UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number File No. 811-09301

TIAA-CREF FUNDS

(Exact Name of Registrant as specified in charter)

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

(Address of Principal Executive Offices) (Zip code)

Jeremy D. Franklin, Esq.

TIAA-CREF Funds

8500 Andrew Carnegie Blvd.

Charlotte, N.C. 28262-8500

(Name and address of agent for service)

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

Date of fiscal year end: October 31

Date of reporting period: October 31, 2020

Item 1. Reports to Stockholders.

TIAA-CREF
Funds October 31,
2020

TIAA-CREF
Equity Funds

The annual report contains the audited financial statements.

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	—

Annual
Report

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

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

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

Contents

Understanding this report	3
Letter to investors	4
Market monitor	6
Information for investors	7
About the funds’ benchmarks	8
Important information about expenses	9
Fund performance
Growth & Income Fund	10
Large-Cap Growth Fund	12
Large-Cap Value Fund	14
Mid-Cap Growth Fund	16
Mid-Cap Value Fund	18
Quant Large-Cap Growth Fund	20
Quant Large-Cap Value Fund	22
Quant Small-Cap Equity Fund	24
Quant Small/Mid-Cap Equity Fund	26
Social Choice Equity Fund	28
Social Choice Low Carbon Equity Fund	30
Emerging Markets Equity Fund	32
International Equity Fund	34
International Opportunities Fund	36
Quant International Equity Fund	38
Quant International Small-Cap Equity Fund	40
Social Choice International Equity Fund	42
Summary portfolios of investments	44
Audited financial statements
Statements of assets and liabilities	82
Statements of operations	90
Statements of changes in net assets	94
Financial highlights	100
Notes to financial statements	130
Report of independent registered public accounting firm	142
Important tax information	143
Trustees and officers	144
Additional information about index providers	147
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 twelve months ended October 31, 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 October 31, 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 Annual Report 3

Brad Finkle

Letter to investors

Domestic stocks generally posted solid returns, while international equities delivered mixed results for the twelve months ended October 31, 2020. Economies and markets around the world were shaken by the COVID-19 pandemic, which first appeared in December 2019. The U.S. Federal Reserve and major global central banks cut benchmark interest rates and took other aggressive monetary actions to support economic growth. Stock markets began to bounce back in the spring, and most major economies were recovering by the latter months of the period. For the twelve months:

• The Russell 3000^® Index, which measures the performance of the broad U.S. stock market, gained 10.2%. Please see page 8 for benchmark definitions.

• The MSCI EAFE^® Index, which tracks stocks in 21 developed-markets nations outside North America, returned –6.9%.

• The MSCI Emerging Markets Index, which represents the performance of stocks in 26 developing nations, advanced 8.3%.

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

U.S. economy, shaken by COVID-19, recovered late in the period

Domestic stocks, which gained ground early in the period, were hit hard in February and March 2020 by the pandemic and efforts to contain the virus. After the initial shock, however, equities recovered, rallying through the summer and into the fall. The U.S. economy, which shrank in the first quarter of 2020 and contracted sharply in the second quarter, expanded substantially during the third quarter of the year. The unemployment rate began the period near historic lows, spiked in April, then declined in each of the following six months. In March, the Fed cut short-term interest rates twice and Congress enacted a $2.2 trillion stimulus plan, both of which helped the economy and financial markets to recover.

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

Stocks in international developed markets declined

The economic impact of the pandemic did not spare international developed equity markets. Economies in the 19-nation euro area followed the pattern of the U.S. economy, shrinking in the first quarter, contracting sharply over the next three months and then growing robustly during the third quarter of the year.

The European Central Bank responded by expanding bond-buying stimulus plans. The Bank of England lowered its benchmark interest rate to 0.10% and pursued similar asset-purchase programs.

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

Emerging-markets stocks fell during the first half of the period but recovered to post a gain for the full twelve months. Declines in 22 of the 26 countries tracked by the MSCI Emerging Markets Index were offset by a strong advance among Chinese stocks, which accounted for more than 40.0% of the index’s weighting. China’s economy contracted during the first three months of 2020 but grew in each of the following two quarters.

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

Many funds surpassed their benchmarks

Nine of the 17 TIAA-CREF funds generated positive returns for the period and ten outperformed their benchmarks. The funds’ twelve-month returns ranged from 32.4% for the Large-Cap Growth Fund to –14.1% for the Mid-Cap Value Fund. (All fund returns are for the Institutional Class.)

Growth stocks performed best over the period. The Large-Cap Growth Fund and the Mid-Cap Growth Fund, which returned 26.2%, both outperformed their respective benchmarks. The Quant Large-Cap Growth Fund, which gained 26.1%, fell short of its Russell 1000^® Growth Index benchmark.

The Growth & Income Fund advanced 10.8% and surpassed its benchmark, the S&P 500^® Index.

Value stocks struggled over the period. The Mid-Cap Value Fund and the Quant Large-Cap Value Fund, which returned –14.1% and –9.8%, respectively, both underperformed their benchmarks. The Large-Cap Value Fund returned –7.5% but outpaced its benchmark.

The Social Choice Equity Fund gained 10.5%, while the Social Choice Low Carbon Equity Fund advanced 11.9%. Both outperformed their shared benchmark, the Russell 3000 Index.

The Quant Small/Mid-Cap Equity Fund returned –1.5%, falling short of its benchmark, the Russell 2500^® Index. The Quant Small-Cap Equity Fund, which returned –8.4%, also underperformed its benchmark, the Russell 2000^® Index.

Among foreign stock funds, the International Opportunities Fund gained 18.8% and outperformed its benchmark, the MSCI All Country World (ACWI) ex USA Index, by a substantial margin. The International Equity Fund returned 0.3%, while the Emerging Markets Equity Fund advanced 10.0%. Both funds exceeded their respective benchmarks.

The Quant International Equity Fund returned –7.7% and the Quant International Small-Cap Fund returned –5.5%. Both fell short of their respective benchmarks. However, the Social Choice International Equity Fund returned –5.8% but outperformed its benchmark.

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

Investing with long-term goals in mind

It can be hard to stay focused on long-term financial goals in the face of significant unexpected events. This was certainly the case over the past twelve months as the world came to terms with the COVID-19 pandemic. But despite volatile reactions early on, economies and stock markets showed enormous resilience in the recovery that followed.

Managing the risks of an unpredictable future may be the most difficult part of investing. However, we believe having a well-thought-out financial plan that includes a diversified portfolio of professionally managed mutual funds is a good way to prepare for the inevitable uncertainties inherent in the financial markets. Of course, diversification cannot guarantee against market losses. If you have any questions or would like to discuss the current status of your portfolio, please consult your financial advisor or call a TIAA financial consultant at 800-842-2252. We always stand ready to assist you.

/s/ Brad Finkle

Brad Finkle

Chief Operating Officer, Nuveen

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

TIAA-CREF Funds: Equity Funds  ■  2020 Annual Report 5

Market monitor

U.S. stocks gained while foreign equities posted mixed results

For the twelve months ended October 31, 2020, U.S. equity markets produced double-digit returns despite volatility triggered by the COVID-19 pandemic and efforts to control the spread of the virus. The Russell 3000^® Index, a broad measure of U.S. stock market performance, advanced 10.2%. International developed markets, as measured by the MSCI EAFE^® Index, declined, while emerging markets gained ground.

Economy rebounded after pandemic shock

In the first half of the reporting period, the U.S. economy started on solid footing but was jolted in early 2020 by the pandemic. Non-essential businesses closed temporarily, travel was limited and residents of many states were advised to remain at home. In the latter half of the period, however, the economy staged a strong recovery. Real gross domestic product (GDP), which measures the value of all goods and services produced in the nation, grew at an annualized rate of 2.4% during the final three months of 2019. In 2020, however, GDP declined by 5.0% in the first quarter, followed by a sharp 31.4% contraction in the second quarter. GDP soared in the third quarter, with an expansion of 33.1%, according to the government’s “second” estimate.

The unemployment rate, which began the period at historically low levels, climbed to 14.7% in April 2020 as job

Growth stocks rose while value shares declined

In a volatile year, growth outshined value; emerging markets surpassed developed markets

Source: U.S. large-cap growth: Russell 1000^® Growth Index; U.S. large-cap value: Russell 1000 Value Index; U.S. mid-cap growth: Russell Midcap^® Growth Index; U.S. mid-cap value: Russell Midcap Value Index; U.S. small-cap growth: Russell 2000^® Growth Index; U.S. small-cap value: Russell 2000 Value Index; Foreign developed markets: MSCI EAFE^® Index; Emerging markets: MSCI Emerging Markets Index. Twelve-month returns as of October 31, 2020.

losses were recorded in all major industry groups. However, it declined in each of the following six months and settled at 6.9% in October.

Inflation eased over the period. Annualized core inflation, which includes all items except food and energy, was 1.6% in October. Oil prices plunged early in the period as the global slowdown curtailed demand, but prices ultimately recovered some of their losses. The price per barrel of West Texas Intermediate crude oil declined from $56 on November 1, 2019, to less than zero on April 20, 2020, before rising to almost $36 on October 30, 2020.

Large-cap stocks and growth equities produced best results

Among U.S. stock market investment styles, large-cap equities outpaced small- and mid-cap shares, while growth stocks outperformed value shares in all size categories. Large caps advanced 10.9%, while mid-cap stocks gained 4.1% and small-cap equities returned –0.1%. Within the large-cap category, growth stocks advanced 29.2%, while value shares returned –7.6%. Among mid-cap stocks, growth equities gained 21.1% and value shares returned –6.9%. Small-cap growth stocks gained 13.4%, while small-cap value shares returned –13.9%. (Returns by investment style and capitalization size are based on the Russell indexes.)

International equities delivered mixed results for the twelve-month period. The MSCI EAFE Index, which tracks stock performance in 21 developed-markets countries outside North America, returned –6.9%, while the MSCI Emerging Markets Index gained 8.3%.

U.S. stocks rallied after initial COVID-19 losses

U.S. equity markets, which advanced early in the period, fell sharply in February and March 2020 as the economic impact of the pandemic proved significant. However, strong fiscal and monetary action helped spark a powerful rally in the financial markets that extended through the summer. The Federal Reserve twice cut the federal funds target rate in March, reducing the key short-term interest-rate measure to 0.00%–0.25%, while Congress enacted a $2.2 trillion stimulus package to support the economy.

Economies around the world also struggled with the impact of COVID-19, prompting aggressive responses by major central banks. The 19-nation euro area’s economy contracted in the first and second quarters of 2020 but generated strong growth over the next three months. China’s economy declined 6.8% year-on-year during the first three months of 2020 but expanded in each of the next two quarters. The European Central Bank launched a new bond-buying program to support the region’s economy, while the Bank of England cut its benchmark rate to 0.10% and expanded an asset purchase program.

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

Information for investors

Portfolio holdings

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

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

• By visiting our website at TIAA.org; or

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

You can also obtain a complete list of the TIAA-CREF Funds’ portfolio holdings as of the most recently completed fiscal quarter, and for prior quarter-ends, from our SEC Form N-CSR and Form N-PORT 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 Annual Report 7

About the funds’ benchmarks

Broad market indexes

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

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

Important information about expenses

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

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (May 1, 2020–October 31, 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 Annual Report 9

Growth & Income Fund

Expense example

Six months ended October 31, 2020

Growth & Income Fund	Beginning account value (5/1/20)		Ending account value (10/31/20)		Expenses paid during period* (5/1/20– 10/31/20)
Actual return
Institutional Class	$	1,000.00	$	1,165.68		$2.18
Advisor Class		1,000.00		1,165.01		2.72
Premier Class		1,000.00		1,165.21		2.99
Retirement Class		1,000.00		1,164.77		3.54
Retail Class		1,000.00		1,164.03		3.75
Class W		1,000.00		1,168.00		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,023.13		2.03
Advisor Class		1,000.00		1,022.62		2.54
Premier Class		1,000.00		1,022.37		2.80
Retirement Class		1,000.00		1,021.87		3.30
Retail Class		1,000.00		1,021.67		3.51
Class W		1,000.00		1,025.14		0.00

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended October 31, 2020. The Fund’s annualized six-month expense ratios for that period were 0.40% for the Institutional Class, 0.50% for the Advisor Class, 0.55% for the Premier Class, 0.65% for the Retirement Class, 0.69% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 10/31/2020
Information technology		27.4
Health care		14.7
Consumer discretionary		13.1
Communication services		11.4
Industrials		9.1
Financials		8.1
Consumer staples		7.2
Materials		3.6
Utilities		2.1
Energy		1.6
Real estate		1.5
Short-term investments, other assets & liabilities, net		0.2
Total		100.0

Performance for the twelve months ended October 31, 2020

The Growth & Income Fund returned 10.81% for the Institutional Class, compared with the 9.71% return of its benchmark, the S&P 500^® Index. The performance table shows returns for all share classes of the Fund.

U.S. stocks advanced despite COVID-19 volatility

The U.S. economy struggled with the impact of the COVID-19 pandemic, contracting sharply in the late winter and spring months of 2020 before recovering much of the lost ground in the third quarter of the year. Unemployment surged to 14.7% in April 2020, declined steadily over the remaining months of the period, and settled at 6.9% in October. Core inflation, which includes all items except food and energy, rose 1.6% for the twelve months ended October 2020. Oil prices declined sharply in the first half of the period before staging a recovery.

Equity markets were volatile, but most posted gains for the twelve-month period. Stocks experienced sharp declines in February and March of 2020, then mounted a powerful rally over the ensuing months. The Federal Reserve, reacting to the economic shock of the pandemic, reduced the federal funds target rate twice in March 2020, bringing the key short-term interest-rate measure to 0.00%–0.25%.

For the twelve-month period, the large-cap-oriented S&P 500 Index underperformed the Russell 3000^® Index, a broad measure of the U.S. stock market, which gained 10.15%. The performance of large-cap stocks within the Russell 3000 Index surpassed those in the S&P 500 Index for the period.

Information technology led the benchmark higher

Seven of the eleven industry sectors in the S&P 500 Index posted positive results for the twelve months. Information technology—the largest sector—soared 34.5% as working from home and remote learning fueled demand for technology products and services. Next came consumer discretionary, communication services and materials with gains of 24.7%, 15.8% and 11.3%, respectively. Together, these four sectors accounted for more than one-half of the index’s total market capitalization on October 31, 2020. Health care, the second-largest index sector, advanced 10.1%. Energy led decliners, returning –46.4%.

For the twelve-month period, all of the five largest stocks in the S&P 500 Index generated sizable gains that exceeded the overall return of the benchmark. Apple generated the strongest gain, benefiting from robust demand for laptop and tablet computers. Amazon.com was not far behind, followed by Microsoft, Facebook and Alphabet (the parent company of Google).

Fund outperformed its benchmark

For the twelve-month period, the Fund outperformed its benchmark. The top contributor was an underweight position (nearly 0.0%) in Exxon Mobil, which declined on weakness in oil prices and significantly lower demand for energy. The next-largest contributing factors were not owning benchmark component Wells Fargo & Company, which declined, and the Fund’s out-of-benchmark position in solar power firm Enphase Energy, which performed well.

In contrast, certain stocks limited the Fund’s relative performance. The largest detractor was an overweight position in American International Group (AIG), which declined as the insurer posted losses related to significant windstorm and wildfire claims. An overweight position in Royal Caribbean and not owning software firm Adobe, which performed well, also detracted.

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

Performance as of October 31, 2020

Growth & Income Fund		Total return			Average annual total return						Annual operating expenses*
	Inception date	1 year			5 years			10 years			gross			net
Institutional Class	7/1/99		10.81	%		10.77	%		12.81	%		0.41	%		0.41	%
Advisor Class	12/4/15		10.70			10.68	†		12.76	†		0.51			0.51
Premier Class	9/30/09		10.67			10.61			12.65			0.56			0.56
Retirement Class	10/1/02		10.50			10.49			12.53			0.66			0.66
Retail Class	3/31/06		10.50			10.45			12.47			0.70			0.70
Class W	9/28/18		11.21			10.95	†		12.90	†		0.41			0.00
S&P 500® Index	—		9.71			11.71			13.01			—			—

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

$10,000 over 10 years

Institutional Class

Ending amounts are as of October 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by company size

Market capitalization	% of equity investments as of 10/31/2020
More than $50 billion		62.4
More than $15 billion–$50 billion		21.8
More than $2 billion–$15 billion		15.2
$2 billion or less		0.6
Total		100.0
Fund profile
		as of 10/31/2020
Net assets		$5.74 billion
Portfolio turnover rate		64%
Number of holdings		181
Weighted median market capitalization		$125.86 billion
Price/earnings ratio (weighted 12-month trailing average)†		39.2

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

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

Large-Cap Growth Fund

Expense example

Six months ended October 31, 2020

Large-Cap Growth Fund	Beginning account value (5/1/20)		Ending account value (10/31/20)		Expenses paid during period* (5/1/20– 10/31/20)
Actual return
Institutional Class		$1,000.00		$1,234.76		$2.25
Advisor Class		1,000.00		1,234.41		2.58
Premier Class		1,000.00		1,234.06		3.09
Retirement Class		1,000.00		1,233.62		3.65
Retail Class		1,000.00		1,233.12		3.87
Class W		1,000.00		1,237.62		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,023.13		2.03
Advisor Class		1,000.00		1,022.82		2.34
Premier Class		1,000.00		1,022.37		2.80
Retirement Class		1,000.00		1,021.87		3.30
Retail Class		1,000.00		1,021.67		3.51
Class W		1,000.00		1,025.14		0.00

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended October 31, 2020. The Fund’s annualized six-month expense ratios for that period were 0.40% for the Institutional Class, 0.46% for the Advisor Class, 0.55% for the Premier Class, 0.65% for the Retirement Class, 0.69% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 10/31/2020
Information technology		35.5
Consumer discretionary		19.0
Communication services		18.9
Health care		13.0
Consumer staples		5.8
Industrials		5.5
Financials		1.8
Materials		0.5
Total		100.0

Performance for the twelve months ended October 31, 2020

The Large-Cap Growth Fund returned 32.43% for the Institutional Class, compared with the 29.22% return of its benchmark, the Russell 1000^® Growth Index. The performance table shows returns for all share classes of the Fund.

U.S. stocks advanced despite COVID-19 volatility

The U.S. economy struggled with the impact of the COVID-19 pandemic, contracting sharply in the late winter and spring months of 2020 before recovering much of the lost ground in the third quarter of the year. Unemployment surged to 14.7% in April 2020, declined steadily over the remaining months of the period, and settled at 6.9% in October. Core inflation, which includes all items except food and energy, rose 1.6% for the twelve months ended October 2020. Oil prices declined sharply in the first half of the period before staging a recovery.

Equity markets were volatile, but most posted gains for the twelve-month period. Stocks experienced sharp declines in February and March of 2020, then mounted a powerful rally over the ensuing months. The Federal Reserve, reacting to the economic shock of the pandemic, reduced the federal funds target rate twice in March 2020, bringing the key short-term interest-rate measure to 0.00%–0.25%.

For the twelve-month period, the Russell 3000^® Index, a broad measure of the U.S. stock market, advanced 10.15%. Large-cap equities outpaced smaller stocks, and growth shares outperformed value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

Information technology propelled the benchmark higher

Nine of the eleven industry sectors in the Russell 1000 Growth Index posted gains for the twelve months. Information technology—the largest sector, representing more than 40.0% of the index’s total market capitalization on October 31, 2020—soared 43.4%. The consumer discretionary and communication services sectors, which rose 44.6% and 32.1%, respectively, were the next-largest contributors. Energy returned –28.7%, reflecting the weakness in oil prices. Industrials also declined, returning –1.4% as COVID-19 dampened global economic activity.

For the twelve-month period, four of the five largest stocks in the Russell 1000 Growth Index produced returns that exceeded the overall return of the index. Apple generated the strongest gain, benefiting from robust demand for laptop and tablet computers. Amazon.com was not far behind amid an increase in online shopping, followed by Microsoft and Facebook. Alphabet (the parent company of Google) modestly trailed the benchmark.

Fund outperformed its benchmark

For the period, the Fund outperformed its benchmark due to favorable stock selections. The top contributor was an overweight position in electric car maker Tesla, which reported record production and revenues. The next-largest contributors were an overweight in semiconductor company NVIDIA, which benefited from strong sales of gaming consoles and laptops, and an out-of-benchmark position in payment processor Adyen, which reported impressive revenue growth as COVID-19 boosted online payments.

The largest detractor was an underweight in Apple, followed by out-of-benchmark positions in Walt Disney and pharmaceutical firm AstraZeneca. Social-distancing restrictions negatively affected Walt Disney’s theme park and film production businesses, while AstraZeneca temporarily halted clinical trials for its COVID-19 vaccine candidate.

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

Performance as of October 31, 2020

Large-Cap Growth Fund		Total return			Average annual total return						Annual operating expenses*
	Inception date	1 year			5 years			10 years			gross			net
Institutional Class	3/31/06		32.43	%		16.78	%		16.38	%		0.42	%		0.42	%
Advisor Class	12/4/15		32.33			16.69	†		16.34	†		0.50			0.50
Premier Class	9/30/09		32.22			16.59			16.21			0.57			0.57
Retirement Class	3/31/06		32.08			16.47			16.08			0.66			0.66
Retail Class	3/31/06		32.05			16.41			16.00			0.71			0.71
Class W	9/28/18		32.94			16.98	†		16.48	†		0.41			0.00
Russell 1000® Growth Index	—		29.22			17.32			16.31			—			—

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 the performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class and Class W. If these actual expenses had been reflected, the performance of these two classes shown for these periods would have been different because the Advisor Class and Class W have different expenses than the Institutional Class.

$10,000 over 10 years

Institutional Class

Ending amounts are as of October 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by company size

Market capitalization	% of equity investments as of 10/31/2020
More than $50 billion		73.0
More than $15 billion–$50 billion		19.7
More than $2 billion–$15 billion		6.8
$2 billion or less		0.5
Total		100.0
Fund profile
		as of 10/31/2020
Net assets		$6.09 billion
Portfolio turnover rate		143%
Number of holdings		88
Weighted median market capitalization		$207.42 billion
Price/earnings ratio (weighted 12-month trailing average)†		57.0

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

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

Large-Cap Value Fund

Expense example

Six months ended October 31, 2020

Large-Cap Value Fund	Beginning account value (5/1/20)		Ending account value (10/31/20)		Expenses paid during period* (5/1/20– 10/31/20)
Actual return
Institutional Class	$	1,000.00	$	1,067.33		$2.08
Advisor Class		1,000.00		1,066.71		2.44
Premier Class		1,000.00		1,066.80		2.91
Retirement Class		1,000.00		1,065.55		3.37
Retail Class		1,000.00		1,065.78		3.79
Class W		1,000.00		1,069.24		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,023.13		2.03
Advisor Class		1,000.00		1,022.77		2.39
Premier Class		1,000.00		1,022.32		2.85
Retirement Class		1,000.00		1,021.87		3.30
Retail Class		1,000.00		1,021.47		3.71
Class W		1,000.00		1,025.14		0.00

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended October 31, 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, 0.56% for the Premier Class, 0.65% for the Retirement Class, 0.73% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 10/31/2020
Financials	20.3
Industrials	16.9
Health care	16.3
Information technology	11.9
Communication services	9.9
Consumer discretionary	6.4
Consumer staples	5.4
Materials	4.5
Utilities	3.8
Energy	2.8
Real estate	1.1
Short-term investments, other assets & liabilities, net	0.7
Total	100.0

Performance for the twelve months ended October 31, 2020

The Large-Cap Value Fund returned –7.51% for the Institutional Class, compared with the –7.57% return of its benchmark, the Russell 1000^® Value Index. The performance table shows returns for all share classes of the Fund.

U.S. stocks advanced despite COVID-19 volatility

The U.S. economy struggled with the impact of the COVID-19 pandemic, contracting sharply in the late winter and spring months of 2020 before recovering much of the lost ground in the third quarter of the year. Unemployment surged to 14.7% in April 2020, declined steadily over the remaining months of the period, and settled at 6.9% in October. Core inflation, which includes all items except food and energy, rose 1.6% for the twelve months ended October 2020. Oil prices declined sharply in the first half of the period before staging a recovery.

Equity markets were volatile, but most posted gains for the twelve-month period. Stocks experienced sharp declines in February and March of 2020, then mounted a powerful rally over the ensuing months. The Federal Reserve, reacting to the economic shock of the pandemic, reduced the federal funds target rate twice in March 2020, bringing the key short-term interest-rate measure to 0.00%–0.25%.

For the twelve-month period, the Russell 3000^® Index, a broad measure of the U.S. stock market, advanced 10.15%. Large-cap equities outpaced smaller stocks, and growth shares outperformed value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

Most benchmark sectors posted losses

Seven of the eleven industry sectors in the Russell 1000 Value Index generated losses for the twelve months. Energy and real estate were the worst performers, returning –46.2% and –22.6%, respectively. Both sectors were severely impacted by COVID-19, which depressed global oil demand and reduced income streams and property values. Financials, the largest sector, returned –17.9% and detracted most from the index’s return. Together, these three sectors accounted for nearly one-third of the benchmark’s total market capitalization on October 31, 2020. Health care, which tends to be more defensive, gained 10.5% and was the best-performing sector. Next came materials, which rose 8.8%.

For the twelve-month period, four of the five largest stocks in the Russell 1000 Value Index posted returns that surpassed the overall return of the benchmark. Johnson & Johnson advanced, in part due to rising sales in its pharmaceutical division. Verizon, Berkshire Hathaway and Walt Disney generated negative returns but were more resilient than the index. JPMorgan Chase registered a double-digit loss due to declining profits.

Fund narrowly outperformed its benchmark

Several stock allocations helped the Fund’s relative return, led by an out-of-benchmark position in Microsoft, which gained on strong demand for its products. The next-largest contributors were an underweight in Exxon Mobil, which declined alongside oil prices, and an overweight in agricultural equipment maker Deere & Company, which reported better-than-expected operating results.

These positive effects were mitigated by less successful stock choices. The largest detractor was an overweight position in Citigroup, which set aside huge amounts of capital to cover potentially rising loan losses related to the pandemic. Overweights in Diamondback Energy and Valero Energy also detracted.

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

Performance as of October 31, 2020
Large-Cap Value Fund		Total return			Average annual total return						Annual operating expenses*
	Inception date	1 year			5 years			10 years			gross			net
Institutional Class	10/1/02		–7.51	%		4.56	%		8.20	%		0.41	%		0.41	%
Advisor Class	12/4/15		–7.60			4.50	†		8.17	†		0.49			0.49
Premier Class	9/30/09		–7.65			4.41			8.03			0.56			0.56
Retirement Class	10/1/02		–7.80			4.30			7.93			0.66			0.66
Retail Class	10/1/02		–7.81			4.24			7.86			0.72			0.72
Class W	9/28/18		–7.19			4.72	†		8.29	†		0.41			0.00
Russell 1000® Value Index	—		–7.57			5.82			9.48			—			—

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 the performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class and Class W. If these actual expenses had been reflected, the performance of these two classes shown for these periods would have been different because the Advisor Class and Class W have different expenses than the Institutional Class.

$10,000 over 10 years

Institutional Class

Ending amounts are as of October 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by company size
	% of equity investments
Market capitalization		as of 10/31/2020
More than $50 billion		71.1
More than $15 billion–$50 billion		22.8
More than $2 billion–$15 billion		6.1
Total		100.0
Fund profile
		as of 10/31/2020
Net assets		$4.77 billion
Portfolio turnover rate		26%
Number of holdings		85
Weighted median market capitalization		$88.68 billion
Price/earnings ratio (weighted 12-month trailing average)†		25.0

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

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

Mid-Cap Growth Fund

Expense example
Six months ended October 31, 2020
Mid-Cap Growth Fund	Beginning account value (5/1/20)		Ending account value (10/31/20)		Expenses paid during period* (5/1/20– 10/31/20)
Actual return
Institutional Class	$	1,000.00	$	1,289.08		$2.70
Advisor Class		1,000.00		1,289.23		3.22
Premier Class		1,000.00		1,288.59		3.57
Retirement Class		1,000.00		1,287.77		4.14
Retail Class		1,000.00		1,287.31		4.43
5% annual hypothetical return
Institutional Class		1,000.00		1,022.77		2.39
Advisor Class		1,000.00		1,022.32		2.85
Premier Class		1,000.00		1,022.02		3.15
Retirement Class		1,000.00		1,021.52		3.66
Retail Class		1,000.00		1,021.27		3.91

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended October 31, 2020. The Fund’s annualized six-month expense ratios for that period were 0.47% for the Institutional Class, 0.56% for the Advisor Class, 0.62% for the Premier Class, 0.72% for the Retirement Class and 0.77% for the Retail Class. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 10/31/2020
Information technology	31.4
Consumer discretionary	21.0
Health care	20.3
Industrials	12.8
Communication services	6.9
Financials	3.8
Consumer staples	2.5
Real estate	0.6
Short-term investments, other assets & liabilities, net	0.7
Total	100.0

Performance for the twelve months ended October 31, 2020

The Mid-Cap Growth Fund returned 26.16% for the Institutional Class, compared with the 21.14% return of its benchmark, the Russell Midcap^® Growth Index. The performance table shows returns for all share classes of the Fund.

U.S. stocks advanced despite COVID-19 volatility

The U.S. economy struggled with the impact of the COVID-19 pandemic, contracting sharply in the late winter and spring months of 2020 before recovering much of the lost ground in the third quarter of the year. Unemployment surged to 14.7% in April 2020, declined steadily over the remaining months of the period, and settled at 6.9% in October. Core inflation, which includes all items except food and energy, rose 1.6% for the twelve months ended October 2020. Oil prices declined sharply in the first half of the period before staging a recovery.

Equity markets were volatile, but most posted gains for the twelve-month period. Stocks experienced sharp declines in February and March of 2020, then mounted a powerful rally over the ensuing months. The Federal Reserve, reacting to the economic shock of the pandemic, reduced the federal funds target rate twice in March 2020, bringing the key short-term interest-rate measure to 0.00%–0.25%.

For the twelve-month period, the Russell 3000^® Index, a broad measure of the U.S. stock market, advanced 10.15%. Large-cap equities outpaced smaller stocks, and growth shares outperformed value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

Largest sectors drove the benchmark’s gain

Ten of the eleven industry sectors in the Russell Midcap Growth Index generated positive returns for the twelve months. Health care and information technology—the index’s two largest sectors—rose 40.0% and 28.7%, respectively, and were the top contributors to the index’s return. Together, these two sectors represented more than one-half of the index’s total market capitalization on October 31, 2020. The next-largest contributors were consumer discretionary and communication services, which gained 13.7% and 24.3%, respectively. Energy was the sole decliner, returning –28.7%, but its impact was minimal due to the sector’s weighting of less than 1.0%.

For the period, all of the five largest stocks in the Russell Midcap Growth Index produced outsized gains that significantly exceeded the index’s overall return. Electronic signature company DocuSign performed best, followed by software provider Veeva Systems, apparel retailer Lululemon Athletica, restaurant chain Chipotle Mexican Grill and veterinary testing firm IDEXX Laboratories.

Fund outperformed its benchmark

For the period, the Fund outperformed its benchmark on the strength of several stock allocations. The top contributors were an overweight position in at-home exercise company Peloton Interactive, which benefited from gym closures; an overweight in health care firm DexCom, which experienced strong demand for its glucose monitors; and an out-of-benchmark position in payment processor Adyen, which reported impressive revenue growth.

These positive effects were tempered in part by certain unsuccessful stock selections. The largest detractor was an underweight position in cloud communications firm Twilio, whose stock performed exceptionally well as the company’s sales accelerated. The next-largest detractors were an out-of-benchmark position in Spirit Airlines and an overweight in Wynn Resorts.

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

Performance as of October 31, 2020
Mid-Cap Growth Fund		Total return			Average annual total return						Annual operating expenses*
	Inception date	1 year			5 years			10 years			gross			net
Institutional Class	10/1/02		26.16	%		12.86	%		12.76	%		0.48	%		0.48	%
Advisor Class	12/4/15		26.09			12.81	†		12.74	†		0.56			0.56
Premier Class	9/30/09		26.03			12.70			12.60			0.63			0.63
Retirement Class	10/1/02		25.91			12.59			12.49			0.73			0.73
Retail Class	10/1/02		25.80			12.52			12.41			0.78			0.78
Russell Midcap® Growth Index	—		21.14			14.15			14.13			—			—

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

$10,000 over 10 years

Institutional Class

Ending amounts are as of October 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by company size
Market capitalization	% of equity investments as of 10/31/2020
More than $50 billion	1.6
More than $15 billion–$50 billion	51.0
More than $2 billion–$15 billion	46.2
$2 billion or less	1.2
Total	100.0
Fund profile
	as of 10/31/2020
Net assets	$1.37 billion
Portfolio turnover rate	107%
Number of holdings	107
Weighted median market capitalization	$14.29 billion
Price/earnings ratio (weighted 12-month trailing average)†	-227.0

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

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

Mid-Cap Value Fund

Expense example

Six months ended October 31, 2020

Mid-Cap Value Fund	Beginning account value (5/1/20)		Ending account value (10/31/20)		Expenses paid during period* (5/1/20– 10/31/20)
Actual return
Institutional Class	$	1,000.00	$	1,100.08		$2.43
Advisor Class		1,000.00		1,099.39		3.06
Premier Class		1,000.00		1,099.46		3.22
Retirement Class		1,000.00		1,099.31		3.75
Retail Class		1,000.00		1,098.26		4.22
5% annual hypothetical return
Institutional Class		1,000.00		1,022.82		2.34
Advisor Class		1,000.00		1,022.22		2.95
Premier Class		1,000.00		1,022.07		3.10
Retirement Class		1,000.00		1,021.57		3.61
Retail Class		1,000.00		1,021.11		4.06

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended October 31, 2020. The Fund’s annualized six-month expense ratios for that period were 0.46% for the Institutional Class, 0.58% for the Advisor Class, 0.61% for the Premier Class, 0.71% for the Retirement Class and 0.80% for the Retail Class. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 10/31/2020
Financials		18.5
Industrials		14.3
Consumer discretionary		14.1
Utilities		12.5
Health care		10.0
Information technology		9.6
Real estate		7.7
Materials		5.4
Communication services		2.7
Energy		2.0
Consumer staples		1.9
Short-term investments, other assets & liabilities, net		1.3
Total		100.0

Performance for the twelve months ended October 31, 2020

The Mid-Cap Value Fund returned –14.12% for the Institutional Class, compared with the –6.94% return of its benchmark, the Russell Midcap^® Value Index. The performance table shows returns for all share classes of the Fund.

U.S. stocks advanced despite COVID-19 volatility

The U.S. economy struggled with the impact of the COVID-19 pandemic, contracting sharply in the late winter and spring months of 2020 before recovering much of the lost ground in the third quarter of the year. Unemployment surged to 14.7% in April 2020, declined steadily over the remaining months of the period, and settled at 6.9% in October. Core inflation, which includes all items except food and energy, rose 1.6% for the twelve months ended October 2020. Oil prices declined sharply in the first half of the period before staging a recovery.

Equity markets were volatile, but most posted gains for the twelve-month period. Stocks experienced sharp declines in February and March of 2020, then mounted a powerful rally over the ensuing months. The Federal Reserve, reacting to the economic shock of the pandemic, reduced the federal funds target rate twice in March 2020, bringing the key short-term interest-rate measure to 0.00%–0.25%.

For the twelve-month period, the Russell 3000^® Index, a broad measure of the U.S. stock market, advanced 10.15%. Large-cap equities outpaced smaller stocks, and growth shares outperformed value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

Benchmark sectors produced mixed results

Five of the eleven industry sectors in the Russell Midcap Value Index registered losses for the twelve months. Energy suffered the steepest decline, returning –45.1% as global demand for oil plummeted due to COVID-19. Next came real estate and financials (the largest sector), which returned –26.2% and –15.9%, respectively, and were the index’s leading detractors. Together, these three sectors represented approximately one-third of the benchmark’s total market capitalization on October 31, 2020. Health care and materials were the best-performing sectors, rising 18.2% and 15.0%, respectively.

For the period, all of the five largest stocks in the Russell Midcap Value Index outperformed the overall return of the index, with four posting double-digit gains. Twitter led the way, benefiting from an increase in social media usage, followed by industrial companies Trane Technologies and Cummins. Gains in Xcel Energy and WEC Energy were lower but still strong.

Fund lagged its benchmark

For the period, the Fund underperformed its benchmark as certain stock selections did not perform as anticipated. The largest detractor was an overweight position in mortgage REIT Two Harbors Investment, which was hurt by pandemic-driven volatility in the mortgage bond market. The next-largest detractors were overweight positions in electric utility FirstEnergy and Wynn Resorts.

Other stock choices bolstered the Fund’s performance versus the index. The top contributor was an out-of-benchmark position in insurer BRP Group, which reported strong revenue growth. Overweight positions in semiconductor maker Cree, which announced it was selling a slow-growth business unit, and biotechnology firm United Therapeutics, which partnered with another company to develop a treatment for COVID-19, were also beneficial.

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

Performance as of October 31, 2020

Mid-Cap Value Fund		Total return			Average annual total return						Annual operating expenses*
	Inception date	1 year			5 years			10 years			gross			net
Institutional Class	10/1/02		–14.12	%		2.12	%		7.19	%		0.44	%		0.44	%
Advisor Class	12/4/15		–14.17			2.04	†		7.15	†		0.54			0.54
Premier Class	9/30/09		–14.20			1.99			7.04			0.59			0.59
Retirement Class	10/1/02		–14.29			1.88			6.93			0.69			0.69
Retail Class	10/1/02		–14.37			1.82			6.87			0.74			0.74
Russell Midcap® Value Index	—		–6.94			5.32			9.40			—			—

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 the performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class. If these actual expenses had been reflected, the performance of the Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Institutional Class.

$10,000 over 10 years

Institutional Class

Ending amounts are as of October 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by company size

Market capitalization	% of equity investments as of 10/31/2020
More than $50 billion		1.5
More than $15 billion–$50 billion		41.4
More than $2 billion–$15 billion		53.0
$2 billion or less		4.1
Total		100.0

Fund profile

	as of 10/31/2020
Net assets	$1.70 billion
Portfolio turnover rate	143%
Number of holdings	92
Weighted median market capitalization	$11.65 billion
Price/earnings ratio (weighted 12-month trailing average)†	91.4

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

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

Quant Large-Cap Growth Fund

Expense example

Six months ended October 31, 2020

Quant Large-Cap Growth Fund	Beginning account value (5/1/20)		Ending account value (10/31/20)		Expenses paid during period* (5/1/20– 10/31/20)
Actual return
Institutional Class	$	1,000.00	$	1,207.18		$1.72
Advisor Class		1,000.00		1,206.90		2.16
Class W		1,000.00		1,208.97		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,023.58		1.58
Advisor Class		1,000.00		1,023.18		1.98
Class W		1,000.00		1,025.14		0.00

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended October 31, 2020. The Fund’s annualized six-month expense ratios for that period were 0.31% for the Institutional Class, 0.39% for the Advisor Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 10/31/2020
Information technology		43.6
Consumer discretionary		16.2
Health care		13.8
Communication services		11.6
Consumer staples		4.8
Industrials		4.6
Financials		2.8
Real estate		2.0
Materials		0.3
Short-term investments, other assets & liabilities, net		0.3
Total		100.0

Performance for the twelve months ended October 31, 2020

The Quant Large-Cap Growth Fund returned 26.10% for the Institutional Class, compared with the 29.22% return of its benchmark, the Russell 1000^® Growth Index. The performance table shows returns for all share classes of the Fund.

U.S. stocks advanced despite COVID-19 volatility

The U.S. economy struggled with the impact of the COVID-19 pandemic, contracting sharply in the late winter and spring months of 2020 before recovering much of the lost ground in the third quarter of the year. Unemployment surged to 14.7% in April 2020, declined steadily over the remaining months of the period, and settled at 6.9% in October. Core inflation, which includes all items except food and energy, rose 1.6% for the twelve months ended October 2020. Oil prices declined sharply in the first half of the period before staging a recovery.

Equity markets were volatile, but most posted gains for the twelve-month period. Stocks experienced sharp declines in February and March of 2020, then mounted a powerful rally over the ensuing months. The Federal Reserve, reacting to the economic shock of the pandemic, reduced the federal funds target rate twice in March 2020, bringing the key short-term interest-rate measure to 0.00%–0.25%.

For the twelve-month period, the Russell 3000^® Index, a broad measure of the U.S. stock market, advanced 10.15%. Large-cap equities outpaced smaller stocks, and growth shares outperformed value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

Information technology propelled the benchmark higher

Nine of the eleven industry sectors in the Russell 1000 Growth Index posted gains for the twelve months. Information technology—the largest sector, representing more than 40.0% of the index’s total market capitalization on October 31, 2020—soared 43.4%. The consumer discretionary and communication services sectors, which rose 44.6% and 32.1%, respectively, were the next-largest contributors. Energy returned –28.7%, reflecting the weakness in oil prices. Industrials also declined, returning –1.4% as COVID-19 dampened global economic activity.

For the twelve-month period, four of the five largest stocks in the Russell 1000 Growth Index produced returns that exceeded the overall return of the index. Apple generated the strongest gain, benefiting from robust demand for laptop and tablet computers. Amazon.com was not far behind amid an increase in online shopping, followed by Microsoft and Facebook. Alphabet (the parent company of Google) modestly trailed the benchmark.

Fund delivered strong gain but lagged its benchmark

For the period, the Fund lagged its benchmark because of certain stock choices that did not perform as anticipated. The largest detractor was an underweight position in electric car maker Tesla, which reported record production and revenues. The next-largest detractors were overweight positions in Discover Financial Services and insurer Arch Capital Group, which experienced losses related to COVID-19 claims.

The largest contributors included underweight positions in Boeing and online travel search engine Booking Holdings, which were hurt by the pandemic-driven slowdown in global travel. An overweight in biotech drugmaker Immunomedics was also beneficial, as the company announced it was being acquired.

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

Performance as of October 31, 2020

Quant Large-Cap Growth Fund		Total return			Average annual total return						Annual operating expenses*
	Inception date	1 year			5 years			10 years			gross			net
Institutional Class	11/30/07		26.10	%		15.87	%		15.21	%		0.32	%		0.32	%
Advisor Class	12/4/15		25.97			15.82	†		15.18	†		0.41			0.41
Class W	9/28/18		26.51			16.03	†		15.28	†		0.32			0.00
Russell 1000® Growth Index	—		29.22			17.32			16.31			—			—

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 the performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class and Class W. If these actual expenses had been reflected, the performance of these two classes shown for these periods would have been different because the Advisor Class and Class W have different expenses than the Institutional Class.

$10,000 over 10 years

Institutional Class

Ending amounts are as of October 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by company size

Market capitalization	% of equity investments as of 10/31/2020
More than $50 billion		78.7
More than $15 billion–$50 billion		12.6
More than $2 billion–$15 billion		8.6
$2 billion or less		0.1
Total		100.0

Fund profile

	as of 10/31/2020
Net assets	$1.52 billion
Portfolio turnover rate	136%
Number of holdings	176
Weighted median market capitalization	$287.25 billion
Price/earnings ratio (weighted 12-month trailing average)†	39.1

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

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

Quant Large-Cap Value Fund

Expense example

Six months ended October 31, 2020

Quant Large-Cap Value Fund	Beginning account value (5/1/20)		Ending account value (10/31/20)		Expenses paid during period* (5/1/20– 10/31/20)
Actual return
Institutional Class	$	1,000.00	$	1,054.64		$1.70
Advisor Class		1,000.00		1,054.57		2.07
Class W		1,000.00		1,057.25		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,023.48		1.68
Advisor Class		1,000.00		1,023.13		2.03
Class W		1,000.00		1,025.14		0.00

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended October 31, 2020. The Fund’s annualized six-month expense ratios for that period were 0.33% for the Institutional Class, 0.40% for the Advisor Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 10/31/2020
Financials	20.1
Health care	13.9
Industrials	11.9
Information technology	10.4
Communication services	8.7
Consumer staples	8.0
Consumer discretionary	7.8
Utilities	6.2
Real estate	4.5
Materials	4.4
Energy	3.7
Short-term investments, other assets & liabilities, net	0.4
Total	100.0

Performance for the twelve months ended October 31, 2020

The Quant Large-Cap Value Fund returned –9.82% for the Institutional Class, compared with the –7.57% return of its benchmark, the Russell 1000^® Value Index. The performance table shows returns for all share classes of the Fund.

U.S. stocks advanced despite COVID-19 volatility

The U.S. economy struggled with the impact of the COVID-19 pandemic, contracting sharply in the late winter and spring months of 2020 before recovering much of the lost ground in the third quarter of the year. Unemployment surged to 14.7% in April 2020, declined steadily over the remaining months of the period, and settled at 6.9% in October. Core inflation, which includes all items except food and energy, rose 1.6% for the twelve months ended October 2020. Oil prices declined sharply in the first half of the period before staging a recovery.

Equity markets were volatile, but most posted gains for the twelve-month period. Stocks experienced sharp declines in February and March of 2020, then mounted a powerful rally over the ensuing months. The Federal Reserve, reacting to the economic shock of the pandemic, reduced the federal funds target rate twice in March 2020, bringing the key short-term interest-rate measure to 0.00%–0.25%.

For the twelve-month period, the Russell 3000^® Index, a broad measure of the U.S. stock market, advanced 10.15%. Large-cap equities outpaced smaller stocks, and growth shares outperformed value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

Most benchmark sectors posted losses

Seven of the eleven industry sectors in the Russell 1000 Value Index generated losses for the twelve months. Energy and real estate were the worst performers, returning –46.2% and –22.6%, respectively. Both sectors were severely impacted by COVID-19, which depressed global oil demand and reduced income streams and property values. Financials, the largest sector, returned –17.9% and detracted most from the index’s return. Together, these three sectors accounted for nearly one-third of the benchmark’s total market capitalization on October 31, 2020. Health care gained 10.5% and was the best-performing sector, followed by materials, which rose 8.8%.

For the twelve-month period, four of the five largest stocks in the Russell 1000 Value Index posted returns that surpassed the overall return of the benchmark. Johnson & Johnson advanced, in part due to rising sales in its pharmaceutical division, while Verizon, Berkshire Hathaway and Walt Disney generated negative returns. JPMorgan Chase registered a double-digit decline due to declining profits.

Fund lagged its benchmark

For the period, several stock allocations did not perform as anticipated. The top three detractors were an overweight position in energy company Marathon Petroleum, which was hurt by the slump in the energy industry; an underweight in health care conglomerate Danaher, which performed well; and an overweight in Spirit AeroSystems Holdings, which was affected by travel restrictions.

On the plus side, the top contributor was an overweight position in semiconductor supplier Maxim Integrated Products, which announced it was being acquired. Precious metals company Royal Gold, which benefited from rising gold prices, and health insurer Humana were the next-largest contributors.

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

Performance as of October 31, 2020

Quant Large-Cap Value Fund		Total return			Average annual total return						Annual operating expenses*
	Inception date	1 year			5 years			10 years			gross			net
Institutional Class	11/30/07		–9.82	%		3.95	%		8.22	%		0.37	%		0.37	%
Advisor Class	12/4/15		–9.96			3.83	†		8.16	†		0.47			0.47
Class W	9/28/18		–9.52			4.09	†		8.29	†		0.37			0.00
Russell 1000® Value Index	—		–7.57			5.82			9.48			—			—

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 the performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class and Class W. If these actual expenses had been reflected, the performance of these two classes shown for these periods would have been different because the Advisor Class and Class W have different expenses than the Institutional Class.

$10,000 over 10 years

Institutional Class

Ending amounts are as of October 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by company size

	% of equity investments
Market capitalization		as of 10/31/2020
More than $50 billion		56.6
More than $15 billion–$50 billion		24.4
More than $2 billion–$15 billion		18.6
$2 billion or less		0.4
Total		100.0
Fund profile
		as of 10/31/2020
Net assets		$683.81 million
Portfolio turnover rate		195%
Number of holdings		385
Weighted median market capitalization		$64.51 billion
Price/earnings ratio (weighted 12-month trailing average)†		33.7

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

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

Quant Small-Cap Equity Fund

Expense example

Six months ended October 31, 2020

Quant Small-Cap Equity Fund	Beginning account value (5/1/20)		Ending account value (10/31/20)		Expenses paid during period* (5/1/20– 10/31/20)
Actual return
Institutional Class	$	1,000.00	$	1,157.56		$2.28
Advisor Class		1,000.00		1,156.75		2.60
Premier Class		1,000.00		1,156.15		3.09
Retirement Class		1,000.00		1,155.89		3.63
Retail Class		1,000.00		1,155.46		3.74
Class W		1,000.00		1,159.04		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,023.03		2.14
Advisor Class		1,000.00		1,022.72		2.44
Premier Class		1,000.00		1,022.27		2.90
Retirement Class		1,000.00		1,021.77		3.40
Retail Class		1,000.00		1,021.67		3.51
Class W		1,000.00		1,025.14		0.00

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended October 31, 2020. The Fund’s annualized six-month expense ratios for that period were 0.42% for the Institutional Class, 0.48% for the Advisor Class, 0.57% for the Premier Class, 0.67% for the Retirement Class, 0.69% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 10/31/2020
Health care	19.6
Industrials	16.2
Financials	14.9
Consumer discretionary	14.2
Information technology	13.5
Real estate	6.5
Materials	5.4
Consumer staples	3.9
Utilities	2.1
Energy	1.9
Communication services	1.8
Total	100.0

Performance for the twelve months ended October 31, 2020

The Quant Small-Cap Equity Fund returned –8.35% for the Institutional Class, compared with the –0.14% return of its benchmark, the Russell 2000^® Index. The performance table shows returns for all share classes of the Fund.

U.S. stocks advanced despite COVID-19 volatility

The U.S. economy struggled with the impact of the COVID-19 pandemic, contracting sharply in the late winter and spring months of 2020 before recovering much of the lost ground in the third quarter of the year. Unemployment surged to 14.7% in April 2020, declined steadily over the remaining months of the period, and settled at 6.9% in October. Core inflation, which includes all items except food and energy, rose 1.6% for the twelve months ended October 2020. Oil prices declined sharply in the first half of the period before staging a recovery.

Equity markets were volatile, but most posted gains for the twelve-month period. Stocks experienced sharp declines in February and March of 2020, then mounted a powerful rally over the ensuing months. The Federal Reserve, reacting to the economic shock of the pandemic, reduced the federal funds target rate twice in March 2020, bringing the key short-term interest-rate measure to 0.00%–0.25%.

For the twelve-month period, the Russell 3000^® Index, a broad measure of the U.S. stock market, advanced 10.15%. Large-cap equities outpaced smaller stocks, and growth shares outperformed value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

Most benchmark sectors lost ground

Seven of the eleven industry sectors in the Russell 2000 Index posted losses for the twelve months. Financials returned –18.7% and was the largest detractor from the index’s return. Energy—the smallest sector—and real estate led decliners, returning –51.3% and –25.3%, respectively. Both sectors were severely impacted by COVID-19. Communication services also struggled, returning –20.9%. Together, these four sectors made up almost 30.0% of the benchmark’s total market capitalization on October 31, 2020. Health care performed best with a gain of 34.0%.

For the twelve-month period, all of the five largest stocks in the Russell 2000 Index generated gains that exceeded the overall return of the benchmark. Biopharmaceutical firm MyoKardia posted the strongest gain, followed by solar energy provider SunRun, Penn National Gaming and biotechnology company Mirati Therapeutics. Casino and hotel company Caesars Entertainment posted a slightly positive return.

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. Not owning benchmark components MyoKardia, a biopharmaceutical firm, and Quidel, a diagnostic test company, also dampened relative results.

On the plus side, several positions were beneficial, including an overweight position in mobile applications provider Digital Turbine, which reported rising revenue and plans for expansion into TV streaming platforms. Overweight positions in Boston Beer Company and Renewable Energy Group, a global producer of renewable fuels and chemicals, also contributed.

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

Performance as of October 31, 2020

Quant Small-Cap Equity Fund		Total return			Average annual total return						Annual operating expenses*
	Inception date	1 year			5 years			10 years			gross			net
Institutional Class	10/1/02		–8.35	%		5.14	%		9.06	%		0.42	%		0.42	%
Advisor Class	12/4/15		–8.46			5.06	†		9.02	†		0.52			0.52
Premier Class	9/30/09		–8.57			4.97			8.89			0.57			0.57
Retirement Class	10/1/02		–8.61			4.87			8.79			0.67			0.67
Retail Class	10/1/02		–8.61			4.84			8.72			0.72			0.72
Class W	9/28/18		–8.01			5.31	†		9.15	†		0.42			0.00
Russell 2000® Index	—		–0.14			7.27			9.64			—			—

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 the performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class and Class W. If these actual expenses had been reflected, the performance of these two classes shown for these periods would have been different because the Advisor Class and Class W have different expenses than the Institutional Class.

$10,000 over 10 years

Institutional Class

Ending amounts are as of October 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by company size

Market capitalization	% of equity investments as of 10/31/2020
More than $15 billion–$50 billion		0.3
More than $2 billion–$15 billion		48.1
$2 billion or less		51.6
Total		100.0
Fund profile
		as of 10/31/2020
Net assets		$2.32 billion
Portfolio turnover rate		93%
Number of holdings		401
Weighted median market capitalization		$1.95 billion
Price/earnings ratio (weighted 12-month trailing average)†		-83.3

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

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

Quant Small/Mid-Cap Equity Fund

Expense example

Six months ended October 31, 2020

Quant Small/Mid-Cap Equity Fund	Beginning account value (5/1/20)		Ending account value (10/31/20)		Expenses paid during period* (5/1/20– 10/31/20)
Actual return
Institutional Class	$	1,000.00	$	1,179.57		$2.68
Advisor Class		1,000.00		1,179.20		3.23
Premier Class		1,000.00		1,178.46		3.72
Retirement Class		1,000.00		1,179.27		4.05
Retail Class		1,000.00		1,178.42		4.93
Class W		1,000.00		1,183.51		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,022.67		2.49
Advisor Class		1,000.00		1,022.17		3.00
Premier Class		1,000.00		1,021.72		3.46
Retirement Class		1,000.00		1,021.42		3.76
Retail Class		1,000.00		1,020.61		4.57
Class W		1,000.00		1,025.14		0.00

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended October 31, 2020. The Fund’s annualized six-month expense ratios for that period were 0.49% for the Institutional Class, 0.59% for the Advisor Class, 0.68% for the Premier Class, 0.74% for the Retirement Class, 0.90% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition
Sector	% of net assets as of 10/31/2020
Information technology		17.5
Health care		15.8
Consumer discretionary		15.3
Industrials		14.1
Financials		13.6
Real estate		7.9
Materials		6.0
Consumer staples		3.5
Utilities		2.6
Energy		1.8
Communication services		1.7
Short-term investments, other assets & liabilities, net		0.2
Total		100.0

Performance for the twelve months ended October 31, 2020

The Quant Small/Mid-Cap Equity Fund returned –1.48% for the Institutional Class, compared with the 2.12% return of its benchmark, the Russell 2500^® Index. The performance table shows returns for all share classes of the Fund.

U.S. stocks advanced despite COVID-19 volatility

The U.S. economy struggled with the impact of the COVID-19 pandemic, contracting sharply in the late winter and spring months of 2020 before recovering much of the lost ground in the third quarter of the year. Unemployment surged to 14.7% in April 2020, declined steadily over the remaining months of the period, and settled at 6.9% in October. Core inflation, which includes all items except food and energy, rose 1.6% for the twelve months ended October 2020. Oil prices declined sharply in the first half of the period before staging a recovery.

Equity markets were volatile, but most posted gains for the twelve-month period. Stocks experienced sharp declines in February and March of 2020, then mounted a powerful rally over the ensuing months. The Federal Reserve, reacting to the economic shock of the pandemic, reduced the federal funds target rate twice in March 2020, bringing the key short-term interest-rate measure to 0.00%–0.25%.

For the twelve-month period, the Russell 3000^® Index, a broad measure of the U.S. stock market, advanced 10.15%. Large-cap equities outpaced smaller stocks, and growth shares outperformed value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

Benchmark sector performance was mixed

Five of the eleven industry sectors in the Russell 2500 Index posted gains for the twelve months. Health care performed best with a gain of 42.3% and was the largest contributor to the index’s performance. Information technology and consumer discretionary were next, advancing 24.2% and 8.2%, respectively. Consumer staples followed with a return of 4.7%. Together, these four sectors made up nearly one-half of the benchmark’s total market capitalization on October 31, 2020. Other large sectors declined, including financials (down 16.4%) and industrials (down 3.3%). Energy, the smallest sector, declined most with a return of –53.9%.

For the twelve-month period, all of the five largest stocks in the Russell 2500 Index generated gains that exceeded the overall return of the benchmark. E-commerce retailer Etsy posted the strongest gain, followed by online real estate company Zillow Group and biopharmaceutical firm Horizon Therapeutics. All three posted triple-digit gains. Health care firm PerkinElmer and equipment testing company Teradyne also produced strong double-digit results.

Fund trailed its benchmark

For the period, the Fund underperformed its benchmark as several stocks did not perform as anticipated. Not owning identity theft software firm Okta detracted most as the stock performed well. Underweight positions in DocuSign and biotechnology firm Moderna were the next-largest detractors as both of these stocks also posted substantial gains.

On the plus side, the Fund benefited from overweight positions in Horizon Therapeutics, whose stock doubled between March and October 2020; software company Five9, whose cloud-based contact center business saw impressive growth; and vaccine developer Novavax, which benefited from strong revenue increases.

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

Performance as of October 31, 2020
Quant Small/Mid-Cap Equity Fund			Total return			Average annual total return			Annual operating expenses*
	Inception date		1 year			since inception			gross			net
Institutional Class		8/5/16		–1.48	%		9.00	%		0.50	%		0.50	%
Advisor Class		8/5/16		–1.55			8.99			0.58			0.58
Premier Class		8/5/16		–1.61			8.84			0.66			0.66
Retirement Class		8/5/16		–1.70			8.73			0.75			0.75
Retail Class		8/5/16		–1.76			8.60			0.88			0.88
Class W		9/28/18		–0.97			9.28	†		0.50			0.00
Russell 2500® Index		—		2.12			7.88	‡		—			—

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

$10,000 invested at Fund’s inception

Institutional Class (inception August 5, 2016)

Ending amounts are as of October 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by company size

Market capitalization	% of equity investments as of 10/31/2020
More than $15 billion–$50 billion		3.9
More than $2 billion–$15 billion		68.7
$2 billion or less		27.4
Total		100.0
Fund profile
	as of 10/31/2020
Net assets		$745.87 million
Portfolio turnover rate		88%
Number of holdings		340
Weighted median market capitalization		$3.92 billion
Price/earnings ratio (weighted 12-month trailing average)†		220.8

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

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

Social Choice Equity Fund

Expense example

Six months ended October 31, 2020

Social Choice Equity Fund	Beginning account value (5/1/20)		Ending account value (10/31/20)		Expenses paid during period* (5/1/20– 10/31/20)
Actual return
Institutional Class	$	1,000.00	$	1,144.84	$	0.92
Advisor Class		1,000.00		1,143.85		1.40
Premier Class		1,000.00		1,143.78		1.78
Retirement Class		1,000.00		1,143.53		2.26
Retail Class		1,000.00		1,142.86		2.42
5% annual hypothetical return
Institutional Class		1,000.00		1,024.28		0.87
Advisor Class		1,000.00		1,023.83		1.32
Premier Class		1,000.00		1,023.48		1.68
Retirement Class		1,000.00		1,023.03		2.14
Retail Class		1,000.00		1,022.87		2.29

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended October 31, 2020. The Fund’s annualized six-month expense ratios for that period were 0.17% for the Institutional Class, 0.26% 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 10/31/2020
Information technology		25.0
Health care		15.3
Consumer discretionary		11.6
Financials		10.9
Communication services		9.5
Industrials		9.4
Consumer staples		6.2
Real estate		3.3
Utilities		3.1
Materials		3.0
Energy		2.0
Short-term investments, other assets & liabilities, net		0.7
Total		100.0

Performance for the twelve months ended October 31, 2020

The Social Choice Equity Fund returned 10.45% for the Institutional Class, compared with the 10.15% return of its benchmark, the Russell 3000^® Index. The performance table shows returns for all share classes of the Fund. The Fund utilizes environmental, social and governance (ESG) criteria, while the benchmark does not.

Excluding certain stocks aided the Fund’s relative performance

Because of its ESG criteria, the Fund did not invest in a number of stocks included in the Russell 3000 Index. Excluding these companies produced mixed results for the twelve-month period, but the net effect was that the Fund outperformed its benchmark.

Among stocks the Fund excluded, leaving out Exxon Mobil, Wells Fargo and Boeing benefited relative performance the most. Energy giant Exxon Mobil was hurt by an oversupply of oil and a sudden drop in demand following the outbreak of COVID-19. The energy giant’s stock was delisted from the Dow Jones Industrial Average after 90 years. Banking giant Wells Fargo saw revenues decline, and lower interest rates squeezed its net interest margins. Boeing faced significant business uncertainty due to the dramatic decline in air travel caused by the global pandemic.

Omitting other stocks detracted from relative performance

Among stocks the Fund excluded, not owning Facebook and PayPal had the most detrimental effect on relative performance. Since the pandemic began, Facebook has seen active users increase and has benefited from rising advertising revenues attributed to the shift from traditional shopping to online commerce. This trend also helped PayPal, which reported the strongest growth in revenue and payment volumes in the company’s history.

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.

Of stocks the Fund held, overweight positions in Tesla, NVIDIA and Apple added the most to relative performance. Tesla saw record deliveries of electric vehicles, which translated into record profitability. The building of three new Tesla factories on three continents continued as planned. Information technology company NVIDIA reported record revenue from video game sales, while Apple benefited from strong demand for laptop and tablet computers.

Among stocks the Fund held, an underweight position in Amazon.com and overweight positions in U.S. Bancorp and Spirit AeroSystems detracted most from relative performance. Amazon saw strong net sales in North America and internationally, as well as continued success for its Amazon Web Services (AWS) division. U.S. Bancorp provisioned for increased credit losses due to the pandemic and saw decreased net interest margins as a result of lower interest rates. Spirit AeroSystems’ revenue was down in all three business segments—fuselage systems, propulsion systems and wing systems—as a result of significantly lower production of the Boeing 737 MAX airliner and generally lower demand caused by the pandemic.

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

Performance as of October 31, 2020
Social Choice Equity Fund			Total return			Average annual  total return						Annual operating  expenses*
	Inception date		1 year			5 years			10 years			gross			net
Institutional Class		7/1/99		10.45	%		11.53	%		12.09	%		0.17	%		0.17	%
Advisor Class		12/4/15		10.34			11.47	†		12.06	†		0.24			0.24
Premier Class		9/30/09		10.26			11.36			11.93			0.33			0.33
Retirement Class		10/1/02		10.20			11.26			11.82			0.42			0.42
Retail Class		3/31/06		10.09			11.22			11.78			0.45			0.45
Russell 3000® Index		—		10.15			11.48			12.80			—			—

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 the performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class. If these actual expenses had been reflected, the performance of the Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Institutional Class.

$10,000 over 10 years

Institutional Class

Ending amounts are as of October 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by company size

Market capitalization	% of equity investments as of 10/31/2020
More than $50 billion		59.9
More than $15 billion–$50 billion		24.1
More than $2 billion–$15 billion		13.5
$2 billion or less		2.5
Total		100.0
Fund profile
	as of 10/31/2020
Net assets		$5.32 billion
Portfolio turnover rate		26%
Number of holdings		631
Weighted median market capitalization		$63.14 billion
Price/earnings ratio (weighted 12-month trailing average)†		49.0

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

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

Social Choice Low Carbon Equity Fund

Expense example

Six months ended October 31, 2020

Social Choice Low Carbon Equity Fund	Beginning account value (5/1/20)	Ending account value (10/31/20)	Expenses paid during period* (5/1/20– 10/31/20)
Actual return
Institutional Class	$1,000.00	$1,157.25	$1.74
Advisor Class	1,000.00	1,155.73	2.28
Premier Class	1,000.00	1,156.13	2.55
Retirement Class	1,000.00	1,155.44	3.09
Retail Class	1,000.00	1,154.55	3.47
5% annual hypothetical return
Institutional Class	1,000.00	1,023.53	1.63
Advisor Class	1,000.00	1,023.03	2.14
Premier Class	1,000.00	1,022.77	2.39
Retirement Class	1,000.00	1,022.27	2.90
Retail Class	1,000.00	1,021.92	3.25

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended October 31, 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 0.64% for the Retail Class. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 10/31/2020
Information technology	23.3
Health care	15.8
Consumer discretionary	11.9
Financials	11.4
Communication services	9.4
Industrials	9.0
Consumer staples	6.5
Real estate	3.7
Utilities	2.4
Materials	2.2
Energy	1.5
Short-term investments, other assets & liabilities, net	2.9
Total	100.0

Performance for the twelve months ended October 31, 2020

The Social Choice Low Carbon Equity Fund returned 11.88% for the Institutional Class, compared with the 10.15% return of its benchmark, the Russell 3000^® Index. The performance table shows returns for all share classes of the Fund. The Fund utilizes environmental, social and governance (ESG) criteria, while the benchmark does not.

Leaving out certain stocks helped the Fund’s relative performance

Because of its ESG criteria, the Fund did not invest in a number of stocks included in the Russell 3000 Index. Excluding these companies produced mixed results for the twelve-month period, but the net effect was that the Fund outperformed its benchmark.

Among stocks the Fund excluded, leaving out Exxon Mobil, Wells Fargo and Boeing benefited relative performance the most. Energy giant Exxon Mobil was hurt by an oversupply of oil and a sudden drop in demand following the outbreak of COVID-19. The energy giant’s stock was delisted from the Dow Jones Industrial Average after 90 years. Banking giant Wells Fargo saw revenues decline, and lower interest rates squeezed its net interest margins. Boeing faced significant business uncertainty due to the dramatic decline in air travel caused by the global pandemic.

Omitting other stocks detracted from relative performance

Among stocks the Fund excluded, not owning Facebook and PayPal had the most detrimental effect on relative performance. Since the pandemic began, Facebook has seen active users increase and has benefited from rising advertising revenues attributed to the shift from traditional shopping to online commerce. This trend also helped PayPal, which reported the strongest growth in revenue and payment volumes in the company’s history.

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, overweight positions in Tesla, NVIDIA and Pinterest added the most to relative performance. Tesla saw record deliveries of electric vehicles, which translated into record profitability. The building of three new Tesla factories on three continents continued as planned. Information technology company NVIDIA reported record revenue from video game sales, while Pinterest, which provides an online photo “scrapbook” service, saw tremendous growth in advertising revenues and new users.

Among stocks the Fund held, an underweight position in Amazon.com and overweight positions in Hewlett Packard and Welltower detracted most from relative performance. Amazon saw strong net sales in North America and internationally, as well as continued success for its Amazon Web Services (AWS) division. Technology company Hewlett Packard experienced supply chain constraints and component shortages due to the pandemic, while Welltower, which provides real estate capital to operators of health care facilities, declined due to lower occupancy and increased expenses.

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

Performance as of October 31, 2020

Social Choice Low Carbon Equity Fund		Total return		Average annual total return				Annual operating expenses*
	Inception date	1 year		5 years		since inception		gross		net
Institutional Class	8/7/15	11.88	%	12.00	%	11.27	%	0.41	%	0.32	%
Advisor Class	12/4/15	11.72		11.91	†	11.18	†	0.52		0.43
Premier Class	8/7/15	11.72		11.85		11.12		0.56		0.47
Retirement Class	8/7/15	11.65		11.74		11.00		0.66		0.57
Retail Class	8/7/15	11.47		11.65		10.91		0.73		0.64
Russell 3000® Index	—	10.15		11.48		10.89	‡	—		—

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

$10,000 invested at Fund’s inception

Institutional Class (inception August 7, 2015)

Ending amounts are as of October 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by company size

Market capitalization	% of equity investments as of 10/31/2020
More than $50 billion		62.6
More than $15 billion–$50 billion		23.3
More than $2 billion–$15 billion		12.0
$2 billion or less		2.1
Total		100.0

Fund profile

	as of 10/31/2020
Net assets	$441.12 million
Portfolio turnover rate	27%
Number of holdings	446
Weighted median market capitalization	$67.43 billion
Price/earnings ratio (weighted 12-month trailing average)†	43.6

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

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

Emerging Markets Equity Fund

Expense example

Six months ended October 31, 2020

Emerging Markets Equity Fund	Beginning account value (5/1/20)	Ending account value (10/31/20)	Expenses paid during period* (5/1/20– 10/31/20)
Actual return
Institutional Class	$1,000.00	$1,271.07	$4.97
Advisor Class	1,000.00	1,272.36	4.34
Premier Class	1,000.00	1,270.79	5.59
Retirement Class	1,000.00	1,269.86	5.59
Retail Class	1,000.00	1,268.29	7.30
Class W	1,000.00	1,277.33	0.00
5% annual hypothetical return
Institutional Class	1,000.00	1,020.76	4.42
Advisor Class	1,000.00	1,021.32	3.86
Premier Class	1,000.00	1,020.21	4.98
Retirement Class	1,000.00	1,020.21	4.98
Retail Class	1,000.00	1,018.70	6.50
Class W	1,000.00	1,025.14	0.00

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended October 31, 2020. The Fund’s annualized six-month expense ratios for that period were 0.87% for the Institutional Class, 0.76% for the Advisor Class, 0.98% for the Premier Class, 0.98% for the Retirement Class, 1.28% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 10/31/2020
Consumer discretionary	31.6
Information technology	14.0
Financials	13.9
Communication services	11.9
Consumer staples	8.8
Energy	4.5
Materials	2.1
Health care	1.8
Industrials	1.4
Real estate	0.7
Short-term investments, other assets & liabilities, net	9.3
Total	100.0

Performance for the twelve months ended October 31, 2020

The Emerging Markets Equity Fund returned 10.04% for the Institutional Class, compared with the 8.25% return of its benchmark, the MSCI Emerging Markets Index. The performance table shows returns for all share classes of the Fund.

Global equity market returns varied amid COVID-19 volatility

In a year of high volatility, international developed-markets stocks declined, while emerging-markets equities posted positive returns. Global economies struggled during the first half of the period, rocked by uncertainty surrounding the COVID-19 pandemic, but many regions showed signs of recovery as the year progressed. After declining sharply in the first and second quarters of 2020, the economy in the 19-nation euro area experienced powerful growth in the third calendar quarter. The Chinese economy, which contracted year-over-year in the first quarter, reported growth in both of the following two quarters.

Central banks around the world responded aggressively to the economic shock of the pandemic. In March, the Federal Reserve cut the federal funds target rate to 0.00%–0.25%, while the European Central Bank launched a new bond-buying stimulus program. The Bank of England cut its benchmark rate to 0.10%.

The MSCI EAFE^® Index, which measures stock performance in 21 developed-markets nations outside North America, returned –6.86%, substantially lagging the 10.15% gain of the Russell 3000^® Index, a broad measure of the U.S. stock market, as well as the MSCI Emerging Markets Index.

China propelled the benchmark’s advance

Of the 26 country components in the MSCI Emerging Markets Index, only four posted gains in U.S.-dollar terms for the twelve-month period. China, the benchmark’s largest component, advanced 35.2%. Taiwan, the second-largest index component, advanced 26.5%. South Korea, the third-largest index component, gained 14.2%. Together, these three countries accounted for almost 70.0% of the index’s total market capitalization on October 31, 2020.

Fund outperformed its benchmark

The largest contributor to the Fund’s outperformance was an out-of-benchmark position in Singapore-based online gaming company Sea, which saw its stock price more than triple during the year. Overweight positions in two Chinese-based companies—transportation manufacturing firm BYD and Internet retailer Alibaba Group—were the next-largest contributors.

By contrast, an out-of-benchmark position in Arcos Dorados, a large Latin American owner of McDonalds franchises, detracted most from relative performance. An overweight in Brazilian retail giant Companhia Brasileira de Distribuicao, and an underweight in Internet shopping platform Meituan, were the next-largest detractors.

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 Annual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of October 31, 2020

Emerging Markets Equity Fund		Total return		Average annual total return				Annual operating expenses*
	Inception date	1 year		5 years		10 years		gross		net
Institutional Class	8/31/10	10.04	%	9.33	%	2.64	%	0.90	%	0.90	%
Advisor Class	12/4/15	10.06		9.29	†	2.62	†	0.98		0.98
Premier Class	8/31/10	9.99		9.19		2.51		1.05		1.05
Retirement Class	8/31/10	9.94		9.12		2.42		1.15		1.15
Retail Class	8/31/10	9.68		8.90		2.25		1.27		1.27
Class W	9/28/18	11.11		9.74	†	2.83	†	0.89		0.00
MSCI Emerging Markets Index	—	8.25		7.92		2.42		—		—

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

$10,000 over 10 years

Institutional Class

Ending amounts are as of October 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by country

	% of portfolio investments as of 10/31/2020
China	36.0
India	10.8
Brazil	9.9
Taiwan	8.2
Korea, Republic of	7.6
Mexico	5.0
Indonesia	3.3
South Africa	2.7
Russia	2.6
Macau	2.2
8 other nations	9.1
Short-term investments	2.6
Total	100.0

Holdings by company size

Market capitalization	% of equity investments as of 10/31/2020
More than $50 billion		42.5
More than $15 billion–$50 billion		18.3
More than $2 billion–$15 billion		30.8
$2 billion or less		8.4
Total		100.0

Fund profile

	as of 10/31/2020
Net assets	$1.61 billion
Portfolio turnover rate	128%
Number of holdings	70
Weighted median market capitalization	$40.53 billion
Price/earnings ratio (weighted 12-month trailing average)†	344.9

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

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

International Equity Fund

Expense example

Six months ended October 31, 2020

International Equity Fund	Beginning account value (5/1/20)		Ending account value (10/31/20)		Expenses paid during period* (5/1/20– 10/31/20)
Actual return
Institutional Class	$	1,000.00	$	1,173.12		$2.57
Advisor Class		1,000.00		1,172.45		3.17
Premier Class		1,000.00		1,172.23		3.39
Retirement Class		1,000.00		1,170.45		4.20
Retail Class		1,000.00		1,170.65		4.47
Class W		1,000.00		1,175.97		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,022.77		2.39
Advisor Class		1,000.00		1,022.22		2.95
Premier Class		1,000.00		1,022.02		3.15
Retirement Class		1,000.00		1,021.27		3.91
Retail Class		1,000.00		1,021.01		4.17
Class W		1,000.00		1,025.14		0.00

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended October 31, 2020. The Fund’s annualized six-month expense ratios for that period were 0.47% for the Institutional Class, 0.58% for the Advisor Class, 0.62% for the Premier Class, 0.77% for the Retirement Class, 0.82% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 10/31/2020
Consumer discretionary	16.3
Industrials	15.4
Information technology	12.0
Health care	11.9
Financials	11.7
Materials	8.3
Consumer staples	8.0
Utilities	4.8
Communication services	4.4
Energy	0.7
Short-term investments, other assets & liabilities, net	6.5
Total	100.0

Performance for the twelve months ended October 31, 2020

The International Equity Fund returned 0.33% for the Institutional Class, compared with the –6.86% return of its benchmark, the MSCI EAFE^® Index. The performance table shows returns for all share classes of the Fund.

Global equity market returns varied amid COVID-19 volatility

In a year of high volatility, international developed-markets stocks declined, while emerging-markets equities posted positive returns. Global economies struggled during the first half of the period, rocked by uncertainty surrounding the COVID-19 pandemic, but many regions showed signs of recovery as the year progressed. After declining sharply in the first and second quarters of 2020, the economy in the 19-nation euro area experienced powerful growth in the third quarter of the calendar year. The Chinese economy, which contracted year-over-year in the first quarter, reported growth in both of the following two quarters.

Central banks around the world responded aggressively to the economic shock of the pandemic. In March, the Federal Reserve cut the federal funds target rate to 0.00%–0.25%, while the European Central Bank launched a new bond-buying stimulus program. The Bank of England cut its benchmark rate to 0.10%.

The MSCI EAFE Index, which measures stock performance in 21 developed-markets nations outside North America, underperformed the Russell 3000^® Index, a broad measure of the U.S. stock market, which advanced 10.15%, and the MSCI Emerging Markets Index, which gained 8.25%.

Country returns in the benchmark were mixed

Thirteen of the MSCI EAFE Index’s 21 country components declined in U.S.-dollar terms for the twelve-month period. The largest index components were Japan (26.5%), the United Kingdom (13.2%) and France (10.6%), returning 0.3%, –22.3% and –13.8%, respectively. Together, these three nations represented just over one-half of the benchmark’s total market capitalization on October 31, 2020.

Fund gained and outperformed its benchmark

The Fund’s leading contributors to performance versus the benchmark were overweight positions in Japanese game maker Nintendo, consumer electronics giant Sony and Swiss multinational pharmaceutical company Lonza, respectively. Nintendo reported staggering profits as sales of the company’s games and consoles soared.

Conversely, overweight positions in European multinational Airbus, Britain’s Lloyds Banking Group and Dutch financial firm ING detracted from relative performance. The commercial aircraft business of Airbus was hurt by the slow recovery of air travel from pandemic-related restrictions.

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 Annual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of October 31, 2020

International Equity Fund		Total return			Average annual total return						Annual operating expenses*
	Inception date	1 year			5 years			10 years			gross			net
Institutional Class	7/1/99		0.33	%		2.74	%		3.71	%		0.48	%		0.48	%
Advisor Class	12/4/15		0.34			2.65	†		3.67	†		0.60			0.60
Premier Class	9/30/09		0.26			2.59			3.56			0.63			0.63
Retirement Class	10/1/02		0.10			2.47			3.45			0.73			0.73
Retail Class	3/31/06		0.03			2.39			3.38			0.82			0.82
Class W	9/28/18		0.89			2.95	†		3.82	†		0.48			0.00
MSCI EAFE® Index	—		–6.86			2.85			3.82			—			—

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

$10,000 over 10 years

Institutional Class

Ending amounts are as of October 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by country

% of portfolio investments as of 10/31/2020
Japan	19.6
France	14.1
Germany	12.2
United Kingdom	9.6
Switzerland	7.8
Australia	4.8
Netherlands	3.8
China	3.7
Denmark	3.6
Italy	3.1
9 other nations	10.2
Short-term investments	7.5
Total	100.0

Holdings by company size

Market capitalization	% of equity investments as of 10/31/2020
More than $50 billion	55.7
More than $15 billion–$50 billion	35.2
More than $2 billion–$15 billion	9.1
Total	100.0

Fund profile
	as of 10/31/2020
Net assets	$4.69 billion
Portfolio turnover rate	102%
Number of holdings	91
Weighted median market capitalization	$54.52 billion
Price/earnings ratio (weighted 12-month trailing average)†	23.9

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

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

International Opportunities Fund

Expense example

Six months ended October 31, 2020

International Opportunities Fund	Beginning account value (5/1/20)		Ending account value (10/31/20)		Expenses paid during period* (5/1/20– 10/31/20)
Actual return
Institutional Class	$	1,000.00	$	1,267.15		$3.48
Advisor Class		1,000.00		1,266.77		4.05
Premier Class		1,000.00		1,266.72		4.33
Retirement Class		1,000.00		1,265.59		4.39
Retail Class		1,000.00		1,265.16		5.69
Class W		1,000.00		1,271.56		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,022.07		3.10
Advisor Class		1,000.00		1,021.57		3.61
Premier Class		1,000.00		1,021.32		3.86
Retirement Class		1,000.00		1,021.27		3.91
Retail Class		1,000.00		1,020.11		5.08
Class W		1,000.00		1,025.14		0.00

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended October 31, 2020. The Fund’s annualized six-month expense ratios for that period were 0.61% for the Institutional Class, 0.71% for the Advisor Class, 0.76% for the Premier Class, 0.77% for the Retirement Class, 1.00% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 10/31/2020
Information technology	21.7
Consumer discretionary	21.1
Industrials	12.4
Health care	11.9
Consumer staples	10.0
Financials	7.6
Materials	5.4
Communication services	3.7
Energy	1.1
Real estate	0.7
Short-term investments, other assets & liabilities, net	4.4
Total	100.0

Performance for the twelve months ended October 31, 2020

The International Opportunities Fund returned 18.84% for the Institutional Class, compared with the –2.61% return of its benchmark, the MSCI All Country World (ACWI) ex USA Index. The performance table shows returns for all share classes of the Fund.

Global equity market returns varied amid COVID-19 volatility

In a year of high volatility, international developed-markets stocks declined, while emerging-markets equities posted positive returns. Global economies struggled during the first half of the period, rocked by uncertainty surrounding the COVID-19 pandemic, but many regions showed signs of recovery as the year progressed. After declining sharply in the first and second quarters of 2020, the economy in the 19-nation euro area experienced powerful growth in the third quarter of the calendar year. The Chinese economy, which contracted year-over-year in the first quarter, reported growth in both of the following two quarters.

Central banks around the world responded to the economic shock of the pandemic. In March, the Federal Reserve cut the federal funds target rate to 0.00%–0.25%, while the European Central Bank launched a new bond-buying stimulus program. The Bank of England cut its benchmark rate to 0.10%.

The MSCI EAFE^® Index, which measures stock performance in 21 developed-markets nations outside North America, returned –6.86%, underperforming the 10.15% return of the Russell 3000^® Index, a broad measure of the U.S. stock market. The MSCI Emerging Markets Index returned 8.25% for the period.

Most benchmark countries were down

Of the 48 countries within the MSCI ACWI ex USA Index, 36 lost ground in U.S.-dollar terms for the twelve months. The benchmark’s largest country components were Japan (16.6%), China (13.4%) and the United Kingdom (8.2%), returning 0.3%, 35.2% and –22.3%, respectively. Together, these three nations represented more than one-third of the index’s total market capitalization on October 31, 2020.

Fund substantially outperformed its benchmark

The largest contributors to the Fund’s relative performance were overweight investments in Australian payment processor Afterpay and Canadian e-commerce company Shopify, followed by an out-of-benchmark position in German meal kit provider HelloFresh. All three had stellar returns. Afterpay benefited from strong growth in the use of its platform amid the accelerated shift to online shopping.

Conversely, the leading detractor from relative performance was not being invested in Chinese online retailer Alibaba, a large benchmark holding. Next was an underweight investment in Taiwan Semiconductor Manufacturing, followed by an overweight in Norwegian petroleum resources developer Aker BP.

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 Annual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of October 31, 2020

International Opportunities Fund		Total return			Average annual total return						Annual operating expenses*
	Inception date	1 year			5 years			since inception			gross			net
Institutional Class	4/12/13		18.84	%		9.74	%		7.22	%		0.62	%		0.62	%
Advisor Class	12/4/15		18.66			9.66	†		7.17	†		0.71			0.71
Premier Class	4/12/13		18.69			9.60			7.07			0.77			0.77
Retirement Class	4/12/13		18.62			9.53			6.98			0.87			0.87
Retail Class	4/12/13		18.26			9.29			6.79			1.02			1.02
Class W	9/28/18		19.52			10.02	†		7.40	†		0.62			0.00
MSCI All Country World Index ex USA	—		–2.61			4.26			3.36	‡		—			—

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

$10,000 invested at Fund’s inception

Institutional Class (inception April 12, 2013)

Ending amounts are as of October 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by country

% of portfolio investments as of 10/31/2020
Japan	14.6
United Kingdom	9.1
China	7.4
Canada	6.6
Brazil	6.4
Germany	6.2
Australia	5.5
France	4.7
Italy	4.5
Ireland	4.5
14 other nations	24.1
Short-term investments	6.4
Total	100.0

Holdings by company size

Market capitalization	% of equity investments as of 10/31/2020
More than $50 billion	18.4
More than $15 billion–$50 billion	28.4
More than $2 billion–$15 billion	48.2
$2 billion or less	5.0
Total	100.0

Fund profile
as of 10/31/2020
Net assets	$1.82 billion
Portfolio turnover rate	36%
Number of holdings	99
Weighted median market capitalization	$13.75 billion
Price/earnings ratio (weighted 12-month trailing average)†	58.5

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

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

Quant International Equity Fund

Expense example

Six months ended October 31, 2020

Quant International Equity Fund	Beginning account value (5/1/20)		Ending account value (10/31/20)		Expenses paid during period* (5/1/20– 10/31/20)
Actual return
Institutional Class	$	1,000.00	$	1,077.42		$2.09
Advisor Class		1,000.00		1,077.54		2.72
Class W		1,000.00		1,082.26		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,023.13		2.03
Advisor Class		1,000.00		1,022.52		2.64
Class W		1,000.00		1,025.14		0.00

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended October 31, 2020. The Fund’s annualized six-month expense ratios for that period were 0.40% for the Institutional Class, 0.52% for the Advisor Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 10/31/2020
Financials		16.3
Industrials		13.3
Health care		12.2
Consumer discretionary		10.8
Consumer staples		10.3
Information technology		7.6
Materials		6.8
Communication services		5.2
Utilities		3.5
Real estate		2.8
Energy		2.5
Short-term investments, other assets & liabilities, net		8.7
Total		100.0

Performance for the twelve months ended October 31, 2020

The Quant International Equity Fund returned –7.72% for the Institutional Class, compared with the –6.86% return of its benchmark, the MSCI EAFE^® Index. The performance table shows returns for all share classes of the Fund.

Global equity market returns varied amid COVID-19 volatility

In a year of high volatility, international developed-markets stocks declined, while emerging-markets equities posted positive returns. Global economies struggled during the first half of the period, rocked by uncertainty surrounding the COVID-19 pandemic, but many regions showed signs of recovery as the year progressed. After declining sharply in the first and second quarters of 2020, the economy in the 19-nation euro area experienced powerful growth in the third quarter of the calendar year. The Chinese economy, which contracted year-over-year in the first quarter, reported growth in both of the following two quarters.

Central banks around the world responded aggressively to the economic shock of the pandemic. In March, the Federal Reserve cut the federal funds target rate to 0.00%–0.25%, while the European Central Bank launched a new bond-buying stimulus program. The Bank of England cut its benchmark rate to 0.10%.

The MSCI EAFE Index, which measures stock performance in 21 developed-markets nations outside North America, underperformed the Russell 3000^® Index, a broad measure of the U.S. stock market, which advanced 10.15%, and the MSCI Emerging Markets Index, which gained 8.25%.

Country returns in the benchmark were mixed

Thirteen of the MSCI EAFE Index’s 21 country components declined in U.S.-dollar terms for the twelve-month period. The largest index components were Japan (26.5%), the United Kingdom (13.2%) and France (10.6%), returning 0.3%, –22.3% and –13.8%, respectively. Together, these three nations represented just over one-half of the benchmark’s total market capitalization on October 31, 2020.

Fund underperformed its benchmark

The Fund’s main detractor from relative performance was an overweight position in Germany’s MTU Aero Engines, which saw revenues decline amid the pandemic. The next-largest detractors were overweights in French bank holding company Credit Agricole and Spanish engineering firm ACS Actividades de Construccion y Servicios, respectively.

Conversely, the leading contributor to relative performance was an overweight investment in Swedish Match. The smoke-free products manufacturer benefited from strong sales in the U.S. as well as from its ZYN nicotine pouches. The next-best contributors were an overweight in Dutch semiconductor firm ASML Holding, followed by an underweight in European multinational Airbus.

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 Annual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of October 31, 2020

Quant International Equity Fund		Total return			Average annual total return						Annual operating expenses*
	Inception date	1 year			5 years			10 years			gross			net
Institutional Class	11/30/07		–7.72	%		2.21	%		3.87	%		0.40	%		0.40	%
Advisor Class	12/4/15		–7.80			2.13	†		3.83	†		0.48			0.48
Class W	9/28/18		–7.23			2.40	†		3.97	†		0.40			0.00
MSCI EAFE® Index	—		–6.86			2.85			3.82			—			—

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

$10,000 over 10 years

Institutional Class

Ending amounts are as of October 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by country

	% of portfolio investments as of 10/31/2020
Japan		24.9
United Kingdom		9.9
Switzerland		9.1
France		9.0
Germany		8.7
Australia		7.1
Netherlands		4.2
United States		3.2
Hong Kong		2.9
Sweden		2.7
17 other nations		13.0
Short-term investments		5.3
Total		100.0

Holdings by company size

Market capitalization	% of equity investments as of 10/31/2020
More than $50 billion	38.3
More than $15 billion–$50 billion	34.5
More than $2 billion–$15 billion	27.2
Total	100.0

Fund profile

	as of 10/31/2020
Net assets	$932.47 million
Portfolio turnover rate	112%
Number of holdings	303
Weighted median market capitalization	$33.34 billion
Price/earnings ratio (weighted 12-month trailing average)†	25.4

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

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

Quant International Small-Cap Equity Fund

Expense example

Six months ended October 31, 2020

Quant International Small-Cap Equity Fund	Beginning account value (5/1/20)		Ending account value (10/31/20)		Expenses paid during period* (5/1/20– 10/31/20)
Actual return
Institutional Class	$	1,000.00	$	1,186.63		$3.57
Advisor Class		1,000.00		1,185.37		3.74
Premier Class		1,000.00		1,185.55		4.67
Retirement Class		1,000.00		1,185.37		4.61
Retail Class		1,000.00		1,183.65		5.98
Class W		1,000.00		1,189.94		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,021.87		3.30
Advisor Class		1,000.00		1,021.72		3.46
Premier Class		1,000.00		1,020.86		4.32
Retirement Class		1,000.00		1,020.91		4.27
Retail Class		1,000.00		1,019.66		5.53
Class W		1,000.00		1,025.14		0.00

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended October 31, 2020. The Fund’s annualized six-month expense ratios for that period were 0.65% for the Institutional Class, 0.68% for the Advisor Class, 0.85% for the Premier Class, 0.84% for the Retirement Class, 1.09% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 10/31/2020
Industrials		18.0
Information technology		13.3
Consumer discretionary		12.9
Financials		12.3
Materials		9.8
Real estate		9.7
Health care		7.3
Consumer staples		6.1
Communication services		5.2
Utilities		2.9
Energy		2.1
Short-term investments, other assets & liabilities, net		0.4
Total		100.0

Performance for the twelve months ended October 31, 2020

The Quant International Small-Cap Equity Fund returned –5.51% for the Institutional Class, compared with the 0.07% return of its benchmark, the MSCI All Country World (ACWI) ex USA Small Cap Index. The performance table shows returns for all share classes of the Fund.

Global equity market returns varied amid COVID-19 volatility

In a year of high volatility, international developed-markets stocks declined, while emerging-markets equities posted positive returns. Global economies struggled during the first half of the period, rocked by uncertainty surrounding the COVID-19 pandemic, but many regions showed signs of recovery as the year progressed. After declining sharply in the first and second quarters of 2020, the economy in the 19-nation euro area experienced powerful growth in the third quarter of the calendar year. The Chinese economy, which contracted year-over-year in the first quarter, reported growth in both of the following two quarters.

Central banks around the world responded aggressively to the economic shock of the pandemic. In March, the Federal Reserve cut the federal funds target rate to 0.00%–0.25%, while the European Central Bank launched a new bond-buying stimulus program. The Bank of England cut its benchmark rate to 0.10%.

The MSCI EAFE^® Index, which measures stock performance in 21 developed-markets nations outside North America, returned –6.86% for the twelve-month period. By contrast, the Russell 3000^® Index, a broad measure of the U.S. stock market, advanced 10.15%, while the MSCI Emerging Markets Index gained 8.25%.

Benchmark country returns were mostly down

Of the 48 countries in the MSCI ACWI ex USA Small Cap Index, 28 posted losses in U.S.-dollar terms for the twelve months. The largest markets were Japan (22.3%), the United Kingdom (11.9%) and Canada (6.6%), which returned –1.5%, –14.1% and 7.6%, respectively. These three countries comprised more than 40.0% of the index’s total market capitalization on October 31, 2020.

Fund trailed its benchmark

The Fund’s performance versus the benchmark was hurt by several overweight holdings. Chief among these was Chinese pharmaceutical manufacturer YiChang HEC. Sales of YiChang’s influenza drug declined as the pandemic kept people at home. Next was Canadian recreational vehicle maker BRP, and third was Australian real estate developer Charter Hall.

Conversely, the top contributor was an overweight position in Chinese solar products manufacturer JinkoSolar Holding, which benefited from increased shipments. Next were overweights in Japanese business strategy consultant BayCurrent and Australian protective equipment provider Ansell.

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 Annual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of October 31, 2020

Quant International Small-Cap Equity Fund		Total return			Average annual total return			Annual operating expenses*
	Inception date	1 year			since inception			gross			net
Institutional Class	12/9/16		–5.51	%		2.53	%		0.71	%		0.71	%
Advisor Class	12/9/16		–5.56			2.46			0.79			0.79
Premier Class	12/9/16		–5.71			2.41			0.89			0.89
Retirement Class	12/9/16		–5.67			2.32			0.96			0.96
Retail Class	12/9/16		–5.93			2.11			1.35			1.14
Class W	9/28/18		–4.97			2.88	†		0.71			0.00
MSCI ACWI ex USA Small Cap Index	—		0.07			5.77	‡		—			—

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

$10,000 invested at Fund’s inception

Institutional Class (inception December 9, 2016)

 

Ending amounts are as of October 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by country

	% of portfolio investments as of 10/31/2020
Japan	19.9
United Kingdom	10.9
Australia	6.6
Taiwan	6.2
Canada	4.9
Sweden	4.9
Korea, Republic of	4.5
Switzerland	3.8
China	3.3
Italy	2.9
38 other nations	29.9
Short-term investments	2.2
Total	100.0

Holdings by company size

Market capitalization	% of equity investments as of 10/31/2020
More than $50 billion	0.8
More than $2 billion–$15 billion	46.3
$2 billion or less	52.9
Total	100.0

Fund profile

	as of 10/31/2020
Net assets	$981.48 million
Portfolio turnover rate	100%
Number of holdings	529
Weighted median market capitalization	$1.80 billion
Price/earnings ratio (weighted 12-month trailing average)†	15.8

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

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

Social Choice International Equity Fund

Expense example

Six months ended October 31, 2020

Social Choice International Equity	Beginning account value (5/1/20)		Ending account value (10/31/20)		Expenses paid during period* (5/1/20– 10/31/20)
Actual return
Institutional Class	$	1,000.00	$	1,091.87		$2.10
Advisor Class		1,000.00		1,090.81		2.68
Premier Class		1,000.00		1,090.72		2.89
Retirement Class		1,000.00		1,089.95		3.41
Retail Class		1,000.00		1,089.95		3.73
5% annual hypothetical return
Institutional Class		1,000.00		1,023.13		2.03
Advisor Class		1,000.00		1,022.57		2.59
Premier Class		1,000.00		1,022.37		2.80
Retirement Class		1,000.00		1,021.87		3.30
Retail Class		1,000.00		1,021.57		3.61

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended October 31, 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 0.71% for the Retail Class. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 10/31/2020
Financials		15.9
Industrials		13.5
Health care		13.3
Consumer discretionary		11.7
Consumer staples		11.0
Materials		8.8
Information technology		7.6
Communication services		5.0
Utilities		4.6
Real estate		4.0
Energy		3.0
Short-term investments, other assets & liabilities, net		1.6
Total		100.0

Performance for the twelve months ended October 31, 2020

The Social Choice International Equity Fund returned –5.83% for the Institutional Class, compared with the –6.86% return of its benchmark, the MSCI EAFE^® Index. The performance table shows returns for all share classes of the Fund. The Fund utilizes environmental, social and governance (ESG) criteria, while the benchmark does not.

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

Excluding Royal Dutch Shell, HSBC and BP, respectively, helped the Fund’s relative performance most. Energy giants Royal Dutch Shell and BP grappled with plummeting prices due to an oversupply of oil, a production standoff between Russia and Saudi Arabia and sharply reduced demand due to COVID-19. British bank HSBC saw profits decline amid the pandemic and near-zero interest rates.

Some excluded stocks detracted from relative performance

Among omitted stocks, LVMH and M3 were the largest detractors. Although revenue declined, French luxury goods group LVMH showed resilience, aided by an acceleration in online shopping and strong recovery in demand for its products in China. M3, a Japanese provider of medical information to doctors, saw profits rise and increased activity on its internet platform.

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.

The largest contributors among the Fund’s holdings were overweight positions in Fortescue Metals and Sartorius, as well as an underweight in Takeda Pharmaceutical. Australia’s Fortescue Metals reported record iron ore shipments, while French biopharmaceutical firm Sartorius benefited from hopes for a COVID-19 vaccine and related therapeutics. Japanese firm Takeda Pharmaceutical underperformed due to reports of declining revenues.

Conversely, an underweight investment in SoftBank and overweights in Repsol and Unibail-Rodamco-Westfield detracted most from relative performance. Japanese conglomerate SoftBank benefited from the merger of its telecom firm Sprint with T-Mobile; Spanish oil and gas producer Repsol faced a sharp drop in prices due to pandemic-related travel restrictions; and French real estate investment trust Unibail-Rodamco-Westfield saw commercial lease income decline due to COVID-19.

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 Annual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of October 31, 2020

Social Choice International Equity Fund		Total return			Average annual total return						Annual operating expenses*
	Inception date	1 year			5 years			since inception			gross			net
Institutional Class	8/7/15		–5.83	%		3.57	%		2.46	%		0.58	%		0.40	%
Advisor Class	12/4/15		–5.96			3.51	†		2.40	†		0.66			0.48
Premier Class	8/7/15		–5.99			3.42			2.30			0.74			0.55
Retirement Class	8/7/15		–6.08			3.31			2.20			0.83			0.65
Retail Class	8/7/15		–6.18			3.22			2.11			0.92			0.74
MSCI EAFE® Index	—		–6.86			2.85			1.79	‡		—			—

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

$10,000 invested at Fund’s inception

Institutional Class (inception August 7, 2015)

Ending amounts are as of October 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by country

	% of portfolio investments as of 10/31/2020
Japan		26.1
United Kingdom		12.0
France		10.0
Switzerland		9.9
Germany		9.0
Australia		6.8
Netherlands		3.6
Sweden		3.6
Hong Kong		3.4
Denmark		2.7
12 other nations		11.2
Short-term investments		1.7
Total		100.0

Holdings by company size

Market capitalization	% of equity investments as of 10/31/2020
More than $50 billion		32.1
More than $15 billion–$50 billion		41.0
More than $2 billion–$15 billion		26.8
$2 billion or less		0.1
Total		100.0

Fund profile

	as of 10/31/2020
Net assets		$513.44 million
Portfolio turnover rate		15%
Number of holdings		404
Weighted median market capitalization		$29.31 billion
Price/earnings ratio (weighted 12-month trailing average)†		36.2

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

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

Summary portfolio of investments

Growth & Income Fund  ■  October 31, 2020

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	45,710,372		0.8	%
	BANKS
	3,118,360		Bank of America Corp		73,905,132		1.3
	937,144		JPMorgan Chase & Co		91,877,598		1.6
			Other		25,642,682		0.5
					191,425,412		3.4
CAPITAL GOODS
	154,415		Deere & Co		34,883,893		0.6
	353,796		Dover Corp		39,168,755		0.7
	421,646		Eaton Corp		43,762,638		0.8
	327,069		Honeywell International, Inc		53,950,031		0.9
	257,557		Trane Technologies plc		34,190,692		0.6
			Other		170,688,001		3.0
					376,644,010		6.6
COMMERCIAL & PROFESSIONAL SERVICES					61,016,307		1.0
CONSUMER DURABLES & APPAREL
	267,426		Nike, Inc (Class B)		32,112,514		0.6
			Other		63,180,307		1.1
					95,292,821		1.7
CONSUMER SERVICES					81,108,463		1.4
DIVERSIFIED FINANCIALS
	514,578		Discover Financial Services		33,452,716		0.6
	998,857		Morgan Stanley		48,094,964		0.8
			Other		65,035,057		1.1
					146,582,737		2.5
ENERGY					91,947,741		1.6
FOOD & STAPLES RETAILING
	352,439		Walmart, Inc		48,900,911		0.8
			Other		30,983,617		0.6
					79,884,528		1.4
FOOD, BEVERAGE & TOBACCO
	781,233		Mondelez International, Inc		41,499,097		0.7
	466,349		PepsiCo, Inc		62,159,658		1.1
			Other		98,197,659		1.7
					201,856,414		3.5
HEALTH CARE EQUIPMENT & SERVICES
	425,729	n	Baxter International, Inc		33,023,798		0.6
	281,671		Danaher Corp		64,654,761		1.1
	126,627	n	Humana, Inc		50,559,629		0.9
	172,104		UnitedHealth Group, Inc		52,515,815		0.9
			Other		216,214,261		3.8
					416,968,264		7.3
HOUSEHOLD & PERSONAL PRODUCTS
	676,171		Procter & Gamble Co		92,703,044		1.6
			Other		38,008,228		0.7
					130,711,272		2.3

Shares			Company	Value		% of net assets
INSURANCE
	849,970	n	Hartford Financial Services Group, Inc	$	32,740,844		0.6	%
			Other		91,254,960		1.6
					123,995,804		2.2
MATERIALS
	652,651		DuPont de Nemours, Inc		37,122,789		0.6
	299,416		Linde plc		65,973,321		1.2
			Other		103,037,576		1.8
					206,133,686		3.6
MEDIA & ENTERTAINMENT
	115,969	*	Alphabet, Inc (Class C)		187,986,909		3.3
	1,020,318		Comcast Corp (Class A)		43,098,232		0.7
	481,109	*	Facebook, Inc		126,584,589		2.2
	113,149	*,n	Netflix, Inc		53,829,505		0.9
	519,088		Walt Disney Co		62,939,420		1.1
			Other		75,111,567		1.4
					549,550,222		9.6
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	634,714		AbbVie, Inc		54,014,161		0.9
	653,032		Merck & Co, Inc		49,114,537		0.9
	62,389	*	Regeneron Pharmaceuticals, Inc		33,912,165		0.6
			Other		288,114,086		5.0
					425,154,949		7.4
REAL ESTATE
	158,283		American Tower Corp		36,349,691		0.6
	379,905		Prologis, Inc		37,686,576		0.7
			Other		13,421,910		0.2
					87,458,177		1.5
RETAILING
	88,032	*,n	Amazon.com, Inc		267,278,357		4.7
	305,397		Best Buy Co, Inc		34,067,035		0.6
	349,282		Expedia Group, Inc		32,884,900		0.6
	314,652	n	Home Depot, Inc		83,920,835		1.5
	268,434		Target Corp		40,861,023		0.7
			Other		68,081,127		1.1
					527,093,277		9.2
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	582,537	*,n	Advanced Micro Devices, Inc		43,859,211		0.8
	169,867		NVIDIA Corp		85,164,519		1.5
	435,045		QUALCOMM, Inc		53,667,151		0.9
			Other		231,278,030		4.0
					413,968,911		7.2
SOFTWARE & SERVICES
	421,370	*	Fiserv, Inc		40,228,194		0.7
	223,403	n	Mastercard, Inc (Class A)		64,483,042		1.1
	1,575,927		Microsoft Corp		319,077,940		5.6
	336,346	*	PayPal Holdings, Inc		62,604,081		1.1
	304,110	*,n	salesforce.com, Inc		70,635,630		1.2
	89,151	*	ServiceNow, Inc		44,358,863		0.8
			Other		69,123,535		1.2
					670,511,285		11.7

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

Summary portfolio of investments continued

Growth & Income Fund  ■  October 31, 2020

Shares			Company	Value		% of net assets
TECHNOLOGY HARDWARE & EQUIPMENT
	3,279,490	n	Apple, Inc	$	357,005,281		6.2	%
	361,054		TE Connectivity Ltd		34,978,911		0.6
			Other		97,489,065		1.7
					489,473,257		8.5
TELECOMMUNICATION SERVICES
	862,091		Verizon Communications, Inc		49,130,566		0.8
			Other		52,752,656		1.0
					101,883,222		1.8
TRANSPORTATION
	359,882	n	United Parcel Service, Inc (Class B)		56,541,061		1.0
			Other		30,317,500		0.5
					86,858,561		1.5
UTILITIES
	733,094	n	NextEra Energy, Inc		53,669,812		0.9
			Other		67,282,804		1.2
					120,952,616		2.1
		TOTAL COMMON STOCKS (Cost $3,298,847,980)			5,722,182,308		99.8
PURCHASED OPTIONS
DIVERSIFIED FINANCIALS					142,400		0.0
HEALTH CARE EQUIPMENT & SERVICES					34,515		0.0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					120,000		0.0
		TOTAL PURCHASED OPTIONS (Cost $416,775)			296,915		0.0

Principal			Issuer	Value			% of net assets
SHORT-TERM INVESTMENTS
REPURCHASE AGREEMENT				$	14,135,000			0.2	%
TREASURY DEBT					17,289,424			0.3
	Shares		Company
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	14,735,144	c	State Street Navigator Securities Lending Government Money Market Portfolio		14,735,144			0.3
					14,735,144			0.3
		TOTAL SHORT-TERM INVESTMENTS (Cost $46,159,536)			46,159,568			0.8
		TOTAL PORTFOLIO (Cost $3,345,424,291)			5,768,638,791			100.6
		OTHER ASSETS & LIABILITIES, NET			(33,614,049	)		(0.6	)
		NET ASSETS		$	5,735,024,742			100.0	%

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

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

At 10/31/20, the aggregate value of securities on loan is $17,143,943. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.

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

Purchased options outstanding as of October 31, 2020 were as follows:

Description/underlying investment	Number of contracts		Notional amount		Exercise price		Expiration date		Value
Alkermes plc, Call		1,000		$199,856		$  22.00		05/21/21		$120,000
Financial Select Sector SPDR Fund, Call		1,600		124,857		25.00		01/15/21		142,400
Stryker Corp, Call		234		92,062		240.00		01/15/21		34,515
Total		2,834		$416,775						$296,915

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

Summary portfolio of investments

Growth & Income Fund  ■  October 31, 2020

Written options outstanding as of October 31, 2020 were as follows:

Description/underlying investment	Number of contracts		Notional amount			Exercise price		Expiration date	Value
Acadia Pharmaceuticals, Inc, Put		600	$	(253,773	)	$	37.00	12/18/20	$	(55,800	)
Acuity Brands, Inc, Put		125		(272,925	)		85.00	12/18/20		(53,750	)
Advanced Micro Devices, Inc, Put		570		(47,859	)		70.00	11/13/20		(74,100	)
Alkermes plc, Call		1,000		(97,882	)		26.00	05/21/21		(95,000	)
Alkermes plc, Put		1,000		(144,811	)		14.00	05/21/21		(170,000	)
Alliance Data Systems Corp, Put		890		(643,424	)		45.00	03/19/21		(471,700	)
Amazon.com, Inc, Call		65		(742,413	)		3,800.00	11/20/20		(25,025	)
Amazon.com, Inc, Call		65		(500,823	)		3,950.00	11/20/20		(13,000	)
Apple, Inc, Call		1,268		(2,303,124	)		140.00	06/18/21		(564,260	)
Apple, Inc, Put		3,116		(3,010,688	)		105.00	06/18/21		(3,736,084	)
Arista Networks, Inc, Put		80		(181,074	)		165.00	01/15/21		(36,000	)
Aspen Technology, Inc, Put		186		(181,272	)		90.00	12/18/20		(48,918	)
Aspen Technology, Inc, Put		186		(225,935	)		95.00	12/18/20		(61,380	)
Avantor, Inc, Call		1,200		(32,356	)		30.00	11/20/20		(18,000	)
Baxter International, Inc, Put		430		(36,104	)		70.00	11/20/20		(34,400	)
Biogen, Inc, Put		150		(463,545	)		265.00	01/15/21		(600,000	)
Biogen, Inc, Put		150		(529,190	)		270.00	01/15/21		(641,250	)
BJ’s Wholesale Club Holdings, Inc, Call		1,400		(70,840	)		50.00	11/20/20		(12,600	)
BJ’s Wholesale Club Holdings, Inc, Put		800		(28,771	)		30.00	12/18/20		(40,000	)
Boeing Co, Put		67		(353,194	)		205.00	05/21/21		(450,240	)
Boston Scientific Corp, Put		500		(56,479	)		30.00	11/20/20		(15,500	)
Brunswick Corp, Call		532		(63,165	)		75.00	11/20/20		(13,300	)
Carlisle Cos, Inc, Call		260		(84,077	)		150.00	12/18/20		(20,800	)
Carlisle Cos, Inc, Put		260		(392,878	)		115.00	12/18/20		(63,700	)
Chevron Corp, Call		222		(56,823	)		85.00	12/18/20		(8,880	)
Chevron Corp, Put		222		(220,433	)		72.50	06/18/21		(264,624	)
Children’s Place, Inc, Call		615		(539,934	)		50.00	12/18/20		(16,912	)
Children’s Place, Inc, Call		550		(191,374	)		60.00	12/18/20		(9,625	)
Children’s Place, Inc, Call		615		(619,882	)		50.00	01/15/21		(38,437	)
Children’s Place, Inc, Put		923		(671,896	)		25.00	01/15/21		(443,040	)
Children’s Place, Inc, Put		550		(878,861	)		35.00	01/15/21		(635,250	)
Children’s Place, Inc, Put		922		(648,119	)		30.00	03/19/21		(845,474	)
Chipotle Mexican Grill, Inc, Call		44		(608,551	)		1,440.00	03/19/21		(180,180	)
Chipotle Mexican Grill, Inc, Put		44		(179,400	)		980.00	03/19/21		(179,520	)
Citigroup, Inc, Call		445		(107,672	)		50.00	01/15/21		(31,150	)
Citigroup, Inc, Put		445		(81,417	)		37.50	12/18/20		(60,075	)
Corteva, Inc, Call		800		(27,171	)		36.00	11/20/20		(28,000	)
Deckers Outdoor Corp, Put		300		(218,384	)		175.00	03/19/21		(116,250	)
DexCom, Inc, Call		100		(45,095	)		490.00	11/20/20		(500	)
DexCom, Inc, Put		145		(38,274	)		280.00	11/20/20		(70,180	)
DexCom, Inc, Put		320		(868,504	)		320.00	03/19/21		(1,188,800	)
DraftKings, Inc, Put		900		(283,462	)		30.00	01/15/21		(283,462	)
Enphase Energy, Inc, Call		400		(158,382	)		125.00	11/20/20		(68,000	)
FedEx Corp, Put		314		(50,149	)		210.00	11/20/20		(36,110	)
Financial Select Sector SPDR Fund, Call		1,600		(39,942	)		27.00	01/15/21		(41,600	)
Financial Select Sector SPDR Fund, Put		1,600		(70,341	)		20.00	01/15/21		(75,200	)
Hartford Financial Services Group, Inc, Call		25		(4,199	)		50.00	12/18/20		(813	)
Hartford Financial Services Group, Inc, Put		25		(4,874	)		35.00	12/18/20		(3,625	)
Hartford Financial Services Group, Inc, Put		575		(332,895	)		40.00	12/18/20		(207,000	)
Hess Corp, Put		186		(144,964	)		37.50	11/20/20		(54,684	)
Home Depot, Inc, Call		80		(103,835	)		260.00	01/15/21		(148,880	)
Home Depot, Inc, Call		160		(221,547	)		270.00	01/15/21		(234,400	)
Humana, Inc, Call		160		(444,465	)		445.00	02/19/21		(226,400	)
Illumina, Inc, Put		135		(114,922	)		280.00	12/18/20		(195,750	)
International Business Machines Corp, Put		320		(43,984	)		115.00	11/20/20		(224,960	)
Jazz Pharmaceuticals plc, Put		275		(288,046	)		105.00	11/20/20		(17,188	)
Kirby Corp, Put		900		(829,624	)		45.00	03/19/21		(751,500	)
Lululemon Athletica, Inc, Put		375		(1,031,404	)		260.00	01/15/21		(320,625	)
Lululemon Athletica, Inc, Put		179		(426,761	)		270.00	01/15/21		(193,320	)
M&T Bank Corp, Put		160		(164,229	)		100.00	01/15/21		(128,000	)
Marvell Technology Group Ltd, Put		1,000		(27,964	)		36.00	11/20/20		(120,000	)
Mastercard, Inc, Call		120		(178,824	)		370.00	01/15/21		(10,560	)
Mastercard, Inc, Put		120		(58,085	)		270.00	01/15/21		(167,640	)
Motorola Solutions, Inc, Put		240		(484,365	)		140.00	01/15/21		(104,400	)
NetFlix, Inc, Call		160		(156,599	)		620.00	12/18/20		(49,600	)
NetFlix, Inc, Put		160		(23,584	)		420.00	11/06/20		(28,800	)

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

Summary portfolio of investments concluded

Growth & Income Fund  ■  October 31, 2020

Description/underlying investment	Number of contracts		Notional amount			Exercise price		Expiration date	Value
NetFlix, Inc, Put		160	$	(609,202	)	$	450.00	12/18/20	$	(354,240	)
NextEra Energy, Inc, Put		348		(28,532	)		60.00	11/20/20		(5,220	)
Northrop Grumman Corp, Put		100		(143,670	)		280.00	11/20/20		(81,000	)
PVH Corp, Put		480		(707,966	)		55.00	01/15/21		(271,200	)
Roku, Inc, Put		320		(44,458	)		165.00	11/06/20		(57,920	)
salesforce.com, Inc, Put		160		(152,663	)		220.00	11/20/20		(111,200	)
Seagen, Inc, Put		300		(89,009	)		145.00	01/15/21		(89,009	)
Stryker Corp, Call		234		(48,571	)		250.00	01/15/21		(19,890	)
Stryker Corp, Put		234		(106,523	)		175.00	01/15/21		(112,320	)
Take-Two Interactive Software, Inc, Put		300		(41,388	)		140.00	11/06/20		(55,500	)
Teradata Corp, Put		1,665		(480,366	)		22.50	04/16/21		(840,825	)
Tiffany & Co, Put		474		(89,093	)		85.00	01/15/21		(4,740	)
Twitter, Inc, Put		1,000		(48,963	)		40.00	11/06/20		(117,000	)
United Parcel Service, Inc, Put		275		(42,735	)		145.00	11/06/20		(29,425	)
Universal Display Corp, Put		200		(138,374	)		140.00	03/19/21		(91,000	)
Universal Health Services, Inc, Put		332		(553,752	)		110.00	04/16/21		(499,660	)
Vertex Pharmaceuticals, Inc, Put		225		(59,861	)		185.00	11/20/20		(31,500	)
VF Corp, Put		500		(547,059	)		60.00	11/20/20		(43,750	)
World Wrestling Entertainment, Inc, Put		800		(464,759	)		40.00	01/15/21		(440,000	)
Wynn Resorts Ltd, Put		225		(341,505	)		77.50	03/19/21		(330,750	)
Wynn Resorts Ltd, Put		225		(367,634	)		80.00	03/19/21		(366,750	)
Wynn Resorts Ltd, Put		450		(789,060	)		77.50	06/18/21		(796,500	)
Xilinx, Inc, Put		320		(212,783	)		77.50	01/15/21		(28,960	)
Total		41,658	$	(28,513,764	)				$	(19,902,580	)

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

Summary portfolio of investments

Large-Cap Growth Fund  ■  October 31, 2020

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	149,592	*	Tesla, Inc	$	58,047,680		0.9	%
					58,047,680		0.9
BANKS					10,289,905		0.2
CAPITAL GOODS
	238,071		Roper Technologies Inc		88,405,285		1.5
			Other		13,300,532		0.2
					101,705,817		1.7
COMMERCIAL & PROFESSIONAL SERVICES
	777,867		Waste Connections, Inc		77,257,751		1.3
			Other		97,754,248		1.6
					175,011,999		2.9
CONSUMER DURABLES & APPAREL
	497,776		Nike, Inc (Class B)		59,772,942		1.0
			Other		66,296,996		1.1
					126,069,938		2.1
CONSUMER SERVICES
	50,812	*	Chipotle Mexican Grill, Inc (Class A)		61,049,602		1.0
			Other		89,592,637		1.5
					150,642,239		2.5
DIVERSIFIED FINANCIALS
	261,688		S&P Global, Inc		84,454,568		1.4
			Other		6,673,095		0.1
					91,127,663		1.5
FOOD & STAPLES RETAILING
	443,904		Costco Wholesale Corp		158,748,948		2.6
					158,748,948		2.6
FOOD, BEVERAGE & TOBACCO
	1,011,671	*	Monster Beverage Corp		77,463,648		1.3
			Other		69,179,322		1.1
					146,642,970		2.4
HEALTH CARE EQUIPMENT & SERVICES
	149,462	*	Align Technology, Inc		63,682,769		1.0
	277,289		Cigna Corp		46,298,944		0.8
	89,988	*	Intuitive Surgical, Inc		60,029,195		1.0
			Other		105,797,793		1.7
					275,808,701		4.5
HOUSEHOLD & PERSONAL PRODUCTS
	215,057		Estee Lauder Cos (Class A)		47,239,421		0.8
					47,239,421		0.8
INSURANCE					5,236,654		0.1
MATERIALS					29,836,680		0.5

Shares			Company	Value		% of net assets
MEDIA & ENTERTAINMENT
	216,393	*	Alphabet, Inc (Class C)	$	350,775,217		5.7	%
	487,088	*	Electronic Arts, Inc		58,367,755		1.0
	1,190,914	*	Facebook, Inc		313,341,383		5.1
	697,835	*	Match Group, Inc		81,493,171		1.3
	91,711	*	Netflix, Inc		43,630,591		0.7
	704,900		Tencent Holdings Ltd		53,858,313		0.9
	1,009,386	*	Twitter, Inc		41,748,205		0.7
	387,059		Walt Disney Co		46,930,904		0.8
					990,145,539		16.2
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	2,712,903	*	Avantor, Inc		63,129,253		1.1
	325,688		Eli Lilly & Co		42,489,256		0.7
	251,733	*	Illumina, Inc		73,682,249		1.2
	72,340		Lonza Group AG.		43,831,531		0.7
	587,807		Merck & Co, Inc		44,208,964		0.7
	236,735	*	Vertex Pharmaceuticals, Inc		49,326,105		0.8
	779,074		Zoetis, Inc		123,522,183		2.0
			Other		76,081,952		1.3
					516,271,493		8.5
RETAILING
	178,122	*	Amazon.com, Inc		540,805,110		8.9
	55,941	*	Booking Holdings, Inc		90,764,272		1.5
	650,298	*	CarMax, Inc		56,211,759		0.9
	830,187		TJX Companies, Inc		42,173,500		0.7
			Other		91,346,539		1.5
					821,301,180		13.5
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	787,995		Applied Materials, Inc		46,672,944		0.7
	173,898		Broadcom, Inc		60,799,958		1.0
	1,150,144		Marvell Technology Group Ltd		43,141,902		0.7
	233,373		NVIDIA Corp		117,003,887		1.9
	528,289		QUALCOMM, Inc		65,169,731		1.1
	419,942		Skyworks Solutions, Inc		59,333,605		1.0
	753,100		Taiwan Semiconductor Manufacturing Co Ltd (ADR)		63,162,497		1.0
			Other		16,362,257		0.3
					471,646,781		7.7
SOFTWARE & SERVICES
	98,176	*	Adobe, Inc		43,894,490		0.7
	31,293	*,g	Adyen NV		52,595,495		0.9
	288,236		Intuit, Inc		90,702,104		1.5
	1,815,914		Microsoft Corp		367,668,108		6.0
	1,293,787	*	PayPal Holdings, Inc		240,812,574		3.9
	1,012,533	*	salesforce.com, Inc		235,181,040		3.9
	158,599	*	ServiceNow, Inc		78,914,104		1.3
	1,173,071		Visa, Inc (Class A)		213,158,731		3.5
			Other		76,694,971		1.2
					1,399,621,617		22.9
TECHNOLOGY HARDWARE & EQUIPMENT
	2,732,684	n	Apple, Inc		297,479,980		4.9
			Other		68		0.0
					297,480,048		4.9

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

Summary portfolio of investments concluded

Large-Cap Growth Fund  ■  October 31, 2020

Shares			Company	Value			% of net assets
TELECOMMUNICATION SERVICES
	502,775	*	IAC	$	60,694,998			1.0	%
	554,622	*	T-Mobile US, Inc		60,769,932			1.0
			Other		41,079,595			0.7
					162,544,525			2.7
TRANSPORTATION
	1,714,376	*	Uber Technologies, Inc		57,277,302			0.9
					57,277,302			0.9
		TOTAL COMMON STOCKS (Cost $4,203,927,184)			6,092,697,100			100.0
SHORT-TERM INVESTMENTS
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	2,240,546	c	State Street Navigator Securities Lending Government Money Market Portfolio		2,240,546			0.0
					2,240,546			0.0
		TOTAL SHORT-TERM INVESTMENTS (Cost $2,240,546)			2,240,546			0.0
		TOTAL PORTFOLIO (Cost $4,206,167,730)			6,094,937,646			100.0
		OTHER ASSETS & LIABILITIES, NET			(2,731,809	)		(0.0	)
		NET ASSETS		$	6,092,205,837			100.0	%

Abbreviation(s):

ADR	American Depositary Receipt
*	Non-income producing
c	Investments made with cash collateral received from securities on loan.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/20, the aggregate value of these securities, including those in “Other,” is $84,949,517 or 1.4% 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.

At 10/31/20, the aggregate value of securities on loan is $10,186,997. See Note 4 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.

Written options outstanding as of October 31, 2020 were as follows:

Description/underlying investment	Number of contracts	Notional amount			Exercise price		Expiration date	Value
Apple, Inc, Call	824	$	(242,152	)	$	82.50	12/18/20	$	(2,162,176	)
Apple, Inc, Call	784		(539,296	)		92.50	12/18/20		(1,348,480	)
Apple, Inc, Put	824		(439,422	)		62.50	12/18/20		(15,656	)
Total	2,432	$	(1,220,870	)				$	(3,526,312	)

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

Summary portfolio of investments

Large-Cap Value Fund  ■  October 31, 2020

Shares			Company	Value		% of net assets
COMMON STOCKS
BANKS
	5,698,492		Bank of America Corp	$	135,054,261		2.9	%
	2,149,886		Citigroup, Inc		89,048,278		1.9
	1,752,425		JPMorgan Chase & Co		171,807,747		3.6
			Other		102,549,192		2.2
					498,459,478		10.6
CAPITAL GOODS
	312,914		Caterpillar, Inc		49,143,144		1.0
	420,403		Deere & Co		94,973,242		2.0
	469,373		Dover Corp		51,964,285		1.1
	474,113		Eaton Corp		49,208,188		1.0
	630,573		Honeywell International, Inc		104,013,016		2.2
	1,185,292		Masco Corp		63,531,651		1.3
	317,665		Parker-Hannifin Corp		66,188,679		1.4
	563,860		Trane Technologies plc		74,852,415		1.6
			Other		107,466,428		2.3
					661,341,048		13.9
CONSUMER DURABLES & APPAREL
	18,042	*	NVR, Inc		71,321,650		1.5
					71,321,650		1.5
CONSUMER SERVICES
	253,650		McDonald’s Corp		54,027,450		1.1
			Other		45,659,180		1.0
					99,686,630		2.1
DIVERSIFIED FINANCIALS
	675,199		American Express Co		61,605,157		1.3
	88,215		BlackRock, Inc		52,859,310		1.1
	383,700		Goldman Sachs Group, Inc		72,534,648		1.5
					186,999,115		3.9
ENERGY
	924,264		Chevron Corp		64,236,348		1.3
			Other		70,108,296		1.5
					134,344,644		2.8
FOOD & STAPLES RETAILING
	651,909		Walmart, Inc		90,452,374		1.9
					90,452,374		1.9
FOOD, BEVERAGE & TOBACCO
	900,822		Mondelez International, Inc		47,851,665		1.0
			Other		47,664,975		1.0
					95,516,640		2.0
HEALTH CARE EQUIPMENT & SERVICES
	233,271		Anthem, Inc		63,636,329		1.3
	350,844		Cigna Corp		58,580,423		1.2
	638,986		Medtronic plc		64,262,822		1.4
	237,076		UnitedHealth Group, Inc		72,341,371		1.5
	545,232		Zimmer Biomet Holdings, Inc		72,025,147		1.5
			Other		61,429,221		1.3
					392,275,313		8.2

Shares			Company	Value		% of net assets
HOUSEHOLD & PERSONAL PRODUCTS
	521,525		Procter & Gamble Co	$	71,501,077		1.5	%
					71,501,077		1.5
INSURANCE
	1,600,220		American International Group, Inc		50,390,928		1.1
	354,163	*	Berkshire Hathaway, Inc (Class B)		71,505,510		1.5
	592,644		Chubb Ltd		76,990,382		1.6
			Other		73,553,393		1.6
					272,440,213		5.8
MATERIALS
	758,585	*	Crown Holdings, Inc		65,086,593		1.4
	459,890		PPG Industries, Inc		59,656,931		1.2
			Other		90,826,414		1.9
					215,569,938		4.5
MEDIA & ENTERTAINMENT
	67,950	*	Alphabet, Inc (Class C)		110,147,629		2.3
	79,199	*	Charter Communications, Inc		47,821,940		1.0
	2,981,448		Comcast Corp (Class A)		125,936,364		2.6
	810,388		Walt Disney Co		98,259,545		2.1
					382,165,478		8.0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	1,025,464		Bristol-Myers Squibb Co		59,938,371		1.3
	1,076,246		Johnson & Johnson		147,564,089		3.1
	699,321		Merck & Co, Inc		52,595,932		1.1
	2,597,653		Pfizer, Inc		92,164,728		1.9
			Other		34,096,894		0.7
					386,360,014		8.1
REAL ESTATE
	512,544		Prologis, Inc		50,844,365		1.1
			Other		2,418,914		0.0
					53,263,279		1.1
RETAILING
	392,207		Home Depot, Inc		104,605,529		2.2
			Other		30,394,292		0.6
					134,999,821		2.8
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	1,022,760		Applied Materials, Inc		60,578,075		1.3
	1,528,939		Intel Corp		67,701,419		1.4
	379,302		NXP Semiconductors NV		51,251,286		1.1
			Other		106,428,150		2.2
					285,958,930		6.0
SOFTWARE & SERVICES
	288,792		Accenture plc		62,641,873		1.3
	384,421		Microsoft Corp		77,833,720		1.6
			Other		25,538,466		0.6
					166,014,059		3.5
TECHNOLOGY HARDWARE & EQUIPMENT
	771,530		TE Connectivity Ltd		74,745,827		1.6
			Other		39,196,948		0.8
					113,942,775		2.4

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

Summary portfolio of investments	concluded
Large-Cap Value Fund  ■  October 31, 2020

Shares			Company	Value		% of net assets
TELECOMMUNICATION SERVICES				$	91,090,061		1.9	%
TRANSPORTATION
	438,081		Union Pacific Corp		77,623,573		1.6
			Other		67,457,234		1.4
					145,080,807		3.0
UTILITIES
	568,937		American Electric Power Co, Inc		51,164,504		1.1
	2,408,522		Centerpoint Energy, Inc		50,892,070		1.1
	497,820		Entergy Corp		50,389,340		1.0
			Other		30,254,894		0.6
					182,700,808		3.8
		TOTAL COMMON STOCKS (Cost $4,099,904,694)			4,731,484,152		99.3
Principal			Issuer
SHORT-TERM INVESTMENTS
TREASURY DEBT					19,493,351		0.4
		TOTAL SHORT-TERM INVESTMENTS  (Cost $19,493,338)			19,493,351		0.4
		TOTAL PORTFOLIO (Cost $4,119,398,032)			4,750,977,503		99.7
		OTHER ASSETS & LIABILITIES, NET			15,928,300		0.3
		NET ASSETS		$	4,766,905,803		100.0	%

* Non-income producing

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

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

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2020 Annual Report 51

Summary portfolio of investments

Mid-Cap Growth Fund  ■  October 31, 2020

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	10,263,931		0.8	%
CAPITAL GOODS
	43,601		W.W. Grainger, Inc		15,261,222		1.1
			Other		32,472,129		2.4
					47,733,351		3.5
COMMERCIAL & PROFESSIONAL SERVICES
	58,657		Cintas Corp		18,450,559		1.3
	860,803	*	Clarivate Analytics plc		23,887,283		1.8
	352,529		Experian Group Ltd		12,914,507		0.9
	99,305	*	Seagen, Inc		16,564,074		1.2
	236,883		Waste Connections, Inc		23,527,220		1.7
			Other		28,462,048		2.1
					123,805,691		9.0
CONSUMER DURABLES & APPAREL
	48,747	*	Lululemon Athletica, Inc		15,564,430		1.1
	161,747	*	Peloton Interactive, Inc		17,826,137		1.3
	150,740	*	Tempur Sealy International, Inc		13,415,860		1.0
			Other		35,341,585		2.6
					82,148,012		6.0
CONSUMER SERVICES
	18,727	*	Chipotle Mexican Grill, Inc (Class A)		22,500,116		1.6
			Other		29,428,468		2.2
					51,928,584		3.8
DIVERSIFIED FINANCIALS					38,345,048		2.8
FOOD, BEVERAGE & TOBACCO					27,951,514		2.0
HEALTH CARE EQUIPMENT & SERVICES
	86,310	*	Align Technology, Inc		36,774,965		2.7
	136,006	*	Guardant Health, Inc		14,506,400		1.1
	35,461	*	IDEXX Laboratories, Inc		15,064,542		1.1
	61,055	*	Insulet Corp		13,569,474		1.0
	129,031	*	Molina Healthcare, Inc		24,060,410		1.7
	43,226		Teleflex, Inc		13,755,810		1.0
	57,690		West Pharmaceutical Services, Inc		15,695,718		1.1
			Other		19,153,381		1.4
					152,580,700		11.1
HOUSEHOLD & PERSONAL PRODUCTS					6,788,267		0.5
INSURANCE					13,465,357		1.0
MEDIA & ENTERTAINMENT
	180,516	*	Match Group, Inc		21,080,658		1.5
	566,128	*	Twitter, Inc		23,415,054		1.7
			Other		13,367,056		1.0
					57,862,768		4.2

Shares			Company	Value		% of net assets
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	123,081	*	10X Genomics, Inc	$	16,849,789		1.2	%
	860,331	*	Avantor, Inc		20,019,902		1.5
	183,087	*	BioMarin Pharmaceutical, Inc		13,627,166		1.0
	156,931	*	Catalent, Inc		13,773,834		1.0
	193,883	*	Exact Sciences Corp		24,008,532		1.8
	246,240	*	Horizon Therapeutics Plc		18,450,763		1.3
			Other		18,505,968		1.4
					125,235,954		9.2
REAL ESTATE					7,968,136		0.6
RETAILING
	15,724	*	AutoZone, Inc		17,752,081		1.3
	161,747	*	Dollar Tree, Inc		14,608,989		1.1
	177,153	*	GrubHub, Inc		13,102,236		1.0
			Other		97,315,969		7.0
					142,779,275		10.4
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	468,157		Marvell Technology Group Ltd		17,560,569		1.3
	82,291		Monolithic Power Systems, Inc		26,300,203		1.9
	104,034		NXP Semiconductors NV		14,057,074		1.1
	116,330		Skyworks Solutions, Inc		16,436,266		1.2
	174,368		Xilinx, Inc		20,695,738		1.5
			Other		9,777,972		0.7
					104,827,822		7.7
SOFTWARE & SERVICES
	12,310	*,g	Adyen NV		20,689,948		1.5
	431,768	*	Anaplan, Inc		23,898,359		1.8
	186,452	*	Black Knight, Inc		16,398,453		1.2
	172,276	*	Datadog, Inc		15,634,047		1.1
	135,133	*	DocuSign, Inc		27,330,649		2.0
	64,634	*	HubSpot, Inc		18,748,384		1.4
	63,364	*	MongoDB, Inc		14,476,773		1.1
	75,245	*	Okta, Inc		15,788,658		1.2
	104,034	*	Paylocity Holding Corp		19,300,388		1.4
	134,673	*	Proofpoint, Inc		12,893,593		0.9
	75,816	*	RingCentral, Inc		19,586,306		1.4
	2,727,182		Sabre Corp		17,781,227		1.3
	605,968	*	Slack Technologies, Inc		15,500,662		1.1
	186,452	*	Synopsys, Inc		39,874,625		2.9
	160,781	*	Zendesk, Inc		17,837,044		1.3
			Other		15,677,768		1.2
					311,416,884		22.8
TECHNOLOGY HARDWARE & EQUIPMENT					12,342,884		0.9
TELECOMMUNICATION SERVICES
	157,683	*	GCI Liberty, Inc		12,808,590		1.0
	128,433	*	IAC		15,504,432		1.1
			Other		7,919,178		0.6
					36,232,200		2.7

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

Summary portfolio of investments	concluded
Mid-Cap Growth Fund  ■  October 31, 2020

Shares	Company	Value		% of net assets
TRANSPORTATION		$	3,877,334		0.3	%
	TOTAL COMMON STOCKS (Cost $1,024,557,692)		1,357,553,712		99.3
	TOTAL PORTFOLIO (Cost $1,024,557,692)		1,357,553,712		99.3
	OTHER ASSETS & LIABILITIES, NET		9,633,500		0.7
	NET ASSETS	$	1,367,187,212		100.0	%

*	Non-income producing
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/20, the aggregate value of these securities, including those in “Other,” is $32,869,521 or 2.4% of net assets.

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

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

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

Summary portfolio of investments

Mid-Cap Value Fund  ■  October 31, 2020

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	14,661,058		0.9	%
BANKS					65,275,513		3.8
CAPITAL GOODS
	189,199		Eaton Corp		19,636,964		1.1
	348,888		Fortive Corp		21,491,501		1.3
	134,651		L3Harris Technologies, Inc		21,693,623		1.3
	312,296		Owens Corning, Inc		20,446,019		1.2
	137,377		Parker-Hannifin Corp		28,623,872		1.7
	191,684		Stanley Black & Decker, Inc		31,857,881		1.9
	374,315		Timken Co		22,346,605		1.3
	233,005		Toro Co		19,129,711		1.1
			Other		28,164,040		1.6
					213,390,216		12.5
CONSUMER DURABLES & APPAREL
	352,556		Brunswick Corp		22,461,343		1.3
	1,286,250		Newell Brands Inc		22,715,175		1.3
	1,450,234	*	Under Armour, Inc (Class C)		17,736,362		1.0
	131,859		Whirlpool Corp		24,388,641		1.4
			Other		55,500,938		3.4
					142,802,459		8.4
CONSUMER SERVICES
	579,090		Wyndham Destinations, Inc		18,895,707		1.1
	189,789		Yum! Brands, Inc		17,713,007		1.0
			Other		16,610,582		1.0
					53,219,296		3.1
DIVERSIFIED FINANCIALS
	1,871,945		AGNC Investment Corp		26,151,072		1.5
	892,031		Ally Financial, Inc		23,799,387		1.4
	128,557		Ameriprise Financial, Inc		20,675,822		1.2
	504,099		Discover Financial Services		32,771,476		2.0
	862,980		Synchrony Financial		21,591,760		1.3
	449,020		Voya Financial, Inc		21,521,529		1.3
			Other		60,818,949		3.6
					207,329,995		12.3
ENERGY
	211,632		Pioneer Natural Resources Co		16,837,442		1.0
			Other		17,102,530		1.0
					33,939,972		2.0
FOOD, BEVERAGE & TOBACCO					15,983,442		1.0
HEALTH CARE EQUIPMENT & SERVICES
	353,906	*	Centene Corp		20,915,845		1.2
	722,308	*	Envista Holdings Corp		19,083,377		1.1
	131,369		McKesson Corp		19,375,614		1.2
	225,942		Zimmer Biomet Holdings, Inc		29,846,938		1.8
			Other		15,482,435		0.9
					104,704,209		6.2
HOUSEHOLD & PERSONAL PRODUCTS					15,602,472		0.9

Shares			Company	Value		% of net assets
INSURANCE
	992,644	*	BRP Group, Inc	$	25,312,422		1.5	%
			Other		14,150,123		0.8
					39,462,545		2.3
MATERIALS
	153,737		Avery Dennison Corp		21,275,663		1.2
	441,045	*	Berry Global Group, Inc		20,565,928		1.2
	405,073		DuPont de Nemours, Inc		23,040,552		1.4
			Other		26,348,170		1.6
					91,230,313		5.4
MEDIA & ENTERTAINMENT
	1,943,037	*,e	Advantage Solutions, Inc		17,467,903		1.0
	739,712	*	Altice USA, Inc		19,935,238		1.2
			Other		8,633,227		0.5
					46,036,368		2.7
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	179,858	*	Jazz Pharmaceuticals plc		25,917,538		1.5
	168,266	*	United Therapeutics Corp		22,586,345		1.4
			Other		15,548,098		0.9
					64,051,981		3.8
REAL ESTATE
	650,055		Invitation Homes, Inc		17,720,499		1.0
	679,927		MGM Growth Properties LLC		17,984,069		1.1
	639,847		Rexford Industrial Realty, Inc		29,727,292		1.8
	141,314		Sun Communities, Inc		19,449,046		1.1
			Other		45,594,801		2.7
					130,475,707		7.7
RETAILING
	257,408		Best Buy Co, Inc		28,713,862		1.7
					28,713,862		1.7
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	291,880	*	Cree, Inc		18,563,568		1.1
	502,256		Marvell Technology Group Ltd		18,839,622		1.1
	156,214		NXP Semiconductors NV		21,107,636		1.3
	121,014		Skyworks Solutions, Inc		17,098,068		1.0
			Other		13,736,907		0.8
					89,345,801		5.3
SOFTWARE & SERVICES
	82,848	*	Synopsys, Inc		17,717,873		1.0
			Other		23,445,637		1.4
					41,163,510		2.4
TECHNOLOGY HARDWARE & EQUIPMENT					32,951,608		1.9
TRANSPORTATION
	168,777		Kansas City Southern		29,728,381		1.8
					29,728,381		1.8

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

Summary portfolio of investments	concluded
Mid-Cap Value Fund  ■  October 31, 2020

Shares			Company	Value		% of net assets
UTILITIES
	330,091		American Electric Power Co, Inc	$	29,685,084		1.8	%
	1,856,463		Centerpoint Energy, Inc		39,227,063		2.3
	359,999		Entergy Corp		36,439,099		2.1
	484,911		Evergy, Inc		26,767,087		1.6
	723,347		Exelon Corp		28,854,312		1.7
	924,304		FirstEnergy Corp		27,470,315		1.6
			Other		24,023,358		1.4
					212,466,318		12.5
		TOTAL COMMON STOCKS (Cost $1,599,168,340)			1,672,535,026		98.6
RIGHTS / WARRANTS
MEDIA & ENTERTAINMENT					546,227		0.1
		TOTAL RIGHTS / WARRANTS (Cost $676,081)			546,227		0.1
Principal			Issuer
SHORT-TERM INVESTMENTS
REPURCHASE AGREEMENT					8,375,000		0.5
TREASURY DEBT					14,999,500		0.9

Shares			Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	5,632,892	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	5,632,892			0.3	%
					5,632,892			0.3
		TOTAL SHORT-TERM INVESTMENTS (Cost $29,007,364)			29,007,392			1.7
		TOTAL PORTFOLIO (Cost $1,628,851,785)			1,702,088,645			100.4
		OTHER ASSETS & LIABILITIES, NET			(6,162,348	)		(0.4	)
		NET ASSETS		$	1,695,926,297			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 $8,204,118. See Note 4 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 Annual Report 55

Summary portfolio of investments

Quant Large-Cap Growth Fund  ■  October 31, 2020

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	73,638	*	Tesla, Inc	$	28,574,489		1.9	%
					28,574,489		1.9
CAPITAL GOODS
	23,802		Northrop Grumman Corp		6,898,296		0.5
			Other		30,475,465		2.0
					37,373,761		2.5
COMMERCIAL & PROFESSIONAL SERVICES
	44,477		Verisk Analytics, Inc		7,915,572		0.5
			Other		9,415,721		0.6
					17,331,293		1.1
CONSUMER DURABLES & APPAREL
	111,187		Nike, Inc (Class B)		13,351,335		0.9
			Other		9,270,641		0.6
					22,621,976		1.5
CONSUMER SERVICES					10,670,886		0.7
DIVERSIFIED FINANCIALS
	71,452		Intercontinental Exchange Group, Inc		6,745,069		0.5
	100,000		iShares Russell 1000 Growth Index Fund		20,958,000		1.4
			Other		14,288,408		0.9
					41,991,477		2.8
FOOD & STAPLES RETAILING
	56,722		Costco Wholesale Corp		20,284,922		1.3
					20,284,922		1.3
FOOD, BEVERAGE & TOBACCO
	82,349	*	Monster Beverage Corp		6,305,463		0.4
	132,836		PepsiCo, Inc		17,705,710		1.2
			Other		13,517,611		0.9
					37,528,784		2.5
HEALTH CARE EQUIPMENT & SERVICES
	118,102		Abbott Laboratories		12,413,701		0.8
	139,934	*	Edwards Lifesciences Corp		10,031,868		0.7
	63,894		UnitedHealth Group, Inc		19,496,615		1.3
			Other		41,766,792		2.7
					83,708,976		5.5
HOUSEHOLD & PERSONAL PRODUCTS
	73,706		Procter & Gamble Co		10,105,093		0.7
			Other		5,578,311		0.3
					15,683,404		1.0
INSURANCE					4,922		0.0
MATERIALS					3,822,800		0.3
MEDIA & ENTERTAINMENT
	24,232	*	Alphabet, Inc (Class A)		39,161,577		2.6
	23,924	*	Alphabet, Inc (Class C)		38,781,043		2.5
	236,257	*	Facebook, Inc		62,161,579		4.1
	39,434	*	Netflix, Inc		18,760,331		1.2
			Other		14,807,141		1.0
					173,671,671		11.4

Shares			Company	Value		% of net assets
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	185,554		AbbVie, Inc	$	15,790,645		1.0	%
	36,090		Amgen, Inc		7,829,365		0.5
	83,705		Eli Lilly & Co		10,920,154		0.7
	70,999		Johnson & Johnson		9,734,673		0.7
	238,202		Merck & Co, Inc		17,915,172		1.2
	23,685		Thermo Fisher Scientific, Inc		11,205,847		0.7
	34,046	*	Vertex Pharmaceuticals, Inc		7,093,825		0.5
	60,132		Zoetis, Inc		9,533,929		0.6
			Other		36,143,212		2.4
					126,166,822		8.3
REAL ESTATE
	56,379		American Tower Corp		12,947,437		0.9
			Other		17,951,698		1.1
					30,899,135		2.0
RETAILING
	41,420	*	Amazon.com, Inc		125,757,333		8.3
	73,605		Home Depot, Inc		19,631,190		1.3
	104,430		Lowe’s Companies, Inc		16,510,383		1.1
			Other		22,121,310		1.4
					184,020,216		12.1
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	121,333	*	Advanced Micro Devices, Inc		9,135,162		0.6
	22,352		Broadcom, Inc		7,814,930		0.5
	19,260		Lam Research Corp		6,588,461		0.4
	64,696		NVIDIA Corp		32,435,987		2.1
	125,409		QUALCOMM, Inc		15,470,454		1.0
			Other		24,444,342		1.7
					95,889,336		6.3
SOFTWARE & SERVICES
	38,586		Accenture plc		8,369,689		0.6
	57,710	*	Adobe, Inc		25,802,141		1.7
	27,920	*	Autodesk, Inc		6,576,277		0.4
	62,199	*	Cadence Design Systems, Inc		6,802,705		0.4
	34,953	*	DocuSign, Inc		7,069,244		0.5
	31,380		Intuit, Inc		9,874,658		0.7
	103,569		Mastercard, Inc (Class A)		29,894,156		2.0
	733,720		Microsoft Corp		148,556,288		9.8
	133,561	*	PayPal Holdings, Inc		24,859,709		1.6
	89,896	*	salesforce.com, Inc		20,880,144		1.4
	18,019	*	ServiceNow, Inc		8,965,714		0.6
	149,966		Visa, Inc (Class A)		27,250,322		1.8
	29,371	*	Workday, Inc		6,171,435		0.4
	19,869	*	Zoom Video Communications, Inc		9,157,821		0.6
			Other		55,980,628		3.7
					396,210,931		26.2
TECHNOLOGY HARDWARE & EQUIPMENT
	1,552,182		Apple, Inc		168,970,533		11.1
			Other		237,784		0.0
					169,208,317		11.1
TELECOMMUNICATION SERVICES					2,258,430		0.2

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

Summary portfolio of investments	concluded
Quant Large-Cap Growth Fund  ■  October 31, 2020

Shares			Company	Value			% of net assets
TRANSPORTATION
	47,422		Old Dominion Freight Line	$	9,027,726			0.6	%
			Other		6,635,545			0.4
					15,663,271			1.0
		TOTAL COMMON STOCKS (Cost $657,205,654)			1,513,585,819			99.7
	Principal		Issuer
SHORT-TERM INVESTMENTS
REPURCHASE AGREEMENT					5,605,000			0.3
		TOTAL SHORT-TERM INVESTMENTS (Cost $5,605,000)			5,605,000			0.3
		TOTAL PORTFOLIO (Cost $662,810,654)			1,519,190,819			100.0
		OTHER ASSETS & LIABILITIES, NET			(501,284	)		(0.0	)
		NET ASSETS		$	1,518,689,535			100.0	%

* Non-income producing

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

At 10/31/20, the aggregate value of securities on loan is $349,496. See Note 4 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 Annual Report 57

Summary portfolio of investments

Quant Large-Cap Value Fund  ■  October 31, 2020

Shares		Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS			$	4,728,330		0.7	%
BANKS
	467,471	Bank of America Corp		11,079,063		1.6
	140,505	Citigroup, Inc		5,819,717		0.9
	174,014	JPMorgan Chase & Co		17,060,332		2.5
	242,995	Wells Fargo & Co		5,212,243		0.8
		Other		9,846,690		1.4
				49,018,045		7.2
CAPITAL GOODS
	28,841	3M Co		4,613,406		0.7
	53,918	PACCAR, Inc		4,603,519		0.7
	18,706	Parker-Hannifin Corp		3,897,582		0.6
	93,479	Raytheon Technologies Corp		5,077,779		0.7
		Other		37,094,217		5.4
				55,286,503		8.1
COMMERCIAL & PROFESSIONAL SERVICES				3,995,371		0.6
CONSUMER DURABLES & APPAREL				11,267,798		1.6
CONSUMER SERVICES
	34,938	McDonald’s Corp		7,441,794		1.1
		Other		10,579,792		1.5
				18,021,586		2.6
DIVERSIFIED FINANCIALS
	40,872	Intercontinental Exchange Group, Inc		3,858,317		0.6
	90,000	iShares Russell 1000 Value Index Fund		10,505,700		1.5
		Other		30,923,154		4.5
				45,287,171		6.6
ENERGY
	93,213	Chevron Corp		6,478,303		1.0
	212,699	Exxon Mobil Corp		6,938,241		1.0
		Other		11,886,777		1.7
				25,303,321		3.7
FOOD & STAPLES RETAILING
	74,584	Walmart, Inc		10,348,530		1.5
		Other		4,201,462		0.6
				14,549,992		2.1
FOOD, BEVERAGE & TOBACCO
	31,727	PepsiCo, Inc		4,228,892		0.6
	89,975	Philip Morris International, Inc		6,390,025		0.9
		Other		15,692,751		2.3
				26,311,668		3.8
HEALTH CARE EQUIPMENT & SERVICES
	53,745	Abbott Laboratories		5,649,137		0.8
	67,584	CVS Health Corp		3,790,787		0.6
	17,203	Danaher Corp		3,948,777		0.6
	87,677	Medtronic plc		8,817,676		1.3
		Other		22,734,176		3.3
				44,940,553		6.6
HOUSEHOLD & PERSONAL PRODUCTS
	86,464	Procter & Gamble Co		11,854,214		1.7
		Other		2,235,171		0.4
				14,089,385		2.1

Shares			Company	Value		% of net assets
INSURANCE
	101,240	*	Berkshire Hathaway, Inc (Class B)	$	20,440,356		3.0	%
	36,305		Chubb Ltd		4,716,382		0.7
	113,542		Metlife, Inc		4,297,565		0.6
			Other		13,732,178		2.0
					43,186,481		6.3
MATERIALS
	20,505		Air Products & Chemicals, Inc		5,664,301		0.8
	24,634		Linde plc		5,427,856		0.8
	60,784		Newmont Goldcorp Corp		3,819,667		0.6
			Other		14,834,588		2.2
					29,746,412		4.4
MEDIA & ENTERTAINMENT
	2,502	*	Alphabet, Inc (Class A)		4,043,507		0.6
	3,612	*	Alphabet, Inc (Class C)		5,855,088		0.9
	158,895		Comcast Corp (Class A)		6,711,725		1.0
	106,557		Walt Disney Co		12,920,036		1.9
			Other		7,501,548		1.0
					37,031,904		5.4
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	73,023		Bristol-Myers Squibb Co		4,268,194		0.6
	74,660		Gilead Sciences, Inc		4,341,479		0.6
	120,729		Johnson & Johnson		16,553,153		2.4
	271,449		Pfizer, Inc		9,631,011		1.4
			Other		15,452,075		2.3
					50,245,912		7.3
REAL ESTATE
	57,381		Prologis, Inc		5,692,195		0.8
			Other		24,918,856		3.7
					30,611,051		4.5
RETAILING
	33,879		Home Depot, Inc		9,035,868		1.3
	27,502		Target Corp		4,186,354		0.6
			Other		6,271,545		1.0
					19,493,767		2.9
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	219,576		Intel Corp		9,722,825		1.4
			Other		11,898,294		1.8
					21,621,119		3.2
SOFTWARE & SERVICES
	31,050		Fidelity National Information Services, Inc		3,868,519		0.6
	24,632		Global Payments, Inc		3,885,452		0.6
			Other		22,410,739		3.2
					30,164,710		4.4
TECHNOLOGY HARDWARE & EQUIPMENT
	230,394		Cisco Systems, Inc		8,271,145		1.2
			Other		10,768,316		1.6
					19,039,461		2.8
TELECOMMUNICATION SERVICES
	288,101		AT&T, Inc		7,784,489		1.1
	209,815		Verizon Communications, Inc		11,957,357		1.8
			Other		2,508,333		0.4
					22,250,179		3.3

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

Summary portfolio of investments concluded

Quant Large-Cap Value Fund  ■  October 31, 2020

Shares			Company	Value		% of net assets
TRANSPORTATION
	17,100		FedEx Corp	$	4,436,937		0.6	%
	23,462		Norfolk Southern Corp		4,906,373		0.7
	23,521		Union Pacific Corp		4,167,686		0.6
			Other		8,616,454		1.3
					22,127,450		3.2
UTILITIES
	63,409		CMS Energy Corp		4,015,692		0.6
	38,375		Entergy Corp		3,884,318		0.6
	87,566		NextEra Energy, Inc		6,410,707		0.9
			Other		28,207,340		4.1
					42,518,057		6.2
		TOTAL COMMON STOCKS (Cost $544,385,450)			680,836,226		99.6
	Principal		Issuer
SHORT-TERM INVESTMENTS
REPURCHASE AGREEMENT					755,000		0.1

Shares			Company	Value		% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	1,479,380	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	1,479,380		0.2	%
					1,479,380		0.2
		TOTAL SHORT-TERM INVESTMENTS (Cost $2,234,380)			2,234,380		0.3
		TOTAL PORTFOLIO (Cost $546,619,830)			683,070,606		99.9
		OTHER ASSETS & LIABILITIES, NET			737,871		0.1
		NET ASSETS		$	683,808,477		100.0	%

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

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

At 10/31/20, the aggregate value of securities on loan is $1,628,879. See Note 4 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 Annual Report 59

Summary portfolio of investments

Quant Small-Cap Equity Fund  ■  October 31, 2020

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	31,114,380		1.4	%
BANKS
	354,600		Essent Group Ltd		14,130,810		0.6
	824,200		Radian Group, Inc		14,794,390		0.6
	716,912		United Community Banks, Inc		15,012,138		0.7
			Other		183,069,011		7.9
					227,006,349		9.8
CAPITAL GOODS
	276,104		Advanced Drainage Systems, Inc		17,513,277		0.8
	409,083	*	BMC Stock Holdings, Inc		16,195,596		0.7
	379,700		Comfort Systems USA, Inc		17,390,260		0.8
	356,770		Federal Signal Corp		10,232,164		0.4
	717,354		Rexnord Corp		23,012,716		1.0
			Other		181,972,565		7.8
					266,316,578		11.5
COMMERCIAL & PROFESSIONAL SERVICES
	271,902		Exponent, Inc		18,921,660		0.8
	272,498	*	TriNet Group, Inc		18,780,562		0.8
			Other		34,864,969		1.5
					72,567,191		3.1
CONSUMER DURABLES & APPAREL
	210,500	*	CROCS, Inc		11,015,465		0.5
	58,300	*	Deckers Outdoor Corp		14,771,471		0.6
	314,100	*	YETI Holdings, Inc		15,541,668		0.7
			Other		58,796,229		2.5
					100,124,833		4.3
CONSUMER SERVICES					84,359,848		3.6
DIVERSIFIED FINANCIALS
	336,826		Stifel Financial Corp		19,690,848		0.8
			Other		60,514,809		2.6
					80,205,657		3.4
ENERGY
	180,269	*	Renewable Energy Group, Inc		10,167,172		0.4
			Other		33,381,032		1.5
					43,548,204		1.9
FOOD & STAPLES RETAILING
	561,151	*	BJ’s Wholesale Club Holdings, Inc		21,486,472		0.9
			Other		13,156,816		0.6
					34,643,288		1.5
FOOD, BEVERAGE & TOBACCO					34,852,084		1.5
HEALTH CARE EQUIPMENT & SERVICES
	160,600	e	Conmed Corp		12,521,982		0.5
	662,200	*	R1 RCM, Inc		11,866,624		0.5
			Other		138,888,151		6.0
					163,276,757		7.0
HOUSEHOLD & PERSONAL PRODUCTS					20,720,240		0.9
INSURANCE					38,920,014		1.7

Shares			Company	Value		% of net assets
MATERIALS
	101,500		Balchem Corp	$	10,144,925		0.4	%
	353,900		Louisiana-Pacific Corp		10,114,462		0.4
	177,500		Sensient Technologies Corp		11,613,825		0.5
	104,800		Stepan Co		12,202,912		0.5
	641,000	*	Summit Materials, Inc		11,339,290		0.5
			Other		69,627,074		3.1
					125,042,488		5.4
MEDIA & ENTERTAINMENT					25,176,673		1.1
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	577,887	*	Amicus Therapeutics, Inc		10,303,725		0.4
	141,211	*	Arena Pharmaceuticals, Inc		12,104,607		0.5
	257,694	*	Natera, Inc		17,332,498		0.7
			Other		255,038,761		11.0
					294,779,591		12.6
REAL ESTATE
	108,500		EastGroup Properties, Inc		14,439,180		0.6
	424,300		National Storage Affiliates Trust		14,379,527		0.6
	141,928		PS Business Parks, Inc		16,184,050		0.7
	166,500		QTS Realty Trust, Inc		10,241,415		0.4
	500,100		STAG Industrial, Inc		15,563,112		0.7
			Other		81,183,481		3.5
					151,990,765		6.5
RETAILING
	554,100		Rent-A-Center, Inc		17,121,690		0.7
	201,800	*	Sleep Number Corp		12,786,048		0.6
	45,388	*	Stamps.com, Inc		10,132,417		0.4
			Other		73,706,207		3.2
					113,746,362		4.9
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	470,862	*	Formfactor, Inc		13,348,938		0.6
	307,447	*	Lattice Semiconductor Corp		10,729,900		0.5
	1,034,245	*	Rambus, Inc		14,262,238		0.6
			Other		25,737,371		1.1
					64,078,447		2.8
SOFTWARE & SERVICES
	180,300	*	Alarm.com Holdings, Inc		10,516,899		0.4
	455,900	*	Digital Turbine, Inc		13,066,094		0.6
	169,000	*	LiveRamp Holdings, Inc		11,169,210		0.5
	206,324		Mantech International Corp (Class A)		13,386,301		0.6
	708,363		Perspecta, Inc		12,700,949		0.5
	188,490	*	SPS Commerce, Inc		16,132,859		0.7
	317,899	*	Tenable Holdings, Inc		10,843,535		0.5
	217,300	*	Verint Systems, Inc		10,543,396		0.4
	244,000	*	Workiva, Inc		13,495,640		0.6
			Other		74,209,583		3.2
					186,064,466		8.0
TECHNOLOGY HARDWARE & EQUIPMENT
	470,101	*	Sanmina Corp		11,489,269		0.5
			Other		51,363,868		2.2
					62,853,137		2.7

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

Summary portfolio of investments concluded

Quant Small-Cap Equity Fund  ■  October 31, 2020

Shares			Company	Value		% of net assets
TELECOMMUNICATION SERVICES				$	16,515,037		0.7	%
TRANSPORTATION					37,359,365		1.6
UTILITIES
	194,051		NorthWestern Corp		10,115,879		0.4
	363,639		Portland General Electric Co		14,291,013		0.6
			Other		25,467,529		1.1
					49,874,421		2.1
		TOTAL COMMON STOCKS (Cost $2,155,906,236)			2,325,136,175		100.0

Shares			Company	Value			% of net assets
SHORT-TERM INVESTMENTS
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	47,873,333	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	47,873,333			2.1	%
					47,873,333			2.1
		TOTAL SHORT-TERM INVESTMENTS (Cost $47,873,333)			47,873,333			2.1
		TOTAL PORTFOLIO (Cost $2,203,779,569)			2,373,009,508			102.1
		OTHER ASSETS & LIABILITIES, NET			(48,412,881	)		(2.1	)
		NET ASSETS		$	2,324,596,627			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 $68,254,134. See Note 4 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 Annual Report 61

Summary portfolio of investments

Quant Small/Mid-Cap Equity Fund  ■  October 31, 2020

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	9,008,096		1.2	%
BANKS					43,776,283		5.9
CAPITAL GOODS
	65,302		Advanced Drainage Systems, Inc		4,142,106		0.6
	99,237	*	BMC Stock Holdings, Inc		3,928,793		0.5
	57,301		EMCOR Group, Inc		3,907,355		0.5
	76,075		ITT, Inc		4,603,298		0.6
	40,950		Toro Co		3,361,995		0.5
			Other		57,678,086		7.7
					77,621,633		10.4
COMMERCIAL & PROFESSIONAL SERVICES					10,379,625		1.4
CONSUMER DURABLES & APPAREL
	151,620	*	Nautilus, Inc		3,288,638		0.4
	90,695		Pulte Homes, Inc		3,696,728		0.5
	21,681	*	TopBuild Corp		3,321,746		0.5
			Other		26,515,692		3.6
					36,822,804		5.0
CONSUMER SERVICES
	47,229		Dunkin Brands Group, Inc		4,709,204		0.6
			Other		20,992,929		2.8
					25,702,133		3.4
DIVERSIFIED FINANCIALS
	84,569		Artisan Partners Asset Management, Inc		3,387,834		0.4
	92,582	*	Cannae Holdings, Inc		3,423,682		0.5
	71,113		LPL Financial Holdings, Inc		5,684,062		0.8
	55,000		Vanguard Small-Cap ETF		8,641,050		1.2
			Other		19,015,665		2.5
					40,152,293		5.4
ENERGY					13,544,593		1.8
FOOD & STAPLES RETAILING					6,762,657		0.9
FOOD, BEVERAGE & TOBACCO
	66,143		Bunge Ltd		3,752,292		0.5
	52,780		Lamb Weston Holdings, Inc		3,348,891		0.4
			Other		5,842,603		0.8
					12,943,786		1.7
HEALTH CARE EQUIPMENT & SERVICES
	40,771		Hill-Rom Holdings, Inc		3,713,015		0.5
	28,660	*	Molina Healthcare, Inc		5,344,230		0.7
	24,097	*	Nevro Corp		3,595,513		0.5
	36,181	*	Providence Service Corp		4,253,077		0.6
			Other		31,181,310		4.2
					48,087,145		6.5
HOUSEHOLD & PERSONAL PRODUCTS					6,427,104		0.9
INSURANCE
	45,341		American Financial Group, Inc		3,397,855		0.5
			Other		13,898,748		1.8
					17,296,603		2.3

Shares			Company	Value		% of net assets
MATERIALS
	34,184		Reliance Steel & Aluminum Co	$	3,725,714		0.5	%
	23,383		Scotts Miracle-Gro Co (Class A)		3,508,619		0.5
	93,411		UFP Industries, Inc		4,662,143		0.6
			Other		32,718,253		4.4
					44,614,729		6.0
MEDIA & ENTERTAINMENT					8,332,066		1.1
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	194,197	*	Amicus Therapeutics, Inc		3,462,533		0.5
	21,312	*	Charles River Laboratories International, Inc		4,852,742		0.6
	147,051	*	Halozyme Therapeutics, Inc		4,117,428		0.6
	99,453	*	Horizon Therapeutics Plc		7,452,013		1.0
	25,335	*	United Therapeutics Corp		3,400,717		0.5
			Other		46,689,414		6.1
					69,974,847		9.3
REAL ESTATE
	69,886		Equity Lifestyle Properties, Inc		4,136,552		0.5
	28,956		Life Storage, Inc		3,305,327		0.4
			Other		51,287,868		7.0
					58,729,747		7.9
RETAILING
	27,480	*	Etsy, Inc		3,341,293		0.5
	15,030		Pool Corp		5,257,945		0.7
			Other		33,753,093		4.5
					42,352,331		5.7
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	95,526	*	Lattice Semiconductor Corp		3,333,857		0.5
	73,059		Teradyne, Inc		6,418,233		0.9
			Other		15,253,304		2.0
					25,005,394		3.4
SOFTWARE & SERVICES
	23,277	*	Avalara, Inc		3,469,437		0.5
	45,268	*	Black Knight, Inc		3,981,321		0.5
	54,359		Booz Allen Hamilton Holding Co		4,267,181		0.6
	50,446		CoreLogic Inc		3,880,811		0.5
	37,461	*	Five9, Inc		5,683,583		0.8
	144,050	*	Nuance Communications, Inc		4,596,636		0.6
	22,179	*	Paylocity Holding Corp		4,114,648		0.6
	37,691		Pegasystems, Inc		4,367,633		0.6
	49,813	*	SPS Commerce, Inc		4,263,495		0.6
	34,522	*	Zendesk, Inc		3,829,871		0.5
			Other		39,896,666		5.2
					82,351,282		11.0
TECHNOLOGY HARDWARE & EQUIPMENT
	25,321		Synnex Corp		3,333,256		0.4
			Other		20,593,988		2.7
					23,927,244		3.1
TELECOMMUNICATION SERVICES					4,576,554		0.6
TRANSPORTATION
	87,175	*	Hub Group, Inc (Class A)		4,370,083		0.6
	32,314		Landstar System, Inc		4,029,556		0.5
			Other		8,769,689		1.2
					17,169,328		2.3

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

Summary portfolio of investments concluded

Quant Small/Mid-Cap Equity Fund  ■  October 31, 2020

Shares			Company	Value			% of net assets
UTILITIES
	125,716		NRG Energy, Inc	$	3,975,140			0.5	%
	212,707		Vistra Energy Corp		3,694,721			0.5
			Other		11,480,464			1.6
					19,150,325			2.6
		TOTAL COMMON STOCKS (Cost $673,585,238)			744,708,602			99.8
SHORT-TERM INVESTMENTS
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	5,308,960	c	State Street Navigator Securities Lending Government Money Market Portfolio		5,308,960			0.7
					5,308,960			0.7
		TOTAL SHORT-TERM INVESTMENTS (Cost $5,308,960)			5,308,960			0.7
		TOTAL PORTFOLIO (Cost $678,894,198)			750,017,562			100.5
		OTHER ASSETS & LIABILITIES, NET			(4,143,318	)		(0.5	)
		NET ASSETS		$	745,874,244			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 10/31/20, the aggregate value of securities on loan is $8,353,450. See Note 4 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 Annual Report 63

Summary portfolio of investments

Social Choice Equity Fund  ■  October 31, 2020

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	183,253	*	Tesla, Inc	$	71,109,494		1.4	%
			Other		6,590,575		0.1
					77,700,069		1.5
BANKS					127,830,110		2.4
CAPITAL GOODS
	213,347		3M Co		34,126,986		0.6
	186,879		Caterpillar, Inc		29,349,347		0.6
	160,575		Illinois Tool Works, Inc		31,453,431		0.6
			Other		198,047,881		3.7
					292,977,645		5.5
COMMERCIAL & PROFESSIONAL SERVICES					76,202,638		1.4
CONSUMER DURABLES & APPAREL
	392,949		Nike, Inc (Class B)		47,185,316		0.9
			Other		34,722,542		0.6
					81,907,858		1.5
CONSUMER SERVICES
	451,787		Starbucks Corp		39,287,397		0.8
			Other		103,006,729		1.9
					142,294,126		2.7
DIVERSIFIED FINANCIALS
	49,759		BlackRock, Inc		29,816,090		0.6
	350,309		Intercontinental Exchange Group, Inc		33,069,170		0.6
	678,549		Morgan Stanley		32,672,134		0.6
	107,469		S&P Global, Inc		34,683,470		0.7
			Other		175,567,474		3.3
					305,808,338		5.8
ENERGY
	429,712		Chevron Corp		29,864,984		0.6
			Other		77,410,886		1.4
					107,275,870		2.0
FOOD & STAPLES RETAILING					32,319,619		0.6
FOOD, BEVERAGE & TOBACCO
	1,059,748		Coca-Cola Co		50,931,489		1.0
	395,304		PepsiCo, Inc		52,690,070		1.0
			Other		58,004,343		1.0
					161,625,902		3.0
HEALTH CARE EQUIPMENT & SERVICES
	85,719		Humana, Inc		34,225,882		0.7
			Other		354,221,124		6.6
					388,447,006		7.3
HOUSEHOLD & PERSONAL PRODUCTS
	579,363		Procter & Gamble Co		79,430,667		1.5
			Other		57,660,048		1.1
					137,090,715		2.6
INSURANCE					144,060,782		2.7

Shares			Company	Value		% of net assets
MATERIALS
	200,605		Linde plc	$	44,201,306		0.8	%
			Other		113,755,418		2.2
					157,956,724		3.0
MEDIA & ENTERTAINMENT
	446,292		Activision Blizzard, Inc		33,797,693		0.6
	57,556	*	Alphabet, Inc (Class A)		93,016,827		1.8
	56,910	*	Alphabet, Inc (Class C)		92,251,679		1.7
	1,339,952		Comcast Corp (Class A)		56,599,572		1.1
			Other		159,922,857		3.0
					435,588,628		8.2
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	387,840		AbbVie, Inc		33,005,184		0.6
	180,747		Amgen, Inc		39,211,254		0.7
	694,911		Bristol-Myers Squibb Co		40,617,548		0.8
	263,904		Eli Lilly & Co		34,428,916		0.7
	688,678		Merck & Co, Inc		51,795,472		1.0
	83,209		Thermo Fisher Scientific, Inc		39,367,842		0.7
	230,091		Zoetis, Inc		36,480,928		0.7
			Other		151,278,340		2.8
					426,185,484		8.0
REAL ESTATE
	159,263		American Tower Corp		36,574,748		0.7
	349,941		Prologis, Inc		34,714,147		0.7
			Other		102,074,790		1.9
					173,363,685		3.3
RETAILING
	22,629	*	Booking Holdings, Inc		36,715,553		0.7
	637,779		eBay, Inc		30,377,414		0.6
	250,264		Home Depot, Inc		66,747,911		1.3
	212,649		Lowe’s Companies, Inc		33,619,807		0.6
	201,938		Target Corp		30,739,002		0.6
			Other		115,934,224		2.1
					314,133,911		5.9
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	1,278,139		Intel Corp		56,595,995		1.0
	145,688		NVIDIA Corp		73,042,136		1.4
	327,202		Texas Instruments, Inc		47,310,137		0.9
			Other		49,809,148		0.9
					226,757,416		4.2
SOFTWARE & SERVICES
	223,819		Accenture plc		48,548,579		0.9
	134,501	*	Adobe, Inc		60,135,397		1.1
	138,659	*	Autodesk, Inc		32,659,741		0.6
	383,558		International Business Machines Corp		42,828,086		0.8
	113,870		Intuit, Inc		35,832,612		0.6
	1,339,870	d	Microsoft Corp		271,283,479		5.1
	250,309	*	salesforce.com, Inc		58,139,271		1.1
			Other		169,518,834		3.2
					718,945,999		13.4

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

Summary portfolio of investments concluded

Social Choice Equity Fund  ■  October 31, 2020

Shares			Company	Value		% of net assets
TECHNOLOGY HARDWARE & EQUIPMENT
	2,839,098		Apple, Inc	$	309,064,208		5.8	%
	1,189,490		Cisco Systems, Inc		42,702,691		0.8
			Other		44,556,080		0.8
					396,322,979		7.4
TELECOMMUNICATION SERVICES
	1,109,212		Verizon Communications, Inc		63,213,992		1.2
			Other		5,099,960		0.1
					68,313,952		1.3
TRANSPORTATION
	382,556		CSX Corp		30,198,971		0.6
	271,656		United Parcel Service, Inc (Class B)		42,679,874		0.8
			Other		57,008,805		1.1
					129,887,650		2.5
UTILITIES					163,054,130		3.1
		TOTAL COMMON STOCKS (Cost $3,752,922,231)			5,286,051,236		99.3

Principal	Issuer
SHORT-TERM INVESTMENTS
REPURCHASE AGREEMENT		14,000,000	0.3
TREASURY DEBT		66,265,248	1.2

Shares				Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	36,453,499		c	State Street Navigator Securities Lending Government Money Market Portfolio	$	36,453,499			0.7	%
						36,453,499			0.7
		TOTAL SHORT-TERM INVESTMENTS (Cost $116,717,950)				116,718,747			2.2
		TOTAL PORTFOLIO (Cost $3,869,640,181)				5,402,769,983			101.5
		OTHER ASSETS & LIABILITIES, NET				(78,626,025	)		(1.5	)
		NET ASSETS			$	5,324,143,958			100.0	%

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

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

At 10/31/20, the aggregate value of securities on loan is $50,154,476. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.

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

Futures contracts outstanding as of October 31, 2020 were as follows:

	Number of							Unrealized
	long (short	)						appreciation
Description	contracts		Expiration date	Notional amount		Value		(depreciation		)
S&P 500 E Mini Index	182		12/18/20		$31,105,696		$29,708,770		$(1,396,926	)

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

Summary portfolio of investments

Social Choice Low Carbon Equity Fund  ■  October 31, 2020

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	14,991	*	Tesla, Inc	$	5,817,108		1.3	%
			Other		27,179		0.0
					5,844,287		1.3
BANKS
	25,326		PNC Financial Services Group, Inc		2,833,473		0.7
	70,300		Truist Financial Corp		2,961,036		0.7
			Other		6,106,424		1.3
					11,900,933		2.7
CAPITAL GOODS
	20,271		3M Co		3,242,549		0.7
	20,901		Caterpillar, Inc		3,282,502		0.7
			Other		18,981,438		4.3
					25,506,489		5.7
COMMERCIAL & PROFESSIONAL SERVICES					6,033,213		1.4
CONSUMER DURABLES & APPAREL
	33,184		Nike, Inc (Class B)		3,984,735		0.9
			Other		3,610,785		0.8
					7,595,520		1.7
CONSUMER SERVICES
	40,399		Starbucks Corp		3,513,097		0.8
			Other		8,855,176		2.0
					12,368,273		2.8
DIVERSIFIED FINANCIALS
	5,448		BlackRock, Inc		3,264,496		0.8
	72,228		Charles Schwab Corp		2,969,293		0.7
	9,213		S&P Global, Inc		2,973,311		0.7
			Other		15,863,906		3.5
					25,071,006		5.7
ENERGY					6,758,421		1.5
FOOD & STAPLES RETAILING					1,834,744		0.4
FOOD, BEVERAGE & TOBACCO
	94,986		Coca-Cola Co		4,565,027		1.1
	34,132		PepsiCo, Inc		4,549,455		1.0
			Other		5,744,839		1.3
					14,859,321		3.4
HEALTH CARE EQUIPMENT & SERVICES
	17,699		Cigna Corp		2,955,202		0.7
	51,140		CVS Health Corp		2,868,443		0.7
			Other		26,243,322		5.9
					32,066,967		7.3
HOUSEHOLD & PERSONAL PRODUCTS
	47,655		Procter & Gamble Co		6,533,501		1.5
			Other		5,326,398		1.2
					11,859,899		2.7
INSURANCE
	22,432		Chubb Ltd		2,914,141		0.7
			Other		10,390,168		2.3
					13,304,309		3.0

Shares			Company	Value		% of net assets
MATERIALS
	46,725		Newmont Goldcorp Corp	$	2,936,199		0.7	%
			Other		6,920,897		1.5
					9,857,096		2.2
MEDIA & ENTERTAINMENT
	4,686	*	Alphabet, Inc (Class A)		7,573,091		1.7
	4,632	*	Alphabet, Inc (Class C)		7,508,518		1.7
	109,709		Comcast Corp (Class A)		4,634,108		1.1
			Other		15,920,674		3.6
					35,636,391		8.1
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	42,168		AbbVie, Inc		3,588,497		0.8
	16,172		Amgen, Inc		3,508,354		0.8
	66,324		Bristol-Myers Squibb Co		3,876,638		0.9
	26,509		Eli Lilly & Co		3,458,364		0.8
	61,568		Merck & Co, Inc		4,630,529		1.1
	9,621		Thermo Fisher Scientific, Inc		4,551,887		1.1
	18,261		Zoetis, Inc		2,895,282		0.7
			Other		11,108,662		2.3
					37,618,213		8.5
REAL ESTATE
	14,888		American Tower Corp		3,419,029		0.8
	3,906		Equinix, Inc		2,856,223		0.7
	31,066		Prologis, Inc		3,081,747		0.7
			Other		6,787,318		1.5
					16,144,317		3.7
RETAILING
	1,862	*	Booking Holdings, Inc		3,021,095		0.7
	21,896		Home Depot, Inc		5,839,882		1.3
	22,634		Lowe’s Companies, Inc		3,578,435		0.8
	18,879		Target Corp		2,873,761		0.7
			Other		11,244,169		2.6
					26,557,342		6.1
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	97,285		Intel Corp		4,307,780		1.0
	11,836		NVIDIA Corp		5,934,097		1.3
	26,636		Texas Instruments, Inc		3,851,299		0.9
			Other		5,956,335		1.3
					20,049,511		4.5
SOFTWARE & SERVICES
	17,941		Accenture plc		3,891,582		0.9
	10,623	*	Adobe, Inc		4,749,543		1.1
	30,558		International Business Machines Corp		3,412,106		0.8
	8,996		Intuit, Inc		2,830,861		0.6
	108,864	d	Microsoft Corp		22,041,694		5.0
	20,060	*	salesforce.com, Inc		4,659,336		1.1
			Other		9,319,256		2.0
					50,904,378		11.5
TECHNOLOGY HARDWARE & EQUIPMENT
	231,614		Apple, Inc		25,213,500		5.7
	112,412		Cisco Systems, Inc		4,035,591		0.9
			Other		3,327,837		0.7
					32,576,928		7.3

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

Summary portfolio of investments	concluded
Social Choice Low Carbon Equity Fund  ■  October 31, 2020

Shares			Company	Value		% of net assets
TELECOMMUNICATION SERVICES
	93,267		Verizon Communications, Inc	$	5,315,286		1.2	%
			Other		313,770		0.1
					5,629,056		1.3
TRANSPORTATION
	37,654		CSX Corp		2,972,407		0.7
	21,945		United Parcel Service, Inc (Class B)		3,447,779		0.8
			Other		1,722,372		0.4
					8,142,558		1.9
UTILITIES					10,379,782		2.4
		TOTAL COMMON STOCKS (Cost $367,506,560)			428,498,954		97.1
Principal			Issuer
SHORT-TERM INVESTMENTS
REPURCHASE AGREEMENT
			Fixed Income Clearing Corp (FICC)
$	4,180,000	r	0.070%, 11/02/20		4,180,000		0.9
					4,180,000		0.9
TREASURY DEBT
			United States Treasury Bill
	6,039,000		0.078%–0.082%, 11/05/20		6,038,963		1.4
					6,038,963		1.4

Shares				Company	Value		% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	1,335,897		c	State Street Navigator Securities Lending Government Money Market Portfolio	$	1,335,897		0.3	%
						1,335,897		0.3
		TOTAL SHORT-TERM INVESTMENTS (Cost $11,554,843)				11,554,860		2.6
		TOTAL PORTFOLIO (Cost $379,061,403)				440,053,814		99.7
		OTHER ASSETS & LIABILITIES, NET				1,064,326		0.3
		NET ASSETS			$	441,118,140		100.0	%

*	Non-income producing
c	Investments made with cash collateral received from securities on loan.
d	All or a portion of these securities have been segregated to cover margin requirements on open future contracts.
r	Agreement with Fixed Income Clearing Corporation, 0.070% dated 10/30/20 to be repurchased at $4,180,000 on 11/2/20, collateralized by U.S. Treasury Notes valued at $4,263,623.

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

At 10/31/20, the aggregate value of securities on loan is $1,487,017. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.

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

Futures contracts outstanding as of October 31, 2020 were as follows:
	Number of					Unrealized
	long (short	)				appreciation
Description	contracts		Expiration date	Notional amount	Value	(depreciation	)
S&P 500 E Mini Index	68		12/18/20	$11,541,074	$11,099,980	$(441,094	)

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

Summary portfolio of investments

Emerging Markets Equity Fund  ■  October 31, 2020

						% of net
Shares			Company	Value		assets
COMMON STOCKS
BRAZIL
	9,984,365	a	Arcos Dorados Holdings, Inc	$	40,137,147		2.5	%
	4,875,700		Banco Itau Holding Financeira S.A.		19,951,627		1.3
	2,881,000		Cia Brasileira de Distribuicao		31,104,829		1.9
	3,930,400		Lojas Americanas S.A. (Preference)		15,912,162		1.0
			Other		42,155,758		2.6
					149,261,523		9.3
CHINA
	539,369	*	Alibaba Group Holding Ltd (ADR)		164,340,341		10.2
	4,512,400	g	Budweiser Brewing Co APAC Ltd		13,307,563		0.8
	1,051,000	e	BYD Co Ltd (H shares)		21,245,754		1.3
	6,336,000		China Life Insurance Co Ltd		13,824,678		0.9
	6,290,965		China Merchants Bank Co Ltd (Class A)		37,436,644		2.3
	16,839,000		CNOOC Ltd		15,406,939		1.0
	7,124,000		Geely Automobile Holdings Ltd		14,638,791		0.9
	1,707,757		Gree Electric Appliances, Inc of Zhuhai		14,971,925		0.9
	1,992,139		Hangzhou Hikvision Digital Technology Co Ltd		13,390,944		0.8
	272,356	*	JD.com, Inc (ADR)		22,202,461		1.4
	3,014,863		Ping An Insurance Group Co of China Ltd (Class A)		35,085,722		2.2
	1,365,976		Tencent Holdings Ltd		104,368,227		6.5
	1,148,358	*	Vipshop Holdings Ltd (ADR)		24,574,861		1.5
			Other		46,615,784		2.9
					541,410,634		33.6
HONG KONG
	1,476,020		Melco Crown Entertainment Ltd (ADR)		23,793,442		1.5
			Other		0		–
					23,793,442		1.5
INDIA
	2,293,459		Bharti Airtel Ltd		13,409,927		0.8
	19,355,557	*	Edelweiss Capital Ltd		14,573,151		0.9
	526,299		Housing Development Finance Corp		13,653,898		0.8
	2,731,881	*	ICICI Bank Ltd		14,369,796		0.9
	1,169,068	*	MakeMyTrip Ltd		21,943,407		1.4
	1,707,044		Piramal Healthcare Ltd		29,041,502		1.8
	1,597,101		Reliance Industries Ltd		44,279,249		2.7
			Other		10,559,188		0.7
					161,830,118		10.0
INDONESIA
	64,597,500		PT Astra International Tbk		23,589,250		1.5
	6,448,600		PT Bank Central Asia Tbk		12,688,625		0.8
	9,237,400		PT United Tractors Tbk		13,197,393		0.8
					49,475,268		3.1
ITALY
	7,932,771	e	Prada S.p.A		31,397,324		1.9
					31,397,324		1.9
KOREA, REPUBLIC OF
	236,551		Amorepacific Corp		33,232,016		2.1
	266,972		Hynix Semiconductor, Inc		18,939,754		1.2
	104,397		Samsung Electro-Mechanics Co Ltd		12,408,425		0.8
	852,230		Samsung Electronics Co Ltd		42,837,860		2.6
			Other		6,836,358		0.4
					114,254,413		7.1

						% of net
	Shares		Company		Value	assets
MACAU
	2,445,079		Galaxy Entertainment Group Ltd	$	16,158,434	1.0	%
	11,724,500	*	Wynn Macau Ltd		16,198,967	1.0
					32,357,401	2.0
MEXICO
	489,300		Fomento Economico Mexicano SAB de C.V. (ADR)		26,309,661	1.6
	3,792,148	*	Grupo Televisa SAB (ADR)		24,118,061	1.5
	10,478,200		Wal-Mart de Mexico SAB de C.V.		25,316,821	1.6
					75,744,543	4.7
PERU
	173,605		Credicorp Ltd		19,909,021	1.2
					19,909,021	1.2
POLAND					7,170,569	0.4
RUSSIA
	663,699		MMC Norilsk Nickel PJSC (ADR)		15,762,851	1.0
	1,203,004		Sberbank of Russia (ADR)		12,162,371	0.7
			Other		11,166,162	0.7
					39,091,384	2.4
SOUTH AFRICA
	288,700	*	Capitec Bank Holdings Ltd		20,289,727	1.2
	104,332	*	Naspers Ltd (N Shares)		20,368,468	1.3
					40,658,195	2.5
TAIWAN
	128,391	*	Sea Ltd (ADR)		20,247,261	1.2
	4,661,400		Taiwan Semiconductor Manufacturing Co Ltd		70,525,460	4.4
	11,853,000		United Microelectronics Corp		12,739,019	0.8
	1,728,000		Win Semiconductors Corp		18,851,262	1.2
			Other		996,623	0.0
					123,359,625	7.6
TANZANIA, UNITED REPUBLIC OF
	816,405		AngloGold Ashanti Ltd (ADR)		18,891,612	1.2
					18,891,612	1.2
THAILAND					11,042,385	0.7
TURKEY
	5,495,500		Anadolu Efes Biracilik Ve Malt Sanayii AS		12,767,931	0.8
			Other		11,113,619	0.7
					23,881,550	1.5
		TOTAL COMMON STOCKS (Cost $1,267,416,642)			1,463,529,007	90.7
PREFERRED STOCKS
PHILIPPINES					3,558	0.0
		TOTAL PREFERRED STOCKS (Cost $4,057)			3,558	0.0

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

Summary portfolio of investments	concluded
Emerging Markets Equity Fund  ■  October 31, 2020

						% of net
Principal			Issuer	Value		assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT				$	11,004,608		0.7	%
TREASURY DEBT
$	22,045,000		United States Treasury Bill 0.082%, 11/17/20		22,044,265		1.3
					22,044,265		1.3
	Shares		Company
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	5,729,592	c	State Street Navigator Securities Lending Government Money Market Portfolio		5,729,592		0.4
					5,729,592		0.4
		TOTAL SHORT-TERM INVESTMENTS (Cost $38,778,372)			38,778,465		2.4
		TOTAL PORTFOLIO (Cost $1,306,199,071)			1,502,311,030		93.1
		OTHER ASSETS & LIABILITIES, NET			111,620,207		6.9
		NET ASSETS		$	1,613,931,237		100.0	%

Abbreviation(s):

ADR American Depositary Receipt

*	Non-income producing
a	Affiliate 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 $26,074,607. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/20, the aggregate value of these securities, including those in “Other,” is $20,478,132 or 1.3% of net assets.

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

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

Summary of market values by sector (unaudited)

Emerging Markets Equity Fund  ■  October 31, 2020

			% of net
Sector	Value		assets
CONSUMER DISCRETIONARY	$	509,017,456		31.6	%
INFORMATION TECHNOLOGY		225,991,305		14.0
FINANCIALS		225,058,878		13.9
COMMUNICATION SERVICES		191,791,947		11.9
CONSUMER STAPLES		142,038,820		8.8
ENERGY		72,883,582		4.5
MATERIALS		34,654,463		2.1
HEALTH CARE		29,041,502		1.8
INDUSTRIALS		22,297,712		1.4
REAL ESTATE		10,756,900		0.7
SHORT-TERM INVESTMENTS		38,778,465		2.4
OTHER ASSETS & LIABILITIES, NET		111,620,207		6.9
NET ASSETS	$	1,613,931,237		100.0	%

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

Summary portfolio of investments

International Equity Fund  ■  October 31, 2020

						% of net
Shares			Company	Value		assets
COMMON STOCKS
AUSTRALIA
	1,843,476		BHP Billiton Ltd	$	44,191,118		0.9	%
	263,342		CSL Ltd		53,315,504		1.1
			Other		130,038,038		2.8
					227,544,660		4.8
BRAZIL					25,538,458		0.5
CHINA
	167,483	*	Alibaba Group Holding Ltd (ADR)		51,030,395		1.1
	599,738	*	GDS Holdings Ltd (ADR)		50,401,982		1.1
			Other		73,246,291		1.5
					174,678,668		3.7
DENMARK
	601,815		DSV AS		97,639,327		2.1
	468,338	g	Orsted AS		74,331,806		1.6
					171,971,133		3.7
FINLAND					33,432,246		0.7
FRANCE
	1,189,135		Airbus SE		87,004,294		1.9
	1,750,206		BNP Paribas S.A.		61,038,023		1.3
	1,619,606		Compagnie de Saint-Gobain		63,089,336		1.3
	341,845		Dassault Systemes S.A.		58,288,102		1.2
	516,387		Essilor International S.A.		63,752,558		1.4
	109,001		Kering		65,871,061		1.4
	559,751		Sanofi-Aventis		50,541,787		1.1
	841,312		Schneider Electric S.A.		102,224,803		2.2
	618,947		Vinci S.A.		48,887,570		1.0
			Other		69,843,685		1.5
					670,541,219		14.3
GERMANY
	203,893		Adidas-Salomon AG.		60,577,601		1.3
	785,435		HeidelbergCement AG.		44,921,717		1.0
	4,264,960		Infineon Technologies AG.		118,741,505		2.5
	1,557,636		RWE AG.		57,644,603		1.2
	1,054,860		Siemens AG.		123,751,990		2.7
			Other		174,895,117		3.7
					580,532,533		12.4
HONG KONG
	1,840,024		Hong Kong Exchanges and Clearing Ltd		88,171,571		1.9
					88,171,571		1.9
IRELAND
	1,988,698		CRH plc		69,588,071		1.5
					69,588,071		1.5
ITALY
	6,194,766		Enel S.p.A.		49,251,502		1.1
	1,213,918		Moncler S.p.A		48,570,914		1.0
	6,415,030		UniCredit S.p.A.		48,044,651		1.0
					145,867,067		3.1

						% of net
Shares			Company	Value		assets
JAPAN
	3,722,400		Daiichi Sankyo Co Ltd	$	98,247,667		2.1	%
	366,516		Daikin Industries Ltd		68,587,320		1.5
	2,260,379	*	Hitachi Ltd		76,184,482		1.6
	877,900		Kao Corp		62,505,330		1.3
	256,928		Nintendo Co Ltd		138,918,077		3.0
	2,221,800		Recruit Holdings Co Ltd		84,540,925		1.8
	2,063,159		Sony Corp		171,998,187		3.7
	1,805,200		Sumitomo Mitsui Financial Group, Inc		49,971,363		1.1
	1,534,689		Toyota Motor Corp		100,747,555		2.1
			Other		85,285,845		1.8
					936,986,751		20.0
KOREA, REPUBLIC OF					40,860,633		0.9
NETHERLANDS
	302,201		ASML Holding NV		109,337,192		2.3
	10,093,457		ING Groep NV		69,137,324		1.5
					178,474,516		3.8
RUSSIA					47,295,117		1.0
SPAIN					32,844,640		0.7
SWITZERLAND
	5,811,044		Credit Suisse Group		54,806,108		1.2
	137,086		Lonza Group AG.		83,061,781		1.8
	964,771		Nestle S.A.		108,515,405		2.3
	363,235		Roche Holding AG.		116,718,790		2.5
			Other		7,663,151		0.1
					370,765,235		7.9
TAIWAN
	854,009		Taiwan Semiconductor Manufacturing Co Ltd (ADR)		71,625,735		1.5
					71,625,735		1.5
UNITED KINGDOM
	1,297,426		Ashtead Group plc		46,885,482		1.0
	867,122		AstraZeneca plc		87,063,790		1.8
	1,786,038		British American Tobacco plc		56,609,137		1.2
	337,008		Linde plc (Xetra)		73,860,360		1.6
	713,034		Reckitt Benckiser Group plc		62,810,102		1.3
	24,956,591		Tesco plc		66,423,104		1.4
	6,119,362	*	THG Holdings Ltd		52,290,653		1.1
			Other		8,126,340		0.2
					454,068,968		9.6
UNITED STATES					70,383,616		1.5
		TOTAL COMMON STOCKS (Cost $4,130,960,551)			4,391,170,837		93.5
	Principal		Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
$	53,382,000		Federal Home Loan Bank (FHLB) 0.075%–0.085%, 11/20/20		53,379,865		1.1
	70,890,000		FHLB 0.080%–0.085%, 11/27/20		70,886,061		1.5
			Other		176,941,937		3.8
					301,207,863		6.4

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

Summary portfolio of investments	concluded
International Equity Fund  ■  October 31, 2020

							% of net
	Principal		Issuer	Value			assets
REPURCHASE AGREEMENT				$	10,610,000			0.3	%
TREASURY DEBT					46,353,407			1.0
		TOTAL SHORT-TERM INVESTMENTS (Cost $358,171,486)			358,171,270			7.7
		TOTAL PORTFOLIO (Cost $4,489,132,037)			4,749,342,107			101.2
		OTHER ASSETS & LIABILITIES, NET			(55,102,421	)		(1.2	)
		NET ASSETS		$	4,694,239,686			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 10/31/20, the aggregate value of these securities, including those in “Other,” is $109,689,196 or 2.3% of net assets.

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

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

Summary of market values by sector (unaudited)

International Equity Fund  ■  October 31, 2020

				% of net
Sector	Value			assets
CONSUMER DISCRETIONARY	$	772,530,651			16.3	%
INDUSTRIALS		722,611,048			15.4
INFORMATION TECHNOLOGY		561,819,800			12.0
HEALTH CARE		556,871,983			11.9
FINANCIALS		547,384,124			11.7
MATERIALS		388,248,732			8.3
CONSUMER STAPLES		376,037,498			8.0
UTILITIES		225,620,852			4.8
COMMUNICATION SERVICES		206,613,903			4.4
ENERGY		33,432,246			0.7
SHORT-TERM INVESTMENTS		358,171,270			7.7
OTHER ASSETS & LIABILITIES, NET		(55,102,421	)		(1.2	)
NET ASSETS	$	4,694,239,686			100.0	%

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

Summary portfolio of investments

International Opportunities Fund  ■  October 31, 2020

Shares			Company	Value		% of net assets
COMMON STOCKS
AUSTRALIA
	306,012	*	Afterpay Touch Group Ltd	$	20,836,078		1.1	%
	119,100		CSL Ltd		24,112,661		1.3
			Other		56,884,752		3.2
					101,833,491		5.6
BRAZIL
	2,081,700		Localiza Rent A Car		22,014,405		1.2
	4,870,000		Magazine Luiza S.A.		20,904,347		1.2
	355,394	*	StoneCo Ltd		18,672,401		1.0
			Other		57,482,415		3.2
					119,073,568		6.6
CANADA
	897,032		Alimentation Couche Tard, Inc		27,625,327		1.5
	803,995		Dollarama, Inc		27,686,925		1.5
	577,900	*,e	Lightspeed POS, Inc		18,486,901		1.0
	538,500		Nutrien Ltd		21,890,835		1.2
	28,701	*	Shopify, Inc (Class A)		26,459,078		1.5
					122,149,066		6.7
CHINA
	256,400	*	GDS Holdings Ltd (ADR)		21,547,856		1.2
	311,000	*	JD.com, Inc (ADR)		25,352,720		1.4
	313,600		Silergy Corp		19,334,326		1.1
	735,200		Tencent Holdings Ltd		56,173,403		3.1
			Other		15,258,658		0.8
					137,666,963		7.6
DENMARK
	146,100		Carlsberg AS (Class B)		18,499,296		1.0
	510,300		Novo Nordisk AS		32,539,603		1.8
					51,038,899		2.8
FRANCE
	171,602		Essilor International S.A.		21,185,790		1.2
	83,512		L’Oreal S.A.		26,989,850		1.5
	127,639		Teleperformance		38,315,038		2.1
					86,490,678		4.8
GERMANY
	361,500	*	HelloFresh SE		19,317,412		1.1
			Other		94,896,826		5.2
					114,214,238		6.3
HONG KONG					15,251,132		0.8
INDONESIA
	85,976,300		Bank Rakyat Indonesia		19,462,616		1.1
					19,462,616		1.1
IRELAND
	148,605	*	Flutter Entertainment plc		25,745,932		1.4
	678,168	*	Keywords Studios plc		18,590,464		1.0
	587,889		Smurfit Kappa Group plc		22,151,125		1.2
			Other		17,202,306		1.0
					83,689,827		4.6

Shares			Company	Value		% of net assets
ITALY
	590,185		Amplifon S.p.A.	$	21,457,773		1.2	%
	2,208,500		Davide Campari-Milano NV		23,081,816		1.2
	119,600		Ferrari NV		21,335,664		1.2
			Other		18,048,835		1.0
					83,924,088		4.6
JAPAN
	238,400		Eisai Co Ltd		18,536,441		1.0
	158,700		GMO Payment Gateway, Inc		19,445,265		1.1
	169,600		IR Japan Holdings Ltd		18,777,597		1.0
	443,000		MonotaRO Co Ltd		24,503,086		1.3
	354,000		Paltac Corp		19,791,273		1.1
	147,099	*,e	SHIFT, Inc		18,668,425		1.0
			Other		150,797,389		8.4
					270,519,476		14.9
NETHERLANDS
	12,677	*,g	Adyen NV		21,306,781		1.2
	97,547		ASML Holding NV		35,292,785		1.9
	2,973,200		ING Groep NV		20,365,579		1.1
					76,965,145		4.2
NEW ZEALAND					17,350,786		1.0
NORWAY
	1,328,986		e Aker BP ASA		20,696,757		1.1
					20,696,757		1.1
PHILIPPINES					18,407,964		1.0
POLAND					7,623,504		0.4
PORTUGAL
	1,204,396		Jeronimo Martins SGPS S.A.		19,130,280		1.0
					19,130,280		1.0
SPAIN					17,949,914		1.0
SWEDEN
	287,127		Hexagon AB (B Shares)		21,045,599		1.2
	396,800		Swedish Match AB		29,832,447		1.6
			Other		15,932,876		0.9
					66,810,922		3.7
SWITZERLAND
	52,867		Lonza Group AG.		32,032,645		1.8
	98,700		Roche Holding AG.		31,715,404		1.7
			Other		17,559,601		1.0
					81,307,650		4.5
TAIWAN					15,595,003		0.9
UNITED KINGDOM
	986,180		Ashtead Group plc		35,637,890		1.9
	507,700		Dechra Pharmaceuticals plc		22,967,187		1.3
	2,207,886		Electrocomponents plc		19,384,823		1.1
	85,385		Linde plc (Xetra)		18,713,404		1.0
	199,421		London Stock Exchange Group plc		21,497,150		1.2
			Other		50,542,050		2.8
					168,742,504		9.3

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

Summary portfolio of investments concluded

International Opportunities Fund  ■  October 31, 2020

Shares			Company	Value		% of net assets
UNITED STATES
	60,900	*	Lululemon Athletica, Inc	$	19,444,761		1.1	%
					19,444,761		1.1
		TOTAL COMMON STOCKS (Cost $1,133,629,109)			1,735,339,232		95.6
RIGHTS / WARRANTS
AUSTRALIA					212,214		0.0
		TOTAL RIGHTS / WARRANTS (Cost $0)			212,214		0.0
Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
$	25,000,000		Federal Home Loan Bank (FHLB) 0.075%, 11/19/20		24,999,056		1.4
			Other		13,959,321		0.8
					38,958,377		2.2
TREASURY DEBT					40,767,850		2.2

Shares			Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	38,061,707	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	38,061,707			2.1	%
					38,061,707			2.1
		TOTAL SHORT-TERM INVESTMENTS (Cost $117,788,112)			117,787,934			6.5
		TOTAL PORTFOLIO (Cost $1,251,417,221)			1,853,339,380			102.1
		OTHER ASSETS & LIABILITIES, NET			(37,379,047	)		(2.1	)
		NET ASSETS		$	1,815,960,333			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 $86,761,246. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/20, the aggregate value of these securities, including those in “Other,” is $76,239,957 or 4.2% 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.

Summary of market values by sector(unaudited)

International Opportunities Fund  ■  October 31, 2020

Sector	Value			% of net assets
INFORMATION TECHNOLOGY	$	394,068,068			21.7	%
CONSUMER DISCRETIONARY		382,701,012			21.1
INDUSTRIALS		224,837,115			12.4
HEALTH CARE		215,232,570			11.9
CONSUMER STAPLES		181,717,307			10.0
FINANCIALS		137,966,296			7.6
MATERIALS		97,517,271			5.4
COMMUNICATION SERVICES		67,416,864			3.7
ENERGY		20,696,757			1.1
REAL ESTATE		13,398,186			0.7
SHORT-TERM INVESTMENTS		117,787,934			6.5
OTHER ASSETS & LIABILITIES, NET		(37,379,047	)		(2.1	)
NET ASSETS	$	1,815,960,333			100.0	%

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

Summary portfolio of investments

Quant International Equity Fund  ■  October 31, 2020

Shares			Company	Value		% of net assets
COMMON STOCKS
AUSTRALIA
	235,926		BHP Billiton Ltd	$	5,655,530		0.6	%
	148,678		Commonwealth Bank of Australia		7,218,544		0.8
	46,608		CSL Ltd		9,436,129		1.0
			Other		41,359,649		4.4
					63,669,852		6.8
AUSTRIA					4,919,189		0.5
BELGIUM					10,034,590		1.1
BRAZIL					37,375		0.0
CHINA					148,260		0.0
DENMARK
	135,109		Novo Nordisk AS		8,615,311		0.9
			Other		13,954,603		1.5
					22,569,914		2.4
FINLAND					7,312,233		0.8
FRANCE
	48,967		Air Liquide		7,160,850		0.8
	178,322		BNP Paribas S.A.		6,218,938		0.7
	5,139		Hermes International		4,784,922		0.5
	12,249		LVMH Moet Hennessy Louis Vuitton S.A.		5,741,691		0.6
	111,524		Sanofi-Aventis		10,069,874		1.1
	65,793		Schneider Electric S.A.		7,994,271		0.8
	239,799	e	Total S.A.		7,265,120		0.8
			Other		31,818,322		3.4
					81,053,988		8.7
GERMANY
	47,288		Allianz AG.		8,329,998		0.9
	32,681		Deutsche Boerse AG.		4,815,660		0.5
	24,820		Muenchener Rueckver AG.		5,817,241		0.6
	140,425		RWE AG.		5,196,813		0.6
	65,574		SAP AG.		6,995,735		0.7
			Other		47,315,283		5.1
					78,470,730		8.4
HONG KONG
	1,012,175		AIA Group Ltd		9,633,045		1.0
			Other		16,658,690		1.8
					26,291,735		2.8
IRELAND					5,012,734		0.5
ISRAEL					7,872,167		0.9
ITALY
	351,296		Assicurazioni Generali S.p.A.		4,712,363		0.5
	971,713		Enel S.p.A.		7,725,607		0.8
			Other		4,479,678		0.5
					16,917,648		1.8

Shares		Company	Value		% of net assets
JAPAN
	39,800	Fujitsu Ltd	$	4,708,920		0.5	%
	258,000	Japan Tobacco, Inc		4,857,411		0.5
	200,400	KDDI Corp		5,421,820		0.6
	276,000	Kubota Corp		4,796,347		0.5
	83,400	Murata Manufacturing Co Ltd		5,848,729		0.6
	13,900	Nintendo Co Ltd		7,515,574		0.8
	44,500	Shin-Etsu Chemical Co Ltd		5,943,721		0.6
	523,100	Softbank Corp		6,087,557		0.7
	130,700	Softbank Group Corp		8,512,984		0.9
	125,800	Sony Corp		10,487,496		1.1
	190,176	Toyota Motor Corp		12,484,462		1.4
		Other		145,719,093		15.7
				222,384,114		23.9
JORDAN				2,443,874		0.3
LUXEMBOURG				3,855,075		0.4
MACAU				298,986		0.0
NETHERLANDS
	37,096	ASML Holding NV		13,421,440		1.4
	203,281	Koninklijke Ahold Delhaize NV		5,573,105		0.6
	58,915	Prosus NV		5,881,835		0.6
	63,188	Wolters Kluwer NV		5,116,121		0.6
		Other		8,012,988		0.9
				38,005,489		4.1
NEW ZEALAND				1,869,580		0.2
NORWAY				958,691		0.1
SINGAPORE
	358,400	DBS Group Holdings Ltd		5,338,673		0.6
		Other		4,457,155		0.5
				9,795,828		1.1
SOUTH AFRICA
	238,299	Anglo American plc		5,591,250		0.6
				5,591,250		0.6
SPAIN
	513,943	Iberdrola S.A.		6,068,421		0.6
		Other		11,793,392		1.3
				17,861,813		1.9
SWEDEN
	127,113	Atlas Copco AB (A Shares)		5,610,915		0.6
	122,378	Atlas Copco AB (B Shares)		4,689,009		0.5
		Other		14,104,098		1.5
				24,404,022		2.6
SWITZERLAND
	121,397	Holcim Ltd		5,210,314		0.6
	219,987	Nestle S.A.		24,743,673		2.6
	187,099	Novartis AG.		14,579,237		1.6
	55,744	Roche Holding AG.		17,912,294		1.9
		Other		19,446,436		2.1
				81,891,954		8.8

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

Summary portfolio of investments concluded

Quant International Equity Fund  ■  October 31, 2020

Shares			Company	Value		% of net assets
UNITED KINGDOM
	152,712		AstraZeneca plc (ADR)	$	7,660,034		0.8	%
	213,239		Diageo plc		6,891,425		0.8
	315,057		GlaxoSmithKline plc		5,260,973		0.6
	75,718		Reckitt Benckiser Group plc		6,669,885		0.7
			Other		61,842,321		6.6
					88,324,638		9.5
UNITED STATES
	400,000		iShares MSCI EAFE Index Fund		24,556,000		2.6
			Other		4,494,171		0.5
					29,050,171		3.1
		TOTAL COMMON STOCKS (Cost $774,324,643)			851,045,900		91.3
RIGHTS / WARRANTS
UNITED KINGDOM					300,853		0.0
		TOTAL RIGHTS / WARRANTS (Cost $1,014,176)			300,853		0.0
Principal			Issuer
SHORT-TERM INVESTMENTS
REPURCHASE AGREEMENT
			Fixed Income Clearing Corp (FICC)
$	34,820,000	r	0.0700%, 11/02/20		34,820,000		3.8
					34,820,000		3.8

Shares			Company	Value		% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	13,274,829	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	13,274,829		1.4	%
					13,274,829		1.4
		TOTAL SHORT-TERM INVESTMENTS(Cost $48,094,829)			48,094,829		5.2
		TOTAL PORTFOLIO (Cost $823,433,648)			899,441,582		96.5
		OTHER ASSETS & LIABILITIES, NET			33,033,303		3.5
		NET ASSETS		$	932,474,885		100.0	%

Abbreviation(s):

ADR American Depositary Receipt

c	Investments made with cash collateral received from securities on loan.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $15,904,534. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.
r	Agreement with Fixed Income Clearing Corporation, 0.070% dated 10/30/20 to be repurchased at $34,820,000 on 11/2/20, collateralized by U.S. Treasury Notes valued at $35,516,482.

