3,177,997
	28,800	*	Liaoning Cheng Da Co Ltd		71,173
	22,100		Livzon Pharmaceutical Group, Inc		123,293
	752,000		Logan Property Holdings Co Ltd		1,185,441
	60,600		Lomon Billions Group Co Ltd		141,390
	925,000	g	Longfor Properties Co Ltd		4,702,728
	94,500		LONGi Green Energy Technology Co Ltd		408,854
	57,700		Luxi Chemical Group Co Ltd		63,556
	165,583		Luxshare Precision Industry Co Ltd		1,091,848
	587,500	g	Luye Pharma Group Ltd		285,276
	41,000		Luzhou Laojiao Co Ltd		454,645
	464,000	e	Maanshan Iron & Steel Co Ltd		150,477
	96,024		Maanshan Iron & Steel Co Ltd (Class A)		35,493
	66,770	*	Mango Excellent Media Co Ltd		433,722
	93,728		Meinian Onehealth Healthcare Holdings Co Ltd		150,810

275

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	530,900	*	Meituan Dianping (Class B)	$	7,108,264
	525,300		Metallurgical Corp of China Ltd		189,727
	1,533,000		Metallurgical Corp of China Ltd (Hong Kong)		266,062
	79,764		Momo, Inc (ADR)		1,920,717
	64,380		Muyuan Foodstuff Co Ltd		1,152,436
	56,700	*	NanJi E-Commerce Co Ltd		108,946
	101,800	*	Nanjing Iron & Steel Co Ltd		45,748
	12,000		Nanjing King-Friend Biochemical Pharmaceutical Co Ltd		97,110
	169,200		Nanjing Securities Co Ltd		322,914
	131,900		NARI Technology Co Ltd		372,285
	11,400		NAURA Technology Group Co Ltd		240,224
	124,400		NavInfo Co Ltd		254,772
	37,001		Netease.com (ADR)		12,763,865
	64,400		New China Life Insurance Co Ltd		405,474
	454,200		New China Life insurance Co Ltd (Hong Kong)		1,573,671
	139,500		New Hope Liuhe Co Ltd		644,459
	73,984	*	New Oriental Education & Technology Group (ADR)		9,444,798
	21,600		Newland Digital Technology Co Ltd		49,839
	23,700		Ninestar Corp		99,343
	30,200	*	Ningbo Joyson Electronic Corp		85,042
	210,100		Ningbo Zhoushan Port Co Ltd		98,481
	375,900	*,e	NIO, Inc (ADR)		1,281,819
	17,852	*,e	Noah Holdings Ltd (ADR)		495,572
	59,100		Northeast Securities Co Ltd		67,356
	365,700		Oceanwide Holdings Co Ltd		179,103
	207,326		Offshore Oil Engineering Co Ltd		144,544
	74,400	*	O-film Tech Co Ltd		157,583
	5,600		Oppein Home Group, Inc		83,419
	144,900		Orient Securities Co Ltd		190,800
	7,000		Ovctek China, Inc		64,542
	194,200	*	Pacific Securities Co Ltd		88,339
	193,600	*	Pangang Group Vanadium Titanium & Resources Co Ltd		54,523
	4,132,220	*	People’s Insurance Co Group of China Ltd		1,352,396
	167,600		People’s Insurance Co Group of China Ltd (Class A)		148,877
	30,500		Perfect World Co Ltd		202,396
	3,686,306		PICC Property & Casualty Co Ltd		3,527,594
	99,325	*	Pinduoduo, Inc (ADR)		4,711,978
	590,800		Ping An Bank Co Ltd		1,152,715
	165,500	*,e,g	Ping An Healthcare and Technology Co Ltd		2,279,926
	2,920,026		Ping An Insurance Group Co of China Ltd		29,714,939
	328,900		Ping An Insurance Group Co of China Ltd (Class A)		3,426,894
	326,100		Poly Real Estate Group Co Ltd		740,251
	4,245,000	g	Postal Savings Bank of China Co Ltd		2,536,610
	483,600		Power Construction Corp of China Ltd		243,038
	200,100		Qingdao Haier Co Ltd		431,898
	162,500		RiseSun Real Estate Development Co Ltd		184,435
	122,600		Rongsheng Petro Chemical Co Ltd		206,028
	218,600		SAIC Motor Corp Ltd		578,750
	113,500		Sanan Optoelectronics Co Ltd		346,456
	8,600		Sangfor Technologies, Inc		231,904
	68,700		Sansteel Minguang Co Ltd		70,221
	224,700		Sany Heavy Industry Co Ltd		616,887
	105,800		SDIC Capital Co Ltd		176,701
	187,300		SDIC Power Holdings Co Ltd		203,196
	368,160	*	Sealand Securities Co Ltd		223,350
	1,560,765	*,e	Semiconductor Manufacturing International Corp		2,929,464

276

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	45,900		SF Holding Co Ltd	$	300,175
	266,700		Shaanxi Coal Industry Co Ltd		283,344
	73,690		Shandong Buchang Pharmaceuticals Co Ltd		227,318
	81,675	*	Shandong Gold Mining Co Ltd		415,666
	43,000		Shandong Hualu Hengsheng Chemical Co Ltd		100,457
	44,800		Shandong Linglong Tyre Co Ltd		136,504
	399,700		Shandong Nanshan Aluminum Co Ltd		117,846
	20,000		Shandong Sinocera Functional Material Co Ltd		64,559
	62,300		Shandong Sun Paper Industry JSC Ltd		73,023
	1,115,390		Shandong Weigao Group Medical Polymer Co Ltd		1,694,438
	668,900	*	Shandong Xinchao Energy Corp Ltd		169,630
	135,000		Shanghai 2345 Network Holding Group Co Ltd		56,136
	39,600		Shanghai AJ Group Co Ltd		43,936
	20,000		Shanghai Baosight Software Co Ltd		142,107
	198,400		Shanghai Construction Group Co Ltd		91,884
	168,400		Shanghai Electric Group Co Ltd		115,117
	1,328,623		Shanghai Electric Group Co Ltd (Hong Kong)		408,349
	83,700		Shanghai Electric Power Co Ltd		87,100
	63,300		Shanghai Fosun Pharmaceutical Group Co Ltd		297,343
	275,985	e	Shanghai Fosun Pharmaceutical Group Co Ltd (Hong Kong)		1,042,668
	289,000		Shanghai Industrial Holdings Ltd		491,670
	31,900		Shanghai International Airport Co Ltd		316,382
	295,600		Shanghai International Port Group Co Ltd		173,555
	16,700		Shanghai Jahwa United Co Ltd		76,112
	20,800		Shanghai Jinjiang International Hotels Development Co Ltd		85,566
	595,679		Shanghai Lujiazui Finance & Trade Zone Development Co Ltd		491,618
	20,600		Shanghai M&G Stationery, Inc		148,937
	53,600		Shanghai Mechanical and Electrical Industry Co Ltd		112,016
	88,000		Shanghai Oriental Pearl Group Co Ltd		111,539
	60,400		Shanghai Pharmaceuticals Holding Co Ltd		157,696
	502,741		Shanghai Pharmaceuticals Holding Co Ltd (Hong Kong)		884,927
	874,300		Shanghai Pudong Development Bank Co Ltd		1,308,964
	186,000	*	Shanghai RAAS Blood Products Co Ltd		220,266
	189,800	*	Shanghai Tunnel Engineering Co Ltd		152,709
	106,500		Shanghai Waigaoqiao Free Trade Zone Group Co Ltd		215,441
	73,100		Shanghai Yuyuan Tourist Mart Group Co Ltd		78,606
	93,800		Shanghai Zhangjiang High-Tech Park Development Co Ltd		175,089
	204,600		Shanxi Lu’an Environmental Energy Development Co Ltd		163,686
	123,100	*	Shanxi Meijin Energy Co Ltd		114,835
	133,200		Shanxi Securities Co Ltd		131,984
	136,300		Shanxi Taigang Stainless Steel Co Ltd		62,921
	22,500		Shanxi Xinghuacun Fen Wine Factory Co Ltd		338,557
	110,900		Shanxi Xishan Coal & Electricity Power Co Ltd		73,909
	294,700		Shenergy Co Ltd		220,466
	146,700		Shenghe Resources Holding Co Ltd		141,858
	55,200		Shengyi Technology Co Ltd		249,902
	8,400		Shennan Circuits Co Ltd		270,474
	585,400		Shenwan Hongyuan Group Co Ltd		359,263
	68,300		Shenzhen Airport Co Ltd		79,129
	26,500		Shenzhen Energy Group Co Ltd		20,509
	412,000		Shenzhen Expressway Co Ltd		472,379
	9,100		Shenzhen Goodix Technology Co Ltd		300,765
	30,900		Shenzhen Hepalink Pharmaceutical Group Co Ltd		95,722
	43,300		Shenzhen Inovance Technology Co Ltd		198,841
	555,238		Shenzhen International Holdings Ltd		1,073,113
	1,100,470		Shenzhen Investment Ltd		361,271

277

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	23,700		Shenzhen Kangtai Biological Products Co Ltd	$	443,575
	68,200	*	Shenzhen Kingdom Sci-Tech Co Ltd		161,412
	30,600		Shenzhen Mindray Bio-Medical Electronics Co Ltd		1,096,335
	202,600		Shenzhen Overseas Chinese Town Co Ltd		185,862
	50,500	*	Shenzhen Salubris Pharmaceuticals Co Ltd		132,714
	23,100	*	Shenzhen Sunway Communication Co Ltd		132,401
	251,500		Shenzhen Zhongjin Lingnan Nonfemet Co Ltd		123,485
	392,200		Shenzhou International Group Holdings Ltd		4,526,628
	42,700	*	Shijiazhuang Yiling Pharmaceutical Co Ltd		174,261
	603,500		Shimao Property Holdings Ltd		2,453,151
	1,698,000		Shui On Land Ltd		300,824
	35,500	*	Siasun Robot & Automation Co Ltd		65,599
	177,200		Sichuan Chuantou Energy Co Ltd		224,782
	336,800	*	Sichuan Hebang Biotechnology Co Ltd		64,541
	44,300		Sichuan Kelun Pharmaceutical Co Ltd		120,668
	56,400		Sichuan Languang Development Co Ltd		45,964
	12,900		Sichuan Swellfun Co Ltd		83,559
	31,735	*	Sina Corp		1,071,691
	171,500		Sinochem International Corp		119,035
	82,200		Sinolink Securities Co Ltd		111,498
	1,546,471		Sino-Ocean Land Holdings Ltd		402,771
	708,000		Sinopec Engineering Group Co Ltd		339,450
	2,140,000		Sinopec Shanghai Petrochemical Co Ltd		581,013
	228,783		Sinopec Shanghai Petrochemical Co Ltd (Class A)		129,023
	691,600		Sinopharm Group Co		1,864,802
	1,097,000		Sinotrans Ltd		266,102
	308,700		Sinotrans Ltd (Class A)		141,483
	368,745		Sinotruk Hong Kong Ltd		747,646
	1,016,000		Soho China Ltd		486,842
	30,200		Songcheng Performance Development Co Ltd		126,727
	95,420		SooChow Securities Co Ltd		103,087
	131,200		Southwest Securities Co Ltd		82,971
	40,939		Spring Airlines Co Ltd		214,740
	1,259,500		Sun Art Retail Group Ltd		2,096,915
	1,261,031		Sunac China Holdings Ltd		5,640,908
	245,100		Suning.com Co Ltd		290,415
	370,817		Sunny Optical Technology Group Co Ltd		5,163,818
	38,400		Sunwoda Electronic Co Ltd		77,002
	33,000		Suofeiya Home Collection Co Ltd		86,931
	43,100		Suzhou Dongshan Precision Manufacturing Co Ltd		157,925
	190,600		Suzhou Gold Mantis Construction Decoration Co Ltd		215,507
	193,800	†	Tahoe Group Co Ltd		121,167
	199,832	*	TAL Education Group (ADR)		10,828,896
	36,800		Tangshan Jidong Cement Co Ltd		103,966
	116,700		TangShan Port Group Co Ltd		37,518
	71,931		Tasly Pharmaceutical Group Co Ltd		141,354
	191,900		TBEA Co Ltd		203,583
	396,500		TCL Corp		256,738
	163,600	*	Tech-Bank Food Co Ltd		288,148
	2,973,904		Tencent Holdings Ltd		156,336,445
	50,200	*	Tencent Music Entertainment (ADR)		572,782
	98,200		Tian Di Science & Technology Co Ltd		41,972
	64,900		Tianjin Zhonghuan Semiconductor Co Ltd		156,523
	72,100		Tianma Microelectronics Co Ltd		143,116
	66,560		Tianqi Lithium Corp		153,146
	1,058,000		Tingyi Cayman Islands Holding Corp		1,878,056

278

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	13,900	*	Toly Bread Co Ltd	$	95,802
	92,900		Tonghua Dongbao Pharmaceutical Co Ltd		165,130
	52,600	*	Tongkun Group Co Ltd		86,629
	199,000		Tongling Nonferrous Metals Group Co Ltd		54,425
	116,892		Tongwei Co Ltd		246,263
	8,400	*	Topchoice Medical Corp		144,494
	624,000	g	Topsports International Holdings Ltd		788,837
	92,900		Transfar Zhilian Co Ltd		80,127
	469,661		Travelsky Technology Ltd		829,387
	246,096	*	Trip.com Group Ltd (ADR)		6,339,433
	226,000		Tsingtao Brewery Co Ltd		1,372,933
	21,500		Tsingtao Brewery Co Ltd (Class A)		159,608
	203,600		Tunghsu Optoelectronic Technology Co Ltd		79,580
	119,600		Tus-Sound Environmental Resources Co Ltd		134,944
	14,400		Unigroup Guoxin Microelectronics Co Ltd		123,681
	787,000		Uni-President China Holdings Ltd		790,099
	54,200		Unisplendour Corp Ltd		317,360
	28,200		Universal Scientific Industrial Shanghai Co Ltd		70,216
	19,000		Venustech Group, Inc		109,165
	227,924	*	Vipshop Holdings Ltd (ADR)		3,630,829
	28,200	*	Visionox Technology, Inc		48,197
	18,300		Visual China Group Co Ltd		44,962
	51,400		Walvax Biotechnology Co Ltd		291,702
	58,500	*	Wanda Film Holding Co Ltd		136,523
	88,500	*	Wangsu Science & Technology Co Ltd		101,029
	89,400		Wanhua Chemical Group Co Ltd		563,080
	2,630,252		Want Want China Holdings Ltd		1,874,690
	198,260		Wanxiang Qianchao Co Ltd		138,199
	27,072	*,e	Weibo Corp (ADR)		1,016,012
	1,054,800		Weichai Power Co Ltd		1,853,293
	126,900		Weichai Power Co Ltd (Class A)		237,982
	10,200		Weifu High-Technology Group Co Ltd		29,040
	12,600		Weihai Guangwei Composites Co Ltd		96,527
	154,300		Wens Foodstuffs Group Co Ltd		656,028
	140,000		Western Securities Co Ltd		155,917
	21,200		Westone Information Industry, Inc		67,082
	13,600		Will Semiconductor Ltd		369,142
	27,800	*	Wingtech Technology Co Ltd		413,388
	97,200		Winning Health Technology Group Co Ltd		347,105
	1,194,000		Winteam Pharmaceutical Group Ltd		524,062
	78,400		Wuchan Zhongda Group Co Ltd		51,655
	16,800		Wuhan Guide Infrared Co Ltd		96,934
	55,400		Wuhu Shunrong Sanqi Interactive Entertainment Network Technology Co Ltd		281,172
	122,800		Wuliangye Yibin Co Ltd		2,336,283
	43,900		WUS Printed Circuit Kunshan Co Ltd		164,076
	50,300		WuXi AppTec Co Ltd		711,110
	84,560	g	WuXi AppTec Co Ltd (Hong Kong)		1,192,185
	401,267	*,g	Wuxi Biologics Cayman, Inc		6,246,288
	26,600		Wuxi Lead Intelligent Equipment Co Ltd		140,841
	143,900		XCMG Construction Machinery Co Ltd		111,913
	107,700		Xiamen C & D, Inc		126,789
	138,600		Xiamen Tungsten Co Ltd		220,827
	5,443,200	*,e,g	Xiaomi Corp		7,139,270
	217,900		Xinhu Zhongbao Co Ltd		95,711
	105,500		Xinjiang Goldwind Science & Technology Co Ltd		148,241

279

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	446,000		Xinjiang Goldwind Science & Technology Co Ltd (Hong Kong)	$	437,302
	278,600		Xinjiang Zhongtai Chemical Co Ltd		184,296
	143,900		Xinxing Ductile Iron Pipes Co Ltd		70,148
	2,267,780		Xinyi Solar Holdings Ltd		1,439,249
	273,900		Yango Group Co Ltd		267,913
	45,500		Yantai Jereh Oilfield Services Group Co Ltd		159,176
	938,464		Yanzhou Coal Mining Co Ltd		713,007
	148,900		Yanzhou Coal Mining Co Ltd (Class A)		173,855
	9,200		Yealink Network Technology Corp Ltd		116,839
	44,200		Yifan Pharmaceutical Co Ltd		115,561
	9,400		Yifeng Pharmacy Chain Co Ltd		125,586
	252,000		Yihai International Holding Ltd		2,008,159
	50,800		Yintai Gold Co Ltd		116,609
	383,600		Yonghui Superstores Co Ltd		548,252
	62,230		Yonyou Network Technology Co Ltd		403,693
	22,600	*	Youzu Interactive Co Ltd		58,545
	38,100		Yuan Longping High-tech Agriculture Co Ltd		87,343
	3,236,000		Yuexiul Property Co Ltd		615,259
	186,110		Yum China Holdings, Inc		9,018,891
	46,700		Yunda Holding Co Ltd		194,468
	37,900		Yunnan Baiyao Group Co Ltd		482,904
	16,100		Yunnan Energy New Material Co Ltd		122,069
	86,500	*	Yunnan Tin Co Ltd		102,562
	926,300		Yuzhou Properties Co		394,636
	19,800	*	Zai Lab Ltd (ADR)		1,241,856
	14,195		Zhangzhou Pientzehuang Pharmaceutical Co Ltd		279,145
	509,500		Zhaojin Mining Industry Co Ltd		572,435
	56,916		Zhejiang Chint Electrics Co Ltd		199,205
	79,600		Zhejiang Conba Pharmaceutical Co Ltd		57,531
	78,200	*	Zhejiang Dahua Technology Co Ltd		184,363
	7,300		Zhejiang Dingli Machinery Co Ltd		80,826
	918,414		Zhejiang Expressway Co Ltd		694,593
	38,300	*	Zhejiang Huahai Pharmaceutical Co Ltd		139,696
	37,176		Zhejiang Huayou Cobalt Co Ltd		177,877
	45,500		Zhejiang Jiahua Energy Chemical Industry Co Ltd		55,689
	225,600		Zhejiang Juhua Co Ltd		202,990
	90,300		Zhejiang Longsheng Group Co Ltd		153,037
	60,600		Zhejiang NHU Co Ltd		232,351
	76,900		Zhejiang Sanhua Intelligent Controls Co Ltd		235,704
	73,800		Zhejiang Semir Garment Co Ltd		74,315
	12,900		Zhejiang Supor Co Ltd		119,690
	58,900		Zhejiang Wanfeng Auto Wheel Co Ltd		52,805
	39,500		Zhejiang Weixing New Building Materials Co Ltd		67,765
	13,200		Zhejiang Wolwo Bio-Pharmaceutical Co Ltd		95,860
	91,800		Zhengzhou Yutong Bus Co Ltd		168,897
	782,000		Zhenro Properties Group Ltd		501,599
	179,100		Zheshang Securities Co Ltd		244,431
	172,800	*,e,g	ZhongAn Online P&C Insurance Co Ltd		599,339
	14,000		Zhongji Innolight Co Ltd		126,773
	190,440		Zhongjin Gold Corp Ltd		225,334
	315,500		Zhongsheng Group Holdings Ltd		1,266,326
	278,600		Zhuzhou CSR Times Electric Co Ltd		852,275
	2,769,299		Zijin Mining Group Co Ltd		1,130,618
	591,800		Zijin Mining Group Co Ltd (Class A)		323,703
	163,900		Zoomlion Heavy Industry Science and Technology Co Ltd		147,639
	126,100	*	ZTE Corp		721,693

280

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	429,464	*,e	ZTE Corp (Class H)	$	1,210,513
	167,200		ZTO Express Cayman, Inc (ADR)		4,975,872
			TOTAL CHINA		1,048,152,148
COLOMBIA - 0.2%
	107,137		BanColombia S.A.		685,201
	233,711		BanColombia S.A. (Preference)		1,527,770
	2,969,739		Ecopetrol S.A.		1,567,758
	143,883		Grupo Argos S.A.		335,085
	1,925,410		Grupo Aval Acciones y Valores		410,955
	133,223		Grupo de Inversiones Suramericana S.A.		724,162
	244,141		Interconexion Electrica S.A.		1,122,346
			TOTAL COLOMBIA		6,373,277
CZECH REPUBLIC - 0.1%
	83,665		CEZ AS		1,555,456
	36,567		Komercni Banka AS		774,297
	243,391	g	Moneta Money Bank AS		505,635
			TOTAL CZECH REPUBLIC		2,835,388
EGYPT - 0.1%
	696,107		Commercial International Bank		2,829,697
	518,867		Eastern Tobacco		399,267
	371,381		ElSwedy Cables Holding Co		209,573
			TOTAL EGYPT		3,438,537
GREECE - 0.2%
	852,922	*	Alpha Bank AE		622,825
	1,283,177	*	Eurobank Ergasias S.A.		518,314
	12,741	*,†	Hellenic Duty Free Shops S.A.		139
	127,764		Hellenic Telecommunications Organization S.A.		1,687,952
	50,364		JUMBO S.A.		788,192
	32,834		Motor Oil Hellas Corinth Refineries S.A.		486,498
	334,665	*	National Bank of Greece S.A.		453,830
	88,856		OPAP S.A.		795,911
			TOTAL GREECE		5,353,661
HONG KONG - 0.4%
	6,861,652	*	Alibaba Pictures Group Ltd		919,024
	1,341,226		China Resources Cement Holdings Ltd		1,825,011
	676,151		Kingboard Laminates Holdings Ltd		654,376
	861,000		Nine Dragons Paper Holdings Ltd		823,738
	3,592,221		Sino Biopharmaceutical		5,236,018
	818,000		SSY Group Ltd		575,982
	613,000		Towngas China Co Ltd		308,142
	608,000	e	Wharf Holdings Ltd		1,151,725
			TOTAL HONG KONG		11,494,016
HUNGARY - 0.2%
	217,493		MOL Hungarian Oil & Gas plc		1,376,908
	108,638		OTP Bank		3,217,422
	66,738		Richter Gedeon Rt		1,426,107
			TOTAL HUNGARY		6,020,437

281

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
INDIA - 8.1%
	334,042		Ambuja Cements Ltd	$	756,480
	590,712		Ashok Leyland Ltd		405,996
	153,609		Asian Paints Ltd		3,584,176
	153,581		Aurobindo Pharma Ltd		1,256,143
	65,676	*,g	Avenue Supermarts Ltd		2,058,461
	1,084,446		Axis Bank Ltd		6,335,825
	95,035		Bajaj Finance Ltd		2,905,762
	21,321		Bajaj Finserv Ltd		1,435,328
	43,032		Bajaj Holdings and Investment Ltd		1,496,443
	229,748	g	Bandhan Bank Ltd		788,419
	100,444		Berger Paints India Ltd		675,443
	98,254		Bharat Forge Ltd		400,521
	350,817		Bharat Petroleum Corp Ltd		1,716,308
	1,279,121	*	Bharti Airtel Ltd		8,710,969
	182,660		Bharti Infratel Ltd		422,605
	3,399		Bosch Ltd		474,745
	30,564		Britannia Industries Ltd		1,279,029
	178,785		Cipla Ltd		1,391,415
	672,143		Coal India Ltd		1,314,326
	35,063		Colgate-Palmolive India Ltd		676,793
	90,433		Container Corp Of India Ltd		447,401
	255,118		Dabur India Ltd		1,650,432
	38,254		Divi S Laboratories Ltd		1,179,566
	367,391		DLF Ltd		704,256
	59,154		Dr Reddy’s Laboratories Ltd		3,064,020
	6,560		Eicher Motors Ltd		1,273,858
	791,975		GAIL India Ltd		1,002,113
	165,430		Godrej Consumer Products Ltd		1,187,178
	147,436		Grasim Industries Ltd		978,597
	116,808		Havells India Ltd		870,578
	547,962		HCL Technologies Ltd		3,929,924
	21,819	g	HDFC Asset Management Co Ltd		730,387
	264,349	*,g	HDFC Life Insurance Co Ltd		1,750,618
	48,148		Hero Honda Motors Ltd		1,373,345
	581,220		Hindalco Industries Ltd		985,835
	423,501		Hindustan Lever Ltd		12,262,695
	311,522		Hindustan Petroleum Corp Ltd		909,172
	852,655		Housing Development Finance Corp		21,567,736
	2,481,922		ICICI Bank Ltd		12,451,395
	93,199	g	ICICI Lombard General Insurance Co Ltd		1,593,169
	184,532	g	ICICI Prudential Life Insurance Co Ltd		1,006,245
	938,464		Indian Oil Corp Ltd		1,046,218
	32,926		Info Edge India Ltd		1,105,796
	1,773,782		Infosys Technologies Ltd		16,579,770
	46,919	g	InterGlobe Aviation Ltd		615,393
	1,823,876		ITC Ltd		4,394,066
	487,252		JSW Steel Ltd		1,150,809
	244,978		Larsen & Toubro Ltd		2,904,984
	153,306		LIC Housing Finance Ltd		573,472
	124,863		Lupin Ltd		1,376,954
	155,082		Mahindra & Mahindra Financial Services Ltd		337,682
	392,932		Mahindra & Mahindra Ltd		1,895,713
	212,692		Marico Ltd		807,917
	55,442		Maruti Suzuki India Ltd		3,935,918
	488,899		Motherson Sumi Systems Ltd		563,354
	307,016		Mundra Port and Special Economic Zone Ltd		1,178,801

282

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	11,532		Nestle India Ltd	$	2,735,404
	1,253,537		NTPC Ltd		1,570,445
	3,174		Page Industries Ltd		764,760
	269,413		Petronet LNG Ltd		867,948
	55,497		Pidilite Industries Ltd		1,118,814
	57,102		Piramal Healthcare Ltd		733,888
	985,326		Power Grid Corp of India Ltd		2,111,884
	1,485,650		Reliance Industries Ltd		28,885,510
	411,021		Rural Electrification Corp Ltd		518,622
	172,684	*,g	SBI Life Insurance Co Ltd		1,659,897
	946,444		Sesa Sterlite Ltd		1,103,227
	4,255		Shree Cement Ltd		1,110,950
	41,962		Shriram Transport Finance Co Ltd		430,431
	30,838		Siemens India Ltd		465,215
	971,736	*	State Bank of India		2,431,823
	438,858		Sun Pharmaceutical Industries Ltd		2,676,568
	470,230		Tata Consultancy Services Ltd		12,448,085
	931,904	*	Tata Motors Ltd		1,128,406
	664,122		Tata Power Co Ltd		277,188
	186,569		Tata Steel Ltd		724,515
	234,982		Tech Mahindra Ltd		1,690,010
	163,273		Titan Industries Ltd		2,087,998
	49,376		Ultra Tech Cement Ltd		2,298,454
	263,895		United Phosphorus Ltd		1,460,312
	151,767	*	United Spirits Ltd		1,080,190
	586,826		Wipro Ltd		1,489,862
	478,016		ZEE Telefilms Ltd		1,001,850
			TOTAL INDIA		222,342,810
INDONESIA - 1.5%
	7,213,054		Adaro Energy Tbk		442,021
	28,600,182		Bank Rakyat Indonesia		5,202,012
	1,388,960		Indofood CBP Sukses Makmur Tbk		919,008
	2,882,000		PT ACE Hardware Indonesia Tbk		293,343
	10,588,572		PT Astra International Tbk		2,708,200
	5,126,575		PT Bank Central Asia Tbk		8,880,201
	9,301,739		PT Bank Mandiri Persero Tbk		2,765,046
	3,531,959		PT Bank Negara Indonesia		963,855
	1,708,200		PT Bank Tabungan Negara Tbk		100,599
	11,880,800	*	PT Barito Pacific Tbk		1,150,390
	3,227,400	*	PT Bumi Serpong Damai		151,837
	3,661,600		PT Charoen Pokphand Indonesia Tbk		1,125,926
	1,610,200	*	PT Excelcomindo Pratama		272,871
	246,500		PT Gudang Garam Tbk		749,311
	4,259,009		PT Hanjaya Mandala Sampoerna Tbk		453,567
	1,424,305		PT Indah Kiat Pulp and Paper Corp Tbk		525,757
	1,044,617		PT Indocement Tunggal Prakarsa Tbk		810,782
	2,046,900		PT Indofood Sukses Makmur Tbk		893,090
	972,082		PT Jasa Marga Tbk		204,670
	9,861,300		PT Kalbe Farma Tbk		952,641
	667,100		PT Pabrik Kertas Tjiwi Kimia Tbk		221,922
	8,991,000		PT Pakuwon Jati Tbk		225,785
	5,462,000		PT Perusahaan Gas Negara Persero Tbk		309,907
	1,455,900		PT Semen Gresik Persero Tbk		772,812
	2,084,200		PT Tambang Batubara Bukit Asam Tbk		260,910
	25,882,883		PT Telekomunikasi Indonesia Persero Tbk		5,951,821

283

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	3,785,145		PT Unilever Indonesia Tbk	$	2,098,855
	961,300		PT United Tractors Tbk		1,048,466
			TOTAL INDONESIA		40,455,605
KOREA, REPUBLIC OF - 11.6%
	16,790		Amorepacific Corp		2,432,027
	5,061		Amorepacific Corp (Preference)		260,459
	3,961		BGF retail Co Ltd		512,432
	138,454		BS Financial Group, Inc		575,787
	26,410	*,e	Celltrion Healthcare Co Ltd		1,830,490
	48,613	*	Celltrion, Inc		8,402,083
	33,095		Cheil Communications, Inc		483,015
	42,264		Cheil Industries, Inc		3,700,813
	4,382		CJ CheilJedang Corp		985,731
	7,960		CJ Corp		531,666
	5,823		CJ O Shopping Co Ltd		612,616
	13,976		Daelim Industrial Co		1,008,424
	144,397	*	Daewoo Engineering & Construction Co Ltd		423,680
	26,134		Daewoo International Corp		303,764
	184,817		Daewoo Securities Co Ltd		852,005
	26,962	*	Daewoo Shipbuilding & Marine Engineering Co Ltd		379,805
	29,108		Dongbu Insurance Co Ltd		1,063,170
	22,655		Doosan Bobcat, Inc		438,496
	12,326		E-Mart Co Ltd		1,214,613
	23,470		Fila Korea Ltd		671,018
	9,472		GLOVIS Co Ltd		791,656
	32,023		GS Engineering & Construction Corp		668,633
	25,877		GS Holdings Corp		814,230
	12,051		GS Retail Co Ltd		375,492
	152,075		Hana Financial Group, Inc		3,471,569
	37,843		Hankook Tire Co Ltd		663,943
	3,480		Hanmi Pharm Co Ltd		742,466
	89,111		Hanon Systems		671,252
	55,280		Hanwha Chemical Corp		661,589
	23,754		Hanwha Corp		405,174
	27,165		HDC Hyundai Development Co-Engineering & Construction		419,914
	18,788	*,e	HLB, Inc		1,473,159
	9,428		Honam Petrochemical Corp		1,675,406
	17,608		Hotel Shilla Co Ltd		1,231,092
	283,129		Hynix Semiconductor, Inc		19,484,244
	8,009		Hyundai Department Store Co Ltd		477,865
	38,599		Hyundai Engineering & Construction Co Ltd		1,118,952
	21,012	*	Hyundai Heavy Industries		1,425,307
	33,069		Hyundai Marine & Fire Insurance Co Ltd		715,151
	34,511		Hyundai Mobis		4,879,172
	77,066		Hyundai Motor Co		5,956,618
	18,250		Hyundai Motor Co Ltd (2nd Preference)		881,464
	12,263		Hyundai Motor Co Ltd (Preference)		575,426
	4,911		Hyundai Robotics Co Ltd		980,546
	39,665		Hyundai Steel Co		705,479
	148,772		Industrial Bank of Korea		969,156
	25,934		Kakao Corp		3,919,114
	56,962		Kangwon Land, Inc		1,177,248
	205,203		KB Financial Group, Inc		5,871,125
	2,842		KCC Corp		386,809
	2,671	*	KCC Glass Corp		63,243

284

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	131,944		Kia Motors Corp	$	3,222,692
	13,605	*	KMW Co Ltd		677,783
	36,145		Korea Aerospace Industries Ltd		762,542
	134,877	*	Korea Electric Power Corp		2,636,121
	4,851	*	Korea Express Co Ltd		589,142
	16,318		Korea Gas Corp		360,409
	20,005		Korea Investment Holdings Co Ltd		828,233
	9,838		Korea Kumho Petrochemical		620,405
	196,655		Korea Life Insurance Co Ltd		293,007
	4,054		Korea Zinc Co Ltd		1,288,499
	32,483	*	Korean Air Lines Co Ltd		531,673
	59,894		KT&G Corp		3,998,969
	23,739		LG Chem Ltd		7,376,020
	4,416		LG Chem Ltd (Preference)		627,120
	49,134		LG Corp		2,500,158
	54,355		LG Electronics, Inc		2,446,250
	4,875		LG Household & Health Care Ltd		5,528,230
	1,289		LG Household & Health Care Ltd (Preference)		766,343
	6,863		LG Innotek Co Ltd		743,554
	106,048		LG Telecom Ltd		1,164,520
	114,367	*	LG.Philips LCD Co Ltd		1,037,606
	20,874		Lotte Corp		689,098
	6,195		Lotte Shopping Co Ltd		507,322
	2,397		Medy-Tox, Inc		228,288
	149,331		Meritz Securities Co Ltd		401,961
	72,334		Naver Corp		11,727,553
	8,566		NCsoft		4,538,686
	13,064	*,g	Netmarble Corp		1,026,647
	10,268	*	OCI Co Ltd		336,973
	13,154		Orion Corp/Republic of Korea		1,347,579
	732		Ottogi Corp		327,358
	14,492		Pacific Corp		693,565
	3,361	*	Pearl Abyss Corp		531,606
	40,870		POSCO		6,175,678
	15,291		POSCO Refractories & Environment Co Ltd		653,579
	8,530		S1 Corp (Korea)		606,818
	8,563	*,g	Samsung Biologics Co Ltd		4,090,397
	12,786		Samsung Card Co		314,810
	28,397		Samsung Electro-Mechanics Co Ltd		2,654,860
	2,477,051		Samsung Electronics Co Ltd		101,850,210
	427,452		Samsung Electronics Co Ltd (Preference)		14,817,879
	77,417	*	Samsung Engineering Co Ltd		730,665
	15,949		Samsung Fire & Marine Insurance Co Ltd		2,501,318
	254,190	*	Samsung Heavy Industries Co Ltd		893,513
	38,081		Samsung Life Insurance Co Ltd		1,544,364
	28,375		Samsung SDI Co Ltd		6,703,192
	18,265		Samsung SDS Co Ltd		2,436,613
	27,887		Samsung Securities Co Ltd		690,994
	236,868		Shinhan Financial Group Co Ltd		6,005,208
	3,832		Shinsegae Co Ltd		831,329
	17,452		SK C&C Co Ltd		2,604,990
	28,572		SK Energy Co Ltd		2,304,896
	10,693		SK Telecom Co Ltd		1,858,483
	25,625		S-Oil Corp		1,471,256
	191,612	*	STX Pan Ocean Co Ltd		542,096
	12,402	*,e	ViroMed Co Ltd		677,516

285

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	27,959		Woongjin Coway Co Ltd	$	1,417,012
	275,742		Woori Financial Group, Inc		1,909,635
	87,969		Woori Investment & Securities Co Ltd		700,036
	24,790		Yuhan Corp		963,103
			TOTAL KOREA, REPUBLIC OF		318,640,950
LUXEMBOURG - 0.1%
	81,022		Reinet Investments S.C.A		1,296,140
			TOTAL LUXEMBOURG		1,296,140
MALAYSIA - 1.8%
	624,700	*	AirAsia BHD		117,365
	1,026,433		AMMB Holdings BHD		708,976
	2,490,581		Bumiputra-Commerce Holdings BHD		1,991,419
	73,000	*	Carlsberg Brewery-Malay BHD		465,873
	1,847,177		Dialog Group BHD		1,426,142
	1,546,925		Digi.Com BHD		1,661,611
	72,100		Fraser & Neave Holdings BHD		530,255
	906,460		Gamuda BHD		675,646
	1,181,075		Genting BHD		1,142,241
	90,100		Genting Plantations BHD		199,253
	230,200		HAP Seng Consolidated BHD		392,495
	837,800		Hartalega Holdings BHD		1,480,018
	355,287		Hong Leong Bank BHD		1,096,019
	133,206		Hong Leong Credit BHD		405,698
	1,098,112		IHH Healthcare BHD		1,336,221
	1,287,000		IJM Corp BHD		494,869
	1,032,520		IOI Corp BHD		972,222
	217,611		Kuala Lumpur Kepong BHD		1,057,522
	2,089,050		Malayan Banking BHD		3,666,401
	523,176		Malaysia Airports Holdings BHD		636,068
	1,116,300		Maxis BHD		1,418,350
	752,600		MISC BHD		1,372,334
	40,200		Nestle Malaysia BHD		1,308,346
	1,310,400		Petronas Chemicals Group BHD		1,696,232
	180,700		Petronas Dagangan BHD		852,412
	419,500		Petronas Gas BHD		1,498,454
	287,240		PPB Group BHD		1,094,952
	742,612		Press Metal BHD		676,211
	1,611,123		Public Bank BHD		6,123,182
	299,800		QL Resources BHD		566,849
	1,507,500		Resorts World BHD		828,621
	880,370		RHB Capital BHD		968,842
	1,441,965		Sime Darby BHD		667,928
	1,145,365		Sime Darby Plantation BHD		1,314,492
	573,565		Telekom Malaysia BHD		535,336
	1,647,763		Tenaga Nasional BHD		4,665,644
	1,517,874		TM International BHD		1,383,955
	858,700		Top Glove Corp BHD		1,447,201
	557,400		Westports Holdings BHD		475,742
	1,501,166		YTL Corp BHD		265,919
			TOTAL MALAYSIA		49,617,316
MEXICO - 1.8%
	1,453,650		Alfa S.A. de C.V. (Class A)		594,705
	498,300	*	Alsea SAB de C.V.		410,822

286

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	17,401,741		America Movil S.A. de C.V. (Series L)	$	10,541,696
	7,119,697		Cemex S.A. de C.V.		1,497,733
	287,760		Coca-Cola Femsa SAB de C.V.		1,159,350
	135,051	e	El Puerto de Liverpool SAB de C.V.		340,191
	205,425		Embotelladoras Arca SAB de C.V.		791,237
	1,646,800		Fibra Uno Administracion S.A. de C.V.		1,350,867
	1,024,611		Fomento Economico Mexicano S.A. de C.V.		6,622,283
	112,945		Gruma SAB de C.V.		1,072,183
	186,430		Grupo Aeroportuario del Pacifico S.A. de C.V. (B Shares)		1,164,946
	100,291		Grupo Aeroportuario del Sureste S.A. de C.V. (Class B)		1,004,491
	881,520	e	Grupo Bimbo S.A. de C.V. (Series A)		1,301,742
	225,498	e	Grupo Carso S.A. de C.V. (Series A1)		451,445
	1,294,328		Grupo Financiero Banorte S.A. de C.V.		3,539,652
	1,079,144		Grupo Financiero Inbursa S.A.		649,251
	1,772,432		Grupo Mexico S.A. de C.V. (Series B)		3,780,051
	1,243,590	e	Grupo Televisa S.A.		1,321,453
	82,889		Industrias Penoles S.A. de C.V.		639,973
	318,600		Infraestructura Energetica ,NV SAB de C.V.		988,016
	823,442		Kimberly-Clark de Mexico S.A. de C.V. (Class A)		1,163,021
	146,600		Megacable Holdings SAB de C.V.		365,390
	531,523		Orbia Advance Corp SAB de C.V.		627,215
	112,320	*,e	Promotora y Operadora de Infraestructura SAB de C.V.		780,289
	2,743,084		Wal-Mart de Mexico SAB de C.V.		6,597,925
			TOTAL MEXICO		48,755,927
PAKISTAN - 0.0%
	221,358		Habib Bank Ltd		138,950
	191,300		MCB Bank Ltd		194,887
	519,317		Oil & Gas Development Co Ltd		341,391
			TOTAL PAKISTAN		675,228
PERU - 0.3%
	107,522		Cia de Minas Buenaventura S.A. (ADR) (Series B)		805,340
	35,610		Credicorp Ltd (NY)		5,306,602
	45,344	e	Southern Copper Corp (NY)		1,470,959
			TOTAL PERU		7,582,901
PHILIPPINES - 0.8%
	1,176,304		Aboitiz Equity Ventures, Inc		959,559
	750,800		Aboitiz Power Corp		405,185
	20,277	*,†	Altus San Nicolas Corp		2,089
	152,663		Ayala Corp		1,736,558
	3,764,693	*	Ayala Land, Inc		2,350,380
	1,016,476		Banco de Oro Universal Bank		2,000,086
	460,619		Bank of the Philippine Islands		529,044
	20,581		Globe Telecom, Inc		892,810
	58,566	*	GT Capital Holdings, Inc		524,346
	587,400		International Container Term Services, Inc		1,027,432
	1,486,876		JG Summit Holdings (Series B)		1,480,863
	227,840		Jollibee Foods Corp		643,687
	142,886		Manila Electric Co		713,431
	4,426,900		Megaworld Corp		223,394
	6,294,000		Metro Pacific Investments Corp		317,324
	906,890		Metropolitan Bank & Trust		693,612
	44,840		PLDT, Inc		1,136,472
	1,053,143		Robinsons Land Corp		311,165

287

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	181,793		Security Bank Corp	$	367,745
	126,985		SM Investments Corp		2,116,536
	5,192,349		SM Prime Holdings		3,161,944
	496,637		Universal Robina		1,229,263
			TOTAL PHILIPPINES		22,822,925
POLAND - 0.7%
	242,521	*	Bank Millennium S.A.		165,163
	90,094		Bank Pekao S.A.		1,142,824
	20,184		Bank Zachodni WBK S.A.		802,315
	6,864	*	BRE Bank S.A.		365,538
	22,812		CCC S.A.		288,168
	34,418		CD Projekt Red S.A.		3,013,246
	146,346		Cyfrowy Polsat S.A.		904,831
	27,235	*,g	Dino Polska S.A.		1,151,762
	56,287		Grupa Lotos S.A.		854,170
	71,195	*	KGHM Polska Miedz S.A.		1,339,119
	586		LPP S.A.		923,702
	982,160		Polish Oil & Gas Co		884,068
	441,908	*	Polska Grupa Energetyczna S.A.		441,989
	155,414		Polski Koncern Naftowy Orlen S.A.		2,359,082
	470,970		Powszechna Kasa Oszczednosci Bank Polski S.A.		2,520,518
	315,296		Powszechny Zaklad Ubezpieczen S.A.		2,327,236
	333,889	*	Telekomunikacja Polska S.A.		566,993
			TOTAL POLAND		20,050,724
QATAR - 0.9%
	1,128,542		Barwa Real Estate Co		886,403
	948,910		Commercial Bank of Qatar QSC		1,044,808
	967,659		Industries Qatar QSC		1,868,491
	1,950,573		Masraf Al Rayan		2,041,218
	2,413,710		Mesaieed Petrochemical Holding Co		1,193,265
	412,631		Ooredoo QSC		721,863
	303,694		Qatar Electricity & Water Co		1,255,525
	275,910		Qatar Fuel QSC		1,211,611
	751,420		Qatar Insurance Co SAQ		411,995
	403,206		Qatar International Islamic Bank QSC		885,350
	575,479		Qatar Islamic Bank SAQ		2,445,511
	2,344,282		Qatar National Bank		11,057,129
			TOTAL QATAR		25,023,169
ROMANIA - 0.0%
	191,602		NEPI Rockcastle plc		819,922
			TOTAL ROMANIA		819,922
RUSSIA - 3.3%
	2,851,696		Gazprom (ADR)		14,401,065
	225,744		LUKOIL PJSC (ADR)		14,576,290
	150,105		Magnit OAO (GDR)		1,655,545
	31,218	*	Magnit PJSC (GDR)		344,959
	62,992		MMC Norilsk Nickel PJSC (ADR)		1,722,201
	272,296		MMC Norilsk Nickel PJSC (ADR)		7,552,900
	276,149		Mobile TeleSystems (ADR)		2,366,597
	38,648		NovaTek OAO (GDR)		5,419,684
	11,062		Novatek PJSC (GDR)		1,553,105
	77,905		Novolipetsk Steel PJSC (GDR)		1,343,861

288

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	54,326		PhosAgro OAO (GDR)	$	654,845
	21,898		PhosAgro PJSC (GDR)		264,528
	114,569		Polymetal International plc (ADR)		2,346,248
	23,352		Polyus PJSC (GDR)		1,897,347
	5,813	*	Polyus PJSC (GDR)		473,469
	735,147	*	Rosneft Oil Co PJSC (GDR)		3,294,929
	304,038		Sberbank of Russia (ADR)		3,195,439
	1,133,188		Sberbank of Russian Federation (ADR)		12,030,421
	43,480		Severstal (GDR)		519,151
	95,228		Severstal (GDR) (Equiduct)		1,135,202
	806,517		Surgutneftegaz (ADR) (London)		3,911,608
	107,678		Tatneft PAO (ADR)		4,796,905
	28,483		Tatneft PJSC (ADR)		1,265,357
	785,086		VTB Bank PJSC (GDR) Equiduct		736,438
	126,377	*	VTB Bank PJSC (GDR) Tradegate		119,300
	66,543	*	X5 Retail Group NV (GDR)		1,964,349
			TOTAL RUSSIA		89,541,743
SAUDI ARABIA - 2.6%
	60,880		Advanced Petrochemical Co		720,321
	639,871		Al Rajhi Bank		9,726,580
	465,681	*	Alinma Bank		1,968,882
	132,738		Almarai Co JSC		1,730,738
	312,240		Arab National Bank		1,688,634
	170,600		Bank AlBilad		1,028,261
	179,429		Bank Al-Jazira		569,532
	283,179		Banque Saudi Fransi		2,327,360
	12,192		Bupa Arabia for Cooperative Insurance Co		347,254
	26,430	*	Co for Cooperative Insurance		506,980
	283,763	*	Dar Al Arkan Real Estate Development Co		608,667
	249,998	*	Emaar Economic City		485,956
	181,790	*	Etihad Etisalat Co		1,342,765
	30,220		Jarir Marketing Co		1,185,372
	617,179		National Commercial Bank		6,091,151
	211,981	*	National Industrialization Co		571,398
	121,808	*	Rabigh Refining & Petrochemical Co		442,342
	632,742		Riyad Bank		2,860,501
	187,564		Sahara International Petrochemical Co		764,132
	489,230		Samba Financial Group		3,021,654
	19,234		Saudi Airlines Catering Co		407,802
	90,269		Saudi Arabian Fertilizer Co		1,692,731
	216,819	*	Saudi Arabian Mining Co		2,134,743
	647,474	g	Saudi Arabian Oil Co		5,440,640
	399,186		Saudi Basic Industries Corp		7,921,791
	363,200		Saudi British Bank		2,372,440
	45,258		Saudi Cement Co		632,236
	443,211		Saudi Electricity Co		2,006,849
	103,754		Saudi Industrial Investment Group		512,047
	380,181	*	Saudi Kayan Petrochemical Co		872,943
	207,299		Saudi Telecom Co		4,992,254
	138,500		Savola Group		1,491,381
	123,271		Yanbu National Petrochemical Co		1,468,818
			TOTAL SAUDI ARABIA		69,935,155
SINGAPORE - 0.0%
	104,800	g	BOC Aviation Ltd		716,609
			TOTAL SINGAPORE		716,609

289

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
SOUTH AFRICA - 3.5%
	370,501		Absa Group Ltd	$	1,828,478
	28,628		Anglo American Platinum Ltd		1,502,397
	214,942		AngloGold Ashanti Ltd		5,246,765
	212,270	*	Aspen Pharmacare Holdings Ltd		1,324,079
	170,677		Bid Corp Ltd		2,224,297
	153,193		Bidvest Group Ltd		1,244,069
	23,875		Capitec Bank Holdings Ltd		1,163,882
	135,609		Clicks Group Ltd		1,687,915
	190,194	e	Discovery Holdings Ltd		997,858
	126,179		Exxaro Resources Ltd		732,498
	1,680,766		FirstRand Ltd		3,668,279
	724,642		Fortress REIT Ltd (Class A)		397,072
	146,984		Foschini Ltd		576,694
	429,543		Gold Fields Ltd		3,197,350
	1,672,109		Growthpoint Properties Ltd		1,256,642
	403,040		Impala Platinum Holdings Ltd		2,403,833
	166,976		Investec Ltd		347,743
	33,648		Kumba Iron Ore Ltd		633,279
	103,000		Liberty Holdings Ltd		390,592
	682,932		Life Healthcare Group Holdings Pte Ltd		658,044
	384,525		Momentum Metropolitan Holdings		363,043
	143,699		Mr Price Group Ltd		1,023,816
	904,109		MTN Group Ltd		2,375,871
	242,531	*	MultiChoice Group Ltd		1,136,718
	230,806		Naspers Ltd (N Shares)		35,924,584
	193,330		Nedbank Group Ltd		1,123,917
	185,040	*	Northam Platinum Ltd		917,138
	382,703	e,g	Pepkor Holdings Ltd		249,837
	213,334		Pick’n Pay Stores Ltd		667,550
	70,305		PSG Group Ltd		600,460
	364,853		Rand Merchant Investment Holdings Ltd		494,052
	2,708,927		Redefine Properties Ltd		333,454
	269,290		Remgro Ltd		1,986,067
	392,604		RMB Holdings Ltd		1,125,594
	940,999		Sanlam Ltd		3,008,290
	288,474	*,e	Sasol Ltd		1,369,070
	255,027		Shoprite Holdings Ltd		1,473,985
	1,150,151	*	Sibanye Stillwater Ltd		2,343,055
	104,005		Spar Group Ltd		991,354
	652,205	e	Standard Bank Group Ltd		3,593,628
	162,176		Telkom S.A. Ltd		179,811
	96,741		Tiger Brands Ltd		942,020
	329,293		Vodacom Group Pty Ltd		2,189,069
	566,283	e	Woolworths Holdings Ltd		932,578
			TOTAL SOUTH AFRICA		96,826,727
SPAIN - 0.0%
	39,440	*	AmRest Holdings SE		264,622
			TOTAL SPAIN		264,622
TAIWAN - 12.6%
	270,000		Accton Technology Corp		1,957,248
	1,648,380		Acer, Inc		912,618