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

At 10/31/20, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $8,633,305 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  ■  October 31, 2020

Sector	Value		% of net assets
FINANCIALS	$	152,798,842		16.3	%
INDUSTRIALS		123,748,392		13.3
HEALTH CARE		114,167,879		12.2
CONSUMER DISCRETIONARY		100,760,541		10.8
CONSUMER STAPLES		96,395,437		10.3
INFORMATION TECHNOLOGY		70,577,339		7.6
MATERIALS		63,559,904		6.8
COMMUNICATION SERVICES		48,051,949		5.2
UTILITIES		32,336,016		3.5
REAL ESTATE		26,029,353		2.8
ENERGY		22,921,101		2.5
SHORT-TERM INVESTMENTS		48,094,829		5.2
OTHER ASSETS & LIABILITIES, NET		33,033,303		3.5
NET ASSETS	$	932,474,885		100.0	%

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

Summary portfolio of investments

Quant International Small-Cap Equity Fund  ■  October 31, 2020

Shares			Company	Value		% of net assets
COMMON STOCKS
AUSTRALIA
	448,000		Ansell Ltd	$	12,668,130		1.3	%
	438,691		carsales.com Ltd		6,409,178		0.6
	141,000		JB Hi-Fi Ltd		4,711,582		0.5
	275,000		Mineral Resources Ltd		4,828,943		0.5
			Other		37,303,978		3.8
					65,921,811		6.7
AUSTRIA					7,514,064		0.8
BELGIUM					8,488,109		0.9
BRAZIL
	1,166,000		Cia Energetica de Sao Paulo (Class B)		5,421,602		0.6
			Other		11,147,981		1.1
					16,569,583		1.7
BURKINA FASO					1,545,718		0.2
CANADA
	192,600		TFI International, Inc		8,575,420		0.9
			Other		40,577,607		4.1
					49,153,027		5.0
CHILE					2,547,946		0.3
CHINA
	127,000	*,e	JinkoSolar Holding Co Ltd (ADR)		7,404,100		0.7
			Other		25,364,402		2.6
					32,768,502		3.3
COLOMBIA					650,456		0.1
COTE D’IVOIRE					1,733,539		0.2
DENMARK
	80,000		Royal Unibrew A.S.		7,800,727		0.8
			Other		7,144,628		0.7
					14,945,355		1.5
EGYPT					454,113		0.0
FINLAND
	384,000		Kesko Oyj (B Shares)		9,853,662		1.0
	234,000		Valmet Corp		5,584,859		0.6
			Other		636,365		0.0
					16,074,886		1.6
FRANCE					9,753,518		1.0
GERMANY					23,662,921		2.4
GREECE					446,129		0.0
HONG KONG					10,647,842		1.1
INDIA					8,754,406		0.9
INDONESIA					7,655,984		0.8
IRELAND					688,590		0.1
ISRAEL					12,010,179		1.2

Shares			Company	Value		% of net assets
ITALY
	259,046		Azimut Holding S.p.A.	$	4,366,548		0.4	%
			Other		24,322,000		2.5
					28,688,548		2.9
JAPAN
	160,300		ASKUL Corp		6,156,528		0.6
	110,800		Daiwabo Co Ltd		7,253,424		0.7
	768,000		Haseko Corp		9,207,658		0.9
	590,400		K’s Holdings Corp		7,539,918		0.8
	992,800		Penta-Ocean Construction Co Ltd		6,295,524		0.7
	593,000		Rengo Co Ltd		4,562,508		0.5
	399,000		Sumitomo Forestry Co Ltd		6,285,278		0.6
	1,361,000	e	Suruga Bank Ltd		4,444,667		0.5
			Other		148,524,619		15.1
					200,270,124		20.4
KAZAKHSTAN
	593,000		KAZ Minerals plc		4,838,346		0.5
					4,838,346		0.5
KOREA, REPUBLIC OF
	177,000		Dongbu HiTek Co Ltd		5,025,453		0.5
	213,000	*	Samsung Techwin Co Ltd		4,757,590		0.5
	105,000		SK Chemicals Co Ltd		5,863,291		0.6
	41,003	*	Soulbrain Co Ltd		7,855,867		0.8
			Other		21,872,535		2.2
					45,374,736		4.6
MALAYSIA
	3,175,200		Bursa Malaysia BHD		6,155,916		0.6
			Other		3,733,282		0.4
					9,889,198		1.0
MALTA					547,715		0.1
MEXICO					8,397,784		0.9
NETHERLANDS
	88,000		ASM International NV		12,569,112		1.3
	262,927	g	Signify NV		9,332,679		1.0
			Other		5,250,806		0.5
					27,152,597		2.8
NEW ZEALAND					1,332,401		0.1
NORWAY					7,832,763		0.8
PAKISTAN					1,353,356		0.1
PERU					2,264,520		0.2
POLAND					1,190,834		0.1
PORTUGAL					4,082,504		0.4
QATAR					569,210		0.1
RUSSIA					364,834		0.0
SAUDI ARABIA					10,234,227		1.0

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

Summary portfolio of investments concluded

Quant International Small-Cap Equity Fund  ■  October 31, 2020

Shares				Company	Value		% of net assets
SINGAPORE
	5,902,000			Frasers Logistics & Industrial Trust	$	5,322,040		0.6	%
				Other		7,999,795		0.8
						13,321,835		1.4
SOUTH AFRICA						5,255,958		0.5
SPAIN						12,834,334		1.3
SWEDEN
	191,000			Axfood AB		4,439,444		0.5
	315,000			Getinge AB (B Shares)		6,167,690		0.6
				Other		38,478,220		3.9
						49,085,354		5.0
SWITZERLAND
	58,000			Cembra Money Bank AG.		6,444,015		0.6
	98,000		g	Galenica AG.		6,180,067		0.6
	46,041		g	VAT Group AG.		8,637,977		0.9
				Other		16,471,354		1.7
						37,733,413		3.8
TAIWAN
	3,132,000			Compeq Manufacturing Co		4,780,277		0.5
	1,455,000			Radiant Opto-Electronics Corp		5,732,722		0.6
	785,000			Simplo Technology Co Ltd		8,756,176		0.9
	1,177,000			Tripod Technology Corp		4,680,548		0.5
				Other		37,677,962		3.8
						61,627,685		6.3
THAILAND						2,012,201		0.2
TURKEY
	3,535,334		*	Sok Marketler Ticaret AS.		4,770,679		0.5
				Other		8,690,656		0.9
						13,461,335		1.4
UNITED KINGDOM
	1,286,000		g	Avast plc		7,902,788		0.8
	198,000		*	Dialog Semiconductor plc		7,548,531		0.8
	39,000			Games Workshop Group plc		5,243,020		0.5
	588,000			Howden Joinery Group plc		4,854,437		0.5
	378,147			Pennon Group plc		4,866,570		0.5
	1,162,000			Rightmove plc		9,299,691		0.9
	1,341,962			Rotork plc		4,889,379		0.5
	3,369,393			Tritax Big Box REIT plc		6,836,441		0.7
	532,000			Unite Group plc		5,741,187		0.6
				Other		51,611,848		5.3
						108,793,892		11.1
UNITED STATES
	97,092			iShares Core MSCI Emerging Markets ETF		5,191,509		0.6
	296,968		e	iShares MSCI EAFE Small-Cap ETF		16,912,328		1.7
				Other		4,853,654		0.5
						26,957,491		2.8
		TOTAL COMMON STOCKS (Cost $925,617,220)				977,453,873		99.6

Shares				Company	Value			% of net assets
SHORT-TERM INVESTMENTS
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	21,536,550		c	State Street Navigator Securities Lending Government Money Market Portfolio	$	21,536,550			2.2	%
						21,536,550			2.2
		TOTAL SHORT-TERM INVESTMENTS (Cost $21,536,550)				21,536,550			2.2
		TOTAL PORTFOLIO (Cost $947,153,770)				998,990,423			101.8
		OTHER ASSETS & LIABILITIES, NET				(17,508,034	)		(1.8	)
		NET ASSETS			$	981,482,389			100.0	%

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 $49,007,083. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/20, the aggregate value of these securities, including those in “Other,” is $59,003,722 or 6.0% of net assets.

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

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

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

Summary of market values by sector (unaudited)

Quant International Small-Cap Equity Fund  ■  October 31, 2020

Sector	Value			% of net assets
INDUSTRIALS	$	177,147,440			18.0	%
INFORMATION TECHNOLOGY		130,426,891			13.3
CONSUMER DISCRETIONARY		126,191,363			12.9
FINANCIALS		120,487,500			12.3
MATERIALS		95,990,690			9.8
REAL ESTATE		95,187,230			9.7
HEALTH CARE		71,534,618			7.3
CONSUMER STAPLES		59,900,604			6.1
COMMUNICATION SERVICES		51,454,076			5.2
UTILITIES		28,436,822			2.9
ENERGY		20,696,639			2.1
SHORT-TERM INVESTMENTS		21,536,550			2.2
OTHER ASSETS & LIABILITIES, NET		(17,508,034	)		(1.8	)
NET ASSETS	$	981,482,389			100.0	%

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

Summary portfolio of investments

Social Choice International Equity Fund  ■  October 31, 2020

Shares			Company	Value		% of net assets
COMMON STOCKS
AUSTRALIA
	85,128		Commonwealth Bank of Australia	$	4,133,095		0.8	%
	24,798		CSL Ltd		5,020,536		1.0
	29,451		Macquarie Group Ltd		2,625,850		0.5
	234,833		National Australia Bank Ltd		3,072,315		0.6
			Other		20,324,289		3.8
					35,176,085		6.7
AUSTRIA					1,711,823		0.3
BELGIUM					4,838,267		1.0
DENMARK
	88,440		Novo Nordisk AS		5,639,433		1.1
	17,297	g	Orsted AS		2,745,276		0.5
			Other		5,256,574		1.1
					13,641,283		2.7
FINLAND					4,561,320		0.9
FRANCE
	18,514		Air Liquide		2,707,455		0.5
	22,452		Essilor International S.A.		2,771,899		0.5
	4,996		Kering		3,019,163		0.6
	14,261		L’Oreal S.A.		4,608,945		0.9
	59,292		Sanofi-Aventis		5,353,673		1.0
	32,115		Schneider Electric S.A.		3,902,178		0.8
	143,363		Total S.A.		4,343,427		0.8
			Other		24,652,952		4.9
					51,359,692		10.0
GERMANY
	8,440		Adidas-Salomon AG.		2,507,565		0.5
	22,104		Allianz AG.		3,893,721		0.8
	46,905		BASF SE		2,568,433		0.5
	60,777		Deutsche Post AG.		2,694,729		0.5
	53,603		SAP AG.		5,718,613		1.1
	41,591		Siemens AG.		4,879,291		1.0
			Other		24,191,478		4.8
					46,453,830		9.2
HONG KONG
	78,838		Hong Kong Exchanges and Clearing Ltd		3,777,815		0.7
			Other		13,918,622		2.7
					17,696,437		3.4
IRELAND					4,556,603		0.9
ISRAEL					1,533,999		0.3
ITALY
	486,946		Enel S.p.A.		3,871,465		0.8
	1,488,681		Intesa Sanpaolo S.p.A.		2,471,365		0.5
			Other		3,694,826		0.7
					10,037,656		2.0
JAPAN
	64,565		Chugai Pharmaceutical Co Ltd		2,492,208		0.5
	125,161		Honda Motor Co Ltd		2,960,425		0.6
	113,296		KDDI Corp		3,065,222		0.6

Shares			Company	Value		% of net assets
JAPAN–continued
	10,346		Keyence Corp	$	4,695,248		0.9	%
	117,479		Mitsubishi Corp		2,621,116		0.5
	7,204		Nintendo Co Ltd		3,895,122		0.8
	85,012		NTT DoCoMo, Inc		3,165,438		0.6
	68,929		Recruit Holdings Co Ltd		2,622,793		0.5
	68,615		Sony Corp		5,720,187		1.1
	11,100		Tokyo Electron Ltd		2,979,360		0.6
	104,795		Toyota Motor Corp		6,879,466		1.3
			Other		92,702,971		18.1
					133,799,556		26.1
NETHERLANDS
	20,619		ASML Holding NV		7,460,014		1.5
	34,839		Prosus NV		3,478,185		0.7
			Other		7,596,246		1.4
					18,534,445		3.6
NEW ZEALAND					3,142,842		0.6
NORWAY					5,555,701		1.1
PORTUGAL					1,374,387		0.3
SINGAPORE					6,225,211		1.1
SPAIN
	288,483		Iberdrola S.A.		3,406,285		0.7
			Other		7,718,288		1.4
					11,124,573		2.1
SWEDEN
	133,376		Volvo AB (B Shares)		2,592,454		0.5
			Other		15,919,418		3.1
					18,511,872		3.6
SWITZERLAND
	45,050		Alcon, Inc		2,561,233		0.5
	5,357		Lonza Group AG.		3,245,860		0.6
	127,835		Nestle S.A.		14,378,611		2.8
	31,747		Roche Holding AG.		10,201,306		2.0
	269,294		UBS Group AG		3,135,112		0.6
	10,255		Zurich Insurance Group AG		3,406,153		0.7
			Other		13,872,232		2.8
					50,800,507		10.0
UNITED KINGDOM
	46,017		AstraZeneca plc		4,620,358		0.9
	26,199		London Stock Exchange Group plc		2,824,195		0.5
	217,932		National Grid plc		2,592,407		0.5
	212,324		Prudential plc		2,596,828		0.5
	136,006		RELX plc		2,691,274		0.5
			Other		46,373,357		9.0
					61,698,419		11.9
UNITED STATES					2,664,833		0.6
		TOTAL COMMON STOCKS (Cost $505,232,068)			504,999,341		98.4

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

Summary portfolio of investments concluded

Social Choice International Equity Fund  ■  October 31, 2020

Principal		Issuer	Value		% of net assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
		Federal Home Loan Bank (FHLB)
$	5,520,000	0.075%, 11/03/20	$	5,519,988		1.0	%
				5,519,988		1.0
REPURCHASE AGREEMENT				275,000		0.1

Shares				Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	2,947,647		c	State Street Navigator Securities Lending Government Money Market Portfolio	$	2,947,647			0.6	%
						2,947,647			0.6
		TOTAL SHORT-TERM INVESTMENTS (Cost $8,742,625)				8,742,635			1.7
		TOTAL PORTFOLIO (Cost $513,974,693)				513,741,976			100.1
		OTHER ASSETS & LIABILITIES, NET				(305,174	)		(0.1	)
		NET ASSETS			$	513,436,802			100.0	%

c	Investments made with cash collateral received from securities on loan.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/20, the aggregate value of these securities, including those in “Other,” is $7,117,719 or 1.4% 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.

At 10/31/20, the aggregate value of securities on loan is $3,567,461. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.

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

Futures contracts outstanding as of October 31, 2020 were as follows:

Description	Number of long (short contracts		)	Expiration date		Notional amount		Value		Unrealized appreciation (depreciation		)
MSCI EAFE Index		62			12/18/20		$5,709,250		$5,530,090		$(179,160	)

Summary of market values by sector (unaudited)

Social Choice International Equity Fund  ■  October 31, 2020

Sector	Value			% of net assets
FINANCIALS	$	82,310,858			15.9	%
INDUSTRIALS		69,141,256			13.5
HEALTH CARE		68,048,444			13.3
CONSUMER DISCRETIONARY		59,837,139			11.7
CONSUMER STAPLES		56,655,880			11.0
MATERIALS		45,137,982			8.8
INFORMATION TECHNOLOGY		38,859,118			7.6
COMMUNICATION SERVICES		25,562,522			5.0
UTILITIES		23,581,220			4.6
REAL ESTATE		20,397,183			4.0
ENERGY		15,467,739			3.0
SHORT-TERM INVESTMENTS		8,742,635			1.7
OTHER ASSETS & LIABILITIES, NET		(305,174	)		(0.1	)
NET ASSETS	$	513,436,802			100.0	%

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

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TIAA-CREF Funds: Equity Funds  ■  2020 Annual Report 81

Statements of assets and liabilities

TIAA-CREF Funds   ■  October 31, 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*†		$	5,768,638,791	$	6,094,937,646	$	4,750,977,503	$	1,357,553,712	$	1,702,088,645		$	1,519,190,819	$	683,070,606	$	2,373,009,508	$	750,017,562	$	5,402,769,983
Cash			1,115		—		1,435		—		4,420			4,833		2,285		—		—		530,221
Cash - foreign^			—		3,376,710		—		—		—			—		—		—		—		—
Receivable from securities transactions			91,589,211		148,008,602		31,087,810		18,408,267		296,963			79,989,186		35,938,975		13,528,909		3,643,028		—
Receivable from Fund shares sold			981,654		7,748,776		6,274,412		334,821		509,210			38,845		19,892		1,719,959		2,045,660		4,725,363
Dividends and interest receivable			5,287,642		932,803		7,033,583		233,418		1,660,004			918,071		1,463,739		1,037,700		450,789		5,520,364
Due from affiliates			1,152,911		1,139,597		1,056,559		—		7,452			627,948		320,439		271,070		260,832		47,958
Other			554,884		409,964		542,732		188,813		435,568			194,017		180,902		263,274		20,838		264,515
Total assets			5,868,206,208		6,256,554,098		4,796,974,034		1,376,719,031		1,705,002,262			1,600,963,719		720,996,838		2,389,830,420		756,438,709		5,413,858,404
LIABILITIES
Management fees payable			2,141,944		2,215,573		1,755,052		548,741		657,617			658,723		325,229		853,402		279,309		702,877
Service agreement fees payable			101,148		89,964		93,775		84,556		90,983			252		23		73,411		4,644		177,437
Distribution fees payable			271,507		254,150		33,148		55,119		45,862			—		—		26,677		1,495		115,442
Due to affiliates			45,417		45,626		39,676		22,733		25,567			23,888		16,176		30,075		23,462		36,342
Overdraft payable			—		75,744,750		—		3,109,563		—			—		—		1,533,493		2,363,407		—
Payable for collateral for securities loaned			14,735,144		2,240,546		—		—		5,632,892			—		1,479,380		47,873,333		5,308,960		36,453,499
Payable for securities transactions			45,506,527		43,215,664		826,315		4,740,778		1,063,190			—		—		9,360,382		2,356,710		49,113,042
Payable for Fund shares redeemed			49,800,034		36,501,277		26,677,520		734,770		964,477			81,328,504		35,116,816		5,125,812		166,149		1,122,086
Written options◊			19,902,580		3,526,312		—		—		—			—		—		—		—		—
Payable for variation margin on futures contracts			—		—		—		—		—			—		—		—		—		1,396,500
Payable for trustee compensation			464,107		323,588		470,162		170,740		403,830			191,171		176,504		261,062		20,246		259,225
Accrued expenses and other payables			213,058		190,811		172,583		64,819		191,547			71,646		74,233		96,146		40,083		337,996
Total liabilities			133,181,466		164,348,261		30,068,231		9,531,819		9,075,965			82,274,184		37,188,361		65,233,793		10,564,465		89,714,446
NET ASSETS		$	5,735,024,742	$	6,092,205,837	$	4,766,905,803	$	1,367,187,212	$	1,695,926,297		$	1,518,689,535	$	683,808,477	$	2,324,596,627	$	745,874,244	$	5,324,143,958
NET ASSETS CONSIST OF:
Paid-in-capital		$	3,003,468,641	$	2,406,894,077	$	4,184,965,306	$	867,564,279	$	1,714,042,756		$	413,655,589	$	489,090,728	$	2,300,973,556	$	661,684,045	$	3,730,606,619
Total distributable earnings (loss)			2,731,556,101		3,685,311,760		581,940,497		499,622,933		(18,116,459	)		1,105,033,946		194,717,749		23,623,071		84,190,199		1,593,537,339
NET ASSETS		$	5,735,024,742	$	6,092,205,837	$	4,766,905,803	$	1,367,187,212	$	1,695,926,297		$	1,518,689,535	$	683,808,477	$	2,324,596,627	$	745,874,244	$	5,324,143,958
*	Includes securities loaned of	$	17,143,943	$	10,186,997	$	—	$	—	$	8,204,118		$	349,496	$	1,628,879	$	68,254,134	$	8,353,450	$	50,154,476
†	Portfolio investments, cost	$	3,345,424,291	$	4,206,167,730	$	4,119,398,032	$	1,024,557,692	$	1,628,851,785		$	662,810,654	$	546,619,830	$	2,203,779,569	$	678,894,198	$	3,869,640,181
^	Foreign cash, cost	$	—	$	3,364,984	$	—	$	—	$	—		$	—	$	—	$	—	$	—	$	—
◊	Written options premiums	$	28,513,764	$	1,220,870	$	—	$	—	$	—		$	—	$	—	$	—	$	—	$	—

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

Statements of assets and liabilities continued

TIAA-CREF Funds  ■  October 31, 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	$	1,126,794,677	$	1,606,750,975	$	1,467,747,339	$	721,712,159	$	1,045,293,106	$	113,665,621	$	38,403,689	$	1,150,062,498	$	41,060,889	$	3,961,520,152
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		74,321,509		59,193,917		91,677,456		28,692,609		72,575,241		6,502,793		4,626,316		79,865,235		3,591,650		184,959,399
Net asset value per share	$	15.16	$	27.14	$	16.01	$	25.15	$	14.40	$	17.48	$	8.30	$	14.40	$	11.43	$	21.42
ADVISOR CLASS:
Net assets	$	2,701,315	$	4,819,668	$	256,531	$	5,112,821	$	445,704	$	1,369,339	$	112,582	$	464,084	$	1,702,327	$	37,323,299
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		178,070		177,697		16,038		203,356		30,997		78,252		13,544		32,246		148,644		1,744,640
Net asset value per share	$	15.17	$	27.12	$	15.99	$	25.14	$	14.38	$	17.50	$	8.31	$	14.39	$	11.45	$	21.39
PREMIER CLASS:
Net assets	$	25,804,972	$	14,406,609	$	69,390,947	$	39,582,405	$	68,186,676	$	—	$	—	$	65,169,356	$	114,901	$	89,235,198
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		1,699,233		531,524		4,345,745		1,585,948		4,746,001		—		—		4,558,874		10,000		4,185,716
Net asset value per share	$	15.19	$	27.10	$	15.97	$	24.96	$	14.37	$	—	$	—	$	14.30	$	11.49	$	21.32
RETIREMENT CLASS:
Net assets	$	452,343,408	$	395,850,867	$	423,110,219	$	375,488,886	$	413,497,030	$	—	$	—	$	328,264,917	$	21,007,980	$	767,329,497
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		29,239,673		14,699,481		26,555,385		15,512,507		28,958,453		—		—		23,549,368		1,846,354		35,287,260
Net asset value per share	$	15.47	$	26.93	$	15.93	$	24.21	$	14.28	$	—	$	—	$	13.94	$	11.38	$	21.75
RETAIL CLASS:
Net assets	$	1,212,620,044	$	1,127,972,155	$	108,092,800	$	225,290,941	$	168,503,781	$	—	$	—	$	100,997,815	$	6,757,277	$	468,735,812
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		57,355,995		41,729,473		7,098,639		9,327,245		12,153,958		—		—		7,344,653		595,088		24,820,684
Net asset value per share	$	21.14	$	27.03	$	15.23	$	24.15	$	13.86	$	—	$	—	$	13.75	$	11.36	$	18.88
CLASS W:
Net assets	$	2,914,760,326	$	2,942,405,563	$	2,698,307,967	$	—	$	—	$	1,403,654,575	$	645,292,206	$	679,637,957	$	675,230,870	$	—
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		192,244,956		108,028,213		167,961,432		—		—		80,083,382		77,647,773		47,084,694		58,828,684		—
Net asset value per share	$	15.16	$	27.24	$	16.07	$	—	$	—	$	17.53	$	8.31	$	14.43	$	11.48	$	—

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

Statements of assets and liabilities continued

TIAA-CREF Funds  ■  October 31, 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*†		$	440,053,814	$	1,462,173,883	$	4,749,342,107		$	1,853,339,380	$	899,441,582		$	998,990,423		$	513,741,976
Affiliated investments, at value‡			—		40,137,147		—			—		—			—			—
Cash			331,573		—		—			9,267		4,987			—			609,883
Cash - foreign ^			—		83,138		—			—		27,081			870,572			35,384
Receivable from securities transactions			1,076,837		165,849,237		76,540,866			—		155,461,527			33,828,865			34,471
Receivable from Fund shares sold			1,167,884		171,487		10,664,214			398,772		31,915			785,213			1,042,281
Dividends and interest receivable			504,069		3,528,697		21,383,842			2,298,132		9,926,992			2,782,351			1,630,048
Due from affiliates			—		985,215		656,789			841,629		467,031			571,992			—
Other			5,442		115,982		477,013			112,232		133,911			27,565			5,261
Total assets			443,139,619		1,673,044,786		4,859,064,831			1,856,999,412		1,065,495,026			1,037,856,981			517,099,304
LIABILITIES
Management fees payable			94,998		1,269,426		1,820,103			952,898		499,402			569,714			134,740
Service agreement fees payable			43,507		25,638		86,396			36,249		37			724			35,296
Distribution fees payable			5,332		3,015		60,144			1,302		—			176			3,089
Due to affiliates			31,368		27,466		38,097			27,899		18,720			24,645			40,249
Overdraft payable			—		1,345,680		1,134,564			—		—			9,491,248			—
Payable for collateral for securities loaned			1,335,897		5,729,592		—			38,061,707		13,274,829			21,536,550			2,947,647
Payable for securities transactions			—		40,744,705		156,736,119			—		76,312,500			23,144,109			34,472
Payable for Fund shares redeemed			2,653		9,325,999		4,255,189			1,745,324		42,628,175			1,353,913			171,188
Payable for variation margin on futures contracts			440,935		—		—			—		—			—			179,031
Payable for trustee compensation			4,994		86,682		396,849			80,806		132,029			26,572			4,288
Accrued expenses and other payables			61,795		555,346		297,684			132,894		154,449			226,941			112,502
Total liabilities			2,021,479		59,113,549		164,825,145			41,039,079		133,020,141			56,374,592			3,662,502
NET ASSETS		$	441,118,140	$	1,613,931,237	$	4,694,239,686		$	1,815,960,333	$	932,474,885		$	981,482,389		$	513,436,802
NET ASSETS CONSIST OF:
Paid-in-capital		$	372,072,743	$	1,295,810,258	$	4,733,700,945		$	1,160,034,900	$	1,004,256,919		$	1,075,626,068		$	512,836,568
Total distributable earnings (loss)			69,045,397		318,120,979		(39,461,259	)		655,925,433		(71,782,034	)		(94,143,679	)		600,234
NET ASSETS		$	441,118,140	$	1,613,931,237	$	4,694,239,686		$	1,815,960,333	$	932,474,885		$	981,482,389		$	513,436,802
*	Includes securities loaned of	$	1,487,017	$	26,074,607	$	—		$	86,761,246	$	15,904,534		$	49,007,083		$	3,567,461
†	Portfolio investments, cost	$	379,061,403	$	1,244,313,341	$	4,489,132,037		$	1,251,417,221	$	823,433,648		$	947,153,770		$	513,974,693
‡	Affiliated investments, cost	$	—	$	61,885,730	$	—		$	—	$	—		$	—		$	—
^	Foreign cash, cost	$	—	$	82,996	$	—		$	—	$	27,072		$	870,549		$	35,399

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

Statements of assets and liabilities concluded

TIAA-CREF Funds  ■  October 31, 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	$	211,658,642	$	283,657,500	$	2,230,915,219	$	120,667,974	$	68,879,559	$	54,223,051	$	338,691,825
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		13,960,781		22,641,159		204,415,278		7,687,956		10,308,789		5,763,491		32,761,972
Net asset value per share	$	15.16	$	12.53	$	10.91	$	15.70	$	6.68	$	9.41	$	10.34
ADVISOR CLASS:
Net assets	$	1,516,575	$	179,440	$	2,993,038	$	4,059,672	$	241,956	$	68,820	$	1,191,683
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		100,139		14,332		268,465		259,081		36,283		7,321		115,363
Net asset value per share	$	15.14	$	12.52	$	11.15	$	15.67	$	6.67	$	9.40	$	10.33
PREMIER CLASS:
Net assets	$	3,253,309	$	9,111,941	$	80,569,448	$	398,767	$	—	$	69,740	$	437,997
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		214,314		727,041		7,400,868		25,374		—		7,327		42,375
Net asset value per share	$	15.18	$	12.53	$	10.89	$	15.72	$	—	$	9.52	$	10.34
RETIREMENT CLASS:
Net assets	$	202,083,520	$	118,191,438	$	383,645,668	$	158,189,613	$	—	$	3,258,742	$	162,780,310
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		13,395,007		9,473,887		33,846,656		10,119,108		—		346,847		15,799,926
Net asset value per share	$	15.09	$	12.48	$	11.33	$	15.63	$	—	$	9.40	$	10.30
RETAIL CLASS:
Net assets	$	22,606,094	$	8,499,611	$	223,405,881	$	5,638,142	$	—	$	756,569	$	10,334,987
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		1,497,907		680,570		32,558,053		360,319		—		80,439		1,003,555
Net asset value per share	$	15.09	$	12.49	$	6.86	$	15.65	$	—	$	9.41	$	10.30
CLASS W:
Net assets	$	—	$	1,194,291,307	$	1,772,710,432	$	1,527,006,165	$	863,353,370	$	923,105,467	$	—
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		—		94,609,332		161,776,235		96,772,944		128,768,203		97,559,411		—
Net asset value per share	$	—	$	12.62	$	10.96	$	15.78	$	6.70	$	9.46	$	—

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

Statements of operations

TIAA-CREF Funds   ■  For the year ended October 31, 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*	$	96,277,238		$	44,185,463		$	120,886,696		$	5,558,573		$	40,730,509		$	33,160,989		$	34,627,969		$	23,486,972		$	8,607,176		$	81,904,583
Payment from affiliate		911,939			860,699			738,237			185,552			325,895			—			—			—			—			—
Income from securities lending		478,521			34,218			637			154,017			265,624			22,773			36,332			1,476,640			324,620			440,784
Interest		204,914			294,154			129,589			101,101			107,324			51,616			22,909			303,134			9,796			145,630
Total income		97,872,612			45,374,534			121,755,159			5,999,243			41,429,352			33,235,378			34,687,210			25,266,746			8,941,592			82,490,997
EXPENSES
Management fees		24,987,087			24,055,777			20,534,990			5,973,654			9,283,452			8,883,823			4,518,662			9,975,766			2,966,517			7,321,854
Shareholder servicing – Institutional Class		1,746			3,923			1,530			1,651			3,033			5,033			330			2,818			295			8,852
Shareholder servicing – Advisor Class		1,957			2,640			142			897			549			1,178			308			472			916			24,459
Shareholder servicing – Premier Class		83			63			87			77			104			—			—			90			36			6,138
Shareholder servicing – Retirement Class		1,166,424			874,775			1,201,626			874,225			1,188,721			—			—			899,548			40,143			1,781,027
Shareholder servicing – Retail Class		476,089			466,164			75,930			102,726			144,790			—			—			70,674			8,334			123,686
Shareholder servicing – Class W		2,263			2,363			1,894			—			—			1,940			1,070			853			793			—
Distribution fees – Premier Class		52,603			26,710			140,196			67,339			133,247			—			—			126,721			168			135,353
Distribution fees – Retail Class		2,971,706			2,520,436			294,416			509,823			477,623			—			—			271,325			15,259			1,147,350
Administrative service fees		139,559			136,856			123,654			69,925			81,025			72,046			50,325			93,067			72,405			111,756
Custody and accounting fees		108,139			87,632			58,429			32,880			33,975			45,273			50,430			62,589			31,610			52,892
Registration fees		102,071			115,794			105,198			77,389			78,133			48,257			45,187			79,351			83,346			128,387
Trustee fees and expenses		81,370			76,824			66,039			16,880			29,247			38,529			19,094			32,001			8,330			61,227
Other expenses		260,843			287,663			277,627			118,994			334,629			155,162			308,216			166,309			87,783			1,115,683
Total expenses		30,351,940			28,657,620			22,881,758			7,846,460			11,788,528			9,251,241			4,993,622			11,781,584			3,315,935			12,018,664
Less: Expenses reimbursed by the investment adviser		(13,662,192	)		(12,907,857	)		(11,254,160	)		—			—			(8,593,919	)		(4,201,701	)		(2,662,075	)		(2,927,545	)		—
Fee waiver by investment adviser and Nuveen Securities		(157,852	)		(304,949	)		(642,623	)		—			(548,014	)		—			(345,826	)		(612,229	)		—			(382,683	)
Net expenses		16,531,896			15,444,814			10,984,975			7,846,460			11,240,514			657,322			446,095			8,507,280			388,390			11,635,981
Net investment income (loss)		81,340,716			29,929,720			110,770,184			(1,847,217	)		30,188,838			32,578,056			34,241,115			16,759,466			8,553,202			70,855,016
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments‡		341,185,961			1,933,755,889			(95,177,020	)		194,019,454			(81,186,334	)		882,274,071			128,529,963			(137,326,650	)		7,878,185			11,378,320
Purchased options		2,689,187			124,200			—			(3,063,577	)		—			—			—			—			—			—
Written options		(13,885,645	)		133,937			—			1,440,673			—			—			—			—			—			—
Futures contracts		—			—			—			—			—			—			(148,184	)		(8,688,847	)		—			(1,387,013	)
Foreign currency transactions		(21,662	)		(129,024	)		9			(23,282	)		(1,513	)		—			—			—			—			—
Net realized gain (loss) on total investments		329,967,841			1,933,885,002			(95,177,011	)		192,373,268			(81,187,847	)		882,274,071			128,381,779			(146,015,497	)		7,878,185			9,991,307
Change in unrealized appreciation (depreciation) on:
Portfolio investments		278,064,070			(219,452,311	)		(360,504,331	)		103,954,643			(333,446,349	)		(118,243,340	)		(220,077,175	)		(36,939,555	)		(25,201,059	)		384,976,895
Purchased options		(115,068	)		—			—			990,196			—			—			—			—			—			—
Written options		4,470,548			(2,305,442	)		—			(1,036,480	)		—			—			—			—			—			—
Futures contracts		—			—			—			—			—			—			—			(344,028	)		—			(1,736,446	)
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		16,494			(4,564	)		3,833			33			733			—			—			—			—			—
Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments		282,436,044			(221,762,317	)		(360,500,498	)		103,908,392			(333,445,616	)		(118,243,340	)		(220,077,175	)		(37,283,583	)		(25,201,059	)		383,240,449
Net realized and unrealized gain (loss) on total investments		612,403,885			1,712,122,685			(455,677,509	)		296,281,660			(414,633,463	)		764,030,731			(91,695,396	)		(183,299,080	)		(17,322,874	)		393,231,756
Net increase (decrease) in net assets from operations	$	693,744,601		$	1,742,052,405		$	(344,907,325	)	$	294,434,443		$	(384,444,625	)	$	796,608,787		$	(57,454,281	)	$	(166,539,614	)	$	(8,769,672	)	$	464,086,772
*   Net of foreign withholding taxes of	$	351,981		$	305,988		$	83,297		$	50,117		$	(34,919	)	$	—		$	3,343		$	63,118		$	19,165		$	4,322
‡   Includes net realized gain (loss) from securities sold to affiliates of	$	6,435,851		$	389,928,910		$	3,367,187		$	2,497,566		$	6,701,016		$	189,964,568		$	9,179,855		$	(669,413	)	$	(507,296	)	$	3,828,929

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

Statements of operations concluded

TIAA-CREF Funds  ■  For the year ended October 31, 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*	$	5,295,339		$	22,987,723		$	97,528,110		$	17,388,460		$	51,203,394		$	25,171,724		$	10,380,429
Dividends from affiliated investments		—			750,557			—			—			—			—			—
Payment from affiliate		—			297,666			823,454			317,432			—			—			—
Income from securities lending		19,618			173,660			273,373			1,986,098			303,385			929,342			60,866
Interest		25,132			536,666			719,005			497,641			60,607			57,501			33,878
Total income		5,340,089			24,746,272			99,343,942			20,189,631			51,567,386			26,158,567			10,475,173
EXPENSES
Management fees		786,347			14,107,926			20,593,138			10,421,666			7,123,617			6,225,492			1,211,493
Shareholder servicing – Institutional Class		301			576			4,804			388			597			261			550
Shareholder servicing – Advisor Class		1,297			313			2,981			4,038			269			36			1,394
Shareholder servicing – Premier Class		45			43			108			41			—			34			50
Shareholder servicing – Retirement Class		359,271			305,283			1,018,866			400,580			—			8,509			276,540
Shareholder servicing – Retail Class		11,498			11,870			215,668			6,464			—			3,627			6,780
Shareholder servicing – Class W		—			1,186			1,149			1,295			1,322			942			—
Distribution fees – Premier Class		3,444			12,171			155,124			1,024			—			103			1,475
Distribution fees – Retail Class		47,698			22,014			570,320			11,147			—			1,885			26,274
Administrative service fees		58,411			84,281			118,089			85,852			58,702			75,982			59,744
Custody and accounting fees		33,244			381,540			275,651			131,959			162,264			250,407			113,913
Registration fees		80,792			84,565			116,408			86,016			45,916			79,151			89,329
Trustee fees and expenses		3,631			21,279			58,216			22,647			25,002			12,176			4,734
Other expenses		136,696			154,372			304,634			134,859			146,662			155,642			173,337
Total expenses		1,522,675			15,187,419			23,435,156			11,307,976			7,564,351			6,814,247			1,965,613
Less: Expenses reimbursed by the investment adviser		(90,112	)		(11,366,661	)		(7,063,423	)		(9,325,564	)		(7,019,035	)		(5,915,059	)		(35,690	)
Fee waiver by investment adviser and Nuveen Securities		—			—			—			—			—			(479,144	)		—
Net expenses		1,432,563			3,820,758			16,371,733			1,982,412			545,316			420,044			1,929,923
Net investment income (loss)		3,907,526			20,925,514			82,972,209			18,207,219			51,022,070			25,738,523			8,545,250
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments‡		6,114,954			145,299,563			61,942,989			105,727,193			(61,480,799	)		(38,787,319	)		(3,339,626	)
Affiliated investments		—			(1,113,594	)		—			—			—			—			—
Purchased options		—			(1,703,219	)		—			—			—			—			—
Written options		—			3,008,331			—			—			—			—			—
Futures contracts		51,178			—			—			—			—			—			(1,716,738	)
Foreign currency transactions		—			(2,636,060	)		(3,588,188	)		(540,780	)		(318,082	)		(346,252	)		43,872
Net realized gain (loss) on total investments		6,166,132			142,855,021			58,354,801			105,186,413			(61,798,881	)		(39,133,571	)		(5,012,492	)
Change in unrealized appreciation (depreciation) on:
Portfolio investments**		30,354,419			82,953,971			(132,350,055	)		186,894,692			(120,391,029	)		(19,380,958	)		(14,080,462	)
Affiliated investments		—			(28,077,995	)		—			—			—			—			—
Purchased options		—			(71,379	)		—			—			—			—			—
Written options		—			(175,679	)		—			—			—			—			—
Futures contracts		(461,163	)		—			—			—			—			—			(182,052	)
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		—			(279,610	)		365,309			71,549			289,510			30,368			27,262
Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments		29,893,256			54,349,308			(131,984,746	)		186,966,241			(120,101,519	)		(19,350,590	)		(14,235,252	)
Net realized and unrealized gain (loss) on total investments		36,059,388			197,204,329			(73,629,945	)		292,152,654			(181,900,400	)		(58,484,161	)		(19,247,744	)
Net increase (decrease) in net assets from operations	$	39,966,914		$	218,129,843		$	9,342,264		$	310,359,873		$	(130,878,330	)	$	(32,745,638	)	$	(10,702,494	)
*   Net of foreign withholding taxes of	$	731		$	3,299,353		$	8,106,645		$	2,216,384		$	4,598,252		$	2,889,790		$	972,375
‡   Includes net realized gain (loss) from securities sold to affiliates of	$	432,336		$	(462,514	)	$	(5,105,544	)	$	1,288,541		$	1,166,849		$	686,241		$	(367,949	)
**  Includes net change in unrealized foreign capital gains taxes of	$	—		$	289,770		$	—		$	443,254		$	—		$	—		$	—

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

Statements of changes in net assets

TIAA-CREF Funds  ■  For the year ended

		Growth & Income Fund						Large-Cap Growth Fund						Large-Cap Value Fund						Mid-Cap Growth Fund						Mid-Cap Value Fund						Quant Large-Cap Growth Fund
		October 31,			October 31,			October 31,			October 31,			October 31,			October 31,			October 31,			October 31,			October 31,			October 31,			October 31,			October 31,
		2020			2019			2020			2019			2020			2019			2020			2019			2020			2019			2020			2019
OPERATIONS
Net investment income (loss)		$	81,340,716		$	107,265,531		$	29,929,720		$	37,119,971		$	110,770,184		$	131,127,532		$	(1,847,217	)	$	1,283,696		$	30,188,838		$	65,880,205		$	32,578,056		$	39,040,233
Net realized gain (loss) on total investments			329,967,841			332,090,427			1,933,885,002			250,902,222			(95,177,011	)		14,532,355			192,373,268			153,961,882			(81,187,847	)		503,270,693			882,274,071			160,845,834
Net change in unrealized appreciation (depreciation) on total investments			282,436,044			265,258,196			(221,762,317	)		424,851,755			(360,500,498	)		449,893,389			103,908,392			51,209,849			(333,445,616	)		(354,588,542	)		(118,243,340	)		168,334,647
Net increase (decrease) in net assets from operations			693,744,601			704,614,154			1,742,052,405			712,873,948			(344,907,325	)		595,553,276			294,434,443			206,455,427			(384,444,625	)		214,562,356			796,608,787			368,220,714
DISTRIBUTIONS TO SHAREHOLDERS
	Institutional Class		(90,187,214	)		(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		(137,212	)		(107,915	)		(129,148	)		(930,419	)		(4,294	)		(19,754	)		(22,522	)		(21,699	)		(164,800	)		(93,193	)		(88,850	)		(125,789	)
	Premier Class		(2,740,056	)		(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		(30,407,664	)		(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		(54,350,956	)		(69,520,975	)		(37,462,033	)		(104,022,118	)		(2,571,729	)		(20,003,030	)		(21,438,004	)		(24,618,704	)		(43,383,144	)		(37,639,603	)		—			—
	Class W		(233,832,649	)		(272,252,422	)		(148,119,014	)		(309,434,286	)		(73,355,148	)		(289,089,025	)		—			—			—			—			(175,681,423	)		(196,129,076	)
Total distributions			(411,655,751	)		(534,145,545	)		(258,915,229	)		(586,198,313	)		(127,817,787	)		(651,154,945	)		(145,162,321	)		(183,152,919	)		(508,353,308	)		(488,918,652	)		(188,056,331	)		(209,380,136	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		115,589,909			189,838,976			312,699,882			350,011,542			171,995,022			193,609,947			60,162,075			83,512,743			130,510,745			76,232,206			27,401,010			81,092,104
	Advisor Class		834,046			1,963,227			2,240,767			4,298,275			102,500			67,491			4,781,260			56,388			72,930			816,791			220,349			349,289
	Premier Class		1,419,729			6,230,297			6,545,943			5,519,961			3,653,888			3,019,512			7,525,232			7,076,253			4,852,190			7,772,387			—			—
	Retirement Class		9,953,510			8,383,256			76,133,475			37,360,082			6,513,918			1,278,751			19,963,314			26,425,305			13,579,801			6,850,391			—			—
	Retail Class		33,192,257			34,807,197			70,004,884			100,043,010			6,218,826			67,487,676			14,012,563			20,194,596			12,195,194			33,373,442			—			—
	Class W		392,152,562			431,487,050			317,943,280			473,260,764			715,364,513			346,338,915			—			—			—			—			254,019,285			354,708,181
Reinvestments of distributions:	Institutional Class		72,872,260			116,548,018			55,700,498			122,187,515			38,553,955			245,407,620			80,291,402			101,855,373			334,665,335			319,212,986			12,141,794			12,995,915
	Advisor Class		125,265			86,096			122,626			912,705			1,896			5,332			10,262			6,140			146,334			71,961			80,185			115,040
	Premier Class		2,740,056			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		30,407,485			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		52,271,670			66,944,622			36,075,177			100,723,450			2,441,536			19,439,505			20,939,726			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			—			—			—			—			175,681,423			196,129,076
Redemptions:	Institutional Class		(498,046,878	)		(604,936,372	)		(460,990,116	)		(285,806,095	)		(507,628,529	)		(907,796,470	)		(259,001,371	)		(199,578,954	)		(708,695,941	)		(651,214,788	)		(163,441,790	)		(67,388,506	)
	Advisor Class		(442,634	)		(527,411	)		(1,353,097	)		(9,350,658	)		(2,864	)		(53,258	)		(63,372	)		(14,157	)		(367,723	)		(344,759	)		(549,309	)		(625,390	)
	Premier Class		(22,471,952	)		(105,700,521	)		(16,804,954	)		(7,470,278	)		(56,042,234	)		(96,534,178	)		(29,799,247	)		(36,458,232	)		(44,530,024	)		(101,722,743	)		—			—
	Retirement Class		(99,542,880	)		(115,502,476	)		(84,436,426	)		(111,670,715	)		(121,179,790	)		(228,283,502	)		(73,976,529	)		(79,034,708	)		(110,286,394	)		(174,224,873	)		—			—
	Retail Class		(131,988,268	)		(113,841,166	)		(208,959,097	)		(212,718,551	)		(20,015,839	)		(71,612,172	)		(33,592,750	)		(28,063,116	)		(41,128,534	)		(57,409,375	)		—			—
	Class W		(1,194,519,163	)		(408,906,383	)		(1,365,252,961	)		(486,987,700	)		(752,980,610	)		(458,465,085	)		—			—			—			—			(2,272,017,800	)		(386,172,804	)
Net increase (decrease) from shareholder transactions			(1,063,403,981	)		(219,618,134	)		(1,098,510,866	)		431,039,163			(426,518,043	)		(502,562,798	)		(145,380,788	)		(23,433,116	)		(240,000,398	)		(376,366,300	)		(1,966,464,853	)		191,202,905
Net increase (decrease) in net assets			(781,315,131	)		(49,149,525	)		384,626,310			557,714,798			(899,243,155	)		(558,164,467	)		3,891,334			(130,608	)		(1,132,798,331	)		(650,722,596	)		(1,357,912,397	)		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		$	5,735,024,742		$	6,516,339,873		$	6,092,205,837		$	5,707,579,527		$	4,766,905,803		$	5,666,148,958		$	1,367,187,212		$	1,363,295,878		$	1,695,926,297		$	2,828,724,628		$	1,518,689,535		$	2,876,601,932
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		8,382,883			13,910,970			13,451,128			17,286,992			11,087,888			11,933,580			2,808,955			3,855,707			10,085,475			3,900,318			1,841,390			5,924,425
	Advisor Class		59,801			142,654			91,080			213,229			5,822			3,982			196,466			2,723			4,366			40,361			13,966			24,198
	Premier Class		97,983			446,703			275,119			270,596			225,945			184,619			350,397			323,249			334,363			387,024			—			—
	Retirement Class		689,661			585,188			3,206,462			1,835,948			398,421			76,277			927,648			1,264,561			942,549			347,452			—			—
	Retail Class		1,694,526			1,856,594			2,934,816			4,895,046			410,760			3,900,993			677,212			971,805			767,297			1,596,225			—			—
	Class W		29,674,980			32,231,031			14,502,962			23,978,093			46,609,406			21,607,368			—			—			—			—			17,993,172			26,842,491
Shares reinvested:	Institutional Class		5,154,374			9,065,793			2,642,339			6,706,230			2,150,248			15,873,714			3,852,754			5,487,897			19,277,957			17,282,782			839,681			1,041,340
	Advisor Class		8,886			6,650			5,817			50,149			106			345			493			331			8,434			3,898			5,538			9,203
	Premier Class		193,849			837,009			40,366			121,025			139,098			1,346,768			262,190			515,707			1,229,066			1,561,458			—			—
	Retirement Class		2,108,792			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		2,653,304			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		(35,575,357	)		(43,548,453	)		(19,103,946	)		(14,181,926	)		(30,289,793	)		(54,123,827	)		(12,234,975	)		(9,137,074	)		(49,053,484	)		(32,590,935	)		(9,946,084	)		(4,870,255	)
	Advisor Class		(32,375	)		(37,789	)		(59,066	)		(464,863	)		(159	)		(3,553	)		(3,224	)		(633	)		(24,952	)		(17,796	)		(36,408	)		(47,003	)
	Premier Class		(1,617,829	)		(7,430,387	)		(710,896	)		(365,312	)		(3,434,585	)		(5,786,266	)		(1,394,313	)		(1,700,911	)		(2,926,560	)		(5,164,985	)		—			—
	Retirement Class		(6,913,801	)		(8,225,684	)		(3,682,402	)		(5,561,576	)		(7,383,975	)		(13,854,019	)		(3,644,601	)		(3,842,246	)		(7,306,845	)		(8,910,939	)		—			—
	Retail Class		(6,875,813	)		(6,012,716	)		(9,390,272	)		(10,237,311	)		(1,312,926	)		(4,943,743	)		(1,669,409	)		(1,358,325	)		(2,799,547	)		(3,138,075	)		—			—
	Class W		(79,264,097	)		(29,157,258	)		(55,336,058	)		(23,792,763	)		(46,255,477	)		(27,277,468	)		—			—			—			—			(130,418,832	)		(27,582,071	)
Net increase (decrease) from shareholder transactions			(67,554,019	)		(10,997,747	)		(41,779,208	)		25,440,493			(22,820,534	)		(26,256,177	)		(6,939,024	)		337,250			(20,830,117	)		(17,283,534	)		(107,558,101	)		17,057,799

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

Statements of changes in net assets continued

TIAA-CREF Funds  ■  For the year ended

		Quant Large-Cap Value Fund						Quant Small-Cap Equity Fund						Quant Small/Mid-Cap Equity Fund						Social Choice Equity Fund						Social Choice Low Carbon Equity Fund						Emerging Markets Equity Fund
		October 31,			October 31,			October 31,			October 31,			October 31,			October 31,			October 31,			October 31,			October 31,			October 31,			October 31,			October 31,
		2020			2019			2020			2019			2020			2019			2020			2019			2020			2019			2020			2019
OPERATIONS
Net investment income (loss)		$	34,241,115		$	72,932,058		$	16,759,466		$	32,753,613		$	8,553,202		$	9,407,867		$	70,855,016		$	73,443,688		$	3,907,526		$	2,611,636		$	20,925,514		$	36,055,899
Net realized gain (loss) on total investments			128,381,779			131,863,565			(146,015,497	)		125,309,746			7,878,185			35,186,504			9,991,307			164,468,548			6,166,132			3,340,166			142,855,021			(17,956,702	)
Net change in unrealized appreciation (depreciation) on total investments			(220,077,175	)		16,956,770			(37,283,583	)		20,841,403			(25,201,059	)		34,124,912			383,240,449			361,799,925			29,893,256			19,962,218			54,349,308			272,923,951
Net increase (decrease) in net assets from operations			(57,454,281	)		221,752,393			(166,539,614	)		178,904,762			(8,769,672	)		78,719,283			464,086,772			599,712,161			39,966,914			25,914,020			218,129,843			291,023,148
DISTRIBUTIONS TO SHAREHOLDERS
	Institutional Class		(9,655,698	)		(5,228,638	)		(77,018,388	)		(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		(57,946	)		(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		—			—			(6,769,035	)		(22,530,887	)		(326,525	)		(570,332	)		(24,251,603	)		(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	)		(229,771,428	)		(313,033,978	)		(6,453,868	)		(6,210,067	)		(34,679,261	)		(65,160,511	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		13,799,475			42,759,968			106,045,488			110,974,479			10,169,763			18,165,064			774,039,788			953,257,380			124,913,509			33,829,984			74,883,538			59,402,085
	Advisor Class		50			1,544,898			10,865			329,744			3,528,786			75,809			17,179,786			10,767,886			381,693			868,742			1,989,897			140,355
	Premier Class		—			—			5,817,555			6,539,747			—			—			20,051,471			37,123,141			2,895,744			1,631,178			2,227,728			1,355,967
	Retirement Class		—			—			10,423,456			9,507,002			14,847,619			6,056,964			86,698,513			176,555,698			74,664,586			87,684,676			10,935,096			53,380,115
	Retail Class		—			—			5,299,863			6,238,344			3,318,589			1,448,492			36,964,798			31,386,364			8,707,501			4,516,957			3,904,236			2,515,358
	Class W		354,020,749			303,796,176			243,367,738			214,786,913			176,583,780			76,512,987			—			—			—			—			358,446,732			200,779,831
Reinvestments of distributions:	Institutional Class		9,655,698			5,228,638			76,848,206			260,956,850			2,284,974			3,331,075			160,206,156			214,536,651			1,390,280			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		(99,962,100	)		(40,732,046	)		(328,544,974	)		(441,295,146	)		(11,539,434	)		(12,530,393	)		(586,715,726	)		(540,865,430	)		(21,970,434	)		(32,422,102	)		(74,801,763	)		(89,334,943	)
	Advisor Class		(361,383	)		(7,038,752	)		(228,646	)		(2,311,732	)		(2,100,439	)		(1,593,468	)		(6,088,629	)		(2,943,131	)		(146,632	)		(212,050	)		(1,879,362	)		(76,815	)
	Premier Class		—			—			(44,374,779	)		(51,500,405	)		—			(1,094,400	)		(34,183,879	)		(48,341,096	)		(1,993,688	)		(408,589	)		(1,580,411	)		(3,192,360	)
	Retirement Class		—			—			(85,530,849	)		(119,803,743	)		(6,063,852	)		(5,901,936	)		(61,419,796	)		(55,060,880	)		(8,104,752	)		(2,277,679	)		(40,186,667	)		(25,346,934	)
	Retail Class		—			—			(20,312,794	)		(30,294,475	)		(2,111,434	)		(1,897,318	)		(72,722,058	)		(75,375,895	)		(3,693,509	)		(2,735,340	)		(5,338,289	)		(2,274,708	)
	Class W		(2,192,774,511	)		(395,851,721	)		(344,276,647	)		(288,678,045	)		(117,218,660	)		(118,688,831	)		—			—			—			—			(510,225,830	)		(336,879,603	)
Net increase (decrease) from shareholder transactions			(1,727,872,811	)		23,927,561			(303,894,143	)		(77,383,924	)		111,710,713			29,664,345			393,823,885			785,934,014			180,619,940			94,572,474			(146,950,922	)		(74,393,807	)
Net increase (decrease) in net assets			(1,982,744,261	)		126,225,756			(619,257,795	)		(408,753,886	)		60,399,742			38,707,771			628,139,229			1,072,612,197			214,132,986			114,276,427			36,499,660			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		$	683,808,477		$	2,666,552,738		$	2,324,596,627		$	2,943,854,422		$	745,874,244		$	685,474,502		$	5,324,143,958		$	4,696,004,729		$	441,118,140		$	226,985,154		$	1,613,931,237		$	1,577,431,577
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		1,702,999			4,150,258			7,987,403			6,804,653			932,676			1,546,758			38,433,650			51,619,529			9,042,956			2,690,094			6,819,748			5,372,268
	Advisor Class		5			158,622			833			19,761			322,590			6,364			897,326			570,045			26,768			68,854			154,500			13,547
	Premier Class		—			—			409,137			403,862			—			—			986,199			1,976,019			200,749			129,594			192,014			124,497
	Retirement Class		—			—			777,129			604,711			1,366,168			512,864			4,160,637			9,124,514			5,173,717			6,877,577			937,534			4,983,019
	Retail Class		—			—			401,187			413,741			307,261			124,234			2,091,754			1,894,734			612,147			350,043			340,329			230,049
	Class W		43,230,800			31,788,749			20,436,913			13,813,101			15,891,729			6,884,756			—			—			—			—			34,663,615			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			1,005			5,412			34,892			42,391			2,071			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		—			—			1,449,045			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			3,220,162			6,023,334			—			—			—			—			2,448,068			5,061,652
Shares redeemed:	Institutional Class		(10,496,134	)		(4,208,795	)		(22,253,562	)		(26,902,097	)		(1,055,234	)		(1,077,423	)		(30,433,918	)		(28,730,971	)		(1,580,859	)		(2,535,325	)		(6,677,913	)		(8,155,135	)
	Advisor Class		(43,512	)		(705,705	)		(16,361	)		(148,281	)		(194,746	)		(135,786	)		(292,550	)		(156,987	)		(10,054	)		(15,980	)		(160,768	)		(7,012	)
	Premier Class		—			—			(3,186,647	)		(3,170,532	)		—			(90,000	)		(1,734,937	)		(2,473,793	)		(144,746	)		(31,200	)		(141,355	)		(295,155	)
	Retirement Class		—			—			(6,046,704	)		(7,587,390	)		(559,995	)		(510,036	)		(3,048,202	)		(2,830,924	)		(573,847	)		(170,386	)		(3,585,022	)		(2,321,620	)
	Retail Class		—			—			(1,506,659	)		(1,974,059	)		(209,086	)		(164,782	)		(4,183,746	)		(4,536,349	)		(264,479	)		(214,698	)		(481,026	)		(210,599	)
	Class W		(230,196,369	)		(39,428,502	)		(22,377,838	)		(17,566,479	)		(10,875,257	)		(10,004,840	)		—			—			—			—			(42,854,027	)		(30,702,246	)
Net increase (decrease) from shareholder transactions			(175,068,547	)		4,502,751			(16,154,112	)		(1,159,147	)		9,424,541			3,593,543			17,932,444			43,985,049			12,836,716			7,497,152			(7,821,046	)		(5,897,296	)

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

Statements of changes in net assets concluded

TIAA-CREF Funds  ■  For the year ended

		International Equity Fund						International Opportunities Fund						Quant International Equity Fund						Quant International  Small-Cap Equity Fund						Social Choice International Equity Fund
		October 31,			October 31,			October 31,			October 31,			October 31,			October 31,			October 31,			October 31,			October 31,			October 31,
		2020			2019			2020			2019			2020			2019			2020			2019			2020			2019
OPERATIONS
Net investment income (loss)		$	82,972,209		$	87,804,249		$	18,207,219		$	30,589,518		$	51,022,070		$	63,718,212		$	25,738,523		$	30,954,618		$	8,545,250		$	3,943,622
Net realized gain (loss) on total investments			58,354,801			(421,667,577	)		105,186,413			17,427,186			(61,798,881	)		(121,956,070	)		(39,133,571	)		(117,696,219	)		(5,012,492	)		(1,388,001	)
Net change in unrealized appreciation (depreciation) on total investments			(131,984,746	)		588,862,375			186,966,241			170,248,779			(120,101,519	)		227,383,888			(19,350,590	)		157,096,100			(14,235,252	)		15,503,245
Net increase (decrease) in net assets from operations			9,342,264			254,999,047			310,359,873			218,265,483			(130,878,330	)		169,146,030			(32,745,638	)		70,354,499			(10,702,494	)		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	)		(5,680	)		(17,842	)		(2,853	)		(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	)		(67,005,627	)		(134,739,172	)		(39,102,446	)		(53,202,797	)		(4,650,242	)		(1,443,279	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		430,295,003			1,036,717,475			25,065,516			32,720,733			43,646,974			54,968,776			10,480,650			15,497,299			224,647,331			155,897,436
	Advisor Class		132,884			2,190,242			392,019			4,061,092			255,080			63,480			231			—			730,537			756,966
	Premier Class		14,604,715			34,758,979			9,956			57,511			—			—			—			—			647,366			1,580,164
	Retirement Class		20,645,145			20,728,288			3,643,217			46,416,591			—			—			1,533,686			1,230,877			110,700,131			48,331,175
	Retail Class		6,860,817			6,236,072			2,347,771			841,806			—			—			245,187			180,917			12,581,394			2,189,632
	Class W		604,782,138			269,548,697			296,553,656			199,502,221			361,816,991			277,947,662			165,819,466			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			2,250,257			445,308
	Advisor Class		60,104			302,526			43,044			707			1,934			9,877			309			485			18,562			13,188
	Premier Class		2,078,218			10,285,827			8,990			13,983			—			—			—			—			26,389			2,692
	Retirement Class		6,529,999			30,910,895			1,648,386			1,530,166			—			—			118,204			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		(684,526,155	)		(558,818,918	)		(41,607,529	)		(14,787,381	)		(94,564,788	)		(54,817,177	)		(9,291,666	)		(6,707,743	)		(74,125,046	)		(22,844,558	)
	Advisor Class		(1,047,269	)		(190,300,838	)		(1,004,353	)		(89,912	)		(177,744	)		(91,115	)		(9,034	)		—			(653,773	)		(271,594	)
	Premier Class		(63,500,310	)		(72,945,589	)		(963,134	)		(468,011	)		—			—			—			—			(1,813,228	)		(242,304	)
	Retirement Class		(93,744,704	)		(109,277,149	)		(46,899,317	)		(19,138,080	)		—			—			(1,128,212	)		(1,940,473	)		(445,256	)		(1,184,704	)
	Retail Class		(31,848,125	)		(42,497,206	)		(1,515,111	)		(1,535,306	)		—			—			(298,904	)		(354,641	)		(8,656,307	)		(901,070	)
	Class W		(326,407,349	)		(261,389,012	)		(520,866,075	)		(227,016,752	)		(1,194,909,413	)		(299,005,770	)		(139,420,278	)		(109,653,130	)		—			—
Net increase (decrease) from shareholder transactions			(37,380,264	)		408,359,954			(257,083,121	)		42,701,569			(816,931,019	)		113,797,063			67,027,979			68,546,752			266,998,749			184,057,619
Net increase (decrease) in net assets			(116,825,917	)		379,876,443			25,510,683			238,824,732			(1,014,814,976	)		148,203,921			(4,820,105	)		85,698,454			251,646,013			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		$	4,694,239,686		$	4,811,065,603		$	1,815,960,333		$	1,790,449,650		$	932,474,885		$	1,947,289,861		$	981,482,389		$	986,302,494		$	513,436,802		$	261,790,789
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		42,819,485			98,020,993			1,826,542			2,592,601			6,056,966			7,728,212			1,206,969			1,571,494			22,570,611			14,893,221
	Advisor Class		12,631			195,004			28,870			304,445			37,133			8,590			28			—			69,911			71,641
	Premier Class		1,359,212			3,317,802			713			4,554			—			—			—			—			57,224			152,563
	Retirement Class		1,881,484			1,902,436			247,934			3,839,383			—			—			155,410			124,466			10,368,114			4,562,674
	Retail Class		1,053,646			945,677			156,949			66,759			—			—			26,451			18,195			1,229,278			212,570
	Class W		56,698,948			25,921,622			21,548,880			16,152,802			50,249,572			39,119,503			19,154,003			11,772,908			—			—
Shares reinvested:	Institutional Class		3,540,040			11,557,778			94,549			99,523			560,372			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			—			—			—			—			2,364			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			8,530,529			19,409,821			3,607,132			5,429,939			—			—
Shares redeemed:	Institutional Class		(66,636,310	)		(53,201,485	)		(3,026,409	)		(1,168,618	)		(13,828,517	)		(7,747,086	)		(1,009,016	)		(678,604	)		(7,253,505	)		(2,274,126	)
	Advisor Class		(97,361	)		(17,351,086	)		(85,407	)		(6,896	)		(25,568	)		(13,154	)		(946	)		—			(61,397	)		(24,919	)
	Premier Class		(6,232,095	)		(6,993,551	)		(73,835	)		(38,128	)		—			—			—			—			(174,262	)		(23,216	)
	Retirement Class		(8,600,226	)		(10,089,508	)		(3,455,399	)		(1,474,635	)		—			—			(122,689	)		(197,236	)		(45,350	)		(116,755	)
	Retail Class		(4,817,963	)		(6,412,661	)		(108,084	)		(123,754	)		—			—			(31,081	)		(35,806	)		(813,954	)		(89,163	)
	Class W		(31,220,450	)		(24,556,596	)		(37,435,122	)		(17,983,414	)		(173,145,099	)		(43,180,522	)		(14,704,387	)		(11,112,553	)		—			—
Net increase (decrease) from shareholder transactions			(5,794,277	)		40,879,546			(18,344,757	)		4,126,010			(121,564,350	)		16,643,421			8,477,918			7,182,624			26,250,484			17,441,955

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

Financial highlights

TIAA-CREF Funds

			Selected per share data
					Gain (loss) from investment operations
					Net realized																		Net
	For the		Net asset		Net			and unrealized			Total gain			Less distributions from						Total			asset
	period		value,		investment			gain (loss)			(loss) from			Net			Net			dividends			value,
	or year		beginning		income			on total			investment			investment			realized			and			end of
	ended		of period		(loss		)a	investments			operations			income			gains			distributions			period
GROWTH & INCOME FUND
Institutional Class:	10/31/20			$14.63		$0.17			$1.33			$1.50			$(0.21	)		$(0.76	)		$(0.97	)		$15.16
	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
Advisor Class:	10/31/20			14.64		0.15			1.33			1.48			(0.19	)		(0.76	)		(0.95	)		15.17
	10/31/19			14.45		0.20			1.19			1.39			(0.16	)		(1.04	)		(1.20	)		14.64
	10/31/18			14.34		0.15			0.64			0.79			(0.14	)		(0.54	)		(0.68	)		14.45
	10/31/17			11.77		0.13			2.80			2.93			(0.15	)		(0.21	)		(0.36	)		14.34
	10/31/16	‡		12.71		0.14			(0.11	)		0.03			(0.15	)		(0.82	)		(0.97	)		11.77
Premier Class:	10/31/20			14.65		0.15			1.33			1.48			(0.18	)		(0.76	)		(0.94	)		15.19
	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
Retirement Class:	10/31/20			14.91		0.13			1.36			1.49			(0.17	)		(0.76	)		(0.93	)		15.47
	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
Retail Class:	10/31/20			20.02		0.17			1.86			2.03			(0.15	)		(0.76	)		(0.91	)		21.14
	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
Class W:	10/31/20			14.64		0.22			1.32			1.54			(0.26	)		(0.76	)		(1.02	)		15.16
	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 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

									Ratios and supplemental data
											Ratios to average net assets
						Total														Net investment
	For the					return														income (loss)
	period					excluding			Net assets at								Net			excluding			Portfolio
	or year		Total			payment from			end of period		Gross			Net			investment			payment from			turnover
	ended		return			affiliates		u	(in thousands)		expenses			expenses			income (loss)			affiliates		u	rate
GROWTH & INCOME FUND
Institutional Class:	10/31/20			10.81	%		10.80	%		$1,126,795		0.40	%		0.40	%		1.15	%		1.13	%		64	%
	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
Advisor Class:	10/31/20			10.70			10.69			2,701		0.49			0.49			1.04			1.02			64
	10/31/19			10.83			10.82			2,075		0.51			0.50			1.44			1.43			68
	10/31/18			5.56			5.55			437		0.50			0.50			0.98			0.97			59
	10/31/17			25.32			25.31			422		0.54			0.54			1.00			0.99			76
	10/31/16	‡		0.63	b		0.59	b		102		0.43	c		0.43	c		1.31	c		1.26	c		83
Premier Class:	10/31/20			10.67			10.66			25,805		0.55			0.55			1.03			1.01			64
	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
Retirement Class:	10/31/20			10.50			10.49			452,343		0.65			0.65			0.89			0.88			64
	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
Retail Class:	10/31/20			10.50			10.49			1,212,620		0.69			0.69			0.85			0.83			64
	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
Class W:	10/31/20			11.21			11.20			2,914,760		0.40			0.00			1.53			1.52			64
	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 Annual Report 101

Financial highlights

TIAA-CREF Funds

			Selected per share data
					Gain (loss) from investment operations
								Net realized																Net
	For the		Net asset		Net			and unrealized			Total gain			Less distributions from							Total			asset
	period		value,		investment			gain (loss)			(loss) from				Net			Net			dividends			value,
	or year		beginning		income			on total			investment				investment			realized			and			end of
	ended		of period		(loss)		a	investments			operations				income			gains			distributions			period
LARGE-CAP GROWTH FUND
Institutional Class:	10/31/20			$21.43		$0.08			$ 6.59			$ 6.67				$(0.09	)		$(0.87	)		$(0.96	)		$27.14
	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
Advisor Class:	10/31/20			21.41		0.06			6.59			6.65				(0.07	)		(0.87	)		(0.94	)		27.12
	10/31/19			21.40		0.10			2.37			2.47				(0.11	)		(2.35	)		(2.46	)		21.41
	10/31/18			20.06		0.06			2.11			2.17				(0.07	)		(0.76	)		(0.83	)		21.40
	10/31/17			15.70		0.06			4.58			4.64				(0.09	)		(0.19	)		(0.28	)		20.06
	10/31/16	‡		16.72		0.06			(0.48	)		(0.42	)			(0.06	)		(0.54	)		(0.60	)		15.70
Premier Class:	10/31/20			21.40		0.05			6.58			6.63				(0.06	)		(0.87	)		(0.93	)		27.10
	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
Retirement Class:	10/31/20			21.27		0.02			6.54			6.56				(0.03	)		(0.87	)		(0.90	)		26.93
	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
Retail Class:	10/31/20			21.34		0.01			6.57			6.58				(0.02	)		(0.87	)		(0.89	)		27.03
	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
Class W:	10/31/20			21.50		0.18			6.61			6.79				(0.18	)		(0.87	)		(1.05	)		27.24
	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 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

continued

									Ratios and supplemental data
											Ratios to average net assets
						Total														Net investment
	For the					return														income (loss)
	period					excluding			Net assets at								Net			excluding			Portfolio
	or year		Total			payment from			end of period		Gross			Net			investment			payment from			turnover
	ended		return			affiliates		u	(in thousands)		expenses			expenses			income (loss)			affiliates		u	rate
LARGE-CAP GROWTH FUND
Institutional Class:	10/31/20			32.43	%		32.42	%		$1,606,751		0.41	%		0.40	%		0.34	%		0.32	%		143	%
	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
Advisor Class:	10/31/20			32.33			32.32			4,820		0.48			0.48			0.24			0.23			143
	10/31/19			13.55			13.54			2,995		0.50			0.50			0.48			0.47			97
	10/31/18			11.19			11.18			7,303		0.52			0.52			0.26			0.26			90
	10/31/17			30.02			30.01			2,129		0.65			0.58			0.37			0.36			94
	10/31/16	‡		(2.47	)b		(2.50	)b		122		0.46	c		0.46	c		0.45	c		0.42	c		86
Premier Class:	10/31/20			32.22			32.21			14,407		0.56			0.55			0.22			0.21			143
	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
Retirement Class:	10/31/20			32.08			32.07			395,851		0.66			0.65			0.08			0.07			143
	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
Retail Class:	10/31/20			32.05			32.04			1,127,972		0.70			0.70			0.04			0.03			143
	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
Class W:	10/31/20			32.94			32.93			2,942,406		0.41			0.00			0.75			0.73			143
	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 Annual Report 103

Financial highlights

TIAA-CREF Funds

			Selected per share data
					Gain (loss) from investment operations
								Net realized															Net
	For the		Net asset		Net			and unrealized			Total gain			Less distributions from						Total			asset
	period		value,		investment			gain (loss)			(loss) from			Net			Net			dividends			value,
	or year		beginning		income			on total			investment			investment			realized			and			end of
	ended		of period		(loss		)a	investments			operations			income			gains			distributions			period
LARGE-CAP VALUE FUND
Institutional Class:	10/31/20			$17.68		$0.33			$ (1.62	)		$ (1.29	)		$(0.38	)		$     —			$(0.38	)		$16.01
	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
Advisor Class:	10/31/20			17.67		0.31			(1.61	)		(1.30	)		(0.38	)		—			(0.38	)		15.99
	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:	10/31/20			17.63		0.31			(1.62	)		(1.31	)		(0.35	)		—			(0.35	)		15.97
	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
Retirement Class:	10/31/20			17.60		0.29			(1.63	)		(1.34	)		(0.33	)		—			(0.33	)		15.93
	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
Retail Class:	10/31/20			16.84		0.26			(1.54	)		(1.28	)		(0.33	)		—			(0.33	)		15.23
	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
Class W:	10/31/20			17.74		0.39			(1.61	)		(1.22	)		(0.45	)		—			(0.45	)		16.07
	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 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

continued

									Ratios and supplemental data
												Ratios to average net assets
						Total															Net investment
	For the					return															income (loss)
	period					excluding			Net assets at									Net			excluding			Portfolio
	or year		Total			payment from			end of period			Gross			Net			investment			payment from			turnover
	ended		return			affiliates		u	(in thousands		)	expenses			expenses			income (loss		)	affiliates		u	rate
LARGE-CAP VALUE FUND
Institutional Class:	10/31/20			(7.51	)%		(7.52	)%		$1,467,747			0.41	%		0.40	%		1.98	%		1.97	%		26	%
	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
Advisor Class:	10/31/20			(7.60	)		(7.61	)		257			0.47			0.46			1.91			1.89			26
	10/31/19			10.17			10.16			181			0.45			0.43			2.00			1.99			79
	10/31/18			(1.85	)		(1.86	)		171			0.46			0.45			1.66			1.65			53
	10/31/17			17.64			17.63			182			0.47			0.47			1.51			1.50			53
	10/31/16	‡		5.41	b		5.36	b		110			0.43	c		0.41	c		1.79	c		1.74	c		62
Premier Class:	10/31/20			(7.65	)		(7.66	)		69,391			0.56			0.55			1.85			1.84			26
	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
Retirement Class:	10/31/20			(7.80	)		(7.81	)		423,110			0.66			0.65			1.73			1.72			26
	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
Retail Class:	10/31/20			(7.81	)		(7.82	)		108,093			0.73			0.72			1.67			1.65			26
	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
Class W:	10/31/20			(7.19	)		(7.20	)		2,698,308			0.41			0.00			2.37			2.36			26
	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 Annual Report 105

Financial highlights

TIAA-CREF Funds

			Selected per share data
					Gain (loss) from investment operations
								Net realized															Net
	For the		Net asset		Net			and unrealized			Total gain			Less distributions from						Total			asset
	period		value,		investment			gain (loss)			(loss) from			Net			Net			dividends			value,
	or year		beginning		income			on total			investment			investment			realized			and			end of
	ended		of period		(loss		)a	investments			operations			income			gains			distributions			period
MID-CAP GROWTH FUND
Institutional Class:	10/31/20			$22.21		$  0.00	d		$  5.32			$  5.32			$(0.04	)		$(2.34	)		$(2.38	)		$25.15
	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
Advisor Class:	10/31/20			22.20		(0.08	)		5.39			5.31			(0.03	)		(2.34	)		(2.37	)		25.14
	10/31/19			22.28		0.03			2.90			2.93			(0.07	)		(2.94	)		(3.01	)		22.20
	10/31/18			23.99		0.08			0.45			0.53			(0.11	)		(2.13	)		(2.24	)		22.28
	10/31/17			19.07		0.12			4.90			5.02			(0.10	)		—			(0.10	)		23.99
	10/31/16	‡		21.70		0.07			(0.99	)		(0.92	)		(0.04	)		(1.67	)		(1.71	)		19.07
Premier Class:	10/31/20			22.05		(0.03	)		5.28			5.25			0.00	d		(2.34	)		(2.34	)		24.96
	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
Retirement Class:	10/31/20			21.47		(0.06	)		5.14			5.08			—			(2.34	)		(2.34	)		24.21
	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
Retail Class:	10/31/20			21.44		(0.07	)		5.12			5.05			—			(2.34	)		(2.34	)		24.15
	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

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

continued

									Ratios and supplemental data
											Ratios to average net assets
						Total														Net investment
	For the					return														income (loss)
	period					excluding			Net assets at								Net			excluding			Portfolio
	or year		Total			payment from			end of period		Gross			Net			investment			payment from			turnover
	ended		return				affiliates	u	(in thousands)		expenses			expenses			income (loss		)	affiliates		u	rate
MID-CAP GROWTH FUND
Institutional Class:	10/31/20			26.16	%		26.15	%		$721,712		0.48	%		0.48	%		(0.02	)%		(0.03	)%		107	%
	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
Advisor Class:	10/31/20			26.09			26.08			5,113		0.56			0.56			(0.32	)		(0.33	)		107
	10/31/19			15.87			15.86			214		0.54			0.54			0.14			0.13			81
	10/31/18			2.22			2.21			160		0.52			0.52			0.32			0.31			70
	10/31/17			26.41			26.40			160		0.54			0.54			0.55			0.54			71
	10/31/16	‡		(4.26	)b		(4.28	)b		98		0.49	c		0.49	c		0.39	c		0.36	c		69
Premier Class:	10/31/20			26.03			26.02			39,582		0.63			0.63			(0.16	)		(0.17	)		107
	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
Retirement Class:	10/31/20			25.91			25.90			375,489		0.73			0.73			(0.28	)		(0.29	)		107
	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
Retail Class:	10/31/20			25.80			25.79			225,291		0.78			0.78			(0.33	)		(0.35	)		107
	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

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2020 Annual Report 107

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
MID-CAP VALUE FUND
Institutional Class:		10/31/20			$20.40		$0.23			$(2.47	)		$(2.24	)		$(0.44	)		$(3.32	)		$(3.76	)		$14.40
		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
Advisor Class:		10/31/20			20.37		0.23			(2.47	)		(2.24	)		(0.43	)		(3.32	)		(3.75	)		14.38
		10/31/19			22.28		0.43			0.84			1.27			(0.39	)		(2.79	)		(3.18	)		20.37
		10/31/18			24.77		0.36			(0.81	)		(0.45	)		(0.37	)		(1.67	)		(2.04	)		22.28
		10/31/17			22.15		0.32			3.35			3.67			(0.40	)		(0.65	)		(1.05	)		24.77
		10/31/16	‡		23.48		0.31			0.75			1.06			(0.33	)		(2.06	)		(2.39	)		22.15
Premier Class:		10/31/20			20.34		0.21			(2.46	)		(2.25	)		(0.40	)		(3.32	)		(3.72	)		14.37
		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
Retirement Class:		10/31/20			20.24		0.20			(2.45	)		(2.25	)		(0.39	)		(3.32	)		(3.71	)		14.28
		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
Retail Class:		10/31/20			19.76		0.18			(2.38	)		(2.20	)		(0.38	)		(3.32	)		(3.70	)		13.86
		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

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

continued

										Ratios and supplemental data
													Ratios to average net assets
	For the period 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:		10/31/20			(14.12	)%		(14.14	)%	$	1,045,293			0.46	%		0.43	%		1.47	%		1.46	%		143	%
		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
Advisor Class:		10/31/20			(14.17	)		(14.18	)		446			0.55			0.53			1.45			1.44			143
		10/31/19			7.18			7.17			879			0.54			0.49			2.22			2.21			81
		10/31/18			(2.17	)		(2.18	)		372			0.51			0.48			1.53			1.52			25
		10/31/17			16.87			16.87			330			0.56			0.53			1.35			1.35			26
		10/31/16	‡		5.56	b		5.52	b		141			0.43	c		0.40	c		1.63	c		1.58	c		43
Premier Class:		10/31/20			(14.20	)		(14.22	)		68,187			0.61			0.58			1.36			1.34			143
		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
Retirement Class:		10/31/20			(14.29	)		(14.31	)		413,497			0.71			0.68			1.29			1.27			143
		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
Retail Class:		10/31/20			(14.37	)		(14.39	)		168,504			0.78			0.76			1.21			1.19			143
		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

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2020 Annual Report 109

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
QUANT LARGE-CAP GROWTH FUND
Institutional Class:		10/31/20			$14.77		$0.13			$  3.53			$3.66			$(0.16	)		$(0.79	)		$(0.95	)		$17.48
		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
Advisor Class:		10/31/20			14.79		0.11			3.54			3.65			(0.15	)		(0.79	)		(0.94	)		17.50
		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:		10/31/20			14.81		0.18			3.54			3.72			(0.21	)		(0.79	)		(1.00	)		17.53
		10/31/19			14.26		0.20			1.55			1.75			(0.18	)		(1.02	)		(1.20	)		14.81
		10/31/18	†		15.65		0.01			(1.40	)		(1.39	)		—			—			—			14.26
QUANT LARGE-CAP VALUE FUND
Institutional Class:		10/31/20			10.33		0.20			(1.06	)		(0.86	)		(0.38	)		(0.79	)		(1.17	)		8.30
		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
Advisor Class:		10/31/20			10.30		0.19			(1.07	)		(0.88	)		(0.32	)		(0.79	)		(1.11	)		8.31
		10/31/19			10.02		0.23			0.52			0.75			(0.23	)		(0.24	)		(0.47	)		10.30
		10/31/18			10.56		0.19			(0.05	)		0.14			(0.20	)		(0.48	)		(0.68	)		10.02
		10/31/17			9.61		0.20			1.47			1.67			(0.22	)		(0.50	)		(0.72	)		10.56
		10/31/16	‡		10.18		0.20			0.09			0.29			(0.23	)		(0.63	)		(0.86	)		9.61
Class W:		10/31/20			10.36		0.23			(1.06	)		(0.83	)		(0.43	)		(0.79	)		(1.22	)		8.31
		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 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

continued

							Ratios and supplemental data
	For the period						Net assets at			Ratios to average net assets									Portfolio
	or year ended			Total return			end of period (in thousands		)	Gross expenses			Net expenses			Net investment income (loss		)	turnover rate
QUANT LARGE-CAP GROWTH FUND
Institutional Class:		10/31/20			26.10	%	$	113,666			0.32	%		0.32	%		0.83	%		136	%
		10/31/19			13.40			203,411			0.32			0.32			1.14			116
		10/31/18			9.45			166,416			0.32			0.30			1.12			84
		10/31/17			29.96			2,578,820			0.33			0.33			1.27			91
		10/31/16			2.68			2,047,308			0.34			0.34			1.44			121
Advisor Class:		10/31/20			25.97			1,369			0.40			0.40			0.71			136
		10/31/19			13.35			1,408			0.41			0.41			1.10			116
		10/31/18			9.47			1,551			0.43			0.41			1.04			84
		10/31/17			29.86			891			0.43			0.42			1.10			91
		10/31/16	‡		1.32	b		103			0.36	c		0.36	c		1.38	c		121
Class W:		10/31/20			26.51			1,403,655			0.31			0.00			1.12			136
		10/31/19			13.81			2,671,783			0.32			0.00			1.48			116
		10/31/18	†		(8.88	)b		2,358,591			0.32	c		0.00	c		0.74	c		84
QUANT LARGE-CAP VALUE FUND
Institutional Class:		10/31/20			(9.82	)		38,404			0.37			0.35			2.23			195
		10/31/19			8.05			128,229			0.32			0.32			2.57			146
		10/31/18			1.36			119,598			0.32			0.30			2.27			84
		10/31/17			18.04			2,476,119			0.33			0.33			2.03			99
		10/31/16			4.10			2,031,032			0.34			0.34			2.24			149
Advisor Class:		10/31/20			(9.96	)		113			0.45			0.43			2.17			195
		10/31/19			7.93			538			0.42			0.42			2.38			146
		10/31/18			1.18			5,706			0.39			0.37			1.88			84
		10/31/17			17.92			135			0.40			0.40			1.96			99
		10/31/16	‡		3.47	b		106			0.36	c		0.36	c		2.38	c		149
Class W:		10/31/20			(9.52	)		645,292			0.37			0.02			2.56			195
		10/31/19			8.35			2,537,786			0.32			0.00			2.85			146
		10/31/18	†		(5.55	)b		2,415,023			0.32	c		0.00	c		1.65	c		84

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2020 Annual Report 111

Financial highlights

TIAA-CREF Funds

			Selected per share data
					Gain (loss) from investment operations
								Net realized															Net
	For the		Net asset		Net			and unrealized			Total gain			Less distributions from						Total			asset
	period 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 SMALL-CAP EQUITY FUND
Institutional Class:	10/31/20			$16.59		$0.09			$(1.38	)		$(1.29	)		$(0.18	)		$(0.72	)		$(0.90	)		$14.40
	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
Advisor Class:	10/31/20			16.56		0.08			(1.38	)		(1.30	)		(0.15	)		(0.72	)		(0.87	)		14.39
	10/31/19			18.75		0.15			0.53			0.68			(0.12	)		(2.75	)		(2.87	)		16.56
	10/31/18			20.67		0.11			0.08			0.19			(0.15	)		(1.96	)		(2.11	)		18.75
	10/31/17			16.63		0.13			4.55			4.68			(0.17	)		(0.47	)		(0.64	)		20.67
	10/31/16	‡		18.05		0.10			(0.16	)		(0.06	)		(0.13	)		(1.23	)		(1.36	)		16.63
Premier Class:	10/31/20			16.47		0.07			(1.37	)		(1.30	)		(0.15	)		(0.72	)		(0.87	)		14.30
	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
Retirement Class:	10/31/20			16.08		0.06			(1.35	)		(1.29	)		(0.13	)		(0.72	)		(0.85	)		13.94
	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
Retail Class:	10/31/20			15.87		0.05			(1.32	)		(1.27	)		(0.13	)		(0.72	)		(0.85	)		13.75
	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
Class W:	10/31/20			16.64		0.14			(1.37	)		(1.23	)		(0.26	)		(0.72	)		(0.98	)		14.43
	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 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

continued

						Ratios and supplemental data
	For the
	period					Net assets at			Ratios to average net assets									Portfolio
	or year ended		Total return			end of period (in thousands		)	Gross expenses			Net expenses			Net investment income (loss		)	turnover rate
QUANT SMALL-CAP EQUITY FUND
Institutional Class:	10/31/20			(8.35	)%		$1,150,062			0.43	%		0.40	%		0.65	%		93	%
	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
Advisor Class:	10/31/20			(8.46	)		464			0.50			0.48			0.58			93
	10/31/19			5.25			757			0.52			0.50			0.89			98
	10/31/18			0.84			2,770			0.48			0.47			0.58			87
	10/31/17			28.51			2,611			0.48			0.48			0.70			81
	10/31/16	‡		0.07	b		508			0.47	c		0.47	c		0.67	c		86
Premier Class:	10/31/20			(8.57	)		65,169			0.58			0.55			0.49			93
	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
Retirement Class:	10/31/20			(8.61	)		328,265			0.68			0.65			0.40			93
	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
Retail Class:	10/31/20			(8.61	)		100,998			0.74			0.67			0.38			93
	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
Class W:	10/31/20			(8.01	)		679,638			0.42			0.00			0.98			93
	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 Annual Report 113

Financial highlights

TIAA-CREF Funds

			Selected per share data
					Gain (loss) from investment operations
								Net realized															Net
	For the		Net asset		Net			and unrealized			Total gain			Less distributions from						Total			asset
	period 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 SMALL/MID-CAP EQUITY FUND
Institutional Class:	10/31/20			$12.29		$0.10			$(0.24	)		$(0.14	)		$(0.11	)		$(0.61	)		$(0.72	)		$11.43
	10/31/19			12.43		0.11			1.08			1.19			(0.10	)		(1.23	)		(1.33	)		12.29
	10/31/18			12.38		0.13			0.60			0.73			(0.13	)		(0.55	)		(0.68	)		12.43
	10/31/17			9.63		0.10			2.67			2.77			(0.02	)		—			(0.02	)		12.38
	10/31/16	§		10.00		0.00	d		(0.37	)		(0.37	)		—			—			—			9.63
Advisor Class:	10/31/20			12.31		0.08			(0.23	)		(0.15	)		(0.10	)		(0.61	)		(0.71	)		11.45
	10/31/19			12.44		0.11			1.08			1.19			(0.09	)		(1.23	)		(1.32	)		12.31
	10/31/18			12.37		0.07			0.68			0.75			(0.13	)		(0.55	)		(0.68	)		12.44
	10/31/17			9.62		0.10			2.67			2.77			(0.02	)		—			(0.02	)		12.37
	10/31/16	§		10.00		0.02			(0.40	)		(0.38	)		—			—			—			9.62
Premier Class:	10/31/20			12.27		0.08			(0.24	)		(0.16	)		(0.01	)		(0.61	)		(0.62	)		11.49
	10/31/19			12.41		0.09			1.08			1.17			(0.08	)		(1.23	)		(1.31	)		12.27
	10/31/18			12.36		0.09			0.62			0.71			(0.11	)		(0.55	)		(0.66	)		12.41
	10/31/17			9.62		0.08			2.68			2.76			(0.02	)		—			(0.02	)		12.36
	10/31/16	§		10.00		0.02			(0.40	)		(0.38	)		—			—			—			9.62
Retirement Class:	10/31/20			12.24		0.07			(0.24	)		(0.17	)		(0.08	)		(0.61	)		(0.69	)		11.38
	10/31/19			12.39		0.08			1.07			1.15			(0.07	)		(1.23	)		(1.30	)		12.24
	10/31/18			12.34		0.07			0.63			0.70			(0.10	)		(0.55	)		(0.65	)		12.39
	10/31/17			9.62		0.06			2.68			2.74			(0.02	)		—			(0.02	)		12.34
	10/31/16	§		10.00		0.01			(0.39	)		(0.38	)		—			—			—			9.62
Retail Class:	10/31/20			12.21		0.06			(0.23	)		(0.17	)		(0.07	)		(0.61	)		(0.68	)		11.36
	10/31/19			12.37		0.07			1.06			1.13			(0.06	)		(1.23	)		(1.29	)		12.21
	10/31/18			12.32		0.06			0.63			0.69			(0.09	)		(0.55	)		(0.64	)		12.37
	10/31/17			9.62		0.05			2.66			2.71			(0.01	)		—			(0.01	)		12.32
	10/31/16	§		10.00		0.01			(0.39	)		(0.38	)		—			—			—			9.62
Class W:	10/31/20			12.34		0.15			(0.23	)		(0.08	)		(0.17	)		(0.61	)		(0.78	)		11.48
	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 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

continued

						Ratios and supplemental data
	For the
	period					Net assets at			Ratios to average net assets									Portfolio
	or year ended		Total return			end of period (in thousands		)	Gross expenses			Net expenses			Net investment income (loss		)	turnover rate
QUANT SMALL/MID-CAP EQUITY FUND
Institutional Class:	10/31/20			(1.48	)%	$	41,061			0.50	%		0.50	%		0.88	%		88	%
	10/31/19			11.20			43,317			0.50			0.50			0.95			81
	10/31/18			6.02			34,106			0.50			0.50			1.01			64
	10/31/17			28.83			666,876			0.50			0.50			0.86			84
	10/31/16	§		(3.70	)b		370,391			1.58	c		0.53	c		0.18	c		2	b
Advisor Class:	10/31/20			(1.55	)		1,702			0.58			0.58			0.72			88
	10/31/19			11.18			244			0.54			0.54			0.94			81
	10/31/18			6.19			1,789			0.57			0.57			0.54			64
	10/31/17			28.81			1,290			0.50			0.50			0.87			84
	10/31/16	§		(3.80	)b		967			2.08	c		0.68	c		0.64	c		2	b
Premier Class:	10/31/20			(1.61	)		115			0.68			0.68			0.71			88
	10/31/19			11.04			123			0.66			0.66			0.80			81
	10/31/18			5.89			1,241			0.66			0.66			0.74			64
	10/31/17			28.68			1,236			0.64			0.64			0.73			84
	10/31/16	§		(3.80	)b		962			2.27	c		0.68	c		0.64	c		2	b
Retirement Class:	10/31/20			(1.70	)		21,008			0.75			0.75			0.61			88
	10/31/19			10.89			11,950			0.75			0.75			0.71			81
	10/31/18			5.83			10,728			0.76			0.76			0.57			64
	10/31/17			28.47			4,945			0.75			0.75			0.57			84
	10/31/16	§		(3.80	)b		1,165			2.35	c		0.78	c		0.52	c		2	b
Retail Class:	10/31/20			(1.76	)		6,757			0.89			0.89			0.51			88
	10/31/19			10.67			5,765			0.88			0.88			0.59			81
	10/31/18			5.77			5,699			0.88			0.87			0.48			64
	10/31/17			28.21			3,291			0.88			0.88			0.44			84
	10/31/16	§		(3.80	)b		1,127			3.15	c		0.92	c		0.38	c		2	b
Class W:	10/31/20			(0.97	)		675,231			0.50			0.00			1.37			88
	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 Annual 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 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 EQUITY FUND
Institutional Class:	10/31/20			$20.36		$0.31			$1.76		$2.07		$(0.33	)		$(0.68	)		$(1.01	)		$21.42
	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
Advisor Class:	10/31/20			20.34		0.29			1.75		2.04		(0.31	)		(0.68	)		(0.99	)		21.39
	10/31/19			19.39		0.33			2.24		2.57		(0.30	)		(1.32	)		(1.62	)		20.34
	10/31/18			19.18		0.33			0.64		0.97		(0.30	)		(0.46	)		(0.76	)		19.39
	10/31/17			16.54		0.31			3.46		3.77		(0.39	)		(0.74	)		(1.13	)		19.18
	10/31/16	‡		16.78		0.29			0.32		0.61		(0.30	)		(0.55	)		(0.85	)		16.54
Premier Class:	10/31/20			20.27		0.28			1.74		2.02		(0.29	)		(0.68	)		(0.97	)		21.32
	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
Retirement Class:	10/31/20			20.66		0.26			1.79		2.05		(0.28	)		(0.68	)		(0.96	)		21.75
	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
Retail Class:	10/31/20			18.07		0.22			1.55		1.77		(0.28	)		(0.68	)		(0.96	)		18.88
	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

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

continued

						Ratios and supplemental data
	For the
	period					Net assets at			Ratios to average net assets									Portfolio
	or year ended		Total return			end of period (in thousands		)	Gross expenses			Net expenses			Net investment income (loss		)	turnover rate
SOCIAL CHOICE EQUITY FUND
Institutional Class:	10/31/20			10.45	%		$3,961,520			0.18	%		0.17	%		1.52	%		26	%
	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
Advisor Class:	10/31/20			10.34			37,323			0.26			0.25			1.43			26
	10/31/19			14.74			22,476			0.24			0.24			1.73			21
	10/31/18			5.15			12,595			0.22			0.22			1.64			29
	10/31/17			23.79			8,718			0.21			0.21			1.74			14
	10/31/16	‡		4.01	b		159			0.21	c		0.21	c		2.02	c		16
Premier Class:	10/31/20			10.26			89,235			0.34			0.33			1.38			26
	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
Retirement Class:	10/31/20			10.20			767,329			0.43			0.42			1.27			26
	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
Retail Class:	10/31/20			10.09			468,736			0.46			0.45			1.25			26
	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

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2020 Annual 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 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 LOW CARBON EQUITY FUND
Institutional Class:	10/31/20			$13.93		$0.19			$1.43		$1.62		$(0.18	)		$(0.21	)		$(0.39	)		$15.16
	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
Advisor Class:	10/31/20			13.92		0.19			1.41		1.60		(0.17	)		(0.21	)		(0.38	)		15.14
	10/31/19			12.77		0.20			1.64		1.84		(0.18	)		(0.51	)		(0.69	)		13.92
	10/31/18			12.49		0.18			0.38		0.56		(0.16	)		(0.12	)		(0.28	)		12.77
	10/31/17			10.35		0.19			2.27		2.46		(0.24	)		(0.08	)		(0.32	)		12.49
	10/31/16	‡		10.01		0.21			0.18		0.39		(0.05	)		(0.00	)d		(0.05	)		10.35
Premier Class:	10/31/20			13.95		0.18			1.42		1.60		(0.16	)		(0.21	)		(0.37	)		15.18
	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
Retirement Class:	10/31/20			13.87		0.16			1.42		1.58		(0.15	)		(0.21	)		(0.36	)		15.09
	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
Retail Class:	10/31/20			13.88		0.15			1.41		1.56		(0.14	)		(0.21	)		(0.35	)		15.09
	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

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

continued

						Ratios and supplemental data
	For the
	period					Net assets at			Ratios to average net assets									Portfolio
	or year ended		Total return			end of period (in thousands		)	Gross expenses			Net expenses			Net investment income (loss		)	turnover rate
SOCIAL CHOICE LOW CARBON EQUITY FUND
Institutional Class:	10/31/20			11.88	%		$211,659			0.35	%		0.32	%		1.36	%		27	%
	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
Advisor Class:	10/31/20			11.72			1,517			0.45			0.42			1.31			27
	10/31/19			15.33			1,132			0.52			0.43			1.52			27
	10/31/18			4.54			344			0.62			0.41			1.40			45
	10/31/17			24.21			190			0.71			0.40			1.66			16
	10/31/16	‡		3.94	b		117			0.67	c		0.34	c		2.37	c		83
Premier Class:	10/31/20			11.72			3,253			0.50			0.47			1.27			27
	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
Retirement Class:	10/31/20			11.65			202,084			0.60			0.57			1.14			27
	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
Retail Class:	10/31/20			11.47			22,606			0.66			0.63			1.09			27
	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

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2020 Annual Report 119

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
EMERGING MARKETS EQUITY FUND
Institutional Class:	10/31/20			$11.54		$0.07			$  1.10			$  1.17			$(0.18	)	$      —			$(0.18	)		$12.53
	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
Advisor Class:	10/31/20			11.54		0.04			1.11			1.15			(0.17	)	—			(0.17	)		12.52
	10/31/19			10.05		0.17			1.76			1.93			(0.05	)	(0.39	)		(0.44	)		11.54
	10/31/18			12.86		0.04			(2.31	)		(2.27	)		(0.09	)	(0.45	)		(0.54	)		10.05
	10/31/17			9.65		0.11			3.18			3.29			(0.08	)	—			(0.08	)		12.86
	10/31/16	‡		8.87		0.10			0.77			0.87			(0.09	)	—			(0.09	)		9.65
Premier Class:	10/31/20			11.55		0.05			1.09			1.14			(0.16	)	—			(0.16	)		12.53
	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
Retirement Class:	10/31/20			11.49		0.05			1.10			1.15			(0.16	)	—			(0.16	)		12.48
	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
Retail Class:	10/31/20			11.51		0.02			1.10			1.12			(0.14	)	—			(0.14	)		12.49
	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
Class W:	10/31/20			11.63		0.17			1.10			1.27			(0.28	)	—			(0.28	)		12.62
	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 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

continued

									Ratios and supplemental data
											Ratios to average net assets
	For the period 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:	10/31/20			10.04	%		10.02	%		$   283,658		0.88	%		0.88	%		0.58	%		0.56	%		128	%
	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
Advisor Class:	10/31/20			10.06			10.04			179		0.95			0.95			0.31			0.29			128
	10/31/19			20.11			20.10			236		0.97			0.97			1.59			1.58			129
	10/31/18			(18.48	)		(18.49	)		138		0.96			0.96			0.30			0.30			127
	10/31/17			34.45			34.44			848		0.99			0.99			0.97			0.96			152
	10/31/16	‡		9.91	b		9.77	b		115		0.96	c		0.96	c		1.30	c		1.14	c		195
Premier Class:	10/31/20			9.99			9.97			9,112		1.03			0.99			0.46			0.44			128
	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
Retirement Class:	10/31/20			9.94			9.92			118,191		1.13			0.99			0.44			0.43			128
	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
Retail Class:	10/31/20			9.68			9.66			8,500		1.27			1.27			0.17			0.15			128
	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
Class W:	10/31/20			11.11			11.09			1,194,291		0.88			0.00			1.47			1.46			128
	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 Annual Report 121

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
INTERNATIONAL EQUITY FUND
Institutional Class:	10/31/20			$11.06		$0.18		$(0.14	)		$   0.04			$(0.19	)	$     —			$(0.19	)		$10.91
	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
Advisor Class:	10/31/20			11.29		0.17		(0.13	)		0.04			(0.18	)	—			(0.18	)		11.15
	10/31/19			11.23		0.05		0.50			0.55			—		(0.49	)		(0.49	)		11.29
	10/31/18			13.24		0.23		(1.93	)		(1.70	)		(0.14	)	(0.17	)		(0.31	)		11.23
	10/31/17			10.59		0.03		2.77			2.80			(0.15	)	—			(0.15	)		13.24
	10/31/16	‡		10.80		0.16		(0.24	)		(0.08	)		(0.13	)	—			(0.13	)		10.59
Premier Class:	10/31/20			11.03		0.16		(0.13	)		0.03			(0.17	)	—			(0.17	)		10.89
	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
Retirement Class:	10/31/20			11.48		0.16		(0.14	)		0.02			(0.17	)	—			(0.17	)		11.33
	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
Retail Class:	10/31/20			7.02		0.09		(0.08	)		0.01			(0.17	)	—			(0.17	)		6.86
	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
Class W:	10/31/20			11.10		0.23		(0.13	)		0.10			(0.24	)	—			(0.24	)		10.96
	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 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

continued

									Ratios and supplemental data
											Ratios to average net assets
	For the period 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 affiliatesu			Portfolio turnover rate
INTERNATIONAL EQUITY FUND
Institutional Class:	10/31/20			0.33	%		0.31	%		$2,230,915		0.48	%		0.48	%		1.74	%		1.72	%		102	%
	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
Advisor Class:	10/31/20			0.34			0.32			2,993		0.57			0.57			1.60			1.58			102
	10/31/19			5.46			5.45			3,929		0.60			0.60			0.38			0.37			114
	10/31/18			(13.16	)		(13.17	)		196,238		0.61			0.61			1.79			1.79			73
	10/31/17			26.86			26.86			248,286		0.67			0.64			0.24			0.23			112
	10/31/16	‡		(0.68	)b		(0.76	)b		104		0.51	c		0.51	c		1.76	c		1.68	c		95
Premier Class:	10/31/20			0.26			0.24			80,569		0.63			0.63			1.53			1.51			102
	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
Retirement Class:	10/31/20			0.10			0.08			383,646		0.73			0.73			1.45			1.44			102
	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
Retail Class:	10/31/20			0.03			0.01			223,406		0.82			0.82			1.38			1.36			102
	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
Class W:	10/31/20			0.89			0.87			1,772,710		0.48			0.00			2.19			2.17			102
	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 Annual 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:		10/31/20			$13.35			$0.07		$ 2.42			$ 2.49			$(0.14	)		$     —			$(0.14	)		$15.70
		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
Advisor Class:		10/31/20			13.34			0.06		2.41			2.47			(0.14	)		—			(0.14	)		15.67
		10/31/19			11.97			0.11		1.40			1.51			(0.14	)		—			(0.14	)		13.34
		10/31/18			13.05			0.18		(1.10	)		(0.92	)		(0.16	)		—			(0.16	)		11.97
		10/31/17			10.17			0.16		2.85			3.01			(0.13	)		—			(0.13	)		13.05
		10/31/16	‡		10.58			0.13		(0.41	)		(0.28	)		(0.13	)		—			(0.13	)		10.17
Premier Class:		10/31/20			13.37			0.04		2.44			2.48			(0.13	)		—			(0.13	)		15.72
		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
Retirement Class:		10/31/20			13.30			0.06		2.40			2.46			(0.13	)		—			(0.13	)		15.63
		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
Retail Class:		10/31/20			13.32			0.01		2.41			2.42			(0.09	)		—			(0.09	)		15.65
		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
Class W:		10/31/20			13.42			0.16		2.43			2.59			(0.23	)		—			(0.23	)		15.78
		10/31/19			11.99			0.24		1.36			1.60			(0.17	)		—			(0.17	)		13.42
		10/31/18	†		13.52			0.01		(1.54	)		(1.53	)		—			—			—			11.99
QUANT INTERNATIONAL EQUITY FUND
Institutional Class:		10/31/20			7.45			0.16		(0.72	)		(0.56	)		(0.21	)		—			(0.21	)		6.68
		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
Advisor Class:		10/31/20			7.44			0.14		(0.70	)		(0.56	)		(0.21	)		—			(0.21	)		6.67
		10/31/19			7.37			0.22		0.39			0.61			(0.23	)		(0.31	)		(0.54	)		7.44
		10/31/18			8.35			0.24		(0.97	)		(0.73	)		(0.25	)		—			(0.25	)		7.37
		10/31/17			6.87			0.20		1.47			1.67			(0.19	)		—			(0.19	)		8.35
		10/31/16	‡		7.25			0.21		(0.38	)		(0.17	)		(0.21	)		—			(0.21	)		6.87
Class W:		10/31/20			7.47			0.19		(0.72	)		(0.53	)		(0.24	)		—			(0.24	)		6.70
		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 Annual Report   ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

continued

										Ratios and supplemental data
												Ratios to average net assets
	For the period or year ended			Total return			Total return excluding payment from affiliatesu			Net assets at end of period (in thousands)		Gross expenses			Net expenses			Net investment income (loss)			Net investment income (loss) excluding payment from affiliatesu			Portfolio turnover rate
INTERNATIONAL OPPORTUNITIES FUND
Institutional Class:		10/31/20			18.84	%		18.82	%		$  120,668		0.61	%		0.61	%		0.53	%		0.51	%		36	%
		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
Advisor Class:		10/31/20			18.66			18.64			4,060		0.71			0.71			0.41			0.39			36
		10/31/19			12.85			12.84			4,168		0.71			0.71			0.85			0.84			28
		10/31/18			(7.17	)		(7.17	)		178		0.69			0.69			1.35			1.35			21
		10/31/17			29.96			29.95			150		0.64			0.64			1.41			1.40			24
		10/31/16	‡		(2.67	)b		(2.69	)b		101		0.65	c		0.65	c		1.46	c		1.44	c		31
Premier Class:		10/31/20			18.69			18.67			399		0.77			0.70			0.32			0.30			36
		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
Retirement Class:		10/31/20			18.62			18.60			158,190		0.86			0.72			0.40			0.38			36
		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
Retail Class:		10/31/20			18.26			18.24			5,638		1.01			1.01			0.10			0.08			36
		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
Class W:		10/31/20			19.52			19.50			1,527,006		0.61			0.00			1.14			1.12			36
		10/31/19			13.62			13.61			1,487,781		0.62			0.00			1.94			1.92			28
		10/31/18	†		(11.32	)b		(11.32	)b		1,330,650		0.63	c		0.00	c		0.76	c		0.82	c		21
QUANT INTERNATIONAL EQUITY FUND
Institutional Class:		10/31/20			(7.72	)		(7.72	)		68,880		0.40			0.40			2.32			2.32			112
		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
Advisor Class:		10/31/20			(7.80	)		(7.80	)		242		0.54			0.54			2.08			2.08			112
		10/31/19			9.38			9.38			182		0.48			0.48			3.16			3.16			114
		10/31/18			(9.04	)		(9.04	)		203		0.47			0.47			3.00			3.00			106
		10/31/17			24.89			24.89			170		0.52			0.52			2.69			2.69			106
		10/31/16	‡		(2.34	)b		(2.34	)b		102		0.44	c		0.44	c		3.41	c		3.41	c		100
Class W:		10/31/20			(7.23	)		(7.23	)		863,353		0.40			0.00			2.71			2.71			112
		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 Annual 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:		10/31/20			$10.30		$0.19		$(0.73	)		$(0.54	)		$(0.35	)		$     —			$(0.35	)		$  9.41
		10/31/19			10.22		0.26		0.40			0.66			(0.29	)		(0.29	)		(0.58	)		10.30
		10/31/18			12.90		0.33		(2.22	)		(1.89	)		(0.34	)		(0.45	)		(0.79	)		10.22
		10/31/17	**		10.00		0.27		2.64			2.91			(0.01	)		—			(0.01	)		12.90
Advisor Class:		10/31/20			10.29		0.19		(0.73	)		(0.54	)		(0.35	)		—			(0.35	)		9.40
		10/31/19			10.22		0.26		0.39			0.65			(0.29	)		(0.29	)		(0.58	)		10.29
		10/31/18			12.88		0.31		(2.20	)		(1.89	)		(0.32	)		(0.45	)		(0.77	)		10.22
		10/31/17	**		10.00		0.22		2.67			2.89			(0.01	)		—			(0.01	)		12.88
Premier Class:		10/31/20			10.42		0.17		(0.74	)		(0.57	)		(0.33	)		—			(0.33	)		9.52
		10/31/19			10.23		0.25		0.41			0.66			(0.18	)		(0.29	)		(0.47	)		10.42
		10/31/18			12.88		0.29		(2.17	)		(1.88	)		(0.32	)		(0.45	)		(0.77	)		10.23
		10/31/17	**		10.00		0.22		2.67			2.89			(0.01	)		—			(0.01	)		12.88
Retirement Class:		10/31/20			10.29		0.18		(0.73	)		(0.55	)		(0.34	)		—			(0.34	)		9.40
		10/31/19			10.19		0.25		0.39			0.64			(0.25	)		(0.29	)		(0.54	)		10.29
		10/31/18			12.87		0.27		(2.18	)		(1.91	)		(0.32	)		(0.45	)		(0.77	)		10.19
		10/31/17	**		10.00		0.20		2.68			2.88			(0.01	)		—			(0.01	)		12.87
Retail Class:		10/31/20			10.30		0.15		(0.73	)		(0.58	)		(0.31	)		—			(0.31	)		9.41
		10/31/19			10.18		0.22		0.40			0.62			(0.21	)		(0.29	)		(0.50	)		10.30
		10/31/18			12.86		0.26		(2.19	)		(1.93	)		(0.30	)		(0.45	)		(0.75	)		10.18
		10/31/17	**		10.00		0.20		2.67			2.87			(0.01	)		—			(0.01	)		12.86
Class W:		10/31/20			10.35		0.25		(0.72	)		(0.47	)		(0.42	)		—			(0.42	)		9.46
		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 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

continued

							Ratios and supplemental data
	For the
	period						Net assets at		Ratios to average net assets									Portfolio
	or year 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:		10/31/20			(5.51	)%		$  54,223		0.71	%		0.66	%		2.06	%		100	%
		10/31/19			7.04			55,449		0.71			0.66			2.68			87
		10/31/18			(15.62	)		43,174		0.71			0.66			2.71			89
		10/31/17	**		29.14	b		935,888		0.73	c		0.68	c		2.59	c		70	b
Advisor Class:		10/31/20			(5.56	)		69		0.76			0.71			2.01			100
		10/31/19			6.96			84		0.76			0.71			2.66			87
		10/31/18			(15.59	)		83		0.73			0.68			2.44			89
		10/31/17	**		28.92	b		1,297		0.88	c		0.83	c		2.18	c		70	b
Premier Class:		10/31/20			(5.71	)		70		0.91			0.85			1.85			100
		10/31/19			6.85			76		0.89			0.84			2.53			87
		10/31/18			(15.54	)		75		0.87			0.82			2.29			89
		10/31/17	**		28.92	b		1,288		1.03	c		0.85	c		2.16	c		70	b
Retirement Class:		10/31/20			(5.67	)		3,259		0.96			0.84			1.93			100
		10/31/19			6.86			3,113		0.96			0.84			2.54			87
		10/31/18			(15.79	)		3,620		0.97			0.89			2.21			89
		10/31/17	**		28.82	b		8,020		1.03	c		0.95	c		1.93	c		70	b
Retail Class:		10/31/20			(5.93	)		757		1.44			1.09			1.60			100
		10/31/19			6.61			851		1.35			1.09			2.26			87
		10/31/18			(15.95	)		971		1.17			1.08			2.15			89
		10/31/17	**		28.71	b		2,336		1.42	c		1.09	c		1.91	c		70	b
Class W:		10/31/20			(4.97	)		923,105		0.71			0.00			2.73			100
		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 Annual 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:		10/31/20			$11.16		$0.23			$(0.87	)		$(0.64	)		$(0.18	)		$     —			$(0.18	)		$10.34
		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
Advisor Class:		10/31/20			11.16		0.21			(0.86	)		(0.65	)		(0.18	)		—			(0.18	)		10.33
		10/31/19			10.14		0.30			0.95			1.25			(0.23	)		—			(0.23	)		11.16
		10/31/18			11.21		0.30			(1.14	)		(0.84	)		(0.23	)		(0.00	)d		(0.23	)		10.14
		10/31/17			9.32		0.31			1.81			2.12			(0.23	)		—			(0.23	)		11.21
		10/31/16	‡		9.51		0.26			(0.39	)		(0.13	)		(0.06	)		—			(0.06	)		9.32
Premier Class:		10/31/20			11.17		0.15			(0.81	)		(0.66	)		(0.17	)		—			(0.17	)		10.34
		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
Retirement Class:		10/31/20			11.12		0.20			(0.86	)		(0.66	)		(0.16	)		—			(0.16	)		10.30
		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
Retail Class:		10/31/20			11.13		0.20			(0.88	)		(0.68	)		(0.15	)		—			(0.15	)		10.30
		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

‡	The Advisor Class commenced operations on December 4, 2015.
§	The Fund commenced operations on August 5, 2016.
**	The Fund commenced operations on December 9, 2016.
†	Class W commenced operations on September 28, 2018.
a	Based on average shares outstanding.
b	The percentages shown for this period are not annualized.
c	The percentages shown for this period are annualized.
d	Amount represents less than $0.01 per share.
u	Income reflects voluntary compensation from Advisors in amounts that approximate a portion of the cost of research services obtained from broker-dealers and research providers if Advisors had purchased the research services directly. The total return and net investment income ratio displayed excludes this item.

128 2020 Annual 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				end of period			Gross			Net			Net investment			turnover
	ended		Total return			(in thousands	)		expenses			expenses			income (loss	)		rate
SOCIAL CHOICE INTERNATIONAL EQUITY FUND
Institutional Class:	10/31/20		(5.83	)%		$338,692			0.41	%		0.40	%		2.21	%		15	%
	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
Advisor Class:	10/31/20		(5.96	)		1,192			0.52			0.51			1.99			15
	10/31/19		12.71			1,174			0.66			0.47			2.89			9
	10/31/18		(7.58	)		579			1.03			0.45			2.69			16
	10/31/17		23.22			541			1.26			0.46			2.98			12
	10/31/16	‡	(1.35	)b		102			1.36	c		0.42	c		3.12	c		13
Premier Class:	10/31/20		(5.99	)		438			0.56			0.55			1.35			15
	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
Retirement Class:	10/31/20		(6.08	)		162,780			0.66			0.65			1.91			15
	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
Retail Class:	10/31/20		(6.18	)		10,335			0.72			0.72			1.89			15
	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

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2020 Annual Report 129

Notes to financial statements

TIAA-CREF Funds

Note 1—organization

TIAA-CREF Funds (the “Trust”) is a Delaware statutory trust that is registered with the U.S. Securities and Exchange Commission (“SEC”) 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”).

Teachers Advisors, LLC (“Advisors”), a wholly owned indirect subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”), is registered with the SEC as an investment adviser and provides investment management services for the Funds.

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 TIAA.

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.

Note 2—significant accounting policies

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.

Investments and investment income: Securities transactions are accounted for as of the trade date for financial reporting purposes. Interest income is recorded on an accrual basis and includes accretion of discounts and amortization of premiums. 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. Securities lending income is comprised of fees earned from borrowers and income earned on cash

collateral investments. 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.

Multiclass operations and allocations: 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.

Distributions to shareholders: Distributions to shareholders are recorded on the ex-dividend date. The amount, character and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

Foreign currency transactions and translation: The books and records of the Funds are maintained in U.S. dollars. Assets, including investments, and liabilities denominated in foreign currencies are translated into U.S. dollars at the end of each day. Purchases and sales of securities, income, and expenses are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.

Net realized foreign currency gains and losses resulting from changes in exchange rates associated with (i) foreign currency, (ii) investments and (iii) derivatives include foreign currency gains and losses between trade date and settlement date of the transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the Funds and the amounts actually received and are recognized as a component of “Net realized gain (loss) on total investments” on the Statements of operations, when applicable.

The unrealized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with (i) investments and (ii) other assets and liabilities are recognized as a component of “Change in net unrealized appreciation (depreciation) of investments and foreign currency” on the Statements of operations, when applicable. The unrealized gains and losses resulting from changes in foreign exchange rates associated with investments in derivatives are recognized as a component of the respective derivative’s related “Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments” on the Statements of operations, when applicable.

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’

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

fees, including any deferred and long-term compensation incurred, are reflected in the Statements of operations.

Indemnification: Under the Trust’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that provide general indemnifications to other parties. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

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. 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.

Note 3—valuation of investments

The Funds’ investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy that is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

• Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.

• Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.).

• Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

A description of the valuation techniques applied to the Funds’ major classifications of assets and liabilities measured at fair value follows:

Exchange-traded equity securities, common and preferred stock:

Equity securities and exchange-traded funds 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. 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. To the extent these securities are actively traded and that valuation adjustments are not applied, they are generally classified as Level 1. If there is no official close of business, then the latest available sale price is utilized. If no sales are reported, then the mean of the latest available bid and asked prices is utilized and are generally classified as Level 2.

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. These foreign securities are generally classified as Level 2.

Debt securities: Prices of fixed-income securities are generally provided by an independent pricing service (“pricing service”) approved by the Board. The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer or market activity, provided by Advisors. These securities are generally classified as Level 2.

Investments in registered investment companies: Investments in investment companies are valued at their respective NAVs on the valuation date and are generally classified as Level 1.

Repurchase Agreements: Repurchase agreements are valued at contract plus accrued interest, which approximates market value. These securities are generally classified as Level 2.

Option contracts: Purchased and written options traded 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 and are generally classified as Level 1. Over-the-counter (“OTC”) options are marked-to-market daily based upon a price supplied by a pricing service. OTC options are generally classified as Level 2.

Any portfolio security or derivative 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. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash

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

Notes to financial statements

flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. To the extent the inputs are observable and timely, the values would be classified as Level 2; otherwise they would be classified as Level 3.

As of October 31, 2020, 100% of the value of investments in the Quant Small-Cap Equity Fund and Quant Small/Mid-Cap Equity Fund was valued based on Level 1 inputs.

The following table summarizes the market value of the Funds’ investments as of October 31, 2020, based on the inputs used to value them:

Fund	Level 1			Level 2		Level 3		Total
Growth & Income
Equity investments:
Consumer discretionary	$	711,880,305		$	37,324,628	$	—	$	749,204,933
Consumer staples		383,108,095			29,344,120		—		412,452,215
Health care		760,020,844			82,102,369		—		842,123,213
Industrials		501,547,276			22,971,602		—		524,518,878
Information technology		1,569,148,809			4,804,644		—		1,573,953,453
Utilities		98,159,210			22,793,406		—		120,952,616
All other equity investments*		1,498,977,000			—		—		1,498,977,000
Short-term investments		14,735,144			31,424,424		—		46,159,568
Purchased options**		296,915			—		—		296,915
Written options**		(19,902,580	)		—		—		(19,902,580	)
Total	$	5,517,971,018		$	230,765,193	$	—	$	5,748,736,211
Large-Cap Growth
Equity investments:
Communication services	$	1,066,477,841		$	86,212,223	$	—	$	1,152,690,064
Consumer discretionary		1,055,721,808			100,339,228		—		1,156,061,036
Consumer staples		325,864,794			26,766,545		—		352,631,339
Health care		678,330,975			113,749,219		—		792,080,194
Industrials		293,305,019			40,690,099		—		333,995,118
Information technology		2,110,967,527			57,780,919		—		2,168,748,446
All other equity investments*		136,490,903			—		—		136,490,903
Short-term investments		2,240,546			—		—		2,240,546
Written options**		(3,526,312	)		—		—		(3,526,312	)
Total	$	5,665,873,101		$	425,538,233	$	—	$	6,091,411,334
Large-Cap Value
Equity investments*	$	4,731,484,152		$	—	$	—	$	4,731,484,152
Short-term investments		—			19,493,351		—		19,493,351
Total	$	4,731,484,152		$	19,493,351	$	—	$	4,750,977,503
Mid-Cap Growth
Equity investments:
Communication services	$	83,472,409		$	10,622,559	$	—	$	94,094,968
Consumer discretionary		254,140,117			32,979,684		—		287,119,801
Consumer staples		21,440,171			13,299,610		—		34,739,781
Industrials		162,501,869			12,914,507		—		175,416,376
Information technology		402,666,643			25,920,947		—		428,587,590
All other equity investments*		337,595,196			—		—		337,595,196
Total	$	1,261,816,405		$	95,737,307	$	—	$	1,357,553,712
Mid-Cap Value
Equity investments*	$	1,673,081,253		$	—	$	—	$	1,673,081,253
Short-term investments		5,632,892			23,374,500		—		29,007,392
Total	$	1,678,714,145		$	23,374,500	$	—	$	1,702,088,645
Quant Large-Cap Growth
Equity investments:
Health care	$	209,107,184		$	768,614	$	—	$	209,875,798
All other equity investments*		1,303,710,021			—		—		1,303,710,021
Short-term investments		—			5,605,000		—		5,605,000
Total	$	1,512,817,205		$	6,373,614	$	—	$	1,519,190,819
Quant Large-Cap Value
Equity investments*	$	680,836,226		$	—	$	—	$	680,836,226
Short-term investments		1,479,380			755,000		—		2,234,380
Total	$	682,315,606		$	755,000	$	—	$	683,070,606

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

continued

Fund	Level 1			Level 2		Level 3		Total
Social Choice Equity
Equity investments:
Financials	$	577,695,848		$	—	$	3,382	$	577,699,230
Health care		808,994,116			5,638,374		—		814,632,490
All other equity investments*		3,893,719,516			—		—		3,893,719,516
Short-term investments		36,453,499			80,265,248		—		116,718,747
Futures contracts**		(1,396,926	)		—		—		(1,396,926	)
Total	$	5,315,466,053		$	85,903,622	$	3,382	$	5,401,373,057
Social Choice Low Carbon Equity
Equity investments:
Financials	$	50,276,117		$	—	$	131	$	50,276,248
All other equity investments*		378,222,706			—		—		378,222,706
Short-term investments		1,335,896			10,218,964		—		11,554,860
Futures contracts**		(441,094	)		—		—		(441,094	)
Total	$	429,393,625		$	10,218,964	$	131	$	439,612,720
Emerging Markets Equity
Equity investments:
Africa/Middle East	$	—		$	40,658,194	$	—	$	40,658,194
Asia		264,954,281			757,733,179		—		1,022,687,460
Europe		39,091,384			—		—		39,091,384
Latin America		112,336,240			112,669,826		—		225,006,066
All other equity investments*		62,594,077			73,491,826		3,558		136,089,461
Short-term investments		5,729,591			33,048,874		—		38,778,465
Total	$	484,705,573		$	1,017,601,899	$	3,558	$	1,502,311,030
International Equity
Equity investments:
Asia	$	101,432,377		$	1,010,233,042	$	—	$	1,111,665,419
Australasia		—			227,544,660		—		227,544,660
Europe		—			2,572,220,671		—		2,572,220,671
All other equity investments*		189,304,468			290,435,619		—		479,740,087
Short-term investments		—			358,171,270		—		358,171,270
Total	$	290,736,845		$	4,458,605,262	$	—	$	4,749,342,107
International Opportunities
Equity investments:
Asia	$	46,900,575		$	361,285,863	$	—	$	408,186,438
Australasia		—			102,045,706		—		102,045,706
Europe		—			813,183,950		—		813,183,950
Latin America		64,113,369			54,960,199		—		119,073,568
North America		—			122,149,066		—		122,149,066
All other equity investments*		34,695,894			136,215,169		1,655		170,912,718
Short-term investments		38,061,707			79,726,227		—		117,787,934
Total	$	183,771,545		$	1,669,566,180	$	1,655	$	1,853,339,380
Quant International Equity
Equity investments:
Asia	$	240,188		$	248,435,661	$	—	$	248,675,849
Australasia		—			63,669,852		—		63,669,852
Europe		11,965,817			403,055,772		—		415,021,589
North America		24,556,000			4,494,171		—		29,050,171
All other equity investments*		8,020,427			86,908,865		—		94,929,292
Short-term investments		13,274,829			34,820,000		—		48,094,829
Total	$	58,057,261		$	841,384,321	$	—	$	899,441,582
Quant International Small-Cap Equity
Equity investments:
Asia	$	7,404,100		$	332,636,947	$	—	$	340,041,047
Australasia		—			65,921,811		—		65,921,811
Europe		—			275,116,725		—		275,116,725
North America		24,650,406			51,460,112		—		76,110,518
All other equity investments*		1,390,362			218,873,410		—		220,263,772
Short-term investments		21,536,550			—		—		21,536,550
Total	$	54,981,418		$	944,009,005	$	—	$	998,990,423

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

Notes to financial statements

Fund	Level 1			Level 2		Level 3		Total
Social Choice International Equity
Equity investments:
Asia	$	—		$	151,495,988	$	—	$	151,495,988
Australasia		—			35,176,085		—		35,176,085
Europe		4,372,404			256,627,648		—		261,000,052
All other equity investments*		—			57,327,216		—		57,327,216
Short-term investments		2,947,647			5,794,988		—		8,742,635
Futures contracts**		(179,160	)		—		—		(179,160	)
Total	$	7,140,891		$	506,421,925	$	—	$	513,562,816

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

Note 4—investments

Repurchase agreements: In connection with transactions in repurchase agreements, it is the Fund’s policy that its custodian take possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. If the counterparty defaults, and the fair value of the collateral declines, realization of the collateral may be delayed or limited.

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.

Securities lending: Certain Funds may lend their securities to qualified institutional borrowers to earn additional income. A Fund receives collateral (in the form of cash, Treasury securities or other collateral permitted by applicable law) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of loaned securities during the period of the loan; any additional collateral required due to changes in security values is delivered to the Fund the next business day. Cash collateral received by the Fund will generally be invested in high-quality short-term instruments or in one or more funds maintained by the securities lending agent (“Agent”) for the purpose of investing cash collateral.

The value of the loaned securities and the liability to return the cash collateral received are reflected in the Statements of assets and liabilities. Non-cash collateral is not disclosed in the Funds’ Statements of assets and liabilities as it is held by the lending agent on behalf of the Funds, and the Funds do not have the ability to sell or re-hypothecate those securities.

As of October 31, 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 October 31, 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	$	17,143,943	$	14,735,144		$	2,932,015	$	17,667,159
Large-Cap Growth		10,186,997		2,240,546			8,580,987		10,821,533
Mid-Cap Value		8,204,118		5,632,892			2,825,534		8,458,426
Quant Large-Cap Growth		349,496		—			384,853		384,853
Quant Large-Cap Value		1,628,879		1,479,380			200,934		1,680,314
Quant Small-Cap Equity		68,254,134		47,873,333			26,244,358		74,117,691
Quant Small/Mid-Cap Equity		8,353,450		5,308,960			3,858,261		9,167,221
Social Choice Equity		50,154,476		36,453,499			17,624,102		54,077,601
Social Choice Low Carbon Equity		1,487,017		1,335,897			241,245		1,577,142
Emerging Markets Equity		26,074,607		5,729,592			22,650,734		28,380,326
International Opportunities		86,761,246		38,061,707			53,995,962		92,057,669
Quant International Equity		15,904,534		13,274,829			3,681,633		16,956,462
Quant International Small-Cap Equity		49,007,083		21,536,550			30,151,084		51,687,634
Social Choice International Equity		3,567,461		2,947,647			827,358		3,775,005

* May include cash and investment of cash collateral

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the year ended October 31, 2020 were as follows:

Fund	Non-U.S. government purchases		Non-U.S. government sales
Growth & Income	$	4,003,819,758	$	5,396,022,139
Large-Cap Growth		8,645,264,192		9,953,185,593
Large-Cap Value		1,323,565,199		1,782,427,453
Mid-Cap Growth		1,403,088,748		1,674,767,567
Mid-Cap Value		3,028,543,017		3,750,703,647
Quant Large-Cap Growth		3,899,253,249		6,018,218,910
Quant Large-Cap Value		2,656,880,836		4,540,749,258
Quant Small-Cap Equity		2,266,109,962		2,676,960,321
Quant Small/Mid-Cap Equity		653,779,340		575,241,748
Social Choice Equity		1,476,328,571		1,254,931,418
Social Choice Low Carbon Equity		250,490,806		83,469,179
Emerging Markets Equity		2,033,643,672		2,333,563,757
International Equity		4,455,435,726		4,762,931,758
International Opportunities		610,162,613		885,420,228
Quant International Equity		2,030,120,568		2,918,579,060
Quant International Small-Cap Equity		1,002,930,551		941,390,966
Social Choice International Equity		322,280,104		57,687,269

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

continued

Note 5—derivative investments

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

At October 31, 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	$	296,915	Written options	$	(19,902,580
Large-Cap Growth Fund
Equity contracts				Written options		(3,526,312	)
Social Choice Equity Fund
Equity contracts				Futures contracts*		(1,396,926	)
Social Choice Low Carbon Equity Fund
Equity contracts				Futures contracts*		(441,094	)
Social Choice International Equity Fund
Equity contracts				Futures contracts*		(179,160	)

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

For the year ended October 31, 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	$	2,689,187		$	(115,068	)
Equity contracts	Written options		(13,885,645	)		4,470,548
Large-Cap Growth Fund
Equity contracts	Purchased options		124,200			—
Equity contracts	Written options		133,937			(2,305,442	)
Mid-Cap Growth Fund
Equity contracts	Purchased options		(3,063,577	)		990,196
Equity contracts	Written options		1,440,673			(1,036,480	)
Quant Large-Cap Value Fund
Equity contracts	Futures contracts		(148,184	)		—
Quant Small-Cap Equity Fund
Equity contracts	Futures contracts		(8,688,847	)		(344,028	)
Social Choice Equity Fund
Equity contracts	Futures contracts		(1,387,013	)		(1,736,446	)
Social Choice Low Carbon Equity Fund
Equity contracts	Futures contracts		51,178			(461,163	)
Emerging Markets Equity Fund
Equity contracts	Purchased options		(1,703,219	)		(71,379	)
Equity contracts	Written options		3,008,331			(175,679	)
Social Choice International Equity Fund
Equity contracts	Futures contracts		(1,716,738	)		(182,052	)

Options: Certain Funds are subject to equity price risk in the normal course of pursuing their investment objectives. Options can be settled either directly with the counterparty (over the counter) or through a central clearing house (exchange traded). To manage the risk, the Funds may invest in both equity and index options. The Funds use options contracts for hedging and cash management purposes and to seek to increase total return. Call and put equity options give the holder the right, in return for a premium paid, to purchase or sell, respectively, a security at a specified exercise price at any time during the period of the option. Index options are written or purchased options in which the underlying investment is a specified index. The exercise of an index option will not result in the physical delivery of the underlier, but a cash transfer of the difference between the settlement price of the underlier and the strike price of the option. Purchased options are included in the Summary portfolio of investments, and written options are separately reflected as a liability in the Statements of assets and liabilities. Premiums on unexercised, expired options are recorded as realized gains or losses; premiums on exercised options are recorded as an adjustment to the proceeds from the sale or cost of the purchase. The difference between the premium and the amount received or paid in a closing transaction is also treated as a realized gain or loss. Risks may arise upon entering into over the counter options from the potential of default by counterparty. Also, risks related to the use of options include possible illiquidity of the options markets, price movements in underlying security values, and losses that may exceed amounts recognized on the Statements of assets and liabilities. During the year ended October 31, 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 8% of net assets. The purchased and written options outstanding as of October 31, 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 or losses are realized upon the expiration or closing of the futures contracts or if the counterparties do not perform in accordance with contractual provisions. With futures contracts, there is minimal counterparty credit risk to the Funds since futures contracts are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded funds, guarantees the futures contracts against default. During the year ended October 31, 2020, the Quant Large-Cap Equity Fund, Quant Small-Cap Equity Fund, Social Choice Equity Fund, Social Choice Low Carbon Equity Fund and Social Choice International

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

Notes to financial statements

Equity Fund had exposure to futures contracts, based on underlying notional values, generally between 0% and 4% of net assets. The futures contracts outstanding as of October 31, 2020 are disclosed in the Summary portfolio of investments and the full Schedules of investments.

Note 6—income tax and other tax matters

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

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

For the year ended October 31, 2020, permanent book and tax differences resulting primarily from differing treatments for foreign currency transactions, certain foreign taxes paid, utilization of tax equalization credits, net operating losses, dividend redesignations, investments in partnerships, and gains and losses from the sale of stock in passive foreign investment companies were identified and reclassified among the components of the Funds’ net assets. Net investment income and net realized gains (losses), as disclosed on the Statements of operations, and net assets were not affected by these reclassifications.

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

Net unrealized appreciation (depreciation): At October 31, 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		)
Growth & Income	$	3,401,730,731	$	2,521,319,144	$	(145,799,900	)	$	2,375,519,244
Large-Cap Growth		4,228,737,744		2,007,354,102		(143,459,642	)		1,863,894,460
Large-Cap Value		4,136,898,395		861,658,300		(247,579,192	)		614,079,108
Mid-Cap Growth		1,033,082,971		360,755,295		(36,284,554	)		324,470,741
Mid-Cap Value		1,643,438,277		171,511,105		(112,860,737	)		58,650,368
Quant Large-Cap Growth		668,161,536		865,785,515		(14,756,232	)		851,029,283
Quant Large-Cap Value		564,858,457		152,469,140		(34,256,991	)		118,212,149
Quant Small-Cap Equity		2,208,238,285		402,127,346		(237,356,123	)		164,771,223
Quant Small/Mid-Cap Equity		683,708,118		127,322,599		(61,013,155	)		66,309,444
Social Choice Equity		3,876,643,487		1,775,118,449		(250,388,879	)		1,524,729,570
Social Choice Low Carbon Equity		380,648,969		78,155,900		(19,192,149	)		58,963,751
Emerging Markets Equity		1,325,867,117		310,186,747		(133,742,834	)		176,443,913
International Equity		4,556,512,362		670,987,945		(478,158,200	)		192,829,745
International Opportunities		1,255,151,958		649,904,560		(51,717,138	)		598,187,422
Quant International Equity		833,125,460		134,179,688		(67,863,566	)		66,316,122
Quant International Small-Cap Equity		956,208,611		134,124,989		(91,343,177	)		42,781,812
Social Choice International Equity		517,107,201		50,302,871		(53,847,256	)		(3,544,385	)

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.

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

continued

Distributions to shareholders: The tax character of distributions paid to shareholders during the years ended October 31, 2020 and October 31, 2019 was as follows:

	10/31/2020						10/31/2019
Fund	Ordinary income		Long-term capital gains		Total		Ordinary income		Long-term capital gains		Total
Growth & Income	$	94,655,539	$	317,000,212	$	411,655,751	$	122,383,514	$	411,762,031	$	534,145,545
Large-Cap Growth		32,073,551		226,841,678		258,915,229		84,449,185		501,749,128		586,198,313
Large-Cap Value		127,817,787		—		127,817,787		182,078,830		469,076,115		651,154,945
Mid-Cap Growth		1,432,788		143,729,533		145,162,321		93,308,944		89,843,975		183,152,919
Mid-Cap Value		64,499,632		443,853,676		508,353,308		73,242,843		415,675,809		488,918,652
Quant Large-Cap Growth		39,009,697		149,046,634		188,056,331		86,199,133		123,181,003		209,380,136
Quant Large-Cap Value		68,778,266		128,638,903		197,417,169		65,368,570		54,085,628		119,454,198
Quant Small-Cap Equity		29,660,062		119,163,976		148,824,038		160,470,259		349,804,465		510,274,724
Quant Small/Mid-Cap Equity		9,170,076		33,371,223		42,541,299		23,747,084		45,928,773		69,675,857
Social Choice Equity		90,118,246		139,653,182		229,771,428		63,821,597		249,212,381		313,033,978
Social Choice Low Carbon Equity		3,087,118		3,366,750		6,453,868		2,099,033		4,111,034		6,210,067
Emerging Markets Equity		34,679,261		—		34,679,261		10,068,401		55,092,110		65,160,511
International Equity		88,787,917		—		88,787,917		92,128,677		191,353,881		283,482,558
International Opportunities		27,766,069		—		27,766,069		22,142,320		—		22,142,320
Quant International Equity		67,005,627		—		67,005,627		59,549,907		75,189,265		134,739,172
Quant International Small-Cap Equity		39,102,446		—		39,102,446		27,458,794		25,744,003		53,202,797
Social Choice International Equity		4,650,242		—		4,650,242		1,443,279		—		1,443,279

Components of accumulated earnings: As of October 31, 2020, the components of accumulated earnings on a tax basis were as follows:

	Undistributed		Undistributed		Unrealized			Capital
	ordinary		long-term		appreciation			loss
Fund	income		capital gains		(depreciation		)	carryover			Total
Growth & Income	$	21,736,892	$	334,751,691	$	2,375,526,301		$	—		$	2,732,014,884
Large-Cap Growth		612,974,200		1,208,768,923		1,863,886,033			—			3,685,629,156
Large-Cap Value		91,940,284		—		614,080,785			(123,617,982	)		582,403,087
Mid-Cap Growth		15,698,819		159,610,957		324,470,774			—			499,780,550
Mid-Cap Value		24,633,266		—		58,654,849			(101,107,457	)		(17,819,342	)
Quant Large-Cap Growth		70,507,817		183,690,863		851,029,283			—			1,105,227,963
Quant Large-Cap Value		22,178,713		54,492,726		118,212,149			—			194,883,588
Quant Small-Cap Equity		11,911,059		—		164,771,223			(152,810,261	)		23,872,021
Quant Small/Mid-Cap Equity		6,962,783		10,938,810		66,309,444			—			84,211,037
Social Choice Equity		69,058,268		—		1,524,729,570			—			1,593,787,838
Social Choice Low Carbon Equity		6,319,274		3,767,814		58,963,751			—			69,050,839
Emerging Markets Equity		29,168,932		113,116,529		175,924,006			—			318,209,467
International Equity		75,511,720		—		193,237,920			(307,817,883	)		(39,068,243	)
International Opportunities		16,333,662		41,431,985		598,242,433			—			656,008,080
Quant International Equity		43,445,040		—		66,603,744			(181,709,196	)		(71,660,412	)
Quant International Small-Cap Equity		24,833,024		—		42,818,678			(161,767,816	)		(94,116,114	)
Social Choice International Equity		8,089,521		—		(3,511,187	)		(3,973,282	)		605,052

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

In certain circumstances, a fund may distribute portfolio securities rather than cash as payment for a redemption of fund shares (in-kind redemption). A fund may also accept portfolio securities rather than cash as payment for a purchase of fund shares (in-kind purchase). During the year ended October 31, 2020, the Funds did not have any in-kind purchase or in-kind redemption transactions.

Capital loss carryovers: At October 31, 2020, the following

Funds had capital loss carryovers, which will not expire:

Fund	Short-term		Long-term		Total
Large-Cap Value	$	98,681,841	$	24,936,141	$	123,617,982
Mid-Cap Value		101,107,457		—		101,107,457
Quant Small-Cap Equity		84,949,465		67,860,796		152,810,261
International Equity		279,715,474		28,102,409		307,817,883
Quant International Equity		181,709,196		—		181,709,196
Quant International Small-Cap Equity		108,177,334		53,590,482		161,767,816
Social Choice International Equity		3,771,614		201,668		3,973,282

For the year ended October 31, 2020, the Emerging Markets Equity and International Opportunities Funds utilized

$18,895,755 and $65,857,536 of short-term capital loss carryover available from prior years respectively.

The capital loss carryover for these funds was reduced to zero as a result of this utilization.

Note 7—investment adviser and other transactions with 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

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

Notes to financial statements

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 shares’ Management fees and Other expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, acquired fund fees and expenses, trustee expenses and extraordinary expenses) in their entirety. Advisors expects this waiver and/or reimbursement to remain in effect indefinitely, unless changed or terminated with approval of the Board of Trustees. The Management fees and Other expenses of Class W shares that have been waived by Advisors may be incurred directly or indirectly, all or in part, by investors in Class W shares.

Advisors has agreed to reimburse each Fund if its total expense ratio (excluding interest, taxes, brokerage commissions or other transactional expenses, acquired fund fees and expenses and extraordinary expenses) exceeds certain percentages. As of October 31, 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‡
Fund							Retirement Class			Premier Class			Retail Class			Institutional Class			Advisor Class			Premier Class			Retirement Class			Retail Class			Class W§
Growth & Income*		0.300%–0.450	%l		0.390	%		0.250	%		0.150	%		0.250	%		0.520	%l		0.670	%l		0.670	%l		0.770	%l		0.910	%l		0.520	%l
Large-Cap Growth*		0.300–0.450	a		0.390			0.250			0.150			0.250			0.515	a		0.665	a		0.665	a		0.765	a		0.905	a		0.515	a
Large-Cap Value*		0.300–0.450	b		0.400			0.250			0.150			0.250			0.510	b		0.660	b		0.660	b		0.760	b		0.900	b		0.510	b
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	c		0.430			0.250			0.150			0.250			0.545	c		0.695	c		0.695	c		0.795	c		0.935	c		—
Quant Large-Cap Growth*		0.150–0.350			0.300			—			—			—			0.400			0.550			—			—			—			0.400
Quant Large-Cap Value*		0.150–0.350	d		0.340			—			—			—			0.370	d		0.520	d		—			—			—			0.370	d
Quant Small-Cap Equity*		0.270–0.460	e		0.410			0.250			0.150			0.250	f		0.525	e		0.675	e		0.675	e		0.775	e		0.865	e		0.525	e
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			0.210	g		0.360	g		0.360	g		0.460	g		0.600	g		—
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			0.980	h		0.980	h		1.340			0.950
International Equity*		0.350–0.500			0.460			0.250			0.150			0.250			0.600			0.750			0.750			0.850	k		0.990			0.600
International Opportunities*		0.450–0.600			0.590			0.250			0.150			0.250			0.700			0.850			0.765	i		0.765	i		1.090			0.700
Quant International Equity*		0.200–0.400			0.380			—			—			—			0.500			0.650			—			—			—			0.500
Quant International Small-Cap Equity*		0.500–0.650j			0.650			0.250			0.150			0.250			0.700	j		0.850	j		0.850	j		0.840	j		1.090	j		0.700	j
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 of Trustees.
§	Advisors has contractually agreed to waive and/or reimburse Class W’s Management fees and Other expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses, Trustee expenses and extraordinary expenses) in their entirety. Advisors expects this waiver and/or reimbursement to remain in effect indefinitely, unless changed with approval of the Board of Trustees.
a	Effective May 1, 2020, 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.
b	Effective May 1, 2020, 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 0.290%–0.440% of daily average net assets. This waiver is voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval. Prior to May 1, 2020, the expense caps were 0.505% for the Institutional Class, 0.655% for the Advisor Class and the Premier Class, 0.755% for the Retirement Class 0.895% for the Retail Class, and 0.505% for Class W.

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

continued

c	Effective May 1, 2020, 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 0.285%–0.475% of daily average net assets. This waiver is voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval. Prior to May 1, 2020, the expense caps were 0.510% for the Institutional Class, 0.660% for the Advisor Class and the Premier Class, 0.760% for the Retirement Class, and 0.900% for the Retail Class.
d	Effective May 1, 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 0.120%–0.320% of daily average net assets. This waiver is voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval. Prior to May 1, 2020, the expense caps were 0.400% for the Institutional Class, 0.550% for the Advisor Class, and 0.400% for Class W.
e	Effective May 1, 2020, 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 0.265%–0.455% of daily average net assets. This waiver is voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval. Prior to May 1, 2020, the expense caps were 0.490% for the Institutional Class, 0.640% for the Advisor Class and the Premier Class, 0.740% for the Retirement Class, 0.840% for the Retail Class, and 0.490% for Class W.
f	Effective May 1, 2020, Nuveen Securities agreed to voluntarily waive a portion of the distribution Rule 12b-1 fee by 0.050% 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 0.200%. Prior to May 1, 2020, the distribution fee cap was 0.210%.
g	Effective May 1, 2020, 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 0.140% of daily average net assets. This waiver is voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval. Prior to May 1, 2020, the expense caps were 0.215% for the Institutional Class, 0.365% for the Advisor Class and the Premier Class, 0.465% for the Retirement Class, and 0.605% for the Retail Class.
h	Effective May 1, 2020, Advisors agreed to voluntarily waive a portion of the expense cap in the Emerging Markets Equity Fund Premier Class and Retirement Class. This waiver is voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval. Prior to May 1, 2020, the expense caps were 0.990% for the Premier Class and 0.990% for the Retirement Class.
i	Effective May 1, 2020, Advisors agreed to voluntarily waive a portion of the expense cap in the International Opportunities Fund Premier Class and Retirement Class. This waiver is voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval. Prior to May 1, 2020, the expense caps were 0.680% for the Premier Class and 0.680% for the Retirement Class.
j	Effective May 1, 2020, 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. In addition, effective May 1, 2020, Advisors agreed to waive a portion of the expense cap for the Retirement Class of the Quant International Small-Cap Equity Fund. These waivers are voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval. Prior to May 1, 2020, the expense caps were 0.700% for the Institutional Class, 0.850% for the Advisor Class and the Premier Class, 0.830% for the Retirement Class, 1.090% for the Retail Class, and 0.700% for Class W.
k	Effective May 1, 2019, Advisors agreed to voluntarily waive a portion of the expense cap in the International Equity Fund Retirement Class. This waiver is voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval. Prior to May 1, 2020, the expense cap was 0.680% for the Retirement Class.
l	Effective May 1, 2019, Advisors agreed to voluntarily waive a portion of the investment management fee for the Growth and Income Fund. This waiver is voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval. Prior to May 1, 2020, The management fee range was 0.295%-0.445%. In addition, the expense caps were 0.515% for the Institutional Class, 0.665% for the Advisor Class and the Premier Class, 0.765% for the Retirement Class 0.905% for the Retail Class, and 0.515% for Class W.

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 year ended October 31, 2020, the Funds engaged in the following security transactions with affiliated entities:

Fund	Purchases		Sales		Realized gain (loss		)
Growth & Income	$	25,675,967	$	41,145,409	$	6,435,851
Large-Cap Growth		1,084,258,679		1,012,441,629		389,928,910
Large-Cap Value		—		29,596,204		3,367,187
Mid-Cap Growth		61,278,582		38,007,263		2,497,566
Mid-Cap Value		83,593,309		28,952,404		6,701,016
Quant Large-Cap Growth		188,472,890		663,540,232		189,964,568
Quant Large-Cap Value		163,425,732		258,429,232		9,179,855
Quant Small-Cap Equity		10,241,142		13,056,057		(669,413	)
Quant Small/Mid-Cap Equity		10,270,768		14,350,574		(507,296	)
Social Choice Equity		84,654,792		17,065,819		3,828,929
Social Choice Low Carbon Equity		47,926,373		2,752,130		432,336
Emerging Markets Equity		4,457,776		9,214,088		(462,514	)
International Equity		235,410		12,514,930		(5,105,544	)
International Opportunities		2,478,250		2,687,621		1,288,541
Quant International Equity		82,091,764		125,818,863		1,166,849
Quant International Small-Cap Equity		1,117,702		1,402,516		686,241
Social Choice International Equity		12,304,904		670,984		(367,949	)

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

Notes to financial statements

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 October 31, 2020:

Underlying Fund	TIAA-CREF Lifecycle Funds			TIAA-CREF Lifestyle Funds			TIAA-CREF Managed Allocation Fund			TIAA Access			Total
Growth & Income		54	%		2	%		1	%		4	%		61	%
Large-Cap Growth		48			2			1			3			54
Large-Cap Value		56			2			1			7			66
Mid-Cap Growth		–			–			–			15			15
Mid-Cap Value		–			–			–			18			18
Quant Large-Cap Growth		92			2			2			–			96
Quant Large-Cap Value		94			2			2			–			98
Quant Small-Cap Equity		29			1			1			8			39
Quant Small/Mid-Cap Equity		90			3			2			–			95
Social Choice Equity		–			–			–			5			5
Emerging Markets Equity		74			3			2			2			81
International Equity		37			1			1			8			47
International Opportunities		84			3			2			–			89
Quant International Equity		93			3			2			–			98
Quant International Small-Cap Equity		93			3			2			–			98

Companies in which a Fund holds 5% or more of the outstanding voting shares are considered “affiliated companies” of the Fund, pursuant to the 1940 Act. Information regarding transactions with affiliated companies is as follows:

Issue	Value at October 31, 2019		Purchases cost		Sales proceeds		Realized gain (loss)			Change in unrealized appreciation (depreciation)			Dividend income		Shares at October 31, 2020		Value at October 31, 2020
Emerging Markets Equity Fund
Common stock
Uruguay
Arcos Dorados Holdings, Inc	$	69,039,137	$	4,109,999	$	3,820,400	$	(1,113,594	)	$	(28,077,995	)	$	750,557		9,984,365	$	40,137,147

Note 8—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 9—inter-fund lending program

Pursuant to an exemptive order issued by the SEC, the Funds may participate in an inter-fund lending program. This program allows the Funds to lend cash to and/or borrow cash from certain other affiliated Funds for temporary purposes, (e.g., to satisfy redemption requests or to cover unanticipated cash shortfalls). The program is subject to a number of conditions, including the requirement that no Fund may borrow or lend money under the program unless it receives a more favorable interest rate than is available from a bank or other financial institution for a comparable transaction. In addition, a Fund may participate in the program only if its participation is consistent with the Fund’s investment policies and limitations and authorized by its portfolio manager(s). During the year ended October 31, 2020, there were no inter-fund borrowing or lending transactions.

Note 10—line of credit

The Funds participate 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 16, 2020 expiring on June 15, 2021, replacing the previous facility, which expired June 2020. Certain affiliated accounts and mutual funds, each of which is managed by Advisors, or an affiliate of Advisors, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds on a pro rata basis. Interest associated with any borrowing under the facility is charged to the borrowing accounts or mutual funds at a specified rate of interest. The Funds are not liable for borrowings under the facility by other affiliated accounts or mutual funds. For the year ended October 31, 2020, there were no borrowings under this credit facility by the Funds.

Note 11—subsequent event

On September 15, 2020, the Board of the Trust approved a Plan of Liquidation for the TIAA-CREF Quant Large-Cap Value Fund, TIAA-CREF Quant Large-Cap Growth Fund and the TIAA-CREF Quant International Equity Fund. Each Fund will be liquidated after the close of business on December 18, 2020 (the “Liquidation Date”) and effective as of the close of business of November 2, 2020 (the “Soft Close Date”), each Fund will suspend offering its shares to new investors. Investors in each Fund as of the Soft Close Date may continue to reinvest in each

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

concluded

respective Fund, including through reinvestment of dividends and capital gains distributions. If an investor’s account is closed after the Soft Close Date, however, additional investments in each Fund will not be accepted. Effective as of the close of business on December 2, 2020, each Fund will be closed to new investment by all shareholders (except through reinvested dividends and capital gains distributions). Each Fund may deviate from its respective investment objective and other investment policies as each Fund liquidates its assets in advance of the Liquidation Date. Each Fund reserves the right to

modify the extent to which sales of shares are limited prior to each Fund’s liquidation and all dates herein may change without notice at the discretion of the Trust’s officers. After the close of business on the Liquidation Date, each Fund will automatically redeem any remaining shareholder accounts and distribute, as soon as practicable, such redemption proceeds to each Fund’s shareholders of record as of the Liquidation Date. The proceeds of any such redemption will be equal to the NAV of such Fund shares after the applicable Fund has paid for all of its charges, taxes, expenses and liabilities.

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

Report of independent registered public accounting firm

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

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the summary portfolios of investments, of TIAA-CREF Growth & Income Fund, TIAA-CREF Large-Cap Growth Fund, TIAA-CREF Large-Cap Value Fund, TIAA-CREF Mid-Cap Growth Fund, TIAA-CREF Mid-Cap Value Fund, TIAA-CREF Quant Large-Cap Growth Fund, TIAA-CREF Quant Large-Cap Value Fund, TIAA-CREF Quant Small-Cap Equity Fund, TIAA-CREF Quant Small/Mid-Cap Equity Fund, TIAA-CREF Social Choice Equity Fund, TIAA-CREF Social Choice Low Carbon Equity Fund, TIAA-CREF Emerging Markets Equity Fund, TIAA-CREF International Equity Fund, TIAA-CREF International Opportunities Fund, TIAA-CREF Quant International Equity Fund, TIAA-CREF Quant International Small-Cap Equity Fund and TIAA-CREF Social Choice International Equity Fund (seventeen of the funds constituting TIAA-CREF Funds, hereafter collectively referred to as the “Funds”) as of October 31, 2020, the related statements of operations for the year ended October 31, 2020, the statements of changes in net assets for each of the two years in the period ended October 31, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2020, and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2020 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Baltimore, Maryland

December 17, 2020

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

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

Important tax information (unaudited)

For the fiscal year ended October 31, 2020, the TIAA-CREF Funds designate the following distribution amounts (or the maximum amount allowable) as being from net long-term capital gains.

Fund	Long-term capital gains
Growth & Income	$	329,846,850
Large-Cap Growth		369,918,609
Large-Cap Value		—
Mid-Cap Growth		163,684,684
Mid-Cap Value		443,853,676
Quant Large-Cap Growth		156,199,679
Quant Large-Cap Value		138,780,738
Quant Small-Cap Equity		119,163,976
Quant Small/Mid-Cap Equity		33,626,640
Social Choice Equity		139,653,182
Social Choice Low Carbon Equity		3,482,021
Emerging Markets Equity		5,595,877
International Equity		—
International Opportunities		1,265,185
Quant International Equity		—
Quant International Small-Cap Equity		—
Social Choice International Equity		—

For the year ended October 31, 2020, the TIAA-CREF Funds designate the following percentages (or the maximum amount allowable) of ordinary income dividends paid as qualified dividends.

Fund	Percentage
Growth & Income		100.0	%
Large-Cap Growth		100.0
Large-Cap Value		100.0
Mid-Cap Growth		100.0
Mid-Cap Value		80.2
Quant Large-Cap Growth		93.6
Quant Large-Cap Value		88.2
Quant Small-Cap Equity		82.3
Quant Small/Mid-Cap Equity		66.7
Social Choice Equity		85.2
Social Choice Low Carbon Equity		100.0
Emerging Markets Equity		35.9
International Equity		100.0
International Opportunities		65.6
Quant International Equity		71.7
Quant International Small-Cap Equity		53.9
Social Choice International Equity		84.9

For the fiscal year ended October 31, 2020, the TIAA-CREF Funds designate the following percentages (or the maximum amount allowable) of ordinary income dividends paid as qualifying for the corporate dividends received deduction.

Fund	Percentage
Growth & Income		100.0	%
Large-Cap Growth		100.0
Large-Cap Value		100.0
Mid-Cap Growth		100.0
Mid-Cap Value		76.7
Quant Large-Cap Growth		92.7
Quant Large-Cap Value		85.4
Quant Small-Cap Equity		80.0
Quant Small/Mid-Cap Equity		63.4
Social Choice Equity		82.6
Social Choice Low Carbon Equity		100.0
Emerging Markets Equity		—
International Equity		—
International Opportunities		—
Quant International Equity		—
Quant International Small-Cap Equity		—
Social Choice International Equity		—

For the year ended October 31, 2020, the TIAA-CREF Funds received the following amounts of income that was from foreign sources:

Fund	Foreign source income		Foreign source income per share
Emerging Markets Equity		$24,408,921		$0.19048
International Equity		81,387,037		0.18486
International Opportunities		19,604,843		0.17014
Quant International Equity		54,360,678		0.39077
Quant International Small-Cap Equity		28,109,353		0.27089
Social Choice International Equity		9,280,343		0.18664

For the year ended October 31, 2020, the TIAA-CREF Funds have elected to pass through the following amounts of foreign taxes paid:

Fund	Foreign taxes paid		Foreign taxes paid per share
Emerging Markets Equity		$3,242,669		$0.02530
International Equity		7,923,816		0.01800
International Opportunities		1,918,579		0.01665
Quant International Equity		3,641,871		0.02618
Quant International Small-Cap Equity		2,574,250		0.02481
Social Choice International Equity		788,086		0.01585

The information and distributions reported herein may differ from the information and distributions reported to shareholders for the calendar year ending December 31, 2020, which will be reported in conjunction with your 2020 Form 1099-DIV.

By early 2021, shareholders should receive their Form 1099-DIV and a tax information letter from the Funds. For your specific situation, we recommend that you consult a professional tax advisor.

TIAA-CREF Funds: Equity Funds  ■  2020 Annual Report 143

Trustees and officers (unaudited)

TIAA-CREF Funds  ■  October 31, 2020

Trustees

Name, Address and Year of Birth (“YOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee
Forrest Berkley c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Trustee	Indefinite term. Trustee since 2006.	Retired Partner (since 2006), Partner (1990–2005) and Head of Global Product Management (2003–2005), GMO (formerly, Grantham, Mayo, Van Otterloo & Co.) (investment management); and member of asset allocation portfolio management team, GMO (2003–2005).	91	Director, Save the Children Federation, Inc.; Investment Committee Member, Maine Community Foundation.
Joseph A. Boateng c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Trustee	Indefinite term. Trustee since 2019.	Chief Investment Officer, Casey Family Programs (since 2007). Director of U.S. Pension Plans at Johnson & Johnson (2002–2006). Manager, Financial Services Consultant, KPMG Consulting (2000–2002).	91	Board member, Year Up Puget Sound and Waterside School; Investment Advisory Committee Chair, Seattle City Employees’ Retirement System; Investment Committee Member, The Seattle Foundation.
Janice C. Eberly c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Trustee	Indefinite term. Trustee since 2018.	James R. and Helen D. Russell Professor of Finance (2002–2011 and since 2013), and Senior Associate Dean for Strategy and Academics (since 2020) at the Kellogg School of Management at Northwestern University and Chair of the Finance Department (2005–2007). Vice President, American Economic Association (since 2020). Assistant Secretary for Economic Policy at the United States Department of the Treasury (2011–2013).	91	Member of the Board of the Office of Finance of the Federal Home Loan Banks; Director, Avant, LLC; Member of the Executive Board, American Economic Association.
Nancy A. Eckl c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Trustee	Indefinite term. Trustee since 2007.	Vice President (1990–2006), American Beacon Advisors, Inc., and Vice President of certain funds advised by American Beacon Advisors, Inc.	91	Independent Director, The Lazard Funds, Inc., Lazard Retirement Series, Inc., and Lazard Global Total Return and Income Fund, Inc..
Michael A. Forrester c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1967	Trustee	Indefinite term. Trustee since 2007.	Chief Executive Officer (since 2014) and Chief Operating Officer (2007–2014), Copper Rock Capital Partners, LLC; Chief Operating Officer, DDJ Capital Management (2003–2006).	91	Director of Copper Rock Capital Partners, LLC (investment adviser); Trustee, Dexter Southfield School; Member, Governing Council of the Independent Directors Council.
Howell E. Jackson c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Trustee	Indefinite term. Trustee since 2005.	James S. Reid, Jr. Professor of Law (since 2004), Senior Advisor to the President and Provost (2010–2012), Acting Dean (2009), Vice Dean for Budget (2003–2006) and on the faculty (since 1989) of Harvard Law School.	91	Director, Commonwealth (non-profit organization).
Thomas J. Kenny c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Chairman of the Board and Trustee	Indefinite term. Trustee since 2011. Chairman for term ending July 1, 2021. Chairman since September 13, 2017.	Advisory Director (2010–2011), Partner (2004– 2010) and Managing Director (1999–2004), Co-Head of Global Cash and Fixed Income Portfolio Management Team (2002–2010), Goldman Sachs Asset Management.	91	Director and Chair of the Finance and Investment Committee, Aflac Incorporated; Director and Investment Committee Member, Sansum Clinic; Director, ParentSquare; Member, University of California at Santa Barbara Arts and Lectures Advisory Council.
James M. Poterba c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1958	Trustee	Indefinite term. Trustee since 2006.	President and Chief Executive Officer (since 2008) and Program Director (1990–2008), National Bureau of Economic Research. Mitsui Professor of Economics, Massachusetts Institute of Technology (“MIT”) (since 1996); Affiliated Faculty Member of the Finance Group, Alfred P. Sloan School of Management (since 2014); Head (2006–2008) and Associate Head (1994–2000 and 2001–2006), Economics Department of MIT.	91	Director, National Bureau of Economic Research and the Alfred P. Sloan Foundation; Member, Congressional Budget Office Panel of Economic Advisers.

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

Trustees — concluded

Name, Address and Year of Birth (“YOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee
Maceo K. Sloan c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1949	Trustee	Indefinite term. Trustee since 1999.	Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (1991–2018); Chairman and Chief Executive Officer (1991–2016) and Chief Investment Officer (1991–2013) and Chief Compliance Officer (2015–2016), NCM Capital Management Group, Inc.; Chairman, Chief Executive Officer (2003–2016), Chief Investment Officer (2003–2013) and Chief  Compliance Officer (2015–2016), NCM Capital Advisers Inc.; and Chairman, President and Principal Executive Officer, NCM Capital Investment Trust (2007–2012).	91	N/A
Laura T. Starks c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1950	Trustee	Indefinite term. Trustee since 2006.	Charles E. and Sarah M. Seay Regents Chair of Finance (since 2002), Co-Executive Director, Social Innovation Initiative (since 2015), Director, AIM Investment Center (2000–2016), Associate Dean for Research (2011–2016), Chairman, Department of Finance (2002–2011) and Professor (since 1987), McCombs School of Business, University of Texas at Austin. President, Society of Financial Studies (2017–2020). Vice President, American Finance Association (since 2020).	91	Texa$aver Product Committee Member, Employees Retirement System of Texas.

Officers
Name, Address and Year of Birth (“YOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Vijay Advani TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1960	Executive Vice President	One-year term. Executive Vice President since 2018.	Executive Chairman, Nuveen. Executive Vice President of the College Retirement Equities Fund (“CREF”), TIAA Separate Account VA-1, TIAA-CREF Funds and TIAA-CREF Life Funds (collectively, the “TIAA-CREF Fund Complex”). Formerly, Chief Executive Officer, Nuveen. Prior to joining Nuveen, Mr. Advani served as Co-President of Franklin Resources, Inc. (Franklin Templeton Investments).
Richard S. Biegen TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Chief Compliance Officer	One-year term. Chief Compliance Officer since 2008.	Senior Managing Director, TIAA. Chief Compliance Officer of the TIAA-CREF Fund Complex.
Derek B. Dorn TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1976	Senior Managing Director and Corporate Secretary	One-year term. Senior Managing Director and Corporate Secretary since 2020.	Senior Managing Director and Corporate Secretary of Teachers Insurance and Annuity Association of America (“TIAA”) and the TIAA-CREF Fund Complex. Formerly, Managing Director, Special Assistant to the CEO, and Managing Director, Regulatory Affairs, TIAA. Prior to joining TIAA, Mr. Dorn was a partner at Davis & Harman LLP and an adjunct professor of Law at Georgetown University Law Center.

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

Trustees and officers (unaudited) concluded

TIAA-CREF Funds   ■  October 31, 2020

Officers — concluded

Name, Address and Year of Birth (“YOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Bradley Finkle TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1973	Principal Executive Officer and President	One-year term. Principal Executive Officer and President since 2017.	Chief Operating Officer, Nuveen. Principal Executive Officer and President of the TIAA-CREF Funds and TIAA-CREF Life Funds. Formerly, Senior Managing Director, Co-Head Nuveen Equities & Fixed Income and President of TIAA Investments.
Jose Minaya TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1971	Executive Vice President	One-year term. Executive Vice President since 2018.	Chief Executive Officer, Nuveen. Executive Vice President of the TIAA-CREF Fund Complex. Formerly, Executive Vice President, President and Chief investment Officer, Nuveen; Executive Vice President, Chief Investment Officer, Nuveen Global Investments; and Senior Managing Director, President, Global Investments, TIAA.
David Nason TIAA 730 Third Ave. New York, NY 10017-3206 YOB: 1970	Executive Vice President	One-year term. Executive Vice President since 2020.	Senior Executive Vice President, Chief Legal, Risk and Compliance Officer of TIAA. Executive Vice President of the TIAA-CREF Fund Complex. Formerly, Executive Vice President, Chief Risk and Compliance Officer, TIAA. Prior to joining TIAA, Mr. Nason served as President and CEO of GE Energy Financial Services.
Phillip T. Rollock TIAA 730 Third Ave. New York, NY 10017-3206 YOB: 1962	Executive Vice President and Chief Legal Officer	One-year term. Executive Vice President and Chief Legal Officer since 2018.	Executive Vice President and Chief Legal Officer of TIAA and the TIAA-CREF Fund Complex. Formerly, Executive Vice President, Deputy Chief Legal Officer, TIAA and Senior Managing Director, Senior General Counsel and Corporate Secretary of TIAA and the TIAA-CREF Fund Complex.
E. Scott Wickerham TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1973	Principal Financial Officer, Principal Accounting Officer and Treasurer	One-year Principal Financial Officer, Principal Accounting Officer and Treasurer since 2017.	Senior Managing Director, Head, Publics Investment Finance, Nuveen. Principal Financial Officer, Principal Accounting Officer and Treasurer of the TIAA-CREF Funds, TIAA-CREF Life Funds and TIAA Separate Account VA-1, and CREF; and Vice President and Controller of the Nuveen Funds. Formerly, Managing Director, Head, TC Fund Administration, Nuveen.
Sean N. Woodroffe TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Executive Vice President	One-year term. Executive Vice President since 2018.	Senior Executive Vice President, Chief Human Resources Officer of TIAA, and Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Woodroffe served as Chief People Officer at National Life Group.

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

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

Additional information about index providers (unaudited)

Russell Indexes

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

Standard & Poor’s Index

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

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

MSCI Indexes

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

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

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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

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 for informational or educational purposes only and does not constitute fiduciary investment advice under ERISA, a securities recommendation under all securities laws, or an insurance product recommendation under state insurance laws or regulations. This material does not take into account any specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on the investor’s own objectives and circumstances.

©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	October 31,
	Funds	2020

TIAA-CREF
Equity Index Funds

The annual report contains the audited financial statements.

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

Annual
Report

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

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

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

Contents

Understanding this report	3
Letter to investors	4
Market monitor	6
Information for investors	7
About the funds’ benchmarks	8
Important information about expenses	9
Fund performance
Equity Index Fund	10
Large-Cap Growth Index Fund	12
Large-Cap Value Index Fund	14
S&P 500 Index Fund	16
Small-Cap Blend Index Fund	18
Emerging Markets Equity Index Fund	20
International Equity Index Fund	22
Summary portfolios of investments	24
Audited financial statements
Statements of assets and liabilities	38
Statements of operations	40
Statements of changes in net assets	42
Financial highlights	46
Notes to financial statements	52
Report of independent registered public accounting firm	60
Important tax information	61
Trustees and officers	62
Additional information about index providers	65
How to reach us	Inside back cover

Understanding this report

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

This annual report contains information about certain TIAA-CREF Funds and describes their results for the twelve months ended October 31, 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 October 31, 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 Annual Report 3

Brad Finkle

Letter to investors

Domestic stocks generally posted solid returns, while international equities delivered mixed results for the twelve months ended October 31, 2020. Economies and markets around the world were shaken by the COVID-19 pandemic, which first appeared in December 2019. The U.S. Federal Reserve and major global central banks cut benchmark interest rates and took other aggressive monetary actions to support economic growth. Stock markets began to bounce back in the spring, and most major economies were recovering by the latter months of the period. For the twelve months:

• The Russell 3000^® Index, which measures the performance of the broad U.S. stock market, gained 10.2%. Please see page 8 for benchmark definitions.

• The MSCI EAFE^® Index, which tracks stocks in 21 developed-markets nations outside North America, returned –6.9%.

• The MSCI Emerging Markets Index, which represents the performance of stocks in 26 developing nations, advanced 8.3%.

• Institutional Class returns for five of the seven TIAA-CREF Equity Index Funds were positive.

U.S. economy, shaken by COVID-19, recovered late in the period

Domestic stocks, which gained ground early in the period, were hit hard in February and March 2020 by the pandemic and efforts to contain the virus. After the initial shock, however, equities recovered, rallying through the summer and into the fall. The U.S. economy, which shrank in the first quarter of 2020 and contracted sharply in the second quarter, expanded substantially during the third quarter of the year. The unemployment rate began the period near historic lows, spiked in April, then declined in each of the following six months. In March, the Fed cut short-term interest rates twice and Congress enacted a $2.2 trillion stimulus plan, both of which helped the economy and financial markets to recover.

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

Stocks in international developed markets declined

The economic impact of the pandemic did not spare international developed equity markets. Economies in the 19-nation euro area followed the pattern of the U.S. economy, shrinking in the first quarter, contracting sharply over the next three months and then growing robustly during the third quarter of the year.

The European Central Bank responded by expanding bond-buying stimulus plans. The Bank of England lowered its benchmark interest rate to 0.10% and pursued similar asset-purchase programs.

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

Emerging-markets stocks fell during the first half of the period but recovered to post a gain for the full twelve months. Declines in 22 of the 26 countries tracked by the MSCI Emerging Markets Index were offset by a strong advance among Chinese stocks, which accounted for more than 40.0% of the index’s weighting. China’s economy contracted during the first three months of 2020 but grew in each of the following two quarters.

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

Most index funds posted gains

In a volatile period for the TIAA-CREF Equity Index Funds, most advanced for the twelve 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’ twelve-month returns ranged from 29.1% for the Large-Cap Growth Index Fund to –7.5% for the Large-Cap Value Index Fund. (All fund returns are for the Institutional Class.)

The Large-Cap Growth Index Fund produced a double-digit gain, while its value counterpart, the Large-Cap Value Index Fund, posted a loss. The S&P 500 Index Fund rose 9.7% and the Equity Index Fund gained 10.1%.

In the small-cap equity space, the Small-Cap Blend Index Fund had a modest advance of 0.1%.

Among TIAA-CREF’s international equity index portfolios, the Emerging Markets Equity Index Fund rose 8.4%. The International Equity Index Fund returned –6.5%.

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

Investing with long-term goals in mind

It can be hard to stay focused on long-term financial goals in the face of significant unexpected events. This was certainly the case over the past twelve months as the world came to terms with the COVID-19 pandemic. But despite volatile reactions early on, economies and stock markets showed enormous resilience in the recovery that followed.

Managing the risks of an unpredictable future may be the most difficult part of investing. However, we believe having a well-thought-out financial plan that includes a diversified portfolio of professionally managed mutual funds is a good way to prepare for the inevitable uncertainties inherent in the financial markets. Of course, diversification cannot guarantee against market losses. If you have any questions or would like to discuss the current status of your portfolio, please consult your financial advisor or call a TIAA financial consultant at 800-842-2252. We always stand ready to assist you.

/s/ Brad Finkle

Brad Finkle

Chief Operating Officer, Nuveen

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

TIAA-CREF Funds: Equity Index Funds  ■  2020 Annual Report 5

Market monitor

U.S. stocks gained while foreign equities posted mixed results

For the twelve months ended October 31, 2020, U.S. equity markets produced double-digit returns despite volatility triggered by the COVID-19 pandemic and efforts to control the spread of the virus. The Russell 3000^® Index, a broad measure of U.S. stock market performance, advanced 10.2%. International developed markets, as measured by the MSCI EAFE^® Index, declined, while emerging markets gained ground.

Economy rebounded after pandemic shock

In the first half of the reporting period, the U.S. economy started on solid footing but was jolted in early 2020 by the pandemic. Non-essential businesses closed temporarily, travel was limited and residents of many states were advised to remain at home. In the latter half of the period, however, the economy staged a strong recovery. Real gross domestic product (GDP), which measures the value of all goods and services produced in the nation, grew at an annualized rate of 2.4% during the final three months of 2019. In 2020, however, GDP declined by 5.0% in the first quarter, followed by a sharp 31.4% contraction in the second quarter. GDP soared in the third quarter, with an expansion of 33.1%, according to the government’s “second” estimate.

The unemployment rate, which began the period at historically low levels, climbed to 14.7% in April 2020 as job

Growth stocks rose while value shares declined

In a volatile year, growth outshined value; emerging markets surpassed developed markets

Source: U.S. large-cap growth: Russell 1000^® Growth Index; U.S. large-cap value: Russell 1000 Value Index; U.S. mid-cap growth: Russell Midcap^® Growth Index; U.S. mid-cap value: Russell Midcap Value Index; U.S. small-cap growth: Russell 2000^® Growth Index; U.S. small-cap value: Russell 2000 Value Index; Foreign developed markets: MSCI EAFE^® Index; Emerging markets: MSCI Emerging Markets Index. Twelve-month returns as of October 31, 2020.

losses were recorded in all major industry groups. However, it declined in each of the following six months and settled at 6.9% in October.

Inflation eased over the period. Annualized core inflation, which includes all items except food and energy, was 1.6% in October. Oil prices plunged early in the period as the global slowdown curtailed demand, but prices ultimately recovered some of their losses. The price per barrel of West Texas Intermediate crude oil declined from $56 on November 1, 2019, to less than zero on April 20, 2020, before rising to almost $36 on October 30, 2020.

Large-cap stocks and growth equities produced best results

Among U.S. stock market investment styles, large-cap equities outpaced small- and mid-cap shares, while growth stocks outperformed value shares in all size categories. Large caps advanced 10.9%, while mid-cap stocks gained 4.1% and small-cap equities returned –0.1%. Within the large-cap category, growth stocks advanced 29.2%, while value shares returned –7.6%. Among mid-cap stocks, growth equities gained 21.1% and value shares returned –6.9%. Small-cap growth stocks gained 13.4%, while small-cap value shares returned –13.9%. (Returns by investment style and capitalization size are based on the Russell indexes.)

International equities delivered mixed results for the twelve-month period. The MSCI EAFE Index, which tracks stock performance in 21 developed-markets countries outside North America, returned –6.9%, while the MSCI Emerging Markets Index gained 8.3%.

U.S. stocks rallied after initial COVID-19 losses

U.S. equity markets, which advanced early in the period, fell sharply in February and March 2020 as the economic impact of the pandemic proved significant. However, strong fiscal and monetary action helped spark a powerful rally in the financial markets that extended through the summer. The Federal Reserve twice cut the federal funds target rate in March, reducing the key short-term interest-rate measure to 0.00%–0.25%, while Congress enacted a $2.2 trillion stimulus package to support the economy.

Economies around the world also struggled with the impact of COVID-19, prompting aggressive responses by major central banks. The 19-nation euro area’s economy contracted in the first and second quarters of 2020 but generated strong growth over the next three months. China’s economy declined 6.8% year-on-year during the first three months of 2020 but expanded in each of the next two quarters. The European Central Bank launched a new bond-buying program to support the region’s economy, while the Bank of England cut its benchmark rate to 0.10% and expanded an asset purchase program.

6 2020 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds

Information for investors

Portfolio holdings

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

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

• By visiting our website at TIAA.org; or

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

You can also obtain a complete list of the TIAA-CREF Funds’ portfolio holdings as of the most recently completed fiscal quarter, and for prior quarter-ends, from our SEC Form N-CSR and Form N-PORT 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 Annual Report 7

About the funds’ benchmarks

Broad market indexes

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

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

The MSCI Emerging Markets Index measures the performance of the leading stocks in 26 emerging-markets countries in Europe, Asia, Africa, Latin America and the Middle East.

Large-cap indexes

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

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

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

Small-cap index

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

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

Russell 1000, Russell 2000 and Russell 3000 are trademarks and service marks of Frank Russell Company. TIAA products are not promoted or sponsored by, or affiliated with, Frank Russell Company. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. This report is not approved, reviewed or produced by MSCI. S&P 500 is a registered trademark and service mark of Standard & Poor’s Financial Services, LLC, a division of S&P Global.

8 2020 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds

Important information about expenses

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

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

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

     The examples are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (May 1, 2020–October 31, 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 Annual Report 9

Equity Index Fund

Expense example

Six months ended October 31, 2020

Equity Index Fund	Beginning account value (5/1/20)		Ending account value (10/31/20)		Expenses paid during period* (5/1/20– 10/31/20)
Actual return
Institutional Class		$1,000.00		$1,151.12		$0.27
Advisor Class		1,000.00		1,150.17		0.86
Premier Class		1,000.00		1,150.05		1.08
Retirement Class		1,000.00		1,149.32		1.62
Retail Class		1,000.00		1,149.30		1.78
Class W		1,000.00		1,151.05		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,024.89		0.25
Advisor Class		1,000.00		1,024.33		0.81
Premier Class		1,000.00		1,024.13		1.02
Retirement Class		1,000.00		1,023.63		1.53
Retail Class		1,000.00		1,023.48		1.68
Class W		1,000.00		1,025.14		0.00

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended October 31, 2020. The Fund’s annualized six-month expense ratios for that period were 0.05% for the Institutional Class, 0.16% for the Advisor Class, 0.20% for the Premier Class, 0.30% for the Retirement Class, 0.33% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 10/31/2020
Information technology		26.5
Health care		14.3
Consumer discretionary		12.2
Financials		10.1
Communication services		10.1
Industrials		9.1
Consumer staples		6.2
Real estate		3.3
Utilities		3.0
Materials		2.8
Energy		1.9
Short-term investments, other assets & liabilities, net		0.5
Total		100.0

Performance for the twelve months ended October 31, 2020

The Equity Index Fund returned 10.10% for the Institutional Class, compared with the 10.15% return of its benchmark, the Russell 3000^® Index. The performance table shows returns for all share classes of the Fund.

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

U.S. stocks advanced despite COVID-19 volatility

The U.S. economy struggled with the impact of the COVID-19 pandemic, contracting sharply in the late winter and spring months of 2020 before recovering much of the lost ground in the third quarter of the year. Unemployment surged to 14.7% in April 2020, declined steadily over the remaining months of the period, and settled at 6.9% in October. Core inflation, which includes all items except food and energy, rose 1.6% for the twelve months ended October 2020. Oil prices declined sharply in the first half of the period before staging a recovery.

Equity markets were volatile, but most posted gains for the twelve-month period. Stocks experienced sharp declines in February and March of 2020, then mounted a powerful rally over the ensuing months. The Federal Reserve, reacting to the economic shock of the pandemic, reduced the federal funds target rate twice in March 2020, bringing the key short-term interest-rate measure to 0.00%–0.25%.

For the twelve-month period, the Russell 3000 Index, a broad measure of the U.S. stock market, advanced 10.15%. Large-cap equities outpaced smaller stocks, and growth shares outperformed value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

Information technology led the benchmark higher

Six of the eleven industry sectors in the Russell 3000 index posted gains for the twelve months. Information technology—the largest sector—was also its best performer with a gain of 34.8%. The transition to working from home and remote learning fueled demand for technology products and services like personal computers and cloud computing. The consumer discretionary, communication services and health care sectors also produced strong results, advancing 30.6%, 16.1% and 15.0%, respectively. Together, these four sectors accounted for more than 60.0% of the index’s total market capitalization on October 31, 2020. Energy led decliners, returning –46.1% and reflecting the weakness in oil prices. Real estate and financials also fell sharply, returning –15.8% and –15.3%, respectively.

All of the benchmark’s five largest stocks outperformed

For the twelve-month period, all of the five largest stocks in the Russell 3000 Index produced sizable gains that exceeded the overall return of the benchmark. Apple generated the strongest gain, benefiting from robust demand for laptop and tablet computers. Amazon.com was not far behind amid an increase in online shopping. Next came Microsoft, Facebook and Alphabet (the parent company of Google), whose gains were lower than those of Apple and Amazon but still well above the return of the index.

10 2020 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds

Performance as of October 31, 2020

Equity Index Fund			Total return			Average annual total return						Annual operating expenses*
	Inception date		1 year			5 years			10 years			gross			net
Institutional Class		7/1/99		10.10	%		11.46	%		12.77	%		0.05	%		0.05	%
Advisor Class		12/4/15		9.97			11.36	†		12.72	†		0.19			0.19
Premier Class		9/30/09		9.92			11.27			12.58			0.20			0.20
Retirement Class		3/31/06		9.79			11.18			12.48			0.30			0.30
Retail Class		3/31/06		9.77			11.14			12.44			0.33			0.33
Class W		9/28/18		10.14			11.48	†		12.78	†		0.05			0.00
Russell 3000® Index		—		10.15			11.48			12.80			—			—

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 the performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class and Class W. If these actual expenses had been reflected, the performance of these two classes shown for these periods would have been different because the Advisor Class and Class W have different expenses than the Institutional Class.

$10,000 over 10 years

Institutional Class

Ending amounts are as of October 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by company size

% of equity investments
Market capitalization	as of 10/31/2020
More than $50 billion	63.7
More than $15 billion–$50 billion	18.5
More than $2 billion–$15 billion	14.9
$2 billion or less	2.9
Total	100.0

Fund profile

as of 10/31/2020
Net assets	$26.25 billion
Portfolio turnover rate	12%
Number of holdings	2,962
Weighted median market capitalization	$99.05 billion
Price/earnings ratio (weighted 12-month trailing average)†	40.1

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

TIAA-CREF Funds: Equity Index Funds  ■  2020 Annual Report 11

Large-Cap Growth Index Fund

Expense example
Six months ended October 31, 2020
Large-Cap Growth Index Fund	Beginning account value (5/1/20)		Ending account value (10/31/20)		Expenses paid during period* (5/1/20– 10/31/20)
Actual return
Institutional Class		$1,000.00		$1,217.57		$0.28
Advisor Class		1,000.00		1,217.04		1.00
Retirement Class		1,000.00		1,216.01		1.67
Class W		1,000.00		1,217.79		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,024.89		0.25
Advisor Class		1,000.00		1,024.23		0.92
Retirement Class		1,000.00		1,023.63		1.53
Class W		1,000.00		1,025.14		0.00

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended October 31, 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

Sector	% of net assets as of 10/31/2020
Information technology		43.9
Consumer discretionary		16.2
Health care		13.6
Communication services		11.6
Consumer staples		4.8
Industrials		4.7
Financials		2.2
Real estate		1.8
Materials		0.9
Energy		0.1
Short-term investments, other assets & liabilities, net		0.2
Total		100.0

Performance for the twelve months ended October 31, 2020

The Large-Cap Growth Index Fund returned 29.14% for the Institutional Class, compared with the 29.22% return of its benchmark, the Russell 1000^® Growth Index. The performance table shows returns for all share classes of the Fund.

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

U.S. stocks advanced despite COVID-19 volatility

The U.S. economy struggled with the impact of the COVID-19 pandemic, contracting sharply in the late winter and spring months of 2020 before recovering much of the lost ground in the third quarter of the year. Unemployment surged to 14.7% in April 2020, declined steadily over the remaining months of the period, and settled at 6.9% in October. Core inflation, which includes all items except food and energy, rose 1.6% for the twelve months ended October 2020. Oil prices declined sharply in the first half of the period before staging a recovery.

Equity markets were volatile, but most posted gains for the twelve-month period. Stocks experienced sharp declines in February and March of 2020, then mounted a powerful rally over the ensuing months. The Federal Reserve, reacting to the economic shock of the pandemic, reduced the federal funds target rate twice in March 2020, bringing the key short-term interest-rate measure to 0.00%–0.25%.

For the twelve-month period, the Russell 3000^® Index, a broad measure of the U.S. stock market, advanced 10.15%. Large-cap equities outpaced smaller stocks, and growth shares outperformed value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

Information technology propelled the benchmark higher

Nine of the eleven industry sectors in the Russell 1000 Growth Index posted gains for the twelve months. Information technology—the largest sector, representing more than 40.0% of the index’s total market capitalization on October 31, 2020—soared 43.4%. The transition to working from home and remote learning fueled demand for technology products and services like personal computers and cloud computing. The consumer discretionary and communication services sectors, which rose 44.6% and 32.1%, respectively, were the next-largest contributors. Energy returned –28.7%, reflecting the weakness in oil prices, but had minimal impact on the index’s return given its low weighting in the benchmark. Industrials also declined, returning –1.4% as COVID-19 dampened global economic activity.

Four of the benchmark’s five largest stocks outperformed

For the twelve-month period, four of the five largest stocks in the Russell 1000 Growth Index produced returns that exceeded the overall return of the index. Apple generated the strongest gain, benefiting from robust demand for laptop and tablet computers. Amazon.com was not far behind amid an increase in online shopping. Next came Microsoft and Facebook, whose gains were significantly lower than those of Apple and Amazon but still well above the return of the index. Alphabet (the parent company of Google) modestly trailed the benchmark.

12 2020 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds

Performance as of October 31, 2020

Large-Cap Growth Index Fund		Total return				Average annual total return					Annual operating expenses*
	Inception date	1 year			5 years			10 years			gross			net
Institutional Class	10/1/02		29.14	%		17.26	%		16.23	%		0.05	%		0.05	%
Advisor Class	12/4/15		29.00			17.13	†		16.16	†		0.18			0.18
Retirement Class	10/1/02		28.84			16.96			15.94			0.30			0.30
Class W	9/30/19		29.22			17.27	†		16.23	†		0.05			0.00
Russell 1000® Growth Index	—		29.22			17.32			16.31			—			—

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 the performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class and Class W. If these actual expenses had been reflected, the performance of these two classes shown for these periods would have been different because the Advisor Class and Class W have different expenses than the Institutional Class.

$10,000 over 10 years

Institutional Class

Ending amounts are as of October 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by company size

% of equity investments
Market capitalization	as of 10/31/2020
More than $50 billion		78.5
More than $15 billion–$50 billion		14.5
More than $2 billion–$15 billion		7.0
Total		100.0

Fund profile

	as of 10/31/2020
Net assets		$9.81 billion
Portfolio turnover rate		33%
Number of holdings		451
Weighted median market capitalization		$215.65 billion
Price/earnings ratio (weighted 12-month trailing average)†		38.6

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

TIAA-CREF Funds: Equity Index Funds  ■  2020 Annual Report 13

Large-Cap Value Index Fund

Expense example
Six months ended October 31, 2020
Large-Cap Value Index Fund	Beginning account value (5/1/20)		Ending account value (10/31/20)		Expenses paid during period* (5/1/20– 10/31/20)
Actual return
Institutional Class		$1,000.00		$1,070.05		$0.26
Advisor Class		1,000.00		1,069.61		0.94
Retirement Class		1,000.00		1,069.40		1.56
Class W		1,000.00		1,070.65		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,024.89		0.25
Advisor Class		1,000.00		1,024.23		0.92
Retirement Class		1,000.00		1,023.63		1.53
Class W		1,000.00		1,025.14		0.00

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended October 31, 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

Sector	% of net assets as of 10/31/2020
Financials	18.8
Health care	14.1
Industrials	13.0
Communication services	9.4
Information technology	9.3
Consumer staples	8.2
Consumer discretionary	7.6
Utilities	6.3
Materials	4.8
Real estate	4.5
Energy	3.9
Short-term investments, other assets & liabilities, net	0.1
Total	100.0

Performance for the twelve months ended October 31, 2020

The Large-Cap Value Index Fund returned –7.51% for the Institutional Class, compared with the –7.57% return of its benchmark, the Russell 1000^® Value Index. The performance table shows returns for all share classes of the Fund.

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

U.S. stocks advanced despite COVID-19 volatility

The U.S. economy struggled with the impact of the COVID-19 pandemic, contracting sharply in the late winter and spring months of 2020 before recovering much of the lost ground in the third quarter of the year. Unemployment surged to 14.7% in April 2020, declined steadily over the remaining months of the period, and settled at 6.9% in October. Core inflation, which includes all items except food and energy, rose 1.6% for the twelve months ended October 2020. Oil prices declined sharply in the first half of the period before staging a recovery.

Equity markets were volatile, but most posted gains for the twelve-month period. Stocks experienced sharp declines in February and March of 2020, then mounted a powerful rally over the ensuing months. The Federal Reserve, reacting to the economic shock of the pandemic, reduced the federal funds target rate twice in March 2020, bringing the key short-term interest-rate measure to 0.00%–0.25%.

For the twelve-month period, the Russell 3000^® Index, a broad measure of the U.S. stock market, advanced 10.15%. Large-cap equities outpaced smaller stocks, and growth shares outperformed value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

Most benchmark sectors posted losses

Seven of the eleven industry sectors in the Russell 1000 Value Index generated losses for the twelve months. Energy and real estate were the worst performers, returning –46.2% and –22.6%, respectively. Both sectors were severely impacted by COVID-19, which depressed global oil demand and reduced income streams and property values for office buildings, shopping malls and hotels. Financials, the largest sector, returned –17.9% and detracted most from the index’s return. Together, these three sectors accounted for nearly one-third of the benchmark’s total market capitalization on October 31, 2020. Health care, which tends to be more defensive, gained 10.5% and was the best-performing sector, as well as the largest contributor to the index’s return. Next came materials, which rose 8.8%.

Four of the benchmark’s five largest stocks outperformed

For the twelve-month period, four of the five largest stocks in the Russell 1000 Value Index posted returns that surpassed the overall return of the benchmark. Johnson & Johnson advanced, in part due to rising sales in its pharmaceutical division. Verizon, Berkshire Hathaway and Walt Disney generated negative returns but were more resilient than the index. JPMorgan Chase registered a double-digit decline as the bank built up reserves to cover potential future loan losses—increases that eroded its profitability.

14 2020 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds

Performance as of October 31, 2020

Large-Cap Value Index Fund		Total return			Average annual total return						Annual operating expenses*
	Inception date	1 year			5 years			10 years			gross			net
Institutional Class	10/1/02		–7.51	%		5.78	%		9.41	%		0.05	%		0.05	%
Advisor Class	12/4/15		–7.63			5.66	†		9.34	†		0.19			0.19
Retirement Class	10/1/02		–7.71			5.52			9.14			0.30			0.30
Class W	9/30/19		–7.45			5.80	†		9.41	†		0.05			0.00
Russell 1000® Value Index	—		–7.57			5.82			9.48			—			—

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 the performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class and Class W. If these actual expenses had been reflected, the performance of these two classes shown for these periods would have been different because the Advisor Class and Class W have different expenses than the Institutional Class.

$10,000 over 10 years

Institutional Class

Ending amounts are as of October 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by company size

% of equity investments
Market capitalization	as of 10/31/2020
More than $50 billion	55.5
More than $15 billion–$50 billion	25.7
More than $2 billion–$15 billion	18.6
$2 billion or less	0.2
Total	100.0

Fund profile

	as of 10/31/2020
Net assets	$6.45 billion
Portfolio turnover rate	33%
Number of holdings	850
Weighted median market capitalization	$61.06 billion
Price/earnings ratio (weighted 12-month trailing average)†	32.2

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

TIAA-CREF Funds: Equity Index Funds  ■  2020 Annual Report 15

S&P 500 Index Fund

Expense example

Six months ended October 31, 2020

S&P 500 Index Fund	Beginning account value (5/1/20)		Ending account value (10/31/20)		Expenses paid during period* (5/1/20– 10/31/20)
Actual return
Institutional Class		$1,000.00		$1,132.40		$0.27
Advisor Class		1,000.00		1,131.67		0.96
Retirement Class		1,000.00		1,131.12		1.61
Class W		1,000.00		1,132.71		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,024.89		0.25
Advisor Class		1,000.00		1,024.23		0.92
Retirement Class		1,000.00		1,023.63		1.53
Class W		1,000.00		1,025.14		0.00

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended October 31, 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

Sector	% of net assets as of 10/31/2020
Information technology	27.3
Health care	14.0
Consumer discretionary	11.5
Communication services	11.1
Financials	9.8
Industrials	8.3
Consumer staples	7.0
Utilities	3.2
Materials	2.7
Real estate	2.6
Energy	2.0
Short-term investments, other assets & liabilities, net	0.5
Total	100.0

Performance for the twelve months ended October 31, 2020

The S&P 500 Index Fund returned 9.67% for the Institutional Class, compared with the 9.71% return of its benchmark, the S&P 500^® Index. The performance table shows returns for all share classes of the Fund.

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

U.S. stocks advanced despite COVID-19 volatility

The U.S. economy struggled with the impact of the COVID-19 pandemic, contracting sharply in the late winter and spring months of 2020 before recovering much of the lost ground in the third quarter of the year. Unemployment surged to 14.7% in April 2020, declined steadily over the remaining months of the period, and settled at 6.9% in October. Core inflation, which includes all items except food and energy, rose 1.6% for the twelve months ended October 2020. Oil prices declined sharply in the first half of the period before staging a recovery.

Equity markets were volatile, but most posted gains for the twelve-month period. Stocks experienced sharp declines in February and March of 2020, then mounted a powerful rally over the ensuing months. The Federal Reserve, reacting to the economic shock of the pandemic, reduced the federal funds target rate twice in March 2020, bringing the key short-term interest-rate measure to 0.00%–0.25%.

For the twelve-month period, the large-cap-oriented S&P 500 Index underperformed the Russell 3000^® Index, a broad measure of the U.S. stock market, which gained 10.15%. The performance of large-cap stocks within the Russell 3000 Index surpassed those in the S&P 500 Index for the period.

Information technology led the benchmark higher

Seven of the eleven industry sectors in the S&P 500 Index posted positive results for the twelve months. Information technology—the largest sector—soared 34.5%. The transition to working from home and remote learning fueled demand for technology products and services like personal computers and cloud computing. Next came consumer discretionary, communication services and materials with gains of 24.7%, 15.8% and 11.3%, respectively. Together, these four sectors accounted for more than one-half of the index’s total market capitalization on October 31, 2020. Health care, the second-largest index sector, advanced 10.1%. Energy led decliners, returning –46.4% and reflecting the weakness in oil prices. Financials and real estate also fell sharply, returning –14.6% and –10.3%, respectively.

All of the benchmark’s five largest stocks outperformed

For the twelve-month period, all of the five largest stocks in the S&P 500 Index generated sizable gains that exceeded the overall return of the benchmark. Apple generated the strongest gain, benefiting from robust demand for laptop and tablet computers. Amazon.com was not far behind amid an increase in online shopping. Next came Microsoft, Facebook and Alphabet (the parent company of Google), whose gains were lower than those of Apple and Amazon but still well above the return of the index.

16 2020 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds

Performance as of October 31, 2020

S&P 500 Index Fund		Total return			Average annual total return						Annual operating expenses*
	Inception date	1 year			5 years			10 years			gross			net
Institutional Class	10/1/02		9.67	%		11.65	%		12.94	%		0.05	%		0.05	%
Advisor Class	12/4/15		9.51			11.53	†		12.87	†		0.19			0.19
Retirement Class	10/1/02		9.41			11.37			12.66			0.30			0.30
Class W	9/30/19		9.72			11.66	†		12.94	†		0.05			0.00
S&P 500® Index	—		9.71			11.71			13.01			—			—

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

$10,000 over 10 years

Institutional Class

Ending amounts are as of October 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by company size

% of equity investments
Market capitalization	as of 10/31/2020
More than $50 billion		74.8
More than $15 billion–$50 billion		19.4
More than $2 billion–$15 billion		5.8
Total		100.0
Fund profile
		as of 10/31/2020
Net assets		$6.06 billion
Portfolio turnover rate		7%
Number of holdings		509
Weighted median market capitalization		$139.52 billion
Price/earnings ratio (weighted 12-month trailing average)†		32.2

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

TIAA-CREF Funds: Equity Index Funds  ■  2020 Annual Report 17

Small-Cap Blend Index Fund

Expense example

Six months ended October 31, 2020

					Expenses
					paid
	Beginning		Ending		during
	account		account		period*
Small-Cap Blend	value		value		(5/1/20–
Index Fund	(5/1/20)		(10/31/20)		10/31/20)
Actual return
Institutional Class		$1,000.00		$1,183.09		$0.27
Advisor Class		1,000.00		1,181.38		1.10
Retirement Class		1,000.00		1,180.99		1.64
5% annual hypothetical return
Institutional Class		1,000.00		1,024.89		0.25
Advisor Class		1,000.00		1,024.13		1.02
Retirement Class		1,000.00		1,023.63		1.53

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended October 31, 2020. The Fund’s annualized six-month expense ratios for that period were 0.05% for the Institutional Class, 0.20% for the Advisor Class and 0.30% for the Retirement Class. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 10/31/2020
Health care		21.1
Financials		16.0
Industrials		14.7
Information technology		13.3
Consumer discretionary		13.1
Real estate		6.3
Materials		4.5
Consumer staples		3.4
Utilities		3.3
Communication services		2.2
Energy		1.9
Short-term investments, other assets & liabilities, net		0.2
Total		100.0

Performance for the twelve months ended October 31, 2020

The Small-Cap Blend Index Fund returned 0.08% for the Institutional Class, compared with the –0.14% return of its benchmark, the Russell 2000^® Index. The performance table shows returns for all share classes of the Fund.

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

U.S. stocks advanced despite COVID-19 volatility

The U.S. economy struggled with the impact of the COVID-19 pandemic, contracting sharply in the late winter and spring months of 2020 before recovering much of the lost ground in the third quarter of the year. Unemployment surged to 14.7% in April 2020, declined steadily over the remaining months of the period, and settled at 6.9% in October. Core inflation, which includes all items except food and energy, rose 1.6% for the twelve months ended October 2020. Oil prices declined sharply in the first half of the period before staging a recovery.

Equity markets were volatile, but most posted gains for the twelve-month period. Stocks experienced sharp declines in February and March of 2020, then mounted a powerful rally over the ensuing months. The Federal Reserve, reacting to the economic shock of the pandemic, reduced the federal funds target rate twice in March 2020, bringing the key short-term interest-rate measure to 0.00%–0.25%.

For the twelve-month period, the Russell 3000^® Index, a broad measure of the U.S. stock market, advanced 10.15%. Large-cap equities outpaced smaller stocks, and growth shares outperformed value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

Most benchmark sectors lost ground

Seven of the eleven industry sectors in the Russell 2000 Index posted losses for the twelve months. Financials—the second-largest sector—returned –18.7% and was the largest detractor from the index’s return. Energy—the smallest sector—and real estate led decliners, returning –51.3% and –25.3%, respectively. Both sectors were severely impacted by COVID-19, which depressed global oil demand and reduced commercial real estate income streams and property values. Communication services, the second-smallest sector, also struggled, returning –20.9%. Together, these four sectors made up almost 30.0% of the benchmark’s total market capitalization on October 31, 2020. Health care—the largest index sector—performed best with a gain of 34.0%.

All of the benchmark’s five largest stocks outperformed

For the twelve-month period, all of the five largest stocks in the Russell 2000 Index generated gains that exceeded the overall return of the benchmark. Biopharmaceutical firm MyoKardia posted the strongest gain on news that Bristol Myers Squibb would acquire the company by the end of 2020. Solar energy provider SunRun was not far behind, amid growing interest in “green” energy. Next came Penn National Gaming and biotechnology company Mirati Therapeutics, whose gains were lower than those of MyoKardia and SunRun but still in the triple digits. Casino and hotel company Caesars Entertainment posted a slightly positive return.

18 2020 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds

Performance as of October 31, 2020

Small-Cap Blend Index Fund					Average annual						Annual operating
		Total return			total return						expenses*
	Inception
	date	1 year			5 years			10 years			gross			net
Institutional Class	10/1/02		0.08	%		7.46	%		9.83	%		0.06	%		0.06	%
Advisor Class	12/4/15		–0.11			7.34	†		9.76	†		0.84			0.21
Retirement Class	10/1/02		–0.16			7.19			9.55			0.31			0.31
Russell 2000® Index	—		–0.14			7.27			9.64			—			—

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 the performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class. If these actual expenses had been reflected, the performance of the Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Institutional Class.