290

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	184,030		Advantech Co Ltd	$	1,740,608
	72,000		Airtac International Group		1,379,755
	1,804,011		ASE Industrial Holding Co Ltd		4,018,816
	1,175,512		Asia Cement Corp		1,726,945
	367,500		Asustek Computer, Inc		2,484,167
	4,781,000		AU Optronics Corp		1,257,310
	345,389		Catcher Technology Co Ltd		2,616,147
	4,075,604		Cathay Financial Holding Co Ltd		5,438,153
	615,272		Chailease Holding Co Ltd		2,337,640
	2,826,773		Chang Hwa Commercial Bank		1,848,502
	1,084,922		Cheng Shin Rubber Industry Co Ltd		1,247,229
	317,079		Chicony Electronics Co Ltd		893,157
	957,000		China Airlines		264,105
	6,002,754		China Development Financial Holding Corp		1,816,243
	1,188,133	*	China Life Insurance Co Ltd (Taiwan)		811,282
	6,182,151		China Steel Corp		4,140,599
	9,613,282		Chinatrust Financial Holding Co		6,406,219
	2,010,763		Chunghwa Telecom Co Ltd		7,390,362
	2,273,000		Compal Electronics, Inc		1,449,023
	1,014,768		Delta Electronics, Inc		4,733,087
	5,198,848		E.Sun Financial Holding Co Ltd		4,723,622
	93,316		Eclat Textile Co Ltd		931,606
	859,554		Eva Airways Corp		330,567
	898,980	*	Evergreen Marine Corp Tawain Ltd		332,767
	1,583,071		Far Eastern Textile Co Ltd		1,374,686
	857,000		Far EasTone Telecommunications Co Ltd		1,908,774
	187,928		Feng TAY Enterprise Co Ltd		1,069,155
	5,162,112		First Financial Holding Co Ltd		3,801,756
	1,813,173		Formosa Chemicals & Fibre Corp		4,592,809
	647,064		Formosa Petrochemical Corp		1,941,395
	2,328,453		Formosa Plastics Corp		6,834,580
	449,000		Formosa Taffeta Co Ltd		511,957
	439,512		Foxconn Technology Co Ltd		843,903
	3,467,646		Fubon Financial Holding Co Ltd		4,903,179
	5,080,124		Fuhwa Financial Holdings Co Ltd		2,895,564
	173,000		Giant Manufacturing Co Ltd		1,019,762
	117,509		Globalwafers Co Ltd		1,495,540
	400,420		Highwealth Construction Corp		584,296
	120,795		Hiwin Technologies Corp		1,152,165
	6,499,002		Hon Hai Precision Industry Co, Ltd		16,702,217
	151,608		Hotai Motor Co Ltd		2,799,158
	4,079,706		Hua Nan Financial Holdings Co Ltd		2,650,102
	4,190,487		InnoLux Display Corp		910,191
	1,362,060		Inventec Co Ltd		1,070,203
	52,125		Largan Precision Co Ltd		7,105,343
	1,104,778		Lite-On Technology Corp		1,716,769
	786,170		MediaTek, Inc		10,855,771
	5,698,125		Mega Financial Holding Co Ltd		5,731,909
	336,000		Micro-Star International Co Ltd		1,042,254
	2,703,860		Nan Ya Plastics Corp		5,981,628
	666,000		Nanya Technology Corp		1,429,623
	97,000		Nien Made Enterprise Co Ltd		744,296
	303,474		Novatek Microelectronics Corp Ltd		1,887,292
	1,021,000		Pegatron Technology Corp		2,239,979
	75,000		Phison Electronics Corp		711,717
	1,053,512		Pou Chen Corp		992,086

291

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	366,000		Powertech Technology, Inc	$	1,223,926
	296,000		President Chain Store Corp		3,060,855
	1,382,000		Quanta Computer, Inc		2,986,042
	254,085		Realtek Semiconductor Corp		2,175,812
	284,048		Ruentex Development Co Ltd		422,752
	206,975		Ruentex Industries Ltd		474,031
	1,679,421		Shanghai Commercial & Savings Bank Ltd		2,473,097
	5,024,335		Shin Kong Financial Holding Co Ltd		1,430,364
	5,063,717		SinoPac Financial Holdings Co Ltd		2,061,005
	242,777		Standard Foods Corp		547,182
	702,050		Synnex Technology International Corp		936,950
	4,678,297		Taishin Financial Holdings Co Ltd		1,989,831
	2,482,953		Taiwan Business Bank		899,447
	2,604,827		Taiwan Cement Corp		3,758,180
	4,577,941		Taiwan Cooperative Financial Holding		3,074,147
	1,087,000		Taiwan High Speed Rail Corp		1,241,470
	836,859		Taiwan Mobile Co Ltd		3,015,294
	12,785,848		Taiwan Semiconductor Manufacturing Co Ltd		128,981,023
	1,078,000	*	Tatung Co Ltd		774,596
	2,523,908		Uni-President Enterprises Corp		5,876,632
	5,852,452		United Microelectronics Corp		3,027,854
	489,000		Vanguard International Semiconductor Corp		1,134,489
	173,000		Walsin Technology Corp		1,225,214
	184,878		Win Semiconductors Corp		1,652,729
	1,409,000		Winbond Electronics Corp		653,813
	1,484,560		Wistron Corp		1,392,134
	40,000		Wiwynn Corp		1,026,365
	786,660		WPG Holdings Co Ltd		1,024,764
	140,009		Yageo Corp		1,811,484
	258,127		Zhen Ding Technology Holding Ltd		926,242
			TOTAL TAIWAN		343,965,560
THAILAND - 2.3%
	657,600		Advanced Info Service PCL (Foreign)		4,005,372
	2,132,700		Airports of Thailand PCL (Foreign)		4,067,779
	341,700		B Grimm Power PCL		468,605
	334,748		Bangkok Bank PCL (Foreign)		1,067,509
	4,771,300		Bangkok Dusit Medical Services PCL (Foreign)		3,007,035
	3,279,100		Bangkok Expressway & Metro PCL		947,300
	2,166,600		Banpu PCL (Foreign)		384,996
	502,500		Berli Jucker PCL		617,789
	3,250,700		BTS Group Holdings PCL		1,155,403
	195,100		Bumrungrad Hospital PCL (Foreign)		702,331
	1,108,400	*	Central Pattana PCL (Foreign)		1,641,124
	862,216	*	Central Retail Corp PCL		985,999
	1,710,380		Charoen Pokphand Foods PCL		1,416,816
	3,307,855		CP Seven Eleven PCL (Foreign)		7,230,720
	126,400		Electricity Generating PCL		1,105,726
	697,100		Energy Absolute PCL (Foreign)		854,984
	310,400		Global Power Synergy Co Ltd (Foreign)		670,582
	1,135,500		Gulf Energy Development PCL		1,359,933
	2,368,326		Home Product Center PCL (Foreign)		984,201
	742,978		Indorama Ventures PCL (Foreign)		649,815
	989,200		Intouch Holdings PCL (Class F)		1,620,332
	8,616,500		IRPC PCL (Foreign)		705,348
	1,035,349		Kasikornbank PCL (Foreign)		2,700,645

292

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	3,237,660		Krung Thai Bank PCL (Foreign)	$	1,070,714
	3,752,000		Land and Houses PCL Co Reg		852,332
	1,116,870	*	Minor International PCL (Foreign)		721,772
	211,600		Muangthai Capital PCL		307,807
	321,200		Osotspa PCL		408,633
	948,898		PTT Exploration & Production PCL (Foreign)		2,449,311
	1,368,929		PTT Global Chemical PCL (Foreign)		1,575,804
	6,407,100		PTT PCL (Foreign)		6,995,675
	305,200		Ratch Group PCL		624,205
	443,458		Siam Cement PCL (Foreign)		4,710,600
	364,700		Siam Commercial Bank PCL (Foreign)		761,707
	294,900		Srisawad Corp PCL		486,985
	869,200		Thai Oil PCL (Foreign)		1,087,348
	1,393,400		Thai Union Group PCL		564,164
	7,335,631		TMB Bank PCL (Foreign)		215,059
	371,800		Total Access Communication PCL (Foreign)		481,148
	4,393,148		True Corp PCL (Foreign)		448,441
			TOTAL THAILAND		62,112,049
TURKEY - 0.4%
	1,364,893	*	Akbank TAS		1,152,243
	90,802		Anadolu Efes Biracilik Ve Malt Sanayii AS		238,206
	112,555		Arcelik AS		264,211
	185,457		Aselsan Elektronik Sanayi Ve Ticaret AS		721,460
	222,853		BIM Birlesik Magazalar AS		1,769,520
	812,172		Eregli Demir ve Celik Fabrikalari TAS		936,351
	34,477		Ford Otomotiv Sanayi AS		312,239
	466,615		Haci Omer Sabanci Holding AS		545,189
	353,348		KOC Holding AS		775,332
	137,158		TAV Havalimanlari Holding AS		357,279
	72,453	*	Tupras Turkiye Petrol Rafine		940,882
	285,468	*	Turk Hava Yollari		436,759
	588,201		Turkcell Iletisim Hizmet AS		1,171,795
	1,223,864	*	Turkiye Garanti Bankasi AS		1,460,337
	753,373	*	Turkiye Is Bankasi (Series C)		534,788
			TOTAL TURKEY		11,616,591
UNITED ARAB EMIRATES - 0.6%
	1,400,046		Abu Dhabi Commercial Bank PJSC		1,682,627
	1,907,605		Aldar Properties PJSC		931,177
	93,185		DP World Ltd		1,488,052
	761,612		Dubai Islamic Bank PJSC		759,763
	1,119,316		Emaar Malls Group PJSC		390,062
	1,874,053		Emaar Properties PJSC		1,374,374
	924,216		Emirates Telecommunications Group Co PJSC		3,883,856
	1,417,591		National Bank of Abu Dhabi PJSC		4,420,508
			TOTAL UNITED ARAB EMIRATES		14,930,419
UNITED KINGDOM - 0.1%
	2,588,203		Old Mutual Ltd		1,878,784
			TOTAL UNITED KINGDOM		1,878,784
UNITED STATES - 1.9%
	102,000		iShares MSCI Emerging Markets		3,737,280
	122,762		iShares MSCI South Korea Index Fund		6,336,974
	534,000		Nexteer Automotive Group Ltd		274,440

293

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY				VALUE
	17,821	*	Titan Cement International S.A.				$	246,458
	1,100,559		Vanguard Emerging Markets ETF					39,807,219
			TOTAL UNITED STATES					50,402,371
			TOTAL COMMON STOCKS					2,732,612,591
			(Cost $2,661,245,902)
PREFERRED STOCKS - 0.0%
PHILIPPINES - 0.0%
	307,700	*,†	Ayala Land, Inc					610
			TOTAL PHILIPPINES					610
			TOTAL PREFERRED STOCKS					610
			(Cost $725)
RIGHTS / WARRANTS - 0.0%
CHINA - 0.0%
	12,923	†	Legend Holdings Corp					2,167
			TOTAL CHINA					2,167
KOREA, REPUBLIC OF - 0.0%
	1,876	e	HLB Inc					25,925
			TOTAL KOREA, REPUBLIC OF					25,925
THAILAND - 0.0%
	267,460		BTS Group Holdings PCL					8,101
			TOTAL THAILAND					8,101
			TOTAL RIGHTS / WARRANTS					36,193
			(Cost $0)
PRINCIPAL			ISSUER	RATE		MATURITY DATE
SHORT-TERM INVESTMENTS - 1.0%
GOVERNMENT AGENCY DEBT - 0.3%
$	7,925,000		Federal Farm Credit Bank (FFCB)	0.010	%	05/01/20		7,925,000
			TOTAL GOVERNMENT AGENCY DEBT					7,925,000
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.7%
	20,176,988	c	State Street Navigator Securities Lending Government Money Market Portfolio					20,176,988
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES					20,176,988
			TOTAL SHORT-TERM INVESTMENTS					28,101,988
			(Cost $28,101,988)
			TOTAL INVESTMENTS - 100.9%					2,760,751,382
			(Cost $2,689,348,615)
			OTHER ASSETS & LIABILITIES, NET - (0.9)%					(23,589,330	)
			NET ASSETS - 100.0%				$	2,737,162,052

294

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

*	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 $35,047,069.
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 4/30/2020, the aggregate value of these securities is $71,206,715 or 2.6% of net assets.

295

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

TIAA-CREF FUNDS

EMERGING MARKETS EQUITY INDEX FUND

SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

April 30, 2020

				% OF
SECTOR	VALUE			NET ASSETS
FINANCIALS	$	610,683,180			22 .3	%
INFORMATION TECHNOLOGY		455,879,864			16 .7
CONSUMER DISCRETIONARY		411,886,026			15 .1
COMMUNICATION SERVICES		354,953,378			13 .0
MATERIALS		184,538,039			6 .7
CONSUMER STAPLES		178,551,404			6 .5
ENERGY		155,541,712			5 .7
INDUSTRIALS		138,515,522			5 .1
HEALTH CARE		98,694,835			3 .6
REAL ESTATE		76,661,453			2 .8
UTILITIES		66,743,981			2 .4
SHORT-TERM INVESTMENTS		28,101,988			1 .0
OTHER ASSETS & LIABILITIES, NET		(23,589,330	)		(0.9	)
NET ASSETS	$	2,737,162,052			100 .0	%

296

TIAA-CREF FUNDS – International Equity Index Fund

TIAA-CREF FUNDS

INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2020

SHARES			COMPANY	VALUE
COMMON STOCKS - 97.0%
AUSTRALIA - 6.8%
	649,541		AGL Energy Ltd	$	7,128,717
	2,330,329		Alumina Ltd		2,584,918
	3,303,821	*,e	AMP Ltd		3,048,298
	1,151,602		APA Group		8,137,063
	565,526		Aristocrat Leisure Ltd		9,274,507
	2,107,920		AusNet Services		2,570,869
	2,784,573		Australia & New Zealand Banking Group Ltd		30,247,313
	191,552		Australian Stock Exchange Ltd		10,099,671
	989,098	*,†	AZ BGP Holdings		2,579
	507,772	e	Bendigo Bank Ltd		2,148,457
	2,900,448		BHP Billiton Ltd		59,210,620
	2,080,221		BHP Group plc		34,916,451
	489,115		BlueScope Steel Ltd		3,192,386
	1,196,976		Boral Ltd		2,326,303
	1,552,597		Brambles Ltd		11,097,280
	245,861		Caltex Australia Ltd		3,958,334
	544,985		Challenger Financial Services Group Ltd		1,735,689
	89,853		CIMIC Group Ltd		1,430,314
	523,763		Coca-Cola Amatil Ltd		2,916,098
	63,226		Cochlear Ltd		7,517,408
	1,309,284		Coles Group Ltd		13,129,267
	1,738,938		Commonwealth Bank of Australia		70,246,979
	455,789		Computershare Ltd		3,585,998
	440,102		Crown Resorts Ltd		2,817,354
	447,524		CSL Ltd		89,203,728
	1,036,704		Dexus Property Group		6,154,213
	150,168	†,e	Flight Centre Travel Group Ltd		1,064,233
	30,776	*,†	Flight Centre Travel Group Ltd		0
	1,364,427		Fortescue Metals Group Ltd		10,427,289
	1,596,858		Goodman Group		13,600,814
	1,856,998		GPT Group		5,103,533
	547,021	e	Harvey Norman Holdings Ltd		981,475
	1,567,414		Incitec Pivot Ltd		2,424,178
	2,227,771		Insurance Australia Group Ltd		8,323,627
	546,825		Lend Lease Corp Ltd		4,355,918
	330,885		Macquarie Group Ltd		21,918,812
	121,981		Magellan Financial Group Ltd		3,995,686
	2,825,466		Medibank Pvt Ltd		4,949,700
	3,874,441		Mirvac Group		5,629,925
	2,833,410		National Australia Bank Ltd		31,047,031
	754,238		Newcrest Mining Ltd		13,622,156
	2,159,671		Oil Search Ltd		4,238,387
	405,354		Orica Ltd		4,697,522
	1,704,265		Origin Energy Ltd		6,129,723
	749,831		Qantas Airways Ltd		1,862,323

297

TIAA-CREF FUNDS – International Equity Index Fund

SHARES			COMPANY	VALUE
	1,408,125		QBE Insurance Group Ltd	$	7,624,791
	2,065,488		QR National Ltd		6,274,646
	164,077		Ramsay Health Care Ltd		6,663,423
	56,269		REA Group Ltd		3,219,654
	365,324		Rio Tinto Ltd		20,590,079
	1,108,872		Rio Tinto plc		51,472,300
	1,728,893		Santos Ltd		5,497,528
	5,210,486		Scentre Group		7,827,436
	310,896		Seek Ltd		3,470,927
	453,456		Sonic Healthcare Ltd		8,008,145
	4,865,345		South32 Ltd		6,118,914
	2,368,383		Stockland Trust Group		4,397,863
	1,205,994		Suncorp-Metway Ltd		7,169,462
	1,133,815		Sydney Airport		4,618,465
	1,975,248	e	Tabcorp Holdings Ltd		4,118,141
	4,145,550		Telstra Corp Ltd		8,155,182
	378,090		TPG Telecom Ltd		1,804,137
	2,682,580		Transurban Group		23,914,575
	690,639		Treasury Wine Estates Ltd		4,542,581
	3,092,007		Vicinity Centres		2,960,083
	110,235	e	Washington H Soul Pattinson & Co Ltd		1,325,758
	1,122,681		Wesfarmers Ltd		27,269,294
	3,505,536		Westpac Banking Corp		36,472,098
	134,906	e	Wisetech Global Ltd		1,606,479
	922,870		Woodside Petroleum Ltd		13,214,794
	1,241,381		Woolworths Ltd		28,727,935
	355,162	e	Worley Ltd		2,058,605
			TOTAL AUSTRALIA		832,176,441
AUSTRIA - 0.2%
	70,422	*	Andritz AG.		2,313,891
	299,208		Erste Bank der Oesterreichischen Sparkassen AG.		6,484,686
	65,106	e	Oest Elektrizitatswirts AG. (Class A)		2,947,847
	143,747		OMV AG.		4,693,600
	146,723		Raiffeisen International Bank Holding AG.		2,532,449
	113,058	e	Voestalpine AG.		2,343,240
			TOTAL AUSTRIA		21,315,713
BELGIUM - 0.9%
	174,177		Ageas		6,278,058
	750,492		Anheuser-Busch InBev S.A.		34,950,425
	56,254		Colruyt S.A.		3,371,390
	44,479	*	Galapagos NV		9,821,572
	77,155	*	Groupe Bruxelles Lambert S.A.		6,172,080
	245,461		KBC Groep NV		13,314,031
	148,191		Proximus plc		3,162,903
	71,717		Solvay S.A.		5,601,648
	51,120		Telenet Group Holding NV		2,135,125
	124,498	*	UCB S.A.		11,408,861
	194,713		Umicore S.A.		8,438,957
			TOTAL BELGIUM		104,655,050
CHILE - 0.0%
	388,258		Antofagasta plc		3,975,730
			TOTAL CHILE		3,975,730

298

TIAA-CREF FUNDS – International Equity Index Fund

SHARES			COMPANY	VALUE
CHINA - 0.1%
	37,800	*,e	BeiGene Ltd (ADR)	$	5,776,974
	1,297,200	*,e,g	Budweiser Brewing Co APAC Ltd		3,525,040
	2,140,838		Yangzijiang Shipbuilding		1,484,523
			TOTAL CHINA		10,786,537
DENMARK - 2.2%
	3,736		AP Moller - Maersk AS (Class A)		3,461,762
	6,441		AP Moller - Maersk AS (Class B)		6,410,424
	103,024		Carlsberg AS (Class B)		12,996,782
	103,856		Christian Hansen Holding		8,954,847
	117,282		Coloplast AS		18,498,169
	643,883		Danske Bank AS		7,644,868
	208,025		DSV AS		21,613,837
	63,835	*	Genmab AS		15,344,947
	66,195		H Lundbeck AS		2,415,172
	158,842		ISS AS		2,361,554
	1,741,553		Novo Nordisk AS		111,093,678
	210,210		Novozymes AS		10,312,189
	185,798	g	Orsted AS		18,767,535
	101,082		Pandora AS		3,594,327
	117,954		Tryg A.S.		3,145,811
	186,084		Vestas Wind Systems AS		15,979,614
	105,898	*,e	William Demant Holding A.S.		2,531,789
			TOTAL DENMARK		265,127,305
FINLAND - 1.1%
	140,665		Elisa Oyj (Series A)		8,547,964
	436,321		Fortum Oyj		7,229,902
	336,777		Kone Oyj (Class B)		20,393,220
	101,886		Metso Oyj		2,826,736
	416,272		Neste Oil Oyj		14,700,860
	5,558,323		Nokia Oyj (Turquoise)		20,037,395
	120,948		Nokian Renkaat Oyj		2,569,579
	3,194,307	*	Nordea Bank Abp		20,488,082
	104,801	*	Orion Oyj (Class B)		5,325,813
	436,845	*	Sampo Oyj (A Shares)		14,480,292
	571,083		Stora Enso Oyj (R Shares)		6,718,537
	525,516		UPM-Kymmene Oyj		14,412,363
	432,156		Wartsila Oyj (B Shares)		3,172,123
			TOTAL FINLAND		140,902,866
FRANCE - 10.1%
	172,800		Accor S.A.		4,807,017
	28,567		Aeroports de Paris		2,788,612
	464,595		Air Liquide		59,028,753
	575,394		Airbus SE		36,433,077
	191,304		Alstom RGPT		7,847,094
	58,693	g	Amundi S.A.		3,895,694
	68,395		Arkema		5,692,719
	95,922		Atos Origin S.A.		6,859,779
	1,914,022		AXA S.A.		34,024,598

299

TIAA-CREF FUNDS – International Equity Index Fund

SHARES			COMPANY	VALUE
	44,226		BioMerieux	$	5,464,293
	1,111,984		BNP Paribas S.A.		34,934,447
	797,780		Bollore		2,114,294
	220,231	*	Bouygues S.A.		6,776,104
	289,189		Bureau Veritas S.A.		6,003,545
	156,414		Cap Gemini S.A.		14,704,599
	596,287		Carrefour S.A.		8,855,591
	54,142	*,e	Casino Guichard Perrachon S.A.		2,032,322
	178,322		CNP Assurances		1,839,696
	487,599		Compagnie de Saint-Gobain		12,973,989
	1,146,233		Credit Agricole S.A.		9,219,676
	604,666		Danone		42,143,423
	2,467		Dassault Aviation S.A.		2,009,142
	129,484		Dassault Systemes S.A.		18,965,558
	239,469		Edenred		9,646,555
	77,873		Eiffage S.A.		6,363,920
	608,647		Electricite de France		4,845,394
	278,756		Essilor International S.A.		34,628,306
	38,059		Eurazeo		1,822,766
	170,303	e	Eutelsat Communications		1,906,761
	78,849		Faurecia		2,825,272
	50,562		Fonciere Des Regions		3,175,362
	1,800,523		Gaz de France		19,534,884
	44,892		Gecina S.A.		5,890,322
	450,817		Getlink S.E.		5,750,184
	31,449		Hermes International		22,991,419
	26,522		Icade		2,037,284
	14,885		Iliad S.A.		2,216,686
	59,089		Ingenico		7,434,445
	36,957		Ipsen		2,751,923
	76,585		JC Decaux S.A.		1,585,277
	74,590		Kering		37,944,271
	193,463		Klepierre		3,927,472
	258,213		Legrand S.A.		17,311,263
	248,490		L’Oreal S.A.		72,246,257
	273,666		LVMH Moet Hennessy Louis Vuitton S.A.		105,797,234
	167,630		Michelin (C.G.D.E.) (Class B)		16,196,583
	968,437		Natixis		2,286,259
	1,954,713		Orange S. A.		23,747,873
	210,441		Pernod-Ricard S.A.		32,133,419
	578,681		Peugeot S.A.		8,203,172
	212,963		Publicis Groupe S.A.		6,286,445
	25,805	e	Remy Cointreau S.A.		2,878,456
	192,806		Renault S.A.		3,799,178
	322,670		Safran S.A.		29,998,978
	1,109,783		Sanofi-Aventis		108,396,645
	27,542	*	Sartorius Stedim Biotech		6,603,832
	544,267	*	Schneider Electric S.A.		50,296,987
	155,246	*	SCOR SE		4,374,007
	21,477		SEB S.A.		2,575,685
	802,814		Societe Generale		12,595,369
	84,542		Sodexho Alliance S.A.		6,758,752
	330,736	e	Suez Environnement S.A.		3,741,034
	56,940		Teleperformance		12,755,067