$10,000 over 10 years

Institutional Class

 

Ending amounts are as of October 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by company size

Market capitalization	% of equity investments as of 10/31/2020
More than $50 billion		0.3
More than $15 billion–$50 billion		0.2
More than $2 billion–$15 billion		52.8
$2 billion or less		46.7
Total		100.0

Fund profile

	as of 10/31/2020
Net assets		$3.11 billion
Portfolio turnover rate		32%
Number of holdings		2,020
Weighted median market capitalization		$2.08 billion
Price/earnings ratio (weighted 12-month trailing average)†		-34.8

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

TIAA-CREF Funds: Equity Index Funds  ■  2020 Annual Report 19

Emerging Markets Equity Index Fund

Expense example

Six months ended October 31, 2020

Emerging Markets Equity Index Fund	Beginning account value (5/1/20)		Ending account value (10/31/20)		Expenses paid during period* (5/1/20– 10/31/20)
Actual return
Institutional Class		$1,000.00		$1,218.85		$1.00
Advisor Class		1,000.00		1,218.62		1.67
Premier Class		1,000.00		1,217.21		1.84
Retirement Class		1,000.00		1,216.61		2.40
Retail Class		1,000.00		1,217.44		3.12
Class W		1,000.00		1,219.67		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,024.23		0.92
Advisor Class		1,000.00		1,023.63		1.53
Premier Class		1,000.00		1,023.48		1.68
Retirement Class		1,000.00		1,022.97		2.19
Retail Class		1,000.00		1,022.32		2.85
Class W		1,000.00		1,025.14		0.00

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended October 31, 2020. The Fund’s annualized six-month expense ratios for that period were 0.18% for the Institutional Class, 0.30% for the Advisor Class, 0.33% for the Premier Class, 0.43% for the Retirement Class, 0.56% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 10/31/2020
Consumer discretionary		20.3
Financials		19.6
Information technology		17.9
Communication services		12.8
Materials		6.6
Consumer staples		5.7
Energy		4.7
Industrials		4.3
Health care		4.1
Real estate		2.2
Utilities		1.8
Total		100.0

Performance for the twelve months ended October 31, 2020

The Emerging Markets Equity Index Fund returned 8.43% for the Institutional Class, compared with the 8.25% return of its benchmark, the MSCI Emerging Markets Index. The performance table shows returns for all share classes of the Fund.

For the twelve-month period, the Fund’s return 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.

Global equity market returns varied amid COVID-19 volatility

In a year of high volatility, international developed-markets stocks declined, while emerging-markets equities posted positive returns. Global economies struggled during the first half of the period, rocked by uncertainty surrounding the COVID-19 pandemic, but many regions showed signs of recovery as the year progressed. After declining sharply in the first and second quarters of 2020, the economy in the 19-nation euro area experienced powerful growth in the third quarter of the calendar year. The Chinese economy, which contracted year-over-year in the first quarter, reported growth in both of the following two quarters.

Central banks around the world responded aggressively to the economic shock of the pandemic. In March, the Federal Reserve cut the federal funds target rate to 0.00%–0.25%, while the European Central Bank launched a new bond-buying stimulus program. The Bank of England cut its benchmark rate to 0.10%.

The MSCI EAFE^® Index, which measures stock performance in 21 developed-markets nations outside North America, returned –6.86%, substantially lagging the 10.15% gain of the Russell 3000^® Index, a broad measure of the U.S. stock market, as well as the MSCI Emerging Markets Index.

China propelled the benchmark’s advance

Of the 26 country components in the MSCI Emerging Markets Index, only four posted gains in U.S.-dollar terms for the twelve-month period. China, the benchmark’s largest component, advanced 35.2%. Taiwan, the second-largest index component, advanced 26.5%. South Korea, the third-largest index component, gained 14.2%. Together, these three countries accounted for almost 70.0% of the index’s total market capitalization on October 31, 2020.

All of the benchmark’s five largest stocks outperformed

All of the five largest stocks in the MSCI Emerging Markets Index had performance that exceeded the benchmark’s overall return. Internet shopping company Meituan performed best as it benefited from strong revenue growth. Internet firm Tencent, internet retailer Alibaba Group, Taiwan Semiconductor Manufacturing and Samsung Electronics also outpaced the benchmark.

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

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

20 2020 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds

Performance as of October 31, 2020

Emerging Markets Equity Index Fund					Average annual						Annual operating
		Total return			total return						expenses*
	Inception
	date	1 year			5 years			10 years			gross			net
Institutional Class	8/31/10		8.43	%		7.91	%		2.23	%		0.20	%		0.20	%
Advisor Class	12/4/15		8.28			7.81	†		2.19	†		0.34			0.34
Premier Class	8/31/10		8.21			7.74			2.07			0.35			0.35
Retirement Class	8/31/10		8.06			7.62			1.97			0.45			0.45
Retail Class	8/31/10		8.07			7.52			1.85			0.57			0.57
Class W	9/28/18		8.60			8.00	†		2.27	†		0.20			0.00
MSCI Emerging Markets Index	—		8.25			7.92			2.42			—			—

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

$10,000 over 10 years

Institutional Class

Ending amounts are as of October 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by country

	% of portfolio investments as of 10/31/2020
China		41.0
Taiwan		12.0
Korea, Republic of		11.4
India		7.7
Brazil		4.2
South Africa		3.1
United States		3.0
Saudi Arabia		2.5
Russia		2.5
Thailand		1.6
23 other nations		9.3
Short-term investments		1.7
Total		100.0

Holdings by company size

Market capitalization	% of equity investments as of 10/31/2020
More than $50 billion		40.3
More than $15 billion–$50 billion		26.5
More than $2 billion–$15 billion		31.6
$2 billion or less		1.6
Total		100.0

Fund profile

	as of 10/31/2020
Net assets		$3.52 billion
Portfolio turnover rate		36%
Number of holdings		1,397
Weighted median market capitalization		$37.17 billion
Price/earnings ratio (weighted 12-month trailing average)†		24.6

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

TIAA-CREF Funds: Equity Index Funds  ■  2020 Annual Report 21

International Equity Index Fund

Expense example

Six months ended October 31, 2020

International Equity Index Fund	Beginning account value (5/1/20)		Ending account value (10/31/20)		Expenses paid during period* (5/1/20– 10/31/20)
Actual return
Institutional Class		$1,000.00		$1,093.96		$0.26
Advisor Class		1,000.00		1,093.46		0.89
Premier Class		1,000.00		1,092.30		1.05
Retirement Class		1,000.00		1,092.43		1.58
Class W		1,000.00		1,093.90		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,024.89		0.25
Advisor Class		1,000.00		1,024.28		0.87
Premier Class		1,000.00		1,024.13		1.02
Retirement Class		1,000.00		1,023.63		1.53
Class W		1,000.00		1,025.14		0.00

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended October 31, 2020. The Fund’s annualized six-month expense ratios for that period were 0.05% for the Institutional Class, 0.17% for the Advisor Class, 0.20% for the Premier 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

Sector	% of net assets as of 10/31/2020
Financials		15.2
Industrials		14.9
Health care		13.5
Consumer discretionary		11.9
Consumer staples		11.5
Information technology		8.3
Materials		7.4
Communication services		5.5
Utilities		4.0
Real estate		3.0
Energy		2.6
Short-term investments, other assets & liabilities, net		2.2
Total		100.0

Performance for the twelve months ended October 31, 2020

The International Equity Index Fund returned –6.45% for the Institutional Class, compared with the –6.86% return of its benchmark, the MSCI EAFE^® Index. The performance table shows returns for all share classes of the Fund.

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

Global equity market returns varied amid COVID-19 volatility

In a year of high volatility, international developed-markets stocks declined, while emerging-markets equities posted positive returns. Global economies struggled during the first half of the period, rocked by uncertainty surrounding the COVID-19 pandemic, but many regions showed signs of recovery as the year progressed. After declining sharply in the first and second quarters of 2020, the economy in the 19-nation euro area experienced powerful growth in the third quarter of the calendar year. The Chinese economy, which contracted year-over-year in the first quarter, reported growth in both of the following two quarters.

Central banks around the world responded aggressively to the economic shock of the pandemic. In March, the Federal Reserve cut the federal funds target rate to 0.00%–0.25%, while the European Central Bank launched a new bond-buying stimulus program. The Bank of England cut its benchmark rate to 0.10%.

The MSCI EAFE Index, which measures stock performance in 21 developed-markets nations outside North America, underperformed the Russell 3000^® Index, a broad measure of the U.S. stock market, which advanced 10.15%, and the MSCI Emerging Markets Index, which gained 8.25%.

Country returns in the benchmark were mixed

Thirteen of the MSCI EAFE Index’s 21 country components declined in U.S.-dollar terms for the twelve-month period. The largest index components were Japan (26.5%), the United Kingdom (13.2%) and France (10.6%), returning 0.3%, –22.3% and –13.8%, respectively. Together, these three nations represented just over one-half of the benchmark’s total market capitalization on October 31, 2020.

Four of the benchmark’s five largest stocks outperformed

Of the five largest stocks in the MSCI EAFE Index, three posted gains for the twelve-month period. The best performer was Dutch semiconductor firm ASML Holding, which was helped by an increase in equipment sales. Next in line were Swiss pharmaceutical manufacturer Roche Holding and Nestlé, the index’s largest holding. Toyota Motor declined but less than the index’s return, while drug-maker Novartis underperformed.

The Fund’s returns may sometimes diverge from the returns of its benchmark more than would be expected. This divergence may be the result of the Fund’s fair value pricing 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 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds

Performance as of October 31, 2020

International Equity Index Fund					Average annual						Annual operating
		Total return			total return						expenses*
	Inception
	date	1 year			5 years			10 years			gross			net
Institutional Class	10/1/02		–6.45	%		3.16	%		3.99	%		0.06	%		0.06	%
Advisor Class	12/4/15		–6.58			3.05	†		3.93	†		0.19			0.19
Premier Class	9/30/09		–6.61			3.00			3.83			0.21			0.21
Retirement Class	10/1/02		–6.73			2.89			3.73			0.31			0.31
Class W	9/28/18		–6.40			3.18	†		4.00	†		0.06			0.00
MSCI EAFE® Index	—		–6.86			2.85			3.82			—			—

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

$10,000 over 10 years

Institutional Class

Ending amounts are as of October 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by country

	% of portfolio investments as of 10/31/2020
Japan		25.9
United Kingdom		11.6
Switzerland		10.1
France		10.0
Germany		8.8
Australia		7.5
Netherlands		4.3
Sweden		3.0
Hong Kong		2.9
Denmark		2.5
21 other nations		10.8
Short-term investments		2.6
Total		100.0

Holdings by company size

Market capitalization	% of equity investments as of 10/31/2020
More than $50 billion		36.7
More than $15 billion–$50 billion		39.5
More than $2 billion–$15 billion		23.7
$2 billion or less		0.1
Total		100.0

Fund profile

	as of 10/31/2020
Net assets	$13.42 billion
Portfolio turnover rate	4%
Number of holdings	912
Weighted median market capitalization	$35.64 billion
Price/earnings ratio (weighted 12-month trailing average)†	37.3

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

TIAA-CREF Funds: Equity Index Funds  ■  2020 Annual Report 23

Summary portfolio of investments

Equity Index Fund  ■  October 31, 2020

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	594,914	*	Tesla, Inc	$	230,850,429		0.9	%
			Other		126,961,736		0.5
					357,812,165		1.4
BANKS
	6,226,595		Bank of America Corp		147,570,301		0.6
	2,439,169		JPMorgan Chase & Co		239,136,129		0.9
			Other		587,565,033		2.2
					974,271,463		3.7
CAPITAL GOODS					1,553,839,535		5.9
COMMERCIAL & PROFESSIONAL SERVICES					298,478,170		1.1
CONSUMER DURABLES & APPAREL
	975,217		Nike, Inc (Class B)		117,104,057		0.5
			Other		262,684,467		1.0
					379,788,524		1.5
CONSUMER SERVICES
	599,346		McDonald’s Corp		127,660,698		0.5
			Other		386,412,747		1.5
					514,073,445		2.0
DIVERSIFIED FINANCIALS					842,544,166		3.2
ENERGY
	1,549,712		Chevron Corp		107,704,984		0.4
	3,403,949	d	Exxon Mobil Corp		111,036,816		0.4
			Other		274,349,645		1.1
					493,091,445		1.9
FOOD & STAPLES RETAILING
	354,954		Costco Wholesale Corp		126,938,649		0.5
	1,121,953		Walmart, Inc		155,670,979		0.6
			Other		87,467,726		0.3
					370,077,354		1.4
FOOD, BEVERAGE & TOBACCO
	3,111,459		Coca-Cola Co		149,536,720		0.6
	1,117,373		PepsiCo, Inc		148,934,647		0.6
			Other		513,410,893		1.9
					811,882,260		3.1
HEALTH CARE EQUIPMENT & SERVICES
	1,391,497		Abbott Laboratories		146,260,250		0.6
	504,075		Danaher Corp		115,705,375		0.5
	1,079,796		Medtronic plc		108,595,084		0.4
	760,026		UnitedHealth Group, Inc		231,914,334		0.9
			Other		1,137,257,287		4.2
					1,739,732,330		6.6
HOUSEHOLD & PERSONAL PRODUCTS
	1,961,821		Procter & Gamble Co		268,965,659		1.0
			Other		188,220,098		0.7
					457,185,757		1.7

Shares			Company	Value		% of net assets
INSURANCE
	1,542,774	*	Berkshire Hathaway, Inc (Class B)	$	311,486,071		1.2	%
			Other		531,897,434		2.0
					843,383,505		3.2
MATERIALS					745,927,311		2.8
MEDIA & ENTERTAINMENT
	241,594	*	Alphabet, Inc (Class A)		390,442,479		1.5
	238,489	*	Alphabet, Inc (Class C)		386,593,054		1.5
	3,648,461		Comcast Corp (Class A)		154,110,993		0.6
	1,932,292	*	Facebook, Inc		508,405,348		2.0
	342,145	*	Netflix, Inc		162,772,062		0.6
	1,454,257		Walt Disney Co		176,328,661		0.7
			Other		430,866,002		1.5
					2,209,518,599		8.4
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	1,417,865		AbbVie, Inc		120,660,311		0.5
	1,821,291		Bristol-Myers Squibb Co		106,454,459		0.4
	2,122,809		Johnson & Johnson		291,058,342		1.1
	2,032,902		Merck & Co, Inc		152,894,559		0.6
	4,473,961		Pfizer, Inc		158,736,136		0.6
	317,977		Thermo Fisher Scientific, Inc		150,441,278		0.6
			Other		1,031,848,549		3.9
					2,012,093,634		7.7
REAL ESTATE					860,518,331		3.3
RETAILING
	341,207	*	Amazon.com, Inc		1,035,955,633		4.0
	864,796		Home Depot, Inc		230,649,741		0.9
			Other		681,226,905		2.5
					1,947,832,279		7.4
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	314,242		Broadcom, Inc		109,868,430		0.4
	3,411,431		Intel Corp		151,058,165		0.6
	475,018		NVIDIA Corp		238,155,024		0.9
	905,761		QUALCOMM, Inc		111,734,677		0.4
	739,360		Texas Instruments, Inc		106,904,062		0.4
			Other		499,391,771		1.9
					1,217,112,129		4.6
SOFTWARE & SERVICES
	513,603		Accenture plc		111,405,627		0.4
	387,259	*	Adobe, Inc		173,143,499		0.7
	710,391		Mastercard, Inc (Class A)		205,047,258		0.8
	6,026,481		Microsoft Corp		1,220,181,608		4.7
	945,202	*	PayPal Holdings, Inc		175,930,448		0.7
	696,943	*	salesforce.com, Inc		161,878,951		0.6
	1,359,404		Visa, Inc (Class A)		247,017,301		1.0
			Other		1,590,866,843		5.9
					3,885,471,535		14.8

24 2020 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements

Summary portfolio of investments concluded

Equity Index Fund  ■  October 31, 2020  

Shares			Company	Value		% of net assets
TECHNOLOGY HARDWARE & EQUIPMENT
	12,986,445		Apple, Inc	$	1,413,704,403		5.4	%
	3,418,894		Cisco Systems, Inc		122,738,295		0.5
			Other		317,029,843		1.2
					1,853,472,541		7.1
TELECOMMUNICATION SERVICES
	5,736,345		AT&T, Inc		154,996,042		0.6
	3,335,844		Verizon Communications, Inc		190,109,750		0.7
			Other		86,415,999		0.4
					431,521,791		1.7
TRANSPORTATION					526,511,937		2.0
UTILITIES
	1,576,346		NextEra Energy, Inc		115,404,291		0.5
			Other		682,156,691		2.5
					797,560,982		3.0
		TOTAL COMMON STOCKS (Cost $15,427,272,179)			26,123,701,188		99.5
RIGHTS / WARRANTS
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					2,703		0.0
		TOTAL RIGHTS / WARRANTS (Cost $2,813)			2,703		0.0
	Principal		Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT					29,718,389		0.1
REPURCHASE AGREEMENT
$	100,000,000	r	Fixed Income Clearing Corp (FICC) 0.050%, 11/02/20		100,000,000		0.4
	290,000,000	s	Fixed Income Clearing Corp (FICC) 0.070%, 11/02/20		290,000,000		1.1
					390,000,000		1.5

Principal			Issuer	Value			% of net assets
TREASURY DEBT				$	69,098,642		0.3	%
	Shares		Company
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	117,642,022	c	State Street Navigator Securities Lending Government Money Market Portfolio		117,642,022		0.4
					117,642,022		0.4
		TOTAL SHORT-TERM INVESTMENTS (Cost $606,458,959)			606,459,053		2.3
		TOTAL PORTFOLIO (Cost $16,033,733,951)			26,730,162,944		101.8
		OTHER ASSETS & LIABILITIES, NET			(475,171,482	)	(1.8	)
		NET ASSETS		$	26,254,991,462		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.
r	Agreement with Fixed Income Clearing Corporation, 0.050% dated 10/30/20 to be repurchased $100,000,000 on 11/2/20, collateralized by U.S. Treasury Notes valued at $102,000,095.
s	Agreement with Fixed Income Clearing Corporation, 0.070% dated 10/30/20 to be repurchased $290,000,000 on 11/2/20, collateralized by U.S. Treasury Notes valued at $295,800,072.

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

At 10/31/20, the aggregate value of securities on loan is $158,778,566. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.

At 10/31/20, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended, is $1,628,085 or 0.0% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.

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

Futures contracts outstanding as of October 31, 2020 were as follows:
Description	Number of long (short contracts		)	Expiration date	Notional amount		Value		Unrealized appreciation (depreciation		)
Russell 2000 E Mini Index		112		12/18/20	$	8,849,547	$	8,606,080	$	(243,467	)
S&P 500 E Mini Index		571		12/18/20		96,811,593		93,207,185		(3,604,408	)
S&P Mid-Cap 400 E Mini Index		13		12/18/20		2,517,769		2,464,280		(53,489	)
Total		696			$	108,178,909	$	104,277,545	$	(3,901,364	)

See notes to financial statements TIAA-CREF Funds: Equity Index Funds  ■  2020 Annual Report 25

Summary portfolio of investments

Large-Cap Growth Index Fund  ■  October 31, 2020

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	452,658	*	Tesla, Inc	$	175,649,410		1.8	%
			Other		564,647		0.0
					176,214,057		1.8
BANKS					1,971,901		0.0
CAPITAL GOODS
	226,681		3M Co		36,259,893		0.4
	151,292		Lockheed Martin Corp		52,971,868		0.6
			Other		134,321,061		1.3
					223,552,822		2.3
COMMERCIAL & PROFESSIONAL SERVICES					115,173,088		1.2
CONSUMER DURABLES & APPAREL
	741,262		Nike, Inc (Class B)		89,010,741		0.9
			Other		29,293,892		0.3
					118,304,633		1.2
CONSUMER SERVICES
	413,413		Starbucks Corp		35,950,395		0.4
			Other		70,817,964		0.7
					106,768,359		1.1
DIVERSIFIED FINANCIALS					151,715,528		1.5
ENERGY					7,004,937		0.1
FOOD & STAPLES RETAILING
	238,371		Costco Wholesale Corp		85,246,237		0.9
			Other		14,036,046		0.1
					99,282,283		1.0
FOOD, BEVERAGE & TOBACCO
	1,389,472		Coca-Cola Co		66,778,024		0.7
	623,659		PepsiCo, Inc		83,127,508		0.8
			Other		77,255,537		0.8
					227,161,069		2.3
HEALTH CARE EQUIPMENT & SERVICES
	406,766		Abbott Laboratories		42,755,174		0.4
	70,824	*	Intuitive Surgical, Inc		47,245,274		0.5
	480,504		UnitedHealth Group, Inc		146,620,991		1.5
			Other		352,499,714		3.6
					589,121,153		6.0
HOUSEHOLD & PERSONAL PRODUCTS
	666,973		Procter & Gamble Co		91,441,998		0.9
			Other		53,017,139		0.6
					144,459,137		1.5
INSURANCE					66,997,195		0.7
MATERIALS					83,889,282		0.9

Shares			Company	Value		% of net assets
MEDIA & ENTERTAINMENT
	142,582	*	Alphabet, Inc (Class A)	$	230,428,196		2.4	%
	140,745	*	Alphabet, Inc (Class C)		228,149,053		2.3
	82,743	*	Charter Communications, Inc		49,961,878		0.5
	1,470,065	*	Facebook, Inc		386,788,802		3.9
	260,310	*	Netflix, Inc		123,839,879		1.3
			Other		112,440,704		1.1
					1,131,608,512		11.5
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	1,013,184		AbbVie, Inc		86,221,958		0.9
	360,203		Amgen, Inc		78,142,439		0.8
	515,366		Eli Lilly & Co		67,234,648		0.7
	1,350,621		Merck & Co, Inc		101,580,205		1.0
	141,838		Thermo Fisher Scientific, Inc		67,106,395		0.7
	263,093		Zoetis, Inc		41,713,395		0.4
			Other		305,170,892		3.1
					747,169,932		7.6
REAL ESTATE
	269,870		American Tower Corp		61,975,645		0.6
	237,056		Crown Castle International Corp		37,028,147		0.4
	53,755		Equinix, Inc		39,307,806		0.4
			Other		40,141,927		0.4
					178,453,525		1.8
RETAILING
	259,591	*	Amazon.com, Inc		788,157,215		8.0
	25,002	*	Booking Holdings, Inc		40,565,745		0.4
	328,521		Home Depot, Inc		87,619,836		0.9
	462,395		Lowe’s Companies, Inc		73,104,650		0.7
			Other		202,067,370		2.1
					1,191,514,816		12.1
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	663,649	*	Advanced Micro Devices, Inc		49,966,133		0.5
	226,461		Broadcom, Inc		79,177,559		0.8
	361,363		NVIDIA Corp		181,172,954		1.9
	688,846		QUALCOMM, Inc		84,976,043		0.9
	280,027		Texas Instruments, Inc		40,489,104		0.4
			Other		168,266,081		1.7
					604,047,874		6.2
SOFTWARE & SERVICES
	389,988		Accenture plc		84,592,297		0.9
	294,408	*	Adobe, Inc		131,629,817		1.3
	225,976		Automatic Data Processing, Inc		35,695,169		0.4
	154,185		Intuit, Inc		48,518,936		0.5
	539,952		Mastercard, Inc (Class A)		155,851,745		1.6
	4,584,471		Microsoft Corp		928,217,843		9.5
	1,033,938		Oracle Corp		58,014,261		0.6
	718,841	*	PayPal Holdings, Inc		133,797,875		1.4
	491,416	*	salesforce.com, Inc		114,141,194		1.2
	116,292	*	ServiceNow, Inc		57,863,410		0.6
	1,033,257		Visa, Inc (Class A)		187,753,129		1.9
	102,219	*	Zoom Video Communications, Inc		47,113,759		0.5
			Other		582,778,118		5.7
					2,565,967,553		26.1

26 2020 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements

Summary portfolio of investments concluded

Large-Cap Growth Index Fund  ■  October 31, 2020  

Shares			Company	Value		% of net assets
TECHNOLOGY HARDWARE & EQUIPMENT
	9,880,369		Apple, Inc	$	1,075,576,969		11.0	%
			Other		57,975,030		0.5
					1,133,551,999		11.5
TELECOMMUNICATION SERVICES					5,530,183		0.1
TRANSPORTATION
	211,663		Union Pacific Corp		37,504,567		0.4
	284,673		United Parcel Service, Inc (Class B)		44,724,975		0.5
			Other		42,492,081		0.4
					124,721,623		1.3
UTILITIES					1,598,770		0.0
		TOTAL COMMON STOCKS (Cost $5,341,740,846)			9,795,780,231		99.8
	Principal		Issuer
SHORT-TERM INVESTMENTS
TREASURY DEBT					36,939,005		0.4

Shares			Company		Value		% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	9,727,829	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	9,727,829		0.1	%
					9,727,829		0.1
		TOTAL SHORT-TERM INVESTMENTS (Cost $46,666,831)			46,666,834		0.5
		TOTAL PORTFOLIO (Cost $5,388,407,677)			9,842,447,065		100.3
		OTHER ASSETS & LIABILITIES, NET			(29,412,227	)	(0.3	)
		NET ASSETS		$	9,813,034,838		100.0	%

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

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

At 10/31/20, the aggregate value of securities on loan is $20,671,377. See Note 4 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 Annual Report 27

Summary portfolio of investments

Large-Cap Value Index Fund  ■  October 31, 2020

Shares		Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS			$	56,994,563		0.9	%
BANKS
	3,393,920	Bank of America Corp		80,435,904		1.3
	913,573	Citigroup, Inc		37,840,194		0.6
	1,329,084	JPMorgan Chase & Co		130,303,395		2.0
	1,647,462	Wells Fargo & Co		35,338,060		0.6
		Other		164,298,661		2.4
				448,216,214		6.9
CAPITAL GOODS
	234,212	Boeing Co		33,817,871		0.5
	237,526	Caterpillar, Inc		37,303,458		0.6
	123,699	Deere & Co		27,944,841		0.4
	3,811,868	General Electric Co		28,284,061		0.5
	307,782	Honeywell International, Inc		50,768,641		0.8
	625,465	Raytheon Technologies Corp		33,975,259		0.5
		Other		390,544,149		6.0
				602,638,280		9.3
COMMERCIAL & PROFESSIONAL SERVICES				52,975,552		0.8
CONSUMER DURABLES & APPAREL				89,184,030		1.4
CONSUMER SERVICES
	279,946	McDonald’s Corp		59,628,498		0.9
		Other		111,539,853		1.8
				171,168,351		2.7
DIVERSIFIED FINANCIALS
	64,603	BlackRock, Inc		38,710,764		0.6
	584,859	Morgan Stanley		28,160,961		0.4
		Other		304,181,090		4.8
				371,052,815		5.8
ENERGY
	845,057	Chevron Corp		58,731,461		0.9
	1,856,892	Exxon Mobil Corp		60,571,817		0.9
		Other		129,138,637		2.0
				248,441,915		3.8
FOOD & STAPLES RETAILING
	611,389	Walmart, Inc		84,830,224		1.3
		Other		38,914,800		0.6
				123,745,024		1.9
FOOD, BEVERAGE & TOBACCO
	700,678	Coca-Cola Co		33,674,585		0.5
	619,640	Mondelez International, Inc		32,915,277		0.5
	682,103	Philip Morris International, Inc		48,442,955		0.8
		Other		148,741,720		2.3
				263,774,537		4.1
HEALTH CARE EQUIPMENT & SERVICES
	467,167	Abbott Laboratories		49,103,923		0.8
	121,021	Becton Dickinson & Co		27,971,584		0.4
	573,479	CVS Health Corp		32,166,437		0.5
	274,649	Danaher Corp		63,042,931		1.0
	588,563	Medtronic plc		59,191,781		0.9
		Other		233,094,144		3.6
				464,570,800		7.2

Shares			Company	Value		% of net assets
HOUSEHOLD & PERSONAL PRODUCTS
	369,368		Colgate-Palmolive Co	$	29,139,442		0.5	%
	591,318		Procter & Gamble Co		81,069,698		1.3
			Other		29,960,441		0.4
					140,169,581		2.2
INSURANCE
	840,656	*	Berkshire Hathaway, Inc (Class B)		169,728,446		2.6
			Other		222,224,889		3.5
					391,953,335		6.1
MATERIALS
	230,494		Linde plc		50,787,048		0.8
			Other		257,834,684		4.0
					308,621,732		4.8
MEDIA & ENTERTAINMENT
	29,506	*	Alphabet, Inc (Class A)		47,684,942		0.7
	29,125	*	Alphabet, Inc (Class C)		47,211,916		0.7
	1,988,112		Comcast Corp (Class A)		83,977,851		1.3
	792,899		Walt Disney Co		96,139,004		1.5
			Other		108,831,924		1.7
					383,845,637		5.9
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	632,706		Bristol-Myers Squibb Co		36,981,666		0.6
	550,792		Gilead Sciences, Inc		32,028,555		0.5
	1,001,900		Johnson & Johnson		137,370,509		2.1
	2,439,597		Pfizer, Inc		86,556,902		1.4
	71,565		Thermo Fisher Scientific, Inc		33,858,833		0.5
			Other		119,950,552		1.8
					446,747,017		6.9
REAL ESTATE
	323,057		Prologis, Inc		32,047,254		0.5
			Other		256,678,970		4.0
					288,726,224		4.5
RETAILING
	235,719		Home Depot, Inc		62,868,614		1.0
	219,193		Target Corp		33,365,558		0.5
			Other		79,406,060		1.2
					175,640,232		2.7
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	1,859,588		Intel Corp		82,342,557		1.3
	202,295		Texas Instruments, Inc		29,249,834		0.4
			Other		96,569,684		1.5
					208,162,075		3.2
SOFTWARE & SERVICES
	271,058		Fidelity National Information Services, Inc		33,771,116		0.5
	389,867		International Business Machines Corp		43,532,549		0.7
			Other		139,854,595		2.2
					217,158,260		3.4
TECHNOLOGY HARDWARE & EQUIPMENT
	1,863,175		Cisco Systems, Inc		66,887,983		1.0
			Other		105,344,931		1.7
					172,232,914		2.7

28 2020 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements

Summary portfolio of investments concluded

Large-Cap Value Index Fund  ■  October 31, 2020

Shares			Company	Value		% of net assets
TELECOMMUNICATION SERVICES
	3,128,543		AT&T, Inc	$	84,533,232		1.3	%
	1,818,043		Verizon Communications, Inc		103,610,271		1.6
			Other		34,881,131		0.6
					223,024,634		3.5
TRANSPORTATION					185,644,809		2.9
UTILITIES
	367,870		Dominion Energy, Inc		29,554,676		0.5
	322,478		Duke Energy Corp		29,703,449		0.5
	858,849		NextEra Energy, Inc		62,876,335		1.0
			Other		283,552,049		4.3
					405,686,509		6.3
		TOTAL COMMON STOCKS (Cost $5,780,643,417)			6,440,375,040		99.9
	Principal		Issuer
SHORT-TERM INVESTMENTS
REPURCHASE AGREEMENT					3,185,000		0.0

Shares			Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	10,468,949	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	10,468,949		0.2	%
					10,468,949		0.2
		TOTAL SHORT-TERM INVESTMENTS (Cost $13,653,949)			13,653,949		0.2
		TOTAL PORTFOLIO (Cost $5,794,297,366)			6,454,028,989		100.1
		OTHER ASSETS & LIABILITIES, NET			(6,974,428	)	(0.1	)
		NET ASSETS		$	6,447,054,561		100.0	%

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

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

At 10/31/20, the aggregate value of securities on loan is $14,066,011. See Note 4 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 Annual Report 29

Summary portfolio of investments

S&P 500 Index Fund  ■  October 31, 2020

Shares			Company		Value	% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	24,030,602		0.4	%
BANKS
	1,701,097		Bank of America Corp		40,315,999		0.7
	677,500		JPMorgan Chase & Co		66,422,100		1.1
			Other		102,685,785		1.6
					209,423,884		3.4
CAPITAL GOODS					338,673,401		5.6
COMMERCIAL & PROFESSIONAL SERVICES					45,600,623		0.7
CONSUMER DURABLES & APPAREL
	277,197		Nike, Inc (Class B)		33,285,816		0.6
			Other		36,830,410		0.6
					70,116,226		1.2
CONSUMER SERVICES
	165,832		McDonald’s Corp		35,322,216		0.6
			Other		64,918,356		1.0
					100,240,572		1.6
DIVERSIFIED FINANCIALS					186,365,467		3.1
ENERGY
	429,307		Chevron Corp		29,836,836		0.5
	948,133	d	Exxon Mobil Corp		30,928,098		0.5
			Other		60,802,854		1.0
					121,567,788		2.0
FOOD & STAPLES RETAILING
	97,920		Costco Wholesale Corp		35,018,151		0.6
	308,671		Walmart, Inc		42,828,101		0.7
			Other		17,323,051		0.3
					95,169,303		1.6
FOOD, BEVERAGE & TOBACCO
	859,268		Coca-Cola Co		41,296,420		0.7
	307,669		PepsiCo, Inc		41,009,201		0.7
			Other		121,520,422		2.0
					203,826,043		3.4
HEALTH CARE EQUIPMENT & SERVICES
	393,540		Abbott Laboratories		41,364,989		0.7
	140,417		Danaher Corp		32,231,318		0.5
	299,501		Medtronic plc		30,120,816		0.5
	211,136		UnitedHealth Group, Inc		64,426,039		1.1
			Other		238,439,183		3.9
					406,582,345		6.7
HOUSEHOLD & PERSONAL PRODUCTS
	554,058		Procter & Gamble Co		75,961,352		1.2
			Other		46,543,230		0.8
					122,504,582		2.0
INSURANCE
	440,213	*	Berkshire Hathaway, Inc (Class B)		88,879,005		1.5
			Other		110,643,417		1.8
					199,522,422		3.3
MATERIALS					161,240,366		2.7

Shares			Company		Value	% of net assets
MEDIA & ENTERTAINMENT
	66,767	*	Alphabet, Inc (Class A)	$	107,902,816		1.8	%
	65,306	*	Alphabet, Inc (Class C)		105,861,679		1.8
	1,011,132		Comcast Corp (Class A)		42,710,216		0.7
	534,433	*	Facebook, Inc		140,614,667		2.3
	97,889	*	Netflix, Inc		46,569,713		0.8
	402,568		Walt Disney Co		48,811,370		0.8
			Other		68,602,552		1.1
					561,073,013		9.3
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	390,903		AbbVie, Inc		33,265,845		0.5
	129,751		Amgen, Inc		28,148,182		0.5
	499,867		Bristol-Myers Squibb Co		29,217,226		0.5
	584,689		Johnson & Johnson		80,166,709		1.3
	562,983		Merck & Co, Inc		42,341,952		0.7
	1,235,903		Pfizer, Inc		43,849,839		0.7
	88,068		Thermo Fisher Scientific, Inc		41,666,732		0.7
			Other		142,478,076		2.4
					441,134,561		7.3
REAL ESTATE					158,114,981		2.6
RETAILING
	94,645	*	Amazon.com, Inc		287,356,417		4.7
	238,998		Home Depot, Inc		63,743,157		1.1
	167,379		Lowe’s Companies, Inc		26,462,620		0.4
			Other		125,824,476		2.1
					503,386,670		8.3
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	89,375		Broadcom, Inc		31,248,181		0.5
	946,353		Intel Corp		41,904,511		0.7
	137,294		NVIDIA Corp		68,833,720		1.1
	250,011		QUALCOMM, Inc		30,841,357		0.5
	203,537		Texas Instruments, Inc		29,429,415		0.5
			Other		99,941,152		1.7
					302,198,336		5.0
SOFTWARE & SERVICES
	140,860		Accenture plc		30,553,943		0.5
	106,784	*	Adobe, Inc		47,743,126		0.8
	196,150		Mastercard, Inc (Class A)		56,616,736		0.9
	1,681,944		Microsoft Corp		340,543,202		5.6
	260,443	*	PayPal Holdings, Inc		48,476,256		0.8
	202,574	*	salesforce.com, Inc		47,051,863		0.8
	374,244		Visa, Inc (Class A)		68,003,877		1.1
			Other		228,484,188		3.8
					867,473,191		14.3
TECHNOLOGY HARDWARE & EQUIPMENT
	3,573,557		Apple, Inc		389,017,415		6.4
	941,501		Cisco Systems, Inc		33,799,886		0.6
			Other		62,711,069		1.0
					485,528,370		8.0

30 2020 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements

Summary portfolio of investments concluded

S&P 500 Index Fund  ■  October 31, 2020

Shares			Company		Value	% of net assets
TELECOMMUNICATION SERVICES
	1,585,304		AT&T, Inc	$	42,834,914		0.7	%
	920,007		Verizon Communications, Inc		52,431,199		0.9
			Other		16,000,322		0.2
					111,266,435		1.8
TRANSPORTATION
	151,409		Union Pacific Corp		26,828,161		0.4
			Other		93,726,670		1.6
					120,554,831		2.0
UTILITIES
	434,724		NextEra Energy, Inc		31,826,144		0.5
			Other		161,539,178		2.7
					193,365,322		3.2
		TOTAL COMMON STOCKS (Cost $3,156,131,482)			6,028,959,334		99.5
	Principal		Issuer
SHORT-TERM INVESTMENTS
REPURCHASE AGREEMENT					12,430,000		0.2
TREASURY DEBT					13,389,686		0.2

Shares			Company		Value	% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	4,144,545	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	4,144,545		0.1	%
					4,144,545		0.1
		TOTAL SHORT-TERM INVESTMENTS (Cost $29,964,198)			29,964,231		0.5
		TOTAL PORTFOLIO (Cost $3,186,095,680)			6,058,923,565		100.0
		OTHER ASSETS & LIABILITIES, NET			759,590		0.0
		NET ASSETS		$	6,059,683,155		100.0	%

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

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

At 10/31/20, the aggregate value of securities on loan is $5,087,215. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.

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

Futures contracts outstanding as of October 31, 2020 were as follows:

Description	Number of long (short contracts	)	Expiration date	Notional amount	Value	Unrealized appreciation (depreciation	)
S&P 500 E Mini Index	161		12/18/20	$26,750,163	$26,280,835	$(469,328	)

See notes to financial statements TIAA-CREF Funds: Equity Index Funds  ■  2020 Annual Report 31

Summary portfolio of investments

Small-Cap Blend Index Fund  ■  October 31, 2020

Shares			Company		Value	% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	43,605,712		1.4	%
BANKS
	178,263		Essent Group Ltd		7,103,781		0.2
	112,369		South State Corp		6,899,457		0.2
			Other		289,112,366		9.4
					303,115,604		9.8
CAPITAL GOODS
	552,966	*	Plug Power, Inc		7,741,524		0.3
	71,248	*	SiteOne Landscape Supply, Inc		8,513,424		0.3
	235,784	*	Sunrun, Inc		12,265,484		0.4
			Other		284,307,585		9.1
					312,828,017		10.1
COMMERCIAL & PROFESSIONAL SERVICES
	87,395		Tetra Tech, Inc		8,819,029		0.3
			Other		91,814,801		2.9
					100,633,830		3.2
CONSUMER DURABLES & APPAREL
	45,311	*	Deckers Outdoor Corp		11,480,448		0.4
	41,095	*	Helen of Troy Ltd		7,791,612		0.3
	53,654	*	TopBuild Corp		8,220,329		0.3
	130,309	*	YETI Holdings, Inc		6,447,689		0.2
			Other		88,805,025		2.8
					122,745,103		4.0
CONSUMER SERVICES
	267,761	*,e	Caesars Entertainment, Inc		12,001,048		0.4
	61,004		Churchill Downs, Inc		9,098,747		0.3
	245,587	*	Penn National Gaming, Inc		13,256,786		0.4
	105,466		Texas Roadhouse, Inc (Class A)		7,385,784		0.2
			Other		78,899,242		2.6
					120,641,607		3.9
DIVERSIFIED FINANCIALS					121,113,597		3.9
ENERGY					57,542,477		1.9
FOOD & STAPLES RETAILING
	222,312	*	BJ’s Wholesale Club Holdings, Inc		8,512,327		0.3
	210,382	*	Performance Food Group Co		7,070,939		0.2
			Other		9,811,797		0.3
					25,395,063		0.8
FOOD, BEVERAGE & TOBACCO
	260,558	*	Darling International, Inc		11,203,994		0.4
	62,171	*	Freshpet, Inc		7,118,579		0.2
			Other		42,316,516		1.4
					60,639,089		2.0
HEALTH CARE EQUIPMENT & SERVICES
	44,425	*	iRhythm Technologies, Inc		9,393,666		0.3
	49,169	*	LHC Group, Inc		10,647,547		0.4
	54,548	*	Nevro Corp		8,139,107		0.3
	211,756	*,e	Wright Medical Group NV		6,477,616		0.2
			Other		195,818,570		6.2
					230,476,506		7.4

Shares			Company		Value	% of net assets
HOUSEHOLD & PERSONAL PRODUCTS				$	19,286,847		0.6	%
INSURANCE					73,640,903		2.4
MATERIALS
	47,216		CMC Materials, Inc		6,713,643		0.2
			Other		134,360,917		4.3
					141,074,560		4.5
MEDIA & ENTERTAINMENT					38,208,270		1.2
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	408,317	*	Amicus Therapeutics, Inc		7,280,292		0.2
	93,803	*	Arena Pharmaceuticals, Inc		8,040,793		0.3
	161,182	*	Arrowhead Pharmaceuticals Inc		9,235,729		0.3
	89,061	*	Blueprint Medicines Corp		9,109,159		0.3
	72,675	*	Emergent Biosolutions, Inc		6,538,570		0.2
	187,314	*,e	Invitae Corp		7,344,582		0.3
	66,655	*	Mirati Therapeutics, Inc		14,473,467		0.5
	81,663	*	MyoKardia, Inc		18,254,130		0.6
	114,536	*	Natera, Inc		7,703,691		0.3
	168,592	*	NeoGenomics, Inc		6,613,864		0.2
	99,842	*	Novavax, Inc		8,058,248		0.3
	92,382	*,e	Ultragenyx Pharmaceutical, Inc		9,284,391		0.3
			Other		314,837,539		9.9
					426,774,455		13.7
REAL ESTATE
	62,653		EastGroup Properties, Inc		8,337,861		0.3
	157,363	*	Redfin Corp		6,573,053		0.2
	243,521		STAG Industrial, Inc		7,578,374		0.2
			Other		172,534,483		5.6
					195,023,771		6.3
RETAILING
	40,934		Lithia Motors, Inc (Class A)		9,397,218		0.3
	25,220	*	RH		8,454,501		0.3
			Other		101,726,017		3.2
					119,577,736		3.8
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	218,771	*	Lattice Semiconductor Corp		7,635,108		0.3
	70,504	*	Silicon Laboratories, Inc		7,223,840		0.2
			Other		69,436,811		2.2
					84,295,759		2.7
SOFTWARE & SERVICES
	80,561	*	Blackline, Inc		7,869,198		0.3
	86,389	*	Envestnet, Inc		6,629,492		0.2
	102,976	*	LiveRamp Holdings, Inc		6,805,684		0.2
	99,527		MAXIMUS, Inc		6,726,035		0.2
	79,628	*	Q2 Holdings, Inc		7,265,259		0.2
			Other		195,884,484		6.3
					231,180,152		7.4
TECHNOLOGY HARDWARE & EQUIPMENT
	163,123	*	II-VI, Inc		7,417,203		0.2
			Other		89,202,974		2.9
					96,620,177		3.1
TELECOMMUNICATION SERVICES					30,428,157		1.0

32 2020 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements

Summary portfolio of investments concluded

Small-Cap Blend Index Fund  ■  October 31, 2020

Shares			Company		Value	% of net assets
TRANSPORTATION				$	44,276,980		1.4	%
UTILITIES
	111,323		Brookfield Renewable Corp		7,433,037		0.2
			Other		96,249,346		3.1
					103,682,383		3.3
		TOTAL COMMON STOCKS (Cost $2,730,960,206)			3,102,806,755		99.8
RIGHTS / WARRANTS
ENERGY					17,932		0.0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					3,651		0.0
		TOTAL RIGHTS / WARRANTS (Cost $3,016)			21,583		0.0

Shares			Company		Value		% of net assets
SHORT-TERM INVESTMENTS
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	128,902,996	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	128,902,996			4.1	%
					128,902,996			4.1
		TOTAL SHORT-TERM INVESTMENTS (Cost $128,902,996)			128,902,996			4.1
		TOTAL PORTFOLIO (Cost $2,859,866,218)			3,231,731,334			103.9
		OTHER ASSETS & LIABILITIES, NET			(122,748,402	)		(3.9	)
		NET ASSETS		$	3,108,982,932			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 $172,971,605. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.

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

At 10/31/20, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended, is $3,253,867 or 0.1% 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.

See notes to financial statements TIAA-CREF Funds: Equity Index Funds  ■  2020 Annual Report 33

Summary portfolio of investments

Emerging Markets Equity Index Fund  ■  October 31, 2020

Shares			Company		Value	% of net assets
COMMON STOCKS
ARGENTINA				$	4,136,380		0.1	%
BRAZIL
	2,571,453		Banco Itau Holding Financeira S.A.		10,522,524		0.3
	1,940,659		Vale S.A.		20,478,900		0.6
			Other		119,504,737		3.4
					150,506,161		4.3
CHILE					17,149,238		0.5
CHINA
	983,865	*	Alibaba Group Holding Ltd (ADR)		299,773,827		8.5
	143,789	*	Baidu, Inc (ADR)		19,131,126		0.6
	42,849,953		Bank of China Ltd (Hong Kong)		13,534,632		0.4
	50,729,641		China Construction Bank Corp (Hong Kong)		34,958,458		1.0
	2,061,368		China Merchants Bank Co Ltd		10,737,528		0.3
	3,238,165		China Mobile Hong Kong Ltd		19,806,364		0.6
	32,469,777		Industrial & Commercial Bank of China Ltd (Hong Kong)		18,438,419		0.5
	446,424	*	JD.com, Inc (ADR)		36,392,485		1.0
	1,867,200	*	Meituan Dianping (Class B)		69,607,644		2.0
	216,005		Netease.com (ADR)		18,747,074		0.5
	74,684	*	New Oriental Education & Technology Group (ADR)		11,977,820		0.3
	557,364	*	NIO, Inc (ADR)		17,044,191		0.5
	142,281	*	Pinduoduo, Inc (ADR)		12,802,444		0.4
	3,152,526		Ping An Insurance Group Co of China Ltd		32,596,089		0.9
	200,132	*	TAL Education Group (ADR)		13,300,773		0.4
	3,002,604		Tencent Holdings Ltd		229,415,785		6.5
	537,267	*,g	Wuxi Biologics Cayman, Inc		15,088,450		0.4
	5,528,800	*,g	Xiaomi Corp		15,724,098		0.5
	208,173		Yum China Holdings, Inc		11,081,049		0.3
			Other		564,545,167		16.0
					1,464,703,423		41.6
COLOMBIA					5,737,133		0.2
CZECH REPUBLIC					3,074,872		0.1
EGYPT					3,513,635		0.1
GREECE					3,606,035		0.1
HONG KONG					13,356,285		0.4
HUNGARY					6,050,327		0.2
INDIA
	431,652		Hindustan Lever Ltd		12,069,147		0.4
	864,804		Housing Development Finance Corp		22,435,813		0.6
	2,677,094	*	ICICI Bank Ltd		14,081,615		0.4
	1,788,039		Infosys Technologies Ltd		25,617,487		0.7
	1,496,193		Reliance Industries Ltd		41,481,599		1.2
	473,305		Tata Consultancy Services Ltd		17,058,122		0.5
			Other		144,987,873		4.1
					277,731,656		7.9
INDONESIA					43,630,516		1.2

Shares			Company		Value	% of net assets
KOREA, REPUBLIC OF
	49,454	*	Celltrion, Inc	$	10,559,597		0.3	%
	285,976		Hynix Semiconductor, Inc		20,287,952		0.6
	78,521		Hyundai Motor Co		11,493,591		0.3
	24,087		LG Chem Ltd		13,134,184		0.4
	64,384		Naver Corp		16,473,991		0.5
	2,501,792		Samsung Electronics Co Ltd		125,754,097		3.6
	432,046		Samsung Electronics Co Ltd (Preference)		19,219,518		0.5
	28,748		Samsung SDI Co Ltd		11,324,879		0.3
			Other		180,473,795		5.1
					408,721,604		11.6
LUXEMBOURG					1,283,656		0.0
MALAYSIA					57,085,210		1.6
MEXICO
	17,738,041		America Movil S.A. de C.V. (Series L)		10,795,942		0.3
			Other		45,301,260		1.3
					56,097,202		1.6
PAKISTAN					684,502		0.0
PERU					7,915,006		0.2
PHILIPPINES					26,922,725		0.8
POLAND					21,014,726		0.6
QATAR
	2,383,495		Qatar National Bank		11,572,184		0.4
			Other		14,837,334		0.4
					26,409,518		0.8
ROMANIA					706,904		0.0
RUSSIA
	2,851,696		Gazprom OAO (ADR)		10,925,010		0.3
	225,744		LUKOIL PJSC (ADR)		11,533,261		0.4
	1,437,226		Sberbank of Russian Federation (ADR)		14,518,029		0.4
			Other		53,489,349		1.5
					90,465,649		2.6
SAUDI ARABIA
	647,806		Al Rajhi Bank		11,365,927		0.3
	1,152,555	g	Saudi Arabian Oil Co		10,340,269		0.3
	478,477		Saudi Basic Industries Corp		11,476,202		0.3
			Other		57,751,293		1.7
					90,933,691		2.6
SINGAPORE					758,538		0.0
SOUTH AFRICA
	228,234	*	Naspers Ltd (N Shares)		44,557,536		1.2
			Other		66,256,907		1.9
					110,814,443		3.1
TAIWAN
	6,609,002		Hon Hai Precision Industry Co, Ltd		17,924,474		0.5
	792,170		MediaTek, Inc		18,830,087		0.5
	12,900,848		Taiwan Semiconductor Manufacturing Co Ltd		195,185,618		5.6
			Other		197,546,580		5.6
					429,486,759		12.2

34 2020 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements

Summary portfolio of investments concluded

Emerging Markets Equity Index Fund  ■  October 31, 2020

Shares			Company		Value	% of net assets
TANZANIA, UNITED REPUBLIC OF				$	4,981,897		0.1	%
THAILAND					57,511,285		1.6
TURKEY					10,515,158		0.3
UNITED ARAB EMIRATES					18,666,458		0.5
UNITED KINGDOM					1,501,372		0.0
UNITED STATES
	1,100,000		iShares MSCI Emerging Markets		49,181,000		1.4
	1,163,380		Vanguard Emerging Markets ETF		50,967,678		1.5
			Other		8,598,536		0.2
					108,747,214		3.1
		TOTAL COMMON STOCKS (Cost $2,841,900,349)			3,524,419,178		100.0
PREFERRED STOCKS
PHILIPPINES					635		0.0
		TOTAL PREFERRED STOCKS (Cost $725)			635		0.0
RIGHTS / WARRANTS
CHINA					2,167		0.0
THAILAND					13,202		0.0
		TOTAL RIGHTS / WARRANTS (Cost $0)			15,369		0.0
	Principal		Issuer
SHORT-TERM INVESTMENTS
REPURCHASE AGREEMENT
$	52,185,000	r	Fixed Income Clearing Corp (FICC) 0.070%, 11/02/20		52,185,000		1.5
					52,185,000		1.5

Shares			Company		Value		% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	8,351,939	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	8,351,939			0.2	%
					8,351,939			0.2
		TOTAL SHORT-TERM INVESTMENTS (Cost $60,536,939)			60,536,939			1.7
		TOTAL PORTFOLIO (Cost $2,902,438,013)			3,584,972,121			101.7
		OTHER ASSETS & LIABILITIES, NET			(60,243,248	)		(1.7	)
		NET ASSETS		$	3,524,728,873			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.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/20, the aggregate value of these securities, including those in “Other,” is $113,270,551 or 3.2% of net assets.
r	Agreement with Fixed Income Clearing Corporation, 0.070% dated 10/30/20 to be repurchased at $52,185,000 on 11/2/20, collateralized by U.S. Treasury Notes valued at $53,228,702.

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

At 10/31/20, the aggregate value of securities on loan is 36,143,892. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.

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

Summary of market values by sector (unaudited)

Emerging Markets Equity Index Fund  ■  October 31, 2020

Sector	Value			% of net assets
CONSUMER DISCRETIONARY	$	713,433,851			20.3	%
FINANCIALS		691,406,421			19.6
INFORMATION TECHNOLOGY		630,493,868			17.9
COMMUNICATION SERVICES		451,041,401			12.8
MATERIALS		233,217,589			6.6
CONSUMER STAPLES		200,882,842			5.7
ENERGY		165,918,378			4.7
INDUSTRIALS		150,335,913			4.3
HEALTH CARE		145,563,474			4.1
REAL ESTATE		77,393,642			2.2
UTILITIES		64,747,803			1.8
SHORT-TERM INVESTMENTS		60,536,939			1.7
OTHER ASSETS & LIABILITIES, NET		(60,243,248	)		(1.7	)
NET ASSETS	$	3,524,728,873			100.0	%

See notes to financial statements TIAA-CREF Funds: Equity Index Funds  ■  2020 Annual Report 35

Summary portfolio of investments

International Equity Index Fund  ■  October 31, 2020

Shares		Company		Value	% of net assets
COMMON STOCKS
AUSTRALIA
	2,939,464	BHP Billiton Ltd	$	70,463,734		0.5	%
	1,764,037	Commonwealth Bank of Australia		85,646,695		0.7
	454,647	CSL Ltd		92,046,593		0.7
	1,119,634	Rio Tinto plc		63,328,023		0.5
		Other		702,528,797		5.2
				1,014,013,842		7.6
AUSTRIA				20,850,436		0.2
BELGIUM				113,762,721		0.8
BRAZIL				6,154,755		0.0
CHILE				5,177,102		0.0
CHINA				26,987,358		0.2
DENMARK
	1,716,071	Novo Nordisk AS		109,426,356		0.8
		Other		227,578,900		1.7
				337,005,256		2.5
FINLAND				157,015,109		1.2
FRANCE
	471,632	Air Liquide		68,970,650		0.5
	250,431	L’Oreal S.A.		80,935,614		0.6
	277,166	LVMH Moet Hennessy Louis Vuitton S.A.		129,920,923		1.0
	1,127,160	Sanofi-Aventis		101,775,040		0.8
	552,252	Schneider Electric S.A.		67,102,160		0.5
	2,468,531	Total S.A.		74,788,364		0.5
		Other		825,129,174		6.1
				1,348,621,925		10.0
GERMANY
	189,946	Adidas-Salomon AG.		56,433,880		0.4
	416,837	Allianz AG.		73,427,752		0.5
	917,355	BASF SE		50,232,696		0.4
	3,319,129	Deutsche Telekom AG.		50,446,604		0.4
	1,041,119	SAP AG.		111,071,340		0.8
	763,081	Siemens AG.		89,521,635		0.7
		Other		753,945,177		5.6
				1,185,079,084		8.8
HONG KONG
	12,045,938	AIA Group Ltd		114,643,281		0.9
	1,209,747	Hong Kong Exchanges and Clearing Ltd		57,969,512		0.4
		Other		216,680,294		1.6
				389,293,087		2.9
IRELAND				98,728,539		0.7
ISRAEL				76,406,727		0.6
ITALY
	8,111,837	Enel S.p.A.		64,493,179		0.5
		Other		191,721,980		1.4
				256,215,159		1.9

Shares			Company		Value	% of net assets
JAPAN
	247,780		Daikin Industries Ltd	$	46,367,870		0.4	%
	182,722		Keyence Corp		82,923,354		0.6
	12,212,592		Mitsubishi UFJ Financial Group, Inc		48,140,873		0.4
	111,678		Nintendo Co Ltd		60,383,037		0.4
	1,267,573		Recruit Holdings Co Ltd		48,231,972		0.4
	353,501		Shin-Etsu Chemical Co Ltd		47,215,981		0.3
	1,564,072		Softbank Group Corp		101,873,909		0.8
	1,256,445		Sony Corp		104,745,326		0.8
	1,573,473		Takeda Pharmaceutical Co Ltd		48,624,387		0.4
	2,112,686		Toyota Motor Corp		138,691,259		1.0
			Other		2,756,681,316		20.5
					3,483,879,284		26.0
JORDAN					5,717,037		0.0
LUXEMBOURG					23,201,302		0.2
MACAU					24,799,159		0.2
NETHERLANDS
	425,054		ASML Holding NV		153,785,761		1.1
	486,030		Prosus NV		48,523,266		0.4
	4,097,112		Royal Dutch Shell plc (A Shares)		51,539,537		0.4
			Other		330,871,917		2.5
					584,720,481		4.4
NEW ZEALAND					42,348,897		0.3
NORWAY					62,307,047		0.5
PORTUGAL					21,780,782		0.2
RUSSIA					2,442,690		0.0
SINGAPORE					130,128,647		1.0
SOUTH AFRICA					28,863,526		0.2
SPAIN
	5,923,044		Iberdrola S.A.		69,936,795		0.5
			Other		224,349,214		1.7
					294,286,009		2.2
SWEDEN					409,437,297		3.0
SWITZERLAND
	2,967,357		Nestle S.A.		333,762,050		2.5
	2,214,731		Novartis AG.		172,577,552		1.3
	700,569		Roche Holding AG.		225,114,777		1.7
	150,372		Zurich Insurance Group AG		49,945,394		0.4
			Other		583,433,896		4.3
					1,364,833,669		10.2
UNITED ARAB EMIRATES					1,577		0.0
UNITED KINGDOM
	1,312,653		AstraZeneca plc		131,797,539		1.0
	20,214,578		BP plc		51,560,984		0.4
	2,287,438		British American Tobacco plc		72,501,196		0.5
	2,337,351		Diageo plc		75,538,149		0.6
	4,994,760		GlaxoSmithKline plc		83,404,895		0.6
	20,305,939		HSBC Holdings plc		85,093,918		0.6
	711,265		Reckitt Benckiser Group plc		62,654,273		0.5
	1,453,934	e	Unilever NV		81,963,688		0.6
	1,161,474		Unilever plc		66,191,028		0.5
			Other		849,743,649		6.3
					1,560,449,319		11.6

36 2020 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements

Summary portfolio of investments concluded

International Equity Index Fund  ■  October 31, 2020

Shares			Company		Value	% of net assets
UNITED STATES				$	50,040,742		0.4	%
		TOTAL COMMON STOCKS (Cost $12,349,226,637)			13,124,548,565		97.8
RIGHTS / WARRANTS
SINGAPORE					0		0.0
UNITED KINGDOM					3,275,295		0.0
		TOTAL RIGHTS / WARRANTS (Cost $11,807,688)			3,275,295		0.0
	Principal		Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT					78,224,745		0.6
REPURCHASE AGREEMENT					19,350,000		0.1
TREASURY DEBT
$	50,000,000		United States Treasury Bill 6.000%, 11/05/20		49,999,702		0.4
	53,198,000		United States Treasury Bill 8.600%, 11/17/20		53,196,227		0.4
					103,195,929		0.8

Shares			Company		Value		% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	155,916,611	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	155,916,611			1.2	%
					155,916,611			1.2
		TOTAL SHORT-TERM INVESTMENTS (Cost $356,686,778)			356,687,285			2.7
		TOTAL PORTFOLIO (Cost $12,717,721,103)			13,484,511,145			100.5
		OTHER ASSETS & LIABILITIES, NET			(66,641,357	)		(0.5	)
		NET ASSETS		$	13,417,869,788			100.0	%

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 $219,129,656. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.

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

At 10/31/20, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended, is $240,013,072 or 1.8% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.

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

Futures contracts outstanding as of October 31, 2020 were as follows:

	Number of					Unrealized
	long (short	)				appreciation
Description	contracts		Expiration date	Notional amount	Value	(depreciation	)
MSCI EAFE Index	2,236		12/18/20	$204,338,228	$199,440,020	$(4,898,208	)

Summary of market values by sector (unaudited)

International Equity Index Fund  ■  October 31, 2020

Sector	Value			% of net assets
FINANCIALS	$	2,025,610,583			15.2	%
INDUSTRIALS		1,997,735,821			14.9
HEALTH CARE		1,815,187,636			13.5
CONSUMER DISCRETIONARY		1,600,585,062			11.9
CONSUMER STAPLES		1,542,227,350			11.5
INFORMATION TECHNOLOGY		1,111,381,314			8.3
MATERIALS		994,701,846			7.4
COMMUNICATION SERVICES		741,771,047			5.5
UTILITIES		537,850,389			4.0
REAL ESTATE		407,634,931			3.0
ENERGY		353,137,881			2.6
SHORT-TERM INVESTMENTS		356,687,285			2.7
OTHER ASSETS & LIABILITIES, NET		(66,641,357	)		(0.5	)
NET ASSETS	$	13,417,869,788			100.0	%

See notes to financial statements TIAA-CREF Funds: Equity Index Funds  ■  2020 Annual Report 37

Statements of assets and liabilities

TIAA-CREF Funds  ■  October 31, 2020

		Equity Index		Large-Cap Growth		Large-Cap Value		S&P 500		Small-Cap Blend		Emerging Markets		International
		Fund		Index Fund		Index Fund		Index Fund		Index Fund		Equity Index Fund		Equity Index Fund
ASSETS
Portfolio investments, at value *†		$	26,730,162,944	$	9,842,447,065	$	6,454,028,989	$	6,058,923,565	$	3,231,731,334	$	3,584,972,121	$	13,484,511,145
Cash			2,813,338		541		1,365		174,401		—		—		21,464,276
Cash – foreign ^			—		—		—		—		—		188,940		2,529,835
Receivable from securities transactions			2,049,119		11,513,710		—		—		6,446,581		133,430		909,222
Receivable from Fund shares sold			6,205,179		82,183,230		2,529,241		6,096,118		1,119,532		4,348,891		7,446,126
Dividends and interest receivable			22,763,744		3,684,655		9,429,305		6,026,741		1,396,675		3,939,360		66,072,674
Due from affiliates			498,757		27,400		1,023		744		—		267,187		118,799
Other			1,036,142		324,194		352,928		316,805		192,959		119,693		694,644
Total assets			26,765,529,223		9,940,180,795		6,466,342,851		6,071,538,374		3,240,887,081		3,593,969,622		13,583,746,721
LIABILITIES
Management fees payable			914,861		324,078		227,665		215,388		109,637		414,161		472,782
Service agreement fees payable			137,833		207,067		183,714		360,438		183,237		92,456		289,822
Distribution fees payable			244,685		—		—		—		—		6,529		26,897
Due to affiliates			117,520		47,165		40,311		37,583		22,298		32,581		69,283
Overdraft payable			—		—		—		—		209,352		1,307,613		—
Payable for collateral for securities loaned			117,642,022		9,727,829		10,468,949		4,144,545		128,902,996		8,351,939		155,916,611
Payable for securities transactions			384,550,156		112,110,424		5,959,092		—		1,737,388		54,393,772		909,057
Payable for Fund shares redeemed			1,641,900		4,265,075		1,915,251		6,220,578		461,037		922,876		1,915,152
Payable for variation margin on futures contracts			3,899,735		—		—		468,951		—		—		4,893,557
Payable for trustee compensation			1,010,815		315,810		346,644		310,722		189,960		116,342		681,178
Accrued expenses and other payables			378,234		148,509		146,664		97,014		88,244		3,602,480		702,594
Total liabilities			510,537,761		127,145,957		19,288,290		11,855,219		131,904,149		69,240,749		165,876,933
NET ASSETS		$	26,254,991,462	$	9,813,034,838	$	6,447,054,561	$	6,059,683,155	$	3,108,982,932	$	3,524,728,873	$	13,417,869,788
NET ASSETS CONSIST OF:
Paid-in-capital			15,560,845,694		5,178,892,201		6,020,138,536		3,210,707,146		2,696,008,871		3,081,209,155		12,984,327,242
Total distributable earnings (loss)			10,694,145,768		4,634,142,637		426,916,025		2,848,976,009		412,974,061		443,519,718		433,542,546
NET ASSETS		$	26,254,991,462	$	9,813,034,838	$	6,447,054,561	$	6,059,683,155	$	3,108,982,932	$	3,524,728,873	$	13,417,869,788
INSTITUTIONAL CLASS:
Net assets		$	9,563,187,711	$	7,537,182,396	$	5,586,461,062	$	4,426,743,496	$	2,308,445,879	$	921,817,700	$	7,675,874,394
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			397,349,673		172,670,966		315,217,278		121,770,878		118,695,811		79,201,094		428,123,166
Net asset value per share		$	24.07	$	43.65	$	17.72	$	36.35	$	19.45	$	11.64	$	17.93
ADVISOR CLASS:
Net assets		$	9,404,491	$	63,667,376	$	9,094,302	$	103,558,058	$	8,823,103	$	2,449,475	$	111,949,944
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			391,031		1,461,339		514,600		2,854,847		454,485		210,226		6,255,252
Net asset value per share		$	24.05	$	43.57	$	17.67	$	36.27	$	19.41	$	11.65	$	17.90
PREMIER CLASS:
Net assets		$	57,737,082	$	—	$	—	$	—	$	—	$	25,218,133	$	201,338,804
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			2,406,467		—		—		—		—		2,173,283		11,263,797
Net asset value per share		$	23.99	$	—	$	—	$	—	$	—	$	11.60	$	17.87
RETIREMENT CLASS:
Net assets		$	612,611,603	$	855,735,466	$	821,535,258	$	1,510,268,365	$	791,713,950	$	428,964,177	$	1,140,317,362
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			25,106,445		19,486,729		45,574,469		41,884,078		40,585,450		37,062,010		62,237,501
Net asset value per share		$	24.40	$	43.91	$	18.03	$	36.06	$	19.51	$	11.57	$	18.32
RETAIL CLASS:
Net assets		$	1,070,150,074	$	—	$	—	$	—	$	—	$	15,221,116	$	—
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			43,716,593		—		—		—		—		1,313,653		—
Net asset value per share		$	24.48	$	—	$	—	$	—	$	—	$	11.59	$	—
CLASS W:
Net assets		$	14,941,900,501	$	1,356,449,600	$	29,963,939	$	19,113,236	$	—	$	2,131,058,272	$	4,288,389,284
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			620,556,176		31,061,078		1,690,291		525,608		—		182,738,365		239,066,007
Net asset value per share		$	24.08	$	43.67	$	17.73	$	36.36	$	—	$	11.66	$	17.94
*	Includes securities loaned of	$	158,778,566	$	20,671,377	$	14,066,011	$	5,087,215	$	172,971,605	$	36,143,892	$	219,129,656
†	Portfolio investments, cost	$	16,033,733,951	$	5,388,407,677	$	5,794,297,366	$	3,186,095,680	$	2,859,866,218	$	2,902,438,013	$	12,717,721,103
^	Foreign cash, cost	$	—	$	—	$	—	$	—	$	—	$	188,823	$	2,533,362

38 2020 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Index Funds  ■  2020 Annual Report 39

Statements of operations

TIAA-CREF Funds  ■  For the year ended October 31, 2020

		Equity Index			Large-Cap Growth			Large-Cap Value			S&P 500			Small-Cap Blend			Emerging Markets			International
		Fund			Index Fund				Index Fund		Index Fund			Index Fund			Equity Index Fund			Equity Index Fund
INVESTMENT INCOME
Dividends *		$	419,244,159		$	86,656,022		$	170,140,475		$	107,601,012		$	31,519,445		$	70,369,786		$	330,755,162
Income from securities lending			3,726,875			230,521			416,940			138,427			4,832,554			714,378			2,203,093
Interest			839,067			29,074			40,451			250,229			69,713			27,174			1,556,822
Total income			423,810,101			86,915,617			170,597,866			107,989,668			36,421,712			71,111,338			334,515,077
EXPENSES
Management fees			9,801,917			3,312,467			2,641,607			2,349,063			1,189,838			4,208,318			5,307,108
Shareholder servicing – Institutional Class			48,810			24,242			16,597			5,560			8,398			2,512			23,169
Shareholder servicing – Advisor Class			29,044			79,240			26,607			133,446			82,815			9,812			129,907
Shareholder servicing – Premier Class			98			—			—			—			—			103			240
Shareholder servicing – Retirement Class			1,560,934			1,947,236			2,092,487			3,660,125			1,911,375			925,189			2,897,890
Shareholder servicing – Retail Class			322,551			—			—			—			—			16,845			—
Shareholder servicing – Class W			8,033			—			—			—			—			1,510			2,833
Distribution fees – Premier Class			91,563			—			—			—			—			37,114			329,717
Distribution fees – Retail Class			2,592,684			—			—			—			—			35,851			—
Administrative service fees			354,775			145,354			127,648			117,482			70,302			99,610			213,654
Trustee fees and expenses			305,943			103,041			85,101			73,835			37,850			37,172			168,307
Other expenses			989,937			638,576			608,034			363,743			330,418			1,677,271			1,290,675
Total expenses			16,106,289			6,250,156			5,598,081			6,703,254			3,630,996			7,051,307			10,363,500
Less: Expenses reimbursed by the investment adviser			(6,067,769	)		(36,312	)		(12,441	)		(7,376	)		(70,713	)		(3,352,173	)		(2,026,439	)
Net expenses			10,038,520			6,213,844			5,585,640			6,695,878			3,560,283			3,699,134			8,337,061
Net investment income (loss)			413,771,581			80,701,773			165,012,226			101,293,790			32,861,429			67,412,204			326,178,016
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments‡			(214,073,812	)		160,533,485			(266,781,673	)		(39,984,280	)		44,768,254			(79,077,585	)		(191,124,359	)
Futures contracts			243,522			—			—			(1,092,267	)		—			—			1,218,929
Foreign currency transactions			—			—			—			—			—			(2,020,713	)		(728,746	)
In-kind redemptions			—			298,713,024			126,603,370			—			28,548,208			—			—
Net realized gain (loss) on total investments			(213,830,290	)		459,246,509			(140,178,303	)		(41,076,547	)		73,316,462			(81,098,298	)		(190,634,176	)
Change in unrealized appreciation (depreciation) on:
Portfolio investments**			2,385,036,883			1,504,438,346			(503,895,217	)		474,779,995			(111,474,968	)		293,940,367			(968,867,936	)
Futures contracts			(4,178,550	)		—			—			(512,248	)		—			—			(8,785,327	)
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies			—			—			—			—			—			(37,536	)		1,844,882
Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments			2,380,858,333			1,504,438,346			(503,895,217	)		474,267,747			(111,474,968	)		293,902,831			(975,808,381	)
Net realized and unrealized gain (loss) on total investments			2,167,028,043			1,963,684,855			(644,073,520	)		433,191,200			(38,158,506	)		212,804,533			(1,166,442,557	)
Net increase (decrease) in net assets from operations		$	2,580,799,624		$	2,044,386,628		$	(479,061,294	)	$	534,484,990		$	(5,297,077	)	$	280,216,737		$	(840,264,541	)
*	Net of foreign withholding taxes of	$	34,567		$	—		$	8,282		$	—		$	45,066		$	8,769,322		$	29,178,390
‡	Includes net realized gain (loss) from securities sold to affiliates of	$	(710,383	)	$	286,076		$	(3,122,912	)	$	(392,376	)	$	(413,663	)	$	(717,568	)	$	(5,301,649	)
**	Includes net change in unrealized foreign capital gains taxes of	$	—		$	—		$	—		$	—		$	—		$	(1,154,936	)	$	—

40 2020 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Index Funds  ■  2020 Annual Report 41

Statements of changes in net assets

TIAA-CREF Funds  ■  For the year ended

		Equity Index Fund						Large-Cap Growth Index Fund						Large-Cap Value Index Fund						S&P 500 Index Fund						Small-Cap Blend Index Fund						Emerging Markets Equity Index Fund
		October 31,			October 31,			October 31,			October 31,			October 31,			October 31,			October 31,			October 31,			October 31,			October 31,			October 31,			October 31,
		2020			2019			2020			2019			2020			2019			2020			2019			2020			2019			2020			2019
OPERATIONS
Net investment income (loss)		$	413,771,581		$	411,828,843		$	80,701,773		$	84,287,338		$	165,012,226		$	188,531,147		$	101,293,790		$	105,436,708		$	32,861,429		$	43,238,428		$	67,412,204		$	77,406,068
Net realized gain (loss) on total investments			(213,830,290	)		46,026,056			459,246,509			105,883,967			(140,178,303	)		304,749,925			(41,076,547	)		22,149,486			73,316,462			111,505,352			(81,098,298	)		(110,774,051	)
Net change in unrealized appreciation (depreciation) on total investments			2,380,858,333			2,154,452,563			1,504,438,346			865,565,779			(503,895,217	)		201,196,485			474,267,747			547,970,133			(111,474,968	)		(12,107,383	)		293,902,831			322,853,466
Net increase (decrease) in net assets from operations			2,580,799,624			2,612,307,462			2,044,386,628			1,055,737,084			(479,061,294	)		694,477,557			534,484,990			675,556,327			(5,297,077	)		142,636,397			280,216,737			289,485,483
DISTRIBUTIONS TO SHAREHOLDERS
	Institutional Class		(188,672,283	)		(180,381,188	)		(171,117,083	)		(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	)		(2,208,511	)		(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	)		(58,587,438	)		(32,734,326	)		(28,317,601	)		(29,010,318	)		(39,812,298	)		(51,436,568	)		(9,140,752	)		(4,861,272	)
	Retail Class		(18,246,452	)		(17,989,684	)		—			—			—			—			—			—			—			—			(368,304	)		(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	)		(188,410,956	)		(216,930,232	)		(478,842,125	)		(262,779,870	)		(122,271,921	)		(123,342,209	)		(161,493,559	)		(205,454,124	)		(80,014,430	)		(58,381,252	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		1,869,864,766			1,036,591,655			1,766,639,482			1,869,986,849			1,585,018,314.00			1,300,150,256			722,236,542			495,180,551			386,395,309			472,916,553			264,735,647			223,335,744
	Advisor Class		4,182,181			23,855,063			44,562,327			30,218,835			15,854,567			31,264,624			57,894,307			52,735,409			4,634,341			5,875,729			2,835,380			11,726,035
	Premier Class		9,182,263			11,901,680			—			—			—			—			—			—			—			—			12,090,118			11,617,472
	Retirement Class		42,119,059			89,944,946			133,335,426			70,167,828			112,756,176			78,593,006			291,028,196			183,305,632			81,262,992			120,096,911			85,511,682			92,288,079
	Retail Class		73,037,504			58,114,144			—			—			—			—			—			—			—			—			6,804,939			10,006,644
	Class W		3,788,862,814			3,072,554,450			1,407,427,456			20,999,878			10,225,516			28,310,288			4,170,772			17,239,862			—			—			741,305,512			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			90,094,298			91,787,302			118,809,583			150,273,982			23,609,222			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			15,517,976			23,057,082			58,535,117			32,734,326			28,317,602			29,010,317			39,812,298			51,436,568			9,140,751			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		(2,361,151,638	)		(1,200,060,075	)		(2,930,060,988	)		(1,328,934,423	)		(1,506,247,463	)		(1,381,347,212	)		(723,659,925	)		(488,550,226	)		(382,328,259	)		(235,876,898	)		(228,335,800	)		(789,728,568	)
	Advisor Class		(44,876,512	)		(14,589,340	)		(48,429,142	)		(28,548,540	)		(33,181,121	)		(11,896,318	)		(51,490,501	)		(18,800,650	)		(3,716,370	)		(10,687,803	)		(10,925,564	)		(2,375,680	)
	Premier Class		(20,137,058	)		(44,085,529	)		—			—			—			—			—			—			—			—			(15,069,736	)		(12,452,575	)
	Retirement Class		(150,328,488	)		(72,924,275	)		(160,976,505	)		(188,430,667	)		(98,365,132	)		(151,691,844	)		(280,912,558	)		(178,542,345	)		(76,851,519	)		(53,437,564	)		(12,931,319	)		(27,903,786	)
	Retail Class		(123,671,851	)		(105,902,545	)		—			—			—			—			—			—			—			—			(6,926,906	)		(10,663,279	)
	Class W		(1,816,710,563	)		(685,550,927	)		(8,558,721	)		(206,260	)		(6,618,586	)		(420,407	)		(4,268,089	)		(133,792	)		—			—			(196,981,732	)		(90,044,026	)
Net increase (decrease) from shareholder transactions			1,739,710,988			2,558,952,303			364,603,557			631,548,480			494,805,896			122,426,681			135,744,743			184,423,931			168,431,799			501,634,902			722,024,839			(46,915,897	)
Net increase (decrease) in net assets			3,849,512,516			4,780,685,942			2,220,579,229			1,470,355,332			(463,097,523	)		554,124,368			547,957,812			736,638,049			1,641,163			438,817,175			922,227,146			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		$	26,254,991,462		$	22,405,478,946		$	9,813,034,838		$	7,592,455,609		$	6,447,054,561		$	6,910,152,084		$	6,059,683,155		$	5,511,725,343		$	3,108,982,932		$	3,107,341,769		$	3,524,728,873		$	2,602,501,727
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		87,045,156			50,637,562			46,486,714			59,104,380			92,634,227			67,641,216			21,444,059			15,621,668			21,385,912			23,822,106			24,554,564			21,030,045
	Advisor Class		206,406			1,171,049			1,336,144			960,315			873,308			1,681,049			1,750,644			1,704,422			256,789			292,940			271,335			1,165,417
	Premier Class		411,409			578,761			—			—			—			—			—			—			—			—			1,117,836			1,087,721
	Retirement Class		1,818,715			4,321,086			3,501,790			2,199,671			5,934,561			3,914,966			8,765,222			5,850,402			4,308,922			6,013,113			7,884,920			8,571,585
	Retail Class		3,204,767			2,790,732			—			—			—			—			—			—			—			—			638,840			939,503
	Class W		169,783,033			150,375,335			30,647,699			623,719			584,260			1,398,043			122,610			520,113			—			—			70,177,431			44,892,239
Shares reinvested:	Institutional Class		8,268,558			9,387,757			4,069,127			5,681,985			17,775,534			10,772,985			2,618,259			3,179,331			5,835,441			8,036,042			2,171,961			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			1,944,909			2,735,987			844,022			484,191
	Retail Class		747,977			882,782			—			—			—			—			—			—			—			—			32,744			23,955
	Class W		10,988,079			9,346,880			15,102			—			98,909			—			11,415			—			—			—			4,205,566			2,237,628
Shares redeemed:	Institutional Class		(102,924,430	)		(57,905,860	)		(75,248,474	)		(42,373,721	)		(85,965,863	)		(71,727,491	)		(21,497,157	)		(15,527,466	)		(21,331,318	)		(11,874,177	)		(22,127,492	)		(73,239,254	)
	Advisor Class		(2,095,231	)		(716,003	)		(1,331,354	)		(903,698	)		(1,984,879	)		(631,983	)		(1,576,294	)		(599,523	)		(213,217	)		(582,585	)		(1,185,785	)		(223,263	)
	Premier Class		(901,560	)		(2,126,089	)		—			—			—			—			—			—			—			—			(1,444,478	)		(1,167,151	)
	Retirement Class		(6,547,804	)		(3,439,387	)		(4,205,309	)		(6,100,131	)		(5,290,118	)		(7,824,548	)		(8,369,709	)		(5,774,792	)		(4,211,125	)		(2,665,457	)		(1,237,384	)		(2,637,941	)
	Retail Class		(5,559,038	)		(5,023,261	)		—			—			—			—			—			—			—			—			(650,627	)		(994,848	)
	Class W		(78,474,699	)		(32,691,539	)		(219,391	)		(6,051	)		(370,219	)		(20,702	)		(124,518	)		(4,012	)		—			—			(18,083,233	)		(8,359,386	)
Net increase (decrease) from shareholder transactions			86,591,880			128,275,903			5,523,399			20,039,289			27,294,234			6,992,717			4,028,755			6,021,916			7,996,629			25,833,446			67,270,834			(3,220,324	)

42 2020 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Index Funds  ■  2020 Annual Report 43

Statements of changes in net assets	concluded
TIAA-CREF Funds  ■  For the year ended

		International Equity Index Fund
		October 31,			October 31,
		2020			2019
OPERATIONS
Net investment income (loss)		$	326,178,016		$	385,306,819
Net realized gain (loss) on total investments			(190,634,176	)		(204,120,600	)
Net change in unrealized appreciation (depreciation) on total investments			(975,808,381	)		1,100,491,353
Net increase (decrease) in net assets from operations			(840,264,541	)		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		(116,525,339	)		(80,464,995	)
Total distributions			(406,522,215	)		(359,457,672	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		1,531,729,367			1,752,153,146
	Advisor Class		41,912,638			98,132,980
	Premier Class		41,293,116			112,652,548
	Retirement Class		182,257,495			203,905,393
	Retail Class		—			—
	Class W		1,292,839,800			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		(1,176,795,599	)		(2,409,638,043	)
	Advisor Class		(40,072,197	)		(17,508,515	)
	Premier Class		(65,382,558	)		(115,214,861	)
	Retirement Class		(130,901,190	)		(101,909,971	)
	Retail Class		—			—
	Class W		(400,572,288	)		(171,217,675	)
Net increase (decrease) from shareholder transactions			1,675,007,371			676,739,948
Net increase (decrease) in net assets			428,220,615			1,598,959,848
NET ASSETS
Beginning of period			12,989,649,173			11,390,689,325
End of period		$	13,417,869,788		$	12,989,649,173
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		85,506,993			94,735,677
	Advisor Class		2,352,677			5,360,250
	Premier Class		2,200,148			6,191,244
	Retirement Class		9,477,950			10,625,397
	Retail Class		—			—
	Class W		72,141,696			52,249,718
Shares reinvested:	Institutional Class		12,185,374			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		5,966,479			4,661,935
Shares redeemed:	Institutional Class		(66,182,507	)		(131,202,913	)
	Advisor Class		(2,277,490	)		(959,322	)
	Premier Class		(3,541,386	)		(6,128,956	)
	Retirement Class		(7,101,612	)		(5,477,552	)
	Retail Class		—			—
	Class W		(21,674,365	)		(9,202,351	)
Net increase (decrease) from shareholder transactions			91,277,884			36,558,592

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

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TIAA-CREF Funds: Equity Index Funds  ■  2020 Annual Report 45

Financial highlights

TIAA-CREF Funds

			Selected per share data
					Gain (loss) from investment operations
	For the		Net asset		Net			Net realized and			Total gain			Less distributions from						Total			Net asset
	period or year ended		value, beginning of period		investment income (loss		)a	unrealized gain (loss) on total investments			(loss) from investment operations			Net investment income			Net realized gains			dividends and distributions			value, end of period
EQUITY INDEX FUND
Institutional Class:	10/31/20			$22.31		$0.39			$1.84			$2.23			$(0.42	)		$(0.05	)		$(0.47	)		$24.07
	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
Advisor Class:	10/31/20			22.29		0.40			1.80			2.20			(0.39	)		(0.05	)		(0.44	)		24.05
	10/31/19			20.12		0.40			2.19			2.59			(0.35	)		(0.07	)		(0.42	)		22.29
	10/31/18			19.30		0.33			0.90			1.23			(0.31	)		(0.10	)		(0.41	)		20.12
	10/31/17			15.96		0.31			3.44			3.75			(0.33	)		(0.08	)		(0.41	)		19.30
	10/31/16	‡		15.96		0.25			0.25			0.50			(0.31	)		(0.19	)		(0.50	)		15.96
Premier Class:	10/31/20			22.24		0.35			1.83			2.18			(0.38	)		(0.05	)		(0.43	)		23.99
	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
Retirement Class:	10/31/20			22.62		0.34			1.85			2.19			(0.36	)		(0.05	)		(0.41	)		24.40
	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
Retail Class:	10/31/20			22.69		0.33			1.86			2.19			(0.35	)		(0.05	)		(0.40	)		24.48
	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
Class W:	10/31/20			22.32		0.39			1.85			2.24			(0.43	)		(0.05	)		(0.48	)		24.08
	10/31/19			20.13		0.44			2.19			2.63			(0.37	)		(0.07	)		(0.44	)		22.32
	10/31/18	†		21.72		0.01			(1.60	)		(1.59	)		—			—			—			20.13
LARGE-CAP GROWTH INDEX FUND
Institutional Class:	10/31/20			34.63		0.39			9.50			9.89			(0.40	)		(0.47	)		(0.87	)		43.65
	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
Advisor Class:	10/31/20			34.57		0.33			9.50			9.83			(0.36	)		(0.47	)		(0.83	)		43.57
	10/31/19			30.68		0.37			4.59			4.96			(0.36	)		(0.71	)		(1.07	)		34.57
	10/31/18			28.27		0.35			2.58			2.93			(0.32	)		(0.20	)		(0.52	)		30.68
	10/31/17			22.12		0.31			6.13			6.44			(0.29	)		—			(0.29	)		28.27
	10/31/16	‡		22.50		0.24			(0.02	)		0.22			(0.32	)		(0.28	)		(0.60	)		22.12
Retirement Class:	10/31/20			34.83		0.29			9.57			9.86			(0.31	)		(0.47	)		(0.78	)		43.91
	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
Class W:	10/31/20			34.63		0.28			9.63			9.91			(0.40	)		(0.47	)		(0.87	)		43.67
	10/31/19	†		33.68		0.02			0.93			0.95			—			—			—			34.63

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

						Ratios and supplemental data
	For the
	period					Net assets at			Ratios to average net assets									Portfolio
	or year ended		Total return			end of period (in thousands		)	Gross expenses			Net expenses			Net investment income (loss		)	turnover rate
EQUITY INDEX FUND
Institutional Class:	10/31/20			10.10	%		$  9,563,188			0.05	%		0.05	%		1.69	%		12	%f
	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
Advisor Class:	10/31/20			9.97			9,404			0.17			0.17			1.71			12	f
	10/31/19			13.26			49,888			0.19			0.19			1.93			4
	10/31/18			6.44			35,041			0.19			0.19			1.61			5	f
	10/31/17			23.85			8,389			0.15			0.15			1.76			11
	10/31/16‡			3.38	b		123			0.07	c		0.07	c		1.77	c		9
Premier Class:	10/31/20			9.92			57,737			0.20			0.20			1.55			12	f
	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
Retirement Class:	10/31/20			9.79			612,612			0.30			0.30			1.45			12	f
	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
Retail Class:	10/31/20			9.77			1,070,150			0.33			0.33			1.41			12	f
	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
Class W:	10/31/20			10.14			14,941,901			0.05			0.00			1.71			12	f
	10/31/19			13.48			11,566,892			0.05			0.00			2.13			4
	10/31/18	†		(7.32	)b		7,873,593			0.04	c		0.00	c		0.55	c		5	f
LARGE-CAP GROWTH INDEX FUND
Institutional Class:	10/31/20			29.14			7,537,182			0.05			0.05			1.00			33	f
	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
Advisor Class:	10/31/20			29.00			63,667			0.18			0.18			0.86			33	f
	10/31/19			16.90			49,158			0.18			0.18			1.16			28
	10/31/18			10.49			40,368			0.19			0.19			1.13			28
	10/31/17			29.45			16,090			0.19			0.19			1.22			18
	10/31/16	‡		1.09	b		2,868			0.14	c		0.14	c		1.26	c		22
Retirement Class:	10/31/20			28.84			855,735			0.30			0.30			0.74			33	f
	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
Class W:	10/31/20			29.22			1,356,450			0.05			0.00			0.71			33	f
	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 Annual Report 47

Financial highlights

TIAA-CREF Funds

			Selected per share data
					Gain (loss) from investment operations
	For the		Net asset		Net			Net realized and			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:	10/31/20			$20.54		$0.46			$(1.85	)		$(1.39	)		$(0.57	)		$(0.86	)		$(1.43	)		$17.72
	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
Advisor Class:	10/31/20			20.49		0.48			(1.90	)		(1.42	)		(0.54	)		(0.86	)		(1.40	)		17.67
	10/31/19			19.26		0.55			1.46			2.01			(0.47	)		(0.31	)		(0.78	)		20.49
	10/31/18			19.56		0.46			0.08			0.54			(0.45	)		(0.39	)		(0.84	)		19.26
	10/31/17			17.15		0.41			2.56			2.97			(0.38	)		(0.18	)		(0.56	)		19.56
	10/31/16	‡		17.33		0.31			0.59			0.90			(0.41	)		(0.67	)		(1.08	)		17.15
Retirement Class:	10/31/20			20.87		0.42			(1.88	)		(1.46	)		(0.52	)		(0.86	)		(1.38	)		18.03
	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
Class W:	10/31/20			20.54		0.47			(1.85	)		(1.38	)		(0.57	)		(0.86	)		(1.43	)		17.73
	10/31/19	†		20.26		0.08			0.20			0.28			—			—			—			20.54
S&P 500 INDEX FUND
Institutional Class:	10/31/20			33.88		0.62			2.61			3.23			(0.66	)		(0.10	)		(0.76	)		36.35
	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
Advisor Class:	10/31/20			33.82		0.57			2.61			3.18			(0.63	)		(0.10	)		(0.73	)		36.27
	10/31/19			30.43		0.64			3.52			4.16			(0.55	)		(0.22	)		(0.77	)		33.82
	10/31/18			29.01		0.52			1.52			2.04			(0.51	)		(0.11	)		(0.62	)		30.43
	10/31/17			24.06		0.45			5.09			5.54			(0.48	)		(0.11	)		(0.59	)		29.01
	10/31/16	‡		23.87		0.33			0.47			0.80			(0.46	)		(0.15	)		(0.61	)		24.06
Retirement Class:	10/31/20			33.62		0.53			2.60			3.13			(0.59	)		(0.10	)		(0.69	)		36.06
	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
Class W:	10/31/20			33.88		0.63			2.62			3.25			(0.67	)		(0.10	)		(0.77	)		36.36
	10/31/19	†		33.16		0.10			0.62			0.72			—			—			—			33.88
SMALL-CAP BLEND INDEX FUND
Institutional Class:	10/31/20			20.46		0.22			(0.15	)		0.07			(0.29	)		(0.79	)		(1.08	)		19.45
	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
Advisor Class:	10/31/20			20.43		0.19			(0.16	)		0.03			(0.26	)		(0.79	)		(1.05	)		19.41
	10/31/19			21.15		0.30			0.57			0.87			(0.25	)		(1.34	)		(1.59	)		20.43
	10/31/18			22.00		0.26			0.14			0.40			(0.29	)		(0.96	)		(1.25	)		21.15
	10/31/17			17.88		0.24			4.67			4.91			(0.31	)		(0.48	)		(0.79	)		22.00
	10/31/16	‡		18.63		0.27			0.08			0.35			(0.30	)		(0.80	)		(1.10	)		17.88
Retirement Class:	10/31/20			20.52		0.17			(0.15	)		0.02			(0.24	)		(0.79	)		(1.03	)		19.51
	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

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

continued

						Ratios and supplemental data
	For the
	period					Net assets at			Ratios to average net assets									Portfolio
	or year ended		Total return			end of period (in thousands		)	Gross expenses			Net expenses			Net investment income (loss		)	turnover rate
LARGE-CAP VALUE INDEX FUND
Institutional Class:	10/31/20			(7.51	)%		$5,586,461			0.05	%		0.05	%		2.52	%		33	f%
	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
Advisor Class:	10/31/20			(7.63	)		9,094			0.19			0.19			2.54			33	f
	10/31/19			11.00			31,051			0.19			0.19			2.85			38
	10/31/18			2.77			8,505			0.19			0.19			2.34			27
	10/31/17			17.58			2,346			0.20			0.20			2.21			27
	10/31/16	‡		5.87	b		141			0.08	c		0.08	c		2.08	c		23
Retirement Class:	10/31/20			(7.71	)		821,535			0.30			0.30			2.29			33	f
	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
Class W:	10/31/20			(7.45	)		29,964			0.05			0.00			2.57			33	f
	10/31/19	†		1.38	b		28,293			0.12	c		0.00	c		4.13	c		38
S&P 500 INDEX FUND
Institutional Class:	10/31/20			9.67			4,426,743			0.05			0.05			1.78			7
	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
Advisor Class:	10/31/20			9.51			103,558			0.18			0.18			1.65			7
	10/31/19			14.12			88,735			0.19			0.19			2.05			5
	10/31/18			7.12			44,964			0.20			0.20			1.70			8
	10/31/17			23.40			29,207			0.19			0.19			1.68			9
	10/31/16	‡		3.54	b		482			0.09	c		0.09	c		1.59	c		8
Retirement Class:	10/31/20			9.41			1,510,268			0.30			0.30			1.53			7
	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
Class W:	10/31/20			9.72			19,113			0.04			0.00			1.83			7
	10/31/19	†		2.17	b		17,484			0.16	c		0.00	c		3.34	c		5
SMALL-CAP BLEND INDEX FUND
Institutional Class:	10/31/20			0.08			2,308,446			0.06			0.06			1.16			32	f
	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
Advisor Class:	10/31/20			(0.11	)		8,823			1.08			0.20			1.01			32	f
	10/31/19			4.83			7,980			0.84			0.21			1.52			32
	10/31/18			1.84			13,215			0.42			0.21			1.13			20
	10/31/17			27.88			4,848			1.17			0.21			1.18			22
	10/31/16	‡		2.33	b		107			0.08	c		0.08	c		1.74	c		22
Retirement Class:	10/31/20			(0.16	)		791,714			0.30			0.30			0.92			32	f
	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

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

Financial highlights

TIAA-CREF Funds

			Selected per share data
					Gain (loss) from investment operations
	For the		Net asset		Net			Net realized and			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
EMERGING MARKETS EQUITY INDEX FUND
Institutional Class:	10/31/20			$11.05		$0.23			$ 0.68			$ 0.91			$(0.32	)		$—		$(0.32	)		$11.64
	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
Advisor Class:	10/31/20			11.06		0.18			0.71			0.89			(0.30	)		—		(0.30	)		11.65
	10/31/19			10.13		0.35			0.80			1.15			(0.22	)		—		(0.22	)		11.06
	10/31/18			11.85		0.37			(1.87	)		(1.50	)		(0.22	)		—		(0.22	)		10.13
	10/31/17			9.52		0.25			2.24			2.49			(0.16	)		—		(0.16	)		11.85
	10/31/16	‡		8.64		0.18			0.90			1.08			(0.20	)		—		(0.20	)		9.52
Premier Class:	10/31/20			11.02		0.21			0.67			0.88			(0.30	)		—		(0.30	)		11.60
	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
Retirement Class:	10/31/20			11.00		0.20			0.67			0.87			(0.30	)		—		(0.30	)		11.57
	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
Retail Class:	10/31/20			11.00		0.19			0.68			0.87			(0.28	)		—		(0.28	)		11.59
	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
Class W:	10/31/20			11.07		0.26			0.67			0.93			(0.34	)		—		(0.34	)		11.66
	10/31/19			10.14		0.37			0.81			1.18			(0.25	)		—		(0.25	)		11.07
	10/31/18	†		11.06		0.02			(0.94	)		(0.92	)		—			—		—			10.14
INTERNATIONAL EQUITY INDEX FUND
Institutional Class:	10/31/20			19.77		0.45			(1.67	)		(1.22	)		(0.62	)		—		(0.62	)		17.93
	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
Advisor Class:	10/31/20			19.75		0.43			(1.68	)		(1.25	)		(0.60	)		—		(0.60	)		17.90
	10/31/19			18.34		0.58			1.38			1.96			(0.55	)		—		(0.55	)		19.75
	10/31/18			20.29		0.60			(2.01	)		(1.41	)		(0.54	)		—		(0.54	)		18.34
	10/31/17			16.88		0.49			3.40			3.89			(0.48	)		—		(0.48	)		20.29
	10/31/16	‡		17.70		0.37			(0.68	)		(0.31	)		(0.51	)		—		(0.51	)		16.88
Premier Class:	10/31/20			19.71		0.42			(1.67	)		(1.25	)		(0.59	)		—		(0.59	)		17.87
	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
Retirement Class:	10/31/20			20.20		0.41			(1.72	)		(1.31	)		(0.57	)		—		(0.57	)		18.32
	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
Class W:	10/31/20			19.78		0.46			(1.68	)		(1.22	)		(0.62	)		—		(0.62	)		17.94
	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

‡	The Advisor Class commenced operations on December 4, 2015.
†	Class W commenced operations on September 28, 2018 for the Equity Index Fund, the Emerging Markets Equity Index Fund and the International Equity Index Fund; and commenced operations on September 30, 2019 for the Large-Cap Growth Index Fund, the Large-Cap Value Index Fund and the S&P 500 Index Fund.
a	Based on average shares outstanding.
b	The percentages shown for this period are not annualized.
c	The percentages shown for this period are annualized.
f	Does not include in-kind transactions.

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

concluded

						Ratios and supplemental data
	For the
	period					Net assets at			Ratios to average net assets									Portfolio
	or year ended		Total return			end of period (in thousands		)	Gross expenses			Net expenses			Net investment income (loss		)	turnover rate
EMERGING MARKETS EQUITY INDEX FUND
Institutional Class:	10/31/20			8.43	%		$     921,818			0.20	%		0.20	%		2.13	%		36	%
	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
Advisor Class:	10/31/20			8.28			2,449			0.34			0.34			1.62			36
	10/31/19			11.52			12,105			0.34			0.34			3.34			53
	10/31/18			(12.86	)		1,511			0.34			0.34			3.19			27
	10/31/17			26.73			1,019			0.37			0.36			2.34			29
	10/31/16	‡		12.90	b		193			0.24	c		0.24	c		2.35	c		30
Premier Class:	10/31/20			8.21			25,218			0.35			0.35			1.90			36
	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
Retirement Class:	10/31/20			8.06			428,964			0.45			0.45			1.89			36
	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
Retail Class:	10/31/20			8.07			15,221			0.57			0.57			1.73			36
	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
Class W:	10/31/20			8.60			2,131,058			0.20			0.01			2.37			36
	10/31/19			11.86			1,399,712			0.20			0.00			3.50			53
	10/31/18	†		(8.32	)b		889,002			0.22	c		0.00	c		2.27	c		27
INTERNATIONAL EQUITY INDEX FUND
Institutional Class:	10/31/20			(6.45	)		7,675,874			0.05			0.05			2.46			4
	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
Advisor Class:	10/31/20			(6.58	)		111,950			0.17			0.17			2.32			4
	10/31/19			11.15			118,307			0.19			0.19			3.15			10
	10/31/18			(7.16	)		28,194			0.20			0.20			3.00			4	f
	10/31/17			23.68			25,184			0.21			0.21			2.63			11
	10/31/16	‡		(1.67	)b		4,108			0.14	c		0.14	c		2.49	c		11
Premier Class:	10/31/20			(6.61	)		201,339			0.20			0.20			2.26			4
	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
Retirement Class:	10/31/20			(6.73	)		1,140,317			0.30			0.30			2.20			4
	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
Class W:	10/31/20			(6.40	)		4,288,389			0.05			0.00			2.53			4
	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 Annual Report 51

Notes to financial statements

TIAA-CREF Funds

Note 1—organization

TIAA-CREF Funds (the “Trust”) is a Delaware statutory trust that is registered with the U.S. Securities and Exchange Commission (“SEC”) 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”).

Teachers Advisors, LLC (“Advisors”), a wholly owned indirect subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”), is registered with the SEC as an investment adviser and provides investment management services for the Funds.

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 TIAA.

The Funds offer up to six share classes, although any one Fund may not necessarily offer all six classes. The Funds may offer Institutional Class, Advisor Class, Premier Class, Retirement Class, Retail Class and Class W shares. Each class differs by the allocation of class-specific expenses and voting rights in matters affecting a single class. Class W was made available for sale by certain Funds on September 28, 2018 pursuant to an amendment to the Trust’s registration statement filed with the SEC.

Note 2—significant accounting policies

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.

Investments and investment income: Securities transactions are accounted for as of the trade date for financial reporting purposes. Interest income is recorded on an accrual basis and includes accretion of discounts and amortization of premiums. 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. Securities lending income is comprised of fees earned from borrowers and income earned on cash collateral investments. 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.

Multiclass operations and allocations: 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.

Distributions to shareholders: Distributions to shareholders are recorded on the ex-dividend date. The amount, character and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

Foreign currency transactions and translation: The books and records of the Funds are maintained in U.S. dollars. Assets, including investments, and liabilities denominated in foreign currencies are translated into U.S. dollars at the end of each day. Purchases and sales of securities, income, and expenses are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.

Net realized foreign currency gains and losses resulting from changes in exchange rates associated with (i) foreign currency, (ii) investments and (iii) derivatives include foreign currency gains and losses between trade date and settlement date of the transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the Funds and the amounts actually received and are recognized as a component of “Net realized gain (loss) on total investments” on the Statements of operations, when applicable.

The unrealized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with (i) investments and (ii) other assets and liabilities are recognized as a component of “Net change in unrealized appreciation (depreciation) on total investments” on the Statements of operations, when applicable. The unrealized gains and losses resulting from changes in foreign exchange rates associated with investments in derivatives are recognized as a component of the respective derivative’s related “Net change in unrealized appreciation (depreciation) on total investments and affiliated investments” on the Statements of operations, when applicable.

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.

52 2020 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds

Indemnification: Under the Trust’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that provide general indemnifications to other parties. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

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. 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.

Note 3—valuation of investments

The Funds’ investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy which is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

• Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.

• Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.).

• Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

A description of the valuation techniques applied to the Funds’ major classifications of assets and liabilities measured at fair value follows:

Exchange-traded equity securities, common and preferred stock: Equity securities and exchange-traded funds 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. 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. To the extent these securities are actively traded and that valuation adjustments are not applied, they are generally classified as Level 1. If there is no official close of business, then the latest available sale price is utilized. If no sales are reported, then the mean of the latest available bid and ask prices is utilized and are generally classified as Level 2.

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. These foreign securities are generally classified as Level 2.

Debt securities: Prices of fixed-income securities are generally provided by an independent pricing service (“pricing service”) approved by the Board. The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer or market activity, provided by the Adviser. These securities are generally classified as Level 2.

Investments in registered investment companies: Investments in investment companies are valued at their respective NAVs on the valuation date and are generally classified as Level 1.

Repurchase Agreements: Repurchase agreements are valued at contract amount plus accrued interest, which approximates market value. These securities are generally classified as Level 2.

Futures contracts: Futures contracts are valued using the closing settlement price and are generally classified as Level 1.

Any portfolio security or derivative 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. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. To the extent the inputs are observable and timely, the values would be classified as Level 2 of the fair value hierarchy, otherwise they would be classified as Level 3.

TIAA-CREF Funds: Equity Index Funds  ■  2020 Annual Report 53

Notes to financial statements

The following table summarizes the market value of the Funds’ investments as of October 31, 2020, based on the inputs used to value them:

Fund	Level 1			Level 2		Level 3		Total
Equity Index
Equity investments:
Financials	$	2,660,194,958		$	–	$	4,176	$	2,660,199,134
Health care		3,746,092,942			5,651,265		84,460		3,751,828,667
Industrials		745,927,311			–		–		745,927,311
All other equity investments*		18,965,748,779			–		–		18,965,748,779
Short-term investments		117,642,022			488,817,031		–		606,459,053
Futures contracts**		(3,901,364	)		–		–		(3,901,364	)
Total	$	26,231,704,648		$	494,468,296	$	88,636	$	26,726,261,580
Large-Cap Growth Index
Equity investments:
Health care	$	1,331,817,119		$	4,473,966	$	–	$	1,336,291,085
All other equity investments*		8,459,489,146			–		–		8,459,489,146
Short-term investments		9,727,829			36,939,005		–		46,666,834
Total	$	9,801,034,094		$	41,412,971	$	–	$	9,842,447,065
Large-Cap Value Index
Equity investments*	$	6,440,375,040		$	–	$	–	$	6,440,375,040
Short-term investments		10,468,949			3,185,000		–		13,653,949
Total	$	6,450,843,989		$	3,185,000	$	–	$	6,454,028,989
S&P 500 Index
Equity investments*	$	6,028,959,334		$	–	$	–	$	6,028,959,334
Short-term investments		4,144,545			25,819,686		–		29,964,231
Futures contracts**		(469,328	)		–		–		(469,328	)
Total	$	6,032,634,551		$	25,819,686	$	–	$	6,058,454,237
Small-Cap Blend Index
Equity investments:
Financials	$	497,861,465		$	–	$	8,640	$	497,870,105
Health care		657,148,217			–		106,394		657,254,611
Materials		141,074,560			–		–		141,074,560
All other equity investments*		1,806,629,062			–		–		1,806,629,062
Short-term investments		128,902,996			–		–		128,902,996
Total	$	3,231,616,300		$	–	$	115,034	$	3,231,731,334
Emerging Markets Equity Index
Equity investments:
Africa/Middle East	$	–		$	206,730,031	$	–	$	206,730,031
Asia		498,523,265			2,139,388,891		257,941		2,638,170,097
Europe		31,760,004			58,705,644		–		90,465,648
Latin America		–			150,506,161		–		150,506,161
North America		108,747,214			–		–		108,747,214
All other equity investments*		12,051,386			317,763,861		784		329,816,031
Short-term investments		8,351,939			52,185,000		–		60,536,939
Total	$	659,433,808		$	2,925,279,588	$	258,725	$	3,584,972,121
International Equity Index
Equity investments:
Asia	$	3,450,405		$	3,869,721,965	$	–	$	3,873,172,370
Australasia		–			1,014,011,061		2,781		1,014,013,842
Europe		7,303,909			7,080,404,425		–		7,087,708,334
All other equity investments*		54,530,870			1,098,396,867		1,577		1,152,929,314
Short-term investments		155,916,611			200,770,674		–		356,687,285
Futures contracts**		(4,898,208	)		–		–		(4,898,208	)
Total	$	216,303,587		$	13,263,304,992	$	4,358	$	13,479,612,937

*	For detailed categories, see the accompanying Summary portfolio of investments.
**	Derivative instruments are not reflected in the Summary portfolio of investments.

54 2020 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds

continued

Note 4—investments

Repurchase agreements: In connection with transactions in repurchase agreements, it is the Fund’s policy that its custodian take possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. If the counterparty defaults, and the fair value of the collateral declines, realization of the collateral may be delayed or limited.

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.

Securities lending: Certain Funds may lend their securities to qualified institutional borrowers to earn additional income. A Fund receives collateral (in the form of cash, Treasury securities or other collateral permitted by applicable law) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of loaned securities during the period of the loan; any additional collateral required due to changes in security values is delivered to the Fund the next business day. Cash collateral received by the Fund will generally be invested in high-quality short-term instruments or in one or more funds maintained by the securities lending agent (“Agent”) for the purpose of investing cash collateral.

The value of the loaned securities and the liability to return the cash collateral received are reflected in the Statements of assets and liabilities. Non-cash collateral is not disclosed in the Funds’ Statements of assets and liabilities as it is held by the lending agent on behalf of the Funds, and the Funds do not have the ability to sell or re-hypothecate those securities. As of October 31, 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 October 31, 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		$158,778,566		$117,642,022		$50,631,788		$168,273,810
Large-Cap Growth Index		20,671,377		9,727,829		12,779,745		22,507,574
Large-Cap Value Index		14,066,011		10,468,949		3,985,035		14,453,984
S&P 500 Index		5,087,215		4,144,545		986,849		5,131,394
Small-Cap Blend Index		172,971,605		128,902,996		55,869,359		184,772,355
Emerging Markets Equity Index		36,143,892		8,351,939		29,689,599		38,041,538
International Equity Index		219,129,656		155,916,611		70,811,671		226,728,282

* May include cash and investment of cash collateral.

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the year ended October 31, 2020 were as follows:

Fund	Non-U.S. government purchases		Non-U.S. government sales
Equity Index	$	3,611,756,847	$	2,809,412,261
Large-Cap Growth Index		3,410,107,957		2,737,733,443
Large-Cap Value Index		2,680,952,594		2,141,757,387
S&P 500 Index		494,272,129		386,792,787
Small-Cap Blend Index		1,070,417,171		960,869,202
Emerging Markets Equity Index		1,779,365,303		1,072,459,746
International Equity Index		2,075,728,126		498,782,095

Note 5—derivative investments

Each Fund is authorized to invest in certain 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. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statements of operations, when applicable.

At October 31, 2020, the following Funds have invested in derivative contracts which are reflected in the Statements of assets and liabilities as follows:

	Liabilities derivatives
Derivative contracts	Location	Fair value amount
Equity Index Fund
Equity contracts	Futures contracts*		$(3,901,364	)
S&P 500 Index Fund
Equity contracts	Futures contracts*		(469,328	)
International Equity Index Fund
Equity contracts	Futures contracts*		(4,898,208	)

* 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.

TIAA-CREF Funds: Equity Index Funds  ■  2020 Annual Report 55

Notes to financial statements

For the year ended October 31, 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		)
Equity Index Fund
Equity contracts	Futures contracts	$	243,522		$	(4,178,550	)
S&P 500 Index Fund
Equity contracts	Futures contracts		(1,092,267	)		(512,248	)
International Equity Index Fund
Equity contracts	Futures contracts		1,218,929			(8,785,327	)

Futures contracts: Certain Funds are subject to equity price risk in the normal course of pursuing their investment objectives. The Funds use futures contracts to manage exposure to the equity markets and for cash management purposes to remain highly invested in these markets while minimizing transaction costs. Buying futures contracts tends to increase exposure to the underlying instrument/index, while selling futures contracts tends to decrease exposure to the underlying instrument/index or hedge other investments. Initial margin deposits are made upon entering into a futures contract, and variation margin receipts or payments are settled daily reflecting changes in the value of the futures contracts. Daily changes in the value of such contracts are reflected in net unrealized gains and losses. Gains or losses are realized upon the expiration or closing of the futures contracts or if the counterparties do not perform in accordance with contractual provisions. With futures contracts, there is minimal counterparty credit risk to the Funds since futures contracts are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded funds, guarantees the futures contracts against default. During the year ended October 31, 2020, the Equity Index Fund, S&P 500 Index Fund & International Equity Index Fund had exposure to futures contracts, based on underlying notional values, generally between 0% and 3% of net assets. The futures contracts outstanding as of October 31, 2020 are disclosed in the Summary portfolio of investments and the full Schedules of investments.

Note 6—Income tax and other tax matters

Income taxes: Each Fund is treated separately for income tax purposes. The Funds intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code (“Code”) and will not be subject to income taxes to the extent that they distribute all taxable income each year and comply with various other Code requirements. The Funds file income tax returns in U.S. federal and applicable state and local jurisdictions. A fund’s federal income tax returns are

generally subject to examination for a period of three fiscal years after being filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed the Funds’ tax positions taken for all open federal income tax years and has concluded that no provision for federal income tax is required in the Funds’ financial statements.

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

For the year ended October 31, 2020, permanent book and tax differences resulting primarily from differing treatments for foreign currency transactions, certain foreign taxes paid, redemptions in-kind, utilization of tax equalization credits, dividend redesignations, investments in partnerships, and gains and losses from the sale of stock in passive foreign investment companies were identified and reclassified among the components of the Funds’ net assets. Net investment income and net realized gains (losses), as disclosed on the Statements of operations, and net assets were not affected by these reclassifications.

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

Net unrealized appreciation (depreciation): At October 31, 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	$	16,260,991,120	$	11,940,218,135	$	(1,474,947,675	)	$	10,465,270,460
Large-Cap Growth Index		5,419,372,007		4,495,882,467		(72,807,409	)		4,423,075,058
Large-Cap Value Index		5,912,459,057		1,341,594,398		(800,024,466	)		541,569,932
S&P 500 Index		3,272,709,132		3,140,436,251		(354,691,146	)		2,785,745,105
Small-Cap Blend Index		2,909,051,716		820,765,958		(498,086,340	)		322,679,618
Emerging Markets Equity Index		2,965,665,122		1,098,411,175		(479,104,176	)		619,306,999
International Equity Index		12,877,125,392		3,027,972,757		(2,425,485,212	)		602,487,545

56 2020 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds

continued

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.

Distributions to shareholders: The tax character of distributions paid to shareholders during the years ended October 31, 2020 and October 31, 2019 was as follows:

	10/31/2020						10/31/2019
Fund	Ordinary income		Long-term capital gains		Total		Ordinary income		Long-term capital gains		Total
Equity Index		$432,656,400		$  38,341,696		$470,998,096		$340,529,815		$  50,044,008		$390,573,823
Large-Cap Growth Index		85,041,646		103,369,310		188,410,956		83,832,620		133,097,612		216,930,232
Large-Cap Value Index		187,639,650		291,202,475		478,842,125		177,000,174		85,779,696		262,779,870
S&P 500 Index		105,924,670		16,347,251		122,271,921		88,433,514		34,908,695		123,342,209
Small-Cap Blend Index		54,413,020		107,080,539		161,493,559		49,075,639		156,378,485		205,454,124
Emerging Markets Equity Index		80,014,430		–		80,014,430		58,381,252		–		58,381,252
International Equity Index		406,522,215		–		406,522,215		359,457,672		–		359,457,672

Components of accumulated earnings: As of October 31, 2020, the components of accumulated earnings on a tax basis were as follows:

Fund	Undistributed ordinary income		Undistributed long-term capital gains		Unrealized appreciation (depreciation		)	Capital loss carryover			Total
Equity Index		$ 341,917,555		$                  –		$10,465,270,460			$(112,017,505	)		$10,695,170,510
Large-Cap Growth Index		109,748,115		101,628,708		4,423,075,058			–			4,634,451,881
Large-Cap Value Index		135,287,451		–		541,569,932			(249,603,173	)		427,254,210
S&P 500 Index		83,707,979		–		2,785,745,104			(20,172,078	)		2,849,281,005
Small-Cap Blend Index		32,782,259		57,689,867		322,679,618			–			413,151,744
Emerging Markets Equity Index		76,555,056		–		616,659,882			(249,575,528	)		443,639,410
International Equity Index		276,040,711		–		604,155,365			(445,971,299	)		434,224,777

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

In certain circumstances, a fund may distribute portfolio securities rather than cash as payment for a redemption of fund shares (in-kind redemption). A fund may also accept portfolio securities rather than cash as payment for a purchase of fund shares (in-kind purchase). During the year ended October 31, 2020 the Large-Cap Growth Index Fund recognized a net capital gain of $298,713,024 as the result of a delivery of $426,506,221 of securities from in-kind redemption transactions. The Large-Cap Value Index Fund recognized a net capital gain of $126,603,370 as the result of a delivery of $345,341,943 of securities from in-kind redemption transactions. The Small-Cap Blend Index Fund recognized a net capital gain of $28,548,208 as the result of a delivery of $60,604,383 of securities from in-kind redemption transactions. For federal income tax purposes, the gain is not taxable and therefore will not be distributed to shareholders. The gain was reclassified from total distributable earnings (loss) to paid-in-capital in the Statements of Assets and Liabilities. During the year ended October 31, 2020, the Equity Index Fund received $832,452,547 of securities from in-kind purchase transactions.

Capital loss carryovers: At October 31, 2020, the following Funds had capital loss carryovers, which will not expire:

Fund	Short-term		Long-term		Total
Equity Index	$	–	$	112,017,505	$	112,017,505
Large-Cap Value Index		18,798,694		230,804,479		249,603,173
S&P 500 Index		–		20,172,078		20,172,078
Emerging Markets Equity Index		57,346,831		192,228,697		249,575,528
International Equity Index		138,909,527		307,061,772		445,971,299

Note 7—investment adviser and other transactions with 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

TIAA-CREF Funds: Equity Index Funds  ■  2020 Annual Report 57

Notes to financial statements

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 shares’ Management fees and Other expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, acquired fund fees and expenses, trustee expenses and extraordinary expenses) in their entirety. Advisors expects this waiver and/or reimbursement to remain in effect indefinitely, unless changed or terminated with approval of

the Board of Trustees. The Management fees and Other expenses of Class W shares that have been waived by Advisors may be incurred directly or indirectly, all or in part, by investors in Class W shares.

Advisors has agreed to reimburse each Fund if its total expense ratio (excluding interest, taxes, brokerage commissions or other transactional expenses, acquired fund fees and expenses and extraordinary expenses) exceeds certain percentages. As of October 31, 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— 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			–			0.09
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 of Trustees.

§

Advisors has contractually agreed to waive and/or reimburse Class W’s Management fees and Other expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses, Trustee expenses and extraordinary expenses) in their entirety. Advisors expects this waiver and/or reimbursement to remain in effect permanently, unless changed with approval of the Board of Trustees.

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 year ended October 31, 2020, the Funds engaged in the following security transactions with affiliated entities:

Fund	Purchases		Sales		Realized gain (loss		)
Equity Index	$	810,039,995	$	3,951,889	$	(710,383	)
Large-Cap Growth Index		917,886,673		64,304,243		286,076
Large-Cap Value Index		169,780,415		47,876,936		(3,122,912	)
S&P 500 Index		229,493,639		17,162,184		(392,376	)
Small-Cap Blend Index		10,296,604		2,747,332		(413,663	)
Emerging Markets Equity Index		65,034,925		5,115,761		(717,568	)
International Equity Index		267,915,057		14,443,418		(5,301,649	)

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 October 31, 2020:

Fund	TIAA-CREF Lifecycle Funds			TIAA-CREF Lifecycle Index Funds			TIAA Access			Total
Equity Index		–	%		57	%		1	%		58	%
Large-Cap Growth Index		14			–			4			18
Large-Cap Value Index		–			–			7			7
S&P 500 Index		–			–			11			11
Small-Cap Blend Index		–			–			17			17
Emerging Markets Equity Index		–			60			2			62
International Equity Index		–			32			6			38

TIAA-CREF Tuition Financing, Inc. (“TFI”), a wholly owned direct subsidiary of TIAA, is a registered investment adviser that provides program management services to multiple qualified tuition programs formed under Section 529 of the Internal Revenue Code (“529 Plans”). These 529 Plans, each of which operates independently, invest a portion of their assets in the Funds. As of October 31, 2020, three 529 Plans owned 5%, 5% and 7% respectively, of the Equity Index Fund; and two 529 plans owned 10% and 7% respectively, of S&P 500 Index Fund; and one 529 plan owned 5% of Emerging Markets Equity Index Fund; and two 529 Plans owned 5% and 5% respectively, of the International Equity Index fund.

58 2020 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds

concluded

Note 8—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 9—inter-fund lending program

Pursuant to an exemptive order issued by the SEC, the Funds may participate in an inter-fund lending program. This program allows the Funds to lend cash to and/or borrow cash from certain other affiliated Funds for temporary purposes, (e.g., to satisfy redemption requests or to cover unanticipated cash shortfalls). The program is subject to a number of conditions, including the requirement that no Fund may borrow or lend money under the program unless it receives a more favorable interest rate than is available from a bank or other financial institution for a

comparable transaction. In addition, a Fund may participate in the program only if its participation is consistent with the Fund’s investment policies and limitations and authorized by its portfolio manager(s). During the year ended October 31, 2020, there were no inter-fund borrowing or lending transactions.

Note 10—line of credit

The Funds participate 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 16, 2020 expiring on June 15, 2021, replacing the previous facility, which expired June 2020. Certain affiliated accounts and mutual funds, each of which is managed by Advisors, or an affiliate of Advisors, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds on a pro rata basis. Interest associated with any borrowing under the facility is charged to the borrowing accounts or mutual funds at a specified rate of interest. The Funds are not liable for borrowings under the facility by other affiliated accounts or mutual funds. For the year ended October 31, 2020, there were no borrowings under this credit facility by the Funds.

TIAA-CREF Funds: Equity Index Funds  ■  2020 Annual Report 59

Report of independent registered public accounting firm

To the Board of Trustees of TIAA-CREF Funds and Shareholders of TIAA-CREF Equity Index Fund, TIAA-CREF Large-Cap Growth Index Fund, TIAA-CREF Large-Cap Value Index Fund, TIAA-CREF S&P 500 Index Fund, TIAA-CREF Small-Cap Blend Index Fund, TIAA-CREF Emerging Markets Equity Index Fund and TIAA-CREF International Equity Index Fund:

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the summary portfolios of investments, of TIAA-CREF Equity Index Fund, TIAA-CREF Large-Cap Growth Index Fund, TIAA-CREF Large-Cap Value Index Fund, TIAA-CREF S&P 500 Index Fund, TIAA-CREF Small-Cap Blend Index Fund, TIAA-CREF Emerging Markets Equity Index Fund, and TIAA-CREF International Equity Index Fund (seven of the funds constituting TIAA-CREF Funds, hereafter collectively referred to as the “Funds”) as of October 31, 2020, the related statements of operations for the year ended October 31, 2020, the statements of changes in net assets for each of the two years in the period ended October 31, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2020, and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2020 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Baltimore, Maryland
December 17, 2020

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

60 2020 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds

Important tax information (unaudited)

For the fiscal year ended October 31, 2020, the TIAA-CREF Funds designate the following distribution amounts (or the maximum amount allowable) as being from net long-term capital gains.

	Long-term
Fund	capital gains
Equity Index	$	38,341,696
Large-Cap Growth Index		116,583,259
Large-Cap Value Index		291,202,475
S&P 500 Index		16,347,251
Small-Cap Blend Index		107,989,229
Emerging Markets Equity Index		–
International Equity Index		–

For the fiscal year ended October 31, 2020, the TIAA-CREF Funds designate the following percentages (or the maximum amount allowable) of ordinary income dividends paid as qualified dividends.

Fund	Percentage
Equity Index		86.2	%
Large-Cap Growth Index		100.0
Large-Cap Value Index		87.6
S&P 500 Index		94.7
Small-Cap Blend Index		49.6
Emerging Markets Equity Index		42.9
International Equity Index		75.2

For the fiscal year ended October 31, 2020, the TIAA-CREF Funds designate the following percentages (or the maximum amount allowable) of ordinary income dividends paid as qualifying for the corporate dividends received deduction.

Fund	Percentage
Equity Index		84.0	%
Large-Cap Growth Index		97.7
Large-Cap Value Index		84.9
S&P 500 Index		92.1
Small-Cap Blend Index		49.1
Emerging Markets Equity Index		–
International Equity Index		–

The Emerging Markets Equity Index and International Equity Index Funds received income from foreign sources during the year ended October 31, 2020 of $75,740,552 ($0.25022 per share), and $359,933,552 ($0.48187 per share) respectively, and paid taxes to foreign countries during the year ended October 31, 2020 of $8,460,105 ($0.02795 per share), and $23,611,984 ($0.03161 per share), respectively.

The information and distributions reported herein may differ from the information and distributions reported to shareholders for the calendar year ending December 31, 2020, which will be reported in conjunction with your 2020 Form 1099-DIV.

By early 2021, shareholders should receive their Form 1099-DIV and a tax information letter from the Funds. For your specific situation, we recommend that you consult a professional tax advisor.

TIAA-CREF Funds: Equity Index Funds  ■  2020 Annual Report 61

Trustees and officers (unaudited)

TIAA-CREF Funds  ■  October 31, 2020

Trustees

Name, Address and Year of Birth (“YOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee
Forrest Berkley c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Trustee	Indefinite term. Trustee since 2006.	Retired Partner (since 2006), Partner (1990–2005) and Head of Global Product Management (2003–2005), GMO (formerly, Grantham, Mayo, Van Otterloo & Co.) (investment management); and member of asset allocation portfolio management team, GMO (2003–2005).	91	Director, Save the Children Federation, Inc.; Investment Committee Member, Maine Community Foundation.
Joseph A. Boateng c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Trustee	Indefinite term. Trustee since 2019.	Chief Investment Officer, Casey Family Programs (since 2007). Director of U.S. Pension Plans at Johnson & Johnson (2002–2006). Manager, Financial Services Consultant, KPMG Consulting (2000–2002).	91	Board member, Year Up Puget Sound and Waterside School; Investment Advisory Committee Chair, Seattle City Employees’ Retirement System; Investment Committee Member, The Seattle Foundation.
Janice C. Eberly c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Trustee	Indefinite term. Trustee since 2018.	James R. and Helen D. Russell Professor of Finance (2002–2011 and since 2013), and Senior Associate Dean for Strategy and Academics (since 2020) at the Kellogg School of Management at Northwestern University and Chair of the Finance Department (2005–2007). Vice President, American Economic Association (since 2020). Assistant Secretary for Economic Policy at the United States Department of the Treasury (2011–2013).	91	Member of the Board of the Office of Finance of the Federal Home Loan Banks; Director, Avant, LLC; Member of the Executive Board, American Economic Association.
Nancy A. Eckl c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Trustee	Indefinite term. Trustee since 2007.	Vice President (1990–2006), American Beacon Advisors, Inc., and Vice President of certain funds advised by American Beacon Advisors, Inc.	91	Independent Director, The Lazard Funds, Inc., Lazard Retirement Series, Inc., and Lazard Global Total Return and Income Fund, Inc
Michael A. Forrester c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1967	Trustee	Indefinite term. Trustee since 2007.	Chief Executive Officer (since 2014) and Chief Operating Officer (2007–2014), Copper Rock Capital Partners, LLC; Chief Operating Officer, DDJ Capital Management (2003–2006).	91	Director of Copper Rock Capital Partners, LLC (investment adviser); Trustee, Dexter Southfield School; Member, Governing Council of the Independent Directors Council.
Howell E. Jackson c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Trustee	Indefinite term. Trustee since 2005.	James S. Reid, Jr. Professor of Law (since 2004), Senior Advisor to the President and Provost (2010–2012), Acting Dean (2009), Vice Dean for Budget (2003–2006) and on the faculty (since 1989) of Harvard Law School.	91	Director, Commonwealth (non-profit organization).
Thomas J. Kenny c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Chairman of the Board and Trustee	Indefinite term. Trustee since 2011. Chairman for term ending July 1, 2021. Chairman since September 13, 2017.	Advisory Director (2010–2011), Partner (2004– 2010) and Managing Director (1999–2004), Co-Head of Global Cash and Fixed Income Portfolio Management Team (2002–2010), Goldman Sachs Asset Management.	91	Director and Chair of the Finance and Investment Committee, Aflac Incorporated; Director and Investment Committee Member, Sansum Clinic; Director, ParentSquare; Member, University of California at Santa Barbara Arts and Lectures Advisory Council.
James M. Poterba c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1958	Trustee	Indefinite term. Trustee since 2006.	President and Chief Executive Officer (since 2008) and Program Director (1990–2008), National Bureau of Economic Research. Mitsui Professor of Economics, Massachusetts Institute of Technology (“MIT”) (since 1996); Affiliated Faculty Member of the Finance Group, Alfred P. Sloan School of Management (since 2014); Head (2006–2008) and Associate Head (1994–2000 and 2001–2006), Economics Department of MIT.	91	Director, National Bureau of Economic Research and the Alfred P. Sloan Foundation; Member, Congressional Budget Office Panel of Economic Advisers.

62 2020 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds

Trustees — concluded

Name, Address and Year of Birth (“YOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee
Maceo K. Sloan c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1949	Trustee	Indefinite term. Trustee since 1999.	Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (1991–2018); Chairman and Chief Executive Officer (1991–2016) and Chief Investment Officer (1991–2013) and Chief Compliance Officer (2015–2016), NCM Capital Management Group, Inc.; Chairman, Chief Executive Officer (2003–2016), Chief Investment Officer (2003–2013) and Chief Compliance Officer (2015–2016), NCM Capital Advisers Inc.; and Chairman, President and Principal Executive Officer, NCM Capital Investment Trust (2007–2012).	91	N/A
Laura T. Starks c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1950	Trustee	Indefinite term. Trustee since 2006.	Charles E. and Sarah M. Seay Regents Chair of Finance (since 2002), Co-Executive Director, Social Innovation Initiative (since 2015), Director, AIM Investment Center (2000–2016), Associate Dean for Research (2011–2016), Chairman, Department of Finance (2002–2011) and Professor (since 1987), McCombs School of Business, University of Texas at Austin. President, Society of Financial Studies (2017–2020). Vice President, American Finance Association (since 2020).	91	Texa$aver Product Committee Member, Employees Retirement System of Texas.

Officers

Name, Address and Year of Birth (“YOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Vijay Advani TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1960	Executive Vice President	One-year term. Executive Vice President since 2018.	Executive Chairman, Nuveen. Executive Vice President of the College Retirement Equities Fund (“CREF”), TIAA Separate Account VA-1, TIAA-CREF Funds and TIAA-CREF Life Funds (collectively, the “TIAA-CREF Fund Complex”). Formerly, Chief Executive Officer, Nuveen. Prior to joining Nuveen, Mr. Advani served as Co-President of Franklin Resources, Inc. (Franklin Templeton Investments).
Richard S. Biegen TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Chief Compliance Officer	One-year term. Chief Compliance Officer since 2008.	Senior Managing Director, TIAA. Chief Compliance Officer of the TIAA-CREF Fund Complex.
Derek B. Dorn TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1976	Senior Managing Director and Corporate Secretary	One-year term. Senior Managing Director and Corporate Secretary since 2020.	Senior Managing Director and Corporate Secretary of Teachers Insurance and Annuity Association of America (“TIAA”) and the TIAA-CREF Fund Complex. Formerly, Managing Director, Special Assistant to the CEO, and Managing Director, Regulatory Affairs, TIAA. Prior to joining TIAA, Mr. Dorn was a partner at Davis & Harman LLP and an adjunct professor of Law at Georgetown University Law Center.

TIAA-CREF Funds: Equity Index Funds  ■  2020 Annual Report 63

Trustees and officers(unaudited)	concluded
TIAA-CREF Funds  ■  October 31, 2020

Officers — concluded

Name, Address and Year of Birth (“YOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Bradley Finkle TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1973	Principal Executive Officer and President	One-year term. Principal Executive Officer and President since 2017.	Chief Operating Officer, Nuveen. Principal Executive Officer and President of the TIAA-CREF Funds and TIAA-CREF Life Funds. Formerly, Senior Managing Director, Co-Head Nuveen Equities & Fixed Income and President of TIAA Investments.
Jose Minaya TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1971	Executive Vice President	One-year term. Executive Vice President since 2018.	Chief Executive Officer, Nuveen. Executive Vice President of the TIAA-CREF Fund Complex. Formerly, Executive Vice President, President and Chief investment Officer, Nuveen; Executive Vice President, Chief Investment Officer, Nuveen Global Investments; and Senior Managing Director, President, Global Investments, TIAA.
David Nason TIAA 730 Third Ave. New York, NY 10017-3206 YOB: 1970	Executive Vice President	One-year term. Executive Vice President since 2020.	Senior Executive Vice President, Chief Legal, Risk and Compliance Officer of TIAA. Executive Vice President of the TIAA-CREF Fund Complex. Formerly, Executive Vice President, Chief Risk and Compliance Officer, TIAA. Prior to joining TIAA, Mr. Nason served as President and CEO of GE Energy Financial Services.
Phillip T. Rollock TIAA 730 Third Ave. New York, NY 10017-3206 YOB: 1962	Executive Vice President and Chief Legal Officer	One-year term. Executive Vice President and Chief Legal Officer since 2018.	Executive Vice President and Chief Legal Officer of TIAA and the TIAA-CREF Fund Complex. Formerly, Executive Vice President, Deputy Chief Legal Officer, TIAA and Senior Managing Director, Senior General Counsel and Corporate Secretary of TIAA and the TIAA-CREF Fund Complex.
E. Scott Wickerham TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1973	Principal Financial Officer, Principal Accounting Officer and Treasurer	One-year Principal Financial Officer, Principal Accounting Officer and Treasurer since 2017.	Senior Managing Director, Head, Publics Investment Finance, Nuveen. Principal Financial Officer, Principal Accounting Officer and Treasurer of the TIAA-CREF Funds, TIAA-CREF Life Funds and TIAA Separate Account VA-1, and CREF; and Vice President and Controller of the Nuveen Funds. Formerly, Managing Director, Head, TC Fund Administration, Nuveen.
Sean N. Woodroffe TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Executive Vice President	One-year term. Executive Vice President since 2018.	Senior Executive Vice President, Chief Human Resources Officer of TIAA, and Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Woodroffe served as Chief People Officer at National Life Group.

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

64 2020 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds

Additional information about index providers(unaudited)

Russell Indexes

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

Standard & Poor’s Index

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

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

MSCI Indexes

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

TIAA-CREF Funds: Equity Index Funds   ■  2020 Annual Report 65

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How to reach us

Websites

TIAA.org
nuveen.com

Automated telephone service

800-842-2252

24 hours a day, 7 days a week

For the hearing- or speech-impaired

800-842-2755

8 a.m. to 10 p.m. (ET), Monday–Friday

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 for informational or educational purposes only and does not constitute fiduciary investment advice under ERISA, a securities recommendation under all securities laws, or an insurance product recommendation under state insurance laws or regulations. This material does not take into account any specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on the investor’s own objectives and circumstances.

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

	PRESORTED STANDARD U.S. POSTAGE PAID TIAA
730 Third Avenue New York, NY 10017-3206

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  TIAA-CREF
Funds October 31,
2020

TIAA-CREF

International Fixed-Income Funds

The annual report contains the audited financial statements.

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

Annual
Report

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

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

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

Contents

Understanding this report	3	Statements of operations	37
Letter to investors	4	Statements of changes in net assets	38
Information for investors	6	Financial highlights	42
About the funds’ benchmarks	7	Notes to financial statements	46
Important information about expenses	8	Report of independent registered public accounting firm	59
Fund performance
Emerging Markets Debt Fund	9	Important tax information	61
International Bond Fund	14	Trustees and officers	62
Summary portfolios of investments	19	How to reach us	Inside back cover
Audited financial statements
Statements of assets and liabilities	35

Understanding this report

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

This annual report contains information about certain TIAA-CREF Funds and describes their results for the twelve months ended October 31, 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 October 31, 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 Annual Report 3

Letter to investors

International fixed-income securities generated positive returns for the twelve months ended October 31, 2020. Investment-grade fixed-rate bonds were modest but steady performers amid the uncertainty of the COVID-19 pandemic. Emerging-markets debt struggled earlier in the period amid a historic March decline but rebounded strongly in the second half. For the twelve months:

• International investment-grade fixed-rate bonds, as measured by the Bloomberg Barclays Global Aggregate Ex-USD Index (Hedged), gained 2.7%. Please see page 7 for benchmark definitions.

• Emerging-markets debt securities, as measured by the JP Morgan Emerging Markets Bond Index (EMBI) Global Diversified, advanced 1.0%.

• The TIAA-CREF International Bond Fund (Institutional Class) rose 2.4%, while the TIAA-CREF Emerging Markets Debt Fund (Institutional Class) gained 0.4%. Both underperformed their respective benchmarks.

International investment-grade fixed-rate bonds advanced over the twelve months amid market uncertainty created by the pandemic. Economies in the 19-nation euro area declined in the first quarter of 2020, contracted sharply over the following three months and then recovered with strong growth during the third quarter of the year. Central banks responded with aggressive monetary actions, while many governments implemented large fiscal stimulus programs.

Emerging-markets debt securities sold off sharply in March of 2020, hurt by the economic impact of COVID-19 and a collapse in oil prices. Unprecedented central bank monetary policy coordination and a recovery in the energy sector helped the asset class bounce back by the end of the period.

International fixed-income gains trailed U.S. bonds

Foreign bonds trailed the performance of U.S. bonds for the twelve months. International investment-grade securities trailed the 6.2% 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 3.3% advance of U.S. high-yield bonds, as measured by the ICE BofA BB-B U.S. Cash Pay High Yield Constrained Index.

The role of diversification in volatile global markets

The COVID-19 pandemic has affected nearly every nation in the world over the past year, and the resulting challenges have shown how quickly financial markets can be impacted.

4 2020 Annual Report  ■  TIAA-CREF International Fixed-Income Funds

The response to the pandemic was generally swift and efficient as policymakers around the world enacted stimulus programs to help mitigate the economic shock. However, the pandemic remains a concern that may require decisive government action for some time to come. It can be difficult for investors to deal with these types of extraordinary circumstances. That’s why we believe, and history has shown, that maintaining exposure to a wide array of asset classes is a prudent strategy for long-term investors. Diversification by geography and asset class may help fixed-income investors to better navigate shifts in global bond markets. With the many complexities involved in choosing international debt securities—both in developed and emerging markets—we believe a diversified portfolio of bonds in a professionally managed mutual fund or group of funds offers investors a sensible way to gain exposure to this dynamic asset class. Keep in mind that, while diversification can help reduce volatility, it does not provide a guarantee against market losses. If you have any questions about your investment in the TIAA International Fixed-Income Funds, please contact your financial advisor or call a TIAA financial consultant at 800-842-2252. We will be happy to assist you.   Brad Finkle

/s/ Brad Finkle

Brad Finkle

Chief Operating Officer, Nuveen

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

TIAA-CREF International Fixed-Income Funds  ■  2020 Annual Report 5

Information for investors

Portfolio holdings

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

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

• By visiting our website at TIAA.org; or

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

You can also obtain a complete list of the TIAA-CREF Funds’ portfolio holdings as of the most recently completed fiscal quarter, and for prior quarter-ends, from our SEC Form N-CSR and Form N-PORT 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 Annual Report  ■  TIAA-CREF International Fixed-Income Funds

About the funds’ benchmarks

Emerging Markets Debt Fund

The JP Morgan Emerging Markets Bond Index Global Diversified (EMBI-GD Index) is an unmanaged, market-capitalization-weighted, total-return index tracking the traded market for U.S.-dollar-denominated Brady bonds, Eurobonds and other debt instruments issued by sovereign and quasi-sovereign entities. The index limits the weights of those index countries with larger debt stocks by only including a specified portion of these countries’ eligible current face amounts of debt outstanding.

International Bond Fund

The Bloomberg Barclays Global Aggregate Ex-USD Index (Hedged) is an unmanaged, global, investment-grade fixed-rate bond market index, including treasury, government-related, corporate and securitized fixed-rate bonds from both developed- and emerging-markets issuers, in 24 local currencies. Securities are SEC registered, taxable, non-dollar denominated and must have a minimum maturity of one year. Securities must be rated investment grade using the middle rating of Moody’s, S&P and Fitch after dropping the highest and lowest available ratings.

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

Information has been obtained from sources believed to be reliable but J.P. Morgan does not guarantee its completeness or accuracy. The J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified (EMBI-GD Index) is used with permission. The EMBI-GD Index may not be copied, used, or distributed without J.P. Morgan’s prior written approval. Copyright 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 Annual Report 7

Important information about expenses

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

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (May 1, 2020–October 31, 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 Annual Report  ■  TIAA-CREF International Fixed-Income Funds

Emerging Markets Debt Fund

Performance for the twelve months ended October 31, 2020

The Emerging Markets Debt Fund returned 0.44% for the Institutional Class, compared with the 0.98% return of its benchmark, the JP Morgan Emerging Markets Bond Index (EMBI) Global Diversified (“JP Morgan index”). The performance table shows returns for all share classes of the Fund.

Emerging-markets debt rose but fluctuated sharply amid the COVID-19 pandemic

Emerging-markets (EM) debt securities fell 10.08% in the first half of the period 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 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.

In the second half, however, EM debt rose 12.30% amid unprecedented central bank coordination and a rebound in oil prices. Meanwhile, the International Monetary Fund’s Rapid Financing Instrument, traditional programs and bilateral aid to China continued to support several EM economies. Relatively rapid and uncontested debt restructurings in Ecuador and Argentina also aided EM risk sentiment.

Fund advanced but trailed its benchmark

For the period, the Fund modestly trailed its benchmark, largely due to sovereign allocations and idiosyncratic corporate selections. Returns were widely dispersed among local-market sovereigns, with Brazil, Russia and Colombia detracting.

Within corporate and quasi-sovereigns, the Fund’s underweights to China and Malaysia— two lower-risk sectors— detracted. Exposure to airlines in Chile and Mexico were substantial detractors as both were hit hard due to COVID-19 travel restrictions. Selections in Brazil, a Ghanaian oil company and a South African diamond miner also hurt performance. Within sovereigns, exposure to Ecuador, overweights to Zambia and Angola, and underweight allocations to less volatile investment-grade issuers such as Qatar and the Philippines detracted.

The Fund’s allocation to corporates contributed as they notably outperformed their sovereign counterparts. Within corporates, an overweight to outperforming Brazilian debt and an underweight to particular quasi-sovereigns within Mexico were major contributors. Israeli and Panamanian corporate selections also helped, while the allocation to local currency had a modestly positive effect. The Fund benefited from local selections in Egypt, Ghana and Uganda, as well as Argentinian inflation-linked securities. In the sovereign hard-currency segment, an underweight in Sri Lanka and out-of-benchmark exposures in Bermuda and Israel also contributed.

TIAA-CREF International Fixed-Income Funds  ■  2020 Annual Report 9

Emerging Markets Debt Fund

Performance as of October 31, 2020

Emerging Markets Debt Fund		Total return			Average annual total return						Annual operating expenses*
	Inception date	1 year			5 years			since inception			gross			net
Institutional Class	9/26/14		0.44	%		6.57	%		4.88	%		0.63	%		0.63	%
Advisor Class	12/4/15		0.26			6.53	†		4.84	†		0.71			0.71
Premier Class	9/26/14		0.29			6.42			4.70			0.79			0.79
Retirement Class	9/26/14		0.18			6.32			4.61			0.88			0.88
Retail Class	9/26/14		0.12			6.23			4.52			0.92			0.92
Class W	9/28/18		0.98			6.84	†		5.09	†		0.63			0.00
J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified	–		0.98			5.57			4.79	‡		–			–

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 the 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 Annual Report  ■  TIAA-CREF International Fixed-Income Funds

Emerging Markets Debt Fund

$10,000 invested at Fund’s inception

Institutional Class (inception September 26, 2014)

Ending amounts are as of October 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Expense example

Six months ended October 31, 2020

Emerging Markets Debt Fund	Beginning account value (5/1/20		)	Ending account value (10/31/20		)	Expenses paid during period (5/1/20–10/31/20		* )
Actual return
Institutional Class		$1,000.00			$1,152.32			$3.35
Advisor Class		1,000.00			1,151.52			3.73
Premier Class		1,000.00			1,151.52			4.11
Retirement Class		1,000.00			1,151.21			4.60
Retail Class		1,000.00			1,150.76			5.03
Class W		1,000.00			1,155.62			0.00
5% annual hypothetical return
Institutional Class		1,000.00			1,022.02			3.15
Advisor Class		1,000.00			1,021.67			3.51
Premier Class		1,000.00			1,021.32			3.86
Retirement Class		1,000.00			1,020.86			4.32
Retail Class		1,000.00			1,020.46			4.72
Class W		1,000.00			1,025.14			0.00

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended October 31, 2020. The Fund’s annualized six-month expense ratios for that

TIAA-CREF International Fixed-Income Funds  ■  2020 Annual Report 11

Emerging Markets Debt Fund

period were 0.62% for the Institutional Class, 0.69% for the Advisor Class, 0.76% for the Premier Class, 0.85% for the Retirement Class, 0.93% 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 10/31/2020
Net assets	$579.91 million
Portfolio turnover rate	77%
Number of issues	299
Option-adjusted duration‡	7.23 years
Average maturity§	12.03 years

‡	Option-adjusted duration estimates how much the value of a bond portfolio would be affected by a change in prevailing interest rates, taking into account the options embedded in the individual securities. The longer a portfolio’s duration, the more sensitive it is to changes in interest rates.
§	Average maturity is a simple average of the maturities of all the bonds in a fund’s portfolio. The maturity of a bond is the amount of time until the bond’s principal becomes due or payable.

12 2020 Annual Report  ■  TIAA-CREF International Fixed-Income Funds

Emerging Markets Debt Fund

Portfolio composition
Sector	% of net assets as of 10/31/2020
Foreign government securities	49.5
Corporate bonds	45.4
Bank loan obligations	1.4
Short-term investments, other assets & liabilities, net	3.7
Total	100.0

Holdings by country
	% of portfolio investments as of 10/31/2020
Mexico	7.3
Brazil	6.0
Indonesia	5.2
Ukraine	4.8
South Africa	4.2
Chile	3.5
China	3.4
Dominican Republic	3.0
62 other nations	61.0
Short-term investments	1.6
Total	100.0

Holdings by maturity
	% of fixed-income investments (excluding short-term investments) as of 10/31/2020
Less than 1 year	2.3
1–3 years	7.6
3–5 years	11.5
5–10 years	41.5
Over 10 years	37.1
Total	100.0
Holdings by credit quality
	% of fixed-income investments (excluding short-term investments) as of 10/31/2020
Aa/AA	2.7
A/A	6.4
Baa/BBB	27.7
Ba/BB	28.1
B/B	22.0
Below B/B	3.8
Non-rated	9.3
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.

TIAA-CREF International Fixed-Income Funds  ■  2020 Annual Report 13

International Bond Fund

Performance for the twelve months ended October 31, 2020

The International Bond Fund returned 2.39% for the Institutional Class, compared with the 2.73% return of its benchmark, the Bloomberg Barclays Global Aggregate Ex-USD Index (Hedged) (“Global Aggregate index”). The performance table shows returns for all share classes of the Fund.

International economies, markets shifted sharply amid the COVID-19 pandemic

During the first three months 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. Over the next several months, the COVID-19 pandemic prompted a significant contraction in global economies, accompanied by a sharp downturn in riskier debt sectors. In response, global central banks launched significant quantitative easing and other monetary stimulus measures, which were followed by large-scale governmental fiscal stimulus programs. Nevertheless, bond yields, stock and oil prices all plummeted in March.

Markets rallied in May and June and continued to perform well, with some volatility, through period-end. Despite rising COVID-19 rates worldwide, economic growth was better than expected and generally remained strong through October. Safe-haven currencies—including the U.S. dollar, Japanese yen and Swiss franc—underperformed as investors became more willing to take on risk.

Fund advanced but trailed its benchmark

For the twelve-month period, both the Fund and its benchmark advanced, with the Fund trailing the index primarily due to underperforming emerging-markets (EM) government-related credit allocations and certain unhedged foreign currency (FX) exposures. Within EM government-related credit, the Fund’s exposure to Ecuador and Lebanon (both of which defaulted) were the largest detractors. Within unhedged FX, the largest detractors included exposure to the Brazilian real and Polish zloty. High-yield corporate allocations also detracted, led by losses in the industrial sector. Yield curve positioning in China and the U.K. also detracted.

On the positive side, the Fund’s yield curve positioning was a strong contributor, led by duration in the United States, Egypt, Japan and the euro area. The Fund’s Treasury selections in euro-area peripheral markets, including selections in Italy, Greece, Portugal and Spain, also contributed. EM government-related credit performed well and was led by selections in the Middle East, most notably Israel. Unhedged FX exposure in the Egyptian pound and euro contributed positively.

14 2020 Annual Report  ■  TIAA-CREF International Fixed-Income Funds

International Bond Fund

Performance as of October 31, 2020

International Bond Fund		Total return			Average annual total return			Annual operating expenses*
	Inception date	1 year			since inception			gross			net
Institutional Class	8/5/16		2.39	%		3.61	%		0.60	%		0.60	%
Advisor Class	8/5/16		2.30			3.56			0.70			0.70
Premier Class	8/5/16		2.14			3.46			0.78			0.75
Retirement Class	8/5/16		2.13			3.36			0.85			0.85
Retail Class	8/5/16		1.98			3.27			1.06			0.95
Class W	9/28/18		2.95			3.91	†		0.61			0.00
Bloomberg Barclays Global Aggregate ex-USD Index (Hedged)	–		2.73			3.46	‡		–			–

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

TIAA-CREF International Fixed-Income Funds  ■  2020 Annual Report 15

International Bond Fund

$10,000 invested at Fund’s inception

Institutional Class (inception August 5, 2016)

Ending amounts are as of October 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Expense example

Six months ended October 31, 2020

International Bond Fund	Beginning account value (5/1/20		)	Ending account value (10/31/20		)	Expenses paid during period (5/1/20–10/31/20		* )
Actual return
Institutional Class		$1,000.00			$1,039.59			$3.08
Advisor Class		1,000.00			1,039.63			3.28
Premier Class		1,000.00			1,038.35			3.95
Retirement Class		1,000.00			1,038.62			4.41
Retail Class		1,000.00			1,038.62			4.87
Class W		1,000.00			1,042.55			0.00
5% annual hypothetical return
Institutional Class		1,000.00			1,022.12			3.05
Advisor Class		1,000.00			1,021.92			3.25
Premier Class		1,000.00			1,021.27			3.91
Retirement Class		1,000.00			1,020.81			4.37
Retail Class		1,000.00			1,020.36			4.82
Class W		1,000.00			1,025.14			0.00

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were

16 2020 Annual Report  ■  TIAA-CREF International Fixed-Income Funds

International Bond Fund

184 days in the six months ended October 31, 2020. The Fund’s annualized six-month expense ratios for that period were 0.60% for the Institutional Class, 0.64% for the Advisor Class, 0.77% for the Premier Class, 0.86% for the Retirement Class, 0.95% 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 10/31/2020
Net assets	$438.81 million
Portfolio turnover rate	50%
Number of issues	346
Option-adjusted duration‡	8.21 years
Average maturity§	9.64 years

‡	Option-adjusted duration estimates how much the value of a bond portfolio would be affected by a change in prevailing interest rates, taking into account the options embedded in the individual securities. The longer a portfolio’s duration, the more sensitive it is to changes in interest rates.
§	Average maturity is a simple average of the maturities of all the bonds in a fund’s portfolio. The maturity of a bond is the amount of time until the bond’s principal becomes due or payable.

TIAA-CREF International Fixed-Income Funds  ■  2020 Annual Report 17

International Bond Fund

Portfolio composition
Sector	% of net assets as of 10/31/2020
Foreign government securities	76.5
Corporate bonds	19.2
Bank loan obligations	1.2
Short-term investments, other assets & liabilities, net	3.1
Total	100.0
Holdings by country
	% of portfolio investments as of 10/31/2020
Japan	17.9
United States	10.8
China	7.2
United Kingdom	6.2
Italy	5.6
France	5.0
Korea, Republic of	4.0
Spain	3.6
62 other nations	38.9
Short-term investments	0.8
Total	100.0

Holdings by maturity
	% of fixed-income investments (excluding short-term investments) as of 10/31/2020
Less than 1 year	1.8
1–3 years	11.6
3–5 years	17.4
5–10 years	39.5
Over 10 years	29.7
Total	100.0
Holdings by credit quality
	% of fixed-income investments (excluding short-term investments) as of 10/31/2020
Aaa/AAA	7.8
Aa/AA	16.0
A/A	38.6
Baa/BBB	22.9
Ba/BB	8.3
B/B	4.6
Below B/B	0.1
Non-rated	1.7
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.

18 2020 Annual Report  ■  TIAA-CREF International Fixed-Income Funds

Summary portfolio of investments

Emerging Markets Debt Fund  ■  October 31, 2020

Principal			Issuer			Value		% of net assets
BANK LOAN OBLIGATIONS
MEXICO
$	4,000,000	†,h,i	Grupo Aeromexico SAB de C.V. LIBOR 1 M + 8.000%		9.000%, 08/19/22	$	4,060,000		0.7
	4,000,000	†,h,i	Grupo Aeromexico SAB de C.V. LIBOR 1 M + 8.000%		12.643%, 08/19/22		4,090,000		0.7
							8,150,000		1.4
			TOTAL BANK LOAN OBLIGATIONS (Cost $7,921,415)				8,150,000		1.4
BONDS
CORPORATE BONDS
ARGENTINA							2,396,650		0.4
BRAZIL							23,052,247		4.1
CHILE
	7,750,000	g	Corp Nacional del Cobre de Chile	3.000%–4.375%, 08/01/27–02/05/49			8,461,352		1.4
			Other				11,646,302		2.0
							20,107,654		3.4
CHINA
	3,000,000	g	ENN Energy Holdings Ltd		2.625%, 09/17/30		3,017,489		0.5
			Other				13,249,258		2.4
							16,266,747		2.9
COLOMBIA							9,702,982		1.7
COSTA RICA							3,096,034		0.6
DOMINICAN REPUBLIC							2,287,525		0.4
GHANA							1,762,500		0.3
GUATEMALA							1,833,125		0.3
HONG KONG							3,215,269		0.5
INDIA							12,834,723		2.3
INDONESIA							22,898,424		3.9
ISRAEL
	3,100,000	g	Leviathan Bond Ltd		6.750%, 06/30/30		3,169,752		0.5
			Other				2,218,594		0.4
							5,388,346		0.9
JAMAICA							143,818		0.0
KAZAKHSTAN
	3,000,000	g	KazMunayGas National Co JSC		3.500%, 04/14/33		3,079,910		0.5
			Other				10,895,407		1.9
							13,975,317		2.4
KOREA, REPUBLIC OF							847,883		0.1
KUWAIT							3,637,886		0.6
MACAU							4,708,972		0.8

See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2020 Annual Report 19

Summary portfolio of investments	continued
Emerging Markets Debt Fund  ■  October 31, 2020

Principal			Issuer		Value		% of net assets
MALAYSIA
$	3,000,000		1MDB Global Investments Ltd	4.400%, 03/09/23	$	2,977,500		0.5	%
						2,977,500		0.5
MEXICO
	3,000,000	g	Banco Nacional de Comercio Exterior SNC	3.800%, 08/11/26		2,992,530		0.5
	5,100,000		Petroleos Mexicanos	5.350%, 02/12/28		4,356,369		0.8
	4,647,000		Petroleos Mexicanos	6.840%, 01/23/30		4,146,983		0.7
			Other			16,189,459		2.8
						27,685,341		4.8
PANAMA
	2,750,000	g	Banistmo S.A.	4.250%, 07/31/27		2,862,585		0.5
	3,300,000	g	Empresa de Transmision Electrica S.A.	5.125%, 05/02/49		3,842,553		0.7
			Other			1,236,688		0.2
						7,941,826		1.4
PERU
PEN	9,000,000	g	Alicorp SAA	6.875%, 04/17/27		2,868,898		0.5
			Other			7,838,006		1.4
						10,706,904		1.9
POLAND						329,062		0.1
SAUDI ARABIA
$	3,500,000	g	Saudi Arabian Oil Co	2.875%, 04/16/24		3,667,300		0.6
						3,667,300		0.6
SINGAPORE						2,489,402		0.4
SOUTH AFRICA
	3,000,000		SASOL Financing USA LLC	5.875%, 03/27/24		2,898,000		0.5
	3,000,000	g	Transnet SOC Ltd	4.000%, 07/26/22		2,979,293		0.5
			Other			9,615,412		1.6
						15,492,705		2.6
SPAIN						1,780,865		0.3
TANZANIA, UNITED REPUBLIC OF						2,170,104		0.4
THAILAND
	3,000,000	g	Bangkok Bank PCL	5.000%, N/A‡		2,982,647		0.5
	2,750,000	g	PTTEP Treasury Center Co Ltd	3.903%, 12/06/59		2,917,668		0.5
						5,900,315		1.0
TRINIDAD AND TOBAGO						2,355,875		0.4
TURKEY						8,209,259		1.4
UKRAINE						11,939,182		2.1
UNITED ARAB EMIRATES						7,930,299		1.3
UNITED KINGDOM						480,000		0.1
ZAMBIA
	3,000,000	g	First Quantum Minerals Ltd	6.875%, 10/15/27		2,985,000		0.5
						2,985,000		0.5
			TOTAL CORPORATE BONDS (Cost $267,632,370)			263,197,041		45.4

20 2020 Annual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements

Summary portfolio of investments	continued
Emerging Markets Debt Fund  ■  October 31, 2020

Principal			Issuer		Value		% of net assets
GOVERNMENT BONDS
ANGOLA					$	5,036,035		0.8	%
ARGENTINA						3,802,874		0.6
AZERBAIJAN
$	3,023,000	g	Southern Gas Corridor CJSC	6.875%, 03/24/26		3,445,380		0.6
						3,445,380		0.6
BAHRAIN						6,664,256		1.2
BARBADOS
	3,314,800	g	Barbados Government International Bond	6.500%, 10/01/29		3,182,208		0.5
			Other			530		0.0
						3,182,738		0.5
BERMUDA						3,011,619		0.5
BRAZIL
	3,625,000		Brazilian Government International Bond	3.875%, 06/12/30		3,670,312		0.6
			Other			6,893,661		1.2
						10,563,973		1.8
CHINA						2,881,983		0.5
COLOMBIA						3,131,109		0.5
COSTA RICA						1,818,750		0.3
COTE D’IVOIRE						2,025,926		0.3
DOMINICAN REPUBLIC
	4,275,000	g	Dominican Republic Government International Bond	6.875%, 01/29/26		4,825,406		0.8
	4,000,000	g	Dominican Republic Government International Bond	4.875%, 09/23/32		4,060,000		0.7
	3,060,000	g	Dominican Republic Government International Bond	7.450%, 04/30/44		3,492,990		0.6
			Other			2,262,075		0.4
						14,640,471		2.5
ECUADOR
	6,637,020	g	Ecuador Government International Bond (Step Bond)	0.500%, 07/31/35		3,625,472		0.6
			Other			3,857,593		0.8
						7,483,065		1.4
EGYPT
$, EGP	3,200,000	g	Egypt Government International Bond	6.588%, 02/21/28		3,214,917		0.6
	4,050,000	g	Egypt Government International Bond	8.500%, 01/31/47		4,012,292		0.7
	19,750,000	g	Egypt Government International Bond	5.250%–16.000%, 06/11/22–11/20/59		8,028,078		1.4
						15,255,287		2.7

See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2020 Annual Report 21

Summary portfolio of investments	continued
Emerging Markets Debt Fund  ■  October 31, 2020

Principal			Issuer		Value		% of net assets
EL SALVADOR					$	2,813,211		0.5	%
GHANA						5,757,852		0.9
GREECE
EUR	2,850,000	g	Hellenic Republic Government International Bond	2.000%, 04/22/27		3,607,736		0.6
			Other			550,090		0.1
						4,157,826		0.7
GUATEMALA
$	2,375,000	g	Guatemala Government International Bond	6.125%, 06/01/50		2,926,000		0.5
			Other			3,633,469		0.7
						6,559,469		1.2
HONDURAS						3,878,712		0.7
INDIA
	3,000,000	g	Export-Import Bank of India	3.250%, 01/15/30		3,042,091		0.5
						3,042,091		0.5
INDONESIA						6,549,829		1.2
IRAQ						4,343,128		0.8
ISRAEL						2,994,028		0.5
JAMAICA
	2,950,000		Jamaica Government International Bond	8.000%, 03/15/39		3,923,500		0.7
	3,135,000		Jamaica Government International Bond	7.875%, 07/28/45		4,083,338		0.7
			Other			572,500		0.1
						8,579,338		1.5
JORDAN
	3,700,000	g	Jordan Government International Bond	4.950%, 07/07/25		3,760,842		0.6
			Other			2,067,472		0.4
						5,828,314		1.0
KAZAKHSTAN						2,509,602		0.4
KENYA
	6,425,000	g	Kenya Government International Bond	6.875%–8.250%, 06/24/24–02/28/48		6,704,963		1.2
						6,704,963		1.2
LEBANON						980,378		0.2
MALAYSIA						493,550		0.1
MEXICO
	2,775,000		Mexico Government International Bond	4.750%, 04/27/32		3,170,438		0.5
			Other			4,190,451		0.7
						7,360,889		1.2
MONGOLIA						1,467,241		0.3

22 2020 Annual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements

Summary portfolio of investments	continued
Emerging Markets Debt Fund  ■  October 31, 2020

Principal			Issuer		Value		% of net assets
MOROCCO
$	2,850,000	g	Morocco Government International Bond	5.500%, 12/11/42	$	3,421,379		0.6	%
						3,421,379		0.6
NIGERIA
	3,975,000	g	Nigeria Government International Bond	6.500%, 11/28/27		3,852,580		0.7
			Other			3,622,802		0.6
						7,475,382		1.3
OMAN
	4,000,000	g	Oman Government International Bond	6.750%, 10/28/27		3,879,179		0.7
			Other			3,177,506		0.5
						7,056,685		1.2
PAKISTAN
	3,200,000	g	Pakistan Government International Bond	6.875%, 12/05/27		3,125,269		0.5
						3,125,269		0.5
PANAMA
	2,850,000	g	Panama Notas del Tesoro	3.750%, 04/17/26		3,079,140		0.5
						3,079,140		0.5
PARAGUAY
	2,500,000	g	Paraguay Government International Bond	5.400%, 03/30/50		3,037,500		0.5
						3,037,500		0.5
PERU						1,518,017		0.3
PHILIPPINES						960,407		0.2
POLAND						472,541		0.1
QATAR						2,491,672		0.4
REPUBLIC OF SERBIA						2,651,006		0.5
ROMANIA
	3,380,000	g	Romanian Government International Bond	3.000%, 02/14/31		3,493,874		0.6
						3,493,874		0.6
RUSSIA
	2,800,000	g	Russian Foreign Bond – Eurobond	5.100%, 03/28/35		3,407,796		0.6
			Other			5,879,453		1.0
						9,287,249		1.6
RWANDA						2,616,573		0.4
SAUDI ARABIA
	5,950,000	g	Saudi Government International Bond	2.900%–4.500%, 10/22/25–04/22/60		6,483,864		1.1
						6,483,864		1.1
SENEGAL						2,820,105		0.5

See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2020 Annual Report 23

Summary portfolio of investments	continued
Emerging Markets Debt Fund  ■  October 31, 2020

Principal			Issuer		Value		% of net assets
SOUTH AFRICA
$	3,000,000		South Africa Government International Bond	4.300%, 10/12/28	$	2,911,474		0.5	%
ZAR	59,300,000		South Africa Government International Bond	7.000%, 02/28/31		2,979,401		0.5
			Other			2,540,449		0.5
						8,431,324		1.5
SRI LANKA						1,546,993		0.3
SUPRANATIONAL						3,165,165		0.5
SWEDEN
$	3,000,000		Svensk Exportkredit AB	0.500%, 08/26/25		2,983,233		0.5
						2,983,233		0.5
THAILAND						2,528,798		0.4
TRINIDAD AND TOBAGO						2,025,000		0.3
TURKEY
	4,350,000		Turkey Government International Bond	4.875%, 04/16/43		3,170,063		0.5
			Other			4,999,704		0.9
						8,169,767		1.4
UGANDA						1,248,540		0.2
UKRAINE
$,	5,000,000	g	Ukraine Government International Bond	7.750%, 09/01/25		5,111,600		0.9
EUR	51,534,000	g	Ukraine Government International Bond	0.000%–18.000%, 03/24/21–05/31/40		8,937,221		1.5
			Other			1,344,206		0.2
						15,393,027		2.6
UNITED ARAB EMIRATES						4,316,610		0.7
URUGUAY
	5,303,796		Uruguay Government International Bond	4.375%, 01/23/31		6,397,704		1.1
			Other			2,413,519		0.5
						8,811,223		1.6
UZBEKISTAN
	4,550,000	g	Republic of Uzbekistan Government International Bond	5.375%, 02/20/29		5,025,727		0.9
						5,025,727		0.9
ZAMBIA						2,171,241		0.4

24 2020 Annual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements

Summary portfolio of investments	concluded
Emerging Markets Debt Fund  ■  October 31, 2020

Principal		Issuer		Value		% of net assets
		TOTAL GOVERNMENT BONDS (Cost $296,412,818)			282,771,198		48.7
STRUCTURED ASSETS
JERSEY, C.I.				$	2,110,769		0.4	%
SPAIN					2,310,000		0.4
		TOTAL STRUCTURED ASSETS (Cost $4,429,330)			4,420,769		0.8
		TOTAL BONDS (Cost $568,474,518)			550,389,008		94.9
Shares		Company
COMMON STOCKS
BRAZIL					193,488		0.0
		TOTAL COMMON STOCKS (Cost $1,044,572)			193,488		0.0
Principal		Issuer
SHORT-TERM INVESTMENTS
EGYPT					1,611,465		0.3
UNITED STATES
$	7,653,000	United States Treasury Bill	0.081%–0.082%, 11/05/20		7,652,954		1.3
					7,652,954		1.3
		TOTAL SHORT-TERM INVESTMENTS (Cost $9,237,907)			9,264,419		1.6
		TOTAL PORTFOLIO (Cost $586,678,412)			567,996,915		97.9
		OTHER ASSETS & LIABILITIES, NET			11,916,279		2.1
		NET ASSETS		$	579,913,194		100.0	%

Abbreviation(s):

EGP	Egyptian Pound
EUR	Euro
LIBOR	London Interbank Offered Rate
M	Month
PEN	Peruvian Sol
ZAR	South African Rand

†	Security is categorized as Level 3 in the fair value hierarchy.
‡	Perpetual security
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/20, the aggregate value of these securities is $421,449,107 or 72.7% 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.

“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 Annual Report 25

Summary of market values by sector (unaudited)

Emerging Markets Debt Fund  ■  October 31, 2020

Sector	Value		% of net assets
GOVERNMENT	$	282,771,198		48.7	%
ENERGY		59,285,843		10.2
FINANCIALS		52,662,028		9.1
UTILITIES		40,244,680		6.9
MATERIALS		38,068,129		6.6
INDUSTRIALS		30,822,100		5.3
CONSUMER STAPLES		19,424,784		3.4
COMMUNICATION SERVICES		11,927,183		2.0
CONSUMER DISCRETIONARY		9,347,361		1.6
REAL ESTATE		7,682,844		1.3
ASSET BACKED SECURITIES		4,420,769		0.8
INFORMATION TECHNOLOGY		2,075,577		0.4
SHORT-TERM INVESTMENTS		9,264,419		1.6
OTHER ASSETS & LIABILITIES, NET		11,916,279		2.1
NET ASSETS	$	579,913,194		100.0	%

26 2020 Annual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements

Consolidated summary portfolio of investments

International Bond Fund  ■  October 31, 2020

Principal	Issuer	Value		% of net assets
BANK LOAN OBLIGATIONS
AUSTRALIA		$	378,545		0.1	%
CANADA			377,284		0.1
IRELAND			583,107		0.1
LUXEMBOURG			421,157		0.1
UNITED STATES			3,517,320		0.8
	TOTAL BANK LOAN OBLIGATIONS (Cost $5,578,192)		5,277,413		1.2
BONDS
CORPORATE BONDS
CANADA			303,800		0.1
CHILE			2,165,109		0.4
CHINA			1,308,043		0.3
COLOMBIA			774,045		0.2
CZECH REPUBLIC			472,643		0.1
DENMARK			657,053		0.1
FRANCE			3,288,228		0.7
GERMANY			1,644,392		0.4
HONG KONG			205,706		0.0
INDIA			898,721		0.2
INDONESIA			701,190		0.2
ISRAEL			1,017,876		0.2
ITALY			1,505,677		0.3
JAPAN			4,783,899		1.0
KAZAKHSTAN			918,641		0.2
KOREA, REPUBLIC OF			963,365		0.2
LUXEMBOURG			1,080,163		0.3
MALAYSIA			459,865		0.2
MEXICO			1,257,928		0.3
NETHERLANDS			429,101		0.1
PANAMA			333,753		0.1
PERU			415,750		0.1
PORTUGAL			1,211,516		0.3
QATAR			857,173		0.2
RUSSIA			355,711		0.1
SAUDI ARABIA			570,346		0.1

See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2020 Annual Report 27

Consolidated summary portfolio of investments	continued
International Bond Fund  ■  October 31, 2020

Principal			Issuer		Value		% of net assets
SINGAPORE					$	1,217,105		0.3	%
SPAIN						699,566		0.2
SWITZERLAND						2,585,791		0.6
TANZANIA, UNITED REPUBLIC OF						476,364		0.1
THAILAND						495,146		0.1
UNITED ARAB EMIRATES						1,642,527		0.4
UNITED KINGDOM						5,547,556		1.3
UNITED STATES						42,903,318		9.8
			TOTAL CORPORATE BONDS (Cost $79,698,321)			84,147,067		19.2
GOVERNMENT BONDS
ARGENTINA						150,840		0.0
AUSTRALIA
AUD	4,100,000	z	Australia Government International Bond	1.000%, 11/21/31		2,912,468		0.7
			Other			5,054,413		1.2
						7,966,881		1.9
BELGIUM
EUR	2,125,000	g	Kingdom of Belgium Government International Bond	0.000%, 10/22/27		2,570,440		0.6
			Other			1,210,894		0.3
						3,781,334		0.9
BERMUDA						1,489,400		0.4
BRAZIL						1,747,039		0.3
CANADA						9,428,785		2.1
CHINA
CNY	27,700,000		China Government International Bond	2.360%, 07/02/23		4,073,782		0.9
	49,600,000		China Government International Bond	2.940%, 10/17/24		7,406,834		1.7
	60,500,000		China Government International Bond	3.120%, 12/05/26		9,000,335		2.1
	18,900,000		China Government International Bond	3.860%, 07/22/49		2,805,129		0.6
	30,000,000		China Government International Bond	3.390%, 03/16/50		4,098,265		0.9
			Other			2,208,256		0.5
						29,592,601		6.7
COTE D’IVOIRE						1,138,744		0.3
CROATIA						1,346,675		0.3
CYPRUS
EUR	3,475,000	z	Cyprus Government International Bond	0.625%–2.750%, 09/25/28–05/03/49		4,678,190		1.1
						4,678,190		1.1

28 2020 Annual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements

Consolidated summary portfolio of investments	continued
International Bond Fund  ■  October 31, 2020

Principal			Issuer		Value		% of net assets
DENMARK					$	1,229,238		0.3	%
DOMINICAN REPUBLIC						1,861,393		0.5
ECUADOR						671,256		0.1
EGYPT
$, EGP, EUR	20,025,000	g	Egypt Government International Bond	4.550%–15.900%, 11/20/23–01/31/47		4,957,193		1.1
						4,957,193		1.1
FRANCE
EUR	4,500,000		French Republic Government Bond OAT	0.500%, 05/25/25		5,530,936		1.3
	3,775,000		French Republic Government Bond OAT	0.750%, 11/25/28		4,846,940		1.1
	1,850,000	g	French Republic Government Bond OAT	2.000%, 05/25/48		3,156,708		0.7
	2,500,000	z	UNEDIC ASSEO	0.250%, 07/16/35		3,003,633		0.7
			Other			1,480,567		0.4
						18,018,784		4.2
GERMANY
	2,350,000		Bundesrepublik Deutschland Bundesanleihe	0.000%, 02/15/30		2,909,435		0.7
						2,909,435		0.7
GHANA						1,974,511		0.5
GREECE
	4,600,000	g	Hellenic Republic Government International Bond	1.875%, 07/23/26		5,766,170		1.3
	2,700,000	g	Hellenic Republic Government International Bond	1.500%, 06/18/30		3,300,538		0.7
			Other			3,590,734		0.9
						12,657,442		2.9
GUATEMALA						1,191,800		0.3
HONDURAS						220,500		0.0
HUNGARY						1,950,636		0.5
INDIA						211,190		0.0
INDONESIA						4,403,216		1.0
ISRAEL
ILS	5,250,000		Israel Government International Bond	5.500%, 01/31/42		2,633,673		0.6
			Other			2,740,811		0.6
						5,374,484		1.2
ITALY
EUR	3,300,000		Italy Buoni Poliennali Del Tesoro	0.050%, 04/15/21		3,852,222		0.9
	5,525,000		Italy Buoni Poliennali Del Tesoro	2.450%, 10/01/23		6,932,839		1.6
	3,950,000		Italy Buoni Poliennali Del Tesoro	1.250%, 12/01/26		4,872,967		1.1
	1,575,000	g	Italy Buoni Poliennali Del Tesoro	2.950%, 09/01/38		2,339,313		0.5
	2,900,000	g	Italy Buoni Poliennali Del Tesoro	1.700%–3.850%, 03/01/48–09/01/51		4,496,294		1.0
						22,493,635		5.1

See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2020 Annual Report 29

Consolidated summary portfolio of investments	continued
International Bond Fund  ■  October 31, 2020

Principal			Issuer		Value		% of net assets
JAPAN
JPY	628,000,000		Japan Government Five Year Bond	0.100%, 06/20/23	$	6,034,171		1.4	%
	557,000,000		Japan Government Ten Year Bond	0.100%, 06/20/28		5,381,734		1.2
	335,000,000		Japan Government Ten Year Bond	0.100%, 06/20/29		3,229,879		0.7
	322,000,000		Japan Government Ten Year Bond	0.100%, 09/20/29		3,102,164		0.7
	325,000,000		Japan Government Ten Year Bond	0.100%, 12/20/29		3,127,893		0.7
	425,000,000		Japan Government Ten Year Bond	0.100%, 06/20/30		4,083,201		0.9
	525,950,000		Japan Government Thirty Year Bond	2.500%, 09/20/34		6,582,076		1.5
	457,700,000		Japan Government Thirty Year Bond	0.500%, 09/20/46		4,307,097		1.0
	340,000,000		Japan Government Twenty Year Bond	2.100%, 03/20/26		3,631,337		0.8
	229,000,000		Japan Government Twenty Year Bond	1.800%, 09/20/31		2,589,307		0.6
	278,000,000		Japan Government Twenty Year Bond	0.600%, 12/20/36		2,774,907		0.6
	256,000,000		Japan Government Twenty Year Bond	0.500%, 06/20/38		2,500,954		0.6
	660,000,000		Japan Government Twenty Year Bond	0.700%, 09/20/38		6,655,538		1.5
	312,000,000		Japan Government Twenty Year Bond	0.400%, 09/20/40		2,966,701		0.7
	867,000,000		Japan Government Two Year Bond	0.100%, 03/01/22		8,308,565		1.9
			Other			8,156,647		1.9
						73,432,171		16.7
KENYA						1,245,940		0.3
KOREA, REPUBLIC OF
KRW	3,800,000,000		Korea Treasury Bond	1.500%, 03/10/25		3,390,368		0.8
	3,000,000,000		Korea Treasury Bond	1.375%, 06/10/30		2,597,958		0.6
	2,815,000,000		Korea Treasury Bond	2.375%, 09/10/38		2,753,754		0.6
	7,280,000,000		Korea Treasury Bond	1.375%–2.250%, 03/10/22–12/10/29		6,509,611		1.5
			Other			716,370		0.1
						15,968,061		3.6
LEBANON						197,613		0.0
MACEDONIA						1,329,289		0.3
MEXICO						3,194,160		0.8
MOROCCO						2,167,688		0.5
NETHERLANDS						1,606,751		0.4
NEW ZEALAND						2,701,563		0.6
NIGERIA						1,284,193		0.3
NORWAY
NOK	44,320,000	g	Norway Government International Bond	1.375%, 08/19/30		4,942,740		1.1
			Other			986,168		0.2
						5,928,908		1.3
PANAMA						1,080,400		0.2
PARAGUAY						1,123,875		0.3
PERU
PEN	8,300,000	g	Peruvian Government International Bond	5.400%, 08/12/34		2,416,557		0.5
						2,416,557		0.5

30 2020 Annual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements

Consolidated summary portfolio of investments	continued
International Bond Fund  ■  October 31, 2020

Principal			Issuer		Value		% of net assets
POLAND
PLN	8,445,000		Republic of Poland Government International Bond	3.250%, 07/25/25	$	2,418,552		0.5	%
			Other			3,421,099		0.8
						5,839,651		1.3
PORTUGAL
EUR	1,800,000	g	Portugal Obrigacoes do Tesouro OT	1.950%, 06/15/29		2,455,494		0.6
			Other			1,576,119		0.4
						4,031,613		1.0
REPUBLIC OF SERBIA						4,370,688		0.9
ROMANIA						931,319		0.2
RUSSIA						1,093,683		0.2
SAUDI ARABIA						1,185,714		0.3
SENEGAL						1,150,951		0.3
SOUTH AFRICA						1,958,187		0.5
SPAIN
	4,600,000	g	Spain Government International Bond	2.750%, 10/31/24		6,048,703		1.4
	1,875,000	g	Spain Government International Bond	0.600%, 10/31/29		2,295,290		0.5
	2,650,000	g	Spain Government International Bond	1.200%, 10/31/40		3,376,626		0.8
			Other			2,855,065		0.6
						14,575,684		3.3
SRI LANKA						416,089		0.1
SUPRANATIONAL
AUD	4,100,000		International Bank for Reconstruction & Development	2.200%, 02/27/24		3,058,436		0.7
			Other			7,133,253		1.6
						10,191,689		2.3
SWEDEN						789,678		0.2
THAILAND
THB	145,500,000		Thailand Government International Bond	1.450%–3.300%, 12/17/23–06/17/38		5,161,194		1.2
						5,161,194		1.2
UKRAINE						3,406,752		0.8
UNITED ARAB EMIRATES						1,888,672		0.4
UNITED KINGDOM
GBP	2,425,000		United Kingdom Gilt	1.625%, 10/22/28		3,512,358		0.8
	2,720,000		United Kingdom Gilt	4.750%, 12/07/30		5,091,397		1.2
	3,350,000		United Kingdom Gilt	1.750%, 09/07/37		5,073,061		1.2
	3,035,000		United Kingdom Gilt	1.500%, 07/22/47		4,584,115		1.0
			Other			2,629,707		0.5
						20,890,638		4.7

See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2020 Annual Report 31

Consolidated summary portfolio of investments	continued
International Bond Fund  ■  October 31, 2020

Principal		Issuer		Value		% of net assets
URUGUAY				$	1,285,101		0.3	%
UZBEKISTAN					1,517,004		0.3
		TOTAL GOVERNMENT BONDS (Cost $318,474,803)			335,806,678		76.5
		TOTAL BONDS (Cost $398,173,124)			419,953,745		95.7
SHORT-TERM INVESTMENTS
EGYPT
EGP	52,700,000	Egypt Treasury Bills	0.000%, 02/16/21		3,233,134		0.7
					3,233,134		0.7
		TOTAL SHORT-TERM INVESTMENTS (Cost $3,197,443)			3,233,134		0.7
		TOTAL PORTFOLIO (Cost $406,948,759)			428,464,292		97.6
			OTHER ASSETS & LIABILITIES, NET		10,350,019		2.4
			NET ASSETS	$	438,814,311		100.0	%

Abbreviation(s):
AUD	Australian Dollar	JPY	Japanese Yen
CNY	Chinese Yuan	KRW	South Korean Won
EGP	Egyptian Pound	NOK	Norwegian Krone
EUR	Euro	PEN	Peruvian Sol
GBP	Pound Sterling	PLN	Polish Zloty
ILS	Israeli New Shekel	THB	Thai Baht

g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/20, the aggregate value of these securities is $109,432,791 or 24.9% of net assets.
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 October 31, 2020 were as follows:

Currency to be purchased	Receive	Currency to be sold	Deliver	Counterparty	Settlement date	Unrealized appreciation (depreciation		)
$	462,773	AUD	642,391	Australia and New Zealand Banking Group	11/30/20		$ 11,166
$	11,631,968	CAD	15,564,015	Australia and New Zealand Banking Group	11/30/20		(51,237	)
$	1,023,066	EUR	864,896	Australia and New Zealand Banking Group	11/30/20		15,098
$	323,984	EUR	273,773	Australia and New Zealand Banking Group	11/30/20		4,924
$	3,800,766	NZD	5,797,209	Australia and New Zealand Banking Group	11/30/20		(32,464	)

32 2020 Annual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements

Consolidated summary portfolio of investments	concluded
International Bond Fund  ■  October 31, 2020

Currency to be purchased	Receive	Currency to be sold	Deliver	Counterparty	Settlement date	Unrealized appreciation (depreciation		)
EUR	297,579	$	351,968	Australia and New Zealand Banking Group	11/05/20	$	(5,354	)
EUR	492,439	$	577,237	Australia and New Zealand Banking Group	11/30/20		(3,338	)
EUR	489,044	$	578,499	Australia and New Zealand Banking Group	11/30/20		(8,557	)
EUR	1,039,518	$	1,212,460	Australia and New Zealand Banking Group	11/30/20		(984	)
EUR	970,125	$	1,133,799	Australia and New Zealand Banking Group	11/30/20		(3,197	)
Total						$	(73,943	)
$	605,153	JPY	63,104,014	Bank of America	11/30/20	$	2,205
$	2,604,240	JPY	271,558,987	Bank of America	11/30/20		9,538
Total						$	11,743
$	10,513,390	AUD	14,890,200	Citibank, N.A.	11/30/20	$	45,426
$	1,810,500	BRL	10,385,571	Citibank, N.A.	11/30/20		3,214
$	22,363,178	CNY	150,327,965	Citibank, N.A.	11/30/20		(25,379	)
$	146,216,215	EUR	125,319,867	Citibank, N.A.	11/30/20		165,927
$	163,636	EUR	139,190	Citibank, N.A.	11/30/20		1,421
EUR	2,578,076	$	3,029,224	Citibank, N.A.	11/04/20		(26,403	)
Total						$	164,206
$	17,964,018	KRW	20,405,112,344	Morgan Stanley	11/30/20	$	20,725
$	2,950,186	PLN	11,680,583	Morgan Stanley	11/30/20		(716	)
$	498,721	ZAR	8,201,530	Morgan Stanley	11/30/20		(3,488	)
Total						$	16,521
$	1,226,555	DKK	7,819,555	Toronto Dominion Bank	11/30/20	$	2,408
$	27,823,515	GBP	21,646,308	Toronto Dominion Bank	11/30/20		(224,463	)
$	641,334	GBP	490,001	Toronto Dominion Bank	11/30/20		6,421
$	4,076,017	ILS	13,934,749	Toronto Dominion Bank	11/30/20		(9,006	)
$	61,951,608	JPY	6,530,603,979	Toronto Dominion Bank	11/30/20		(447,268	)
$	5,977,153	NOK	56,618,822	Toronto Dominion Bank	11/30/20		47,332
$	772,892	SEK	6,984,543	Toronto Dominion Bank	11/30/20		(12,278	)
$	3,097,918	THB	96,910,975	Toronto Dominion Bank	11/30/20		(10,768	)
CAD	1,113,772	$	836,704	Toronto Dominion Bank	11/30/20		(646	)
EUR	932,880	$	1,088,426	Toronto Dominion Bank	11/30/20		(1,229	)
GBP	251,938	$	328,370	Toronto Dominion Bank	11/30/20		(1,924	)
GBP	181,190	$	234,658	Toronto Dominion Bank	11/30/20		117
Total						$	(651,304	)
Total						$	(532,777	)

Abbreviation(s):
AUD	Australian Dollar	JPY	Japanese Yen
BRL	Brazilian Real	KRW	South Korean Won
CAD	Canadian Dollar	NOK	Norwegian Krone
CNY	Chinese Yuan	NZD	New Zealand Dollar
DKK	Danish Krone	PLN	Polish Zloty
EUR	Euro	SEK	Swedish Krona
GBP	Pound Sterling	THB	Thai Baht
ILS	Israeli New Shekel	ZAR	South African Rand

See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2020 Annual Report 33

Consolidated summary of market values by sector (unaudited)

International Bond Fund  ■  October 31, 2020

Sector	Value		% of net assets
GOVERNMENT	$	335,806,678		76.5	%
FINANCIALS		29,078,214		6.6
HEALTH CARE		10,763,479		2.4
INDUSTRIALS		10,075,238		2.3
CONSUMER STAPLES		7,342,124		1.7
MATERIALS		6,081,152		1.4
INFORMATION TECHNOLOGY		5,657,507		1.3
CONSUMER DISCRETIONARY		5,135,385		1.2
UTILITIES		5,091,381		1.2
ENERGY		4,052,653		0.9
COMMUNICATION SERVICES		3,555,041		0.8
REAL ESTATE		2,592,306		0.6
SHORT-TERM INVESTMENTS		3,233,134		0.7
OTHER ASSETS & LIABILITIES, NET		10,350,019		2.4
NET ASSETS	$	438,814,311		100.0	%

34 2020 Annual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements

Statements of assets and liabilities

TIAA-CREF Funds  ■  October 31, 2020

		Emerging Markets Debt Fund			International Bond Fund		§
ASSETS
Portfolio investments, at value†		$	567,996,915		$	428,464,292
Cash			218,788			–
Cash – foreign^			–			750,429
Receivable from securities transactions			12,182,183			21,189,581
Receivable for delayed delivery securities			–			217,606
Receivable from Fund shares sold			1,276,499			3,021,118
Dividends and interest receivable			8,311,484			3,153,263
Due from affiliates			249,318			212,183
Unrealized appreciation on forward foreign currency contracts			–			335,922
Other			18,371			10,772
Total assets			590,253,558			457,355,166
LIABILITIES
Management fees payable			278,413			190,161
Service agreement fees payable			8,692			1,667
Distribution fees payable			4,240			405
Due to affiliates			22,880			23,128
Overdraft payable			31,814			3,395,102
Payable for securities transactions			2,898,657			9,679,925
Payable for delayed delivery securities			6,940,000			700,572
Payable for Fund shares redeemed			55,970			3,563,764
Unrealized depreciation on forward foreign currency contracts			–			868,699
Payable for trustee compensation			17,462			10,325
Accrued expenses and other payables			82,236			107,107
Total liabilities			10,340,364			18,540,855
NET ASSETS		$	579,913,194		$	438,814,311
NET ASSETS CONSIST OF:
Paid-in-capital		$	600,272,368		$	422,981,141
Total distributable earnings (loss)			(20,359,174	)		15,833,170
NET ASSETS		$	579,913,194		$	438,814,311
§	Consolidated statement of assets and liabilities (see Note 2)
†	Portfolio investments, cost	$	586,678,412		$	406,948,759
^	Foreign cash, cost	$	–		$	750,648

See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2020 Annual Report 35

Statements of assets and liabilities	concluded
TIAA-CREF Funds  ■  October 31, 2020

	Emerging Markets Debt Fund		International Bond Fund		§
INSTITUTIONAL CLASS:
Net assets	$	47,255,625	$	882,891
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		4,897,444		86,204
Net asset value per share	$	9.65	$	10.24
ADVISOR CLASS:
Net assets	$	20,505,627	$	131,996
Outstanding shares of beneficial interest, unlimited shares authorized  ($.0001 par value)		2,119,615		12,898
Net asset value per share	$	9.67	$	10.23
PREMIER CLASS:
Net assets	$	243,980	$	105,854
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		25,293		10,285
Net asset value per share	$	9.65	$	10.29
RETIREMENT CLASS:
Net assets	$	17,839,759	$	8,040,587
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		1,850,425		787,049
Net asset value per share		9.64		10.22
RETAIL CLASS:
Net assets	$	19,831,715	$	1,839,766
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		2,057,525		180,061
Net asset value per share	$	9.64	$	10.22
CLASS W:
Net assets	$	474,236,488	$	427,813,217
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		49,137,204		41,573,036
Net asset value per share	$	9.65	$	10.29

36 2020 Annual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements

Statements of operations

TIAA-CREF Funds  ■  For the year ended October 31, 2020

		Emerging Markets Debt Fund			International Bond Fund§
INVESTMENT INCOME
Interest*		$	32,420,860		$	8,542,315
Total income			32,420,860			8,542,315
EXPENSES
Management fees			3,025,509			2,155,054
Shareholder servicing — Institutional Class			987			44
Shareholder servicing — Advisor Class			19,712			21
Shareholder servicing — Premier Class			41			31
Shareholder servicing — Retirement Class			44,595			17,672
Shareholder servicing — Retail Class			11,206			3,463
Shareholder servicing — Class W			689			565
Distribution fees — Premier Class			696			156
Distribution fees — Retail Class			50,088			3,995
Custody and accounting fees			87,001			135,867
Administrative service fees			70,846			69,604
Trustee fees and expenses			6,962			5,356
Other expenses			222,110			215,676
Total expenses			3,540,442			2,607,504
Less: Expenses reimbursed by the investment adviser			(2,754,776	)		(2,513,909	)
Net expenses			785,666			93,595
Net investment income (loss)			31,635,194			8,448,720
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments			(3,624,710	)		6,201,985
Futures contracts			(65,990	)		–
Forward foreign currency contracts			(22,961	)		(9,067,868	)
Foreign currency transactions			(2,792,293	)		(562,974	)
Net realized gain (loss) on total investments			(6,505,954	)		(3,428,857	)
Change in unrealized appreciation (depreciation) on:
Portfolio investments‡			(27,723,180	)		6,245,207
Forward foreign currency contracts			23,414			830,710
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies			23,375			46,373
Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments			(27,676,391	)		7,122,290
Net realized and unrealized gain (loss) on total investments			(34,182,345	)		3,693,433
Net increase (decrease) in net assets from operations		$	(2,547,151	)	$	12,142,153
§	Consolidated statement of operations (see Note 2)
*	Net of foreign withholding taxes of	$	196,886		$	198,143
‡	Includes net change in unrealized foreign capital gains taxes of	$	2,084		$	–

See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2020 Annual Report 37

Statements of changes in net assets

TIAA-CREF Funds  ■  For the year ended

		Emerging Markets Debt Fund						International Bond Fund§
		October 31, 2020			October 31, 2019			October 31, 2020			October 31, 2019
OPERATIONS
Net investment income (loss)		$	31,635,194		$	32,110,574		$	8,448,720		$	9,495,608
Net realized gain (loss) on total investments			(6,505,954	)		(2,388,230	)		(3,428,857	)		9,669,684
Net change in unrealized appreciation (depreciation) on total investments			(27,676,391	)		43,315,427			7,122,290			25,358,957
Net increase (decrease) in net assets from operations			(2,547,151	)		73,037,771			12,142,153			44,524,249
DISTRIBUTIONS TO SHAREHOLDERS
	Institutional Class		(1,932,730	)		(1,251,544	)		(18,717	)		(30,596	)
	Advisor Class		(1,224,162	)		(532,985	)		(2,755	)		(5,826	)
	Premier Class		(20,748	)		(48,151	)		(2,704	)		(5,357	)
	Retirement Class		(815,401	)		(834,603	)		(145,875	)		(260,380	)
	Retail Class		(942,624	)		(886,053	)		(34,693	)		(55,261	)
	Class W		(24,726,109	)		(24,507,058	)		(11,358,780	)		(22,269,503	)
Total distributions			(29,661,774	)		(28,060,394	)		(11,563,524	)		(22,626,923	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		36,895,432			30,002,711			264,820			268,307
	Advisor Class		43,516,755			26,981,571			26,741			25,566
	Premier Class		313,046			47,111			–			–
	Retirement Class		7,187,365			6,412,464			4,163,815			2,414,542
	Retail Class		22,685,532			36,481,366			1,011,790			271,607
	Class W		242,777,901			90,409,139			147,706,134			154,582,901
Reinvestments of distributions:	Institutional Class		1,869,418			1,130,955			18,450			30,059
	Advisor Class		1,217,775			527,332			–			340
	Premier Class		9,592			35,725			–			–
	Retirement Class		814,956			834,115			145,582			259,805
	Retail Class		931,629			882,372			34,055			53,017
Redemptions:	Institutional Class		(31,510,664	)		(9,235,425	)		(127,854	)		(48,500	)
	Advisor Class		(36,376,172	)		(12,370,882	)		–			(29,753	)
	Premier Class		(961,387	)		(330,559	)		–			–
	Retirement Class		(8,259,501	)		(4,200,215	)		(2,160,854	)		(1,420,851	)
	Retail Class		(25,226,278	)		(22,848,080	)		(490,803	)		(168,448	)
	Class W		(179,189,427	)		(96,717,063	)		(124,531,451	)		(108,371,486	)
Net increase (decrease) from shareholder transactions			76,695,972			48,042,637			26,060,425			47,867,106
Net increase (decrease) in net assets			44,487,047			93,020,014			26,639,054			69,764,432
NET ASSETS
Beginning of period			535,426,147			442,406,133			412,175,257			342,410,825
End of period		$	579,913,194		$	535,426,147		$	438,814,311		$	412,175,257

38 2020 Annual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2020 Annual Report 39

Statements of changes in net assets	concluded
TIAA-CREF Funds  ■  For the year ended

		Emerging Markets Debt Fund						International Bond Fund§
		October 31, 2020			October 31, 2019			October 31, 2020			October 31, 2019
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		3,986,970			3,035,816			27,135			21,655
	Advisor Class		4,342,304			2,723,869			2,623			2,581
	Premier Class		30,996			4,842			–			–
	Retirement Class		732,577			654,412			414,843			243,042
	Retail Class		2,320,378			3,800,331			100,082			27,021
	Class W		25,333,944			9,260,812			14,677,615			15,553,141
Shares reinvested:	Institutional Class		197,686			116,657			1,858			3,031
	Advisor Class		133,732			53,526			–			34
	Premier Class		971			3,747			–			–
	Retirement Class		87,301			86,617			14,661			26,261
	Retail Class		99,409			90,531			3,426			5,366
Shares redeemed:	Institutional Class		(3,334,013	)		(939,019	)		(12,584	)		(4,988	)
	Advisor Class		(4,144,550	)		(1,242,542	)		–			(2,849	)
	Premier Class		(94,089	)		(34,561	)		–			–
	Retirement Class		(871,948	)		(432,637	)		(217,345	)		(140,094	)
	Retail Class		(2,597,809	)		(2,344,678	)		(49,630	)		(17,088	)
	Class W		(19,108,850	)		(10,022,700	)		(12,419,796	)		(10,863,846	)
Net increase (decrease) from shareholder transactions			7,115,009			4,815,023			2,542,888			4,853,267
§ Consolidated statement of changes in net assets (see Note 2)

40 2020 Annual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2020 Annual Report 41

Financial highlights

TIAA-CREF Funds

		Selected per share data																								Ratios and supplemental data
				Gain (loss) from investment operations
						Net realized																						Ratios to average net assets
	For the	Net asset		Net		& unrealized			Total gain			Less distributions from						Total			Net asset					Net assets								Net
	period or year ended	value, beginning of period		investment income (loss)a		gain (loss) on total investments			(loss) from investment operations			Net investment income			Net realized gains			dividends and distributions			value, end of period		Total return			at end of period (in thousands)		Gross expenses			Net expenses			investment income (loss)			Portfolio turnover rate
EMERGING MARKETS DEBT FUND
Institutional Class:
	10/31/20	$	10.10	$	0.50	$	(0.48	)	$	0.02		$	(0.47	)	$	–		$	(0.47	)	$	9.65		0.44	%	$	47,256		0.62	%		0.62	%		5.22	%		77	%
	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
Advisor Class:
	10/31/20		10.13		0.51		(0.51	)		0.00	d		(0.46	)		–			(0.46	)		9.67		0.26			20,506		0.69			0.69			5.29			77
	10/31/19		9.20		0.57		0.87			1.44			(0.51	)		–			(0.51	)		10.13		16.00			18,116		0.71			0.71			5.82			78
	10/31/18		10.48		0.59		(1.14	)		(0.55	)		(0.52	)		(0.21	)		(0.73	)		9.20		(5.56	)		2,330		0.71			0.71			5.94			75
	10/31/17		10.10		0.59		0.35			0.94			(0.54	)		(0.02	)		(0.56	)		10.48		9.64			141		0.70			0.70			5.81			126
	10/31/16‡		9.27		0.52		0.83			1.35			(0.52	)		–			(0.52	)		10.10		15.05	b		113		0.70	c		0.67	c		6.00	c		125
Premier Class:
	10/31/20		10.09		0.51		(0.50	)		0.01			(0.45	)		–			(0.45	)		9.65		0.29			244		0.78			0.78			5.19			77
	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
Retirement Class:
	10/31/20		10.09		0.49		(0.50	)		(0.01	)		(0.44	)		–			(0.44	)		9.64		0.18			17,840		0.87			0.87			5.07			77
	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
Retail Class:
	10/31/20		10.09		0.48		(0.49	)		(0.01	)		(0.44	)		–			(0.44	)		9.64		0.12			19,832		0.93			0.93			5.01			77
	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
Class W:
	10/31/20		10.11		0.57		(0.50	)		0.07			(0.53	)		–			(0.53	)		9.65		0.98			474,236		0.62			0.00			5.89			77
	10/31/19		9.19		0.65		0.84			1.49			(0.57	)		–			(0.57	)		10.11		16.72			433,771		0.63			0.00			6.68			78
	10/31/18††		9.37		0.05		(0.23	)		(0.18	)		–			–			–			9.19		(1.92	)b		401,249		0.64	c		0.00	c		6.37	c		75

42 2020 Annual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2020 Annual Report 43

Financial highlights	concluded
TIAA-CREF Funds

		Selected per share data																								Ratios and supplemental data
				Gain (loss) from investment operations
						Net realized																						Ratios to average net assets
	For the	Net asset		Net		& unrealized			Total gain			Less distributions from						Total			Net asset					Net assets								Net
	period 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:
	10/31/20	$	10.27	$	0.14	$	0.10		$	0.24		$	(0.27	)	$	–		$	(0.27	)	$	10.24		2.39	%	$	883		0.62	%		0.60	%		1.43	%		50	%
	10/31/19		9.71		0.19		0.91			1.10			(0.54	)		–			(0.54	)		10.27		11.63			717		0.67			0.62			1.87			51
	10/31/18		9.89		0.19		(0.18	)		0.01			(0.19	)		–			(0.19	)		9.71		0.07			487		0.70			0.65			1.87			62
	10/31/17		9.87		0.16		0.12			0.28			(0.25	)		(0.01	)		(0.26	)		9.89		2.92			244,048		0.70			0.65			1.64			133
	10/31/16†		10.00		0.03		(0.16	)		(0.13	)		–			–			–			9.87		(1.30	)b		227,410		1.82	c		0.65	c		1.28	c		18	b
Advisor Class:
	10/31/20		10.27		0.14		0.09			0.23			(0.27	)		–			(0.27	)		10.23		2.30			132		0.64			0.62			1.42			50
	10/31/19		9.71		0.18		0.91			1.09			(0.53	)		–			(0.53	)		10.27		11.60			106		0.70			0.65			1.85			51
	10/31/18		9.90		0.18		(0.18	)		0.00	d		(0.19	)		–			(0.19	)		9.71		(0.06	)		102		0.71			0.66			1.83			62
	10/31/17		9.87		0.16		0.13			0.29			(0.25	)		(0.01	)		(0.26	)		9.90		2.98			992		0.70			0.65			1.66			133
	10/31/16†		10.00		0.02		(0.15	)		(0.13	)		–			–			–			9.87		(1.30	)b		987		1.96	c		0.80	c		0.94	c		18	b
Premier Class:
	10/31/20		10.34		0.13		0.08			0.21			(0.26	)		–			(0.26	)		10.29		2.14			106		0.80			0.77			1.28			50
	10/31/19		9.77		0.17		0.92			1.09			(0.52	)		–			(0.52	)		10.34		11.48			106		0.83			0.79			1.71			51
	10/31/18		9.89		0.17		(0.17	)		0.00	d		(0.12	)		–			(0.12	)		9.77		(0.04	)		100		0.86			0.80			1.69			62
	10/31/17		9.87		0.15		0.12			0.27			(0.24	)		(0.01	)		(0.25	)		9.89		2.82			989		0.84			0.79			1.51			133
	10/31/16†		10.00		0.02		(0.15	)		(0.13	)		–			–			–			9.87		(1.30	)b		987		2.50	c		0.80	c		0.94	c		18	b
Retirement Class:
	10/31/20		10.27		0.12		0.09			0.21			(0.26	)		–			(0.26	)		10.22		2.13			8,041		0.87			0.85			1.18			50
	10/31/19		9.71		0.16		0.91			1.07			(0.51	)		–			(0.51	)		10.27		11.36			5,903		0.91			0.87			1.62			51
	10/31/18		9.88		0.16		(0.18	)		(0.02	)		(0.15	)		–			(0.15	)		9.71		(0.18	)		4,326		0.95			0.90			1.61			62
	10/31/17		9.86		0.14		0.13			0.27			(0.24	)		(0.01	)		(0.25	)		9.88		2.79			2,883		0.95			0.90			1.44			133
	10/31/16†		10.00		0.02		(0.16	)		(0.14	)		–			–			–			9.86		(1.40	)b		1,389		2.53	c		0.90	c		0.84	c		18	b
Retail Class:
	10/31/20		10.28		0.11		0.09			0.20			(0.26	)		–			(0.26	)		10.22		1.98			1,840		1.09			0.96			1.08			50
	10/31/19		9.71		0.15		0.92			1.07			(0.50	)		–			(0.50	)		10.28		11.36			1,297		1.17			0.99			1.50			51
	10/31/18		9.88		0.15		(0.18	)		(0.03	)		(0.14	)		–			(0.14	)		9.71		(0.36	)		1,077		1.13			1.00			1.50			62
	10/31/17		9.86		0.14		0.12			0.26			(0.23	)		(0.01	)		(0.24	)		9.88		2.73			1,692		0.96			0.90			1.42			133
	10/31/16†		10.00		0.02		(0.16	)		(0.14	)		–			–			–			9.86		(1.40	)b		1,144		4.29	c		1.00	c		0.75	c		18	b
Class W:
	10/31/20		10.28		0.21		0.08			0.29			(0.28	)		–			(0.28	)		10.29		2.95			427,813		0.62			0.00			2.05			50
	10/31/19		9.71		0.25		0.92			1.17			(0.60	)		–			(0.60	)		10.28		12.44			404,046		0.66			0.00			2.49			51
	10/31/18††		9.74		0.02		(0.05	)		(0.03	)		–			–			–			9.71		(0.31	)b		336,319		0.67	c		0.00	c		2.98	c		62

§	Consolidated financial highlights (see Note 2)
†	The Fund commenced operations on August 5, 2016.
††	Class W commenced operations on September 28, 2018.
‡	The Advisor Class commenced operations on December 4, 2015.
a	Based on average shares outstanding.
b	The percentages shown for this period are not annualized.
c	The percentages shown for this period are annualized.
d	Amount represents less than $0.01 per share.

44 2020 Annual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2020 Annual Report 45

Notes to financial statements

TIAA-CREF Funds

Note 1—organization

TIAA-CREF Funds (the “Trust”) is a Delaware statutory trust that is registered with the U.S. Securities and Exchange Commission (“SEC”) 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”).

Teachers Advisors, LLC (“Advisors”), a wholly owned indirect subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”), is registered with the SEC as an investment adviser and provides investment management services for the Funds.

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 TIAA.

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.

Note 2—significant accounting policies

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.

Investments and investment income: Securities transactions are accounted for as of the trade date for financial reporting purposes. Interest income is recorded on an accrual basis and includes accretion of discounts and amortization of premiums. 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. Securities lending income is comprised of fees earned from borrowers and income earned on cash collateral investments. 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

46 2020 Annual Report  ■  TIAA-CREF International Fixed-Income Funds

a realized gain. The Funds estimate the components of distributions received that may be considered return of capital distributions or capital gain distributions.

Multiclass operations and allocations: 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.

Distributions to shareholders: Distributions to shareholders are recorded on the ex-dividend date. The amount, character and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

Foreign currency transactions and translation: The books and records of the Funds are maintained in U.S. dollars. Assets, including investments, and liabilities denominated in foreign currencies are translated into U.S. dollars at the end of each day. Purchases and sales of securities, income, and expenses are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.

Net realized foreign currency gains and losses resulting from changes in exchange rates associated with (i) foreign currency, (ii) investments and (iii) derivatives include foreign currency gains and losses between trade date and settlement date of the transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the Funds and the amounts actually received and are recognized as a component of “Net realized gain (loss) on total investments” on the Statements of operations, when applicable.

The unrealized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with (i) investments and (ii) other assets and liabilities are recognized as a component of “Change in net unrealized appreciation (depreciation) of investments and foreign currency” on the Statements of operations, when applicable. The unrealized gains and losses resulting from changes in foreign exchange rates associated with investments in derivatives are recognized as a component of the respective derivative’s related “Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments” on the Statements of operations, when applicable.

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.

TIAA-CREF International Fixed-Income Funds  ■  2020 Annual Report 47

Notes to financial statements

Indemnification: Under the Trust’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that provide general indemnifications to other parties. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

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. 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.

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 SEC pursuant to Regulation S under the Securities Act of 1933, as amended. The Subsidiary is advised by Advisors and has the same investment objective as the Fund, but unlike the Fund, it may invest in Regulation S securities without limitation. As of October 31, 2020, the net assets of the Subsidiary were $38,753,347 representing 9% 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	$	41,686,528
Net assets		38,753,347
Net investment income (loss)		581,555
Net realized gain (loss)		1,142,957
Net change in unrealized appreciation (depreciation)		265,592

New accounting pronouncement: In March 2020, FASB issued Accounting Standards Update (“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 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,

48 2020 Annual Report  ■  TIAA-CREF International Fixed-Income Funds

continued

provided the only changes 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 optional expedients as of March 12, 2020 through December 31, 2022. Management has not yet elected to apply the optional expedients, but is currently assessing the impact of the ASU’s adoption to the Funds’ financial statements and various filings.

Note 3—valuation of investments

The Funds’ investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy which is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

• Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.

• Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.).

• Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

A description of the valuation techniques applied to the Funds’ major classifications of assets and liabilities measured at fair value follows:

Debt securities: Prices of fixed-income securities are generally provided by an independent pricing service (“pricing service”) approved by the Board. The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer or market activity, provided by the Advisor. These securities are generally classified as Level 2.

TIAA-CREF International Fixed-Income Funds  ■  2020 Annual Report 49

Notes to financial statements

Exchange-traded equity securities, common and preferred stock: Equity securities and exchange-traded funds 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. 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. To the extent these securities are actively traded and that valuation adjustments are not applied, they are generally classified as Level 1. If there is no official close of business, then the latest available sale price is utilized. If no sales are reported, then the mean of the latest available bid and ask prices is utilized and are generally classified as Level 2.

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. These foreign securities are generally classified as Level 2.

Forward foreign currency contracts: Forward foreign currency contracts are valued using the prevailing forward exchange rate which is derived from quotes provided by the pricing service using the procedures approved by the Board and are classified as Level 2.

Any portfolio security or derivative 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. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. To the extent the inputs are observable and timely, the values would be classified as Level 2 of the fair value hierarchy; otherwise they would be classified as Level 3.

50 2020 Annual Report  ■  TIAA-CREF International Fixed-Income Funds

continued

The following table summarizes the market value of the Funds’ investments as of the end of the reporting period, based on the inputs used to value them:

Fund	Level 1		Level 2			Level 3		Total
Emerging Markets Debt
Africa/Middle East	$	–	$	142,501,064		$	4,656,618	$	147,157,682
Asia		–		119,691,422			–		119,691,422
Europe		–		69,346,888			4,420,770		73,767,658
Latin America		193,488		200,576,187			14,180,894		214,950,569
All other debt investments*		–		3,165,165			–		3,165,165
Short-term investments		–		9,264,419			–		9,264,419
Total	$	193,488	$	544,545,145		$	23,258,282	$	567,996,915
International Bond
Africa/Middle East	$	–	$	28,890,563		$	197,613	$	29,088,176
Asia		–		142,653,207			–		142,653,207
Australasia		–		11,046,989			–		11,046,989
Europe		–		154,341,684			–		154,341,684
Latin America		–		21,378,906			–		21,378,906
North America		–		56,530,507			–		56,530,507
All other debt investments*		–		10,191,689			–		10,191,689
Short-term investments		–		3,233,134			–		3,233,134
Forward foreign currency contracts**		–		(532,777	)		–		(532,777	)
Total	$	–	$	427,733,902		$	197,613	$	427,931,515

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

The following table is a reconciliation of the Emerging Markets Debt Fund’s investments in which significant unobservable inputs (Level 3) were used in determining value:

	Investments
Balance as of October 31, 2019	$	6,384,611
Purchases		16,076,447
Sales		(4,701,614	)
Gains (losses)		(6,139,382	)
Change in unrealized appreciation (depreciation)		5,212,451
Transfers into Level 3		6,425,769
Balance as of October 31, 2020	$	23,258,282

The following table summarizes the significant unobservable inputs used to value Level 3 investments in the Emerging Markets Debt Fund as of October 31, 2020:

	Fair value		Valuation technique	Unobservable input	Range (weighted average)§
Bank loan obligations	$	8,150,000	Broker quote	*
Corporate bonds		6,668,019	Recent market transaction	Discount	33.0%–99.9% (57.9%)
Government bonds		4,019,494	Recent market transaction	Discount	56.5%–86.1% (66.3%)
Structured assets		4,420,769	Broker quote	*
Total	$	23,258,282

*	Single source broker quote.
§	Unobservable inputs were weighted by the relative fair value of the instruments.

TIAA-CREF International Fixed-Income Funds  ■  2020 Annual Report 51

Notes to financial statements

Note 4—investments

Repurchase agreements: In connection with transactions in repurchase agreements, it is the Fund’s policy that its custodian take possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. If the counterparty defaults, and the fair value of the collateral declines, realization of the collateral may be delayed or limited.

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.

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 have extended settlement periods; interest income is not accrued until settlement date. Any securities so purchased are subject to market fluctuation during this period. The Funds have segregated securities in their portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments.

Zero coupon securities: A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the year ended October 31, 2020 were as follows:

Fund	Non-U.S. government purchases		U.S. government purchases		Non-U.S. government sales		U.S. government sales
Emerging Markets Debt		$483,803,630		$            –		$404,274,725		$            –
International Bond		223,266,405		5,046,484		195,904,164		5,097,266

Note 5—derivative investments

Each Fund is authorized to invest in certain 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. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statements of operations, when applicable.

52 2020 Annual Report  ■  TIAA-CREF International Fixed-Income Funds

continued

At October 31, 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 contracts	Location	Fair value amount		Location	Fair value amount
International Bond Fund
Foreign-exchange contracts	Forward foreign currency contracts		$335,922	Forward foreign currency contracts		$(868,699	)

For the year ended October 31, 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
Interest-rate contracts	Futures contracts	$	(65,990	)	$	–
Foreign-exchange contracts	Forward foreign currency contracts		(22,961	)		23,414
International Bond Fund
Foreign-exchange contracts	Forward foreign currency contracts		(9,067,868	)		830,710

Futures contracts: Certain Funds are subject to Interest rate risk 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 year ended October 31, 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 October 31, 2020 there are no outstanding futures contracts.

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

TIAA-CREF International Fixed-Income Funds  ■  2020 Annual Report 53

Notes to financial statements

currencies where government regulations restrict foreign access to local currency or the parties want to compensate for risk without a physical exchange of funds. Forwards are marked-to-market daily at the applicable foreign exchange rate, and any resulting unrealized gains or losses are recorded as appreciation or depreciation in the Statements of assets and liabilities. The Funds realize gains and losses at the time the forward is closed. Realized and unrealized gains and losses are included in the Statements of operations. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts; from unanticipated movements in the value of a foreign currency relative to the U.S. dollar; and that losses may exceed amounts recognized on the Statements of assets and liabilities. During the year ended October 31, 2020, the Emerging Markets Debt Fund and the International Bond Fund had exposure to forwards contracts, based on underlying notional values, generally between 0% and 77% of net assets. The forward contracts outstanding as of October 31, 2020 are disclosed in the Summary portfolio of investments and the full Schedules of Investments.

Note 6—Income tax and other tax matters

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

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

For the year ended October 31, 2020, permanent book and tax differences resulting primarily from differing treatments for foreign currency transactions, utilization of tax equalization credits, dividend redesignations, and certain foreign taxes paid were identified and reclassified among the components of the Funds’ net assets. Net investment income and net realized gains (losses), as disclosed on the Statements of operations, and net assets were not affected by these reclassifications.

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

54 2020 Annual Report  ■  TIAA-CREF International Fixed-Income Funds

continued

Net unrealized appreciation (depreciation): At October 31, 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		$586,755,984		$19,930,174		$(38,689,243	)		$(18,759,069	)
International Bond		425,872,588		26,567,457		(24,508,530	)		2,058,927

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.

Distributions to shareholders: The tax character of distributions paid to shareholders during the years ended October 31, 2020 and October 31, 2019 was as follows:

	10/31/2020
Fund	Ordinary income		Long-term capital gains		Total
Emerging Markets Debt	$	29,661,774	$	–	$	29,661,774
International Bond		11,562,337		1,187		11,563,524
	10/31/2019
Fund	Ordinary income		Long-term capital gains		Total
Emerging Markets Debt	$	28,060,394	$	–	$	28,060,394
International Bond		22,626,923		–		22,626,923

Components of accumulated earnings: As of October 31, 2020, the components of accumulated earnings on a tax basis were as follows:

Fund	Undistributed ordinary income		Undistributed long-term capital gains		Unrealized appreciation (depreciation		)	Capital loss carryover			Total
Emerging Markets Debt		$4,600,712		$         –		$(18,767,202	)		$(6,174,559	)		$(20,341,049	)
International Bond		13,275,714		448,321		2,119,907			–			15,843,942

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

In certain circumstances, a fund may distribute portfolio securities rather than cash as payment for a redemption of fund shares (in-kind redemption). A fund may also accept portfolio securities rather than cash as payment for a purchase of fund shares (in-kind purchase). During the year ended October 31, 2020, the Funds did not have any in-kind purchase or in-kind redemption transactions.

TIAA-CREF International Fixed-Income Funds  ■  2020 Annual Report 55

Notes to financial statements

For the year ended October 31, 2020, the Emerging Markets Debt Fund had $6,174,559 in long-term capital loss carryovers, which will not expire.

Note 7—investment adviser and other transactions with 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.

The Subsidiary has entered into an investment management agreement with Advisors. Under this agreement, Advisors provides the same management services to the Subsidiary as it does to the International Bond Fund. Advisors is not compensated directly by the Subsidiary for their services, rather they are provided a management fee on the average net assets of the Fund which includes investments in the Subsidiary. The Fund bears all operating expenses of the Subsidiary.

Under the terms of a Retirement Class Service Agreement with respect to each Fund, the Retirement Class of the Fund incurs an annual fee, payable monthly to Advisors, for providing certain administrative costs associated with the maintenance of Retirement Class shares on retirement plan or other platforms. Substantially all of the Retirement Class shareholder servicing fees reported on the Statements of operations are paid to Advisors under the Service Agreement.

Under the terms of a distribution Rule 12b-1 plan, the Retail Class of each Fund compensates Nuveen Securities for providing distribution, promotional and/or shareholder services to the Retail Class of the Fund at the annual rate of 0.25% of the average daily net assets attributable to the Fund’s Retail Class. The Premier Class of each Fund is subject to a distribution Rule 12b-1 plan that compensates Nuveen Securities for providing distribution, promotional and/or shareholder services to the Premier Class of the Fund at the annual rate of 0.15% of the average daily net assets attributable to the Fund’s Premier Class.

Advisors has contractually agreed to waive and/or reimburse Class W’s shares’ Management fees and Other expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, acquired fund fees and expenses, trustee expenses and extraordinary expenses) in their entirety. Advisors expects this waiver and/or reimbursement to remain in effect indefinitely, unless changed or terminated with approval of the Board of Trustees. The Management fees and Other expenses of Class W shares that have been waived by Advisors may be incurred directly or indirectly, all or in part, by investors in Class W shares.

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.

56 2020 Annual Report  ■  TIAA-CREF International Fixed-Income Funds

continued

As of October 31, 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
							Retirement Class			Premier Class			Retail Class
Emerging Markets Debt		0.45%–0.55	%		0.55	%		0.25	%		0.15	%		0.25	%
International Bond		0.40–0.50	a		0.52			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	%		0.85	%b		1.00	%		0.65	%
International Bond		0.60			0.75	a		0.75	a		0.85	a		0.95	a		0.60

‡	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 of Trustees.
§	Advisors has contractually agreed to waive and/or reimburse Class W’s Management fees and Other expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, acquired fund fees and expenses, trustee expenses and extraordinary expenses) in their entirety. Advisors expects this waiver and/or reimbursement to remain in effect indefinitely, unless changed with approval of the Board of Trustees.
a	Prior to March 1, 2020, the investment management fee range for the International Bond Fund was 0.45%–0.55% of average daily net assets. The expense caps were 0.60% for the Advisor Class, 0.80% for the Premier Class, 0.87% for the Retirement Class, and 0.98% for the Retail Class.
b	Effective May 1, 2020, Advisors agreed to voluntarily waive a portion of the expense cap for the Emerging Markets Debt Fund Retirement Class. This waiver is voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval. Prior to May 1, 2020, the expense cap was 0.88% for the Retirement Class.

The Funds may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Board, pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions. For the year ended October 31, 2020, the Funds did not have any security transactions with affiliated entities.

The following is the percentage of the Fund’s shares owned by affiliates as of October 31, 2020:

Underlying Fund	TIAA-CREF Lifecycle Funds
Emerging Markets Debt		81	%
International Bond		97

TIAA-CREF International Fixed-Income Funds  ■  2020 Annual Report 57

Notes to financial statements concluded

Note 8—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 9—inter-fund lending program

Pursuant to an exemptive order issued by the SEC, the Funds may participate in an inter-fund lending program. This program allows the Funds to lend cash to and/or borrow cash from certain other affiliated Funds for temporary purposes, (e.g., to satisfy redemption requests or to cover unanticipated cash shortfalls). The program is subject to a number of conditions, including the requirement that no Fund may borrow or lend money under the program unless it receives a more favorable interest rate than is available from a bank or other financial institution for a comparable transaction. In addition, a Fund may participate in the program only if its participation is consistent with the Fund’s investment policies and limitations and authorized by its portfolio manager(s). During the year ended October 31, 2020, there were no inter-fund borrowing or lending transactions.

Note 10—line of credit

The Funds participate 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 16, 2020 expiring on June 15, 2021, replacing the previous facility, which expired June 2020. Certain affiliated accounts and mutual funds, each of which is managed by Advisors, or an affiliate of Advisors, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds on a pro rata basis. Interest associated with any borrowing under the facility is charged to the borrowing accounts or mutual funds at a specified rate of interest. The Funds are not liable for borrowings under the facility by other affiliated accounts or mutual funds. For the year ended October 31, 2020, there were no borrowings under this credit facility by the Funds.

58 2020 Annual Report  ■  TIAA-CREF International Fixed-Income Funds

Report of Independent Registered
Public Accounting Firm

To the Board of Trustees of TIAA-CREF Funds and Shareholders of TIAA-CREF Emerging Markets Debt Fund and TIAA-CREF International Bond Fund

Opinions on the Financial Statements

We have audited the (i) accompanying statement of assets and liabilities, including the summary portfolio of investments, of TIAA-CREF Emerging Markets Debt Fund as of October 31, 2020, the related statement of operations for the year ended October 31, 2020, the statement of changes in net assets for each of the two years in the period ended October 31, 2020, including the related notes, and the financial highlights for each of the periods indicated therein, and (ii) the accompanying consolidated statement of assets and liabilities, including the consolidated summary portfolio of investments, of TIAA-CREF International Bond Fund as of October 31, 2020, the related consolidated statement of operations for the year ended October 31, 2020, the consolidated statement of changes in net assets for each of the two years in the period ended October 31, 2020, including the related notes, and the consolidated financial highlights for each of the periods indicated therein (two of the funds constituting TIAA-CREF Funds, hereafter collectively referred to as the “Funds”) (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2020, and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the

TIAA-CREF International Fixed-Income Funds  ■  2020 Annual Report 59

Report of Independent Registered
Public Accounting Firm concluded

overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2020 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Baltimore, Maryland
December 17, 2020

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

60 2020 Annual Report  ■  TIAA-CREF International Fixed-Income Funds

Important tax information (unaudited)

For the fiscal year ended October 31, 2020, the TIAA-CREF Funds designate the following distribution amounts (or the maximum amount allowable) as being from net long-term capital gains.

Fund	Long-term capital gains
Emerging Markets Debt		$         —
International Bond		192,998

The information and distributions reported herein may differ from the information and distributions reported to shareholders for the calendar year ending December 31, 2020, which will be reported in conjunction with your 2020 Form 1099-DIV.

By early 2021, shareholders should receive their Form 1099-DIV and a tax information letter from the Funds. For your specific situation, we recommend that you consult a professional tax advisor.

TIAA-CREF International Fixed-Income Funds  ■  2020 Annual Report 61

Trustees and officers(unaudited)

TIAA-CREF Funds  ■  October 31, 2020

Trustees

Name, Address and Year of Birth (“YOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee
Forrest Berkley c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Trustee	Indefinite term. Trustee since 2006.	Retired Partner (since 2006), Partner (1990–2005) and Head of Global Product Management (2003–2005), GMO (formerly, Grantham, Mayo, Van Otterloo & Co.) (investment management); and member of asset allocation portfolio management team, GMO (2003–2005).	91	Director, Save the Children Federation, Inc.; Investment Committee Member, Maine Community Foundation.
Joseph A. Boateng c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Trustee	Indefinite term. Trustee since 2019.	Chief Investment Officer, Casey Family Programs (since 2007). Director of U.S. Pension Plans at Johnson & Johnson (2002–2006). Manager, Financial Services Consultant, KPMG Consulting (2000–2002).	91	Board member, Year Up Puget Sound and Waterside School; Investment Advisory Committee Chair, Seattle City Employees’ Retirement System; Investment Committee Member, The Seattle Foundation.
Janice C. Eberly c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Trustee	Indefinite term. Trustee since 2018.	James R. and Helen D. Russell Professor of Finance (2002–2011 and since 2013), and Senior Associate Dean for Strategy and Academics (since 2020) at the Kellogg School of Management at Northwestern University and Chair of the Finance Department (2005–2007). Vice President, American Economic Association (since 2020). Assistant Secretary for Economic Policy at the United States Department of the Treasury (2011–2013).	91	Member of the Board of the Office of Finance of the Federal Home Loan Banks; Director, Avant, LLC; Member of the Executive Board, American Economic Association.

62 2020 Annual Report  ■  TIAA-CREF International Fixed-Income Funds  

Nancy A. Eckl c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Trustee	Indefinite term. Trustee since 2007.	Vice President (1990–2006), American Beacon Advisors, Inc., and Vice President of certain funds advised by American Beacon Advisors, Inc.	91	Independent Director, The Lazard Funds, Inc., Lazard Retirement Series, Inc., and Lazard Global Total Return and Income Fund, Inc..
Michael A. Forrester c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1967	Trustee	Indefinite term. Trustee since 2007.	Chief Executive Officer (since 2014) and Chief Operating Officer (2007–2014), Copper Rock Capital Partners, LLC; Chief Operating Officer, DDJ Capital Management (2003–2006).	91	Director of Copper Rock Capital Partners, LLC (investment adviser); Trustee, Dexter Southfield School; Member, Governing Council of the Independent Directors Council.
Howell E. Jackson c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Trustee	Indefinite term. Trustee since 2005.	James S. Reid, Jr. Professor of Law (since 2004), Senior Advisor to the President and Provost (2010–2012), Acting Dean (2009), Vice Dean for Budget (2003–2006) and on the faculty (since 1989) of Harvard Law School.	91	Director, Commonwealth (non-profit organization).
Thomas J. Kenny c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Chairman of the Board and Trustee	Indefinite term. Trustee since 2011. Chairman for term ending July 1, 2021. Chairman since September 13, 2017.	Advisory Director (2010–2011), Partner (2004– 2010) and Managing Director (1999–2004), Co-Head of Global Cash and Fixed Income Portfolio Management Team (2002–2010), Goldman Sachs Asset Management.	91	Director and Chair of the Finance and Investment Committee, Aflac Incorporated; Director and Investment Committee Member, Sansum Clinic; Director, ParentSquare; Member, University of California at Santa Barbara Arts and Lectures Advisory Council.

TIAA-CREF International Fixed-Income Funds  ■  2020 Annual Report 63

Trustees and officers(unaudited)

TIAA-CREF Funds  ■  October 31, 2020

Trustees—concluded

Name, Address and Year of Birth (“YOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee
James M. Poterba c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1958	Trustee	Indefinite term. Trustee since 2006.	President and Chief Executive Officer (since 2008) and Program Director (1990–2008), National Bureau of Economic Research. Mitsui Professor of Economics, Massachusetts Institute of Technology (“MIT”) (since 1996); Affiliated Faculty Member of the Finance Group, Alfred P. Sloan School of Management (since 2014); Head (2006–2008) and Associate Head (1994–2000 and 2001–2006), Economics Department of MIT.	91	Director, National Bureau of Economic Research and the Alfred P. Sloan Foundation; Member, Congressional Budget Office Panel of Economic Advisers.
Maceo K. Sloan c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1949	Trustee	Indefinite term. Trustee since 1999.	Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (1991–2018); Chairman and Chief Executive Officer (1991–2016) and Chief Investment Officer (1991–2013) and Chief Compliance Officer (2015–2016), NCM Capital Management Group, Inc.; Chairman, Chief Executive Officer (2003–2016), Chief Investment Officer (2003–2013) and Chief Compliance Officer (2015–2016), NCM Capital Advisers Inc.; and Chairman, President and Principal Executive Officer, NCM Capital Investment Trust (2007–2012).	91	N/A

64 2020 Annual Report  ■  TIAA-CREF International Fixed-Income Funds

Laura T. Starks
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
YOB: 1950 Trustee Indefinite term.
Trustee since 2006. Charles E. and Sarah M. Seay Regents Chair of Finance (since 2002), Co-Executive Director, Social Innovation Initiative (since 2015), Director, AIM Investment Center (2000–2016), Associate Dean for Research (2011–2016), Chairman, Department of Finance (2002–2011) and Professor (since 1987), McCombs School of Business, University of Texas at Austin. President, Society of Financial Studies (2017–2020). Vice President, American Finance Association (since 2020). 91 Texa$aver Product Committee Member, Employees Retirement System of Texas.

TIAA-CREF International Fixed-Income Funds  ■  2020 Annual Report 65

Trustees and officers(unaudited)

TIAA-CREF Funds  ■  October 31, 2020

Officers

Name, Address and Year of Birth (“YOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Vijay Advani TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1960	Executive Vice President	One-year term. Executive Vice President since 2018.	Executive Chairman, Nuveen. Executive Vice President of the College Retirement Equities Fund (“CREF”), TIAA Separate Account VA-1, TIAA-CREF Funds and TIAA-CREF Life Funds (collectively, the “TIAA-CREF Fund Complex”). Formerly, Chief Executive Officer, Nuveen. Prior to joining Nuveen, Mr. Advani served as Co-President of Franklin Resources, Inc. (Franklin Templeton Investments).
Richard S. Biegen TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Chief Compliance Officer	One-year term. Chief Compliance Officer since 2008.	Senior Managing Director, TIAA. Chief Compliance Officer of the TIAA-CREF Fund Complex.
Derek B. Dorn TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1976	Senior Managing Director and Corporate Secretary	One-year term. Senior Managing Director and Corporate Secretary since 2020.	Senior Managing Director and Corporate Secretary of Teachers Insurance and Annuity Association of America (“TIAA”) and the TIAA-CREF Fund Complex. Formerly, Managing Director, Special Assistant to the CEO, and Managing Director, Regulatory Affairs, TIAA. Prior to joining TIAA, Mr. Dorn was a partner at Davis & Harman LLP and an adjunct professor of Law at Georgetown University Law Center.
Bradley Finkle TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1973	Principal Executive Officer and President	One-year term. Principal Executive Officer and President since 2017.	Chief Operating Officer, Nuveen. Principal Executive Officer and President of the TIAA-CREF Funds and TIAA-CREF Life Funds. Formerly, Senior Managing Director, Co-Head Nuveen Equities & Fixed Income and President of TIAA Investments.

66 2020 Annual Report  ■  TIAA-CREF International Fixed-Income Funds

Jose Minaya TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1971	Executive Vice President	One-year term. Executive Vice President since 2018.	Chief Executive Officer, Nuveen. Executive Vice President of the TIAA-CREF Fund Complex. Formerly, Executive Vice President, President and Chief investment Officer, Nuveen; Executive Vice President, Chief Investment Officer, Nuveen Global Investments; and Senior Managing Director, President, Global Investments, TIAA.
David Nason TIAA 730 Third Ave. New York, NY 10017-3206 YOB: 1970	Executive Vice President	One-year term. Executive Vice President since 2020.	Senior Executive Vice President, Chief Legal, Risk and Compliance Officer of TIAA. Executive Vice President of the TIAA-CREF Fund Complex. Formerly, Executive Vice President, Chief Risk and Compliance Officer, TIAA. Prior to joining TIAA, Mr. Nason served as President and CEO of GE Energy Financial Services.
Phillip T. Rollock TIAA 730 Third Ave. New York, NY 10017-3206 YOB: 1962	Executive Vice President and Chief Legal Officer	One-year term. Executive Vice President and Chief Legal Officer since 2018.	Executive Vice President and Chief Legal Officer of TIAA and the TIAA-CREF Fund Complex. Formerly, Executive Vice President, Deputy Chief Legal Officer, TIAA and Senior Managing Director, Senior General Counsel and Corporate Secretary of TIAA and the TIAA-CREF Fund Complex.
E. Scott Wickerham TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1973	Principal Financial Officer, Principal Accounting Officer and Treasurer	One-year Principal Financial Officer, Principal Accounting Officer and Treasurer since 2017.	Senior Managing Director, Head, Publics Investment Finance, Nuveen. Principal Financial Officer, Principal Accounting Officer and Treasurer of the TIAA-CREF Funds, TIAA-CREF Life Funds and TIAA Separate Account VA-1, and CREF; and Vice President and Controller of the Nuveen Funds. Formerly, Managing Director, Head, TC Fund Administration, Nuveen.
Sean N. Woodroffe TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Executive Vice President	One-year term. Executive Vice President since 2018.	Senior Executive Vice President, Chief Human Resources Officer of TIAA, and Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Woodroffe served as Chief People Officer at National Life Group.

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

TIAA-CREF International Fixed-Income Funds  ■  2020 Annual Report 67

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How to reach us

Websites

TIAA.org
nuveen.com

Automated telephone service

800-842-2252

24 hours a day, 7 days a week

For the hearing- or speech-impaired

800-842-2755
8 a.m. to 10 p.m. (ET), Monday–Friday

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 for informational or educational purposes only and does not constitute fiduciary investment advice under ERISA, a securities recommendation under all securities laws, or an insurance product recommendation under state insurance laws or regulations. This material does not take into account any specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on the investor’s own objectives and circumstances.

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

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Item 2. Code of Conduct.

2(a) The Board of Trustees of the TIAA-CREF Funds (the “Registrant”) has adopted a code of conduct for senior financial officers, including the Registrant’s principal executive officer, principal financial officer, principal accounting officer, or controller, and persons performing similar functions, in conformity with rules promulgated under the Sarbanes-Oxley Act of 2002.

2(b) No response required.

2(c) During the reporting period, there were no amendments to the code of conduct.

2(d) During the reporting period, there were no implicit or explicit waivers granted by the Registrant from any provision of the code of conduct.

2(e) Not applicable.

2(f) A copy of the current code of conduct is filed as an exhibit to this Form N-CSR.

Item 3. Audit Committee Financial Expert.

3(a)(1) The Registrant’s Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its Audit and Compliance Committee.

3(a)(2) Maceo K. Sloan is the Registrant’s audit committee financial expert and is “independent” for purposes of Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

PricewaterhouseCoopers LLP (“PwC”) performs independent audits of the Registrant’s financial statements. To maintain auditor independence and avoid even the appearance of conflicts of interest, the Registrant, as a policy, does not engage PwC for management advisory or consulting services.

The aggregate fees billed by PwC as disclosed below for the fiscal years ended October 31, 2020 and October 31, 2019 may not align with the figures reported and filed with the Securities and Exchange Commission in Form N-CEN or Form N-CSR for each period, respectively, (SEC File No. 811-09301) because the fees disclosed in this proxy statement reflect fees updated after the date of that Form N-CEN or Form N-CSR for the relevant period.

4(a) Audit Fees.

For the fiscal years ended October 31, 2020 and October 31, 2019, PwC’s aggregate fees for the audit of the Registrant’s annual financial statements were $1,093,723 and $1,117,930, respectively.

4(b) Audit Related Fees.

For the fiscal years ended October 31, 2020 and October 31, 2019, PwC’s aggregate fees for services related to the performance of the audit of the Registrant’s annual financial statements were $0 and $0, respectively.

For the fiscal years ended October 31, 2020 and October 31, 2019, the Audit-Related Fees billed by PwC to Teachers Advisors, LLC (“Advisors”) or to any entity controlling, controlled by or under common control with Advisors that provides ongoing services to the Registrant (collectively, “Fund Service Providers”) were $0 and $0, respectively.

4(c) Tax Fees.

For the fiscal years ended October 31, 2020 and October 31, 2019, PwC’s aggregate fees for tax services billed to the Registrant were $0 and $0, respectively.

For the fiscal years ended October 31, 2020 and October 31, 2019, the Tax Fees billed by PwC to the Fund Service Providers were $0 and $0, respectively.

4(d) All Other Fees.

For the fiscal years ended October 31, 2020 and October 31, 2019, PwC’s aggregate fees for all other services billed to the Registrant were $12,492 and $12,995, respectively.

For the fiscal years ended October 31, 2020 and October 31, 2019, PwC’s aggregate fees for all other services billed to the Fund Service Providers were $0 and $0, respectively.

4(e)(1) Preapproval Policy.

The Registrant’s audit and compliance committee (“Audit Committee”) has adopted a Preapproval Policy for External Audit Firm Services (the “Policy”). The Policy describes the types of services that may be provided by the independent auditor to the Registrant and certain of its affiliates without impairing the auditor’s independence. Under the Policy, the Audit Committee is required to preapprove all services to be performed by the Registrant’s independent auditor in order to ensure that such services do not impair the auditor’s independence.

The Policy requires the Audit Committee to: (i) appoint the independent auditor to perform the financial statements audit for the Registrant and certain of its affiliates, including approving the terms of the engagement, and (ii) preapprove the audit, audit-related, tax and other services to be provided by the independent auditor to the Registrant and certain of its affiliates and the fees to be charged for provision of such services from year to year.

4(e)(2) Services provided pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (the “de minimis exception”):

Audit-Related Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended October 31, 2020 and October 31, 2019 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended October 31, 2020 and October 31, 2019 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

Tax Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended October 31, 2020 and October 31, 2019 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended October 31, 2020 and October 31, 2019 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

All Other Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended October 31, 2020 and October 31, 2019 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended October 31, 2020 and October 31, 2019 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

4(f) The percentage of hours expended by PwC’s engagement to audit the Registrant’s financial statements for the most recent fiscal year attributable to work performed by persons other than PwC’s full-time, permanent employees was less than 50%.

4(g) Non-Audit Fees for Related Entities.

For the fiscal years ended October 31, 2020 and October 31, 2019, aggregate non-audit fees billed to the Registrant and to its Fund Service Providers by PwC were $242,833 and $342,667, respectively.

4(h) The Registrant’s Audit Committee has considered whether the non-audit services that were rendered by PwC to the Registrant’s Fund Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X are compatible with maintaining PwC’s independence.

Item 5. Audit Committee of Listed Registrants.

Not Applicable.

Item 6. Schedule of Investments.

TIAA-CREF FUNDS - Growth & Income Fund

TIAA-CREF FUNDS
GROWTH & INCOME FUND
SCHEDULE OF INVESTMENTS
October 31, 2020

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.8%
AUTOMOBILES & COMPONENTS - 0.8%
	309,704		Aptiv plc	$	29,883,339
	458,356		General Motors Co		15,827,033
			TOTAL AUTOMOBILES & COMPONENTS		45,710,372
BANKS - 3.4%
	3,118,360		Bank of America Corp		73,905,132
	320,543	n	Citigroup, Inc		13,276,891
	937,144		JPMorgan Chase & Co		91,877,598
	688,902		Radian Group, Inc		12,365,791
			TOTAL BANKS		191,425,412
CAPITAL GOODS - 6.6%
	291,637	*	Builders FirstSource, Inc		8,836,601
	98,016	n	Carlisle Cos, Inc		12,141,242
	154,415		Deere & Co		34,883,893
	353,796		Dover Corp		39,168,755
	421,646		Eaton Corp		43,762,638
	909,823		General Electric Co		6,750,887
	142,274		HEICO Corp (Class A)		13,302,619
	327,069		Honeywell International, Inc		53,950,031
	515,596		ITT, Inc		31,198,714
	91,764	n	Northrop Grumman Corp		26,595,042
	232,981		Otis Worldwide Corp		14,277,076
	259,787		Owens Corning, Inc		17,008,255
	273,803		Raytheon Technologies Corp		14,872,979
	83,146	*	Teledyne Technologies, Inc		25,704,586
	257,557		Trane Technologies plc		34,190,692
			TOTAL CAPITAL GOODS		376,644,010
COMMERCIAL & PROFESSIONAL SERVICES - 1.0%
	99,380	*	FTI Consulting, Inc		9,784,955
	66,583	*,n	Seagen, Inc		11,106,044
	169,636	*	Stericycle, Inc		10,568,323
	92,791		TransUnion		7,391,731
	205,405		Waste Management, Inc		22,165,254
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		61,016,307
CONSUMER DURABLES & APPAREL - 1.7%
	188,680	n	Brunswick Corp		12,020,803
	1,564,724	*	Mattel, Inc		21,546,249
	267,426		Nike, Inc (Class B)		32,112,514
	145,695	*	Tempur Sealy International, Inc		12,966,855
	90,000		Whirlpool Corp		16,646,400
			TOTAL CONSUMER DURABLES & APPAREL		95,292,821

1

TIAA-CREF FUNDS - Growth & Income Fund

SHARES			COMPANY	VALUE
CONSUMER SERVICES - 1.4%
	236,516	*	Caesars Entertainment, Inc	$	10,600,647
	14,592	*,n	Chipotle Mexican Grill, Inc (Class A)		17,531,996
	56,728		Churchill Downs, Inc		8,460,981
	126,460		Darden Restaurants, Inc		11,624,203
	117,377	*	Flutter Entertainment plc		20,335,657
	179,280		Texas Roadhouse, Inc (Class A)		12,554,979
			TOTAL CONSUMER SERVICES		81,108,463
DIVERSIFIED FINANCIALS - 2.5%
	243,949		Blackstone Group, Inc		12,299,909
	514,578		Discover Financial Services		33,452,716
	1,415,855		Equitable Holdings, Inc		30,426,724
	249,197		Lazard Ltd (Class A)		8,390,463
	998,857		Morgan Stanley		48,094,964
	290,381		Voya Financial, Inc		13,917,961
			TOTAL DIVERSIFIED FINANCIALS		146,582,737
ENERGY - 1.6%
	405,743	n	Chevron Corp		28,199,139
	904,840		EQT Corp		13,699,278
	425,941	n	Hess Corp		15,853,524
	1,335,976		Kinder Morgan, Inc		15,898,114
	229,986		Pioneer Natural Resources Co		18,297,686
			TOTAL ENERGY		91,947,741
FOOD & STAPLES RETAILING - 1.4%
	404,503	*,n	BJ’s Wholesale Club Holdings, Inc		15,488,420
	352,439		Walmart, Inc		48,900,911
	55,689	*	Zur Rose Group AG.		15,495,197
			TOTAL FOOD & STAPLES RETAILING		79,884,528
FOOD, BEVERAGE & TOBACCO - 3.5%
	566,110		Coca-Cola Co		27,207,247
	556,513		ConAgra Brands, Inc		19,528,041
	68,130	*	Freshpet, Inc		7,800,885
	153,513		Hershey Co		21,101,897
	781,233		Mondelez International, Inc		41,499,097
	294,627	*	Monster Beverage Corp		22,559,589
	466,349		PepsiCo, Inc		62,159,658
			TOTAL FOOD, BEVERAGE & TOBACCO		201,856,414
HEALTH CARE EQUIPMENT & SERVICES - 7.3%
	249,145		Abbott Laboratories		26,187,631
	425,729	n	Baxter International, Inc		33,023,798
	904,111	*,n	Boston Scientific Corp		30,983,884
	281,671		Danaher Corp		64,654,761
	57,998	*,n	DexCom, Inc		18,535,001
	205,990	*	Edwards Lifesciences Corp		14,767,423
	512,185	*	Envista Holdings Corp		13,531,928
	118,052	*	Guardant Health, Inc		12,591,426
	126,627	n	Humana, Inc		50,559,629
	65,988	*	IDEXX Laboratories, Inc		28,033,022
	128,422		STERIS plc		22,755,094
	172,104		UnitedHealth Group, Inc		52,515,815

2

TIAA-CREF FUNDS - Growth & Income Fund

SHARES			COMPANY	VALUE
	63,927		West Pharmaceutical Services, Inc	$	17,392,619
	237,973		Zimmer Biomet Holdings, Inc		31,436,233
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		416,968,264
HOUSEHOLD & PERSONAL PRODUCTS - 2.3%
	109,985		Estee Lauder Cos (Class A)		24,159,305
	676,171		Procter & Gamble Co		92,703,044
	157,216		Reckitt Benckiser Group plc		13,848,923
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		130,711,272
INSURANCE - 2.2%
	255,563		Assurant, Inc		31,784,370
	118,712		Everest Re Group Ltd		23,395,761
	849,970	n	Hartford Financial Services Group, Inc		32,740,844
	827,017		Metlife, Inc		31,302,594
	199,092	*	Root, Inc		4,772,235
			TOTAL INSURANCE		123,995,804
MATERIALS - 3.6%
	454,473	n	Corteva, Inc		14,988,520
	151,611	*	Crown Holdings, Inc		13,008,224
	558,526		Dow, Inc		25,407,348
	652,651		DuPont de Nemours, Inc		37,122,789
	171,448		FMC Corp		17,614,567
	299,416		Linde plc		65,973,321
	246,831		PPG Industries, Inc		32,018,917
			TOTAL MATERIALS		206,133,686
MEDIA & ENTERTAINMENT - 9.6%
	115,969	*	Alphabet, Inc (Class C)		187,986,909
	1,020,318		Comcast Corp (Class A)		43,098,232
	481,109	*	Facebook, Inc		126,584,589
	126,247	*	Match Group, Inc		14,743,125
	113,149	*,n	Netflix, Inc		53,829,505
	689,738	*	Snap, Inc		27,168,780
	134,189	*,n	Take-Two Interactive Software, Inc		20,788,560
	300,075	*,n	Twitter, Inc		12,411,102
	519,088		Walt Disney Co		62,939,420
			TOTAL MEDIA & ENTERTAINMENT		549,550,222
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.4%
	83,841	*	10X Genomics, Inc		11,477,833
	634,714		AbbVie, Inc		54,014,161
	323,609	*,n	Acadia Pharmaceuticals, Inc		15,031,638
	217,343		AstraZeneca plc		21,822,426
	1,124,365	*,n	Avantor, Inc		26,163,974
	165,427	*	Axsome Therapeutics, Inc		10,969,464
	130,923	*	Berkeley Lights, Inc		9,501,082
	170,363	*	Catalent, Inc		14,952,760
	521,333		Daiichi Sankyo Co Ltd		13,759,873
	174,270		Eli Lilly & Co		22,735,264
	297,906	*	Genmab A.S. (ADR)		10,027,516
	259,064	*	Horizon Therapeutics Plc		19,411,666
	119,377	*	IQVIA Holdings, Inc		18,382,864
	40,947		Lonza Group AG.		24,810,198

3

TIAA-CREF FUNDS - Growth & Income Fund

SHARES			COMPANY	VALUE
	653,032		Merck & Co, Inc	$	49,114,537
	110,740	*	Neurocrine Biosciences, Inc		10,926,716
	46,637		PerkinElmer, Inc		6,041,823
	856,514		Pfizer, Inc		30,389,117
	62,389	*	Regeneron Pharmaceuticals, Inc		33,912,165
	34,071		Roche Holding AG.		10,948,080
	119,187		Sanofi-Aventis		10,761,792
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		425,154,949
REAL ESTATE - 1.5%
	158,283		American Tower Corp		36,349,691
	18,355		Equinix, Inc		13,421,910
	379,905		Prologis, Inc		37,686,576
			TOTAL REAL ESTATE		87,458,177
RETAILING - 9.2%
	88,032	*,n	Amazon.com, Inc		267,278,357
	305,397		Best Buy Co, Inc		34,067,035
	408,369	e,n	Children’s Place, Inc		10,319,485
	259,240		Dick’s Sporting Goods, Inc		14,685,946
	349,282		Expedia Group, Inc		32,884,900
	314,652	n	Home Depot, Inc		83,920,835
	606,142	e	Nordstrom, Inc		7,334,318
	42,951	*	O’Reilly Automotive, Inc		18,752,407
	268,434		Target Corp		40,861,023
	1,988,150	*	THG Holdings Ltd		16,988,971
			TOTAL RETAILING		527,093,277
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 7.2%
	582,537	*,n	Advanced Micro Devices, Inc		43,859,211
	33,353		Broadcom, Inc		11,661,209
	277,036	*	Cree, Inc		17,619,490
	188,118	*,n	Enphase Energy, Inc		18,452,495
	138,780	*	Inphi Corp		19,395,893
	475,141		Intel Corp		21,039,244
	778,187	n	Marvell Technology Group Ltd		29,189,794
	89,565		Monolithic Power Systems, Inc		28,624,974
	169,867		NVIDIA Corp		85,164,519
	195,510		NXP Semiconductors NV		26,417,311
	435,045		QUALCOMM, Inc		53,667,151
	172,798		Skyworks Solutions, Inc		24,414,629
	254,768		Taiwan Semiconductor Manufacturing Co Ltd (ADR)		21,367,392
	66,036	n	Universal Display Corp		13,095,599
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		413,968,911
SOFTWARE & SERVICES - 11.7%
	465,600	*	Ant Group Co Ltd		4,804,643
	69,885	*	CACI International, Inc (Class A)		14,573,119
	149,689	*	Check Point Software Technologies		16,998,683
	421,370	*	Fiserv, Inc		40,228,194
	140,737	*	Liveperson, Inc		7,523,800
	223,403	n	Mastercard, Inc (Class A)		64,483,042
	1,575,927		Microsoft Corp		319,077,940
	336,346	*	PayPal Holdings, Inc		62,604,081
	304,110	*,n	salesforce.com, Inc		70,635,630
	89,151	*	ServiceNow, Inc		44,358,863

4

TIAA-CREF FUNDS - Growth & Income Fund

SHARES			COMPANY	VALUE
	117,943	*	Synopsys, Inc	$	25,223,290
			TOTAL SOFTWARE & SERVICES		670,511,285
TECHNOLOGY HARDWARE & EQUIPMENT - 8.5%
	3,279,490	n	Apple, Inc		357,005,281
	298,810	*	Calix, Inc		6,995,142
	549,684		Cisco Systems, Inc		19,733,656
	86,823		Cognex Corp		5,721,636
	785,721	*	CommScope Holding Co, Inc		6,992,917
	466,996		Corning, Inc		14,929,862
	270,623	*	Keysight Technologies, Inc		28,380,234
	93,228	n	Motorola Solutions, Inc		14,735,618
	361,054		TE Connectivity Ltd		34,978,911
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		489,473,257
TELECOMMUNICATION SERVICES - 1.8%
	786,009		AT&T, Inc		21,237,963
	161,931		Cogent Communications Group, Inc		9,035,750
	205,156	*	T-Mobile US, Inc		22,478,943
	862,091		Verizon Communications, Inc		49,130,566
			TOTAL TELECOMMUNICATION SERVICES		101,883,222
TRANSPORTATION - 1.5%
	141,589		DSV AS		22,971,602
	193,364		Knight-Swift Transportation Holdings, Inc		7,345,898
	359,882	n	United Parcel Service, Inc (Class B)		56,541,061
			TOTAL TRANSPORTATION		86,858,561
UTILITIES - 2.1%
	1,376,717		Centerpoint Energy, Inc		29,090,030
	733,094	n	NextEra Energy, Inc		53,669,812
	559,977		PPL Corp		15,399,368
	615,909		RWE AG.		22,793,406
			TOTAL UTILITIES		120,952,616
			TOTAL COMMON STOCKS		5,722,182,308
			(Cost $3,298,847,980)
PURCHASED OPTIONS - 0.0%
DIVERSIFIED FINANCIALS - 0.0%
	160,000		Financial Select Sector SPDR Fund		142,400
			TOTAL DIVERSIFIED FINANCIALS		142,400
HEALTH CARE EQUIPMENT & SERVICES - 0.0%
	23,400		Stryker Corp		34,515
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		34,515
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
	100,000		Alkermes plc		120,000
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		120,000
			TOTAL PURCHASED OPTIONS		296,915
			(Cost $416,775)

5

TIAA-CREF FUNDS - Growth & Income Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
SHORT-TERM INVESTMENTS - 0.8%
REPURCHASE AGREEMENT - 0.2%
$	14,135,000	r	Fixed Income Clearing Corp (FICC)		0.070	%	11/02/20	$	14,135,000
			TOTAL REPURCHASE AGREEMENT						14,135,000
TREASURY DEBT - 0.3%
	17,290,000		United States Treasury Bill		0.075-0.082		11/17/20		17,289,424
			TOTAL TREASURY DEBT						17,289,424
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.3%
	14,735,144	c	State Street Navigator Securities Lending Government Money Market Portfolio						14,735,144
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						14,735,144
			TOTAL SHORT-TERM INVESTMENTS						46,159,568
			(Cost $46,159,536)
			TOTAL INVESTMENTS - 100.6%						5,768,638,791
			(Cost $3,345,424,291)
			OTHER ASSETS & LIABILITIES, NET - (0.6)%						(33,614,049	)
			NET ASSETS - 100.0%					$	5,735,024,742

Abbreviation(s):

ADR     American Depositary Receipt

SPDR   Standard and Poor’s Depository Receipt

*	Non-income producing
c	Investments made with cash collateral received from securities on loan.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $17,143,943.
n	All or a portion of these securities have been segregated by the custodian to cover requirements on open written options contracts.
r	Agreement with Fixed Income Clearing Corporation, 0.070% dated 10/31/20 to be repurchased at $14,135,000 on 11/2/20, collateralized by U.S. Treasury Notes valued at $14,417,787.

Purchased options outstanding as of October 31, 2020 were as follows:

Description/underlying investment	Number of contracts		Notional amount		Exercise price		Expiration date	Value
Alkermes plc, Call		1,000	$	199,856	$	22.00	05/21/21	$	120,000
Financial Select Sector SPDR Fund, Call		1,600		124,857		25.00	01/15/21		142,400
Stryker Corp, Call		234		92,062		240.00	01/15/21		34,515
Total		2,834	$	416,775				$	296,915

Written options outstanding as of October 31, 2020 were as follows:

Description/underlying investment	Number of contracts		Notional amount			Exercise price		Expiration date	Value
Acadia Pharmaceuticals, Inc, Put		600	$	(253,773	)	$	37.00	12/18/20	$	(55,800	)
Acuity Brands, Inc, Put		125		(272,925	)		85.00	12/18/20		(53,750	)
Advanced Micro Devices, Inc, Put		570		(47,859	)		70.00	11/13/20		(74,100	)
Alkermes plc, Call		1,000		(97,882	)		26.00	05/21/21		(95,000	)
Alkermes plc, Put		1,000		(144,811	)		14.00	05/21/21		(170,000	)

6

TIAA-CREF FUNDS - Growth & Income Fund

Description/underlying investment	Number of contracts		Notional amount			Exercise price		Expiration date	Value
Alliance Data Systems Corp, Put		890	$	(643,424	)	$	45.00	03/19/21	$	(471,700	)
Amazon.com, Inc, Call		65		(742,413	)		3,800.00	11/20/20		(25,025	)
Amazon.com, Inc, Call		65		(500,823	)		3,950.00	11/20/20		(13,000	)
Apple, Inc, Call		1,268		(2,303,124	)		140.00	06/18/21		(564,260	)
Apple, Inc, Put		3,116		(3,010,688	)		105.00	06/18/21		(3,736,084	)
Arista Networks, Inc, Put		80		(181,074	)		165.00	01/15/21		(36,000	)
Aspen Technology, Inc, Put		186		(181,272	)		90.00	12/18/20		(48,918	)
Aspen Technology, Inc, Put		186		(225,935	)		95.00	12/18/20		(61,380	)
Avantor, Inc, Call		1,200		(32,356	)		30.00	11/20/20		(18,000	)
Baxter International, Inc, Put		430		(36,104	)		70.00	11/20/20		(34,400	)
Biogen, Inc, Put		150		(463,545	)		265.00	01/15/21		(600,000	)
Biogen, Inc, Put		150		(529,190	)		270.00	01/15/21		(641,250	)
BJ’s Wholesale Club Holdings, Inc, Call		1,400		(70,840	)		50.00	11/20/20		(12,600	)
BJ’s Wholesale Club Holdings, Inc, Put		800		(28,771	)		30.00	12/18/20		(40,000	)
Boeing Co, Put		67		(353,194	)		205.00	05/21/21		(450,240	)
Boston Scientific Corp, Put		500		(56,479	)		30.00	11/20/20		(15,500	)
Brunswick Corp, Call		532		(63,165	)		75.00	11/20/20		(13,300	)
Carlisle Cos, Inc, Call		260		(84,077	)		150.00	12/18/20		(20,800	)
Carlisle Cos, Inc, Put		260		(392,878	)		115.00	12/18/20		(63,700	)
Chevron Corp, Call		222		(56,823	)		85.00	12/18/20		(8,880	)
Chevron Corp, Put		222		(220,433	)		72.50	06/18/21		(264,624	)
Children’s Place, Inc, Call		615		(539,934	)		50.00	12/18/20		(16,912	)
Children’s Place, Inc, Call		550		(191,374	)		60.00	12/18/20		(9,625	)
Children’s Place, Inc, Call		615		(619,882	)		50.00	01/15/21		(38,437	)
Children’s Place, Inc, Put		923		(671,896	)		25.00	01/15/21		(443,040	)
Children’s Place, Inc, Put		550		(878,861	)		35.00	01/15/21		(635,250	)
Children’s Place, Inc, Put		922		(648,119	)		30.00	03/19/21		(845,474	)
Chipotle Mexican Grill, Inc, Call		44		(608,551	)		1,440.00	03/19/21		(180,180	)
Chipotle Mexican Grill, Inc, Put		44		(179,400	)		980.00	03/19/21		(179,520	)
Citigroup, Inc, Call		445		(107,672	)		50.00	01/15/21		(31,150	)
Citigroup, Inc, Put		445		(81,417	)		37.50	12/18/20		(60,075	)
Corteva, Inc, Call		800		(27,171	)		36.00	11/20/20		(28,000	)
Deckers Outdoor Corp, Put		300		(218,384	)		175.00	03/19/21		(116,250	)
DexCom, Inc, Call		100		(45,095	)		490.00	11/20/20		(500	)
DexCom, Inc, Put		145		(38,274	)		280.00	11/20/20		(70,180	)
DexCom, Inc, Put		320		(868,504	)		320.00	03/19/21		(1,188,800	)
DraftKings, Inc, Put		900		(283,462	)		30.00	01/15/21		(283,462	)
Enphase Energy, Inc, Call		400		(158,382	)		125.00	11/20/20		(68,000	)
FedEx Corp, Put		314		(50,149	)		210.00	11/20/20		(36,110	)
Financial Select Sector SPDR Fund, Call		1,600		(39,942	)		27.00	01/15/21		(41,600	)
Financial Select Sector SPDR Fund, Put		1,600		(70,341	)		20.00	01/15/21		(75,200	)
Hartford Financial Services Group, Inc, Call		25		(4,199	)		50.00	12/18/20		(813	)
Hartford Financial Services Group, Inc, Put		25		(4,874	)		35.00	12/18/20		(3,625	)
Hartford Financial Services Group, Inc, Put		575		(332,895	)		40.00	12/18/20		(207,000	)
Hess Corp, Put		186		(144,964	)		37.50	11/20/20		(54,684	)
Home Depot, Inc, Call		80		(103,835	)		260.00	01/15/21		(148,880	)
Home Depot, Inc, Call		160		(221,547	)		270.00	01/15/21		(234,400	)
Humana, Inc, Call		160		(444,465	)		445.00	02/19/21		(226,400	)
Illumina, Inc, Put		135		(114,922	)		280.00	12/18/20		(195,750	)

7

TIAA-CREF FUNDS - Growth & Income Fund

Description/underlying investment	Number of contracts		Notional amount			Exercise price		Expiration date	Value
International Business Machines Corp, Put		320	$	(43,984	)	$	115.00	11/20/20	$	(224,960	)
Jazz Pharmaceuticals plc, Put		275		(288,046	)		105.00	11/20/20		(17,188	)
Kirby Corp, Put		900		(829,624	)		45.00	03/19/21		(751,500	)
Lululemon Athletica, Inc, Put		375		(1,031,404	)		260.00	01/15/21		(320,625	)
Lululemon Athletica, Inc, Put		179		(426,761	)		270.00	01/15/21		(193,320	)
M&T Bank Corp, Put		160		(164,229	)		100.00	01/15/21		(128,000	)
Marvell Technology Group Ltd, Put		1,000		(27,964	)		36.00	11/20/20		(120,000	)
Mastercard, Inc, Call		120		(178,824	)		370.00	01/15/21		(10,560	)
Mastercard, Inc, Put		120		(58,085	)		270.00	01/15/21		(167,640	)
Motorola Solutions, Inc, Put		240		(484,365	)		140.00	01/15/21		(104,400	)
NetFlix, Inc, Call		160		(156,599	)		620.00	12/18/20		(49,600	)
NetFlix, Inc, Put		160		(23,584	)		420.00	11/06/20		(28,800	)
NetFlix, Inc, Put		160		(609,202	)		450.00	12/18/20		(354,240	)
NextEra Energy, Inc, Put		348		(28,532	)		60.00	11/20/20		(5,220	)
Northrop Grumman Corp, Put		100		(143,670	)		280.00	11/20/20		(81,000	)
PVH Corp, Put		480		(707,966	)		55.00	01/15/21		(271,200	)
Roku, Inc, Put		320		(44,458	)		165.00	11/06/20		(57,920	)
salesforce.com, Inc, Put		160		(152,663	)		220.00	11/20/20		(111,200	)
Seagen, Inc, Put		300		(89,009	)		145.00	01/15/21		(89,009	)
Stryker Corp, Call		234		(48,571	)		250.00	01/15/21		(19,890	)
Stryker Corp, Put		234		(106,523	)		175.00	01/15/21		(112,320	)
Take-Two Interactive Software, Inc, Put		300		(41,388	)		140.00	11/06/20		(55,500	)
Teradata Corp, Put		1,665		(480,366	)		22.50	04/16/21		(840,825	)
Tiffany & Co, Put		474		(89,093	)		85.00	01/15/21		(4,740	)
Twitter, Inc, Put		1,000		(48,963	)		40.00	11/06/20		(117,000	)
United Parcel Service, Inc, Put		275		(42,735	)		145.00	11/06/20		(29,425	)
Universal Display Corp, Put		200		(138,374	)		140.00	03/19/21		(91,000	)
Universal Health Services, Inc, Put		332		(553,752	)		110.00	04/16/21		(499,660	)
Vertex Pharmaceuticals, Inc, Put		225		(59,861	)		185.00	11/20/20		(31,500	)
VF Corp, Put		500		(547,059	)		60.00	11/20/20		(43,750	)
World Wrestling Entertainment, Inc, Put		800		(464,759	)		40.00	01/15/21		(440,000	)
Wynn Resorts Ltd, Put		225		(341,505	)		77.50	03/19/21		(330,750	)
Wynn Resorts Ltd, Put		225		(367,634	)		80.00	03/19/21		(366,750	)
Wynn Resorts Ltd, Put		450		(789,060	)		77.50	06/18/21		(796,500	)
Xilinx, Inc, Put		320		(212,783	)		77.50	01/15/21		(28,960	)
Total		41,658	$	(28,513,764	)				$	(19,902,580	)

8

TIAA-CREF FUNDS - Large-Cap Growth Fund

TIAA-CREF FUNDS
LARGE-CAP GROWTH FUND
SCHEDULE OF INVESTMENTS
October 31, 2020

SHARES			COMPANY	VALUE
COMMON STOCKS - 100.0%
AUTOMOBILES & COMPONENTS - 0.9%
	149,592	*	Tesla, Inc	$	58,047,680
			TOTAL AUTOMOBILES & COMPONENTS		58,047,680
BANKS - 0.2%
	564,449	*,e	Rocket Cos, Inc		10,289,905
			TOTAL BANKS		10,289,905
CAPITAL GOODS - 1.7%
	1,354,433	*	Churchill Capital Corp IV		13,300,532
	238,071		Roper Technologies Inc		88,405,285
			TOTAL CAPITAL GOODS		101,705,817
COMMERCIAL & PROFESSIONAL SERVICES - 2.9%
	236,735	*	Cimpress plc		17,376,349
	1,430,191	*	Clarivate Analytics plc		39,687,800
	1,110,723		Experian Group Ltd		40,690,099
	777,867		Waste Connections, Inc		77,257,751
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		175,011,999
CONSUMER DURABLES & APPAREL - 2.1%
	229,193		Essilor International S.A.		28,295,910
	497,776		Nike, Inc (Class B)		59,772,942
	172,476	*	Peloton Interactive, Inc		19,008,580
	4,798,600		Prada S.p.A		18,992,506
			TOTAL CONSUMER DURABLES & APPAREL		126,069,938
CONSUMER SERVICES - 2.5%
	2,128,069		Carnival Corp		29,175,826
	50,812	*	Chipotle Mexican Grill, Inc (Class A)		61,049,602
	157,655	*	Flutter Entertainment plc		27,313,852
	688,784		Las Vegas Sands Corp		33,102,959
			TOTAL CONSUMER SERVICES		150,642,239
DIVERSIFIED FINANCIALS - 1.5%
	549,000	*	Ribbit LEAP Ltd		6,673,095
	261,688		S&P Global, Inc		84,454,568
			TOTAL DIVERSIFIED FINANCIALS		91,127,663
FOOD & STAPLES RETAILING - 2.6%
	443,904		Costco Wholesale Corp		158,748,948
			TOTAL FOOD & STAPLES RETAILING		158,748,948
FOOD, BEVERAGE & TOBACCO - 2.4%
	69,344		Constellation Brands, Inc (Class A)		11,457,709
	2,561,060		Davide Campari-Milano NV		26,766,546

9

TIAA-CREF FUNDS - Large-Cap Growth Fund

SHARES			COMPANY	VALUE
	1,150,746		Keurig Dr Pepper, Inc	$	30,955,067
	1,011,671	*	Monster Beverage Corp		77,463,648
			TOTAL FOOD, BEVERAGE & TOBACCO		146,642,970
HEALTH CARE EQUIPMENT & SERVICES - 4.5%
	552,036		Alcon, Inc		31,384,969
	149,462	*	Align Technology, Inc		63,682,769
	811,310	*	Boston Scientific Corp		27,803,594
	277,289		Cigna Corp		46,298,944
	49,905	*	DexCom, Inc		15,948,640
	287,461	*	Guardant Health, Inc		30,660,590
	89,988	*	Intuitive Surgical, Inc		60,029,195
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		275,808,701
HOUSEHOLD & PERSONAL PRODUCTS - 0.8%
	215,057		Estee Lauder Cos (Class A)		47,239,421
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		47,239,421
INSURANCE - 0.1%
	218,467	*	Root, Inc		5,236,654
			TOTAL INSURANCE		5,236,654
MATERIALS - 0.5%
	135,412		Linde plc		29,836,680
			TOTAL MATERIALS		29,836,680
MEDIA & ENTERTAINMENT - 16.2%
	216,393	*	Alphabet, Inc (Class C)		350,775,217
	487,088	*	Electronic Arts, Inc		58,367,755
	1,190,914	*	Facebook, Inc		313,341,383
	697,835	*	Match Group, Inc		81,493,171
	91,711	*	Netflix, Inc		43,630,591
	704,900		Tencent Holdings Ltd		53,858,313
	1,009,386	*	Twitter, Inc		41,748,205
	387,059		Walt Disney Co		46,930,904
			TOTAL MEDIA & ENTERTAINMENT		990,145,539
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.5%
	146,101	*	10X Genomics, Inc		20,001,227
	383,770		AstraZeneca plc		38,532,606
	2,712,903	*	Avantor, Inc		63,129,253
	325,688		Eli Lilly & Co		42,489,256
	234,192	*	Horizon Therapeutics Plc		17,548,007
	251,733	*	Illumina, Inc		73,682,249
	72,340		Lonza Group AG.		43,831,531
	587,807		Merck & Co, Inc		44,208,964
	236,735	*	Vertex Pharmaceuticals, Inc		49,326,105
	4	*,g	Wuxi Biologics Cayman, Inc		112
	779,074		Zoetis, Inc		123,522,183
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		516,271,493
RETAILING - 13.5%
	178,122	*	Amazon.com, Inc		540,805,110
	451,101	*	ASOS plc		25,736,961
	55,941	*	Booking Holdings, Inc		90,764,272

10

TIAA-CREF FUNDS - Large-Cap Growth Fund

SHARES			COMPANY	VALUE
	650,298	*	CarMax, Inc	$	56,211,759
	427,786	*	GrubHub, Inc		31,639,053
	416,714	*	JD.com, Inc (ADR)		33,970,525
	830,187		TJX Companies, Inc		42,173,500
			TOTAL RETAILING		821,301,180
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 7.7%
	787,995		Applied Materials, Inc		46,672,944
	173,898		Broadcom, Inc		60,799,958
	369,518		Intel Corp		16,362,257
	1,150,144		Marvell Technology Group Ltd		43,141,902
	233,373		NVIDIA Corp		117,003,887
	528,289		QUALCOMM, Inc		65,169,731
	419,942		Skyworks Solutions, Inc		59,333,605
	753,100		Taiwan Semiconductor Manufacturing Co Ltd (ADR)		63,162,497
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		471,646,781
SOFTWARE & SERVICES - 22.9%
	98,176	*	Adobe, Inc		43,894,490
	31,293	*,g	Adyen NV		52,595,495
	502,500	*	Ant Group Co Ltd		5,185,424
	112,743	*	DocuSign, Inc		22,802,272
	288,236		Intuit, Inc		90,702,104
	1,815,914		Microsoft Corp		367,668,108
	1,293,787	*	PayPal Holdings, Inc		240,812,574
	1,012,533	*	salesforce.com, Inc		235,181,040
	158,599	*	ServiceNow, Inc		78,914,104
	675,424	*	Slack Technologies, Inc		17,277,346
	146,963	*	Synopsys, Inc		31,429,507
	1,173,071		Visa, Inc (Class A)		213,158,731
	34		Xperi Holding Corp		422
			TOTAL SOFTWARE & SERVICES		1,399,621,617
TECHNOLOGY HARDWARE & EQUIPMENT - 4.9%
	2,732,684	n	Apple, Inc		297,479,980
	6		Telefonaktiebolaget Lm Ericsson (ADR)		68
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		297,480,048
TELECOMMUNICATION SERVICES - 2.7%
	504,026	g	Cellnex Telecom SAU		32,353,910
	180,320	*	GoodRx Holdings, Inc		8,725,685
	502,775	*	IAC		60,694,998
	554,622	*	T-Mobile US, Inc		60,769,932
			TOTAL TELECOMMUNICATION SERVICES		162,544,525
TRANSPORTATION - 0.9%
	1,714,376	*	Uber Technologies, Inc		57,277,302
			TOTAL TRANSPORTATION		57,277,302
			TOTAL COMMON STOCKS		6,092,697,100
			(Cost $4,203,927,184)

11

TIAA-CREF FUNDS - Large-Cap Growth Fund

SHARES			COMPANY	VALUE
SHORT-TERM INVESTMENTS - 0.0%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.0%
	2,240,546	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	2,240,546
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		2,240,546
			TOTAL SHORT-TERM INVESTMENTS		2,240,546
			(Cost $2,240,546)
			TOTAL INVESTMENTS - 100.0%		6,094,937,646
			(Cost $4,206,167,730)
			OTHER ASSETS & LIABILITIES, NET - (0.0)%		(2,731,809	)
			NET ASSETS - 100.0%	$	6,092,205,837

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 $10,186,997.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/2020, the aggregate value of these securities is $84,949,517 or 1.4% of net assets.
n	All or a portion of these securities have been segregated by the custodian to cover requirements on open written options contracts.

Written options outstanding as of October 31, 2020 were as follows:

Description/underlying investment	Number of contracts		Notional amount			Exercise price		Expiration date	Value
Apple, Inc, Call		824	$	(242,152	)	$	82.50	12/18/20	$	(2,162,176	)
Apple, Inc, Call		784		(539,296	)		92.50	12/18/20		(1,348,480	)
Apple, Inc, Put		824		(439,422	)		62.50	12/18/20		(15,656	)
Total		2,432	$	(1,220,870	)				$	(3,526,312	)

12

TIAA-CREF FUNDS - Large-Cap Value Fund

TIAA-CREF FUNDS
LARGE-CAP VALUE FUND
SCHEDULE OF INVESTMENTS
October 31, 2020

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.3%
BANKS - 10.6%
	5,698,492		Bank of America Corp	$	135,054,261
	2,149,886		Citigroup, Inc		89,048,278
	1,752,425		JPMorgan Chase & Co		171,807,747
	426,702		PNC Financial Services Group, Inc		47,739,420
	1,137,881		US Bancorp		44,320,465
	489,012		Wells Fargo & Co		10,489,307
			TOTAL BANKS		498,459,478
CAPITAL GOODS - 13.9%
	222,851		Allegion plc		21,950,824
	123,280		Boeing Co		17,800,399
	312,914		Caterpillar, Inc		49,143,144
	420,403		Deere & Co		94,973,242
	469,373		Dover Corp		51,964,285
	474,113		Eaton Corp		49,208,188
	630,573		Honeywell International, Inc		104,013,016
	1,185,292		Masco Corp		63,531,651
	317,665		Parker-Hannifin Corp		66,188,679
	714,192		Raytheon Technologies Corp		38,794,909
	174,009		Stanley Black & Decker, Inc		28,920,296
	563,860		Trane Technologies plc		74,852,415
			TOTAL CAPITAL GOODS		661,341,048
CONSUMER DURABLES & APPAREL - 1.5%
	18,042	*	NVR, Inc		71,321,650
			TOTAL CONSUMER DURABLES & APPAREL		71,321,650
CONSUMER SERVICES - 2.1%
	519,977		Hilton Worldwide Holdings, Inc		45,659,180
	253,650		McDonald’s Corp		54,027,450
			TOTAL CONSUMER SERVICES		99,686,630
DIVERSIFIED FINANCIALS - 3.9%
	675,199		American Express Co		61,605,157
	88,215		BlackRock, Inc		52,859,310
	383,700		Goldman Sachs Group, Inc		72,534,648
			TOTAL DIVERSIFIED FINANCIALS		186,999,115
ENERGY - 2.8%
	924,264		Chevron Corp		64,236,348
	959,521		ConocoPhillips		27,461,491
	745,214		EOG Resources, Inc		25,516,127
	443,685		Valero Energy Corp		17,130,678
			TOTAL ENERGY		134,344,644

13

TIAA-CREF FUNDS - Large-Cap Value Fund

SHARES			COMPANY	VALUE
FOOD & STAPLES RETAILING - 1.9%
	651,909		Walmart, Inc	$	90,452,374
			TOTAL FOOD & STAPLES RETAILING		90,452,374
FOOD, BEVERAGE & TOBACCO - 2.0%
	900,822		Mondelez International, Inc		47,851,665
	196,765		PepsiCo, Inc		26,226,807
	301,861		Philip Morris International, Inc		21,438,168
			TOTAL FOOD, BEVERAGE & TOBACCO		95,516,640
HEALTH CARE EQUIPMENT & SERVICES - 8.2%
	233,271		Anthem, Inc		63,636,329
	350,844		Cigna Corp		58,580,423
	298,989		CVS Health Corp		16,770,293
	360,327		HCA Healthcare, Inc		44,658,928
	638,986		Medtronic plc		64,262,822
	237,076		UnitedHealth Group, Inc		72,341,371
	545,232		Zimmer Biomet Holdings, Inc		72,025,147
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		392,275,313
HOUSEHOLD & PERSONAL PRODUCTS - 1.5%
	521,525		Procter & Gamble Co		71,501,077
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		71,501,077
INSURANCE - 5.8%
	1,600,220		American International Group, Inc		50,390,928
	354,163	*	Berkshire Hathaway, Inc (Class B)		71,505,510
	592,644		Chubb Ltd		76,990,382
	417,222		Marsh & McLennan Cos, Inc		43,165,788
	474,658		Prudential Financial, Inc		30,387,605
			TOTAL INSURANCE		272,440,213
MATERIALS - 4.5%
	436,867		Ball Corp		38,881,163
	758,585	*	Crown Holdings, Inc		65,086,593
	611,608		DuPont de Nemours, Inc		34,788,263
	459,890		PPG Industries, Inc		59,656,931
	157,418		Reliance Steel & Aluminum Co		17,156,988
			TOTAL MATERIALS		215,569,938
MEDIA & ENTERTAINMENT - 8.0%
	67,950	*	Alphabet, Inc (Class C)		110,147,629
	79,199	*	Charter Communications, Inc		47,821,940
	2,981,448		Comcast Corp (Class A)		125,936,364
	810,388		Walt Disney Co		98,259,545
			TOTAL MEDIA & ENTERTAINMENT		382,165,478
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.1%
	157,172		Amgen, Inc		34,096,894
	1,025,464		Bristol-Myers Squibb Co		59,938,371
	1,076,246		Johnson & Johnson		147,564,089
	699,321		Merck & Co, Inc		52,595,932
	2,597,653		Pfizer, Inc		92,164,728
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		386,360,014

14

TIAA-CREF FUNDS - Large-Cap Value Fund

SHARES			COMPANY	VALUE
REAL ESTATE - 1.1%
	17,386		AvalonBay Communities, Inc	$	2,418,914
	512,544		Prologis, Inc		50,844,365
			TOTAL REAL ESTATE		53,263,279
RETAILING - 2.8%
	18,733	*	Booking Holdings, Inc		30,394,292
	392,207		Home Depot, Inc		104,605,529
			TOTAL RETAILING		134,999,821
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 6.0%
	382,902		Analog Devices, Inc		45,385,374
	1,022,760		Applied Materials, Inc		60,578,075
	1,528,939		Intel Corp		67,701,419
	66,401		Lam Research Corp		22,714,454
	761,389	*	Micron Technology, Inc		38,328,322
	379,302		NXP Semiconductors NV		51,251,286
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		285,958,930
SOFTWARE & SERVICES - 3.5%
	288,792		Accenture plc		62,641,873
	384,421		Microsoft Corp		77,833,720
	455,150		Oracle Corp		25,538,466
			TOTAL SOFTWARE & SERVICES		166,014,059
TECHNOLOGY HARDWARE & EQUIPMENT - 2.4%
	1,091,837		Cisco Systems, Inc		39,196,948
	771,530		TE Connectivity Ltd		74,745,827
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		113,942,775
TELECOMMUNICATION SERVICES - 1.9%
	421,472	*	T-Mobile US, Inc		46,180,687
	788,022		Verizon Communications, Inc		44,909,374
			TOTAL TELECOMMUNICATION SERVICES		91,090,061
TRANSPORTATION - 3.0%
	464,631		CSX Corp		36,677,971
	438,081		Union Pacific Corp		77,623,573
	195,909		United Parcel Service, Inc (Class B)		30,779,263
			TOTAL TRANSPORTATION		145,080,807
UTILITIES - 3.8%
	568,937		American Electric Power Co, Inc		51,164,504
	2,408,522		Centerpoint Energy, Inc		50,892,070
	497,820		Entergy Corp		50,389,340
	550,582		FirstEnergy Corp		16,363,296
	189,750		NextEra Energy, Inc		13,891,598
			TOTAL UTILITIES		182,700,808
			TOTAL COMMON STOCKS		4,731,484,152
			(Cost $4,099,904,694)

15

TIAA-CREF FUNDS - Large-Cap Value Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
SHORT-TERM INVESTMENTS - 0.4%
TREASURY DEBT - 0.4%
$	19,494,000	United States Treasury Bill		0.066-0.082	%	11/17/20	$	19,493,351
		TOTAL TREASURY DEBT						19,493,351
		TOTAL SHORT-TERM INVESTMENTS						19,493,351
		(Cost $19,493,338)
		TOTAL INVESTMENTS - 99.7%						4,750,977,503
		(Cost $4,119,398,032)
		OTHER ASSETS & LIABILITIES, NET - 0.3%						15,928,300
		NET ASSETS - 100.0%					$	4,766,905,803

* Non-income producing

16

TIAA-CREF FUNDS - Mid-Cap Growth Fund

TIAA-CREF FUNDS
MID-CAP GROWTH FUND
SCHEDULE OF INVESTMENTS
October 31, 2020

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.3%
AUTOMOBILES & COMPONENTS - 0.8%
	106,373		Aptiv plc	$	10,263,931
			TOTAL AUTOMOBILES & COMPONENTS		10,263,931
CAPITAL GOODS - 3.5%
	70,882		Ametek, Inc		6,960,612
	40,437		Stanley Black & Decker, Inc		6,720,629
	20,806	*	Teledyne Technologies, Inc		6,432,175
	25,887		TransDigm Group, Inc		12,358,713
	43,601		W.W. Grainger, Inc		15,261,222
			TOTAL CAPITAL GOODS		47,733,351
COMMERCIAL & PROFESSIONAL SERVICES - 9.0%
	129,206	*	Cimpress plc		9,483,720
	58,657		Cintas Corp		18,450,559
	860,803	*	Clarivate Analytics plc		23,887,283
	352,529		Experian Group Ltd		12,914,507
	155,049		IHS Markit Ltd		12,538,813
	99,305	*	Seagen, Inc		16,564,074
	103,363	*	Stericycle, Inc		6,439,515
	236,883		Waste Connections, Inc		23,527,220
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		123,805,691
CONSUMER DURABLES & APPAREL - 6.0%
	296,313	*	Capri Holdings Ltd		6,287,762
	117,697		Garmin Ltd		12,242,842
	48,747	*	Lululemon Athletica, Inc		15,564,430
	161,747	*	Peloton Interactive, Inc		17,826,137
	1,585,700		Prada S.p.A		6,276,084
	150,740	*	Tempur Sealy International, Inc		13,415,860
	861,398	*	Under Armour, Inc (Class C)		10,534,897
			TOTAL CONSUMER DURABLES & APPAREL		82,148,012
CONSUMER SERVICES - 3.8%
	18,727	*	Chipotle Mexican Grill, Inc (Class A)		22,500,116
	44,077	*	Flutter Entertainment plc		7,636,375
	104,520		Royal Caribbean Cruises Ltd		5,897,018
	131,299	*	Shake Shack, Inc		8,865,309
	97,056		Wynn Resorts Ltd		7,029,766
			TOTAL CONSUMER SERVICES		51,928,584
DIVERSIFIED FINANCIALS - 2.8%
	120,592		Discover Financial Services		7,839,686
	36,507		MSCI, Inc (Class A)		12,771,609
	154,750		Tradeweb Markets, Inc		8,430,780
	194,095		Voya Financial, Inc		9,302,973
			TOTAL DIVERSIFIED FINANCIALS		38,345,048

17

TIAA-CREF FUNDS - Mid-Cap Growth Fund

SHARES			COMPANY	VALUE
FOOD, BEVERAGE & TOBACCO - 2.0%
	62,714	*	Beyond Meat, Inc	$	8,932,355
	671,167		Davide Campari-Milano NV		7,014,604
	240,765		Fevertree Drinks plc		6,285,006
	74,697	*	Monster Beverage Corp		5,719,549
			TOTAL FOOD, BEVERAGE & TOBACCO		27,951,514
HEALTH CARE EQUIPMENT & SERVICES - 11.1%
	231,715	*	1Life Healthcare, Inc		6,536,680
	86,310	*	Align Technology, Inc		36,774,965
	63,795	*	Eargo, Inc		2,210,497
	136,006	*	Guardant Health, Inc		14,506,400
	35,461	*	IDEXX Laboratories, Inc		15,064,542
	61,055	*	Insulet Corp		13,569,474
	129,031	*	Molina Healthcare, Inc		24,060,410
	69,742	*	Nevro Corp		10,406,204
	43,226		Teleflex, Inc		13,755,810
	57,690		West Pharmaceutical Services, Inc		15,695,718
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		152,580,700
HOUSEHOLD & PERSONAL PRODUCTS - 0.5%
	32,754		Clorox Co		6,788,267
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		6,788,267
INSURANCE - 1.0%
	47,590	*	Root, Inc		1,140,732
	172,276	*	Trupanion, Inc		12,324,625
			TOTAL INSURANCE		13,465,357
MEDIA & ENTERTAINMENT - 4.2%
	112,843	*	JDE Peet’s BV		4,019,493
	180,516	*	Match Group, Inc		21,080,658
	60,338	*	Take-Two Interactive Software, Inc		9,347,563
	566,128	*	Twitter, Inc		23,415,054
			TOTAL MEDIA & ENTERTAINMENT		57,862,768
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 9.2%
	123,081	*	10X Genomics, Inc		16,849,789
	860,331	*	Avantor, Inc		20,019,902
	107,498	*	Berkeley Lights, Inc		7,801,130
	183,087	*	BioMarin Pharmaceutical, Inc		13,627,166
	156,931	*	Catalent, Inc		13,773,834
	345,206	*	Elanco Animal Health, Inc		10,704,838
	193,883	*	Exact Sciences Corp		24,008,532
	246,240	*	Horizon Therapeutics Plc		18,450,763
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		125,235,954
REAL ESTATE - 0.6%
	219,932		Americold Realty Trust		7,968,136
			TOTAL REAL ESTATE		7,968,136
RETAILING - 10.4%
	274,396	*,g	Allegro.eu S.A.		5,576,506

18

TIAA-CREF FUNDS - Mid-Cap Growth Fund

SHARES			COMPANY	VALUE
	174,151	*	ASOS plc	$	9,935,951
	15,724	*	AutoZone, Inc		17,752,081
	56,641	*	Burlington Stores, Inc		10,964,565
	116,457	*	CarMax, Inc		10,066,543
	161,747	*	Dollar Tree, Inc		14,608,989
	115,157		Expedia Group, Inc		10,842,032
	380,879	*	Farfetch Ltd		10,714,126
	63,234	*	Five Below, Inc		8,431,622
	163,599	*	Groupon, Inc		3,172,185
	177,153	*	GrubHub, Inc		13,102,236
	416,000	*	THG Holdings Ltd		3,554,768
	51,719		Tiffany & Co		6,766,914
	215,347	*	Trip.com Group Ltd (ADR)		6,193,380
	261,550	*	Vipshop Holdings Ltd (ADR)		5,597,170
	133,825	*	Vroom, Inc		5,500,207
			TOTAL RETAILING		142,779,275
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 7.7%
	130,774		Entegris, Inc		9,777,972
	468,157		Marvell Technology Group Ltd		17,560,569
	82,291		Monolithic Power Systems, Inc		26,300,203
	104,034		NXP Semiconductors NV		14,057,074
	116,330		Skyworks Solutions, Inc		16,436,266
	174,368		Xilinx, Inc		20,695,738
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		104,827,822
SOFTWARE & SERVICES - 22.8%
	12,310	*,g	Adyen NV		20,689,948
	431,768	*	Anaplan, Inc		23,898,359
	94,239		Aveva Group plc		5,230,999
	186,452	*	Black Knight, Inc		16,398,453
	172,276	*	Datadog, Inc		15,634,047
	135,133	*	DocuSign, Inc		27,330,649
	64,634	*	HubSpot, Inc		18,748,384
	90,365	*	Medallia, Inc		2,570,884
	63,364	*	MongoDB, Inc		14,476,773
	111,683	*	nCino, Inc		7,875,885
	75,245	*	Okta, Inc		15,788,658
	104,034	*	Paylocity Holding Corp		19,300,388
	134,673	*	Proofpoint, Inc		12,893,593
	75,816	*	RingCentral, Inc		19,586,306
	2,727,182		Sabre Corp		17,781,227
	605,968	*	Slack Technologies, Inc		15,500,662
	186,452	*	Synopsys, Inc		39,874,625
	160,781	*	Zendesk, Inc		17,837,044
			TOTAL SOFTWARE & SERVICES		311,416,884
TECHNOLOGY HARDWARE & EQUIPMENT - 0.9%
	117,697	*	Keysight Technologies, Inc		12,342,884
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		12,342,884
TELECOMMUNICATION SERVICES - 2.7%
	102,866	g	Cellnex Telecom SAU		6,603,067
	157,683	*	GCI Liberty, Inc		12,808,590
	27,198	*	GoodRx Holdings, Inc		1,316,111
	128,433	*	IAC		15,504,432
			TOTAL TELECOMMUNICATION SERVICES		36,232,200

19

TIAA-CREF FUNDS - Mid-Cap Growth Fund

SHARES			COMPANY	VALUE
TRANSPORTATION - 0.3%
	169,835	*	Lyft, Inc (Class A)	$	3,877,334
			TOTAL TRANSPORTATION		3,877,334
			TOTAL COMMON STOCKS		1,357,553,712
			(Cost $1,024,557,692)
			TOTAL INVESTMENTS - 99.3%		1,357,553,712
			(Cost $1,024,557,692)
			OTHER ASSETS & LIABILITIES, NET - 0.7%		9,633,500
			NET ASSETS - 100.0%	$	1,367,187,212

	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 10/31/2020, the aggregate value of these securities is $32,869,521 or 2.4% of net assets.

20

TIAA-CREF FUNDS - Mid-Cap Value Fund

TIAA-CREF FUNDS
MID-CAP VALUE FUND
SCHEDULE OF INVESTMENTS
October 31, 2020

SHARES			COMPANY	VALUE
COMMON STOCKS - 98.6%
AUTOMOBILES & COMPONENTS - 0.9%
	424,589		General Motors Co	$	14,661,058
			TOTAL AUTOMOBILES & COMPONENTS		14,661,058
BANKS - 3.8%
	487,000		Citizens Financial Group, Inc		13,270,750
	315,638		East West Bancorp, Inc		11,514,474
	687,668		Fifth Third Bancorp		15,967,651
	358,815		TCF Financial Corp		9,763,356
	358,235		Western Alliance Bancorp		14,759,282
			TOTAL BANKS		65,275,513
CAPITAL GOODS - 12.5%
	244,231		A.O. Smith Corp		12,624,300
	189,199		Eaton Corp		19,636,964
	348,888		Fortive Corp		21,491,501
	106,795		Hubbell, Inc		15,539,740
	134,651		L3Harris Technologies, Inc		21,693,623
	312,296		Owens Corning, Inc		20,446,019
	137,377		Parker-Hannifin Corp		28,623,872
	191,684		Stanley Black & Decker, Inc		31,857,881
	374,315		Timken Co		22,346,605
	233,005		Toro Co		19,129,711
			TOTAL CAPITAL GOODS		213,390,216
CONSUMER DURABLES & APPAREL - 8.4%
	352,556		Brunswick Corp		22,461,343
	650,402	*	Capri Holdings Ltd		13,801,530
	166,199	*	Meritage Homes Corp		14,474,271
	107,860	*	Mohawk Industries, Inc		11,130,073
	1,286,250		Newell Brands Inc		22,715,175
	394,874		Pulte Homes, Inc		16,095,064
	1,450,234	*	Under Armour, Inc (Class C)		17,736,362
	131,859		Whirlpool Corp		24,388,641
			TOTAL CONSUMER DURABLES & APPAREL		142,802,459
CONSUMER SERVICES - 3.1%
	579,090		Wyndham Destinations, Inc		18,895,707
	357,140		Wyndham Hotels & Resorts, Inc		16,610,582
	189,789		Yum! Brands, Inc		17,713,007
			TOTAL CONSUMER SERVICES		53,219,296
DIVERSIFIED FINANCIALS - 12.3%
	1,871,945		AGNC Investment Corp		26,151,072
	892,031		Ally Financial, Inc		23,799,387
	128,557		Ameriprise Financial, Inc		20,675,822

21

TIAA-CREF FUNDS - Mid-Cap Value Fund

SHARES			COMPANY	VALUE
	366,532		Bank of New York Mellon Corp	$	12,594,039
	504,099		Discover Financial Services		32,771,476
	750,811		Equitable Holdings, Inc		16,134,928
	469,886		OneMain Holdings, Inc		16,394,322
	862,980		Synchrony Financial		21,591,760
	3,101,909		Two Harbors Investment Corp		15,695,660
	449,020		Voya Financial, Inc		21,521,529
			TOTAL DIVERSIFIED FINANCIALS		207,329,995
ENERGY - 2.0%
	1,100,668	*	ChampionX Corp		9,608,832
	211,632		Pioneer Natural Resources Co		16,837,442
	1,625,531	*	WPX Energy, Inc		7,493,698
			TOTAL ENERGY		33,939,972
FOOD, BEVERAGE & TOBACCO - 1.0%
	594,180		Keurig Dr Pepper, Inc		15,983,442
			TOTAL FOOD, BEVERAGE & TOBACCO		15,983,442
HEALTH CARE EQUIPMENT & SERVICES - 6.2%
	353,906	*	Centene Corp		20,915,845
	722,308	*	Envista Holdings Corp		19,083,377
	224,970	*	Hologic, Inc		15,482,435
	131,369		McKesson Corp		19,375,614
	225,942		Zimmer Biomet Holdings, Inc		29,846,938
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		104,704,209
HOUSEHOLD & PERSONAL PRODUCTS - 0.9%
	396,505		Energizer Holdings, Inc		15,602,472
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		15,602,472
INSURANCE - 2.3%
	159,438		Allstate Corp		14,150,123
	992,644	*	BRP Group, Inc		25,312,422
			TOTAL INSURANCE		39,462,545
MATERIALS - 5.4%
	153,737		Avery Dennison Corp		21,275,663
	441,045	*	Berry Global Group, Inc		20,565,928
	259,626		Dow, Inc		11,810,387
	405,073		DuPont de Nemours, Inc		23,040,552
	231,346		Newmont Goldcorp Corp		14,537,783
			TOTAL MATERIALS		91,230,313
MEDIA & ENTERTAINMENT - 2.7%
	1,943,037	*,e	Advantage Solutions, Inc		17,467,903
	739,712	*	Altice USA, Inc		19,935,238
	55,727	*	Take-Two Interactive Software, Inc		8,633,227
			TOTAL MEDIA & ENTERTAINMENT		46,036,368
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 3.8%
	179,858	*	Jazz Pharmaceuticals plc		25,917,538
	354,413		Perrigo Co plc		15,548,098
	168,266	*	United Therapeutics Corp		22,586,345
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		64,051,981

22

TIAA-CREF FUNDS - Mid-Cap Value Fund

SHARES			COMPANY	VALUE
REAL ESTATE - 7.7%
	166,941		Camden Property Trust	$	15,398,638
	246,279		Equity Lifestyle Properties, Inc		14,577,254
	650,055		Invitation Homes, Inc		17,720,499
	679,927		MGM Growth Properties LLC		17,984,069
	542,135		Omega Healthcare Investors, Inc		15,618,909
	639,847		Rexford Industrial Realty, Inc		29,727,292
	141,314		Sun Communities, Inc		19,449,046
			TOTAL REAL ESTATE		130,475,707
RETAILING - 1.7%
	257,408		Best Buy Co, Inc		28,713,862
			TOTAL RETAILING		28,713,862
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.3%
	291,880	*	Cree, Inc		18,563,568
	40,157		Lam Research Corp		13,736,907
	502,256		Marvell Technology Group Ltd		18,839,622
	156,214		NXP Semiconductors NV		21,107,636
	121,014		Skyworks Solutions, Inc		17,098,068
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		89,345,801
SOFTWARE & SERVICES - 2.4%
	119,233	*	j2 Global, Inc		8,093,536
	160,352	*	Proofpoint, Inc		15,352,101
	82,848	*	Synopsys, Inc		17,717,873
			TOTAL SOFTWARE & SERVICES		41,163,510
TECHNOLOGY HARDWARE & EQUIPMENT - 1.9%
	370,772	*	Ciena Corp		14,604,709
	2,452,580	e	Nokia Corp (ADR)		8,265,194
	350,790	*	Vontier Corp		10,081,705
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		32,951,608
TRANSPORTATION - 1.8%
	168,777		Kansas City Southern		29,728,381
			TOTAL TRANSPORTATION		29,728,381
UTILITIES - 12.5%
	149,006		Alliant Energy Corp		8,237,051
	330,091		American Electric Power Co, Inc		29,685,084
	1,856,463		Centerpoint Energy, Inc		39,227,063
	359,999		Entergy Corp		36,439,099
	484,911		Evergy, Inc		26,767,087
	723,347		Exelon Corp		28,854,312
	924,304		FirstEnergy Corp		27,470,315
	908,826		Vistra Energy Corp		15,786,307
			TOTAL UTILITIES		212,466,318
			TOTAL COMMON STOCKS		1,672,535,026
			(Cost $1,599,168,340)

23

TIAA-CREF FUNDS - Mid-Cap Value Fund

SHARES			COMPANY					VALUE
RIGHTS / WARRANTS - 0.1%
MEDIA & ENTERTAINMENT - 0.1%
	492,096		Advantage Solutions, Inc					$	546,227
			TOTAL MEDIA & ENTERTAINMENT						546,227
			TOTAL RIGHTS / WARRANTS						546,227
			(Cost $676,081)
PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 1.7%
REPURCHASE AGREEMENT - 0.5%
$	8,375,000	r	Fixed Income Clearing Corp (FICC)		0.070	%	11/02/20		8,375,000
			TOTAL REPURCHASE AGREEMENT						8,375,000
TREASURY DEBT - 0.9%
	15,000,000		United States Treasury Bill		0.074-0.082		11/17/20		14,999,500
			TOTAL TREASURY DEBT						14,999,500
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.3%
	5,632,892	c	State Street Navigator Securities Lending Government Money Market Portfolio						5,632,892
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						5,632,892
			TOTAL SHORT-TERM INVESTMENTS						29,007,392
			(Cost $29,007,364)
			TOTAL INVESTMENTS - 100.4%						1,702,088,645
			(Cost $1,628,851,785)
			OTHER ASSETS & LIABILITIES, NET - (0.4)%						(6,162,348	)
			NET ASSETS - 100.0%					$	1,695,926,297

	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 $8,204,118.
r	Agreement with Fixed Income Clearing Corporation, 0.070% dated 10/31/20 to be repurchased at $8,375,000 on 11/2/20, collateralized by U.S. Treasury Notes valued at $8,542,566.

24

TIAA-CREF FUNDS - Quant Large-Cap Growth Fund

TIAA-CREF FUNDS
QUANT LARGE-CAP GROWTH FUND
SCHEDULE OF INVESTMENTS
October 31, 2020

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.7%
AUTOMOBILES & COMPONENTS - 1.9%
	73,638	*	Tesla, Inc	$	28,574,489
			TOTAL AUTOMOBILES & COMPONENTS		28,574,489
CAPITAL GOODS - 2.5%
	29,444		3M Co		4,709,862
	50,016	*	AZEK Co, Inc		1,672,535
	17,183		BWX Technologies, Inc		945,237
	82,653		Carrier Global Corp		2,759,784
	15,917	*	Generac Holdings, Inc		3,344,957
	77,008		Graco, Inc		4,766,795
	27,710		Huntington Ingalls		4,086,671
	8,163		Lockheed Martin Corp		2,858,111
	26,330	*	Mercury Systems, Inc		1,813,610
	23,802		Northrop Grumman Corp		6,898,296
	42,849		Toro Co		3,517,903
			TOTAL CAPITAL GOODS		37,373,761
COMMERCIAL & PROFESSIONAL SERVICES - 1.1%
	38,795	*	Copart, Inc		4,281,416
	15,948		Equifax, Inc		2,178,497
	16,592		Rollins, Inc		959,847
	25,056		TransUnion		1,995,961
	44,477		Verisk Analytics, Inc		7,915,572
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		17,331,293
CONSUMER DURABLES & APPAREL - 1.5%
	111,187		Nike, Inc (Class B)		13,351,335
	699	*	NVR, Inc		2,763,210
	6,880	*	Peloton Interactive, Inc		758,245
	28,499		Polaris Inc		2,589,419
	35,503	*	Tempur Sealy International, Inc		3,159,767
			TOTAL CONSUMER DURABLES & APPAREL		22,621,976
CONSUMER SERVICES - 0.7%
	26,487		Dunkin Brands Group, Inc		2,641,019
	86,185		H&R Block, Inc		1,487,553
	45,366		Las Vegas Sands Corp		2,180,290
	6,408		Starbucks Corp		557,240
	40,767		Yum! Brands, Inc		3,804,784
			TOTAL CONSUMER SERVICES		10,670,886
DIVERSIFIED FINANCIALS - 2.8%
	71,452		Intercontinental Exchange Group, Inc		6,745,069
	100,000		iShares Russell 1000 Growth Index Fund		20,958,000
	8,525		MarketAxess Holdings, Inc		4,593,696

25

TIAA-CREF FUNDS - Quant Large-Cap Growth Fund

SHARES			COMPANY	VALUE
	18,696		Moody’s Corp	$	4,915,178
	16,259		Morningstar, Inc		3,095,389
	78,772		Virtu Financial, Inc		1,684,145
			TOTAL DIVERSIFIED FINANCIALS		41,991,477
FOOD & STAPLES RETAILING - 1.3%
	56,722		Costco Wholesale Corp		20,284,922
			TOTAL FOOD & STAPLES RETAILING		20,284,922
FOOD, BEVERAGE & TOBACCO - 2.5%
	159,630		Altria Group, Inc		5,759,450
	93,792		Coca-Cola Co		4,507,644
	23,647		Hershey Co		3,250,517
	82,349	*	Monster Beverage Corp		6,305,463
	132,836		PepsiCo, Inc		17,705,710
			TOTAL FOOD, BEVERAGE & TOBACCO		37,528,784
HEALTH CARE EQUIPMENT & SERVICES - 5.5%
	118,102		Abbott Laboratories		12,413,701
	17,006	*	Amedisys, Inc		4,404,554
	70,107		Baxter International, Inc		5,438,200
	67,180	*	Centene Corp		3,970,338
	5,469		Chemed Corp		2,615,932
	30,340		Cigna Corp		5,065,870
	14,490	*	DexCom, Inc		4,630,714
	139,934	*	Edwards Lifesciences Corp		10,031,868
	34,669		HCA Healthcare, Inc		4,296,876
	9,597		Hill-Rom Holdings, Inc		873,999
	84,866	*	Hologic, Inc		5,840,478
	398	*	Intuitive Surgical, Inc		265,498
	6,022	*	Livongo Health, Inc		768,614
	63,894		UnitedHealth Group, Inc		19,496,615
	9,677	*	Veeva Systems, Inc		2,613,274
	3,611		West Pharmaceutical Services, Inc		982,445
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		83,708,976
HOUSEHOLD & PERSONAL PRODUCTS - 1.0%
	2,273		Estee Lauder Cos (Class A)		499,287
	67,173	*	Herbalife Nutrition Ltd		3,032,189
	73,706		Procter & Gamble Co		10,105,093
	72,480		Reynolds Consumer Products Inc		2,046,835
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		15,683,404
INSURANCE - 0.0%
	9		Alleghany Corp		4,922
			TOTAL INSURANCE		4,922
MATERIALS - 0.3%
	5,752		Scotts Miracle-Gro Co (Class A)		863,088
	68,055		WR Grace and Co		2,959,712
			TOTAL MATERIALS		3,822,800
MEDIA & ENTERTAINMENT - 11.4%
	26,317		Activision Blizzard, Inc		1,992,986
	24,232	*	Alphabet, Inc (Class A)		39,161,577

26

TIAA-CREF FUNDS - Quant Large-Cap Growth Fund

SHARES			COMPANY	VALUE
	23,924	*	Alphabet, Inc (Class C)	$	38,781,043
	163,620	*	Altice USA, Inc		4,409,559
	785	*	Charter Communications, Inc		473,999
	21,605	*	Electronic Arts, Inc		2,588,927
	236,257	*	Facebook, Inc		62,161,579
	39,434	*	Netflix, Inc		18,760,331
	55,027	*	Pinterest, Inc		3,243,842
	4,669	*	Roku, Inc		945,006
	4,663	*	Spotify Technology S.A.		1,118,607
	941		World Wrestling Entertainment, Inc (Class A)		34,215
			TOTAL MEDIA & ENTERTAINMENT		173,671,671
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.3%
	2,441	*	10X Genomics, Inc		334,173
	185,554		AbbVie, Inc		15,790,645
	63,931	*	Acadia Pharmaceuticals, Inc		2,969,595
	27,610	*	Alexion Pharmaceuticals, Inc		3,179,015
	36,090		Amgen, Inc		7,829,365
	110,284	*	Avantor, Inc		2,566,309
	53,923	*	BioMarin Pharmaceutical, Inc		4,013,489
	42,120	*	Bluebird Bio, Inc		2,178,025
	86,954		Bristol-Myers Squibb Co		5,082,461
	83,705		Eli Lilly & Co		10,920,154
	23,718	*	Exact Sciences Corp		2,937,000
	1,947	*	Horizon Therapeutics Plc		145,889
	13,535	*	Illumina, Inc		3,961,695
	31,040	*	IQVIA Holdings, Inc		4,779,850
	70,999		Johnson & Johnson		9,734,673
	238,202		Merck & Co, Inc		17,915,172
	27,667	*	Moderna, Inc		1,866,692
	1,689	*	Sage Therapeutics, Inc		123,939
	14,753	*	Sarepta Therapeutics, Inc		2,005,080
	23,685		Thermo Fisher Scientific, Inc		11,205,847
	34,046	*	Vertex Pharmaceuticals, Inc		7,093,825
	60,132		Zoetis, Inc		9,533,929
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		126,166,822
REAL ESTATE - 2.0%
	56,379		American Tower Corp		12,947,437
	50,020		Americold Realty Trust		1,812,225
	4,614		Crown Castle International Corp		720,707
	8,428		Equinix, Inc		6,162,891
	101,250		Equity Lifestyle Properties, Inc		5,992,987
	11,237		SBA Communications Corp		3,262,888
			TOTAL REAL ESTATE		30,899,135
RETAILING - 12.1%
	41,420	*	Amazon.com, Inc		125,757,333
	33,780		Best Buy Co, Inc		3,768,159
	253	*	Booking Holdings, Inc		410,492
	3,799		Dollar General Corp		792,889
	51,977	*	Dollar Tree, Inc		4,694,563
	22,128	*	Etsy, Inc		2,690,544
	73,605		Home Depot, Inc		19,631,190
	104,430		Lowe’s Companies, Inc		16,510,383
	1,694		Pool Corp		592,612

27

TIAA-CREF FUNDS - Quant Large-Cap Growth Fund

SHARES			COMPANY	VALUE
	106,684		TJX Companies, Inc	$	5,419,547
	9,906		Tractor Supply Co		1,319,578
	9,809	*	Wayfair, Inc		2,432,926
			TOTAL RETAILING		184,020,216
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 6.3%
	121,333	*	Advanced Micro Devices, Inc		9,135,162
	87,000		Applied Materials, Inc		5,153,010
	22,352		Broadcom, Inc		7,814,930
	50,346		Entegris, Inc		3,764,370
	27,487	*	Inphi Corp		3,841,583
	19,260		Lam Research Corp		6,588,461
	44,555		Maxim Integrated Products, Inc		3,103,256
	11,257		MKS Instruments, Inc		1,220,146
	10,565		Monolithic Power Systems, Inc		3,376,574
	64,696		NVIDIA Corp		32,435,987
	125,409		QUALCOMM, Inc		15,470,454
	45,366		Teradyne, Inc		3,985,403
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		95,889,336
SOFTWARE & SERVICES - 26.2%
	36,530	*	2U, Inc		1,346,130
	38,586		Accenture plc		8,369,689
	57,710	*	Adobe, Inc		25,802,141
	37,976	*	Anaplan, Inc		2,101,972
	9,713	*	Atlassian Corp plc		1,861,205
	27,920	*	Autodesk, Inc		6,576,277
	69,392	*	Black Knight, Inc		6,103,026
	2,996	*	CACI International, Inc (Class A)		624,756
	62,199	*	Cadence Design Systems, Inc		6,802,705
	5,052		Citrix Systems, Inc		572,240
	27,193		CoreLogic Inc		2,091,957
	20,407	*	Crowdstrike Holdings, Inc		2,527,203
	15,409	*	Datadog, Inc		1,398,367
	34,953	*	DocuSign, Inc		7,069,244
	7,162	*	Dropbox, Inc		130,778
	49,414	*	Dynatrace, Inc		1,744,808
	5,276	*,e	Fastly, Inc		335,079
	51,958	*	Fiserv, Inc		4,960,430
	46,447	*	GoDaddy, Inc		3,285,661
	31,380		Intuit, Inc		9,874,658
	33,811		Leidos Holdings, Inc		2,806,313
	103,569		Mastercard, Inc (Class A)		29,894,156
	733,720		Microsoft Corp		148,556,288
	74,911	*	Nutanix, Inc		1,823,334
	57,893		Oracle Corp		3,248,376
	133,561	*	PayPal Holdings, Inc		24,859,709
	5,738	*	Pluralsight, Inc		90,087
	17,238	*	Proofpoint, Inc		1,650,366
	51,673	*	RealPage, Inc		2,877,669
	8,828	*	RingCentral, Inc		2,280,626
	89,896	*	salesforce.com, Inc		20,880,144
	18,019	*	ServiceNow, Inc		8,965,714
	94,011		Switch, Inc		1,321,795
	71,985	*	Teradata Corp		1,322,364
	6,310	*	Twilio, Inc		1,760,301

28

TIAA-CREF FUNDS - Quant Large-Cap Growth Fund

SHARES			COMPANY					VALUE
	26,481	*	VeriSign, Inc					$	5,049,927
	149,966		Visa, Inc (Class A)						27,250,322
	29,371	*	Workday, Inc						6,171,435
	19,869	*	Zoom Video Communications, Inc						9,157,821
	19,638	*	Zscaler, Inc						2,665,858
			TOTAL SOFTWARE & SERVICES						396,210,931
TECHNOLOGY HARDWARE & EQUIPMENT - 11.1%
	1,828		Amphenol Corp (Class A)						206,271
	1,552,182		Apple, Inc						168,970,533
	718		NetApp, Inc						31,513
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						169,208,317
TELECOMMUNICATION SERVICES - 0.2%
	18,708	*	IAC						2,258,430
			TOTAL TELECOMMUNICATION SERVICES						2,258,430
TRANSPORTATION - 1.0%
	47,422		Old Dominion Freight Line						9,027,726
	18,696		Union Pacific Corp						3,312,744
	17,768		United Parcel Service, Inc (Class B)						2,791,531
	5,903	*	XPO Logistics, Inc						531,270
			TOTAL TRANSPORTATION						15,663,271
			TOTAL COMMON STOCKS						1,513,585,819
			(Cost $657,205,654)
PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 0.3%
REPURCHASE AGREEMENT - 0.3%
$	5,605,000	r	Fixed Income Clearing Corp (FICC)		0.070	%	11/02/20		5,605,000
			TOTAL REPURCHASE AGREEMENT						5,605,000
			TOTAL SHORT-TERM INVESTMENTS						5,605,000
			(Cost $5,605,000)
			TOTAL INVESTMENTS - 100.0%						1,519,190,819
			(Cost $662,810,654)
			OTHER ASSETS & LIABILITIES, NET - (0.0)%						(501,284	)
			NET ASSETS - 100.0%					$	1,518,689,535

*	Non-income producing
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $349,496.
r	Agreement with Fixed Income Clearing Corporation, 0.070% dated 10/31/20 to be repurchased at $5,605,000 on 11/2/20, collateralized by U.S. Treasury Notes valued at $5,717,191.

29

TIAA-CREF FUNDS - Quant Large-Cap Value Fund

TIAA-CREF FUNDS

QUANT LARGE-CAP VALUE FUND

SCHEDULE OF INVESTMENTS

October 31, 2020

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.6%
AUTOMOBILES & COMPONENTS - 0.7%
	13,375		Aptiv plc	$	1,290,554
	75,108		Gentex Corp		2,078,238
	20,994		Harley-Davidson, Inc		690,283
	116		Lear Corp		14,014
	7,747		Thor Industries, Inc		655,241
			TOTAL AUTOMOBILES & COMPONENTS		4,728,330
BANKS - 7.2%
	467,471		Bank of America Corp		11,079,063
	140,505		Citigroup, Inc		5,819,717
	81,329		Citizens Financial Group, Inc		2,216,215
	18,355		Comerica, Inc		835,336
	6,842		First Republic Bank		863,050
	174,014		JPMorgan Chase & Co		17,060,332
	5,506		New York Community Bancorp, Inc		45,755
	1,847		PacWest Bancorp		35,536
	9,823		PNC Financial Services Group, Inc		1,098,997
	1,624		Popular, Inc		68,533
	23,144		Prosperity Bancshares, Inc		1,275,466
	21,934	*,e	Rocket Cos, Inc		399,857
	54,342		Truist Financial Corp		2,288,885
	57,250		Umpqua Holdings Corp		719,060
	242,995		Wells Fargo & Co		5,212,243
			TOTAL BANKS		49,018,045
CAPITAL GOODS - 8.1%
	28,841		3M Co		4,613,406
	37,658	*	Aecom Technology Corp		1,688,585
	22,408		AGCO Corp		1,726,088
	8,679		Air Lease Corp		236,416
	40,070	*	AZEK Co, Inc		1,339,941
	11,765		Boeing Co		1,698,748
	17,313		BWX Technologies, Inc		952,388
	64,105		Carrier Global Corp		2,140,466
	17,474		Caterpillar, Inc		2,744,292
	6,569	*	Colfax Corp		178,611
	2,280		Deere & Co		515,075
	16,392		Donaldson Co, Inc		778,620
	33,961		Fortive Corp		2,091,998
	30,086	*	Gates Industrial Corp plc		333,955
	6,240	*	Generac Holdings, Inc		1,311,336
	197,675		General Electric Co		1,466,748
	19,371		GrafTech International Ltd		130,754
	13,869		Honeywell International, Inc		2,287,692
	9,706		Illinois Tool Works, Inc		1,901,211
	18,627		ITT, Inc		1,127,120

30

TIAA-CREF FUNDS - Quant Large-Cap Value Fund

SHARES			COMPANY	VALUE
	20,694		L3Harris Technologies, Inc	$	3,334,010
	9,577	*	Mercury Systems, Inc		659,664
	4,254		Northrop Grumman Corp		1,232,894
	133,269		nVent Electric plc		2,405,505
	48,086		Otis Worldwide Corp		2,946,710
	53,918		PACCAR, Inc		4,603,519
	18,706		Parker-Hannifin Corp		3,897,582
	93,479		Raytheon Technologies Corp		5,077,779
	6,874		Spirit Aerosystems Holdings, Inc (Class A)		125,038
	18		Stanley Black & Decker, Inc		2,992
	3,215		Toro Co		263,952
	88,813	*	Univar Solutions Inc		1,473,408
			TOTAL CAPITAL GOODS		55,286,503
COMMERCIAL & PROFESSIONAL SERVICES - 0.6%
	16,548	*	Clean Harbors, Inc		876,548
	8,325		Equifax, Inc		1,137,195
	7,175	*	IAA, Inc		406,033
	19,779		TransUnion		1,575,595
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		3,995,371
CONSUMER DURABLES & APPAREL - 1.6%
	7,438		Brunswick Corp		473,875
	6,317	*	Capri Holdings Ltd		134,047
	564		Carter’s, Inc		45,938
	52,299		DR Horton, Inc		3,494,096
	24,445		Garmin Ltd		2,542,769
	6,030	*	Peloton Interactive, Inc		664,566
	6,294		Polaris Inc		571,873
	28,251		Pulte Homes, Inc		1,151,511
	51,838		Tapestry, Inc		1,152,359
	11,559	*	Tempur Sealy International, Inc		1,028,751
	579	*	Under Armour, Inc (Class A)		8,013
			TOTAL CONSUMER DURABLES & APPAREL		11,267,798
CONSUMER SERVICES - 2.6%
	23,509		Dunkin Brands Group, Inc		2,344,082
	68,223		Extended Stay America, Inc		774,331
	329		Graham Holdings Co		125,132
	30,828		H&R Block, Inc		532,091
	39,170		Las Vegas Sands Corp		1,882,510
	34,938		McDonald’s Corp		7,441,794
	1,214		MGM Resorts International		24,972
	14,983	*,e	Norwegian Cruise Line Holdings Ltd		249,167
	5,151		Six Flags Entertainment Corp		111,365
	23,484	*	Terminix Global Holdings, Inc		1,105,862
	31,287		Wyndham Destinations, Inc		1,020,895
	8,336		Wynn Resorts Ltd		603,777
	1,123		Yum China Holdings, Inc		59,777
	18,706		Yum! Brands, Inc		1,745,831
			TOTAL CONSUMER SERVICES		18,021,586
DIVERSIFIED FINANCIALS - 6.6%
	18,131		American Express Co		1,654,272
	63,010		Bank of New York Mellon Corp		2,165,024
	4,178		BlackRock, Inc		2,503,499

31

TIAA-CREF FUNDS - Quant Large-Cap Value Fund

SHARES			COMPANY	VALUE
	31,450		Capital One Financial Corp	$	2,298,366
	1,912		CBOE Global Markets, Inc		155,427
	42,159		Charles Schwab Corp		1,733,157
	19,560		CME Group, Inc		2,948,083
	35,148		Discover Financial Services		2,284,972
	18,417		Eaton Vance Corp		1,101,152
	75,521		Equitable Holdings, Inc		1,622,946
	18,537		Goldman Sachs Group, Inc		3,504,234
	40,872		Intercontinental Exchange Group, Inc		3,858,317
	90,000		iShares Russell 1000 Value Index Fund		10,505,700
	35,433		Lazard Ltd (Class A)		1,193,029
	55,002		Morgan Stanley		2,648,346
	75,412		New Residential Investment Corp		565,590
	624		Starwood Property Trust, Inc		8,717
	32,145		State Street Corp		1,893,341
	16,096		Virtu Financial, Inc		344,132
	47,963		Voya Financial, Inc		2,298,867
			TOTAL DIVERSIFIED FINANCIALS		45,287,171
ENERGY - 3.7%
	6,681	*	ChampionX Corp		58,325
	93,213		Chevron Corp		6,478,303
	21,129		Cimarex Energy Co		536,043
	12,501		Concho Resources, Inc		518,917
	67,473		ConocoPhillips		1,931,077
	1,918		Diamondback Energy, Inc		49,791
	40,202		EOG Resources, Inc		1,376,516
	212,699		Exxon Mobil Corp		6,938,241
	24,508		Halliburton Co		295,566
	845		HollyFrontier Corp		15,641
	116,022		Kinder Morgan, Inc		1,380,662
	87,218		Kosmos Energy Ltd		86,721
	43,549		Marathon Petroleum Corp		1,284,696
	1,335		ONEOK, Inc		38,715
	14,851		Patterson-UTI Energy, Inc		38,019
	47,630		PBF Energy, Inc		222,432
	10,782		Phillips 66		503,088
	141,358		Schlumberger Ltd		2,111,889
	57,662		Targa Resources Investments, Inc		925,475
	13,292		Valero Energy Corp		513,204
			TOTAL ENERGY		25,303,321
FOOD & STAPLES RETAILING - 2.1%
	4,455		Costco Wholesale Corp		1,593,197
	3,441	*	Grocery Outlet Holding Corp		151,473
	33,070		Kroger Co		1,065,185
	28,386	*	US Foods Holding Corp		593,267
	23,453		Walgreens Boots Alliance, Inc		798,340
	74,584		Walmart, Inc		10,348,530
			TOTAL FOOD & STAPLES RETAILING		14,549,992
FOOD, BEVERAGE & TOBACCO - 3.8%
	68,819		Altria Group, Inc		2,482,990
	2,096	*	Beyond Meat, Inc		298,533
	22,071		Campbell Soup Co		1,030,054
	21,636		Coca-Cola Co		1,039,826

32

TIAA-CREF FUNDS - Quant Large-Cap Value Fund

SHARES			COMPANY	VALUE
	17,598		ConAgra Brands, Inc	$	617,514
	29,204		General Mills, Inc		1,726,540
	4,526	*	Hain Celestial Group, Inc		139,175
	14,605		Hershey Co		2,007,603
	40,059		Keurig Dr Pepper, Inc		1,077,587
	14,594		Kraft Heinz Co		446,430
	54,852		Mondelez International, Inc		2,913,738
	31,727		PepsiCo, Inc		4,228,892
	89,975		Philip Morris International, Inc		6,390,025
	8,392	*	TreeHouse Foods, Inc		325,945
	27,727		Tyson Foods, Inc (Class A)		1,586,816
			TOTAL FOOD, BEVERAGE & TOBACCO		26,311,668
HEALTH CARE EQUIPMENT & SERVICES - 6.6%
	53,745		Abbott Laboratories		5,649,137
	7,970		Anthem, Inc		2,174,216
	28,526		Baxter International, Inc		2,212,762
	2,741		Becton Dickinson & Co		633,527
	637	*	Boston Scientific Corp		21,830
	1,729		Cardinal Health, Inc		79,171
	23,837	*	Centene Corp		1,408,767
	429	*	Change Healthcare, Inc		6,070
	19,368		Cigna Corp		3,233,875
	67,584		CVS Health Corp		3,790,787
	17,203		Danaher Corp		3,948,777
	13,485		HCA Healthcare, Inc		1,671,331
	11,204		Hill-Rom Holdings, Inc		1,020,348
	24,109	*	Hologic, Inc		1,659,181
	7,452		Humana, Inc		2,975,435
	5,753		McKesson Corp		848,510
	87,677		Medtronic plc		8,817,676
	489	*	PPD, Inc		16,078
	4,761		Quest Diagnostics, Inc		581,508
	12,878		Stryker Corp		2,601,485
	1,898	*	Teladoc, Inc		372,881
	972		UnitedHealth Group, Inc		296,596
	6,969		Zimmer Biomet Holdings, Inc		920,605
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		44,940,553
HOUSEHOLD & PERSONAL PRODUCTS - 2.1%
	3,313		Colgate-Palmolive Co		261,363
	4,568		Energizer Holdings, Inc		179,751
	3,316	*	Herbalife Nutrition Ltd		149,684
	2,585		Kimberly-Clark Corp		342,745
	86,464		Procter & Gamble Co		11,854,214
	25,144		Reynolds Consumer Products Inc		710,066
	10,402		Spectrum Brands Holdings, Inc		591,562
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		14,089,385
INSURANCE - 6.3%
	30,813		Allstate Corp		2,734,654
	17,600		American Financial Group, Inc		1,318,944
	32,683		American International Group, Inc		1,029,188
	21,615	*	Arch Capital Group Ltd		652,989
	9,079		Assured Guaranty Ltd		231,787
	101,240	*	Berkshire Hathaway, Inc (Class B)		20,440,356

33

TIAA-CREF FUNDS - Quant Large-Cap Value Fund

SHARES			COMPANY	VALUE
	36,305		Chubb Ltd	$	4,716,382
	6,782		CNA Financial Corp		202,036
	8,679		First American Financial Corp		386,997
	48,702		Hartford Financial Services Group, Inc		1,876,001
	34,475		Loews Corp		1,195,593
	302	*	Markel Corp		281,705
	113,542		Metlife, Inc		4,297,565
	62,320		Old Republic International Corp		1,014,569
	23,260		Travelers Cos, Inc		2,807,715
			TOTAL INSURANCE		43,186,481
MATERIALS - 4.4%
	20,505		Air Products & Chemicals, Inc		5,664,301
	2,013		Aptargroup, Inc		229,663
	15,310	*	Axalta Coating Systems Ltd		384,434
	23,247	*	Berry Global Group, Inc		1,084,008
	17,182		CF Industries Holdings, Inc		474,395
	16,499		Corteva, Inc		544,137
	32,122		Dow, Inc		1,461,230
	44,135		DuPont de Nemours, Inc		2,510,399
	4,493		Ecolab, Inc		824,870
	15,745	*	Element Solutions, Inc		184,531
	4,393		Freeport-McMoRan, Inc (Class B)		76,175
	2,904		International Paper Co		127,050
	24,634		Linde plc		5,427,856
	56,357		Mosaic Co		1,042,604
	274		NewMarket Corp		98,007
	60,784		Newmont Goldcorp Corp		3,819,667
	4,078		Nucor Corp		194,765
	17,397		Packaging Corp of America		1,991,783
	12,216		Reliance Steel & Aluminum Co		1,331,422
	6,719		Silgan Holdings, Inc		231,470
	29,326		Valvoline, Inc		576,842
	11,946		WestRock Co		448,572
	23,413		WR Grace and Co		1,018,231
			TOTAL MATERIALS		29,746,412
MEDIA & ENTERTAINMENT - 5.4%
	25,102		Activision Blizzard, Inc		1,900,975
	2,502	*	Alphabet, Inc (Class A)		4,043,507
	3,612	*	Alphabet, Inc (Class C)		5,855,088
	158,895		Comcast Corp (Class A)		6,711,725
	4,869	*	Electronic Arts, Inc		583,452
	5,846	*	Liberty Broadband Corp (Class C)		828,437
	7,197	*	Liberty Media Group (Class A)		239,660
	6,469	*	Liberty Media Group (Class C)		233,725
	29,656	*	Liberty SiriusXM Group (Class C)		1,026,098
	18,722	*	Lions Gate Entertainment Corp (Class A)		125,437
	21,812	*	Lions Gate Entertainment Corp (Class B)		136,761
	1,630		Omnicom Group, Inc		76,936
	8,673	*	Pinterest, Inc		511,273
	105,297		Sirius XM Holdings, Inc		603,352
	989	*	Take-Two Interactive Software, Inc		153,216
	1,029		ViacomCBS, Inc (Class A)		30,726
	14,258		ViacomCBS, Inc (Class B)		407,351
	106,557		Walt Disney Co		12,920,036

34

TIAA-CREF FUNDS - Quant Large-Cap Value Fund

SHARES			COMPANY	VALUE
	4,406	*	Zillow Group, Inc (Class C)	$	390,460
	28,219	*	Zynga, Inc		253,689
			TOTAL MEDIA & ENTERTAINMENT		37,031,904
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.3%
	2,919		AbbVie, Inc		248,407
	4,902	*	Agios Pharmaceuticals, Inc		196,423
	17,569	*	Alexion Pharmaceuticals, Inc		2,022,895
	34,786	*	Avantor, Inc		809,470
	5,416	*	Biogen, Inc		1,365,211
	4,783	*	BioMarin Pharmaceutical, Inc		355,999
	7,886	*	Bluebird Bio, Inc		407,785
	73,023		Bristol-Myers Squibb Co		4,268,194
	14,527	*	Catalent, Inc		1,275,035
	6,605	*	Exact Sciences Corp		817,897
	4,079	*	Exelixis, Inc		83,538
	74,660		Gilead Sciences, Inc		4,341,479
	7,694	*	IQVIA Holdings, Inc		1,184,799
	120,729		Johnson & Johnson		16,553,153
	34,147		Merck & Co, Inc		2,568,196
	4,561	*	Moderna, Inc		307,731
	7,317		Perrigo Co plc		320,997
	271,449		Pfizer, Inc		9,631,011
	4,534	*	PRA Health Sciences, Inc		441,793
	494	*	QIAGEN NV		23,435
	5,749	*	Sage Therapeutics, Inc		421,862
	3,535	*	Syneos Health, Inc		187,638
	3,395		Thermo Fisher Scientific, Inc		1,606,242
	6,010	*	United Therapeutics Corp		806,722
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		50,245,912
REAL ESTATE - 4.5%
	9,864		Americold Realty Trust		357,373
	241		Boston Properties, Inc		17,451
	1,227		Brixmor Property Group, Inc		13,448
	12,451		Colony Capital, Inc		44,326
	10,809		Digital Realty Trust, Inc		1,559,739
	13,748		Equity Lifestyle Properties, Inc		813,744
	58,275		Equity Residential		2,737,759
	14,842		Gaming and Leisure Properties, Inc		539,507
	37,126		Healthcare Trust of America, Inc		902,162
	166		Hudson Pacific Properties		3,197
	99,332		Invitation Homes, Inc		2,707,790
	73,997		Medical Properties Trust, Inc		1,318,626
	21,261		Mid-America Apartment Communities, Inc		2,479,670
	10,055		Omega Healthcare Investors, Inc		289,685
	66,088		Outfront Media, Inc		866,414
	57,381		Prologis, Inc		5,692,195
	17,923		Realty Income Corp		1,037,025
	7,512		SBA Communications Corp		2,181,259
	25,568		Spirit Realty Capital, Inc		768,318
	58,771		STORE Capital Corp		1,510,415
	7,850		Ventas, Inc		309,839
	72,258		VICI Properties, Inc		1,658,321
	14,922		Welltower, Inc		802,356
	69,765		Weyerhaeuser Co		1,903,887

35

TIAA-CREF FUNDS - Quant Large-Cap Value Fund

SHARES			COMPANY	VALUE
	1,542		WP Carey, Inc	$	96,545
			TOTAL REAL ESTATE		30,611,051
RETAILING - 2.9%
	2,241		Advance Auto Parts, Inc		330,054
	15,153		Best Buy Co, Inc		1,690,317
	2,326		Dick’s Sporting Goods, Inc		131,768
	11,951	*	Dollar Tree, Inc		1,079,414
	3,936	*	GrubHub, Inc		291,107
	33,879		Home Depot, Inc		9,035,868
	24,344	*	LKQ Corp		778,765
	51,805		Qurate Retail Group, Inc QVC Group		350,720
	10,597		Ross Stores, Inc		902,547
	27,502		Target Corp		4,186,354
	3,750		Tiffany & Co		490,650
	912	*,e	Wayfair, Inc		226,203
			TOTAL RETAILING		19,493,767
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.2%
	13,367	*	Advanced Micro Devices, Inc		1,006,402
	10,168	*	Cirrus Logic, Inc		700,270
	19,255		Entegris, Inc		1,439,696
	219,576		Intel Corp		9,722,825
	53,308		Maxim Integrated Products, Inc		3,712,902
	7,954		Microchip Technology, Inc		835,806
	9,684		MKS Instruments, Inc		1,049,649
	17,772	*	Qorvo, Inc		2,263,442
	6,300		Skyworks Solutions, Inc		890,127
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		21,621,119
SOFTWARE & SERVICES - 4.4%
	12,356	*	2U, Inc		455,319
	22,999		Amdocs Ltd		1,296,684
	1,987	*	Autodesk, Inc		468,018
	1,068	*,e	BigCommerce Holdings, Inc		78,391
	5,421	*	CACI International, Inc (Class A)		1,130,441
	14,082	*	Ceridian HCM Holding, Inc		1,214,150
	6,096		Citrix Systems, Inc		690,494
	15,995		CoreLogic Inc		1,230,495
	4,472	*	Crowdstrike Holdings, Inc		553,812
	18,461		DXC Technology Co		340,052
	15,006	*	Dynatrace, Inc		529,862
	8,846	*	Euronet Worldwide, Inc		785,879
	31,050		Fidelity National Information Services, Inc		3,868,519
	6,285	*	FireEye, Inc		86,984
	35,291	*	Fiserv, Inc		3,369,232
	24,632		Global Payments, Inc		3,885,452
	17,466		International Business Machines Corp		1,950,253
	17,786		Leidos Holdings, Inc		1,476,238
	16,780	*	Nuance Communications, Inc		535,450
	13,974	*	RealPage, Inc		778,212
	5,815		Sabre Corp		37,914
	6,443	*	salesforce.com, Inc		1,496,516
	12,625		Science Applications International Corp		964,171
	3,730	*	Synopsys, Inc		797,698
	437	*	Twilio, Inc		121,910

36

TIAA-CREF FUNDS - Quant Large-Cap Value Fund

SHARES			COMPANY	VALUE
	10,606	*	VeriSign, Inc	$	2,022,564
			TOTAL SOFTWARE & SERVICES		30,164,710
TECHNOLOGY HARDWARE & EQUIPMENT - 2.8%
	1,077	*	Arrow Electronics, Inc		83,887
	53,192		Avnet, Inc		1,312,247
	230,394		Cisco Systems, Inc		8,271,145
	10,328	*	CommScope Holding Co, Inc		91,919
	1,991		Dolby Laboratories, Inc (Class A)		149,484
	25,341	*	EchoStar Corp (Class A)		586,898
	6,125	*	F5 Networks, Inc		814,257
	29,960		FLIR Systems, Inc		1,039,312
	75,626		Hewlett Packard Enterprise Co		653,409
	79,110		HP, Inc		1,420,816
	967	*	Lumentum Holdings, Inc		79,961
	12,151		Motorola Solutions, Inc		1,920,587
	20,183		National Instruments Corp		631,324
	29,438	*	Pure Storage, Inc		473,952
	9,488	*	Viasat, Inc		321,643
	14,671	*	Vontier Corp		421,645
	20,328		Western Digital Corp		766,975
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		19,039,461
TELECOMMUNICATION SERVICES - 3.3%
	288,101		AT&T, Inc		7,784,489
	15,320	*	GCI Liberty, Inc		1,244,443
	11,535	*	T-Mobile US, Inc		1,263,890
	209,815		Verizon Communications, Inc		11,957,357
			TOTAL TELECOMMUNICATION SERVICES		22,250,179
TRANSPORTATION - 3.2%
	21,561		Alaska Air Group, Inc		816,946
	66,035	e	American Airlines Group, Inc		744,875
	470		CSX Corp		37,102
	17,100		FedEx Corp		4,436,937
	1,659		Kansas City Southern		292,216
	7,016	*	Kirby Corp		270,046
	4,150		Knight-Swift Transportation Holdings, Inc		157,659
	16,366	*	Lyft, Inc (Class A)		373,636
	19,598		Macquarie Infrastructure Co LLC		505,628
	23,462		Norfolk Southern Corp		4,906,373
	9,024		Old Dominion Freight Line		1,717,899
	23,521		Union Pacific Corp		4,167,686
	17,001		United Parcel Service, Inc (Class B)		2,671,027
	11,438	*	XPO Logistics, Inc		1,029,420
			TOTAL TRANSPORTATION		22,127,450
UTILITIES - 6.2%
	25,784		Alliant Energy Corp		1,425,340
	8,512		American Water Works Co, Inc		1,281,141
	14,896		Centerpoint Energy, Inc		314,752
	63,409		CMS Energy Corp		4,015,692
	29,262		Dominion Energy, Inc		2,350,909
	6,942		DTE Energy Co		856,782
	6,302		Duke Energy Corp		580,477
	38,375		Entergy Corp		3,884,318

37

TIAA-CREF FUNDS - Quant Large-Cap Value Fund

SHARES		COMPANY	VALUE
	7,594	Essential Utilities Inc	$	312,873
	41,599	Evergy, Inc		2,296,265
	42,687	Eversource Energy		3,725,295
	81,205	Exelon Corp		3,239,267
	69,385	FirstEnergy Corp		2,062,122
	48,225	MDU Resources Group, Inc		1,145,826
	87,566	NextEra Energy, Inc		6,410,707
	96,978	NiSource, Inc		2,227,585
	37,161	OGE Energy Corp		1,143,444
	21,107	Pinnacle West Capital Corp		1,721,698
	10,263	Public Service Enterprise Group, Inc		596,793
	20,620	Sempra Energy		2,584,923
	4,373	Southern Co		251,229
	5,217	Vistra Energy Corp		90,619
		TOTAL UTILITIES		42,518,057
		TOTAL COMMON STOCKS		680,836,226
		(Cost $544,385,450)

PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 0.3%
REPURCHASE AGREEMENT - 0.1%
$	755,000	r	Fixed Income Clearing Corp (FICC)		0.070	%	11/02/20		755,000
			TOTAL REPURCHASE AGREEMENT						755,000
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.2%
	1,479,380	c	State Street Navigator Securities Lending Government Money Market Portfolio						1,479,380
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						1,479,380
			TOTAL SHORT-TERM INVESTMENTS						2,234,380
			(Cost $2,234,380)
			TOTAL INVESTMENTS - 99.9%						683,070,606
			(Cost $546,619,830)
			OTHER ASSETS & LIABILITIES, NET - 0.1%						737,871
			NET ASSETS - 100.0%					$	683,808,477

*	Non-income producing
c	Investments made with cash collateral received from securities on loan.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $1,628,879.
r	Agreement with Fixed Income Clearing Corporation, 0.070% dated 10/31/20 to be repurchased at $755,000 on 11/2/20, collateralized by U.S. Treasury Notes valued at $770,193.

38

TIAA-CREF FUNDS - Quant Small-Cap Equity Fund

TIAA-CREF FUNDS

QUANT SMALL-CAP EQUITY FUND

SCHEDULE OF INVESTMENTS

October 31, 2020

SHARES			COMPANY	VALUE
COMMON STOCKS - 100.0%
AUTOMOBILES & COMPONENTS - 1.4%
	342,500	*	Adient plc	$	7,267,850
	92,100	*	Gentherm, Inc		4,263,309
	847,200		Goodyear Tire & Rubber Co		7,014,816
	109,800		Standard Motor Products, Inc		5,028,840
	84,100	*	Visteon Corp		7,539,565
			TOTAL AUTOMOBILES & COMPONENTS		31,114,380
BANKS - 9.8%
	66,200		Amalgamated Bank		734,820
	134,000	*	Axos Financial, Inc		3,652,840
	114,900		Bank of NT Butterfield & Son Ltd		3,040,254
	105,300		Banner Corp		3,882,411
	44,660	*	Bluegreen Vacations Holding Corp		363,979
	312,500		Cathay General Bancorp		7,353,125
	189,700		Central Pacific Financial Corp		2,612,169
	163,223		ConnectOne Bancorp, Inc		2,518,531
	246,000	*	Customers Bancorp, Inc		3,399,720
	354,600		Essent Group Ltd		14,130,810
	81,800		Federal Agricultural Mortgage Corp (Class C)		5,283,462
	92,800		First Bancorp		2,235,552
	204,200		First Financial Bancorp		2,920,060
	113,700		First Merchants Corp		2,968,707
	228,400		Flagstar Bancorp, Inc		6,703,540
	252,800		Glacier Bancorp, Inc		9,050,240
	235,926		Great Western Bancorp, Inc		3,064,679
	236,200		Heritage Commerce Corp		1,712,450
	397,247		Hilltop Holdings, Inc		9,061,204
	175,500		Horizon Bancorp		2,176,200
	99,559		Independent Bank Corp		1,490,398
	139,700		Independent Bank Group, Inc		7,205,726
	1,106,100		Investors Bancorp, Inc		9,357,606
	245,800		Kearny Financial Corp		2,064,720
	155,800		Lakeland Bancorp, Inc		1,734,054
	27,300		Lakeland Financial Corp		1,395,849
	444,400	*	Mr Cooper Group, Inc		9,367,952
	224,300		National Bank Holdings Corp		6,762,645
	242,500	*	NMI Holdings, Inc		5,211,325
	225,800		OceanFirst Financial Corp		3,380,226
	526,300		OFG Bancorp		7,573,457
	283,800		Pacific Premier Bancorp, Inc		7,236,900
	67,600		Peapack Gladstone Financial Corp		1,141,088
	175,300		PennyMac Financial Services, Inc		8,908,746
	196,380		Premier Financial Corp		3,532,876
	64,605		QCR Holdings, Inc		2,004,693
	824,200		Radian Group, Inc		14,794,390
	303,200		Simmons First National Corp (Class A)		5,151,368

39

TIAA-CREF FUNDS - Quant Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	301,100	*	The Bancorp, Inc	$	2,890,560
	192,500	*	Tristate Capital Holdings, Inc		2,423,575
	716,912		United Community Banks, Inc		15,012,138
	158,100		Walker & Dunlop, Inc		9,941,328
	281,000		WesBanco, Inc		6,825,490
	149,400		WSFS Financial Corp		4,734,486
			TOTAL BANKS		227,006,349
CAPITAL GOODS - 11.5%
	276,104		Advanced Drainage Systems, Inc		17,513,277
	101,600	*	Aerovironment, Inc		7,758,176
	50,700		Applied Industrial Technologies, Inc		3,095,235
	115,800		Astec Industries, Inc		5,882,640
	209,243	*	Atkore International Group, Inc		4,329,238
	36,310	*	Axon Enterprise, Inc		3,591,059
	219,452	*	Bloom Energy Corp		2,773,873
	409,083	*	BMC Stock Holdings, Inc		16,195,596
	308,800	*	Builders FirstSource, Inc		9,356,640
	88,500	*	Chart Industries, Inc		7,473,825
	126,680		Columbus McKinnon Corp		4,293,185
	379,700		Comfort Systems USA, Inc		17,390,260
	90,600	*	Construction Partners Inc		1,846,428
	381,400	*	Cornerstone Building Brands, Inc		2,925,338
	70,679		CSW Industrials, Inc		6,045,175
	100,566		EMCOR Group, Inc		6,857,596
	69,365		EnPro Industries, Inc		4,093,922
	280,796	*	Evoqua Water Technologies Corp		6,438,652
	356,770		Federal Signal Corp		10,232,164
	58,300	*	Foundation Building Materials, Inc		848,848
	165,700	*	Gibraltar Industries, Inc		9,519,465
	469,000	*	Great Lakes Dredge & Dock Corp		4,844,770
	105,800		Insteel Industries, Inc		2,302,208
	153,800	*	Mastec, Inc		7,634,632
	324,200		Maxar Technologies, Inc		8,354,634
	199,010		Mueller Industries, Inc		5,757,359
	626,300	*	Plug Power, Inc		8,768,200
	42,100		Powell Industries, Inc		994,823
	289,000		Primoris Services Corp		5,453,430
	81,018	*	RBC Bearings, Inc		9,645,193
	717,354		Rexnord Corp		23,012,716
	145,700		Shyft Group, Inc		2,813,467
	39,000		Simpson Manufacturing Co, Inc		3,460,080
	72,700	*	SiteOne Landscape Supply, Inc		8,686,923
	188,600	*	Sunrun, Inc		9,810,972
	157,800		Triton International Ltd		5,819,664
	12,815	*	Vectrus, Inc		506,449
	537,700	*	WillScot Mobile Mini Holdings Corp		9,990,466
			TOTAL CAPITAL GOODS		266,316,578
COMMERCIAL & PROFESSIONAL SERVICES - 3.1%
	158,500		ABM Industries, Inc		5,503,120
	271,902		Exponent, Inc		18,921,660
	88,400	*	Franklin Covey Co		1,495,728
	389,900		Healthcare Services Group		8,920,912
	212,500		HNI Corp		6,916,875
	78,723		ICF International, Inc		5,147,697

40

TIAA-CREF FUNDS - Quant Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	93,670		Kforce, Inc	$	3,250,349
	63,600		McGrath RentCorp		3,630,288
	272,498	*	TriNet Group, Inc		18,780,562
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		72,567,191
CONSUMER DURABLES & APPAREL - 4.3%
	181,200	*	Century Communities, Inc		7,037,808
	210,500	*	CROCS, Inc		11,015,465
	58,300	*	Deckers Outdoor Corp		14,771,471
	75,645	*	Installed Building Products, Inc		6,848,899
	29,800		Johnson Outdoors, Inc		2,602,434
	91,600		La-Z-Boy, Inc		3,135,468
	250,700	*	Purple Innovation, Inc		7,112,359
	113,862	*	Skyline Champion Corp		2,920,560
	586,600	*	Sonos, Inc		8,564,360
	309,800	*	Taylor Morrison Home Corp		6,691,680
	538,300	*	TRI Pointe Homes, Inc		8,844,269
	279,600	*,e	Turtle Beach Corp		5,038,392
	314,100	*	YETI Holdings, Inc		15,541,668
			TOTAL CONSUMER DURABLES & APPAREL		100,124,833
CONSUMER SERVICES - 3.6%
	242,000	*	Adtalem Global Education, Inc		5,672,480
	117,900	*	American Public Education, Inc		3,333,033
	14,600	*	Biglari Holdings, Inc (B Shares)		1,223,042
	401,500		Bloomin’ Brands, Inc		5,612,970
	127,300	*	Caesars Entertainment, Inc		5,705,586
	140,100		Carriage Services, Inc		3,615,981
	391,900	*	Carrols Restaurant Group, Inc		2,292,615
	158,500	*	Chuy’s Holdings, Inc		3,326,915
	49,644		Collectors Universe		2,726,945
	117,300		Franchise Group, Inc		2,688,516
	99,700	*	GAN Ltd		1,416,737
	267,200	*	Hilton Grand Vacations, Inc		5,504,320
	543,900	e	International Game Technology plc		4,465,419
	84,500		Jack in the Box, Inc		6,765,070
	153,600	*	K12, Inc		3,666,432
	405,100	*	Laureate Education, Inc		5,266,300
	283,800	*	Noodles & Co		1,833,348
	442,919	*	Perdoceo Education Corp		5,000,555
	176,300	*,e	Red Robin Gourmet Burgers, Inc		2,122,652
	255,500		Red Rock Resorts, Inc		4,885,160
	328,600	*	SeaWorld Entertainment, Inc		7,235,772
			TOTAL CONSUMER SERVICES		84,359,848
DIVERSIFIED FINANCIALS - 3.4%
	241,400	*	Blucora, Inc		2,401,930
	519,400		Brightsphere Investment Group, Inc		7,167,720
	164,400	*	Cannae Holdings, Inc		6,079,512
	267,800		Cowen Group, Inc		5,746,988
	120,800	*	Encore Capital Group, Inc		3,857,144
	262,733	*	Enova International, Inc		4,032,951
	369,000		Federated Investors, Inc (Class B)		8,819,100
	104,700	*	Green Dot Corp		5,582,604
	59,100		Hamilton Lane, Inc		4,119,270
	82,200		Piper Jaffray Cos		6,859,590

41

TIAA-CREF FUNDS - Quant Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	688,000		Redwood Trust, Inc	$	5,848,000
	336,826		Stifel Financial Corp		19,690,848
			TOTAL DIVERSIFIED FINANCIALS		80,205,657
ENERGY - 1.9%
	1,409,100	*,e	Antero Resources Corp		4,790,940
	411,146		Berry Petroleum Co LLC		1,077,203
	290,400		Brigham Minerals, Inc		2,561,328
	523,600	*	Green Plains Inc		7,906,360
	1,647,615	*	NexTier Oilfield Solutions, Inc		3,113,992
	496,000	*	Oceaneering International, Inc		2,023,680
	521,039	*	Par Pacific Holdings, Inc		3,355,491
	295,100		PBF Energy, Inc		1,378,117
	326,300	*	PDC Energy, Inc		3,889,496
	831,500	*	ProPetro Holding Corp		3,284,425
	180,269	*	Renewable Energy Group, Inc		10,167,172
			TOTAL ENERGY		43,548,204
FOOD & STAPLES RETAILING - 1.5%
	215,488		Andersons, Inc		4,673,935
	561,151	*	BJ’s Wholesale Club Holdings, Inc		21,486,472
	128,538		Natural Grocers by Vitamin C		1,367,644
	211,700	*	Performance Food Group Co		7,115,237
			TOTAL FOOD & STAPLES RETAILING		34,643,288
FOOD, BEVERAGE & TOBACCO - 1.5%
	80,765	e	B&G Foods, Inc (Class A)		2,145,119
	5,396	*,e	Boston Beer Co, Inc (Class A)		5,607,415
	126,422		Calavo Growers, Inc		8,486,709
	261,700	*,e	Celsius Holdings, Inc		5,262,787
	57,707		Lancaster Colony Corp		9,587,441
	200,139	*	Simply Good Foods Co		3,762,613
			TOTAL FOOD, BEVERAGE & TOBACCO		34,852,084
HEALTH CARE EQUIPMENT & SERVICES - 7.0%
	78,400	*	Addus HomeCare Corp		7,649,488
	350,600	*	Allscripts Healthcare Solutions, Inc		3,534,048
	222,800	*	Angiodynamics, Inc		2,303,752
	1,499,200	*	Brookdale Senior Living, Inc		4,407,648
	357,000	*,e	Co-Diagnostics, Inc		4,787,370
	160,600	e	Conmed Corp		12,521,982
	394,500	*	Covetrus, Inc		9,740,205
	64,300		Ensign Group, Inc		3,783,412
	490,500	*	Evolent Health, Inc		4,875,570
	425,100	*	GenMark Diagnostics, Inc		5,194,722
	186,900	*,e	Health Catalyst, Inc		6,444,312
	136,214	*	HealthStream, Inc		2,492,716
	334,038	*	HMS Holdings Corp		8,892,091
	461,029	*	Inovalon Holdings, Inc		8,754,941
	423,337	*	Lantheus Holdings, Inc		4,597,440
	67,300	*	Magellan Health Services, Inc		4,863,771
	293,265	*	Meridian Bioscience, Inc		5,029,495
	121,098	*	Natus Medical, Inc		2,205,194
	86,900	*	Neogen Corp		6,060,406
	427,300	*	Option Care Health, Inc		5,695,909
	36,800	*	Orthofix Medical Inc		1,150,368

42

TIAA-CREF FUNDS - Quant Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	142,748	*	Pennant Group, Inc	$	5,946,882
	662,200	*	R1 RCM, Inc		11,866,624
	386,000	*	Select Medical Holdings Corp		8,098,280
	70,000	*	Shockwave Medical Inc		4,782,400
	32,746	*,e	Teladoc, Inc		6,433,279
	332,800	*	Tenet Healthcare Corp		8,166,912
	234,000	*,e	Zynex Inc		2,997,540
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		163,276,757
HOUSEHOLD & PERSONAL PRODUCTS - 0.9%
	291,600	*	BellRing Brands, Inc		5,333,364
	452,700	*	elf Beauty, Inc		9,176,229
	78,711	*,e	Lifevantage Corp		869,757
	70,600	*	USANA Health Sciences, Inc		5,340,890
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		20,720,240
INSURANCE - 1.7%
	112,500		American Equity Investment Life Holding Co		2,792,250
	164,058		Amerisafe, Inc		9,676,141
	281,500		Conseco, Inc		4,996,625
	131,160		Heritage Insurance Holdings, Inc		1,238,150
	147,718		James River Group Holdings Ltd		6,902,862
	140,300		Stewart Information Services Corp		5,947,317
	479,151	*	Third Point Reinsurance Ltd		3,727,795
	96,960		United Insurance Holdings Corp		425,654
	257,676		Universal Insurance Holdings, Inc		3,213,220
			TOTAL INSURANCE		38,920,014
MATERIALS - 5.4%
	198,000		Avient Corp		6,151,860
	101,500		Balchem Corp		10,144,925
	256,100		Boise Cascade Co		9,829,118
	941,700	*	Coeur Mining, Inc		6,657,819
	295,400		Commercial Metals Co		6,100,010
	673,900	*,†	Ferroglobe plc		0
	61,500		Innospec, Inc		4,067,610
	152,600	*	Koppers Holdings, Inc		3,422,818
	353,900		Louisiana-Pacific Corp		10,114,462
	133,500		Materion Corp		6,833,865
	178,814		Myers Industries, Inc		2,564,193
	52,634		Olympic Steel, Inc		600,554
	197,015		Schnitzer Steel Industries, Inc (Class A)		4,137,315
	177,500		Sensient Technologies Corp		11,613,825
	104,800		Stepan Co		12,202,912
	641,000	*	Summit Materials, Inc		11,339,290
	135,300		Trinseo S.A.		4,305,246
	747,500	e	United States Steel Corp		7,220,850
	227,792	*	US Concrete, Inc		7,735,816
			TOTAL MATERIALS		125,042,488
MEDIA & ENTERTAINMENT - 1.1%
	842	*	Black Diamond Therapeutics, Inc		26,531
	506,300	*	Glu Mobile, Inc		3,625,108
	220,100	*	Liberty Braves Group (Class C)		4,505,447
	164,000	*	TechTarget, Inc		7,183,200
	783,600		TEGNA, Inc		9,426,708

43

TIAA-CREF FUNDS - Quant Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	82,100	*	WideOpenWest, Inc	$	409,679
			TOTAL MEDIA & ENTERTAINMENT		25,176,673
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 12.6%
	80,756	*	Acadia Pharmaceuticals, Inc		3,751,116
	434,800	*	Affimed NV		1,373,968
	88,400	*	Albireo Pharma, Inc		2,789,904
	81,700	*	Allogene Therapeutics, Inc		2,771,264
	577,887	*	Amicus Therapeutics, Inc		10,303,725
	302,800	*	Amneal Pharmaceuticals, Inc		1,259,648
	5,333	*	Arcutis Biotherapeutics, Inc		95,034
	141,211	*	Arena Pharmaceuticals, Inc		12,104,607
	131,282	*	Arrowhead Pharmaceuticals Inc		7,522,459
	152,745	*	Arvinas, Inc		3,193,898
	364,500	*	Atara Biotherapeutics, Inc		4,705,695
	44,800	*	Axsome Therapeutics, Inc		2,970,688
	5,332	*,e	Beam Therapeutics, Inc		182,194
	1,020,710	*	BioDelivery Sciences International, Inc		3,225,444
	56,900	*	Biohaven Pharmaceutical Holding Co Ltd		4,407,474
	64,213	*	Bioxcel Therapeutics Inc		2,933,892
	291,300	*,e	Cara Therapeutics, Inc		3,862,638
	178,522	*	CareDx, Inc		8,756,504
	145,503	*	ChemoCentryx, Inc		6,984,144
	151,739	*	Concert Pharmaceuticals, Inc		1,565,947
	397,217	*	CytomX Therapeutics, Inc		2,629,577
	149,400	*	Editas Medicine, Inc		4,622,436
	53,500	*	Fate Therapeutics, Inc		2,375,400
	604,426	*	Fluidigm Corp		3,469,405
	212,400	*	G1 Therapeutics, Inc		2,334,276
	345,900	*	Gossamer Bio, Inc		2,870,970
	271,300	*,e	Heron Therapeutics, Inc		4,424,903
	113,800	*	Immunic, Inc		1,802,592
	156,700	*	Immunovant, Inc		6,835,254
	175,700	*,e	Inovio Pharmaceuticals, Inc		1,730,645
	143,356	*,e	Intellia Therapeutics, Inc		3,431,943
	79,600	*	Intercept Pharmaceuticals, Inc		2,212,084
	356,687	*	Intersect ENT, Inc		5,528,649
	253,244	*	Intra-Cellular Therapies, Inc		6,247,530
	197,935	*,e	Invitae Corp		7,761,031
	341,600	*	Karyopharm Therapeutics, Inc		5,062,512
	224,838	*	Kiniksa Pharmaceuticals Ltd		3,520,963
	322,152	*	Kura Oncology, Inc		10,067,250
	143,900		Luminex Corp		3,171,556
	226,989	*	MacroGenics, Inc		4,405,857
	119,100	*	Mersana Therapeutics, Inc		2,146,182
	144,111	*	NanoString Technologies, Inc		5,281,668
	257,694	*	Natera, Inc		17,332,498
	198,100	*	NeoGenomics, Inc		7,771,463
	156,000	*	Neoleukin Therapeutics, Inc		1,636,440
	106,200	*	Novavax, Inc		8,571,402
	267,600	*	Ocular Therapeutix, Inc		2,542,200
	300,100	*,e	Omeros Corp		3,043,014
	1,632	*	Passage Bio, Inc		27,434
	83,944		Phibro Animal Health Corp		1,380,039
	165,600	*,e	Provention Bio, Inc		1,964,016
	156,728	*	Quanterix Corp		5,737,812

44

TIAA-CREF FUNDS - Quant Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	129,274	*	Replimune Group, Inc	$	5,404,946
	428,966	*	Retrophin, Inc		8,682,272
	2,444	*	REVOLUTION Medicines, Inc		73,784
	125,726	*	Rocket Pharmaceuticals, Inc		3,512,784
	538,600	*	Sangamo Therapeutics Inc		5,569,124
	5,332	*	Schrodinger, Inc		260,095
	235,200	*,e	Sorrento Therapeutics, Inc		1,632,288
	212,600	*	TG Therapeutics, Inc		5,372,402
	252,500	*	Translate Bio, Inc		3,239,575
	127,166	*	Twist Bioscience Corp		9,746,002
	45,000	*	Ultragenyx Pharmaceutical, Inc		4,522,500
	59,443	*,e	UroGen Pharma Ltd		1,338,656
	182,800	*	Veracyte, Inc		6,335,848
	120,000	*	Vericel Corp		2,223,600
	75,100	*,e	Vir Biotechnology, Inc		2,361,144
	177,306	*	Voyager Therapeutics, Inc		1,884,763
	277,700	*	Zogenix, Inc		5,920,564
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		294,779,591
REAL ESTATE - 6.5%
	260,000		American Assets Trust, Inc		5,441,800
	368,000		Armada Hoffler Properties, Inc		3,315,680
	227,059		Bluerock Residential Growth REIT, Inc		1,966,331
	2,301,400		Colony Capital, Inc		8,192,984
	1,462,400		Diversified Healthcare Trust		4,233,648
	108,500		EastGroup Properties, Inc		14,439,180
	56,942		First Industrial Realty Trust, Inc		2,266,861
	265,100		Four Corners Property Trust, Inc		6,717,634
	444,700		Global Net Lease, Inc		6,328,081
	335,500		Healthcare Realty Trust, Inc		9,326,900
	348,000		Independence Realty Trust, Inc		4,228,200
	424,300		National Storage Affiliates Trust		14,379,527
	599,448		Newmark Group, Inc		2,838,386
	111,200		Office Properties Income Trust		2,047,192
	575,200		Physicians Realty Trust		9,697,872
	620,800		Piedmont Office Realty Trust, Inc		7,089,536
	141,928		PS Business Parks, Inc		16,184,050
	166,500		QTS Realty Trust, Inc		10,241,415
	118,000		RMR Group, Inc		3,145,880
	500,100		STAG Industrial, Inc		15,563,112
	492,800		Uniti Group, Inc		4,346,496
			TOTAL REAL ESTATE		151,990,765
RETAILING - 4.9%
	145,448	*	1-800-FLOWERS.COM, Inc (Class A)		2,884,234
	156,896		Aaron’s Holdings Co, Inc		8,199,385
	383,400		Abercrombie & Fitch Co (Class A)		5,451,948
	34,500	*	Asbury Automotive Group, Inc		3,552,810
	420,900	e	Bed Bath & Beyond, Inc		8,333,820
	196,000		Buckle, Inc		4,696,160
	318,900	*	Conn’s, Inc		2,988,093
	242,900	*,e	GrowGeneration Corp		4,056,430
	250,700	*,e	Hibbett Sports, Inc		9,478,967
	84,800	*	Lands’ End, Inc		1,361,040
	178,200	*	MarineMax, Inc		5,342,436
	43,300	*	Overstock.com, Inc		2,429,130

45

TIAA-CREF FUNDS - Quant Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	554,100		Rent-A-Center, Inc	$	17,121,690
	201,800	*	Sleep Number Corp		12,786,048
	389,600	*	Sportsman’s Warehouse Holdings, Inc		5,072,592
	45,388	*	Stamps.com, Inc		10,132,417
	193,400	*,e	Stitch Fix Inc		6,658,762
	114,300	*	Zumiez, Inc		3,200,400
			TOTAL RETAILING		113,746,362
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.8%
	329,100	*	Amkor Technology, Inc		3,899,835
	147,394	*	Axcelis Technologies, Inc		3,252,986
	141,731		Brooks Automation, Inc		6,618,838
	470,862	*	Formfactor, Inc		13,348,938
	307,447	*	Lattice Semiconductor Corp		10,729,900
	267,900	*	MaxLinear, Inc		7,083,276
	8,556		NVE Corp		394,688
	1,034,245	*	Rambus, Inc		14,262,238
	43,800	*	Silicon Laboratories, Inc		4,487,748
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		64,078,447
SOFTWARE & SERVICES - 8.0%
	180,300	*	Alarm.com Holdings, Inc		10,516,899
	231,400	*	Avaya Holdings Corp		3,980,080
	131,900	*	Benefitfocus, Inc		1,354,613
	568,300	*	Box, Inc		8,808,650
	810,700	*	Cloudera, Inc		7,880,004
	224,446	*	Commvault Systems, Inc		8,885,817
	455,900	*	Digital Turbine, Inc		13,066,094
	115,100	*	Domo, Inc		3,656,727
	660,600	*	Limelight Networks, Inc		2,331,918
	169,000	*	LiveRamp Holdings, Inc		11,169,210
	206,324		Mantech International Corp (Class A)		13,386,301
	307,445		NIC, Inc		6,892,917
	708,363		Perspecta, Inc		12,700,949
	270,245		Progress Software Corp		9,828,811
	63,424	*	Rapid7, Inc		3,927,848
	97,471	*	SecureWorks Corp		1,013,698
	142,600	*	Sprout Social, Inc		6,231,620
	188,490	*	SPS Commerce, Inc		16,132,859
	317,899	*	Tenable Holdings, Inc		10,843,535
	510,400	*	Upwork, Inc		9,416,880
	217,300	*	Verint Systems, Inc		10,543,396
	244,000	*	Workiva, Inc		13,495,640
			TOTAL SOFTWARE & SERVICES		186,064,466
TECHNOLOGY HARDWARE & EQUIPMENT - 2.7%
	333,700	*	Calix, Inc		7,811,917
	572,100	*	Diebold, Inc		3,564,183
	65,389	*	ePlus, Inc		4,414,411
	968,200	*	Extreme Networks, Inc		3,930,892
	281,885	*	Fitbit, Inc		1,984,470
	91,900	*	II-VI, Inc		4,178,693
	124,100	*	Insight Enterprises, Inc		6,620,735
	122,283	*	OSI Systems, Inc		9,435,356
	288,416	*	Ribbon Communications, Inc		1,243,073
	470,101	*	Sanmina Corp		11,489,269

46

TIAA-CREF FUNDS - Quant Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	551,401	*	TTM Technologies, Inc	$	6,545,130
	68,439	*	Vishay Precision Group, Inc		1,635,008
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		62,853,137
TELECOMMUNICATION SERVICES - 0.7%
	273,113	*	Boingo Wireless, Inc		2,550,875
	28,831		Cogent Communications Group, Inc		1,608,770
	308,136	*	Liberty Latin America Ltd (Class A)		3,019,733
	82,923	*	Liberty Latin America Ltd (Class C)		806,012
	112,382		Spok Holdings, Inc		1,020,429
	709,756	*	Vonage Holdings Corp		7,509,218
			TOTAL TELECOMMUNICATION SERVICES		16,515,037
TRANSPORTATION - 1.6%
	161,832		ArcBest Corp		4,939,113
	136,900	*	Avis Budget Group, Inc		4,609,423
	128,596		Forward Air Corp		8,097,690
	399,857		Heartland Express, Inc		7,321,382
	195,449	*	Hub Group, Inc (Class A)		9,797,858
	104,537		Marten Transport Ltd		1,604,120
	192,564	*	Radiant Logistics, Inc		989,779
			TOTAL TRANSPORTATION		37,359,365
UTILITIES - 2.1%
	111,528		Black Hills Corp		6,319,177
	218,125		Clearway Energy, Inc (Class A)		5,717,056
	194,051		NorthWestern Corp		10,115,879
	363,639		Portland General Electric Co		14,291,013
	132,835		South Jersey Industries, Inc		2,559,730
	93,777		Southwest Gas Holdings Inc		6,163,024
	195,700	*	Sunnova Energy International, Inc		4,708,542
			TOTAL UTILITIES		49,874,421
			TOTAL COMMON STOCKS		2,325,136,175
			(Cost $2,155,906,236)
SHORT-TERM INVESTMENTS - 2.1%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 2.1%
	47,873,333	c	State Street Navigator Securities Lending Government Money Market Portfolio		47,873,333
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		47,873,333
			TOTAL SHORT-TERM INVESTMENTS		47,873,333
			(Cost $47,873,333)
			TOTAL INVESTMENTS - 102.1%		2,373,009,508
			(Cost $2,203,779,569)
			OTHER ASSETS & LIABILITIES, NET - (2.1)%		(48,412,881	)
			NET ASSETS - 100.0%	$	2,324,596,627

	Abbreviation(s):
	REIT    Real Estate Investment Trust
*	Non-income producing
†	Security is categorized as Level 3 in the fair value hierarchy.

47

TIAA-CREF FUNDS - Quant Small-Cap Equity Fund

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 $68,254,134.

48

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

TIAA-CREF FUNDS

QUANT SMALL/MID-CAP EQUITY FUND

SCHEDULE OF INVESTMENTS

October 31, 2020

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.8%
AUTOMOBILES & COMPONENTS - 1.2%
	109,281	*	Adient plc	$	2,318,943
	83,760		Harley-Davidson, Inc		2,754,029
	76,635	*	Stoneridge, Inc		1,749,577
	25,840		Thor Industries, Inc		2,185,547
			TOTAL AUTOMOBILES & COMPONENTS		9,008,096
BANKS - 5.9%
	53,670	*	Axos Financial, Inc		1,463,044
	69,849		Bank of NT Butterfield & Son Ltd		1,848,205
	76,615		BankUnited		1,934,529
	57,323		Berkshire Hills Bancorp, Inc		746,919
	63,821		Cathay General Bancorp		1,501,708
	92,035		Central Pacific Financial Corp		1,267,322
	16,160		Commerce Bancshares, Inc		1,005,960
	34,713		ConnectOne Bancorp, Inc		535,622
	61,738		Essent Group Ltd		2,460,259
	428,372		First Bancorp		2,780,134
	2,970		First Citizens Bancshares, Inc (Class A)		1,374,219
	44,621		Flagstar Bancorp, Inc		1,309,626
	73,915		Great Western Bancorp, Inc		960,156
	87,769		Hilltop Holdings, Inc		2,002,011
	196,465		MGIC Investment Corp		1,976,438
	85,828		National Bank Holdings Corp		2,587,714
	75,099	*	NMI Holdings, Inc		1,613,877
	101,660		OFG Bancorp		1,462,887
	96,379		PacWest Bancorp		1,854,332
	55,106		Popular, Inc		2,325,473
	41,782		Prosperity Bancshares, Inc		2,302,606
	91,882		Radian Group, Inc		1,649,282
	62,298		TFS Financial Corp		978,702
	73,086	*	The Bancorp, Inc		701,626
	58,494		Washington Federal, Inc		1,245,337
	31,250		Westamerica Bancorporation		1,636,562
	71,055		WSFS Financial Corp		2,251,733
			TOTAL BANKS		43,776,283
CAPITAL GOODS - 10.4%
	65,302		Advanced Drainage Systems, Inc		4,142,106
	73,176	*	Aecom Technology Corp		3,281,212
	29,560		AGCO Corp		2,277,007
	91,168	*	Atkore International Group, Inc		1,886,266
	14,600	*	Axon Enterprise, Inc		1,443,940
	50,439		AZZ, Inc		1,694,246
	39,410	*	Beacon Roofing Supply, Inc		1,209,887
	221,537	*	Bloom Energy Corp		2,800,228
	99,237	*	BMC Stock Holdings, Inc		3,928,793

49

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

SHARES			COMPANY	VALUE
	97,222	*	Builders FirstSource, Inc	$	2,945,827
	39,100		BWX Technologies, Inc		2,150,891
	39,202		Comfort Systems USA, Inc		1,795,452
	57,301		EMCOR Group, Inc		3,907,355
	29,375		EnPro Industries, Inc		1,733,712
	109,606	*	Evoqua Water Technologies Corp		2,513,266
	61,315		Federal Signal Corp		1,758,514
	66,186		Flowserve Corp		1,927,336
	92,394	*	Foundation Building Materials, Inc		1,345,257
	26,657	*	Gibraltar Industries, Inc		1,531,445
	45,410	*	GMS, Inc		1,026,266
	27,157		Graco, Inc		1,681,018
	65,855	*	Harsco Corp		849,529
	99,560		Howmet Aerospace, Inc		1,717,410
	76,075		ITT, Inc		4,603,298
	242,053	*	MRC Global, Inc		1,031,146
	43,640	*	MYR Group, Inc		1,865,610
	61,230	*	Navistar International Corp		2,639,625
	166,370	*	NOW, Inc		677,126
	86,662		Primoris Services Corp		1,635,312
	41,229		Quanta Services, Inc		2,573,926
	16,500	*	RBC Bearings, Inc		1,964,325
	87,224		Rexnord Corp		2,798,146
	14,906		Simpson Manufacturing Co, Inc		1,322,460
	48,390	*	SPX Corp		2,051,252
	40,950		Toro Co		3,361,995
	39,232	*	Vectrus, Inc		1,550,449
			TOTAL CAPITAL GOODS		77,621,633
COMMERCIAL & PROFESSIONAL SERVICES - 1.4%
	61,414		ABM Industries, Inc		2,132,294
	90,660		KAR Auction Services, Inc		1,320,010
	80,730		Kforce, Inc		2,801,331
	56,280		Kimball International, Inc (Class B)		579,684
	30,100		Manpower, Inc		2,042,887
	6,115	*	Seagen, Inc		1,019,982
	26,231	*	SP Plus Corp		483,437
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		10,379,625
CONSUMER DURABLES & APPAREL - 5.0%
	10,300	*	Cavco Industries, Inc		1,773,042
	59,897	*	CROCS, Inc		3,134,410
	50,961	*	Malibu Boats, Inc		2,590,348
	151,620	*	Nautilus, Inc		3,288,638
	182,091		Newell Brands Inc		3,215,727
	803	*	NVR, Inc		3,174,331
	90,695		Pulte Homes, Inc		3,696,728
	40,840	*	Purple Innovation, Inc		1,158,631
	59,638	*	Skyline Champion Corp		1,529,715
	123,500	*	Sonos, Inc		1,803,100
	84,723		Steven Madden Ltd		2,034,199
	32,955	*	Tempur Sealy International, Inc		2,932,995
	21,681	*	TopBuild Corp		3,321,746
	64,050	*	YETI Holdings, Inc		3,169,194
			TOTAL CONSUMER DURABLES & APPAREL		36,822,804

50

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

SHARES			COMPANY	VALUE
CONSUMER SERVICES - 3.4%
	82,314		ARAMARK Holdings Corp	$	2,283,390
	74,870		Boyd Gaming Corp		2,374,876
	39,680	*,e	Caesars Entertainment, Inc		1,778,458
	47,229		Dunkin Brands Group, Inc		4,709,204
	47,592	*	frontdoor, Inc		1,885,595
	109,840		H&R Block, Inc		1,895,838
	87,825	*	Perdoceo Education Corp		991,544
	118,790		Red Rock Resorts, Inc		2,271,265
	17,645		Strategic Education, Inc		1,465,594
	64,314	*	Terminix Global Holdings, Inc		3,028,546
	62,250		Twin River Worldwide Holdings Inc		1,510,808
	71,220	*	WW International Inc		1,507,015
			TOTAL CONSUMER SERVICES		25,702,133
DIVERSIFIED FINANCIALS - 5.4%
	84,569		Artisan Partners Asset Management, Inc		3,387,834
	145,654		Brightsphere Investment Group, Inc		2,010,025
	92,582	*	Cannae Holdings, Inc		3,423,682
	33,748		Cohen & Steers, Inc		1,900,350
	89,356		Federated Investors, Inc (Class B)		2,135,609
	77,040		Jefferies Financial Group, Inc		1,503,050
	71,113		LPL Financial Holdings, Inc		5,684,062
	16,206		Morningstar, Inc		3,085,298
	66,483		OneMain Holdings, Inc		2,319,592
	158,730		Starwood Property Trust, Inc		2,217,458
	34,621	*	StoneX Group, Inc		1,834,221
	55,000		Vanguard Small-Cap ETF		8,641,050
	94,016		Virtu Financial, Inc		2,010,062
			TOTAL DIVERSIFIED FINANCIALS		40,152,293
ENERGY - 1.8%
	52,764		Cimarex Energy Co		1,338,623
	408,174	*	Clean Energy Fuels Corp		1,012,272
	103,320		Devon Energy Corp		922,648
	100,470	*	Green Plains Inc		1,517,097
	173,610	*	Magnolia Oil & Gas Corp		753,467
	304,350		Marathon Oil Corp		1,205,226
	319,369	*	NexTier Oilfield Solutions, Inc		603,607
	381,550		Patterson-UTI Energy, Inc		976,768
	47,771	*	Renewable Energy Group, Inc		2,694,284
	71,530		Targa Resources Investments, Inc		1,148,057
	65,204		World Fuel Services Corp		1,372,544
			TOTAL ENERGY		13,544,593
FOOD & STAPLES RETAILING - 0.9%
	82,883		Andersons, Inc		1,797,732
	89,450	*,e	Rite Aid Corp		817,573
	112,030		SpartanNash Co		2,062,472
	143,094	*	United Natural Foods, Inc		2,084,880
			TOTAL FOOD & STAPLES RETAILING		6,762,657
FOOD, BEVERAGE & TOBACCO - 1.7%
	66,143		Bunge Ltd		3,752,292
	16,483	*	Freshpet, Inc		1,887,304
	139,693	*	Hostess Brands, Inc		1,765,720

51

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

SHARES			COMPANY	VALUE
	30,887		Ingredion, Inc	$	2,189,579
	52,780		Lamb Weston Holdings, Inc		3,348,891
			TOTAL FOOD, BEVERAGE & TOBACCO		12,943,786
HEALTH CARE EQUIPMENT & SERVICES - 6.5%
	61,000	*,e	Co-Diagnostics, Inc		818,010
	242,140	*	Community Health Systems, Inc		1,510,954
	6,644	*	DexCom, Inc		2,123,290
	42,140		Encompass Health Corp		2,583,603
	123,910	*	Evolent Health, Inc		1,231,665
	40,771		Hill-Rom Holdings, Inc		3,713,015
	23,655	*	Magellan Health Services, Inc		1,709,547
	28,660	*	Molina Healthcare, Inc		5,344,230
	24,097	*	Nevro Corp		3,595,513
	28,900	*	Ontrak, Inc		1,769,836
	49,198	*	Orthofix Medical Inc		1,537,929
	83,120		Owens & Minor, Inc		2,087,974
	59,687		Patterson Cos, Inc		1,484,714
	67,370	*	PPD, Inc		2,215,126
	36,181	*	Providence Service Corp		4,253,077
	161,420	*	R1 RCM, Inc		2,892,646
	91,266	*	Select Medical Holdings Corp		1,914,761
	28,460	*	Shockwave Medical Inc		1,944,387
	17,651	*	Silk Road Medical Inc		1,069,651
	21,604	*	Tandem Diabetes Care, Inc		2,354,836
	9,836	*,e	Teladoc, Inc		1,932,381
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		48,087,145
HOUSEHOLD & PERSONAL PRODUCTS - 0.9%
	107,344	*	elf Beauty, Inc		2,175,863
	20,464		Medifast, Inc		2,874,987
	24,200		Spectrum Brands Holdings, Inc		1,376,254
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		6,427,104
INSURANCE - 2.3%
	45,341		American Financial Group, Inc		3,397,855
	72,064		Assured Guaranty Ltd		1,839,794
	39,130		First American Financial Corp		1,744,807
	29,102		Kemper Corp		1,794,429
	23,126		Mercury General Corp		941,459
	35,947		Selective Insurance Group, Inc		1,871,401
	51,880		W.R. Berkley Corp		3,119,026
	2,849		White Mountains Insurance Group Ltd		2,587,832
			TOTAL INSURANCE		17,296,603
MATERIALS - 6.0%
	22,982		Avery Dennison Corp		3,180,479
	37,602		Avient Corp		1,168,294
	115,130	*	Axalta Coating Systems Ltd		2,890,914
	70,957		Boise Cascade Co		2,723,330
	72,846		CF Industries Holdings, Inc		2,011,278
	37,473		Commercial Metals Co		773,818
	47,120		Domtar Corp		1,125,226
	162,485	*	Element Solutions, Inc		1,904,324
	183,744		Graphic Packaging Holding Co		2,441,958
	19,279		Innospec, Inc		1,275,113

52

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

SHARES			COMPANY	VALUE
	77,020		Louisiana-Pacific Corp	$	2,201,232
	16,697		Materion Corp		854,719
	34,184		Reliance Steel & Aluminum Co		3,725,714
	18,756		Royal Gold, Inc		2,228,400
	23,383		Scotts Miracle-Gro Co (Class A)		3,508,619
	36,610		Sensient Technologies Corp		2,395,392
	92,887		Silgan Holdings, Inc		3,199,957
	132,494	*	Summit Materials, Inc		2,343,819
	93,411		UFP Industries, Inc		4,662,143
			TOTAL MATERIALS		44,614,729
MEDIA & ENTERTAINMENT - 1.1%
	40,924	*	EverQuote Inc		1,370,545
	138,840	*,e	iHeartMedia, Inc		1,141,265
	89,004	*	Liberty Media Group (Class C)		3,215,714
	29,390	*	Zillow Group, Inc (Class C)		2,604,542
			TOTAL MEDIA & ENTERTAINMENT		8,332,066
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 9.3%
	69,406	*	Acadia Pharmaceuticals, Inc		3,223,909
	73,450	*,e	Accelerate Diagnostics, Inc		691,899
	17,500	*	Acceleron Pharma, Inc		1,830,150
	32,108	*	Agios Pharmaceuticals, Inc		1,286,568
	243,997	*	Akebia Therapeutics, Inc		541,673
	55,722	*	Alkermes plc		905,482
	194,197	*	Amicus Therapeutics, Inc		3,462,533
	26,840	*	Arena Pharmaceuticals, Inc		2,300,725
	33,466	*	Bluebird Bio, Inc		1,730,527
	31,740	*	CareDx, Inc		1,556,847
	21,312	*	Charles River Laboratories International, Inc		4,852,742
	27,480	*	ChemoCentryx, Inc		1,319,040
	99,810	*	Exelixis, Inc		2,044,109
	78,057	*,e	Flexion Therapeutics, Inc		935,903
	147,051	*	Halozyme Therapeutics, Inc		4,117,428
	99,453	*	Horizon Therapeutics Plc		7,452,013
	38,240	*	Intellia Therapeutics, Inc		915,466
	20,235	*	Jazz Pharmaceuticals plc		2,915,863
	73,770	*	Kura Oncology, Inc		2,305,312
	59,770	*	MacroGenics, Inc		1,160,136
	47,766	*	Natera, Inc		3,212,741
	15,496	*	Neurocrine Biosciences, Inc		1,528,990
	31,718	*	Novavax, Inc		2,559,960
	27,240	*	Nurix Therapeutics, Inc		688,900
	51,194		Perrigo Co plc		2,245,881
	43,418		Phibro Animal Health Corp		713,792
	31,021	*	PRA Health Sciences, Inc		3,022,686
	72,159	*	Radius Health, Inc		967,652
	7,334	*	Reata Pharmaceuticals, Inc		855,951
	53,450	*	Retrophin, Inc		1,081,828
	24,156	*	Sarepta Therapeutics, Inc		3,283,042
	17,720	*	Schrodinger, Inc		864,382
	25,335	*	United Therapeutics Corp		3,400,717
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		69,974,847
REAL ESTATE - 7.9%
	20,884		Agree Realty Corp		1,296,270

53

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

SHARES			COMPANY	VALUE
	126,801		Alexander & Baldwin, Inc	$	1,629,393
	47,287		American Campus Communities, Inc		1,771,371
	70,270		American Homes 4 Rent		1,986,533
	53,070		Americold Realty Trust		1,922,726
	32,353		Camden Property Trust		2,984,241
	96,200		CareTrust REIT, Inc		1,645,020
	130,516		Columbia Property Trust, Inc		1,380,859
	425,530		Diversified Healthcare Trust		1,231,909
	86,618		Douglas Emmett, Inc		2,044,185
	65,093		Equity Commonwealth		1,719,757
	69,886		Equity Lifestyle Properties, Inc		4,136,552
	57,679		First Industrial Realty Trust, Inc		2,296,201
	150,110		Front Yard Residential Corp		2,009,973
	60,737		Gaming and Leisure Properties, Inc		2,207,790
	53,918		Getty Realty Corp		1,416,965
	53,352		Healthcare Realty Trust, Inc		1,483,186
	91,649		Hudson Pacific Properties		1,765,160
	101,606		Kennedy-Wilson Holdings, Inc		1,339,167
	28,956		Life Storage, Inc		3,305,327
	66,830		National Retail Properties, Inc		2,139,228
	48,773		NexPoint Residential Trust, Inc		2,161,619
	98,380		Omega Healthcare Investors, Inc		2,834,328
	189,130		Paramount Group, Inc		1,093,171
	142,740		Park Hotels & Resorts, Inc		1,417,408
	96,440		Physicians Realty Trust		1,625,978
	10,202		PS Business Parks, Inc		1,163,334
	23,538		RMR Group, Inc		627,523
	47,405		STAG Industrial, Inc		1,475,244
	141,050		VICI Properties, Inc		3,237,098
	87,152		Weingarten Realty Investors		1,382,231
			TOTAL REAL ESTATE		58,729,747
RETAILING - 5.7%
	37,420		Aaron’s Holdings Co, Inc		1,955,569
	41,101	*	Autonation, Inc		2,331,660
	83,070		Bed Bath & Beyond, Inc		1,644,786
	91,570		Camping World Holdings, Inc		2,421,111
	83,930	*	CarParts.com, Inc		1,065,072
	82,229		Core-Mark Holding Co, Inc		2,248,963
	27,480	*	Etsy, Inc		3,341,293
	257,250	*,e	GameStop Corp (Class A)		2,693,407
	34,000	*	GrubHub, Inc		2,514,640
	36,950	*	Hibbett Sports, Inc		1,397,079
	175,875	*	Magnite, Inc		1,588,151
	57,590	*	MarineMax, Inc		1,726,548
	52,987	*	National Vision Holdings, Inc		2,136,966
	58,690	*	ODP Corp		1,144,455
	15,030		Pool Corp		5,257,945
	9,810	*	RH		3,288,606
	54,675		Sonic Automotive, Inc (Class A)		1,971,581
	75,380	*	Sportsman’s Warehouse Holdings, Inc		981,448
	363,700	*	Waitr Holdings Inc		927,435
	61,272	*	Zumiez, Inc		1,715,616
			TOTAL RETAILING		42,352,331

54

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

SHARES			COMPANY	VALUE
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.4%
	191,524	*	Amkor Technology, Inc	$	2,269,559
	54,363		Brooks Automation, Inc		2,538,752
	23,105	*	Enphase Energy, Inc		2,266,370
	68,467	*	Formfactor, Inc		1,941,040
	41,435	*	Impinj, Inc		1,057,007
	95,526	*	Lattice Semiconductor Corp		3,333,857
	48,743		Marvell Technology Group Ltd		1,828,350
	168,548	*	NeoPhotonics Corp Ltd		1,147,812
	73,059		Teradyne, Inc		6,418,233
	11,116		Universal Display Corp		2,204,414
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		25,005,394
SOFTWARE & SERVICES - 11.0%
	36,903		Amdocs Ltd		2,080,591
	23,277	*	Avalara, Inc		3,469,437
	96,180	*	Avaya Holdings Corp		1,654,296
	45,268	*	Black Knight, Inc		3,981,321
	54,359		Booz Allen Hamilton Holding Co		4,267,181
	14,659	*	CACI International, Inc (Class A)		3,056,841
	95,760	*	Cloudera, Inc		930,787
	50,446		CoreLogic Inc		3,880,811
	13,204	*	DocuSign, Inc		2,670,509
	66,990	*	Domo, Inc		2,128,272
	77,333	*	Dynatrace, Inc		2,730,628
	32,015	*	Elastic NV		3,246,641
	58,951		EVERTEC, Inc		1,961,889
	37,461	*	Five9, Inc		5,683,583
	59,220		Genpact Ltd		2,035,391
	10,100	*	Globant S.A.		1,824,161
	249,684	*	Limelight Networks, Inc		881,385
	14,939		Mantech International Corp (Class A)		969,242
	144,050	*	Nuance Communications, Inc		4,596,636
	100,765	*	Nutanix, Inc		2,452,620
	22,179	*	Paylocity Holding Corp		4,114,648
	37,691		Pegasystems, Inc		4,367,633
	140,819		Perspecta, Inc		2,524,885
	67,291		Progress Software Corp		2,447,374
	45,297	*	RealPage, Inc		2,522,590
	49,813	*	SPS Commerce, Inc		4,263,495
	98,276	*	SVMK, Inc		2,056,917
	122,450		Switch, Inc		1,721,647
	34,522	*	Zendesk, Inc		3,829,871
			TOTAL SOFTWARE & SERVICES		82,351,282
TECHNOLOGY HARDWARE & EQUIPMENT - 3.1%
	292,550	*	Arlo Technologies, Inc		1,304,773
	41,365	*	Arrow Electronics, Inc		3,221,920
	85,255		Avnet, Inc		2,103,241
	16,170	*	ePlus, Inc		1,091,637
	37,070	*	Insight Enterprises, Inc		1,977,685
	70,136		Jabil Inc		2,324,307
	103,123	*	Knowles Corp		1,469,503
	78,611		National Instruments Corp		2,458,952
	80,282	*	Sanmina Corp		1,962,092

55

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

SHARES			COMPANY	VALUE
	25,321		Synnex Corp	$	3,333,256
	55,680	*	Trimble Inc		2,679,878
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		23,927,244
TELECOMMUNICATION SERVICES - 0.6%
	35,593	*	GCI Liberty, Inc		2,891,219
	137,453	*	Liberty Latin America Ltd (Class A)		1,347,040
	34,804	*	Liberty Latin America Ltd (Class C)		338,295
			TOTAL TELECOMMUNICATION SERVICES		4,576,554
TRANSPORTATION - 2.3%
	61,402		Alaska Air Group, Inc		2,326,522
	67,331	*	Echo Global Logistics, Inc		1,815,917
	28,826		Forward Air Corp		1,815,173
	87,175	*	Hub Group, Inc (Class A)		4,370,083
	32,314		Landstar System, Inc		4,029,556
	116,310		Marten Transport Ltd		1,784,777
	27,020		Werner Enterprises, Inc		1,027,300
			TOTAL TRANSPORTATION		17,169,328
UTILITIES - 2.6%
	32,134		Brookfield Renewable Corp		2,145,587
	87,194		Clearway Energy, Inc (Class A)		2,285,355
	109,386		MDU Resources Group, Inc		2,599,011
	125,716		NRG Energy, Inc		3,975,140
	31,080		ONE Gas, Inc		2,145,763
	58,645		Portland General Electric Co		2,304,748
	212,707		Vistra Energy Corp		3,694,721
			TOTAL UTILITIES		19,150,325
			TOTAL COMMON STOCKS		744,708,602
			(Cost $673,585,238)
SHORT-TERM INVESTMENTS - 0.7%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.7%
	5,308,960	c	State Street Navigator Securities Lending Government Money Market Portfolio		5,308,960
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		5,308,960
			TOTAL SHORT-TERM INVESTMENTS		5,308,960
			(Cost $5,308,960)
			TOTAL INVESTMENTS - 100.5%		750,017,562
			(Cost $678,894,198)
			OTHER ASSETS & LIABILITIES, NET - (0.5)%		(4,143,318	)
			NET ASSETS - 100.0%	$	745,874,244

	Abbreviation(s):
	ETF       Exchange Traded Fund
	REIT     Real Estate Investment Trust
*	Non-income producing
c	Investments made with cash collateral received from securities on loan.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $8,353,450.

56

TIAA-CREF FUNDS - Social Choice Equity Fund

TIAA-CREF FUNDS

SOCIAL CHOICE EQUITY FUND

SCHEDULE OF INVESTMENTS

October 31, 2020

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.3%
AUTOMOBILES & COMPONENTS - 1.5%
	55,976		Aptiv plc	$	5,401,124
	12,746		BorgWarner, Inc		445,855
	86,264	*	Tenneco, Inc		743,596
	183,253	*	Tesla, Inc		71,109,494
			TOTAL AUTOMOBILES & COMPONENTS		77,700,069
BANKS - 2.4%
	1,694		Ameris Bancorp		49,634
	26,689		Associated Banc-Corp		365,372
	47,422		Bank OZK		1,175,117
	3,518		Banner Corp		129,709
	47,884		Berkshire Hills Bancorp, Inc		623,929
	6,267		Brookline Bancorp, Inc		60,038
	8,221		Bryn Mawr Bank Corp		220,816
	1,799		Cadence BanCorp		20,185
	3,985		Camden National Corp		127,400
	471,252		Citizens Financial Group, Inc		12,841,617
	440		Columbia Banking System, Inc		12,500
	108,335		Comerica, Inc		4,930,326
	337		Commerce Bancshares, Inc		20,978
	1,572		Community Trust Bancorp, Inc		50,021
	3,270		Cullen/Frost Bankers, Inc		229,783
	46,110	*	Customers Bancorp, Inc		637,240
	8,730	*	Equity Bancshares, Inc		160,457
	12,542		Federal Agricultural Mortgage Corp (Class C)		810,088
	10,587		First Busey Corp		190,460
	44,108		First Republic Bank		5,563,783
	1,130		FNB Corp		8,543
	540		Glacier Bancorp, Inc		19,332
	52,448		Great Western Bancorp, Inc		681,300
	1,279		Hancock Whitney Corp		29,251
	47,968		Hanmi Financial Corp		431,232
	8,920		Heartland Financial USA, Inc		293,825
	3,902		Heritage Financial Corp		81,786
	19,184		HomeStreet, Inc		596,047
	13,122		HomeTrust Bancshares, Inc		209,558
	285,811		Huntington Bancshares, Inc		2,983,867
	118,883		Investors Bancorp, Inc		1,005,750
	94,874		Kearny Financial Corp		796,942
	218,676		Keycorp		2,838,414
	24,031		Live Oak Bancshares, Inc		895,876
	82,152		M&T Bank Corp		8,509,304
	17,553		MGIC Investment Corp		176,583
	15,374	*	Mr Cooper Group, Inc		324,084
	26,162		National Bank Holdings Corp		788,784
	310		NBT Bancorp, Inc		8,488

57

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE
	468,877		New York Community Bancorp, Inc	$	3,896,368
	22,664		Northfield Bancorp, Inc		230,266
	7,838		Old National Bancorp		109,575
	166,628		People’s United Financial, Inc		1,777,921
	53,702		Pinnacle Financial Partners, Inc		2,459,015
	259,889		PNC Financial Services Group, Inc		29,076,381
	682,855		Regions Financial Corp		9,081,972
	5,811		Signature Bank		469,180
	6,239		Sterling Bancorp		83,478
	12,826		Stock Yards Bancorp, Inc		490,210
	19,485	*	SVB Financial Group		5,664,290
	1,879	*	Texas Capital Bancshares, Inc		84,555
	10,055		TFS Financial Corp		157,964
	17,614	*	The Bancorp, Inc		169,094
	3,796		Trico Bancshares		109,818
	31,975	*	Tristate Capital Holdings, Inc		402,565
	513,618		Truist Financial Corp		21,633,590
	350		Trustmark Corp		8,187
	2,167		UMB Financial Corp		131,905
	650		Umpqua Holdings Corp		8,164
	3,046		United Bankshares, Inc		79,897
	17,523		Univest Financial Corp		277,915
	3,230		Webster Financial Corp		104,038
	21,910		WesBanco, Inc		532,194
	1,553		Westamerica Bancorporation		81,331
	230		Wintrust Financial Corp		11,323
	684		WSFS Financial Corp		21,676
	55,123		Zions Bancorporation		1,778,819
			TOTAL BANKS		127,830,110
CAPITAL GOODS - 5.5%
	213,347		3M Co		34,126,986
	954		Acuity Brands, Inc		85,040
	16,472	*	Aegion Corp		232,420
	40,971	*	Astronics Corp		262,214
	85,519	*	Axon Enterprise, Inc		8,457,829
	46,198		Barnes Group, Inc		1,695,467
	419	*	Beacon Roofing Supply, Inc		12,863
	145,855	*	Bloom Energy Corp		1,843,607
	17,565		Carlisle Cos, Inc		2,175,777
	186,879		Caterpillar, Inc		29,349,347
	41,474		Cubic Corp		2,451,528
	35,835		Cummins, Inc		7,879,758
	74,317		Curtiss-Wright Corp		6,269,382
	99,550		Deere & Co		22,489,340
	171,470		Eaton Corp		17,796,871
	1,365		EMCOR Group, Inc		93,079
	119,034		Fastenal Co		5,145,840
	99,730		Fortive Corp		6,143,368
	300		GATX Corp		20,484
	245		Granite Construction, Inc		4,731
	11,668	*	Herc Holdings, Inc		517,592
	143,741		Hexcel Corp		4,812,449
	1,801		IDEX Corp		306,872
	160,575		Illinois Tool Works, Inc		31,453,431
	317,614		Johnson Controls International plc		13,406,487

58

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE
	171,085		Masco Corp	$	9,170,156
	92,806	*	Mercury Systems, Inc		6,392,477
	23,535		Moog, Inc (Class A)		1,468,349
	3,829	*	MYR Group, Inc		163,690
	6,412		Owens Corning, Inc		419,794
	59,731		PACCAR, Inc		5,099,833
	47,521		Parker-Hannifin Corp		9,901,476
	85,389	*	Plug Power, Inc		1,195,446
	37,955		Rockwell Automation, Inc		8,999,890
	36,980		Roper Technologies Inc		13,732,153
	3,916		Rush Enterprises, Inc (Class A)		140,349
	9,292		Snap-On, Inc		1,463,769
	37,441	*	Teledyne Technologies, Inc		11,574,885
	69,059		Trane Technologies plc		9,167,582
	19,636	*	Trimas Corp		477,744
	30,230	*	United Rentals, Inc		5,389,707
	6,730	*	Vectrus, Inc		265,970
	13,236		W.W. Grainger, Inc		4,632,865
	1,174		Wabash National Corp		16,741
	4,192	*	WESCO International, Inc		172,878
	36,655		Woodward Inc		2,915,905
	36,530		Xylem, Inc		3,183,224
			TOTAL CAPITAL GOODS		292,977,645
COMMERCIAL & PROFESSIONAL SERVICES - 1.4%
	540		ABM Industries, Inc		18,749
	9,872		ACCO Brands Corp		52,025
	970	*	ASGN Inc		64,680
	13,974		Cintas Corp		4,395,522
	138,324	*	Copart, Inc		15,265,437
	650		Covanta Holding Corp		5,902
	11,966	*	FTI Consulting, Inc		1,178,172
	4,282		Heidrick & Struggles International, Inc		97,844
	8,866	*	Huron Consulting Group, Inc		335,667
	4,156		ICF International, Inc		271,761
	262,982		IHS Markit Ltd		21,267,354
	39,570		Kelly Services, Inc (Class A)		687,727
	5,758		Kimball International, Inc (Class B)		59,307
	590		Knoll, Inc		6,761
	69,279		Nielsen NV		935,959
	19,611		Resources Connection, Inc		210,622
	52,605		Robert Half International, Inc		2,666,548
	1,210		Steelcase, Inc (Class A)		12,632
	120,100		TransUnion		9,567,166
	2,825	*	TriNet Group, Inc		194,699
	14,026		Verisk Analytics, Inc		2,496,207
	34,600		Viad Corp		692,000
	145,676		Waste Management, Inc		15,719,897
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		76,202,638
CONSUMER DURABLES & APPAREL - 1.5%
	13,930		Callaway Golf Co		215,776
	396		Columbia Sportswear Co		29,538
	48,547		DR Horton, Inc		3,243,425
	41,286		Ethan Allen Interiors, Inc		662,640
	6,860		Garmin Ltd		713,577

59

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE
	9,306	*	Green Brick Partners, Inc	$	166,484
	258		Hasbro, Inc		21,342
	23,776	*,e	iRobot Corp		1,892,094
	39,735		Lennar Corp (Class A)		2,790,589
	27,336	*	Lululemon Athletica, Inc		8,728,111
	17,259	*	Mohawk Industries, Inc		1,780,956
	5,483		Newell Brands Inc		96,830
	392,949		Nike, Inc (Class B)		47,185,316
	2,134	*	NVR, Inc		8,435,894
	1,614		PVH Corp		94,080
	136,133	*	Sonos, Inc		1,987,542
	57,495		VF Corp		3,863,664
			TOTAL CONSUMER DURABLES & APPAREL		81,907,858
CONSUMER SERVICES - 2.7%
	26,652	*	American Public Education, Inc		753,452
	33,683	*	Bright Horizons Family Solutions		5,323,598
	27,978		Carriage Services, Inc		722,112
	8,322	*	Chipotle Mexican Grill, Inc (Class A)		9,998,717
	34,706		Darden Restaurants, Inc		3,190,175
	79,641	e	Dave & Buster’s Entertainment, Inc		1,366,640
	320		Dine Brands Global Inc.		16,464
	24,042		Domino’s Pizza, Inc		9,095,569
	6,529		Dunkin Brands Group, Inc		651,007
	36,071	*	El Pollo Loco Holdings, Inc		509,322
	12,999	*	frontdoor, Inc		515,020
	7,258		Graham Holdings Co		2,760,508
	237,102		Hilton Worldwide Holdings, Inc		20,819,927
	17,475		Marriott Vacations Worldwide Corp		1,688,085
	28,107	*	Planet Fitness, Inc		1,665,902
	48,242	*,e	Regis Corp		267,261
	214,045		Royal Caribbean Cruises Ltd		12,076,419
	79,942		Service Corp International		3,702,114
	3,259	*	Shake Shack, Inc		220,048
	73,527		Six Flags Entertainment Corp		1,589,654
	451,787		Starbucks Corp		39,287,397
	87,949	*	Terminix Global Holdings, Inc		4,141,518
	19,207		Vail Resorts, Inc		4,456,792
	74,915		Wendy’s		1,636,893
	23,431	*	WW International Inc		495,800
	164,403		Yum! Brands, Inc		15,343,732
			TOTAL CONSUMER SERVICES		142,294,126
DIVERSIFIED FINANCIALS - 5.8%
	99,673		Ally Financial, Inc		2,659,276
	314,079		American Express Co		28,656,568
	502,214		Bank of New York Mellon Corp		17,256,073
	49,759		BlackRock, Inc		29,816,090
	616,865		Charles Schwab Corp		25,359,320
	127,359		CME Group, Inc		19,195,548
	280		Cohen & Steers, Inc		15,767
	358,261		Discover Financial Services		23,290,548
	8,872		Factset Research Systems, Inc		2,719,268
	93,919		Franklin Resources, Inc		1,760,981
	9,333	*	Green Dot Corp		497,636
	350,309		Intercontinental Exchange Group, Inc		33,069,170

60

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE
	36,329		Invesco Ltd	$	476,273
	18,792		MarketAxess Holdings, Inc		10,126,069
	66,740		Moody’s Corp		17,545,946
	678,549		Morgan Stanley		32,672,134
	22,879		Nasdaq Inc		2,768,130
	14,006	*,†	NewStar Financial, Inc		3,382
	119,931		Northern Trust Corp		9,386,999
	5,668	*	PRA Group, Inc		193,449
	198,276		Redwood Trust, Inc		1,685,346
	107,469		S&P Global, Inc		34,683,470
	123,600		State Street Corp		7,280,040
	27,351		T Rowe Price Group, Inc		3,464,278
	25,591		Voya Financial, Inc		1,226,577
			TOTAL DIVERSIFIED FINANCIALS		305,808,338
ENERGY - 2.0%
	415,657		Antero Midstream Corp		2,381,715
	168,015		Apache Corp		1,394,524
	221,597		Baker Hughes Co		3,272,988
	2,812	*	ChampionX Corp		24,549
	131,742	*	Cheniere Energy, Inc		6,306,490
	429,712		Chevron Corp		29,864,984
	12,907		Cimarex Energy Co		327,451
	473,573		ConocoPhillips		13,553,659
	2,207		Delek US Holdings, Inc		22,202
	211,025		EQT Corp		3,194,918
	244,595	*	Helix Energy Solutions Group, Inc		606,596
	96,629		Hess Corp		3,596,531
	950,369		Kinder Morgan, Inc		11,309,391
	681,982		Kosmos Energy Ltd		678,095
	1,400,276		Marathon Oil Corp		5,545,093
	14,654	*	Matrix Service Co		111,370
	4,184		National Oilwell Varco, Inc		35,146
	12,097	*	Oceaneering International, Inc		49,356
	19,522		ONEOK, Inc		566,138
	213,830		Parsley Energy, Inc		2,140,438
	496,614		Schlumberger Ltd		7,419,413
	101,258	*	Select Energy Services, Inc		305,799
	744,346	*	Southwestern Energy Co		1,987,404
	201,345		Valero Energy Corp		7,773,930
	250,531		Williams Cos, Inc		4,807,690
			TOTAL ENERGY		107,275,870
FOOD & STAPLES RETAILING - 0.6%
	191,931	*	BJ’s Wholesale Club Holdings, Inc		7,349,038
	53,353		Casey’s General Stores, Inc		8,993,715
	53,344	*	Chefs’ Warehouse Holdings, Inc		721,211
	13,836	*	Performance Food Group Co		465,028
	37,095		Pricesmart, Inc		2,559,555
	59,184		SpartanNash Co		1,089,577
	201,369	*	Sprouts Farmers Market, Inc		3,836,080
	92,192	*	United Natural Foods, Inc		1,343,237
	249,841	*	US Foods Holding Corp		5,221,677
	16,307		Weis Markets, Inc		740,501
			TOTAL FOOD & STAPLES RETAILING		32,319,619

61

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE
FOOD, BEVERAGE & TOBACCO - 3.0%
	47,253	*	Beyond Meat, Inc	$	6,730,245
	75,680		Campbell Soup Co		3,531,986
	1,059,748		Coca-Cola Co		50,931,489
	52,427		Fresh Del Monte Produce, Inc		1,128,753
	366,471		General Mills, Inc		21,665,766
	3,800	*	Hain Celestial Group, Inc		116,850
	206,505		Hormel Foods Corp		10,054,728
	130,364		Kellogg Co		8,198,592
	35,028		McCormick & Co, Inc		6,322,904
	395,304		PepsiCo, Inc		52,690,070
	6,553	*	TreeHouse Foods, Inc		254,519
			TOTAL FOOD, BEVERAGE & TOBACCO		161,625,902
HEALTH CARE EQUIPMENT & SERVICES - 7.3%
	36,512	*	Abiomed, Inc		9,196,643
	42,465	*	Align Technology, Inc		18,093,487
	276,774	*	Allscripts Healthcare Solutions, Inc		2,789,882
	59,123	*	Angiodynamics, Inc		611,332
	198,633	*	Antares Pharma, Inc		542,268
	27,438	*	AtriCure, Inc		948,257
	983	*,e	Axonics Modulation Technologies, Inc		46,093
	42,429		Becton Dickinson & Co		9,806,615
	1,171	*	BioTelemetry, Inc		49,861
	142,328		Cardinal Health, Inc		6,517,199
	21,971	*	Cardiovascular Systems, Inc		783,266
	363,861	*	Centene Corp		21,504,185
	315,666		Cerner Corp		22,125,030
	238,681	*	Cerus Corp		1,253,075
	68,573		Cigna Corp		11,449,634
	19,097		Computer Programs & Systems, Inc		532,615
	34,556		Cooper Cos, Inc		11,025,092
	86,367	*	Covetrus, Inc		2,132,401
	349,817		CVS Health Corp		19,621,236
	174,825		Dentsply Sirona, Inc		8,249,992
	47,832	*	DexCom, Inc		15,286,151
	356,778	*	Edwards Lifesciences Corp		25,577,415
	141,106	*	Envista Holdings Corp		3,728,021
	116,147	*	GenMark Diagnostics, Inc		1,419,316
	12,520	*,e	Glaukos Corp		700,118
	49,224	*	Globus Medical, Inc		2,565,555
	10,134	*	Guardant Health, Inc		1,080,892
	7,898	*	Haemonetics Corp		798,409
	105,672		HCA Healthcare, Inc		13,096,988
	55,315	*,e	Health Catalyst, Inc		1,907,261
	22,037	*	Henry Schein, Inc		1,401,112
	11,725	*,e	Heska Corp		1,375,694
	24,212		Hill-Rom Holdings, Inc		2,204,987
	57,975	*	HMS Holdings Corp		1,543,294
	92,217	*	Hologic, Inc		6,346,374
	85,719		Humana, Inc		34,225,882
	49,662	*	IDEXX Laboratories, Inc		21,097,411
	7,998	*	Inogen, Inc		233,622
	18,829	*	Integer Holding Corp		1,100,555
	37,957	*	Laboratory Corp of America Holdings		7,582,670
	25,670		LeMaitre Vascular, Inc		833,762

62

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE
	7,921	*	LivaNova plc	$	398,743
	44,176	*	Livongo Health, Inc		5,638,374
	1,635	*	Magellan Health Services, Inc		118,161
	71,174	*	Meridian Bioscience, Inc		1,220,634
	90,554	*	Merit Medical Systems, Inc		4,532,228
	94,024	*	NextGen Healthcare, Inc		1,278,726
	36,544	*	Omnicell, Inc		3,162,883
	98,521	*	OraSure Technologies, Inc		1,471,904
	30,909	*	Orthofix Medical Inc		966,215
	32,142		Owens & Minor, Inc		807,407
	13,076	*	Penumbra, Inc		3,413,228
	1,887		Premier, Inc		61,761
	2,365	*	Providence Service Corp		278,006
	22,904		Quest Diagnostics, Inc		2,797,495
	64,485	*	Quidel Corp		17,300,681
	68,280		Resmed, Inc		13,105,663
	41,276	*	Staar Surgical Co		2,992,510
	27,192		STERIS plc		4,818,150
	27,194	*	Tactile Systems Technology, Inc		994,757
	22,729	*	Tandem Diabetes Care, Inc		2,477,461
	59,891	*,e	Teladoc, Inc		11,766,186
	4,038	*	Triple-S Management Corp (Class B)		74,784
	31,883	*	Varian Medical Systems, Inc		5,509,382
	52,629	*	Vocera Communications, Inc		1,725,179
	37,317		West Pharmaceutical Services, Inc		10,152,836
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		388,447,006
HOUSEHOLD & PERSONAL PRODUCTS - 2.6%
	71,778		Clorox Co		14,875,991
	260,833		Colgate-Palmolive Co		20,577,115
	67,985		Estee Lauder Cos (Class A)		14,933,585
	54,856		Kimberly-Clark Corp		7,273,357
	579,363		Procter & Gamble Co		79,430,667
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		137,090,715
INSURANCE - 2.7%
	275,241		Aflac, Inc		9,344,432
	96,775		Allstate Corp		8,588,781
	63,527		Aon plc		11,689,603
	198,853		Chubb Ltd		25,832,993
	1,444	*	eHealth, Inc		96,907
	178,033		Loews Corp		6,174,185
	237,157		Marsh & McLennan Cos, Inc		24,536,263
	245,742		Progressive Corp		22,583,690
	268,139		Prudential Financial, Inc		17,166,259
	128,444		Travelers Cos, Inc		15,504,475
	366		White Mountains Insurance Group Ltd		332,449
	12,115		Willis Towers Watson plc		2,210,745
			TOTAL INSURANCE		144,060,782
MATERIALS - 3.0%
	10,332		Aptargroup, Inc		1,178,778
	203,433		Ball Corp		18,105,537
	78,491	*	Century Aluminum Co		516,471
	1,709		Compass Minerals International, Inc		103,189
	441,519		DuPont de Nemours, Inc		25,113,601

63

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE
	140,693		Ecolab, Inc	$	25,829,828
	945		H.B. Fuller Co		42,761
	13,047	e	International Flavors & Fragrances, Inc		1,339,405
	200,605		Linde plc		44,201,306
	121,472		Mosaic Co		2,247,232
	417,007		Newmont Goldcorp Corp		26,204,720
	127,761		Nucor Corp		6,101,865
	19,087		PPG Industries, Inc		2,475,966
	2,337		Reliance Steel & Aluminum Co		254,710
	4,126		Schnitzer Steel Industries, Inc (Class A)		86,646
	145,000	*	Summit Materials, Inc		2,565,050
	21,681		Trinseo S.A.		689,889
	26,495	*	US Concrete, Inc		899,770
			TOTAL MATERIALS		157,956,724
MEDIA & ENTERTAINMENT - 8.2%
	446,292		Activision Blizzard, Inc		33,797,693
	57,556	*	Alphabet, Inc (Class A)		93,016,827
	56,910	*	Alphabet, Inc (Class C)		92,251,679
	2,390		Cable One, Inc		4,139,145
	3,219	*,e	Cardlytics, Inc		237,627
	183,270	e	Cinemark Holdings, Inc		1,500,981
	1,339,952		Comcast Corp (Class A)		56,599,572
	269,201	*,e	Discovery, Inc (Class A)		5,448,628
	380,411	*	Discovery, Inc (Class C)		6,969,129
	155,882	*	Electronic Arts, Inc		18,679,340
	66,194	*	Gray Television, Inc		839,340
	103,389	*,e	iHeartMedia, Inc		849,858
	84,829	*	Imax Corp		978,078
	48,734		John Wiley & Sons, Inc (Class A)		1,508,805
	170,308	*	Liberty Broadband Corp (Class C)		24,134,347
	32,610	*	Live Nation, Inc		1,591,368
	21,183		Loral Space & Communications, Inc		368,796
	17,298	*	Madison Square Garden Co		2,450,089
	58,591		New York Times Co (Class A)		2,323,719
	200,000		Nuveen ESG Large-Cap ETF		6,190,540
	294,588		Omnicom Group, Inc		13,904,554
	444,612	*	Pinterest, Inc		26,209,877
	38,431		Scholastic Corp		759,397
	91,589	e	Sinclair Broadcast Group, Inc (Class A)		1,701,724
	1,457,705		Sirius XM Holdings, Inc		8,352,650
	77,379	*	Take-Two Interactive Software, Inc		11,987,555
	8,077		TEGNA, Inc		97,166
	179,898		TripAdvisor, Inc		3,437,851
	39,121		World Wrestling Entertainment, Inc (Class A)		1,422,440
	1,539,472	*	Zynga, Inc		13,839,853
			TOTAL MEDIA & ENTERTAINMENT		435,588,628
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.0%
	387,840		AbbVie, Inc		33,005,184
	54,132	*	Acadia Pharmaceuticals, Inc		2,514,431
	40,357	*,e	Accelerate Diagnostics, Inc		380,163
	72,985	*	Aerie Pharmaceuticals, Inc		774,371
	150,551		Agilent Technologies, Inc		15,369,752
	46,854	*	Agios Pharmaceuticals, Inc		1,877,440
	180,747		Amgen, Inc		39,211,254

64

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE
	41,565	*	AnaptysBio, Inc	$	1,224,505
	39,118	*	Assembly Biosciences, Inc		576,599
	68,699	*	Atara Biotherapeutics, Inc		886,904
	7,618	*	Avrobio, Inc		108,785
	2,503	*	Axsome Therapeutics, Inc		165,974
	253,324	*	BioCryst Pharmaceuticals, Inc		967,698
	59,313	*	Biogen, Inc		14,951,028
	47,040	*	BioMarin Pharmaceutical, Inc		3,501,187
	112,290	*	Bluebird Bio, Inc		5,806,516
	694,911		Bristol-Myers Squibb Co		40,617,548
	54,314	*	Collegium Pharmaceutical, Inc		968,419
	263,904		Eli Lilly & Co		34,428,916
	4,990	*,e	Esperion Thereapeutics, Inc		149,550
	34,362	*,e	Flexion Therapeutics, Inc		412,000
	369,794		Gilead Sciences, Inc		21,503,521
	32,627	*	Halozyme Therapeutics, Inc		913,556
	39,923	*	Horizon Therapeutics Plc		2,991,430
	7,161	*	Illumina, Inc		2,096,025
	32,728	*	Insmed, Inc		1,078,060
	18,561	*	Intersect ENT, Inc		287,695
	91,116	*	Intra-Cellular Therapies, Inc		2,247,832
	56,297	*	IQVIA Holdings, Inc		8,669,175
	27,862	*	Jazz Pharmaceuticals plc		4,014,914
	67,163	*	Karyopharm Therapeutics, Inc		995,356
	81,017	*	MacroGenics, Inc		1,572,540
	688,678		Merck & Co, Inc		51,795,472
	5,838	*	Mettler-Toledo International, Inc		5,825,799
	2,895	*	Mirati Therapeutics, Inc		628,620
	1,816	*	MyoKardia, Inc		405,930
	655,409	*,e	Opko Health, Inc		2,307,040
	42,303		Perrigo Co plc		1,855,833
	66,120	*	Prothena Corp plc		721,369
	14,849	*	Repligen Corp		2,473,398
	74,418	*	Revance Therapeutics, Inc		1,925,938
	5,837	*	Sage Therapeutics, Inc		428,319
	87,463	*	Sangamo Therapeutics Inc		904,367
	382,901	*,e	TherapeuticsMD, Inc		467,139
	83,209		Thermo Fisher Scientific, Inc		39,367,842
	5,640	*	Tricida, Inc		31,753
	28,275	*	Ultragenyx Pharmaceutical, Inc		2,841,638
	138,897	*	Vertex Pharmaceuticals, Inc		28,940,579
	18,425	*	Waters Corp		4,105,459
	47,090	*,e	ZIOPHARM Oncology, Inc		98,418
	230,091		Zoetis, Inc		36,480,928
	14,602	*	Zogenix, Inc		311,315
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		426,185,484
REAL ESTATE - 3.3%
	48,860		Alexandria Real Estate Equities, Inc		7,403,267
	159,263		American Tower Corp		36,574,748
	5,584		Americold Realty Trust		202,308
	72,632		Boston Properties, Inc		5,259,283
	27,618		CatchMark Timber Trust, Inc		240,000
	79,390	*	CBRE Group, Inc		4,001,256
	7,957		Coresite Realty		949,747
	23,373		Cousins Properties, Inc		595,544

65

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE
	31,197		CyrusOne, Inc	$	2,216,547
	236,461		DiamondRock Hospitality Co		1,168,117
	8,358		Douglas Emmett, Inc		197,249
	19,598		Easterly Government Properties, Inc		409,598
	36,148		Equinix, Inc		26,432,864
	33,420		First Industrial Realty Trust, Inc		1,330,450
	52,368		Franklin Street Properties Corp		219,946
	204,267		Healthpeak Properties Inc		5,509,081
	154,979		Host Hotels and Resorts, Inc		1,624,180
	32,022	*	Howard Hughes Corp		1,991,448
	24,076		Hudson Pacific Properties		463,704
	5,945		Jones Lang LaSalle, Inc		670,953
	4,739		Kilroy Realty Corp		223,112
	88,542		Kimco Realty Corp		908,441
	243,312		Macerich Co		1,693,452
	4,166		Paramount Group, Inc		24,079
	412,858		Park Hotels & Resorts, Inc		4,099,680
	540		Piedmont Office Realty Trust, Inc		6,167
	349,941		Prologis, Inc		34,714,147
	4,690		QTS Realty Trust, Inc		288,482
	24,711	*	Realogy Holdings Corp		275,775
	15,022		Regency Centers Corp		534,633
	2,009		RMR Group, Inc		53,560
	50,222		SBA Communications Corp		14,582,962
	30,349		UDR, Inc		948,103
	37,767		Ventas, Inc		1,490,663
	297		Washington REIT		5,192
	177,561		Welltower, Inc		9,547,455
	238,457		Weyerhaeuser Co		6,507,492
			TOTAL REAL ESTATE		173,363,685
RETAILING - 5.9%
	42,656	*	1-800-FLOWERS.COM, Inc (Class A)		845,868
	2,432		Aaron’s Holdings Co, Inc		127,096
	24,346		Advance Auto Parts, Inc		3,585,679
	22,629	*	Booking Holdings, Inc		36,715,553
	250		Buckle, Inc		5,990
	1,601	*	CarMax, Inc		138,390
	637,779		eBay, Inc		30,377,414
	202,304	*	Etsy, Inc		24,598,143
	240,309		Expedia Group, Inc		22,625,092
	6,360	*	Five Below, Inc		848,042
	112,613	*,e	GameStop Corp (Class A)		1,179,058
	20,838		Gap, Inc		405,299
	24,775	*	Genesco, Inc		439,013
	41,091	*	Groupon, Inc		796,754
	29,239	*	Hibbett Sports, Inc		1,105,527
	250,264		Home Depot, Inc		66,747,911
	17,745	*	Lands’ End, Inc		284,807
	77,025	*	LKQ Corp		2,464,030
	212,649		Lowe’s Companies, Inc		33,619,807
	424,516	e	Macy’s, Inc		2,636,244
	35,671	*	MarineMax, Inc		1,069,417
	397		Pool Corp		138,883
	147,288	*	Quotient Technology, Inc		1,310,863
	106,917	*	RealReal, Inc		1,346,085

66

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE
	41,198		Ross Stores, Inc	$	3,508,834
	5,448	*	Sally Beauty Holdings, Inc		45,600
	16,066	e	Shoe Carnival, Inc		497,725
	201,938		Target Corp		30,739,002
	25,364		Tiffany & Co		3,318,626
	289,907		TJX Companies, Inc		14,727,276
	15,754		Tractor Supply Co		2,098,590
	17,401	*	Ulta Beauty, Inc		3,598,005
	85,898	*,e	Wayfair, Inc		21,305,281
	2,448		Williams-Sonoma, Inc		223,282
	860		Winmark Corp		145,693
	18,394	*	Zumiez, Inc		515,032
			TOTAL RETAILING		314,133,911
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.2%
	331,966		Applied Materials, Inc		19,662,346
	22,180	*	Cirrus Logic, Inc		1,527,537
	10,643	*	Cree, Inc		676,895
	71,279	*	First Solar, Inc		6,204,481
	1,278,139		Intel Corp		56,595,995
	56,941		Lam Research Corp		19,478,377
	7,702		NVE Corp		355,293
	145,688		NVIDIA Corp		73,042,136
	18,585	*	Silicon Laboratories, Inc		1,904,219
	327,202		Texas Instruments, Inc		47,310,137
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		226,757,416
SOFTWARE & SERVICES - 13.4%
	223,819		Accenture plc		48,548,579
	134,501	*	Adobe, Inc		60,135,397
	21,767	*	Aspen Technology, Inc		2,390,234
	138,659	*	Autodesk, Inc		32,659,741
	164,729	*	Avaya Holdings Corp		2,833,339
	50,952	*	Benefitfocus, Inc		523,277
	2,737	*	Bill.Com Holdings, Inc		273,700
	12,432		Blackbaud, Inc		613,395
	86,552	*	Blackline, Inc		8,454,399
	133,543	*	Cadence Design Systems, Inc		14,605,598
	48,039	*	Ceridian HCM Holding, Inc		4,141,923
	13,209	*	ChannelAdvisor Corp		213,986
	296,557	*	Conduent, Inc		1,033,501
	55,469		CSG Systems International, Inc		2,101,166
	437,308		DXC Technology Co		8,055,213
	38,717	*	Elastic NV		3,926,291
	57,024	*	ExlService Holdings, Inc		4,318,998
	107,101	*	Five9, Inc		16,249,364
	21,910	*	HubSpot, Inc		6,355,434
	383,558		International Business Machines Corp		42,828,086
	113,870		Intuit, Inc		35,832,612
	216,899	*	Limelight Networks, Inc		765,653
	17,107	*	Liveperson, Inc		914,540
	1,339,870	d	Microsoft Corp		271,283,479
	87,517	*	New Relic, Inc		5,308,781
	123,295	*	Nutanix, Inc		3,001,000
	5,290	*	OneSpan, Inc		116,010
	27,817	*	Paylocity Holding Corp		5,160,610

67

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE
	54,901	*	Perficient, Inc	$	2,149,923
	21,141	*	Qualys, Inc		1,857,237
	28,640	*	Rapid7, Inc		1,773,675
	475,652		Sabre Corp		3,101,251
	250,309	*	salesforce.com, Inc		58,139,271
	100,455		Science Applications International Corp		7,671,748
	34,748	*	Smartsheet, Inc		1,732,188
	61,226	*	SPS Commerce, Inc		5,240,333
	110,299	*	SVMK, Inc		2,308,558
	67,259	*	Sykes Enterprises, Inc		2,302,948
	192,600	*	Teradata Corp		3,538,062
	29,975		TTEC Holdings, Inc		1,642,031
	47,472	*	Virtusa Corp		2,387,842
	134,149	*,e	VMware, Inc (Class A)		17,269,001
	74,003	*	WEX, Inc		9,365,080
	9,332	*	Workiva, Inc		516,153
	137,970	*	Zendesk, Inc		15,306,392
			TOTAL SOFTWARE & SERVICES		718,945,999
TECHNOLOGY HARDWARE & EQUIPMENT - 7.4%
	2,839,098		Apple, Inc		309,064,208
	1,070		Belden CDT, Inc		33,042
	3,739		Benchmark Electronics, Inc		77,883
	131,980	*	Ciena Corp		5,198,692
	1,189,490		Cisco Systems, Inc		42,702,691
	2,876		Cognex Corp		189,528
	34,326		CTS Corp		948,771
	64,924		Dolby Laboratories, Inc (Class A)		4,874,494
	1,447	*	Fabrinet		86,849
	1,520,006		Hewlett Packard Enterprise Co		13,132,852
	171,708		HP, Inc		3,083,876
	11,733	*	Insight Enterprises, Inc		625,956
	182		InterDigital, Inc		10,188
	3,493	*	Itron, Inc		237,349
	50,404	*	Keysight Technologies, Inc		5,285,868
	17,293	*	Kimball Electronics, Inc		209,591
	14,814	*	Lumentum Holdings, Inc		1,224,970
	6,814		Methode Electronics, Inc		209,667
	3,344	*	Novanta, Inc		363,560
	500	*	OSI Systems, Inc		38,580
	55,453	*	Ribbon Communications, Inc		239,002
	11,038	*	Rogers Corp		1,338,026
	27,122		Synnex Corp		3,570,340
	38,152	*	Trimble Inc		1,836,256
	46,715	*	TTM Technologies, Inc		554,507
	73,134		Vishay Intertechnology, Inc		1,186,233
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		396,322,979
TELECOMMUNICATION SERVICES - 1.3%
	72,710	*	Boingo Wireless, Inc		679,111
	167,393	*	Iridium Communications, Inc		4,420,849
	1,109,212		Verizon Communications, Inc		63,213,992
			TOTAL TELECOMMUNICATION SERVICES		68,313,952

68

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE
TRANSPORTATION - 2.5%
	43,563		ArcBest Corp	$	1,329,543
	26,629	*	Avis Budget Group, Inc		896,599
	55,101		CH Robinson Worldwide, Inc		4,872,581
	382,556		CSX Corp		30,198,971
	775,300		Delta Air Lines, Inc		23,755,192
	45,853	*	Echo Global Logistics, Inc		1,236,655
	8		Expeditors International of Washington, Inc		707
	5,175		Kansas City Southern		911,525
	180		Landstar System, Inc		22,446
	113,436		Norfolk Southern Corp		23,721,736
	1,373		Old Dominion Freight Line		261,378
	9		Ryder System, Inc		443
	271,656		United Parcel Service, Inc (Class B)		42,679,874
			TOTAL TRANSPORTATION		129,887,650
UTILITIES - 3.1%
	276,600		American Electric Power Co, Inc		24,874,638
	31,187		American Water Works Co, Inc		4,693,955
	126,378		Centerpoint Energy, Inc		2,670,367
	10,650		CMS Energy Corp		674,464
	187,145		Consolidated Edison, Inc		14,689,011
	187,480		Dominion Energy, Inc		15,062,143
	19,802		DTE Energy Co		2,443,963
	134,706		Eversource Energy		11,755,793
	290		Ormat Technologies, Inc		20,552
	206,735		Public Service Enterprise Group, Inc		12,021,640
	163,123		Sempra Energy		20,449,099
	6,282		South Jersey Industries, Inc		121,054
	499,130		Southern Co		28,675,019
	30,558		UGI Corp		988,246
	112,385		WEC Energy Group, Inc		11,300,312
	180,121		Xcel Energy, Inc		12,613,874
			TOTAL UTILITIES		163,054,130
			TOTAL COMMON STOCKS		5,286,051,236
			(Cost $3,752,922,231)
RIGHTS / WARRANTS - 0.0%
MEDIA & ENTERTAINMENT - 0.0%
	21,053	†	Media General, Inc		0
			TOTAL MEDIA & ENTERTAINMENT		0
			TOTAL RIGHTS / WARRANTS		0
			(Cost $0)

69

TIAA-CREF FUNDS - Social Choice Equity Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
SHORT-TERM INVESTMENTS - 2.2%
REPURCHASE AGREEMENT - 0.3%
$	14,000,000	r	Fixed Income Clearing Corp (FICC)		0.070	%	11/02/20	$	14,000,000
			TOTAL REPURCHASE AGREEMENT						14,000,000
TREASURY DEBT - 1.2%
	15,920,000		United States Treasury Bill		0.079-0.081		11/05/20		15,919,905
	22,650,000		United States Treasury Bill		0.083		11/17/20		22,649,245
	12,100,000		United States Treasury Bill		0.080		12/03/20		12,099,088
	15,600,000		United States Treasury Bill		0.092		02/02/21		15,597,010
			TOTAL TREASURY DEBT						66,265,248
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.7%
	36,453,499	c	State Street Navigator Securities Lending Government Money Market Portfolio						36,453,499
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						36,453,499
			TOTAL SHORT-TERM INVESTMENTS						116,718,747
			(Cost $116,717,950)
			TOTAL INVESTMENTS - 101.5%						5,402,769,983
			(Cost $3,869,640,181)
			OTHER ASSETS & LIABILITIES, NET - (1.5)%						(78,626,025	)
			NET ASSETS - 100.0%					$	5,324,143,958
			Abbreviation(s):
			ETF       Exchange Traded Fund
			REIT     Real Estate Investment Trust
		*	Non-income producing
		†	Security is categorized as Level 3 in the fair value hierarchy.
		c	Investments made with cash collateral received from securities on loan.
		d	All or a portion of these securities have been segregated to cover margin requirements on open future contracts.
		e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $50,154,476.
		r	Agreement with Fixed Income Clearing Corporation, 0.070% dated 10/31/20 to be repurchased at $14,000,000 on 11/2/20, collateralized by U.S. Treasury Notes valued at $14,280,099.