300

TIAA-CREF FUNDS – International Equity Index Fund

SHARES			COMPANY	VALUE
	103,106		Thales S.A.	$	7,808,333
	2,363,364		Total S.A.		83,881,396
	89,231	*	Ubisoft Entertainment		6,637,162
	113,135		Unibail-Rodamco-Westfield		6,698,884
	24,147		Unibail-Rodamco-Westfield		1,421,511
	237,173		Valeo S.A.		5,436,688
	529,136		Veolia Environnement		11,280,356
	507,137		Vinci S.A.		41,545,642
	804,082		Vivendi Universal S.A.		17,378,745
	26,683		Wendel		2,289,029
	134,924	*,g	Worldline S.A.		9,138,306
			TOTAL FRANCE		1,229,191,072
GERMANY - 8.2%
	177,606		Adidas-Salomon AG.		40,659,765
	411,744		Allianz AG.		75,773,765
	1,207,877		Aroundtown S.A.		6,497,016
	906,933		BASF SE		46,413,626
	967,776		Bayer AG.		63,650,004
	327,293		Bayerische Motoren Werke AG.		19,253,068
	54,871		Bayerische Motoren Werke AG. (Preference)		2,573,795
	100,059		Beiersdorf AG.		10,469,012
	149,496		Brenntag AG.		6,768,869
	38,589		Carl Zeiss Meditec AG.		3,805,174
	1,003,008		Commerzbank AG.		3,698,023
	108,515	*	Continental AG.		9,067,673
	168,817	*,g	Covestro AG.		5,670,751
	900,466		Daimler AG. (Registered)		30,798,625
	111,567	*,g	Delivery Hero AG.		9,462,571
	504,549		Deutsche Annington Immobilien SE		24,949,362
	1,932,876		Deutsche Bank AG. (Registered)		14,315,312
	186,489		Deutsche Boerse AG.		28,912,962
	235,614	e	Deutsche Lufthansa AG.		2,109,377
	970,368		Deutsche Post AG.		28,826,898
	3,274,833	*	Deutsche Telekom AG.		47,876,798
	354,139		Deutsche Wohnen AG.		14,352,598
	2,202,537		E.ON AG.		22,063,402
	205,580		Evonik Industries AG.		5,057,356
	37,780	e	Fraport AG. Frankfurt Airport Services Worldwide		1,654,894
	208,682		Fresenius Medical Care AG.		16,354,513
	411,535		Fresenius SE		17,824,779
	67,810		Fuchs Petrolub AG. (Preference)		2,629,370
	148,419	*	GEA Group AG.		3,405,902
	58,876		Hannover Rueckversicherung AG.		9,380,978
	147,865		HeidelbergCement AG.		7,010,446
	104,510	*	Henkel KGaA		8,146,901
	174,632	*	Henkel KGaA (Preference)		15,504,966
	24,663		Hochtief AG.		1,929,910
	1,232,425		Infineon Technologies AG.		22,911,917
	63,112		KION Group AG.		3,130,494
	48,132		Knorr-Bremse AG.		4,476,443
	81,056		Lanxess AG.		3,988,393
	127,073	*	Merck KGaA		14,747,886
	176,183		Metro Wholesale & Food Specialist AG.		1,539,361

301

TIAA-CREF FUNDS – International Equity Index Fund

SHARES			COMPANY	VALUE
	50,794	*	MTU Aero Engines Holding AG.	$	6,916,894
	142,136		Muenchener Rueckver AG.		31,131,232
	153,913		Porsche AG.		7,771,638
	81,879	*	Puma AG. Rudolf Dassler Sport		5,143,267
	574,604		RWE AG.		16,530,028
	967,186		SAP AG.		115,198,773
	35,132	*	Sartorius AG.		9,870,023
	753,469		Siemens AG.		69,532,454
	152,917	g	Siemens Healthineers AG.		6,731,996
	127,007		Symrise AG.		12,867,023
	835,818		Telefonica Deutschland Holding AG.		2,377,702
	413,856	*,e	ThyssenKrupp AG.		2,753,055
	457,881		TUI AG. (DI)		1,824,059
	196,404		Uniper SE		5,283,742
	114,376		United Internet AG.		3,935,510
	32,568		Volkswagen AG.		4,814,976
	183,917		Volkswagen AG. (Preference)		25,588,584
	115,351	e	Wirecard AG.		11,414,848
	135,746	*,g	Zalando SE		6,653,410
			TOTAL GERMANY		1,004,002,169
HONG KONG - 3.2%
	11,888,738		AIA Group Ltd		109,112,061
	292,112		ASM Pacific Technology		2,951,706
	1,254,221		Bank of East Asia Ltd		2,656,948
	3,582,544		BOC Hong Kong Holdings Ltd		10,995,303
	2,545,803		CK Asset Holdings Ltd		16,086,268
	646,869		CK Infrastructure Holdings Ltd		3,842,410
	1,629,959		CLP Holdings Ltd		17,447,286
	372,615		Dairy Farm International Holdings Ltd		1,785,654
	1,974,971		Hang Lung Properties Ltd		4,224,871
	739,868		Hang Seng Bank Ltd		12,940,326
	1,418,108		Henderson Land Development Co Ltd		5,779,652
	3,030,627		HK Electric Investments & HK Electric Investments Ltd		3,135,524
	3,742,931		HKT Trust and HKT Ltd		6,040,042
	10,046,995		Hong Kong & China Gas Ltd		18,006,219
	1,402,985		Hong Kong Electric Holdings Ltd		9,400,379
	1,188,947		Hong Kong Exchanges and Clearing Ltd		38,120,181
	1,122,055		Hongkong Land Holdings Ltd		4,693,718
	218,261		Jardine Matheson Holdings Ltd		9,560,078
	218,250		Jardine Strategic Holdings Ltd		4,691,698
	681,448		Kerry Properties Ltd		1,882,140
	2,082,907		Link REIT		18,567,534
	225,745		Melco Crown Entertainment Ltd (ADR)		3,571,286
	1,553,897		MTR Corp		8,609,095
	5,940,049		New World Development Co Ltd		7,017,832
	1,441,078		NWS Holdings Ltd		1,501,844
	5,127,780		PCCW Ltd		3,141,197
	2,922,645		Sino Land Co		4,084,484
	2,039,375		SJM Holdings Ltd		2,013,561
	1,569,519		Sun Hung Kai Properties Ltd		21,461,326
	485,446		Swire Pacific Ltd (Class A)		3,156,939
	1,142,054		Swire Properties Ltd		3,203,195
	1,351,431		Techtronic Industries Co		10,247,236

302

TIAA-CREF FUNDS – International Equity Index Fund

SHARES			COMPANY	VALUE
	714,000	e	Vitasoy International Holdings Ltd	$	2,546,476
	9,360,686	g	WH Group Ltd		8,927,776
	1,184,914	e	Wharf Real Estate Investment Co Ltd		5,016,299
	771,194		Wheelock & Co Ltd		5,652,067
	740,957		Yue Yuen Industrial Holdings		1,181,943
			TOTAL HONG KONG		393,252,554
IRELAND - 0.6%
	120,980	*	AerCap Holdings NV		3,401,958
	860,319		AIB Group plc		1,190,525
	978,090		Bank of Ireland Group plc		2,007,136
	780,017		CRH plc		23,664,616
	67,097	*,†	Irish Bank Resolution Corp Ltd		0
	156,658		Kerry Group plc (Class A)		17,974,226
	148,772		Kingspan Group plc		7,580,976
	77,637	e	Paddy Power plc		9,555,011
	222,507		Smurfit Kappa Group plc		6,970,307
			TOTAL IRELAND		72,344,755
ISRAEL - 0.6%
	42,657		Azrieli Group		2,525,862
	1,102,755		Bank Hapoalim Ltd		7,068,167
	1,430,848		Bank Leumi Le-Israel		7,709,550
	120,642	*	Check Point Software Technologies		12,756,685
	26,328		Elbit Systems Ltd		3,569,214
	681,111		Israel Chemicals Ltd		2,376,412
	1,107,290		Israel Discount Bank Ltd		3,592,394
	134,408		Mizrahi Tefahot Bank Ltd		2,752,825
	60,834	*	Nice Systems Ltd		9,990,731
	1,078,570	*	Teva Pharmaceutical Industries Ltd (ADR)		11,583,842
	47,415	*	Wix.com Ltd		6,202,356
			TOTAL ISRAEL		70,128,038
ITALY - 1.8%
	1,080,988		Assicurazioni Generali S.p.A.		15,422,058
	487,952		Autostrade S.p.A.		7,999,113
	573,161		Davide Campari-Milano S.p.A		4,454,811
	7,999,819		Enel S.p.A.		54,642,312
	2,491,248		ENI S.p.A.		23,732,437
	119,368		Ferrari NV		18,656,658
	593,929	*	FinecoBank Banca Fineco S.p.A		6,617,329
	406,486		Finmeccanica S.p.A.		2,807,227
	14,668,967		Intesa Sanpaolo S.p.A.		22,905,643
	616,887		Mediobanca S.p.A.		3,586,276
	175,544		Moncler S.p.A		6,601,663
	381,974	g	Pirelli & C S.p.A		1,479,154
	509,886	g	Poste Italiane S.p.A		4,337,546
	239,190		Prysmian S.p.A.		4,513,034
	106,410		Recordati S.p.A.		4,633,910
	2,045,118		Snam Rete Gas S.p.A.		9,174,172
	5,702,691		Telecom Italia RSP		2,274,398
	8,660,906	*,e	Telecom Italia S.p.A.		3,439,319
	1,419,569		Terna Rete Elettrica Nazionale S.p.A.		8,889,239
	1,980,262		UniCredit S.p.A.		15,293,105
			TOTAL ITALY		221,459,404

303

TIAA-CREF FUNDS – International Equity Index Fund

SHARES			COMPANY	VALUE
JAPAN - 25.1%
	38,383		ABC-Mart, Inc	$	1,950,573
	374,274		Acom Co Ltd		1,512,151
	196,900		Advantest Corp		9,553,868
	638,145		Aeon Co Ltd		12,846,870
	107,273		AEON Financial Service Co Ltd		1,115,559
	94,314		Aeon Mall Co Ltd		1,185,592
	169,873		Air Water, Inc		2,290,178
	160,621		Aisin Seiki Co Ltd		4,625,791
	434,788		Ajinomoto Co, Inc		7,743,911
	183,361		Alfresa Holdings Corp		3,656,467
	111,180	e	All Nippon Airways Co Ltd		2,362,572
	209,080		Alps Electric Co Ltd		2,156,519
	329,796		Amada Co Ltd		2,981,039
	118,888		Aozora Bank Ltd		2,115,745
	357,221		Asahi Breweries Ltd		12,283,156
	181,073		Asahi Glass Co Ltd		4,465,288
	189,200		Asahi Intecc Co Ltd		5,012,143
	1,236,965		Asahi Kasei Corp		8,775,614
	871,499		Ashikaga Holdings Co Ltd		1,830,723
	1,853,161		Astellas Pharma, Inc		30,649,701
	56,399		Bank of Kyoto Ltd		1,930,445
	70,034		Benesse Holdings, Inc		1,994,385
	1,884		BLife Investment Corp		4,558,526
	552,912		Bridgestone Corp		17,210,659
	215,461		Brother Industries Ltd		3,651,740
	83,689		Calbee, Inc		2,532,226
	980,577	*	Canon, Inc		20,626,567
	187,843	*	Casio Computer Co Ltd		2,964,506
	140,771		Central Japan Railway Co		22,150,942
	40,816		Century Leasing System, Inc		1,395,252
	541,343		Chiba Bank Ltd		2,511,840
	644,972		Chubu Electric Power Co, Inc		8,722,587
	220,748		Chugai Pharmaceutical Co Ltd		26,313,536
	305,503		Chugoku Electric Power Co, Inc		4,110,560
	119,764		Coca-Cola West Japan Co Ltd		2,144,464
	1,058,423		Concordia Financial Group Ltd		3,242,982
	157,321		Credit Saison Co Ltd		1,786,717
	99,700		CyberAgent, Inc		4,186,000
	233,633		Dai Nippon Printing Co Ltd		4,925,944
	232,131		Daicel Chemical Industries Ltd		1,884,306
	98,489		Daifuku Co Ltd		6,892,335
	1,059,346		Dai-ichi Mutual Life Insurance Co		13,275,958
	557,830		Daiichi Sankyo Co Ltd		38,345,922
	244,480		Daikin Industries Ltd		31,374,339
	68,959		Daito Trust Construction Co Ltd		6,556,996
	557,494		Daiwa House Industry Co Ltd		14,127,079
	1,466,972	*	Daiwa Securities Group, Inc		6,100,302
	422,253		Denso Corp		14,842,930
	212,847		Dentsu, Inc		4,445,066
	26,185		Disco Corp		5,847,480
	438,172		Don Quijote Co Ltd		8,489,007

304

TIAA-CREF FUNDS – International Equity Index Fund

SHARES			COMPANY	VALUE
	294,181		East Japan Railway Co	$	21,481,089
	247,796		Eisai Co Ltd		17,298,875
	144,149		Electric Power Development Co		2,885,016
	247,344		FamilyMart Co Ltd		4,194,368
	190,829		Fanuc Ltd		31,145,820
	57,360	e	Fast Retailing Co Ltd		27,202,795
	133,999	*	Fuji Electric Holdings Co Ltd		3,196,194
	605,596		Fuji Heavy Industries Ltd		12,120,701
	354,586		Fujifilm Holdings Corp		16,889,832
	192,712		Fujitsu Ltd		18,721,658
	177,093		Fukuoka Financial Group, Inc		2,530,047
	40,300		GMO Payment Gateway, Inc		3,592,717
	227,781		Hakuhodo DY Holdings, Inc		2,523,353
	139,566		Hamamatsu Photonics KK		6,100,322
	218,937		Hankyu Hanshin Holdings, Inc		7,490,456
	21,483		Hikari Tsushin, Inc		4,157,607
	286,437		Hino Motors Ltd		1,703,935
	31,867		Hirose Electric Co Ltd		3,498,897
	47,345		Hisamitsu Pharmaceutical Co, Inc		2,230,683
	109,937	*	Hitachi Construction Machinery Co Ltd		2,579,367
	953,455	*	Hitachi Ltd		28,297,995
	207,546		Hitachi Metals Ltd		1,999,857
	1,605,825		Honda Motor Co Ltd		38,996,107
	54,392		Hoshizaki Electric Co Ltd		4,145,041
	373,396	*	Hoya Corp		34,051,220
	279,355		Hulic Co Ltd		2,762,807
	192,192		Idemitsu Kosan Co Ltd		4,367,181
	131,563	e	Iida Group Holdings Co Ltd		1,747,482
	1,007,417		Inpex Holdings, Inc		6,502,970
	328,251		Isetan Mitsukoshi Holdings Ltd		1,996,894
	150,738		Ishikawajima-Harima Heavy Industries Co Ltd		1,868,344
	553,864		Isuzu Motors Ltd		4,209,117
	1,321,332		Itochu Corp		25,904,856
	111,200		Itochu Techno-Science Corp		3,397,667
	226,340		J Front Retailing Co Ltd		1,846,491
	103,757		Japan Airlines Co Ltd		1,850,795
	46,245	e	Japan Airport Terminal Co Ltd		1,875,340
	416,932	e	Japan Post Bank Co Ltd		3,871,291
	1,535,464		Japan Post Holdings Co Ltd		12,282,002
	219,600		Japan Post Insurance Co Ltd		2,805,764
	743		Japan Prime Realty Investment Corp		2,058,112
	1,267		Japan Real Estate Investment Corp		6,843,391
	2,626		Japan Retail Fund Investment Corp		2,862,932
	1,168,570		Japan Tobacco, Inc		21,762,343
	492,707		JFE Holdings, Inc		3,269,620
	221,007		JGC Corp		2,134,218
	182,798		JSR Corp		3,438,620
	227,232		JTEKT Corp		1,664,596
	3,024,800		JX Holdings, Inc		10,724,007
	439,610		Kajima Corp		4,567,885
	132,745		Kakaku.com, Inc		2,708,706
	105,855		Kamigumi Co Ltd		1,863,625
	690,748		Kansai Electric Power Co, Inc		7,078,205
	174,483		Kansai Paint Co Ltd		3,314,228

305

TIAA-CREF FUNDS – International Equity Index Fund

SHARES			COMPANY	VALUE
	476,010		Kao Corp	$	36,708,122
	142,100		Kawasaki Heavy Industries Ltd		2,147,140
	1,736,332		KDDI Corp		50,291,586
	106,138		Keihan Electric Railway Co Ltd		4,770,447
	217,234		Keihin Electric Express Railway Co Ltd		3,570,383
	105,246		Keio Corp		5,953,505
	140,716		Keisei Electric Railway Co Ltd		4,244,600
	180,222		Keyence Corp		64,341,423
	141,860	e	Kikkoman Corp		6,518,470
	173,362		Kintetsu Corp		8,281,597
	812,978		Kirin Brewery Co Ltd		15,689,043
	48,064		Kobayashi Pharmaceutical Co Ltd		4,455,417
	102,897	*	Koito Manufacturing Co Ltd		3,875,899
	911,734		Komatsu Ltd		17,250,844
	88,756		Konami Corp		2,786,870
	459,384		Konica Minolta Holdings, Inc		1,777,641
	32,963		Kose Corp		4,120,783
	1,021,375		Kubota Corp		12,684,146
	302,056		Kuraray Co Ltd		3,021,634
	90,286		Kurita Water Industries Ltd		2,518,877
	314,450		Kyocera Corp		16,801,189
	255,094		Kyowa Hakko Kogyo Co Ltd		5,920,640
	406,233		Kyushu Electric Power Co, Inc		3,218,972
	170,521	e	Kyushu Railway Co		4,587,548
	53,858		Lawson, Inc		2,799,513
	58,826	*	LINE Corp		2,877,510
	225,709		Lion Corp		4,744,923
	257,546		LIXIL Group Corp		3,089,449
	434,962		M3, Inc		15,699,507
	218,646		Makita Corp		7,119,639
	1,544,719		Marubeni Corp		7,439,118
	182,342		Marui Co Ltd		2,984,740
	48,180		Maruichi Steel Tube Ltd		1,083,322
	590,557		Mazda Motor Corp		3,338,624
	72,611		McDonald’s Holdings Co Japan Ltd		3,550,373
	177,448		Mediceo Paltac Holdings Co Ltd		3,423,175
	113,077		MEIJI Holdings Co Ltd		7,853,624
	75,800	*,e	Mercari, Inc		1,914,048
	357,272	*	Minebea Co Ltd		5,808,953
	274,206		MISUMI Group, Inc		6,513,316
	1,252,695		Mitsubishi Chemical Holdings Corp		7,119,811
	1,327,455		Mitsubishi Corp		28,152,648
	1,792,011		Mitsubishi Electric Corp		22,050,058
	1,163,800		Mitsubishi Estate Co Ltd		18,828,107
	161,704		Mitsubishi Gas Chemical Co, Inc		1,981,009
	314,848		Mitsubishi Heavy Industries Ltd		8,073,845
	109,017		Mitsubishi Materials Corp		2,232,925
	648,578		Mitsubishi Motors Corp		1,837,995
	12,127,992		Mitsubishi UFJ Financial Group, Inc		48,997,084
	384,437		Mitsubishi UFJ Lease & Finance Co Ltd		1,835,701
	1,623,677		Mitsui & Co Ltd		22,663,839
	178,510		Mitsui Chemicals, Inc		3,504,693
	870,296		Mitsui Fudosan Co Ltd		16,002,083
	112,221		Mitsui OSK Lines Ltd		1,946,436

306

TIAA-CREF FUNDS – International Equity Index Fund

SHARES			COMPANY	VALUE
	458,009		Mitsui Sumitomo Insurance Group Holdings, Inc	$	13,195,277
	23,691,826		Mizuho Financial Group, Inc		27,587,219
	123,000		MonotaRO Co Ltd		3,952,162
	565,038		Murata Manufacturing Co Ltd		31,838,173
	112,377		Nabtesco Corp		3,215,705
	184,721		Nagoya Railroad Co Ltd		5,286,005
	196,698		Namco Bandai Holdings, Inc		9,828,294
	239,125		NEC Corp		9,176,369
	489,089	*	Nexon Co Ltd		7,896,821
	253,438		NGK Insulators Ltd		3,315,684
	154,375		NGK Spark Plug Co Ltd		2,311,334
	439,882		Nidec Corp		25,607,312
	312,826		Nikon Corp		2,909,849
	110,378		Nintendo Co Ltd		45,577,723
	1,310		Nippon Building Fund, Inc		7,811,837
	73,790		Nippon Express Co Ltd		3,604,059
	79,705		Nippon Meat Packers, Inc		2,829,208
	144,939		Nippon Paint Co Ltd		8,376,814
	1,985		Nippon ProLogis REIT, Inc		5,495,064
	46,300		Nippon Shinyaku Co Ltd		3,251,357
	782,846		Nippon Steel Corp		6,586,576
	1,260,226		Nippon Telegraph & Telephone Corp		28,699,928
	152,790		Nippon Yusen Kabushiki Kaisha		2,011,254
	121,374		Nissan Chemical Industries Ltd		4,656,957
	2,294,988	*	Nissan Motor Co Ltd		7,811,657
	191,410		Nisshin Seifun Group, Inc		2,974,144
	68,460		Nissin Food Products Co Ltd		5,627,650
	79,171		Nitori Co Ltd		12,134,991
	153,457		Nitto Denko Corp		7,665,704
	331,375		NKSJ Holdings, Inc		10,748,316
	3,266,552	*	Nomura Holdings, Inc		13,554,933
	122,074		Nomura Real Estate Holdings, Inc		1,984,953
	4,101		Nomura Real Estate Master Fund, Inc		4,663,716
	335,373		Nomura Research Institute Ltd		8,210,273
	363,927		NSK Ltd		2,518,973
	610,908		NTT Data Corp		6,233,809
	1,319,197		NTT DoCoMo, Inc		38,878,349
	628,482		Obayashi Corp		5,493,307
	64,786		Obic Co Ltd		9,721,884
	309,660		Odakyu Electric Railway Co Ltd		6,828,723
	838,043		OJI Paper Co Ltd		4,255,157
	1,144,468		Olympus Corp		18,159,120
	181,299		Omron Corp		10,648,621
	361,080		Ono Pharmaceutical Co Ltd		8,699,249
	43,789	*	Oracle Corp Japan		4,507,990
	197,280		Oriental Land Co Ltd		24,945,107
	1,308,830		ORIX Corp		15,401,643
	2,581		Orix JREIT, Inc		3,085,561
	373,795		Osaka Gas Co Ltd		6,960,735
	503,063		Osaka Securities Exchange Co Ltd		9,357,188
	101,973		Otsuka Corp		4,617,100
	382,885		Otsuka Holdings KK		15,048,929
	2,176,098		Panasonic Corp		16,588,364
	113,334		Park24 Co Ltd		1,779,455

307

TIAA-CREF FUNDS – International Equity Index Fund

SHARES			COMPANY	VALUE
	92,900	*	PeptiDream, Inc	$	3,465,044
	113,800		Pigeon Corp		4,052,400
	88,656		Pola Orbis Holdings, Inc		1,582,103
	836,697	*	Rakuten, Inc		7,094,549
	1,336,073		Recruit Holdings Co Ltd		38,974,832
	783,799	*	Renesas Electronics Corp		4,138,791
	2,040,034		Resona Holdings, Inc		6,371,098
	653,880		Ricoh Co Ltd		4,457,165
	33,418		Rinnai Corp		2,531,263
	90,514		Rohm Co Ltd		5,722,639
	230,790		Ryohin Keikaku Co Ltd		2,746,747
	37,853		Sankyo Co Ltd		1,039,311
	358,543		Santen Pharmaceutical Co Ltd		6,346,792
	237,718	*	SBI Holdings, Inc		4,439,937
	209,265		Secom Co Ltd		17,414,874
	159,383		Sega Sammy Holdings, Inc		1,930,579
	196,375		Seibu Holdings, Inc		2,355,941
	270,557		Seiko Epson Corp		3,072,330
	357,987		Sekisui Chemical Co Ltd		4,537,163
	600,372		Sekisui House Ltd		10,299,207
	738,288		Seven & I Holdings Co Ltd		24,449,917
	568,376		Seven Bank Ltd		1,540,761
	141,702		SG Holdings Co Ltd		3,942,582
	206,815	*,e	Sharp Corp		2,276,635
	221,465		Shimadzu Corp		5,515,339
	21,378		Shimamura Co Ltd		1,347,806
	73,110		Shimano, Inc		10,773,169
	582,450		Shimizu Corp		4,473,251
	348,901		Shin-Etsu Chemical Co Ltd		38,484,474
	184,096	*,e	Shinsei Bank Ltd		2,220,736
	265,180		Shionogi & Co Ltd		14,645,233
	395,130		Shiseido Co Ltd		23,230,956
	425,548		Shizuoka Bank Ltd		2,583,596
	141,592		Showa Denko KK		3,099,156
	56,691	*	SMC Corp		25,625,597
	1,659,900		Softbank Corp		22,604,479
	1,544,572		Softbank Group Corp		66,204,372
	77,206		Sohgo Security Services Co Ltd		3,682,882
	1,252,545		Sony Corp		80,606,374
	148,679		Sony Financial Holdings, Inc		2,818,455
	90,900		Square Enix Co Ltd		3,725,633
	126,329		Stanley Electric Co Ltd		2,878,321
	105,433		Start Today Co Ltd		1,701,218
	249,899		Sumco Corp		3,557,835
	1,468,694		Sumitomo Chemical Co Ltd		4,504,780
	1,169,026		Sumitomo Corp		13,224,249
	153,665		Sumitomo Dainippon Pharma Co Ltd		2,126,053
	729,283		Sumitomo Electric Industries Ltd		7,503,187
	114,717		Sumitomo Heavy Industries Ltd		2,417,565
	227,145		Sumitomo Metal Mining Co Ltd		5,661,142
	1,287,562		Sumitomo Mitsui Financial Group, Inc		33,859,311
	310,009		Sumitomo Mitsui Trust Holdings, Inc		9,026,446
	332,145		Sumitomo Realty & Development Co Ltd		8,895,685
	148,933		Sumitomo Rubber Industries, Inc		1,445,624