Futures contracts outstanding as of October 31, 2020 were as follows:

Description	Number of long (short) contracts	Expiration date	Notional amount		Value		Unrealized appreciation (depreciation)
S&P 500 E Mini Index	182	12/18/20	$	31,105,696	$	29,708,770	$	(1,396,926	)

70

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

TIAA-CREF FUNDS

SOCIAL CHOICE LOW CARBON EQUITY FUND

SCHEDULE OF INVESTMENTS

October 31, 2020

SHARES			COMPANY	VALUE
COMMON STOCKS - 97.1%
AUTOMOBILES & COMPONENTS - 1.3%
	3,153	*	Tenneco, Inc	$	27,179
	14,991	*	Tesla, Inc		5,817,108
			TOTAL AUTOMOBILES & COMPONENTS		5,844,287
BANKS - 2.7%
	1,105		Amalgamated Bank		12,265
	5,989		Berkshire Hills Bancorp, Inc		78,037
	3,941		Brookline Bancorp, Inc		37,755
	1,000		Bryn Mawr Bank Corp		26,860
	339		Camden National Corp		10,838
	49,591		Citizens Financial Group, Inc		1,351,355
	3,253		Comerica, Inc		148,044
	497	*	Customers Bancorp, Inc		6,869
	944	*	Equity Bancshares, Inc		17,351
	129		Federal Agricultural Mortgage Corp (Class C)		8,332
	119		First Commonwealth Financial Corp		1,026
	5,530		First Republic Bank		697,554
	2,367		Great Western Bancorp, Inc		30,747
	2,418		Hanmi Financial Corp		21,738
	414		HomeStreet, Inc		12,863
	1,285		HomeTrust Bancshares, Inc		20,521
	16,834		Huntington Bancshares, Inc		175,747
	11,424		Investors Bancorp, Inc		96,647
	3,981		Kearny Financial Corp		33,440
	1,103		Keycorp		14,317
	262		Live Oak Bancshares, Inc		9,767
	9,075		M&T Bank Corp		939,988
	940		MGIC Investment Corp		9,456
	1,482		National Bank Holdings Corp		44,682
	22,902		New York Community Bancorp, Inc		190,316
	2,194		Northfield Bancorp, Inc		22,291
	25,326		PNC Financial Services Group, Inc		2,833,473
	1,527		Premier Financial Corp		27,471
	65,064		Regions Financial Corp		865,351
	2,387	*	SVB Financial Group		693,901
	6,131	*	Texas Capital Bancshares, Inc		275,895
	3,574	*	Tristate Capital Holdings, Inc		44,997
	70,300		Truist Financial Corp		2,961,036
	1,445		Univest Financial Corp		22,918
	3,256		WesBanco, Inc		79,088
	2,417		Zions Bancorporation		77,997
			TOTAL BANKS		11,900,933
CAPITAL GOODS - 5.7%
	20,271		3M Co		3,242,549
	1,858	*	Astronics Corp		11,891

71

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE
	8,198	*	Axon Enterprise, Inc	$	810,782
	12,761	*	Bloom Energy Corp		161,299
	430		Carlisle Cos, Inc		53,264
	20,901		Caterpillar, Inc		3,282,502
	5,059		Curtiss-Wright Corp		426,777
	10,970		Deere & Co		2,478,233
	25,610		Eaton Corp		2,658,062
	271		EMCOR Group, Inc		18,480
	28,654		Fastenal Co		1,238,712
	18,048		Fortive Corp		1,111,757
	2,190		Granite Construction, Inc		42,289
	10,161		Hexcel Corp		340,190
	9,391		Illinois Tool Works, Inc		1,839,509
	32,510		Johnson Controls International plc		1,372,247
	6,656	*	Mercury Systems, Inc		458,465
	1,616		Moog, Inc (Class A)		100,822
	3,920		Owens Corning, Inc		256,642
	3,982		Parker-Hannifin Corp		829,690
	23,795	*	Plug Power, Inc		333,130
	5,962		Quanta Services, Inc		372,208
	1,675		Raven Industries, Inc		36,716
	1,214		Rockwell Automation, Inc		287,864
	2,252		Roper Technologies Inc		836,258
	1,574		Stanley Black & Decker, Inc		261,599
	4,420	*	Teledyne Technologies, Inc		1,366,443
	2,387		Trane Technologies plc		316,874
	1,593	*	United Rentals, Inc		284,016
	1,388	*	Vectrus, Inc		54,854
	537		W.W. Grainger, Inc		187,961
	143	*	WESCO International, Inc		5,897
	3,439		Woodward Inc		273,572
	1,778		Xylem, Inc		154,935
			TOTAL CAPITAL GOODS		25,506,489
COMMERCIAL & PROFESSIONAL SERVICES - 1.4%
	4,143		Cintas Corp		1,303,181
	21,614	*	Copart, Inc		2,385,321
	1,243		Heidrick & Struggles International, Inc		28,403
	278		ICF International, Inc		18,178
	15,579		IHS Markit Ltd		1,259,874
	162		Insperity, Inc		12,406
	1,664		Kelly Services, Inc (Class A)		28,920
	7		Kforce, Inc		243
	876		Kimball International, Inc (Class B)		9,023
	28,155		Nielsen NV		380,374
	728		Resources Connection, Inc		7,819
	418	*	SP Plus Corp		7,704
	5,558		TransUnion		442,750
	1,943	*	TrueBlue, Inc		30,155
	393		Verisk Analytics, Inc		69,942
	2,446		Viad Corp		48,920
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		6,033,213
CONSUMER DURABLES & APPAREL - 1.7%
	702		Garmin Ltd		73,022
	5		Hasbro, Inc		413

72

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE
	1,724	*,e	iRobot Corp	$	137,196
	4,908		Lennar Corp (Class A)		344,689
	6,784	*	Lululemon Athletica, Inc		2,166,063
	33,184		Nike, Inc (Class B)		3,984,735
	118	*	NVR, Inc		466,465
	9,623	*	Sonos, Inc		140,496
	4,203		VF Corp		282,441
			TOTAL CONSUMER DURABLES & APPAREL		7,595,520
CONSUMER SERVICES - 2.8%
	3,091	*	Bright Horizons Family Solutions		488,533
	1,115		Carriage Services, Inc		28,778
	91	*	Chipotle Mexican Grill, Inc (Class A)		109,335
	7,646		Darden Restaurants, Inc		702,820
	5,630		Dave & Buster’s Entertainment, Inc		96,611
	2,879		Domino’s Pizza, Inc		1,089,183
	1,397	*	El Pollo Loco Holdings, Inc		19,726
	128	*	frontdoor, Inc		5,071
	212		Graham Holdings Co		80,632
	25,553		Hilton Worldwide Holdings, Inc		2,243,809
	1,841	*	Regis Corp		10,199
	25,425		Royal Caribbean Cruises Ltd		1,434,478
	1,399		Service Corp International		64,788
	4,968		Six Flags Entertainment Corp		107,408
	40,399		Starbucks Corp		3,513,097
	8,519	*	Terminix Global Holdings, Inc		401,160
	2,511		Vail Resorts, Inc		582,652
	191	*	WW International Inc		4,042
	14,850		Yum! Brands, Inc		1,385,951
			TOTAL CONSUMER SERVICES		12,368,273
DIVERSIFIED FINANCIALS - 5.7%
	6,499		Ally Financial, Inc		173,393
	28,416		American Express Co		2,592,676
	37,168		Bank of New York Mellon Corp		1,277,092
	5,448		BlackRock, Inc		3,264,496
	72,228		Charles Schwab Corp		2,969,293
	15,237		CME Group, Inc		2,296,521
	21,600		Discover Financial Services		1,404,216
	29,245		Intercontinental Exchange Group, Inc		2,760,728
	5,572		Moody’s Corp		1,464,879
	57,258		Morgan Stanley		2,756,973
	544	*,†	NewStar Financial, Inc		131
	1,455		Northern Trust Corp		113,883
	14,414		Redwood Trust, Inc		122,519
	9,213		S&P Global, Inc		2,973,311
	11,874		State Street Corp		699,379
	1,591		T Rowe Price Group, Inc		201,516
			TOTAL DIVERSIFIED FINANCIALS		25,071,006
ENERGY - 1.5%
	18,670		Archrock, Inc		110,713
	95,032		Baker Hughes Co		1,403,623
	6,375		Cactus, Inc		108,375
	26,733	*	ChampionX Corp		233,379
	32,956	*	Cheniere Energy, Inc		1,577,604

73

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE
	16,479	*	Clean Energy Fuels Corp	$	40,868
	8,569		Delek US Holdings, Inc		86,204
	2,093		DMC Global, Inc		74,448
	5,027	*	Dril-Quip, Inc		130,199
	18,779	*	Frank’s International NV		32,863
	16,682	*	Helix Energy Solutions Group, Inc		41,371
	8,001		Liberty Oilfield Services, Inc		53,447
	1,677	*	Matrix Service Co		12,745
	56,156		National Oilwell Varco, Inc		471,710
	11,825	*	Oceaneering International, Inc		48,246
	63,512		ONEOK, Inc		1,841,848
	5,324	*	Renewable Energy Group, Inc		300,274
	4,726	*	Select Energy Services, Inc		14,273
	8,372		World Fuel Services Corp		176,231
			TOTAL ENERGY		6,758,421
FOOD & STAPLES RETAILING - 0.4%
	17,173	*	BJ’s Wholesale Club Holdings, Inc		657,554
	4,345	*	Chefs’ Warehouse Holdings, Inc		58,744
	6,406	*	Performance Food Group Co		215,306
	2,228		SpartanNash Co		41,017
	11,765	*	Sprouts Farmers Market, Inc		224,123
	6,704	*	United Natural Foods, Inc		97,677
	24,573	*	US Foods Holding Corp		513,576
	589		Weis Markets, Inc		26,747
			TOTAL FOOD & STAPLES RETAILING		1,834,744
FOOD, BEVERAGE & TOBACCO - 3.4%
	6,700	*	Beyond Meat, Inc		954,281
	94,986		Coca-Cola Co		4,565,027
	1,258	*	Darling Ingredients, Inc		54,094
	1,236		Fresh Del Monte Produce, Inc		26,611
	38,218		General Mills, Inc		2,259,448
	87	*	Hain Celestial Group, Inc		2,675
	24,050		Hormel Foods Corp		1,170,995
	6,455		Kellogg Co		405,955
	4,824		McCormick & Co, Inc		870,780
	34,132		PepsiCo, Inc		4,549,455
			TOTAL FOOD, BEVERAGE & TOBACCO		14,859,321
HEALTH CARE EQUIPMENT & SERVICES - 7.3%
	2,773	*	Abiomed, Inc		698,463
	126	*	Acadia Healthcare Co, Inc		4,492
	5,929	*	Align Technology, Inc		2,526,228
	8,131	*	Allscripts Healthcare Solutions, Inc		81,960
	43	*	AMN Healthcare Services, Inc		2,807
	2,779	*	Angiodynamics, Inc		28,735
	9,859	*	Antares Pharma, Inc		26,915
	6,719		Becton Dickinson & Co		1,552,962
	22,631	*	Brookdale Senior Living, Inc		66,535
	19,012	*	Centene Corp		1,123,609
	22,079		Cerner Corp		1,547,517
	10,266	*	Cerus Corp		53,896
	17,699		Cigna Corp		2,955,202
	711		Computer Programs & Systems, Inc		19,830
	2,215		Cooper Cos, Inc		706,696

74

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE
	51,140		CVS Health Corp	$	2,868,443
	15,250		Dentsply Sirona, Inc		719,647
	5,412	*	DexCom, Inc		1,729,567
	31,182	*	Edwards Lifesciences Corp		2,235,438
	295		Encompass Health Corp		18,086
	9,467	*	Envista Holdings Corp		250,118
	8,210	*	GenMark Diagnostics, Inc		100,326
	517	*	Guardant Health, Inc		55,143
	4,734		HCA Healthcare, Inc		586,732
	3,910	*	Health Catalyst, Inc		134,817
	1,150		Hill-Rom Holdings, Inc		104,731
	6,341	*	Hologic, Inc		436,388
	6,640		Humana, Inc		2,651,219
	6,189	*	IDEXX Laboratories, Inc		2,629,211
	90	*	Integer Holding Corp		5,261
	62	*	LivaNova plc		3,121
	2,340	*	NextGen Healthcare, Inc		31,824
	5,147	*	Omnicell, Inc		445,473
	4,963	*	OraSure Technologies, Inc		74,147
	1,385	*	Orthofix Medical Inc		43,295
	69	*	Penumbra, Inc		18,011
	4,943	*	Quidel Corp		1,326,157
	7,333	*	Quotient Ltd		34,612
	586	*	RadNet, Inc		8,503
	6,489		Resmed, Inc		1,245,499
	2,949	*	Staar Surgical Co		213,803
	368	*	Tactile Systems Technology, Inc		13,461
	1,379	*	Tandem Diabetes Care, Inc		150,311
	5,010	*,e	Teladoc, Inc		984,265
	272	*,e	Tivity Health, Inc		3,740
	577	*	Triple-S Management Corp (Class B)		10,686
	2,785	*	Varian Medical Systems, Inc		481,248
	3,852	*	Vocera Communications, Inc		126,269
	3,424		West Pharmaceutical Services, Inc		931,568
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		32,066,967
HOUSEHOLD & PERSONAL PRODUCTS - 2.7%
	869		Clorox Co		180,100
	26,913		Colgate-Palmolive Co		2,123,167
	12,631		Estee Lauder Cos (Class A)		2,774,525
	1,875		Kimberly-Clark Corp		248,606
	47,655		Procter & Gamble Co		6,533,501
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		11,859,899
INSURANCE - 3.0%
	41,066		Aflac, Inc		1,394,191
	5,460		Allstate Corp		484,575
	6,011		Aon plc		1,106,084
	22,432		Chubb Ltd		2,914,141
	29,749		Loews Corp		1,031,695
	19,808		Marsh & McLennan Cos, Inc		2,049,336
	6,495		ProAssurance Corp		100,218
	12,140		Progressive Corp		1,115,666
	24,771		Prudential Financial, Inc		1,585,839
	10,986		Travelers Cos, Inc		1,326,120
	156		White Mountains Insurance Group Ltd		141,700

75

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE
	300		Willis Towers Watson plc	$	54,744
			TOTAL INSURANCE		13,304,309
MATERIALS - 2.2%
	28,382		Ball Corp		2,525,998
	81		Compass Minerals International, Inc		4,891
	14,177		Ecolab, Inc		2,602,755
	1,497	e	International Flavors & Fragrances, Inc		153,682
	47,168		Mosaic Co		872,608
	898		Myers Industries, Inc		12,877
	46,725		Newmont Goldcorp Corp		2,936,199
	3,321		PPG Industries, Inc		430,800
	955		Reliance Steel & Aluminum Co		104,086
	1,689		Schnitzer Steel Industries, Inc (Class A)		35,469
	4,276		Trinseo S.A.		136,062
	1,227	*	US Concrete, Inc		41,669
			TOTAL MATERIALS		9,857,096
MEDIA & ENTERTAINMENT - 8.1%
	33,960		Activision Blizzard, Inc		2,571,791
	4,686	*	Alphabet, Inc (Class A)		7,573,091
	4,632	*	Alphabet, Inc (Class C)		7,508,518
	336		Cable One, Inc		581,905
	15,381		Cinemark Holdings, Inc		125,970
	109,709		Comcast Corp (Class A)		4,634,108
	19,024	*	Discovery, Inc (Class A)		385,046
	17,717	*	Discovery, Inc (Class C)		324,575
	18,047	*	Electronic Arts, Inc		2,162,572
	768	*	Hemisphere Media Group, Inc		6,006
	7,254	*,e	iHeartMedia, Inc		59,628
	5,996	*	Imax Corp		69,134
	764		John Wiley & Sons, Inc (Class A)		23,653
	783	*	Liberty Broadband Corp (Class A)		110,051
	9,113	*	Liberty Broadband Corp (Class C)		1,291,403
	20,531	*	Live Nation, Inc		1,001,913
	980		Loral Space & Communications, Inc		17,062
	2,286	*	Madison Square Garden Co		323,789
	10,118		New York Times Co (Class A)		401,280
	14,535		Omnicom Group, Inc		686,052
	39,234	*	Pinterest, Inc		2,312,844
	2,171		Scholastic Corp		42,899
	3,827	e	Sinclair Broadcast Group, Inc (Class A)		71,106
	170,676		Sirius XM Holdings, Inc		977,974
	8,178	*	Take-Two Interactive Software, Inc		1,266,936
	7,949		TEGNA, Inc		95,626
	14,313		TripAdvisor, Inc		273,521
	4,343		World Wrestling Entertainment, Inc (Class A)		157,912
	64,519	*	Zynga, Inc		580,026
			TOTAL MEDIA & ENTERTAINMENT		35,636,391
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.5%
	42,168		AbbVie, Inc		3,588,497
	3,696	*,e	Accelerate Diagnostics, Inc		34,816
	4,202	*	Aerie Pharmaceuticals, Inc		44,583
	1,340		Agilent Technologies, Inc		136,801
	6,524	*	Agios Pharmaceuticals, Inc		261,417

76

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE
	16,172		Amgen, Inc	$	3,508,354
	1,705	*	Assembly Biosciences, Inc		25,132
	7,200	*	Atara Biotherapeutics, Inc		92,952
	3,874	*	Avrobio, Inc		55,321
	18,693	*	BioCryst Pharmaceuticals, Inc		71,407
	5,322	*	Biogen, Inc		1,341,516
	1,272	*	BioMarin Pharmaceutical, Inc		94,675
	8,261	*	Bluebird Bio, Inc		427,176
	66,324		Bristol-Myers Squibb Co		3,876,638
	26,509		Eli Lilly & Co		3,458,364
	1,573	*,e	Esperion Thereapeutics, Inc		47,143
	2,615	*	Flexion Therapeutics, Inc		31,354
	45,225		Gilead Sciences, Inc		2,629,834
	12,927	*	Horizon Therapeutics Plc		968,620
	1,546	*	Illumina, Inc		452,514
	4,157	*	Insmed, Inc		136,932
	3,298	*	Intersect ENT, Inc		51,119
	5,648	*	Intra-Cellular Therapies, Inc		139,336
	1,896	*	IQVIA Holdings, Inc		291,965
	8,497	*	Karyopharm Therapeutics, Inc		125,926
	5,337	*	MacroGenics, Inc		103,591
	61,568		Merck & Co, Inc		4,630,529
	51,404	*	Opko Health, Inc		180,942
	2,785	*	Prothena Corp plc		30,384
	5,509	*	Radius Health, Inc		73,876
	417	*	Reata Pharmaceuticals, Inc		48,668
	2,210	*	Revance Therapeutics, Inc		57,195
	6,238	*	Sage Therapeutics, Inc		457,744
	7,138	*	Sangamo Therapeutics Inc		73,807
	29,622	*,e	TherapeuticsMD, Inc		36,139
	9,621		Thermo Fisher Scientific, Inc		4,551,887
	2,551	*	Ultragenyx Pharmaceutical, Inc		256,375
	10,984	*	Vertex Pharmaceuticals, Inc		2,288,626
	183	*	Waters Corp		40,776
	18,261		Zoetis, Inc		2,895,282
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		37,618,213
REAL ESTATE - 3.7%
	2,875		Alexandria Real Estate Equities, Inc		435,620
	349		American Campus Communities, Inc		13,074
	14,888		American Tower Corp		3,419,029
	5,091		Boston Properties, Inc		368,639
	1,428	*	CBRE Group, Inc		71,971
	58,844		Colony Capital, Inc		209,485
	37		CyrusOne, Inc		2,629
	24,207		DiamondRock Hospitality Co		119,583
	3,906		Equinix, Inc		2,856,223
	3,115		Franklin Street Properties Corp		13,083
	4,263		Healthpeak Properties Inc		114,973
	35,593		Host Hotels and Resorts, Inc		373,015
	2,503	*	Howard Hughes Corp		155,662
	973		Hudson Pacific Properties		18,740
	6,811		Iron Mountain, Inc		177,495
	17,199		Macerich Co		119,705
	15,635		Paramount Group, Inc		90,370
	33,468		Park Hotels & Resorts, Inc		332,337

77

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE
	31,066		Prologis, Inc	$	3,081,747
	1,297		Regency Centers Corp		46,160
	21,708		RLJ Lodging Trust		177,571
	7,949		SBA Communications Corp		2,308,151
	1,117		UDR, Inc		34,895
	3,285		Ventas, Inc		129,659
	25,318		Welltower, Inc		1,361,349
	13,732		Xenia Hotels & Resorts, Inc		113,152
			TOTAL REAL ESTATE		16,144,317
RETAILING - 6.1%
	3,119	*	1-800-FLOWERS.COM, Inc (Class A)		61,850
	1,862	*	Booking Holdings, Inc		3,021,095
	49,600		eBay, Inc		2,362,448
	16,829	*	Etsy, Inc		2,046,238
	19,572		Expedia Group, Inc		1,842,704
	6,931	*,e	GameStop Corp (Class A)		72,568
	2,786	*	Groupon, Inc		54,021
	703	*	Hibbett Sports, Inc		26,580
	21,896		Home Depot, Inc		5,839,882
	519	*	Lands’ End, Inc		8,330
	11	*	LKQ Corp		352
	22,634		Lowe’s Companies, Inc		3,578,435
	39,162	e	Macy’s, Inc		243,196
	10,411	*	Quotient Technology, Inc		92,658
	8,828	*	RealReal, Inc		111,144
	1,635		Signet Jewelers Ltd		36,428
	18,879		Target Corp		2,873,761
	2,757		Tiffany & Co		360,726
	35,913		TJX Companies, Inc		1,824,380
	8,363	*,e	Wayfair, Inc		2,074,275
	104		Winmark Corp		17,619
	309	*	Zumiez, Inc		8,652
			TOTAL RETAILING		26,557,342
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.5%
	47,602		Applied Materials, Inc		2,819,466
	67		Brooks Automation, Inc		3,129
	1,373	*	Cree, Inc		87,323
	12,862	*	First Solar, Inc		1,119,573
	97,285		Intel Corp		4,307,780
	5,261		Lam Research Corp		1,799,683
	360		NVE Corp		16,607
	11,836		NVIDIA Corp		5,934,097
	1,079	*	Silicon Laboratories, Inc		110,554
	26,636		Texas Instruments, Inc		3,851,299
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		20,049,511
SOFTWARE & SERVICES - 11.5%
	17,941		Accenture plc		3,891,582
	10,623	*	Adobe, Inc		4,749,543
	10,967	*	Autodesk, Inc		2,583,167
	845	*	Benefitfocus, Inc		8,678
	3,627	*	Blackline, Inc		354,285
	1,366	*	Cadence Design Systems, Inc		149,400
	1,156	*	ChannelAdvisor Corp		18,727

78

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE
	21,324	*	Conduent, Inc	$	74,314
	3,962		CSG Systems International, Inc		150,081
	36,109		DXC Technology Co		665,128
	330	*	Elastic NV		33,465
	3,754	*	ExlService Holdings, Inc		284,328
	4,489	*	Five9, Inc		681,071
	30,558		International Business Machines Corp		3,412,106
	8,996		Intuit, Inc		2,830,861
	14,065	*	Limelight Networks, Inc		49,650
	108,864	d	Microsoft Corp		22,041,694
	6,959	*	MobileIron, Inc		48,991
	6,139	*	New Relic, Inc		372,392
	3,674	*	Nutanix, Inc		89,425
	3,577	*	Perficient, Inc		140,075
	33,623		Sabre Corp		219,222
	20,060	*	salesforce.com, Inc		4,659,336
	7,818		Science Applications International Corp		597,061
	2,174	*	SPS Commerce, Inc		186,073
	5,395	*	SVMK, Inc		112,917
	4,281	*	Sykes Enterprises, Inc		146,582
	3,650	*	Teradata Corp		67,051
	1,948		TTEC Holdings, Inc		106,712
	3,213	*	Virtusa Corp		161,614
	9,518	*	VMware, Inc (Class A)		1,225,252
	6,271	*	WEX, Inc		793,595
			TOTAL SOFTWARE & SERVICES		50,904,378
TECHNOLOGY HARDWARE & EQUIPMENT - 7.3%
	231,614		Apple, Inc		25,213,500
	246		Badger Meter, Inc		18,042
	9,562	*	Ciena Corp		376,647
	112,412		Cisco Systems, Inc		4,035,591
	2,290		Dolby Laboratories, Inc (Class A)		171,933
	214	*	Fabrinet		12,844
	28,939	*	Fitbit, Inc		203,730
	130,822		Hewlett Packard Enterprise Co		1,130,302
	32,284		HP, Inc		579,821
	565	*	Insight Enterprises, Inc		30,143
	681	*	Keysight Technologies, Inc		71,416
	172	*	Lumentum Holdings, Inc		14,223
	600		Methode Electronics, Inc		18,462
	147	*	OSI Systems, Inc		11,342
	644	*	Ribbon Communications, Inc		2,776
	5,062		Synnex Corp		666,362
	1,602	*	TTM Technologies, Inc		19,016
	48		Vishay Intertechnology, Inc		778
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		32,576,928
TELECOMMUNICATION SERVICES - 1.3%
	5,309	*	Boingo Wireless, Inc		49,586
	3,624	*	Cincinnati Bell, Inc		54,541
	7,938	*	Iridium Communications, Inc		209,643
	93,267		Verizon Communications, Inc		5,315,286
			TOTAL TELECOMMUNICATION SERVICES		5,629,056

79

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE
TRANSPORTATION - 1.9%
	3,575	*	Avis Budget Group, Inc	$	120,370
	37,654		CSX Corp		2,972,407
	5,920		Kansas City Southern		1,042,749
	5,982		Macquarie Infrastructure Co LLC		154,336
	1,477		Old Dominion Freight Line		281,176
	2,512		Ryder System, Inc		123,741
	21,945		United Parcel Service, Inc (Class B)		3,447,779
			TOTAL TRANSPORTATION		8,142,558
UTILITIES - 2.4%
	12,599		American Water Works Co, Inc		1,896,276
	27,119		Consolidated Edison, Inc		2,128,570
	28,094		Eversource Energy		2,451,763
	1,853		Ormat Technologies, Inc		131,322
	21,367		Sempra Energy		2,678,567
	5,408		Southwest Gas Holdings Inc		355,414
	22,816		UGI Corp		737,870
			TOTAL UTILITIES		10,379,782
			TOTAL COMMON STOCKS		428,498,954
			(Cost $367,506,560)
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 - 2.6%
REPURCHASE AGREEMENT - 0.9%
$	4,180,000	r	Fixed Income Clearing Corp (FICC)		0.070	%	11/02/20		4,180,000
			TOTAL REPURCHASE AGREEMENT						4,180,000
TREASURY DEBT - 1.4%
	6,039,000		United States Treasury Bill		0.078-0.082		11/05/20		6,038,963
			TOTAL TREASURY DEBT						6,038,963
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.3%
	1,335,897	c	State Street Navigator Securities Lending Government Money Market Portfolio						1,335,897
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						1,335,897
			TOTAL SHORT-TERM INVESTMENTS						11,554,860
			(Cost $11,554,843)
			TOTAL INVESTMENTS - 99.7%						440,053,814
			(Cost $379,061,403)
			OTHER ASSETS & LIABILITIES, NET - 0.3%						1,064,326
			NET ASSETS - 100.0%					$	441,118,140

80

TIAA-CREF FUNDS - Social Choice Low Carbon Equity 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.
d	All or a portion of these securities have been segregated to cover margin requirements on open future contracts.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $1,487,017.
r	Agreement with Fixed Income Clearing Corporation, 0.070% dated 10/31/20 to be repurchased at $4,180,000 on 11/2/20, collateralized by U.S. Treasury Notes valued at $4,263,623.

Futures contracts outstanding as of October 31, 2020 were as follows:
Description	Number of long (short) contracts	Expiration date		Notional amount		Value		Unrealized appreciation (depreciation)
S&P 500 E Mini Index	68	12/18/20	$	11,541,074	$	11,099,980	$	(441,094	)

81

TIAA-CREF FUNDS - Emerging Markets Equity Fund

TIAA-CREF FUNDS

EMERGING MARKETS EQUITY FUND

SCHEDULE OF INVESTMENTS

October 31, 2020

SHARES			COMPANY	VALUE
COMMON STOCKS - 90.7%
BRAZIL - 9.3%
	445,246	*	Afya Ltd	$	10,685,904
	9,984,365	a	Arcos Dorados Holdings, Inc		40,137,147
	696,200	*	B2W Companhia Global Do Varejo		9,129,060
	4,875,700		Banco Itau Holding Financeira S.A.		19,951,627
	2,881,000		Cia Brasileira de Distribuicao		31,104,829
	10,710,200	*	Empresa Brasileira de Aeronautica S.A.		11,255,327
	3,930,400		Lojas Americanas S.A. (Preference)		15,912,162
	210,991	*	StoneCo Ltd		11,085,467
			TOTAL BRAZIL		149,261,523
CHINA - 33.6%
	539,369	*	Alibaba Group Holding Ltd (ADR)		164,340,341
	129,900	*	Ant Group Co Ltd		1,340,471
	4,512,400	g	Budweiser Brewing Co APAC Ltd		13,307,563
	1,051,000	e	BYD Co Ltd (H shares)		21,245,754
	6,336,000		China Life Insurance Co Ltd		13,824,678
	6,290,965		China Merchants Bank Co Ltd (Class A)		37,436,644
	2,607,669		China Vanke Co Ltd (Class A)		10,753,343
	16,198,000		Chinasoft International Ltd		11,758,749
	16,839,000		CNOOC Ltd		15,406,939
	5,441,565		Foxconn Industrial Internet Co Ltd		11,117,270
	7,124,000		Geely Automobile Holdings Ltd		14,638,791
	1,707,757		Gree Electric Appliances, Inc of Zhuhai		14,971,925
	1,992,139		Hangzhou Hikvision Digital Technology Co Ltd		13,390,944
	272,356	*	JD.com, Inc (ADR)		22,202,461
	3,014,863		Ping An Insurance Group Co of China Ltd (Class A)		35,085,722
	1,365,976		Tencent Holdings Ltd		104,368,227
	782,658	*	Tencent Music Entertainment (ADR)		11,645,951
	1,148,358	*	Vipshop Holdings Ltd (ADR)		24,574,861
			TOTAL CHINA		541,410,634
HONG KONG - 1.5%
	1,476,020		Melco Crown Entertainment Ltd (ADR)		23,793,442
	22,290	*,†	Mongolian Metals Corporation		0
			TOTAL HONG KONG		23,793,442
INDIA - 10.0%
	2,293,459		Bharti Airtel Ltd		13,409,927
	19,355,557	*	Edelweiss Capital Ltd		14,573,151
	375,199		Eicher Motors Ltd		10,559,188
	526,299		Housing Development Finance Corp		13,653,898
	2,731,881	*	ICICI Bank Ltd		14,369,796
	1,169,068	*	MakeMyTrip Ltd		21,943,407
	1,707,044		Piramal Healthcare Ltd		29,041,502

82

TIAA-CREF FUNDS - Emerging Markets Equity Fund

SHARES			COMPANY	VALUE
	1,597,101		Reliance Industries Ltd	$	44,279,249
			TOTAL INDIA		161,830,118
INDONESIA - 3.1%
	64,597,500		PT Astra International Tbk		23,589,250
	6,448,600		PT Bank Central Asia Tbk		12,688,625
	9,237,400		PT United Tractors Tbk		13,197,393
			TOTAL INDONESIA		49,475,268
ITALY - 1.9%
	7,932,771	e	Prada S.p.A		31,397,324
			TOTAL ITALY		31,397,324
KOREA, REPUBLIC OF - 7.1%
	236,551		Amorepacific Corp		33,232,016
	266,972		Hynix Semiconductor, Inc		18,939,754
	26,718		Naver Corp		6,836,358
	104,397		Samsung Electro-Mechanics Co Ltd		12,408,425
	852,230		Samsung Electronics Co Ltd		42,837,860
			TOTAL KOREA, REPUBLIC OF		114,254,413
MACAU - 2.0%
	2,445,079		Galaxy Entertainment Group Ltd		16,158,434
	11,724,500	*	Wynn Macau Ltd		16,198,967
			TOTAL MACAU		32,357,401
MEXICO - 4.7%
	489,300		Fomento Economico Mexicano SAB de C.V. (ADR)		26,309,661
	3,792,148	*	Grupo Televisa SAB (ADR)		24,118,061
	10,478,200		Wal-Mart de Mexico SAB de C.V.		25,316,821
			TOTAL MEXICO		75,744,543
PERU - 1.2%
	173,605		Credicorp Ltd		19,909,021
			TOTAL PERU		19,909,021
POLAND - 0.4%
	352,833	*,g	Allegro.eu S.A.		7,170,569
			TOTAL POLAND		7,170,569
RUSSIA - 2.4%
	663,699		MMC Norilsk Nickel PJSC (ADR)		15,762,851
	1,203,004		Sberbank of Russia (ADR)		12,162,371
	193,958	*	Yandex NV		11,166,162
			TOTAL RUSSIA		39,091,384
SOUTH AFRICA - 2.5%
	288,700	*	Capitec Bank Holdings Ltd		20,289,727
	104,332	*	Naspers Ltd (N Shares)		20,368,468
			TOTAL SOUTH AFRICA		40,658,195
TAIWAN - 7.6%
	128,391	*	Sea Ltd (ADR)		20,247,261

83

TIAA-CREF FUNDS - Emerging Markets Equity Fund

SHARES			COMPANY	VALUE
	4,661,400		Taiwan Semiconductor Manufacturing Co Ltd	$	70,525,460
	11,853,000		United Microelectronics Corp		12,739,019
	1,728,000		Win Semiconductors Corp		18,851,262
	80,000		Yageo Corp		996,623
			TOTAL TAIWAN		123,359,625
TANZANIA, UNITED REPUBLIC OF - 1.2%
	816,405		AngloGold Ashanti Ltd (ADR)		18,891,612
			TOTAL TANZANIA, UNITED REPUBLIC OF		18,891,612
THAILAND - 0.7%
	6,659,900		Airports of Thailand PCL (ADR)		11,042,385
			TOTAL THAILAND		11,042,385
TURKEY - 1.5%
	5,495,500		Anadolu Efes Biracilik Ve Malt Sanayii AS		12,767,931
	14,076,583	*	Turkiye Garanti Bankasi AS		11,113,619
			TOTAL TURKEY		23,881,550
			TOTAL COMMON STOCKS		1,463,529,007
			(Cost $1,267,416,642)
PREFERRED STOCKS - 0.0%
PHILIPPINES - 0.0%
	1,721,900	*,†	Ayala Land, Inc		3,558
			TOTAL PHILIPPINES		3,558
			TOTAL PREFERRED STOCKS		3,558
			(Cost $4,057)

PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 2.4%
GOVERNMENT AGENCY DEBT - 0.7%
$	11,005,000		Federal Agricultural Mortgage Corp (FAMC)		0.080	%	11/18/20		11,004,608
			TOTAL GOVERNMENT AGENCY DEBT						11,004,608
TREASURY DEBT - 1.3%
	22,045,000		United States Treasury Bill		0.082		11/17/20		22,044,265
			TOTAL TREASURY DEBT						22,044,265
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.4%
	5,729,592	c	State Street Navigator Securities Lending Government Money Market Portfolio						5,729,592
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						5,729,592
			TOTAL SHORT-TERM INVESTMENTS						38,778,465
			(Cost $38,778,372)
			TOTAL INVESTMENTS - 93.1%						1,502,311,030
			(Cost $1,306,199,071)
			OTHER ASSETS & LIABILITIES, NET - 6.9%						111,620,207
			NET ASSETS - 100.0%					$	1,613,931,237

84

TIAA-CREF FUNDS - Emerging Markets Equity Fund

	Abbreviation(s):
	ADR      American Depositary Receipt
*	Non-income producing
†	Security is categorized as Level 3 in the fair value hierarchy.
a	Affiliated holding
c	Investments made with cash collateral received from securities on loan.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $26,074,607.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/2020, the aggregate value of these securities is 20,478,132 or 1.3% of net assets.

85

TIAA-CREF FUNDS - Emerging Markets Equity Fund

TIAA-CREF FUNDS

EMERGING MARKETS EQUITY FUND

SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

October 31, 2020

SECTOR	VALUE		% OF NET ASSETS
CONSUMER DISCRETIONARY	$	509,017,456		31.6	%
INFORMATION TECHNOLOGY		225,991,305		14.0
FINANCIALS		225,058,878		13.9
COMMUNICATION SERVICES		191,791,947		11.9
CONSUMER STAPLES		142,038,820		8.8
ENERGY		72,883,582		4.5
MATERIALS		34,654,463		2.1
HEALTH CARE		29,041,502		1.8
INDUSTRIALS		22,297,712		1.4
REAL ESTATE		10,756,900		0.7
SHORT-TERM INVESTMENTS		38,778,465		2.4
OTHER ASSETS & LIABILITIES, NET		111,620,207		6.9
NET ASSETS	$	1,613,931,237		100.0	%

86

TIAA-CREF FUNDS - International Equity Fund

TIAA-CREF FUNDS

INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS

October 31, 2020

SHARES			COMPANY	VALUE
COMMON STOCKS - 93.5%
AUSTRALIA - 4.8%
	1,843,476		BHP Billiton Ltd	$	44,191,118
	626,848		Commonwealth Bank of Australia		30,434,430
	263,342		CSL Ltd		53,315,504
	3,234,207		Fortescue Metals Group Ltd		39,565,639
	4,552,087	*	NEXTDC Ltd		40,758,690
	340,856		Rio Tinto plc		19,279,279
			TOTAL AUSTRALIA		227,544,660
BRAZIL - 0.5%
	1,066,200		Cia Brasileira de Distribuicao		11,511,270
	3,464,800		Lojas Americanas S.A. (Preference)		14,027,188
			TOTAL BRAZIL		25,538,458
CHINA - 3.7%
	167,483	*	Alibaba Group Holding Ltd (ADR)		51,030,395
	350,600	*	Ant Group Co Ltd		3,617,930
	599,738	*	GDS Holdings Ltd (ADR)		50,401,982
	448,540		Tencent Holdings Ltd		34,270,971
	1,259,000	*,g	Wuxi Biologics Cayman, Inc		35,357,390
			TOTAL CHINA		174,678,668
DENMARK - 3.7%
	601,815		DSV AS		97,639,327
	468,338	g	Orsted AS		74,331,806
			TOTAL DENMARK		171,971,133
FINLAND - 0.7%
	641,035		Neste Oil Oyj		33,432,246
			TOTAL FINLAND		33,432,246
FRANCE - 14.3%
	1,189,135		Airbus SE		87,004,294
	1,750,206		BNP Paribas S.A.		61,038,023
	1,619,606		Compagnie de Saint-Gobain		63,089,336
	4,866,700		Credit Agricole S.A.		38,498,207
	341,845		Dassault Systemes S.A.		58,288,102
	516,387		Essilor International S.A.		63,752,558
	109,001		Kering		65,871,061
	559,751		Sanofi-Aventis		50,541,787
	841,312		Schneider Electric S.A.		102,224,803
	1,036,166		Valeo S.A.		31,345,478
	618,947		Vinci S.A.		48,887,570
			TOTAL FRANCE		670,541,219

87

TIAA-CREF FUNDS - International Equity Fund

SHARES			COMPANY	VALUE
GERMANY - 12.4%
	203,893		Adidas-Salomon AG.	$	60,577,601
	269,217		BASF SE		14,741,834
	693,018		Bayer AG.		32,565,274
	613,641		Bayerische Motoren Werke AG.		41,935,445
	785,435		HeidelbergCement AG.		44,921,717
	4,264,960		Infineon Technologies AG.		118,741,505
	813,129		Lanxess AG.		41,240,078
	1,557,636		RWE AG.		57,644,603
	308,050		SAP AG.		32,864,184
	1,054,860		Siemens AG.		123,751,990
	527,430	*	Siemens Energy AG.		11,548,302
			TOTAL GERMANY		580,532,533
HONG KONG - 1.9%
	1,840,024		Hong Kong Exchanges and Clearing Ltd		88,171,571
			TOTAL HONG KONG		88,171,571
IRELAND - 1.5%
	1,988,698		CRH plc		69,588,071
			TOTAL IRELAND		69,588,071
ITALY - 3.1%
	6,194,766		Enel S.p.A.		49,251,502
	1,213,918		Moncler S.p.A		48,570,914
	6,415,030		UniCredit S.p.A.		48,044,651
			TOTAL ITALY		145,867,067
JAPAN - 20.0%
	3,722,400		Daiichi Sankyo Co Ltd		98,247,667
	366,516		Daikin Industries Ltd		68,587,320
	2,260,379	*	Hitachi Ltd		76,184,482
	877,900		Kao Corp		62,505,330
	256,928		Nintendo Co Ltd		138,918,077
	2,701,500		ORIX Corp		31,594,679
	2,221,800		Recruit Holdings Co Ltd		84,540,925
	1,129,400	*	SBI Holdings, Inc		26,034,076
	2,063,159		Sony Corp		171,998,187
	1,805,200		Sumitomo Mitsui Financial Group, Inc		49,971,363
	618,800		Tokio Marine Holdings, Inc		27,657,090
	1,534,689		Toyota Motor Corp		100,747,555
			TOTAL JAPAN		936,986,751
KOREA, REPUBLIC OF - 0.9%
	74,935		LG Chem Ltd		40,860,633
			TOTAL KOREA, REPUBLIC OF		40,860,633
NETHERLANDS - 3.8%
	302,201		ASML Holding NV		109,337,192
	10,093,457		ING Groep NV		69,137,324
			TOTAL NETHERLANDS		178,474,516

88

TIAA-CREF FUNDS - International Equity Fund

SHARES			COMPANY					VALUE
RUSSIA - 1.0%
	1,371,935		Sberbank of Russia (ADR)					$	13,870,263
	580,595	*	Yandex NV						33,424,854
			TOTAL RUSSIA						47,295,117
SPAIN - 0.7%
	2,781,658		Iberdrola S.A.						32,844,640
			TOTAL SPAIN						32,844,640
SWITZERLAND - 7.9%
	5,811,044		Credit Suisse Group						54,806,108
	137,086		Lonza Group AG.						83,061,781
	964,771		Nestle S.A.						108,515,405
	363,235		Roche Holding AG.						116,718,790
	27,541	*	Zur Rose Group AG.						7,663,151
			TOTAL SWITZERLAND						370,765,235
TAIWAN - 1.5%
	854,009		Taiwan Semiconductor Manufacturing Co Ltd (ADR)						71,625,735
			TOTAL TAIWAN						71,625,735
UNITED KINGDOM - 9.6%
	1,297,426		Ashtead Group plc						46,885,482
	867,122		AstraZeneca plc						87,063,790
	1,786,038		British American Tobacco plc						56,609,137
	337,008		Linde plc (Xetra)						73,860,360
	22,318,571		Lloyds TSB Group plc						8,126,340
	713,034		Reckitt Benckiser Group plc						62,810,102
	24,956,591		Tesco plc						66,423,104
	6,119,362	*	THG Holdings Ltd						52,290,653
			TOTAL UNITED KINGDOM						454,068,968
UNITED STATES - 1.5%
	832,179		Las Vegas Sands Corp						39,994,523
	419,565		Wynn Resorts Ltd						30,389,093
			TOTAL UNITED STATES						70,383,616
			TOTAL COMMON STOCKS						4,391,170,837
			(Cost $4,130,960,551)
PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 7.7%
GOVERNMENT AGENCY DEBT - 6.4%
$	25,000,000		Federal Farm Credit Bank (FFCB)		0.080	%	11/02/20		25,000,000
	22,493,000		FHLB		0.065-0.094		11/06/20		22,492,800
	2,218,000		FHLB		0.070-0.080		11/12/20		2,217,951
	53,382,000		FHLB		0.075-0.085		11/20/20		53,379,865
	70,890,000		FHLB		0.080-0.085		11/27/20		70,886,061
	13,115,000		FHLB		0.085		12/04/20		13,113,951
	31,713,000		FHLB		0.085-0.090		12/10/20		31,709,987
	28,469,000		FHLB		0.090		12/11/20		28,466,224
	35,120,000		FHLB		0.083-0.085		12/23/20		35,115,522
	18,830,000		FHLB		0.091-0.095		01/27/21		18,825,502
			TOTAL GOVERNMENT AGENCY DEBT						301,207,863

89

TIAA-CREF FUNDS - International Equity Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
REPURCHASE AGREEMENT - 0.3%
$	10,610,000	r	Fixed Income Clearing Corp (FICC)		0.070	%	11/02/20	$	10,610,000
			TOTAL REPURCHASE AGREEMENT						10,610,000
TREASURY DEBT - 1.0%
	16,360,000		United States Cash Management Bill		0.083		12/22/20		16,357,955
	30,000,000		United States Treasury Bill		0.087		12/31/20		29,995,452
			TOTAL TREASURY DEBT						46,353,407
			TOTAL SHORT-TERM INVESTMENTS						358,171,270
			(Cost $358,171,486)
			TOTAL INVESTMENTS - 101.2%						4,749,342,107
			(Cost $4,489,132,037)
			OTHER ASSETS & LIABILITIES, NET - (1.2)%						(55,102,421	)
			NET ASSETS - 100.0%					$	4,694,239,686
			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 10/31/2020, the aggregate value of these securities is $109,689,196 or 2.3% of net assets.
		r	Agreement with Fixed Income Clearing Corporation, 0.070% dated 10/31/20 to be repurchased at $10,610,000 on 11/2/20, collateralized by U.S. Treasury Notes valued at $10,822,201.

90

TIAA-CREF FUNDS - International Equity Fund

TIAA-CREF FUNDS

INTERNATIONAL EQUITY FUND

SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

October 31, 2020

				% OF
SECTOR	VALUE			NET ASSETS
CONSUMER DISCRETIONARY	$	772,530,651			16.3	%
INDUSTRIALS		722,611,048			15.4
INFORMATION TECHNOLOGY		561,819,800			12.0
HEALTH CARE		556,871,983			11.9
FINANCIALS		547,384,124			11.7
MATERIALS		388,248,732			8.3
CONSUMER STAPLES		376,037,498			8.0
UTILITIES		225,620,852			4.8
COMMUNICATION SERVICES		206,613,903			4.4
ENERGY		33,432,246			0.7
SHORT-TERM INVESTMENTS		358,171,270			7.7
OTHER ASSETS & LIABILITIES, NET		(55,102,421	)		(1.2	)
NET ASSETS	$	4,694,239,686			100.0	%

91

TIAA-CREF FUNDS - International Opportunities Fund

TIAA-CREF FUNDS

INTERNATIONAL OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS

October 31, 2020

SHARES			COMPANY	VALUE
COMMON STOCKS - 95.6%
AUSTRALIA - 5.6%
	306,012	*	Afterpay Touch Group Ltd	$	20,836,078
	119,100		CSL Ltd		24,112,661
	1,295,656		IDP Education Ltd		17,577,971
	1,865,100	*	NEXTDC Ltd		16,699,820
	1,689,807	*,e	PointsBet Holdings Ltd		11,863,907
	2,667,100	*,e	Zip Co Ltd		10,743,054
			TOTAL AUSTRALIA		101,833,491
BRAZIL - 6.6%
	302,369	*	Arco Platform Ltd		10,304,735
	1,359,300		Banco Inter S.A.		12,041,447
	2,081,700		Localiza Rent A Car		22,014,405
	4,870,000		Magazine Luiza S.A.		20,904,347
	502,022	*	Pagseguro Digital Ltd		18,379,025
	355,394	*	StoneCo Ltd		18,672,401
	418,094	*	XP, Inc		16,757,208
			TOTAL BRAZIL		119,073,568
CANADA - 6.7%
	897,032		Alimentation Couche Tard, Inc		27,625,327
	803,995		Dollarama, Inc		27,686,925
	577,900	*,e	Lightspeed POS, Inc		18,486,901
	538,500		Nutrien Ltd		21,890,835
	28,701	*	Shopify, Inc (Class A)		26,459,078
			TOTAL CANADA		122,149,066
CHINA - 7.6%
	256,400	*	GDS Holdings Ltd (ADR)		21,547,856
	311,000	*	JD.com, Inc (ADR)		25,352,720
	313,600		Silergy Corp		19,334,326
	735,200		Tencent Holdings Ltd		56,173,403
	11,128,034	g	Topsports International Holdings Ltd		15,258,658
			TOTAL CHINA		137,666,963
DENMARK - 2.8%
	146,100		Carlsberg AS (Class B)		18,499,296
	510,300		Novo Nordisk AS		32,539,603
			TOTAL DENMARK		51,038,899
FRANCE - 4.8%
	171,602		Essilor International S.A.		21,185,790
	83,512		L’Oreal S.A.		26,989,850
	127,639		Teleperformance		38,315,038
			TOTAL FRANCE		86,490,678

92

TIAA-CREF FUNDS - International Opportunities Fund

SHARES			COMPANY	VALUE
GERMANY - 6.3%
	309,000		Bayer AG.	$	14,520,069
	81,100		Bechtle AG.		13,926,218
	161,482		Beiersdorf AG.		16,908,662
	118,700		Deutsche Boerse AG.		17,490,863
	361,500	*	HelloFresh SE		19,317,412
	166,241	*,e,g	Just Eat Takeaway		18,413,587
	309,393	*,g	TeamViewer AG.		13,637,427
			TOTAL GERMANY		114,214,238
HONG KONG - 0.8%
	946,100		Melco Crown Entertainment Ltd (ADR)		15,251,132
			TOTAL HONG KONG		15,251,132
INDONESIA - 1.1%
	85,976,300		Bank Rakyat Indonesia		19,462,616
			TOTAL INDONESIA		19,462,616
IRELAND - 4.6%
	491,610		CRH plc		17,202,306
	148,605	*	Flutter Entertainment plc		25,745,932
	678,168	*	Keywords Studios plc		18,590,464
	587,889		Smurfit Kappa Group plc		22,151,125
			TOTAL IRELAND		83,689,827
ITALY - 4.6%
	590,185		Amplifon S.p.A.		21,457,773
	2,208,500		Davide Campari-Milano NV		23,081,816
	119,600		Ferrari NV		21,335,664
	451,089		Moncler S.p.A		18,048,835
			TOTAL ITALY		83,924,088
JAPAN - 14.9%
	200,400	*,e	Amazia, Inc		6,125,447
	153,200	*,e	BASE, Inc		16,420,876
	639,100		Benefit One, Inc		15,993,270
	238,400		Eisai Co Ltd		18,536,441
	158,700		GMO Payment Gateway, Inc		19,445,265
	2,174,800		Infomart Corp		17,985,662
	169,600		IR Japan Holdings Ltd		18,777,597
	476,500		Japan Elevator Service Holdings Co Ltd		18,314,617
	517,200	*,e	Kamakura Shinsho Ltd		5,116,358
	443,000		MonotaRO Co Ltd		24,503,086
	354,000		Paltac Corp		19,791,273
	462,302		Seria Co Ltd		17,812,083
	147,099	*,e	SHIFT, Inc		18,668,425
	616,700		SMS Co Ltd		18,156,955
	276,400		TechnoPro Holdings, Inc		17,191,380
	199,400	e	Workman Co Ltd		17,680,741
			TOTAL JAPAN		270,519,476

93

TIAA-CREF FUNDS - International Opportunities Fund

SHARES			COMPANY	VALUE
NETHERLANDS - 4.2%
	12,677	*,g	Adyen NV	$	21,306,781
	97,547		ASML Holding NV		35,292,785
	2,973,200		ING Groep NV		20,365,579
			TOTAL NETHERLANDS		76,965,145
NEW ZEALAND - 1.0%
	750,000		Fisher & Paykel Healthcare Corp		17,350,786
			TOTAL NEW ZEALAND		17,350,786
NORWAY - 1.1%
	1,328,986	e	Aker BP ASA		20,696,757
			TOTAL NORWAY		20,696,757
PHILIPPINES - 1.0%
	5,703,054		Banco de Oro Universal Bank		10,443,225
	6,009,020		Robinsons Retail Holdings, Inc		7,964,739
			TOTAL PHILIPPINES		18,407,964
POLAND - 0.4%
	375,120	*,g	Allegro.eu S.A.		7,623,504
			TOTAL POLAND		7,623,504
PORTUGAL - 1.0%
	1,204,396		Jeronimo Martins SGPS S.A.		19,130,280
			TOTAL PORTUGAL		19,130,280
SPAIN - 1.0%
	376,699		Amadeus IT Holding S.A.		17,948,259
	142,139	*,†,e	Let’s GOWEX S.A.		1,655
			TOTAL SPAIN		17,949,914
SWEDEN - 3.7%
	287,127		Hexagon AB (B Shares)		21,045,599
	652,000	e	Intrum Justitia AB		15,932,876
	396,800		Swedish Match AB		29,832,447
			TOTAL SWEDEN		66,810,922
SWITZERLAND - 4.5%
	4,306		Givaudan S.A.		17,559,601
	52,867		Lonza Group AG.		32,032,645
	98,700		Roche Holding AG.		31,715,404
			TOTAL SWITZERLAND		81,307,650
TAIWAN - 0.9%
	1,197,540		Dadi Early-Childhood Education Group Ltd		7,285,700
	2,700,349		Hota Industrial Manufacturing Co Ltd		8,309,303
			TOTAL TAIWAN		15,595,003
UNITED KINGDOM - 9.3%
	986,180		Ashtead Group plc		35,637,890
	2,404,119		Beazley plc		9,165,155
	507,700		Dechra Pharmaceuticals plc		22,967,187
	2,207,886		Electrocomponents plc		19,384,823

94

TIAA-CREF FUNDS - International Opportunities Fund

SHARES			COMPANY					VALUE
	447,623		Fevertree Drinks plc					$	11,684,892
	85,385		Linde plc (Xetra)						18,713,404
	199,421		London Stock Exchange Group plc						21,497,150
	1,906,799	*	THG Holdings Ltd						16,293,817
	6,603,400		Tritax Big Box REIT plc						13,398,186
			TOTAL UNITED KINGDOM						168,742,504
UNITED STATES - 1.1%
	60,900	*	Lululemon Athletica, Inc						19,444,761
			TOTAL UNITED STATES						19,444,761
			TOTAL COMMON STOCKS						1,735,339,232
			(Cost $1,133,629,109)
RIGHTS / WARRANTS - 0.0%
AUSTRALIA - 0.0%
	112,654	e	PointsBet Holdings Pty Ltd						212,214
			TOTAL AUSTRALIA						212,214
			TOTAL RIGHTS / WARRANTS						212,214
			(Cost $0)
PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 6.5%
GOVERNMENT AGENCY DEBT - 2.2%
$	460,000		Federal Agricultural Mortgage Corp (FAMC)		0.010	%	11/02/20		460,000
	10,000,000		FAMC		0.080		11/18/20		9,999,645
	25,000,000		Federal Home Loan Bank (FHLB)		0.075		11/19/20		24,999,056
	3,500,000		FHLB		0.085		12/09/20		3,499,676
			TOTAL GOVERNMENT AGENCY DEBT						38,958,377
TREASURY DEBT - 2.2%
	10,000,000		United States Cash Management Bill		0.075		12/15/20		9,998,910
	18,140,000		United States Treasury Bill		0.070-0.079		11/05/20		18,139,892
	12,630,000		United States Treasury Bill		0.080		12/03/20		12,629,048
			TOTAL TREASURY DEBT						40,767,850
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 2.1%
	38,061,707	c	State Street Navigator Securities Lending Government Money Market Portfolio						38,061,707
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						38,061,707
			TOTAL SHORT-TERM INVESTMENTS						117,787,934
			(Cost $117,788,112)
			TOTAL INVESTMENTS - 102.1%						1,853,339,380
			(Cost $1,251,417,221)
			OTHER ASSETS & LIABILITIES, NET - (2.1)%						(37,379,047	)
			NET ASSETS - 100.0%					$	1,815,960,333

95

TIAA-CREF FUNDS - International Opportunities Fund

	Abbreviation(s):
	ADR      American Depositary Receipt
	REIT      Real Estate Investment Trust
*	Non-income producing
†	Security is categorized as Level 3 in the fair value hierarchy.
c	Investments made with cash collateral received from securities on loan.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $86,761,246.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/2020, the aggregate value of these securities is $76,239,957 or 4.2% of net assets.

96

TIAA-CREF FUNDS - International Opportunities Fund

TIAA-CREF FUNDS

INTERNATIONAL OPPORTUNITIES FUND

SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

October 31, 2020

				% OF
SECTOR	VALUE			NET ASSETS
INFORMATION TECHNOLOGY	$	394,068,068			21.7	%
CONSUMER DISCRETIONARY		382,701,012			21.1
INDUSTRIALS		224,837,115			12.4
HEALTH CARE		215,232,570			11.9
CONSUMER STAPLES		181,717,307			10.0
FINANCIALS		137,966,296			7.6
MATERIALS		97,517,271			5.4
COMMUNICATION SERVICES		67,416,864			3.7
ENERGY		20,696,757			1.1
REAL ESTATE		13,398,186			0.7
SHORT-TERM INVESTMENTS		117,787,934			6.5
OTHER ASSETS & LIABILITIES, NET		(37,379,047	)		(2.1	)
NET ASSETS	$	1,815,960,333			100.0	%

97

TIAA-CREF FUNDS - Quant International Equity Fund

TIAA-CREF FUNDS

QUANT INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS

October 31, 2020

SHARES			COMPANY	VALUE
COMMON STOCKS - 91.3%
AUSTRALIA - 6.8%
	56,831		AGL Energy Ltd	$	498,097
	70,109		Aristocrat Leisure Ltd		1,411,766
	616,923		AusNet Services		867,259
	76,814		Australian Stock Exchange Ltd		4,301,170
	235,926		BHP Billiton Ltd		5,655,530
	108,994		BHP Group plc		2,111,470
	50,000		Coles Group Ltd		624,614
	148,678		Commonwealth Bank of Australia		7,218,544
	326,525		Computershare Ltd		2,790,453
	46,608		CSL Ltd		9,436,129
	98,332		Fortescue Metals Group Ltd		1,202,944
	185,472		Goodman Group		2,400,593
	20,000		Macquarie Group Ltd		1,783,199
	27,175		Magellan Financial Group Ltd		1,053,263
	157,658		Newcrest Mining Ltd		3,269,431
	1,468,911		QR National Ltd		3,895,051
	11,498		Ramsay Health Care Ltd		503,777
	80,530		Rio Tinto plc		4,554,886
	1,122,961		Santos Ltd		3,733,156
	215,405		Scentre Group		317,877
	255,040		Stockland Trust Group		689,649
	535,000		Tabcorp Holdings Ltd		1,236,183
	51,414	*	TPG Telecom Ltd		259,505
	104,857		Wesfarmers Ltd		3,394,181
	17,142		Woolworths Ltd		461,125
			TOTAL AUSTRALIA		63,669,852
AUSTRIA - 0.5%
	80,716	*	Erste Bank der Oesterreichischen Sparkassen AG.		1,659,155
	29,133		OMV AG.		673,449
	179,147		Raiffeisen International Bank Holding AG.		2,586,585
			TOTAL AUSTRIA		4,919,189
BELGIUM - 1.1%
	6,000		Colruyt S.A.		355,125
	3,800	*	Galapagos NV		448,763
	52,782		Groupe Bruxelles Lambert S.A. (EN Brussels)		4,328,556
	69,417		Telenet Group Holding NV		2,669,811
	22,601		UCB S.A.		2,232,335
			TOTAL BELGIUM		10,034,590
BRAZIL - 0.0%
	1,068		Yara International ASA		37,375
			TOTAL BRAZIL		37,375

98

TIAA-CREF FUNDS - Quant International Equity Fund

SHARES			COMPANY	VALUE
CHINA - 0.0%
	500	*	BeiGene Ltd (ADR)	$	148,260
			TOTAL CHINA		148,260
DENMARK - 2.4%
	2,700		AP Moller - Maersk AS (Class A)		3,992,370
	2,844	e	AP Moller - Maersk AS (Class B)		4,557,893
	26,836		Carlsberg AS (Class B)		3,397,995
	5,200		DSV AS		843,656
	135,109		Novo Nordisk AS		8,615,311
	6,777		Vestas Wind Systems AS		1,162,689
			TOTAL DENMARK		22,569,914
FINLAND - 0.8%
	5,271		Elisa Oyj (Series A)		259,168
	47,610		Kone Oyj (Class B)		3,790,381
	48,506		Neste Oil Oyj		2,529,760
	25,936		UPM-Kymmene Oyj		732,924
			TOTAL FINLAND		7,312,233
FRANCE - 8.7%
	48,967		Air Liquide		7,160,850
	178,322		BNP Paribas S.A.		6,218,938
	75,672		Bouygues S.A.		2,481,544
	10,109		Cap Gemini S.A.		1,167,264
	207,126		Carrefour S.A.		3,219,130
	237,000		Credit Agricole S.A.		1,874,797
	4,963		Faurecia		188,227
	37,671		Fonciere Des Regions		2,243,330
	20,999		Gecina S.A.		2,606,879
	5,139		Hermes International		4,784,922
	13,644		Iliad S.A.		2,637,818
	31,447		Klepierre		398,436
	7,472		L’Oreal S.A.		2,414,840
	12,249		LVMH Moet Hennessy Louis Vuitton S.A.		5,741,691
	31,027		Michelin (C.G.D.E.) (Class B)		3,350,946
	91,590	e	Peugeot S.A.		1,645,342
	140,736		Renault S.A.		3,485,436
	111,524		Sanofi-Aventis		10,069,874
	65,793		Schneider Electric S.A.		7,994,271
	2,500		Teleperformance		750,457
	239,799	e	Total S.A.		7,265,120
	57,436		Valeo S.A.		1,737,520
	56,000		Vivendi Universal S.A.		1,616,356
			TOTAL FRANCE		81,053,988
GERMANY - 8.4%
	47,288		Allianz AG.		8,329,998
	61,908		Aroundtown S.A.		296,951
	9,429		BASF SE		516,315
	62,634		Bayer AG.		2,943,204
	46,124		Bayerische Motoren Werke AG.		3,152,055
	196,000	*	Deutsche Bank AG. (Registered)		1,811,263

99

TIAA-CREF FUNDS - Quant International Equity Fund

SHARES			COMPANY	VALUE
	32,681		Deutsche Boerse AG.	$	4,815,660
	98,753		Deutsche Post AG.		4,378,508
	35,280		Deutsche Wohnen AG.		1,780,684
	45,707		Fresenius Medical Care AG.		3,490,286
	118,444		Fresenius SE		4,393,495
	33,200		GEA Group AG.		1,105,683
	29,437		Hannover Rueckversicherung AG.		4,277,837
	29,783		Hochtief AG.		2,191,005
	35,282		Lanxess AG.		1,789,424
	24,820		Muenchener Rueckver AG.		5,817,241
	38,000		Nemetschek AG.		2,751,463
	140,425		RWE AG.		5,196,813
	65,574		SAP AG.		6,995,735
	27,917		Siemens AG.		3,275,112
	21,594	*	Siemens Energy AG.		472,810
	16,877	g	Siemens Healthineers AG.		724,509
	65,776		United Internet AG.		2,306,671
	20,334		Volkswagen AG.		3,163,206
	26,790	*,g	Zalando SE		2,494,802
			TOTAL GERMANY		78,470,730
HONG KONG - 2.8%
	1,012,175		AIA Group Ltd		9,633,045
	82,400		Bank of East Asia Ltd		148,651
	297,000		BOC Hong Kong Holdings Ltd		824,913
	802,500		CK Asset Holdings Ltd		3,726,400
	108,500		CK Infrastructure Holdings Ltd		511,824
	267,800	e	Dairy Farm International Holdings Ltd		1,008,756
	42,700		Hang Seng Bank Ltd		657,838
	98,000		Henderson Land Development Co Ltd		346,144
	358,000		HKT Trust and HKT Ltd		462,990
	42,404		Hong Kong Exchanges and Clearing Ltd		2,031,945
	13,200		Jardine Matheson Holdings Ltd		585,098
	24,700		Jardine Strategic Holdings Ltd		534,808
	14,900		Melco Crown Entertainment Ltd (ADR)		240,188
	73,600		Swire Properties Ltd		197,504
	229,500		Techtronic Industries Co		3,091,214
	2,908,000	g	WH Group Ltd		2,290,417
			TOTAL HONG KONG		26,291,735
IRELAND - 0.5%
	25,356		CRH plc		887,251
	11,570		Kerry Group plc (Class A)		1,384,951
	2,159		Flutter Entertainment plc		377,412
	62,717		Smurfit Kappa Group plc		2,363,120
			TOTAL IRELAND		5,012,734
ISRAEL - 0.9%
	40,999	*	Check Point Software Technologies		4,655,847
	221,700	*	Teva Pharmaceutical Industries Ltd (ADR)		1,933,224
	5,188	*	Wix.com Ltd		1,283,096
			TOTAL ISRAEL		7,872,167

100

TIAA-CREF FUNDS - Quant International Equity Fund

SHARES			COMPANY	VALUE
ITALY - 1.8%
	351,296		Assicurazioni Generali S.p.A.	$	4,712,363
	971,713		Enel S.p.A.		7,725,607
	1,156,357		Intesa Sanpaolo S.p.A.		1,919,673
	45,938		Recordati S.p.A.		2,381,637
	525,117		Telecom Italia S.p.A.		178,368
			TOTAL ITALY		16,917,648
JAPAN - 23.9%
	48,600		Alfresa Holdings Corp		889,863
	230,000		Astellas Pharma, Inc		3,153,975
	5,200		Central Japan Railway Co		628,779
	186,000		Chiba Bank Ltd		960,744
	42,200		Chugai Pharmaceutical Co Ltd		1,628,919
	212,200		Chugoku Electric Power Co, Inc		2,666,051
	36,000		Daiichi Sankyo Co Ltd		950,171
	10,800		Disco Corp		2,915,010
	36,900		Don Quijote Co Ltd		782,960
	10,600		Eisai Co Ltd		824,187
	45,500		Fuji Electric Holdings Co Ltd		1,379,694
	39,800		Fujitsu Ltd		4,708,920
	3,200		GMO Payment Gateway, Inc		392,091
	9,200		Hikari Tsushin, Inc		2,157,811
	173,900		Hulic Co Ltd		1,610,818
	114,600		Isuzu Motors Ltd		929,806
	19,600		Japan Airlines Co Ltd		342,330
	258,000		Japan Tobacco, Inc		4,857,411
	187,200	*	JFE Holdings, Inc		1,315,299
	419,800		JX Holdings, Inc		1,416,525
	161,100		Kamigumi Co Ltd		2,882,223
	16,700		Kao Corp		1,189,018
	200,400		KDDI Corp		5,421,820
	8,700		Keyence Corp		3,948,256
	276,000		Kubota Corp		4,796,347
	73,600		Kurita Water Industries Ltd		2,189,874
	21,200		Kyocera Corp		1,167,536
	14,100		Lion Corp		287,519
	40,200		M3, Inc		2,714,936
	733,500		Mazda Motor Corp		3,851,481
	161,700		Mediceo Paltac Holdings Co Ltd		2,882,445
	23,600		MEIJI Holdings Co Ltd		1,709,808
	33,700		Minebea Co Ltd		608,668
	208,600		Mitsubishi Corp		4,654,150
	3,500		Mitsubishi Heavy Industries Ltd		75,198
	248,400		Mitsubishi UFJ Financial Group, Inc		979,169
	170,500		Mitsui & Co Ltd		2,670,625
	2,000		Mitsui Fudosan Co Ltd		34,055
	235,410		Mizuho Financial Group, Inc		2,898,373
	7,900		MonotaRO Co Ltd		436,963
	83,400		Murata Manufacturing Co Ltd		5,848,729
	62,300		NEC Corp		3,138,061
	60,100		Nexon Co Ltd		1,675,041
	33,900		Nidec Corp		3,423,967
	13,900		Nintendo Co Ltd		7,515,574
	14,500		Nippon Meat Packers, Inc		593,963

101

TIAA-CREF FUNDS - Quant International Equity Fund

SHARES			COMPANY	VALUE
	50,800	*	Nippon Steel Corp	$	492,716
	210,300		Nippon Yusen Kabushiki Kaisha		3,881,626
	23,800		Nissan Chemical Industries Ltd		1,263,082
	19,900		Nitori Co Ltd		4,090,578
	23,900		Nitto Denko Corp		1,679,112
	83,900		NKSJ Holdings, Inc		3,132,480
	513,100	*	Nomura Holdings, Inc		2,297,886
	77,900		Nomura Real Estate Holdings, Inc		1,360,634
	39,400		Nomura Research Institute Ltd		1,161,413
	48,900		NTT DoCoMo, Inc		1,820,801
	3,400		Obic Co Ltd		601,946
	2,500	*	Oracle Corp Japan		249,850
	1,000		Orix JREIT, Inc		1,405,409
	6,300		Otsuka Corp		289,495
	24,000		Otsuka Holdings KK		888,877
	79,900		Recruit Holdings Co Ltd		3,040,247
	36,000	*	Renesas Electronics Corp		297,167
	6,100		Rinnai Corp		601,072
	78,100	*	SBI Holdings, Inc		1,800,302
	13,200		Secom Co Ltd		1,115,121
	236,600		Sekisui Chemical Co Ltd		3,688,196
	37,100		Sekisui House Ltd		616,354
	121,300		Seven & I Holdings Co Ltd		3,686,873
	4,300		Shimano, Inc		983,477
	44,500		Shin-Etsu Chemical Co Ltd		5,943,721
	38,100		Shionogi & Co Ltd		1,797,175
	523,100		Softbank Corp		6,087,557
	130,700		Softbank Group Corp		8,512,984
	125,800		Sony Corp		10,487,496
	80,400		Start Today Co Ltd		2,039,578
	7,200		Sumisho Computer Systems Corp		357,995
	55,800		Sumitomo Metal Mining Co Ltd		1,734,472
	112,900		Sumitomo Mitsui Financial Group, Inc		3,125,286
	149,800		Sumitomo Realty & Development Co Ltd		4,008,547
	6,400		Sundrug Co Ltd		237,643
	149,300		T&D Holdings, Inc		1,492,116
	91,500		Taiyo Nippon Sanso Corp		1,341,540
	99,000		Takeda Pharmaceutical Co Ltd		3,059,356
	33,500		TDK Corp		3,939,621
	49,400		Tokio Marine Holdings, Inc		2,207,919
	2,000		Tokyo Electron Ltd		536,822
	75,600		Toppan Printing Co Ltd		961,359
	27,400		Toyo Suisan Kaisha Ltd		1,363,582
	190,176		Toyota Motor Corp		12,484,462
	72,300		Toyota Tsusho Corp		2,017,553
	1,800		Tsuruha Holdings, Inc		252,045
	25,400		Uni-Charm Corp		1,175,281
	493,100		Yamada Denki Co Ltd		2,404,255
	85,600		Yamato Transport Co Ltd		2,265,872
			TOTAL JAPAN		222,384,114
JORDAN - 0.3%
	75,165		Hikma Pharmaceuticals plc		2,443,874
			TOTAL JORDAN		2,443,874

102

TIAA-CREF FUNDS - Quant International Equity Fund

SHARES			COMPANY	VALUE
LUXEMBOURG - 0.4%
	284,297		ArcelorMittal	$	3,855,075
			TOTAL LUXEMBOURG		3,855,075
MACAU - 0.0%
	216,400	*	Wynn Macau Ltd		298,986
			TOTAL MACAU		298,986
NETHERLANDS - 4.1%
	284	*,g	Adyen NV		477,331
	398,546	*	Altice NV (Class A)		1,959,513
	37,096		ASML Holding NV		13,421,440
	203,281		Koninklijke Ahold Delhaize NV		5,573,105
	9,000		NN Group NV		313,208
	58,915		Prosus NV		5,881,835
	208,710		Royal Dutch Shell plc (A Shares)		2,625,463
	218,708		Royal Dutch Shell plc (B Shares)		2,637,473
	63,188		Wolters Kluwer NV		5,116,121
			TOTAL NETHERLANDS		38,005,489
NEW ZEALAND - 0.2%
	21,694		Ryman Healthcare Ltd		200,758
	562,335		Telecom Corp of New Zealand Ltd		1,668,822
			TOTAL NEW ZEALAND		1,869,580
NORWAY - 0.1%
	70,989		DNB NOR Holding ASA		958,691
			TOTAL NORWAY		958,691
SINGAPORE - 1.1%
	117,587		CapitaLand Ltd		221,274
	358,400		DBS Group Holdings Ltd		5,338,673
	276,103		Oversea-Chinese Banking Corp		1,702,933
	120,700		Singapore Airlines Ltd		299,531
	298,800		Singapore Exchange Ltd		1,895,095
	24,000		Venture Corp Ltd		338,322
			TOTAL SINGAPORE		9,795,828
SOUTH AFRICA - 0.6%
	238,299		Anglo American plc		5,591,250
			TOTAL SOUTH AFRICA		5,591,250
SPAIN - 1.9%
	122,163		ACS Actividades de Construccion y Servicios S.A.		2,903,902
	26,273		Enagas		567,070
	160,644		Endesa S.A.		4,309,955
	513,943		Iberdrola S.A.		6,068,421
	143,855		Red Electrica Corp S.A.		2,533,932
	52,099		Siemens Gamesa Renewable Energy		1,478,533
			TOTAL SPAIN		17,861,813

103

TIAA-CREF FUNDS - Quant International Equity Fund

SHARES			COMPANY	VALUE
SWEDEN - 2.6%
	127,113		Atlas Copco AB (A Shares)	$	5,610,915
	122,378		Atlas Copco AB (B Shares)		4,689,009
	292,565		Epiroc AB (Class A)		4,368,465
	35,678	g	Evolution Gaming Group AB		2,646,246
	126,000		Husqvarna AB (B Shares)		1,299,262
	14,723	e	ICA Gruppen AB		696,962
	15,191		Kinnevik AB		622,055
	59,470		Swedish Match AB		4,471,108
			TOTAL SWEDEN		24,404,022
SWITZERLAND - 8.8%
	31,422		Coca-Cola HBC AG.		713,757
	677		Givaudan S.A.		2,760,764
	121,397		Holcim Ltd		5,210,314
	544		Lindt & Spruengli AG.		4,313,086
	54,576		Logitech International S.A.		4,591,269
	219,987		Nestle S.A.		24,743,673
	187,099		Novartis AG.		14,579,237
	55,744		Roche Holding AG.		17,912,294
	8,500		Sika AG.		2,091,040
	64,503		STMicroelectronics NV		1,967,613
	9,059		Zurich Insurance Group AG		3,008,907
			TOTAL SWITZERLAND		81,891,954
UNITED KINGDOM - 9.5%
	13,092		Admiral Group plc		466,387
	55,329		Ashtead Group plc		1,999,441
	152,712		AstraZeneca plc (ADR)		7,660,034
	389,407		BAE Systems plc		2,001,704
	3,354,893		Barclays plc		4,650,127
	69,584		Berkeley Group Holdings plc		3,658,607
	131,793		BP plc (ADR)		2,040,156
	145,319		British American Tobacco plc		4,605,940
	558,514		BT Group plc		733,524
	25,840		CK Hutchison Holdings Ltd		156,073
	213,239		Diageo plc		6,891,425
	95,085		Experian Group Ltd		3,483,333
	315,057		GlaxoSmithKline plc		5,260,973
	4,931		Halma plc		151,320
	123,397		Hargreaves Lansdown plc		2,166,370
	1,051,110		HSBC Holdings plc		4,404,774
	8,000		Intertek Group plc		576,246
	235,642	*	Kingfisher plc		876,349
	1,893,302		Legal & General Group plc		4,539,389
	9,135		London Stock Exchange Group plc		984,733
	760,004		M&G plc		1,445,653
	24,000		National Grid plc		285,492
	20,118		Next plc		1,519,442
	101,016		Persimmon plc		3,058,413
	75,718		Reckitt Benckiser Group plc		6,669,885
	209,546		RELX plc		4,146,476
	133,197	e	Rolls-Royce Group plc		123,283
	52,659		Sage Group plc		433,274
	25,000		Schroders plc		846,937

104

TIAA-CREF FUNDS - Quant International Equity Fund

SHARES			COMPANY	VALUE
	204,042		Segro plc	$	2,384,168
	20,103		Severn Trent plc		632,684
	300,329		Tesco plc		799,339
	61,464	e	Unilever NV		3,464,955
	51,626		Unilever plc		2,942,105
	167,700		Vodafone Group plc (ADR)		2,265,627
			TOTAL UNITED KINGDOM		88,324,638
UNITED STATES - 3.1%
	45,249		Ferguson plc		4,494,171
	400,000		iShares MSCI EAFE Index Fund		24,556,000
			TOTAL UNITED STATES		29,050,171
			TOTAL COMMON STOCKS		851,045,900
			(Cost $774,324,643)
RIGHTS / WARRANTS - 0.0%
UNITED KINGDOM - 0.0%
	595,460	e	Rolls-Royce Holdings plc		300,853
			TOTAL UNITED KINGDOM		300,853
			TOTAL RIGHTS / WARRANTS		300,853
			(Cost $1,014,176)

PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 5.2%
REPURCHASE AGREEMENT - 3.8%
$	34,820,000	r	Fixed Income Clearing Corp (FICC)		0.070	%	11/02/20	34,820,000
			TOTAL REPURCHASE AGREEMENT					34,820,000

SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.4%
	13,274,829	c	State Street Navigator Securities Lending Government Money Market Portfolio		13,274,829
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		13,274,829
			TOTAL SHORT-TERM INVESTMENTS		48,094,829
			(Cost $48,094,829)
			TOTAL INVESTMENTS - 96.5%		899,441,582
			(Cost $823,433,648)
			OTHER ASSETS & LIABILITIES, NET - 3.5%		33,033,303
			NET ASSETS - 100.0%	$	932,474,885

Abbreviation(s):

ADR    American Depositary Receipt

REIT    Real Estate Investment Trust

105

TIAA-CREF FUNDS - Quant International Equity 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 $15,904,534.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/2020, the aggregate value of these securities is $8,633,305 or 0.9% of net assets.
r	Agreement with Fixed Income Clearing Corporation, 0.070% dated 10/31/20 to be repurchased at $34,820,000 on 11/2/20, collateralized by U.S. Treasury Notes valued at $35,516,482.

106

TIAA-CREF FUNDS - Quant International Equity Fund

TIAA-CREF FUNDS

QUANT INTERNATIONAL EQUITY FUND

SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

October 31, 2020

SECTOR	VALUE		% OF NET ASSETS
FINANCIALS	$	152,798,842		16.3	%
INDUSTRIALS		123,748,392		13.3
HEALTH CARE		114,167,879		12.2
CONSUMER DISCRETIONARY		100,760,541		10.8
CONSUMER STAPLES		96,395,437		10.3
INFORMATION TECHNOLOGY		70,577,339		7.6
MATERIALS		63,559,904		6.8
COMMUNICATION SERVICES		48,051,949		5.2
UTILITIES		32,336,016		3.5
REAL ESTATE		26,029,353		2.8
ENERGY		22,921,101		2.5
SHORT-TERM INVESTMENTS		48,094,829		5.2
OTHER ASSETS & LIABILITIES, NET		33,033,303		3.5
NET ASSETS	$	932,474,885		100.0	%

107

TIAA-CREF FUNDS - Quant International Small-Cap Equity Fund

TIAA-CREF FUNDS

QUANT INTERNATIONAL SMALL-CAP EQUITY FUND

SCHEDULE OF INVESTMENTS

October 31, 2020

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.6%
AUSTRALIA - 6.7%
	448,000		Ansell Ltd	$	12,668,130
	83,000		Appen Ltd		1,890,446
	1,232,000		Austal Ltd		2,349,232
	779,000		Bunnings Warehouse Property Trust		2,196,061
	260,000	e	BWX Ltd		689,741
	438,691		carsales.com Ltd		6,409,178
	389,713	*	Champion Iron Ltd		922,718
	208,650		Charter Hall Group		1,809,106
	126,445	e	Clinuvel Pharmaceuticals Ltd		1,837,386
	18,278	g	Coronado Global Resources, Inc (ADR)		9,576
	396,000		Futuris Corp Ltd		3,122,474
	561,000		GDI Property Group		419,559
	107,161		Genworth Mortgage Insurance Australia Ltd		128,573
	827,000		Independence Group NL		2,584,814
	911,000		Ingenia Communities Group		2,955,596
	141,000		JB Hi-Fi Ltd		4,711,582
	3,357,000	*	Mayne Pharma Group Ltd		707,627
	275,000		Mineral Resources Ltd		4,828,943
	107,713		Moelis Australia Ltd		302,540
	2,155,000		Perenti Global Ltd		1,584,769
	1,359,000	*	Perseus Mining Ltd		1,175,378
	298,000		Pinnacle Investment Management Group Ltd		1,062,761
	209,000		Premier Investments Ltd		3,134,602
	13,210	e	Pro Medicus Ltd		301,530
	174,000	e	Seven Network Ltd		2,375,949
	356,556	*	Sigma Healthcare Ltd		133,063
	761,232		St Barbara Ltd		1,431,461
	531,000		Super Cheap Auto Group Ltd		4,179,016
			TOTAL AUSTRALIA		65,921,811
AUSTRIA - 0.8%
	47,520	*	ams AG.		1,017,483
	20,000		Schoeller-Bleckmann Oilfield Equipment AG.		484,709
	18,233	*	Semperit AG. Holding		468,138
	77,000		Telekom Austria AG.		518,339
	50,000		Wiener Staedtische Allgemeine Versicherung AG.		1,014,410
	159,000		Wienerberger AG.		4,010,985
			TOTAL AUSTRIA		7,514,064
BELGIUM - 0.9%
	8,000		Aedifica S.A.		806,239
	154,000	*	AGFA-Gevaert NV		585,529
	23,000		Befimmo SCA Sicafi		895,341
	332,000		Euronav NV		2,425,879
	36,000	*	KBC Ancora		1,020,348

108

TIAA-CREF FUNDS - Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	63,000		Mobistar S.A.	$	1,049,893
	32,000	e	Ontex Group NV		354,026
	20,000	*	Tessenderlo Chemie NV		680,788
	20,000		Warehouses De Pauw CVA		670,066
			TOTAL BELGIUM		8,488,109
BRAZIL - 1.7%
	1,165,100		BR Properties S.A.		1,760,458
	251,000		Bradespar S.A.		2,044,587
	951,000		Cia de Saneamento do Parana (Preference)		788,916
	1,166,000		Cia Energetica de Sao Paulo (Class B)		5,421,602
	383,900	*	Gol Linhas Aereas Inteligentes S.A.		1,049,746
	246,000		LOG Commercial Properties e Participacoes S.A.		1,344,051
	205,300	*	Marisa Lojas S.A.		220,759
	803,000		Transmissora Alianca de Energia Eletrica S.A.		3,939,464
			TOTAL BRAZIL		16,569,583
BURKINA FASO - 0.2%
	422,000	*	IAMGOLD Corp		1,545,718
			TOTAL BURKINA FASO		1,545,718
CANADA - 5.0%
	273,000	*,e	Aphria, Inc		1,227,404
	154,000	e	Canaccord Financial, Inc		765,203
	147,000		Canadian Western Bank		2,703,220
	121,000		Cascades, Inc		1,287,833
	181,000	*	Celestica, Inc		1,063,747
	59,000		Cogeco Communications, Inc		4,109,585
	11,000		Cogeco, Inc		657,870
	401,000		Corus Entertainment, Inc		1,059,461
	984,000	e	Crescent Point Energy Corp		1,226,030
	147,000		Enerflex Ltd		528,507
	31,000		Exchange Income Corp		736,433
	107,000	e	Extendicare, Inc		409,592
	65,000		Granite REIT		3,644,450
	73,000	e	Intertape Polymer Group, Inc		830,106
	140,000		Killam Apartment REIT		1,682,354
	179,000		Labrador Iron Ore Royalty Corp		3,290,333
	90,000		Linamar Corp		2,941,905
	120,000		Martinrea International, Inc		903,400
	1,018,000	*	MEG Energy Corp		1,856,744
	140,000	*	Parex Resources, Inc		1,362,906
	124,000	e	Rogers Sugar, Inc		441,162
	197,900	e	Russel Metals, Inc		2,633,616
	12,658		Slate Grocery REIT		99,474
	30,000		SNC-Lavalin Group, Inc		419,725
	192,600		TFI International, Inc		8,575,420
	100,000	e	Timbercreek Financial Corp		568,941
	113,000		Tourmaline Oil Corp		1,463,920
	113,000		Transcontinental, Inc		1,338,392
	264,000	e	Vermilion Energy, Inc		651,925
	67,000	e	Westshore Terminals Investment Corp		673,369
			TOTAL CANADA		49,153,027

109

TIAA-CREF FUNDS - Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
CHILE - 0.3%
	30,652,000	*	Compania SudAmericana de Vapores S.A.	$	891,853
	424,519,368		Corpbanca S.A.		1,119,352
	30,178		Inversiones La Construccion S.A.		162,426
	234,501		Vina Concha y Toro S.A.		374,315
			TOTAL CHILE		2,547,946
CHINA - 3.3%
	963,000		Chaowei Power Holdings Ltd		331,452
	490,000		China Meidong Auto Holdings Ltd		2,006,535
	4,750,000		China Overseas Grand Oceans Group Ltd		2,772,802
	745,000		China Shineway Pharmaceutical Group Ltd		468,913
	3,407,000		China Suntien Green Energy Cor		794,495
	4,514,000		Citic 1616 Holdings Ltd		1,433,907
	946,000		Cofco International Ltd		323,933
	3,090,823		Fushan International Energy Group Ltd		723,406
	11,346,000		Gemdale Properties and Investment Corp Ltd		1,762,170
	127,000	*,e	JinkoSolar Holding Co Ltd (ADR)		7,404,100
	5,238,000		Lonking Holdings Ltd		1,394,951
	348,000		Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co Ltd		164,322
	2,802,000		SITC International Co Ltd		4,328,123
	1,989,000		TCL Multimedia Technology Holdings Ltd		1,351,065
	2,940,000		Tiangong International Co Ltd		986,005
	2,626,000	e	Tianneng Power International Ltd		4,278,185
	1,818,000	e,g	YiChang HEC ChangJiang Pharmaceutical Co Ltd		2,244,138
			TOTAL CHINA		32,768,502
COLOMBIA - 0.1%
	68,000	*	Corp Financiera Colombiana S.A.		456,806
	120,000		Frontera Energy Corp		193,650
			TOTAL COLOMBIA		650,456
COTE D’IVOIRE - 0.2%
	70,673	*	Endeavour Mining Corp		1,733,539
			TOTAL COTE D’IVOIRE		1,733,539
DENMARK - 1.5%
	115,000		Alm Brand AS		1,315,399
	21,000		PER Aarsleff A.S.		803,270
	30,000	e	Ringkjoebing Landbobank A.S.		2,283,323
	80,000		Royal Unibrew A.S.		7,800,727
	111,000	g	Scandinavian Tobacco Group A.S.		1,567,855
	30,000		Topdanmark AS		1,174,781
			TOTAL DENMARK		14,945,355
EGYPT - 0.0%
	605,000		Telecom Egypt		454,113
			TOTAL EGYPT		454,113
FINLAND - 1.6%
	384,000		Kesko Oyj (B Shares)		9,853,662
	40,000		Tokmanni Group Corp		636,365
	234,000		Valmet Corp		5,584,859
			TOTAL FINLAND		16,074,886

110

TIAA-CREF FUNDS - Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
FRANCE - 1.0%
	5,742		ABC Arbitrage	$	47,481
	22,000		Carbone Lorraine		570,783
	49,000	*	Cellectis S.A.		778,526
	49,903		Coface S.A.		389,901
	168,000	e,g	Elior Participations S.C.A		633,160
	110,000	*,e	Innate Pharma S.A.		435,985
	20,248		M6-Metropole Television		222,414
	305,016		Mercialys S.A		1,460,718
	31,000		Sechilienne-Sidec		1,445,263
	18,000		Sopra Group S.A.		2,140,408
	7,000	*	Virbac S.A.		1,628,879
			TOTAL FRANCE		9,753,518
GERMANY - 2.4%
	130,119	g	ADO Properties S.A.		3,271,147
	127,000	*	ADVA AG. Optical Networking		975,034
	5,813		bet-at-home.com AG.		211,326
	697		Cewe Color Holding AG.		66,440
	35,305		CropEnergies AG.		480,658
	74,000		DIC Asset AG.		851,700
	18,000		Draegerwerk AG.		1,446,278
	48,000		Eckert & Ziegler Strahlen- und Medizintechnik AG.		2,196,996
	28,000	*	Evotec AG.		739,959
	80,000		Grand City Properties S.A.		1,815,886
	19,000		Hornbach Holding AG. & Co KGaA		1,830,015
	15,000	g	JOST Werke AG.		562,526
	11,000	*	Morphosys AG.		1,121,213
	603		New Work SE		156,960
	41,000		Patrizia Immobilien AG.		933,203
	119,000		ProSiebenSat. Media AG.		1,328,097
	862,000		Sirius Real Estate Ltd		821,058
	4,808		Sixt AG. (Preference)		227,644
	474		Stabilus S.A.		26,873
	87,344		TAG Tegernsee Immobilien und Beteiligungs AG.		2,573,995
	21,000		Wacker Chemie AG.		2,025,913
			TOTAL GERMANY		23,662,921
GREECE - 0.0%
	58,450	*	GEK Group of Cos S.A.		394,147
	17,454		Hellenic Exchanges S.A.		51,982
			TOTAL GREECE		446,129
HONG KONG - 1.1%
	760,000		China Grand Pharmaceutical and Healthcare Holdings Ltd		618,624
	2,531,000		China High Speed Transmission Equipment Group Co Ltd		1,877,233
	1,622,000		Digital China Holdings Ltd		1,194,150
	341,000		Johnson Electric Holdings Ltd		705,564
	1,903,734		K Wah International Holdings Ltd		903,425
	498,000		NetDragon Websoft, Inc		1,071,348
	17,820,000	e	Skyway Securities Group Ltd		290,703
	3,938,000		United Laboratories Ltd		3,386,215

111

TIAA-CREF FUNDS - Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	960,000		VST Holdings Ltd	$	600,580
			TOTAL HONG KONG		10,647,842
INDIA - 0.9%
	119,000	*	Crompton Greaves Consumer Electricals Ltd		480,551
	23,809		Escorts Ltd		385,473
	234,293		Glenmark Pharmaceuticals Ltd		1,500,145
	9,794	g	IndiaMart InterMesh Ltd		641,624
	1,058,000	*	Jindal Steel & Power Ltd		2,741,952
	40,179	*	Kaveri Seed Co Ltd		274,564
	53,078		MindTree Ltd		953,232
	29,001		Mphasis Ltd		540,315
	15,403		Multi Commodity Exchange of India Ltd		353,482
	26,741	*	Sun Pharma Advanced Research Company Ltd		59,119
	6,636		Tata Elxsi Ltd		137,647
	108,000		Torrent Power Ltd		454,857
	58,927	*	Wockhardt Ltd		231,445
			TOTAL INDIA		8,754,406
INDONESIA - 0.8%
	16,139,000	*	PT Erajaya Swasembada Tbk		1,899,970
	1,152,900	*	PT Indosat Tbk		156,233
	1,392,800		PT Industri Jamu Dan Farmasi Sido Muncul Tbk		75,841
	42,643,000		PT Puradelta Lestari Tbk		652,229
	717,800		PT Selamat Sempurna Tbk		68,043
	13,300,700		PT Surya Citra Media Tbk		1,329,598
	34,347,000		Tower Bersama Infrastructure		3,474,070
			TOTAL INDONESIA		7,655,984
IRELAND - 0.1%
	328,655	*	C&C Group plc		688,590
			TOTAL IRELAND		688,590
ISRAEL - 1.2%
	88,000		Amot Investments Ltd		403,291
	41,000		Ashtrom Group Ltd		521,626
	270,000		Bayside Land Corp		1,880,242
	14,000		Elco Holdings Ltd		527,151
	2,000		Electra Israel Ltd		869,048
	18,383	*	Fattal Holdings 1998 Ltd		1,106,656
	26,000		First International Bank Of Israel Ltd		574,761
	107,000		Gazit Globe Ltd		443,189
	478,339		Industrial Buildings Corp		914,766
	139,379		Maytronics Ltd		2,125,283
	32,000	*	Nova Measuring Instruments Ltd		1,816,223
	13,869		Saipens International Corp NV		383,601
	66,000	*	Shapir Engineering and Industry Ltd		444,342
			TOTAL ISRAEL		12,010,179
ITALY - 2.9%
	120,000		ACEA S.p.A.		2,382,458
	578,000		Actelios S.p.A.		3,134,364
	259,046		Azimut Holding S.p.A.		4,366,548

112

TIAA-CREF FUNDS - Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	375,000	g	Banca Farmafactoring S.p.A	$	1,730,095
	151,000	e	Buzzi Unicem S.p.A.		3,267,306
	52,000		Buzzi Unicem S.p.A. RSP		737,387
	135,000	*	Cerved Information Solutions S.p.A		955,230
	66,000		De’Longhi S.p.A.		2,110,793
	9,808		Gruppo MutuiOnline S.p.A		247,305
	1,250,000		Hera S.p.A.		3,926,405
	765,000		Piaggio & C S.p.A.		2,087,784
	21,000	*	Sesa S.p.A		1,967,510
	238,718	*,g	Technogym S.p.A		1,775,363
			TOTAL ITALY		28,688,548
JAPAN - 20.4%
	220,100		Alps Electric Co Ltd		3,175,456
	34,000		Altech Corp		628,130
	29,000		Amuse, Inc		705,389
	41,000	e	Anritsu Corp		897,591
	30,000		Arata Corp		1,457,917
	160,300		ASKUL Corp		6,156,528
	32,700		BayCurrent Consulting, Inc		4,231,063
	168,000		Bunka Shutter Co Ltd		1,319,029
	51,300		Cocokara Fine Holdings, Inc		3,370,221
	44,000		Computer Engineering & Consulting Ltd		627,730
	14,129		Daiichi Jitsugyo Co Ltd		502,867
	90,000	e	Daio Paper Corp		1,301,229
	110,800		Daiwabo Co Ltd		7,253,424
	223,800		DCM Japan Holdings Co Ltd		2,773,033
	156,100		Dena Co Ltd		2,663,394
	74,000		Dip Corp		1,421,788
	109,900		Dowa Holdings Co Ltd		3,145,210
	142,000		ES-Con Japan Ltd		1,153,683
	50,500		Foster Electric Co Ltd		580,960
	25,000		Fuyo General Lease Co Ltd		1,435,452
	62,000		GMO internet, Inc		1,653,678
	24,000		Godo Steel Ltd		439,276
	123,000		Goldcrest Co Ltd		1,571,619
	56,000		Green Hospital Supply, Inc		2,657,331
	768,000		Haseko Corp		9,207,658
	86,000		Hosiden Corp		762,426
	10,599		Hosokawa Micron Corp		531,689
	51,000		Inaba Denki Sangyo Co Ltd		1,227,746
	60,000		Itochu Enex Co Ltd		564,439
	33,000	*	Jafco Co Ltd		1,492,458
	272,000	e	Japan Investment Adviser Co Ltd		3,267,623
	191,800		JDC Corp		995,728
	27,100		Joshin Denki Co Ltd		672,079
	116,900		Joyful Honda Co Ltd		1,818,502
	56,000		Kaken Pharmaceutical Co Ltd		2,205,618
	100,000		Kanto Denka Kogyo Co Ltd		674,805
	419,000		Kenedix, Inc		2,171,290
	122,000		Kinden Corp		1,912,941
	62,900		Kintetsu World Express, Inc		1,337,132
	74,000		Kohnan Shoji Co Ltd		2,526,801
	148,200		Komeri Co Ltd		4,363,283

113

TIAA-CREF FUNDS - Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	99,000		Koshidaka Holdings Co Ltd	$	370,343
	590,400		K’s Holdings Corp		7,539,918
	159,200		Kumagai Gumi Co Ltd		3,679,611
	80,000	e	LEC, Inc		1,129,805
	423,565		Maeda Corp		3,049,735
	43,800		Maeda Road Construction Co Ltd		730,155
	18,000		Maruzen Showa Unyu Co Ltd		527,678
	10,200	*	Maxvalu Tokai Co Ltd		254,249
	15,000		Mitsubishi Research Institute, Inc		543,848
	47,000		Mitsui-Soko Co Ltd		829,621
	47,000		Musashino Bank Ltd		696,839
	17,000		NEC Capital Solutions Ltd		288,828
	48,000		Nichiha Corp		1,398,676
	48,000		Nihon Unisys Ltd		1,414,869
	87,000		Nippo Corp		2,234,695
	179,900		Nippon Electric Glass Co Ltd		3,538,267
	77,000		Nippon Konpo Unyu Soko Co Ltd		1,473,677
	100		Nippon Road Co Ltd		7,264
	16,000		Nippon Steel Trading Co Ltd		456,058
	186,000		Nishimatsu Construction Co Ltd		3,613,058
	110,000		Nojima Corp		3,087,153
	255,800		Nomura Co Ltd		1,651,855
	18,000		Optorun Co Ltd		354,505
	26,000		Organo Corp		1,359,707
	992,800		Penta-Ocean Construction Co Ltd		6,295,524
	154,000		Pressance Corp		2,100,898
	79,000		Prima Meat Packers Ltd		2,254,120
	50,000		Proto Corp		538,476
	49,000		Raysum Co Ltd		444,603
	593,000		Rengo Co Ltd		4,562,508
	16,000		Sakai Moving Service Co Ltd		722,313
	151,000		Sanki Engineering Co Ltd		1,637,090
	100,000		SBS Holdings, Inc		2,279,127
	28,000		Seria Co Ltd		1,078,815
	19,700		Shiga Bank Ltd		425,438
	75,000		Shinko Plantech Co Ltd		869,175
	23,000		Shinwa Kaiun Kaisha Ltd		312,067
	30,000		Sinko Industries Ltd		420,803
	49,000		Starts Corp, Inc		1,139,738
	52,700		Strike Co Ltd		2,831,033
	399,000		Sumitomo Forestry Co Ltd		6,285,278
	722,200		Sumitomo Mitsui Construction Co Ltd		2,787,281
	110,800		Sun Frontier Fudousan Co Ltd		890,635
	1,361,000	e	Suruga Bank Ltd		4,444,667
	35,000		Taikisha Ltd		911,496
	301,000		Takara Leben Co Ltd		840,235
	147,000		Takasago Thermal Engineering Co Ltd		1,948,842
	69,000		Tamron Co Ltd		1,029,887
	92,000		TechMatrix Corp		1,960,238
	25,300		Telepark Corp		465,146
	41,000		Toa Corp/Tokyo		731,979
	231,000		Toda Corp		1,319,534
	163,000		Toho Pharmaceutical Co Ltd		3,014,446
	63,000		Tokyo Tatemono Co Ltd		724,575

114

TIAA-CREF FUNDS - Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	197,000		Tosei Corp	$	1,974,073
	354,000		Toyo Construction Co Ltd		1,355,296
	9,000		Trancom Co Ltd		646,684
	79,400		Uchida Yoko Co Ltd		3,919,270
	90,000		World Co Ltd		1,142,684
	326,000		Yamaguchi Financial Group, Inc		2,120,619
	116,000		Yellow Hat Ltd		1,903,824
	36,000	e	Yokogawa Bridge Holdings Corp		637,218
	107,000		Zenkoku Hosho Co Ltd		4,219,859
			TOTAL JAPAN		200,270,124
KAZAKHSTAN - 0.5%
	593,000		KAZ Minerals plc		4,838,346
			TOTAL KAZAKHSTAN		4,838,346
KOREA, REPUBLIC OF - 4.6%
	23,109		Boditech Med, Inc		649,781
	1,807		Cuckoo Electronics Co Ltd		145,964
	41,000		Daewoong Co Ltd		855,210
	177,000		Dongbu HiTek Co Ltd		5,025,453
	25,000		Global & Yuasa Battery Co Ltd		607,483
	51,000		Hansol Paper Co Ltd		615,379
	221,000		JB Financial Group Co Ltd		998,450
	74,000		KEPCO Plant Service & Engineering Co Ltd		1,798,092
	90,000		Kginicis Co Ltd		1,504,147
	150,000		LG International Corp		2,056,593
	30,000		Lotte Data Communication Co		903,494
	200,413		LOTTE Reit Co Ltd		957,211
	38,000		LS Industrial Systems Co Ltd		1,668,575
	1,426		NICE Holdings Co Ltd		22,726
	65,865		NICE Information Service Co Ltd		1,134,070
	52,000		S&T Daewoo Co Ltd		2,324,132
	213,000	*	Samsung Techwin Co Ltd		4,757,590
	105,000		SK Chemicals Co Ltd		5,863,291
	41,003	*	Soulbrain Co Ltd		7,855,867
	94,701		Taeyoung Engineering & Construction Co Ltd		839,031
	64,716		Technosemichem Co Ltd		2,466,949
	91,298	*	TY Holdings Co Ltd		1,637,362
	12,000		Unid Co Ltd		460,662
	8,015	*	Webzen, Inc		227,224
			TOTAL KOREA, REPUBLIC OF		45,374,736
MALAYSIA - 1.0%
	3,175,200		Bursa Malaysia BHD		6,155,916
	3,183,000		Drb-Hicom BHD		1,456,590
	6,264,000		Felda Global Ventures Holdings BHD		1,599,352
	1,201,200		VS Industry BHD		677,340
			TOTAL MALAYSIA		9,889,198
MALTA - 0.1%
	72,000		Unibet Group plc (ADR)		547,715
			TOTAL MALTA		547,715

115

TIAA-CREF FUNDS - Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
MEXICO - 0.9%
	483,000		Bolsa Mexicana de Valores S.A. de C.V.	$	981,871
	453,000		Concentradora Fibra Danhos S.A. de C.V.		410,042
	900,000		Corp Inmobiliaria Vesta SAB de C.V.		1,446,008
	704,000	g	Mexico Real Estate Management S.A. de C.V.		808,829
	444,400		PLA Administradora Industrial S de RL de C.V.		610,090
	773,000	e	Qualitas Controladora SAB de C.V.		3,087,044
	390,000	*	Regional SAB de C.V.		1,053,900
			TOTAL MEXICO		8,397,784
NETHERLANDS - 2.8%
	88,000		ASM International NV		12,569,112
	10,000	g	Euronext NV		1,041,215
	861,882	*,e	Pharming Group NV		896,185
	262,927	g	Signify NV		9,332,679
	999,000	*	TNT NV		3,313,406
			TOTAL NETHERLANDS		27,152,597
NEW ZEALAND - 0.1%
	1,139,000		Precinct Properties New Zealand Ltd		1,332,401
			TOTAL NEW ZEALAND		1,332,401
NORWAY - 0.8%
	486,000		BW Offshore Ltd		1,169,548
	282,000	g	Europris ASA		1,465,791
	199,000		Frontline Ltd (Sigmax MTF)		1,104,412
	64,000	e	Kongsberg Gruppen ASA		1,039,958
	198,502		Norwegian Finans Holding ASA		1,430,433
	118,000	g	Skandiabanken ASA		752,438
	130,000		Sparebanken Nord-Norge		870,183
			TOTAL NORWAY		7,832,763
PAKISTAN - 0.1%
	476,000		Engro Chemical Pakistan Ltd		903,628
	682,000		Fauji Fertilizer Co Ltd		449,728
			TOTAL PAKISTAN		1,353,356
PERU - 0.2%
	502,000		HudBay Minerals, Inc		2,264,520
			TOTAL PERU		2,264,520
POLAND - 0.1%
	35,000		Asseco Poland S.A.		567,253
	57,297		Warsaw Stock Exchange		623,581
			TOTAL POLAND		1,190,834
PORTUGAL - 0.4%
	698,000		PT Multimedia Servicos de Telecomunicacoes e Multimedia SGPS S.A.		2,398,865
	641,000		Redes Energeticas Nacionais S.A.		1,683,639
			TOTAL PORTUGAL		4,082,504
QATAR - 0.1%
	103,631		Al Meera Consumer Goods Co		569,210
			TOTAL QATAR		569,210

116

TIAA-CREF FUNDS - Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
RUSSIA - 0.0%
	58,467		AFK Sistema	$	364,834
			TOTAL RUSSIA		364,834
SAUDI ARABIA - 1.0%
	28,227		Aldrees Petroleum and Transport Services Co		477,729
	138,000		Arabian Cement Co		1,131,509
	64,000		Eastern Province Cement Co		591,598
	119,437		Najran Cement Co		499,832
	304,584	*	Saudi Ceramic Co		3,147,223
	71,043		Saudi Pharmaceutical Industries & Medical Appliances Corp		619,442
	16,000		Saudia Dairy & Foodstuff Co		723,747
	360,000		Yamama Cement Co		2,399,808
	73,000		Yanbu Cement Co		643,339
			TOTAL SAUDI ARABIA		10,234,227
SINGAPORE - 1.4%
	560,000	g	BW LPG Ltd		2,451,690
	58,837		China Yuchai International Ltd		1,025,529
	5,902,000		Frasers Logistics & Industrial Trust		5,322,040
	714,000		IGG, Inc		772,897
	1,107,000		Japfa Ltd		522,959
	984,100		Keppel Infrastructure Trust		393,284
	41,600		Parkway Life Real Estate Investment Trust		123,322
	2,217,300		Sheng Siong Group Ltd		2,710,114
			TOTAL SINGAPORE		13,321,835
SOUTH AFRICA - 0.5%
	245,859		African Rainbow Minerals Ltd		3,458,172
	355,738	*,e	Brait S.A.		77,355
	477,128	*,e	Royal Bafokeng Platinum Ltd		1,720,431
			TOTAL SOUTH AFRICA		5,255,958
SPAIN - 1.3%
	76,000		Cia de Distribucion Integral Logista Holdings SAU		1,283,142
	6,296		Corp Financiera Alba		234,592
	6,847,000	*,e	Distribuidora Internacional de Alimentacion S.A.		898,710
	63,000	g	Euskaltel S.A.		599,457
	371,654		Faes Farma S.A. (Sigma)		1,400,608
	28,000		Grupo Catalana Occidente S.A.		645,963
	830,007	*	Mediaset Espana Comunicacion SA		2,774,891
	10,166	e	Pharma Mar S.A.		1,364,756
	44,000		Viscofan S.A.		2,969,625
	108,462		Zardoya Otis S.A.		662,590
			TOTAL SPAIN		12,834,334
SWEDEN - 5.0%
	221,000		Arjo AB		1,570,872
	225,019		Avanza Bank Holding AB		4,285,781
	191,000		Axfood AB		4,439,444
	231,000		Betsson AB		1,760,108

117

TIAA-CREF FUNDS - Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	101,000		Bilia AB	$	1,343,461
	156,000	*	Biovitrum AB		2,690,381
	25,000		Castellum AB		520,517
	111,000		Clas Ohlson AB (B Shares)		982,160
	357,000	*,e	Collector AB		577,454
	65,000	*	Embracer Group AB		1,308,197
	33,811		Fortnox AB		1,056,309
	315,000		Getinge AB (B Shares)		6,167,690
	65,000		Hexpol AB		572,479
	116,000		Inwido AB		1,227,506
	8,218	*	K-fast Holding AB		198,354
	595,305	g	LeoVegas AB		1,991,647
	104,000		Lindab International AB		1,605,505
	190,000		NCC AB (B Shares)		3,028,107
	178,000	*,g	Nobina AB		976,088
	30,000		Nolato AB (B Shares)		2,495,282
	257,226	*	Nyfosa AB		2,126,805
	69,286		Paradox Interactive AB		2,147,257
	397,000		Ratos AB (B Shares)		1,446,404
	187,600	e	Recipharm AB (B Shares)		3,020,912
	13,057		Troax Group AB		212,826
	74,000		Wihlborgs Fastigheter AB		1,333,808
			TOTAL SWEDEN		49,085,354
SWITZERLAND - 3.8%
	100		Belimo Holding AG.		743,670
	1,576		Bell AG.		399,607
	5,000		Burckhardt Compression Holding AG.		1,251,862
	58,000		Cembra Money Bank AG.		6,444,015
	2,000		Emmi AG.		1,889,199
	98,000	g	Galenica AG.		6,180,067
	1,000		Gurit Holding AG.		2,094,334
	14,099		Implenia AG.		282,787
	666		Interroll Holding AG.		1,789,428
	33,000		PSP Swiss Property AG.		3,990,556
	9,000		Sulzer AG.		658,731
	46,041	g	VAT Group AG.		8,637,977
	25,000	*	Vetropack Holding AG.		1,394,495
	12,709		VZ Holding AG.		1,067,976
	19,000		Zehnder Group AG.		908,709
			TOTAL SWITZERLAND		37,733,413
TAIWAN - 6.3%
	1,448,000		Benq Corp		948,635
	1,491,000		Cheng Loong Corp		1,771,485
	1,300,000		Cheng Uei Precision Industry Co Ltd		1,839,582
	364,000		Chicony Power Technology Co Ltd		851,389
	332,000		Chong Hong Construction Co		924,724
	3,132,000		Compeq Manufacturing Co		4,780,277
	848,000		Everlight Electronics Co Ltd		1,125,971
	1,223,506		Hannstar Board Corp		1,678,171
	918,000		Kindom Construction Co		1,118,766
	1,343,000		King’s Town Bank		1,820,448
	254,000		KMC Kuei Meng International In		1,845,737

118

TIAA-CREF FUNDS - Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	600		Mercuries & Associates Holding Ltd	$	437
	66,000		Merida Industry Co Ltd		643,466
	1,455,000		Radiant Opto-Electronics Corp		5,732,722
	1,607,000		Shinkong Synthetic Fibers Corp		651,426
	785,000		Simplo Technology Co Ltd		8,756,176
	355,000		Systex Corp		1,006,812
	534,000		Taiwan Hon Chuan Enterprise Co Ltd		1,091,505
	1,259,000		Taiwan Surface Mounting Technology Co Ltd		4,147,209
	422,000		TCI Co Ltd		3,370,702
	275,000		Topco Scientific Co Ltd		1,102,542
	1,940,000	*	TPK Holding Co Ltd		3,423,751
	1,177,000		Tripod Technology Corp		4,680,548
	761,000		Unimicron Technology Corp		1,818,342
	1,414,944		USI Corp		874,007
	123,700		Voltronic Power Technology Corp		4,243,056
	2,031,000		Yuen Foong Yu Paper Manufacturing Co Ltd		1,379,799
			TOTAL TAIWAN		61,627,685
THAILAND - 0.2%
	2,282,000		Thanachart Capital PCL		2,012,201
			TOTAL THAILAND		2,012,201
TURKEY - 1.4%
	112,000		Coca-Cola Icecek AS		601,677
	8,055,111		Dogan Sirketler Grubu Holdings		2,335,930
	945,000	*	Koza Anadolu Metal Madencilik Isletmeleri AS		1,360,069
	155,000	*	Migros Ticaret AS		692,917
	3,535,334	*	Sok Marketler Ticaret AS.		4,770,679
	12,158,697	*	Turkiye Sinai Kalkinma Bankasi AS		3,700,063
			TOTAL TURKEY		13,461,335
UNITED KINGDOM - 11.1%
	490,689		888 Holdings plc		1,705,189
	241,000		Ashmore Group plc		1,114,998
	3,361,000		Assura Group Ltd		3,317,881
	1,286,000	g	Avast plc		7,902,788
	70,000		Bellway plc		2,117,862
	129,000		Big Yellow Group plc		1,838,369
	47,000	*,e	Blue Prism Group plc		940,118
	292,000	*	boohoo.com plc		1,023,373
	278,000		Brewin Dolphin Holdings plc		875,030
	586,000	*	Cairn Energy plc		1,055,236
	251,987		Civitas Social Housing plc		339,534
	185,000	g	CMC Markets plc		800,489
	56,000		Computacenter plc		1,654,067
	502,000	g	Countryside Properties plc		2,192,552
	772,000	*	CYBG plc		936,115
	1,402		Dechra Pharmaceuticals plc		63,423
	198,000	*	Dialog Semiconductor plc		7,548,531
	14,150		Diploma plc		407,456
	639,000		Empiric Student Property plc		447,025
	88,000		Fevertree Drinks plc		2,297,180
	73,799		Future plc		1,897,405
	39,000		Games Workshop Group plc		5,243,020

119

TIAA-CREF FUNDS - Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	805,000		GCP Student Living plc	$	1,168,110
	21,000		Genus plc		1,116,038
	149,000		Grainger plc		539,800
	612,000		Halfords Group plc		1,906,794
	183,000		HomeServe plc		2,622,647
	588,000		Howden Joinery Group plc		4,854,437
	186,000		IG Group Holdings plc		1,835,541
	810,000	*	Indivior plc		1,157,438
	8,251		Marshalls plc		71,485
	336,000	*	Ninety One plc		903,241
	498,000		OneSavings Bank plc		1,986,496
	21,043		P2P Global Investments plc		237,357
	532,000		Paragon Group of Cos plc		2,041,355
	378,147		Pennon Group plc		4,866,570
	614,000	g	Quilter plc		974,824
	568,669	g	Regional REIT Ltd		459,707
	1,162,000		Rightmove plc		9,299,691
	1,341,962		Rotork plc		4,889,379
	402,000		Safestore Holdings plc		4,184,809
	93,148	e	Smart Metering Systems plc		701,111
	578,000		Spirent Communications plc		2,169,951
	308,000	*	Sports Direct International plc		1,494,157
	3,369,393		Tritax Big Box REIT plc		6,836,441
	532,000		Unite Group plc		5,741,187
	527,556		Warehouse REIT plc		731,290
	80,641		William Hill plc		286,395
			TOTAL UNITED KINGDOM		108,793,892
UNITED STATES - 2.8%
	90,644	*	Burford Capital Ltd		772,097
	1,056,000		Diversified Gas & Oil plc		1,534,988
	97,092		iShares Core MSCI Emerging Markets ETF		5,191,509
	57,921	e	iShares MSCI Canada Index Fund		1,533,169
	296,968	e	iShares MSCI EAFE Small-Cap ETF		16,912,328
	45,000	*,e	UroGen Pharma Ltd		1,013,400
			TOTAL UNITED STATES		26,957,491
			TOTAL COMMON STOCKS		977,453,873
			(Cost $925,617,220)
SHORT-TERM INVESTMENTS - 2.2%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 2.2%
	21,536,550	c	State Street Navigator Securities Lending Government Money Market Portfolio		21,536,550
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		21,536,550
			TOTAL SHORT-TERM INVESTMENTS		21,536,550
			(Cost $21,536,550)
			TOTAL INVESTMENTS - 101.8%		998,990,423
			(Cost $947,153,770)
			OTHER ASSETS & LIABILITIES, NET - (1.8)%		(17,508,034	)
			NET ASSETS - 100.0%	$	981,482,389

120

TIAA-CREF FUNDS - Quant International Small-Cap Equity Fund

	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 $49,007,083.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/2020, the aggregate value of these securities is $59,003,722 or 6.0% of net assets.

121

TIAA-CREF FUNDS - Quant International Small-Cap Equity Fund

TIAA-CREF FUNDS

QUANT INTERNATIONAL SMALL-CAP EQUITY FUND

SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

October 31, 2020

SECTOR	VALUE			% OF NET ASSETS
INDUSTRIALS	$	177,147,440			18.0	%
INFORMATION TECHNOLOGY		130,426,891			13.3
CONSUMER DISCRETIONARY		126,191,363			12.9
FINANCIALS		120,487,500			12.3
MATERIALS		95,990,690			9.8
REAL ESTATE		95,187,230			9.7
HEALTH CARE		71,534,618			7.3
CONSUMER STAPLES		59,900,604			6.1
COMMUNICATION SERVICES		51,454,076			5.2
UTILITIES		28,436,822			2.9
ENERGY		20,696,639			2.1
SHORT-TERM INVESTMENTS		21,536,550			2.2
OTHER ASSETS & LIABILITIES, NET		(17,508,034	)		(1.8	)
NET ASSETS	$	981,482,389			100.0	%

122

TIAA-CREF FUNDS - Social Choice International Equity Fund

TIAA-CREF FUNDS

SOCIAL CHOICE INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS

October 31, 2020

SHARES			COMPANY	VALUE
COMMON STOCKS - 98.4%
AUSTRALIA - 6.7%
	225,171		AMP Ltd	$	242,305
	8,425		Ampol Ltd		153,622
	44,592		APA Group		328,747
	15,890		AusNet Services		22,338
	138,256		Australia & New Zealand Banking Group Ltd		1,834,744
	8,834		Australian Stock Exchange Ltd		494,656
	52,480		BlueScope Steel Ltd		542,050
	37,724		Brambles Ltd		254,423
	15,230		Coca-Cola Amatil Ltd		133,138
	3,260		Cochlear Ltd		486,572
	24,361		Coles Group Ltd		304,324
	85,128		Commonwealth Bank of Australia		4,133,095
	8,958		Computershare Ltd		76,554
	24,798		CSL Ltd		5,020,536
	714		Dexus Property Group		4,320
	123,256		Evolution Mining Ltd		483,217
	195,134		Fortescue Metals Group Ltd		2,387,170
	114,345		Goodman Group		1,479,985
	34,744		GPT Group		98,404
	24,681		Insurance Australia Group Ltd		82,847
	12,102		Lend Lease Corp Ltd		101,804
	29,451		Macquarie Group Ltd		2,625,850
	8,807		Mirvac Group		13,060
	234,833		National Australia Bank Ltd		3,072,315
	90,191		Newcrest Mining Ltd		1,870,335
	2,654		Orica Ltd		28,490
	10,912		QR National Ltd		28,935
	24,861		Ramsay Health Care Ltd		1,089,267
	19,893	e	Santos Ltd		66,132
	61,244		Seek Ltd		926,963
	35,970		Sonic Healthcare Ltd		881,014
	83,257		Stockland Trust Group		225,134
	44,687		Sydney Airport		171,334
	245,119		Transurban Group		2,321,197
	184,521		Westpac Banking Corp		2,335,456
	33,114		Wisetech Global Ltd		675,376
	14,624		Woodside Petroleum Ltd		180,376
			TOTAL AUSTRALIA		35,176,085
AUSTRIA - 0.3%
	22,562	*	Erste Bank der Oesterreichischen Sparkassen AG.		463,772
	34,083		OMV AG.		787,875
	16,549		Voestalpine AG.		460,176
			TOTAL AUSTRIA		1,711,823

123

TIAA-CREF FUNDS - Social Choice International Equity Fund

SHARES			COMPANY	VALUE
BELGIUM - 1.0%
	18,918		KBC Groep NV	$	934,678
	3,149		Solvay S.A.		255,857
	19,188		UCB S.A.		1,895,228
	45,459		Umicore S.A.		1,752,504
			TOTAL BELGIUM		4,838,267
DENMARK - 2.7%
	3,923		Christian Hansen Holding		395,869
	7,347		Coloplast AS		1,074,447
	14,973		GN Store Nord		1,078,011
	15,526		H Lundbeck AS		437,701
	88,440		Novo Nordisk AS		5,639,433
	2,296		Novozymes AS		138,084
	17,297	g	Orsted AS		2,745,276
	4,056		Pandora AS		321,760
	798		Tryg A.S.		22,147
	10,425		Vestas Wind Systems AS		1,788,555
			TOTAL DENMARK		13,641,283
FINLAND - 0.9%
	3,543		Elisa Oyj (Series A)		174,205
	44,889		Neste Oil Oyj		2,341,120
	12,657		Orion Oyj (Class B)		541,715
	28,559		Stora Enso Oyj (R Shares)		416,760
	24,422		UPM-Kymmene Oyj		690,140
	50,005		Wartsila Oyj (B Shares)		397,380
			TOTAL FINLAND		4,561,320
FRANCE - 10.0%
	13,227		Accor S.A.		337,129
	18,514		Air Liquide		2,707,455
	14,036	g	Amundi S.A.		920,650
	16,314		Atos Origin S.A.		1,114,505
	117,479		AXA S.A.		1,886,630
	12,778		Bouygues S.A.		419,034
	17,989		Cap Gemini S.A.		2,077,150
	32,161		Carrefour S.A.		499,843
	39,726		CNP Assurances		448,055
	37,742		Compagnie de Saint-Gobain		1,470,183
	37,039		Danone		2,054,375
	22,452		Essilor International S.A.		2,771,899
	7,339		Eurazeo		333,760
	11,576		Fonciere Des Regions		689,357
	2,258		Gecina S.A.		280,315
	37,510		Getlink S.E.		504,518
	12,262		JC Decaux S.A.		189,256
	4,996		Kering		3,019,163
	44,717		Klepierre		566,568
	15,519		Legrand S.A.		1,148,706
	14,261		L’Oreal S.A.		4,608,945
	6,452		Michelin (C.G.D.E.) (Class B)		696,822
	219,108		Natixis		510,345
	136,990		Orange S. A.		1,538,346

124

TIAA-CREF FUNDS - Social Choice International Equity Fund

SHARES			COMPANY	VALUE
	109,678		Peugeot S.A.	$	1,970,278
	33,362		Renault S.A.		826,236
	59,292		Sanofi-Aventis		5,353,673
	32,115		Schneider Electric S.A.		3,902,178
	2,120		SEB S.A.		344,528
	41,179		Societe Generale		559,536
	2,559		Teleperformance		768,168
	143,363		Total S.A.		4,343,427
	6,746	e	Unibail-Rodamco-Westfield		273,084
	19,700		Unibail-Rodamco-Westfield		800,732
	32,722		Valeo S.A.		989,886
	5,026		Wendel		434,957
			TOTAL FRANCE		51,359,692
GERMANY - 9.2%
	8,440		Adidas-Salomon AG.		2,507,565
	22,104		Allianz AG.		3,893,721
	46,905		BASF SE		2,568,433
	34,998		Bayerische Motoren Werke AG.		2,391,719
	6,414		Beiersdorf AG.		671,605
	5,905		Brenntag AG.		377,426
	18,770	*,g	Delivery Hero AG.		2,154,686
	8,918		Deutsche Boerse AG.		1,314,099
	60,777		Deutsche Post AG.		2,694,729
	28,770		Deutsche Wohnen AG.		1,452,106
	6,131		Fraport AG. Frankfurt Airport Services Worldwide		221,749
	22,418		HeidelbergCement AG.		1,282,162
	20,196		Henkel KGaA		1,825,797
	8,421		Henkel KGaA (Preference)		819,452
	5,722		Hochtief AG.		420,942
	3,428		LEG Immobilien AG.		463,304
	15,069		Merck KGaA		2,232,189
	10,854	*	METRO AG.		105,553
	11,062		MTU Aero Engines Holding AG.		1,890,732
	7,625		Muenchener Rueckver AG.		1,787,126
	5,260		Puma AG. Rudolf Dassler Sport		460,477
	53,603		SAP AG.		5,718,613
	5,019		Sartorius AG.		2,124,442
	41,591		Siemens AG.		4,879,291
	43,284	*	Siemens Energy AG.		947,722
	133,634		Telefonica Deutschland Holding AG.		337,061
	9,784	*,g	Zalando SE		911,129
			TOTAL GERMANY		46,453,830
HONG KONG - 3.4%
	69,700		ASM Pacific Technology		702,876
	700,017		BOC Hong Kong Holdings Ltd		1,944,288
	226,500		CLP Holdings Ltd		2,087,094
	129,481		Hang Seng Bank Ltd		1,994,789
	1,461,039		Hong Kong & China Gas Ltd		2,107,991
	78,838		Hong Kong Exchanges and Clearing Ltd		3,777,815
	270,330		Link REIT		2,063,120
	356,231		MTR Corp		1,765,219
	115,468		Swire Pacific Ltd (Class A)		526,557

125

TIAA-CREF FUNDS - Social Choice International Equity Fund

SHARES			COMPANY	VALUE
	270,800		Swire Properties Ltd	$	726,688
			TOTAL HONG KONG		17,696,437
IRELAND - 0.9%
	68,052		CRH plc		2,381,260
	18,173		Kerry Group plc (Class A)		2,175,343
			TOTAL IRELAND		4,556,603
ISRAEL - 0.3%
	262,792	*	Bank Hapoalim Ltd		1,533,999
			TOTAL ISRAEL		1,533,999
ITALY - 2.0%
	93,459		Assicurazioni Generali S.p.A.		1,253,680
	486,946		Enel S.p.A.		3,871,465
	293,384		ENI S.p.A.		2,055,168
	1,488,681		Intesa Sanpaolo S.p.A.		2,471,365
	92,572	e,g	Pirelli & C S.p.A		385,978
			TOTAL ITALY		10,037,656
JAPAN - 26.1%
	52,900		Aeon Co Ltd		1,351,499
	60,200		Ajinomoto Co, Inc		1,209,464
	37,037		Alfresa Holdings Corp		678,145
	22,714		All Nippon Airways Co Ltd		495,411
	121,000		Asahi Kasei Corp		1,048,534
	164,600		Astellas Pharma, Inc		2,257,149
	5,100		Benesse Holdings, Inc		120,236
	1,200		Calbee, Inc		36,812
	2,900	*	Casio Computer Co Ltd		44,057
	15,381		Central Japan Railway Co		1,859,855
	64,565		Chugai Pharmaceutical Co Ltd		2,492,208
	8,427		Dai Nippon Printing Co Ltd		156,990
	6,800		Daifuku Co Ltd		701,201
	9,775		Daikin Industries Ltd		1,829,227
	44,349		Daiwa House Industry Co Ltd		1,165,259
	32,059		Denso Corp		1,493,839
	25,232		East Japan Railway Co		1,319,468
	24,748		Eisai Co Ltd		1,924,244
	1,900		Fast Retailing Co Ltd		1,325,329
	19,472		Fujitsu Ltd		2,303,822
	10,616		Hankyu Hanshin Holdings, Inc		324,142
	6,011	*	Hino Motors Ltd		46,055
	23,400	*	Hitachi Construction Machinery Co Ltd		577,103
	24,563		Hitachi Metals Ltd		325,736
	125,161		Honda Motor Co Ltd		2,960,425
	70,141		Hulic Co Ltd		649,709
	100,450		Inpex Holdings, Inc		476,374
	50,600		Kajima Corp		540,683
	2,900		Kansai Paint Co Ltd		74,768
	30,100		Kao Corp		2,143,081
	32,300		Kawasaki Heavy Industries Ltd		385,893
	113,296		KDDI Corp		3,065,222
	1,500		Keio Corp		87,176

126

TIAA-CREF FUNDS - Social Choice International Equity Fund

SHARES			COMPANY	VALUE
	10,346		Keyence Corp	$	4,695,248
	24,200		Kikkoman Corp		1,205,163
	3,165		Kintetsu Corp		126,459
	3,200		Kobayashi Pharmaceutical Co Ltd		311,826
	25,600	e	Kobe Bussan Co Ltd		720,257
	50,900		Komatsu Ltd		1,147,564
	4,700		Kose Corp		599,135
	41,372		Kubota Corp		718,965
	5,300		Kuraray Co Ltd		49,020
	63,510		Kyushu Electric Power Co, Inc		532,433
	2,400		Kyushu Railway Co		51,050
	3,200		Lawson, Inc		147,026
	12,000		Lion Corp		244,697
	1,600		Marui Co Ltd		28,915
	15,100		MEIJI Holdings Co Ltd		1,093,987
	114,879		Mitsubishi Chemical Holdings Corp		646,557
	117,479		Mitsubishi Corp		2,621,116
	63,526		Mitsubishi Estate Co Ltd		947,546
	24,300		Mitsubishi Materials Corp		445,887
	89,800		Mitsubishi UFJ Lease & Finance Co Ltd		380,482
	3,900		Mitsui Chemicals, Inc		99,888
	82,000		Mitsui Fudosan Co Ltd		1,396,260
	17,600		Mitsui Sumitomo Insurance Group Holdings, Inc		481,628
	4,500		Miura Co Ltd		212,015
	29,500		Murata Manufacturing Co Ltd		2,068,795
	4,500		Nabtesco Corp		168,112
	37,601		NEC Corp		1,893,969
	5,600		NGK Insulators Ltd		80,000
	5,900		NGK Spark Plug Co Ltd		103,763
	38,200		Nikon Corp		232,805
	7,204		Nintendo Co Ltd		3,895,122
	4,000		Nippon Express Co Ltd		224,318
	22,600		Nippon Paint Co Ltd		2,035,807
	148		Nippon ProLogis REIT, Inc		487,133
	181,654	*	Nippon Steel Corp		1,761,885
	21,400		Nippon Yusen Kabushiki Kaisha		394,992
	5,313		Nissin Food Products Co Ltd		460,050
	1,562		Nitori Co Ltd		321,080
	17,700		Nitto Denko Corp		1,243,527
	19,800		NKSJ Holdings, Inc		739,250
	21,100		Nomura Real Estate Holdings, Inc		368,541
	166		Nomura Real Estate Master Fund, Inc		198,229
	66,700		Nomura Research Institute Ltd		1,966,148
	85,012		NTT DoCoMo, Inc		3,165,438
	12,285		Obayashi Corp		102,805
	2,121		Odakyu Electric Railway Co Ltd		51,185
	12,600		Omron Corp		909,796
	65,300		Ono Pharmaceutical Co Ltd		1,862,696
	13,082		Oriental Land Co Ltd		1,831,192
	36,100		Osaka Gas Co Ltd		685,547
	8,000		Otsuka Corp		367,613
	162,206		Panasonic Corp		1,498,383
	153,370	*	Rakuten, Inc		1,492,165
	68,929		Recruit Holdings Co Ltd		2,622,793

127

TIAA-CREF FUNDS - Social Choice International Equity Fund

SHARES			COMPANY	VALUE
	288,800		Resona Holdings, Inc	$	952,166
	52,100		Santen Pharmaceutical Co Ltd		928,213
	11,001		Secom Co Ltd		929,352
	6,224		Sekisui Chemical Co Ltd		97,022
	17,563		Sekisui House Ltd		291,779
	74,200		SG Holdings Co Ltd		1,789,736
	48,408	*	Sharp Corp		559,772
	14,000		Shimadzu Corp		400,307
	13,068		Shimizu Corp		90,736
	14,400		Shin-Etsu Chemical Co Ltd		1,923,361
	28,100		Shionogi & Co Ltd		1,325,475
	31,200		Shiseido Co Ltd		1,931,498
	26,600		Showa Denko KK		452,298
	193,100		Softbank Corp		2,247,194
	400		Sohgo Security Services Co Ltd		18,638
	68,615		Sony Corp		5,720,187
	25,714		Stanley Electric Co Ltd		732,330
	6,700		Sumisho Computer Systems Corp		333,134
	253,100		Sumitomo Chemical Co Ltd		827,937
	39,908		Sumitomo Dainippon Pharma Co Ltd		467,762
	53,871		Sumitomo Metal Mining Co Ltd		1,674,512
	68,800		Sumitomo Mitsui Trust Holdings, Inc		1,849,855
	23,100		Suntory Beverage & Food Ltd		796,666
	14,500		Sysmex Corp		1,361,967
	7,700		T&D Holdings, Inc		76,954
	6,600		TDK Corp		776,164
	2,900		Teijin Ltd		44,422
	2,200	e	Toho Gas Co Ltd		113,568
	30,126		Tokio Marine Holdings, Inc		1,346,473
	11,100		Tokyo Electron Ltd		2,979,360
	38,100		Tokyo Gas Co Ltd		863,328
	8,300		Tokyu Corp		98,477
	29,700		Toray Industries, Inc		134,390
	1,824		Toto Ltd		83,276
	6,000		Toyo Suisan Kaisha Ltd		298,595
	104,795		Toyota Motor Corp		6,879,466
	50,000		Uni-Charm Corp		2,313,545
	4,169		USS Co Ltd		76,253
	10,100		Welcia Holdings Co Ltd		395,530
	4,200		West Japan Railway Co		180,168
	18,800		Yakult Honsha Co Ltd		909,789
	13,800		Yamada Denki Co Ltd		67,286
	2,470		Yamaha Corp		117,091
	13,086		Yaskawa Electric Corp		508,833
	15,598		Yokogawa Electric Corp		229,312
			TOTAL JAPAN		133,799,556
NETHERLANDS - 3.6%
	414,114		Aegon NV		1,113,974
	7,337		Akzo Nobel NV		705,733
	20,619		ASML Holding NV		7,460,014
	10,464		DSM NV		1,673,481
	359,603		ING Groep NV		2,463,179
	63,874		Koninklijke KPN NV		172,510

128

TIAA-CREF FUNDS - Social Choice International Equity Fund

SHARES			COMPANY	VALUE
	4,972		Koninklijke Vopak NV	$	258,436
	34,839		Prosus NV		3,478,185
	6,780		Randstad Holdings NV		338,298
	10,753		Wolters Kluwer NV		870,635
			TOTAL NETHERLANDS		18,534,445
NEW ZEALAND - 0.6%
	41,348		Auckland International Airport Ltd		191,271
	72,699		Fisher & Paykel Healthcare Corp		1,681,847
	61,340		Meridian Energy Ltd		214,986
	50,211		Mercury NZ Ltd		177,514
	79,890		Ryman Healthcare Ltd		739,308
	46,473		Telecom Corp of New Zealand Ltd		137,916
			TOTAL NEW ZEALAND		3,142,842
NORWAY - 1.1%
	150,973		Equinor ASA		1,926,372
	31,457	e	Mowi ASA		496,956
	311,239		Norsk Hydro ASA		874,695
	118,885		Orkla ASA		1,122,252
	17,366		Schibsted ASA (B Shares)		626,613
	32,928		Telenor ASA		508,813
			TOTAL NORWAY		5,555,701
PORTUGAL - 0.3%
	104,803		Energias de Portugal S.A.		516,958
	101,122		Galp Energia SGPS S.A.		821,230
	2,279		Jeronimo Martins SGPS S.A.		36,199
			TOTAL PORTUGAL		1,374,387
SINGAPORE - 1.1%
	203,305		Ascendas REIT		428,998
	583,808		CapitaLand Ltd		1,098,602
	77,468		CapitaMall Trust		98,195
	49,700		City Developments Ltd		230,800
	145,891		DBS Group Holdings Ltd		2,173,171
	22,046		Jardine Cycle & Carriage Ltd		286,778
	135,800		Keppel Corp Ltd		436,388
	89,895		Singapore Airlines Ltd		223,085
	36,200		Singapore Exchange Ltd		229,593
	163,800		Singapore Telecommunications Ltd		243,492
	292,625		Singapore Telecommunications Ltd		437,435
	74,300		UOL Group Ltd		338,674
			TOTAL SINGAPORE		6,225,211
SPAIN - 2.1%
	33,613		Amadeus IT Holding S.A.		1,601,530
	507,301		Banco Bilbao Vizcaya Argentaria S.A.		1,463,640
	73,608		Bankinter S.A.		276,629
	651,037		CaixaBank S.A.		1,187,875
	288,483		Iberdrola S.A.		3,406,285
	40,734	e	Industria De Diseno Textil S.A.		1,005,695
	38,329		Naturgy Energy Group S.A.		712,081

129

TIAA-CREF FUNDS - Social Choice International Equity Fund

SHARES			COMPANY	VALUE
	1,014		Red Electrica Corp S.A.	$	17,861
	231,437		Repsol YPF S.A.		1,452,977
			TOTAL SPAIN		11,124,573
SWEDEN - 3.6%
	44,719		Assa Abloy AB		958,438
	47,291		Atlas Copco AB (A Shares)		2,087,479
	45,517		Atlas Copco AB (B Shares)		1,744,019
	63,299		Boliden AB		1,726,107
	3,728	e	Electrolux AB (Series B)		84,060
	66,096		Essity AB		1,913,036
	23,325		Hennes & Mauritz AB (B Shares)		379,227
	6,819		Husqvarna AB (B Shares)		70,315
	2,585		ICA Gruppen AB		122,370
	35,585		Kinnevik AB		1,457,167
	15,109		Lundin Petroleum AB		288,836
	88,811		Sandvik AB		1,583,064
	87,160		Skandinaviska Enskilda Banken AB (Class A)		747,941
	19,911		Skanska AB (B Shares)		373,442
	11,637		SKF AB (B Shares)		238,221
	33,890		Svenska Cellulosa AB (B Shares)		458,414
	126,071		Svenska Handelsbanken AB		1,021,513
	33,046		Tele2 AB (B Shares)		390,007
	72,073	e	TeliaSonera AB		275,762
	133,376		Volvo AB (B Shares)		2,592,454
			TOTAL SWEDEN		18,511,872
SWITZERLAND - 10.0%
	7,035		Adecco S.A.		344,954
	45,050		Alcon, Inc		2,561,233
	595		Barry Callebaut AG.		1,228,461
	9,228		Clariant AG.		158,313
	41,580		Coca-Cola HBC AG.		944,499
	544		Givaudan S.A.		2,218,398
	4,229		Kuehne & Nagel International AG.		845,221
	5,357		Lonza Group AG.		3,245,860
	127,835		Nestle S.A.		14,378,611
	31,747		Roche Holding AG.		10,201,306
	411		SGS S.A.		1,026,600
	9,317		Sika AG.		2,292,026
	8,165	*	Sonova Holdings AG		1,938,108
	23,311		Swiss Re Ltd		1,672,811
	2,365		Swisscom AG.		1,202,841
	269,294		UBS Group AG		3,135,112
	10,255		Zurich Insurance Group AG		3,406,153
			TOTAL SWITZERLAND		50,800,507
UNITED KINGDOM - 11.9%
	150,087		3i Group plc		1,874,540
	68,775		Associated British Foods plc		1,512,482
	46,017		AstraZeneca plc		4,620,358
	38,045		AstraZeneca plc (ADR)		1,908,337
	577,881		Aviva plc		1,927,564
	73,304		Barratt Developments plc		458,193

130

TIAA-CREF FUNDS - Social Choice International Equity Fund

SHARES			COMPANY	VALUE
	8,752		Berkeley Group Holdings plc	$	460,165
	149,216		British Land Co plc		673,846
	1,012,505		BT Group plc		1,329,772
	23,546		Burberry Group plc		413,534
	222,367		CNH Industrial NV		1,724,162
	47,298		Coca-Cola European Partners plc (Class A)		1,689,012
	164,213		Compass Group plc		2,247,704
	23,245		Croda International plc		1,816,808
	7,785		DCC plc		505,885
	164,876		Informa plc		894,557
	35,926		InterContinental Hotels Group plc		1,825,407
	22,639		Intertek Group plc		1,630,704
	291,221		J Sainsbury plc		760,152
	101,356		JD Sports Fashion plc		975,093
	16,714		Johnson Matthey plc		465,269
	190,476	*	Kingfisher plc		708,377
	120,559		Land Securities Group plc		795,450
	861,486		Legal & General Group plc		2,065,503
	26,199		London Stock Exchange Group plc		2,824,195
	84,431		Mondi plc		1,600,247
	217,932		National Grid plc		2,592,407
	5,815		Next plc		439,187
	151,092		Pearson plc		998,230
	212,324		Prudential plc		2,596,828
	136,006		RELX plc		2,691,274
	24,506		Schroders plc		830,201
	99,858		Scottish & Southern Energy plc		1,637,619
	150,231		Segro plc		1,755,403
	410,539		Standard Chartered plc		1,876,083
	286,123		Standard Life Aberdeen plc		833,698
	340,120		Taylor Wimpey plc		465,996
	795,438		Tesco plc		2,117,094
	1,525,356		Vodafone Group plc		2,034,776
	57,369		Vodafone Group plc (ADR)		775,055
	16,399		Whitbread plc		456,593
	458,465		WM Morrison Supermarkets plc		967,761
	115,546		WPP plc		922,898
			TOTAL UNITED KINGDOM		61,698,419
UNITED STATES - 0.6%
	23,651		Ferguson plc		2,349,039
	66,176		Tenaris S.A.		315,794
			TOTAL UNITED STATES		2,664,833
			TOTAL COMMON STOCKS		504,999,341
			(Cost $505,232,068)

PRINCIPAL		ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 1.7%
GOVERNMENT AGENCY DEBT - 1.0%
$	5,520,000	Federal Home Loan Bank (FHLB)		0.075	%	11/03/20	5,519,988
		TOTAL GOVERNMENT AGENCY DEBT					5,519,988

131

TIAA-CREF FUNDS - Social Choice International Equity Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
REPURCHASE AGREEMENT - 0.1%
$	275,000	r	Fixed Income Clearing Corp (FICC)		0.070	%	11/02/20	$	275,000
			TOTAL REPURCHASE AGREEMENT						275,000
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.6%
	2,947,647	c	State Street Navigator Securities Lending Government Money Market Portfolio						2,947,647
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						2,947,647
			TOTAL SHORT-TERM INVESTMENTS						8,742,635
			(Cost $8,742,625)
			TOTAL INVESTMENTS - 100.1%						513,741,976
			(Cost $513,974,693)
			OTHER ASSETS & LIABILITIES, NET - (0.1)%						(305,174	)
			NET ASSETS - 100.0%					$	513,436,802
			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 $3,567,461.
		g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/2020, the aggregate value of these securities is $7,117,719 or 1.4% of net assets.
		r	Agreement with Fixed Income Clearing Corporation, 0.070% dated 10/31/20 to be repurchased at $275,000 on 11/2/20, collateralized by U.S. Treasury Notes valued at $280,533.

Futures contracts outstanding as of October 31, 2020 were as follows:

Description	Number of long (short) contracts	Expiration date	Notional amount		Value		Unrealized appreciation (depreciation)
MSCI EAFE Index	62	12/18/20	$	5,709,250	$	5,530,090	$	(179,160	)

132

TIAA-CREF FUNDS - Social Choice International Equity Fund

TIAA-CREF FUNDS

SOCIAL CHOICE INTERNATIONAL EQUITY FUND

SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

October 31, 2020

SECTOR	VALUE			% OF NET ASSETS
FINANCIALS	$	82,310,858			15.9	%
INDUSTRIALS		69,141,256			13.5
HEALTH CARE		68,048,444			13.3
CONSUMER DISCRETIONARY		59,837,139			11.7
CONSUMER STAPLES		56,655,880			11.0
MATERIALS		45,137,982			8.8
INFORMATION TECHNOLOGY		38,859,118			7.6
COMMUNICATION SERVICES		25,562,522			5.0
UTILITIES		23,581,220			4.6
REAL ESTATE		20,397,183			4.0
ENERGY		15,467,739			3.0
SHORT-TERM INVESTMENTS		8,742,635			1.7
OTHER ASSETS & LIABILITIES, NET		(305,174	)		(0.1	)
NET ASSETS	$	513,436,802			100.0	%

133

TIAA-CREF FUNDS - Equity Index Fund

TIAA-CREF FUNDS
EQUITY INDEX FUND
SCHEDULE OF INVESTMENTS
October 31, 2020

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.5%
AUTOMOBILES & COMPONENTS - 1.4%
	68,002	*	Adient plc	$	1,443,002
	92,921	*	American Axle & Manufacturing Holdings, Inc		624,429
	215,130		Aptiv plc		20,757,894
	194,421		BorgWarner, Inc		6,800,847
	40,763		Cooper Tire & Rubber Co		1,401,840
	15,863	*	Cooper-Standard Holding, Inc		248,890
	117,047		Dana Inc		1,637,488
	21,356	*	Dorman Products, Inc		1,906,450
	3,127,628		Ford Motor Co		24,176,564
	32,830	*	Fox Factory Holding Corp		2,760,346
	1,004,796		General Motors Co		34,695,606
	197,149		Gentex Corp		5,455,113
	26,801	*	Gentherm, Inc		1,240,618
	187,525		Goodyear Tire & Rubber Co		1,552,707
	123,184		Harley-Davidson, Inc		4,050,290
	19,326		LCI Industries, Inc		2,119,289
	48,110		Lear Corp		5,812,169
	29,900	*	Modine Manufacturing Co		191,360
	12,624	*	Motorcar Parts of America, Inc		185,952
	16,977		Standard Motor Products, Inc		777,547
	21,060	*	Stoneridge, Inc		480,800
	42,121	*	Tenneco, Inc		363,083
	594,914	*	Tesla, Inc		230,850,429
	43,606		Thor Industries, Inc		3,688,195
	22,736	*	Visteon Corp		2,038,282
	23,336		Winnebago Industries, Inc		1,095,625
	72,691	*,e	Workhorse Group, Inc		1,117,988
	13,695	*	XPEL, Inc		339,362
			TOTAL AUTOMOBILES & COMPONENTS		357,812,165
BANKS - 3.7%
	322		1st Constitution Bancorp		4,199
	18,937		1st Source Corp		634,200
	3,172		ACNB Corp		66,200
	15,639		Allegiance Bancshares, Inc		442,584
	6,491		Altabancorp		141,309
	479		Amalgamated Bank		5,317
	14,443	*	Amerant Bancorp Inc		145,441
	4,767		American National Bankshares, Inc		108,688
	49,763		Ameris Bancorp		1,458,056
	3,679		Ames National Corp		71,005
	7,204		Arrow Financial Corp		197,173
	124,921		Associated Banc-Corp		1,710,168
	17,088	*	Atlantic Capital Bancshares, Inc		237,181
	68,491		Atlantic Union Bankshares Corp		1,732,137
	47,483	*	Axos Financial, Inc		1,294,387

134

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	43,775		Banc of California, Inc	$	525,300
	15,677		Bancfirst Corp		696,843
	83,646		BancorpSouth Bank		1,958,153
	4,356	e	Bank First Corp		278,828
	6,226,595		Bank of America Corp		147,570,301
	9,389		Bank of Commerce Holdings		75,206
	32,503	e	Bank of Hawaii Corp		1,970,982
	7,005		Bank of Marin Bancorp		211,131
	42,377		Bank of NT Butterfield & Son Ltd		1,121,295
	162		Bank of Princeton		3,187
	97,166		Bank OZK		2,407,773
	107		Bank7 Corp		970
	7,624		BankFinancial Corp		56,036
	75,651		BankUnited		1,910,188
	2,718		Bankwell Financial Group, Inc		44,847
	28,715		Banner Corp		1,058,722
	13,685		Bar Harbor Bankshares		279,448
	21,947	*	Baycom Corp		243,612
	5,794		BCB Bancorp, Inc		52,667
	36,773		Berkshire Hills Bancorp, Inc		479,152
	8,305	*	Bluegreen Vacations Holding Corp		67,686
	25,956		BOK Financial Corp		1,524,655
	67,201		Boston Private Financial Holdings, Inc		415,302
	14,216		Bridge Bancorp, Inc		277,781
	865	*	Bridgewater Bancshares, Inc		9,610
	63,833		Brookline Bancorp, Inc		611,520
	22,997		Bryn Mawr Bank Corp		617,699
	6,258		Business First Bancshares, Inc		103,945
	35,278		Byline Bancorp, Inc		463,553
	1,625		C&F Financial Corp		50,619
	98,378		Cadence BanCorp		1,103,801
	2,396		Cambridge Bancorp		148,768
	11,832		Camden National Corp		378,269
	197	*	Capital Bancorp, Inc		2,072
	4,674		Capital City Bank Group, Inc		99,603
	112,924		Capitol Federal Financial		1,296,368
	22,415		Capstar Financial Holdings, Inc		232,892
	17,003		Carter Bank & Trust		118,171
	65,605		Cathay General Bancorp		1,543,686
	11,748		CBTX, Inc		222,037
	17,070		Central Pacific Financial Corp		235,054
	5,936		Central Valley Community Bancorp		76,574
	1,697		Century Bancorp, Inc		121,454
	1,519		Chemung Financial Corp		51,768
	78,677		CIT Group, Inc		2,317,038
	1,674,228		Citigroup, Inc		69,346,524
	5,365		Citizens & Northern Corp		90,883
	339,940		Citizens Financial Group, Inc		9,263,365
	14,149		City Holding Co		855,024
	5,944		Civista Bancshares, Inc		84,761
	8,389		CNB Financial Corp		152,176
	318	*	Coastal Financial Corp		4,725
	4,675		Codorus Valley Bancorp, Inc		62,925
	254		Colony Bankcorp Inc		3,183
	56,423		Columbia Banking System, Inc		1,602,977
	54,039	*	Columbia Financial, Inc		658,735

135

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	110,106		Comerica, Inc	$	5,010,924
	81,633		Commerce Bancshares, Inc		5,081,654
	42,784		Community Bank System, Inc		2,481,044
	12,286		Community Bankers Trust Corp		67,082
	2,291		Community Financial Corp		50,058
	14,988		Community Trust Bancorp, Inc		476,918
	41,896		ConnectOne Bancorp, Inc		646,455
	34,327	*	CrossFirst Bankshares, Inc		286,630
	43,927		Cullen/Frost Bankers, Inc		3,086,750
	30,365	*	Customers Bancorp, Inc		419,644
	103,715		CVB Financial Corp		1,815,012
	25,699		Dime Community Bancshares		325,092
	29,798		Eagle Bancorp, Inc		891,556
	110,896		East West Bancorp, Inc		4,045,486
	5,411		Enterprise Bancorp, Inc		122,343
	21,373		Enterprise Financial Services Corp		622,168
	11,884	*	Equity Bancshares, Inc		218,428
	252	*	Esquire Financial Holdings, Inc		3,929
	4,168		ESSA Bancorp, Inc		52,975
	88,433		Essent Group Ltd		3,524,055
	2,542		Evans Bancorp, Inc		57,983
	5,387		Farmers & Merchants Bancorp, Inc		108,063
	12,585		Farmers National Banc Corp		146,615
	28,667		FB Financial Corp		845,676
	7,299		Federal Agricultural Mortgage Corp (FAMC)		471,442
	111	e	Fidelity D&D Bancorp, Inc		5,290
	571,002		Fifth Third Bancorp		13,258,666
	9,344		Financial Institutions, Inc		165,669
	31,164		First Bancorp (NC)		750,741
	168,835		First Bancorp (Puerto Rico)		1,095,739
	15,845		First Bancorp, Inc		366,495
	15,729		First Bancshares, Inc		374,979
	607		First Bank		4,546
	41,049		First Busey Corp		738,472
	3,440		First Business Financial Services, Inc		58,996
	2,779	e	First Capital Inc		167,601
	357		First Choice Bancorp		5,027
	5,120		First Citizens Bancshares, Inc (Class A)		2,369,024
	90,917		First Commonwealth Financial Corp		783,705
	14,950		First Community Bancshares, Inc		283,751
	71,932		First Financial Bancorp		1,028,628
	105,506		First Financial Bankshares, Inc		3,145,134
	16,504		First Financial Corp		573,019
	44,505		First Foundation, Inc		661,789
	2,629		First Guaranty Bancshares, Inc		38,252
	110,210		First Hawaiian, Inc		1,902,225
	431,962		First Horizon National Corp		4,496,724
	3,000		First Internet Bancorp		64,560
	35,990		First Interstate Bancsystem, Inc		1,270,447
	45,398		First Merchants Corp		1,185,342
	5,811		First Mid-Illinois Bancshares, Inc		161,313
	90,274		First Midwest Bancorp, Inc		1,132,939
	5,115		First Northwest Bancorp		60,101
	13,348		First of Long Island Corp		205,960
	137,535		First Republic Bank		17,348,665
	35,741		Flagstar Bancorp, Inc		1,048,998

136

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	23,653		Flushing Financial Corp	$	302,522
	253,884		FNB Corp		1,919,363
	581		FNCB Bancorp Inc		3,195
	143		Franklin Financial Services Corp		3,146
	136		FS Bancorp, Inc		6,298
	130,495		Fulton Financial Corp		1,434,140
	413	*	FVCBankcorp, Inc		5,096
	20,622		German American Bancorp, Inc		622,166
	77,098		Glacier Bancorp, Inc		2,760,108
	11,044		Great Southern Bancorp, Inc		452,252
	48,471		Great Western Bancorp, Inc		629,638
	1,634		Greene County Bancorp, Inc		36,847
	4,754		Guaranty Bancshares, Inc		137,391
	67,800		Hancock Whitney Corp		1,550,586
	30,987		Hanmi Financial Corp		278,573
	42,190		HarborOne Northeast Bancorp, Inc		396,586
	200		Hawthorn Bancshares Inc		3,792
	7,463		HBT Financial, Inc		92,093
	32,636		Heartland Financial USA, Inc		1,075,030
	59,301		Heritage Commerce Corp		429,932
	30,142		Heritage Financial Corp		631,776
	60,638		Hilltop Holdings, Inc		1,383,153
	714		Hingham Institution for Savings		144,207
	2,987		Home Bancorp, Inc		75,392
	127,154		Home Bancshares, Inc		2,110,756
	16,139		HomeStreet, Inc		501,439
	8,764		HomeTrust Bancshares, Inc		139,961
	113,788		Hope Bancorp, Inc		918,269
	40,241		Horizon Bancorp		498,988
	4,974	*	Howard Bancorp, Inc		50,387
	807,265		Huntington Bancshares, Inc		8,427,847
	28,161		Independent Bank Corp (MA)		1,613,344
	17,048		Independent Bank Corp (MI)		255,209
	29,379		Independent Bank Group, Inc		1,515,369
	45,831		International Bancshares Corp		1,268,602
	4,463		Investar Holding Corp		62,214
	186,914		Investors Bancorp, Inc		1,581,292
	2,439,169		JPMorgan Chase & Co		239,136,129
	66,278		Kearny Financial Corp		556,735
	777,842		Keycorp		10,096,389
	46,893		Lakeland Bancorp, Inc		521,919
	21,052		Lakeland Financial Corp		1,076,389
	4,763		LCNB Corp		65,539
	6,261	*,e	LendingTree, Inc		2,025,997
	159		Level One Bancorp, Inc		2,504
	27,534		Live Oak Bancshares, Inc		1,026,468
	650		Luther Burbank Corp		6,129
	103,027		M&T Bank Corp		10,671,537
	13,130		Macatawa Bank Corp		94,405
	315		Mackinac Financial Corp		3,128
	243	*	MainStreet Bancshares Inc		3,623
	9,493		Mercantile Bank Corp		207,517
	9,883		Merchants Bancorp		213,275
	34,432		Meridian Bancorp, Inc		428,678
	36,468		Meta Financial Group, Inc		1,069,971
	575	e	Metrocity Bankshares, Inc		8,033

137

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	9,222	*	Metropolitan Bank Holding Corp	$	276,199
	276,247		MGIC Investment Corp		2,779,045
	234		Mid Penn Bancorp, Inc		4,575
	10,002		Midland States Bancorp, Inc		149,030
	6,314		MidWestOne Financial Group, Inc		127,227
	166	*	MMA Capital Holdings Inc		4,163
	62,364	*	Mr Cooper Group, Inc		1,314,633
	338		MVB Financial Corp		5,391
	30,919		National Bank Holdings Corp		932,208
	2,956		National Bankshares, Inc		80,344
	37,070		NBT Bancorp, Inc		1,014,977
	358,539		New York Community Bancorp, Inc		2,979,459
	7,733	*	Nicolet Bankshares, Inc		477,126
	64,429	*	NMI Holdings, Inc		1,384,579
	4,268		Northeast Bank		81,903
	34,833		Northfield Bancorp, Inc		353,903
	3,437		Northrim BanCorp, Inc		98,161
	110,163		Northwest Bancshares, Inc		1,175,439
	3,515		Norwood Financial Corp		80,423
	194	e	Oak Valley Bancorp		2,691
	55,487		OceanFirst Financial Corp		830,640
	40,803		OFG Bancorp		587,155
	2,468		Ohio Valley Banc Corp		52,840
	131,964		Old National Bancorp		1,844,857
	16,270		Old Second Bancorp, Inc		139,109
	521		OP Bancorp		3,350
	10,200		Origin Bancorp, Inc		228,174
	3,740		Orrstown Financial Services, Inc		52,285
	68,985		Pacific Premier Bancorp, Inc		1,759,118
	94,181		PacWest Bancorp		1,812,042
	12,331		Park National Corp		1,130,136
	4,176		Parke Bancorp, Inc		50,237
	451		PCB Bancorp		4,239
	10,634		PCSB Financial Corp		143,240
	369	*	PDL Community Bancorp		3,358
	10,924		Peapack Gladstone Financial Corp		184,397
	3,034		Penns Woods Bancorp, Inc		62,682
	35,911		PennyMac Financial Services, Inc		1,824,997
	2,557		Peoples Bancorp of North Carolina, Inc		44,211
	8,281		Peoples Bancorp, Inc		187,151
	8,670		Peoples Financial Services Corp		310,820
	334,040		People’s United Financial, Inc		3,564,207
	60,502		Pinnacle Financial Partners, Inc		2,770,387
	398	*	Pioneer Bancorp, Inc		3,765
	342,342		PNC Financial Services Group, Inc		38,301,223
	68,297		Popular, Inc		2,882,133
	12,981		Preferred Bank		439,147
	5,869		Premier Financial Bancorp, Inc		73,363
	30,446		Premier Financial Corp		547,724
	129	*	Professional Holding Corp		1,758
	72,129		Prosperity Bancshares, Inc		3,975,029
	5,101		Provident Bancorp Inc		43,971
	201		Provident Financial Holdings, Inc		2,545
	62,251		Provident Financial Services, Inc		844,746
	4,776		Prudential Bancorp, Inc		55,354
	11,320		QCR Holdings, Inc		351,260

138

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	156,925		Radian Group, Inc	$	2,816,804
	8,732		RBB Bancorp		111,508
	4,818		Red River Bancshares Inc		218,785
	770,452		Regions Financial Corp		10,247,012
	15,596		Reliant Bancorp Inc		262,793
	45,940		Renasant Corp		1,309,749
	4,408		Republic Bancorp, Inc (Class A)		146,919
	30,260	*	Republic First Bancorp, Inc		67,480
	18,363		Richmond Mutual Bancorporation, Inc		201,075
	10,846		Riverview Bancorp, Inc		50,868
	75,125	*,e	Rocket Cos, Inc		1,369,529
	35,276		S&T Bancorp, Inc		698,112
	36,981		Sandy Spring Bancorp, Inc		937,468
	41,676	*	Seacoast Banking Corp of Florida		895,200
	477	*	Select Bancorp, Inc		3,554
	40,685		ServisFirst Bancshares, Inc		1,501,277
	6,930		Shore Bancshares, Inc		74,983
	5,427		Sierra Bancorp		107,672
	40,832		Signature Bank		3,296,776
	15,308	*	Silvergate Capital Corp		342,287
	81,496		Simmons First National Corp (Class A)		1,384,617
	17,120		SmartFinancial, Inc		255,773
	366		South Plains Financial Inc		5,362
	55,258		South State Corp		3,392,841
	2,839	*	Southern First Bancshares, Inc		76,199
	11,382		Southern Missouri Bancorp, Inc		290,013
	5,879		Southern National Bancorp of Virginia, Inc		56,791
	25,943		Southside Bancshares, Inc		699,423
	493		Spirit of Texas Bancshares, Inc		6,266
	158,051		Sterling Bancorp		2,114,722
	639		Sterling Bancorp, Inc		2,256
	18,658		Stock Yards Bancorp, Inc		713,109
	6,059		Summit Financial Group, Inc		109,123
	41,433	*	SVB Financial Group		12,044,573
	117,893		Synovus Financial Corp		3,065,218
	124,754		TCF Financial Corp		3,394,556
	3,886		Territorial Bancorp, Inc		82,422
	41,300	*	Texas Capital Bancshares, Inc		1,858,500
	44,705		TFS Financial Corp		702,316
	46,628	*	The Bancorp, Inc		447,629
	3,722		Timberland Bancorp, Inc		70,904
	11,859		Tompkins Financial Corp		663,985
	61,577		Towne Bank		1,119,470
	27,950		Trico Bancshares		808,594
	22,891	*	Tristate Capital Holdings, Inc		288,198
	18,829	*	Triumph Bancorp, Inc		793,266
	1,085,031		Truist Financial Corp		45,701,506
	107,980		Trustco Bank Corp NY		593,350
	57,612		Trustmark Corp		1,347,545
	35,576		UMB Financial Corp		2,165,511
	180,979		Umpqua Holdings Corp		2,273,096
	100,972		United Bankshares, Inc		2,648,496
	62,080		United Community Banks, Inc		1,299,955
	7,421		United Security Bancshares		46,159
	4,323		Unity Bancorp, Inc		60,608
	15,084		Univest Financial Corp		239,232

139

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	1,094,882		US Bancorp	$	42,645,654
	327,497		Valley National Bancorp		2,502,077
	48,346		Veritex Holdings, Inc		953,867
	23,174		Walker & Dunlop, Inc		1,457,181
	66,939		Washington Federal, Inc		1,425,131
	18,629		Washington Trust Bancorp, Inc		629,101
	20,736		Waterstone Financial, Inc		350,024
	70,482		Webster Financial Corp		2,270,225
	3,021,850		Wells Fargo & Co		64,818,683
	54,942		WesBanco, Inc		1,334,541
	8,913		West Bancorporation, Inc		147,867
	21,735		Westamerica Bancorporation		1,138,262
	80,154		Western Alliance Bancorp		3,302,345
	15,237		Western New England Bancorp, Inc		87,765
	42,913		Wintrust Financial Corp		2,112,607
	48,216		WSFS Financial Corp		1,527,965
	127,165		Zions Bancorporation		4,103,615
			TOTAL BANKS		974,271,463
CAPITAL GOODS - 5.9%
	452,376		3M Co		72,362,065
	104,150		A.O. Smith Corp		5,383,514
	34,383	e	Aaon, Inc		2,008,311
	25,227		AAR Corp		490,917
	30,953		Acuity Brands, Inc		2,759,150
	43,587		Advanced Drainage Systems, Inc		2,764,723
	119,867	*	Aecom Technology Corp		5,374,836
	21,031	*	Aegion Corp		296,747
	57,652	*	Aerojet Rocketdyne Holdings, Inc		1,869,078
	17,916	*	Aerovironment, Inc		1,368,066
	49,583		AGCO Corp		3,819,378
	83,603		Air Lease Corp		2,277,346
	7,957		Alamo Group, Inc		957,466
	25,288		Albany International Corp (Class A)		1,288,171
	73,537		Allegion plc		7,243,394
	4,410		Allied Motion Technologies, Inc		166,610
	86,157		Allison Transmission Holdings, Inc		3,114,576
	11,442	*,e	Alpha Pro Tech Ltd		162,362
	13,325	*	Alta Equipment Group, Inc		101,536
	51,464		Altra Industrial Motion Corp		2,200,601
	19,102	*	Ameresco, Inc		733,326
	17,208	*	American Superconductor Corp		239,363
	13,665	*	American Woodmark Corp		1,128,866
	184,383		Ametek, Inc		18,106,411
	16,952		Apogee Enterprises, Inc		404,983
	31,414		Applied Industrial Technologies, Inc		1,917,825
	38,814		Arcosa, Inc		1,792,042
	12,291		Argan, Inc		506,266
	37,519		Armstrong World Industries, Inc		2,247,388
	18,674		Astec Industries, Inc		948,639
	28,201	*	Astronics Corp		180,486
	44,928	*	Atkore International Group, Inc		929,560
	50,386	*	Axon Enterprise, Inc		4,983,175
	31,602	*	AZEK Co, Inc		1,056,771
	25,393		AZZ, Inc		852,951
	37,717		Barnes Group, Inc		1,384,214

140

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	49,427	*	Beacon Roofing Supply, Inc	$	1,517,409
	69,267	*	Bloom Energy Corp		875,535
	8,755	*	Blue Bird Corp		101,033
	54,876	*	BMC Stock Holdings, Inc		2,172,541
	429,230		Boeing Co		61,976,520
	95,922	*	Builders FirstSource, Inc		2,906,437
	74,448		BWX Technologies, Inc		4,095,384
	14,260		Caesarstone Sdot-Yam Ltd		137,609
	12,974		CAI International, Inc		341,865
	43,068		Carlisle Cos, Inc		5,334,833
	698,169		Carrier Global Corp		23,311,863
	435,606		Caterpillar, Inc		68,411,922
	30,033	*	Chart Industries, Inc		2,536,287
	13,995	*	CIRCOR International, Inc		390,460
	81,096	*	Colfax Corp		2,205,000
	16,924		Columbus McKinnon Corp		573,554
	28,355		Comfort Systems USA, Inc		1,298,659
	917	*	Concrete Pumping Holdings Inc		2,962
	25,886	*	Construction Partners Inc		527,557
	40,067	*	Cornerstone Building Brands, Inc		307,314
	38,499		Crane Co		1,953,824
	13,900		CSW Industrials, Inc		1,188,867
	25,900		Cubic Corp		1,530,949
	118,684		Cummins, Inc		26,097,425
	34,154		Curtiss-Wright Corp		2,881,231
	226,964		Deere & Co		51,273,437
	101,216		Donaldson Co, Inc		4,807,760
	18,206		Douglas Dynamics, Inc		621,007
	116,086		Dover Corp		12,851,881
	6,881	*	Ducommun, Inc		226,385
	10,306	*	DXP Enterprises, Inc		161,186
	25,171	*	Dycom Industries, Inc		1,634,605
	2,940		Eastern Co		60,182
	322,115		Eaton Corp		33,432,316
	44,156		EMCOR Group, Inc		3,010,998
	478,787		Emerson Electric Co		31,020,610
	17,174		Encore Wire Corp		793,611
	46,044	*	Energy Recovery, Inc		446,166
	43,709		Enerpac Tool Group Corp		779,331
	35,655		EnerSys		2,552,898
	15,437		EnPro Industries, Inc		911,092
	20,596		ESCO Technologies, Inc		1,723,679
	2,079	*,e	EVI Industries, Inc		60,728
	73,040	*	Evoqua Water Technologies Corp		1,674,807
	459,884		Fastenal Co		19,880,785
	49,176		Federal Signal Corp		1,410,368
	104,844		Flowserve Corp		3,053,057
	110,711		Fluor Corp		1,256,570
	238,103		Fortive Corp		14,667,145
	110,559		Fortune Brands Home & Security, Inc		8,940,906
	12,756	*	Foundation Building Materials, Inc		185,727
	37,800		Franklin Electric Co, Inc		2,257,794
	173,551	*,e	FuelCell Energy, Inc		347,102
	36,113	*	Gates Industrial Corp plc		400,854
	28,635	e	GATX Corp		1,955,198
	3,397	*	Gencor Industries, Inc		39,269

141

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	49,009	*	Generac Holdings, Inc	$	10,299,241
	204,029		General Dynamics Corp		26,795,129
	6,986,053		General Electric Co		51,836,513
	390	*	General Finance Corp		2,554
	27,130	*	Gibraltar Industries, Inc		1,558,618
	28,818	*	GMS, Inc		651,287
	14,650		Gorman-Rupp Co		454,882
	133,278		Graco, Inc		8,249,908
	47,910		GrafTech International Ltd		323,393
	4,644		Graham Corp		61,301
	41,260	e	Granite Construction, Inc		796,731
	64,887	*	Great Lakes Dredge & Dock Corp		670,283
	26,719	e	Greenbrier Cos, Inc		720,879
	34,348		Griffon Corp		736,421
	23,665		H&E Equipment Services, Inc		497,912
	65,335	*	Harsco Corp		842,822
	56,339	*,e	HC2 Holdings, Inc		121,129
	128,119	*	HD Supply Holdings, Inc		5,106,823
	34,729		HEICO Corp		3,648,281
	62,568		HEICO Corp (Class A)		5,850,108
	24,299		Helios Technologies, Inc		1,016,670
	22,822	*	Herc Holdings, Inc		1,012,384
	64,480		Hexcel Corp		2,158,790
	62,361		Hillenbrand, Inc		1,824,059
	565,632		Honeywell International, Inc		93,300,998
	313,816		Howmet Aerospace, Inc		5,413,326
	43,783		Hubbell, Inc		6,370,864
	31,299		Huntington Ingalls		4,615,977
	2,869		Hurco Cos, Inc		85,611
	6,475		Hyster-Yale Materials Handling, Inc		274,540
	59,906		IDEX Corp		10,207,383
	9,328	*	IES Holdings, Inc		297,750
	253,769		Illinois Tool Works, Inc		49,708,272
	277,848	*	Ingersoll Rand, Inc		9,708,009
	16,655		Insteel Industries, Inc		362,413
	68,159		ITT, Inc		4,124,301
	100,298		Jacobs Engineering Group, Inc		9,528,310
	53,263	*	JELD-WEN Holding, Inc		1,120,121
	26,375		John Bean Technologies Corp		2,214,709
	598,700		Johnson Controls International plc		25,271,127
	9,951		Kadant, Inc		1,145,559
	24,437		Kaman Corp		969,171
	67,545		Kennametal, Inc		2,093,895
	95,446	*	Kratos Defense & Security Solutions, Inc		1,802,975
	173,158		L3Harris Technologies, Inc		27,897,485
	2,093	*	Lawson Products, Inc		86,253
	5,752	*	LB Foster Co (Class A)		77,997
	27,464		Lennox International, Inc		7,460,870
	45,797		Lincoln Electric Holdings, Inc		4,663,051
	8,955		Lindsay Corp		942,962
	199,343		Lockheed Martin Corp		69,795,965
	20,306		Luxfer Holdings plc		252,201
	15,481	*	Lydall, Inc		306,369
	27,581	*	Manitowoc Co, Inc		207,685
	210,750		Masco Corp		11,296,200
	18,532	*	Masonite International Corp		1,630,816

142

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	46,307	*	Mastec, Inc	$	2,298,679
	48,554		Maxar Technologies, Inc		1,251,237
	43,966	*	Mercury Systems, Inc		3,028,378
	57,426	*	Meritor, Inc		1,397,749
	43,595	*	Middleby Corp		4,339,446
	13,352		Miller Industries, Inc		399,759
	25,495		Moog, Inc (Class A)		1,590,633
	79,358	*	MRC Global, Inc		338,065
	34,635		MSC Industrial Direct Co (Class A)		2,412,674
	45,799		Mueller Industries, Inc		1,324,965
	131,684		Mueller Water Products, Inc (Class A)		1,364,246
	16,102	*	MYR Group, Inc		688,361
	3,998		National Presto Industries, Inc		332,194
	40,666	*	Navistar International Corp		1,753,111
	51,775	*	NN, Inc		277,514
	46,182		Nordson Corp		8,932,984
	125,701		Northrop Grumman Corp		36,430,664
	5,472	*	Northwest Pipe Co		146,650
	108,136	*	NOW, Inc		440,114
	8,201	*	NV5 Global Inc		459,912
	128,269		nVent Electric plc		2,315,255
	2,645		Omega Flex, Inc		395,957
	20,064	*	Orion Energy Systems, Inc		128,811
	53,179		Oshkosh Corp		3,582,137
	327,825		Otis Worldwide Corp		20,089,116
	84,044		Owens Corning, Inc		5,502,361
	272,367		PACCAR, Inc		23,254,694
	48,376	*	PAE, Inc		383,138
	18,484		Park Aerospace Corp		195,746
	102,656		Parker-Hannifin Corp		21,389,404
	19,175	*	Parsons Corp		604,396
	18,099		Patrick Industries, Inc		1,009,019
	132,499		Pentair plc		6,593,150
	55,784	*	PGT, Inc		924,899
	267,797	*	Plug Power, Inc		3,749,158
	6,645		Powell Industries, Inc		157,021
	1,196		Preformed Line Products Co		65,816
	36,023		Primoris Services Corp		679,754
	21,125	*	Proto Labs, Inc		2,494,440
	26,197		Quanex Building Products Corp		476,785
	108,840		Quanta Services, Inc		6,794,881
	21,813		Raven Industries, Inc		478,141
	1,146,776		Raytheon Technologies Corp		62,292,872
	19,965	*	RBC Bearings, Inc		2,376,833
	32,575		Regal-Beloit Corp		3,213,524
	99,172	*	Resideo Technologies, Inc		999,654
	37,787		REV Group, Inc		296,628
	95,549		Rexnord Corp		3,065,212
	93,116		Rockwell Automation, Inc		22,079,666
	83,785		Roper Technologies Inc		31,112,722
	31,772		Rush Enterprises, Inc (Class A)		1,138,708
	4,687		Rush Enterprises, Inc (Class B)		147,406
	122,802	*	Sensata Technologies Holding plc		5,367,675
	32,715		Shyft Group, Inc		631,727
	34,042		Simpson Manufacturing Co, Inc		3,020,206
	35,119	*	SiteOne Landscape Supply, Inc		4,196,369

143

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	42,196		Snap-On, Inc	$	6,647,136
	85,074		Spirit Aerosystems Holdings, Inc (Class A)		1,547,496
	35,202	*	SPX Corp		1,492,213
	34,096	*	SPX FLOW, Inc		1,443,966
	7,683		Standex International Corp		477,037
	123,655		Stanley Black & Decker, Inc		20,551,461
	17,061	*	Sterling Construction Co, Inc		250,797
	114,919	*	Sunrun, Inc		5,978,086
	11,683		Systemax, Inc		332,148
	29,050	*	Teledyne Technologies, Inc		8,980,808
	15,153		Tennant Co		903,422
	49,921		Terex Corp		1,232,549
	41,471	*	Textainer Group Holdings Ltd		599,671
	180,185		Textron, Inc		6,450,623
	9,034	*,e	The ExOne Company		90,792
	24,056	*	Thermon Group Holdings		242,725
	51,544		Timken Co		3,077,177
	10,789	*	Titan Machinery, Inc		161,727
	86,036		Toro Co		7,063,556
	24,177	*	TPI Composites, Inc		800,742
	192,140		Trane Technologies plc		25,506,585
	232	*	Transcat Inc		7,171
	41,916		TransDigm Group, Inc		20,011,118
	92,777	*	Trex Co, Inc		6,451,713
	34,812	*	Trimas Corp		846,976
	73,255		Trinity Industries, Inc		1,380,124
	47,549		Triton International Ltd		1,753,607
	46,373		Triumph Group, Inc		306,062
	39,947	*	Tutor Perini Corp		539,684
	57,649	*	United Rentals, Inc		10,278,240
	124,547	*	Univar Solutions Inc		2,066,235
	16,682		Valmont Industries, Inc		2,368,010
	12,241	*	Vectrus, Inc		483,764
	10,108	*	Veritiv Corp		145,555
	175,265	*	Vertiv Holdings Co		3,093,427
	15,396	*	Vicor Corp		1,200,888
	50,416	*,e	Virgin Galactic Holdings, Inc		878,247
	35,762		W.W. Grainger, Inc		12,517,415
	42,011	e	Wabash National Corp		599,077
	144,613		Wabtec Corp		8,575,551
	26,507		Watsco, Inc		5,941,279
	22,093		Watts Water Technologies, Inc (Class A)		2,447,242
	104,958	*	Welbilt, Inc		638,145
	38,114	*	WESCO International, Inc		1,571,821
	2,289	*	Willis Lease Finance Corp		48,550
	127,065	*	WillScot Mobile Mini Holdings Corp		2,360,868
	45,076		Woodward Inc		3,585,796
	143,410		Xylem, Inc		12,496,747
			TOTAL CAPITAL GOODS		1,553,839,535
COMMERCIAL & PROFESSIONAL SERVICES - 1.1%
	53,783		ABM Industries, Inc		1,867,346
	35,690	*	Acacia Research (Acacia Technologies)		112,423
	103,094		ACCO Brands Corp		543,305
	113,242		ADT, Inc		746,265
	113,140	*,g	API Group Corp		1,628,085

144

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	40,522	*	ASGN Inc	$	2,702,007
	4,611		Barrett Business Services, Inc		273,202
	13,999		BG Staffing, Inc		111,572
	39,719		Brady Corp (Class A)		1,498,201
	37,081	*	BrightView Holdings, Inc		453,501
	42,229		Brink’s Co		1,808,668
	36,120	*	Casella Waste Systems, Inc (Class A)		1,950,119
	16,508	*	Casper Sleep, Inc		109,448
	42,728	*	CBIZ, Inc		968,644
	16,964	*	Ceco Environmental Corp		120,105
	14,513	*	Cimpress plc		1,065,254
	70,922		Cintas Corp		22,308,515
	39,289	*	Clean Harbors, Inc		2,081,138
	163,232	*	Copart, Inc		18,014,284
	31,329	*	CoStar Group, Inc		25,802,878
	82,721		Covanta Holding Corp		751,107
	4,778		CRA International, Inc		195,659
	28,535		Deluxe Corp		611,790
	67,212	*	Dun & Bradstreet Holdings, Inc		1,736,758
	63,454		Emerald Holding, Inc		166,249
	30,888		Ennis, Inc		470,733
	96,980		Equifax, Inc		13,247,468
	41,779		Exponent, Inc		2,907,401
	8,725	*	Forrester Research, Inc		322,301
	6,930	*	Franklin Covey Co		117,256
	28,839	*	FTI Consulting, Inc		2,839,488
	20,563	*	GP Strategies Corp		198,433
	60,182		Healthcare Services Group		1,376,964
	15,967		Heidrick & Struggles International, Inc		364,846
	8,781	*	Heritage-Crystal Clean, Inc		144,711
	47,966		Herman Miller, Inc		1,461,524
	40,039		HNI Corp		1,303,269
	18,730	*	Huron Consulting Group, Inc		709,118
	105,778	*	IAA, Inc		5,985,977
	15,156		ICF International, Inc		991,051
	318,941		IHS Markit Ltd		25,792,759
	29,611		Insperity, Inc		2,267,610
	37,263		Interface, Inc		228,422
	106,287		KAR Auction Services, Inc		1,547,539
	19,831		Kelly Services, Inc (Class A)		344,663
	13,585		Kforce, Inc		471,399
	18,935		Kimball International, Inc (Class B)		195,030
	28,443		Knoll, Inc		325,957
	46,339		Korn/Ferry International		1,398,974
	45,830		Manpower, Inc		3,110,482
	8,730	*	Mastech Holdings, Inc		136,886
	25,252		Matthews International Corp (Class A)		551,251
	19,097		McGrath RentCorp		1,090,057
	15,831	*	Mistras Group, Inc		58,891
	4,880	*	Montrose Environmental Group, Inc		131,906
	29,869	e	MSA Safety, Inc		3,940,318
	281,534		Nielsen NV		3,803,524
	8,365		NL Industries, Inc		34,631
	140,422		Pitney Bowes, Inc		745,641
	75,809	*,e	Precigen, Inc		325,221
	26,063		Quad Graphics, Inc		59,163

145

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	5,447	*,e	Red Violet, Inc	$	113,298
	169,303		Republic Services, Inc		14,927,445
	33,636		Resources Connection, Inc		361,251
	87,527		Robert Half International, Inc		4,436,744
	120,022		Rollins, Inc		6,943,273
	97,722	*	Seagen, Inc		16,300,030
	18,840	*	SP Plus Corp		347,221
	86,165		Steelcase, Inc (Class A)		899,563
	73,620	*	Stericycle, Inc		4,586,526
	41,203	*	Team, Inc		220,848
	43,001		Tetra Tech, Inc		4,339,231
	152,103		TransUnion		12,116,525
	33,150	*	TriNet Group, Inc		2,284,698
	29,202	*	TrueBlue, Inc		453,215
	11,622		Unifirst Corp		1,903,800
	25,222		US Ecology, Inc		769,775
	127,536		Verisk Analytics, Inc		22,697,582
	15,214		Viad Corp		304,280
	56,752	*	Vivint Smart Home, Inc		882,494
	5,082		VSE Corp		147,175
	339,889		Waste Management, Inc		36,677,422
	5,288	*	Willdan Group, Inc		138,387
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		298,478,170
CONSUMER DURABLES & APPAREL - 1.5%
	29,886		Acushnet Holdings Corp		1,020,009
	10,387	*	American Outdoor Brands, Inc		157,155
	26,297	*	Beazer Homes USA, Inc		320,297
	62,319		Brunswick Corp		3,970,344
	76,162		Callaway Golf Co		1,179,749
	109,350	*	Capri Holdings Ltd		2,320,407
	33,883		Carter’s, Inc		2,759,770
	7,204	*	Cavco Industries, Inc		1,240,097
	23,928	*	Century Communities, Inc		929,364
	11,595		Clarus Corp		179,838
	22,178		Columbia Sportswear Co		1,654,257
	53,093	*	CROCS, Inc		2,778,357
	22,214	*	Deckers Outdoor Corp		5,628,361
	266,648		DR Horton, Inc		17,814,753
	3,923		Escalade, Inc		73,007
	19,032		Ethan Allen Interiors, Inc		305,464
	54,541	*	Fossil Group, Inc		311,429
	120,528		Garmin Ltd		12,537,323
	36,698	*	Genasys, Inc		220,922
	41,810	*	G-III Apparel Group Ltd		563,599
	101,460	*	GoPro, Inc		602,672
	20,349	*	Green Brick Partners, Inc		364,044
	7,328	e	Hamilton Beach Brands Holding Co		161,582
	272,827		Hanesbrands, Inc		4,384,330
	101,952		Hasbro, Inc		8,433,469
	20,337	*	Helen of Troy Ltd		3,855,895
	7,092		Hooker Furniture Corp		195,030
	18,189	*	Installed Building Products, Inc		1,646,832
	22,237	*,e	iRobot Corp		1,769,620
	4,792		Johnson Outdoors, Inc		418,485
	68,007		KB Home		2,193,226

146

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	40,713		Kontoor Brands, Inc	$	1,339,458
	8,248	*	Lakeland Industries, Inc		177,909
	36,042		La-Z-Boy, Inc		1,233,718
	171	*	Legacy Housing Corp		2,327
	106,296		Leggett & Platt, Inc		4,435,732
	218,083		Lennar Corp (Class A)		15,315,969
	15,430		Lennar Corp (Class B)		877,813
	17,675	*	LGI Homes, Inc		1,889,104
	4,217		Lifetime Brands, Inc		42,381
	7,334	*	Lovesac Co		188,777
	91,227	*	Lululemon Athletica, Inc		29,127,869
	24,000	*	M/I Homes, Inc		982,080
	16,508	*	Malibu Boats, Inc		839,102
	7,010		Marine Products Corp		111,179
	11,880	*	MasterCraft Boat Holdings, Inc		244,966
	271,276	*	Mattel, Inc		3,735,471
	39,324		MDC Holdings, Inc		1,711,380
	28,767	*	Meritage Homes Corp		2,505,318
	46,047	*	Mohawk Industries, Inc		4,751,590
	21,509		Movado Group, Inc		234,663
	2,620		Nacco Industries, Inc (Class A)		51,064
	24,386	*	Nautilus, Inc		528,932
	302,711		Newell Brands Inc		5,345,876
	975,217		Nike, Inc (Class B)		117,104,057
	2,696	*	NVR, Inc		10,657,531
	16,947		Oxford Industries, Inc		697,708
	78,396	*	Peloton Interactive, Inc		8,640,023
	45,607		Polaris Inc		4,143,852
	214,881		Pulte Homes, Inc		8,758,550
	18,952	*	Purple Innovation, Inc		537,668
	55,303		PVH Corp		3,223,612
	38,295		Ralph Lauren Corp		2,560,021
	264		Rocky Brands, Inc		7,102
	105,418	*	Skechers U.S.A., Inc (Class A)		3,342,805
	45,217	*	Skyline Champion Corp		1,159,816
	47,276		Smith & Wesson Brands, Inc		784,309
	61,553	*	Sonos, Inc		898,674
	73,334		Steven Madden Ltd		1,760,749
	13,656		Sturm Ruger & Co, Inc		913,040
	12,672		Superior Uniform Group, Inc		273,969
	226,221		Tapestry, Inc		5,028,893
	98,024	*	Taylor Morrison Home Corp		2,117,318
	36,530	*	Tempur Sealy International, Inc		3,251,170
	92,319		Toll Brothers, Inc		3,903,247
	26,439	*	TopBuild Corp		4,050,719
	100,427	*	TRI Pointe Homes, Inc		1,650,016
	38,478	*	Tupperware Brands Corp		1,220,522
	11,345	*	Turtle Beach Corp		204,437
	148,547	*	Under Armour, Inc (Class A)		2,055,890
	152,501	*	Under Armour, Inc (Class C)		1,865,087
	14,788	*	Unifi, Inc		221,672
	11,537	*	Universal Electronics, Inc		427,561
	26,763	*	Vera Bradley, Inc		169,677
	257,274		VF Corp		17,288,813
	48,007	*	Vista Outdoor, Inc		949,098
	34,014	*	VOXX International Corp (Class A)		385,379