308

TIAA-CREF FUNDS – International Equity Index Fund

SHARES			COMPANY	VALUE
	69,857		Sundrug Co Ltd	$	2,391,796
	141,950		Suntory Beverage & Food Ltd		5,345,593
	71,252		Suzuken Co Ltd		2,745,940
	363,140		Suzuki Motor Corp		11,589,705
	164,925		Sysmex Corp		11,394,208
	536,149		T&D Holdings, Inc		4,634,344
	117,798		Taiheiyo Cement Corp		2,312,475
	195,697		Taisei Corp		6,100,285
	30,658		Taisho Pharmaceutical Holdings Co Ltd		1,915,398
	124,758		Taiyo Nippon Sanso Corp		1,935,088
	1,474,573		Takeda Pharmaceutical Co Ltd		53,175,230
	127,549		TDK Corp		10,995,686
	163,260		Teijin Ltd		2,603,627
	177,072		Temp Holdings Co Ltd		2,036,464
	638,554		Terumo Corp		21,188,884
	123,185		THK Co Ltd		2,944,715
	188,190		Tobu Railway Co Ltd		6,383,413
	117,142		Toho Co Ltd		3,836,125
	74,920		Toho Gas Co Ltd		3,681,169
	417,037		Tohoku Electric Power Co, Inc		3,925,150
	626,543		Tokio Marine Holdings, Inc		29,394,705
	1,494,118	*	Tokyo Electric Power Co, Inc		5,029,662
	154,643		Tokyo Electron Ltd		32,935,997
	382,505		Tokyo Gas Co Ltd		8,394,421
	477,244		Tokyu Corp		7,183,461
	612,424		Tokyu Fudosan Holdings Corp		2,996,112
	264,490		Toppan Printing Co Ltd		3,929,028
	1,353,861		Toray Industries, Inc		6,207,055
	381,487		Toshiba Corp		9,460,026
	255,330		Tosoh Corp		3,120,576
	136,732		Toto Ltd		4,759,251
	139,224		Toyo Seikan Kaisha Ltd		1,412,410
	95,299		Toyo Suisan Kaisha Ltd		4,582,627
	62,599		Toyoda Gosei Co Ltd		1,165,922
	142,633		Toyota Industries Corp		7,179,235
	2,247,886		Toyota Motor Corp		138,979,739
	209,644		Toyota Tsusho Corp		4,990,407
	122,331	*	Trend Micro, Inc		6,206,075
	36,059		Tsuruha Holdings, Inc		4,834,904
	397,622		Uni-Charm Corp		14,653,763
	2,890		United Urban Investment Corp		2,899,396
	202,923		USS Co Ltd		3,213,253
	46,500		Welcia Holdings Co Ltd		3,375,824
	155,977		West Japan Railway Co		9,639,007
	2,611,319		Yahoo! Japan Corp		10,077,929
	124,811		Yakult Honsha Co Ltd		7,250,359
	602,440		Yamada Denki Co Ltd		2,856,861
	138,860		Yamaha Corp		5,605,120
	282,379		Yamaha Motor Co Ltd		3,633,025
	304,074		Yamato Transport Co Ltd		5,307,204
	120,877		Yamazaki Baking Co Ltd		2,137,595
	233,865		Yaskawa Electric Corp		7,625,097
	226,973		Yokogawa Electric Corp		3,093,723
	123,132		Yokohama Rubber Co Ltd		1,566,105
			TOTAL JAPAN		3,064,054,678

309

TIAA-CREF FUNDS – International Equity Index Fund

SHARES			COMPANY	VALUE
LUXEMBOURG - 0.2%
	665,775		ArcelorMittal	$	7,272,380
	11,302	e	Eurofins Scientific		6,251,933
	95,525		Millicom International Cellular S.A.		2,482,322
	353,622	e	SES Global S.A.		2,355,825
	459,423		Tenaris S.A.		3,178,813
			TOTAL LUXEMBOURG		21,541,273
MACAU - 0.2%
	2,132,361		Galaxy Entertainment Group Ltd		13,714,290
	2,342,867		Sands China Ltd		9,485,087
	1,556,653		Wynn Macau Ltd		2,688,144
			TOTAL MACAU		25,887,521
NETHERLANDS - 4.5%
	416,380	g	ABN AMRO Group NV (ADR)		3,194,029
	10,209	*,g	Adyen NV		10,082,200
	1,842,139		Aegon NV		4,764,959
	208,016	e	Akzo Nobel NV		15,786,296
	637,821	*	Altice NV (Class A)		2,544,714
	419,463		ASML Holding NV		122,518,965
	177,916		DSM NV		21,805,715
	107,343		EXOR NV		5,853,896
	113,478	e	Heineken Holding NV		8,841,628
	253,251	e	Heineken NV		21,541,491
	3,869,067		ING Groep NV		21,677,551
	1,075,199		Koninklijke Ahold Delhaize NV		26,106,192
	3,453,366		Koninklijke KPN NV		7,954,279
	889,128		Koninklijke Philips Electronics NV		38,759,290
	68,603	e	Koninklijke Vopak NV		3,955,896
	307,705		NN Group NV		8,901,153
	275,075		NXP Semiconductors NV		27,389,218
	479,676	*	Prosus NV		36,364,657
	116,409		Randstad Holdings NV		4,684,943
	4,121,158		Royal Dutch Shell plc (A Shares)		67,851,761
	3,683,099		Royal Dutch Shell plc (B Shares)		58,961,393
	113,315	*,g	Takeaway.com Holding BV		11,647,781
	265,604	e	Wolters Kluwer NV		19,536,083
			TOTAL NETHERLANDS		550,724,090
NEW ZEALAND - 0.3%
	718,163	*	a2 Milk Co Ltd		8,547,522
	1,203,185		Auckland International Airport Ltd		4,443,105
	564,688		Fisher & Paykel Healthcare Corp		9,434,093
	832,155		Fletcher Building Ltd		1,864,442
	1,229,213		Meridian Energy Ltd		3,349,237
	664,816		Mighty River Power Ltd		1,848,153
	404,771		Ryman Healthcare Ltd		2,952,745
	1,777,084		Telecom Corp of New Zealand Ltd		4,809,345
			TOTAL NEW ZEALAND		37,248,642

310

TIAA-CREF FUNDS – International Equity Index Fund

SHARES			COMPANY	VALUE
NORWAY - 0.5%
	110,556		Aker BP ASA	$	1,815,051
	934,022		DNB NOR Holding ASA		11,309,052
	972,172		Equinor ASA		13,461,484
	219,177		Gjensidige Forsikring BA		3,867,340
	432,982		Mowi ASA		7,415,684
	1,283,487		Norsk Hydro ASA		3,256,024
	734,502		Orkla ASA		6,634,666
	104,664		Schibsted ASA (B Shares)		2,032,825
	719,443		Telenor ASA		11,035,563
	171,318		Yara International ASA		5,818,721
			TOTAL NORWAY		66,646,410
PORTUGAL - 0.2%
	2,474,773		Energias de Portugal S.A.		10,428,370
	485,123		Galp Energia SGPS S.A.		5,598,858
	270,653		Jeronimo Martins SGPS S.A.		4,588,521
			TOTAL PORTUGAL		20,615,749
RUSSIA - 0.0%
	494,811		Evraz plc		1,639,707
			TOTAL RUSSIA		1,639,707
SINGAPORE - 1.2%
	2,922,168		Ascendas REIT		6,111,073
	2,801,637		CapitaCommercial Trust		3,183,628
	2,503,726	*	CapitaLand Ltd		5,312,317
	2,620,545		CapitaMall Trust		3,486,638
	417,745		City Developments Ltd		2,335,089
	2,132,229		ComfortDelgro Corp Ltd		2,485,801
	1,762,205		DBS Group Holdings Ltd		24,810,273
	5,633,684		Genting Singapore Ltd		3,125,951
	95,544		Jardine Cycle & Carriage Ltd		1,358,436
	1,393,565	e	Keppel Corp Ltd		5,883,246
	2,078,800		Mapletree Commercial Trust		2,862,468
	3,229,794		Oversea-Chinese Banking Corp		20,607,089
	877,845		SembCorp Industries Ltd		1,005,664
	502,086	e	Singapore Airlines Ltd		2,171,147
	855,725		Singapore Airport Terminal Services Ltd		1,982,539
	858,760		Singapore Exchange Ltd		5,855,970
	1,589,716	e	Singapore Press Holdings Ltd		1,707,120
	1,680,671		Singapore Technologies Engineering Ltd		4,070,153
	332,500		Singapore Telecommunications Ltd		664,414
	7,710,499		Singapore Telecommunications Ltd		15,239,465
	2,303,064		Suntec Real Estate Investment Trust		2,274,783
	1,230,888		United Overseas Bank Ltd		17,588,287
	444,897		UOL Group Ltd		2,139,807
	268,513		Venture Corp Ltd		3,000,815
	1,804,056		Wilmar International Ltd		4,543,119
			TOTAL SINGAPORE		143,805,292
SOUTH AFRICA - 0.1%
	1,024,452		Anglo American plc		18,219,929
			TOTAL SOUTH AFRICA		18,219,929

311

TIAA-CREF FUNDS – International Equity Index Fund

SHARES			COMPANY	VALUE
SPAIN - 2.4%
	255,257		ACS Actividades de Construccion y Servicios S.A.	$	6,383,063
	65,340	*,g	Aena S.A.		8,271,084
	424,089		Amadeus IT Holding S.A.		20,242,807
	6,613,307		Banco Bilbao Vizcaya Argentaria S.A.		21,617,432
	5,588,150		Banco de Sabadell S.A.		2,316,825
	16,441,971		Banco Santander S.A. (AQXE)		36,737,724
	1,220,648	e	Bankia S.A.		1,242,179
	643,630		Bankinter S.A.		2,657,047
	3,536,104		CaixaBank S.A.		6,361,894
	246,762	g	Cellnex Telecom SAU		12,906,829
	1,012,987		Corp Mapfre S.A.		1,858,828
	241,453		Enagas		5,635,928
	310,357		Endesa S.A.		6,883,771
	484,963		Ferrovial S.A.		12,143,383
	300,942	e	Grifols S.A.		10,270,211
	6,049,823		Iberdrola S.A.		60,182,279
	1,073,962		Industria De Diseno Textil S.A.		27,506,735
	293,779		Naturgy Energy Group S.A.		5,190,335
	426,251		Red Electrica Corp S.A.		7,502,815
	1,409,705		Repsol YPF S.A.		12,795,648
	235,420	*	Siemens Gamesa Renewable Energy		3,502,038
	4,603,159		Telefonica S.A.		21,047,870
			TOTAL SPAIN		293,256,725
SWEDEN - 2.5%
	307,433		Alfa Laval AB		5,744,980
	999,682	e	Assa Abloy AB		17,896,234
	660,235		Atlas Copco AB (A Shares)		22,754,642
	384,381		Atlas Copco AB (B Shares)		11,889,617
	271,132	e	Boliden AB		5,465,316
	225,322		Electrolux AB (Series B)		3,081,021
	377,375		Epiroc AB		3,723,219
	649,095		Epiroc AB (Class A)		6,495,898
	3,018,908		Ericsson (LM) (B Shares)		25,791,004
	589,584		Essity AB		19,098,601
	792,112	e	Hennes & Mauritz AB (B Shares)		10,827,846
	259,088		Hexagon AB (B Shares)		12,713,951
	399,284		Husqvarna AB (B Shares)		2,402,607
	93,077	e	ICA Gruppen AB		4,072,620
	164,461		Industrivarden AB		3,365,365
	448,902		Investor AB (B Shares)		22,309,608
	237,222		Kinnevik AB		4,875,612
	73,531	*,e	Lundbergs AB (B Shares)		3,087,346
	183,391		Lundin Petroleum AB		4,718,477
	1,114,982		Sandvik AB		17,152,231
	301,495	e	Securitas AB (B Shares)		3,567,350
	1,585,652		Skandinaviska Enskilda Banken AB (Class A)		13,053,816
	332,398		Skanska AB (B Shares)		6,324,111
	377,711	e	SKF AB (B Shares)		5,961,644
	1,525,573		Svenska Handelsbanken AB		13,924,419
	891,342		Swedbank AB (A Shares)		10,548,267
	167,856		Swedish Match AB		10,372,903

312

TIAA-CREF FUNDS – International Equity Index Fund

SHARES			COMPANY	VALUE
	497,505		Tele2 AB (B Shares)	$	6,415,134
	2,742,812	e	TeliaSonera AB		9,536,654
	1,472,078		Volvo AB (B Shares)		18,864,036
			TOTAL SWEDEN		306,034,529
SWITZERLAND - 10.5%
	1,817,097	e	ABB Ltd		34,492,626
	150,847		Adecco S.A.		6,601,171
	407,375	*	Alcon, Inc		21,500,033
	47,547		Baloise Holding AG.		7,113,859
	3,007		Barry Callebaut AG.		5,887,791
	514,021		Cie Financiere Richemont S.A.		29,162,175
	191,192	*	Clariant AG.		3,534,326
	195,708		Coca-Cola HBC AG.		4,958,990
	2,543,813		Credit Suisse Group		23,226,632
	41,015		Dufry Group		1,343,056
	8,278		EMS-Chemie Holding AG.		5,353,151
	36,488		Geberit AG.		16,317,537
	9,033		Givaudan S.A.		30,290,208
	10,566,353		Glencore Xstrata plc		19,795,420
	486,998		Holcim Ltd		20,226,468
	221,169	*	Julius Baer Group Ltd		8,686,447
	51,467		Kuehne & Nagel International AG.		7,361,956
	1,074		Lindt & Spruengli AG.		8,366,450
	103		Lindt & Spruengli AG. (Registered)		8,647,502
	73,153		Lonza Group AG.		31,943,397
	2,927,641		Nestle S.A.		310,066,514
	2,114,896		Novartis AG.		180,481,953
	35,112		Pargesa Holding S.A.		2,497,746
	18,361		Partners Group		14,469,201
	691,577		Roche Holding AG.		239,491,280
	40,761		Schindler Holding AG.		9,071,587
	20,752		Schindler Holding AG. (Registered)		4,462,622
	5,859		SGS S.A.		13,216,152
	125,415	e	Sika AG.		20,744,790
	54,484		Sonova Holdings AG		9,840,553
	672,013		STMicroelectronics NV		17,305,310
	10,074	e	Straumann Holding AG.		7,664,573
	28,341		Swatch Group AG.		5,686,953
	53,983		Swatch Group AG. (Registered)		2,098,719
	33,265		Swiss Life Holding		11,796,540
	76,386		Swiss Prime Site AG.		7,272,444
	291,054	e	Swiss Re Ltd		21,149,816
	25,345		Swisscom AG.		13,169,056
	63,886	e	Temenos Group AG.		8,278,441
	3,812,089		UBS Group AG		40,817,922
	44,574		Vifor Pharma AG.		6,687,170
	147,618		Zurich Insurance Group AG		46,802,926
			TOTAL SWITZERLAND		1,287,881,463
UNITED ARAB EMIRATES - 0.0%
	121,704		NMC Health plc		41,367
			TOTAL UNITED ARAB EMIRATES		41,367

313

TIAA-CREF FUNDS – International Equity Index Fund

SHARES			COMPANY	VALUE
UNITED KINGDOM - 13.2%
	954,092		3i Group plc	$	9,372,868
	201,635		Admiral Group plc		5,883,824
	445,530		Ashtead Group plc		12,169,752
	351,748		Associated British Foods plc		8,350,262
	1,293,279		AstraZeneca plc		135,266,636
	935,881	g	Auto Trader Group plc		5,387,402
	60,955		Aveva Group plc		2,735,798
	3,891,787		Aviva plc		11,769,258
	3,136,966		BAE Systems plc		20,008,924
	17,103,183		Barclays plc		22,837,863
	1,013,705		Barratt Developments plc		6,608,704
	121,747		Berkeley Group Holdings plc		6,390,871
	19,968,447		BP plc		78,683,929
	2,256,286		British American Tobacco plc		86,966,769
	851,632		British Land Co plc		4,344,383
	8,269,867		BT Group plc		12,053,504
	344,376		Bunzl plc		7,474,594
	399,214		Burberry Group plc		6,931,762
	5,557,998		Centrica plc		2,779,867
	2,657,599		CK Hutchison Holdings Ltd		19,698,577
	1,005,337		CNH Industrial NV		6,288,576
	226,122		Coca-Cola European Partners plc (Class A)		8,963,476
	1,558,374		Compass Group plc		26,223,390
	131,688		Croda International plc		8,075,067
	95,496		DCC plc		6,790,611
	2,318,377		Diageo plc		79,821,363
	1,319,184		Direct Line Insurance Group plc		4,494,509
	173,706	e	easyJet plc		1,315,772
	890,108		Experian Group Ltd		26,730,267
	1,086,935		Fiat DaimlerChrysler Automobiles NV		9,428,005
	4,923,697		GlaxoSmithKline plc		102,721,083
	1,583,653		Group 4 Securicor plc		2,174,010
	579,731		GVC Holdings plc		5,502,698
	376,123		Halma plc		9,888,416
	324,180		Hargreaves Lansdown plc		5,865,865
	19,995,627		HSBC Holdings plc		102,776,660
	925,380		Imperial Tobacco Group plc		19,468,563
	1,218,934		Informa plc		6,733,216
	170,154		InterContinental Hotels Group plc		7,750,970
	161,218		Intertek Group plc		9,621,369
	3,467,752		ITV plc		3,329,665
	1,737,705		J Sainsbury plc		4,324,788
	439,042		JD Sports Fashion plc		2,910,110
	187,563		Johnson Matthey plc		4,699,490
	2,078,433		Kingfisher plc		4,123,178
	687,707		Land Securities Group plc		5,734,826
	5,912,478		Legal & General Group plc		15,200,977
	69,101,080		Lloyds TSB Group plc		27,958,850
	308,515		London Stock Exchange Group plc		28,876,019
	2,601,354		M&G plc		4,312,591
	1,961,334		Marks & Spencer Group plc		2,285,084
	779,948		Meggitt plc		2,731,108
	4,810,665		Melrose Industries plc		6,012,862

314

TIAA-CREF FUNDS – International Equity Index Fund

SHARES			COMPANY	VALUE
	345,243		Micro Focus International plc	$	2,046,872
	470,867		Mondi plc		8,315,182
	3,414,363		National Grid plc		40,012,066
	129,232		Next plc		7,694,292
	442,813	*	Ocado Ltd		8,943,795
	763,305		Pearson plc		4,401,707
	315,306		Persimmon plc		8,735,941
	2,565,168		Prudential plc		36,187,871
	698,882		Reckitt Benckiser Group plc		58,216,694
	1,917,503		RELX plc		43,262,305
	1,822,840		Rentokil Initial plc		10,845,192
	1,709,957		Rolls-Royce Group plc		7,077,427
	4,762,603		Royal Bank of Scotland Group plc		6,644,362
	998,093		RSA Insurance Group plc		4,523,414
	1,087,609		Sage Group plc		8,747,086
	117,392		Schroders plc		3,920,843
	1,014,376		Scottish & Southern Energy plc		15,910,862
	1,061,043		Segro plc		11,121,348
	235,912		Severn Trent plc		7,079,135
	861,707		Smith & Nephew plc		16,862,815
	385,048		Smiths Group plc		5,995,355
	72,802		Spirax-Sarco Engineering plc		7,967,408
	510,370		St. James’s Place plc		5,434,510
	2,675,449		Standard Chartered plc		13,670,698
	2,312,548		Standard Life Aberdeen plc		6,404,972
	3,254,182		Taylor Wimpey plc		6,009,953
	9,577,987		Tesco plc		28,329,931
	1,439,811	e	Unilever NV		71,701,546
	1,093,791		Unilever plc		56,321,675
	660,546		United Utilities Group plc		7,477,286
	26,337,361		Vodafone Group plc		37,153,424
	263,706		Weir Group plc		3,151,458
	133,495		Whitbread plc		5,007,765
	2,347,417		WM Morrison Supermarkets plc		5,394,770
	1,239,366		WPP plc		9,616,389
			TOTAL UNITED KINGDOM		1,609,035,330
UNITED STATES - 0.3%
	159,192		Carnival plc		2,193,702
	37,284	*	CyberArk Software Ltd		3,682,168
	222,532		Ferguson plc		16,045,052
	433,229		James Hardie Industries NV		6,219,258
	223,309	*	QIAGEN NV (Turquoise)		9,299,096
			TOTAL UNITED STATES		37,439,276
			TOTAL COMMON STOCKS		11,853,389,615
			(Cost $12,221,716,312)

315

TIAA-CREF FUNDS – International Equity Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
SHORT-TERM INVESTMENTS - 3.6%
GOVERNMENT AGENCY DEBT - 1.2%
$	26,834,000		Federal Home Loan Bank (FHLB)		0.090 - 0.120	%	06/29/20	$	26,829,602
	10,000,000		FHLB		0.130		07/06/20		9,997,800
	10,000,000		FHLB		0.120		07/09/20		9,997,700
	32,225,000		FHLB		0.120 - 0.135		08/03/20		32,214,903
	4,000,000		FHLB		0.180		12/18/20		3,996,407
	5,000,000		FHLB		0.220		08/28/20		4,998,017
	31,500,000		FHLB		0.060 - 0.180		10/01/20		31,482,596
	5,000,000		Federal National Mortgage Association (FNMA)		0.249		09/23/20		4,997,382
	4,240,000		Federal Farm Credit Bank (FFCB)		0.050		05/21/20		4,239,788
	12,500,000		FFCB		0.200		11/06/20		12,490,812
			TOTAL GOVERNMENT AGENCY DEBT						141,245,007
TREASURY DEBT - 1.1%
	33,080,000		United States Cash Management Bill		0.185 - 0.228		06/09/20		33,076,775
	13,315,000		United States Cash Management Bill		0.085		06/23/20		13,313,040
	16,525,000		United States Treasury Bill		0.501		05/05/20		16,524,908
	35,695,000		United States Treasury Bill		0.060 - 0.065		05/19/20		35,693,505
	18,070,000		United States Treasury Bill		0.075		06/11/20		18,067,890
	19,350,000		United States Treasury Bill		0.180		05/12/20		19,349,638
			TOTAL TREASURY DEBT						136,025,756
REPURCHASE AGREEMENT - 0.0%
	940,000		Fixed Income Clearing Corp		0.020		05/01/20		940,000
			TOTAL REPURCHASE AGREEMENT						940,000
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.3%
	161,813,798	c	State Street Navigator Securities Lending Government Money Market Portfolio						161,813,798
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						161,813,798
			TOTAL SHORT-TERM INVESTMENTS						440,024,561
			(Cost $440,004,006)
			TOTAL INVESTMENTS - 100.6%						12,293,414,176
			(Cost $12,661,720,318)
			OTHER ASSETS & LIABILITIES, NET - (0.6)%						(70,148,898	)
			NET ASSETS - 100.0%					$	12,223,265,278

Abbreviation(s):
ADR	American Depositary Receipt
REIT	Real Estate Investment Trust

316

TIAA-CREF FUNDS – International Equity Index Fund

*	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 $271,396,594.
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 4/30/2020, the aggregate value of these securities is $130,079,104 or 1.1% of net assets.

Futures contracts outstanding as of April 30, 2020 were as follows:

Description	Number of long (short) contracts	Expiration date	Notional amount		Value		Unrealized appreciation (depreciation)
MSCI EAFE Index	3,199	06/19/20	$	254,312,112	$	262,046,085	$	7,733,973

317

TIAA-CREF FUNDS – International Equity Index Fund

TIAA-CREF FUNDS

INTERNATIONAL EQUITY INDEX FUND

SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

April 30, 2020

SECTOR	VALUE			% OF NET ASSETS
FINANCIALS	$	1,917,325,691			15.7	%
HEALTH CARE		1,740,260,035			14.2
INDUSTRIALS		1,679,988,169			13.7
CONSUMER STAPLES		1,479,064,272			12.1
CONSUMER DISCRETIONARY		1,344,919,751			11.0
INFORMATION TECHNOLOGY		925,359,593			7.6
MATERIALS		809,643,149			6.6
COMMUNICATION SERVICES		645,766,055			5.3
UTILITIES		482,884,893			4.0
ENERGY		436,046,891			3.6
REAL ESTATE		392,131,116			3.2
SHORT-TERM INVESTMENTS		440,024,561			3.6
OTHER ASSETS & LIABILITIES, NET		(70,148,898	)		(0.6	)
NET ASSETS	$	12,223,265,278			100.0	%

318

TIAA-CREF FUNDS – Emerging Markets Debt Fund

TIAA-CREF FUNDS

EMERGING MARKETS DEBT FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2020

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
BONDS - 94.0%
CORPORATE BONDS - 49.4%
ARGENTINA - 0.5%
$	2,020,000	g	AES Argentina Generacion S.A.		7.750	%	02/02/24	$	1,161,500
	1,950,000	g	YPF S.A.		6.950		07/21/27		867,770
			TOTAL ARGENTINA						2,029,270
BRAZIL - 6.6%
	2,500,000	g	Banco BTG Pactual S.A.		4.500		01/10/25		2,337,500
	2,500,000	g	Banco Votorantim S.A.		4.500		09/24/24		2,443,750
	1,775,000	g	BRF S.A.		4.875		01/24/30		1,529,606
	2,875,000	g	Cosan Ltd		5.500		09/20/29		2,537,072
	2,750,000	g	Itau Unibanco Holding S.A.		4.625		N/A‡		2,248,125
	2,325,000	g	Klabin Finance S.A.		4.875		09/19/27		2,216,190
	2,500,000	g	NBM US Holdings, Inc		6.625		08/06/29		2,322,875
	772,044	g	Odebrecht Offshore Drilling Finance Ltd		6.720		12/01/22		580,006
	3,810,250	†,g,o	Odebrecht Offshore Drilling Finance Ltd		7.720		12/01/26		376,262
	527,012	†,g,j	Odebrecht Oil & Gas Finance Ltd		0.000		N/A‡		4,480
	714,000	o	Oi S.A.		10.000		07/27/25		531,930
	1,700,000		Petrobras Global Finance BV		5.625		05/20/43		1,517,250
	2,000,000		Petrobras Global Finance BV		6.900		03/19/49		1,945,000
	2,750,000	g	Rede D’or Finance Sarl		4.500		01/22/30		2,327,325
	2,000,000	g	Rio Oil Finance Trust		8.200		04/06/28		1,820,020
	775,000		Suzano Austria GmbH		6.000		01/15/29		765,932
	1,525,000	g	Suzano Austria GmbH		7.000		03/16/47		1,545,969
			TOTAL BRAZIL						27,049,292
CHILE - 4.0%
	1,650,000	g	Banco del Estado de Chile		2.704		01/09/25		1,641,750
	750,000	g	Celulosa Arauco y Constitucion S.A.		4.200		01/29/30		712,500
	2,325,000	g	Celulosa Arauco y Constitucion S.A.		5.150		01/29/50		2,150,625
	1,800,000	g	Corp Nacional del Cobre de Chile-CODELCO		3.625		08/01/27		1,819,492
	1,800,000	g	Corp Nacional del Cobre de Chile-CODELCO		3.150		01/14/30		1,735,236
	2,150,000	g	Corp Nacional del Cobre de Chile-CODELCO		4.375		02/05/49		2,191,168
	2,075,000	g	Embotelladora Andina S.A.		3.950		01/21/50		1,994,614
	2,100,000		Enel Chile S.A.		3.950		06/12/28		2,274,300
	950,000	g	Inversiones CMPC S.A.		3.850		01/13/30		916,750
	2,600,000	g	Latam Finance Ltd		7.000		03/01/26		1,079,000
			TOTAL CHILE						16,515,435
CHINA - 2.8%
	3,100,000		China Evergrande Group		8.250		03/23/22		2,735,817
	2,300,000		Country Garden Holdings Co Ltd		4.750		07/25/22		2,254,819
	1,825,000	g	Prosus NV		3.680		01/21/30		1,823,867

319

TIAA-CREF FUNDS – Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	2,600,000		Shimao Property Holdings Ltd		5.200	%	01/30/25	$	2,573,084
	2,425,000		Weibo Corp		3.500		07/05/24		2,456,250
			TOTAL CHINA						11,843,837
COLOMBIA - 3.4%
	2,125,000		Bancolombia S.A.		3.000		01/29/25		1,966,964
	1,675,000		Bancolombia S.A.		4.625		12/18/29		1,444,687
	2,000,000	g	Colombia Telecomunicaciones S.A. ESP		5.375		09/27/22		1,967,520
	775,000		Ecopetrol S.A.		6.875		04/29/30		799,234
	2,735,000	g	Empresas Publicas de Medellin ESP		4.250		07/18/29		2,573,088
	2,750,000	g	Geopark Ltd		5.500		01/17/27		1,746,277
	2,075,000	g	Grupo Aval Ltd		4.375		02/04/30		1,743,000
	1,650,000	g	Millicom International Cellular S.A.		6.250		03/25/29		1,617,000
			TOTAL COLOMBIA						13,857,770
COSTA RICA - 0.7%
	2,374,008	g	Autopistas del Sol S.A.		7.375		12/30/30		2,133,663
	952,000	g	Banco Nacional de Costa Rica		5.875		04/25/21		930,580
			TOTAL COSTA RICA						3,064,243
DOMINICAN REPUBLIC - 0.5%
	2,500,000	g	Aeropuertos Dominicanos Siglo XXI S.A.		6.750		03/30/29		2,050,000
			TOTAL DOMINICAN REPUBLIC						2,050,000
ECUADOR - 0.4%
	2,500,000	†,g	International Airport Finance S.A.		12.000		03/15/33		1,550,000
			TOTAL ECUADOR						1,550,000
GHANA - 0.5%
	2,000,000	g	Tullow Oil plc		6.250		04/15/22		1,120,000
	1,725,000	g	Tullow Oil plc		7.000		03/01/25		897,000
			TOTAL GHANA						2,017,000
INDIA - 4.4%
	2,825,000	g	Adani Green Energy UP Ltd		6.250		12/10/24		2,751,789
	2,100,000	g	Adani Ports & Special Economic Zone Ltd		4.375		07/03/29		1,792,789
	2,100,000	g	Azure Power Energy Ltd		5.500		11/03/22		2,013,902
	400,000	g	Azure Power Solar Energy Pvt Ltd		5.650		12/24/24		366,070
	2,250,000	g	Bharti Airtel Ltd		4.375		06/10/25		2,239,793
	2,300,000		Indian Railway Finance Corp Ltd		3.835		12/13/27		2,264,642
	1,100,000	g	Indian Railway Finance Corp Ltd		3.249		02/13/30		1,027,854
	2,800,000	g	Muthoot Finance Ltd		6.125		10/31/22		2,518,140
	2,200,000	g	Power Finance Corp Ltd		3.950		04/23/30		1,906,950
	2,300,000	g	Vedanta Resources Finance II plc		9.250		04/23/26		931,500
			TOTAL INDIA						17,813,429
INDONESIA - 5.1%
	2,500,000	g	Adaro Indonesia PT		4.250		10/31/24		2,218,750
IDR	12,280,000,000	g	Jasa Marga Persero Tbk PT		7.500		12/11/20		794,604
$	1,500,000	g	Listrindo Capital BV		4.950		09/14/26		1,440,000
	1,562,113	g	LLPL Capital Pte Ltd		6.875		02/04/39		1,587,497

320

TIAA-CREF FUNDS – Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	300,000	g	Medco Oak Tree Pte Ltd		7.375	%	05/14/26	$	188,910
	2,200,000	g	Medco Platinum Road Pte Ltd		6.750		01/30/25		1,342,304
	2,300,000	g	Minejesa Capital BV		5.625		08/10/37		2,173,500
	850,000	g	Pertamina Persero PT		3.650		07/30/29		810,733
	1,250,000	g	Pertamina Persero PT		4.700		07/30/49		1,156,530
	2,750,000	g	Pertamina Persero PT		4.150		02/25/60		2,273,076
	1,400,000	g	Perusahaan Listrik Negara PT		3.875		07/17/29		1,358,000
	2,000,000	g	Perusahaan Listrik Negara PT		5.250		10/24/42		2,041,000
	2,000,000	g	Perusahaan Listrik Negara PT		6.150		05/21/48		2,180,000
	2,086,100	g	Star Energy Geothermal Wayang Windu Ltd		6.750		04/24/33		1,930,774
			TOTAL INDONESIA						21,495,678
JAMAICA - 0.0%
	2,586,517	†,g,o	Digicel Group Two Ltd		9.125		04/01/24		77,596
			TOTAL JAMAICA						77,596
KAZAKHSTAN - 1.9%
KZT	453,000,000	g	Development Bank of Kazakhstan JSC		8.950		05/04/23		946,870
$	1,098,937	g	Kazkommertsbank JSC		5.500		12/21/22		1,071,321
	1,800,000	g	KazMunayGas National Co JSC		4.750		04/19/27		1,738,849
	1,550,000	g	KazMunayGas National Co JSC		6.375		10/24/48		1,604,250
	2,475,000	g	KazTransGas JSC		4.375		09/26/27		2,347,350
			TOTAL KAZAKHSTAN						7,708,640
KUWAIT - 0.5%
	2,500,000	g	NBK Tier Financing 2 Ltd		4.500		N/A‡		2,250,400
			TOTAL KUWAIT						2,250,400
MACAU - 0.3%
	1,325,000	g	MGM China Holdings Ltd		5.875		05/15/26		1,311,750
			TOTAL MACAU						1,311,750
MALAYSIA - 1.1%
	3,000,000		1MDB Global Investments Ltd		4.400		03/09/23		2,654,940
	650,000	g	Petronas Capital Ltd		3.500		04/21/30		674,272
	1,250,000	g	Petronas Capital Ltd		4.550		04/21/50		1,358,385
			TOTAL MALAYSIA						4,687,597
MEXICO - 5.6%
	2,750,000	g	Aerovias de Mexico S.A.		7.000		02/05/25		1,031,250
	1,425,000	g	Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santand		5.375		04/17/25		1,462,406
	800,000	g	BBVA Bancomer S.A.		5.350		11/12/29		729,600
	2,625,000	g	BBVA Bancomer S.A.		5.125		01/18/33		2,270,625
	2,500,000	g	Cemex SAB de C.V.		5.700		01/11/25		2,236,750
	2,113,750	g	Cometa Energia S.A. de C.V.		6.375		04/24/35		1,891,806
	2,500,000	g	Grupo Bimbo SAB de C.V.		4.000		09/06/49		2,265,975
	1,350,000	g	Industrias Penoles SAB de C.V.		4.150		09/12/29		1,276,155
	2,000,000		Petroleos Mexicanos		4.875		01/18/24		1,735,000
	2,100,000		Petroleos Mexicanos		5.350		02/12/28		1,564,521
	4,647,000	g	Petroleos Mexicanos		6.840		01/23/30		3,630,469

321

TIAA-CREF FUNDS – Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	2,075,000		Petroleos Mexicanos		6.350	%	02/12/48	$	1,381,950
	1,885,000	g	PLA Administradora Industrial S de RL de C.V.		4.962		07/18/29		1,404,325
			TOTAL MEXICO						22,880,832
PANAMA - 0.9%
	1,175,000	g	Cable Onda S.A.		4.500		01/30/30		1,116,250
	2,300,000	g	Empresa de Transmision Electrica S.A.		5.125		05/02/49		2,323,023
			TOTAL PANAMA						3,439,273
PARAGUAY - 0.2%
	1,000,000	g	Telefonica Celular del Paraguay S.A.		5.875		04/15/27		975,000
			TOTAL PARAGUAY						975,000
PERU - 1.7%
PEN	9,000,000	g	Alicorp SAA		6.875		04/17/27		2,852,911
$	1,575,000	g	Hunt Oil Co of Peru LLC Sucursal Del Peru		6.375		06/01/28		1,220,625
	2,300,000	g	Inkia Energy Ltd		5.875		11/09/27		2,162,000
	975,000	g	Lima Metro Line 2 Finance Ltd		4.350		04/05/36		988,162
			TOTAL PERU						7,223,698
RUSSIA - 0.5%
	2,250,000	g	Sovcombank Via SovCom		8.000		04/07/30		2,180,045
			TOTAL RUSSIA						2,180,045
SOUTH AFRICA - 2.0%
	2,000,000	g	Eskom Holdings SOC Ltd		5.750		01/26/21		1,783,252
	2,000,000	g	Eskom Holdings SOC Ltd		6.750		08/06/23		1,496,762
	1,600,000	g	Eskom Holdings SOC Ltd		8.450		08/10/28		1,134,609
	2,300,000	g	Gold Fields Orogen Holdings BVI Ltd		6.125		05/15/29		2,427,075
	3,500,000	g	Petra Diamonds US Treasury plc		7.250		05/01/22		1,155,000
			TOTAL SOUTH AFRICA						7,996,698
THAILAND - 1.2%
	2,500,000	g	Bangkok Bank PCL		3.733		09/25/34		2,223,894
	2,750,000	g	PTTEP Treasury Center Co Ltd		3.903		12/06/59		2,591,591
			TOTAL THAILAND						4,815,485
TURKEY - 1.1%
	1,900,000	g	Akbank TAS		7.200		03/16/27		1,727,279
	500,000	g	Akbank TAS		6.797		04/27/28		424,100
	2,000,000	g	Turkiye Garanti Bankasi AS.		6.125		05/24/27		1,703,000
	1,000,000	g	Turkiye Is Bankasi		6.125		04/25/24		959,579
			TOTAL TURKEY						4,813,958
UKRAINE - 1.9%
	1,500,000	g	Kernel Holding S.A.		6.500		10/17/24		1,261,543
	2,250,000	g	Metinvest BV		7.750		10/17/29		1,443,375
	2,700,000	g	NAK Naftogaz Ukraine via Kondor Finance plc		7.625		11/08/26		2,268,345
	2,400,000	g	Ukreximbank Via Biz Finance plc		9.750		01/22/25		2,316,480
			TOTAL UKRAINE						7,289,743

322

TIAA-CREF FUNDS – Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
UNITED ARAB EMIRATES - 1.6%
$	1,975,000	g	Abu Dhabi Crude Oil Pipeline LLC		4.600	%	11/02/47	$	2,113,250
	2,100,000	g	DP World Ltd		5.625		09/25/48		2,016,559
	2,500,000	g	MDGH-GMTN BV		3.700		11/07/49		2,413,050
			TOTAL UNITED ARAB EMIRATES						6,542,859
			TOTAL CORPORATE BONDS						203,479,528
			(Cost $234,284,577)
GOVERNMENT BONDS - 44.6%
ANGOLA - 0.7%
	2,250,000	g	Angolan Government International Bond		8.250		05/09/28		977,659
	1,775,000	g	Angolan Government International Bond		8.000		11/26/29		771,018
	2,500,000	g	Angolan Government International Bond		9.375		05/08/48		1,063,671
			TOTAL ANGOLA						2,812,348
ARGENTINA - 0.7%
	2,375,000	†	Argentina Republic Government International Bond		5.625		01/26/22		656,688
	2,000,000	†	Argentina Republic Government International Bond		7.500		04/22/26		530,020
	4,000,000	†	Argentina Republic Government International Bond		7.125		06/28/17		922,000
	2,650,000	†,g	Provincia de Buenos Aires		7.875		06/15/27		702,250
			TOTAL ARGENTINA						2,810,958
AZERBAIJAN - 0.8%
	3,023,000	g	Southern Gas Corridor CJSC		6.875		03/24/26		3,156,375
			TOTAL AZERBAIJAN						3,156,375
BAHRAIN - 0.6%
	2,600,000	g	Bahrain Government International Bond		5.625		09/30/31		2,333,500
			TOTAL BAHRAIN						2,333,500
BARBADOS - 0.5%
	7,000	g	Barbados Government International Bond		6.500		02/01/21		6,790
	2,214,800	g	Barbados Government International Bond		6.500		10/01/29		1,882,580
			TOTAL BARBADOS						1,889,370
BERMUDA - 0.5%
	2,000,000	g	Bermuda Government International Bond		4.750		02/15/29		2,100,000
			TOTAL BERMUDA						2,100,000
BRAZIL - 1.5%
BRL	3,900,000	†	Brazil Notas do Tesouro Nacional Serie F		10.000		01/01/23		804,297
	6,850,000	†	Brazil Notas do Tesouro Nacional Serie F		10.000		01/01/29		1,443,616
$	2,150,000		Brazilian Government International Bond		7.125		01/20/37		2,432,209
	1,625,000		Brazilian Government International Bond		5.625		02/21/47		1,629,063
			TOTAL BRAZIL						6,309,185
COLOMBIA - 0.8%
	2,175,000		Colombia Government International Bond		3.000		01/30/30		1,984,688
COP	5,125,000,000		Colombian TES		7.500		08/26/26		1,381,713
			TOTAL COLOMBIA						3,366,401

323

TIAA-CREF FUNDS – Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
COSTA RICA - 0.7%
$	1,400,000	g	Costa Rica Government International Bond		6.125	%	02/19/31	$	1,130,500
	2,500,000	g	Costa Rica Government International Bond		5.625		04/30/43		1,750,025
			TOTAL COSTA RICA						2,880,525
COTE D’IVOIRE - 0.4%
	1,710,000	g	Ivory Coast Government International Bond (Step Bond)		5.750		12/31/32		1,487,700
			TOTAL COTE D’IVOIRE						1,487,700
DOMINICAN REPUBLIC - 1.9%
	3,100,000	g	Dominican Republic Government International Bond		6.875		01/29/26		2,976,000
DOP	80,000,000	g	Dominican Republic Government International Bond		11.250		02/05/27		1,289,695
	52,000,000	g	Dominican Republic Government International Bond		10.375		01/11/30		852,321
$	3,160,000	g	Dominican Republic Government International Bond		7.450		04/30/44		2,867,700
			TOTAL DOMINICAN REPUBLIC						7,985,716
ECUADOR - 0.9%
	2,500,000	†,g	Ecuador Government International Bond		7.875		03/27/25		712,500
	3,150,000	†,g	Ecuador Government International Bond		9.650		12/13/26		894,906
	1,750,000	†,g	Ecuador Government International Bond		8.875		10/23/27		498,767
	2,500,000	†,g	Ecuador Government International Bond		7.875		01/23/28		709,400
	3,500,000	†,g	Ecuador Government International Bond		10.750		01/31/29		1,001,910
	364,587	†,g	Petroamazonas EP		4.625		11/06/20		164,064
			TOTAL ECUADOR						3,981,547
EGYPT - 3.0%
EGP	12,500,000		Egypt Government International Bond		16.000		06/11/22		833,702
$	2,375,000	g	Egypt Government International Bond		5.577		02/21/23		2,301,266
	2,200,000	g	Egypt Government International Bond		6.585		02/21/28		2,016,061
	1,450,000	g	Egypt Government International Bond		7.600		03/01/29		1,371,417
	1,225,000	g	Egypt Government International Bond		7.053		01/15/32		1,086,147
	4,050,000	g	Egypt Government International Bond		8.500		01/31/47		3,604,451
	1,000,000	g	Egypt Government International Bond		8.150		11/20/59		870,000
			TOTAL EGYPT						12,083,044
EL SALVADOR - 0.6%
	3,100,000	g	El Salvador Government International Bond		7.625		02/01/41		2,387,000
			TOTAL EL SALVADOR						2,387,000
GHANA - 1.2%
GHS	2,965,000	g	Citigroup Global Markets Holdings, Inc		24.500		06/28/21		538,133
$	2,825,000	g	Ghana Government International Bond		8.125		03/26/32		2,142,866
	2,000,000	g	Ghana Government International Bond		8.627		06/16/49		1,500,500
	1,000,000	g	Ghana Government International Bond		8.750		03/11/61		753,100
			TOTAL GHANA						4,934,599
GREECE - 0.6%
EUR	2,225,000	g	Hellenic Republic Government International Bond		1.875		07/23/26		2,428,439
			TOTAL GREECE						2,428,439

324

TIAA-CREF FUNDS – Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
GUATEMALA - 1.4%
$	1,500,000	g	Guatemala Government International Bond		4.500	%	05/03/26	$	1,492,500
	1,650,000	g	Guatemala Government International Bond		4.375		06/05/27		1,633,500
	275,000	g	Guatemala Government International Bond		5.375		04/24/32		283,938
	1,975,000	g	Guatemala Government International Bond		6.125		06/01/50		2,060,913
			TOTAL GUATEMALA						5,470,851
HONDURAS - 0.5%
	2,000,000	g	Honduras Government International Bond		6.250		01/19/27		1,875,000
			TOTAL HONDURAS						1,875,000
INDONESIA - 0.8%
IDR	12,000,000,000		Indonesia Treasury Bond		8.375		09/15/26		830,675
	35,300,000,000		Indonesia Treasury Bond		8.375		03/15/34		2,396,840
			TOTAL INDONESIA						3,227,515
IRAQ - 0.9%
$	3,350,000	g	Iraq Government International Bond		6.752		03/09/23		2,529,651
	1,600,000	g	Iraq Government International Bond		5.800		01/15/28		1,160,320
			TOTAL IRAQ						3,689,971
ISRAEL - 0.2%
	800,000		Israel Government International Bond		3.875		07/03/50		878,189
			TOTAL ISRAEL						878,189
JAMAICA - 1.4%
	2,950,000		Jamaica Government International Bond		8.000		03/15/39		3,119,625
	2,550,000		Jamaica Government International Bond		7.875		07/28/45		2,683,875
			TOTAL JAMAICA						5,803,500
JORDAN - 0.4%
	2,000,000	g	Jordan Government International Bond		7.375		10/10/47		1,849,964
			TOTAL JORDAN						1,849,964
KENYA - 1.3%
	950,000	g	Kenya Government International Bond		6.875		06/24/24		869,013
	2,250,000	g	Kenya Government International Bond		8.000		05/22/32		2,031,620
	1,325,000	g	Kenya Government International Bond		8.250		02/28/48		1,181,238
KES	117,000,000		Kenya Infrastructure Bond		12.500		01/10/33		1,097,326
			TOTAL KENYA						5,179,197
LEBANON - 0.2%
$	3,200,000	†,q	Lebanon Government International Bond		6.250		11/04/24		504,000
	3,800,000	†,q	Lebanon Government International Bond		6.850		03/23/27		598,500
			TOTAL LEBANON						1,102,500
MEXICO - 1.7%
MXN	51,100,000		Mexican Bonos		7.500		06/03/27		2,275,594
	30,000,000		Mexican Bonos		7.750		05/29/31		1,321,414

325

TIAA-CREF FUNDS – Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	3,150,000		Mexico Government International Bond		4.750	%	04/27/32	$	3,175,200
			TOTAL MEXICO						6,772,208
MOROCCO - 0.6%
	2,300,000	g	Morocco Government International Bond		5.500		12/11/42		2,604,750
			TOTAL MOROCCO						2,604,750
NIGERIA - 1.4%
	2,200,000	g	Nigeria Government International Bond		7.625		11/21/25		1,836,159
	3,475,000	g	Nigeria Government International Bond		6.500		11/28/27		2,619,914
	2,500,000	g	Nigeria Government International Bond		7.696		02/23/38		1,837,580
			TOTAL NIGERIA						6,293,653
OMAN - 0.6%
	1,500,000	g	Oman Government International Bond		5.375		03/08/27		1,145,472
	1,200,000	g	Oman Government International Bond		6.500		03/08/47		838,884
	750,000	g	Oman Government International Bond		6.750		01/17/48		526,560
			TOTAL OMAN						2,510,916
PAKISTAN - 0.7%
	3,200,000	g	Pakistan Government International Bond		6.875		12/05/27		2,762,234
			TOTAL PAKISTAN						2,762,234
PANAMA - 0.3%
	1,400,000	g	Panama Notas del Tesoro		3.750		04/17/26		1,417,500
			TOTAL PANAMA						1,417,500
PARAGUAY - 0.6%
	2,500,000	g	Paraguay Government International Bond		5.400		03/30/50		2,600,000
			TOTAL PARAGUAY						2,600,000
PERU - 1.1%
	1,550,000		Peruvian Government International Bond		2.392		01/23/26		1,573,250
PEN	4,450,000	g	Peruvian Government International Bond		6.950		08/12/31		1,562,692
	3,500,000	g	Peruvian Government International Bond		5.400		08/12/34		1,066,998
			TOTAL PERU						4,202,940
PHILIPPINES - 0.5%
$	2,000,000	h	Philippine Government International Bond		2.457		05/05/30		2,039,502
			TOTAL PHILIPPINES						2,039,502
QATAR - 0.3%
	450,000	g	Qatar Government International Bond		3.400		04/16/25		478,418
	675,000	g	Qatar Government International Bond		3.750		04/16/30		734,663
			TOTAL QATAR						1,213,081
REPUBLIC OF SERBIA - 0.9%
RSD	158,000,000		Serbia Treasury Bonds		5.750		07/21/23		1,622,377
	69,650,000		Serbia Treasury Bonds		5.875		02/08/28		770,245
	123,000,000		Serbia Treasury Bonds		4.500		08/20/32		1,271,532
			TOTAL REPUBLIC OF SERBIA						3,664,154