147

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	48,849		Whirlpool Corp	$	9,035,111
	64,853		Wolverine World Wide, Inc		1,729,630
	62,822	*	YETI Holdings, Inc		3,108,433
			TOTAL CONSUMER DURABLES & APPAREL		379,788,524
CONSUMER SERVICES - 2.0%
	34,312	*	Accel Entertainment, Inc		329,395
	42,195	*	Adtalem Global Education, Inc		989,051
	12,621	*	American Public Education, Inc		356,796
	181,996		ARAMARK Holdings Corp		5,048,569
	9,857	*,e	Aspen Group, Inc		92,459
	2,328	*	Biglari Holdings, Inc (B Shares)		195,017
	17,298		BJ’s Restaurants, Inc		487,977
	61,053		Bloomin’ Brands, Inc		853,521
	277		Bluegreen Vacations Corp		1,349
	68,991		Boyd Gaming Corp		2,188,395
	47,877	*	Bright Horizons Family Solutions		7,566,960
	35,248		Brinker International, Inc		1,534,698
	131,610	*	Caesars Entertainment, Inc		5,898,760
	365,836		Carnival Corp		5,015,612
	14,827		Carriage Services, Inc		382,685
	36,145	*	Carrols Restaurant Group, Inc		211,448
	33,394	*	Century Casinos, Inc		157,286
	37,993	e	Cheesecake Factory		1,129,152
	95,802	*	Chegg, Inc		7,035,699
	22,327	*	Chipotle Mexican Grill, Inc (Class A)		26,825,444
	26,684	e	Choice Hotels International, Inc		2,330,847
	30,971		Churchill Downs, Inc		4,619,325
	9,829	*	Chuy’s Holdings, Inc		206,311
	7,161		Collectors Universe		393,354
	18,172		Cracker Barrel Old Country Store, Inc		2,068,337
	103,427		Darden Restaurants, Inc		9,507,010
	37,271	e	Dave & Buster’s Entertainment, Inc		639,570
	48,093	*	Del Taco Restaurants, Inc		356,610
	53,108	*	Denny’s Corp		475,848
	12,412		Dine Brands Global Inc.		638,597
	31,193		Domino’s Pizza, Inc		11,800,936
	64,864		Dunkin Brands Group, Inc		6,467,589
	13,009	*	El Pollo Loco Holdings, Inc		183,687
	65,486	*	Everi Holdings, Inc		563,834
	144,921		Extended Stay America, Inc		1,644,853
	25,522	*	Fiesta Restaurant Group, Inc		220,510
	19,983		Franchise Group, Inc		458,010
	67,405	*	frontdoor, Inc		2,670,586
	5,823	*	GAN Ltd		82,745
	18,165	*	Golden Entertainment, Inc		233,602
	3,524		Graham Holdings Co		1,340,318
	37,327	*	Grand Canyon Education, Inc		2,925,317
	157,221		H&R Block, Inc		2,713,634
	72,764	*	Hilton Grand Vacations, Inc		1,498,938
	218,341		Hilton Worldwide Holdings, Inc		19,172,523
	101,546	*	Houghton Mifflin Harcourt Co		265,035
	28,561		Hyatt Hotels Corp		1,574,854
	79,277		International Game Technology plc		650,864
	18,395		Jack in the Box, Inc		1,472,704
	32,869	*	K12, Inc		784,583

148

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	6,687	*,e	Kura Sushi USA, Inc	$	86,062
	266,095		Las Vegas Sands Corp		12,788,526
	95,935	*	Laureate Education, Inc		1,247,155
	33,045	*	Lindblad Expeditions Holdings, Inc		274,934
	215,147		Marriott International, Inc (Class A)		19,982,853
	33,014		Marriott Vacations Worldwide Corp		3,189,152
	599,346		McDonald’s Corp		127,660,698
	376,106		MGM Resorts International		7,736,500
	9,305	*	Monarch Casino & Resort, Inc		403,744
	1,621		Nathan’s Famous, Inc		82,282
	11,003	*	Noodles & Co		71,079
	223,499	*,e	Norwegian Cruise Line Holdings Ltd		3,716,788
	33,948	e	OneSpaWorld Holdings Ltd		210,817
	26,376		Papa John’s International, Inc		2,020,402
	119,570	*	Penn National Gaming, Inc		6,454,389
	55,150	*	Perdoceo Education Corp		622,643
	65,092	*	Planet Fitness, Inc		3,858,003
	21,699	*	PlayAGS, Inc		58,587
	6,928		RCI Hospitality Holdings, Inc		148,259
	16,604	*,e	Red Robin Gourmet Burgers, Inc		199,912
	50,028		Red Rock Resorts, Inc		956,535
	31,666	*,e	Regis Corp		175,430
	139,474		Royal Caribbean Cruises Ltd		7,869,123
	34,804		Ruth’s Hospitality Group Inc		389,109
	46,725	*	Scientific Games Corp (Class A)		1,489,593
	40,645	*	SeaWorld Entertainment, Inc		895,003
	137,712		Service Corp International		6,377,443
	28,493	*	Shake Shack, Inc		1,923,847
	61,811		Six Flags Entertainment Corp		1,336,354
	940,039		Starbucks Corp		81,745,791
	18,982		Strategic Education, Inc		1,576,645
	24,593	*	Target Hospitality Corp		21,398
	105,433	*	Terminix Global Holdings, Inc		4,964,840
	52,266		Texas Roadhouse, Inc (Class A)		3,660,188
	15,473	e	Twin River Worldwide Holdings Inc		375,530
	30,442	*	Universal Technical Institute, Inc		139,729
	31,644		Vail Resorts, Inc		7,342,674
	147,770		Wendy’s		3,228,774
	23,931		Wingstop, Inc		2,783,893
	37,987	*	WW International Inc		803,805
	65,302		Wyndham Destinations, Inc		2,130,804
	75,354		Wyndham Hotels & Resorts, Inc		3,504,715
	77,784		Wynn Resorts Ltd		5,633,895
	321,713		Yum China Holdings, Inc		17,124,783
	241,611		Yum! Brands, Inc		22,549,555
			TOTAL CONSUMER SERVICES		514,073,445
DIVERSIFIED FINANCIALS - 3.2%
	37,381		Affiliated Managers Group, Inc		2,817,406
	440,870		AGNC Investment Corp		6,158,954
	12,004		Alerus Financial Corp		258,206
	297,661		Ally Financial, Inc		7,941,595
	10,358		A-Mark Precious Metals, Inc		321,927
	526,047		American Express Co		47,996,528
	97,075		Ameriprise Financial, Inc		15,612,572
	1,125,191		Annaly Capital Management, Inc		7,977,604

149

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	96,007		Anworth Mortgage Asset Corp	$	157,451
	133,742		Apollo Commercial Real Estate Finance, Inc		1,163,555
	136,965		Apollo Global Management, Inc		5,048,530
	83,530		Arbor Realty Trust, Inc		987,325
	19,422		Ares Commercial Real Estate Corp		180,819
	77,157		Ares Management Corp		3,263,741
	88,562		Arlington Asset Investment Corp (Class A)		217,863
	61,974		ARMOUR Residential REIT, Inc		591,232
	44,627		Artisan Partners Asset Management, Inc		1,787,758
	18,432	*	Assetmark Financial Holdings, Inc		389,837
	2,527		Associated Capital Group, Inc		81,117
	13,332		B. Riley Financial, Inc		349,832
	27,238		Banco Latinoamericano de Exportaciones S.A. (Class E)		348,374
	641,653		Bank of New York Mellon Corp		22,047,197
	229,894		BGC Partners, Inc (Class A)		678,187
	118,493		BlackRock, Inc		71,002,191
	112,348		Blackstone Mortgage Trust, Inc		2,437,952
	41,669	*	Blucora, Inc		414,607
	50,193		Brightsphere Investment Group, Inc		692,663
	104,231		Broadmark Realty Capital, Inc		1,039,183
	69,240	*	Cannae Holdings, Inc		2,560,495
	363,437		Capital One Financial Corp		26,559,976
	54,913		Capstead Mortgage Corp		280,605
	91,412		Carlyle Group, Inc		2,277,987
	86,131		CBOE Global Markets, Inc		7,001,589
	1,154,456		Charles Schwab Corp		47,459,686
	12,922		Cherry Hill Mortgage Investment Corp		118,366
	142,903		Chimera Investment Corp		1,193,240
	285,469		CME Group, Inc		43,025,888
	19,131		Cohen & Steers, Inc		1,077,267
	71,161		Colony Credit Real Estate, Inc		372,884
	22,571		Cowen Group, Inc		484,374
	7,894	*,e	Credit Acceptance Corp		2,353,359
	19,299		Curo Group Holdings Corp		144,549
	2,791		Diamond Hill Investment Group, Inc		382,200
	245,474		Discover Financial Services		15,958,265
	19,522	*	Donnelley Financial Solutions, Inc		246,563
	16,968		Dynex Capital, Inc		277,936
	87,132		Eaton Vance Corp		5,209,622
	33,739		Ellington Financial Inc		412,965
	19,763		Ellington Residential Mortgage REIT		210,081
	25,589	*	Encore Capital Group, Inc		817,057
	21,267	*	Enova International, Inc		326,448
	325,428		Equitable Holdings, Inc		6,993,448
	32,332		Evercore Inc		2,571,687
	29,783	*	Ezcorp, Inc (Class A)		132,832
	30,041		Factset Research Systems, Inc		9,207,566
	80,043		Federated Investors, Inc (Class B)		1,913,028
	34,210		FirstCash, Inc		1,780,288
	25,851	*	Focus Financial Partners, Inc		943,820
	215,810		Franklin Resources, Inc		4,046,437
	2,638		GAMCO Investors, Inc (Class A)		32,447
	266,341		Goldman Sachs Group, Inc		50,349,103
	57,403		Granite Point Mortgage Trust, Inc		386,896
	17,996		Great Ajax Corp		138,209
	40,412	*	Green Dot Corp		2,154,768

150

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	23,511		Greenhill & Co, Inc	$	303,997
	155	*	GWG Holdings Inc		1,162
	23,686		Hamilton Lane, Inc		1,650,914
	55,868		Hannon Armstrong Sustainable Infrastructure Capital, Inc		2,338,076
	42,191		Houlihan Lokey, Inc		2,645,376
	58,875		Interactive Brokers Group, Inc (Class A)		2,800,684
	434,631		Intercontinental Exchange Group, Inc		41,029,166
	299,224		Invesco Ltd		3,922,827
	143,208		Invesco Mortgage Capital, Inc		386,662
	184,798		Jefferies Financial Group, Inc		3,605,409
	427,895		KKR & Co, Inc		14,612,614
	18,595		KKR Real Estate Finance Trust, Inc		310,722
	82,473		Ladder Capital Corp		618,547
	80,114		Lazard Ltd (Class A)		2,697,438
	46,282	*	LendingClub Corp		216,137
	62,026		LPL Financial Holdings, Inc		4,957,738
	29,614		MarketAxess Holdings, Inc		15,957,504
	3,520		Marlin Business Services Corp		25,696
	377,631		MFA Financial Inc		1,064,919
	41,537		Moelis & Co		1,545,176
	130,923		Moody’s Corp		34,419,657
	1,072,251		Morgan Stanley		51,628,886
	17,712		Morningstar, Inc		3,372,011
	65,428		MSCI, Inc (Class A)		22,889,332
	91,928		Nasdaq Inc		11,122,369
	150,278		Navient Corp		1,203,727
	13,847		Nelnet, Inc (Class A)		845,221
	322,859		New Residential Investment Corp		2,421,442
	318,876		New York Mortgage Trust, Inc		809,945
	17,297	*,†	NewStar Financial, Inc		4,176
	154,094		Northern Trust Corp		12,060,937
	52,701		OneMain Holdings, Inc		1,838,738
	15,821	*	Oportun Financial Corp		210,419
	5,399		Oppenheimer Holdings, Inc		135,299
	44,143		Orchid Island Capital, Inc		229,102
	83,151		PennyMac Mortgage Investment Trust		1,244,770
	12,685	*	Pico Holdings, Inc		104,905
	15,511		Piper Jaffray Cos		1,294,393
	19,621		PJT Partners, Inc		1,327,557
	36,421	*	PRA Group, Inc		1,243,049
	9,606		Pzena Investment Management, Inc (Class A)		49,855
	98,397		Raymond James Financial, Inc		7,521,467
	26,728		Ready Capital Corp		300,423
	95,463		Redwood Trust, Inc		811,435
	6,244	*	Regional Management Corp		126,878
	193,980		S&P Global, Inc		62,603,165
	16,133		Safeguard Scientifics, Inc		93,894
	61,226		Santander Consumer USA Holdings, Inc		1,245,337
	21,936		Sculptor Capital Management, Inc		237,786
	92,585		SEI Investments Co		4,550,553
	208	*	Siebert Financial Corp		747
	3,599		Silvercrest Asset Management Group, Inc		40,633
	306,615		SLM Corp		2,817,792
	218,790		Starwood Property Trust, Inc		3,056,496
	282,529		State Street Corp		16,640,958
	55,330		Stifel Financial Corp		3,234,592

151

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	11,167	*	StoneX Group, Inc	$	591,628
	466,542		Synchrony Financial		11,672,881
	181,827		T Rowe Price Group, Inc		23,030,208
	50,019		TPG RE Finance Trust, Inc		391,149
	67,653		Tradeweb Markets, Inc		3,685,735
	215,023		Two Harbors Investment Corp		1,088,016
	51,700		Virtu Financial, Inc		1,105,346
	5,962		Virtus Investment Partners, Inc		951,237
	98,535		Voya Financial, Inc		4,722,783
	49,212	e	Waddell & Reed Financial, Inc (Class A)		755,404
	76,243		Western Asset Mortgage Capital Corp		147,911
	5,819		Westwood Holdings Group, Inc		56,212
	70,423		WisdomTree Investments, Inc		256,340
	3,506	*,e	World Acceptance Corp		294,469
			TOTAL DIVERSIFIED FINANCIALS		842,544,166
ENERGY - 1.9%
	234,300		Antero Midstream Corp		1,342,539
	185,787	*,e	Antero Resources Corp		631,676
	299,699		Apache Corp		2,487,502
	12,934	*	Arch Resources, Inc		395,134
	118,857		Archrock, Inc		704,822
	36,328		Ardmore Shipping Corp		101,718
	14,041	*	Aspen Aerogels, Inc		158,663
	516,790		Baker Hughes Co		7,632,988
	79,472		Berry Petroleum Co LLC		208,217
	13,622	*	Bonanza Creek Energy, Inc		241,246
	12,480		Brigham Minerals, Inc		110,074
	4,981	*	Bristow Group, Inc		103,505
	314,514		Cabot Oil & Gas Corp		5,595,204
	35,818		Cactus, Inc		608,906
	140,660	*	ChampionX Corp		1,227,962
	185,769	*	Cheniere Energy, Inc		8,892,762
	1,549,712		Chevron Corp		107,704,984
	81,314		Cimarex Energy Co		2,062,936
	133,851	*	Clean Energy Fuels Corp		331,950
	170,848	*	CNX Resources Corp		1,657,226
	19,383	*	Comstock Resources Inc		102,924
	153,519		Concho Resources, Inc		6,372,574
	862,936		ConocoPhillips		24,697,228
	34,057	*	CONSOL Energy, Inc		129,076
	73,192	*,e	Contango Oil & Gas Co		91,490
	66,065	e	Continental Resources, Inc		794,762
	26,262		CVR Energy, Inc		289,145
	54,182		Delek US Holdings, Inc		545,071
	308,331		Devon Energy Corp		2,753,396
	97,577		DHT Holdings, Inc		469,345
	18,546	*	Diamond S Shipping Inc		104,970
	124,775		Diamondback Energy, Inc		3,239,159
	14,982		DMC Global, Inc		532,910
	29,064	*	Dorian LPG Ltd		238,325
	25,553	*	Dril-Quip, Inc		661,823
	56,752	*	Earthstone Energy, Inc		152,663
	202,217		EnCana Corp		1,860,396
	64,264	*,e	Energy Fuels, Inc		97,039
	467,193		EOG Resources, Inc		15,996,688

152

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	200,610		EQT Corp	$	3,037,235
	320,376		Equitrans Midstream Corp		2,325,930
	19,412		Evolution Petroleum Corp		42,901
	33,510	*	Exterran Corp		141,747
	3,403,949	d	Exxon Mobil Corp		111,036,816
	28,935		Falcon Minerals Corp		53,240
	163,704	*	Frank’s International NV		286,482
	96,169	e	Frontline Ltd		520,274
	76,643	*	Golar LNG Ltd		578,655
	243	*	Goodrich Petroleum Corp		2,328
	28,378	*,e	Green Plains Inc		428,508
	693,116		Halliburton Co		8,358,979
	118,524	*	Helix Energy Solutions Group, Inc		293,940
	88,337		Helmerich & Payne, Inc		1,313,571
	219,718		Hess Corp		8,177,904
	120,558		HollyFrontier Corp		2,231,529
	21,753		International Seaways, Inc		294,536
	1,558,618		Kinder Morgan, Inc		18,547,554
	394,203		Kosmos Energy Ltd		391,956
	45,990		Liberty Oilfield Services, Inc		307,213
	75,659	*	Magnolia Oil & Gas Corp		328,360
	633,150		Marathon Oil Corp		2,507,274
	516,897		Marathon Petroleum Corp		15,248,462
	95,767	*	Matador Resources Co		677,073
	15,354	*	Matrix Service Co		116,690
	17,807	*	Montage Resources Corp		88,145
	126,841		Murphy Oil Corp		979,213
	8,829	e	Nabors Industries Ltd		250,920
	18,544	*	National Energy Services Reunited Corp		137,226
	315,488		National Oilwell Varco, Inc		2,650,099
	69,736	*	Newpark Resources, Inc		49,868
	143,327	*	NexTier Oilfield Solutions, Inc		270,888
	123,418	e	Nordic American Tankers Ltd		359,146
	664,400		Occidental Petroleum Corp		6,065,972
	92,467	*	Oceaneering International, Inc		377,265
	52,702	*	Oil States International, Inc		131,228
	351,323		ONEOK, Inc		10,188,367
	67,330	*	Overseas Shipholding Group, Inc		128,600
	31,390	*	Par Pacific Holdings, Inc		202,152
	230,892		Parsley Energy, Inc		2,311,229
	180,329		Patterson-UTI Energy, Inc		461,642
	97,405		PBF Energy, Inc		454,881
	87,186	*	PDC Energy, Inc		1,039,257
	53,851	*	Peabody Energy Corp		69,468
	10,942	*,e	Penn Virginia Corp		84,035
	349,094		Phillips 66		16,288,726
	131,505		Pioneer Natural Resources Co		10,462,538
	18	*	PrimeEnergy Corp		927
	69,210	*	ProPetro Holding Corp		273,380
	166,807		Range Resources Corp		1,097,590
	29,957	*	Renewable Energy Group, Inc		1,689,575
	3,339	*	Rex American Resources Corp		242,712
	36,246	*,e	RPC, Inc		86,265
	1,107,828		Schlumberger Ltd		16,550,950
	42,638	e	Scorpio Tankers, Inc		376,067
	19,971	*	SEACOR Holdings, Inc		611,712

153

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	53,591	*,e	Select Energy Services, Inc	$	161,845
	92,169		SFL Corp Ltd		600,020
	124,679		SM Energy Co		200,733
	23,417		Solaris Oilfield Infrastructure, Inc		138,863
	479,260	*	Southwestern Energy Co		1,279,624
	11,888	*	Talos Energy, Inc		78,223
	188,788		Targa Resources Investments, Inc		3,030,047
	114,035	*,e	Tellurian, Inc		109,474
	53,122	*	Tidewater, Inc		311,295
	461,580	*,e	Transocean Ltd (NYSE)		309,489
	81,795	*,e	Uranium Energy Corp		70,556
	67,083		US Silica Holdings, Inc		182,466
	325,043		Valero Energy Corp		12,549,910
	112,755	*,e	W&T Offshore, Inc		157,857
	975,011		Williams Cos, Inc		18,710,461
	53,429		World Fuel Services Corp		1,124,680
	329,220	*	WPX Energy, Inc		1,517,704
			TOTAL ENERGY		493,091,445
FOOD & STAPLES RETAILING - 1.4%
	36,277	e	Albertsons Cos, Inc		532,909
	25,464		Andersons, Inc		552,314
	109,425	*	BJ’s Wholesale Club Holdings, Inc		4,189,883
	29,550		Casey’s General Stores, Inc		4,981,244
	27,577	*	Chefs’ Warehouse Holdings, Inc		372,841
	354,954		Costco Wholesale Corp		126,938,649
	55,971	*	Grocery Outlet Holding Corp		2,463,843
	41,112	*,e	HF Foods Group Inc		270,928
	14,265	e	Ingles Markets, Inc (Class A)		511,543
	620,778		Kroger Co		19,995,259
	11,089		Natural Grocers by Vitamin C		117,987
	101,630	*	Performance Food Group Co		3,415,784
	18,482		Pricesmart, Inc		1,275,258
	46,433	*,e	Rite Aid Corp		424,398
	29,940		SpartanNash Co		551,195
	92,802	*	Sprouts Farmers Market, Inc		1,767,878
	389,013		SYSCO Corp		21,516,309
	44,657	*	United Natural Foods, Inc		650,653
	174,315	*	US Foods Holding Corp		3,643,184
	4,683		Village Super Market (Class A)		106,070
	579,839		Walgreens Boots Alliance, Inc		19,737,720
	1,121,953		Walmart, Inc		155,670,979
	8,600	e	Weis Markets, Inc		390,526
			TOTAL FOOD & STAPLES RETAILING		370,077,354
FOOD, BEVERAGE & TOBACCO - 3.1%
	1,659		Alico, Inc		47,912
	1,495,899		Altria Group, Inc		53,972,036
	444,710		Archer-Daniels-Midland Co		20,563,390
	49,739	e	B&G Foods, Inc (Class A)		1,321,068
	41,369	*	Beyond Meat, Inc		5,892,187
	7,115	*	Boston Beer Co, Inc (Class A)		7,393,766
	59	*	Bridgford Foods Corp		1,077
	37,033		Brown-Forman Corp (Class A)		2,323,821
	145,604		Brown-Forman Corp (Class B)		10,150,055
	109,043		Bunge Ltd		6,186,009

154

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	15,213		Calavo Growers, Inc	$	1,021,249
	23,528	*	Cal-Maine Foods, Inc		902,299
	140,451		Campbell Soup Co		6,554,848
	27,956	*,e	Celsius Holdings, Inc		562,195
	3,111,459		Coca-Cola Co		149,536,720
	3,562		Coca-Cola Consolidated Inc		815,520
	391,246		ConAgra Brands, Inc		13,728,822
	128,008		Constellation Brands, Inc (Class A)		21,150,762
	129,032	*	Darling Ingredients, Inc		5,548,376
	7,025	*	Farmer Bros Co		24,377
	158,714		Flowers Foods, Inc		3,742,476
	22,222		Fresh Del Monte Produce, Inc		478,440
	30,362	*	Freshpet, Inc		3,476,449
	488,004		General Mills, Inc		28,850,796
	66,270	*	Hain Celestial Group, Inc		2,037,802
	118,311		Hershey Co		16,263,030
	225,168		Hormel Foods Corp		10,963,430
	111,265	*	Hostess Brands, Inc		1,406,390
	52,693		Ingredion, Inc		3,735,407
	12,260		J&J Snack Foods Corp		1,662,088
	88,361		J.M. Smucker Co		9,914,104
	7,801		John B. Sanfilippo & Son, Inc		567,601
	201,366		Kellogg Co		12,663,908
	310,227		Keurig Dr Pepper, Inc		8,345,106
	519,653		Kraft Heinz Co		15,896,185
	117,174		Lamb Weston Holdings, Inc		7,434,690
	15,457		Lancaster Colony Corp		2,568,026
	25,890	*	Landec Corp		248,803
	10,800		Limoneira Co		149,364
	99,573		McCormick & Co, Inc		17,973,922
	10,618		MGP Ingredients, Inc		446,168
	137,855		Molson Coors Brewing Co (Class B)		4,860,767
	1,136,659		Mondelez International, Inc		60,379,326
	296,512	*	Monster Beverage Corp		22,703,924
	9,889	*,e	National Beverage Corp		774,210
	54,771	*	NewAge, Inc		128,164
	1,117,373		PepsiCo, Inc		148,934,647
	1,252,285		Philip Morris International, Inc		88,937,281
	44,477	*	Pilgrim’s Pride Corp		744,545
	50,184	*	Post Holdings, Inc		4,310,806
	126,721		Primo Water Corp		1,587,814
	16,772		Sanderson Farms, Inc		2,146,313
	229		Seaboard Corp		788,905
	4,345	*	Seneca Foods Corp		160,113
	65,281	*	Simply Good Foods Co		1,227,283
	13,180	e	Tootsie Roll Industries, Inc		393,818
	46,154	*	TreeHouse Foods, Inc		1,792,621
	7,811	e	Turning Point Brands, Inc		292,678
	230,386		Tyson Foods, Inc (Class A)		13,184,991
	20,406		Universal Corp		813,179
	109,494		Vector Group Ltd		1,006,250
	5,612	*	Vital Farms, Inc		193,951
			TOTAL FOOD, BEVERAGE & TOBACCO		811,882,260

155

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
HEALTH CARE EQUIPMENT & SERVICES - 6.6%
	61,406	*	1Life Healthcare, Inc	$	1,732,263
	1,391,497		Abbott Laboratories		146,260,250
	35,497	*	Abiomed, Inc		8,940,984
	72,540	*	Acadia Healthcare Co, Inc		2,586,051
	9,032	*,e	Accolade, Inc		316,301
	80,912	*	Accuray, Inc		235,454
	7,688	*	Acutus Medical, Inc		175,825
	19,506	*	AdaptHealth Corp		532,514
	9,851	*	Addus HomeCare Corp		961,162
	62,662	*	Align Technology, Inc		26,699,025
	134,292	*	Allscripts Healthcare Solutions, Inc		1,353,663
	32,637	*	Alphatec Holdings Inc		278,720
	25,288	*	Amedisys, Inc		6,549,592
	8,059	*	American Renal Associates Holdings, Inc		92,598
	116,951		AmerisourceBergen Corp		11,235,483
	37,014	*	AMN Healthcare Services, Inc		2,416,274
	23,243	*	Angiodynamics, Inc		240,333
	127,038	*	Antares Pharma, Inc		346,814
	202,926		Anthem, Inc		55,358,213
	21,471	*,e	Apollo Medical Holdings, Inc		370,589
	35,479	*	Apyx Medical Corp		213,584
	33,158	*	AtriCure, Inc		1,145,940
	1,158		Atrion Corp		696,132
	737	*,e	Avalon GloboCare Corp		825
	38,326	*	Avanos Medical, Inc		1,354,824
	29,631	*,e	AxoGen, Inc		373,647
	24,863	*,e	Axonics Modulation Technologies, Inc		1,165,826
	408,944		Baxter International, Inc		31,721,786
	221,992		Becton Dickinson & Co		51,309,011
	9,619	*	Beyond Air, Inc		50,404
	10,755	*	BioLife Solutions Inc		308,776
	13,421	*,e	BioSig Technologies Inc		42,410
	27,717	*	BioTelemetry, Inc		1,180,190
	1,148,297	*	Boston Scientific Corp		39,352,138
	150,915	*	Brookdale Senior Living, Inc		443,690
	30,287		Cantel Medical Corp		1,448,930
	234,092		Cardinal Health, Inc		10,719,073
	28,182	*	Cardiovascular Systems, Inc		1,004,688
	461,286	*	Centene Corp		27,262,003
	245,541		Cerner Corp		17,209,969
	132,922	*	Cerus Corp		697,840
	190,795	*	Change Healthcare, Inc		2,699,749
	10,887	*,e	Chembio Diagnostics, Inc		51,604
	12,601		Chemed Corp		6,027,310
	291,134		Cigna Corp		48,610,644
	20,650	*	Co-Diagnostics, Inc		276,916
	66,658	*	Community Health Systems, Inc		415,946
	7,207		Computer Programs & Systems, Inc		201,003
	21,853		Conmed Corp		1,703,878
	39,078		Cooper Cos, Inc		12,467,836
	7,815	*	Corvel Corp		712,884
	76,515	*	Covetrus, Inc		1,889,155
	23,078	*	Cross Country Healthcare, Inc		181,162
	23,530	*	CryoLife, Inc		394,363
	27,736	*,e	CryoPort, Inc		1,113,323
	7,978	*	Cutera, Inc		151,024
	1,051,672		CVS Health Corp		58,988,282

156

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	39,693	*	CytoSorbents Corp	$	303,651
	504,075		Danaher Corp		115,705,375
	66,236	*	DaVita, Inc		5,712,855
	174,566		Dentsply Sirona, Inc		8,237,770
	73,877	*	DexCom, Inc		23,609,612
	496,018	*	Edwards Lifesciences Corp		35,559,530
	13,523	*	Electromed, Inc		112,376
	78,151		Encompass Health Corp		4,791,438
	41,580		Ensign Group, Inc		2,446,567
	126,416	*	Envista Holdings Corp		3,339,911
	34,826	*	Enzo Biochem, Inc		63,383
	61,468	*	Evolent Health, Inc		610,992
	121	*	Exagen, Inc		1,725
	7,882	*,e	Fulgent Genetics, Inc		256,401
	58,482	*	GenMark Diagnostics, Inc		714,650
	34,414	*,e	Glaukos Corp		1,924,431
	58,427	*	Globus Medical, Inc		3,045,215
	65,797	*	Guardant Health, Inc		7,017,908
	39,411	*	Haemonetics Corp		3,984,058
	27,137	*	Hanger Inc		474,083
	214,316		HCA Healthcare, Inc		26,562,325
	26,210	*,e	Health Catalyst, Inc		903,721
	59,024	*	HealthEquity, Inc		3,039,146
	16,111	*	HealthStream, Inc		294,831
	113,676	*	Henry Schein, Inc		7,227,520
	5,193	*	Heska Corp		609,295
	52,296		Hill-Rom Holdings, Inc		4,762,597
	68,244	*	HMS Holdings Corp		1,816,655
	205,747	*	Hologic, Inc		14,159,509
	106,245		Humana, Inc		42,421,504
	20,965	*,e	iCAD, Inc		204,618
	15,206	*	ICU Medical, Inc		2,703,475
	67,602	*	IDEXX Laboratories, Inc		28,718,682
	5,998	*	Inari Medical, Inc		397,068
	16,221	*	InfuSystem Holdings, Inc		199,843
	14,803	*	Inogen, Inc		432,396
	60,850	*	Inovalon Holdings, Inc		1,155,541
	21,320	*	Inspire Medical Systems, Inc		2,546,248
	52,636	*	Insulet Corp		11,698,351
	26,543	*	Integer Holding Corp		1,551,438
	57,153	*	Integra LifeSciences Holdings Corp		2,520,447
	13,721	*	IntriCon Corp		171,512
	93,121	*	Intuitive Surgical, Inc		62,119,157
	23,873		Invacare Corp		193,610
	161	*	iRadimed Corp		3,647
	21,588	*	iRhythm Technologies, Inc		4,564,783
	10,769	*	Joint Corp		201,811
	77,788	*	Laboratory Corp of America Holdings		15,539,709
	52,912	*	Lantheus Holdings, Inc		574,624
	21,117		LeMaitre Vascular, Inc		685,880
	8,082	*	LENSAR, Inc		78,880
	24,482	*	LHC Group, Inc		5,301,577
	39,946	*	LivaNova plc		2,010,882
	44,277	*	Livongo Health, Inc		5,651,265
	19,000	*	Magellan Health Services, Inc		1,373,130
	39,158	*	Masimo Corp		8,764,344

157

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	129,611		McKesson Corp	$	19,116,326
	65,575	*	MEDNAX, Inc		836,081
	1,079,796		Medtronic plc		108,595,084
	37,400	*	Meridian Bioscience, Inc		641,410
	42,447	*	Merit Medical Systems, Inc		2,124,472
	3,778		Mesa Laboratories, Inc		987,607
	83,334	*,e	Milestone Scientific, Inc		128,334
	7,622	*	Misonix Inc		86,586
	47,062	*	Molina Healthcare, Inc		8,775,651
	10,302		National Healthcare Corp		652,117
	14,060		National Research Corp		728,308
	23,183	*	Natus Medical, Inc		422,162
	42,090	*	Neogen Corp		2,935,357
	26,583	*	Nevro Corp		3,966,449
	44,547	*	NextGen Healthcare, Inc		605,839
	79,701	*	Novocure Ltd		9,731,492
	41,563	*	NuVasive, Inc		1,846,644
	13,564	*	Oak Street Health, Inc		645,511
	34,529	*	Omnicell, Inc		2,988,485
	6,175	*,e	Ontrak, Inc		378,157
	10,801	*	OptimizeRx Corp		213,860
	35,653	*	Option Care Health, Inc		475,254
	57,644	*	OraSure Technologies, Inc		861,201
	10,818	*	Orthofix Medical Inc		338,171
	8,748	*	OrthoPediatrics Corp		390,161
	51,524		Owens & Minor, Inc		1,294,283
	64,677	e	Patterson Cos, Inc		1,608,840
	94,787	*,e	PAVmed, Inc		169,669
	20,518	*	Pennant Group, Inc		854,780
	26,313	*	Penumbra, Inc		6,868,482
	19,145	*,e	PetIQ, Inc		546,781
	22,750	*	Phreesia, Inc		841,067
	127,294	*	PPD, Inc		4,185,427
	49,347		Premier, Inc		1,615,127
	21,500	*	Progyny, Inc		523,955
	10,065	*	Providence Service Corp		1,183,141
	26,726	*,e	Pulse Biosciences, Inc		323,652
	107,040		Quest Diagnostics, Inc		13,073,866
	29,798	*	Quidel Corp		7,994,505
	49,325	*	Quotient Ltd		232,814
	87,305	*	R1 RCM, Inc		1,564,506
	33,988	*	RadNet, Inc		493,166
	22,676	*	Repro-Med Systems, Inc		125,171
	115,189		Resmed, Inc		22,109,377
	20,095	*,e	Retractable Technologies, Inc		147,497
	31,391	*,e	Rockwell Medical, Inc		26,758
	18,396	*	SeaSpine Holdings Corp		234,733
	94,771	*	Select Medical Holdings Corp		1,988,296
	11,192	*	Sharps Compliance Corp		66,704
	22,588	*	Shockwave Medical Inc		1,543,212
	20,661	*	SI-BONE, Inc		433,261
	43,122	*,e	Sientra, Inc		181,975
	25,950	*	Silk Road Medical Inc		1,572,570
	11,450		Simulations Plus, Inc		742,189
	261	*,e	Soliton Inc		1,869
	36,743	*	Staar Surgical Co		2,663,867

158

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	38,241	*,e	Stereotaxis, Inc	$	120,842
	67,916		STERIS plc		12,034,036
	278,889		Stryker Corp		56,338,367
	50,925	*	Surgalign Holdings, Inc		88,609
	17,669	*	Surgery Partners, Inc		385,538
	12,880	*	SurModics, Inc		473,340
	16,191	*,e	Tabula Rasa HealthCare, Inc		559,237
	17,101	*	Tactile Systems Technology, Inc		625,555
	46,923	*	Tandem Diabetes Care, Inc		5,114,607
	9,395	*	Tela Bio, Inc		142,428
	57,482	*,e	Teladoc, Inc		11,292,914
	37,220		Teleflex, Inc		11,844,521
	85,226	*	Tenet Healthcare Corp		2,091,446
	35,343	*,e	Tivity Health, Inc		485,966
	19,671	*	Transmedics Group, Inc		235,659
	20,488	*	Triple-S Management Corp (Class B)		379,438
	760,026		UnitedHealth Group, Inc		231,914,334
	57,959		Universal Health Services, Inc (Class B)		6,349,408
	10,927	e	US Physical Therapy, Inc		866,839
	1,543		Utah Medical Products, Inc		128,069
	15,842	*	Vapotherm, Inc		474,468
	22,834	*	Varex Imaging Corp		305,976
	73,141	*	Varian Medical Systems, Inc		12,638,765
	107,336	*	Veeva Systems, Inc		28,986,087
	27,859	*,e	Viemed Healthcare, Inc		223,151
	87,814	*,e	ViewRay, Inc		260,808
	26,060	*	Vocera Communications, Inc		854,247
	33,558	*	VolitionRX Ltd		99,667
	58,912		West Pharmaceutical Services, Inc		16,028,188
	103,656	*,e	Wright Medical Group NV		3,170,837
	166,312		Zimmer Biomet Holdings, Inc		21,969,815
	17,649	*,e	Zynex Inc		226,084
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		1,739,732,330
HOUSEHOLD & PERSONAL PRODUCTS - 1.7%
	28,978	*	BellRing Brands, Inc		530,008
	8,914	*	Central Garden & Pet Co		347,289
	32,738	*	Central Garden and Pet Co (Class A)		1,158,598
	197,881		Church & Dwight Co, Inc		17,490,702
	101,362		Clorox Co		21,007,274
	677,197		Colgate-Palmolive Co		53,424,071
	228,552		Coty, Inc		662,801
	44,425	*	Edgewell Personal Care Co		1,164,824
	31,250	*	elf Beauty, Inc		633,438
	50,651		Energizer Holdings, Inc		1,993,117
	177,993		Estee Lauder Cos (Class A)		39,097,942
	79,967	*	Herbalife Nutrition Ltd		3,609,710
	14,349		Inter Parfums, Inc		589,170
	273,434		Kimberly-Clark Corp		36,254,614
	8,497	*	Lifevantage Corp		93,892
	8,701		Medifast, Inc		1,222,403
	3,947	*	Nature’s Sunshine Products, Inc		41,128
	42,576		Nu Skin Enterprises, Inc (Class A)		2,101,126
	2,626		Oil-Dri Corp of America		89,704
	1,961,821		Procter & Gamble Co		268,965,659
	19,824	*,e	Revlon, Inc (Class A)		81,278

159

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	38,567		Reynolds Consumer Products Inc	$	1,089,132
	34,652		Spectrum Brands Holdings, Inc		1,970,659
	9,429	*	USANA Health Sciences, Inc		713,304
	62,696	*,e	Veru, Inc		157,994
	11,077		WD-40 Co		2,695,920
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		457,185,757
INSURANCE - 3.2%
	568,755		Aflac, Inc		19,309,232
	11,028		Alleghany Corp		6,031,544
	252,792		Allstate Corp		22,435,290
	27,286	*	AMBAC Financial Group, Inc		335,072
	80,258		American Equity Investment Life Holding Co		1,992,004
	59,470		American Financial Group, Inc		4,456,682
	690,588		American International Group, Inc		21,746,616
	7,931		American National Group, Inc		545,653
	15,859		Amerisafe, Inc		935,364
	184,309		Aon plc		33,914,699
	314,852	*	Arch Capital Group Ltd		9,511,679
	28,722	*	Argo Group International Holdings Ltd		1,024,801
	151,982		Arthur J. Gallagher & Co		15,762,053
	47,110		Assurant, Inc		5,859,071
	68,646		Assured Guaranty Ltd		1,752,532
	94,426	*	Athene Holding Ltd		3,029,186
	65,605		Axis Capital Holdings Ltd		2,800,677
	1,542,774	*	Berkshire Hathaway, Inc (Class B)		311,486,071
	77,163	*	Brighthouse Financial, Inc		2,554,095
	191,245		Brown & Brown, Inc		8,321,070
	24,962	*	BRP Group, Inc		636,531
	361,459		Chubb Ltd		46,957,139
	119,862		Cincinnati Financial Corp		8,479,038
	32,342	*,e	Citizens, Inc (Class A)		186,613
	23,883		CNA Financial Corp		711,475
	122,254		Conseco, Inc		2,170,008
	563		Crawford & Co		3,603
	3,646		Donegal Group, Inc (Class A)		52,903
	19,408	*	eHealth, Inc		1,302,471
	30,945		Employers Holdings, Inc		990,549
	10,221	*	Enstar Group Ltd		1,756,683
	20,152		Erie Indemnity Co (Class A)		4,692,796
	31,357		Everest Re Group Ltd		6,179,838
	7,141		FBL Financial Group, Inc (Class A)		354,836
	6,057		FedNat Holding Co		31,072
	216,783		Fidelity National Financial Inc		6,783,140
	85,558		First American Financial Corp		3,815,031
	408,179	*	Genworth Financial, Inc (Class A)		1,604,143
	83,165		Globe Life, Inc		6,743,850
	32,833	*	GoHealth, Inc		340,150
	10,445		Goosehead Insurance, Inc		1,279,930
	26,615	*,e	Greenlight Capital Re Ltd (Class A)		179,651
	30,198		Hanover Insurance Group, Inc		2,888,741
	285,630		Hartford Financial Services Group, Inc		11,002,468
	8,950		HCI Group, Inc		420,471
	33,356		Heritage Insurance Holdings, Inc		314,881
	38,394		Horace Mann Educators Corp		1,301,941
	2,871		Independence Holding Co		108,581

160

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	763		Investors Title Co	$	101,876
	26,064		James River Group Holdings Ltd		1,217,971
	48,689		Kemper Corp		3,002,164
	16,667		Kinsale Capital Group, Inc		3,124,562
	10,057	*,e	Lemonade, Inc		505,767
	150,958		Lincoln National Corp		5,298,626
	190,583		Loews Corp		6,609,418
	10,837	*	Markel Corp		10,108,754
	407,370		Marsh & McLennan Cos, Inc		42,146,500
	58,050	*	MBIA, Inc		331,465
	23,043		Mercury General Corp		938,081
	616,046		Metlife, Inc		23,317,341
	55,246		National General Holdings Corp		1,876,707
	1,920		National Western Life Group, Inc		325,690
	5,736	*	NI Holdings, Inc		95,849
	228,956		Old Republic International Corp		3,727,404
	16,616	*	Palomar Holdings, Inc		1,481,649
	31,948		Primerica, Inc		3,521,948
	216,284		Principal Financial Group		8,482,658
	45,009		ProAssurance Corp		694,489
	470,336		Progressive Corp		43,223,878
	9,175	*	ProSight Global, Inc		108,540
	3,923		Protective Insurance Corp		51,587
	316,347		Prudential Financial, Inc		20,252,535
	53,709		Reinsurance Group of America, Inc (Class A)		5,425,683
	39,879		RenaissanceRe Holdings Ltd		6,449,232
	31,029		RLI Corp		2,690,214
	12,226		Safety Insurance Group, Inc		855,820
	45,095		Selective Insurance Group, Inc		2,347,646
	24,953	*	Selectquote, Inc		429,691
	14,719		State Auto Financial Corp		181,632
	20,810		Stewart Information Services Corp		882,136
	64,678	*	Third Point Reinsurance Ltd		503,195
	14,139		Tiptree Inc		68,857
	202,647		Travelers Cos, Inc		24,461,519
	24,191	*	Trupanion, Inc		1,730,624
	13,269		United Fire Group Inc		272,545
	12,036		United Insurance Holdings Corp		52,838
	23,291		Universal Insurance Holdings, Inc		290,439
	159,476		Unum Group		2,816,346
	110,881		W.R. Berkley Corp		6,666,166
	15,218	*	Watford Holdings Ltd		547,848
	2,469		White Mountains Insurance Group Ltd		2,242,667
	103,195		Willis Towers Watson plc		18,831,024
			TOTAL INSURANCE		843,383,505
MATERIALS - 2.8%
	14,330	e	Advanced Emissions Solutions, Inc		63,768
	32,022	*	AdvanSix, Inc		487,375
	177,705		Air Products & Chemicals, Inc		49,089,229
	84,397		Albemarle Corp		7,866,644
	140,859	*	Alcoa Corp		1,819,898
	100,911	*	Allegheny Technologies, Inc		929,390
	1,266,969		Amcor plc		13,214,487
	17,284		American Vanguard Corp		223,309
	66,844	*,e	Amyris, Inc		167,110

161

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	51,923		Aptargroup, Inc	$	5,923,895
	82,803	*	Arconic Corp		1,800,137
	15,547		Ardagh Group S.A.		256,215
	43,074		Ashland Global Holdings, Inc		3,005,273
	66,587		Avery Dennison Corp		9,214,975
	71,357		Avient Corp		2,217,062
	165,381	*	Axalta Coating Systems Ltd		4,152,717
	25,874		Balchem Corp		2,586,106
	256,794		Ball Corp		22,854,666
	105,234	*	Berry Global Group, Inc		4,907,061
	29,074		Boise Cascade Co		1,115,860
	48,358		Cabot Corp		1,838,088
	11,651		Caledonia Mining Corp plc		190,261
	37,844		Carpenter Technology Corp		661,513
	94,328		Celanese Corp (Series A)		10,707,171
	38,515	*	Century Aluminum Co		253,429
	167,177		CF Industries Holdings, Inc		4,615,757
	5,739		Chase Corp		546,123
	130,519		Chemours Co		2,628,653
	13,347	*	Clearwater Paper Corp		495,841
	319,384	e	Cleveland-Cliffs, Inc		2,644,499
	23,661		CMC Materials, Inc		3,364,358
	197,229	*	Coeur Mining, Inc		1,394,409
	95,395		Commercial Metals Co		1,969,907
	28,562		Compass Minerals International, Inc		1,724,574
	602,115		Corteva, Inc		19,857,753
	104,578	*	Crown Holdings, Inc		8,972,792
	46,986		Domtar Corp		1,122,026
	595,806		Dow, Inc		27,103,215
	590,465		DuPont de Nemours, Inc		33,585,649
	33,411		Eagle Materials, Inc		2,848,288
	108,374		Eastman Chemical Co		8,760,954
	200,422		Ecolab, Inc		36,795,475
	178,521	*	Element Solutions, Inc		2,092,266
	75,640	*	Ferro Corp		972,730
	48,283	*,†	Ferroglobe plc		0
	104,709		FMC Corp		10,757,803
	14,694	*	Forterra, Inc		191,757
	1,161,142		Freeport-McMoRan, Inc (Class B)		20,134,202
	25,108		FutureFuel Corp		298,534
	40,309	*	GCP Applied Technologies, Inc		879,139
	39,258		Glatfelter Corp		560,212
	35,140		Gold Resource Corp		96,284
	212,859		Graphic Packaging Holding Co		2,828,896
	21,501		Greif, Inc (Class A)		872,726
	5,983		Greif, Inc (Class B)		258,765
	41,573		H.B. Fuller Co		1,881,178
	7,702		Hawkins, Inc		359,760
	7,327		Haynes International, Inc		118,771
	390,369		Hecla Mining Co		1,787,890
	156,767		Huntsman Corp		3,807,870
	31,924	*	Ingevity Corp		1,751,989
	21,475		Innospec, Inc		1,420,356
	85,427	e	International Flavors & Fragrances, Inc		8,769,936
	314,790		International Paper Co		13,772,062
	16,708	*	Intrepid Potash, Inc		166,746

162

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	15,164		Kaiser Aluminum Corp	$	954,270
	12,426	*	Koppers Holdings, Inc		278,715
	24,477	*	Kraton Corp		692,699
	17,841		Kronos Worldwide, Inc		237,642
	422,952		Linde plc		93,193,244
	125,984	*,e	Livent Corp		1,354,328
	87,573		Louisiana-Pacific Corp		2,502,836
	205,418		LyondellBasell Industries NV		14,060,862
	1,527	*	Marrone Bio Innovations, Inc		1,680
	49,625		Martin Marietta Materials, Inc		13,217,619
	16,456		Materion Corp		842,383
	214	*	Mayville Engineering Co Inc		1,907
	31,379		Minerals Technologies, Inc		1,716,117
	275,862		Mosaic Co		5,103,447
	24,595		Myers Industries, Inc		352,692
	15,338		Neenah Inc		577,169
	5,681		NewMarket Corp		2,032,037
	644,857		Newmont Goldcorp Corp		40,522,814
	187,119	*	Novagold Resources Inc		1,938,553
	240,825		Nucor Corp		11,501,802
	131,800		O-I Glass, Inc		1,242,874
	116,854		Olin Corp		1,933,934
	5,860		Olympic Steel, Inc		66,863
	44,569		Orion Engineered Carbons SA		653,827
	75,006		Packaging Corp of America		8,587,437
	189,457		PPG Industries, Inc		24,576,362
	33,843	*	PQ Group Holdings, Inc		391,225
	10,422		Quaker Chemical Corp		1,988,413
	24,034	*	Ranpak Holdings Corp		205,010
	52,090	*	Rayonier Advanced Materials, Inc		178,669
	51,094		Reliance Steel & Aluminum Co		5,568,735
	52,644		Royal Gold, Inc		6,254,634
	102,668		RPM International, Inc		8,692,900
	11,406	*	Ryerson Holding Corp		89,765
	15,755		Schnitzer Steel Industries, Inc (Class A)		330,855
	25,956		Schweitzer-Mauduit International, Inc		861,739
	32,804		Scotts Miracle-Gro Co (Class A)		4,922,240
	123,976		Sealed Air Corp		4,908,210
	32,817		Sensient Technologies Corp		2,147,216
	66,301		Sherwin-Williams Co		45,613,762
	65,473		Silgan Holdings, Inc		2,255,545
	79,582		Sonoco Products Co		3,890,764
	67,055		Southern Copper Corp (NY)		3,509,659
	159,087		Steel Dynamics, Inc		5,008,059
	17,654		Stepan Co		2,055,632
	93,665	*	Summit Materials, Inc		1,656,934
	66,599		SunCoke Energy, Inc		232,430
	79,910	*	TimkenSteel Corp		309,252
	9,133	*	Trecora Resources		54,067
	15,869		Tredegar Corp		231,370
	33,542		Trinseo S.A.		1,067,306
	72,312		Tronox Holdings plc		706,488
	47,947		UFP Industries, Inc		2,393,035
	3,261	*	UFP Technologies, Inc		120,853
	834		United States Lime & Minerals, Inc		77,312
	166,316	e	United States Steel Corp		1,606,613

163

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	18,032	*	US Concrete, Inc	$	612,367
	146,705		Valvoline, Inc		2,885,687
	28,800		Verso Corp		224,064
	106,038		Vulcan Materials Co		15,358,544
	41,260		Warrior Met Coal, Inc		618,900
	27,085		Westlake Chemical Corp		1,831,488
	205,389		WestRock Co		7,712,357
	30,297		Worthington Industries, Inc		1,490,915
	45,169		WR Grace and Co		1,964,400
			TOTAL MATERIALS		745,927,311
MEDIA & ENTERTAINMENT - 8.4%
	614,066		Activision Blizzard, Inc		46,503,218
	241,594	*	Alphabet, Inc (Class A)		390,442,479
	238,489	*	Alphabet, Inc (Class C)		386,593,054
	240,637	*	Altice USA, Inc		6,485,167
	72,925		AMC Entertainment Holdings, Inc		172,103
	32,236	*,e	AMC Networks, Inc		685,015
	12,879	*,e	Black Diamond Therapeutics, Inc		405,817
	8,647	*	Boston Omaha Corp		138,179
	4,277		Cable One, Inc		7,407,165
	21,021	*,e	Cardlytics, Inc		1,551,770
	68,080	*	Cargurus, Inc		1,356,834
	43,384	*	Cars.com, Inc		320,608
	120,439	*	Charter Communications, Inc		72,723,477
	94,823	e	Cinemark Holdings, Inc		776,600
	3,648,461		Comcast Corp (Class A)		154,110,993
	37,208	*	comScore, Inc		74,230
	470	*,e	Daily Journal Corp		127,464
	39,986	*	DHI Group, Inc		67,576
	124,466	*,e	Discovery, Inc (Class A)		2,519,192
	258,576	*	Discovery, Inc (Class C)		4,737,112
	193,329	*	DISH Network Corp (Class A)		4,927,956
	229,350	*	Electronic Arts, Inc		27,483,011
	157,559		Entercom Communications Corp (Class A)		236,339
	41,363		Entravision Communications Corp (Class A)		75,694
	118,250	*,e	Eros International plc		227,040
	51,662	*,e	Eventbrite Inc		476,840
	11,437	*	EverQuote Inc		383,025
	35,051		EW Scripps Co (Class A)		318,263
	1,932,292	*	Facebook, Inc		508,405,348
	14,369	*	Fluent, Inc		36,641
	266,460		Fox Corp (Class A)		7,066,519
	126,403		Fox Corp (Class B)		3,304,174
	5,234	*	Gaia, Inc		53,073
	1,343	*,e	Gannett Co, Inc		1,544
	114,436	*	Glu Mobile, Inc		819,362
	80,919	*	Gray Television, Inc		1,026,053
	9,282	*	Hemisphere Media Group, Inc		72,585
	48,581	*,e	iHeartMedia, Inc		399,336
	40,111	*	Imax Corp		462,480
	304,222		Interpublic Group of Cos, Inc		5,503,376
	39,246		John Wiley & Sons, Inc (Class A)		1,215,056
	6,535	*,e	Liberty Braves Group (Class A)		135,275
	33,020	*	Liberty Braves Group (Class C)		675,919
	19,898	*	Liberty Broadband Corp (Class A)		2,796,664

164

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	84,270	*	Liberty Broadband Corp (Class C)	$	11,941,902
	19,292	*	Liberty Media Group (Class A)		642,424
	156,342	*	Liberty Media Group (Class C)		5,648,637
	65,450	*	Liberty SiriusXM Group (Class A)		2,262,607
	137,420	*	Liberty SiriusXM Group (Class C)		4,754,732
	73,663	*	Liberty TripAdvisor Holdings, Inc		131,120
	47,510	*	Lions Gate Entertainment Corp (Class A)		318,317
	92,384	*	Lions Gate Entertainment Corp (Class B)		579,248
	111,935	*	Live Nation, Inc		5,462,428
	18,131	*,e	LiveXLive Media, Inc		36,443
	10,380		Loral Space & Communications, Inc		180,716
	14,556	*	Madison Square Garden Co		2,061,712
	14,556	*	Madison Square Garden Entertainment Corp		946,140
	26,238		Marcus Corp		192,325
	175,745	*	Match Group, Inc		20,523,501
	35,804		Meredith Corp		393,844
	39,398	*	MSG Networks, Inc		352,218
	101,462		National CineMedia, Inc		201,402
	342,145	*	Netflix, Inc		162,772,062
	130,681		New York Times Co (Class A)		5,182,808
	305,924		News Corp (Class A)		4,016,782
	99,469		News Corp (Class B)		1,295,086
	35,339		Nexstar Media Group Inc		2,911,934
	166,828		Omnicom Group, Inc		7,874,282
	322,202	*	Pinterest, Inc		18,993,808
	43,758	*	QuinStreet, Inc		700,347
	84,894	*	Roku, Inc		17,182,546
	1,557		Saga Communications, Inc		26,500
	23,890		Scholastic Corp		472,066
	46,743	e	Sinclair Broadcast Group, Inc (Class A)		868,485
	926,691	e	Sirius XM Holdings, Inc		5,309,939
	105,160	*	Spotify Technology S.A.		25,226,832
	90,794	*	Take-Two Interactive Software, Inc		14,065,807
	20,403	*	TechTarget, Inc		893,651
	179,899		TEGNA, Inc		2,164,185
	13,052		Tribune Publishing Co		149,576
	77,824		TripAdvisor, Inc		1,487,217
	91,287	*	TrueCar, Inc		398,011
	617,222	*	Twitter, Inc		25,528,302
	7,817		ViacomCBS, Inc (Class A)		233,416
	434,819		ViacomCBS, Inc (Class B)		12,422,779
	1,454,257		Walt Disney Co		176,328,661
	20,501	*	WideOpenWest, Inc		102,300
	36,271		World Wrestling Entertainment, Inc (Class A)		1,318,814
	59,867	*	Yelp, Inc		1,177,584
	46,444	*	Zillow Group, Inc (Class A)		4,148,843
	112,581	*	Zillow Group, Inc (Class C)		9,976,928
	707,420	*	Zynga, Inc		6,359,706
			TOTAL MEDIA & ENTERTAINMENT		2,209,518,599
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.7%
	46,279	*	10X Genomics, Inc		6,335,595
	5,492	*	89bio, Inc		127,195
	1,417,865		AbbVie, Inc		120,660,311
	55,363	*	Abeona Therapeutics, Inc		59,238
	88,266	*	Acadia Pharmaceuticals, Inc		4,099,956

165

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	25,306	*,e	Accelerate Diagnostics, Inc	$	238,383
	40,640	*	Acceleron Pharma, Inc		4,250,131
	68,121	*,e	AcelRx Pharmaceuticals, Inc		116,487
	60,834	*	Adaptive Biotechnologies Corp		2,803,231
	50,388	*,e	ADMA Biologics, Inc		100,272
	68,997	*	Adverum Biotechnologies, Inc		752,757
	34,304	*	Aeglea BioTherapeutics, Inc		263,455
	29,880	*	Aerie Pharmaceuticals, Inc		317,027
	57,863	*	Affimed NV		182,847
	118,690	*	Agenus, Inc		437,966
	72,464	*,e	Agile Therapeutics, Inc		197,102
	248,676		Agilent Technologies, Inc		25,387,333
	47,081	*	Agios Pharmaceuticals, Inc		1,886,536
	108,921	*	Akebia Therapeutics, Inc		241,805
	10,592	*	Akero Therapeutics, Inc		281,218
	11,326	*	Akouos, Inc		219,838
	10,417	*	Albireo Pharma, Inc		328,761
	71,596	*,†	Alder Biopharmaceuticals Inc		63,004
	37,646	*	Alector, Inc		354,249
	170,603	*	Alexion Pharmaceuticals, Inc		19,643,229
	125,057	*	Alkermes plc		2,032,176
	19,825	*,e	Allakos, Inc		1,885,952
	42,271	*	Allogene Therapeutics, Inc		1,433,832
	14,074	*	Allovir, Inc		371,976
	92,589	*	Alnylam Pharmaceuticals, Inc		11,385,669
	7,482	*	ALX Oncology Holdings, Inc		295,614
	23,540	*	AMAG Pharmaceuticals, Inc		322,969
	473,699		Amgen, Inc		102,764,261
	199,360	*	Amicus Therapeutics, Inc		3,554,589
	93,531	*,e	Amneal Pharmaceuticals, Inc		389,089
	30,621	*	Amphastar Pharmaceuticals, Inc		599,865
	20,213	*	AnaptysBio, Inc		595,475
	35,161	*	Anavex Life Sciences Corp		207,450
	5,085	*	ANI Pharmaceuticals, Inc		129,617
	8,992	*	Anika Therapeutics, Inc		293,319
	9,685	*	Annexon, Inc		201,545
	45,552	*	Apellis Pharmaceuticals, Inc		1,453,109
	29,630	*,e	Applied Genetic Technologies Corp		152,891
	9,675	*,e	Applied Molecular Transport, Inc		284,348
	13,096	*	Applied Therapeutics, Inc		213,072
	5,480	*	Aprea Therapeutics, Inc		119,519
	48,662	*	Aptinyx, Inc		142,580
	16,175	*,e	Aquestive Therapeutics, Inc		78,287
	13,967	*,e	Aravive Inc		64,667
	12,980	*	Arcturus Therapeutics Holdings, Inc		701,958
	33,045	*	Arcus Biosciences, Inc		720,381
	13,405	*,e	Arcutis Biotherapeutics, Inc		238,877
	51,662	*	Ardelyx, Inc		263,993
	45,811	*	Arena Pharmaceuticals, Inc		3,926,919
	78,975	*	Arrowhead Pharmaceuticals Inc		4,525,267
	23,781	*	Arvinas, Inc		497,261
	74,154	*,e	Aspira Women’s Health, Inc		279,561
	23,728	*	Assembly Biosciences, Inc		349,751
	52,523	*	Atara Biotherapeutics, Inc		678,072
	56,635	*	Athenex, Inc		645,639
	141,303	*,e	Athersys, Inc		247,280

166

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	20,083	*	Atreca, Inc	$	268,309
	358,894	*	Avantor, Inc		8,351,463
	18,249	*,e	Avenue Therapeutics, Inc		57,302
	17,272	*	AVEO Pharmaceuticals, Inc		93,787
	44,172	*	Avid Bioservices, Inc		320,247
	13,061	*	Avidity Biosciences, Inc		322,999
	26,435	*	Avrobio, Inc		377,492
	37,400	*,e	Axcella Health, Inc		158,576
	22,210	*	Axsome Therapeutics, Inc		1,472,745
	18,702	*	Aytu BioScience, Inc		17,773
	28,930	*,e	Beam Therapeutics, Inc		988,538
	2,803	*	Bellerophon Therapeutics, Inc		23,629
	7,307	*	Berkeley Lights, Inc		530,269
	14,536	*,e	Beyondspring Inc		214,261
	126,095	*,e	BioCryst Pharmaceuticals, Inc		481,683
	61,266	*	BioDelivery Sciences International, Inc		193,601
	126,810	*	Biogen, Inc		31,964,997
	38,392	*	Biohaven Pharmaceutical Holding Co Ltd		2,973,844
	144,448	*	BioMarin Pharmaceutical, Inc		10,751,265
	16,890	*	Bio-Rad Laboratories, Inc (Class A)		9,904,634
	6,467	*	Biospecifics Technologies Corp		569,743
	30,598		Bio-Techne Corp		7,723,241
	10,249	*	Bioxcel Therapeutics Inc		468,277
	51,175	*	Bluebird Bio, Inc		2,646,259
	43,390	*	Blueprint Medicines Corp		4,437,929
	31,725	*,e	BrainStorm Cell Therapeutics, Inc		318,202
	56,376	*,e	Bridgebio Pharma, Inc		2,163,711
	1,821,291		Bristol-Myers Squibb Co		106,454,459
	82,864		Bruker BioSciences Corp		3,525,035
	6,432	*	Cabaletta Bio, Inc		74,418
	83,101	*	Calithera Biosciences, Inc		294,178
	4,890	*,e	Calyxt, Inc		15,697
	33,868	*,e	Cara Therapeutics, Inc		449,090
	37,501	*	CareDx, Inc		1,839,424
	32,782	*	CASI Pharmaceuticals, Inc		77,038
	18,897	*,e	Cassava Sciences, Inc		155,144
	9,775	*	Castle Biosciences, Inc		453,853
	27,064	*,e	Catabasis Pharmaceuticals, Inc		36,266
	129,794	*	Catalent, Inc		11,392,019
	78,821	*	Catalyst Pharmaceuticals, Inc		234,098
	7,851	*	Cellular Biomedicine Group, Inc		141,397
	29,568	*,e	CEL-SCI Corp		355,703
	68	*	Centogene NV		828
	78,552	*,e	Cerecor Inc		161,817
	39,553	*	Charles River Laboratories International, Inc		9,006,218
	97,406	*,e	Checkpoint Therapeutics Inc		213,319
	39,554	*	ChemoCentryx, Inc		1,898,592
	41,097	*	Chiasma, Inc		154,114
	86,489	*	Chimerix, Inc		230,926
	27,694	*	Chinook Therapeutics, Inc		342,021
	34,246	*,e	ChromaDex Corp		154,449
	51,151	*,e	Cidara Therapeutics, Inc		133,504
	64,876	*,e	Clovis Oncology, Inc		319,839
	41,571	*,e	Codexis, Inc		553,310
	46,985	*	Coherus Biosciences, Inc		783,240
	25,433	*	Collegium Pharmaceutical, Inc		453,470

167

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	30,891	*	Concert Pharmaceuticals, Inc	$	318,795
	22,574	*	Constellation Pharmaceuticals, Inc		442,902
	26,842	*	ContraFect Corp		151,657
	55,322	*,e	Corbus Pharmaceuticals Holdings, Inc		51,986
	73,863	*	Corcept Therapeutics, Inc		1,239,421
	21,126	*,e	CorMedix Inc		106,686
	12,822	*,e	Cortexyme Inc		613,789
	22,077	*	Crinetics Pharmaceuticals, Inc		266,690
	24,217	*	Cue Biopharma, Inc		269,777
	54,474	*	Cymabay Therapeutics, Inc		453,224
	51,919	*,e	Cytokinetics, Inc		797,995
	30,020	*	CytomX Therapeutics, Inc		198,732
	30,488	*	Deciphera Pharmaceuticals, Inc		1,770,438
	50,211	*	Denali Therapeutics, Inc		2,148,027
	13,115	*,e	DermTech, Inc		167,347
	49,976	*	Dicerna Pharmaceuticals, Inc		1,048,996
	161,075	*	Durect Corp		290,740
	20,577	*,e	Dyadic International, Inc		146,920
	91,273	*,e	Dynavax Technologies Corp		340,448
	11,556	*	Eagle Pharmaceuticals, Inc		537,585
	47,801	*	Editas Medicine, Inc		1,478,963
	9,115	*,e	Eidos Therapeutics, Inc		646,436
	19,717	*	Eiger BioPharmaceuticals, Inc		175,087
	319,634	*	Elanco Animal Health, Inc		9,911,850
	677,623		Eli Lilly & Co		88,402,697
	14,278	*,e	Eloxx Pharmaceuticals, Inc		36,123
	36,075	*	Emergent Biosolutions, Inc		3,245,668
	14,213	*	Enanta Pharmaceuticals, Inc		620,113
	205,862	*	Endo International plc		940,789
	504	*,e	Enochian Biosciences Inc		1,537
	64,407	*	Epizyme, Inc		796,071
	21,248	*,e	Esperion Thereapeutics, Inc		636,803
	423	*,e	Evelo Biosciences, Inc		1,679
	59,988	*,e	Evofem Biosciences Inc		142,172
	22,516	*,e	Evolus, Inc		68,223
	119,189	*	Exact Sciences Corp		14,759,174
	244,572	*	Exelixis, Inc		5,008,835
	70,922	*	Exicure, Inc		106,383
	56,631	*,e	Fate Therapeutics, Inc		2,514,416
	21,763	*,e	Fennec Pharmaceuticals, Inc		164,528
	67,209	*	FibroGen, Inc		2,579,481
	18,012	*	Five Prime Therapeutics, Inc		82,135
	26,856	*,e	Flexion Therapeutics, Inc		322,003
	50,859	*	Fluidigm Corp		291,931
	12,575	*	Forma Therapeutics Holdings, Inc		542,234
	73,530	*	Fortress Biotech, Inc		161,766
	22,920	*,e	Frequency Therapeutics, Inc		501,490
	11,092	*	Fulcrum Therapeutics, Inc		109,367
	33,572	*	G1 Therapeutics, Inc		368,956
	75,191	*,e	Galectin Therapeutics, Inc		190,985
	9,560	*	Generation Bio Co		247,030
	23,320	*,e	Genprex, Inc		75,790
	200,049	*,e	Geron Corp		348,085
	1,009,705		Gilead Sciences, Inc		58,714,346
	45,561	*	Global Blood Therapeutics, Inc		2,409,266
	22,054	*	GlycoMimetics, Inc		61,751

168

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	44,377	*	Gossamer Bio, Inc	$	368,329
	53,752	*	Gritstone Oncology, Inc		146,743
	105,627	*	Halozyme Therapeutics, Inc		2,957,556
	6,122	*	Harpoon Therapeutics, Inc		88,585
	35,907	*,e	Harrow Health, Inc		170,917
	63,695	*	Harvard Bioscience, Inc		215,289
	71,504	*	Heron Therapeutics, Inc		1,166,230
	29,898	*	Homology Medicines, Inc		316,022
	17,936	*,e	Hookipa Pharma, Inc		168,598
	156,238	*	Horizon Therapeutics Plc		11,706,913
	87,042	*,e	iBio, Inc		151,453
	14,055	*	Ideaya Biosciences, Inc		171,049
	6,220	*,e	IGM Biosciences, Inc		328,354
	117,921	*	Illumina, Inc		34,515,477
	2,811	*	Immunic, Inc		44,526
	149,740	*	Immunogen, Inc		844,534
	29,223	*	Immunovant, Inc		1,274,707
	145,951	*	Incyte Corp		12,645,195
	52,569	*	Innoviva, Inc		568,271
	125,794	*,e	Inovio Pharmaceuticals, Inc		1,239,071
	5,115	*,e	Inozyme Pharma, Inc		117,492
	79,098	*	Insmed, Inc		2,605,488
	37,309	*,e	Intellia Therapeutics, Inc		893,177
	22,545	*	Intercept Pharmaceuticals, Inc		626,526
	22,271	*	Intersect ENT, Inc		345,201
	47,970	*	Intra-Cellular Therapies, Inc		1,183,420
	90,329	*,e	Invitae Corp		3,541,800
	102,899	*	Ionis Pharmaceuticals, Inc		4,831,108
	110,036	*	Iovance Biotherapeutics, Inc		3,926,084
	152,599	*	IQVIA Holdings, Inc		23,498,720
	123,559	*	Ironwood Pharmaceuticals, Inc		1,220,763
	6,657	*	iTeos Therapeutics, Inc		151,580
	57,635	*,e	IVERIC bio, Inc		341,199
	43,406	*	Jazz Pharmaceuticals plc		6,254,805
	2,122,809		Johnson & Johnson		291,058,342
	8,662	*	Jounce Therapeutics, Inc		72,068
	135,416	*	Kadmon Holdings, Inc		460,414
	39,282	*,e	Kala Pharmaceuticals, Inc		259,261
	28,085	*,e	Kaleido Biosciences Inc		171,599
	25,478	*	KalVista Pharmaceuticals Inc		438,476
	12,615	*	Karuna Therapeutics, Inc		1,024,212
	48,977	*	Karyopharm Therapeutics, Inc		725,839
	5,663	*	Keros Therapeutics, Inc		314,863
	37,630	*	Kezar Life Sciences, Inc		192,666
	35,019	*	Kindred Biosciences, Inc		122,216
	17,956	*	Kiniksa Pharmaceuticals Ltd		281,191
	23,147	*,e	Kodiak Sciences, Inc		2,101,979
	10,884	*	Krystal Biotech Inc		467,903
	43,174	*	Kura Oncology, Inc		1,349,188
	10,743	*,e	La Jolla Pharmaceutical Co		36,526
	25,546	*,e	Lannett Co, Inc		164,261
	106,997	*,e	Lexicon Pharmaceuticals, Inc		118,767
	11,717	*,e	Ligand Pharmaceuticals, Inc (Class B)		966,067
	31,107	*,e	Liquidia Technologies, Inc		143,714
	395	*,e	LogicBio Therapeutics, Inc		2,180
	34,895		Luminex Corp		769,086

169

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	38,792	*	MacroGenics, Inc	$	752,953
	7,135	*	Madrigal Pharmaceuticals, Inc		907,929
	16,996	*	Magenta Therapeutics, Inc		107,245
	154,295	*,e	MannKind Corp		310,133
	17,155	*,e	Marinus Pharmaceuticals, Inc		223,701
	96,614	*,e	Marker Therapeutics Inc		131,395
	52,150	*,e	MediciNova, Inc		291,519
	21,466	*	Medpace Holdings, Inc		2,381,438
	69,191	*	MEI Pharma, Inc		179,897
	11,823	*	MeiraGTx Holdings plc		151,098
	2,032,902		Merck & Co, Inc		152,894,559
	43,368	*	Mersana Therapeutics, Inc		781,491
	18,941	*	Mettler-Toledo International, Inc		18,901,413
	25,528	*	Minerva Neurosciences, Inc		81,945
	29,933	*	Mirati Therapeutics, Inc		6,499,652
	5,376	*,e	Mirum Pharmaceuticals, Inc		84,672
	229,190	*	Moderna, Inc		15,463,449
	17,414	*	Molecular Templates, Inc		153,940
	11,153	*	Morphic Holding, Inc		300,127
	968	*	Mustang Bio, Inc		2,580
	414,056	*	Mylan NV		6,020,374
	40,294	*	MyoKardia, Inc		9,006,918
	53,111	*	Myriad Genetics, Inc		660,170
	28,053	*	NanoString Technologies, Inc		1,028,142
	23,404	*,e	NantKwest, Inc		175,764
	56,269	*	Natera, Inc		3,784,653
	139,476	*	Nektar Therapeutics		2,209,300
	83,855	*	NeoGenomics, Inc		3,289,632
	24,237	*	Neoleukin Therapeutics, Inc		254,246
	20,430	*	Neubase Therapeutics, Inc		160,069
	73,414	*	Neurocrine Biosciences, Inc		7,243,759
	12,885	*,e	NextCure Inc		124,469
	17,618	*	NGM Biopharmaceuticals Inc		305,496
	12,693	*	Nkarta, Inc		364,416
	48,822	*	Novavax, Inc		3,940,424
	8,696	*	Nurix Therapeutics, Inc		219,922
	55,556	*,e	Nymox Pharmaceutical Corp		106,668
	48,404	*	Ocular Therapeutix, Inc		459,838
	13,206	*	Odonate Therapeutics, Inc		190,298
	55,127	*,e	Omeros Corp		558,988
	64,026	*,e	Oncocyte Corp		94,758
	319,376	*,e	Opko Health, Inc		1,124,204
	19,877	*,e	Optinose, Inc		63,606
	359	*	Organogenesis Holdings Inc		1,310
	29,283	*,e	Orgenesis, Inc		132,652
	7,067	*,e	ORIC Pharmaceuticals, Inc		151,941
	18,519	*,e	Osmotica Pharmaceuticals plc		95,002
	35,176	*,e	Ovid therapeutics, Inc		179,749
	4,552	*,e	Oyster Point Pharma, Inc		90,266
	130,552	*,e	Pacific Biosciences of California, Inc		1,711,537
	32,675	*	Pacira BioSciences Inc		1,708,903
	34,119	*	Paratek Pharmaceuticals, Inc		162,748
	11,142	*	Passage Bio, Inc		187,297
	106,520	*	PDL BioPharma, Inc		229,018
	89,921		PerkinElmer, Inc		11,649,266
	107,531		Perrigo Co plc		4,717,385

170

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	19,057	*	Personalis, Inc	$	471,280
	25,003	*,†	Pfenex, Inc		18,752
	4,473,961		Pfizer, Inc		158,736,136
	29,202	*,e	PhaseBio Pharmaceuticals Inc		79,721
	8,447	*,e	Phathom Pharmaceuticals, Inc		332,474
	12,126		Phibro Animal Health Corp		199,351
	20,154	*	Pieris Pharmaceuticals, Inc		50,587
	5,930	*	Pliant Therapeutics, Inc		128,207
	11,274	*	Poseida Therapeutics, Inc		129,764
	50,302	*	PRA Health Sciences, Inc		4,901,427
	27,039	*	Precision BioSciences Inc		170,616
	41,502	*	Prestige Consumer Healthcare, Inc.		1,370,811
	12,484	*	Prevail Therapeutics, Inc		122,218
	72,597	*,†	Progenics Pharmaceuticals, Inc		0
	25,106	*	Protagonist Therapeutics, Inc		475,759
	27,173	*	Prothena Corp plc		296,457
	34,533	*,e	Provention Bio, Inc		409,561
	50,067	*	PTC Therapeutics, Inc		2,612,997
	19,518	*	Puma Biotechnology, Inc		163,366
	181,376	*,e	QIAGEN NV		8,604,477
	15,418	*	Quanterix Corp		564,453
	41,785	*	Radius Health, Inc		560,337
	8,929	*	RAPT Therapeutics, Inc		256,619
	18,930	*	Reata Pharmaceuticals, Inc		2,209,320
	48,451	*	Recro Pharma, Inc		77,037
	77,752	*	Regeneron Pharmaceuticals, Inc		42,262,877
	29,204	*	REGENXBIO, Inc		839,907
	25,139	*	Relay Therapeutics, Inc		928,635
	11,432	*,e	Relmada Therapeutics, Inc		353,592
	41,812	*	Repligen Corp		6,964,625
	17,824	*	Replimune Group, Inc		745,221
	34,380	*	Retrophin, Inc		695,851
	45,912	*	Revance Therapeutics, Inc		1,188,203
	32,167	*	REVOLUTION Medicines, Inc		971,122
	24,644	*	Rhythm Pharmaceuticals, Inc		521,713
	92,187	*	Rigel Pharmaceuticals, Inc		228,624
	27,002	*	Rocket Pharmaceuticals, Inc		754,436
	82,098		Royalty Pharma plc		3,012,997
	29,232	*,e	Rubius Therapeutics, Inc		123,651
	41,478	*	Sage Therapeutics, Inc		3,043,656
	93,549	*	Sangamo Therapeutics Inc		967,297
	59,517	*	Sarepta Therapeutics, Inc		8,088,955
	4,005	*,e	Satsuma Pharmaceuticals, Inc		14,258
	18,239	*	Scholar Rock Holding Corp		709,497
	23,956	*	Schrodinger, Inc		1,168,574
	23,810	*	scPharmaceuticals, Inc		205,242
	66,446	*,e	Selecta Biosciences, Inc		196,680
	43,674	*	Seres Therapeutics, Inc		1,218,068
	49,591	*	SIGA Technologies, Inc		316,886
	46,649	*	Soleno Therapeutics, Inc		81,169
	6,328	*	Solid Biosciences, Inc		20,693
	169,798	*,e	Sorrento Therapeutics, Inc		1,178,398
	119,880	*	Spectrum Pharmaceuticals, Inc		411,188
	14,750	*,e	Spero Therapeutics, Inc		193,373
	17,291	*	SpringWorks Therapeutics, Inc		1,002,705
	9,897	*	Stoke Therapeutics, Inc		379,946

171

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	48,076	*	Strongbridge Biopharma plc	$	93,748
	37,057	*	Supernus Pharmaceuticals, Inc		680,367
	22,286	*,e	Sutro Biopharma, Inc		286,598
	16,000	*	Syndax Pharmaceuticals, Inc		278,560
	54,550	*	Syneos Health, Inc		2,895,514
	33,750	*	Syros Pharmaceuticals, Inc		225,113
	19,876	*	TCR2 Therapeutics Inc		390,961
	87,529	*	TG Therapeutics, Inc		2,211,858
	230,647	*,e	TherapeuticsMD, Inc		281,389
	40,680	*	Theravance Biopharma, Inc		769,259
	317,977		Thermo Fisher Scientific, Inc		150,441,278
	51,281	*	Translate Bio, Inc		657,935
	25,081	*	Tricida, Inc		141,206
	27,064	*	Turning Point Therapeutics Inc		2,495,030
	26,083	*	Twist Bioscience Corp		1,999,001
	141,966	*,e	Tyme Technologies, Inc		123,241
	45,608	*,e	Ultragenyx Pharmaceutical, Inc		4,583,604
	34,569	*	United Therapeutics Corp		4,640,197
	13,174	*,e	UNITY Biotechnology, Inc		50,983
	14,050	*,e	UroGen Pharma Ltd		316,406
	45,133	*	Vanda Pharmaceuticals, Inc		482,472
	56,015	*,e	Vaxart Inc		275,594
	14,209	*	Vaxcyte, Inc		530,990
	127,867	*,e	VBI Vaccines, Inc		300,487
	45,024	*	Veracyte, Inc		1,560,532
	134,281	*,e	Verastem, Inc		161,137
	36,565	*	Vericel Corp		677,549
	12,843	*,e	Verrica Pharmaceuticals, Inc		95,167
	208,598	*	Vertex Pharmaceuticals, Inc		43,463,479
	19,374	*	Viela Bio, Inc		618,224
	60,771	*,e	Viking Therapeutics, Inc		342,141
	41,286	*,e	Vir Biotechnology, Inc		1,298,032
	19,222	*	Voyager Therapeutics, Inc		204,330
	113,594	*,e	VYNE Therapeutics, Inc		181,750
	48,960	*	Waters Corp		10,909,267
	22,758	*	WaVe Life Sciences Ltd		160,899
	20,872	*	X4 Pharmaceuticals, Inc		119,805
	14,762	*,e	XBiotech, Inc		252,578
	45,046	*	Xencor, Inc		1,728,865
	29,278	*,e	Xeris Pharmaceuticals, Inc		138,485
	24,276	*	Y-mAbs Therapeutics, Inc		1,037,556
	8,380	*	Zentalis Pharmaceuticals, Inc		331,764
	173,675	*,e	ZIOPHARM Oncology, Inc		362,981
	382,306		Zoetis, Inc		60,614,616
	45,182	*	Zogenix, Inc		963,280
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		2,012,093,634
REAL ESTATE - 3.3%
	72,354		Acadia Realty Trust		675,063
	41,545		Agree Realty Corp		2,578,698
	61,154		Alexander & Baldwin, Inc		785,829
	1,711		Alexander’s, Inc		416,098
	100,549		Alexandria Real Estate Equities, Inc		15,235,184
	12,571		Alpine Income Property Trust, Inc		175,365
	7,051	*	Altisource Portfolio Solutions S.A.		78,478
	39,364		American Assets Trust, Inc		823,889

172

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	107,937		American Campus Communities, Inc	$	4,043,320
	79,965		American Finance Trust, Inc		460,998
	208,140		American Homes 4 Rent		5,884,118
	355,201		American Tower Corp		81,571,910
	163,423		Americold Realty Trust		5,920,815
	118,116		Apartment Investment & Management Co		3,767,900
	170,238		Apple Hospitality REIT, Inc		1,685,356
	28,825		Armada Hoffler Properties, Inc		259,713
	112,690		AvalonBay Communities, Inc		15,678,560
	19,057		Bluerock Residential Growth REIT, Inc		165,034
	123,944		Boston Properties, Inc		8,974,785
	136,083		Brandywine Realty Trust		1,192,087
	234,330		Brixmor Property Group, Inc		2,568,257
	46,286	e	Brookfield Property REIT, Inc		682,718
	16,793		Brt Realty Trust		209,073
	74,663		Camden Property Trust		6,886,915
	72,865		CareTrust REIT, Inc		1,245,991
	58,020		CatchMark Timber Trust, Inc		504,194
	268,490	*	CBRE Group, Inc		13,531,896
	46,017		Chatham Lodging Trust		338,225
	435		CIM Commercial Trust Corp		3,480
	48,735		City Office REIT, Inc		308,005
	8,392		Clipper Realty, Inc		47,163
	367,520		Colony Capital, Inc		1,308,371
	83,368		Columbia Property Trust, Inc		882,033
	15,842		Community Healthcare Trust, Inc		733,485
	93,641		CoreCivic, Inc		600,239
	5,154		CorEnergy Infrastructure Trust, Inc		24,121
	35,967		CorePoint Lodging, Inc		171,922
	32,539		Coresite Realty		3,883,855
	89,187		Corporate Office Properties Trust		2,000,464
	117,310		Cousins Properties, Inc		2,989,059
	334,540		Crown Castle International Corp		52,255,148
	3,757		CTO Realty Growth, Inc		165,796
	151,351		CubeSmart		5,135,339
	96,164	*	Cushman & Wakefield plc		1,127,042
	93,657		CyrusOne, Inc		6,654,330
	167,918		DiamondRock Hospitality Co		829,515
	214,869		Digital Realty Trust, Inc		31,005,597
	221,432		Diversified Healthcare Trust		641,046
	131,266		Douglas Emmett, Inc		3,097,878
	296,152		Duke Realty Corp		11,250,814
	62,413		Easterly Government Properties, Inc		1,304,432
	30,681		EastGroup Properties, Inc		4,083,027
	109,215		Empire State Realty Trust, Inc		587,577
	61,377		EPR Properties		1,463,228
	70,776		Equinix, Inc		51,754,242
	95,682		Equity Commonwealth		2,527,918
	139,500		Equity Lifestyle Properties, Inc		8,257,005
	293,735		Equity Residential		13,799,670
	76,829		Essential Properties Realty Trust, Inc		1,269,215
	52,009		Essex Property Trust, Inc		10,640,521
	19,330	*	eXp World Holdings Inc		819,399
	101,123		Extra Space Storage, Inc		11,725,212
	22,483		Farmland Partners, Inc		144,791
	60,363		Federal Realty Investment Trust		4,151,767

173

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	100,054		First Industrial Realty Trust, Inc	$	3,983,150
	13,449	*	Forestar Group, Inc		223,791
	61,141		Four Corners Property Trust, Inc		1,549,313
	64,736		Franklin Street Properties Corp		271,891
	40,586		Front Yard Residential Corp		543,447
	6,508	*	FRP Holdings, Inc		263,314
	165,573		Gaming and Leisure Properties, Inc		6,018,579
	95,806		Geo Group, Inc		848,841
	27,866		Getty Realty Corp		732,318
	29,856		Gladstone Commercial Corp		485,160
	15,362		Gladstone Land Corp		213,071
	33,041		Global Medical REIT, Inc		410,700
	84,263		Global Net Lease, Inc		1,199,062
	103,350		Healthcare Realty Trust, Inc		2,873,130
	169,161		Healthcare Trust of America, Inc		4,110,612
	430,553		Healthpeak Properties Inc		11,612,014
	31,803		Hersha Hospitality Trust		155,835
	81,705		Highwoods Properties, Inc		2,432,358
	550,663		Host Hotels and Resorts, Inc		5,770,948
	30,482	*	Howard Hughes Corp		1,895,676
	119,369		Hudson Pacific Properties		2,299,047
	76,273		Independence Realty Trust, Inc		926,717
	55,002		Industrial Logistics Properties Trust		1,054,938
	16,807		Innovative Industrial Properties, Inc		1,960,200
	11,339		Investors Real Estate Trust		764,362
	450,040		Invitation Homes, Inc		12,268,090
	228,474		Iron Mountain, Inc		5,954,032
	59,934		iStar Inc		707,221
	98,493		JBG SMITH Properties		2,299,812
	17,161		Jernigan Capital, Inc		296,714
	40,955		Jones Lang LaSalle, Inc		4,622,181
	100,883		Kennedy-Wilson Holdings, Inc		1,329,638
	89,951		Kilroy Realty Corp		4,234,893
	327,368		Kimco Realty Corp		3,358,796
	63,990		Kite Realty Group Trust		662,936
	69,992		Lamar Advertising Co		4,336,704
	214,261		Lexington Realty Trust		2,127,612
	36,428		Life Storage, Inc		4,158,256
	34,203		LTC Properties, Inc		1,129,041
	132,700		Macerich Co		923,592
	80,283		Mack-Cali Realty Corp		882,310
	25,581	*	Marcus & Millichap, Inc		798,895
	7,257	*	Maui Land & Pineapple Co, Inc		73,223
	415,003		Medical Properties Trust, Inc		7,395,353
	91,378		Mid-America Apartment Communities, Inc		10,657,416
	83,471		Monmouth Real Estate Investment Corp (Class A)		1,156,073
	34,999		National Health Investors, Inc		1,961,694
	137,468		National Retail Properties, Inc		4,400,351
	49,859		National Storage Affiliates Trust		1,689,721
	6,083		NETSTREIT Corp		106,696
	88,120		New Senior Investment Group, Inc		344,549
	119,590		Newmark Group, Inc		566,259
	15,499		NexPoint Residential Trust, Inc		686,916
	39,570		Office Properties Income Trust		728,484
	177,465		Omega Healthcare Investors, Inc		5,112,767
	13,256		One Liberty Properties, Inc		204,540

174

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	113,186		Outfront Media, Inc	$	1,483,868
	162,364		Paramount Group, Inc		938,464
	181,780		Park Hotels & Resorts, Inc		1,805,075
	107,615		Pebblebrook Hotel Trust		1,289,228
	158,906		Physicians Realty Trust		2,679,155
	94,193		Piedmont Office Realty Trust, Inc		1,075,684
	16,091		Plymouth Industrial REIT, Inc		204,517
	53,254		PotlatchDeltic Corp		2,212,704
	32,735		Preferred Apartment Communities, Inc		176,769
	593,007		Prologis, Inc		58,826,294
	16,181		PS Business Parks, Inc		1,845,119
	121,381		Public Storage, Inc		27,804,746
	48,175		QTS Realty Trust, Inc		2,963,244
	10,739	*	Rafael Holdings, Inc		176,120
	105,923		Rayonier, Inc		2,688,326
	11,593		Re/Max Holdings, Inc		374,918
	94,404	*	Realogy Holdings Corp		1,053,549
	275,734		Realty Income Corp		15,953,969
	75,851	*	Redfin Corp		3,168,296
	132,821		Regency Centers Corp		4,727,099
	100,002		Retail Opportunities Investment Corp		973,019
	186,975		Retail Properties of America, Inc		979,749
	11,197		Retail Value, Inc		139,962
	97,953		Rexford Industrial Realty, Inc		4,550,896
	152,576		RLJ Lodging Trust		1,248,072
	12,486		RMR Group, Inc		332,877
	65,165		RPT Realty		318,657
	38,462		Ryman Hospitality Properties		1,532,711
	167,433		Sabra Healthcare REIT, Inc		2,203,418
	14,100		Safehold, Inc		970,362
	10,328		Saul Centers, Inc		255,618
	88,962		SBA Communications Corp		25,831,896
	29,708	*	Seritage Growth Properties		378,183
	143,548		Service Properties Trust		1,034,981
	243,743		Simon Property Group, Inc		15,309,498
	124,095		SITE Centers Corp		845,087
	60,788		SL Green Realty Corp		2,602,334
	84,236		Spirit Realty Capital, Inc		2,531,292
	27,001	*	St. Joe Co		730,107
	116,352		STAG Industrial, Inc		3,620,874
	185,248		STORE Capital Corp		4,760,874
	3,026	*	Stratus Properties, Inc		64,666
	99,511		Summit Hotel Properties, Inc		525,418
	77,392		Sun Communities, Inc		10,651,461
	169,681		Sunstone Hotel Investors, Inc		1,259,033
	63,644		Tanger Factory Outlet Centers, Inc		393,956
	48,089		Taubman Centers, Inc		1,607,134
	24,822	*	Tejon Ranch Co		340,310
	54,724		Terreno Realty Corp		3,079,867
	228,375		UDR, Inc		7,134,435
	30,971		UMH Properties, Inc		422,135
	147,351		Uniti Group, Inc		1,299,636
	10,729		Universal Health Realty Income Trust		573,680
	88,947		Urban Edge Properties		836,102
	27,003		Urstadt Biddle Properties, Inc (Class A)		256,799
	299,259		Ventas, Inc		11,811,753

175

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	863,829		VEREIT, Inc	$	5,355,740
	428,614		VICI Properties, Inc		9,836,691
	138,204		Vornado Realty Trust		4,247,009
	65,408		Washington REIT		1,143,332
	92,135		Weingarten Realty Investors		1,461,261
	335,571		Welltower, Inc		18,043,653
	600,091		Weyerhaeuser Co		16,376,483
	24,406		Whitestone REIT		145,460
	137,032		WP Carey, Inc		8,579,574
	87,223		Xenia Hotels & Resorts, Inc		718,718
			TOTAL REAL ESTATE		860,518,331
RETAILING - 7.4%
	16,881	*	1-800-FLOWERS.COM, Inc (Class A)		334,750
	53,385		Aaron’s Holdings Co, Inc		2,789,900
	51,014		Abercrombie & Fitch Co (Class A)		725,419
	52,955		Advance Auto Parts, Inc		7,799,212
	341,207	*	Amazon.com, Inc		1,035,955,633
	121,019	e	American Eagle Outfitters, Inc		1,659,170
	4,719	*	America’s Car-Mart, Inc		408,288
	15,914	*	Asbury Automotive Group, Inc		1,638,824
	42,828	*	At Home Group, Inc		697,668
	46,636	*	Autonation, Inc		2,645,660
	18,708	*	AutoZone, Inc		21,120,958
	99,568	e	Bed Bath & Beyond, Inc		1,971,446
	183,017		Best Buy Co, Inc		20,415,546
	32,051		Big Lots, Inc		1,525,628
	32,860	*	Booking Holdings, Inc		53,315,350
	23,393	*	Boot Barn Holdings, Inc		749,044
	21,538		Buckle, Inc		516,050
	51,803	*	Burlington Stores, Inc		10,028,025
	39,588		Caleres, Inc		304,036
	28,325		Camping World Holdings, Inc		748,913
	129,989	*	CarMax, Inc		11,236,249
	22,498	*,e	CarParts.com, Inc		285,500
	43,786	*	Carvana Co		8,115,735
	15,437		Cato Corp (Class A)		94,474
	14,513	e	Children’s Place, Inc		366,744
	9,683		Citi Trends, Inc		252,823
	16,105	*	Conn’s, Inc		150,904
	21,645	*	Container Store Group, Inc		206,060
	37,377		Core-Mark Holding Co, Inc		1,022,261
	54,096		Designer Brands, Inc		234,236
	48,615		Dick’s Sporting Goods, Inc		2,754,040
	9,201	e	Dillard’s, Inc (Class A)		411,561
	202,372		Dollar General Corp		42,237,060
	188,045	*	Dollar Tree, Inc		16,984,224
	6,009	*,e	Duluth Holdings, Inc		92,178
	536,407		eBay, Inc		25,549,065
	47,170	*,e	Envela Corp		190,567
	94,649	*	Etsy, Inc		11,508,372
	108,053		Expedia Group, Inc		10,173,190
	43,104	*	Five Below, Inc		5,747,487
	74,114	*	Floor & Decor Holdings, Inc		5,410,322
	84,819		Foot Locker, Inc		3,128,125
	17,333	*,e	Funko, Inc		109,891

176

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	45,895	*,e	GameStop Corp (Class A)	$	480,521
	143,959		Gap, Inc		2,800,003
	15,641	*	Genesco, Inc		277,159
	112,465		Genuine Parts Co		10,170,210
	53,764	*,e	Greenlane Holdings Inc		130,647
	15,282	e	Group 1 Automotive, Inc		1,621,115
	22,783	*	Groupon, Inc		441,762
	30,661	*,e	GrowGeneration Corp		512,039
	73,822	*	GrubHub, Inc		5,459,875
	35,450		Guess?, Inc		417,601
	10,599	e	Haverty Furniture Cos, Inc		265,187
	16,234	*,e	Hibbett Sports, Inc		613,808
	864,796		Home Depot, Inc		230,649,741
	32,108	*	Hudson Ltd		245,305
	121,974		Kohl’s Corp		2,596,826
	182,184		L Brands, Inc		5,831,710
	9,420	*	Lands’ End, Inc		151,191
	21,821	*	Liquidity Services, Inc		186,133
	20,191		Lithia Motors, Inc (Class A)		4,635,248
	239,262	*	LKQ Corp		7,653,991
	608,296		Lowe’s Companies, Inc		96,171,598
	23,947	*	Lumber Liquidators, Inc		529,708
	255,025	e	Macy’s, Inc		1,583,705
	82,038	*,e	Magnite, Inc		740,803
	15,838	*	MarineMax, Inc		474,823
	58,355	*,e	Michaels Cos, Inc		473,259
	26,546		Monro Muffler, Inc		1,116,525
	21,399	*	Murphy USA, Inc		2,616,884
	64,151	*	National Vision Holdings, Inc		2,587,210
	91,705	e	Nordstrom, Inc		1,109,630
	42,563	*	ODP Corp		829,979
	43,566	*,e	Ollie’s Bargain Outlet Holdings, Inc		3,794,163
	4,976	*	OneWater Marine, Inc		92,703
	58,715	*	O’Reilly Automotive, Inc		25,634,969
	34,235	*	Overstock.com, Inc		1,920,583
	25,064		Penske Auto Group, Inc		1,282,274
	16,363	e	PetMed Express, Inc		484,018
	30,941		Pool Corp		10,824,090
	55,037	*	Quotient Technology, Inc		489,829
	302,608		Qurate Retail Group, Inc QVC Group		2,048,656
	43,918	*	RealReal, Inc		552,928
	39,425		Rent-A-Center, Inc		1,218,232
	12,729	*	RH		4,267,143
	280,274		Ross Stores, Inc		23,870,937
	88,309	*,e	Sally Beauty Holdings, Inc		739,146
	8,730	e	Shoe Carnival, Inc		270,455
	17,458		Shutterstock, Inc		1,142,626
	45,051	e	Signet Jewelers Ltd		1,003,736
	22,039	*	Sleep Number Corp		1,396,391
	19,149	e	Sonic Automotive, Inc (Class A)		690,513
	38,973	*	Sportsman’s Warehouse Holdings, Inc		507,428
	13,354	*	Stamps.com, Inc		2,981,147
	45,761	*,e	Stitch Fix Inc		1,575,551
	401,975		Target Corp		61,188,635
	96,790		Tiffany & Co		12,664,004
	33,662		Tilly’s, Inc		206,685

177

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	963,526		TJX Companies, Inc	$	48,947,121
	92,362		Tractor Supply Co		12,303,542
	42,438	*	Ulta Beauty, Inc		8,774,905
	52,424	*	Urban Outfitters, Inc		1,171,152
	19,254	*	Vroom, Inc		791,339
	48,192	*,e	Waitr Holdings Inc		122,890
	53,402	*	Wayfair, Inc		13,245,298
	2,679		Weyco Group, Inc		42,435
	60,474		Williams-Sonoma, Inc		5,515,834
	3,408		Winmark Corp		577,349
	18,171	*	Zumiez, Inc		508,788
			TOTAL RETAILING		1,947,832,279
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.6%
	32,430	*	Acacia Communications, Inc		2,196,808
	31,948	*	Advanced Energy Industries, Inc		2,155,532
	937,655	*	Advanced Micro Devices, Inc		70,596,045
	9,859	*	Alpha & Omega Semiconductor Ltd		156,364
	27,031	*	Ambarella, Inc		1,477,785
	79,610	*	Amkor Technology, Inc		943,378
	295,660		Analog Devices, Inc		35,044,580
	736,550		Applied Materials, Inc		43,625,856
	23,392	*,e	Atomera, Inc		190,645
	23,093	*	Axcelis Technologies, Inc		509,663
	24,600	*	AXT, Inc		146,370
	314,242		Broadcom, Inc		109,868,430
	58,893		Brooks Automation, Inc		2,750,303
	18,136	*	Ceva, Inc		731,244
	47,112	*	Cirrus Logic, Inc		3,244,603
	30,797		Cohu, Inc		669,219
	85,444	*	Cree, Inc		5,434,238
	5,871	*	CyberOptics Corp		135,268
	34,451	*	Diodes, Inc		1,992,301
	26,058	*	DSP Group, Inc		343,184
	84,724	*	Enphase Energy, Inc		8,310,577
	108,767		Entegris, Inc		8,132,509
	72,613	*	First Solar, Inc		6,320,599
	62,584	*	Formfactor, Inc		1,774,256
	519	*	GSI Technology, Inc		3,171
	17,609	*	Ichor Holdings Ltd		409,585
	11,186	*	Impinj, Inc		285,355
	38,376	*	Inphi Corp		5,363,430
	3,411,431		Intel Corp		151,058,165
	124,686		KLA Corp		24,585,585
	116,738		Lam Research Corp		39,933,735
	109,083	*	Lattice Semiconductor Corp		3,806,997
	38,479	*	MACOM Technology Solutions Holdings, Inc		1,404,483
	529,290		Marvell Technology Group Ltd		19,853,668
	7,813	*,e	Maxeon Solar Technologies Ltd		126,571
	212,311		Maxim Integrated Products, Inc		14,787,461
	54,502	*	MaxLinear, Inc		1,441,033
	194,454		Microchip Technology, Inc		20,433,226
	893,979	*	Micron Technology, Inc		45,002,903
	43,887		MKS Instruments, Inc		4,756,912
	34,947		Monolithic Power Systems, Inc		11,169,061
	38,512	*	Nanometrics, Inc		1,235,080

178

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	45,701	*	NeoPhotonics Corp Ltd	$	311,224
	2,893		NVE Corp		133,454
	475,018		NVIDIA Corp		238,155,024
	322,177	*	ON Semiconductor Corp		8,083,421
	32,655	*	PDF Solutions, Inc		611,955
	53,134	*	Photronics, Inc		518,057
	47,167		Power Integrations, Inc		2,839,925
	91,737	*	Qorvo, Inc		11,683,624
	905,761		QUALCOMM, Inc		111,734,677
	100,313	*	Rambus, Inc		1,383,316
	52,567	*	Semtech Corp		2,885,403
	34,941	*	Silicon Laboratories, Inc		3,580,055
	6,805	*	SiTime Corp		568,149
	134,513		Skyworks Solutions, Inc		19,005,342
	13,342	*	SMART Global Holdings, Inc		352,095
	39,169	*	SolarEdge Technologies, Inc		10,093,460
	62,510	*,e	SunPower Corp		999,535
	27,699	*	Synaptics, Inc		2,123,682
	133,469		Teradyne, Inc		11,725,252
	739,360		Texas Instruments, Inc		106,904,062
	27,339	*	Ultra Clean Holdings		582,047
	34,383		Universal Display Corp		6,818,493
	28,677	*	Veeco Instruments, Inc		365,058
	195,877		Xilinx, Inc		23,248,641
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		1,217,112,129
SOFTWARE & SERVICES - 14.8%
	53,380	*	2U, Inc		1,967,053
	80,091	*	8x8, Inc		1,383,972
	42,483	*	A10 Networks, Inc		286,335
	513,603		Accenture plc		111,405,627
	88,928	*	ACI Worldwide, Inc		2,594,030
	387,259	*	Adobe, Inc		173,143,499
	128,225	*	Akamai Technologies, Inc		12,196,762
	36,762	*	Alarm.com Holdings, Inc		2,144,327
	35,241		Alliance Data Systems Corp		1,816,321
	33,908	*	Altair Engineering, Inc		1,459,061
	42,294	*	Alteryx, Inc		5,301,553
	107,948		Amdocs Ltd		6,086,108
	28,684		American Software, Inc (Class A)		421,081
	104,618	*	Anaplan, Inc		5,790,606
	68,840	*	Ansys, Inc		20,952,831
	12,770	*	Appfolio, Inc		1,824,450
	27,905	*,e	Appian Corp		1,766,386
	54,928	*	Aspen Technology, Inc		6,031,644
	102,176	*	Atlassian Corp plc		19,578,965
	176,358	*	Autodesk, Inc		41,539,363
	345,689		Automatic Data Processing, Inc		54,605,034
	66,118	*	Avalara, Inc		9,854,888
	75,597	*	Avaya Holdings Corp		1,300,268
	26,170	*	Benefitfocus, Inc		268,766
	6,962	*,e	BigCommerce Holdings, Inc		511,011
	43,750	*	Bill.Com Holdings, Inc		4,375,000
	121,700	*	Black Knight, Inc		10,703,515
	40,981		Blackbaud, Inc		2,022,003
	40,864	*	Blackline, Inc		3,991,596

179

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	109,369		Booz Allen Hamilton Holding Co	$	8,585,466
	35,352	*	Bottomline Technologies, Inc		1,404,181
	122,078	*	Box, Inc		1,892,209
	28,026	*	Brightcove, Inc		354,529
	91,964		Broadridge Financial Solutions, Inc		12,654,246
	19,931	*	CACI International, Inc (Class A)		4,156,211
	221,662	*	Cadence Design Systems, Inc		24,243,173
	26,773	*	Cardtronics plc		476,827
	11,387		Cass Information Systems, Inc		446,598
	96,042		CDK Global, Inc		4,139,410
	28,659	*	Cerence Inc		1,564,208
	86,140	*	Ceridian HCM Holding, Inc		7,426,991
	32,151	*	ChannelAdvisor Corp		520,846
	98,767		Citrix Systems, Inc		11,187,338
	166,518	*	Cloudera, Inc		1,618,555
	86,926	*	Cloudflare, Inc		4,517,544
	434,409		Cognizant Technology Solutions Corp (Class A)		31,025,491
	33,445	*	Commvault Systems, Inc		1,324,088
	141,134	*	Conduent, Inc		491,852
	63,602		CoreLogic Inc		4,892,902
	49,504	*	Cornerstone OnDemand, Inc		1,880,657
	53,262	*	Coupa Software, Inc		14,258,237
	121,715	*	Crowdstrike Holdings, Inc		15,073,186
	27,869		CSG Systems International, Inc		1,055,678
	122,232	*	Datadog, Inc		11,092,554
	6,281	*,e	Digimarc Corp		199,045
	65,775	*	Digital Turbine, Inc		1,885,111
	143,131	*	DocuSign, Inc		28,948,245
	20,740	*	Domo, Inc		658,910
	193,528	*	Dropbox, Inc		3,533,821
	11,247	*	Duck Creek Technologies, Inc		487,782
	206,785		DXC Technology Co		3,808,980
	146,548	*	Dynatrace, Inc		5,174,610
	14,272	e	Ebix, Inc		257,752
	17,575	*	eGain Corp		278,564
	52,362	*	Elastic NV		5,310,030
	54,654	*	Endurance International Group Holdings, Inc		317,540
	41,992	*	Envestnet, Inc		3,222,466
	42,742	*	EPAM Systems, Inc		13,205,141
	40,407	*	Euronet Worldwide, Inc		3,589,758
	27,770	*	Everbridge, Inc		2,907,241
	49,214		EVERTEC, Inc		1,637,842
	31,315	*	Evo Payments, Inc		659,807
	26,798	*	ExlService Holdings, Inc		2,029,681
	22,668	*	Fair Isaac Corp		8,873,389
	62,566	*,e	Fastly, Inc		3,973,567
	497,112		Fidelity National Information Services, Inc		61,935,184
	179,934	*	FireEye, Inc		2,490,287
	448,935	*	Fiserv, Inc		42,859,824
	49,516	*	Five9, Inc		7,512,568
	66,107	*	FleetCor Technologies, Inc		14,603,697
	106,608	*	Fortinet, Inc		11,766,325
	69,303	*	Gartner, Inc		8,323,290
	152,879		Genpact Ltd		5,254,451
	239,454		Global Payments, Inc		37,771,474
	30,980	*	Globant S.A.		5,595,298

180

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	132,588	*	GoDaddy, Inc	$	9,379,275
	50,629	*	GreenSky, Inc		239,475
	27,303	*,e	GTT Communications, Inc		100,748
	1,410	*,e	GTY Technology Holdings Inc		4,103
	66,153	*	Guidewire Software, Inc		6,357,965
	20,078		Hackett Group, Inc		259,408
	33,141	*	HubSpot, Inc		9,613,210
	11,379	*	I3 Verticals, Inc		234,749
	16,673	*	Information Services Group, Inc		34,180
	8,965	*,e	Intelligent Systems Corp		339,953
	714,953		International Business Machines Corp		79,831,652
	15,632	*	International Money Express Inc		217,441
	202,817		Intuit, Inc		63,822,454
	36,829	*	j2 Global, Inc		2,499,953
	61,780		Jack Henry & Associates, Inc		9,158,885
	15,706	*	Jamf Holding Corp		512,016
	110,350		KBR, Inc		2,459,701
	107,836		Leidos Holdings, Inc		8,950,388
	97,464	*	Limelight Networks, Inc		344,048
	49,329	*	Liveperson, Inc		2,637,128
	51,697	*	LiveRamp Holdings, Inc		3,416,655
	51,251	*	Manhattan Associates, Inc		4,381,960
	22,031		Mantech International Corp (Class A)		1,429,371
	710,391		Mastercard, Inc (Class A)		205,047,258
	48,785		MAXIMUS, Inc		3,296,890
	67,130	*	Medallia, Inc		1,909,849
	6,026,481		Microsoft Corp		1,220,181,608
	6,321	*	MicroStrategy, Inc (Class A)		1,056,049
	45,975	*	Mimecast Ltd		1,756,705
	33,056	*	Mitek Systems, Inc		411,547
	71,409	*	MobileIron, Inc		502,719
	27,685	*	Model N, Inc		975,343
	62,894	*,e	MoneyGram International, Inc		323,904
	40,314	*	MongoDB, Inc		9,210,540
	11,611	*	nCino, Inc		818,808
	38,813	*	New Relic, Inc		2,354,397
	54,609		NIC, Inc		1,224,334
	441,914		NortonLifelock, Inc		9,090,171
	224,714	*	Nuance Communications, Inc		7,170,624
	142,866	*	Nutanix, Inc		3,477,358
	92,318	*	Okta, Inc		19,371,086
	24,026	*	OneSpan, Inc		526,890
	1,546,823		Oracle Corp		86,792,239
	56,036	*,e	Pagerduty, Inc		1,518,576
	76,301	*	Palo Alto Networks, Inc		16,877,018
	257,749		Paychex, Inc		21,199,855
	39,518	*	Paycom Software, Inc		14,388,109
	27,960	*	Paylocity Holding Corp		5,187,139
	945,202	*	PayPal Holdings, Inc		175,930,448
	22,339	*,e	Paysign Inc		106,334
	31,837		Pegasystems, Inc		3,689,272
	24,732	*	Perficient, Inc		968,505
	111,482		Perspecta, Inc		1,998,872
	25,412	*	Ping Identity Holding Corp		703,658
	76,770	*	Pluralsight, Inc		1,205,289
	37,398		Progress Software Corp		1,360,165

181

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	44,878	*	Proofpoint, Inc	$	4,296,620
	31,951	*	PROS Holdings, Inc		900,060
	83,484	*	PTC, Inc		7,002,638
	39,589	*	Q2 Holdings, Inc		3,612,100
	14,067		QAD, Inc (Class A)		588,563
	26,687	*	Qualys, Inc		2,344,453
	26,217	*	Rackspace Technology, Inc		412,918
	38,399	*	Rapid7, Inc		2,378,050
	70,516	*	RealPage, Inc		3,927,036
	42,176	*	Repay Holdings Corp		950,225
	664	*	Rimini Street, Inc		2,105
	62,215	*	RingCentral, Inc		16,072,623
	222,626		Sabre Corp		1,451,522
	68,891	*	SailPoint Technologies Holding, Inc		2,859,665
	696,943	*	salesforce.com, Inc		161,878,951
	20,622		Sapiens International Corp NV		559,475
	46,564		Science Applications International Corp		3,556,093
	3,251	*	SecureWorks Corp		33,810
	152,902	*	ServiceNow, Inc		76,079,448
	4,876	*,e	ShotSpotter, Inc		142,916
	305,148	*	Slack Technologies, Inc		7,805,686
	87,356	*	Smartsheet, Inc		4,354,697
	45,978	*	Smith Micro Software, Inc		189,429
	37,563	*	SolarWinds Corp		767,412
	127,562	*	Splunk, Inc		25,262,378
	22,364	*	Sprout Social, Inc		977,307
	28,633	*	SPS Commerce, Inc		2,450,698
	296,961	*	Square, Inc		45,993,320
	180,643		SS&C Technologies Holdings, Inc		10,697,678
	552	*	StarTek, Inc		2,898
	143,384	*	StoneCo Ltd		7,533,395
	96,883	*	SVMK, Inc		2,027,761
	72,274		Switch, Inc		1,016,172
	31,935	*	Sykes Enterprises, Inc		1,093,454
	49,008	*	Synchronoss Technologies, Inc		135,752
	120,434	*	Synopsys, Inc		25,756,015
	18,045	*	TeleNav, Inc		73,443
	54,584	*	Tenable Holdings, Inc		1,861,860
	88,480	*	Teradata Corp		1,625,378
	33,146	*	Trade Desk, Inc		18,775,552
	14,750		TTEC Holdings, Inc		808,005
	7,883	*,e	Tucows, Inc		581,687
	109,963	*	Twilio, Inc		30,676,378
	32,053	*	Tyler Technologies, Inc		12,320,532
	49,365	*	Unisys Corp		648,656
	18,511	*	Upland Software, Inc		772,279
	75,675	*	Upwork, Inc		1,396,204
	24,870	*	Varonis Systems, Inc		2,874,226
	51,730	*	Verint Systems, Inc		2,509,940
	82,102	*	VeriSign, Inc		15,656,851
	18,719	*,e	Veritone, Inc		175,584
	95,406	*	Verra Mobility Corp		916,852
	49,629	e	VirnetX Holding Corp		274,945
	23,373	*	Virtusa Corp		1,175,662
	1,359,404		Visa, Inc (Class A)		247,017,301
	63,307	*,e	VMware, Inc (Class A)		8,149,510

182

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	327,756		Western Union Co	$	6,371,577
	35,151	*	WEX, Inc		4,448,359
	137,725	*	Workday, Inc		28,938,777
	30,675	*	Workiva, Inc		1,696,634
	81,184		Xperi Holding Corp		1,006,682
	81,289	*	Yext, Inc		1,347,772
	91,190	*	Zendesk, Inc		10,116,619
	45,176	*	Zix Corp		276,929
	134,331	*	Zoom Video Communications, Inc		61,914,501
	56,380	*	Zscaler, Inc		7,653,585
	79,308	*	Zuora Inc		762,943
			TOTAL SOFTWARE & SERVICES		3,885,471,535
TECHNOLOGY HARDWARE & EQUIPMENT - 7.1%
	96,179	*,e	3D Systems Corp		547,259
	29,514		Adtran, Inc		315,505
	17,147	*	Agilysys, Inc		464,341
	21,041	*,e	Akoustis Technologies, Inc		174,430
	232,216		Amphenol Corp (Class A)		26,203,253
	12,986,445		Apple, Inc		1,413,704,403
	29,285	*,e	Applied Optoelectronics, Inc		257,122
	47,565	*	Arista Networks, Inc		9,936,328
	63,646	*	Arlo Technologies, Inc		283,861
	62,036	*	Arrow Electronics, Inc		4,831,984
	39,762	*	Avid Technology, Inc		370,582
	74,005		Avnet, Inc		1,825,703
	25,096		Badger Meter, Inc		1,840,541
	6,194		Bel Fuse, Inc (Class B)		72,532
	31,618		Belden CDT, Inc		976,364
	29,559		Benchmark Electronics, Inc		615,714
	22,266	*	CalAmp Corp		157,643
	43,505	*	Calix, Inc		1,018,452
	5,581	*	Cambium Networks Corp		128,586
	34,964	*	Casa Systems, Inc		145,800
	113,949		CDW Corp		13,970,147
	122,705	*	Ciena Corp		4,833,350
	3,418,894		Cisco Systems, Inc		122,738,295
	4,869	*	Clearfield, Inc		101,908
	132,296		Cognex Corp		8,718,306
	19,568	*	Coherent, Inc		2,448,740
	152,281	*	CommScope Holding Co, Inc		1,355,301
	14,199		Comtech Telecommunications Corp		204,466
	602,140		Corning, Inc		19,250,416
	25,341		CTS Corp		700,425
	21,059		Daktronics, Inc		82,130
	202,115	*	Dell Technologies, Inc		12,179,450
	64,839	*,e	Diebold, Inc		403,947
	19,910	*	Digi International, Inc		293,274
	51,491		Dolby Laboratories, Inc (Class A)		3,865,944
	331	*	DZS, Inc		3,770
	12,050	*,e	Eastman Kodak Co		83,386
	38,200	*	EchoStar Corp (Class A)		884,712
	9,577	*	ePlus, Inc		646,543
	79,396	*	Extreme Networks, Inc		322,348
	48,658	*	F5 Networks, Inc		6,468,595
	30,238	*	Fabrinet		1,814,885

183

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	13,293	*	FARO Technologies, Inc	$	800,770
	192,312	*	Fitbit, Inc		1,353,876
	103,893		FLIR Systems, Inc		3,604,048
	69,995	*	Harmonic, Inc		415,770
	1,032,137		Hewlett Packard Enterprise Co		8,917,664
	1,150,026		HP, Inc		20,654,467
	79,729	*	II-VI, Inc		3,625,278
	20,490	*	Immersion Corp		126,218
	127,246	*,e	Infinera Corp		796,560
	55,612	*,e	Inseego Corp		483,824
	28,024	*	Insight Enterprises, Inc		1,495,080
	28,329	*,e	Intellicheck, Inc		205,102
	25,810		InterDigital, Inc		1,444,844
	28,474	*	IPG Photonics Corp		5,295,025
	15,183	*	Iteris, Inc		57,240
	32,767	*	Itron, Inc		2,226,518
	117,885		Jabil Inc		3,906,709
	260,036		Juniper Networks, Inc		5,127,910
	150,252	*	Keysight Technologies, Inc		15,756,927
	15,246	*	Kimball Electronics, Inc		184,782
	65,142	*	Knowles Corp		928,273
	6,399	*	KVH Industries, Inc		55,607
	18,872		Littelfuse, Inc		3,735,524
	60,045	*	Lumentum Holdings, Inc		4,965,121
	30,523		Methode Electronics, Inc		939,193
	136,719		Motorola Solutions, Inc		21,609,805
	10,447		MTS Systems Corp		253,653
	9,718	*,e	Napco Security Technologies, Inc		234,398
	105,726		National Instruments Corp		3,307,109
	95,571	*	NCR Corp		1,942,003
	174,513		NetApp, Inc		7,659,376
	25,270	*	Netgear, Inc		778,821
	56,407	*	Netscout Systems, Inc		1,157,472
	26,072	*	nLight, Inc		553,769
	27,541	*	Novanta, Inc		2,994,258
	15,982	*	OSI Systems, Inc		1,233,171
	12,578	*,e	PAR Technology Corp		465,009
	9,359		PC Connection, Inc		426,302
	28,777		PC-Tel, Inc		146,763
	26,778		Plantronics, Inc		522,707
	23,230	*	Plexus Corp		1,615,414
	190,092	*	Pure Storage, Inc		3,060,481
	39,063	*,e	Research Frontiers, Inc		101,173
	78,125	*,e	Resonant, Inc		178,906
	59,820	*	Ribbon Communications, Inc		257,824
	15,628	*	Rogers Corp		1,894,426
	56,690	*	Sanmina Corp		1,385,504
	15,742	*	Scansource, Inc		316,414
	36,102	*	Super Micro Computer, Inc		820,237
	32,932		Synnex Corp		4,335,168
	200,467	*	Trimble Inc		9,648,477
	79,225	*	TTM Technologies, Inc		940,401
	7,060		Ubiquiti, Inc		1,310,407
	45,638	*	Viasat, Inc		1,547,128
	187,577	*	Viavi Solutions, Inc		2,316,576
	99,472		Vishay Intertechnology, Inc		1,613,436

184

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	6,887	*	Vishay Precision Group, Inc	$	164,530
	92,998	*	Vontier Corp		2,672,763
	240,071		Western Digital Corp		9,057,879
	16,625	*,e	Wrap Technologies Inc		85,951
	147,807		Xerox Holdings Corp		2,568,886
	42,141	*	Zebra Technologies Corp (Class A)		11,952,873
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		1,853,472,541
TELECOMMUNICATION SERVICES - 1.7%
	13,498	*	Anterix, Inc		430,856
	5,736,345		AT&T, Inc		154,996,042
	6,018		ATN International, Inc		269,005
	14,954	*	Bandwidth Inc		2,397,949
	40,530	*	Boingo Wireless, Inc		378,550
	873,732		CenturyLink, Inc		7,531,570
	41,046	*	Cincinnati Bell, Inc		617,742
	34,344		Cogent Communications Group, Inc		1,916,395
	73,022	*	Consolidated Communications Holdings, Inc		341,013
	79,189	*	GCI Liberty, Inc		6,432,523
	46,028	*,e	Gogo, Inc		370,065
	60,014	*	IAC		7,244,890
	13,290	*	IDT Corp (Class B)		126,654
	92,131	*	Iridium Communications, Inc		2,433,180
	27,994	*	Liberty Latin America Ltd (Class A)		274,341
	122,517	*	Liberty Latin America Ltd (Class C)		1,190,865
	23,568	*	Ooma, Inc		332,545
	53,238	*	ORBCOMM, Inc		228,923
	39,773		Shenandoah Telecom Co		1,734,898
	14,564		Spok Holdings, Inc		132,241
	75,699		Telephone & Data Systems, Inc		1,286,883
	442,469	*	T-Mobile US, Inc		48,481,328
	9,109	*	US Cellular Corp		265,254
	3,335,844		Verizon Communications, Inc		190,109,750
	188,878	*	Vonage Holdings Corp		1,998,329
			TOTAL TELECOMMUNICATION SERVICES		431,521,791
TRANSPORTATION - 2.0%
	46,311	*	Air Transport Services Group, Inc		1,298,560
	96,535		Alaska Air Group, Inc		3,657,711
	11,011		Allegiant Travel Co		1,483,842
	7,327		Amerco, Inc		2,543,641
	397,643	e	American Airlines Group, Inc		4,485,413
	20,553		ArcBest Corp		627,278
	20,147	*	Atlas Air Worldwide Holdings, Inc		1,191,897
	42,432	*	Avis Budget Group, Inc		1,428,685
	106,076		CH Robinson Worldwide, Inc		9,380,301
	27,002		Copa Holdings S.A. (Class A)		1,330,659
	51,434		Costamare, Inc		292,660
	15,864	*	Covenant Transportation Group, Inc		218,447
	614,377		CSX Corp		48,498,920
	55,363	*,e	Daseke, Inc		363,735
	508,761		Delta Air Lines, Inc		15,588,437
	7,694	*,e	Eagle Bulk Shipping, Inc		105,870
	16,250	*	Echo Global Logistics, Inc		438,263
	133,338		Expeditors International of Washington, Inc		11,783,079
	194,351		FedEx Corp		50,428,254

185

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	21,159		Forward Air Corp	$	1,332,382
	19,866		Genco Shipping & Trading Ltd		128,334
	46,426	e	Hawaiian Holdings, Inc		643,000
	39,928		Heartland Express, Inc		731,082
	26,309	*	Hub Group, Inc (Class A)		1,318,870
	67,192		JB Hunt Transport Services, Inc		8,179,954
	219,756	*	JetBlue Airways Corp		2,630,479
	75,997		Kansas City Southern		13,386,112
	46,856	*	Kirby Corp		1,803,487
	98,141		Knight-Swift Transportation Holdings, Inc		3,728,377
	30,608		Landstar System, Inc		3,816,818
	188,052	*,e	Lyft, Inc (Class A)		4,293,227
	58,428		Macquarie Infrastructure Co LLC		1,507,442
	49,633		Marten Transport Ltd		761,618
	34,325		Matson, Inc		1,783,184
	41,293	*	Mesa Air Group, Inc		130,486
	206,199		Norfolk Southern Corp		43,120,335
	78,439		Old Dominion Freight Line		14,932,432
	62	*	PAM Transportation Services, Inc		2,455
	5,098		Park-Ohio Holdings Corp		100,635
	27,435	*	Radiant Logistics, Inc		141,016
	41,259		Ryder System, Inc		2,032,418
	35,633	*	Safe Bulkers, Inc		31,592
	21,474	*	Saia, Inc		3,170,851
	50,543		Schneider National, Inc		1,114,979
	15,865		Scorpio Bulkers, Inc		174,198
	40,317		Skywest, Inc		1,170,403
	473,034		Southwest Airlines Co		18,699,034
	71,063	*,e	Spirit Airlines, Inc		1,248,577
	1,108,105	*	Uber Technologies, Inc		37,021,788
	546,789		Union Pacific Corp		96,885,543
	226,271	*	United Airlines Holdings Inc		7,661,536
	567,748		United Parcel Service, Inc (Class B)		89,198,888
	7,569		Universal Logistics Holdings Inc		149,336
	11,478	*	US Xpress Enterprises, Inc		82,756
	47,247		Werner Enterprises, Inc		1,796,331
	71,737	*	XPO Logistics, Inc		6,456,330
			TOTAL TRANSPORTATION		526,511,937
UTILITIES - 3.0%
	529,419		AES Corp		10,323,670
	45,208		Allete, Inc		2,331,829
	201,849		Alliant Energy Corp		11,158,213
	197,761		Ameren Corp		16,042,372
	399,429		American Electric Power Co, Inc		35,920,650
	28,869		American States Water Co		2,156,226
	145,660		American Water Works Co, Inc		21,923,287
	4,446		Artesian Resources Corp		156,633
	82,099	*,e	Atlantic Power Corp		163,377
	97,300		Atmos Energy Corp		8,919,491
	46,604		Avangrid, Inc		2,299,441
	54,420		Avista Corp		1,807,832
	50,220		Black Hills Corp		2,845,465
	26,454		Brookfield Infrastructure Corp		1,440,949
	55,605		Brookfield Renewable Corp		3,712,746
	31,868	*,e	Cadiz, Inc		304,339

186

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	40,616		California Water Service Group	$	1,810,255
	402,685		Centerpoint Energy, Inc		8,508,734
	15,569		Chesapeake Utilities Corp		1,513,462
	27,378		Clearway Energy, Inc (Class A)		717,577
	63,525		Clearway Energy, Inc (Class C)		1,788,864
	230,616		CMS Energy Corp		14,604,911
	268,987		Consolidated Edison, Inc		21,112,790
	6,419		Consolidated Water Co, Inc		64,575
	675,023		Dominion Energy, Inc		54,231,348
	153,985		DTE Energy Co		19,004,829
	591,478		Duke Energy Corp		54,481,039
	287,069		Edison International		16,087,347
	160,923		Entergy Corp		16,288,626
	179,577		Essential Utilities Inc		7,398,572
	179,956		Evergy, Inc		9,933,571
	276,259		Eversource Energy		24,109,123
	782,081		Exelon Corp		31,197,211
	432,412		FirstEnergy Corp		12,851,285
	28,916		Genie Energy Ltd		239,714
	6,030		Global Water Resources, Inc		63,918
	84,234		Hawaiian Electric Industries, Inc		2,783,091
	38,962		Idacorp, Inc		3,418,136
	158,548		MDU Resources Group, Inc		3,767,100
	30,486		MGE Energy, Inc		1,982,200
	13,966		Middlesex Water Co		895,779
	68,459		National Fuel Gas Co		2,735,622
	75,511		New Jersey Resources Corp		2,203,411
	1,576,346		NextEra Energy, Inc		115,404,291
	301,379		NiSource, Inc		6,922,676
	25,330		Northwest Natural Holding Co		1,125,665
	39,976		NorthWestern Corp		2,083,949
	192,093		NRG Energy, Inc		6,073,981
	158,285		OGE Energy Corp		4,870,429
	41,649		ONE Gas, Inc		2,875,447
	32,420		Ormat Technologies, Inc		2,297,605
	33,032		Otter Tail Corp		1,266,777
	1,039,948	*,b	PG&E Corp		9,941,903
	88,238		Pinnacle West Capital Corp		7,197,574
	62,565		PNM Resources, Inc		3,128,250
	73,399		Portland General Electric Co		2,884,581
	617,978		PPL Corp		16,994,395
	405,874		Public Service Enterprise Group, Inc		23,601,573
	9,378	*	Pure Cycle Corp		82,526
	3,907		RGC Resources, Inc		92,987
	232,968		Sempra Energy		29,204,868
	21,289		SJW Corp		1,292,029
	72,043		South Jersey Industries, Inc		1,388,269
	851,043		Southern Co		48,892,420
	44,686		Southwest Gas Holdings Inc		2,936,764
	7,602		Spark Energy, Inc		69,330
	41,075		Spire, Inc		2,301,843
	40,082	*	Sunnova Energy International, Inc		964,373
	166,586		UGI Corp		5,387,391
	12,521		Unitil Corp		432,601
	385,979		Vistra Energy Corp		6,704,455
	254,341		WEC Energy Group, Inc		25,573,988

187

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	423,056		Xcel Energy, Inc	$	29,626,612
	15,191		York Water Co		641,820
			TOTAL UTILITIES		797,560,982
			TOTAL COMMON STOCKS		26,123,701,188
			(Cost $15,427,272,179)
RIGHTS / WARRANTS - 0.0%
CAPITAL GOODS - 0.0%
	56,339		HC2 Holdings, Inc		0
			TOTAL CAPITAL GOODS		0
HEALTH CARE EQUIPMENT & SERVICES - 0.0%
	204		Pulse Biosciences, Inc		0
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		0
MEDIA & ENTERTAINMENT - 0.0%
	57,537	†	Media General, Inc		0
			TOTAL MEDIA & ENTERTAINMENT		0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
	27,694	†	Chinook Therapeutics, Inc		0
	21,703	†	Elanco Animal Health, Inc CVR		1,235
	1,988	†	Omthera Pharmaceuticals, Inc		1,192
	4,598	†	Tobira Therapeutics, Inc		276
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		2,703
			TOTAL RIGHTS / WARRANTS		2,703
			(Cost $2,813)

PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 2.3%
GOVERNMENT AGENCY DEBT - 0.1%
$	8,995,000		Federal Agricultural Mortgage Corp (FAMC)		0.080	%	11/18/20	8,994,680
	4,959,000		Federal Home Loan Bank (FHLB)		0.075		11/03/20	4,958,989
	15,765,000		FHLB		0.070		11/10/20	15,764,720
			TOTAL GOVERNMENT AGENCY DEBT					29,718,389
REPURCHASE AGREEMENT - 1.5%
	100,000,000	r	Fixed Income Clearing Corp (FICC)		0.050		11/02/20	100,000,000
	290,000,000	s	Fixed Income Clearing Corp (FICC)		0.070		11/02/20	290,000,000
			TOTAL REPURCHASE AGREEMENT					390,000,000
TREASURY DEBT - 0.3%
	41,990,000		United States Cash Management Bill		0.052-0.060		11/03/20	41,989,924
	5,000,000		United States Cash Management Bill		0.075		12/15/20	4,999,455
	22,110,000		United States Treasury Bill		0.086		11/17/20	22,109,263
			TOTAL TREASURY DEBT					69,098,642

188

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.4%
	117,642,022	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	117,642,022
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		117,642,022
			TOTAL SHORT-TERM INVESTMENTS		606,459,053
			(Cost $606,458,959)
			TOTAL INVESTMENTS - 101.8%		26,730,162,944
			(Cost $16,033,733,951)
			OTHER ASSETS & LIABILITIES, NET - (1.8)%		(475,171,482	)
			NET ASSETS - 100.0%	$	26,254,991,462
			Abbreviation(s):
			REIT      Real Estate Investment Trust
		*	Non-income producing
		†	Security is categorized as Level 3 in the fair value hierarchy.
		b	In bankruptcy
		c	Investments made with cash collateral received from securities on loan.
		d	All or a portion of these securities have been segregated to cover margin requirements on open futures contracts.
		e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $158,778,566.
		g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/2020, the aggregate value of these securities is $1,628,085 or 0.0% of net assets.
		r	Agreement with Fixed Income Clearing Corporation, 0.050% dated 10/30/20 to be repurchased $100,000,000 on 11/2/20, collateralized by U.S. Treasury Notes valued at $102,000,095.
		s	Agreement with Fixed Income Clearing Corporation, 0.070% dated 10/30/20 to be repurchased $290,000,000 on 11/2/20, collateralized by U.S. Treasury Notes valued at $295,800,072.

Futures contracts outstanding as of October 31, 2020 were as follows:

Description	Number of long (short) contracts	Expiration date	Notional amount		Value		Unrealized appreciation (depreciation)
Russell 2000 E Mini Index	112	12/18/20	$	8,849,547	$	8,606,080	$	(243,467	)
S&P 500 E Mini Index	571	12/18/20		96,811,593		93,207,185		(3,604,408	)
S&P Mid-Cap 400 E Mini Index	13	12/18/20		2,517,769		2,464,280		(53,489	)
Total	696		$	108,178,909	$	104,277,545	$	(3,901,364	)

189

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

TIAA-CREF FUNDS

LARGE-CAP GROWTH INDEX FUND

SCHEDULE OF INVESTMENTS

October 31, 2020

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.8%
AUTOMOBILES & COMPONENTS - 1.8%
	16,142		BorgWarner, Inc	$	564,647
	452,658	*	Tesla, Inc		175,649,410
			TOTAL AUTOMOBILES & COMPONENTS		176,214,057
BANKS - 0.0%
	4,692	*,e	LendingTree, Inc		1,518,284
	24,883	*,e	Rocket Cos, Inc		453,617
			TOTAL BANKS		1,971,901
CAPITAL GOODS - 2.3%
	226,681		3M Co		36,259,893
	38,676		Allegion plc		3,809,586
	46,923		Allison Transmission Holdings, Inc		1,696,266
	11,635		Armstrong World Industries, Inc		696,936
	37,986	*	Axon Enterprise, Inc		3,756,815
	3,334	*	AZEK Co, Inc		111,489
	37,579		BWX Technologies, Inc		2,067,221
	190,944		Carrier Global Corp		6,375,620
	9,561		Donaldson Co, Inc		454,147
	283,679		Fastenal Co		12,263,443
	33,811	*	Generac Holdings, Inc		7,105,382
	50,997		Graco, Inc		3,156,714
	21,019		HEICO Corp		2,208,046
	38,057		HEICO Corp (Class A)		3,558,329
	4,306		Huntington Ingalls		635,049
	84,895		Illinois Tool Works, Inc		16,629,233
	14,857		Lincoln Electric Holdings, Inc		1,512,740
	151,292		Lockheed Martin Corp		52,971,868
	27,875	*	Mercury Systems, Inc		1,920,030
	28,145		Nordson Corp		5,444,087
	87,775		Northrop Grumman Corp		25,438,951
	17,000		Quanta Services, Inc		1,061,310
	33,971		Rockwell Automation, Inc		8,055,204
	8,803		Roper Technologies Inc		3,268,906
	61,671		Toro Co		5,063,189
	6,863		TransDigm Group, Inc		3,276,465
	69,190	*	Trex Co, Inc		4,811,473
	135,475	*	Vertiv Holdings Co		2,391,134
	35,376	*,e	Virgin Galactic Holdings, Inc		616,250
	19,819		W.W. Grainger, Inc		6,937,046
			TOTAL CAPITAL GOODS		223,552,822
COMMERCIAL & PROFESSIONAL SERVICES - 1.2%
	47,723		Cintas Corp		15,011,270
	124,152	*	Copart, Inc		13,701,415

190

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
	23,879	*	CoStar Group, Inc	$	19,666,983
	26,123	*	Dun & Bradstreet Holdings, Inc		675,018
	54,697		Equifax, Inc		7,471,610
	19,838	*	IAA, Inc		1,122,632
	132,514		IHS Markit Ltd		10,716,407
	5,194		MSA Safety, Inc		685,193
	78,680		Rollins, Inc		4,551,638
	74,318	*	Seagen, Inc		12,396,242
	104,438		TransUnion		8,319,531
	96,816		Verisk Analytics, Inc		17,230,344
	33,591		Waste Management, Inc		3,624,805
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		115,173,088
CONSUMER DURABLES & APPAREL - 1.2%
	69,407	*	Lululemon Athletica, Inc		22,160,961
	124,263	*	Mattel, Inc		1,711,101
	741,262		Nike, Inc (Class B)		89,010,741
	214	*	NVR, Inc		845,961
	14,643	*	Peloton Interactive, Inc		1,613,805
	4,482		Polaris Inc		407,235
	20,651	*	Tempur Sealy International, Inc		1,837,939
	10,668		VF Corp		716,890
			TOTAL CONSUMER DURABLES & APPAREL		118,304,633
CONSUMER SERVICES - 1.1%
	24,886	*	Bright Horizons Family Solutions		3,933,232
	72,898	*	Chegg, Inc		5,353,629
	17,002	*	Chipotle Mexican Grill, Inc (Class A)		20,427,563
	24,056		Domino’s Pizza, Inc		9,100,866
	42,436		Dunkin Brands Group, Inc		4,231,294
	10,599	*	frontdoor, Inc		419,932
	98,545		H&R Block, Inc		1,700,887
	86,433		Las Vegas Sands Corp		4,153,970
	65,182		McDonald’s Corp		13,883,766
	27,378	*	Planet Fitness, Inc		1,622,694
	413,413		Starbucks Corp		35,950,395
	1,821		Vail Resorts, Inc		422,545
	109,385		Wendy’s		2,390,062
	15,209		Wynn Resorts Ltd		1,101,588
	16,462		Yum China Holdings, Inc		876,272
	12,854		Yum! Brands, Inc		1,199,664
			TOTAL CONSUMER SERVICES		106,768,359
DIVERSIFIED FINANCIALS - 1.5%
	50,509		Apollo Global Management, Inc		1,861,762
	59,977		Ares Management Corp		2,537,027
	6,182		Carlyle Group, Inc		154,055
	14,489		CBOE Global Markets, Inc		1,177,811
	379	*,e	Credit Acceptance Corp		112,988
	22,722		Factset Research Systems, Inc		6,964,293
	116,966		Intercontinental Exchange Group, Inc		11,041,590
	159,992		iShares Russell 1000 Growth Index Fund		33,531,123
	3,545		LPL Financial Holdings, Inc		283,352
	22,617		MarketAxess Holdings, Inc		12,187,171
	99,590		Moody’s Corp		26,182,211
	11,329		Morningstar, Inc		2,156,815

191

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
	49,714		MSCI, Inc (Class A)	$	17,391,946
	86,918		S&P Global, Inc		28,051,046
	57,050		SLM Corp		524,290
	35,106		T Rowe Price Group, Inc		4,446,526
	42,890		Tradeweb Markets, Inc		2,336,647
	36,243		Virtu Financial, Inc		774,875
			TOTAL DIVERSIFIED FINANCIALS		151,715,528
ENERGY - 0.1%
	141,259	*	Cheniere Energy, Inc		6,762,068
	33,453		Equitrans Midstream Corp		242,869
			TOTAL ENERGY		7,004,937
FOOD & STAPLES RETAILING - 1.0%
	16,000	e	Albertsons Cos, Inc		235,040
	238,371		Costco Wholesale Corp		85,246,237
	23,622	*	Grocery Outlet Holding Corp		1,039,840
	62,112	*	Sprouts Farmers Market, Inc		1,183,234
	209,328		SYSCO Corp		11,577,932
			TOTAL FOOD & STAPLES RETAILING		99,282,283
FOOD, BEVERAGE & TOBACCO - 2.3%
	494,227		Altria Group, Inc		17,831,710
	24,882	*	Beyond Meat, Inc		3,543,943
	5,461	*	Boston Beer Co, Inc (Class A)		5,674,962
	24,234		Brown-Forman Corp (Class A)		1,520,684
	95,099		Brown-Forman Corp (Class B)		6,629,351
	54,324		Campbell Soup Co		2,535,301
	1,389,472		Coca-Cola Co		66,778,024
	69,354		Hershey Co		9,533,401
	55,070		Kellogg Co		3,463,352
	19,733		Lamb Weston Holdings, Inc		1,252,059
	42,446		McCormick & Co, Inc		7,661,928
	226,630	*	Monster Beverage Corp		17,353,059
	623,659		PepsiCo, Inc		83,127,508
	15,280	*	Pilgrim’s Pride Corp		255,787
			TOTAL FOOD, BEVERAGE & TOBACCO		227,161,069
HEALTH CARE EQUIPMENT & SERVICES - 6.0%
	406,766		Abbott Laboratories		42,755,174
	27,046	*	Abiomed, Inc		6,812,346
	47,752	*	Align Technology, Inc		20,346,172
	19,101	*	Amedisys, Inc		4,947,159
	43,294		AmerisourceBergen Corp		4,159,255
	39,693		Anthem, Inc		10,828,250
	130,465		Baxter International, Inc		10,120,170
	180,817		Cardinal Health, Inc		8,279,610
	103,235	*	Centene Corp		6,101,188
	186,989		Cerner Corp		13,106,059
	105,303	*	Change Healthcare, Inc		1,490,037
	9,649		Chemed Corp		4,615,310
	59,535		Cigna Corp		9,940,559
	3,626		Cooper Cos, Inc		1,156,875
	8,993	*	DaVita, Inc		775,646
	56,210	*	DexCom, Inc		17,963,592
	377,022	*	Edwards Lifesciences Corp		27,028,707

192

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
	28,009		Encompass Health Corp	$	1,717,232
	50,100	*	Guardant Health, Inc		5,343,666
	28,269	*	Haemonetics Corp		2,857,713
	84,182		HCA Healthcare, Inc		10,433,517
	5,477		Hill-Rom Holdings, Inc		498,790
	108,269	*	Hologic, Inc		7,451,073
	30,967		Humana, Inc		12,364,504
	3,565	*	ICU Medical, Inc		633,821
	51,373	*	IDEXX Laboratories, Inc		21,824,278
	40,031	*	Insulet Corp		8,896,890
	70,824	*	Intuitive Surgical, Inc		47,245,274
	3,161	*	Laboratory Corp of America Holdings		631,473
	35,053	*	Livongo Health, Inc		4,473,966
	30,256	*	Masimo Corp		6,771,898
	73,432		McKesson Corp		10,830,486
	24,909	*	Molina Healthcare, Inc		4,644,781
	61,985	*	Novocure Ltd		7,568,368
	6,732	*	Oak Street Health, Inc		320,376
	20,097	*	Penumbra, Inc		5,245,920
	82,707	*	PPD, Inc		2,719,406
	22,499	*	Quidel Corp		6,036,257
	87,491		Resmed, Inc		16,793,023
	2,895		STERIS plc		512,965
	68,652		Stryker Corp		13,868,391
	32,032	*	Tandem Diabetes Care, Inc		3,491,488
	39,608	*,e	Teladoc, Inc		7,781,388
	17,781		Teleflex, Inc		5,658,448
	480,504		UnitedHealth Group, Inc		146,620,991
	7,096	*	Varian Medical Systems, Inc		1,226,189
	81,581	*	Veeva Systems, Inc		22,030,949
	44,847		West Pharmaceutical Services, Inc		12,201,523
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		589,121,153
HOUSEHOLD & PERSONAL PRODUCTS - 1.5%
	150,310		Church & Dwight Co, Inc		13,285,901
	54,579		Clorox Co		11,311,498
	30,281		Energizer Holdings, Inc		1,191,557
	121,181		Estee Lauder Cos (Class A)		26,618,619
	7,234	*	Herbalife Nutrition Ltd		326,543
	666,973		Procter & Gamble Co		91,441,998
	10,022		Reynolds Consumer Products Inc		283,021
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		144,459,137
INSURANCE - 0.7%
	742		Alleghany Corp		405,822
	140,128		Aon plc		25,784,953
	4,050		Axis Capital Holdings Ltd		172,895
	7,969		Brown & Brown, Inc		346,731
	8,699		Erie Indemnity Co (Class A)		2,025,736
	7,113	*	GoHealth, Inc		73,691
	16,478		Lincoln National Corp		578,378
	240,437		Marsh & McLennan Cos, Inc		24,875,612
	14,384		Primerica, Inc		1,585,692
	103,353		Progressive Corp		9,498,141
	10,200		RenaissanceRe Holdings Ltd		1,649,544
			TOTAL INSURANCE		66,997,195

193

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
MATERIALS - 0.9%
	17,328		Air Products & Chemicals, Inc	$	4,786,687
	146,017		Amcor plc		1,522,957
	20,078		Avery Dennison Corp		2,778,594
	182,458		Ball Corp		16,238,762
	26,518	*	Berry Global Group, Inc		1,236,534
	7,624	*	Crown Holdings, Inc		654,139
	30,099		Ecolab, Inc		5,525,875
	15,401		FMC Corp		1,582,299
	37,827		Graphic Packaging Holding Co		502,721
	3,540		NewMarket Corp		1,266,223
	28,539		Royal Gold, Inc		3,390,719
	67,138		RPM International, Inc		5,684,574
	22,543		Scotts Miracle-Gro Co (Class A)		3,382,577
	50,501		Sherwin-Williams Co		34,743,678
	13,634		WR Grace and Co		592,943
			TOTAL MATERIALS		83,889,282
MEDIA & ENTERTAINMENT - 11.5%
	185,446		Activision Blizzard, Inc		14,043,826
	142,582	*	Alphabet, Inc (Class A)		230,428,196
	140,745	*	Alphabet, Inc (Class C)		228,149,053
	182,106	*	Altice USA, Inc		4,907,757
	3,254		Cable One, Inc		5,635,472
	82,743	*	Charter Communications, Inc		49,961,878
	25,034	*	Electronic Arts, Inc		2,999,824
	1,470,065	*	Facebook, Inc		386,788,802
	5,536	*	Liberty SiriusXM Group (Class A)		191,380
	11,471	*	Liberty SiriusXM Group (Class C)		396,897
	86,560	*	Live Nation, Inc		4,224,128
	133,714	*	Match Group, Inc		15,615,121
	260,310	*	Netflix, Inc		123,839,879
	17,884		Nexstar Media Group Inc		1,473,642
	205,709	*	Pinterest, Inc		12,126,546
	64,678	*	Roku, Inc		13,090,827
	423,628		Sirius XM Holdings, Inc		2,427,388
	80,012	*	Spotify Technology S.A.		19,194,079
	63,808	*	Take-Two Interactive Software, Inc		9,885,135
	28,929		World Wrestling Entertainment, Inc (Class A)		1,051,858
	3,600	*	Zillow Group, Inc (Class A)		321,588
	9,441	*	Zillow Group, Inc (Class C)		836,661
	447,005	*	Zynga, Inc		4,018,575
			TOTAL MEDIA & ENTERTAINMENT		1,131,608,512
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.6%
	34,663	*	10X Genomics, Inc		4,745,365
	1,013,184		AbbVie, Inc		86,221,958
	67,997	*	Acadia Pharmaceuticals, Inc		3,158,461
	29,215	*	Acceleron Pharma, Inc		3,055,305
	46,587	*	Adaptive Biotechnologies Corp		2,146,729
	16,656		Agilent Technologies, Inc		1,700,411
	5,948	*	Agios Pharmaceuticals, Inc		238,336
	19,224	*	Alexion Pharmaceuticals, Inc		2,213,451
	71,335	*	Alnylam Pharmaceuticals, Inc		8,772,065
	360,203		Amgen, Inc		78,142,439

194

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
	271,491	*	Avantor, Inc	$	6,317,596
	2,721	*	Berkeley Lights, Inc		197,463
	29,172	*	Biogen, Inc		7,353,386
	99,112	*	BioMarin Pharmaceutical, Inc		7,376,906
	22,404		Bio-Techne Corp		5,654,994
	18,426	*	Bluebird Bio, Inc		952,808
	502,873		Bristol-Myers Squibb Co		29,392,927
	27,479		Bruker BioSciences Corp		1,168,957
	26,378	*	Charles River Laboratories International, Inc		6,006,271
	515,366		Eli Lilly & Co		67,234,648
	78,405	*	Exact Sciences Corp		9,708,891
	67,924	*	Exelixis, Inc		1,391,084
	34,919	*	Global Blood Therapeutics, Inc		1,846,517
	110,211	*	Horizon Therapeutics Plc		8,258,110
	89,756	*	Illumina, Inc		26,271,581
	111,099	*	Incyte Corp		9,625,617
	38,761	*	Ionis Pharmaceuticals, Inc		1,819,829
	90,431	*	Iovance Biotherapeutics, Inc		3,226,578
	43,526	*	IQVIA Holdings, Inc		6,702,569
	216,192		Johnson & Johnson		29,642,085
	1,350,621		Merck & Co, Inc		101,580,205
	13,570	*	Mettler-Toledo International, Inc		13,541,639
	174,660	*	Moderna, Inc		11,784,310
	55,174	*	Neurocrine Biosciences, Inc		5,444,019
	12,565		PerkinElmer, Inc		1,627,796
	35,056	*	PRA Health Sciences, Inc		3,415,857
	13,283	*	Reata Pharmaceuticals, Inc		1,550,259
	59,158	*	Regeneron Pharmaceuticals, Inc		32,155,922
	31,856	*	Repligen Corp		5,306,254
	25,650		Royalty Pharma plc		941,355
	3,564	*	Sage Therapeutics, Inc		261,526
	45,431	*	Sarepta Therapeutics, Inc		6,174,527
	5,480	*	Syneos Health, Inc		290,878
	141,838		Thermo Fisher Scientific, Inc		67,106,395
	159,134	*	Vertex Pharmaceuticals, Inc		33,157,160
	2,581	*	Waters Corp		575,098
	263,093		Zoetis, Inc		41,713,395
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		747,169,932
REAL ESTATE - 1.8%
	269,870		American Tower Corp		61,975,645
	11,277		Americold Realty Trust		408,566
	29,628		Brookfield Property REIT, Inc		437,013
	16,403		Coresite Realty		1,957,862
	237,056		Crown Castle International Corp		37,028,147
	53,755		Equinix, Inc		39,307,806
	42,244		Equity Lifestyle Properties, Inc		2,500,422
	53,966		Extra Space Storage, Inc		6,257,358
	110,405		Iron Mountain, Inc		2,877,154
	59,994		Public Storage, Inc		13,742,826
	9,034		SBA Communications Corp		2,623,203
	148,663		Simon Property Group, Inc		9,337,523
			TOTAL REAL ESTATE		178,453,525
RETAILING - 12.1%
	259,591	*	Amazon.com, Inc		788,157,215

195

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
	8,427	*	AutoZone, Inc	$	9,513,915
	24,464		Best Buy Co, Inc		2,728,959
	25,002	*	Booking Holdings, Inc		40,565,745
	36,354	*	Burlington Stores, Inc		7,037,407
	6,942	*	CarMax, Inc		600,067
	33,389	*	Carvana Co		6,188,651
	154,217		Dollar General Corp		32,186,630
	67,519	*	Dollar Tree, Inc		6,098,316
	372,648		eBay, Inc		17,749,224
	71,884	*	Etsy, Inc		8,740,376
	8,616		Expedia Group, Inc		811,196
	32,850	*	Five Below, Inc		4,380,219
	57,194	*	Floor & Decor Holdings, Inc		4,175,162
	5,005	*	GrubHub, Inc		370,170
	328,521		Home Depot, Inc		87,619,836
	462,395		Lowe’s Companies, Inc		73,104,650
	32,071	*,e	Ollie’s Bargain Outlet Holdings, Inc		2,793,063
	44,664	*	O’Reilly Automotive, Inc		19,500,302
	23,612		Pool Corp		8,260,186
	172,642		Ross Stores, Inc		14,703,919
	593,324		TJX Companies, Inc		30,140,859
	70,476		Tractor Supply Co		9,388,108
	30,547	*	Ulta Beauty, Inc		6,316,203
	12,350	*	Vroom, Inc		507,585
	37,211	*	Wayfair, Inc		9,229,444
	7,098		Williams-Sonoma, Inc		647,409
			TOTAL RETAILING		1,191,514,816
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 6.2%
	663,649	*	Advanced Micro Devices, Inc		49,966,133
	29,308		Analog Devices, Inc		3,473,877
	559,429		Applied Materials, Inc		33,134,980
	226,461		Broadcom, Inc		79,177,559
	66,353	*	Enphase Energy, Inc		6,508,566
	78,585		Entegris, Inc		5,875,800
	29,266	*	Inphi Corp		4,090,216
	94,737		KLA Corp		18,680,242
	88,566		Lam Research Corp		30,296,657
	53,223		Maxim Integrated Products, Inc		3,706,982
	111,047		Microchip Technology, Inc		11,668,819
	25,237		MKS Instruments, Inc		2,735,438
	26,601		Monolithic Power Systems, Inc		8,501,680
	361,363		NVIDIA Corp		181,172,954
	688,846		QUALCOMM, Inc		84,976,043
	29,856	*	SolarEdge Technologies, Inc		7,693,593
	102,085		Teradyne, Inc		8,968,167
	280,027		Texas Instruments, Inc		40,489,104
	26,380		Universal Display Corp		5,231,418
	149,125		Xilinx, Inc		17,699,646
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		604,047,874
SOFTWARE & SERVICES - 26.1%
	13,927	*	2U, Inc		513,210
	389,988		Accenture plc		84,592,297
	294,408	*	Adobe, Inc		131,629,817
	79,329	*	Akamai Technologies, Inc		7,545,775

196

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
	31,861	*	Alteryx, Inc	$	3,993,776
	79,577	*	Anaplan, Inc		4,404,587
	52,401	*	Ansys, Inc		15,949,292
	38,012	*	Aspen Technology, Inc		4,174,098
	77,800	*	Atlassian Corp plc		14,908,036
	89,351	*	Autodesk, Inc		21,045,735
	225,976		Automatic Data Processing, Inc		35,695,169
	50,032	*	Avalara, Inc		7,457,270
	3,874	*,e	BigCommerce Holdings, Inc		284,352
	33,372	*	Bill.Com Holdings, Inc		3,337,200
	94,273	*	Black Knight, Inc		8,291,310
	82,567		Booz Allen Hamilton Holding Co		6,481,510
	70,135		Broadridge Financial Solutions, Inc		9,650,576
	2,270	*	CACI International, Inc (Class A)		473,363
	169,130	*	Cadence Design Systems, Inc		18,497,748
	8,662		CDK Global, Inc		373,332
	46,245	*	Ceridian HCM Holding, Inc		3,987,244
	20,753		Citrix Systems, Inc		2,350,692
	66,250	*	Cloudflare, Inc		3,443,013
	24,106		Cognizant Technology Solutions Corp (Class A)		1,721,651
	2,182		CoreLogic Inc		167,861
	40,618	*	Coupa Software, Inc		10,873,439
	67,417	*	Crowdstrike Holdings, Inc		8,348,921
	93,971	*	Datadog, Inc		8,527,868
	108,937	*	DocuSign, Inc		22,032,508
	149,827	*	Dropbox, Inc		2,735,841
	8,425	*	Duck Creek Technologies, Inc		365,392
	111,710	*	Dynatrace, Inc		3,944,480
	41,507	*	Elastic NV		4,209,225
	32,708	*	EPAM Systems, Inc		10,105,137
	20,305	*	Everbridge, Inc		2,125,730
	17,158	*	Fair Isaac Corp		6,716,499
	47,814	*,e	Fastly, Inc		3,036,667
	28,280	*	FireEye, Inc		391,395
	101,134	*	Fiserv, Inc		9,655,263
	37,627	*	Five9, Inc		5,708,768
	49,917	*	FleetCor Technologies, Inc		11,027,164
	80,876	*	Fortinet, Inc		8,926,284
	52,707	*	Gartner, Inc		6,330,111
	44,632		Genpact Ltd		1,534,002
	23,593	*	Globant S.A.		4,261,132
	100,416	*	GoDaddy, Inc		7,103,428
	9,036	*	Guidewire Software, Inc		868,450
	25,447	*	HubSpot, Inc		7,381,411
	154,185		Intuit, Inc		48,518,936
	36,798		Jack Henry & Associates, Inc		5,455,304
	5,177	*	Jamf Holding Corp		168,770
	7,407		Leidos Holdings, Inc		614,781
	34,724	*	Manhattan Associates, Inc		2,968,902
	539,952		Mastercard, Inc (Class A)		155,851,745
	50,155	*	Medallia, Inc		1,426,910
	4,584,471		Microsoft Corp		928,217,843
	30,547	*	MongoDB, Inc		6,979,073
	6,803	*	nCino, Inc		479,748
	30,977	*	New Relic, Inc		1,879,065
	342,050		NortonLifelock, Inc		7,035,969

197

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
	113,236	*	Nutanix, Inc	$	2,756,164
	70,245	*	Okta, Inc		14,739,508
	1,033,938		Oracle Corp		58,014,261
	42,492	*,e	Pagerduty, Inc		1,151,533
	57,822	*	Palo Alto Networks, Inc		12,789,648
	153,911		Paychex, Inc		12,659,180
	30,269	*	Paycom Software, Inc		11,020,640
	21,439	*	Paylocity Holding Corp		3,977,363
	718,841	*	PayPal Holdings, Inc		133,797,875
	22,259		Pegasystems, Inc		2,579,373
	60,704	*	Pluralsight, Inc		953,053
	33,662	*	Proofpoint, Inc		3,222,800
	63,877	*	PTC, Inc		5,358,003
	47,018	*	RealPage, Inc		2,618,432
	47,382	*	RingCentral, Inc		12,240,666
	491,416	*	salesforce.com, Inc		114,141,194
	4,184		Science Applications International Corp		319,532
	116,292	*	ServiceNow, Inc		57,863,410
	233,246	*	Slack Technologies, Inc		5,966,433
	67,543	*	Smartsheet, Inc		3,367,019
	97,135	*	Splunk, Inc		19,236,615
	225,991	*	Square, Inc		35,001,486
	28,133		SS&C Technologies Holdings, Inc		1,666,036
	110,331	*	StoneCo Ltd		5,796,791
	50,114		Switch, Inc		704,603
	84,897	*	Synopsys, Inc		18,156,072
	49,397	*	Teradata Corp		907,423
	25,248	*	Trade Desk, Inc		14,301,730
	69,809	*	Twilio, Inc		19,474,617
	24,457	*	Tyler Technologies, Inc		9,400,782
	37,411	*	VeriSign, Inc		7,134,278
	1,033,257		Visa, Inc (Class A)		187,753,129
	48,337	*,e	VMware, Inc (Class A)		6,222,422
	45,441		Western Union Co		883,373
	2,772	*	WEX, Inc		350,797
	104,862	*	Workday, Inc		22,033,603
	69,404	*	Zendesk, Inc		7,699,680
	102,219	*	Zoom Video Communications, Inc		47,113,759
	42,867	*	Zscaler, Inc		5,819,195
			TOTAL SOFTWARE & SERVICES		2,565,967,553
TECHNOLOGY HARDWARE & EQUIPMENT - 11.5%
	104,802		Amphenol Corp (Class A)		11,825,858
	9,880,369		Apple, Inc		1,075,576,969
	29,548	*	Arista Networks, Inc		6,172,577
	86,481		CDW Corp		10,602,571
	99,914		Cognex Corp		6,584,333
	11,321	*	Coherent, Inc		1,416,710
	11,338	*	CommScope Holding Co, Inc		100,908
	9,519	*	Dell Technologies, Inc		573,615
	4,048		Dolby Laboratories, Inc (Class A)		303,924
	1,221	*	IPG Photonics Corp		227,057
	15,517		Jabil Inc		514,233
	38,559	*	Keysight Technologies, Inc		4,043,682
	4,537	*	Lumentum Holdings, Inc		375,165
	10,391		Motorola Solutions, Inc		1,642,401

198

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY					VALUE
	71,483		NetApp, Inc					$	3,137,389
	84,510	*	Pure Storage, Inc						1,360,611
	4,390		Ubiquiti, Inc						814,828
	29,189	*	Zebra Technologies Corp (Class A)						8,279,168
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						1,133,551,999
TELECOMMUNICATION SERVICES - 0.1%
	45,810	*	IAC						5,530,183
			TOTAL TELECOMMUNICATION SERVICES						5,530,183
TRANSPORTATION - 1.3%
	12,734		CH Robinson Worldwide, Inc						1,126,068
	62,408		Expeditors International of Washington, Inc						5,514,995
	13,683		JB Hunt Transport Services, Inc						1,665,768
	19,084		Landstar System, Inc						2,379,775
	51,982		Old Dominion Freight Line						9,895,813
	648,845	*	Uber Technologies, Inc						21,677,912
	211,663		Union Pacific Corp						37,504,567
	284,673		United Parcel Service, Inc (Class B)						44,724,975
	2,575	*	XPO Logistics, Inc						231,750
			TOTAL TRANSPORTATION						124,721,623
UTILITIES - 0.0%
	50,562		NRG Energy, Inc						1,598,770
			TOTAL UTILITIES						1,598,770
			TOTAL COMMON STOCKS						9,795,780,231
			(Cost $5,341,740,846)
PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 0.5%
TREASURY DEBT - 0.4%
$	11,940,000		United States Cash Management Bill		0.073	%	11/03/20		11,939,979
	25,000,000		United States Treasury Bill		0.076		11/19/20		24,999,026
			TOTAL TREASURY DEBT						36,939,005
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.1%
	9,727,829	c	State Street Navigator Securities Lending Government Money Market Portfolio						9,727,829
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						9,727,829
			TOTAL SHORT-TERM INVESTMENTS						46,666,834
			(Cost $46,666,831)
			TOTAL INVESTMENTS - 100.3%						9,842,447,065
			(Cost $5,388,407,677)
			OTHER ASSETS & LIABILITIES, NET - (0.3)%						(29,412,227	)
			NET ASSETS - 100.0%					$	9,813,034,838

	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 $20,671,377.

199

TIAA-CREF FUNDS - Large-Cap Value Index Fund

TIAA-CREF FUNDS

LARGE-CAP VALUE INDEX FUND

SCHEDULE OF INVESTMENTS

October 31, 2020

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.9%
AUTOMOBILES & COMPONENTS - 0.9%
	117,448		Aptiv plc	$	11,332,558
	90,706		BorgWarner, Inc		3,172,896
	1,710,218		Ford Motor Co		13,219,985
	546,584		General Motors Co		18,873,546
	107,533		Gentex Corp		2,975,438
	67,025		Harley-Davidson, Inc		2,203,782
	26,258		Lear Corp		3,172,229
	24,168		Thor Industries, Inc		2,044,129
			TOTAL AUTOMOBILES & COMPONENTS		56,994,563
BANKS - 6.9%
	71,407		Associated Banc-Corp		977,562
	3,393,920		Bank of America Corp		80,435,904
	17,274		Bank of Hawaii Corp		1,047,495
	53,507		Bank OZK		1,325,903
	13,741		BOK Financial Corp		807,146
	913,573		Citigroup, Inc		37,840,194
	186,805		Citizens Financial Group, Inc		5,090,436
	60,174		Comerica, Inc		2,738,519
	43,225		Commerce Bancshares, Inc		2,690,756
	24,533		Cullen/Frost Bankers, Inc		1,723,934
	61,779		East West Bancorp, Inc		2,253,698
	311,786		Fifth Third Bancorp		7,239,671
	2,871		First Citizens Bancshares, Inc (Class A)		1,328,412
	56,792		First Hawaiian, Inc		980,230
	240,072		First Horizon National Corp		2,499,150
	75,302		First Republic Bank		9,498,594
	138,940		FNB Corp		1,050,386
	442,712		Huntington Bancshares, Inc		4,621,913
	1,329,084		JPMorgan Chase & Co		130,303,395
	425,854		Keycorp		5,527,585
	40	*	LendingTree, Inc		12,944
	56,129		M&T Bank Corp		5,813,842
	147,986		MGIC Investment Corp		1,488,739
	197,097		New York Community Bancorp, Inc		1,637,876
	47,270		PacWest Bancorp		909,475
	185,337		People’s United Financial, Inc		1,977,546
	32,370		Pinnacle Financial Partners, Inc		1,482,222
	185,734		PNC Financial Services Group, Inc		20,779,920
	36,867		Popular, Inc		1,555,787
	39,118		Prosperity Bancshares, Inc		2,155,793
	421,174		Regions Financial Corp		5,601,614
	24,933	*,e	Rocket Cos, Inc		454,529
	22,797		Signature Bank		1,840,630
	84,699		Sterling Bancorp		1,133,273
	22,392	*	SVB Financial Group		6,509,354

200

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	63,215		Synovus Financial Corp	$	1,643,590
	66,113		TCF Financial Corp		1,798,935
	14,599		TFS Financial Corp		229,350
	591,062		Truist Financial Corp		24,895,531
	93,496		Umpqua Holdings Corp		1,174,310
	596,651		US Bancorp		23,239,556
	39,080		Webster Financial Corp		1,258,767
	1,647,462		Wells Fargo & Co		35,338,060
	43,269		Western Alliance Bancorp		1,782,683
	25,142		Wintrust Financial Corp		1,237,741
	70,755		Zions Bancorporation		2,283,264
			TOTAL BANKS		448,216,214
CAPITAL GOODS - 9.3%
	83,381		3M Co		13,337,625
	58,421		A.O. Smith Corp		3,019,781
	17,232		Acuity Brands, Inc		1,536,060
	66,971	*	Aecom Technology Corp		3,002,980
	27,069		AGCO Corp		2,085,125
	44,925		Air Lease Corp		1,223,757
	14,134		Allegion plc		1,392,199
	17,377		Allison Transmission Holdings, Inc		628,179
	100,505		Ametek, Inc		9,869,591
	13,155		Armstrong World Industries, Inc		787,984
	14,637	*	AZEK Co, Inc		489,461
	234,212		Boeing Co		33,817,871
	14,536		BWX Technologies, Inc		799,625
	23,677		Carlisle Cos, Inc		2,932,870
	242,660		Carrier Global Corp		8,102,417
	237,526		Caterpillar, Inc		37,303,458
	43,413	*	Colfax Corp		1,180,399
	21,325		Crane Co		1,082,244
	64,644		Cummins, Inc		14,214,569
	18,184		Curtiss-Wright Corp		1,534,002
	123,699		Deere & Co		27,944,841
	49,903		Donaldson Co, Inc		2,370,392
	62,995		Dover Corp		6,974,176
	175,462		Eaton Corp		18,211,201
	261,200		Emerson Electric Co		16,923,148
	47,450		Fastenal Co		2,051,263
	57,087		Flowserve Corp		1,662,373
	130,428		Fortive Corp		8,034,365
	60,360		Fortune Brands Home & Security, Inc		4,881,313
	19,491	*	Gates Industrial Corp plc		216,350
	2,135	*	Generac Holdings, Inc		448,670
	111,306		General Dynamics Corp		14,617,817
	3,811,868		General Electric Co		28,284,061
	35,516		Graco, Inc		2,198,440
	29,643		GrafTech International Ltd		200,090
	70,523	*	HD Supply Holdings, Inc		2,811,047
	3,837		HEICO Corp		403,077
	6,680		HEICO Corp (Class A)		624,580
	36,526		Hexcel Corp		1,222,890
	307,782		Honeywell International, Inc		50,768,641
	173,000		Howmet Aerospace, Inc		2,984,250
	23,676		Hubbell, Inc		3,445,095

201

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	15,696		Huntington Ingalls	$	2,314,846
	33,017		IDEX Corp		5,625,767
	76,561		Illinois Tool Works, Inc		14,996,769
	151,894	*	Ingersoll Rand, Inc		5,307,176
	37,876		ITT, Inc		2,291,877
	54,885		Jacobs Engineering Group, Inc		5,214,075
	326,613		Johnson Controls International plc		13,786,335
	94,517		L3Harris Technologies, Inc		15,227,634
	15,153		Lennox International, Inc		4,116,464
	14,353		Lincoln Electric Holdings, Inc		1,461,422
	115,198		Masco Corp		6,174,613
	4,450	*	Mercury Systems, Inc		306,516
	24,138	*	Middleby Corp		2,402,697
	19,575		MSC Industrial Direct Co (Class A)		1,363,595
	4,606		Nordson Corp		890,939
	5,555		Northrop Grumman Corp		1,609,950
	70,339		nVent Electric plc		1,269,619
	29,677		Oshkosh Corp		1,999,043
	178,896		Otis Worldwide Corp		10,962,747
	46,850		Owens Corning, Inc		3,067,270
	148,685		PACCAR, Inc		12,694,725
	56,140		Parker-Hannifin Corp		11,697,330
	72,333		Pentair plc		3,599,290
	47,926		Quanta Services, Inc		2,992,020
	625,465		Raytheon Technologies Corp		33,975,259
	17,741		Regal-Beloit Corp		1,750,150
	26,126		Rockwell Automation, Inc		6,194,997
	39,278		Roper Technologies Inc		14,585,493
	67,621	*	Sensata Technologies Holding plc		2,955,714
	23,577		Snap-On, Inc		3,714,085
	42,723		Spirit Aerosystems Holdings, Inc (Class A)		777,131
	67,611		Stanley Black & Decker, Inc		11,236,948
	15,889	*	Teledyne Technologies, Inc		4,912,084
	99,800		Textron, Inc		3,572,840
	27,751		Timken Co		1,656,735
	4,637		Toro Co		380,698
	104,749		Trane Technologies plc		13,905,430
	17,816		TransDigm Group, Inc		8,505,537
	39,412		Trinity Industries, Inc		742,522
	31,561	*	United Rentals, Inc		5,627,011
	73,081	*	Univar Solutions Inc		1,212,414
	9,180		Valmont Industries, Inc		1,303,101
	8,415	*,e	Virgin Galactic Holdings, Inc		146,589
	5,190		W.W. Grainger, Inc		1,816,604
	79,324		Wabtec Corp		4,703,913
	14,277		Watsco, Inc		3,200,047
	24,381		Woodward Inc		1,939,509
	78,408		Xylem, Inc		6,832,473
			TOTAL CAPITAL GOODS		602,638,280
COMMERCIAL & PROFESSIONAL SERVICES - 0.8%
	67,831		ADT, Inc		447,006
	4,412		Cintas Corp		1,387,795
	22,551	*	Clean Harbors, Inc		1,194,527
	19,648	*	Dun & Bradstreet Holdings, Inc		507,704
	13,682		Equifax, Inc		1,868,961

202

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	16,002	*	FTI Consulting, Inc	$	1,575,557
	44,839	*	IAA, Inc		2,537,439
	79,197		IHS Markit Ltd		6,404,661
	25,374		Manpower, Inc		1,722,133
	12,405		MSA Safety, Inc		1,636,468
	159,314		Nielsen NV		2,152,332
	91,905		Republic Services, Inc		8,103,264
	48,925		Robert Half International, Inc		2,480,008
	8,121		Rollins, Inc		469,800
	40,033	*	Stericycle, Inc		2,494,056
	7,412		TransUnion		590,440
	161,277		Waste Management, Inc		17,403,401
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		52,975,552
CONSUMER DURABLES & APPAREL - 1.4%
	34,565		Brunswick Corp		2,202,136
	60,678	*	Capri Holdings Ltd		1,287,587
	18,771		Carter’s, Inc		1,528,898
	12,618		Columbia Sportswear Co		941,177
	144,924		DR Horton, Inc		9,682,372
	65,561		Garmin Ltd		6,819,655
	151,946		Hanesbrands, Inc		2,441,772
	55,752		Hasbro, Inc		4,611,805
	57,852		Leggett & Platt, Inc		2,414,164
	118,640		Lennar Corp (Class A)		8,332,087
	6,456		Lennar Corp (Class B)		367,282
	62,469	*	Mattel, Inc		860,198
	25,456	*	Mohawk Industries, Inc		2,626,805
	168,306		Newell Brands Inc		2,972,284
	1,318	*	NVR, Inc		5,210,173
	32,441	*	Peloton Interactive, Inc		3,575,323
	22,837		Polaris Inc		2,074,970
	116,865		Pulte Homes, Inc		4,763,417
	30,775		PVH Corp		1,793,875
	20,931		Ralph Lauren Corp		1,399,237
	58,610	*	Skechers U.S.A., Inc (Class A)		1,858,523
	121,184		Tapestry, Inc		2,693,920
	5,363	*	Tempur Sealy International, Inc		477,307
	50,187		Toll Brothers, Inc		2,121,906
	82,501	*	Under Armour, Inc (Class A)		1,141,814
	83,055	*	Under Armour, Inc (Class C)		1,015,763
	134,304		VF Corp		9,025,229
	26,732		Whirlpool Corp		4,944,351
			TOTAL CONSUMER DURABLES & APPAREL		89,184,030
CONSUMER SERVICES - 2.7%
	100,032		ARAMARK Holdings Corp		2,774,888
	7,733	*	Bright Horizons Family Solutions		1,222,201
	204,059		Carnival Corp		2,797,649
	15,242		Choice Hotels International, Inc		1,331,389
	57,009		Darden Restaurants, Inc		5,240,267
	5,322		Dunkin Brands Group, Inc		530,657
	77,542		Extended Stay America, Inc		880,102
	31,212	*	frontdoor, Inc		1,236,619
	1,889		Graham Holdings Co		718,462
	20,916	*	Grand Canyon Education, Inc		1,639,187

203

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	25,112		H&R Block, Inc	$	433,433
	119,689		Hilton Worldwide Holdings, Inc		10,509,891
	17,821		Hyatt Hotels Corp		982,650
	83,427		Las Vegas Sands Corp		4,009,502
	117,848		Marriott International, Inc (Class A)		10,945,722
	279,946		McDonald’s Corp		59,628,498
	206,315		MGM Resorts International		4,243,899
	116,626	*,e	Norwegian Cruise Line Holdings Ltd		1,939,490
	15,174	*	Planet Fitness, Inc		899,363
	77,345		Royal Caribbean Cruises Ltd		4,363,805
	72,818		Service Corp International		3,372,202
	36,423		Six Flags Entertainment Corp		787,465
	217,032		Starbucks Corp		18,873,103
	55,139	*	Terminix Global Holdings, Inc		2,596,495
	16,107		Vail Resorts, Inc		3,737,468
	35,452		Wyndham Destinations, Inc		1,156,799
	40,182		Wyndham Hotels & Resorts, Inc		1,868,865
	32,305		Wynn Resorts Ltd		2,339,851
	163,390		Yum China Holdings, Inc		8,697,250
	122,267		Yum! Brands, Inc		11,411,179
			TOTAL CONSUMER SERVICES		171,168,351
DIVERSIFIED FINANCIALS - 5.8%
	20,547		Affiliated Managers Group, Inc		1,548,627
	238,231		AGNC Investment Corp		3,328,087
	163,748		Ally Financial, Inc		4,368,797
	286,831		American Express Co		26,170,460
	52,589		Ameriprise Financial, Inc		8,457,889
	627,394		Annaly Capital Management, Inc		4,448,223
	37,681		Apollo Global Management, Inc		1,388,922
	348,605		Bank of New York Mellon Corp		11,978,068
	64,603		BlackRock, Inc		38,710,764
	198,608		Capital One Financial Corp		14,514,273
	46,233		Carlyle Group, Inc		1,152,126
	37,521		CBOE Global Markets, Inc		3,050,082
	628,819		Charles Schwab Corp		25,850,749
	155,497		CME Group, Inc		23,436,508
	4,137	*,e	Credit Acceptance Corp		1,233,322
	134,352		Discover Financial Services		8,734,224
	48,526		Eaton Vance Corp		2,901,370
	178,202		Equitable Holdings, Inc		3,829,561
	17,303		Evercore Inc		1,376,281
	118,732		Franklin Resources, Inc		2,226,225
	145,331		Goldman Sachs Group, Inc		27,473,372
	31,923		Interactive Brokers Group, Inc (Class A)		1,518,577
	153,489		Intercontinental Exchange Group, Inc		14,489,362
	165,243		Invesco Ltd		2,166,336
	235,187		iShares Russell 1000 Value Index Fund		27,453,379
	99,349		Jefferies Financial Group, Inc		1,938,299
	233,586		KKR & Co, Inc		7,976,962
	44,194		Lazard Ltd (Class A)		1,488,012
	31,690		LPL Financial Holdings, Inc		2,532,982
	584,859		Morgan Stanley		28,160,961
	1,525		Morningstar, Inc		290,329
	50,172		Nasdaq Inc		6,070,310
	178,756		New Residential Investment Corp		1,340,670

204

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	84,207		Northern Trust Corp	$	6,590,882
	28,480		OneMain Holdings, Inc		993,667
	53,804		Raymond James Financial, Inc		4,112,778
	43,293		S&P Global, Inc		13,971,950
	33,080		Santander Consumer USA Holdings, Inc		672,847
	49,823		SEI Investments Co		2,448,800
	126,117		SLM Corp		1,159,015
	119,754		Starwood Property Trust, Inc		1,672,963
	154,355		State Street Corp		9,091,509
	255,560		Synchrony Financial		6,394,111
	73,773		T Rowe Price Group, Inc		9,344,088
	5,396		Tradeweb Markets, Inc		293,974
	2,931		Virtu Financial, Inc		62,665
	55,069		Voya Financial, Inc		2,639,457
			TOTAL DIVERSIFIED FINANCIALS		371,052,815
ENERGY - 3.8%
	128,911		Antero Midstream Corp		738,660
	165,469		Apache Corp		1,373,393
	287,743		Baker Hughes Co		4,249,964
	171,820		Cabot Oil & Gas Corp		3,056,678
	845,057		Chevron Corp		58,731,461
	42,252		Cimarex Energy Co		1,071,933
	85,533		Concho Resources, Inc		3,550,475
	469,708		ConocoPhillips		13,443,043
	32,763	e	Continental Resources, Inc		394,139
	167,319		Devon Energy Corp		1,494,159
	70,357		Diamondback Energy, Inc		1,826,468
	255,535		EOG Resources, Inc		8,749,518
	111,716		EQT Corp		1,691,380
	162,362		Equitrans Midstream Corp		1,178,748
	1,856,892		Exxon Mobil Corp		60,571,817
	383,961		Halliburton Co		4,630,570
	45,779		Helmerich & Payne, Inc		680,734
	120,381		Hess Corp		4,480,581
	65,430		HollyFrontier Corp		1,211,109
	853,431		Kinder Morgan, Inc		10,155,829
	345,310		Marathon Oil Corp		1,367,428
	283,797		Marathon Petroleum Corp		8,372,011
	54,938		Murphy Oil Corp		424,121
	170,032		National Oilwell Varco, Inc		1,428,269
	370,881		Occidental Petroleum Corp		3,386,144
	192,304		ONEOK, Inc		5,576,816
	131,888		Parsley Energy, Inc		1,320,199
	191,424		Phillips 66		8,931,844
	71,472		Pioneer Natural Resources Co		5,686,312
	609,206		Schlumberger Ltd		9,101,538
	100,948		Targa Resources Investments, Inc		1,620,215
	178,769		Valero Energy Corp		6,902,271
	533,185		Williams Cos, Inc		10,231,820
	176,197	*	WPX Energy, Inc		812,268
			TOTAL ENERGY		248,441,915
FOOD & STAPLES RETAILING - 1.9%
	12,252	e	Albertsons Cos, Inc		179,982
	16,132		Casey’s General Stores, Inc		2,719,371

205

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	22,363		Costco Wholesale Corp	$	7,997,456
	14,202	*	Grocery Outlet Holding Corp		625,172
	339,481		Kroger Co		10,934,683
	8,108	*	Sprouts Farmers Market, Inc		154,458
	61,246		SYSCO Corp		3,387,516
	96,279	*	US Foods Holding Corp		2,012,231
	320,327		Walgreens Boots Alliance, Inc		10,903,931
	611,389		Walmart, Inc		84,830,224
			TOTAL FOOD & STAPLES RETAILING		123,745,024
FOOD, BEVERAGE & TOBACCO - 4.1%
	460,170		Altria Group, Inc		16,602,933
	242,882		Archer-Daniels-Midland Co		11,230,864
	4,562	*	Beyond Meat, Inc		649,766
	1,330		Brown-Forman Corp (Class A)		83,457
	11,718		Brown-Forman Corp (Class B)		816,862
	60,506		Bunge Ltd		3,432,505
	38,893		Campbell Soup Co		1,815,136
	700,678		Coca-Cola Co		33,674,585
	213,716		ConAgra Brands, Inc		7,499,294
	69,869		Constellation Brands, Inc (Class A)		11,544,455
	85,402		Flowers Foods, Inc		2,013,779
	266,199		General Mills, Inc		15,737,685
	35,650	*	Hain Celestial Group, Inc		1,096,237
	14,747		Hershey Co		2,027,123
	121,279		Hormel Foods Corp		5,905,074
	29,413		Ingredion, Inc		2,085,087
	48,409		J.M. Smucker Co		5,431,490
	72,738		Kellogg Co		4,574,493
	170,312		Keurig Dr Pepper, Inc		4,581,393
	283,954		Kraft Heinz Co		8,686,153
	49,309		Lamb Weston Holdings, Inc		3,128,656
	23,976		McCormick & Co, Inc		4,327,908
	76,495		Molson Coors Brewing Co (Class B)		2,697,214
	619,640		Mondelez International, Inc		32,915,277
	161,785		PepsiCo, Inc		21,564,323
	682,103		Philip Morris International, Inc		48,442,955
	15,501	*	Pilgrim’s Pride Corp		259,487
	27,924	*	Post Holdings, Inc		2,398,672
	111		Seaboard Corp		382,395
	24,589	*	TreeHouse Foods, Inc		955,037
	126,057		Tyson Foods, Inc (Class A)		7,214,242
			TOTAL FOOD, BEVERAGE & TOBACCO		263,774,537
HEALTH CARE EQUIPMENT & SERVICES - 7.2%
	467,167		Abbott Laboratories		49,103,923
	38,371	*	Acadia Healthcare Co, Inc		1,367,926
	33,219		AmerisourceBergen Corp		3,191,349
	82,193		Anthem, Inc		22,422,250
	129,857		Baxter International, Inc		10,073,008
	121,021		Becton Dickinson & Co		27,971,584
	625,879	*	Boston Scientific Corp		21,448,873
	177,687	*	Centene Corp		10,501,302
	28,145	*	Change Healthcare, Inc		398,252
	116,000		Cigna Corp		19,368,520
	18,766		Cooper Cos, Inc		5,987,292

206

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	573,479		CVS Health Corp	$	32,166,437
	274,649		Danaher Corp		63,042,931
	30,267	*	DaVita, Inc		2,610,529
	95,820		Dentsply Sirona, Inc		4,521,746
	24,181		Encompass Health Corp		1,482,537
	69,923	*	Envista Holdings Corp		1,847,366
	32,478	*	Globus Medical, Inc		1,692,753
	1,463	*	Haemonetics Corp		147,895
	55,618		HCA Healthcare, Inc		6,893,295
	62,485	*	Henry Schein, Inc		3,972,796
	25,795		Hill-Rom Holdings, Inc		2,349,151
	33,947	*	Hologic, Inc		2,336,233
	35,797		Humana, Inc		14,293,026
	5,944	*	ICU Medical, Inc		1,056,784
	30,729	*	Integra LifeSciences Holdings Corp		1,355,149
	40,177	*	Laboratory Corp of America Holdings		8,026,159
	18,067		McKesson Corp		2,664,702
	588,563		Medtronic plc		59,191,781
	8,477	*	Molina Healthcare, Inc		1,580,706
	3,574	*	Oak Street Health, Inc		170,087
	10,819	*	PPD, Inc		355,729
	26,973		Premier, Inc		882,826
	58,602		Quest Diagnostics, Inc		7,157,648
	34,894		STERIS plc		6,182,868
	102,431		Stryker Corp		20,692,086
	2,794	*	Tandem Diabetes Care, Inc		304,546
	3,108	*,e	Teladoc, Inc		610,598
	7,553		Teleflex, Inc		2,403,591
	69,484		UnitedHealth Group, Inc		21,202,348
	32,275		Universal Health Services, Inc (Class B)		3,535,726
	34,760	*	Varian Medical Systems, Inc		6,006,528
	90,840		Zimmer Biomet Holdings, Inc		11,999,964
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		464,570,800
HOUSEHOLD & PERSONAL PRODUCTS - 2.2%
	16,096		Clorox Co		3,335,896
	369,368		Colgate-Palmolive Co		29,139,442
	93,310		Coty, Inc		270,599
	5,598		Energizer Holdings, Inc		220,281
	10,307		Estee Lauder Cos (Class A)		2,264,036
	34,050	*	Herbalife Nutrition Ltd		1,537,017
	148,772		Kimberly-Clark Corp		19,725,679
	23,767		Nu Skin Enterprises, Inc (Class A)		1,172,901
	591,318		Procter & Gamble Co		81,069,698
	14,449		Reynolds Consumer Products Inc		408,040
	18,041		Spectrum Brands Holdings, Inc		1,025,992
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		140,169,581
INSURANCE - 6.1%
	315,569		Aflac, Inc		10,713,568
	5,525		Alleghany Corp		3,021,788
	136,910		Allstate Corp		12,150,763
	32,312		American Financial Group, Inc		2,421,461
	378,201		American International Group, Inc		11,909,550
	3,063		American National Group, Inc		210,734
	173,183	*	Arch Capital Group Ltd		5,231,858

207

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	82,526		Arthur J. Gallagher & Co	$	8,558,771
	26,121		Assurant, Inc		3,248,669
	36,774		Assured Guaranty Ltd		938,840
	46,872	*	Athene Holding Ltd		1,503,654
	31,866		Axis Capital Holdings Ltd		1,360,360
	840,656	*	Berkshire Hathaway, Inc (Class B)		169,728,446
	36,696	*	Brighthouse Financial, Inc		1,214,638
	97,821		Brown & Brown, Inc		4,256,192
	196,915		Chubb Ltd		25,581,228
	65,625		Cincinnati Financial Corp		4,642,313
	12,295		CNA Financial Corp		366,268
	4,764		Erie Indemnity Co (Class A)		1,109,393
	17,528		Everest Re Group Ltd		3,454,418
	120,463		Fidelity National Financial Inc		3,769,287
	47,538		First American Financial Corp		2,119,719
	45,972		Globe Life, Inc		3,727,870
	16,362	*	GoHealth, Inc		169,510
	16,590		Hanover Insurance Group, Inc		1,586,999
	156,723		Hartford Financial Services Group, Inc		6,036,970
	27,102		Kemper Corp		1,671,109
	5,691	*,e	Lemonade, Inc		286,200
	73,943		Lincoln National Corp		2,595,399
	104,987		Loews Corp		3,640,949
	5,924	*	Markel Corp		5,525,907
	49,536		Marsh & McLennan Cos, Inc		5,124,995
	9,914		Mercury General Corp		403,599
	336,245		Metlife, Inc		12,726,873
	124,026		Old Republic International Corp		2,019,143
	6,941		Primerica, Inc		765,176
	119,057		Principal Financial Group		4,669,416
	182,259		Progressive Corp		16,749,602
	173,538		Prudential Financial, Inc		11,109,903
	29,686		Reinsurance Group of America, Inc (Class A)		2,998,880
	15,084		RenaissanceRe Holdings Ltd		2,439,385
	111,473		Travelers Cos, Inc		13,455,906
	89,093		Unum Group		1,573,382
	61,025		W.R. Berkley Corp		3,668,823
	1,322		White Mountains Insurance Group Ltd		1,200,812
	56,415		Willis Towers Watson plc		10,294,609
			TOTAL INSURANCE		391,953,335
MATERIALS - 4.8%
	84,593		Air Products & Chemicals, Inc		23,367,970
	46,257		Albemarle Corp		4,311,615
	579,219		Amcor plc		6,041,254
	27,717		Aptargroup, Inc		3,162,233
	12,382		Ardagh Group S.A.		204,055
	24,241		Ashland Global Holdings, Inc		1,691,295
	21,450		Avery Dennison Corp		2,968,465
	92,297	*	Axalta Coating Systems Ltd		2,317,578
	8,953		Ball Corp		796,817
	37,181	*	Berry Global Group, Inc		1,733,750
	26,304		Cabot Corp		999,815
	51,639		Celanese Corp (Series A)		5,861,543
	93,577		CF Industries Holdings, Inc		2,583,661
	71,565		Chemours Co		1,441,319

208

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	328,043		Corteva, Inc	$	10,818,858
	50,969	*	Crown Holdings, Inc		4,373,140
	325,609		Dow, Inc		14,811,953
	322,506		DuPont de Nemours, Inc		18,344,141
	18,082		Eagle Materials, Inc		1,541,490
	59,443		Eastman Chemical Co		4,805,372
	87,521		Ecolab, Inc		16,067,980
	95,092	*	Element Solutions, Inc		1,114,478
	45,125		FMC Corp		4,636,143
	635,763		Freeport-McMoRan, Inc (Class B)		11,024,130
	95,253		Graphic Packaging Holding Co		1,265,912
	87,760		Huntsman Corp		2,131,690
	46,894	e	International Flavors & Fragrances, Inc		4,814,138
	172,386		International Paper Co		7,541,888
	230,494		Linde plc		50,787,048
	112,443		LyondellBasell Industries NV		7,696,723
	27,244		Martin Marietta Materials, Inc		7,256,439
	151,369		Mosaic Co		2,800,327
	316		NewMarket Corp		113,030
	351,943		Newmont Goldcorp Corp		22,116,098
	132,102		Nucor Corp		6,309,192
	62,477		Olin Corp		1,033,994
	41,055		Packaging Corp of America		4,700,387
	103,451		PPG Industries, Inc		13,419,664
	27,446		Reliance Steel & Aluminum Co		2,991,340
	8,159		Royal Gold, Inc		969,371
	9,189		RPM International, Inc		778,033
	1,118		Scotts Miracle-Gro Co (Class A)		167,756
	70,135		Sealed Air Corp		2,776,645
	34,462		Silgan Holdings, Inc		1,187,216
	43,894		Sonoco Products Co		2,145,978
	36,307		Southern Copper Corp (NY)		1,900,308
	88,818		Steel Dynamics, Inc		2,795,991
	81,200		Valvoline, Inc		1,597,204
	57,940		Vulcan Materials Co		8,392,030
	14,855		Westlake Chemical Corp		1,004,495
	112,441		WestRock Co		4,222,160
	15,811		WR Grace and Co		687,620
			TOTAL MATERIALS		308,621,732
MEDIA & ENTERTAINMENT - 5.9%
	202,516		Activision Blizzard, Inc		15,336,537
	29,506	*	Alphabet, Inc (Class A)		47,684,942
	29,125	*	Alphabet, Inc (Class C)		47,211,916
	6,370	*	Charter Communications, Inc		3,846,333
	1,988,112		Comcast Corp (Class A)		83,977,851
	68,387	*,e	Discovery, Inc (Class A)		1,384,153
	142,710	*	Discovery, Inc (Class C)		2,614,447
	107,695	*	DISH Network Corp (Class A)		2,745,146
	107,676	*	Electronic Arts, Inc		12,902,815
	148,656		Fox Corp (Class A)		3,942,357
	70,118		Fox Corp (Class B)		1,832,884
	170,286		Interpublic Group of Cos, Inc		3,080,474
	18,421		John Wiley & Sons, Inc (Class A)		570,314
	10,841	*	Liberty Broadband Corp (Class A)		1,523,703
	46,014	*	Liberty Broadband Corp (Class C)		6,520,644

209

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	12,363	*	Liberty Media Group (Class A)	$	411,688
	86,858	*	Liberty Media Group (Class C)		3,138,180
	32,143	*	Liberty SiriusXM Group (Class A)		1,111,183
	67,211	*	Liberty SiriusXM Group (Class C)		2,325,501
	26,285	*	Lions Gate Entertainment Corp (Class A)		176,109
	51,515	*	Lions Gate Entertainment Corp (Class B)		322,999
	8,328	*	Madison Square Garden Co		1,179,578
	8,328	*	Madison Square Garden Entertainment Corp		541,320
	69,498		New York Times Co (Class A)		2,756,291
	170,038		News Corp (Class A)		2,232,599
	53,175		News Corp (Class B)		692,338
	6,776		Nexstar Media Group Inc		558,342
	93,214		Omnicom Group, Inc		4,399,701
	29,940	*	Pinterest, Inc		1,764,963
	205,677		Sirius XM Holdings, Inc		1,178,529
	3,696	*	Take-Two Interactive Software, Inc		572,584
	44,047		TripAdvisor, Inc		841,738
	337,269	*	Twitter, Inc		13,949,446
	2,834		ViacomCBS, Inc (Class A)		84,623
	237,866		ViacomCBS, Inc (Class B)		6,795,832
	792,899		Walt Disney Co		96,139,004
	22,443	*	Zillow Group, Inc (Class A)		2,004,833
	55,011	*	Zillow Group, Inc (Class C)		4,875,075
	68,817	*	Zynga, Inc		618,665
			TOTAL MEDIA & ENTERTAINMENT		383,845,637
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 6.9%
	45,751		AbbVie, Inc		3,893,410
	1,207	*	Acceleron Pharma, Inc		126,228
	123,987		Agilent Technologies, Inc		12,657,833
	24,001	*	Agios Pharmaceuticals, Inc		961,720
	78,910	*	Alexion Pharmaceuticals, Inc		9,085,697
	68,030	*	Alkermes plc		1,105,487
	1,969	*	Berkeley Lights, Inc		142,890
	48,123	*	Biogen, Inc		12,130,365
	7,363	*	BioMarin Pharmaceutical, Inc		548,028
	9,253	*	Bio-Rad Laboratories, Inc (Class A)		5,426,144
	998		Bio-Techne Corp		251,905
	15,634	*	Bluebird Bio, Inc		808,434
	632,706		Bristol-Myers Squibb Co		36,981,666
	26,018		Bruker BioSciences Corp		1,106,806
	71,528	*	Catalent, Inc		6,278,013
	2,440	*	Charles River Laboratories International, Inc		555,588
	175,215	*	Elanco Animal Health, Inc		5,433,417
	8,536	*	Exact Sciences Corp		1,057,013
	86,462	*	Exelixis, Inc		1,770,742
	550,792		Gilead Sciences, Inc		32,028,555
	5,957	*	Horizon Therapeutics Plc		446,358
	29,083	*	Ionis Pharmaceuticals, Inc		1,365,447
	51,810	*	IQVIA Holdings, Inc		7,978,222
	23,698	*	Jazz Pharmaceuticals plc		3,414,882
	1,001,900		Johnson & Johnson		137,370,509
	139,050		Merck & Co, Inc		10,457,950
	620	*	Mettler-Toledo International, Inc		618,704
	226,004	*	Mylan NV		3,286,098
	74,117	*	Nektar Therapeutics		1,174,013

210

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	39,322		PerkinElmer, Inc	$	5,094,165
	59,867		Perrigo Co plc		2,626,365
	2,439,597		Pfizer, Inc		86,556,902
	4,123	*	PRA Health Sciences, Inc		401,745
	97,520	*	QIAGEN NV		4,626,349
	1,090	*	Reata Pharmaceuticals, Inc		127,214
	21,564		Royalty Pharma plc		791,399
	20,765	*	Sage Therapeutics, Inc		1,523,736
	27,278	*	Syneos Health, Inc		1,447,916
	71,565		Thermo Fisher Scientific, Inc		33,858,833
	19,016	*	United Therapeutics Corp		2,552,518
	24,837	*	Waters Corp		5,534,180
	19,827		Zoetis, Inc		3,143,571
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		446,747,017
REAL ESTATE - 4.5%
	54,850		Alexandria Real Estate Equities, Inc		8,310,872
	59,985		American Campus Communities, Inc		2,247,038
	113,756		American Homes 4 Rent		3,215,882
	77,897		Americold Realty Trust		2,822,208
	64,877		Apartment Investment & Management Co		2,069,576
	91,855		Apple Hospitality REIT, Inc		909,365
	61,702		AvalonBay Communities, Inc		8,584,599
	68,186		Boston Properties, Inc		4,937,348
	73,832		Brandywine Realty Trust		646,768
	129,814		Brixmor Property Group, Inc		1,422,761
	41,339		Camden Property Trust		3,813,109
	146,253	*	CBRE Group, Inc		7,371,151
	5,040		Coresite Realty		601,574
	49,189		Corporate Office Properties Trust		1,103,309
	64,859		Cousins Properties, Inc		1,652,607
	12,222		Crown Castle International Corp		1,909,076
	84,655		CubeSmart		2,872,344
	49,829		CyrusOne, Inc		3,540,351
	116,923		Digital Realty Trust, Inc		16,871,989
	72,900		Douglas Emmett, Inc		1,720,440
	161,470		Duke Realty Corp		6,134,245
	78,010		Empire State Realty Trust, Inc		419,694
	27,685		EPR Properties		660,010
	45,626		Equity Commonwealth		1,205,439
	44,963		Equity Lifestyle Properties, Inc		2,661,360
	161,159		Equity Residential		7,571,250
	28,588		Essex Property Trust, Inc		5,848,819
	16,360		Extra Space Storage, Inc		1,896,942
	32,976		Federal Realty Investment Trust		2,268,089
	55,312		First Industrial Realty Trust, Inc		2,201,971
	91,551		Gaming and Leisure Properties, Inc		3,327,879
	95,250		Healthcare Trust of America, Inc		2,314,575
	236,405		Healthpeak Properties Inc		6,375,843
	45,069		Highwoods Properties, Inc		1,341,704
	306,396		Host Hotels and Resorts, Inc		3,211,030
	17,193	*	Howard Hughes Corp		1,069,233
	65,811		Hudson Pacific Properties		1,267,520
	245,684		Invitation Homes, Inc		6,697,346
	51,890		Iron Mountain, Inc		1,352,253
	53,371		JBG SMITH Properties		1,246,213

211

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	22,462		Jones Lang LaSalle, Inc	$	2,535,061
	50,345		Kilroy Realty Corp		2,370,243
	181,006		Kimco Realty Corp		1,857,122
	37,662		Lamar Advertising Co		2,333,538
	20,436		Life Storage, Inc		2,332,769
	227,911		Medical Properties Trust, Inc		4,061,374
	49,927		Mid-America Apartment Communities, Inc		5,822,986
	76,122		National Retail Properties, Inc		2,436,665
	98,595		Omega Healthcare Investors, Inc		2,840,522
	61,900		Outfront Media, Inc		811,509
	101,768		Paramount Group, Inc		588,219
	104,913		Park Hotels & Resorts, Inc		1,041,786
	323,057		Prologis, Inc		32,047,254
	22,945		Public Storage, Inc		5,256,011
	54,006		Rayonier, Inc		1,370,672
	150,803		Realty Income Corp		8,725,462
	73,842		Regency Centers Corp		2,628,037
	54,320		Rexford Industrial Realty, Inc		2,523,707
	41,927		SBA Communications Corp		12,174,343
	28,417		Simon Property Group, Inc		1,784,872
	30,296		SL Green Realty Corp		1,296,972
	45,070		Spirit Realty Capital, Inc		1,354,354
	103,917		STORE Capital Corp		2,670,667
	42,366		Sun Communities, Inc		5,830,833
	26,117		Taubman Centers, Inc		872,830
	128,388		UDR, Inc		4,010,841
	163,633		Ventas, Inc		6,458,595
	473,210		VEREIT, Inc		2,933,902
	233,709		VICI Properties, Inc		5,363,622
	76,892		Vornado Realty Trust		2,362,891
	53,144		Weingarten Realty Investors		842,864
	183,349		Welltower, Inc		9,858,676
	327,519		Weyerhaeuser Co		8,937,994
	74,992		WP Carey, Inc		4,695,249
			TOTAL REAL ESTATE		288,726,224
RETAILING - 2.7%
	29,189		Advance Auto Parts, Inc		4,298,956
	24,552	*	Autonation, Inc		1,392,835
	4,186	*	AutoZone, Inc		4,725,910
	81,958		Best Buy Co, Inc		9,142,415
	3,019	*	Burlington Stores, Inc		584,418
	65,955	*	CarMax, Inc		5,701,150
	26,951		Dick’s Sporting Goods, Inc		1,526,774
	53,715	*	Dollar Tree, Inc		4,851,539
	25,186		eBay, Inc		1,199,609
	52,624		Expedia Group, Inc		4,954,550
	45,339		Foot Locker, Inc		1,672,102
	79,989		Gap, Inc		1,555,786
	61,590		Genuine Parts Co		5,569,584
	36,429	*	GrubHub, Inc		2,694,289
	235,719		Home Depot, Inc		62,868,614
	67,877		Kohl’s Corp		1,445,101
	97,694		L Brands, Inc		3,127,185
	132,734	*	LKQ Corp		4,246,161
	47,827	e	Nordstrom, Inc		578,707

212

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	2,677	*	Ollie’s Bargain Outlet Holdings, Inc	$	233,140
	13,305		Penske Auto Group, Inc		680,684
	166,846		Qurate Retail Group, Inc QVC Group		1,129,547
	29,264		Ross Stores, Inc		2,492,415
	219,193		Target Corp		33,365,558
	52,665		Tiffany & Co		6,890,689
	99,941		TJX Companies, Inc		5,077,003
	1,652	*	Ulta Beauty, Inc		341,584
	2,282	*	Vroom, Inc		93,790
	2,539	*,e	Wayfair, Inc		629,748
	28,181		Williams-Sonoma, Inc		2,570,389
			TOTAL RETAILING		175,640,232
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.2%
	35,840	*	Advanced Micro Devices, Inc		2,698,394
	141,912		Analog Devices, Inc		16,820,829
	8,914		Broadcom, Inc		3,116,602
	25,596	*	Cirrus Logic, Inc		1,762,797
	47,428	*	Cree, Inc		3,016,421
	3,757		Entegris, Inc		280,911
	40,406	*	First Solar, Inc		3,517,140
	1,859,588		Intel Corp		82,342,557
	289,048		Marvell Technology Group Ltd		10,842,190
	77,763		Maxim Integrated Products, Inc		5,416,193
	27,192		Microchip Technology, Inc		2,857,335
	487,710	*	Micron Technology, Inc		24,551,321
	5,522		MKS Instruments, Inc		598,530
	177,837	*	ON Semiconductor Corp		4,461,930
	49,449	*	Qorvo, Inc		6,297,825
	73,121		Skyworks Solutions, Inc		10,331,266
	202,295		Texas Instruments, Inc		29,249,834
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		208,162,075
SOFTWARE & SERVICES - 3.4%
	20,885	*	2U, Inc		769,612
	12,337	*	Akamai Technologies, Inc		1,173,495
	20,503		Alliance Data Systems Corp		1,056,725
	58,129		Amdocs Ltd		3,277,313
	2,014	*	Aspen Technology, Inc		221,157
	32,151	*	Autodesk, Inc		7,572,847
	26,118		Automatic Data Processing, Inc		4,125,599
	706	*,e	BigCommerce Holdings, Inc		51,820
	9,129	*	CACI International, Inc (Class A)		1,903,670
	46,597		CDK Global, Inc		2,008,331
	13,964	*	Ceridian HCM Holding, Inc		1,203,976
	39,333		Citrix Systems, Inc		4,455,249
	219,623		Cognizant Technology Solutions Corp (Class A)		15,685,475
	32,929		CoreLogic Inc		2,533,228
	18,181	*	Crowdstrike Holdings, Inc		2,251,535
	1,147	*	Duck Creek Technologies, Inc		49,745
	111,125		DXC Technology Co		2,046,923
	22,025	*	Euronet Worldwide, Inc		1,956,701
	271,058		Fidelity National Information Services, Inc		33,771,116
	74,344	*	FireEye, Inc		1,028,921
	172,591	*	Fiserv, Inc		16,477,263
	50,234		Genpact Ltd		1,726,543

213

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	130,566		Global Payments, Inc	$	20,595,481
	29,486	*	Guidewire Software, Inc		2,833,899
	389,867		International Business Machines Corp		43,532,549
	7,250		Jack Henry & Associates, Inc		1,074,813
	4,535	*	Jamf Holding Corp		147,841
	53,255		Leidos Holdings, Inc		4,420,165
	2,993	*	Manhattan Associates, Inc		255,902
	662	*	nCino, Inc		46,684
	123,210	*	Nuance Communications, Inc		3,931,631
	100,669		Oracle Corp		5,648,538
	29,549		Paychex, Inc		2,430,405
	1,735		Pegasystems, Inc		201,052
	4,850	*	RealPage, Inc		270,097
	109,545		Sabre Corp		714,233
	27,764	*	salesforce.com, Inc		6,448,744
	22,143		Science Applications International Corp		1,691,061
	20,534	*	SolarWinds Corp		419,510
	77,904		SS&C Technologies Holdings, Inc		4,613,475
	4,726	*	Synopsys, Inc		1,010,702
	11,266	*	Teradata Corp		206,956
	10,135	*	Twilio, Inc		2,827,361
	18,244	*	VeriSign, Inc		3,479,131
	144,851		Western Union Co		2,815,903
	17,344	*	WEX, Inc		2,194,883
			TOTAL SOFTWARE & SERVICES		217,158,260
TECHNOLOGY HARDWARE & EQUIPMENT - 2.7%
	51,525		Amphenol Corp (Class A)		5,814,081
	4,579	*	Arista Networks, Inc		956,553
	34,171	*	Arrow Electronics, Inc		2,661,579
	41,127		Avnet, Inc		1,014,603
	66,983	*	Ciena Corp		2,638,460
	1,863,175		Cisco Systems, Inc		66,887,983
	1,840	*	Coherent, Inc		230,258
	79,422	*	CommScope Holding Co, Inc		706,856
	328,771		Corning, Inc		10,510,809
	102,681	*	Dell Technologies, Inc		6,187,557
	24,355		Dolby Laboratories, Inc (Class A)		1,828,573
	23,920	*	EchoStar Corp (Class A)		553,987
	26,712	*	F5 Networks, Inc		3,551,093
	57,157		FLIR Systems, Inc		1,982,776
	565,527		Hewlett Packard Enterprise Co		4,886,153
	625,010		HP, Inc		11,225,180
	14,531	*	IPG Photonics Corp		2,702,185
	52,178		Jabil Inc		1,729,179
	144,077		Juniper Networks, Inc		2,841,198
	54,457	*	Keysight Technologies, Inc		5,710,906
	10,318		Littelfuse, Inc		2,042,345
	29,276	*	Lumentum Holdings, Inc		2,420,832
	66,965		Motorola Solutions, Inc		10,584,488
	56,468		National Instruments Corp		1,766,319
	55,706	*	NCR Corp		1,131,946
	44,444		NetApp, Inc		1,950,647
	45,193	*	Pure Storage, Inc		727,607
	18,198		Synnex Corp		2,395,585
	110,010	*	Trimble Inc		5,294,781

214

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	695		Ubiquiti, Inc	$	128,999
	23,132	*	Viasat, Inc		784,175
	52,171	*	Vontier Corp		1,499,395
	131,513		Western Digital Corp		4,961,985
	78,412		Xerox Holdings Corp		1,362,801
	1,978	*	Zebra Technologies Corp (Class A)		561,040
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		172,232,914
TELECOMMUNICATION SERVICES - 3.5%
	3,128,543		AT&T, Inc		84,533,232
	479,567		CenturyLink, Inc		4,133,867
	43,240	*	GCI Liberty, Inc		3,512,385
	43,867		Telephone & Data Systems, Inc		745,739
	241,226	*	T-Mobile US, Inc		26,431,133
	1,992	*	US Cellular Corp		58,007
	1,818,043		Verizon Communications, Inc		103,610,271
			TOTAL TELECOMMUNICATION SERVICES		223,024,634
TRANSPORTATION - 2.9%
	52,562		Alaska Air Group, Inc		1,991,574
	3,903		Amerco, Inc		1,354,965
	225,037	e	American Airlines Group, Inc		2,538,417
	48,972		CH Robinson Worldwide, Inc		4,330,594
	13,426		Copa Holdings S.A. (Class A)		661,633
	334,853		CSX Corp		26,433,296
	279,538		Delta Air Lines, Inc		8,565,044
	27,498		Expeditors International of Washington, Inc		2,429,998
	105,942		FedEx Corp		27,488,771
	26,832		JB Hunt Transport Services, Inc		3,266,528
	117,678	*	JetBlue Airways Corp		1,408,606
	41,521		Kansas City Southern		7,313,509
	23,881	*	Kirby Corp		919,180
	54,774		Knight-Swift Transportation Holdings, Inc		2,080,864
	3,325		Landstar System, Inc		414,628
	104,480	*	Lyft, Inc (Class A)		2,385,278
	34,075		Macquarie Infrastructure Co LLC		879,135
	112,360		Norfolk Southern Corp		23,496,723
	5,902		Old Dominion Freight Line		1,123,564
	22,960		Ryder System, Inc		1,131,010
	23,804		Schneider National, Inc		525,116
	258,420		Southwest Airlines Co		10,215,343
	138,298	*	Uber Technologies, Inc		4,620,536
	145,820		Union Pacific Corp		25,837,846
	126,649	*	United Airlines Holdings Inc		4,288,335
	105,285		United Parcel Service, Inc (Class B)		16,541,326
	37,811	*	XPO Logistics, Inc		3,402,990
			TOTAL TRANSPORTATION		185,644,809
UTILITIES - 6.3%
	289,791		AES Corp		5,650,925
	109,493		Alliant Energy Corp		6,052,773
	107,957		Ameren Corp		8,757,472
	217,913		American Electric Power Co, Inc		19,596,916
	79,457		American Water Works Co, Inc		11,959,073
	52,548		Atmos Energy Corp		4,817,075
	24,835		Avangrid, Inc		1,225,359

215

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	220,787		Centerpoint Energy, Inc	$	4,665,229
	125,240		CMS Energy Corp		7,931,449
	146,911		Consolidated Edison, Inc		11,531,044
	367,870		Dominion Energy, Inc		29,554,676
	84,229		DTE Energy Co		10,395,543
	322,478		Duke Energy Corp		29,703,449
	156,826		Edison International		8,788,529
	88,075		Entergy Corp		8,914,952
	98,025		Essential Utilities Inc		4,038,630
	99,222		Evergy, Inc		5,477,054
	149,627		Eversource Energy		13,057,948
	427,116		Exelon Corp		17,037,657
	237,639		FirstEnergy Corp		7,062,631
	46,879		Hawaiian Electric Industries, Inc		1,548,882
	22,231		Idacorp, Inc		1,950,326
	87,361		MDU Resources Group, Inc		2,075,697
	36,140		National Fuel Gas Co		1,444,154
	858,849		NextEra Energy, Inc		62,876,335
	167,771		NiSource, Inc		3,853,700
	69,606		NRG Energy, Inc		2,200,942
	87,575		OGE Energy Corp		2,694,683
	563,075	*,b	PG&E Corp		5,382,997
	49,319		Pinnacle West Capital Corp		4,022,951
	337,909		PPL Corp		9,292,498
	220,764		Public Service Enterprise Group, Inc		12,837,427
	126,911		Sempra Energy		15,909,563
	463,712		Southern Co		26,640,254
	91,146		UGI Corp		2,947,662
	216,856		Vistra Energy Corp		3,766,789
	138,509		WEC Energy Group, Inc		13,927,080
	229,847		Xcel Energy, Inc		16,096,185
			TOTAL UTILITIES		405,686,509
			TOTAL COMMON STOCKS		6,440,375,040
			(Cost $5,780,643,417)

PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 0.2%
REPURCHASE AGREEMENT - 0.0%
$	3,185,000	r	Fixed Income Clearing Corp (FICC)		0.070	%	11/02/20	3,185,000
			TOTAL REPURCHASE AGREEMENT					3,185,000

216

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.2%
	10,468,949	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	10,468,949
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		10,468,949
			TOTAL SHORT-TERM INVESTMENTS		13,653,949
			(Cost $13,653,949)
			TOTAL INVESTMENTS - 100.1%		6,454,028,989
			(Cost $5,794,297,366)
			OTHER ASSETS & LIABILITIES, NET - (0.1)%		(6,974,428	)
			NET ASSETS - 100.0%	$	6,447,054,561

	Abbreviation(s):
	REIT     Real Estate Investment Trust
*	Non-income producing
b	In bankruptcy
c	Investments made with cash collateral received from securities on loan.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $14,066,011.
r	Agreement with Fixed Income Clearing Corporation, 0.070% dated 10/30/20 to be repurchased at $3,185,000 on 11/2/20, collateralized by U.S. Treasury Notes valued at $3,248,757.

217

TIAA-CREF FUNDS - S&P 500 Index Fund

TIAA-CREF FUNDS

S&P 500 INDEX FUND

SCHEDULE OF INVESTMENTS

October 31, 2020

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.5%
AUTOMOBILES & COMPONENTS - 0.4%
	60,548		Aptiv plc	$	5,842,276
	54,890		BorgWarner, Inc		1,920,052
	862,189		Ford Motor Co		6,664,721
	278,122		General Motors Co		9,603,553
			TOTAL AUTOMOBILES & COMPONENTS		24,030,602
BANKS - 3.4%
	1,701,097		Bank of America Corp		40,315,999
	462,343		Citigroup, Inc		19,150,247
	89,072		Citizens Financial Group, Inc		2,427,212
	29,091		Comerica, Inc		1,323,931
	159,176		Fifth Third Bancorp		3,696,067
	38,718		First Republic Bank		4,883,888
	234,648		Huntington Bancshares, Inc		2,449,725
	677,500		JPMorgan Chase & Co		66,422,100
	216,724		Keycorp		2,813,077
	27,839		M&T Bank Corp		2,883,564
	89,741		People’s United Financial, Inc		957,536
	94,702		PNC Financial Services Group, Inc		10,595,260
	214,369		Regions Financial Corp		2,851,108
	11,633	*	SVB Financial Group		3,381,713
	299,563		Truist Financial Corp		12,617,594
	307,386		US Bancorp		11,972,685
	916,106		Wells Fargo & Co		19,650,474
	31,971		Zions Bancorporation		1,031,704
			TOTAL BANKS		209,423,884
CAPITAL GOODS - 5.6%
	127,963		3M Co		20,468,961
	30,741		A.O. Smith Corp		1,589,002
	19,125		Allegion plc		1,883,812
	51,399		Ametek, Inc		5,047,382
	117,822		Boeing Co		17,012,319
	176,700		Carrier Global Corp		5,900,013
	120,638		Caterpillar, Inc		18,946,198
	33,037		Cummins, Inc		7,264,506
	70,161		Deere & Co		15,850,071
	32,121		Dover Corp		3,556,116
	90,128		Eaton Corp		9,354,385
	133,627		Emerson Electric Co		8,657,693
	125,379		Fastenal Co		5,420,134
	24,194		Flowserve Corp		704,529
	75,584		Fortive Corp		4,655,974
	32,380		Fortune Brands Home & Security, Inc		2,618,571
	52,699		General Dynamics Corp		6,920,960
	1,955,576		General Electric Co		14,510,374

218

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE
	155,400		Honeywell International, Inc	$	25,633,230
	86,820		Howmet Aerospace, Inc		1,497,645
	7,774		Huntington Ingalls		1,146,510
	15,942		IDEX Corp		2,716,357
	64,120		Illinois Tool Works, Inc		12,559,826
	79,315	*	Ingersoll Rand, Inc		2,771,266
	28,685		Jacobs Engineering Group, Inc		2,725,075
	166,832		Johnson Controls International plc		7,041,979
	47,906		L3Harris Technologies, Inc		7,718,136
	54,785		Lockheed Martin Corp		19,181,872
	57,398		Masco Corp		3,076,533
	34,467		Northrop Grumman Corp		9,989,226
	91,357		Otis Worldwide Corp		5,598,357
	75,756		PACCAR, Inc		6,468,047
	28,661		Parker-Hannifin Corp		5,971,806
	35,450		Pentair plc		1,763,992
	30,131		Quanta Services, Inc		1,881,078
	342,564		Raytheon Technologies Corp		18,608,076
	25,539		Rockwell Automation, Inc		6,055,808
	23,089		Roper Technologies Inc		8,573,869
	11,618		Snap-On, Inc		1,830,184
	35,440		Stanley Black & Decker, Inc		5,890,128
	8,434	*	Teledyne Technologies, Inc		2,607,371
	48,629		Textron, Inc		1,740,918
	53,469		Trane Technologies plc		7,098,010
	12,155		TransDigm Group, Inc		5,802,919
	16,300	*	United Rentals, Inc		2,906,127
	10,091		W.W. Grainger, Inc		3,532,052
	39,349		Wabtec Corp		2,333,396
	41,228		Xylem, Inc		3,592,608
			TOTAL CAPITAL GOODS		338,673,401
COMMERCIAL & PROFESSIONAL SERVICES - 0.7%
	18,973		Cintas Corp		5,967,957
	45,655	*	Copart, Inc		5,038,486
	27,279		Equifax, Inc		3,726,311
	83,643		IHS Markit Ltd		6,764,209
	82,061		Nielsen NV		1,108,644
	47,412		Republic Services, Inc		4,180,316
	26,681		Robert Half International, Inc		1,352,460
	31,134		Rollins, Inc		1,801,102
	35,713		Verisk Analytics, Inc		6,355,843
	86,232		Waste Management, Inc		9,305,295
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		45,600,623
CONSUMER DURABLES & APPAREL - 1.2%
	74,046		DR Horton, Inc		4,947,013
	32,763		Garmin Ltd		3,408,007
	73,327		Hanesbrands, Inc		1,178,365
	27,476		Hasbro, Inc		2,272,815
	30,816		Leggett & Platt, Inc		1,285,952
	60,919		Lennar Corp (Class A)		4,278,341
	13,275	*	Mohawk Industries, Inc		1,369,847
	84,648		Newell Brands Inc		1,494,884
	277,197		Nike, Inc (Class B)		33,285,816
	733	*	NVR, Inc		2,897,615

219

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE
	60,136		Pulte Homes, Inc	$	2,451,143
	13,897		PVH Corp		810,056
	11,568		Ralph Lauren Corp		773,321
	52,920		Tapestry, Inc		1,176,411
	39,270	*	Under Armour, Inc (Class A)		543,497
	47,694	*	Under Armour, Inc (Class C)		583,298
	72,524		VF Corp		4,873,613
	13,442		Whirlpool Corp		2,486,232
			TOTAL CONSUMER DURABLES & APPAREL		70,116,226
CONSUMER SERVICES - 1.6%
	106,602		Carnival Corp		1,461,514
	6,271	*	Chipotle Mexican Grill, Inc (Class A)		7,534,481
	29,868		Darden Restaurants, Inc		2,745,467
	8,427		Domino’s Pizza, Inc		3,188,103
	61,816		Hilton Worldwide Holdings, Inc		5,428,063
	71,757		Las Vegas Sands Corp		3,448,641
	60,611		Marriott International, Inc (Class A)		5,629,550
	165,832		McDonald’s Corp		35,322,216
	91,807		MGM Resorts International		1,888,470
	61,805	*,e	Norwegian Cruise Line Holdings Ltd		1,027,817
	39,570		Royal Caribbean Cruises Ltd		2,232,539
	259,333		Starbucks Corp		22,551,598
	21,784		Wynn Resorts Ltd		1,577,815
	66,477		Yum! Brands, Inc		6,204,298
			TOTAL CONSUMER SERVICES		100,240,572
DIVERSIFIED FINANCIALS - 3.1%
	146,245		American Express Co		13,343,394
	26,908		Ameriprise Financial, Inc		4,327,614
	180,702		Bank of New York Mellon Corp		6,208,921
	31,472		BlackRock, Inc		18,858,337
	101,549		Capital One Financial Corp		7,421,201
	24,803		CBOE Global Markets, Inc		2,016,236
	327,141		Charles Schwab Corp		13,448,767
	79,404		CME Group, Inc		11,967,771
	67,804		Discover Financial Services		4,407,938
	56,042		Franklin Resources, Inc		1,050,787
	77,154		Goldman Sachs Group, Inc		14,585,192
	123,980		Intercontinental Exchange Group, Inc		11,703,712
	83,754		Invesco Ltd		1,098,015
	8,497		MarketAxess Holdings, Inc		4,578,608
	35,412		Moody’s Corp		9,309,815
	320,300		Morgan Stanley		15,422,445
	18,419		MSCI, Inc (Class A)		6,443,703
	25,708		Nasdaq Inc		3,110,411
	46,561		Northern Trust Corp		3,644,329
	25,682		Raymond James Financial, Inc		1,963,132
	53,789		S&P Global, Inc		17,359,324
	79,641		State Street Corp		4,690,855
	120,087		Synchrony Financial		3,004,577
	50,532		T Rowe Price Group, Inc		6,400,383
			TOTAL DIVERSIFIED FINANCIALS		186,365,467

220

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE
ENERGY - 2.0%
	86,365		Apache Corp	$	716,829
	148,506		Baker Hughes Co		2,193,434
	80,655		Cabot Oil & Gas Corp		1,434,852
	429,307		Chevron Corp		29,836,836
	44,751		Concho Resources, Inc		1,857,614
	239,603		ConocoPhillips		6,857,438
	93,156		Devon Energy Corp		831,883
	30,709		Diamondback Energy, Inc		797,206
	130,396		EOG Resources, Inc		4,464,759
	948,133	d	Exxon Mobil Corp		30,928,098
	201,860		Halliburton Co		2,434,432
	58,286		Hess Corp		2,169,405
	24,355		HollyFrontier Corp		450,811
	440,554		Kinder Morgan, Inc		5,242,593
	183,191		Marathon Oil Corp		725,436
	146,757		Marathon Petroleum Corp		4,329,332
	84,888		National Oilwell Varco, Inc		713,059
	169,639		Occidental Petroleum Corp		1,548,804
	92,922		ONEOK, Inc		2,694,738
	98,503		Phillips 66		4,596,150
	36,956		Pioneer Natural Resources Co		2,940,219
	309,341		Schlumberger Ltd		4,621,555
	78,775		TechnipFMC plc		435,626
	92,663		Valero Energy Corp		3,577,718
	269,357		Williams Cos, Inc		5,168,961
			TOTAL ENERGY		121,567,788
FOOD & STAPLES RETAILING - 1.6%
	97,920		Costco Wholesale Corp		35,018,151
	173,629		Kroger Co		5,592,590
	113,987		SYSCO Corp		6,304,621
	159,396		Walgreens Boots Alliance, Inc		5,425,840
	308,671		Walmart, Inc		42,828,101
			TOTAL FOOD & STAPLES RETAILING		95,169,303
FOOD, BEVERAGE & TOBACCO - 3.4%
	412,187		Altria Group, Inc		14,871,707
	124,362		Archer-Daniels-Midland Co		5,750,499
	39,231		Brown-Forman Corp (Class B)		2,734,793
	45,398		Campbell Soup Co		2,118,725
	859,268		Coca-Cola Co		41,296,420
	108,939		ConAgra Brands, Inc		3,822,669
	37,513		Constellation Brands, Inc (Class A)		6,198,273
	136,743		General Mills, Inc		8,084,246
	32,954		Hershey Co		4,529,857
	58,876		Hormel Foods Corp		2,866,672
	26,200		J.M. Smucker Co		2,939,640
	55,485		Kellogg Co		3,489,452
	141,287		Kraft Heinz Co		4,321,969
	32,648		Lamb Weston Holdings, Inc		2,071,516
	27,901		McCormick & Co, Inc		5,036,410
	42,213		Molson Coors Brewing Co (Class B)		1,488,430
	314,825		Mondelez International, Inc		16,723,504
	80,238	*	Monster Beverage Corp		6,143,824
	307,669		PepsiCo, Inc		41,009,201
	346,473		Philip Morris International, Inc		24,606,512

221

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE
	65,031		Tyson Foods, Inc (Class A)	$	3,721,724
			TOTAL FOOD, BEVERAGE & TOBACCO		203,826,043
HEALTH CARE EQUIPMENT & SERVICES - 6.7%
	393,540		Abbott Laboratories		41,364,989
	10,208	*	Abiomed, Inc		2,571,191
	15,662	*	Align Technology, Inc		6,673,265
	31,411		AmerisourceBergen Corp		3,017,655
	55,801		Anthem, Inc		15,222,513
	113,435		Baxter International, Inc		8,799,153
	64,186		Becton Dickinson & Co		14,835,310
	318,561	*	Boston Scientific Corp		10,917,085
	65,838		Cardinal Health, Inc		3,014,722
	128,073	*	Centene Corp		7,569,114
	68,337		Cerner Corp		4,789,740
	81,975		Cigna Corp		13,687,366
	11,140		Cooper Cos, Inc		3,554,217
	288,758		CVS Health Corp		16,196,436
	140,417		Danaher Corp		32,231,318
	16,306	*	DaVita, Inc		1,406,392
	48,052		Dentsply Sirona, Inc		2,267,574
	21,469	*	DexCom, Inc		6,861,063
	138,784	*	Edwards Lifesciences Corp		9,949,425
	59,418		HCA Healthcare, Inc		7,364,267
	32,307	*	Henry Schein, Inc		2,054,079
	57,851	*	Hologic, Inc		3,981,306
	29,159		Humana, Inc		11,642,606
	18,761	*	IDEXX Laboratories, Inc		7,970,048
	25,970	*	Intuitive Surgical, Inc		17,324,068
	21,982	*	Laboratory Corp of America Holdings		4,391,344
	36,199		McKesson Corp		5,338,991
	299,501		Medtronic plc		30,120,816
	29,450		Quest Diagnostics, Inc		3,597,023
	32,102		Resmed, Inc		6,161,658
	18,812		STERIS plc		3,333,298
	72,212		Stryker Corp		14,587,546
	10,442		Teleflex, Inc		3,322,958
	211,136		UnitedHealth Group, Inc		64,426,039
	18,293		Universal Health Services, Inc (Class B)		2,003,998
	20,295	*	Varian Medical Systems, Inc		3,506,976
	16,216		West Pharmaceutical Services, Inc		4,411,887
	46,290		Zimmer Biomet Holdings, Inc		6,114,909
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		406,582,345
HOUSEHOLD & PERSONAL PRODUCTS - 2.0%
	53,622		Church & Dwight Co, Inc		4,739,649
	27,999		Clorox Co		5,802,793
	190,253		Colgate-Palmolive Co		15,009,059
	50,203		Estee Lauder Cos (Class A)		11,027,591
	75,150		Kimberly-Clark Corp		9,964,138
	554,058		Procter & Gamble Co		75,961,352
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		122,504,582
INSURANCE - 3.3%
	148,694		Aflac, Inc		5,048,161
	68,179		Allstate Corp		6,050,886
	189,202		American International Group, Inc		5,957,971

222

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE
	51,589		Aon plc	$	9,492,892
	41,705		Arthur J. Gallagher & Co		4,325,225
	14,162		Assurant, Inc		1,761,328
	440,213	*	Berkshire Hathaway, Inc (Class B)		88,879,005
	101,333		Chubb Ltd		13,164,170
	33,355		Cincinnati Financial Corp		2,359,533
	9,023		Everest Re Group Ltd		1,778,253
	21,471		Globe Life, Inc		1,741,083
	82,158		Hartford Financial Services Group, Inc		3,164,726
	35,261		Lincoln National Corp		1,237,661
	52,779		Loews Corp		1,830,376
	112,654		Marsh & McLennan Cos, Inc		11,655,183
	174,257		Metlife, Inc		6,595,627
	57,966		Principal Financial Group		2,273,426
	130,274		Progressive Corp		11,972,181
	86,222		Prudential Financial, Inc		5,519,932
	56,229		Travelers Cos, Inc		6,787,403
	44,795		Unum Group		791,080
	30,882		W.R. Berkley Corp		1,856,626
	28,933		Willis Towers Watson plc		5,279,694
			TOTAL INSURANCE		199,522,422
MATERIALS - 2.7%
	49,264		Air Products & Chemicals, Inc		13,608,687
	23,387		Albemarle Corp		2,179,902
	346,450		Amcor plc		3,613,473
	18,259		Avery Dennison Corp		2,526,863
	73,384		Ball Corp		6,531,176
	26,993		Celanese Corp (Series A)		3,063,975
	45,995		CF Industries Holdings, Inc		1,269,922
	167,631		Corteva, Inc		5,528,470
	164,782		Dow, Inc		7,495,933
	165,512		DuPont de Nemours, Inc		9,414,323
	32,040		Eastman Chemical Co		2,590,114
	55,062		Ecolab, Inc		10,108,833
	27,683		FMC Corp		2,844,151
	320,718		Freeport-McMoRan, Inc (Class B)		5,561,250
	22,560	e	International Flavors & Fragrances, Inc		2,316,010
	86,480		International Paper Co		3,783,500
	116,375		Linde plc		25,642,068
	57,277		LyondellBasell Industries NV		3,920,611
	13,556		Martin Marietta Materials, Inc		3,610,641
	79,386		Mosaic Co		1,468,641
	178,748		Newmont Goldcorp Corp		11,232,524
	65,016		Nucor Corp		3,105,164
	20,944		Packaging Corp of America		2,397,879
	52,785		PPG Industries, Inc		6,847,270
	37,564		Sealed Air Corp		1,487,159
	18,280		Sherwin-Williams Co		12,576,274
	30,049		Vulcan Materials Co		4,352,297
	57,610		WestRock Co		2,163,256
			TOTAL MATERIALS		161,240,366
MEDIA & ENTERTAINMENT - 9.3%
	170,208		Activision Blizzard, Inc		12,889,852
	66,767	*	Alphabet, Inc (Class A)		107,902,816

223

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE
	65,306	*	Alphabet, Inc (Class C)	$	105,861,679
	33,058	*	Charter Communications, Inc		19,961,082
	1,011,132		Comcast Corp (Class A)		42,710,216
	32,448	*,e	Discovery, Inc (Class A)		656,747
	75,310	*	Discovery, Inc (Class C)		1,379,679
	54,106	*	DISH Network Corp (Class A)		1,379,162
	64,514	*	Electronic Arts, Inc		7,730,713
	534,433	*	Facebook, Inc		140,614,667
	78,872		Fox Corp (Class A)		2,091,685
	34,115		Fox Corp (Class B)		891,766
	87,598		Interpublic Group of Cos, Inc		1,584,648
	31,439	*	Live Nation, Inc		1,534,223
	97,889	*	Netflix, Inc		46,569,713
	93,004		News Corp (Class A)		1,221,142
	25,832		News Corp (Class B)		336,333
	49,996		Omnicom Group, Inc		2,359,811
	24,987	*	Take-Two Interactive Software, Inc		3,870,986
	175,499	*	Twitter, Inc		7,258,639
	120,969		ViacomCBS, Inc (Class B)		3,456,084
	402,568		Walt Disney Co		48,811,370
			TOTAL MEDIA & ENTERTAINMENT		561,073,013
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.3%
	390,903		AbbVie, Inc		33,265,845
	67,845		Agilent Technologies, Inc		6,926,296
	49,553	*	Alexion Pharmaceuticals, Inc		5,705,532
	129,751		Amgen, Inc		28,148,182
	34,825	*	Biogen, Inc		8,778,338
	4,916	*	Bio-Rad Laboratories, Inc (Class A)		2,882,841
	499,867		Bristol-Myers Squibb Co		29,217,226
	36,805	*	Catalent, Inc		3,230,375
	176,720		Eli Lilly & Co		23,054,891
	280,023		Gilead Sciences, Inc		16,283,338
	32,211	*	Illumina, Inc		9,428,160
	40,218	*	Incyte Corp		3,484,488
	42,890	*	IQVIA Holdings, Inc		6,604,631
	584,689		Johnson & Johnson		80,166,709
	562,983		Merck & Co, Inc		42,341,952
	5,273	*	Mettler-Toledo International, Inc		5,261,979
	115,473	*	Mylan NV		1,678,977
	25,015		PerkinElmer, Inc		3,240,693
	30,274		Perrigo Co plc		1,328,120
	1,235,903		Pfizer, Inc		43,849,839
	23,120	*	Regeneron Pharmaceuticals, Inc		12,567,107
	88,068		Thermo Fisher Scientific, Inc		41,666,732
	58,323	*	Vertex Pharmaceuticals, Inc		12,152,180
	13,815	*	Waters Corp		3,078,258
	105,909		Zoetis, Inc		16,791,872
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		441,134,561
REAL ESTATE - 2.6%
	26,300		Alexandria Real Estate Equities, Inc		3,984,976
	98,736		American Tower Corp		22,674,722
	35,891		Apartment Investment & Management Co		1,144,923
	32,368		AvalonBay Communities, Inc		4,503,360
	29,671		Boston Properties, Inc		2,148,477

224

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE
	74,841	*	CBRE Group, Inc	$	3,771,986
	92,562		Crown Castle International Corp		14,458,184
	59,258		Digital Realty Trust, Inc		8,550,929
	82,410		Duke Realty Corp		3,130,756
	19,627		Equinix, Inc		14,352,048
	77,879		Equity Residential		3,658,756
	14,647		Essex Property Trust, Inc		2,996,630
	28,906		Extra Space Storage, Inc		3,351,651
	16,185		Federal Realty Investment Trust		1,113,204
	123,824		Healthpeak Properties Inc		3,339,533
	162,236		Host Hotels and Resorts, Inc		1,700,233
	61,374		Iron Mountain, Inc		1,599,407
	92,884		Kimco Realty Corp		952,990
	25,815		Mid-America Apartment Communities, Inc		3,010,804
	164,544		Prologis, Inc		16,322,765
	33,363		Public Storage, Inc		7,642,462
	77,062		Realty Income Corp		4,458,807
	33,424		Regency Centers Corp		1,189,560
	24,708		SBA Communications Corp		7,174,462
	67,074		Simon Property Group, Inc		4,212,918
	15,514		SL Green Realty Corp		664,154
	66,466		UDR, Inc		2,076,398
	85,518		Ventas, Inc		3,375,396
	31,795		Vornado Realty Trust		977,060
	92,713		Welltower, Inc		4,985,178
	168,276		Weyerhaeuser Co		4,592,252
			TOTAL REAL ESTATE		158,114,981
RETAILING - 8.3%
	15,244		Advance Auto Parts, Inc		2,245,136
	94,645	*	Amazon.com, Inc		287,356,417
	5,266	*	AutoZone, Inc		5,945,209
	51,148		Best Buy Co, Inc		5,705,559
	9,097	*	Booking Holdings, Inc		14,759,882
	37,610	*	CarMax, Inc		3,251,008
	55,522		Dollar General Corp		11,587,997
	53,643	*	Dollar Tree, Inc		4,845,036
	148,843		eBay, Inc		7,089,392
	26,758	*	Etsy, Inc		3,253,505
	30,112		Expedia Group, Inc		2,835,045
	45,479		Gap, Inc		884,567
	31,808		Genuine Parts Co		2,876,397
	238,998		Home Depot, Inc		63,743,157
	52,682		L Brands, Inc		1,686,351
	60,816	*	LKQ Corp		1,945,504
	167,379		Lowe’s Companies, Inc		26,462,620
	16,550	*	O’Reilly Automotive, Inc		7,225,730
	8,990		Pool Corp		3,144,972
	79,089		Ross Stores, Inc		6,736,010
	111,264		Target Corp		16,936,606
	24,147		Tiffany & Co		3,159,393
	268,021		TJX Companies, Inc		13,615,467
	26,134		Tractor Supply Co		3,481,310
	12,644	*	Ulta Beauty, Inc		2,614,400
			TOTAL RETAILING		503,386,670

225

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.0%
	261,538	*	Advanced Micro Devices, Inc	$	19,691,196
	81,709		Analog Devices, Inc		9,684,968
	203,065		Applied Materials, Inc		12,027,540
	89,375		Broadcom, Inc		31,248,181
	946,353		Intel Corp		41,904,511
	34,784		KLA Corp		6,858,709
	32,322		Lam Research Corp		11,056,710
	60,866		Maxim Integrated Products, Inc		4,239,317
	55,024		Microchip Technology, Inc		5,781,922
	248,081	*	Micron Technology, Inc		12,488,398
	137,294		NVIDIA Corp		68,833,720
	25,312	*	Qorvo, Inc		3,223,736
	250,011		QUALCOMM, Inc		30,841,357
	36,819		Skyworks Solutions, Inc		5,202,156
	37,232		Teradyne, Inc		3,270,831
	203,537		Texas Instruments, Inc		29,429,415
	54,054		Xilinx, Inc		6,415,669
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		302,198,336
SOFTWARE & SERVICES - 14.3%
	140,860		Accenture plc		30,553,943
	106,784	*	Adobe, Inc		47,743,126
	35,658	*	Akamai Technologies, Inc		3,391,789
	19,073	*	Ansys, Inc		5,805,249
	48,322	*	Autodesk, Inc		11,381,764
	95,947		Automatic Data Processing, Inc		15,155,788
	25,800		Broadridge Financial Solutions, Inc		3,550,080
	61,359	*	Cadence Design Systems, Inc		6,710,834
	27,701		Citrix Systems, Inc		3,137,692
	120,446		Cognizant Technology Solutions Corp (Class A)		8,602,253
	56,553		DXC Technology Co		1,041,706
	137,735		Fidelity National Information Services, Inc		17,160,404
	124,634	*	Fiserv, Inc		11,898,808
	18,818	*	FleetCor Technologies, Inc		4,157,084
	28,985	*	Fortinet, Inc		3,199,075
	20,022	*	Gartner, Inc		2,404,642
	67,088		Global Payments, Inc		10,582,461
	199,200		International Business Machines Corp		22,242,672
	58,236		Intuit, Inc		18,325,705
	17,021		Jack Henry & Associates, Inc		2,523,363
	30,088		Leidos Holdings, Inc		2,497,304
	196,150		Mastercard, Inc (Class A)		56,616,736
	1,681,944		Microsoft Corp		340,543,202
	132,526		NortonLifelock, Inc		2,726,060
	430,354		Oracle Corp		24,147,163
	71,012		Paychex, Inc		5,840,737
	11,002	*	Paycom Software, Inc		4,005,718
	260,443	*	PayPal Holdings, Inc		48,476,256
	202,574	*	salesforce.com, Inc		47,051,863
	42,621	*	ServiceNow, Inc		21,206,931
	33,683	*	Synopsys, Inc		7,203,446
	9,145	*	Tyler Technologies, Inc		3,515,155
	22,469	*	VeriSign, Inc		4,284,838
	374,244		Visa, Inc (Class A)		68,003,877
	91,845		Western Union Co		1,785,467
			TOTAL SOFTWARE & SERVICES		867,473,191

226

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE
TECHNOLOGY HARDWARE & EQUIPMENT - 8.0%
	66,540		Amphenol Corp (Class A)	$	7,508,374
	3,573,557		Apple, Inc		389,017,415
	11,870	*	Arista Networks, Inc		2,479,643
	32,301		CDW Corp		3,960,103
	941,501		Cisco Systems, Inc		33,799,886
	168,482		Corning, Inc		5,386,369
	14,293	*	F5 Networks, Inc		1,900,111
	31,827		FLIR Systems, Inc		1,104,079
	287,040		Hewlett Packard Enterprise Co		2,480,026
	307,993		HP, Inc		5,531,554
	7,751	*	IPG Photonics Corp		1,441,376
	72,375		Juniper Networks, Inc		1,427,235
	41,088	*	Keysight Technologies, Inc		4,308,898
	38,193		Motorola Solutions, Inc		6,036,786
	49,184		NetApp, Inc		2,158,686
	49,387		Seagate Technology, Inc		2,361,686
	74,760		TE Connectivity Ltd		7,242,749
	30,233	*	Vontier Corp		868,896
	67,031		Western Digital Corp		2,529,080
	32,313		Xerox Holdings Corp		561,600
	12,071	*	Zebra Technologies Corp (Class A)		3,423,818
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		485,528,370
TELECOMMUNICATION SERVICES - 1.8%
	1,585,304		AT&T, Inc		42,834,914
	217,555		CenturyLink, Inc		1,875,324
	128,913	*	T-Mobile US, Inc		14,124,998
	920,007		Verizon Communications, Inc		52,431,199
			TOTAL TELECOMMUNICATION SERVICES		111,266,435
TRANSPORTATION - 2.0%
	28,329		Alaska Air Group, Inc		1,073,386
	100,895	e	American Airlines Group, Inc		1,138,095
	31,037		CH Robinson Worldwide, Inc		2,744,602
	168,852		CSX Corp		13,329,177
	143,037		Delta Air Lines, Inc		4,382,654
	36,577		Expeditors International of Washington, Inc		3,232,309
	53,523		FedEx Corp		13,887,613
	18,087		JB Hunt Transport Services, Inc		2,201,911
	21,427		Kansas City Southern		3,774,152
	57,066		Norfolk Southern Corp		11,933,642
	21,039		Old Dominion Freight Line		4,005,194
	132,271		Southwest Airlines Co		5,228,672
	151,409		Union Pacific Corp		26,828,161
	65,252	*	United Airlines Holdings Inc		2,209,433
	156,488		United Parcel Service, Inc (Class B)		24,585,830
			TOTAL TRANSPORTATION		120,554,831
UTILITIES - 3.2%
	145,177		AES Corp		2,830,951
	53,637		Alliant Energy Corp		2,965,053
	55,135		Ameren Corp		4,472,551
	112,580		American Electric Power Co, Inc		10,124,319

227

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY					VALUE
	40,533		American Water Works Co, Inc					$	6,100,622
	26,311		Atmos Energy Corp						2,411,929
	125,277		Centerpoint Energy, Inc						2,647,103
	64,194		CMS Energy Corp						4,065,406
	74,144		Consolidated Edison, Inc						5,819,563
	186,222		Dominion Energy, Inc						14,961,075
	42,859		DTE Energy Co						5,289,658
	163,335		Duke Energy Corp						15,044,787
	83,334		Edison International						4,670,037
	45,393		Entergy Corp						4,594,679
	53,359		Evergy, Inc						2,945,417
	77,347		Eversource Energy						6,750,073
	214,204		Exelon Corp						8,544,598
	121,405		FirstEnergy Corp						3,608,157
	434,724		NextEra Energy, Inc						31,826,144
	77,266		NiSource, Inc						1,774,800
	52,892		NRG Energy, Inc						1,672,445
	24,077		Pinnacle West Capital Corp						1,963,961
	167,167		PPL Corp						4,597,093
	113,952		Public Service Enterprise Group, Inc						6,626,309
	64,327		Sempra Energy						8,064,033
	237,559		Southern Co						13,647,765
	70,622		WEC Energy Group, Inc						7,101,042
	117,746		Xcel Energy, Inc						8,245,752
			TOTAL UTILITIES						193,365,322
			TOTAL COMMON STOCKS						6,028,959,334
			(Cost $3,156,131,482)
PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 0.5%
REPURCHASE AGREEMENT - 0.2%
$	12,430,000	r	Fixed Income Clearing Corp (FICC)		0.070	%	11/02/20		12,430,000
			TOTAL REPURCHASE AGREEMENT						12,430,000
TREASURY DEBT - 0.2%
	4,200,000		United States Cash Management Bill		0.051		11/03/20		4,199,992
	9,190,000		United States Treasury Bill		0.082		11/17/20		9,189,694
			TOTAL TREASURY DEBT						13,389,686
	SHARES		COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.1%
	4,144,545	c	State Street Navigator Securities Lending Government Money Market Portfolio						4,144,545
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						4,144,545
			TOTAL SHORT-TERM INVESTMENTS						29,964,231
			(Cost $29,964,198)
			TOTAL INVESTMENTS - 100.0%						6,058,923,565
			(Cost $3,186,095,680)
			OTHER ASSETS & LIABILITIES, NET - 0.0%						759,590
			NET ASSETS - 100.0%					$	6,059,683,155

228

TIAA-CREF FUNDS - S&P 500 Index Fund

*	Non-income producing
c	Investments made with cash collateral received from securities on loan.
d	All or a portion of these securities have been segregated to cover margin requirements on open futures contracts.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $5,087,215.
r	Agreement with Fixed Income Clearing Corporation, 0.070% dated 10/30/20 to be repurchased at $12,430,000 on 11/2/20, collateralized by U.S. Treasury Notes valued at $12,678,612.

Futures contracts outstanding as of October 31, 2020 were as follows:
Description	Number of long (short) contracts		Expiration date	Notional amount		Value		Unrealized appreciation (depreciation)
S&P 500 E Mini Index		161	12/18/20	$	26,750,163	$	26,280,835	$	(469,328	)

229

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

TIAA-CREF FUNDS
SMALL-CAP BLEND INDEX FUND
SCHEDULE OF INVESTMENTS
October 31, 2020

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.8%
AUTOMOBILES & COMPONENTS - 1.4%
	142,183	*	Adient plc	$	3,017,123
	178,739	*	American Axle & Manufacturing Holdings, Inc		1,201,126
	81,040		Cooper Tire & Rubber Co		2,786,966
	27,009	*	Cooper-Standard Holding, Inc		423,771
	232,826		Dana Inc		3,257,236
	43,003	*	Dorman Products, Inc		3,838,878
	67,532	*	Fox Factory Holding Corp		5,678,091
	52,636	*	Gentherm, Inc		2,436,521
	369,883		Goodyear Tire & Rubber Co		3,062,631
	39,551		LCI Industries, Inc		4,337,163
	78,672	*	Modine Manufacturing Co		503,501
	29,659	*	Motorcar Parts of America, Inc		436,877
	33,929		Standard Motor Products, Inc		1,553,948
	41,770	*	Stoneridge, Inc		953,609
	81,510	*	Tenneco, Inc		702,616
	44,714	*	Visteon Corp		4,008,610
	51,356		Winnebago Industries, Inc		2,411,164
	151,379	*,e	Workhorse Group, Inc		2,328,209
	26,944	*	XPEL, Inc		667,672
			TOTAL AUTOMOBILES & COMPONENTS		43,605,712
BANKS - 9.8%
	13,720		1st Constitution Bancorp		178,909
	26,434		1st Source Corp		885,275
	11,721		ACNB Corp		244,617
	30,330		Allegiance Bancshares, Inc		858,339
	26,559		Altabancorp		578,189
	20,399		Amalgamated Bank		226,429
	36,185	*	Amerant Bancorp Inc		364,383
	16,123		American National Bankshares, Inc		367,604
	106,521		Ameris Bancorp		3,121,065
	13,346		Ames National Corp		257,578
	20,398		Arrow Financial Corp		558,293
	30,607	*	Atlantic Capital Bancshares, Inc		424,825
	125,890		Atlantic Union Bankshares Corp		3,183,758
	3,751	e	Auburn National Bancorporation, Inc		139,387
	93,080	*	Axos Financial, Inc		2,537,361
	69,664		Banc of California, Inc		835,968
	29,877		Bancfirst Corp		1,328,033
	158,973		BancorpSouth Bank		3,721,558
	10,074	e	Bank First Corp		644,837
	24,830		Bank of Commerce Holdings		198,888
	21,324		Bank of Marin Bancorp		642,705
	85,421		Bank of NT Butterfield & Son Ltd		2,260,240
	6,887		Bank of Princeton		135,467
	4,543		Bank7 Corp		41,205

230

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	21,737		BankFinancial Corp	$	159,767
	147,350		BankUnited		3,720,587
	14,894		Bankwell Financial Group, Inc		245,751
	55,745		Banner Corp		2,055,318
	27,319		Bar Harbor Bankshares		557,854
	15,527	*	Baycom Corp		172,350
	22,156		BCB Bancorp, Inc		201,398
	77,453		Berkshire Hills Bancorp, Inc		1,009,213
	20,148	*	Bluegreen Vacations Holding Corp		164,206
	9,368	*	Bogota Financial Corp		74,007
	131,755		Boston Private Financial Holdings, Inc		814,246
	26,586		Bridge Bancorp, Inc		519,490
	36,837	*	Bridgewater Bancshares, Inc		409,259
	120,453		Brookline Bancorp, Inc		1,153,940
	31,617		Bryn Mawr Bank Corp		849,233
	31,016		Business First Bancshares, Inc		515,176
	37,456		Byline Bancorp, Inc		492,172
	5,305		C&F Financial Corp		165,251
	203,633		Cadence BanCorp		2,284,762
	12,117	*	California Bancorp, Inc		165,397
	10,173		Cambridge Bancorp		631,642
	24,053		Camden National Corp		768,974
	8,393	*	Capital Bancorp, Inc		88,294
	22,845		Capital City Bank Group, Inc		486,827
	211,070		Capitol Federal Financial		2,423,084
	23,608		Capstar Financial Holdings, Inc		245,287
	30,234		Carter Bank & Trust		210,126
	125,450		Cathay General Bancorp		2,951,838
	7,897	e	CB Financial Services, Inc		154,860
	30,502		CBTX, Inc		576,488
	42,525		Central Pacific Financial Corp		585,569
	13,356		Central Valley Community Bancorp		172,292
	4,239		Century Bancorp, Inc		303,385
	8,038		Chemung Financial Corp		273,935
	10,981		ChoiceOne Financial Services, Inc		315,814
	157,675		CIT Group, Inc		4,643,529
	21,602		Citizens & Northern Corp		365,938
	7,476		Citizens Holding Co		162,229
	25,328		City Holding Co		1,530,571
	24,288		Civista Bancshares, Inc		346,347
	23,959		CNB Financial Corp		434,616
	13,535	*	Coastal Financial Corp		201,130
	15,088		Codorus Valley Bancorp, Inc		203,084
	10,806		Colony Bankcorp Inc		135,399
	114,983		Columbia Banking System, Inc		3,266,667
	79,003	*	Columbia Financial, Inc		963,047
	86,495		Community Bank System, Inc		5,015,845
	24,694		Community Bankers Trust Corp		134,829
	7,045		Community Financial Corp		153,933
	25,095		Community Trust Bancorp, Inc		798,523
	59,068		ConnectOne Bancorp, Inc		911,419
	8,071	e	County Bancorp, Inc		149,313
	81,861	*	CrossFirst Bankshares, Inc		683,539
	46,456	*	Customers Bancorp, Inc		642,022
	213,009		CVB Financial Corp		3,727,657
	45,435		Dime Community Bancshares		574,753

231

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	10,059		Eagle Bancorp Montana, Inc	$	193,736
	53,561		Eagle Bancorp, Inc		1,602,545
	13,817		Enterprise Bancorp, Inc		312,402
	37,516		Enterprise Financial Services Corp		1,092,091
	23,479	*	Equity Bancshares, Inc		431,544
	10,733	*	Esquire Financial Holdings, Inc		167,327
	11,255		ESSA Bancorp, Inc		143,051
	178,263		Essent Group Ltd		7,103,781
	7,709		Evans Bancorp, Inc		175,842
	17,693	e	Farmers & Merchants Bancorp, Inc		354,922
	42,907		Farmers National Banc Corp		499,867
	51,223		FB Financial Corp		1,511,078
	14,973		Federal Agricultural Mortgage Corp (FAMC)		967,106
	6,246	e	Fidelity D&D Bancorp, Inc		297,684
	24,377		Financial Institutions, Inc		432,204
	44,807		First Bancorp (NC)		1,079,401
	348,350		First Bancorp (Puerto Rico)		2,260,791
	15,618		First Bancorp, Inc		361,244
	34,281		First Bancshares, Inc		817,259
	25,831		First Bank		193,474
	81,042		First Busey Corp		1,457,946
	12,667		First Business Financial Services, Inc		217,239
	4,693	e	First Capital Inc		283,035
	16,621		First Choice Bancorp		234,024
	156,728		First Commonwealth Financial Corp		1,350,995
	28,041		First Community Bancshares, Inc		532,218
	11,344		First Community Corp		161,198
	160,686		First Financial Bancorp		2,297,810
	210,454		First Financial Bankshares, Inc		6,273,634
	24,042		First Financial Corp		834,738
	65,288		First Foundation, Inc		970,833
	6,249		First Guaranty Bancshares, Inc		90,923
	13,698		First Internet Bancorp		294,781
	67,466		First Interstate Bancsystem, Inc		2,381,550
	89,155		First Merchants Corp		2,327,837
	22,191		First Mid-Illinois Bancshares, Inc		616,022
	186,390		First Midwest Bancorp, Inc		2,339,194
	11,269		First Northwest Bancorp		132,411
	35,195		First of Long Island Corp		543,059
	3,021	e	First Savings Financial Group, Inc		163,285
	10,786		First United Corp		128,569
	10,003	*	First Western Financial, Inc		142,043
	71,657		Flagstar Bancorp, Inc		2,103,133
	43,661		Flushing Financial Corp		558,424
	24,717		FNCB Bancorp Inc		135,943
	6,082		Franklin Financial Services Corp		133,804
	6,068		FS Bancorp, Inc		281,009
	254,921		Fulton Financial Corp		2,801,582
	17,587	*	FVCBankcorp, Inc		217,024
	40,337		German American Bancorp, Inc		1,216,967
	156,634		Glacier Bancorp, Inc		5,607,497
	17,406		Great Southern Bancorp, Inc		712,776
	86,518		Great Western Bancorp, Inc		1,123,869
	3,120		Greene County Bancorp, Inc		70,356
	11,895		Guaranty Bancshares, Inc		343,765
	139,548		Hancock Whitney Corp		3,191,463

232

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	49,466		Hanmi Financial Corp	$	444,699
	84,726		HarborOne Northeast Bancorp, Inc		796,424
	8,548		Hawthorn Bancshares Inc		162,070
	15,829		HBT Financial, Inc		195,330
	58,660		Heartland Financial USA, Inc		1,932,260
	101,510		Heritage Commerce Corp		735,947
	56,387		Heritage Financial Corp		1,181,872
	116,252		Hilltop Holdings, Inc		2,651,708
	2,423		Hingham Institution for Savings		489,373
	11,365		Home Bancorp, Inc		286,853
	251,329		Home Bancshares, Inc		4,172,061
	36,828		HomeStreet, Inc		1,144,246
	25,940		HomeTrust Bancshares, Inc		414,262
	184,621		Hope Bancorp, Inc		1,489,891
	68,500		Horizon Bancorp		849,400
	20,861	*	Howard Bancorp, Inc		211,322
	52,933		Independent Bank Corp (MA)		3,032,532
	36,159		Independent Bank Corp (MI)		541,300
	59,539		Independent Bank Group, Inc		3,071,022
	85,651		International Bancshares Corp		2,370,820
	15,412		Investar Holding Corp		214,843
	370,246		Investors Bancorp, Inc		3,132,281
	132,387		Kearny Financial Corp		1,112,051
	75,047		Lakeland Bancorp, Inc		835,273
	39,504		Lakeland Financial Corp		2,019,840
	5,968	e	Landmark Bancorp, Inc		139,950
	18,657		LCNB Corp		256,720
	6,781		Level One Bancorp, Inc		106,801
	8,088	*	Limestone Bancorp, Inc		85,733
	45,386		Live Oak Bancshares, Inc		1,691,990
	27,683		Luther Burbank Corp		261,051
	41,374		Macatawa Bank Corp		297,479
	20,820		Mackinac Financial Corp		206,743
	16,031	*	MainStreet Bancshares Inc		239,022
	23,968		Mercantile Bank Corp		523,940
	14,019		Merchants Bancorp		302,530
	73,331		Meridian Bancorp, Inc		912,971
	8,582	e	Meridian Corp		150,872
	56,664		Meta Financial Group, Inc		1,662,522
	29,837	e	Metrocity Bankshares, Inc		416,823
	11,009	*	Metropolitan Bank Holding Corp		329,720
	14,066		Mid Penn Bancorp, Inc		274,990
	9,497	e	Middlefield Banc Corp		181,203
	34,685		Midland States Bancorp, Inc		516,807
	21,689		MidWestOne Financial Group, Inc		437,033
	7,084	*	MMA Capital Holdings Inc		177,667
	126,913	*	Mr Cooper Group, Inc		2,675,326
	14,402		MVB Financial Corp		229,712
	48,249		National Bank Holdings Corp		1,454,707
	9,960		National Bankshares, Inc		270,713
	68,279		NBT Bancorp, Inc		1,869,479
	15,864	*	Nicolet Bankshares, Inc		978,809
	132,067	*	NMI Holdings, Inc		2,838,120
	12,065		Northeast Bank		231,527
	69,441		Northfield Bancorp, Inc		705,521
	12,859		Northrim BanCorp, Inc		367,253

233

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	188,175		Northwest Bancshares, Inc	$	2,007,827
	8,879		Norwood Financial Corp		203,152
	8,267	e	Oak Valley Bancorp		114,663
	97,790		OceanFirst Financial Corp		1,463,916
	81,671		OFG Bancorp		1,175,246
	4,666		Ohio Valley Banc Corp		99,899
	262,569		Old National Bancorp		3,670,715
	49,526		Old Second Bancorp, Inc		423,447
	22,204		OP Bancorp		142,772
	35,056		Origin Bancorp, Inc		784,203
	20,109		Orrstown Financial Services, Inc		281,124
	128,437		Pacific Premier Bancorp, Inc		3,275,144
	23,042		Park National Corp		2,111,799
	16,102		Parke Bancorp, Inc		193,707
	15,783		Partners Bancorp		79,231
	27,378		PCB Bancorp		257,353
	24,441		PCSB Financial Corp		329,220
	15,712	*	PDL Community Bancorp		142,979
	29,604		Peapack Gladstone Financial Corp		499,716
	10,726		Penns Woods Bancorp, Inc		221,599
	69,607		PennyMac Financial Services, Inc		3,537,428
	5,310		Peoples Bancorp of North Carolina, Inc		91,810
	33,405		Peoples Bancorp, Inc		754,953
	10,436		Peoples Financial Services Corp		374,131
	16,955	*	Pioneer Bancorp, Inc		160,394
	7,352		Plumas Bancorp		147,922
	22,385		Preferred Bank		757,285
	20,251		Premier Financial Bancorp, Inc		253,138
	60,499		Premier Financial Corp		1,088,377
	11,614	*	Professional Holding Corp		158,299
	10,146		Provident Bancorp Inc		87,459
	8,540		Provident Financial Holdings, Inc		108,116
	120,238		Provident Financial Services, Inc		1,631,630
	15,523		Prudential Bancorp, Inc		179,912
	23,572		QCR Holdings, Inc		731,439
	307,420		Radian Group, Inc		5,518,189
	25,818		RBB Bancorp		329,696
	7,570		Red River Bancshares Inc		343,754
	30,038		Reliant Bancorp Inc		506,140
	88,556		Renasant Corp		2,524,732
	16,512		Republic Bancorp, Inc (Class A)		550,345
	71,588	*	Republic First Bancorp, Inc		159,641
	20,153		Richmond Mutual Bancorporation, Inc		220,675
	31,200		Riverview Bancorp, Inc		146,328
	61,604		S&T Bancorp, Inc		1,219,143
	4,045		Salisbury Bancorp, Inc		136,883
	73,361		Sandy Spring Bancorp, Inc		1,859,701
	11,319	e	SB Financial Group, Inc		173,633
	83,104	*	Seacoast Banking Corp of Florida		1,785,074
	15,696	*	Security National Financial Corp		103,437
	20,322	*	Select Bancorp, Inc		151,399
	78,470		ServisFirst Bancshares, Inc		2,895,543
	15,695		Shore Bancshares, Inc		169,820
	21,936		Sierra Bancorp		435,210
	24,665	*	Silvergate Capital Corp		551,509
	173,425		Simmons First National Corp (Class A)		2,946,491

234

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	18,371		SmartFinancial, Inc	$	274,463
	15,593		South Plains Financial Inc		228,437
	112,369		South State Corp		6,899,457
	10,088	*	Southern First Bancshares, Inc		270,762
	11,360		Southern Missouri Bancorp, Inc		289,453
	32,075		Southern National Bancorp of Virginia, Inc		309,845
	51,865		Southside Bancshares, Inc		1,398,280
	27,660		Spirit of Texas Bancshares, Inc		351,559
	6,207		Standard AVB Financial Corp		203,714
	27,227		Sterling Bancorp, Inc		96,111
	33,476		Stock Yards Bancorp, Inc		1,279,453
	20,802		Summit Financial Group, Inc		374,644
	11,960		Territorial Bancorp, Inc		253,672
	81,319	*	Texas Capital Bancshares, Inc		3,659,355
	86,990	*	The Bancorp, Inc		835,104
	12,056		Timberland Bancorp, Inc		229,667
	23,206		Tompkins Financial Corp		1,299,304
	106,566		Towne Bank		1,937,370
	44,933		Trico Bancshares		1,299,912
	44,553	*	Tristate Capital Holdings, Inc		560,922
	37,422	*	Triumph Bancorp, Inc		1,576,589
	151,845		Trustco Bank Corp NY		834,388
	101,352		Trustmark Corp		2,370,623
	71,654		UMB Financial Corp		4,361,579
	198,748		United Bankshares, Inc		5,213,160
	126,347		United Community Banks, Inc		2,645,706
	14,975		United Security Bancshares		93,145
	14,239		Unity Bancorp, Inc		199,631
	44,403		Univest Financial Corp		704,232
	652,850		Valley National Bancorp		4,987,774
	77,462		Veritex Holdings, Inc		1,528,325
	45,607		Walker & Dunlop, Inc		2,867,768
	121,212		Washington Federal, Inc		2,580,603
	30,121		Washington Trust Bancorp, Inc		1,017,186
	37,789		Waterstone Financial, Inc		637,878
	103,662		WesBanco, Inc		2,517,950
	24,263		West Bancorporation, Inc		402,523
	42,096		Westamerica Bancorporation		2,204,568
	40,029		Western New England Bancorp, Inc		230,567
	81,280		WSFS Financial Corp		2,575,763
			TOTAL BANKS		303,115,604
CAPITAL GOODS - 10.1%
	66,312		Aaon, Inc		3,873,284
	54,385		AAR Corp		1,058,332
	89,242		Advanced Drainage Systems, Inc		5,660,620
	45,730	*	Aegion Corp		645,250
	117,807	*	Aerojet Rocketdyne Holdings, Inc		3,819,303
	34,946	*	Aerovironment, Inc		2,668,477
	15,979		Alamo Group, Inc		1,922,753
	49,443		Albany International Corp (Class A)		2,518,626
	10,908		Allied Motion Technologies, Inc		412,104
	19,578	*,e	Alpha Pro Tech Ltd		277,812
	27,509	*,e	Alta Equipment Group, Inc		209,619
	103,548		Altra Industrial Motion Corp		4,427,712
	38,902	*	Ameresco, Inc		1,493,448

235

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	38,968	*	American Superconductor Corp	$	542,045
	27,282	*	American Woodmark Corp		2,253,766
	40,483		Apogee Enterprises, Inc		967,139
	62,351		Applied Industrial Technologies, Inc		3,806,529
	78,470		Arcosa, Inc		3,622,960
	23,939		Argan, Inc		986,047
	36,074		Astec Industries, Inc		1,832,559
	37,899	*	Astronics Corp		242,554
	75,248	*	Atkore International Group, Inc		1,556,881
	41,466		AZZ, Inc		1,392,843
	75,990		Barnes Group, Inc		2,788,833
	87,594	*	Beacon Roofing Supply, Inc		2,689,136
	145,158	*	Bloom Energy Corp		1,834,797
	21,069	*	Blue Bird Corp		243,136
	107,952	*	BMC Stock Holdings, Inc		4,273,820
	185,694	*	Builders FirstSource, Inc		5,626,528
	35,727		Caesarstone Sdot-Yam Ltd		344,766
	25,106		CAI International, Inc		661,543
	59,140	*	Chart Industries, Inc		4,994,373
	33,279	*	CIRCOR International, Inc		928,484
	36,742		Columbus McKinnon Corp		1,245,186
	57,979		Comfort Systems USA, Inc		2,655,438
	43,300	*,e	Concrete Pumping Holdings Inc		139,859
	42,257	*	Construction Partners Inc		861,198
	70,619	*	Cornerstone Building Brands, Inc		541,648
	22,115		CSW Industrials, Inc		1,891,496
	50,171		Cubic Corp		2,965,608
	35,865		Douglas Dynamics, Inc		1,223,355
	16,798	*	Ducommun, Inc		552,654
	26,361	*	DXP Enterprises, Inc		412,286
	49,579	*	Dycom Industries, Inc		3,219,660
	8,488		Eastern Co		173,749
	87,255		EMCOR Group, Inc		5,949,918
	32,362		Encore Wire Corp		1,495,448
	69,353	*	Energy Recovery, Inc		672,031
	87,466		Enerpac Tool Group Corp		1,559,519
	69,586		EnerSys		4,982,358
	33,455		EnPro Industries, Inc		1,974,514
	41,353		ESCO Technologies, Inc		3,460,833
	9,791	*,e	EVI Industries, Inc		285,995
	146,589	*	Evoqua Water Technologies Corp		3,361,286
	99,112		Federal Signal Corp		2,842,532
	226,870		Fluor Corp		2,574,974
	31,656	*	Foundation Building Materials, Inc		460,911
	75,436		Franklin Electric Co, Inc		4,505,792
	343,733	*,e	FuelCell Energy, Inc		687,466
	56,009		GATX Corp		3,824,295
	15,863	*	Gencor Industries, Inc		183,376
	16,584	*	General Finance Corp		108,625
	52,569	*	Gibraltar Industries, Inc		3,020,089
	67,002	*	GMS, Inc		1,514,245
	30,973		Gorman-Rupp Co		961,712
	20,773		Graham Corp		274,204
	75,548		Granite Construction, Inc		1,458,832
	103,824	*	Great Lakes Dredge & Dock Corp		1,072,502
	51,544		Greenbrier Cos, Inc		1,390,657

236

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	69,096		Griffon Corp	$	1,481,418
	48,952		H&E Equipment Services, Inc		1,029,950
	126,410	*	Harsco Corp		1,630,689
	110,598	*,e	HC2 Holdings, Inc		237,786
	50,551		Helios Technologies, Inc		2,115,054
	40,536	*	Herc Holdings, Inc		1,798,177
	119,524		Hillenbrand, Inc		3,496,077
	12,094		Hurco Cos, Inc		360,885
	15,418		Hyster-Yale Materials Handling, Inc		653,723
	13,056	*	IES Holdings, Inc		416,748
	29,088		Insteel Industries, Inc		632,955
	112,096	*	JELD-WEN Holding, Inc		2,357,379
	50,278		John Bean Technologies Corp		4,221,844
	18,401		Kadant, Inc		2,118,323
	44,292		Kaman Corp		1,756,621
	133,396		Kennametal, Inc		4,135,276
	199,548	*	Kratos Defense & Security Solutions, Inc		3,769,462
	7,476	*	Lawson Products, Inc		308,086
	16,315	*	LB Foster Co (Class A)		221,231
	17,515		Lindsay Corp		1,844,329
	41,122		LSI Industries, Inc		281,274
	43,695		Luxfer Holdings plc		542,692
	29,014	*	Lydall, Inc		574,187
	54,380	*	Manitowoc Co, Inc		409,481
	39,265	*	Masonite International Corp		3,455,320
	90,741	*	Mastec, Inc		4,504,383
	100,713		Maxar Technologies, Inc		2,595,374
	111,267	*	Meritor, Inc		2,708,239
	17,942		Miller Industries, Inc		537,183
	48,050		Moog, Inc (Class A)		2,997,839
	118,841	*	MRC Global, Inc		506,263
	90,275		Mueller Industries, Inc		2,611,656
	253,251		Mueller Water Products, Inc (Class A)		2,623,680
	27,117	*	MYR Group, Inc		1,159,252
	8,342		National Presto Industries, Inc		693,137
	80,577	*	Navistar International Corp		3,473,674
	20,889	*	Nesco Holdings, Inc		86,689
	67,463	*	NN, Inc		361,602
	16,707	*	Northwest Pipe Co		447,748
	172,013	*	NOW, Inc		700,093
	18,349	*	NV5 Global Inc		1,029,012
	4,668		Omega Flex, Inc		698,800
	42,017	*	Orion Energy Systems, Inc		269,749
	95,471	*,e	PAE, Inc		756,130
	35,996		Park Aerospace Corp		381,198
	36,394	*	Parsons Corp		1,147,139
	36,992		Patrick Industries, Inc		2,062,304
	91,824	*	PGT, Inc		1,522,442
	552,966	*	Plug Power, Inc		7,741,524
	15,137		Powell Industries, Inc		357,687
	5,078		Preformed Line Products Co		279,442
	76,501		Primoris Services Corp		1,443,574
	42,932	*	Proto Labs, Inc		5,069,411
	55,323		Quanex Building Products Corp		1,006,879
	56,020		Raven Industries, Inc		1,227,958
	39,568	*	RBC Bearings, Inc		4,710,570

237

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	199,367	*	Resideo Technologies, Inc	$	2,009,619
	44,286		REV Group, Inc		347,645
	198,872		Rexnord Corp		6,379,814
	65,769		Rush Enterprises, Inc (Class A)		2,357,161
	10,605		Rush Enterprises, Inc (Class B)		333,527
	54,115		Shyft Group, Inc		1,044,961
	69,956		Simpson Manufacturing Co, Inc		6,206,496
	71,248	*	SiteOne Landscape Supply, Inc		8,513,424
	69,468	*	SPX Corp		2,944,749
	68,332	*	SPX FLOW, Inc		2,893,860
	19,412		Standex International Corp		1,205,291
	47,125	*	Sterling Construction Co, Inc		692,738
	235,784	*	Sunrun, Inc		12,265,484
	20,047		Systemax, Inc		569,936
	29,552		Tennant Co		1,761,890
	107,384		Terex Corp		2,651,311
	82,954	*	Textainer Group Holdings Ltd		1,199,515
	17,538	*	The ExOne Company		176,257
	49,731	*	Thermon Group Holdings		501,786
	30,380	*	Titan Machinery, Inc		455,396
	48,447	*	TPI Composites, Inc		1,604,565
	9,875	*	Transcat Inc		305,236
	69,774	*	Trimas Corp		1,697,601
	97,091		Triton International Ltd		3,580,716
	81,320		Triumph Group, Inc		536,712
	67,522	*	Tutor Perini Corp		912,222
	14,536	*	Ultralife Corp		75,006
	17,748	*	Vectrus, Inc		701,401
	21,329	*	Veritiv Corp		307,138
	30,960	*	Vicor Corp		2,414,880
	87,851		Wabash National Corp		1,252,755
	44,033		Watts Water Technologies, Inc (Class A)		4,877,535
	208,313	*	Welbilt, Inc		1,266,543
	78,820	*	WESCO International, Inc		3,250,537
	5,306	*	Willis Lease Finance Corp		112,540
	257,365	*	WillScot Mobile Mini Holdings Corp		4,781,842
			TOTAL CAPITAL GOODS		312,828,017
COMMERCIAL & PROFESSIONAL SERVICES - 3.2%
	107,617		ABM Industries, Inc		3,736,462
	81,399	*	Acacia Research (Acacia Technologies)		256,407
	155,880		ACCO Brands Corp		821,488
	14,374	*,e	Akerna Corp		34,210
	226,120	*,g	API Group Corp		3,253,867
	83,073	*	ASGN Inc		5,539,308
	11,399		Barrett Business Services, Inc		675,391
	14,461		BG Staffing, Inc		115,254
	75,607		Brady Corp (Class A)		2,851,896
	65,632	*	BrightView Holdings, Inc		802,679
	81,100	e	Brink’s Co		3,473,513
	73,995	*	Casella Waste Systems, Inc (Class A)		3,994,990
	40,697	*	Casper Sleep, Inc		269,821
	82,345	*	CBIZ, Inc		1,866,761
	56,141	*	Ceco Environmental Corp		397,478
	28,700	*	Cimpress plc		2,106,580
	1,670		Compx International, Inc		21,109

238

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	191,884		Covanta Holding Corp	$	1,742,307
	12,905		CRA International, Inc		528,460
	65,928		Deluxe Corp		1,413,496
	40,105		Emerald Holding, Inc		105,075
	46,281		Ennis, Inc		705,322
	83,713		Exponent, Inc		5,825,588
	16,665	*	Forrester Research, Inc		615,605
	20,028	*	Franklin Covey Co		338,874
	19,950	*	GP Strategies Corp		192,518
	119,879		Healthcare Services Group		2,742,832
	31,901		Heidrick & Struggles International, Inc		728,938
	22,945	*	Heritage-Crystal Clean, Inc		378,134
	94,736		Herman Miller, Inc		2,886,606
	68,369		HNI Corp		2,225,411
	35,526	*	Huron Consulting Group, Inc		1,345,014
	29,305		ICF International, Inc		1,916,254
	58,245		Insperity, Inc		4,460,402
	87,218		Interface, Inc		534,646
	208,210		KAR Auction Services, Inc		3,031,538
	53,724		Kelly Services, Inc (Class A)		933,723
	31,049		Kforce, Inc		1,077,400
	60,047		Kimball International, Inc (Class B)		618,484
	75,048		Knoll, Inc		860,050
	90,703		Korn/Ferry International		2,738,324
	6,144	*	Mastech Holdings, Inc		96,338
	48,917		Matthews International Corp (Class A)		1,067,858
	38,754		McGrath RentCorp		2,212,078
	17,923	*	Mistras Group, Inc		66,674
	18,720	*	Montrose Environmental Group, Inc		506,002
	9,268		NL Industries, Inc		38,370
	278,010		Pitney Bowes, Inc		1,476,233
	105,474	*,e	Precigen, Inc		452,483
	53,179		Quad Graphics, Inc		120,716
	10,400	*,e	Red Violet, Inc		216,320
	46,629		Resources Connection, Inc		500,795
	36,466	*	SP Plus Corp		672,068
	137,445		Steelcase, Inc (Class A)		1,434,926
	60,016	*	Team, Inc		321,686
	87,395		Tetra Tech, Inc		8,819,029
	66,112	*	TriNet Group, Inc		4,556,439
	58,793	*	TrueBlue, Inc		912,467
	24,695		Unifirst Corp		4,045,288
	49,577		US Ecology, Inc		1,513,090
	34,410		Viad Corp		688,200
	119,762	*	Vivint Smart Home, Inc		1,862,299
	17,002		VSE Corp		492,378
	15,280	*	Willdan Group, Inc		399,878
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		100,633,830
CONSUMER DURABLES & APPAREL - 4.0%
	57,687		Acushnet Holdings Corp		1,968,857
	22,127	*	American Outdoor Brands, Inc		334,781
	45,708	*	Beazer Homes USA, Inc		556,723
	149,988		Callaway Golf Co		2,323,314
	14,883	*	Cavco Industries, Inc		2,561,960
	46,984	*	Century Communities, Inc		1,824,859

239

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	39,006		Clarus Corp	$	604,983
	107,191	*	CROCS, Inc		5,609,305
	45,311	*	Deckers Outdoor Corp		11,480,448
	17,839		Escalade, Inc		331,984
	36,403		Ethan Allen Interiors, Inc		584,268
	74,678	*	Fossil Group, Inc		426,411
	52,692	*	Genasys, Inc		317,206
	71,254	*	G-III Apparel Group Ltd		960,504
	208,231	*	GoPro, Inc		1,236,892
	38,140	*	Green Brick Partners, Inc		682,325
	10,453		Hamilton Beach Brands Holding Co		230,489
	41,095	*	Helen of Troy Ltd		7,791,612
	19,246		Hooker Furniture Corp		529,265
	37,539	*	Installed Building Products, Inc		3,398,781
	44,305	*,e	iRobot Corp		3,525,792
	8,099		Johnson Outdoors, Inc		707,286
	141,681		KB Home		4,569,212
	83,227		Kontoor Brands, Inc		2,738,168
	12,276	*,e	Lakeland Industries, Inc		264,793
	71,391		La-Z-Boy, Inc		2,443,714
	13,139	*	Legacy Housing Corp		178,822
	35,808	*	LGI Homes, Inc		3,827,159
	20,138		Lifetime Brands, Inc		202,387
	17,296	*	Lovesac Co		445,199
	44,624	*	M/I Homes, Inc		1,826,014
	33,096	*	Malibu Boats, Inc		1,682,270
	11,408		Marine Products Corp		180,931
	29,573	*	MasterCraft Boat Holdings, Inc		609,795
	83,356		MDC Holdings, Inc		3,627,653
	59,698	*	Meritage Homes Corp		5,199,099
	22,718		Movado Group, Inc		247,853
	4,470		Nacco Industries, Inc (Class A)		87,120
	47,332	*	Nautilus, Inc		1,026,631
	25,592		Oxford Industries, Inc		1,053,623
	35,592	*	Purple Innovation, Inc		1,009,745
	11,234		Rocky Brands, Inc		302,195
	84,466	*	Skyline Champion Corp		2,166,553
	88,510		Smith & Wesson Brands, Inc		1,468,381
	128,868	*	Sonos, Inc		1,881,473
	130,597		Steven Madden Ltd		3,135,634
	27,082		Sturm Ruger & Co, Inc		1,810,703
	18,501		Superior Uniform Group, Inc		399,992
	202,729	*	Taylor Morrison Home Corp		4,378,946
	53,654	*	TopBuild Corp		8,220,329
	208,924	*	TRI Pointe Homes, Inc		3,432,621
	78,504	*	Tupperware Brands Corp		2,490,147
	21,356	*	Turtle Beach Corp		384,835
	23,363	*	Unifi, Inc		350,211
	22,198	*	Universal Electronics, Inc		822,658
	32,491	*	Vera Bradley, Inc		205,993
	93,666	*	Vista Outdoor, Inc		1,851,777
	31,848	*	VOXX International Corp (Class A)		360,838
	128,455		Wolverine World Wide, Inc		3,425,895
	130,309	*	YETI Holdings, Inc		6,447,689
			TOTAL CONSUMER DURABLES & APPAREL		122,745,103

240

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
CONSUMER SERVICES - 3.9%
	76,426	*	Accel Entertainment, Inc	$	733,690
	83,577	*	Adtalem Global Education, Inc		1,959,045
	23,067	*	American Public Education, Inc		652,104
	29,802	*,e	Aspen Group, Inc		279,543
	140	*	Biglari Holdings, Inc (A Shares)		61,187
	1,683	*	Biglari Holdings, Inc (B Shares)		140,985
	35,443		BJ’s Restaurants, Inc		999,847
	141,691		Bloomin’ Brands, Inc		1,980,840
	11,785		Bluegreen Vacations Corp		57,393
	131,024		Boyd Gaming Corp		4,156,081
	71,703		Brinker International, Inc		3,121,949
	267,761	*,e	Caesars Entertainment, Inc		12,001,048
	28,599		Carriage Services, Inc		738,140
	63,462	*	Carrols Restaurant Group, Inc		371,253
	41,827	*	Century Casinos, Inc		197,005
	67,801	e	Cheesecake Factory		2,015,046
	61,004		Churchill Downs, Inc		9,098,747
	31,490	*	Chuy’s Holdings, Inc		660,975
	15,534		Collectors Universe		853,283
	38,067		Cracker Barrel Old Country Store, Inc		4,332,786
	74,207		Dave & Buster’s Entertainment, Inc		1,273,392
	44,551	*	Del Taco Restaurants, Inc		330,346
	99,827	*	Denny’s Corp		894,450
	25,783		Dine Brands Global Inc.		1,326,535
	29,146	*	El Pollo Loco Holdings, Inc		411,541
	128,365	*	Everi Holdings, Inc		1,105,223
	29,014	*	Fiesta Restaurant Group, Inc		250,681
	35,060		Franchise Group, Inc		803,575
	11,900	*	GAN Ltd		169,099
	27,024	*	Golden Entertainment, Inc		347,529
	137,032	*	Hilton Grand Vacations, Inc		2,822,859
	173,829	*	Houghton Mifflin Harcourt Co		453,694
	160,079		International Game Technology plc		1,314,249
	36,164	e	Jack in the Box, Inc		2,895,290
	63,730	*	K12, Inc		1,521,235
	5,140	*,e	Kura Sushi USA, Inc		66,152
	172,740	*	Laureate Education, Inc		2,245,620
	43,316	*	Lindblad Expeditions Holdings, Inc		360,389
	65,016		Marriott Vacations Worldwide Corp		6,280,546
	20,134	*	Monarch Casino & Resort, Inc		873,614
	4,421		Nathan’s Famous, Inc		224,410
	52,986	*	Noodles & Co		342,289
	71,120		OneSpaWorld Holdings Ltd		441,655
	52,507		Papa John’s International, Inc		4,022,036
	245,587	*	Penn National Gaming, Inc		13,256,786
	110,517	*	Perdoceo Education Corp		1,247,737
	55,260	*	PlayAGS, Inc		149,202
	15,720		RCI Hospitality Holdings, Inc		336,408
	28,857	*,e	Red Robin Gourmet Burgers, Inc		347,438
	105,793		Red Rock Resorts, Inc		2,022,762
	35,965	*	Regis Corp		199,246
	52,142		Ruth’s Hospitality Group Inc		582,947
	91,735	*	Scientific Games Corp (Class A)		2,924,512
	81,273	*	SeaWorld Entertainment, Inc		1,789,631
	56,514	*	Shake Shack, Inc		3,815,825

241

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	38,750		Strategic Education, Inc	$	3,218,575
	47,667	*	Target Hospitality Corp		41,475
	105,466		Texas Roadhouse, Inc (Class A)		7,385,784
	30,011	e	Twin River Worldwide Holdings Inc		728,367
	45,526	*	Universal Technical Institute, Inc		208,964
	47,569		Wingstop, Inc		5,533,702
	78,681	*	WW International Inc		1,664,890
			TOTAL CONSUMER SERVICES		120,641,607
DIVERSIFIED FINANCIALS - 3.9%
	23,632		Alerus Financial Corp		508,324
	7,888		A-Mark Precious Metals, Inc		245,159
	160,691		Anworth Mortgage Asset Corp		263,533
	238,409		Apollo Commercial Real Estate Finance, Inc		2,074,158
	173,096		Arbor Realty Trust, Inc		2,045,995
	42,505		Ares Commercial Real Estate Corp		395,722
	61,592		Arlington Asset Investment Corp (Class A)		151,516
	102,030		ARMOUR Residential REIT, Inc		973,366
	90,331		Artisan Partners Asset Management, Inc		3,618,660
	26,387	*	Assetmark Financial Holdings, Inc		558,085
	3,259		Associated Capital Group, Inc		104,614
	7,942	*	Atlanticus Holdings Corp		90,936
	30,503		B. Riley Financial, Inc		800,399
	50,095		Banco Latinoamericano de Exportaciones S.A. (Class E)		640,715
	485,090		BGC Partners, Inc (Class A)		1,431,015
	221,173		Blackstone Mortgage Trust, Inc		4,799,454
	77,387	*	Blucora, Inc		770,001
	99,053		Brightsphere Investment Group, Inc		1,366,931
	206,724		Broadmark Realty Capital, Inc		2,061,038
	140,057	*	Cannae Holdings, Inc		5,179,308
	154,079		Capstead Mortgage Corp		787,344
	27,931		Cherry Hill Mortgage Investment Corp		255,848
	306,475		Chimera Investment Corp		2,559,066
	39,293		Cohen & Steers, Inc		2,212,589
	147,725		Colony Credit Real Estate, Inc		774,079
	45,937		Cowen Group, Inc		985,808
	29,612		Curo Group Holdings Corp		221,794
	4,916		Diamond Hill Investment Group, Inc		673,197
	48,255	*	Donnelley Financial Solutions, Inc		609,461
	34,005		Dynex Capital, Inc		557,002
	67,705		Ellington Financial Inc		828,709
	14,480		Ellington Residential Mortgage REIT		153,922
	50,237	*	Encore Capital Group, Inc		1,604,067
	55,689	*	Enova International, Inc		854,826
	78,539	*	Ezcorp, Inc (Class A)		350,284
	158,737		Federated Investors, Inc (Class B)		3,793,814
	65,302		FirstCash, Inc		3,398,316
	50,178	*	Focus Financial Partners, Inc		1,831,999
	8,005		GAMCO Investors, Inc (Class A)		98,461
	88,409		Granite Point Mortgage Trust, Inc		595,877
	24,739		Great Ajax Corp		189,996
	83,317	*	Green Dot Corp		4,442,462
	25,633		Greenhill & Co, Inc		331,435
	34,749	*,e	Grid Dynamics Holdings, Inc		271,042
	6,613	*,e	GWG Holdings Inc		49,597
	48,336		Hamilton Lane, Inc		3,369,019

242

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	118,267		Hannon Armstrong Sustainable Infrastructure Capital, Inc	$	4,949,474
	83,648		Houlihan Lokey, Inc		5,244,730
	291,919		Invesco Mortgage Capital, Inc		788,181
	37,828	e	iShares Russell 2000 Index Fund		5,791,089
	45,928		KKR Real Estate Finance Trust, Inc		767,457
	171,125		Ladder Capital Corp		1,283,437
	104,309	*,e	LendingClub Corp		487,123
	8,046		Marlin Business Services Corp		58,736
	723,770		MFA Financial Inc		2,041,031
	84,843		Moelis & Co		3,156,160
	308,235		Navient Corp		2,468,962
	27,604		Nelnet, Inc (Class A)		1,684,948
	611,454		New York Mortgage Trust, Inc		1,553,093
	35,784	*,†	NewStar Financial, Inc		8,640
	31,025	*	Oportun Financial Corp		412,633
	16,620		Oppenheimer Holdings, Inc		416,497
	96,281		Orchid Island Capital, Inc		499,698
	162,040		PennyMac Mortgage Investment Trust		2,425,739
	26,441	*	Pico Holdings, Inc		218,667
	28,015		Piper Jaffray Cos		2,337,852
	37,912		PJT Partners, Inc		2,565,126
	72,062	*	PRA Group, Inc		2,459,476
	30,321		Pzena Investment Management, Inc (Class A)		157,366
	67,253		Ready Capital Corp		755,924
	185,165		Redwood Trust, Inc		1,573,903
	14,235	*	Regional Management Corp		289,255
	30,407		Safeguard Scientifics, Inc		176,969
	29,718		Sculptor Capital Management, Inc		322,143
	8,842	*	Siebert Financial Corp		31,743
	15,048		Silvercrest Asset Management Group, Inc		169,892
	108,656		Stifel Financial Corp		6,352,030
	26,377	*	StoneX Group, Inc		1,397,453
	6,037	*	SWK Holdings Corp		87,235
	95,896		TPG RE Finance Trust, Inc		749,907
	452,019		Two Harbors Investment Corp		2,287,216
	1,276		Value Line, Inc		34,835
	11,900		Virtus Investment Partners, Inc		1,898,645
	101,461		Waddell & Reed Financial, Inc (Class A)		1,557,426
	108,368		Western Asset Mortgage Capital Corp		210,234
	8,527		Westwood Holdings Group, Inc		82,371
	232,018		WisdomTree Investments, Inc		844,546
	7,582	*,e	World Acceptance Corp		636,812
			TOTAL DIVERSIFIED FINANCIALS		121,113,597
ENERGY - 1.9%
	3,503		Adams Resources & Energy, Inc		66,837
	389,484	*,e	Antero Resources Corp		1,324,246
	25,229	*	Arch Resources, Inc		770,746
	202,299		Archrock, Inc		1,199,633
	54,312		Ardmore Shipping Corp		152,074
	32,725	*	Aspen Aerogels, Inc		369,793
	114,203		Berry Petroleum Co LLC		299,212
	33,121	*	Bonanza Creek Energy, Inc		586,573
	59,165		Brigham Minerals, Inc		521,835
	10,636	*	Bristow Group, Inc		221,016
	76,672		Cactus, Inc		1,303,424

243

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	298,035	*	ChampionX Corp	$	2,601,846
	212,577	*	Clean Energy Fuels Corp		527,191
	366,612	*	CNX Resources Corp		3,556,136
	35,351	*	Comstock Resources Inc		187,714
	41,872	*	CONSOL Energy, Inc		158,695
	145,214	*,e	Contango Oil & Gas Co		181,518
	47,827		CVR Energy, Inc		526,575
	99,684		Delek US Holdings, Inc		1,002,821
	175,888		DHT Holdings, Inc		846,021
	52,419	*	Diamond S Shipping Inc		296,692
	22,684		DMC Global, Inc		806,870
	66,020	*	Dorian LPG Ltd		541,364
	57,882	*	Dril-Quip, Inc		1,499,144
	37,679	*	Earthstone Energy, Inc		101,357
	421,173		EnCana Corp		3,874,792
	185,019	*,e	Energy Fuels, Inc		279,379
	45,753		Evolution Petroleum Corp		101,114
	38,402	*	Exterran Corp		162,440
	61,773		Falcon Minerals Corp		113,662
	246,859	*	Frank’s International NV		432,003
	190,624	e	Frontline Ltd		1,031,276
	146,653	*	Golar LNG Ltd		1,107,230
	14,289	*	Goodrich Petroleum Corp		136,889
	57,390	*,e	Green Plains Inc		866,589
	227,648	*	Helix Energy Solutions Group, Inc		564,567
	38,016		International Seaways, Inc		514,737
	647,675		Kosmos Energy Ltd		643,983
	100,366		Liberty Oilfield Services, Inc		670,445
	204,998	*	Magnolia Oil & Gas Corp		889,691
	178,292	*	Matador Resources Co		1,260,524
	42,964	*	Matrix Service Co		326,526
	34,495	*	Montage Resources Corp		170,750
	11,404	e	Nabors Industries Ltd		324,102
	42,818	*	National Energy Services Reunited Corp		316,853
	149,191	*	Newpark Resources, Inc		106,686
	33,891	*,e	NextDecade Corp		82,016
	251,825	*	NexTier Oilfield Solutions, Inc		475,949
	233,030	e	Nordic American Tankers Ltd		678,117
	153,202	*	Oceaneering International, Inc		625,064
	114,838	*	Oil States International, Inc		285,947
	100,296	*	Overseas Shipholding Group, Inc		191,565
	64,405	*	Par Pacific Holdings, Inc		414,768
	292,845		Patterson-UTI Energy, Inc		749,683
	154,102		PBF Energy, Inc		719,656
	156,931	*	PDC Energy, Inc		1,870,618
	106,115	*	Peabody Energy Corp		136,888
	28,015	*,e	Penn Virginia Corp		215,155
	750	*	PrimeEnergy Corp		38,625
	127,984	*	ProPetro Holding Corp		505,537
	345,808		Range Resources Corp		2,275,417
	61,460	*	Renewable Energy Group, Inc		3,466,344
	8,758	*	Rex American Resources Corp		636,619
	83,751	*	RPC, Inc		199,327
	82,827	e	Scorpio Tankers, Inc		730,534
	30,575	*	SEACOR Holdings, Inc		936,512
	96,183	*	Select Energy Services, Inc		290,473

244

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	159,504		SFL Corp Ltd	$	1,038,371
	183,845		SM Energy Co		295,990
	46,387		Solaris Oilfield Infrastructure, Inc		275,075
	962,202	*	Southwestern Energy Co		2,569,079
	19,740	*	Talos Energy, Inc		129,889
	238,928	*,e	Tellurian, Inc		229,371
	73,003	*	Tidewater, Inc		427,798
	931,957	*,e	Transocean Ltd (NYSE)		624,877
	264,302	*,e	Uranium Energy Corp		227,987
	117,412		US Silica Holdings, Inc		319,361
	147,897	*,e	W&T Offshore, Inc		207,056
	1,056	*	Whiting Petroleum Corp		15,418
	100,419		World Fuel Services Corp		2,113,820
			TOTAL ENERGY		57,542,477
FOOD & STAPLES RETAILING - 0.8%
	52,624		Andersons, Inc		1,141,415
	222,312	*	BJ’s Wholesale Club Holdings, Inc		8,512,327
	48,541	*	Chefs’ Warehouse Holdings, Inc		656,274
	56,638	*	HF Foods Group Inc		373,244
	22,858	e	Ingles Markets, Inc (Class A)		819,688
	15,412		Natural Grocers by Vitamin C		163,984
	210,382	*	Performance Food Group Co		7,070,939
	36,424		Pricesmart, Inc		2,513,256
	88,024	*,e	Rite Aid Corp		804,539
	59,062		SpartanNash Co		1,087,331
	87,405	*	United Natural Foods, Inc		1,273,491
	12,578		Village Super Market (Class A)		284,892
	15,276		Weis Markets, Inc		693,683
			TOTAL FOOD & STAPLES RETAILING		25,395,063
FOOD, BEVERAGE & TOBACCO - 2.0%
	8,727		Alico, Inc		252,036
	101,999	e	B&G Foods, Inc (Class A)		2,709,093
	2,497	*	Bridgford Foods Corp		45,570
	26,464		Calavo Growers, Inc		1,776,528
	50,215	*	Cal-Maine Foods, Inc		1,925,745
	55,405	*,e	Celsius Holdings, Inc		1,114,195
	7,599		Coca-Cola Consolidated Inc		1,739,791
	260,558	*	Darling Ingredients, Inc		11,203,994
	38,889	*	Farmer Bros Co		134,945
	50,269		Fresh Del Monte Produce, Inc		1,082,292
	62,171	*	Freshpet, Inc		7,118,579
	197,574	*	Hostess Brands, Inc		2,497,335
	24,165		J&J Snack Foods Corp		3,276,049
	13,969		John B. Sanfilippo & Son, Inc		1,016,384
	30,961		Lancaster Colony Corp		5,143,861
	39,151	*	Landec Corp		376,241
	24,847		Limoneira Co		343,634
	21,578		MGP Ingredients, Inc		906,708
	19,072	*,e	National Beverage Corp		1,493,147
	179,736	*	NewAge, Inc		420,582
	251,849		Primo Water Corp		3,155,668
	32,328		Sanderson Farms, Inc		4,137,014
	10,762	*	Seneca Foods Corp		396,580
	137,329	*	Simply Good Foods Co		2,581,785

245

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	27,685	e	Tootsie Roll Industries, Inc	$	827,228
	19,050		Turning Point Brands, Inc		713,804
	39,273		Universal Corp		1,565,029
	231,322		Vector Group Ltd		2,125,849
	16,187	*	Vital Farms, Inc		559,423
			TOTAL FOOD, BEVERAGE & TOBACCO		60,639,089
HEALTH CARE EQUIPMENT & SERVICES - 7.4%
	126,238	*	1Life Healthcare, Inc		3,561,174
	18,833	*,e	Accolade, Inc		659,532
	155,609	*	Accuray, Inc		452,822
	16,146	*	Acutus Medical, Inc		369,259
	40,094	*	AdaptHealth Corp		1,094,566
	22,048	*	Addus HomeCare Corp		2,151,223
	260,247	*	Allscripts Healthcare Solutions, Inc		2,623,290
	74,689	*	Alphatec Holdings Inc		637,844
	28,912	*	American Renal Associates Holdings, Inc		332,199
	74,930	*	AMN Healthcare Services, Inc		4,891,430
	59,126	*	Angiodynamics, Inc		611,363
	270,773	*	Antares Pharma, Inc		739,210
	31,771	*,e	Apollo Medical Holdings, Inc		548,367
	66,773	*	Apyx Medical Corp		401,973
	70,158	*	AtriCure, Inc		2,424,660
	2,271		Atrion Corp		1,365,212
	31,384	*,e	Avalon GloboCare Corp		35,150
	76,442	*	Avanos Medical, Inc		2,702,225
	59,834	*,e	AxoGen, Inc		754,507
	48,815	*,e	Axonics Modulation Technologies, Inc		2,288,935
	20,983	*	Beyond Air, Inc		109,951
	22,074	*,e	BioLife Solutions Inc		633,745
	36,998	*,e	BioSig Technologies Inc		116,914
	54,077	*	BioTelemetry, Inc		2,302,599
	306,900	*	Brookdale Senior Living, Inc		902,286
	60,948		Cantel Medical Corp		2,915,752
	62,079	*	Cardiovascular Systems, Inc		2,213,116
	263,543	*	Cerus Corp		1,383,601
	31,463	*,e	Chembio Diagnostics, Inc		149,135
	41,360	*,e	Co-Diagnostics, Inc		554,638
	137,238	*,e	Community Health Systems, Inc		856,365
	21,820		Computer Programs & Systems, Inc		608,560
	43,801		Conmed Corp		3,415,164
	13,872	*	Corvel Corp		1,265,404
	158,025	*	Covetrus, Inc		3,901,637
	55,173	*	Cross Country Healthcare, Inc		433,108
	57,365	*	CryoLife, Inc		961,437
	55,079	*,e	CryoPort, Inc		2,210,871
	27,133	*	Cutera, Inc		513,628
	68,952	*	CytoSorbents Corp		527,483
	11,193	*	Electromed, Inc		93,014
	82,104		Ensign Group, Inc		4,830,999
	66,719	*	Enzo Biochem, Inc		121,429
	121,755	*	Evolent Health, Inc		1,210,245
	11,267	*,e	Exagen, Inc		160,667
	30,465	*,e	Five Star Senior Living, Inc		139,225
	10,089	*	FONAR Corp		198,148
	15,491	*,e	Fulgent Genetics, Inc		503,922

246

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	114,958	*	GenMark Diagnostics, Inc	$	1,404,787
	69,939	*,e	Glaukos Corp		3,910,989
	60,878	*	Hanger Inc		1,063,539
	53,863	*,e	Health Catalyst, Inc		1,857,196
	122,010	*	HealthEquity, Inc		6,282,295
	38,754	*	HealthStream, Inc		709,198
	11,371	*	Heska Corp		1,334,159
	142,084	*	HMS Holdings Corp		3,782,276
	31,792	*,e	iCAD, Inc		310,290
	12,497	*	Inari Medical, Inc		827,301
	22,811	*	InfuSystem Holdings, Inc		281,032
	29,058	*	Inogen, Inc		848,784
	118,914	*	Inovalon Holdings, Inc		2,258,177
	42,105	*	Inspire Medical Systems, Inc		5,028,600
	53,709	*	Integer Holding Corp		3,139,291
	13,359	*	IntriCon Corp		166,988
	58,986		Invacare Corp		478,376
	9,882	*	iRadimed Corp		223,827
	44,425	*	iRhythm Technologies, Inc		9,393,666
	23,269	*	Joint Corp		436,061
	107,944	*	Lantheus Holdings, Inc		1,172,272
	27,236		LeMaitre Vascular, Inc		884,625
	13,045	*	LENSAR, Inc		127,319
	49,169	*	LHC Group, Inc		10,647,547
	79,962	*	LivaNova plc		4,025,287
	6,745	*	Lyra Therapeutics, Inc		72,172
	38,327	*	Magellan Health Services, Inc		2,769,892
	119,821	*	MEDNAX, Inc		1,527,718
	68,274	*	Meridian Bioscience, Inc		1,170,899
	86,954	*	Merit Medical Systems, Inc		4,352,048
	7,604		Mesa Laboratories, Inc		1,987,762
	56,071	*,e	Milestone Scientific, Inc		86,349
	23,040	*	Misonix Inc		261,734
	43,104	*	NantHealth, Inc		86,639
	19,992		National Healthcare Corp		1,265,494
	21,784		National Research Corp		1,128,411
	52,125	*	Natus Medical, Inc		949,196
	10,702	*	Nemaura Medical, Inc		37,992
	84,661	*	Neogen Corp		5,904,258
	54,548	*	Nevro Corp		8,139,107
	91,549	*	NextGen Healthcare, Inc		1,245,066
	82,512	*	NuVasive, Inc		3,666,008
	68,176	*	Omnicell, Inc		5,900,633
	14,032	*,e	Ontrak, Inc		859,320
	23,288	*	OptimizeRx Corp		461,102
	70,596	*	Option Care Health, Inc		941,045
	114,169	*	OraSure Technologies, Inc		1,705,685
	28,152	*	Orthofix Medical Inc		880,032
	20,885	*	OrthoPediatrics Corp		931,471
	104,286		Owens & Minor, Inc		2,619,664
	136,760		Patterson Cos, Inc		3,401,905
	57,888	*,e	PAVmed, Inc		103,620
	41,168	*	Pennant Group, Inc		1,715,059
	35,553	*,e	PetIQ, Inc		1,015,394
	45,569	*	Phreesia, Inc		1,684,686
	7,359	*	Progenity, Inc		36,721

247

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	42,977	*	Progyny, Inc	$	1,047,350
	3,245	*	Protara Therapeutics, Inc		58,215
	19,456	*	Providence Service Corp		2,287,053
	25,743	*,e	Pulse Biosciences, Inc		311,748
	96,848	*	Quotient Ltd		457,123
	172,131	*	R1 RCM, Inc		3,084,588
	68,714	*	RadNet, Inc		997,040
	53,231	*	Repro-Med Systems, Inc		293,835
	20,903	*,e	Retractable Technologies, Inc		153,428
	109,022	*,e	Rockwell Medical, Inc		92,930
	41,529	*	SeaSpine Holdings Corp		529,910
	175,346	*	Select Medical Holdings Corp		3,678,759
	23,007	*	Sharps Compliance Corp		137,122
	45,664	*	Shockwave Medical Inc		3,119,764
	40,490	*	SI-BONE, Inc		849,075
	76,409	*	Sientra, Inc		322,446
	43,174	*	Silk Road Medical Inc		2,616,344
	22,613		Simulations Plus, Inc		1,465,775
	11,117	*,e	Soliton Inc		79,598
	73,735	*	Staar Surgical Co		5,345,788
	70,477	*,e	Stereotaxis, Inc		222,707
	106,320	*	Surgalign Holdings, Inc		184,997
	36,662	*	Surgery Partners, Inc		799,965
	21,908	*	SurModics, Inc		805,119
	32,915	*,e	Tabula Rasa HealthCare, Inc		1,136,884
	29,850	*	Tactile Systems Technology, Inc		1,091,913
	8,703	*	Tela Bio, Inc		131,937
	167,793	*	Tenet Healthcare Corp		4,117,640
	74,342	*	Tivity Health, Inc		1,022,203
	40,378	*	Transmedics Group, Inc		483,728
	36,359	*	Triple-S Management Corp (Class B)		673,369
	20,254		US Physical Therapy, Inc		1,606,750
	5,769		Utah Medical Products, Inc		478,827
	31,621	*	Vapotherm, Inc		947,049
	57,964	*	Varex Imaging Corp		776,718
	29,424	*,e	Venus Concept, Inc		62,085
	54,995	*,e	Viemed Healthcare, Inc		440,510
	179,127	*,e	ViewRay, Inc		532,007
	51,689	*	Vocera Communications, Inc		1,694,365
	37,829	*,e	VolitionRX Ltd		112,352
	211,756	*,e	Wright Medical Group NV		6,477,616
	28,956	*,e	Zynex Inc		370,926
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		230,476,506
HOUSEHOLD & PERSONAL PRODUCTS - 0.6%
	64,750	*	BellRing Brands, Inc		1,184,277
	15,580	*	Central Garden & Pet Co		606,997
	65,570	*	Central Garden and Pet Co (Class A)		2,320,522
	90,070	*	Edgewell Personal Care Co		2,361,635
	72,610	*	elf Beauty, Inc		1,471,805
	28,001		Inter Parfums, Inc		1,149,721
	20,175	*	Lifevantage Corp		222,934
	18,197		Medifast, Inc		2,556,497
	11,943	*	Nature’s Sunshine Products, Inc		124,446
	8,492		Oil-Dri Corp of America		290,087
	13,374	*,e	Revlon, Inc (Class A)		54,833

248

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	18,677	*	USANA Health Sciences, Inc	$	1,412,915
	80,103	*	Veru, Inc		201,860
	21,893		WD-40 Co		5,328,318
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		19,286,847
INSURANCE - 2.4%
	70,492	*	AMBAC Financial Group, Inc		865,642
	148,743		American Equity Investment Life Holding Co		3,691,801
	30,832		Amerisafe, Inc		1,818,471
	53,049	*	Argo Group International Holdings Ltd		1,892,788
	54,182	*	BRP Group, Inc		1,381,641
	75,026	*,e	Citizens, Inc (Class A)		432,900
	232,325		Conseco, Inc		4,123,769
	23,966	e	Crawford & Co		153,382
	20,247		Donegal Group, Inc (Class A)		293,784
	40,931	*	eHealth, Inc		2,746,879
	46,277		Employers Holdings, Inc		1,481,327
	19,389	*	Enstar Group Ltd		3,332,387
	15,387		FBL Financial Group, Inc (Class A)		764,580
	20,602		FedNat Holding Co		105,688
	812,974	*	Genworth Financial, Inc (Class A)		3,194,988
	20,807		Goosehead Insurance, Inc		2,549,690
	49,145	*,e	Greenlight Capital Re Ltd (Class A)		331,729
	10,657		HCI Group, Inc		500,666
	43,071		Heritage Insurance Holdings, Inc		406,590
	66,555		Horace Mann Educators Corp		2,256,880
	7,592		Independence Holding Co		287,129
	2,070		Investors Title Co		276,386
	48,009		James River Group Holdings Ltd		2,243,461
	34,214		Kinsale Capital Group, Inc		6,414,099
	85,767	*	MBIA, Inc		489,730
	109,447		National General Holdings Corp		3,717,915
	4,087		National Western Life Group, Inc		693,278
	11,769	*	NI Holdings, Inc		196,660
	32,722	*	Palomar Holdings, Inc		2,917,821
	87,224		ProAssurance Corp		1,345,866
	13,820	*	ProSight Global, Inc		163,491
	15,417		Protective Insurance Corp		202,733
	64,680		RLI Corp		5,607,756
	23,238		Safety Insurance Group, Inc		1,626,660
	94,902		Selective Insurance Group, Inc		4,940,598
	51,733	*	Selectquote, Inc		890,842
	26,870		State Auto Financial Corp		331,576
	42,288		Stewart Information Services Corp		1,792,588
	129,251	*	Third Point Reinsurance Ltd		1,005,573
	28,499		Tiptree Inc		138,790
	21,328	*	Trean Insurance Group, Inc		231,409
	47,865	*	Trupanion, Inc		3,424,262
	32,574		United Fire Group Inc		669,070
	34,995		United Insurance Holdings Corp		153,628
	46,493		Universal Insurance Holdings, Inc		579,768
	27,062	*	Watford Holdings Ltd		974,232
			TOTAL INSURANCE		73,640,903
MATERIALS - 4.5%
	45,077		Advanced Emissions Solutions, Inc		200,593

249

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	44,111	*	AdvanSix, Inc	$	671,369
	47,180	*	AgroFresh Solutions, Inc		97,191
	301,536	*	Alcoa Corp		3,895,845
	203,858	*	Allegheny Technologies, Inc		1,877,532
	46,599		American Vanguard Corp		602,059
	171,433	*,e	Amyris, Inc		428,582
	160,852	*	Arconic Corp		3,496,922
	147,382		Avient Corp		4,579,159
	52,587		Balchem Corp		5,256,071
	62,720		Boise Cascade Co		2,407,194
	17,404		Caledonia Mining Corp plc		284,207
	76,026		Carpenter Technology Corp		1,328,934
	84,009	*	Century Aluminum Co		552,779
	11,795		Chase Corp		1,122,412
	26,505	*	Clearwater Paper Corp		984,661
	634,200	e	Cleveland-Cliffs, Inc		5,251,176
	47,216		CMC Materials, Inc		6,713,643
	390,255	*	Coeur Mining, Inc		2,759,103
	190,761		Commercial Metals Co		3,939,215
	56,388		Compass Minerals International, Inc		3,404,707
	88,634		Domtar Corp		2,116,580
	132,216	*	Ferro Corp		1,700,298
	69,112	*,†	Ferroglobe plc		0
	30,045	*	Forterra, Inc		392,087
	47,678		FutureFuel Corp		566,891
	78,807	*	GCP Applied Technologies, Inc		1,718,781
	70,439		Glatfelter Corp		1,005,165
	110,132		Gold Resource Corp		301,762
	41,108		Greif, Inc (Class A)		1,668,574
	9,662		Greif, Inc (Class B)		417,881
	82,619		H.B. Fuller Co		3,738,510
	16,181		Hawkins, Inc		755,815
	22,259		Haynes International, Inc		360,818
	838,031		Hecla Mining Co		3,838,182
	67,079	*	Ingevity Corp		3,681,296
	39,377		Innospec, Inc		2,604,395
	15,472	*	Intrepid Potash, Inc		154,411
	25,423		Kaiser Aluminum Corp		1,599,869
	32,455	*	Koppers Holdings, Inc		727,966
	49,675	*	Kraton Corp		1,405,803
	35,257	e	Kronos Worldwide, Inc		469,623
	236,567	*	Livent Corp		2,543,095
	184,172		Louisiana-Pacific Corp		5,263,636
	135,131	*	Marrone Bio Innovations, Inc		148,644
	32,791		Materion Corp		1,678,571
	11,877	*	Mayville Engineering Co Inc		105,824
	55,085		Minerals Technologies, Inc		3,012,599
	59,517		Myers Industries, Inc		853,474
	26,739		Neenah Inc		1,006,189
	381,633	*	Novagold Resources Inc		3,953,718
	252,243		O-I Glass, Inc		2,378,651
	18,166		Olympic Steel, Inc		207,274
	96,147		Orion Engineered Carbons SA		1,410,476
	59,571	*	PQ Group Holdings, Inc		688,641
	21,339		Quaker Chemical Corp		4,071,268
	46,468	*	Ranpak Holdings Corp		396,372

250

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	107,988	*	Rayonier Advanced Materials, Inc	$	370,399
	25,392	*	Ryerson Holding Corp		199,835
	40,648		Schnitzer Steel Industries, Inc (Class A)		853,608
	50,201		Schweitzer-Mauduit International, Inc		1,666,673
	68,093		Sensient Technologies Corp		4,455,325
	34,576		Stepan Co		4,026,029
	184,127	*	Summit Materials, Inc		3,257,207
	147,169		SunCoke Energy, Inc		513,620
	81,072	*	TimkenSteel Corp		313,749
	37,600	*	Trecora Resources		222,592
	41,483		Tredegar Corp		604,822
	61,476		Trinseo S.A.		1,956,166
	144,486		Tronox Holdings plc		1,411,628
	97,695		UFP Industries, Inc		4,875,957
	11,572	*	UFP Technologies, Inc		428,858
	3,243		United States Lime & Minerals, Inc		300,626
	350,222	e	United States Steel Corp		3,383,145
	27,621	*	US Concrete, Inc		938,009
	50,637		Verso Corp		393,956
	81,674		Warrior Met Coal, Inc		1,225,110
	58,540		Worthington Industries, Inc		2,880,753
			TOTAL MATERIALS		141,074,560
MEDIA & ENTERTAINMENT - 1.2%
	89,760		AMC Entertainment Holdings, Inc		211,834
	61,774	*,e	AMC Networks, Inc		1,312,698
	29,063	*,e	Black Diamond Therapeutics, Inc		915,775
	18,476	*	Boston Omaha Corp		295,246
	42,148	*,e	Cardlytics, Inc		3,111,365
	138,344	*	Cargurus, Inc		2,757,196
	106,971	*	Cars.com, Inc		790,516
	170,599	e	Cinemark Holdings, Inc		1,397,206
	95,556	*	comScore, Inc		190,634
	1,721	*,e	Daily Journal Corp		466,735
	73,841	*	DHI Group, Inc		124,791
	225,883		Entercom Communications Corp (Class A)		338,825
	94,998		Entravision Communications Corp (Class A)		173,846
	242,946	*,e	Eros International plc		466,456
	101,427	*,e	Eventbrite Inc		936,171
	22,632	*	EverQuote Inc		757,946
	92,738		EW Scripps Co (Class A)		842,061
	66,765	*	Fluent, Inc		170,251
	21,658	*	Gaia, Inc		219,612
	117,022	*,e	Gannett Co, Inc		134,575
	234,682	*	Glu Mobile, Inc		1,680,323
	139,274	*	Gray Television, Inc		1,765,994
	28,671	*	Hemisphere Media Group, Inc		224,207
	95,690	*,e	iHeartMedia, Inc		786,572
	78,969	*	Imax Corp		910,513
	14,316	*	Liberty Braves Group (Class A)		296,341
	54,365	*	Liberty Braves Group (Class C)		1,112,852
	143,635	*	Liberty TripAdvisor Holdings, Inc		255,670
	98,464	*,e	LiveXLive Media, Inc		197,913
	20,907		Loral Space & Communications, Inc		363,991
	34,944		Marcus Corp		256,140
	65,100		Meredith Corp		716,100

251

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	66,199	*	MSG Networks, Inc	$	591,819
	100,476		National CineMedia, Inc		199,445
	76,013	*	QuinStreet, Inc		1,216,588
	6,767		Saga Communications, Inc		115,174
	46,607		Scholastic Corp		920,954
	70,984	e	Sinclair Broadcast Group, Inc (Class A)		1,318,883
	37,319	*	TechTarget, Inc		1,634,572
	352,121		TEGNA, Inc		4,236,016
	29,996		Tribune Publishing Co		343,754
	177,249	*	TrueCar, Inc		772,806
	82,285	*	WideOpenWest, Inc		410,602
	115,267	*	Yelp, Inc		2,267,302
			TOTAL MEDIA & ENTERTAINMENT		38,208,270
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 13.7%
	10,486	*	89bio, Inc		242,856
	130,504	*	Abeona Therapeutics, Inc		139,639
	48,667	*,e	Accelerate Diagnostics, Inc		458,443
	160,239	*,e	AcelRx Pharmaceuticals, Inc		274,009
	109,116	*,e	ADMA Biologics, Inc		217,141
	139,551	*	Adverum Biotechnologies, Inc		1,522,501
	67,104	*	Aeglea BioTherapeutics, Inc		515,359
	58,968	*	Aerie Pharmaceuticals, Inc		625,650
	119,643	*	Affimed NV		378,072
	243,776	*	Agenus, Inc		899,533
	109,474	*,e	Agile Therapeutics, Inc		297,769
	239,866	*	Akebia Therapeutics, Inc		532,503
	21,758	*	Akero Therapeutics, Inc		577,675
	23,545	*	Akouos, Inc		457,008
	22,550	*	Albireo Pharma, Inc		711,678
	116,754	*,†	Alder Biopharmaceuticals Inc		102,744
	76,643	*	Alector, Inc		721,211
	39,158	*,e	Allakos, Inc		3,725,101
	86,589	*	Allogene Therapeutics, Inc		2,937,099
	28,891	*	Allovir, Inc		763,589
	15,509	*	ALX Oncology Holdings, Inc		612,761
	49,930	*	AMAG Pharmaceuticals, Inc		685,040
	408,317	*	Amicus Therapeutics, Inc		7,280,292
	158,849	*,e	Amneal Pharmaceuticals, Inc		660,812
	57,253	*	Amphastar Pharmaceuticals, Inc		1,121,586
	37,069	*	AnaptysBio, Inc		1,092,053
	84,579	*,e	Anavex Life Sciences Corp		499,016
	14,404	*	ANI Pharmaceuticals, Inc		367,158
	22,317	*	Anika Therapeutics, Inc		727,981
	25,525	*	Annexon, Inc		531,175
	97,878	*	Apellis Pharmaceuticals, Inc		3,122,308
	37,433	*	Applied Genetic Technologies Corp		193,154
	20,006	*	Applied Molecular Transport, Inc		587,976
	21,275	*	Applied Therapeutics, Inc		346,144
	11,833	*	Aprea Therapeutics, Inc		258,078
	39,511	*	Aptinyx, Inc		115,767
	32,363	*,e	Aquestive Therapeutics, Inc		156,637
	19,481	*,e	Aravive Inc		90,197
	25,705	*	Arcturus Therapeutics Holdings, Inc		1,390,126
	67,724	*	Arcus Biosciences, Inc		1,476,383
	29,045	*,e	Arcutis Biotherapeutics, Inc		517,582

252

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	116,656	*	Ardelyx, Inc	$	596,112
	93,803	*	Arena Pharmaceuticals, Inc		8,040,793
	161,182	*	Arrowhead Pharmaceuticals Inc		9,235,729
	47,133	*	Arvinas, Inc		985,551
	127,288	*,e	Aspira Women’s Health, Inc		479,876
	48,927	*	Assembly Biosciences, Inc		721,184
	116,308	*	Atara Biotherapeutics, Inc		1,501,536
	99,637	*	Athenex, Inc		1,135,862
	277,830	*,e	Athersys, Inc		486,202
	45,284	*	Atreca, Inc		604,994
	11,127	*,e	Avenue Therapeutics, Inc		34,939
	37,834	*	AVEO Pharmaceuticals, Inc		205,439
	98,282	*	Avid Bioservices, Inc		712,544
	26,979	*	Avidity Biosciences, Inc		667,191
	49,269	*	Avrobio, Inc		703,561
	12,519	*	Axcella Health, Inc		53,081
	45,693	*	Axsome Therapeutics, Inc		3,029,903
	49,669	*	Aytu BioScience, Inc		47,200
	56,767	*,e	Beam Therapeutics, Inc		1,939,728
	5,682	*	Bellerophon Therapeutics, Inc		47,899
	27,129	*,e	Beyondspring Inc		399,881
	287,385	*,e	BioCryst Pharmaceuticals, Inc		1,097,811
	136,171	*	BioDelivery Sciences International, Inc		430,300
	77,556	*	Biohaven Pharmaceutical Holding Co Ltd		6,007,488
	10,019	*	Biospecifics Technologies Corp		882,674
	18,681	*	Bioxcel Therapeutics Inc		853,535
	89,061	*	Blueprint Medicines Corp		9,109,159
	48,554	*,e	BrainStorm Cell Therapeutics, Inc		486,997
	116,954	*,e	Bridgebio Pharma, Inc		4,488,695
	20,442	*	Cabaletta Bio, Inc		236,514
	110,101	*	Calithera Biosciences, Inc		389,758
	15,056	*,e	Calyxt, Inc		48,330
	66,066	*,e	Cara Therapeutics, Inc		876,035
	76,897	*	CareDx, Inc		3,771,798
	122,975	*	CASI Pharmaceuticals, Inc		288,991
	38,267	*,e	Cassava Sciences, Inc		314,172
	18,846	*	Castle Biosciences, Inc		875,020
	29,040	*,e	Catabasis Pharmaceuticals, Inc		38,914
	28,274	*	Catalyst Biosciences, Inc		154,942
	158,496	*	Catalyst Pharmaceuticals, Inc		470,733
	18,869	*	Cellular Biomedicine Group, Inc		339,831
	58,900	*,e	CEL-SCI Corp		708,567
	6,654	*	Centogene NV		80,979
	60,276	*,e	Cerecor Inc		124,169
	11,574	*	Champions Oncology, Inc		101,620
	8,813	*	Checkmate Pharmaceuticals, Inc		101,261
	69,729	*,e	Checkpoint Therapeutics Inc		152,707
	79,631	*	ChemoCentryx, Inc		3,822,288
	80,746	*	Chiasma, Inc		302,797
	77,444	*	Chimerix, Inc		206,775
	20,265	*	Chinook Therapeutics, Inc		250,273
	66,245	*,e	ChromaDex Corp		298,765
	53,598	*	Cidara Therapeutics, Inc		139,891
	133,313	*,e	Clovis Oncology, Inc		657,233
	84,639	*	Codexis, Inc		1,126,545
	39,217	*,e	Cohbar, Inc		35,931

253

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	93,151	*	Coherus Biosciences, Inc	$	1,552,827
	55,005	*	Collegium Pharmaceutical, Inc		980,739
	45,976	*	Concert Pharmaceuticals, Inc		474,472
	51,291	*	Constellation Pharmaceuticals, Inc		1,006,329
	36,361	*	ContraFect Corp		205,440
	106,951	*,e	Corbus Pharmaceuticals Holdings, Inc		100,502
	154,321	*	Corcept Therapeutics, Inc		2,589,506
	48,065	*,e	CorMedix Inc		242,728
	25,165	*,e	Cortexyme Inc		1,204,649
	43,166	*	Crinetics Pharmaceuticals, Inc		521,445
	44,155	*	Cue Biopharma, Inc		491,887
	116,466	*	Cymabay Therapeutics, Inc		968,997
	106,600	*	Cytokinetics, Inc		1,638,442
	73,221	*	CytomX Therapeutics, Inc		484,723
	61,586	*	Deciphera Pharmaceuticals, Inc		3,576,299
	101,225	*	Denali Therapeutics, Inc		4,330,405
	12,952	*,e	DermTech, Inc		165,268
	108,031	*	Dicerna Pharmaceuticals, Inc		2,267,571
	316,474	*	Durect Corp		571,236
	30,875	*,e	Dyadic International, Inc		220,447
	170,834	*,e	Dynavax Technologies Corp		637,211
	17,397	*	Eagle Pharmaceuticals, Inc		809,308
	100,894	*,e	Editas Medicine, Inc		3,121,660
	17,475	*,e	Eidos Therapeutics, Inc		1,239,327
	40,155	*	Eiger BioPharmaceuticals, Inc		356,576
	62,219	*,e	Eloxx Pharmaceuticals, Inc		157,414
	72,675	*	Emergent Biosolutions, Inc		6,538,570
	30,764	*	Enanta Pharmaceuticals, Inc		1,342,233
	379,078	*	Endo International plc		1,732,386
	21,446	*,e	Enochian Biosciences Inc		65,410
	146,537	*	Epizyme, Inc		1,811,197
	43,316	*,e	Esperion Thereapeutics, Inc		1,298,181
	24,617	*,e	Eton Pharmaceuticals, Inc		179,458
	35,082	*,e	Evelo Biosciences, Inc		139,276
	123,763	*,e	Evofem Biosciences Inc		293,318
	32,742	*,e	Evolus, Inc		99,208
	94,909	*	Exicure, Inc		142,363
	115,037	*,e	Fate Therapeutics, Inc		5,107,643
	35,027	*,e	Fennec Pharmaceuticals, Inc		264,804
	136,441	*	FibroGen, Inc		5,236,606
	43,004	*	Five Prime Therapeutics, Inc		196,098
	70,379	*,e	Flexion Therapeutics, Inc		843,844
	120,058	*	Fluidigm Corp		689,133
	25,968	*	Forma Therapeutics Holdings, Inc		1,119,740
	127,759	*	Fortress Biotech, Inc		281,070
	40,345	*,e	Frequency Therapeutics, Inc		882,749
	28,210	*	Fulcrum Therapeutics, Inc		278,151
	55,118	*	G1 Therapeutics, Inc		605,747
	70,721	*,e	Galectin Therapeutics, Inc		179,631
	14,027	*,e	Galera Therapeutics, Inc		114,881
	19,874	*	Generation Bio Co		513,544
	45,893	*,e	Genprex, Inc		149,152
	462,247	*,e	Geron Corp		804,310
	52,131	*	GlycoMimetics, Inc		145,967
	91,072	*	Gossamer Bio, Inc		755,898
	44,732	*	Gritstone Oncology, Inc		122,118

254

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	218,070	*	Halozyme Therapeutics, Inc	$	6,105,960
	18,973	*	Harpoon Therapeutics, Inc		274,539
	36,542	*	Harrow Health, Inc		173,940
	60,379	*	Harvard Bioscience, Inc		204,081
	145,136	*	Heron Therapeutics, Inc		2,367,168
	54,223	*	Homology Medicines, Inc		573,137
	19,898	*,e	Hookipa Pharma, Inc		187,041
	126,092	*,e	iBio, Inc		219,400
	26,406	*,e	Ideaya Biosciences, Inc		321,361
	11,311	*,e	IGM Biosciences, Inc		597,108
	7,955	*,e	IMARA, Inc		125,769
	10,596	*	Immunic, Inc		167,841
	277,937	*	Immunogen, Inc		1,567,565
	56,058	*	Immunovant, Inc		2,445,250
	100,266	*	Innoviva, Inc		1,083,875
	251,796	*,e	Inovio Pharmaceuticals, Inc		2,480,191
	11,955	*	Inozyme Pharma, Inc		274,606
	162,594	*,e	Insmed, Inc		5,355,846
	80,535	*,e	Intellia Therapeutics, Inc		1,928,008
	41,601	*	Intercept Pharmaceuticals, Inc		1,156,092
	54,922	*	Intersect ENT, Inc		851,291
	105,326	*	Intra-Cellular Therapies, Inc		2,598,392
	187,314	*,e	Invitae Corp		7,344,582
	256,133	*	Ironwood Pharmaceuticals, Inc		2,530,594
	15,970	*	iTeos Therapeutics, Inc		363,637
	129,151	*,e	IVERIC bio, Inc		764,574
	27,178	*	Jounce Therapeutics, Inc		226,121
	277,344	*	Kadmon Holdings, Inc		942,970
	63,369	*,e	Kala Pharmaceuticals, Inc		418,235
	17,986	*,e	Kaleido Biosciences Inc		109,894
	22,144	*	KalVista Pharmaceuticals Inc		381,098
	25,337	*	Karuna Therapeutics, Inc		2,057,111
	112,784	*,e	Karyopharm Therapeutics, Inc		1,671,459
	11,109	*	Keros Therapeutics, Inc		617,660
	48,241	*	Kezar Life Sciences, Inc		246,994
	69,781	*	Kindred Biosciences, Inc		243,536
	43,001	*	Kiniksa Pharmaceuticals Ltd		673,396
	46,347	*	Kodiak Sciences, Inc		4,208,771
	21,732	*	Krystal Biotech Inc		934,259
	85,110	*	Kura Oncology, Inc		2,659,687
	34,153	*,e	La Jolla Pharmaceutical Co		116,120
	53,355	*,e	Lannett Co, Inc		343,073
	69,718	*,e	Lexicon Pharmaceuticals, Inc		77,387
	23,168	*,e	Ligand Pharmaceuticals, Inc (Class B)		1,910,202
	32,713	*,e	Liquidia Technologies, Inc		151,134
	16,807	*,e	LogicBio Therapeutics, Inc		92,775
	68,243		Luminex Corp		1,504,076
	84,816	*	MacroGenics, Inc		1,646,279
	14,043	*	Madrigal Pharmaceuticals, Inc		1,786,972
	42,473	*	Magenta Therapeutics, Inc		268,005
	348,781	*,e	MannKind Corp		701,050
	38,853	*,e	Marinus Pharmaceuticals, Inc		506,643
	72,995	*,e	Marker Therapeutics Inc		99,273
	72,113	*,e	MediciNova, Inc		403,112
	43,837	*	Medpace Holdings, Inc		4,863,277
	173,968	*	MEI Pharma, Inc		452,317

255

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	35,554	*	MeiraGTx Holdings plc	$	454,380
	85,497	*	Mersana Therapeutics, Inc		1,540,656
	50,061	*	Minerva Neurosciences, Inc		160,696
	66,655	*	Mirati Therapeutics, Inc		14,473,467
	8,944	*,e	Mirum Pharmaceuticals, Inc		140,868
	46,970	*	Molecular Templates, Inc		415,215
	21,832	*	Morphic Holding, Inc		587,499
	41,225	*	Mustang Bio, Inc		109,865
	81,663	*	MyoKardia, Inc		18,254,130
	116,668	*	Myriad Genetics, Inc		1,450,183
	60,702	*	NanoString Technologies, Inc		2,224,728
	56,651	*,e	NantKwest, Inc		425,449
	114,536	*	Natera, Inc		7,703,691
	168,592	*	NeoGenomics, Inc		6,613,864
	55,602	*	Neoleukin Therapeutics, Inc		583,265
	27,677	*	Neubase Therapeutics, Inc		216,849
	7,879	*,e	NeuroBo Pharmaceuticals, Inc		39,553
	26,374	*	NextCure Inc		254,773
	37,573	*,e	NGM Biopharmaceuticals Inc		651,516
	26,307	*	Nkarta, Inc		755,274
	99,842	*	Novavax, Inc		8,058,248
	17,946	*	Nurix Therapeutics, Inc		453,854
	62,993	*,e	Nymox Pharmaceutical Corp		120,947
	97,220	*	Ocular Therapeutix, Inc		923,590
	20,943	*	Odonate Therapeutics, Inc		301,789
	95,054	*,e	Omeros Corp		963,848
	124,928	*,e	Oncocyte Corp		184,893
	641,682	*,e	Opko Health, Inc		2,258,721
	51,952	*,e	Optinose, Inc		166,246
	34,821	*	Organogenesis Holdings Inc		127,097
	29,018	*	Orgenesis, Inc		131,452
	13,885	*,e	ORIC Pharmaceuticals, Inc		298,527
	18,496	*,e	Osmotica Pharmaceuticals plc		94,884
	68,485	*,e	Ovid therapeutics, Inc		349,958
	8,688	*,e	Oyster Point Pharma, Inc		172,283
	268,065	*,e	Pacific Biosciences of California, Inc		3,514,332
	67,371	*	Pacira BioSciences Inc		3,523,503
	10,281	*	Pandion Therapeutics, Inc		121,419
	64,626	*	Paratek Pharmaceuticals, Inc		308,266
	21,654	*	Passage Bio, Inc		364,004
	171,926	*	PDL BioPharma, Inc		369,641
	38,102	*	Personalis, Inc		942,262
	37,966	*,e	PhaseBio Pharmaceuticals Inc		103,647
	17,898	*	Phathom Pharmaceuticals, Inc		704,465
	32,782		Phibro Animal Health Corp		538,936
	77,933	*	Pieris Pharmaceuticals, Inc		195,612
	16,919	*	Pliant Therapeutics, Inc		365,789
	22,428	*	Poseida Therapeutics, Inc		258,146
	72,906	*	Precision BioSciences Inc		460,037
	81,060	*	Prestige Consumer Healthcare, Inc.		2,677,412
	21,645	*	Prevail Therapeutics, Inc		211,905
	137,717	*,†	Progenics Pharmaceuticals, Inc		0
	48,671	*	Protagonist Therapeutics, Inc		922,315
	49,272	*	Prothena Corp plc		537,558
	76,530	*,e	Provention Bio, Inc		907,646
	99,264	*	PTC Therapeutics, Inc		5,180,588

256

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	52,255	*	Puma Biotechnology, Inc	$	437,374
	33,798	*	Quanterix Corp		1,237,345
	73,857	*	Radius Health, Inc		990,422
	17,705	*	RAPT Therapeutics, Inc		508,842
	33,131	*	Recro Pharma, Inc		52,678
	54,287	*	REGENXBIO, Inc		1,561,294
	51,780	*	Relay Therapeutics, Inc		1,912,753
	25,154	*,e	Relmada Therapeutics, Inc		778,013
	33,520	*	Replimune Group, Inc		1,401,471
	78,645	*	Retrophin, Inc		1,591,775
	101,096	*,e	Revance Therapeutics, Inc		2,616,364
	61,965	*	REVOLUTION Medicines, Inc		1,870,723
	54,037	*	Rhythm Pharmaceuticals, Inc		1,143,963
	290,839	*	Rigel Pharmaceuticals, Inc		721,281
	55,090	*	Rocket Pharmaceuticals, Inc		1,539,215
	69,886	*,e	Rubius Therapeutics, Inc		295,618
	189,249	*,e	Sangamo Therapeutics Inc		1,956,835
	14,708	*,e	Satsuma Pharmaceuticals, Inc		52,360
	36,215	*	Scholar Rock Holding Corp		1,408,763
	48,595	*	Schrodinger, Inc		2,370,464
	8,929	*	scPharmaceuticals, Inc		76,968
	108,559	*,e	Selecta Biosciences, Inc		321,335
	85,270	*	Seres Therapeutics, Inc		2,378,180
	96,294	*	SIGA Technologies, Inc		615,319
	53,975	*,e	Soleno Therapeutics, Inc		93,916
	39,671	*,e	Solid Biosciences, Inc		129,724
	355,513	*,e	Sorrento Therapeutics, Inc		2,467,260
	232,146	*	Spectrum Pharmaceuticals, Inc		796,261
	23,276	*	Spero Therapeutics, Inc		305,148
	34,083	*	SpringWorks Therapeutics, Inc		1,976,473
	19,478	*	Stoke Therapeutics, Inc		747,760
	52,657	*	Strongbridge Biopharma plc		102,681
	78,260	*	Supernus Pharmaceuticals, Inc		1,436,854
	41,755	*,e	Sutro Biopharma, Inc		536,969
	43,145	*	Syndax Pharmaceuticals, Inc		751,154
	66,295	*,e	Syros Pharmaceuticals, Inc		442,188
	40,853	*	TCR2 Therapeutics Inc		803,579
	178,316	*	TG Therapeutics, Inc		4,506,045
	402,116	*,e	TherapeuticsMD, Inc		490,582
	73,678	*	Theravance Biopharma, Inc		1,393,251
	109,509	*	Translate Bio, Inc		1,405,000
	45,266	*	Tricida, Inc		254,848
	58,520	*	Turning Point Therapeutics Inc		5,394,959
	52,534	*	Twist Bioscience Corp		4,026,206
	89,629	*,e	Tyme Technologies, Inc		77,807
	92,382	*,e	Ultragenyx Pharmaceutical, Inc		9,284,391
	50,989	*,e	UNITY Biotechnology, Inc		197,327
	32,317	*,e	UroGen Pharma Ltd		727,779
	85,753	*	Vanda Pharmaceuticals, Inc		916,700
	84,317	*,e	Vaxart Inc		414,840
	29,319	*	Vaxcyte, Inc		1,095,651
	274,344	*,e	VBI Vaccines, Inc		644,708
	91,975	*	Veracyte, Inc		3,187,854
	261,466	*,e	Verastem, Inc		313,759
	71,338	*	Vericel Corp		1,321,893
	20,030	*,e	Verrica Pharmaceuticals, Inc		148,422

257

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	36,684	*,e	Viela Bio, Inc	$	1,170,586
	106,890	*,e	Viking Therapeutics, Inc		601,791
	86,043	*,e	Vir Biotechnology, Inc		2,705,192
	38,785	*	Voyager Therapeutics, Inc		412,285
	30,865	*,e	vTv Therapeutics, Inc		52,471
	233,823	*,e	VYNE Therapeutics, Inc		374,117
	39,383	*	WaVe Life Sciences Ltd		278,438
	25,626	*,e	X4 Pharmaceuticals, Inc		147,093
	22,872	*,e	XBiotech, Inc		391,340
	89,096	*	Xencor, Inc		3,419,504
	72,369	*,e	Xeris Pharmaceuticals, Inc		342,305
	9,763	*,e	XOMA Corp		242,220
	48,053	*	Y-mAbs Therapeutics, Inc		2,053,785
	18,985	*	Zentalis Pharmaceuticals, Inc		751,616
	339,984	*,e	ZIOPHARM Oncology, Inc		710,567
	92,154	*	Zogenix, Inc		1,964,723
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		426,774,455
REAL ESTATE - 6.3%
	137,949		Acadia Realty Trust		1,287,064
	85,418		Agree Realty Corp		5,301,895
	114,624		Alexander & Baldwin, Inc		1,472,918
	3,719		Alexander’s, Inc		904,424
	10,845		Alpine Income Property Trust, Inc		151,288
	8,515	*	Altisource Portfolio Solutions S.A.		94,772
	79,968		American Assets Trust, Inc		1,673,730
	177,135		American Finance Trust, Inc		1,021,183
	2,523	*,e	American Realty Investors, Inc		20,462
	90,404		Armada Hoffler Properties, Inc		814,540
	36,499		Bluerock Residential Growth REIT, Inc		316,081
	15,565		Brt Realty Trust		193,784
	153,902		CareTrust REIT, Inc		2,631,724
	74,012		CatchMark Timber Trust, Inc		643,164
	74,176		Chatham Lodging Trust		545,194
	18,535		CIM Commercial Trust Corp		148,280
	68,862		City Office REIT, Inc		435,208
	24,541		Clipper Realty, Inc		137,920
	771,695		Colony Capital, Inc		2,747,234
	183,496		Columbia Property Trust, Inc		1,941,388
	34,205		Community Healthcare Trust, Inc		1,583,692
	190,073		CoreCivic, Inc		1,218,368
	14,239		CorEnergy Infrastructure Trust, Inc		66,639
	61,306		CorePoint Lodging, Inc		293,043
	7,539		CTO Realty Growth, Inc		332,696
	177,201	*	Cushman & Wakefield plc		2,076,796
	314,567		DiamondRock Hospitality Co		1,553,961
	389,997		Diversified Healthcare Trust		1,129,041
	128,419		Easterly Government Properties, Inc		2,683,957
	62,653		EastGroup Properties, Inc		8,337,861
	147,411		Essential Properties Realty Trust, Inc		2,435,230
	39,042	*	eXp World Holdings Inc		1,654,990
	48,957		Farmland Partners, Inc		315,283
	8,537	*,e	Fathom Holdings, Inc		160,154
	26,897	*	Forestar Group, Inc		447,566
	113,159		Four Corners Property Trust, Inc		2,867,449
	159,771		Franklin Street Properties Corp		671,038

258

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	79,966		Front Yard Residential Corp	$	1,070,745
	10,641	*	FRP Holdings, Inc		430,535
	190,509		Geo Group, Inc		1,687,910
	54,641		Getty Realty Corp		1,435,965
	54,153		Gladstone Commercial Corp		879,986
	31,354		Gladstone Land Corp		434,880
	65,481		Global Medical REIT, Inc		813,929
	144,649		Global Net Lease, Inc		2,058,355
	4,142		Griffin Land & Nurseries, Inc (Class A)		219,733
	220,109		Healthcare Realty Trust, Inc		6,119,030
	66,368		Hersha Hospitality Trust		325,203
	151,141		Independence Realty Trust, Inc		1,836,363
	104,805		Industrial Logistics Properties Trust		2,010,160
	34,877		Innovative Industrial Properties, Inc		4,067,705
	20,596		Investors Real Estate Trust		1,388,376
	116,981		iStar Inc		1,380,376
	35,910		Jernigan Capital, Inc		620,884
	195,865		Kennedy-Wilson Holdings, Inc		2,581,501
	134,935		Kite Realty Group Trust		1,397,927
	448,151		Lexington Realty Trust		4,450,139
	62,711		LTC Properties, Inc		2,070,090
	250,278		Macerich Co		1,741,935
	139,485		Mack-Cali Realty Corp		1,532,940
	39,362	*	Marcus & Millichap, Inc		1,229,275
	14,335	*	Maui Land & Pineapple Co, Inc		144,640
	152,869		Monmouth Real Estate Investment Corp (Class A)		2,117,236
	69,078		National Health Investors, Inc		3,871,822
	101,404		National Storage Affiliates Trust		3,436,582
	21,109		NETSTREIT Corp		370,252
	123,100		New Senior Investment Group, Inc		481,321
	227,748		Newmark Group, Inc		1,078,387
	34,862		NexPoint Residential Trust, Inc		1,545,084
	77,341		Office Properties Income Trust		1,423,848
	26,959		One Liberty Properties, Inc		415,977
	213,851		Pebblebrook Hotel Trust		2,561,935
	335,054		Physicians Realty Trust		5,649,010
	201,590		Piedmont Office Realty Trust, Inc		2,302,158
	23,250		Plymouth Industrial REIT, Inc		295,508
	107,332		PotlatchDeltic Corp		4,459,645
	75,735		Preferred Apartment Communities, Inc		408,969
	32,237		PS Business Parks, Inc		3,675,985
	98,722		QTS Realty Trust, Inc		6,072,390
	14,630	*	Rafael Holdings, Inc		239,932
	28,655		Re/Max Holdings, Inc		926,703
	183,296	*	Realogy Holdings Corp		2,045,583
	157,363	*	Redfin Corp		6,573,053
	183,621		Retail Opportunities Investment Corp		1,786,632
	342,110		Retail Properties of America, Inc		1,792,656
	31,564		Retail Value, Inc		394,550
	266,137		RLJ Lodging Trust		2,177,001
	24,169		RMR Group, Inc		644,346
	122,235		RPT Realty		597,729
	81,158		Ryman Hospitality Properties		3,234,146
	329,901		Sabra Healthcare REIT, Inc		4,341,497
	29,029		Safehold, Inc		1,997,776
	19,029		Saul Centers, Inc		470,968

259

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	58,305	*	Seritage Growth Properties	$	742,223
	265,294		Service Properties Trust		1,912,770
	244,356		SITE Centers Corp		1,664,064
	52,905	*	St. Joe Co		1,430,551
	243,521		STAG Industrial, Inc		7,578,374
	6,780	*	Stratus Properties, Inc		144,889
	163,286		Summit Hotel Properties, Inc		862,150
	345,244		Sunstone Hotel Investors, Inc		2,561,710
	147,976		Tanger Factory Outlet Centers, Inc		915,971
	33,212	*	Tejon Ranch Co		455,337
	108,587		Terreno Realty Corp		6,111,276
	1,971	*	Transcontinental Realty Investors, Inc		43,362
	55,707		UMH Properties, Inc		759,286
	311,793		Uniti Group, Inc		2,750,014
	20,674		Universal Health Realty Income Trust		1,105,439
	184,970		Urban Edge Properties		1,738,718
	45,289		Urstadt Biddle Properties, Inc (Class A)		430,698
	132,417		Washington REIT		2,314,649
	62,101		Whitestone REIT		370,122
	182,632		Xenia Hotels & Resorts, Inc		1,504,888
			TOTAL REAL ESTATE		195,023,771
RETAILING - 3.8%
	39,924	*	1-800-FLOWERS.COM, Inc (Class A)		791,693
	109,942		Aaron’s Holdings Co, Inc		5,745,569
	99,243		Abercrombie & Fitch Co (Class A)		1,411,235
	243,220	e	American Eagle Outfitters, Inc		3,334,546
	10,101	*	America’s Car-Mart, Inc		873,939
	31,041	*	Asbury Automotive Group, Inc		3,196,602
	86,433	*	At Home Group, Inc		1,407,994
	204,320	e	Bed Bath & Beyond, Inc		4,045,536
	63,072		Big Lots, Inc		3,002,227
	46,951	*	Boot Barn Holdings, Inc		1,503,371
	48,817		Buckle, Inc		1,169,655
	59,476		Caleres, Inc		456,776
	52,214		Camping World Holdings, Inc		1,380,538
	33,420	*,e	CarParts.com, Inc		424,100
	34,028		Cato Corp (Class A)		208,251
	191,671		Chico’s FAS, Inc		205,088
	23,561	e	Children’s Place, Inc		595,386
	16,047		Citi Trends, Inc		418,987
	31,045	*	Conn’s, Inc		290,892
	36,261	*	Container Store Group, Inc		345,205
	71,207		Core-Mark Holding Co, Inc		1,947,511
	99,388		Designer Brands, Inc		430,350
	12,187	e	Dillard’s, Inc (Class A)		545,125
	20,914	*,e	Duluth Holdings, Inc		320,821
	17,689	*	Envela Corp		71,464
	96,450	*,e	Express Parent LLC		58,931
	34,348	*,e	Funko, Inc		217,766
	92,405	*,e	GameStop Corp (Class A)		967,480
	22,946	*	Genesco, Inc		406,603
	29,362	*,e	Greenlane Holdings Inc		71,350
	27,923		Group 1 Automotive, Inc		2,962,072
	38,412	*	Groupon, Inc		744,809
	57,520	*,e	GrowGeneration Corp		960,584

260

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	69,616		Guess?, Inc	$	820,076
	28,941		Haverty Furniture Cos, Inc		724,104
	26,506	*	Hibbett Sports, Inc		1,002,192
	62,776	*	Hudson Ltd		479,609
	18,693	*	Lands’ End, Inc		300,023
	41,683	*	Liquidity Services, Inc		355,556
	40,934		Lithia Motors, Inc (Class A)		9,397,218
	46,886	*	Lumber Liquidators, Inc		1,037,118
	510,745	e	Macy’s, Inc		3,171,726
	169,019	*,e	Magnite, Inc		1,526,242
	34,654	*	MarineMax, Inc		1,038,927
	118,852	*,e	Michaels Cos, Inc		963,890
	53,268		Monro Muffler, Inc		2,240,452
	44,276	*	Murphy USA, Inc		5,414,512
	129,159	*	National Vision Holdings, Inc		5,208,982
	84,478	*	ODP Corp		1,647,321
	7,306	*	OneWater Marine, Inc		136,111
	69,715	*	Overstock.com, Inc		3,911,011
	30,325	e	PetMed Express, Inc		897,014
	136,743	*	Quotient Technology, Inc		1,217,013
	100,387	*	RealReal, Inc		1,263,872
	78,296		Rent-A-Center, Inc		2,419,346
	25,220	*	RH		8,454,501
	180,915	*,e	Sally Beauty Holdings, Inc		1,514,259
	15,076	e	Shoe Carnival, Inc		467,054
	35,125		Shutterstock, Inc		2,298,931
	87,333	e	Signet Jewelers Ltd		1,945,779
	43,716	*	Sleep Number Corp		2,769,846
	37,819	e	Sonic Automotive, Inc (Class A)		1,363,753
	66,748	*	Sportsman’s Warehouse Holdings, Inc		869,059
	27,446	*	Stamps.com, Inc		6,127,045
	90,577	*,e	Stitch Fix Inc		3,118,566
	33,883		Tilly’s, Inc		208,042
	110,841	*	Urban Outfitters, Inc		2,476,188
	149,720	*	Waitr Holdings Inc		381,786
	10,368		Weyco Group, Inc		164,229
	4,686		Winmark Corp		793,855
	33,574	*	Zumiez, Inc		940,072
			TOTAL RETAILING		119,577,736
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.7%
	63,831	*	Acacia Communications, Inc		4,323,912
	60,967	*	Advanced Energy Industries, Inc		4,113,443
	36,534	*	Alpha & Omega Semiconductor Ltd		579,429
	53,210	*	Ambarella, Inc		2,908,991
	165,494	*	Amkor Technology, Inc		1,961,104
	33,085	*,e	Atomera, Inc		269,643
	52,473	*	Axcelis Technologies, Inc		1,158,079
	67,772	*	AXT, Inc		403,243
	118,532		Brooks Automation, Inc		5,535,444
	34,557	*	Ceva, Inc		1,393,338
	16	*,†	China Energy Savings Technology, Inc		0
	66,574		Cohu, Inc		1,446,653
	11,110	*	CyberOptics Corp		255,974
	68,050	*	Diodes, Inc		3,935,331
	35,872	*	DSP Group, Inc		472,434

261

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	123,769	*	Formfactor, Inc	$	3,508,851
	22,115	*	GSI Technology, Inc		135,123
	36,068	*	Ichor Holdings Ltd		838,942
	26,883	*,e	Impinj, Inc		685,785
	218,771	*	Lattice Semiconductor Corp		7,635,108
	75,391	*	MACOM Technology Solutions Holdings, Inc		2,751,772
	15,554	*,e	Maxeon Solar Technologies Ltd		251,975
	108,645	*	MaxLinear, Inc		2,872,574
	76,603	*	Nanometrics, Inc		2,456,658
	77,072	*	NeoPhotonics Corp Ltd		524,860
	7,060		NVE Corp		325,678
	46,492	*	PDF Solutions, Inc		871,260
	101,378	*	Photronics, Inc		988,436
	60,732	*	Pixelworks, Inc		134,825
	96,217		Power Integrations, Inc		5,793,226
	182,866	*	Rambus, Inc		2,521,722
	103,646	*	Semtech Corp		5,689,129
	70,504	*	Silicon Laboratories, Inc		7,223,840
	14,644	*	SiTime Corp		1,222,628
	23,200	*	SMART Global Holdings, Inc		612,248
	124,441	*,e	SunPower Corp		1,989,812
	54,636	*	Synaptics, Inc		4,188,942
	63,738	*	Ultra Clean Holdings		1,356,982
	75,284	*	Veeco Instruments, Inc		958,365
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		84,295,759
SOFTWARE & SERVICES - 7.4%
	167,251	*	8x8, Inc		2,890,097
	98,299	*	A10 Networks, Inc		662,535
	183,894	*	ACI Worldwide, Inc		5,364,188
	76,667	*	Alarm.com Holdings, Inc		4,471,986
	68,649	*,e	Altair Engineering, Inc		2,953,966
	47,226		American Software, Inc (Class A)		693,278
	26,357	*	Appfolio, Inc		3,765,625
	57,141	*,e	Appian Corp		3,617,025
	21,628	*,e	Asure Software, Inc		152,910
	132,842	*	Avaya Holdings Corp		2,284,882
	46,182	*	Benefitfocus, Inc		474,289
	79,366		Blackbaud, Inc		3,915,918
	80,561	*	Blackline, Inc		7,869,198
	69,662	*	Bottomline Technologies, Inc		2,766,975
	222,714	*	Box, Inc		3,452,067
	65,364	*	Brightcove, Inc		826,855
	59,108	*	Cardtronics plc		1,052,713
	22,628		Cass Information Systems, Inc		887,470
	59,206	*	Cerence Inc		3,231,463
	47,643	*	ChannelAdvisor Corp		771,817
	328,979	*	Cloudera, Inc		3,197,676
	67,344	*	Commvault Systems, Inc		2,666,149
	279,960	*	Conduent, Inc		975,661
	97,489	*	Cornerstone OnDemand, Inc		3,703,607
	51,941		CSG Systems International, Inc		1,967,525
	21,035	*,e	Digimarc Corp		666,599
	134,611	*	Digital Turbine, Inc		3,857,951
	41,070	*	Domo, Inc		1,304,794
	42,074	e	Ebix, Inc		759,856

262

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	37,794	*	eGain Corp	$	599,035
	106,507	*	Endurance International Group Holdings, Inc		618,806
	86,389	*	Envestnet, Inc		6,629,492
	97,152		EVERTEC, Inc		3,233,219
	65,607	*	Evo Payments, Inc		1,382,339
	54,162	*	ExlService Holdings, Inc		4,102,230
	99,322	*	GreenSky, Inc		469,793
	51,998	*,e	GTT Communications, Inc		191,873
	78,822	*,e	GTY Technology Holdings Inc		229,372
	41,876		Hackett Group, Inc		541,038
	22,975	*,e	I3 Verticals, Inc		473,974
	8,594	*	IBEX Ltd		129,855
	77,784	*	Information Services Group, Inc		159,457
	12,668	*,e	Intelligent Systems Corp		480,371
	37,945	*	International Money Express Inc		527,815
	72,701	*	j2 Global, Inc		4,934,944
	232,649		KBR, Inc		5,185,746
	200,881	*	Limelight Networks, Inc		709,110
	100,565	*	Liveperson, Inc		5,376,205
	102,976	*	LiveRamp Holdings, Inc		6,805,684
	43,801		Mantech International Corp (Class A)		2,841,809
	99,527		MAXIMUS, Inc		6,726,035
	12,423	*	MicroStrategy, Inc (Class A)		2,075,511
	91,574	*	Mimecast Ltd		3,499,043
	66,776	*	Mitek Systems, Inc		831,361
	164,631	*	MobileIron, Inc		1,159,002
	54,753	*	Model N, Inc		1,928,948
	98,832	*,e	MoneyGram International, Inc		508,985
	106,227		NIC, Inc		2,381,609
	53,118	*	OneSpan, Inc		1,164,878
	19,678	*	Park City Group, Inc		85,403
	49,246	*,e	Paysign Inc		234,411
	51,965	*	Perficient, Inc		2,034,949
	223,486		Perspecta, Inc		4,007,104
	22,038	*	PFSweb, Inc		136,636
	58,836	*	Ping Identity Holding Corp		1,629,169
	9,815	*	Priority Technology Holdings Inc		28,365
	71,988		Progress Software Corp		2,618,204
	63,048	*	PROS Holdings, Inc		1,776,062
	79,628	*	Q2 Holdings, Inc		7,265,259
	18,146		QAD, Inc (Class A)		759,229
	54,649	*	Qualys, Inc		4,800,915
	54,526	*	Rackspace Technology, Inc		858,784
	80,858	*	Rapid7, Inc		5,007,536
	97,564	*	Repay Holdings Corp		2,198,117
	28,270	*	Rimini Street, Inc		89,616
	141,559	*	SailPoint Technologies Holding, Inc		5,876,114
	41,207		Sapiens International Corp NV		1,117,946
	47,717	*	Seachange International, Inc		35,788
	13,501	*	SecureWorks Corp		140,410
	139,051	*	ServiceSource International LLC		193,281
	14,412	*,e	ShotSpotter, Inc		422,416
	53,444	*	Smith Micro Software, Inc		220,189
	43,740	*	Sprout Social, Inc		1,911,438
	56,377	*	SPS Commerce, Inc		4,825,307
	39,485	*	StarTek, Inc		207,296

263

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	194,174	*	SVMK, Inc	$	4,064,062
	62,026	*	Sykes Enterprises, Inc		2,123,770
	65,367	*	Synchronoss Technologies, Inc		181,067
	51,965	*	TeleNav, Inc		211,498
	111,879	*	Tenable Holdings, Inc		3,816,193
	29,265		TTEC Holdings, Inc		1,603,137
	14,707	*,e	Tucows, Inc		1,085,230
	99,942	*	Unisys Corp		1,313,238
	41,821	*	Upland Software, Inc		1,744,772
	149,103	*	Upwork, Inc		2,750,950
	50,795	*	Varonis Systems, Inc		5,870,378
	102,846	*	Verint Systems, Inc		4,990,088
	36,684	*,e	Veritone, Inc		344,096
	215,353	*	Verra Mobility Corp		2,069,542
	106,522	e	VirnetX Holding Corp		590,132
	46,931	*	Virtusa Corp		2,360,629
	63,003	*	Workiva, Inc		3,484,696
	173,453		Xperi Holding Corp		2,150,817
	162,461	*	Yext, Inc		2,693,603
	92,357	*	Zix Corp		566,148
	164,610	*	Zuora Inc		1,583,548
			TOTAL SOFTWARE & SERVICES		231,180,152
TECHNOLOGY HARDWARE & EQUIPMENT - 3.1%
	186,107	*,e	3D Systems Corp		1,058,949
	79,951		Adtran, Inc		854,676
	29,197	*	Agilysys, Inc		790,655
	49,085	*,e	Akoustis Technologies, Inc		406,915
	37,079	*,e	Applied Optoelectronics, Inc		325,554
	134,762	*	Arlo Technologies, Inc		601,039
	50,282	*	Avid Technology, Inc		468,628
	47,031		Badger Meter, Inc		3,449,254
	16,559		Bel Fuse, Inc (Class B)		193,906
	71,214		Belden CDT, Inc		2,199,088
	58,864		Benchmark Electronics, Inc		1,226,137
	55,850	*	CalAmp Corp		395,418
	85,737	*	Calix, Inc		2,007,103
	8,984	*	Cambium Networks Corp		206,991
	50,054	*	Casa Systems, Inc		208,725
	18,621	*	Clearfield, Inc		389,738
	36,907		Comtech Telecommunications Corp		531,461
	52,925		CTS Corp		1,462,847
	55,737		Daktronics, Inc		217,374
	122,561	*	Diebold, Inc		763,555
	43,266	*	Digi International, Inc		637,308
	23,195	*	DZS, Inc		264,191
	24,822	*,e	Eastman Kodak Co		171,768
	21,061	*	ePlus, Inc		1,421,828
	185,197	*	Extreme Networks, Inc		751,900
	58,927	*	Fabrinet		3,536,799
	28,537	*	FARO Technologies, Inc		1,719,069
	391,507	*	Fitbit, Inc		2,756,209
	151,436	*	Harmonic, Inc		899,530
	163,123	*	II-VI, Inc		7,417,203
	28,576	*	Immersion Corp		176,028
	252,940	*	Infinera Corp		1,583,404

264

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	109,976	*,e	Inseego Corp	$	956,791
	55,921	*	Insight Enterprises, Inc		2,983,385
	25,535	*,e	Intellicheck, Inc		184,873
	49,180		InterDigital, Inc		2,753,096
	37,124	*	Intevac, Inc		196,015
	60,654	*	Iteris, Inc		228,666
	64,571	*	Itron, Inc		4,387,599
	36,276	*	Kimball Electronics, Inc		439,665
	142,726	*	Knowles Corp		2,033,846
	25,893	*	KVH Industries, Inc		225,010
	46,474	*	Luna Innovations, Inc		293,251
	58,758		Methode Electronics, Inc		1,807,984
	31,027		MTS Systems Corp		753,336
	20,217	*	Napco Security Technologies, Inc		487,634
	47,918	*	Netgear, Inc		1,476,833
	112,269	*	Netscout Systems, Inc		2,303,760
	55,985	*	nLight, Inc		1,189,121
	55,787	*	Novanta, Inc		6,065,163
	27,160	*	OSI Systems, Inc		2,095,666
	25,673	*,e	PAR Technology Corp		949,131
	16,924		PC Connection, Inc		770,888
	28,122		PC-Tel, Inc		143,422
	56,183		Plantronics, Inc		1,096,692
	46,057	*	Plexus Corp		3,202,804
	43,785	*	Powerfleet, Inc		264,899
	46,851	*	Quantum Corp		195,837
	42,424	*,e	Research Frontiers, Inc		109,878
	79,331	*,e	Resonant, Inc		181,668
	107,445	*	Ribbon Communications, Inc		463,088
	30,086	*	Rogers Corp		3,647,025
	108,590	*	Sanmina Corp		2,653,940
	40,648	*	Scansource, Inc		817,025
	75,096	*	Super Micro Computer, Inc		1,706,181
	160,989	*	TTM Technologies, Inc		1,910,939
	366,692	*	Viavi Solutions, Inc		4,528,646
	212,988		Vishay Intertechnology, Inc		3,454,665
	19,714	*	Vishay Precision Group, Inc		470,968
	18,866	*,e	Wrap Technologies Inc		97,537
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		96,620,177
TELECOMMUNICATION SERVICES - 1.0%
	80,292		Alaska Communications Systems Group, Inc		153,358
	17,451	*	Anterix, Inc		557,036
	18,247		ATN International, Inc		815,641
	30,796	*	Bandwidth Inc		4,938,293
	71,531	*	Boingo Wireless, Inc		668,100
	84,950	*	Cincinnati Bell, Inc		1,278,497
	68,214		Cogent Communications Group, Inc		3,806,341
	120,307	*	Consolidated Communications Holdings, Inc		561,834
	88,669	*,e	Gogo, Inc		712,899
	24,167	*	IDT Corp (Class B)		230,311
	188,780	*	Iridium Communications, Inc		4,985,680
	72,105	*	Liberty Latin America Ltd (Class A)		706,629
	249,081	*	Liberty Latin America Ltd (Class C)		2,421,067
	31,695	*	Ooma, Inc		447,216
	130,329	*	ORBCOMM, Inc		560,415

265

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	77,326		Shenandoah Telecom Co	$	3,372,960
	31,498		Spok Holdings, Inc		286,002
	371,066	*	Vonage Holdings Corp		3,925,878
			TOTAL TELECOMMUNICATION SERVICES		30,428,157
TRANSPORTATION - 1.4%
	97,037	*	Air Transport Services Group, Inc		2,720,917
	20,993		Allegiant Travel Co		2,829,017
	41,798		ArcBest Corp		1,275,675
	41,545	*	Atlas Air Worldwide Holdings, Inc		2,457,802
	84,666	*	Avis Budget Group, Inc		2,850,704
	78,992		Costamare, Inc		449,465
	19,684	*	Covenant Transportation Group, Inc		271,049
	73,485	*,e	Daseke, Inc		482,796
	10,195	*,e	Eagle Bulk Shipping, Inc		140,283
	41,363	*	Echo Global Logistics, Inc		1,115,560
	44,682		Forward Air Corp		2,813,626
	34,315		Genco Shipping & Trading Ltd		221,675
	72,314		Hawaiian Holdings, Inc		1,001,549
	82,238		Heartland Express, Inc		1,505,778
	52,670	*	Hub Group, Inc (Class A)		2,640,347
	98,713		Marten Transport Ltd		1,514,751
	69,087		Matson, Inc		3,589,070
	66,864	*	Mesa Air Group, Inc		211,290
	2,640	*	PAM Transportation Services, Inc		104,544
	14,122		Park-Ohio Holdings Corp		278,768
	56,933	*	Radiant Logistics, Inc		292,636
	73,761	*	Safe Bulkers, Inc		65,397
	42,264	*	Saia, Inc		6,240,702
	14,961		Scorpio Bulkers, Inc		164,272
	79,143		Skywest, Inc		2,297,521
	141,955	*,e	Spirit Airlines, Inc		2,494,149
	11,955		Universal Logistics Holdings Inc		235,872
	37,863	*	US Xpress Enterprises, Inc		272,992
	98,337		Werner Enterprises, Inc		3,738,773
			TOTAL TRANSPORTATION		44,276,980
UTILITIES - 3.3%
	83,716		Allete, Inc		4,318,071
	59,209		American States Water Co		4,422,320
	13,672		Artesian Resources Corp		481,665
	166,433	*,e	Atlantic Power Corp		331,202
	108,639		Avista Corp		3,608,988
	102,685		Black Hills Corp		5,818,132
	52,559		Brookfield Infrastructure Corp		2,862,889
	111,323		Brookfield Renewable Corp		7,433,037
	32,021	*,e	Cadiz, Inc		305,801
	80,005		California Water Service Group		3,565,823
	25,645		Chesapeake Utilities Corp		2,492,950
	55,905		Clearway Energy, Inc (Class A)		1,465,270
	130,015		Clearway Energy, Inc (Class C)		3,661,222
	21,344		Consolidated Water Co, Inc		214,721
	25,526		Genie Energy Ltd		211,610
	17,733		Global Water Resources, Inc		187,970
	58,848		MGE Energy, Inc		3,826,297
	28,572		Middlesex Water Co		1,832,608

266

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	153,680		New Jersey Resources Corp	$	4,484,382
	48,534		Northwest Natural Holding Co		2,156,851
	81,533		NorthWestern Corp		4,250,315
	85,486		ONE Gas, Inc		5,901,953
	64,255		Ormat Technologies, Inc		4,553,752
	67,073		Otter Tail Corp		2,572,250
	127,557		PNM Resources, Inc		6,377,850
	144,611		Portland General Electric Co		5,683,212
	29,806	*	Pure Cycle Corp		262,293
	13,938		RGC Resources, Inc		331,724
	42,488		SJW Corp		2,578,597
	162,024		South Jersey Industries, Inc		3,122,202
	90,711		Southwest Gas Holdings Inc		5,961,527
	20,201		Spark Energy, Inc		184,233
	80,630		Spire, Inc		4,518,505
	85,265	*	Sunnova Energy International, Inc		2,051,476
	23,438		Unitil Corp		809,783
	19,903		York Water Co		840,902
			TOTAL UTILITIES		103,682,383
			TOTAL COMMON STOCKS		3,102,806,755
			(Cost $2,730,960,206)
RIGHTS / WARRANTS - 0.0%
CAPITAL GOODS - 0.0%
	69,484		HC2 Holdings, Inc		0
			TOTAL CAPITAL GOODS		0
ENERGY - 0.0%
	4,137	e	Whiting Petroleum Corp		11,790
	2,068	e	Whiting Petroleum Corp		6,142
			TOTAL ENERGY		17,932
HEALTH CARE EQUIPMENT & SERVICES - 0.0%
	495		Pulse Biosciences, Inc		0
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		0
MEDIA & ENTERTAINMENT - 0.0%
	122,474	†	Media General, Inc		0
			TOTAL MEDIA & ENTERTAINMENT		0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
	20,265	†	Chinook Therapeutics, Inc		0
	5,149	†	Omthera Pharmaceuticals, Inc		3,090
	9,351	†	Tobira Therapeutics, Inc		561
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		3,651
			TOTAL RIGHTS / WARRANTS		21,583
			(Cost $3,016)

267

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
SHORT-TERM INVESTMENTS - 4.1%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 4.1%
	128,902,996	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	128,902,996
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		128,902,996
			TOTAL SHORT-TERM INVESTMENTS		128,902,996
			(Cost $128,902,996)
			TOTAL INVESTMENTS - 103.9%		3,231,731,334
			(Cost $2,859,866,218)
			OTHER ASSETS & LIABILITIES, NET - (3.9)%		(122,748,402	)
			NET ASSETS - 100.0%	$	3,108,982,932

*	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 $172,971,605.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/2020, the aggregate value of these securities is $3,253,867 or 0.1% of net assets.

268

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

TIAA-CREF FUNDS

EMERGING MARKETS EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS

October 31, 2020

SHARES			COMPANY	VALUE
COMMON STOCKS - 100.0%
ARGENTINA - 0.1%
	19,546	*	Globant S.A.	$	3,530,203
	47,900	*	Telecom Argentina S.A. (ADR) (Class B)		307,039
	92,900	*	YPF S.A. (ADR) (Class D)		299,138
			TOTAL ARGENTINA		4,136,380
BRAZIL - 4.3%
	2,475,697		AMBEV S.A.		5,255,185
	212,000		Atacadao Distribuicao Comercio e Industria Ltd		681,672
	115,075	*	B2W Companhia Global Do Varejo		1,508,944
	1,065,982		B3 SA-Brasil Bolsa Balcao		9,483,941
	664,724		Banco Bradesco S.A.		2,104,939
	2,301,265		Banco Bradesco S.A. (Preference)		8,085,379
	118,100		Banco BTG Pactual S.A. - Unit		1,492,214
	438,283		Banco do Brasil S.A.		2,276,219
	2,571,453		Banco Itau Holding Financeira S.A.		10,522,524
	215,674		Banco Santander Brasil S.A.		1,204,673
	352,848		BB Seguridade Participacoes S.A.		1,456,172
	100,115	*	Braskem S.A.		398,509
	298,505	*	BRF S.A.		872,945
	169,325		Centrais Eletricas Brasileiras S.A.		916,570
	145,892		Centrais Eletricas Brasileiras S.A. (Preference)		787,946
	84,357		Cia Brasileira de Distribuicao		910,764
	624,956		Cia de Concessoes Rodoviarias		1,215,505
	177,858		Cia de Saneamento Basico do Estado de Sao Paulo		1,317,363
	555,225		Cia Energetica de Minas Gerais		991,827
	54,700		Cia Paranaense de Energia		588,759
	364,430		Cia Siderurgica Nacional S.A.		1,304,541
	778,194		Cielo S.A.		457,047
	848,249		Cogna Educacao		634,197
	72,036		Cosan SA Industria e Comercio		815,905
	119,600		CPFL Energia S.A.		580,913
	93,600		Energisa S.A.		684,633
	119,825		Engie Brasil Energia S.A.		833,019
	497,900		Equatorial Energia S.A.		1,729,389
	571,175		Gerdau S.A. (Preference)		2,171,041
	118,300	g	Hapvida Participacoes e Investimentos S.A.		1,327,124
	197,082		Hypermarcas S.A.		958,284
	2,300,832		Investimentos Itau S.A. - PR		3,644,954
	499,129		IRB Brasil Resseguros S		534,102
	572,664		JBS S.A.		1,941,166
	361,733		Klabin S.A.		1,496,622
	318,206		Localiza Rent A Car		3,365,094
	478,688		Lojas Americanas S.A. (Preference)		1,937,961
	392,139		Lojas Renner S.A.		2,559,382
	1,529,760		Magazine Luiza S.A.		6,566,455

269

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	130,107		Multiplan Empreendimentos Imobiliarios S.A.	$	430,141
	467,119		Natura & Co Holding S.A.		3,752,941
	245,500		Notre Dame Intermedica Participacoes S.A.		2,813,135
	406,527		Petrobras Distribuidora S.A.		1,358,880
	1,989,516		Petroleo Brasileiro S.A.		6,587,859
	2,583,168		Petroleo Brasileiro S.A. (Preference)		8,526,600
	41,312		Porto Seguro S.A.		341,414
	563,915		Raia Drogasil S.A.		2,364,572
	681,327	*	Rumo S.A.		2,177,701
	158,836		Sul America S.A.		1,106,990
	391,920	*	Suzano Papel e Celulose S.A.		3,418,572
	234,521		Telefonica Brasil S.A.		1,738,691
	416,266		TIM S.A.		859,672
	390,860		Ultrapar Participacoes S.A.		1,115,779
	1,940,659		Vale S.A.		20,478,900
	671,000	*	Via Varejo S.A.		2,006,703
	439,917		Weg S.A.		5,813,732
			TOTAL BRAZIL		150,506,161
CHILE - 0.5%
	1,519,194		Aguas Andinas S.A.		394,621
	22,254,220		Banco de Chile		1,722,085
	24,128		Banco de Credito e Inversiones		755,373
	33,869,125		Banco Santander Chile S.A.		1,185,506
	257,747		Cencosud Shopping S.A.		341,435
	749,568		Centros Comerciales Sudamericanos S.A.		1,043,713
	80,934		Cia Cervecerias Unidas S.A.		450,040
	3,490,151		Colbun S.A.		526,705
	207,594		Embotelladora Andina S.A.		432,208
	97,263		Empresa Nacional de Telecomunicaciones S.A.		548,222
	634,055		Empresas CMPC S.A.		1,318,536
	212,005		Empresas COPEC S.A.		1,616,530
	13,069,567		Enersis Chile S.A.		879,355
	19,202,210		Enersis S.A.		2,547,522
	394,553		SACI Falabella		1,083,173
	62,980		Sociedad Quimica y Minera de Chile S.A. (Class B)		2,304,214
			TOTAL CHILE		17,149,238
CHINA - 41.6%
	148,600		360 Security Technology, Inc		351,552
	651,500	*,g	3SBio, Inc		607,652
	14,033	*	51job, Inc (ADR)		983,713
	394,500	e	AAC Technologies Holdings, Inc		2,073,642
	15,200		Accelink Technologies Co Ltd		71,380
	41,900		Addsino Co Ltd		126,088
	38,500		AECC Aero-Engine Control Co Ltd		102,921
	90,500		AECC Aviation Power Co Ltd		494,638
	682,000		Agile Property Holdings Ltd		935,814
	15,188,064		Agricultural Bank of China Ltd		5,167,227
	2,302,800		Agricultural Bank of China Ltd (Class A)		1,083,504
	109,148		Aier Eye Hospital Group Co Ltd		1,016,702
	130,490		Air China Ltd		132,500
	962,000		Air China Ltd (H shares)		622,335
	66,000		Airtac International Group		1,776,776

270

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	55,100		Aisino Corp	$	128,012
	214,000	g	AK Medical Holdings Ltd		478,844
	983,865	*	Alibaba Group Holding Ltd (ADR)		299,773,827
	1,714,284	*	Alibaba Health Information Technology Ltd		4,495,591
	234,500	g	A-Living Services Co Ltd		987,545
	1,736,000	*	Aluminum Corp of China Ltd		379,178
	164,400	*	Aluminum Corp of China Ltd (Class A)		70,601
	64,870		Angang Steel Co Ltd		25,600
	22,700		Angel Yeast Co Ltd		179,239
	650,282		Anhui Conch Cement Co Ltd		4,067,832
	130,000		Anhui Conch Cement Co Ltd (Class A)		989,961
	58,400		Anhui Gujing Distillery Co Ltd		664,486
	10,500		Anhui Gujing Distillery Co Ltd (Class A)		330,078
	17,100		Anhui Kouzi Distillery Co Ltd		140,159
	559,651		Anta Sports Products Ltd		6,212,768
	35,100		Apeloa Pharmaceutical Co Ltd		107,250
	5,800		Asymchem Laboratories Tianjin Co Ltd		238,035
	6,800		Autobio Diagnostics Co Ltd		177,216
	30,700		Autohome, Inc (ADR)		2,933,385
	70,700		AVIC Aircraft Co Ltd		256,129
	294,858		Avic Capital Co Ltd		192,969
	90,600		AVIC Electromechanical Systems Co Ltd		143,260
	23,800		AVIC Jonhon Optronic Technology Co Ltd		197,243
	47,400		AVIC Shenyang Aircraft Co Ltd		367,363
	1,054,861		AviChina Industry & Technology Co		544,178
	14,700		AVICOPTER plc		110,078
	85,400	*	BAIC BluePark New Energy Technology Co Ltd		84,933
	874,000	g	BAIC Motor Corp Ltd		323,232
	143,789	*	Baidu, Inc (ADR)		19,131,126
	649,400		Bank of Beijing Co Ltd		453,096
	155,305		Bank of Chengdu Co Ltd		240,334
	1,165,700		Bank of China Ltd		553,742
	42,849,953		Bank of China Ltd (Hong Kong)		13,534,632
	1,382,800		Bank of Communications Co Ltd		935,672
	4,762,934		Bank of Communications Co Ltd (Hong Kong)		2,343,281
	195,500		Bank of Hangzhou Co Ltd		379,092
	313,700		Bank of Jiangsu Co Ltd		281,720
	422,900		Bank of Nanjing Co Ltd		483,631
	150,971		Bank of Ningbo Co Ltd		767,092
	385,390		Bank of Shanghai Co Ltd		452,123
	566,200		Baoshan Iron & Steel Co Ltd		452,157
	30,064	*,e	Baozun, Inc (ADR)		1,100,042
	155,900		BBMG Corp		70,191
	165,600		Beijing Capital Development Co Ltd		152,796
	902,830		Beijing Capital International Airport Co Ltd		551,636
	132,200		Beijing Dabeinong Technology Group Co Ltd		164,030
	16,920		Beijing E-Hualu Information Technology Co Ltd		80,376
	67,700		Beijing Enlight Media Co Ltd		123,047
	299,000		Beijing Enterprises Holdings Ltd		900,813
	2,887,583		Beijing Enterprises Water Group Ltd		1,098,432
	38,900		Beijing Kunlun Tech Co Ltd		142,969
	49,500		Beijing New Building Materials plc		255,902
	57,450		Beijing Oriental Yuhong Waterproof Technology Co Ltd		319,013
	202,800		Beijing Originwater Technology Co Ltd		235,442

271

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	20,300		Beijing Shiji Information Technology Co Ltd	$	112,224
	21,000		Beijing Shunxin Agriculture Co Ltd		172,585
	35,100		Beijing Sinnet Technology Co Ltd		100,287
	18,500		Beijing Thunisoft Corp Ltd		64,611
	37,320		Beijing Tiantan Biological Products Corp Ltd		192,511
	44,409		Beijing Tongrentang Co Ltd		178,744
	93,500		Beijing Yanjing Brewery Co Ltd		121,541
	368,300		Beijing-Shanghai High Speed Railway Co Ltd		307,183
	108,300	*,e	BEST, Inc (ADR)		278,331
	11,900		Betta Pharmaceuticals Co Ltd		191,005
	16,700		BGI Genomics Co Ltd		372,834
	62,500	*	Bilibili, Inc (ADR)		2,791,875
	954,600		BOE Technology Group Co Ltd		676,158
	151,000	*	Bohai Leasing Co Ltd		57,384
	1,394,000	e	Bosideng International Holdings Ltd		612,372
	1,671,945		Brilliance China Automotive Holdings Ltd		1,443,242
	33,100		BTG Hotels Group Co Ltd		85,768
	57,100		BYD Co Ltd		1,362,372
	339,500	e	BYD Co Ltd (H shares)		6,862,924
	345,000	e	BYD Electronic International Co Ltd		1,486,792
	51,300		By-health Co Ltd		198,429
	39,900		C&S Paper Co Ltd		120,776
	150,500		Caitong Securities Co Ltd		289,539
	31,800	*,e,g	CanSino Biologics, Inc		622,287
	35,700		Centre Testing International Group Co Ltd		143,958
	6,068,200	g	CGN Power Co Ltd		1,301,467
	15,300		Chacha Food Co Ltd		135,951
	13,400		Changchun High & New Technology Industry Group, Inc		750,883
	183,100		Changjiang Securities Co Ltd		206,323
	816,600		Changsha Zoomlion Heavy Industry Science and Technology Development Co Ltd		720,989
	5,100		Changzhou Xingyu Automotive Lighting Systems Co Ltd		123,809
	69,900		Chaozhou Three-Circle Group Co Ltd		324,547
	18,500		Chengdu Kanghong Pharmaceutical Group Co Ltd		117,492
	78,500		Chengdu Xingrong Environment Co Ltd		58,407
	71,000		China Aerospace Times Electronics Co Ltd		70,247
	658,000		China Aoyuan Group Ltd		618,792
	17,100		China Avionics Systems Co Ltd		41,132
	4,246,000		China Cinda Asset Management Co Ltd		796,533
	4,869,530		China Citic Bank		1,981,934
	119,400		China CITIC Bank Corp Ltd		90,084
	230,200		China Communications Construction Co Ltd		254,749
	2,366,000		China Communications Construction Co Ltd (Hong Kong)		1,238,887
	1,252,400		China Communications Services Corp Ltd		729,718
	843,000		China Conch Venture Holdings Ltd		3,753,712
	346,200		China Construction Bank Corp		325,344
	50,729,641		China Construction Bank Corp (Hong Kong)		34,958,458
	1,177,500	*	China COSCO Holdings Co Ltd		753,464
	289,000	g	China East Education Holdings Ltd		556,983
	270,700		China Eastern Airlines Corp Ltd		185,923
	768,000	e	China Eastern Airlines Corp Ltd (H Shares)		305,985
	351,000		China Education Group Holdings Ltd		585,126
	244,000		China Enterprise Co Ltd		143,023
	1,128,800		China Everbright Bank Co Ltd		661,149

272

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	1,437,000		China Everbright Bank Co Ltd (Hong Kong)	$	497,993
	2,000,888		China Everbright International Ltd		1,009,478
	474,000		China Everbright Ltd		627,146
	981,000	e	China Evergrande Group		1,956,327
	620,000	g	China Feihe Ltd		1,410,645
	72,100		China Film Co Ltd		136,455
	124,146		China Fortune Land Development Co Ltd		261,631
	2,089,245		China Galaxy Securities Co Ltd		1,146,627
	135,300		China Galaxy Securities Co Ltd (Class A)		238,026
	1,367,268		China Gas Holdings Ltd		4,201,682
	171,800		China Gezhouba Group Co Ltd		178,747
	70,700		China Great Wall Securities Co Ltd		131,118
	74,800		China Greatwall Technology Group Co Ltd		169,712
	932,500		China Hongqiao Group Ltd		674,702
	4,374,000	g	China Huarong Asset Management Co Ltd		458,288
	2,230,000	*,†	China Huishan Dairy Holdings Co Ltd		2,876
	873,824		China Insurance International Holdings Co Ltd		1,319,602
	713,406	*,g	China International Capital Corp Ltd		1,666,936
	60,600		China International Travel Service Corp Ltd		1,806,542
	112,900		China Jushi Co Ltd		235,730
	560,000		China Lesso Group Holdings Ltd		907,886
	3,919,880		China Life Insurance Co Ltd		8,552,885
	84,000		China Life Insurance Co Ltd (Class A)		579,576
	160,800	*,e,g	China Literature Ltd		1,321,041
	1,638,341		China Longyuan Power Group Corp		1,122,936
	712,000		China Medical System Holdings Ltd		748,723
	25,800		China Meheco Co Ltd		58,069
	1,447,000		China Mengniu Dairy Co Ltd		6,821,613
	2,061,368		China Merchants Bank Co Ltd		10,737,528
	674,495		China Merchants Bank Co Ltd (Class A)		4,013,824
	350,700		China Merchants Energy Shipping Co Ltd		303,263
	804,894		China Merchants Holdings International Co Ltd		855,582
	31,400		China Merchants Property Operation & Service Co Ltd		119,574
	176,020	*	China Merchants Securities Co Ltd		544,645
	214,900		China Merchants Shekou Industrial Zone Holdings Co Ltd		452,357
	1,063,900		China Minsheng Banking Corp Ltd		839,211
	3,208,602		China Minsheng Banking Corp Ltd (Hong Kong)		1,756,029
	3,238,165		China Mobile Hong Kong Ltd		19,806,364
	1,632,000		China Molybdenum Co Ltd		593,962
	489,300		China Molybdenum Co Ltd (Class A)		289,686
	10,400		China National Accord Medicines Corp Ltd		77,343
	2,037,913		China National Building Material Co Ltd		2,345,763
	33,800		China National Chemical Engineering Co Ltd		26,772
	18,000		China National Medicines Corp Ltd		115,444
	296,400		China National Nuclear Power Co Ltd		196,445
	22,800		China National Software & Service Co Ltd		239,642
	144,400	*	China Northern Rare Earth Group High-Tech Co Ltd		217,955
	1,010,773		China Oilfield Services Ltd		610,387
	2,063,794		China Overseas Land & Investment Ltd		5,183,817
	218,200		China Pacific Insurance Group Co Ltd		1,042,119
	1,504,000		China Pacific Insurance Group Co Ltd (Hong Kong)		4,706,712
	2,274,000		China Power International Development Ltd		437,866
	1,124,500		China Railway Construction Corp		761,744
	355,500		China Railway Construction Corp Ltd		443,125

273

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	556,900		China Railway Group Ltd	$	447,223
	2,183,454		China Railway Group Ltd (Hong Kong)		1,005,072
	783,000	g	China Railway Signal & Communication Corp Ltd		258,234
	3,042,000		China Reinsurance Group Corp		291,153
	776,677		China Resources Beer Holdings Company Ltd		4,818,952
	486,000		China Resources Gas Group Ltd		2,111,773
	1,699,555		China Resources Land Ltd		6,950,611
	826,500	g	China Resources Pharmaceutical Group Ltd		413,191
	1,093,372		China Resources Power Holdings Co		1,138,003
	19,700		China Resources Sanjiu Medical & Pharmaceutical Co Ltd		79,776
	257,900		China Shenhua Energy Co Ltd		642,111
	1,912,500		China Shenhua Energy Co Ltd (Hong Kong)		3,313,675
	620,000	*	China Shipbuilding Industry Co Ltd		385,662
	844,000		China Shipping Development Co Ltd		332,929
	46,600		China South Publishing & Media Group Co Ltd		73,091
	802,000	*,e	China Southern Airlines Co Ltd		420,075
	242,700	*	China Southern Airlines Co Ltd (Class A)		200,011
	44,200		China Spacesat Co Ltd		207,457
	1,174,320		China State Construction Engineering Corp Ltd		897,713
	1,076,744		China State Construction International Holdings Ltd		746,954
	7,167,336		China Telecom Corp Ltd		2,249,894
	23,716,778	g	China Tower Corp Ltd		3,711,546
	31,700		China TransInfo Technology Co Ltd		105,298
	3,279,716		China Unicom Ltd		2,021,582
	913,600		China United Network Communications Ltd		651,928
	897,600		China Vanke Co Ltd		2,786,118
	296,400		China Vanke Co Ltd (Class A)		1,222,276
	739,000		China Yangtze Power Co Ltd		2,096,475
	614,000	g	China Yuhua Education Corp Ltd		485,697
	88,000		Chinese Universe Publishing and Media Group Co Ltd		152,281
	13,100		Chongqing Brewery Co Ltd		209,201
	176,300	*	Chongqing Changan Automobile Co Ltd		436,281
	26,500		Chongqing Fuling Zhacai Group Co Ltd		165,561
	1,342,000		Chongqing Rural Commercial Bank		535,869
	52,900		Chongqing Zhifei Biological Products Co Ltd		1,267,057
	1,642,939		CIFI Holdings Group Co Ltd		1,138,197
	3,099,738		Citic Pacific Ltd		2,216,121
	1,212,500		CITIC Securities Co Ltd		2,628,942
	343,000		CITIC Securities Co Ltd (Class A)		1,471,269
	9,784,674		CNOOC Ltd		8,952,543
	69,800		Contemporary Amperex Technology Co Ltd		2,563,478
	958,196		COSCO Pacific Ltd		561,198
	231,000		COSCO SHIPPING Development Co Ltd		72,189
	142,500		COSCO SHIPPING Energy Transportation Co Ltd		140,070
	162,100	*	COSCO SHIPPING Holdings Co Ltd		158,652
	4,147,416		Country Garden Holdings Co Ltd		5,125,629
	716,000		Country Garden Services Holdings Co Ltd		4,509,152
	2,504,050		CRRC Corp Ltd		971,273
	697,500		CRRC Corp Ltd (Class A)		562,164
	94,100		CSC Financial Co Ltd		603,949
	4,751,489		CSPC Pharmaceutical Group Ltd		5,045,725
	30,910		Da An Gene Co Ltd		174,798
	1,085,500	g	Dali Foods Group Co Ltd		673,946
	467,600		Daqin Railway Co Ltd		447,867

274

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	30,520		Dawning Information Industry Co Ltd	$	163,361
	66,900		DHC Software Co Ltd		91,450
	8,900		Dong-E-E-Jiao Co Ltd		50,948
	233,800		Dongfang Electric Corp Ltd		370,824
	1,609,917		Dongfeng Motor Group Co Ltd		1,134,066
	200,700		Dongxing Securities Co Ltd		366,706
	235,320		East Money Information Co Ltd		824,429
	415,200		ENN Energy Holdings Ltd		5,254,813
	46,761		Eve Energy Co Ltd		372,872
	123,000		Everbright Securities Co Ltd		331,532
	142,860	*	Fangda Carbon New Material Co Ltd		134,169
	1,007,000		Far East Horizon Ltd		993,243
	36,800		Fiberhome Telecommunication Technologies Co Ltd		129,868
	116,500		Financial Street Holdings Co Ltd		116,194
	178,400		First Capital Securities Co Ltd		265,224
	552,340		Focus Media Information Technology Co Ltd		772,472
	90,150		Foshan Haitian Flavouring & Food Co Ltd		2,157,616
	1,370,952		Fosun International		1,655,469
	234,600	*	Founder Securities Co Ltd		326,622
	228,600		Foxconn Industrial Internet Co Ltd		467,036
	2,718,000		Franshion Properties China Ltd		1,377,081
	16,400		Fujian Star-net Communication Co Ltd		58,814
	26,100		Fujian Sunner Development Co Ltd		86,107
	62,700		Future Land Holdings Co Ltd		305,094
	37,300		Fuyao Glass Industry Group Co Ltd		209,126
	271,698	g	Fuyao Glass Industry Group Co Ltd (Hong Kong)		1,152,747
	1,500		G-bits Network Technology Xiamen Co Ltd		105,837
	134,700	*	GCL System Integration Technology Co Ltd		69,531
	537,900		GD Power Development Co Ltd		157,581
	41,700	*	GDS Holdings Ltd (ADR)		3,504,468
	3,101,828		Geely Automobile Holdings Ltd		6,373,809
	268,600		GEM Co Ltd		193,381
	127,600		Gemdale Corp		254,897
	544,000	*	Genscript Biotech Corp		757,453
	819,600		GF Securities Co Ltd		1,059,817
	132,000		GF Securities Co Ltd (Class A)		304,314
	35,800		Giant Network Group Co Ltd		101,644
	11,620		Gigadevice Semiconductor Beijing, Inc		337,779
	28,300		Glodon Co Ltd		301,305
	92,700		GoerTek, Inc		629,149
	5,601,968	*,e	GOME Electrical Appliances Holdings Ltd		622,344
	251,900		Grandjoy Holdings Group Co Ltd		171,894
	1,627,266		Great Wall Motor Co Ltd		2,634,657
	85,100		Gree Electric Appliances, Inc of Zhuhai		746,073
	207,300		Greenland Holdings Corp Ltd		192,115
	757,305		Greentown Service Group Co Ltd		831,375
	51,700		GRG Banking Equipment Co Ltd		89,469
	41,000	*,e	GSX Techedu, Inc (ADR)		2,723,220
	37,500		Guangdong Haid Group Co Ltd		345,365
	70,300	*	Guangdong HEC Technology Holding Co Ltd		59,861
	20,100		Guangdong Hongda Blasting Co Ltd		143,786
	1,610,000		Guangdong Investments Ltd		2,387,806
	216,700		Guangdong LY Intelligent Manufacturing Co Ltd		423,140
	397,700	*	Guanghui Energy Co Ltd		171,347

275

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	1,528,851		Guangzhou Automobile Group Co Ltd (Hong Kong)	$	1,571,786
	60,400		Guangzhou Baiyun International Airport Co Ltd		113,436
	42,100		Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd		192,292
	41,100		Guangzhou Haige Communications Group, Inc Co		68,809
	11,600		Guangzhou Kingmed Diagnostics Group Co Ltd		182,912
	761,600		Guangzhou R&F Properties Co Ltd		968,511
	20,272		Guangzhou Shiyuan Electronic Technology Co Ltd		311,614
	9,200		Guangzhou Wondfo Biotech Co Ltd		104,720
	35,900	*	Guocheng Mining Co Ltd		56,620
	134,800		Guosen Securities Co Ltd		269,403
	221,800		Guotai Junan Securities Co Ltd		611,221
	291,400	g	Guotai Junan Securities Co Ltd (Hong Kong)		379,837
	29,800	*	Guoxuan High-Tech Co Ltd		117,723
	131,430		Guoyuan Securities Co Ltd		164,801
	418,000	e,g	Haidilao International Holding Ltd		2,768,747
	682,000		Haier Electronics Group Co Ltd		2,599,939
	577,300	*	Hainan Airlines Holding Co Ltd		133,813
	388,000		Haitian International Holdings Ltd		961,680
	1,573,200	*	Haitong Securities Co Ltd		1,332,733
	231,500	*	Haitong Securities Co Ltd (Class A)		486,623
	292,600		Hangzhou Hikvision Digital Technology Co Ltd		1,966,826
	19,700		Hangzhou Robam Appliances Co Ltd		107,849
	34,500		Hangzhou Silan Microelectronics Co Ltd		77,936
	16,000		Hangzhou Tigermed Consulting Co Ltd		297,186
	626,000	*,g	Hansoh Pharmaceutical Group Co Ltd		2,801,792
	13,500		Hefei Meiya Optoelectronic Technology, Inc		85,275
	47,000		Heilongjiang Agriculture Co Ltd		122,369
	81,400		Henan Shuanghui Investment & Development Co Ltd		608,489
	353,000		Hengan International Group Co Ltd		2,462,371
	213,720		Hengli Petrochemical Co Ltd		617,202
	82,980		Hengtong Optic-electric Co Ltd		181,883
	230,060		Hengyi Petrochemical Co Ltd		396,543
	88,900	*	Hesteel Co Ltd		27,384
	20,000		Hithink RoyalFlush Information Network Co Ltd		404,686
	62,200	*	Holitech Technology Co Ltd		41,258
	18,900		Hongfa Technology Co Ltd		145,458
	232,051	*,e,g	Hua Hong Semiconductor Ltd		854,899
	197,010		Huaan Securities Co Ltd		234,953
	408,000		Huadian Power International Corp Ltd (Class A)		205,160
	45,800		Huadong Medicine Co Ltd		191,202
	28,600		Huagong Tech Co Ltd		99,708
	57,720		Hualan Biological Engineering, Inc		442,134
	241,400		Huaneng Power International, Inc		176,187
	1,843,110		Huaneng Power International, Inc (Hong Kong)		688,527
	836,600	g	Huatai Securities Co Ltd		1,354,965
	216,000		Huatai Securities Co Ltd (Class A)		658,662
	135,500		Huaxi Securities Co Ltd		235,388
	373,900		Huaxia Bank Co Ltd		338,533
	35,900		Huaxin Cement Co Ltd		130,120
	113,073		Huayu Automotive Systems Co Ltd		526,000
	82,966		Huazhu Group Ltd (ADR)		3,287,943
	88,900		Hubei Biocause Pharmaceutical Co Ltd		66,212
	104,500		Hubei Energy Group Co Ltd		61,869
	29,200		Hubei Jumpcan Pharmaceutical Co Ltd		96,492

276

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	66,500	*	Hubei Kaile Science & Technology Co Ltd	$	123,149
	105,800		Hunan Valin Steel Co Ltd		80,336
	36,647		Hundsun Technologies, Inc		510,574
	36,200	*	Hutchison China MediTech Ltd (ADR)		1,065,728
	35,000	*,e	HUYA, Inc (ADR)		784,000
	58,900		Iflytek Co Ltd		335,476
	1,842,500		Industrial & Commercial Bank of China Ltd		1,354,049
	32,469,777		Industrial & Commercial Bank of China Ltd (Hong Kong)		18,438,419
	699,000		Industrial Bank Co Ltd		1,859,597
	289,600		Industrial Securities Co Ltd		336,151
	1,216,700	*	Inner Mongolia BaoTou Steel Union Co Ltd		207,272
	37,600		Inner Mongolia First Machinery Group Co Ltd		61,012
	343,300		Inner Mongolia Junzheng Energy & Chemical Industry Group Co Ltd		362,192
	195,000		Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd		74,988
	211,600		Inner Mongolia Yili Industrial Group Co Ltd		1,257,447
	577,700		Inner Mongolia Yitai Coal Co		362,463
	498,500	*,g	Innovent Biologics, Inc		3,696,375
	36,064		Inspur Electronic Information Industry Co Ltd		164,683
	119,900	*	IQIYI, Inc (ADR)		2,961,530
	18,240		Jafron Biomedical Co Ltd		216,393
	446,424	*	JD.com, Inc (ADR)		36,392,485
	73,300		Jiangsu Changshu Rural Commercial Bank Co Ltd		74,214
	810,000		Jiangsu Express		810,712
	29,156		Jiangsu Hengli Hydraulic Co Ltd		330,058
	168,212		Jiangsu Hengrui Medicine Co Ltd		2,237,309
	33,000		Jiangsu King's Luck Brewery JSC Ltd		256,145
	73,692		Jiangsu Shagang Co Ltd		142,957
	47,300		Jiangsu Yanghe Brewery Joint-Stock Co Ltd		1,189,568
	8,500		Jiangsu Yangnong Chemical Co Ltd		118,276
	26,000		Jiangsu Yuyue Medical Equipment & Supply Co Ltd		120,037
	207,800		Jiangsu Zhongnan Construction Group Co Ltd		280,780
	98,900		Jiangsu Zhongtian Technology Co Ltd		163,104
	695,000		Jiangxi Copper Co Ltd		829,960
	100,300		Jiangxi Copper Co Ltd (Class A)		222,401
	53,000		Jiangxi Ganfeng Lithium Co Ltd		483,572
	106,100		Jiangxi Zhengbang Technology Co Ltd		271,425
	36,500		Jilin Aodong Pharmaceutical Group Co Ltd		91,814
	61,900		Jinduicheng Molybdenum Co Ltd		52,531
	208,500		Jinke Properties Group Co Ltd		241,943
	39,800		Jinyu Bio-Technology Co Ltd		140,958
	49,000		Joincare Pharmaceutical Group Industry Co Ltd		110,608
	64,500	*	Jointown Pharmaceutical Group Co Ltd		175,227
	21,500		Jonjee Hi-Tech Industrial And Commercial Holding Co Ltd		202,225
	22,400		Joyoung Co Ltd		118,180
	31,304		JOYY, Inc (ADR)		2,860,560
	13,800		Juewei Food Co Ltd		167,102
	51,600		Juneyao Airlines Co Ltd		82,633
	1,152,000		Kaisa Group Holdings Ltd		537,294
	48,700	*	KE Holdings, Inc (ADR)		3,396,825
	392,881		Kingboard Chemical Holdings Ltd		1,330,707
	1,221,000		Kingdee International Software Group Co Ltd		3,223,752
	431,000		Kingsoft Corp Ltd		2,318,452
	126,000	*,e,g	Koolearn Technology Holding Ltd		407,958
	39,800		Kweichow Moutai Co Ltd		9,943,910

277

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	322,465	*,†	KWG Living Group Holdings Ltd	$	252,897
	644,929		KWG Property Holding Ltd		855,234
	9,940		Laobaixing Pharmacy Chain JSC		106,300
	693,000		Lee & Man Paper Manufacturing Ltd		525,192
	389,700	e,g	Legend Holdings Corp		524,334
	3,805,856		Lenovo Group Ltd		2,389,596
	102,600		Lens Technology Co Ltd		513,953
	237,100		Leo Group Co Ltd		112,462
	50,700		Lepu Medical Technology Beijing Co Ltd		233,616
	229,700		Leyard Optoelectronic Co Ltd		245,326
	1,103,500		Li Ning Co Ltd		5,751,375
	28,800		Liaoning Cheng Da Co Ltd		97,255
	22,100		Livzon Pharmaceutical Group, Inc		160,000
	672,000		Logan Property Holdings Co Ltd		1,054,357
	60,600		Lomon Billions Group Co Ltd		224,434
	925,000	g	Longfor Properties Co Ltd		5,068,176
	122,900		LONGi Green Energy Technology Co Ltd		1,397,366
	36,900		Luenmei Quantum Co Ltd		72,922
	215,253		Luxshare Precision Industry Co Ltd		1,763,123
	1,017,000	e,g	Luye Pharma Group Ltd		590,187
	41,000		Luzhou Laojiao Co Ltd		1,058,926
	96,024		Maanshan Iron & Steel Co Ltd (Class A)		37,043
	66,770		Mango Excellent Media Co Ltd		741,058
	4,600		Maxscend Microelectronics Co Ltd		298,357
	93,728	*	Meinian Onehealth Healthcare Holdings Co Ltd		239,162
	1,867,200	*	Meituan Dianping (Class B)		69,607,644
	525,300		Metallurgical Corp of China Ltd		203,626
	79,764		Momo, Inc (ADR)		1,196,460
	117,846		Muyuan Foodstuff Co Ltd		1,249,770
	56,700		NanJi E-Commerce Co Ltd		155,891
	15,600		Nanjing King-Friend Biochemical Pharmaceutical Co Ltd		91,477
	103,900		Nanjing Securities Co Ltd		194,310
	34,500	*	Nanyang Topsec Technologies Group, Inc		108,717
	131,900		NARI Technology Co Ltd		409,892
	14,900		NAURA Technology Group Co Ltd		381,771
	124,400		NavInfo Co Ltd		264,469
	216,005		Netease.com (ADR)		18,747,074
	64,400		New China Life Insurance Co Ltd		618,983
	454,200		New China Life insurance Co Ltd (Hong Kong)		1,815,371
	139,500		New Hope Liuhe Co Ltd		560,520
	74,684	*	New Oriental Education & Technology Group (ADR)		11,977,820
	21,600		Newland Digital Technology Co Ltd		51,120
	23,700		Ninestar Corp		103,345
	30,200		Ningbo Joyson Electronic Corp		108,143
	31,900		Ningbo Tuopu Group Co Ltd		182,156
	557,364	*	NIO, Inc (ADR)		17,044,191
	17,852	*	Noah Holdings Ltd (ADR)		470,043
	76,100		Northeast Securities Co Ltd		106,243
	365,700		Oceanwide Holdings Co Ltd		225,007
	48,900		Offcn Education Technology Co Ltd		288,937
	207,326		Offshore Oil Engineering Co Ltd		131,285
	74,400		O-film Tech Co Ltd		172,122
	7,840		Oppein Home Group, Inc		144,153
	144,900		Orient Securities Co Ltd		233,108

278

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	10,500		Ovctek China, Inc	$	107,064
	194,200	*	Pacific Securities Co Ltd		109,361
	193,600	*	Pangang Group Vanadium Titanium & Resources Co Ltd		57,654
	4,132,220		People's Insurance Co Group of China Ltd		1,229,574
	167,600	*	People's Insurance Co Group of China Ltd (Class A)		166,301
	45,750		Perfect World Co Ltd		192,005
	3,686,306		PICC Property & Casualty Co Ltd		2,501,945
	142,281	*	Pinduoduo, Inc (ADR)		12,802,444
	590,800		Ping An Bank Co Ltd		1,567,834
	270,600	*,e,g	Ping An Healthcare and Technology Co Ltd		3,491,733
	3,152,526		Ping An Insurance Group Co of China Ltd		32,596,089
	328,900		Ping An Insurance Group Co of China Ltd (Class A)		3,827,601
	62,000	e	Poly Property Development Co Ltd		447,311
	326,100		Poly Real Estate Group Co Ltd		749,673
	5,344,000	g	Postal Savings Bank of China Co Ltd		2,622,639
	342,500		Postal Savings Bank of China Co Ltd		235,343
	483,600		Power Construction Corp of China Ltd		277,949
	5,200		Proya Cosmetics Co Ltd		134,473
	200,100		Qingdao Haier Co Ltd		744,559
	173,600		Qingdao Rural Commercial Bank Corp		122,137
	162,500		RiseSun Real Estate Development Co Ltd		170,935
	122,600		Rongsheng Petro Chemical Co Ltd		349,675
	297,100		SAIC Motor Corp Ltd		1,028,538
	176,700		Sanan Optoelectronics Co Ltd		588,156
	8,600		Sangfor Technologies, Inc		244,430
	68,700		Sansteel Minguang Co Ltd		67,628
	224,700		Sany Heavy Industry Co Ltd		873,223
	105,800		SDIC Capital Co Ltd		221,395
	375,600		SDIC Power Holdings Co Ltd		519,173
	368,160		Sealand Securities Co Ltd		286,640
	1,116,000		Seazen Group Ltd		836,673
	1,875,765	*	Semiconductor Manufacturing International Corp		5,533,753
	97,700		SF Holding Co Ltd		1,210,191
	4,700		SG Micro Corp		191,172
	266,700		Shaanxi Coal Industry Co Ltd		349,245
	73,690		Shandong Buchang Pharmaceuticals Co Ltd		267,099
	114,345		Shandong Gold Mining Co Ltd		409,060
	43,000		Shandong Hualu Hengsheng Chemical Co Ltd		181,951
	44,800		Shandong Linglong Tyre Co Ltd		200,604
	399,700		Shandong Nanshan Aluminum Co Ltd		140,480
	20,000		Shandong Sinocera Functional Material Co Ltd		122,844
	62,300		Shandong Sun Paper Industry JSC Ltd		129,672
	1,319,390		Shandong Weigao Group Medical Polymer Co Ltd		2,558,810
	135,000		Shanghai 2345 Network Holding Group Co Ltd		54,563
	20,000		Shanghai Baosight Software Co Ltd		189,953
	198,400		Shanghai Construction Group Co Ltd		90,221
	168,400	*	Shanghai Electric Group Co Ltd		124,432
	1,328,623	*	Shanghai Electric Group Co Ltd (Hong Kong)		377,650
	83,700		Shanghai Electric Power Co Ltd		89,449
	63,300		Shanghai Fosun Pharmaceutical Group Co Ltd		515,723
	275,985		Shanghai Fosun Pharmaceutical Group Co Ltd (Hong Kong)		1,138,989
	289,000		Shanghai Industrial Holdings Ltd		386,155
	31,900		Shanghai International Airport Co Ltd		315,584
	295,600		Shanghai International Port Group Co Ltd		184,776

279

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	16,700		Shanghai Jahwa United Co Ltd	$	103,085
	20,800		Shanghai Jinjiang International Hotels Development Co Ltd		139,123
	595,679		Shanghai Lujiazui Finance & Trade Zone Development Co Ltd		490,544
	20,600		Shanghai M&G Stationery, Inc		247,465
	88,000		Shanghai Oriental Pearl Group Co Ltd		120,864
	60,400		Shanghai Pharmaceuticals Holding Co Ltd		180,086
	502,741		Shanghai Pharmaceuticals Holding Co Ltd (Hong Kong)		780,408
	1,012,500		Shanghai Pudong Development Bank Co Ltd		1,400,629
	13,800		Shanghai Putailai New Energy Technology Co Ltd		230,368
	186,000		Shanghai RAAS Blood Products Co Ltd		237,485
	189,800		Shanghai Tunnel Engineering Co Ltd		158,371
	73,100		Shanghai Yuyuan Tourist Mart Group Co Ltd		94,784
	48,800		Shanghai Zhangjiang High-Tech Park Development Co Ltd		138,230
	204,600		Shanxi Lu'an Environmental Energy Development Co Ltd		180,106
	123,100	*	Shanxi Meijin Energy Co Ltd		109,968
	173,160		Shanxi Securities Co Ltd		194,734
	136,300		Shanxi Taigang Stainless Steel Co Ltd		71,358
	22,500		Shanxi Xinghuacun Fen Wine Factory Co Ltd		757,118
	144,170		Shanxi Xishan Coal & Electricity Power Co Ltd		99,877
	294,700		Shenergy Co Ltd		229,855
	55,200		Shengyi Technology Co Ltd		197,768
	11,760		Shennan Circuits Co Ltd		190,124
	585,400		Shenwan Hongyuan Group Co Ltd		441,517
	68,300		Shenzhen Airport Co Ltd		81,581
	31,800		Shenzhen Energy Group Co Ltd		25,803
	412,000		Shenzhen Expressway Co Ltd		367,471
	15,900		Shenzhen Goodix Technology Co Ltd		408,854
	30,900		Shenzhen Hepalink Pharmaceutical Group Co Ltd		91,935
	43,300		Shenzhen Inovance Technology Co Ltd		416,254
	555,238		Shenzhen International Holdings Ltd		864,595
	1,772,470		Shenzhen Investment Ltd		541,455
	45,700		Shenzhen Kaifa Technology Co Ltd		145,246
	23,700		Shenzhen Kangtai Biological Products Co Ltd		643,341
	68,200		Shenzhen Kingdom Sci-Tech Co Ltd		181,324
	33,200		Shenzhen Mindray Bio-Medical Electronics Co Ltd		1,921,814
	202,600		Shenzhen Overseas Chinese Town Co Ltd		198,781
	50,500		Shenzhen Salubris Pharmaceuticals Co Ltd		232,914
	23,100		Shenzhen Sunway Communication Co Ltd		164,205
	440,800		Shenzhou International Group Holdings Ltd		7,669,640
	42,700		Shijiazhuang Yiling Pharmaceutical Co Ltd		169,995
	651,000		Shimao Property Holdings Ltd		2,306,046
	146,900	*	Siasun Robot & Automation Co Ltd		294,045
	177,200		Sichuan Chuantou Energy Co Ltd		266,656
	44,300		Sichuan Kelun Pharmaceutical Co Ltd		155,176
	56,400		Sichuan Languang Development Co Ltd		41,638
	12,900		Sichuan Swellfun Co Ltd		127,744
	39,000		Silergy Corp		2,404,460
	31,735	*	Sina Corp		1,359,845
	82,200		Sinolink Securities Co Ltd		184,208
	1,546,471		Sino-Ocean Land Holdings Ltd		295,791
	708,000		Sinopec Engineering Group Co Ltd		275,202
	2,140,000		Sinopec Shanghai Petrochemical Co Ltd		395,495
	228,783		Sinopec Shanghai Petrochemical Co Ltd (Class A)		113,126
	774,000		Sinopharm Group Co		1,778,220