326

TIAA-CREF FUNDS – Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
RUSSIA - 1.7%
RUB	170,300,000		Russian Federal Bond-OFZ		7.100	%	10/16/24	$	2,432,513
	75,000,000		Russian Federal Bond-OFZ		7.950		10/07/26		1,131,809
$	2,800,000	g	Russian Foreign Bond - Eurobond		5.100		03/28/35		3,281,902
			TOTAL RUSSIA						6,846,224
RWANDA - 0.6%
	2,500,000	g	Rwanda Government International Bond		6.625		05/02/23		2,326,255
			TOTAL RWANDA						2,326,255
SAUDI ARABIA - 0.6%
	1,000,000	g	Saudi Government International Bond		2.900		10/22/25		1,011,514
	1,500,000	g	Saudi Government International Bond		3.750		01/21/55		1,372,980
	500,000	g	Saudi Government International Bond		4.500		04/22/60		494,314
			TOTAL SAUDI ARABIA						2,878,808
SENEGAL - 0.7%
	1,900,000	g	Senegal Government International Bond		6.250		05/23/33		1,660,133
	1,500,000	g	Senegal Government International Bond		6.750		03/13/48		1,245,000
			TOTAL SENEGAL						2,905,133
SOUTH AFRICA - 1.5%
	2,100,000		Republic of South Africa Government International Bond		5.875		06/22/30		1,926,750
	1,000,000		Republic of South Africa Government International Bond		5.750		09/30/49		781,000
ZAR	59,300,000		South Africa Government International Bond		7.000		02/28/31		2,460,145
$	1,250,000		South Africa Government International Bond		5.375		07/24/44		962,500
			TOTAL SOUTH AFRICA						6,130,395
SRI LANKA - 0.6%
	1,850,000	g	Sri Lanka Government International Bond		6.850		11/03/25		1,054,017
	2,500,000	g	Sri Lanka Government International Bond		6.825		07/18/26		1,424,026
			TOTAL SRI LANKA						2,478,043
SUPRANATIONAL - 0.4%
	2,000,000	g	Banque Ouest Africaine de Developpement		4.700		10/22/31		1,796,826
			TOTAL SUPRANATIONAL						1,796,826
THAILAND - 0.5%
THB	23,000,000		Thailand Government International Bond		2.400		12/17/23		750,280
	35,700,000		Thailand Government International Bond		3.400		06/17/36		1,392,134
			TOTAL THAILAND						2,142,414
TURKEY - 0.9%
$	2,500,000		Turkey Government International Bond		5.250		03/13/30		2,069,661
	2,375,000		Turkey Government International Bond		4.875		04/16/43		1,716,707
			TOTAL TURKEY						3,786,368

327

TIAA-CREF FUNDS – Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
UGANDA - 0.3%
UGX	4,800,000,000		Republic of Uganda Government Bonds		14.250	%	08/23/29	$	1,175,896
			TOTAL UGANDA						1,175,896
UKRAINE - 3.3%
UAH	38,000,000		Citigroup Global Markets Holdings, Inc		14.700		01/25/21		1,422,929
	6,914,000		Ukraine Government International Bond		18.000		03/24/21		261,331
	37,000,000		Ukraine Government International Bond		15.840		02/26/25		1,364,336
$	5,000,000	g	Ukraine Government International Bond		7.750		09/01/25		4,662,500
	2,900,000	g	Ukraine Government International Bond		9.750		11/01/28		2,828,372
EUR	1,850,000	g	Ukraine Government International Bond		4.375		01/27/30		1,561,532
$	2,320,000	g,j	Ukraine Government International Bond		0.000		05/31/40		1,712,239
			TOTAL UKRAINE						13,813,239
UNITED ARAB EMIRATES - 0.3%
	1,350,000	g	Abu Dhabi Government International Bond		3.875		04/16/50		1,426,918
			TOTAL UNITED ARAB EMIRATES						1,426,918
URUGUAY - 0.8%
	3,003,796		Uruguay Government International Bond		4.375		01/23/31		3,307,960
			TOTAL URUGUAY						3,307,960
UZBEKISTAN - 0.8%
	1,750,000	g	Republic of Uzbekistan Government International Bond		4.750		02/20/24		1,752,378
	1,750,000	g	Republic of Uzbekistan Government International Bond		5.375		02/20/29		1,763,599
			TOTAL UZBEKISTAN						3,515,977
ZAMBIA - 0.4%
	400,000	†,g	Zambia Government International Bond		5.375		09/20/22		132,000
	3,500,000	†,g	Zambia Government International Bond		8.500		04/14/24		1,137,291
	750,000	†,g	Zambia Government International Bond		8.970		07/30/27		243,900
			TOTAL ZAMBIA						1,513,191
			TOTAL GOVERNMENT BONDS						184,147,979
			(Cost $233,363,749)
			TOTAL BONDS						387,627,507
			(Cost $467,648,326)
SHARES			COMPANY
COMMON STOCKS - 0.0%
BRAZIL – 0.0%
	151,162	*	Oi S.A. (ADR)						77,879
			TOTAL BRAZIL						77,879
			TOTAL COMMON STOCKS						77,879
			(Cost $1,044,573)

328

TIAA-CREF FUNDS – Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
SHORT-TERM INVESTMENTS - 2.2%
EGYPT - 0.4%
EGP	22,600,000	j	Egypt Treasury Bill		0.000	%	7/28/2020	$	1,394,525
			TOTAL  EGYPT						1,394,525
UNITED STATES - 0.7%
$	3,000,000		Federal Home Loan Bank (FHLB)		0.030		5/14/2020		2,999,902
			TOTAL UNITED STATES						2,999,902
REPURCHASE AGREEMENT - 1.1%
UNITED STATES - 1.1%
	4,630,000		Fixed Income Clearing Corp		0.020		5/1/2020		4,630,000
			TOTAL UNITED STATES						4,630,000
			TOTAL REPURCHASE AGREEMENT						4,630,000
			TOTAL SHORT-TERM INVESTMENTS						9,024,427
			(Cost $8,984,839)
			TOTAL INVESTMENTS - 96.2%						396,729,813
			(Cost $477,677,738)
			OTHER ASSETS & LIABILITIES, NET - 3.8%						15,841,156
			NET ASSETS - 100.0%					$	412,570,969

Abbreviation(s):

ADR   American Depositary Receipt

329

TIAA-CREF FUNDS – Emerging Markets Debt Fund

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
PEN	Peruvian Sol
RSD	Serbian Dinar
RUB	Russian Ruble
THB	Thai Baht
UAH	Ukrainian Hryvnia
UGX	Ugandan Shilling
ZAR	South African Rand

*	Non-income producing
‡	Perpetual security
†	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 4/30/2020, the aggregate value of these securities is $294,829,096 or 71.5% 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

330

TIAA-CREF FUNDS – Emerging Markets Debt Fund

TIAA-CREF FUNDS

EMERGING MARKETS DEBT FUND

SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

April 30, 2020

SECTOR	VALUE		% OF NET ASSETS
GOVERNMENT	$	184,147,979		44.6	%
FINANCIALS		41,743,391		10.1
UTILITIES		34,661,024		8.4
ENERGY		34,368,965		8.3
COMMUNICATION SERVICES		23,334,847		5.7
INDUSTRIALS		20,993,241		5.1
MATERIALS		19,010,142		4.6
CONSUMER STAPLES		12,441,722		3.0
REAL ESTATE		8,968,045		2.2
INFORMATION TECHNOLOGY		4,396,955		1.1
HEALTH CARE		2,327,325		0.6
CONSUMER DISCRETIONARY		1,311,750		0.3
SHORT-TERM INVESTMENTS		9,024,427		2.2
OTHER ASSETS & LIABILITIES, NET		15,841,156		3.8
NET ASSETS	$	412,570,969		100.0	%

331

TIAA-CREF FUNDS – International Bond Fund

TIAA-CREF FUNDS

INTERNATIONAL BOND FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2020

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
BANK LOAN OBLIGATIONS - 1.4%
AUSTRALIA - 0.1%
$	392,248	i	Hamilton HoldCo LLC	LIBOR 3 M + 2.000%		3.460	%	01/02/27	$	374,597
			TOTAL AUSTRALIA							374,597
CANADA - 0.1%
	395,841	i	1011778 BC ULC	LIBOR 1 M + 1.750%		2.154		11/19/26		370,234
			TOTAL CANADA							370,234
IRELAND - 0.1%
	350,000	i	Avolon TLB Borrower US LLC	LIBOR 1 M + 1.500%		2.250		02/05/27		323,575
	261,086	i	Avolon TLB Borrower US LLC	LIBOR 1 M + 1.750%		2.500		01/15/25		245,048
			TOTAL IRELAND							568,623
LUXEMBOURG - 0.1%
	436,163	i	Ineos US Finance LLC	LIBOR 1 M + 2.000%		2.404		03/31/24		410,975
			TOTAL LUXEMBOURG							410,975
UNITED STATES - 1.0%
	339,930	i	American Airlines, Inc	LIBOR 1 M + 2.000%		2.814		12/14/23		260,318
	417,722	i	Bausch Health Americas, Inc	LIBOR 1 M + 3.000%		3.718		06/02/25		403,623
	287,797	i	Change Healthcare Holdings LLC	LIBOR 3 M + 2.500%		3.500		03/01/24		276,644
	476,196	i	Dell International LLC	LIBOR 1 M + 2.000%		2.750		09/19/25		463,339
	121,563	i	Endo Luxembourg Finance I Co Sarl	LIBOR 1 M + 4.250%		5.000		04/29/24		110,243
	246,250	i	HD Supply, Inc	LIBOR 1 M + 1.750%		2.154		10/17/23		236,575
	243,375	i	Mallinckrodt International Finance S.A.	LIBOR 3 M + 2.750%		4.200		09/24/24		169,754
	491,139	i	Nielsen Finance LLC	LIBOR 1 M + 2.000%		2.864		10/04/23		471,440
	58,824	i	Plantronics, Inc	LIBOR 1 M + 2.500%		3.572		07/02/25		365,617
	341,750	i	Sabre GLBL, Inc	LIBOR 1 M + 2.000%		2.404		02/22/24		310,750
	419,570	i	Samsonite IP Holdings Sarl	LIBOR 1 M + 1.750%		2.154		04/25/25		379,711
	331,582	i	Team Health Holdings, Inc	LIBOR 1 M + 2.750%		3.750		02/06/24		242,953
			TOTAL UNITED STATES							3,690,967
			TOTAL BANK LOAN OBLIGATIONS							5,415,396
			(Cost $6,005,517)
BONDS - 93.5%
CORPORATE BONDS - 18.0%
CANADA - 0.1%
EUR	250,000	g	Fairfax Financial Holdings Ltd			2.750		03/29/28		270,835
			TOTAL CANADA							270,835

332

TIAA-CREF FUNDS – International Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
CHILE - 0.5%
$	300,000		Celulosa Arauco y Constitucion S.A.		3.875	%	11/02/27	$	285,000
	250,000	g	Celulosa Arauco y Constitucion S.A.		4.250		04/30/29		238,752
	200,000	g	Celulosa Arauco y Constitucion S.A.		4.200		01/29/30		190,000
	425,000	g	Corp Nacional del Cobre de Chile-CODELCO		3.625		08/01/27		429,602
	425,000	g	Embotelladora Andina S.A.		3.950		01/21/50		408,536
	200,000		Enel Chile S.A.		4.875		06/12/28		216,600
	200,000	g	Inversiones CMPC S.A.		3.850		01/13/30		193,000
			TOTAL CHILE						1,961,490
CHINA - 0.3%
	350,000		JD.com, Inc		3.375		01/14/30		360,616
	250,000	g	Tencent Holdings Ltd		3.975		04/11/29		280,885
EUR	200,000	z	Three Gorges Finance II Cayman Islands Ltd		1.300		06/21/24		219,447
			TOTAL CHINA						860,948
COLOMBIA - 0.3%
$	350,000		Bancolombia S.A.		3.000		01/29/25		323,971
	300,000		Ecopetrol S.A.		5.375		06/26/26		297,003
	75,000		Ecopetrol S.A.		6.875		04/29/30		77,345
	550,000	g	Empresas Publicas de Medellin ESP		4.250		07/18/29		517,440
			TOTAL COLOMBIA						1,215,759
CZECH REPUBLIC - 0.1%
EUR	400,000	z	CEZ AS.		0.875		11/21/22		435,278
			TOTAL CZECH REPUBLIC						435,278
FRANCE - 0.1%
	250,000	g	Altice France S.A.		5.875		02/01/27		283,715
			TOTAL FRANCE						283,715
GERMANY - 0.2%
	750,000	g,o	IHO Verwaltungs GmbH		3.750		09/15/26		741,687
			TOTAL GERMANY						741,687
INDIA - 0.4%
$	200,000	g	Adani Ports & Special Economic Zone Ltd		3.375		07/24/24		179,012
	475,000	g	ICICI Bank Ltd		3.800		12/14/27		438,147
	200,000	z	Indian Railway Finance Corp Ltd		3.730		03/29/24		199,737
	200,000	g	Indian Railway Finance Corp Ltd		3.249		02/13/30		186,883
	300,000	z	Power Finance Corp Ltd		4.500		06/18/29		275,826
			TOTAL INDIA						1,279,605
INDONESIA - 0.1%
	225,000	g	Pelabuhan Indonesia III Persero PT		4.500		05/02/23		225,563
	200,000	g	Pertamina Persero PT		3.650		07/30/29		190,761
	225,000	g	Perusahaan Listrik Negara PT		4.875		07/17/49		216,563
			TOTAL INDONESIA						632,887
ISRAEL - 0.2%
	625,000	g	Israel Electric Corp Ltd		4.250		08/14/28		657,052
			TOTAL ISRAEL						657,052

333

TIAA-CREF FUNDS – International Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
JAPAN - 0.9%
EUR	500,000	z	Mitsubishi UFJ Financial Group, Inc		0.980	%	10/09/23	$	546,429
	500,000	z	Mitsubishi UFJ Financial Group, Inc		0.872		09/07/24		540,454
	500,000	z	Sumitomo Mitsui Financial Group, Inc		0.819		07/23/23		542,143
	1,400,000	z	Takeda Pharmaceutical Co Ltd		1.125		11/21/22		1,540,354
	500,000	z	Takeda Pharmaceutical Co Ltd		3.000		11/21/30		620,151
			TOTAL JAPAN						3,789,531
KAZAKHSTAN - 0.1%
$	475,000	g	KazTransGas JSC		4.375		09/26/27		450,502
			TOTAL KAZAKHSTAN						450,502
KOREA, REPUBLIC OF - 0.2%
	400,000	g	POSCO		2.500		01/17/25		389,386
EUR	300,000	z	Shinhan Bank Co Ltd		0.250		10/16/24		320,638
			TOTAL KOREA, REPUBLIC OF						710,024
LUXEMBOURG - 0.3%
	350,000	g	INEOS Finance plc		2.875		05/01/26		361,494
	500,000	z	ProLogis International Funding II S.A.		2.375		11/14/30		571,958
			TOTAL LUXEMBOURG						933,452
MALAYSIA - 0.1%
$	200,000	g	Petronas Capital Ltd		3.500		04/21/30		207,468
			TOTAL MALAYSIA						207,468
MEXICO - 0.4%
	200,000	g	Grupo Bimbo SAB de C.V.		4.700		11/10/47		198,092
EUR	200,000		Petroleos Mexicanos		1.875		04/21/22		193,251
	400,000	z	Petroleos Mexicanos		3.625		11/24/25		344,735
$	650,000		Petroleos Mexicanos		5.350		02/12/28		484,257
	250,000	g	Sigma Alimentos S.A. de C.V.		4.125		05/02/26		252,375
			TOTAL MEXICO						1,472,710
NETHERLANDS - 0.1%
EUR	375,000	g	OCI NV		3.125		11/01/24		398,615
			TOTAL NETHERLANDS						398,615
PANAMA - 0.1%
$	300,000	g	Banco General S.A.		4.125		08/07/27		295,503
			TOTAL PANAMA						295,503
PORTUGAL - 0.3%
EUR	1,000,000		EDP Finance BV		1.125		02/12/24		1,115,750
			TOTAL PORTUGAL						1,115,750
QATAR - 0.1%
$	250,000	z	QNB Finance Ltd		2.750		02/12/27		245,440
			TOTAL QATAR						245,440

334

TIAA-CREF FUNDS – International Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
RUSSIA - 0.1%
EUR	300,000	z	Gazprom OAO Via Gaz Capital S.A.		2.500	%	03/21/26	$	327,611
			TOTAL RUSSIA						327,611
SAUDI ARABIA - 0.1%
$	250,000	g	SABIC Capital II BV		4.000		10/10/23		256,740
			TOTAL SAUDI ARABIA						256,740
SINGAPORE - 0.1%
EUR	400,000	z	Temasek Financial I Ltd		0.500		11/20/31		431,744
$	200,000	g	United Overseas Bank Ltd		3.750		04/15/29		203,233
			TOTAL SINGAPORE						634,977
SUPRANATIONAL - 0.2%
GBP	800,000		International Bank for Reconstruction & Development		0.500		07/24/23		1,008,024
			TOTAL SUPRANATIONAL						1,008,024
SWEDEN - 0.1%
$	600,000	g	Stena AB		7.000		02/01/24		522,000
			TOTAL SWEDEN						522,000
SWITZERLAND - 0.5%
EUR	750,000	z	Cloverie plc for Zurich Insurance Co Ltd		1.500		12/15/28		859,492
	600,000	g,z	Credit Suisse Group AG.		1.250		07/17/25		653,830
	325,000		Tyco Electronics Group S.A.		1.100		03/01/23		362,083
			TOTAL SWITZERLAND						1,875,405
UNITED ARAB EMIRATES - 0.2%
$	400,000	g	DP World Ltd		5.625		09/25/48		384,106
GBP	300,000	z	First Abu Dhabi Bank PJSC		1.375		02/19/23		370,409
			TOTAL UNITED ARAB EMIRATES						754,515
UNITED KINGDOM - 1.4%
GBP	1,050,000		BAE Systems plc		4.125		06/08/22		1,386,288
EUR	500,000	z	Barclays plc		0.625		11/14/23		535,427
	1,000,000	z	Coca-Cola European Partners plc		1.500		11/08/27		1,141,864
GBP	750,000		HSBC Holdings plc		2.175		06/27/23		949,912
EUR	750,000		RELX Capital, Inc		1.300		05/12/25		845,334
	500,000	g	Virgin Media Finance plc		4.500		01/15/25		554,124
			TOTAL UNITED KINGDOM						5,412,949
UNITED STATES - 10.4%
	500,000	z	Abbott Ireland Financing DAC		0.875		09/27/23		557,642
	500,000	z	Abbott Ireland Financing DAC		1.500		09/27/26		581,261
	400,000	g	Adient Global Holdings Ltd		3.500		08/15/24		341,257
JPY	100,000,000		Aflac, Inc		0.550		03/12/30		898,448
	100,000,000		Aflac, Inc		1.122		12/16/39		898,549
EUR	1,200,000		Allergan Funding SCS		1.250		06/01/24		1,345,852
	150,000		Allergan Funding SCS		2.625		11/15/28		184,260
	575,000		American Honda Finance Corp		1.950		10/18/24		651,780

335

TIAA-CREF FUNDS – International Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
EUR	300,000		American Tower Corp		1.375	%	04/04/25	$	330,293
	600,000		American Tower Corp		1.950		05/22/26		675,915
	1,000,000	z	Amphenol Technologies Holding GmbH		2.000		10/08/28		1,186,487
	600,000		Aon plc		2.875		05/14/26		714,191
	1,125,000		Apple, Inc		1.375		05/24/29		1,361,988
	300,000	g	Ashland Services BV		2.000		01/30/28		306,872
	700,000		AT&T, Inc		1.300		09/05/23		779,949
	500,000		AT&T, Inc		2.350		09/05/29		604,298
$	500,000		AXA Equitable Holdings, Inc		5.000		04/20/48		519,418
EUR	325,000		Ball Corp		0.875		03/15/24		340,163
	500,000		Bank of America Corp		1.375		03/26/25		563,156
	500,000	z	Bank of America Corp		1.662		04/25/28		568,657
	700,000		Becton Dickinson & Co		1.401		05/24/23		770,842
	670,000		Becton Dickinson & Co		1.900		12/15/26		742,398
	600,000		Bristol-Myers Squibb Co		1.000		05/15/25		679,567
	100,000		Capital One Financial Corp		0.800		06/12/24		101,248
	350,000		Chubb INA Holdings, Inc		0.875		06/15/27		375,994
	750,000		Chubb INA Holdings, Inc		1.550		03/15/28		838,871
	350,000		Chubb INA Holdings, Inc		1.400		06/15/31		380,465
	750,000	h,z	Citigroup, Inc		1.250		07/06/26		824,994
	500,000	z	Citigroup, Inc		1.500		07/24/26		556,281
	700,000		Comcast Corp		0.250		05/20/27		746,226
	900,000		DH Europe Finance Sarl		1.200		06/30/27		1,016,001
	250,000		Digital Euro Finco LLC		2.625		04/15/24		287,782
	600,000		Digital Euro Finco LLC		2.500		01/16/26		692,214
GBP	100,000	z	Digital Stout Holding LLC		2.750		07/19/24		128,760
	200,000		Discovery Communications LLC		2.500		09/20/24		250,898
$	1,075,000		Enable Midstream Partners LP		4.150		09/15/29		804,000
EUR	400,000		FedEx Corp		1.000		01/11/23		434,114
	500,000		FedEx Corp		1.625		01/11/27		539,160
GBP	150,000		Fidelity National Information Services, Inc		1.700		06/30/22		189,071
EUR	375,000		Fidelity National Information Services, Inc		1.100		07/15/24		418,501
	775,000		Goldman Sachs Group, Inc		1.375		05/15/24		855,819
	600,000		International Business Machines Corp		0.650		02/11/32		641,662
	250,000	g	Iron Mountain, Inc		3.000		01/15/25		260,059
$	250,000	g	James Hardie International Finance DAC		4.750		01/15/25		246,875
EUR	1,000,000	z	JPMorgan Chase & Co		0.389		02/24/28		1,049,164
	500,000	z	JPMorgan Chase & Co		1.638		05/18/28		568,569
	450,000	g	Liberty Mutual Group, Inc		2.750		05/04/26		514,173
	650,000		Liberty Mutual Group, Inc		2.750		05/04/26		742,694
	500,000		McDonald’s Corp		0.900		06/15/26		546,061
$	250,000		MGM Resorts International		4.625		09/01/26		223,750
EUR	670,000		Morgan Stanley		1.342		10/23/26		746,557
GBP	175,000	z	New York Life Global Funding		1.750		12/15/22		221,220
EUR	400,000	g	OI European Group BV		3.125		11/15/24		420,095
	800,000		Parker-Hannifin Corp		1.125		03/01/25		880,977
	540,000		ProLogis Euro Finance LLC		0.375		02/06/28		559,383
	500,000		ProLogis LP		3.000		06/02/26		616,471
	500,000	g	Scientific Games International, Inc		3.375		02/15/26		449,298
	400,000		Silgan Holdings, Inc		3.250		03/15/25		441,575
	450,000		Stryker Corp		2.625		11/30/30		560,630
	1,100,000		SYSCO Corp		1.250		06/23/23		1,178,145

336

TIAA-CREF FUNDS – International Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
EUR	700,000		The Procter & Gamble Company		0.625	%	10/30/24	$	787,061
	500,000		The Procter & Gamble Company		1.875		10/30/38		650,449
	350,000		Thermo Fisher Scientific, Inc		1.400		01/23/26		396,812
	200,000		Verizon Communications, Inc		0.500		06/02/22		220,511
	400,000		Verizon Communications, Inc		1.375		10/27/26		465,970
	400,000		Verizon Communications, Inc		1.875		10/26/29		488,777
	600,000		Walmart, Inc		2.550		04/08/26		735,168
			TOTAL UNITED STATES						39,655,748
			TOTAL CORPORATE BONDS						68,406,220
			(Cost $70,701,223)
GOVERNMENT BONDS - 75.5%
ANGOLA - 0.1%
$	1,100,000	g	Angolan Government International Bond		8.000		11/26/29		477,814
			TOTAL ANGOLA						477,814
ARGENTINA - 0.0%
	410,000	†	Argentina Republic Government International Bond		5.625		01/26/22		113,365
			TOTAL ARGENTINA						113,365
AUSTRALIA - 0.7%
AUD	1,000,000		Australia Government International Bond		2.250		05/21/28		727,242
	1,050,000	z	Treasury Corp of Victoria		2.500		10/22/29		749,857
	1,715,000		Western Australian Treasury Corp		2.750		07/24/29		1,243,346
			TOTAL AUSTRALIA						2,720,445
AUSTRIA - 0.3%
EUR	900,000	g	Republic of Austria Government International Bond		0.750		02/20/28		1,062,216
			TOTAL AUSTRIA						1,062,216
BELGIUM - 1.1%
	2,125,000	g,j	Kingdom of Belgium Government International Bond		0.000		10/22/27		2,358,114
	875,000		Kingdom of Belgium Government International Bond		1.250		04/22/33		1,093,740
	630,000	g,z	Kingdom of Belgium Government International Bond		1.700		06/22/50		888,072
			TOTAL BELGIUM						4,339,926
BERMUDA - 0.3%
$	950,000	g	Bermuda Government International Bond		4.750		02/15/29		997,500
			TOTAL BERMUDA						997,500
CANADA - 2.5%
CAD	1,700,000	g	Canada Housing Trust No 1		2.550		12/15/23		1,304,870
	1,950,000		Canadian Government International Bond		1.500		02/01/22		1,430,430
	1,300,000		Canadian Government International Bond		5.000		06/01/37		1,537,268
	1,350,000		Hydro-Quebec		4.000		02/15/55		1,415,699
	2,600,000		Province of British Columbia Canada		2.550		06/18/27		2,047,256

337

TIAA-CREF FUNDS – International Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
CAD	1,600,000		Province of New Brunswick Canada		3.100	%	08/14/28	$	1,294,794
	1,000,000		Province of Quebec Canada		2.750		09/01/27		796,156
			TOTAL CANADA						9,826,473
CHINA - 4.3%
CNY	49,600,000		China Government International Bond		2.940		10/17/24		7,398,100
	40,500,000		China Government International Bond		3.120		12/05/26		6,030,047
	18,900,000		China Government International Bond		3.860		07/22/49		2,951,509
			TOTAL CHINA						16,379,656
COLOMBIA - 0.3%
$	1,000,000		Colombia Government International Bond		4.375		07/12/21		1,013,760
			TOTAL COLOMBIA						1,013,760
COTE D’IVOIRE - 0.4%
EUR	1,000,000	g	Ivory Coast Government International Bond		5.875		10/17/31		888,822
	1,000,000	g	Ivory Coast Government International Bond		6.625		03/22/48		868,430
			TOTAL COTE D’IVOIRE						1,757,252
CROATIA - 0.3%
	1,100,000	z	Croatia Government International Bond		1.125		06/19/29		1,116,198
			TOTAL CROATIA						1,116,198
CYPRUS - 1.1%
EUR	1,300,000	z	Cyprus Government International Bond		2.375		09/25/28		1,463,532
	1,100,000	z	Cyprus Government International Bond		0.625		01/21/30		1,058,565
	575,000	z	Cyprus Government International Bond		2.750		02/26/34		666,245
	500,000	z	Cyprus Government International Bond		2.750		05/03/49		587,026
			TOTAL CYPRUS						3,775,368
CZECH REPUBLIC - 0.3%
CZK	30,000,000		Czech Republic Government International Bond		0.450		10/25/23		1,203,125
			TOTAL CZECH REPUBLIC						1,203,125
DOMINICAN REPUBLIC - 0.2%
DOP	48,650,000	g	Dominican Republic Government International Bond		8.900		02/15/23		796,628
			TOTAL DOMINICAN REPUBLIC						796,628
ECUADOR - 0.1%
$	1,250,000	†,g	Ecuador Government International Bond		7.875		03/27/25		356,250
			TOTAL ECUADOR						356,250
EGYPT - 1.0%
	550,000	g	Egypt Government International Bond		5.577		02/21/23		532,925
	500,000	g	Egypt Government International Bond		4.550		11/20/23		468,070
EGP	16,250,000		Egypt Government International Bond		15.990		07/02/24		1,107,738
EUR	900,000	g	Egypt Government International Bond		6.375		04/11/31		825,060
$	300,000	g	Egypt Government International Bond		7.053		01/15/32		265,995
	675,000	g	Egypt Government International Bond		8.500		01/31/47		600,742
			TOTAL EGYPT						3,800,530

338

TIAA-CREF FUNDS – International Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
FRANCE - 4.0%
EUR	4,500,000		French Republic Government Bond OAT		0.500	%	05/25/25	$	5,171,397
	3,775,000		French Republic Government Bond OAT		0.750		11/25/28		4,465,546
	2,025,000		French Republic Government Bond OAT		1.250		05/25/34		2,541,357
	1,850,000	g	French Republic Government Bond OAT		2.000		05/25/48		2,783,492
			TOTAL FRANCE						14,961,792
GERMANY - 0.7%
	2,350,000	j	Bundesrepublik Deutschland Bundesanleihe		0.000		02/15/30		2,719,857
			TOTAL GERMANY						2,719,857
GHANA - 0.5%
$	500,000	g	Ghana Government International Bond		9.250		09/15/22		458,803
	825,000	g	Ghana Government International Bond		8.125		03/26/32		625,793
	1,000,000	g	Ghana Government International Bond		8.627		06/16/49		750,250
			TOTAL GHANA						1,834,846
GREECE - 2.4%
EUR	1,200,000	g	Hellenic Republic Government International Bond		3.450		04/02/24		1,398,189
	5,425,000	g	Hellenic Republic Government International Bond		1.875		07/23/26		5,921,026
	1,300,000	g	Hellenic Republic Government International Bond		3.875		03/12/29		1,614,937
			TOTAL GREECE						8,934,152
GUATEMALA - 0.3%
$	200,000	g	Guatemala Government International Bond		5.375		04/24/32		206,500
	775,000	g	Guatemala Government International Bond		6.125		06/01/50		808,713
			TOTAL GUATEMALA						1,015,213
HUNGARY - 0.3%
HUF	372,000,000		Hungary Government International Bond		1.750		10/26/22		1,166,738
			TOTAL HUNGARY						1,166,738
INDIA - 0.1%
$	200,000		Export-Import Bank of India		3.875		03/12/24		203,773
			TOTAL INDIA						203,773
INDONESIA - 1.1%
IDR	13,000,000,000		Indonesia Treasury Bond		8.125		05/15/24		895,798
	22,800,000,000		Indonesia Treasury Bond		7.500		05/15/38		1,432,512
$	1,700,000	g	Perusahaan Penerbit SBSN Indonesia III		3.900		08/20/24		1,749,453
			TOTAL INDONESIA						4,077,763
ISRAEL - 1.5%
ILS	5,250,000		Israel Government International Bond		5.500		01/31/42		2,638,684
	3,200,000		Israel Government International Bond		3.750		03/31/47		1,328,385
$	550,000		Israel Government International Bond		3.875		07/03/50		603,755
	1,250,000	h,z	State of Israel		3.800		05/13/60		1,328,125
			TOTAL ISRAEL						5,898,949
ITALY - 5.4%
EUR	1,800,000		Italy Buoni Poliennali Del Tesoro		0.350		06/15/20		1,973,330

339

TIAA-CREF FUNDS – International Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
EUR	3,300,000		Italy Buoni Poliennali Del Tesoro		0.050	%	04/15/21	$	3,606,375
	5,525,000		Italy Buoni Poliennali Del Tesoro		2.450		10/01/23		6,365,076
	3,950,000		Italy Buoni Poliennali Del Tesoro		1.250		12/01/26		4,283,675
	1,575,000	g	Italy Buoni Poliennali Del Tesoro		2.950		09/01/38		1,893,382
	900,000	g	Italy Buoni Poliennali Del Tesoro		3.450		03/01/48		1,156,178
	1,050,000	g	Italy Buoni Poliennali Del Tesoro		3.850		09/01/49		1,442,445
			TOTAL ITALY						20,720,461
JAPAN - 16.4%
JPY	13,000,000		Japan Finance Organization for Municipalities		0.440		08/15/25		123,968
	21,000,000		Japan Finance Organization for Municipalities		0.320		01/19/26		199,180
	30,000,000		Japan Finance Organization for Municipalities		0.145		02/16/26		281,737
	14,000,000		Japan Finance Organization for Municipalities		0.020		05/22/26		130,486
	867,000,000		Japan Government Two Year Bond		0.100		03/01/22		8,120,746
	628,000,000		Japan Government Five Year Bond		0.100		06/20/23		5,903,766
	170,000,000		Japan Government Ten Year Bond		0.100		09/20/26		1,610,527
	557,000,000		Japan Government Ten Year Bond		0.100		06/20/28		5,284,203
	335,000,000		Japan Government Ten Year Bond		0.100		06/20/29		3,168,519
	322,000,000		Japan Government Ten Year Bond		0.100		09/20/29		3,041,971
	325,000,000		Japan Government Ten Year Bond		0.100		12/20/29		3,069,424
	340,000,000		Japan Government Twenty Year Bond		2.100		03/20/26		3,592,006
	229,000,000		Japan Government Twenty Year Bond		1.800		09/20/31		2,558,770
	117,000,000		Japan Government Twenty Year Bond		1.700		03/20/32		1,300,709
	278,000,000		Japan Government Twenty Year Bond		0.600		12/20/36		2,736,523
	256,000,000		Japan Government Twenty Year Bond		0.500		06/20/38		2,471,257
	660,000,000		Japan Government Twenty Year Bond		0.700		09/20/38		6,588,903
	185,000,000		Japan Government Twenty Year Bond		0.300		06/20/39		1,721,082
	525,950,000		Japan Government Thirty Year Bond		2.500		09/20/34		6,520,249
	457,700,000		Japan Government Thirty Year Bond		0.500		09/20/46		4,356,879
			TOTAL JAPAN						62,780,905
KENYA - 0.3%
$	1,200,000	g	Kenya Government International Bond		7.000		05/22/27		1,087,178
			TOTAL KENYA						1,087,178
KOREA, REPUBLIC OF - 4.7%
	200,000		Export-Import Bank of Korea		3.000		11/01/22		208,375
	500,000	g	Korea Housing Finance Corp		2.000		10/11/21		507,708
KRW	5,764,500,000		Korea Treasury Bond		1.375		09/10/21		4,760,393
	3,660,000,000		Korea Treasury Bond		1.875		03/10/22		3,053,470
	2,220,000,000		Korea Treasury Bond		2.250		09/10/23		1,890,207
	3,800,000,000		Korea Treasury Bond		1.500		03/10/25		3,154,408
	1,800,000,000		Korea Treasury Bond		1.500		12/10/26		1,486,668
	2,815,000,000		Korea Treasury Bond		2.375		09/10/38		2,569,366
			TOTAL KOREA, REPUBLIC OF						17,630,595
LEBANON - 0.1%
$	1,400,000	†,q,z	Lebanon Government International Bond		6.850		03/23/27		220,500
			TOTAL LEBANON						220,500

340

TIAA-CREF FUNDS – International Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
MEXICO - 0.7%
MXN	23,500,000		Mexican Bonos		5.750	%	03/05/26	$	966,805
	13,800,000		Mexican Bonos		7.750		05/29/31		607,850
$	1,300,000		Mexico Government International Bond		3.250		04/16/30		1,176,500
			TOTAL MEXICO						2,751,155
MOROCCO - 0.3%
EUR	1,100,000	g	Morocco Government International Bond		1.500		11/27/31		1,076,560
			TOTAL MOROCCO						1,076,560
NETHERLANDS - 1.0%
	2,075,000	g	Netherlands Government International Bond		0.750		07/15/28		2,494,094
	550,000	g	Netherlands Government International Bond		2.750		01/15/47		1,054,489
			TOTAL NETHERLANDS						3,548,583
NEW ZEALAND - 0.6%
NZD	1,800,000		New Zealand Government International Bond		2.750		04/15/25		1,236,185
	1,700,000		New Zealand Government International Bond		3.000		04/20/29		1,246,953
			TOTAL NEW ZEALAND						2,483,138
NIGERIA - 0.3%
$	1,325,000	g	Nigeria Government International Bond		6.500		11/28/27		998,960
			TOTAL NIGERIA						998,960
NORWAY - 0.8%
NOK	29,120,000	g	Norway Government International Bond		1.375		08/19/30		3,050,286
			TOTAL NORWAY						3,050,286
PANAMA - 0.3%
$	1,000,000	g	Panama Notas del Tesoro		3.750		04/17/26		1,012,500
			TOTAL PANAMA						1,012,500
PARAGUAY - 0.3%
	925,000	g	Paraguay Government International Bond		5.400		03/30/50		962,000
			TOTAL PARAGUAY						962,000
PERU - 0.8%
	400,000		Peruvian Government International Bond		2.392		01/23/26		406,000
PEN	8,300,000	g	Peruvian Government International Bond		5.400		08/12/34		2,530,309
			TOTAL PERU						2,936,309
PHILIPPINES - 0.3%
$	1,250,000	h	Philippine Government International Bond		2.457		05/05/30		1,274,689
			TOTAL PHILIPPINES						1,274,689
POLAND - 1.4%
PLN	4,325,000		Republic of Poland Government International Bond		5.750		09/23/22		1,168,581
	8,445,000		Republic of Poland Government International Bond		3.250		07/25/25		2,267,478
	7,675,000		Republic of Poland Government International Bond		2.750		10/25/29		2,059,250
			TOTAL POLAND						5,495,309

341

TIAA-CREF FUNDS – International Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
PORTUGAL - 1.2%
EUR	1,275,000	g	Portugal Obrigacoes do Tesouro OT		0.700	%	10/15/27	$	1,403,351
	1,800,000	g	Portugal Obrigacoes do Tesouro OT		1.950		06/15/29		2,171,927
	575,000	g	Portugal Obrigacoes do Tesouro OT		4.100		02/15/45		949,844
			TOTAL PORTUGAL						4,525,122
QATAR - 0.2%
$	575,000	g	Qatar Government International Bond		3.400		04/16/25		611,312
			TOTAL QATAR						611,312
REPUBLIC OF SERBIA - 0.8%
EUR	1,700,000	g	Serbia Government International Bond		1.500		06/26/29		1,607,484
RSD	120,000,000		Serbia Treasury Bonds		5.875		02/08/28		1,327,055
	53,500,000		Serbia Treasury Bonds		4.500		08/20/32		553,065
			TOTAL REPUBLIC OF SERBIA						3,487,604
ROMANIA - 0.2%
EUR	800,000	g	Romanian Government International Bond		2.000		01/28/32		739,792
			TOTAL ROMANIA						739,792
SAUDI ARABIA - 0.3%
$	375,000	g	Saudi Government International Bond		2.900		10/22/25		379,318
	750,000	g	Saudi Government International Bond		2.500		02/03/27		739,404
			TOTAL SAUDI ARABIA						1,118,722
SENEGAL - 0.2%
EUR	1,000,000	g	Senegal Government International Bond		4.750		03/13/28		941,241
			TOTAL SENEGAL						941,241
SLOVENIA - 0.3%
	1,100,000	z	Slovenia Government International Bond		0.200		03/31/23		1,207,240
			TOTAL SLOVENIA						1,207,240
SOUTH AFRICA - 0.5%
ZAR	10,700,000		South Africa Government International Bond		10.500		12/21/26		632,048
	16,500,000		South Africa Government International Bond		7.000		02/28/31		684,526
	7,800,000		South Africa Government International Bond		8.750		01/31/44		316,561
			TOTAL SOUTH AFRICA						1,633,135
SPAIN - 2.9%
EUR	1,100,000	z	Autonomous Community of Madrid Spain		1.571		04/30/29		1,278,354
	4,600,000	g	Spain Government International Bond		2.750		10/31/24		5,628,666
	1,095,000	g	Spain Government International Bond		1.400		07/30/28		1,275,938
	1,525,000	g	Spain Government International Bond		0.600		10/31/29		1,652,680
	1,100,000	g	Spain Government International Bond		1.850		07/30/35		1,333,966
			TOTAL SPAIN						11,169,604
SRI LANKA - 0.2%
$	1,000,000	g	Sri Lanka Government International Bond		6.850		03/14/24		604,936
			TOTAL SRI LANKA						604,936

342

TIAA-CREF FUNDS – International Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
SUPRANATIONAL - 2.4%
$	750,000	z	African Export-Import Bank		5.250	%	10/11/23	$	755,942
NOK	9,000,000		Asian Development Bank		1.683		01/16/24		909,577
$	1,250,000	g	Banque Ouest Africaine de Developpement		4.700		10/22/31		1,123,016
AUD	2,150,000		Inter-American Development Bank		4.750		08/27/24		1,630,526
NZD	1,577,000		International Bank for Reconstruction & Development		3.375		01/25/22		1,013,870
AUD	4,100,000		International Bank for Reconstruction & Development		2.200		02/27/24		2,807,745
CAD	1,600,000		International Bank for Reconstruction & Development		1.900		01/16/25		1,206,043
			TOTAL SUPRANATIONAL						9,446,719
SWEDEN - 0.2%
SEK	6,750,000		Kommuninvest I Sverige AB		1.000		05/12/25		712,177
			TOTAL SWEDEN						712,177
THAILAND - 1.1%
THB	60,500,000		Thailand Government International Bond		2.400		12/17/23		1,973,563
	55,000,000		Thailand Government International Bond		3.300		06/17/38		2,162,463
			TOTAL THAILAND						4,136,026
UKRAINE - 1.0%
UAH	31,000,000		Ukraine Government International Bond		17.000		05/11/22		1,177,981
EUR	1,000,000	g	Ukraine Government International Bond		6.750		06/20/26		968,695
	1,725,000	g	Ukraine Government International Bond		4.375		01/27/30		1,456,023
			TOTAL UKRAINE						3,602,699
UNITED ARAB EMIRATES - 0.3%
$	1,350,000	g	Abu Dhabi Government International Bond		3.125		09/30/49		1,292,625
			TOTAL UNITED ARAB EMIRATES						1,292,625
UNITED KINGDOM - 5.6%
GBP	3,075,000		United Kingdom Gilt		0.500		07/22/22		3,914,305
	2,425,000		United Kingdom Gilt		1.625		10/22/28		3,433,583
	1,910,000		United Kingdom Gilt		4.750		12/07/30		3,536,066
	3,350,000		United Kingdom Gilt		1.750		09/07/37		5,060,415
	3,035,000		United Kingdom Gilt		1.500		07/22/47		4,717,762
	675,000		United Kingdom Gilt		1.625		10/22/54		1,148,150
			TOTAL UNITED KINGDOM						21,810,281
URUGUAY - 0.1%
UYU	21,800,000	g	Uruguay Government International Bond		8.500		03/15/28		429,636
			TOTAL URUGUAY						429,636
UZBEKISTAN - 0.4%
$	1,450,000	g	Republic of Uzbekistan Government International Bond		4.750		02/20/24		1,451,970
			TOTAL UZBEKISTAN						1,451,970
			TOTAL GOVERNMENT BONDS						287,499,558
			(Cost $289,573,371)
			TOTAL BONDS						355,905,778
			(Cost $360,274,594)

343

TIAA-CREF FUNDS – International Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
SHORT-TERM INVESTMENTS - 2.2%
EGYPT - 0.7%
EGP	19,525,000	j	Egypt Treasury Bill		0.000	%	05/12/20	$	1,237,011
	26,500,000	j	Egypt Treasury Bill		0.000		08/18/20		1,623,878
			TOTAL EGYPT						2,860,889
UNITED STATES - 1.5%
$	5,555,000		Federal Farm Credit Bank (FFCB)		0.010		05/01/20		5,555,000
			TOTAL UNITED STATES						5,555,000
			TOTAL SHORT-TERM INVESTMENTS						8,415,889
			(Cost $8,356,882)
			TOTAL INVESTMENTS - 97.1%						369,737,063
			(Cost $374,636,993)
			OTHER ASSETS & LIABILITIES, NET - 2.9%						10,882,775
			NET ASSETS - 100.0%					$	380,619,838

Abbreviation(s):
AUD	Australian Dollar
CAD	Canadian Dollar
CNY	Chinese Yuan
CZK	Czechoslovak Koruna
DOP	Dominican Republic Peso
EGP	Egyptian Pound
EUR	Euro
GBP	Pound Sterling
HUF	Hungarian Forint
IDR	Indonesian Rupiah
ILS	New Israeli Shekel
JPY	Japanese Yen
KRW	South Korean Won
LIBOR	London Interbank Offered Rate
M	Month
MXN	Mexican Peso
NOK	Norwegian Krone
NZD	New Zealand Dollar
PEN	Peruvian Sol
PLN	Polish Zloty
RSD	Serbian Dinar
SEK	Swedish Krona
THB	Thai Baht
UAH	Ukrainian Hryvnia
UYU	Uruguayan Peso
ZAR	South African Rand

344

TIAA-CREF FUNDS – International Bond 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 4/30/2020, the aggregate value of these securities is $88,351,107 or 23.2% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.
i	Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.
j	Zero coupon
o	Payment in Kind Bond
q	In default
z	All or a portion of this security is owned by TIAA-CREF International Bond Offshore Limited which is a 100% owned subsidiary of the fund.

Forward foreign currency contracts outstanding as of April 30, 2020 were as follows:

Currency to be purchased	Receive	Currency to be sold	Deliver	Counterparty	Settlement date	Unrealized appreciation (depreciation)
$	62,850,950	JPY	6,864,436,194	Australia and New Zealand Banking Group	06/30/20	$	(1,175,295	)
$	4,150,118	THB	134,667,190	Australia and New Zealand Banking Group	05/29/20		(12,061	)
AUD	2,069,056	$	1,305,299	Australia and New Zealand Banking Group	06/30/20		43,229
Total						$	(1,144,127	)
$	609,328	EUR	557,014	Bank of America	06/30/20	$	(1,850	)
$	5,565,419	PLN	23,337,151	Bank of America	05/29/20		(57,999	)
EUR	294,653	$	325,660	Bank of America	06/30/20		(2,356	)
Total						$	(62,205	)
$	11,660,514	CAD	16,328,984	Citibank, N.A.	06/30/20	$	(72,185	)
$	6,493,680	CNY	46,100,000	Citibank, N.A.	05/29/20		(21,286	)
$	1,154,340	EUR	1,065,314	Citibank, N.A.	06/30/20		(14,565	)
$	138,283,808	EUR	125,297,624	Citibank, N.A.	06/30/20		802,296
$	1,001,434	GBP	798,848	Citibank, N.A.	06/30/20		(4,987	)
$	24,200,564	GBP	19,995,058	Citibank, N.A.	06/30/20		(990,005	)
$	1,156,936	HUF	379,800,000	Citibank, N.A.	05/29/20		(23,243	)
$	3,561,721	ILS	12,948,611	Citibank, N.A.	06/30/20		(159,786	)
$	2,998,938	KRW	3,811,020,000	Citibank, N.A.	06/30/20		(141,465	)
$	10,457,784	KRW	12,791,438,422	Citibank, N.A.	06/30/20		(82,772	)
$	3,655,310	NOK	38,123,286	Citibank, N.A.	06/30/20		(67,154	)
$	686,259	SEK	6,814,296	Citibank, N.A.	06/30/20		(12,651	)
EUR	2,938,643	$	3,181,803	Citibank, N.A.	06/30/20		42,592
EUR	3,056,499	$	3,328,005	Citibank, N.A.	06/30/20		25,707
EUR	190,801	$	207,900	Citibank, N.A.	06/30/20		1,454
GBP	796,963	$	977,881	Citibank, N.A.	06/30/20		26,165
Total						$	(691,885	)
$	7,607,166	AUD	12,579,663	Morgan Stanley	06/30/20	$	(591,755	)
$	1,982,774	EUR	1,800,000	Morgan Stanley	06/15/20		8,409
$	210,911	EUR	193,631	Morgan Stanley	06/30/20		(1,549	)
$	786,127	EUR	723,950	Morgan Stanley	06/30/20		(8,220	)
$	2,965,573	KRW	3,725,148,000	Morgan Stanley	06/30/20		(104,069	)
$	3,284,464	NZD	5,522,251	Morgan Stanley	06/30/20		(101,780	)
EUR	746,340	$	809,470	Morgan Stanley	05/06/20		8,490
EUR	6,727	$	7,430	Morgan Stanley	06/30/20		(49	)
EUR	309,623	$	339,269	Morgan Stanley	06/30/20		462

345

TIAA-CREF FUNDS – International Bond Fund

Currency to be purchased	Receive	Currency to be sold	Deliver	Counterparty	Settlement date	Unrealized appreciation (depreciation)
EUR	270,053	$	295,918	Morgan Stanley	06/30/20	$	395
EUR	752,247	$	819,746	Morgan Stanley	06/30/20		5,649
EUR	1,375,223	$	1,506,856	Morgan Stanley	06/30/20		2,093
EUR	97,094	$	105,306	Morgan Stanley	06/30/20		1,230
JPY	367,694,523	$	3,415,163	Morgan Stanley	06/30/20		14,412
$	393,573	ZAR	7,449,374	Morgan Stanley	05/29/20		(7,022	)
Total						$	(773,304	)
$	1,746,880	CNY	12,380,000	Toronto Dominion Bank	05/29/20	$	(2,693	)
$	1,352,314	EUR	1,234,413	Toronto Dominion Bank	06/30/20		(2,133	)
CAD	1,766,371	$	1,253,154	Toronto Dominion Bank	06/30/20		16,018
JPY	363,879,283	$	3,406,934	Toronto Dominion Bank	06/30/20		(12,944	)
Total						$	(1,752	)
Total						$	(2,673,273	)

Abbreviation(s):
AUD	Australian Dollar
CAD	Canadian Dollar
CNY	Chinese Yuan
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
THB	Thai Baht
ZAR	South African Rand

346

TIAA-CREF FUNDS – International Bond Fund

TIAA-CREF FUNDS

INTERNATIONAL BOND FUND

CONSOLIDATED SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

April 30, 2020

			% OF
SECTOR	VALUE		NET ASSETS
GOVERNMENT	$	287,499,558		75.5	%
FINANCIALS		20,623,946		5.4
HEALTH CARE		10,198,988		2.7
INDUSTRIALS		7,985,170		2.1
COMMUNICATION SERVICES		6,313,156		1.7
INFORMATION TECHNOLOGY		5,816,938		1.5
MATERIALS		4,602,272		1.2
CONSUMER DISCRETIONARY		4,384,358		1.2
CONSUMER STAPLES		4,364,147		1.1
REAL ESTATE		3,862,776		1.0
ENERGY		3,448,431		0.9
UTILITIES		2,221,434		0.6
SHORT-TERM INVESTMENTS		8,415,889		2.2
OTHER ASSETS & LIABILITIES, NET		10,882,775		2.9
NET ASSETS	$	380,619,838		100.0	%

347

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not Applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not Applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not Applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

Item 11. Controls and Procedures.

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

(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s semi-annual period covered by this report that materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not Applicable.

Item 13. Exhibits.

13(a)(2)(i) Section 302 certification of the principal executive officer

13(a)(2)(ii) Section 302 certification of the principal financial officer

13(b) Section 906 certification of principal executive officer and principal financial officer

SIGNATURES

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

	TIAA-CREF FUNDS
Dated: June 15, 2020	By:	/s/Bradley Finkle
		Bradley Finkle
		Principal Executive Officer and President

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

Dated: June 15, 2020	By:	/s/Bradley Finkle
		Bradley Finkle
		Principal Executive Officer and President (principal executive officer)
Dated: June 15, 2020	By:	/s/E. Scott Wickerham
		E. Scott Wickerham
		Principal Financial Officer, Principal Accounting Officer and Treasurer (principal financial officer)