280

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	308,700		Sinotrans Ltd (Class A)	$	188,509
	368,745		Sinotruk Hong Kong Ltd		943,195
	1,016,000	*	Soho China Ltd		272,200
	105,560		Songcheng Performance Development Co Ltd		262,186
	201,120		SooChow Securities Co Ltd		294,600
	131,200		Southwest Securities Co Ltd		99,045
	40,939		Spring Airlines Co Ltd		260,905
	50,800		STO Express Co Ltd		107,126
	1,259,500		Sun Art Retail Group Ltd		1,364,595
	1,347,031		Sunac China Holdings Ltd		4,992,299
	245,100		Suning.com Co Ltd		355,611
	375,417		Sunny Optical Technology Group Co Ltd		6,233,090
	38,400		Sunwoda Electronic Co Ltd		160,573
	33,000		Suofeiya Home Collection Co Ltd		139,311
	43,100		Suzhou Dongshan Precision Manufacturing Co Ltd		163,440
	84,500		Suzhou Gold Mantis Construction Decoration Co Ltd		124,771
	200,132	*	TAL Education Group (ADR)		13,300,773
	36,800		Tangshan Jidong Cement Co Ltd		82,661
	191,900		TBEA Co Ltd		235,936
	396,500		TCL Corp		358,408
	3,002,604		Tencent Holdings Ltd		229,415,785
	194,600	*	Tencent Music Entertainment (ADR)		2,895,648
	12,000		Thunder Software Technology Co Ltd		153,914
	217,800		Tianfeng Securities Co Ltd		191,232
	23,300		Tianjin 712 Communication & Broadcasting Co Ltd		150,041
	100,400		Tianjin Chase Sun Pharmaceutical Co Ltd		82,809
	64,900		Tianjin Zhonghuan Semiconductor Co Ltd		226,337
	72,100		Tianma Microelectronics Co Ltd		154,005
	66,560	*	Tianqi Lithium Corp		197,581
	86,500		Tianshui Huatian Technology Co Ltd		186,042
	1,058,000		Tingyi Cayman Islands Holding Corp		1,936,057
	13,900		Toly Bread Co Ltd		132,216
	453,600	*	Tongcheng-Elong Holdings Ltd		754,941
	36,000	*	TongFu Microelectronics Co Ltd		134,012
	92,900		Tonghua Dongbao Pharmaceutical Co Ltd		199,235
	55,100		Tongkun Group Co Ltd		124,813
	199,000		Tongling Nonferrous Metals Group Co Ltd		64,606
	116,892		Tongwei Co Ltd		538,153
	8,400	*	Topchoice Medical Corp		283,100
	624,000	g	Topsports International Holdings Ltd		855,623
	92,900		Transfar Zhilian Co Ltd		75,318
	469,661		Travelsky Technology Ltd		990,041
	253,796	*	Trip.com Group Ltd (ADR)		7,299,173
	226,000		Tsingtao Brewery Co Ltd		1,872,673
	21,500		Tsingtao Brewery Co Ltd (Class A)		254,968
	203,600	*	Tunghsu Optoelectronic Technology Co Ltd		83,292
	19,100		Unigroup Guoxin Microelectronics Co Ltd		307,098
	787,000		Uni-President China Holdings Ltd		681,716
	75,880		Unisplendour Corp Ltd		249,803
	28,200		Universal Scientific Industrial Shanghai Co Ltd		92,334
	19,000		Venustech Group, Inc		87,898
	234,724	*	Vipshop Holdings Ltd (ADR)		5,023,094
	28,200	*	Visionox Technology, Inc		54,982
	51,400		Walvax Biotechnology Co Ltd		383,299

281

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	58,500	*	Wanda Film Holding Co Ltd	$	134,574
	88,500		Wangsu Science & Technology Co Ltd		103,156
	89,400		Wanhua Chemical Group Co Ltd		1,050,976
	2,630,252		Want Want China Holdings Ltd		1,741,843
	29,372	*,e	Weibo Corp (ADR)		1,220,407
	1,054,800		Weichai Power Co Ltd		2,000,199
	126,900		Weichai Power Co Ltd (Class A)		287,179
	10,200		Weifu High-Technology Group Co Ltd		39,205
	12,600		Weihai Guangwei Composites Co Ltd		124,501
	185,160		Wens Foodstuffs Group Co Ltd		525,309
	140,000		Western Securities Co Ltd		190,768
	89,500		Westone Information Industry, Inc		247,358
	13,600		Will Semiconductor Ltd		402,846
	27,800		Wingtech Technology Co Ltd		418,042
	77,860		Winning Health Technology Group Co Ltd		207,202
	1,194,000		Winteam Pharmaceutical Group Ltd		477,121
	41,400	*	Wonders Information Co Ltd		135,066
	78,400		Wuchan Zhongda Group Co Ltd		51,862
	28,560		Wuhan Guide Infrared Co Ltd		144,732
	55,400		Wuhu Shunrong Sanqi Interactive Entertainment Network Technology Co Ltd		245,588
	80,400		Wuhu Token Science Co Ltd		120,053
	122,800		Wuliangye Yibin Co Ltd		4,489,861
	43,900		WUS Printed Circuit Kunshan Co Ltd		121,100
	70,420		WuXi AppTec Co Ltd		1,189,596
	144,815	e,g	WuXi AppTec Co Ltd (Hong Kong)		2,315,346
	537,267	*,g	Wuxi Biologics Cayman, Inc		15,088,450
	26,600		Wuxi Lead Intelligent Equipment Co Ltd		238,716
	68,900		Wuxi Taiji Industry Co Ltd		104,904
	143,900		XCMG Construction Machinery Co Ltd		115,412
	107,700		Xiamen C & D, Inc		134,895
	14,000		Xiamen Intretech, Inc		123,057
	138,600		Xiamen Tungsten Co Ltd		278,779
	5,528,800	*,g	Xiaomi Corp		15,724,098
	217,900		Xinhu Zhongbao Co Ltd		104,490
	105,500		Xinjiang Goldwind Science & Technology Co Ltd		182,786
	446,000	e	Xinjiang Goldwind Science & Technology Co Ltd (Hong Kong)		587,930
	2,135,780		Xinyi Solar Holdings Ltd		3,901,740
	54,830	*	XPeng, Inc (ADR)		1,062,605
	273,900		Yango Group Co Ltd		281,285
	45,500		Yantai Jereh Oilfield Services Group Co Ltd		182,425
	938,464		Yanzhou Coal Mining Co Ltd		683,012
	148,900		Yanzhou Coal Mining Co Ltd (Class A)		200,859
	13,800		Yealink Network Technology Corp Ltd		124,551
	44,200		Yifan Pharmaceutical Co Ltd		150,123
	13,160		Yifeng Pharmacy Chain Co Ltd		200,442
	248,000		Yihai International Holding Ltd		3,294,449
	71,120		Yintai Gold Co Ltd		106,865
	383,600		Yonghui Superstores Co Ltd		448,096
	80,899		Yonyou Network Technology Co Ltd		523,552
	22,600		Youzu Interactive Co Ltd		53,135
	38,100	*	Yuan Longping High-tech Agriculture Co Ltd		95,488
	3,236,000		Yuexiul Property Co Ltd		628,272
	208,173		Yum China Holdings, Inc		11,081,049

282

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	60,710		Yunda Holding Co Ltd	$	174,890
	37,900		Yunnan Baiyao Group Co Ltd		583,983
	16,100		Yunnan Energy New Material Co Ltd		240,807
	926,300		Yuzhou Properties Co		358,544
	35,700	*	Zai Lab Ltd (ADR)		2,929,185
	14,195		Zhangzhou Pientzehuang Pharmaceutical Co Ltd		487,437
	630,500		Zhaojin Mining Industry Co Ltd		816,219
	164,400	*	Zhejiang Century Huatong Group Co Ltd		209,762
	56,916		Zhejiang Chint Electrics Co Ltd		249,580
	79,600	*	Zhejiang Conba Pharmaceutical Co Ltd		59,698
	78,200		Zhejiang Dahua Technology Co Ltd		264,748
	10,220		Zhejiang Dingli Machinery Co Ltd		139,257
	918,414		Zhejiang Expressway Co Ltd		626,985
	42,130		Zhejiang Huahai Pharmaceutical Co Ltd		212,866
	37,176	*	Zhejiang Huayou Cobalt Co Ltd		221,619
	38,400		Zhejiang Jingsheng Mechanical & Electrical Co Ltd		166,704
	225,600		Zhejiang Juhua Co Ltd		225,297
	149,600		Zhejiang Longsheng Group Co Ltd		297,576
	60,600		Zhejiang NHU Co Ltd		263,163
	99,970		Zhejiang Sanhua Intelligent Controls Co Ltd		366,365
	73,800		Zhejiang Semir Garment Co Ltd		92,085
	12,900		Zhejiang Supor Co Ltd		136,150
	58,900		Zhejiang Wanfeng Auto Wheel Co Ltd		63,343
	39,500		Zhejiang Weixing New Building Materials Co Ltd		110,531
	13,200		Zhejiang Wolwo Bio-Pharmaceutical Co Ltd		119,408
	91,800		Zhengzhou Yutong Bus Co Ltd		219,576
	782,000		Zhenro Properties Group Ltd		451,276
	128,300		Zheshang Securities Co Ltd		286,003
	204,700	*,e,g	ZhongAn Online P&C Insurance Co Ltd		1,071,495
	14,000		Zhongji Innolight Co Ltd		99,123
	190,440		Zhongjin Gold Corp Ltd		266,061
	296,500		Zhongsheng Group Holdings Ltd		2,114,117
	219,800	*	Zhongtian Financial Group Co Ltd		100,132
	278,600		Zhuzhou CSR Times Electric Co Ltd		857,947
	2,769,299		Zijin Mining Group Co Ltd		2,018,854
	591,800		Zijin Mining Group Co Ltd (Class A)		622,722
	163,900		Zoomlion Heavy Industry Science and Technology Co Ltd		181,507
	126,100		ZTE Corp		608,252
	389,664		ZTE Corp (Class H)		861,567
	212,022		ZTO Express Cayman, Inc (ADR)		6,144,398
			TOTAL CHINA		1,464,703,423
COLOMBIA - 0.2%
	138,344		BanColombia S.A.		875,742
	233,711		BanColombia S.A. (Preference)		1,479,432
	2,969,739		Ecopetrol S.A.		1,374,243
	133,223		Grupo de Inversiones Suramericana S.A.		691,871
	244,141		Interconexion Electrica S.A.		1,315,845
			TOTAL COLOMBIA		5,737,133
CZECH REPUBLIC - 0.1%
	94,038		CEZ AS		1,779,816
	36,567		Komercni Banka AS		742,535
	243,391	g	Moneta Money Bank AS		552,521
			TOTAL CZECH REPUBLIC		3,074,872

283

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
EGYPT - 0.1%
	753,884		Commercial International Bank	$	2,946,804
	518,867		Eastern Tobacco		393,043
	371,381		ElSwedy Cables Holding Co		173,788
			TOTAL EGYPT		3,513,635
GREECE - 0.1%
	12,741	*,†	Hellenic Duty Free Shops S.A.		148
	121,171		Hellenic Telecommunications Organization S.A.		1,606,934
	55,194		JUMBO S.A.		773,617
	32,834		Motor Oil Hellas Corinth Refineries S.A.		306,991
	113,515		OPAP S.A.		918,345
			TOTAL GREECE		3,606,035
HONG KONG - 0.4%
	6,861,652	*,e	Alibaba Pictures Group Ltd		896,135
	665,000		China Overseas Property Holdings Ltd		482,962
	1,341,226		China Resources Cement Holdings Ltd		1,756,241
	565,651		Kingboard Laminates Holdings Ltd		904,078
	861,000		Nine Dragons Paper Holdings Ltd		1,148,430
	5,480,331		Sino Biopharmaceutical		5,551,542
	818,000		SSY Group Ltd		447,746
	191,000		Vinda International Holdings Ltd		506,866
	803,000		Wharf Holdings Ltd		1,662,285
			TOTAL HONG KONG		13,356,285
HUNGARY - 0.2%
	217,493	*	MOL Hungarian Oil & Gas plc		1,056,129
	116,417	*	OTP Bank		3,631,578
	66,738		Richter Gedeon Rt		1,362,620
			TOTAL HUNGARY		6,050,327
INDIA - 7.9%
	334,042		Ambuja Cements Ltd		1,169,478
	153,609		Asian Paints Ltd		4,581,675
	153,581		Aurobindo Pharma Ltd		1,600,526
	81,484	*,g	Avenue Supermarts Ltd		2,463,480
	1,188,124	*	Axis Bank Ltd		7,875,628
	92,665		Bajaj Finance Ltd		4,133,641
	19,119		Bajaj Finserv Ltd		1,436,786
	36,763		Bajaj Holdings and Investment Ltd		1,432,127
	386,497	*,g	Bandhan Bank Ltd		1,502,876
	100,444		Berger Paints India Ltd		843,684
	115,371		Bharat Forge Ltd		701,599
	350,817		Bharat Petroleum Corp Ltd		1,677,086
	666,974		Bharti Airtel Ltd		3,899,818
	182,660		Bharti Infratel Ltd		457,042
	151,873	*	Biocon Ltd		826,874
	3,399		Bosch Ltd		531,393
	30,564		Britannia Industries Ltd		1,431,405
	178,785		Cipla Ltd		1,819,155

284

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	672,143		Coal India Ltd	$	1,034,637
	35,063		Colgate-Palmolive India Ltd		717,383
	90,433		Container Corp Of India Ltd		476,354
	290,437		Dabur India Ltd		2,004,297
	38,254		Divi S Laboratories Ltd		1,621,124
	367,391		DLF Ltd		783,895
	59,154		Dr Reddy's Laboratories Ltd		3,896,585
	70,190		Eicher Motors Ltd		1,975,350
	962,406		GAIL India Ltd		1,099,761
	217,659		Godrej Consumer Products Ltd		1,955,765
	147,436		Grasim Industries Ltd		1,547,888
	116,808		Havells India Ltd		1,146,544
	576,467		HCL Technologies Ltd		6,558,813
	26,129	g	HDFC Asset Management Co Ltd		792,919
	372,944	*,g	HDFC Life Insurance Co Ltd		2,966,494
	51,288		Hero Honda Motors Ltd		1,934,972
	612,422		Hindalco Industries Ltd		1,413,086
	431,652		Hindustan Lever Ltd		12,069,147
	320,033		Hindustan Petroleum Corp Ltd		810,651
	864,804		Housing Development Finance Corp		22,435,813
	2,677,094	*	ICICI Bank Ltd		14,081,615
	106,900	*,g	ICICI Lombard General Insurance Co Ltd		1,781,743
	184,532	*,g	ICICI Prudential Life Insurance Co Ltd		1,003,814
	1,133,603		Indian Oil Corp Ltd		1,216,611
	110,354		Indraprastha Gas Ltd		599,205
	32,926		Info Edge India Ltd		1,576,051
	1,788,039		Infosys Technologies Ltd		25,617,487
	46,919	*,g	InterGlobe Aviation Ltd		828,098
	1,575,190		ITC Ltd		3,520,121
	457,180		JSW Steel Ltd		1,909,314
	38,386		Jubilant Foodworks Ltd		1,125,779
	244,978		Larsen & Toubro Ltd		3,069,368
	168,871		LIC Housing Finance Ltd		644,198
	116,299		Lupin Ltd		1,426,176
	392,932		Mahindra & Mahindra Ltd		3,145,658
	259,552		Marico Ltd		1,249,833
	63,957		Maruti Suzuki India Ltd		6,007,082
	488,899		Motherson Sumi Systems Ltd		695,732
	282,920		Mundra Port and Special Economic Zone Ltd		1,372,344
	12,437		Nestle India Ltd		2,878,483
	1,253,537		NTPC Ltd		1,481,188
	3,174		Page Industries Ltd		859,307
	341,675		Petronet LNG Ltd		1,064,356
	55,497		Pidilite Industries Ltd		1,175,254
	49,329		Piramal Healthcare Ltd		839,222
	985,326		Power Grid Corp of India Ltd		2,273,738
	1,496,193		Reliance Industries Ltd		41,481,599
	411,021		Rural Electrification Corp Ltd		570,108
	210,629	*,g	SBI Life Insurance Co Ltd		2,184,979
	1,058,039		Sesa Sterlite Ltd		1,368,608
	4,255		Shree Cement Ltd		1,245,369
	50,056		Shriram Transport Finance Co Ltd		468,008
	30,838		Siemens India Ltd		527,173
	971,736	*	State Bank of India		2,475,794

285

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	438,858		Sun Pharmaceutical Industries Ltd	$	2,756,139
	473,305		Tata Consultancy Services Ltd		17,058,122
	931,904	*	Tata Motors Ltd		1,657,237
	186,569		Tata Steel Ltd		1,036,361
	229,624		Tata Tea Ltd		1,525,766
	234,982		Tech Mahindra Ltd		2,587,392
	163,273		Titan Industries Ltd		2,569,783
	26,877		Torrent Pharmaceuticals Ltd		930,638
	61,017		Ultra Tech Cement Ltd		3,763,030
	263,895		United Phosphorus Ltd		1,612,314
	151,767	*	United Spirits Ltd		1,032,222
	586,826		Wipro Ltd		2,691,180
	443,127		ZEE Telefilms Ltd		1,122,306
			TOTAL INDIA		277,731,656
INDONESIA - 1.2%
	7,213,054		Adaro Energy Tbk		546,775
	28,600,182		Bank Rakyat Indonesia		6,474,277
	1,388,960		Indofood CBP Sukses Makmur Tbk		912,380
	2,882,000		PT ACE Hardware Indonesia Tbk		307,324
	10,588,572		PT Astra International Tbk		3,866,658
	5,245,075		PT Bank Central Asia Tbk		10,320,502
	9,301,739		PT Bank Mandiri Persero Tbk		3,623,313
	3,531,959		PT Bank Negara Indonesia		1,123,689
	11,880,800	*	PT Barito Pacific Tbk		719,838
	3,661,600		PT Charoen Pokphand Indonesia Tbk		1,442,487
	1,610,200		PT Excelcomindo Pratama		220,096
	308,900	*	PT Gudang Garam Tbk		860,286
	4,259,009		PT Hanjaya Mandala Sampoerna Tbk		405,818
	1,424,305		PT Indah Kiat Pulp and Paper Corp Tbk		872,237
	777,417		PT Indocement Tunggal Prakarsa Tbk		641,963
	2,046,900		PT Indofood Sukses Makmur Tbk		969,634
	9,861,300		PT Kalbe Farma Tbk		1,023,121
	5,462,000		PT Perusahaan Gas Negara Persero Tbk		392,022
	1,455,900		PT Semen Gresik Persero Tbk		943,150
	25,882,883		PT Telekomunikasi Indonesia Persero Tbk		4,582,820
	3,785,145		PT Unilever Indonesia Tbk		2,008,725
	961,300		PT United Tractors Tbk		1,373,401
			TOTAL INDONESIA		43,630,516
KOREA, REPUBLIC OF - 11.6%
	9,587	*	Alteogen, Inc		1,352,025
	16,790		Amorepacific Corp		2,358,754
	5,061		Amorepacific Corp (Preference)		235,734
	3,961		BGF retail Co Ltd		411,899
	138,454		BS Financial Group, Inc		676,352
	35,759	*	Celltrion Healthcare Co Ltd		2,682,549
	8,502	*	Celltrion Pharm Inc		822,412
	49,454	*	Celltrion, Inc		10,559,597
	33,095		Cheil Communications, Inc		612,471
	44,910		Cheil Industries, Inc		4,399,193
	4,382		CJ CheilJedang Corp		1,401,437
	7,960		CJ Corp		535,188
	5,823		CJ O Shopping Co Ltd		680,353

286

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	25,545	*	Coway Co Ltd	$	1,564,184
	13,976		Daelim Industrial Co		965,950
	26,134		Daewoo International Corp		308,662
	19,701	*	Daewoo Shipbuilding & Marine Engineering Co Ltd		374,241
	25,987		Dongbu Insurance Co Ltd		1,015,990
	28,387		Doosan Bobcat, Inc		725,410
	9,945		DuzonBIzon Co Ltd		876,810
	11,261		E-Mart Co Ltd		1,417,737
	23,470		Fila Korea Ltd		800,838
	9,472		GLOVIS Co Ltd		1,407,686
	32,023		GS Engineering & Construction Corp		759,819
	25,877		GS Holdings Corp		756,342
	12,051		GS Retail Co Ltd		342,212
	161,152		Hana Financial Group, Inc		4,353,113
	37,843		Hankook Tire Co Ltd		1,060,142
	3,480		Hanmi Pharm Co Ltd		809,628
	89,111		Hanon Systems		883,638
	55,280		Hanwha Chemical Corp		2,148,823
	23,754		Hanwha Corp		506,582
	23,577	*	HLB, Inc		1,932,968
	9,428		Honam Petrochemical Corp		1,949,844
	17,608		Hotel Shilla Co Ltd		1,160,712
	285,976		Hynix Semiconductor, Inc		20,287,952
	38,599		Hyundai Engineering & Construction Co Ltd		1,052,251
	21,012	*	Hyundai Heavy Industries		1,465,165
	33,069		Hyundai Marine & Fire Insurance Co Ltd		681,111
	34,511		Hyundai Mobis		6,914,745
	78,521		Hyundai Motor Co		11,493,591
	18,250		Hyundai Motor Co Ltd (2nd Preference)		1,293,122
	12,263		Hyundai Motor Co Ltd (Preference)		855,526
	4,911		Hyundai Robotics Co Ltd		934,572
	51,201		Hyundai Steel Co		1,316,305
	148,772		Industrial Bank of Korea		1,080,176
	29,621		Kakao Corp		8,637,215
	56,962		Kangwon Land, Inc		1,062,876
	205,203		KB Financial Group, Inc		7,340,068
	139,671		Kia Motors Corp		6,264,124
	13,605	*	KMW Co Ltd		754,127
	36,145		Korea Aerospace Industries Ltd		699,908
	134,877	*	Korea Electric Power Corp		2,379,148
	4,851	*	Korea Express Co Ltd		684,649
	16,318		Korea Gas Corp		394,687
	20,005		Korea Investment Holdings Co Ltd		1,221,944
	9,838		Korea Kumho Petrochemical		1,163,718
	4,054		Korea Zinc Co Ltd		1,371,092
	39,602	*	Korean Air Lines Co Ltd		703,187
	62,802		KT&G Corp		4,484,323
	24,087		LG Chem Ltd		13,134,184
	3,949		LG Chem Ltd (Preference)		1,094,974
	49,134		LG Corp		2,942,097
	54,355		LG Electronics, Inc		4,040,721
	4,875		LG Household & Health Care Ltd		6,463,658
	1,102		LG Household & Health Care Ltd (Preference)		673,103
	6,863		LG Innotek Co Ltd		930,393

287

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	106,048		LG Telecom Ltd	$	1,038,164
	134,184	*	LG.Philips LCD Co Ltd		1,675,490
	13,735		Lotte Corp		346,218
	6,195		Lotte Shopping Co Ltd		458,746
	149,331		Meritz Securities Co Ltd		435,930
	156,000		Mirae Asset Daewoo Co Ltd		1,162,262
	64,384		Naver Corp		16,473,991
	8,566		NCsoft		5,885,560
	11,094	*,g	Netmarble Corp		1,152,559
	12,283		Orion Corp/Republic of Korea		1,176,941
	732		Ottogi Corp		343,162
	14,492		Pacific Corp		560,575
	2,763	*	Pearl Abyss Corp		491,385
	39,502		POSCO		7,292,234
	10,900		POSCO Refractories & Environment Co Ltd		716,542
	8,530		S1 Corp (Korea)		613,048
	8,563	*,g	Samsung Biologics Co Ltd		5,174,595
	12,786		Samsung Card Co		331,829
	28,397		Samsung Electro-Mechanics Co Ltd		3,375,212
	2,501,792		Samsung Electronics Co Ltd		125,754,097
	432,046		Samsung Electronics Co Ltd (Preference)		19,219,518
	77,417	*	Samsung Engineering Co Ltd		809,502
	15,949		Samsung Fire & Marine Insurance Co Ltd		2,521,792
	254,190	*	Samsung Heavy Industries Co Ltd		1,142,576
	38,081		Samsung Life Insurance Co Ltd		2,131,475
	28,748		Samsung SDI Co Ltd		11,324,879
	18,265		Samsung SDS Co Ltd		2,725,568
	27,887		Samsung Securities Co Ltd		794,370
	9,703		Seegene, Inc		2,222,091
	15,384	*	Shin Poong Pharmaceutical Co Ltd		1,711,893
	232,078		Shinhan Financial Group Co Ltd		6,296,801
	3,832		Shinsegae Co Ltd		706,804
	18,740		SK C&C Co Ltd		3,051,777
	29,726		SK Energy Co Ltd		3,322,577
	21,037		SK Telecom Co Ltd		3,989,218
	25,625		S-Oil Corp		1,237,505
	140,190	*	STX Pan Ocean Co Ltd		446,356
	275,742		Woori Financial Group, Inc		2,177,151
	54,605		Woori Investment & Securities Co Ltd		462,627
	24,790		Yuhan Corp		1,304,577
			TOTAL KOREA, REPUBLIC OF		408,721,604
LUXEMBOURG - 0.0%
	81,022		Reinet Investments S.C.A		1,283,656
			TOTAL LUXEMBOURG		1,283,656
MALAYSIA - 1.6%
	1,026,433		AMMB Holdings BHD		704,407
	1,517,874		Axiata Group Bhd		1,070,337
	3,442,481		Bumiputra-Commerce Holdings BHD		2,443,230
	73,000		Carlsberg Brewery-Malay BHD		324,690
	2,148,977		Dialog Group BHD		1,913,943
	1,546,925		Digi.Com BHD		1,403,423
	72,100		Fraser & Neave Holdings BHD		548,355

288

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	906,460		Gamuda BHD	$	726,497
	1,181,075		Genting BHD		841,942
	90,100		Genting Plantations BHD		212,892
	350,600		HAP Seng Consolidated BHD		618,300
	892,700		Hartalega Holdings BHD		3,872,386
	355,287		Hong Leong Bank BHD		1,266,478
	103,006		Hong Leong Credit BHD		350,079
	1,167,912		IHH Healthcare BHD		1,397,856
	1,332,120		IOI Corp BHD		1,379,442
	669,000		Kossan Rubber Industries		1,208,784
	217,611		Kuala Lumpur Kepong BHD		1,110,021
	2,089,050		Malayan Banking BHD		3,517,181
	523,176		Malaysia Airports Holdings BHD		526,692
	1,116,300		Maxis BHD		1,289,376
	752,600		MISC BHD		1,193,841
	36,900		Nestle Malaysia BHD		1,237,265
	1,310,400		Petronas Chemicals Group BHD		1,846,381
	180,700		Petronas Dagangan BHD		749,235
	419,500		Petronas Gas BHD		1,591,394
	338,740		PPB Group BHD		1,533,451
	742,612		Press Metal BHD		982,150
	1,540,123		Public Bank BHD		5,587,914
	586,950		QL Resources BHD		889,629
	1,507,500		Resorts World BHD		725,818
	880,370		RHB Capital BHD		896,007
	1,441,965		Sime Darby BHD		836,393
	1,062,465		Sime Darby Plantation BHD		1,237,379
	789,600	*	Supermax Corp BHD		1,802,293
	573,565		Telekom Malaysia BHD		578,159
	1,222,963		Tenaga Nasional BHD		2,807,180
	2,458,500		Top Glove Corp BHD		5,070,709
	557,400		Westports Holdings BHD		522,848
	1,551,204	*	YTL Corp BHD		270,853
			TOTAL MALAYSIA		57,085,210
MEXICO - 1.6%
	1,453,650		Alfa S.A. de C.V. (Class A)		971,087
	17,738,041		America Movil S.A. de C.V. (Series L)		10,795,942
	279,800		Becle SAB de C.V.		587,393
	8,102,697		Cemex S.A. de C.V.		3,346,280
	287,760	e	Coca-Cola Femsa SAB de C.V.		1,089,639
	251,225		Embotelladoras Arca SAB de C.V.		1,093,776
	1,646,800		Fibra Uno Administracion S.A. de C.V.		1,247,629
	1,024,611		Fomento Economico Mexicano S.A. de C.V.		5,491,739
	112,945		Gruma SAB de C.V.		1,201,307
	200,130		Grupo Aeroportuario del Pacifico S.A. de C.V. (B Shares)		1,665,556
	100,291	*	Grupo Aeroportuario del Sureste S.A. de C.V. (Class B)		1,158,490
	881,520		Grupo Bimbo S.A. de C.V. (Series A)		1,703,487
	225,498		Grupo Carso S.A. de C.V. (Series A1)		417,583
	1,367,728	*	Grupo Financiero Banorte S.A. de C.V.		6,093,407
	1,079,144	*	Grupo Financiero Inbursa S.A.		799,253
	1,633,732		Grupo Mexico S.A. de C.V. (Series B)		4,640,518
	1,243,590	*	Grupo Televisa S.A.		1,572,992
	73,004		Industrias Penoles S.A. de C.V.		1,162,475

289

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	318,600	e	Infraestructura Energetica ,NV SAB de C.V.	$	1,066,130
	823,442		Kimberly-Clark de Mexico S.A. de C.V. (Class A)		1,224,012
	146,600		Megacable Holdings SAB de C.V.		465,064
	531,523		Orbia Advance Corp SAB de C.V.		939,935
	112,320		Promotora y Operadora de Infraestructura SAB de C.V.		735,827
	2,743,084		Wal-Mart de Mexico SAB de C.V.		6,627,681
			TOTAL MEXICO		56,097,202
PAKISTAN - 0.0%
	221,358		Habib Bank Ltd		179,781
	191,300		MCB Bank Ltd		198,488
	519,317		Oil & Gas Development Co Ltd		306,233
			TOTAL PAKISTAN		684,502
PERU - 0.2%
	118,822		Cia de Minas Buenaventura S.A. (ADR) (Series B)		1,457,946
	35,610		Credicorp Ltd (NY)		4,083,755
	45,344		Southern Copper Corp (NY)		2,373,305
			TOTAL PERU		7,915,006
PHILIPPINES - 0.8%
	1,033,504		Aboitiz Equity Ventures, Inc		951,117
	750,800		Aboitiz Power Corp		418,938
	14,194	*	Altus San Nicolas Corp		3,766
	152,663		Ayala Corp		2,406,121
	4,285,193		Ayala Land, Inc		2,917,208
	1,016,476		Banco de Oro Universal Bank		1,861,334
	545,489		Bank of the Philippine Islands		827,321
	17,906		Globe Telecom, Inc		749,685
	58,566		GT Capital Holdings, Inc		519,753
	587,400		International Container Term Services, Inc		1,393,051
	1,647,876		JG Summit Holdings (Series B)		2,185,660
	227,840		Jollibee Foods Corp		799,069
	142,886		Manila Electric Co		885,027
	4,426,900	*	Megaworld Corp		276,946
	6,294,000		Metro Pacific Investments Corp		520,749
	906,890		Metropolitan Bank & Trust		762,287
	45,360		PLDT, Inc		1,237,209
	542,600		Puregold Price Club, Inc		462,439
	1,053,143		Robinsons Land Corp		326,143
	126,985		SM Investments Corp		2,490,313
	5,192,349		SM Prime Holdings		3,615,374
	461,747		Universal Robina		1,313,215
			TOTAL PHILIPPINES		26,922,725
POLAND - 0.6%
	133,859	*,g	Allegro.eu S.A.		2,720,395
	104,670	*	Bank Pekao S.A.		1,120,138
	20,184	*	Bank Zachodni WBK S.A.		628,292
	6,864		BRE Bank S.A.		200,734
	34,418	*	CD Projekt Red S.A.		2,922,477
	146,346		Cyfrowy Polsat S.A.		913,477
	25,322	*,g	Dino Polska S.A.		1,392,189
	56,287		Grupa Lotos S.A.		396,973

290

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	71,195	*	KGHM Polska Miedz S.A.	$	2,130,302
	708	*	LPP S.A.		939,047
	982,160		Polish Oil & Gas Co		1,035,734
	441,908	*	Polska Grupa Energetyczna S.A.		504,190
	167,555		Polski Koncern Naftowy Orlen S.A.		1,614,921
	470,970		Powszechna Kasa Oszczednosci Bank Polski S.A.		2,259,338
	315,296	*	Powszechny Zaklad Ubezpieczen S.A.		1,723,278
	333,889	*	Telekomunikacja Polska S.A.		513,241
			TOTAL POLAND		21,014,726
QATAR - 0.8%
	1,128,542		Barwa Real Estate Co		1,033,637
	1,040,012		Commercial Bank of Qatar QSC		1,218,868
	967,659		Industries Qatar QSC		2,387,912
	1,806,165		Masraf Al Rayan		2,128,651
	2,413,710		Mesaieed Petrochemical Holding Co		1,235,045
	412,631		Ooredoo QSC		748,844
	266,540		Qatar Electricity & Water Co		1,220,027
	275,910		Qatar Fuel QSC		1,302,819
	439,644		Qatar International Islamic Bank QSC		998,581
	575,479		Qatar Islamic Bank SAQ		2,562,950
	2,383,495		Qatar National Bank		11,572,184
			TOTAL QATAR		26,409,518
ROMANIA - 0.0%
	199,826		NEPI Rockcastle plc		706,904
			TOTAL ROMANIA		706,904
RUSSIA - 2.6%
	355,099		Gazprom (ADR)		1,367,131
	2,851,696		Gazprom OAO (ADR)		10,925,010
	225,744		LUKOIL PJSC (ADR)		11,533,261
	150,105		Magnit OAO (GDR)		2,071,801
	31,218	*	Magnit PJSC (GDR)		430,496
	62,992		MMC Norilsk Nickel PJSC (ADR)		1,496,060
	272,296		MMC Norilsk Nickel PJSC (ADR) (London)		6,490,011
	235,649		Mobile TeleSystems (ADR)		1,842,775
	38,648		NovaTek OAO (GDR)		4,659,911
	11,062		Novatek PJSC (GDR)		1,332,971
	77,905		Novolipetsk Steel PJSC (GDR)		1,810,512
	54,326		PhosAgro OAO (GDR)		625,969
	21,898		PhosAgro PJSC (GDR)		252,265
	127,540		Polymetal International plc (ADR)		2,710,799
	36,144		Polyus PJSC (GDR)		3,555,091
	735,147	*	Rosneft Oil Co PJSC (GDR)		3,212,592
	1,437,226		Sberbank of Russian Federation (ADR)		14,518,029
	43,480		Severstal (GDR)		594,372
	95,228		Severstal (GDR) (Equiduct)		1,301,717
	758,920		Surgutneftegaz (ADR) (London)		3,183,669
	107,678		Tatneft PAO (ADR)		3,346,442
	28,483		Tatneft PJSC (ADR)		882,973
	785,086		VTB Bank PJSC (GDR) Equiduct		610,176
	126,377	*	VTB Bank PJSC (GDR) Tradegate		98,132
	66,543		X 5 Retail Group NV (GDR)		2,338,957

291

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	161,100	*	Yandex NV	$	9,274,527
			TOTAL RUSSIA		90,465,649
SAUDI ARABIA - 2.6%
	21,709		Abdullah Al Othaim Markets Co		754,595
	60,880		Advanced Petrochemical Co		938,754
	647,806		Al Rajhi Bank		11,365,927
	465,681	*	Alinma Bank		1,892,770
	132,738		Almarai Co JSC		1,827,348
	312,240		Arab National Bank		1,576,658
	170,600		Bank AlBilad		1,056,310
	179,429		Bank Al-Jazira		621,383
	311,592		Banque Saudi Fransi		2,462,029
	28,460	*	Bupa Arabia for Cooperative Insurance Co		866,275
	26,430	*	Co for Cooperative Insurance		570,222
	283,763	*	Dar Al Arkan Real Estate Development Co		603,060
	249,998	*	Emaar Economic City		592,792
	181,790	*	Etihad Etisalat Co		1,352,749
	30,220		Jarir Marketing Co		1,395,649
	115,216	*	Mobile Telecommunications Co Saudi Arabia		378,022
	773,077		National Commercial Bank		8,026,586
	211,981	*	National Industrialization Co		638,771
	121,808	*	Rabigh Refining & Petrochemical Co		395,802
	703,521		Riyad Bank		3,372,258
	187,564	*	Sahara International Petrochemical Co		728,661
	523,140		Samba Financial Group		3,843,115
	19,234		Saudi Airlines Catering Co		398,609
	102,944		Saudi Arabian Fertilizer Co		2,067,886
	228,510	*	Saudi Arabian Mining Co		2,279,117
	1,152,555	g	Saudi Arabian Oil Co		10,340,269
	478,477		Saudi Basic Industries Corp		11,476,202
	379,745		Saudi British Bank		2,403,872
	45,258		Saudi Cement Co		654,077
	443,211		Saudi Electricity Co		2,235,919
	115,690		Saudi Industrial Investment Group		625,499
	380,181	*	Saudi Kayan Petrochemical Co		961,539
	315,719		Saudi Telecom Co		8,387,394
	138,500		Savola Group		1,690,960
	140,602		Yanbu National Petrochemical Co		2,152,612
			TOTAL SAUDI ARABIA		90,933,691
SINGAPORE - 0.0%
	122,500	g	BOC Aviation Ltd		758,538
			TOTAL SINGAPORE		758,538
SOUTH AFRICA - 3.1%
	378,231		Absa Group Ltd		2,033,175
	28,628		Anglo American Platinum Ltd		1,895,601
	212,270	*	Aspen Pharmacare Holdings Ltd		1,382,307
	170,677		Bid Corp Ltd		2,349,852
	153,193		Bidvest Group Ltd		1,259,703
	33,717	*	Capitec Bank Holdings Ltd		2,369,618
	135,609		Clicks Group Ltd		1,966,169
	190,194		Discovery Holdings Ltd		1,257,356

292

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	126,179		Exxaro Resources Ltd	$	851,216
	2,534,499		FirstRand Ltd		5,883,399
	458,161		Gold Fields Ltd		4,955,094
	1,672,109		Growthpoint Properties Ltd		1,093,907
	285,868	*	Harmony Gold Mining Co Ltd		1,423,679
	423,446		Impala Platinum Holdings Ltd		3,768,805
	33,648		Kumba Iron Ore Ltd		998,989
	682,932		Life Healthcare Group Holdings Pte Ltd		683,614
	384,525		Momentum Metropolitan Holdings		307,171
	143,699		Mr Price Group Ltd		1,087,080
	904,109	e	MTN Group Ltd		3,228,131
	242,531		MultiChoice Group Ltd		2,000,124
	228,234	*	Naspers Ltd (N Shares)		44,557,536
	212,227		Nedbank Group Ltd		1,255,450
	185,040	*	Northam Platinum Ltd		1,777,851
	382,703	e,g	Pepkor Holdings Ltd		281,023
	364,853		Rand Merchant Investment Holdings Ltd		635,823
	269,290		Remgro Ltd		1,436,519
	940,999		Sanlam Ltd		2,744,809
	300,570	*,e	Sasol Ltd		1,569,644
	267,448		Shoprite Holdings Ltd		2,118,548
	1,196,628		Sibanye Stillwater Ltd		3,528,520
	104,005		Spar Group Ltd		1,103,401
	652,205		Standard Bank Group Ltd		4,264,698
	84,627	e	Tiger Brands Ltd		1,047,791
	329,293		Vodacom Group Pty Ltd		2,481,544
	566,283		Woolworths Holdings Ltd		1,216,296
			TOTAL SOUTH AFRICA		110,814,443
TAIWAN - 12.2%
	270,000		Accton Technology Corp		1,961,628
	1,648,380		Acer, Inc		1,377,591
	202,407		Advantech Co Ltd		2,049,139
	1,804,011		ASE Industrial Holding Co Ltd		4,049,220
	1,175,512		Asia Cement Corp		1,692,065
	15,000		ASMedia Technology, Inc		753,012
	382,500		Asustek Computer, Inc		3,249,762
	4,781,000	*	AU Optronics Corp		1,930,965
	373,389		Catcher Technology Co Ltd		2,360,385
	4,225,604		Cathay Financial Holding Co Ltd		5,678,086
	639,882		Chailease Holding Co Ltd		3,108,476
	2,712,843		Chang Hwa Commercial Bank		1,617,562
	983,922		Cheng Shin Rubber Industry Co Ltd		1,242,810
	317,079		Chicony Electronics Co Ltd		955,939
	6,002,754		China Development Financial Holding Corp		1,761,565
	1,259,420		China Life Insurance Co Ltd (Taiwan)		844,575
	6,182,151		China Steel Corp		4,391,565
	9,399,282		Chinatrust Financial Holding Co		5,935,739
	2,010,763		Chunghwa Telecom Co Ltd		7,543,760
	2,273,000		Compal Electronics, Inc		1,480,856
	1,014,768		Delta Electronics, Inc		6,751,675
	5,920,875		E.Sun Financial Holding Co Ltd		5,034,022
	93,316		Eclat Textile Co Ltd		1,241,675
	859,554		Eva Airways Corp		324,842

293

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	898,980	*	Evergreen Marine Corp Tawain Ltd	$	594,781
	1,583,071		Far Eastern Textile Co Ltd		1,429,212
	857,000		Far EasTone Telecommunications Co Ltd		1,798,579
	207,513		Feng TAY Enterprise Co Ltd		1,259,655
	5,316,975		First Financial Holding Co Ltd		3,730,760
	1,899,173		Formosa Chemicals & Fibre Corp		4,574,156
	647,064		Formosa Petrochemical Corp		1,781,322
	2,041,453		Formosa Plastics Corp		5,651,088
	449,000		Formosa Taffeta Co Ltd		491,678
	439,512		Foxconn Technology Co Ltd		770,809
	3,608,646		Fubon Financial Holding Co Ltd		5,140,714
	5,283,328		Fuhwa Financial Holdings Co Ltd		3,284,794
	160,000		Giant Manufacturing Co Ltd		1,580,619
	117,509		Globalwafers Co Ltd		1,711,199
	440,462		Highwealth Construction Corp		639,749
	124,418		Hiwin Technologies Corp		1,085,592
	6,609,002		Hon Hai Precision Industry Co, Ltd		17,924,474
	157,608		Hotai Motor Co Ltd		3,321,814
	4,308,291		Hua Nan Financial Holdings Co Ltd		2,592,245
	4,190,487		InnoLux Display Corp		1,454,470
	1,362,060		Inventec Co Ltd		1,078,044
	53,125		Largan Precision Co Ltd		5,641,815
	1,104,778		Lite-On Technology Corp		1,799,592
	792,170		MediaTek, Inc		18,830,087
	5,698,125		Mega Financial Holding Co Ltd		5,490,720
	336,000		Micro-Star International Co Ltd		1,354,386
	2,703,860		Nan Ya Plastics Corp		5,554,101
	666,000		Nanya Technology Corp		1,349,611
	87,000		Nien Made Enterprise Co Ltd		980,849
	303,474		Novatek Microelectronics Corp Ltd		2,836,006
	1,021,000		Pegatron Technology Corp		2,200,283
	75,000		Phison Electronics Corp		780,711
	1,263,512		Pou Chen Corp		1,116,422
	366,000		Powertech Technology, Inc		1,082,933
	316,000		President Chain Store Corp		2,852,167
	1,527,000		Quanta Computer, Inc		3,853,020
	254,085		Realtek Semiconductor Corp		3,165,247
	426,072		Ruentex Development Co Ltd		589,187
	1,679,421		Shanghai Commercial & Savings Bank Ltd		2,177,090
	5,149,536		Shin Kong Financial Holding Co Ltd		1,434,373
	5,063,717		SinoPac Financial Holdings Co Ltd		1,895,645
	242,777		Standard Foods Corp		519,263
	702,050		Synnex Technology International Corp		1,043,381
	4,786,528		Taishin Financial Holdings Co Ltd		2,110,792
	2,607,100		Taiwan Business Bank		857,651
	2,584,958		Taiwan Cement Corp		3,668,505
	4,715,279		Taiwan Cooperative Financial Holding		3,167,406
	1,087,000		Taiwan High Speed Rail Corp		1,150,505
	892,859		Taiwan Mobile Co Ltd		3,050,007
	12,900,848		Taiwan Semiconductor Manufacturing Co Ltd		195,185,618
	2,606,908		Uni-President Enterprises Corp		5,588,068
	5,852,452		United Microelectronics Corp		6,289,926
	489,000		Vanguard International Semiconductor Corp		1,597,585
	173,000		Walsin Technology Corp		990,697

294

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES		COMPANY	VALUE
	174,878	Win Semiconductors Corp	$	1,907,796
	1,409,000	Winbond Electronics Corp		836,914
	1,484,560	Wistron Corp		1,484,176
	40,000	Wiwynn Corp		1,017,811
	786,660	WPG Holdings Co Ltd		1,068,473
	195,009	Yageo Corp		2,429,382
	308,127	Zhen Ding Technology Holding Ltd		1,305,890
		TOTAL TAIWAN		429,486,759
TANZANIA, UNITED REPUBLIC OF - 0.1%
	216,177	AngloGold Ashanti Ltd		4,981,897
		TOTAL TANZANIA, UNITED REPUBLIC OF		4,981,897
THAILAND - 1.6%
	657,600	Advanced Info Service PCL (Foreign)		3,637,444
	2,265,400	Airports of Thailand PCL (Foreign)		3,756,129
	3,258,300	Asset World Corp PCL		304,853
	341,700	B Grimm Power PCL		430,060
	306,148	Bangkok Bank PCL (Foreign)		951,554
	945,100	Bangkok Commercial Asset Management PCL		611,873
	4,771,300	Bangkok Dusit Medical Services PCL (Foreign)		2,679,001
	3,279,100	Bangkok Expressway & Metro PCL		861,587
	502,500	Berli Jucker PCL		462,880
	3,990,500	BTS Group Holdings PCL		1,139,503
	195,100	Bumrungrad Hospital PCL (Foreign)		569,209
	1,108,400	Central Pattana PCL (Foreign)		1,366,994
	862,216	Central Retail Corp PCL		736,959
	2,126,680	Charoen Pokphand Foods PCL		1,721,487
	3,103,655	CP Seven Eleven PCL (Foreign)		5,319,755
	152,000	Electricity Generating PCL		808,859
	697,100	Energy Absolute PCL (Foreign)		849,805
	310,400	Global Power Synergy Co Ltd (Foreign)		515,225
	1,249,050	Gulf Energy Development PCL		1,141,886
	3,045,126	Home Product Center PCL (Foreign)		1,361,885
	742,978	Indorama Ventures PCL (Foreign)		526,074
	1,192,400	Intouch Holdings PCL (Class F)		2,045,241
	8,616,500	IRPC PCL (Foreign)		552,916
	932,149	Kasikornbank PCL (Foreign)		2,244,959
	1,816,360	Krung Thai Bank PCL (Foreign)		503,478
	548,100	Krungthai Card PCL		694,129
	3,752,000	Land and Houses PCL Co Reg		769,439
	1,641,970	Minor International PCL (Foreign)		878,507
	362,200	Muangthai Capital PCL		635,609
	321,200	Osotspa PCL		329,461
	844,098	PTT Exploration & Production PCL (Foreign)		2,132,853
	1,205,429	PTT Global Chemical PCL (Foreign)		1,544,629
	6,225,100	PTT PCL (Foreign)		6,144,630
	424,400	Ratch Group PCL		633,189
	413,558	Siam Cement PCL (Foreign)		4,481,186
	463,800	Siam Commercial Bank PCL (Foreign)		965,692
	294,900	Srisawad Corp PCL		468,004
	684,500	Thai Oil PCL (Foreign)		751,781
	1,393,400	Thai Union Group PCL		679,150
	7,335,631	TMB Bank PCL (Foreign)		190,643

295

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	590,100		Total Access Communication PCL (Foreign)	$	580,294
	6,115,448		True Corp PCL (Foreign)		532,473
			TOTAL THAILAND		57,511,285
TURKEY - 0.3%
	1,635,208	*	Akbank TAS		927,672
	90,802		Anadolu Efes Biracilik Ve Malt Sanayii AS		210,964
	370,914		Aselsan Elektronik Sanayi Ve Ticaret AS		741,430
	233,206		BIM Birlesik Magazalar AS		1,843,836
	727,230		Eregli Demir ve Celik Fabrikalari TAS		831,624
	34,477		Ford Otomotiv Sanayi AS		446,045
	466,615		Haci Omer Sabanci Holding AS		459,100
	439,680		KOC Holding AS		744,259
	72,453	*	Tupras Turkiye Petrol Rafine		647,847
	285,468	*	Turk Hava Yollari		307,156
	720,555		Turk Sise ve Cam Fabrikalari AS		525,712
	588,201	*	Turkcell Iletisim Hizmet AS		1,018,525
	1,223,864	*	Turkiye Garanti Bankasi AS		966,254
	753,373	*	Turkiye Is Bankasi (Series C)		460,442
	1,496,703	*	Yapi ve Kredi Bankasi		384,292
			TOTAL TURKEY		10,515,158
UNITED ARAB EMIRATES - 0.5%
	1,471,493		Abu Dhabi Commercial Bank PJSC		2,341,407
	1,907,605		Aldar Properties PJSC		1,408,614
	974,882		Dubai Islamic Bank PJSC		1,103,152
	1,119,316	*	Emaar Malls Group PJSC		446,360
	1,874,053	*	Emaar Properties PJSC		1,342,961
	1,334,872		Emirates NBD Bank PJSC		3,421,428
	924,216		Emirates Telecommunications Group Co PJSC		4,234,375
	1,417,591		National Bank of Abu Dhabi PJSC		4,368,161
			TOTAL UNITED ARAB EMIRATES		18,666,458
UNITED KINGDOM - 0.0%
	2,588,203		Old Mutual Ltd		1,501,372
			TOTAL UNITED KINGDOM		1,501,372
UNITED STATES - 3.1%
	1,100,000		iShares MSCI Emerging Markets		49,181,000
	132,489		iShares MSCI South Korea Index Fund		8,598,536
	1,163,380		Vanguard Emerging Markets ETF		50,967,678
			TOTAL UNITED STATES		108,747,214
			TOTAL COMMON STOCKS		3,524,419,178
			(Cost $2,841,900,349)
PREFERRED STOCKS - 0.0%
PHILIPPINES - 0.0%
	307,700	*,†	Ayala Land, Inc		635
			TOTAL PHILIPPINES		635
			TOTAL PREFERRED STOCKS		635
			(Cost $725)

296

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY						VALUE
RIGHTS / WARRANTS - 0.0%
CHINA - 0.0%
	12,923	†	Legend Holdings Corp						$	2,167
			TOTAL CHINA							2,167
THAILAND - 0.0%
	50,767		Minor International PCL							10,099
	11,796		Srisawad Corp PCL							3,103
			TOTAL THAILAND							13,202
			TOTAL RIGHTS / WARRANTS							15,369
			(Cost $0)
PRINCIPAL			ISSUER		RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 1.7%
REPURCHASE AGREEMENT - 1.5%
$	52,185,000	r	Fixed Income Clearing Corp (FICC)			0.070	%	11/02/20		52,185,000
			TOTAL REPURCHASE AGREEMENT							52,185,000
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.2%
	8,351,939	c	State Street Navigator Securities Lending Government Money Market Portfolio							8,351,939
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES							8,351,939
			TOTAL SHORT-TERM INVESTMENTS							60,536,939
			(Cost $60,536,939)
			TOTAL INVESTMENTS - 101.7%							3,584,972,121
			(Cost $2,902,438,013)
			OTHER ASSETS & LIABILITIES, NET - (1.7)%							(60,243,248	)
			NET ASSETS - 100.0%						$	3,524,728,873
			Abbreviation(s):
			ADR	American Depositary Receipt
			ETF	Exchange Traded Fund
			IRB	Interest Rate Reduction Bond
			GDR	Global 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 $36,143,892.
		g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/2020, the aggregate value of these securities is $113,270,551 or 3.2% of net assets.
		r	Agreement with Fixed Income Clearing Corporation, 0.070% dated 10/30/20 to be repurchased at $52,185,000 on 11/2/20, collateralized by U.S. Treasury Notes valued at $53,228,702.

297

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

TIAA-CREF FUNDS

EMERGING MARKETS EQUITY INDEX FUND

SUMMARY OF MARKET VALUES BY SECTOR

October 31, 2020

SECTOR	VALUE			% OF NET ASSETS
CONSUMER DISCRETIONARY	$	713,433,851			20.3	%
FINANCIALS		691,406,421			19.6
INFORMATION TECHNOLOGY		630,493,868			17.9
COMMUNICATION SERVICES		451,041,401			12.8
MATERIALS		233,217,589			6.6
CONSUMER STAPLES		200,882,842			5.7
ENERGY		165,918,378			4.7
INDUSTRIALS		150,335,913			4.3
HEALTH CARE		145,563,474			4.1
REAL ESTATE		77,393,642			2.2
UTILITIES		64,747,803			1.8
SHORT-TERM INVESTMENTS		60,536,939			1.7
OTHER ASSETS & LIABILITIES, NET		(60,243,248	)		(1.7	)
NET ASSETS	$	3,524,728,873			100.0	%

298

TIAA-CREF FUNDS - International Equity Index Fund

TIAA-CREF FUNDS

INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS

October 31, 2020

SHARES			COMPANY	VALUE
COMMON STOCKS - 97.8%
AUSTRALIA - 7.6%
	213,455	*	Afterpay Touch Group Ltd	$	14,533,956
	624,579		AGL Energy Ltd		5,474,145
	3,420,967		AMP Ltd		3,681,274
	245,861		Ampol Ltd		4,483,056
	1,174,880		APA Group		8,661,613
	575,841		Aristocrat Leisure Ltd		11,595,556
	2,004,869		AusNet Services		2,818,409
	2,829,418		Australia & New Zealand Banking Group Ltd		37,548,163
	198,807		Australian Stock Exchange Ltd		11,132,121
	989,098	*,†	AZ BGP Holdings		2,781
	2,939,464		BHP Billiton Ltd		70,463,734
	2,108,715		BHP Group plc		40,850,765
	503,380		BlueScope Steel Ltd		5,199,257
	1,520,608		Brambles Ltd		10,255,464
	98,626	*	CIMIC Group Ltd		1,490,613
	503,403		Coca-Cola Amatil Ltd		4,400,663
	64,918		Cochlear Ltd		9,689,357
	1,341,217		Coles Group Ltd		16,754,850
	1,764,037		Commonwealth Bank of Australia		85,646,695
	483,279		Computershare Ltd		4,130,058
	387,226		Crown Resorts Ltd		2,254,388
	454,647		CSL Ltd		92,046,593
	1,087,164		Dexus Property Group		6,577,393
	1,606,759		Evolution Mining Ltd		6,299,192
	1,694,721		Fortescue Metals Group Ltd		20,732,353
	9,969,742		Glencore Xstrata plc		20,111,316
	1,642,381		Goodman Group		21,257,591
	1,943,283		GPT Group		5,503,866
	2,317,844		Insurance Australia Group Ltd		7,780,353
	664,039		Lend Lease Corp Ltd		5,585,985
	335,649		Macquarie Group Ltd		29,926,451
	126,725		Magellan Financial Group Ltd		4,911,676
	2,756,013		Medibank Pvt Ltd		5,173,513
	3,938,439		Mirvac Group		5,840,592
	3,186,598		National Australia Bank Ltd		41,690,192
	806,495		Newcrest Mining Ltd		16,724,682
	740,369		Northern Star Resources Ltd		7,821,191
	1,971,125		Oil Search Ltd		3,558,801
	405,354		Orica Ltd		4,351,384
	1,738,503		Origin Energy Ltd		4,890,426
	912,687		Qantas Airways Ltd		2,685,066
	1,456,084		QBE Insurance Group Ltd		8,420,073
	1,914,389		QR National Ltd		5,076,306
	184,363		Ramsay Health Care Ltd		8,077,736
	53,976		REA Group Ltd		4,488,753

299

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
	370,032		Rio Tinto Ltd	$	24,072,007
	1,119,634		Rio Tinto plc		63,328,023
	1,757,779		Santos Ltd		5,843,535
	5,178,825		Scentre Group		7,642,492
	323,396		Seek Ltd		4,894,785
	448,880		Sonic Healthcare Ltd		10,994,429
	4,865,345		South32 Ltd		6,942,755
	2,388,346		Stockland Trust Group		6,458,283
	1,246,944		Suncorp-Metway Ltd		7,201,461
	1,318,995		Sydney Airport		5,057,134
	2,154,816		Tabcorp Holdings Ltd		4,978,966
	4,150,485		Telstra Corp Ltd		7,816,137
	378,090	*	TPG Telecom Ltd		1,908,358
	2,719,128		Transurban Group		25,749,257
	711,442		Treasury Wine Estates Ltd		4,586,556
	3,824,758		Vicinity Centres		3,250,306
	110,235	e	Washington H Soul Pattinson & Co Ltd		1,963,002
	1,123,760		Wesfarmers Ltd		36,375,678
	3,601,932		Westpac Banking Corp		45,589,150
	142,586		Wisetech Global Ltd		2,908,108
	952,858		Woodside Petroleum Ltd		11,752,784
	1,267,727		Woolworths Ltd		34,102,234
			TOTAL AUSTRALIA		1,014,013,842
AUSTRIA - 0.2%
	70,422		Andritz AG.		2,375,093
	282,439	*	Erste Bank der Oesterreichischen Sparkassen AG.		5,805,665
	147,355		OMV AG.		3,406,313
	146,549	*	Raiffeisen International Bank Holding AG.		2,115,924
	67,802	e	Verbund AG.		3,910,415
	116,411		Voestalpine AG.		3,237,026
			TOTAL AUSTRIA		20,850,436
BELGIUM - 0.8%
	174,858		Ageas		7,041,364
	761,029		Anheuser-Busch InBev S.A.		39,365,115
	54,712		Colruyt S.A.		3,238,267
	30,968	e	Elia System Operator S.A.		2,995,258
	42,486	*	Galapagos NV		5,017,406
	111,387		Groupe Bruxelles Lambert S.A. (EN Brussels)		9,134,646
	250,409		KBC Groep NV		12,371,911
	148,191		Proximus plc		2,880,862
	14,981		Sofina S.A.		3,893,540
	73,574		Solvay S.A.		5,977,910
	50,061		Telenet Group Holding NV		1,925,370
	125,295		UCB S.A.		12,375,580
	195,726		Umicore S.A.		7,545,492
			TOTAL BELGIUM		113,762,721
BRAZIL - 0.0%
	175,873		Yara International ASA		6,154,755
			TOTAL BRAZIL		6,154,755

300

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
CHILE - 0.0%
	388,258		Antofagasta plc	$	5,177,102
			TOTAL CHILE		5,177,102
CHINA - 0.2%
	40,200	*	BeiGene Ltd (ADR)		11,920,104
	1,753,000	g	Budweiser Brewing Co APAC Ltd		5,169,789
	725,000	e	Microport Scientific Corp		2,561,544
	1,926,356		Wilmar International Ltd		5,703,067
	2,425,338		Yangzijiang Shipbuilding		1,632,854
			TOTAL CHINA		26,987,358
DENMARK - 2.5%
	163,359	e	Ambu A.S.		4,954,743
	3,256		AP Moller - Maersk AS (Class A)		4,814,503
	6,546		AP Moller - Maersk AS (Class B)		10,490,846
	103,166		Carlsberg AS (Class B)		13,062,959
	104,550		Christian Hansen Holding		10,550,120
	119,812		Coloplast AS		17,521,662
	688,087		Danske Bank AS		9,170,526
	206,228		DSV AS		33,458,726
	64,844	*	Genmab AS		21,659,507
	128,108		GN Store Nord		9,223,390
	69,398		H Lundbeck AS		1,956,431
	1,716,071		Novo Nordisk AS		109,426,356
	206,238		Novozymes AS		12,403,391
	188,760	g	Orsted AS		29,958,858
	99,661		Pandora AS		7,906,050
	117,954		Tryg A.S.		3,273,544
	196,447		Vestas Wind Systems AS		33,703,237
	109,916	*,e	William Demant Holding A.S.		3,470,407
			TOTAL DENMARK		337,005,256
FINLAND - 1.2%
	141,419		Elisa Oyj (Series A)		6,953,381
	444,063		Fortum Oyj		8,346,887
	339,172		Kone Oyj (Class B)		27,002,541
	421,994		Neste Oil Oyj		22,008,482
	5,644,177		Nokia Oyj (Turquoise)		19,027,628
	3,241,615		Nordea Bank Abp		24,329,169
	104,801		Orion Oyj (Class B)		4,485,441
	470,277		Sampo Oyj (A Shares)		17,746,595
	583,413		Stora Enso Oyj (R Shares)		8,513,714
	532,859		UPM-Kymmene Oyj		15,058,040
	445,868		Wartsila Oyj (B Shares)		3,543,231
			TOTAL FINLAND		157,015,109
FRANCE - 10.0%
	190,749		Accor S.A.		4,861,800
	235,417	*	Adevinta ASA		3,637,298
	29,703		Aeroports de Paris		2,906,664
	471,632		Air Liquide		68,970,650
	587,594		Airbus SE		42,991,924
	191,304	*	Alstom RGPT		8,547,349
	60,842	g	Amundi S.A.		3,990,750
	69,337		Arkema		6,790,848
	97,603		Atos Origin S.A.		6,667,832

301

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
	1,940,637		AXA S.A.	$	31,165,266
	41,335		BioMerieux		6,154,740
	1,126,606		BNP Paribas S.A.		39,290,120
	829,848		Bollore		2,974,586
	229,803		Bouygues S.A.		7,536,027
	289,189		Bureau Veritas S.A.		6,341,435
	160,028		Cap Gemini S.A.		18,478,080
	596,287		Carrefour S.A.		9,267,429
	179,302		CNP Assurances		2,022,281
	518,431		Compagnie de Saint-Gobain		20,194,706
	1,160,324		Credit Agricole S.A.		9,178,785
	612,840		Danone		33,991,292
	2,467		Dassault Aviation S.A.		2,064,031
	131,528		Dassault Systemes S.A.		22,426,882
	241,478		Edenred		11,256,240
	85,260		Eiffage S.A.		6,187,952
	621,270		Electricite de France		7,211,118
	283,788		Essilor International S.A.		35,036,147
	38,059		Eurazeo		1,730,829
	75,740	*	Faurecia		2,872,511
	52,672		Fonciere Des Regions		3,136,648
	1,824,704		Gaz de France		22,068,978
	46,138		Gecina S.A.		5,727,710
	438,800		Getlink S.E.		5,901,957
	31,512		Hermes International		29,340,816
	29,837		Icade		1,508,874
	14,885		Iliad S.A.		2,877,743
	38,014		Ipsen		3,462,313
	84,967		JC Decaux S.A.		1,311,410
	75,620		Kering		45,698,385
	198,816		Klepierre		2,519,017
	85,746	g	La Francaise des Jeux SAEM		3,216,522
	264,714		Legrand S.A.		19,593,945
	250,431		L’Oreal S.A.		80,935,614
	277,166		LVMH Moet Hennessy Louis Vuitton S.A.		129,920,923
	169,363		Michelin (C.G.D.E.) (Class B)		18,291,368
	972,777		Natixis		2,265,788
	1,992,351		Orange S. A.		22,373,347
	51,477		Orpea		5,141,742
	211,929		Pernod-Ricard S.A.		34,142,284
	590,626		Peugeot S.A.		10,610,128
	216,469		Publicis Groupe S.A.		7,520,628
	23,473	e	Remy Cointreau S.A.		3,962,998
	192,203		Renault S.A.		4,760,056
	320,477		Safran S.A.		33,803,880
	1,127,160		Sanofi-Aventis		101,775,040
	27,515		Sartorius Stedim Biotech		10,433,965
	552,252		Schneider Electric S.A.		67,102,160
	159,047	*	SCOR SE		3,862,495
	22,542		SEB S.A.		3,663,374
	812,317		Societe Generale		11,037,690
	88,305		Sodexho Alliance S.A.		5,672,366
	345,049		Suez Environnement S.A.		6,316,938
	58,419		Teleperformance		17,536,382
	106,932		Thales S.A.		6,967,722
	2,468,531		Total S.A.		74,788,364

302

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
	90,741	*	Ubisoft Entertainment	$	8,015,460
	113,135	e	Unibail-Rodamco-Westfield		4,579,806
	26,252		Unibail-Rodamco-Westfield (Paris)		1,067,046
	230,810		Valeo S.A.		6,982,327
	540,058		Veolia Environnement		10,051,906
	515,344		Vinci S.A.		40,704,480
	823,834		Vivendi Universal S.A.		23,778,736
	26,683		Wendel		2,309,182
	231,385	*,e,g	Worldline S.A.		17,137,840
			TOTAL FRANCE		1,348,621,925
GERMANY - 8.8%
	189,946		Adidas-Salomon AG.		56,433,880
	416,837		Allianz AG.		73,427,752
	1,010,336		Aroundtown S.A.		4,846,235
	917,355		BASF SE		50,232,696
	979,734		Bayer AG.		46,038,206
	331,298		Bayerische Motoren Werke AG.		22,640,483
	57,931		Bayerische Motoren Werke AG. (Preference)		2,995,234
	103,629		Beiersdorf AG.		10,850,917
	154,219		Brenntag AG.		9,857,120
	39,583		Carl Zeiss Meditec AG.		5,114,522
	1,003,008	*	Commerzbank AG.		4,747,549
	109,678		Continental AG.		11,653,386
	182,558	g	Covestro AG.		8,712,758
	855,842		Daimler AG. (Registered)		44,237,178
	128,552	*,g	Delivery Hero AG.		14,757,017
	511,545		Deutsche Annington Immobilien SE		32,669,045
	1,958,607	*	Deutsche Bank AG. (Registered)		18,099,754
	188,634		Deutsche Boerse AG.		27,795,883
	299,412	*,e	Deutsche Lufthansa AG.		2,561,491
	985,058		Deutsche Post AG.		43,675,480
	3,319,129		Deutsche Telekom AG.		50,446,604
	338,363		Deutsche Wohnen AG.		17,078,167
	2,229,391		E.ON AG.		23,217,248
	211,457		Evonik Industries AG.		5,091,225
	40,235	e	Fraport AG. Frankfurt Airport Services Worldwide		1,455,239
	211,361		Fresenius Medical Care AG.		16,139,985
	417,201		Fresenius SE		15,475,418
	67,810		Fuchs Petrolub AG. (Preference)		3,490,270
	152,785		GEA Group AG.		5,088,306
	59,832		Hannover Rueckversicherung AG.		8,694,892
	149,338		HeidelbergCement AG.		8,541,152
	103,186		Henkel KGaA		9,328,414
	176,719		Henkel KGaA (Preference)		17,196,628
	24,663		Hochtief AG.		1,814,349
	1,248,848		Infineon Technologies AG.		34,769,398
	64,691		KION Group AG.		5,040,779
	72,278		Knorr-Bremse AG.		8,369,876
	83,021		Lanxess AG.		4,210,639
	68,505		LEG Immobilien AG.		9,258,645
	128,560		Merck KGaA		19,043,742
	176,183	*	METRO AG.		1,713,349
	52,919		MTU Aero Engines Holding AG.		9,044,985
	139,739		Muenchener Rueckver AG.		32,751,631
	57,497		Nemetschek AG.		4,163,181

303

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
	154,239		Porsche AG.	$	8,262,946
	97,379		Puma AG. Rudolf Dassler Sport		8,524,862
	640,577		RWE AG.		23,706,313
	1,041,119		SAP AG.		111,071,340
	35,742		Sartorius AG.		15,128,873
	105,377	g	Scout24 AG.		8,501,353
	763,081		Siemens AG.		89,521,635
	396,289	*	Siemens Energy AG.		8,676,915
	272,603	g	Siemens Healthineers AG.		11,702,508
	131,674		Symrise AG.		16,236,772
	125,555	*,e,g	Takeaway.com Holding BV		13,967,524
	149,055	*,g	TeamViewer AG.		6,570,048
	1,003,436		Telefonica Deutschland Holding AG.		2,530,935
	413,856	*	ThyssenKrupp AG.		1,975,439
	201,877		Uniper SE		6,029,935
	103,263		United Internet AG.		3,621,288
	32,842		Volkswagen AG.		5,108,980
	185,930		Volkswagen AG. (Preference)		27,083,320
	151,275	*,g	Zalando SE		14,087,390
			TOTAL GERMANY		1,185,079,084
HONG KONG - 2.9%
	12,045,938		AIA Group Ltd		114,643,281
	307,612		ASM Pacific Technology		3,102,055
	1,254,221		Bank of East Asia Ltd		2,262,632
	3,713,044		BOC Hong Kong Holdings Ltd		10,312,930
	2,571,303		CK Asset Holdings Ltd		11,939,819
	646,869		CK Infrastructure Holdings Ltd		3,051,455
	1,635,959		CLP Holdings Ltd		15,074,617
	335,915	e	Dairy Farm International Holdings Ltd		1,265,333
	1,974,971		Hang Lung Properties Ltd		4,808,044
	763,168		Hang Seng Bank Ltd		11,757,394
	1,418,108		Henderson Land Development Co Ltd		5,008,870
	3,112,627		HK Electric Investments & HK Electric Investments Ltd		3,168,733
	3,761,931		HKT Trust and HKT Ltd		4,865,181
	10,957,694		Hong Kong & China Gas Ltd		15,809,791
	1,377,485		Hong Kong Electric Holdings Ltd		7,093,620
	1,209,747		Hong Kong Exchanges and Clearing Ltd		57,969,512
	1,164,355		Hongkong Land Holdings Ltd		4,274,529
	220,761		Jardine Matheson Holdings Ltd		9,785,371
	218,250		Jardine Strategic Holdings Ltd		4,725,582
	643,948		Kerry Properties Ltd		1,579,944
	2,051,907		Link REIT		15,659,861
	214,045		Melco Crown Entertainment Ltd (ADR)		3,450,405
	1,540,897		MTR Corp		7,635,553
	1,527,762		New World Development Co Ltd		7,294,126
	4,432,780		PCCW Ltd		2,666,918
	3,140,645	e	Sino Land Co		3,721,908
	1,964,375		SJM Holdings Ltd		2,039,628
	1,289,519		Sun Hung Kai Properties Ltd		16,598,446
	511,946		Swire Pacific Ltd (Class A)		2,334,574
	1,142,054		Swire Properties Ltd		3,064,685
	1,370,431		Techtronic Industries Co		18,458,804
	9,488,186	g	WH Group Ltd		7,473,143
	1,661,914		Wharf Real Estate Investment Co Ltd		6,396,343
			TOTAL HONG KONG		389,293,087

304

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
IRELAND - 0.7%
	131,175	*	AerCap Holdings NV	$	3,257,075
	785,714		CRH plc		27,493,527
	153,791		Flutter Entertainment plc		26,883,967
	160,563		Kerry Group plc (Class A)		19,219,696
	153,787		Kingspan Group plc		13,406,237
	224,741		Smurfit Kappa Group plc		8,468,037
			TOTAL IRELAND		98,728,539
ISRAEL - 0.6%
	42,657		Azrieli Group		2,002,145
	1,127,032	*	Bank Hapoalim Ltd		6,578,836
	1,433,973		Bank Leumi Le-Israel		6,758,362
	116,793	*	Check Point Software Technologies		13,263,013
	26,328		Elbit Systems Ltd		2,966,732
	708,509		Israel Chemicals Ltd		2,570,369
	1,151,999		Israel Discount Bank Ltd		3,224,511
	140,417		Mizrahi Tefahot Bank Ltd		2,738,160
	61,823	*	Nice Systems Ltd		14,060,347
	1,099,870	*	Teva Pharmaceutical Industries Ltd (ADR)		9,590,866
	51,162	*	Wix.com Ltd		12,653,386
			TOTAL ISRAEL		76,406,727
ITALY - 1.9%
	1,099,673		Assicurazioni Generali S.p.A.		14,751,260
	495,691	*	Autostrade S.p.A.		7,609,125
	579,159		Davide Campari-Milano NV		6,052,996
	25,075		DiaSorin S.p.A.		5,504,680
	8,111,837		Enel S.p.A.		64,493,179
	2,539,550		ENI S.p.A.		17,789,660
	127,766		Ferrari NV		22,792,412
	606,585		FinecoBank Banca Fineco S.p.A		8,328,330
	406,486	e	Finmeccanica S.p.A.		1,938,182
	252,916	g	Infrastrutture Wireless Italiane S.p.A		2,731,905
	16,474,959		Intesa Sanpaolo S.p.A.		27,350,143
	619,635		Mediobanca S.p.A.		4,399,235
	192,420		Moncler S.p.A		7,699,050
	436,238	*,g	Nexi S.p.A		6,715,492
	381,974	g	Pirelli & C S.p.A		1,592,638
	509,886	g	Poste Italiane S.p.A		4,162,541
	239,190		Prysmian S.p.A.		6,508,934
	108,158		Recordati S.p.A.		5,607,409
	2,026,088		Snam Rete Gas S.p.A.		9,879,370
	5,702,691		Telecom Italia RSP		2,075,818
	8,419,613	e	Telecom Italia S.p.A.		2,859,911
	1,400,652		Terna Rete Elettrica Nazionale S.p.A.		9,456,905
	2,125,138		UniCredit S.p.A.		15,915,984
			TOTAL ITALY		256,215,159
JAPAN - 26.0%
	35,683		ABC-Mart, Inc		1,810,000
	374,274		Acom Co Ltd		1,681,995
	199,600		Advantest Corp		11,561,423
	652,845		Aeon Co Ltd		16,679,001
	94,314		Aeon Mall Co Ltd		1,471,241

305

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
	182,973		Air Water, Inc	$	2,614,282
	164,121		Aisin Seiki Co Ltd		4,972,550
	468,488		Ajinomoto Co, Inc		9,412,281
	183,361		Alfresa Holdings Corp		3,357,328
	111,180	e	All Nippon Airways Co Ltd		2,424,927
	329,796		Amada Co Ltd		2,870,430
	118,888		Aozora Bank Ltd		1,953,213
	452,421		Asahi Breweries Ltd		14,001,123
	195,373		Asahi Glass Co Ltd		6,100,708
	195,100		Asahi Intecc Co Ltd		6,045,793
	1,251,365		Asahi Kasei Corp		10,843,794
	865,699		Ashikaga Holdings Co Ltd		1,739,353
	1,854,461		Astellas Pharma, Inc		25,430,106
	53,899		Bank of Kyoto Ltd		2,380,422
	70,034		Benesse Holdings, Inc		1,651,107
	1,981		BLife Investment Corp		4,582,571
	528,912		Bridgestone Corp		17,239,886
	215,461		Brother Industries Ltd		3,329,341
	83,689		Calbee, Inc		2,567,296
	999,577		Canon, Inc		17,398,835
	187,843	*	Casio Computer Co Ltd		2,853,740
	143,571		Central Japan Railway Co		17,360,464
	43,816	e	Century Leasing System, Inc		2,148,229
	541,343		Chiba Bank Ltd		2,796,193
	666,972		Chubu Electric Power Co, Inc		7,471,293
	672,744		Chugai Pharmaceutical Co Ltd		25,967,910
	306,003		Chugoku Electric Power Co, Inc		3,844,579
	119,764		Coca-Cola West Japan Co Ltd		1,690,580
	990,123		Concordia Financial Group Ltd		3,268,448
	20,400		Cosmos Pharmaceutical Corp		3,464,723
	100,900		CyberAgent, Inc		6,346,442
	242,233		Dai Nippon Printing Co Ltd		4,512,660
	232,131		Daicel Chemical Industries Ltd		1,656,636
	102,089		Daifuku Co Ltd		10,527,190
	1,083,146		Dai-ichi Mutual Life Insurance Co		16,177,233
	1,703,590		Daiichi Sankyo Co Ltd		44,963,933
	247,780		Daikin Industries Ltd		46,367,870
	64,159		Daito Trust Construction Co Ltd		5,836,232
	562,294		Daiwa House Industry Co Ltd		14,774,136
	1,468,972	*	Daiwa Securities Group, Inc		5,952,007
	431,853		Denso Corp		20,122,862
	212,847		Dentsu, Inc		6,135,957
	28,485		Disco Corp		7,688,339
	414,972		Don Quijote Co Ltd		8,805,058
	300,181		East Japan Railway Co		15,697,494
	251,596		Eisai Co Ltd		19,562,477
	144,149		Electric Power Development Co		1,948,124
	190,829		Fanuc Ltd		40,307,790
	58,260		Fast Retailing Co Ltd		40,638,777
	123,699		Fuji Electric Holdings Co Ltd		3,750,919
	615,096		Fuji Heavy Industries Ltd		11,288,839
	359,086		Fujifilm Holdings Corp		18,310,713
	195,612		Fujitsu Ltd		23,143,751
	165,993		Fukuoka Financial Group, Inc		2,776,623
	3,665		GLP J-Reit		5,650,139
	40,300		GMO Payment Gateway, Inc		4,937,897

306

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
	227,781		Hakuhodo DY Holdings, Inc	$	2,902,198
	144,466		Hamamatsu Photonics KK		7,269,488
	224,437		Hankyu Hanshin Holdings, Inc		6,852,813
	21,483		Hikari Tsushin, Inc		5,038,723
	286,437	*	Hino Motors Ltd		2,194,602
	31,867		Hirose Electric Co Ltd		4,448,137
	50,845		Hisamitsu Pharmaceutical Co, Inc		2,432,129
	109,937	*	Hitachi Construction Machinery Co Ltd		2,711,323
	963,855	*	Hitachi Ltd		32,486,054
	207,546		Hitachi Metals Ltd		2,752,323
	1,622,325		Honda Motor Co Ltd		38,372,745
	50,792		Hoshizaki Electric Co Ltd		4,056,210
	376,896	*	Hoya Corp		42,535,312
	299,055		Hulic Co Ltd		2,770,116
	198,992		Idemitsu Kosan Co Ltd		4,024,407
	142,263		Iida Group Holdings Co Ltd		2,573,840
	1,022,817		Inpex Holdings, Inc		4,850,604
	311,251		Isetan Mitsukoshi Holdings Ltd		1,515,837
	553,864		Isuzu Motors Ltd		4,493,772
	222,900		IT Holdings Corp		4,262,994
	55,600	e	Ito En Ltd		3,521,326
	1,345,332		Itochu Corp		32,312,865
	99,000		Itochu Techno-Science Corp		3,358,812
	112,057		Japan Airlines Co Ltd		1,957,169
	50,445	e	Japan Airport Terminal Co Ltd		2,190,889
	390,532		Japan Post Bank Co Ltd		3,114,777
	1,556,564		Japan Post Holdings Co Ltd		10,680,274
	219,600		Japan Post Insurance Co Ltd		3,480,904
	779		Japan Prime Realty Investment Corp		2,105,297
	1,298		Japan Real Estate Investment Corp		6,361,115
	2,626		Japan Retail Fund Investment Corp		3,785,135
	1,201,070		Japan Tobacco, Inc		22,612,755
	476,307	*	JFE Holdings, Inc		3,346,613
	221,007		JGC Corp		1,817,202
	198,298		JSR Corp		4,481,936
	227,232		JTEKT Corp		1,810,754
	3,057,800		JX Holdings, Inc		10,317,892
	439,610		Kajima Corp		4,697,421
	139,245		Kakaku.com, Inc		3,679,886
	105,855		Kamigumi Co Ltd		1,893,840
	705,948		Kansai Electric Power Co, Inc		6,424,392
	174,483		Kansai Paint Co Ltd		4,498,541
	485,310		Kao Corp		34,553,436
	132,000		Kawasaki Heavy Industries Ltd		1,577,023
	1,609,632		KDDI Corp		43,548,577
	97,838		Keihan Electric Railway Co Ltd		3,716,886
	225,434		Keihin Electric Express Railway Co Ltd		3,152,553
	102,646		Keio Corp		5,965,500
	136,116		Keisei Electric Railway Co Ltd		3,807,732
	182,722		Keyence Corp		82,923,354
	144,860		Kikkoman Corp		7,214,048
	173,362		Kintetsu Corp		6,926,760
	821,978		Kirin Brewery Co Ltd		14,818,921
	49,664		Kobayashi Pharmaceutical Co Ltd		4,839,543
	122,600	e	Kobe Bussan Co Ltd		3,449,356
	102,897	*	Koito Manufacturing Co Ltd		4,962,083

307

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
	869,034		Komatsu Ltd	$	19,592,776
	92,856		Konami Corp		3,634,224
	33,863		Kose Corp		4,316,701
	1,033,275		Kubota Corp		17,956,323
	320,056		Kuraray Co Ltd		2,960,190
	98,986		Kurita Water Industries Ltd		2,945,202
	322,250		Kyocera Corp		17,747,097
	267,394		Kyowa Hakko Kogyo Co Ltd		6,640,295
	358,133		Kyushu Electric Power Co, Inc		3,002,388
	151,321		Kyushu Railway Co		3,218,731
	75,100		Lasertec Corp		6,505,223
	53,858		Lawson, Inc		2,474,536
	58,826	*	LINE Corp		3,018,546
	225,709		Lion Corp		4,602,519
	265,246		LIXIL Group Corp		5,759,612
	441,562		M3, Inc		29,821,206
	223,046		Makita Corp		9,859,433
	1,657,319		Marubeni Corp		8,653,203
	190,542		Marui Co Ltd		3,443,462
	56,580		Maruichi Steel Tube Ltd		1,298,033
	546,257		Mazda Motor Corp		2,868,300
	68,711		McDonald’s Holdings Co Japan Ltd		3,258,370
	177,448		Mediceo Paltac Holdings Co Ltd		3,163,167
	114,177		MEIJI Holdings Co Ltd		8,272,065
	85,800	*	Mercari, Inc		3,607,233
	365,672		Minebea Co Ltd		6,604,531
	279,206		MISUMI Group, Inc		8,292,297
	1,283,995		Mitsubishi Chemical Holdings Corp		7,226,527
	1,336,555		Mitsubishi Corp		29,820,362
	1,827,611		Mitsubishi Electric Corp		23,537,593
	1,173,900		Mitsubishi Estate Co Ltd		17,509,748
	161,704		Mitsubishi Gas Chemical Co, Inc		2,947,763
	314,848		Mitsubishi Heavy Industries Ltd		6,764,579
	109,017		Mitsubishi Materials Corp		2,000,380
	592,178		Mitsubishi Motors Corp		1,086,068
	12,212,592		Mitsubishi UFJ Financial Group, Inc		48,140,873
	405,537		Mitsubishi UFJ Lease & Finance Co Ltd		1,718,256
	1,632,177		Mitsui & Co Ltd		25,565,590
	185,510		Mitsui Chemicals, Inc		4,751,346
	927,796		Mitsui Fudosan Co Ltd		15,798,098
	444,409		Mitsui Sumitomo Insurance Group Holdings, Inc		12,161,356
	90,100		Miura Co Ltd		4,245,008
	2,415,072		Mizuho Financial Group, Inc		29,734,417
	124,400		MonotaRO Co Ltd		6,880,776
	571,238		Murata Manufacturing Co Ltd		40,060,150
	112,377		Nabtesco Corp		4,198,206
	186,421		Nagoya Railroad Co Ltd		4,969,093
	200,498		Namco Bandai Holdings, Inc		14,984,176
	245,625		NEC Corp		12,372,171
	484,489		Nexon Co Ltd		13,503,142
	264,138		NGK Insulators Ltd		3,773,381
	154,375		NGK Spark Plug Co Ltd		2,714,983
	446,282		Nidec Corp		45,075,369
	148,800		Nihon M&A Center, Inc		8,737,765
	312,826		Nikon Corp		1,906,474
	111,678		Nintendo Co Ltd		60,383,037

308

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
	1,465		Nippon Building Fund, Inc	$	7,399,423
	73,790		Nippon Express Co Ltd		4,138,109
	83,705		Nippon Meat Packers, Inc		3,428,805
	145,939		Nippon Paint Co Ltd		13,146,180
	2,053		Nippon ProLogis REIT, Inc		6,757,324
	46,300		Nippon Shinyaku Co Ltd		3,308,418
	793,746	*	Nippon Steel Corp		7,698,641
	1,282,426		Nippon Telegraph & Telephone Corp		26,976,898
	152,790		Nippon Yusen Kabushiki Kaisha		2,820,132
	124,074		Nissan Chemical Industries Ltd		6,584,690
	2,277,088	*	Nissan Motor Co Ltd		8,062,103
	191,410		Nisshin Seifun Group, Inc		2,882,409
	65,160		Nissin Food Products Co Ltd		5,642,169
	80,971		Nitori Co Ltd		16,644,130
	157,657		Nitto Denko Corp		11,076,309
	334,575		NKSJ Holdings, Inc		12,491,649
	3,139,352	*	Nomura Holdings, Inc		14,059,392
	122,674		Nomura Real Estate Holdings, Inc		2,142,675
	4,278		Nomura Real Estate Master Fund, Inc		5,108,583
	319,073		Nomura Research Institute Ltd		9,405,469
	363,927		NSK Ltd		2,913,627
	624,908		NTT Data Corp		7,052,841
	1,127,897		NTT DoCoMo, Inc		41,997,461
	642,382		Obayashi Corp		5,375,669
	70,286		Obic Co Ltd		12,443,641
	299,460		Odakyu Electric Railway Co Ltd		7,226,720
	870,243		OJI Paper Co Ltd		3,667,567
	1,162,868		Olympus Corp		22,262,038
	186,299		Omron Corp		13,451,911
	371,280		Ono Pharmaceutical Co Ltd		10,590,840
	39,189	*	Oracle Corp Japan		3,916,550
	200,480		Oriental Land Co Ltd		28,062,783
	1,318,030		ORIX Corp		15,414,672
	2,660		Orix JREIT, Inc		3,738,389
	380,595		Osaka Gas Co Ltd		7,227,578
	511,463		Osaka Securities Exchange Co Ltd		12,486,459
	104,973		Otsuka Corp		4,823,684
	391,285		Otsuka Holdings KK		14,491,841
	2,204,298		Panasonic Corp		20,362,270
	113,334		Park24 Co Ltd		1,530,899
	95,100	*	PeptiDream, Inc		4,394,864
	116,600		Pigeon Corp		5,369,609
	88,656		Pola Orbis Holdings, Inc		1,748,222
	854,497	*	Rakuten, Inc		8,313,561
	1,267,573		Recruit Holdings Co Ltd		48,231,972
	768,399	*	Renesas Electronics Corp		6,342,862
	2,078,834		Resona Holdings, Inc		6,853,861
	656,080		Ricoh Co Ltd		4,308,620
	35,418		Rinnai Corp		3,489,964
	87,714		Rohm Co Ltd		6,744,056
	241,990		Ryohin Keikaku Co Ltd		5,079,206
	364,343		Santen Pharmaceutical Co Ltd		6,491,131
	237,718	*	SBI Holdings, Inc		5,479,696
	209,165		Secom Co Ltd		17,670,024
	173,483		Sega Sammy Holdings, Inc		2,174,015
	216,575		Seibu Holdings, Inc		2,165,296

309

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
	279,357		Seiko Epson Corp	$	3,244,366
	357,987		Sekisui Chemical Co Ltd		5,580,415
	618,272		Sekisui House Ltd		10,271,539
	752,888		Seven & I Holdings Co Ltd		22,883,779
	568,376		Seven Bank Ltd		1,304,391
	321,404		SG Holdings Co Ltd		7,752,404
	215,815	*	Sharp Corp		2,495,603
	222,265		Shimadzu Corp		6,355,298
	21,378		Shimamura Co Ltd		2,279,124
	74,110		Shimano, Inc		16,950,111
	552,350		Shimizu Corp		3,835,161
	353,501		Shin-Etsu Chemical Co Ltd		47,215,981
	155,096	*,e	Shinsei Bank Ltd		1,866,044
	264,080		Shionogi & Co Ltd		12,456,638
	401,130		Shiseido Co Ltd		24,832,755
	382,248		Shizuoka Bank Ltd		2,570,902
	141,592		Showa Denko KK		2,407,584
	56,991	*	SMC Corp		30,313,811
	2,889,100		Softbank Corp		33,621,796
	1,564,072		Softbank Group Corp		101,873,909
	75,006		Sohgo Security Services Co Ltd		3,494,888
	1,256,445		Sony Corp		104,745,326
	90,900		Square Enix Co Ltd		5,281,544
	126,329		Stanley Electric Co Ltd		3,597,826
	108,833		Start Today Co Ltd		2,760,863
	262,199		Sumco Corp		3,999,024
	51,900		Sumisho Computer Systems Corp		2,580,545
	1,510,594		Sumitomo Chemical Co Ltd		4,941,430
	1,181,226		Sumitomo Corp		12,923,293
	176,665		Sumitomo Dainippon Pharma Co Ltd		2,070,692
	744,283		Sumitomo Electric Industries Ltd		8,216,939
	114,717		Sumitomo Heavy Industries Ltd		2,458,760
	231,045		Sumitomo Metal Mining Co Ltd		7,181,741
	1,307,662		Sumitomo Mitsui Financial Group, Inc		36,198,567
	331,909		Sumitomo Mitsui Trust Holdings, Inc		8,924,177
	308,545		Sumitomo Realty & Development Co Ltd		8,256,456
	171,433		Sumitomo Rubber Industries, Inc		1,507,962
	69,857		Sundrug Co Ltd		2,593,915
	141,950		Suntory Beverage & Food Ltd		4,895,532
	67,052		Suzuken Co Ltd		2,420,619
	367,440		Suzuki Motor Corp		15,780,701
	167,125		Sysmex Corp		15,697,840
	536,149		T&D Holdings, Inc		5,358,314
	117,798		Taiheiyo Cement Corp		2,764,962
	189,497		Taisei Corp		5,896,750
	30,658		Taisho Pharmaceutical Holdings Co Ltd		1,844,639
	149,558		Taiyo Nippon Sanso Corp		2,192,765
	1,573,473		Takeda Pharmaceutical Co Ltd		48,624,387
	128,749		TDK Corp		15,140,963
	173,460		Teijin Ltd		2,657,053
	173,672		Temp Holdings Co Ltd		2,630,471
	650,054		Terumo Corp		23,924,571
	123,185		THK Co Ltd		3,269,933
	188,390		Tobu Railway Co Ltd		5,345,821
	114,142		Toho Co Ltd		4,520,117
	74,920	e	Toho Gas Co Ltd		3,867,504

310

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
	417,037		Tohoku Electric Power Co, Inc	$	3,679,555
	631,443		Tokio Marine Holdings, Inc		28,222,165
	1,376,918	*	Tokyo Electric Power Co, Inc		3,552,965
	148,943		Tokyo Electron Ltd		39,977,912
	381,605		Tokyo Gas Co Ltd		8,646,987
	488,644		Tokyu Corp		5,797,588
	643,324		Tokyu Fudosan Holdings Corp		2,811,209
	252,290		Toppan Printing Co Ltd		3,208,219
	1,376,561		Toray Industries, Inc		6,228,804
	385,187		Toshiba Corp		9,743,634
	255,330		Tosoh Corp		4,138,806
	140,932		Toto Ltd		6,434,317
	88,099		Toyo Suisan Kaisha Ltd		4,384,316
	62,599		Toyoda Gosei Co Ltd		1,590,948
	142,633		Toyota Industries Corp		9,217,424
	2,112,686		Toyota Motor Corp		138,691,259
	213,844		Toyota Tsusho Corp		5,967,381
	131,831	*	Trend Micro, Inc		7,384,528
	37,059		Tsuruha Holdings, Inc		5,189,185
	405,322		Uni-Charm Corp		18,754,613
	2,980		United Urban Investment Corp		3,181,656
	202,923		USS Co Ltd		3,711,578
	93,000		Welcia Holdings Co Ltd		3,642,008
	161,477		West Japan Railway Co		6,926,910
	129,111		Yakult Honsha Co Ltd		6,248,071
	726,740		Yamada Denki Co Ltd		3,543,436
	133,760		Yamaha Corp		6,340,916
	282,379		Yamaha Motor Co Ltd		4,037,461
	306,374		Yamato Transport Co Ltd		8,109,862
	120,877		Yamazaki Baking Co Ltd		1,985,504
	238,265		Yaskawa Electric Corp		9,264,649
	226,973		Yokogawa Electric Corp		3,336,808
	123,132		Yokohama Rubber Co Ltd		1,768,715
	2,641,119		Z Holdings Corp		18,416,680
			TOTAL JAPAN		3,483,879,284
JORDAN - 0.0%
	175,836		Hikma Pharmaceuticals plc		5,717,037
			TOTAL JORDAN		5,717,037
LUXEMBOURG - 0.2%
	715,436		ArcelorMittal		9,701,330
	13,133		Eurofins Scientific		10,458,071
	380,841		SES Global S.A.		3,041,901
			TOTAL LUXEMBOURG		23,201,302
MACAU - 0.2%
	2,156,361		Galaxy Entertainment Group Ltd		14,250,426
	2,392,867		Sands China Ltd		8,398,008
	1,556,653	*	Wynn Macau Ltd		2,150,725
			TOTAL MACAU		24,799,159
NETHERLANDS - 4.4%
	423,294	*,g	ABN AMRO Group NV (ADR)		3,477,049
	17,991	*,g	Adyen NV		30,238,250
	1,791,029		Aegon NV		4,817,898

311

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
	192,905		Akzo Nobel NV	$	18,555,198
	637,306	*	Altice NV (Class A)		3,133,414
	44,457	*	Argenx SE		11,093,874
	425,054		ASML Holding NV		153,785,761
	171,040		DSM NV		27,353,995
	109,616		EXOR NV		5,702,971
	113,478		Heineken Holding NV		8,744,845
	257,889		Heineken NV		22,827,702
	3,910,687		ING Groep NV		26,787,099
	1,092,762		Koninklijke Ahold Delhaize NV		29,958,909
	3,547,394		Koninklijke KPN NV		9,580,728
	910,561		Koninklijke Philips Electronics NV		42,174,226
	73,191		Koninklijke Vopak NV		3,804,346
	287,946		NN Group NV		10,020,788
	486,030		Prosus NV		48,523,266
	118,939		Randstad Holdings NV		5,934,642
	4,097,112		Royal Dutch Shell plc (A Shares)		51,539,537
	3,704,777		Royal Dutch Shell plc (B Shares)		44,677,138
	271,579		Wolters Kluwer NV		21,988,845
			TOTAL NETHERLANDS		584,720,481
NEW ZEALAND - 0.3%
	736,184	*	a2 Milk Co Ltd		7,128,595
	1,231,378	*	Auckland International Airport Ltd		5,696,203
	575,242		Fisher & Paykel Healthcare Corp		13,307,868
	1,276,410		Meridian Energy Ltd		4,473,593
	664,816		Mighty River Power Ltd		2,350,361
	404,771		Ryman Healthcare Ltd		3,745,782
	1,902,673		Telecom Corp of New Zealand Ltd		5,646,495
			TOTAL NEW ZEALAND		42,348,897
NORWAY - 0.5%
	945,642		DNB NOR Holding ASA		12,770,694
	991,379		Equinor ASA		12,649,708
	199,389		Gjensidige Forsikring BA		3,799,356
	436,621		Mowi ASA		6,897,718
	1,338,826		Norsk Hydro ASA		3,762,589
	774,786		Orkla ASA		7,313,832
	97,786		Schibsted ASA (B Shares)		3,528,390
	749,712		Telenor ASA		11,584,760
			TOTAL NORWAY		62,307,047
PORTUGAL - 0.2%
	2,754,625		Energias de Portugal S.A.		13,587,651
	493,150		Galp Energia SGPS S.A.		4,004,961
	263,677		Jeronimo Martins SGPS S.A.		4,188,170
			TOTAL PORTUGAL		21,780,782
RUSSIA - 0.0%
	524,556		Evraz plc		2,442,690
			TOTAL RUSSIA		2,442,690
SINGAPORE - 1.0%
	2,990,668		Ascendas REIT		6,310,667
	2,604,598		CapitaLand Ltd		4,901,297

312

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
	4,637,724		CapitaMall Trust	$	5,878,581
	459,545		City Developments Ltd		2,134,068
	1,781,405		DBS Group Holdings Ltd		26,535,544
	5,915,684		Genting Singapore Ltd		2,793,479
	95,544		Jardine Cycle & Carriage Ltd		1,242,850
	1,444,465		Keppel Corp Ltd		4,641,734
	2,078,800		Mapletree Commercial Trust		2,621,110
	2,582,100		Mapletree Logistics Trust		3,688,510
	3,295,547		Oversea-Chinese Banking Corp		20,326,098
	1,442,215		Singapore Airlines Ltd		3,579,022
	830,860		Singapore Exchange Ltd		5,269,606
	1,550,371		Singapore Technologies Engineering Ltd		3,963,243
	8,042,999		Singapore Telecommunications Ltd		11,956,097
	2,102,564		Suntec Real Estate Investment Trust		2,064,836
	1,175,788		United Overseas Bank Ltd		16,336,922
	444,897		UOL Group Ltd		2,027,926
	273,613		Venture Corp Ltd		3,857,057
			TOTAL SINGAPORE		130,128,647
SOUTH AFRICA - 0.2%
	1,230,163		Anglo American plc (London)		28,863,526
			TOTAL SOUTH AFRICA		28,863,526
SPAIN - 2.2%
	268,551		ACS Actividades de Construccion y Servicios S.A.		6,383,650
	67,317	g	Aena S.A.		9,070,005
	449,440		Amadeus IT Holding S.A.		21,414,087
	6,682,113		Banco Bilbao Vizcaya Argentaria S.A.		19,278,909
	16,622,229		Banco Santander S.A. (AQXE)		33,286,932
	669,804		Bankinter S.A.		2,517,220
	3,565,514		CaixaBank S.A.		6,505,600
	313,423	g	Cellnex Telecom SAU		20,118,921
	1,070,085		Corp Mapfre S.A.		1,614,569
	247,815		Enagas		5,348,782
	315,105		Endesa S.A.		8,454,024
	481,307		Ferrovial S.A.		10,423,925
	302,685	e	Grifols S.A.		8,179,811
	5,923,044		Iberdrola S.A.		69,936,795
	1,088,391	e	Industria De Diseno Textil S.A.		26,871,638
	293,779	e	Naturgy Energy Group S.A.		5,457,867
	429,154		Red Electrica Corp S.A.		7,559,327
	1,488,021		Repsol YPF S.A.		9,341,892
	235,548		Siemens Gamesa Renewable Energy		6,684,685
	4,868,497		Telefonica S.A.		15,837,370
			TOTAL SPAIN		294,286,009
SWEDEN - 3.0%
	314,827		Alfa Laval AB		6,394,699
	1,000,383		Assa Abloy AB		21,440,674
	670,117		Atlas Copco AB (A Shares)		29,579,739
	389,517		Atlas Copco AB (B Shares)		14,924,648
	273,968		Boliden AB		7,470,860
	225,322	e	Electrolux AB (Series B)		5,080,645
	385,895		Epiroc AB		5,524,333
	652,744		Epiroc AB (Class A)		9,746,516
	236,912		EQT AB		4,501,601

313

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
	2,907,138		Ericsson (LM) (B Shares)	$	32,456,785
	601,431	e	Essity AB		17,407,394
	126,553	g	Evolution Gaming Group AB		9,386,468
	801,069	e	Hennes & Mauritz AB (B Shares)		13,024,100
	280,790		Hexagon AB (B Shares)		20,581,115
	416,059	e	Husqvarna AB (B Shares)		4,290,235
	100,852	e	ICA Gruppen AB		4,774,167
	159,237		Industrivarden AB		4,065,973
	144,218		Investment AB Latour		3,363,030
	455,176		Investor AB (B Shares)		27,282,763
	241,630	e	Kinnevik AB		9,894,488
	75,849		Lundbergs AB (B Shares)		3,409,102
	187,698		Lundin Petroleum AB		3,588,191
	310,265		Nibe Industrier AB		7,470,811
	1,130,167		Sandvik AB		20,145,325
	313,193		Securitas AB (B Shares)		4,421,010
	1,625,361		Skandinaviska Enskilda Banken AB (Class A)		13,947,609
	337,749		Skanska AB (B Shares)		6,334,671
	381,160		SKF AB (B Shares)		7,802,713
	604,627		Svenska Cellulosa AB (B Shares)		8,178,495
	1,549,234		Svenska Handelsbanken AB		12,552,947
	900,978		Swedbank AB (A Shares)		14,105,358
	160,517		Swedish Match AB		12,068,082
	497,505		Tele2 AB (B Shares)		5,871,528
	2,449,289	e	TeliaSonera AB		9,371,345
	1,490,950	*	Volvo AB (B Shares)		28,979,877
			TOTAL SWEDEN		409,437,297
SWITZERLAND - 10.2%
	1,842,721		ABB Ltd		44,713,640
	154,360		Adecco S.A.		7,568,877
	488,808		Alcon, Inc		27,790,260
	46,694		Baloise Holding AG.		6,385,650
	30,033		Banque Cantonale Vaudoise		2,910,204
	3,009		Barry Callebaut AG.		6,212,504
	520,631		Cie Financiere Richemont S.A.		32,541,403
	198,489		Clariant AG.		3,405,219
	197,687		Coca-Cola HBC AG.		4,490,502
	2,433,361		Credit Suisse Group		22,949,929
	8,137	e	EMS-Chemie Holding AG.		7,157,131
	36,846		Geberit AG.		20,971,611
	9,159		Givaudan S.A.		37,349,834
	524,887		Holcim Ltd		22,527,955
	223,746		Julius Baer Group Ltd		9,957,868
	53,000		Kuehne & Nagel International AG.		10,592,742
	1,074		Lindt & Spruengli AG.		8,515,173
	101		Lindt & Spruengli AG. (Registered)		8,731,888
	163,351		Logitech International S.A.		13,742,091
	74,119		Lonza Group AG.		44,909,445
	2,967,357		Nestle S.A.		333,762,050
	2,214,731		Novartis AG.		172,577,552
	18,595		Partners Group		16,741,185
	700,569		Roche Holding AG.		225,114,777
	40,541		Schindler Holding AG.		10,385,193
	22,461		Schindler Holding AG. (Registered)		5,773,433
	6,009		SGS S.A.		15,009,346

314

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
	141,270		Sika AG.	$	34,753,091
	54,363	*	Sonova Holdings AG		12,904,027
	635,526		STMicroelectronics NV		19,386,216
	10,290		Straumann Holding AG.		10,741,243
	28,804		Swatch Group AG.		6,099,849
	53,983		Swatch Group AG. (Registered)		2,206,583
	31,849		Swiss Life Holding		10,713,639
	76,386		Swiss Prime Site AG.		6,426,349
	294,478		Swiss Re Ltd		21,131,916
	25,345		Swisscom AG.		12,890,489
	66,138		Temenos Group AG.		7,107,959
	3,662,524		UBS Group AG		42,638,993
	45,319		Vifor Pharma AG.		5,100,459
	150,372		Zurich Insurance Group AG		49,945,394
			TOTAL SWITZERLAND		1,364,833,669
UNITED ARAB EMIRATES - 0.0%
	121,704	*,†	NMC Health plc		1,577
			TOTAL UNITED ARAB EMIRATES		1,577
UNITED KINGDOM - 11.6%
	970,550		3i Group plc		12,121,867
	188,731		Admiral Group plc		6,723,325
	449,268		Ashtead Group plc		16,235,336
	351,748		Associated British Foods plc		7,735,551
	1,312,653		AstraZeneca plc		131,797,539
	967,530	g	Auto Trader Group plc		7,274,303
	63,572		Aveva Group plc		3,528,741
	3,941,140		Aviva plc		13,145,961
	3,187,953		BAE Systems plc		16,387,324
	17,368,910		Barclays plc		24,074,579
	1,022,860		Barratt Developments plc		6,393,473
	125,373		Berkeley Group Holdings plc		6,591,897
	20,214,578		BP plc		51,560,984
	2,287,438		British American Tobacco plc		72,501,196
	876,445		British Land Co plc		3,957,948
	8,861,933		BT Group plc		11,638,810
	335,436		Bunzl plc		10,427,454
	405,670		Burberry Group plc		7,124,705
	2,704,599		CK Hutchison Holdings Ltd		16,335,716
	1,018,838		CNH Industrial NV		7,899,739
	204,534		Coca-Cola European Partners plc (Class A)		7,303,909
	1,779,714		Compass Group plc		24,360,252
	132,783		Croda International plc		10,378,201
	96,970		DCC plc		6,301,300
	2,337,351		Diageo plc		75,538,149
	1,352,732		Direct Line Insurance Group plc		4,622,835
	904,365		Experian Group Ltd		33,130,404
	1,098,264		Fiat DaimlerChrysler Automobiles NV		13,473,075
	4,994,760		GlaxoSmithKline plc		83,404,895
	582,509		GVC Holdings plc		7,297,108
	390,245		Halma plc		11,975,676
	335,321		Hargreaves Lansdown plc		5,886,928
	20,305,939		HSBC Holdings plc		85,093,918
	938,021		Imperial Tobacco Group plc		14,846,705
	1,507,611		Informa plc		8,179,745

315

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
	174,215		InterContinental Hotels Group plc	$	8,851,898
	161,218		Intertek Group plc		11,612,655
	1,801,298		J Sainsbury plc		4,701,792
	439,042		JD Sports Fashion plc		4,223,793
	192,702		Johnson Matthey plc		5,364,267
	2,105,159	*	Kingfisher plc		7,829,053
	707,503		Land Securities Group plc		4,668,118
	5,984,335		Legal & General Group plc		14,348,068
	70,532,803		Lloyds TSB Group plc		25,681,461
	315,723		London Stock Exchange Group plc		34,034,252
	2,616,740		M&G plc		4,977,472
	4,890,014		Melrose Industries plc		7,585,720
	482,720		Mondi plc		9,149,142
	3,496,262		National Grid plc		41,589,730
	132,775		Next plc		10,028,033
	456,787	*	Ocado Ltd		13,470,605
	749,231		Pearson plc		4,949,996
	319,653		Persimmon plc		9,677,980
	2,609,096		Prudential plc		31,910,536
	711,265		Reckitt Benckiser Group plc		62,654,273
	1,921,700		RELX plc (London)		38,026,416
	1,852,761		Rentokil Initial plc		12,613,982
	1,944,777	e	Rolls-Royce Group plc		1,800,019
	4,832,976		Royal Bank of Scotland Group plc		7,792,481
	1,018,853		RSA Insurance Group plc		5,595,126
	1,087,609		Sage Group plc		8,948,760
	121,212		Schroders plc		4,106,355
	1,036,015		Scottish & Southern Energy plc		16,990,108
	1,174,374		Segro plc		13,722,199
	235,006		Severn Trent plc		7,396,142
	867,217		Smith & Nephew plc		15,058,469
	396,982		Smiths Group plc		6,839,995
	75,124		Spirax-Sarco Engineering plc		10,982,635
	534,657		St. James’s Place plc		6,231,236
	2,672,523		Standard Chartered plc		12,212,905
	2,274,293		Standard Life Aberdeen plc		6,626,776
	3,639,817		Taylor Wimpey plc		4,986,888
	9,727,429		Tesco plc		25,889,995
	1,453,934	e	Unilever NV		81,963,688
	1,161,474		Unilever plc		66,191,028
	676,998		United Utilities Group plc		7,568,040
	26,729,377		Vodafone Group plc		35,656,137
	204,143		Whitbread plc		5,683,902
	2,427,828		WM Morrison Supermarkets plc		5,124,836
	1,237,318		WPP plc		9,882,809
			TOTAL UNITED KINGDOM		1,560,449,319
UNITED STATES - 0.4%
	38,794	*	CyberArk Software Ltd		3,846,425
	224,261		Ferguson plc		22,273,804
	441,059		James Hardie Industries NV		10,708,855
	229,933	*	QIAGEN NV (Turquoise)		10,917,859
	480,676		Tenaris S.A.		2,293,799
			TOTAL UNITED STATES		50,040,742
			TOTAL COMMON STOCKS		13,124,548,565
			(Cost $12,349,226,637)

316

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY					VALUE
RIGHTS / WARRANTS - 0.0%
SINGAPORE - 0.0%
	46,896		Mapletree Logistics Trust					$	0
			TOTAL SINGAPORE						0
UNITED KINGDOM - 0.0%
	6,482,590	e	Rolls-Royce Holdings plc						3,275,295
			TOTAL UNITED KINGDOM						3,275,295
			TOTAL RIGHTS / WARRANTS						3,275,295
			(Cost $11,807,688)
PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 2.7%
GOVERNMENT AGENCY DEBT - 0.5%
$	12,500,000		Federal Farm Credit Bank (FFCB)		0.200	%	11/06/20		12,499,889
$	12,012,000		Federal Home Loan Bank (FHLB)		0.080		11/18/20		12,011,573
$	27,550,000		Federal Home Loan Bank (FHLB)		0.075-0.085		11/27/20		27,548,469
$	19,990,000		Federal Home Loan Bank (FHLB)		0.085		12/04/20		19,988,401
			TOTAL GOVERNMENT AGENCY DEBT						72,048,332
GOVERNMENT AGENCY DEBT - 0.1%
	6,177,000		Federal Home Loan Bank (FHLB)						6,176,413
			TOTAL GOVERNMENT AGENCY DEBT						6,176,413
REPURCHASE AGREEMENT - 0.1%
$	19,350,000	r	Fixed Income Clearing Corp (FICC)		0.070		11/02/20		19,350,000
			TOTAL REPURCHASE AGREEMENT						19,350,000
TREASURY DEBT - 0.8%
$	50,000,000		United States Treasury Bill		0.060		11/05/20		49,999,702
$	53,198,000		United States Treasury Bill		0.074-0.086		11/17/20		53,196,227
			TOTAL TREASURY DEBT						103,195,929
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.2%
	155,916,611	c	State Street Navigator Securities Lending Government Money Market Portfolio						155,916,611
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						155,916,611
			TOTAL SHORT-TERM INVESTMENTS						356,687,285
			(Cost $356,686,778)
			TOTAL INVESTMENTS - 100.5%						13,484,511,145
			(Cost $12,717,721,103)
			OTHER ASSETS & LIABILITIES, NET - (0.5)%						(66,641,357	)
			NET ASSETS - 100.0%					$	13,417,869,788

317

TIAA-CREF FUNDS - International Equity Index Fund

	Abbreviation(s):
	ADR	American Depositary Receipt
	REIT	Real Estate Investment Trust
*	Non-income producing
†	Security is categorized as Level 3 in the fair value hierarchy.
c	Investments made with cash collateral received from securities on loan.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $219,129,656.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/2020, the aggregate value of these securities is $240,013,072 or 1.8% of net assets.
r	Agreement with Fixed Income Clearing Corporation, 0.070% dated 10/30/20 to be repurchased at $19,350,000 on 11/2/20, collateralized by U.S. Treasury Notes valued at $19,737,102.

Futures contracts outstanding as of October 31, 2020 were as follows:

Description	Number of long (short) contracts		Expiration date	Notional amount		Value		Unrealized appreciation (depreciation)
MSCI EAFE Index		2,236	12/18/20	$	204,338,228	$	199,440,020	$	(4,898,208	)

318

TIAA-CREF FUNDS - International Equity Index Fund

TIAA-CREF FUNDS

INTERNATIONAL EQUITY INDEX FUND

SUMMARY OF MARKET VALUES BY SECTOR

October 31, 2020

				% OF
SECTOR	VALUE			NET ASSETS
FINANCIALS	$	2,025,610,583			15.2	%
INDUSTRIALS		1,997,735,821			14.9
HEALTH CARE		1,815,187,636			13.5
CONSUMER DISCRETIONARY		1,600,585,062			11.9
CONSUMER STAPLES		1,542,227,350			11.5
INFORMATION TECHNOLOGY		1,111,381,314			8.3
MATERIALS		994,701,846			7.4
COMMUNICATION SERVICES		741,771,047			5.5
UTILITIES		537,850,389			4.0
REAL ESTATE		407,634,931			3.0
ENERGY		353,137,881			2.6
SHORT-TERM INVESTMENTS		356,687,285			2.7
OTHER ASSETS & LIABILITIES, NET		(66,641,357	)		(0.5	)
NET ASSETS	$	13,417,869,788			100.0	%

319

TIAA-CREF FUNDS - Emerging Markets Debt Fund

TIAA-CREF FUNDS

EMERGING MARKETS DEBT FUND

SCHEDULE OF INVESTMENTS

October 31, 2020

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
BANK LOAN OBLIGATIONS - 1.4%
MEXICO - 1.4%
$	4,000,000	†,h,i	Grupo Aeromexico SAB de C.V.	LIBOR 1 M + 8.000%		9.000	%	08/19/22	$	4,060,000
	4,000,000	†,h,i	Grupo Aeromexico SAB de C.V.	LIBOR 1 M + 8.000%		12.643		08/19/22		4,090,000
			TOTAL MEXICO							8,150,000
			TOTAL BANK LOAN OBLIGATIONS							8,150,000
			(Cost $7,921,415)
BONDS - 94.9%
CORPORATE BONDS - 45.4%
ARGENTINA - 0.4%
	2,020,000	†,g	AES Argentina Generacion S.A.			7.750		02/02/24		1,353,400
	1,950,000	†,g	YPF S.A.			6.950		07/21/27		1,043,250
			TOTAL ARGENTINA							2,396,650
BRAZIL - 4.1%
	1,775,000	g	BRF S.A.			4.875		01/24/30		1,777,698
	1,750,000	g	BRF S.A.			5.750		09/21/50		1,668,187
	2,000,000	g	Cosan Ltd			5.500		09/20/29		2,062,020
	1,425,000	g	Embraer Netherlands Finance BV			6.950		01/17/28		1,434,975
	2,750,000	g	Itau Unibanco Holding S.A.			4.625		NA‡		2,378,090
	2,250,000	g	JSM Global Sarl			4.750		10/20/30		2,271,656
	1,500,000	g	NBM US Holdings, Inc			6.625		08/06/29		1,618,125
	619,668	g	Odebrecht Offshore Drilling Finance Ltd			6.720		12/01/22		560,806
	3,939,349	†,g,o	Odebrecht Offshore Drilling Finance Ltd			7.720		12/01/26		379,162
	527,012	†,g	Odebrecht Oil & Gas Finance Ltd			0.000		NA‡		264
	714,000	o	Oi S.A.			10.000		07/27/25		697,942
	1,000,000		Petrobras Global Finance BV			5.625		05/20/43		1,026,000
	2,000,000		Petrobras Global Finance BV			6.900		03/19/49		2,263,280
	1,960,000	g	Rio Oil Finance Trust			8.200		04/06/28		2,168,250
	775,000		Suzano Austria GmbH			6.000		01/15/29		898,620
	1,525,000	g	Suzano Austria GmbH			7.000		03/16/47		1,847,172
			TOTAL BRAZIL							23,052,247
CHILE - 3.4%
	1,650,000	g	Banco del Estado de Chile			2.704		01/09/25		1,734,579
	2,325,000	g	Celulosa Arauco y Constitucion S.A.			5.150		01/29/50		2,507,233
	1,800,000	g	Corp Nacional del Cobre de Chile			3.625		08/01/27		1,964,291
	2,000,000	g	Corp Nacional del Cobre de Chile			3.000		09/30/29		2,105,408
	1,800,000	g	Corp Nacional del Cobre de Chile			3.150		01/14/30		1,909,908
	2,150,000	g	Corp Nacional del Cobre de Chile			4.375		02/05/49		2,481,745
	2,075,000	g	Embotelladora Andina S.A.			3.950		01/21/50		2,202,115

320

TIAA-CREF FUNDS - Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	2,000,000	g	Empresa de los Ferrocarriles del Estado		3.068	%	08/18/50	$	1,860,000
	2,250,000	g	Empresa de Transporte de Pasajeros Metro S.A.		3.650		05/07/30		2,464,875
	2,600,000	†,g,q	Latam Finance Ltd		7.000		03/01/26		877,500
			TOTAL CHILE						20,107,654
CHINA - 2.9%
	3,100,000		China Evergrande Group		8.250		03/23/22		2,605,272
	2,300,000		Country Garden Holdings Co Ltd		4.750		07/25/22		2,339,697
	1,000,000		Dalian Deta Holding Co Ltd		5.950		07/29/22		1,010,242
	3,000,000	g	ENN Energy Holdings Ltd		2.625		09/17/30		3,017,489
	2,050,000	g	Lenovo Group Ltd		3.421		11/02/30		2,075,577
	2,600,000		Shimao Property Holdings Ltd		5.200		01/30/25		2,737,875
	625,000		Weibo Corp		3.500		07/05/24		652,435
	1,825,000		Weibo Corp		3.375		07/08/30		1,828,160
			TOTAL CHINA						16,266,747
COLOMBIA - 1.7%
	1,675,000		Bancolombia S.A.		4.625		12/18/29		1,635,219
	2,000,000	g	Empresas Publicas de Medellin ESP		4.250		07/18/29		2,053,080
	1,000,000	g	Empresas Publicas de Medellin ESP		4.375		02/15/31		1,021,260
	2,000,000	g	Geopark Ltd		5.500		01/17/27		1,740,020
	2,075,000	g	Grupo Aval Ltd		4.375		02/04/30		2,020,013
	725,000	g	Millicom International Cellular S.A.		4.500		04/27/31		735,875
	475,000	g	Oleoducto Central S.A.		4.000		07/14/27		497,515
			TOTAL COLOMBIA						9,702,982
COSTA RICA - 0.6%
	2,327,130	g	Autopistas del Sol S.A.		7.375		12/30/30		2,138,074
	952,000	g	Banco Nacional de Costa Rica		5.875		04/25/21		957,960
			TOTAL COSTA RICA						3,096,034
DOMINICAN REPUBLIC - 0.4%
	2,500,000	g	Aeropuertos Dominicanos Siglo XXI S.A.		6.750		03/30/29		2,287,525
			TOTAL DOMINICAN REPUBLIC						2,287,525
GHANA - 0.3%
	2,000,000	g	Tullow Oil plc		6.250		04/15/22		1,240,000
	1,000,000	g	Tullow Oil plc		7.000		03/01/25		522,500
			TOTAL GHANA						1,762,500
GUATEMALA - 0.3%
	1,750,000	g	Central American Bottling Corp		5.750		01/31/27		1,833,125
			TOTAL GUATEMALA						1,833,125
HONG KONG - 0.5%
	825,000	g	AIA Group Ltd		3.200		09/16/40		848,537
	2,375,000	g	Melco Resorts Finance Ltd		5.750		07/21/28		2,366,732
			TOTAL HONG KONG						3,215,269
INDIA - 2.3%
	2,325,000	g	Adani Green Energy UP Ltd		6.250		12/10/24		2,509,489

321

TIAA-CREF FUNDS - Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	2,100,000	g	Adani Ports & Special Economic Zone Ltd		4.375	%	07/03/29	$	2,117,675
	2,100,000	g	Azure Power Energy Ltd		5.500		11/03/22		2,147,176
	400,000	g	Azure Power Solar Energy Pvt Ltd		5.650		12/24/24		420,106
	2,250,000	g	Bharti Airtel Ltd		4.375		06/10/25		2,384,013
	1,100,000	g	Indian Railway Finance Corp Ltd		3.249		02/13/30		1,107,856
	2,200,000	g	Power Finance Corp Ltd		3.950		04/23/30		2,148,408
			TOTAL INDIA						12,834,723
INDONESIA - 3.9%
	2,500,000	g	Indika Energy Capital IV Pte Ltd		8.250		10/22/25		2,485,259
IDR	12,280,000,000	g	Jasa Marga Persero Tbk PT		7.500		12/11/20		825,562
$	1,525,875	g	LLPL Capital Pte Ltd		6.875		02/04/39		1,747,661
	300,000	g	Medco Oak Tree Pte Ltd		7.375		05/14/26		289,438
	2,200,000	g	Medco Platinum Road Pte Ltd		6.750		01/30/25		2,123,976
	2,300,000	g	Minejesa Capital BV		5.625		08/10/37		2,380,500
	1,250,000	g	Pertamina Persero PT		4.700		07/30/49		1,344,168
	2,750,000	g	Pertamina Persero PT		4.150		02/25/60		2,715,028
	2,000,000	g	Perusahaan Listrik Negara PT		5.250		10/24/42		2,305,000
	2,000,000	g	Perusahaan Listrik Negara PT		6.150		05/21/48		2,545,000
	2,000,000	g	Saka Energi Indonesia PT		4.450		05/05/24		1,840,094
	2,086,100	g	Star Energy Geothermal Wayang Windu Ltd		6.750		04/24/33		2,296,738
			TOTAL INDONESIA						22,898,424
ISRAEL - 0.9%
	2,200,000	g	Bank Leumi Le-Israel BM		3.275		01/29/31		2,218,594
	3,100,000	g	Leviathan Bond Ltd		6.750		06/30/30		3,169,752
			TOTAL ISRAEL						5,388,346
JAMAICA - 0.0%
	266,926	†,g,o	Digicel Group 0.5 Ltd		8.000		04/01/25		90,087
	398,006	†,g,o	Digicel Group 0.5 Ltd		7.000		NA‡		53,731
			TOTAL JAMAICA						143,818
KAZAKHSTAN - 2.4%
KZT	453,000,000	g	Development Bank of Kazakhstan JSC		8.950		05/04/23		1,017,104
$	1,098,937	g	Kazkommertsbank JSC		5.500		12/21/22		1,097,917
	1,800,000	g	KazMunayGas National Co JSC		4.750		04/19/27		2,024,156
	3,000,000	g	KazMunayGas National Co JSC		3.500		04/14/33		3,079,910
	1,550,000	g	KazMunayGas National Co JSC		6.375		10/24/48		2,054,060
	2,475,000	g	KazTransGas JSC		4.375		09/26/27		2,696,804
	2,000,000	g	Tengizchevroil Finance Co International Ltd		2.625		08/15/25		2,005,366
			TOTAL KAZAKHSTAN						13,975,317
KOREA, REPUBLIC OF - 0.1%
	850,000	g	Kookmin Bank		2.500		11/04/30		847,883
			TOTAL KOREA, REPUBLIC OF						847,883
KUWAIT - 0.6%
	975,000	g	MEGlobal Canada ULC		5.875		05/18/30		1,159,031
	2,500,000	g	NBK Tier 1 Financing 2 Ltd		4.500		NA‡		2,478,855
			TOTAL KUWAIT						3,637,886

322

TIAA-CREF FUNDS - Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
MACAU - 0.8%
$	775,000	g	MGM China Holdings Ltd		5.250	%	06/18/25	$	778,643
	1,325,000	g	MGM China Holdings Ltd		5.875		05/15/26		1,338,329
	2,700,000	g	Wynn Macau Ltd		5.625		08/26/28		2,592,000
			TOTAL MACAU						4,708,972
MALAYSIA - 0.5%
	3,000,000		1MDB Global Investments Ltd		4.400		03/09/23		2,977,500
			TOTAL MALAYSIA						2,977,500
MEXICO - 4.8%
	5,750,000	†,g,q	Aerovias de Mexico S.A.		7.000		02/05/25		1,365,625
	3,000,000	g	Banco Nacional de Comercio Exterior SNC		3.800		08/11/26		2,992,530
	800,000	g	BBVA Bancomer S.A.		5.350		11/12/29		799,000
	2,000,000	g	BBVA Bancomer S.A.		5.125		01/18/33		1,972,500
	2,000,000	g	Cemex SAB de C.V.		5.200		09/17/30		2,112,780
	2,000,000	g	Grupo Bimbo SAB de C.V.		4.000		09/06/49		2,128,910
	1,650,000	g	Industrias Penoles SAB de C.V.		4.150		09/12/29		1,804,688
	1,500,000	g	Industrias Penoles SAB de C.V.		4.750		08/06/50		1,576,875
	2,000,000		Petroleos Mexicanos		4.875		01/18/24		1,962,500
	1,000,000		Petroleos Mexicanos		4.500		01/23/26		881,800
	5,100,000		Petroleos Mexicanos		5.350		02/12/28		4,356,369
	4,647,000		Petroleos Mexicanos		6.840		01/23/30		4,146,983
	2,075,000		Petroleos Mexicanos		6.350		02/12/48		1,584,781
			TOTAL MEXICO						27,685,341
PANAMA - 1.4%
	2,750,000	g	Banistmo S.A.		4.250		07/31/27		2,862,585
	1,175,000	g	Cable Onda S.A.		4.500		01/30/30		1,236,688
	3,300,000	g	Empresa de Transmision Electrica S.A.		5.125		05/02/49		3,842,553
			TOTAL PANAMA						7,941,826
PERU - 1.9%
PEN	9,000,000	g	Alicorp SAA		6.875		04/17/27		2,868,898
$	2,825,000	g	Banco de Credito del Peru		3.125		07/01/30		2,856,103
	1,500,000	g	Banco Internacional del Peru SAA Interbank		4.000		07/08/30		1,515,000
	2,300,000	g	Inkia Energy Ltd		5.875		11/09/27		2,400,740
	975,000	g	Lima Metro Line 2 Finance Ltd		4.350		04/05/36		1,066,163
			TOTAL PERU						10,706,904
POLAND - 0.1%
	325,000	g	CANPACK S.A.		3.125		11/01/25		329,062
			TOTAL POLAND						329,062
SAUDI ARABIA - 0.6%
	3,500,000	g	Saudi Arabian Oil Co		2.875		04/16/24		3,667,300
			TOTAL SAUDI ARABIA						3,667,300
SINGAPORE - 0.4%
	2,500,000	g	Oversea-Chinese Banking Corp Ltd		1.832		09/10/30		2,489,402
			TOTAL SINGAPORE						2,489,402

323

TIAA-CREF FUNDS - Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
SOUTH AFRICA - 2.6%
$	2,000,000	g	Eskom Holdings SOC Ltd		5.750	%	01/26/21	$	1,959,213
	2,000,000	g	Eskom Holdings SOC Ltd		6.750		08/06/23		1,893,026
	1,600,000	g	Eskom Holdings SOC Ltd		8.450		08/10/28		1,521,173
	2,300,000	g	Gold Fields Orogen Holdings BVI Ltd		6.125		05/15/29		2,737,000
	3,500,000	†,g,q	Petra Diamonds US Treasury plc		7.250		05/01/22		1,505,000
	3,000,000		SASOL Financing USA LLC		5.875		03/27/24		2,898,000
	3,000,000	g	Transnet SOC Ltd		4.000		07/26/22		2,979,293
			TOTAL SOUTH AFRICA						15,492,705
SPAIN - 0.3%
	1,995,367	g	International Airport Finance S.A.		12.000		03/15/33		1,780,865
			TOTAL SPAIN						1,780,865
TANZANIA, UNITED REPUBLIC OF - 0.4%
	2,050,000		AngloGold Ashanti Holdings plc		3.750		10/01/30		2,170,104
			TOTAL TANZANIA, UNITED REPUBLIC OF						2,170,104
THAILAND - 1.0%
	3,000,000	g	Bangkok Bank PCL		5.000		NA‡		2,982,647
	2,750,000	g	PTTEP Treasury Center Co Ltd		3.903		12/06/59		2,917,668
			TOTAL THAILAND						5,900,315
TRINIDAD AND TOBAGO - 0.4%
	2,350,000	g	National Gas Company of Trinidad and Tobago Limited		6.050		01/15/36		2,355,875
			TOTAL TRINIDAD AND TOBAGO						2,355,875
TURKEY - 1.4%
	2,000,000	g	Akbank T.A.S.		6.800		02/06/26		1,933,086
	1,900,000	g	Akbank T.A.S.		7.200		03/16/27		1,723,604
	500,000	g	Akbank T.A.S.		6.797		04/27/28		440,756
	2,000,000	g	Turkiye Garanti Bankasi AS.		6.125		05/24/27		1,781,000
	2,325,000	g	Ulker Biskuvi Sanayi AS.		6.950		10/30/25		2,330,813
			TOTAL TURKEY						8,209,259
UKRAINE - 2.1%
	1,500,000	g	Kernel Holding S.A.		6.500		10/17/24		1,505,066
	1,500,000	g	Kernel Holding S.A.		6.750		10/27/27		1,491,848
	450,000	g	Metinvest BV		7.650		10/01/27		437,702
	2,250,000	g	Metinvest BV		7.750		10/17/29		2,153,250
	2,000,000		NAK Naftogaz Ukraine via Kondor Finance plc		7.375		07/19/22		2,019,056
	2,000,000	g	NAK Naftogaz Ukraine via Kondor Finance plc		7.625		11/08/26		1,867,460
	2,400,000	g	Ukreximbank Via Biz Finance plc		9.750		01/22/25		2,464,800
			TOTAL UKRAINE						11,939,182
UNITED ARAB EMIRATES - 1.3%
	1,975,000	g	Abu Dhabi Crude Oil Pipeline LLC		4.600		11/02/47		2,352,896
	2,100,000	g	DP World Ltd		5.625		09/25/48		2,394,000

324

TIAA-CREF FUNDS - Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,000,000	g,h	Galaxy Pipeline Assets Bidco Ltd		3.250	%	09/30/40	$	988,639
	2,000,000	g	MDGH-GMTN BV		3.700		11/07/49		2,194,764
			TOTAL UNITED ARAB EMIRATES						7,930,299
UNITED KINGDOM - 0.1%
	600,000		Tullow Oil Jersey Ltd		6.625		07/12/21		480,000
			TOTAL UNITED KINGDOM						480,000
ZAMBIA - 0.5%
	3,000,000	g	First Quantum Minerals Ltd		6.875		10/15/27		2,985,000
			TOTAL ZAMBIA						2,985,000
			TOTAL CORPORATE BONDS						263,197,041
			(Cost $267,632,370)
GOVERNMENT BONDS - 48.7%
ANGOLA - 0.8%
	2,250,000	g	Angolan Government International Bond		8.250		05/09/28		1,767,149
	1,775,000	g	Angolan Government International Bond		8.000		11/26/29		1,363,038
	2,500,000	g	Angolan Government International Bond		9.375		05/08/48		1,905,848
			TOTAL ANGOLA						5,036,035
ARGENTINA - 0.6%
	401,364		Argentine Republic Government International Bond		1.000		07/09/29		164,961
	2,988,760		Argentine Republic Government International Bond (Step Bond)		0.125		07/09/30		1,090,897
	5,134,989		Argentine Republic Government International Bond (Step Bond)		0.125		07/09/35		1,679,141
	2,650,000	†,g	Provincia de Buenos Aires		7.875		06/15/27		867,875
			TOTAL ARGENTINA						3,802,874
AZERBAIJAN - 0.6%
	3,023,000	g	Southern Gas Corridor CJSC		6.875		03/24/26		3,445,380
			TOTAL AZERBAIJAN						3,445,380
BAHRAIN - 1.2%
	2,100,000	g	Bahrain Government International Bond		5.625		09/30/31		2,076,029
	2,000,000	g	Bahrain Government International Bond		5.450		09/16/32		1,948,267
	2,450,000	g	CBB International Sukuk Programme Co SPC		6.250		11/14/24		2,639,960
			TOTAL BAHRAIN						6,664,256
BARBADOS - 0.5%
	533	g	Barbados Government International Bond		6.500		02/01/21		530
	3,314,800	g	Barbados Government International Bond		6.500		10/01/29		3,182,208
			TOTAL BARBADOS						3,182,738
BERMUDA - 0.5%
	2,000,000	g	Bermuda Government International Bond		4.750		02/15/29		2,401,000
	595,000	g	Bermuda Government International Bond		2.375		08/20/30		610,619
			TOTAL BERMUDA						3,011,619

325

TIAA-CREF FUNDS - Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
BRAZIL - 1.8%
BRL	6,250,000		Brazil Notas do Tesouro Nacional Serie F		10.000	%	01/01/27	$	1,226,854
	8,950,000		Brazil Notas do Tesouro Nacional Serie F		10.000		01/01/29		1,776,303
$	1,625,000		Brazilian Government International Bond		2.875		06/06/25		1,643,704
	3,625,000		Brazilian Government International Bond		3.875		06/12/30		3,670,312
	2,050,000		Brazilian Government International Bond		5.625		02/21/47		2,246,800
			TOTAL BRAZIL						10,563,973
CHINA - 0.5%
CNY	2,400,000		China Government International Bond		2.360		07/02/23		352,963
	17,000,000		China Government International Bond		3.120		12/05/26		2,529,020
			TOTAL CHINA						2,881,983
COLOMBIA - 0.5%
$	2,500,000		Colombia Government International Bond		3.000		01/30/30		2,550,000
COP	2,195,000,000		Colombian TES		7.250		10/26/50		581,109
			TOTAL COLOMBIA						3,131,109
COSTA RICA - 0.3%
$	2,500,000	g	Costa Rica Government International Bond		5.625		04/30/43		1,818,750
			TOTAL COSTA RICA						1,818,750
COTE D'IVOIRE - 0.3%
	2,075,000	g	Ivory Coast Government International Bond (Step Bond)		5.750		12/31/32		2,025,926
			TOTAL COTE D'IVOIRE						2,025,926
DOMINICAN REPUBLIC - 2.5%
	4,275,000	g	Dominican Republic Government International Bond		6.875		01/29/26		4,825,406
DOP	22,500,000	g	Dominican Republic Government International Bond		9.750		06/05/26		396,299
	27,000,000	g	Dominican Republic Government International Bond		11.250		02/05/27		513,720
	74,000,000	g	Dominican Republic Government International Bond		10.375		01/11/30		1,352,056
$	4,000,000	g	Dominican Republic Government International Bond		4.875		09/23/32		4,060,000
	3,060,000	g	Dominican Republic Government International Bond		7.450		04/30/44		3,492,990
			TOTAL DOMINICAN REPUBLIC						14,640,471
ECUADOR - 1.4%
	744,229	g	Ecuador Government International Bond		0.000		07/31/30		338,632
	2,532,600	g	Ecuador Government International Bond (Step Bond)		0.500		07/31/30		1,684,204
	6,637,020	g	Ecuador Government International Bond (Step Bond)		0.500		07/31/35		3,625,472
	3,041,800	g	Ecuador Government International Bond (Step Bond)		0.500		07/31/40		1,505,721
	364,583	g	Petroamazonas EP		4.625		12/06/21		329,036
			TOTAL ECUADOR						7,483,065

326

TIAA-CREF FUNDS - Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
EGYPT - 2.7%
EGP	12,500,000		Egypt Government International Bond		16.000	%	06/11/22	$	812,865
$	1,275,000	g	Egypt Government International Bond		5.750		05/29/24		1,305,452
	1,300,000	g	Egypt Government International Bond		5.250		10/06/25		1,290,517
	3,200,000	g	Egypt Government International Bond		6.588		02/21/28		3,214,917
	1,450,000	g	Egypt Government International Bond		7.600		03/01/29		1,505,996
	2,225,000	g	Egypt Government International Bond		7.053		01/15/32		2,168,128
	4,050,000	g	Egypt Government International Bond		8.500		01/31/47		4,012,292
	1,000,000	g	Egypt Government International Bond		8.150		11/20/59		945,120
			TOTAL EGYPT						15,255,287
EL SALVADOR - 0.5%
	550,000	g	El Salvador Government International Bond		6.375		01/18/27		446,330
	3,100,000	g	El Salvador Government International Bond		7.625		02/01/41		2,366,881
			TOTAL EL SALVADOR						2,813,211
GHANA - 0.9%
GHS	2,965,000	g	Citigroup Global Markets Holdings, Inc		24.500		06/28/21		531,054
$	2,825,000	g	Ghana Government International Bond		8.125		03/26/32		2,591,798
	2,000,000	g	Ghana Government International Bond		8.627		06/16/49		1,755,000
	1,000,000	g	Ghana Government International Bond		8.750		03/11/61		880,000
			TOTAL GHANA						5,757,852
GREECE - 0.7%
EUR	2,850,000	g	Hellenic Republic Government International Bond		2.000		04/22/27		3,607,736
	450,000	g	Hellenic Republic Government International Bond		1.500		06/18/30		550,090
			TOTAL GREECE						4,157,826
GUATEMALA - 1.2%
$	1,950,000	g	Guatemala Government International Bond		4.500		05/03/26		2,122,594
	1,275,000	g	Guatemala Government International Bond		5.375		04/24/32		1,510,875
	2,375,000	g	Guatemala Government International Bond		6.125		06/01/50		2,926,000
			TOTAL GUATEMALA						6,559,469
HONDURAS - 0.7%
	2,500,000	g	Honduras Government International Bond		6.250		01/19/27		2,803,775
	975,000	g	Honduras Government International Bond		5.625		06/24/30		1,074,937
			TOTAL HONDURAS						3,878,712
INDIA - 0.5%
	3,000,000	g	Export-Import Bank of India		3.250		01/15/30		3,042,091
			TOTAL INDIA						3,042,091
INDONESIA - 1.2%
	1,275,000	g	Indonesia Government International Bond		4.625		04/15/43		1,490,825
IDR	12,000,000,000		Indonesia Treasury Bond		8.375		09/15/26		912,253
	8,730,000,000		Indonesia Treasury Bond		7.000		09/15/30		613,935
	21,300,000,000		Indonesia Treasury Bond		8.375		03/15/34		1,580,205
$	1,900,000	g	Perusahaan Penerbit SBSN Indonesia III		2.800		06/23/30		1,952,611
			TOTAL INDONESIA						6,549,829
IRAQ - 0.8%
	2,850,000	g	Iraq Government International Bond		6.752		03/09/23		2,650,200
	1,968,750	g	Iraq Government International Bond		5.800		01/15/28		1,692,928
			TOTAL IRAQ						4,343,128

327

TIAA-CREF FUNDS - Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
ISRAEL - 0.5%
$	2,350,000		State of Israel		3.375	%	01/15/50	$	2,538,000
	400,000		State of Israel		3.800		05/13/60		456,028
			TOTAL ISRAEL						2,994,028
JAMAICA - 1.5%
	500,000		Jamaica Government International Bond		7.625		07/09/25		572,500
	2,950,000		Jamaica Government International Bond		8.000		03/15/39		3,923,500
	3,135,000		Jamaica Government International Bond		7.875		07/28/45		4,083,338
			TOTAL JAMAICA						8,579,338
JORDAN - 1.0%
	3,700,000	g	Jordan Government International Bond		4.950		07/07/25		3,760,842
	2,000,000	g	Jordan Government International Bond		7.375		10/10/47		2,067,472
			TOTAL JORDAN						5,828,314
KAZAKHSTAN - 0.4%
	1,600,000	g	Kazakhstan Government International Bond		6.500		07/21/45		2,509,602
			TOTAL KAZAKHSTAN						2,509,602
KENYA - 1.2%
	1,950,000	g	Kenya Government International Bond		6.875		06/24/24		2,062,505
	900,000	g	Kenya Government International Bond		7.000		05/22/27		934,455
	2,250,000	g	Kenya Government International Bond		8.000		05/22/32		2,357,059
	1,325,000	g	Kenya Government International Bond		8.250		02/28/48		1,350,944
			TOTAL KENYA						6,704,963
LEBANON - 0.2%
	3,200,000	†,q	Lebanon Government International Bond		6.250		11/04/24		444,000
	3,800,000	†,q	Lebanon Government International Bond		6.850		03/23/27		536,378
			TOTAL LEBANON						980,378
MALAYSIA - 0.1%
MYR	1,900,000		Malaysia Government Bond		3.828		07/05/34		493,550
			TOTAL MALAYSIA						493,550
MEXICO - 1.2%
MXN	38,600,000		Mexican Bonos		7.500		06/03/27		2,001,326
	41,700,000		Mexican Bonos		7.750		05/29/31		2,189,125
$	2,775,000		Mexico Government International Bond		4.750		04/27/32		3,170,438
			TOTAL MEXICO						7,360,889
MONGOLIA - 0.3%
	1,425,000	g	Mongolia Government International Bond		5.125		04/07/26		1,467,241
			TOTAL MONGOLIA						1,467,241
MOROCCO - 0.6%
	2,850,000	g	Morocco Government International Bond		5.500		12/11/42		3,421,379
			TOTAL MOROCCO						3,421,379

328

TIAA-CREF FUNDS - Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
NIGERIA - 1.3%
$	1,700,000	g	Nigeria Government International Bond		7.625	%	11/21/25	$	1,785,002
	3,975,000	g	Nigeria Government International Bond		6.500		11/28/27		3,852,580
	2,000,000	g	Nigeria Government International Bond		7.696		02/23/38		1,837,800
			TOTAL NIGERIA						7,475,382
OMAN - 1.2%
	1,500,000	g	Oman Government International Bond		5.375		03/08/27		1,373,410
	4,000,000	g	Oman Government International Bond		6.750		10/28/27		3,879,179
	1,200,000	g	Oman Government International Bond		6.500		03/08/47		967,548
	1,025,000	g	Oman Government International Bond		6.750		01/17/48		836,548
			TOTAL OMAN						7,056,685
PAKISTAN - 0.5%
	3,200,000	g	Pakistan Government International Bond		6.875		12/05/27		3,125,269
			TOTAL PAKISTAN						3,125,269
PANAMA - 0.5%
	2,850,000	g	Panama Notas del Tesoro		3.750		04/17/26		3,079,140
			TOTAL PANAMA						3,079,140
PARAGUAY - 0.5%
	2,500,000	g	Paraguay Government International Bond		5.400		03/30/50		3,037,500
			TOTAL PARAGUAY						3,037,500
PERU - 0.3%
PEN	4,450,000	g	Peruvian Government International Bond		6.950		08/12/31		1,518,017
			TOTAL PERU						1,518,017
PHILIPPINES - 0.2%
$	900,000		Philippine Government International Bond		2.457		05/05/30		960,407
			TOTAL PHILIPPINES						960,407
POLAND - 0.1%
PLN	1,650,000		Republic of Poland Government International Bond		3.250		07/25/25		472,541
			TOTAL POLAND						472,541
QATAR - 0.4%
$	2,150,000	g	Qatar Government International Bond		3.750		04/16/30		2,491,672
			TOTAL QATAR						2,491,672
REPUBLIC OF SERBIA - 0.5%
EUR	250,000	g	Serbia Government International Bond		3.125		05/15/27		316,391
RSD	69,650,000		Serbia Treasury Bonds		5.875		02/08/28		807,695
	147,700,000		Serbia Treasury Bonds		4.500		08/20/32		1,526,920
			TOTAL REPUBLIC OF SERBIA						2,651,006
ROMANIA - 0.6%
$	3,380,000	g	Romanian Government International Bond		3.000		02/14/31		3,493,874
			TOTAL ROMANIA						3,493,874

329

TIAA-CREF FUNDS - Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
RUSSIA - 1.6%
RUB	105,300,000		Russian Federal Bond-OFZ		7.100	%	10/16/24	$	1,414,960
	75,000,000		Russian Federal Bond-OFZ		7.950		10/07/26		1,059,159
	64,000,000		Russian Federal Bond-OFZ		7.650		04/10/30		895,265
$	2,200,000	g	Russian Foreign Bond - Eurobond		4.375		03/21/29		2,510,069
	2,800,000	g	Russian Foreign Bond - Eurobond		5.100		03/28/35		3,407,796
			TOTAL RUSSIA						9,287,249
RWANDA - 0.4%
	2,500,000	g	Rwanda Government International Bond		6.625		05/02/23		2,616,573
			TOTAL RWANDA						2,616,573
SAUDI ARABIA - 1.1%
	1,000,000	g	Saudi Government International Bond		2.900		10/22/25		1,068,156
	2,400,000	g	Saudi Government International Bond		3.250		10/26/26		2,615,088
	2,000,000	g	Saudi Government International Bond		3.750		01/21/55		2,136,240
	550,000	g	Saudi Government International Bond		4.500		04/22/60		664,380
			TOTAL SAUDI ARABIA						6,483,864
SENEGAL - 0.5%
	950,000	g	Senegal Government International Bond		6.250		05/23/33		964,375
	1,900,000	g	Senegal Government International Bond		6.750		03/13/48		1,855,730
			TOTAL SENEGAL						2,820,105
SOUTH AFRICA - 1.5%
	1,000,000		Republic of South Africa Government International Bond		5.750		09/30/49		901,180
ZAR	7,500,000		South Africa Government International Bond		10.500		12/21/26		535,714
$	3,000,000		South Africa Government International Bond		4.300		10/12/28		2,911,474
ZAR	59,300,000		South Africa Government International Bond		7.000		02/28/31		2,979,401
$	1,250,000		South Africa Government International Bond		5.375		07/24/44		1,103,555
			TOTAL SOUTH AFRICA						8,431,324
SRI LANKA - 0.3%
	1,850,000	g	Sri Lanka Government International Bond		6.850		11/03/25		1,007,486
	1,000,000	g	Sri Lanka Government International Bond		6.825		07/18/26		539,507
			TOTAL SRI LANKA						1,546,993
SUPRANATIONAL - 0.5%
	1,000,000	g	Banque Ouest Africaine de Developpement		5.000		07/27/27		1,073,961
	2,000,000	g	Banque Ouest Africaine de Developpement		4.700		10/22/31		2,091,204
			TOTAL SUPRANATIONAL						3,165,165
SWEDEN - 0.5%
	3,000,000		Svensk Exportkredit AB		0.500		08/26/25		2,983,233
			TOTAL SWEDEN						2,983,233
THAILAND - 0.4%
THB	31,000,000		Thailand Government International Bond		2.875		12/17/28		1,115,791
	35,700,000		Thailand Government International Bond		3.400		06/17/36		1,413,007
			TOTAL THAILAND						2,528,798

330

TIAA-CREF FUNDS - Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
TRINIDAD AND TOBAGO - 0.3%
$	2,000,000	g	Trinidad & Tobago Government International Bond		4.500	%	06/26/30	$	2,025,000
			TOTAL TRINIDAD AND TOBAGO						2,025,000
TURKEY - 1.4%
	2,500,000		Turkey Government International Bond		5.250		03/13/30		2,168,110
	4,350,000		Turkey Government International Bond		4.875		04/16/43		3,170,063
	3,000,000	g	Turkiye Ihracat Kredit Bankasi		5.375		10/24/23		2,831,594
			TOTAL TURKEY						8,169,767
UGANDA - 0.2%
UGX	4,800,000,000		Republic of Uganda Government Bonds		14.250		08/23/29		1,248,540
			TOTAL UGANDA						1,248,540
UKRAINE - 2.6%
UAH	38,000,000		Citigroup Global Markets Holdings, Inc		14.700		01/25/21		1,344,206
	6,914,000		Ukraine Government International Bond		18.000		03/24/21		249,658
	37,000,000		Ukraine Government International Bond		15.840		02/26/25		1,435,690
$	5,000,000	g	Ukraine Government International Bond		7.750		09/01/25		5,111,600
	1,450,000	g	Ukraine Government International Bond		9.750		11/01/28		1,578,149
EUR	1,850,000	g	Ukraine Government International Bond		4.375		01/27/30		1,795,029
$	2,000,000	g	Ukraine Government International Bond		7.253		03/15/33		1,874,795
	2,320,000	g	Ukraine Government International Bond		0.000		05/31/40		2,003,900
			TOTAL UKRAINE						15,393,027
UNITED ARAB EMIRATES - 0.7%
	1,350,000	g	Abu Dhabi Government International Bond		3.875		04/16/50		1,595,868
	3,000,000	g	Abu Dhabi Government International Bond		2.700		09/02/70		2,720,742
			TOTAL UNITED ARAB EMIRATES						4,316,610
URUGUAY - 1.6%
UYU	62,000,000		Uruguay Government International Bond		9.875		06/20/22		1,487,769
$	5,303,796		Uruguay Government International Bond		4.375		01/23/31		6,397,704
	700,000		Uruguay Government International Bond		4.975		04/20/55		925,750
			TOTAL URUGUAY						8,811,223
UZBEKISTAN - 0.9%
	4,550,000	g	Republic of Uzbekistan Government International Bond		5.375		02/20/29		5,025,727
			TOTAL UZBEKISTAN						5,025,727
ZAMBIA - 0.4%
	400,000	†,g	Zambia Government International Bond		5.375		09/20/22		173,998
	3,900,000	†,g	Zambia Government International Bond		8.500		04/14/24		1,684,845
	750,000	†,g	Zambia Government International Bond		8.970		07/30/27		312,398
			TOTAL ZAMBIA						2,171,241
			TOTAL GOVERNMENT BONDS						282,771,198
			(Cost $296,412,818)

331

TIAA-CREF FUNDS - Emerging Markets Debt Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
STRUCTURED ASSETS - 0.8%
JERSEY, C.I. - 0.4%
$	2,153,846	†,i	ARTS Ltd	LIBOR 3 M + 1.780%		2.030	%	09/15/21	$	2,110,769
			Series - 0 2016 53 (Class NOTE)
			TOTAL JERSEY, C.I.							2,110,769
SPAIN - 0.4%
	2,333,333	†,i	Garanti Diversified Payment Rights Finance Co	LIBOR 3 M + 3.172%		3.402		10/09/21		2,310,000
			Series - 0 2016 A (Class A)
			TOTAL SPAIN							2,310,000
			TOTAL STRUCTURED ASSETS							4,420,769
			(Cost $4,429,330)
			TOTAL BONDS							550,389,008
			(Cost $568,474,518)
SHARES			COMPANY
COMMON STOCKS - 0.0%
BRAZIL - 0.0%
	151,162	*	Oi S.A. (ADR)							193,488
			TOTAL BRAZIL							193,488
			TOTAL COMMON STOCKS							193,488
			(Cost $1,044,572)
SHORT-TERM INVESTMENTS - 1.6%
EGYPT - 0.3%
EGP	25,300,000		Egypt Treasury Bills			0.000		11/03/20		1,611,465
			TOTAL EGYPT							1,611,465
UNITED STATES - 1.3%
$	7,653,000		United States Treasury Bill			0.081-0.082		11/05/20		7,652,954
			TOTAL UNITED STATES							7,652,954
			TOTAL SHORT-TERM INVESTMENTS							9,264,419
			(Cost $9,237,907)
			TOTAL INVESTMENTS - 97.9%							567,996,915
			(Cost $586,678,412)
			OTHER ASSETS & LIABILITIES, NET - 2.1%							11,916,279
			NET ASSETS - 100.0%						$	579,913,194

332

TIAA-CREF FUNDS - Emerging Markets Debt Fund

	Abbreviation(s):
	ADR	American Depositary Receipt
	BRL	Brazilian Real
	CNY	Chinese Yuan
	COP	Colombian Peso
	DOP	Dominican Republic Peso
	EGP	Egyptian Pound
	EUR	Euro
	GHS	Ghanaian Cedi
	GMTN	Global Medium Term Note
	IDR	Indonesian Rupiah
	KZT	Kazakhstani Tenge
	LIBOR	London Interbank Offered Rate
	M	Month
	MXN	Mexican Peso
	MYR	Malaysian Ringgit
	PEN	Peruvian Sol
	PLN	Polish Zloty
	RSD	Serbian Dinar
	RUB	Russian Ruble
	THB	Thai Baht
	UAH	Ukrainian Hryvnia
	UGX	Ugandan Shilling
	UYU	Uruguayan Peso
	ZAR	South African Rand
*	Non-income producing
†	Security is categorized as Level 3 in the fair value hierarchy.
‡	Perpetual security
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/2020, the aggregate value of these securities is $421,449,107 or 72.7% 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.
o	Payment in Kind Bond
q	In default

333

TIAA-CREF FUNDS - Emerging Markets Debt Fund

TIAA-CREF FUNDS

EMERGING MARKETS DEBT FUND

SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

October 31, 2020

SECTOR	VALUE		% OF NET ASSETS
GOVERNMENT	$	282,771,198		48.7	%
ENERGY		59,285,843		10.2
FINANCIALS		52,662,028		9.1
UTILITIES		40,244,680		6.9
MATERIALS		38,068,129		6.6
INDUSTRIALS		30,822,100		5.3
CONSUMER STAPLES		19,424,784		3.4
COMMUNICATION SERVICES		11,927,183		2.0
CONSUMER DISCRETIONARY		9,347,361		1.6
REAL ESTATE		7,682,844		1.3
ASSET BACKED SECURITIES		4,420,769		0.8
INFORMATION TECHNOLOGY		2,075,577		0.4
SHORT-TERM INVESTMENTS		9,264,419		1.6
OTHER ASSETS & LIABILITIES, NET		11,916,279		2.1
NET ASSETS	$	579,913,194		100.0	%

334

TIAA-CREF FUNDS - International Bond Fund

TIAA-CREF FUNDS

INTERNATIONAL BOND FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

October 31, 2020

				REFERENCE				MATURITY
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	VALUE
BANK LOAN OBLIGATIONS - 1.2%
AUSTRALIA - 0.1%
$	390,252	i	Hamilton HoldCo LLC	LIBOR 1 M + 2.000%		2.230	%	01/02/27	$	378,545
			TOTAL AUSTRALIA							378,545
CANADA - 0.1%
	393,857	i	1011778 BC ULC	LIBOR 1 M + 1.750%		1.898		11/19/26		377,284
			TOTAL CANADA							377,284
IRELAND - 0.1%
	261,086	i	Avolon TLB Borrower US LLC	LIBOR 1 M + 1.750%		2.500		01/15/25		250,838
	348,250	i	Avolon TLB Borrower US LLC	LIBOR 1 M + 1.500%		2.250		02/12/27		332,269
			TOTAL IRELAND							583,107
LUXEMBOURG - 0.1%
	433,932	i	Ineos US Finance LLC	LIBOR 1 M + 2.000%		2.148		03/31/24		421,157
			TOTAL LUXEMBOURG							421,157
UNITED STATES - 0.8%
	339,930	i	American Airlines, Inc	LIBOR 1 M + 2.000%		2.148		12/14/23		280,983
	387,968	i	Bausch Health Americas, Inc	LIBOR 1 M + 3.000%		3.149		06/02/25		378,432
	278,350	i	Change Healthcare Holdings LLC	LIBOR 1 M and 3 M + 2.500%		3.500		03/01/24		271,358
	472,607	i	Dell International LLC	LIBOR 1 M + 2.000%		2.750		09/19/25		467,111
	120,938	i	Endo Luxembourg Finance I Co Sarl	LIBOR 3 M + 4.250%		5.000		04/29/24		114,588
	122,500	i	HD Supply, Inc	LIBOR 1 M + 1.750%		1.898		10/17/23		121,237
	488,608	i	Nielsen Finance LLC	LIBOR 1 M + 2.000%		2.147		10/04/23		476,578
	449,730	i	Plantronics, Inc	LIBOR 1 M + 2.500%		2.647		07/02/25		429,681
	340,002	i	Sabre GLBL, Inc	LIBOR 1 M + 2.000%		2.750		02/22/24		319,391
	417,048	i	Samsonite IP Holdings Sarl	LIBOR 1 M + 1.750%		1.898		04/25/25		389,940
	329,872	i	Team Health Holdings, Inc	LIBOR 1 M + 2.750%		3.750		02/06/24		268,021
			TOTAL UNITED STATES							3,517,320
			TOTAL BANK LOAN OBLIGATIONS							5,277,413
			(Cost $5,578,192)
BONDS - 95.7%
CORPORATE BONDS - 19.2%
CANADA - 0.1%
EUR	250,000	g	Fairfax Financial Holdings Ltd			2.750		03/29/28		303,800
			TOTAL CANADA							303,800
CHILE - 0.4%
$	300,000		Celulosa Arauco y Constitucion S.A.			3.875		11/02/27		319,875

335

TIAA-CREF FUNDS - International Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
$	250,000	g	Celulosa Arauco y Constitucion S.A.		4.250	%	04/30/29	$	266,877
	200,000	g	Celulosa Arauco y Constitucion S.A.		4.200		01/29/30		213,000
	425,000	g	Corp Nacional del Cobre de Chile		3.625		08/01/27		463,791
	425,000	g	Embotelladora Andina S.A.		3.950		01/21/50		451,036
	200,000		Enel Chile S.A.		4.875		06/12/28		232,250
	200,000	g	Inversiones CMPC S.A.		3.850		01/13/30		218,280
			TOTAL CHILE						2,165,109
CHINA - 0.3%
	500,000	g	ENN Energy Holdings Ltd		2.625		09/17/30		502,915
	350,000		JD.com, Inc		3.375		01/14/30		376,823
EUR	125,000	g	Prosus NV		2.031		08/03/32		147,064
$	250,000	g	Tencent Holdings Ltd		3.975		04/11/29		281,241
			TOTAL CHINA						1,308,043
COLOMBIA - 0.2%
	350,000		Bancolombia S.A.		3.000		01/29/25		353,367
	300,000		Ecopetrol S.A.		5.375		06/26/26		330,378
	75,000		Ecopetrol S.A.		6.875		04/29/30		90,300
			TOTAL COLOMBIA						774,045
CZECH REPUBLIC - 0.1%
EUR	400,000	z	CEZ AS.		0.875		11/21/22		472,643
			TOTAL CZECH REPUBLIC						472,643
DENMARK - 0.1%
GBP	500,000		Danske Bank A.S.		2.250		01/14/28		657,053
			TOTAL DENMARK						657,053
FRANCE - 0.7%
EUR	600,000		Airbus SE		1.625		06/09/30		732,969
	250,000	g	Altice France S.A.		5.875		02/01/27		303,537
	800,000		BNP Paribas S.A.		0.500		02/19/28		927,553
$	525,000	g	BNP Paribas S.A.		1.904		09/30/28		522,141
EUR	600,000		Electricite de France S.A.		2.000		10/02/30		802,028
			TOTAL FRANCE						3,288,228
GERMANY - 0.4%
	750,000	g,o	IHO Verwaltungs GmbH		3.750		09/15/26		870,081
	600,000		Volkswagen Bank GmbH		2.500		07/31/26		774,311
			TOTAL GERMANY						1,644,392
HONG KONG - 0.0%
$	200,000	g	AIA Group Ltd		3.200		09/16/40		205,706
			TOTAL HONG KONG						205,706
INDIA - 0.2%
	200,000	g	Adani Ports & Special Economic Zone Ltd		3.375		07/24/24		203,043
	475,000	g	ICICI Bank Ltd		3.800		12/14/27		494,250
	200,000	g	Indian Railway Finance Corp Ltd		3.249		02/13/30		201,428
			TOTAL INDIA						898,721

336

TIAA-CREF FUNDS - International Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
INDONESIA - 0.2%
$	225,000	g	Pelabuhan Indonesia III Persero PT		4.500	%	05/02/23	$	237,712
	200,000	g	Pertamina Persero PT		3.650		07/30/29		214,291
	225,000	g	Perusahaan Listrik Negara PT		4.875		07/17/49		249,187
			TOTAL INDONESIA						701,190
ISRAEL - 0.2%
	300,000	g	Bank Leumi Le-Israel BM		3.275		01/29/31		302,536
	625,000	g	Israel Electric Corp Ltd		4.250		08/14/28		715,340
			TOTAL ISRAEL						1,017,876
ITALY - 0.3%
	700,000	g	Intesa Sanpaolo S.p.A		5.710		01/15/26		762,399
	750,000	g	UniCredit S.p.A		2.569		09/22/26		743,278
			TOTAL ITALY						1,505,677
JAPAN - 1.0%
EUR	500,000	z	Mitsubishi UFJ Financial Group, Inc		0.980		10/09/23		598,882
	500,000	z	Mitsubishi UFJ Financial Group, Inc		0.872		09/07/24		598,614
	500,000	z	Sumitomo Mitsui Financial Group, Inc		0.819		07/23/23		595,475
	1,400,000	z	Takeda Pharmaceutical Co Ltd		1.125		11/21/22		1,669,456
	500,000	z	Takeda Pharmaceutical Co Ltd		3.000		11/21/30		707,634
	500,000		Takeda Pharmaceutical Co Ltd		1.375		07/09/32		613,838
			TOTAL JAPAN						4,783,899
KAZAKHSTAN - 0.2%
$	475,000	g	KazTransGas JSC		4.375		09/26/27		517,568
	400,000	g	Tengizchevroil Finance Co International Ltd		2.625		08/15/25		401,073
			TOTAL KAZAKHSTAN						918,641
KOREA, REPUBLIC OF - 0.2%
	200,000	g	Kookmin Bank		2.500		11/04/30		199,502
	400,000	g	POSCO		2.500		01/17/25		414,699
EUR	300,000	z	Shinhan Bank Co Ltd		0.250		10/16/24		349,164
			TOTAL KOREA, REPUBLIC OF						963,365
LUXEMBOURG - 0.3%
	350,000	g	INEOS Finance plc		2.875		05/01/26		392,941
	500,000	z	ProLogis International Funding II S.A.		2.375		11/14/30		687,222
			TOTAL LUXEMBOURG						1,080,163
MALAYSIA - 0.2%
$	250,000	z	Axiata Spv5 Labuan Ltd		3.064		08/19/50		238,147
	200,000	g	Petronas Capital Ltd		3.500		04/21/30		221,718
			TOTAL MALAYSIA						459,865
MEXICO - 0.3%
	225,000	g	BBVA Bancomer S.A.		1.875		09/18/25		223,312
	300,000	g	Fresnillo plc		4.250		10/02/50		305,325
	200,000	g	Grupo Bimbo SAB de C.V.		4.700		11/10/47		232,526

337

TIAA-CREF FUNDS - International Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
EUR	200,000		Petroleos Mexicanos		1.875	%	04/21/22	$	225,108
$	250,000	g	Sigma Alimentos S.A. de C.V.		4.125		05/02/26		271,657
			TOTAL MEXICO						1,257,928
NETHERLANDS - 0.1%
EUR	375,000	g	OCI NV		3.125		11/01/24		429,101
			TOTAL NETHERLANDS						429,101
PANAMA - 0.1%
$	300,000	g	Banco General S.A.		4.125		08/07/27		333,753
			TOTAL PANAMA						333,753
PERU - 0.1%
	200,000	g	Credicorp Ltd		2.750		06/17/25		205,250
	200,000	g	Kallpa Generacion SA		4.125		08/16/27		210,500
			TOTAL PERU						415,750
PORTUGAL - 0.3%
EUR	1,000,000		EDP Finance BV		1.125		02/12/24		1,211,516
			TOTAL PORTUGAL						1,211,516
QATAR - 0.2%
$	300,000	z	QIB Sukuk Ltd		1.950		10/27/25		297,837
	300,000	z	QNB Finance Ltd		1.625		09/22/25		298,192
	250,000	z	QNB Finance Ltd		2.750		02/12/27		261,144
			TOTAL QATAR						857,173
RUSSIA - 0.1%
EUR	300,000	z	Gazprom OAO Via Gaz Capital S.A.		2.500		03/21/26		355,711
			TOTAL RUSSIA						355,711
SAUDI ARABIA - 0.1%
$	250,000	g	SABIC Capital II BV		4.000		10/10/23		268,481
	300,000	z	Saudi Electricity Global Sukuk Co 5		2.413		09/17/30		301,865
			TOTAL SAUDI ARABIA						570,346
SINGAPORE - 0.3%
	250,000	z	SingTel Group Treasury Pte Ltd		1.875		06/10/30		251,193
EUR	400,000	z	Temasek Financial I Ltd		0.500		11/20/31		468,532
$	500,000	z	United Overseas Bank Ltd		1.750		03/16/31		497,380
			TOTAL SINGAPORE						1,217,105
SPAIN - 0.2%
EUR	600,000		Banco Bilbao Vizcaya Argentaria S.A.		6.000		N/A‡		699,566
			TOTAL SPAIN						699,566
SWITZERLAND - 0.6%
	750,000	z	Cloverie plc for Zurich Insurance Co Ltd		1.500		12/15/28		957,760
GBP	700,000	z	Credit Suisse Group AG.		2.250		06/09/28		936,747
EUR	600,000	h,z	UBS Group AG.		0.250		11/05/28		691,284
			TOTAL SWITZERLAND						2,585,791

338

TIAA-CREF FUNDS - International Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
TANZANIA, UNITED REPUBLIC OF - 0.1%
$	450,000		AngloGold Ashanti Holdings plc		3.750	%	10/01/30	$	476,364
			TOTAL TANZANIA, UNITED REPUBLIC OF						476,364
THAILAND - 0.1%
	200,000	g,z	PTTEP Treasury Center Co Ltd		2.587		06/10/27		205,831
	300,000	g	Thaioil Treasury Center Co Ltd		2.500		06/18/30		289,315
			TOTAL THAILAND						495,146
UNITED ARAB EMIRATES - 0.4%
	400,000	g	DP World Ltd		5.625		09/25/48		456,000
	500,000	z	EI Sukuk Co Ltd		1.827		09/23/25		495,130
GBP	300,000	z	First Abu Dhabi Bank PJSC		1.375		02/19/23		391,949
$	300,000	z	National Central Cooling Co PJSC		2.500		10/21/27		299,448
			TOTAL UNITED ARAB EMIRATES						1,642,527
UNITED KINGDOM - 1.3%
GBP	1,050,000		BAE Systems plc		4.125		06/08/22		1,429,235
EUR	800,000	z	Barclays plc		0.625		11/14/23		937,516
	1,000,000	z	Coca-Cola European Partners plc		1.500		11/08/27		1,267,190
GBP	750,000		HSBC Holdings plc		2.175		06/27/23		988,241
EUR	750,000		RELX Capital, Inc		1.300		05/12/25		925,374
			TOTAL UNITED KINGDOM						5,547,556
UNITED STATES - 9.8%
	500,000	z	Abbott Ireland Financing DAC		1.500		09/27/26		633,613
	1,200,000	g	AbbVie, Inc		1.250		06/01/24		1,453,056
	150,000	g	AbbVie, Inc		2.625		11/15/28		205,602
	400,000	g	Adient Global Holdings Ltd		3.500		08/15/24		434,100
JPY	100,000,000		Aflac, Inc		0.550		03/12/30		929,620
	100,000,000		Aflac, Inc		1.122		12/16/39		937,328
EUR	575,000		American Honda Finance Corp		1.950		10/18/24		720,670
	300,000		American Tower Corp		1.375		04/04/25		367,728
	600,000		American Tower Corp		1.950		05/22/26		760,934
	1,000,000	z	Amphenol Technologies Holding GmbH		2.000		10/08/28		1,318,736
	600,000		Aon plc		2.875		05/14/26		791,499
	1,125,000		Apple, Inc		1.375		05/24/29		1,459,947
	500,000		Aptiv plc		1.500		03/10/25		610,706
	300,000	g	Ashland Services BV		2.000		01/30/28		330,108
	500,000		AT&T, Inc		2.350		09/05/29		665,538
	500,000	g	Avantor Funding, Inc		3.875		07/15/28		591,889
	325,000		Ball Corp		0.875		03/15/24		371,164
	500,000	z	Bank of America Corp		1.662		04/25/28		624,897
	500,000	z	Bank of America Corp		0.654		10/26/31		574,002
	700,000		Becton Dickinson & Co		1.401		05/24/23		841,256
	670,000		Becton Dickinson & Co		1.900		12/15/26		837,607
	100,000		Capital One Financial Corp		0.800		06/12/24		116,923
	350,000		Chubb INA Holdings, Inc		0.875		06/15/27		418,816
	750,000		Chubb INA Holdings, Inc		1.550		03/15/28		935,816
	350,000		Chubb INA Holdings, Inc		1.400		06/15/31		433,274
	750,000	z	Citigroup, Inc		1.250		07/06/26		908,124

339

TIAA-CREF FUNDS - International Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
GBP	500,000	z	Citigroup, Inc		1.750	%	10/23/26	$	667,247
EUR	600,000		Coca-Cola Co		0.800		03/15/40		706,084
	700,000		Comcast Corp		0.250		05/20/27		822,843
	900,000		DH Europe Finance Sarl		1.200		06/30/27		1,114,937
GBP	100,000	z	Digital Stout Holding LLC		2.750		07/19/24		138,440
	200,000		Discovery Communications LLC		2.500		09/20/24		269,711
$	1,075,000		Enable Midstream Partners LP		4.150		09/15/29		962,363
EUR	400,000		FedEx Corp		1.000		01/11/23		475,492
	500,000		FedEx Corp		1.625		01/11/27		630,691
GBP	150,000		Fidelity National Information Services, Inc		1.700		06/30/22		197,765
EUR	375,000		Fidelity National Information Services, Inc		1.100		07/15/24		454,486
	775,000	z	Goldman Sachs Group, Inc		1.375		05/15/24		929,706
	1,000,000		Honeywell International, Inc		0.000		03/10/24		1,168,876
	600,000		International Business Machines Corp		0.650		02/11/32		706,854
$	250,000	g	James Hardie International Finance DAC		4.750		01/15/25		256,250
EUR	500,000	z	JPMorgan Chase & Co		1.638		05/18/28		625,292
	500,000		Kinder Morgan, Inc		2.250		03/16/27		640,070
	650,000		Liberty Mutual Group, Inc		2.750		05/04/26		847,143
	450,000	g	Liberty Mutual Group, Inc		2.750		05/04/26		586,484
	500,000		McDonald’s Corp		0.900		06/15/26		610,604
	600,000		Medtronic Global Holdings S.C.A		0.375		10/15/28		707,404
	600,000	z	Metropolitan Life Global Funding I		0.550		06/16/27		712,568
	670,000		Morgan Stanley		1.342		10/23/26		820,064
	400,000	g	OI European Group BV		3.125		11/15/24		465,476
	800,000		Parker-Hannifin Corp		1.125		03/01/25		960,608
	600,000		PepsiCo, Inc		0.500		05/06/28		721,483
	540,000		ProLogis Euro Finance LLC		0.375		02/06/28		637,982
	500,000	g	Scientific Games International, Inc		3.375		02/15/26		544,474
	400,000		Silgan Holdings, Inc		3.250		03/15/25		468,262
	450,000		Stryker Corp		2.625		11/30/30		625,557
	1,100,000		SYSCO Corp		1.250		06/23/23		1,308,999
	700,000		The Procter & Gamble Company		0.625		10/30/24		845,699
	500,000		The Procter & Gamble Company		1.875		10/30/38		734,825
	350,000		Thermo Fisher Scientific, Inc		1.400		01/23/26		436,634
	400,000		Verizon Communications, Inc		1.375		10/27/26		501,325
	400,000		Verizon Communications, Inc		1.875		10/26/29		525,043
	600,000		Walmart, Inc		2.550		04/08/26		802,624
			TOTAL UNITED STATES						42,903,318
			TOTAL CORPORATE BONDS						84,147,067
			(Cost $79,698,321)
GOVERNMENT BONDS - 76.5%
ARGENTINA - 0.0%
	13,818		Argentina Republic Government International Bond		1.000		07/09/29		5,679
	397,700		Argentina Republic Government International Bond (Step Bond)		0.125		07/09/30		145,161
			TOTAL ARGENTINA						150,840
AUSTRALIA - 1.9%
AUD	3,100,000	z	Australia Government International Bond		2.250		05/21/28		2,447,950

340

TIAA-CREF FUNDS - International Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
AUD	4,100,000	z	Australia Government International Bond		1.000	%	11/21/31	$	2,912,468
	1,750,000	z	Australia Government International Bond		1.750		06/21/51		1,216,120
	1,715,000		Western Australian Treasury Corp		2.750		07/24/29		1,390,343
			TOTAL AUSTRALIA						7,966,881
BELGIUM - 0.9%
EUR	2,125,000	g	Kingdom of Belgium Government International Bond		0.000		10/22/27		2,570,440
	875,000		Kingdom of Belgium Government International Bond		1.250		04/22/33		1,210,894
			TOTAL BELGIUM						3,781,334
BERMUDA - 0.4%
$	950,000	g	Bermuda Government International Bond		4.750		02/15/29		1,140,475
	340,000	g	Bermuda Government International Bond		2.375		08/20/30		348,925
			TOTAL BERMUDA						1,489,400
BRAZIL - 0.3%
BRL	8,900,000		Brazil Notas do Tesouro Nacional Serie F		10.000		01/01/27		1,747,039
			TOTAL BRAZIL						1,747,039
CANADA - 2.1%
CAD	1,700,000	g	Canada Housing Trust No 1		2.550		12/15/23		1,358,009
	1,950,000		Canadian Government International Bond		1.500		02/01/22		1,487,462
	1,300,000		Canadian Government International Bond		5.000		06/01/37		1,589,321
	1,350,000		Hydro-Quebec		4.000		02/15/55		1,470,429
	1,600,000		Province of British Columbia Canada		2.550		06/18/27		1,324,038
	1,600,000		Province of New Brunswick Canada		3.100		08/14/28		1,363,333
	1,000,000		Province of Quebec Canada		2.750		09/01/27		836,193
			TOTAL CANADA						9,428,785
CHINA - 6.7%
CNY	15,000,000		China Government International Bond		2.240		03/05/23		2,208,256
	27,700,000		China Government International Bond		2.360		07/02/23		4,073,782
	49,600,000		China Government International Bond		2.940		10/17/24		7,406,834
	60,500,000		China Government International Bond		3.120		12/05/26		9,000,335
	18,900,000		China Government International Bond		3.860		07/22/49		2,805,129
	30,000,000		China Government International Bond		3.390		03/16/50		4,098,265
			TOTAL CHINA						29,592,601
COTE D’IVOIRE - 0.3%
EUR	1,000,000	g	Ivory Coast Government International Bond		5.875		10/17/31		1,138,744
			TOTAL COTE D’IVOIRE						1,138,744
CROATIA - 0.3%
	1,100,000	z	Croatia Government International Bond		1.500		06/17/31		1,346,675
			TOTAL CROATIA						1,346,675
CYPRUS - 1.1%
	1,300,000	z	Cyprus Government International Bond		2.375		09/25/28		1,755,271
	1,100,000	z	Cyprus Government International Bond		0.625		01/21/30		1,303,867
	575,000	z	Cyprus Government International Bond		2.750		02/26/34		836,264
	500,000	z	Cyprus Government International Bond		2.750		05/03/49		782,788
			TOTAL CYPRUS						4,678,190

341

TIAA-CREF FUNDS - International Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
DENMARK - 0.3%
DKK	7,200,000	g	Denmark Government International Bond		0.500	%	11/15/29	$	1,229,238
			TOTAL DENMARK						1,229,238
DOMINICAN REPUBLIC - 0.5%
DOP	48,650,000	g	Dominican Republic Government International Bond		8.900		02/15/23		835,943
	15,000,000	g	Dominican Republic Government International Bond		9.750		06/05/26		264,200
$	750,000	g	Dominican Republic Government International Bond		4.875		09/23/32		761,250
			TOTAL DOMINICAN REPUBLIC						1,861,393
ECUADOR - 0.1%
	78,000	g	Ecuador Government International Bond		0.000		07/31/30		35,491
	236,250	g	Ecuador Government International Bond (Step Bond)		0.500		07/31/30		157,109
	619,125	g	Ecuador Government International Bond (Step Bond)		0.500		07/31/35		338,197
	283,750	g	Ecuador Government International Bond (Step Bond)		0.500		07/31/40		140,459
			TOTAL ECUADOR						671,256
EGYPT - 1.1%
	500,000	g	Egypt Government International Bond		4.550		11/20/23		501,325
	850,000	g	Egypt Government International Bond		5.750		05/29/24		870,302
EGP	16,250,000		Egypt Government International Bond		15.900		07/02/24		1,076,952
$	550,000	g	Egypt Government International Bond		5.250		10/06/25		545,988
EUR	900,000	g	Egypt Government International Bond		6.375		04/11/31		1,001,579
$	300,000	g	Egypt Government International Bond		7.053		01/15/32		292,332
	675,000	g	Egypt Government International Bond		8.500		01/31/47		668,715
			TOTAL EGYPT						4,957,193
FRANCE - 4.2%
	300,000	g	Caisse d’Amortissement de la Dette Sociale		1.000		10/21/30		295,357
EUR	4,500,000		French Republic Government Bond OAT		0.500		05/25/25		5,530,936
	3,775,000		French Republic Government Bond OAT		0.750		11/25/28		4,846,940
	1,850,000	g	French Republic Government Bond OAT		2.000		05/25/48		3,156,708
	910,000	g	French Republic Government Bond OAT		0.750		05/25/52		1,185,210
	2,500,000	z	UNEDIC ASSEO		0.250		07/16/35		3,003,633
			TOTAL FRANCE						18,018,784
GERMANY - 0.7%
	2,350,000		Bundesrepublik Deutschland Bundesanleihe		0.000		02/15/30		2,909,435
			TOTAL GERMANY						2,909,435
GHANA - 0.5%
$	333,333	g	Ghana Government International Bond		9.250		09/15/22		340,114
	825,000	g	Ghana Government International Bond		8.125		03/26/32		756,897
	1,000,000	g	Ghana Government International Bond		8.627		06/16/49		877,500
			TOTAL GHANA						1,974,511
GREECE - 2.9%
EUR	1,200,000	g	Hellenic Republic Government International Bond		3.450		04/02/24		1,549,009
	920,000	g	Hellenic Republic Government International Bond		3.375		02/15/25		1,207,240

342

TIAA-CREF FUNDS - International Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
EUR	4,600,000	g	Hellenic Republic Government International Bond		1.875	%	07/23/26	$	5,766,170
	575,000	g	Hellenic Republic Government International Bond		3.875		03/12/29		834,485
	2,700,000	g	Hellenic Republic Government International Bond		1.500		06/18/30		3,300,538
			TOTAL GREECE						12,657,442
GUATEMALA - 0.3%
$	200,000	g	Guatemala Government International Bond		5.375		04/24/32		237,000
	775,000	g	Guatemala Government International Bond		6.125		06/01/50		954,800
			TOTAL GUATEMALA						1,191,800
HONDURAS - 0.0%
	200,000	g	Honduras Government International Bond		5.625		06/24/30		220,500
			TOTAL HONDURAS						220,500
HUNGARY - 0.5%
HUF	372,000,000		Hungary Government International Bond		1.750		10/26/22		1,198,060
EUR	600,000	z	Hungary Government International Bond		1.750		06/05/35		752,576
			TOTAL HUNGARY						1,950,636
INDIA - 0.0%
$	200,000		Export-Import Bank of India		3.875		03/12/24		211,190
			TOTAL INDIA						211,190
INDONESIA - 1.0%
IDR	13,000,000,000		Indonesia Treasury Bond		8.125		05/15/24		969,156
	22,800,000,000		Indonesia Treasury Bond		7.500		05/15/38		1,571,251
$	1,700,000	g	Perusahaan Penerbit SBSN Indonesia III		3.900		08/20/24		1,862,809
			TOTAL INDONESIA						4,403,216
ISRAEL - 1.2%
ILS	5,250,000		Israel Government International Bond		5.500		01/31/42		2,633,673
	3,200,000		Israel Government International Bond		3.750		03/31/47		1,315,724
$	1,250,000	z	State of Israel		3.800		05/13/60		1,425,087
			TOTAL ISRAEL						5,374,484
ITALY - 5.1%
EUR	3,300,000		Italy Buoni Poliennali Del Tesoro		0.050		04/15/21		3,852,222
	5,525,000		Italy Buoni Poliennali Del Tesoro		2.450		10/01/23		6,932,839
	3,950,000		Italy Buoni Poliennali Del Tesoro		1.250		12/01/26		4,872,967
	1,575,000	g	Italy Buoni Poliennali Del Tesoro		2.950		09/01/38		2,339,313
	900,000	g	Italy Buoni Poliennali Del Tesoro		3.450		03/01/48		1,494,710
	1,050,000	g	Italy Buoni Poliennali Del Tesoro		3.850		09/01/49		1,871,059
	950,000	g	Italy Buoni Poliennali Del Tesoro		1.700		09/01/51		1,130,525
			TOTAL ITALY						22,493,635
JAPAN - 16.7%
JPY	13,000,000		Japan Finance Organization for Municipalities		0.440		08/15/25		126,631
	21,000,000		Japan Finance Organization for Municipalities		0.320		01/19/26		203,633
	30,000,000		Japan Finance Organization for Municipalities		0.145		02/16/26		288,291
	14,000,000		Japan Finance Organization for Municipalities		0.020		05/22/26		133,620
	628,000,000		Japan Government Five Year Bond		0.100		06/20/23		6,034,171

343

TIAA-CREF FUNDS - International Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
JPY	170,000,000		Japan Government Ten Year Bond		0.100	%	09/20/26	$	1,641,641
	557,000,000		Japan Government Ten Year Bond		0.100		06/20/28		5,381,734
	335,000,000		Japan Government Ten Year Bond		0.100		06/20/29		3,229,879
	322,000,000		Japan Government Ten Year Bond		0.100		09/20/29		3,102,164
	325,000,000		Japan Government Ten Year Bond		0.100		12/20/29		3,127,893
	210,000,000		Japan Government Ten Year Bond		0.100		03/20/30		2,020,211
	425,000,000		Japan Government Ten Year Bond		0.100		06/20/30		4,083,201
	525,950,000		Japan Government Thirty Year Bond		2.500		09/20/34		6,582,076
	457,700,000		Japan Government Thirty Year Bond		0.500		09/20/46		4,307,097
	73,000,000		Japan Government Thirty Year Bond		0.600		09/20/50		688,078
	340,000,000		Japan Government Twenty Year Bond		2.100		03/20/26		3,631,337
	229,000,000		Japan Government Twenty Year Bond		1.800		09/20/31		2,589,307
	117,000,000		Japan Government Twenty Year Bond		1.700		03/20/32		1,316,615
	278,000,000		Japan Government Twenty Year Bond		0.600		12/20/36		2,774,907
	256,000,000		Japan Government Twenty Year Bond		0.500		06/20/38		2,500,954
	660,000,000		Japan Government Twenty Year Bond		0.700		09/20/38		6,655,538
	185,000,000		Japan Government Twenty Year Bond		0.300		06/20/39		1,737,927
	312,000,000		Japan Government Twenty Year Bond		0.400		09/20/40		2,966,701
	867,000,000		Japan Government Two Year Bond		0.100		03/01/22		8,308,565
			TOTAL JAPAN						73,432,171
KENYA - 0.3%
$	1,200,000	g	Kenya Government International Bond		7.000		05/22/27		1,245,940
			TOTAL KENYA						1,245,940
KOREA, REPUBLIC OF - 3.6%
	200,000		Export-Import Bank of Korea		3.000		11/01/22		209,611
	500,000	g	Korea Housing Finance Corp		2.000		10/11/21		506,759
KRW	2,060,000,000		Korea Treasury Bond		1.875		03/10/22		1,842,374
	2,220,000,000		Korea Treasury Bond		2.250		09/10/23		2,025,503
	3,800,000,000		Korea Treasury Bond		1.500		03/10/25		3,390,368
	1,800,000,000		Korea Treasury Bond		1.500		12/10/26		1,600,546
	1,200,000,000		Korea Treasury Bond		1.375		12/10/29		1,041,188
	3,000,000,000		Korea Treasury Bond		1.375		06/10/30		2,597,958
	2,815,000,000		Korea Treasury Bond		2.375		09/10/38		2,753,754
			TOTAL KOREA, REPUBLIC OF						15,968,061
LEBANON - 0.0%
$	1,400,000	†,q,z	Lebanon Government International Bond		6.850		03/23/27		197,613
			TOTAL LEBANON						197,613
MACEDONIA - 0.3%
EUR	1,050,000	g	North Macedonia Government International Bond		3.675		06/03/26		1,329,289
			TOTAL MACEDONIA						1,329,289
MEXICO - 0.8%
MXN	23,500,000		Mexican Bonos		5.750		03/05/26		1,127,178
	13,800,000		Mexican Bonos		7.750		05/29/31		724,459
$	1,300,000		Mexico Government International Bond		3.250		04/16/30		1,342,523
			TOTAL MEXICO						3,194,160

344

TIAA-CREF FUNDS - International Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
MOROCCO - 0.5%
EUR	850,000	g	Morocco Government International Bond		1.375	%	03/30/26	$	981,568
	1,100,000	g	Morocco Government International Bond		1.500		11/27/31		1,186,120
			TOTAL MOROCCO						2,167,688
NETHERLANDS - 0.4%
GBP	350,000	z	BNG Bank NV		0.375		12/15/25		455,846
EUR	550,000	g	Netherlands Government International Bond		2.750		01/15/47		1,150,905
			TOTAL NETHERLANDS						1,606,751
NEW ZEALAND - 0.6%
NZD	1,800,000		New Zealand Government International Bond		2.750		04/15/25		1,333,764
	1,700,000		New Zealand Government International Bond		3.000		04/20/29		1,367,799
			TOTAL NEW ZEALAND						2,701,563
NIGERIA - 0.3%
$	1,325,000	g	Nigeria Government International Bond		6.500		11/28/27		1,284,193
			TOTAL NIGERIA						1,284,193
NORWAY - 1.3%
NOK	9,000,000		City of Oslo Norway		2.050		10/31/24		986,168
	44,320,000	g	Norway Government International Bond		1.375		08/19/30		4,942,740
			TOTAL NORWAY						5,928,908
PANAMA - 0.2%
$	1,000,000	g	Panama Notas del Tesoro		3.750		04/17/26		1,080,400
			TOTAL PANAMA						1,080,400
PARAGUAY - 0.3%
	925,000	g	Paraguay Government International Bond		5.400		03/30/50		1,123,875
			TOTAL PARAGUAY						1,123,875
PERU - 0.5%
PEN	8,300,000	g	Peruvian Government International Bond		5.400		08/12/34		2,416,557
			TOTAL PERU						2,416,557
POLAND - 1.3%
PLN	4,425,000		Republic of Poland Government International Bond		2.500		04/25/24		1,208,909
	8,445,000		Republic of Poland Government International Bond		3.250		07/25/25		2,418,552
	7,675,000		Republic of Poland Government International Bond		2.750		10/25/29		2,212,190
			TOTAL POLAND						5,839,651
PORTUGAL - 1.0%
EUR	1,275,000	g	Portugal Obrigacoes do Tesouro OT		0.700		10/15/27		1,576,119
	1,800,000	g	Portugal Obrigacoes do Tesouro OT		1.950		06/15/29		2,455,494
			TOTAL PORTUGAL						4,031,613
REPUBLIC OF SERBIA - 0.9%
	1,700,000	g	Serbia Government International Bond		1.500		06/26/29		1,929,804
RSD	120,000,000		Serbia Treasury Bonds		5.875		02/08/28		1,391,578
	101,500,000		Serbia Treasury Bonds		4.500		08/20/32		1,049,306
			TOTAL REPUBLIC OF SERBIA						4,370,688

345

TIAA-CREF FUNDS - International Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
ROMANIA - 0.2%
EUR	800,000	g	Romanian Government International Bond		2.000	%	01/28/32	$	931,319
			TOTAL ROMANIA						931,319
RUSSIA - 0.2%
RUB	90,000,000		Russian Federal Bond-OFZ		4.500		07/16/25		1,093,683
			TOTAL RUSSIA						1,093,683
SAUDI ARABIA - 0.3%
$	375,000	g	Saudi Government International Bond		2.900		10/22/25		400,559
	750,000	g	Saudi Government International Bond		2.500		02/03/27		785,155
			TOTAL SAUDI ARABIA						1,185,714
SENEGAL - 0.3%
EUR	1,000,000	g	Senegal Government International Bond		4.750		03/13/28		1,150,951
			TOTAL SENEGAL						1,150,951
SOUTH AFRICA - 0.5%
ZAR	10,700,000		South Africa Government International Bond		10.500		12/21/26		764,285
	16,500,000		South Africa Government International Bond		7.000		02/28/31		829,007
	7,800,000		South Africa Government International Bond		8.750		01/31/44		364,895
			TOTAL SOUTH AFRICA						1,958,187
SPAIN - 3.3%
EUR	1,100,000	z	Autonomous Community of Madrid Spain		1.571		04/30/29		1,431,845
	4,600,000	g	Spain Government International Bond		2.750		10/31/24		6,048,703
	1,095,000	g	Spain Government International Bond		1.400		07/30/28		1,423,220
	1,875,000	g	Spain Government International Bond		0.600		10/31/29		2,295,290
	2,650,000	g	Spain Government International Bond		1.200		10/31/40		3,376,626
			TOTAL SPAIN						14,575,684
SRI LANKA - 0.1%
$	750,000	g	Sri Lanka Government International Bond		6.850		03/14/24		416,089
			TOTAL SRI LANKA						416,089
SUPRANATIONAL - 2.3%
	750,000	z	African Export-Import Bank		5.250		10/11/23		810,812
	1,250,000	g	Banque Ouest Africaine de Developpement		4.700		10/22/31		1,307,003
AUD	2,150,000		Inter-American Development Bank		4.750		08/27/24		1,761,068
NZD	1,577,000		International Bank for Reconstruction & Development		3.375		01/25/22		1,083,629
AUD	4,100,000		International Bank for Reconstruction & Development		2.200		02/27/24		3,058,436
CAD	1,600,000		International Bank for Reconstruction & Development		1.900		01/16/25		1,263,811
GBP	700,000		International Finance Corp		0.250		12/15/25		906,930
			TOTAL SUPRANATIONAL						10,191,689

346

TIAA-CREF FUNDS - International Bond Fund

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
SWEDEN - 0.2%
SEK	6,750,000		Kommuninvest I Sverige AB		1.000	%	05/12/25	$	789,678
			TOTAL SWEDEN						789,678
THAILAND - 1.2%
THB	60,500,000		Thailand Government International Bond		2.400		12/17/23		2,042,565
	30,000,000		Thailand Government International Bond		1.450		12/17/24		987,352
	55,000,000		Thailand Government International Bond		3.300		06/17/38		2,131,277
			TOTAL THAILAND						5,161,194
UKRAINE - 0.8%
UAH	31,000,000		Ukraine Government International Bond		17.000		05/11/22		1,171,341
EUR	1,000,000	g	Ukraine Government International Bond		6.750		06/20/26		1,143,839
	1,125,000	g	Ukraine Government International Bond		4.375		01/27/30		1,091,572
			TOTAL UKRAINE						3,406,752
UNITED ARAB EMIRATES - 0.4%
$	1,000,000	g	Abu Dhabi Government International Bond		2.700		09/02/70		906,914
	750,000	z	Dubai DOF Sukuk Ltd		2.763		09/09/30		748,488
	250,000	z	Emirate of Dubai Government International Bonds		3.900		09/09/50		233,270
			TOTAL UNITED ARAB EMIRATES						1,888,672
UNITED KINGDOM - 4.7%
GBP	2,425,000		United Kingdom Gilt		1.625		10/22/28		3,512,358
	2,720,000		United Kingdom Gilt		4.750		12/07/30		5,091,397
	3,350,000		United Kingdom Gilt		1.750		09/07/37		5,073,061
	3,035,000		United Kingdom Gilt		1.500		07/22/47		4,584,115
	1,260,000		United Kingdom Gilt		0.625		10/22/50		1,539,416
	675,000		United Kingdom Gilt		1.625		10/22/54		1,090,291
			TOTAL UNITED KINGDOM						20,890,638
URUGUAY - 0.3%
UYU	21,800,000	g	Uruguay Government International Bond		8.500		03/15/28		531,195
	625,000		Uruguay Government International Bond		4.375		01/23/31		753,906
			TOTAL URUGUAY						1,285,101
UZBEKISTAN - 0.3%
$	1,450,000	g	Republic of Uzbekistan Government International Bond		4.750		02/20/24		1,517,004
			TOTAL UZBEKISTAN						1,517,004
			TOTAL GOVERNMENT BONDS						335,806,678
			(Cost $318,474,803)
			TOTAL BONDS						419,953,745
			(Cost $398,173,124)
SHORT-TERM INVESTMENTS - 0.7%
EGYPT - 0.7%
EGP	52,700,000		Egypt Treasury Bills		0.000		02/16/21		3,233,134
			TOTAL EGYPT						3,233,134

347

TIAA-CREF FUNDS - International Bond Fund

			VALUE
	TOTAL SHORT-TERM INVESTMENTS		$	3,233,134
	(Cost $3,197,443)
	TOTAL INVESTMENTS - 97.6%			428,464,292
	(Cost $406,948,759)
	OTHER ASSETS & LIABILITIES, NET - 2.4%			10,350,019
	NET ASSETS - 100.0%		$	438,814,311
	Abbreviation(s):
	AUD	Australian Dollar
	BRL	Brazilian Real
	CAD	Canadian Dollar
	CNY	Chinese Yuan
	DKK	Danish Krone
	DOP	Dominican Republic Peso
	EGP	Egyptian Pound
	EUR	Euro
	GBP	Pound Sterling
	HUF	Hungarian Forint
	IDR	Indonesian Rupiah
	ILS	Israeli New Shekel
	JPY	Japanese Yen
	KRW	South Korean Won
	LIBOR	London Interbank Offered Rate
	M	Month
	MXN	Mexican Peso
	NOK	Norwegian Krone
	NZD	New Zealand Dollar
	PEN	Peruvian Sol
	PLN	Polish Zloty
	RSD	Serbian Dinar
	RUB	Russian Ruble
	SEK	Swedish Krona
	THB	Thai Baht
	UAH	Ukrainian Hryvnia
	UYU	Uruguayan Peso
	ZAR	South African Rand
†	Security is categorized as Level 3 in the fair value hierarchy.
‡	Perpetual security
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/2020, the aggregate value of these securities is $109,432,791 or 24.9% 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.
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.

348

TIAA-CREF FUNDS - International Bond Fund

Forward foreign currency contracts outstanding as of October 31, 2020 were as follows:

Currency to be purchased	Receive	Currency to be sold	Deliver	Counterparty	Settlement date	Unrealized appreciation (depreciation)
$	462,773	AUD	642,391	Australia and New Zealand Banking Group	11/30/20	$	11,166
$	11,631,968	CAD	15,564,015	Australia and New Zealand Banking Group	11/30/20		(51,237	)
$	1,023,066	EUR	864,896	Australia and New Zealand Banking Group	11/30/20		15,098
$	323,984	EUR	273,773	Australia and New Zealand Banking Group	11/30/20		4,924
$	3,800,766	NZD	5,797,209	Australia and New Zealand Banking Group	11/30/20		(32,464	)
EUR	297,579	$	351,968	Australia and New Zealand Banking Group	11/05/20		(5,354	)
EUR	492,439	$	577,237	Australia and New Zealand Banking Group	11/30/20		(3,338	)
EUR	489,044	$	578,499	Australia and New Zealand Banking Group	11/30/20		(8,557	)
EUR	1,039,518	$	1,212,460	Australia and New Zealand Banking Group	11/30/20		(984	)
EUR	970,125	$	1,133,799	Australia and New Zealand Banking Group	11/30/20		(3,197	)
Total						$	(73,943	)
$	605,153	JPY	63,104,014	Bank of America	11/30/20		$ 2,205
$	2,604,240	JPY	271,558,987	Bank of America	11/30/20		9,538
Total						$	11,743
$	10,513,390	AUD	14,890,200	Citibank, N.A.	11/30/20	$	45,426
$	1,810,500	BRL	10,385,571	Citibank, N.A.	11/30/20		3,214
$	22,363,178	CNY	150,327,965	Citibank, N.A.	11/30/20		(25,379	)
$	146,216,215	EUR	125,319,867	Citibank, N.A.	11/30/20		165,927
$	163,636	EUR	139,190	Citibank, N.A.	11/30/20		1,421
EUR	2,578,076	$	3,029,224	Citibank, N.A.	11/04/20		(26,403	)
Total						$	164,206
$	17,964,018	KRW	20,405,112,344	Morgan Stanley	11/30/20	$	20,725
$	2,950,186	PLN	11,680,583	Morgan Stanley	11/30/20		(716	)
$	498,721	ZAR	8,201,530	Morgan Stanley	11/30/20		(3,488	)
Total						$	16,521
$	1,226,555	DKK	7,819,555	Toronto Dominion Bank	11/30/20	$	2,408
$	27,823,515	GBP	21,646,308	Toronto Dominion Bank	11/30/20		(224,463	)
$	641,334	GBP	490,001	Toronto Dominion Bank	11/30/20		6,421
$	4,076,017	ILS	13,934,749	Toronto Dominion Bank	11/30/20		(9,006	)
$	61,951,608	JPY	6,530,603,979	Toronto Dominion Bank	11/30/20		(447,268	)
$	5,977,153	NOK	56,618,822	Toronto Dominion Bank	11/30/20		47,332
$	772,892	SEK	6,984,543	Toronto Dominion Bank	11/30/20		(12,278	)
$	3,097,918	THB	96,910,975	Toronto Dominion Bank	11/30/20		(10,768	)
CAD	1,113,772	$	836,704	Toronto Dominion Bank	11/30/20		(646	)
EUR	932,880	$	1,088,426	Toronto Dominion Bank	11/30/20		(1,229	)
GBP	251,938	$	328,370	Toronto Dominion Bank	11/30/20		(1,924	)
GBP	181,190	$	234,658	Toronto Dominion Bank	11/30/20		117
Total						$	(651,304	)
Total						$	(532,777	)

Abbreviation(s):
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CNY	Chinese Yuan
DKK	Danish Krone

349

TIAA-CREF FUNDS - International Bond Fund

EUR	Euro
GBP	Pound Sterling
ILS	Israeli New Shekel
JPY	Japanese Yen
KRW	South Korean Won
NOK	Norwegian Krone
NZD	New Zealand Dollar
PLN	Polish Zloty
SEK	Swedish Krona
THB	Thai Baht
ZAR	South African Rand

350

TIAA-CREF FUNDS - International Bond Fund

TIAA-CREF FUNDS

INTERNATIONAL BOND FUND

CONSOLIDATED SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

October 31, 2020

SECTOR	VALUE		% OF NET ASSETS
GOVERNMENT	$	335,806,678		76.5	%
FINANCIALS		29,078,214		6.6
HEALTH CARE		10,763,479		2.4
INDUSTRIALS		10,075,238		2.3
CONSUMER STAPLES		7,342,124		1.7
MATERIALS		6,081,152		1.4
INFORMATION TECHNOLOGY		5,657,507		1.3
CONSUMER DISCRETIONARY		5,135,385		1.2
UTILITIES		5,091,381		1.2
ENERGY		4,052,653		0.9
COMMUNICATION SERVICES		3,555,041		0.8
REAL ESTATE		2,592,306		0.6
SHORT-TERM INVESTMENTS		3,233,134		0.7
OTHER ASSETS & LIABILITIES, NET		10,350,019		2.4
NET ASSETS	$	438,814,311		100.0	%

(A12448-D 12/20)

351

Report of Independent Registered Public Accounting Firm

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

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the summary portfolios of investments, of TIAA-CREF Growth & Income Fund, TIAA-CREF Large-Cap Growth Fund, TIAA-CREF Large-Cap Value Fund, TIAA-CREF Mid-Cap Growth Fund, TIAA-CREF Mid-Cap Value Fund, TIAA-CREF Quant Large-Cap Growth Fund, TIAA-CREF Quant Large-Cap Value Fund, TIAA-CREF Quant Small-Cap Equity Fund, TIAA-CREF Quant Small/Mid-Cap Equity Fund, TIAA-CREF Social Choice Equity Fund, TIAA-CREF Social Choice Low Carbon Equity Fund, TIAA-CREF Emerging Markets Equity Fund, TIAA-CREF International Equity Fund, TIAA-CREF International Opportunities Fund, TIAA-CREF Quant International Equity Fund, TIAA-CREF Quant International Small-Cap Equity Fund, and TIAA-CREF Social Choice International Equity Fund (seventeen of the funds constituting TIAA-CREF Funds, hereafter collectively referred to as the “Funds”) as of October 31, 2020, the related statements of operations for the year ended October 31, 2020, the statements of changes in net assets for each of the two years in the period ended October 31, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (included in Item 1 of this Form N-CSR) and the schedules of investments (included in Item 6 of this Form N-CSR) as of October 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2020, and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant

352

estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2020 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Baltimore, Maryland

December 17, 2020

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

353

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of TIAA-CREF Funds and Shareholders of TIAA-CREF Equity Index Fund, TIAA-CREF Large-Cap Growth Index Fund, TIAA-CREF Large-Cap Value Index Fund, TIAA-CREF S&P 500 Index Fund, TIAA-CREF Small-Cap Blend Index Fund, TIAA-CREF Emerging Markets Equity Index Fund and TIAA-CREF International Equity Index Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the summary portfolios of investments, of TIAA-CREF Equity Index Fund, TIAA-CREF Large-Cap Growth Index Fund, TIAA-CREF Large-Cap Value Index Fund, TIAA-CREF S&P 500 Index Fund, TIAA-CREF Small-Cap Blend Index Fund, TIAA-CREF Emerging Markets Equity Index Fund, and TIAA-CREF International Equity Index Fund (seven of the funds constituting TIAA-CREF Funds, hereafter collectively referred to as the “Funds”) as of October 31, 2020, the related statements of operations for the year ended October 31, 2020, the statements of changes in net assets for each of the two years in the period ended October 31, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (included in Item 1 of this Form N-CSR) and the schedules of investments (included in Item 6 of this Form N-CSR) as of October 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2020, and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2020 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Baltimore, Maryland

December 17, 2020

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

354

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of TIAA-CREF Funds and Shareholders of TIAA-CREF Emerging Markets Debt Fund and TIAA-CREF International Bond Fund

Opinions on the Financial Statements

We have audited the (i) accompanying statement of assets and liabilities, including the summary portfolio of investments, of TIAA-CREF Emerging Markets Debt Fund as of October 31, 2020, the related statement of operations for the year ended October 31, 2020, the statement of changes in net assets for each of the two years in the period ended October 31, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (included in Item 1 of this Form N-CSR) and the schedule of investments (included in Item 6 of this Form N-CSR) as of October 31, 2020, and (ii) the accompanying consolidated statement of assets and liabilities, including the consolidated summary portfolio of investments, of TIAA-CREF International Bond Fund as of October 31, 2020, the related consolidated statement of operations for the year ended October 31, 2020, the consolidated statement of changes in net assets for each of the two years in the period ended October 31, 2020, including the related notes, and the consolidated financial highlights for each of the periods indicated therein (included in Item 1 of this Form N-CSR) and the schedule of investments (included in Item 6 of this Form N-CSR) as of October 31, 2020 (two of the funds constituting TIAA-CREF Funds, hereafter collectively referred to as the “Funds”) (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2020, and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2020 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Baltimore, Maryland

December 17, 2020

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

355

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not Applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not Applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not Applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

Item 11. Controls and Procedures.

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

(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s annual period covered by this report that materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not Applicable.

Item 13. Exhibits.

13(a)(1) Copy of current SOX code of conduct for Senior Financial Officers

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:  December 17, 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:  December 17, 2020	By:	/s/Bradley  Finkle
		Bradley Finkle
		Principal Executive Officer and President
		(principal executive officer)

Dated: December 17, 2020	By:	/s/E. Scott Wickerham
		E. Scott Wickerham
		Principal Financial Officer, Principal Accounting
		Officer and Treasurer
		(principal financial officer)